UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 Form 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File Number 0-24497
 AIMCO Properties, L.P.
  Delaware
(State or other jurisdiction of 
incorporation or organization)
    
    84-1275621
(I.R.S. Employer
Identification No.)4582 South Ulster Street Parkway, Suite 1100
Denver, Colorado
(Address of principal executive offices)
    
    80237
(Zip Code)
 303) 757-8101
  Title of Each Class
    
    Name of Each Exchange on Which RegisteredNot applicable
    
    Not applicable
  Partnership Common Units
 Yes þ No o
 Yes o No þ
 þ o
 o o
 þ
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Smaller reporting company o
 o þ
  
 Documents Incorporated by Reference




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AIMCO PROPERTIES, L.P.
 TABLE OF CONTENTS
 ANNUAL REPORT ON FORM 10-K
For the Fiscal Year Ended December 31, 2009
 Item
    
    PagePART I1. Business
    
    
    21A. Risk Factors
    
    
    81B. Unresolved Staff Comments
    
    
    142. Properties
    
    
    143. Legal Proceedings
    
    
    144. Submission of Matters to a Vote of Security Holders
    
    
    15PART II5. Market for the Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
    
    
    156. Selected Financial Data
    
    
    167. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    177A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    358. Financial Statements and Supplementary Data
    
    
    369. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
    
    
    369A. Controls and Procedures
    
    
    369B. Other Information
    
    
    39PART III10. Directors, Executive Officers and Corporate Governance
    
    
    3911. Executive Compensation
    
    
    3912. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
    
    
    3913. Certain Relationships and Related Transactions, and Director Independence
    
    
    4014. Principal Accountant Fees and Services
    
    
    40PART IV15. Exhibits and Financial Statement Schedules
    
    
    41




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FORWARD-LOOKING STATEMENTS
 The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking
statements in certain circumstances. Certain information included in this Annual Report contains or
may contain information that is forward-looking within the meaning of the federal securities laws,
including, without limitation, statements regarding the effect of acquisitions and redevelopments,
our future financial performance, including our ability to maintain current or meet projected
occupancy, rent levels and same store results, and the effect of government regulations. Actual
results may differ materially from those described in these forward-looking statements and, in
addition, will be affected by a variety of risks and factors, some of which are beyond our control,
including, without limitation: financing risks, including the availability and cost of financing
and the risk that our cash flows from operations may be insufficient to meet required payments of
principal and interest; earnings may not be sufficient to maintain compliance with debt covenants;
real estate risks, including fluctuations in real estate values and the general economic climate in
the markets in which we operate and competition for residents in such markets; national and local
economic conditions; the terms of governmental regulations that affect us and interpretations of
those regulations; the competitive environment in which we operate; the timing of acquisitions and
dispositions; insurance risk, including the cost of insurance; natural disasters and severe weather
such as hurricanes; litigation, including costs associated with prosecuting or defending claims and
any adverse outcomes; energy costs; and possible environmental liabilities, including costs, fines
or penalties that may be incurred due to necessary remediation of contamination of properties
presently owned or previously owned by us. In addition, Aimcos current and continuing
qualification as a real estate investment trust involves the application of highly technical and
complex provisions of the Internal Revenue Code and depends on our ability to meet the various
requirements imposed by the Internal Revenue Code, through actual operating results, distribution
levels and diversity of stock ownership. Readers should carefully review our financial statements
and the notes thereto, as well as the section entitled Risk Factors describ in Item 1A of this
Annual Report and the other documents we file from time to time with the Securities and Exchange
Commission.
 
 PART I
 
 Item 1.
    
    Business
 The Partnership
     2




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Total PortfolioProperties
    
    
    UnitsConsolidated properties
    
    
    426
    
    
    
    95,202Unconsolidated properties
    
    
    77
    
    
    
    8,478Property management
    
    
    22
    
    
    
    2,095Asset management
    
    
    345
    
    
    
    29,879Total
    
    
    870
    
    
    
    135,654
    Available Information
  http://www.sec.gov
 Financial Information About Industry Segments
   3




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Business Overview
   
    
    property operations  using scale and technology to increase the effectiveness and
efficiency of attracting and retaining apartment residents;
    
    portfolio management   allocating capital among geographic markets and apartment
property types, primarily Class B and B+ quality apartments that are well located within the
20 largest U.S. markets, through sales, redevelopment and/or acquisitions;
    
    managing our cost and risk of capital by using leverage that is largely long-term,
laddered in maturity, non-recourse and property specific; and
    
    reducing our general and administrative and certain other costs through outsourcing and
standardization.
  Property Operations
     
    
    Customer Service.Our operating culture is focused on our residents. Our goal is to
provide our residents with consistent service in clean, safe and attractive communities. We
evaluate our performance through a customer satisfaction tracking system. In addition, we
emphasize the quality of our on-site employees through recruiting, training and retention
programs, which we believe contributes to improved customer service and leads to increased
occupancy rates and enhanced operational performance.
    
    Resident Selection and Retention.In apartment properties, neighbors are a meaningful
part of the product, together with the location of the property and the physical quality of
the apartment units. Part of our property operations strategy is to focus on resident
acquisition and retention  attracting and retaining credit-worthy residents who are good
neighbors. We have structured goals and coaching for all of our sales personnel, a tracking
system for inquiries and a standardized renewal communication program. We have standardized
residential financial stability requirements and have policies and monitoring practices to
maintain our resident quality.
    
    Revenue Management.For our conventional properties, we have a centralized revenue
management system that leverages people, processes and technology to work in partnership
with our area operational management teams to develop rental rate pricing. We seek to
increase revenue by optimizing the balance between rental and occupancy rates. We are also
focused on the automation of on-site operations, as we believe that timely and accurate
collection of property performance and resident profile data will enable us to maximize
revenue through better property management and leasing decisions. We have standardized
policies for new and renewal pricing with timely data and analyses by floor-plan, thereby
enabling us to maximize our ability to modify pricing, even in challenging sub-markets.
  4




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
    
    Controlling Expenses.Cost controls are accomplished by local focus at the area level
and by taking advantage of economies of scale at the corporate level. As a result of the
size of our portfolio and our area concentrations of properties, we have the ability to
spread over a large property base the fixed costs for general and administrative
expenditures and certain operating functions, such as purchasing, insurance and information
technology.
    
    Ancillary Services.We believe that our ownership and management of properties provide
us with unique access to a customer base that allows us to provide additional services and
thereby increase occupancy and rents, while also generating incremental revenue. We
currently provide cable television, telephone services, appliance rental, and carport,
garage and storage space rental at certain properties.
    
    Maintaining and Improving Property Quality.We believe that the physical condition and
amenities of our apartment properties are important factors in our ability to maintain and
increase rental rates. In 2009, we spent $70.3 million (our share), or $723 per owned
apartment unit, for Capital Replacements, which represent the share of additions that are
deemed to replace the consumed portion of acquired capital assets. Additionally, we spent
$53.4 million (our share), or $549 per owned apartment unit, for Capital Improvements,
which are non-redevelopment capital additions that are made to enhance the value,
profitability or useful life of an asset from its original purchase condition.
 Investment Management
        5




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Financial Strategy
     Competition
  Taxation
   6




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Regulation
 General
  Environmental
  Insurance
   7




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Employees
  
 Item 1A.
    
    Risk Factors
  Our existing and future debt financing could render us unable to operate, result in foreclosure on
our properties, prevent us from making distributions on our equity or otherwise adversely affect
our liquidity.
    Disruptions in the financial markets could affect our ability to obtain financing and the cost of
available financing and could adversely affect our liquidity.
     8




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Increases in interest rates would increase our interest expense and reduce our profitability.
  Failure
to generate sufficient net operating income may adversely affect our
liquidity, limit our ability to fund necessary capital
expenditures or adversely affect our ability to pay distributions .
   
    
    the general economic climate;
    
    an inflationary environment
in which the costs to operate and maintain our properties increase at
a rate greater than our ability to increase rents only upon renewal of
existing leases or at the inception of new leases;
    
    competition from other apartment communities and other housing options;
    
    local conditions, such as
loss of jobs, unemployment rates  or an increase in the supply of apartments, that
might adversely affect apartment occupancy or rental rates;
    
    changes in governmental regulations and the related cost of compliance;
    
    increases in operating costs (including real estate taxes) due to inflation and other
factors, which may not be offset by increased rents;
    
    changes in tax laws and housing laws, including the enactment of rent control laws or
other laws regulating multifamily housing; and
    
    changes in interest rates and the availability of financing.
 Increases in inflation or jobless rates could adversely affect our results of operations and
liquidity.
  Covenant restrictions may limit our ability to make payments to our investors.
   9




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Because real estate investments are relatively illiquid, we may not be able to sell properties when
appropriate.
  Competition could limit our ability to lease apartments or increase or maintain rents.
  Our subsidiaries may be prohibited from making distributions and other payments to us.
  Redevelopment and construction risks could affect our profitability.
  
    
    we may be unable to obtain, or experience delays in obtaining, necessary zoning,
occupancy, or other required governmental or third party permits and authorizations, which
could result in increased costs or the delay or abandonment of opportunities;
    
    we may incur costs that exceed our original estimates due to increased material, labor
or other costs such as litigation;
    
    we may be unable to complete construction and lease up of a property on schedule,
resulting in increased construction and financing costs and a decrease in expected rental
revenues;
    
    occupancy rates and rents at a property may fail to meet our expectations for a number
of reasons, including changes in market and economic conditions beyond our control and the
development by competitors of competing communities;
    
    we may be unable to obtain financing with favorable terms, or at all, for the proposed
development of a property, which may cause us to delay or abandon an opportunity;
    
    we may abandon opportunities that we have already begun to explore for a number of
reasons, including changes in local market conditions or increases in construction or
financing costs, and, as a result, we may fail to recover expenses already incurred in
exploring those opportunities;
    
    we may incur liabilities to third parties during the redevelopment process, for example,
in connection with resident lease terminations, or managing existing improvements on the
site prior to resident lease terminations; and
    
    loss of a key member of a project team could adversely affect our ability to deliver
redevelopment projects on time and within our budget.
  10




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We are insured for certain risks, and the cost of insurance, increased claims activity or
losses resulting from casualty events may affect our operating results and financial condition.
  Natural disasters and severe weather may affect our operating results and financial condition.
  We depend on our senior management.
  If we are not successful in our acquisition of properties, our results of operations
could be adversely affected.
  We may be subject to litigation associated with partnership transactions that could increase our
expenses and prevent completion of beneficial transactions.
  Government housing regulations may limit the opportunities at some of our properties and failure to
comply with resident qualification requirements may result in financial penalties and/or loss of
benefits, such as rental revenues paid by government agencies.
   11




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Laws benefiting disabled persons may result in our incurrence of unanticipated expenses.
  Potential liability or other expenditures associated with potential environmental contamination may
be costly.
  Moisture infiltration and resulting mold remediation may be costly.
  Aimcos failure to qualify as a REIT would place us in default under our primary credit
facilities .
   12




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REIT distribution requirements limit our available cash.
  Aimcos charter and Maryland law may limit the ability of a third party to acquire control of Aimco
and, therefore, the Partnership.
  The
Maryland General Corporation Law may limit the ability of a third party to acquire control of Aimco and,
therefore, the Partnership.
  
    
    have at least three
directors who are not officers or employees of the entity or related to an
acquiring person; and
    
    has a class of equity
securities registered under the Securities Exchange Act of 1934, as amended,
  
    
    the corporation will have a staggered board of directors;
    
    any director may be removed only for cause and by the vote of two-thirds of the votes
entitled to be cast in the election of directors generally, even if a lesser proportion is
provided in the charter or bylaws;
    
    the number of directors may only be set by the board of directors, even if the procedure
is contrary to the charter or bylaws;
    
    vacancies may only be filled by the remaining directors, even if the procedure is
contrary to the charter or bylaws; and
    
    the secretary of the corporation may call a special meeting of stockholders at the
request of stockholders only on the written request of the stockholders entitled to cast at
least a majority of all the votes entitled to be cast at the meeting, even if the procedure
is contrary to the charter or bylaws.
  13




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Item 1B.
    
    Unresolved Staff Comments
  
 Item 2.
    
    Properties
  2009
    
    
    2008Number of
    
    
    Number
    
    
    Number of
    
    
    NumberProperties
    
    
    of Units
    
    
    Properties
    
    
    of UnitsConventional:Pacific
    
    
    37
    
    
    
    10,274
    
    
    
    38
    
    
    
    10,504Northeast
    
    
    62
    
    
    
    18,270
    
    
    
    67
    
    
    
    21,221Sunbelt
    
    
    77
    
    
    
    23,546
    
    
    
    106
    
    
    
    31,481Chicago
    
    
    15
    
    
    
    4,633
    
    
    
    19
    
    
    
    5,555Total target markets
    
    
    191
    
    
    
    56,723
    
    
    
    230
    
    
    
    68,761Opportunistic and other markets
    
    
    52
    
    
    
    17,307
    
    
    
    81
    
    
    
    25,735Total conventional owned and managed
    
    
    243
    
    
    
    74,030
    
    
    
    311
    
    
    
    94,496Affordable owned and managed
    
    
    260
    
    
    
    29,650
    
    
    
    288
    
    
    
    32,836Property management
    
    
    22
    
    
    
    2,095
    
    
    
    34
    
    
    
    3,252Asset management
    
    
    345
    
    
    
    29,879
    
    
    
    359
    
    
    
    32,223Total
    
    
    870
    
    
    
    135,654
    
    
    
    992
    
    
    
    162,807
   
 Item 3.
    
    Legal Proceedings
   14




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Item 4.
    
    Submission of Matters to a Vote of Security Holders
  
 PART II
 
 Item 5.
    
    Market for the Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
  Quarter Ended
    
    2009
    
    
    2008December 31
    
    $
    0.20
    
    
    $
    3.88
    (1)September 30
    
    
    0.10
    
    
    
    3.00
    (1)June 30
    
    
    0.10
    
    
    
    0.60March 31
    
    
    0.00
    
    
    
    0.00
 (1)
    
    During 2008, we declared special distributions which were paid part in cash and
part in common OP Units issued to Aimco as further discussed in Note 11 to the
consolidated financial statements in Item 8. These special distributions were in
connection with special dividends declared by Aimcos board of directors to address
taxable gains from 2008 property sales.     Total Number of
    
    
    Maximum NumberUnits Purchased
    
    
    of Units thatas Part of
    
    
    May Yet BeTotal Number
    
    
    Average
    
    
    Publicly
    
    
    Purchased Underof Units
    
    
    Price Paid
    
    
    Announced Plans
    
    
    Plans or ProgramsFiscal period
    
    Purchased
    
    
    per Unit
    
    
    or Programs (1)
    
    
    (2)October 1  October 31, 2009
    
    
    25,026
    
    
    $
    14.33
    
    
    
    N/A
    
    
    
    N/ANovember 1  November 30, 2009
    
    
    752
    
    
    
    14.34
    
    
    
    N/A
    
    
    
    N/ADecember 1  December 31, 2009
    
    
    31,224
    
    
    
    13.86
    
    
    
    N/A
    
    
    
    N/ATotal
    
    
    57,002
    
    
    $
    14.07
 (1)
    
    The terms of our Partnership Agreement do not provide for a maximum number of units
that may be repurchased, and other than the express terms of our Partnership Agreement, we
have no publicly announced plans or programs of repurchase. However, whenever Aimco
repurchases its Class A Common Stock, it is expected that Aimco will fund the repurchase
with a concurrent repurchase by us of common OP Units held by Aimco at a price per unit
that is equal to the price per share paid for the Class A Common Stock.(2)
    
    Aimcos board of directors has, from time to time, authorized Aimco to repurchase
shares of Class A Common Stock. There were no repurchases of Aimcos equity securities
during the year ended December 31, 2009. As of December 31, 2009, Aimco was authorized to
repurchase approximately 19.3 million additional shares. This authorization has no
expiration date. These repurchases may be made from time to time in the open market or in
privately negotiated transactions.  15




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Distribution Payments
  
 Item 6.
    
    Selected Financial Data
  For the Years Ended December 31,2009
    
    
    2008 (1) (2)
    
    
    2007 (2)
    
    
    2006 (2)
    
    
    2005 (2)(dollar amounts in thousands, except per unit data)OPERATING DATA:Total revenues
    
    $
    1,195,763
    
    
    $
    1,243,170
    
    
    $
    1,174,457
    
    
    $
    1,084,552
    
    
    $
    894,060Total operating expenses (3)
    
    
    (1,085,250
    )
    
    
    (1,185,071
    )
    
    
    (989,658
    )
    
    
    (909,784
    )
    
    
    (751,516
    )Operating income (3)
    
    
    110,513
    
    
    
    58,099
    
    
    
    184,799
    
    
    
    174,768
    
    
    
    142,544Loss from continuing operations (3)
    
    
    (196,217
    )
    
    
    (117,092
    )
    
    
    (45,360
    )
    
    
    (39,965
    )
    
    
    (30,640
    )Income from discontinued operations, net (4)
    
    
    152,237
    
    
    
    744,880
    
    
    
    171,615
    
    
    
    329,947
    
    
    
    160,450Net (loss) income
    
    
    (43,980
    )
    
    
    627,788
    
    
    
    126,255
    
    
    
    289,982
    
    
    
    129,810Net income attributable to noncontrolling interests
    
    
    (22,442
    )
    
    
    (155,749
    )
    
    
    (92,138
    )
    
    
    (92,917
    )
    
    
    (49,064
    )Net income attributable to preferred unitholders
    
    
    (56,854
    )
    
    
    (61,354
    )
    
    
    (73,144
    )
    
    
    (90,527
    )
    
    
    (98,946
    )Net (loss) income attributable to the Partnerships
common unitholders
    
    
    (123,276
    )
    
    
    403,700
    
    
    
    (43,508
    )
    
    
    104,592
    
    
    
    (22,458
    )Earnings (loss) per common unit  basic and diluted (5):Loss from continuing operations attributable to the
Partnerships common unitholders
    
    $
    (1.75
    )
    
    $
    (1.95
    )
    
    $
    (1.40
    )
    
    $
    (1.48
    )
    
    $
    (1.33
    )Net (loss) income attributable to the Partnerships
common unitholders
    
    $
    (1.00
    )
    
    $
    4.11
    
    
    $
    (0.42
    )
    
    $
    0.99
    
    
    $
    (0.21
    )BALANCE SHEET INFORMATION:Real estate, net of accumulated depreciation
    
    $
    6,962,866
    
    
    $
    7,126,142
    
    
    $
    6,902,079
    
    
    $
    6,437,359
    
    
    $
    5,708,824Total assets
    
    
    7,922,139
    
    
    
    9,456,721
    
    
    
    10,631,746
    
    
    
    10,305,903
    
    
    
    10,031,761Total indebtedness
    
    
    5,690,310
    
    
    
    6,069,804
    
    
    
    5,683,884
    
    
    
    4,969,185
    
    
    
    4,283,278Total partners capital
    
    
    1,550,374
    
    
    
    1,661,600
    
    
    
    2,152,326
    
    
    
    2,753,617
    
    
    
    3,164,111OTHER INFORMATION:Distributions declared per common unit
    
    $
    0.40
    
    
    $
    7.48
    
    
    $
    4.31
    
    
    $
    2.40
    
    
    $
    3.00Total consolidated properties (end of period)
    
    
    426
    
    
    
    514
    
    
    
    657
    
    
    
    703
    
    
    
    619Total consolidated apartment units (end of period)
    
    
    95,202
    
    
    
    117,719
    
    
    
    153,758
    
    
    
    162,432
    
    
    
    158,548Total unconsolidated properties (end of period)
    
    
    77
    
    
    
    85
    
    
    
    94
    
    
    
    102
    
    
    
    264Total unconsolidated apartment units (end of period)
    
    
    8,478
    
    
    
    9,613
    
    
    
    10,878
    
    
    
    11,791
    
    
    
    35,269Units managed (end of period) (6)
    
    
    31,974
    
    
    
    35,475
    
    
    
    38,404
    
    
    
    42,190
    
    
    
    46,667
  16




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(1)
    
    The consolidated statement of income for the year ended December 31, 2008, has been
restated to reclassify impairment losses on real estate development assets within operating
income. The reclassification reduced operating income by $91.1 million for the year ended
December 31, 2008, and had no effect on the reported amounts of loss from continuing
operations, net income, net income available to the Partnerships common unitholders or
earnings per unit. Additionally, the reclassification had no effect on the consolidated
balance sheets, statements of partners capital or statements of cash flows. See Note 2 to
the consolidated financial statements in Item 8.(2)
    
    Certain reclassifications have been made to conform to the current financial statement
presentation, including retroactive adjustments related to our January 1, 2009 adoption of
the provisions of Financial Accounting Standards Board, or FASB, Statement of Financial
Accounting Standards No. 141(R), or SFAS 141(R), FASB Statement of Financial Accounting
Standards No. 160, or SFAS 160, and FASB Staff Position No. EITF 03-6-1, or FSP EITF 03-6-1
(see Note 2 to the consolidated financial statements in Item 8) and to reflect additional
properties sold during 2009 or classified as held for sale as of December 31, 2009, as
discontinued operations (see Note 13 to the consolidated financial statements in Item 8).(3)
    
    Total operating expenses, operating income and loss from continuing operations for the
year ended December 31, 2008, include a $91.1 million pre-tax provision for impairment
losses on real estate development assets, which is discussed further in Managements
Discussion and Analysis of Financial Condition and Results of Operationsin Item 7.(4)
    
    Income from discontinued operations for the years ended December 31, 2009, 2008, 2007,
2006 and 2005 includes $221.8 million, $800.3 million, $117.6 million, $337.3 million and
$162.7 million in gains on disposition of real estate, respectively. Income from
discontinued operations for 2009, 2008 and 2007 is discussed further in Managements
Discussion and Analysis of Financial Condition and Results of Operationsin Item 7.(5)
    
    Weighted average common units, common OP unit equivalents, dilutive preferred
securities and earnings per unit amounts for each of the periods presented above have been
adjusted for our application during the fourth quarter 2009 of a change in accounting,
which requires the units issued in our special distributions paid in 2008 and January 2009
to be treated as issued and outstanding on the distribution payment dates for basic
purposes and as potential unit equivalents for the periods between the ex-dividend dates
and payment dates for diluted purposes, rather than treating the units as issued and
outstanding as of the beginning of the earliest period presented for both basic and diluted
purposes. See Note 2 to the consolidated financial statements in Item 8 for further
discussion of this accounting change.(6)
    
    Units managed represents units in properties for which we provide asset management
services only, although in certain cases we may indirectly own generally less than one
percent of the economic interest in such properties through a partnership syndication or
other fund. 
 Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
 Executive Overview
    17




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Results of Operations
 Overview
 2009 compared to 2008
  
    
    a decrease in income from discontinued operations, primarily related to our sale of
fewer assets in 2009 and the recognition of gains on sales as compared to 2008;
    
    a decrease in gain on dispositions of unconsolidated real estate and other, primarily
due to a large gain on the sale of an interest in an unconsolidated real estate partnership
in 2008;
    
    an increase in depreciation and amortization expense, primarily related to completed
redevelopments and capital additions placed in service for partial periods during 2008 and
2009; and
    
    a decrease in asset management and tax credit revenues, primarily due to a reduction in
promote income, which is income earned in connection with the disposition of properties
owned by our consolidated joint ventures.
  
    
    a decrease in earnings allocable to noncontrolling interests, primarily due to a
decrease in the noncontrolling interests share of the decrease in gains on sales discussed
above;
    
    a decrease in general and administrative expenses, primarily related to reductions in
personnel and related expenses from our organizational restructuring activities during 2008
and 2009; and
    
    impairment losses on real estate development assets in 2008, for which no similar
impairments were recognized in 2009.
  18




---



##### 



2008 compared to 2007
  
    
    an increase in income from discontinued operations, primarily related to an increase in
the number of assets sold during 2008 and our recognition of higher gains on sales as
compared to 2007;
    
    an increase in gain on dispositions of unconsolidated real estate and other, primarily
due to a large gain on the sale of an interest in an unconsolidated real estate partnership
in 2008;
    
    an increase in net operating income associated with property operations, reflecting
improved operations of our same store properties and other properties; and
    
    an increase in asset management and tax credit revenues, primarily due to an increase in
promote income, which is income earned in connection with the disposition of properties
owned by our consolidated joint ventures.
  
    
    impairment losses on real estate development assets in 2008, for which no similar
impairments were recognized in 2007;
    
    an increase in earnings allocable to noncontrolling interests, primarily due to an
increase in the noncontrolling interests share of the increase in gains on sales discussed
above;
    
    an increase in depreciation and amortization expense, primarily related to completed
redevelopments placed in service for partial periods during 2007 or 2008;
    
    restructuring costs recognized during the fourth quarter of 2008; and
    
    an increase in provisions for losses on notes receivable, primarily due to the
impairment during 2008 of our interest in Casden Properties LLC.
  Business Segment Operating Results
  Real Estate Segment
   Year Ended December 31,2009
    
    
    2008
    
    
    2007Real estate segment revenues:Rental and other property revenues
    
    $
    1,140,828
    
    
    $
    1,137,995
    
    
    $
    1,093,779Property management revenues, primarily from affiliates
    
    
    5,082
    
    
    
    6,345
    
    
    
    6,9231,145,910
    
    
    
    1,144,340
    
    
    
    1,100,702Real estate segment expenses:Property operating expenses
    
    
    521,161
    
    
    
    526,238
    
    
    
    503,890Property management expenses
    
    
    2,869
    
    
    
    5,385
    
    
    
    6,678524,030
    
    
    
    531,623
    
    
    
    510,568Real estate segment net operating income
    
    $
    621,880
    
    
    $
    612,717
    
    
    $
    590,134
   19




---



##### 



20




---



##### 



Investment Management Segmen
    Year Ended December 31,2009
    
    
    2008
    
    
    2007Asset management and tax credit revenues
    
    $
    52,193
    
    
    $
    101,225
    
    
    $
    73,755Investment management expenses
    
    
    15,779
    
    
    
    24,784
    
    
    
    20,507Investment segment net operating income
    
    $
    36,414
    
    
    $
    76,441
    
    
    $
    53,248
   Other Operating Expenses (Income)
 Depreciation and Amortization
    21




---



##### 



Provision for Operating Real Estate Impairment Losses
   Provision for Impairment Losses on Real Estate Development Assets
    General and Administrative Expenses
   Other Expenses, Net
     22




---



##### 



Restructuring Costs
  Interest Income
    Provision for Losses on Notes Receivable
    Interest Expense
   23




---



##### 



Equity in Losses of Unconsolidated Real Estate Partnerships
   Impairment Losses Related to Unconsolidated Real Estate Partnerships
  Gain on Dispositions of Unconsolidated Real Estate and Other
     24




---



##### 



Income Tax Benefit
    Income from Discontinued Operations, Net
       25




---



##### 



Noncontrolling Interests in Consolidated Real Estate Partnerships
     Critical Accounting Policies and Estimates
   26




---



##### 



Impairment of Long-Lived Assets
  Provision
for Impairment Losses on Real Estate Development Assets
  
    
    the general economic climate;
    
    competition from other apartment communities and other housing options;
    
    local conditions, such as loss of jobs or an increase in the supply of apartments, that
might adversely affect apartment occupancy or rental rates;
    
    changes in governmental regulations and the related cost of compliance;
    
    increases in operating costs (including real estate taxes) due to inflation and other
factors, which may not be offset by increased rents;
    
    changes in tax laws and housing laws, including the enactment of rent control laws or
other laws regulating multifamily housing; and
    
    changes in interest rates and the availability of financing.
  Notes Receivable and Interest Income Recognition
     27




---



##### 



Provision for Losses on Notes Receivable
  Provision for Losses on Notes Receivable
 Capitalized Costs
 Capital Additions and Related Depreciation
  Funds From Operations
   28




---



##### 



2009
    
    
    2008
    
    
    2007Net (loss) income attributable to the Partnerships common unitholders (1)
    
    $
    (123,276
    )
    
    $
    403,700
    
    
    $
    (43,508
    )Adjustments:Depreciation and amortization
    
    
    444,413
    
    
    
    392,999
    
    
    
    347,491Depreciation and amortization related to non-real estate assets
    
    
    (16,667
    )
    
    
    (17,372
    )
    
    
    (20,159
    )Depreciation of rental property related to noncontrolling partners and unconsolidated entities (2)
    
    
    (40,852
    )
    
    
    (29,872
    )
    
    
    (15,888
    )Gain on dispositions of unconsolidated real estate and other
    
    
    (22,494
    )
    
    
    (99,864
    )
    
    
    (24,470
    )Income tax expense (benefit) arising from disposition of unconsolidated real estate and other
    
    
    1,582
    
    
    
    (433
    )
    
    
    (17
    )Add back portion of gain on dispositions of unconsolidated real estate and other that relates to
non-depreciable assets and debt extinguishment gain
    
    
    7,783
    
    
    
    1,669
    
    
    
    17,956Deficit distributions to noncontrolling partners (3)
    
    
    
    
    
    
    26,211
    
    
    
    29,210Discontinued operations:Gain on dispositions of real estate, net of noncontrolling partners interest (2)
    
    
    (164,281
    )
    
    
    (617,906
    )
    
    
    (63,923
    )Depreciation of rental property, net of noncontrolling partners interest (2)
    
    
    45,836
    
    
    
    109,043
    
    
    
    114,586(Recovery of deficit distributions) deficit distributions to noncontrolling partners, net (3)
    
    
    
    
    
    
    (30,354
    )
    
    
    9,550Income tax expense arising from disposals
    
    
    5,788
    
    
    
    43,146
    
    
    
    2,135Preferred OP Unit distributions
    
    
    58,503
    
    
    
    62,836
    
    
    
    70,509Preferred OP Unit redemption related (gains) costs
    
    
    (1,649
    )
    
    
    (1,482
    )
    
    
    2,635Amounts allocable to participating securities (4)
    
    
    
    
    
    
    6,985
    
    
    
    4,481FFO
    
    $
    194,686
    
    
    $
    249,306
    
    
    $
    430,588Preferred OP Unit distributions
    
    
    (58,503
    )
    
    
    (62,836
    )
    
    
    (70,509
    )Preferred OP Unit redemption related gains (costs)
    
    
    1,649
    
    
    
    1,482
    
    
    
    (2,635
    )Amounts allocable to participating securities (4)
    
    
    (792
    )
    
    
    (6,985
    )
    
    
    (4,481
    )Distributions on dilutive preferred securities
    
    
    
    
    
    
    4,292
    
    
    
    1,442FFO attributable to the Partnerships common unitholders  diluted
    
    $
    137,040
    
    
    $
    185,259
    
    
    $
    354,405Weighted average number of common
units, common unit equivalents and
dilutive preferred securities
outstanding (5):Common units and equivalents (6) (7)
    
    
    124,442
    
    
    
    99,386
    
    
    
    106,802Dilutive preferred securities
    
    
    
    
    
    
    1,490
    
    
    
    457Total
    
    
    124,442
    
    
    
    100,876
    
    
    
    107,259
  (1)
    
    Represents the numerator for calculating basic earnings per common unit in accordance
with GAAP (see Note 14 to the consolidated financial statements in Item 8).(2)
    
    Noncontrolling partners refers to noncontrolling partners in our consolidated real
estate partnerships.(3)
    
    Prior to adoption of SFAS 160 (see Note 2 to the consolidated financial statements in
Item 8), we recognized deficit distributions to noncontrolling partners as charges in our
income statement when cash was distributed to a noncontrolling partner in a consolidated
partnership in excess of the positive balance in such partners noncontrolling interest
balance. We recorded these charges for GAAP purposes even though there was no economic
effect or cost. Deficit distributions to noncontrolling partners occurred when the fair
value of the underlying real estate exceeded its depreciated net book value because the
underlying real estate had appreciated or maintained its value. As a result, the
recognition of expense for deficit distributions to noncontrolling partners represented, in
substance, either (a) our recognition of depreciation previously allocated to the
noncontrolling partner or (b) a payment related to the noncontrolling partners share of
real estate appreciation. Based on White Paper guidance that requires real estate
depreciation and gains to be excluded from FFO, we added back deficit distributions and
subtracted related recoveries in our reconciliation of net income to FFO. Subsequent to our
adoption of SFAS 160, effective January 1, 2009, we
may reduce the balance of noncontrolling interests below zero in such situations and we are
no longer required to recognize such charges in our income statement.  29




---



##### 



(4)
    
    Amounts allocable to participating securities represent distributions declared and any
amounts of undistributed earnings allocable to participating securities. See Note 2 and
Note 14 to the consolidated financial statements in Item 8 for further information
regarding participating securities.(5)
    
    Weighted average common units, common unit equivalents, dilutive preferred securities
for each of the periods presented above have been adjusted for our application during the
fourth quarter 2009 of a change in GAAP, which requires the common OP units issued to Aimco
in connection with our special distributions paid in 2008 and January 2009 to be treated as
issued and outstanding on the distribution payment dates for basic purposes and as
potential unit equivalents for the periods between the ex-dividend dates and the payment
dates for diluted purposes, rather than treating the units as issued and outstanding as of
the beginning of the earliest period presented for both basic and diluted purposes. The
change in accounting treatment had no effect on diluted weighted average units outstanding
for the year ended December 31, 2009. The change in accounting treatment reduced diluted
weighted average units outstanding by 32.9 million and 46.7 million for the years ended
December 31, 2008 and 2007, respectively.(6)
    
    Represents the denominator for earnings per common unit  diluted, calculated in
accordance with GAAP, plus common OP unit equivalents that are dilutive for FFO.(7)
    
    During the years ended December 31, 2009, 2008 and 2007, we had 6,534,140, 7,191,199,
and 7,367,400 common OP Units outstanding and 2,344,719, 2,367,629 and 2,379,084 High
Performance Units outstanding. Liquidity and Capital Resources
       30




---



##### 



Derivative Financial Instruments
   Operating Activities
  Investing Activities
   Capital Additions
   31




---



##### 



PerOur Share of
    
    
    EffectiveAdditions
    
    
    UnitCapital Replacements Detail:Building and grounds
    
    $
    32,876
    
    
    $
    338Turnover related
    
    
    30,298
    
    
    
    312Capitalized site payroll and indirect costs
    
    
    7,076
    
    
    
    73Our share of Capital Replacements
    
    $
    70,250
    
    
    $
    723Capital Replacements:Conventional
    
    $
    64,675
    
    
    $
    797Affordable
    
    
    5,575
    
    
    $
    347Our share of Capital Replacements
    
    
    70,250
    
    
    $
    723Capital Improvements:Conventional
    
    
    47,634
    
    
    $
    587Affordable
    
    
    5,755
    
    
    $
    358Our share of Capital Improvements
    
    
    53,389
    
    
    $
    549Casualties:Conventional
    
    
    17,724Affordable
    
    
    1,872Our share of casualties
    
    
    19,596Redevelopment:Conventional projects
    
    
    66,768Tax credit projects (1)
    
    
    46,066Our share of redevelopment
    
    
    112,834Our share of capital additions
    
    
    256,069Plus noncontrolling partners share of consolidated additions
    
    
    20,062Less our share of unconsolidated additions
    
    
    (687
    )Total capital additions
    
    $
    275,444
 (1)
    
    Redevelopment additions on tax credit projects are substantially funded from tax
credit investor contributions.   Financing Activities
   32




---



##### 



Property Debt
  Term Loans and Credit Facility
    Fair Value Measurements
       33




---



##### 



Partners Capital Transactions
    Contractual Obligations
  Less than
    
    
    
    
    
    
    
    
    
    
    More thanTotal
    
    
    One Year
    
    
    1-3 Years
    
    
    3-5 Years
    
    
    5 YearsScheduled long-term debt maturities (1)
    
    $
    5,600,310
    
    
    $
    105,294
    
    
    $
    660,733
    
    
    $
    868,615
    
    
    $
    3,965,668Scheduled long-term debt maturities related to
properties classified as held for sale (1)
    
    
    29,177
    
    
    
    519
    
    
    
    11,206
    
    
    
    868
    
    
    
    16,584Term loan (1) (2)
    
    
    90,000
    
    
    
    
    
    
    
    90,000
    
    
    
    
    
    
    
    Redevelopment and other construction commitments
    
    
    4,795
    
    
    
    4,795
    
    
    
    
    
    
    
    
    
    
    
    Leases for space occupied (3)
    
    
    24,888
    
    
    
    7,345
    
    
    
    10,856
    
    
    
    4,859
    
    
    
    1,828Other obligations (4)
    
    
    4,605
    
    
    
    4,605
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    5,753,775
    
    
    $
    122,558
    
    
    $
    772,795
    
    
    $
    874,342
    
    
    $
    3,984,080
 (1)
    
    Scheduled debt maturities
presented above include amortization and the maturities in 2010
consist primarily of amortization. The scheduled maturities presented above exclude related interest amounts. Refer to
Note 6 in the consolidated financial statements in Item 8 for a description of average
interest rates associated with our debt.(2)
    
    After payments of $45.0 million through February 26, 2010, the term loan had an outstanding
balance of $45.0 million.(3)
    
    Inclusive of leased space that has been abandoned as part of our organizational
restructuring in 2008 (see Restructuring Costsin Note 3 to the consolidated financial
statements in Item 8).(4)
    
    Represents a commitment to fund $4.6 million in second mortgage loans on certain properties
in West Harlem, New York City.    34




---



##### 



Future Capital Needs
  Off-Balance Sheet Arrangements
  
 Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk
   Derivative Financial Instruments
   35




---



##### 



Item 8.
    
    Financial Statements and Supplementary Data
  
 Item 9.
    
    Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
  
 Item 9A.
    
    Controls and Procedures
 Disclosure Controls and Procedures
  Managements Report on Internal Control Over Financial Reporting
  
    
    pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Partnership;
    
    provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the Partnership are being made only in
accordance with authorizations of the General Partners management and directors of the
Partnership; and
    
    provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Partnerships assets that could have a material
effect on the financial statements.
  36




---



##### 



Internal
Control-Integrated Framework
   Changes in Internal Control over Financial Reporting
   37




---



##### 



Report of Independent Registered Public Accounting Firm
 
        
  38




---



##### 



Item 9B.
    
    Other Information
  
 PART III
 
 Item 10.
    
    Directors, Executive Officers and Corporate Governance
    
 Item 11.
    
    Executive Compensation
  
 Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
   39




---



##### 



Item 13.
    
    Certain Relationships and Related Transactions, and Director Independence
  
 Item 14.
    
    Principal Accountant Fees and Services
   40




---



##### 



PART IV
 
 Item 15.
    
    Exhibits and Financial Statement Schedules
 (a)(1)
    
    The financial statements listed in the Index to Financial Statements on Page F-1 of
this report are filed as part of this report and incorporated herein by reference.(a)(2)
    
    The financial statement schedule listed in the Index to Financial Statements on Page
F-1 of this
report is filed as part of this report and incorporated herein by reference.(a)(3)
    
    The Exhibit Index is incorporated herein by reference.
 INDEX TO EXHIBITS (1) (2)
 EXHIBIT NO.
    
    DESCRIPTION10.1
    
    
    Fourth Amended and Restated Agreement of Limited Partnership
of AIMCO Properties, L.P., dated as of July 29, 1994, as
amended and restated as of February 28, 2007 (Exhibit 10.1 to
Aimcos Annual Report on Form 10-K for the year ended December
31, 2006, is incorporated herein by this reference)10.2
    
    
    First Amendment to Fourth Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
December 31, 2007 (Exhibit 10.1 to Aimcos Current Report on
Form 8-K, dated December 31, 2007, is incorporated herein by
this reference)10.3
    
    
    Second Amendment to the Fourth Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
July 30, 2009 (Exhibit 10.1 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 2009, is
incorporated herein by this reference)10.4
    
    
    Amended and Restated Secured Credit Agreement, dated as of
November 2, 2004, by and among Aimco, AIMCO Properties, L.P.,
AIMCO/Bethesda Holdings, Inc., and NHP Management Company as
the borrowers and Bank of America, N.A., Keybank National
Association, and the Lenders listed therein (Exhibit 4.1 to
Aimcos Quarterly Report on Form 10-Q for the quarterly period
ended September 30, 2004, is incorporated herein by this
reference)10.5
    
    
    First Amendment to Amended and Restated Secured Credit
Agreement, dated as of June 16, 2005, by and among Aimco,
AIMCO Properties, L.P., AIMCO/Bethesda Holdings, Inc., and NHP
Management Company as the borrowers and Bank of America, N.A.,
Keybank National Association, and the Lenders listed therein
(Exhibit 10.1 to Aimcos Current Report on Form 8-K, dated
June 16, 2005, is incorporated herein by this reference)10.6
    
    
    Second Amendment to Amended and Restated Senior Secured Credit
Agreement, dated as of March 22, 2006, by and among Aimco,
AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as
the borrowers, and Bank of America, N.A., Keybank National
Association, and the lenders listed therein (Exhibit 10.1 to
Aimcos Current Report on Form 8-K, dated March 22, 2006, is
incorporated herein by this reference)10.7
    
    
    Third Amendment to Senior Secured Credit Agreement, dated as
of August 31, 2007, by and among Apartment Investment and
Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors
named therein, Bank of America, N.A., as administrative agent
and Bank of America, N.A., Keybank National Association and
the other lenders listed therein (Exhibit 10.1 to Aimcos
Current Report on Form 8-K, dated August 31, 2007, is
incorporated herein by this reference)10.8
    
    
    Fourth Amendment to Senior Secured Credit Agreement, dated as
of September 14, 2007, by and among Apartment Investment and
Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors
named therein, Bank of America, N.A., as administrative agent
and Bank of America, N.A., Keybank National Association and
the other lenders listed therein (Exhibit 10.1 to Aimcos
Current Report on Form 8-K, dated September 14, 2007, is
incorporated herein by this reference)
  41




---



##### 



EXHIBIT NO.
    
    DESCRIPTION10.9
    
    
    Fifth Amendment to Senior Secured Credit Agreement, dated as
of September 9, 2008, by and among Apartment Investment and
Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors
named therein, Bank of America, N.A., as administrative agent
and Bank of America, N.A., Keybank National Association and
the other lenders listed therein (Exhibit 10.1 to Aimcos
Current Report on Form 8-K, dated September 11, 2008, is
incorporated herein by this reference)10.10
    
    
    Sixth Amendment to Senior Secured Credit Agreement, dated as
of May 1, 2009, by and among Apartment Investment and
Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors
named therein, Bank of America, N.A., as administrative agent
and Bank of America, N.A., Keybank National Association and
the other lenders listed therein (Exhibit 10.1 to Aimcos
Quarterly Report on Form 10-Q for the quarterly period ended
March 31, 2009, is incorporated herein by this reference)10.11
    
    
    Seventh Amendment to Senior Secured Credit Agreement, dated as
of August 4, 2009, by and among Apartment Investment and
Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors
named therein and the lenders party thereto (Exhibit 10.1 to
Aimcos Current Report on Form 8-K, dated August 6, 2009, is
incorporated herein by this reference)10.12
    
    
    Eighth Amendment to Senior Secured Credit Agreement, dated as
of February 3, 2010, by and among Apartment Investment and
Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors
named therein and the lenders party thereto (Exhibit 10.1 to
Aimcos Current Report on Form 8-K, dated February 5, 2010, is
incorporated herein by this reference)10.13
    
    
    Master Indemnification Agreement, dated December 3, 2001, by
and among Apartment Investment and Management Company, AIMCO
Properties, L.P., XYZ Holdings LLC, and the other parties
signatory thereto (Exhibit 2.3 to Aimcos Current Report on
Form 8-K, dated December 6, 2001, is incorporated herein by
this reference)10.14
    
    
    Tax Indemnification and Contest Agreement, dated December 3,
2001, by and among Apartment Investment and Management
Company, National Partnership Investments, Corp., and XYZ
Holdings LLC and the other parties signatory thereto (Exhibit
2.4 to Aimcos Current Report on Form 8-K, dated December 6,
2001, is incorporated herein by this reference)10.15
    
    
    Limited Liability Company Agreement of AIMCO JV Portfolio #1,
LLC dated as of December 30, 2003 by and among AIMCO BRE I,
LLC, AIMCO BRE II, LLC and SRV-AJVP#1, LLC (Exhibit 10.54 to
Aimcos Annual Report on Form 10-K for the year ended December
31, 2003, is incorporated herein by this reference)10.16
    
    
    Employment Contract executed on December 29, 2008, by and
between AIMCO Properties, L.P. and Terry Considine (Exhibit
10.1 to Aimcos Current Report on Form 8-K, dated December 29,
2008, is incorporated herein by this reference)*10.17
    
    
    Apartment Investment and Management Company 1997 Stock Award
and Incentive Plan (October 1999) (Exhibit 10.26 to Aimcos
Annual Report on Form 10-K for the year ended December 31,
1999, is incorporated herein by this reference)*10.18
    
    
    Form of Restricted Stock Agreement (1997 Stock Award and
Incentive Plan) (Exhibit 10.11 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 1997,
is incorporated herein by this reference)*10.19
    
    
    Form of Incentive Stock Option Agreement (1997 Stock Award and
Incentive Plan) (Exhibit 10.42 to Aimcos Annual Report on
Form 10-K for the year ended December 31, 1998, is
incorporated herein by this reference)*10.20
    
    
    2007 Stock Award and Incentive Plan (incorporated by reference
to Appendix A to Aimcos Proxy Statement on Schedule 14A filed
with the Securities and Exchange Commission on March 20,
2007)*10.21
    
    
    Form of Restricted Stock Agreement (Exhibit 10.2 to Aimcos
Current Report on Form 8-K, dated April 30, 2007, is
incorporated herein by this reference)*
  42




---



##### 



EXHIBIT NO.
    
    DESCRIPTION10.22
    
    
    Form of Non-Qualified Stock Option Agreement (Exhibit 10.3 to
Aimcos Current Report on Form 8-K, dated April 30, 2007, is
incorporated herein by this reference)*10.23
    
    
    2007 Employee Stock Purchase Plan (incorporated by reference
to Appendix B to Aimcos Proxy Statement on Schedule 14A filed
with the Securities and Exchange Commission on March 20,
2007)*21.1
    
    
    List of Subsidiaries23.1
    
    
    Consent of Independent Registered Public Accounting Firm31.1
    
    
    Certification of Chief Executive Officer pursuant to
Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    
    Certification of Chief Financial Officer pursuant to
Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.2
    
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 200299.1
    
    
    Agreement re: disclosure of long-term debt instruments
 (1)
    
    Schedule and supplemental materials to the exhibits have been omitted but will be provided to
the Securities and Exchange Commission upon request.(2)
    
    The file reference number for all exhibits is 001-13232, and all such exhibits remain
available pursuant to the Records Control Schedule of the Securities and Exchange Commission.*
    
    Management contract or compensatory plan or arrangement  43




---



##### 



SIGNATURES
  AIMCO PROPERTIES, L.P.By: AIMCO-GP, Inc., its General PartnerBy:
    
    /s/ TERRY CONSIDINETerry ConsidineChairman of the Board and Chief Executive OfficerDate: February 26, 2010
  Signature
    
    Title
    
    Date/s/ TERRY CONSIDINE
Terry Considine
    
    Chairman of the Board and Chief 
Executive Officer of the registrants general partner
(principal executive officer)
    
    February 26, 2010/s/ MILES CORTEZ
Miles Cortez
    
    Director, Executive Vice President and
Chief Administrative Officer of the
registrants general partner
    
    February 26, 2010/s/ ERNEST M. FREEDMAN

Ernest M. Freedman
    
    Executive Vice President and Chief
Financial Officer 

of the registrants general partner

(principal financial officer)
    
    February 26, 2010/s/ PAUL BELDIN

Paul Beldin
    
    Senior Vice President and Chief
Accounting Officer 

of the registrants general partner

(principal accounting officer)
    
    February 26, 2010
  44




---



##### 



AIMCO PROPERTIES, L.P.
 INDEX TO FINANCIAL STATEMENTS
 PageFinancial Statements:Report of Independent Registered Public Accounting Firm
    
    
    F-2Consolidated Balance Sheets as of December 31, 2009 and 2008
    
    
    F-3Consolidated Statements of Income for the Years Ended
December 31, 2009, 2008 (as restated) and 2007
    
    
    F-4Consolidated Statements of Partners Capital for the Years
Ended December 31, 2009, 2008 and 2007
    
    
    F-5Consolidated Statements of Cash Flows for the Years Ended
December 31, 2009, 2008 and 2007
    
    
    F-7Notes to Consolidated Financial Statements
    
    
    F-9Financial Statement Schedule:Schedule III  Real Estate and Accumulated Depreciation
    
    
    F-53All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.
  F-1




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
       
  F-2




---



##### 



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED BALANCE SHEETS
 As of December 31, 2009 and 2008
 (In thousands)
 2009
    
    
    2008ASSETSReal estate:Buildings and improvements
    
    $
    7,479,480
    
    
    $
    7,278,734Land
    
    
    2,183,927
    
    
    
    2,167,574Total real estate
    
    
    9,663,407
    
    
    
    9,446,308Less accumulated depreciation
    
    
    (2,700,541
    )
    
    
    (2,320,166
    )Net real estate
    
    
    6,962,866
    
    
    
    7,126,142Cash and cash equivalents
    
    
    81,260
    
    
    
    299,676Restricted cash
    
    
    220,037
    
    
    
    253,315Accounts receivable, net
    
    
    59,822
    
    
    
    90,318Accounts receivable from affiliates, net
    
    
    23,744
    
    
    
    38,978Deferred financing costs, net
    
    
    52,725
    
    
    
    51,568Notes receivable from unconsolidated real estate partnerships, net
    
    
    14,295
    
    
    
    22,567Notes receivable from non-affiliates, net
    
    
    125,269
    
    
    
    139,897Notes receivable from Aimco
    
    
    16,371
    
    
    
    15,551Investment in unconsolidated real estate partnerships
    
    
    104,193
    
    
    
    117,905Other assets
    
    
    185,816
    
    
    
    198,639Deferred income tax assets, net
    
    
    42,015
    
    
    
    28,326Assets held for sale
    
    
    33,726
    
    
    
    1,073,839Total assets
    
    $
    7,922,139
    
    
    $
    9,456,721LIABILITIES AND PARTNERS CAPITALProperty tax-exempt bond financing
    
    $
    574,926
    
    
    $
    629,499Property loans payable
    
    
    4,972,327
    
    
    
    4,944,324Term loans
    
    
    90,000
    
    
    
    400,000Other borrowings
    
    
    53,057
    
    
    
    95,981Total indebtedness
    
    
    5,690,310
    
    
    
    6,069,804Accounts payable
    
    
    29,819
    
    
    
    64,241Accrued liabilities and other
    
    
    286,328
    
    
    
    569,996Deferred income
    
    
    182,485
    
    
    
    193,810Security deposits
    
    
    35,764
    
    
    
    37,244Liabilities related to assets held for sale
    
    
    30,403
    
    
    
    771,878Total liabilities
    
    
    6,255,109
    
    
    
    7,706,973Redeemable preferred units (Note 11)
    
    
    116,656
    
    
    
    88,148Commitments and contingencies (Note 8)
    
    
    
    
    
    
    Partners capital:Preferred units
    
    
    660,500
    
    
    
    696,500General Partner and Special Limited Partner
    
    
    521,692
    
    
    
    543,238Limited Partners
    
    
    95,990
    
    
    
    82,461High Performance Units
    
    
    (40,313
    )
    
    
    (37,263
    )Investment in Aimco Class A Common Stock
    
    
    (4,621
    )
    
    
    (5,109
    )Partners capital attributable to the Partnership
    
    
    1,233,248
    
    
    
    1,279,827Noncontrolling interests in consolidated real estate partnerships
    
    
    317,126
    
    
    
    381,773Total partners capital
    
    
    1,550,374
    
    
    
    1,661,600Total liabilities and partners capital
    
    $
    7,922,139
    
    
    $
    9,456,721
   F-3




---



##### 



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED STATEMENTS OF INCOME
 For the Years Ended December 31, 2009, 2008 and 2007
 (In thousands, except per unit data)
 2009
    
    
    2008
    
    
    2007(as restated -see Note 2)REVENUES:Rental and other property revenues
    
    $
    1,140,828
    
    
    $
    1,137,995
    
    
    $
    1,093,779Property management revenues, primarily from affiliates
    
    
    5,082
    
    
    
    6,345
    
    
    
    6,923Asset management and tax credit revenues
    
    
    49,853
    
    
    
    98,830
    
    
    
    73,755Total revenues
    
    
    1,195,763
    
    
    
    1,243,170
    
    
    
    1,174,457OPERATING EXPENSES:Property operating expenses
    
    
    521,161
    
    
    
    526,238
    
    
    
    503,890Property management expenses
    
    
    2,869
    
    
    
    5,385
    
    
    
    6,678Investment management expenses
    
    
    15,779
    
    
    
    24,784
    
    
    
    20,507Depreciation and amortization
    
    
    444,413
    
    
    
    392,999
    
    
    
    347,491Provision for operating real estate impairment losses
    
    
    2,329
    
    
    
    
    
    
    
    1,080Provision for impairment losses on real estate development assets
    
    
    
    
    
    
    91,138
    
    
    
    General and administrative expenses
    
    
    69,567
    
    
    
    99,157
    
    
    
    90,674Other expenses, net
    
    
    17,891
    
    
    
    22,568
    
    
    
    19,338Restructuring costs
    
    
    11,241
    
    
    
    22,802
    
    
    
    Total operating expenses
    
    
    1,085,250
    
    
    
    1,185,071
    
    
    
    989,658Operating income
    
    
    110,513
    
    
    
    58,099
    
    
    
    184,799Interest income
    
    
    10,161
    
    
    
    20,700
    
    
    
    43,971Provision for losses on notes receivable, net
    
    
    (21,549
    )
    
    
    (17,577
    )
    
    
    (2,010
    )Interest expense
    
    
    (324,160
    )
    
    
    (324,118
    )
    
    
    (313,038
    )Equity in losses of unconsolidated real estate partnerships
    
    
    (12,025
    )
    
    
    (4,601
    )
    
    
    (3,347
    )Impairment losses related to unconsolidated real estate partnerships
    
    
    (322
    )
    
    
    (2,661
    )
    
    
    Gain on dispositions of unconsolidated real estate and other
    
    
    22,494
    
    
    
    99,864
    
    
    
    24,470Loss before income taxes and discontinued operations
    
    
    (214,888
    )
    
    
    (170,294
    )
    
    
    (65,155
    )Income tax benefit
    
    
    18,671
    
    
    
    53,202
    
    
    
    19,795Loss from continuing operations
    
    
    (196,217
    )
    
    
    (117,092
    )
    
    
    (45,360
    )Income from discontinued operations, net
    
    
    152,237
    
    
    
    744,880
    
    
    
    171,615Net (loss) income
    
    
    (43,980
    )
    
    
    627,788
    
    
    
    126,255Net income attributable to noncontrolling interests in consolidated
real estate partnerships
    
    
    (22,442
    )
    
    
    (155,749
    )
    
    
    (92,138
    )Net (loss) income attributable to the Partnership
    
    
    (66,422
    )
    
    
    472,039
    
    
    
    34,117Net income attributable to the Partnerships preferred unitholders
    
    
    (56,854
    )
    
    
    (61,354
    )
    
    
    (73,144
    )Net income attributable to participating securities
    
    
    
    
    
    
    (6,985
    )
    
    
    (4,481
    )Net (loss) income attributable to the Partnerships common unitholders
    
    $
    (123,276
    )
    
    $
    403,700
    
    
    $
    (43,508
    )Earnings (loss) per common unit  basic and diluted:Loss from continuing operations attributable to the Partnerships
common unitholders
    
    $
    (1.75
    )
    
    $
    (1.95
    )
    
    $
    (1.40
    )Income from discontinued operations attributable to the Partnerships
common unitholders
    
    
    0.75
    
    
    
    6.06
    
    
    
    0.98Net (loss) income attributable to the Partnerships common unitholders
    
    $
    (1.00
    )
    
    $
    4.11
    
    
    $
    (0.42
    )Weighted average common units outstanding  basic and diluted
    
    
    123,180
    
    
    
    98,249
    
    
    
    104,853Distributions declared per common unit
    
    $
    0.40
    
    
    $
    7.48
    
    
    $
    4.31
   F-4




---



##### 



AIMCO PROPERTIES, L.P.


CONSOLIDATED STATEMENTS OF PARNTERS CAPITAL
For the Years Ended December 31, 2009, 2008 and 2007
 (In thousands)
 General
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    PartnersPartner
    
    
    
    
    
    
    High
    
    
    Investment
    
    
    Capitaland Special
    
    
    
    
    
    
    Perform-
    
    
    In Aimco
    
    
    Attributable
    
    
    Non -
    
    
    TotalPreferred
    
    
    Limited
    
    
    Limited
    
    
    ance
    
    
    Common
    
    
    to the
    
    
    controlling
    
    
    PartnersUnits
    
    
    Partner
    
    
    Partners
    
    
    Units
    
    
    Stock
    
    
    Partnership
    
    
    Interests
    
    
    CapitalBalances at December 31, 2006
    
    $
    914,215
    
    
    $
    1,208,866
    
    
    $
    439,903
    
    
    $
    (18,308
    )
    
    $
    (7,074
    )
    
    $
    2,537,602
    
    
    $
    216,015
    
    
    $
    2,753,617Cumulative effect of change in accounting principle  adoption of FIN 48
    
    
    
    
    
    
    (763
    )
    
    
    (61
    )
    
    
    (20
    )
    
    
    
    
    
    
    (844
    )
    
    
    
    
    
    
    (844
    )Redemption of preferred units held by Aimco
    
    
    (100,000
    )
    
    
    (2,000
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (102,000
    )
    
    
    
    
    
    
    (102,000
    )Common and preferred units redeemed by Limited Partners to Special Limited Partner
    
    
    
    
    
    
    27,853
    
    
    
    (27,853
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Contribution from Aimco related to employee stock purchases, net
    
    
    
    
    
    
    1,827
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,827
    
    
    
    
    
    
    
    1,827Contribution from Aimco related to stock option exercises
    
    
    
    
    
    
    53,719
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    53,719
    
    
    
    
    
    
    
    53,719Amortization of Aimco stock-based compensation
    
    
    
    
    
    
    19,235
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    19,235
    
    
    
    
    
    
    
    19,235Contributions from noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    203,552
    
    
    
    203,552Adjustment to noncontrolling interests from VMS transactions (Note 3) Effect on transactions with owners (VMS)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    62,820
    
    
    
    62,820Adjustment to noncontrolling interests from consolidation of entities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    91,219
    
    
    
    91,219Redemption of preferred units and common units
    
    
    
    
    
    
    
    
    
    
    (2,181
    )
    
    
    
    
    
    
    
    
    
    
    (2,181
    )
    
    
    
    
    
    
    (2,181
    )Repurchase of common units related to Aimco common stock repurchases
    
    
    
    
    
    
    (325,822
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (325,822
    )
    
    
    
    
    
    
    (325,822
    )Other, net
    
    
    
    
    
    
    (1,462
    )
    
    
    2,998
    
    
    
    720
    
    
    
    
    
    
    
    2,256
    
    
    
    (201
    )
    
    
    2,055Net income (loss)
    
    
    73,144
    
    
    
    (35,399
    )
    
    
    (2,742
    )
    
    
    (886
    )
    
    
    
    
    
    
    34,117
    
    
    
    92,138
    
    
    
    126,255Common distributions
    
    
    
    
    
    
    (406,854
    )
    
    
    (31,329
    )
    
    
    (10,246
    )
    
    
    923
    
    
    
    (447,506
    )
    
    
    (211,314
    )
    
    
    (658,820
    )Distributions to preferred unitholders
    
    
    (72,306
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (72,306
    )
    
    
    
    
    
    
    (72,306
    )Adjustment to reflect Limited Partners capital at redemption value
    
    
    
    
    
    
    125,083
    
    
    
    (125,083
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balances at December 31, 2007
    
    
    815,053
    
    
    
    664,283
    
    
    
    253,652
    
    
    
    (28,740
    )
    
    
    (6,151
    )
    
    
    1,698,097
    
    
    
    454,229
    
    
    
    2,152,326Redemption of preferred units held by Aimco
    
    
    (27,000
    )
    
    
    2,160
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (24,840
    )
    
    
    
    
    
    
    (24,840
    )Common units redeemed by Limited Partners to Special Limited Partner
    
    
    
    
    
    
    4,182
    
    
    
    (4,182
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Contribution from Aimco related to employee stock purchases, net
    
    
    
    
    
    
    1,671
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,671
    
    
    
    
    
    
    
    1,671Contribution from Aimco related to stock option exercises
    
    
    
    
    
    
    481
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    481
    
    
    
    
    
    
    
    481Amortization of Aimco stock-based compensation
    
    
    
    
    
    
    17,573
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,573
    
    
    
    
    
    
    
    17,573Contributions from noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,854
    
    
    
    6,854Adjustment to noncontrolling interests from consolidation of entities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,969
    
    
    
    14,969Redemption of preferred units and common units
    
    
    (976
    )
    
    
    
    
    
    
    (2,046
    )
    
    
    (1,146
    )
    
    
    
    
    
    
    (4,168
    )
    
    
    
    
    
    
    (4,168
    )Repurchase of common units related to Aimco common stock repurchases
    
    
    
    
    
    
    (473,532
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (473,532
    )
    
    
    
    
    
    
    (473,532
    )Other, net
    
    
    (1,083
    )
    
    
    (488
    )
    
    
    (8
    )
    
    
    388
    
    
    
    
    
    
    
    (1,191
    )
    
    
    (572
    )
    
    
    (1,763
    )Net income
    
    
    61,354
    
    
    
    370,729
    
    
    
    30,059
    
    
    
    9,897
    
    
    
    
    
    
    
    472,039
    
    
    
    155,749
    
    
    
    627,788Common units issued to Aimco pursuant to special distributions
    
    
    
    
    
    
    487,477
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    487,477
    
    
    
    
    
    
    
    487,477Common distributions
    
    
    
    
    
    
    (675,416
    )
    
    
    (50,896
    )
    
    
    (17,662
    )
    
    
    1,042
    
    
    
    (742,932
    )
    
    
    (249,456
    )
    
    
    (992,388
    )Distributions to preferred unitholders
    
    
    (62,700
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (62,700
    )
    
    
    
    
    
    
    (62,700
    )Reclassification of redeemable preferred units to temporary capital
(Note 11)
    
    
    (88,148
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (88,148
    )
    
    
    
    
    
    
    (88,148
    )Adjustment to reflect Limited Partners capital at redemption value
    
    
    
    
    
    
    144,118
    
    
    
    (144,118
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balances at December 31, 2008
    
    $
    696,500
    
    
    $
    543,238
    
    
    $
    82,461
    
    
    $
    (37,263
    )
    
    $
    (5,109
    )
    
    $
    1,279,827
    
    
    $
    381,773
    
    
    $
    1,661,600
   F-5




---



##### 



AIMCO PROPERTIES, L.P.

CONSOLIDATED STATEMENTS OF PARNTERS CAPITAL
For the Years Ended December 31, 2009, 2008 and 2007(In thousands)
 General
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    PartnersPartner
    
    
    
    
    
    
    High
    
    
    Investment
    
    
    Capitaland Special
    
    
    
    
    
    
    Perform-
    
    
    In Aimco
    
    
    Attributable
    
    
    Non -
    
    
    TotalPreferred
    
    
    Limited
    
    
    Limited
    
    
    ance
    
    
    Common
    
    
    to the
    
    
    controlling
    
    
    PartnersUnits
    
    
    Partner
    
    
    Partners
    
    
    Units
    
    
    Stock
    
    
    Partnership
    
    
    Interests
    
    
    CapitalRedemption of preferred units held by Aimco
    
    
    (6,000
    )
    
    
    1,800
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,200
    )
    
    
    
    
    
    
    (4,200
    )Common units redeemed by Limited Partners to Special Limited Partner
    
    
    
    
    
    
    7,085
    
    
    
    (7,085
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Amortization of Aimco stock-based compensation
    
    
    
    
    
    
    8,007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,007
    
    
    
    
    
    
    
    8,007Contribution from noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,535
    
    
    
    5,535Redemption of preferred units and common units
    
    
    
    
    
    
    
    
    
    
    (980
    )
    
    
    
    
    
    
    
    
    
    
    (980
    )
    
    
    
    
    
    
    (980
    )Other, net
    
    
    
    
    
    
    4,164
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,164
    
    
    
    (720
    )
    
    
    3,444Net income (loss)
    
    
    50,566
    
    
    
    (114,390
    )
    
    
    (6,539
    )
    
    
    (2,347
    )
    
    
    
    
    
    
    (72,710
    )
    
    
    22,442
    
    
    
    (50,268
    )Common units issued to Aimco pursuant to special distributions
    
    
    
    
    
    
    148,746
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    148,746
    
    
    
    
    
    
    
    148,746Common distributions
    
    
    
    
    
    
    (46,880
    )
    
    
    (1,945
    )
    
    
    (703
    )
    
    
    488
    
    
    
    (49,040
    )
    
    
    (91,904
    )
    
    
    (140,944
    )Distributions to preferred unitholders
    
    
    (50,566
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (50,566
    )
    
    
    
    
    
    
    (50,566
    )Reclassification of redeemable preferred units to temporary capital
(Note 11)
    
    
    (30,000
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (30,000
    )
    
    
    
    
    
    
    (30,000
    )Adjustment to reflect Limited Partners capital at redemption value
    
    
    
    
    
    
    (30,078
    )
    
    
    30,078
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balances at December 31, 2009
    
    $
    660,500
    
    
    $
    521,692
    
    
    $
    95,990
    
    
    $
    (40,313
    )
    
    $
    (4,621
    )
    
    $
    1,233,248
    
    
    $
    317,126
    
    
    $
    1,550,374
   F-6




---



##### 



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 For the Years Ended December 31, 2009, 2008 and 2007
 (In thousands)
 2009
    
    
    2008
    
    
    2007CASH FLOWS FROM OPERATING ACTIVITIES:Net (loss) income
    
    $
    (43,980
    )
    
    $
    627,788
    
    
    $
    126,255Adjustments to reconcile net (loss) income to net cash provided by operating
activities:Depreciation and amortization
    
    
    444,413
    
    
    
    392,999
    
    
    
    347,491Equity in losses of unconsolidated real estate partnerships
    
    
    12,025
    
    
    
    4,601
    
    
    
    3,347Provision for impairment losses on real estate development assets
    
    
    
    
    
    
    91,138
    
    
    
    Provision for operating real estate impairment losses
    
    
    2,329
    
    
    
    
    
    
    
    1,080Gain on dispositions of unconsolidated real estate and other
    
    
    (22,494
    )
    
    
    (99,864
    )
    
    
    (24,470
    )Income tax benefit
    
    
    (18,671
    )
    
    
    (53,202
    )
    
    
    (19,795
    )Stock-based compensation expense
    
    
    6,666
    
    
    
    13,833
    
    
    
    14,921Amortization of deferred loan costs and other
    
    
    10,845
    
    
    
    9,950
    
    
    
    7,916Distributions of earnings from unconsolidated entities
    
    
    4,893
    
    
    
    14,619
    
    
    
    4,239Discontinued operations:Depreciation and amortization
    
    
    51,155
    
    
    
    122,549
    
    
    
    152,446Gain on disposition of real estate
    
    
    (221,793
    )
    
    
    (800,335
    )
    
    
    (117,627
    )Other adjustments to income from discontinued operations
    
    
    53,975
    
    
    
    67,214
    
    
    
    (24,063
    )Changes in operating assets and operating liabilities:Accounts receivable
    
    
    27,067
    
    
    
    4,848
    
    
    
    7,453Other assets
    
    
    1,620
    
    
    
    56,369
    
    
    
    (10,500
    )Accounts payable, accrued liabilities and other
    
    
    (74,238
    )
    
    
    (12,139
    )
    
    
    14,249Total adjustments
    
    
    277,792
    
    
    
    (187,420
    )
    
    
    356,687Net cash provided by operating activities
    
    
    233,812
    
    
    
    440,368
    
    
    
    482,942CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of real estate
    
    
    
    
    
    
    (112,655
    )
    
    
    (201,434
    )Capital expenditures
    
    
    (300,344
    )
    
    
    (665,233
    )
    
    
    (689,719
    )Proceeds from dispositions of real estate
    
    
    875,931
    
    
    
    2,060,344
    
    
    
    431,863Change in funds held in escrow from tax-free exchanges
    
    
    
    
    
    
    345
    
    
    
    25,863Proceeds from sale of interests and distributions from real estate partnerships
    
    
    25,067
    
    
    
    94,277
    
    
    
    198,998Purchases of partnership interests and other assets
    
    
    (6,842
    )
    
    
    (28,121
    )
    
    
    (86,204
    )Originations of notes receivable
    
    
    (5,778
    )
    
    
    (6,911
    )
    
    
    (10,812
    )Proceeds from repayment of notes receivable
    
    
    5,264
    
    
    
    8,929
    
    
    
    14,370Distributions received from Aimco
    
    
    488
    
    
    
    1,042
    
    
    
    923Other investing activities
    
    
    36,956
    
    
    
    (6,106
    )
    
    
    45,476Net cash provided by (used in) investing activities
    
    
    630,742
    
    
    
    1,345,911
    
    
    
    (270,676
    )CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from property loans
    
    
    772,443
    
    
    
    949,549
    
    
    
    1,552,048Principal repayments on property loans
    
    
    (1,076,318
    )
    
    
    (1,291,543
    )
    
    
    (850,484
    )Proceeds from tax-exempt bond financing
    
    
    15,727
    
    
    
    50,100
    
    
    
    82,350Principal repayments on tax-exempt bond financing
    
    
    (157,862
    )
    
    
    (217,361
    )
    
    
    (70,029
    )(Payments on) borrowings under term loans
    
    
    (310,000
    )
    
    
    (75,000
    )
    
    
    75,000Net repayments on revolving credit facility
    
    
    
    
    
    
    
    
    
    
    (140,000
    )Proceeds from (payments on) other borrowings
    
    
    (40,085
    )
    
    
    21,367
    
    
    
    (8,468
    )Repurchases and redemptions of preferred units
    
    
    (4,200
    )
    
    
    (24,840
    )
    
    
    (102,000
    )Repurchase of common units
    
    
    
    
    
    
    (502,296
    )
    
    
    (307,382
    )Proceeds from Class A Common Stock option exercises
    
    
    
    
    
    
    481
    
    
    
    53,719Payment of distributions to noncontrolling interests
    
    
    (92,421
    )
    
    
    (248,537
    )
    
    
    (168,499
    )Payment of distributions to General Partner and Special Limited Partner
    
    
    (95,823
    )
    
    
    (213,328
    )
    
    
    (231,729
    )Payment of distributions to Limited Partners
    
    
    (15,403
    )
    
    
    (55,770
    )
    
    
    (16,760
    )Payment of distributions to High Performance Units
    
    
    (5,580
    )
    
    
    (18,757
    )
    
    
    (5,710
    )Payment of distributions to preferred units
    
    
    (59,172
    )
    
    
    (62,733
    )
    
    
    (74,221
    )Other financing activities
    
    
    (14,276
    )
    
    
    (8,396
    )
    
    
    (19,464
    )Net cash used in financing activities
    
    
    (1,082,970
    )
    
    
    (1,697,064
    )
    
    
    (231,629
    )NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
    
    
    (218,416
    )
    
    
    89,215
    
    
    
    (19,363
    )CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
    
    
    299,676
    
    
    
    210,461
    
    
    
    229,824CASH AND CASH EQUIVALENTS AT END OF YEAR
    
    $
    81,260
    
    
    $
    299,676
    
    
    $
    210,461
   F-7




---



##### 



AIMCO PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2009, 2008 and 2007
(In thousands)
 2009
    
    
    2008
    
    
    2007SUPPLEMENTAL CASH FLOW INFORMATION:Interest paid
    
    $
    348,341
    
    
    $
    434,645
    
    
    $
    452,324Cash paid for income taxes
    
    
    4,560
    
    
    
    13,780
    
    
    
    2,994Non-cash transactions associated with the acquisition of real estate and
interests in unconsolidated real estate partnerships:Secured debt assumed in connection with purchase of real estate
    
    
    
    
    
    
    
    
    
    
    16,000Issuance of OP Units for interests in unconsolidated real estate partnerships
and acquisitions of real estate
    
    
    
    
    
    
    
    
    
    
    2,998Non-cash transactions associated with the disposition of real estate:Secured debt assumed in connection with the disposition of real estate
    
    
    314,265
    
    
    
    157,394
    
    
    
    27,929Issuance of notes receivable connection with the disposition of real estate
    
    
    3,605
    
    
    
    10,372
    
    
    
    Non-cash transactions associated with consolidation of real estate partnerships:Real estate, net
    
    
    6,058
    
    
    
    25,830
    
    
    
    56,877Investments in and notes receivable primarily from affiliated entities
    
    
    4,326
    
    
    
    4,497
    
    
    
    84,545Restricted cash and other assets
    
    
    (1,682
    )
    
    
    5,483
    
    
    
    8,545Secured debt
    
    
    2,031
    
    
    
    22,036
    
    
    
    41,296Accounts payable, accrued and other liabilities
    
    
    6,769
    
    
    
    14,020
    
    
    
    48,602Other non-cash transactions:Redemption of common OP Units for Aimco Class A Common Stock
    
    
    7,085
    
    
    
    4,182
    
    
    
    27,810Conversion of preferred units and securities into common units
    
    
    
    
    
    
    
    
    
    
    43(Cancellation) origination of notes receivable from officers of Aimco, net
    
    
    (1,452
    )
    
    
    (385
    )
    
    
    2,386Common OP
units issued to Aimco pursuant to special distributions (Note 11)
    
    
    (148,746
    )
    
    
    (487,477
    )
    
    
    
   F-8




---



##### 



AIMCO PROPERTIES, L.P.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2009
 NOTE 1  Organization
     
    
    owned an equity interest in and consolidated 95,202 units in 426 properties (which we
refer to as consolidated properties), of which 93,098 units were also managed by us;
 
    
    owned an equity interest in and did not consolidate 8,478 units in 77 properties (which
we refer to as unconsolidated properties), of which 3,594 units were also managed by us;
and
 
    
    provided services for or managed 31,974 units in 367 properties, primarily pursuant to
long-term agreements (including 29,879 units in 345 properties for which we provide asset
management services only, and not also property management services). In certain cases, we
may indirectly own generally less than one percent of the operations of such properties
through a partnership syndication or other fund.
   F-9




---



##### 



NOTE 2  Basis of Presentation and Summary of Significant Accounting Policies
 Principles of Consolidation
    Variable Interest Entities
     F-10




---



##### 



Improvements to
Financial Reporting by Enterprises Involved with Variable Interest Entities,
  Acquisition of Real Estate Assets and Related Depreciation and Amortization
  1.
    
    The value of the above- and below-market leases in-place. An asset or liability is
recognized based on the difference between (a) the contractual amounts to be paid pursuant
to the in-place leases and (b) our estimate of fair market lease rates for the
corresponding in-place leases, measured over the period, including estimated lease renewals
for below-market leases, that the leases are expected to remain in effect.
 2.
    
    The estimated unamortized portion of avoided leasing commissions and other costs that
ordinarily would be incurred to acquire the in-place leases.
 3.
    
    The value associated with vacant units during the absorption period (estimates of lost
rental revenue during the expected lease-up periods based on current market demand and
stabilized occupancy levels).
  Impairment of Long Lived Assets
  F-11




---



##### 



2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    2014Estimated amortization
    
    $
    3.9
    
    
    $
    3.6
    
    
    $
    3.2
    
    
    $
    2.8
    
    
    $
    2.5
 Capital Additions and Related Depreciation
     Impairment of Long-Lived Assets
     F-12




---



##### 



Cash Equivalents
  Restricted Cash
  Accounts Receivable and Allowance for Doubtful Accounts
   Accounts Receivable and Allowance for Doubtful Accounts from Affiliates
  Deferred Costs
    F-13




---



##### 



Notes Receivable from Unconsolidated Real Estate Partnerships and Non-Affiliates and Related
Interest Income and Provision for Losses
     Investments in Unconsolidated Real Estate Partnerships
   Intangible Assets
    F-14




---



##### 



Acquisition of Real Estate Assets and
Related Depreciation and Amortization.
 Capitalized Software Costs
   Noncontrolling Interests in Consolidated Real Estate Partnerships
    F-15




---



##### 



Revenue Recognition
  Advertising Costs
  Insurance
  Stock-Based Compensation
  Tax Credit Arrangements
    F-16




---



##### 



Discontinued Operations
  Derivative Financial Instruments
     F-17




---



##### 



Fair Value Measurements
  WeightedYear of
    
    Average
    
    
    
    
    
    
    Swap
    
    Weighted Average SwapDebt
    
    Debt Interest
    
    
    Swap Notional
    
    
    Maturity
    
    Variable Pay Rate atDebt Principal
    
    
    Maturity
    
    Rate
    
    
    Amount
    
    
    Date
    
    December 31, 2009$
    45.2
    
    
    2012
    
    
    7.5
    %
    
    $
    45.2
    
    
    2012
    
    
    1.6
    %24.0
    
    
    2015
    
    
    6.9
    %
    
    
    24.0
    
    
    2012
    
    
    1.0
    %14.2
    
    
    2018
    
    
    7.3
    %
    
    
    14.2
    
    
    2012
    
    
    1.0
    %42.8
    
    
    2025
    
    
    7.0
    %
    
    
    42.8
    
    
    2012
    
    
    1.0
    %93.0
    
    
    2031
    
    
    7.4
    %
    
    
    93.0
    
    
    2012
    
    
    1.0
    %108.7
    
    
    2036
    
    
    6.2
    %
    
    
    109.1
    
    
    2012
    
    
    0.7
    %12.3
    
    
    2038
    
    
    5.5
    %
    
    
    12.3
    
    
    2012
    
    
    0.9
    %12.5
    
    
    2048
    
    
    6.5
    %
    
    
    12.5
    
    
    2012
    
    
    0.9
    %$
    352.7
    
    
    
    
    
    
    
    
    $
    353.1
 Fair Value Measurements
   F-18




---



##### 



Level 1 
    
    Unadjusted quoted prices for identical and unrestricted assets or
liabilities in active marketsLevel 2 
    
    Quoted prices for similar assets and liabilities in active markets,
and inputs that are observable for the asset or liability, either
directly or indirectly, for substantially the full term of the
financial instrumentLevel 3 
    
    Unobservable inputs that are significant to the fair value measurement
   Provisions for Real Estate Impairment Losses
   Notes Receivable
  Interest Rate Swaps
  Total Rate of Return Swaps
   F-19




---



##### 



Changes in Fair Value of Borrowings Subject to Total Rate of Return Swaps
     Level 2
    
    
    Level 3Changes in fairvalue of debtinstrumentssubject to totalInterest rate
    
    
    Total rate of
    
    
    rate of returnswaps
    
    
    return swaps
    
    
    swaps
    
    
    TotalFair value at December 31, 2007
    
    $
    (371
    )
    
    $
    (9,420
    )
    
    $
    9,420
    
    
    $
    (371
    )Unrealized gains (losses)
included in earnings (1)(2)
    
    
    (47
    )
    
    
    (20,075
    )
    
    
    20,075
    
    
    
    (47
    )Realized gains (losses)
included in earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Unrealized gains (losses)
included in partners
capital
    
    
    (2,139
    )
    
    
    
    
    
    
    
    
    
    
    (2,139
    )Fair value at December 31, 2008
    
    $
    (2,557
    )
    
    $
    (29,495
    )
    
    $
    29,495
    
    
    $
    (2,557
    )Unrealized gains (losses)
included in earnings (1)(2)
    
    
    (447
    )
    
    
    5,188
    
    
    
    (5,188
    )
    
    
    (447
    )Realized gains (losses)
included in earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Unrealized gains (losses)
included in partners
capital
    
    
    1,408
    
    
    
    
    
    
    
    
    
    
    
    1,408Fair value at December 31, 2009
    
    $
    (1,596
    )
    
    $
    (24,307
    )
    
    $
    24,307
    
    
    $
    (1,596
    )
 (1)
    
    Unrealized gains (losses) relate to periodic revaluations of fair value and have not
resulted from the settlement of a swap position.(2)
    
    Included in interest expense in the accompanying condensed consolidated statements of
income.  F-20




---



##### 



Disclosures Regarding Fair Value of Financial Instruments
 Derivative Financial
Instruments
 Income Taxes
    F-21




---



##### 



Concentration of Credit Risk
    F-22




---



##### 



FASB Accounting Standards Codification
 The FASB Accounting Standards Codification and the Hierarchy of
Generally Accepted Accounting Principles  a replacement of FASB Statement No. 162,
 Business Combinations
 Business Combinations  a replacement of FASB Statement No. 141
  1)
    
    expense acquisition costs in 2008 when it is probable that the acquisition will not close
in 2008;
 2)
    
    expense acquisition costs January 1, 2009; or
 3)
    
    give retroactive treatment to the acquisition costs January 1, 2009, by retroactively
adjusting prior periods to record acquisition costs in the prior periods in which they were
incurred.
  Noncontrolling Interests
 Noncontrolling Interests in Consolidated Financial Statements  an amendment of
ARB No. 51
   F-23




---



##### 



Year EndedDecember 31, 2009Loss from continuing operations attributable to the
Partnerships common unitholders
    
    $
    (241,284
    )Income from discontinued operations attributable to the
Partnerships common unitholders
    
    
    97,935Net loss attributable to the Partnerships common unitholders
    
    $
    (143,349
    )Basic and diluted earnings (loss) per common unit:Loss from continuing operations attributable to the
Partnerships common unitholders
    
    $
    (1.96
    )Income from discontinued operations attributable to the
Partnerships common unitholders
    
    
    0.80Net loss attributable to the Partnerships common unitholders
    
    $
    (1.16
    )
  Earnings per Unit
  Determining Whether Instruments Granted in Share-Based Payment Transactions are
Participating Securities
 Accounting for Distributions to Shareholders with Components of Stock and Cash
  F-24




---



##### 



2008
    
    
    2007Weighted average units outstanding  basic and diluted:As previously reported
    
    
    130,772
    
    
    
    149,883Reduction in weighted average units outstanding
    
    
    (32,523
    )
    
    
    (45,030
    )As currently reported
    
    
    98,249
    
    
    
    104,853Net income (loss) attributable to the Partnerships common
unitholders per common unit  basic and diluted:As previously reported
    
    $
    3.17
    
    
    $
    (0.26
    )Effect of reduction in weighted average units outstanding
    
    
    1.01
    
    
    
    (0.12
    )Effect of participating securities allocations
    
    
    (0.07
    )
    
    
    (0.04
    )As currently reported
    
    $
    4.11
    
    
    $
    (0.42
    )
 Use of Estimates
  Restatement to Reclassify Impairment Losses on Real Estate Development Assets
  Reclassifications
  Subsequent Events
  NOTE 3  Real Estate and Partnership Acquisitions and Other Significant Transactions
 Real Estate Acquisitions
     F-25




---



##### 



Acquisitions of Partnership Interests
  Disposition of Unconsolidated Real Estate and Other
   Casualty Loss Related to Tropical Storm Fay and Hurricane Ike
  Sale of Interest in Group Purchasing Organization
  Restructuring Costs
    F-26




---



##### 



Transactions Involving VMS National Properties Joint Venture
       F-27




---



##### 



Palazzo Joint Venture
   NOTE 4  Investments in Unconsolidated Real Estate Partnerships
   2009
    
    
    2008
    
    
    2007Real estate, net of accumulated depreciation
    
    $
    95,226
    
    
    $
    122,788
    
    
    $
    133,544Total assets
    
    
    122,543
    
    
    
    155,444
    
    
    
    165,567Secured and other notes payable
    
    
    101,678
    
    
    
    122,859
    
    
    
    124,406Total liabilities
    
    
    145,637
    
    
    
    175,681
    
    
    
    180,222Partners deficit
    
    
    (23,094
    )
    
    
    (20,237
    )
    
    
    (14,655
    )Rental and other property revenues
    
    
    55,366
    
    
    
    69,392
    
    
    
    73,672Property operating expenses
    
    
    (34,497
    )
    
    
    (42,863
    )
    
    
    (45,998
    )Depreciation expense
    
    
    (10,302
    )
    
    
    (12,640
    )
    
    
    (13,965
    )Interest expense
    
    
    (11,103
    )
    
    
    (17,182
    )
    
    
    (17,194
    )Gain on sale
    
    
    8,482
    
    
    
    5,391
    
    
    
    59Net income (loss)
    
    
    6,622
    
    
    
    1,398
    
    
    
    (4,845
    )
   F-28




---



##### 



NOTE 5  Notes Receivable
  2009
    
    
    2008Unconsolidated
    
    
    
    
    
    
    
    
    
    
    UnconsolidatedReal Estate
    
    
    Non-
    
    
    
    
    
    
    Real Estate
    
    
    Non-Partnerships
    
    
    Affiliates
    
    
    Total
    
    
    Partnerships
    
    
    Affiliates
    
    
    TotalPar value notes
    
    $
    11,353
    
    
    $
    20,862
    
    
    $
    32,215
    
    
    $
    18,855
    
    
    $
    19,253
    
    
    $
    38,108Discounted notes
    
    
    5,095
    
    
    
    141,468
    
    
    
    146,563
    
    
    
    8,575
    
    
    
    138,387
    
    
    
    146,962Allowance for loan
losses
    
    
    (2,153
    )
    
    
    (37,061
    )
    
    
    (39,214
    )
    
    
    (4,863
    )
    
    
    (17,743
    )
    
    
    (22,606
    )Total notes receivable
    
    $
    14,295
    
    
    $
    125,269
    
    
    $
    139,564
    
    
    $
    22,567
    
    
    $
    139,897
    
    
    $
    162,464Face value of
discounted notes
    
    $
    37,709
    
    
    $
    155,848
    
    
    $
    193,557
    
    
    $
    39,333
    
    
    $
    148,790
    
    
    $
    188,123
      F-29




---



##### 



2009
    
    
    2008Balance at beginning of year
    
    $
    (22,606
    )
    
    $
    (6,435
    )Provisions for losses on notes receivable
    
    
    (2,231
    )
    
    
    (1,673
    )Recoveries of losses on notes receivable
    
    
    1,422
    
    
    
    417Provisions for impairment loss on investment in Casden Properties LLC
    
    
    (20,740
    )
    
    
    (16,321
    )Net reductions due to consolidation of real estate partnerships and
property dispositions
    
    
    4,941
    
    
    
    1,406Balance at end of year
    
    $
    (39,214
    )
    
    $
    (22,606
    )
   NOTE 6  Property Tax-Exempt Bond Financings, Property Loans Payable and Other Borrowings
  Weighted Average
    
    
    PrincipalInterest Rate
    
    
    Outstanding2009
    
    
    2009
    
    
    2008Fixed rate property tax-exempt bonds payable
    
    
    5.10%
    
    
    $
    140,995
    
    
    $
    131,530Variable rate property tax-exempt bonds payable
    
    
    0.90%
    
    
    
    433,931
    
    
    
    497,969Total
    
    
    
    
    
    $
    574,926
    
    
    $
    629,499
   F-30




---



##### 



Weighted Average
    
    
    PrincipalInterest Rate
    
    
    Outstanding2009
    
    
    2009
    
    
    2008Fixed rate property notes payable
    
    
    6.01%
    
    
    $
    4,850,136
    
    
    $
    4,662,584Variable rate property notes payable
    
    
    2.46%
    
    
    
    75,877
    
    
    
    223,561Secured notes credit facility
    
    
    1.02%
    
    
    
    46,314
    
    
    
    58,179Total
    
    
    
    
    
    $
    4,972,327
    
    
    $
    4,944,324
      Amortization
    
    
    Maturities
    
    
    Total2010
    
    $
    101,945
    
    
    $
    3,349
    
    
    $
    105,2942011
    
    
    106,962
    
    
    
    237,796
    
    
    
    344,7582012
    
    
    110,269
    
    
    
    205,706
    
    
    
    315,9752013
    
    
    108,946
    
    
    
    386,421
    
    
    
    495,3672014
    
    
    105,701
    
    
    
    267,547
    
    
    
    373,248Thereafter
    
    
    
    
    
    
    
    
    
    
    3,965,668$
    5,600,310
  F-31




---



##### 



NOTE 7  Term Loans and Credit Facility
       NOTE 8  Commitments and Contingencies
 Commitments
     F-32




---



##### 



Tax Credit Arrangements
  Legal Matters
  Limited Partnerships
  Environmental
    F-33




---



##### 



Mold
  Operating Leases
  OperatingLease
    
    
    SubleaseObligations
    
    
    Receivables2010
    
    $
    7,345
    
    
    $
    8182011
    
    
    5,800
    
    
    
    1852012
    
    
    5,056
    
    
    
    642013
    
    
    2,594
    
    
    
    122014
    
    
    2,265
    
    
    
    Thereafter
    
    
    1,828
    
    
    
    Total
    
    $
    24,888
    
    
    $
    1,079
    F-34




---



##### 



NOTE 9  Income Taxes
  2009
    
    
    2008Deferred tax liabilities:Partnership differences
    
    $
    32,565
    
    
    $
    47,635Depreciation
    
    
    2,474
    
    
    
    2,477Deferred revenue
    
    
    14,862
    
    
    
    7,757Other
    
    
    
    
    
    
    11Total deferred tax liabilities
    
    $
    49,901
    
    
    $
    57,880Deferred tax assets:Net operating, capital and other loss carryforwards
    
    $
    37,164
    
    
    $
    7,183Provision for impairments on real estate assets
    
    
    33,321
    
    
    
    33,321Receivables
    
    
    3,094
    
    
    
    5,530Accrued liabilities
    
    
    9,272
    
    
    
    23,504Accrued interest expense
    
    
    
    
    
    
    2,220Intangibles  management contracts
    
    
    1,911
    
    
    
    3,789Tax credit carryforwards
    
    
    6,949
    
    
    
    8,521Equity compensation
    
    
    1,463
    
    
    
    1,983Other
    
    
    929
    
    
    
    155Total deferred tax assets
    
    
    94,103
    
    
    
    86,206Valuation allowance
    
    
    (2,187
    )
    
    
    Net deferred income tax assets
    
    $
    42,015
    
    
    $
    28,326
   2009
    
    
    2008
    
    
    2007Balance at January 1
    
    $
    3,080
    
    
    $
    2,965
    
    
    $
    3,118Reductions as a result of the lapse of applicable statutes
    
    
    
    
    
    
    
    
    
    
    (189
    )Additions based on tax positions related to the prior year
    
    
    
    
    
    
    115
    
    
    
    36Reductions based on tax positions related to the prior year
    
    
    (1
    )
    
    
    
    
    
    
    Balance at December 31
    
    $
    3,079
    
    
    $
    3,080
    
    
    $
    2,965
    F-35




---



##### 



2009
    
    
    2008
    
    
    2007Current:Federal
    
    $
    (1,910
    )
    
    $
    8,678
    
    
    $
    20State
    
    
    3,992
    
    
    
    2,415
    
    
    
    1,938Total current
    
    
    2,082
    
    
    
    11,093
    
    
    
    1,958Deferred:Federal
    
    
    (17,320
    )
    
    
    (22,115
    )
    
    
    (17,816
    )State
    
    
    (3,988
    )
    
    
    (2,386
    )
    
    
    (1,833
    )Total deferred
    
    
    (21,308
    )
    
    
    (24,501
    )
    
    
    (19,649
    )Total benefit
    
    $
    (19,226
    )
    
    $
    (13,408
    )
    
    $
    (17,691
    )Classification:Continuing operations
    
    $
    (18,671
    )
    
    $
    (53,202
    )
    
    $
    (19,795
    )Discontinued operations
    
    $
    (555
    )
    
    $
    39,794
    
    
    $
    2,104
  2009
    
    
    2008
    
    
    2007Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentTax at U.S. statutory rates on
consolidated loss subject to
tax
    
    $
    (14,221
    )
    
    
    35.0
    %
    
    $
    (28,632
    )
    
    
    35.0
    %
    
    $
    (14,508
    )
    
    
    35.0
    %State income tax, net of
Federal tax benefit
    
    
    (2,183
    )
    
    
    5.4
    %
    
    
    29
    
    
    
    
    
    
    
    106
    
    
    
    (0.3
    %)Effect of permanent differences
    
    
    127
    
    
    
    (0.3
    %)
    
    
    215
    
    
    
    (0.3
    %)
    
    
    (306
    )
    
    
    0.7
    %Tax effect of intercompany
transfers of assets between
the REIT and taxable REIT
subsidiaries (1)
    
    
    (4,759
    )
    
    
    11.7
    %
    
    
    15,059
    
    
    
    (18.4
    %)
    
    
    
    
    
    
    Write-off of excess tax basis
    
    
    (377
    )
    
    
    0.9
    %
    
    
    (79
    )
    
    
    0.1
    %
    
    
    (2,983
    )
    
    
    7.2
    %Increase in valuation allowance
    
    
    2,187
    
    
    
    (5.4
    %)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    (19,226
    )
    
    
    47.3
    %
    
    $
    (13,408
    )
    
    
    16.4
    %
    
    $
    (17,691
    )
    
    
    42.6
    %
 (1)
    
    Includes the effect of assets contributed by us to taxable REIT subsidiaries, for which
deferred tax expense or benefit was recognized upon the sale or impairment of the asset by
the taxable REIT subsidiary.    F-36




---



##### 



NOTE 10  Notes Receivable from Aimco
  NOTE 11  Partners Capital and Redeemable Preferred Units
 Preferred
OP Units Owned by Aimco
  AnnualDistribution
    
    
    BalanceRate Per Share
    
    
    December 31,Redemption
    
    (paid
    
    
    2009
    
    
    2008Date (1)
    
    quarterly)
    
    
    (thousands)
    
    
    (thousands)Perpetual:Class G Partnership Preferred Units, $0.01 par
value, 4,050,000 units authorized, 4,050,000
units issued and outstanding (2)
    
    07/15/2008
    
    
    9.3750
    %
    
    $
    101,000
    
    
    $
    101,000Class T Partnership Preferred Units, $0.01 par
value, 6,000,000 units authorized, 6,000,000
units issued and outstanding
    
    07/31/2008
    
    
    8.000
    %
    
    
    150,000
    
    
    
    150,000Class U Partnership Preferred Units, $0.01 par
value, 8,000,000 units authorized, 8,000,000
units issued and outstanding
    
    03/24/2009
    
    
    7.750
    %
    
    
    200,000
    
    
    
    200,000Class V Partnership Preferred Units, $0.01 par
value, 3,450,000 units authorized, 3,450,000
units issued and outstanding
    
    09/29/2009
    
    
    8.000
    %
    
    
    86,250
    
    
    
    86,250Class Y Partnership Preferred Units, $0.01 par
value, 3,450,000 units authorized, 3,450,000
units issued and outstanding
    
    12/21/2009
    
    
    7.875
    %
    
    
    86,250
    
    
    
    86,250Series A Community Reinvestment Act Perpetual
Partnership Preferred Units, $0.01 par value
per unit, 240 units authorized, 134 and 146
units issued and outstanding (3)
    
    06/30/2011
    
    
    (3
    )
    
    
    67,000
    
    
    
    73,000Total
    
    
    
    
    
    
    
    $
    690,500
    
    
    $
    696,500Less preferred units subject to repurchase
agreement (4)
    
    
    
    
    
    
    
    
    (30,000
    )
    
    
    Total
    
    
    
    
    
    
    
    $
    660,500
    
    
    $
    696,500
 (1)
    
    All classes of preferred units are redeemable by the Partnership only in connection with a
concurrent redemption by Aimco of the corresponding preferred Aimco equity held by unrelated
parties. All classes of Aimcos corresponding preferred stock
are redeemable at Aimcos option on and after the dates
specified.(2)
    
    Includes 10,000 units held by a consolidated subsidiary that are eliminated in
consolidation.  F-37




---



##### 



(3)
    
    During 2006, Aimco sold 200 shares of its Series A Community Reinvestment Act Perpetual
Preferred Stock, $0.01 par value per share, or the CRA Preferred Stock, with a liquidation
preference of $500,000 per share, for net proceeds of $97.5 million. The Series A Community
Reinvestment Act Perpetual Partnership Preferred Units, or the CRA Preferred Units, have
substantially the same terms as the CRA Preferred Stock. Holders of the CRA Preferred Units
are entitled to cumulative cash dividends payable quarterly in arrears on March 31, June 30,
September 30, and December 31 of each year, when and as declared, beginning on September 30,
2006. For the period from the date of original issuance through
March 31, 2015, the distribution
rate is a variable rate per annum equal to the Three-Month LIBOR Rate (as defined in the
articles supplementary designating the CRA Preferred Stock) plus 1.25%, calculated as of the
beginning of each quarterly dividend period. The rate at December 31, 2009 and 2008, was
1.54% and 5.01%, respectively. Upon liquidation, holders of the CRA Preferred Stock are
entitled to a preference of $500,000 per share, plus an amount equal to accumulated, accrued
and unpaid dividends, whether or
not earned or declared. The CRA Preferred Units rank prior to our common OP Units and on the
same level as our other preferred OP Units, with respect to the
payment of distributions and the
distribution of amounts upon liquidation, dissolution or winding up. The CRA Preferred Units
are not redeemable prior to June 30, 2011, except in limited circumstances related to Aimcos
REIT qualification. On and after June 30, 2011, the CRA Preferred Units are redeemable for
cash, in whole or from time to time in part, upon the redemption, at Aimcos option, of its CRA
Preferred Stock at a price per share equal to the liquidation preference, plus accumulated,
accrued and unpaid distributions, if any, to the redemption date.(4)
    
    In June 2009, Aimco entered into an agreement to repurchase $36.0 million in liquidation
preference of its CRA Preferred Stock at a 30% discount to the liquidation preference.
Pursuant to this agreement, in June 2009, Aimco repurchased 12 shares, or $6.0 million in
liquidation preference, of CRA Preferred Stock for $4.2 million, and the holder of the CRA
Preferred Stock may require Aimco to repurchase an additional 60 shares, or $30.0 million in
liquidation preference, of CRA Preferred Stock over the next three years, for $21.0 million.
Concurrent with Aimcos repurchase of 12 shares, we repurchased from Aimco an equivalent
number of our CRA Preferred Units. If required, these additional repurchases will be for up
to $10.0 million in liquidation preference in May 2010, 2011 and 2012. Upon any repurchases
required of Aimco under this agreement, we will repurchase from Aimco an equivalent number of
our CRA Preferred Units. Based on the holders ability to require Aimco to repurchase an
additional 60 shares of CRA Preferred Stock pursuant to this agreement and our obligation to
purchase from Aimco a corresponding number of our CRA Preferred Units, $30.0 million in
liquidation preference of CRA Preferred Units, or the maximum redemption value of such
preferred units, is classified as part of redeemable preferred units within temporary capital
in our consolidation balance sheet at December 31, 2009.     F-38




---



##### 



Redeemable
Preferred OP Units
  2009
    
    
    2008Class One Partnership Preferred Units, 90,000 units issued and outstanding,
redeemable at the holders option one year following issuance, holder to receive
distributions at 8.75% ($8.00 per annum per unit)
    
    $
    8,229
    
    
    $
    9,000Class Two Partnership Preferred Units, 23,700 and 44,050 units issued and
outstanding, redeemable at the holders option one year following issuance,
holders to receive distributions at 5.9% ($1.48 per annum per unit)
    
    
    593
    
    
    
    1,102Class Three Partnership Preferred Units, 1,371,451 and 1,419,316 units issued
and outstanding, redeemable at the holders option one year following issuance,
holders to receive distributions at 7.88% ($1.97 per annum per unit)
    
    
    34,286
    
    
    
    35,483Class Four Partnership Preferred Units, 755,999 units issued and outstanding,
redeemable at the holders option one year following issuance, holders to
receive distributions at 8.0% ($2.00 per annum per unit)
    
    
    18,900
    
    
    
    18,900Class Five Partnership Preferred Units, 68,671 units issued and outstanding,
redeemable for cash at any time at our option, holder to receive distributions
equal to the per unit distribution on the common OP Units (1)
    
    
    2,747
    
    
    
    2,747Class Six Partnership Preferred Units, 802,453 units issued and outstanding,
redeemable at the holders option one year following issuance, holder to receive
distributions at 8.5% ($2.125 per annum per unit)
    
    
    20,061
    
    
    
    20,061Class Seven Partnership Preferred Units, 27,960 units issued and outstanding,
redeemable at the holders option one year following issuance, holder to receive
distributions at 9.5% ($2.375 per annum per unit)
    
    
    699
    
    
    
    699Class Eight Partnership Preferred Units, 6,250 units issued and outstanding,
redeemable for cash at any time at our option, holder to receive
distributions equal to
the per unit distribution on the common OP Units (1)
    
    
    156
    
    
    
    156Subtotal
    
    $
    85,671
    
    
    $
    88,148
 (1)
    
    Holders of the Class Five and Class Eight Partnership Preferred Units received the per
unit special distributions discussed below in addition to the regular distributions
received by common OP unitholders during 2009 and 2008.     F-39




---



##### 



2009
    
    
    2008Balance at January 1
    
    $
    88,148
    
    
    $
    Net income attributable to redeemable preferred units
    
    
    6,288
    
    
    
    Distributions to preferred units
    
    
    (6,806
    )
    
    
    Purchases of preferred units
    
    
    (1,725
    )
    
    
    Reclassification of redeemable preferred units from
partners capital
    
    
    30,000
    
    
    
    88,148Other
    
    
    751
    
    
    
    Balance at December 31
    
    $
    116,656
    
    
    $
    88,148
  2009
    
    
    2008
    
    
    2007Amount
    
    
    Total
    
    
    Amount
    
    
    Total
    
    
    Amount
    
    
    TotalClass of Preferred
    
    Per
    
    
    Amount
    
    
    Per
    
    
    Amount
    
    
    Per
    
    
    AmountOP Units
    
    Unit (1)
    
    
    Paid
    
    
    Unit (1)
    
    
    Paid
    
    
    Unit (1)
    
    
    PaidClass G
    
    $
    2.34
    
    
    $
    9,492
    
    
    $
    2.34
    
    
    $
    9,492
    
    
    $
    2.34
    
    
    $
    9,492Class T
    
    
    2.00
    
    
    
    12,000
    
    
    
    2.00
    
    
    
    12,000
    
    
    
    2.00
    
    
    
    12,000Class U
    
    
    1.94
    
    
    
    15,500
    
    
    
    1.94
    
    
    
    15,500
    
    
    
    1.94
    
    
    
    15,500Class V
    
    
    2.00
    
    
    
    6,900
    
    
    
    2.00
    
    
    
    6,900
    
    
    
    2.00
    
    
    
    6,900Class W
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4.25
    (2)
    
    
    8,100Class Y
    
    
    1.97
    
    
    
    6,792
    
    
    
    1.97
    
    
    
    6,792
    
    
    
    1.97
    
    
    
    6,792Series A CRA
    
    
    10,841
    (3)
    
    
    1,531
    
    
    
    24,381
    (4)
    
    
    4,531
    
    
    
    41,661
    
    
    
    8,316Class One
    
    
    8.00
    
    
    
    720
    
    
    
    8.00
    
    
    
    720
    
    
    
    8.00
    
    
    
    720Class Two
    
    
    1.80
    
    
    
    43
    
    
    
    1.52
    
    
    
    67
    
    
    
    1.48
    
    
    
    68Class Three
    
    
    1.99
    
    
    
    2,733
    
    
    
    2.01
    
    
    
    2,856
    
    
    
    1.97
    
    
    
    2,869Class Four
    
    
    2.00
    
    
    
    1,512
    
    
    
    2.00
    
    
    
    1,512
    
    
    
    2.00
    
    
    
    1,512Class Five
    
    
    2.38
    
    
    
    163
    
    
    
    7.91
    
    
    
    543
    
    
    
    2.40
    
    
    
    165Class Six
    
    
    2.13
    
    
    
    1,705
    
    
    
    2.12
    
    
    
    1,705
    
    
    
    2.13
    
    
    
    1,705Class Seven
    
    
    2.38
    
    
    
    66
    
    
    
    2.36
    
    
    
    66
    
    
    
    2.38
    
    
    
    67Class Eight
    
    
    2.38
    
    
    
    15
    
    
    
    7.91
    
    
    
    49
    
    
    
    2.40
    
    
    
    15Total
    
    
    
    
    
    $
    59,172
    
    
    
    
    
    
    $
    62,733
    
    
    
    
    
    
    $
    74,221
 (1)
    
    Amounts per unit are calculated based on the number of preferred units outstanding either at
the end of each year or as of conversion or redemption date, as noted.(2)
    
    For the period from January 1, 2007, to the date of redemption.(3)
    
    Amount per unit based on 134 units outstanding for the entire period. 12 units were
repurchased in June 2009 and received $6,509 in dividends through the date of purchase.(4)
    
    Amount per unit is based on 146 units outstanding for the entire period. 54 units were
repurchased in September 2008 and received $17,980 in dividends through the date of purchase. Common OP Units
   F-40




---



##### 



January 2009
    
    
    December 2008
    
    
    August 2008
    
    
    January 2008Special
    
    
    Special
    
    
    Special
    
    
    SpecialAimco Operating Partnership Special Distributions
    
    Distribution
    
    
    Distribution
    
    
    Distribution
    
    
    DistributionDistribution per unit
    
    $
    2.08
    
    
    $
    1.80
    
    
    $
    3.00
    
    
    $
    2.51Total distribution
    
    $

    230.1 million
    
    
    $

    176.6 million
    
    
    $
    285.5 million
    
    
    $

    257.2 millionCommon OP Units and High Performance Units
outstanding on record date
    
    
    110,654,142
    
    
    
    98,136,520
    
    
    
    95,151,333
    
    
    
    102,478,510Common OP Units held by Aimco
    
    
    101,169,951
    
    
    
    88,650,980
    
    
    
    85,619,144
    
    
    
    92,795,891Total distribution on Aimco common OP Units
    
    $
    210.4 million
    
    
    $
    159.6 million
    
    
    $
    256.9 million
    
    
    $
    232.9 millionCash distribution to Aimco
    
    $
    60.6 million
    
    
    $
    53.2 million
    
    
    $
    51.4 million
    
    
    $
    55.0 millionPortion of distribution paid to Aimco through
issuance of common OP Units
    
    $
    149.8 million
    
    
    $
    106.4 million
    
    
    $
    205.5 million
    
    
    $
    177.9 millionCommon OP Units issued to Aimco pursuant to
distributions
    
    
    15,627,330
    
    
    
    12,572,267
    
    
    
    5,731,310
    
    
    
    4,594,074Cash distributed to common OP Unit and High
Performance Unit holders other than Aimco
    
    $
    19.7 million
    
    
    $
    17.0 million
    
    
    $
    28.6 million
    
    
    $
    24.3 million
   F-41




---



##### 



January 2009
    
    
    December 2008
    
    
    August 2008
    
    
    January 2008Special
    
    
    Special
    
    
    Special
    
    
    SpecialAimco Special Dividends
    
    Dividend
    
    
    Dividend
    
    
    Dividend
    
    
    DividendDividend per share
    
    $
    2.08
    
    
    $
    1.80
    
    
    $
    3.00
    
    
    $
    2.51Outstanding shares of Common
Stock on the record date
    
    
    101,169,951
    
    
    
    88,650,980
    
    
    
    85,619,144
    
    
    
    92,795,891Total dividend
    
    $
    210.4 million
    
    
    $
    159.6 million
    
    
    $
    256.9 million
    
    
    $
    232.9 millionPortion of dividend paid in cash
    
    $
    60.6 million
    
    
    $
    53.2 million
    
    
    $
    51.4 million
    
    
    $
    55.0 millionPortion of dividend paid through
issuance of shares
    
    $
    149.8 million
    
    
    $
    106.4 million
    
    
    $
    205.5 million
    
    
    $
    177.9 millionShares issued pursuant to dividend
    
    
    15,627,330
    
    
    
    12,572,267
    
    
    
    5,731,310
    
    
    
    4,594,074Average share price on
determination date
    
    $
    9.58
    
    
    $
    8.46
    
    
    $
    35.84
    
    
    $
    38.71Amounts after elimination of the
effects of shares of Common Stock
held by consolidated
subsidiaries:Outstanding shares of Common
Stock on the record date
    
    
    100,642,817
    
    
    
    88,186,456
    
    
    
    85,182,665
    
    
    
    92,379,751Total dividend
    
    $
    209.3 million
    
    
    $
    158.7 million
    
    
    $
    255.5 million
    
    
    $
    231.9 millionPortion of dividend paid in cash
    
    $
    60.3 million
    
    
    $
    52.9 million
    
    
    $
    51.1 million
    
    
    $
    54.8 millionPortion of dividend paid through
issuance of shares
    
    $
    149.0 million
    
    
    $
    105.8 million
    
    
    $
    204.4 million
    
    
    $
    177.1 millionShares issued pursuant to dividend
    
    
    15,548,996
    
    
    
    12,509,657
    
    
    
    5,703,265
    
    
    
    4,573,735
     F-42




---



##### 



High Performance Units
  Investment in Aimco
  Registration Statements
   F-43




---



##### 



NOTE 12  Share-Based Compensation and Employee Benefit Plans
 Stock Award and Incentive Plan
     2009
    
    
    2008
    
    
    2007Weighted average grant-date fair value
    
    $
    2.47
    
    
    $
    4.34
    
    
    $
    6.28Assumptions:Risk-free interest rate
    
    
    2.26
    %
    
    
    3.12
    %
    
    
    4.70
    %Expected dividend yield
    
    
    8.00
    %
    
    
    6.02
    %
    
    
    4.94
    %Expected volatility
    
    
    45.64
    %
    
    
    24.02
    %
    
    
    21.66
    %Weighted average expected life of options
    
    6.9 years
    
    
    6.5 years
    
    
    5.6 years
  F-44




---



##### 



2009(1)
    
    
    2008(1)
    
    
    2007(1)Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedNumber
    
    
    Average
    
    
    Number
    
    
    Average
    
    
    Number
    
    
    Averageof
    
    
    Exercise
    
    
    of
    
    
    Exercise
    
    
    of
    
    
    ExerciseOptions
    
    
    Price
    
    
    Options
    
    
    Price
    
    
    Options
    
    
    PriceOutstanding at beginning
of year
    
    
    10,344
    
    
    $
    31.01
    
    
    
    8,555
    
    
    $
    39.57
    
    
    
    8,598
    
    
    $
    39.36Granted
    
    
    965
    
    
    
    8.92
    
    
    
    980
    
    
    
    39.77
    
    
    
    955
    
    
    
    57.25Exercised
    
    
    
    
    
    
    
    
    
    
    (14
    )
    
    
    37.45
    
    
    
    (1,403
    )
    
    
    38.29Forfeited
    
    
    (2,436
    )
    
    
    32.03
    
    
    
    (1,423
    )
    
    
    38.75
    
    
    
    (26
    )
    
    
    37.83Adjustment to outstanding
options pursuant to
special dividends
    
    
    
    
    
    
    N/A
    
    
    
    2,246
    
    
    
    N/A
    
    
    
    431
    
    
    
    N/AOutstanding at end of year
    
    
    8,873
    
    
    $
    28.22
    
    
    
    10,344
    
    
    $
    31.01
    
    
    
    8,555
    
    
    $
    39.57Exercisable at end of year
    
    
    6,840
    
    
    $
    29.65
    
    
    
    7,221
    
    
    $
    29.51
    
    
    
    6,417
    
    
    $
    37.75
 (1)
    
    In connection with Aimcos special dividends discussed in Note 11, effective on the record
date of each dividend, the number of options and exercise prices of all outstanding awards
were adjusted pursuant to the anti-dilution provisions of the applicable plans based on the
market price of Aimcos stock on the ex-dividend dates of the related special dividends. The
adjustment to the number of outstanding options is reflected in the table separate from the
other activity during the periods at the weighted average exercise price for those outstanding
options. The exercise prices for options granted and forfeited in the table above reflect the actual exercise prices at the time of the
related activity. The number and weighted average exercise price for
options outstanding and exercisable at the end of the year reflect the adjustment for the applicable special dividends. The adjustment of the awards pursuant to Aimcos special dividends
is considered a modification of the awards, but did not result in a change in the fair value
of any awards and therefore did not result in a change in total compensation to be recognized
over the remaining term of the awards.   2009
    
    
    2008
    
    
    2007Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    Average
    
    
    
    
    
    
    AverageNumber
    
    
    Grant-
    
    
    Number
    
    
    Grant-
    
    
    Number
    
    
    Grant-of
    
    
    Date
    
    
    of
    
    
    Date
    
    
    of
    
    
    DateShares
    
    
    Fair Value
    
    
    Shares
    
    
    Fair Value
    
    
    Shares
    
    
    Fair ValueUnvested at beginning of
year
    
    
    893
    
    
    $
    40.33
    
    
    
    960
    
    
    $
    46.08
    
    
    
    1,088
    
    
    $
    40.11Granted
    
    
    378
    
    
    
    8.92
    
    
    
    248
    
    
    
    39.85
    
    
    
    308
    
    
    
    60.13Vested
    
    
    (418
    )
    
    
    34.42
    
    
    
    (377
    )
    
    
    43.45
    
    
    
    (387
    )
    
    
    40.31Forfeited
    
    
    (533
    )
    
    
    28.57
    
    
    
    (128
    )
    
    
    46.85
    
    
    
    (49
    )
    
    
    47.43Issued pursuant to special
dividends (1)
    
    
    138
    
    
    
    9.58
    
    
    
    190
    
    
    
    22.51
    
    
    
    
    
    
    
    Unvested at end of year
    
    
    458
    
    
    $
    24.23
    
    
    
    893
    
    
    $
    40.33
    
    
    
    960
    
    
    $
    46.08
 (1)
    
    This represents shares of restricted stock issued to holders of restricted stock pursuant
to Aimcos special dividends discussed in Note 11. The weighted average grant-date fair value
for these shares represents the price of Aimco Class A Common Stock on the determination date for each
dividend. The issuance of the additional shares of restricted stock resulted in no
incremental compensation expense.  F-45




---



##### 



Employee Stock Purchase Plan
  401(k) Plan
  NOTE 13  Discontinued Operations and Assets Held for Sale
   December 31,
    
    
    December 31,2009
    
    
    2008Real estate, net
    
    $
    32,773
    
    
    $
    1,059,362Other assets
    
    
    953
    
    
    
    14,477Assets held for sale
    
    $
    33,726
    
    
    $
    1,073,839Property debt
    
    $
    29,177
    
    
    $
    759,327Other liabilities
    
    
    1,226
    
    
    
    12,551Liabilities related to assets held for sale
    
    $
    30,403
    
    
    $
    771,878
  F-46




---



##### 



2009
    
    
    2008
    
    
    2007Rental and other property revenues
    
    $
    152,812
    
    
    $
    463,232
    
    
    $
    599,183Property operating expenses
    
    
    (77,267
    )
    
    
    (228,423
    )
    
    
    (295,741
    )Depreciation and amortization
    
    
    (51,155
    )
    
    
    (122,549
    )
    
    
    (152,446
    )Provision for operating real estate impairment
losses
    
    
    (54,530
    )
    
    
    (27,420
    )
    
    
    (5,430
    )Other expenses, net
    
    
    (9,750
    )
    
    
    (12,892
    )
    
    
    (7,550
    )Operating (loss) income
    
    
    (39,890
    )
    
    
    71,948
    
    
    
    138,016Interest income
    
    
    112
    
    
    
    1,747
    
    
    
    3,747Interest expense
    
    
    (30,592
    )
    
    
    (89,356
    )
    
    
    (117,268
    )Gain on extinguishment of debt
    
    
    259
    
    
    
    
    
    
    
    31,597(Loss) income before gain on dispositions
of real estate and income taxes
    
    
    (70,111
    )
    
    
    (15,661
    )
    
    
    56,092Gain on dispositions of real estate
    
    
    221,793
    
    
    
    800,335
    
    
    
    117,627Income tax benefit (expense)
    
    
    555
    
    
    
    (39,794
    )
    
    
    (2,104
    )Income from discontinued operations, net
    
    $
    152,237
    
    
    $
    744,880
    
    
    $
    171,615Income from discontinued operation
attributable to:Noncontrolling interests in consolidated
real estate partnerships
    
    $
    (60,008
    )
    
    $
    (149,383
    )
    
    $
    (68,360
    )The Partnership
    
    $
    92,229
    
    
    $
    595,497
    
    
    $
    103,255
   F-47




---



##### 



NOTE 14  Earnings per Unit
  2009
    
    
    2008
    
    
    2007Numerator:Loss from continuing operations
    
    $
    (196,217
    )
    
    $
    (117,092
    )
    
    $
    (45,360
    )Loss (income) from continuing operations
attributable to noncontrolling interests
    
    
    37,566
    
    
    
    (6,366
    )
    
    
    (23,778
    )Income attributable to the Partnerships preferred
unitholders
    
    
    (56,854
    )
    
    
    (61,354
    )
    
    
    (73,144
    )Income attributable to participating securities
    
    
    
    
    
    
    (6,985
    )
    
    
    (4,481
    )Loss from continuing operations attributable to
the Partnerships common unitholders
    
    $
    (215,505
    )
    
    $
    (191,797
    )
    
    $
    (146,763
    )Income from discontinued operations
    
    $
    152,237
    
    
    $
    744,880
    
    
    $
    171,615Income from discontinued operations attributable
to noncontrolling interests
    
    
    (60,008
    )
    
    
    (149,383
    )
    
    
    (68,360
    )Income from discontinued operations
attributable to the Partnerships common
unitholders
    
    $
    92,229
    
    
    $
    595,497
    
    
    $
    103,255Net (loss) income
    
    $
    (43,980
    )
    
    $
    627,788
    
    
    $
    126,255Net income attributable to noncontrolling interests
    
    
    (22,442
    )
    
    
    (155,749
    )
    
    
    (92,138
    )Income attributable to the Partnerships preferred
unitholders
    
    
    (56,854
    )
    
    
    (61,354
    )
    
    
    (73,144
    )Income attributable to participating securities
    
    
    
    
    
    
    (6,985
    )
    
    
    (4,481
    )Net (loss) income attributable to the
Partnerships common unitholders
    
    $
    (123,276
    )
    
    $
    403,700
    
    
    $
    (43,508
    )Denominator:Denominator for basic earnings per unit  weighted
average number of shares of common units
outstandingCommon OP Units
    
    
    120,836
    
    
    
    95,881
    
    
    
    102,474Class I HPUs
    
    
    2,344
    
    
    
    2,368
    
    
    
    2,379Total common units
    
    
    123,180
    
    
    
    98,249
    
    
    
    104,853Effect of dilutive securities:Dilutive potential common units
    
    
    
    
    
    
    
    
    
    
    Denominator for diluted earnings per unit
    
    
    123,180
    
    
    
    98,249
    
    
    
    104,853Earnings (loss) per common unit basic and
diluted:Loss from continuing operations attributable to
the Partnerships common unitholders
    
    $
    (1.75
    )
    
    $
    (1.95
    )
    
    $
    (1.40
    )Income from discontinued operations attributable
to the Partnerships common unitholders
    
    
    0.75
    
    
    
    6.06
    
    
    
    0.98Net (loss) income attributable to the
Partnerships common unitholders
    
    $
    (1.00
    )
    
    $
    4.11
    
    
    $
    (0.42
    )
      F-48




---



##### 



NOTE 15  Unaudited Summarized Consolidated Quarterly Information
  Quarter (1)2009
    
    First
    
    
    Second
    
    
    Third
    
    
    FourthTotal revenues
    
    $
    297,501
    
    
    $
    299,059
    
    
    $
    296,396
    
    
    $
    302,807Total operating expenses
    
    
    (265,851
    )
    
    
    (264,524
    )
    
    
    (276,891
    )
    
    
    (277,984
    )Operating income
    
    
    31,650
    
    
    
    34,535
    
    
    
    19,505
    
    
    
    24,823Loss from continuing operations
    
    
    (35,141
    )
    
    
    (43,283
    )
    
    
    (54,453
    )
    
    
    (63,340
    )Income from discontinued operations, net
    
    
    2,773
    
    
    
    35,860
    
    
    
    45,102
    
    
    
    68,502Net (loss) income
    
    
    (32,368
    )
    
    
    (7,423
    )
    
    
    (9,351
    )
    
    
    5,162Loss attributable to the Partnerships
common unitholders
    
    
    (40,320
    )
    
    
    (32,336
    )
    
    
    (43,510
    )
    
    
    (7,110
    )Loss per common unit  basic and diluted:Loss from continuing operations
attributable to the Partnerships common
unitholders
    
    $
    (0.33
    )
    
    $
    (0.39
    )
    
    $
    (0.45
    )
    
    $
    (0.58
    )Net loss attributable to the
Partnerships common unitholders
    
    $
    (0.34
    )
    
    $
    (0.26
    )
    
    $
    (0.35
    )
    
    $
    (0.06
    )Weighted average common units outstanding (2)
    
    
    119,661
    
    
    
    124,333
    
    
    
    124,376
    
    
    
    124,351Weighted average common units and common
unit equivalents outstanding (2)
    
    
    119,661
    
    
    
    124,333
    
    
    
    124,376
    
    
    
    124,351
 Quarter (1)2008
    
    First
    
    
    Second
    
    
    Third
    
    
    FourthTotal revenues
    
    $
    296,362
    
    
    $
    321,278
    
    
    $
    321,274
    
    
    $
    304,256Total operating expenses (3)
    
    
    (258,269
    )
    
    
    (263,740
    )
    
    
    (273,586
    )
    
    
    (389,476
    )Operating income (loss) (3)
    
    
    38,093
    
    
    
    57,538
    
    
    
    47,688
    
    
    
    (85,220
    )Loss (income) from continuing operations (3)
    
    
    (33,051
    )
    
    
    (19,431
    )
    
    
    75,919
    
    
    
    (140,529
    )Income from discontinued operations, net
    
    
    9,587
    
    
    
    362,581
    
    
    
    161,667
    
    
    
    211,045Net (loss) income
    
    
    (23,464
    )
    
    
    343,150
    
    
    
    237,586
    
    
    
    70,516Net (loss) income attributable to the Partnerships
common unitholders
    
    
    (42,768
    )
    
    
    265,723
    
    
    
    174,009
    
    
    
    4,092Earnings (loss) per common unit  basic and diluted:(Loss) income from continuing operations
attributable to the Partnerships common
unitholders
    
    $
    (0.49
    )
    
    $
    (0.43
    )
    
    $
    0.56
    
    
    $
    (1.52
    )Net (loss) income attributable to the
Partnerships common unitholders
    
    $
    (0.43
    )
    
    $
    2.73
    
    
    $
    1.82
    
    
    $
    0.04Weighted average common units outstanding (2)
    
    
    99,135
    
    
    
    97,349
    
    
    
    95,511
    
    
    
    101,001Weighted average common units and common unit
equivalents outstanding (2)
    
    
    99,135
    
    
    
    97,349
    
    
    
    95,816
    
    
    
    101,001
 (1)
    
    Certain reclassifications have been made to 2009 and 2008 quarterly amounts to conform
to the full year 2009 presentation, primarily related to treatment of discontinued
operations and newly adopted accounting standards (see Note 2).(2)
    
    As discussed in Note 2, in December 2009, we adopted the provisions of ASU 2010-01,
which resulted in reductions in the number of weighted average common OP Units and common
OP unit equivalents outstanding, as compared to the amounts previously reported.(3)
    
    Total operating expenses, operating income (loss) and (loss) income from continuing
operations for the quarter ended December 31, 2008, includes a $91.1 million provision for
impairment losses on real estate development assets, which is discussed further in Note 2.  F-49




---



##### 



NOTE 16  Transactions with Affiliates
   NOTE 17  Business Segments
   Real Estate Segment
  Investment Management Segment
   F-50




---



##### 



CorporateNot AllocatedInvestment
    
    
    to SegmentsReal Estate
    
    
    Management
    
    
    and CertainSegment
    
    
    Segment
    
    
    Eliminations
    
    
    TotalYear Ended December 31, 2009:Rental and other property revenues
    
    $
    1,140,828
    
    
    $
    
    
    
    $
    
    
    
    $
    1,140,828Property management revenues, primarily
from affiliates
    
    
    5,082
    
    
    
    
    
    
    
    
    
    
    
    5,082Asset management and tax credit revenues
    
    
    
    
    
    
    52,193
    
    
    
    (2,340
    )
    
    
    49,853Total revenues
    
    
    1,145,910
    
    
    
    52,193
    
    
    
    (2,340
    )
    
    
    1,195,763Property operating expenses
    
    
    521,161
    
    
    
    
    
    
    
    
    
    
    
    521,161Property management expenses
    
    
    2,869
    
    
    
    
    
    
    
    
    
    
    
    2,869Investment management expenses
    
    
    
    
    
    
    15,779
    
    
    
    
    
    
    
    15,779Depreciation and amortization (1)
    
    
    
    
    
    
    
    
    
    
    444,413
    
    
    
    444,413Provision for operating real estate
impairment losses
    
    
    
    
    
    
    
    
    
    
    2,329
    
    
    
    2,329General and administrative expenses
    
    
    
    
    
    
    
    
    
    
    69,567
    
    
    
    69,567Other expenses, net
    
    
    
    
    
    
    
    
    
    
    17,891
    
    
    
    17,891Restructuring costs
    
    
    
    
    
    
    
    
    
    
    11,241
    
    
    
    11,241Total operating expenses
    
    
    524,030
    
    
    
    15,779
    
    
    
    545,441
    
    
    
    1,085,250Net operating income (loss)
    
    
    621,880
    
    
    
    36,414
    
    
    
    (547,781
    )
    
    
    110,513Other items included in continuing
operations (2)
    
    
    
    
    
    
    1,659
    
    
    
    (308,389
    )
    
    
    (306,730
    )Income (loss) from continuing operations
    
    $
    621,880
    
    
    $
    38,073
    
    
    $
    (856,170
    )
    
    $
    (196,217
    )
 CorporateNot AllocatedInvestment
    
    
    to SegmentsReal Estate
    
    
    Management
    
    
    and CertainSegment
    
    
    Segment
    
    
    Eliminations
    
    
    TotalYear Ended December 31, 2008:Rental and other property revenues
    
    $
    1,137,995
    
    
    $
    
    
    
    $
    
    
    
    $
    1,137,995Property management revenues, primarily
from affiliates
    
    
    6,345
    
    
    
    
    
    
    
    
    
    
    
    6,345Asset management and tax credit revenues
    
    
    
    
    
    
    101,225
    
    
    
    (2,395
    )
    
    
    98,830Total revenues
    
    
    1,144,340
    
    
    
    101,225
    
    
    
    (2,395
    )
    
    
    1,243,170Property operating expenses
    
    
    526,238
    
    
    
    
    
    
    
    
    
    
    
    526,238Property management expenses
    
    
    5,385
    
    
    
    
    
    
    
    
    
    
    
    5,385Investment management expenses
    
    
    
    
    
    
    24,784
    
    
    
    
    
    
    
    24,784Depreciation and amortization (1)
    
    
    
    
    
    
    
    
    
    
    392,999
    
    
    
    392,999Provision for impairment losses on real
estate development assets
    
    
    
    
    
    
    
    
    
    
    91,138
    
    
    
    91,138General and administrative expenses
    
    
    
    
    
    
    
    
    
    
    99,157
    
    
    
    99,157Other expenses, net
    
    
    
    
    
    
    
    
    
    
    22,568
    
    
    
    22,568Restructuring costs
    
    
    
    
    
    
    
    
    
    
    22,802
    
    
    
    22,802Total operating expenses
    
    
    531,623
    
    
    
    24,784
    
    
    
    628,664
    
    
    
    1,185,071Net operating income (loss)
    
    
    612,717
    
    
    
    76,441
    
    
    
    (631,059
    )
    
    
    58,099Other items included in continuing
operations (2)
    
    
    
    
    
    
    (2,227
    )
    
    
    (172,964
    )
    
    
    (175,191
    )Income (loss) from continuing operations
    
    $
    612,717
    
    
    $
    74,214
    
    
    $
    (804,023
    )
    
    $
    (117,092
    )
  F-51




---



##### 



Investment
    
    
    CorporateReal Estate
    
    
    Management
    
    
    Not AllocatedSegment
    
    
    Segment
    
    
    to Segments
    
    
    TotalYear
Ended December 31, 2007:Rental and other property revenues
    
    $
    1,093,779
    
    
    $
    
    
    
    $
    
    
    
    $
    1,093,779Property management revenues, primarily
from affiliates
    
    
    6,923
    
    
    
    
    
    
    
    
    
    
    
    6,923Asset management and tax credit revenues
    
    
    
    
    
    
    73,755
    
    
    
    
    
    
    
    73,755Total revenues
    
    
    1,100,702
    
    
    
    73,755
    
    
    
    
    
    
    
    1,174,457Property operating expenses
    
    
    503,890
    
    
    
    
    
    
    
    
    
    
    
    503,890Property management expenses
    
    
    6,678
    
    
    
    
    
    
    
    
    
    
    
    6,678Investment management expenses
    
    
    
    
    
    
    20,507
    
    
    
    
    
    
    
    20,507Depreciation and amortization (1)
    
    
    
    
    
    
    
    
    
    
    347,491
    
    
    
    347,491Provision for operating real estate
impairment losses
    
    
    
    
    
    
    
    
    
    
    1,080
    
    
    
    1,080General and administrative expenses
    
    
    
    
    
    
    
    
    
    
    90,674
    
    
    
    90,674Other expenses, net
    
    
    
    
    
    
    
    
    
    
    19,338
    
    
    
    19,338Total operating expenses
    
    
    510,568
    
    
    
    20,507
    
    
    
    458,583
    
    
    
    989,658Net operating income (loss)
    
    
    590,134
    
    
    
    53,248
    
    
    
    (458,583
    )
    
    
    184,799Other items included in continuing
operations (2)
    
    
    
    
    
    
    7,305
    
    
    
    (237,464
    )
    
    
    (230,159
    )Income (loss) from continuing operations
    
    $
    590,134
    
    
    $
    60,553
    
    
    $
    (696,047
    )
    
    $
    (45,360
    )
 (1)
    
    Our chief operating decision maker assesses the performance of real estate using, among other
measures, net operating income, excluding depreciation and amortization. Accordingly, we do
not allocate depreciation and amortization to the real estate segment.(2)
    
    Other items in continuing operations for the investment management segment include accretion
income recognized on discounted notes receivable, other income items and income taxes
associated with transactional activities. Other items in continuing operations not allocated
to segments include: (i) interest income and expense; (ii) provisions for losses on notes
receivable; (iii) equity in losses of unconsolidated real estate partnerships and impairment
losses related to unconsolidated real estate partnerships; and (iv) gain on dispositions of
unconsolidated real estate and other.   2009
    
    
    2008Total assets for reportable segments (1)
    
    $
    7,682,749
    
    
    $
    9,073,431Corporate and other assets
    
    
    239,390
    
    
    
    383,290Total consolidated assets
    
    $
    7,922,139
    
    
    $
    9,456,721
 (1)
    
    Total assets for reportable segments primarily relate to the real estate segment.   F-52




---



##### 



AIMCO PROPERTIES, L.P.
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2009
(In Thousands Except Unit Data)
 (2)
    
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2009Property
    
    Date
    
    
    
    Year

    
    
    

    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    (5)
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Consolidation
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesContinuing Operations:Conventional Properties:100 Forest Place
    
    High Rise
    
    Dec-97
    
    OakPark, IL
    
    1987
    
    
    
    
    234
    
    
    
    2,664
    
    
    
    18,815
    
    
    
    4,493
    
    
    
    2,664
    
    
    
    23,308
    
    
    
    25,972
    
    
    
    (8,692
    )
    
    
    17,280
    
    
    
    27,7611582 First Avenue
    
    High Rise
    
    Mar-05
    
    New York, NY
    
    1900
    
    
    
    
    17
    
    
    
    4,250
    
    
    
    752
    
    
    
    224
    
    
    
    4,281
    
    
    
    945
    
    
    
    5,226
    
    
    
    (249
    )
    
    
    4,977
    
    
    
    2,671173 E. 90th Street
    
    High Rise
    
    May-04
    
    New York, NY
    
    1910
    
    
    
    
    72
    
    
    
    11,773
    
    
    
    4,535
    
    
    
    1,445
    
    
    
    12,067
    
    
    
    5,686
    
    
    
    17,753
    
    
    
    (1,365
    )
    
    
    16,388
    
    
    
    8,772182-188 Columbus Avenue
    
    Mid Rise
    
    Feb-07
    
    New York,  NY
    
    1910
    
    
    
    
    32
    
    
    
    17,187
    
    
    
    3,300
    
    
    
    3,690
    
    
    
    19,123
    
    
    
    5,054
    
    
    
    24,177
    
    
    
    (992
    )
    
    
    23,185
    
    
    
    13,471204-206 West 133rd Street
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    1910
    
    
    
    
    44
    
    
    
    3,291
    
    
    
    1,450
    
    
    
    1,921
    
    
    
    4,352
    
    
    
    2,310
    
    
    
    6,662
    
    
    
    (303
    )
    
    
    6,359
    
    
    
    3,1322232-2240 Seventh Avenue
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    1910
    
    
    
    
    24
    
    
    
    2,863
    
    
    
    3,785
    
    
    
    1,477
    
    
    
    3,366
    
    
    
    4,759
    
    
    
    8,125
    
    
    
    (517
    )
    
    
    7,608
    
    
    
    2,9722247-2253 Seventh Avenue
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    1910
    
    
    
    
    35
    
    
    
    6,787
    
    
    
    3,335
    
    
    
    1,464
    
    
    
    7,356
    
    
    
    4,230
    
    
    
    11,586
    
    
    
    (586
    )
    
    
    11,000
    
    
    
    5,4832252-2258 Seventh Avenue
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    1910
    
    
    
    
    35
    
    
    
    3,623
    
    
    
    4,504
    
    
    
    1,814
    
    
    
    4,318
    
    
    
    5,623
    
    
    
    9,941
    
    
    
    (772
    )
    
    
    9,169
    
    
    
    5,1252300-2310 Seventh Avenue
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    1910
    
    
    
    
    63
    
    
    
    8,623
    
    
    
    6,964
    
    
    
    5,260
    
    
    
    10,417
    
    
    
    10,430
    
    
    
    20,847
    
    
    
    (1,441
    )
    
    
    19,406
    
    
    
    9,896236 - 238 East 88th Street
    
    High Rise
    
    Jan-04
    
    New York, NY
    
    1900
    
    
    
    
    43
    
    
    
    8,751
    
    
    
    2,914
    
    
    
    1,295
    
    
    
    8,820
    
    
    
    4,140
    
    
    
    12,960
    
    
    
    (1,155
    )
    
    
    11,805
    
    
    
    6,879237-239 Ninth Avenue
    
    High Rise
    
    Mar-05
    
    New York, NY
    
    1900
    
    
    
    
    36
    
    
    
    8,430
    
    
    
    1,866
    
    
    
    770
    
    
    
    8,494
    
    
    
    2,572
    
    
    
    11,066
    
    
    
    (614
    )
    
    
    10,452
    
    
    
    5,227240 West 73rd Street, LLC
    
    High Rise
    
    Sep-04
    
    New York, NY
    
    1900
    
    
    
    
    200
    
    
    
    68,006
    
    
    
    12,140
    
    
    
    3,563
    
    
    
    68,109
    
    
    
    15,600
    
    
    
    83,709
    
    
    
    (2,827
    )
    
    
    80,882
    
    
    
    30,2862484 Seventh Avenue
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    1921
    
    
    
    
    23
    
    
    
    2,384
    
    
    
    1,726
    
    
    
    468
    
    
    
    2,601
    
    
    
    1,977
    
    
    
    4,578
    
    
    
    (243
    )
    
    
    4,335
    
    
    
    2,4722900 on First Apartments
    
    Mid Rise
    
    Oct-08
    
    Seattle, WA
    
    1989
    
    
    
    
    135
    
    
    
    19,015
    
    
    
    17,518
    
    
    
    330
    
    
    
    19,071
    
    
    
    17,792
    
    
    
    36,863
    
    
    
    (860
    )
    
    
    36,003
    
    
    
    20,719306 East 89th Street
    
    High Rise
    
    Jul-04
    
    New York, NY
    
    1930
    
    
    
    
    20
    
    
    
    2,659
    
    
    
    1,006
    
    
    
    167
    
    
    
    2,681
    
    
    
    1,151
    
    
    
    3,832
    
    
    
    (350
    )
    
    
    3,482
    
    
    
    1,908311 & 313 East 73rd Street
    
    Mid Rise
    
    Mar-03
    
    New York, NY
    
    1904
    
    
    
    
    34
    
    
    
    5,635
    
    
    
    1,609
    
    
    
    546
    
    
    
    5,678
    
    
    
    2,112
    
    
    
    7,790
    
    
    
    (940
    )
    
    
    6,850
    
    
    
    2,761322-324 East 61st Street
    
    High Rise
    
    Mar-05
    
    New York, NY
    
    1900
    
    
    
    
    40
    
    
    
    6,319
    
    
    
    2,224
    
    
    
    681
    
    
    
    6,372
    
    
    
    2,852
    
    
    
    9,224
    
    
    
    (707
    )
    
    
    8,517
    
    
    
    3,6913400 Avenue of the Arts
    
    Mid Rise
    
    Mar-02
    
    Costa Mesa, CA
    
    1987
    
    
    
    
    770
    
    
    
    55,223
    
    
    
    65,506
    
    
    
    73,301
    
    
    
    57,240
    
    
    
    136,790
    
    
    
    194,030
    
    
    
    (31,750
    )
    
    
    162,280
    
    
    
    119,869452 East 78th Street
    
    High Rise
    
    Jan-04
    
    New York, NY
    
    1900
    
    
    
    
    12
    
    
    
    1,966
    
    
    
    608
    
    
    
    278
    
    
    
    1,982
    
    
    
    870
    
    
    
    2,852
    
    
    
    (242
    )
    
    
    2,610
    
    
    
    1,600464-466 Amsterdam & 200-210 W. 83rd Street
    
    Mid Rise
    
    Feb-07
    
    New York,  NY
    
    1910
    
    
    
    
    72
    
    
    
    23,677
    
    
    
    7,101
    
    
    
    3,881
    
    
    
    25,552
    
    
    
    9,107
    
    
    
    34,659
    
    
    
    (1,241
    )
    
    
    33,418
    
    
    
    19,679510 East 88th Street
    
    High Rise
    
    Jan-04
    
    New York, NY
    
    1900
    
    
    
    
    20
    
    
    
    3,137
    
    
    
    1,002
    
    
    
    278
    
    
    
    3,163
    
    
    
    1,254
    
    
    
    4,417
    
    
    
    (307
    )
    
    
    4,110
    
    
    
    2,634514-516 East 88th Street
    
    High Rise
    
    Mar-05
    
    New York, NY
    
    1900
    
    
    
    
    36
    
    
    
    6,230
    
    
    
    2,168
    
    
    
    556
    
    
    
    6,282
    
    
    
    2,672
    
    
    
    8,954
    
    
    
    (618
    )
    
    
    8,336
    
    
    
    4,607656 St. Nicholas Avenue
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    1920
    
    
    
    
    31
    
    
    
    2,731
    
    
    
    1,636
    
    
    
    2,774
    
    
    
    3,576
    
    
    
    3,565
    
    
    
    7,141
    
    
    
    (467
    )
    
    
    6,674
    
    
    
    2,374759 St. Nicholas Avenue
    
    Mid Rise
    
    Oct-07
    
    New York,  NY
    
    1920
    
    
    
    
    9
    
    
    
    682
    
    
    
    535
    
    
    
    587
    
    
    
    1,013
    
    
    
    791
    
    
    
    1,804
    
    
    
    (84
    )
    
    
    1,720
    
    
    
    545865 Bellevue
    
    Garden
    
    Jul-00
    
    Nashville, TN
    
    1972
    
    
    
    
    326
    
    
    
    3,558
    
    
    
    12,037
    
    
    
    27,055
    
    
    
    3,558
    
    
    
    39,092
    
    
    
    42,650
    
    
    
    (11,840
    )
    
    
    30,810
    
    
    
    19,184Arbors (Grovetree), The
    
    Garden
    
    Oct-97
    
    Tempe, AZ
    
    1967
    
    
    
    
    200
    
    
    
    1,092
    
    
    
    6,208
    
    
    
    2,940
    
    
    
    1,092
    
    
    
    9,148
    
    
    
    10,240
    
    
    
    (4,038
    )
    
    
    6,202
    
    
    
    6,743Arbours Of Hermitage, The
    
    Garden
    
    Jul-00
    
    Hermitage, TN
    
    1972
    
    
    
    
    350
    
    
    
    3,217
    
    
    
    12,023
    
    
    
    6,795
    
    
    
    3,217
    
    
    
    18,818
    
    
    
    22,035
    
    
    
    (8,527
    )
    
    
    13,508
    
    
    
    10,258Atriums of Plantation
    
    Mid Rise
    
    Aug-98
    
    Plantation, FL
    
    1979
    
    
    
    
    210
    
    
    
    1,807
    
    
    
    10,385
    
    
    
    2,833
    
    
    
    1,807
    
    
    
    13,218
    
    
    
    15,025
    
    
    
    (5,151
    )
    
    
    9,874
    
    
    
    5,780Auburn Glen
    
    Garden
    
    Dec-06
    
    Jacksonville,  FL
    
    1974
    
    
    
    
    251
    
    
    
    7,483
    
    
    
    8,191
    
    
    
    3,202
    
    
    
    7,670
    
    
    
    11,206
    
    
    
    18,876
    
    
    
    (2,098
    )
    
    
    16,778
    
    
    
    9,912BaLaye
    
    Garden
    
    Apr-06
    
    Tampa, FL
    
    2002
    
    
    
    
    324
    
    
    
    10,329
    
    
    
    28,800
    
    
    
    969
    
    
    
    10,608
    
    
    
    29,490
    
    
    
    40,098
    
    
    
    (4,187
    )
    
    
    35,911
    
    
    
    23,012Bank Lofts
    
    High Rise
    
    Apr-01
    
    Denver, CO
    
    1920
    
    
    
    
    117
    
    
    
    3,525
    
    
    
    9,045
    
    
    
    1,668
    
    
    
    3,525
    
    
    
    10,713
    
    
    
    14,238
    
    
    
    (4,668
    )
    
    
    9,570
    
    
    
    7,242Bay Parc Plaza
    
    High Rise
    
    Sep-04
    
    Miami, FL
    
    2000
    
    
    
    
    471
    
    
    
    22,680
    
    
    
    41,847
    
    
    
    4,097
    
    
    
    22,680
    
    
    
    45,944
    
    
    
    68,624
    
    
    
    (6,612
    )
    
    
    62,012
    
    
    
    46,294Bay Ridge at Nashua
    
    Garden
    
    Jan-03
    
    Nashua, NH
    
    1984
    
    
    
    
    412
    
    
    
    3,352
    
    
    
    40,713
    
    
    
    6,895
    
    
    
    3,262
    
    
    
    47,698
    
    
    
    50,960
    
    
    
    (10,541
    )
    
    
    40,419
    
    
    
    40,766Bayberry Hill Estates
    
    Garden
    
    Aug-02
    
    Framingham, MA
    
    1971
    
    
    
    
    424
    
    
    
    18,915
    
    
    
    35,945
    
    
    
    8,744
    
    
    
    18,916
    
    
    
    44,688
    
    
    
    63,604
    
    
    
    (14,036
    )
    
    
    49,568
    
    
    
    35,250Bayhead Village
    
    Garden
    
    Oct-00
    
    Indianapolis, IN
    
    1978
    
    
    
    
    202
    
    
    
    1,411
    
    
    
    5,139
    
    
    
    3,482
    
    
    
    1,411
    
    
    
    8,621
    
    
    
    10,032
    
    
    
    (3,400
    )
    
    
    6,632
    
    
    
    2,728Boston Lofts
    
    High Rise
    
    Apr-01
    
    Denver, CO
    
    1890
    
    
    
    
    158
    
    
    
    3,447
    
    
    
    20,589
    
    
    
    3,188
    
    
    
    3,447
    
    
    
    23,777
    
    
    
    27,224
    
    
    
    (9,855
    )
    
    
    17,369
    
    
    
    14,559Boulder Creek
    
    Garden
    
    Jul-94
    
    Boulder, CO
    
    1972
    
    
    
    
    221
    
    
    
    755
    
    
    
    7,730
    
    
    
    17,156
    
    
    
    755
    
    
    
    24,886
    
    
    
    25,641
    
    
    
    (11,913
    )
    
    
    13,728
    
    
    
    12,031Brandywine
    
    Garden
    
    Jul-94
    
    St. Petersburg, FL
    
    1971
    
    
    
    
    477
    
    
    
    1,437
    
    
    
    12,725
    
    
    
    8,763
    
    
    
    1,437
    
    
    
    21,488
    
    
    
    22,925
    
    
    
    (13,782
    )
    
    
    9,143
    
    
    
    21,124Breakers, The
    
    Garden
    
    Oct-98
    
    Daytona Beach, FL
    
    1985
    
    
    
    
    208
    
    
    
    1,008
    
    
    
    5,507
    
    
    
    3,257
    
    
    
    1,008
    
    
    
    8,764
    
    
    
    9,772
    
    
    
    (3,856
    )
    
    
    5,916
    
    
    
    6,378Broadcast Center
    
    Garden
    
    Mar-02
    
    Los Angeles, CA
    
    1990
    
    
    
    
    279
    
    
    
    27,603
    
    
    
    41,244
    
    
    
    29,066
    
    
    
    29,407
    
    
    
    68,506
    
    
    
    97,913
    
    
    
    (15,963
    )
    
    
    81,950
    
    
    
    55,875Buena Vista
    
    Mid Rise
    
    Jan-06
    
    Pasadena, CA
    
    1973
    
    
    
    
    92
    
    
    
    9,693
    
    
    
    6,818
    
    
    
    1,126
    
    
    
    9,693
    
    
    
    7,944
    
    
    
    17,637
    
    
    
    (768
    )
    
    
    16,869
    
    
    
    10,607Burke Shire Commons
    
    Garden
    
    Mar-01
    
    Burke, VA
    
    1986
    
    
    
    
    360
    
    
    
    4,867
    
    
    
    23,617
    
    
    
    3,860
    
    
    
    4,867
    
    
    
    27,477
    
    
    
    32,344
    
    
    
    (10,304
    )
    
    
    22,040
    
    
    
    46,100Calhoun Beach Club
    
    High Rise
    
    Dec-98
    
    Minneapolis, MN
    
    1928
    
    
    
    
    332
    
    
    
    11,708
    
    
    
    73,334
    
    
    
    45,743
    
    
    
    11,708
    
    
    
    119,077
    
    
    
    130,785
    
    
    
    (40,408
    )
    
    
    90,377
    
    
    
    49,119Canterbury Green
    
    Garden
    
    Dec-99
    
    Fort Wayne, IN
    
    1979
    
    
    
    
    1,988
    
    
    
    13,659
    
    
    
    73,115
    
    
    
    25,704
    
    
    
    13,659
    
    
    
    98,819
    
    
    
    112,478
    
    
    
    (45,994
    )
    
    
    66,484
    
    
    
    53,200Canyon Terrace
    
    Garden
    
    Mar-02
    
    Saugus, CA
    
    1984
    
    
    
    
    130
    
    
    
    7,300
    
    
    
    6,602
    
    
    
    5,909
    
    
    
    7,508
    
    
    
    12,303
    
    
    
    19,811
    
    
    
    (3,593
    )
    
    
    16,218
    
    
    
    11,750Carriage Hill
    
    Garden
    
    Jul-00
    
    East Lansing, MI
    
    1972
    
    
    
    
    143
    
    
    
    1,957
    
    
    
    7,912
    
    
    
    2,053
    
    
    
    1,957
    
    
    
    9,965
    
    
    
    11,922
    
    
    
    (5,434
    )
    
    
    6,488
    
    
    
    5,360Casa del Mar at Baymeadows
    
    Garden
    
    Oct-06
    
    Jacksonville, FL
    
    1984
    
    
    
    
    144
    
    
    
    4,902
    
    
    
    10,562
    
    
    
    1,403
    
    
    
    5,039
    
    
    
    11,828
    
    
    
    16,867
    
    
    
    (1,752
    )
    
    
    15,115
    
    
    
    9,434Cedar Rim
    
    Garden
    
    Apr-00
    
    Newcastle, WA
    
    1980
    
    
    
    
    104
    
    
    
    761
    
    
    
    5,218
    
    
    
    17,174
    
    
    
    761
    
    
    
    22,392
    
    
    
    23,153
    
    
    
    (9,405
    )
    
    
    13,748
    
    
    
    7,857Center Square
    
    High Rise
    
    Oct-99
    
    Doylestown, PA
    
    1975
    
    
    
    
    350
    
    
    
    582
    
    
    
    4,190
    
    
    
    3,532
    
    
    
    582
    
    
    
    7,722
    
    
    
    8,304
    
    
    
    (3,104
    )
    
    
    5,200
    
    
    
    15,159Charleston Landing
    
    Garden
    
    Sep-00
    
    Brandon, FL
    
    1985
    
    
    
    
    300
    
    
    
    7,488
    
    
    
    8,656
    
    
    
    7,711
    
    
    
    7,488
    
    
    
    16,367
    
    
    
    23,855
    
    
    
    (5,745
    )
    
    
    18,110
    
    
    
    13,101Chesapeake Landing I
    
    Garden
    
    Sep-00
    
    Aurora, IL
    
    1986
    
    
    
    
    416
    
    
    
    15,800
    
    
    
    16,875
    
    
    
    4,931
    
    
    
    15,800
    
    
    
    21,806
    
    
    
    37,606
    
    
    
    (7,748
    )
    
    
    29,858
    
    
    
    24,630Chesapeake Landing II
    
    Garden
    
    Mar-01
    
    Aurora, IL
    
    1987
    
    
    
    
    184
    
    
    
    1,969
    
    
    
    7,980
    
    
    
    3,308
    
    
    
    1,969
    
    
    
    11,288
    
    
    
    13,257
    
    
    
    (4,730
    )
    
    
    8,527
    
    
    
    10,241Chestnut Hall
    
    High Rise
    
    Oct-06
    
    Philadelphia, PA
    
    1923
    
    
    
    
    315
    
    
    
    12,047
    
    
    
    14,299
    
    
    
    4,653
    
    
    
    12,338
    
    
    
    18,661
    
    
    
    30,999
    
    
    
    (3,996
    )
    
    
    27,003
    
    
    
    18,690Chestnut Hill
    
    Garden
    
    Apr-00
    
    Philadelphia, PA
    
    1963
    
    
    
    
    821
    
    
    
    6,463
    
    
    
    49,315
    
    
    
    48,996
    
    
    
    6,463
    
    
    
    98,311
    
    
    
    104,774
    
    
    
    (36,814
    )
    
    
    67,960
    
    
    
    51,444Chimneys of Cradle Rock
    
    Garden
    
    Jun-04
    
    Columbia, MD
    
    1979
    
    
    
    
    198
    
    
    
    2,234
    
    
    
    8,107
    
    
    
    578
    
    
    
    2,040
    
    
    
    8,879
    
    
    
    10,919
    
    
    
    (2,284
    )
    
    
    8,635
    
    
    
    16,737Citrus Grove
    
    Garden
    
    Jun-98
    
    Redlands, CA
    
    1985
    
    
    
    
    198
    
    
    
    1,118
    
    
    
    6,642
    
    
    
    2,186
    
    
    
    1,118
    
    
    
    8,828
    
    
    
    9,946
    
    
    
    (3,983
    )
    
    
    5,963
    
    
    
    3,261Colonnade Gardens
    
    Garden
    
    Oct-97
    
    Phoenix, AZ
    
    1973
    
    
    
    
    196
    
    
    
    766
    
    
    
    4,346
    
    
    
    2,912
    
    
    
    766
    
    
    
    7,258
    
    
    
    8,024
    
    
    
    (3,615
    )
    
    
    4,409
    
    
    
    1,625
  F-53




---



##### 



(2)
    
    
    (3)(1)

    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2009Property
    
    Date
    
    
    
    Year
    
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    (5)
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Consolidation
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesColony at Kenilworth
    
    Garden
    
    Oct-99
    
    Towson, MD
    
    1966
    
    
    
    
    383
    
    
    
    2,403
    
    
    
    18,798
    
    
    
    10,801
    
    
    
    2,403
    
    
    
    29,599
    
    
    
    32,002
    
    
    
    (14,784
    )
    
    
    17,218
    
    
    
    24,443Columbus Avenue
    
    Mid Rise
    
    Sep-03
    
    New York, NY
    
    1880
    
    
    
    
    59
    
    
    
    35,472
    
    
    
    9,450
    
    
    
    3,599
    
    
    
    35,527
    
    
    
    12,994
    
    
    
    48,521
    
    
    
    (4,970
    )
    
    
    43,551
    
    
    
    25,826Country Lakes I
    
    Garden
    
    Apr-01
    
    Naperville, IL
    
    1982
    
    
    
    
    240
    
    
    
    8,512
    
    
    
    10,832
    
    
    
    3,300
    
    
    
    8,512
    
    
    
    14,132
    
    
    
    22,644
    
    
    
    (5,213
    )
    
    
    17,431
    
    
    
    14,557Country Lakes II
    
    Garden
    
    May-97
    
    Naperville, IL
    
    1986
    
    
    
    
    400
    
    
    
    5,165
    
    
    
    29,430
    
    
    
    5,921
    
    
    
    5,165
    
    
    
    35,351
    
    
    
    40,516
    
    
    
    (14,200
    )
    
    
    26,316
    
    
    
    24,893Creekside
    
    Garden
    
    Jan-00
    
    Denver, CO
    
    1974
    
    
    
    
    328
    
    
    
    2,953
    
    
    
    12,697
    
    
    
    5,028
    
    
    
    3,189
    
    
    
    17,489
    
    
    
    20,678
    
    
    
    (7,788
    )
    
    
    12,890
    
    
    
    14,359Creekside
    
    Garden
    
    Mar-02
    
    Simi Valley, CA
    
    1985
    
    
    
    
    397
    
    
    
    24,595
    
    
    
    18,818
    
    
    
    6,775
    
    
    
    25,245
    
    
    
    24,943
    
    
    
    50,188
    
    
    
    (8,109
    )
    
    
    42,079
    
    
    
    40,670Crescent at West Hollywood, The
    
    Mid Rise
    
    Mar-02
    
    West Hollywood, CA
    
    1982
    
    
    
    
    130
    
    
    
    15,382
    
    
    
    10,215
    
    
    
    14,817
    
    
    
    15,765
    
    
    
    24,649
    
    
    
    40,414
    
    
    
    (9,223
    )
    
    
    31,191
    
    
    
    24,195Defoors Crossing
    
    Garden
    
    Jan-06
    
    Atlanta, GA
    
    1987
    
    
    
    
    60
    
    
    
    348
    
    
    
    957
    
    
    
    392
    
    
    
    348
    
    
    
    1,349
    
    
    
    1,697
    
    
    
    (1,213
    )
    
    
    484
    
    
    
    Douglaston Villas and Townhomes
    
    Garden
    
    Aug-99
    
    Altamonte Springs, FL
    
    1979
    
    
    
    
    234
    
    
    
    1,666
    
    
    
    9,353
    
    
    
    7,460
    
    
    
    1,666
    
    
    
    16,813
    
    
    
    18,479
    
    
    
    (6,381
    )
    
    
    12,098
    
    
    
    10,512Elm Creek
    
    Mid Rise
    
    Dec-97
    
    Elmhurst, IL
    
    1986
    
    
    
    
    372
    
    
    
    5,534
    
    
    
    30,830
    
    
    
    17,422
    
    
    
    5,635
    
    
    
    48,151
    
    
    
    53,786
    
    
    
    (18,347
    )
    
    
    35,439
    
    
    
    35,154Evanston Place
    
    High Rise
    
    Dec-97
    
    Evanston, IL
    
    1988
    
    
    
    
    189
    
    
    
    3,232
    
    
    
    25,546
    
    
    
    4,398
    
    
    
    3,232
    
    
    
    29,944
    
    
    
    33,176
    
    
    
    (10,325
    )
    
    
    22,851
    
    
    
    21,645Fairlane East
    
    Garden
    
    Jan-01
    
    Dearborn, MI
    
    1973
    
    
    
    
    244
    
    
    
    6,550
    
    
    
    11,711
    
    
    
    5,136
    
    
    
    6,550
    
    
    
    16,847
    
    
    
    23,397
    
    
    
    (8,610
    )
    
    
    14,787
    
    
    
    10,200Farmingdale
    
    Mid Rise
    
    Oct-00
    
    Darien, IL
    
    1975
    
    
    
    
    240
    
    
    
    11,763
    
    
    
    15,174
    
    
    
    9,177
    
    
    
    11,763
    
    
    
    24,351
    
    
    
    36,114
    
    
    
    (9,406
    )
    
    
    26,708
    
    
    
    17,732Ferntree
    
    Garden
    
    Mar-01
    
    Phoenix, AZ
    
    1968
    
    
    
    
    219
    
    
    
    2,078
    
    
    
    13,752
    
    
    
    3,195
    
    
    
    2,079
    
    
    
    16,946
    
    
    
    19,025
    
    
    
    (6,327
    )
    
    
    12,698
    
    
    
    7,058Fishermans Village
    
    Garden
    
    Jan-06
    
    Indianapolis, IN
    
    1982
    
    
    
    
    328
    
    
    
    2,156
    
    
    
    9,936
    
    
    
    2,685
    
    
    
    2,156
    
    
    
    12,621
    
    
    
    14,777
    
    
    
    (7,059
    )
    
    
    7,718
    
    
    
    6,350Fishermans Wharf
    
    Garden
    
    Nov-96
    
    Clute, TX
    
    1981
    
    
    
    
    360
    
    
    
    1,257
    
    
    
    7,584
    
    
    
    5,428
    
    
    
    1,257
    
    
    
    13,012
    
    
    
    14,269
    
    
    
    (5,704
    )
    
    
    8,565
    
    
    
    6,930Flamingo Towers
    
    High Rise
    
    Sep-97
    
    Miami Beach,  FL
    
    1960
    
    
    
    
    1,127
    
    
    
    32,191
    
    
    
    38,399
    
    
    
    217,720
    
    
    
    32,239
    
    
    
    256,071
    
    
    
    288,310
    
    
    
    (91,197
    )
    
    
    197,113
    
    
    
    118,890Forestlake Apartments
    
    Garden
    
    Mar-07
    
    Daytona Beach,  FL
    
    1982
    
    
    
    
    120
    
    
    
    3,691
    
    
    
    4,320
    
    
    
    496
    
    
    
    3,860
    
    
    
    4,647
    
    
    
    8,507
    
    
    
    (623
    )
    
    
    7,884
    
    
    
    4,735Four Quarters Habitat
    
    Garden
    
    Jan-06
    
    Miami, FL
    
    1976
    
    
    
    
    336
    
    
    
    2,383
    
    
    
    17,199
    
    
    
    14,503
    
    
    
    2,379
    
    
    
    31,706
    
    
    
    34,085
    
    
    
    (11,365
    )
    
    
    22,720
    
    
    
    11,698Foxchase
    
    Garden
    
    Dec-97
    
    Alexandria, VA
    
    1947
    
    
    
    
    2,113
    
    
    
    15,419
    
    
    
    96,062
    
    
    
    31,800
    
    
    
    15,496
    
    
    
    127,785
    
    
    
    143,281
    
    
    
    (55,566
    )
    
    
    87,715
    
    
    
    184,131Georgetown
    
    Garden
    
    Aug-02
    
    Framingham, MA
    
    1964
    
    
    
    
    207
    
    
    
    12,351
    
    
    
    13,168
    
    
    
    2,091
    
    
    
    12,351
    
    
    
    15,259
    
    
    
    27,610
    
    
    
    (4,535
    )
    
    
    23,075
    
    
    
    12,775Glen at Forestlake, The
    
    Garden
    
    Mar-07
    
    Daytona Beach,  FL
    
    1982
    
    
    
    
    26
    
    
    
    897
    
    
    
    862
    
    
    
    182
    
    
    
    933
    
    
    
    1,008
    
    
    
    1,941
    
    
    
    (125
    )
    
    
    1,816
    
    
    
    1,039Glenbridge Manors
    
    Garden
    
    Sep-03
    
    Cincinnati, OH
    
    1978
    
    
    
    
    274
    
    
    
    1,030
    
    
    
    17,447
    
    
    
    14,108
    
    
    
    1,031
    
    
    
    31,554
    
    
    
    32,585
    
    
    
    (7,012
    )
    
    
    25,573
    
    
    
    16,820Granada
    
    Mid Rise
    
    Aug-02
    
    Framingham, MA
    
    1958
    
    
    
    
    72
    
    
    
    4,577
    
    
    
    4,058
    
    
    
    854
    
    
    
    4,577
    
    
    
    4,912
    
    
    
    9,489
    
    
    
    (2,043
    )
    
    
    7,446
    
    
    
    4,275Grand Pointe
    
    Garden
    
    Dec-99
    
    Columbia, MD
    
    1974
    
    
    
    
    325
    
    
    
    2,715
    
    
    
    16,771
    
    
    
    5,264
    
    
    
    2,715
    
    
    
    22,035
    
    
    
    24,750
    
    
    
    (8,144
    )
    
    
    16,606
    
    
    
    16,987Greens
    
    Garden
    
    Jul-94
    
    Chandler, AZ
    
    2000
    
    
    
    
    324
    
    
    
    2,303
    
    
    
    713
    
    
    
    27,244
    
    
    
    2,303
    
    
    
    27,957
    
    
    
    30,260
    
    
    
    (12,346
    )
    
    
    17,914
    
    
    
    12,855Greenspoint at Paradise Valley
    
    Garden
    
    Jan-00
    
    Phoenix, AZ
    
    1985
    
    
    
    
    336
    
    
    
    3,042
    
    
    
    13,223
    
    
    
    12,350
    
    
    
    3,042
    
    
    
    25,573
    
    
    
    28,615
    
    
    
    (11,541
    )
    
    
    17,074
    
    
    
    16,287Hampden Heights
    
    Garden
    
    Jan-00
    
    Denver, CO
    
    1973
    
    
    
    
    376
    
    
    
    3,224
    
    
    
    12,905
    
    
    
    5,893
    
    
    
    3,453
    
    
    
    18,569
    
    
    
    22,022
    
    
    
    (8,681
    )
    
    
    13,341
    
    
    
    13,830Harbour, The
    
    Garden
    
    Mar-01
    
    Melbourne, FL
    
    1987
    
    
    
    
    162
    
    
    
    4,108
    
    
    
    3,563
    
    
    
    5,774
    
    
    
    4,108
    
    
    
    9,337
    
    
    
    13,445
    
    
    
    (3,026
    )
    
    
    10,419
    
    
    
    Heritage Park at Alta Loma
    
    Garden
    
    Jan-01
    
    Alta Loma, CA
    
    1986
    
    
    
    
    232
    
    
    
    1,200
    
    
    
    6,428
    
    
    
    3,456
    
    
    
    1,200
    
    
    
    9,884
    
    
    
    11,084
    
    
    
    (3,560
    )
    
    
    7,524
    
    
    
    7,264Heritage Park Escondido
    
    Garden
    
    Oct-00
    
    Escondido, CA
    
    1986
    
    
    
    
    196
    
    
    
    1,055
    
    
    
    7,565
    
    
    
    1,325
    
    
    
    1,055
    
    
    
    8,890
    
    
    
    9,945
    
    
    
    (4,118
    )
    
    
    5,827
    
    
    
    7,299Heritage Park Livermore
    
    Garden
    
    Oct-00
    
    Livermore, CA
    
    1988
    
    
    
    
    167
    
    
    
    1,039
    
    
    
    9,170
    
    
    
    1,343
    
    
    
    1,039
    
    
    
    10,513
    
    
    
    11,552
    
    
    
    (4,639
    )
    
    
    6,913
    
    
    
    7,432Heritage Park Montclair
    
    Garden
    
    Mar-01
    
    Montclair, CA
    
    1985
    
    
    
    
    144
    
    
    
    690
    
    
    
    4,149
    
    
    
    1,206
    
    
    
    690
    
    
    
    5,355
    
    
    
    6,045
    
    
    
    (1,873
    )
    
    
    4,172
    
    
    
    4,620Heritage Village Anaheim
    
    Garden
    
    Oct-00
    
    Anaheim, CA
    
    1986
    
    
    
    
    196
    
    
    
    1,832
    
    
    
    8,541
    
    
    
    1,609
    
    
    
    1,832
    
    
    
    10,150
    
    
    
    11,982
    
    
    
    (4,777
    )
    
    
    7,205
    
    
    
    8,858Hidden Cove
    
    Garden
    
    Jul-98
    
    Escondido, CA
    
    1985
    
    
    
    
    334
    
    
    
    3,043
    
    
    
    17,615
    
    
    
    6,980
    
    
    
    3,043
    
    
    
    24,595
    
    
    
    27,638
    
    
    
    (10,158
    )
    
    
    17,480
    
    
    
    31,006Hidden Cove II
    
    Garden
    
    Jul-07
    
    Escondido, CA
    
    1986
    
    
    
    
    118
    
    
    
    12,730
    
    
    
    6,530
    
    
    
    5,473
    
    
    
    12,849
    
    
    
    11,884
    
    
    
    24,733
    
    
    
    (1,806
    )
    
    
    22,927
    
    
    
    11,586Hidden Harbour
    
    Garden
    
    Oct-02
    
    Melbourne, FL
    
    1985
    
    
    
    
    216
    
    
    
    1,444
    
    
    
    7,590
    
    
    
    4,798
    
    
    
    1,444
    
    
    
    12,388
    
    
    
    13,832
    
    
    
    (3,471
    )
    
    
    10,361
    
    
    
    Highcrest Townhomes
    
    Town Home
    
    Jan-03
    
    Woodridge, IL
    
    1968
    
    
    
    
    176
    
    
    
    3,045
    
    
    
    13,452
    
    
    
    1,368
    
    
    
    3,045
    
    
    
    14,820
    
    
    
    17,865
    
    
    
    (6,091
    )
    
    
    11,774
    
    
    
    10,876Highland Ridge
    
    Garden
    
    Sep-04
    
    Atlanta, GA
    
    1984
    
    
    
    
    219
    
    
    
    1,225
    
    
    
    6,174
    
    
    
    5,145
    
    
    
    1,242
    
    
    
    11,302
    
    
    
    12,544
    
    
    
    (4,605
    )
    
    
    7,939
    
    
    
    6,100Hillcreste
    
    Garden
    
    Mar-02
    
    Century City, CA
    
    1989
    
    
    
    
    315
    
    
    
    33,755
    
    
    
    47,216
    
    
    
    25,906
    
    
    
    35,862
    
    
    
    71,015
    
    
    
    106,877
    
    
    
    (21,022
    )
    
    
    85,855
    
    
    
    57,610Hillmeade
    
    Garden
    
    Nov-94
    
    Nashville, TN
    
    1985
    
    
    
    
    288
    
    
    
    2,872
    
    
    
    16,069
    
    
    
    13,564
    
    
    
    2,872
    
    
    
    29,633
    
    
    
    32,505
    
    
    
    (16,923
    )
    
    
    15,582
    
    
    
    18,376Homestead
    
    Garden
    
    Apr-05
    
    East Lansing, MI
    
    1986
    
    
    
    
    168
    
    
    
    1,565
    
    
    
    8,200
    
    
    
    761
    
    
    
    1,566
    
    
    
    8,960
    
    
    
    10,526
    
    
    
    (3,878
    )
    
    
    6,648
    
    
    
    3,372Horizons West Apartments
    
    Mid Rise
    
    Dec-06
    
    Pacifica,  CA
    
    1970
    
    
    
    
    78
    
    
    
    8,763
    
    
    
    6,376
    
    
    
    1,610
    
    
    
    8,887
    
    
    
    7,862
    
    
    
    16,749
    
    
    
    (1,059
    )
    
    
    15,690
    
    
    
    5,377Hunt Club
    
    Garden
    
    Sep-00
    
    Gaithersburg, MD
    
    1986
    
    
    
    
    336
    
    
    
    17,859
    
    
    
    13,149
    
    
    
    3,598
    
    
    
    17,859
    
    
    
    16,747
    
    
    
    34,606
    
    
    
    (6,372
    )
    
    
    28,234
    
    
    
    32,160Hunt Club
    
    Garden
    
    Mar-01
    
    Austin, TX
    
    1987
    
    
    
    
    384
    
    
    
    10,342
    
    
    
    11,920
    
    
    
    8,537
    
    
    
    10,342
    
    
    
    20,457
    
    
    
    30,799
    
    
    
    (9,758
    )
    
    
    21,041
    
    
    
    16,499Hunters Chase
    
    Garden
    
    Jan-01
    
    Midlothian, VA
    
    1985
    
    
    
    
    320
    
    
    
    7,935
    
    
    
    7,915
    
    
    
    3,259
    
    
    
    7,935
    
    
    
    11,174
    
    
    
    19,109
    
    
    
    (3,398
    )
    
    
    15,711
    
    
    
    16,407Hunters Crossing
    
    Garden
    
    Apr-01
    
    Leesburg, VA
    
    1967
    
    
    
    
    164
    
    
    
    2,244
    
    
    
    7,763
    
    
    
    4,079
    
    
    
    2,244
    
    
    
    11,842
    
    
    
    14,086
    
    
    
    (6,371
    )
    
    
    7,715
    
    
    
    6,940Hunters Glen IV
    
    Garden
    
    Oct-99
    
    Plainsboro, NJ
    
    1976
    
    
    
    
    264
    
    
    
    2,709
    
    
    
    14,420
    
    
    
    4,819
    
    
    
    2,709
    
    
    
    19,239
    
    
    
    21,948
    
    
    
    (9,525
    )
    
    
    12,423
    
    
    
    20,191Hunters Glen V
    
    Garden
    
    Oct-99
    
    Plainsboro, NJ
    
    1977
    
    
    
    
    304
    
    
    
    3,283
    
    
    
    17,337
    
    
    
    5,211
    
    
    
    3,283
    
    
    
    22,548
    
    
    
    25,831
    
    
    
    (11,087
    )
    
    
    14,744
    
    
    
    24,194Hunters Glen VI
    
    Garden
    
    Oct-99
    
    Plainsboro, NJ
    
    1977
    
    
    
    
    328
    
    
    
    2,787
    
    
    
    15,501
    
    
    
    6,075
    
    
    
    2,787
    
    
    
    21,576
    
    
    
    24,363
    
    
    
    (11,389
    )
    
    
    12,974
    
    
    
    25,182Hyde Park Tower
    
    High Rise
    
    Oct-04
    
    Chicago, IL
    
    1990
    
    
    
    
    155
    
    
    
    4,683
    
    
    
    14,928
    
    
    
    1,931
    
    
    
    4,731
    
    
    
    16,811
    
    
    
    21,542
    
    
    
    (2,913
    )
    
    
    18,629
    
    
    
    13,781Independence Green
    
    Garden
    
    Jan-06
    
    Farmington Hills, MI
    
    1960
    
    
    
    
    981
    
    
    
    10,293
    
    
    
    24,586
    
    
    
    20,189
    
    
    
    10,156
    
    
    
    44,912
    
    
    
    55,068
    
    
    
    (13,065
    )
    
    
    42,003
    
    
    
    27,758Indian Oaks
    
    Garden
    
    Mar-02
    
    Simi Valley, CA
    
    1986
    
    
    
    
    254
    
    
    
    23,927
    
    
    
    15,801
    
    
    
    3,489
    
    
    
    24,523
    
    
    
    18,694
    
    
    
    43,217
    
    
    
    (5,884
    )
    
    
    37,333
    
    
    
    33,171Island Club
    
    Garden
    
    Oct-00
    
    Oceanside, CA
    
    1986
    
    
    
    
    592
    
    
    
    18,027
    
    
    
    28,654
    
    
    
    11,220
    
    
    
    18,027
    
    
    
    39,874
    
    
    
    57,901
    
    
    
    (15,731
    )
    
    
    42,170
    
    
    
    64,973Island Club (Beville)
    
    Garden
    
    Oct-00
    
    Daytona Beach, FL
    
    1986
    
    
    
    
    204
    
    
    
    6,086
    
    
    
    8,571
    
    
    
    2,135
    
    
    
    6,087
    
    
    
    10,705
    
    
    
    16,792
    
    
    
    (4,444
    )
    
    
    12,348
    
    
    
    8,440Key Towers
    
    High Rise
    
    Apr-01
    
    Alexandria, VA
    
    1964
    
    
    
    
    140
    
    
    
    1,526
    
    
    
    7,050
    
    
    
    3,849
    
    
    
    1,526
    
    
    
    10,899
    
    
    
    12,425
    
    
    
    (4,859
    )
    
    
    7,566
    
    
    
    10,868Lakeside
    
    Garden
    
    Oct-99
    
    Lisle, IL
    
    1972
    
    
    
    
    568
    
    
    
    5,840
    
    
    
    27,937
    
    
    
    28,127
    
    
    
    5,840
    
    
    
    56,064
    
    
    
    61,904
    
    
    
    (22,153
    )
    
    
    39,751
    
    
    
    29,375Lakeside at Vinings Mountain
    
    Garden
    
    Jan-00
    
    Atlanta, GA
    
    1983
    
    
    
    
    220
    
    
    
    2,109
    
    
    
    11,863
    
    
    
    15,149
    
    
    
    2,109
    
    
    
    27,012
    
    
    
    29,121
    
    
    
    (10,884
    )
    
    
    18,237
    
    
    
    9,666Lakeside Place
    
    Garden
    
    Oct-99
    
    Houston, TX
    
    1976
    
    
    
    
    734
    
    
    
    6,160
    
    
    
    34,151
    
    
    
    15,942
    
    
    
    6,160
    
    
    
    50,093
    
    
    
    56,253
    
    
    
    (21,654
    )
    
    
    34,599
    
    
    
    26,955Lamplighter Park
    
    Garden
    
    Apr-00
    
    Bellevue, WA
    
    1967
    
    
    
    
    174
    
    
    
    2,225
    
    
    
    9,272
    
    
    
    4,150
    
    
    
    2,225
    
    
    
    13,422
    
    
    
    15,647
    
    
    
    (6,442
    )
    
    
    9,205
    
    
    
    10,576Latrobe
    
    High Rise
    
    Jan-03
    
    Washington, DC
    
    1980
    
    
    
    
    175
    
    
    
    3,459
    
    
    
    9,103
    
    
    
    15,543
    
    
    
    3,459
    
    
    
    24,646
    
    
    
    28,105
    
    
    
    (10,353
    )
    
    
    17,752
    
    
    
    22,192Lazy Hollow
    
    Garden
    
    Apr-05
    
    Columbia, MD
    
    1979
    
    
    
    
    178
    
    
    
    2,424
    
    
    
    12,181
    
    
    
    956
    
    
    
    2,424
    
    
    
    13,137
    
    
    
    15,561
    
    
    
    (5,520
    )
    
    
    10,041
    
    
    
    7,867Leahy Square
    
    Garden
    
    Apr-07
    
    Redwood City,  CA
    
    1973
    
    
    
    
    110
    
    
    
    15,352
    
    
    
    7,909
    
    
    
    1,755
    
    
    
    15,444
    
    
    
    9,572
    
    
    
    25,016
    
    
    
    (1,631
    )
    
    
    23,385
    
    
    
    15,185Lewis Park
    
    Garden
    
    Jan-06
    
    Carbondale, IL
    
    1972
    
    
    
    
    269
    
    
    
    1,407
    
    
    
    12,193
    
    
    
    3,183
    
    
    
    1,404
    
    
    
    15,379
    
    
    
    16,783
    
    
    
    (8,520
    )
    
    
    8,263
    
    
    
    3,981Lincoln Place Garden
    
    Garden
    
    Oct-04
    
    Venice, CA
    
    1951
    
    
    
    
    692
    
    
    
    43,979
    
    
    
    10,439
    
    
    
    86,174
    
    
    
    42,894
    
    
    
    97,698
    
    
    
    140,592
    
    
    
    (1,691
    )
    
    
    138,901
    
    
    
    65,000Lodge at Chattahoochee, The
    
    Garden
    
    Oct-99
    
    Sandy Springs, GA
    
    1970
    
    
    
    
    312
    
    
    
    2,320
    
    
    
    16,370
    
    
    
    21,615
    
    
    
    2,320
    
    
    
    37,985
    
    
    
    40,305
    
    
    
    (15,095
    )
    
    
    25,210
    
    
    
    11,087Los Arboles
    
    Garden
    
    Sep-97
    
    Chandler, AZ
    
    1985
    
    
    
    
    232
    
    
    
    1,662
    
    
    
    9,504
    
    
    
    3,197
    
    
    
    1,662
    
    
    
    12,701
    
    
    
    14,363
    
    
    
    (5,741
    )
    
    
    8,622
    
    
    
    8,086Malibu Canyon
    
    Garden
    
    Mar-02
    
    Calabasas, CA
    
    1986
    
    
    
    
    698
    
    
    
    66,257
    
    
    
    53,438
    
    
    
    34,982
    
    
    
    69,834
    
    
    
    84,843
    
    
    
    154,677
    
    
    
    (30,295
    )
    
    
    124,382
    
    
    
    97,604Maple Bay
    
    Garden
    
    Dec-99
    
    Virginia Beach, VA
    
    1971
    
    
    
    
    414
    
    
    
    2,598
    
    
    
    16,141
    
    
    
    29,935
    
    
    
    2,598
    
    
    
    46,076
    
    
    
    48,674
    
    
    
    (15,809
    )
    
    
    32,865
    
    
    
    33,548Mariners Cove
    
    Garden
    
    Mar-02
    
    San Diego, CA
    
    1984
    
    
    
    
    500
    
    
    
    
    
    
    
    66,861
    
    
    
    7,271
    
    
    
    
    
    
    
    74,132
    
    
    
    74,132
    
    
    
    (18,728
    )
    
    
    55,404
    
    
    
    5,813Meadow Creek
    
    Garden
    
    Jul-94
    
    Boulder, CO
    
    1972
    
    
    
    
    332
    
    
    
    1,435
    
    
    
    24,532
    
    
    
    6,358
    
    
    
    1,435
    
    
    
    30,890
    
    
    
    32,325
    
    
    
    (13,197
    )
    
    
    19,128
    
    
    
    24,071Merrill House
    
    High Rise
    
    Jan-00
    
    Falls Church, VA
    
    1962
    
    
    
    
    159
    
    
    
    1,836
    
    
    
    10,831
    
    
    
    5,863
    
    
    
    1,836
    
    
    
    16,694
    
    
    
    18,530
    
    
    
    (4,452
    )
    
    
    14,078
    
    
    
    15,600Mesa Royale
    
    Garden
    
    Jul-94
    
    Mesa, AZ
    
    1985
    
    
    
    
    152
    
    
    
    832
    
    
    
    4,569
    
    
    
    9,585
    
    
    
    832
    
    
    
    14,154
    
    
    
    14,986
    
    
    
    (5,290
    )
    
    
    9,696
    
    
    
    Montecito
    
    Garden
    
    Jul-94
    
    Austin, TX
    
    1985
    
    
    
    
    268
    
    
    
    1,268
    
    
    
    6,896
    
    
    
    4,958
    
    
    
    1,267
    
    
    
    11,855
    
    
    
    13,122
    
    
    
    (6,165
    )
    
    
    6,957
    
    
    
    996
  F-54




---



##### 



(2)
    
    
    (3)(1)

    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2009Property
    
    Date
    
    
    
    Year
    
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    (5)
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Consolidation
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesMonterey Grove
    
    Garden
    
    Jun-08
    
    San Jose, CA
    
    1999
    
    
    
    
    224
    
    
    
    34,175
    
    
    
    21,939
    
    
    
    2,072
    
    
    
    34,325
    
    
    
    23,861
    
    
    
    58,186
    
    
    
    (1,806
    )
    
    
    56,380
    
    
    
    35,000Oak Park Village
    
    Garden
    
    Oct-00
    
    Lansing, MI
    
    1973
    
    
    
    
    618
    
    
    
    10,048
    
    
    
    16,771
    
    
    
    7,340
    
    
    
    10,048
    
    
    
    24,111
    
    
    
    34,159
    
    
    
    (12,777
    )
    
    
    21,382
    
    
    
    23,487Ocean Oaks
    
    Garden
    
    May-98
    
    Port Orange, FL
    
    1988
    
    
    
    
    296
    
    
    
    2,132
    
    
    
    12,855
    
    
    
    3,242
    
    
    
    2,132
    
    
    
    16,097
    
    
    
    18,229
    
    
    
    (6,492
    )
    
    
    11,737
    
    
    
    10,295One Lytle Place
    
    High Rise
    
    Jan-00
    
    Cincinnati ,OH
    
    1980
    
    
    
    
    231
    
    
    
    2,662
    
    
    
    21,800
    
    
    
    12,551
    
    
    
    2,662
    
    
    
    34,351
    
    
    
    37,013
    
    
    
    (12,139
    )
    
    
    24,874
    
    
    
    15,450Pacific Bay Vistas
    
    Garden
    
    Mar-01
    
    San Bruno, CA
    
    1987
    
    
    
    
    308
    
    
    
    3,703
    
    
    
    62,460
    
    
    
    22,184
    
    
    
    22,994
    
    
    
    65,353
    
    
    
    88,347
    
    
    
    (55,442
    )
    
    
    32,905
    
    
    
    Pacifica Park
    
    Garden
    
    Jul-06
    
    Pacifica, CA
    
    1977
    
    
    
    
    104
    
    
    
    12,770
    
    
    
    6,579
    
    
    
    3,183
    
    
    
    12,970
    
    
    
    9,562
    
    
    
    22,532
    
    
    
    (2,205
    )
    
    
    20,327
    
    
    
    11,260Palazzo at Park La Brea, The
    
    Mid Rise
    
    Feb-04
    
    Los Angeles, CA
    
    2002
    
    
    
    
    521
    
    
    
    47,822
    
    
    
    125,464
    
    
    
    8,804
    
    
    
    48,362
    
    
    
    133,728
    
    
    
    182,090
    
    
    
    (30,135
    )
    
    
    151,955
    
    
    
    125,554Palazzo East at Park La Brea, The
    
    Mid Rise
    
    Mar-05
    
    Los Angeles, CA
    
    2005
    
    
    
    
    611
    
    
    
    61,004
    
    
    
    136,503
    
    
    
    22,142
    
    
    
    72,578
    
    
    
    147,071
    
    
    
    219,649
    
    
    
    (26,968
    )
    
    
    192,681
    
    
    
    150,000Paradise Palms
    
    Garden
    
    Jul-94
    
    Phoenix, AZ
    
    1985
    
    
    
    
    129
    
    
    
    647
    
    
    
    3,515
    
    
    
    6,959
    
    
    
    647
    
    
    
    10,474
    
    
    
    11,121
    
    
    
    (5,539
    )
    
    
    5,582
    
    
    
    6,400Park at Cedar Lawn, The
    
    Garden
    
    Nov-96
    
    Galveston, TX
    
    1985
    
    
    
    
    192
    
    
    
    1,025
    
    
    
    2,521
    
    
    
    3,585
    
    
    
    1,025
    
    
    
    6,106
    
    
    
    7,131
    
    
    
    (2,539
    )
    
    
    4,592
    
    
    
    Park Towne Place
    
    High Rise
    
    Apr-00
    
    Philadelphia, PA
    
    1959
    
    
    
    
    959
    
    
    
    10,451
    
    
    
    47,301
    
    
    
    54,589
    
    
    
    10,451
    
    
    
    101,890
    
    
    
    112,341
    
    
    
    (23,850
    )
    
    
    88,491
    
    
    
    86,343Parktown Townhouses
    
    Garden
    
    Oct-99
    
    Deer Park, TX
    
    1968
    
    
    
    
    309
    
    
    
    2,570
    
    
    
    12,052
    
    
    
    9,410
    
    
    
    2,570
    
    
    
    21,462
    
    
    
    24,032
    
    
    
    (8,186
    )
    
    
    15,846
    
    
    
    5,618Parkway
    
    Garden
    
    Mar-00
    
    Willamsburg, VA
    
    1971
    
    
    
    
    148
    
    
    
    386
    
    
    
    2,834
    
    
    
    2,754
    
    
    
    386
    
    
    
    5,588
    
    
    
    5,974
    
    
    
    (3,284
    )
    
    
    2,690
    
    
    
    9,273Pathfinder Village
    
    Garden
    
    Jan-06
    
    Fremont, CA
    
    1973
    
    
    
    
    246
    
    
    
    19,595
    
    
    
    14,838
    
    
    
    8,147
    
    
    
    19,595
    
    
    
    22,985
    
    
    
    42,580
    
    
    
    (3,163
    )
    
    
    39,417
    
    
    
    19,348Peachtree Park
    
    Garden
    
    Jan-96
    
    Atlanta, GA
    
    1962
    
    
    
    
    303
    
    
    
    4,683
    
    
    
    11,713
    
    
    
    9,900
    
    
    
    4,683
    
    
    
    21,613
    
    
    
    26,296
    
    
    
    (9,890
    )
    
    
    16,406
    
    
    
    9,543Peak at Vinings Mountain, The
    
    Garden
    
    Jan-00
    
    Atlanta, GA
    
    1980
    
    
    
    
    280
    
    
    
    2,651
    
    
    
    13,660
    
    
    
    17,606
    
    
    
    2,651
    
    
    
    31,266
    
    
    
    33,917
    
    
    
    (12,410
    )
    
    
    21,507
    
    
    
    10,412Peakview Place
    
    Garden
    
    Jan-00
    
    Englewood, CO
    
    1975
    
    
    
    
    296
    
    
    
    3,440
    
    
    
    18,734
    
    
    
    4,547
    
    
    
    3,440
    
    
    
    23,281
    
    
    
    26,721
    
    
    
    (15,330
    )
    
    
    11,391
    
    
    
    12,711Pebble Point
    
    Garden
    
    Oct-02
    
    Indianapolis, IN
    
    1980
    
    
    
    
    220
    
    
    
    1,790
    
    
    
    6,883
    
    
    
    2,612
    
    
    
    1,790
    
    
    
    9,495
    
    
    
    11,285
    
    
    
    (4,526
    )
    
    
    6,759
    
    
    
    5,430Peppertree
    
    Garden
    
    Mar-02
    
    Cypress, CA
    
    1971
    
    
    
    
    136
    
    
    
    7,835
    
    
    
    5,224
    
    
    
    2,778
    
    
    
    8,030
    
    
    
    7,807
    
    
    
    15,837
    
    
    
    (2,743
    )
    
    
    13,094
    
    
    
    15,750Pine Lake Terrace
    
    Garden
    
    Mar-02
    
    Garden Grove, CA
    
    1971
    
    
    
    
    111
    
    
    
    3,975
    
    
    
    6,035
    
    
    
    2,094
    
    
    
    4,125
    
    
    
    7,979
    
    
    
    12,104
    
    
    
    (2,531
    )
    
    
    9,573
    
    
    
    12,000Pine Shadows
    
    Garden
    
    May-98
    
    Tempe, AZ
    
    1983
    
    
    
    
    272
    
    
    
    2,095
    
    
    
    11,899
    
    
    
    3,725
    
    
    
    2,095
    
    
    
    15,624
    
    
    
    17,719
    
    
    
    (7,375
    )
    
    
    10,344
    
    
    
    7,500Pines, The
    
    Garden
    
    Oct-98
    
    Palm Bay, FL
    
    1984
    
    
    
    
    216
    
    
    
    603
    
    
    
    3,318
    
    
    
    2,716
    
    
    
    603
    
    
    
    6,034
    
    
    
    6,637
    
    
    
    (2,415
    )
    
    
    4,222
    
    
    
    1,937Plantation Gardens
    
    Garden
    
    Oct-99
    
    Plantation ,FL
    
    1971
    
    
    
    
    372
    
    
    
    3,773
    
    
    
    19,443
    
    
    
    6,204
    
    
    
    3,773
    
    
    
    25,647
    
    
    
    29,420
    
    
    
    (10,871
    )
    
    
    18,549
    
    
    
    24,141Post Ridge
    
    Garden
    
    Jul-00
    
    Nashville, TN
    
    1972
    
    
    
    
    150
    
    
    
    1,883
    
    
    
    6,712
    
    
    
    3,517
    
    
    
    1,883
    
    
    
    10,229
    
    
    
    12,112
    
    
    
    (4,456
    )
    
    
    7,656
    
    
    
    6,042Ramblewood
    
    Garden
    
    Dec-99
    
    Wyoming, MI
    
    1973
    
    
    
    
    1,708
    
    
    
    8,607
    
    
    
    61,082
    
    
    
    1,930
    
    
    
    8,661
    
    
    
    62,958
    
    
    
    71,619
    
    
    
    (12,161
    )
    
    
    59,458
    
    
    
    34,944Ravensworth Towers
    
    High Rise
    
    Jun-04
    
    Annandale, VA
    
    1974
    
    
    
    
    219
    
    
    
    3,455
    
    
    
    17,157
    
    
    
    2,272
    
    
    
    3,455
    
    
    
    19,429
    
    
    
    22,884
    
    
    
    (9,501
    )
    
    
    13,383
    
    
    
    20,685Reflections
    
    Garden
    
    Sep-00
    
    Virginia Beach, VA
    
    1987
    
    
    
    
    480
    
    
    
    15,988
    
    
    
    13,684
    
    
    
    5,255
    
    
    
    15,988
    
    
    
    18,939
    
    
    
    34,927
    
    
    
    (7,638
    )
    
    
    27,289
    
    
    
    39,451Reflections
    
    Garden
    
    Oct-00
    
    West Palm Beach, FL
    
    1986
    
    
    
    
    300
    
    
    
    5,504
    
    
    
    9,984
    
    
    
    4,113
    
    
    
    5,504
    
    
    
    14,097
    
    
    
    19,601
    
    
    
    (5,272
    )
    
    
    14,329
    
    
    
    9,190Reflections
    
    Garden
    
    Oct-02
    
    Casselberry, FL
    
    1984
    
    
    
    
    336
    
    
    
    3,906
    
    
    
    10,491
    
    
    
    4,233
    
    
    
    3,906
    
    
    
    14,724
    
    
    
    18,630
    
    
    
    (4,662
    )
    
    
    13,968
    
    
    
    10,700Regency Oaks
    
    Garden
    
    Oct-99
    
    Fern Park, FL
    
    1965
    
    
    
    
    343
    
    
    
    1,832
    
    
    
    9,905
    
    
    
    8,398
    
    
    
    1,832
    
    
    
    18,303
    
    
    
    20,135
    
    
    
    (10,017
    )
    
    
    10,118
    
    
    
    11,134Remington at Ponte Vedra Lakes
    
    Garden
    
    Dec-06
    
    Ponte Vedra Beach, FL
    
    1986
    
    
    
    
    344
    
    
    
    18,576
    
    
    
    18,650
    
    
    
    2,242
    
    
    
    18,795
    
    
    
    20,673
    
    
    
    39,468
    
    
    
    (3,586
    )
    
    
    35,882
    
    
    
    24,695River Club
    
    Garden
    
    Apr-05
    
    Edgewater, NJ
    
    1998
    
    
    
    
    266
    
    
    
    30,578
    
    
    
    30,638
    
    
    
    1,910
    
    
    
    30,579
    
    
    
    32,547
    
    
    
    63,126
    
    
    
    (6,208
    )
    
    
    56,918
    
    
    
    39,373River Reach
    
    Garden
    
    Sep-00
    
    Naples, FL
    
    1986
    
    
    
    
    556
    
    
    
    17,728
    
    
    
    18,337
    
    
    
    6,365
    
    
    
    17,728
    
    
    
    24,702
    
    
    
    42,430
    
    
    
    (10,002
    )
    
    
    32,428
    
    
    
    23,452Riverbend Village
    
    Garden
    
    Jul-01
    
    Arlington, TX
    
    1983
    
    
    
    
    201
    
    
    
    893
    
    
    
    4,128
    
    
    
    4,963
    
    
    
    893
    
    
    
    9,091
    
    
    
    9,984
    
    
    
    (3,967
    )
    
    
    6,017
    
    
    
    Riverloft
    
    High Rise
    
    Oct-99
    
    Philadelphia, PA
    
    1910
    
    
    
    
    184
    
    
    
    2,120
    
    
    
    11,287
    
    
    
    31,118
    
    
    
    2,120
    
    
    
    42,405
    
    
    
    44,525
    
    
    
    (15,462
    )
    
    
    29,063
    
    
    
    19,951Riverside
    
    High Rise
    
    Apr-00
    
    Alexandria ,VA
    
    1973
    
    
    
    
    1,222
    
    
    
    10,433
    
    
    
    65,474
    
    
    
    76,986
    
    
    
    10,433
    
    
    
    142,460
    
    
    
    152,893
    
    
    
    (59,333
    )
    
    
    93,560
    
    
    
    96,289Rosewood
    
    Garden
    
    Mar-02
    
    Camarillo, CA
    
    1976
    
    
    
    
    152
    
    
    
    12,128
    
    
    
    8,060
    
    
    
    2,407
    
    
    
    12,430
    
    
    
    10,165
    
    
    
    22,595
    
    
    
    (3,320
    )
    
    
    19,275
    
    
    
    17,900Royal Crest Estates
    
    Garden
    
    Aug-02
    
    Fall River, MA
    
    1974
    
    
    
    
    216
    
    
    
    5,832
    
    
    
    12,044
    
    
    
    1,953
    
    
    
    5,832
    
    
    
    13,997
    
    
    
    19,829
    
    
    
    (5,694
    )
    
    
    14,135
    
    
    
    12,161Royal Crest Estates
    
    Garden
    
    Aug-02
    
    Warwick, RI
    
    1972
    
    
    
    
    492
    
    
    
    22,433
    
    
    
    24,095
    
    
    
    5,296
    
    
    
    22,433
    
    
    
    29,391
    
    
    
    51,824
    
    
    
    (12,162
    )
    
    
    39,662
    
    
    
    37,890Royal Crest Estates
    
    Garden
    
    Aug-02
    
    Marlborough, MA
    
    1970
    
    
    
    
    473
    
    
    
    25,178
    
    
    
    28,786
    
    
    
    3,835
    
    
    
    25,178
    
    
    
    32,621
    
    
    
    57,799
    
    
    
    (13,594
    )
    
    
    44,205
    
    
    
    35,400Royal Crest Estates
    
    Garden
    
    Aug-02
    
    North Andover, MA
    
    1970
    
    
    
    
    588
    
    
    
    51,292
    
    
    
    36,808
    
    
    
    9,632
    
    
    
    51,292
    
    
    
    46,440
    
    
    
    97,732
    
    
    
    (18,797
    )
    
    
    78,935
    
    
    
    60,305Royal Crest Estates
    
    Garden
    
    Aug-02
    
    Nashua, NH
    
    1970
    
    
    
    
    902
    
    
    
    68,231
    
    
    
    45,562
    
    
    
    11,187
    
    
    
    68,231
    
    
    
    56,749
    
    
    
    124,980
    
    
    
    (25,003
    )
    
    
    99,977
    
    
    
    50,667Runaway Bay
    
    Garden
    
    Oct-00
    
    Lantana, FL
    
    1987
    
    
    
    
    404
    
    
    
    5,934
    
    
    
    16,052
    
    
    
    7,643
    
    
    
    5,934
    
    
    
    23,695
    
    
    
    29,629
    
    
    
    (7,842
    )
    
    
    21,787
    
    
    
    21,644Runaway Bay
    
    Garden
    
    Jul-02
    
    Pinellas Park, FL
    
    1986
    
    
    
    
    192
    
    
    
    1,884
    
    
    
    7,045
    
    
    
    1,831
    
    
    
    1,884
    
    
    
    8,876
    
    
    
    10,760
    
    
    
    (2,402
    )
    
    
    8,358
    
    
    
    9,004Sandpiper Cove
    
    Garden
    
    Dec-97
    
    Boynton Beach, FL
    
    1987
    
    
    
    
    416
    
    
    
    3,511
    
    
    
    21,396
    
    
    
    7,141
    
    
    
    3,511
    
    
    
    28,537
    
    
    
    32,048
    
    
    
    (11,039
    )
    
    
    21,009
    
    
    
    29,425Savannah Trace
    
    Garden
    
    Mar-01
    
    Shaumburg, IL
    
    1986
    
    
    
    
    368
    
    
    
    13,960
    
    
    
    20,731
    
    
    
    4,001
    
    
    
    13,960
    
    
    
    24,732
    
    
    
    38,692
    
    
    
    (8,502
    )
    
    
    30,190
    
    
    
    22,282Scandia
    
    Garden
    
    Oct-00
    
    Indianapolis, IN
    
    1977
    
    
    
    
    444
    
    
    
    10,540
    
    
    
    9,852
    
    
    
    12,780
    
    
    
    10,539
    
    
    
    22,633
    
    
    
    33,172
    
    
    
    (11,260
    )
    
    
    21,912
    
    
    
    19,163Scotchollow
    
    Garden
    
    Jan-06
    
    San Mateo, CA
    
    1971
    
    
    
    
    418
    
    
    
    49,474
    
    
    
    17,756
    
    
    
    7,733
    
    
    
    49,473
    
    
    
    25,490
    
    
    
    74,963
    
    
    
    (3,128
    )
    
    
    71,835
    
    
    
    49,605Scottsdale Gateway I
    
    Garden
    
    Oct-97
    
    Tempe, AZ
    
    1965
    
    
    
    
    124
    
    
    
    591
    
    
    
    3,359
    
    
    
    8,017
    
    
    
    591
    
    
    
    11,376
    
    
    
    11,967
    
    
    
    (4,075
    )
    
    
    7,892
    
    
    
    5,800Scottsdale Gateway II
    
    Garden
    
    Oct-97
    
    Tempe, AZ
    
    1976
    
    
    
    
    487
    
    
    
    2,458
    
    
    
    13,927
    
    
    
    23,353
    
    
    
    2,458
    
    
    
    37,280
    
    
    
    39,738
    
    
    
    (15,204
    )
    
    
    24,534
    
    
    
    5,087Shadow Creek
    
    Garden
    
    May-98
    
    Mesa, AZ
    
    1984
    
    
    
    
    266
    
    
    
    2,016
    
    
    
    11,886
    
    
    
    3,790
    
    
    
    2,016
    
    
    
    15,676
    
    
    
    17,692
    
    
    
    (7,685
    )
    
    
    10,007
    
    
    
    Shenandoah Crossing
    
    Garden
    
    Sep-00
    
    Fairfax, VA
    
    1984
    
    
    
    
    640
    
    
    
    18,492
    
    
    
    57,197
    
    
    
    7,499
    
    
    
    18,492
    
    
    
    64,696
    
    
    
    83,188
    
    
    
    (27,715
    )
    
    
    55,473
    
    
    
    69,724Signal Pointe
    
    Garden
    
    Oct-99
    
    Winter Park, FL
    
    1971
    
    
    
    
    368
    
    
    
    2,382
    
    
    
    11,359
    
    
    
    21,447
    
    
    
    2,382
    
    
    
    32,806
    
    
    
    35,188
    
    
    
    (10,480
    )
    
    
    24,708
    
    
    
    18,596Signature Point
    
    Garden
    
    Nov-96
    
    League City, TX
    
    1994
    
    
    
    
    304
    
    
    
    2,810
    
    
    
    17,579
    
    
    
    2,810
    
    
    
    2,810
    
    
    
    20,389
    
    
    
    23,199
    
    
    
    (6,784
    )
    
    
    16,415
    
    
    
    10,823Springwoods at Lake Ridge
    
    Garden
    
    Jul-02
    
    Woodbridge, VA
    
    1984
    
    
    
    
    180
    
    
    
    5,587
    
    
    
    7,284
    
    
    
    1,278
    
    
    
    5,587
    
    
    
    8,562
    
    
    
    14,149
    
    
    
    (1,944
    )
    
    
    12,205
    
    
    
    14,502Spyglass at Cedar Cove
    
    Garden
    
    Sep-00
    
    Lexington Park, MD
    
    1985
    
    
    
    
    152
    
    
    
    3,241
    
    
    
    5,094
    
    
    
    2,479
    
    
    
    3,241
    
    
    
    7,573
    
    
    
    10,814
    
    
    
    (3,237
    )
    
    
    7,577
    
    
    
    10,300Stafford
    
    High Rise
    
    Oct-02
    
    Baltimore, MD
    
    1889
    
    
    
    
    96
    
    
    
    706
    
    
    
    4,032
    
    
    
    3,131
    
    
    
    562
    
    
    
    7,307
    
    
    
    7,869
    
    
    
    (3,524
    )
    
    
    4,345
    
    
    
    4,315Steeplechase
    
    Garden
    
    Sep-00
    
    Largo, MD
    
    1986
    
    
    
    
    240
    
    
    
    3,675
    
    
    
    16,111
    
    
    
    3,301
    
    
    
    3,675
    
    
    
    19,412
    
    
    
    23,087
    
    
    
    (7,106
    )
    
    
    15,981
    
    
    
    23,600Steeplechase
    
    Garden
    
    Jul-02
    
    Plano, TX
    
    1985
    
    
    
    
    368
    
    
    
    7,056
    
    
    
    10,510
    
    
    
    6,974
    
    
    
    7,056
    
    
    
    17,484
    
    
    
    24,540
    
    
    
    (5,158
    )
    
    
    19,382
    
    
    
    13,987Sterling Apartment Homes, The
    
    Garden
    
    Oct-99
    
    Philadelphia, PA
    
    1962
    
    
    
    
    535
    
    
    
    8,871
    
    
    
    55,364
    
    
    
    17,358
    
    
    
    8,871
    
    
    
    72,722
    
    
    
    81,593
    
    
    
    (30,782
    )
    
    
    50,811
    
    
    
    77,915Stone Creek Club
    
    Garden
    
    Sep-00
    
    Germantown, MD
    
    1984
    
    
    
    
    240
    
    
    
    13,593
    
    
    
    9,347
    
    
    
    2,948
    
    
    
    13,593
    
    
    
    12,295
    
    
    
    25,888
    
    
    
    (6,743
    )
    
    
    19,145
    
    
    
    24,900Summit Creek
    
    Garden
    
    May-98
    
    Austin, TX
    
    1985
    
    
    
    
    164
    
    
    
    1,211
    
    
    
    6,037
    
    
    
    2,591
    
    
    
    1,211
    
    
    
    8,628
    
    
    
    9,839
    
    
    
    (3,285
    )
    
    
    6,554
    
    
    
    5,670Sun Lake
    
    Garden
    
    May-98
    
    Lake Mary, FL
    
    1986
    
    
    
    
    600
    
    
    
    4,551
    
    
    
    25,543
    
    
    
    30,903
    
    
    
    4,551
    
    
    
    56,446
    
    
    
    60,997
    
    
    
    (20,010
    )
    
    
    40,987
    
    
    
    35,727Sun River Village
    
    Garden
    
    Oct-99
    
    Tempe ,AZ
    
    1981
    
    
    
    
    334
    
    
    
    2,367
    
    
    
    13,303
    
    
    
    3,888
    
    
    
    2,367
    
    
    
    17,191
    
    
    
    19,558
    
    
    
    (8,524
    )
    
    
    11,034
    
    
    
    10,569Talbot Woods
    
    Garden
    
    Sep-04
    
    Middleboro, MA
    
    1972
    
    
    
    
    121
    
    
    
    5,852
    
    
    
    4,719
    
    
    
    2,026
    
    
    
    5,852
    
    
    
    6,745
    
    
    
    12,597
    
    
    
    (2,150
    )
    
    
    10,447
    
    
    
    6,203Tamarac Village
    
    Garden
    
    Apr-00
    
    Denver, CO
    
    1979
    
    
    
    
    564
    
    
    
    3,928
    
    
    
    23,491
    
    
    
    8,089
    
    
    
    4,223
    
    
    
    31,285
    
    
    
    35,508
    
    
    
    (16,205
    )
    
    
    19,303
    
    
    
    18,389Tamarind Bay
    
    Garden
    
    Jan-00
    
    St. Petersburg, FL
    
    1980
    
    
    
    
    200
    
    
    
    1,091
    
    
    
    6,310
    
    
    
    4,987
    
    
    
    1,091
    
    
    
    11,297
    
    
    
    12,388
    
    
    
    (5,368
    )
    
    
    7,020
    
    
    
    6,925Tar River Estates
    
    Garden
    
    Oct-99
    
    Greenville, NC
    
    1969
    
    
    
    
    220
    
    
    
    1,558
    
    
    
    14,298
    
    
    
    3,740
    
    
    
    1,558
    
    
    
    18,038
    
    
    
    19,596
    
    
    
    (7,601
    )
    
    
    11,995
    
    
    
    3,960Tatum Gardens
    
    Garden
    
    May-98
    
    Phoenix, AZ
    
    1985
    
    
    
    
    128
    
    
    
    1,323
    
    
    
    7,155
    
    
    
    1,928
    
    
    
    1,323
    
    
    
    9,083
    
    
    
    10,406
    
    
    
    (4,706
    )
    
    
    5,700
    
    
    
    7,403The Bluffs at Pacifica
    
    Garden
    
    Oct-06
    
    Pacifica, CA
    
    1963
    
    
    
    
    64
    
    
    
    7,975
    
    
    
    4,131
    
    
    
    7,635
    
    
    
    8,108
    
    
    
    11,633
    
    
    
    19,741
    
    
    
    (1,067
    )
    
    
    18,674
    
    
    
    6,428Tierra Palms
    
    Garden
    
    Jan-06
    
    Norwalk, CA
    
    1970
    
    
    
    
    144
    
    
    
    6,441
    
    
    
    6,807
    
    
    
    609
    
    
    
    6,441
    
    
    
    7,416
    
    
    
    13,857
    
    
    
    (855
    )
    
    
    13,002
    
    
    
    10,777Timbertree
    
    Garden
    
    Oct-97
    
    Phoenix, AZ
    
    1979
    
    
    
    
    387
    
    
    
    2,292
    
    
    
    13,000
    
    
    
    6,209
    
    
    
    2,292
    
    
    
    19,209
    
    
    
    21,501
    
    
    
    (9,830
    )
    
    
    11,671
    
    
    
    4,510Towers Of Westchester Park, The
    
    High Rise
    
    Jan-06
    
    College Park, MD
    
    1972
    
    
    
    
    303
    
    
    
    15,198
    
    
    
    22,029
    
    
    
    4,504
    
    
    
    15,198
    
    
    
    26,533
    
    
    
    41,731
    
    
    
    (3,946
    )
    
    
    37,785
    
    
    
    27,667Township At Highlands
    
    Town Home
    
    Nov-96
    
    Centennial, CO
    
    1985
    
    
    
    
    161
    
    
    
    1,615
    
    
    
    9,773
    
    
    
    6,118
    
    
    
    1,536
    
    
    
    15,970
    
    
    
    17,506
    
    
    
    (6,955
    )
    
    
    10,551
    
    
    
    16,640
  F-55




---



##### 



(2)
    
    
    (3)(1)

    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2009Property
    
    Date
    
    
    
    Year
    
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    (5)
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Consolidation
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesTwin Lake Towers
    
    High Rise
    
    Oct-99
    
    Westmont, IL
    
    1969
    
    
    
    
    399
    
    
    
    3,268
    
    
    
    18,763
    
    
    
    23,625
    
    
    
    3,268
    
    
    
    42,388
    
    
    
    45,656
    
    
    
    (15,984
    )
    
    
    29,672
    
    
    
    9,255Twin Lakes
    
    Garden
    
    Apr-00
    
    Palm Harbor, FL
    
    1986
    
    
    
    
    262
    
    
    
    2,062
    
    
    
    12,850
    
    
    
    4,584
    
    
    
    2,062
    
    
    
    17,434
    
    
    
    19,496
    
    
    
    (7,652
    )
    
    
    11,844
    
    
    
    10,604Vantage Pointe
    
    Mid Rise
    
    Aug-02
    
    Swampscott, MA
    
    1987
    
    
    
    
    96
    
    
    
    4,749
    
    
    
    10,089
    
    
    
    1,351
    
    
    
    4,749
    
    
    
    11,440
    
    
    
    16,189
    
    
    
    (3,498
    )
    
    
    12,691
    
    
    
    7,385Verandahs at Hunt Club
    
    Garden
    
    Jul-02
    
    Apopka, FL
    
    1985
    
    
    
    
    210
    
    
    
    2,271
    
    
    
    7,724
    
    
    
    2,974
    
    
    
    2,271
    
    
    
    10,698
    
    
    
    12,969
    
    
    
    (2,641
    )
    
    
    10,328
    
    
    
    11,070Views at Vinings Mountain, The
    
    Garden
    
    Jan-06
    
    Atlanta, GA
    
    1983
    
    
    
    
    180
    
    
    
    610
    
    
    
    5,026
    
    
    
    12,209
    
    
    
    610
    
    
    
    17,235
    
    
    
    17,845
    
    
    
    (7,559
    )
    
    
    10,286
    
    
    
    13,757Villa Del Sol
    
    Garden
    
    Mar-02
    
    Norwalk, CA
    
    1972
    
    
    
    
    120
    
    
    
    7,294
    
    
    
    4,861
    
    
    
    2,512
    
    
    
    7,476
    
    
    
    7,191
    
    
    
    14,667
    
    
    
    (2,670
    )
    
    
    11,997
    
    
    
    13,500Village Crossing
    
    Garden
    
    May-98
    
    West Palm Beach, FL
    
    1986
    
    
    
    
    189
    
    
    
    1,618
    
    
    
    8,188
    
    
    
    2,941
    
    
    
    1,618
    
    
    
    11,129
    
    
    
    12,747
    
    
    
    (5,497
    )
    
    
    7,250
    
    
    
    7,000Village Green
    
    Garden
    
    Oct-02
    
    Altamonte Springs, FL
    
    1970
    
    
    
    
    164
    
    
    
    608
    
    
    
    6,618
    
    
    
    2,514
    
    
    
    608
    
    
    
    9,132
    
    
    
    9,740
    
    
    
    (4,386
    )
    
    
    5,354
    
    
    
    6,510Village in the Woods
    
    Garden
    
    Jan-00
    
    Cypress, TX
    
    1983
    
    
    
    
    530
    
    
    
    3,457
    
    
    
    15,787
    
    
    
    10,230
    
    
    
    3,457
    
    
    
    26,017
    
    
    
    29,474
    
    
    
    (12,765
    )
    
    
    16,709
    
    
    
    19,451Village of Pennbrook
    
    Garden
    
    Oct-98
    
    Levittown, PA
    
    1969
    
    
    
    
    722
    
    
    
    10,229
    
    
    
    38,222
    
    
    
    13,539
    
    
    
    10,229
    
    
    
    51,761
    
    
    
    61,990
    
    
    
    (21,542
    )
    
    
    40,448
    
    
    
    48,419Villages of Baymeadows
    
    Garden
    
    Oct-99
    
    Jacksonville, FL
    
    1972
    
    
    
    
    904
    
    
    
    4,859
    
    
    
    33,957
    
    
    
    53,735
    
    
    
    4,859
    
    
    
    87,692
    
    
    
    92,551
    
    
    
    (40,263
    )
    
    
    52,288
    
    
    
    38,050Villas at Park La Brea, The
    
    Garden
    
    Mar-02
    
    Los Angeles, CA
    
    2002
    
    
    
    
    250
    
    
    
    8,621
    
    
    
    48,871
    
    
    
    3,603
    
    
    
    8,630
    
    
    
    52,465
    
    
    
    61,095
    
    
    
    (12,802
    )
    
    
    48,293
    
    
    
    30,564Vista Del Lagos
    
    Garden
    
    Dec-97
    
    Chandler, AZ
    
    1986
    
    
    
    
    200
    
    
    
    804
    
    
    
    4,952
    
    
    
    3,442
    
    
    
    804
    
    
    
    8,394
    
    
    
    9,198
    
    
    
    (3,431
    )
    
    
    5,767
    
    
    
    11,783Waterford Village
    
    Garden
    
    Aug-02
    
    Bridgewater, MA
    
    1971
    
    
    
    
    588
    
    
    
    28,585
    
    
    
    28,102
    
    
    
    5,591
    
    
    
    29,110
    
    
    
    33,168
    
    
    
    62,278
    
    
    
    (15,640
    )
    
    
    46,638
    
    
    
    40,542Waterways Village
    
    Garden
    
    Jun-97
    
    Aventura, FL
    
    1991
    
    
    
    
    180
    
    
    
    4,504
    
    
    
    11,064
    
    
    
    3,683
    
    
    
    4,504
    
    
    
    14,747
    
    
    
    19,251
    
    
    
    (6,456
    )
    
    
    12,795
    
    
    
    7,145Waverly Apartments
    
    Garden
    
    Aug-08
    
    Brighton, MA
    
    1970
    
    
    
    
    103
    
    
    
    7,696
    
    
    
    11,347
    
    
    
    1,188
    
    
    
    7,920
    
    
    
    12,311
    
    
    
    20,231
    
    
    
    (723
    )
    
    
    19,508
    
    
    
    12,000West Winds
    
    Garden
    
    Oct-02
    
    Orlando, FL
    
    1985
    
    
    
    
    272
    
    
    
    2,324
    
    
    
    11,481
    
    
    
    3,030
    
    
    
    2,324
    
    
    
    14,511
    
    
    
    16,835
    
    
    
    (4,829
    )
    
    
    12,006
    
    
    
    12,776Westway Village
    
    Garden
    
    May-98
    
    Houston, TX
    
    1979
    
    
    
    
    326
    
    
    
    2,921
    
    
    
    11,384
    
    
    
    3,172
    
    
    
    2,921
    
    
    
    14,556
    
    
    
    17,477
    
    
    
    (6,586
    )
    
    
    10,891
    
    
    
    7,677Wexford Village
    
    Garden
    
    Aug-02
    
    Worcester, MA
    
    1974
    
    
    
    
    264
    
    
    
    6,339
    
    
    
    17,939
    
    
    
    2,082
    
    
    
    6,339
    
    
    
    20,021
    
    
    
    26,360
    
    
    
    (7,250
    )
    
    
    19,110
    
    
    
    13,924Willow Bend
    
    Garden
    
    May-98
    
    Rolling Meadows, IL
    
    1985
    
    
    
    
    328
    
    
    
    2,717
    
    
    
    15,437
    
    
    
    26,391
    
    
    
    2,717
    
    
    
    41,828
    
    
    
    44,545
    
    
    
    (13,960
    )
    
    
    30,585
    
    
    
    19,876Willow Park on Lake Adelaide
    
    Garden
    
    Oct-99
    
    Altamonte Springs, FL
    
    1972
    
    
    
    
    185
    
    
    
    1,225
    
    
    
    7,357
    
    
    
    3,266
    
    
    
    1,224
    
    
    
    10,624
    
    
    
    11,848
    
    
    
    (5,611
    )
    
    
    6,237
    
    
    
    6,804Wilson Acres
    
    Garden
    
    Apr-06
    
    Greenville, NC
    
    1979
    
    
    
    
    146
    
    
    
    1,175
    
    
    
    3,943
    
    
    
    962
    
    
    
    1,485
    
    
    
    4,595
    
    
    
    6,080
    
    
    
    (866
    )
    
    
    5,214
    
    
    
    2,743Windrift
    
    Garden
    
    Mar-01
    
    Oceanside, CA
    
    1987
    
    
    
    
    404
    
    
    
    24,960
    
    
    
    17,590
    
    
    
    18,667
    
    
    
    24,960
    
    
    
    36,257
    
    
    
    61,217
    
    
    
    (15,443
    )
    
    
    45,774
    
    
    
    28,999Windrift
    
    Garden
    
    Oct-00
    
    Orlando, FL
    
    1987
    
    
    
    
    288
    
    
    
    3,696
    
    
    
    10,029
    
    
    
    5,495
    
    
    
    3,696
    
    
    
    15,524
    
    
    
    19,220
    
    
    
    (5,710
    )
    
    
    13,510
    
    
    
    17,094Windsor Crossing
    
    Garden
    
    Mar-00
    
    Newport News, VA
    
    1978
    
    
    
    
    156
    
    
    
    307
    
    
    
    2,110
    
    
    
    1,992
    
    
    
    131
    
    
    
    4,278
    
    
    
    4,409
    
    
    
    (2,102
    )
    
    
    2,307
    
    
    
    2,153Windsor Park
    
    Garden
    
    Mar-01
    
    Woodbridge, VA
    
    1987
    
    
    
    
    220
    
    
    
    4,279
    
    
    
    15,970
    
    
    
    2,172
    
    
    
    4,279
    
    
    
    18,142
    
    
    
    22,421
    
    
    
    (6,430
    )
    
    
    15,991
    
    
    
    13,444Woodcreek
    
    Garden
    
    Oct-02
    
    Mesa, AZ
    
    1985
    
    
    
    
    432
    
    
    
    2,426
    
    
    
    15,886
    
    
    
    4,487
    
    
    
    2,426
    
    
    
    20,373
    
    
    
    22,799
    
    
    
    (10,400
    )
    
    
    12,399
    
    
    
    19,449Woods of Burnsville
    
    Garden
    
    Nov-04
    
    Burnsville, MN
    
    1984
    
    
    
    
    400
    
    
    
    3,954
    
    
    
    18,125
    
    
    
    2,694
    
    
    
    3,954
    
    
    
    20,819
    
    
    
    24,773
    
    
    
    (7,429
    )
    
    
    17,344
    
    
    
    16,580Woods of Inverness
    
    Garden
    
    Oct-99
    
    Houston, TX
    
    1983
    
    
    
    
    272
    
    
    
    2,146
    
    
    
    10,978
    
    
    
    3,860
    
    
    
    2,146
    
    
    
    14,838
    
    
    
    16,984
    
    
    
    (7,194
    )
    
    
    9,790
    
    
    
    5,878Woods Of Williamsburg
    
    Garden
    
    Jan-06
    
    Williamsburg, VA
    
    1976
    
    
    
    
    125
    
    
    
    798
    
    
    
    3,657
    
    
    
    873
    
    
    
    798
    
    
    
    4,530
    
    
    
    5,328
    
    
    
    (3,309
    )
    
    
    2,019
    
    
    
    1,189Yacht Club at Brickell
    
    High Rise
    
    Dec-03
    
    Miami, FL
    
    1998
    
    
    
    
    357
    
    
    
    31,363
    
    
    
    32,214
    
    
    
    4,297
    
    
    
    31,363
    
    
    
    36,511
    
    
    
    67,874
    
    
    
    (5,900
    )
    
    
    61,974
    
    
    
    37,804Yorktown Apartments
    
    High Rise
    
    Dec-99
    
    Lombard, IL
    
    1973
    
    
    
    
    364
    
    
    
    2,971
    
    
    
    18,163
    
    
    
    16,098
    
    
    
    3,055
    
    
    
    34,177
    
    
    
    37,232
    
    
    
    (10,538
    )
    
    
    26,694
    
    
    
    22,626Total Conventional Properties:
    
    
    
    
    
    
    
    
    
    
    
    
    71,881
    
    
    
    1,998,409
    
    
    
    3,931,734
    
    
    
    2,197,399
    
    
    
    2,055,178
    
    
    
    6,072,364
    
    
    
    8,127,542
    
    
    
    (2,163,354
    )
    
    
    5,964,188
    
    
    
    4,792,048Affordable Properties:All Hallows
    
    Garden
    
    Jan-06
    
    San Francisco, CA
    
    1976
    
    
    
    
    157
    
    
    
    1,348
    
    
    
    29,770
    
    
    
    20,124
    
    
    
    1,338
    
    
    
    49,904
    
    
    
    51,242
    
    
    
    (15,590
    )
    
    
    35,652
    
    
    
    21,219Alliance Towers
    
    High Rise
    
    Mar-02
    
    Alliance, OH
    
    1971
    
    
    
    
    101
    
    
    
    530
    
    
    
    1,934
    
    
    
    756
    
    
    
    530
    
    
    
    2,690
    
    
    
    3,220
    
    
    
    (745
    )
    
    
    2,475
    
    
    
    2,234Arvada House
    
    High Rise
    
    Nov-04
    
    Arvada, CO
    
    1977
    
    
    
    
    88
    
    
    
    641
    
    
    
    3,314
    
    
    
    1,746
    
    
    
    405
    
    
    
    5,296
    
    
    
    5,701
    
    
    
    (1,304
    )
    
    
    4,397
    
    
    
    4,152Ashland Manor
    
    High Rise
    
    Mar-02
    
    Toledo, OH
    
    1977
    
    
    
    
    189
    
    
    
    205
    
    
    
    455
    
    
    
    363
    
    
    
    205
    
    
    
    818
    
    
    
    1,023
    
    
    
    (667
    )
    
    
    356
    
    
    
    561Baldwin Oaks
    
    Mid Rise
    
    Oct-99
    
    Parsippany ,NJ
    
    1980
    
    
    
    
    251
    
    
    
    746
    
    
    
    8,516
    
    
    
    1,998
    
    
    
    746
    
    
    
    10,514
    
    
    
    11,260
    
    
    
    (6,245
    )
    
    
    5,015
    
    
    
    12,972Baldwin Towers
    
    High Rise
    
    Jan-06
    
    Pittsburgh, PA
    
    1983
    
    
    
    
    99
    
    
    
    398
    
    
    
    5,256
    
    
    
    202
    
    
    
    398
    
    
    
    5,458
    
    
    
    5,856
    
    
    
    (4,002
    )
    
    
    1,854
    
    
    
    1,458Bannock Arms
    
    Garden
    
    Mar-02
    
    Boise, ID
    
    1978
    
    
    
    
    66
    
    
    
    275
    
    
    
    1,139
    
    
    
    571
    
    
    
    275
    
    
    
    1,710
    
    
    
    1,985
    
    
    
    (575
    )
    
    
    1,410
    
    
    
    1,406Bayview
    
    Garden
    
    Jun-05
    
    San Francisco, CA
    
    1976
    
    
    
    
    146
    
    
    
    1,023
    
    
    
    15,265
    
    
    
    16,548
    
    
    
    582
    
    
    
    32,254
    
    
    
    32,836
    
    
    
    (9,118
    )
    
    
    23,718
    
    
    
    12,520Beacon Hill
    
    High Rise
    
    Mar-02
    
    Hillsdale, MI
    
    1980
    
    
    
    
    198
    
    
    
    1,380
    
    
    
    7,044
    
    
    
    6,599
    
    
    
    1,093
    
    
    
    13,930
    
    
    
    15,023
    
    
    
    (3,236
    )
    
    
    11,787
    
    
    
    4,616Bedford House
    
    Mid Rise
    
    Mar-02
    
    Falmouth, KY
    
    1979
    
    
    
    
    48
    
    
    
    230
    
    
    
    919
    
    
    
    310
    
    
    
    230
    
    
    
    1,229
    
    
    
    1,459
    
    
    
    (434
    )
    
    
    1,025
    
    
    
    1,084Benjamin Banneker Plaza
    
    Mid Rise
    
    Jan-06
    
    Chester, PA
    
    1976
    
    
    
    
    70
    
    
    
    79
    
    
    
    3,862
    
    
    
    670
    
    
    
    79
    
    
    
    4,532
    
    
    
    4,611
    
    
    
    (2,890
    )
    
    
    1,721
    
    
    
    1,538Berger Apartments
    
    Mid Rise
    
    Mar-02
    
    New Haven, CT
    
    1981
    
    
    
    
    144
    
    
    
    1,152
    
    
    
    4,657
    
    
    
    2,229
    
    
    
    1,152
    
    
    
    6,886
    
    
    
    8,038
    
    
    
    (2,080
    )
    
    
    5,958
    
    
    
    1,061Biltmore Towers
    
    High Rise
    
    Mar-02
    
    Dayton, OH
    
    1980
    
    
    
    
    230
    
    
    
    1,813
    
    
    
    6,411
    
    
    
    13,073
    
    
    
    1,813
    
    
    
    19,484
    
    
    
    21,297
    
    
    
    (8,817
    )
    
    
    12,480
    
    
    
    10,648Blakewood
    
    Garden
    
    Oct-05
    
    Statesboro, GA
    
    1973
    
    
    
    
    42
    
    
    
    316
    
    
    
    882
    
    
    
    373
    
    
    
    316
    
    
    
    1,255
    
    
    
    1,571
    
    
    
    (1,085
    )
    
    
    486
    
    
    
    698Bloomsburg Towers
    
    Mid Rise
    
    Jan-06
    
    Bloomsburg, PA
    
    1981
    
    
    
    
    75
    
    
    
    1
    
    
    
    4,128
    
    
    
    351
    
    
    
    1
    
    
    
    4,479
    
    
    
    4,480
    
    
    
    (2,761
    )
    
    
    1,719
    
    
    
    1,553Bolton North
    
    High Rise
    
    Jan-06
    
    Baltimore, MD
    
    1977
    
    
    
    
    209
    
    
    
    1,450
    
    
    
    6,569
    
    
    
    649
    
    
    
    1,429
    
    
    
    7,239
    
    
    
    8,668
    
    
    
    (2,347
    )
    
    
    6,321
    
    
    
    2,438Burchwood
    
    Garden
    
    Oct-07
    
    Berea,  KY
    
    1999
    
    
    
    
    24
    
    
    
    253
    
    
    
    1,173
    
    
    
    551
    
    
    
    253
    
    
    
    1,724
    
    
    
    1,977
    
    
    
    (958
    )
    
    
    1,019
    
    
    
    981Butternut Creek
    
    Mid Rise
    
    Jan-06
    
    Charlotte, MI
    
    1980
    
    
    
    
    100
    
    
    
    505
    
    
    
    3,617
    
    
    
    3,957
    
    
    
    505
    
    
    
    7,574
    
    
    
    8,079
    
    
    
    (2,239
    )
    
    
    5,840
    
    
    
    Cache Creek Apartment Homes
    
    Mid Rise
    
    Jun-04
    
    Clearlake, CA
    
    1986
    
    
    
    
    80
    
    
    
    1,545
    
    
    
    9,405
    
    
    
    494
    
    
    
    1,545
    
    
    
    9,899
    
    
    
    11,444
    
    
    
    (2,866
    )
    
    
    8,578
    
    
    
    2,302California Square I
    
    High Rise
    
    Jan-06
    
    Louisville, KY
    
    1982
    
    
    
    
    101
    
    
    
    154
    
    
    
    5,704
    
    
    
    523
    
    
    
    154
    
    
    
    6,227
    
    
    
    6,381
    
    
    
    (3,600
    )
    
    
    2,781
    
    
    
    3,499Campbell Heights
    
    High Rise
    
    Oct-02
    
    Washington, D.C.
    
    1978
    
    
    
    
    171
    
    
    
    750
    
    
    
    6,719
    
    
    
    859
    
    
    
    750
    
    
    
    7,578
    
    
    
    8,328
    
    
    
    (3,062
    )
    
    
    5,266
    
    
    
    15,449Canterbury Towers
    
    High Rise
    
    Jan-06
    
    Worcester, MA
    
    1976
    
    
    
    
    156
    
    
    
    567
    
    
    
    4,557
    
    
    
    936
    
    
    
    567
    
    
    
    5,493
    
    
    
    6,060
    
    
    
    (3,681
    )
    
    
    2,379
    
    
    
    3,966Carriage House
    
    Mid Rise
    
    Dec-06
    
    Petersburg,  VA
    
    1885
    
    
    
    
    118
    
    
    
    847
    
    
    
    2,886
    
    
    
    3,356
    
    
    
    716
    
    
    
    6,373
    
    
    
    7,089
    
    
    
    (1,407
    )
    
    
    5,682
    
    
    
    2,273Casa de Las Hermanitas
    
    Garden
    
    Mar-02
    
    Los Angeles, CA
    
    1982
    
    
    
    
    88
    
    
    
    1,775
    
    
    
    4,606
    
    
    
    4,222
    
    
    
    1,879
    
    
    
    8,724
    
    
    
    10,603
    
    
    
    (1,118
    )
    
    
    9,485
    
    
    
    5,081Castlewood
    
    Garden
    
    Mar-02
    
    Davenport, IA
    
    1980
    
    
    
    
    96
    
    
    
    585
    
    
    
    2,351
    
    
    
    1,443
    
    
    
    585
    
    
    
    3,794
    
    
    
    4,379
    
    
    
    (1,497
    )
    
    
    2,882
    
    
    
    3,503Cherry Ridge Terrace
    
    Garden
    
    Mar-02
    
    Northern Cambria, PA
    
    1983
    
    
    
    
    62
    
    
    
    372
    
    
    
    1,490
    
    
    
    906
    
    
    
    372
    
    
    
    2,396
    
    
    
    2,768
    
    
    
    (852
    )
    
    
    1,916
    
    
    
    795City Line
    
    Garden
    
    Mar-02
    
    Newport News, VA
    
    1976
    
    
    
    
    200
    
    
    
    500
    
    
    
    2,014
    
    
    
    7,172
    
    
    
    500
    
    
    
    9,186
    
    
    
    9,686
    
    
    
    (2,046
    )
    
    
    7,640
    
    
    
    4,863Clisby Towers
    
    Mid Rise
    
    Jan-06
    
    Macon, GA
    
    1980
    
    
    
    
    52
    
    
    
    524
    
    
    
    1,970
    
    
    
    228
    
    
    
    524
    
    
    
    2,198
    
    
    
    2,722
    
    
    
    (1,677
    )
    
    
    1,045
    
    
    
    939Club, The
    
    Garden
    
    Jan-06
    
    Lexington, NC
    
    1972
    
    
    
    
    87
    
    
    
    498
    
    
    
    2,128
    
    
    
    662
    
    
    
    498
    
    
    
    2,790
    
    
    
    3,288
    
    
    
    (1,978
    )
    
    
    1,310
    
    
    
    303Coatesville Towers
    
    High Rise
    
    Mar-02
    
    Coatesville, PA
    
    1979
    
    
    
    
    90
    
    
    
    500
    
    
    
    2,011
    
    
    
    693
    
    
    
    500
    
    
    
    2,704
    
    
    
    3,204
    
    
    
    (866
    )
    
    
    2,338
    
    
    
    2,108Cold Spring Homes
    
    Garden
    
    Oct-07
    
    Cold Springs,  KY
    
    2000
    
    
    
    
    30
    
    
    
    187
    
    
    
    917
    
    
    
    1,122
    
    
    
    187
    
    
    
    2,039
    
    
    
    2,226
    
    
    
    (1,441
    )
    
    
    785
    
    
    
    790Community Circle II
    
    Garden
    
    Jan-06
    
    Cleveland, OH
    
    1975
    
    
    
    
    129
    
    
    
    263
    
    
    
    4,699
    
    
    
    804
    
    
    
    263
    
    
    
    5,503
    
    
    
    5,766
    
    
    
    (3,265
    )
    
    
    2,501
    
    
    
    3,275Copperwood I Apartments
    
    Garden
    
    Apr-06
    
    The Woodlands, TX
    
    1980
    
    
    
    
    150
    
    
    
    390
    
    
    
    8,373
    
    
    
    4,862
    
    
    
    363
    
    
    
    13,262
    
    
    
    13,625
    
    
    
    (8,167
    )
    
    
    5,458
    
    
    
    5,590Copperwood II Apartments
    
    Garden
    
    Oct-05
    
    The Woodlands, TX
    
    1981
    
    
    
    
    150
    
    
    
    452
    
    
    
    5,552
    
    
    
    3,415
    
    
    
    459
    
    
    
    8,960
    
    
    
    9,419
    
    
    
    (3,134
    )
    
    
    6,285
    
    
    
    5,773Country Club Heights
    
    Garden
    
    Mar-04
    
    Quincy, IL
    
    1976
    
    
    
    
    200
    
    
    
    676
    
    
    
    5,715
    
    
    
    4,841
    
    
    
    675
    
    
    
    10,557
    
    
    
    11,232
    
    
    
    (3,837
    )
    
    
    7,395
    
    
    
    7,312Country Commons
    
    Garden
    
    Jan-06
    
    Bensalem, PA
    
    1972
    
    
    
    
    352
    
    
    
    1,853
    
    
    
    17,657
    
    
    
    2,308
    
    
    
    1,853
    
    
    
    19,965
    
    
    
    21,818
    
    
    
    (10,649
    )
    
    
    11,169
    
    
    
    4,715Courtyard
    
    Mid Rise
    
    Jan-06
    
    Cincinnati, OH
    
    1980
    
    
    
    
    137
    
    
    
    1,362
    
    
    
    4,876
    
    
    
    448
    
    
    
    1,362
    
    
    
    5,324
    
    
    
    6,686
    
    
    
    (3,126
    )
    
    
    3,560
    
    
    
    3,830Crevenna Oaks
    
    Town Home
    
    Jan-06
    
    Burke, VA
    
    1979
    
    
    
    
    50
    
    
    
    355
    
    
    
    4,849
    
    
    
    219
    
    
    
    355
    
    
    
    5,068
    
    
    
    5,423
    
    
    
    (945
    )
    
    
    4,478
    
    
    
    3,312
  F-56




---



##### 



(2)
    
    
    (3)(1)

    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2009Property
    
    Date
    
    
    
    Year
    
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    (5)
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Consolidation
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesCrockett Manor
    
    Garden
    
    Mar-04
    
    Trenton, TN
    
    1982
    
    
    
    
    38
    
    
    
    42
    
    
    
    1,395
    
    
    
    38
    
    
    
    42
    
    
    
    1,433
    
    
    
    1,475
    
    
    
    (37
    )
    
    
    1,438
    
    
    
    978Cumberland Court
    
    Garden
    
    Jan-06
    
    Harrisburg, PA
    
    1975
    
    
    
    
    108
    
    
    
    379
    
    
    
    4,040
    
    
    
    682
    
    
    
    379
    
    
    
    4,722
    
    
    
    5,101
    
    
    
    (3,282
    )
    
    
    1,819
    
    
    
    1,314Daugette Tower
    
    High Rise
    
    Mar-02
    
    Gadsden, AL
    
    1979
    
    
    
    
    100
    
    
    
    540
    
    
    
    2,178
    
    
    
    1,744
    
    
    
    540
    
    
    
    3,922
    
    
    
    4,462
    
    
    
    (1,324
    )
    
    
    3,138
    
    
    
    117Delhaven Manor
    
    Mid Rise
    
    Mar-02
    
    Jackson, MS
    
    1983
    
    
    
    
    104
    
    
    
    575
    
    
    
    2,304
    
    
    
    1,986
    
    
    
    575
    
    
    
    4,290
    
    
    
    4,865
    
    
    
    (1,621
    )
    
    
    3,244
    
    
    
    3,758Denny Place
    
    Garden
    
    Mar-02
    
    North Hollywood, CA
    
    1984
    
    
    
    
    17
    
    
    
    394
    
    
    
    1,579
    
    
    
    139
    
    
    
    394
    
    
    
    1,718
    
    
    
    2,112
    
    
    
    (479
    )
    
    
    1,633
    
    
    
    1,121Douglas Landing
    
    Garden
    
    Oct-07
    
    Austin, TX
    
    1999
    
    
    
    
    96
    
    
    
    11
    
    
    
    4,989
    
    
    
    22
    
    
    
    11
    
    
    
    5,011
    
    
    
    5,022
    
    
    
    
    
    
    
    5,022
    
    
    
    4,000Elmwood
    
    Garden
    
    Jan-06
    
    Athens, AL
    
    1981
    
    
    
    
    80
    
    
    
    346
    
    
    
    2,643
    
    
    
    346
    
    
    
    346
    
    
    
    2,989
    
    
    
    3,335
    
    
    
    (1,673
    )
    
    
    1,662
    
    
    
    1,869Fairburn And Gordon II
    
    Garden
    
    Jan-06
    
    Atlanta, GA
    
    1969
    
    
    
    
    58
    
    
    
    439
    
    
    
    1,647
    
    
    
    231
    
    
    
    439
    
    
    
    1,878
    
    
    
    2,317
    
    
    
    (1,469
    )
    
    
    848
    
    
    
    98Fairwood
    
    Garden
    
    Jan-06
    
    Carmichael, CA
    
    1979
    
    
    
    
    86
    
    
    
    176
    
    
    
    5,264
    
    
    
    379
    
    
    
    176
    
    
    
    5,643
    
    
    
    5,819
    
    
    
    (3,523
    )
    
    
    2,296
    
    
    
    2,475Fountain Place
    
    Mid Rise
    
    Jan-06
    
    Connersville, IN
    
    1980
    
    
    
    
    102
    
    
    
    440
    
    
    
    2,091
    
    
    
    2,883
    
    
    
    447
    
    
    
    4,967
    
    
    
    5,414
    
    
    
    (511
    )
    
    
    4,903
    
    
    
    1,155Fox Run
    
    Garden
    
    Mar-02
    
    Orange, TX
    
    1983
    
    
    
    
    70
    
    
    
    420
    
    
    
    1,992
    
    
    
    1,026
    
    
    
    420
    
    
    
    3,018
    
    
    
    3,438
    
    
    
    (928
    )
    
    
    2,510
    
    
    
    2,563Foxfire
    
    Garden
    
    Jan-06
    
    Jackson, MI
    
    1975
    
    
    
    
    160
    
    
    
    856
    
    
    
    6,853
    
    
    
    1,423
    
    
    
    856
    
    
    
    8,276
    
    
    
    9,132
    
    
    
    (5,247
    )
    
    
    3,885
    
    
    
    1,803Franklin Square School Apts
    
    Mid Rise
    
    Jan-06
    
    Baltimore, MD
    
    1888
    
    
    
    
    65
    
    
    
    566
    
    
    
    3,581
    
    
    
    216
    
    
    
    566
    
    
    
    3,797
    
    
    
    4,363
    
    
    
    (2,153
    )
    
    
    2,210
    
    
    
    2,099Friendset Apartments
    
    High Rise
    
    Jan-06
    
    Brooklyn, NY
    
    1979
    
    
    
    
    259
    
    
    
    550
    
    
    
    16,825
    
    
    
    1,737
    
    
    
    550
    
    
    
    18,562
    
    
    
    19,112
    
    
    
    (10,414
    )
    
    
    8,698
    
    
    
    14,404Frio
    
    Garden
    
    Jan-06
    
    Pearsall, TX
    
    1980
    
    
    
    
    63
    
    
    
    327
    
    
    
    2,207
    
    
    
    407
    
    
    
    327
    
    
    
    2,614
    
    
    
    2,941
    
    
    
    (1,728
    )
    
    
    1,213
    
    
    
    1,109Gates Manor
    
    Garden
    
    Mar-04
    
    Clinton, TN
    
    1981
    
    
    
    
    80
    
    
    
    266
    
    
    
    2,225
    
    
    
    881
    
    
    
    264
    
    
    
    3,108
    
    
    
    3,372
    
    
    
    (1,195
    )
    
    
    2,177
    
    
    
    2,411Gateway Village
    
    Garden
    
    Mar-04
    
    Hillsborough, NC
    
    1980
    
    
    
    
    64
    
    
    
    433
    
    
    
    1,666
    
    
    
    580
    
    
    
    515
    
    
    
    2,164
    
    
    
    2,679
    
    
    
    (746
    )
    
    
    1,933
    
    
    
    2,360Glens, The
    
    Garden
    
    Jan-06
    
    Rock Hill, SC
    
    1982
    
    
    
    
    88
    
    
    
    839
    
    
    
    4,135
    
    
    
    1,140
    
    
    
    839
    
    
    
    5,275
    
    
    
    6,114
    
    
    
    (3,627
    )
    
    
    2,487
    
    
    
    3,757Greenbriar
    
    Garden
    
    Jan-06
    
    Indianapolis, IN
    
    1980
    
    
    
    
    121
    
    
    
    812
    
    
    
    3,272
    
    
    
    346
    
    
    
    812
    
    
    
    3,618
    
    
    
    4,430
    
    
    
    (2,491
    )
    
    
    1,939
    
    
    
    1,098Hamlin Estates
    
    Garden
    
    Mar-02
    
    North Hollywood, CA
    
    1983
    
    
    
    
    30
    
    
    
    1,010
    
    
    
    1,691
    
    
    
    241
    
    
    
    1,010
    
    
    
    1,932
    
    
    
    2,942
    
    
    
    (678
    )
    
    
    2,264
    
    
    
    1,515Hanover Square
    
    High Rise
    
    Jan-06
    
    Baltimore, MD
    
    1980
    
    
    
    
    199
    
    
    
    1,656
    
    
    
    9,575
    
    
    
    425
    
    
    
    1,656
    
    
    
    10,000
    
    
    
    11,656
    
    
    
    (6,267
    )
    
    
    5,389
    
    
    
    5,495Harris Park Apartments
    
    Garden
    
    Dec-97
    
    Rochester, NY
    
    1968
    
    
    
    
    114
    
    
    
    475
    
    
    
    2,786
    
    
    
    1,101
    
    
    
    475
    
    
    
    3,887
    
    
    
    4,362
    
    
    
    (1,824
    )
    
    
    2,538
    
    
    
    200Hatillo Housing
    
    Mid Rise
    
    Jan-06
    
    Hatillo, PR
    
    1982
    
    
    
    
    64
    
    
    
    202
    
    
    
    2,875
    
    
    
    204
    
    
    
    202
    
    
    
    3,079
    
    
    
    3,281
    
    
    
    (1,820
    )
    
    
    1,461
    
    
    
    1,370Hemet Estates
    
    Garden
    
    Mar-02
    
    Hemet, CA
    
    1983
    
    
    
    
    80
    
    
    
    700
    
    
    
    2,802
    
    
    
    2,995
    
    
    
    420
    
    
    
    6,077
    
    
    
    6,497
    
    
    
    (1,138
    )
    
    
    5,359
    
    
    
    4,316Henna Townhomes
    
    Garden
    
    Oct-07
    
    Round Rock,  TX
    
    1999
    
    
    
    
    160
    
    
    
    1,047
    
    
    
    12,893
    
    
    
    84
    
    
    
    1,047
    
    
    
    12,977
    
    
    
    14,024
    
    
    
    (2,641
    )
    
    
    11,383
    
    
    
    6,172Heritage House
    
    Mid Rise
    
    Jan-06
    
    Lewisburg, PA
    
    1982
    
    
    
    
    80
    
    
    
    178
    
    
    
    3,251
    
    
    
    131
    
    
    
    178
    
    
    
    3,382
    
    
    
    3,560
    
    
    
    (2,034
    )
    
    
    1,526
    
    
    
    2,106Hillside Village
    
    Town Home
    
    Jan-06
    
    Catawissa, PA
    
    1981
    
    
    
    
    50
    
    
    
    31
    
    
    
    2,643
    
    
    
    186
    
    
    
    31
    
    
    
    2,829
    
    
    
    2,860
    
    
    
    (1,795
    )
    
    
    1,065
    
    
    
    1,089Hilltop
    
    Garden
    
    Jan-06
    
    Duquesne, PA
    
    1975
    
    
    
    
    152
    
    
    
    1,271
    
    
    
    6,194
    
    
    
    722
    
    
    
    1,271
    
    
    
    6,916
    
    
    
    8,187
    
    
    
    (5,198
    )
    
    
    2,989
    
    
    
    2,110Hopkins Village
    
    Mid Rise
    
    Sep-03
    
    Baltimore, MD
    
    1979
    
    
    
    
    165
    
    
    
    438
    
    
    
    5,973
    
    
    
    3,680
    
    
    
    452
    
    
    
    9,639
    
    
    
    10,091
    
    
    
    (1,192
    )
    
    
    8,899
    
    
    
    9,100Hudson Gardens
    
    Garden
    
    Mar-02
    
    Pasadena, CA
    
    1983
    
    
    
    
    41
    
    
    
    914
    
    
    
    1,548
    
    
    
    335
    
    
    
    914
    
    
    
    1,883
    
    
    
    2,797
    
    
    
    (644
    )
    
    
    2,153
    
    
    
    539Hudson Terrace
    
    Garden
    
    Jan-06
    
    Hudson, NY
    
    1973
    
    
    
    
    168
    
    
    
    647
    
    
    
    5,025
    
    
    
    584
    
    
    
    647
    
    
    
    5,609
    
    
    
    6,256
    
    
    
    (3,813
    )
    
    
    2,443
    
    
    
    1,044Indio Gardens
    
    Mid Rise
    
    Oct-06
    
    Indio,  CA
    
    1980
    
    
    
    
    151
    
    
    
    775
    
    
    
    8,759
    
    
    
    4,155
    
    
    
    775
    
    
    
    12,914
    
    
    
    13,689
    
    
    
    (1,213
    )
    
    
    12,476
    
    
    
    4,173Ingram Square
    
    Garden
    
    Jan-06
    
    San Antonio, TX
    
    1980
    
    
    
    
    120
    
    
    
    630
    
    
    
    3,137
    
    
    
    5,716
    
    
    
    630
    
    
    
    8,853
    
    
    
    9,483
    
    
    
    (1,338
    )
    
    
    8,145
    
    
    
    3,825Jenny Lind Hall
    
    High Rise
    
    Mar-04
    
    Springfield, MO
    
    1977
    
    
    
    
    78
    
    
    
    142
    
    
    
    3,684
    
    
    
    260
    
    
    
    142
    
    
    
    3,944
    
    
    
    4,086
    
    
    
    (358
    )
    
    
    3,728
    
    
    
    942JFK Towers
    
    Mid Rise
    
    Jan-06
    
    Durham, NC
    
    1983
    
    
    
    
    177
    
    
    
    750
    
    
    
    7,970
    
    
    
    773
    
    
    
    750
    
    
    
    8,743
    
    
    
    9,493
    
    
    
    (4,678
    )
    
    
    4,815
    
    
    
    5,796Kephart Plaza
    
    High Rise
    
    Jan-06
    
    Lock Haven, PA
    
    1978
    
    
    
    
    101
    
    
    
    609
    
    
    
    3,796
    
    
    
    462
    
    
    
    609
    
    
    
    4,258
    
    
    
    4,867
    
    
    
    (2,987
    )
    
    
    1,880
    
    
    
    1,488King Bell Apartments
    
    Garden
    
    Jan-06
    
    Milwaukie, OR
    
    1982
    
    
    
    
    62
    
    
    
    204
    
    
    
    2,497
    
    
    
    193
    
    
    
    204
    
    
    
    2,690
    
    
    
    2,894
    
    
    
    (1,451
    )
    
    
    1,443
    
    
    
    1,631Kirkwood House
    
    High Rise
    
    Sep-04
    
    Baltimore, MD
    
    1979
    
    
    
    
    261
    
    
    
    1,281
    
    
    
    9,358
    
    
    
    6,398
    
    
    
    1,275
    
    
    
    15,762
    
    
    
    17,037
    
    
    
    (1,929
    )
    
    
    15,108
    
    
    
    16,000Kubasek Trinity Manor (The Hollows)
    
    High Rise
    
    Jan-06
    
    Yonkers, NY
    
    1981
    
    
    
    
    130
    
    
    
    54
    
    
    
    8,308
    
    
    
    1,788
    
    
    
    54
    
    
    
    10,096
    
    
    
    10,150
    
    
    
    (5,033
    )
    
    
    5,117
    
    
    
    4,749La Salle
    
    Garden
    
    Oct-00
    
    San Francisco, CA
    
    1976
    
    
    
    
    145
    
    
    
    1,841
    
    
    
    19,568
    
    
    
    16,650
    
    
    
    1,866
    
    
    
    36,193
    
    
    
    38,059
    
    
    
    (12,408
    )
    
    
    25,651
    
    
    
    15,992La Vista
    
    Garden
    
    Jan-06
    
    Concord, CA
    
    1981
    
    
    
    
    75
    
    
    
    565
    
    
    
    4,448
    
    
    
    4,223
    
    
    
    581
    
    
    
    8,655
    
    
    
    9,236
    
    
    
    (909
    )
    
    
    8,327
    
    
    
    5,499Lafayette Square
    
    Garden
    
    Jan-06
    
    Camden, SC
    
    1978
    
    
    
    
    72
    
    
    
    142
    
    
    
    1,875
    
    
    
    79
    
    
    
    142
    
    
    
    1,954
    
    
    
    2,096
    
    
    
    (1,629
    )
    
    
    467
    
    
    
    270Lakeview Arms
    
    Mid Rise
    
    Jan-06
    
    Poughkeepsie, NY
    
    1981
    
    
    
    
    72
    
    
    
    111
    
    
    
    3,256
    
    
    
    288
    
    
    
    111
    
    
    
    3,544
    
    
    
    3,655
    
    
    
    (2,182
    )
    
    
    1,473
    
    
    
    1,790Landau
    
    Garden
    
    Oct-05
    
    Clinton, SC
    
    1970
    
    
    
    
    80
    
    
    
    1,293
    
    
    
    1,429
    
    
    
    246
    
    
    
    1,293
    
    
    
    1,675
    
    
    
    2,968
    
    
    
    (1,675
    )
    
    
    1,293
    
    
    
    283Laurelwood
    
    Garden
    
    Jan-06
    
    Morristown, TN
    
    1981
    
    
    
    
    65
    
    
    
    75
    
    
    
    1,870
    
    
    
    179
    
    
    
    75
    
    
    
    2,049
    
    
    
    2,124
    
    
    
    (1,275
    )
    
    
    849
    
    
    
    1,320Lock Haven Gardens
    
    Garden
    
    Jan-06
    
    Lock Haven, PA
    
    1979
    
    
    
    
    150
    
    
    
    1,163
    
    
    
    6,045
    
    
    
    606
    
    
    
    1,163
    
    
    
    6,651
    
    
    
    7,814
    
    
    
    (4,643
    )
    
    
    3,171
    
    
    
    2,860Locust House
    
    High Rise
    
    Mar-02
    
    Westminster, MD
    
    1979
    
    
    
    
    99
    
    
    
    650
    
    
    
    2,604
    
    
    
    786
    
    
    
    650
    
    
    
    3,390
    
    
    
    4,040
    
    
    
    (1,123
    )
    
    
    2,917
    
    
    
    2,264Lodge Run
    
    Mid Rise
    
    Jan-06
    
    Portage, PA
    
    1983
    
    
    
    
    31
    
    
    
    274
    
    
    
    1,211
    
    
    
    377
    
    
    
    274
    
    
    
    1,588
    
    
    
    1,862
    
    
    
    (1,259
    )
    
    
    603
    
    
    
    363Long Meadow
    
    Garden
    
    Jan-06
    
    Cheraw, SC
    
    1973
    
    
    
    
    56
    
    
    
    158
    
    
    
    1,342
    
    
    
    174
    
    
    
    158
    
    
    
    1,516
    
    
    
    1,674
    
    
    
    (1,168
    )
    
    
    506
    
    
    
    198Loring Towers
    
    High Rise
    
    Oct-02
    
    Minneapolis,  MN
    
    1975
    
    
    
    
    230
    
    
    
    1,297
    
    
    
    7,445
    
    
    
    7,587
    
    
    
    886
    
    
    
    15,443
    
    
    
    16,329
    
    
    
    (4,248
    )
    
    
    12,081
    
    
    
    7,387Loring Towers Apartments
    
    High Rise
    
    Sep-03
    
    Salem, MA
    
    1973
    
    
    
    
    250
    
    
    
    129
    
    
    
    14,050
    
    
    
    6,414
    
    
    
    140
    
    
    
    20,453
    
    
    
    20,593
    
    
    
    (3,664
    )
    
    
    16,929
    
    
    
    16,177Lynnhaven
    
    Garden
    
    Mar-04
    
    Durham, NC
    
    1980
    
    
    
    
    75
    
    
    
    539
    
    
    
    2,159
    
    
    
    793
    
    
    
    563
    
    
    
    2,928
    
    
    
    3,491
    
    
    
    (652
    )
    
    
    2,839
    
    
    
    2,787Michigan Beach
    
    Garden
    
    Oct-07
    
    Chicago, IL
    
    1958
    
    
    
    
    239
    
    
    
    2,225
    
    
    
    10,797
    
    
    
    757
    
    
    
    2,225
    
    
    
    11,554
    
    
    
    13,779
    
    
    
    (3,296
    )
    
    
    10,483
    
    
    
    5,510Mill Pond
    
    Mid Rise
    
    Jan-06
    
    Taunton, MA
    
    1982
    
    
    
    
    49
    
    
    
    80
    
    
    
    2,704
    
    
    
    311
    
    
    
    80
    
    
    
    3,015
    
    
    
    3,095
    
    
    
    (1,655
    )
    
    
    1,440
    
    
    
    1,301Miramar Housing
    
    High Rise
    
    Jan-06
    
    Ponce, PR
    
    1983
    
    
    
    
    96
    
    
    
    367
    
    
    
    5,085
    
    
    
    194
    
    
    
    367
    
    
    
    5,279
    
    
    
    5,646
    
    
    
    (2,946
    )
    
    
    2,700
    
    
    
    2,869Montblanc Gardens
    
    Town Home
    
    Dec-03
    
    Yauco, PR
    
    1982
    
    
    
    
    128
    
    
    
    391
    
    
    
    3,859
    
    
    
    959
    
    
    
    391
    
    
    
    4,818
    
    
    
    5,209
    
    
    
    (2,469
    )
    
    
    2,740
    
    
    
    3,282Morrisania II
    
    High Rise
    
    Jan-06
    
    Bronx, NY
    
    1979
    
    
    
    
    203
    
    
    
    659
    
    
    
    15,783
    
    
    
    1,710
    
    
    
    659
    
    
    
    17,493
    
    
    
    18,152
    
    
    
    (10,840
    )
    
    
    7,312
    
    
    
    8,144Moss Gardens
    
    Mid Rise
    
    Jan-06
    
    Lafayette, LA
    
    1980
    
    
    
    
    114
    
    
    
    524
    
    
    
    3,818
    
    
    
    257
    
    
    
    524
    
    
    
    4,075
    
    
    
    4,599
    
    
    
    (3,058
    )
    
    
    1,541
    
    
    
    1,991New Baltimore
    
    Mid Rise
    
    Mar-02
    
    New Baltimore,  MI
    
    1980
    
    
    
    
    101
    
    
    
    888
    
    
    
    2,360
    
    
    
    5,154
    
    
    
    896
    
    
    
    7,506
    
    
    
    8,402
    
    
    
    (1,459
    )
    
    
    6,943
    
    
    
    2,213New Vistas I
    
    Garden
    
    Jan-06
    
    Chicago, IL
    
    1925
    
    
    
    
    148
    
    
    
    1,448
    
    
    
    6,121
    
    
    
    380
    
    
    
    1,448
    
    
    
    6,501
    
    
    
    7,949
    
    
    
    (5,577
    )
    
    
    2,372
    
    
    
    1,386Newberry Park
    
    Garden
    
    Dec-97
    
    Chicago, IL
    
    1985
    
    
    
    
    82
    
    
    
    1,380
    
    
    
    7,632
    
    
    
    459
    
    
    
    1,380
    
    
    
    8,091
    
    
    
    9,471
    
    
    
    (2,739
    )
    
    
    6,732
    
    
    
    7,399Northlake Village
    
    Garden
    
    Oct-00
    
    Lima, OH
    
    1971
    
    
    
    
    150
    
    
    
    487
    
    
    
    1,317
    
    
    
    1,791
    
    
    
    487
    
    
    
    3,108
    
    
    
    3,595
    
    
    
    (1,736
    )
    
    
    1,859
    
    
    
    608Northpoint
    
    Garden
    
    Jan-00
    
    Chicago, IL
    
    1921
    
    
    
    
    304
    
    
    
    2,280
    
    
    
    14,334
    
    
    
    16,403
    
    
    
    2,510
    
    
    
    30,507
    
    
    
    33,017
    
    
    
    (14,624
    )
    
    
    18,393
    
    
    
    19,556Northwinds, The
    
    Garden
    
    Mar-02
    
    Wytheville, VA
    
    1978
    
    
    
    
    144
    
    
    
    500
    
    
    
    2,012
    
    
    
    525
    
    
    
    500
    
    
    
    2,537
    
    
    
    3,037
    
    
    
    (1,339
    )
    
    
    1,698
    
    
    
    1,599Oakbrook
    
    Garden
    
    Jan-08
    
    Topeka, KS
    
    1979
    
    
    
    
    170
    
    
    
    240
    
    
    
    6,200
    
    
    
    7
    
    
    
    240
    
    
    
    6,207
    
    
    
    6,447
    
    
    
    (2,773
    )
    
    
    3,674
    
    
    
    2,770Oakwood Manor
    
    Garden
    
    Mar-04
    
    Milan, TN
    
    1984
    
    
    
    
    34
    
    
    
    95
    
    
    
    498
    
    
    
    27
    
    
    
    95
    
    
    
    525
    
    
    
    620
    
    
    
    (96
    )
    
    
    524
    
    
    
    433ONeil
    
    High Rise
    
    Jan-06
    
    Troy, NY
    
    1978
    
    
    
    
    115
    
    
    
    88
    
    
    
    4,067
    
    
    
    791
    
    
    
    88
    
    
    
    4,858
    
    
    
    4,946
    
    
    
    (3,278
    )
    
    
    1,668
    
    
    
    1,353Orange Village
    
    Garden
    
    Jan-06
    
    Hermitage, PA
    
    1979
    
    
    
    
    81
    
    
    
    79
    
    
    
    3,406
    
    
    
    436
    
    
    
    79
    
    
    
    3,842
    
    
    
    3,921
    
    
    
    (2,361
    )
    
    
    1,560
    
    
    
    1,833Overbrook Park
    
    Garden
    
    Jan-06
    
    Chillicothe, OH
    
    1981
    
    
    
    
    50
    
    
    
    136
    
    
    
    2,282
    
    
    
    198
    
    
    
    136
    
    
    
    2,480
    
    
    
    2,616
    
    
    
    (1,377
    )
    
    
    1,239
    
    
    
    1,447Oxford House
    
    Mid Rise
    
    Mar-02
    
    Deactur, IL
    
    1979
    
    
    
    
    156
    
    
    
    993
    
    
    
    4,164
    
    
    
    451
    
    
    
    993
    
    
    
    4,615
    
    
    
    5,608
    
    
    
    (1,932
    )
    
    
    3,676
    
    
    
    2,910Oxford Terrace IV
    
    Town Home
    
    Oct-07
    
    Indianapolis, IN
    
    1994
    
    
    
    
    48
    
    
    
    247
    
    
    
    1,410
    
    
    
    607
    
    
    
    247
    
    
    
    2,017
    
    
    
    2,264
    
    
    
    (1,057
    )
    
    
    1,207
    
    
    
    1,261Palm Springs Senior
    
    Garden
    
    Mar-02
    
    Palm Springs,  CA
    
    1981
    
    
    
    
    116
    
    
    
    
    
    
    
    8,745
    
    
    
    3,657
    
    
    
    
    
    
    
    12,402
    
    
    
    12,402
    
    
    
    (1,782
    )
    
    
    10,620
    
    
    
    6,902Panorama Park
    
    Garden
    
    Mar-02
    
    Bakersfield, CA
    
    1982
    
    
    
    
    66
    
    
    
    621
    
    
    
    5,520
    
    
    
    893
    
    
    
    619
    
    
    
    6,415
    
    
    
    7,034
    
    
    
    (1,254
    )
    
    
    5,780
    
    
    
    2,331Parc Chateau I
    
    Garden
    
    Jan-06
    
    Lithonia, GA
    
    1973
    
    
    
    
    86
    
    
    
    592
    
    
    
    1,442
    
    
    
    324
    
    
    
    592
    
    
    
    1,766
    
    
    
    2,358
    
    
    
    (1,744
    )
    
    
    614
    
    
    
    434
  F-57




---



##### 



(2)
    
    
    (3)(1)

    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2009Property
    
    Date
    
    
    
    Year
    
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    (5)
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Consolidation
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesParc Chateau II
    
    Garden
    
    Jan-06
    
    Lithonia, GA
    
    1974
    
    
    
    
    88
    
    
    
    596
    
    
    
    2,965
    
    
    
    284
    
    
    
    596
    
    
    
    3,249
    
    
    
    3,845
    
    
    
    (2,522
    )
    
    
    1,323
    
    
    
    437Park  Joplin Apartments
    
    Garden
    
    Oct-07
    
    Joplin,  MO
    
    1974
    
    
    
    
    192
    
    
    
    996
    
    
    
    8,847
    
    
    
    2
    
    
    
    996
    
    
    
    8,849
    
    
    
    9,845
    
    
    
    (2,816
    )
    
    
    7,029
    
    
    
    3,395Park Place
    
    Mid Rise
    
    Jun-05
    
    St Louis, MO
    
    1977
    
    
    
    
    242
    
    
    
    742
    
    
    
    6,327
    
    
    
    9,758
    
    
    
    705
    
    
    
    16,122
    
    
    
    16,827
    
    
    
    (8,022
    )
    
    
    8,805
    
    
    
    9,572Park Vista
    
    Garden
    
    Oct-05
    
    Anaheim, CA
    
    1958
    
    
    
    
    392
    
    
    
    6,155
    
    
    
    25,929
    
    
    
    4,463
    
    
    
    6,155
    
    
    
    30,392
    
    
    
    36,547
    
    
    
    (6,356
    )
    
    
    30,191
    
    
    
    37,757Parkview
    
    Garden
    
    Mar-02
    
    Sacramento, CA
    
    1980
    
    
    
    
    97
    
    
    
    1,041
    
    
    
    2,880
    
    
    
    7,019
    
    
    
    1,145
    
    
    
    9,795
    
    
    
    10,940
    
    
    
    (1,456
    )
    
    
    9,484
    
    
    
    6,198Parkways, The
    
    Garden
    
    Jun-04
    
    Chicago, IL
    
    1925
    
    
    
    
    446
    
    
    
    3,684
    
    
    
    23,257
    
    
    
    17,401
    
    
    
    3,427
    
    
    
    40,915
    
    
    
    44,342
    
    
    
    (12,211
    )
    
    
    32,131
    
    
    
    21,927Patman Switch
    
    Garden
    
    Jan-06
    
    Hughes Springs, TX
    
    1978
    
    
    
    
    82
    
    
    
    727
    
    
    
    1,382
    
    
    
    604
    
    
    
    727
    
    
    
    1,986
    
    
    
    2,713
    
    
    
    (1,532
    )
    
    
    1,181
    
    
    
    1,229Pavilion
    
    High Rise
    
    Mar-04
    
    Philadelphia, PA
    
    1976
    
    
    
    
    296
    
    
    
    
    
    
    
    15,416
    
    
    
    1,265
    
    
    
    
    
    
    
    16,681
    
    
    
    16,681
    
    
    
    (4,111
    )
    
    
    12,570
    
    
    
    9,230Peachwood Place
    
    Garden
    
    Oct-07
    
    Waycross, GA
    
    1999
    
    
    
    
    72
    
    
    
    163
    
    
    
    2,254
    
    
    
    
    
    
    
    163
    
    
    
    2,254
    
    
    
    2,417
    
    
    
    (1,317
    )
    
    
    1,100
    
    
    
    737Pinebluff Village
    
    Mid Rise
    
    Jan-06
    
    Salisbury, MD
    
    1980
    
    
    
    
    151
    
    
    
    1,112
    
    
    
    7,177
    
    
    
    685
    
    
    
    1,112
    
    
    
    7,862
    
    
    
    8,974
    
    
    
    (5,627
    )
    
    
    3,347
    
    
    
    2,050Pinewood Place
    
    Garden
    
    Mar-02
    
    Toledo, OH
    
    1979
    
    
    
    
    99
    
    
    
    420
    
    
    
    1,698
    
    
    
    1,234
    
    
    
    420
    
    
    
    2,932
    
    
    
    3,352
    
    
    
    (1,229
    )
    
    
    2,123
    
    
    
    2,001Pleasant Hills
    
    Garden
    
    Apr-05
    
    Austin, TX
    
    1982
    
    
    
    
    100
    
    
    
    1,188
    
    
    
    2,631
    
    
    
    3,502
    
    
    
    1,229
    
    
    
    6,092
    
    
    
    7,321
    
    
    
    (1,810
    )
    
    
    5,511
    
    
    
    3,206Plummer Village
    
    Mid Rise
    
    Mar-02
    
    North Hills, CA
    
    1983
    
    
    
    
    75
    
    
    
    624
    
    
    
    2,647
    
    
    
    1,613
    
    
    
    667
    
    
    
    4,217
    
    
    
    4,884
    
    
    
    (1,670
    )
    
    
    3,214
    
    
    
    2,598Portner Place
    
    Town Home
    
    Jan-06
    
    Washington, DC
    
    1980
    
    
    
    
    48
    
    
    
    697
    
    
    
    3,753
    
    
    
    92
    
    
    
    697
    
    
    
    3,845
    
    
    
    4,542
    
    
    
    (287
    )
    
    
    4,255
    
    
    
    6,428Post Street Apartments
    
    High Rise
    
    Jan-06
    
    Yonkers, NY
    
    1930
    
    
    
    
    56
    
    
    
    148
    
    
    
    3,315
    
    
    
    415
    
    
    
    148
    
    
    
    3,730
    
    
    
    3,878
    
    
    
    (2,297
    )
    
    
    1,581
    
    
    
    1,599Pride Gardens
    
    Garden
    
    Dec-97
    
    Flora, MS
    
    1975
    
    
    
    
    76
    
    
    
    102
    
    
    
    1,071
    
    
    
    1,628
    
    
    
    102
    
    
    
    2,699
    
    
    
    2,801
    
    
    
    (1,454
    )
    
    
    1,347
    
    
    
    1,079Rancho California
    
    Garden
    
    Jan-06
    
    Temecula, CA
    
    1984
    
    
    
    
    55
    
    
    
    488
    
    
    
    5,462
    
    
    
    256
    
    
    
    488
    
    
    
    5,718
    
    
    
    6,206
    
    
    
    (2,797
    )
    
    
    3,409
    
    
    
    4,536Ridgewood (La Loma)
    
    Garden
    
    Mar-02
    
    Sacramento, CA
    
    1980
    
    
    
    
    75
    
    
    
    684
    
    
    
    227
    
    
    
    7,367
    
    
    
    718
    
    
    
    7,560
    
    
    
    8,278
    
    
    
    (910
    )
    
    
    7,368
    
    
    
    4,650Ridgewood Towers
    
    High Rise
    
    Mar-02
    
    East Moline, IL
    
    1977
    
    
    
    
    140
    
    
    
    698
    
    
    
    2,803
    
    
    
    755
    
    
    
    698
    
    
    
    3,558
    
    
    
    4,256
    
    
    
    (1,296
    )
    
    
    2,960
    
    
    
    1,552River Village
    
    High Rise
    
    Jan-06
    
    Flint, MI
    
    1980
    
    
    
    
    340
    
    
    
    1,756
    
    
    
    13,877
    
    
    
    1,484
    
    
    
    1,756
    
    
    
    15,361
    
    
    
    17,117
    
    
    
    (10,068
    )
    
    
    7,049
    
    
    
    7,370Rivers Edge
    
    Town Home
    
    Jan-06
    
    Greenville, MI
    
    1983
    
    
    
    
    49
    
    
    
    311
    
    
    
    2,097
    
    
    
    283
    
    
    
    311
    
    
    
    2,380
    
    
    
    2,691
    
    
    
    (1,643
    )
    
    
    1,048
    
    
    
    664Riverwoods
    
    High Rise
    
    Jan-06
    
    Kankakee, IL
    
    1983
    
    
    
    
    125
    
    
    
    590
    
    
    
    4,932
    
    
    
    3,454
    
    
    
    598
    
    
    
    8,378
    
    
    
    8,976
    
    
    
    (1,234
    )
    
    
    7,742
    
    
    
    5,077Rosedale Court Apartments
    
    Garden
    
    Mar-04
    
    Dawson Springs, KY
    
    1981
    
    
    
    
    40
    
    
    
    194
    
    
    
    1,177
    
    
    
    180
    
    
    
    194
    
    
    
    1,357
    
    
    
    1,551
    
    
    
    (548
    )
    
    
    1,003
    
    
    
    876Round Barn
    
    Garden
    
    Mar-02
    
    Champaign, IL
    
    1979
    
    
    
    
    156
    
    
    
    947
    
    
    
    5,134
    
    
    
    5,729
    
    
    
    934
    
    
    
    10,876
    
    
    
    11,810
    
    
    
    (2,312
    )
    
    
    9,498
    
    
    
    5,220Rutherford Park
    
    Town Home
    
    Jan-06
    
    Hummelstown, PA
    
    1981
    
    
    
    
    85
    
    
    
    376
    
    
    
    4,814
    
    
    
    312
    
    
    
    376
    
    
    
    5,126
    
    
    
    5,502
    
    
    
    (3,005
    )
    
    
    2,497
    
    
    
    2,841San Jose Apartments
    
    Garden
    
    Sep-05
    
    San Antonio,  TX
    
    1970
    
    
    
    
    220
    
    
    
    404
    
    
    
    5,770
    
    
    
    11,373
    
    
    
    234
    
    
    
    17,313
    
    
    
    17,547
    
    
    
    (3,275
    )
    
    
    14,272
    
    
    
    5,271San Juan Del Centro
    
    Mid Rise
    
    Sep-05
    
    Boulder,  CO
    
    1971
    
    
    
    
    150
    
    
    
    243
    
    
    
    7,110
    
    
    
    12,551
    
    
    
    438
    
    
    
    19,466
    
    
    
    19,904
    
    
    
    (3,729
    )
    
    
    16,175
    
    
    
    11,652Sandy Hill Terrace
    
    High Rise
    
    Mar-02
    
    Norristown, PA
    
    1980
    
    
    
    
    174
    
    
    
    1,650
    
    
    
    6,599
    
    
    
    2,783
    
    
    
    1,650
    
    
    
    9,382
    
    
    
    11,032
    
    
    
    (3,011
    )
    
    
    8,021
    
    
    
    3,598Sandy Springs
    
    Garden
    
    Mar-05
    
    Macon, GA
    
    1979
    
    
    
    
    74
    
    
    
    366
    
    
    
    1,522
    
    
    
    1,403
    
    
    
    366
    
    
    
    2,925
    
    
    
    3,291
    
    
    
    (1,703
    )
    
    
    1,588
    
    
    
    1,915School Street
    
    Mid Rise
    
    Jan-06
    
    Taunton, MA
    
    1920
    
    
    
    
    75
    
    
    
    219
    
    
    
    4,335
    
    
    
    645
    
    
    
    219
    
    
    
    4,980
    
    
    
    5,199
    
    
    
    (2,742
    )
    
    
    2,457
    
    
    
    2,625Sherman Hills
    
    High Rise
    
    Jan-06
    
    Wilkes-Barre, PA
    
    1976
    
    
    
    
    344
    
    
    
    2,039
    
    
    
    15,549
    
    
    
    1,334
    
    
    
    2,039
    
    
    
    16,883
    
    
    
    18,922
    
    
    
    (13,422
    )
    
    
    5,500
    
    
    
    3,028Shoreview
    
    Garden
    
    Oct-99
    
    San Francisco, CA
    
    1976
    
    
    
    
    156
    
    
    
    1,498
    
    
    
    19,071
    
    
    
    18,283
    
    
    
    1,476
    
    
    
    37,376
    
    
    
    38,852
    
    
    
    (13,248
    )
    
    
    25,604
    
    
    
    17,278South Bay Villa
    
    Garden
    
    Mar-02
    
    Los Angeles, CA
    
    1981
    
    
    
    
    80
    
    
    
    663
    
    
    
    2,770
    
    
    
    4,354
    
    
    
    1,352
    
    
    
    6,435
    
    
    
    7,787
    
    
    
    (3,290
    )
    
    
    4,497
    
    
    
    3,063Spring Manor
    
    Mid Rise
    
    Jan-06
    
    Holidaysburg, PA
    
    1983
    
    
    
    
    51
    
    
    
    608
    
    
    
    2,083
    
    
    
    425
    
    
    
    608
    
    
    
    2,508
    
    
    
    3,116
    
    
    
    (2,168
    )
    
    
    948
    
    
    
    631Springfield Villas
    
    Garden
    
    Oct-07
    
    Lockhart,  TX
    
    1999
    
    
    
    
    32
    
    
    
    
    
    
    
    1,153
    
    
    
    9
    
    
    
    
    
    
    
    1,162
    
    
    
    1,162
    
    
    
    
    
    
    
    1,162
    
    
    
    855St. George Villas
    
    Garden
    
    Jan-06
    
    St. George, SC
    
    1984
    
    
    
    
    40
    
    
    
    86
    
    
    
    1,025
    
    
    
    95
    
    
    
    86
    
    
    
    1,120
    
    
    
    1,206
    
    
    
    (787
    )
    
    
    419
    
    
    
    503Sterling Village
    
    Town Home
    
    Mar-02
    
    San Bernadino, CA
    
    1983
    
    
    
    
    80
    
    
    
    549
    
    
    
    3,459
    
    
    
    2,722
    
    
    
    188
    
    
    
    6,542
    
    
    
    6,730
    
    
    
    (1,470
    )
    
    
    5,260
    
    
    
    4,497Stonegate Apts
    
    Mid Rise
    
    Jul-09
    
    Indianapolis, IN
    
    1920
    
    
    
    
    52
    
    
    
    255
    
    
    
    3,610
    
    
    
    6
    
    
    
    255
    
    
    
    3,616
    
    
    
    3,871
    
    
    
    (733
    )
    
    
    3,138
    
    
    
    1,918Stonegate Village
    
    Garden
    
    Oct-00
    
    New Castle, IN
    
    1970
    
    
    
    
    122
    
    
    
    313
    
    
    
    1,895
    
    
    
    1,342
    
    
    
    308
    
    
    
    3,242
    
    
    
    3,550
    
    
    
    (1,344
    )
    
    
    2,206
    
    
    
    284Sumler Terrace
    
    Garden
    
    Jan-06
    
    Norfolk, VA
    
    1976
    
    
    
    
    126
    
    
    
    215
    
    
    
    4,400
    
    
    
    503
    
    
    
    215
    
    
    
    4,903
    
    
    
    5,118
    
    
    
    (3,643
    )
    
    
    1,475
    
    
    
    1,303Summit Oaks
    
    Town Home
    
    Jan-06
    
    Burke, VA
    
    1980
    
    
    
    
    50
    
    
    
    382
    
    
    
    4,930
    
    
    
    288
    
    
    
    382
    
    
    
    5,218
    
    
    
    5,600
    
    
    
    (1,103
    )
    
    
    4,497
    
    
    
    3,303Suntree
    
    Garden
    
    Jan-06
    
    St. Johns, MI
    
    1980
    
    
    
    
    121
    
    
    
    403
    
    
    
    6,488
    
    
    
    658
    
    
    
    403
    
    
    
    7,146
    
    
    
    7,549
    
    
    
    (4,472
    )
    
    
    3,077
    
    
    
    966Tabor Towers
    
    Mid Rise
    
    Jan-06
    
    Lewisburg, WV
    
    1979
    
    
    
    
    84
    
    
    
    163
    
    
    
    3,360
    
    
    
    236
    
    
    
    163
    
    
    
    3,596
    
    
    
    3,759
    
    
    
    (2,136
    )
    
    
    1,623
    
    
    
    1,934Tamarac Apartments I
    
    Garden
    
    Nov-04
    
    Woodlands, TX
    
    1980
    
    
    
    
    144
    
    
    
    140
    
    
    
    2,775
    
    
    
    3,613
    
    
    
    363
    
    
    
    6,165
    
    
    
    6,528
    
    
    
    (2,071
    )
    
    
    4,457
    
    
    
    4,188Tamarac Apartments II
    
    Garden
    
    Nov-04
    
    Woodlands, TX
    
    1980
    
    
    
    
    156
    
    
    
    142
    
    
    
    3,195
    
    
    
    4,048
    
    
    
    266
    
    
    
    7,119
    
    
    
    7,385
    
    
    
    (2,349
    )
    
    
    5,036
    
    
    
    4,537Terraces
    
    Mid Rise
    
    Jan-06
    
    Kettering, OH
    
    1979
    
    
    
    
    102
    
    
    
    1,561
    
    
    
    2,815
    
    
    
    634
    
    
    
    1,561
    
    
    
    3,449
    
    
    
    5,010
    
    
    
    (2,493
    )
    
    
    2,517
    
    
    
    2,483Terry Manor
    
    Mid Rise
    
    Oct-05
    
    Los Angeles, CA
    
    1977
    
    
    
    
    170
    
    
    
    1,775
    
    
    
    5,848
    
    
    
    6,648
    
    
    
    1,997
    
    
    
    12,274
    
    
    
    14,271
    
    
    
    (4,379
    )
    
    
    9,892
    
    
    
    6,961Tompkins Terrace
    
    Garden
    
    Oct-02
    
    Beacon, NY
    
    1974
    
    
    
    
    193
    
    
    
    872
    
    
    
    6,827
    
    
    
    12,128
    
    
    
    872
    
    
    
    18,955
    
    
    
    19,827
    
    
    
    (3,124
    )
    
    
    16,703
    
    
    
    8,536Trestletree Village
    
    Garden
    
    Mar-02
    
    Atlanta, GA
    
    1981
    
    
    
    
    188
    
    
    
    1,150
    
    
    
    4,655
    
    
    
    1,500
    
    
    
    1,150
    
    
    
    6,155
    
    
    
    7,305
    
    
    
    (2,119
    )
    
    
    5,186
    
    
    
    2,856University Square
    
    High Rise
    
    Mar-05
    
    Philadelphia, PA
    
    1978
    
    
    
    
    442
    
    
    
    702
    
    
    
    12,201
    
    
    
    12,209
    
    
    
    702
    
    
    
    24,410
    
    
    
    25,112
    
    
    
    (8,361
    )
    
    
    16,751
    
    
    
    13,634Van Nuys Apartments
    
    High Rise
    
    Mar-02
    
    Los Angeles, CA
    
    1981
    
    
    
    
    299
    
    
    
    4,253
    
    
    
    21,226
    
    
    
    19,594
    
    
    
    4,219
    
    
    
    40,854
    
    
    
    45,073
    
    
    
    (5,581
    )
    
    
    39,492
    
    
    
    20,870Victory Square
    
    Garden
    
    Mar-02
    
    Canton, OH
    
    1975
    
    
    
    
    81
    
    
    
    215
    
    
    
    889
    
    
    
    550
    
    
    
    215
    
    
    
    1,439
    
    
    
    1,654
    
    
    
    (633
    )
    
    
    1,021
    
    
    
    850Village Oaks
    
    Mid Rise
    
    Jan-06
    
    Catonsville, MD
    
    1980
    
    
    
    
    181
    
    
    
    2,127
    
    
    
    5,188
    
    
    
    1,775
    
    
    
    2,127
    
    
    
    6,963
    
    
    
    9,090
    
    
    
    (4,748
    )
    
    
    4,342
    
    
    
    4,479Village of Kaufman
    
    Garden
    
    Mar-05
    
    Kaufman, TX
    
    1981
    
    
    
    
    68
    
    
    
    370
    
    
    
    1,606
    
    
    
    628
    
    
    
    370
    
    
    
    2,234
    
    
    
    2,604
    
    
    
    (747
    )
    
    
    1,857
    
    
    
    1,851Vintage Crossing
    
    Town Home
    
    Mar-04
    
    Cuthbert, GA
    
    1982
    
    
    
    
    50
    
    
    
    188
    
    
    
    1,058
    
    
    
    553
    
    
    
    188
    
    
    
    1,611
    
    
    
    1,799
    
    
    
    (917
    )
    
    
    882
    
    
    
    1,639Vista Park Chino
    
    Garden
    
    Mar-02
    
    Chino, CA
    
    1983
    
    
    
    
    40
    
    
    
    380
    
    
    
    1,521
    
    
    
    388
    
    
    
    380
    
    
    
    1,909
    
    
    
    2,289
    
    
    
    (693
    )
    
    
    1,596
    
    
    
    1,446Vistula Heritage Village
    
    Garden
    
    Oct-08
    
    Toledo, OH
    
    1930
    
    
    
    
    250
    
    
    
    1,312
    
    
    
    20,635
    
    
    
    
    
    
    
    1,312
    
    
    
    20,635
    
    
    
    21,947
    
    
    
    (8,119
    )
    
    
    13,828
    
    
    
    12,716Wah Luck House
    
    High Rise
    
    Jan-06
    
    Washington, DC
    
    1982
    
    
    
    
    153
    
    
    
    
    
    
    
    8,690
    
    
    
    476
    
    
    
    
    
    
    
    9,166
    
    
    
    9,166
    
    
    
    (2,407
    )
    
    
    6,759
    
    
    
    9,147Walnut Hills
    
    High Rise
    
    Jan-06
    
    Cincinnati, OH
    
    1983
    
    
    
    
    198
    
    
    
    888
    
    
    
    5,608
    
    
    
    5,114
    
    
    
    826
    
    
    
    10,784
    
    
    
    11,610
    
    
    
    (1,788
    )
    
    
    9,822
    
    
    
    5,645Wasco Arms
    
    Garden
    
    Mar-02
    
    Wasco, CA
    
    1982
    
    
    
    
    78
    
    
    
    625
    
    
    
    2,519
    
    
    
    1,025
    
    
    
    625
    
    
    
    3,544
    
    
    
    4,169
    
    
    
    (1,368
    )
    
    
    2,801
    
    
    
    3,109Washington Square West
    
    Mid Rise
    
    Sep-04
    
    Philadelphia, PA
    
    1982
    
    
    
    
    132
    
    
    
    555
    
    
    
    11,169
    
    
    
    5,854
    
    
    
    582
    
    
    
    16,996
    
    
    
    17,578
    
    
    
    (7,665
    )
    
    
    9,913
    
    
    
    3,888Westwood Terrace
    
    Mid Rise
    
    Mar-02
    
    Moline, IL
    
    1976
    
    
    
    
    97
    
    
    
    720
    
    
    
    3,242
    
    
    
    586
    
    
    
    720
    
    
    
    3,828
    
    
    
    4,548
    
    
    
    (1,237
    )
    
    
    3,311
    
    
    
    1,652White Cliff
    
    Garden
    
    Mar-02
    
    Lincoln Heights, OH
    
    1977
    
    
    
    
    72
    
    
    
    215
    
    
    
    938
    
    
    
    419
    
    
    
    215
    
    
    
    1,357
    
    
    
    1,572
    
    
    
    (567
    )
    
    
    1,005
    
    
    
    1,003Whitefield Place
    
    Garden
    
    Apr-05
    
    San Antonio, TX
    
    1980
    
    
    
    
    80
    
    
    
    223
    
    
    
    3,151
    
    
    
    2,550
    
    
    
    219
    
    
    
    5,705
    
    
    
    5,924
    
    
    
    (2,054
    )
    
    
    3,870
    
    
    
    2,260Wickford
    
    Garden
    
    Mar-04
    
    Henderson, NC
    
    1983
    
    
    
    
    44
    
    
    
    247
    
    
    
    946
    
    
    
    123
    
    
    
    247
    
    
    
    1,069
    
    
    
    1,316
    
    
    
    (436
    )
    
    
    880
    
    
    
    1,423Wilderness Trail
    
    High Rise
    
    Mar-02
    
    Pineville, KY
    
    1983
    
    
    
    
    124
    
    
    
    1,010
    
    
    
    4,048
    
    
    
    674
    
    
    
    1,010
    
    
    
    4,722
    
    
    
    5,732
    
    
    
    (1,223
    )
    
    
    4,509
    
    
    
    4,478Wilkes Towers
    
    High Rise
    
    Mar-02
    
    North Wilkesboro, NC
    
    1981
    
    
    
    
    72
    
    
    
    410
    
    
    
    1,680
    
    
    
    494
    
    
    
    410
    
    
    
    2,174
    
    
    
    2,584
    
    
    
    (723
    )
    
    
    1,861
    
    
    
    1,875Willow Wood
    
    Garden
    
    Mar-02
    
    North Hollywood, CA
    
    1984
    
    
    
    
    19
    
    
    
    1,051
    
    
    
    840
    
    
    
    193
    
    
    
    1,051
    
    
    
    1,033
    
    
    
    2,084
    
    
    
    (308
    )
    
    
    1,776
    
    
    
    1,068Winnsboro Arms
    
    Garden
    
    Jan-06
    
    Winnsboro, SC
    
    1978
    
    
    
    
    60
    
    
    
    272
    
    
    
    1,697
    
    
    
    253
    
    
    
    272
    
    
    
    1,950
    
    
    
    2,222
    
    
    
    (1,508
    )
    
    
    714
    
    
    
    182Winter Gardens
    
    High Rise
    
    Mar-04
    
    St Louis, MO
    
    1920
    
    
    
    
    112
    
    
    
    300
    
    
    
    3,072
    
    
    
    4,448
    
    
    
    300
    
    
    
    7,520
    
    
    
    7,820
    
    
    
    (1,334
    )
    
    
    6,486
    
    
    
    3,796Woodcrest
    
    Garden
    
    Dec-97
    
    Odessa, TX
    
    1972
    
    
    
    
    80
    
    
    
    41
    
    
    
    229
    
    
    
    674
    
    
    
    41
    
    
    
    903
    
    
    
    944
    
    
    
    (708
    )
    
    
    236
    
    
    
    443Woodland
    
    Garden
    
    Jan-06
    
    Spartanburg, SC
    
    1972
    
    
    
    
    100
    
    
    
    182
    
    
    
    663
    
    
    
    1,379
    
    
    
    182
    
    
    
    2,042
    
    
    
    2,224
    
    
    
    (491
    )
    
    
    1,733
    
    
    
    Woodland Hills
    
    Garden
    
    Oct-05
    
    Jackson, MI
    
    1980
    
    
    
    
    125
    
    
    
    541
    
    
    
    3,875
    
    
    
    4,266
    
    
    
    321
    
    
    
    8,361
    
    
    
    8,682
    
    
    
    (2,727
    )
    
    
    5,955
    
    
    
    3,644Total Affordable Properties:
    
    
    
    
    
    
    
    
    
    
    
    
    22,476
    
    
    
    127,444
    
    
    
    949,906
    
    
    
    453,506
    
    
    
    126,642
    
    
    
    1,404,214
    
    
    
    1,530,856
    
    
    
    (534,697
    )
    
    
    996,159
    
    
    
    755,205
  F-58




---



##### 



(2)
    
    
    (3)(1)

    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2009Property
    
    Date
    
    
    
    Year
    
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    (5)
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Consolidation
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesOther (4)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    74
    
    
    
    2,470
    
    
    
    2,465
    
    
    
    2,107
    
    
    
    2,902
    
    
    
    5,009
    
    
    
    (2,490
    )
    
    
    2,519
    
    
    
    Total Continuing Operations
    
    
    
    
    
    
    
    
    
    
    
    
    94,357
    
    
    
    2,125,927
    
    
    
    4,884,110
    
    
    
    2,653,370
    
    
    
    2,183,927
    
    
    
    7,479,480
    
    
    
    9,663,407
    
    
    
    (2,700,541
    )
    
    
    6,962,866
    
    
    
    5,547,253Discontinued Operations:Conventional Properties:Fairway
    
    Garden
    
    Jan-00
    
    Plano, TX
    
    1978
    
    
    
    
    256
    
    
    
    2,961
    
    
    
    5,137
    
    
    
    5,788
    
    
    
    2,961
    
    
    
    10,925
    
    
    
    13,886
    
    
    
    (5,794
    )
    
    
    8,092
    
    
    
    8,885Sienna Bay
    
    Garden
    
    Apr-00
    
    St. Petersburg, FL
    
    1984
    
    
    
    
    276
    
    
    
    1,737
    
    
    
    9,778
    
    
    
    10,702
    
    
    
    1,737
    
    
    
    20,480
    
    
    
    22,217
    
    
    
    (10,277
    )
    
    
    11,940
    
    
    
    10,630Solana Vista
    
    Garden
    
    Dec-97
    
    Bradenton, FL
    
    1984
    
    
    
    
    200
    
    
    
    1,276
    
    
    
    7,170
    
    
    
    6,872
    
    
    
    1,276
    
    
    
    14,042
    
    
    
    15,318
    
    
    
    (5,449
    )
    
    
    9,869
    
    
    
    7,865Stoney Brook
    
    Garden
    
    Nov-96
    
    Houston, TX
    
    1972
    
    
    
    
    113
    
    
    
    275
    
    
    
    1,865
    
    
    
    1,931
    
    
    
    275
    
    
    
    3,796
    
    
    
    4,071
    
    
    
    (1,215
    )
    
    
    2,856
    
    
    
    1,797Total Conventional Properties:
    
    
    
    
    
    
    
    
    
    
    
    
    845
    
    
    
    6,249
    
    
    
    23,950
    
    
    
    25,293
    
    
    
    6,249
    
    
    
    49,243
    
    
    
    55,492
    
    
    
    (22,735
    )
    
    
    32,757
    
    
    
    29,177Other (4)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    79
    
    
    
    1
    
    
    
    78
    
    
    
    79
    
    
    
    (63
    )
    
    
    16
    
    
    
    Total Discontinued Operations
    
    
    
    
    
    
    
    
    
    
    
    
    845
    
    
    
    6,249
    
    
    
    23,950
    
    
    
    25,372
    
    
    
    6,250
    
    
    
    49,321
    
    
    
    55,571
    
    
    
    (22,798
    )
    
    
    32,773
    
    
    
    29,177Total Continuing and Discontinued
Operations
    
    
    
    
    
    
    
    
    
    
    
    
    95,202
    
    
    
    2,132,176
    
    
    
    4,908,060
    
    
    
    2,678,742
    
    
    
    2,190,177
    
    
    
    7,528,801
    
    
    
    9,718,978
    
    
    
    (2,723,339
    )
    
    
    6,995,639
    
    
    
    5,576,430
 (1)
    
    Date we acquired the property or first consolidated the partnership which owns the property.(2)
    
    Initial cost includes the tendering costs to acquire
the noncontrolling interest share of our consolidated real estate partnerships.(3)
    
    Costs capitalized subsequent to consolidation includes costs capitalized since acquisition or first consolidation of the partnership/property.(4)
    
    Other includes land parcels, commercial properties and other related costs.(5)
    
    The aggregate cost of land and depreciable propertyfor federal income tax purposes was approximately $8.0 billion at December 31, 2009.  F-59




---



##### 



AIMCO PROPERTIES, L.P.
 
 SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
 For the Years Ended December 31, 2009, 2008 and 2007
 (In Thousands)
 2009
    
    
    2008
    
    
    2007Real EstateBalance at beginning of year
    
    $
    11,000,496
    
    
    $
    12,420,200
    
    
    $
    12,011,693Additions during the year:Newly consolidated assets and
acquisition of limited
partnership interests (1)
    
    
    19,683
    
    
    
    31,447
    
    
    
    31,572Acquisitions
    
    
    
    
    
    
    107,445
    
    
    
    233,059Capital expenditures
    
    
    275,444
    
    
    
    665,233
    
    
    
    689,719Deductions during the year:Casualty and other write-offs (2)
    
    
    (43,134
    )
    
    
    (130,595
    )
    
    
    (24,594
    )Sales
    
    
    (1,533,511
    )
    
    
    (2,093,234
    )
    
    
    (521,249
    )Balance at end of year
    
    $
    9,718,978
    
    
    $
    11,000,496
    
    
    $
    12,420,200Accumulated DepreciationBalance at beginning of year
    
    $
    2,814,992
    
    
    $
    3,047,211
    
    
    $
    2,900,909Additions during the year:Depreciation
    
    
    478,550
    
    
    
    497,395
    
    
    
    477,725Newly consolidated assets and
acquisition of limited
partnership interests (1)
    
    
    (2,763
    )
    
    
    (22,256
    )
    
    
    (128,272
    )Deductions during the year:Casualty and other write-offs
    
    
    (5,200
    )
    
    
    (1,838
    )
    
    
    (5,280
    )Sales
    
    
    (562,240
    )
    
    
    (705,520
    )
    
    
    (197,871
    )Balance at end of year
    
    $
    2,723,339
    
    
    $
    2,814,992
    
    
    $
    3,047,211
 (1)
    
    Includes the effect of newly consolidated assets, acquisition of limited
partnership interests and related activity.(2)
    
    Casualty and other write-offs in 2008 include impairments totaling $91.1 million
related to our Lincoln Place and Pacific Bay Vistas properties.  F-60