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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, 2006
 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
(IRS 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
  o þ o
 o þ
  
 Documents Incorporated by Reference
 Portions of Apartment Investment and Management Companys
definitive proxy statement to be issued in conjunction with Apartment
Investment and Management Companys annual meeting of
stockholders to be held April 30, 2007, are incorporated by
reference into Part III of this Annual Report.




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AIMCO
PROPERTIES, L.P
 TABLE OF CONTENTS
 ANNUAL REPORT ON FORM 10-K
For the Fiscal Year Ended December 31, 2006
  
 Item
    
    
    
    PagePART I1.
    
    Business
    
    
    21A.
    
    Risk Factors
    
    
    81B.
    
    Unresolved Staff Comments
    
    
    142.
    
    Properties
    
    
    153.
    
    Legal Proceedings
    
    
    164.
    
    Submission of Matters to a Vote of Security Holders
    
    
    16PART II5.
    
    Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
    
    
    176.
    
    Selected Financial Data
    
    
    187.
    
    Management's Discussion and Analysis of Financial Condition and Results of Operations
    
    
    197A.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    368.
    
    Financial Statements and Supplementary Data
    
    
    369.
    
    Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
    
    
    369A.
    
    Controls and Procedures
    
    
    379B.
    
    Other Information
    
    
    39PART III10.
    
    Directors, Executive Officers and Corporate Governance
    
    
    3911.
    
    Executive Compensation
    
    
    3912.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    3913.
    
    Certain Relationships and Related Transactions, and Director Independence
    
    
    3914.
    
    Principal Accountant Fees and Services
    
    
    39PART IV15.
    
    Exhibits and Financial Statement Schedules
    
    
    40List of SubsidiariesConsent 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
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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 Report contains or may
contain information that is forward-looking, including, without limitation, statements regarding
the effect of acquisitions and redevelopments, our future financial performance, including our
ability to maintain current or meet projected occupancy, rent levels and same store results, and
the effect of government regulations. Actual results may differ materially from those described in
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 variations of real estate values and the general economic climate in local markets
and competition for residents in such markets; acquisition and development risks, including failure
of such acquisitions 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 our ability to meet the various requirements imposed by the
Internal Revenue Code, through actual operating results, distribution levels and diversity of stock
ownership. Readers should carefully review our financial statements and the notes thereto, as well
as the section entitled Risk Factors 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
    
    
    703
    
    
    
    162,432Unconsolidated properties
    
    
    102
    
    
    
    11,791Property management for third parties
    
    
    41
    
    
    
    3,573Asset management for third parties
    
    
    410
    
    
    
    38,617Total
    
    
    1,256
    
    
    
    216,413
    Available Information
 www.aimco.com
 Financial Information About Industry Segments
  Business Overview
  3




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##### Table of Contents



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
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regional concentrations of properties, we have the ability to
spread over a large property base fixed costs for general and administrative expenditures
and certain operating functions, such as purchasing, insurance and information technology.
We expanded our local vendor consolidation program and implemented an electronic
procurement system to provide better ongoing control over purchasing decisions and to take
advantage of volume discounts. We also are implementing initiatives to retain our current
residents and reduce the time and costs associated with resident turnover. Additionally,
we have focused 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.
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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
  Employees
  
 Item 1A. Risk Factors
  Failure to generate sufficient net operating income may limit our ability to pay distributions .
  8




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
    
    the general economic climate;
    
    competition from other apartment communities and other housing options;
    
    local conditions, such as loss of jobs or an increase in the supply of apartments, that
might adversely affect apartment occupancy or rental rates;
    
    changes in governmental regulations and the related cost of compliance;
    
    increases in operating costs (including real estate taxes) due to inflation and other
factors, which may not be offset by increased rents;
    
    changes in tax laws and housing laws, including the enactment of rent control laws or
other laws regulating multifamily housing; and
    
    changes in interest rates and the availability of financing.
 Redevelopment and construction risks could affect our profitability.
  
    
    we may be unable to obtain, or experience delays in obtaining, necessary zoning,
occupancy, or other required governmental or third party permits and authorizations, which
could result in increased costs or the delay or abandonment of opportunities;
    
    we may incur costs that exceed our original estimates due to increased material, labor
or other costs;
    
    we may be unable to complete construction and lease up of a property on schedule,
resulting in increased construction and financing costs and a decrease in expected rental
revenues;
    
    occupancy rates and rents at a property may fail to meet our expectations for a number
of reasons, including changes in market and economic conditions beyond our control and the
development by competitors of competing communities;
    
    we may be unable to obtain financing with favorable terms, or at all, for the proposed
development of a property, which may cause us to delay or abandon an opportunity;
    
    we may abandon opportunities that we have already begun to explore for a number of
reasons, including changes in local market conditions or increases in construction or
financing costs, and, as a result, we may fail to recover expenses already incurred in
exploring those opportunities;
    
    we may incur liabilities to third parties during the redevelopment process, for example,
in connection with tenant terminations, or managing existing improvements on the site prior
to tenant terminations; and
    
    loss of a key member of project team could adversely affect our ability to deliver
redevelopment projects on time and within our budget.
 If we are not successful in our acquisition of properties, our results of
operations could be adversely affected.
  Our 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.
  9




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Increases in interest rates would increase our interest expense.
  Covenant restrictions may limit our ability to make payments to our investors.
  Competition could limit our ability to lease apartments or increase or maintain rents.
  We depend on distributions and other payments from our subsidiaries that they may be prohibited
from making to us.
  Because real estate investments are relatively illiquid, we may not be able to sell properties when
appropriate.
  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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We are self-insured for certain risks and the cost of insurance, increased claims activity or
losses resulting from catastrophic events may affect our operating results and financial condition.
  We depend on our senior management.
  Affordable housing regulations may limit the opportunities at some of our properties and failure to
comply with resident qualification requirements may result in financial penalties and/or loss of
benefits.
  Laws benefiting disabled persons may result in our incurrence of unanticipated expenses.
  11




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Potential liability or other expenditures associated with potential environmental contamination may
be costly.
  Moisture infiltration and resulting mold remediation may be costly.
  The FBI has issued alerts regarding potential terrorist threats involving apartment buildings.
  As a REIT, Aimco is subject to substantial risks related to its compliance with tax laws.
  
    
    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.
  12




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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 .
   2 3
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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 1B. Unresolved Staff Comments
  14




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Item 2. Properties
  2006
    
    
    2005Number of
    
    
    Number
    
    
    Number of
    
    
    NumberRegional Operating Center (1)
    
    Properties
    
    
    of Units
    
    
    Properties
    
    
    of UnitsConventional:Atlanta, GA
    
    
    32
    
    
    
    8,286
    
    
    
    41
    
    
    
    10,712Austin, TX
    
    
    
    
    
    
    
    
    
    
    25
    
    
    
    5,566Boston, MA
    
    
    16
    
    
    
    5,745
    
    
    
    16
    
    
    
    5,745Chicago, IL
    
    
    30
    
    
    
    8,339
    
    
    
    32
    
    
    
    8,784Columbus, OH
    
    
    34
    
    
    
    9,664
    
    
    
    39
    
    
    
    10,139Dallas, TX
    
    
    36
    
    
    
    8,026
    
    
    
    31
    
    
    
    7,945Denver, CO
    
    
    33
    
    
    
    7,487
    
    
    
    33
    
    
    
    7,487Houston, TX
    
    
    37
    
    
    
    9,776
    
    
    
    37
    
    
    
    9,776Indianapolis, IN
    
    
    33
    
    
    
    12,318
    
    
    
    32
    
    
    
    11,947Los Angeles, CA
    
    
    39
    
    
    
    10,867
    
    
    
    36
    
    
    
    10,622New York, NY
    
    
    12
    
    
    
    589
    
    
    
    
    
    
    
    Orlando, FL
    
    
    29
    
    
    
    8,041
    
    
    
    31
    
    
    
    8,600Philadelphia, PA
    
    
    16
    
    
    
    7,493
    
    
    
    15
    
    
    
    7,180Phoenix, AZ
    
    
    28
    
    
    
    7,544
    
    
    
    36
    
    
    
    10,002Rockville, MD
    
    
    29
    
    
    
    12,157
    
    
    
    29
    
    
    
    12,156South Florida
    
    
    15
    
    
    
    5,300
    
    
    
    15
    
    
    
    5,862Tampa, FL
    
    
    21
    
    
    
    5,787
    
    
    
    21
    
    
    
    5,926Tidewater, VA
    
    
    28
    
    
    
    7,618
    
    
    
    28
    
    
    
    7,716University Communities (2)
    
    
    
    
    
    
    
    
    
    
    15
    
    
    
    4,443Total conventional owned and managed
    
    
    468
    
    
    
    135,037
    
    
    
    512
    
    
    
    150,608Affordable (Aimco Capital):Central
    
    
    121
    
    
    
    12,726
    
    
    
    131
    
    
    
    13,721Northeast
    
    
    87
    
    
    
    12,551
    
    
    
    104
    
    
    
    14,769West
    
    
    63
    
    
    
    6,908
    
    
    
    71
    
    
    
    7,607Total affordable owned and managed
    
    
    271
    
    
    
    32,185
    
    
    
    306
    
    
    
    36,097Owned but not managed
    
    
    66
    
    
    
    7,001
    
    
    
    65
    
    
    
    7,112Property
management for third parties
    
    
    41
    
    
    
    3,573
    
    
    
    52
    
    
    
    5,246Asset management for third parties
    
    
    410
    
    
    
    38,617
    
    
    
    435
    
    
    
    41,421Total
    
    
    1,256
    
    
    
    216,413
    
    
    
    1,370
    
    
    
    240,484
 
 (1)
    
    As our portfolio changes due to property acquisitions and dispositions, we
periodically evaluate the organization of our regional operating centers, or ROCs. During
2006, we combined the Austin and Dallas ROCs and added a ROC in New York.(2)
    
    The properties within University Communities at December 31, 2005 have been either
sold or moved into various existing ROCs depending on the location of the property.  15




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Item 3. Legal Proceedings
  
 Item 4. Submission of Matters to a Vote of Security Holders
  16




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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 Ended2006
    
    2005December 31
    
    $
    1.20
    (1)
    
    $
    1.20
    (2)September 30
    
    
    0.60
    
    
    
    0.60June 30
    
    
    0.60
    
    
    
    0.60March 31
    
    
    0.00
    
    
    
    0.60
 
 (1)
    
    On December 19, 2006, 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 2006 property sales
otherwise subject to REIT excise tax. Aimcos board of directors
anticipates that distribution declarations for the remainder of 2007
will occur on a schedule consistent with 2006.(2)
    
    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 BeTotal Number
    
    
    Average
    
    
    Part of Publicly
    
    
    Purchased Underof Units
    
    
    Price Paid
    
    
    Announced Plans or
    
    
    Plans or ProgramsFiscal period (2)
    
    Purchased
    
    
    per Unit
    
    
    Programs (1)
    
    
    (1)October 1  October 31, 2006
    
    
    7,118
    
    
    $
    55.10
    
    
    
    n/a
    
    
    
    n/aNovember 1  November 30,
2006
    
    
    462
    
    
    
    55.22
    
    
    
    n/a
    
    
    
    n/aDecember 1  December 31,
2006
    
    
    366,953
    
    
    
    55.34
    
    
    
    n/a
    
    
    
    n/aTotal
    
    
    374,533
    
    
    $
    55.33
 
 (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.(2)
    
    During the year ended December 31, 2006, we repurchased approximately 2.3 million
Partnership Common Units for cash totaling approximately $120.3 million, or $52.25 per
unit. Distribution Payments.
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Item 6. Selected Financial Data
  For the Years Ended December 31,2006 (1)
    
    
    2005 (2)
    
    
    2004 (2)
    
    
    2003 (2)
    
    
    2002 (2)(dollar amounts in thousands, except per unit data)OPERATING DATA:Total revenues
    
    $
    1,690,994
    
    
    $
    1,408,464
    
    
    $
    1,279,205
    
    
    $
    1,207,131
    
    
    $
    1,105,589Total expenses
    
    
    (1,353,841
    )
    
    
    (1,129,076
    )
    
    
    (994,970
    )
    
    
    (846,507
    )
    
    
    (704,421
    )Operating income
    
    
    337,153
    
    
    
    279,388
    
    
    
    284,235
    
    
    
    360,624
    
    
    
    401,168Income (loss) from continuing operations
    
    
    (45,778
    )
    
    
    (23,980
    )
    
    
    61,897
    
    
    
    65,109
    
    
    
    157,478Income from discontinued operations, net
    
    
    242,842
    
    
    
    104,724
    
    
    
    235,181
    
    
    
    112,759
    
    
    
    48,724Cumulative effect of change in accounting
principle
    
    
    
    
    
    
    
    
    
    
    (3,957
    )
    
    
    
    
    
    
    Net income
    
    
    197,064
    
    
    
    80,744
    
    
    
    293,121
    
    
    
    177,868
    
    
    
    206,202Net income attributable to preferred unitholders
    
    
    90,527
    
    
    
    98,946
    
    
    
    96,922
    
    
    
    103,626
    
    
    
    107,646Net income (loss) attributable to common
unitholders
    
    
    106,537
    
    
    
    (18,202
    )
    
    
    196,199
    
    
    
    74,242
    
    
    
    98,556OTHER INFORMATION:Total consolidated properties (end of period)
    
    
    703
    
    
    
    619
    
    
    
    676
    
    
    
    679
    
    
    
    728Total consolidated apartment units (end of period)
    
    
    162,432
    
    
    
    158,548
    
    
    
    169,932
    
    
    
    174,172
    
    
    
    187,506Total unconsolidated properties (end of period)
    
    
    102
    
    
    
    264
    
    
    
    330
    
    
    
    441
    
    
    
    511Total unconsolidated apartment units (end of
period)
    
    
    11,791
    
    
    
    35,269
    
    
    
    44,728
    
    
    
    62,823
    
    
    
    73,924Units managed for others (end of period) (3)
    
    
    42,190
    
    
    
    46,667
    
    
    
    49,074
    
    
    
    50,565
    
    
    
    56,722Earnings (loss) per common unit  basic:Income (loss) from continuing operations (net
of income attributable to preferred
unitholders)
    
    $
    (1.28
    )
    
    $
    (1.18
    )
    
    $
    (0.34
    )
    
    $
    (0.37
    )
    
    $
    0.51Net income attributable to common unitholders
    
    $
    1.00
    
    
    $
    (0.17
    )
    
    $
    1.88
    
    
    $
    0.71
    
    
    $
    1.00Earnings (loss) per common unit  diluted:Income (loss) from continuing operations (net
of income attributable to preferred
unitholders)
    
    $
    (1.28
    )
    
    $
    (1.18
    )
    
    $
    (0.34
    )
    
    $
    (0.37
    )
    
    $
    0.51Net income attributable to common unitholders
    
    $
    1.00
    
    
    $
    (0.17
    )
    
    $
    1.88
    
    
    $
    0.71
    
    
    $
    .99Distributions declared per common unit
    
    $
    2.40
    
    
    $
    3.00
    
    
    $
    2.40
    
    
    $
    2.84
    
    
    $
    3.28BALANCE SHEET INFORMATION:Real estate, net of accumulated depreciation
    
    $
    9,081,723
    
    
    $
    8,189,743
    
    
    $
    7,672,954
    
    
    $
    7,079,603
    
    
    $
    6,907,644Total assets
    
    
    10,303,091
    
    
    
    10,031,759
    
    
    
    10,086,229
    
    
    
    10,098,649
    
    
    
    10,347,829Total indebtedness
    
    
    6,872,753
    
    
    
    6,021,857
    
    
    
    5,372,870
    
    
    
    5,040,912
    
    
    
    4,867,271Partners capital
    
    
    2,537,602
    
    
    
    2,945,402
    
    
    
    3,291,087
    
    
    
    3,174,815
    
    
    
    3,576,083
 
 (1)
    
    Based on circumstances and analysis that occurred after the
date of Aimcos Fourth Quarter
2006 Earnings Release, we recorded a $2.9 million cumulative adjustment for the year ended
December 31, 2006, which adjustment was based on an alternative valuation methodology and
revised assumptions for certain of our High Performance Units.
As a result of this adjustment, certain amounts reported in our 2006 consolidated financial
statements differ from the corresponding amounts that were previously
reported in Aimcos
Fourth Quarter 2006 Earnings Release. This adjustment reduced our 2006 net income and
stockholders equity by approximately $2.6 million and reduced basic and diluted earnings
per share by $0.03. See High Performance Unitsin Note 10 to the consolidated financial
statements in Item 8.(2)
    
    Certain reclassifications have been made to conform to the 2006 presentation. These
reclassifications primarily represent presentation changes related to discontinued
operations resulting from the 2002 adoption of Statement of Financial Accounting Standards
No. 144.(3)
    
    In 2006, 2005, 2004, 2003 and 2002 includes 38,617, 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. 18




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##### Table of Contents



Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Executive Overview
       19




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##### Table of Contents



Results of Operations
 Overview
 2006 compared to 2005
  
    
    an increase in net operating income associated with property operations, reflecting
improved operations of our same store properties and other properties, and a large
number of newly consolidated properties;
    
    an increase in income from discontinued operations, primarily related to higher net
gains on dispositions of real estate; and
    
    an increase in gain on disposition of unconsolidated real estate and other, including
higher gains on sale of land parcels.
  
    
    an increase in depreciation and amortization expense;
    
    an increase in interest expense; and
    
    unfavorable changes in the effects of minority interests in our consolidated real estate partnerships.
 Adoption of EITF 04-5
 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 gain on disposition of unconsolidated real estate 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.
   20




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##### Table of Contents



Rental Property Operations
  2006
    
    
    2005
    
    
    2004Rental and other property revenues
    
    $
    1,629,988
    
    
    $
    1,346,587
    
    
    $
    1,211,865Property operating expenses
    
    
    758,128
    
    
    
    633,984
    
    
    
    567,937Net operating income
    
    $
    871,860
    
    
    $
    712,603
    
    
    $
    643,928
   Conventional Same Store Property Operating Results
  21




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##### Table of Contents



Year Ended December 31,2006
    
    
    2005
    
    
    ChangeConsolidated same store revenues
    
    $
    1,075,434
    
    
    $
    1,007,789
    
    
    
    6.7
    %Consolidated same store expenses
    
    
    458,449
    
    
    
    435,370
    
    
    
    5.3
    %Same store net operating income
    
    
    616,985
    
    
    
    572,419
    
    
    
    7.8
    %Reconciling items (1)
    
    
    254,875
    
    
    
    140,184
    
    
    
    81.8
    %Real estate segment net operating income
    
    $
    871,860
    
    
    $
    712,603
    
    
    
    22.3
    %Same store operating statistics:Properties
    
    
    365
    
    
    
    365Apartment units
    
    
    107,430
    
    
    
    107,430Average physical occupancy
    
    
    94.4
    %
    
    
    92.4
    %
    
    
    2.0
    %Average rent/unit/month
    
    $
    811
    
    
    $
    782
    
    
    
    3.7
    %
 
 (1)
    
    Reflects property revenues and property operating expenses related to consolidated
properties other than same store properties (e.g., affordable, acquisition,
redevelopment and newly consolidated properties, including those
properties consolidated as a result of the adoption of EITF 04-5) and casualty gains and losses.  Year Ended December 31,2005
    
    
    2004
    
    
    ChangeConsolidated same store revenues
    
    $
    988,952
    
    
    $
    925,806
    
    
    
    6.8
    %Consolidated same store expenses
    
    
    428,218
    
    
    
    405,370
    
    
    
    5.6
    %Same store net operating income
    
    
    560,734
    
    
    
    520,436
    
    
    
    7.7
    %Reconciling items (1)
    
    
    151,869
    
    
    
    123,502
    
    
    
    81.8
    %Real estate segment net operating income
    
    $
    712,603
    
    
    $
    643,938
    
    
    
    10.7
    %Same store operating statistics:Properties
    
    
    357
    
    
    
    357Apartment units
    
    
    105,472
    
    
    
    105,472Average physical occupancy
    
    
    92.4
    %
    
    
    90.1
    %
    
    
    2.3
    %Average rent/unit/month
    
    $
    782
    
    
    $
    753
    
    
    
    3.9
    %
 
 (1)
    
    Reflects property revenues and property operating expenses related to consolidated
properties other than same store properties (e.g., affordable, acquisition,
redevelopment and newly consolidated properties) and casualty gains and losses.  Property Management
  22




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##### Table of Contents



2006
    
    
    2005
    
    
    2004Property management revenues, primarily
from affiliates
    
    $
    12,312
    
    
    $
    24,528
    
    
    $
    32,461Property management expenses
    
    
    4,912
    
    
    
    7,361
    
    
    
    9,789Net operating income from property management
    
    $
    7,400
    
    
    $
    17,167
    
    
    $
    22,672
 Adoption of EITF 04-5
 Activity Fees and Asset Management
 Tax Credit Arrangements
  2006
    
    
    2005
    
    
    2004Activity fees and asset management
revenues
    
    $
    48,694
    
    
    $
    37,349
    
    
    $
    34,879Activity and asset management expenses
    
    
    9,521
    
    
    
    10,628
    
    
    
    11,879Net operating income from activity fees and
asset management
    
    $
    39,173
    
    
    $
    26,721
    
    
    $
    23,000
 23




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##### Table of Contents



Depreciation and Amortization
 Adoption of EITF 04-5 Capital Expenditures and Related Depreciation
 Impairment of Long-Lived Assets Capital Expenditures and Related Depreciation
 General and Administrative Expenses
 High Performance
Partnership Units
  24




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##### Table of Contents



Other Expenses (Income), Net
    Interest Income
  Adoption of EITF 04-5
  Interest Expense
 Adoption of EITF 04-5
  25




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##### Table of Contents



Deficit Distributions to Minority Partners
    Gain on Dispositions of Unconsolidated Real Estate and Other
    Minority Interest in Consolidated Real Estate Partnerships
  Adoption of EITF 04-5 Tax Credit Arrangements
  26




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##### Table of Contents



Income from Discontinued Operations, Net
     Cumulative Effect of Change in Accounting Principle
  Critical Accounting Policies and Estimates
  Impairment of Long-Lived Assets
   27




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##### Table of Contents




    
    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
    Allowance for Losses on Notes Receivable
   28




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##### Table of Contents



Capitalized Costs
 Capital Expenditures and Related Depreciation
  29




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##### Table of Contents



Funds From Operations
   2006
    
    
    2005
    
    
    2004Net income (loss) attributable to common unitholders (1)
    
    $
    106,537
    
    
    $
    (18,202
    )
    
    $
    196,199Adjustments:Depreciation and amortization (2)
    
    
    470,597
    
    
    
    376,231
    
    
    
    315,451Depreciation and amortization related to non-real estate assets
    
    
    (19,620
    )
    
    
    (17,700
    )
    
    
    (18,349
    )Depreciation of rental property related to minority partners and
unconsolidated entities (3)
    
    
    (4,409
    )
    
    
    (12,474
    )
    
    
    (14,457
    )Depreciation of rental property related to minority partners interest
 adjustment (4)
    
    
    7,377
    
    
    
    
    
    
    
    Gain on dispositions of unconsolidated real estate and other
    
    
    (34,567
    )
    
    
    (18,958
    )
    
    
    (69,294
    )Gain on dispositions of non-depreciable assets
    
    
    11,525
    
    
    
    2,480
    
    
    
    38,977Deficit distributions to minority partners (5)
    
    
    21,004
    
    
    
    11,615
    
    
    
    17,374Cumulative effect of change in accounting principle
    
    
    
    
    
    
    
    
    
    
    3,957Discontinued operations:Gain on dispositions of real estate, net of minority partners
interest (3)
    
    
    (260,206
    )
    
    
    (102,972
    )
    
    
    (249,353
    )Depreciation of rental property, net of minority partners interest (3)
    
    
    16,910
    
    
    
    51,897
    
    
    
    59,297Recovery of deficit distributions to minority partners, net (5)
    
    
    (15,927
    )
    
    
    (14,606
    )
    
    
    (3,231
    )Income tax arising from disposals
    
    
    32,918
    
    
    
    4,481
    
    
    
    16,015Preferred OP Unit distributions
    
    
    83,679
    
    
    
    97,823
    
    
    
    93,433Redemption related preferred OP Unit issuance costs
    
    
    6,848
    
    
    
    1,123
    
    
    
    3,489Funds From Operations
    
    $
    422,666
    
    
    $
    360,738
    
    
    $
    389,508Preferred OP Unit distributions
    
    
    (83,679
    )
    
    
    (97,823
    )
    
    
    (93,433
    )Redemption related preferred OP Unit issuance costs
    
    
    (6,848
    )
    
    
    (1,123
    )
    
    
    (3,489
    )Distributions on dilutive preferred securities
    
    
    2,444
    
    
    
    3,962
    
    
    
    3,059Funds From Operations attributable to common unitholders  diluted
    
    $
    334,583
    
    
    $
    265,754
    
    
    $
    295,645Weighted average number of common units, common unit
equivalents and dilutive preferred securities outstanding:Common units and equivalents (5)
    
    
    106,268
    
    
    
    105,081
    
    
    
    104,386Dilutive preferred securities
    
    
    1,768
    
    
    
    2,946
    
    
    
    1,308Total
    
    
    108,036
    
    
    
    108,027
    
    
    
    105,694
 
 Notes:(1)
    
    Represents the numerator for earnings per common unit, calculated in accordance with
GAAP. Based on circumstances and analysis that occurred after the
date of Aimcos Fourth
Quarter 2006 Earnings Release, we recorded a $2.9 million cumulative adjustment for the
year ended December 31, 2006, which adjustment was based on an alternative valuation
methodology and revised assumptions for certain of our High Performance Units. 30




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##### Table of Contents



See High Performance
Unitsin Note 11 to the consolidated financial statements in Item 8.(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 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)
    
    Represents prior period depreciation of certain tax credit redevelopment properties
that Aimco included in an adjustment to minority interest in real estate partnerships for
the year ended December 31, 2006 (See Tax Credit Arrangementsin Note 2 to the consolidated
financial statements). This prior period depreciation is added back to determine FFO in
accordance with the NAREIT White Paper.(5)
    
    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.(6)
    
    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
  31




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##### Table of Contents



Investing Activities
       32




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##### Table of Contents



Actual Cost
    
    
    Cost Per UnitCapital Replacements Detail:Building and grounds
    
    $
    24,997
    
    
    $
    175Turnover related
    
    
    40,002
    
    
    
    279Includes: carpet, vinyl, tile, appliance, and fixture replacementsCapitalized site payroll and indirect costs
    
    
    11,600
    
    
    
    81Our share of Capital Replacements
    
    $
    76,599
    
    
    $
    535Capital Replacements:Conventional
    
    $
    69,202Affordable
    
    
    7,397Our share of Capital Replacements
    
    
    76,599Capital Improvements:Conventional
    
    
    83,138Affordable
    
    
    16,108Our share of Capital Improvements
    
    
    99,246Casualties:Conventional
    
    
    29,756Affordable
    
    
    6,088Our share of casualties
    
    
    35,844Redevelopment:Conventional
    
    
    177,902Affordable
    
    
    52,944Our share of redevelopment
    
    
    230,846Our share of capital expenditures
    
    
    442,535Plus minority partners share of consolidated spending
    
    
    73,027Less our share of unconsolidated spending
    
    
    (2,998
    )Total capital expenditures per consolidated statement of cash flows
    
    $
    512,564
   Financing Activities
    33




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##### Table of Contents



Preferred OP Units
   34




---



##### Table of Contents



Contractual Obligations
  Less than
    
    
    
    
    
    
    
    
    
    More thanTotal
    
    One Year
    
    1-3 Years
    
    3-5 Years
    
    5 YearsScheduled long-term debt maturities
    
    $
    6,332,753
    
    
    $
    449,848
    
    
    $
    1,077,408
    
    
    $
    847,195
    
    
    $
    3,958,302Secured credit facility and term loans
    
    
    540,000
    
    
    
    
    
    
    
    140,000
    
    
    
    400,000
    
    
    
    Redevelopment and other construction
commitments
    
    
    146,655
    
    
    
    106,319
    
    
    
    40,336
    
    
    
    
    
    
    
    Leases for space occupied
    
    
    39,804
    
    
    
    8,270
    
    
    
    13,763
    
    
    
    9,126
    
    
    
    8,645Other obligations (1)
    
    
    16,900
    
    
    
    16,900
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    7,076,112
    
    
    $
    581,337
    
    
    $
    1,271,507
    
    
    $
    1,256,321
    
    
    $
    3,966,947
 
 (1)
    
    Includes a commitment to fund $14.4 million in second mortgage loans on certain
properties in West Harlem, New York City and the final $2.5 million development fee payment
to Casden Properties, LLC as a retainer on account for redevelopment services.  Future Capital Needs
   Off-Balance Sheet Arrangements
  35




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##### 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
  36




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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
  37




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Partners of AIMCO Properties, L.P.
 Internal ControlIntegrated Framework
    .
   
 38




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##### Table of Contents



Item 9B. Other Information
 Fourth
Amended and Restated Agreement of Limited Partnership of the Partnership
  Amendment
to Purchase and Sale Agreement for Flamingo South Beach
Property
  
 PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance
  Section 16(a) Beneficial Ownership Reporting Compliance.
 Audit Committee and Nominating and Corporate Governance Committee
 
 Item 11. Executive Compensation
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
  
 Item 13. Certain Relationships and Related Transactions, and Director Independence
  
 Item 14. Principal Accountant Fees and Services
  39




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##### Table of Contents



PART IV
 
 Item 15. Exhibits and Financial Statement Schedules
 (a)(1)
    
    The financial statements listed in the Index to Financial Statements on Page F-1 of
this report are filed as part of this report and incorporated herein by reference.(a)(2)
    
    The financial statement schedule listed in the Index to Financial Statements on Page
F-1 of this report is filed as part of this report and incorporated herein by reference.(a)(3)
    
    The Exhibit Index is incorporated herein by reference.
 INDEX TO EXHIBITS (1) (2)
 EXHIBIT NO.
    
    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
    
    Fourth Amended and Restated Agreement of Limited Partnership
of AIMCO Properties, L.P., dated as of July 29, 1994 as
amended and restated as of February 28, 2007 (Exhibit 10.1 to
Aimcos Annual Report on Form 10-K for the fiscal year ended
December 31, 2006, is incorporated herein by this reference)10.2
    
    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)10.3
    
    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)10.4
    
    Second Amendment to Amended and Restated Senior Secured Credit
Agreement, dated as of March 22, 2006, by and among Aimco,
AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as
the borrowers, and Bank of America, N.A., Keybank National
Association, and the lenders listed therein (Exhibit 10.1 to
Aimcos Current Report on Form 10-K, dated March 22, 2006, is
incorporated herein by this reference)10.5
    
    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)10.6
    
    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)10.7
    
    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)10.8
    
    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)*
 40




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##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION10.9
    
    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)*10.10
    
    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)*10.11
    
    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)*21.1
    
    List of Subsidiaries23.1
    
    Consent of Independent Registered Public Accounting Firm31.1
    
    Certification of Chief Executive Officer pursuant to
Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    Certification of Chief Financial Officer pursuant to
Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.2
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 200299.1
    
    Agreement re: disclosure of long-term debt instruments
 
 (1)
    
    Schedule and supplemental materials to the exhibits have been omitted but will be provided to
the Securities and Exchange Commission upon request.(2)
    
    The file reference number for all exhibits is 001-13232, and all such exhibits remain
available pursuant to the Records Control Schedule of the Securities and Exchange Commission.*
    
    Management contract or compensatory plan or arrangement 41




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##### 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
    
    Chairman of the Board,
    
    March 5, 2007Terry Considine
    
    Chief Executive Officer
and President of the registrants
general partner/s/ THOMAS M. HERZOG
    
    Executive Vice President and
    
    March 5, 2007Thomas M. Herzog
    
    Chief Financial Officer of the
registrants general partner/s/ SCOTT W. FORDHAM
    
    Senior Vice President and
    
    March 5, 2007Scott W. Fordham
    
    Chief Accounting Officer of the
registrants general partner
 42




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##### 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, 2006 and 2005
    
    
    F-3Consolidated Statements of Income for the Years Ended December 31, 2006, 2005 and 2004
    
    
    F-4Consolidated Statements of Stockholders Equity for the Years Ended December 31, 2006, 2005 and 2004
    
    
    F-5Consolidated Statements of Cash Flows for the Years Ended December 31, 2006, 2005 and 2004
    
    
    F-6Notes to Consolidated Financial Statements
    
    
    F-8Financial Statement Schedule:Schedule III  Real Estate and Accumulated Depreciation
    
    
    F-41All other schedules are omitted because they are not applicable or the required
information is shown in the financial statements or notes thereto
 F-1




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##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    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
 Internal Control -
Integrated Framework
  
 F-2




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##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED BALANCE SHEETS
 As of December 31, 2006 and 2005
 (In thousands, except unit data)
 2006
    
    
    2005ASSETSReal estate:Buildings and improvements
    
    $
    9,561,537
    
    
    $
    8,002,413Land
    
    
    2,420,948
    
    
    
    2,196,111Total real estate
    
    
    11,982,485
    
    
    
    10,198,524Less accumulated depreciation
    
    
    (2,900,762
    )
    
    
    (2,008,781
    )Net real estate
    
    
    9,081,723
    
    
    
    8,189,743Cash and cash equivalents
    
    
    229,824
    
    
    
    161,730Restricted cash
    
    
    347,506
    
    
    
    283,684Accounts receivable
    
    
    85,772
    
    
    
    59,889Accounts receivable from affiliates
    
    
    20,763
    
    
    
    43,070Deferred financing costs
    
    
    73,749
    
    
    
    63,738Notes receivable from unconsolidated real estate partnerships
    
    
    40,641
    
    
    
    177,200Notes receivable from non-affiliates
    
    
    139,352
    
    
    
    23,760Notes receivable from Aimco
    
    
    14,016
    
    
    
    13,299Investment in unconsolidated real estate partnerships
    
    
    37,869
    
    
    
    172,306Other assets
    
    
    231,876
    
    
    
    211,168Deferred income tax assets, net
    
    
    
    
    
    
    9,835Assets held for sale
    
    
    
    
    
    
    622,334Total assets
    
    $
    10,303,091
    
    
    $
    10,031,756LIABILITIES AND PARTNERS CAPITALProperty tax-exempt bond financing
    
    $
    936,082
    
    
    $
    995,897Property loans payable
    
    
    5,329,011
    
    
    
    4,320,688Term loans
    
    
    400,000
    
    
    
    400,000Credit facility
    
    
    140,000
    
    
    
    217,000Other borrowings
    
    
    67,660
    
    
    
    88,272Total indebtedness
    
    
    6,872,753
    
    
    
    6,021,857Accounts payable
    
    
    54,972
    
    
    
    34,381Accrued liabilities and other
    
    
    410,071
    
    
    
    335,363Deferred income
    
    
    165,684
    
    
    
    46,466Security deposits
    
    
    44,428
    
    
    
    36,767Deferred income tax liabilities, net
    
    
    4,379
    
    
    
    Liabilities related to assets held for sale
    
    
    
    
    
    
    392,815Total liabilities
    
    
    7,552,287
    
    
    
    6,867,649Minority interest in consolidated real estate partnerships
    
    
    213,202
    
    
    
    218,705Partners capital:Preferred units
    
    
    902,755
    
    
    
    1,183,620General Partner and Special Limited Partner
    
    
    1,220,326
    
    
    
    1,570,046Limited Partners
    
    
    439,903
    
    
    
    301,452High performance units
    
    
    (18,308
    )
    
    
    (16,307
    )Investment in Aimco Class A Common Stock
    
    
    (7,074
    )
    
    
    (7,997
    )Notes receivable from Aimco
    
    
    
    
    
    
    (85,412
    )Total partners capital
    
    
    2,537,602
    
    
    
    2,945,402Total liabilities and partners capital
    
    $
    10,303,091
    
    
    $
    10,031,756
  F-3




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##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED STATEMENTS OF INCOME
 For the Years Ended December 31, 2006, 2005 and 2004
 (In thousands, except per unit data)
 2006
    
    
    2005
    
    
    2004REVENUES:Rental and other property revenues
    
    $
    1,629,988
    
    
    $
    1,346,587
    
    
    $
    1,211,865Property management revenues, primarily from affiliates
    
    
    12,312
    
    
    
    24,528
    
    
    
    32,461Activity fees and asset management revenues
    
    
    48,694
    
    
    
    37,349
    
    
    
    34,879Total revenues
    
    
    1,690,994
    
    
    
    1,408,464
    
    
    
    1,279,205OPERATING EXPENSES:Property operating expenses
    
    
    758,128
    
    
    
    633,984
    
    
    
    567,937Property management expenses
    
    
    4,912
    
    
    
    7,361
    
    
    
    9,789Activity and asset management expenses
    
    
    9,521
    
    
    
    10,628
    
    
    
    11,879Depreciation and amortization
    
    
    470,597
    
    
    
    376,231
    
    
    
    315,451General and administrative expenses
    
    
    101,702
    
    
    
    92,826
    
    
    
    77,424Other expenses (income), net
    
    
    8,981
    
    
    
    8,046
    
    
    
    12,490Total operating expenses
    
    
    1,353,841
    
    
    
    1,129,076
    
    
    
    994,970Operating income
    
    
    337,153
    
    
    
    279,388
    
    
    
    284,235Interest income
    
    
    35,274
    
    
    
    35,458
    
    
    
    33,020Recovery of (provision for) losses on notes receivable
    
    
    (2,785
    )
    
    
    1,365
    
    
    
    1,765Interest expense
    
    
    (408,075
    )
    
    
    (343,335
    )
    
    
    (318,006
    )Deficit distributions to minority partners
    
    
    (21,004
    )
    
    
    (11,615
    )
    
    
    (17,374
    )Equity in losses of unconsolidated real estate partnerships
    
    
    (2,070
    )
    
    
    (3,139
    )
    
    
    (1,768
    )Real estate impairment (losses) recoveries, net
    
    
    813
    
    
    
    (6,120
    )
    
    
    (3,426
    )Gain on dispositions of unconsolidated real estate and other
    
    
    34,567
    
    
    
    18,958
    
    
    
    69,294Income (loss) before minority interest, discontinued operations and
cumulative effect of change in accounting principle
    
    
    (26,127
    )
    
    
    (29,040
    )
    
    
    47,740Minority interest in consolidated real estate partnerships
    
    
    (19,651
    )
    
    
    5,060
    
    
    
    14,157Income (loss) from continuing operations
    
    
    (45,778
    )
    
    
    (23,980
    )
    
    
    61,897Income from discontinued operations, net
    
    
    242,842
    
    
    
    104,724
    
    
    
    235,181Income before cumulative effect of change in accounting principle
    
    
    197,064
    
    
    
    80,744
    
    
    
    297,078Cumulative effect of change in accounting principle
    
    
    
    
    
    
    
    
    
    
    (3,957
    )Net income
    
    
    197,064
    
    
    
    80,744
    
    
    
    293,121Net income attributable to preferred unitholders
    
    
    90,527
    
    
    
    98,946
    
    
    
    96,922Net income (loss) attributable to common unitholders
    
    $
    106,537
    
    
    $
    (18,202
    )
    
    $
    196,199Earnings (loss) per common unit  basic:Loss from continuing operations (net of preferred distributions)
    
    $
    (1.28
    )
    
    $
    (1.18
    )
    
    $
    (0.34
    )Income from discontinued operations
    
    
    2.28
    
    
    
    1.01
    
    
    
    2.26Cumulative effect of change in accounting principle
    
    
    
    
    
    
    
    
    
    
    (0.04
    )Net income (loss) attributable to common unitholders
    
    $
    1.00
    
    
    $
    (0.17
    )
    
    $
    1.88Earnings (loss) per common unit  diluted:Loss from continuing operations (net of preferred distributions)
    
    $
    (1.28
    )
    
    $
    (1.18
    )
    
    $
    (0.34
    )Income from discontinued operations
    
    
    2.28
    
    
    
    1.01
    
    
    
    2.26Cumulative effect of change in accounting principle
    
    
    
    
    
    
    
    
    
    
    (0.04
    )Net income (loss) attributable to common unitholders
    
    $
    1.00
    
    
    $
    (0.17
    )
    
    $
    1.88Weighted average common units outstanding
    
    
    106,268
    
    
    
    104,511
    
    
    
    104,251Weighted average common units and equivalents outstanding
    
    
    106,268
    
    
    
    104,511
    
    
    
    104,251Distributions declared per common unit
    
    $
    2.40
    
    
    $
    3.00
    
    
    $
    2.40
  F-4




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##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED STATEMENTS OF PARTNERS CAPITAL
 For the Years Ended December 31, 2006, 2005 and 2004
 (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, 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 held by Aimco
    
    
    (186,093
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (186,093
    )Contribution from Aimco related to stock purchased by officers, net
    
    
    
    
    
    
    1,051
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,051Contribution from Aimco related to options and warrants exercised
    
    
    
    
    
    
    1,883
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,883Amortization of Aimco stock-based compensation
    
    
    
    
    
    
    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 acquisition 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 to common and high performance unitholders
    
    
    
    
    
    
    (226,995
    )
    
    
    (20,647
    )
    
    
    (5,800
    )
    
    
    1,092
    
    
    
    
    
    
    
    (252,350
    )Distributions to 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 held by Aimco
    
    
    (31,573
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (31,573
    )Contribution from Aimco related to stock purchased by officers, net
    
    
    
    
    
    
    13,038
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,038Contribution from Aimco related to options and warrants exercised
    
    
    
    
    
    
    2,315
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,315Amortization of Aimco stock-based compensation
    
    
    
    
    
    
    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 Preferred Units to Aimco in exchange for
note receivable
    
    
    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 to common and high performance unitholders
    
    
    
    
    
    
    (285,177
    )
    
    
    (26,280
    )
    
    
    (7,139
    )
    
    
    923
    
    
    
    
    
    
    
    (317,673
    )Distributions to preferred unitholders
    
    
    (99,756
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (99,756
    )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
    )
    
    
    2,945,402Cumulative effect of change in accounting principle 
adoption of EITF 04-5 (Note 2)
    
    
    
    
    
    
    (75,012
    )
    
    
    (7,331
    )
    
    
    (2,221
    )
    
    
    
    
    
    
    
    
    
    
    (84,564
    )Issuance of CRA Preferred Units, conversion of Class Thirteen Preferred Units and repayment of note receivable from Aimco
    
    
    12,079
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    85,412
    
    
    
    97,491Redemption of preferred units held by Aimco
    
    
    (286,750
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (286,750
    )Common and preferred units redeemed by Limited Partners to
Special Limited Partner
    
    
    (199
    )
    
    
    4,562
    
    
    
    (4,363
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Contribution from Aimco related to employee stock purchases, net
    
    
    
    
    
    
    21,880
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21,880Contribution from Aimco related to stock option exercises
    
    
    
    
    
    
    107,603
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    107,603Amortization of Aimco stock-based compensation
    
    
    
    
    
    
    15,874
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,874Issuance of Class IX Units, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    654
    
    
    
    
    
    
    
    
    
    
    
    654High Performance Unit valuation adjustment (Note 10)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,899
    
    
    
    
    
    
    
    
    
    
    
    2,899Redemption of preferred units and common units
    
    
    
    
    
    
    
    
    
    
    (7,045
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,045
    )Repurchase of common units related to Aimco common stock repurchases
    
    
    
    
    
    
    (120,258
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (120,258
    )Other, net
    
    
    
    
    
    
    452
    
    
    
    1,289
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,741Net income
    
    
    90,527
    
    
    
    96,280
    
    
    
    7,872
    
    
    
    2,385
    
    
    
    
    
    
    
    
    
    
    
    197,064Distributions to common and high performance unitholders
    
    
    
    
    
    
    (233,108
    )
    
    
    (19,964
    )
    
    
    (5,718
    )
    
    
    923
    
    
    
    
    
    
    
    (257,867
    )Distributions to preferred unitholders
    
    
    (96,522
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (96,522
    )Adjustment to reflect Limited Partners capital at redemption value
    
    
    
    
    
    
    (167,993
    )
    
    
    167,993
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Partners Capital at December 31, 2006
    
    $
    902,755
    
    
    $
    1,220,326
    
    
    $
    439,903
    
    
    $
    (18,308
    )
    
    $
    (7,074
    )
    
    $
    
    
    
    $
    2,537,602
  F-5




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##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 For the Years Ended December 31, 2006, 2005 and 2004
 (In thousands)
 2006
    
    
    2005
    
    
    2004CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    197,064
    
    
    $
    80,744
    
    
    $
    293,121Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    470,597
    
    
    
    376,231
    
    
    
    315,451Deficit distributions to minority partners
    
    
    21,004
    
    
    
    11,615
    
    
    
    17,374Equity in losses of unconsolidated real estate partnerships
    
    
    2,070
    
    
    
    3,139
    
    
    
    1,768Gain on dispositions of unconsolidated real estate and other
    
    
    (34,567
    )
    
    
    (18,958
    )
    
    
    (69,294
    )Real estate impairment losses (recoveries), net
    
    
    (813
    )
    
    
    6,120
    
    
    
    3,426Deferred income tax provision (benefit)
    
    
    14,895
    
    
    
    (19,146
    )
    
    
    706Cumulative effect of change in accounting principle
    
    
    
    
    
    
    
    
    
    
    3,957Minority interest in consolidated real estate partnerships
    
    
    19,651
    
    
    
    (5,058
    )
    
    
    (14,611
    )Stock-based compensation expense
    
    
    15,969
    
    
    
    9,975
    
    
    
    6,506Amortization of deferred loan costs and other
    
    
    18,376
    
    
    
    1,700
    
    
    
    5,484Discontinued operations:Depreciation and amortization
    
    
    20,101
    
    
    
    58,634
    
    
    
    67,277Gain on disposition of real estate, net of minority partners interest
    
    
    (260,206
    )
    
    
    (102,972
    )
    
    
    (249,354
    )Other adjustments to income from discontinued operations
    
    
    (19,114
    )
    
    
    (13,760
    )
    
    
    1,901Changes in operating assets and operating liabilities:Accounts receivable
    
    
    (3,178
    )
    
    
    11,450
    
    
    
    (2,067
    )Other assets
    
    
    45,332
    
    
    
    17,542
    
    
    
    (11,406
    )Accounts payable, accrued liabilities and other
    
    
    27,340
    
    
    
    (57,935
    )
    
    
    (4,716
    )Total adjustments
    
    
    337,457
    
    
    
    278,577
    
    
    
    72,402Net cash provided by operating activities
    
    
    534,521
    
    
    
    359,321
    
    
    
    365,523CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of real estate
    
    
    (153,426
    )
    
    
    (158,584
    )
    
    
    (210,324
    )Capital expenditures
    
    
    (512,564
    )
    
    
    (443,882
    )
    
    
    (301,937
    )Proceeds from dispositions of real estate
    
    
    958,604
    
    
    
    718,434
    
    
    
    971,568Change in funds held in escrow from tax-free exchanges
    
    
    (19,021
    )
    
    
    (4,571
    )
    
    
    5,489Distributions and sales proceeds from investments in real estate partnerships
    
    
    45,662
    
    
    
    57,706
    
    
    
    72,160Cash from newly consolidated properties
    
    
    23,269
    
    
    
    4,186
    
    
    
    14,765Purchases of partnership interests and other assets
    
    
    (37,570
    )
    
    
    (125,777
    )
    
    
    (132,711
    )Originations of notes receivable
    
    
    (94,640
    )
    
    
    (38,336
    )
    
    
    (76,157
    )Proceeds from repayment of notes receivable
    
    
    9,604
    
    
    
    28,556
    
    
    
    79,599Distributions received from Aimco
    
    
    924
    
    
    
    923
    
    
    
    1,092Other investing activities
    
    
    13,122
    
    
    
    (2,281
    )
    
    
    (15,861
    )Net cash provided by investing activities
    
    
    233,964
    
    
    
    36,374
    
    
    
    407,683CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from property loans
    
    
    1,185,670
    
    
    
    721,414
    
    
    
    501,611Principal repayments on property loans
    
    
    (1,004,142
    )
    
    
    (735,816
    )
    
    
    (728,084
    )Proceeds from tax-exempt bond financing
    
    
    75,568
    
    
    
    
    
    
    
    69,471Principal repayments on tax-exempt bond financing
    
    
    (229,287
    )
    
    
    (78,648
    )
    
    
    (188,577
    )Net borrowings (paydowns) on term loans and revolving credit facility
    
    
    (77,000
    )
    
    
    248,300
    
    
    
    (66,687
    )Proceeds (paydowns) on other borrowings
    
    
    (22,838
    )
    
    
    
    
    
    
    38,871Proceeds from issuance (redemption) of mandatorily redeemable preferred
securities
    
    
    
    
    
    
    (15,019
    )
    
    
    (98,875
    )Proceeds exercise of Aimco stock options and other
    
    
    107,603
    
    
    
    2,454
    
    
    
    3,164Repayment (origination) of notes receivable from Aimco
    
    
    85,412
    
    
    
    (85,412
    )
    
    
    Proceeds from issuance of preferred units, net
    
    
    12,079
    
    
    
    
    
    
    
    289,994Redemptions of preferred units
    
    
    (286,750
    )
    
    
    (31,573
    )
    
    
    (186,093
    )Principal payments received on notes due on common unit purchases
    
    
    21,844
    
    
    
    12,255
    
    
    
    4,639Repurchase and redemption of common units and warrant purchase
    
    
    (109,937
    )
    
    
    (4,180
    )
    
    
    (18,410
    )Contributions from minority interest
    
    
    458
    
    
    
    34,990
    
    
    
    44,292Payment of distributions to minority interest
    
    
    (97,758
    )
    
    
    (44,158
    )
    
    
    (84,478
    )Payment of distributions to General Partner and Special Limited Partner
    
    
    (232,621
    )
    
    
    (227,738
    )
    
    
    (226,995
    )Payment of distributions to Limited Partners
    
    
    (19,964
    )
    
    
    (21,504
    )
    
    
    (20,647
    )Payment of distributions to High Performance Units
    
    
    (5,718
    )
    
    
    (5,700
    )
    
    
    (5,800
    )Payment of distributions to preferred units
    
    
    (84,087
    )
    
    
    (97,731
    )
    
    
    (92,115
    )Other financing activities
    
    
    (18,923
    )
    
    
    (11,242
    )
    
    
    (17,576
    )Net cash used in financing activities
    
    
    (700,391
    )
    
    
    (339,308
    )
    
    
    (782,295
    )NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    
    
    68,094
    
    
    
    56,387
    
    
    
    (9,089
    )CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
    
    
    161,730
    
    
    
    105,343
    
    
    
    114,432CASH AND CASH EQUIVALENTS AT END OF YEAR
    
    $
    229,824
    
    
    $
    161,730
    
    
    $
    105,343
  F-6




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##### Table of Contents



AIMCO PROPERTIES, L.P.
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 For the Years Ended December 31, 2006, 2005 and 2004
 (In thousands)
 2006
    
    
    2005
    
    
    2004SUPPLEMENTAL CASH FLOW INFORMATION:Interest paid
    
    $
    438,946
    
    
    $
    399,511
    
    
    $
    372,703Issuance of preferred units in connection with the purchase of real estate
    
    
    
    
    
    
    85,412
    
    
    
    69,678Cash paid for income taxes
    
    
    9,807
    
    
    
    4,785
    
    
    
    Non-cash transactions associated with the acquisition of real estate and
interests in unconsolidated real estate partnerships:Secured debt assumed in connection with purchase of real estate
    
    
    47,112
    
    
    
    38,740
    
    
    
    83,114Issuance of OP Units for interests in unconsolidated real estate partnerships
and acquisitions of real estate
    
    
    13
    
    
    
    125
    
    
    
    2,609Non-cash transactions associated with consolidation of real estate partnerships:Real estate, net
    
    
    675,621
    
    
    
    201,492
    
    
    
    231,932Investments in and notes receivable primarily from affiliated entities
    
    
    (219,691
    )
    
    
    (72,341
    )
    
    
    (40,178
    )Restricted cash and other assets
    
    
    94,380
    
    
    
    16,942
    
    
    
    47,744Secured debt
    
    
    503,342
    
    
    
    112,521
    
    
    
    204,243Accounts payable, accrued and other liabilities
    
    
    41,580
    
    
    
    17,326
    
    
    
    21,394Minority interest in consolidated real estate partnerships
    
    
    57,157
    
    
    
    6,834
    
    
    
    29,439Other non-cash transactions:Conversion of preferred units and securities into common units
    
    
    199
    
    
    
    41
    
    
    
    259Origination
of notes receivable from officers of Aimco, net of cancellations
    
    
    647
    
    
    
    1,441
    
    
    
    1,318Exchanges of preferred OP units
    
    
    85,412
    
    
    
    
    
    
    
    150,000Tenders payable for purchase of limited partner interests
    
    
    
    
    
    
    950
    
    
    
    2,799
  F-7




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##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2006
 NOTE 1  Organization
     
    
    owned an equity interest in and consolidated 162,432 units in
703 properties (which we
refer to as consolidated), of which 161,584 units were also managed by us;
    
    owned an equity interest in and did not consolidate 11,791
units in 102 properties
(which we refer to as unconsolidated), of which 5,638 units were also managed by us; and
    
    provided services or managed, for third-party owners, 42,190 units in 451 properties,
primarily pursuant to long-term agreements (including 38,617 units in 410 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




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##### Table of Contents



NOTE 2  Basis of Presentation and Summary of Significant Accounting Policies
 Principles of Consolidation
  Variable Interest Entities Adoption of EITF 04-5
 Variable Interest Entities
 Consolidation of Variable Interest
Entities
   F-9




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##### Table of Contents



Adoption of EITF 04-5
 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
  Increase(Decrease)Real estate, net
    
    $
    664,286Accounts and notes receivable from affiliates
    
    
    (150,057
    )Investment in unconsolidated real estate partnerships
    
    
    (64,419
    )All other assets
    
    
    122,545Total assets
    
    $
    572,355Total indebtedness
    
    $
    521,711All other liabilities
    
    
    81,950Minority interest in consolidated real estate partnerships
    
    
    53,258Partners capital
    
    
    (84,564
    )Total liabilities and partners capital
    
    $
    572,355
  Revenues
    
    $
    159,415Operating expenses
    
    
    114,680Operating income
    
    
    44,735Interest expense
    
    
    (32,776
    )Interest income
    
    
    3,651Income (loss) before minority interests
    
    $
    15,610
  F-10




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##### Table of Contents



Tax Credit Arrangements
     Revenues
    
    $
    (1,542
    )Operating expenses
    
    
    3,054Minority interest in consolidated real estate partnerships
    
    
    (9,030
    )Net decrease in net income
    
    $
    (7,518
    )
 Acquisition of Real Estate Assets and Related Depreciation and Amortization
 Business
 F-11




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##### Table of Contents



Combinations
 1.
    
    The value of the above- and below-market leases in-place. An asset or liability is
recognized based on the difference between (a) the contractual amounts to be paid pursuant
to the in-place leases and (b) our estimate of fair market lease rates for the
corresponding in-place leases, measured over the period, including estimated lease renewals
for below-market leases, that the leases are expected to remain in effect.2.
    
    The estimated unamortized portion of avoided leasing commissions and other costs that
ordinarily would be incurred to acquire the in-place leases.3.
    
    The value associated with vacant units during the absorption period (estimates of lost
rental revenue during the expected lease-up periods based on current market demand and
stabilized occupancy levels).
  Impairment of Long Lived Assets
 Capital Expenditures and Related Depreciation
    F-12




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##### 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,
  Cash Equivalents
  F-13




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##### Table of Contents



Restricted Cash
  Accounts Receivable and Allowance for Doubtful Accounts
   Accounts Receivable and Allowance for Doubtful Accounts from Affiliates
  Deferred Costs
   Advertising Costs
  Notes Receivable from Unconsolidated Real Estate Partnerships and Related Interest Income and
Provision for Losses
    F-14




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##### Table of Contents



Investments in Unconsolidated Real Estate Partnerships
   Intangible Assets
 Goodwill and Other
Intangible Assets
 Acquisition of Real Estate Assets and
Related Depreciation and Amortization.
 Capitalized Software Costs
  Minority Interest in Consolidated Real Estate Partnerships
  F-15




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##### Table of Contents



Revenue Recognition
  Stock-Based Compensation
 Share-Based Payment
 Discontinued Operations
  Derivative Financial Instruments
  F-16




---



##### Table of Contents



Insurance
  Income Taxes
     Earnings per Unit
  Fair Value of Financial Instruments
  F-17




---



##### Table of Contents



Concentration of Credit Risk
  Use of Estimates
  Reclassifications
  NOTE 3  Acquisitions
 Real Estate Acquisitions
    Acquisitions of Partnership Interests
  NOTE 4  Investments in Unconsolidated Real Estate Partnerships
  F-18




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##### Table of Contents



2006
    
    
    2005
    
    
    2004Real estate, net of accumulated depreciation
    
    $
    146,400
    
    
    $
    763,219
    
    
    $
    1,004,501Total assets
    
    
    166,874
    
    
    
    954,970
    
    
    
    1,255,434Secured and other notes payable
    
    
    140,089
    
    
    
    932,454
    
    
    
    1,146,141Total liabilities
    
    
    199,082
    
    
    
    1,248,450
    
    
    
    1,545,250Partners equity (deficit)
    
    
    (32,208
    )
    
    
    (293,480
    )
    
    
    (289,816
    )Rental and other property revenues
    
    
    99,708
    
    
    
    311,429
    
    
    
    320,687Property operating expenses
    
    
    (49,451
    )
    
    
    (177,970
    )
    
    
    (201,248
    )Depreciation expense
    
    
    (18,769
    )
    
    
    (63,056
    )
    
    
    (72,577
    )Interest expense
    
    
    (24,146
    )
    
    
    (84,252
    )
    
    
    (99,120
    )Gain on sale
    
    
    2,980
    
    
    
    106,465
    
    
    
    100,669Net income (loss)
    
    
    (1,443
    )
    
    
    82,123
    
    
    
    50,778
 .
  NOTE 5  Notes Receivable
  2006
    
    
    2005Unconsolidated
    
    
    
    
    
    
    
    
    
    
    UnconsolidatedReal Estate
    
    
    Non-
    
    
    
    
    
    
    Real Estate
    
    
    Non-Partnerships
    
    
    Affiliates
    
    
    Total
    
    
    Partnerships
    
    
    Affiliates
    
    
    TotalPar value notes
    
    $
    40,055
    
    
    $
    18,815
    
    
    $
    58,870
    
    
    $
    89,640
    
    
    $
    22,681
    
    
    $
    112,321Discounted notes
    
    
    6,064
    
    
    
    120,537
    
    
    
    126,601
    
    
    
    92,451
    
    
    
    1,079
    
    
    
    93,530Allowance for loan
losses
    
    
    (5,478
    )
    
    
    
    
    
    
    (5,478
    )
    
    
    (4,891
    )
    
    
    
    
    
    
    (4,891
    )Total notes receivable
    
    $
    40,641
    
    
    $
    139,352
    
    
    $
    179,993
    
    
    $
    177,200
    
    
    $
    23,760
    
    
    $
    200,960Face value of
discounted notes
    
    $
    41,781
    
    
    $
    145,024
    
    
    $
    186,805
    
    
    $
    130,342
    
    
    $
    
    
    
    $
    130,342
   F-19




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##### Table of Contents



2006
    
    
    2005Balance at beginning of year
    
    $
    (4,891
    )
    
    $
    (7,149
    )Provisions for losses on notes receivable
    
    
    (3,104
    )
    
    
    (577
    )Recoveries of losses on notes receivable
    
    
    320
    
    
    
    1,942Net reductions due to consolidation of real estate partnerships and
property dispositions
    
    
    2,197
    
    
    
    893Balance at end of year
    
    $
    (5,478
    )
    
    $
    (4,891
    )
   F-20




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##### Table of Contents



NOTE 6  Secured Tax-Exempt Bond Financings, Property Loans Payable and Other Borrowings
  Weighted AverageInterest Rate
    
    
    Principal Outstanding2006
    
    
    2006
    
    
    2005Fixed rate secured tax-exempt bonds payable
    
    
    5.76
    %
    
    $
    295,532
    
    
    $
    280,147Variable rate secured tax-exempt bonds payable
    
    
    4.23
    %
    
    
    640,550
    
    
    
    715,750Total
    
    
    
    
    
    $
    936,082
    
    
    $
    995,897
   Weighted AverageInterest Rate
    
    
    Principal Outstanding2006
    
    
    2006
    
    
    2005Conventional fixed rate secured notes payable
    
    
    6.35
    %
    
    $
    4,846,259
    
    
    $
    3,689,730Conventional variable rate secured notes payable
    
    
    6.53
    %
    
    
    370,113
    
    
    
    554,748Secured notes credit facility
    
    
    5.34
    %
    
    
    112,639
    
    
    
    76,210Total
    
    
    
    
    
    $
    5,329,011
    
    
    $
    4,320,688
     F-21




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##### Table of Contents



Amortization
    
    
    Maturities
    
    
    Total2007
    
    $
    146,807
    
    
    $
    303,041
    
    
    $
    449,8482008
    
    
    139,955
    
    
    
    393,993
    
    
    
    533,9482009
    
    
    143,258
    
    
    
    400,202
    
    
    
    543,4602010
    
    
    151,025
    
    
    
    187,399
    
    
    
    338,4242011
    
    
    159,083
    
    
    
    349,688
    
    
    
    508,771Thereafter
    
    
    
    
    
    
    
    
    
    
    3,958,302$
    6,332,753
 NOTE 7  Term Loans and Credit Facility
       F-22




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##### Table of Contents



NOTE 8  Commitments and Contingencies
 Commitments
    Tax Credit Arrangements
  Legal Matters
      F-23




---



##### Table of Contents



Conditional
Asset Retirement Obligations
         F-24




---



##### Table of Contents



Operating Leases
  OperatingLease
    
    
    SubleaseObligations
    
    
    Receivables2007
    
    $
    8,270
    
    
    $
    1,5082008
    
    
    7,621
    
    
    
    1,0862009
    
    
    6,142
    
    
    
    5972010
    
    
    5,178
    
    
    
    5972011
    
    
    3,948
    
    
    
    Thereafter
    
    
    8,645
    
    
    
    Total
    
    $
    39,804
    
    
    $
    3,788
  F-25




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##### Table of Contents



NOTE 9  Income Taxes
  2006
    
    
    2005Deferred tax liabilities:Partnership differences
    
    $
    47,149
    
    
    $
    53,347Depreciation
    
    
    7,729
    
    
    
    6,330Other
    
    
    85
    
    
    
    178Total deferred tax liabilities
    
    $
    54,963
    
    
    $
    59,855Deferred tax assets:Net operating, capital and other loss
carryforwards
    
    $
    20,995
    
    
    $
    34,046Receivables
    
    
    5,879
    
    
    
    5,856Accrued liabilities
    
    
    5,010
    
    
    
    6,942Accrued interest expense
    
    
    978
    
    
    
    6,519Intangibles  management contracts
    
    
    8,293
    
    
    
    9,880Tax credit carryforwards
    
    
    9,878
    
    
    
    7,878Other
    
    
    1,424
    
    
    
    442Total deferred tax assets
    
    
    52,457
    
    
    
    71,563Valuation allowance for deferred tax assets
    
    
    (1,873
    )
    
    
    (1,873
    )Deferred tax assets, net of valuation allowance
    
    
    50,584
    
    
    
    69,690Net deferred income tax assets (liabilities)
    
    $
    (4,379
    )
    
    $
    9,835
   2006
    
    
    2005
    
    
    2004Current:Federal
    
    $
    5,380
    
    
    $
    3,412
    
    
    $
    7,345State
    
    
    1,272
    
    
    
    1,590
    
    
    
    748Total current
    
    
    6,652
    
    
    
    5,002
    
    
    
    8,093Deferred:Federal
    
    
    13,197
    
    
    
    (17,303
    )
    
    
    634State
    
    
    1,698
    
    
    
    (1,843
    )
    
    
    72Total deferred
    
    
    14,895
    
    
    
    (19,146
    )
    
    
    706Total provision (benefit)
    
    $
    21,547
    
    
    $
    (14,144
    )
    
    $
    8,799Classification:Continuing operations
    
    $
    (11,448
    )
    
    $
    (16,353
    )
    
    $
    (6,825
    )Discontinued operations
    
    $
    32,995
    
    
    $
    2,209
    
    
    $
    15,624
 F-26




---



##### Table of Contents



2006
    
    
    2005
    
    
    2004Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentTax at U.S. statutory rates on
consolidated income (loss)
subject to tax
    
    $
    18,639
    
    
    
    35.0
    %
    
    $
    (12,922
    )
    
    
    35.0
    %
    
    $
    7,174
    
    
    
    35.0
    %State income tax, net of Federal
tax benefit
    
    
    3,038
    
    
    
    5.7
    %
    
    
    (253
    )
    
    
    0.7
    %
    
    
    818
    
    
    
    4.0
    %Effect of permanent differences
    
    
    (130
    )
    
    
    -0.2
    %
    
    
    (69
    )
    
    
    0.2
    %
    
    
    314
    
    
    
    1.5
    %Increase (decrease) in valuation
allowance
    
    
    
    
    
    
    0.0
    %
    
    
    (900
    )
    
    
    2.4
    %
    
    
    493
    
    
    
    2.4
    %$
    21,547
    
    
    
    40.5
    %
    
    $
    (14,144
    )
    
    
    38.3
    %
    
    $
    8,799
    
    
    
    42.9
    %
   NOTE 10  Notes Receivable from Aimco
   F-27




---



##### Table of Contents



NOTE 11  Partners Capital
 Preferred OP Units
  AnnualDividend Rate
    
    
    RedemptionPer Share
    
    
    December 31,Redemption
    
    
    Conversion
    
    
    (paid
    
    
    2006
    
    
    2005Perpetual:
    
    Date (1)
    
    
    Price
    
    
    quarterly)
    
    
    (thousands)
    
    
    (thousands)Class G Partnership Preferred Units, 4,050,000
units issued and outstanding
    
    
    07/15/2008
    
    
    
    
    
    
    
    9.375
    %
    
    $
    101,250
    
    
    $
    101,250Class Q Cumulative Preferred Units, zero and
2,530,000 units issued and outstanding (2)
    
    
    03/19/2006
    
    
    
    
    
    
    
    10.100
    %
    
    
    
    
    
    
    63,250Class R Cumulative Preferred Units, zero and
6,940,000 units issued and outstanding (3)
    
    
    07/20/2006
    
    
    
    
    
    
    
    10.000
    %
    
    
    
    
    
    
    173,500Class T Cumulative Preferred Units, 6,000,000
units issued and outstanding
    
    
    07/31/2008
    
    
    
    
    
    
    
    8.000
    %
    
    
    150,000
    
    
    
    150,000Class U Cumulative Preferred Units, 8,000,000
units issued and outstanding
    
    
    03/24/2009
    
    
    
    
    
    
    
    7.750
    %
    
    
    200,000
    
    
    
    200,000Class V Cumulative Preferred Units, 3,450,000
units issued and outstanding
    
    
    09/29/2009
    
    
    
    
    
    
    
    8.000
    %
    
    
    86,250
    
    
    
    86,250Class Y Cumulative Preferred Units, 3,450,000
units issued and outstanding
    
    
    12/21/2009
    
    
    
    
    
    
    
    7.875
    %
    
    
    86,250
    
    
    
    86,250Series A Community Reinvestment Act Preferred
Units, 240 units authorized, 200 units issued
and outstanding (6)
    
    
    06/30/2011
    
    
    
    
    
    
    
    (6
    )
    
    
    100,000
    
    
    
    723,750
    
    
    
    860,500Convertible (5):Class W Partnership Preferred Units,
    
    
    09/30/2007
    
    
    $
    52.50
    
    
    
    8.100
    %
    
    
    100,000
    
    
    
    100,0001,904,762 units issued and outstanding
Class X Partnership Preferred Units, zero
and 2,000,000 units issued and outstanding (4)
    
    
    03/31/2006
    
    
    $
    52.50
    
    
    
    8.500
    %
    
    
    
    
    
    
    50,000Class Thirteen Partnership Preferred Units,
zero and 3,416,478 issued and outstanding (6)
    
    
    12/31/2015
    
    
    $
    25.00
    
    
    
    5.25
    %
    
    
    
    
    
    
    85,412100,000
    
    
    
    235,412Total
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    823,750
    
    
    $
    1,095,912
 
 (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 March 19, 2006, Aimco redeemed for cash all 2.53 million outstanding shares of its
10.1% Class Q Cumulative Preferred Stock, for a total redemption price of $25.035 per share,
which included a redemption price of $25.0 per share and $0.035 per share of accumulated and
unpaid dividends through March 19, 2006. Concurrently with this redemption, we redeemed for
cash the remaining Class Q Partnership Preferred Units for an aggregate redemption price of
$63.3 million.(3)
    
    On July 20, 2006, Aimco redeemed for cash all 6.94 million outstanding shares of the
10.0% Class R Cumulative Preferred Stock, for a total redemption price of $25.243 per share,
which included a redemption price of $25.00 per share and $0.243 per share of accumulated and
unpaid dividends through July 20, 2006. Concurrently with this redemption, we redeemed for
cash the remaining Class R Partnership Preferred Units for an aggregate redemption price of
$175.2 million.(4)
    
    On March 31, 2006, Aimco redeemed for cash all 2.00 million outstanding shares of the
8.5% Class X Convertible Preferred Stock, for a total redemption price of $25.531 per share,
which included a redemption price of $25.00 per share and $0.531 per share of accumulated and
unpaid dividends through March 31, 2006. Concurrently with this redemption, we redeemed for
cash the remaining Class X Partnership Preferred Units for an aggregate redemption price of
$51.1 million. F-28




---



##### Table of Contents



(5)
    
    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 on
the respective dates on which the purchasers of each class agreed to purchase such securities.(6)
    
    On June 29, 2006, Aimco sold 200 shares of its Series A Community Reinvestment Act
Perpetual Preferred Stock, with a liquidation preference of $500,000 per share, for net
proceeds of $97.5 million. Proceeds of $85.4 million were used to repay our note receivable
from Aimco, which was classified in our balance sheet as a reduction in partners capital,
related to the February 2005 acquisition of the Palazzo East at Park La Brea. Concurrently,
all of the outstanding 3,416,478 Class Thirteen Partnership Preferred Units held by Aimco were
converted into 170.8239 Series A Community Reinvestment Act Perpetual Preferred units, or the
CRA Preferred Units. An additional 29.1761 CRA Preferred Units were issued to Aimco in
exchange for the $12.6 million excess of gross proceeds from Aimcos issuance of CRA Preferred
Stock over the principal amount of the note that was repaid, resulting in a total of 200 CRA
Preferred Units being issued. The CRA Preferred Units have substantially the same terms as
the CRA Preferred Stock. Holders of the CRA Preferred Units are entitled to cumulative cash
dividends payable quarterly in arrears on March 31, June 30, September 30, and December 31 of
each year, when and as declared, beginning on September 30, 2006. For the period from June
29, 2006, the date of original issuance, through March 31, 2015, the distribution rate is a
variable rate per annum equal to the Three-Month LIBOR Rate (as defined in the Articles
Supplementary designating the CRA Preferred Stock) plus 1.25%, calculated as of the beginning
of each quarterly distribution period. Upon liquidation, holders of the CRA Preferred Units
are entitled to a preference of $500,000 per share, plus an amount equal to accumulated,
accrued and unpaid dividends, whether or not earned or declared. The CRA Preferred Units rank
prior to our common OP Units and on the same level as our other preferred units, with respect
to the payment of dividends and the distribution of amounts upon liquidation, dissolution or
winding up. The CRA Preferred Units are not redeemable prior to June 30, 2011, except in
limited circumstances related to REIT qualification. On and after June 30, 2011, the CRA
Preferred Units are redeemable for cash, in whole or from time to time in part, upon the
redemption, at Aimcos option, of its CRA Preferred Stock at a price per share equal to the
liquidation preference, plus accumulated, accrued and unpaid dividends, if any, to the
redemption date.   2006
    
    
    2005Class 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 8.00% ($8.00 per annum per unit)
    
    $
    9,000
    
    
    $
    9,000Class Two Partnership Preferred Units, 46,718 and 58,126 units issued and outstanding,
redeemable for Aimco Class A Common Stock in one year from issuance, holders to receive
distributions at 5.9% ($1.48 per annum per unit)
    
    
    1,168
    
    
    
    1,453Class Three Partnership Preferred Units, 1,459,074 and 1,484,603 units issued and
outstanding, redeemable for Aimco Class A Common Stock in one year from issuance,
holders to receive distributions at 7.88% ($1.97 per annum per unit)
    
    
    36,477
    
    
    
    37,115Class Four Partnership Preferred Units, 755,999 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
    
    
    
    18,900Class Five Partnership Preferred Units, 68,671 units issued and outstanding, redeemable
for cash at any time at our option, holder to receive distributions equal to the per
unit distribution on the common OP Units ($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, 27,960 and 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)
    
    
    699
    
    
    
    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
    
    
    
    156Total
    
    $
    89,208
    
    
    $
    90,176
 F-29




---



##### Table of Contents



2006
    
    
    2005
    
    
    2004Amount
    
    
    Total
    
    
    Amount
    
    
    Total
    
    
    Amount
    
    
    TotalPer
    
    
    Amount
    
    
    Per
    
    
    Amount
    
    
    Per
    
    
    AmountClass of Preferred Units
    
    Unit (1)
    
    
    Paid
    
    
    Unit (1)
    
    
    Paid
    
    
    Unit (1)
    
    
    PaidClass D
    
    $
    
    
    
    $
    
    
    
    $
    0.59
    (2)
    
    $
    736
    
    
    $
    4.87
    (6)
    
    $
    6,090Class G
    
    
    2.34
    
    
    
    9,492
    
    
    
    2.34
    
    
    
    9,492
    
    
    
    2.34
    
    
    
    9,492Class N
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.59
    (7)
    
    
    10,361Class O
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4.73
    (7)
    
    
    9,000Class P
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.16
    (7)
    
    
    4,648Class Q
    
    
    0.67
    (11)
    
    
    1,686
    
    
    
    2.53
    
    
    
    6,388
    
    
    
    2.53
    
    
    
    6,388Class R
    
    
    1.49
    (11)
    
    
    10,361
    
    
    
    2.50
    
    
    
    17,350
    
    
    
    2.50
    
    
    
    17,350Class T
    
    
    2.00
    
    
    
    12,000
    
    
    
    2.00
    
    
    
    12,000
    
    
    
    2.00
    
    
    
    12,000Class U
    
    
    1.94
    
    
    
    15,500
    
    
    
    1.94
    
    
    
    15,500
    
    
    
    1.08
    (8)
    
    
    8,655Class V
    
    
    2.00
    
    
    
    6,900
    
    
    
    2.09
    (3)
    
    
    7,207
    
    
    
    
    
    
    
    Class W
    
    
    4.25
    
    
    
    8,100
    
    
    
    4.25
    (3)
    
    
    8,100
    
    
    
    
    
    
    
    Class X
    
    
    1.06
    (11)
    
    
    2,125
    
    
    
    2.13
    (3)
    
    
    4,262
    
    
    
    
    
    
    
    Class Y
    
    
    1.97
    
    
    
    6,792
    
    
    
    1.61
    (3)
    
    
    5,547
    
    
    
    
    
    
    
    Series A CRA
    
    
    8,720
    (10)
    
    
    1,744Class One
    
    
    8.00
    
    
    
    720
    
    
    
    8.00
    
    
    
    720
    
    
    
    8.00
    
    
    
    720Class Two
    
    
    1.52
    
    
    
    71
    
    
    
    1.88
    (4)
    
    
    109
    
    
    
    2.00
    
    
    
    118Class Three
    
    
    1.98
    
    
    
    2,888
    
    
    
    2.07
    (4)
    
    
    3,078
    
    
    
    2.38
    
    
    
    3,555Class Four
    
    
    2.00
    
    
    
    1,512
    
    
    
    2.00
    
    
    
    1,514
    
    
    
    2.00
    
    
    
    1,514Class Five
    
    
    2.40
    
    
    
    165
    
    
    
    2.40
    
    
    
    165
    
    
    
    2.40
    
    
    
    165Class Six
    
    
    2.13
    
    
    
    1,705
    
    
    
    2.13
    
    
    
    1,705
    
    
    
    2.13
    
    
    
    1,714Class Seven
    
    
    2.45
    
    
    
    69
    
    
    
    2.38
    
    
    
    71
    
    
    
    2.38
    
    
    
    70Class Eight
    
    
    2.40
    
    
    
    15
    
    
    
    2.40
    
    
    
    15
    
    
    
    2.40
    
    
    
    15Class Twelve
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.09
    (9)
    
    
    260Class Thirteen
    
    
    0.66
    (5)
    
    
    2,242
    
    
    
    1.10
    (3)
    
    
    3,772
    
    
    
    
    
    
    
    Total
    
    
    
    
    
    $
    84,087
    
    
    
    
    
    
    $
    97,731
    
    
    
    
    
    
    $
    92,115
 
 (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.(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 January 1, 2006 to June 29,
2006, the date of conversion to Series A Community
Reinvestment Act Preferred Units.(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. F-30




---



##### Table of Contents



(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 2.0 million 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 June 29, 2006 (date of issuance) to December 31, 2006.(11)
    
    For the period from January 1, 2006 to the date of
redemption. Common OP Units
      Stock Warrants
  F-31




---



##### Table of Contents



High Performance Units
   OutstandingGross
    
    End of
    
    Units atYear of
    
    Proceeds
    
    Measurement
    
    DecemberClass of HPUs
    
    Issuance
    
    (thousands)
    
    Period
    
    31, 2006Class I
    
    
    1998
    
    
    $
    2,070
    
    
    
    12/31/2000
    
    
    
    2,379,084Class VII
    
    
    2004
    
    
    
    752
    
    
    
    12/31/2006
    
    
    
    4,109Class VIII
    
    
    2005
    
    
    
    780
    
    
    
    12/31/2007
    
    
    
    5,000Class IX
    
    
    2006
    
    
    
    875
    
    
    
    12/31/2008
    
    
    
    5,000
   Investment in Aimco
  F-32




---



##### Table of Contents



Registration
Statements
  NOTE 12  Share-Based Compensation and Employee Benefit Plans
 Stock Award and Incentive Plan
   Accounting for Stock-Based Compensation, Accounting for Stock-Based CompensationTransition and
Disclosurean amendment of FASB Statement No. 123, Accounting for Stock Issued to Employees
 Share-Based Payment
  F-33




---



##### Table of Contents



2006
    
    2005
    
    2004Weighted average grant-date fair value
    
    $
    5.23
    
    
    $
    3.57
    
    
    $
    2.24Assumptions:Risk-free interest rate
    
    
    4.58
    %
    
    
    4.10
    %
    
    
    3.50
    %Expected dividend yield
    
    
    5.58
    %
    
    
    6.31
    %
    
    
    7.50
    %Expected volatility
    
    
    20.15
    %
    
    
    19.00
    %
    
    
    19.10
    %Weighted average expected life of options
    
    6.5 years
    
    5.0 years
    
    5.0 years
  2006
    
    
    2005
    
    
    2004Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedNumber
    
    
    Average
    
    
    Number
    
    
    Average
    
    
    Number
    
    
    Averageof
    
    
    Exercise
    
    
    of
    
    
    Exercise
    
    
    of
    
    
    ExerciseOptions
    
    
    Price
    
    
    Options
    
    
    Price
    
    
    Options
    
    
    PriceOutstanding at beginning
of year
    
    
    11,054
    
    
    $
    38.78
    
    
    
    10,838
    
    
    $
    38.87
    
    
    
    10,107
    
    
    $
    39.59Granted
    
    
    692
    
    
    
    43.15
    
    
    
    383
    
    
    
    38.14
    
    
    
    1,219
    
    
    
    32.19Exercised
    
    
    (2,826
    )
    
    
    38.03
    
    
    
    (65
    )
    
    
    38.22
    
    
    
    (69
    )
    
    
    29.11Forfeited
    
    
    (322
    )
    
    
    38.09
    
    
    
    (102
    )
    
    
    39.98
    
    
    
    (419
    )
    
    
    37.81Outstanding at end of year
    
    
    8,598
    
    
    $
    39.36
    
    
    
    11,054
    
    
    $
    38.78
    
    
    
    10,838
    
    
    $
    38.87Exercisable at end of year
    
    
    6,508
    
    
    $
    39.56
    
    
    
    8,177
    
    
    $
    39.30
    
    
    
    7,132
    
    
    $
    39.47
  F-34




---



##### Table of Contents



2006
    
    
    2005
    
    
    2004Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    Average
    
    
    
    
    
    
    AverageGrant-
    
    
    
    
    
    
    Grant-
    
    
    
    
    
    
    Grant-Number
    
    
    Date
    
    
    Number
    
    
    Date
    
    
    Number
    
    
    Dateof
    
    
    Fair
    
    
    of
    
    
    Fair
    
    
    of
    
    
    FairShares
    
    
    Value
    
    
    Shares
    
    
    Value
    
    
    Shares
    
    
    ValueUnvested at beginning of year
    
    
    882
    
    
    $
    35.08
    
    
    
    775
    
    
    $
    32.86
    
    
    
    411
    
    
    $
    41.33Granted
    
    
    607
    
    
    
    44.47
    
    
    
    429
    
    
    
    38.50
    
    
    
    566
    
    
    
    29.89Vested
    
    
    (240
    )
    
    
    35.80
    
    
    
    (254
    )
    
    
    33.91
    
    
    
    (109
    )
    
    
    32.73Forfeited
    
    
    (161
    )
    
    
    35.41
    
    
    
    (68
    )
    
    
    35.70
    
    
    
    (93
    )
    
    
    41.33Unvested at end of year
    
    
    1,088
    
    
    $
    40.11
    
    
    
    882
    
    
    $
    35.08
    
    
    
    775
    
    
    $
    32.86
    2005
    
    
    2004Net income (loss) attributable to common unitholders, as reported
    
    $
    (18,202
    )
    
    $
    196,199Add stock-based employee compensation expense included in
reported net income:Restricted stock awards
    
    
    8,140
    
    
    
    4,903Stock options
    
    
    1,835
    
    
    
    1,603Deduct total stock-based employee compensation expense
determined under fair value based method for all awards:Restricted stock awards
    
    
    (8,140
    )
    
    
    (4,903
    )Stock options
    
    
    (3,422
    )
    
    
    (4,289
    )Pro forma net income (loss) attributable to common unitholders
    
    $
    (19,789
    )
    
    $
    193,513Basic earnings (loss) per common unit:Reported
    
    $
    (0.17
    )
    
    $
    1.88Pro forma
    
    $
    (0.19
    )
    
    $
    1.86Diluted earnings (loss) per common unit:Reported
    
    $
    (0.17
    )
    
    $
    1.88Pro forma
    
    $
    (0.19
    )
    
    $
    1.86
 Employee Stock Purchase Plan
  F-35




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##### Table of Contents



401K Plan
  NOTE 13  Discontinued Operations and Assets Held for Sale
    2006
    
    
    2005
    
    
    2004Rental and other property revenues
    
    $
    77,851
    
    
    $
    212,390
    
    
    $
    296,670Property operating expenses
    
    
    (40,175
    )
    
    
    (112,151
    )
    
    
    (150,061
    )Depreciation and amortization
    
    
    (20,101
    )
    
    
    (58,634
    )
    
    
    (67,277
    )Other (expenses) income, net
    
    
    (5,976
    )
    
    
    (3,218
    )
    
    
    (5,163
    )Operating income
    
    
    11,599
    
    
    
    38,387
    
    
    
    74,169Interest income
    
    
    798
    
    
    
    742
    
    
    
    522Interest expense
    
    
    (15,957
    )
    
    
    (46,654
    )
    
    
    (71,404
    )Minority interest in consolidated real estate
partnerships
    
    
    2,753
    
    
    
    2,992
    
    
    
    2,160Income (loss) from operations
    
    
    (807
    )
    
    
    (4,533
    )
    
    
    5,447Gain on dispositions of real estate, net of minority
partners interest
    
    
    260,206
    
    
    
    102,972
    
    
    
    249,354Impairment (losses) recoveries on real estate assets
sold or held for sale
    
    
    434
    
    
    
    (3,836
    )
    
    
    (7,289
    )Recovery of deficit distributions to minority partners
    
    
    15,927
    
    
    
    14,604
    
    
    
    3,230Income tax arising from disposals
    
    
    (32,918
    )
    
    
    (4,481
    )
    
    
    (16,015
    )Income from discontinued operations
    
    $
    242,842
    
    
    $
    104,726
    
    
    $
    234,727
   F-36




---



##### Table of Contents



NOTE 14  Earnings per Unit
  2006
    
    
    2005
    
    
    2004Numerator:Income (loss) from continuing operations
    
    $
    (45,778
    )
    
    $
    (23,980
    )
    
    $
    61,897Less net income attributable to preferred unitholders
    
    
    (90,527
    )
    
    
    (98,946
    )
    
    
    (96,922
    )Numerator for basic and diluted earnings per unit 
Loss from continuing operations
    
    $
    (136,305
    )
    
    $
    (122,926
    )
    
    $
    (35,025
    )Income from discontinued operations
    
    $
    242,842
    
    
    $
    104,724
    
    
    $
    235,181Cumulative effect of change in accounting principle
    
    $
    
    
    
    $
    
    
    
    $
    (3,957
    )Net income
    
    $
    197,064
    
    
    $
    80,744
    
    
    $
    293,121Less net income attributable to preferred unitholders
    
    
    (90,527
    )
    
    
    (98,946
    )
    
    
    (96,922
    )Numerator for basic and diluted earnings per unit 
Net income (loss) attributable to common unitholders
    
    $
    106,537
    
    
    $
    (18,202
    )
    
    $
    196,199Denominator:Denominator for basic earnings per unit  weighted
average number of common units outstanding:Common OP Units
    
    
    103,889
    
    
    
    102,132
    
    
    
    101,872Class I HPUs
    
    
    2,379
    
    
    
    2,379
    
    
    
    2,379Total common units
    
    
    106,268
    
    
    
    104,511
    
    
    
    104,251Effect of dilutive securities:Dilutive potential common units
    
    
    
    
    
    
    
    
    
    
    Denominator for diluted earnings per unit
    
    
    106,268
    
    
    
    104,511
    
    
    
    104,251Earnings (loss) per common unit:Basic earnings (loss) per common unit:Loss from continuing operations (net of income
attributable to preferred unitholders)
    
    $
    (1.28
    )
    
    $
    (1.18
    )
    
    $
    (0.34
    )Income from discontinued operations
    
    
    2.28
    
    
    
    1.01
    
    
    
    2.26Cumulative effect of change in accounting principle
    
    
    
    
    
    
    
    
    
    
    (0.04
    )Net income (loss) attributable to common unitholders
    
    $
    1.00
    
    
    $
    (0.17
    )
    
    $
    1.88Diluted earnings (loss) per common unit:Loss from continuing operations (net of income
attributable to preferred unitholders)
    
    $
    (1.28
    )
    
    $
    (1.18
    )
    
    $
    (0.34
    )Income from discontinued operations
    
    
    2.28
    
    
    
    1.01
    
    
    
    2.26Cumulative effect of change in accounting principle
    
    
    
    
    
    
    
    
    
    
    (0.04
    )Net income (loss) attributable to common unitholders
    
    $
    1.00
    
    
    $
    (0.17
    )
    
    $
    1.88
  F-37




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##### Table of Contents



NOTE 15  Unaudited Summarized Consolidated Quarterly Information
  Quarter (1)2006
    
    First
    
    
    Second
    
    
    Third
    
    
    FourthTotal revenues
    
    $
    408,504
    
    
    $
    419,971
    
    
    $
    423,931
    
    
    $
    438,588Total operating expenses
    
    
    (324,070
    )
    
    
    (327,446
    )
    
    
    (338,730
    )
    
    
    (363,595
    )Operating income
    
    
    84,434
    
    
    
    92,525
    
    
    
    85,201
    
    
    
    74,993Income (loss) from continuing operations
    
    
    6,680
    
    
    
    (2,744
    )
    
    
    (40,886
    )
    
    
    (8,828
    )Income from discontinued operations, net
    
    
    86,939
    
    
    
    42,766
    
    
    
    12,810
    
    
    
    100,327Net income (loss)
    
    
    93,619
    
    
    
    40,022
    
    
    
    (28,076
    )
    
    
    91,499Earnings (loss) per common unit  basic:Loss from continuing operations (net of
income attributable to preferred
unitholders)
    
    $
    (0.19
    )
    
    $
    (0.24
    )
    
    $
    (0.60
    )
    
    $
    (0.26
    )Net income (loss) attributable to common
unitholders
    
    $
    0.63
    
    
    $
    0.17
    
    
    $
    (0.48
    )
    
    $
    0.69Earnings (loss) per common unit  diluted:Loss from continuing operations (net of
income attributable to preferred
unitholders)
    
    $
    (0.19
    )
    
    $
    (0.24
    )
    
    $
    (0.60
    )
    
    $
    (0.26
    )Net income (loss) attributable to common
unitholders
    
    $
    0.63
    
    
    $
    0.17
    
    
    $
    (0.48
    )
    
    $
    0.69Weighted average common units outstanding
    
    
    105,500
    
    
    
    106,334
    
    
    
    106,260
    
    
    
    105,861Weighted average common units and common unit
equivalents outstanding
    
    
    105,500
    
    
    
    106,334
    
    
    
    106,260
    
    
    
    105,861
 Quarter (1)2005
    
    First
    
    
    Second
    
    
    Third
    
    
    FourthTotal revenues
    
    $
    334,996
    
    
    $
    344,125
    
    
    $
    357,999
    
    
    $
    371,344Total operating expenses
    
    
    (266,288
    )
    
    
    (269,982
    )
    
    
    (291,769
    )
    
    
    (301,037
    )Operating income
    
    
    68,708
    
    
    
    74,143
    
    
    
    66,230
    
    
    
    70,307Income (loss) from continuing operations
    
    
    (1,234
    )
    
    
    1,838
    
    
    
    (6,547
    )
    
    
    (18,037
    )Income from discontinued operations, net
    
    
    3,221
    
    
    
    29,527
    
    
    
    36,582
    
    
    
    35,394Net income
    
    
    1,987
    
    
    
    31,365
    
    
    
    30,035
    
    
    
    17,357Earnings (loss) per common unit  basic:Loss from continuing operations (net of
income attributable to preferred unitholders)
    
    $
    (0.25
    )
    
    $
    (0.22
    )
    
    $
    (0.30
    )
    
    $
    (0.41
    )Net income (loss) attributable to common
unitholders
    
    $
    (0.22
    )
    
    $
    (0.06
    )
    
    $
    0.05
    
    
    $
    (0.07
    )Earnings (loss) per common unit  diluted:Loss from continuing operations (net of income attributable to preferred unitholders)
    
    $
    (0.25
    )
    
    $
    (0.22
    )
    
    $
    (0.30
    )
    
    $
    (0.41
    )Net income (loss) attributable to common
unitholders
    
    $
    (0.22
    )
    
    $
    (0.06
    )
    
    $
    0.05
    
    
    $
    (0.07
    )Weighted average common units outstanding
    
    
    104,273
    
    
    
    104,550
    
    
    
    104,585
    
    
    
    104,634Weighted average common unit and common unit
equivalents outstanding
    
    
    104,273
    
    
    
    104,550
    
    
    
    104,585
    
    
    
    104,634
 
 (1)
    
    Certain reclassifications have been made to 2006 and 2005 quarterly amounts to conform to the
full year 2006 presentation, primarily related to treatment of discontinued operations. F-38




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##### Table of Contents



NOTE 16  Business Segments
  Disclosures about Segments of an
Enterprise and Related Information
  2006
    
    
    2005
    
    
    2004Revenues:Real estate segment
    
    $
    1,629,988
    
    
    $
    1,346,587
    
    
    $
    1,211,865Investment management segment:Gross revenues
    
    
    157,165
    
    
    
    141,649
    
    
    
    144,075Elimination of intersegment revenues
    
    
    (96,159
    )
    
    
    (79,772
    )
    
    
    (76,735
    )Net revenues after elimination
    
    
    61,006
    
    
    
    61,877
    
    
    
    67,340Total revenues of reportable segments
    
    $
    1,690,994
    
    
    $
    1,408,464
    
    
    $
    1,279,205Net operating income:Real estate segment
    
    $
    871,860
    
    
    $
    712,603
    
    
    $
    643,928Investment management segment
    
    
    46,573
    
    
    
    43,888
    
    
    
    45,672Total net operating income of reportable segments
    
    
    918,433
    
    
    
    756,491
    
    
    
    689,600Reconciliation of net operating income of
reportable segments to operating income:Depreciation and amortization
    
    
    (470,597
    )
    
    
    (376,231
    )
    
    
    (315,451
    )General and administrative expenses
    
    
    (101,702
    )
    
    
    (92,826
    )
    
    
    (77,424
    )Other (expenses) income, net
    
    
    (8,981
    )
    
    
    (8,046
    )
    
    
    (12,490
    )Operating income
    
    $
    337,153
    
    
    $
    279,388
    
    
    $
    284,235
  ASSETS (in thousands):
 2006
    
    
    2005Total assets for reportable segments (1)
    
    $
    10,004,001
    
    
    $
    9,737,762Corporate and other assets
    
    
    299,090
    
    
    
    293,994Total
consolidated assets
    
    $
    10,303,091
    
    
    $
    10,031,756
 
 (1)
    
    Total assets for reportable segments include assets associated with both of the real
estate and investment management business segments, as well as our investment in
unconsolidated real estate partnerships. F-39




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##### Table of Contents



NOTE 17  Transactions with Affiliates
   NOTE 18  Recent Accounting Developments
 Accounting for Uncertainty in Income Taxes
 Fair
Value Measurements
 The
Fair Value Option for Financial Asset and Financial Liabilities
 NOTE 19  Subsequent Event
  F-40




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##### Table of Contents



AIMCO
    PROPERTIES, L.P.
    REAL ESTATE AND ACCUMULATED DEPRECIATION
    December 31, 2006
    (In Thousands Except Unit Data)
  (2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesConventional
    Properties100 Forest Place

Mid Rise

Dec-97

OakPark, IL


1987



234


$
2,664


$
18,815


$
2,826


$
2,664


$
21,641


$
24,306


$
(6,543
)

$
17,763


$
25,1501582 First Avenue

Mid Rise

Mar-05

New York, NY


1900



17



4,250



752



97



4,281



818



5,099



(73
)


5,026



2,756173 E. 90th

Mid Rise

May-04

New York, NY


1910



72



11,773



4,535



865



12,067



5,106



17,173



(499
)


16,673



9,562236-238 East 88th Street

Mid Rise

Jan-04

New York, NY


1900



43



8,751



2,914



1,006



8,823



3,847



12,670



(442
)


12,228



7,264237-239
    Ninth Avenue

Mid Rise

Mar-05

New York, NY


1900



36



8,430



1,866



402



8,494



2,204



10,698



(194
)


10,504



5,394306 East 89th Street

Mid Rise

Jul-04

New York, NY


1930



20



2,659



1,006



118



2,681



1,102



3,782



(134
)


3,648



1,969311 & 313 East
    73rd Street

Mid Rise

Mar-03

New York, NY


1904



34



5,635



1,609



343



5,678



1,909



7,588



(409
)


7,179



2,915322-324
    East 61st Street

Mid Rise

Mar-05

New York, NY


1900



40



6,319



2,224



377



6,372



2,548



8,920



(205
)


8,715



3,865452 East 78th Street

Mid Rise

Jan-04

New York, NY


1900



12



1,966



608



208



1,982



800



2,782



(87
)


2,695



1,690510 East 88th Street

Mid Rise

Jan-04

New York, NY


1900



20



3,137



1,002



212



3,163



1,188



4,351



(129
)


4,222



2,781514-516
    East 88th Street

Mid Rise

Mar-05

New York, NY


1900



36



6,230



2,168



332



6,282



2,448



8,730



(194
)


8,536



4,754Anchorage Apartments

Garden

Nov-96

League City, TX


1985



264



1,155



7,172



2,925



1,155



10,098



11,253



(2,816
)


8,437



3,853Apartment, The

Garden

Jul-00

Omaha, NE


1973



204



959



8,526



973



959



9,499



10,458



(4,676
)


5,782



3,936Arbors (Grovetree), The

Garden

Oct-97

Tempe, AZ


1967



200



1,092



6,208



1,901



1,092



8,109



9,201



(2,834
)


6,367



2,763Arbors of Battle Creek I

Garden

Dec-99

Battle Creek, MI


1981



586



2,732



16,325



6,087



2,732



22,412



25,144



(5,846
)


19,298



7,300Arbors on Battle Creek II

Garden

Dec-99

Battle Creek, MI


1987



76



496



3,555



406



496



3,961



4,457



(1,083
)


3,374



1,666Arbors on Westheimer

Garden

Nov-96

Houston, TX


1972



360



1,760



9,325



8,099



1,760



17,424



19,184



(4,518
)


14,666



5,919Arbours Of Hermitage, The

Garden

Jul-00

Hermitage, TN


1972



350



1,797



14,451



4,900



1,797



19,352



21,148



(8,089
)


13,059



10,798Ashford, The

Garden

Dec-95

Atlanta, GA


1968



221



2,771



8,366



23,558



2,771



31,924



34,695



(7,721
)


26,975



8,817Aspen Point

Garden

Dec-97

Arvada, CO


1972



120



353



3,807



3,728



353



7,535



7,888



(3,630
)


4,258



2,772Aspen Station

Garden

Oct-01

Richmond, VA


1979



232



2,428



7,874



1,172



2,428



9,046



11,474



(3,143
)


8,331



6,559Atriums of Plantation

Mid Rise

Aug-98

Plantation, FL


1979



210



1,807



10,385



2,243



1,807



12,628



14,435



(3,762
)


10,673



6,649Auburn Glen

Garden

Dec-06

Jacksonville,  FL


1974



251



2,310



13,364







2,310



13,364



15,674







15,674



Autumn Run (IL)

Garden

Oct-02

Naperville, IL


1984



320



1,812



16,911



1,636



1,812



18,547



20,359



(7,599
)


12,760



11,229Autumn Woods

Garden

Sep-00

Jackson, MI


1973



112



1,042



3,705



1,553



1,042



5,258



6,300



(1,850
)


4,451



2,781BaLaye

Garden

Apr-06

Tampa, FL


2002



324



5,869



33,260



59



10,391



28,798



39,189



(316
)


38,873



23,953Bank Lofts

High Rise

Apr-01

Denver, CO


1920



117



3,525



9,045



913



3,525



9,957



13,482



(2,536
)


10,947



7,515Barcelona

Garden

Oct-99

Houston ,TX


1963



127



770



4,250



1,433



770



5,683



6,452



(1,636
)


4,817



3,086Bay Parc Plaza

High Rise

Sep-04

Miami, FL


2000



471



22,680



41,847



2,083



22,680



43,930



66,609



(2,446
)


64,164



47,497Bay Ridge at Nashua

Garden

Jan-03

Nashua, NH


1984



412



3,352



39,831



1,012



3,352



40,843



44,195



(6,515
)


37,680



22,184Bayberry Hill Estates

Garden

Aug-02

Framingham, MA


1971



424



18,915



35,945



6,220



18,915



42,165



61,081



(7,713
)


53,367



28,706Bayhead Village

Garden

Oct-00

Indianapolis, IN


1978



202



1,411



5,139



1,832



1,411



6,970



8,381



(2,074
)


6,307



3,211Beau Jardin

Garden

Apr-01

West Lafayette, IN


1968



252



5,460



5,291



2,123



5,460



7,415



12,875



(3,860
)


9,015



4,429Beech Lake

Garden

May-99

Durham, NC


1986



345



2,222



12,641



3,135



2,222



15,776



17,997



(5,102
)


12,895



10,500Beechs Farm

Garden

Oct-00

Columbia, MD


1983



135



4,166



3,520



1,274



4,166



4,795



8,961



(1,224
)


7,736



10,825Belmont Place

Garden

Jul-00

Marietta, GA


1972/2004



326



11,298



2,363



29,318



11,298



31,681



42,979



(3,897
)


39,082



19,223Bent Oaks

Garden

May-98

Austin, TX


1978



146



1,096



6,423



1,022



1,096



7,444



8,540



(2,936
)


5,604



3,400Bent Tree I

Garden

Oct-02

Indianapolis, IN


1983



240



1,850



6,430



931



1,850



7,361



9,211



(2,092
)


7,119



5,400Bent Tree III 
    Verandas

Garden

Sep-00

Indianapolis, IN


1985



96



1,767



3,379



1,156



1,767



4,535



6,302



(1,022
)


5,280



3,100Bexley House

High Rise

Oct-05

Columbus, OH


1972



64



666



6,203



255



666



6,458



7,124



(1,870
)


5,254



2,029Big Walnut

Garden

Apr-02

Columbus, OH


1968



251



582



9,701



2,218



582



11,918



12,500



(5,565
)


6,935



5,152Bluffs (IN), The

Garden

Dec-98

Laffayette, IN


1982



181



979



5,556



1,610



979



7,166



8,145



(3,169
)


4,976



2,951Bluffs, The (OR)

Garden

Jan-06

Milwaukie, OR


1968



137



333



8,091



61



333



8,152



8,484



(3,595
)


4,890



3,515Boston Lofts

High Rise

Apr-01

Denver, CO


1890



158



3,447



20,589



1,597



3,447



22,186



25,632



(5,366
)


20,267



15,083 F-41




---



##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesBoulder Creek

Garden

Jul-94

Boulder, CO


1972



221



755



7,730



16,147



755



23,877



24,632



(9,402
)


15,230



13,879Brandywine

Garden

Jul-94

St. Petersburg, FL


1971



477



1,437



12,725



4,244



1,437



16,968



18,405



(10,763
)


7,642



8,004Brant Rock Condominiums

Garden

Oct-97

Houston, TX


1984



84



337



1,976



887



337



2,862



3,199



(1,129
)


2,070



880Breakers, The

Garden

Oct-98

Daytona Beach, FL


1985



208



1,008



5,507



2,267



1,008



7,774



8,782



(2,705
)


6,077



6,839Brentwood Apartments

Garden

Nov-96

Lake Jackson, TX


1980



104



592



2,741



1,323



592



4,064



4,656



(1,458
)


3,197



1,205Briarcliffe

Garden

Oct-00

Lansing, MI


1974



308



3,146



9,586



2,279



3,146



11,865



15,011



(3,627
)


11,384



6,072Briarwest

Garden

Oct-99

Houston, TX


1970



380



2,459



13,868



2,207



2,459



16,075



18,534



(5,065
)


13,469



8,629Briarwood

Garden

Oct-99

Houston, TX


1970



351



2,033



11,855



2,696



2,033



14,551



16,585



(4,197
)


12,388



7,937Bridgewater Apartments, The

Garden

Nov-96

Tomball, TX


1978



206



969



5,976



2,617



969



8,593



9,562



(2,309
)


7,253



3,102Brighton Crest

Garden

Jan-00

Marietta, GA


1987



320



2,084



13,212



2,641



2,084



15,853



17,937



(7,389
)


10,548



9,257Broadcast Center

Garden

Mar-02

Los Angeles, CA


1990



279



27,603



41,244



7,067



29,407



46,507



75,914



(6,188
)


69,726



38,563Broadmoor Ridge

Garden

Dec-97

Colorado Springs, CO


1974



200



460



2,917



10,633



460



13,550



14,010



(2,962
)


11,047



7,472Bronson Place

Garden

Jan-06

Mountlake Terrace, WA


1988



70



459



1,217



223



459



1,440



1,899



(1,439
)


459



1,878Brook Run

Garden

May-98

Arlington Heights, IL


1985



182



2,245



12,936



1,721



2,245



14,657



16,902



(5,548
)


11,355



11,800Brookdale Lakes

Garden

May-98

Naperville, IL


1990



200



2,709



15,346



2,013



2,709



17,359



20,067



(5,921
)


14,146



10,515Brookwood Apartments (IN)

Garden

Apr-01

Indianapolis, IN


1967



404



4,546



9,136



3,825



4,545



12,962



17,507



(4,304
)


13,204



8,980Buena Vista

Mid Rise

Jan-06

Pasadena, CA


1973



92



1,108



15,458



39



1,108



15,497



16,605



(4,313
)


12,292



4,361Burke Shire Commons

Garden

Mar-01

Burke, VA


1986



360



4,867



23,617



2,646



4,867



26,262



31,129



(7,135
)


23,994



18,210Calhoun Beach Club

High Rise

Dec-98

Minneapolis, MN


1928/1998



332



11,708



73,334



41,176



11,708



114,510



126,218



(26,825
)


99,393



40,940Canterbury Green Apartments

Garden

Dec-99

Fort Wayne, IN


1979



1,988



13,659



73,115



19,176



13,659



92,291



105,951



(30,989
)


74,962



42,824Canyon Crest

Garden

Jan-03

Littleton, CO


1966



90



1,313



6,092



418



1,312



6,511



7,823



(2,041
)


5,782



3,051Canyon Terrace

Garden

Mar-02

Saugus, CA


1984



130



7,300



6,602



1,740



7,508



8,135



15,642



(1,703
)


13,939



5,668Cape Cod

Garden

May-98

San Antonio, TX


1985



212



1,307



7,012



949



1,307



7,962



9,269



(2,958
)


6,311



3,940Captiva Club

Garden

Dec-96

Tampa, FL


1973



357



1,600



6,870



11,599



1,600



18,469



20,069



(6,203
)


13,866



7,199Carriage Hill

Garden

Jul-00

East Lansing, MI


1972



143



830



9,001



1,504



829



10,505



11,334



(4,291
)


7,044



4,669Casa De Monterey

Garden

Jan-06

Norwalk, CA


1970



144



1,053



14,089



70



1,053



14,159



15,212



(6,101
)


9,111



3,664Castle Court

High Rise

May-04

Bristol, MA


1974



240



15,239



7,850



2,578



15,244



10,424



25,667



(1,260
)


24,408



10,709Cedar Rim

Garden

Apr-00

New Castle, WA


1980



104



773



5,497



3,479



773



8,976



9,750



(2,914
)


6,835



4,291Center Square

High Rise

Oct-99

Doylestown, PA


1975



350



582



4,190



2,228



582



6,418



7,000



(2,117
)


4,883



8,729Chapelle Le Grande (IN)

Garden

Jan-06

Merrillville, IN


1972



105



273



6,133



76



273



6,209



6,482



(3,549
)


2,933



3,030Charleston Landing

Garden

Sep-00

Brandon, FL


1985



300



7,488



8,656



4,814



7,488



13,470



20,958



(2,066
)


18,892



10,750Chatham Harbor

Garden

Oct-99

Altamonte Springs, FL


1985



324



2,288



13,068



1,953



2,288



15,021



17,308



(3,887
)


13,422



8,044Chelsea Ridge Apartments

Garden

Apr-01

Wappingers Falls, NY


1966



835



10,403



33,000



11,621



10,403



44,621



55,024



(16,540
)


38,484



33,968Chesapeake Apartments

Garden

Jan-96

Houston, TX


1983



320



775



7,317



2,363



775



9,680



10,455



(3,476
)


6,979



5,538Chesapeake Landing I

Garden

Sep-00

Aurora, IL


1986



416



15,800



16,875



2,378



15,800



19,252



35,052



(5,121
)


29,931



24,949Chesapeake Landing II

Garden

Mar-01

Aurora, IL


1987



184



1,969



7,980



1,165



1,969



9,144



11,114



(2,468
)


8,646



6,453Chestnut Hall

High Rise

Oct-06

Philadelphia,  PA


1923



315



6,911



20,296







6,911



20,296



27,207



(1,241
)


25,966



13,499Chestnut Hill (CT)

Garden

Oct-99

Middletown, CT


1986



314



3,001



20,143



1,960



3,001



22,103



25,105



(6,413
)


18,691



16,070Chestnut Hill (PA)

Garden

Apr-00

Philadelphia, PA


1963



821



6,463



49,315



18,378



6,463



67,693



74,156



(20,347
)


53,809



51,500Cheswick

Garden

Jun-04

Indianapolis, IN


1976



187



873



5,854



721



873



6,575



7,448



(2,760
)


4,687



4,124Chimney Top

Garden

Oct-02

Antioch, TN


1985



362



2,430



10,818



1,420



2,430



12,238



14,668



(2,382
)


12,286



7,769Chimneys of Cradle Rock

Garden

Jun-04

Columbia, MD


1979



198



2,547



9,045



508



2,547



9,553



12,100



(1,940
)


10,160



4,803Citadel

Garden

Jul-00

El Paso, TX


1973



261



1,024



8,337



618



1,024



8,955



9,978



(4,381
)


5,598



5,457Citadel Village

Garden

Jul-00

Colorado Springs, CO


1974



122



928



6,779



1,414



928



8,193



9,121



(3,125
)


5,996



1,785Citrus Grove

Garden

Jun-98

Redlands, CA


1985



198



1,118



6,642



1,761



1,118



8,403



9,521



(2,835
)


6,685



3,935Citrus Sunset

Garden

Jul-98

Vista, CA


1985



97



663



3,992



1,309



663



5,301



5,964



(1,659
)


4,305



5,900Colonnade Gardens (Ferntree)

Garden

Oct-97

Phoenix, AZ


1973



196



766



4,346



1,921



766



6,267



7,033



(2,293
)


4,740



2,047Colony at El Conquistador, The

Garden

Jun-98

Bradenton, FL


1986



166



1,121



6,360



1,537



1,121



7,897



9,017



(2,442
)


6,575



2,724Colony at Kenilworth

Garden

Oct-99

Towson, MD


1966



383



2,234



19,144



5,433



2,234



24,577



26,811



(11,373
)


15,438



12,338Columbus Avenue

Mid Rise

Sep-03

New York, NY


1880



59



35,489



9,499



1,918



35,544



11,361



46,905



(2,222
)


44,683



18,996Coopers Point

Garden

Oct-02

North Charleston, SC


1986



192



730



7,420



889



730



8,309



9,039



(3,518
)


5,521



7,631 F-42




---



##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesCopper Chase Apartments

Garden

Dec-96

Katy, TX


1982



316



1,742



7,010



3,039



1,742



10,048



11,790



(4,516
)


7,274



5,127Copper Mill Apartments

Garden

Oct-02

Richmond, VA


1987



192



1,039



8,842



1,144



1,039



9,985



11,024



(3,968
)


7,056



10,472Copperfield Apartments
    I & II

Garden

Nov-96

Houston, TX


1983



196



940



7,900



1,456



940



9,355



10,295



(2,671
)


7,624



3,777Coral Garden Apartments

Garden

Jul-94

Las Vegas, NV


1983



670



3,190



12,589



7,346



3,190



19,935



23,125



(10,432
)


12,693



1,691Country Club West

Garden

May-98

Greeley, CO


1986



288



2,848



16,160



3,194



2,848



19,355



22,203



(6,361
)


15,842



10,258Country Lakes I

Garden

Apr-01

Naperville, IL


1982



240



8,512



10,832



1,856



8,512



12,688



21,200



(3,421
)


17,779



10,161Country Lakes II

Garden

May-97

Naperville, IL


1986



400



5,165



29,430



3,234



5,165



32,664



37,829



(10,362
)


27,467



14,376Courtney Park

Garden

May-98

Fort Collins, CO


1986



248



2,727



15,459



2,703



2,727



18,162



20,889



(5,853
)


15,036



9,097Coventry Square Apartments

Garden

Nov-96

Houston, TX


1983



270



700



5,072



2,808



700



7,880



8,580



(2,799
)


5,781



3,953Covington Pointe

Garden

Oct-05

Dallas, TX


1984



180



1,983



11,730



276



1,983



12,005



13,988



(5,074
)


8,914



5,269Creekside

Garden

Jan-00

Denver, CO


1974



328



1,702



13,694



1,827



1,702



15,521



17,223



(5,913
)


11,310



5,725Creekside (CA)

Garden

Mar-02

Simi Valley, CA


1985



397



24,595



18,818



3,966



25,245



22,134



47,379



(4,768
)


42,611



35,226Crescent Gardens

Mid Rise

Mar-02

West Hollywood, CA


1982



130



15,382



10,215



1,745



15,765



11,577



27,342



(2,412
)


24,931



14,952Crossings Of Bellevue

Garden

May-98

Nashville, TN


1985



300



2,588



14,954



2,827



2,588



17,781



20,370



(6,355
)


14,014



6,685Crossroads

Garden

May-98

Phoenix, AZ


1982



316



2,180



12,661



2,293



2,180



14,954



17,134



(5,796
)


11,338



5,440Crosswood

Garden

Jan-06

Citrus Heights, CA


1976



180



805



18,095



244



805



18,339



19,145



(7,109
)


12,035



4,949Crows Nest Condominiums

Garden

Nov-96

League City, TX


1984



176



939



5,831



1,560



939



7,391



8,330



(2,187
)


6,144



2,090Cypress Landing

Garden

Dec-96

Savannah, GA


1984



200



1,083



5,696



2,295



1,083



7,991



9,074



(2,875
)


6,199



4,337Deer Creek

Garden

Apr-00

Plainsboro, NJ


1975



288



2,215



16,804



3,193



2,215



19,998



22,213



(7,888
)


14,324



15,936Deerbrook at Baymeadows

Garden

Oct-06

Jacksonville, FL


1984



144



2,276



13,188



(0
)


2,276



13,187



15,464



(92
)


15,372



Deercross

Garden

Oct-02

Blue Ash, OH


1985



336



4,124



13,061



980



4,124



14,041



18,165



(4,684
)


13,481



12,958Deercross (IN)

Garden

Oct-00

Indianapolis, IN


1979



372



3,175



10,426



2,488



3,175



12,914



16,089



(3,992
)


12,097



7,742Defoors Crossing

Garden

Jan-06

Atlanta, GA


1987



60



348



697



66



348



763



1,111



(763
)


348



Doral Oaks

Garden

Dec-97

Temple Terrace, FL


1967



252



2,095



3,943



11,298



2,095



15,241



17,337



(5,099
)


12,238



4,546Douglaston Villas and Townhomes

Garden

Aug-99

Altamonte Springs, FL


1979



234



1,666



9,353



2,450



1,666



11,803



13,469



(4,059
)


9,410



6,005Dunes Apartment Homes, The

Garden

Oct-99

Indian Harbor, FL


1963



200



1,200



5,739



1,376



1,200



7,115



8,314



(3,790
)


4,524



3,469Eagles Nest

Garden

May-98

San Antonio, TX


1973



226



1,053



5,981



1,370



1,053



7,351



8,404



(3,560
)


4,845



3,695Easton Village Condominiums
    I & II

Garden

Nov-96

Houston, TX


1983



146



1,070



9,790



1,006



906



10,961



11,867



(3,781
)


8,085



3,151Elm Creek

Mid Rise

Dec-97

Elmhurst, IL


1986



372



5,534



30,830



12,394



5,534



43,225



48,758



(10,322
)


38,436



30,961Essex Park

Garden

Oct-99

Columbia, SC


1971



323



1,122



9,666



2,217



1,122



11,883



13,005



(5,583
)


7,422



5,866Evanston Place

High Rise

Dec-97

Evanston, IL


1988



189



3,232



25,546



1,533



3,232



27,079



30,311



(7,297
)


23,014



14,741Fairlane East

Garden

Jan-01

Dearborn, MI


1973



244



6,480



11,177



4,340



6,480



15,517



21,997



(5,246
)


16,751



10,099Fairway

Garden

Jan-00

Plano, TX


1978



256



3,078



5,199



3,649



3,078



8,848



11,925



(3,813
)


8,113



5,495Falls of Bells Ferry, The

Garden

May-98

Marietta, GA


1987



720



6,568



37,283



12,946



6,568



50,229



56,797



(16,251
)


40,546



25,000Farmingdale

Mid Rise

Oct-00

Darien, IL


1975



240



11,763



15,174



6,424



11,763



21,598



33,361



(3,862
)


29,499



18,734Ferntree

Garden

Mar-01

Phoenix, AZ


1968



219



2,078



13,752



1,515



2,078



15,267



17,346



(3,591
)


13,754



4,148Fieldcrest (FL)

Garden

Oct-98

Jacksonville, FL


1982



240



1,331



7,617



2,221



1,331



9,838



11,169



(3,244
)


7,926



8,854Fishermans Landing

Garden

Dec-97

Bradenton, FL


1984



200



1,276



7,170



2,332



1,276



9,502



10,779



(3,152
)


7,626



8,149Fishermans Landing

Garden

Sep-98

Temple Terrace, FL


1986



256



1,643



9,446



2,754



1,643



12,200



13,842



(3,886
)


9,957



12,298Fishermans Village

Garden

Jan-06

Indianapolis, IN


1982



328



920



11,173



351



920



11,524



12,444



(5,483
)


6,960



6,350Fishermans Wharf Apartments

Garden

Nov-96

Clute, TX


1981



360



1,257



7,584



3,444



1,257



11,028



12,285



(4,157
)


8,128



2,540Flamingo South Beach

High Rise

Sep-97

Miami Beach, FL


1960/2005



1,126



32,191



38,399



215,387



32,185



253,793



285,978



(49,223
)


236,755



158,000Foothill Place

Garden

Jul-00

Salt Lake City, UT


1973



450



3,865



21,817



4,707



3,865



26,525



30,390



(10,090
)


20,300



17,355Forest Ridge

Garden

Jan-06

Flagstaff, AZ


1967



278



1,013



19,796



146



1,013



19,942



20,955



(7,124
)


13,831



5,220Four Quarters Habitat

Garden

Jan-06

Miami, FL


1976



336



1,724



20,251



6,496



1,724



26,747



28,471



(12,230
)


16,242



13,426Fox Crest

Garden

Jan-03

Waukegan, IL


1974



245



2,129



12,316



322



2,129



12,638



14,767



(2,088
)


12,679



6,740Fox Run (NJ)

Garden

Jan-00

Plainsboro, NJ


1973



776



7,182



48,945



11,978



7,182



60,923



68,106



(21,475
)


46,630



30,079Foxchase

Garden

Dec-97

Alexandria, VA


1947



2,113



15,419



96,062



19,482



15,419



115,545



130,964



(40,503
)


90,460



171,823Foxtree

Garden

Oct-97

Tempe, AZ


1976



487



2,458



13,927



8,650



2,458



22,576



25,034



(7,785
)


17,250



6,406Frankford Place

Garden

Jul-94

Carrollton, TX


1982



274



1,125



6,083



3,805



1,125



9,888



11,013



(3,608
)


7,404



4,499Franklin Oaks

Garden

May-98

Franklin, TN


1987



468



3,936



22,832



8,099



3,936



30,932



34,868



(10,151
)


24,717



13,865 F-43




---



##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesFreedom Place Club

Garden

Oct-97

Jacksonville, FL


1988



352



2,289



12,982



2,214



2,289



15,196



17,485



(5,346
)


12,139



5,022Georgetown (MA)

Garden

Aug-02

Framingham, MA


1964



207



12,351



13,168



1,051



12,351



14,220



26,571



(2,699
)


23,872



14,665Glenbridge Manors

Garden

Sep-03

Cincinnati, OH


1978



290



1,083



17,961



11,728



1,084



29,689



30,772



(4,817
)


25,956



20,190Glenwood

Mid Rise

Jan-06

Jackson, MI


1978



144



567



5,511



120



567



5,631



6,198



(3,527
)


2,671



1,836Governors Park (CO)

Garden

Jan-00

Ft. Collins, CO


1982



188



1,116



9,089



1,196



1,116



10,285



11,401



(3,996
)


7,405



6,096Granada

Mid Rise

Aug-02

Framingham, MA


1958



72



4,577



4,058



765



4,577



4,823



9,400



(1,148
)


8,251



4,905Grand Pointe

Garden

Dec-99

Columbia, MD


1974



325



2,715



16,771



3,773



2,715



20,544



23,259



(5,291
)


17,968



17,782Greens (AZ)

Garden

Jul-94

Chandler, AZ


2000



324



2,303



713



30,189



2,303



30,902



33,205



(5,911
)


27,295



14,824Greenspoint Apartments

Garden

Jan-00

Phoenix, AZ


1985



336



2,196



13,969



2,596



2,196



16,565



18,761



(6,717
)


12,044



10,670Greentree

Garden

Dec-96

Carrollton, TX


1983



365



1,822



9,557



4,365



1,821



13,922



15,744



(4,721
)


11,023



8,130Hampton Hill Apartments

Garden

Nov-96

Houston, TX


1984



332



1,311



7,122



3,079



1,311



10,201



11,512



(3,687
)


7,826



5,032Harbor Town at Jacaranda

Garden

Sep-00

Plantation, FL


1988



280



9,776



10,643



4,224



9,776



14,867



24,643



(3,176
)


21,467



11,800Harbour, The

Garden

Mar-01

Melbourne, FL


1987



162



4,108



3,563



1,730



4,108



5,294



9,402



(1,854
)


7,548



Hastings Place Apartments

Garden

Nov-96

Houston, TX


1984



176



934



5,021



2,539



934



7,559



8,493



(2,103
)


6,390



3,546Heather Ridge (TX)

Garden

Dec-00

Arlington, TX


1982



180



785



4,900



861



785



5,761



6,546



(2,437
)


4,109



3,112Heritage Park at Alta Loma

Garden

Jan-01

Alta Loma, CA


1986



232



1,200



6,428



2,505



1,200



8,934



10,133



(2,199
)


7,934



7,264Heritage Park Escondido

Garden

Oct-00

Escondidi, CA


1986



196



1,009



7,314



551



1,009



7,865



8,874



(3,128
)


5,745



7,299Heritage Park Livermore

Garden

Oct-00

Livermore, CA


1988



167



829



8,977



822



829



9,799



10,628



(2,722
)


7,906



7,432Heritage Park Montclair

Garden

Mar-01

Montclair, CA


1985



144



690



4,149



586



690



4,734



5,424



(1,168
)


4,256



4,620Heritage Village Anaheim

Garden

Oct-00

Anaheim, CA


1986



196



1,779



8,232



890



1,779



9,122



10,901



(3,570
)


7,331



8,858Hibben Ferry I

Garden

Apr-00

Mt. Pleasant, SC


1983



240



1,460



8,886



8,297



1,460



17,183



18,644



(3,151
)


15,493



9,274Hidden Cove (CA)

Garden

Jul-98

Escondido, CA


1985



334



3,043



17,615



4,215



3,043



21,830



24,873



(7,075
)


17,798



16,436Hidden Cove (MI)

Garden

Apr-00

Belleville, MI


1976



120



433



5,166



959



433



6,125



6,559



(3,654
)


2,905



2,444Hidden Harbour

Garden

Oct-02

Melbourne, FL


1985



216



984



8,050



1,028



984



9,077



10,061



(1,990
)


8,071



6,038Hidden Lake

Garden

May-98

Tampa, FL


1983



267



1,361



7,765



2,121



1,361



9,886



11,247



(3,353
)


7,895



4,160Hiddentree

Garden

Oct-97

East Lansing, MI


1966



261



1,470



8,340



2,763



1,470



11,103



12,573



(4,010
)


8,563



3,179Highcrest Townhomes

Town Home

Jan-03

Woodridge, IL


1968



176



3,210



13,289



814



3,209



14,103



17,312



(4,450
)


12,862



5,732Highland Park

Garden

Dec-96

Fort Worth, TX


1985



500



6,248



9,246



5,119



6,248



14,365



20,612



(5,551
)


15,062



9,604Highland Ridge

Garden

Sep-04

Atlanta, GA


1984



219



1,357



6,778



4,598



1,357



11,376



12,733



(3,066
)


9,667



Hillcreste (CA)

Garden

Mar-02

Los Angeles, CA


1989



315



33,755



47,216



13,142



35,862



58,252



94,114



(8,353
)


85,761



58,936Hillmeade

Garden

Nov-94

Nashville, TN


1985



288



2,872



16,069



11,124



2,872



27,193



30,065



(13,920
)


16,146



Hills at the Arboretum, The

Garden

Oct-97

Austin, TX


1983



327



1,367



7,764



11,965



1,367



19,729



21,096



(5,087
)


16,009



13,554Homestead

Garden

Apr-05

East Lansing, MI


1986



168



674



7,650



365



674



8,014



8,688



(3,082
)


5,606



3,868Horizons West Apartments

Mid Rise

Dec-06

Pacifica,  CA


1970



78



2,240



12,899







2,240



12,899



15,140







15,140



5,703Hunt Club (MD)

Garden

Sep-00

Gaithersburg, MD


1986



336



17,859



13,149



2,620



17,859



15,769



33,628



(4,282
)


29,346



18,286Hunt Club (PA)

Garden

Sep-00

North Wales, PA


1986



320



17,122



13,653



2,650



17,122



16,303



33,426



(5,780
)


27,646



30,500Hunt Club (SC)

Garden

Sep-03

Spartanburg, SC


1987



204



4,138



6,671



792



4,138



7,463



11,601



(1,925
)


9,676



5,385Hunt Club (TX)

Garden

Mar-01

Austin, TX


1987



384



10,342



11,920



1,483



10,342



13,403



23,745



(5,276
)


18,469



19,936Hunt Club I

Garden

Oct-00

Ypsilanti, MI


1988



296



2,498



8,872



1,809



2,498



10,681



13,178



(2,979
)


10,199



9,238Hunt Club II

Garden

Mar-01

Ypsilanti, MI


1988



144



1,628



6,049



753



1,628



6,803



8,430



(1,788
)


6,642



5,031Hunters Chase

Garden

Jan-01

Midlothian, VA


1985



320



7,639



8,668



1,899



7,639



10,567



18,207



(2,192
)


16,014



16,875Hunters Creek

Garden

May-99

Cincinnati, OH


1981



146



661



3,818



1,377



661



5,195



5,856



(1,859
)


3,998



2,631Hunters Crossing (VA)

Garden

Apr-01

Leesburg, VA


1967



164



2,244



7,763



2,039



2,244



9,801



12,045



(3,564
)


8,481



7,000Hunters Glen

Garden

Apr-98

Austell, GA


1983



72



301



1,731



532



301



2,263



2,563



(791
)


1,772



573Hunters Glen IV

Garden

Oct-99

Plainsboro, NJ


1976



264



2,227



14,811



3,419



2,227



18,230



20,457



(7,146
)


13,311



16,485Hunters Glen V

Garden

Oct-99

Plainsboro, NJ


1977



304



2,688



17,797



3,894



2,688



21,691



24,379



(8,446
)


15,933



19,544Hunters Glen VI

Garden

Oct-99

Plainsboro, NJ


1977



328



2,405



15,912



4,480



2,405



20,392



22,797



(8,664
)


14,133



20,336Huntington Athletic Club

Garden

Oct-99

Morrisville, NC


1986



212



1,650



11,265



2,692



1,650



13,957



15,607



(5,926
)


9,681



6,114Hyde Park Tower

High Rise

Oct-04

Chicago, IL


1990



155



4,683



14,928



1,575



4,731



16,456



21,186



(993
)


20,193



13,132Independence Green

Garden

Jan-06

Farmington Hills, MI


1960



981



6,553



41,126



17,566



6,553



58,692



65,246



(21,175
)


44,071



31,312Indian Oaks

Garden

Mar-02

Simi Valley, CA


1986



254



23,927



15,801



2,292



24,523



17,498



42,020



(3,508
)


38,512



26,712 F-44




---



##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesIsland Club

Garden

Oct-02

Columbus, OH


1984



308



1,724



9,458



1,184



1,724



10,642



12,366



(1,889
)


10,476



9,952Island Club (Beville)

Garden

Oct-00

Daytona Beach, FL


1986



204



6,755



9,465



1,322



6,755



10,788



17,543



(4,674
)


12,869



8,440Island Club (CA)

Garden

Oct-00

Oceanside, CA


1986



592



18,027



28,654



5,628



18,027



34,281



52,308



(8,923
)


43,385



37,664Island Club (MD)

Garden

Mar-01

Columbia, MD


1986



176



2,351



14,590



1,299



2,351



15,889



18,240



(3,539
)


14,701



11,081Island Club (Palm Aire)

Garden

Oct-00

Pomano Beach, FL


1988



260



7,615



7,652



8,726



7,615



16,377



23,993



(3,261
)


20,732



11,600Islandtree

Garden

Oct-97

Savannah, GA


1985



216



1,267



7,191



1,746



1,267



8,937



10,204



(3,242
)


6,962



3,035Key Towers

High Rise

Apr-01

Alexandria, VA


1964



140



1,526



7,050



1,222



1,526



8,272



9,798



(2,890
)


6,908



9,500Kings Crossing

Garden

Jul-02

Columbia, MD


1983



168



2,948



6,535



596



2,963



7,116



10,079



(712
)


9,367



14,436Knolls, The

Garden

Jul-02

Colorado Springs, CO


1972



262



3,144



14,689



9,741



3,144



24,431



27,575



(8,595
)


18,980



8,353Knollwood

Garden

Jul-00

Nashville, TN


1972



326



1,911



14,032



6,810



1,911



20,842



22,753



(7,194
)


15,559



11,435La Jolla de Tucson

Garden

May-98

Tucson, AZ


1978



223



1,342



7,816



1,428



1,342



9,243



10,585



(3,859
)


6,725



4,439Lake Castleton

Garden

May-99

Indianapolis, IN


1997



1,261



5,183



29,611



9,713



5,183



39,324



44,507



(12,561
)


31,945



28,222Lake Forest Apartments

Garden

Jul-00

Omaha, NE


1971



312



1,892



12,839



1,253



1,892



14,092



15,984



(7,140
)


8,844



8,416Lake Johnson Mews

Garden

Oct-99

Raleigh, NC


1972



201



1,266



9,411



4,626



1,266



14,036



15,302



(5,419
)


9,883



6,083Lakehaven I

Garden

Dec-97

Carol Stream, IL


1984



144



1,652



3,849



875



1,652



4,724



6,376



(3,215
)


3,161



5,416Lakehaven II

Garden

Dec-97

Carol Stream, IL


1985



348



2,822



16,128



2,120



2,822



18,248



21,069



(7,463
)


13,606



13,627Lakes at South Coast, The

Mid Rise

Mar-02

Costa Mesa, CA


1987



770



55,223



65,506



12,171



57,240



75,660



132,901



(12,561
)


120,339



105,000Lakes, The

Garden

Jan-00

Raleigh, NC


1972



600



2,818



18,452



4,069



2,818



22,521



25,339



(11,159
)


14,179



9,495Lakeside (IL)

Garden

Oct-99

Lisle, IL


1972



568



4,066



29,778



4,201



4,066



33,979



38,045



(11,944
)


26,102



21,228Lakeside (NC)

Garden

Oct-05

Charlotte, NC


1981



216



1,144



9,336



170



1,144



9,506



10,650



(4,210
)


6,440



2,649Lakeside North at Carrollwood

Garden

Sep-00

Tampa, FL


1984



168



3,118



5,358



1,073



3,118



6,432



9,550



(1,893
)


7,657



5,985Lakeside Place

Garden

Oct-99

Houston, TX


1976



734



4,780



35,814



6,050



4,780



41,864



46,644



(17,342
)


29,302



19,525Lakewood

Garden

Jul-02

Tomball, TX


1979



256



801



8,328



1,706



801



10,034



10,835



(3,807
)


7,028



4,607Lakewood At Pelham (SC)

Garden

Jan-06

Greenville, SC


1979



271



541



6,437



2,088



541



8,524



9,065



(4,545
)


4,520



4,350Lamplighter Park

Garden

Apr-00

Bellevue, WA


1967



174



1,974



8,478



3,007



1,974



11,485



13,459



(3,972
)


9,487



6,844Landmark

Garden

Apr-00

Raleigh, NC


1970



292



1,691



13,442



2,394



1,691



15,836



17,527



(7,214
)


10,313



8,535Las Brisas (TX)

Garden

Dec-95

San Antonio, TX


1983



176



1,082



5,214



1,542



1,082



6,756



7,838



(2,566
)


5,272



3,392Latrobe

High Rise

Jan-03

Washington, DC


1980



176



1,305



11,257



4,335



1,305



15,592



16,897



(6,074
)


10,823



16,045Lazy Hollow

Garden

Apr-05

Columbia, MD


1979



178



1,347



14,776



342



1,347



15,118



16,465



(4,570
)


11,895



8,931Lebanon Station

Garden

Oct-99

Columbus, OH


1974



387



1,694



9,569



2,281



1,694



11,850



13,544



(4,284
)


9,260



6,177Legend Oaks

Garden

May-98

Tampa, FL


1983



416



2,304



13,288



2,589



2,304



15,877



18,181



(5,552
)


12,629



6,058Lewis Park

Garden

Jan-06

Carbondale, IL


1972



269



740



12,846



964



740



13,810



14,550



(7,406
)


7,143



4,602Lexington

Garden

Jul-94

San Antonio, TX


1981



72



312



1,688



751



312



2,440



2,752



(1,035
)


1,717



Lighthouse at Twin Lakes I

Garden

Apr-00

Beltsville, MD


1969



479



2,518



17,396



4,706



2,518



22,102



24,620



(4,899
)


19,721



40,000Lighthouse at Twin Lakes II

Garden

Apr-00

Beltsville, MD


1971



113



695



4,841



620



695



5,461



6,156



(1,371
)


4,785



Lighthouse at Twin Lakes III

Garden

Apr-00

Beltsville, MD


1978



107



482



3,299



235



482



3,534



4,016



(713
)


3,303



Lincoln Place Garden

Garden

Oct-04

Venice, CA


1951



755



129,417



10,439



31,719



129,417



42,158



171,574



(105
)


171,469



72,500Lodge, The

Garden

Jan-00

Denver, CO


1973



376



1,987



13,935



2,862



1,987



16,797



18,784



(6,496
)


12,288



6,341Loft, The

Garden

Oct-99

Raleigh, NC


1974



184



1,995



11,748



1,612



1,995



13,360



15,355



(5,235
)


10,120



4,515Los Arboles

Garden

Sep-97

Chandler, AZ


1985



232



1,662



9,504



2,552



1,662



12,057



13,719



(4,246
)


9,472



5,498Malibu Canyon

Garden

Mar-02

Calabasas, CA


1986



698



66,257



53,438



21,512



69,834



71,372



141,207



(15,466
)


125,740



64,368Maple Bay

Garden

Dec-99

Virginia Beach, VA


1971



414



2,598



16,141



7,791



2,598



23,932



26,530



(6,103
)


20,427



19,624Mariners Cove

Garden

Mar-02

San Diego, CA


1984



500







66,861



4,565



1,000



70,426



71,426



(10,733
)


60,692



8,224Mariners Cove

Garden

Mar-00

Virginia Beach, VA


1974



458



1,517



10,034



15,750



1,517



25,785



27,301



(7,236
)


20,066



11,231Meadow Creek

Garden

Jul-94

Boulder, CO


1972



332



1,435



24,532



4,985



1,435



29,518



30,953



(9,574
)


21,379



5,228Meadows

Garden

Dec-00

Austin, TX


1983



100



580



3,667



506



580



4,173



4,752



(1,871
)


2,881



2,269Merrill House

High Rise

Jan-00

Fairfax, VA


1962



159



1,836



10,831



2,008



1,836



12,839



14,675



(2,881
)


11,795



6,433Mesa Ridge

Garden

May-98

San Antonio, TX


1986



200



1,210



6,863



1,075



1,210



7,938



9,148



(2,877
)


6,271



3,945Michigan Apartments

Garden

Dec-99

Indianapolis, IN


1965



185



516



3,694



530



516



4,224



4,741



(1,489
)


3,252



988Montecito

Garden

Jul-94

Austin, TX


1985



268



1,268



6,896



3,852



1,268



10,748



12,016



(4,846
)


7,170



4,469Mountain Run

Garden

Dec-97

Arvada, CO


1974



96



685



2,614



2,794



685



5,407



6,092



(1,884
)


4,209



2,839 F-45




---



##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesMountain View

Garden

May-98

Colorado Springs, CO


1985



252



2,546



14,841



1,900



2,546



16,741



19,287



(5,804
)


13,483



7,069Mountain View (CA)

Garden

Jan-06

San Dimas, CA


1978



168



1,702



24,144



161



1,702



24,305



26,008



(7,531
)


18,477



6,437Newport

Garden

Jul-94

Avondale, AZ


1986



204



800



4,354



2,526



800



6,881



7,681



(2,924
)


4,756



3,688North Park

Garden

Jan-06

Evansville, IN


1970



284



761



14,786



180



761



14,966



15,727



(7,997
)


7,730



6,091North River Place

Garden

Jul-02

Chillicothe, OH


1980



120



858



3,351



402



858



3,753



4,611



(1,282
)


3,330



2,497North Slope

Garden

Oct-02

Greenville, SC


1984



156



1,670



5,756



508



1,670



6,263



7,933



(1,659
)


6,274



3,745Northwoods

Garden

Oct-02

Worthington, OH


1983



280



2,667



9,260



1,181



2,664



10,444



13,109



(1,760
)


11,348



6,465Northwoods (CT)

Garden

Mar-01

Middletown, CT


1987



336



16,080



14,435



1,199



16,080



15,634



31,714



(4,372
)


27,343



21,275Oak Falls Condominiums

Garden

Nov-96

Spring, TX


1983



144



1,017



5,420



1,786



1,017



7,206



8,223



(1,881
)


6,342



3,876Oak Forest

Garden

Oct-02

Arlington, TX


1983



204



1,020



5,888



1,267



1,020



7,155



8,175



(2,975
)


5,200



3,720Oak Forest I

Garden

Jan-06

Monroe, MI


1984



48



519



4,201



37



519



4,239



4,757



(2,039
)


2,719



1,505Oak Forest II

Garden

Jan-06

Monroe, MI


1985



56



290



4,511



48



290



4,560



4,850



(2,315
)


2,534



1,839Oak Forest III

Garden

Oct-06

Monroe, MI


1986



68



141



2,755



1



141



2,756



2,897



(1,860
)


1,036



1,728Oak Park Village I

Garden

Oct-00

Lansing, MI


1973



618



10,048



16,771



5,876



10,048



22,647



32,696



(8,891
)


23,805



23,487Oakwood (OH)

Garden

Jan-06

Toledo, OH


1988



143



567



6,022



128



567



6,150



6,717



(3,282
)


3,434



3,430Oakwood Miami

High Rise

Dec-03

Miami, FL


1998



357



31,363



32,214



1,976



31,363



34,190



65,553



(2,512
)


63,041



46,004Ocean Oaks

Garden

May-98

Port Orange, FL


1988



296



2,132



12,855



2,256



2,132



15,111



17,243



(4,626
)


12,618



10,295Ocean View Apartment

Garden

Oct-06

Pacifica, CA


1963



63



1,794



10,312



9



7,974



4,140



12,115



(27
)


12,088



6,700Oceanfront

Garden

Nov-96

Galveston, TX


1985



102



513



3,045



5,234



513



8,278



8,792



(1,962
)


6,829



1,549One Lytle Place

High Rise

Jan-00

Cincinnati ,OH


1980



231



2,662



21,800



9,806



2,898



31,371



34,268



(6,093
)


28,176



11,797Pacifica Park

Garden

Jul-06

Pacifica, CA


1977



104



2,902



16,447



1,079



12,717



7,712



20,428



(85
)


20,343



11,807Palazzo at Park La Brea

Mid Rise

Feb-04

Los Angeles, CA


2002



521



47,822



125,464



4,399



47,822



129,863



177,686



(13,549
)


164,137



103,774Palazzo East at Park La Brea

Mid Rise

Mar-05

Los Angeles, CA


2005



611



61,004



136,503



16,673



72,555



141,625



214,180



(9,287
)


204,893



150,000Palencia

Garden

May-98

Tampa, FL


1985



420



2,804



16,262



8,744



2,804



25,007



27,810



(8,365
)


19,445



12,044Palm Lake

Garden

Oct-99

Tampa ,FL


1972



150



876



5,218



1,880



876



7,098



7,974



(3,823
)


4,151



2,529Paradise Palms

Garden

Jul-94

Phoenix, AZ


1985



129



647



3,515



5,440



647



8,956



9,603



(2,938
)


6,664



1,724Park at Cedar Lawn, The

Garden

Nov-96

Galveston, TX


1985



192



1,025



6,162



1,985



1,025



8,148



9,173



(2,483
)


6,690



4,152Park at Deerbrook

Garden

Oct-99

Humble, TX


1984



100



175



522



279



175



801



976



(801
)


175



2,283Park Capitol

Garden

Apr-00

Salt Lake City, UT


1972



135



731



5,215



1,418



731



6,633



7,364



(2,845
)


4,519



4,849Park Towne

High Rise

Apr-00

Philadelphia, PA


1959



973



10,451



47,301



27,396



10,451



74,697



85,148



(11,538
)


73,610



71,978Parktown Townhouses

Garden

Oct-99

Deer Park, TX


1968



309



1,726



12,590



6,280



1,726



18,870



20,596



(5,797
)


14,799



6,512Parkway (VA)

Garden

Mar-00

Willamsburg, VA


1971



148



386



2,834



1,600



386



4,434



4,820



(2,421
)


2,399



4,879Pathfinder Village

Garden

Jan-06

Fremont, CA


1973



246



3,144



35,597



261



3,144



35,858



39,001



(12,492
)


26,509



12,532Peachtree Park

Garden

Jan-96

Atlanta, GA


1962/1995



303



4,683



11,713



8,944



4,683



20,657



25,340



(6,840
)


18,500



10,357Peakview Place

Garden

Jan-00

Englewood, CO


1975



296



2,016



19,985



3,643



2,016



23,628



25,644



(10,312
)


15,332



10,087Pebble Point

Garden

Oct-02

Indianapolis, IN


1980



220



1,790



6,883



1,003



1,790



7,887



9,677



(2,807
)


6,870



5,433Peppermill Place Apartments

Garden

Nov-96

Houston, TX


1983



224



844



5,169



1,981



844



7,150



7,994



(1,963
)


6,031



3,878Peppertree

Garden

Mar-02

Cypress, CA


1971



136



7,835



5,224



1,528



8,030



6,558



14,587



(1,668
)


12,920



6,091Pine Lake Terrace

Garden

Mar-02

Garden Grove, CA


1971



111



3,975



6,035



1,168



4,125



7,054



11,178



(1,426
)


9,752



4,307Pine Shadows

Garden

May-98

Phoenix, AZ


1983



272



2,095



11,899



2,982



2,095



14,881



16,976



(5,041
)


11,935



7,500Pines, The

Garden

Oct-98

Palm Bay, FL


1984



216



603



3,318



1,612



603



4,929



5,532



(1,656
)


3,876



2,043Plantation Crossing

Garden

Jan-00

Marietta, GA


1979



180



1,106



9,202



1,999



1,106



11,202



12,308



(4,787
)


7,521



3,965Plantation Gardens

Garden

Oct-99

Plantation ,FL


1971



372



3,747



19,109



3,347



3,747



22,456



26,203



(8,621
)


17,581



8,200Pleasant Valley Pointe

Garden

Nov-94

Little Rock, AR


1985



112



907



5,085



1,784



907



6,869



7,776



(2,926
)


4,850



Plum Creek

Garden

Oct-02

Charlotte, NC


1984



276



3,076



9,144



664



3,076



9,808



12,884



(2,023
)


10,861



7,432Pointe At Stone Canyon, The

Garden

Jan-06

Dallas, TX


1978



164



747



4,532



1,143



747



5,676



6,422



(2,914
)


3,508



2,671Post Ridge

Garden

Jul-00

Nashville, TN


1972



150



1,041



7,907



1,459



1,041



9,366



10,407



(3,783
)


6,624



4,228Presidential House

Mid Rise

Sep-05

N. Miami Beach, FL


1963



203



1,362



10,614



760



1,362



11,375



12,737



(4,525
)


8,211



4,693Preston Creek

Garden

Oct-99

Dallas, TX


1979



228



1,598



8,944



4,746



1,598



13,690



15,288



(5,620
)


9,668



4,755Quail Hollow

Garden

Oct-99

West Columbia, SC


1973



215



1,091



7,872



1,822



1,091



9,694



10,785



(3,582
)


7,203



4,470Quail Ridge

Garden

May-98

Tucson, AZ


1974



253



1,559



9,173



1,944



1,559



11,117



12,676



(4,598
)


8,078



4,945 F-46




---



##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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



1,215



1,222



8,018



9,240



(2,956
)


6,284



4,928Ramblewood Apartments (MI)

Garden

Dec-99

Grand Rapids, MI


1973



1,698



9,500



61,769



12,878



9,500



74,648



84,148



(20,554
)


63,594



30,676Raven Hill

Garden

Jan-01

Burnsville, MN


1971



304



4,888



10,632



2,924



4,888



13,556



18,444



(5,610
)


12,834



10,742Ravensworth Towers

High Rise

Jun-04

Annandale, VA


1974



219



1,811



18,680



1,162



1,811



19,842



21,654



(8,110
)


13,544



14,582Reflections

Garden

Apr-02

Indianapolis, IN


1970



582



1,239



18,439



10,926



1,239



29,365



30,604



(10,081
)


20,523



12,550Reflections (Casselberry)

Garden

Oct-02

Casselberry, FL


1984



336



3,052



11,607



2,418



3,052



14,026



17,077



(2,733
)


14,344



10,700Reflections (Tampa)

Garden

Sep-00

Tampa, FL


1988



348



7,976



13,499



4,477



7,976



17,976



25,952



(3,636
)


22,315



13,500Reflections (Virginia Beach)

Garden

Sep-00

Virginia Beach, VA


1987



480



15,988



13,684



3,579



15,988



17,262



33,250



(4,989
)


28,261



25,109Reflections (West Palm Beach)

Garden

Oct-00

West Palm Beach, FL


1986



300



5,504



9,984



3,068



5,504



13,052



18,556



(3,175
)


15,381



9,248Regency Oaks

Garden

Oct-99

Fern Park, FL


1965



343



1,806



9,847



5,358



1,806



15,205



17,011



(7,410
)


9,602



6,439Remington at Ponte Vedra Lakes

Garden

Dec-06

Ponte Vedra Beach,  FL


1986



344



5,491



31,735







5,491



31,735



37,226



(132
)


37,094



25,000River Club

Garden

Apr-05

Edgewater, NJ


1998



266



30,578



30,638



935



30,579



31,572



62,150



(2,104
)


60,047



43,284River Reach

Garden

Sep-00

Naples, FL


1986



556



17,728



18,337



4,016



17,728



22,353



40,081



(6,499
)


33,582



24,000Riverbend Village

Garden

Jul-01

Arlington, TX


1983



201



893



4,128



1,925



893



6,054



6,946



(2,442
)


4,504



3,965Rivercrest

Garden

Oct-99

Atlanta, GA


1970



312



2,320



16,370



11,491



2,320



27,861



30,181



(6,515
)


23,666



10,221Riverloft Apartments

High Rise

Oct-99

Philadelphia, PA


1910



184



2,120



11,287



30,057



2,120



41,344



43,464



(11,671
)


31,793



22,817Rivers Edge

Garden

Jul-00

Auburn, WA


1976



120



732



5,019



652



732



5,672



6,404



(2,335
)


4,069



3,331Riverside

Mid Rise

Jul-94

Littleton, CO


1987



248



1,956



8,427



3,431



1,956



11,858



13,814



(5,010
)


8,804



7,375Riverside Park

High Rise

Apr-00

Alexandria ,VA


1973



1,223



8,365



69,985



29,172



8,364



99,157



107,522



(35,272
)


72,249



80,490Riverwind at St. Andrews

Garden

Apr-02

Columbia, SC


1984



160



1,246



4,370



268



1,246



4,638



5,884



(1,037
)


4,847



4,613Riverwood (IN)

Garden

Oct-00

Indianapolis, IN


1978



120



1,032



3,424



1,199



1,032



4,623



5,655



(1,462
)


4,193



3,513Rosewood

Garden

Mar-02

Camarillo, CA


1976



152



12,128



8,060



2,144



12,430



9,902



22,332



(1,987
)


20,344



7,674Royal Crest Estates (Fall River)

Garden

Aug-02

Fall River, MA


1974



216



5,832



12,044



1,609



5,832



13,653



19,486



(3,505
)


15,980



9,935Royal Crest Estates (Marlboro)

Garden

Aug-02

Marlborough, MA


1970



473



25,178



28,786



1,969



25,178



30,755



55,933



(8,443
)


47,490



30,318Royal Crest Estates (Nashua)

Garden

Aug-02

Nashua, MA


1970



902



68,231



45,562



3,698



68,231



49,259



117,490



(12,931
)


104,559



53,300Royal Crest Estates (North Andover)

Garden

Aug-02

North Andover, MA


1970



588



51,292



36,808



6,066



51,292



42,873



94,165



(11,667
)


82,498



47,024Royal Crest Estates (Warwick)

Garden

Aug-02

Warwick, RI


1972



492



22,433



24,095



3,246



22,433



27,341



49,774



(6,836
)


42,938



24,932Royal Palms

Garden

Jul-94

Mesa, AZ


1985



152



832



4,569



2,258



832



6,828



7,659



(2,488
)


5,172



Runaway Bay

Garden

Jul-02

Pinellas Park, FL


1986



192



1,933



7,341



581



1,933



7,922



9,856



(1,597
)


8,259



9,422Runaway Bay (CA)

Garden

Oct-00

Antioch, CA


1986



280



12,503



10,499



1,956



12,503



12,456



24,959



(3,487
)


21,472



12,100Runaway Bay (FL)

Garden

Oct-00

Lantana, FL


1987



404



5,934



16,052



3,199



5,934



19,251



25,186



(4,565
)


20,620



11,564Runaway Bay (MI)

Garden

Oct-00

Lansing, MI


1987



288



2,106



6,559



2,152



2,106



8,711



10,817



(3,155
)


7,662



8,522Runaway Bay (NC)

Garden

Oct-00

Charlotte, NC


1985



280



2,233



9,860



2,454



2,233



12,315



14,548



(3,666
)


10,881



6,000Runaway Bay (Virginia Beach)

Garden

Nov-04

Virginia Beach, VA


1985



440



8,089



15,700



2,727



9,478



17,037



26,516



(1,485
)


25,031



17,430Runaway Bay II (OH)

Garden

Jan-06

Columbus, OH


1982



132



824



6,519



399



824



6,917



7,742



(2,413
)


5,329



5,522Runawaybay I

Garden

Sep-03

Columbus, OH


1982



304



2,273



11,980



1,365



2,273



13,345



15,618



(4,857
)


10,761



10,217Salem Park

Garden

Apr-00

Ft. Worth, TX


1984



168



837



4,109



2,226



837



6,335



7,173



(2,536
)


4,636



3,396Sand Castles Apartments

Garden

Oct-97

League City, TX


1987



138



978



5,542



1,854



978



7,396



8,374



(2,528
)


5,845



2,231Sandpiper Cove

Garden

Dec-97

Boynton Beach, FL


1987



416



3,511



21,396



7,062



3,511



28,458



31,970



(8,145
)


23,824



20,695Savannah Trace

Garden

Mar-01

Shaumburg, IL


1986



368



13,960



20,731



1,576



13,960



22,308



36,268



(5,834
)


30,434



22,971Sawgrass

Garden

Jul-97

Orlando, FL


1986



208



1,443



8,137



2,799



1,443



10,936



12,378



(3,692
)


8,686



2,556Scandia

Garden

Oct-00

Indianapolis, IN


1977



444



10,540



9,852



9,894



10,540



19,747



30,287



(5,453
)


24,835



19,571Scotch Pines East

Garden

Jul-00

Ft. Collins, CO


1977



102



460



4,880



416



460



5,296



5,756



(2,424
)


3,332



2,687Scotchollow

Garden

Jan-06

San Mateo, CA


1971



418



4,520



69,562



315



4,520



69,878



74,398



(21,218
)


53,180



27,385Shadetree

Garden

Oct-97

Tempe, AZ


1965



124



591



3,359



2,430



591



5,789



6,380



(2,080
)


4,300



1,483Shadow Creek (AZ)

Garden

May-98

Phoenix, AZ


1984



266



2,016



11,886



2,448



2,016



14,334



16,350



(5,432
)


10,918



5,395Shadow-Wood (LA)

Garden

Jan-06

Monroe, LA


1974



120



319



6,049



99



319



6,148



6,467



(3,270
)


3,197



1,975Shenandoah Crossing

Garden

Sep-00

Fairfax, VA


1984



640



18,492



57,197



5,459



18,492



62,656



81,148



(19,021
)


62,127



31,500Sienna Bay

Garden

Apr-00

St. Petersburg, FL


1984



276



1,556



9,141



7,140



1,556



16,281



17,837



(4,499
)


13,338



11,000Signal Pointe

Garden

Oct-99

Winter Park, FL


1971



368



1,485



12,653



3,779



1,485



16,433



17,918



(6,534
)


11,383



7,411Signature Point Apartments

Garden

Nov-96

League City, TX


1994



304



2,810



17,579



2,033



2,810



19,612



22,421



(4,886
)


17,535



7,886 F-47




---



##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesSilver Ridge

Garden

Oct-98

Maplewood, MN


1986



186



775



3,765



1,631



775



5,396



6,171



(2,069
)


4,103



4,525Snug Harbor

Garden

Dec-95

Las Vegas, NV


1991



64



751



2,859



1,593



751



4,452



5,203



(1,759
)


3,444



1,873Somerset Lakes

Garden

May-99

Indianapolis, IN


1974



360



3,436



19,668



2,913



3,436



22,580



26,016



(7,005
)


19,011



18,672Somerset Village

Garden

May-96

West Valley City, UT


1985



486



4,315



16,727



6,410



4,315



23,137



27,452



(8,469
)


18,983



9,356South Willow

Garden

Jul-94

West Jordan, UT


1987



440



2,224



12,075



4,712



2,224



16,787



19,012



(7,052
)


11,960



2,066Southridge

Garden

Dec-00

Greenville, TX


1984



160



695



4,416



1,577



695



5,993



6,688



(3,166
)


3,521



3,165Springhill Lake

Garden

Apr-00

Greenbelt, MD


1969



2,877



14,330



99,081



36,096



15,070



134,437



149,507



(48,191
)


101,316



113,500Springhouse (KY)

Garden

Mar-04

Lexington, KY


1986



224



2,126



6,721



480



2,126



7,202



9,328



(1,560
)


7,768



6,541Springhouse (SC)

Garden

Oct-02

North Charleston, SC


1986



248



3,488



10,331



769



3,488



11,101



14,589



(2,541
)


12,048



8,600Springhouse at Newport

Garden

Jul-02

Newport News, VA


1986



432



9,479



11,425



2,222



9,479



13,647



23,126



(1,963
)


21,163



16,600Springwoods at Lake Ridge

Garden

Jul-02

Lake Ridge, VA


1984



180



2,899



9,693



507



2,899



10,200



13,099



(591
)


12,508



15,180Spyglass

Garden

Oct-02

Indianapolis, IN


1979



120



971



3,985



799



971



4,785



5,755



(1,464
)


4,291



2,708Spyglass at Cedar Cove

Garden

Sep-00

Lexington Park, MD


1985



152



3,241



5,094



927



3,241



6,021



9,262



(1,640
)


7,622



4,215Stafford

High Rise

Oct-02

Baltimore, MD


1889



96



706



4,032



3,737



706



7,769



8,476



(2,209
)


6,266



Steeplechase

Garden

Oct-00

Williamsburg, VA


1986



220



7,601



8,029



2,256



7,601



10,285



17,886



(2,690
)


15,196



12,425Steeplechase (MD)

Garden

Sep-00

Largo, MD


1986



240



3,675



16,111



1,905



3,675



18,016



21,692



(4,504
)


17,188



11,559Steeplechase (OH)

Garden

May-99

Loveland, OH


1988



272



1,975



9,264



1,719



1,960



10,999



12,959



(3,826
)


9,133



8,282Steeplechase (TX)

Garden

Jul-02

Plano, TX


1985



368



6,438



9,596



1,545



6,438



11,141



17,578



(2,193
)


15,386



14,200Sterling Apartment Homes, The

Garden

Oct-99

Philadelphia, PA


1962



535



8,508



54,050



14,449



8,508



68,499



77,007



(21,864
)


55,143



20,637Stirling Court Apartments

Garden

Nov-96

Houston, TX


1984



228



913



4,953



1,847



913



6,800



7,713



(2,026
)


5,687



3,736Stone Creek Club

Garden

Sep-00

Germantown, MD


1984



240



13,593



9,347



2,249



13,593



11,596



25,189



(4,854
)


20,335



11,699Stone Point Village

Garden

Dec-99

Fort Wayne, IN


1981



296



1,541



8,636



2,754



1,541



11,391



12,932



(3,845
)


9,087



5,192Stonebrook

Garden

Jun-97

Sanford, FL


1991



244



1,583



8,587



3,299



1,583



11,886



13,468



(4,215
)


9,253



5,892Stonebrook II

Garden

Mar-99

Sanford, FL


1998



112



488



8,736



376



488



9,112



9,600



(1,657
)


7,943



3,268Stoney Brook Apartments

Garden

Nov-96

Houston, TX


1972



113



275



1,865



1,422



275



3,287



3,563



(748
)


2,815



2,142Stonybrook

Garden

May-98

Tucson, AZ


1983



411



2,167



12,670



314



2,167



12,984



15,151



(5,351
)


9,800



4,028Stratford, The (TX)

Garden

May-98

San Antonio, TX


1979



269



1,825



10,748



1,704



1,825



12,452



14,277



(4,959
)


9,318



4,600Summit Creek

Garden

May-98

Austin, TX


1985



164



1,211



6,037



1,230



1,211



7,267



8,478



(2,176
)


6,302



3,134Sun Lake

Garden

May-98

Lake Mary, FL


1986



600



4,551



25,543



7,672



4,551



33,214



37,766



(10,859
)


26,907



24,101Sun River Village

Garden

Oct-99

Tempe ,AZ


1981



334



1,837



13,717



2,788



1,837



16,505



18,342



(6,652
)


11,690



8,519Sunbury Downs Apartments

Garden

Nov-96

Houston, TX


1982



240



936



6,059



1,898



936



7,957



8,893



(2,402
)


6,490



4,183Sunlake

Garden

Sep-98

Brandon, FL


1986



88



610



4,062



1,012



610



5,075



5,685



(1,981
)


3,704



2,161Sycamore Creek

Garden

Apr-00

Cincinnati ,OH


1978



295



1,984



9,614



3,332



1,984



12,946



14,929



(4,032
)


10,898



7,038Talbot Woods

Garden

Sep-04

Middleboro, MA


1972



121



5,852



4,719



1,734



5,852



6,452



12,305



(714
)


11,591



6,283Tamarac Village

Garden

Apr-00

Denver, CO


1979



564



3,413



21,411



5,060



3,413



26,471



29,883



(10,015
)


19,868



17,956Tamarind Bay

Garden

Jan-00

St. Petersburg, FL


1980



200



694



6,855



3,048



694



9,903



10,597



(3,595
)


7,002



7,073Tar River Estates

Garden

Oct-99

Greenville, NC


1969



220



1,288



13,999



3,110



1,288



17,109



18,397



(5,695
)


12,702



4,515Tatum Gardens

Garden

May-98

Phoenix, AZ


1985



128



1,323



7,155



1,241



1,323



8,396



9,719



(3,461
)


6,258



3,169Tempo, The

High Rise

Sep-04

New York, NY


1900



200



68,006



12,140



1,980



68,082



14,044



82,126



(844
)


81,281



31,962Terrace Garden Townhouses

Town Home

Jan-06

Omaha, NE


1975



126



565



9,433



82



565



9,515



10,080



(4,801
)


5,279



4,130Timber Ridge

Garden

Oct-99

Sharonville, OH


1972



248



1,184



8,077



1,499



1,184



9,575



10,759



(3,382
)


7,378



5,040Timbermill

Garden

Oct-95

San Antonio, TX


1982



296



778



4,457



2,317



778



6,774



7,552



(2,867
)


4,685



2,692Timbertree

Garden

Oct-97

Phoenix, AZ


1979



387



2,292



13,000



3,542



2,292



16,542



18,834



(6,843
)


11,990



5,680Towers Of Westchester Park, The

High Rise

Jan-06

College Park, MD


1972



303



1,209



37,588



656



1,209



38,244



39,453



(13,854
)


25,599



10,860Township at Highlands

Town Home

Nov-96

Littleton, CO


1985



161



1,615



9,773



4,139



1,536



13,992



15,528



(4,659
)


10,868



15,965Trails

Garden

Apr-02

Nashville, TN


1985



248



685



10,242



1,115



685



11,356



12,041



(5,502
)


6,539



8,651Trails of Ashford

Garden

May-98

Houston, TX


1979



514



2,650



14,985



3,195



2,650



18,180



20,830



(7,097
)


13,733



7,000Treetops

Garden

Mar-01

San Bruno, CA


1987



308



3,703



62,460



13,046



3,703



75,506



79,209



(29,725
)


49,484



26,060Trinity Apartments

Garden

Dec-97

Irving, TX


1985



496



2,053



12,387



3,536



2,053



15,923



17,976



(5,159
)


12,817



4,995Twin Lake Towers

High Rise

Oct-99

Westmont, IL


1969



399



2,636



19,461



5,494



2,636



24,955



27,591



(11,123
)


16,468



10,638Twin Lakes Apartments

Garden

Apr-00

Palm Harbor, FL


1986



262



2,018



12,754



2,027



2,018



14,781



16,799



(5,636
)


11,163



9,827 F-48




---



##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesVantage Pointe

Mid Rise

Aug-02

Swampscott, MA


1987



96



4,749



10,089



747



4,749



10,836



15,585



(2,308
)


13,276



8,475Verandahs at Hunt Club

Garden

Jul-02

Apopka, FL


1985



210



1,848



8,400



929



1,848



9,329



11,177



(1,324
)


9,853



6,922Versailles

Garden

Apr-02

Fort Wayne, IN


1969



156



369



6,104



965



369



7,069



7,438



(2,767
)


4,671



2,180Villa Del Sol

Garden

Mar-02

Norwalk, CA


1972



121



7,294



4,861



1,591



7,476



6,270



13,746



(1,413
)


12,333



4,678Villa La Paz

Garden

Jun-98

Sun City, CA


1988



96



573



3,370



644



573



4,015



4,588



(1,251
)


3,336



2,632Villa Nova Apartments

Garden

Apr-00

Indianapolis, IN


1972



126



626



3,720



1,207



626



4,927



5,553



(1,324
)


4,229



Village Creek at Brookhill

Garden

Jul-94

Westminster, CO


1987



324



2,446



13,261



3,636



2,446



16,898



19,343



(7,109
)


12,234



13,037Village Crossing

Garden

May-98

W. Palm Beach, FL


1986



189



1,618



9,757



2,214



1,618



11,971



13,589



(4,093
)


9,496



7,000Village East

Garden

Jul-00

Colorado Springs, CO


1972



137



906



5,807



1,369



906



7,177



8,083



(2,990
)


5,093



2,000Village Gardens

Garden

Oct-99

Fort Collins, CO


1973



141



830



5,784



896



830



6,680



7,511



(2,757
)


4,754



3,773Village Green Altamonte Springs

Garden

Oct-02

Altamonte Springs, FL


1970



164



570



6,564



1,242



570



7,806



8,375



(3,246
)


5,129



3,071Village in the Woods

Garden

Jan-00

Cypress, TX


1983



530



2,213



16,975



8,506



2,213



25,481



27,694



(8,461
)


19,233



11,945Village of Pennbrook

Garden

Oct-98

Levitown, PA


1969



722



5,562



42,392



10,008



5,562



52,400



57,962



(14,003
)


43,960



39,528Village, The

Garden

Jan-00

Barndon, FL


1986



112



570



5,700



995



570



6,695



7,265



(2,627
)


4,638



5,292Villages of Baymeadows

Garden

Oct-99

Jacksonville, FL


1972



904



4,521



35,166



35,407



4,521



70,573



75,094



(20,681
)


54,413



40,000Villages of Bent Tree, Phase II

Garden

Jan-06

Indianapolis, IN


1983



280



1,072



12,770



229



1,072



12,999



14,072



(4,776
)


9,296



7,950Villas at Little Turtle

Garden

Sep-00

Westerville, OH


1985



160



1,309



5,513



1,154



1,309



6,668



7,977



(1,679
)


6,298



5,558Villas at Park La Brea, The

Garden

Mar-02

Los Angeles, CA


2002



250



8,621



48,871



1,234



8,621



50,105



58,726



(6,844
)


51,882



34,867Vinings Peak

Garden

Jan-00

Atlanta, GA


1980



280



1,830



15,148



3,408



1,830



18,556



20,386



(7,241
)


13,145



7,496Vista Del Lagos

Garden

Dec-97

Chandler, AZ


1986



200



804



4,952



2,141



804



7,092



7,896



(2,508
)


5,388



2,944Vista Village

Garden

Jan-06

El Paso, TX


1972



220



618



8,122



91



618



8,212



8,830



(5,263
)


3,567



3,181Walnut Springs

Garden

Dec-96

San Antonio, TX


1983



224



970



5,119



1,868



970



6,987



7,957



(3,257
)


4,700



3,206Waterford Apartments, The

Garden

Nov-96

Houston, TX


1984



312



983



6,801



2,845



983



9,645



10,629



(2,865
)


7,764



4,268Waterford Village

Garden

Aug-02

Bridgewater, MA


1971



588



28,585



28,102



2,001



28,585



30,103



58,688



(9,168
)


49,519



32,886Watergate

Garden

Jan-06

Little Rock, AR


1979



140



402



7,436



379



402



7,815



8,217



(5,100
)


3,117



2,625Waterways Village

Garden

Jun-97

Aventura, FL


1991



180



4,504



11,064



2,515



4,504



13,579



18,083



(4,774
)


13,309



8,959Webb Bridge Crossing

Garden

Sep-04

Alpharetta, GA


1985



164



959



6,261



2,374



959



8,634



9,593



(2,743
)


6,850



5,157West Lake Arms Apartments

Garden

Oct-99

Indianapolis, IN


1977



1,381



3,684



27,139



15,053



3,684



42,191



45,875



(13,108
)


32,767



9,273West Winds

Garden

Mar-04

Columbia, SC


1981



100



501



3,968



511



501



4,479



4,980



(1,413
)


3,567



2,123West Winds

Garden

Oct-02

Orlando, FL


1985



272



3,122



10,683



1,668



3,122



12,351



15,473



(2,707
)


12,765



6,664West Woods

Garden

Oct-00

Anappolis, MD


1981



57



1,557



1,891



734



1,557



2,624



4,181



(677
)


3,504



1,651Westgate

Garden

Oct-99

Houston, TX


1971



313



1,920



11,222



2,395



1,920



13,618



15,537



(3,971
)


11,567



7,411Westway Village Apartments

Garden

May-98

Houston, TX


1979



326



2,921



11,384



1,302



2,921



12,686



15,607



(5,055
)


10,552



7,639Wexford Village

Garden

Aug-02

Worcester, MA


1974



264



6,339



17,939



956



6,339



18,894



25,233



(4,457
)


20,776



13,677Wickertree

Garden

Oct-97

Phoenix, AZ


1983



226



1,225



6,923



1,917



1,225



8,839



10,065



(3,050
)


7,015



2,985Williams Cove

Garden

Jul-94

Irving, TX


1984



260



1,227



6,659



2,862



1,227



9,521



10,748



(4,020
)


6,728



4,200Williamsburg

Garden

May-98

Rolling Meadows, IL


1985



329



2,717



15,437



3,875



2,717



19,312



22,029



(6,796
)


15,233



9,685Williamsburg Manor

Garden

Apr-00

Cary, NC


1972



183



1,432



8,175



1,536



1,432



9,711



11,143



(3,545
)


7,597



5,104Willow Park on Lake Adelaide

Garden

Oct-99

Altamonte Springs, FL


1972



185



880



7,687



2,305



880



9,993



10,872



(4,378
)


6,494



6,228Willowick

Garden

Oct-99

Greenville, SC


1974



180



537



4,775



878



537



5,653



6,190



(2,748
)


3,442



2,597Wilson Acres

Garden

Apr-06

Greenville, NC


1979



146



744



4,374



152



1,175



4,095



5,270



(99
)


5,170



3,119Winchester Village Apartments

Garden

Nov-00

Indianapolis, IN


1966



96



104



2,234



819



104



3,053



3,157



(1,052
)


2,105



Winddrift (IN)

Garden

Oct-00

Indianapolis, IN


1980



166



1,265



3,912



1,805



1,265



5,717



6,982



(1,609
)


5,374



4,737Windgate Place

Garden

May-99

Charlotte, NC


1972



196



1,044



5,900



212



1,044



6,112



7,156



(2,599
)


4,557



Windmere

Garden

Jan-03

Houston, TX


1982



257



2,171



10,917



650



2,171



11,566



13,737



(3,955
)


9,783



5,180Windridge

Garden

May-98

San Antonio, TX


1983



276



1,406



8,272



1,283



1,406



9,555



10,962



(3,598
)


7,363



4,830Windrift (CA)

Garden

Mar-01

Oceanside, CA


1987



404



24,960



17,590



6,750



24,960



24,340



49,300



(7,192
)


42,108



28,999Windrift (FL)

Garden

Oct-00

Orlando, FL


1987



288



3,696



10,029



2,440



3,696



12,469



16,165



(3,306
)


12,859



14,944Windsor at South Square

Garden

Oct-99

Durham, NC


1972



230



1,326



8,329



1,929



1,326



10,258



11,585



(3,563
)


8,022



4,397Windsor Crossing

Garden

Mar-00

Newport News, VA


1978



156



307



2,110



1,451



307



3,561



3,867



(1,474
)


2,393



2,841Windsor Park

Garden

Mar-01

Woodbridge, VA


1987



220



4,279



15,970



1,224



4,279



17,194



21,472



(4,267
)


17,206



13,758 F-49




---



##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesWindward at the Villages

Garden

Oct-97

W. Palm Beach, FL


1988



196



1,595



9,079



2,916



1,595



11,995



13,590



(3,457
)


10,133



2,469Wood Lake

Garden

Jan-00

Atlanta, GA


1983



220



1,399



13,123



3,279



1,399



16,403



17,802



(6,357
)


11,445



6,638Wood View

Garden

Jan-06

Atlanta, GA


1983



180



1,340



4,868



161



1,340



5,029



6,369



(4,105
)


2,264



4,936Woodcreek

Garden

Oct-02

Mesa, AZ


1985



432



2,187



15,971



1,766



2,187



17,737



19,924



(7,781
)


12,142



14,346Woodfield Gardens

Garden

May-99

Charlotte, NC


1974



132



402



2,276



795



402



3,071



3,474



(1,362
)


2,112



Woodhollow

Garden

Oct-97

Austin, TX


1974



108



658



3,728



1,051



658



4,779



5,437



(1,750
)


3,687



1,508Woodland Ridge

Garden

Dec-00

Irving, TX


1984



130



600



3,617



976



600



4,593



5,193



(2,013
)


3,180



2,562Woods Edge

Garden

Nov-04

Indianapolis, IN


1981



190



495



6,238



873



495



7,111



7,606



(1,152
)


6,454



4,799Woods of Burnsville

Garden

Nov-04

Burnsville, MN


1984



400



2,354



20,488



1,308



2,354



21,795



24,149



(6,828
)


17,321



16,580Woods of Inverness

Garden

Oct-99

Houston, TX


1983



272



1,427



11,698



1,544



1,427



13,242



14,669



(5,958
)


8,711



4,186Woods Of Williamsburg

Garden

Jan-06

Williamsburg, VA


1976



125



430



4,024



291



430



4,315



4,746



(2,658
)


2,088



1,445Woodshire

Garden

Mar-00

Virginia Beach, VA


1972



288



961



5,549



2,410



961



7,959



8,920



(2,371
)


6,549



6,632Wyntre Brook Apartments

Garden

Oct-99

West Chester, PA


1976



212



1,010



9,283



10,234



1,010



19,517



20,527



(4,622
)


15,905



9,544Yorktown II Apartments

High Rise

Dec-99

Lombard, IL


1973



368



2,971



18,163



5,951



2,971



24,114



27,085



(4,086
)


22,999



15,279Yorktree

Garden

Oct-97

Carolstream, IL


1972



293



1,968



11,457



3,549



1,968



15,006



16,974



(5,379
)


11,595



4,807Total Conventional Properties












134,557



2,245,689



6,337,697



1,884,182



2,294,323



8,173,245



10,467,568



(2,410,198
)


8,057,370



5,466,111Affordable PropertiesAdams Court

Garden

Jan-06

Hempstead, NY


1981



84



94



6,047



63



94



6,110



6,204



(3,402
)


2,802



2,649All Hallows

Garden

Jan-06

San Francisco, CA


1976



157



558



27,144



741



558



27,885



28,443



(10,222
)


18,221



2,806Alliance Towers

High Rise

Mar-02

Lombard, IL


1971



101



530



1,934



572



530



2,506



3,036



(450
)


2,586



2,274Arrowsmith

Garden

Mar-02

Corpus Christi, TX


1980



70



240



968



433



240



1,401



1,641



(364
)


1,277



1,362Arvada House

High Rise

Nov-04

Arvada, CO


1977



88



641



3,314



1,671



405



5,221



5,627



(690
)


4,937



4,245Ashland Manor

High Rise

Mar-02

East Moline, IL


1977



189



205



1,162



756



205



1,918



2,123



(372
)


1,751



1,109Aspen Stratford B

High Rise

Oct-02

Newark, NJ


1920



60



362



2,887



697



362



3,584



3,945



(1,963
)


1,983



1,788Aspen Stratford C

High Rise

Oct-02

Newark, NJ


1920



55



363



2,818



700



363



3,519



3,881



(1,895
)


1,986



1,576Baisley Park Gardens

Mid Rise

Apr-02

Jamaica, NY


1982



212



1,765



12,309



2,992



1,765



15,301



17,065



(3,900
)


13,166



11,655Baldwin Oaks

Mid Rise

Oct-99

Parsippany ,NJ


1980



251



746



8,516



1,217



746



9,733



10,479



(5,112
)


5,367



6,459Baldwin Towers

High Rise

Jan-06

Pittsburgh, PA


1983



99



237



5,417



98



237



5,515



5,752



(3,222
)


2,531



2,266Bangor House

High Rise

Mar-02

Bangor, ME


1979



121



1,140



4,595



702



1,140



5,296



6,436



(779
)


5,658



2,937Bannock Arms

Garden

Mar-02

Boise, ID


1978



66



275



1,139



390



275



1,529



1,804



(319
)


1,485



1,439Bayview

Garden

Jun-05

San Francisco, CA


1976



146



241



19,548



279



241



19,827



20,068



(6,704
)


13,364



2,440Beacon Hill

High Rise

Mar-02

Hillsdale, MI


1980



198



1,380



5,524



1,378



1,380



6,902



8,282



(1,563
)


6,719



5,329Bedford House

Mid Rise

Mar-02

Falmouth, KY


1979



48



230



919



190



230



1,109



1,339



(254
)


1,085



1,096Benjamin Banneker Plaza

Mid Rise

Jan-06

Chester, PA


1976



70



79



4,236



289



79



4,525



4,604



(2,179
)


2,425



1,642Berger Apartments

Mid Rise

Mar-02

New Haven, CT


1981



145



1,152



4,657



1,393



1,152



6,049



7,201



(1,265
)


5,936



2,250Biltmore Towers

High Rise

Mar-02

Dayton, OH


1980



230



1,813



6,411



12,451



1,813



18,862



20,675



(3,486
)


17,189



10,802Blakewood

Garden

Oct-05

Statesboro, GA


1973



42



23



1,187



251



23



1,438



1,461



(845
)


616



766Bloomsburg Towers

Mid Rise

Jan-06

Bloomsburg, PA


1981



75



1



4,128



62



1



4,190



4,191



(2,377
)


1,813



1,641Bolton North

High Rise

Jan-06

Baltimore, MD


1977



209



481



8,796



144



481



8,941



9,422



(5,083
)


4,339



2,999Brightwood Manor

Garden

Jan-06

New Brighton, PA


1975



152



140



5,164



129



140



5,293



5,433



(3,193
)


2,240



1,554Broadmoor

Garden

Jan-06

Riviera Beach, FL


1972



182



95



6,571



186



95



6,757



6,852



(4,094
)


2,758



1,014Brunswick House

Mid Rise

Jan-06

Brunswick, MD


1980



52



79



2,828



60



79



2,889



2,967



(1,589
)


1,379



1,112Butternut Creek

Mid Rise

Jan-06

Charlotte, MI


1980



100



702



4,215



117



702



4,332



5,035



(2,578
)


2,457



966Cache Creek Apartment Homes

Mid Rise

Jun-04

Clearlake, CA


1986



80



1,545



9,405



416



1,545



9,821



11,366



(1,487
)


9,879



2,355California Square I

High Rise

Jan-06

Louisville, KY


1982



101



154



5,704



152



154



5,855



6,010



(2,938
)


3,072



3,587California Square II

Garden

Jan-06

Louisville, KY


1983



48



61



2,156



118



61



2,275



2,336



(1,268
)


1,068



1,585Campbell Heights

High Rise

Oct-02

Washington, D.C.


1978



170



750



6,719



533



750



7,252



8,002



(2,061
)


5,942



8,067Canterbury Towers

High Rise

Jan-06

Worcester, MA


1976



157



400



4,724



506



400



5,230



5,630



(2,732
)


2,898



6,105Carriage House (VA)

Mid Rise

Dec-06

Petersburg,  VA


1885



118



847



2,886



(0
)


847



2,886



3,733



(81
)


3,651



1,335Casa de Las Hermanitas

Garden

Mar-02

Los Angeles, CA


1982



88



1,800



4,143



384



1,800



4,528



6,328



(844
)


5,484



1,763 F-50




---



##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesCastle Park

Mid Rise

Mar-02

St. Louis, MO


1983



209



1,710



6,896



2,461



1,710



9,357



11,067



(2,041
)


9,026



9,009Castlewood

Garden

Mar-02

Davenport, IA


1980



96



585



2,351



1,081



585



3,432



4,017



(712
)


3,305



3,548Centennial

Garden

Mar-02

Fort Wayne, IN


1983



88



550



2,207



664



550



2,871



3,421



(701
)


2,720



2,970Cherry Ridge Terrace

Garden

Mar-02

Northern Cambria, PA


1983



62



372



1,490



477



372



1,967



2,339



(479
)


1,860



1,223City Line

Garden

Mar-02

Hampton, VA


1976



200



500



2,014



8,083



500



10,097



10,597



(813
)


9,784



5,068Clinton Manor

Garden

Jan-06

Clinton, SC


1980



60



53



2,706



22



53



2,729



2,781



(2,153
)


628



890Clisby Towers

Mid Rise

Jan-06

Macon, GA


1980



52



161



2,333



16



161



2,350



2,510



(1,539
)


972



1,087Coatesville Towers

High Rise

Mar-02

Coatesville, PA


1979



90



500



2,011



430



500



2,441



2,941



(539
)


2,402



2,210Community Circle II

Garden

Jan-06

Cleveland, OH


1975



129



210



4,751



111



210



4,863



5,073



(2,580
)


2,493



3,281Copperwood I Apartments

Garden

Apr-06

The Woodlands, TX


1980



150



390



8,373



3,683



369



12,077



12,446



(2,370
)


10,075



5,660Copperwood II Apartments

Garden

Oct-05

The Woodlands, TX


1981



150



452



5,552



1,549



425



7,128



7,554



(920
)


6,634



5,840Country Club Heights

Garden

Mar-04

Quincy, IL


1976



200



676



5,715



4,715



676



10,430



11,106



(2,120
)


8,986



8,099Country Commons

Garden

Jan-06

Bensalem, PA


1972



352



1,314



18,196



101



1,314



18,297



19,610



(7,969
)


11,642



6,797Courtyard

Mid Rise

Jan-06

Cincinnati, OH


1980



137



642



5,597



40



642



5,637



6,278



(2,614
)


3,664



3,944Creekside Gardens

Garden

Mar-02

Loveland, CO


1983



50



350



1,401



320



350



1,722



2,072



(492
)


1,579



1,735Creekview

Garden

Mar-02

Stroudsburg, PA


1982



80



400



1,610



514



400



2,124



2,524



(396
)


2,128



2,764Crevenna Oaks

Town Home

Jan-06

Burke, VA


1979



50



355



3,539



109



355



3,648



4,003



(1,860
)


2,143



1,302Crockett Manor

Garden

Mar-04

Trenton, TN


1982



38



42



1,395



39



42



1,433



1,476



(101
)


1,375



978Cumberland Court

Garden

Jan-06

Harrisburg, PA


1975



108



170



4,249



108



170



4,357



4,526



(2,683
)


1,844



1,538Daugette Tower

High Rise

Mar-02

Gadsden, AL


1979



101



540



2,178



1,121



540



3,300



3,840



(733
)


3,106



753Delhaven Manor

Mid Rise

Mar-02

Jackson, MS


1983



104



575



2,304



1,450



575



3,754



4,329



(731
)


3,598



3,809Denny Place

Garden

Mar-02

North Hollywood, CA


1984



17



394



1,579



93



394



1,671



2,066



(294
)


1,771



1,147Druid Hills

Garden

Jan-06

Walterboro, SC


1981



80



76



3,718



29



76



3,747



3,823



(2,780
)


1,043



1,358East Central Towers

Mid Rise

Mar-02

Fort Wayne, IN


1980



167



800



3,203



416



800



3,619



4,419



(618
)


3,801



3,172East Farm Village

High Rise

Mar-02

East Haven, CT


1981



240



2,800



11,188



1,778



2,800



12,965



15,765



(2,261
)


13,505



8,515Echo Valley

Mid Rise

Mar-02

West Warwick, RI


1978



100



550



2,294



1,794



550



4,087



4,637



(859
)


3,779



4,267Elmwood

Garden

Jan-06

Athens, AL


1981



80



185



2,804



130



185



2,934



3,119



(1,336
)


1,783



1,898Fairburn And Gordon II

Garden

Jan-06

Atlanta, GA


1969



58



84



2,002



66



84



2,068



2,152



(1,200
)


952



235Fairwood

Garden

Jan-06

Carmichael, CA


1979



86



166



5,275



125



166



5,400



5,566



(2,861
)


2,705



2,743Fleetwood Manor

Garden

Jan-06

Greenville, SC


1980



100



238



3,623



38



238



3,661



3,899



(2,091
)


1,808



1,278Fountain Place

Mid Rise

Jan-06

Connersville, IN


1980



102



423



3,193



47



423



3,240



3,663



(1,717
)


1,946



1,937Fox Run (TX)

Garden

Mar-02

Orange, TX


1983



70



420



1,992



(0
)


420



1,992



2,412



(410
)


2,002



1,675Foxfire (MI)

Garden

Jan-06

Jackson, MI


1975



160



782



6,927



499



782



7,427



8,209



(4,020
)


4,189



2,321Franklin Square School Apts

Mid Rise

Jan-06

Baltimore, MD


1888



65



46



4,100



52



46



4,152



4,199



(1,758
)


2,440



2,276Friendset Apartments

High Rise

Jan-06

Brooklyn, NY


1979



259



550



16,825



1,364



550



18,188



18,739



(8,379
)


10,360



7,538Friendship Arms

Mid Rise

Mar-02

Hyattsville, MD


1979



151



970



3,887



897



970



4,784



5,754



(1,152
)


4,602



5,196Friendship Court

Garden

Jan-06

Anderson, SC


1972



80



191



1,734



1



191



1,735



1,926



(216
)


1,710



Frio

Garden

Jan-06

Pearsall, TX


1980



63



109



2,425



141



109



2,566



2,675



(1,357
)


1,318



1,109Gary Manor

High Rise

Mar-02

Gary, IN


1980



198



1,090



4,370



768



1,090



5,138



6,228



(931
)


5,297



5,297Gates Manor

Garden

Mar-04

Clinton, TN


1981



80



266



2,225



291



266



2,516



2,782



(785
)


1,997



2,447Gateway Village

Garden

Mar-04

Hillsborough, NC


1980



64



433



1,666



202



433



1,868



2,301



(352
)


1,948



1,525Gholson Hotel

Mid Rise

Mar-02

Ranger, TX


1984



50



325



1,334



914



325



2,249



2,574



(303
)


2,271



2,132Glendale Terrace

Garden

Jan-06

Aiken, SC


1972



60



38



1,554



15



38



1,570



1,608



(1,078
)


531



221Greenbriar

Garden

Jan-06

Indianapolis, IN


1980



120



762



4,083



42



762



4,125



4,887



(2,404
)


2,483



1,462Hamlin Estates

Garden

Mar-02

North Hollywood, CA


1983



30



1,010



1,691



133



1,010



1,824



2,834



(358
)


2,476



1,742Hanover Square

High Rise

Jan-06

Baltimore, MD


1980



199



369



10,862



81



369



10,943



11,312



(5,338
)


5,974



6,283Harris Park Apartments

Garden

Dec-97

Rochester, NY


1968



114



475



2,786



952



475



3,738



4,212



(1,479
)


2,733



601Hatillo Housing

Mid Rise

Jan-06

Hatillo, PR


1982



64



177



2,901



37



177



2,938



3,115



(1,474
)


1,641



1,400Hemet Estates

Garden

Mar-02

Hemet, CA


1983



80



700



2,802



2,367



652



5,217



5,869



(573
)


5,297



4,581Heritage House

Mid Rise

Jan-06

Lewisburg, PA


1982



79



178



3,251



48



178



3,299



3,477



(1,706
)


1,771



2,140Heritage Square

Garden

Mar-02

Texas City, TX


1983



50



668



859



336



668



1,195



1,863



(285
)


1,578



1,512 F-51




---



##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesHickory Heights

Garden

Jan-06

Abbeville, SC


1974



80



25



2,479



62



25



2,541



2,566



(1,551
)


1,015



443Highlawn Place

High Rise

Mar-02

Huntington, WV


1977



133



550



2,204



718



550



2,922



3,472



(479
)


2,993



2,051Hillcrest Green

Garden

Jan-06

Oklahoma City, OK


1973



96



204



3,264



50



204



3,314



3,518



(2,029
)


1,489



1,006Hillside Village

Town Home

Jan-06

Catawissa, PA


1981



50



31



2,643



19



31



2,662



2,693



(1,440
)


1,252



1,240Hilltop

Garden

Jan-06

Duquesne, PA


1975



152



153



7,311



119



153



7,431



7,584



(4,532
)


3,052



2,456Hopkins Village

Mid Rise

Sep-03

Baltimore, MD


1979



165



857



4,207



834



857



5,041



5,897



(2,651
)


3,246



2,994Hudson Gardens

Garden

Mar-02

Pasadena, CA


1983



41



914



1,548



168



914



1,716



2,631



(364
)


2,266



870Hudson Terrace

Garden

Jan-06

Hudson, NY


1973



168



242



5,431



76



242



5,506



5,748



(3,184
)


2,564



1,474Indio Gardens

Mid Rise

Oct-06

Indio,  CA


1980



151







9,705











9,705



9,705







9,705



6,400Ingram Square

Garden

Jan-06

San Antonio, TX


1980



120



285



4,513



276



285



4,789



5,074



(2,369
)


2,705



2,664Jenny Lind Hall

High Rise

Mar-04

Springfield, MO


1977



78



142



3,684



197



142



3,881



4,023



(175
)


3,848



1,099JFK Towers

Mid Rise

Jan-06

Durham, NC


1983



177



335



8,386



75



335



8,461



8,795



(3,803
)


4,993



5,956Kalmia

Garden

Jan-06

Graniteville, SC


1981



96



103



4,692



26



103



4,718



4,821



(3,066
)


1,755



1,974Kephart Plaza

High Rise

Jan-06

Lock Haven, PA


1978



101



52



4,353



52



52



4,405



4,457



(2,522
)


1,935



1,775King Bell Apartments

Garden

Jan-06

Milwaukie, OR


1982



62



204



2,497



86



204



2,583



2,787



(1,190
)


1,597



1,723Kirkwood House

High Rise

Sep-04

Baltimore, MD


1979



261



1,746



6,663



443



1,746



7,106



8,852



(3,212
)


5,640



4,413Kubasek Trinity Manor (The Hollows)

High Rise

Jan-06

Yonkers, NY


1981



130



8



8,354



202



8



8,555



8,563



(4,665
)


3,898



4,953Lafayette Commons

Garden

Mar-04

West Lafayette, OH


1979



49



187



1,012



169



187



1,181



1,368



(168
)


1,201



873Lafayette Square

Garden

Jan-06

Camden, SC


1978



72



64



1,953



23



64



1,976



2,039



(1,499
)


541



368Lakeview Arms

Mid Rise

Jan-06

Poughkeepsie, NY


1981



72



111



3,256



119



111



3,375



3,486



(1,783
)


1,703



2,018Landau

Garden

Oct-05

Clinton, SC


1970



80



47



2,837



78



47



2,915



2,962



(1,593
)


1,369



429Lasalle

Garden

Oct-00

San Francisco, CA


1976



145



1,256



10,686



8,314



1,256



18,999



20,255



(5,269
)


14,986



3,116Laurelwood

Garden

Jan-06

Morristown, TN


1981



65



75



1,870



85



75



1,955



2,030



(1,076
)


954



1,320Laurens Villa

Garden

Jan-06

Laurens, SC


1980



60



53



2,540



275



53



2,816



2,868



(1,707
)


1,161



1,376Lavista

Garden

Jan-06

Concord, CA


1981



75



565



5,073



144



565



5,218



5,783



(2,899
)


2,883



1,967Leona

Garden

Dec-97

Uvalde, TX


1973



40



100



524



452



100



976



1,076



(469
)


607



372Lock Haven Gardens

Garden

Jan-06

Lock Haven, PA


1979



150



169



7,040



121



169



7,161



7,330



(3,752
)


3,577



3,410Locust House

High Rise

Mar-02

Westminster, MD


1979



99



650



2,604



463



650



3,067



3,717



(716
)


3,001



2,739Lodge Run

Mid Rise

Jan-06

Portage, PA


1983



31



18



1,467



158



18



1,625



1,643



(1,040
)


603



580Long Meadow

Garden

Jan-06

Cheraw, SC


1973



56



28



1,472



32



28



1,504



1,532



(986
)


546



286Loring Towers (MN)

High Rise

Oct-02

Minneapolis, MN


1975



230



1,297



7,445



7,693



913



15,522



16,435



(3,297
)


13,138



8,222Loring Towers Apartments

High Rise

Sep-03

Salem, MA


1973



250



727



7,740



2,715



727



10,454



11,182



(4,961
)


6,221



4,749Lynnhaven

Garden

Mar-04

Durham, NC


1980



75



539



2,159



353



539



2,512



3,051



(375
)


2,676



1,981Maria Lopez Plaza

Mid Rise

Jan-06

Bronx, NY


1982



216



498



17,754



170



498



17,924



18,422



(9,194
)


9,228



10,953Mill Pond

Mid Rise

Jan-06

Tauton, MA


1982



49



70



2,714



124



70



2,838



2,908



(1,323
)


1,585



1,841Miramar Housing

High Rise

Jan-06

Ponce, PR


1983



96



290



5,162



30



290



5,192



5,482



(2,558
)


2,924



3,116Montblanc Gardens

Town Home

Dec-03

Yauco, PR


1982



128



391



3,859



726



391



4,584



4,975



(1,944
)


3,031



3,347Morrisania II

High Rise

Jan-06

Bronx, NY


1979



203



404



16,038



398



404



16,436



16,840



(8,619
)


8,220



8,319Moss Gardens

Mid Rise

Jan-06

Lafayette, LA


1980



114



125



4,218



61



125



4,278



4,403



(2,804
)


1,599



2,145New Baltimore

Mid Rise

Mar-02

New Baltimore,  MI


1980



101



888



2,360







888



2,360



3,248



(410
)


2,838



New Vistas I

Garden

Jan-06

Chicago, IL


1925



148



181



7,388



41



181



7,428



7,609



(5,072
)


2,537



1,825Newberry Arms

Garden

Jan-06

Newberry, SC


1979



60



84



2,728



17



84



2,745



2,829



(1,780
)


1,048



872Newberry Park

Garden

Dec-97

Chicago, IL


1985



84



1,150



7,862



373



1,150



8,236



9,386



(2,033
)


7,353



7,678Northlake Village

Garden

Oct-00

Lima, OH


1971



150



487



1,317



1,177



487



2,494



2,980



(992
)


1,988



1,012Northpoint

Garden

Jan-00

Chicago, IL


1921



304



2,280



14,334



15,176



2,510



29,279



31,789



(7,395
)


24,395



20,807Northwinds, The

Garden

Mar-02

Wytheville, VA


1978



144



500



2,012



1,011



500



3,024



3,524



(761
)


2,763



1,945Oakwood Apartments

Town Home

Mar-04

Cuthbert, GA


1982



50



188



1,058



398



188



1,456



1,644



(517
)


1,127



1,725Oakwood Gardens

High Rise

Jan-06

Mount Vernon, NY


1930



100



202



8,733



259



202



8,992



9,194



(3,686
)


5,508



4,401Oakwood Manor

Garden

Mar-04

Milan, TN


1984



34



95



498



28



95



527



622



(97
)


525



439Ocala Place

Garden

Jan-06

Ocala, FL


1980



40



93



1,420



192



93



1,612



1,705



(829
)


876



626 F-52




---



##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesOlde Towne West I

Mid Rise

Jan-06

Alexandria, VA


1976



172



130



5,664



1,558



130



7,222



7,351



(3,714
)


3,637



8,715Olde Towne West II

Garden

Oct-02

Alexandria, VA


1977



72



214



2,865



481



214



3,346



3,560



(1,443
)


2,117



2,735Olde Towne West III

Garden

Apr-00

Alexandria, VA


1978



75



581



3,463



1,435



581



4,898



5,479



(1,319
)


4,160



3,476ONeil

High Rise

Jan-06

Troy, NY


1978



115



77



4,078



427



77



4,506



4,583



(2,826
)


1,757



1,633Orange Village

Garden

Jan-06

Hermitage, PA


1979



81



53



3,432



97



53



3,529



3,582



(1,962
)


1,619



1,880Orangeburg Manor

Garden

Jan-06

Orangeburg, SC


1979



100



150



2,934



269



150



3,202



3,352



(2,001
)


1,351



1,263Overbrook Park

Garden

Jan-06

Chillicothe, OH


1981



50



109



2,309



73



109



2,381



2,490



(1,144
)


1,347



1,489Oxford House

Mid Rise

Mar-02

Deactur, IL


1979



156



993



4,164



332



993



4,495



5,488



(1,062
)


4,426



3,589Palm Springs Senior

Garden

Mar-02

Palm Springs, CA


1981



116







8,745



(0
)






8,745



8,745



(1,347
)


7,398



7,330Panorama Park

Garden

Mar-02

Bakersfield, CA


1982



66



570



2,288



325



570



2,613



3,183



(610
)


2,573



2,318Parc Chateau I

Garden

Jan-06

Lithonia, GA


1973



86



124



3,349



53



124



3,402



3,526



(2,140
)


1,386



630Parc Chateau II

Garden

Jan-06

Lithonia, GA


1974



88



147



3,414



45



147



3,459



3,606



(2,214
)


1,392



634Park Avenue Towers (PA)

Garden

Oct-00

Wilkes-Barre, PA


1978



130



292



2,546



535



292



3,080



3,373



(1,449
)


1,924



2,195Park Place

Mid Rise

Jun-05

St Louis, MO


1977



242



742



6,327



7,386



722



13,733



14,456



(1,794
)


12,662



9,970Park Place Texas

Garden

Mar-02

Cleveland, TX


1983



60



390



1,587



360



390



1,948



2,338



(388
)


1,950



1,877Park Vista

Garden

Oct-05

Anaheim, CA


1958



392



7,727



26,779



1,046



7,727



27,824



35,551



(5,396
)


30,156



38,024Parkview

Garden

Mar-02

Sacramento, CA


1980



97



1,060



4,240



974



1,060



5,214



6,274



(1,015
)


5,259



2,681Parkways, The

Garden

Jun-04

Chicago, IL


1925



446



3,684



23,257



13,320



3,431



36,830



40,261



(5,461
)


34,800



23,859Patman Switch

Garden

Jan-06

Hughes Springs, TX


1978



82



202



1,906



516



202



2,423



2,625



(1,350
)


1,275



1,247Pavillion

High Rise

Mar-04

Philadelphia, PA


1976



296







15,416



387







15,803



15,803



(1,940
)


13,863



10,080Pine Haven Villas

Garden

Jan-06

Columbia, SC


1981



80



116



4,018



38



116



4,055



4,172



(2,371
)


1,801



1,711Pinebluff Village

Mid Rise

Jan-06

Salisbury, MD


1980



151



291



7,998



222



291



8,220



8,511



(4,952
)


3,559



2,457Pinewood Place

Garden

Mar-02

Toledo, OH


1979



99



420



1,698



942



420



2,639



3,059



(634
)


2,425



2,023Pleasant Hills

Garden

Apr-05

Austin, TX


1982



100



1,188



2,631



3,244



1,229



5,833



7,062



(639
)


6,424



3,255Plummer Village

Mid Rise

Mar-02

North Hills, CA


1983



75



624



2,647



697



624



3,344



3,968



(710
)


3,258



Portland Plaza

Garden

Jan-06

Louisville, KY


1983



71







2,926



49







2,976



2,976



(1,529
)


1,447



1,543Portner Place

Town Home

Jan-06

Washington, DC


1980



48



1



3,558



15



1



3,573



3,574



(2,173
)


1,400



1,467Post Street Apartments

High Rise

Jan-06

Yonkers, NY


1930



56



104



3,359



299



104



3,658



3,762



(1,913
)


1,849



1,806Pride Gardens

Garden

Dec-97

Flora, MS


1975



76



102



1,071



1,395



102



2,466



2,568



(1,002
)


1,566



1,122Rancho California

Garden

Jan-06

Temecula, CA


1984



55



356



5,594



91



356



5,685



6,041



(2,047
)


3,995



2,118Renwick Gardens

High Rise

Jan-06

New York, NY


1979



224



402



17,402



1,437



402



18,839



19,241



(9,247
)


9,994



22,987Ridgewood (La Loma)

Garden

Mar-02

Sacramento, CA


1980



75



700



2,804



501



700



3,305



4,005



(614
)


3,391



1,936Ridgewood Towers

High Rise

Mar-02

East Moline, IL


1977



140



698



2,803



455



698



3,258



3,955



(732
)


3,223



1,899River Village

High Rise

Jan-06

Flint, MI


1980



340



1,639



13,994



380



1,639



14,373



16,012



(7,112
)


8,900



8,496Rivers Edge

Town Home

Jan-06

Greenville, MI


1983



49



205



2,203



51



205



2,254



2,459



(1,400
)


1,059



993Riverwoods

High Rise

Jan-06

Kankakee, IL


1983



125



254



8,362



83



254



8,445



8,699



(4,156
)


4,543



3,751Robbie Robinson

Garden

Oct-05

Savannah, GA


1921



100



554



3,097



127



554



3,223



3,777



(272
)


3,505



3,200Rosedale Court Apartments

Garden

Mar-04

Dawson Springs, KY


1981



40



194



1,177



114



194



1,291



1,485



(372
)


1,113



919Round Barn

Garden

Mar-02

Champaign, IL


1979



156



1,015



4,387



549



1,015



4,936



5,951



(1,142
)


4,809



3,746Ruscombe Gardens

Mid Rise

Jan-06

Baltimore, MD


1983



151



215



8,985



47



215



9,032



9,247



(4,399
)


4,848



3,651Rutherford Park

Town Home

Jan-06

Hummelstown, PA


1981



85



376



4,814



46



376



4,859



5,235



(2,451
)


2,784



2,915San Jose Apartments

Garden

Sep-05

San Antonio, TX


1970



220



404



5,770



14



404



5,783



6,187



(569
)


5,618



San Juan Del Centro

Mid Rise

Sep-05

Boulder, CO


1971



150



243



7,110



1



243



7,110



7,354



(774
)


6,580



12,362Sandy Hill Terrace

High Rise

Mar-02

Norristown, PA


1980



175



1,650



6,599



1,664



1,650



8,263



9,913



(1,661
)


8,252



4,244Sandy Springs

Garden

Mar-05

Macon, GA


1979



74



153



1,736



505



153



2,241



2,393



(1,200
)


1,193



2,150School Street

Mid Rise

Jan-06

Taunton, MA


1920



75



181



4,373



272



181



4,645



4,826



(2,267
)


2,559



3,842Sharp-Leadenhall I

Town Home

Mar-04

Baltimore, MD


1981



155



1,399



5,434



570



1,399



6,004



7,403



(1,423
)


5,980



5,656Sharp-Leadenhall II

Town Home

Sep-03

Baltimore, MD


1981



37



171



1,636



270



171



1,906



2,076



(827
)


1,249



1,140Sheraton Towers

High Rise

Mar-02

High Point, NC


1981



97



525



2,159



711



525



2,870



3,395



(527
)


2,868



3,292Sherman Hills

High Rise

Jan-06

Wilkes-Barre, PA


1976



344



1,118



16,470



60



1,118



16,530



17,649



(12,423
)


5,226



3,923Shoreview

Garden

Oct-99

San Francisco, CA


1976



156



633



8,610



10,151



633



18,761



19,394



(5,987
)


13,407



3,281 F-53




---



##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesSouth Bay Villa

Garden

Mar-02

Los Angeles, CA


1981



80



663



2,770



3,456



659



6,230



6,889



(1,048
)


5,842



South Park

Garden

Mar-02

Elyria, OH


1970



138



200



931



1,838



200



2,769



2,969



(557
)


2,412



602Spring Manor

Mid Rise

Jan-06

Holidaysburg, PA


1983



51



117



2,574



252



117



2,826



2,943



(1,863
)


1,079



1,019St. George Villas

Garden

Jan-06

St. George, SC


1984



40



82



1,029



29



82



1,058



1,140



(616
)


524



565Sterling Village

Town Home

Mar-02

San Bernadino, CA


1983



80



549



3,459



1,575



549



5,034



5,583



(527
)


5,056



4,481Stonegate Village

Garden

Oct-00

New Castle, IN


1970



122



313



1,895



782



322



2,668



2,991



(631
)


2,360



567Strawbridge Square

Garden

Oct-99

Alexandria, VA


1979



128



662



3,508



2,614



662



6,122



6,783



(1,495
)


5,288



7,196Sumler Terrace

Garden

Jan-06

Norfolk, VA


1976



126



215



4,400



56



215



4,456



4,671



(3,075
)


1,596



1,591Summit Oaks

Town Home

Jan-06

Burke, VA


1980



50



382



3,940



75



382



4,015



4,397



(1,944
)


2,453



1,648Suntree

Garden

Jan-06

St. Johns, MI


1980



121



377



6,513



145



377



6,659



7,036



(3,442
)


3,594



2,023Swift Creek

Garden

Jan-06

Hartsville, SC


1981



72



105



3,470



174



105



3,643



3,749



(2,423
)


1,326



1,638Tabor Towers

Mid Rise

Jan-06

Lewisburg, WV


1979



84



155



3,369



46



155



3,415



3,570



(1,780
)


1,790



2,034Tamarac Pines Apartments I

Garden

Nov-04

Woodlands, TX


1980



144



140



2,775



3,378



365



5,927



6,292



(1,037
)


5,255



4,376Tamarac Pines Apartments II

Garden

Nov-04

Woodlands, TX


1980



156



142



3,195



3,668



266



6,738



7,004



(1,165
)


5,839



4,741Terraces

Mid Rise

Jan-06

Kettering, OH


1979



102



503



3,873



36



503



3,910



4,412



(2,208
)


2,204



2,561Terry Manor

Mid Rise

Oct-05

Los Angeles, CA


1977



170



1,775



5,848



3,873



1,745



9,751



11,496



(399
)


11,097



The Club

Garden

Jan-06

Lexington, NC


1972



87



66



2,560



112



66



2,672



2,738



(1,525
)


1,213



481The Glens

Garden

Jan-06

Rock Hill, SC


1982



88



90



4,885



215



90



5,099



5,189



(2,882
)


2,307



2,341Tompkins Terrace

Garden

Oct-02

Beacon, NY


1974



193



872



4,943



1,158



872



6,102



6,974



(1,225
)


5,749



2,617Trestletree Village

Garden

Mar-02

Atlanta, GA


1981



188



1,150



4,655



753



1,150



5,408



6,558



(1,314
)


5,244



3,796Twentynine Palms

Garden

Mar-02

Twenty-Nine Palms, CA


1983



48



311



1,247



381



311



1,628



1,939



(401
)


1,538



1,423United Front Homes

Garden

Oct-06

New Bedford,  MA


1900



200



1,792



16,170







1,792



16,170



17,963



(3,880
)


14,082



4,065United House

High Rise

Jan-06

Scranton, PA


1978



91



236



3,818



25



236



3,842



4,078



(2,380
)


1,699



2,260University Square

High Rise

Mar-05

Philadelphia, PA


1978



442



263



12,708



8,141



263



20,849



21,113



(3,714
)


17,399



14,217Van Nuys Apartments

High Rise

Mar-02

Los Angeles, CA


1981



299



4,337



16,377



1,602



4,337



17,979



22,316



(3,171
)


19,145



16,738Vantage 78

Garden

Jan-06

Charlotte, NC


1957



168



656



5,732



143



656



5,874



6,530



(3,255
)


3,275



2,513Victory Square

Garden

Mar-02

Canton, OH


1975



81



215



889



299



215



1,188



1,403



(354
)


1,049



895Villa Hermosa Apartments

Mid Rise

Oct-02

New York, NY


1920



272



1,815



10,312



2,906



1,815



13,217



15,033



(4,661
)


10,371



7,308Village Oaks

Mid Rise

Jan-06

Catonsville, MD


1980



181



1,156



6,160



1,408



1,156



7,567



8,723



(3,935
)


4,788



5,083Village of Kaufman

Garden

Mar-05

Kaufman, TX


1981



68



370



1,606



63



370



1,669



2,039



(357
)


1,682



1,376Vista Park Chino

Garden

Mar-02

Chino, CA


1983



40



380



1,521



265



380



1,787



2,167



(427
)


1,740



1,609Wah Luck House

High Rise

Jan-06

Washington, DC


1982



153







11,198



94







11,292



11,292



(5,563
)


5,729



10,585Walhalla Gardens II

Garden

Jan-06

Walhalla, SC


1972



36



16



973



25



16



998



1,015



(674
)


341



138Walnut Hills

High Rise

Jan-06

Cincinnati, OH


1983



198



693



10,344



40



693



10,385



11,078



(5,319
)


5,759



6,787Wasco Arms

Garden

Mar-02

Wasco, CA


1982



78



625



2,519



685



625



3,205



3,830



(790
)


3,040



3,126Washington Square West

Mid Rise

Sep-04

Philadelphia, PA


1982



132



555



11,169



4,912



555



16,081



16,636



(3,348
)


13,288



4,043West 135th Street

Mid Rise

Dec-97

New York, NY


1979



198



1,212



8,031



4,795



1,212



12,826



14,038



(5,016
)


9,022



13,626Westminster Oaks

Town Home

Jan-06

Springfield, VA


1982



50







3,517



139







3,657



3,657



(1,707
)


1,950



1,147Westwood Terrace

Mid Rise

Mar-02

Moline, IL


1976



97



720



3,242



313



720



3,555



4,275



(632
)


3,642



2,084White Cliff

Garden

Mar-02

Lincoln Heights, OH


1977



72



215



938



284



215



1,222



1,437



(325
)


1,112



1,019Whitefield Place

Garden

Apr-05

San Antonio, TX


1980



80



223



3,151



2,477



223



5,628



5,851



(902
)


4,949



1,981Wickford

Garden

Mar-04

Henderson, NC


1983



44



247



946



37



247



983



1,231



(246
)


985



736Wilderness Trail

High Rise

Mar-02

Pineville, KY


1983



124



1,010



4,048



292



1,010



4,339



5,349



(711
)


4,639



4,664Wilkes Towers

High Rise

Mar-02

North Wilkesboro, NC


1981



72



410



1,680



423



410



2,103



2,513



(375
)


2,138



1,888Willowwood

Garden

Mar-02

North Hollywood, CA


1984



19



1,051



840



125



1,051



965



2,016



(178
)


1,838



1,099Winnsboro Arms

Garden

Jan-06

Winnsboro, SC


1978



60



71



1,898



48



71



1,946



2,017



(1,325
)


692



362Winter Gardens

High Rise

Mar-04

St Louis, MO


1920



112



300



3,072



4,322



300



7,394



7,694



(629
)


7,065



3,965Woodcrest

Garden

Dec-97

Odessa, TX


1972



80



41



229



297



41



526



567



(410
)


156



449 F-54




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##### Table of Contents



(2)


(3)


December 31, 2006(1)









Initial Cost


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


EncumbrancesWoodland

Garden

Jan-06

Spartanburg, SC


1972



100



182



663



1,100



182



1,763



1,945



(184
)


1,762



332Woodland Hills

Garden

Oct-05

Jackson, MI


1980



125



541



3,875



3,110



326



7,199



7,526



(490
)


7,036



Yadkin

Mid Rise

Mar-04

Salisbury, NC


1912



67



242



1,982



283



242



2,265



2,507



(809
)


1,698



1,841Total Affordable Properties












27,875



126,227



1,148,893



233,478



125,621



1,382,978



1,508,599



(488,485
)


1,020,114



798,982Other (4)
















1,005



4,791



523



1,004



5,314



6,318



(2,584
)


3,734162,432


$
2,372,921


$
7,491,381


$
2,118,183


$
2,420,948


$
9,561,537


$
11,982,485


$
(2,900,762
)

$
9,081,723


$
6,265,093     (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-55




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##### Table of Contents



AIMCO PROPERTIES, L.P.
REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Years Ended December 31, 2006, 2005 and 2004
(In Thousands)
 2006
    
    
    2005
    
    
    2004Real EstateBalance at beginning of year
    
    $
    10,198,524
    
    
    $
    9,327,670
    
    
    $
    8,470,451Additions during the year:Newly consolidated assets (1)
    
    
    1,146,086
    
    
    
    260,715
    
    
    
    277,580Acquisitions
    
    
    184,986
    
    
    
    288,212
    
    
    
    393,088Foreclosures
    
    
    
    
    
    
    
    
    
    
    2,022Capital expenditures
    
    
    485,758
    
    
    
    436,781
    
    
    
    301,937Deductions during the year:Casualty and other write-offs
    
    
    (21,192
    )
    
    
    (18,872
    )
    
    
    (13,869
    )Assets held for sale reclassification (2)
    
    
    (11,677
    )
    
    
    (95,982
    )
    
    
    (103,539
    )Balance at end of year
    
    $
    11,982,485
    
    
    $
    10,198,524
    
    
    $
    9,327,670Accumulated DepreciationBalance at beginning of year
    
    $
    2,008,781
    
    
    $
    1,654,715
    
    
    $
    1,390,848Additions during the year:Depreciation
    
    
    468,186
    
    
    
    412,701
    
    
    
    346,156Newly consolidated assets (1)
    
    
    452,824
    
    
    
    40,277
    
    
    
    (31,208
    )Deductions during the year:Casualty and other write-offs
    
    
    (5,604
    )
    
    
    (3,191
    )
    
    
    (4,038
    )Assets held for sale reclassification (2)
    
    
    (23,425
    )
    
    
    (95,721
    )
    
    
    (47,043
    )Balance at end of year
    
    $
    2,900,762
    
    
    $
    2,008,781
    
    
    $
    1,654,715
 
 (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. F-56




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##### 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
    
    Fourth Amended and Restated Agreement of Limited Partnership
of AIMCO Properties, L.P., dated as of July 29, 1994 as
amended and restated as of February 28, 2007 (Exhibit 10.1 to
Aimcos Annual Report on Form 10-K for the fiscal year ended
December 31, 2006, is incorporated herein by this reference)10.2
    
    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)10.3
    
    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)10.4
    
    Second Amendment to Amended and Restated Senior Secured Credit
Agreement, dated as of March 22, 2006, by and among Aimco,
AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as
the borrowers, and Bank of America, N.A., Keybank National
Association, and the lenders listed therein (Exhibit 10.1 to
Aimcos Current Report on Form 10-K, dated March 22, 2006, is
incorporated herein by this reference)10.5
    
    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)10.6
    
    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)10.7
    
    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)10.8
    
    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)*




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##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION10.9
    
    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)*10.10
    
    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)*10.11
    
    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)*21.1
    
    List of Subsidiaries23.1
    
    Consent of Independent Registered Public Accounting Firm31.1
    
    Certification of Chief Executive Officer pursuant to
Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    Certification of Chief Financial Officer pursuant to
Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.2
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 200299.1
    
    Agreement re: disclosure of long-term debt instruments
 
 (1)
    
    Schedule and supplemental materials to the exhibits have been omitted but will be provided to
the Securities and Exchange Commission upon request.(2)
    
    The file reference number for all exhibits is 001-13232, and all such exhibits remain
available pursuant to the Records Control Schedule of the Securities and Exchange Commission.*
    
    Management contract or compensatory plan or arrangement