##### Table of Contents



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, 2005
 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
  Not Applicable
    
    Not Applicable(Title of each class to be so registered)
    
    (Name of each exchange on which each
class to be registered)
  Partnership Common Units
 þ o
 o þ
 þ o
 þ
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
 o þ
  
 Documents Incorporated by Reference
None




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##### 



AIMCO PROPERTIES, L.P
 TABLE OF CONTENTS
 ANNUAL REPORT ON FORM 10-K
For the Fiscal Year Ended December 31, 2005
 Item
    
    
    
    
    PagePART I1.
    
    Business
    
    
    21A.
    
    Risk Factors
    
    
    91B.
    
    Unresolved Staff Comments
    
    
    132.
    
    Properties
    
    
    143.
    
    Legal Proceedings
    
    
    154.
    
    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
    
    
    166.
    
    Selected Financial Data
    
    
    177.
    
    Managements Discussion and Analysis of Financial Condition
and Results of Operations
    
    
    187A.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    358.
    
    Financial Statements and Supplementary Data
    
    
    359.
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    359A.
    
    Controls and Procedures
    
    
    369B.
    
    Other Information
    
    
    38PART III10.
    
    Directors and Executive Officers of the Registrant
    
    
    3811.
    
    Executive Compensation
    
    
    4112.
    
    Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
    
    
    4713.
    
    Certain Relationships and Related Transactions
    
    
    4814.
    
    Principal Accountant Fees and Services
    
    
    50PART IV15.
    
    Exhibits, Financial Statement Schedules
    
    
    52SubsidiariesConsent of Independent Registered Public Accounting FirmCertification of CEO Pursuant to Section 302Certification of CFO Pursuant to Section 302Certification of CEO Pursuant to Section 906Certification of CFO Pursuant to Section 906Agreement re: Disclosure of Long-Term Debt Instruments
  1




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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 on Form 10-K (Annual Report) contains or may contain information that is forward-looking,
including, without limitation, statements regarding the effect of acquisitions, our future
financial performance and the effect of government regulations. Actual results may differ
materially from those described in the forward-looking statements and will be affected by a variety
of risks and factors that are beyond our control including, without limitation: natural disasters
such as hurricanes, national and local economic conditions; the general level of interest rates;
energy costs; the terms of governmental regulations that affect us and interpretations of those
regulations; the competitive environment in which we operate; financing risks, including the risk
that our cash flows from operations may be insufficient to meet required payments of principal and
interest; real estate risks, including fluctuations in real estate values and the general economic
climate in local markets and competition for tenants in such markets; insurance risks; acquisition
and development risks, including failure of such acquisitions and development projects to perform
in accordance with projections; the timing of acquisitions and dispositions; litigation, including
costs associated with prosecuting or defending claims and any adverse outcomes; 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 its 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 described 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 Company
    2




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Total PortfolioProperties
    
    
    UnitsConsolidated properties
    
    
    619
    
    
    
    158,548Unconsolidated properties
    
    
    264
    
    
    
    35,269Property management for third parties
    
    
    52
    
    
    
    5,246Asset management for third parties
    
    
    435
    
    
    
    41,421Total
    
    
    1,370
    
    
    
    240,484
    Available Information
  Financial Information About Industry Segments
  Business Overview
   3




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Property Operations
     
    
    Customer Service.Our operating culture is to be focused on our customers. 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 performance.
    
    Resident Selection and Retention.In apartment properties, neighbors are a part of the
product, together with the location of the property and the physical quality of the
apartment units. Part of our conventional 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. We believe that the costs exceed the benefits when higher
occupancy results from lowering of financial stability standards.
    
    Revenue Increases.We increase rents where feasible and seek to improve 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.
    
    Controlling Expenses.Cost controls are accomplished by local focus at the ROC level
and by taking advantage of economies of scale at the corporate level. As a result of the
size of our portfolio and our regional concentrations of properties, we have the ability to
spread over a large property base fixed costs for
 4




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general and administrative expenditures and certain operating functions, such as purchasing,
insurance and information technology. We are expanding our local vendor consolidation
program and implementing an electronic procurement system to provide better ongoing control
over purchasing decisions and to take advantage of volume discounts. Additionally, we intend
to focus on energy management and centralized media programs to control expenses.
    
    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.
    Portfolio Management
    
    
    the direct acquisition of a property or portfolio of properties;
    
    acquisition of a portfolio of properties through a purchase from, or a merger or
business combination with, an entity that owns or controls the property or portfolio being
acquired; and
    
    the purchase from third parties, subject to our fiduciary duties, of additional
interests in partnerships where we own a general partnership interest.
 5




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Entitlements
  Reinvestment in Properties
   6




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Cost of Capital
  Productivity
  Competition
  Taxation
  Taxation of Aimco
   7




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Regulation   General
  Environmental
   Insurance
  8




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Employees
  
 Item 1A. Risk Factors
  Failure to generate sufficient net operating income may limit our ability to pay distributions.
  
    
    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;
    
    changes in interest rates and the availability of financing; and
    
    the relative illiquidity of real estate investments.
 If we are not able successfully to acquire, operate, redevelop and expand properties, our results
of operations will be adversely affected.
  
    
    costs may exceed original estimates;
    
    occupancy and rental rates at the property may be below our projections;
    
    financing may not be available on favorable terms or at all;
    
    redevelopment and leasing of the properties may not be completed on schedule; and
    
    we may experience difficulty or delays in obtaining necessary zoning, land-use,
building, occupancy and other governmental permits and authorizations.
 9




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ur existing and future debt financing could render us unable to operate, result in foreclosure on
our properties or prevent us from making distributions on our equity.
  Increases in interest rates would increase our interest expense.
  Covenant restrictions may limit our ability to make payments to our investors.
  We depend on distributions and other payments from our subsidiaries that they may be prohibited
from making to us.
  We may be subject to litigation associated with partnership acquisitions that could increase our
expenses and prevent completion of beneficial transactions.
  10




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The marketplace for insurance coverage is uncertain and in some cases insurance is becoming more
expensive and more difficult to obtain.
  The FBI has issued alerts regarding potential terrorist threats involving apartment buildings.
  We
depend on our senior management.
  Affordable housing regulations may limit the opportunities at some of our properties, reducing our
revenue and, in some cases, causing us to sell properties that we might otherwise continue to own.
  Laws benefiting disabled persons may result in our incurrence of unanticipated expenses.
  As a REIT, Aimco is subject to substantial risks related to its compliance with the tax laws.
  11




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
    
    Aimco would be obligated to repurchase certain classes of its preferred stock; and
    
    we would be in default under our primary credit facilities and certain other loan agreements.
  Limits on ownership of Aimcos shares in Aimcos charter may result in the loss of economic and
voting rights by purchasers that violate those limits.
  
    
    the transfer will be considered null and void;
    
    Aimco will not reflect the transaction on its books;
    
    Aimco may institute legal action to enjoin the transaction;
    
    Aimco may demand repayment of any dividends received by the affected person on those shares;
    
    Aimco may redeem the shares;
    
    the affected person will not have any voting rights for those shares; and
    
    the shares (and all voting and dividend rights of the shares) will be held in trust for
the benefit of one or more charitable organizations designated by us.
  
    
    may lose control over the power to dispose of such shares;
    
    may not recognize profit from the sale of such shares if the market price of the shares increases;
    
    may be required to recognize a loss from the sale of such shares if the market price decreases; and
    
    may be required to repay to Aimco any dividends received from Aimco as a result of his
or her ownership of the shares.
 Aimcos charter and Maryland law may limit the ability of a third party to acquire control of
Aimco.
   12




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
    
    have at least three directors who are not employees of the entity or related to an acquiring person; and
    
    are subject to the reporting requirements of the Securities Exchange Act of 1934,
  
    
    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.
  
 ITEM 1.B. Unresolved Staff Comments
  13




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Item 2. Properties
  December 31, 2005
    
    
    December 31, 2004Number
    
    
    
    
    
    
    NumberRegional Operating Center (1)
    
    Number of Properties
    
    
    of Units
    
    
    Number of Properties
    
    
    of UnitsConventional:Atlanta, GA
    
    
    41
    
    
    
    10,712
    
    
    
    31
    
    
    
    8,644Austin, TX
    
    
    25
    
    
    
    5,566
    
    
    
    24
    
    
    
    5,388Boston, MA
    
    
    16
    
    
    
    5,745
    
    
    
    16
    
    
    
    5,745Chicago, IL
    
    
    32
    
    
    
    8,784
    
    
    
    36
    
    
    
    9,697Columbus, OH
    
    
    39
    
    
    
    10,139
    
    
    
    30
    
    
    
    6,099Columbia, SC
    
    
    
    
    
    
    
    
    
    
    61
    
    
    
    14,414Dallas, TX
    
    
    31
    
    
    
    7,945
    
    
    
    36
    
    
    
    8,867Denver, CO
    
    
    33
    
    
    
    7,487
    
    
    
    34
    
    
    
    7,572Houston, TX
    
    
    37
    
    
    
    9,776
    
    
    
    37
    
    
    
    9,776Indianapolis, IN
    
    
    32
    
    
    
    11,947
    
    
    
    37
    
    
    
    11,191Los Angeles, CA
    
    
    36
    
    
    
    10,622
    
    
    
    38
    
    
    
    10,468Michigan
    
    
    
    
    
    
    
    
    
    
    26
    
    
    
    9,507Orlando, FL
    
    
    31
    
    
    
    8,600
    
    
    
    
    
    
    
    Philadelphia, PA
    
    
    15
    
    
    
    7,180
    
    
    
    16
    
    
    
    7,451Phoenix, AZ
    
    
    36
    
    
    
    10,002
    
    
    
    36
    
    
    
    10,001Rockville, MD
    
    
    29
    
    
    
    12,156
    
    
    
    38
    
    
    
    14,024South Florida
    
    
    15
    
    
    
    5,862
    
    
    
    15
    
    
    
    5,862Tampa, FL
    
    
    21
    
    
    
    5,926
    
    
    
    
    
    
    
    Tampa/Orlando, FL
    
    
    
    
    
    
    
    
    
    
    54
    
    
    
    14,931Tidewater, VA
    
    
    28
    
    
    
    7,716
    
    
    
    
    
    
    
    University Communities
    
    
    15
    
    
    
    4,443
    
    
    
    16
    
    
    
    4,277Total conventional owned and managed
    
    
    512
    
    
    
    150,608
    
    
    
    581
    
    
    
    163,914Affordable (Aimco Capital):Central
    
    
    131
    
    
    
    13,721
    
    
    
    
    
    
    
    Midwest
    
    
    
    
    
    
    
    
    
    
    63
    
    
    
    8,324Northeast
    
    
    104
    
    
    
    14,769
    
    
    
    108
    
    
    
    16,280Southeast
    
    
    
    
    
    
    
    
    
    
    109
    
    
    
    10,025West
    
    
    71
    
    
    
    7,607
    
    
    
    86
    
    
    
    8,872Total affordable owned and managed
    
    
    306
    
    
    
    36,097
    
    
    
    366
    
    
    
    43,501Owned but not managed
    
    
    65
    
    
    
    7,112
    
    
    
    59
    
    
    
    7,245Property management for third parties
    
    
    52
    
    
    
    5,246
    
    
    
    72
    
    
    
    7,841Asset management for third parties
    
    
    435
    
    
    
    41,421
    
    
    
    421
    
    
    
    41,233Total
    
    
    1,370
    
    
    
    240,484
    
    
    
    1,499
    
    
    
    263,734
 
 (1)
    
    As our portfolio changes due to property acquisitions and dispositions, we are
continually evaluating the organization of our regional operating centers, or ROCs. During
2005, the Orlando/Tampa ROC was separated into two ROCs, Tidewater was added and the
Michigan and Columbia ROCs were combined into other ROCs. Subsequent to December 31, 2005,
we combined the Austin and Dallas ROCs and added a ROC in New York. Additionally, the
properties within University Communities have been moved into various ROCs depending on the
location of the property.  14




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Item 3. Legal Proceedings
  
 Item 4. Submission of Matters to a Vote of Security Holders
  15




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PART II
 
 Item 5. Market for the Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
  Quarter Ended2005
    
    
    2004March 31
    
    $
    0.60
    
    
    $
    0.60June 30
    
    
    0.60
    
    
    
    0.60September 30
    
    
    0.60
    
    
    
    0.60December 31
    
    
    1.20
    (1)
    
    
    0.60
 
 (1)
    
    On December 28, 2005, a quarterly cash distribution of $0.60 per common OP Unit was
declared for the quarter ended December 31, 2005, and was paid on January 31, 2006, to
unitholders of record on December 31, 2005. This distribution was declared by Aimcos
board of directors a month early in order to offset gains from 2005 property sales
otherwise subject to REIT excise tax.     Maximum NumberTotal Number of
    
    
    of Units thatUnits Purchased as
    
    
    May Yet BeAverage
    
    
    Part of Publicly
    
    
    Purchased UnderTotal Number
    
    
    Price Paid
    
    
    Announced Plans or
    
    
    Plans or ProgramsFiscal period
    
    of Units Purchased
    
    
    per Unit
    
    
    Programs (1)
    
    
    (1)October 1  October 31, 2005
    
    
    3,405
    
    
    $
    36.06
    
    
    
    n/a
    
    
    
    n/aNovember 1  November 30,
2005
    
    
    7,033
    
    
    
    38.01
    
    
    
    n/a
    
    
    
    n/aDecember 1  December 31,
2005
    
    
    9,742
    
    
    
    38.87
    
    
    
    n/a
    
    
    
    n/aTotal
    
    
    20,180
    
    
    $
    38.10
 
 (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. 16




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Distribution Payments.
 
 Item 6. Selected Financial Data
  For the Years Ended December 31,2005
    
    
    2004 (1)
    
    
    2003 (1)
    
    
    2002 (1)
    
    
    2001 (1)(dollar amounts in thousands, except per unit data)OPERATING DATA:Total revenues
    
    $
    1,521,523
    
    
    $
    1,376,077
    
    
    $
    1,307,906
    
    
    $
    1,193,224
    
    
    $
    1,103,842Total expenses
    
    
    (1,222,082
    )
    
    
    (1,074,010
    )
    
    
    (919,753
    )
    
    
    (759,956
    )
    
    
    (742,064
    )Operating income
    
    
    299,441
    
    
    
    302,067
    
    
    
    388,153
    
    
    
    433,268
    
    
    
    361,778Income (loss) from continuing operations
    
    
    (29,294
    )
    
    
    58,087
    
    
    
    67,431
    
    
    
    163,512
    
    
    
    98,466Income from discontinued operations, net
    
    
    110,038
    
    
    
    238,991
    
    
    
    110,437
    
    
    
    42,690
    
    
    
    22,598Cumulative effect of change in accounting principle
    
    
    
    
    
    
    (3,957
    )
    
    
    
    
    
    
    
    
    
    
    Net income
    
    
    80,744
    
    
    
    293,121
    
    
    
    177,868
    
    
    
    206,202
    
    
    
    121,064Net income attributable to preferred unitholders
    
    
    98,946
    
    
    
    96,922
    
    
    
    103,626
    
    
    
    107,646
    
    
    
    100,134Net income (loss) attributable to common
unitholders
    
    
    (18,202
    )
    
    
    196,199
    
    
    
    74,242
    
    
    
    98,556
    
    
    
    20,930OTHER INFORMATION:Total consolidated properties (end of period)
    
    
    619
    
    
    
    676
    
    
    
    679
    
    
    
    728
    
    
    
    552Total consolidated apartment units (end of period).
    
    
    158,548
    
    
    
    169,932
    
    
    
    174,172
    
    
    
    187,506
    
    
    
    156,142Total unconsolidated properties (end of period)
    
    
    264
    
    
    
    330
    
    
    
    441
    
    
    
    511
    
    
    
    574Total unconsolidated apartment units (end of
period)
    
    
    35,269
    
    
    
    44,728
    
    
    
    62,823
    
    
    
    73,924
    
    
    
    92,626Units managed for others (end of period) (2)
    
    
    46,667
    
    
    
    49,074
    
    
    
    50,565
    
    
    
    56,722
    
    
    
    31,520Earnings (loss) per common unit  basic:Income (loss) from continuing operations
(net of income attributable to preferred
unitholders)
    
    $
    (1.23
    )
    
    $
    (0.37
    )
    
    $
    (0.35
    )
    
    $
    0.57
    
    
    $
    (0.02
    )Net income attributable to common
unitholders
    
    $
    (0.17
    )
    
    $
    1.88
    
    
    $
    0.71
    
    
    $
    1.00
    
    
    $
    0.25Earnings (loss) per common unit  diluted:Income (loss) from continuing operations
(net of income attributable to preferred
unitholders)
    
    $
    (1.23
    )
    
    $
    (0.37
    )
    
    $
    (0.35
    )
    
    $
    0.56
    
    
    $
    (0.02
    )Net income attributable to common
unitholders
    
    $
    (0.17
    )
    
    $
    1.88
    
    
    $
    0.71
    
    
    $
    0.99
    
    
    $
    0.25Dividends declared per common unit
    
    $
    3.00
    
    
    $
    2.40
    
    
    $
    2.84
    
    
    $
    3.28
    
    
    $
    3.16BALANCE SHEET INFORMATION:Real estate, net of accumulated depreciation
    
    $
    8,752,212
    
    
    $
    8,228,956
    
    
    $
    7,633,608
    
    
    $
    7,464,936
    
    
    $
    5,576,559Total assets
    
    
    10,029,350
    
    
    
    10,084,154
    
    
    
    10,098,649
    
    
    
    10,347,829
    
    
    
    8,200,526Total indebtedness
    
    
    6,284,243
    
    
    
    5,618,831
    
    
    
    4,839,462
    
    
    
    5,224,147
    
    
    
    3,882,641Partners capital
    
    
    2,945,402
    
    
    
    3,291,087
    
    
    
    3,174,815
    
    
    
    3,576,083
    
    
    
    3,080,071
 
 (1)
    
    Certain reclassifications have been made to conform to the 2005 presentation. These
reclassifications primarily represent presentation changes related to discontinued
operations resulting from the 2002 adoption of Statement of Financial Accounting Standards
No. 144.(2)
    
    In 2005, 2004, 2003 and 2002, includes approximately 41,421, 41,233, 39,428 and 45,187
units, respectively, for which we provide asset management services only, although 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. 17




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Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Executive Overview
       18




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##### Table of Contents



Results of Operations
 Overview
 2005 compared to 2004
  
    
    a decrease in income from discontinued operations, primarily related to lower net
gains on dispositions of real estate;
    
    a decrease in net gain on disposition of real estate related to unconsolidated
entities and other, primarily related to a 2004 gain on sale of land;
    
    an increase in depreciation and amortization expense;
    
    an increase in interest expense; and
    
    an increase in general and administrative expenses.
  2004 compared to 2003
  
    
    an increase in net gain on disposition of real estate (including the gain recognized
in discontinued operations and the gain related to unconsolidated entities and other);
and
    
    an increase in activity fees and asset management revenues.
  
    
    an overall decline in net operating income, which included a decline in same store
net operating results, partially offset by increases related to acquisition and newly
consolidated properties;
    
    an increase in general and administrative expenses;
    
    an increase in interest expense; and
    
    an increase in depreciation and amortization expense.
  Rental Property Operations
  19




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##### Table of Contents



Year Ended December 31,2005
    
    
    2004
    
    
    2003Rental and other property revenues
    
    $
    1,459,646
    
    
    $
    1,308,815
    
    
    $
    1,249,716Property operating expenses
    
    
    705,505
    
    
    
    632,512
    
    
    
    553,482Net operating income
    
    $
    754,141
    
    
    $
    676,303
    
    
    $
    696,234
 Consolidation of Variable Interest Entities,
  20




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##### Table of Contents



Conventional Same Store Property Operating Results
  Year Ended December 31,
    
    
    Change2005
    
    
    2004Our share of same store revenues
    
    $
    999,383
    
    
    $
    941,731
    
    
    
    6.1
    %Less: Our share of same store expenses
    
    
    443,112
    
    
    
    418,221
    
    
    
    6.0
    %Our share of same store net operating income
    
    
    556,271
    
    
    
    523,510
    
    
    
    6.3
    %Adjustments to reconcile same store net
operating
income to real estate segment net operating
income (1)
    
    
    197,870
    
    
    
    152,793
    
    
    
    29.5
    %Real estate segment net operating income
    
    $
    754,141
    
    
    $
    676,303
    
    
    
    11.5
    %Same store statistics:Properties
    
    
    458
    
    
    
    458Apartment units
    
    
    131,491
    
    
    
    131,491Average physical occupancy
    
    
    92.2
    %
    
    
    89.3
    %
    
    
    2.9
    %Average rent/unit/month
    
    $
    762
    
    
    $
    746
    
    
    
    2.1
    %
 
 (1)
    
    Includes: (i) minority partners share of consolidated, less our share of
unconsolidated, property revenues and property operating expenses (at 2005 ownership); (ii)
property revenues and property operating expenses related to consolidated properties other
than same store properties (e.g., affordable, acquisition and redevelopment properties);
and (iii) eliminations and other adjustments and reclassifications made in accordance with
GAAP.  21




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##### Table of Contents



Year Ended December 31,
    
    
    Change2004
    
    
    2003Our share of same store revenues
    
    $
    1,005,095
    
    
    $
    1,011,323
    
    
    
    (0.6
    )%Less: Our share of same store expenses
    
    
    441,413
    
    
    
    417,281
    
    
    
    5.8
    %Our share of same store net operating income.
    
    
    563,682
    
    
    
    594,042
    
    
    
    (5.1
    )%Adjustments to reconcile same store net
operating
income to real estate segment net operating
income (1)
    
    
    112,621
    
    
    
    102,192
    
    
    
    10.2
    %Real estate segment net operating income
    
    $
    676,303
    
    
    $
    696,234
    
    
    
    (2.9
    )%Same store statistics:Properties
    
    
    524
    
    
    
    524Apartment units
    
    
    147,070
    
    
    
    147,070Average physical occupancy
    
    
    90.3
    %
    
    
    91.9
    %
    
    
    (1.6
    )%Average rent/unit/month
    
    $
    721
    
    
    $
    721
    
    
    
    
 
 (1)
    
    Includes: (i) minority partners share of consolidated, less our share of
unconsolidated, property revenues and property operating expenses (at 2004 ownership); (ii)
property revenues and property operating expenses related to consolidated properties other
than same store properties (e.g., affordable, acquisition and redevelopment properties);
and (iii) eliminations and other adjustments and reclassifications made in accordance with
GAAP.  Property Management
   Year Ended December 31,2005
    
    
    2004
    
    
    2003Property management revenues, primarily from affiliates
    
    $
    24,528
    
    
    $
    32,461
    
    
    $
    37,992Property management expenses
    
    
    7,292
    
    
    
    9,789
    
    
    
    8,419Net operating income from property management
    
    $
    17,236
    
    
    $
    22,672
    
    
    $
    29,573
 22




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##### Table of Contents



Activity Fees and Asset Management
   Year Ended December 31,2005
    
    
    2004
    
    
    2003Activity fees and asset management
revenues, primarily from affiliates
    
    $
    37,349
    
    
    $
    34,801
    
    
    $
    20,198Activity and asset management expenses
    
    
    10,606
    
    
    
    11,802
    
    
    
    8,367Net operating income from activity fees and
asset management
    
    $
    26,743
    
    
    $
    22,999
    
    
    $
    11,831
    Depreciation and Amortization
  23




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##### Table of Contents



General and Administrative Expenses
   Other Expenses (Income), Net
    Interest Income
   24




---



##### Table of Contents



Interest Expense
   Deficit Distributions to Minority Partners
   Gain on Dispositions of Real Estate Related to Unconsolidated Entities and Other
    25




---



##### Table of Contents



Minority Interest in Consolidated Real Estate Partnerships
   Income from Discontinued Operations, Net
     Cumulative Effect of Change in Accounting Principle
  26




---



##### Table of Contents



Critical Accounting Policies and Estimates
  Impairment of Long-Lived 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;
    
    changes in market capitalization rates; and
    
    the relative illiquidity of such investments.
  Notes Receivable and Interest Income Recognition
    27




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##### Table of Contents



Allowance for Losses on Notes Receivable
   Capitalized Costs
   28




---



##### Table of Contents



Funds From Operations
   2005
    
    
    2004
    
    
    2003Net income (loss) attributable to common unitholders (1)
    
    $
    (18,202
    )
    
    $
    196,199
    
    
    $
    74,242Adjustments:Depreciation and amortization (2)
    
    
    412,075
    
    
    
    340,536
    
    
    
    308,080Depreciation and amortization related to non-real estate assets
    
    
    (17,700
    )
    
    
    (18,349
    )
    
    
    (20,370
    )Depreciation of rental property related to minority partners interest (3)
    
    
    (37,389
    )
    
    
    (40,581
    )
    
    
    (23,626
    )Depreciation of rental property related to unconsolidated entities
    
    
    20,661
    
    
    
    22,360
    
    
    
    25,817Gain on dispositions of real estate related to unconsolidated entities
and other
    
    
    (16,489
    )
    
    
    (69,241
    )
    
    
    (3,178
    )Gain on dispositions of non-depreciable assets
    
    
    2,481
    
    
    
    38,977
    
    
    
    Deficit distributions to minority partners (4)
    
    
    11,952
    
    
    
    17,865
    
    
    
    20,216Cumulative effect of change in accounting principle
    
    
    
    
    
    
    3,957
    
    
    
    Discontinued operations:Gain on dispositions of real estate, net of minority partners interest
(3)
    
    
    (105,417
    )
    
    
    (249,376
    )
    
    
    (101,849
    )Depreciation of rental property, net of minority partners interest (3)
    
    
    20,280
    
    
    
    37,946
    
    
    
    55,790Recovery of deficit distributions to minority partners, net (4)
    
    
    (14,941
    )
    
    
    (3,722
    )
    
    
    (8,273
    )Income tax arising from disposals
    
    
    4,481
    
    
    
    16,015
    
    
    
    12,134Preferred OP Unit distributions
    
    
    97,823
    
    
    
    93,433
    
    
    
    95,981Redemption related preferred OP Unit issuance costs
    
    
    1,123
    
    
    
    3,489
    
    
    
    7,645Funds From Operations
    
    $
    360,738
    
    
    $
    389,508
    
    
    $
    442,609Preferred OP Unit distributions
    
    
    (97,823
    )
    
    
    (93,433
    )
    
    
    (95,981
    )Redemption related preferred OP Unit issuance costs
    
    
    (1,123
    )
    
    
    (3,489
    )
    
    
    (7,645
    )Distributions on dilutive preferred securities
    
    
    3,962
    
    
    
    3,059
    
    
    
    9,138Interest expense on mandatorily redeemable convertible preferred
securities
    
    
    
    
    
    
    
    
    
    
    987Funds From Operations attributable to common unitholders  diluted
    
    $
    265,754
    
    
    $
    295,645
    
    
    $
    349,108Weighted average number of common units, common unit
equivalents and dilutive preferred securities outstanding:Common units and equivalents (5)
    
    
    105,081
    
    
    
    104,386
    
    
    
    104,861Dilutive preferred securities
    
    
    2,946
    
    
    
    1,308
    
    
    
    3,290Total
    
    
    108,027
    
    
    
    105,694
    
    
    
    108,151
  
 (1)
    
    Represents the numerator for earnings per common unit, calculated in accordance with
GAAP.(2)
    
    Includes amortization of management contracts where we are the general partner. Such
management contracts were established in certain instances where we acquired a general
partner interest in either a consolidated or an unconsolidated partnership. Because the
recoverability of these management contracts depends primarily on the operations of the
real estate owned by the limited partnerships, we believe it is consistent with the White
Paper to add 29




---



##### Table of Contents



back such amortization, as the White Paper directs the add-back of amortization of assets
uniquely significant to the real estate industry.(3)
    
    Minority partners interest, means minority interest in our consolidated real estate
partnerships.(4)
    
    In accordance with GAAP, deficit distributions to minority partners are charges
recognized in our income statement when cash is distributed to a non-controlling partner in
a consolidated real estate partnership in excess of the positive balance in such partners
capital account, which is classified as minority interest on our balance sheet. We record
these charges for GAAP purposes even though there is no economic effect or cost. Deficit
distributions to minority partners occur when the fair value of the underlying real estate
exceeds its depreciated net book value because the underlying real estate has appreciated
or maintained its value. As a result, the recognition of expense for deficit distributions
to minority partners represents, in substance, either (a) our recognition of depreciation
previously allocated to the non-controlling partner or (b) a payment related to the
non-controlling 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 add back
deficit distributions and subtract related recoveries in our reconciliation of net income
to FFO.(5)
    
    Represents the denominator for earnings per common unit  diluted, calculated in
accordance with GAAP, plus additional common unit equivalents that are dilutive for FFO. Liquidity and Capital Resources
    Operating Activities
  30




---



##### Table of Contents



Investing Activities
       31




---



##### Table of Contents



Actual Cost
    
    
    Cost Per UnitCapital Replacements Detail:Building interiors
    
    $
    14,453
    
    
    $
    96Includes: hot water heaters, kitchen/bathBuilding exteriors
    
    
    13,932
    
    
    
    93Includes: roofs, exterior painting, electrical, plumbingLandscaping and grounds
    
    
    7,509
    
    
    
    50Includes: parking lot improvements, pool improvementsTurnover related
    
    
    38,047
    
    
    
    253Includes: carpet, vinyl, tile, appliance, and fixture replacementsCapitalized site payroll and indirect costs
    
    
    15,719
    
    
    
    105Our share of Capital Replacements
    
    $
    89,660
    
    
    $
    597Capital Replacements:Conventional
    
    $
    83,197Affordable
    
    
    6,463Our share of Capital Replacements
    
    
    89,660Capital Improvements:Conventional
    
    
    91,228Affordable
    
    
    20,736Our share of Capital Improvements
    
    
    111,964Casualties:Conventional
    
    
    22,537Affordable
    
    
    1,380Our share of casualties
    
    
    23,917Redevelopment:Conventional
    
    
    137,311Affordable
    
    
    3,021Our share of redevelopment
    
    
    140,332Our share of capital expenditures
    
    
    365,873Plus minority partners share of consolidated spending
    
    
    90,113Less our share of unconsolidated spending
    
    
    (12,104
    )Total capital expenditures per Consolidated Statement of Cash Flows
    
    $
    443,882
   Financing Activities
  32




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##### Table of Contents



33




---



##### Table of Contents



Contractual Obligations
  Less than
    
    
    
    
    
    
    
    
    
    
    More thanTotal
    
    
    One Year
    
    
    1-3 Years
    
    
    3-5 Years
    
    
    5 YearsScheduled long-term debt maturities
    
    $
    5,667,243
    
    
    $
    541,445
    
    
    $
    933,325
    
    
    $
    599,105
    
    
    $
    3,593,368Secured credit facility and term loans
    
    
    617,000
    
    
    
    
    
    
    
    217,000
    
    
    
    400,000
    
    
    
    Long-term liabilities related to assets
held for sale
    
    
    33,676
    
    
    
    1,261
    
    
    
    2,816
    
    
    
    3,271
    
    
    
    26,328Redevelopment and other construction
commitments
    
    
    99,591
    
    
    
    96,704
    
    
    
    2,887
    
    
    
    
    
    
    
    Leases for space occupied
    
    
    43,743
    
    
    
    7,784
    
    
    
    14,663
    
    
    
    9,925
    
    
    
    11,371Development fee payments (1)
    
    
    12,500
    
    
    
    10,000
    
    
    
    2,500      --
    
    
    
    Total
    
    $
    6,473,753
    
    
    $
    657,194
    
    
    $
    1,173,191
    
    
    $
    1,012,301
    
    
    $
    3,631,067
 
 (1)
    
    The development fee payments above were established in connection with the acquisition
of Casden Properties, Inc and our commitment as it relates to the Casden Development
Company, LLC. We agreed to pay $2.5 million per quarter for five years (up to an aggregate
amount of $50.0 million) to Casden Development Company, LLC as a retainer on account for
redevelopment services on our assets.  Future Capital Needs
   Off-Balance Sheet Arrangements
  34




---



##### Table of Contents



ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk
    
 Item 8. Financial Statements and Supplementary Data
  
 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  35




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##### Table of Contents



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 company are being made only in
accordance with authorizations of 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.
  Internal
Control-Integrated Framework
   Changes in Internal Control over Financial Reporting
  36




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Partners of AIMCO Properties, L.P.
 Internal ControlIntegrated Framework
    .
   
 37




---



##### Table of Contents



Item 9B. Other Information
  
 PART III
 
 Item 10. Directors and Executive Officers of the Registrant
  Name
    
    Age
    
    First Elected
    
    PositionTerry Considine
    
    
    58
    
    
    July 1994
    
    Chairman of the Board, Chief Executive Officer and
PresidentJeffrey W. Adler
    
    
    43
    
    
    February 2004
    
    Executive Vice PresidentConventional Property
OperationsHarry G. Alcock
    
    
    43
    
    
    October 1999
    
    Executive Vice President and Chief Investment OfficerTimothy J. Beaudin
    
    
    47
    
    
    October 2005
    
    Executive Vice PresidentChief Development OfficerMiles Cortez
    
    
    62
    
    
    August 2001
    
    Executive Vice President, General Counsel and SecretaryRandall J. Fein
    
    
    50
    
    
    October 2003
    
    Executive Vice PresidentPatti K. Fielding
    
    
    42
    
    
    February 2003
    
    Executive Vice PresidentSecurities and Debt; TreasurerLance J. Graber
    
    
    44
    
    
    October 1999
    
    Executive Vice PresidentAimco
Capital Transactions, EastThomas M. Herzog
    
    
    43
    
    
    January 2004
    
    Director, Executive Vice President and Chief Financial
OfficerPaul J. McAuliffe
    
    
    49
    
    
    February 1999
    
    Executive Vice PresidentJames G. Purvis
    
    
    53
    
    
    February 2003
    
    Executive Vice PresidentHuman ResourcesDavid Robertson
    
    
    40
    
    
    February 2002
    
    Executive Vice President; President and Chief Executive
OfficerAimco CapitalRobert Y. Walker, IV
    
    
    40
    
    
    August 2005
    
    Senior Vice President and Chief Accounting Officer
  Terry Considine.
 Jeffrey W. Adler.
 Harry G. Alcock.
 Timothy J. Beaudin.
 Miles Cortez.
 38




---



##### Table of Contents



Randall J. Fein.
 Patti K. Fielding.
 Lance J. Graber.
 Thomas M. Herzog.
 Paul J. McAuliffe.
 James G. Purvis.
 David Robertson.
 Robert Y. Walker, IV.
 Section 16(a) Beneficial Ownership Reporting Compliance.
 39
    Table of Contents  Audit Committee
 Code of Ethics
  40
    Table of Contents  Item 11. Executive Compensation
 SUMMARY COMPENSATION TABLE
  Long Term Compensation(1)Annual Compensation
    
    
    
    
    
    
    SecuritiesRestricted
    
    
    Underlying Stock
    
    
    All OtherBonus
    
    
    Other Annual
    
    
    Stock Awards
    
    
    Options/SARs
    
    
    CompensationName and Principal Position
    
    Year
    
    
    Salary ($)
    
    
    ($) (2)
    
    
    Compensation ($)
    
    
    ($) (3)
    
    
    Awards (#)
    
    
    ($) (4)Terry Considine
    
    
    2005
    
    
    
    500,000
    
    
    None
    
    None
    
    None
    
    
    478,011(5)
    
    
    
    8,400Chairman of the Board
    
    
    2004
    
    
    
    300,000
    
    
    
    1,000,000
    
    
    None
    
    
    1,679,652
    (6)
    
    
    300,000(5)
    
    
    
    8,200of Directors, Chief Executive
    
    
    2003
    
    
    
    29,171
    
    
    None
    
    None
    
    None
    
    
    768,227(5)
    
    
    
    5,833Officer and PresidentDavid Robertson
    
    
    2005
    
    
    
    350,000
    
    
    
    940,236
    (7)
    
    
    165,940(8)
    
    
    
    2,014,910
    (9)
    
    None
    
    NoneExecutive Vice President
    
    
    2004
    
    
    
    275,000
    
    
    
    120,000
    
    
    
    307,262(8)
    
    
    
    4,789,711
    (9)
    
    None
    
    NonePresident and Chief Executive
    
    
    2003
    
    
    
    200,000
    
    
    
    100,000
    
    
    None
    
    
    746,125
    (9)
    
    
    64,453(10)
    
    
    NoneOfficer  Aimco CapitalPaul J. McAuliffe
    
    
    2005
    
    
    
    350,000
    
    
    
    1,000,000
    
    
    None
    
    None
    
    None
    
    
    8,400Executive Vice President
    
    
    2004
    
    
    
    275,000
    
    
    
    447,830
    
    
    None
    
    
    2,097,317
    (11)
    
    None
    
    
    8,2002003
    
    
    
    200,000
    
    
    
    100,000
    
    
    None
    
    
    716,767
    (11)
    
    
    147,321(10)
    
    
    
    5,000Harry G. Alcock
    
    
    2005
    
    
    
    350,000
    
    
    
    1,530,000
    
    
    None
    
    
    196,929
    (12)
    
    None
    
    
    8,400Executive Vice President and
    
    
    2004
    
    
    
    275,000
    
    
    
    283,900
    
    
    None
    
    
    947,867
    (12)
    
    None
    
    
    8,200Chief Investment Officer
    
    
    2003
    
    
    
    200,000
    
    
    
    100,000
    
    
    None
    
    
    415,747
    (12)
    
    
    20,257(10)
    
    
    
    8,500Lance J. Graber
    
    
    2005
    
    
    
    300,000
    
    
    
    798,750
    (7)
    
    None
    
    
    1,009,861
    (13)
    
    None
    
    NoneExecutive Vice President 
    
    
    2004
    
    
    
    250,000
    
    
    
    400,000
    
    
    None
    
    
    763,018
    (13)
    
    None
    
    NoneAimco Capital Transactions, East
    
    
    2003
    
    
    
    200,000
    
    
    
    100,000
    
    
    None
    
    
    576,726
    (13)
    
    None
    
    None
 
 (1)
    
    For Aimco, bonus compensation may be paid in the form of cash, restricted stock or
stock options. The restricted stock grants and option grants shown in the table above
under the heading Long-Term Compensation typically reflect bonus compensation. Amounts
are determined as described below and the restricted stock grants and option grants vest on
the schedules described below.With respect to fiscal year 2005, stock options and restricted stock were granted on
February 13, 2006. Except as indicated below, stock options and restricted stock granted on
February 13, 2006 vest 20% on each anniversary of the grant date, beginning with the first
anniversary, subject to accelerated vesting if Aimco meets a specified calendar year Funds
From Operations target. For the February 13, 2006 restricted stock awards, for the purpose
of calculating the number of shares of restricted stock to be granted, the dollars allocated
to restricted stock were divided by $42.54, which was the average of the high and low
trading prices of Aimcos Class A Common Stock on the ten trading days preceding the grant
date. For the purpose of calculating the number of shares subject to the February 13, 2006
stock options granted, the dollars allocated to stock options were divided by $5.23, which
was the Black-Scholes valuation. The stock options have an exercise price per share of
$42.98, which is equal to the grant date fair market value of the 41
    Table of Contents  shares (per the terms of Aimcos 1997 Stock Award and Incentive Plan (the 1997 Plan),
fair market value is defined as the closing price on the date prior to the grant date, or
February 10, 2006).With respect to fiscal year 2004, except as indicated below, stock options and restricted
stock were granted on February 16, 2005. Stock options and restricted stock granted on
February 16, 2005 vest 20% on each anniversary of the grant date, beginning with the first
anniversary, subject to accelerated vesting if Aimco meets a specified calendar year Funds
From Operations target. For the February 16, 2005 restricted stock awards, for the purpose
of calculating the number of shares of restricted stock to be granted, the dollars allocated
to restricted stock were divided by $36.65, which was the average of the high and low
trading prices of Aimcos Class A Common Stock on the ten trading days preceding the grant
date. For the purpose of calculating the number of shares subject to the February 16, 2005
stock options granted, the dollars allocated to stock options were divided by $3.57, which
was the Black-Scholes valuation. The stock options have an exercise price per share of
$38.05, which is equal to the grant date fair market value of the shares (per the terms of
the 1997 Plan fair market value is defined as the closing price on the date prior to the
grant date, or February 15, 2005).With respect to fiscal year 2003, stock options were granted on February 19, 2004 at an
exercise price of $32.05 per share and restricted stock was granted on May 15, 2004.
Depending on the award, stock options granted on February 19, 2004 and restricted stock
granted on May 15, 2004 vest either 34% on the first anniversary of the grant date and 33%on
each of the second and third anniversaries of the grant date or 20% on each anniversary of
the grant date beginning with the first. For the May 15, 2004 restricted stock awards, for
the purpose of calculating the number of shares of restricted stock to be granted, the
dollars allocated to restricted stock were divided by $33.84 which was the average of the
high and low trading prices of Aimcos Class A Common Stock on the five trading days
preceding the Compensation and Human Resources Committees meeting approving the awards. For
the purpose of calculating the number of shares subject to the February 19, 2004 stock
options granted, the dollars allocated to stock options were divided by $2.24, which was the
Black-Scholes valuation. The stock options have an exercise price per share of $32.05, which
is equal to the grant date fair market value of the shares (per the terms of the 1997 Plan
fair market value is defined as the closing price on the date prior to the grant date, or
February 18, 2004).(2)
    
    Includes all incentive cash compensation earned by the Chief Executive Officer and each
of the Named Executive Officers.(3)
    
    Holders of restricted stock are entitled to receive any dividends declared and paid on
such shares commencing on the date of grant. As required by applicable disclosure rules,
the dollar value of each grant as shown is calculated based on the closing price of Aimcos
Class A Common Stock on the date of grant. The applicable closing prices and trading dates
are as follows: $27.88 on May 15, 2004 (May 14, 2004 price used, as May 15, 2004 was not a
trading day); $36.52 on October 28, 2004; $38.54 on December 31, 2004; $37.79 on February
16, 2005; and $42.96 on February 13, 2006. Also as required by applicable disclosure rules,
the December 31, 2005 aggregate restricted stock values reflected in notes (6), (9), (11),
(12) and (13) below are based on the closing price on that date of $37.87 (December 30,
2005 price used, as December 31, 2005 was not a trading day).(4)
    
    Represents non-discretionary matching contributions under Aimcos 401(k) plan.(5)
    
    The 2005 number in the table above does not reflect an option grant for 115,385 shares,
granted February 13, 2006, at an exercise price per share of $42.98, which grant represents
Mr. Considines base salary for 2006. This option vests on the first anniversary of the
grant date and will be forfeited and not exercisable if the Company does not achieve 2006
Adjusted Funds From Operations of at least $2.40 per share. The 2005 number shown in the
table above reflects one option grant, which was made February 13, 2006 at an exercise
price per share of $42.98. The 2004 number reflects one option grant, which was made
February 16, 2005 at an exercise price per share of $38.05. The 2003 number reflects two
option grants as follows: one option for 384,113 shares that vests 34% on the first
anniversary of the grant date and vests 33% on each of the second and third anniversaries
of the grant date, and one option for 384,114 shares that vests 20% on each anniversary of
the grant date beginning with the first anniversary. 42
    Table of Contents  (6)
    
    The dollar value of the 2004 awards shown above is comprised of one grant of 44,447
shares of restricted stock. On December 31, 2005, the value of Mr. Considines 44,447
unvested shares of restricted stock was $1,683,208.(7)
    
    The 2005 number for Mr. Robertson reflects $235,236 as part of year end cash
compensation and $705,000 in cash paid during 2005 as the result of the closing of certain
specified transactions during the first half of 2005. In addition to the $235,236, Mr.
Robertson is eligible for an additional cash payment of up to $919,543 subject to the
closing of certain specified transactions during the first half of 2006. The 2005 number
for Mr. Graber reflects $198,750 as part of year end cash compensation and $600,000 in cash
paid during 2005 as the result of the closing of certain specified transactions during the
first half of 2005. In addition to the $198,750, Mr. Graber is eligible for an additional
cash payment of up to $501,250 subject to the closing of certain specified transactions
during the first half of 2006.(8)
    
    As previously disclosed, in connection with the relocation arrangement between Mr.
Robertson and Aimco, Aimco reimbursed Mr. Robertson for certain capital gains taxes
incurred as a result of the sale of Mr. Robertsons California residence.(9)
    
    The dollar value of the 2005 awards shown above is comprised of one grant. As part of
2005 compensation, on February 13, 2006, Mr. Robertson was granted 46,902 shares of
restricted stock. The dollar value of the 2004 awards shown above is comprised of three
grants. First, as part of 2004 compensation, on February 16, 2005, Mr. Robertson was
granted 46,903 shares of restricted stock. Second, on December 31, 2004, Mr. Robertson was
granted 52,563 shares of restricted stock that vest 25% on each anniversary of the grant
date, beginning with the first. Third, on May 15, 2004, Mr. Robertson was granted 35,562
shares of restricted stock that vest 20% on each anniversary of the grant date, beginning
with the first. The dollar value of the 2003 awards shown above is comprised of two grants
as follows: 13,963 shares of restricted stock that vest 34% on the first anniversary of the
grant date and 33% on each of the second and third anniversaries of the grant date and
12,799 shares of restricted stock that vest 20% on each anniversary of the grant date
beginning with the first. On December 31, 2005, the value of Mr. Robertsons 149,083
unvested shares of restricted stock (not including the grant made on February 13, 2006) was
$5,645,773.(10)
    
    The option grant vests 20% on each anniversary of the grant date beginning with the
first anniversary.(11)
    
    The dollar value of the 2004 awards shown above is comprised of two grants. First, as
part of 2004 compensation, on February 16, 2005, Mr. McAuliffe was granted 29,263 shares of
restricted stock. Second, on May 15, 2004, Mr. McAuliffe was granted 35,562 shares of
restricted stock that vest 20% on each anniversary of the grant date, beginning with the
first. The dollar value of the 2003 awards shown above is comprised of two grants as
follows: 15,957 shares of restricted stock that vest 34% on the first anniversary of the
grant date and 33% on each of the second and third anniversaries of the grant date and
9,752 shares of restricted stock that vest 20% on each anniversary of the grant date
beginning with the first. On December 31, 2005, the value of Mr. McAuliffes 92,459
unvested shares of restricted stock was $3,501,422.(12)
    
    The dollar value of the 2005 awards shown above is comprised of one grant. As part of
2005 compensation, on February 13, 2006, Mr. Alcock was granted 4,584 shares of restricted
stock. The dollar value of the 2004 award shown above is comprised of two grants. First,
as part of 2004 compensation, on February 16, 2005, Mr. Alcock was granted 11,322 shares of
restricted stock. Second, on October 28, 2004, Mr. Alcock was granted 14,239 shares of
restricted stock for which the restrictions on vesting were immediately waived. The dollar
value of the 2003 awards shown above is comprised of two grants as follows: 7,314 shares of
restricted stock that vest 34% on the first anniversary of the grant date and 33% on each
of the second and third anniversaries of the grant date and 7,598 shares of restricted
stock that vest 20% on each anniversary of the grant date beginning with the first
anniversary. On December 31, 2005, the value of Mr. Alcocks 32,462 unvested shares of
restricted stock (not including the grant made on February 13, 2006) was $1,229,336.(13)
    
    The dollar value of the 2005 awards shown above is comprised of one grant. As part of
2005 compensation, on February 13, 2006, Mr. Graber was granted 23,507 shares of restricted
stock. The dollar value of the 43
    Table of Contents  2004 awards shown above is comprised of one grant of 20,191 shares of restricted stock. The
dollar value of the 2003 awards shown above is comprised of two grants as follows: 9,309
shares of restricted stock that vest 34% on the first anniversary of the grant date and 33%
on each of the second and third anniversaries of the grant date and 11,377 shares of
restricted stock that vest 20% on each anniversary of the grant date beginning with the
first. On December 31, 2005, the value of Mr. Grabers 45,027 unvested shares of restricted
stock (not including the grant made on February 13, 2006) was $1,705,173. OPTION/SAR GRANTS IN LAST FISCAL YEAR
  Individual Grants(1)Number of
    
    
    % of TotalSecurities
    
    
    Options/SARsUnderlying
    
    
    Granted To
    
    
    Exercise
    
    
    
    
    
    
    Grant DateOptions/SARs
    
    
    Employees in
    
    
    or Base
    
    
    Expiration
    
    
    PresentName
    
    Granted (#)(2)
    
    
    Fiscal Year
    
    
    Price($/Sh)
    
    
    Date
    
    
    Value ($)(3)Terry Considine(4)
    
    
    300,000
    
    
    
    76
    %
    
    $
    38.05
    
    
    
    2/16/2015
    
    
    $
    1,071,000David Robertson
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Paul J. McAuliffe.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Harry G. Alcock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Lance J. Graber
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
 
 (1)
    
    Under the terms of the Apartment Investment and Management Company 1997 Stock Award and
Incentive Plan (the 1997 Stock Plan), the plan administrator retains discretion, subject
to certain restrictions, to modify the terms of outstanding options. The exercise price of
options issued under the 1997 Stock Plan generally equals the fair market value of a share
of Aimco Class A Common Stock on the date of grant.(2)
    
    For options for 300,000 shares granted to Mr. Considine, the vesting schedule is 20% on
each anniversary of the grant date of February 16, 2005.(3)
    
    The estimated present value at grant date of option grants in fiscal year 2005 has been
calculated using a value of $3.57 per option, which value was derived using the
Black-Scholes option pricing model based on the following assumptions: exercise price per
share of $38.05; an expected life of the option of five years; a fixed dividend yield of
6.31% over the life of the option; a risk free rate of 4.10%; and historical volatility of
19.0% for Aimcos Class A Common Stock over five years. For accounting purposes, the
compensation cost related to these options is based on the number of options multiplied by
the $3.57 per option Black-Scholes valuation, and such compensation cost generally will be
recognized over the vesting period. The ultimate value of these options depends on the
actual performance of Aimcos Class A Common Stock during the applicable period and upon
when options are exercised. No gain to the optionee is possible without an increase in the
share price, which would benefit all stockholders as well.(4)
    
    Does not reflect two option grants made to Mr. Considine on February 13, 2006. The
first option grant is Mr. Considines bonus compensation for 2005 and is for 478,011 shares
at an exercise price per share of $42.98, which represents the fair market value of Aimcos
Class A Common Stock on the grant date. This option grant vests 20% on each anniversary of
the grant date. As of the grant date, the estimated present value of this award was $2.5
million based on a value of $5.23 per option, which value was derived using the
Black-Scholes option pricing model based on the following assumptions: exercise price per
share of $42.98; an expected life of the option of 6.5 years; a fixed dividend yield of
5.58% over the life of the option; a risk free rate of 4.58%; and historical volatility of
20.15% for Aimcos Class A Common Stock over 6.5 years. Mr. Considine also received an
option grant for 115,385 shares as his base compensation for 2006. This option grant vests
on the first anniversary of the grant date and shall be forfeited in its entirety and shall
not 44
    Table of Contents  be exercisable unless the Company achieves adjusted funds from operations of at least $2.40
per share for 2006. As of the grant date, the estimated present value of this award was
$600,000 based on a value of $5.20 per option, which value was derived using the
Black-Scholes option pricing model based on the following assumptions: exercise price per
share of $42.98; an expected life of the option of 5.5 years; a fixed dividend yield of 5.58%
over the life of the option; a risk free rate of 4.59%; and historical volatility of 20.29%
for Aimcos Class A Common Stock over 5.5 years. For accounting purposes, the compensation
cost related to these options is based on the number of options multiplied by the per option
Black-Scholes valuation, and such compensation cost generally will be recognized over the
vesting period. The ultimate value of these options depends on the actual performance of
Aimcos Class A Common Stock during the applicable period and upon when options are
exercised. No gain to the optionee is possible without an increase in the share price, which
would benefit all stockholders as well. AGGREGATED OPTION/SAR EXERCISES IN LAST FISCAL YEAR AND FISCAL YEAR-END OPTION/SAR VALUES
  Number of Securities
    
    
    Value of UnexercisedUnderlying Unexercised
    
    
    In-the-Money Options/SARsOptions/SARs at FY-End (#)
    
    
    at FY-End ($) (1)Shares Acquired
    
    
    ValueName
    
    on Exercise (#)
    
    
    Realized ($)
    
    
    Exercisable
    
    
    Unexercisable (2)
    
    
    Exercisable
    
    
    UnexercisableTerry Considine(2)
    
    None
    
    None
    
    
    4,508,290
    
    
    
    1,492,245
    
    
    $
    3,165,077
    
    
    $
    3,763,071David Robertson
    
    None
    
    None
    
    
    240,193
    
    
    
    185,765
    
    
    
    207,725
    
    
    
    412,879Paul J. McAuliffe.
    
    None
    
    None
    
    
    476,868
    
    
    
    268,213
    
    
    
    471,450
    
    
    
    788,631Harry G. Alcock
    
    None
    
    None
    
    
    233,840
    
    
    
    56,466
    
    
    
    147,292
    
    
    
    147,002Lance J. Graber
    
    None
    
    None
    
    
    295,844
    
    
    
    102,081
    
    
    
    160,944
    
    
    
    155,163
 
 (1)
    
    Market value of underlying securities at fiscal year-end, less the exercise price. Market
value is determined based on the closing price of the Aimco Class A Common Stock on the New
York Stock Exchange on December 30, 2005 of $37.87 per share.(2)
    
    Does not include options to purchase Aimco Class A
Common Stock of 478,011 and 115,385 shares granted to Mr. Considine on February
13, 2006. EMPLOYMENT ARRANGEMENTS
   45
    Table of Contents  46
    Table of Contents  Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
  PercentageNumber of
    
    
    Ownership of theName and Address of Beneficial Owner
    
    OP Units
    
    
    Partnership (1)Directors & Executive Officers of the General Partner:Terry Considine
    
    
    2,439,557
    (2)
    
    
    2.0
    %David Robertson
    
    
    
    
    
    
    *Paul J. McAuliffe
    
    
    6,358
    (3)
    
    
    *Harry G. Alcock
    
    
    47,682
    (4)
    
    
    *Lance J. Graber
    
    
    
    
    
    
    *All directors and executive officers as a group (13
persons)
    
    
    2,498,366
    (5)
    
    
    2.1
    %5% or Greater Holders:AIMCO-LP, Inc.
    
    
    97,094,841
    (6)
    
    
    88.9
    %
 
 *
    
    Less than 1.0%(1)
    
    Represents the number of OP Units and Class I High Performance Partnership Units or the Class
I Units, beneficially owned, divided by the total number of OP Units and Class I Units
outstanding.(2)
    
    Includes 850,185 common OP Units and 1,589,372 Class I Units that represent 8.7% of OP Units
outstanding and 66.8% of Class I Units outstanding, respectively. The 850,185 common OP Units
include 510,452 common OP Units held directly, 179,735 common OP Units held by an entity in
which Mr. Considine has sole voting and investment power, 2,300 common OP Units held by
Titahotwo, and 157,698 common OP Units held by Mr. Considines spouse, for which Mr. Considine
disclaims beneficial ownership. All Class I Units are held by Titahotwo.(3)
    
    Represents Class I Units, which constitute less 1% of the class outstanding.(4)
    
    Represents Class I Units, which constitute 2.0% of the class outstanding.(5)
    
    Includes 850,185 common OP Units and 1,648,181 Class I Units, which represent 8.7% of OP
Units outstanding and 69.3% of Class I Units outstanding, respectively.(6)
    
    Represents OP Units. 47
    Table of Contents  SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS
  Number ofsecuritiesremaining availablefor future issuanceunder equityWeighted average
    
    
    compensation plansNumber of securities to be
    
    
    exercise price of
    
    
    (excludingissued upon exercise of
    
    
    outstanding
    
    
    securities subjectoutstanding options
    
    
    options, warrants
    
    
    to outstandingPlan Category
    
    warrants and rights
    
    
    and rights
    
    
    unexercised grants)Equity compensation
plans
approved by security
holders
    
    
    10,989,184
    
    
    $
    38.80
    
    
    
    4,211,867Equity compensation
plans
not approved by
security holders
(1)
    
    
    
    
    
    
    
    
    
    
    
 
 (1)
    
    Options to cover 49,772 shares with a weighted average exercise price of $39.78 were assumed
by Aimco in a 1998 merger. 
 Item 13. Certain Relationships and Related Transactions
  High Performance Units
  48
    Table of Contents  Stock Purchase Loans
  Highest Amount
    
    
    Amount RepaidOwed During
    
    
    Since Inception
    
    
    March 15, 2006Name
    
    Interest Rate
    
    
    2005
    
    
    (through March 15, 2006)
    
    
    Balance (1)Terry Considine
    
    
    7.25
    %
    
    $
    8,698,175
    
    
    $
    32,485,990
    
    
    $
    3,350,000Jeffrey W. Adler
    
    
    6.00
    %
    
    
    507,198
    
    
    
    226,317
    
    
    
    373,698Harry G. Alcock
    
    
    7.18
    %(2)
    
    
    573,020
    
    
    
    1,294,006
    
    
    
    0Miles Cortez
    
    
    7.25
    %
    
    
    2,896,302
    
    
    
    169,935
    
    
    
    2,830,110Patti K. Fielding
    
    
    7.25
    %
    
    
    495,846
    
    
    
    620,000
    
    
    
    0Lance J. Graber
    
    
    7.00
    %
    
    
    1,749,405
    
    
    
    1,925,000
    
    
    
    0Paul J. McAuliffe
    
    
    7.00
    %
    
    
    1,687,960
    
    
    
    2,400,005
    
    
    
    0David Robertson
    
    
    6.75
    %
    
    
    2,868,191
    
    
    
    3,000,009
    
    
    
    0$
    19,476,097
    
    
    $
    42,121,262
    
    
    $
    6,553,808
 
 (1)
    
    These loans are secured by shares of Aimco Class A Common Stock as follows: Mr. Considine:
660,000 shares purchased at $30.00 per share; Mr. Adler: 13,260 shares purchased at $45.25 per
share; Mr. Alcock: 11,644 shares purchased at $36.50 per share and 12,000 shares purchased at
$38.50 per share; Mr. Cortez: 62,731 shares purchased at $48.10 per share; Ms. Fielding:
10,000 shares purchased at $43.00 per share; Mr. Graber: 50,000 shares purchased at $38.50 per
share; Mr. McAuliffe: 64,865 shares purchased at $37.00 per share; Mr. Robertson: 68,603
shares purchased at $43.73 per share. Balances reflect anticipated payments based on payroll
deductions scheduled for March 15, 2006.(2)
    
    Reflects a weighted-average interest rate for two outstanding loans. Relocation Arrangements
  Property and Investment Analysis Arrangement
  49
    Table of Contents  Item 14. Principal Accountant Fees and Services
  Audit Fees
  Audit-Related Fees
  Tax Fees
  All Other Fees
   Audit Committee of Aimcos Board of Directors Pre-Approval Policies
  50
    Table of Contents  51
    Table of Contents  PART IV
 
 Item 15. Exhibits, 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.
    
    DESCRIPTION2.1
    
    Agreement and Plan of Merger, dated as of December 3, 2001, by
and among Apartment Investment and Management Company, Casden
Properties, Inc. and XYZ Holdings LLC (Exhibit 2.1 to Aimcos
Current Report on Form 8-K, filed December 6, 2001, is
incorporated herein by this reference)10.1
    
    Third Amended and Restated Agreement of Limited Partnership of
AIMCO Properties, L.P., dated as of July 29, 1994 as amended
and restated as of October 1, 1998 (Exhibit 10.8 to Aimcos
Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 1998, is incorporated herein by this reference)10.2
    
    First Amendment to the Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
November 6, 1998 (Exhibit 10.9 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 1998,
is incorporated herein by this reference)10.3
    
    Second Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
December 30, 1998 (Exhibit 10.1 to Amendment No. 1 to Aimcos
Current Report on Form 8-K/A, filed February 11, 1999, is
incorporated herein by this reference)10.4
    
    Third Amendment to Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
February 18, 1999 (Exhibit 10.12 to Aimcos Annual Report on
Form 10-K for the year ended December 31 1998, is incorporated
herein by this reference)10.5
    
    Fourth Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
March 25, 1999 (Exhibit 10.2 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 1999, is
incorporated herein by this reference)10.6
    
    Fifth Amendment to the Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
March 26, 1999 (Exhibit 10.3 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 1999, is
incorporated herein by this reference)10.7
    
    Sixth Amendment to the Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
March 26, 1999 (Exhibit 10.1 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 1999, is
incorporated herein by this reference)10.8
    
    Seventh Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
September 27, 1999 (Exhibit 10.1 to Aimcos Quarterly Report
on Form 10-Q for the quarterly period ended September 30,
1999, is incorporated herein by this reference)10.9
    
    Eighth Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
December 14, 1999 (Exhibit 10.9 to Aimcos Annual Report on
Form 10-K for the year ended December 31, 1999, is
incorporated herein by reference)10.10
    
    Ninth Amendment to the Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
December 21, 1999 (Exhibit 10.10 to Aimcos Annual Report on
Form 10-K for the year ended December 31, 1999, is
incorporated hereby by reference)10.11
    
    Tenth Amendment to the Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
December 21, 1999 (Exhibit 10.11 to Aimcos Annual Report on
Form 10-K for the year ended December 31, 1999, is
incorporated herein by reference)
 52
    Table of Contents  EXHIBIT NO.
    
    DESCRIPTION10.12
    
    Eleventh Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
January 13, 2000 (Exhibit 10.12 to Aimcos Annual Report on
Form 10-K for the year ended December 31, 1999, is
incorporated herein by reference)10.13
    
    Twelfth Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
April 19, 2000 (Exhibit 10.2 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 2000, is
incorporated herein by this reference)10.14
    
    Thirteenth Amendment to the Third and Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of August 7, 2000 (Exhibit 10.1 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended June 30, 2000, is incorporated herein
by this reference)10.15
    
    Fourteenth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of September 12, 2000 (Exhibit 10.1 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended September 30, 2000, is incorporated
herein by this reference)10.16
    
    Fifteenth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of September 15, 2000 (Exhibit 10.2 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended September 30, 2000, is incorporated
herein by this reference)10.17
    
    Sixteenth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of September 15, 2000 (Exhibit 10.3 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended September 30, 2000, is incorporated
herein by this reference)10.18
    
    Seventeenth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of November 10, 2000 (Exhibit 10.4 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended September 30, 2000, is incorporated
herein by this reference)10.19
    
    Eighteenth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of November 16, 2000 (Exhibit 10.19 to Aimcos Annual
Report on Form 10-K/A for the fiscal year 2000, is
incorporated herein by this reference)10.20
    
    Nineteenth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of February 28, 2001 (Exhibit 10.20 to Aimcos Annual
Report on Form 10-K/A for the fiscal year 2000, is
incorporated herein by this reference)10.21
    
    Twentieth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of March 19, 2001 (Exhibit 10.21 to Aimcos Annual
Report on Form 10-K/A for the fiscal year 2000, is
incorporated herein by this reference)10.22
    
    Twenty-first Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of May 10, 2001 (Exhibit 10.1 to the Quarterly Report
on Form 10-Q of AIMCO Properties, L.P. for the quarterly
period ended June 30, 2001, is incorporated herein by this
reference)10.23
    
    Twenty-second Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of June 20, 2001 (Exhibit 10.2 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended June 30, 2001, is incorporated herein
by this reference)10.24
    
    Twenty-third Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of July 20, 2001 (Exhibit 10.3 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended June 30, 2001, is incorporated herein
by this reference)
 53
    Table of Contents  EXHIBIT NO.
    
    DESCRIPTION10.25
    
    Twenty-fourth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of August 1, 2001 (Exhibit 10.4 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended June 30, 2001, is incorporated herein
by this reference)10.26
    
    Twenty-fifth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of July 2, 2001 (Exhibit 10.5 to the Quarterly Report
on Form 10-Q of AIMCO Properties, L.P. for the quarterly
period ended June 30, 2001, is incorporated herein by this
reference)10.27
    
    Twenty-sixth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of July 2, 2001 (Exhibit 10.6 to the Quarterly Report
on Form 10-Q of AIMCO Properties, L.P. for the quarterly
period ended June 30, 2001, is incorporated herein by this
reference)10.28
    
    Twenty-seventh Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of July 2, 2001 (Exhibit 10.7 to the Quarterly Report
on Form 10-Q of AIMCO Properties, L.P. for the quarterly
period ended June 30, 2001, is incorporated herein by this
reference)10.29
    
    Twenty-eighth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of March 25, 2002 (Exhibit 10.1 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended March 31, 2002, is incorporated herein
by this reference)10.30
    
    Twenty-ninth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of March 11, 2002 (Exhibit 10.2 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended March 31, 2002, is incorporated herein
by this reference)10.31
    
    Thirtieth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of April 1, 2002 (Exhibit 10.3 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended March 31, 2002, is incorporated herein
by this reference)10.32
    
    Thirty-first Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of April 10, 2002 (Exhibit 10.4 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended March 31, 2002, is incorporated herein
by this reference)10.33
    
    Thirty-second Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of May 14, 2002 (Exhibit 10.1 to Aimcos Quarterly
Report on Form 10-Q for the quarterly period ended June 30,
2002, is incorporated herein by this reference)10.34
    
    Thirty-third Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of November 27, 2002 (Exhibit 10.34 to Aimcos Annual
Report on Form 10-K for the year ended December 31, 2002, is
incorporated herein by this reference)10.35
    
    Thirty-fourth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of April 29, 2003 (Exhibit 10.1 to Aimcos Quarterly
Report on Form 10-Q for the quarterly period ended March 31,
2003, is incorporated herein by this reference)10.36
    
    Thirty-fifth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of April 30, 2003 (Exhibit 10.2 to Aimcos Quarterly
Report on Form 10-Q for the quarterly period ended March 31,
2003, is incorporated herein by this reference)10.37
    
    Thirty-sixth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of July 16, 2003 (Exhibit 10.1 to Aimcos Quarterly
Report on Form 10-Q for the quarterly period ended June 30,
2003, is incorporated herein by this reference)
 54
    Table of Contents  EXHIBIT NO.
    
    DESCRIPTION10.38
    
    Thirty-seventh Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of July 24, 2003 (Exhibit 10.2 to Aimcos Quarterly
Report on Form 10-Q for the quarterly period ended June 30,
2003, is incorporated herein by this reference)10.39
    
    Thirty-eighth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of January 30, 2004 (Exhibit 10.39 to Aimcos Annual
Report on Form 10-K for the year ended December 31, 2003, is
incorporated herein by this reference)10.40
    
    Thirty-ninth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of March 17, 2004 (Exhibit 10.1 to Aimcos Quarterly
Report on Form 10-Q for the quarterly period ended March 31,
2004, is incorporated herein by this reference)10.41
    
    Fortieth Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
June 18, 2004 (Exhibit 10.1 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 2004, is
incorporated herein by this reference)10.42
    
    Forty-first Amendment to Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
September 24, 2004 (Exhibit 4.1 to AIMCO Properties, L.P.s
Current Report on Form 8-K dated September 24, 2004, is
incorporated herein by this reference)10.43
    
    Forty-second Amendment to Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
September 30, 2004 (Exhibit 4.2 to AIMCO Properties, L.P.s
Current Report on Form 8-K dated September 24, 2004, is
incorporated herein by this reference)10.44
    
    Forty-third Amendment to Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
September 30, 2004 (Exhibit 4.1 to AIMCO Properties, L.P.s
Current Report on Form 8-K dated September 29, 2004, is
incorporated herein by this reference)10.45
    
    Forty-fourth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of December 21, 2004 (Exhibit 4.1 to AIMCO
Properties, L.P.s Current Report on Form 8-K dated September
29,2004, is incorporated herein by this reference)10.46
    
    Forty-fifth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of February 18, 2005 (Exhibit 4.1 to AIMCO
Properties, L.P.s Current Report on Form 8-K dated February
18, 2005, is incorporated herein by this reference)10.47
    
    Forty-sixth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of February 28, 2005 (Exhibit 4.1 to AIMCO
Properties, L.P.s Current Report on Form 8-K dated February
28, 2005, is incorporated herein by this reference)10.48
    
    Forty-seventh Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of May 31, 2005 (Exhibit 4.1 to AIMCO Properties,
L.P.s Current Report on Form 8-K dated May 31, 2005, is
incorporated herein by this reference)10.49
    
    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)10.50
    
    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)10.51
    
    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, filed December 6, 2001, is incorporated herein by
this reference)
 55
    Table of Contents  EXHIBIT NO.
    
    DESCRIPTION10.52
    
    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, filed December 6,
2001, is incorporated herein by this reference)10.53
    
    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)10.54
    
    Employment Contract executed on July 29, 1994 by and between
AIMCO Properties, L.P. and Terry Considine (Exhibit 10.44C to
Aimcos Annual Report on Form 10-K for the year ended December
31, 1994, is incorporated herein by this reference)*10.55
    
    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)*10.56
    
    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)*10.57
    
    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)*10.58
    
    The 1996 Stock Incentive Plan for Officers, Directors and Key
Employees of Ambassador Apartments, Inc., Ambassador
Apartments, L.P., and Subsidiaries, as amended March 20, 1997
(Exhibit 10.42 to Ambassador Apartments, Inc. Annual Report on
Form 10-K for the year ended December 31, 1997, is
incorporated herein by this reference)*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 000-24497, 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 56
    Table of Contents  SIGNATURES
  AIMCO PROPERTIES, L.P.By:
    
    AIMCO-GP, Inc., its General Partner/s/ TERRY CONSIDINETerry ConsidineChairman of the Board,
Chief Executive Officer
and President
  Signature
    
    Title
    
    Date/s/ TERRY CONSIDINE

Terry Considine
    
    Chairman of the Board,
Chief Executive Officer
and President of the registrants
general partner
    
    March 8, 2006/s/ THOMAS M. HERZOG

Thomas M. Herzog
    
    Executive Vice President and
Chief Financial Officer of the
registrants general partner
    
    March 8, 2006/s/ ROBERT Y. WALKER, IV

Robert Y. Walker, IV
    
    Senior Vice President and
Chief Accounting Officer of the
registrants general partner
    
    March 8, 2006
 57
    Table of Contents  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, 2005 and 2004
    
    F-3Consolidated Statements of Income for the Years Ended December 31, 2005, 2004 and 2003
    
    F-4Consolidated Statements of Partners Capital for the Years Ended December 31, 2005,
2004 and 2003
    
    F-5Consolidated Statements of Cash Flows for the Years Ended December 31, 2005, 2004 and 2003
    
    F-6Notes to Consolidated Financial Statements
    
    F-8Financial Statement Schedule:Schedule III  Real Estate and Accumulated Depreciation
    
    F-40All other schedules are omitted because they are not applicable or the required information
is shown in the financial statements or notes thereto
 F-1
    Table of Contents  REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    Consolidation of Variable Interest Entities
 Internal Control -
Integrated Framework
  
 F-2
    Table of Contents  AIMCO PROPERTIES, L.P
CONSOLIDATED BALANCE SHEETS
As of December 31, 2005 and 2004
(In thousands, except share data)
 2005
    
    
    2004ASSETSReal estate:Land
    
    $
    2,299,039
    
    
    $
    2,090,737Buildings and improvements
    
    
    8,690,782
    
    
    
    7,984,874Total real estate
    
    
    10,989,821
    
    
    
    10,075,611Less accumulated depreciation
    
    
    (2,237,609
    )
    
    
    (1,846,655
    )Net real estate
    
    
    8,752,212
    
    
    
    8,228,956Cash and cash equivalents
    
    
    161,730
    
    
    
    105,343Restricted cash
    
    
    284,834
    
    
    
    289,135Accounts receivable
    
    
    57,479
    
    
    
    75,044Accounts receivable from affiliates
    
    
    43,070
    
    
    
    39,216Deferred financing costs
    
    
    67,498
    
    
    
    68,175Notes receivable from unconsolidated real estate partnerships
    
    
    177,218
    
    
    
    165,289Notes receivable from non-affiliates
    
    
    23,760
    
    
    
    31,716Notes receivable from Aimco
    
    
    13,299
    
    
    
    12,613Investment in unconsolidated real estate partnerships
    
    
    166,668
    
    
    
    206,708Other assets
    
    
    216,789
    
    
    
    243,243Deferred income tax assets, net
    
    
    9,835
    
    
    
    Assets held for sale
    
    
    54,958
    
    
    
    618,716Total assets
    
    $
    10,029,350
    
    
    $
    10,084,154LIABILITIES AND PARTNERS CAPITALSecured tax-exempt bond financing
    
    $
    1,076,569
    
    
    $
    1,101,225Secured notes payable
    
    
    4,590,674
    
    
    
    4,133,887Mandatorily redeemable preferred securities
    
    
    
    
    
    
    15,019Term loans
    
    
    400,000
    
    
    
    300,000Credit facility
    
    
    217,000
    
    
    
    68,700Total indebtedness
    
    
    6,284,243
    
    
    
    5,618,831Accounts payable
    
    
    34,381
    
    
    
    34,663Accrued liabilities and other
    
    
    421,225
    
    
    
    400,974Deferred income
    
    
    47,138
    
    
    
    43,808Security deposits
    
    
    38,789
    
    
    
    35,070Deferred income tax liabilities, net
    
    
    
    
    
    
    20,139Liabilities related to assets held for sale
    
    
    39,464
    
    
    
    426,755Total liabilities
    
    
    6,865,240
    
    
    
    6,580,240Minority interest in consolidated real estate partnerships
    
    
    218,708
    
    
    
    212,827Partners capital:Preferred units
    
    
    1,183,620
    
    
    
    1,131,041General Partner and Special Limited Partner
    
    
    1,570,046
    
    
    
    1,851,733Limited Partners
    
    
    301,452
    
    
    
    326,113High performance units
    
    
    (16,307
    )
    
    
    (8,880
    )Investment in Aimco Class A Common Stock
    
    
    (7,997
    )
    
    
    (8,920
    )Notes receivable from Aimco
    
    
    (85,412
    )
    
    
    Total partners capital
    
    
    2,945,402
    
    
    
    3,291,087Total liabilities and partners capital
    
    $
    10,029,350
    
    
    $
    10,084,154
  F-3
    Table of Contents  AIMCO PROPERTIES, L.P
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31, 2005, 2004 and 2003
(In thousands, except per unit data)
 2005
    
    
    2004
    
    
    2003REVENUES:Rental and other property revenues
    
    $
    1,459,646
    
    
    $
    1,308,815
    
    
    $
    1,249,716Property management revenues, primarily from affiliates
    
    
    24,528
    
    
    
    32,461
    
    
    
    37,992Activity fees and asset management revenues, primarily from affiliates
    
    
    37,349
    
    
    
    34,801
    
    
    
    20,198Total revenues
    
    
    1,521,523
    
    
    
    1,376,077
    
    
    
    1,307,906OPERATING EXPENSES:Property operating expenses
    
    
    705,505
    
    
    
    632,512
    
    
    
    553,482Property management expenses
    
    
    7,292
    
    
    
    9,789
    
    
    
    8,419Activity and asset management expenses
    
    
    10,606
    
    
    
    11,802
    
    
    
    8,367Depreciation and amortization
    
    
    412,075
    
    
    
    340,536
    
    
    
    308,080General and administrative expenses
    
    
    92,918
    
    
    
    77,501
    
    
    
    48,357Other expenses (income), net
    
    
    (6,314
    )
    
    
    1,870
    
    
    
    (6,952
    )Total operating expenses
    
    
    1,222,082
    
    
    
    1,074,010
    
    
    
    919,753Operating income
    
    
    299,441
    
    
    
    302,067
    
    
    
    388,153Interest income
    
    
    35,908
    
    
    
    33,229
    
    
    
    26,056Recovery of (provision for) losses on notes receivable
    
    
    1,365
    
    
    
    1,765
    
    
    
    (2,183
    )Interest expense
    
    
    (367,860
    )
    
    
    (342,059
    )
    
    
    (317,260
    )Deficit distributions to minority partners
    
    
    (11,952
    )
    
    
    (17,865
    )
    
    
    (20,216
    )Equity in losses of unconsolidated real estate partnerships
    
    
    (3,139
    )
    
    
    (1,768
    )
    
    
    (6,428
    )Impairment losses related to real estate partnerships
    
    
    (6,120
    )
    
    
    (3,426
    )
    
    
    (4,122
    )Gain on dispositions of real estate related to unconsolidated entities and
other
    
    
    16,489
    
    
    
    69,241
    
    
    
    3,178Income (loss) before minority interest, discontinued operations and
cumulative effect of change in accounting principle
    
    
    (35,868
    )
    
    
    41,184
    
    
    
    67,178Minority interest in consolidated real estate partnerships
    
    
    6,574
    
    
    
    16,903
    
    
    
    253Income (loss) from continuing operations
    
    
    (29,294
    )
    
    
    58,087
    
    
    
    67,431Income from discontinued operations, net
    
    
    110,038
    
    
    
    238,991
    
    
    
    110,437Income before cumulative effect of change in accounting principle
    
    
    80,744
    
    
    
    297,078
    
    
    
    177,868Cumulative effect of change in accounting principle
    
    
    
    
    
    
    (3,957
    )
    
    
    Net income
    
    
    80,744
    
    
    
    293,121
    
    
    
    177,868Net income attributable to preferred unitholders
    
    
    98,946
    
    
    
    96,922
    
    
    
    103,626Net income (loss) attributable to common unitholders
    
    $
    (18,202
    )
    
    $
    196,199
    
    
    $
    74,242Earnings (loss) per common unit  basic:Loss from continuing operations (net of preferred distributions)
    
    $
    (1.23
    )
    
    $
    (0.37
    )
    
    $
    (0.35
    )Income from discontinued operations
    
    
    1.06
    
    
    
    2.29
    
    
    
    1.06Cumulative effect of change in accounting principle
    
    
    
    
    
    
    (0.04
    )
    
    
    Net income (loss) attributable to common unitholders
    
    $
    (0.17
    )
    
    $
    1.88
    
    
    $
    0.71Earnings (loss) per common unit  diluted:Loss from continuing operations (net of preferred distributions)
    
    $
    (1.23
    )
    
    $
    (0.37
    )
    
    $
    (0.35
    )Income from discontinued operations
    
    
    1.06
    
    
    
    2.29
    
    
    
    1.06Cumulative effect of change in accounting principle
    
    
    
    
    
    
    (0.04
    )
    
    
    Net income (loss) attributable to common unitholders
    
    $
    (0.17
    )
    
    $
    1.88
    
    
    $
    0.71Weighted average common units outstanding
    
    
    104,511
    
    
    
    104,251
    
    
    
    104,743Weighted average common units and equivalents outstanding
    
    
    104,511
    
    
    
    104,251
    
    
    
    104,743Distributions declared per common unit
    
    $
    3.00
    
    
    $
    2.40
    
    
    $
    2.84
  F-4
    Table of Contents  AIMCO PROPERTIES, L.P
CONSOLIDATED STATEMENTS OF PARTNERS CAPITAL
For the Years Ended December 31, 2005, 2004 and 2003 (In thousands)
 GeneralPartner
    
    
    
    
    
    
    High
    
    
    Investment
    
    
    Noteand Special
    
    
    
    
    
    
    Perform-
    
    
    In Aimco
    
    
    ReceivablePreferred
    
    
    Limited
    
    
    Limited
    
    
    ance
    
    
    Common
    
    
    fromUnits
    
    
    Partner
    
    
    Partners
    
    
    Units
    
    
    Stock
    
    
    Aimco
    
    
    TotalPartners Capital at December 31, 2002
    
    $
    1,098,683
    
    
    $
    2,129,014
    
    
    $
    362,888
    
    
    $
    (3,230
    )
    
    $
    (11,272
    )
    
    $
    
    
    
    $
    3,576,083Contributions from Aimco related to preferred offerings
    
    
    144,808
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    144,808Redemption of preferred units by Aimco
    
    
    (239,770
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (239,770
    )Contribution from Aimco related to stock purchased by officers,
net of notes receivable of $1,600
    
    
    
    
    
    
    590
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    590Contribution from Aimco related to options and warrants exercised
    
    
    
    
    
    
    2,344
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,344Amortization of unvested restricted stock of Aimco
    
    
    
    
    
    
    4,980
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,980Common and preferred units redeemed by Limited Partners to
Special Limited Partner
    
    
    (884
    )
    
    
    12,919
    
    
    
    (12,035
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Issuance of Class VI Units, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    761
    
    
    
    
    
    
    
    
    
    
    
    761Conversion of mandatorily redeemable convertible preferred
securities
    
    
    
    
    
    
    50
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    50Redemption of preferred units and common units
    
    
    (27,237
    )
    
    
    
    
    
    
    (6,864
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (34,101
    )Acquisitions of real estate or interests in real estate through issuance
of common units
    
    
    
    
    
    
    153
    
    
    
    3,955
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,108Conversion of Class Eleven Partnership Preferred Units to Class S
Preferred Units
    
    
    (28,101
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (28,101
    )Common units received from Aimco related to Casden
indemnification agreement and other activity
    
    
    
    
    
    
    (25,526
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (25,526
    )Repayment of notes receivable from officers of Aimco
    
    
    
    
    
    
    10,518
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,518Net income
    
    
    103,626
    
    
    
    65,817
    
    
    
    6,739
    
    
    
    1,686
    
    
    
    
    
    
    
    
    
    
    
    177,868Distributions paid  common and high performance unitholders
    
    
    
    
    
    
    (286,314
    )
    
    
    (29,289
    )
    
    
    (7,281
    )
    
    
    1,260
    
    
    
    
    
    
    
    (321,624
    )Distributions paid  preferred unitholders
    
    
    (98,173
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (98,173
    )Adjustment to reflect Limited Partners capital at redemption value
    
    
    
    
    
    
    5,402
    
    
    
    (5,402
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Partners Capital at December 31, 2003
    
    
    952,952
    
    
    
    1,919,947
    
    
    
    319,992
    
    
    
    (8,064
    )
    
    
    (10,012
    )
    
    
    
    
    
    
    3,174,815Contributions from Aimco related to preferred offerings
    
    
    359,672
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    359,672Redemption of preferred units by Aimco
    
    
    (186,093
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (186,093
    )Contribution from Aimco related to stock purchased by officers,
net of notes receivable of $1,318
    
    
    
    
    
    
    1,051
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,051Contribution from Aimco related to options and warrants exercised
    
    
    
    
    
    
    1,883
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,883Amortization of unvested restricted stock of Aimco
    
    
    
    
    
    
    6,506
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,506Common and preferred units redeemed by Limited Partners to
Special Limited Partner
    
    
    (259
    )
    
    
    23,581
    
    
    
    (23,322
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Issuance of Class VII units, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    506
    
    
    
    
    
    
    
    
    
    
    
    506Repurchase of common units
    
    
    
    
    
    
    (12,598
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,598
    )Conversion of mandatorily redeemable convertible preferred
securities
    
    
    
    
    
    
    100
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    100Redemption of preferred units and common units
    
    
    (38
    )
    
    
    
    
    
    
    (5,773
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (5,811
    )Acquisitions of real estate or interests in real estate through issuance
of common units
    
    
    
    
    
    
    
    
    
    
    2,609
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,609Casden note receivable and legal settlement fair value contingent
consideration adjustment
    
    
    
    
    
    
    (4,848
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,848
    )Repayment of notes receivable from officers of Aimco
    
    
    
    
    
    
    4,639
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,639Net income
    
    
    96,922
    
    
    
    175,542
    
    
    
    16,179
    
    
    
    4,478
    
    
    
    
    
    
    
    
    
    
    
    293,121Distributions paid  common and high performance unitholders
    
    
    
    
    
    
    (226,995
    )
    
    
    (20,647
    )
    
    
    (5,800
    )
    
    
    1,092
    
    
    
    
    
    
    
    (252,350
    )Distributions paid  preferred unitholders
    
    
    (92,115
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (92,115
    )Adjustment to reflect Limited Partners capital at redemption value
    
    
    
    
    
    
    (37,075
    )
    
    
    37,075
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Partners Capital at December 31, 2004
    
    
    1,131,041
    
    
    
    1,851,733
    
    
    
    326,113
    
    
    
    (8,880
    )
    
    
    (8,920
    )
    
    
    
    
    
    
    3,291,087Redemption of preferred units by Aimco
    
    
    (31,573
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (31,573
    )Contribution from Aimco related to stock purchased by officers,
net of notes receivable of $1,441
    
    
    
    
    
    
    13,038
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,038Contribution from Aimco related to options and warrants exercised
    
    
    
    
    
    
    2,315
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,315Amortization of unvested restricted stock of Aimco
    
    
    
    
    
    
    9,975
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,975Common and preferred units redeemed by Limited Partners to
Special Limited Partner
    
    
    (41
    )
    
    
    16,894
    
    
    
    (16,853
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Issuance of Class VIII units, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    128
    
    
    
    
    
    
    
    
    
    
    
    128Issuance of Class Thirteen Partnership Preferred Units to Aimco
    
    
    85,412
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    85,412Issuance of note receivable to Aimco
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (85,412
    )
    
    
    (85,412
    )Preferred unit issuance costs
    
    
    (409
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (409
    )Redemption of common units
    
    
    
    
    
    
    
    
    
    
    (3,130
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,130
    )Purchase of Oxford warrants
    
    
    
    
    
    
    (1,050
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,050
    )Acquisitions of real estate or interests in real estate through issuance
of common units and other
    
    
    
    
    
    
    310
    
    
    
    1,396
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,706Net income
    
    
    98,946
    
    
    
    (16,310
    )
    
    
    (1,476
    )
    
    
    (416
    )
    
    
    
    
    
    
    
    
    
    
    80,744Distributions paid  common and high performance unitholders
    
    
    
    
    
    
    (227,738
    )
    
    
    (21,504
    )
    
    
    (5,700
    )
    
    
    923
    
    
    
    
    
    
    
    (254,019
    )Distributions declared  common and high performance unitholders
    
    
    
    
    
    
    (57,439
    )
    
    
    (4,776
    )
    
    
    (1,439
    )
    
    
    
    
    
    
    
    
    
    
    (63,654
    )Distributions paid  preferred unitholders
    
    
    (97,731
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (97,731
    )Distributions declared  preferred unitholders
    
    
    (2,025
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,025
    )Adjustment to reflect Limited Partners capital at redemption value
    
    
    
    
    
    
    (21,682
    )
    
    
    21,682
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Partners Capital at December 31, 2005
    
    $
    1,183,620
    
    
    $
    1,570,046
    
    
    $
    301,452
    
    
    $
    (16,307
    )
    
    $
    (7,997
    )
    
    $
    (85,412
    )
    
    $
    2,945,402
  F-5
    Table of Contents  AIMCO PROPERTIES, L.P
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2005, 2004 and 2003
(In thousands)
 2005
    
    
    2004
    
    
    2003CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    80,744
    
    
    $
    293,121
    
    
    $
    177,868Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    412,075
    
    
    
    340,536
    
    
    
    308,080Deficit distributions to minority partners, net
    
    
    11,952
    
    
    
    17,865
    
    
    
    20,216Equity in losses of unconsolidated real estate partnerships
    
    
    3,139
    
    
    
    1,768
    
    
    
    6,428Gain on dispositions of real estate related to unconsolidated entities and other
    
    
    (16,489
    )
    
    
    (69,241
    )
    
    
    (3,178
    )Impairment losses related to real estate partnerships
    
    
    6,120
    
    
    
    3,426
    
    
    
    4,122Deferred income tax provision (benefit)
    
    
    (19,146
    )
    
    
    706
    
    
    
    (11,215
    )Cumulative effect of change in accounting principle
    
    
    
    
    
    
    3,957
    
    
    
    Minority interest in consolidated real estate partnerships
    
    
    (6,574
    )
    
    
    (16,903
    )
    
    
    (253
    )Stock-based compensation expense
    
    
    9,975
    
    
    
    6,506
    
    
    
    4,980Amortization of deferred loan costs and other
    
    
    1,700
    
    
    
    5,484
    
    
    
    (5,002
    )Discontinued operations:Depreciation and amortization
    
    
    22,789
    
    
    
    42,194
    
    
    
    65,135Recovery of deficit distributions to minority partners
    
    
    (14,941
    )
    
    
    (3,722
    )
    
    
    (8,273
    )Gain on dispositions of real estate, net of minority partners interest
    
    
    (105,417
    )
    
    
    (249,376
    )
    
    
    (101,849
    )Impairment losses on real estate assets sold or held for sale
    
    
    3,836
    
    
    
    7,289
    
    
    
    8,991Minority interest in consolidated real estate partnerships
    
    
    (1,499
    )
    
    
    102
    
    
    
    2,638Changes in operating assets and operating liabilities:Accounts receivable
    
    
    11,450
    
    
    
    (2,067
    )
    
    
    5,763Other assets
    
    
    17,542
    
    
    
    (11,406
    )
    
    
    5,630Accounts payable, accrued liabilities and other
    
    
    (57,935
    )
    
    
    (4,716
    )
    
    
    (16,202
    )Total adjustments
    
    
    278,577
    
    
    
    72,402
    
    
    
    286,011Net cash provided by operating activities
    
    
    359,321
    
    
    
    365,523
    
    
    
    463,879CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of real estate
    
    
    (158,584
    )
    
    
    (210,324
    )
    
    
    (126,046
    )Capital expenditures
    
    
    (443,882
    )
    
    
    (301,937
    )
    
    
    (245,528
    )Proceeds from dispositions of real estate
    
    
    718,434
    
    
    
    971,568
    
    
    
    697,642Change in funds held in escrow from tax-free exchanges
    
    
    (4,571
    )
    
    
    5,489
    
    
    
    (21,643
    )Purchases of non-real estate related corporate assets
    
    
    (14,405
    )
    
    
    (28,270
    )
    
    
    (23,621
    )Proceeds from sale of investments and other assets
    
    
    4,629
    
    
    
    
    
    
    
    6,730Cash from newly consolidated properties
    
    
    4,186
    
    
    
    14,765
    
    
    
    5,835Purchases of general and limited partnership interests and other assets
    
    
    (111,372
    )
    
    
    (104,441
    )
    
    
    (51,356
    )Originations of notes receivable from unconsolidated real estate partnerships
    
    
    (38,336
    )
    
    
    (145,835
    )
    
    
    (71,969
    )Proceeds from repayment of notes receivable
    
    
    28,556
    
    
    
    149,277
    
    
    
    60,576Cash paid in connection with merger/acquisition related costs
    
    
    (6,910
    )
    
    
    (15,861
    )
    
    
    (16,383
    )Distributions received from Aimco
    
    
    923
    
    
    
    1,092
    
    
    
    1,260Distributions received from investments in unconsolidated real estate partnerships
    
    
    57,706
    
    
    
    72,160
    
    
    
    64,046Net cash provided by investing activities
    
    
    36,374
    
    
    
    407,683
    
    
    
    279,543CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from secured notes payable borrowings
    
    
    721,414
    
    
    
    501,611
    
    
    
    445,793Principal repayments on secured notes payable
    
    
    (735,816
    )
    
    
    (728,084
    )
    
    
    (755,786
    )Proceeds from tax-exempt bond financing
    
    
    
    
    
    
    69,471
    
    
    
    14,505Principal repayments on tax-exempt bond financing
    
    
    (78,648
    )
    
    
    (188,577
    )
    
    
    (77,793
    )Net borrowings (paydowns) on term loans and revolving credit facility
    
    
    248,300
    
    
    
    (66,687
    )
    
    
    29,376Proceeds from other borrowings
    
    
    
    
    
    
    38,871
    
    
    
    Payment of loan costs
    
    
    (11,242
    )
    
    
    (17,576
    )
    
    
    (19,516
    )Proceeds from issuance (redemption) of mandatorily redeemable preferred securities
    
    
    (15,019
    )
    
    
    (98,875
    )
    
    
    97,250Proceeds from issuance of common units, High Performance Units and
exercise of options/warrants and other
    
    
    2,454
    
    
    
    3,164
    
    
    
    4,552Proceeds from issuance of preferred unit, net
    
    
    
    
    
    
    289,994
    
    
    
    144,808Redemptions of preferred units
    
    
    (31,573
    )
    
    
    (186,093
    )
    
    
    (239,770
    )Origination
of note receivable from Aimco
    
    
    (85,412
    )
    
    
    
    
    
    
    Principal repayments received on notes due on common unit purchases
    
    
    12,255
    
    
    
    4,639
    
    
    
    10,518Repurchase and redemption of common units and warrant purchase
    
    
    (4,180
    )
    
    
    (18,410
    )
    
    
    (1,287
    )Contributions from minority interest
    
    
    34,990
    
    
    
    44,292
    
    
    
    100,684Payment of distributions to minority interest
    
    
    (44,158
    )
    
    
    (84,478
    )
    
    
    (60,820
    )Payment of distributions to General Partner and Special Limited Partner
    
    
    (227,738
    )
    
    
    (226,995
    )
    
    
    (286,314
    )Payment of distributions to Limited Partners
    
    
    (21,504
    )
    
    
    (20,647
    )
    
    
    (29,289
    )Payment of distributions to High Performance Units
    
    
    (5,700
    )
    
    
    (5,800
    )
    
    
    (7,281
    )Payment of distributions to preferred units
    
    
    (97,731
    )
    
    
    (92,115
    )
    
    
    (98,173
    )Net cash used in financing activities
    
    
    (339,308
    )
    
    
    (782,295
    )
    
    
    (728,543
    )NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    
    
    56,387
    
    
    
    (9,089
    )
    
    
    14,879CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
    
    
    105,343
    
    
    
    114,432
    
    
    
    99,553CASH AND CASH EQUIVALENTS AT END OF YEAR
    
    $
    161,730
    
    
    $
    105,343
    
    
    $
    114,432
  F-6
    Table of Contents  AIMCO PROPERTIES, L.P
 CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2005, 2004 and 2003
(In thousands)
 2005
    
    
    2004
    
    
    2003SUPPLEMENTAL CASH FLOW INFORMATION:Interest paid
    
    $
    399,511
    
    
    $
    372,703
    
    
    $
    372,815Issuance of preferred units in connection with the purchase of real estate
    
    
    85,412
    
    
    
    69,678
    
    
    
    Dividends declared
    
    
    65,679
    
    
    
    
    
    
    
    Non Cash Transactions Associated with the Acquisition of Real Estate andInterests in Unconsolidated Real Estate Partnerships:Secured debt assumed in connection with purchase of real estate
    
    
    38,740
    
    
    
    83,114
    
    
    
    45,009Issuance of OP Units for interests in unconsolidated real estate partnerships
and acquisitions of real estate
    
    
    125
    
    
    
    2,609
    
    
    
    841Non Cash Transactions Associated with Merger:Real estate
    
    
    
    
    
    
    
    
    
    
    (63,535
    )Investments in and notes receivable, primarily from unconsolidated real estate
partnerships
    
    
    
    
    
    
    
    
    
    
    (2,163
    )Restricted cash
    
    
    
    
    
    
    
    
    
    
    11,979Other assets
    
    
    
    
    
    
    
    
    
    
    3,349Accounts payable, accrued and other liabilities
    
    
    
    
    
    
    
    
    
    
    49,770Deferred income tax payable, net
    
    
    
    
    
    
    
    
    
    
    600Non Cash Transactions Associated with Consolidation of Real Estate Partnerships:Real estate, net
    
    
    201,492
    
    
    
    231,932
    
    
    
    152,248Investments in and notes receivable primarily from affiliated entities
    
    
    (72,341
    )
    
    
    (40,178
    )
    
    
    (52,478
    )Restricted cash and other assets
    
    
    16,942
    
    
    
    47,744
    
    
    
    9,972Secured debt
    
    
    112,521
    
    
    
    204,243
    
    
    
    101,962Accounts payable, accrued and other liabilities
    
    
    17,326
    
    
    
    21,394
    
    
    
    7,030Minority interest in consolidated real estate partnerships
    
    
    6,834
    
    
    
    29,439
    
    
    
    6,585Other:Conversion of preferred units and securities into common units
    
    
    41
    
    
    
    259
    
    
    
    934Origination of notes receivable from officers of Aimco
    
    
    1,441
    
    
    
    1,528
    
    
    
    1,600Exchanges of preferred OP Units
    
    
    
    
    
    
    150,000
    
    
    
    Tenders payable for purchase of limited partner interests
    
    
    950
    
    
    
    2,799
    
    
    
    10,037
  F-7
    Table of Contents  AIMCO PROPERTIES, L.P
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2005
 NOTE 1  Organization
     
    
    owned an equity interest in and consolidated 158,548 units in 619 properties (which we
refer to as consolidated), of which 157,638 units were also managed by us;
    
    owned an equity interest in and did not consolidate 35,269 units in 264 properties
(which we refer to as unconsolidated), of which 29,182 units were also managed by us;
and
    
    provided services or managed, for third-party owners, 46,667 units in 487 properties,
primarily pursuant to long-term agreements (including 41,421 units in
435 properties for which we provide asset management services only,
and not also property management services), although 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-8
    Table of Contents  NOTE 2  Basis of Presentation and Summary of Significant Accounting Policies
 Principles of Consolidation
  Consolidation of Variable Interest
Entities
   Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited
Partnership or Similar Entity When the Limited Partners Have Certain Rights
 F-9
    Table of Contents  Acquisition of Real Estate Assets and Related Depreciation and Amortization
 Business Combinations
 1.
    
    Determine the as-if vacant fair value of the physical property acquired (this value
assumes the property goes dark);
 2.
    
    Allocate the as-if vacant fair value among land, building, improvements (based on
real estate valuation techniques), and furniture, fixtures and equipment; and
 3.
    
    Compute the difference between the purchase price of the property and the as-if
vacant fair value and allocate such difference to leases in-place (based on the
nature of our business, customer relationship value is assumed to be zero), which will
represent the total intangible assets. The fair value of the leases in-place are comprised
of:
 a.
    
    The value of the above and/or below market leases in-place. Above-market and
below-market in-place lease values are computed based on the difference between (i)
the contractual amounts to be paid pursuant to the in-place leases and (ii)
managements 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.b.
    
    Avoided leasing commissions and other costs that were incurred to execute
leases.c.
    
    The value associated with lost rents during the absorption period (estimates
of lost rental revenue during the expected lease-up periods based on current market
demand).
  Impairment of Long Lived Assets
 Capital Expenditures and Related Depreciation
  F-10
    Table of Contents  Asset Retirement Obligations
 Accounting for Conditional Asset
Retirement Obligations
 Impairment of Long-Lived Assets
 Accounting for the Impairment or Disposal of Long-Lived Assets,
 F-11
    Table of Contents  Cash Equivalents
  Restricted Cash
  Accounts Receivable and Allowance for Doubtful Accounts
   Accounts Receivable and Allowance for Doubtful Accounts from Affiliates
  Deferred Costs
  Advertising Costs
  F-12
    Table of Contents  Notes Receivable from Unconsolidated Real Estate Partnerships and Related Interest Income and
Provision for Losses
     Investments in Unconsolidated Real Estate Partnerships
  Intangible Assets
 Goodwill and Other Intangible Assets
 Acquisition of Real Estate Assets and
Related Depreciation and Amortization.
 F-13
    Table of Contents  Capitalized Software Costs
  Minority Interest in Consolidated Real Estate Partnerships
   Revenue Recognition
  Stock-Based Compensation
 Accounting for Stock-Based Compensation, Accounting for Stock-Based
Compensation-Transition and Disclosure-an amendment of FASB Statement No. 123,
 F-14
    Table of Contents  Accounting for Stock Issued to Employees
  2005
    
    
    2004
    
    
    2003Weighted average fair value of options
granted during the year
    
    $
    3.57
    
    
    $
    2.24
    
    
    $
    2.26Assumptions:Risk free interest rate
    
    
    4.1
    %
    
    
    3.5
    %
    
    
    3.5
    %Expected dividend yield
    
    
    6.31
    %
    
    
    7.5
    %
    
    
    9.0
    %Volatility factor of the expected market
price of Aimco Class A Common Stock
    
    
    0.190
    
    
    
    0.191
    
    
    
    0.195Weighted average expected life of options
    
    5.0 years
    
    5.0 years
    
    5.0 years
   2005
    
    
    2004
    
    
    2003Net income (loss) attributable to common unitholders, as
reported
    
    $
    (18,202
    )
    
    $
    196,199
    
    
    $
    74,242Add: Stock-based employee compensation expense included
in reported net income:Restricted stock awards
    
    
    8,140
    
    
    
    4,903
    
    
    
    4,088Stock options
    
    
    1,835
    
    
    
    1,603
    
    
    
    892Deduct: Total stock-based employee compensation expense
determined under fair value based method for all awards:Restricted stock awards
    
    
    (8,140
    )
    
    
    (4,903
    )
    
    
    (4,088
    )Stock options
    
    
    (3,422
    )
    
    
    (4,289
    )
    
    
    (4,744
    )Pro forma net income (loss) attributable to common unitholders
    
    $
    (19,789
    )
    
    $
    193,513
    
    
    $
    70,390Basic earnings (loss) per common unit:Reported
    
    $
    (0.17
    )
    
    $
    1.88
    
    
    $
    0.71Pro forma
    
    $
    (0.19
    )
    
    $
    1.86
    
    
    $
    0.67Diluted earnings (loss) per common unit:Reported
    
    $
    (0.17
    )
    
    $
    1.88
    
    
    $
    0.71Pro forma
    
    $
    (0.19
    )
    
    $
    1.86
    
    
    $
    0.67
  F-15
    Table of Contents  Discontinued Operations
  Derivative Financial Instruments
  Insurance
  Income Taxes
    F-16
    Table of Contents  Earnings per Unit
  Fair Value of Financial Instruments
  Concentration of Credit Risk
  Use of Estimates
  Reclassifications
  NOTE 3  Acquisitions
 Real Estate Acquisitions
   F-17
    Table of Contents  Acquisitions of Partnership Interests
  NOTE 4  Investments in Unconsolidated Real Estate Partnerships
   2005
    
    
    2004
    
    
    2003Real estate, net of accumulated depreciation
    
    $
    763,219
    
    
    $
    1,004,501
    
    
    $
    1,441,739Total assets
    
    
    954,970
    
    
    
    1,255,434
    
    
    
    1,809,990Secured and other notes payable
    
    
    932,454
    
    
    
    1,146,141
    
    
    
    1,704,963Total liabilities
    
    
    1,248,450
    
    
    
    1,545,250
    
    
    
    2,256,370Partners deficit
    
    
    (293,480
    )
    
    
    (289,816
    )
    
    
    (446,380
    )Rental and other property revenues
    
    
    311,429
    
    
    
    320,687
    
    
    
    538,759Property operating expenses
    
    
    (177,970
    )
    
    
    (201,248
    )
    
    
    (328,759
    )Depreciation expense
    
    
    (63,056
    )
    
    
    (72,577
    )
    
    
    (110,978
    )Interest expense
    
    
    (84,252
    )
    
    
    (99,120
    )
    
    
    (157,513
    )Gain on sale
    
    
    106,465
    
    
    
    100,669
    
    
    
    85,718Net income
    
    
    82,123
    
    
    
    50,778
    
    
    
    40,782
 .
 F-18
    Table of Contents  NOTE 5  Notes Receivable
  2005
    
    
    2004Unconsolidated Real
    
    
    
    
    
    
    
    
    
    
    Unconsolidated RealEstate Partnerships
    
    
    Non-Affiliates
    
    
    Total
    
    
    Estate Partnerships
    
    
    Non-Affiliates
    
    
    TotalPar value notes
    
    $
    89,658
    
    
    $
    22,681
    
    
    $
    112,339
    
    
    $
    81,217
    
    
    $
    31,217
    
    
    $
    112,434Discounted notes
    
    
    92,451
    
    
    
    1,079
    
    
    
    93,530
    
    
    
    91,221
    
    
    
    499
    
    
    
    91,720Allowance for loan
losses
    
    
    (4,891
    )
    
    
    
    
    
    
    (4,891
    )
    
    
    (7,149
    )
    
    
    
    
    
    
    (7,149
    )Total notes receivable
    
    $
    177,218
    
    
    $
    23,760
    
    
    $
    200,978
    
    
    $
    165,289
    
    
    $
    31,716
    
    
    $
    197,005Face value of
discounted notes
    
    $
    130,342
    
    
    $
    
    
    
    $
    130,342
    
    
    $
    132,654
    
    
    $
    1,249
    
    
    $
    133,903
     F-19
    Table of Contents  2005
    
    
    2004Balance at beginning of year
    
    $
    (7,149
    )
    
    $
    (10,122
    )Additional provisions for losses on notes receivable
    
    
    (577
    )
    
    
    (2,061
    )Recoveries of losses on notes receivable
    
    
    1,942
    
    
    
    3,826Net
reductions due to consolidation of real estate partnerships and
property dispositions
    
    
    893
    
    
    
    1,208Balance at end of year
    
    $
    (4,891
    )
    
    $
    (7,149
    )
   NOTE 6  Secured Tax-Exempt Bond Financings and Secured Notes Payable
  Weighted AverageInterest Rate
    
    
    Principal Outstanding2005
    
    
    2005
    
    
    2004Fixed rate secured tax-exempt bonds payable
    
    
    5.67
    %
    
    $
    350,519
    
    
    $
    369,410Variable rate secured tax-exempt bonds payable
    
    
    3.56
    
    
    
    726,050
    
    
    
    731,815Total
    
    
    
    
    
    $
    1,076,569
    
    
    $
    1,101,225
   Weighted AverageInterest Rate
    
    
    Principal Outstanding2005
    
    
    2005
    
    
    2004Conventional fixed rate secured notes payable
    
    
    6.62
    %
    
    $
    3,923,178
    
    
    $
    3,730,973Conventional variable rate secured notes payable
    
    
    5.10
    
    
    
    564,708
    
    
    
    335,544Secured notes credit facility
    
    
    5.08
    
    
    
    102,788
    
    
    
    67,370Total
    
    
    
    
    
    $
    4,590,674
    
    
    $
    4,133,887
   F-20
    Table of Contents  Amortization
    
    
    Maturities
    
    
    Total2006
    
    $
    131,907
    
    
    $
    409,538
    
    
    $
    541,4452007
    
    
    137,659
    
    
    
    275,002
    
    
    
    412,6612008
    
    
    142,996
    
    
    
    377,668
    
    
    
    520,6642009
    
    
    148,938
    
    
    
    113,265
    
    
    
    262,2032010
    
    
    153,173
    
    
    
    183,729
    
    
    
    336,902Thereafter
    
    
    
    
    
    
    
    
    
    
    3,593,368$
    5,667,243
 NOTE 7  Mandatorily Redeemable Preferred Securities
  NOTE 8  Term Loans and Credit Facility
    F-21
    Table of Contents  NOTE 9  Commitments and Contingencies
 Commitments
  
    
    invest up to $50 million for a 20% limited liability company interest in Casden
Properties LLC. As of December 31, 2005, we had invested $44.8 million. Casden
Properties LLC intends to pursue new development opportunities in Southern California and
other markets. We have an option, but not an obligation, to purchase at completion all
multifamily rental projects developed by Casden Properties LLC; and
    
    pay $2.5 million per quarter for five years (for an aggregate amount of $50 million) to
Casden Properties LLC as a retainer on account for redevelopment services on our assets.
As of December 31, 2005, $37.5 million has been paid.
  Tax Credit Syndication
  F-22
    Table of Contents  Legal Matters
         F-23
    Table of Contents  F-24
    Table of Contents  Operating Leases
  OperatingLease
    
    
    SubleaseObligations
    
    
    Receivables2006
    
    $
    7,784
    
    
    $
    1,4852007
    
    
    7,622
    
    
    
    1,5082008
    
    
    7,041
    
    
    
    1,0862009
    
    
    5,508
    
    
    
    5972010
    
    
    4,417
    
    
    
    597Thereafter
    
    
    11,371
    
    
    
    Total
    
    $
    43,743
    
    
    $
    5,273
  F-25
    Table of Contents  NOTE 10  Income Taxes
  December 31,
    
    
    December 31,2005
    
    
    2004Deferred tax liabilities:Partnership differences
    
    $
    53,347
    
    
    $
    50,109Depreciation
    
    
    6,330
    
    
    
    3,745Interest income
    
    
    
    
    
    
    809Deferred gains
    
    
    
    
    
    
    13,070Other
    
    
    178
    
    
    
    130Total deferred tax liabilities
    
    $
    59,855
    
    
    $
    67,863Deferred tax assets:Net operating, capital and other loss
carryforwards
    
    $
    34,046
    
    
    $
    10,432Receivables
    
    
    5,856
    
    
    
    7,350Accrued liabilities
    
    
    6,942
    
    
    
    11,184Accrued interest expense
    
    
    6,519
    
    
    
    5,215Intangibles  management contracts
    
    
    9,880
    
    
    
    10,922Tax credit carryforwards
    
    
    7,878
    
    
    
    5,703Other
    
    
    442
    
    
    
    Total deferred tax assets
    
    
    71,563
    
    
    
    50,806Valuation allowance for deferred tax assets
    
    
    (1,873
    )
    
    
    (3,082
    )Deferred tax assets, net of valuation allowance
    
    
    69,690
    
    
    
    47,724Net deferred income tax assets (liabilities)
    
    $
    9,835
    
    
    $
    (20,139
    )
   Year Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2005
    
    
    2004
    
    
    2003Current:Federal
    
    $
    3,412
    
    
    $
    7,345
    
    
    $
    4,556State
    
    
    1,590
    
    
    
    748
    
    
    
    840Total current
    
    
    5,002
    
    
    
    8,093
    
    
    
    5,396Deferred:Federal
    
    
    (17,303
    )
    
    
    634
    
    
    
    (10,065
    )State
    
    
    (1,843
    )
    
    
    72
    
    
    
    (1,150
    )Total deferred
    
    
    (19,146
    )
    
    
    706
    
    
    
    (11,215
    )Total provision (benefit)
    
    $
    (14,144
    )
    
    $
    8,799
    
    
    $
    (5,819
    )Classification:Continuing operations
    
    $
    (18,625
    )
    
    $
    (7,216
    )
    
    $
    (17,953
    )Discontinued operations
    
    $
    4,481
    
    
    $
    16,015
    
    
    $
    12,134
 F-26
    Table of Contents  Year Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31, 2005
    
    
    December 31, 2004
    
    
    December 31, 2003Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentTax at U.S. statutory rates on
consolidated income (loss)
subject to tax
    
    $
    (12,922
    )
    
    
    35.0
    %
    
    $
    7,174
    
    
    
    35.0
    %
    
    $
    (1,396
    )
    
    
    35.0
    %State income tax, net of Federal
tax benefit
    
    
    (253
    )
    
    
    0.7
    %
    
    
    818
    
    
    
    4.0
    %
    
    
    (306
    )
    
    
    7.6
    %Effect of permanent differences
    
    
    (69
    )
    
    
    0.2
    %
    
    
    314
    
    
    
    1.5
    %
    
    
    2,202
    
    
    
    (55.2
    %)Increase (decrease) valuation
allowance
    
    
    (900
    )
    
    
    2.4
    %
    
    
    493
    
    
    
    2.4
    %
    
    
    (6,319
    )
    
    
    158.4
    %$
    (14,144
    )
    
    
    38.3
    %
    
    $
    8,799
    
    
    
    42.9
    %
    
    $
    (5,819
    )
    
    
    145.8
    %
    Note 11  Related Party Notes Receivable
   F-27
    Table of Contents  NOTE 12  Partners capital
 Preferred OP Units
   AnnualDividend
    
    
    BalanceRedemption
    
    
    Conversion
    
    
    Rate Per Unit
    
    
    2005
    
    
    2004Perpetual:
    
    Date (1)
    
    
    Price
    
    
    (paid quarterly)
    
    
    (in thousands)
    
    
    (in thousands)Class D Partnership Preferred Units, zero and
1,250,002 units issued and outstanding (2)
    
    
    02/19/2003
    
    
    
    
    
    
    
    8.75
    %
    
    $
    
    
    
    $
    31,250Class G Partnership Preferred Units, 4,050,000
units issued and outstanding
    
    
    07/15/2008
    
    
    
    
    
    
    
    9.375
    %
    
    
    101,250
    
    
    
    101,250Class Q Partnership Preferred Units, 2,530,000
units issued and outstanding
    
    
    03/19/2006
    
    
    
    
    
    
    
    10.10
    %
    
    
    63,250
    
    
    
    63,250Class R Partnership Preferred Units, 6,940,000
units issued and outstanding
    
    
    07/20/2006
    
    
    
    
    
    
    
    10.00
    %
    
    
    173,500
    
    
    
    173,500Class T Partnership Preferred Units, 6,000,000
units issued and outstanding
    
    
    07/31/2008
    
    
    
    
    
    
    
    8.00
    %
    
    
    150,000
    
    
    
    150,000Class U Partnership Preferred Units, 8,000,000
units issued and outstanding
    
    
    03/24/2009
    
    
    
    
    
    
    
    7.75
    %
    
    
    200,000
    
    
    
    200,000Class V Partnership Preferred Units, 3,450,000
units issued and outstanding
    
    
    09/29/2009
    
    
    
    
    
    
    
    8.00
    %
    
    
    86,250
    
    
    
    86,250Class Y Partnership Preferred Units, 3,450,000
units issued and outstanding
    
    
    12/21/2009
    
    
    
    
    
    
    
    7.875
    %
    
    
    86,250
    
    
    
    86,250860,500
    
    
    
    891,750Convertible (3):Class W Partnership Preferred Units, 1,904,762
    
    
    09/30/2007
    
    
    $
    52.50
    
    
    
    8.10
    %
    
    
    100,000
    
    
    
    100,000units issued and outstandingClass X Partnership Preferred Units, 2,000,000
units issued and outstanding
    
    
    03/31/2006
    
    
    $
    52.50
    
    
    
    8.50
    %
    
    
    50,000
    
    
    
    50,000Class Thirteen Partnership Preferred Units,
3,416,478 and none issued and outstanding (4)
    
    
    12/31/2015
    
    
    $
    25.00
    
    
    
    5.25
    %
    
    
    85,412
    
    
    
    235,412
    
    
    
    150,000Total
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    1,095,912
    
    
    $
    1,041,750
 
 (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.(2)
    
    On January 21, 2005, Aimco redeemed for cash the remaining 1.25 million shares outstanding
of the Class D Cumulative Preferred Stock for a total redemption price of $25.0425 per share,
which included a redemption price of $25.0 per share, and $0.0425 per share of accumulated
and unpaid dividends through January 21, 2005. Concurrently with this redemption, we
redeemed for cash the remaining Class D Partnership Preferred Units. This redemption
resulted in $1.1 million of related preferred OP Unit issuance costs being deducted from net
income to arrive at net loss attributable to common unitholders and thereby increased by
$0.01 our loss per basic and diluted common unit for the year ended December 31, 2005.(3)
    
    The Partnerships agreement of limited partnership sets forth the relative rights and preferences of each class of
securities and as shown above, the distribution rate on each class of convertible securities
is the rate specified in the Partnership agreement for each class. Such rate can be
increased to the rate of the distributions paid on the number of common
OP Units into which one unit of such preferred security is convertible. The initial conversion
price of each class was in excess of the fair market value of a
common OP Unit F-28
    Table of Contents  on the respective dates on which the purchasers of each class agreed to purchase such
securities.(4)
    
    On February 28, 2005, in connection with the acquisition of Palazzo East at Park La Brea,
Aimco contributed the assets and liabilities of Palazzo East at Park La Brea to us in
exchange for 3,416,478 Class Thirteen Preferred Units, or the Class Thirteen Preferred Units.
The Class Thirteen Preferred Units pay distributions of $1.3125 per unit on December 31 of
each year,with the first distribution prorated from the date of issuance.  2005
    
    
    2004Class One Partnership Preferred Units, 90,000 units issued and outstanding, redeemable
for Aimco Class A Common Stock in one year from issuance, holder to receive distributions at
8% ($8.00 per annum per unit)
    
    $
    9,000
    
    
    $
    9,000Class Two Partnership Preferred Units, 58,126 and 59,056 units issued and outstanding,
redeemable
for Aimco Class A Common Stock in one year from issuance, holders to receive distributions at
5.9% for 2005 and 8% for 2004 ($1.48 per annum per unit for 2005 and $2.00 per annum per unit
for 2004)
    
    
    1,453
    
    
    
    1,476Class Three Partnership Preferred Units, 1,484,603 and 1,496,965 units issued and outstanding,
redeemable for Aimco Class A Common Stock in one year from issuance, holders to receive
distributions at 7.88% for 2005 and 9.5% for 2004 ($1.97 per annum per unit for 2004 and
$2.375
per annum per unit for 2004)
    
    
    37,115
    
    
    
    37,424Class Four Partnership Preferred Units, 755,999 and 757,149 units issued and outstanding,
redeemable for Aimco Class A Common Stock in one year from issuance, holders to receive
distributions at 8% ($2.00 per annum per unit)
    
    
    18,900
    
    
    
    18,929Class 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 ($2.40 per annum per unit)
    
    
    2,747
    
    
    
    2,747Class Six Partnership Preferred Units, 802,453 units issued and outstanding, redeemable
for Aimco Class A Common Stock in one year from issuance, holder to receive
distributions at 8.5% ($2.125 per annum per unit)
    
    
    20,061
    
    
    
    20,061Class Seven Partnership Preferred Units, 29,752 units issued and outstanding,
redeemable for Aimco Class A Common Stock in one year from issuance, holder to receive
distributions at 9.5% ($2.375 per annum per unit)
    
    
    744
    
    
    
    744Class 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 ($2.40 per annum per unit)
    
    
    156
    
    
    
    156$
    90,176
    
    
    $
    90,537
   F-29
    Table of Contents  2005
    
    
    2004
    
    
    2003Amount
    
    
    Total
    
    
    Amount
    
    
    Total
    
    
    Amount
    
    
    TotalPer
    
    
    Amount
    
    
    Per
    
    
    Amount
    
    
    Per
    
    
    AmountClass of Preferred Units
    
    Unit (1)
    
    
    Paid
    
    
    Unit (1)
    
    
    Paid
    
    
    Unit (1)
    
    
    PaidClass C
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1.60
    (10)
    
    $
    3,840Class D
    
    
    0.59
    (2)
    
    
    736
    
    
    
    4.87
    (6)
    
    
    6,090
    
    
    
    3.21
    (11)
    
    
    8,677Class G
    
    
    2.34
    
    
    
    9,492
    
    
    
    2.34
    
    
    
    9,492
    
    
    
    2.34
    
    
    
    9,492Class H
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.01
    (10)
    
    
    4,011Class L
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.81
    (10)
    
    
    4,532Class M
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.42
    (12)
    
    
    2,903Class N
    
    
    
    
    
    
    
    
    
    
    2.59
    (7)
    
    
    10,361
    
    
    
    2.25
    
    
    
    9,000Class O
    
    
    
    
    
    
    
    
    
    
    4.73
    (7)
    
    
    9,000
    
    
    
    4.73
    
    
    
    9,000Class P
    
    
    
    
    
    
    
    
    
    
    1.16
    (7)
    
    
    4,648
    
    
    
    2.25
    
    
    
    8,996Class Q
    
    
    2.53
    
    
    
    6,388
    
    
    
    2.53
    
    
    
    6,388
    
    
    
    2.53
    
    
    
    6,389Class R
    
    
    2.50
    
    
    
    17,350
    
    
    
    2.50
    
    
    
    17,350
    
    
    
    2.50
    
    
    
    17,350Class S
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.23
    (13)
    
    
    908Class T
    
    
    2.00
    
    
    
    12,000
    
    
    
    2.00
    
    
    
    12,000
    
    
    
    0.42
    (14)
    
    
    2,501Class U
    
    
    1.94
    
    
    
    15,500
    
    
    
    1.08
    (8)
    
    
    8,655
    
    
    
    
    
    
    
    Class V
    
    
    2.09
    (3)
    
    
    7,207
    
    
    
    
    (3)
    
    
    
    
    
    
    
    
    
    
    Class W
    
    
    4.25
    (3)
    
    
    8,100
    
    
    
    
    (3)
    
    
    
    
    
    
    
    
    
    
    Class X
    
    
    2.13
    (3)
    
    
    4,262
    
    
    
    
    (3)
    
    
    
    
    
    
    
    
    
    
    Class Y
    
    
    1.61
    (3)
    
    
    5,547
    
    
    
    
    (3)
    
    
    
    
    
    
    
    
    
    
    Class One
    
    
    8.00
    
    
    
    720
    
    
    
    8.00
    
    
    
    720
    
    
    
    8.00
    
    
    
    720Class Two
    
    
    1.88
    (4)
    
    
    109
    
    
    
    2.00
    
    
    
    118
    
    
    
    1.94
    
    
    
    115Class Three
    
    
    2.07
    (4)
    
    
    3,078
    
    
    
    2.38
    
    
    
    3,555
    
    
    
    2.41
    
    
    
    3,626Class Four
    
    
    2.00
    
    
    
    1,514
    
    
    
    2.00
    
    
    
    1,514
    
    
    
    2.00
    
    
    
    1,514Class Five
    
    
    2.40
    
    
    
    165
    
    
    
    2.40
    
    
    
    165
    
    
    
    3.06
    
    
    
    207Class Six
    
    
    2.13
    
    
    
    1,705
    
    
    
    2.13
    
    
    
    1,714
    
    
    
    2.13
    
    
    
    1,718Class Seven
    
    
    2.38
    
    
    
    71
    
    
    
    2.38
    
    
    
    70
    
    
    
    2.38
    
    
    
    71Class Eight
    
    
    2.40
    
    
    
    15
    
    
    
    2.40
    
    
    
    15
    
    
    
    3.06
    
    
    
    19Class Nine
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.70
    (15)
    
    
    1,835Class Ten
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Class Eleven
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.67
    (16)
    
    
    749Class Twelve
    
    
    
    
    
    
    
    
    
    
    0.09
    (9)
    
    
    260
    
    
    
    
    
    
    
    Class Thirteen
    
    
    1.10
    (5)
    
    
    3,772
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    
    
    
    $
    97,731
    
    
    
    
    
    
    $
    92,115
    
    
    
    
    
    
    $
    98,173
 (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, 2005 to the date of redemption.(3)
    
    For the period from the date of issuance to December 31,
2005. No distributions were paid
during 2004 as preferred units were issued during the third and fourth quarters of 2004.(4)
    
    During 2005, the distribution rate was reset on the Class Two Partnership Preferred Units
from 8.0% to 5.9% per annum and the distribution rate was reset on the Class Three Partnership
Preferred Units from 8.0% to 7.88% per annum based on terms within the respective agreements.(5)
    
    For the period from the date of issuance to December 31, 2005.(6)
    
    Total amount paid includes distributions paid on 2.7 million Class D Partnership Preferred
Units until November 5, 2004, when 1.5 million Class D Preferred Units were redeemed for cash.(7)
    
    For the period from January 1, 2004 to the date of
redemption. For Class N Partnership
Preferred Units, includes a 2%, or $0.50 redemption premium per unit,
on 2,000,000 units.(8)
    
    For the period from the date of issuance to December 31, 2004.(9)
    
    Total amount paid includes distributions paid on all 2.8 million Class Twelve Partnership
Preferred Units from January 30, 2004 to the date of conversion to Class U Partnership
Preferred Units.(10)
    
    For the period from January 1, 2003 to the date of redemption.(11)
    
    Total amount paid includes distributions paid on all
4.2 million shares of Class D Partnership
Preferred Units until August 18, 2003, when 1.5 million
Class D Partnership Preferred Units were redeemed for cash.
 F-30
    Table of Contents  (12)
    
    For the period from January 1, 2003 to the date of redemption. Additionally, the amount per
unit includes a scheduled increase in the distribution from $2.13 per
unit to $2.31 per unit
starting after January 13, 2003 and a 2%, or $0.50 redemption
premium per unit.(13)
    
    For the period from the date of issuance to July 1, 2003 when Statement of Financial
Accounting Standards No. 150, Accounting for Certain Financial Instruments with
Characteristics of both Liabilities and Equityrequired the
Class S Partnership
Preferred Units to be reclassified from partners capital to liabilities.(14)
    
    For the period from the date of issuance to December 31, 2003.(15)
    
    Total amount paid includes distributions paid on all 1.1 million Class Nine Partnership
Preferred Units from January 1, 2003 to the date of conversion and repurchase.(16)
    
    Total amount paid includes distributions paid on all 1.1 million Class Eleven Partnership
Preferred Units from January 1, 2003 to the date of conversion to Class S Partnership
Preferred Units.
 Common OP Units
      F-31
    Table of Contents  High Performance Partnership Units
    Investment in Aimco
  Registration Statements
  NOTE 13  Employee Benefit and Stock Plans
  F-32
    Table of Contents  401K Plan
  Stock Award and Incentive Plan and Stock Warrants
     2005
    
    
    2004
    
    
    2003Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedOptions
    
    
    Average
    
    
    Options
    
    
    Average
    
    
    Options
    
    
    Averageand
    
    
    Exercise
    
    
    and
    
    
    Exercise
    
    
    and
    
    
    ExerciseWarrants
    
    
    Price
    
    
    Warrants
    
    
    Price
    
    
    Warrants
    
    
    PriceOutstanding at
beginning of year
    
    
    11,338
    
    
    $
    38.87
    
    
    
    10,607
    
    
    $
    39.59
    
    
    
    9,269
    
    
    $
    40.13Granted
    
    
    383
    
    
    
    38.14
    
    
    
    1,219
    
    
    
    32.19
    
    
    
    1,757
    
    
    
    36.37Exercised
    
    
    (65
    )
    
    
    38.22
    
    
    
    (69
    )
    
    
    29.11
    
    
    
    (72
    )
    
    
    37.46Forfeited
    
    
    (102
    )
    
    
    39.98
    
    
    
    (419
    )
    
    
    37.81
    
    
    
    (347
    )
    
    
    37.67Warrants purchased
    
    
    (500
    )
    
    
    41.00
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Outstanding at end of year
    
    
    11,054
    
    
    $
    38.78
    
    
    
    11,338
    
    
    $
    38.87
    
    
    
    10,607
    
    
    $
    39.59Exercisable at end of year
    
    
    8,177
    
    
    $
    39.30
    
    
    
    7,132
    
    
    $
    39.47
    
    
    
    5,844
    
    
    $
    38.46Weighted average fair value of
options granted during the
year
    
    
    
    
    
    $
    3.57
    
    
    
    
    
    
    $
    2.24
    
    
    
    
    
    
    $
    2.26
 F-33
    Table of Contents  Range of Exercise Price$20.75 to $36.35
    
    $36.48 to $39.94
    
    $40.00 to $49.05
    
    TotalOutstanding:Number of options
    
    
    2,840
    
    
    
    5,158
    
    
    
    3,056
    
    
    
    11,054Weighted average exercise price
    
    $
    34.51
    
    
    $
    37.55
    
    
    $
    44.83
    
    
    $
    38.78Weighted average remaining term
    
    7.46 years
    
    
    2.98 years
    
    
    5.79 years
    
    
    4.91 yearsExercisable:Number of options
    
    
    1,148
    
    
    
    4,752
    
    
    
    2,277
    
    
    
    8,177Weighted average exercise price
    
    $
    35.14
    
    
    $
    37.51
    
    
    $
    45.12
    
    
    $
    39.30
 NOTE 14  Discontinued Operations and Assets Held for Sale
    2005
    
    
    2004
    
    
    2003Rental and other property revenues
    
    $
    99,332
    
    
    $
    199,722
    
    
    $
    303,595Property operating expense
    
    
    (56,263
    )
    
    
    (98,637
    )
    
    
    (140,423
    )Depreciation and amortization
    
    
    (22,789
    )
    
    
    (42,194
    )
    
    
    (65,135
    )Other (expenses) income, net
    
    
    (1,703
    )
    
    
    (1,788
    )
    
    
    (1,367
    )Operating income
    
    
    18,577
    
    
    
    57,103
    
    
    
    96,670Interest income
    
    
    292
    
    
    
    315
    
    
    
    449Interest expense
    
    
    (22,371
    )
    
    
    (48,119
    )
    
    
    (73,041
    )Minority interest in consolidated real estate partnerships
    
    
    1,499
    
    
    
    (102
    )
    
    
    (2,638
    )Income (loss) before gain on dispositions of real estate,
impairment losses, deficit distributions to minority
partners, and income tax
    
    
    (2,003
    )
    
    
    9,197
    
    
    
    21,440Gain on dispositions of real estate, net of minority
partners interest
    
    
    105,417
    
    
    
    249,376
    
    
    
    101,849Impairment losses on real estate assets sold or
held for sale
    
    
    (3,836
    )
    
    
    (7,289
    )
    
    
    (8,991
    )Recovery of deficit distributions to minority partners
    
    
    14,941
    
    
    
    3,722
    
    
    
    8,273Income tax arising from disposals
    
    
    (4,481
    )
    
    
    (16,015
    )
    
    
    (12,134
    )Income from discontinued operations
    
    $
    110,038
    
    
    $
    238,991
    
    
    $
    110,437
  F-34
    Table of Contents  NOTE 15  Earnings per Unit
  2005
    
    
    2004
    
    
    2003Numerator:Income (loss) from continuing operations
    
    $
    (29,294
    )
    
    $
    58,087
    
    
    $
    67,431Less net income attributable to preferred unitholders
    
    
    (98,946
    )
    
    
    (96,922
    )
    
    
    (103,626
    )Numerator for basic and diluted earnings per unit
  Loss from continuing operations
    
    $
    (128,240
    )
    
    $
    (38,835
    )
    
    $
    (36,195
    )Income from discontinued operations
    
    $
    110,038
    
    
    $
    238,991
    
    
    $
    110,437Cumulative effect of change in accounting principle
    
    $
    
    
    
    $
    (3,957
    )
    
    $
    Net income
    
    $
    80,744
    
    
    $
    293,121
    
    
    $
    177,868Less net income attributable to preferred unitholders
    
    
    (98,946
    )
    
    
    (96,922
    )
    
    
    (103,626
    )Numerator for basic and diluted earnings per unit
 Net income (loss) attributable to common
unitholders
    
    $
    (18,202
    )
    
    $
    196,199
    
    
    $
    74,242Denominator:Denominator for basic earnings per unit  weighted
average number of common units outstanding
    
    
    104,511
    
    
    
    104,251
    
    
    
    104,743Effect of dilutive securities:Dilutive potential common units
    
    
    
    
    
    
    
    
    
    
    Denominator for diluted earnings per unit
    
    
    104,511
    
    
    
    104,251
    
    
    
    104,743Earnings (loss) per common unit:Basic earnings (loss) per common unit:Loss from continuing operations (net of
income attributable to preferred unitholders)
    
    $
    (1.23
    )
    
    $
    (0.37
    )
    
    $
    (0.35
    )Income from discontinued operations
    
    
    1.06
    
    
    
    2.29
    
    
    
    1.06Cumulative effect of change in accounting principle
    
    
    
    
    
    
    (0.04
    )
    
    
    Net income (loss) attributable to common unitholders
    
    $
    (0.17
    )
    
    $
    1.88
    
    
    $
    0.71Diluted earnings (loss) per common unit:Loss from continuing operations (net of
income attributable to preferred unitholders)
    
    $
    (1.23
    )
    
    $
    (0.37
    )
    
    $
    (0.35
    )Income from discontinued operations
    
    
    1.06
    
    
    
    2.29
    
    
    
    1.06Cumulative effect of change in accounting principle
    
    
    
    
    
    
    (0.04
    )
    
    
    Net income (loss) attributable to common
unitholders
    
    $
    (0.17
    )
    
    $
    1.88
    
    
    $
    0.71
  F-35
    Table of Contents  Earnings per Share,
 NOTE 16  Unaudited Summarized Consolidated Quarterly Information
  Quarter (1)Year Ended December 31, 2005
    
    First
    
    
    Second
    
    
    Third
    
    
    FourthTotal revenues
    
    $
    361,606
    
    
    $
    372,299
    
    
    $
    386,758
    
    
    $
    400,860Total operating expenses
    
    
    (288,783
    )
    
    
    (293,201
    )
    
    
    (315,927
    )
    
    
    (324,171
    )Operating income
    
    
    72,823
    
    
    
    79,098
    
    
    
    70,831
    
    
    
    76,689Loss from continuing operations
    
    
    (2,780
    )
    
    
    (738
    )
    
    
    (8,082
    )
    
    
    (17,694
    )Income from discontinued operations
    
    
    4,767
    
    
    
    32,103
    
    
    
    38,118
    
    
    
    35,050Net income
    
    
    1,987
    
    
    
    31,365
    
    
    
    30,036
    
    
    
    17,356Earnings (loss) per common unit  basic:Loss from continuing operations (net of income
attributable
to preferred unitholders)
    
    $
    (0.27
    )
    
    $
    (0.24
    )
    
    $
    (0.31
    )
    
    $
    (0.41
    )Net income (loss) attributable to common unitholders
    
    $
    (0.22
    )
    
    $
    0.06
    
    
    $
    0.05
    
    
    $
    (0.06
    )Earnings (loss) per common unit  diluted:Loss from continuing operations (net of income
attributable
to preferred unitholders)
    
    $
    (0.27
    )
    
    $
    (0.24
    )
    
    $
    (0.31
    )
    
    $
    (0.41
    )Net income (loss) attributable to common unitholders
    
    $
    (0.22
    )
    
    $
    0.06
    
    
    $
    0.05
    
    
    $
    (0.06
    )Weighted average common units outstanding
    
    
    104,273
    
    
    
    104,550
    
    
    
    104,585
    
    
    
    104,634Weighted average common units and common unit
equivalents outstanding
    
    
    104,273
    
    
    
    104,550
    
    
    
    104,585
    
    
    
    104,634
 Quarter (1)Year Ended December 31, 2004
    
    First
    
    
    Second
    
    
    Third
    
    
    FourthTotal revenues
    
    $
    329,266
    
    
    $
    337,731
    
    
    $
    349,111
    
    
    $
    359,969Total operating expenses
    
    
    (248,242
    )
    
    
    (259,081
    )
    
    
    (271,740
    )
    
    
    (294,947
    )Operating income
    
    
    81,024
    
    
    
    78,650
    
    
    
    77,371
    
    
    
    65,022Income from continuing operations
    
    
    2,839
    
    
    
    798
    
    
    
    28,217
    
    
    
    26,233Income from discontinued operations
    
    
    16,771
    
    
    
    14,418
    
    
    
    154,080
    
    
    
    53,722Income before cumulative effect of change in accounting
principle
    
    
    19,610
    
    
    
    15,216
    
    
    
    182,298
    
    
    
    79,954Cumulative effect of change in accounting principle
    
    
    (3,957
    )
    
    
    
    
    
    
    
    
    
    
    Net income
    
    
    15,653
    
    
    
    15,216
    
    
    
    182,298
    
    
    
    79,954Earnings (loss) per common unit  basic:Income (loss) from continuing operating (net of income
attributable to preferred unitholders)
    
    $
    (0.18
    )
    
    $
    (0.22
    )
    
    $
    0.02
    
    
    $
    0.01Net income (loss) attributable to common unitholders
    
    $
    (0.06
    )
    
    $
    (0.08
    )
    
    $
    1.49
    
    
    $
    0.53Earnings (loss) per common unit  diluted:Income (loss) from continuing operations (net of income
attributable to preferred unitholders)
    
    $
    (0.18
    )
    
    $
    (0.22
    )
    
    $
    0.02
    
    
    $
    0.01Net income (loss) attributable to common unitholders
    
    $
    (0.06
    )
    
    $
    (0.08
    )
    
    $
    1.49
    
    
    $
    0.53Weighted average common units outstanding
    
    
    104,347
    
    
    
    104,156
    
    
    
    104,296
    
    
    
    104,206Weighted average common units and common unit
equivalents outstanding
    
    
    104,347
    
    
    
    104,156
    
    
    
    104,443
    
    
    
    104,537
 (1)
    
    Certain reclassifications have been made to 2005 and 2004 quarterly amounts to conform to the
full year 2005 presentation, primarily related to treatment of discontinued operations.
 F-36
    Table of Contents  NOTE 17  Business Segments
  Disclosures about Segments of an
Enterprise and Related Information
  For the Years Ended December 31,2005
    
    
    2004
    
    
    2003Revenues:Real estate segment
    
    $
    1,459,646
    
    
    $
    1,308,815
    
    
    $
    1,249,716Investment management segment:Gross revenues
    
    
    141,649
    
    
    
    144,304
    
    
    
    141,942Elimination of intersegment revenues
    
    
    (79,772
    )
    
    
    (77,042
    )
    
    
    (83,752
    )Net revenues after elimination
    
    
    61,877
    
    
    
    67,262
    
    
    
    58,190Total revenues of reportable segments
    
    $
    1,521,523
    
    
    $
    1,376,077
    
    
    $
    1,307,906Net operating income:Real estate segment
    
    $
    754,141
    
    
    $
    676,303
    
    
    $
    696,234Investment management segment
    
    
    43,979
    
    
    
    45,671
    
    
    
    41,404Total net operating income of reportable segments
    
    
    798,120
    
    
    
    721,974
    
    
    
    737,638Reconciliation of net operating income of
reportable
segments to operating income:Depreciation and amortization
    
    
    (412,075
    )
    
    
    (340,536
    )
    
    
    (308,080
    )General and administrative expenses
    
    
    (92,918
    )
    
    
    (77,501
    )
    
    
    (48,357
    )Other (expenses) income, net
    
    
    6,314
    
    
    
    (1,870
    )
    
    
    6,952Operating income
    
    $
    299,441
    
    
    $
    302,067
    
    
    $
    388,153
 F-37
    Table of Contents  ASSETS (in thousands):
 December 31,
    
    
    December 31,2005
    
    
    2004Total assets for reportable segments (1)
    
    $
    9,643,620
    
    
    $
    9,706,305Corporate and other assets
    
    
    385,730
    
    
    
    377,849Total consolidated assets
    
    $
    10,029,350
    
    
    $
    10,084,154
 (1)
    
    Total assets for reportable segments include assets associated with both the real
estate and investment management business segments, as well as our
investment in unconsolidated real estate partnerships.
  NOTE 18  Transactions with Affiliates
   NOTE 19  Recent Accounting Developments
 Share-Based Payment
 F-38
    Table of Contents  Accounting
Changes and Error Corrections,
 Principles of Consolidation
 NOTE 20  Subsequent Events
 Redemption of Class Q Partnership Preferred Units
  Sale of a Portion of the Flamingo South Beach Property
  F-39
    Table of Contents   
 Schedule III
 AIMCO PROPERTIES, L.P.
 REAL ESTATE AND ACCUMULATED DEPRECIATION
 December 31, 2005
 (In Thousands Except Unit Data)
 December 31, 2005(2)Initial Cost
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    Cost Capitalized
    
    
    
    Accumulated
    
    Total CostProperty
    
    Date
    
    
    
    Year
    
    Number
    
    
    
    Buildings and
    
    Subsequent to
    
    
    
    Buildings and
    
    
    
    Depreciation
    
    Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    of Units
    
    Land
    
    Improvements
    
    Acquisition
    
    Land
    
    Improvements
    
    Total
    
    (AD)
    
    AD
    
    Encumbrances100 Forest Place
    
    High Rise
    
    Dec-97
    
    
    OakPark, IL
    
    
    
    1987
    
    
    
    237
    
    
    $
    2,664
    
    
    $
    18,815
    
    
    $
    2,358
    
    
    $
    2,664
    
    
    $
    21,173
    
    
    $
    23,837
    
    
    $
    (5,830
    )
    
    $
    18,007
    
    
    $
    13,5561582 First Avenue
    
    High Rise
    
    Mar-05
    
    
    New York, NY
    
    
    
    1900
    
    
    
    17
    
    
    
    4,250
    
    
    
    752
    
    
    
    56
    
    
    
    4,250
    
    
    
    808
    
    
    
    5,058
    
    
    
    (30
    )
    
    
    5,028
    
    
    
    2,784173 E. 90th
    
    High Rise
    
    May-04
    
    
    New York, NY
    
    
    
    1910
    
    
    
    72
    
    
    
    11,773
    
    
    
    4,535
    
    
    
    467
    
    
    
    11,773
    
    
    
    5,002
    
    
    
    16,775
    
    
    
    (275
    )
    
    
    16,500
    
    
    
    9,812236-238 East 88th Street
    
    High Rise
    
    Jan-04
    
    
    New York, NY
    
    
    
    1900
    
    
    
    47
    
    
    
    8,751
    
    
    
    2,914
    
    
    
    839
    
    
    
    8,751
    
    
    
    3,752
    
    
    
    12,503
    
    
    
    (238
    )
    
    
    12,265
    
    
    
    7,389237-239 Ninth Avenue
    
    High Rise
    
    Mar-05
    
    
    New York, NY
    
    
    
    1900
    
    
    
    36
    
    
    
    8,430
    
    
    
    1,866
    
    
    
    314
    
    
    
    8,430
    
    
    
    2,180
    
    
    
    10,610
    
    
    
    (75
    )
    
    
    10,535
    
    
    
    5,449306 East 89th Street
    
    High Rise
    
    Jul-04
    
    
    New York, NY
    
    
    
    1900
    
    
    
    20
    
    
    
    2,659
    
    
    
    1,006
    
    
    
    66
    
    
    
    2,659
    
    
    
    1,072
    
    
    
    3,730
    
    
    
    (69
    )
    
    
    3,661
    
    
    
    1,989311 & 313 East 73rd Street
    
    Mid-Rise
    
    Mar-03
    
    
    New York, NY
    
    
    
    1904
    
    
    
    34
    
    
    
    5,635
    
    
    
    1,609
    
    
    
    224
    
    
    
    5,635
    
    
    
    1,833
    
    
    
    7,468
    
    
    
    (269
    )
    
    
    7,199
    
    
    
    2,965322-324 East 61st Street
    
    High Rise
    
    Mar-05
    
    
    New York, NY
    
    
    
    1900
    
    
    
    40
    
    
    
    6,319
    
    
    
    2,224
    
    
    
    281
    
    
    
    6,319
    
    
    
    2,505
    
    
    
    8,825
    
    
    
    (76
    )
    
    
    8,749
    
    
    
    452 East 78th Street
    
    High Rise
    
    Jan-04
    
    
    New York, NY
    
    
    
    1900
    
    
    
    13
    
    
    
    1,966
    
    
    
    608
    
    
    
    160
    
    
    
    1,966
    
    
    
    767
    
    
    
    2,734
    
    
    
    (44
    )
    
    
    2,689
    
    
    
    1,719510 East 88th Street
    
    High Rise
    
    Jan-04
    
    
    New York, NY
    
    
    
    1900
    
    
    
    20
    
    
    
    3,137
    
    
    
    1,002
    
    
    
    156
    
    
    
    3,137
    
    
    
    1,157
    
    
    
    4,295
    
    
    
    (78
    )
    
    
    4,217
    
    
    
    2,829514-516 East 88th Street
    
    High Rise
    
    Mar-05
    
    
    New York, NY
    
    
    
    1900
    
    
    
    36
    
    
    
    6,230
    
    
    
    2,168
    
    
    
    228
    
    
    
    6,230
    
    
    
    2,396
    
    
    
    8,626
    
    
    
    (75
    )
    
    
    8,551
    
    
    
    4,8036111 At Ridgeway Crossing
    
    Garden
    
    Dec-97
    
    
    Memphis, TN
    
    
    
    1984
    
    
    
    584
    
    
    
    1,749
    
    
    
    10,479
    
    
    
    6,326
    
    
    
    1,749
    
    
    
    16,805
    
    
    
    18,554
    
    
    
    (6,841
    )
    
    
    11,712
    
    
    
    7,671Alliance Towers
    
    High Rise
    
    Mar-02
    
    
    Lombard, IL
    
    
    
    1971
    
    
    
    101
    
    
    
    530
    
    
    
    1,934
    
    
    
    511
    
    
    
    530
    
    
    
    2,445
    
    
    
    2,975
    
    
    
    (347
    )
    
    
    2,628
    
    
    
    2,285Anchorage Apartments
    
    Garden
    
    Nov-96
    
    
    League City, TX
    
    
    
    1985
    
    
    
    264
    
    
    
    1,155
    
    
    
    7,172
    
    
    
    2,425
    
    
    
    1,155
    
    
    
    9,598
    
    
    
    10,753
    
    
    
    (2,556
    )
    
    
    8,197
    
    
    
    3,911Anthracite
    
    High Rise
    
    Mar-02
    
    
    Pittston, PA
    
    
    
    1981
    
    
    
    121
    
    
    
    670
    
    
    
    2,240
    
    
    
    232
    
    
    
    670
    
    
    
    2,472
    
    
    
    3,142
    
    
    
    (457
    )
    
    
    2,686
    
    
    
    2,976Apartment, The
    
    Garden
    
    Jul-00
    
    
    Omaha, NE
    
    
    
    1973
    
    
    
    204
    
    
    
    959
    
    
    
    8,526
    
    
    
    742
    
    
    
    959
    
    
    
    9,268
    
    
    
    10,227
    
    
    
    (4,289
    )
    
    
    5,938
    
    
    
    4,092Arbors
    
    Garden
    
    May-98
    
    
    Deland, FL
    
    
    
    1987
    
    
    
    224
    
    
    
    1,507
    
    
    
    9,075
    
    
    
    1,433
    
    
    
    1,507
    
    
    
    10,508
    
    
    
    12,015
    
    
    
    (3,372
    )
    
    
    8,643
    
    
    
    7,605Arbors (Grovetree), The
    
    Garden
    
    Oct-97
    
    
    Tempe, AZ
    
    
    
    1967
    
    
    
    200
    
    
    
    1,092
    
    
    
    6,208
    
    
    
    1,476
    
    
    
    1,092
    
    
    
    7,684
    
    
    
    8,776
    
    
    
    (2,497
    )
    
    
    6,279
    
    
    
    2,928Arbors of Battle Creek I
    
    Garden
    
    Dec-99
    
    
    Battle Creek, MI
    
    
    
    1981
    
    
    
    586
    
    
    
    2,732
    
    
    
    16,325
    
    
    
    5,768
    
    
    
    2,732
    
    
    
    22,093
    
    
    
    24,825
    
    
    
    (4,643
    )
    
    
    20,182
    
    
    
    7,280Arbors on Battle Creek II
    
    Garden
    
    Dec-99
    
    
    Battle Creek, MI
    
    
    
    1987
    
    
    
    76
    
    
    
    496
    
    
    
    3,555
    
    
    
    328
    
    
    
    496
    
    
    
    3,883
    
    
    
    4,378
    
    
    
    (905
    )
    
    
    3,474
    
    
    
    1,735Arbors on Westheimer
    
    Garden
    
    Nov-96
    
    
    Houston, TX
    
    
    
    1972
    
    
    
    360
    
    
    
    1,760
    
    
    
    9,325
    
    
    
    7,899
    
    
    
    1,760
    
    
    
    17,224
    
    
    
    18,984
    
    
    
    (3,746
    )
    
    
    15,238
    
    
    
    6,220Arbours of Hermitage, The
    
    Garden
    
    Jul-00
    
    
    Hermitage, TN
    
    
    
    1972
    
    
    
    350
    
    
    
    1,797
    
    
    
    14,451
    
    
    
    4,176
    
    
    
    1,797
    
    
    
    18,627
    
    
    
    20,424
    
    
    
    (7,383
    )
    
    
    13,040
    
    
    
    10,961Armitage Commons
    
    Mid-Rise
    
    Mar-02
    
    
    Chicago, IL
    
    
    
    1983
    
    
    
    104
    
    
    
    1,070
    
    
    
    4,292
    
    
    
    761
    
    
    
    1,070
    
    
    
    5,053
    
    
    
    6,123
    
    
    
    (626
    )
    
    
    5,497
    
    
    
    4,974Arrowsmith
    
    Garden
    
    Mar-02
    
    
    Corpus Christi, TX
    
    
    
    1980
    
    
    
    70
    
    
    
    240
    
    
    
    968
    
    
    
    330
    
    
    
    240
    
    
    
    1,298
    
    
    
    1,538
    
    
    
    (256
    )
    
    
    1,282
    
    
    
    1,374Arvada House
    
    High Rise
    
    Nov-04
    
    
    Arvada, CO
    
    
    
    1977
    
    
    
    88
    
    
    
    641
    
    
    
    3,314
    
    
    
    1,805
    
    
    
    641
    
    
    
    5,118
    
    
    
    5,760
    
    
    
    (139
    )
    
    
    5,620
    
    
    
    4,273Ashford, The
    
    Garden
    
    Dec-95
    
    
    Atlanta, GA
    
    
    
    1968
    
    
    
    221
    
    
    
    2,771
    
    
    
    8,366
    
    
    
    23,267
    
    
    
    2,771
    
    
    
    31,633
    
    
    
    34,404
    
    
    
    (6,284
    )
    
    
    28,120
    
    
    
    9,184Ashland Manor
    
    High Rise
    
    Mar-02
    
    
    East Moline, IL
    
    
    
    1977
    
    
    
    189
    
    
    
    205
    
    
    
    1,162
    
    
    
    506
    
    
    
    205
    
    
    
    1,668
    
    
    
    1,873
    
    
    
    (244
    )
    
    
    1,629
    
    
    
    1,268Ashton Ridge
    
    Garden
    
    Mar-05
    
    
    Jacksonville, FL
    
    
    
    1974
    
    
    
    356
    
    
    
    918
    
    
    
    9,171
    
    
    
    7,226
    
    
    
    918
    
    
    
    16,397
    
    
    
    17,315
    
    
    
    (7,769
    )
    
    
    9,546
    
    
    
    5,276Aspen Point
    
    Garden
    
    Dec-97
    
    
    Arvada, CO
    
    
    
    1972
    
    
    
    120
    
    
    
    353
    
    
    
    3,807
    
    
    
    3,594
    
    
    
    353
    
    
    
    7,401
    
    
    
    7,754
    
    
    
    (3,031
    )
    
    
    4,723
    
    
    
    Aspen Station
    
    Garden
    
    Oct-01
    
    
    Richmond, VA
    
    
    
    1979
    
    
    
    232
    
    
    
    2,428
    
    
    
    7,874
    
    
    
    823
    
    
    
    2,428
    
    
    
    8,697
    
    
    
    11,125
    
    
    
    (2,794
    )
    
    
    8,331
    
    
    
    6,742Aspen Stratford B
    
    High Rise
    
    Oct-02
    
    
    Newark, NJ
    
    
    
    1920
    
    
    
    60
    
    
    
    362
    
    
    
    2,887
    
    
    
    510
    
    
    
    362
    
    
    
    3,397
    
    
    
    3,758
    
    
    
    (1,773
    )
    
    
    1,986
    
    
    
    1,794Aspen Stratford C
    
    High Rise
    
    Oct-02
    
    
    Newark, NJ
    
    
    
    1920
    
    
    
    56
    
    
    
    363
    
    
    
    2,818
    
    
    
    414
    
    
    
    363
    
    
    
    3,232
    
    
    
    3,595
    
    
    
    (1,692
    )
    
    
    1,903
    
    
    
    1,582Atriums of Plantation
    
    Mid-Rise
    
    Aug-98
    
    
    Plantation, FL
    
    
    
    1980
    
    
    
    210
    
    
    
    1,807
    
    
    
    10,385
    
    
    
    1,466
    
    
    
    1,807
    
    
    
    11,851
    
    
    
    13,658
    
    
    
    (3,344
    )
    
    
    10,314
    
    
    
    6,901Autumn Run
    
    Garden
    
    Oct-02
    
    
    Naperville, IL
    
    
    
    1984
    
    
    
    320
    
    
    
    1,812
    
    
    
    16,911
    
    
    
    1,249
    
    
    
    1,812
    
    
    
    18,160
    
    
    
    19,972
    
    
    
    (6,894
    )
    
    
    13,079
    
    
    
    11,648Autumn Woods
    
    Garden
    
    Sep-00
    
    
    Jackson, MI
    
    
    
    1973
    
    
    
    112
    
    
    
    1,042
    
    
    
    3,705
    
    
    
    1,354
    
    
    
    1,042
    
    
    
    5,059
    
    
    
    6,101
    
    
    
    (1,489
    )
    
    
    4,613
    
    
    
    2,821Baisley Park Gardens
    
    Mid-Rise
    
    Apr-02
    
    
    Jamaica, NY
    
    
    
    1982
    
    
    
    212
    
    
    
    1,765
    
    
    
    12,309
    
    
    
    1,767
    
    
    
    1,765
    
    
    
    14,076
    
    
    
    15,841
    
    
    
    (3,028
    )
    
    
    12,813
    
    
    
    11,741Baldwin Oaks
    
    Mid-Rise
    
    Oct-99
    
    
    Parsippany ,NJ
    
    
    
    1980
    
    
    
    251
    
    
    
    746
    
    
    
    8,516
    
    
    
    1,033
    
    
    
    746
    
    
    
    9,549
    
    
    
    10,295
    
    
    
    (4,716
    )
    
    
    5,578
    
    
    
    6,707Bangor House
    
    High Rise
    
    Mar-02
    
    
    Bangor, ME
    
    
    
    1979
    
    
    
    121
    
    
    
    1,140
    
    
    
    4,595
    
    
    
    556
    
    
    
    1,140
    
    
    
    5,150
    
    
    
    6,290
    
    
    
    (530
    )
    
    
    5,761
    
    
    
    3,067Bank Lofts
    
    High Rise
    
    Apr-01
    
    
    Denver, CO
    
    
    
    1920
    
    
    
    117
    
    
    
    3,525
    
    
    
    9,045
    
    
    
    690
    
    
    
    3,525
    
    
    
    9,734
    
    
    
    13,259
    
    
    
    (1,903
    )
    
    
    11,356
    
    
    
    7,596Bannock Arms
    
    Garden
    
    Mar-02
    
    
    Boise, ID
    
    
    
    1978
    
    
    
    66
    
    
    
    275
    
    
    
    1,102
    
    
    
    235
    
    
    
    275
    
    
    
    1,337
    
    
    
    1,612
    
    
    
    (239
    )
    
    
    1,373
    
    
    
    1,473Barcelona
    
    Garden
    
    Oct-99
    
    
    Houston ,TX
    
    
    
    1963
    
    
    
    127
    
    
    
    770
    
    
    
    4,250
    
    
    
    1,284
    
    
    
    770
    
    
    
    5,534
    
    
    
    6,304
    
    
    
    (1,444
    )
    
    
    4,860
    
    
    
    3,090Bay Parc Plaza
    
    High Rise
    
    Sep-04
    
    
    Miami, FL
    
    
    
    2000
    
    
    
    471
    
    
    
    22,680
    
    
    
    41,847
    
    
    
    1,630
    
    
    
    22,680
    
    
    
    43,476
    
    
    
    66,156
    
    
    
    (1,250
    )
    
    
    64,906
    
    
    
    47,846 F-40    Table of Contents   December 31, 2005(2)Initial Cost
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    Cost Capitalized
    
    
    
    Accumulated
    
    Total CostProperty
    
    Date
    
    
    
    Year
    
    Number
    
    
    
    Buildings and
    
    Subsequent to
    
    
    
    Buildings and
    
    
    
    Depreciation
    
    Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    of Units
    
    Land
    
    Improvements
    
    Acquisition
    
    Land
    
    Improvements
    
    Total
    
    (AD)
    
    AD
    
    EncumbrancesBay Ridge at Nashua
    
    Garden
    
    Jan-03
    
    
    Nashua, NH
    
    
    
    1984
    
    
    
    412
    
    
    
    3,352
    
    
    
    39,831
    
    
    
    783
    
    
    
    3,352
    
    
    
    40,614
    
    
    
    43,966
    
    
    
    (4,992
    )
    
    
    38,974
    
    
    
    23,007Bayberry Hill Estates
    
    Garden
    
    Aug-02
    
    
    Framingham, MA
    
    
    
    1971
    
    
    
    425
    
    
    
    18,915
    
    
    
    35,945
    
    
    
    5,589
    
    
    
    18,915
    
    
    
    41,534
    
    
    
    60,450
    
    
    
    (5,427
    )
    
    
    55,023
    
    
    
    29,805Bayhead Village
    
    Garden
    
    Oct-00
    
    
    Indianapolis, IN
    
    
    
    1978
    
    
    
    202
    
    
    
    1,411
    
    
    
    5,139
    
    
    
    1,264
    
    
    
    1,411
    
    
    
    6,403
    
    
    
    7,814
    
    
    
    (1,675
    )
    
    
    6,139
    
    
    
    3,349Bayview
    
    Garden
    
    Jun-05
    
    
    San Francisco, CA
    
    
    
    1976
    
    
    
    146
    
    
    
    241
    
    
    
    19,548
    
    
    
    708
    
    
    
    241
    
    
    
    20,256
    
    
    
    20,498
    
    
    
    (5,979
    )
    
    
    14,518
    
    
    
    2,603Beacon Hill
    
    High Rise
    
    Mar-02
    
    
    Hillsdale, MI
    
    
    
    1980
    
    
    
    198
    
    
    
    1,380
    
    
    
    5,524
    
    
    
    1,156
    
    
    
    1,380
    
    
    
    6,679
    
    
    
    8,059
    
    
    
    (1,197
    )
    
    
    6,863
    
    
    
    5,531Beau Jardin
    
    Garden
    
    Apr-01
    
    
    West Lafayette, IN
    
    
    
    1968
    
    
    
    252
    
    
    
    5,460
    
    
    
    5,291
    
    
    
    1,887
    
    
    
    5,460
    
    
    
    7,178
    
    
    
    12,638
    
    
    
    (2,689
    )
    
    
    9,949
    
    
    
    4,522Bedford House
    
    Mid-Rise
    
    Mar-02
    
    
    Falmouth, KY
    
    
    
    1979
    
    
    
    48
    
    
    
    230
    
    
    
    919
    
    
    
    139
    
    
    
    230
    
    
    
    1,057
    
    
    
    1,287
    
    
    
    (197
    )
    
    
    1,091
    
    
    
    1,099Beech Lake
    
    Garden
    
    May-99
    
    
    Durham, NC
    
    
    
    1986
    
    
    
    345
    
    
    
    2,222
    
    
    
    12,641
    
    
    
    2,278
    
    
    
    2,222
    
    
    
    14,918
    
    
    
    17,140
    
    
    
    (4,441
    )
    
    
    12,699
    
    
    
    10,500Beechs Farm
    
    Garden
    
    Oct-00
    
    
    Columbia, MD
    
    
    
    1983
    
    
    
    135
    
    
    
    4,166
    
    
    
    3,520
    
    
    
    1,166
    
    
    
    4,166
    
    
    
    4,686
    
    
    
    8,852
    
    
    
    (1,029
    )
    
    
    7,823
    
    
    
    10,976Belmont Place
    
    Garden
    
    Jul-00
    
    
    Marietta, GA
    
    
    
    1972
    
    
    
    326
    
    
    
    11,298
    
    
    
    2,363
    
    
    
    28,672
    
    
    
    11,298
    
    
    
    31,034
    
    
    
    42,332
    
    
    
    (2,401
    )
    
    
    39,931
    
    
    
    19,250Bent Oaks
    
    Garden
    
    May-98
    
    
    Austin, TX
    
    
    
    1978
    
    
    
    146
    
    
    
    1,096
    
    
    
    6,423
    
    
    
    755
    
    
    
    1,096
    
    
    
    7,178
    
    
    
    8,274
    
    
    
    (2,562
    )
    
    
    5,712
    
    
    
    3,550Bent Tree I
    
    Garden
    
    Oct-02
    
    
    Indianapolis, IN
    
    
    
    1983
    
    
    
    240
    
    
    
    1,850
    
    
    
    6,430
    
    
    
    599
    
    
    
    1,850
    
    
    
    7,029
    
    
    
    8,879
    
    
    
    (1,533
    )
    
    
    7,346
    
    
    
    4,000Bent Tree III  Verandas
    
    Garden
    
    Sep-00
    
    
    Indianapolis, IN
    
    
    
    1985
    
    
    
    96
    
    
    
    1,767
    
    
    
    3,379
    
    
    
    1,021
    
    
    
    1,767
    
    
    
    4,400
    
    
    
    6,168
    
    
    
    (755
    )
    
    
    5,412
    
    
    
    2,950Berger Apartments
    
    Mid-Rise
    
    Mar-02
    
    
    New Haven, CT
    
    
    
    1981
    
    
    
    145
    
    
    
    1,152
    
    
    
    4,657
    
    
    
    1,216
    
    
    
    1,152
    
    
    
    5,873
    
    
    
    7,025
    
    
    
    (951
    )
    
    
    6,073
    
    
    
    2,586Bexley House
    
    High Rise
    
    Oct-05
    
    
    Columbus, OH
    
    
    
    1972
    
    
    
    64
    
    
    
    666
    
    
    
    6,203
    
    
    
    11
    
    
    
    666
    
    
    
    6,214
    
    
    
    6,881
    
    
    
    (1,682
    )
    
    
    5,198
    
    
    
    2,108Big Walnut
    
    Garden
    
    Apr-02
    
    
    Columbus, OH
    
    
    
    1968
    
    
    
    251
    
    
    
    582
    
    
    
    9,701
    
    
    
    1,574
    
    
    
    582
    
    
    
    11,274
    
    
    
    11,856
    
    
    
    (4,906
    )
    
    
    6,950
    
    
    
    5,299Biltmore Towers
    
    High Rise
    
    Mar-02
    
    
    Dayton, OH
    
    
    
    1980
    
    
    
    230
    
    
    
    1,813
    
    
    
    6,411
    
    
    
    11,404
    
    
    
    1,813
    
    
    
    17,815
    
    
    
    19,629
    
    
    
    (1,520
    )
    
    
    18,108
    
    
    
    10,848Blakewood
    
    Garden
    
    Oct-05
    
    
    Statesboro, GA
    
    
    
    1973
    
    
    
    42
    
    
    
    23
    
    
    
    1,187
    
    
    
    2
    
    
    
    23
    
    
    
    1,189
    
    
    
    1,212
    
    
    
    (775
    )
    
    
    437
    
    
    
    783Bluffs, The
    
    Garden
    
    Dec-98
    
    
    Laffayette, IN
    
    
    
    1982
    
    
    
    181
    
    
    
    979
    
    
    
    5,556
    
    
    
    1,492
    
    
    
    979
    
    
    
    7,048
    
    
    
    8,027
    
    
    
    (2,698
    )
    
    
    5,329
    
    
    
    3,104Boston Lofts
    
    High Rise
    
    Apr-01
    
    
    Denver, CO
    
    
    
    1890
    
    
    
    158
    
    
    
    3,447
    
    
    
    20,589
    
    
    
    1,159
    
    
    
    3,447
    
    
    
    21,748
    
    
    
    25,194
    
    
    
    (4,077
    )
    
    
    21,118
    
    
    
    15,238Boulder Creek
    
    Garden
    
    Jul-94
    
    
    Boulder, CO
    
    
    
    1972
    
    
    
    221
    
    
    
    755
    
    
    
    7,730
    
    
    
    15,896
    
    
    
    755
    
    
    
    23,626
    
    
    
    24,381
    
    
    
    (8,665
    )
    
    
    15,716
    
    
    
    14,403Braesview
    
    Garden
    
    May-98
    
    
    San Antonio, TX
    
    
    
    1982
    
    
    
    396
    
    
    
    3,135
    
    
    
    17,813
    
    
    
    2,331
    
    
    
    3,135
    
    
    
    20,144
    
    
    
    23,280
    
    
    
    (6,682
    )
    
    
    16,598
    
    
    
    11,315Brandywine
    
    Garden
    
    Jul-94
    
    
    St. Petersburg, FL
    
    
    
    1971
    
    
    
    477
    
    
    
    1,437
    
    
    
    12,725
    
    
    
    3,586
    
    
    
    1,437
    
    
    
    16,310
    
    
    
    17,747
    
    
    
    (10,020
    )
    
    
    7,727
    
    
    
    8,484Brant Rock Condominiums
    
    Garden
    
    Oct-97
    
    
    Houston, TX
    
    
    
    1984
    
    
    
    84
    
    
    
    337
    
    
    
    1,976
    
    
    
    848
    
    
    
    337
    
    
    
    2,823
    
    
    
    3,160
    
    
    
    (1,001
    )
    
    
    2,159
    
    
    
    932Breakers, The
    
    Garden
    
    Oct-98
    
    
    Daytona Beach, FL
    
    
    
    1985
    
    
    
    208
    
    
    
    1,008
    
    
    
    5,507
    
    
    
    2,022
    
    
    
    1,008
    
    
    
    7,530
    
    
    
    8,537
    
    
    
    (2,363
    )
    
    
    6,175
    
    
    
    6,978Brentwood Apartments
    
    Garden
    
    Nov-96
    
    
    Lake Jackson, TX
    
    
    
    1980
    
    
    
    104
    
    
    
    592
    
    
    
    2,741
    
    
    
    1,253
    
    
    
    592
    
    
    
    3,993
    
    
    
    4,585
    
    
    
    (1,292
    )
    
    
    3,293
    
    
    
    1,298Briarcliffe
    
    Garden
    
    Oct-00
    
    
    Lansing, MI
    
    
    
    1974
    
    
    
    308
    
    
    
    3,146
    
    
    
    9,586
    
    
    
    1,999
    
    
    
    3,146
    
    
    
    11,585
    
    
    
    14,731
    
    
    
    (2,986
    )
    
    
    11,745
    
    
    
    6,197Briarwest
    
    Garden
    
    Oct-99
    
    
    Houston, TX
    
    
    
    1970
    
    
    
    380
    
    
    
    2,459
    
    
    
    13,868
    
    
    
    1,936
    
    
    
    2,459
    
    
    
    15,804
    
    
    
    18,264
    
    
    
    (4,319
    )
    
    
    13,945
    
    
    
    8,989Briarwood
    
    Garden
    
    Oct-99
    
    
    Houston, TX
    
    
    
    1970
    
    
    
    351
    
    
    
    2,033
    
    
    
    11,855
    
    
    
    2,524
    
    
    
    2,033
    
    
    
    14,379
    
    
    
    16,412
    
    
    
    (3,631
    )
    
    
    12,782
    
    
    
    8,427Bridgewater Apartments, The
    
    Garden
    
    Nov-96
    
    
    Tomball, TX
    
    
    
    1978
    
    
    
    206
    
    
    
    969
    
    
    
    5,976
    
    
    
    2,490
    
    
    
    969
    
    
    
    8,466
    
    
    
    9,435
    
    
    
    (1,892
    )
    
    
    7,543
    
    
    
    3,266Brighton Crest
    
    Garden
    
    Jan-00
    
    
    Marietta, GA
    
    
    
    1987
    
    
    
    320
    
    
    
    2,084
    
    
    
    13,212
    
    
    
    2,241
    
    
    
    2,084
    
    
    
    15,454
    
    
    
    17,537
    
    
    
    (6,678
    )
    
    
    10,859
    
    
    
    9,583Broadcast Center
    
    Garden
    
    Mar-02
    
    
    Los Angeles, CA
    
    
    
    1990
    
    
    
    280
    
    
    
    27,603
    
    
    
    41,244
    
    
    
    2,832
    
    
    
    27,603
    
    
    
    44,077
    
    
    
    71,679
    
    
    
    (4,940
    )
    
    
    66,739
    
    
    
    38,614Broadmoor Ridge
    
    Garden
    
    Dec-97
    
    
    Colorado Springs, CO
    
    
    
    1974
    
    
    
    200
    
    
    
    460
    
    
    
    2,917
    
    
    
    10,389
    
    
    
    460
    
    
    
    13,307
    
    
    
    13,766
    
    
    
    (2,416
    )
    
    
    11,350
    
    
    
    7,756Broadmoor, The
    
    Garden
    
    May-98
    
    
    Austin, TX
    
    
    
    1984
    
    
    
    200
    
    
    
    1,370
    
    
    
    8,361
    
    
    
    980
    
    
    
    1,370
    
    
    
    9,341
    
    
    
    10,712
    
    
    
    (2,813
    )
    
    
    7,899
    
    
    
    6,000Brook Run
    
    Garden
    
    May-98
    
    
    Arlington Heights, IL
    
    
    
    1985
    
    
    
    182
    
    
    
    2,245
    
    
    
    12,936
    
    
    
    1,409
    
    
    
    2,245
    
    
    
    14,345
    
    
    
    16,590
    
    
    
    (4,957
    )
    
    
    11,633
    
    
    
    11,800Brookdale Lakes
    
    Garden
    
    May-98
    
    
    Naperville, IL
    
    
    
    1990
    
    
    
    200
    
    
    
    2,709
    
    
    
    15,346
    
    
    
    1,223
    
    
    
    2,709
    
    
    
    16,568
    
    
    
    19,277
    
    
    
    (5,403
    )
    
    
    13,874
    
    
    
    10,970Brookwood Apartments
    
    Garden
    
    Apr-01
    
    
    Indianapolis, IN
    
    
    
    1967
    
    
    
    476
    
    
    
    4,546
    
    
    
    9,136
    
    
    
    3,248
    
    
    
    4,546
    
    
    
    12,385
    
    
    
    16,931
    
    
    
    (3,421
    )
    
    
    13,509
    
    
    
    9,186Burke Shire Commons
    
    Garden
    
    Mar-01
    
    
    Burke, VA
    
    
    
    1986
    
    
    
    360
    
    
    
    4,689
    
    
    
    22,607
    
    
    
    2,446
    
    
    
    4,689
    
    
    
    25,053
    
    
    
    29,742
    
    
    
    (6,093
    )
    
    
    23,649
    
    
    
    18,375Cache Creek Apartment Homes
    
    Mid-Rise
    
    Jun-04
    
    
    Clearlake, CA
    
    
    
    2003
    
    
    
    80
    
    
    
    1,545
    
    
    
    9,405
    
    
    
    396
    
    
    
    1,545
    
    
    
    9,801
    
    
    
    11,346
    
    
    
    (1,007
    )
    
    
    10,338
    
    
    
    2,371Calhoun Beach Club
    
    High Rise
    
    Dec-98
    
    
    Minneapolis, MN
    
    
    
    1928/1998
    
    
    
    332
    
    
    
    11,708
    
    
    
    73,334
    
    
    
    40,607
    
    
    
    11,708
    
    
    
    113,941
    
    
    
    125,649
    
    
    
    (21,803
    )
    
    
    103,846
    
    
    
    42,977Campbell Heights
    
    High Rise
    
    Oct-02
    
    
    Washington, D.C.
    
    
    
    1978
    
    
    
    170
    
    
    
    750
    
    
    
    6,719
    
    
    
    474
    
    
    
    750
    
    
    
    7,193
    
    
    
    7,943
    
    
    
    (1,720
    )
    
    
    6,224
    
    
    
    8,257Canterbury Green Apartments
    
    Garden
    
    Dec-99
    
    
    Fort Wayne, IN
    
    
    
    1979
    
    
    
    1,989
    
    
    
    13,659
    
    
    
    73,115
    
    
    
    17,233
    
    
    
    13,659
    
    
    
    90,348
    
    
    
    104,007
    
    
    
    (23,963
    )
    
    
    80,044
    
    
    
    44,610Canyon Crest
    
    Garden
    
    Jan-03
    
    
    Littleton, CO
    
    
    
    1966
    
    
    
    90
    
    
    
    1,306
    
    
    
    6,092
    
    
    
    485
    
    
    
    1,306
    
    
    
    6,577
    
    
    
    7,883
    
    
    
    (1,758
    )
    
    
    6,124
    
    
    
    3,177Canyon Terrace
    
    Garden
    
    Mar-02
    
    
    Saugus, CA
    
    
    
    1984
    
    
    
    130
    
    
    
    7,300
    
    
    
    6,602
    
    
    
    1,001
    
    
    
    7,300
    
    
    
    7,603
    
    
    
    14,903
    
    
    
    (1,279
    )
    
    
    13,624
    
    
    
    5,754Cape Cod
    
    Garden
    
    May-98
    
    
    San Antonio, TX
    
    
    
    1985
    
    
    
    212
    
    
    
    1,307
    
    
    
    7,012
    
    
    
    769
    
    
    
    1,307
    
    
    
    7,781
    
    
    
    9,089
    
    
    
    (2,488
    )
    
    
    6,601
    
    
    
    4,110Captiva Club
    
    Garden
    
    Dec-96
    
    
    Tampa, FL
    
    
    
    1973
    
    
    
    357
    
    
    
    1,600
    
    
    
    6,870
    
    
    
    11,202
    
    
    
    1,600
    
    
    
    18,072
    
    
    
    19,672
    
    
    
    (5,505
    )
    
    
    14,167
    
    
    
    7,510Carriage Hill
    
    Garden
    
    Jul-00
    
    
    East Lansing, MI
    
    
    
    1972
    
    
    
    143
    
    
    
    810
    
    
    
    8,890
    
    
    
    1,430
    
    
    
    810
    
    
    
    10,319
    
    
    
    11,129
    
    
    
    (3,793
    )
    
    
    7,336
    
    
    
    4,773Casa de Las Hermanitas
    
    Garden
    
    Mar-02
    
    
    Los Angeles, CA
    
    
    
    1982
    
    
    
    88
    
    
    
    1,800
    
    
    
    4,143
    
    
    
    97
    
    
    
    1,800
    
    
    
    4,241
    
    
    
    6,041
    
    
    
    (694
    )
    
    
    5,347
    
    
    
    1,993Castle Court
    
    High Rise
    
    May-04
    
    
    Bristol, MA
    
    
    
    1974
    
    
    
    240
    
    
    
    15,239
    
    
    
    7,850
    
    
    
    1,956
    
    
    
    15,239
    
    
    
    9,806
    
    
    
    25,045
    
    
    
    (592
    )
    
    
    24,453
    
    
    
    11,081Castle Park
    
    Mid-Rise
    
    Mar-02
    
    
    St. Louis, MO
    
    
    
    1983
    
    
    
    209
    
    
    
    1,710
    
    
    
    6,896
    
    
    
    2,237
    
    
    
    1,710
    
    
    
    9,133
    
    
    
    10,843
    
    
    
    (1,441
    )
    
    
    9,402
    
    
    
    9,033Castlewood
    
    Garden
    
    Mar-02
    
    
    Davenport, IA
    
    
    
    1980
    
    
    
    96
    
    
    
    585
    
    
    
    2,351
    
    
    
    816
    
    
    
    585
    
    
    
    3,167
    
    
    
    3,752
    
    
    
    (512
    )
    
    
    3,240
    
    
    
    3,561 F-41    Table of Contents   December 31, 2005(2)Initial Cost
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    Cost Capitalized
    
    
    
    Accumulated
    
    Total CostProperty
    
    Date
    
    
    
    Year
    
    Number
    
    
    
    Buildings and
    
    Subsequent to
    
    
    
    Buildings and
    
    
    
    Depreciation
    
    Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    of Units
    
    Land
    
    Improvements
    
    Acquisition
    
    Land
    
    Improvements
    
    Total
    
    (AD)
    
    AD
    
    EncumbrancesCedar Rim
    
    Garden
    
    Apr-00
    
    
    New Castle, WA
    
    
    
    1980
    
    
    
    104
    
    
    
    773
    
    
    
    5,497
    
    
    
    972
    
    
    
    773
    
    
    
    6,469
    
    
    
    7,242
    
    
    
    (2,589
    )
    
    
    4,654
    
    
    
    4,447Centennial
    
    Garden
    
    Mar-02
    
    
    Fort Wayne, IN
    
    
    
    1983
    
    
    
    88
    
    
    
    550
    
    
    
    2,207
    
    
    
    538
    
    
    
    550
    
    
    
    2,745
    
    
    
    3,295
    
    
    
    (492
    )
    
    
    2,803
    
    
    
    2,979Center City
    
    Mid-Rise
    
    Mar-02
    
    
    Hazelton, PA
    
    
    
    1981
    
    
    
    176
    
    
    
    925
    
    
    
    3,724
    
    
    
    582
    
    
    
    925
    
    
    
    4,305
    
    
    
    5,230
    
    
    
    (986
    )
    
    
    4,244
    
    
    
    3,773Center Square
    
    High Rise
    
    Oct-99
    
    
    Doylestown, PA
    
    
    
    1975
    
    
    
    350
    
    
    
    582
    
    
    
    4,190
    
    
    
    2,097
    
    
    
    582
    
    
    
    6,287
    
    
    
    6,869
    
    
    
    (1,791
    )
    
    
    5,078
    
    
    
    9,062Charleston Landing
    
    Garden
    
    Sep-00
    
    
    Brandon, FL
    
    
    
    1985
    
    
    
    300
    
    
    
    7,488
    
    
    
    8,656
    
    
    
    1,870
    
    
    
    7,488
    
    
    
    10,526
    
    
    
    18,014
    
    
    
    (1,436
    )
    
    
    16,578
    
    
    
    10,750Chatham Harbor
    
    Garden
    
    Oct-99
    
    
    Altamonte Springs, FL
    
    
    
    1985
    
    
    
    324
    
    
    
    2,288
    
    
    
    13,068
    
    
    
    1,441
    
    
    
    2,288
    
    
    
    14,510
    
    
    
    16,797
    
    
    
    (3,267
    )
    
    
    13,531
    
    
    
    8,367Chelsea Ridge Apartments
    
    Garden
    
    Apr-01
    
    
    Wappingers Falls, NY
    
    
    
    1966
    
    
    
    835
    
    
    
    10,403
    
    
    
    33,000
    
    
    
    6,933
    
    
    
    10,403
    
    
    
    39,933
    
    
    
    50,336
    
    
    
    (13,249
    )
    
    
    37,087
    
    
    
    34,426Cherry Ridge Terrace
    
    Garden
    
    Mar-02
    
    
    Northern Cambria, PA
    
    
    
    1983
    
    
    
    62
    
    
    
    372
    
    
    
    1,490
    
    
    
    278
    
    
    
    372
    
    
    
    1,768
    
    
    
    2,140
    
    
    
    (362
    )
    
    
    1,778
    
    
    
    1,336Chesapeake (Lost Mill)
    
    Garden
    
    Sep-04
    
    
    Austin, TX
    
    
    
    1984
    
    
    
    124
    
    
    
    437
    
    
    
    3,503
    
    
    
    172
    
    
    
    437
    
    
    
    3,675
    
    
    
    4,112
    
    
    
    (900
    )
    
    
    3,212
    
    
    
    1,706Chesapeake Apartments
    
    Garden
    
    Jan-96
    
    
    Houston, TX
    
    
    
    1983
    
    
    
    320
    
    
    
    775
    
    
    
    7,317
    
    
    
    2,088
    
    
    
    775
    
    
    
    9,405
    
    
    
    10,180
    
    
    
    (3,107
    )
    
    
    7,073
    
    
    
    5,825Chesapeake Landing I
    
    Garden
    
    Sep-00
    
    
    Aurora, IL
    
    
    
    1986
    
    
    
    416
    
    
    
    15,800
    
    
    
    16,875
    
    
    
    2,029
    
    
    
    15,800
    
    
    
    18,904
    
    
    
    34,704
    
    
    
    (4,314
    )
    
    
    30,390
    
    
    
    24,949Chesapeake Landing II
    
    Garden
    
    Mar-01
    
    
    Aurora, IL
    
    
    
    1987
    
    
    
    184
    
    
    
    1,969
    
    
    
    7,980
    
    
    
    996
    
    
    
    1,969
    
    
    
    8,976
    
    
    
    10,945
    
    
    
    (2,049
    )
    
    
    8,896
    
    
    
    6,550Chestnut Hill (CT)
    
    Garden
    
    Oct-99
    
    
    Middletown, CT
    
    
    
    1986
    
    
    
    314
    
    
    
    3,001
    
    
    
    20,143
    
    
    
    1,523
    
    
    
    3,001
    
    
    
    21,666
    
    
    
    24,668
    
    
    
    (5,645
    )
    
    
    19,022
    
    
    
    16,070Chestnut Hill (PA)
    
    Garden
    
    Apr-00
    
    
    Philadelphia, PA
    
    
    
    1963
    
    
    
    821
    
    
    
    6,463
    
    
    
    49,315
    
    
    
    13,349
    
    
    
    6,463
    
    
    
    62,664
    
    
    
    69,127
    
    
    
    (17,173
    )
    
    
    51,954
    
    
    
    23,893Cheswick
    
    Garden
    
    Jun-04
    
    
    Indianapolis, IN
    
    
    
    1976
    
    
    
    187
    
    
    
    873
    
    
    
    5,854
    
    
    
    466
    
    
    
    873
    
    
    
    6,320
    
    
    
    7,193
    
    
    
    (2,415
    )
    
    
    4,778
    
    
    
    4,189Chimney Top
    
    Garden
    
    Oct-02
    
    
    Antioch, TN
    
    
    
    1985
    
    
    
    362
    
    
    
    2,430
    
    
    
    10,818
    
    
    
    904
    
    
    
    2,430
    
    
    
    11,723
    
    
    
    14,153
    
    
    
    (1,864
    )
    
    
    12,288
    
    
    
    8,054Chimneys of Cradle Rock
    
    Garden
    
    Jun-04
    
    
    Columbia, MD
    
    
    
    1979
    
    
    
    198
    
    
    
    2,547
    
    
    
    9,045
    
    
    
    378
    
    
    
    2,547
    
    
    
    9,423
    
    
    
    11,970
    
    
    
    (1,541
    )
    
    
    10,429
    
    
    
    4,984Citadel
    
    Garden
    
    Jul-00
    
    
    El Paso, TX
    
    
    
    1973
    
    
    
    261
    
    
    
    1,024
    
    
    
    8,337
    
    
    
    517
    
    
    
    1,024
    
    
    
    8,854
    
    
    
    9,877
    
    
    
    (4,096
    )
    
    
    5,781
    
    
    
    5,493Citadel Village
    
    Garden
    
    Jul-00
    
    
    Colorado Springs, CO
    
    
    
    1974
    
    
    
    122
    
    
    
    928
    
    
    
    6,779
    
    
    
    933
    
    
    
    928
    
    
    
    7,712
    
    
    
    8,640
    
    
    
    (2,812
    )
    
    
    5,828
    
    
    
    1,812Citrus Grove
    
    Garden
    
    Jun-98
    
    
    Redlands, CA
    
    
    
    1985
    
    
    
    198
    
    
    
    1,118
    
    
    
    6,642
    
    
    
    1,520
    
    
    
    1,118
    
    
    
    8,161
    
    
    
    9,279
    
    
    
    (2,447
    )
    
    
    6,832
    
    
    
    4,129Citrus Sunset
    
    Garden
    
    Jul-98
    
    
    Vista, CA
    
    
    
    1985
    
    
    
    97
    
    
    
    663
    
    
    
    3,992
    
    
    
    1,075
    
    
    
    663
    
    
    
    5,067
    
    
    
    5,730
    
    
    
    (1,430
    )
    
    
    4,300
    
    
    
    5,900City Heights
    
    High Rise
    
    Mar-02
    
    
    Wilkes-Barre, PA
    
    
    
    1978
    
    
    
    151
    
    
    
    755
    
    
    
    3,044
    
    
    
    307
    
    
    
    755
    
    
    
    3,352
    
    
    
    4,107
    
    
    
    (518
    )
    
    
    3,588
    
    
    
    3,121City Line
    
    Garden
    
    Mar-02
    
    
    Hampton, VA
    
    
    
    1976
    
    
    
    200
    
    
    
    500
    
    
    
    2,014
    
    
    
    314
    
    
    
    500
    
    
    
    2,328
    
    
    
    2,828
    
    
    
    (316
    )
    
    
    2,512
    
    
    
    5,129Coatesville Towers
    
    High Rise
    
    Mar-02
    
    
    Coatesville, PA
    
    
    
    1979
    
    
    
    90
    
    
    
    500
    
    
    
    2,011
    
    
    
    372
    
    
    
    500
    
    
    
    2,383
    
    
    
    2,883
    
    
    
    (411
    )
    
    
    2,472
    
    
    
    2,231Colonial Crest
    
    Garden
    
    Dec-99
    
    
    Bloomington, IN
    
    
    
    1965
    
    
    
    208
    
    
    
    903
    
    
    
    4,593
    
    
    
    2,420
    
    
    
    903
    
    
    
    7,013
    
    
    
    7,916
    
    
    
    (2,200
    )
    
    
    5,717
    
    
    
    1,426Colonnade Gardens (Ferntree)
    
    Garden
    
    Oct-97
    
    
    Phoenix, AZ
    
    
    
    1973
    
    
    
    196
    
    
    
    766
    
    
    
    4,346
    
    
    
    1,755
    
    
    
    766
    
    
    
    6,101
    
    
    
    6,867
    
    
    
    (1,951
    )
    
    
    4,915
    
    
    
    2,169Colony at El Conquistador, The
    
    Garden
    
    Jun-98
    
    
    Bradenton, FL
    
    
    
    1986
    
    
    
    166
    
    
    
    1,121
    
    
    
    6,360
    
    
    
    1,336
    
    
    
    1,121
    
    
    
    7,696
    
    
    
    8,817
    
    
    
    (2,124
    )
    
    
    6,692
    
    
    
    2,826Colony at Kenilworth
    
    Garden
    
    Oct-99
    
    
    Towson, MD
    
    
    
    1966
    
    
    
    383
    
    
    
    2,329
    
    
    
    19,680
    
    
    
    4,538
    
    
    
    2,329
    
    
    
    24,218
    
    
    
    26,547
    
    
    
    (11,389
    )
    
    
    15,158
    
    
    
    12,785Columbus Avenue
    
    Mid-Rise
    
    Sep-03
    
    
    New York, NY
    
    
    
    1880
    
    
    
    70
    
    
    
    35,489
    
    
    
    9,499
    
    
    
    1,765
    
    
    
    35,489
    
    
    
    11,264
    
    
    
    46,753
    
    
    
    (1,477
    )
    
    
    45,276
    
    
    
    19,366Coopers Point
    
    Garden
    
    Oct-02
    
    
    North Charleston, SC
    
    
    
    1986
    
    
    
    192
    
    
    
    730
    
    
    
    7,420
    
    
    
    305
    
    
    
    730
    
    
    
    7,725
    
    
    
    8,455
    
    
    
    (3,199
    )
    
    
    5,256
    
    
    
    7,735Coopers Pond
    
    Garden
    
    Jan-00
    
    
    Tampa, FL
    
    
    
    1978
    
    
    
    463
    
    
    
    1,570
    
    
    
    13,518
    
    
    
    2,334
    
    
    
    1,570
    
    
    
    15,851
    
    
    
    17,421
    
    
    
    (6,250
    )
    
    
    11,172
    
    
    
    9,939Copper Chase Apartments
    
    Garden
    
    Dec-96
    
    
    Katy, TX
    
    
    
    1982
    
    
    
    316
    
    
    
    1,742
    
    
    
    7,010
    
    
    
    2,873
    
    
    
    1,742
    
    
    
    9,883
    
    
    
    11,625
    
    
    
    (4,002
    )
    
    
    7,623
    
    
    
    5,669Copper Mill Apartments
    
    Garden
    
    Oct-02
    
    
    Richmond, VA
    
    
    
    1987
    
    
    
    192
    
    
    
    1,039
    
    
    
    8,842
    
    
    
    931
    
    
    
    1,039
    
    
    
    9,773
    
    
    
    10,812
    
    
    
    (3,549
    )
    
    
    7,263
    
    
    
    10,600Copperfield Apartments I & II
    
    Garden
    
    Nov-96
    
    
    Houston, TX
    
    
    
    1983
    
    
    
    196
    
    
    
    940
    
    
    
    7,900
    
    
    
    1,357
    
    
    
    940
    
    
    
    9,257
    
    
    
    10,197
    
    
    
    (2,314
    )
    
    
    7,882
    
    
    
    3,977Copperwood II
    
    Garden
    
    Oct-05
    
    
    The Woodlands, TX
    
    
    
    1981
    
    
    
    150
    
    
    
    512
    
    
    
    5,393
    
    
    
    
    
    
    
    512
    
    
    
    5,393
    
    
    
    5,906
    
    
    
    (2,224
    )
    
    
    3,682
    
    
    
    Coral Garden Apartments
    
    Garden
    
    Jul-94
    
    
    Las Vegas, NV
    
    
    
    1983
    
    
    
    670
    
    
    
    3,190
    
    
    
    12,589
    
    
    
    6,389
    
    
    
    3,190
    
    
    
    18,978
    
    
    
    22,168
    
    
    
    (9,573
    )
    
    
    12,595
    
    
    
    9,773Country Club Heights
    
    Garden
    
    Mar-04
    
    
    Quincy, IL
    
    
    
    1976
    
    
    
    200
    
    
    
    676
    
    
    
    5,715
    
    
    
    4,526
    
    
    
    676
    
    
    
    10,241
    
    
    
    10,917
    
    
    
    (1,269
    )
    
    
    9,648
    
    
    
    8,336Country Club Villas
    
    Garden
    
    Jul-94
    
    
    Amarillo, TX
    
    
    
    1984
    
    
    
    282
    
    
    
    1,049
    
    
    
    5,691
    
    
    
    2,663
    
    
    
    1,049
    
    
    
    8,354
    
    
    
    9,403
    
    
    
    (3,410
    )
    
    
    5,993
    
    
    
    4,347Country Club West
    
    Garden
    
    May-98
    
    
    Greeley, CO
    
    
    
    1986
    
    
    
    288
    
    
    
    2,848
    
    
    
    16,160
    
    
    
    1,464
    
    
    
    2,848
    
    
    
    17,624
    
    
    
    20,472
    
    
    
    (5,738
    )
    
    
    14,734
    
    
    
    10,421Country Lakes I
    
    Garden
    
    Apr-01
    
    
    Naperville, IL
    
    
    
    1982
    
    
    
    240
    
    
    
    8,512
    
    
    
    10,832
    
    
    
    1,604
    
    
    
    8,512
    
    
    
    12,436
    
    
    
    20,948
    
    
    
    (2,833
    )
    
    
    18,115
    
    
    
    10,561Country Lakes II
    
    Garden
    
    May-97
    
    
    Naperville, IL
    
    
    
    1986
    
    
    
    400
    
    
    
    5,165
    
    
    
    29,430
    
    
    
    2,844
    
    
    
    5,165
    
    
    
    32,273
    
    
    
    37,439
    
    
    
    (9,231
    )
    
    
    28,208
    
    
    
    14,520Courtney Park
    
    Garden
    
    May-98
    
    
    Fort Collins, CO
    
    
    
    1986
    
    
    
    248
    
    
    
    2,727
    
    
    
    15,459
    
    
    
    1,279
    
    
    
    2,727
    
    
    
    16,738
    
    
    
    19,465
    
    
    
    (5,256
    )
    
    
    14,209
    
    
    
    9,241Coventry Square Apartments
    
    Garden
    
    Nov-96
    
    
    Houston, TX
    
    
    
    1983
    
    
    
    270
    
    
    
    700
    
    
    
    5,072
    
    
    
    2,842
    
    
    
    700
    
    
    
    7,914
    
    
    
    8,614
    
    
    
    (2,436
    )
    
    
    6,178
    
    
    
    4,155Covington Pointe
    
    Garden
    
    Oct-05
    
    
    Dallas, TX
    
    
    
    1984
    
    
    
    180
    
    
    
    1,983
    
    
    
    11,730
    
    
    
    19
    
    
    
    1,983
    
    
    
    11,749
    
    
    
    13,732
    
    
    
    (4,630
    )
    
    
    9,102
    
    
    
    5,493Creekside
    
    Garden
    
    Jan-00
    
    
    Denver, CO
    
    
    
    1974
    
    
    
    328
    
    
    
    1,702
    
    
    
    13,694
    
    
    
    1,255
    
    
    
    1,702
    
    
    
    14,949
    
    
    
    16,651
    
    
    
    (5,337
    )
    
    
    11,314
    
    
    
    5,842Creekside (CA)
    
    Garden
    
    Mar-02
    
    
    Simi Valley, CA
    
    
    
    1985
    
    
    
    397
    
    
    
    24,595
    
    
    
    18,818
    
    
    
    2,770
    
    
    
    24,595
    
    
    
    21,588
    
    
    
    46,183
    
    
    
    (3,784
    )
    
    
    42,399
    
    
    
    35,407Creekside Gardens
    
    Garden
    
    Mar-02
    
    
    Loveland, CO
    
    
    
    1983
    
    
    
    50
    
    
    
    350
    
    
    
    1,401
    
    
    
    274
    
    
    
    350
    
    
    
    1,675
    
    
    
    2,025
    
    
    
    (283
    )
    
    
    1,743
    
    
    
    1,794Creekview
    
    Garden
    
    Mar-02
    
    
    Stroudsburg, PA
    
    
    
    1982
    
    
    
    80
    
    
    
    400
    
    
    
    1,610
    
    
    
    241
    
    
    
    400
    
    
    
    1,851
    
    
    
    2,251
    
    
    
    (291
    )
    
    
    1,960
    
    
    
    2,778Crescent Gardens
    
    Mid-Rise
    
    Mar-02
    
    
    West Hollywood, CA
    
    
    
    1982
    
    
    
    130
    
    
    
    15,382
    
    
    
    10,215
    
    
    
    983
    
    
    
    15,382
    
    
    
    11,198
    
    
    
    26,580
    
    
    
    (1,876
    )
    
    
    24,704
    
    
    
    15,000Crockett Manor
    
    Garden
    
    Mar-04
    
    
    Trenton, TN
    
    
    
    1982
    
    
    
    38
    
    
    
    42
    
    
    
    1,394
    
    
    
    14
    
    
    
    42
    
    
    
    1,407
    
    
    
    1,450
    
    
    
    (67
    )
    
    
    1,383
    
    
    
    978Crossings Of Bellevue
    
    Garden
    
    May-98
    
    
    Nashville, TN
    
    
    
    1985
    
    
    
    300
    
    
    
    2,588
    
    
    
    14,954
    
    
    
    2,514
    
    
    
    2,588
    
    
    
    17,468
    
    
    
    20,057
    
    
    
    (5,763
    )
    
    
    14,294
    
    
    
    6,965 F-42    Table of Contents   December 31, 2005(2)Initial Cost
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    Cost Capitalized
    
    
    
    Accumulated
    
    Total CostProperty
    
    Date
    
    
    
    Year
    
    Number
    
    
    
    Buildings and
    
    Subsequent to
    
    
    
    Buildings and
    
    
    
    Depreciation
    
    Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    of Units
    
    Land
    
    Improvements
    
    Acquisition
    
    Land
    
    Improvements
    
    Total
    
    (AD)
    
    AD
    
    EncumbrancesCrossroads
    
    Garden
    
    May-98
    
    
    Phoenix, AZ
    
    
    
    1982
    
    
    
    316
    
    
    
    2,180
    
    
    
    12,661
    
    
    
    1,869
    
    
    
    2,180
    
    
    
    14,530
    
    
    
    16,710
    
    
    
    (4,950
    )
    
    
    11,760
    
    
    
    5,675Crows Nest Condominiums
    
    Garden
    
    Nov-96
    
    
    League City, TX
    
    
    
    1984
    
    
    
    176
    
    
    
    939
    
    
    
    5,831
    
    
    
    1,363
    
    
    
    939
    
    
    
    7,194
    
    
    
    8,133
    
    
    
    (1,907
    )
    
    
    6,226
    
    
    
    2,214Cypress Landing
    
    Garden
    
    Dec-96
    
    
    Savannah, GA
    
    
    
    1984
    
    
    
    200
    
    
    
    1,083
    
    
    
    5,696
    
    
    
    1,986
    
    
    
    1,083
    
    
    
    7,682
    
    
    
    8,765
    
    
    
    (2,569
    )
    
    
    6,196
    
    
    
    4,573Daugette Tower
    
    High Rise
    
    Mar-02
    
    
    Gadsden, AL
    
    
    
    1979
    
    
    
    101
    
    
    
    540
    
    
    
    2,178
    
    
    
    995
    
    
    
    540
    
    
    
    3,173
    
    
    
    3,713
    
    
    
    (512
    )
    
    
    3,201
    
    
    
    934Deer Creek
    
    Garden
    
    Apr-00
    
    
    Plainsboro, NJ
    
    
    
    1975
    
    
    
    288
    
    
    
    2,215
    
    
    
    16,804
    
    
    
    2,490
    
    
    
    2,215
    
    
    
    19,294
    
    
    
    21,509
    
    
    
    (7,045
    )
    
    
    14,464
    
    
    
    16,085Deercross
    
    Garden
    
    Oct-02
    
    
    Blue Ash, OH
    
    
    
    1985
    
    
    
    336
    
    
    
    4,365
    
    
    
    13,517
    
    
    
    631
    
    
    
    4,365
    
    
    
    14,147
    
    
    
    18,512
    
    
    
    (4,655
    )
    
    
    13,857
    
    
    
    11,101Deercross (IN)
    
    Garden
    
    Oct-00
    
    
    Indianapolis, IN
    
    
    
    1979
    
    
    
    372
    
    
    
    3,175
    
    
    
    10,426
    
    
    
    1,809
    
    
    
    3,175
    
    
    
    12,235
    
    
    
    15,411
    
    
    
    (3,167
    )
    
    
    12,244
    
    
    
    8,132Deerfield Apartments
    
    Garden
    
    Apr-01
    
    
    Jacksonville, FL
    
    
    
    1989
    
    
    
    256
    
    
    
    3,476
    
    
    
    6,690
    
    
    
    1,361
    
    
    
    3,476
    
    
    
    8,051
    
    
    
    11,527
    
    
    
    (1,976
    )
    
    
    9,551
    
    
    
    7,410Delhaven Manor
    
    Mid-Rise
    
    Mar-02
    
    
    Jackson, MS
    
    
    
    1983
    
    
    
    104
    
    
    
    575
    
    
    
    2,304
    
    
    
    1,107
    
    
    
    575
    
    
    
    3,412
    
    
    
    3,987
    
    
    
    (480
    )
    
    
    3,507
    
    
    
    3,824Denny Place
    
    Garden
    
    Mar-02
    
    
    North Hollywood, CA
    
    
    
    1984
    
    
    
    17
    
    
    
    394
    
    
    
    1,579
    
    
    
    87
    
    
    
    394
    
    
    
    1,665
    
    
    
    2,060
    
    
    
    (234
    )
    
    
    1,825
    
    
    
    1,155Doral Oaks
    
    Garden
    
    Dec-97
    
    
    Temple Terrace, FL
    
    
    
    1967
    
    
    
    252
    
    
    
    2,095
    
    
    
    3,943
    
    
    
    10,865
    
    
    
    2,095
    
    
    
    14,808
    
    
    
    16,904
    
    
    
    (4,266
    )
    
    
    12,638
    
    
    
    4,926Douglaston Villas and Townhomes
    
    Garden
    
    Aug-99
    
    
    Altamonte Springs, FL
    
    
    
    1979
    
    
    
    234
    
    
    
    1,666
    
    
    
    9,353
    
    
    
    2,206
    
    
    
    1,666
    
    
    
    11,559
    
    
    
    13,225
    
    
    
    (3,523
    )
    
    
    9,702
    
    
    
    6,245Dunes Apartment Homes, The
    
    Garden
    
    Oct-99
    
    
    Indian Harbor, FL
    
    
    
    1963
    
    
    
    200
    
    
    
    1,200
    
    
    
    5,740
    
    
    
    1,143
    
    
    
    1,200
    
    
    
    6,882
    
    
    
    8,082
    
    
    
    (3,575
    )
    
    
    4,507
    
    
    
    3,609Dunwoody Park
    
    Garden
    
    Jul-94
    
    
    Dunwoody, GA
    
    
    
    1980
    
    
    
    318
    
    
    
    1,838
    
    
    
    10,513
    
    
    
    3,937
    
    
    
    1,838
    
    
    
    14,450
    
    
    
    16,287
    
    
    
    (5,755
    )
    
    
    10,532
    
    
    
    9,234Eagles Nest
    
    Garden
    
    May-98
    
    
    San Antonio, TX
    
    
    
    1973
    
    
    
    226
    
    
    
    1,053
    
    
    
    5,981
    
    
    
    1,032
    
    
    
    1,053
    
    
    
    7,013
    
    
    
    8,066
    
    
    
    (2,970
    )
    
    
    5,096
    
    
    
    3,855East Central Towers
    
    Mid-Rise
    
    Mar-02
    
    
    Fort Wayne, IN
    
    
    
    1980
    
    
    
    167
    
    
    
    800
    
    
    
    3,203
    
    
    
    132
    
    
    
    800
    
    
    
    3,335
    
    
    
    4,135
    
    
    
    (493
    )
    
    
    3,641
    
    
    
    3,281East Farm Village
    
    High Rise
    
    Mar-02
    
    
    East Haven, CT
    
    
    
    1981
    
    
    
    241
    
    
    
    2,800
    
    
    
    11,188
    
    
    
    1,573
    
    
    
    2,800
    
    
    
    12,761
    
    
    
    15,561
    
    
    
    (1,724
    )
    
    
    13,837
    
    
    
    8,671Easton Village Condominiums I & II
    
    Garden
    
    Nov-96
    
    
    Houston, TX
    
    
    
    1983
    
    
    
    146
    
    
    
    1,070
    
    
    
    9,790
    
    
    
    1,092
    
    
    
    1,070
    
    
    
    10,883
    
    
    
    11,953
    
    
    
    (3,405
    )
    
    
    8,548
    
    
    
    3,320Echo Valley
    
    Mid-Rise
    
    Mar-02
    
    
    West Warwick, RI
    
    
    
    1978
    
    
    
    100
    
    
    
    550
    
    
    
    2,294
    
    
    
    1,013
    
    
    
    550
    
    
    
    3,306
    
    
    
    3,856
    
    
    
    (550
    )
    
    
    3,307
    
    
    
    Elm Creek
    
    Mid-Rise
    
    Dec-97
    
    
    Elmhurst, IL
    
    
    
    1986
    
    
    
    372
    
    
    
    5,534
    
    
    
    30,830
    
    
    
    9,418
    
    
    
    5,534
    
    
    
    40,249
    
    
    
    45,782
    
    
    
    (8,492
    )
    
    
    37,290
    
    
    
    19,019Essex Park
    
    Garden
    
    Oct-99
    
    
    Columbia, SC
    
    
    
    1971
    
    
    
    323
    
    
    
    1,122
    
    
    
    9,666
    
    
    
    1,599
    
    
    
    1,122
    
    
    
    11,265
    
    
    
    12,388
    
    
    
    (5,020
    )
    
    
    7,368
    
    
    
    6,098Evanston Place
    
    High Rise
    
    Dec-97
    
    
    Evanston, IL
    
    
    
    1988
    
    
    
    189
    
    
    
    3,232
    
    
    
    25,546
    
    
    
    1,368
    
    
    
    3,232
    
    
    
    26,914
    
    
    
    30,146
    
    
    
    (6,489
    )
    
    
    23,656
    
    
    
    15,391Fairlane East
    
    Garden
    
    Jan-01
    
    
    Dearborn, MI
    
    
    
    1973
    
    
    
    244
    
    
    
    6,480
    
    
    
    11,177
    
    
    
    3,888
    
    
    
    6,480
    
    
    
    15,065
    
    
    
    21,545
    
    
    
    (3,908
    )
    
    
    17,637
    
    
    
    10,515Fairway
    
    Garden
    
    Jan-00
    
    
    Plano, TX
    
    
    
    1978
    
    
    
    256
    
    
    
    3,078
    
    
    
    5,199
    
    
    
    2,721
    
    
    
    3,078
    
    
    
    7,919
    
    
    
    10,997
    
    
    
    (3,255
    )
    
    
    7,742
    
    
    
    5,712Fairway View II
    
    Garden
    
    Oct-99
    
    
    Baton Rouge, LA
    
    
    
    1981
    
    
    
    204
    
    
    
    1,264
    
    
    
    8,927
    
    
    
    212
    
    
    
    1,264
    
    
    
    9,139
    
    
    
    10,403
    
    
    
    (4,104
    )
    
    
    6,299
    
    
    
    4,856Fairways
    
    Garden
    
    Jul-94
    
    
    Chandler, AZ
    
    
    
    1986
    
    
    
    352
    
    
    
    1,830
    
    
    
    15,738
    
    
    
    4,963
    
    
    
    1,830
    
    
    
    20,702
    
    
    
    22,532
    
    
    
    (8,071
    )
    
    
    14,461
    
    
    
    8,199Falls of Bells Ferry, The
    
    Garden
    
    May-98
    
    
    Marietta, GA
    
    
    
    1987
    
    
    
    720
    
    
    
    6,568
    
    
    
    37,283
    
    
    
    4,508
    
    
    
    6,568
    
    
    
    41,792
    
    
    
    48,360
    
    
    
    (14,159
    )
    
    
    34,201
    
    
    
    25,000Falls on Bull Creek, The
    
    Garden
    
    May-98
    
    
    Austin, TX
    
    
    
    1986
    
    
    
    344
    
    
    
    2,645
    
    
    
    15,011
    
    
    
    9,307
    
    
    
    2,645
    
    
    
    24,318
    
    
    
    26,963
    
    
    
    (7,264
    )
    
    
    19,699
    
    
    
    7,905Farmingdale
    
    Mid-Rise
    
    Oct-00
    
    
    Darien, IL
    
    
    
    1975
    
    
    
    240
    
    
    
    11,763
    
    
    
    15,174
    
    
    
    1,964
    
    
    
    11,763
    
    
    
    17,139
    
    
    
    28,902
    
    
    
    (2,989
    )
    
    
    25,913
    
    
    
    19,000Ferntree
    
    Garden
    
    Mar-01
    
    
    Phoenix, AZ
    
    
    
    1970
    
    
    
    219
    
    
    
    2,078
    
    
    
    13,752
    
    
    
    1,141
    
    
    
    2,078
    
    
    
    14,893
    
    
    
    16,972
    
    
    
    (2,767
    )
    
    
    14,204
    
    
    
    4,332Fieldcrest (FL)
    
    Garden
    
    Oct-98
    
    
    Jacksonville, FL
    
    
    
    1982
    
    
    
    240
    
    
    
    1,331
    
    
    
    7,617
    
    
    
    1,564
    
    
    
    1,331
    
    
    
    9,181
    
    
    
    10,512
    
    
    
    (2,838
    )
    
    
    7,674
    
    
    
    8,980Fishermans Landing
    
    Garden
    
    Dec-97
    
    
    Bradenton, FL
    
    
    
    1984
    
    
    
    200
    
    
    
    1,276
    
    
    
    7,170
    
    
    
    1,684
    
    
    
    1,276
    
    
    
    8,854
    
    
    
    10,131
    
    
    
    (2,787
    )
    
    
    7,344
    
    
    
    8,232Fishermans Landing
    
    Garden
    
    Sep-98
    
    
    Temple Terrace, FL
    
    
    
    1986
    
    
    
    256
    
    
    
    1,643
    
    
    
    9,446
    
    
    
    2,468
    
    
    
    1,643
    
    
    
    11,914
    
    
    
    13,557
    
    
    
    (3,404
    )
    
    
    10,152
    
    
    
    12,466Fishermans Wharf Apartments
    
    Garden
    
    Nov-96
    
    
    Clute, TX
    
    
    
    1981
    
    
    
    360
    
    
    
    1,257
    
    
    
    7,584
    
    
    
    3,208
    
    
    
    1,257
    
    
    
    10,792
    
    
    
    12,049
    
    
    
    (3,598
    )
    
    
    8,452
    
    
    
    2,694Flamingo South Beach
    
    High Rise
    
    Sep-97
    
    
    Miami Beach, FL
    
    
    
    1960/2005
    
    
    
    1,688
    
    
    
    48,000
    
    
    
    76,799
    
    
    
    258,106
    
    
    
    48,000
    
    
    
    334,904
    
    
    
    382,905
    
    
    
    (50,891
    )
    
    
    332,014
    
    
    
    76,896Foothill Place
    
    Garden
    
    Jul-00
    
    
    Salt Lake City, UT
    
    
    
    1973
    
    
    
    450
    
    
    
    3,865
    
    
    
    21,817
    
    
    
    3,620
    
    
    
    3,865
    
    
    
    25,437
    
    
    
    29,303
    
    
    
    (9,101
    )
    
    
    20,202
    
    
    
    17,633Fox Crest
    
    Garden
    
    Jan-03
    
    
    Waukegan, IL
    
    
    
    1974
    
    
    
    245
    
    
    
    2,129
    
    
    
    12,316
    
    
    
    228
    
    
    
    2,129
    
    
    
    12,545
    
    
    
    14,674
    
    
    
    (1,394
    )
    
    
    13,280
    
    
    
    6,931Fox Run (NJ)
    
    Garden
    
    Jan-00
    
    
    Plainsboro, NJ
    
    
    
    1973
    
    
    
    776
    
    
    
    7,119
    
    
    
    48,588
    
    
    
    10,056
    
    
    
    7,119
    
    
    
    58,644
    
    
    
    65,763
    
    
    
    (19,117
    )
    
    
    46,646
    
    
    
    31,200Fox Run (TX)
    
    Garden
    
    Mar-02
    
    
    Orange, TX
    
    
    
    1983
    
    
    
    70
    
    
    
    420
    
    
    
    1,993
    
    
    
    206
    
    
    
    420
    
    
    
    2,199
    
    
    
    2,619
    
    
    
    (314
    )
    
    
    2,305
    
    
    
    1,723Foxchase
    
    Garden
    
    Dec-97
    
    
    Alexandria, VA
    
    
    
    1947
    
    
    
    2,113
    
    
    
    15,419
    
    
    
    96,062
    
    
    
    15,877
    
    
    
    15,419
    
    
    
    111,939
    
    
    
    127,359
    
    
    
    (36,316
    )
    
    
    91,043
    
    
    
    139,610Foxtree
    
    Garden
    
    Oct-97
    
    
    Tempe, AZ
    
    
    
    1976
    
    
    
    487
    
    
    
    2,458
    
    
    
    13,927
    
    
    
    5,030
    
    
    
    2,458
    
    
    
    18,957
    
    
    
    21,415
    
    
    
    (6,554
    )
    
    
    14,861
    
    
    
    6,787Frankford Place
    
    Garden
    
    Jul-94
    
    
    Carrollton, TX
    
    
    
    1982
    
    
    
    274
    
    
    
    1,125
    
    
    
    6,083
    
    
    
    3,255
    
    
    
    1,125
    
    
    
    9,338
    
    
    
    10,463
    
    
    
    (3,498
    )
    
    
    6,965
    
    
    
    4,776Franklin Oaks
    
    Garden
    
    May-98
    
    
    Franklin, TN
    
    
    
    1987
    
    
    
    468
    
    
    
    3,936
    
    
    
    22,832
    
    
    
    7,668
    
    
    
    3,936
    
    
    
    30,501
    
    
    
    34,437
    
    
    
    (9,079
    )
    
    
    25,358
    
    
    
    14,450Freedom Place Club
    
    Garden
    
    Oct-97
    
    
    Jacksonville, FL
    
    
    
    1988
    
    
    
    352
    
    
    
    2,289
    
    
    
    12,982
    
    
    
    2,051
    
    
    
    2,289
    
    
    
    15,033
    
    
    
    17,322
    
    
    
    (4,820
    )
    
    
    12,503
    
    
    
    5,321Friendship Arms
    
    Mid-Rise
    
    Mar-02
    
    
    Hyattsville, MD
    
    
    
    1979
    
    
    
    151
    
    
    
    970
    
    
    
    3,887
    
    
    
    669
    
    
    
    970
    
    
    
    4,557
    
    
    
    5,527
    
    
    
    (907
    )
    
    
    4,620
    
    
    
    5,445Gary Manor
    
    High Rise
    
    Mar-02
    
    
    Gary, IN
    
    
    
    1980
    
    
    
    198
    
    
    
    1,090
    
    
    
    4,370
    
    
    
    696
    
    
    
    1,090
    
    
    
    5,066
    
    
    
    6,156
    
    
    
    (704
    )
    
    
    5,452
    
    
    
    5,315Gates Manor
    
    Garden
    
    Mar-04
    
    
    Clinton, TN
    
    
    
    1981
    
    
    
    80
    
    
    
    266
    
    
    
    2,225
    
    
    
    195
    
    
    
    266
    
    
    
    2,421
    
    
    
    2,687
    
    
    
    (685
    )
    
    
    2,002
    
    
    
    1,808Gateway Village
    
    Garden
    
    Mar-04
    
    
    Hillsborough, NC
    
    
    
    1980
    
    
    
    64
    
    
    
    433
    
    
    
    1,666
    
    
    
    125
    
    
    
    433
    
    
    
    1,791
    
    
    
    2,224
    
    
    
    (345
    )
    
    
    1,879
    
    
    
    1,563Georgetown
    
    Garden
    
    Aug-02
    
    
    Framingham, MA
    
    
    
    1964
    
    
    
    207
    
    
    
    12,351
    
    
    
    13,168
    
    
    
    885
    
    
    
    12,351
    
    
    
    14,053
    
    
    
    26,404
    
    
    
    (2,036
    )
    
    
    24,368
    
    
    
    15,226Gholson Hotel
    
    Mid-Rise
    
    Mar-02
    
    
    Ranger, TX
    
    
    
    1984
    
    
    
    50
    
    
    
    325
    
    
    
    1,334
    
    
    
    741
    
    
    
    325
    
    
    
    2,075
    
    
    
    2,400
    
    
    
    (220
    )
    
    
    2,180
    
    
    
    2,182Gladys Hampton Houses
    
    High Rise
    
    Oct-02
    
    
    New York, NY
    
    
    
    1980
    
    
    
    205
    
    
    
    1,009
    
    
    
    7,876
    
    
    
    1,568
    
    
    
    1,009
    
    
    
    9,445
    
    
    
    10,454
    
    
    
    (2,279
    )
    
    
    8,174
    
    
    
    7,581 F-43    Table of Contents   December 31, 2005(2)Initial Cost
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    Cost Capitalized
    
    
    
    Accumulated
    
    Total CostProperty
    
    Date
    
    
    
    Year
    
    Number
    
    
    
    Buildings and
    
    Subsequent to
    
    
    
    Buildings and
    
    
    
    Depreciation
    
    Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    of Units
    
    Land
    
    Improvements
    
    Acquisition
    
    Land
    
    Improvements
    
    Total
    
    (AD)
    
    AD
    
    EncumbrancesGlenbridge Manors
    
    Garden
    
    Sep-03
    
    
    Cincinnati, OH
    
    
    
    1978
    
    
    
    290
    
    
    
    1,023
    
    
    
    17,618
    
    
    
    11,564
    
    
    
    1,023
    
    
    
    29,182
    
    
    
    30,205
    
    
    
    (3,582
    )
    
    
    26,623
    
    
    
    20,568Governors Park (AR)
    
    Garden
    
    Apr-00
    
    
    Little Rock, AR
    
    
    
    1985
    
    
    
    154
    
    
    
    753
    
    
    
    5,938
    
    
    
    478
    
    
    
    753
    
    
    
    6,416
    
    
    
    7,170
    
    
    
    (2,596
    )
    
    
    4,574
    
    
    
    3,294Governors Park (CO)
    
    Garden
    
    Jan-00
    
    
    Ft. Collins, CO
    
    
    
    1982
    
    
    
    188
    
    
    
    1,116
    
    
    
    9,089
    
    
    
    867
    
    
    
    1,116
    
    
    
    9,956
    
    
    
    11,072
    
    
    
    (3,589
    )
    
    
    7,482
    
    
    
    6,310Granada
    
    Mid-Rise
    
    Aug-02
    
    
    Framingham, MA
    
    
    
    1958
    
    
    
    72
    
    
    
    4,577
    
    
    
    4,058
    
    
    
    324
    
    
    
    4,577
    
    
    
    4,381
    
    
    
    8,958
    
    
    
    (861
    )
    
    
    8,097
    
    
    
    5,091Grand Pointe
    
    Garden
    
    Dec-99
    
    
    Columbia, MD
    
    
    
    1974
    
    
    
    325
    
    
    
    2,715
    
    
    
    16,771
    
    
    
    3,120
    
    
    
    2,715
    
    
    
    19,891
    
    
    
    22,606
    
    
    
    (4,450
    )
    
    
    18,156
    
    
    
    18,000Greens
    
    Garden
    
    Jul-94
    
    
    Chandler, AZ
    
    
    
    2000
    
    
    
    324
    
    
    
    2,303
    
    
    
    713
    
    
    
    27,294
    
    
    
    2,303
    
    
    
    28,007
    
    
    
    30,310
    
    
    
    (3,981
    )
    
    
    26,329
    
    
    
    15,382Greenspoint Apartments
    
    Garden
    
    Jan-00
    
    
    Phoenix, AZ
    
    
    
    1985
    
    
    
    336
    
    
    
    2,196
    
    
    
    13,969
    
    
    
    1,415
    
    
    
    2,196
    
    
    
    15,383
    
    
    
    17,579
    
    
    
    (6,090
    )
    
    
    11,489
    
    
    
    10,893Greentree
    
    Garden
    
    Dec-96
    
    
    Carrollton, TX
    
    
    
    1983
    
    
    
    365
    
    
    
    1,873
    
    
    
    9,848
    
    
    
    4,039
    
    
    
    1,873
    
    
    
    13,887
    
    
    
    15,760
    
    
    
    (4,292
    )
    
    
    11,467
    
    
    
    8,560Hamlin Estates
    
    Garden
    
    Mar-02
    
    
    North Hollywood, CA
    
    
    
    1983
    
    
    
    30
    
    
    
    1,010
    
    
    
    1,691
    
    
    
    111
    
    
    
    1,010
    
    
    
    1,802
    
    
    
    2,812
    
    
    
    (287
    )
    
    
    2,525
    
    
    
    1,797Hampton Greens
    
    Garden
    
    Oct-02
    
    
    Dallas, TX
    
    
    
    1986
    
    
    
    309
    
    
    
    1,731
    
    
    
    9,896
    
    
    
    866
    
    
    
    1,731
    
    
    
    10,762
    
    
    
    12,493
    
    
    
    (4,460
    )
    
    
    8,032
    
    
    
    2,804Hampton Hill Apartments
    
    Garden
    
    Nov-96
    
    
    Houston, TX
    
    
    
    1984
    
    
    
    332
    
    
    
    1,311
    
    
    
    7,122
    
    
    
    3,011
    
    
    
    1,311
    
    
    
    10,133
    
    
    
    11,444
    
    
    
    (3,228
    )
    
    
    8,216
    
    
    
    5,290Harbor Ridge II
    
    Garden
    
    Mar-04
    
    
    Maineville, OH
    
    
    
    1985
    
    
    
    24
    
    
    
    266
    
    
    
    1,180
    
    
    
    288
    
    
    
    266
    
    
    
    1,468
    
    
    
    1,733
    
    
    
    (331
    )
    
    
    1,402
    
    
    
    804Harbor Ridge III
    
    Garden
    
    Mar-04
    
    
    Maineville, OH
    
    
    
    1985
    
    
    
    48
    
    
    
    384
    
    
    
    1,330
    
    
    
    216
    
    
    
    384
    
    
    
    1,547
    
    
    
    1,931
    
    
    
    (53
    )
    
    
    1,878
    
    
    
    1,560Harbor Town at Jacaranda
    
    Garden
    
    Sep-00
    
    
    Plantation, FL
    
    
    
    1988
    
    
    
    280
    
    
    
    9,776
    
    
    
    10,643
    
    
    
    2,017
    
    
    
    9,776
    
    
    
    12,660
    
    
    
    22,436
    
    
    
    (3,062
    )
    
    
    19,374
    
    
    
    11,800Harbour, The
    
    Garden
    
    Mar-01
    
    
    Melbourne, FL
    
    
    
    1987
    
    
    
    162
    
    
    
    4,108
    
    
    
    3,563
    
    
    
    1,444
    
    
    
    4,108
    
    
    
    5,007
    
    
    
    9,115
    
    
    
    (1,573
    )
    
    
    7,541
    
    
    
    Harris Park Apartments
    
    Garden
    
    Dec-97
    
    
    Rochester, NY
    
    
    
    1968
    
    
    
    114
    
    
    
    475
    
    
    
    2,786
    
    
    
    905
    
    
    
    475
    
    
    
    3,691
    
    
    
    4,166
    
    
    
    (1,277
    )
    
    
    2,889
    
    
    
    714Hastings Place Apartments
    
    Garden
    
    Nov-96
    
    
    Houston, TX
    
    
    
    1984
    
    
    
    176
    
    
    
    934
    
    
    
    5,021
    
    
    
    2,366
    
    
    
    934
    
    
    
    7,386
    
    
    
    8,320
    
    
    
    (1,723
    )
    
    
    6,597
    
    
    
    3,726Heather Ridge (AZ)
    
    Garden
    
    May-98
    
    
    Phoenix, AZ
    
    
    
    1983
    
    
    
    252
    
    
    
    1,610
    
    
    
    9,141
    
    
    
    1,278
    
    
    
    1,610
    
    
    
    10,419
    
    
    
    12,030
    
    
    
    (3,699
    )
    
    
    8,331
    
    
    
    4,800Heather Ridge (TX)
    
    Garden
    
    Dec-00
    
    
    Arlington, TX
    
    
    
    1982
    
    
    
    180
    
    
    
    785
    
    
    
    4,900
    
    
    
    527
    
    
    
    785
    
    
    
    5,427
    
    
    
    6,212
    
    
    
    (2,101
    )
    
    
    4,111
    
    
    
    3,240Hemet Estates
    
    Garden
    
    Mar-02
    
    
    Hemet, CA
    
    
    
    1983
    
    
    
    80
    
    
    
    700
    
    
    
    2,802
    
    
    
    341
    
    
    
    700
    
    
    
    3,143
    
    
    
    3,843
    
    
    
    (533
    )
    
    
    3,310
    
    
    
    1,793Heritage Park at Alta Loma
    
    Garden
    
    Jan-01
    
    
    Alta Loma, CA
    
    
    
    1986
    
    
    
    232
    
    
    
    1,200
    
    
    
    6,428
    
    
    
    2,196
    
    
    
    1,200
    
    
    
    8,625
    
    
    
    9,825
    
    
    
    (1,716
    )
    
    
    8,109
    
    
    
    7,264Heritage Park Escondido
    
    Garden
    
    Oct-00
    
    
    Escondido, CA
    
    
    
    1986
    
    
    
    196
    
    
    
    1,009
    
    
    
    7,314
    
    
    
    440
    
    
    
    1,009
    
    
    
    7,754
    
    
    
    8,763
    
    
    
    (2,817
    )
    
    
    5,946
    
    
    
    7,299Heritage Park Livermore
    
    Garden
    
    Oct-00
    
    
    Livermore, CA
    
    
    
    1988
    
    
    
    167
    
    
    
    829
    
    
    
    8,977
    
    
    
    737
    
    
    
    829
    
    
    
    9,714
    
    
    
    10,543
    
    
    
    (2,329
    )
    
    
    8,214
    
    
    
    7,432Heritage Park Montclair
    
    Garden
    
    Mar-01
    
    
    Montclair, CA
    
    
    
    1985
    
    
    
    144
    
    
    
    690
    
    
    
    4,149
    
    
    
    474
    
    
    
    690
    
    
    
    4,623
    
    
    
    5,312
    
    
    
    (960
    )
    
    
    4,352
    
    
    
    4,620Heritage Square
    
    Garden
    
    Mar-02
    
    
    Texas City, TX
    
    
    
    1983
    
    
    
    50
    
    
    
    668
    
    
    
    859
    
    
    
    278
    
    
    
    668
    
    
    
    1,137
    
    
    
    1,804
    
    
    
    (198
    )
    
    
    1,607
    
    
    
    1,573Heritage Village Anaheim
    
    Garden
    
    Oct-00
    
    
    Anaheim, CA
    
    
    
    1986
    
    
    
    196
    
    
    
    1,779
    
    
    
    8,232
    
    
    
    717
    
    
    
    1,779
    
    
    
    8,949
    
    
    
    10,728
    
    
    
    (3,172
    )
    
    
    7,556
    
    
    
    8,858Hibben Ferry I
    
    Garden
    
    Apr-00
    
    
    Mt. Pleasant, SC
    
    
    
    1983
    
    
    
    240
    
    
    
    1,460
    
    
    
    8,886
    
    
    
    4,997
    
    
    
    1,460
    
    
    
    13,884
    
    
    
    15,344
    
    
    
    (2,241
    )
    
    
    13,103
    
    
    
    5,807Hidden Cove (CA)
    
    Garden
    
    Jul-98
    
    
    Escondido, CA
    
    
    
    1985
    
    
    
    334
    
    
    
    3,043
    
    
    
    17,615
    
    
    
    3,899
    
    
    
    3,043
    
    
    
    21,514
    
    
    
    24,557
    
    
    
    (6,212
    )
    
    
    18,345
    
    
    
    17,130Hidden Cove (MI)
    
    Garden
    
    Apr-00
    
    
    Belleville, MI
    
    
    
    1976
    
    
    
    120
    
    
    
    433
    
    
    
    5,166
    
    
    
    760
    
    
    
    433
    
    
    
    5,926
    
    
    
    6,360
    
    
    
    (3,268
    )
    
    
    3,091
    
    
    
    2,536Hidden Harbour
    
    Garden
    
    Oct-02
    
    
    Melbourne, FL
    
    
    
    1985
    
    
    
    216
    
    
    
    984
    
    
    
    8,050
    
    
    
    628
    
    
    
    984
    
    
    
    8,678
    
    
    
    9,662
    
    
    
    (1,571
    )
    
    
    8,091
    
    
    
    6,129Hidden Lake
    
    Garden
    
    May-98
    
    
    Tampa, FL
    
    
    
    1983
    
    
    
    267
    
    
    
    1,361
    
    
    
    7,765
    
    
    
    1,866
    
    
    
    1,361
    
    
    
    9,631
    
    
    
    10,993
    
    
    
    (2,981
    )
    
    
    8,012
    
    
    
    4,366Hiddentree
    
    Garden
    
    Oct-97
    
    
    East Lansing, MI
    
    
    
    1966
    
    
    
    261
    
    
    
    1,470
    
    
    
    8,340
    
    
    
    2,556
    
    
    
    1,470
    
    
    
    10,895
    
    
    
    12,365
    
    
    
    (3,584
    )
    
    
    8,781
    
    
    
    3,368Highcrest Townhomes
    
    Town Home
    
    Jan-03
    
    
    Woodridge, IL
    
    
    
    1968
    
    
    
    176
    
    
    
    3,181
    
    
    
    13,126
    
    
    
    552
    
    
    
    3,181
    
    
    
    13,678
    
    
    
    16,859
    
    
    
    (3,842
    )
    
    
    13,016
    
    
    
    5,975Highland Park
    
    Garden
    
    Dec-96
    
    
    Fort Worth, TX
    
    
    
    1985
    
    
    
    500
    
    
    
    6,248
    
    
    
    9,246
    
    
    
    4,573
    
    
    
    6,248
    
    
    
    13,820
    
    
    
    20,067
    
    
    
    (4,953
    )
    
    
    15,114
    
    
    
    10,121Highland Ridge
    
    Garden
    
    Sep-04
    
    
    Atlanta, GA
    
    
    
    1984
    
    
    
    219
    
    
    
    1,357
    
    
    
    6,778
    
    
    
    4,146
    
    
    
    1,357
    
    
    
    10,924
    
    
    
    12,281
    
    
    
    (2,248
    )
    
    
    10,033
    
    
    
    Highlawn Place
    
    High Rise
    
    Mar-02
    
    
    Huntington, WV
    
    
    
    1977
    
    
    
    133
    
    
    
    550
    
    
    
    2,204
    
    
    
    458
    
    
    
    550
    
    
    
    2,663
    
    
    
    3,213
    
    
    
    (351
    )
    
    
    2,861
    
    
    
    2,163Hillcreste
    
    Garden
    
    Mar-02
    
    
    Los Angeles, CA
    
    
    
    1989
    
    
    
    315
    
    
    
    33,755
    
    
    
    47,216
    
    
    
    3,258
    
    
    
    33,755
    
    
    
    50,474
    
    
    
    84,230
    
    
    
    (6,067
    )
    
    
    78,163
    
    
    
    47,244Hillmeade
    
    Garden
    
    Nov-94
    
    
    Nashville, TN
    
    
    
    1985
    
    
    
    288
    
    
    
    2,872
    
    
    
    16,069
    
    
    
    10,154
    
    
    
    2,872
    
    
    
    26,223
    
    
    
    29,095
    
    
    
    (12,390
    )
    
    
    16,705
    
    
    
    8,411Hills at the Arboretum, The
    
    Garden
    
    Oct-97
    
    
    Austin, TX
    
    
    
    1983
    
    
    
    327
    
    
    
    1,367
    
    
    
    7,764
    
    
    
    11,713
    
    
    
    1,367
    
    
    
    19,478
    
    
    
    20,845
    
    
    
    (4,419
    )
    
    
    16,426
    
    
    
    14,059Homestead
    
    Garden
    
    Apr-05
    
    
    East Lansing, MI
    
    
    
    1986
    
    
    
    168
    
    
    
    750
    
    
    
    8,079
    
    
    
    288
    
    
    
    750
    
    
    
    8,366
    
    
    
    9,116
    
    
    
    (2,780
    )
    
    
    6,336
    
    
    
    4,011Hopkins Village
    
    Mid-Rise
    
    Sep-03
    
    
    Baltimore, MD
    
    
    
    1979
    
    
    
    165
    
    
    
    857
    
    
    
    4,207
    
    
    
    690
    
    
    
    857
    
    
    
    4,896
    
    
    
    5,753
    
    
    
    (2,433
    )
    
    
    3,320
    
    
    
    3,115Hudson Gardens
    
    Garden
    
    Mar-02
    
    
    Pasadena, CA
    
    
    
    1983
    
    
    
    41
    
    
    
    914
    
    
    
    1,548
    
    
    
    132
    
    
    
    914
    
    
    
    1,680
    
    
    
    2,595
    
    
    
    (292
    )
    
    
    2,303
    
    
    
    963Hunt Club (MD)
    
    Garden
    
    Sep-00
    
    
    Gaithersburg, MD
    
    
    
    1986
    
    
    
    336
    
    
    
    17,859
    
    
    
    13,149
    
    
    
    1,977
    
    
    
    17,859
    
    
    
    15,127
    
    
    
    32,986
    
    
    
    (3,574
    )
    
    
    29,412
    
    
    
    18,660Hunt Club (PA)
    
    Garden
    
    Sep-00
    
    
    North Wales, PA
    
    
    
    1986
    
    
    
    320
    
    
    
    17,122
    
    
    
    13,653
    
    
    
    2,521
    
    
    
    17,122
    
    
    
    16,174
    
    
    
    33,296
    
    
    
    (4,983
    )
    
    
    28,313
    
    
    
    21,500Hunt Club (SC)
    
    Garden
    
    Sep-03
    
    
    Spartanburg, SC
    
    
    
    1987
    
    
    
    204
    
    
    
    4,107
    
    
    
    6,616
    
    
    
    618
    
    
    
    4,107
    
    
    
    7,233
    
    
    
    11,341
    
    
    
    (1,487
    )
    
    
    9,854
    
    
    
    5,385Hunt Club (TX)
    
    Garden
    
    Mar-01
    
    
    Austin, TX
    
    
    
    1987
    
    
    
    384
    
    
    
    10,342
    
    
    
    11,920
    
    
    
    1,207
    
    
    
    10,342
    
    
    
    13,127
    
    
    
    23,469
    
    
    
    (4,027
    )
    
    
    19,442
    
    
    
    19,936Hunt Club I
    
    Garden
    
    Oct-00
    
    
    Ypsilanti, MI
    
    
    
    1988
    
    
    
    296
    
    
    
    2,498
    
    
    
    8,872
    
    
    
    1,597
    
    
    
    2,498
    
    
    
    10,469
    
    
    
    12,967
    
    
    
    (2,456
    )
    
    
    10,510
    
    
    
    9,605Hunt Club II
    
    Garden
    
    Mar-01
    
    
    Ypsilanti, MI
    
    
    
    1988
    
    
    
    144
    
    
    
    1,628
    
    
    
    6,049
    
    
    
    632
    
    
    
    1,628
    
    
    
    6,681
    
    
    
    8,309
    
    
    
    (1,496
    )
    
    
    6,813
    
    
    
    5,175Hunters Chase
    
    Garden
    
    Jan-01
    
    
    Midlothian, VA
    
    
    
    1985
    
    
    
    320
    
    
    
    7,639
    
    
    
    8,668
    
    
    
    1,403
    
    
    
    7,639
    
    
    
    10,071
    
    
    
    17,711
    
    
    
    (1,937
    )
    
    
    15,773
    
    
    
    17,042Hunters Creek
    
    Garden
    
    May-99
    
    
    Cincinnati, OH
    
    
    
    1981
    
    
    
    146
    
    
    
    661
    
    
    
    3,818
    
    
    
    1,045
    
    
    
    661
    
    
    
    4,864
    
    
    
    5,525
    
    
    
    (1,658
    )
    
    
    3,867
    
    
    
    2,725Hunters Crossing
    
    Garden
    
    Apr-01
    
    
    Leesburg, VA
    
    
    
    1967
    
    
    
    164
    
    
    
    2,244
    
    
    
    7,763
    
    
    
    1,411
    
    
    
    2,244
    
    
    
    9,174
    
    
    
    11,417
    
    
    
    (2,838
    )
    
    
    8,579
    
    
    
    4,007 F-44    Table of Contents   December 31, 2005(2)Initial Cost
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    Cost Capitalized
    
    
    
    Accumulated
    
    Total CostProperty
    
    Date
    
    
    
    Year
    
    Number
    
    
    
    Buildings and
    
    Subsequent to
    
    
    
    Buildings and
    
    
    
    Depreciation
    
    Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    of Units
    
    Land
    
    Improvements
    
    Acquisition
    
    Land
    
    Improvements
    
    Total
    
    (AD)
    
    AD
    
    EncumbrancesHunters Glen
    
    Garden
    
    Apr-98
    
    
    Austell, GA
    
    
    
    1983
    
    
    
    72
    
    
    
    301
    
    
    
    1,731
    
    
    
    443
    
    
    
    301
    
    
    
    2,173
    
    
    
    2,474
    
    
    
    (692
    )
    
    
    1,782
    
    
    
    663Hunters Glen IV
    
    Garden
    
    Oct-99
    
    
    Plainsboro, NJ
    
    
    
    1976
    
    
    
    264
    
    
    
    2,227
    
    
    
    14,811
    
    
    
    2,834
    
    
    
    2,227
    
    
    
    17,646
    
    
    
    19,873
    
    
    
    (6,387
    )
    
    
    13,486
    
    
    
    16,694Hunters Glen V
    
    Garden
    
    Oct-99
    
    
    Plainsboro, NJ
    
    
    
    1977
    
    
    
    304
    
    
    
    2,688
    
    
    
    17,797
    
    
    
    3,252
    
    
    
    2,688
    
    
    
    21,049
    
    
    
    23,737
    
    
    
    (7,586
    )
    
    
    16,151
    
    
    
    19,731Hunters Glen VI
    
    Garden
    
    Oct-99
    
    
    Plainsboro, NJ
    
    
    
    1977
    
    
    
    328
    
    
    
    2,405
    
    
    
    15,912
    
    
    
    3,641
    
    
    
    2,405
    
    
    
    19,553
    
    
    
    21,958
    
    
    
    (7,768
    )
    
    
    14,189
    
    
    
    20,536Huntington Athletic Club
    
    Garden
    
    Oct-99
    
    
    Morrisville, NC
    
    
    
    1986
    
    
    
    212
    
    
    
    1,650
    
    
    
    11,265
    
    
    
    2,549
    
    
    
    1,650
    
    
    
    13,814
    
    
    
    15,464
    
    
    
    (5,270
    )
    
    
    10,194
    
    
    
    6,353Hyde Park Tower
    
    High Rise
    
    Oct-04
    
    
    Chicago, IL
    
    
    
    1990
    
    
    
    155
    
    
    
    4,683
    
    
    
    14,928
    
    
    
    540
    
    
    
    4,683
    
    
    
    15,468
    
    
    
    20,151
    
    
    
    (503
    )
    
    
    19,649
    
    
    
    12,930Indian Creek Village
    
    Garden
    
    Oct-99
    
    
    Overland Park, KS
    
    
    
    1972
    
    
    
    273
    
    
    
    2,437
    
    
    
    10,737
    
    
    
    3,577
    
    
    
    2,437
    
    
    
    14,314
    
    
    
    16,751
    
    
    
    (6,401
    )
    
    
    10,350
    
    
    
    7,694Indian Oaks
    
    Garden
    
    Mar-02
    
    
    Simi Valley, CA
    
    
    
    1986
    
    
    
    254
    
    
    
    23,927
    
    
    
    15,801
    
    
    
    1,462
    
    
    
    23,927
    
    
    
    17,263
    
    
    
    41,190
    
    
    
    (2,783
    )
    
    
    38,407
    
    
    
    26,837Island Club
    
    Garden
    
    Oct-02
    
    
    Columbus, OH
    
    
    
    1984
    
    
    
    308
    
    
    
    1,724
    
    
    
    9,458
    
    
    
    1,004
    
    
    
    1,724
    
    
    
    10,461
    
    
    
    12,185
    
    
    
    (1,332
    )
    
    
    10,853
    
    
    
    9,073Island Club (Beville)
    
    Garden
    
    Oct-00
    
    
    Daytona Beach, FL
    
    
    
    1986
    
    
    
    204
    
    
    
    6,755
    
    
    
    9,465
    
    
    
    1,200
    
    
    
    6,755
    
    
    
    10,665
    
    
    
    17,421
    
    
    
    (4,164
    )
    
    
    13,257
    
    
    
    8,440Island Club (CA)
    
    Garden
    
    Oct-00
    
    
    Oceanside, CA
    
    
    
    1986
    
    
    
    592
    
    
    
    17,897
    
    
    
    28,428
    
    
    
    5,139
    
    
    
    17,897
    
    
    
    33,567
    
    
    
    51,464
    
    
    
    (6,795
    )
    
    
    44,669
    
    
    
    37,664Island Club (MD)
    
    Garden
    
    Mar-01
    
    
    Columbia, MD
    
    
    
    1986
    
    
    
    176
    
    
    
    2,351
    
    
    
    14,590
    
    
    
    940
    
    
    
    2,351
    
    
    
    15,530
    
    
    
    17,881
    
    
    
    (2,975
    )
    
    
    14,906
    
    
    
    11,081Island Club (Palm Aire)
    
    Garden
    
    Oct-00
    
    
    Pomano Beach, FL
    
    
    
    1988
    
    
    
    260
    
    
    
    7,615
    
    
    
    7,652
    
    
    
    4,322
    
    
    
    7,615
    
    
    
    11,974
    
    
    
    19,589
    
    
    
    (2,665
    )
    
    
    16,924
    
    
    
    11,285Islandtree
    
    Garden
    
    Oct-97
    
    
    Savannah, GA
    
    
    
    1985
    
    
    
    216
    
    
    
    1,267
    
    
    
    7,191
    
    
    
    1,526
    
    
    
    1,267
    
    
    
    8,717
    
    
    
    9,984
    
    
    
    (2,922
    )
    
    
    7,062
    
    
    
    3,216Jefferson Place
    
    Garden
    
    Nov-94
    
    
    Baton Rouge, LA
    
    
    
    1985
    
    
    
    234
    
    
    
    2,697
    
    
    
    16,332
    
    
    
    1,786
    
    
    
    2,697
    
    
    
    18,117
    
    
    
    20,814
    
    
    
    (6,803
    )
    
    
    14,011
    
    
    
    7,176Jenny Lind Hall
    
    High Rise
    
    Mar-04
    
    
    Springfield, MO
    
    
    
    1977
    
    
    
    78
    
    
    
    142
    
    
    
    3,684
    
    
    
    66
    
    
    
    142
    
    
    
    3,751
    
    
    
    3,892
    
    
    
    (109
    )
    
    
    3,783
    
    
    
    1,192Jersey Park
    
    Garden
    
    Dec-03
    
    
    Smithfield, VA
    
    
    
    1980
    
    
    
    80
    
    
    
    186
    
    
    
    2,055
    
    
    
    272
    
    
    
    186
    
    
    
    2,326
    
    
    
    2,512
    
    
    
    (976
    )
    
    
    1,536
    
    
    
    1,556Key Towers
    
    High Rise
    
    Apr-01
    
    
    Alexandria, VA
    
    
    
    1964
    
    
    
    140
    
    
    
    1,526
    
    
    
    7,050
    
    
    
    1,066
    
    
    
    1,526
    
    
    
    8,117
    
    
    
    9,643
    
    
    
    (2,337
    )
    
    
    7,306
    
    
    
    4,992Kings Crossing
    
    Garden
    
    Jul-02
    
    
    Columbia, MD
    
    
    
    1983
    
    
    
    168
    
    
    
    4,361
    
    
    
    7,531
    
    
    
    456
    
    
    
    4,361
    
    
    
    7,987
    
    
    
    12,348
    
    
    
    (3,082
    )
    
    
    9,266
    
    
    
    5,648Kirkwood House
    
    High Rise
    
    Sep-04
    
    
    Baltimore, MD
    
    
    
    1979
    
    
    
    261
    
    
    
    1,746
    
    
    
    6,663
    
    
    
    243
    
    
    
    1,746
    
    
    
    6,906
    
    
    
    8,653
    
    
    
    (2,930
    )
    
    
    5,723
    
    
    
    4,613Knolls, The
    
    Garden
    
    Jul-02
    
    
    Colorado Springs, CO
    
    
    
    1972
    
    
    
    262
    
    
    
    3,127
    
    
    
    14,594
    
    
    
    8,496
    
    
    
    3,127
    
    
    
    23,090
    
    
    
    26,218
    
    
    
    (6,835
    )
    
    
    19,383
    
    
    
    8,699Knollwood
    
    Garden
    
    Jul-00
    
    
    Nashville, TN
    
    
    
    1972
    
    
    
    326
    
    
    
    1,911
    
    
    
    14,032
    
    
    
    2,950
    
    
    
    1,911
    
    
    
    16,982
    
    
    
    18,893
    
    
    
    (6,941
    )
    
    
    11,952
    
    
    
    11,600La Colina
    
    Garden
    
    Oct-99
    
    
    Denton, TX
    
    
    
    1984
    
    
    
    264
    
    
    
    1,374
    
    
    
    9,143
    
    
    
    597
    
    
    
    1,374
    
    
    
    9,740
    
    
    
    11,114
    
    
    
    (1,731
    )
    
    
    9,383
    
    
    
    5,956La Jolla
    
    Garden
    
    May-98
    
    
    San Antonio, TX
    
    
    
    1975
    
    
    
    300
    
    
    
    2,074
    
    
    
    11,809
    
    
    
    1,503
    
    
    
    2,074
    
    
    
    13,312
    
    
    
    15,386
    
    
    
    (4,296
    )
    
    
    11,090
    
    
    
    7,140La Jolla de Tucson
    
    Garden
    
    May-98
    
    
    Tucson, AZ
    
    
    
    1978
    
    
    
    223
    
    
    
    1,342
    
    
    
    7,816
    
    
    
    1,152
    
    
    
    1,342
    
    
    
    8,968
    
    
    
    10,310
    
    
    
    (3,500
    )
    
    
    6,809
    
    
    
    4,681Lafayette Commons
    
    Garden
    
    Mar-04
    
    
    West Lafayette, OH
    
    
    
    1979
    
    
    
    49
    
    
    
    187
    
    
    
    1,012
    
    
    
    146
    
    
    
    187
    
    
    
    1,158
    
    
    
    1,345
    
    
    
    (149
    )
    
    
    1,197
    
    
    
    887Lake Castleton
    
    Garden
    
    May-99
    
    
    Indianapolis, IN
    
    
    
    1997
    
    
    
    1,261
    
    
    
    5,183
    
    
    
    29,611
    
    
    
    8,646
    
    
    
    5,183
    
    
    
    38,257
    
    
    
    43,440
    
    
    
    (10,468
    )
    
    
    32,971
    
    
    
    26,225Lake Forest Apartments
    
    Garden
    
    Jul-00
    
    
    Omaha, NE
    
    
    
    1971
    
    
    
    312
    
    
    
    1,892
    
    
    
    12,839
    
    
    
    960
    
    
    
    1,892
    
    
    
    13,799
    
    
    
    15,691
    
    
    
    (5,963
    )
    
    
    9,728
    
    
    
    8,479Lake Johnson Mews
    
    Garden
    
    Oct-99
    
    
    Raleigh, NC
    
    
    
    1972
    
    
    
    201
    
    
    
    1,266
    
    
    
    9,411
    
    
    
    4,447
    
    
    
    1,266
    
    
    
    13,858
    
    
    
    15,124
    
    
    
    (4,302
    )
    
    
    10,822
    
    
    
    6,307Lakehaven I
    
    Garden
    
    Dec-97
    
    
    Carol Stream, IL
    
    
    
    1984
    
    
    
    144
    
    
    
    1,652
    
    
    
    3,849
    
    
    
    761
    
    
    
    1,652
    
    
    
    4,610
    
    
    
    6,261
    
    
    
    (2,920
    )
    
    
    3,341
    
    
    
    5,695Lakehaven II
    
    Garden
    
    Dec-97
    
    
    Carol Stream, IL
    
    
    
    1985
    
    
    
    348
    
    
    
    2,822
    
    
    
    16,128
    
    
    
    1,858
    
    
    
    2,822
    
    
    
    17,986
    
    
    
    20,807
    
    
    
    (6,756
    )
    
    
    14,051
    
    
    
    14,328Lakes at South Coast, The
    
    Mid-Rise
    
    Mar-02
    
    
    Costa Mesa, CA
    
    
    
    1987
    
    
    
    770
    
    
    
    55,223
    
    
    
    65,506
    
    
    
    7,744
    
    
    
    55,223
    
    
    
    73,250
    
    
    
    128,473
    
    
    
    (10,183
    )
    
    
    118,290
    
    
    
    86,732Lakes, The
    
    Garden
    
    Jan-00
    
    
    Raleigh, NC
    
    
    
    1972
    
    
    
    600
    
    
    
    2,818
    
    
    
    18,452
    
    
    
    3,689
    
    
    
    2,818
    
    
    
    22,141
    
    
    
    24,958
    
    
    
    (10,005
    )
    
    
    14,953
    
    
    
    9,656Lakeside (IL)
    
    Garden
    
    Oct-99
    
    
    Lisle, IL
    
    
    
    1972
    
    
    
    568
    
    
    
    4,142
    
    
    
    30,209
    
    
    
    3,302
    
    
    
    4,142
    
    
    
    33,510
    
    
    
    37,653
    
    
    
    (11,651
    )
    
    
    26,002
    
    
    
    21,988Lakeside (NC)
    
    Garden
    
    Oct-05
    
    
    Charlotte, NC
    
    
    
    1981
    
    
    
    216
    
    
    
    1,144
    
    
    
    9,336
    
    
    
    16
    
    
    
    1,144
    
    
    
    9,352
    
    
    
    10,496
    
    
    
    (3,755
    )
    
    
    6,741
    
    
    
    2,724Lakeside North at Carrollwood
    
    Garden
    
    Sep-00
    
    
    Tampa, FL
    
    
    
    1984
    
    
    
    168
    
    
    
    3,118
    
    
    
    5,358
    
    
    
    816
    
    
    
    3,118
    
    
    
    6,174
    
    
    
    9,292
    
    
    
    (1,584
    )
    
    
    7,709
    
    
    
    6,130Lakeside Place
    
    Garden
    
    Oct-99
    
    
    Houston, TX
    
    
    
    1976
    
    
    
    734
    
    
    
    4,780
    
    
    
    35,814
    
    
    
    5,289
    
    
    
    4,780
    
    
    
    41,103
    
    
    
    45,883
    
    
    
    (15,744
    )
    
    
    30,139
    
    
    
    20,300Lakewood
    
    Garden
    
    Jul-02
    
    
    Tomball, TX
    
    
    
    1979
    
    
    
    256
    
    
    
    801
    
    
    
    8,328
    
    
    
    1,402
    
    
    
    801
    
    
    
    9,730
    
    
    
    10,531
    
    
    
    (3,234
    )
    
    
    7,297
    
    
    
    4,772Lamplighter Park
    
    Garden
    
    Apr-00
    
    
    Bellevue, WA
    
    
    
    1967
    
    
    
    174
    
    
    
    1,974
    
    
    
    8,478
    
    
    
    2,599
    
    
    
    1,974
    
    
    
    11,076
    
    
    
    13,051
    
    
    
    (3,452
    )
    
    
    9,598
    
    
    
    7,094Landau
    
    Garden
    
    Oct-05
    
    
    Clinton, SC
    
    
    
    1970
    
    
    
    80
    
    
    
    47
    
    
    
    2,837
    
    
    
    3
    
    
    
    47
    
    
    
    2,839
    
    
    
    2,887
    
    
    
    (1,498
    )
    
    
    1,389
    
    
    
    471Landings
    
    Garden
    
    Jan-01
    
    
    Indianapolis, IN
    
    
    
    1973
    
    
    
    150
    
    
    
    737
    
    
    
    3,894
    
    
    
    1,713
    
    
    
    737
    
    
    
    5,606
    
    
    
    6,343
    
    
    
    (2,280
    )
    
    
    4,063
    
    
    
    3,087Landmark
    
    Garden
    
    Apr-00
    
    
    Raleigh, NC
    
    
    
    1970
    
    
    
    292
    
    
    
    1,691
    
    
    
    13,442
    
    
    
    1,956
    
    
    
    1,691
    
    
    
    15,398
    
    
    
    17,089
    
    
    
    (6,479
    )
    
    
    10,610
    
    
    
    7,000Las Brisas
    
    Garden
    
    Dec-95
    
    
    San Antonio, TX
    
    
    
    1983
    
    
    
    176
    
    
    
    1,082
    
    
    
    5,214
    
    
    
    1,405
    
    
    
    1,082
    
    
    
    6,619
    
    
    
    7,701
    
    
    
    (2,326
    )
    
    
    5,375
    
    
    
    3,587Lasalle
    
    Garden
    
    Oct-00
    
    
    San Francisco, CA
    
    
    
    1976
    
    
    
    145
    
    
    
    1,256
    
    
    
    10,359
    
    
    
    8,444
    
    
    
    1,256
    
    
    
    18,803
    
    
    
    20,059
    
    
    
    (4,440
    )
    
    
    15,619
    
    
    
    3,286Latrobe
    
    High Rise
    
    Jan-03
    
    
    Washington, DC
    
    
    
    1980
    
    
    
    176
    
    
    
    1,305
    
    
    
    11,257
    
    
    
    3,705
    
    
    
    1,305
    
    
    
    14,962
    
    
    
    16,267
    
    
    
    (5,537
    )
    
    
    10,730
    
    
    
    10,765Lazy Hollow
    
    Garden
    
    Apr-05
    
    
    Columbia, MD
    
    
    
    1979
    
    
    
    178
    
    
    
    1,114
    
    
    
    13,455
    
    
    
    190
    
    
    
    1,114
    
    
    
    13,645
    
    
    
    14,759
    
    
    
    (4,123
    )
    
    
    10,636
    
    
    
    9,246Lebanon Station
    
    Garden
    
    Oct-99
    
    
    Columbus, OH
    
    
    
    1974
    
    
    
    387
    
    
    
    1,694
    
    
    
    9,569
    
    
    
    1,830
    
    
    
    1,694
    
    
    
    11,398
    
    
    
    13,092
    
    
    
    (3,731
    )
    
    
    9,361
    
    
    
    6,353Legend Oaks
    
    Garden
    
    May-98
    
    
    Tampa, FL
    
    
    
    1983
    
    
    
    416
    
    
    
    2,304
    
    
    
    13,288
    
    
    
    2,253
    
    
    
    2,304
    
    
    
    15,541
    
    
    
    17,846
    
    
    
    (5,001
    )
    
    
    12,845
    
    
    
    6,357Leona
    
    Garden
    
    Dec-97
    
    
    Uvalde, TX
    
    
    
    1973
    
    
    
    40
    
    
    
    100
    
    
    
    524
    
    
    
    419
    
    
    
    100
    
    
    
    942
    
    
    
    1,042
    
    
    
    (379
    )
    
    
    664
    
    
    
    374Lexington
    
    Garden
    
    Jul-94
    
    
    San Antonio, TX
    
    
    
    1981
    
    
    
    72
    
    
    
    312
    
    
    
    1,688
    
    
    
    690
    
    
    
    312
    
    
    
    2,378
    
    
    
    2,690
    
    
    
    (942
    )
    
    
    1,748
    
    
    
    758Lighthouse at Twin Lakes I
    
    Garden
    
    Apr-00
    
    
    Beltsville, MD
    
    
    
    1969
    
    
    
    480
    
    
    
    2,518
    
    
    
    17,396
    
    
    
    3,311
    
    
    
    2,518
    
    
    
    20,707
    
    
    
    23,224
    
    
    
    (3,930
    )
    
    
    19,295
    
    
    
    11,516 F-45    Table of Contents   December 31, 2005(2)Initial Cost
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    Cost Capitalized
    
    
    
    Accumulated
    
    Total CostProperty
    
    Date
    
    
    
    Year
    
    Number
    
    
    
    Buildings and
    
    Subsequent to
    
    
    
    Buildings and
    
    
    
    Depreciation
    
    Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    of Units
    
    Land
    
    Improvements
    
    Acquisition
    
    Land
    
    Improvements
    
    Total
    
    (AD)
    
    AD
    
    EncumbrancesLighthouse at Twin Lakes II
    
    Garden
    
    Apr-00
    
    
    Beltsville, MD
    
    
    
    1971
    
    
    
    113
    
    
    
    695
    
    
    
    4,841
    
    
    
    504
    
    
    
    695
    
    
    
    5,345
    
    
    
    6,040
    
    
    
    (1,147
    )
    
    
    4,893
    
    
    
    2,670Lighthouse at Twin Lakes III
    
    Garden
    
    Apr-00
    
    
    Beltsville, MD
    
    
    
    1978
    
    
    
    107
    
    
    
    482
    
    
    
    3,299
    
    
    
    187
    
    
    
    482
    
    
    
    3,486
    
    
    
    3,968
    
    
    
    (592
    )
    
    
    3,376
    
    
    
    2,504Lincoln Place Garden
    
    Garden
    
    Oct-04
    
    
    Venice, CA
    
    
    
    1951
    
    
    
    755
    
    
    
    49,195
    
    
    
    90,661
    
    
    
    20,700
    
    
    
    49,195
    
    
    
    111,361
    
    
    
    160,556
    
    
    
    (7,727
    )
    
    
    152,828
    
    
    
    72,500Locust House
    
    High Rise
    
    Mar-02
    
    
    Westminster, MD
    
    
    
    1979
    
    
    
    99
    
    
    
    650
    
    
    
    2,604
    
    
    
    368
    
    
    
    650
    
    
    
    2,972
    
    
    
    3,622
    
    
    
    (551
    )
    
    
    3,071
    
    
    
    2,878Lodge, The
    
    Garden
    
    Jan-00
    
    
    Denver, CO
    
    
    
    1973
    
    
    
    376
    
    
    
    1,987
    
    
    
    13,935
    
    
    
    2,328
    
    
    
    1,987
    
    
    
    16,263
    
    
    
    18,250
    
    
    
    (5,783
    )
    
    
    12,467
    
    
    
    6,471Loft, The
    
    Garden
    
    Oct-99
    
    
    Raleigh, NC
    
    
    
    1974
    
    
    
    184
    
    
    
    1,968
    
    
    
    11,594
    
    
    
    1,385
    
    
    
    1,968
    
    
    
    12,979
    
    
    
    14,947
    
    
    
    (4,343
    )
    
    
    10,604
    
    
    
    4,584Loring Towers
    
    High Rise
    
    Oct-02
    
    
    Minneapolis, MN
    
    
    
    1970
    
    
    
    208
    
    
    
    1,297
    
    
    
    7,445
    
    
    
    7,411
    
    
    
    1,297
    
    
    
    14,856
    
    
    
    16,153
    
    
    
    (2,309
    )
    
    
    13,844
    
    
    
    8,467Loring Towers Apartments
    
    High Rise
    
    Sep-03
    
    
    Salem, MA
    
    
    
    1973
    
    
    
    250
    
    
    
    727
    
    
    
    7,740
    
    
    
    2,309
    
    
    
    727
    
    
    
    10,049
    
    
    
    10,776
    
    
    
    (4,510
    )
    
    
    6,266
    
    
    
    5,088Los Arboles
    
    Garden
    
    Sep-97
    
    
    Chandler, AZ
    
    
    
    1985
    
    
    
    232
    
    
    
    1,662
    
    
    
    9,504
    
    
    
    2,161
    
    
    
    1,662
    
    
    
    11,665
    
    
    
    13,327
    
    
    
    (3,782
    )
    
    
    9,545
    
    
    
    5,783Lynnhaven
    
    Garden
    
    Mar-04
    
    
    Durham, NC
    
    
    
    1980
    
    
    
    75
    
    
    
    539
    
    
    
    2,159
    
    
    
    216
    
    
    
    539
    
    
    
    2,375
    
    
    
    2,914
    
    
    
    (337
    )
    
    
    2,577
    
    
    
    2,020Madera Point
    
    Garden
    
    May-98
    
    
    Phoenix, AZ
    
    
    
    1986
    
    
    
    256
    
    
    
    2,103
    
    
    
    12,582
    
    
    
    1,489
    
    
    
    2,103
    
    
    
    14,071
    
    
    
    16,174
    
    
    
    (4,747
    )
    
    
    11,427
    
    
    
    8,067Malibu Canyon
    
    Garden
    
    Mar-02
    
    
    Calabasas, CA
    
    
    
    1986
    
    
    
    698
    
    
    
    66,257
    
    
    
    53,438
    
    
    
    14,907
    
    
    
    66,257
    
    
    
    68,344
    
    
    
    134,601
    
    
    
    (11,179
    )
    
    
    123,422
    
    
    
    64,563Maple Bay
    
    Garden
    
    Dec-99
    
    
    Virginia Beach, VA
    
    
    
    1971
    
    
    
    414
    
    
    
    2,598
    
    
    
    16,141
    
    
    
    6,694
    
    
    
    2,598
    
    
    
    22,835
    
    
    
    25,432
    
    
    
    (4,826
    )
    
    
    20,606
    
    
    
    19,927Mariners Cove
    
    Garden
    
    Mar-02
    
    
    San Diego, CA
    
    
    
    1984
    
    
    
    500
    
    
    
    
    
    
    
    66,861
    
    
    
    3,066
    
    
    
    
    
    
    
    69,927
    
    
    
    69,927
    
    
    
    (8,170
    )
    
    
    61,757
    
    
    
    8,942Mariners Cove
    
    Garden
    
    Mar-00
    
    
    Virginia Beach, VA
    
    
    
    1974
    
    
    
    458
    
    
    
    1,517
    
    
    
    10,034
    
    
    
    15,802
    
    
    
    1,517
    
    
    
    25,836
    
    
    
    27,353
    
    
    
    (6,171
    )
    
    
    21,182
    
    
    
    11,813Meadow Creek
    
    Garden
    
    Jul-94
    
    
    Boulder, CO
    
    
    
    1972
    
    
    
    332
    
    
    
    1,435
    
    
    
    24,532
    
    
    
    3,893
    
    
    
    1,435
    
    
    
    28,426
    
    
    
    29,861
    
    
    
    (8,257
    )
    
    
    21,604
    
    
    
    5,633Meadows
    
    Garden
    
    Dec-00
    
    
    Austin, TX
    
    
    
    1983
    
    
    
    100
    
    
    
    580
    
    
    
    3,667
    
    
    
    358
    
    
    
    580
    
    
    
    4,025
    
    
    
    4,605
    
    
    
    (1,637
    )
    
    
    2,968
    
    
    
    2,390Merrill House
    
    High Rise
    
    Jan-00
    
    
    Fairfax, VA
    
    
    
    1962
    
    
    
    159
    
    
    
    1,836
    
    
    
    10,831
    
    
    
    1,779
    
    
    
    1,836
    
    
    
    12,610
    
    
    
    14,446
    
    
    
    (2,442
    )
    
    
    12,004
    
    
    
    6,536Mesa Ridge
    
    Garden
    
    May-98
    
    
    San Antonio, TX
    
    
    
    1986
    
    
    
    200
    
    
    
    1,210
    
    
    
    6,863
    
    
    
    868
    
    
    
    1,210
    
    
    
    7,732
    
    
    
    8,942
    
    
    
    (2,604
    )
    
    
    6,338
    
    
    
    4,115Michigan Apartments
    
    Garden
    
    Dec-99
    
    
    Indianapolis, IN
    
    
    
    1965
    
    
    
    253
    
    
    
    516
    
    
    
    3,694
    
    
    
    1,508
    
    
    
    516
    
    
    
    5,202
    
    
    
    5,718
    
    
    
    (1,182
    )
    
    
    4,536
    
    
    
    1,109Montblanc Gardens
    
    Town Home
    
    Dec-03
    
    
    Yauco, PR
    
    
    
    1982
    
    
    
    128
    
    
    
    391
    
    
    
    3,859
    
    
    
    642
    
    
    
    391
    
    
    
    4,501
    
    
    
    4,892
    
    
    
    (1,771
    )
    
    
    3,121
    
    
    
    3,364Montecito
    
    Garden
    
    Jul-94
    
    
    Austin, TX
    
    
    
    1985
    
    
    
    268
    
    
    
    1,268
    
    
    
    6,896
    
    
    
    3,371
    
    
    
    1,268
    
    
    
    10,267
    
    
    
    11,535
    
    
    
    (4,502
    )
    
    
    7,033
    
    
    
    4,772Mountain Run
    
    Garden
    
    Dec-97
    
    
    Arvada, CO
    
    
    
    1974
    
    
    
    96
    
    
    
    685
    
    
    
    2,614
    
    
    
    2,607
    
    
    
    685
    
    
    
    5,221
    
    
    
    5,906
    
    
    
    (1,503
    )
    
    
    4,403
    
    
    
    2,949Mountain View
    
    Garden
    
    May-98
    
    
    Colorado Springs, CO
    
    
    
    1985
    
    
    
    252
    
    
    
    2,546
    
    
    
    14,841
    
    
    
    1,536
    
    
    
    2,546
    
    
    
    16,376
    
    
    
    18,923
    
    
    
    (5,185
    )
    
    
    13,737
    
    
    
    7,421Mulberry
    
    High Rise
    
    Mar-02
    
    
    Scranton, PA
    
    
    
    1981
    
    
    
    206
    
    
    
    1,120
    
    
    
    4,487
    
    
    
    889
    
    
    
    1,120
    
    
    
    5,376
    
    
    
    6,496
    
    
    
    (855
    )
    
    
    5,641
    
    
    
    2,623New Baltimore
    
    Mid-Rise
    
    Mar-02
    
    
    New Baltimore, MI
    
    
    
    1980
    
    
    
    101
    
    
    
    570
    
    
    
    2,282
    
    
    
    214
    
    
    
    570
    
    
    
    2,496
    
    
    
    3,066
    
    
    
    (319
    )
    
    
    2,747
    
    
    
    1,031New West 111th St Apartments
    
    High Rise
    
    Oct-02
    
    
    New York, NY
    
    
    
    1929
    
    
    
    74
    
    
    
    523
    
    
    
    2,863
    
    
    
    482
    
    
    
    523
    
    
    
    3,345
    
    
    
    3,868
    
    
    
    (601
    )
    
    
    3,267
    
    
    
    3,520Newberry Park
    
    Garden
    
    Dec-97
    
    
    Chicago, IL
    
    
    
    1985
    
    
    
    84
    
    
    
    1,150
    
    
    
    7,862
    
    
    
    272
    
    
    
    1,150
    
    
    
    8,135
    
    
    
    9,285
    
    
    
    (1,802
    )
    
    
    7,482
    
    
    
    7,763Newport
    
    Garden
    
    Jul-94
    
    
    Avondale, AZ
    
    
    
    1986
    
    
    
    204
    
    
    
    800
    
    
    
    4,354
    
    
    
    1,896
    
    
    
    800
    
    
    
    6,251
    
    
    
    7,051
    
    
    
    (2,641
    )
    
    
    4,410
    
    
    
    3,898North River Place
    
    Garden
    
    Jul-02
    
    
    Chillicothe, OH
    
    
    
    1980
    
    
    
    120
    
    
    
    858
    
    
    
    3,351
    
    
    
    234
    
    
    
    858
    
    
    
    3,585
    
    
    
    4,443
    
    
    
    (1,104
    )
    
    
    3,339
    
    
    
    2,586North Slope
    
    Garden
    
    Oct-02
    
    
    Greenville, SC
    
    
    
    1984
    
    
    
    156
    
    
    
    1,670
    
    
    
    5,756
    
    
    
    403
    
    
    
    1,670
    
    
    
    6,159
    
    
    
    7,828
    
    
    
    (1,342
    )
    
    
    6,486
    
    
    
    3,745Northlake Village
    
    Garden
    
    Oct-00
    
    
    Lima, OH
    
    
    
    1971
    
    
    
    150
    
    
    
    487
    
    
    
    1,317
    
    
    
    810
    
    
    
    487
    
    
    
    2,127
    
    
    
    2,614
    
    
    
    (775
    )
    
    
    1,839
    
    
    
    1,129Northpoint
    
    Garden
    
    Jan-00
    
    
    Chicago, IL
    
    
    
    1921
    
    
    
    304
    
    
    
    2,280
    
    
    
    14,334
    
    
    
    11,580
    
    
    
    2,280
    
    
    
    25,914
    
    
    
    28,194
    
    
    
    (4,430
    )
    
    
    23,764
    
    
    
    21,168Northwinds, The
    
    Garden
    
    Mar-02
    
    
    Wytheville, VA
    
    
    
    1978
    
    
    
    144
    
    
    
    500
    
    
    
    2,012
    
    
    
    792
    
    
    
    500
    
    
    
    2,805
    
    
    
    3,305
    
    
    
    (635
    )
    
    
    2,670
    
    
    
    2,044Northwoods
    
    Garden
    
    Oct-02
    
    
    Worthington, OH
    
    
    
    1983
    
    
    
    280
    
    
    
    2,667
    
    
    
    9,260
    
    
    
    983
    
    
    
    2,667
    
    
    
    10,244
    
    
    
    12,911
    
    
    
    (1,322
    )
    
    
    11,589
    
    
    
    6,647Northwoods (CT)
    
    Garden
    
    Mar-01
    
    
    Middletown, CT
    
    
    
    1987
    
    
    
    336
    
    
    
    16,080
    
    
    
    14,435
    
    
    
    1,554
    
    
    
    16,080
    
    
    
    15,989
    
    
    
    32,069
    
    
    
    (3,709
    )
    
    
    28,361
    
    
    
    21,275Oak Falls Condominiums
    
    Garden
    
    Nov-96
    
    
    Spring, TX
    
    
    
    1983
    
    
    
    144
    
    
    
    1,017
    
    
    
    5,420
    
    
    
    1,695
    
    
    
    1,017
    
    
    
    7,115
    
    
    
    8,132
    
    
    
    (1,586
    )
    
    
    6,546
    
    
    
    4,069Oak Forest
    
    Garden
    
    Oct-02
    
    
    Arlington, TX
    
    
    
    1983
    
    
    
    204
    
    
    
    1,020
    
    
    
    5,888
    
    
    
    838
    
    
    
    1,020
    
    
    
    6,727
    
    
    
    7,746
    
    
    
    (2,603
    )
    
    
    5,143
    
    
    
    2,550Oak Park Village I
    
    Garden
    
    Oct-00
    
    
    Lansing, MI
    
    
    
    1973
    
    
    
    410
    
    
    
    10,048
    
    
    
    16,771
    
    
    
    5,330
    
    
    
    10,048
    
    
    
    22,101
    
    
    
    32,149
    
    
    
    (7,384
    )
    
    
    24,765
    
    
    
    23,487Oak Run Apartments
    
    Garden
    
    Oct-02
    
    
    Dallas, TX
    
    
    
    1979
    
    
    
    420
    
    
    
    5,160
    
    
    
    13,836
    
    
    
    1,458
    
    
    
    5,160
    
    
    
    15,295
    
    
    
    20,455
    
    
    
    (6,772
    )
    
    
    13,683
    
    
    
    8,500Oakwood Apartments
    
    Town Home
    
    Mar-04
    
    
    Cuthbert, GA
    
    
    
    1982
    
    
    
    50
    
    
    
    188
    
    
    
    1,058
    
    
    
    160
    
    
    
    188
    
    
    
    1,217
    
    
    
    1,405
    
    
    
    (411
    )
    
    
    995
    
    
    
    1,762Oakwood Manor
    
    Garden
    
    Mar-04
    
    
    Milan, TN
    
    
    
    1984
    
    
    
    34
    
    
    
    95
    
    
    
    498
    
    
    
    9
    
    
    
    95
    
    
    
    507
    
    
    
    602
    
    
    
    (72
    )
    
    
    530
    
    
    
    473Oakwood Miami
    
    High Rise
    
    Dec-03
    
    
    Miami, FL
    
    
    
    1998
    
    
    
    357
    
    
    
    31,363
    
    
    
    32,214
    
    
    
    1,410
    
    
    
    31,363
    
    
    
    33,624
    
    
    
    64,987
    
    
    
    (1,595
    )
    
    
    63,392
    
    
    
    47,377Oakwood Village On Lake Nancy
    
    Garden
    
    Oct-99
    
    
    Winter Park, FL
    
    
    
    1973
    
    
    
    278
    
    
    
    1,134
    
    
    
    11,074
    
    
    
    1,756
    
    
    
    1,134
    
    
    
    12,830
    
    
    
    13,964
    
    
    
    (5,233
    )
    
    
    8,731
    
    
    
    8,340Ocean Oaks
    
    Garden
    
    May-98
    
    
    Port Orange, FL
    
    
    
    1988
    
    
    
    296
    
    
    
    2,132
    
    
    
    12,855
    
    
    
    1,908
    
    
    
    2,132
    
    
    
    14,764
    
    
    
    16,896
    
    
    
    (4,163
    )
    
    
    12,733
    
    
    
    10,295Oceanfront
    
    Garden
    
    Nov-96
    
    
    Galveston, TX
    
    
    
    1985
    
    
    
    102
    
    
    
    513
    
    
    
    3,045
    
    
    
    5,098
    
    
    
    513
    
    
    
    8,143
    
    
    
    8,656
    
    
    
    (1,588
    )
    
    
    7,068
    
    
    
    1,631OFallon
    
    Garden
    
    Mar-02
    
    
    OFallon, IL
    
    
    
    1982
    
    
    
    132
    
    
    
    870
    
    
    
    3,466
    
    
    
    317
    
    
    
    870
    
    
    
    3,783
    
    
    
    4,653
    
    
    
    (695
    )
    
    
    3,958
    
    
    
    4,105Okemos Station
    
    Garden
    
    Oct-02
    
    
    Okemos, MI
    
    
    
    1981
    
    
    
    112
    
    
    
    550
    
    
    
    3,644
    
    
    
    290
    
    
    
    550
    
    
    
    3,933
    
    
    
    4,484
    
    
    
    (923
    )
    
    
    3,561
    
    
    
    2,646Olde Towne West II
    
    Garden
    
    Oct-02
    
    
    Alexandria, VA
    
    
    
    1977
    
    
    
    72
    
    
    
    214
    
    
    
    2,865
    
    
    
    338
    
    
    
    214
    
    
    
    3,202
    
    
    
    3,416
    
    
    
    (1,296
    )
    
    
    2,121
    
    
    
    2,832Olde Towne West III
    
    Garden
    
    Apr-00
    
    
    Alexandria, VA
    
    
    
    1978
    
    
    
    75
    
    
    
    581
    
    
    
    3,463
    
    
    
    1,234
    
    
    
    581
    
    
    
    4,697
    
    
    
    5,278
    
    
    
    (1,007
    )
    
    
    4,272
    
    
    
    3,604One Lytle Place
    
    High Rise
    
    Jan-00
    
    
    Cincinnati, OH
    
    
    
    1980
    
    
    
    231
    
    
    
    2,662
    
    
    
    21,800
    
    
    
    3,256
    
    
    
    2,662
    
    
    
    25,056
    
    
    
    27,718
    
    
    
    (4,621
    )
    
    
    23,097
    
    
    
    11,946 F-46    Table of Contents   December 31, 2005(2)Initial Cost
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    Cost Capitalized
    
    
    
    Accumulated
    
    Total CostProperty
    
    Date
    
    
    
    Year
    
    Number
    
    
    
    Buildings and
    
    Subsequent to
    
    
    
    Buildings and
    
    
    
    Depreciation
    
    Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    of Units
    
    Land
    
    Improvements
    
    Acquisition
    
    Land
    
    Improvements
    
    Total
    
    (AD)
    
    AD
    
    EncumbrancesOrchidtree
    
    Garden
    
    Oct-97
    
    
    Scottsdale, AZ
    
    
    
    1971
    
    
    
    278
    
    
    
    2,314
    
    
    
    13,140
    
    
    
    3,223
    
    
    
    2,314
    
    
    
    16,362
    
    
    
    18,676
    
    
    
    (5,607
    )
    
    
    13,069
    
    
    
    5,545Oxford House
    
    Mid-Rise
    
    Mar-02
    
    
    Deactur, IL
    
    
    
    1979
    
    
    
    156
    
    
    
    993
    
    
    
    4,164
    
    
    
    251
    
    
    
    993
    
    
    
    4,415
    
    
    
    5,408
    
    
    
    (899
    )
    
    
    4,509
    
    
    
    3,779Palazzo at Park La Brea
    
    Mid-Rise
    
    Feb-04
    
    
    Los Angeles, CA
    
    
    
    2002
    
    
    
    521
    
    
    
    47,822
    
    
    
    125,464
    
    
    
    2,196
    
    
    
    47,822
    
    
    
    127,660
    
    
    
    175,483
    
    
    
    (8,577
    )
    
    
    166,906
    
    
    
    87,664Palazzo East at Park La Brea, The
    
    Mid-Rise
    
    Mar-05
    
    
    Los Angeles, CA
    
    
    
    2005
    
    
    
    611
    
    
    
    61,004
    
    
    
    136,503
    
    
    
    2,965
    
    
    
    61,004
    
    
    
    139,469
    
    
    
    200,473
    
    
    
    (3,962
    )
    
    
    196,511
    
    
    
    112,524Palencia
    
    Garden
    
    May-98
    
    
    Tampa, FL
    
    
    
    1985
    
    
    
    420
    
    
    
    2,804
    
    
    
    16,262
    
    
    
    8,046
    
    
    
    2,804
    
    
    
    24,309
    
    
    
    27,112
    
    
    
    (7,746
    )
    
    
    19,366
    
    
    
    12,242Palm Lake
    
    Garden
    
    Oct-99
    
    
    Tampa, FL
    
    
    
    1972
    
    
    
    150
    
    
    
    861
    
    
    
    5,252
    
    
    
    1,608
    
    
    
    861
    
    
    
    6,860
    
    
    
    7,721
    
    
    
    (3,549
    )
    
    
    4,172
    
    
    
    2,631Palm Springs Senior
    
    Garden
    
    Mar-02
    
    
    Palm Springs, CA
    
    
    
    1981
    
    
    
    116
    
    
    
    
    
    
    
    7,015
    
    
    
    218
    
    
    
    
    
    
    
    7,233
    
    
    
    7,233
    
    
    
    (1,015
    )
    
    
    6,218
    
    
    
    3,880Panorama Park
    
    Garden
    
    Mar-02
    
    
    Bakersfield, CA
    
    
    
    1982
    
    
    
    66
    
    
    
    570
    
    
    
    2,288
    
    
    
    265
    
    
    
    570
    
    
    
    2,553
    
    
    
    3,123
    
    
    
    (462
    )
    
    
    2,661
    
    
    
    2,392Paradise Palms
    
    Garden
    
    Jul-94
    
    
    Phoenix, AZ
    
    
    
    1970
    
    
    
    130
    
    
    
    647
    
    
    
    3,515
    
    
    
    2,616
    
    
    
    647
    
    
    
    6,132
    
    
    
    6,779
    
    
    
    (2,401
    )
    
    
    4,378
    
    
    
    3,450Park at Cedar Lawn, The
    
    Garden
    
    Nov-96
    
    
    Galveston, TX
    
    
    
    1985
    
    
    
    192
    
    
    
    1,025
    
    
    
    6,162
    
    
    
    1,860
    
    
    
    1,025
    
    
    
    8,023
    
    
    
    9,048
    
    
    
    (2,131
    )
    
    
    6,917
    
    
    
    4,330Park at Deerbrook
    
    Garden
    
    Oct-99
    
    
    Humble, TX
    
    
    
    1984
    
    
    
    100
    
    
    
    175
    
    
    
    522
    
    
    
    253
    
    
    
    175
    
    
    
    775
    
    
    
    951
    
    
    
    (936
    )
    
    
    14
    
    
    
    2,348Park Avenue Towers
    
    Garden
    
    Oct-00
    
    
    Wilkes-Barre, PA
    
    
    
    1978
    
    
    
    130
    
    
    
    292
    
    
    
    2,546
    
    
    
    492
    
    
    
    292
    
    
    
    3,038
    
    
    
    3,330
    
    
    
    (1,278
    )
    
    
    2,052
    
    
    
    2,211Park Capitol
    
    Garden
    
    Apr-00
    
    
    Salt Lake City, UT
    
    
    
    1972
    
    
    
    135
    
    
    
    731
    
    
    
    5,215
    
    
    
    1,158
    
    
    
    731
    
    
    
    6,373
    
    
    
    7,104
    
    
    
    (2,544
    )
    
    
    4,560
    
    
    
    4,922Park Place
    
    Mid-Rise
    
    Jun-05
    
    
    St Louis, MO
    
    
    
    1977
    
    
    
    242
    
    
    
    742
    
    
    
    6,327
    
    
    
    1,628
    
    
    
    742
    
    
    
    7,955
    
    
    
    8,697
    
    
    
    (492
    )
    
    
    8,205
    
    
    
    10,000Park Place Texas
    
    Garden
    
    Mar-02
    
    
    Cleveland, TX
    
    
    
    1983
    
    
    
    60
    
    
    
    390
    
    
    
    1,587
    
    
    
    205
    
    
    
    390
    
    
    
    1,792
    
    
    
    2,182
    
    
    
    (285
    )
    
    
    1,897
    
    
    
    1,918Park Towne
    
    High Rise
    
    Apr-00
    
    
    Philadelphia, PA
    
    
    
    1959
    
    
    
    979
    
    
    
    10,451
    
    
    
    47,301
    
    
    
    25,483
    
    
    
    10,451
    
    
    
    72,783
    
    
    
    83,234
    
    
    
    (8,607
    )
    
    
    74,627
    
    
    
    35,284Park Vista
    
    Garden
    
    Oct-05
    
    
    Anaheim, CA
    
    
    
    1958
    
    
    
    392
    
    
    
    7,682
    
    
    
    30,660
    
    
    
    
    
    
    
    7,682
    
    
    
    30,660
    
    
    
    38,342
    
    
    
    (4,374
    )
    
    
    33,968
    
    
    
    31,337Parktown Townhouses
    
    Garden
    
    Oct-99
    
    
    Deer Park, TX
    
    
    
    1968
    
    
    
    309
    
    
    
    1,726
    
    
    
    12,590
    
    
    
    6,011
    
    
    
    1,726
    
    
    
    18,601
    
    
    
    20,327
    
    
    
    (4,714
    )
    
    
    15,613
    
    
    
    6,770Parkview
    
    Garden
    
    Mar-02
    
    
    Sacramento, CA
    
    
    
    1980
    
    
    
    97
    
    
    
    1,060
    
    
    
    4,240
    
    
    
    779
    
    
    
    1,060
    
    
    
    5,019
    
    
    
    6,079
    
    
    
    (712
    )
    
    
    5,367
    
    
    
    2,770Parkview NY
    
    Mid-Rise
    
    Jun-04
    
    
    Bronx, NY
    
    
    
    1920
    
    
    
    72
    
    
    
    247
    
    
    
    3,007
    
    
    
    457
    
    
    
    247
    
    
    
    3,464
    
    
    
    3,712
    
    
    
    (1,347
    )
    
    
    2,364
    
    
    
    1,711Parkway
    
    Garden
    
    Mar-00
    
    
    Willamsburg, VA
    
    
    
    1971
    
    
    
    148
    
    
    
    386
    
    
    
    2,834
    
    
    
    1,346
    
    
    
    386
    
    
    
    4,180
    
    
    
    4,566
    
    
    
    (2,163
    )
    
    
    2,403
    
    
    
    4,939Parkways, The
    
    Garden
    
    Jun-04
    
    
    Chicago, IL
    
    
    
    1925
    
    
    
    446
    
    
    
    3,684
    
    
    
    23,257
    
    
    
    3,484
    
    
    
    3,684
    
    
    
    26,741
    
    
    
    30,425
    
    
    
    (2,814
    )
    
    
    27,611
    
    
    
    24,350Pavillion
    
    High Rise
    
    Mar-04
    
    
    Philadelphia, PA
    
    
    
    1976
    
    
    
    296
    
    
    
    
    
    
    
    15,416
    
    
    
    290
    
    
    
    
    
    
    
    15,705
    
    
    
    15,705
    
    
    
    (1,357
    )
    
    
    14,348
    
    
    
    10,395Peachtree Park
    
    Garden
    
    Jan-96
    
    
    Atlanta, GA
    
    
    
    1962/1995
    
    
    
    295
    
    
    
    4,683
    
    
    
    11,713
    
    
    
    8,737
    
    
    
    4,683
    
    
    
    20,450
    
    
    
    25,133
    
    
    
    (5,978
    )
    
    
    19,155
    
    
    
    11,215Peakview Place
    
    Garden
    
    Jan-00
    
    
    Englewood, CO
    
    
    
    1975
    
    
    
    296
    
    
    
    2,016
    
    
    
    19,985
    
    
    
    3,433
    
    
    
    2,016
    
    
    
    23,418
    
    
    
    25,435
    
    
    
    (8,468
    )
    
    
    16,966
    
    
    
    10,507Pebble Point
    
    Garden
    
    Oct-02
    
    
    Indianapolis, IN
    
    
    
    1980
    
    
    
    220
    
    
    
    1,790
    
    
    
    6,883
    
    
    
    404
    
    
    
    1,790
    
    
    
    7,287
    
    
    
    9,077
    
    
    
    (2,130
    )
    
    
    6,948
    
    
    
    5,536Peppermill Place Apartments
    
    Garden
    
    Nov-96
    
    
    Houston, TX
    
    
    
    1983
    
    
    
    224
    
    
    
    844
    
    
    
    5,169
    
    
    
    1,678
    
    
    
    844
    
    
    
    6,846
    
    
    
    7,691
    
    
    
    (1,797
    )
    
    
    5,893
    
    
    
    4,043Peppertree
    
    Garden
    
    Mar-02
    
    
    Cypress, CA
    
    
    
    1971
    
    
    
    136
    
    
    
    7,835
    
    
    
    5,224
    
    
    
    1,229
    
    
    
    7,835
    
    
    
    6,453
    
    
    
    14,288
    
    
    
    (1,306
    )
    
    
    12,982
    
    
    
    6,170Pine Lake Terrace
    
    Garden
    
    Mar-02
    
    
    Garden Grove, CA
    
    
    
    1971
    
    
    
    111
    
    
    
    3,975
    
    
    
    6,035
    
    
    
    883
    
    
    
    3,975
    
    
    
    6,918
    
    
    
    10,893
    
    
    
    (1,050
    )
    
    
    9,843
    
    
    
    4,363Pine Shadows
    
    Garden
    
    May-98
    
    
    Phoenix, AZ
    
    
    
    1983
    
    
    
    272
    
    
    
    2,095
    
    
    
    11,899
    
    
    
    1,627
    
    
    
    2,095
    
    
    
    13,527
    
    
    
    15,622
    
    
    
    (4,374
    )
    
    
    11,247
    
    
    
    7,500Pines, The
    
    Garden
    
    Oct-98
    
    
    Palm Bay, FL
    
    
    
    1984
    
    
    
    216
    
    
    
    603
    
    
    
    3,318
    
    
    
    1,423
    
    
    
    603
    
    
    
    4,741
    
    
    
    5,343
    
    
    
    (1,411
    )
    
    
    3,932
    
    
    
    2,073Pinewood Place
    
    Garden
    
    Mar-02
    
    
    Toledo, OH
    
    
    
    1979
    
    
    
    100
    
    
    
    420
    
    
    
    1,698
    
    
    
    632
    
    
    
    420
    
    
    
    2,330
    
    
    
    2,750
    
    
    
    (450
    )
    
    
    2,300
    
    
    
    2,069Plantation Creek
    
    Garden
    
    Oct-02
    
    
    Atlanta, GA
    
    
    
    1976
    
    
    
    484
    
    
    
    3,000
    
    
    
    25,328
    
    
    
    2,733
    
    
    
    3,000
    
    
    
    28,061
    
    
    
    31,062
    
    
    
    (11,081
    )
    
    
    19,981
    
    
    
    13,952Plantation Crossing
    
    Garden
    
    Jan-00
    
    
    Marietta, GA
    
    
    
    1979
    
    
    
    180
    
    
    
    1,106
    
    
    
    9,202
    
    
    
    1,366
    
    
    
    1,106
    
    
    
    10,569
    
    
    
    11,675
    
    
    
    (4,241
    )
    
    
    7,434
    
    
    
    4,124Plantation Gardens
    
    Garden
    
    Oct-99
    
    
    Plantation, FL
    
    
    
    1971
    
    
    
    372
    
    
    
    3,732
    
    
    
    19,025
    
    
    
    2,718
    
    
    
    3,732
    
    
    
    21,742
    
    
    
    25,474
    
    
    
    (9,235
    )
    
    
    16,239
    
    
    
    8,529Pleasant Hills
    
    Garden
    
    Apr-05
    
    
    Austin, TX
    
    
    
    1982
    
    
    
    100
    
    
    
    1,188
    
    
    
    2,631
    
    
    
    1,649
    
    
    
    1,188
    
    
    
    4,280
    
    
    
    5,468
    
    
    
    (96
    )
    
    
    5,372
    
    
    
    Pleasant Ridge
    
    Garden
    
    Nov-94
    
    
    Little Rock, AR
    
    
    
    1982
    
    
    
    200
    
    
    
    1,661
    
    
    
    9,111
    
    
    
    3,602
    
    
    
    1,661
    
    
    
    12,713
    
    
    
    14,374
    
    
    
    (4,888
    )
    
    
    9,485
    
    
    
    5,670Pleasant Valley Pointe
    
    Garden
    
    Nov-94
    
    
    Little Rock, AR
    
    
    
    1985
    
    
    
    112
    
    
    
    907
    
    
    
    5,085
    
    
    
    1,682
    
    
    
    907
    
    
    
    6,767
    
    
    
    7,674
    
    
    
    (2,684
    )
    
    
    4,990
    
    
    
    2,916Plum Creek
    
    Garden
    
    Oct-02
    
    
    Charlotte, NC
    
    
    
    1984
    
    
    
    276
    
    
    
    3,076
    
    
    
    9,144
    
    
    
    498
    
    
    
    3,076
    
    
    
    9,642
    
    
    
    12,718
    
    
    
    (1,552
    )
    
    
    11,166
    
    
    
    7,524Plummer Village
    
    Mid-Rise
    
    Mar-02
    
    
    North Hills, CA
    
    
    
    1983
    
    
    
    75
    
    
    
    624
    
    
    
    2,647
    
    
    
    521
    
    
    
    624
    
    
    
    3,168
    
    
    
    3,792
    
    
    
    (474
    )
    
    
    3,318
    
    
    
    Point West Apartments
    
    Garden
    
    Dec-97
    
    
    Lenexa, KS
    
    
    
    1985
    
    
    
    172
    
    
    
    912
    
    
    
    5,580
    
    
    
    1,253
    
    
    
    912
    
    
    
    6,833
    
    
    
    7,745
    
    
    
    (2,320
    )
    
    
    5,426
    
    
    
    4,965Post Ridge
    
    Garden
    
    Jul-00
    
    
    Nashville, TN
    
    
    
    1972
    
    
    
    150
    
    
    
    1,041
    
    
    
    7,907
    
    
    
    1,266
    
    
    
    1,041
    
    
    
    9,173
    
    
    
    10,214
    
    
    
    (3,391
    )
    
    
    6,823
    
    
    
    4,380Prairie Hills
    
    Garden
    
    Jul-94
    
    
    Albuquerque, NM
    
    
    
    1985
    
    
    
    260
    
    
    
    2,017
    
    
    
    9,220
    
    
    
    2,300
    
    
    
    2,017
    
    
    
    11,520
    
    
    
    13,537
    
    
    
    (4,686
    )
    
    
    8,851
    
    
    
    5,200Presidential House
    
    Mid-Rise
    
    Sep-05
    
    
    N. Miami Beach, FL
    
    
    
    1963
    
    
    
    203
    
    
    
    1,362
    
    
    
    10,614
    
    
    
    550
    
    
    
    1,362
    
    
    
    11,164
    
    
    
    12,527
    
    
    
    (4,408
    )
    
    
    8,118
    
    
    
    4,888Preston Creek
    
    Garden
    
    Oct-99
    
    
    Dallas, TX
    
    
    
    1979
    
    
    
    228
    
    
    
    1,598
    
    
    
    8,944
    
    
    
    4,421
    
    
    
    1,598
    
    
    
    13,365
    
    
    
    14,963
    
    
    
    (4,533
    )
    
    
    10,431
    
    
    
    4,933Pride Gardens
    
    Garden
    
    Dec-97
    
    
    Flora, MS
    
    
    
    1975
    
    
    
    76
    
    
    
    102
    
    
    
    1,071
    
    
    
    1,278
    
    
    
    102
    
    
    
    2,349
    
    
    
    2,451
    
    
    
    (848
    )
    
    
    1,603
    
    
    
    1,139Privado Park
    
    Garden
    
    May-98
    
    
    Phoenix, AZ
    
    
    
    1984
    
    
    
    352
    
    
    
    2,563
    
    
    
    15,026
    
    
    
    1,823
    
    
    
    2,563
    
    
    
    16,849
    
    
    
    19,412
    
    
    
    (6,210
    )
    
    
    13,202
    
    
    
    7,415Promontory Point Apartments
    
    Garden
    
    Oct-02
    
    
    Austin, TX
    
    
    
    1984
    
    
    
    252
    
    
    
    1,470
    
    
    
    10,815
    
    
    
    781
    
    
    
    1,470
    
    
    
    11,596
    
    
    
    13,066
    
    
    
    (4,313
    )
    
    
    8,754
    
    
    
    3,647Quail Hollow
    
    Garden
    
    Oct-99
    
    
    West Columbia, SC
    
    
    
    1973
    
    
    
    215
    
    
    
    1,091
    
    
    
    7,872
    
    
    
    1,642
    
    
    
    1,091
    
    
    
    9,515
    
    
    
    10,606
    
    
    
    (3,156
    )
    
    
    7,449
    
    
    
    4,633Quail Ridge
    
    Garden
    
    May-98
    
    
    Tucson, AZ
    
    
    
    1974
    
    
    
    253
    
    
    
    1,559
    
    
    
    9,173
    
    
    
    1,727
    
    
    
    1,559
    
    
    
    10,899
    
    
    
    12,459
    
    
    
    (3,972
    )
    
    
    8,486
    
    
    
    5,160Quail Run
    
    Garden
    
    Oct-99
    
    
    Columbia, SC
    
    
    
    1970
    
    
    
    332
    
    
    
    1,747
    
    
    
    12,938
    
    
    
    1,561
    
    
    
    1,747
    
    
    
    14,499
    
    
    
    16,246
    
    
    
    (5,569
    )
    
    
    10,677
    
    
    
    7,697 F-47    Table of Contents   December 31, 2005(2)Initial Cost
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    Cost Capitalized
    
    
    
    Accumulated
    
    Total CostProperty
    
    Date
    
    
    
    Year
    
    Number
    
    
    
    Buildings and
    
    Subsequent to
    
    
    
    Buildings and
    
    
    
    Depreciation
    
    Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    of Units
    
    Land
    
    Improvements
    
    Acquisition
    
    Land
    
    Improvements
    
    Total
    
    (AD)
    
    AD
    
    EncumbrancesQuail Run
    
    Garden
    
    Oct-99
    
    
    Zionsville, IN
    
    
    
    1972
    
    
    
    166
    
    
    
    1,222
    
    
    
    6,803
    
    
    
    1,011
    
    
    
    1,222
    
    
    
    7,814
    
    
    
    9,036
    
    
    
    (2,601
    )
    
    
    6,435
    
    
    
    5,110Ramblewood Apartments
    
    Garden
    
    Dec-99
    
    
    Grand Rapids, MI
    
    
    
    1973
    
    
    
    1,698
    
    
    
    9,500
    
    
    
    61,769
    
    
    
    10,916
    
    
    
    9,500
    
    
    
    72,686
    
    
    
    82,186
    
    
    
    (17,068
    )
    
    
    65,118
    
    
    
    31,955Raven Hill
    
    Garden
    
    Jan-01
    
    
    Burnsville, MN
    
    
    
    1971
    
    
    
    304
    
    
    
    4,888
    
    
    
    10,632
    
    
    
    1,349
    
    
    
    4,888
    
    
    
    11,980
    
    
    
    16,869
    
    
    
    (5,055
    )
    
    
    11,814
    
    
    
    11,183Ravensworth Towers
    
    High Rise
    
    Jun-04
    
    
    Annandale, VA
    
    
    
    1974
    
    
    
    219
    
    
    
    1,811
    
    
    
    18,680
    
    
    
    1,014
    
    
    
    1,811
    
    
    
    19,694
    
    
    
    21,506
    
    
    
    (7,217
    )
    
    
    14,288
    
    
    
    14,913Reflections
    
    Garden
    
    Apr-02
    
    
    Indianapolis, IN
    
    
    
    1970
    
    
    
    582
    
    
    
    1,239
    
    
    
    18,439
    
    
    
    10,289
    
    
    
    1,239
    
    
    
    28,727
    
    
    
    29,966
    
    
    
    (8,572
    )
    
    
    21,394
    
    
    
    12,889Reflections (Casselberry)
    
    Garden
    
    Oct-02
    
    
    Casselberry, FL
    
    
    
    1984
    
    
    
    336
    
    
    
    3,052
    
    
    
    11,607
    
    
    
    1,390
    
    
    
    3,052
    
    
    
    12,997
    
    
    
    16,048
    
    
    
    (2,062
    )
    
    
    13,986
    
    
    
    10,700Reflections (Tampa)
    
    Garden
    
    Sep-00
    
    
    Tampa, FL
    
    
    
    1988
    
    
    
    348
    
    
    
    7,976
    
    
    
    13,499
    
    
    
    2,083
    
    
    
    7,976
    
    
    
    15,583
    
    
    
    23,559
    
    
    
    (2,868
    )
    
    
    20,691
    
    
    
    13,500Reflections (Virginia Beach)
    
    Garden
    
    Sep-00
    
    
    Virginia Beach, VA
    
    
    
    1987
    
    
    
    480
    
    
    
    15,988
    
    
    
    13,684
    
    
    
    3,049
    
    
    
    15,988
    
    
    
    16,733
    
    
    
    32,721
    
    
    
    (4,150
    )
    
    
    28,572
    
    
    
    25,109Reflections (West Palm Beach)
    
    Garden
    
    Oct-00
    
    
    West Palm Beach, FL
    
    
    
    1986
    
    
    
    300
    
    
    
    5,504
    
    
    
    9,984
    
    
    
    2,244
    
    
    
    5,504
    
    
    
    12,228
    
    
    
    17,732
    
    
    
    (2,629
    )
    
    
    15,103
    
    
    
    9,653Regency Oaks
    
    Garden
    
    Oct-99
    
    
    Fern Park, FL
    
    
    
    1965
    
    
    
    343
    
    
    
    1,812
    
    
    
    9,933
    
    
    
    4,176
    
    
    
    1,812
    
    
    
    14,110
    
    
    
    15,922
    
    
    
    (6,876
    )
    
    
    9,046
    
    
    
    6,700Ridgecrest
    
    Garden
    
    Dec-96
    
    
    Denton, TX
    
    
    
    1983
    
    
    
    152
    
    
    
    288
    
    
    
    1,269
    
    
    
    2,001
    
    
    
    288
    
    
    
    3,270
    
    
    
    3,558
    
    
    
    (183
    )
    
    
    3,375
    
    
    
    3,708Ridgewood (La Loma)
    
    Garden
    
    Mar-02
    
    
    Sacramento, CA
    
    
    
    1980
    
    
    
    75
    
    
    
    700
    
    
    
    2,804
    
    
    
    424
    
    
    
    700
    
    
    
    3,228
    
    
    
    3,928
    
    
    
    (420
    )
    
    
    3,508
    
    
    
    2,000Ridgewood Towers
    
    High Rise
    
    Mar-02
    
    
    East Moline, IL
    
    
    
    1977
    
    
    
    140
    
    
    
    698
    
    
    
    2,803
    
    
    
    396
    
    
    
    698
    
    
    
    3,199
    
    
    
    3,897
    
    
    
    (567
    )
    
    
    3,330
    
    
    
    1,998River Club
    
    Garden
    
    Apr-05
    
    
    Edgewater, NJ
    
    
    
    1998
    
    
    
    266
    
    
    
    30,578
    
    
    
    30,638
    
    
    
    166
    
    
    
    30,578
    
    
    
    30,804
    
    
    
    61,382
    
    
    
    (844
    )
    
    
    60,537
    
    
    
    44,452River Reach
    
    Garden
    
    Sep-00
    
    
    Naples, FL
    
    
    
    1986
    
    
    
    556
    
    
    
    17,728
    
    
    
    18,337
    
    
    
    3,096
    
    
    
    17,728
    
    
    
    21,433
    
    
    
    39,162
    
    
    
    (5,747
    )
    
    
    33,415
    
    
    
    24,000Riverbend Village
    
    Garden
    
    Jul-01
    
    
    Arlington, TX
    
    
    
    1983
    
    
    
    201
    
    
    
    893
    
    
    
    4,128
    
    
    
    1,290
    
    
    
    893
    
    
    
    5,418
    
    
    
    6,311
    
    
    
    (2,102
    )
    
    
    4,208
    
    
    
    3,965Rivercreek
    
    Garden
    
    Apr-00
    
    
    Augusta, GA
    
    
    
    1980
    
    
    
    224
    
    
    
    665
    
    
    
    6,927
    
    
    
    1,311
    
    
    
    665
    
    
    
    8,237
    
    
    
    8,902
    
    
    
    (2,806
    )
    
    
    6,096
    
    
    
    3,416Rivercrest
    
    Garden
    
    Oct-99
    
    
    Atlanta, GA
    
    
    
    1970
    
    
    
    312
    
    
    
    2,320
    
    
    
    16,370
    
    
    
    3,211
    
    
    
    2,320
    
    
    
    19,580
    
    
    
    21,900
    
    
    
    (5,682
    )
    
    
    16,218
    
    
    
    10,625Riverloft Apartments
    
    High Rise
    
    Oct-99
    
    
    Philadelphia, PA
    
    
    
    1910
    
    
    
    184
    
    
    
    2,120
    
    
    
    11,287
    
    
    
    29,790
    
    
    
    2,120
    
    
    
    41,077
    
    
    
    43,197
    
    
    
    (8,742
    )
    
    
    34,455
    
    
    
    23,667Rivers Edge
    
    Garden
    
    Jul-00
    
    
    Auburn, WA
    
    
    
    1976
    
    
    
    120
    
    
    
    732
    
    
    
    5,019
    
    
    
    464
    
    
    
    732
    
    
    
    5,483
    
    
    
    6,215
    
    
    
    (2,150
    )
    
    
    4,065
    
    
    
    3,461Riverside
    
    Mid-Rise
    
    Jul-94
    
    
    Littleton, CO
    
    
    
    1987
    
    
    
    248
    
    
    
    1,956
    
    
    
    8,427
    
    
    
    2,834
    
    
    
    1,956
    
    
    
    11,261
    
    
    
    13,217
    
    
    
    (4,592
    )
    
    
    8,624
    
    
    
    8,279Riverside Park
    
    High Rise
    
    Apr-00
    
    
    Alexandria, VA
    
    
    
    1973
    
    
    
    1,222
    
    
    
    8,382
    
    
    
    70,084
    
    
    
    13,369
    
    
    
    8,382
    
    
    
    83,454
    
    
    
    91,836
    
    
    
    (31,980
    )
    
    
    59,856
    
    
    
    52,224Riverwalk
    
    Garden
    
    Dec-95
    
    
    Little Rock, AR
    
    
    
    1988
    
    
    
    262
    
    
    
    1,075
    
    
    
    8,863
    
    
    
    2,515
    
    
    
    1,075
    
    
    
    11,379
    
    
    
    12,454
    
    
    
    (4,105
    )
    
    
    8,349
    
    
    
    5,034Riverwind at St. Andrews
    
    Garden
    
    Apr-02
    
    
    Columbia, SC
    
    
    
    1984
    
    
    
    160
    
    
    
    1,246
    
    
    
    4,370
    
    
    
    119
    
    
    
    1,246
    
    
    
    4,489
    
    
    
    5,735
    
    
    
    (846
    )
    
    
    4,889
    
    
    
    4,652Riverwood (IN)
    
    Garden
    
    Oct-00
    
    
    Indianapolis, IN
    
    
    
    1978
    
    
    
    120
    
    
    
    1,032
    
    
    
    3,424
    
    
    
    1,002
    
    
    
    1,032
    
    
    
    4,426
    
    
    
    5,458
    
    
    
    (1,178
    )
    
    
    4,281
    
    
    
    3,613Robbie Robinson
    
    Garden
    
    Oct-05
    
    
    Savannah, GA
    
    
    
    1921
    
    
    
    100
    
    
    
    554
    
    
    
    3,097
    
    
    
    
    
    
    
    554
    
    
    
    3,097
    
    
    
    3,651
    
    
    
    (23
    )
    
    
    3,628
    
    
    
    3,769Rocky Creek
    
    Garden
    
    Oct-99
    
    
    Augusta, GA
    
    
    
    1979
    
    
    
    120
    
    
    
    424
    
    
    
    3,633
    
    
    
    511
    
    
    
    424
    
    
    
    4,144
    
    
    
    4,568
    
    
    
    (1,644
    )
    
    
    2,925
    
    
    
    2,168Rosedale Court Apartments
    
    Garden
    
    Mar-04
    
    
    Dawson Springs, KY
    
    
    
    1981
    
    
    
    40
    
    
    
    194
    
    
    
    1,177
    
    
    
    25
    
    
    
    194
    
    
    
    1,202
    
    
    
    1,396
    
    
    
    (327
    )
    
    
    1,069
    
    
    
    929Rosewood
    
    Garden
    
    Mar-02
    
    
    Camarillo, CA
    
    
    
    1976
    
    
    
    150
    
    
    
    12,128
    
    
    
    8,060
    
    
    
    1,662
    
    
    
    12,128
    
    
    
    9,722
    
    
    
    21,850
    
    
    
    (1,554
    )
    
    
    20,295
    
    
    
    7,775Round Barn
    
    Garden
    
    Mar-02
    
    
    Champaign, IL
    
    
    
    1979
    
    
    
    156
    
    
    
    1,015
    
    
    
    4,387
    
    
    
    485
    
    
    
    1,015
    
    
    
    4,873
    
    
    
    5,888
    
    
    
    (853
    )
    
    
    5,036
    
    
    
    3,962Royal Crest Estates (Fall River)
    
    Garden
    
    Aug-02
    
    
    Fall River, MA
    
    
    
    1974
    
    
    
    216
    
    
    
    5,832
    
    
    
    12,044
    
    
    
    954
    
    
    
    5,832
    
    
    
    12,998
    
    
    
    18,830
    
    
    
    (2,621
    )
    
    
    16,209
    
    
    
    10,313Royal Crest Estates (Marlboro)
    
    Garden
    
    Aug-02
    
    
    Marlborough, MA
    
    
    
    1970
    
    
    
    473
    
    
    
    25,178
    
    
    
    28,786
    
    
    
    1,515
    
    
    
    25,178
    
    
    
    30,301
    
    
    
    55,479
    
    
    
    (6,417
    )
    
    
    49,062
    
    
    
    31,479Royal Crest Estates (Nashua)
    
    Garden
    
    Aug-02
    
    
    Nashua, MA
    
    
    
    1970
    
    
    
    902
    
    
    
    68,231
    
    
    
    45,562
    
    
    
    2,822
    
    
    
    68,231
    
    
    
    48,384
    
    
    
    116,614
    
    
    
    (9,698
    )
    
    
    106,916
    
    
    
    55,329Royal Crest Estates (North Andover)
    
    Garden
    
    Aug-02
    
    
    North Andover, MA
    
    
    
    1970
    
    
    
    588
    
    
    
    51,292
    
    
    
    36,808
    
    
    
    5,159
    
    
    
    51,292
    
    
    
    41,967
    
    
    
    93,259
    
    
    
    (8,896
    )
    
    
    84,362
    
    
    
    48,824Royal Crest Estates (Warwick)
    
    Garden
    
    Aug-02
    
    
    Warwick, RI
    
    
    
    1972
    
    
    
    492
    
    
    
    22,433
    
    
    
    24,095
    
    
    
    1,713
    
    
    
    22,433
    
    
    
    25,808
    
    
    
    48,241
    
    
    
    (5,011
    )
    
    
    43,230
    
    
    
    25,887Royal Palms
    
    Garden
    
    Jul-94
    
    
    Mesa, AZ
    
    
    
    1985
    
    
    
    152
    
    
    
    832
    
    
    
    4,569
    
    
    
    1,435
    
    
    
    832
    
    
    
    6,004
    
    
    
    6,836
    
    
    
    (2,223
    )
    
    
    4,613
    
    
    
    2,525Runaway Bay
    
    Garden
    
    Jul-02
    
    
    Pinellas Park, FL
    
    
    
    1986
    
    
    
    192
    
    
    
    1,933
    
    
    
    7,341
    
    
    
    363
    
    
    
    1,933
    
    
    
    7,704
    
    
    
    9,637
    
    
    
    (1,261
    )
    
    
    8,376
    
    
    
    4,458Runaway Bay (CA)
    
    Garden
    
    Oct-00
    
    
    Antioch, CA
    
    
    
    1986
    
    
    
    280
    
    
    
    12,503
    
    
    
    10,499
    
    
    
    1,433
    
    
    
    12,503
    
    
    
    11,932
    
    
    
    24,435
    
    
    
    (2,951
    )
    
    
    21,485
    
    
    
    12,100Runaway Bay (FL)
    
    Garden
    
    Oct-00
    
    
    Lantana, FL
    
    
    
    1987
    
    
    
    404
    
    
    
    5,934
    
    
    
    16,052
    
    
    
    2,233
    
    
    
    5,934
    
    
    
    18,285
    
    
    
    24,219
    
    
    
    (3,788
    )
    
    
    20,432
    
    
    
    12,028Runaway Bay (MI)
    
    Garden
    
    Oct-00
    
    
    Lansing, MI
    
    
    
    1987
    
    
    
    288
    
    
    
    2,106
    
    
    
    6,559
    
    
    
    1,995
    
    
    
    2,106
    
    
    
    8,554
    
    
    
    10,660
    
    
    
    (2,649
    )
    
    
    8,011
    
    
    
    8,628Runaway Bay (NC)
    
    Garden
    
    Oct-00
    
    
    Charlotte, NC
    
    
    
    1985
    
    
    
    280
    
    
    
    2,233
    
    
    
    9,860
    
    
    
    1,815
    
    
    
    2,233
    
    
    
    11,675
    
    
    
    13,908
    
    
    
    (2,989
    )
    
    
    10,920
    
    
    
    8,128Runaway Bay (Virginia Beach)
    
    Garden
    
    Nov-04
    
    
    Virginia Beach, VA
    
    
    
    1985
    
    
    
    440
    
    
    
    8,089
    
    
    
    17,182
    
    
    
    849
    
    
    
    8,089
    
    
    
    18,031
    
    
    
    26,120
    
    
    
    (797
    )
    
    
    25,323
    
    
    
    17,569Runawaybay I
    
    Garden
    
    Sep-03
    
    
    Columbus, OH
    
    
    
    1982
    
    
    
    304
    
    
    
    2,273
    
    
    
    11,980
    
    
    
    1,187
    
    
    
    2,273
    
    
    
    13,167
    
    
    
    15,440
    
    
    
    (4,388
    )
    
    
    11,053
    
    
    
    10,464Salem Park
    
    Garden
    
    Apr-00
    
    
    Ft. Worth, TX
    
    
    
    1984
    
    
    
    168
    
    
    
    837
    
    
    
    4,109
    
    
    
    1,974
    
    
    
    837
    
    
    
    6,084
    
    
    
    6,921
    
    
    
    (2,227
    )
    
    
    4,694
    
    
    
    3,493San Jose Apartments
    
    Garden
    
    Sep-05
    
    
    San Antonio, TX
    
    
    
    1970
    
    
    
    220
    
    
    
    506
    
    
    
    8,038
    
    
    
    53
    
    
    
    506
    
    
    
    8,091
    
    
    
    8,597
    
    
    
    (4,233
    )
    
    
    4,364
    
    
    
    1,063San Juan Del Centro
    
    Mid-Rise
    
    Sep-05
    
    
    Boulder, CO
    
    
    
    1971
    
    
    
    150
    
    
    
    719
    
    
    
    6,746
    
    
    
    15
    
    
    
    719
    
    
    
    6,761
    
    
    
    7,480
    
    
    
    (3,402
    )
    
    
    4,078
    
    
    
    947Sand Castles Apartments
    
    Garden
    
    Oct-97
    
    
    League City, TX
    
    
    
    1987
    
    
    
    138
    
    
    
    978
    
    
    
    5,542
    
    
    
    1,703
    
    
    
    978
    
    
    
    7,245
    
    
    
    8,223
    
    
    
    (2,206
    )
    
    
    6,017
    
    
    
    2,364Sandpiper Cove
    
    Garden
    
    Dec-97
    
    
    Boynton Beach, FL
    
    
    
    1987
    
    
    
    416
    
    
    
    3,511
    
    
    
    21,396
    
    
    
    4,957
    
    
    
    3,511
    
    
    
    26,353
    
    
    
    29,865
    
    
    
    (7,083
    )
    
    
    22,781
    
    
    
    20,931Sands Point Apartments
    
    Garden
    
    Jan-00
    
    
    Phoenix, AZ
    
    
    
    1985
    
    
    
    432
    
    
    
    2,255
    
    
    
    15,545
    
    
    
    2,281
    
    
    
    2,255
    
    
    
    17,826
    
    
    
    20,081
    
    
    
    (6,822
    )
    
    
    13,259
    
    
    
    11,000Sandy Hill Terrace
    
    High Rise
    
    Mar-02
    
    
    Norristown, PA
    
    
    
    1980
    
    
    
    175
    
    
    
    1,650
    
    
    
    6,599
    
    
    
    1,490
    
    
    
    1,650
    
    
    
    8,089
    
    
    
    9,739
    
    
    
    (1,255
    )
    
    
    8,484
    
    
    
    4,431Sandy Springs
    
    Garden
    
    Mar-05
    
    
    Macon, GA
    
    
    
    1979
    
    
    
    74
    
    
    
    153
    
    
    
    1,736
    
    
    
    552
    
    
    
    153
    
    
    
    2,287
    
    
    
    2,440
    
    
    
    (1,106
    )
    
    
    1,334
    
    
    
    1,222 F-48    Table of Contents   December 31, 2005(2)Initial Cost
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    Cost Capitalized
    
    
    
    Accumulated
    
    Total CostProperty
    
    Date
    
    
    
    Year
    
    Number
    
    
    
    Buildings and
    
    Subsequent to
    
    
    
    Buildings and
    
    
    
    Depreciation
    
    Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    of Units
    
    Land
    
    Improvements
    
    Acquisition
    
    Land
    
    Improvements
    
    Total
    
    (AD)
    
    AD
    
    EncumbrancesSavannah Trace
    
    Garden
    
    Mar-01
    
    
    Shaumburg, IL
    
    
    
    1986
    
    
    
    368
    
    
    
    13,960
    
    
    
    20,731
    
    
    
    1,370
    
    
    
    13,960
    
    
    
    22,101
    
    
    
    36,061
    
    
    
    (5,034
    )
    
    
    31,027
    
    
    
    22,971Sawgrass
    
    Garden
    
    Jul-97
    
    
    Orlando, FL
    
    
    
    1986
    
    
    
    208
    
    
    
    1,443
    
    
    
    8,137
    
    
    
    2,087
    
    
    
    1,443
    
    
    
    10,223
    
    
    
    11,666
    
    
    
    (3,269
    )
    
    
    8,397
    
    
    
    2,899Scandia
    
    Garden
    
    Oct-00
    
    
    Indianapolis, IN
    
    
    
    1977
    
    
    
    444
    
    
    
    10,540
    
    
    
    9,852
    
    
    
    7,130
    
    
    
    10,540
    
    
    
    16,982
    
    
    
    27,523
    
    
    
    (3,888
    )
    
    
    23,635
    
    
    
    12,821Scotch Pines East
    
    Garden
    
    Jul-00
    
    
    Ft. Collins, CO
    
    
    
    1977
    
    
    
    102
    
    
    
    460
    
    
    
    4,880
    
    
    
    270
    
    
    
    460
    
    
    
    5,151
    
    
    
    5,610
    
    
    
    (2,258
    )
    
    
    3,352
    
    
    
    2,745Shadetree
    
    Garden
    
    Oct-97
    
    
    Tempe, AZ
    
    
    
    1965
    
    
    
    123
    
    
    
    591
    
    
    
    3,359
    
    
    
    1,631
    
    
    
    591
    
    
    
    4,991
    
    
    
    5,582
    
    
    
    (1,814
    )
    
    
    3,768
    
    
    
    1,571Shadow Creek
    
    Garden
    
    May-98
    
    
    Phoenix, AZ
    
    
    
    1984
    
    
    
    266
    
    
    
    2,016
    
    
    
    11,886
    
    
    
    1,920
    
    
    
    2,016
    
    
    
    13,806
    
    
    
    15,822
    
    
    
    (4,650
    )
    
    
    11,172
    
    
    
    5,600Sharp-Leadenhall I
    
    Town Home
    
    Mar-04
    
    
    Baltimore, MD
    
    
    
    1981
    
    
    
    155
    
    
    
    1,399
    
    
    
    5,434
    
    
    
    320
    
    
    
    1,399
    
    
    
    5,754
    
    
    
    7,153
    
    
    
    (1,112
    )
    
    
    6,041
    
    
    
    5,754Sharp-Leadenhall II
    
    Town Home
    
    Sep-03
    
    
    Baltimore, MD
    
    
    
    1981
    
    
    
    37
    
    
    
    171
    
    
    
    1,636
    
    
    
    259
    
    
    
    171
    
    
    
    1,895
    
    
    
    2,066
    
    
    
    (756
    )
    
    
    1,310
    
    
    
    1,169Shenandoah Crossing
    
    Garden
    
    Sep-00
    
    
    Fairfax, VA
    
    
    
    1984
    
    
    
    640
    
    
    
    18,492
    
    
    
    57,197
    
    
    
    3,677
    
    
    
    18,492
    
    
    
    60,874
    
    
    
    79,366
    
    
    
    (16,172
    )
    
    
    63,193
    
    
    
    31,500Sheraton Towers
    
    High Rise
    
    Mar-02
    
    
    High Point, NC
    
    
    
    1981
    
    
    
    97
    
    
    
    525
    
    
    
    2,159
    
    
    
    608
    
    
    
    525
    
    
    
    2,768
    
    
    
    3,293
    
    
    
    (372
    )
    
    
    2,921
    
    
    
    3,303Shoreview
    
    Garden
    
    Oct-99
    
    
    San Francisco, CA
    
    
    
    1976
    
    
    
    156
    
    
    
    633
    
    
    
    8,610
    
    
    
    10,386
    
    
    
    633
    
    
    
    18,997
    
    
    
    19,630
    
    
    
    (5,247
    )
    
    
    14,383
    
    
    
    3,458Sienna Bay
    
    Garden
    
    Apr-00
    
    
    St. Petersburg, FL
    
    
    
    1984
    
    
    
    276
    
    
    
    1,556
    
    
    
    9,141
    
    
    
    3,116
    
    
    
    1,556
    
    
    
    12,257
    
    
    
    13,812
    
    
    
    (3,686
    )
    
    
    10,126
    
    
    
    11,000Signal Pointe
    
    Garden
    
    Oct-99
    
    
    Winter Park, FL
    
    
    
    1971
    
    
    
    368
    
    
    
    1,485
    
    
    
    12,653
    
    
    
    2,879
    
    
    
    1,485
    
    
    
    15,532
    
    
    
    17,017
    
    
    
    (5,831
    )
    
    
    11,186
    
    
    
    7,704Signature Point Apartments
    
    Garden
    
    Nov-96
    
    
    League City, TX
    
    
    
    1994
    
    
    
    304
    
    
    
    2,810
    
    
    
    17,579
    
    
    
    1,912
    
    
    
    2,810
    
    
    
    19,491
    
    
    
    22,301
    
    
    
    (4,235
    )
    
    
    18,066
    
    
    
    8,255Silver Ridge
    
    Garden
    
    Oct-98
    
    
    Maplewood, MN
    
    
    
    1986
    
    
    
    186
    
    
    
    775
    
    
    
    3,765
    
    
    
    1,411
    
    
    
    775
    
    
    
    5,176
    
    
    
    5,952
    
    
    
    (1,817
    )
    
    
    4,134
    
    
    
    4,525Snug Harbor
    
    Garden
    
    Dec-95
    
    
    Las Vegas, NV
    
    
    
    1990
    
    
    
    67
    
    
    
    751
    
    
    
    2,859
    
    
    
    1,202
    
    
    
    751
    
    
    
    4,061
    
    
    
    4,812
    
    
    
    (1,549
    )
    
    
    3,263
    
    
    
    1,978Somerset Lakes
    
    Garden
    
    May-99
    
    
    Indianapolis, IN
    
    
    
    1974
    
    
    
    360
    
    
    
    3,436
    
    
    
    19,668
    
    
    
    1,741
    
    
    
    3,436
    
    
    
    21,409
    
    
    
    24,845
    
    
    
    (6,516
    )
    
    
    18,329
    
    
    
    18,900Somerset Village
    
    Garden
    
    May-96
    
    
    West Valley City, UT
    
    
    
    1985
    
    
    
    486
    
    
    
    4,315
    
    
    
    16,727
    
    
    
    4,569
    
    
    
    4,315
    
    
    
    21,296
    
    
    
    25,611
    
    
    
    (7,609
    )
    
    
    18,001
    
    
    
    9,939South Bay Villa
    
    Garden
    
    Mar-02
    
    
    Los Angeles, CA
    
    
    
    1981
    
    
    
    80
    
    
    
    663
    
    
    
    2,770
    
    
    
    582
    
    
    
    663
    
    
    
    3,352
    
    
    
    4,015
    
    
    
    (674
    )
    
    
    3,342
    
    
    
    South Park
    
    Garden
    
    Mar-02
    
    
    Elyria, OH
    
    
    
    1970
    
    
    
    138
    
    
    
    200
    
    
    
    931
    
    
    
    709
    
    
    
    200
    
    
    
    1,641
    
    
    
    1,841
    
    
    
    (363
    )
    
    
    1,478
    
    
    
    607South Willow
    
    Garden
    
    Jul-94
    
    
    West Jordan, UT
    
    
    
    1987
    
    
    
    440
    
    
    
    2,224
    
    
    
    12,075
    
    
    
    3,991
    
    
    
    2,224
    
    
    
    16,066
    
    
    
    18,291
    
    
    
    (6,424
    )
    
    
    11,867
    
    
    
    7,921Southridge
    
    Garden
    
    Dec-00
    
    
    Greenville, TX
    
    
    
    1984
    
    
    
    160
    
    
    
    695
    
    
    
    4,416
    
    
    
    1,345
    
    
    
    695
    
    
    
    5,761
    
    
    
    6,456
    
    
    
    (2,450
    )
    
    
    4,005
    
    
    
    3,321Spectrum Pointe
    
    Garden
    
    Jul-94
    
    
    Marietta, GA
    
    
    
    1984
    
    
    
    196
    
    
    
    1,029
    
    
    
    5,651
    
    
    
    2,954
    
    
    
    1,029
    
    
    
    8,605
    
    
    
    9,634
    
    
    
    (3,427
    )
    
    
    6,207
    
    
    
    4,008Springhill Lake
    
    Garden
    
    Apr-00
    
    
    Greenbelt, MD
    
    
    
    1969
    
    
    
    2,899
    
    
    
    14,335
    
    
    
    99,108
    
    
    
    28,780
    
    
    
    14,335
    
    
    
    127,888
    
    
    
    142,223
    
    
    
    (42,393
    )
    
    
    99,830
    
    
    
    113,500Springhouse (GA)
    
    Garden
    
    Oct-02
    
    
    Augusta, GA
    
    
    
    1985
    
    
    
    244
    
    
    
    1,972
    
    
    
    7,397
    
    
    
    140
    
    
    
    1,972
    
    
    
    7,536
    
    
    
    9,508
    
    
    
    (1,255
    )
    
    
    8,253
    
    
    
    6,549Springhouse (KY)
    
    Garden
    
    Mar-04
    
    
    Lexington, KY
    
    
    
    1986
    
    
    
    224
    
    
    
    2,126
    
    
    
    6,721
    
    
    
    224
    
    
    
    2,126
    
    
    
    6,945
    
    
    
    9,072
    
    
    
    (1,156
    )
    
    
    7,916
    
    
    
    6,669Springhouse (SC)
    
    Garden
    
    Oct-02
    
    
    North Charleston, SC
    
    
    
    1986
    
    
    
    248
    
    
    
    3,488
    
    
    
    10,331
    
    
    
    424
    
    
    
    3,488
    
    
    
    10,755
    
    
    
    14,243
    
    
    
    (2,078
    )
    
    
    12,165
    
    
    
    8,600Springhouse (TX)
    
    Garden
    
    Oct-02
    
    
    Dallas, TX
    
    
    
    1983
    
    
    
    372
    
    
    
    3,391
    
    
    
    9,619
    
    
    
    1,557
    
    
    
    3,391
    
    
    
    11,176
    
    
    
    14,567
    
    
    
    (1,698
    )
    
    
    12,870
    
    
    
    10,300Springhouse at Newport
    
    Garden
    
    Jul-02
    
    
    Newport News, VA
    
    
    
    1986
    
    
    
    432
    
    
    
    5,354
    
    
    
    14,492
    
    
    
    1,551
    
    
    
    5,354
    
    
    
    16,043
    
    
    
    21,397
    
    
    
    (630
    )
    
    
    20,767
    
    
    
    16,600Springwoods at Lake Ridge
    
    Garden
    
    Jul-02
    
    
    Lake Ridge, VA
    
    
    
    1984
    
    
    
    180
    
    
    
    2,899
    
    
    
    9,693
    
    
    
    409
    
    
    
    2,899
    
    
    
    10,101
    
    
    
    13,001
    
    
    
    (240
    )
    
    
    12,761
    
    
    
    7,096Spyglass
    
    Garden
    
    Oct-02
    
    
    Indianapolis, IN
    
    
    
    1979
    
    
    
    120
    
    
    
    971
    
    
    
    3,985
    
    
    
    582
    
    
    
    971
    
    
    
    4,568
    
    
    
    5,538
    
    
    
    (1,192
    )
    
    
    4,346
    
    
    
    2,803Spyglass at Cedar Cove
    
    Garden
    
    Sep-00
    
    
    Lexington Park, MD
    
    
    
    1985
    
    
    
    152
    
    
    
    3,241
    
    
    
    5,094
    
    
    
    855
    
    
    
    3,241
    
    
    
    5,949
    
    
    
    9,190
    
    
    
    (1,410
    )
    
    
    7,780
    
    
    
    4,300Stafford
    
    High Rise
    
    Oct-02
    
    
    Baltimore, MD
    
    
    
    1889
    
    
    
    96
    
    
    
    706
    
    
    
    4,032
    
    
    
    2,149
    
    
    
    706
    
    
    
    6,182
    
    
    
    6,888
    
    
    
    (1,484
    )
    
    
    5,404
    
    
    
    Steeplechase
    
    Garden
    
    Oct-00
    
    
    Williamsburg, VA
    
    
    
    1986
    
    
    
    220
    
    
    
    7,601
    
    
    
    8,029
    
    
    
    1,092
    
    
    
    7,601
    
    
    
    9,121
    
    
    
    16,722
    
    
    
    (2,255
    )
    
    
    14,467
    
    
    
    12,425Steeplechase (MD)
    
    Garden
    
    Sep-00
    
    
    Largo, MD
    
    
    
    1986
    
    
    
    240
    
    
    
    3,675
    
    
    
    16,111
    
    
    
    1,582
    
    
    
    3,675
    
    
    
    17,693
    
    
    
    21,368
    
    
    
    (3,745
    )
    
    
    17,623
    
    
    
    11,759Steeplechase (OH)
    
    Garden
    
    May-99
    
    
    Loveland, OH
    
    
    
    1988
    
    
    
    272
    
    
    
    1,975
    
    
    
    9,264
    
    
    
    1,345
    
    
    
    1,975
    
    
    
    10,609
    
    
    
    12,585
    
    
    
    (3,335
    )
    
    
    9,249
    
    
    
    7,242Steeplechase (TX)
    
    Garden
    
    Jul-02
    
    
    Plano, TX
    
    
    
    1985
    
    
    
    368
    
    
    
    6,438
    
    
    
    9,596
    
    
    
    1,058
    
    
    
    6,438
    
    
    
    10,654
    
    
    
    17,091
    
    
    
    (1,596
    )
    
    
    15,495
    
    
    
    14,200Sterling Apartment Homes, The
    
    Garden
    
    Oct-99
    
    
    Philadelphia, PA
    
    
    
    1962
    
    
    
    536
    
    
    
    8,414
    
    
    
    53,515
    
    
    
    7,691
    
    
    
    8,414
    
    
    
    61,206
    
    
    
    69,620
    
    
    
    (19,334
    )
    
    
    50,286
    
    
    
    21,001Sterling Village
    
    Garden
    
    Mar-02
    
    
    San Bernadino, CA
    
    
    
    1983
    
    
    
    80
    
    
    
    1,177
    
    
    
    2,925
    
    
    
    125
    
    
    
    1,177
    
    
    
    3,050
    
    
    
    4,226
    
    
    
    (492
    )
    
    
    3,734
    
    
    
    1,816Stirling Court Apartments
    
    Garden
    
    Nov-96
    
    
    Houston, TX
    
    
    
    1984
    
    
    
    228
    
    
    
    913
    
    
    
    4,953
    
    
    
    1,700
    
    
    
    913
    
    
    
    6,653
    
    
    
    7,567
    
    
    
    (1,749
    )
    
    
    5,817
    
    
    
    3,893Stone Creek Club
    
    Garden
    
    Sep-00
    
    
    Germantown, MD
    
    
    
    1984
    
    
    
    240
    
    
    
    13,593
    
    
    
    9,347
    
    
    
    2,092
    
    
    
    13,593
    
    
    
    11,439
    
    
    
    25,032
    
    
    
    (4,174
    )
    
    
    20,858
    
    
    
    11,901Stone Point Village
    
    Garden
    
    Dec-99
    
    
    Fort Wayne, IN
    
    
    
    1980
    
    
    
    296
    
    
    
    1,541
    
    
    
    8,636
    
    
    
    2,381
    
    
    
    1,541
    
    
    
    11,018
    
    
    
    12,559
    
    
    
    (2,975
    )
    
    
    9,584
    
    
    
    5,208Stonebrook
    
    Garden
    
    Jun-97
    
    
    Sanford, FL
    
    
    
    1991
    
    
    
    244
    
    
    
    1,583
    
    
    
    8,587
    
    
    
    2,670
    
    
    
    1,583
    
    
    
    11,257
    
    
    
    12,839
    
    
    
    (3,782
    )
    
    
    9,057
    
    
    
    6,202Stonebrook II
    
    Garden
    
    Mar-99
    
    
    Sanford, FL
    
    
    
    1998
    
    
    
    112
    
    
    
    488
    
    
    
    8,736
    
    
    
    272
    
    
    
    488
    
    
    
    9,008
    
    
    
    9,495
    
    
    
    (1,359
    )
    
    
    8,136
    
    
    
    3,346Stonegate Village
    
    Garden
    
    Oct-00
    
    
    New Castle, IN
    
    
    
    1970
    
    
    
    122
    
    
    
    313
    
    
    
    1,895
    
    
    
    510
    
    
    
    313
    
    
    
    2,405
    
    
    
    2,718
    
    
    
    (443
    )
    
    
    2,276
    
    
    
    652Stoney Brook Apartments
    
    Garden
    
    Nov-96
    
    
    Houston, TX
    
    
    
    1972
    
    
    
    113
    
    
    
    275
    
    
    
    1,865
    
    
    
    1,306
    
    
    
    275
    
    
    
    3,171
    
    
    
    3,447
    
    
    
    (599
    )
    
    
    2,848
    
    
    
    2,239Stonybrook
    
    Garden
    
    May-98
    
    
    Tucson, AZ
    
    
    
    1983
    
    
    
    411
    
    
    
    2,167
    
    
    
    12,670
    
    
    
    1,712
    
    
    
    2,167
    
    
    
    14,381
    
    
    
    16,549
    
    
    
    (4,847
    )
    
    
    11,702
    
    
    
    5,598Stratford, The
    
    Garden
    
    May-98
    
    
    San Antonio, TX
    
    
    
    1979
    
    
    
    269
    
    
    
    1,825
    
    
    
    10,748
    
    
    
    1,430
    
    
    
    1,825
    
    
    
    12,178
    
    
    
    14,003
    
    
    
    (4,464
    )
    
    
    9,539
    
    
    
    4,800Strawbridge Square
    
    Garden
    
    Oct-99
    
    
    Alexandria, VA
    
    
    
    1979
    
    
    
    128
    
    
    
    662
    
    
    
    3,508
    
    
    
    2,241
    
    
    
    662
    
    
    
    5,749
    
    
    
    6,410
    
    
    
    (1,094
    )
    
    
    5,316
    
    
    
    7,460Summit Creek
    
    Garden
    
    May-98
    
    
    Austin, TX
    
    
    
    1985
    
    
    
    164
    
    
    
    1,211
    
    
    
    6,037
    
    
    
    775
    
    
    
    1,211
    
    
    
    6,812
    
    
    
    8,023
    
    
    
    (1,859
    )
    
    
    6,165
    
    
    
    3,229Sun Lake
    
    Garden
    
    May-98
    
    
    Lake Mary, FL
    
    
    
    1986
    
    
    
    600
    
    
    
    4,551
    
    
    
    25,543
    
    
    
    4,624
    
    
    
    4,551
    
    
    
    30,167
    
    
    
    34,718
    
    
    
    (9,700
    )
    
    
    25,018
    
    
    
    24,445 F-49    Table of Contents   December 31, 2005(2)Initial Cost
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    Cost Capitalized
    
    
    
    Accumulated
    
    Total CostProperty
    
    Date
    
    
    
    Year
    
    Number
    
    
    
    Buildings and
    
    Subsequent to
    
    
    
    Buildings and
    
    
    
    Depreciation
    
    Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    of Units
    
    Land
    
    Improvements
    
    Acquisition
    
    Land
    
    Improvements
    
    Total
    
    (AD)
    
    AD
    
    EncumbrancesSun River Village
    
    Garden
    
    Oct-99
    
    
    Tempe, AZ
    
    
    
    1981
    
    
    
    334
    
    
    
    1,858
    
    
    
    13,837
    
    
    
    1,820
    
    
    
    1,858
    
    
    
    15,656
    
    
    
    17,514
    
    
    
    (6,319
    )
    
    
    11,195
    
    
    
    8,835Sunbury Downs Apartments
    
    Garden
    
    Nov-96
    
    
    Houston, TX
    
    
    
    1982
    
    
    
    240
    
    
    
    936
    
    
    
    6,059
    
    
    
    1,718
    
    
    
    936
    
    
    
    7,777
    
    
    
    8,713
    
    
    
    (2,101
    )
    
    
    6,612
    
    
    
    4,385Sunlake
    
    Garden
    
    Sep-98
    
    
    Brandon, FL
    
    
    
    1986
    
    
    
    88
    
    
    
    610
    
    
    
    4,062
    
    
    
    823
    
    
    
    610
    
    
    
    4,886
    
    
    
    5,496
    
    
    
    (1,786
    )
    
    
    3,710
    
    
    
    2,267Sycamore Creek
    
    Garden
    
    Apr-00
    
    
    Cincinnati, OH
    
    
    
    1978
    
    
    
    295
    
    
    
    1,984
    
    
    
    9,614
    
    
    
    2,822
    
    
    
    1,984
    
    
    
    12,436
    
    
    
    14,420
    
    
    
    (3,479
    )
    
    
    10,941
    
    
    
    7,301Talbot Woods
    
    Garden
    
    Sep-04
    
    
    Middleboro, MA
    
    
    
    1972
    
    
    
    121
    
    
    
    5,852
    
    
    
    4,719
    
    
    
    1,275
    
    
    
    5,852
    
    
    
    5,994
    
    
    
    11,846
    
    
    
    (330
    )
    
    
    11,516
    
    
    
    6,409Tamarac Pines Apartments
    
    Garden
    
    Sep-05
    
    
    The Woodlands, TX
    
    
    
    1980
    
    
    
    300
    
    
    
    1,149
    
    
    
    5,969
    
    
    
    4,596
    
    
    
    1,149
    
    
    
    10,565
    
    
    
    11,714
    
    
    
    (587
    )
    
    
    11,127
    
    
    
    9,233Tamarac Village
    
    Garden
    
    Apr-00
    
    
    Denver, CO
    
    
    
    1979
    
    
    
    564
    
    
    
    3,413
    
    
    
    21,411
    
    
    
    4,157
    
    
    
    3,413
    
    
    
    25,568
    
    
    
    28,981
    
    
    
    (8,742
    )
    
    
    20,239
    
    
    
    18,614Tamarind Bay
    
    Garden
    
    Jan-00
    
    
    St. Petersburg, FL
    
    
    
    1980
    
    
    
    200
    
    
    
    694
    
    
    
    6,855
    
    
    
    1,965
    
    
    
    694
    
    
    
    8,820
    
    
    
    9,514
    
    
    
    (3,190
    )
    
    
    6,325
    
    
    
    4,125Tar River Estates
    
    Garden
    
    Oct-99
    
    
    Greenville, NC
    
    
    
    1969
    
    
    
    220
    
    
    
    1,288
    
    
    
    13,999
    
    
    
    2,897
    
    
    
    1,288
    
    
    
    16,896
    
    
    
    18,183
    
    
    
    (4,534
    )
    
    
    13,650
    
    
    
    4,674Tatum Gardens
    
    Garden
    
    May-98
    
    
    Phoenix, AZ
    
    
    
    1985
    
    
    
    128
    
    
    
    1,323
    
    
    
    7,155
    
    
    
    863
    
    
    
    1,323
    
    
    
    8,018
    
    
    
    9,342
    
    
    
    (3,086
    )
    
    
    6,256
    
    
    
    3,312Tempo, The
    
    High Rise
    
    Sep-04
    
    
    New York, NY
    
    
    
    1900
    
    
    
    202
    
    
    
    68,006
    
    
    
    12,140
    
    
    
    742
    
    
    
    68,006
    
    
    
    12,882
    
    
    
    80,888
    
    
    
    (397
    )
    
    
    80,491
    
    
    
    32,507Terry Manor
    
    Mid-Rise
    
    Oct-05
    
    
    Los Angeles, CA
    
    
    
    1977
    
    
    
    170
    
    
    
    1,775
    
    
    
    5,848
    
    
    
    
    
    
    
    1,775
    
    
    
    5,848
    
    
    
    7,623
    
    
    
    (154
    )
    
    
    7,469
    
    
    
    Timber Ridge
    
    Garden
    
    Oct-99
    
    
    Sharonville, OH
    
    
    
    1972
    
    
    
    248
    
    
    
    1,184
    
    
    
    8,077
    
    
    
    1,193
    
    
    
    1,184
    
    
    
    9,269
    
    
    
    10,453
    
    
    
    (3,001
    )
    
    
    7,453
    
    
    
    5,125Timbermill
    
    Garden
    
    Oct-95
    
    
    San Antonio, TX
    
    
    
    1982
    
    
    
    296
    
    
    
    778
    
    
    
    4,457
    
    
    
    2,121
    
    
    
    778
    
    
    
    6,578
    
    
    
    7,356
    
    
    
    (2,593
    )
    
    
    4,763
    
    
    
    2,825Timbertree
    
    Garden
    
    Oct-97
    
    
    Phoenix, AZ
    
    
    
    1980
    
    
    
    387
    
    
    
    2,292
    
    
    
    13,000
    
    
    
    3,064
    
    
    
    2,292
    
    
    
    16,064
    
    
    
    18,356
    
    
    
    (5,697
    )
    
    
    12,659
    
    
    
    6,018Tompkins Terrace
    
    Garden
    
    Oct-02
    
    
    Beacon, NY
    
    
    
    1974
    
    
    
    193
    
    
    
    872
    
    
    
    4,943
    
    
    
    1,046
    
    
    
    872
    
    
    
    5,990
    
    
    
    6,862
    
    
    
    (913
    )
    
    
    5,949
    
    
    
    2,830Township At Highlands
    
    Garden
    
    Nov-96
    
    
    Littleton, CO
    
    
    
    1986
    
    
    
    161
    
    
    
    1,615
    
    
    
    9,773
    
    
    
    3,813
    
    
    
    1,615
    
    
    
    13,586
    
    
    
    15,202
    
    
    
    (4,072
    )
    
    
    11,130
    
    
    
    5,979Trails
    
    Garden
    
    Apr-02
    
    
    Nashville, TN
    
    
    
    1985
    
    
    
    248
    
    
    
    685
    
    
    
    10,242
    
    
    
    756
    
    
    
    685
    
    
    
    10,997
    
    
    
    11,682
    
    
    
    (4,993
    )
    
    
    6,689
    
    
    
    3,891Trails of Ashford
    
    Garden
    
    May-98
    
    
    Houston, TX
    
    
    
    1979
    
    
    
    514
    
    
    
    2,650
    
    
    
    14,985
    
    
    
    2,978
    
    
    
    2,650
    
    
    
    17,963
    
    
    
    20,613
    
    
    
    (6,319
    )
    
    
    14,295
    
    
    
    7,305Treetops
    
    Garden
    
    Mar-01
    
    
    San Bruno, CA
    
    
    
    1987
    
    
    
    308
    
    
    
    3,703
    
    
    
    62,460
    
    
    
    6,990
    
    
    
    3,703
    
    
    
    69,450
    
    
    
    73,154
    
    
    
    (12,638
    )
    
    
    60,516
    
    
    
    34,631Trestletree Village
    
    Garden
    
    Mar-02
    
    
    Atlanta, GA
    
    
    
    1981
    
    
    
    188
    
    
    
    1,150
    
    
    
    4,655
    
    
    
    655
    
    
    
    1,150
    
    
    
    5,310
    
    
    
    6,460
    
    
    
    (978
    )
    
    
    5,482
    
    
    
    3,923Trinity Apartments
    
    Garden
    
    Dec-97
    
    
    Irving, TX
    
    
    
    1985
    
    
    
    496
    
    
    
    2,053
    
    
    
    12,387
    
    
    
    2,827
    
    
    
    2,053
    
    
    
    15,214
    
    
    
    17,266
    
    
    
    (4,531
    )
    
    
    12,735
    
    
    
    5,653Twentynine Palms
    
    Garden
    
    Mar-02
    
    
    Twenty-Nine Palms, CA
    
    
    
    1983
    
    
    
    48
    
    
    
    311
    
    
    
    1,247
    
    
    
    280
    
    
    
    311
    
    
    
    1,527
    
    
    
    1,838
    
    
    
    (291
    )
    
    
    1,547
    
    
    
    1,451Twin Lake Towers
    
    High Rise
    
    Oct-99
    
    
    Westmont, IL
    
    
    
    1969
    
    
    
    399
    
    
    
    2,636
    
    
    
    19,461
    
    
    
    5,212
    
    
    
    2,636
    
    
    
    24,673
    
    
    
    27,309
    
    
    
    (10,314
    )
    
    
    16,995
    
    
    
    11,059Twin Lakes Apartments
    
    Garden
    
    Apr-00
    
    
    Palm Harbor, FL
    
    
    
    1986
    
    
    
    262
    
    
    
    2,018
    
    
    
    12,754
    
    
    
    1,783
    
    
    
    2,018
    
    
    
    14,537
    
    
    
    16,556
    
    
    
    (5,059
    )
    
    
    11,497
    
    
    
    9,914University Square
    
    High Rise
    
    Mar-05
    
    
    Philadelphia, PA
    
    
    
    1978
    
    
    
    442
    
    
    
    263
    
    
    
    12,708
    
    
    
    7,547
    
    
    
    263
    
    
    
    20,255
    
    
    
    20,519
    
    
    
    (2,282
    )
    
    
    18,237
    
    
    
    14,649Van Nuys Apartments
    
    High Rise
    
    Mar-02
    
    
    Los Angeles, CA
    
    
    
    1981
    
    
    
    299
    
    
    
    4,337
    
    
    
    16,377
    
    
    
    996
    
    
    
    4,337
    
    
    
    17,373
    
    
    
    21,710
    
    
    
    (2,458
    )
    
    
    19,251
    
    
    
    16,917Vantage Pointe
    
    Mid-Rise
    
    Aug-02
    
    
    Swampscott, MA
    
    
    
    1987
    
    
    
    96
    
    
    
    4,749
    
    
    
    10,089
    
    
    
    674
    
    
    
    4,749
    
    
    
    10,762
    
    
    
    15,511
    
    
    
    (1,814
    )
    
    
    13,697
    
    
    
    8,800Ventura Landing
    
    Garden
    
    Oct-02
    
    
    Orlando, FL
    
    
    
    1973
    
    
    
    184
    
    
    
    827
    
    
    
    8,263
    
    
    
    818
    
    
    
    827
    
    
    
    9,081
    
    
    
    9,908
    
    
    
    (4,124
    )
    
    
    5,784
    
    
    
    3,749Verandahs at Hunt Club
    
    Garden
    
    Jul-02
    
    
    Apopka, FL
    
    
    
    1985
    
    
    
    210
    
    
    
    1,848
    
    
    
    8,400
    
    
    
    509
    
    
    
    1,848
    
    
    
    8,909
    
    
    
    10,757
    
    
    
    (869
    )
    
    
    9,888
    
    
    
    7,113Versailles
    
    Garden
    
    Apr-02
    
    
    Fort Wayne, IN
    
    
    
    1969
    
    
    
    156
    
    
    
    369
    
    
    
    6,104
    
    
    
    506
    
    
    
    369
    
    
    
    6,610
    
    
    
    6,979
    
    
    
    (2,453
    )
    
    
    4,527
    
    
    
    2,242Victory Square
    
    Garden
    
    Mar-02
    
    
    Canton, OH
    
    
    
    1975
    
    
    
    81
    
    
    
    215
    
    
    
    889
    
    
    
    250
    
    
    
    215
    
    
    
    1,139
    
    
    
    1,354
    
    
    
    (261
    )
    
    
    1,093
    
    
    
    908Villa Del Sol
    
    Garden
    
    Mar-02
    
    
    Norwalk, CA
    
    
    
    1972
    
    
    
    121
    
    
    
    7,294
    
    
    
    4,861
    
    
    
    1,067
    
    
    
    7,294
    
    
    
    5,928
    
    
    
    13,222
    
    
    
    (1,089
    )
    
    
    12,134
    
    
    
    4,739Villa Hermosa Apartments
    
    Mid-Rise
    
    Oct-02
    
    
    New York, NY
    
    
    
    1920
    
    
    
    272
    
    
    
    1,815
    
    
    
    10,312
    
    
    
    2,158
    
    
    
    1,815
    
    
    
    12,470
    
    
    
    14,285
    
    
    
    (3,907
    )
    
    
    10,378
    
    
    
    7,561Villa La Paz
    
    Garden
    
    Jun-98
    
    
    Sun City, CA
    
    
    
    1990
    
    
    
    96
    
    
    
    573
    
    
    
    3,370
    
    
    
    575
    
    
    
    573
    
    
    
    3,946
    
    
    
    4,519
    
    
    
    (1,101
    )
    
    
    3,417
    
    
    
    2,765Villa Nova Apartments
    
    Garden
    
    Apr-00
    
    
    Indianapolis, IN
    
    
    
    1972
    
    
    
    126
    
    
    
    626
    
    
    
    3,720
    
    
    
    1,038
    
    
    
    626
    
    
    
    4,758
    
    
    
    5,384
    
    
    
    (1,060
    )
    
    
    4,324
    
    
    
    Village Creek at Brookhill
    
    Garden
    
    Jul-94
    
    
    Westminster, CO
    
    
    
    1987
    
    
    
    324
    
    
    
    2,446
    
    
    
    13,261
    
    
    
    3,237
    
    
    
    2,446
    
    
    
    16,498
    
    
    
    18,944
    
    
    
    (6,521
    )
    
    
    12,423
    
    
    
    13,351Village Crossing
    
    Garden
    
    May-98
    
    
    W. Palm Beach, FL
    
    
    
    1986
    
    
    
    189
    
    
    
    1,618
    
    
    
    9,757
    
    
    
    1,808
    
    
    
    1,618
    
    
    
    11,565
    
    
    
    13,182
    
    
    
    (3,699
    )
    
    
    9,483
    
    
    
    7,000Village East
    
    Garden
    
    Jul-00
    
    
    Colorado Springs, CO
    
    
    
    1972
    
    
    
    137
    
    
    
    906
    
    
    
    5,807
    
    
    
    1,070
    
    
    
    906
    
    
    
    6,878
    
    
    
    7,784
    
    
    
    (2,691
    )
    
    
    5,093
    
    
    
    2,000Village Gardens
    
    Garden
    
    Oct-99
    
    
    Fort Collins, CO
    
    
    
    1973
    
    
    
    141
    
    
    
    830
    
    
    
    5,784
    
    
    
    682
    
    
    
    830
    
    
    
    6,467
    
    
    
    7,297
    
    
    
    (2,408
    )
    
    
    4,889
    
    
    
    3,922Village Green Altamonte Springs
    
    Garden
    
    Oct-02
    
    
    Altamonte Springs, FL
    
    
    
    1970
    
    
    
    164
    
    
    
    570
    
    
    
    6,564
    
    
    
    425
    
    
    
    570
    
    
    
    6,988
    
    
    
    7,558
    
    
    
    (2,813
    )
    
    
    4,745
    
    
    
    3,181Village in the Woods
    
    Garden
    
    Jan-00
    
    
    Cypress, TX
    
    
    
    1983
    
    
    
    530
    
    
    
    2,213
    
    
    
    16,975
    
    
    
    6,831
    
    
    
    2,213
    
    
    
    23,806
    
    
    
    26,019
    
    
    
    (7,101
    )
    
    
    18,919
    
    
    
    12,426Village of Kaufman
    
    Garden
    
    Mar-05
    
    
    Kaufman, TX
    
    
    
    1981
    
    
    
    68
    
    
    
    370
    
    
    
    1,606
    
    
    
    33
    
    
    
    370
    
    
    
    1,639
    
    
    
    2,009
    
    
    
    (271
    )
    
    
    1,738
    
    
    
    1,432Village of Pennbrook
    
    Garden
    
    Oct-98
    
    
    Levitown, PA
    
    
    
    1970
    
    
    
    722
    
    
    
    5,630
    
    
    
    42,778
    
    
    
    8,504
    
    
    
    5,630
    
    
    
    51,282
    
    
    
    56,912
    
    
    
    (12,580
    )
    
    
    44,333
    
    
    
    26,945Village, The
    
    Garden
    
    Jan-00
    
    
    Barndon, FL
    
    
    
    1986
    
    
    
    112
    
    
    
    570
    
    
    
    5,700
    
    
    
    744
    
    
    
    570
    
    
    
    6,444
    
    
    
    7,015
    
    
    
    (2,353
    )
    
    
    4,662
    
    
    
    5,343Villages of Baymeadows
    
    Garden
    
    Oct-99
    
    
    Jacksonville, FL
    
    
    
    1972
    
    
    
    904
    
    
    
    4,521
    
    
    
    35,166
    
    
    
    20,410
    
    
    
    4,521
    
    
    
    55,576
    
    
    
    60,097
    
    
    
    (16,098
    )
    
    
    43,998
    
    
    
    40,000Villas at Little Turtle
    
    Garden
    
    Sep-00
    
    
    Westerville, OH
    
    
    
    1985
    
    
    
    160
    
    
    
    1,309
    
    
    
    5,513
    
    
    
    911
    
    
    
    1,309
    
    
    
    6,424
    
    
    
    7,733
    
    
    
    (1,374
    )
    
    
    6,360
    
    
    
    5,632Villas at Park La Brea, The
    
    Garden
    
    Mar-02
    
    
    Los Angeles, CA
    
    
    
    2002
    
    
    
    250
    
    
    
    8,621
    
    
    
    48,871
    
    
    
    544
    
    
    
    8,621
    
    
    
    49,415
    
    
    
    58,036
    
    
    
    (5,043
    )
    
    
    52,993
    
    
    
    36,138Vinings Peak
    
    Garden
    
    Jan-00
    
    
    Atlanta, GA
    
    
    
    1980
    
    
    
    280
    
    
    
    1,830
    
    
    
    15,148
    
    
    
    1,685
    
    
    
    1,830
    
    
    
    16,833
    
    
    
    18,662
    
    
    
    (6,577
    )
    
    
    12,085
    
    
    
    7,797Vista Del Lagos
    
    Garden
    
    Dec-97
    
    
    Chandler, AZ
    
    
    
    1986
    
    
    
    200
    
    
    
    804
    
    
    
    4,952
    
    
    
    1,561
    
    
    
    804
    
    
    
    6,512
    
    
    
    7,316
    
    
    
    (2,179
    )
    
    
    5,137
    
    
    
    3,305Vista Park Chino
    
    Garden
    
    Mar-02
    
    
    Chino, CA
    
    
    
    1983
    
    
    
    40
    
    
    
    380
    
    
    
    1,521
    
    
    
    225
    
    
    
    380
    
    
    
    1,746
    
    
    
    2,126
    
    
    
    (328
    )
    
    
    1,798
    
    
    
    1,656 F-50    Table of Contents   December 31, 2005(2)Initial Cost
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    Cost Capitalized
    
    
    
    Accumulated
    
    Total CostProperty
    
    Date
    
    
    
    Year
    
    Number
    
    
    
    Buildings and
    
    Subsequent to
    
    
    
    Buildings and
    
    
    
    Depreciation
    
    Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    of Units
    
    Land
    
    Improvements
    
    Acquisition
    
    Land
    
    Improvements
    
    Total
    
    (AD)
    
    AD
    
    EncumbrancesVista Ventana
    
    Garden
    
    May-98
    
    
    Phoenix, AZ
    
    
    
    1982
    
    
    
    275
    
    
    
    1,850
    
    
    
    10,869
    
    
    
    1,396
    
    
    
    1,850
    
    
    
    12,265
    
    
    
    14,115
    
    
    
    (4,235
    )
    
    
    9,879
    
    
    
    5,160Walnut Springs
    
    Garden
    
    Dec-96
    
    
    San Antonio, TX
    
    
    
    1983
    
    
    
    224
    
    
    
    970
    
    
    
    5,119
    
    
    
    1,697
    
    
    
    970
    
    
    
    6,816
    
    
    
    7,786
    
    
    
    (3,016
    )
    
    
    4,769
    
    
    
    3,372Wasco Arms
    
    Garden
    
    Mar-02
    
    
    Wasco, CA
    
    
    
    1982
    
    
    
    78
    
    
    
    625
    
    
    
    2,519
    
    
    
    541
    
    
    
    625
    
    
    
    3,061
    
    
    
    3,686
    
    
    
    (597
    )
    
    
    3,088
    
    
    
    3,131Washington Square West
    
    Mid-Rise
    
    Sep-04
    
    
    Philadelphia, PA
    
    
    
    1982
    
    
    
    132
    
    
    
    555
    
    
    
    11,169
    
    
    
    2,298
    
    
    
    555
    
    
    
    13,466
    
    
    
    14,021
    
    
    
    (1,707
    )
    
    
    12,315
    
    
    
    4,089Waterford Apartments, The
    
    Garden
    
    Nov-96
    
    
    Houston, TX
    
    
    
    1984
    
    
    
    312
    
    
    
    983
    
    
    
    6,801
    
    
    
    2,470
    
    
    
    983
    
    
    
    9,271
    
    
    
    10,254
    
    
    
    (2,473
    )
    
    
    7,782
    
    
    
    4,497Waterford Village
    
    Garden
    
    Aug-02
    
    
    Bridgewater, MA
    
    
    
    1971
    
    
    
    588
    
    
    
    28,585
    
    
    
    28,102
    
    
    
    1,533
    
    
    
    28,585
    
    
    
    29,634
    
    
    
    58,219
    
    
    
    (6,873
    )
    
    
    51,347
    
    
    
    34,138Waterways Village
    
    Garden
    
    Jun-97
    
    
    Aventura, FL
    
    
    
    1991
    
    
    
    180
    
    
    
    4,504
    
    
    
    11,064
    
    
    
    2,256
    
    
    
    4,504
    
    
    
    13,320
    
    
    
    17,824
    
    
    
    (4,372
    )
    
    
    13,451
    
    
    
    9,477Webb Bridge Crossing
    
    Garden
    
    Sep-04
    
    
    Alpharetta, GA
    
    
    
    1985
    
    
    
    164
    
    
    
    959
    
    
    
    6,261
    
    
    
    1,051
    
    
    
    959
    
    
    
    7,311
    
    
    
    8,270
    
    
    
    (2,078
    )
    
    
    6,192
    
    
    
    5,372West 135th Street
    
    Mid-Rise
    
    Dec-97
    
    
    New York, NY
    
    
    
    1979
    
    
    
    198
    
    
    
    1,212
    
    
    
    8,031
    
    
    
    3,704
    
    
    
    1,212
    
    
    
    11,735
    
    
    
    12,947
    
    
    
    (4,171
    )
    
    
    8,776
    
    
    
    7,793West Lake Arms Apartments
    
    Garden
    
    Oct-99
    
    
    Indianapolis, IN
    
    
    
    1977
    
    
    
    1,381
    
    
    
    3,684
    
    
    
    27,139
    
    
    
    12,074
    
    
    
    3,684
    
    
    
    39,212
    
    
    
    42,896
    
    
    
    (10,319
    )
    
    
    32,577
    
    
    
    10,505West Winds
    
    Garden
    
    Mar-04
    
    
    Columbia, SC
    
    
    
    1981
    
    
    
    100
    
    
    
    501
    
    
    
    3,968
    
    
    
    465
    
    
    
    501
    
    
    
    4,433
    
    
    
    4,934
    
    
    
    (1,252
    )
    
    
    3,682
    
    
    
    2,190West Winds
    
    Garden
    
    Oct-02
    
    
    Orlando, FL
    
    
    
    1985
    
    
    
    272
    
    
    
    3,122
    
    
    
    10,683
    
    
    
    1,006
    
    
    
    3,122
    
    
    
    11,689
    
    
    
    14,811
    
    
    
    (2,066
    )
    
    
    12,745
    
    
    
    6,952West Woods
    
    Garden
    
    Oct-00
    
    
    Annappolis, MD
    
    
    
    1981
    
    
    
    57
    
    
    
    1,557
    
    
    
    1,891
    
    
    
    627
    
    
    
    1,557
    
    
    
    2,518
    
    
    
    4,075
    
    
    
    (560
    )
    
    
    3,514
    
    
    
    1,708Westgate
    
    Garden
    
    Oct-99
    
    
    Houston, TX
    
    
    
    1971
    
    
    
    313
    
    
    
    1,920
    
    
    
    11,222
    
    
    
    2,242
    
    
    
    1,920
    
    
    
    13,464
    
    
    
    15,384
    
    
    
    (3,457
    )
    
    
    11,927
    
    
    
    7,584Westway Village Apartments
    
    Garden
    
    May-98
    
    
    Houston, TX
    
    
    
    1979
    
    
    
    326
    
    
    
    2,921
    
    
    
    11,384
    
    
    
    1,061
    
    
    
    2,921
    
    
    
    12,446
    
    
    
    15,366
    
    
    
    (4,523
    )
    
    
    10,843
    
    
    
    7,984Westwood Terrace
    
    Mid-Rise
    
    Mar-02
    
    
    Moline, IL
    
    
    
    1976
    
    
    
    97
    
    
    
    720
    
    
    
    3,242
    
    
    
    368
    
    
    
    720
    
    
    
    3,611
    
    
    
    4,330
    
    
    
    (497
    )
    
    
    3,833
    
    
    
    2,208Wexford Village
    
    Garden
    
    Aug-02
    
    
    Worcester, MA
    
    
    
    1974
    
    
    
    264
    
    
    
    6,339
    
    
    
    17,939
    
    
    
    775
    
    
    
    6,339
    
    
    
    18,714
    
    
    
    25,053
    
    
    
    (3,373
    )
    
    
    21,680
    
    
    
    14,198White Cliff
    
    Garden
    
    Mar-02
    
    
    Lincoln Heights, OH
    
    
    
    1977
    
    
    
    72
    
    
    
    215
    
    
    
    938
    
    
    
    251
    
    
    
    215
    
    
    
    1,190
    
    
    
    1,404
    
    
    
    (250
    )
    
    
    1,154
    
    
    
    1,023Whitefield Place
    
    Garden
    
    Apr-05
    
    
    San Antonio, TX
    
    
    
    1980
    
    
    
    80
    
    
    
    223
    
    
    
    3,151
    
    
    
    1,895
    
    
    
    223
    
    
    
    5,046
    
    
    
    5,269
    
    
    
    (230
    )
    
    
    5,039
    
    
    
    1,981Wickertree
    
    Garden
    
    Oct-97
    
    
    Phoenix, AZ
    
    
    
    1983
    
    
    
    226
    
    
    
    1,225
    
    
    
    6,923
    
    
    
    1,559
    
    
    
    1,225
    
    
    
    8,482
    
    
    
    9,707
    
    
    
    (2,678
    )
    
    
    7,030
    
    
    
    3,163Wickford
    
    Garden
    
    Mar-04
    
    
    Henderson, NC
    
    
    
    1983
    
    
    
    44
    
    
    
    247
    
    
    
    946
    
    
    
    16
    
    
    
    247
    
    
    
    962
    
    
    
    1,209
    
    
    
    (195
    )
    
    
    1,014
    
    
    
    761Wilderness Trail
    
    High Rise
    
    Mar-02
    
    
    Pineville, KY
    
    
    
    1983
    
    
    
    124
    
    
    
    1,010
    
    
    
    4,048
    
    
    
    234
    
    
    
    1,010
    
    
    
    4,282
    
    
    
    5,292
    
    
    
    (553
    )
    
    
    4,739
    
    
    
    4,872Wilkes Towers
    
    High Rise
    
    Mar-02
    
    
    North Wilkesboro, NC
    
    
    
    1981
    
    
    
    72
    
    
    
    410
    
    
    
    1,680
    
    
    
    262
    
    
    
    410
    
    
    
    1,942
    
    
    
    2,352
    
    
    
    (286
    )
    
    
    2,066
    
    
    
    1,765Williams Cove
    
    Garden
    
    Jul-94
    
    
    Irving, TX
    
    
    
    1984
    
    
    
    260
    
    
    
    1,227
    
    
    
    6,659
    
    
    
    2,685
    
    
    
    1,227
    
    
    
    9,344
    
    
    
    10,571
    
    
    
    (3,650
    )
    
    
    6,922
    
    
    
    4,464Williamsburg
    
    Garden
    
    May-98
    
    
    Rolling Meadows, IL
    
    
    
    1985
    
    
    
    329
    
    
    
    2,717
    
    
    
    15,437
    
    
    
    3,332
    
    
    
    2,717
    
    
    
    18,769
    
    
    
    21,486
    
    
    
    (6,077
    )
    
    
    15,409
    
    
    
    10,110Williamsburg Manor
    
    Garden
    
    Apr-00
    
    
    Cary, NC
    
    
    
    1972
    
    
    
    183
    
    
    
    1,432
    
    
    
    8,175
    
    
    
    1,079
    
    
    
    1,432
    
    
    
    9,254
    
    
    
    10,686
    
    
    
    (3,107
    )
    
    
    7,579
    
    
    
    5,181Willow Park on Lake Adelaide
    
    Garden
    
    Oct-99
    
    
    Altamonte Springs, FL
    
    
    
    1972
    
    
    
    185
    
    
    
    899
    
    
    
    7,796
    
    
    
    1,590
    
    
    
    899
    
    
    
    9,386
    
    
    
    10,285
    
    
    
    (4,239
    )
    
    
    6,046
    
    
    
    6,287Willowick
    
    Garden
    
    Oct-99
    
    
    Greenville, SC
    
    
    
    1974
    
    
    
    180
    
    
    
    537
    
    
    
    4,775
    
    
    
    666
    
    
    
    537
    
    
    
    5,441
    
    
    
    5,978
    
    
    
    (2,501
    )
    
    
    3,476
    
    
    
    2,700Willowwood
    
    Garden
    
    Mar-02
    
    
    North Hollywood, CA
    
    
    
    1984
    
    
    
    19
    
    
    
    1,051
    
    
    
    840
    
    
    
    61
    
    
    
    1,051
    
    
    
    901
    
    
    
    1,952
    
    
    
    (133
    )
    
    
    1,819
    
    
    
    1,107Winchester Village Apartments
    
    Garden
    
    Nov-00
    
    
    Indianapolis, IN
    
    
    
    1966
    
    
    
    96
    
    
    
    104
    
    
    
    2,234
    
    
    
    512
    
    
    
    104
    
    
    
    2,746
    
    
    
    2,850
    
    
    
    (675
    )
    
    
    2,174
    
    
    
    Winddrift (IN)
    
    Garden
    
    Oct-00
    
    
    Indianapolis, IN
    
    
    
    1980
    
    
    
    166
    
    
    
    1,265
    
    
    
    3,912
    
    
    
    1,272
    
    
    
    1,265
    
    
    
    5,183
    
    
    
    6,449
    
    
    
    (1,313
    )
    
    
    5,135
    
    
    
    4,797Windmere
    
    Garden
    
    Jan-03
    
    
    Houston, TX
    
    
    
    1982
    
    
    
    257
    
    
    
    2,150
    
    
    
    10,796
    
    
    
    461
    
    
    
    2,150
    
    
    
    11,257
    
    
    
    13,406
    
    
    
    (3,234
    )
    
    
    10,172
    
    
    
    5,398Windridge
    
    Garden
    
    May-98
    
    
    San Antonio, TX
    
    
    
    1983
    
    
    
    276
    
    
    
    1,406
    
    
    
    8,272
    
    
    
    1,098
    
    
    
    1,406
    
    
    
    9,370
    
    
    
    10,776
    
    
    
    (3,271
    )
    
    
    7,505
    
    
    
    5,040Windrift (CA)
    
    Garden
    
    Mar-01
    
    
    Oceanside, CA
    
    
    
    1987
    
    
    
    404
    
    
    
    24,960
    
    
    
    17,590
    
    
    
    1,878
    
    
    
    24,960
    
    
    
    19,468
    
    
    
    44,428
    
    
    
    (6,206
    )
    
    
    38,222
    
    
    
    28,999Windrift (FL)
    
    Garden
    
    Oct-00
    
    
    Orlando, FL
    
    
    
    1987
    
    
    
    288
    
    
    
    3,696
    
    
    
    10,029
    
    
    
    1,816
    
    
    
    3,696
    
    
    
    11,844
    
    
    
    15,540
    
    
    
    (2,743
    )
    
    
    12,797
    
    
    
    9,426Windsor at South Square
    
    Garden
    
    Oct-99
    
    
    Durham, NC
    
    
    
    1972
    
    
    
    230
    
    
    
    1,326
    
    
    
    8,329
    
    
    
    1,695
    
    
    
    1,326
    
    
    
    10,024
    
    
    
    11,350
    
    
    
    (3,034
    )
    
    
    8,316
    
    
    
    4,523Windsor Crossing
    
    Garden
    
    Mar-00
    
    
    Newport News, VA
    
    
    
    1978
    
    
    
    156
    
    
    
    307
    
    
    
    2,110
    
    
    
    1,027
    
    
    
    307
    
    
    
    3,136
    
    
    
    3,443
    
    
    
    (1,318
    )
    
    
    2,125
    
    
    
    3,036Windsor Landing
    
    Garden
    
    Oct-97
    
    
    Morrow, GA
    
    
    
    1991
    
    
    
    200
    
    
    
    1,642
    
    
    
    9,303
    
    
    
    1,508
    
    
    
    1,642
    
    
    
    10,811
    
    
    
    12,453
    
    
    
    (3,366
    )
    
    
    9,087
    
    
    
    4,160Windsor Park
    
    Garden
    
    Mar-01
    
    
    Woodbridge, VA
    
    
    
    1987
    
    
    
    220
    
    
    
    4,279
    
    
    
    15,970
    
    
    
    1,072
    
    
    
    4,279
    
    
    
    17,043
    
    
    
    21,321
    
    
    
    (3,590
    )
    
    
    17,731
    
    
    
    13,758Windward at the Villages
    
    Garden
    
    Oct-97
    
    
    W. Palm Beach, FL
    
    
    
    1988
    
    
    
    196
    
    
    
    1,595
    
    
    
    9,079
    
    
    
    2,642
    
    
    
    1,595
    
    
    
    11,721
    
    
    
    13,316
    
    
    
    (3,471
    )
    
    
    9,845
    
    
    
    2,800Winter Gardens
    
    High Rise
    
    Mar-04
    
    
    St Louis, MO
    
    
    
    1920
    
    
    
    112
    
    
    
    300
    
    
    
    3,072
    
    
    
    3,989
    
    
    
    300
    
    
    
    7,062
    
    
    
    7,362
    
    
    
    (294
    )
    
    
    7,068
    
    
    
    4,015Wood Lake
    
    Garden
    
    Jan-00
    
    
    Atlanta, GA
    
    
    
    1983
    
    
    
    220
    
    
    
    1,399
    
    
    
    13,123
    
    
    
    1,539
    
    
    
    1,399
    
    
    
    14,663
    
    
    
    16,062
    
    
    
    (5,770
    )
    
    
    10,292
    
    
    
    6,904Woodcreek
    
    Garden
    
    Oct-02
    
    
    Mesa, AZ
    
    
    
    1985
    
    
    
    432
    
    
    
    2,187
    
    
    
    15,971
    
    
    
    1,333
    
    
    
    2,187
    
    
    
    17,304
    
    
    
    19,491
    
    
    
    (6,988
    )
    
    
    12,503
    
    
    
    10,474Woodcrest
    
    Garden
    
    Dec-97
    
    
    Odessa, TX
    
    
    
    1972
    
    
    
    80
    
    
    
    41
    
    
    
    229
    
    
    
    211
    
    
    
    41
    
    
    
    440
    
    
    
    481
    
    
    
    (352
    )
    
    
    129
    
    
    
    451Woodhill
    
    Garden
    
    Dec-00
    
    
    Denton, TX
    
    
    
    1984
    
    
    
    352
    
    
    
    1,530
    
    
    
    10,477
    
    
    
    1,529
    
    
    
    1,530
    
    
    
    12,006
    
    
    
    13,537
    
    
    
    (4,696
    )
    
    
    8,841
    
    
    
    8,113Woodhollow
    
    Garden
    
    Oct-97
    
    
    Austin, TX
    
    
    
    1974
    
    
    
    108
    
    
    
    658
    
    
    
    3,728
    
    
    
    957
    
    
    
    658
    
    
    
    4,685
    
    
    
    5,343
    
    
    
    (1,565
    )
    
    
    3,778
    
    
    
    1,598Woodland Hills
    
    Garden
    
    Oct-05
    
    
    Jackson, MI
    
    
    
    1980
    
    
    
    125
    
    
    
    541
    
    
    
    3,875
    
    
    
    
    
    
    
    541
    
    
    
    3,875
    
    
    
    4,416
    
    
    
    (160
    )
    
    
    4,256
    
    
    
    Woodland Ridge
    
    Garden
    
    Dec-00
    
    
    Irving, TX
    
    
    
    1984
    
    
    
    130
    
    
    
    600
    
    
    
    3,617
    
    
    
    875
    
    
    
    600
    
    
    
    4,492
    
    
    
    5,092
    
    
    
    (1,754
    )
    
    
    3,338
    
    
    
    2,695Woodland Village I
    
    Garden
    
    Oct-99
    
    
    Columbia, SC
    
    
    
    1970
    
    
    
    308
    
    
    
    1,475
    
    
    
    11,780
    
    
    
    1,836
    
    
    
    1,475
    
    
    
    13,617
    
    
    
    15,092
    
    
    
    (5,861
    )
    
    
    9,230
    
    
    
    7,145Woodridge
    
    Garden
    
    Mar-04
    
    
    Galloway, OH
    
    
    
    1986
    
    
    
    70
    
    
    
    380
    
    
    
    1,476
    
    
    
    131
    
    
    
    380
    
    
    
    1,607
    
    
    
    1,987
    
    
    
    (147
    )
    
    
    1,840
    
    
    
    1,275Woods Edge
    
    Garden
    
    Nov-04
    
    
    Indianapolis, IN
    
    
    
    1981
    
    
    
    190
    
    
    
    495
    
    
    
    6,238
    
    
    
    182
    
    
    
    495
    
    
    
    6,420
    
    
    
    6,915
    
    
    
    (785
    )
    
    
    6,131
    
    
    
    4,849 F-51    Table of Contents   December 31, 2005(2)Initial Cost
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    Cost Capitalized
    
    
    
    Accumulated
    
    Total CostProperty
    
    Date
    
    
    
    Year
    
    Number
    
    
    
    Buildings and
    
    Subsequent to
    
    
    
    Buildings and
    
    
    
    Depreciation
    
    Net ofProperty Name
    
    Type
    
    Consolidated
    
    Location
    
    Built
    
    of Units
    
    Land
    
    Improvements
    
    Acquisition
    
    Land
    
    Improvements
    
    Total
    
    (AD)
    
    AD
    
    EncumbrancesWoods of Burnsville
    
    Garden
    
    Nov-04
    
    
    Burnsville, MN
    
    
    
    1984
    
    
    
    400
    
    
    
    2,339
    
    
    
    20,402
    
    
    
    392
    
    
    
    2,339
    
    
    
    20,793
    
    
    
    23,132
    
    
    
    (6,437
    )
    
    
    16,695
    
    
    
    16,580Woods of Inverness
    
    Garden
    
    Oct-99
    
    
    Houston, TX
    
    
    
    1983
    
    
    
    272
    
    
    
    1,427
    
    
    
    11,698
    
    
    
    1,633
    
    
    
    1,427
    
    
    
    13,331
    
    
    
    14,758
    
    
    
    (5,297
    )
    
    
    9,461
    
    
    
    4,253Woodshire
    
    Garden
    
    Mar-00
    
    
    Virginia Beach, VA
    
    
    
    1972
    
    
    
    288
    
    
    
    961
    
    
    
    5,549
    
    
    
    1,908
    
    
    
    961
    
    
    
    7,457
    
    
    
    8,418
    
    
    
    (1,895
    )
    
    
    6,522
    
    
    
    6,981Wyntre Brook Apartments
    
    Garden
    
    Oct-99
    
    
    West Chester, PA
    
    
    
    1976
    
    
    
    212
    
    
    
    972
    
    
    
    9,070
    
    
    
    10,183
    
    
    
    972
    
    
    
    19,253
    
    
    
    20,225
    
    
    
    (3,632
    )
    
    
    16,594
    
    
    
    9,887Yadkin
    
    Mid-Rise
    
    Mar-04
    
    
    Salisbury, NC
    
    
    
    1912
    
    
    
    67
    
    
    
    242
    
    
    
    1,982
    
    
    
    199
    
    
    
    242
    
    
    
    2,181
    
    
    
    2,422
    
    
    
    (704
    )
    
    
    1,719
    
    
    
    1,850Yorktown II Apartments
    
    High Rise
    
    Dec-99
    
    
    Lombard, IL
    
    
    
    1973
    
    
    
    368
    
    
    
    2,971
    
    
    
    18,163
    
    
    
    2,105
    
    
    
    2,971
    
    
    
    20,267
    
    
    
    23,239
    
    
    
    (3,209
    )
    
    
    20,030
    
    
    
    15,857Yorktree
    
    Garden
    
    Oct-97
    
    
    Carolstream, IL
    
    
    
    1972
    
    
    
    293
    
    
    
    1,968
    
    
    
    11,457
    
    
    
    3,231
    
    
    
    1,968
    
    
    
    14,688
    
    
    
    16,656
    
    
    
    (4,779
    )
    
    
    11,877
    
    
    
    5,090Other (4)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,235
    
    
    
    4,360
    
    
    
    294
    
    
    
    1,235
    
    
    
    4,654
    
    
    
    5,889
    
    
    
    (1,099
    )
    
    
    4,790
    
    
    
    156,694
    
    
    $
    2,299,039
    
    
    $
    6,919,461
    
    
    $
    1,771,321
    
    
    $
    2,299,039
    
    
    $
    8,690,782
    
    
    $
    10,989,821
    
    
    $
    (2,237,609
    )
    
    $
    8,752,212
    
    
    $
    5,667,243 
  (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
    minority interest share of our consolidated real estate
    partnerships.(3)
    Costs capitalized subsequent to acquisition includes costs
    capitalized since acquisition or first consolidation of the
    partnership/property.(4)
    Other includes land parcels and commercial properties. F-52    Table of Contents  AIMCO
PROPERTIES, L.P.
 REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Years Ended December 31, 2005, 2004 and 2003
(In Thousands)
 2005
    
    
    2004
    
    
    2003Real EstateBalance at beginning of year
    
    $
    10,075,611
    
    
    $
    9,196,105
    
    
    $
    8,842,516Additions during the year:Newly consolidated assets (1)
    
    
    260,715
    
    
    
    277,580
    
    
    
    262,054Acquisitions
    
    
    288,212
    
    
    
    393,088
    
    
    
    192,365Foreclosures
    
    
    
    
    
    
    2,022
    
    
    
    Capital expenditures
    
    
    436,781
    
    
    
    301,937
    
    
    
    245,528Deductions during the year:Casualty and
other write-offs
    
    
    (18,872
    )
    
    
    (13,869
    )
    
    
    (15,404
    )Assets held for sale reclassification (2)
    
    
    (52,626
    )
    
    
    (81,252
    )
    
    
    (28,845
    )Sales (3)
    
    
    
    
    
    
    
    
    
    
    (302,109
    )Balance at end of year
    
    $
    10,989,821
    
    
    $
    10,075,611
    
    
    $
    9,196,105Accumulated DepreciationBalance at beginning of year
    
    $
    1,846,655
    
    
    $
    1,562,497
    
    
    $
    1,377,580Additions during the year:Depreciation
    
    
    412,701
    
    
    
    346,156
    
    
    
    304,537Newly consolidated assets (1)
    
    
    40,277
    
    
    
    (31,209
    )
    
    
    (20,960
    )Deductions during the year:Casualty and
other write-offs
    
    
    (3,191
    )
    
    
    (4,038
    )
    
    
    (7,372
    )Assets held for sale reclassification (2)
    
    
    (58,833
    )
    
    
    (26,751
    )
    
    
    (27,750
    )Sales (3)
    
    
    
    
    
    
    
    
    
    
    (63,538
    )Balance at end of year
    
    $
    2,237,609
    
    
    $
    1,846,655
    
    
    $
    1,562,497
 
 (1)
    
    Includes acquisition of limited partnership interests and related activity.(2)
    
    Represents activity on properties that have been sold or classified as held
for sale that is included in the line items above.(3)
    
    Effective in fourth quarter of 2003 and on a prospective basis, all
properties sold were classified as held for sale and, therefore, reclassified in the
prior period balances.
 F-53
    Table of Contents  INDEX TO EXHIBITS (1) (2)
 EXHIBIT NO.
    
    DESCRIPTION2.1
    
    Agreement and Plan of Merger, dated as of December 3, 2001, by
and among Apartment Investment and Management Company, Casden
Properties, Inc. and XYZ Holdings LLC (Exhibit 2.1 to Aimcos
Current Report on Form 8-K, filed December 6, 2001, is
incorporated herein by this reference)10.1
    
    Third Amended and Restated Agreement of Limited Partnership of
AIMCO Properties, L.P., dated as of July 29, 1994 as amended
and restated as of October 1, 1998 (Exhibit 10.8 to Aimcos
Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 1998, is incorporated herein by this reference)10.2
    
    First Amendment to the Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
November 6, 1998 (Exhibit 10.9 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 1998,
is incorporated herein by this reference)10.3
    
    Second Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
December 30, 1998 (Exhibit 10.1 to Amendment No. 1 to Aimcos
Current Report on Form 8-K/A, filed February 11, 1999, is
incorporated herein by this reference)10.4
    
    Third Amendment to Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
February 18, 1999 (Exhibit 10.12 to Aimcos Annual Report on
Form 10-K for the year ended December 31 1998, is incorporated
herein by this reference)10.5
    
    Fourth Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
March 25, 1999 (Exhibit 10.2 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 1999, is
incorporated herein by this reference)10.6
    
    Fifth Amendment to the Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
March 26, 1999 (Exhibit 10.3 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 1999, is
incorporated herein by this reference)10.7
    
    Sixth Amendment to the Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
March 26, 1999 (Exhibit 10.1 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 1999, is
incorporated herein by this reference)10.8
    
    Seventh Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
September 27, 1999 (Exhibit 10.1 to Aimcos Quarterly Report
on Form 10-Q for the quarterly period ended September 30,
1999, is incorporated herein by this reference)10.9
    
    Eighth Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
December 14, 1999 (Exhibit 10.9 to Aimcos Annual Report on
Form 10-K for the year ended December 31, 1999, is
incorporated herein by reference)10.10
    
    Ninth Amendment to the Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
December 21, 1999 (Exhibit 10.10 to Aimcos Annual Report on
Form 10-K for the year ended December 31, 1999, is
incorporated hereby by reference)10.11
    
    Tenth Amendment to the Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
December 21, 1999 (Exhibit 10.11 to Aimcos Annual Report on
Form 10-K for the year ended December 31, 1999, is
incorporated herein by reference)
    Table of Contents  EXHIBIT NO.
    
    DESCRIPTION10.12
    
    Eleventh Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
January 13, 2000 (Exhibit 10.12 to Aimcos Annual Report on
Form 10-K for the year ended December 31, 1999, is
incorporated herein by reference)10.13
    
    Twelfth Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
April 19, 2000 (Exhibit 10.2 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 2000, is
incorporated herein by this reference)10.14
    
    Thirteenth Amendment to the Third and Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of August 7, 2000 (Exhibit 10.1 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended June 30, 2000, is incorporated herein
by this reference)10.15
    
    Fourteenth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of September 12, 2000 (Exhibit 10.1 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended September 30, 2000, is incorporated
herein by this reference)10.16
    
    Fifteenth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of September 15, 2000 (Exhibit 10.2 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended September 30, 2000, is incorporated
herein by this reference)10.17
    
    Sixteenth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of September 15, 2000 (Exhibit 10.3 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended September 30, 2000, is incorporated
herein by this reference)10.18
    
    Seventeenth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of November 10, 2000 (Exhibit 10.4 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended September 30, 2000, is incorporated
herein by this reference)10.19
    
    Eighteenth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of November 16, 2000 (Exhibit 10.19 to Aimcos Annual
Report on Form 10-K/A for the fiscal year 2000, is
incorporated herein by this reference)10.20
    
    Nineteenth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of February 28, 2001 (Exhibit 10.20 to Aimcos Annual
Report on Form 10-K/A for the fiscal year 2000, is
incorporated herein by this reference)10.21
    
    Twentieth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of March 19, 2001 (Exhibit 10.21 to Aimcos Annual
Report on Form 10-K/A for the fiscal year 2000, is
incorporated herein by this reference)10.22
    
    Twenty-first Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of May 10, 2001 (Exhibit 10.1 to the Quarterly Report
on Form 10-Q of AIMCO Properties, L.P. for the quarterly
period ended June 30, 2001, is incorporated herein by this
reference)10.23
    
    Twenty-second Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of June 20, 2001 (Exhibit 10.2 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended June 30, 2001, is incorporated herein
by this reference)10.24
    
    Twenty-third Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of July 20, 2001 (Exhibit 10.3 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended June 30, 2001, is incorporated herein
by this reference)
    Table of Contents  EXHIBIT NO.
    
    DESCRIPTION10.25
    
    Twenty-fourth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of August 1, 2001 (Exhibit 10.4 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended June 30, 2001, is incorporated herein
by this reference)10.26
    
    Twenty-fifth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of July 2, 2001 (Exhibit 10.5 to the Quarterly Report
on Form 10-Q of AIMCO Properties, L.P. for the quarterly
period ended June 30, 2001, is incorporated herein by this
reference)10.27
    
    Twenty-sixth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of July 2, 2001 (Exhibit 10.6 to the Quarterly Report
on Form 10-Q of AIMCO Properties, L.P. for the quarterly
period ended June 30, 2001, is incorporated herein by this
reference)10.28
    
    Twenty-seventh Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of July 2, 2001 (Exhibit 10.7 to the Quarterly Report
on Form 10-Q of AIMCO Properties, L.P. for the quarterly
period ended June 30, 2001, is incorporated herein by this
reference)10.29
    
    Twenty-eighth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of March 25, 2002 (Exhibit 10.1 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended March 31, 2002, is incorporated herein
by this reference)10.30
    
    Twenty-ninth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of March 11, 2002 (Exhibit 10.2 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended March 31, 2002, is incorporated herein
by this reference)10.31
    
    Thirtieth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of April 1, 2002 (Exhibit 10.3 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended March 31, 2002, is incorporated herein
by this reference)10.32
    
    Thirty-first Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of April 10, 2002 (Exhibit 10.4 to the Quarterly
Report on Form 10-Q of AIMCO Properties, L.P. for the
quarterly period ended March 31, 2002, is incorporated herein
by this reference)10.33
    
    Thirty-second Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of May 14, 2002 (Exhibit 10.1 to Aimcos Quarterly
Report on Form 10-Q for the quarterly period ended June 30,
2002, is incorporated herein by this reference)10.34
    
    Thirty-third Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of November 27, 2002 (Exhibit 10.34 to Aimcos Annual
Report on Form 10-K for the year ended December 31, 2002, is
incorporated herein by this reference)10.35
    
    Thirty-fourth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of April 29, 2003 (Exhibit 10.1 to Aimcos Quarterly
Report on Form 10-Q for the quarterly period ended March 31,
2003, is incorporated herein by this reference)10.36
    
    Thirty-fifth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of April 30, 2003 (Exhibit 10.2 to Aimcos Quarterly
Report on Form 10-Q for the quarterly period ended March 31,
2003, is incorporated herein by this reference)10.37
    
    Thirty-sixth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of July 16, 2003 (Exhibit 10.1 to Aimcos Quarterly
Report on Form 10-Q for the quarterly period ended June 30,
2003, is incorporated herein by this reference)
    Table of Contents  EXHIBIT NO.
    
    DESCRIPTION10.38
    
    Thirty-seventh Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of July 24, 2003 (Exhibit 10.2 to Aimcos Quarterly
Report on Form 10-Q for the quarterly period ended June 30,
2003, is incorporated herein by this reference)10.39
    
    Thirty-eighth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of January 30, 2004 (Exhibit 10.39 to Aimcos Annual
Report on Form 10-K for the year ended December 31, 2003, is
incorporated herein by this reference)10.40
    
    Thirty-ninth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of March 17, 2004 (Exhibit 10.1 to Aimcos Quarterly
Report on Form 10-Q for the quarterly period ended March 31,
2004, is incorporated herein by this reference)10.41
    
    Fortieth Amendment to the Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
June 18, 2004 (Exhibit 10.1 to Aimcos Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 2004, is
incorporated herein by this reference)10.42
    
    Forty-first Amendment to Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
September 24, 2004 (Exhibit 4.1 to AIMCO Properties, L.P.s
Current Report on Form 8-K dated September 24, 2004, is
incorporated herein by this reference)10.43
    
    Forty-second Amendment to Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
September 30, 2004 (Exhibit 4.2 to AIMCO Properties, L.P.s
Current Report on Form 8-K dated September 24, 2004, is
incorporated herein by this reference)10.44
    
    Forty-third Amendment to Third Amended and Restated Agreement
of Limited Partnership of AIMCO Properties, L.P., dated as of
September 30, 2004 (Exhibit 4.1 to AIMCO Properties, L.P.s
Current Report on Form 8-K dated September 29, 2004, is
incorporated herein by this reference)10.45
    
    Forty-fourth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of December 21, 2004 (Exhibit 4.1 to AIMCO
Properties, L.P.s Current Report on Form 8-K dated September
29,2004, is incorporated herein by this reference)10.46
    
    Forty-fifth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of February 18, 2005 (Exhibit 4.1 to AIMCO
Properties, L.P.s Current Report on Form 8-K dated February
18, 2005, is incorporated herein by this reference)10.47
    
    Forty-sixth Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of February 28, 2005 (Exhibit 4.1 to AIMCO
Properties, L.P.s Current Report on Form 8-K dated February
28, 2005, is incorporated herein by this reference)10.48
    
    Forty-seventh Amendment to the Third Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P.,
dated as of May 31, 2005 (Exhibit 4.1 to AIMCO Properties,
L.P.s Current Report on Form 8-K dated May 31, 2005, is
incorporated herein by this reference)10.49
    
    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)10.50
    
    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)10.51
    
    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, filed December 6, 2001, is incorporated herein by
this reference)
    Table of Contents  EXHIBIT NO.
    
    DESCRIPTION10.52
    
    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, filed December 6,
2001, is incorporated herein by this reference)10.53
    
    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)10.54
    
    Employment Contract executed on July 29, 1994 by and between
AIMCO Properties, L.P. and Terry Considine (Exhibit 10.44C to
Aimcos Annual Report on Form 10-K for the year ended December
31, 1994, is incorporated herein by this reference)*10.55
    
    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)*10.56
    
    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)*10.57
    
    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)*10.58
    
    The 1996 Stock Incentive Plan for Officers, Directors and Key
Employees of Ambassador Apartments, Inc., Ambassador
Apartments, L.P., and Subsidiaries, as amended March 20, 1997
(Exhibit 10.42 to Ambassador Apartments, Inc. Annual Report on
Form 10-K for the year ended December 31, 1997, is
incorporated herein by this reference)*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 000-24497, 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