##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 Form 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2008
 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
    
    84-1275621(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)4582 South Ulster Street Parkway, Suite 1100Denver, Colorado
    
    80237(Address of principal executive offices)
    
    (Zip Code)
 (303) 757-8101
 Title of Each Class
    
    Name of Each Exchange on Which RegisteredNot applicable
    
    Not applicable
  Partnership Common Units
 Yes þ No o
 Yes o No þ
 þ o
 þ
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Smaller reporting company o
 o þ
  
 Documents Incorporated by Reference




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##### 



AIMCO PROPERTIES, L.P.
 TABLE OF CONTENTS
 ANNUAL REPORT ON FORM 10-K
For the Fiscal Year Ended December 31, 2008
 Item
    
    PagePART I1. Business
    
    
    21A. Risk Factors
    
    
    91B. Unresolved Staff Comments
    
    
    152. Properties
    
    
    163. 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
    
    
    197. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    207A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    398. Financial Statements and Supplementary Data
    
    
    399. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
    
    
    399A. Controls and Procedures
    
    
    409B. Other Information
    
    
    42PART III10. Directors, Executive Officers and Corporate Governance
    
    
    4211. Executive Compensation
    
    
    4212. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    4213. Certain Relationships and Related Transactions, and Director Independence
    
    
    4314. Principal Accountant Fees and Services
    
    
    43PART IV15. Exhibits and Financial Statement Schedules
    
    
    44Exhibit 21.1Exhibit 23.1Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2Exhibit 99.1
   1




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FORWARD-LOOKING STATEMENTS
 The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking
statements in certain circumstances. Certain information included in
this Annual Report 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
these forward-looking statements and, in addition, will be affected by a variety of risks and
factors, some of which are beyond our control, including, without limitation: financing risks,
including the availability and cost of financing and the risk that our cash flows from operations
may be insufficient to meet required payments of principal and interest; earnings may not be
sufficient to maintain compliance with debt covenants; national and local economic conditions;
energy costs; the terms of governmental regulations that affect us and interpretations of those
regulations; the competitive environment in which we operate; real estate risks, including
fluctuations in real estate values and the general economic climate in the markets in which we
operate and competition for tenants in such markets; insurance risk; acquisition and development
risks, including failure of such acquisitions to perform in accordance with projections; the timing
of acquisitions and dispositions; natural disasters and severe weather such as hurricanes;
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
Partnership
    2




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Total PortfolioProperties
    
    
    UnitsConsolidated properties
    
    
    514
    
    
    
    117,719Unconsolidated properties
    
    
    85
    
    
    
    9,613Property management
    
    
    34
    
    
    
    3,252Asset management
    
    
    359
    
    
    
    32,223Total
    
    
    992
    
    
    
    162,807
    Available Information
 www.aimco.com.
 1-800-SEC-0330
 Financial Information About Industry Segments
  Business Overview
   3




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
    
    property operations  using scale and technology to increase the effectiveness and
efficiency of attracting and retaining apartment residents;
 
    
    portfolio management    allocating capital among geographic markets and apartment
property types such as Class A, Class B and Class C with redevelopment potential;
 
    
    redevelopment of properties  making substantial upgrades to the physical plant and,
sometimes, to the services offered to residents;
 
    
    earning fee income from providing investment management services such as property
management, financial management, accounting, investor reporting, property debt financings,
tax credit syndication, redevelopment and construction management;
 
    
    managing our cost and risk
of capital by using leverage that is largely long-term, laddered in
maturity, non-recourse and property specific; and
 
    
    reducing our general and administrative and certain other costs consistent with the
reduced size of our portfolio.
  Property Operations
     
    
    Customer Service.Our operating culture is focused on our residents. Our goal is to
provide our residents with consistent service in clean, safe and attractive communities. We
evaluate our performance through a customer satisfaction tracking system. In addition, we
emphasize the quality of our on-site employees through recruiting, training and retention
programs, which we believe contributes to improved customer service and leads to increased
occupancy rates and enhanced operational performance.
 
    
    Resident Selection and Retention.In apartment properties, neighbors are a meaningful
part of the product, together with the location of the property and the physical quality of
the apartment units. Part of our property operations strategy is to focus on resident
acquisition and retention  attracting and retaining credit-worthy residents who are good
neighbors. We have structured goals and coaching for all of our sales personnel, a tracking
system for inquiries and a standardized renewal communication program. We have standardized
residential financial stability requirements and have policies and monitoring practices to
maintain our resident quality.
  4




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
    
    Revenue Management.For our conventional properties, we are focusing on people,
processes and technology to build a revenue management model that is competitive with the
best in our industry. We seek to increase revenue by optimizing the balance between rental
and occupancy rates. We are also focused on the automation of on-site operations, as we
believe that timely and accurate collection of property performance and resident profile
data will enable us to maximize revenue through better property management and leasing
decisions. We have standardized policies for new and renewal pricing with timely data and
analyses by floor-plan, thereby enabling us to maximize our ability to modify pricing, even
in challenging sub-markets. During 2008, we established a centralized revenue management
team with leaders from the airline, hospitality and property management industries, and
centralized our rental rate pricing function in partnership with our area portfolio
management teams.
 
    
    Controlling Expenses.Cost controls are accomplished by local focus at the area level
and by taking advantage of economies of scale at the corporate level. As a result of the
size of our portfolio and our area concentrations of properties, we have the ability to
spread over a large property base fixed costs for general and administrative expenditures
and certain operating functions, such as purchasing, insurance and information technology.
 
    
    Ancillary Services.We believe that our ownership and management of properties provide
us with unique access to a customer base that allows us to provide additional services and
thereby increase occupancy and rents, while also generating incremental revenue. We
currently provide cable television, telephone services, appliance rental, and carport,
garage and storage space rental at certain properties.
   Redevelopment
     5




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Investment Management
          6




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Financial Strategy
    Competition
   7




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Taxation
  Taxation of Aimco
    Regulation
 General
  Environmental
   8




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Insurance
  Employees
   
 Item 1A. Risk Factors
  Our existing and future debt financing could render us unable to operate, result in foreclosure on
our properties, prevent us from making distributions on our equity or otherwise adversely affect
our liquidity.
    Disruptions in the financial markets could affect our ability to obtain financing and the cost of
available financing and could adversely affect our liquidity.
   9




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Increases
in interest rates would increase our interest expense and reduce our profitability.
  Failure to generate sufficient net operating income may limit our ability
to fund necessary capital expenditures, or adversely affect our ability to pay distributions .
   
    
    the general economic climate;
 
    
    competition from other apartment communities and other housing options;
 
    
    local conditions, such as loss of jobs or an increase in the supply of apartments, that
might adversely affect apartment occupancy or rental rates;
 
    
    changes in governmental regulations and the related cost of compliance;
 
    
    increases in operating costs (including real estate taxes) due to inflation and other
factors, which may not be offset by increased rents;
 
    
    changes in tax laws and housing laws, including the enactment of rent control laws or
other laws regulating multifamily housing; and
 
    
    changes in interest rates and the availability of financing.
  10




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Covenant restrictions may limit our ability to make payments to our investors.
  Because real estate investments are relatively illiquid, we may not be able to sell properties when
appropriate.
  Competition could limit our ability to lease apartments or increase or maintain rents.
  Our
subsidiaries may be prohibited from making distributions and other
payments to us.
  Redevelopment and construction risks could affect our profitability.
  
    
    we may be unable to obtain, or experience delays in obtaining, necessary zoning,
occupancy, or other required governmental or third party permits and authorizations, which
could result in increased costs or the delay or abandonment of opportunities;
 
    
    we may incur costs that exceed our original estimates due to increased material, labor
or other costs;
 
    
    we may be unable to complete construction and lease up of a property on schedule,
resulting in increased construction and financing costs and a decrease in expected rental
revenues;
 
    
    occupancy rates and rents at a property may fail to meet our expectations for a number
of reasons, including changes in market and economic conditions beyond our control and the
development by competitors of competing communities;
 
    
    we may be unable to obtain financing with favorable terms, or at all, for the proposed
development of a property, which may cause us to delay or abandon an opportunity;
 
    
    we may abandon opportunities that we have already begun to explore for a number of
reasons, including changes in local market conditions or increases in construction or
financing costs, and, as a result, we may fail to recover expenses already incurred in
exploring those opportunities;
 
    
    we may incur liabilities to third parties during the redevelopment process, for example,
in connection with resident lease terminations, or managing existing improvements on the
site prior to resident lease terminations; and
 
    
    loss of a key member of a project team could adversely affect our ability to deliver
redevelopment projects on time and within our budget.
  11




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If we are not successful in our acquisition of properties, our results of operations could be
adversely affected.
  We may be subject to litigation associated with partnership acquisitions that could increase our
expenses and prevent completion of beneficial transactions.
  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.
   12




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Government housing regulations may limit the opportunities at some of our properties and failure to
comply with resident qualification requirements may result in financial penalties and/or loss of
benefits, such as rental revenues paid by government agencies.
   Laws benefiting disabled persons may result in our incurrence of unanticipated expenses.
  Potential liability or other expenditures associated with potential environmental contamination may
be costly.
   13




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Moisture infiltration and resulting mold remediation may be costly.
  Aimcos failure to qualify as a REIT would place us in default under our primary credit facilities.
  REIT distribution requirements limit our available cash.
   14




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Aimcos charter and Maryland law may limit the ability of a third party to acquire control of
Aimco and, therefore, the Partnership.
  Maryland business statutes may limit the ability of a third party to acquire control of Aimco
and, therefore, the Partnership.
  
    
    have at least three directors who are not 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
   15




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Item 2. Properties
  2008
    
    
    2007Number of
    
    
    Number
    
    
    Number of
    
    
    NumberProperties
    
    
    of Units
    
    
    Properties
    
    
    of UnitsConventional:Pacific
    
    
    38
    
    
    
    10,504
    
    
    
    39
    
    
    
    10,616Northeast
    
    
    66
    
    
    
    20,169
    
    
    
    70
    
    
    
    23,490Sunbelt
    
    
    104
    
    
    
    30,928
    
    
    
    144
    
    
    
    39,554Chicago
    
    
    19
    
    
    
    5,555
    
    
    
    22
    
    
    
    6,344Total target markets
    
    
    227
    
    
    
    67,156
    
    
    
    275
    
    
    
    80,004Opportunistic and other markets
    
    
    83
    
    
    
    26,288
    
    
    
    164
    
    
    
    47,528Total conventional owned and managed
    
    
    310
    
    
    
    93,444
    
    
    
    439
    
    
    
    127,532Affordable owned and managed
    
    
    289
    
    
    
    33,888
    
    
    
    312
    
    
    
    37,104Property management
    
    
    34
    
    
    
    3,252
    
    
    
    36
    
    
    
    3,228Asset management
    
    
    359
    
    
    
    32,223
    
    
    
    382
    
    
    
    35,176Total
    
    
    992
    
    
    
    162,807
    
    
    
    1,169
    
    
    
    203,040
   
 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
  Distributions
    
    
    DistributionsDeclared
    
    
    Declared(per unit,
    
    
    (per unit,adjusted)
    
    
    adjusted)Quarter Ended
    
    2008
    
    
    2007
    
    
    2008 (2)
    
    
    2007 (2)December 31
    
    $
    3.88
    (1)
    
    $
    3.11
    (1)
    
    $
    3.22
    
    
    $
    2.18September 30
    
    
    3.00
    (1)
    
    
    0.60
    
    
    
    2.20
    
    
    
    0.42June 30
    
    
    0.60
    
    
    
    0.60
    
    
    
    0.44
    
    
    
    0.42March 31
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
 (1)
    
    During 2007 and 2008, we declared special distributions, which were paid part
in cash and part in common OP Units issued to Aimco. These special distributions were
in connection with special dividends declared by Aimcos board of directors to address
taxable gains from 2007 and 2008 property sales. Portion
    
    Portion Paid
    
    
    
    
    
    EffectiveTotal
    
    Paid to
    
    to Aimco in
    
    Common
    
    
    Increase inDeclaration
    
    Payment
    
    Distribution
    
    
    Total
    
    Cash
    
    Aimco in
    
    common OP
    
    OP Units
    
    
    Units onDate
    
    Date
    
    Declared
    
    
    Distribution
    
    Paid
    
    Cash
    
    Units
    
    issued
    
    
    Record DateDecember 21, 2007
    
    January 30, 2008
    
    $
    2.51
    
    
    $257.2 million
    
    $79.3 million
    
    $55.0 million
    
    $177.9 million
    
    
    4,594,074
    
    
    
    4.48
    %July 18, 2008
    
    August 29, 2008
    
    $
    3.00
    
    
    $285.5 million
    
    $80.0 million
    
    $51.4 million
    
    $205.5 million
    
    
    5,731,310
    
    
    
    6.02
    %October 16, 2008
    
    December 1, 2008
    
    $
    1.80
    
    
    $176.6 million
    
    $70.3 million
    
    $53.2 million
    
    $106.4 million
    
    
    12,572,267
    
    
    
    12.81
    %December 18, 2008
    
    January 29, 2009
    
    $
    2.08
    
    
    $230.1 million
    
    $80.3 million
    
    $60.6 million
    
    $149.8 million
    
    
    15,627,330
    
    
    
    14.12
    %
 (2)
    
    Distributions declared per unit have been retroactively adjusted for the effect
of additional common OP Units issued to Aimco pursuant to the special distributions
discussed in Note (1) above.     17




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Total Number ofUnits Purchased
    
    
    Maximum Numberas Part of
    
    
    of Units thatPublicly
    
    
    May Yet BeTotal Number
    
    
    Average
    
    
    Announced
    
    
    Purchased Underof Units
    
    
    Price Paid
    
    
    Plans or
    
    
    Plans orFiscal period (2)
    
    Purchased
    
    
    per Unit
    
    
    Programs (1)
    
    
    Programs (1)October 1  October 31, 2008
    
    
    2,018,900
    
    
    $
    24.77
    
    
    
    N/A
    
    
    
    N/ANovember 1  November 30,
2008
    
    
    908
    
    
    
    18.48
    
    
    
    N/A
    
    
    
    N/ADecember 1  December 31,
2008
    
    
    442
    
    
    
    11.98
    
    
    
    N/A
    
    
    
    N/ATotal
    
    
    2,020,250
    
    
    $
    24.75
 (1)
    
    The terms of our Partnership Agreement do not provide for a maximum number of units
that may be repurchased, and other than the express terms of our Partnership Agreement, we
have no publicly announced plans or programs of repurchase. However, whenever Aimco
repurchases its Class A Common Stock, it is expected that Aimco will fund the repurchase
with a concurrent repurchase by us of common OP Units held by Aimco at a price per unit
that is equal to the price per share paid for the Class A Common Stock.(2)
    
    During the year ended December 31, 2008, we repurchased approximately 13.9 million
common OP Units concurrent with Aimcos repurchase of an equal number of shares
of Aimco Class A Common stock for approximately $473.5 million, or $34.02 per unit, or
19.3 million common OP Units for $24.48 per unit, as adjusted for common OP Units
issued to Aimco in the special distributions discussed in Note 1 to the consolidated
financial statements in Item 8. Also during the year ended December 31, 2008, we redeemed
approximately 49,800 common OP Units for approximately $2.0 million in transactions with
common OP unitholders other than Aimco. Distribution Payments
   18




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Item 6. Selected Financial Data
  For the Years Ended December 31,2008
    
    
    2007 (1)
    
    
    2006 (1)
    
    
    2005 (1)
    
    
    2004 (1)(dollar amounts in thousands, except per unit data)OPERATING DATA:Total revenues
    
    $
    1,457,918
    
    
    $
    1,376,820
    
    
    $
    1,274,163
    
    
    $
    1,058,290
    
    
    $
    950,894Total operating expenses
    
    
    (1,253,151
    )
    
    
    (1,135,065
    )
    
    
    (1,044,052
    )
    
    
    (873,442
    )
    
    
    (759,647
    )Operating income
    
    
    204,767
    
    
    
    241,755
    
    
    
    230,111
    
    
    
    184,848
    
    
    
    191,247Income (loss) from continuing operations (2)
    
    
    (118,863
    )
    
    
    (57,462
    )
    
    
    (54,040
    )
    
    
    (32,923
    )
    
    
    51,045Income from discontinued operations, net (3)
    
    
    594,358
    
    
    
    91,579
    
    
    
    251,104
    
    
    
    113,669
    
    
    
    246,033Cumulative effect of change in accounting principle
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,957
    )Net income
    
    
    475,495
    
    
    
    34,117
    
    
    
    197,064
    
    
    
    80,744
    
    
    
    293,121Net income attributable to preferred unitholders
    
    
    61,354
    
    
    
    73,144
    
    
    
    90,527
    
    
    
    98,946
    
    
    
    96,922Net income (loss) attributable to common
unitholders
    
    
    414,141
    
    
    
    (39,027
    )
    
    
    106,537
    
    
    
    (18,202
    )
    
    
    196,199Earnings (loss) per common unit 
basic and diluted (4):Loss from continuing operations
(net of income attributable to preferred
unitholders)
    
    $
    (1.38
    )
    
    $
    (0.87
    )
    
    $
    (0.96
    )
    
    $
    (0.88
    )
    
    $
    (0.31
    )Net income (loss) attributable to common
unitholders
    
    $
    3.17
    
    
    $
    (0.26
    )
    
    $
    0.70
    
    
    $
    (0.12
    )
    
    $
    1.32BALANCE SHEET INFORMATION:Real estate, net of accumulated depreciation
    
    $
    8,102,873
    
    
    $
    7,887,547
    
    
    $
    7,325,722
    
    
    $
    6,546,807
    
    
    $
    6,029,368Total assets
    
    
    9,418,008
    
    
    
    10,620,597
    
    
    
    10,303,091
    
    
    
    10,031,759
    
    
    
    10,086,229Total indebtedness
    
    
    6,777,121
    
    
    
    6,402,972
    
    
    
    5,612,045
    
    
    
    4,874,966
    
    
    
    4,249,107Partners capital
    
    
    1,435,140
    
    
    
    1,876,006
    
    
    
    2,537,602
    
    
    
    2,945,402
    
    
    
    3,291,087OTHER INFORMATION:Distributions declared per common unit (4)
    
    $
    5.86
    
    
    $
    3.02
    
    
    $
    1.69
    
    
    $
    2.10
    
    
    $
    1.69Total consolidated properties (end of period)
    
    
    514
    
    
    
    657
    
    
    
    703
    
    
    
    619
    
    
    
    676Total consolidated apartment units (end of period)
    
    
    117,719
    
    
    
    153,758
    
    
    
    162,432
    
    
    
    158,548
    
    
    
    169,932Total unconsolidated properties (end of period)
    
    
    85
    
    
    
    94
    
    
    
    102
    
    
    
    264
    
    
    
    330Total unconsolidated apartment units (end of
period)
    
    
    9,613
    
    
    
    10,878
    
    
    
    11,791
    
    
    
    35,269
    
    
    
    44,728Units managed (end of period) (5)
    
    
    35,475
    
    
    
    38,404
    
    
    
    42,190
    
    
    
    46,667
    
    
    
    49,074
 (1)
    
    Certain reclassifications have been made to conform to the 2008 presentation. These
reclassifications primarily represent presentation changes related to discontinued
operations in accordance with Statement of Financial Accounting Standards No. 144.(2)
    
    Loss from continuing operations for the year ended December 31, 2008, includes a $107.5
million pre-tax provision for impairment losses on real estate development assets, which is
discussed further in Managements Discussion and Analysis of Financial Condition and
Results of Operationsin Item 7.(3)
    
    Income from discontinued operations for the year ended December 31, 2008, includes
$618.2 million in gains on disposition of real estate, net of minority partners interest,
resulting from the sale of 151 properties, which is discussed further in Managements
Discussion and Analysis of Financial Condition and Results of Operationsin Item 7.(4)
    
    Per unit amounts for each of the periods presented have been retroactively adjusted for
the effect of common OP Units issued to Aimco in connection with special distributions paid
during 2008 and in January 2009 (see Note 1 to the consolidated financial statements in
Item 8 for further discussion of the special distributions).(5)
    
    The years ended 2008, 2007, 2006, 2005 and 2004 include 32,223, 35,176, 38,617, 41,421
and 41,233 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. 
  19




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##### Table of Contents



Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Executive Overview
       20




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##### Table of Contents



Results of Operations
 Overview
 2008 compared to 2007
  
    
    an increase in income from discontinued operations, primarily related to higher net
gains on sales of real estate;
 
    
    an increase in gain on dispositions of unconsolidated real estate and other, primarily
related to our disposition in 2008 of interests in two unconsolidated real estate
partnerships; and
 
    
    an increase in net operating income associated with property operations, reflecting
improved operations of our same store properties and other properties.
  
    
    a provision for impairment losses on real estate development assets;
 
    
    an increase in depreciation and amortization expense, primarily related to completed
redevelopments; and
 
    
    a restructuring provision
recognized during the fourth quarter of 2008.
 2007 compared to 2006
  
    
    a decrease in income from discontinued operations, primarily due to decreases in net
gains on dispositions of real estate;
 
    
    an increase in interest expense, reflecting higher loan principal balances resulting
from refinancings, share repurchases and acquisitions; and
 
    
    an increase in depreciation and amortization expense, primarily related to completed
redevelopments and newly consolidated properties.
  
    
    an increase in net operating income associated with property operations, reflecting
improved operations of our same store properties and other properties; and
 
    
    the recognition in 2007 of deferred debt extinguishment gains in connection with the
refinancing of certain mortgage loans that had been restructured in a 1997 bankruptcy
settlement.
  Business Segment Operating Results
 Disclosures about Segments of an Enterprise and Related Information
  21




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##### Table of Contents



Real Estate Segment
   Year Ended December 31,2008
    
    
    2007
    
    
    2006Real estate segment revenues:Rental and other property revenues
    
    $
    1,350,950
    
    
    $
    1,296,142
    
    
    $
    1,212,958Property management revenues, primarily
from affiliates
    
    
    6,345
    
    
    
    6,923
    
    
    
    12,3121,357,295
    
    
    
    1,303,065
    
    
    
    1,225,270Real estate segment expenses:Property operating expenses
    
    
    626,001
    
    
    
    596,902
    
    
    
    549,716Property management expenses
    
    
    5,385
    
    
    
    6,678
    
    
    
    6,289631,386
    
    
    
    603,580
    
    
    
    556,005Real estate segment net operating income
    
    $
    725,909
    
    
    $
    699,485
    
    
    $
    669,265
 Consolidated Conventional Same Store Property Operating Results
  Year Ended December 31,2008
    
    
    2007
    
    
    ChangeConsolidated same store revenues
    
    $
    837,748
    
    
    $
    821,287
    
    
    
    2.0
    %Consolidated same store expenses
    
    
    325,514
    
    
    
    329,122
    
    
    
    -1.1
    %Same store net operating income
    
    
    512,234
    
    
    
    492,165
    
    
    
    4.1
    %Reconciling items (1)
    
    
    213,675
    
    
    
    207,320
    
    
    
    3.1
    %Real estate segment net operating income
    
    $
    725,909
    
    
    $
    699,485
    
    
    
    3.8
    %Same store operating statistics:Properties
    
    
    219
    
    
    
    219
    
    
    
    Apartment units
    
    
    69,565
    
    
    
    69,565
    
    
    
    Average physical occupancy
    
    
    94.9
    %
    
    
    94.7
    %
    
    
    0.2
    %Average rent/unit/month
    
    $
    970
    
    
    $
    954
    
    
    
    1.7
    %
 (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) and casualty gains and losses.   22




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##### Table of Contents



Year Ended December 31,2007
    
    
    2006
    
    
    ChangeConsolidated same store revenues
    
    $
    821,287
    
    
    $
    780,052
    
    
    
    5.3
    %Consolidated same store expenses
    
    
    329,122
    
    
    
    315,461
    
    
    
    4.3
    %Same store net operating income
    
    
    492,165
    
    
    
    464,591
    
    
    
    5.9
    %Reconciling items (1)
    
    
    207,320
    
    
    
    204,674
    
    
    
    1.3
    %Real estate segment net operating income
    
    $
    699,485
    
    
    $
    669,265
    
    
    
    4.5
    %Same store operating statistics:Properties
    
    
    219
    
    
    
    219
    
    
    
    Apartment units
    
    
    69,565
    
    
    
    69,565
    
    
    
    Average physical occupancy
    
    
    94.7
    %
    
    
    94.7
    %
    
    
    Average rent/unit/month
    
    $
    954
    
    
    $
    914
    
    
    
    4.4
    %
 (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.   Investment Management Segment
    23




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##### Table of Contents



Year Ended December 31,2008
    
    
    2007
    
    
    2006Asset management and tax credit revenues
    
    $
    100,623
    
    
    $
    73,755
    
    
    $
    48,893Investment management expenses
    
    
    21,389
    
    
    
    20,514
    
    
    
    14,742Investment segment net operating income
(1)
    
    $
    79,234
    
    
    $
    53,241
    
    
    $
    34,151
 (1)
    
    Excludes certain items of income and expense, which are
included in our consolidated statements of income in: other expenses,
net; interest expense; interest income; (loss) gain on dispositions
of unconsolidated real estate and other; and minority interest in
consolidated real estate partnerships.   Other Operating Expenses (Income)
 Depreciation and Amortization
 Impairment of Long-Lived Assets
 Impairment of Long-Lived Assets
 General and Administrative Expenses
   24




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Other Expenses, Net
  Capitalized Software Costs
  Restructuring Costs
  Interest Income
    25




---



##### Table of Contents



Interest Expense
   Deficit Distributions to Minority Partners
    Provision for Operating Real Estate Impairment Losses
     26




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##### Table of Contents



Provision for Impairment Losses on Real Estate Development Assets
     Gain on Dispositions of Unconsolidated Real Estate and Other
     27




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##### Table of Contents



Income Tax Benefit
    Minority Interest in Consolidated Real Estate Partnerships
   Tax
Credit Arrangements
 Income from Discontinued Operations, Net
    28




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##### Table of Contents



Critical Accounting Policies and Estimates
  Impairment of Long-Lived Assets
  Provision
for Impairment Losses on Real Estate Development Assets
  
    
    the general economic climate;
 
    
    competition from other apartment communities and other housing options;
 
    
    local conditions, such as loss of jobs or an increase in the supply of apartments, that
might adversely affect apartment occupancy or rental rates;
 
    
    changes in governmental regulations and the related cost of compliance;
 
    
    increases in operating costs (including real estate taxes) due to inflation and other
factors, which may not be offset by increased rents;
  29




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##### Table of Contents




    
    changes in tax laws and housing laws, including the enactment of rent control laws or
other laws regulating multifamily housing;
 
    
    availability and cost of financing;
 
    
    changes in market capitalization rates; and
 
    
    the relative illiquidity of such investments.
  Notes Receivable and Interest Income Recognition
    Allowance for Losses on Notes Receivable
   Provision for Impairment Losses on Real Estate Development
Assets
  30




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##### Table of Contents



Capitalized Costs
 Capital Expenditures and Related Depreciation
  Funds From Operations
   31




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##### Table of Contents



2008
    
    
    2007
    
    
    2006Net income (loss) attributable to common unitholders (1)
    
    $
    414,141
    
    
    $
    (39,027
    )
    
    $
    106,537Adjustments:Depreciation and amortization (2)
    
    
    458,595
    
    
    
    403,786
    
    
    
    368,783Depreciation and amortization related to non-real estate assets
    
    
    (18,012
    )
    
    
    (20,815
    )
    
    
    (22,898
    )Depreciation of rental property related to minority partners
and unconsolidated entities (3) (4)
    
    
    (36,571
    )
    
    
    (22,277
    )
    
    
    1,973Depreciation of rental property related to minority partners
interest  adjustment (5)
    
    
    
    
    
    
    
    
    
    
    7,377Gain on dispositions of unconsolidated real estate and other
    
    
    (99,602
    )
    
    
    (32,061
    )
    
    
    (27,730
    )Income tax arising from disposition of unconsolidated real
estate and other
    
    
    (433
    )
    
    
    (17
    )
    
    
    Gain on dispositions of non-depreciable assets and debt
extinguishment gain
    
    
    1,670
    
    
    
    26,702
    
    
    
    11,526Deficit distributions to minority partners (6)
    
    
    25,984
    
    
    
    32,599
    
    
    
    15,519Discontinued operations:Gain on dispositions of real estate, net of minority
partners interest (3)
    
    
    (618,168
    )
    
    
    (65,076
    )
    
    
    (258,970
    )Depreciation of rental property, net of minority partners
interest (3) (4)
    
    
    50,786
    
    
    
    65,334
    
    
    
    107,545Deficit distributions (recovery of deficit distributions)
to minority partners, net (6)
    
    
    (30,127
    )
    
    
    6,161
    
    
    
    (10,441
    )Income tax arising from disposals
    
    
    43,146
    
    
    
    2,135
    
    
    
    32,918Preferred OP Unit distributions
    
    
    62,836
    
    
    
    70,509
    
    
    
    83,679Preferred OP Unit redemption related (gains) costs
    
    
    (1,482
    )
    
    
    2,635
    
    
    
    6,848Funds From Operations
    
    $
    252,763
    
    
    $
    430,588
    
    
    $
    422,666Preferred OP Unit distributions
    
    
    (62,836
    )
    
    
    (70,509
    )
    
    
    (83,679
    )Preferred OP Unit redemption related gains (costs)
    
    
    1,482
    
    
    
    (2,635
    )
    
    
    (6,848
    )Distributions on dilutive preferred securities
    
    
    5,309
    
    
    
    1,875
    
    
    
    2,444Funds From Operations attributable to common unitholders  diluted
    
    $
    196,718
    
    
    $
    359,319
    
    
    $
    334,583Weighted average number of common unit, common unit
equivalents and dilutive preferred securities outstanding (8):Common units and equivalents (7) (9)
    
    
    131,231
    
    
    
    153,054
    
    
    
    154,683Dilutive preferred securities
    
    
    2,524
    
    
    
    856
    
    
    
    2,627Total
    
    
    133,755
    
    
    
    153,910
    
    
    
    157,310
 Notes:(1)
    
    Represents the numerator for earnings per common unit, calculated in accordance with
GAAP.(2)
    
    Includes amortization of management contracts where we are the general partner. Such
management contracts were established in certain instances where we acquired a general
partner interest in either a consolidated or an unconsolidated partnership. Because the
recoverability of these management contracts depends primarily on the operations of the
real estate owned by the limited partnerships, we believe it is consistent with the White
Paper to add 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)
    
    Adjustments related to minority partners share of depreciation of rental property for
the year ended December 31, 2007, include the subtraction of $15.1 million and $17.8
million for continuing operations and discontinued operations, respectively, related to the
VMS debt extinguishment gains (see Note 3 to the consolidated financial statements in Item
8). These subtractions are required because we added back the minority partners share of
depreciation related to rental property in determining FFO in prior periods. Accordingly,
the net effect of the VMS debt extinguishment gains on our FFO for the year ended December
31, 2007, was an increase of $9.3 million.(5)
    
    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 in Item 8). This prior period depreciation is added back to determine
FFO in accordance with the NAREIT White Paper.(6)
    
    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 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.  32




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##### Table of Contents



(7)
    
    During the years ended December 31, 2008, 2007 and 2006, we had 7,191,199, 7,367,440
and 7,853,174 common OP Units outstanding and 2,367,629, 2,379,084 and 2,379,084 High
Performance Units outstanding.(8)
    
    Weighted average common units, common unit equivalents and dilutive preferred
securities amounts for the periods presented have been retroactively adjusted for the
effect of common OP Units issued to Aimco in connection with the special distributions paid
during 2008 and in January 2009, which are further discussed in Note 1 to the consolidated
financial statements in Item 8.(9)
    
    Represents the denominator for earnings per common unit  diluted, calculated in
accordance with GAAP, plus additional common OP Unit equivalents that are dilutive for FFO. Liquidity and Capital Resources
      Derivative Financial
Instruments
  33




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##### Table of Contents



Operating Activities
  Investing Activities
    Capital Expenditures
   34




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##### Table of Contents



Aimcos
    
    
    
    
    
    
    PerShare of
    
    
    
    
    
    
    EffectiveExpenditures
    
    
    
    
    
    
    UnitCapital Replacements Detail:Building and grounds
    
    $
    40,516
    
    
    
    
    
    
    $
    319Turnover related
    
    
    45,724
    
    
    
    
    
    
    
    361Capitalized site payroll and indirect costs
    
    
    15,128
    
    
    
    
    
    
    
    119Our share of Capital Replacements
    
    $
    101,368
    
    
    
    
    
    
    $
    799Capital Replacements:Conventional
    
    $
    94,574
    
    
    
    
    
    
    $
    860Affordable
    
    
    6,794
    
    
    
    
    
    
    $
    403Our share of Capital Replacements
    
    
    101,368
    
    
    
    
    
    
    $
    799Capital Improvements:Conventional
    
    
    113,870
    
    
    
    
    
    
    $
    1,036Affordable
    
    
    11,016
    
    
    
    
    
    
    $
    653Our share of Capital Improvements
    
    
    124,886
    
    
    
    
    
    
    $
    985Casualties (1):Conventional
    
    
    21,228Affordable
    
    
    1,615Our share of casualties
    
    
    22,843Redevelopment:Conventional projects
    
    
    226,307Tax credit projects
    
    
    113,945Our share of redevelopment
    
    
    340,252Entitlement
    
    
    24,156Our share of capital expenditures
    
    
    613,505Plus minority partners share of consolidated spending
    
    
    52,504Less our share of unconsolidated spending
    
    
    (776
    )Total capital expenditures per consolidated statement of cash flows
    
    $
    665,233
 (1)
    
    Casualties for the year ended December 31, 2008, reflect the portion of the anticipated
spending related to Tropical Storm Fay and Hurricane Ike incurred as of December 31, 2008.   35




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##### Table of Contents



Financing Activities
  Mortgage Debt
  Term
Loans and Credit Facility
    Fair Value Measurements
 Accounting for Derivative Instruments and
Hedging Activities
   36




---



##### Table of Contents



Partners Capital Transactions
      37




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##### Table of Contents



Contractual Obligations
  Less than
    
    
    
    
    
    
    
    
    
    
    More thanTotal
    
    
    One Year
    
    
    1-3 Years
    
    
    3-5 Years
    
    
    5 YearsScheduled long-term debt maturities
    
    $
    6,377,121
    
    
    $
    407,893
    
    
    $
    718,724
    
    
    $
    1,094,021
    
    
    $
    4,156,483Term loan (1)
    
    
    400,000
    
    
    
    
    
    
    
    400,000
    
    
    
    
    
    
    
    Redevelopment and other construction
commitments
    
    
    70,279
    
    
    
    68,752
    
    
    
    1,527
    
    
    
    
    
    
    
    Leases for space occupied (2)
    
    
    31,935
    
    
    
    7,904
    
    
    
    12,316
    
    
    
    7,622
    
    
    
    4,093Other obligations (3)
    
    
    5,595
    
    
    
    5,595
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    6,884,930
    
    
    $
    490,144
    
    
    $
    1,132,567
    
    
    $
    1,101,643
    
    
    $
    4,160,576
 (1)
    
    After payment of $50.0 million in January 2009, the term loan had an outstanding balance of
$350.0 million.(2)
    
    Inclusive of leased space that has been abandoned as part of our organizational restructuring
in 2008 (see Restructuring Costsin Note 3 to the consolidated financial statements in Item
8).(3)
    
    Represents a commitment to fund $5.6 million in second mortgage loans on certain properties
in West Harlem, New York City.  Future Capital Needs
   Off-Balance Sheet Arrangements
   38




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##### Table of Contents



Item 7A. Quantitative and Qualitative Disclosures About Market Risk
   Derivative
Financial Instruments
  
 Item 8. Financial Statements and Supplementary Data
  
 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
   39




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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 Partnership are being made only in
accordance with authorizations of the General Partners management and directors of the
Partnership; and
 
    
    provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Partnerships assets that could have a material
effect on the financial statements.
  Internal
Control-Integrated Framework
   Changes in Internal Control over Financial Reporting
   40




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
 
 Internal ControlIntegrated
Framework
      /s/ ERNST & YOUNG LLP
 
  41




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##### Table of Contents



Item 9B. Other Information
  
 PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance
    
 Item 11. Executive Compensation
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
   42




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##### Table of Contents



Item 13. Certain Relationships and Related Transactions, and Director Independence
  
 Item 14. Principal Accountant Fees and Services
   43




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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.
    
    DESCRIPTION10.1
    
    
    Fourth Amended and Restated Agreement of Limited Partnership
of AIMCO Properties, L.P., dated as of July 29, 1994, as
amended and restated as of February 28, 2007 (Exhibit 10.1 to
Aimcos Annual Report on Form 10-K for the year ended December
31, 2006, is incorporated herein by this reference)10.2
    
    
    First Amendment to Fourth Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
December 31, 2007 (Exhibit 10.1 to Aimcos Current Report on
Form 8-K, dated December 31, 2007, is incorporated herein by
this reference)10.3
    
    
    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)10.4
    
    
    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)10.5
    
    
    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)10.6
    
    
    Third Amendment to Senior Secured Credit Agreement, dated as
of August 31, 2007, by and among Apartment Investment and
Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors
named therein, Bank of America, N.A., as administrative agent
and Bank of America, N.A., Keybank National Association and
the other lenders listed therein (Exhibit 10.1 to Aimcos
Current Report on Form 8-K, dated August 31, 2007, is
incorporated herein by this reference)10.7
    
    
    Fourth Amendment to Senior Secured Credit Agreement, dated as
of September 14, 2007, by and among Apartment Investment and
Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors
named therein, Bank of America, N.A., as administrative agent
and Bank of America, N.A., Keybank National Association and
the other lenders listed therein (Exhibit 10.1 to Aimcos
Current Report on Form 8-K, dated September 14, 2007, is
incorporated herein by this reference)
  44




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##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION10.8
    
    
    Fifth Amendment to Senior Secured Credit Agreement, dated as
of September 9, 2008, by and among Apartment Investment and
Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors
named therein, Bank of America, N.A., as administrative agent
and Bank of America, N.A., Keybank National Association and
the other lenders listed therein (Exhibit 10.1 to Aimcos
Current Report on Form 8-K, dated September 11, 2008, is
incorporated herein by this reference)10.9
    
    
    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)10.10
    
    
    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)10.11
    
    
    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)10.12
    
    
    Employment Contract executed on December 29, 2008, by and
between AIMCO Properties, L.P. and Terry Considine (Exhibit 10.1 to
Aimcos Current Report on Form 8-K, filed December 29, 2008,
is incorporated herein by this reference)*10.13
    
    
    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)*10.14
    
    
    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)*10.15
    
    
    Form of Incentive Stock Option Agreement (1997 Stock Award and
Incentive Plan) (Exhibit 10.42 to Aimcos Annual Report on
Form 10-K for the year ended December 31, 1998, is
incorporated herein by this reference)*10.16
    
    
    2007 Stock Award and Incentive Plan (incorporated by reference
to Appendix A to Aimcos Proxy Statement on Schedule 14A filed
with the Securities and Exchange Commission on March 20,
2007)*10.17
    
    
    Form of Restricted Stock Agreement (Exhibit 10.2 to Aimcos
Current Report on Form 8-K, dated April 30, 2007, is
incorporated herein by this reference)*10.18
    
    
    Form of Non-Qualified Stock Option Agreement (Exhibit 10.3 to
Aimcos Current Report on Form 8-K, dated April 30, 2007, is
incorporated herein by this reference)*10.19
    
    
    2007 Employee Stock Purchase Plan (incorporated by reference
to Appendix B to Aimcos Proxy Statement on Schedule 14A filed
with the Securities and Exchange Commission on March 20,
2007)*21.1
    
    
    List of Subsidiaries23.1
    
    
    Consent of Independent Registered Public Accounting Firm31.1
    
    
    Certification of Chief Executive Officer pursuant to
Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    
    Certification of Chief Financial Officer pursuant to
Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
  45




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##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION32.2
    
    
    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  46




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##### Table of Contents



SIGNATURES
  AIMCO PROPERTIES, L.P.By: AIMCO-GP, Inc., its General PartnerBy:
    
    /s/ TERRY CONSIDINE

Terry ConsidineChairman of the Board andChief Executive OfficerDate: February 27, 2009
  Signature
    
    Title
    
    Date/s/ TERRY CONSIDINE

Terry Considine
    
    Chairman of the Board and Chief
Executive Officer of
the registrants general
partner (principal
executive officer)
    
    February 27, 2009/s/ THOMAS M. HERZOG

Thomas M. Herzog
    
    Executive Vice President and Chief
Financial Officer of
the registrants general
partner (principal
financial officer)
    
    February 27, 2009/s/ PAUL BELDIN

Paul Beldin
    
    Senior Vice President and Chief
Accounting Officer of
the registrants general
partner (principal
accounting officer)
    
    February 27, 2009
  47




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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, 2008 and 2007
    
    
    F-3Consolidated Statements of Income for the Years Ended December 31, 2008, 2007 and 2006
    
    
    F-4Consolidated Statements of Partners Capital for the Years Ended December 31, 2008,
2007 and 2006
    
    
    F-5Consolidated Statements of Cash Flows for the Years Ended December 31, 2008, 2007 and
2006
    
    
    F-6Notes to Consolidated Financial Statements
    
    
    F-8Financial Statement Schedule:Schedule III  Real Estate and Accumulated Depreciation
    
    
    F-50All 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
 
    Internal Control  Integrated Framework
  
  F-2




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##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED BALANCE SHEETS
 As of December 31, 2008 and 2007
 (In thousands)
 2008
    
    
    2007ASSETSReal estate:Buildings and improvements
    
    $
    8,552,635
    
    
    $
    7,893,171Land
    
    
    2,332,457
    
    
    
    2,355,103Total real estate
    
    
    10,885,092
    
    
    
    10,248,274Less accumulated depreciation
    
    
    (2,782,219
    )
    
    
    (2,360,727
    )Net real estate
    
    
    8,102,873
    
    
    
    7,887,547Cash and cash equivalents
    
    
    299,676
    
    
    
    210,461Restricted cash
    
    
    258,303
    
    
    
    313,694Accounts receivable, net
    
    
    89,132
    
    
    
    71,463Accounts receivable from affiliates, net
    
    
    33,536
    
    
    
    34,958Deferred financing costs, net
    
    
    59,473
    
    
    
    65,888Notes receivable from unconsolidated real estate partnerships, net
    
    
    22,567
    
    
    
    35,186Notes receivable from non-affiliates, net
    
    
    136,633
    
    
    
    143,054Notes receivable from Aimco
    
    
    15,551
    
    
    
    14,765Investment in unconsolidated real estate partnerships
    
    
    108,181
    
    
    
    116,086Other assets
    
    
    196,597
    
    
    
    207,783Deferred income tax assets, net
    
    
    28,326
    
    
    
    14,426Assets held for sale
    
    
    67,160
    
    
    
    1,505,286Total assets
    
    $
    9,418,008
    
    
    $
    10,620,597LIABILITIES AND PARTNERS CAPITALProperty tax-exempt bond financing
    
    $
    721,971
    
    
    $
    756,442Property loans payable
    
    
    5,559,169
    
    
    
    5,096,473Term loans
    
    
    400,000
    
    
    
    475,000Other borrowings
    
    
    95,981
    
    
    
    75,057Total indebtedness
    
    
    6,777,121
    
    
    
    6,402,972Accounts payable
    
    
    64,241
    
    
    
    65,235Accrued liabilities and other
    
    
    411,114
    
    
    
    441,042Deferred income
    
    
    195,997
    
    
    
    200,199Security deposits
    
    
    43,277
    
    
    
    41,141Liabilities related to assets held for sale
    
    
    56,341
    
    
    
    1,151,198Total liabilities
    
    
    7,548,091
    
    
    
    8,301,787Minority interest in consolidated real estate partnerships
    
    
    349,532
    
    
    
    442,804Redeemable preferred units (Note 11)
    
    
    85,245
    
    
    
    Commitments and contingencies (Note 8)Partners capital:Preferred units
    
    
    689,026
    
    
    
    803,593General Partner and Special Limited Partner
    
    
    708,386
    
    
    
    853,615Limited Partners
    
    
    82,461
    
    
    
    253,652High Performance Units
    
    
    (39,624
    )
    
    
    (28,703
    )Investment in Aimco Class A Common Stock
    
    
    (5,109
    )
    
    
    (6,151
    )Total partners capital
    
    
    1,435,140
    
    
    
    1,876,006Total liabilities and partners capital
    
    $
    9,418,008
    
    
    $
    10,620,597
   F-3




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##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED STATEMENTS OF INCOME
 For the Years Ended December 31, 2008, 2007 and 2006
 (In thousands, except per unit data)
 2008
    
    
    2007
    
    
    2006REVENUES:Rental and other property revenues
    
    $
    1,350,950
    
    
    $
    1,296,142
    
    
    $
    1,212,958Property management revenues, primarily from affiliates
    
    
    6,345
    
    
    
    6,923
    
    
    
    12,312Asset management and tax credit revenues
    
    
    100,623
    
    
    
    73,755
    
    
    
    48,893Total revenues
    
    
    1,457,918
    
    
    
    1,376,820
    
    
    
    1,274,163OPERATING EXPENSES:Property operating expenses
    
    
    626,001
    
    
    
    596,902
    
    
    
    549,716Property management expenses
    
    
    5,385
    
    
    
    6,678
    
    
    
    6,289Investment management expenses
    
    
    21,389
    
    
    
    20,514
    
    
    
    14,742Depreciation and amortization
    
    
    458,595
    
    
    
    403,786
    
    
    
    368,783General and administrative expenses
    
    
    99,040
    
    
    
    90,667
    
    
    
    91,571Other expenses, net
    
    
    19,939
    
    
    
    16,518
    
    
    
    12,951Restructuring costs
    
    
    22,802
    
    
    
    
    
    
    
    Total operating expenses
    
    
    1,253,151
    
    
    
    1,135,065
    
    
    
    1,044,052Operating income
    
    
    204,767
    
    
    
    241,755
    
    
    
    230,111Interest income
    
    
    17,916
    
    
    
    41,636
    
    
    
    35,132Provision for losses on notes receivable, net
    
    
    (4,179
    )
    
    
    (3,951
    )
    
    
    (2,785
    )Interest expense
    
    
    (368,709
    )
    
    
    (355,440
    )
    
    
    (326,060
    )Deficit distributions to minority partners
    
    
    (25,984
    )
    
    
    (32,599
    )
    
    
    (15,519
    )Equity in losses of unconsolidated real estate partnerships
    
    
    (4,601
    )
    
    
    (277
    )
    
    
    (2,070
    )(Provision
for) recoveries of operating real estate impairment losses
    
    
    (5,617
    )
    
    
    (1,637
    )
    
    
    813Provision for impairment losses on real estate development assets
    
    
    (107,459
    )
    
    
    
    
    
    
    Gain on dispositions of unconsolidated real estate and other
    
    
    99,602
    
    
    
    32,061
    
    
    
    27,730Loss before income taxes, minority interest and discontinued operations
    
    
    (194,264
    )
    
    
    (78,452
    )
    
    
    (52,648
    )Income tax benefit
    
    
    53,371
    
    
    
    19,840
    
    
    
    11,095Minority interest in consolidated real estate partnerships
    
    
    22,030
    
    
    
    1,150
    
    
    
    (12,487
    )Loss from continuing operations
    
    
    (118,863
    )
    
    
    (57,462
    )
    
    
    (54,040
    )Income from discontinued operations, net
    
    
    594,358
    
    
    
    91,579
    
    
    
    251,104Net income
    
    
    475,495
    
    
    
    34,117
    
    
    
    197,064Net income attributable to preferred unitholders
    
    
    61,354
    
    
    
    73,144
    
    
    
    90,527Net income (loss) attributable to common unitholders
    
    $
    414,141
    
    
    $
    (39,027
    )
    
    $
    106,537Earnings (loss) per common unit  basic and diluted:Loss from continuing operations (net of preferred distributions)
    
    $
    (1.38
    )
    
    $
    (0.87
    )
    
    $
    (0.96
    )Income from discontinued operations
    
    
    4.55
    
    
    
    0.61
    
    
    
    1.66Net income (loss) attributable to common unitholders
    
    $
    3.17
    
    
    $
    (0.26
    )
    
    $
    0.70Weighted average common units outstanding  basic and diluted
    
    
    130,772
    
    
    
    149,883
    
    
    
    151,285Distributions declared per common unit
    
    $
    5.86
    
    
    $
    3.02
    
    
    $
    1.69
   F-4




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##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED STATEMENTS OF PARTNERS CAPITAL
 For the Years Ended December 31, 2008, 2007 and 2006
 (In thousands)
 GeneralPartner
    
    
    
    
    
    
    High
    
    
    Investmentand Special
    
    
    
    
    
    
    Perform-
    
    
    In Aimco
    
    
    NotePreferred
    
    
    Limited
    
    
    Limited
    
    
    ance
    
    
    Common
    
    
    Receivable fromUnits
    
    
    Partner
    
    
    Partners
    
    
    Units
    
    
    Stock
    
    
    Aimco
    
    
    TotalPartners Capital at December 31, 2005
    
    $
    1,188,232
    
    
    $
    1,565,434
    
    
    $
    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
    )
    
    
    (6,848
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (293,598
    )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
    
    
    (89,674
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (89,674
    )Adjustment to reflect Limited Partners capital at
redemption value
    
    
    
    
    
    
    (167,993
    )
    
    
    167,993
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Partners Capital at December 31, 2006
    
    
    914,215
    
    
    
    1,208,866
    
    
    
    439,903
    
    
    
    (18,308
    )
    
    
    (7,074
    )
    
    
    
    
    
    
    2,537,602Cumulative effect of change in accounting principle -
adoption of FIN 48 (Note 2)
    
    
    
    
    
    
    (763
    )
    
    
    (61
    )
    
    
    (20
    )
    
    
    
    
    
    
    
    
    
    
    (844
    )Redemption of preferred units held by Aimco
    
    
    (100,000
    )
    
    
    (2,000
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (102,000
    )Common and preferred units redeemed by Limited Partners
to Special Limited Partner
    
    
    
    
    
    
    27,853
    
    
    
    (27,853
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Contribution from Aimco related to employee stock
purchases, net
    
    
    
    
    
    
    1,827
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,827Contribution from Aimco related to stock option exercises
    
    
    
    
    
    
    53,719
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    53,719Amortization of Aimco stock-based compensation
    
    
    
    
    
    
    19,235
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    19,235High Performance Unit valuation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    720
    
    
    
    
    
    
    
    
    
    
    
    720Redemption of preferred units and common units
    
    
    
    
    
    
    
    
    
    
    (2,181
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,181
    )Repurchase of common units related to Aimco common stock
repurchases
    
    
    
    
    
    
    (325,822
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (325,822
    )Other, net
    
    
    
    
    
    
    (1,462
    )
    
    
    2,998
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,536Net income
    
    
    73,144
    
    
    
    (35,549
    )
    
    
    (2,629
    )
    
    
    (849
    )
    
    
    
    
    
    
    
    
    
    
    34,117Distributions to common and high performance unitholders
    
    
    
    
    
    
    (228,945
    )
    
    
    (31,329
    )
    
    
    (10,246
    )
    
    
    923
    
    
    
    
    
    
    
    (269,597
    )Distributions to preferred unitholders
    
    
    (72,306
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (72,306
    )Adjustment to reflect Limited Partners capital at
redemption value
    
    
    
    
    
    
    125,196
    
    
    
    (125,196
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Partners Capital at December 31, 2007
    
    
    815,053
    
    
    
    842,155
    
    
    
    253,652
    
    
    
    (28,703
    )
    
    
    (6,151
    )
    
    
    
    
    
    
    1,876,006Redemption of preferred units held by Aimco
    
    
    (27,000
    )
    
    
    2,160
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (24,840
    )Common units redeemed by Limited Partners to Special
Limited Partner
    
    
    
    
    
    
    4,182
    
    
    
    (4,182
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Contribution from Aimco related to employee stock
purchases, net
    
    
    
    
    
    
    1,671
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,671Contribution from Aimco related to stock option exercises
    
    
    
    
    
    
    481
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    481Amortization of Aimco stock-based compensation
    
    
    
    
    
    
    17,573
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,573High Performance Unit valuation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    389
    
    
    
    
    
    
    
    
    
    
    
    389Redemption of preferred units and common units
    
    
    (976
    )
    
    
    
    
    
    
    (2,046
    )
    
    
    (1,146
    )
    
    
    
    
    
    
    
    
    
    
    (4,168
    )Repurchase of common units related to Aimco common stock
repurchases
    
    
    
    
    
    
    (473,532
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (473,532
    )Other, net
    
    
    
    
    
    
    (1,571
    )
    
    
    (8
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,579
    )Net income
    
    
    61,354
    
    
    
    383,869
    
    
    
    22,774
    
    
    
    7,498
    
    
    
    
    
    
    
    
    
    
    
    475,495Distributions to common and high performance unitholders
    
    
    
    
    
    
    (216,895
    )
    
    
    (50,896
    )
    
    
    (17,662
    )
    
    
    1,042
    
    
    
    
    
    
    
    (284,411
    )Distributions to preferred unitholders
    
    
    (62,700
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (62,700
    )Reclassification of redeemable preferred units to
temporary capital (Note 11)
    
    
    (85,245
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (85,245
    )Adjustment to reflect Limited Partners capital at
redemption value
    
    
    
    
    
    
    136,833
    
    
    
    (136,833
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Partners Capital at December 31, 2008
    
    $
    700,486
    
    
    $
    696,926
    
    
    $
    82,461
    
    
    $
    (39,624
    )
    
    $
    (5,109
    )
    
    $
    
    
    
    $
    1,435,140
   F-5




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##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 For the Years Ended December 31, 2008, 2007 and 2006
 (In thousands)
 2008
    
    
    2007
    
    
    2006CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    475,495
    
    
    $
    34,117
    
    
    $
    197,064Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    458,595
    
    
    
    403,786
    
    
    
    368,783Deficit distributions to minority partners
    
    
    25,984
    
    
    
    32,599
    
    
    
    15,519Equity in losses of unconsolidated real estate partnerships
    
    
    4,601
    
    
    
    277
    
    
    
    2,070Provision for impairment losses on real estate development assets
    
    
    107,459
    
    
    
    
    
    
    
    Real estate impairment losses (recoveries), net
    
    
    5,617
    
    
    
    1,637
    
    
    
    (813
    )Gain on dispositions of unconsolidated real estate and other
    
    
    (99,602
    )
    
    
    (32,061
    )
    
    
    (27,730
    )Deferred income tax benefit
    
    
    (53,371
    )
    
    
    (19,840
    )
    
    
    (11,095
    )Minority interest in consolidated real estate partnerships
    
    
    (22,030
    )
    
    
    (1,150
    )
    
    
    12,487Stock-based compensation expense
    
    
    13,833
    
    
    
    14,921
    
    
    
    12,314Amortization of deferred loan costs and other
    
    
    10,694
    
    
    
    9,827
    
    
    
    14,893Distributions of earnings from unconsolidated entities
    
    
    14,619
    
    
    
    4,239
    
    
    
    3,578Distributions of earnings to minority interest in consolidated real estate
partnerships
    
    
    (18,887
    )
    
    
    (17,406
    )
    
    
    (13,369
    )Discontinued operations:Depreciation and amortization
    
    
    57,288
    
    
    
    96,554
    
    
    
    129,994Gain on disposition of real estate, net of minority partners interest
    
    
    (618,168
    )
    
    
    (65,076
    )
    
    
    (258,970
    )Other adjustments to income from discontinued operations
    
    
    33,314
    
    
    
    (7,437
    )
    
    
    18,631Changes in operating assets and operating liabilities:Accounts receivable
    
    
    4,848
    
    
    
    7,453
    
    
    
    (936
    )Other assets
    
    
    53,699
    
    
    
    (9,751
    )
    
    
    45,332Accounts payable, accrued liabilities and other
    
    
    (32,507
    )
    
    
    12,847
    
    
    
    13,400Total adjustments
    
    
    (54,014
    )
    
    
    431,419
    
    
    
    324,088Net cash provided by operating activities
    
    
    421,481
    
    
    
    465,536
    
    
    
    521,152CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of real estate
    
    
    (112,655
    )
    
    
    (201,434
    )
    
    
    (153,426
    )Capital expenditures
    
    
    (665,233
    )
    
    
    (689,719
    )
    
    
    (512,564
    )Proceeds from dispositions of real estate
    
    
    2,060,344
    
    
    
    431,863
    
    
    
    958,604Change in funds held in escrow from tax-free exchanges
    
    
    345
    
    
    
    25,863
    
    
    
    (19,021
    )Cash from newly consolidated properties
    
    
    241
    
    
    
    7,549
    
    
    
    23,269Proceeds from sale of interests and distributions from real estate partnerships
    
    
    94,277
    
    
    
    198,998
    
    
    
    45,662Purchases of partnership interests and other assets
    
    
    (28,121
    )
    
    
    (86,204
    )
    
    
    (37,570
    )Originations of notes receivable
    
    
    (6,911
    )
    
    
    (10,812
    )
    
    
    (94,640
    )Proceeds from repayment of notes receivable
    
    
    8,929
    
    
    
    14,370
    
    
    
    9,604Distributions received from Aimco
    
    
    1,042
    
    
    
    923
    
    
    
    924Other investing activities
    
    
    (6,347
    )
    
    
    37,927
    
    
    
    13,122Net cash provided by (used in) investing activities
    
    
    1,345,911
    
    
    
    (270,676
    )
    
    
    233,964CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from property loans
    
    
    949,549
    
    
    
    1,552,048
    
    
    
    1,185,670Principal repayments on property loans
    
    
    (1,291,543
    )
    
    
    (850,484
    )
    
    
    (1,004,142
    )Proceeds from tax-exempt bond financing
    
    
    50,100
    
    
    
    82,350
    
    
    
    75,568Principal repayments on tax-exempt bond financing
    
    
    (217,361
    )
    
    
    (70,029
    )
    
    
    (229,287
    )(Principal repayments) on and borrowings under term loans
    
    
    (75,000
    )
    
    
    75,000
    
    
    
    Net repayments on revolving credit facility
    
    
    
    
    
    
    (140,000
    )
    
    
    (77,000
    )Proceeds from (payments on) other borrowings
    
    
    21,367
    
    
    
    (8,468
    )
    
    
    (22,838
    )Proceeds from issuance of preferred stock, net
    
    
    
    
    
    
    
    
    
    
    97,491Repurchases and redemptions of preferred units
    
    
    (24,840
    )
    
    
    (102,000
    )
    
    
    (286,750
    )Repurchase of common units
    
    
    (502,296
    )
    
    
    (307,382
    )
    
    
    (109,937
    )Proceeds from Class A Common Stock option exercises
    
    
    481
    
    
    
    53,719
    
    
    
    107,603Payment of distributions to minority interest
    
    
    (229,650
    )
    
    
    (151,093
    )
    
    
    (84,389
    )Payment of distributions to General Partner and Special Limited Partner
    
    
    (213,328
    )
    
    
    (231,729
    )
    
    
    (232,621
    )Payment of distributions to Limited Partners
    
    
    (55,770
    )
    
    
    (16,760
    )
    
    
    (19,964
    )Payment of distributions to High Performance Units
    
    
    (18,757
    )
    
    
    (5,710
    )
    
    
    (5,718
    )Principal repayments received on notes due on common unit purchases
    
    
    1,458
    
    
    
    1,659
    
    
    
    21,844Payment of distributions to preferred units
    
    
    (62,733
    )
    
    
    (74,221
    )
    
    
    (84,087
    )Other financing activities
    
    
    (9,854
    )
    
    
    (21,123
    )
    
    
    (18,465
    )Net cash used in financing activities
    
    
    (1,678,177
    )
    
    
    (214,223
    )
    
    
    (687,022
    )NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    
    
    89,215
    
    
    
    (19,363
    )
    
    
    68,094CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
    
    
    210,461
    
    
    
    229,824
    
    
    
    161,730CASH AND CASH EQUIVALENTS AT END OF YEAR
    
    $
    299,676
    
    
    $
    210,461
    
    
    $
    229,824
   F-6




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##### Table of Contents



AIMCO PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2008, 2007 and 2006
(In thousands)
 2008
    
    
    2007
    
    
    2006SUPPLEMENTAL CASH FLOW INFORMATION:Interest paid
    
    $
    434,645
    
    
    $
    452,324
    
    
    $
    423,456Cash paid for income taxes
    
    
    13,780
    
    
    
    2,994
    
    
    
    9,807Non-cash transactions associated with the acquisition of real estate and
interests in unconsolidated real estate partnerships:Secured debt assumed in connection with purchase of real estate
    
    
    
    
    
    
    16,000
    
    
    
    47,112Issuance of OP Units for interests in unconsolidated real estate
partnerships and acquisitions of real estate
    
    
    
    
    
    
    2,998
    
    
    
    13Non-cash transactions associated with the disposition of real estate:Secured debt assumed in connection with the disposition of real estate
    
    
    157,394
    
    
    
    27,929
    
    
    
    Issuance of notes receivable connection with the disposition of real estate
    
    
    10,372
    
    
    
    
    
    
    
    Non-cash transactions associated with consolidation of real estate partnerships:Real estate, net
    
    
    25,830
    
    
    
    56,877
    
    
    
    675,621Investments in and notes receivable primarily from affiliated entities
    
    
    4,497
    
    
    
    84,545
    
    
    
    (219,691
    )Restricted cash and other assets
    
    
    5,483
    
    
    
    8,545
    
    
    
    94,380Secured debt
    
    
    22,036
    
    
    
    41,296
    
    
    
    503,342Accounts payable, accrued and other liabilities
    
    
    14,020
    
    
    
    48,602
    
    
    
    41,580Other non-cash transactions:Redemption of common OP Units for Aimco Class A Common Stock
    
    
    4,182
    
    
    
    27,810
    
    
    
    4,362Conversion of preferred units and securities into common units
    
    
    
    
    
    
    43
    
    
    
    199Origination of notes receivable from officers of Aimco, net of cancellations
    
    
    (385
    )
    
    
    2,386
    
    
    
    647Exchanges of preferred OP units
    
    
    
    
    
    
    
    
    
    
    85,412
   F-7




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##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2008
 NOTE 1  Organization
     
    
    owned an equity interest in and consolidated 117,719 units in 514 properties (which we
refer to as consolidated properties), of which 114,966 units were also managed by us;
 
    
    owned an equity interest in and did not consolidate 9,613 units in 85 properties (which
we refer to as unconsolidated properties), of which 4,546 units were also managed by us; and
 
    
    provided services for or managed 35,475 units in 393 properties, primarily pursuant to
long-term agreements (including 32,223 units in 359 properties for which we provide asset
management services only, and not also property management services). In certain cases, we
may indirectly own generally less than one percent of the operations of such properties
through a partnership syndication or other fund.
    F-8




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##### Table of Contents



Special Distributions
    
    January 2008
    
    
    August 2008
    
    
    December 2008
    
    
    January 2009Distribution per unit
    
    $
    2.51
    
    
    $
    3.00
    
    
    $
    1.80
    
    
    $
    2.08Total distribution
    
    $257.2 million
    
    
    $285.5 million
    
    
    $176.6 million
    
    
    $230.1 millionCommon OP Units and High
Performance Units
outstanding on record date
    
    
    102,478,510
    
    
    
    95,151,333
    
    
    
    98,136,520
    
    
    
    110,654,142Common OP Units held by Aimco
    
    
    92,795,891
    
    
    
    85,619,144
    
    
    
    88,650,980
    
    
    
    101,169,951Total distribution on Aimco
common OP Units
    
    $232.9 million
    
    
    $256.9 million
    
    
    $159.6 million
    
    
    $210.4 millionCash distribution to Aimco
    
    $55.0 million
    
    
    $51.4 million
    
    
    $53.2 million
    
    
    $60.6 millionPortion of distribution paid
to Aimco through issuance of
common OP Units
    
    $177.9 million
    
    
    $205.5 million
    
    
    $106.4 million
    
    
    $149.8 millionCommon OP Units issued to
Aimco pursuant to
distributions
    
    
    4,594,074
    
    
    
    5,731,310
    
    
    
    12,572,267
    
    
    
    15,627,330Effective increase in
outstanding common OP Units
and High Performance units
on record date
    
    
    4.48
    %
    
    
    6.02
    %
    
    
    12.81
    %
    
    
    14.12
    %Cash distributed to holders
of common OP Units and High
Performance Units other than
Aimco
    
    $24.3 million
    
    
    $28.6 million
    
    
    $17.0 million
    
    
    $19.7 millionAmounts after elimination of
the effects of units held by
us and our consolidated
subsidiaries:Common OP Units and High
Performance Units
outstanding on record date
    
    
    102,062,370
    
    
    
    94,714,854
    
    
    
    97,671,996
    
    
    
    110,127,008Common OP Units held by Aimco
    
    
    92,379,751
    
    
    
    85,182,665
    
    
    
    88,186,456
    
    
    
    100,642,817Total distribution
    
    $256.2 million
    
    
    $284.1 million
    
    
    $175.8 million
    
    
    $229.1 millionTotal distribution on Aimco
common OP Units
    
    $231.9 million
    
    
    $255.5 million
    
    
    $
    158.2 million
    
    
    $209.3 millionCash distribution to Aimco
    
    $54.8 million
    
    
    $51.1 million
    
    
    $52.9 million
    
    
    $
    60.3 millionPortion of dividend paid
through issuance of shares
    
    $177.1 million
    
    
    $204.4 million
    
    
    $105.3 million
    
    
    $149.0 millionCommon OP Units issued
pursuant to distribution
    
    
    4,573,735
    
    
    
    5,703,265
    
    
    
    12,509,657
    
    
    
    15,548,996
   F-9




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##### Table of Contents



Common OP Units issued and outstanding
    
    
    108,315,704Common OP Units issued to Aimco pursuant to the special distributions
    
    
    15,627,330Elimination of units owned by us and our consolidated subsidiaries
(prior to January 2009 special distribution)
    
    
    (527,134
    )Elimination of units issued to us and our consolidated subsidiaries
pursuant to the January 2009 special distribution
    
    
    (78,334
    )Forfeitures and other activity not yet processed by transfer agent
    
    
    (17,217
    )Common OP Units outstanding at December 31, 2008, per consolidated
financial statements
    
    
    123,320,349
 NOTE 2  Basis of Presentation and Summary of Significant Accounting Policies
 Principles of Consolidation
    Variable Interest Entities
 Consolidation of Variable Interest
Entities
    F-10




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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
   Adoption of SFAS 157
 Fair Value Measurements
  F-11




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##### Table of Contents



Basis of Fair Value Measurement (Valuation Hierarchy)
  Level 1 
    
    Unadjusted quoted prices for identical and unrestricted assets or
liabilities in active marketsLevel 2 
    
    Quoted prices for similar assets and liabilities in active markets,
and inputs that are observable for the asset or liability, either
directly or indirectly, for substantially the full term of the
financial instrumentLevel 3 
    
    Unobservable inputs that are significant to the fair value measurement
   F-12




---



##### Table of Contents



Fair ValueMeasurement
    
    Valuation MethodologiesNotes receivable
    
    We assess the collectibility of notes
receivable on a periodic basis, which
assessment consists primarily of an
evaluation of cash flow projections
of the borrower to determine whether
estimated cash flows are sufficient
to repay principal and interest in
accordance with the contractual terms
of the note. We recognize
impairments on notes receivable when
it is probable that principal and
interest will not be received in
accordance with the contractual terms
of the loan. The amount of the
impairment to be recognized generally
is based on the fair value of the
real estate, the collateral for the
loan, which represents the primary
source of loan repayment. The fair
value of the collateral, such as real
estate or interests in real estate
partnerships, is estimated through
income and market valuation
approaches using information such as
broker estimates, purchase prices for
recent transactions on comparable
assets and net operating income
capitalization analyses using
observable and unobservable inputs
such as capitalization rates, asset
quality grading, geographic location
analysis, and local supply and demand
observations.Total rate of return swaps
    
    Our total rate of return swaps have
contractually-defined termination
values generally equal to the
difference between the fair value and
the counterpartys purchased value of
the underlying borrowings. Upon
termination, we are required to pay
the counterparty the difference if
the fair value is less than the
purchased value, and the counterparty
is required to pay us the difference
if the fair value is greater than the
purchased value. The underlying
borrowings are generally callable, at
our option, at face value prior to
maturity and with no prepayment
penalty. Due to our control of the
call features in the underlying
borrowings, we believe the inherent
value of any differential between the
fixed and variable cash payments due
under the swaps would be
significantly discounted by a market
participant willing to purchase or
assume any rights and obligations
under these contracts.The swaps are generally
cross-collateralized with other swap
contracts with the same counterparty
and do not allow transfer or
assignment, thus there is no
alternate or secondary market for
these instruments. Accordingly, our
assumptions of the fair value that a
willing market participant would
assign in valuing these instruments
are based on a hypothetical market in
which the highest and best use of
these contracts is in-use in
combination with the related
borrowings, similar to how we use the
contracts. Based on these
assumptions, we believe the
termination value, or exit value, of
the swaps approximates the fair value
that would be assigned by a willing
market participant. We calculate
the termination value using a market
approach by reference to estimates of
the fair value of the underlying
borrowings, which are discussed
below, and an evaluation of potential
changes in the credit quality of the
counterparties to these arrangements.
We compare our estimates of fair
value of the swaps and related
borrowings to valuations provided by
the counterparties on a quarterly
basis.Our method for calculating fair value
of the swaps generally results in
changes in fair value equal to the
changes in fair value of the related
borrowings. We believe these
instruments are highly effective in
offsetting the changes in fair value
of the borrowings during the hedging
period.
  F-13




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##### Table of Contents



Fair ValueMeasurement
    
    Valuation MethodologiesChanges in fair value of
borrowings subject to total rate
of return swaps
    
    We recognize changes in the fair
value of certain borrowings subject
to total rate of return swaps, which
we have designated as fair value
hedges in accordance with Statement
of Financial Accounting Standards No.
133, Accounting for Derivative
Instruments and Hedging Activities,
or SFAS 133.We estimate the fair value of debt
instruments using an income and
market approach, including comparison
of the contractual terms to
observable and unobservable inputs
such as market interest rate risk
spreads, collateral quality and
loan-to-value ratios on similarly
encumbered assets within our
portfolio. These borrowings are
collateralized and non-recourse to
us; therefore, we believe changes in
our credit rating will not materially
affect a market participants
estimate of the borrowings fair
value.
   Assets (Liabilities)Total rate of return swaps
    
    $
    (29,495
    )Cumulative reduction of carrying
amount of debt instruments subject
to total rate of return swaps
    
    $
    29,495
 Changes in Level 3 Fair Value Measurements
  Unrealized
    
    
    Realized gainsFair value at
    
    
    Gains (Losses)
    
    
    (losses)
    
    
    Fair value atDecember 31,
    
    
    included in
    
    
    included in
    
    
    December 31,2007
    
    
    earnings (1)
    
    
    earnings (2)
    
    
    2008Total rate of return swaps
    
    $
    (9,420
    )
    
    $
    (20,075
    )(3)
    
    $
    
    
    
    $
    (29,495
    )Changes in fair value of
debt instruments subject
to total rate of return
swaps
    
    
    9,420
    
    
    
    20,075
    (3)
    
    
    
    
    
    
    29,495Total
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
 (1)
    
    Unrealized gains (losses) relate to periodic revaluations of fair value and have not
resulted from the settlement of a swap position.(2)
    
    For total rate of return swaps, realized gains (losses) occur upon the settlement,
resulting from the repayment of the underlying borrowings or the early termination of the
swap, and include any net amounts paid or received upon such settlement. During the year
ended December 31, 2008, we terminated total rate of return swaps with notional amounts
totaling $90.3 million in connection with the sale of four properties and repayment of the
related hedged debt. We repaid the debt at the swap counterpartys purchased value, and
accordingly we incurred no termination payments upon termination of the related swaps.(3)
    
    Included in interest expense in the accompanying consolidated statements of income.  F-14




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##### Table of Contents



Fair Value of Financial Instruments
 Derivative Financial
Instruments
 Adoption of SFAS 159
 The
Fair Value Option for Financial Assets and Financial Liabilities
 Tax Credit Arrangements
    F-15




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##### Table of Contents



Acquisition of Real Estate Assets and Related Depreciation and Amortization
 Business 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
  F-16




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##### Table of Contents



2009
    
    $
    4.42010
    
    
    3.92011
    
    
    3.62012
    
    
    3.22013
    
    
    2.8
 Capital Expenditures and Related Depreciation
     Impairment of Long-Lived Assets
 Accounting for
the Impairment or Disposal of Long-Lived Assets,
   F-17




---



##### Table of Contents



Cash Equivalents
  Restricted Cash
  Accounts Receivable and Allowance for Doubtful Accounts
   Accounts Receivable and Allowance for Doubtful Accounts from Affiliates
   F-18




---



##### Table of Contents



Deferred Costs
   Advertising Costs
  Notes Receivable from Unconsolidated Real Estate Partnerships and Non-Affiliates and Related
Interest Income and Provision for Losses
     Investments in Unconsolidated Real Estate Partnerships
    F-19




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##### Table of Contents



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-20




---



##### Table of Contents



Revenue Recognition
  Stock-Based Compensation
 Share-Based Payment,
 Discontinued Operations
  Derivative Financial Instruments
    F-21




---



##### Table of Contents



Accounting for
Derivative Instruments and Hedging Activities
 Adoption of SFAS 157
  Weighted AverageWeighted
    
    
    Swap Notional
    
    
    Swap
    
    
    SwapDebt Principal
    
    
    Year of Debt
    
    
    Average Debt
    
    
    Amount
    
    
    Maturity
    
    
    Variable Pay Rate at(millions)
    
    
    Maturity
    
    
    Interest Rate
    
    
    (millions)
    
    
    Date
    
    
    December 31, 2008$
    26.1
    
    
    
    2009
    
    
    
    9.0
    %
    
    $
    26.3
    
    
    
    2009
    
    
    
    2.1
    %60.0
    
    
    
    2012
    
    
    
    7.5
    %
    
    
    60.0
    
    
    
    2012
    
    
    
    2.7
    %24.0
    
    
    
    2015
    
    
    
    6.9
    %
    
    
    24.0
    
    
    
    2011
    
    
    
    1.7
    %14.2
    
    
    
    2018
    
    
    
    7.3
    %
    
    
    14.2
    
    
    
    2011
    
    
    
    1.7
    %12.3
    
    
    
    2021
    
    
    
    6.2
    %
    
    
    12.3
    
    
    
    2012
    
    
    
    1.7
    %12.0
    
    
    
    2024
    
    
    
    6.3
    %
    
    
    12.0
    
    
    
    2011
    
    
    
    1.7
    %54.6
    
    
    
    2025
    
    
    
    5.5
    %
    
    
    54.4
    
    
    
    2011
    
    
    
    1.3
    %47.9
    
    
    
    2026
    
    
    
    7.4
    %
    
    
    47.9
    
    
    
    2011
    
    
    
    1.7
    %45.0
    
    
    
    2031
    
    
    
    7.4
    %
    
    
    45.0
    
    
    
    2011
    
    
    
    1.7
    %100.6
    
    
    
    2036
    
    
    
    6.2
    %
    
    
    101.0
    
    
    
    2010-2012
    
    
    
    1.7
    %12.5
    
    
    
    2038
    
    
    
    6.5
    %
    
    
    12.5
    
    
    
    2011
    
    
    
    1.9
    %12.5
    
    
    
    2048
    
    
    
    5.5
    %
    
    
    12.5
    
    
    
    2011
    
    
    
    1.9
    %$
    421.7
    
    
    
    
    
    
    
    
    
    
    $
    422.1
 Insurance
  Income Taxes
   F-22




---



##### Table of Contents



Earnings per Unit
  Concentration of Credit Risk
   F-23




---



##### Table of Contents



Use of Estimates
  Reclassifications
  NOTE 3  Real Estate and Partnership Acquisitions and Other Significant Transactions
 Real Estate Acquisitions
    Acquisitions of Partnership Interests
  Disposition of Unconsolidated Real Estate
  Casualty Loss Related to Tropical Storm Fay and Hurricane Ike
   F-24




---



##### Table of Contents



Restructuring Costs
  Transactions Involving VMS National Properties Joint Venture
      F-25




---



##### Table of Contents



Flamingo South Beach Property
 Accounting for Sales
of Real Estate
 Palazzo Joint Venture
   NOTE 4  Investments in Unconsolidated Real Estate Partnerships
   2008
    
    
    2007
    
    
    2006Real estate, net of accumulated depreciation
    
    $
    122,788
    
    
    $
    133,544
    
    
    $
    143,750Total assets
    
    
    155,444
    
    
    
    165,567
    
    
    
    169,061Secured and other notes payable
    
    
    122,859
    
    
    
    124,406
    
    
    
    132,076Total liabilities
    
    
    175,681
    
    
    
    180,222
    
    
    
    183,378Partners deficit
    
    
    (20,237
    )
    
    
    (14,655
    )
    
    
    (14,317
    )Rental and other property revenues
    
    
    69,392
    
    
    
    73,672
    
    
    
    102,241Property operating expenses
    
    
    (42,863
    )
    
    
    (45,998
    )
    
    
    (59,017
    )Depreciation expense
    
    
    (12,640
    )
    
    
    (13,965
    )
    
    
    (19,198
    )Interest expense
    
    
    (17,182
    )
    
    
    (17,194
    )
    
    
    (24,338
    )Gain on sale
    
    
    5,391
    
    
    
    59
    
    
    
    3,156Net income (loss)
    
    
    1,398
    
    
    
    (4,845
    )
    
    
    2,369
  F-26




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##### Table of Contents



NOTE 5  Notes Receivable
  2008
    
    
    2007Unconsolidated
    
    
    
    
    
    
    
    
    
    
    UnconsolidatedReal Estate
    
    
    Non-
    
    
    
    
    
    
    Real Estate
    
    
    Non-Partnerships
    
    
    Affiliates
    
    
    Total
    
    
    Partnerships
    
    
    Affiliates
    
    
    TotalPar value notes
    
    $
    18,855
    
    
    $
    19,253
    
    
    $
    38,108
    
    
    $
    30,155
    
    
    $
    17,053
    
    
    $
    47,208Discounted notes
    
    
    8,575
    
    
    
    135,123
    
    
    
    143,698
    
    
    
    10,045
    
    
    
    127,422
    
    
    
    137,467Allowance for loan
losses
    
    
    (4,863
    )
    
    
    (17,743
    )
    
    
    (22,606
    )
    
    
    (5,014
    )
    
    
    (1,421
    )
    
    
    (6,435
    )Total notes receivable
    
    $
    22,567
    
    
    $
    136,633
    
    
    $
    159,200
    
    
    $
    35,186
    
    
    $
    143,054
    
    
    $
    178,240Face value of
discounted notes
    
    $
    39,333
    
    
    $
    145,526
    
    
    $
    184,859
    
    
    $
    41,668
    
    
    $
    142,062
    
    
    $
    183,730
     F-27




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##### Table of Contents



2008
    
    
    2007Balance at beginning of year
    
    $
    (6,435
    )
    
    $
    (5,478
    )Provisions for losses on notes receivable
    
    
    (4,608
    )
    
    
    (6,018
    )Recoveries of losses on notes receivable
    
    
    429
    
    
    
    2,067Provision for impairment loss on investment in Casden Properties LLC
    
    
    (16,321
    )
    
    
    Net reductions due to consolidation of real estate partnerships and
property dispositions
    
    
    4,329
    
    
    
    2,994Balance at end of year
    
    $
    (22,606
    )
    
    $
    (6,435
    )
   NOTE
6  Property Tax-Exempt Bond Financings, Property Loans Payable and Other Borrowings
  Weighted Average
    
    
    PrincipalInterest Rate
    
    
    Outstanding2008
    
    
    2008
    
    
    2007Fixed rate
property tax-exempt bonds payable
    
    
    5.59%
    
    
    $
    158,620
    
    
    $
    159,893Variable
rate property tax-exempt bonds payable
    
    
    1.74%
    
    
    
    563,351
    
    
    
    596,549Total
    
    
    
    
    
    $
    721,971
    
    
    $
    756,442
   F-28




---



##### Table of Contents



Weighted Average
    
    
    PrincipalInterest Rate
    
    
    Outstanding2008
    
    
    2008
    
    
    2007Fixed rate property notes payable
    
    
    6.06%
    
    
    $
    5,223,522
    
    
    $
    4,757,536Variable rate property notes payable
    
    
    6.05%
    
    
    
    223,560
    
    
    
    254,061Secured notes credit facility
    
    
    1.22%
    
    
    
    112,087
    
    
    
    84,876Total
    
    
    
    
    
    $
    5,559,169
    
    
    $
    5,096,473
       F-29




---



##### Table of Contents



Amortization
    
    
    Maturities
    
    
    Total2009
    
    $
    116,028
    
    
    $
    291,865
    
    
    $
    407,8932010
    
    
    121,746
    
    
    
    285,492
    
    
    
    407,2382011
    
    
    130,394
    
    
    
    181,092
    
    
    
    311,4862012
    
    
    134,248
    
    
    
    353,811
    
    
    
    488,0592013
    
    
    131,157
    
    
    
    474,805
    
    
    
    605,962Thereafter
    
    
    
    
    
    
    
    
    
    
    4,156,483$
    6,377,121
 NOTE 7  Term Loans and Credit Facility
      NOTE 8  Commitments and Contingencies
 Commitments
    F-30




---



##### Table of Contents



Tax Credit Arrangements
  Legal Matters
  Limited Partnerships
  Environmental
  Conditional
Asset Retirement Obligations
 Mold
   F-31




---



##### Table of Contents



FLSA Litigation
  Operating Leases
  OperatingLease
    
    
    SubleaseObligations
    
    
    Receivables2009
    
    $
    7,904
    
    
    $
    5972010
    
    
    6,812
    
    
    
    5972011
    
    
    5,504
    
    
    
    2012
    
    
    5,028
    
    
    
    2013
    
    
    2,594
    
    
    
    Thereafter
    
    
    4,093
    
    
    
    Total
    
    $
    31,935
    
    
    $
    1,194
    F-32




---



##### Table of Contents



NOTE 9  Income Taxes
  2008
    
    
    2007Deferred tax liabilities:Partnership differences
    
    $
    47,635
    
    
    $
    59,419Depreciation
    
    
    2,477
    
    
    
    2,441Deferred revenue
    
    
    7,757
    
    
    
    4,794Other
    
    
    11
    
    
    
    40Total deferred tax liabilities
    
    $
    57,880
    
    
    $
    66,694Deferred tax assets:Net operating, capital and other loss carryforwards
    
    $
    7,183
    
    
    $
    49,302Provision for impairments on real estate assets
    
    
    33,321
    
    
    
    Receivables
    
    
    5,530
    
    
    
    6,321Accrued liabilities
    
    
    23,504
    
    
    
    9,730Accrued interest expense
    
    
    2,220
    
    
    
    917Intangibles  management contracts
    
    
    3,789
    
    
    
    5,632Tax credit carryforwards
    
    
    8,521
    
    
    
    7,011Equity compensation
    
    
    1,983
    
    
    
    1,860Other
    
    
    155
    
    
    
    347Total deferred tax assets
    
    
    86,206
    
    
    
    81,120Net deferred income tax assets
    
    $
    28,326
    
    
    $
    14,426
 Accounting
for Uncertainty in Income Taxes  an Interpretation of FASB
Statement No. 109
  2008
    
    
    2007Balance at January 1
    
    $
    2,965
    
    
    $
    3,118Reductions as a result of the lapse of applicable statutes
    
    
    
    
    
    
    (189
    )Additions based on tax positions related to the current year
    
    
    115
    
    
    
    36Balance at December 31
    
    $
    3,080
    
    
    $
    2,965
    F-33




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##### Table of Contents



2008
    
    
    2007
    
    
    2006Current:Federal
    
    $
    8,678
    
    
    $
    20
    
    
    $
    5,380State
    
    
    2,415
    
    
    
    1,938
    
    
    
    1,272Total current
    
    
    11,093
    
    
    
    1,958
    
    
    
    6,652Deferred:Federal
    
    
    (22,115
    )
    
    
    (17,816
    )
    
    
    13,197State
    
    
    (2,386
    )
    
    
    (1,833
    )
    
    
    1,698Total deferred
    
    
    (24,501
    )
    
    
    (19,649
    )
    
    
    14,895Total provision (benefit)
    
    $
    (13,408
    )
    
    $
    (17,691
    )
    
    $
    21,547Classification:Continuing operations
    
    $
    (53,371
    )
    
    $
    (19,840
    )
    
    $
    (11,095
    )Discontinued operations
    
    $
    39,963
    
    
    $
    2,149
    
    
    $
    32,642
  2008
    
    
    2007
    
    
    2006Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentTax at U.S. statutory rates on
consolidated income (loss)
subject to tax
    
    $
    (28,632
    )
    
    
    35.0
    %
    
    $
    (14,508
    )
    
    
    35.0
    %
    
    $
    18,639
    
    
    
    35.0
    %State income tax, net of
Federal tax benefit
    
    
    29
    
    
    
    
    
    
    
    106
    
    
    
    (0.3
    %)
    
    
    3,038
    
    
    
    5.7
    %Effect of permanent differences
    
    
    215
    
    
    
    (0.3
    %)
    
    
    (306
    )
    
    
    0.7
    %
    
    
    (130
    )
    
    
    (0.2
    %)Tax effect of intercompany
transfers of assets between the REIT and
taxable REIT subsidiaries(1)
    
    
    15,059
    
    
    
    (18.4
    %)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Write off of excess tax basis
    
    
    (79
    )
    
    
    0.1
    %
    
    
    (2,983
    )
    
    
    7.2
    %
    
    
    
    
    
    
    $
    (13,408
    )
    
    
    16.4
    %
    
    $
    (17,691
    )
    
    
    42.6
    %
    
    $
    21,547
    
    
    
    40.5
    %
 (1)
    
    Includes the effect of assets contributed by us to taxable REIT subsidiaries, for which
deferred tax expense or benefit was recognized upon the sale or impairment of the asset by
the taxable REIT subsidiary.    F-34




---



##### Table of Contents



NOTE 10  Notes Receivable from Aimco
  NOTE 11  Partners Capital and Redeemable Preferred Units
 Preferred OP Units
  Annual Distribution Rate
    
    
    BalancePer Share
    
    
    December 31,Redemption
    
    
    (paid
    
    
    2008
    
    
    2007Date (1)
    
    
    quarterly)
    
    
    (thousands)
    
    
    (thousands)Perpetual:Class G Partnership
Preferred Units,
$0.01 par value,
4,050,000 units
authorized,
4,050,000 units
issued and
outstanding
    
    
    07/15/2008
    
    
    
    9.3750
    %
    
    $
    101,000
    
    
    $
    101,000Class T Partnership
Preferred Units,
$0.01 par value,
6,000,000 units
authorized,
6,000,000 units
issued and
outstanding
    
    
    07/31/2008
    
    
    
    8.000
    %
    
    
    150,000
    
    
    
    150,000Class U Partnership
Preferred Units,
$0.01 par value,
8,000,000 units
authorized,
8,000,000 units
issued and
outstanding
    
    
    03/24/2009
    
    
    
    7.750
    %
    
    
    200,000
    
    
    
    200,000Class V Partnership
Preferred Units,
$0.01 par value,
3,450,000 units
authorized,
3,450,000 units
issued and
outstanding
    
    
    09/29/2009
    
    
    
    8.000
    %
    
    
    86,250
    
    
    
    86,250Class Y Partnership
Preferred Units,
$0.01 par value,
3,450,000 units
authorized,
3,450,000 units
issued and
outstanding
    
    
    12/21/2009
    
    
    
    7.875
    %
    
    
    86,250
    
    
    
    86,250Series A Community
Reinvestment Act Perpetual Partnership
Preferred Units,
$0.01 par value per
unit, 240 units
authorized, 146 and
200 units issued
and outstanding (2)
    
    
    06/30/2011
    
    
    
    (2
    )
    
    
    73,000
    
    
    
    100,000Total
    
    
    
    
    
    
    
    
    
    $
    696,500
    
    
    $
    723,500
 (1)
    
    All classes of preferred units are redeemable by the Partnership only in connection with a
concurrent redemption by Aimco of the corresponding preferred Aimco equity held by unrelated
parties.(2)
    
    On June 29, 2006, Aimco sold 200 shares of its Series A Community Reinvestment Act Perpetual
Preferred Stock, $0.01 par value per share, or the CRA Preferred Stock, with a liquidation
preference of $500,000 per share, for net proceeds of $97.5 million. The Series A Community Reinvestment Act Perpetual Partnership Preferred Units, or the CRA Preferred Units,
have substantially the same terms as the CRA Preferred Stock. Holders of the CRA Preferred
Units are entitled to cumulative cash dividends payable quarterly in arrears on March 31,
June 30, September 30, and December 31 of each year, when and as declared, beginning on
September 30, 2006. For the period from June 29, 2006, the date of original issuance, through
March 31, 2015, the dividend rate is a variable rate per annum equal to the Three-Month LIBOR
Rate (as defined in the articles supplementary designating the CRA Preferred Stock) plus
1.25%, calculated as of the beginning of each quarterly dividend period. The rate at December
31, 2008 and 2007 was 5.01% and 6.38%, respectively. 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 Aimcos REIT qualification. On and
after June 30, 2011, the CRA Preferred Units are redeemable for cash, in whole or from time to
time in part, upon the redemption, at Aimcos option, of its CRA Preferred Stock at a price
per share equal to the liquidation preference, plus accumulated, accrued and unpaid dividends,
if any, to the redemption date. The Effect on the Calculation of Earnings
Per Share for the Redemption or Induced Conversion of Preferred Stock
  F-35




---



##### Table of Contents



2008
    
    
    2007Class One Partnership Preferred Units, 90,000 units issued and outstanding, redeemable
at the holders option one year following issuance, holder to receive distributions at
8.0% ($8.00 per annum per unit)
    
    $
    9,000
    
    
    $
    9,000Class Two Partnership Preferred Units, 44,050 and 45,993 units issued and outstanding,
redeemable at the holders option one year following issuance, holders to receive
distributions at 5.9% ($1.48 per annum per unit)
    
    
    1,102
    
    
    
    1,150Class Three Partnership Preferred Units, 1,419,316 and 1,455,751 units issued and
outstanding, redeemable at the holders option one year following issuance, holders to
receive distributions at 7.88% ($1.97 per annum per unit)
    
    
    35,483
    
    
    
    36,394Class Four Partnership Preferred Units, 755,999 units issued and outstanding,
redeemable at the holders option one year following issuance, holders to receive
distributions at 8.0% ($2.00 per annum per unit)
    
    
    18,900
    
    
    
    18,900Class Five Partnership Preferred Units, 68,671 units issued and outstanding,
redeemable for cash at any time at our option, holder to receive distributions equal
to the per unit distribution on the common OP Units (1)
    
    
    2,747
    
    
    
    2,747Class Six Partnership Preferred Units, 802,453 units issued and outstanding,
redeemable at the holders option one year following issuance, holder to receive
distributions at 8.5% ($2.125 per annum per unit)
    
    
    20,061
    
    
    
    20,061Class Seven Partnership Preferred Units, 27,960 units issued and outstanding,
redeemable at the holders option one year following issuance, holder to receive
distributions at 9.5% ($2.375 per annum per unit)
    
    
    699
    
    
    
    699Class Eight Partnership Preferred Units, 6,250 units issued and outstanding, redeemable
for cash at any time at our option, holder to receive distributions equal to the per
unit distribution on the common OP Units (1)
    
    
    156
    
    
    
    156Subtotal
    
    $
    88,148
    
    
    $
    89,107Amounts reclassified to temporary capital (2)
    
    
    (85,245
    )
    
    
    Total
    
    $
    2,903
    
    
    $
    89,107
 (1)
    
    Holders of the Class Five and Class Eight
Partnership Preferred Units received the per unit
special distributions discussed in Note 1 in addition to the regular
distributions received by common OP unitholders during 2008 and 2007.
 (2)
    
    The Class One, Class Two, Class Three, Class Four, Class Six and Class Seven
preferred OP Units are redeemable, at the holders option, one year following issuance.
We, at our sole discretion, may settle such redemption requests in
cash or common OP Units equal to the number of
Aimcos Class A Common Stock in a value equal to the redemption preference. During
December 2008, we implemented a policy that establishes criteria for determining when requested
redemptions of these preferred OP Units will be settled in cash or
common OP Units, and based on the criteria under this policy, as of December 31, 2008,
redemption requests were to be settled in cash. Based on the requirements under this
policy for cash settlement of potential redemption requests for these preferred OP Units,
at December 31, 2008, we reclassified the redemption amounts for these preferred OP Units
into redeemable preferred units within temporary capital in our consolidated balance
sheet.
  F-36




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##### Table of Contents



2008
    
    
    2007
    
    
    2006Amount
    
    
    Total
    
    
    Amount
    
    
    Total
    
    
    Amount
    
    
    TotalClass of Preferred
    
    Per
    
    
    Amount
    
    
    Per
    
    
    Amount
    
    
    Per
    
    
    AmountUnits
    
    Unit (1)
    
    
    Paid
    
    
    Unit (1)
    
    
    Paid
    
    
    Unit (1)
    
    
    PaidClass G
    
    $
    2.34
    
    
    $
    9,492
    
    
    $
    2.34
    
    
    $
    9,492
    
    
    $
    2.34
    
    
    $
    9,492Class Q
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.67
    (2)
    
    
    1,686Class R
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.49
    (2)
    
    
    10,361Class T
    
    
    2.00
    
    
    
    12,000
    
    
    
    2.00
    
    
    
    12,000
    
    
    
    2.00
    
    
    
    12,000Class U
    
    
    1.94
    
    
    
    15,500
    
    
    
    1.94
    
    
    
    15,500
    
    
    
    1.94
    
    
    
    15,500Class V
    
    
    2.00
    
    
    
    6,900
    
    
    
    2.00
    
    
    
    6,900
    
    
    
    2.00
    
    
    
    6,900Class W
    
    
    
    
    
    
    
    
    
    
    4.25
    (3)
    
    
    8,100
    
    
    
    4.25
    
    
    
    8,100Class X
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.06
    (2)
    
    
    2,125Class Y
    
    
    1.97
    
    
    
    6,792
    
    
    
    1.97
    
    
    
    6,792
    
    
    
    1.97
    
    
    
    6,792Series A CRA
    
    
    24,381
    (4)
    
    
    4,531
    
    
    
    41,661
    
    
    
    8,316
    
    
    
    8,720
    (5)
    
    
    1,744Class One
    
    
    8.00
    
    
    
    720
    
    
    
    8.00
    
    
    
    720
    
    
    
    8.00
    
    
    
    720Class Two
    
    
    1.52
    
    
    
    67
    
    
    
    1.48
    
    
    
    68
    
    
    
    1.52
    
    
    
    71Class Three
    
    
    2.01
    
    
    
    2,856
    
    
    
    1.97
    
    
    
    2,869
    
    
    
    1.98
    
    
    
    2,888Class Four
    
    
    2.00
    
    
    
    1,512
    
    
    
    2.00
    
    
    
    1,512
    
    
    
    2.00
    
    
    
    1,512Class Five
    
    
    7.91
    
    
    
    543
    
    
    
    2.40
    
    
    
    165
    
    
    
    2.40
    
    
    
    165Class Six
    
    
    2.12
    
    
    
    1,705
    
    
    
    2.13
    
    
    
    1,705
    
    
    
    2.13
    
    
    
    1,705Class Seven
    
    
    2.36
    
    
    
    66
    
    
    
    2.38
    
    
    
    67
    
    
    
    2.45
    
    
    
    69Class Eight
    
    
    7.91
    
    
    
    49
    
    
    
    2.40
    
    
    
    15
    
    
    
    2.40
    
    
    
    15Class Thirteen
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.66
    (6)
    
    
    2,242Total
    
    
    
    
    
    $
    62,733
    
    
    
    
    
    
    $
    74,221
    
    
    
    
    
    
    $
    84,087
 (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, 2006, to the date of redemption.(3)
    
    For the period from January 1, 2007, to the date of redemption.(4)
    
    Amount per unit is based on 146 units outstanding for the entire period. 54 units were
repurchased in September 2008 and received $17,980 in dividends through the date of purchase.(5)
    
    For the period from June 29, 2006, (date of issuance) to December 31, 2006.(6)
    
    For the period from January 1, 2006 to June 29, 2006, the date of conversion to CRA Preferred
Units.  F-37




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##### Table of Contents



Common OP Units
         F-38




---



##### Table of Contents



High Performance Units
   Gross
    
    
    End ofYear of
    
    
    Proceeds
    
    
    Measurement
    
    
    Outstanding Units atClass of HPUs
    
    Issuance
    
    
    (thousands)
    
    
    Period
    
    
    December 31, 2008Class I
    
    
    1998
    
    
    $
    2,070
    
    
    
    12/31/2000
    
    
    
    2,344,719
   Investment in Aimco
  Registration Statements
   F-39




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##### Table of Contents



NOTE
12  Share-Based Compensation and Employee Benefit Plans
 Stock Award and Incentive Plan
   Accounting for Stock Issued to Employees Accounting for Stock-Based Compensation, Accounting for
Stock-Based Compensation-Transition and Disclosure-an amendment of FASB Statement No. 123,
    F-40




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##### Table of Contents



2008
    
    
    2007
    
    
    2006Weighted average grant-date fair value(1)
    
    $
    3.37
    
    
    $
    4.63
    
    
    $
    3.85Assumptions:Risk-free interest rate
    
    
    3.12
    %
    
    
    4.70
    %
    
    
    4.58
    %Expected dividend yield(1)
    
    
    4.67
    %
    
    
    3.64
    %
    
    
    4.11
    %Expected volatility
    
    
    24.02
    %
    
    
    21.66
    %
    
    
    20.15
    %Weighted average expected life of options
    
    6.5 years
    
    5.6 years
    
    6.5 years
 (1)
    
    The weighted average grant-date fair value (per share) and expected dividend yield for each
period presented has been retroactively adjusted for the effect of Aimcos special dividends
discussed in Note 1. The weighted average grant-date fair values (per share) for options granted during 2008, 2007 and 2006, were $4.34, $6.28 and $5.23, respectively, before
the effect of retroactive adjustments for the special dividends.  2008(1)
    
    
    2007(1)
    
    
    2006(1)Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedNumber
    
    
    Average
    
    
    Number
    
    
    Average
    
    
    Number
    
    
    Averageof
    
    
    Exercise
    
    
    of
    
    
    Exercise
    
    
    of
    
    
    ExerciseOptions
    
    
    Price
    
    
    Options
    
    
    Price
    
    
    Options
    
    
    PriceOutstanding at beginning
of year
    
    
    11,033
    
    
    $
    30.68
    
    
    
    11,676
    
    
    $
    28.98
    
    
    
    15,011
    
    
    $
    28.56Granted (2)
    
    
    1,264
    
    
    
    30.84
    
    
    
    1,297
    
    
    
    42.17
    
    
    
    940
    
    
    
    31.78Exercised
    
    
    (19
    )
    
    
    29.13
    
    
    
    (1,900
    )
    
    
    28.19
    
    
    
    (3,825
    )
    
    
    28.01Forfeited
    
    
    (1,900
    )
    
    
    29.01
    
    
    
    (40
    )
    
    
    27.85
    
    
    
    (450
    )
    
    
    28.05Outstanding at end of year
    
    
    10,378
    
    
    $
    31.01
    
    
    
    11,033
    
    
    $
    30.68
    
    
    
    11,676
    
    
    $
    28.98Exercisable at end of year
    
    
    7,206
    
    
    $
    29.51
    
    
    
    8,276
    
    
    $
    29.27
    
    
    
    8,838
    
    
    $
    29.13
 (1)
    
    In connection with Aimcos special dividends discussed in Note 1, the number of options and
exercise prices of all outstanding awards were adjusted pursuant to
the anti-dilution provisions of the
applicable plans based on the market price of Aimcos stock on the ex-dividend dates of the related special dividends.
The number of options and exercise prices in the table above have been retroactively adjusted using
these factors, which may differ from the effective adjustments in outstanding shares for each of
Aimcos special dividends discussed in Note 1. The adjustment of the
awards pursuant to Aimcos special dividends is considered a modification under SFAS 123R, but
did not result in a change in the fair value of any awards.(2)
    
    Options granted during the years ended December 31, 2008, 2007 and 2006 totaled 980, 956
and 692 (in thousands), respectively, before the effect of retroactive adjustments for the
special dividends discussed above.   F-41




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##### Table of Contents



2008(1)
    
    
    2007(1)
    
    
    2006(1)Weighted
    
    
    
    
    
    
    WeightedWeighted
    
    
    
    
    
    
    Average
    
    
    
    
    
    
    AverageNumber
    
    
    Average
    
    
    Number
    
    
    Grant-
    
    
    Number
    
    
    Grant-of
    
    
    Grant-Date
    
    
    of
    
    
    Date
    
    
    of
    
    
    DateShares
    
    
    Fair Value
    
    
    Shares
    
    
    Fair Value
    
    
    Shares
    
    
    Fair ValueUnvested at beginning
of year
    
    
    1,394
    
    
    $
    31.73
    
    
    
    1,580
    
    
    $
    27.62
    
    
    
    1,281
    
    
    $
    24.15Granted (2)
    
    
    315
    
    
    
    28.44
    
    
    
    447
    
    
    
    41.43
    
    
    
    882
    
    
    
    30.60Vested
    
    
    (519
    )
    
    
    31.58
    
    
    
    (562
    )
    
    
    27.76
    
    
    
    (349
    )
    
    
    24.62Forfeited
    
    
    (164
    )
    
    
    36.38
    
    
    
    (71
    )
    
    
    32.73
    
    
    
    (234
    )
    
    
    24.36Unvested at end of year
    
    
    1,026
    
    
    $
    30.07
    
    
    
    1,394
    
    
    $
    31.73
    
    
    
    1,580
    
    
    $
    27.62
 (1)
    
    In connection with Aimcos special dividends discussed in Note 1, holders of restricted
shares received cash, additional shares of restricted stock, or a combination of cash and
shares of restricted stock. The number shares and weighted average grant-date fair values
(per share) for the periods presented above have been retroactively adjusted for the effect
shares received by the holders of the restricted shares in connection with Aimcos special
dividends.(2)
    
    Restricted shares granted during the years ended December 31, 2008, 2007 and 2006 totaled
220, 308 and 607 (in thousands), respectively, before the effect of retroactive adjustments
for Aimcos special dividends discussed above.   Employee Stock Purchase Plan
  401(k) Plan
  NOTE 13  Discontinued Operations and Assets Held for Sale
   F-42




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##### Table of Contents



December 31,
    
    
    December 31,2008
    
    
    2007Real estate, net
    
    $
    65,576
    
    
    $
    1,485,442Other assets
    
    
    1,584
    
    
    
    19,844Assets held for sale
    
    $
    67,160
    
    
    $
    1,505,286Property debt
    
    $
    52,010
    
    
    $
    1,140,427Other liabilities
    
    
    4,331
    
    
    
    10,771Liabilities related to assets held for sale
    
    $
    56,341
    
    
    $
    1,151,198
   2008
    
    
    2007
    
    
    2006Rental and other property revenues
    
    $
    250,277
    
    
    $
    396,822
    
    
    $
    492,275Property operating expenses
    
    
    (128,661
    )
    
    
    (201,233
    )
    
    
    (245,983
    )Depreciation and amortization
    
    
    (57,288
    )
    
    
    (96,554
    )
    
    
    (129,994
    )Other expenses, net
    
    
    (10,610
    )
    
    
    (5,966
    )
    
    
    (11,228
    )Operating income
    
    
    53,718
    
    
    
    93,069
    
    
    
    105,070Interest income
    
    
    1,249
    
    
    
    2,645
    
    
    
    3,996Interest expense
    
    
    (45,463
    )
    
    
    (76,648
    )
    
    
    (98,301
    )Gain on extinguishment of debt
    
    
    
    
    
    
    22,852
    
    
    
    Minority interest in consolidated real estate partnerships
    
    
    543
    
    
    
    (2,232
    )
    
    
    3,136Income before gain on dispositions of real estate,
impairment losses, deficit distributions to minority
partners and income tax
    
    
    10,047
    
    
    
    39,686
    
    
    
    13,901Gain on dispositions of real estate, net of minority
partners interest
    
    
    618,168
    
    
    
    65,076
    
    
    
    258,970Real estate impairment (losses) recoveries, net
    
    
    (24,021
    )
    
    
    (4,873
    )
    
    
    434Recovery of deficit distributions (deficit distributions)
to minority partners
    
    
    30,127
    
    
    
    (6,161
    )
    
    
    10,441Income tax
    
    
    (39,963
    )
    
    
    (2,149
    )
    
    
    (32,642
    )Income from discontinued operations, net
    
    $
    594,358
    
    
    $
    91,579
    
    
    $
    251,104
   F-43




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##### Table of Contents



NOTE 14  Earnings per Unit
  2008
    
    
    2007
    
    
    2006Numerator:Loss from continuing operations
    
    $
    (118,863
    )
    
    $
    (57,462
    )
    
    $
    (54,040
    )Less net income attributable to preferred unitholders
    
    
    (61,354
    )
    
    
    (73,144
    )
    
    
    (90,527
    )Numerator for basic and diluted earnings per unit 
Loss from continuing operations (net of income
attributable to preferred unitholders)
    
    $
    (180,217
    )
    
    $
    (130,606
    )
    
    $
    (144,567
    )Income from discontinued operations
    
    $
    594,358
    
    
    $
    91,579
    
    
    $
    251,104Net income
    
    $
    475,495
    
    
    $
    34,117
    
    
    $
    197,064Less net income attributable to preferred unitholders
    
    
    (61,354
    )
    
    
    (73,144
    )
    
    
    (90,527
    )Numerator for basic and diluted earnings per unit 
Net income (loss) attributable to common unitholders
    
    $
    414,141
    
    
    $
    (39,027
    )
    
    $
    106,537Denominator:Denominator for basic earnings per unit  weighted
average number of common units outstanding:Common OP Units
    
    
    128,404
    
    
    
    147,504
    
    
    
    148,906Class I HPUs
    
    
    2,368
    
    
    
    2,379
    
    
    
    2,379Total common units
    
    
    130,772
    
    
    
    149,883
    
    
    
    151,285Effect of dilutive securities:Dilutive potential common units
    
    
    
    
    
    
    
    
    
    
    Denominator for diluted earnings per unit
    
    
    130,772
    
    
    
    149,883
    
    
    
    151,285Earnings (loss) per common unit basic and diluted:Loss from continuing operations (net of income
attributable to preferred unitholders)
    
    $
    (1.38
    )
    
    $
    (0.87
    )
    
    $
    (0.96
    )Income from discontinued operations
    
    
    4.55
    
    
    
    0.61
    
    
    
    1.66Net income (loss) attributable to common unitholders
    
    $
    3.17
    
    
    $
    (0.26
    )
    
    $
    0.70
     F-44




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##### Table of Contents



NOTE 15  Unaudited Summarized Consolidated Quarterly Information
  Quarter (1)2008
    
    First
    
    
    Second
    
    
    Third
    
    
    FourthTotal revenues
    
    $
    349,245
    
    
    $
    374,022
    
    
    $
    375,081
    
    
    $
    359,570Total operating expenses
    
    
    (299,995
    )
    
    
    (304,590
    )
    
    
    (312,932
    )
    
    
    (335,634
    )Operating income
    
    
    49,250
    
    
    
    69,432
    
    
    
    62,149
    
    
    
    23,936Income (loss) from continuing operations (2)
    
    
    (31,788
    )
    
    
    (24,134
    )
    
    
    69,939
    
    
    
    (132,880
    )Income from discontinued operations, net
    
    
    5,113
    
    
    
    308,709
    
    
    
    123,518
    
    
    
    157,018Net income (loss)
    
    
    (26,675
    )
    
    
    284,575
    
    
    
    193,457
    
    
    
    24,138Earnings (loss) per common share  basic (3):Income (loss) from continuing operations (net
of income attributable to preferred
unitholders)
    
    $
    (0.35
    )
    
    $
    (0.30
    )
    
    $
    0.44
    
    
    $
    (1.19
    )Net income (loss) attributable to common
unitholders
    
    $
    (0.31
    )
    
    $
    2.02
    
    
    $
    1.40
    
    
    $
    0.07Earnings (loss) per common unit  diluted (3):Income (loss) from continuing operations (net
of income attributable to preferred
unitholders)
    
    $
    (0.35
    )
    
    $
    (0.30
    )
    
    $
    0.43
    
    
    $
    (1.19
    )Net income (loss) attributable to common
unitholders
    
    $
    (0.31
    )
    
    $
    2.02
    
    
    $
    1.40
    
    
    $
    0.07Weighted average common units outstanding (3)
    
    
    137,631
    
    
    
    133,043
    
    
    
    127,701
    
    
    
    124,711Weighted average common units and common unit
equivalents outstanding (3)
    
    
    137,631
    
    
    
    133,043
    
    
    
    128,480
    
    
    
    124,711
 Quarter (1)2007
    
    First
    
    
    Second
    
    
    Third
    
    
    FourthTotal revenues
    
    $
    329,154
    
    
    $
    340,859
    
    
    $
    340,454
    
    
    $
    366,353Total operating expenses
    
    
    (281,623
    )
    
    
    (277,212
    )
    
    
    (287,305
    )
    
    
    (288,925
    )Operating income
    
    
    47,531
    
    
    
    63,647
    
    
    
    53,149
    
    
    
    77,428Loss from continuing operations
    
    
    (7,977
    )
    
    
    (8,452
    )
    
    
    (23,808
    )
    
    
    (17,225
    )Income from discontinued operations, net
    
    
    35,975
    
    
    
    30,118
    
    
    
    21,302
    
    
    
    4,184Net income (loss)
    
    
    27,998
    
    
    
    21,666
    
    
    
    (2,506
    )
    
    
    (13,041
    )Earnings (loss) per common unit  basic (3):Loss from continuing operations (net of
income attributable to preferred unitholders)
    
    $
    (0.17
    )
    
    $
    (0.18
    )
    
    $
    (0.30
    )
    
    $
    (0.22
    )Net income (loss) attributable to common
unitholders
    
    $
    0.07
    
    
    $
    0.02
    
    
    $
    (0.15
    )
    
    $
    (0.20
    )Earnings (loss) per common unit  diluted (3):Loss from continuing operations (net of
income attributable to preferred unitholders)
    
    $
    (0.17
    )
    
    $
    (0.18
    )
    
    $
    (0.30
    )
    
    $
    (0.22
    )Net income (loss) attributable to common
unitholders
    
    $
    0.07
    
    
    $
    0.02
    
    
    $
    (0.15
    )
    
    $
    (0.20
    )Weighted average common units outstanding (3)
    
    
    151,254
    
    
    
    151,045
    
    
    
    149,715
    
    
    
    147,513Weighted average common units and common unit
equivalents outstanding (3)
    
    
    151,254
    
    
    
    151,045
    
    
    
    149,715
    
    
    
    147,513
 (1)
    
    Certain reclassifications have been made to 2008 and 2007 quarterly amounts to conform
to the full year 2008 presentation, primarily related to treatment of discontinued
operations.(2)
    
    Loss from continuing operations for the quarter ended December 31, 2008, includes a
$107.5 million provision for impairment losses on real estate development assets, which is
discussed further in Note 2.(3)
    
    Weighted average units, common unit equivalents and earnings per unit amounts for each
of the periods presented have been retroactively adjusted for the effect of units issued
pursuant to the special distributions discussed in Note 1.  F-45




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##### Table of Contents



NOTE 16  Transactions with Affiliates
   NOTE 17  Recent Accounting Developments
 Business Combinations  a replacement of FASB Statement No. 141
  1)
    
    expense acquisition costs in 2008 when it is probable that the acquisition will not close
in 2008;2)
    
    expense acquisition costs January 1, 2009, upon adoption of SFAS 141(R); or3)
    
    give retroactive treatment to the acquisition costs January 1, 2009, upon adoption of
SFAS 141(R), by retroactively adjusting prior periods to record acquisition costs in the
prior periods in which they were incurred, in accordance with Statement of Financial
Accounting Standards No. 154, Accounting Changes and Error Corrections.
  Noncontrolling Interests in Consolidated Financial Statements  an amendment of ARB No. 51
  F-46




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##### Table of Contents



Presentation in Financial Statements of Redeemable Preferred Stock.
 Disclosures about Derivative Instruments and Hedging Activities  an amendment of FASB Statement
No. 133
 Determining Whether Instruments Granted in
Share-Based Payment Transactions are Participating Securities
 NOTE 18  Business Segments
 Disclosures about Segments of an
Enterprise and Related Information
  Real Estate Segment
  Investment Management Segment
   F-47




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##### Table of Contents



CorporateNot AllocatedInvestment
    
    
    to SegmentsReal Estate
    
    
    Management
    
    
    and CertainSegment
    
    
    Segment
    
    
    Eliminations
    
    
    TotalYear Ended December 31, 2008:Rental and other property revenues
    
    $
    1,350,950
    
    
    $
    
    
    
    $
    
    
    
    $
    1,350,950Property management revenues, primarily
from affiliates
    
    
    6,345
    
    
    
    
    
    
    
    
    
    
    
    6,345Asset management and tax credit revenues
    
    
    
    
    
    
    101,225
    
    
    
    (602
    )
    
    
    100,623Total revenues
    
    
    1,357,295
    
    
    
    101,225
    
    
    
    (602
    )
    
    
    1,457,918Property operating expenses
    
    
    626,001
    
    
    
    
    
    
    
    
    
    
    
    626,001Property management expenses
    
    
    5,385
    
    
    
    
    
    
    
    
    
    
    
    5,385Investment management expenses
    
    
    
    
    
    
    21,389
    
    
    
    
    
    
    
    21,389Depreciation and amortization (1)
    
    
    
    
    
    
    
    
    
    
    458,595
    
    
    
    458,595General and administrative expenses
    
    
    
    
    
    
    
    
    
    
    99,040
    
    
    
    99,040Other expenses, net
    
    
    
    
    
    
    
    
    
    
    19,939
    
    
    
    19,939Restructuring costs
    
    
    
    
    
    
    
    
    
    
    22,802
    
    
    
    22,802Total operating expenses
    
    
    631,386
    
    
    
    21,389
    
    
    
    600,376
    
    
    
    1,253,151Net operating income (loss)
    
    
    725,909
    
    
    
    79,836
    
    
    
    (600,978
    )
    
    
    204,767Other items included in continuing
operations (2)
    
    
    
    
    
    
    (2,653
    )
    
    
    (320,977
    )
    
    
    (323,630
    )Income (loss) from continuing operations
    
    $
    725,909
    
    
    $
    77,183
    
    
    $
    (921,955
    )
    
    $
    (118,863
    )
  Investment
    
    
    CorporateReal Estate
    
    
    Management
    
    
    Not AllocatedSegment
    
    
    Segment
    
    
    to Segments
    
    
    TotalYear Ended December 31, 2007:Rental and other property revenues
    
    $
    1,296,142
    
    
    $
    
    
    
    $
    
    
    
    $
    1,296,142Property management revenues, primarily
from affiliates
    
    
    6,923
    
    
    
    
    
    
    
    
    
    
    
    6,923Asset management and tax credit revenues
    
    
    
    
    
    
    73,755
    
    
    
    
    
    
    
    73,755Total revenues
    
    
    1,303,065
    
    
    
    73,755
    
    
    
    
    
    
    
    1,376,820Property operating expenses
    
    
    596,902
    
    
    
    
    
    
    
    
    
    
    
    596,902Property management expenses
    
    
    6,678
    
    
    
    
    
    
    
    
    
    
    
    6,678Investment management expenses
    
    
    
    
    
    
    20,514
    
    
    
    
    
    
    
    20,514Depreciation and amortization (1)
    
    
    
    
    
    
    
    
    
    
    403,786
    
    
    
    403,786General and administrative expenses
    
    
    
    
    
    
    
    
    
    
    90,667
    
    
    
    90,667Other expenses, net
    
    
    
    
    
    
    
    
    
    
    16,518
    
    
    
    16,518Total operating expenses
    
    
    603,580
    
    
    
    20,514
    
    
    
    510,971
    
    
    
    1,135,065Net operating income (loss)
    
    
    699,485
    
    
    
    53,241
    
    
    
    (510,971
    )
    
    
    241,755Other items included in continuing
operations (2)
    
    
    
    
    
    
    7,312
    
    
    
    (306,529
    )
    
    
    (299,217
    )Income (loss) from continuing operations
    
    $
    699,485
    
    
    $
    60,553
    
    
    $
    (817,500
    )
    
    $
    (57,462
    )
  F-48




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##### Table of Contents



Investment
    
    
    CorporateReal Estate
    
    
    Management
    
    
    Not AllocatedSegment
    
    
    Segment
    
    
    to Segments
    
    
    TotalYear Ended December 31, 2006:Rental and other property revenues
    
    $
    1,212,958
    
    
    $
    
    
    
    $
    
    
    
    $
    1,212,958Property management revenues, primarily
from affiliates
    
    
    12,312
    
    
    
    
    
    
    
    
    
    
    
    12,312Asset management and tax credit revenues
    
    
    
    
    
    
    48,893
    
    
    
    
    
    
    
    48,893Total revenues
    
    
    1,225,270
    
    
    
    48,893
    
    
    
    
    
    
    
    1,274,163Property operating expenses
    
    
    549,716
    
    
    
    
    
    
    
    
    
    
    
    549,716Property management expenses
    
    
    6,289
    
    
    
    
    
    
    
    
    
    
    
    6,289Investment management expenses
    
    
    
    
    
    
    14,742
    
    
    
    
    
    
    
    14,742Depreciation and amortization (1)
    
    
    
    
    
    
    
    
    
    
    368,783
    
    
    
    368,783General and administrative expenses
    
    
    
    
    
    
    
    
    
    
    91,571
    
    
    
    91,571Other expenses, net
    
    
    
    
    
    
    
    
    
    
    12,951
    
    
    
    12,951Total operating expenses
    
    
    556,005
    
    
    
    14,742
    
    
    
    473,305
    
    
    
    1,044,052Net operating income (loss)
    
    
    669,265
    
    
    
    34,151
    
    
    
    (473,305
    )
    
    
    230,111Other items included in continuing
operations (2)
    
    
    
    
    
    
    9,220
    
    
    
    (293,371
    )
    
    
    (284,151
    )Income (loss) from continuing operations
    
    $
    669,265
    
    
    $
    43,371
    
    
    $
    (766,676
    )
    
    $
    (54,040
    )
 (1)
    
    Our chief operating decision maker assesses the performance of real estate using, among other
measures, net operating income, excluding depreciation and amortization. Accordingly, we do
not allocate depreciation and amortization to the real estate segment.(2)
    
    Other items in continuing operations for the investment management segment include accretion
income recognized on discounted notes receivable, other income items and income taxes
associated with transactional activities. Other items in continuing operations not allocated
to segments include: (i) interest income and expense; (ii) recoveries of, or provisions for,
losses on notes receivable, provision for operating real estate impairment losses and
provision for impairment losses on real estate development assets; (iii) deficit distributions
to minority partners; (iv) equity in losses of unconsolidated real estate partnerships; (v)
gain (losses) on dispositions of unconsolidated real estate and other; and (vi) minority
interests.  2008
    
    
    2007Total assets for reportable segments (1)
    
    $
    9,029,386
    
    
    $
    10,306,546Corporate and other assets
    
    
    388,622
    
    
    
    314,051Total consolidated assets
    
    $
    9,418,008
    
    
    $
    10,620,597
 (1)
    
    Total assets for reportable
segments primarily relate to the real estate
segment.   F-49




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##### Table of Contents



AIMCO
PROPERTIES, L.P.
 
 SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
 December 31, 2008
 (In Thousands Except Unit Data)
 (2)
    
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2008Property
    
    
    Date
    
    
    
    
    
    
    Year
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    
    Consolidated
    
    
    Location
    
    Built
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesConventional Properties:100 Forest Place
    
    High Rise
    
    Dec-97
    
    OakPark, IL
    
    
    1987
    
    
    
    234
    
    
    
    2,664
    
    
    
    18,815
    
    
    
    4,071
    
    
    
    2,664
    
    
    
    22,886
    
    
    
    25,550
    
    
    
    (7,928
    )
    
    
    17,622
    
    
    
    28,1521582 First Avenue
    
    High Rise
    
    Mar-05
    
    New York, NY
    
    
    1900
    
    
    
    17
    
    
    
    4,250
    
    
    
    752
    
    
    
    207
    
    
    
    4,281
    
    
    
    928
    
    
    
    5,209
    
    
    
    (183
    )
    
    
    5,026
    
    
    
    2,701173 E. 90th Street
    
    High Rise
    
    May-04
    
    New York, NY
    
    
    1910
    
    
    
    72
    
    
    
    11,773
    
    
    
    4,535
    
    
    
    1,761
    
    
    
    12,067
    
    
    
    6,002
    
    
    
    18,069
    
    
    
    (1,078
    )
    
    
    16,991
    
    
    
    9,049182-188 Columbus Avenue
    
    Mid Rise
    
    Feb-07
    
    New York,  NY
    
    
    1910
    
    
    
    32
    
    
    
    17,187
    
    
    
    3,300
    
    
    
    2,953
    
    
    
    19,123
    
    
    
    4,316
    
    
    
    23,439
    
    
    
    (469
    )
    
    
    22,970
    
    
    
    13,471204-206 West 133rd Street
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    
    1910
    
    
    
    44
    
    
    
    3,291
    
    
    
    1,450
    
    
    
    1,898
    
    
    
    4,352
    
    
    
    2,287
    
    
    
    6,639
    
    
    
    (175
    )
    
    
    6,464
    
    
    
    3,1322232-2240 Seventh Avenue
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    
    1910
    
    
    
    24
    
    
    
    2,863
    
    
    
    3,785
    
    
    
    886
    
    
    
    3,106
    
    
    
    4,429
    
    
    
    7,535
    
    
    
    (289
    )
    
    
    7,246
    
    
    
    2,9722247-2253 Seventh Avenue
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    
    1910
    
    
    
    35
    
    
    
    6,787
    
    
    
    3,335
    
    
    
    1,345
    
    
    
    7,287
    
    
    
    4,180
    
    
    
    11,467
    
    
    
    (349
    )
    
    
    11,118
    
    
    
    5,4832252-2258 Seventh Avenue
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    
    1910
    
    
    
    35
    
    
    
    3,623
    
    
    
    4,504
    
    
    
    1,118
    
    
    
    4,012
    
    
    
    5,233
    
    
    
    9,245
    
    
    
    (344
    )
    
    
    8,901
    
    
    
    5,1252300-2310 Seventh Avenue
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    
    1910
    
    
    
    63
    
    
    
    8,623
    
    
    
    6,964
    
    
    
    4,907
    
    
    
    10,417
    
    
    
    10,076
    
    
    
    20,493
    
    
    
    (682
    )
    
    
    19,811
    
    
    
    9,896236 - 238 East 88th Street
    
    High Rise
    
    Jan-04
    
    New York, NY
    
    
    1900
    
    
    
    43
    
    
    
    8,751
    
    
    
    2,914
    
    
    
    1,192
    
    
    
    8,820
    
    
    
    4,036
    
    
    
    12,856
    
    
    
    (911
    )
    
    
    11,945
    
    
    
    7,014237-239 Ninth Avenue
    
    High Rise
    
    Mar-05
    
    New York, NY
    
    
    1900
    
    
    
    36
    
    
    
    8,430
    
    
    
    1,866
    
    
    
    586
    
    
    
    8,494
    
    
    
    2,388
    
    
    
    10,882
    
    
    
    (450
    )
    
    
    10,432
    
    
    
    5,286240 West 73rd Street, LLC
    
    High Rise
    
    Sep-04
    
    New York, NY
    
    
    1900
    
    
    
    200
    
    
    
    68,006
    
    
    
    12,140
    
    
    
    3,009
    
    
    
    68,109
    
    
    
    15,045
    
    
    
    83,154
    
    
    
    (2,075
    )
    
    
    81,079
    
    
    
    30,8742484 Seventh Avenue
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    
    1921
    
    
    
    23
    
    
    
    2,384
    
    
    
    1,726
    
    
    
    500
    
    
    
    2,601
    
    
    
    2,009
    
    
    
    4,610
    
    
    
    (150
    )
    
    
    4,460
    
    
    
    2,4722900 on First Apartments
    
    Mid Rise
    
    Oct-08
    
    Seattle, WA
    
    
    1989
    
    
    
    135
    
    
    
    5,480
    
    
    
    31,053
    
    
    
    
    
    
    
    5,535
    
    
    
    30,998
    
    
    
    36,533
    
    
    
    (129
    )
    
    
    36,404
    
    
    
    21,019306 East 89th Street
    
    High Rise
    
    Jul-04
    
    New York, NY
    
    
    1930
    
    
    
    20
    
    
    
    2,659
    
    
    
    1,006
    
    
    
    160
    
    
    
    2,681
    
    
    
    1,144
    
    
    
    3,825
    
    
    
    (276
    )
    
    
    3,549
    
    
    
    1,929311 & 313 East 73rd Street
    
    Mid Rise
    
    Mar-03
    
    New York, NY
    
    
    1904
    
    
    
    34
    
    
    
    5,635
    
    
    
    1,609
    
    
    
    539
    
    
    
    5,678
    
    
    
    2,104
    
    
    
    7,782
    
    
    
    (760
    )
    
    
    7,022
    
    
    
    2,815322-324 East 61st Street
    
    High Rise
    
    Mar-05
    
    New York, NY
    
    
    1900
    
    
    
    40
    
    
    
    6,319
    
    
    
    2,224
    
    
    
    666
    
    
    
    6,372
    
    
    
    2,837
    
    
    
    9,209
    
    
    
    (518
    )
    
    
    8,691
    
    
    
    3,7523400 Avenue of the Arts
    
    Mid Rise
    
    Mar-02
    
    Costa Mesa, CA
    
    
    1987
    
    
    
    770
    
    
    
    55,223
    
    
    
    65,506
    
    
    
    69,101
    
    
    
    57,240
    
    
    
    132,590
    
    
    
    189,830
    
    
    
    (20,739
    )
    
    
    169,091
    
    
    
    125,000452 East 78th Street
    
    High Rise
    
    Jan-04
    
    New York, NY
    
    
    1900
    
    
    
    12
    
    
    
    1,966
    
    
    
    608
    
    
    
    274
    
    
    
    1,982
    
    
    
    866
    
    
    
    2,848
    
    
    
    (187
    )
    
    
    2,661
    
    
    
    1,632464-466 Amsterdam & 200-210 W. 83rd Street
    
    Mid Rise
    
    Feb-07
    
    New York,  NY
    
    
    1910
    
    
    
    72
    
    
    
    23,677
    
    
    
    7,101
    
    
    
    3,321
    
    
    
    25,552
    
    
    
    8,547
    
    
    
    34,099
    
    
    
    (807
    )
    
    
    33,292
    
    
    
    19,679510 East 88th Street
    
    High Rise
    
    Jan-04
    
    New York, NY
    
    
    1900
    
    
    
    20
    
    
    
    3,137
    
    
    
    1,002
    
    
    
    262
    
    
    
    3,163
    
    
    
    1,238
    
    
    
    4,401
    
    
    
    (246
    )
    
    
    4,155
    
    
    
    2,685514-516 East 88th Street
    
    High Rise
    
    Mar-05
    
    New York, NY
    
    
    1900
    
    
    
    36
    
    
    
    6,230
    
    
    
    2,168
    
    
    
    483
    
    
    
    6,282
    
    
    
    2,599
    
    
    
    8,881
    
    
    
    (454
    )
    
    
    8,427
    
    
    
    4,659656 St. Nicholas Avenue
    
    Mid Rise
    
    Jun-07
    
    New York,  NY
    
    
    1920
    
    
    
    30
    
    
    
    2,731
    
    
    
    1,636
    
    
    
    2,623
    
    
    
    3,576
    
    
    
    3,415
    
    
    
    6,991
    
    
    
    (220
    )
    
    
    6,771
    
    
    
    2,374759 St. Nicholas Avenue
    
    Mid Rise
    
    Oct-07
    
    New York,  NY
    
    
    1920
    
    
    
    9
    
    
    
    682
    
    
    
    535
    
    
    
    519
    
    
    
    988
    
    
    
    749
    
    
    
    1,737
    
    
    
    (38
    )
    
    
    1,699
    
    
    
    545865 Bellevue
    
    Garden
    
    Jul-00
    
    Nashville, TN
    
    
    1972
    
    
    
    326
    
    
    
    1,526
    
    
    
    10,158
    
    
    
    27,549
    
    
    
    1,526
    
    
    
    37,707
    
    
    
    39,233
    
    
    
    (9,959
    )
    
    
    29,274
    
    
    
    11,078Anchorage Apartments
    
    Garden
    
    Nov-96
    
    League City, TX
    
    
    1985
    
    
    
    264
    
    
    
    1,155
    
    
    
    7,172
    
    
    
    3,606
    
    
    
    1,155
    
    
    
    10,779
    
    
    
    11,934
    
    
    
    (3,639
    )
    
    
    8,295
    
    
    
    7,512Arbors (Grovetree), The
    
    Garden
    
    Oct-97
    
    Tempe, AZ
    
    
    1967
    
    
    
    200
    
    
    
    1,092
    
    
    
    6,208
    
    
    
    2,651
    
    
    
    1,092
    
    
    
    8,860
    
    
    
    9,952
    
    
    
    (3,597
    )
    
    
    6,355
    
    
    
    2,397Arbours Of Hermitage, The
    
    Garden
    
    Jul-00
    
    Hermitage, TN
    
    
    1972
    
    
    
    350
    
    
    
    1,627
    
    
    
    12,455
    
    
    
    6,557
    
    
    
    1,627
    
    
    
    19,012
    
    
    
    20,639
    
    
    
    (9,148
    )
    
    
    11,491
    
    
    
    10,447Ashford, The
    
    Garden
    
    Dec-95
    
    Atlanta, GA
    
    
    1968
    
    
    
    221
    
    
    
    2,771
    
    
    
    8,366
    
    
    
    25,126
    
    
    
    2,771
    
    
    
    33,492
    
    
    
    36,263
    
    
    
    (10,406
    )
    
    
    25,857
    
    
    
    7,997Atriums of Plantation
    
    Mid Rise
    
    Aug-98
    
    Plantation, FL
    
    
    1979
    
    
    
    210
    
    
    
    1,807
    
    
    
    10,385
    
    
    
    2,435
    
    
    
    1,807
    
    
    
    12,820
    
    
    
    14,627
    
    
    
    (4,603
    )
    
    
    10,024
    
    
    
    6,090Auburn Glen
    
    Garden
    
    Dec-06
    
    Jacksonville,  FL
    
    
    1974
    
    
    
    251
    
    
    
    7,483
    
    
    
    8,191
    
    
    
    2,909
    
    
    
    7,670
    
    
    
    10,913
    
    
    
    18,583
    
    
    
    (1,134
    )
    
    
    17,449
    
    
    
    10,051Autumn Run (IL)
    
    Garden
    
    Oct-02
    
    Naperville, IL
    
    
    1984
    
    
    
    320
    
    
    
    2,048
    
    
    
    16,889
    
    
    
    3,673
    
    
    
    2,048
    
    
    
    20,562
    
    
    
    22,610
    
    
    
    (8,854
    )
    
    
    13,756
    
    
    
    18,139BaLaye
    
    Garden
    
    Apr-06
    
    Tampa, FL
    
    
    2002
    
    
    
    324
    
    
    
    10,329
    
    
    
    28,800
    
    
    
    760
    
    
    
    10,608
    
    
    
    29,282
    
    
    
    39,890
    
    
    
    (2,682
    )
    
    
    37,208
    
    
    
    23,344Bank Lofts
    
    High Rise
    
    Apr-01
    
    Denver, CO
    
    
    1920
    
    
    
    117
    
    
    
    3,525
    
    
    
    9,045
    
    
    
    1,574
    
    
    
    3,525
    
    
    
    10,618
    
    
    
    14,143
    
    
    
    (3,992
    )
    
    
    10,151
    
    
    
    7,339Barcelona
    
    Garden
    
    Oct-99
    
    Houston ,TX
    
    
    1963
    
    
    
    127
    
    
    
    770
    
    
    
    4,250
    
    
    
    1,526
    
    
    
    770
    
    
    
    5,776
    
    
    
    6,546
    
    
    
    (2,331
    )
    
    
    4,215
    
    
    
    2,394Bay Parc Plaza
    
    High Rise
    
    Sep-04
    
    Miami, FL
    
    
    2000
    
    
    
    471
    
    
    
    22,680
    
    
    
    41,847
    
    
    
    3,261
    
    
    
    22,680
    
    
    
    45,108
    
    
    
    67,788
    
    
    
    (5,155
    )
    
    
    62,633
    
    
    
    46,723Bay Ridge at Nashua
    
    Garden
    
    Jan-03
    
    Nashua, NH
    
    
    1984
    
    
    
    412
    
    
    
    3,352
    
    
    
    40,713
    
    
    
    6,056
    
    
    
    3,262
    
    
    
    46,858
    
    
    
    50,120
    
    
    
    (8,466
    )
    
    
    41,654
    
    
    
    40,800Bayberry Hill Estates
    
    Garden
    
    Aug-02
    
    Framingham, MA
    
    
    1971
    
    
    
    424
    
    
    
    18,915
    
    
    
    35,945
    
    
    
    8,348
    
    
    
    18,916
    
    
    
    44,292
    
    
    
    63,208
    
    
    
    (11,968
    )
    
    
    51,240
    
    
    
    26,314Bayhead Village
    
    Garden
    
    Oct-00
    
    Indianapolis, IN
    
    
    1978
    
    
    
    202
    
    
    
    1,411
    
    
    
    5,139
    
    
    
    3,305
    
    
    
    1,411
    
    
    
    8,444
    
    
    
    9,855
    
    
    
    (2,939
    )
    
    
    6,916
    
    
    
    2,901Beech Lake
    
    Garden
    
    May-99
    
    Durham, NC
    
    
    1986
    
    
    
    345
    
    
    
    2,222
    
    
    
    12,641
    
    
    
    4,605
    
    
    
    2,222
    
    
    
    17,246
    
    
    
    19,468
    
    
    
    (6,605
    )
    
    
    12,863
    
    
    
    10,500Boston Lofts
    
    High Rise
    
    Apr-01
    
    Denver, CO
    
    
    1890
    
    
    
    158
    
    
    
    3,447
    
    
    
    20,589
    
    
    
    3,002
    
    
    
    3,447
    
    
    
    23,591
    
    
    
    27,038
    
    
    
    (8,320
    )
    
    
    18,718
    
    
    
    14,744Boulder Creek
    
    Garden
    
    Jul-94
    
    Boulder, CO
    
    
    1972
    
    
    
    221
    
    
    
    755
    
    
    
    7,730
    
    
    
    16,934
    
    
    
    755
    
    
    
    24,664
    
    
    
    25,419
    
    
    
    (11,036
    )
    
    
    14,383
    
    
    
    12,696Brandywine
    
    Garden
    
    Jul-94
    
    St. Petersburg, FL
    
    
    1971
    
    
    
    477
    
    
    
    1,437
    
    
    
    12,725
    
    
    
    8,312
    
    
    
    1,437
    
    
    
    21,037
    
    
    
    22,474
    
    
    
    (12,673
    )
    
    
    9,801
    
    
    
    21,393Breakers, The
    
    Garden
    
    Oct-98
    
    Daytona Beach, FL
    
    
    1985
    
    
    
    208
    
    
    
    1,008
    
    
    
    5,507
    
    
    
    2,974
    
    
    
    1,008
    
    
    
    8,481
    
    
    
    9,489
    
    
    
    (3,446
    )
    
    
    6,043
    
    
    
    6,540Briarwest
    
    Garden
    
    Oct-99
    
    Houston, TX
    
    
    1970
    
    
    
    380
    
    
    
    2,459
    
    
    
    13,868
    
    
    
    5,218
    
    
    
    2,459
    
    
    
    19,086
    
    
    
    21,545
    
    
    
    (6,551
    )
    
    
    14,994
    
    
    
    8,516Briarwood
    
    Garden
    
    Oct-99
    
    Houston, TX
    
    
    1970
    
    
    
    351
    
    
    
    2,033
    
    
    
    11,857
    
    
    
    4,047
    
    
    
    2,033
    
    
    
    15,904
    
    
    
    17,937
    
    
    
    (5,459
    )
    
    
    12,478
    
    
    
    7,087Bridgeview
    
    Garden
    
    Sep-00
    
    Tampa, FL
    
    
    1988
    
    
    
    348
    
    
    
    7,976
    
    
    
    13,499
    
    
    
    7,432
    
    
    
    7,976
    
    
    
    20,931
    
    
    
    28,907
    
    
    
    (6,098
    )
    
    
    22,809
    
    
    
    13,500Broadcast Center
    
    Garden
    
    Mar-02
    
    Los Angeles, CA
    
    
    1990
    
    
    
    279
    
    
    
    27,603
    
    
    
    41,244
    
    
    
    28,054
    
    
    
    29,407
    
    
    
    67,495
    
    
    
    96,902
    
    
    
    (10,998
    )
    
    
    85,904
    
    
    
    55,875Broadmoor Ridge
    
    Garden
    
    Dec-97
    
    Colorado Springs, CO
    
    
    1974
    
    
    
    200
    
    
    
    460
    
    
    
    2,917
    
    
    
    11,807
    
    
    
    460
    
    
    
    14,725
    
    
    
    15,185
    
    
    
    (4,329
    )
    
    
    10,856
    
    
    
    6,832Brook Run
    
    Garden
    
    May-98
    
    Arlington Heights, IL
    
    
    1985
    
    
    
    182
    
    
    
    2,245
    
    
    
    12,936
    
    
    
    2,232
    
    
    
    2,245
    
    
    
    15,168
    
    
    
    17,413
    
    
    
    (6,746
    )
    
    
    10,667
    
    
    
    11,600Brookdale Lakes
    
    Garden
    
    May-98
    
    Naperville, IL
    
    
    1990
    
    
    
    200
    
    
    
    2,709
    
    
    
    15,346
    
    
    
    2,222
    
    
    
    2,709
    
    
    
    17,567
    
    
    
    20,276
    
    
    
    (7,013
    )
    
    
    13,263
    
    
    
    9,530Buena Vista
    
    Mid Rise
    
    Jan-06
    
    Pasadena, CA
    
    
    1973
    
    
    
    92
    
    
    
    9,693
    
    
    
    6,818
    
    
    
    1,016
    
    
    
    9,693
    
    
    
    7,834
    
    
    
    17,527
    
    
    
    (341
    )
    
    
    17,186
    
    
    
    13,300Burke Shire Commons
    
    Garden
    
    Mar-01
    
    Burke, VA
    
    
    1986
    
    
    
    360
    
    
    
    4,867
    
    
    
    23,617
    
    
    
    3,531
    
    
    
    4,867
    
    
    
    27,148
    
    
    
    32,015
    
    
    
    (9,222
    )
    
    
    22,793
    
    
    
    45,303Calhoun Beach Club
    
    High Rise
    
    Dec-98
    
    Minneapolis, MN
    
    
    1928/1998
    
    
    
    332
    
    
    
    11,708
    
    
    
    73,334
    
    
    
    45,046
    
    
    
    11,708
    
    
    
    118,380
    
    
    
    130,088
    
    
    
    (35,485
    )
    
    
    94,603
    
    
    
    49,610Canterbury Green Apartments
    
    Garden
    
    Dec-99
    
    Fort Wayne, IN
    
    
    1979
    
    
    
    1,988
    
    
    
    13,659
    
    
    
    73,115
    
    
    
    24,363
    
    
    
    13,659
    
    
    
    97,478
    
    
    
    111,137
    
    
    
    (40,955
    )
    
    
    70,182
    
    
    
    53,599Canyon Terrace
    
    Garden
    
    Mar-02
    
    Saugus, CA
    
    
    1984
    
    
    
    130
    
    
    
    7,300
    
    
    
    6,602
    
    
    
    5,513
    
    
    
    7,508
    
    
    
    11,907
    
    
    
    19,415
    
    
    
    (2,811
    )
    
    
    16,604
    
    
    
    14,750Carriage Hill
    
    Garden
    
    Jul-00
    
    East Lansing, MI
    
    
    1972
    
    
    
    143
    
    
    
    876
    
    
    
    9,123
    
    
    
    1,868
    
    
    
    875
    
    
    
    10,991
    
    
    
    11,866
    
    
    
    (5,156
    )
    
    
    6,710
    
    
    
    5,360Casa del Mar at Baymeadows
    
    Garden
    
    Oct-06
    
    Jacksonville, FL
    
    
    1984
    
    
    
    144
    
    
    
    4,902
    
    
    
    10,562
    
    
    
    1,318
    
    
    
    5,039
    
    
    
    11,743
    
    
    
    16,782
    
    
    
    (1,054
    )
    
    
    15,728
    
    
    
    9,566Castle Court
    
    High Rise
    
    May-04
    
    Fall River, MA
    
    
    1974
    
    
    
    240
    
    
    
    15,239
    
    
    
    7,850
    
    
    
    3,453
    
    
    
    15,244
    
    
    
    11,298
    
    
    
    26,542
    
    
    
    (3,266
    )
    
    
    23,276
    
    
    
    9,910Cedar Rim
    
    Garden
    
    Apr-00
    
    New Castle, WA
    
    
    1980
    
    
    
    104
    
    
    
    751
    
    
    
    5,043
    
    
    
    17,109
    
    
    
    751
    
    
    
    22,152
    
    
    
    22,903
    
    
    
    (6,396
    )
    
    
    16,507
    
    
    
    3,944Center Square
    
    High Rise
    
    Oct-99
    
    Doylestown, PA
    
    
    1975
    
    
    
    350
    
    
    
    582
    
    
    
    4,190
    
    
    
    2,625
    
    
    
    582
    
    
    
    6,815
    
    
    
    7,397
    
    
    
    (2,750
    )
    
    
    4,647
    
    
    
    15,645Central Park Townhomes
    
    Town Home
    
    Feb-07
    
    Park Forest,  IL
    
    
    1947
    
    
    
    220
    
    
    
    3,699
    
    
    
    12,384
    
    
    
    2,175
    
    
    
    3,747
    
    
    
    14,511
    
    
    
    18,258
    
    
    
    (1,098
    )
    
    
    17,160
    
    
    
    Charleston Landing
    
    Garden
    
    Sep-00
    
    Brandon, FL
    
    
    1985
    
    
    
    300
    
    
    
    7,488
    
    
    
    8,656
    
    
    
    7,546
    
    
    
    7,488
    
    
    
    16,203
    
    
    
    23,691
    
    
    
    (4,435
    )
    
    
    19,256
    
    
    
    10,750Chatham Harbor
    
    Garden
    
    Oct-99
    
    Altamonte Springs, FL
    
    
    1985
    
    
    
    324
    
    
    
    2,288
    
    
    
    13,068
    
    
    
    3,522
    
    
    
    2,288
    
    
    
    16,590
    
    
    
    18,878
    
    
    
    (5,343
    )
    
    
    13,535
    
    
    
    7,314Chelsea Ridge Apartments
    
    Garden
    
    Apr-01
    
    Wappingers Falls, NY
    
    
    1966
    
    
    
    835
    
    
    
    10,403
    
    
    
    33,000
    
    
    
    46,331
    
    
    
    10,403
    
    
    
    79,331
    
    
    
    89,734
    
    
    
    (28,540
    )
    
    
    61,194
    
    
    
    32,955Chesapeake Landing I
    
    Garden
    
    Sep-00
    
    Aurora, IL
    
    
    1986
    
    
    
    416
    
    
    
    15,800
    
    
    
    16,875
    
    
    
    4,650
    
    
    
    15,800
    
    
    
    21,524
    
    
    
    37,324
    
    
    
    (6,774
    )
    
    
    30,550
    
    
    
    24,570Chesapeake Landing II
    
    Garden
    
    Mar-01
    
    Aurora, IL
    
    
    1987
    
    
    
    184
    
    
    
    1,969
    
    
    
    7,980
    
    
    
    3,104
    
    
    
    1,969
    
    
    
    11,084
    
    
    
    13,053
    
    
    
    (4,190
    )
    
    
    8,863
    
    
    
    6,237Chestnut Hall
    
    High Rise
    
    Oct-06
    
    Philadelphia,  PA
    
    
    1923
    
    
    
    315
    
    
    
    12,047
    
    
    
    14,299
    
    
    
    2,567
    
    
    
    12,338
    
    
    
    16,576
    
    
    
    28,914
    
    
    
    (3,648
    )
    
    
    25,266
    
    
    
    19,006Chestnut Hill (PA)
    
    Garden
    
    Apr-00
    
    Philadelphia, PA
    
    
    1963
    
    
    
    821
    
    
    
    6,463
    
    
    
    49,315
    
    
    
    44,995
    
    
    
    6,463
    
    
    
    94,310
    
    
    
    100,773
    
    
    
    (29,647
    )
    
    
    71,126
    
    
    
    51,500Chimneys of Cradle Rock
    
    Garden
    
    Jun-04
    
    Columbia, MD
    
    
    1979
    
    
    
    198
    
    
    
    2,234
    
    
    
    8,107
    
    
    
    188
    
    
    
    2,040
    
    
    
    8,489
    
    
    
    10,529
    
    
    
    (1,902
    )
    
    
    8,627
    
    
    
    16,966
  F-50




---



##### Table of Contents



AIMCO
PROPERTIES, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATIONDecember 31, 2008
(In Thousands Except Unit Data)
 (2)
    
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2008Property
    
    
    Date
    
    
    
    
    
    
    Year
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    
    Consolidated
    
    
    Location
    
    Built
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesCitrus Grove
    
    Garden
    
    Jun-98
    
    Redlands, CA
    
    
    1985
    
    
    
    198
    
    
    
    1,118
    
    
    
    6,642
    
    
    
    2,028
    
    
    
    1,118
    
    
    
    8,670
    
    
    
    9,788
    
    
    
    (3,612
    )
    
    
    6,176
    
    
    
    3,502Colonnade Gardens (Ferntree)
    
    Garden
    
    Oct-97
    
    Phoenix, AZ
    
    
    1973
    
    
    
    196
    
    
    
    766
    
    
    
    4,346
    
    
    
    2,762
    
    
    
    766
    
    
    
    7,108
    
    
    
    7,874
    
    
    
    (3,156
    )
    
    
    4,718
    
    
    
    1,776Colony at Kenilworth
    
    Garden
    
    Oct-99
    
    Towson, MD
    
    
    1966
    
    
    
    383
    
    
    
    2,403
    
    
    
    18,798
    
    
    
    9,099
    
    
    
    2,570
    
    
    
    27,730
    
    
    
    30,300
    
    
    
    (13,182
    )
    
    
    17,118
    
    
    
    24,738Columbus Avenue
    
    Mid Rise
    
    Sep-03
    
    New York, NY
    
    
    1880
    
    
    
    59
    
    
    
    35,472
    
    
    
    9,450
    
    
    
    3,172
    
    
    
    35,527
    
    
    
    12,567
    
    
    
    48,094
    
    
    
    (3,682
    )
    
    
    44,412
    
    
    
    26,274Country Lakes I
    
    Garden
    
    Apr-01
    
    Naperville, IL
    
    
    1982
    
    
    
    240
    
    
    
    8,512
    
    
    
    10,832
    
    
    
    3,050
    
    
    
    8,512
    
    
    
    13,882
    
    
    
    22,394
    
    
    
    (4,528
    )
    
    
    17,866
    
    
    
    14,736Country Lakes II
    
    Garden
    
    May-97
    
    Naperville, IL
    
    
    1986
    
    
    
    400
    
    
    
    5,165
    
    
    
    29,430
    
    
    
    5,198
    
    
    
    5,165
    
    
    
    34,627
    
    
    
    39,792
    
    
    
    (12,864
    )
    
    
    26,928
    
    
    
    25,225Covington Pointe
    
    Garden
    
    Oct-05
    
    Dallas, TX
    
    
    1984
    
    
    
    180
    
    
    
    1,373
    
    
    
    9,500
    
    
    
    1,332
    
    
    
    1,373
    
    
    
    10,832
    
    
    
    12,205
    
    
    
    (6,274
    )
    
    
    5,931
    
    
    
    4,796Creekside
    
    Garden
    
    Jan-00
    
    Denver, CO
    
    
    1974
    
    
    
    328
    
    
    
    1,743
    
    
    
    14,072
    
    
    
    2,725
    
    
    
    1,980
    
    
    
    16,560
    
    
    
    18,540
    
    
    
    (7,222
    )
    
    
    11,318
    
    
    
    14,549Creekside (CA)
    
    Garden
    
    Mar-02
    
    Simi Valley, CA
    
    
    1985
    
    
    
    397
    
    
    
    24,595
    
    
    
    18,818
    
    
    
    6,268
    
    
    
    25,245
    
    
    
    24,435
    
    
    
    49,680
    
    
    
    (6,897
    )
    
    
    42,783
    
    
    
    40,670Crescent at West Hollywood, The
    
    Mid Rise
    
    Mar-02
    
    West Hollywood, CA
    
    
    1982
    
    
    
    130
    
    
    
    15,382
    
    
    
    10,215
    
    
    
    12,831
    
    
    
    15,765
    
    
    
    22,663
    
    
    
    38,428
    
    
    
    (5,960
    )
    
    
    32,468
    
    
    
    24,195Crossroads
    
    Garden
    
    May-98
    
    Phoenix, AZ
    
    
    1982
    
    
    
    316
    
    
    
    2,180
    
    
    
    12,661
    
    
    
    3,267
    
    
    
    2,180
    
    
    
    15,928
    
    
    
    18,108
    
    
    
    (7,474
    )
    
    
    10,634
    
    
    
    4,940Crosswood
    
    Garden
    
    Jan-06
    
    Citrus Heights, CA
    
    
    1976
    
    
    
    180
    
    
    
    6,944
    
    
    
    8,169
    
    
    
    732
    
    
    
    6,944
    
    
    
    8,901
    
    
    
    15,845
    
    
    
    (510
    )
    
    
    15,335
    
    
    
    13,000Deer Creek
    
    Garden
    
    Apr-00
    
    Plainsboro, NJ
    
    
    1975
    
    
    
    288
    
    
    
    2,404
    
    
    
    17,096
    
    
    
    5,012
    
    
    
    2,404
    
    
    
    22,108
    
    
    
    24,512
    
    
    
    (9,655
    )
    
    
    14,857
    
    
    
    23,235Deercross (IN)
    
    Garden
    
    Oct-00
    
    Indianapolis, IN
    
    
    1979
    
    
    
    372
    
    
    
    3,175
    
    
    
    10,426
    
    
    
    6,155
    
    
    
    3,175
    
    
    
    16,582
    
    
    
    19,757
    
    
    
    (6,040
    )
    
    
    13,717
    
    
    
    10,700Defoors Crossing
    
    Garden
    
    Jan-06
    
    Atlanta, GA
    
    
    1987
    
    
    
    60
    
    
    
    348
    
    
    
    957
    
    
    
    300
    
    
    
    348
    
    
    
    1,258
    
    
    
    1,606
    
    
    
    (1,134
    )
    
    
    472
    
    
    
    Doral Oaks
    
    Garden
    
    Dec-97
    
    Temple Terrace, FL
    
    
    1967
    
    
    
    252
    
    
    
    2,095
    
    
    
    3,943
    
    
    
    14,471
    
    
    
    2,095
    
    
    
    18,414
    
    
    
    20,509
    
    
    
    (7,066
    )
    
    
    13,443
    
    
    
    3,705Douglaston Villas and Townhomes
    
    Garden
    
    Aug-99
    
    Altamonte Springs, FL
    
    
    1979
    
    
    
    234
    
    
    
    1,666
    
    
    
    9,353
    
    
    
    6,498
    
    
    
    1,666
    
    
    
    15,851
    
    
    
    17,517
    
    
    
    (5,121
    )
    
    
    12,396
    
    
    
    10,632Dunes Apartment Homes, The
    
    Garden
    
    Oct-99
    
    Indian Harbour Beach, FL
    
    
    1963
    
    
    
    200
    
    
    
    1,211
    
    
    
    5,901
    
    
    
    3,071
    
    
    
    1,211
    
    
    
    8,972
    
    
    
    10,183
    
    
    
    (4,396
    )
    
    
    5,787
    
    
    
    3,152Elm Creek
    
    Mid Rise
    
    Dec-97
    
    Elmhurst, IL
    
    
    1986
    
    
    
    372
    
    
    
    5,534
    
    
    
    30,830
    
    
    
    17,156
    
    
    
    5,628
    
    
    
    47,892
    
    
    
    53,520
    
    
    
    (15,471
    )
    
    
    38,049
    
    
    
    30,548Evanston Place
    
    High Rise
    
    Dec-97
    
    Evanston, IL
    
    
    1988
    
    
    
    189
    
    
    
    3,232
    
    
    
    25,546
    
    
    
    4,237
    
    
    
    3,232
    
    
    
    29,783
    
    
    
    33,015
    
    
    
    (9,116
    )
    
    
    23,899
    
    
    
    21,700Fairlane East
    
    Garden
    
    Jan-01
    
    Dearborn, MI
    
    
    1973
    
    
    
    244
    
    
    
    6,550
    
    
    
    11,711
    
    
    
    4,837
    
    
    
    6,550
    
    
    
    16,548
    
    
    
    23,098
    
    
    
    (7,549
    )
    
    
    15,549
    
    
    
    10,200Fairway
    
    Garden
    
    Jan-00
    
    Plano, TX
    
    
    1978
    
    
    
    256
    
    
    
    2,961
    
    
    
    5,137
    
    
    
    5,342
    
    
    
    2,961
    
    
    
    10,479
    
    
    
    13,440
    
    
    
    (4,951
    )
    
    
    8,489
    
    
    
    8,982Farmingdale
    
    Mid Rise
    
    Oct-00
    
    Darien, IL
    
    
    1975
    
    
    
    240
    
    
    
    11,763
    
    
    
    15,174
    
    
    
    9,098
    
    
    
    11,763
    
    
    
    24,272
    
    
    
    36,035
    
    
    
    (7,561
    )
    
    
    28,474
    
    
    
    18,090Ferntree
    
    Garden
    
    Mar-01
    
    Phoenix, AZ
    
    
    1968
    
    
    
    219
    
    
    
    2,078
    
    
    
    13,752
    
    
    
    2,846
    
    
    
    2,079
    
    
    
    16,598
    
    
    
    18,677
    
    
    
    (5,463
    )
    
    
    13,214
    
    
    
    7,133Fishermans Landing
    
    Garden
    
    Dec-97
    
    Bradenton, FL
    
    
    1984
    
    
    
    200
    
    
    
    1,276
    
    
    
    7,170
    
    
    
    6,915
    
    
    
    1,276
    
    
    
    14,085
    
    
    
    15,361
    
    
    
    (4,370
    )
    
    
    10,991
    
    
    
    7,966Fishermans Landing
    
    Garden
    
    Sep-98
    
    Temple Terrace, FL
    
    
    1986
    
    
    
    256
    
    
    
    1,643
    
    
    
    9,446
    
    
    
    3,506
    
    
    
    1,643
    
    
    
    12,952
    
    
    
    14,595
    
    
    
    (5,020
    )
    
    
    9,575
    
    
    
    11,937Fishermans Village
    
    Garden
    
    Jan-06
    
    Indianapolis, IN
    
    
    1982
    
    
    
    328
    
    
    
    964
    
    
    
    11,129
    
    
    
    2,424
    
    
    
    964
    
    
    
    13,553
    
    
    
    14,517
    
    
    
    (6,489
    )
    
    
    8,028
    
    
    
    6,350Fishermans Wharf Apartments
    
    Garden
    
    Nov-96
    
    Clute, TX
    
    
    1981
    
    
    
    360
    
    
    
    1,257
    
    
    
    7,584
    
    
    
    4,471
    
    
    
    1,257
    
    
    
    12,055
    
    
    
    13,312
    
    
    
    (5,115
    )
    
    
    8,197
    
    
    
    2,195Flamingo Towers
    
    High Rise
    
    Sep-97
    
    Miami,  FL
    
    
    1960/2005
    
    
    
    1,127
    
    
    
    32,191
    
    
    
    38,399
    
    
    
    216,641
    
    
    
    32,239
    
    
    
    254,993
    
    
    
    287,232
    
    
    
    (76,989
    )
    
    
    210,243
    
    
    
    158,000Forestlake Apartments
    
    Garden
    
    Mar-07
    
    Daytona Beach,  FL
    
    
    1982
    
    
    
    120
    
    
    
    3,691
    
    
    
    4,320
    
    
    
    361
    
    
    
    3,860
    
    
    
    4,512
    
    
    
    8,372
    
    
    
    (369
    )
    
    
    8,003
    
    
    
    4,807Four Quarters Habitat
    
    Garden
    
    Jan-06
    
    Miami, FL
    
    
    1976
    
    
    
    336
    
    
    
    1,532
    
    
    
    23,615
    
    
    
    12,385
    
    
    
    1,528
    
    
    
    36,004
    
    
    
    37,532
    
    
    
    (15,182
    )
    
    
    22,350
    
    
    
    12,317Fox Run (NJ)
    
    Garden
    
    Jan-00
    
    Plainsboro, NJ
    
    
    1973
    
    
    
    776
    
    
    
    8,029
    
    
    
    51,843
    
    
    
    15,513
    
    
    
    8,022
    
    
    
    67,363
    
    
    
    75,385
    
    
    
    (22,981
    )
    
    
    52,404
    
    
    
    27,596Foxchase
    
    Garden
    
    Dec-97
    
    Alexandria, VA
    
    
    1947
    
    
    
    2,113
    
    
    
    15,419
    
    
    
    96,062
    
    
    
    29,828
    
    
    
    15,496
    
    
    
    125,813
    
    
    
    141,309
    
    
    
    (50,071
    )
    
    
    91,238
    
    
    
    188,012Franklin Oaks
    
    Garden
    
    May-98
    
    Franklin, TN
    
    
    1987
    
    
    
    468
    
    
    
    3,936
    
    
    
    22,832
    
    
    
    8,664
    
    
    
    3,936
    
    
    
    31,497
    
    
    
    35,433
    
    
    
    (12,308
    )
    
    
    23,125
    
    
    
    12,620Georgetown (MA)
    
    Garden
    
    Aug-02
    
    Framingham, MA
    
    
    1964
    
    
    
    207
    
    
    
    12,351
    
    
    
    13,168
    
    
    
    1,991
    
    
    
    12,351
    
    
    
    15,159
    
    
    
    27,510
    
    
    
    (3,920
    )
    
    
    23,590
    
    
    
    13,442Glen at Forestlake, The
    
    Garden
    
    Mar-07
    
    Daytona Beach,  FL
    
    
    1982
    
    
    
    26
    
    
    
    897
    
    
    
    862
    
    
    
    138
    
    
    
    933
    
    
    
    963
    
    
    
    1,896
    
    
    
    (81
    )
    
    
    1,815
    
    
    
    1,055Glenbridge Manors
    
    Garden
    
    Sep-03
    
    Cincinnati, OH
    
    
    1978
    
    
    
    273
    
    
    
    1,030
    
    
    
    17,447
    
    
    
    11,402
    
    
    
    1,031
    
    
    
    28,849
    
    
    
    29,880
    
    
    
    (6,557
    )
    
    
    23,323
    
    
    
    19,283Granada
    
    Mid Rise
    
    Aug-02
    
    Framingham, MA
    
    
    1958
    
    
    
    72
    
    
    
    4,577
    
    
    
    4,058
    
    
    
    840
    
    
    
    4,577
    
    
    
    4,897
    
    
    
    9,474
    
    
    
    (1,711
    )
    
    
    7,763
    
    
    
    4,497Grand Pointe
    
    Garden
    
    Dec-99
    
    Columbia, MD
    
    
    1974
    
    
    
    325
    
    
    
    2,715
    
    
    
    16,771
    
    
    
    4,912
    
    
    
    2,715
    
    
    
    21,683
    
    
    
    24,398
    
    
    
    (7,159
    )
    
    
    17,239
    
    
    
    17,267Greens (AZ)
    
    Garden
    
    Jul-94
    
    Chandler, AZ
    
    
    2000
    
    
    
    324
    
    
    
    2,303
    
    
    
    713
    
    
    
    27,043
    
    
    
    2,303
    
    
    
    27,755
    
    
    
    30,058
    
    
    
    (10,169
    )
    
    
    19,889
    
    
    
    13,564Greenspoint Apartments
    
    Garden
    
    Jan-00
    
    Phoenix, AZ
    
    
    1985
    
    
    
    336
    
    
    
    2,176
    
    
    
    14,881
    
    
    
    12,188
    
    
    
    2,176
    
    
    
    27,069
    
    
    
    29,245
    
    
    
    (10,058
    )
    
    
    19,187
    
    
    
    16,668Greentree
    
    Garden
    
    Dec-96
    
    Carrollton, TX
    
    
    1983
    
    
    
    365
    
    
    
    1,774
    
    
    
    9,440
    
    
    
    5,449
    
    
    
    1,774
    
    
    
    14,889
    
    
    
    16,663
    
    
    
    (6,284
    )
    
    
    10,379
    
    
    
    7,166Hampden Heights
    
    Garden
    
    Jan-00
    
    Denver, CO
    
    
    1973
    
    
    
    376
    
    
    
    2,023
    
    
    
    14,298
    
    
    
    4,040
    
    
    
    2,251
    
    
    
    18,110
    
    
    
    20,361
    
    
    
    (8,047
    )
    
    
    12,314
    
    
    
    14,010Harbor Town at Jacaranda
    
    Garden
    
    Sep-00
    
    Plantation, FL
    
    
    1988
    
    
    
    280
    
    
    
    9,776
    
    
    
    10,643
    
    
    
    6,257
    
    
    
    9,776
    
    
    
    16,900
    
    
    
    26,676
    
    
    
    (4,529
    )
    
    
    22,147
    
    
    
    11,800Harbour, The
    
    Garden
    
    Mar-01
    
    Melbourne, FL
    
    
    1987
    
    
    
    162
    
    
    
    4,108
    
    
    
    3,563
    
    
    
    2,700
    
    
    
    4,108
    
    
    
    6,263
    
    
    
    10,371
    
    
    
    (2,502
    )
    
    
    7,869
    
    
    
    Heritage Park at Alta Loma
    
    Garden
    
    Jan-01
    
    Alta Loma, CA
    
    
    1986
    
    
    
    232
    
    
    
    1,200
    
    
    
    6,428
    
    
    
    3,301
    
    
    
    1,200
    
    
    
    9,730
    
    
    
    10,930
    
    
    
    (3,271
    )
    
    
    7,659
    
    
    
    7,264Heritage Park Escondido
    
    Garden
    
    Oct-00
    
    Escondido, CA
    
    
    1986
    
    
    
    196
    
    
    
    1,055
    
    
    
    7,578
    
    
    
    1,242
    
    
    
    1,055
    
    
    
    8,820
    
    
    
    9,875
    
    
    
    (3,764
    )
    
    
    6,111
    
    
    
    7,299Heritage Park Livermore
    
    Garden
    
    Oct-00
    
    Livermore, CA
    
    
    1988
    
    
    
    167
    
    
    
    1,039
    
    
    
    9,185
    
    
    
    1,177
    
    
    
    1,039
    
    
    
    10,361
    
    
    
    11,400
    
    
    
    (4,260
    )
    
    
    7,140
    
    
    
    7,432Heritage Park Montclair
    
    Garden
    
    Mar-01
    
    Montclair, CA
    
    
    1985
    
    
    
    144
    
    
    
    690
    
    
    
    4,149
    
    
    
    865
    
    
    
    690
    
    
    
    5,014
    
    
    
    5,704
    
    
    
    (1,620
    )
    
    
    4,084
    
    
    
    4,620Heritage Village Anaheim
    
    Garden
    
    Oct-00
    
    Anaheim, CA
    
    
    1986
    
    
    
    196
    
    
    
    1,835
    
    
    
    8,554
    
    
    
    1,471
    
    
    
    1,835
    
    
    
    10,025
    
    
    
    11,860
    
    
    
    (4,361
    )
    
    
    7,499
    
    
    
    8,858Hidden Cove (CA)
    
    Garden
    
    Jul-98
    
    Escondido, CA
    
    
    1985
    
    
    
    334
    
    
    
    3,043
    
    
    
    17,615
    
    
    
    6,606
    
    
    
    3,043
    
    
    
    24,222
    
    
    
    27,265
    
    
    
    (9,016
    )
    
    
    18,249
    
    
    
    14,966Hidden Cove II
    
    Garden
    
    Jul-07
    
    Escondido, CA
    
    
    1986
    
    
    
    118
    
    
    
    12,730
    
    
    
    6,530
    
    
    
    5,092
    
    
    
    12,849
    
    
    
    11,504
    
    
    
    24,353
    
    
    
    (733
    )
    
    
    23,620
    
    
    
    12,809Hidden Harbour
    
    Garden
    
    Oct-02
    
    Melbourne, FL
    
    
    1985
    
    
    
    216
    
    
    
    984
    
    
    
    8,050
    
    
    
    1,892
    
    
    
    984
    
    
    
    9,942
    
    
    
    10,926
    
    
    
    (2,888
    )
    
    
    8,038
    
    
    
    6,748Highcrest Townhomes
    
    Town Home
    
    Jan-03
    
    Woodridge, IL
    
    
    1968
    
    
    
    176
    
    
    
    3,045
    
    
    
    13,452
    
    
    
    1,118
    
    
    
    3,045
    
    
    
    14,571
    
    
    
    17,616
    
    
    
    (5,487
    )
    
    
    12,129
    
    
    
    11,019Highland Ridge
    
    Garden
    
    Sep-04
    
    Atlanta, GA
    
    
    1984
    
    
    
    219
    
    
    
    1,162
    
    
    
    6,997
    
    
    
    4,879
    
    
    
    1,179
    
    
    
    11,859
    
    
    
    13,038
    
    
    
    (4,597
    )
    
    
    8,441
    
    
    
    6,100Hillcreste (CA)
    
    Garden
    
    Mar-02
    
    Los Angeles, CA
    
    
    1989
    
    
    
    315
    
    
    
    33,755
    
    
    
    47,216
    
    
    
    24,452
    
    
    
    35,862
    
    
    
    69,561
    
    
    
    105,423
    
    
    
    (16,335
    )
    
    
    89,088
    
    
    
    58,559Hillmeade
    
    Garden
    
    Nov-94
    
    Nashville, TN
    
    
    1985
    
    
    
    288
    
    
    
    2,872
    
    
    
    16,069
    
    
    
    12,479
    
    
    
    2,872
    
    
    
    28,549
    
    
    
    31,421
    
    
    
    (15,814
    )
    
    
    15,607
    
    
    
    18,660Hills at the Arboretum, The
    
    Garden
    
    Oct-97
    
    Austin, TX
    
    
    1983
    
    
    
    327
    
    
    
    1,367
    
    
    
    7,764
    
    
    
    14,358
    
    
    
    1,367
    
    
    
    22,122
    
    
    
    23,489
    
    
    
    (7,102
    )
    
    
    16,387
    
    
    
    Homestead
    
    Garden
    
    Apr-05
    
    East Lansing, MI
    
    
    1986
    
    
    
    168
    
    
    
    825
    
    
    
    9,252
    
    
    
    512
    
    
    
    825
    
    
    
    9,763
    
    
    
    10,588
    
    
    
    (3,823
    )
    
    
    6,765
    
    
    
    3,549Horizons West Apartments
    
    Mid Rise
    
    Dec-06
    
    Pacifica,  CA
    
    
    1970
    
    
    
    78
    
    
    
    8,763
    
    
    
    6,376
    
    
    
    1,105
    
    
    
    8,887
    
    
    
    7,357
    
    
    
    16,244
    
    
    
    (658
    )
    
    
    15,586
    
    
    
    5,494Hudson Harbour
    
    Garden
    
    Apr-07
    
    Poughkeepsie, NY
    
    
    1980
    
    
    
    352
    
    
    
    17,640
    
    
    
    18,679
    
    
    
    851
    
    
    
    17,714
    
    
    
    19,455
    
    
    
    37,169
    
    
    
    (1,607
    )
    
    
    35,562
    
    
    
    23,318Hunt Club (MD)
    
    Garden
    
    Sep-00
    
    Gaithersburg, MD
    
    
    1986
    
    
    
    336
    
    
    
    17,859
    
    
    
    13,149
    
    
    
    3,426
    
    
    
    17,859
    
    
    
    16,575
    
    
    
    34,434
    
    
    
    (5,652
    )
    
    
    28,782
    
    
    
    32,160Hunt Club (TX)
    
    Garden
    
    Mar-01
    
    Austin, TX
    
    
    1987
    
    
    
    384
    
    
    
    10,342
    
    
    
    11,920
    
    
    
    7,872
    
    
    
    10,342
    
    
    
    19,792
    
    
    
    30,134
    
    
    
    (8,238
    )
    
    
    21,896
    
    
    
    18,361Hunters Chase (VA)
    
    Garden
    
    Jan-01
    
    Midlothian, VA
    
    
    1985
    
    
    
    320
    
    
    
    7,987
    
    
    
    7,863
    
    
    
    3,007
    
    
    
    7,987
    
    
    
    10,871
    
    
    
    18,858
    
    
    
    (2,870
    )
    
    
    15,988
    
    
    
    16,630Hunters Crossing (VA)
    
    Garden
    
    Apr-01
    
    Leesburg, VA
    
    
    1967
    
    
    
    164
    
    
    
    2,244
    
    
    
    7,763
    
    
    
    3,782
    
    
    
    2,244
    
    
    
    11,544
    
    
    
    13,788
    
    
    
    (5,352
    )
    
    
    8,436
    
    
    
    7,000Hunters Glen IV
    
    Garden
    
    Oct-99
    
    Plainsboro, NJ
    
    
    1976
    
    
    
    264
    
    
    
    2,264
    
    
    
    15,036
    
    
    
    4,552
    
    
    
    2,264
    
    
    
    19,588
    
    
    
    21,852
    
    
    
    (8,798
    )
    
    
    13,054
    
    
    
    20,501Hunters Glen V
    
    Garden
    
    Oct-99
    
    Plainsboro, NJ
    
    
    1977
    
    
    
    304
    
    
    
    2,735
    
    
    
    18,079
    
    
    
    4,915
    
    
    
    2,735
    
    
    
    22,994
    
    
    
    25,729
    
    
    
    (10,270
    )
    
    
    15,459
    
    
    
    24,504Hunters Glen VI
    
    Garden
    
    Oct-99
    
    Plainsboro, NJ
    
    
    1977
    
    
    
    328
    
    
    
    2,418
    
    
    
    16,083
    
    
    
    5,744
    
    
    
    2,418
    
    
    
    21,827
    
    
    
    24,245
    
    
    
    (10,554
    )
    
    
    13,691
    
    
    
    25,504Huntington Athletic Club
    
    Garden
    
    Oct-99
    
    Morrisville, NC
    
    
    1986
    
    
    
    212
    
    
    
    1,650
    
    
    
    11,265
    
    
    
    3,315
    
    
    
    1,650
    
    
    
    14,580
    
    
    
    16,230
    
    
    
    (7,165
    )
    
    
    9,065
    
    
    
    7,549Hyde Park Tower
    
    High Rise
    
    Oct-04
    
    Chicago, IL
    
    
    1990
    
    
    
    155
    
    
    
    4,683
    
    
    
    14,928
    
    
    
    1,839
    
    
    
    4,731
    
    
    
    16,719
    
    
    
    21,450
    
    
    
    (2,207
    )
    
    
    19,243
    
    
    
    13,569Independence Green
    
    Garden
    
    Jan-06
    
    Farmington Hills, MI
    
    
    1960
    
    
    
    981
    
    
    
    10,293
    
    
    
    24,830
    
    
    
    19,287
    
    
    
    10,156
    
    
    
    44,254
    
    
    
    54,410
    
    
    
    (10,525
    )
    
    
    43,885
    
    
    
    28,121Indian Oaks
    
    Garden
    
    Mar-02
    
    Simi Valley, CA
    
    
    1986
    
    
    
    254
    
    
    
    23,927
    
    
    
    15,801
    
    
    
    3,037
    
    
    
    24,523
    
    
    
    18,242
    
    
    
    42,765
    
    
    
    (5,029
    )
    
    
    37,736
    
    
    
    33,600
  F-51




---



##### Table of Contents



AIMCO
PROPERTIES, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2008
(In Thousands Except Unit Data)
 (2)
    
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2008Property
    
    
    Date
    
    
    
    
    
    
    Year
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    
    Consolidated
    
    
    Location
    
    Built
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesIsland Club (Beville)
    
    Garden
    
    Oct-00
    
    Daytona Beach, FL
    
    
    1986
    
    
    
    204
    
    
    
    6,086
    
    
    
    8,571
    
    
    
    1,833
    
    
    
    6,087
    
    
    
    10,404
    
    
    
    16,491
    
    
    
    (3,595
    )
    
    
    12,896
    
    
    
    8,440Island Club (CA)
    
    Garden
    
    Oct-00
    
    Oceanside, CA
    
    
    1986
    
    
    
    592
    
    
    
    18,027
    
    
    
    28,654
    
    
    
    10,560
    
    
    
    18,027
    
    
    
    39,214
    
    
    
    57,241
    
    
    
    (13,272
    )
    
    
    43,969
    
    
    
    37,664Island Club (Palm Aire)
    
    Garden
    
    Oct-00
    
    Pomano Beach, FL
    
    
    1988
    
    
    
    260
    
    
    
    7,615
    
    
    
    7,652
    
    
    
    7,292
    
    
    
    8,336
    
    
    
    14,224
    
    
    
    22,560
    
    
    
    (4,323
    )
    
    
    18,237
    
    
    
    11,835Key Towers
    
    High Rise
    
    Apr-01
    
    Alexandria, VA
    
    
    1964
    
    
    
    140
    
    
    
    1,526
    
    
    
    7,050
    
    
    
    3,070
    
    
    
    1,526
    
    
    
    10,121
    
    
    
    11,647
    
    
    
    (4,130
    )
    
    
    7,517
    
    
    
    10,900Knolls, The
    
    Garden
    
    Jul-02
    
    Colorado Springs, CO
    
    
    1972
    
    
    
    262
    
    
    
    3,122
    
    
    
    13,178
    
    
    
    10,457
    
    
    
    3,122
    
    
    
    23,635
    
    
    
    26,757
    
    
    
    (12,367
    )
    
    
    14,390
    
    
    
    7,617Lake Castleton
    
    Garden
    
    May-99
    
    Indianapolis, IN
    
    
    1997
    
    
    
    1,261
    
    
    
    5,183
    
    
    
    29,888
    
    
    
    11,574
    
    
    
    5,183
    
    
    
    41,462
    
    
    
    46,645
    
    
    
    (16,467
    )
    
    
    30,178
    
    
    
    28,746Lake Johnson Mews
    
    Garden
    
    Oct-99
    
    Raleigh, NC
    
    
    1972
    
    
    
    201
    
    
    
    1,358
    
    
    
    10,022
    
    
    
    4,973
    
    
    
    1,358
    
    
    
    14,996
    
    
    
    16,354
    
    
    
    (7,753
    )
    
    
    8,601
    
    
    
    8,061Lakeside (IL)
    
    Garden
    
    Oct-99
    
    Lisle, IL
    
    
    1972
    
    
    
    568
    
    
    
    4,358
    
    
    
    29,419
    
    
    
    27,070
    
    
    
    4,358
    
    
    
    56,488
    
    
    
    60,846
    
    
    
    (17,419
    )
    
    
    43,427
    
    
    
    29,608Lakeside at Vinings Mountain
    
    Garden
    
    Jan-00
    
    Atlanta, GA
    
    
    1983
    
    
    
    220
    
    
    
    1,459
    
    
    
    13,250
    
    
    
    14,415
    
    
    
    1,459
    
    
    
    27,665
    
    
    
    29,124
    
    
    
    (9,215
    )
    
    
    19,909
    
    
    
    6,070Lakeside Place
    
    Garden
    
    Oct-99
    
    Houston, TX
    
    
    1976
    
    
    
    734
    
    
    
    4,837
    
    
    
    35,474
    
    
    
    12,616
    
    
    
    4,837
    
    
    
    48,090
    
    
    
    52,927
    
    
    
    (19,984
    )
    
    
    32,943
    
    
    
    27,219Lakewood
    
    Garden
    
    Jul-02
    
    Tomball, TX
    
    
    1979
    
    
    
    256
    
    
    
    801
    
    
    
    8,328
    
    
    
    2,920
    
    
    
    801
    
    
    
    11,248
    
    
    
    12,049
    
    
    
    (4,982
    )
    
    
    7,067
    
    
    
    4,238Lamplighter Park
    
    Garden
    
    Apr-00
    
    Bellevue, WA
    
    
    1967
    
    
    
    174
    
    
    
    2,262
    
    
    
    9,282
    
    
    
    3,811
    
    
    
    2,262
    
    
    
    13,093
    
    
    
    15,355
    
    
    
    (5,836
    )
    
    
    9,519
    
    
    
    10,700Landmark
    
    Garden
    
    Apr-00
    
    Raleigh, NC
    
    
    1970
    
    
    
    292
    
    
    
    1,845
    
    
    
    13,621
    
    
    
    3,815
    
    
    
    2,189
    
    
    
    17,093
    
    
    
    19,282
    
    
    
    (8,811
    )
    
    
    10,471
    
    
    
    8,535Latrobe
    
    High Rise
    
    Jan-03
    
    Washington, DC
    
    
    1980
    
    
    
    176
    
    
    
    1,305
    
    
    
    11,257
    
    
    
    15,038
    
    
    
    1,305
    
    
    
    26,296
    
    
    
    27,601
    
    
    
    (8,250
    )
    
    
    19,351
    
    
    
    22,372Lazy Hollow
    
    Garden
    
    Apr-05
    
    Columbia, MD
    
    
    1979
    
    
    
    178
    
    
    
    1,248
    
    
    
    13,867
    
    
    
    874
    
    
    
    1,248
    
    
    
    14,741
    
    
    
    15,989
    
    
    
    (5,519
    )
    
    
    10,470
    
    
    
    8,243Leahy Square
    
    Garden
    
    Apr-07
    
    Redwood City,  CA
    
    
    1973
    
    
    
    110
    
    
    
    15,352
    
    
    
    7,909
    
    
    
    1,292
    
    
    
    15,444
    
    
    
    9,109
    
    
    
    24,553
    
    
    
    (686
    )
    
    
    23,867
    
    
    
    15,250Lewis Park
    
    Garden
    
    Jan-06
    
    Carbondale, IL
    
    
    1972
    
    
    
    269
    
    
    
    1,420
    
    
    
    12,180
    
    
    
    2,409
    
    
    
    1,417
    
    
    
    14,592
    
    
    
    16,009
    
    
    
    (8,434
    )
    
    
    7,575
    
    
    
    4,205Lighthouse at Twin Lakes
    
    Garden
    
    Apr-00
    
    Beltsville, MD
    
    
    1969
    
    
    
    700
    
    
    
    3,695
    
    
    
    25,543
    
    
    
    11,114
    
    
    
    3,695
    
    
    
    36,657
    
    
    
    40,352
    
    
    
    (10,346
    )
    
    
    30,006
    
    
    
    48,329Lincoln Place Garden
    
    Garden
    
    Oct-04
    
    Venice, CA
    
    
    1951
    
    
    
    755
    
    
    
    43,979
    
    
    
    10,439
    
    
    
    67,108
    
    
    
    42,894
    
    
    
    78,632
    
    
    
    121,526
    
    
    
    (1,527
    )
    
    
    119,999
    
    
    
    72,500Lodge at Chattahoochee, The
    
    Garden
    
    Oct-99
    
    Atlanta, GA
    
    
    1970
    
    
    
    312
    
    
    
    2,320
    
    
    
    16,370
    
    
    
    21,022
    
    
    
    2,320
    
    
    
    37,392
    
    
    
    39,712
    
    
    
    (11,604
    )
    
    
    28,108
    
    
    
    9,320Los Arboles
    
    Garden
    
    Sep-97
    
    Chandler, AZ
    
    
    1985
    
    
    
    232
    
    
    
    1,662
    
    
    
    9,504
    
    
    
    2,966
    
    
    
    1,662
    
    
    
    12,470
    
    
    
    14,132
    
    
    
    (5,236
    )
    
    
    8,896
    
    
    
    4,868Malibu Canyon
    
    Garden
    
    Mar-02
    
    Calabasas, CA
    
    
    1986
    
    
    
    698
    
    
    
    66,257
    
    
    
    53,438
    
    
    
    32,749
    
    
    
    69,834
    
    
    
    82,609
    
    
    
    152,443
    
    
    
    (24,659
    )
    
    
    127,784
    
    
    
    98,900Maple Bay
    
    Garden
    
    Dec-99
    
    Virginia Beach, VA
    
    
    1971
    
    
    
    414
    
    
    
    2,598
    
    
    
    16,141
    
    
    
    29,594
    
    
    
    2,598
    
    
    
    45,735
    
    
    
    48,333
    
    
    
    (11,216
    )
    
    
    37,117
    
    
    
    33,973Mariners Cove
    
    Garden
    
    Mar-02
    
    San Diego, CA
    
    
    1984
    
    
    
    500
    
    
    
    
    
    
    
    66,861
    
    
    
    6,930
    
    
    
    1,000
    
    
    
    72,792
    
    
    
    73,792
    
    
    
    (15,980
    )
    
    
    57,812
    
    
    
    6,661Meadow Creek
    
    Garden
    
    Jul-94
    
    Boulder, CO
    
    
    1972
    
    
    
    332
    
    
    
    1,435
    
    
    
    24,532
    
    
    
    6,066
    
    
    
    1,435
    
    
    
    30,598
    
    
    
    32,033
    
    
    
    (11,967
    )
    
    
    20,066
    
    
    
    24,378Merrill House
    
    High Rise
    
    Jan-00
    
    Falls Church, VA
    
    
    1962
    
    
    
    159
    
    
    
    1,836
    
    
    
    10,831
    
    
    
    2,306
    
    
    
    1,836
    
    
    
    13,137
    
    
    
    14,973
    
    
    
    (3,837
    )
    
    
    11,136
    
    
    
    15,600Montecito
    
    Garden
    
    Jul-94
    
    Austin, TX
    
    
    1985
    
    
    
    268
    
    
    
    1,268
    
    
    
    6,896
    
    
    
    4,700
    
    
    
    1,268
    
    
    
    11,596
    
    
    
    12,864
    
    
    
    (5,710
    )
    
    
    7,154
    
    
    
    1,052Monterey Grove
    
    Garden
    
    Jun-08
    
    San Jose, CA
    
    
    1999
    
    
    
    224
    
    
    
    34,175
    
    
    
    21,939
    
    
    
    747
    
    
    
    34,270
    
    
    
    22,590
    
    
    
    56,860
    
    
    
    (655
    )
    
    
    56,205
    
    
    
    35,000Mountain View
    
    Garden
    
    May-98
    
    Colorado Springs, CO
    
    
    1985
    
    
    
    252
    
    
    
    2,546
    
    
    
    14,841
    
    
    
    2,668
    
    
    
    2,546
    
    
    
    17,509
    
    
    
    20,055
    
    
    
    (7,185
    )
    
    
    12,870
    
    
    
    6,288Mountain View (CA)
    
    Garden
    
    Jan-06
    
    San Dimas, CA
    
    
    1978
    
    
    
    168
    
    
    
    8,500
    
    
    
    16,656
    
    
    
    2,231
    
    
    
    8,500
    
    
    
    18,886
    
    
    
    27,386
    
    
    
    (1,084
    )
    
    
    26,302
    
    
    
    23,300Newport
    
    Garden
    
    Jul-94
    
    Avondale, AZ
    
    
    1986
    
    
    
    204
    
    
    
    800
    
    
    
    4,354
    
    
    
    3,387
    
    
    
    800
    
    
    
    7,742
    
    
    
    8,542
    
    
    
    (3,612
    )
    
    
    4,930
    
    
    
    1,801Oak Falls Condominiums
    
    Garden
    
    Nov-96
    
    Spring, TX
    
    
    1983
    
    
    
    144
    
    
    
    1,017
    
    
    
    5,420
    
    
    
    2,590
    
    
    
    1,017
    
    
    
    8,010
    
    
    
    9,027
    
    
    
    (2,459
    )
    
    
    6,568
    
    
    
    3,441Oak Park Village I
    
    Garden
    
    Oct-00
    
    Lansing, MI
    
    
    1973
    
    
    
    618
    
    
    
    10,048
    
    
    
    16,771
    
    
    
    6,930
    
    
    
    10,048
    
    
    
    23,701
    
    
    
    33,749
    
    
    
    (11,512
    )
    
    
    22,237
    
    
    
    23,487Ocean Oaks
    
    Garden
    
    May-98
    
    Port Orange, FL
    
    
    1988
    
    
    
    296
    
    
    
    2,132
    
    
    
    12,855
    
    
    
    3,045
    
    
    
    2,132
    
    
    
    15,900
    
    
    
    18,032
    
    
    
    (5,849
    )
    
    
    12,183
    
    
    
    10,295Ocean View Apartment
    
    Garden
    
    Oct-06
    
    Pacifica, CA
    
    
    1963
    
    
    
    63
    
    
    
    7,975
    
    
    
    4,131
    
    
    
    1,257
    
    
    
    8,108
    
    
    
    5,255
    
    
    
    13,363
    
    
    
    (432
    )
    
    
    12,931
    
    
    
    6,526One Lytle Place
    
    High Rise
    
    Jan-00
    
    Cincinnati ,OH
    
    
    1980
    
    
    
    231
    
    
    
    2,662
    
    
    
    21,800
    
    
    
    12,058
    
    
    
    2,662
    
    
    
    33,858
    
    
    
    36,520
    
    
    
    (10,058
    )
    
    
    26,462
    
    
    
    15,450Pacific Bay Vistas
    
    Garden
    
    Mar-01
    
    San Bruno, CA
    
    
    1987
    
    
    
    308
    
    
    
    3,703
    
    
    
    62,460
    
    
    
    19,987
    
    
    
    22,993
    
    
    
    63,157
    
    
    
    86,150
    
    
    
    (55,442
    )
    
    
    30,708
    
    
    
    26,060Pacifica Park
    
    Garden
    
    Jul-06
    
    Pacifica, CA
    
    
    1977
    
    
    
    104
    
    
    
    12,770
    
    
    
    6,579
    
    
    
    3,119
    
    
    
    12,970
    
    
    
    9,498
    
    
    
    22,468
    
    
    
    (1,524
    )
    
    
    20,944
    
    
    
    11,456Palazzo at Park La Brea
    
    Mid Rise
    
    Feb-04
    
    Los Angeles, CA
    
    
    2002
    
    
    
    521
    
    
    
    47,822
    
    
    
    125,464
    
    
    
    7,878
    
    
    
    48,362
    
    
    
    132,803
    
    
    
    181,165
    
    
    
    (24,119
    )
    
    
    157,046
    
    
    
    127,068Palazzo East at Park La Brea
    
    Mid Rise
    
    Mar-05
    
    Los Angeles, CA
    
    
    2005
    
    
    
    611
    
    
    
    61,004
    
    
    
    136,503
    
    
    
    19,904
    
    
    
    72,615
    
    
    
    144,796
    
    
    
    217,411
    
    
    
    (20,299
    )
    
    
    197,112
    
    
    
    150,000Palencia
    
    Garden
    
    May-98
    
    Tampa, FL
    
    
    1985
    
    
    
    420
    
    
    
    2,804
    
    
    
    16,262
    
    
    
    10,921
    
    
    
    2,804
    
    
    
    27,183
    
    
    
    29,987
    
    
    
    (10,229
    )
    
    
    19,758
    
    
    
    11,598Paradise Palms
    
    Garden
    
    Jul-94
    
    Phoenix, AZ
    
    
    1985
    
    
    
    129
    
    
    
    647
    
    
    
    3,515
    
    
    
    6,438
    
    
    
    647
    
    
    
    9,954
    
    
    
    10,601
    
    
    
    (4,661
    )
    
    
    5,940
    
    
    
    6,481Park at Cedar Lawn, The
    
    Garden
    
    Nov-96
    
    Galveston, TX
    
    
    1985
    
    
    
    192
    
    
    
    1,025
    
    
    
    2,521
    
    
    
    2,257
    
    
    
    1,025
    
    
    
    4,779
    
    
    
    5,804
    
    
    
    (3,382
    )
    
    
    2,422
    
    
    
    3,752Park Towne
    
    High Rise
    
    Apr-00
    
    Philadelphia, PA
    
    
    1959
    
    
    
    958
    
    
    
    10,451
    
    
    
    47,301
    
    
    
    51,905
    
    
    
    10,451
    
    
    
    99,206
    
    
    
    109,657
    
    
    
    (18,221
    )
    
    
    91,436
    
    
    
    87,000Parktown Townhouses
    
    Garden
    
    Oct-99
    
    Deer Park, TX
    
    
    1968
    
    
    
    309
    
    
    
    1,772
    
    
    
    13,725
    
    
    
    9,819
    
    
    
    1,772
    
    
    
    23,545
    
    
    
    25,317
    
    
    
    (8,268
    )
    
    
    17,049
    
    
    
    5,938Parkway (VA)
    
    Garden
    
    Mar-00
    
    Willamsburg, VA
    
    
    1971
    
    
    
    148
    
    
    
    386
    
    
    
    2,834
    
    
    
    2,579
    
    
    
    386
    
    
    
    5,413
    
    
    
    5,799
    
    
    
    (2,951
    )
    
    
    2,848
    
    
    
    9,409Pathfinder Village
    
    Garden
    
    Jan-06
    
    Fremont, CA
    
    
    1973
    
    
    
    246
    
    
    
    19,595
    
    
    
    14,838
    
    
    
    5,628
    
    
    
    19,595
    
    
    
    20,466
    
    
    
    40,061
    
    
    
    (887
    )
    
    
    39,174
    
    
    
    23,800Peachtree Park
    
    Garden
    
    Jan-96
    
    Atlanta, GA
    
    
    1962/1995
    
    
    
    303
    
    
    
    4,683
    
    
    
    11,713
    
    
    
    9,862
    
    
    
    4,683
    
    
    
    21,575
    
    
    
    26,258
    
    
    
    (8,805
    )
    
    
    17,453
    
    
    
    9,834Peakview Place
    
    Garden
    
    Jan-00
    
    Englewood, CO
    
    
    1975
    
    
    
    296
    
    
    
    2,067
    
    
    
    20,438
    
    
    
    4,362
    
    
    
    2,067
    
    
    
    24,800
    
    
    
    26,867
    
    
    
    (14,026
    )
    
    
    12,841
    
    
    
    12,844Pebble Point
    
    Garden
    
    Oct-02
    
    Indianapolis, IN
    
    
    1980
    
    
    
    220
    
    
    
    1,790
    
    
    
    6,883
    
    
    
    2,339
    
    
    
    1,790
    
    
    
    9,222
    
    
    
    11,012
    
    
    
    (4,013
    )
    
    
    6,999
    
    
    
    5,430Peppertree
    
    Garden
    
    Mar-02
    
    Cypress, CA
    
    
    1971
    
    
    
    136
    
    
    
    7,835
    
    
    
    5,224
    
    
    
    1,873
    
    
    
    8,030
    
    
    
    6,902
    
    
    
    14,932
    
    
    
    (2,367
    )
    
    
    12,565
    
    
    
    15,750Pine Lake Terrace
    
    Garden
    
    Mar-02
    
    Garden Grove, CA
    
    
    1971
    
    
    
    111
    
    
    
    3,975
    
    
    
    6,035
    
    
    
    1,872
    
    
    
    4,125
    
    
    
    7,758
    
    
    
    11,883
    
    
    
    (2,134
    )
    
    
    9,749
    
    
    
    12,000Pine Shadows
    
    Garden
    
    May-98
    
    Phoenix, AZ
    
    
    1983
    
    
    
    272
    
    
    
    2,095
    
    
    
    11,899
    
    
    
    3,534
    
    
    
    2,095
    
    
    
    15,433
    
    
    
    17,528
    
    
    
    (6,572
    )
    
    
    10,956
    
    
    
    7,500Pines, The
    
    Garden
    
    Oct-98
    
    Palm Bay, FL
    
    
    1984
    
    
    
    216
    
    
    
    603
    
    
    
    3,318
    
    
    
    2,277
    
    
    
    603
    
    
    
    5,595
    
    
    
    6,198
    
    
    
    (2,117
    )
    
    
    4,081
    
    
    
    1,975Plantation Gardens
    
    Garden
    
    Oct-99
    
    Plantation ,FL
    
    
    1971
    
    
    
    372
    
    
    
    3,793
    
    
    
    19,601
    
    
    
    5,386
    
    
    
    3,793
    
    
    
    24,987
    
    
    
    28,780
    
    
    
    (9,958
    )
    
    
    18,822
    
    
    
    24,463Pointe At Stone Canyon, The
    
    Garden
    
    Jan-06
    
    Dallas, TX
    
    
    1978
    
    
    
    164
    
    
    
    878
    
    
    
    4,401
    
    
    
    1,816
    
    
    
    878
    
    
    
    6,217
    
    
    
    7,095
    
    
    
    (3,545
    )
    
    
    3,550
    
    
    
    2,431Post Ridge
    
    Garden
    
    Jul-00
    
    Nashville, TN
    
    
    1972
    
    
    
    150
    
    
    
    943
    
    
    
    6,680
    
    
    
    2,616
    
    
    
    943
    
    
    
    9,296
    
    
    
    10,239
    
    
    
    (4,634
    )
    
    
    5,605
    
    
    
    6,119Presidential House
    
    Mid Rise
    
    Sep-05
    
    North Miami Beach, FL
    
    
    1963
    
    
    
    203
    
    
    
    1,379
    
    
    
    10,635
    
    
    
    3,051
    
    
    
    1,379
    
    
    
    13,686
    
    
    
    15,065
    
    
    
    (5,092
    )
    
    
    9,973
    
    
    
    10,044Preston Creek
    
    Garden
    
    Oct-99
    
    Dallas, TX
    
    
    1979
    
    
    
    228
    
    
    
    1,543
    
    
    
    8,667
    
    
    
    5,586
    
    
    
    1,543
    
    
    
    14,253
    
    
    
    15,796
    
    
    
    (7,465
    )
    
    
    8,331
    
    
    
    8,784Quail Run
    
    Garden
    
    Oct-99
    
    Zionsville, IN
    
    
    1972
    
    
    
    166
    
    
    
    1,222
    
    
    
    6,803
    
    
    
    1,512
    
    
    
    1,222
    
    
    
    8,316
    
    
    
    9,538
    
    
    
    (3,628
    )
    
    
    5,910
    
    
    
    4,533Ramblewood Apartments (MI)
    
    Garden
    
    Dec-99
    
    Wyoming, MI
    
    
    1973
    
    
    
    1,708
    
    
    
    8,607
    
    
    
    61,082
    
    
    
    
    
    
    
    8,607
    
    
    
    61,082
    
    
    
    69,689
    
    
    
    (9,266
    )
    
    
    60,423
    
    
    
    28,676Ravensworth Towers
    
    High Rise
    
    Jun-04
    
    Annandale, VA
    
    
    1974
    
    
    
    219
    
    
    
    2,172
    
    
    
    18,607
    
    
    
    2,108
    
    
    
    2,172
    
    
    
    20,714
    
    
    
    22,886
    
    
    
    (8,931
    )
    
    
    13,955
    
    
    
    21,163Reflections (Casselberry)
    
    Garden
    
    Oct-02
    
    Casselberry, FL
    
    
    1984
    
    
    
    336
    
    
    
    3,906
    
    
    
    10,491
    
    
    
    3,706
    
    
    
    3,906
    
    
    
    14,197
    
    
    
    18,103
    
    
    
    (3,831
    )
    
    
    14,272
    
    
    
    10,700Reflections (Virginia Beach)
    
    Garden
    
    Sep-00
    
    Virginia Beach, VA
    
    
    1987
    
    
    
    480
    
    
    
    15,988
    
    
    
    13,684
    
    
    
    4,761
    
    
    
    15,988
    
    
    
    18,444
    
    
    
    34,432
    
    
    
    (6,736
    )
    
    
    27,696
    
    
    
    38,932Reflections (West Palm Beach)
    
    Garden
    
    Oct-00
    
    West Palm Beach, FL
    
    
    1986
    
    
    
    300
    
    
    
    5,504
    
    
    
    9,984
    
    
    
    3,813
    
    
    
    5,504
    
    
    
    13,797
    
    
    
    19,301
    
    
    
    (4,562
    )
    
    
    14,739
    
    
    
    8,344Regency Oaks
    
    Garden
    
    Oct-99
    
    Fern Park, FL
    
    
    1965
    
    
    
    343
    
    
    
    1,842
    
    
    
    10,029
    
    
    
    7,836
    
    
    
    1,842
    
    
    
    17,866
    
    
    
    19,708
    
    
    
    (9,128
    )
    
    
    10,580
    
    
    
    11,280Remington at Ponte Vedra Lakes
    
    Garden
    
    Dec-06
    
    Ponte Vedra Beach,  FL
    
    
    1986
    
    
    
    344
    
    
    
    18,576
    
    
    
    18,650
    
    
    
    1,917
    
    
    
    18,795
    
    
    
    20,348
    
    
    
    39,143
    
    
    
    (2,076
    )
    
    
    37,067
    
    
    
    25,000River Club
    
    Garden
    
    Apr-05
    
    Edgewater, NJ
    
    
    1998
    
    
    
    266
    
    
    
    30,578
    
    
    
    30,638
    
    
    
    1,479
    
    
    
    30,579
    
    
    
    32,116
    
    
    
    62,695
    
    
    
    (4,790
    )
    
    
    57,905
    
    
    
    40,749River Reach
    
    Garden
    
    Sep-00
    
    Naples, FL
    
    
    1986
    
    
    
    556
    
    
    
    17,728
    
    
    
    18,337
    
    
    
    5,688
    
    
    
    17,728
    
    
    
    24,025
    
    
    
    41,753
    
    
    
    (8,755
    )
    
    
    32,998
    
    
    
    36,254Riverbend Village
    
    Garden
    
    Jul-01
    
    Arlington, TX
    
    
    1983
    
    
    
    201
    
    
    
    893
    
    
    
    4,128
    
    
    
    4,649
    
    
    
    893
    
    
    
    8,777
    
    
    
    9,670
    
    
    
    (3,285
    )
    
    
    6,385
    
    
    
    5,164Riverloft Apartments
    
    High Rise
    
    Oct-99
    
    Philadelphia, PA
    
    
    1910
    
    
    
    184
    
    
    
    2,120
    
    
    
    11,287
    
    
    
    31,053
    
    
    
    2,120
    
    
    
    42,340
    
    
    
    44,460
    
    
    
    (14,165
    )
    
    
    30,295
    
    
    
    20,962
  F-52




---



##### Table of Contents



AIMCO
PROPERTIES, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2008
(In Thousands Except Unit Data)
 (2)
    
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2008Property
    
    
    Date
    
    
    
    
    
    
    Year
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    
    Consolidated
    
    
    Location
    
    Built
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesRiverside Park
    
    High Rise
    
    Apr-00
    
    Alexandria ,VA
    
    
    1973
    
    
    
    1,222
    
    
    
    9,286
    
    
    
    71,911
    
    
    
    74,603
    
    
    
    9,285
    
    
    
    146,514
    
    
    
    155,799
    
    
    
    (51,669
    )
    
    
    104,130
    
    
    
    96,440Rosewood
    
    Garden
    
    Mar-02
    
    Camarillo, CA
    
    
    1976
    
    
    
    152
    
    
    
    12,128
    
    
    
    8,060
    
    
    
    2,400
    
    
    
    12,430
    
    
    
    10,157
    
    
    
    22,587
    
    
    
    (2,871
    )
    
    
    19,716
    
    
    
    17,900Royal Crest Estates (Fall River)
    
    Garden
    
    Aug-02
    
    Fall River, MA
    
    
    1974
    
    
    
    216
    
    
    
    5,832
    
    
    
    12,044
    
    
    
    1,841
    
    
    
    5,832
    
    
    
    13,885
    
    
    
    19,717
    
    
    
    (5,046
    )
    
    
    14,671
    
    
    
    12,610Royal Crest Estates (Marlboro)
    
    Garden
    
    Aug-02
    
    Marlborough, MA
    
    
    1970
    
    
    
    473
    
    
    
    25,178
    
    
    
    28,786
    
    
    
    3,231
    
    
    
    25,178
    
    
    
    32,017
    
    
    
    57,195
    
    
    
    (11,943
    )
    
    
    45,252
    
    
    
    27,792Royal Crest Estates (Nashua)
    
    Garden
    
    Aug-02
    
    Nashua, MA
    
    
    1970
    
    
    
    902
    
    
    
    68,231
    
    
    
    45,562
    
    
    
    9,164
    
    
    
    68,231
    
    
    
    54,725
    
    
    
    122,956
    
    
    
    (19,321
    )
    
    
    103,635
    
    
    
    53,076Royal Crest Estates (North Andover)
    
    Garden
    
    Aug-02
    
    North Andover, MA
    
    
    1970
    
    
    
    588
    
    
    
    51,292
    
    
    
    36,808
    
    
    
    9,130
    
    
    
    51,292
    
    
    
    45,938
    
    
    
    97,230
    
    
    
    (16,568
    )
    
    
    80,662
    
    
    
    60,800Royal Crest Estates (Warwick)
    
    Garden
    
    Aug-02
    
    Warwick, RI
    
    
    1972
    
    
    
    492
    
    
    
    22,433
    
    
    
    24,095
    
    
    
    5,097
    
    
    
    22,433
    
    
    
    29,192
    
    
    
    51,625
    
    
    
    (10,425
    )
    
    
    41,200
    
    
    
    38,000Royal Palms
    
    Garden
    
    Jul-94
    
    Mesa, AZ
    
    
    1985
    
    
    
    152
    
    
    
    832
    
    
    
    4,569
    
    
    
    9,425
    
    
    
    832
    
    
    
    13,994
    
    
    
    14,826
    
    
    
    (3,979
    )
    
    
    10,847
    
    
    
    Runaway Bay
    
    Garden
    
    Jul-02
    
    Pinellas Park, FL
    
    
    1986
    
    
    
    192
    
    
    
    1,884
    
    
    
    7,045
    
    
    
    1,625
    
    
    
    1,884
    
    
    
    8,670
    
    
    
    10,554
    
    
    
    (1,982
    )
    
    
    8,572
    
    
    
    9,153Runaway Bay (FL)
    
    Garden
    
    Oct-00
    
    Lantana, FL
    
    
    1987
    
    
    
    404
    
    
    
    5,934
    
    
    
    16,052
    
    
    
    6,895
    
    
    
    5,934
    
    
    
    22,947
    
    
    
    28,881
    
    
    
    (6,610
    )
    
    
    22,271
    
    
    
    21,458Runaway Bay (MI)
    
    Garden
    
    Oct-00
    
    Lansing, MI
    
    
    1987
    
    
    
    288
    
    
    
    2,106
    
    
    
    6,559
    
    
    
    3,370
    
    
    
    2,106
    
    
    
    9,929
    
    
    
    12,035
    
    
    
    (4,603
    )
    
    
    7,432
    
    
    
    8,279Sandpiper Cove
    
    Garden
    
    Dec-97
    
    Boynton Beach, FL
    
    
    1987
    
    
    
    416
    
    
    
    3,511
    
    
    
    21,396
    
    
    
    6,662
    
    
    
    3,511
    
    
    
    28,058
    
    
    
    31,569
    
    
    
    (9,887
    )
    
    
    21,682
    
    
    
    29,851Savannah Trace
    
    Garden
    
    Mar-01
    
    Shaumburg, IL
    
    
    1986
    
    
    
    368
    
    
    
    13,960
    
    
    
    20,731
    
    
    
    3,769
    
    
    
    13,960
    
    
    
    24,501
    
    
    
    38,461
    
    
    
    (7,485
    )
    
    
    30,976
    
    
    
    21,976Scandia
    
    Garden
    
    Oct-00
    
    Indianapolis, IN
    
    
    1977
    
    
    
    444
    
    
    
    10,540
    
    
    
    9,852
    
    
    
    11,225
    
    
    
    10,540
    
    
    
    21,078
    
    
    
    31,618
    
    
    
    (9,307
    )
    
    
    22,311
    
    
    
    19,318Scotchollow
    
    Garden
    
    Jan-06
    
    San Mateo, CA
    
    
    1971
    
    
    
    418
    
    
    
    49,474
    
    
    
    17,756
    
    
    
    3,807
    
    
    
    49,474
    
    
    
    21,564
    
    
    
    71,038
    
    
    
    (835
    )
    
    
    70,203
    
    
    
    49,000Scottsdale Gateway I
    
    Garden
    
    Oct-97
    
    Tempe, AZ
    
    
    1965
    
    
    
    124
    
    
    
    591
    
    
    
    3,359
    
    
    
    7,930
    
    
    
    591
    
    
    
    11,289
    
    
    
    11,880
    
    
    
    (3,017
    )
    
    
    8,863
    
    
    
    5,800Scottsdale Gateway II
    
    Garden
    
    Oct-97
    
    Tempe, AZ
    
    
    1976
    
    
    
    487
    
    
    
    2,458
    
    
    
    13,927
    
    
    
    21,490
    
    
    
    2,458
    
    
    
    35,416
    
    
    
    37,874
    
    
    
    (11,879
    )
    
    
    25,995
    
    
    
    5,557Shadow Creek (AZ)
    
    Garden
    
    May-98
    
    Mesa, AZ
    
    
    1984
    
    
    
    266
    
    
    
    2,016
    
    
    
    11,886
    
    
    
    3,549
    
    
    
    2,016
    
    
    
    15,435
    
    
    
    17,451
    
    
    
    (6,947
    )
    
    
    10,504
    
    
    
    4,895Shenandoah Crossing
    
    Garden
    
    Sep-00
    
    Fairfax, VA
    
    
    1984
    
    
    
    640
    
    
    
    18,492
    
    
    
    57,197
    
    
    
    6,957
    
    
    
    18,492
    
    
    
    64,154
    
    
    
    82,646
    
    
    
    (24,753
    )
    
    
    57,893
    
    
    
    70,783Sienna Bay
    
    Garden
    
    Apr-00
    
    St. Petersburg, FL
    
    
    1984
    
    
    
    276
    
    
    
    1,766
    
    
    
    9,739
    
    
    
    10,541
    
    
    
    1,766
    
    
    
    20,280
    
    
    
    22,046
    
    
    
    (8,555
    )
    
    
    13,491
    
    
    
    10,799Signal Pointe
    
    Garden
    
    Oct-99
    
    Winter Park, FL
    
    
    1971
    
    
    
    368
    
    
    
    1,573
    
    
    
    12,510
    
    
    
    14,975
    
    
    
    1,573
    
    
    
    27,486
    
    
    
    29,059
    
    
    
    (8,468
    )
    
    
    20,591
    
    
    
    18,596Signature Point Apartments
    
    Garden
    
    Nov-96
    
    League City, TX
    
    
    1994
    
    
    
    304
    
    
    
    2,810
    
    
    
    17,579
    
    
    
    1,587
    
    
    
    2,810
    
    
    
    19,166
    
    
    
    21,976
    
    
    
    (6,140
    )
    
    
    15,836
    
    
    
    11,336Somerset Lakes
    
    Garden
    
    May-99
    
    Indianapolis, IN
    
    
    1974
    
    
    
    360
    
    
    
    3,436
    
    
    
    19,668
    
    
    
    6,438
    
    
    
    3,436
    
    
    
    26,106
    
    
    
    29,542
    
    
    
    (8,820
    )
    
    
    20,722
    
    
    
    18,142Springhouse (KY)
    
    Garden
    
    Mar-04
    
    Lexington, KY
    
    
    1986
    
    
    
    224
    
    
    
    1,843
    
    
    
    7,161
    
    
    
    1,109
    
    
    
    1,843
    
    
    
    8,270
    
    
    
    10,113
    
    
    
    (2,969
    )
    
    
    7,144
    
    
    
    7,150Springhouse at Newport
    
    Garden
    
    Jul-02
    
    Newport News, VA
    
    
    1986
    
    
    
    432
    
    
    
    9,479
    
    
    
    11,425
    
    
    
    3,223
    
    
    
    9,479
    
    
    
    14,648
    
    
    
    24,127
    
    
    
    (3,490
    )
    
    
    20,637
    
    
    
    16,600Springwoods at Lake Ridge
    
    Garden
    
    Jul-02
    
    Lake Ridge, VA
    
    
    1984
    
    
    
    180
    
    
    
    5,587
    
    
    
    7,284
    
    
    
    1,104
    
    
    
    5,587
    
    
    
    8,388
    
    
    
    13,975
    
    
    
    (1,530
    )
    
    
    12,445
    
    
    
    14,741Spyglass at Cedar Cove
    
    Garden
    
    Sep-00
    
    Lexington Park, MD
    
    
    1985
    
    
    
    152
    
    
    
    3,241
    
    
    
    5,094
    
    
    
    2,436
    
    
    
    3,241
    
    
    
    7,530
    
    
    
    10,771
    
    
    
    (2,885
    )
    
    
    7,886
    
    
    
    9,519Stafford
    
    High Rise
    
    Oct-02
    
    Baltimore, MD
    
    
    1889
    
    
    
    96
    
    
    
    706
    
    
    
    4,032
    
    
    
    3,053
    
    
    
    562
    
    
    
    7,230
    
    
    
    7,792
    
    
    
    (2,742
    )
    
    
    5,050
    
    
    
    4,372Steeplechase (MD)
    
    Garden
    
    Sep-00
    
    Largo, MD
    
    
    1986
    
    
    
    240
    
    
    
    3,675
    
    
    
    16,111
    
    
    
    2,890
    
    
    
    3,675
    
    
    
    19,001
    
    
    
    22,676
    
    
    
    (6,176
    )
    
    
    16,500
    
    
    
    23,587Steeplechase (TX)
    
    Garden
    
    Jul-02
    
    Plano, TX
    
    
    1985
    
    
    
    368
    
    
    
    7,056
    
    
    
    10,510
    
    
    
    6,162
    
    
    
    7,056
    
    
    
    16,672
    
    
    
    23,728
    
    
    
    (3,955
    )
    
    
    19,773
    
    
    
    13,649Sterling Apartment Homes, The
    
    Garden
    
    Oct-99
    
    Philadelphia, PA
    
    
    1962
    
    
    
    535
    
    
    
    8,884
    
    
    
    56,250
    
    
    
    16,734
    
    
    
    8,884
    
    
    
    72,984
    
    
    
    81,868
    
    
    
    (28,474
    )
    
    
    53,394
    
    
    
    78,988Stone Creek Club
    
    Garden
    
    Sep-00
    
    Germantown, MD
    
    
    1984
    
    
    
    240
    
    
    
    13,593
    
    
    
    9,347
    
    
    
    2,740
    
    
    
    13,593
    
    
    
    12,086
    
    
    
    25,679
    
    
    
    (6,093
    )
    
    
    19,586
    
    
    
    24,900Stonebrook
    
    Garden
    
    Jun-97
    
    Sanford, FL
    
    
    1991
    
    
    
    244
    
    
    
    1,583
    
    
    
    8,587
    
    
    
    4,061
    
    
    
    1,583
    
    
    
    12,647
    
    
    
    14,230
    
    
    
    (5,085
    )
    
    
    9,145
    
    
    
    5,207Stonebrook II
    
    Garden
    
    Mar-99
    
    Sanford, FL
    
    
    1998
    
    
    
    112
    
    
    
    488
    
    
    
    8,736
    
    
    
    565
    
    
    
    488
    
    
    
    9,300
    
    
    
    9,788
    
    
    
    (2,449
    )
    
    
    7,339
    
    
    
    3,101Stoney Brook Apartments
    
    Garden
    
    Nov-96
    
    Houston, TX
    
    
    1972
    
    
    
    113
    
    
    
    275
    
    
    
    1,865
    
    
    
    1,781
    
    
    
    275
    
    
    
    3,646
    
    
    
    3,921
    
    
    
    (1,078
    )
    
    
    2,843
    
    
    
    1,927Summit Creek
    
    Garden
    
    May-98
    
    Austin, TX
    
    
    1985
    
    
    
    164
    
    
    
    1,211
    
    
    
    6,037
    
    
    
    1,784
    
    
    
    1,211
    
    
    
    7,822
    
    
    
    9,033
    
    
    
    (2,876
    )
    
    
    6,157
    
    
    
    5,670Sun Lake
    
    Garden
    
    May-98
    
    Lake Mary, FL
    
    
    1986
    
    
    
    600
    
    
    
    4,551
    
    
    
    25,543
    
    
    
    25,842
    
    
    
    4,551
    
    
    
    51,385
    
    
    
    55,936
    
    
    
    (15,496
    )
    
    
    40,440
    
    
    
    36,294Sun River Village
    
    Garden
    
    Oct-99
    
    Tempe ,AZ
    
    
    1981
    
    
    
    334
    
    
    
    2,091
    
    
    
    14,056
    
    
    
    3,453
    
    
    
    2,091
    
    
    
    17,509
    
    
    
    19,600
    
    
    
    (8,281
    )
    
    
    11,319
    
    
    
    7,813Talbot Woods
    
    Garden
    
    Sep-04
    
    Middleboro, MA
    
    
    1972
    
    
    
    121
    
    
    
    5,852
    
    
    
    4,719
    
    
    
    1,972
    
    
    
    5,852
    
    
    
    6,691
    
    
    
    12,543
    
    
    
    (1,547
    )
    
    
    10,996
    
    
    
    6,288Tamarac Village
    
    Garden
    
    Apr-00
    
    Denver, CO
    
    
    1979
    
    
    
    564
    
    
    
    4,021
    
    
    
    23,495
    
    
    
    7,625
    
    
    
    4,316
    
    
    
    30,825
    
    
    
    35,141
    
    
    
    (14,527
    )
    
    
    20,614
    
    
    
    16,484Tamarind Bay
    
    Garden
    
    Jan-00
    
    St. Petersburg, FL
    
    
    1980
    
    
    
    200
    
    
    
    766
    
    
    
    7,090
    
    
    
    4,812
    
    
    
    766
    
    
    
    11,902
    
    
    
    12,668
    
    
    
    (4,969
    )
    
    
    7,699
    
    
    
    6,987Tar River Estates
    
    Garden
    
    Oct-99
    
    Greenville, NC
    
    
    1969
    
    
    
    220
    
    
    
    1,379
    
    
    
    14,849
    
    
    
    3,493
    
    
    
    1,379
    
    
    
    18,342
    
    
    
    19,721
    
    
    
    (7,260
    )
    
    
    12,461
    
    
    
    4,159Tatum Gardens
    
    Garden
    
    May-98
    
    Phoenix, AZ
    
    
    1985
    
    
    
    128
    
    
    
    1,323
    
    
    
    7,155
    
    
    
    1,783
    
    
    
    1,323
    
    
    
    8,938
    
    
    
    10,261
    
    
    
    (4,265
    )
    
    
    5,996
    
    
    
    7,403Tierra Palms
    
    Garden
    
    Jan-06
    
    Norwalk, CA
    
    
    1970
    
    
    
    144
    
    
    
    6,441
    
    
    
    6,807
    
    
    
    467
    
    
    
    6,441
    
    
    
    7,274
    
    
    
    13,715
    
    
    
    (481
    )
    
    
    13,234
    
    
    
    13,800Timbertree
    
    Garden
    
    Oct-97
    
    Phoenix, AZ
    
    
    1979
    
    
    
    387
    
    
    
    2,292
    
    
    
    13,000
    
    
    
    5,481
    
    
    
    2,292
    
    
    
    18,480
    
    
    
    20,772
    
    
    
    (8,948
    )
    
    
    11,824
    
    
    
    4,927Towers Of Westchester Park, The
    
    High Rise
    
    Jan-06
    
    College Park, MD
    
    
    1972
    
    
    
    303
    
    
    
    15,198
    
    
    
    22,029
    
    
    
    4,110
    
    
    
    15,198
    
    
    
    26,139
    
    
    
    41,337
    
    
    
    (1,472
    )
    
    
    39,865
    
    
    
    31,800Township At Highlands
    
    Town Home
    
    Nov-96
    
    Littleton, CO
    
    
    1985
    
    
    
    161
    
    
    
    1,615
    
    
    
    9,773
    
    
    
    4,948
    
    
    
    1,536
    
    
    
    14,801
    
    
    
    16,337
    
    
    
    (6,116
    )
    
    
    10,221
    
    
    
    16,900Trails
    
    Garden
    
    Apr-02
    
    Nashville, TN
    
    
    1985
    
    
    
    248
    
    
    
    485
    
    
    
    8,336
    
    
    
    1,598
    
    
    
    485
    
    
    
    9,935
    
    
    
    10,420
    
    
    
    (5,977
    )
    
    
    4,443
    
    
    
    8,440Twin Lake Towers
    
    High Rise
    
    Oct-99
    
    Westmont, IL
    
    
    1969
    
    
    
    399
    
    
    
    2,691
    
    
    
    19,592
    
    
    
    20,365
    
    
    
    2,691
    
    
    
    39,957
    
    
    
    42,648
    
    
    
    (13,287
    )
    
    
    29,361
    
    
    
    9,737Twin Lakes Apartments
    
    Garden
    
    Apr-00
    
    Palm Harbor, FL
    
    
    1986
    
    
    
    262
    
    
    
    2,034
    
    
    
    12,878
    
    
    
    4,243
    
    
    
    2,034
    
    
    
    17,122
    
    
    
    19,156
    
    
    
    (6,618
    )
    
    
    12,538
    
    
    
    10,727Vantage Pointe
    
    Mid Rise
    
    Aug-02
    
    Swampscott, MA
    
    
    1987
    
    
    
    96
    
    
    
    4,749
    
    
    
    10,089
    
    
    
    1,273
    
    
    
    4,749
    
    
    
    11,362
    
    
    
    16,111
    
    
    
    (3,139
    )
    
    
    12,972
    
    
    
    7,769Verandahs at Hunt Club
    
    Garden
    
    Jul-02
    
    Apopka, FL
    
    
    1985
    
    
    
    210
    
    
    
    2,271
    
    
    
    7,724
    
    
    
    2,298
    
    
    
    2,271
    
    
    
    10,022
    
    
    
    12,293
    
    
    
    (2,052
    )
    
    
    10,241
    
    
    
    11,239Views at Vinings Mountain, The
    
    Garden
    
    Jan-06
    
    Atlanta, GA
    
    
    1983
    
    
    
    180
    
    
    
    610
    
    
    
    5,026
    
    
    
    11,897
    
    
    
    610
    
    
    
    16,924
    
    
    
    17,534
    
    
    
    (5,425
    )
    
    
    12,109
    
    
    
    13,800Villa Del Sol
    
    Garden
    
    Mar-02
    
    Norwalk, CA
    
    
    1972
    
    
    
    120
    
    
    
    7,294
    
    
    
    4,861
    
    
    
    2,238
    
    
    
    7,476
    
    
    
    6,917
    
    
    
    14,393
    
    
    
    (2,221
    )
    
    
    12,172
    
    
    
    13,500Village Creek at Brookhill
    
    Garden
    
    Jul-94
    
    Westminster, CO
    
    
    1987
    
    
    
    324
    
    
    
    2,446
    
    
    
    13,261
    
    
    
    4,607
    
    
    
    2,446
    
    
    
    17,868
    
    
    
    20,314
    
    
    
    (8,425
    )
    
    
    11,889
    
    
    
    12,357Village Crossing
    
    Garden
    
    May-98
    
    W. Palm Beach, FL
    
    
    1986
    
    
    
    189
    
    
    
    1,618
    
    
    
    9,757
    
    
    
    2,874
    
    
    
    1,618
    
    
    
    12,631
    
    
    
    14,249
    
    
    
    (4,948
    )
    
    
    9,301
    
    
    
    7,000Village Green Altamonte Springs
    
    Garden
    
    Oct-02
    
    Altamonte Springs, FL
    
    
    1970
    
    
    
    164
    
    
    
    608
    
    
    
    6,618
    
    
    
    2,201
    
    
    
    608
    
    
    
    8,819
    
    
    
    9,427
    
    
    
    (3,934
    )
    
    
    5,493
    
    
    
    6,590Village in the Woods
    
    Garden
    
    Jan-00
    
    Cypress, TX
    
    
    1983
    
    
    
    530
    
    
    
    2,248
    
    
    
    17,241
    
    
    
    9,861
    
    
    
    2,248
    
    
    
    27,102
    
    
    
    29,350
    
    
    
    (11,470
    )
    
    
    17,880
    
    
    
    19,637Village of Pennbrook
    
    Garden
    
    Oct-98
    
    Levittown, PA
    
    
    1969
    
    
    
    722
    
    
    
    5,800
    
    
    
    43,710
    
    
    
    12,256
    
    
    
    5,800
    
    
    
    55,966
    
    
    
    61,766
    
    
    
    (20,111
    )
    
    
    41,655
    
    
    
    48,909Villages of Baymeadows
    
    Garden
    
    Oct-99
    
    Jacksonville, FL
    
    
    1972
    
    
    
    904
    
    
    
    5,006
    
    
    
    33,960
    
    
    
    52,905
    
    
    
    5,006
    
    
    
    86,865
    
    
    
    91,871
    
    
    
    (33,317
    )
    
    
    58,554
    
    
    
    38,943Villas at Park La Brea, The
    
    Garden
    
    Mar-02
    
    Los Angeles, CA
    
    
    2002
    
    
    
    250
    
    
    
    8,621
    
    
    
    48,871
    
    
    
    3,289
    
    
    
    8,630
    
    
    
    52,150
    
    
    
    60,780
    
    
    
    (10,531
    )
    
    
    50,249
    
    
    
    32,085Vinings Peak
    
    Garden
    
    Jan-00
    
    Atlanta, GA
    
    
    1980
    
    
    
    280
    
    
    
    1,866
    
    
    
    15,039
    
    
    
    17,111
    
    
    
    1,866
    
    
    
    32,151
    
    
    
    34,017
    
    
    
    (10,370
    )
    
    
    23,647
    
    
    
    6,855Vista Del Lagos
    
    Garden
    
    Dec-97
    
    Chandler, AZ
    
    
    1986
    
    
    
    200
    
    
    
    804
    
    
    
    4,952
    
    
    
    2,443
    
    
    
    804
    
    
    
    7,394
    
    
    
    8,198
    
    
    
    (3,117
    )
    
    
    5,081
    
    
    
    11,938Waterford Village
    
    Garden
    
    Aug-02
    
    Bridgewater, MA
    
    
    1971
    
    
    
    588
    
    
    
    28,585
    
    
    
    28,102
    
    
    
    5,295
    
    
    
    29,083
    
    
    
    32,899
    
    
    
    61,982
    
    
    
    (13,493
    )
    
    
    48,489
    
    
    
    30,156Waterways Village
    
    Garden
    
    Jun-97
    
    Aventura, FL
    
    
    1991
    
    
    
    180
    
    
    
    4,504
    
    
    
    11,064
    
    
    
    3,495
    
    
    
    4,504
    
    
    
    14,559
    
    
    
    19,063
    
    
    
    (5,842
    )
    
    
    13,221
    
    
    
    7,797Waverly Apartments
    
    Garden
    
    Aug-08
    
    Brighton, MA
    
    
    1970
    
    
    
    104
    
    
    
    7,696
    
    
    
    11,347
    
    
    
    
    
    
    
    7,920
    
    
    
    11,712
    
    
    
    19,632
    
    
    
    (208
    )
    
    
    19,424
    
    
    
    12,000West Winds
    
    Garden
    
    Oct-02
    
    Orlando, FL
    
    
    1985
    
    
    
    272
    
    
    
    1,892
    
    
    
    11,913
    
    
    
    2,741
    
    
    
    1,892
    
    
    
    14,654
    
    
    
    16,546
    
    
    
    (4,090
    )
    
    
    12,456
    
    
    
    12,970Westgate
    
    Garden
    
    Oct-99
    
    Houston, TX
    
    
    1971
    
    
    
    313
    
    
    
    1,920
    
    
    
    11,224
    
    
    
    4,617
    
    
    
    1,920
    
    
    
    15,841
    
    
    
    17,761
    
    
    
    (5,838
    )
    
    
    11,923
    
    
    
    6,771Westway Village Apartments
    
    Garden
    
    May-98
    
    Houston, TX
    
    
    1979
    
    
    
    326
    
    
    
    2,921
    
    
    
    11,384
    
    
    
    2,663
    
    
    
    2,921
    
    
    
    14,047
    
    
    
    16,968
    
    
    
    (6,122
    )
    
    
    10,846
    
    
    
    7,677Wexford Village
    
    Garden
    
    Aug-02
    
    Worcester, MA
    
    
    1974
    
    
    
    264
    
    
    
    6,339
    
    
    
    17,939
    
    
    
    1,971
    
    
    
    6,339
    
    
    
    19,909
    
    
    
    26,248
    
    
    
    (6,322
    )
    
    
    19,926
    
    
    
    14,542Wickertree
    
    Garden
    
    Oct-97
    
    Phoenix, AZ
    
    
    1983
    
    
    
    226
    
    
    
    1,225
    
    
    
    6,923
    
    
    
    2,603
    
    
    
    1,225
    
    
    
    9,526
    
    
    
    10,751
    
    
    
    (3,919
    )
    
    
    6,832
    
    
    
    2,590Williamsburg Manor
    
    Garden
    
    Apr-00
    
    Cary, NC
    
    
    1972
    
    
    
    183
    
    
    
    1,669
    
    
    
    8,971
    
    
    
    1,912
    
    
    
    1,669
    
    
    
    10,883
    
    
    
    12,552
    
    
    
    (5,120
    )
    
    
    7,432
    
    
    
    4,938Willow Bend (IL)
    
    Garden
    
    May-98
    
    Rolling Meadows, IL
    
    
    1985
    
    
    
    328
    
    
    
    2,717
    
    
    
    15,437
    
    
    
    22,680
    
    
    
    2,717
    
    
    
    38,117
    
    
    
    40,834
    
    
    
    (10,023
    )
    
    
    30,811
    
    
    
    20,000
  F-53




---



##### Table of Contents



AIMCO
PROPERTIES, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2008
(In Thousands Except Unit Data)
 (2)
    
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2008Property
    
    
    Date
    
    
    
    
    
    
    Year
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    
    Consolidated
    
    
    Location
    
    Built
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesWillow Park on Lake Adelaide
    
    Garden
    
    Oct-99
    
    Altamonte Springs, FL
    
    
    1972
    
    
    
    185
    
    
    
    918
    
    
    
    7,663
    
    
    
    2,979
    
    
    
    918
    
    
    
    10,642
    
    
    
    11,560
    
    
    
    (5,180
    )
    
    
    6,380
    
    
    
    6,887Wilson Acres
    
    Garden
    
    Apr-06
    
    Greenville, NC
    
    
    1979
    
    
    
    146
    
    
    
    1,175
    
    
    
    3,943
    
    
    
    799
    
    
    
    1,485
    
    
    
    4,432
    
    
    
    5,917
    
    
    
    (513
    )
    
    
    5,404
    
    
    
    2,876Windemere
    
    Garden
    
    Jan-03
    
    Houston, TX
    
    
    1982
    
    
    
    257
    
    
    
    2,118
    
    
    
    10,889
    
    
    
    1,909
    
    
    
    2,118
    
    
    
    12,798
    
    
    
    14,916
    
    
    
    (5,171
    )
    
    
    9,745
    
    
    
    4,697Windrift (CA)
    
    Garden
    
    Mar-01
    
    Oceanside, CA
    
    
    1987
    
    
    
    404
    
    
    
    24,960
    
    
    
    17,590
    
    
    
    18,162
    
    
    
    24,960
    
    
    
    35,753
    
    
    
    60,713
    
    
    
    (12,088
    )
    
    
    48,625
    
    
    
    28,834Windrift (FL)
    
    Garden
    
    Oct-00
    
    Orlando, FL
    
    
    1987
    
    
    
    288
    
    
    
    3,696
    
    
    
    10,029
    
    
    
    4,776
    
    
    
    3,696
    
    
    
    14,805
    
    
    
    18,501
    
    
    
    (5,006
    )
    
    
    13,495
    
    
    
    17,333Windsor Crossing
    
    Garden
    
    Mar-00
    
    Newport News, VA
    
    
    1978
    
    
    
    156
    
    
    
    307
    
    
    
    2,110
    
    
    
    1,865
    
    
    
    131
    
    
    
    4,150
    
    
    
    4,281
    
    
    
    (1,863
    )
    
    
    2,418
    
    
    
    2,401Windsor Park
    
    Garden
    
    Mar-01
    
    Woodbridge, VA
    
    
    1987
    
    
    
    220
    
    
    
    4,279
    
    
    
    15,970
    
    
    
    2,093
    
    
    
    4,279
    
    
    
    18,063
    
    
    
    22,342
    
    
    
    (5,663
    )
    
    
    16,679
    
    
    
    13,561Windward at the Villages
    
    Garden
    
    Oct-97
    
    W. Palm Beach, FL
    
    
    1988
    
    
    
    196
    
    
    
    1,595
    
    
    
    9,079
    
    
    
    3,722
    
    
    
    1,595
    
    
    
    12,802
    
    
    
    14,397
    
    
    
    (4,299
    )
    
    
    10,098
    
    
    
    1,739Woodcreek
    
    Garden
    
    Oct-02
    
    Mesa, AZ
    
    
    1985
    
    
    
    432
    
    
    
    2,367
    
    
    
    16,051
    
    
    
    4,074
    
    
    
    2,367
    
    
    
    20,125
    
    
    
    22,492
    
    
    
    (9,334
    )
    
    
    13,158
    
    
    
    19,716Woods of Burnsville
    
    Garden
    
    Nov-04
    
    Burnsville, MN
    
    
    1984
    
    
    
    400
    
    
    
    2,622
    
    
    
    19,457
    
    
    
    2,182
    
    
    
    2,622
    
    
    
    21,639
    
    
    
    24,261
    
    
    
    (6,635
    )
    
    
    17,626
    
    
    
    16,580Woods of Inverness
    
    Garden
    
    Oct-99
    
    Houston, TX
    
    
    1983
    
    
    
    272
    
    
    
    1,427
    
    
    
    11,698
    
    
    
    2,900
    
    
    
    1,427
    
    
    
    14,598
    
    
    
    16,025
    
    
    
    (6,974
    )
    
    
    9,051
    
    
    
    5,878Woods Of Williamsburg
    
    Garden
    
    Jan-06
    
    Williamsburg, VA
    
    
    1976
    
    
    
    125
    
    
    
    430
    
    
    
    4,024
    
    
    
    742
    
    
    
    430
    
    
    
    4,766
    
    
    
    5,196
    
    
    
    (3,069
    )
    
    
    2,127
    
    
    
    1,281Woodshire
    
    Garden
    
    Mar-00
    
    Virginia Beach, VA
    
    
    1972
    
    
    
    288
    
    
    
    961
    
    
    
    5,549
    
    
    
    3,367
    
    
    
    961
    
    
    
    8,916
    
    
    
    9,877
    
    
    
    (3,475
    )
    
    
    6,402
    
    
    
    5,860Yacht Club at Brickell
    
    High Rise
    
    Dec-03
    
    Miami, FL
    
    
    1998
    
    
    
    357
    
    
    
    31,363
    
    
    
    32,214
    
    
    
    3,031
    
    
    
    31,363
    
    
    
    35,245
    
    
    
    66,608
    
    
    
    (4,705
    )
    
    
    61,903
    
    
    
    43,024Yorktown II Apartments
    
    High Rise
    
    Dec-99
    
    Lombard, IL
    
    
    1973
    
    
    
    364
    
    
    
    2,971
    
    
    
    18,163
    
    
    
    15,723
    
    
    
    2,971
    
    
    
    33,886
    
    
    
    36,857
    
    
    
    (7,912
    )
    
    
    28,945
    
    
    
    13,991Total Conventional Properties:
    
    
    
    
    
    
    91,044
    
    
    
    2,154,058
    
    
    
    4,751,342
    
    
    
    2,382,924
    
    
    
    2,212,328
    
    
    
    7,076,598
    
    
    
    9,288,926
    
    
    
    (2,259,323
    )
    
    
    7,029,603
    
    
    
    5,485,381Affordable Properties:Adams Court
    
    Garden
    
    Jan-06
    
    Hempstead, NY
    
    
    1981
    
    
    
    84
    
    
    
    95
    
    
    
    6,046
    
    
    
    514
    
    
    
    95
    
    
    
    6,561
    
    
    
    6,656
    
    
    
    (3,833
    )
    
    
    2,823
    
    
    
    2,450All Hallows
    
    Garden
    
    Jan-06
    
    San Francisco, CA
    
    
    1976
    
    
    
    157
    
    
    
    1,348
    
    
    
    29,770
    
    
    
    18,171
    
    
    
    1,350
    
    
    
    47,938
    
    
    
    49,288
    
    
    
    (12,979
    )
    
    
    36,309
    
    
    
    20,654Alliance Towers
    
    High Rise
    
    Mar-02
    
    Alliance, OH
    
    
    1971
    
    
    
    101
    
    
    
    530
    
    
    
    1,934
    
    
    
    747
    
    
    
    530
    
    
    
    2,681
    
    
    
    3,211
    
    
    
    (644
    )
    
    
    2,567
    
    
    
    2,248Arvada House
    
    High Rise
    
    Nov-04
    
    Arvada, CO
    
    
    1977
    
    
    
    88
    
    
    
    641
    
    
    
    3,314
    
    
    
    1,734
    
    
    
    405
    
    
    
    5,284
    
    
    
    5,689
    
    
    
    (1,091
    )
    
    
    4,598
    
    
    
    4,185Ashland Manor
    
    High Rise
    
    Mar-02
    
    Toledo, OH
    
    
    1977
    
    
    
    189
    
    
    
    205
    
    
    
    455
    
    
    
    343
    
    
    
    205
    
    
    
    798
    
    
    
    1,003
    
    
    
    (523
    )
    
    
    480
    
    
    
    757Baldwin Oaks
    
    Mid Rise
    
    Oct-99
    
    Parsippany ,NJ
    
    
    1980
    
    
    
    251
    
    
    
    746
    
    
    
    8,516
    
    
    
    1,819
    
    
    
    746
    
    
    
    10,335
    
    
    
    11,081
    
    
    
    (5,816
    )
    
    
    5,265
    
    
    
    13,131Baldwin Towers
    
    High Rise
    
    Jan-06
    
    Pittsburgh, PA
    
    
    1983
    
    
    
    99
    
    
    
    237
    
    
    
    5,417
    
    
    
    163
    
    
    
    237
    
    
    
    5,580
    
    
    
    5,817
    
    
    
    (3,681
    )
    
    
    2,136
    
    
    
    1,760Bangor House
    
    High Rise
    
    Mar-02
    
    Bangor, ME
    
    
    1979
    
    
    
    121
    
    
    
    1,140
    
    
    
    4,595
    
    
    
    887
    
    
    
    1,140
    
    
    
    5,481
    
    
    
    6,621
    
    
    
    (1,290
    )
    
    
    5,331
    
    
    
    2,645Bannock Arms
    
    Garden
    
    Mar-02
    
    Boise, ID
    
    
    1978
    
    
    
    66
    
    
    
    275
    
    
    
    1,139
    
    
    
    497
    
    
    
    275
    
    
    
    1,636
    
    
    
    1,911
    
    
    
    (485
    )
    
    
    1,426
    
    
    
    1,418Bayview
    
    Garden
    
    Jun-05
    
    San Francisco, CA
    
    
    1976
    
    
    
    146
    
    
    
    1,023
    
    
    
    15,265
    
    
    
    16,165
    
    
    
    574
    
    
    
    31,879
    
    
    
    32,453
    
    
    
    (6,131
    )
    
    
    26,322
    
    
    
    13,481Beacon Hill
    
    High Rise
    
    Mar-02
    
    Hillsdale, MI
    
    
    1980
    
    
    
    198
    
    
    
    1,380
    
    
    
    7,044
    
    
    
    4,053
    
    
    
    1,380
    
    
    
    11,097
    
    
    
    12,477
    
    
    
    (2,353
    )
    
    
    10,124
    
    
    
    4,873Bedford House
    
    Mid Rise
    
    Mar-02
    
    Falmouth, KY
    
    
    1979
    
    
    
    48
    
    
    
    230
    
    
    
    919
    
    
    
    264
    
    
    
    230
    
    
    
    1,183
    
    
    
    1,413
    
    
    
    (374
    )
    
    
    1,039
    
    
    
    1,088Benjamin Banneker Plaza
    
    Mid Rise
    
    Jan-06
    
    Chester, PA
    
    
    1976
    
    
    
    70
    
    
    
    79
    
    
    
    3,862
    
    
    
    595
    
    
    
    79
    
    
    
    4,457
    
    
    
    4,536
    
    
    
    (2,652
    )
    
    
    1,884
    
    
    
    1,576Berger Apartments
    
    Mid Rise
    
    Mar-02
    
    New Haven, CT
    
    
    1981
    
    
    
    144
    
    
    
    1,152
    
    
    
    4,657
    
    
    
    1,582
    
    
    
    1,152
    
    
    
    6,238
    
    
    
    7,390
    
    
    
    (1,847
    )
    
    
    5,543
    
    
    
    1,490Biltmore Towers
    
    High Rise
    
    Mar-02
    
    Dayton, OH
    
    
    1980
    
    
    
    230
    
    
    
    1,813
    
    
    
    6,411
    
    
    
    13,075
    
    
    
    1,813
    
    
    
    19,486
    
    
    
    21,299
    
    
    
    (7,089
    )
    
    
    14,210
    
    
    
    10,702Blakewood
    
    Garden
    
    Oct-05
    
    Statesboro, GA
    
    
    1973
    
    
    
    42
    
    
    
    271
    
    
    
    927
    
    
    
    353
    
    
    
    271
    
    
    
    1,280
    
    
    
    1,551
    
    
    
    (1,002
    )
    
    
    549
    
    
    
    719Bloomsburg Towers
    
    Mid Rise
    
    Jan-06
    
    Bloomsburg, PA
    
    
    1981
    
    
    
    75
    
    
    
    1
    
    
    
    4,128
    
    
    
    287
    
    
    
    1
    
    
    
    4,415
    
    
    
    4,416
    
    
    
    (2,615
    )
    
    
    1,801
    
    
    
    1,571Bolton North
    
    High Rise
    
    Jan-06
    
    Baltimore, MD
    
    
    1977
    
    
    
    209
    
    
    
    1,184
    
    
    
    7,068
    
    
    
    475
    
    
    
    1,163
    
    
    
    7,564
    
    
    
    8,727
    
    
    
    (2,108
    )
    
    
    6,619
    
    
    
    2,638Brightwood Manor
    
    Garden
    
    Jan-06
    
    New Brighton, PA
    
    
    1975
    
    
    
    152
    
    
    
    143
    
    
    
    5,160
    
    
    
    557
    
    
    
    143
    
    
    
    5,716
    
    
    
    5,859
    
    
    
    (3,606
    )
    
    
    2,253
    
    
    
    1,501Burchwood
    
    Garden
    
    Oct-07
    
    Berea,  KY
    
    
    1999
    
    
    
    24
    
    
    
    253
    
    
    
    1,173
    
    
    
    477
    
    
    
    253
    
    
    
    1,650
    
    
    
    1,903
    
    
    
    (922
    )
    
    
    981
    
    
    
    981Butternut Creek
    
    Mid Rise
    
    Jan-06
    
    Charlotte, MI
    
    
    1980
    
    
    
    100
    
    
    
    505
    
    
    
    3,617
    
    
    
    3,510
    
    
    
    505
    
    
    
    7,127
    
    
    
    7,632
    
    
    
    (1,371
    )
    
    
    6,261
    
    
    
    Cache Creek Apartment Homes
    
    Mid Rise
    
    Jun-04
    
    Clearlake, CA
    
    
    1986
    
    
    
    80
    
    
    
    1,545
    
    
    
    9,405
    
    
    
    531
    
    
    
    1,545
    
    
    
    9,936
    
    
    
    11,481
    
    
    
    (2,934
    )
    
    
    8,547
    
    
    
    2,321California Square I
    
    High Rise
    
    Jan-06
    
    Louisville, KY
    
    
    1982
    
    
    
    101
    
    
    
    154
    
    
    
    5,704
    
    
    
    517
    
    
    
    154
    
    
    
    6,221
    
    
    
    6,375
    
    
    
    (3,367
    )
    
    
    3,008
    
    
    
    3,530Campbell Heights
    
    High Rise
    
    Oct-02
    
    Washington, D.C.
    
    
    1978
    
    
    
    171
    
    
    
    750
    
    
    
    6,719
    
    
    
    763
    
    
    
    750
    
    
    
    7,482
    
    
    
    8,232
    
    
    
    (2,728
    )
    
    
    5,504
    
    
    
    7,654Canterbury Towers
    
    High Rise
    
    Jan-06
    
    Worcester, MA
    
    
    1976
    
    
    
    157
    
    
    
    400
    
    
    
    4,724
    
    
    
    853
    
    
    
    400
    
    
    
    5,577
    
    
    
    5,977
    
    
    
    (3,364
    )
    
    
    2,613
    
    
    
    4,611Carriage House (VA)
    
    Mid Rise
    
    Dec-06
    
    Petersburg,  VA
    
    
    1885
    
    
    
    118
    
    
    
    847
    
    
    
    2,886
    
    
    
    3,382
    
    
    
    852
    
    
    
    6,263
    
    
    
    7,115
    
    
    
    (860
    )
    
    
    6,255
    
    
    
    2,466Casa de Las Hermanitas
    
    Garden
    
    Mar-02
    
    Los Angeles, CA
    
    
    1982
    
    
    
    88
    
    
    
    1,775
    
    
    
    4,606
    
    
    
    3,190
    
    
    
    1,775
    
    
    
    7,796
    
    
    
    9,571
    
    
    
    (1,170
    )
    
    
    8,401
    
    
    
    5,431Castlewood
    
    Garden
    
    Mar-02
    
    Davenport, IA
    
    
    1980
    
    
    
    96
    
    
    
    585
    
    
    
    2,351
    
    
    
    1,348
    
    
    
    585
    
    
    
    3,699
    
    
    
    4,284
    
    
    
    (1,217
    )
    
    
    3,067
    
    
    
    3,519Cherry Ridge Terrace
    
    Garden
    
    Mar-02
    
    Northern Cambria, PA
    
    
    1983
    
    
    
    62
    
    
    
    372
    
    
    
    1,490
    
    
    
    844
    
    
    
    372
    
    
    
    2,333
    
    
    
    2,705
    
    
    
    (715
    )
    
    
    1,990
    
    
    
    957Cimarron
    
    Garden
    
    Oct-07
    
    Wichita,  KS
    
    
    1973
    
    
    
    132
    
    
    
    1,558
    
    
    
    1,536
    
    
    
    1,538
    
    
    
    1,558
    
    
    
    3,073
    
    
    
    4,631
    
    
    
    (2,034
    )
    
    
    2,597
    
    
    
    1,608City Line
    
    Garden
    
    Mar-02
    
    Newport News, VA
    
    
    1976
    
    
    
    200
    
    
    
    500
    
    
    
    2,014
    
    
    
    6,995
    
    
    
    500
    
    
    
    9,009
    
    
    
    9,509
    
    
    
    (777
    )
    
    
    8,732
    
    
    
    4,936Clisby Towers
    
    Mid Rise
    
    Jan-06
    
    Macon, GA
    
    
    1980
    
    
    
    52
    
    
    
    161
    
    
    
    2,333
    
    
    
    108
    
    
    
    161
    
    
    
    2,441
    
    
    
    2,602
    
    
    
    (1,627
    )
    
    
    975
    
    
    
    992Club, The
    
    Garden
    
    Jan-06
    
    Lexington, NC
    
    
    1972
    
    
    
    87
    
    
    
    66
    
    
    
    2,560
    
    
    
    601
    
    
    
    66
    
    
    
    3,162
    
    
    
    3,228
    
    
    
    (1,794
    )
    
    
    1,434
    
    
    
    367Coatesville Towers
    
    High Rise
    
    Mar-02
    
    Coatesville, PA
    
    
    1979
    
    
    
    90
    
    
    
    500
    
    
    
    2,011
    
    
    
    553
    
    
    
    500
    
    
    
    2,563
    
    
    
    3,063
    
    
    
    (770
    )
    
    
    2,293
    
    
    
    2,155Cold Spring Homes
    
    Garden
    
    Oct-07
    
    Cold Springs,  KY
    
    
    2000
    
    
    
    30
    
    
    
    187
    
    
    
    917
    
    
    
    1,121
    
    
    
    187
    
    
    
    2,039
    
    
    
    2,226
    
    
    
    (1,441
    )
    
    
    785
    
    
    
    790Community Circle II
    
    Garden
    
    Jan-06
    
    Cleveland, OH
    
    
    1975
    
    
    
    129
    
    
    
    213
    
    
    
    4,749
    
    
    
    476
    
    
    
    213
    
    
    
    5,225
    
    
    
    5,438
    
    
    
    (3,050
    )
    
    
    2,388
    
    
    
    3,275Copperwood I Apartments
    
    Garden
    
    Apr-06
    
    The Woodlands, TX
    
    
    1980
    
    
    
    150
    
    
    
    390
    
    
    
    8,373
    
    
    
    4,786
    
    
    
    363
    
    
    
    13,186
    
    
    
    13,549
    
    
    
    (6,361
    )
    
    
    7,188
    
    
    
    5,649Copperwood II Apartments
    
    Garden
    
    Oct-05
    
    The Woodlands, TX
    
    
    1981
    
    
    
    150
    
    
    
    452
    
    
    
    5,552
    
    
    
    3,319
    
    
    
    459
    
    
    
    8,865
    
    
    
    9,324
    
    
    
    (2,360
    )
    
    
    6,964
    
    
    
    5,828Country Club Heights
    
    Garden
    
    Mar-04
    
    Quincy, IL
    
    
    1976
    
    
    
    200
    
    
    
    676
    
    
    
    5,715
    
    
    
    4,803
    
    
    
    675
    
    
    
    10,518
    
    
    
    11,193
    
    
    
    (3,192
    )
    
    
    8,001
    
    
    
    7,591Country Commons
    
    Garden
    
    Jan-06
    
    Bensalem, PA
    
    
    1972
    
    
    
    352
    
    
    
    1,314
    
    
    
    18,196
    
    
    
    1,739
    
    
    
    1,314
    
    
    
    19,935
    
    
    
    21,249
    
    
    
    (9,731
    )
    
    
    11,518
    
    
    
    5,453Courtyard
    
    Mid Rise
    
    Jan-06
    
    Cincinnati, OH
    
    
    1980
    
    
    
    137
    
    
    
    642
    
    
    
    5,597
    
    
    
    266
    
    
    
    642
    
    
    
    5,863
    
    
    
    6,505
    
    
    
    (2,941
    )
    
    
    3,564
    
    
    
    3,870Creekview
    
    Garden
    
    Mar-02
    
    Stroudsburg, PA
    
    
    1982
    
    
    
    80
    
    
    
    400
    
    
    
    1,610
    
    
    
    914
    
    
    
    400
    
    
    
    2,523
    
    
    
    2,923
    
    
    
    (640
    )
    
    
    2,283
    
    
    
    2,670Crevenna Oaks
    
    Town Home
    
    Jan-06
    
    Burke, VA
    
    
    1979
    
    
    
    50
    
    
    
    355
    
    
    
    4,849
    
    
    
    
    
    
    
    355
    
    
    
    4,849
    
    
    
    5,204
    
    
    
    (461
    )
    
    
    4,743
    
    
    
    3,171Crockett Manor
    
    Garden
    
    Mar-04
    
    Trenton, TN
    
    
    1982
    
    
    
    38
    
    
    
    42
    
    
    
    1,395
    
    
    
    39
    
    
    
    42
    
    
    
    1,433
    
    
    
    1,475
    
    
    
    (71
    )
    
    
    1,404
    
    
    
    978Cumberland Court
    
    Garden
    
    Jan-06
    
    Harrisburg, PA
    
    
    1975
    
    
    
    108
    
    
    
    176
    
    
    
    4,242
    
    
    
    542
    
    
    
    176
    
    
    
    4,784
    
    
    
    4,960
    
    
    
    (3,075
    )
    
    
    1,885
    
    
    
    1,394Daugette Tower
    
    High Rise
    
    Mar-02
    
    Gadsden, AL
    
    
    1979
    
    
    
    100
    
    
    
    540
    
    
    
    2,178
    
    
    
    1,300
    
    
    
    540
    
    
    
    3,478
    
    
    
    4,018
    
    
    
    (1,168
    )
    
    
    2,850
    
    
    
    346Delhaven Manor
    
    Mid Rise
    
    Mar-02
    
    Jackson, MS
    
    
    1983
    
    
    
    104
    
    
    
    575
    
    
    
    2,304
    
    
    
    1,779
    
    
    
    575
    
    
    
    4,083
    
    
    
    4,658
    
    
    
    (1,298
    )
    
    
    3,360
    
    
    
    3,776Denny Place
    
    Garden
    
    Mar-02
    
    North Hollywood, CA
    
    
    1984
    
    
    
    17
    
    
    
    394
    
    
    
    1,579
    
    
    
    132
    
    
    
    394
    
    
    
    1,711
    
    
    
    2,105
    
    
    
    (415
    )
    
    
    1,690
    
    
    
    1,131Douglas Landing
    
    Garden
    
    Oct-07
    
    Austin, TX
    
    
    1999
    
    
    
    96
    
    
    
    11
    
    
    
    4,989
    
    
    
    
    
    
    
    11
    
    
    
    4,989
    
    
    
    5,000
    
    
    
    
    
    
    
    5,000
    
    
    
    4,013Echo Valley
    
    Mid Rise
    
    Mar-02
    
    West Warwick, RI
    
    
    1978
    
    
    
    100
    
    
    
    550
    
    
    
    2,294
    
    
    
    2,043
    
    
    
    550
    
    
    
    4,337
    
    
    
    4,887
    
    
    
    (1,573
    )
    
    
    3,314
    
    
    
    4,164Elmwood
    
    Garden
    
    Jan-06
    
    Athens, AL
    
    
    1981
    
    
    
    80
    
    
    
    185
    
    
    
    2,804
    
    
    
    277
    
    
    
    185
    
    
    
    3,081
    
    
    
    3,266
    
    
    
    (1,558
    )
    
    
    1,708
    
    
    
    1,878Fairburn And Gordon II
    
    Garden
    
    Jan-06
    
    Atlanta, GA
    
    
    1969
    
    
    
    58
    
    
    
    86
    
    
    
    2,000
    
    
    
    168
    
    
    
    86
    
    
    
    2,168
    
    
    
    2,254
    
    
    
    (1,379
    )
    
    
    875
    
    
    
    147Fairwood
    
    Garden
    
    Jan-06
    
    Carmichael, CA
    
    
    1979
    
    
    
    86
    
    
    
    166
    
    
    
    5,275
    
    
    
    260
    
    
    
    166
    
    
    
    5,535
    
    
    
    5,701
    
    
    
    (3,299
    )
    
    
    2,402
    
    
    
    2,575
  F-54




---



##### Table of Contents



AIMCO
PROPERTIES, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2008
(In Thousands Except Unit Data)
 (2)
    
    
    (3)
    
    
    December 31, 2008(1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2008Property
    
    
    Date
    
    
    
    
    
    
    Year
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    
    Consolidated
    
    
    Location
    
    Built
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesFountain Place
    
    Mid Rise
    
    Jan-06
    
    Connersville, IN
    
    
    1980
    
    
    
    102
    
    
    
    440
    
    
    
    2,091
    
    
    
    2,519
    
    
    
    447
    
    
    
    4,603
    
    
    
    5,050
    
    
    
    (291
    )
    
    
    4,759
    
    
    
    Fox Run (TX)
    
    Garden
    
    Mar-02
    
    Orange, TX
    
    
    1983
    
    
    
    70
    
    
    
    420
    
    
    
    1,992
    
    
    
    966
    
    
    
    420
    
    
    
    2,958
    
    
    
    3,378
    
    
    
    (687
    )
    
    
    2,691
    
    
    
    2,575Foxfire (MI)
    
    Garden
    
    Jan-06
    
    Jackson, MI
    
    
    1975
    
    
    
    160
    
    
    
    856
    
    
    
    6,853
    
    
    
    1,072
    
    
    
    856
    
    
    
    7,925
    
    
    
    8,781
    
    
    
    (4,814
    )
    
    
    3,967
    
    
    
    1,995Franklin Square School Apts
    
    Mid Rise
    
    Jan-06
    
    Baltimore, MD
    
    
    1888
    
    
    
    65
    
    
    
    46
    
    
    
    4,100
    
    
    
    180
    
    
    
    46
    
    
    
    4,280
    
    
    
    4,326
    
    
    
    (2,022
    )
    
    
    2,304
    
    
    
    2,164Friendset Apartments
    
    High Rise
    
    Jan-06
    
    Brooklyn, NY
    
    
    1979
    
    
    
    259
    
    
    
    550
    
    
    
    16,825
    
    
    
    1,613
    
    
    
    550
    
    
    
    18,437
    
    
    
    18,987
    
    
    
    (9,807
    )
    
    
    9,180
    
    
    
    14,700Friendship Arms
    
    Mid Rise
    
    Mar-02
    
    Hyattsville, MD
    
    
    1979
    
    
    
    151
    
    
    
    970
    
    
    
    3,887
    
    
    
    1,631
    
    
    
    970
    
    
    
    5,518
    
    
    
    6,488
    
    
    
    (1,736
    )
    
    
    4,752
    
    
    
    4,647Frio
    
    Garden
    
    Jan-06
    
    Pearsall, TX
    
    
    1980
    
    
    
    63
    
    
    
    109
    
    
    
    2,425
    
    
    
    358
    
    
    
    109
    
    
    
    2,783
    
    
    
    2,892
    
    
    
    (1,588
    )
    
    
    1,304
    
    
    
    1,109Gates Manor
    
    Garden
    
    Mar-04
    
    Clinton, TN
    
    
    1981
    
    
    
    80
    
    
    
    266
    
    
    
    2,225
    
    
    
    777
    
    
    
    266
    
    
    
    3,002
    
    
    
    3,268
    
    
    
    (1,033
    )
    
    
    2,235
    
    
    
    2,421Gateway Village
    
    Garden
    
    Mar-04
    
    Hillsborough, NC
    
    
    1980
    
    
    
    64
    
    
    
    433
    
    
    
    1,666
    
    
    
    572
    
    
    
    444
    
    
    
    2,227
    
    
    
    2,671
    
    
    
    (467
    )
    
    
    2,204
    
    
    
    2,377Glendale Terrace
    
    Garden
    
    Jan-06
    
    Aiken, SC
    
    
    1972
    
    
    
    60
    
    
    
    41
    
    
    
    1,552
    
    
    
    157
    
    
    
    41
    
    
    
    1,708
    
    
    
    1,749
    
    
    
    (1,194
    )
    
    
    555
    
    
    
    146Glens, The
    
    Garden
    
    Jan-06
    
    Rock Hill, SC
    
    
    1982
    
    
    
    88
    
    
    
    93
    
    
    
    4,882
    
    
    
    845
    
    
    
    93
    
    
    
    5,727
    
    
    
    5,820
    
    
    
    (3,337
    )
    
    
    2,483
    
    
    
    3,886Greenbriar
    
    Garden
    
    Jan-06
    
    Indianapolis, IN
    
    
    1980
    
    
    
    121
    
    
    
    812
    
    
    
    3,272
    
    
    
    308
    
    
    
    812
    
    
    
    3,580
    
    
    
    4,392
    
    
    
    (2,394
    )
    
    
    1,998
    
    
    
    1,228Hamlin Estates
    
    Garden
    
    Mar-02
    
    North Hollywood, CA
    
    
    1983
    
    
    
    30
    
    
    
    1,010
    
    
    
    1,691
    
    
    
    230
    
    
    
    1,010
    
    
    
    1,921
    
    
    
    2,931
    
    
    
    (498
    )
    
    
    2,433
    
    
    
    1,621Hanover Square
    
    High Rise
    
    Jan-06
    
    Baltimore, MD
    
    
    1980
    
    
    
    199
    
    
    
    369
    
    
    
    10,862
    
    
    
    340
    
    
    
    369
    
    
    
    11,201
    
    
    
    11,570
    
    
    
    (5,934
    )
    
    
    5,636
    
    
    
    5,780Harris Park Apartments
    
    Garden
    
    Dec-97
    
    Rochester, NY
    
    
    1968
    
    
    
    114
    
    
    
    475
    
    
    
    2,786
    
    
    
    1,049
    
    
    
    475
    
    
    
    3,835
    
    
    
    4,310
    
    
    
    (1,689
    )
    
    
    2,621
    
    
    
    345Hatillo Housing
    
    Mid Rise
    
    Jan-06
    
    Hatillo, PR
    
    
    1982
    
    
    
    64
    
    
    
    184
    
    
    
    2,893
    
    
    
    159
    
    
    
    184
    
    
    
    3,053
    
    
    
    3,237
    
    
    
    (1,706
    )
    
    
    1,531
    
    
    
    1,381Hemet Estates
    
    Garden
    
    Mar-02
    
    Hemet, CA
    
    
    1983
    
    
    
    80
    
    
    
    700
    
    
    
    2,802
    
    
    
    2,997
    
    
    
    1,263
    
    
    
    5,235
    
    
    
    6,498
    
    
    
    (926
    )
    
    
    5,572
    
    
    
    4,328Henna Townhomes
    
    Garden
    
    Oct-07
    
    Round Rock,  TX
    
    
    1999
    
    
    
    160
    
    
    
    1,047
    
    
    
    12,893
    
    
    
    
    
    
    
    1,047
    
    
    
    12,893
    
    
    
    13,940
    
    
    
    (2,641
    )
    
    
    11,299
    
    
    
    6,201Heritage House
    
    Mid Rise
    
    Jan-06
    
    Lewisburg, PA
    
    
    1982
    
    
    
    80
    
    
    
    178
    
    
    
    3,251
    
    
    
    109
    
    
    
    178
    
    
    
    3,360
    
    
    
    3,538
    
    
    
    (1,930
    )
    
    
    1,608
    
    
    
    2,106Hickory Heights
    
    Garden
    
    Jan-06
    
    Abbeville, SC
    
    
    1974
    
    
    
    80
    
    
    
    27
    
    
    
    2,477
    
    
    
    697
    
    
    
    27
    
    
    
    3,174
    
    
    
    3,201
    
    
    
    (1,698
    )
    
    
    1,503
    
    
    
    357Highlawn Place
    
    High Rise
    
    Mar-02
    
    Huntington, WV
    
    
    1977
    
    
    
    133
    
    
    
    550
    
    
    
    2,204
    
    
    
    1,091
    
    
    
    550
    
    
    
    3,296
    
    
    
    3,846
    
    
    
    (800
    )
    
    
    3,046
    
    
    
    1,800Hillside Village
    
    Town Home
    
    Jan-06
    
    Catawissa, PA
    
    
    1981
    
    
    
    50
    
    
    
    31
    
    
    
    2,643
    
    
    
    132
    
    
    
    31
    
    
    
    2,775
    
    
    
    2,806
    
    
    
    (1,643
    )
    
    
    1,163
    
    
    
    1,144Hilltop
    
    Garden
    
    Jan-06
    
    Duquesne, PA
    
    
    1975
    
    
    
    152
    
    
    
    166
    
    
    
    7,298
    
    
    
    539
    
    
    
    166
    
    
    
    7,837
    
    
    
    8,003
    
    
    
    (4,959
    )
    
    
    3,044
    
    
    
    2,234Hopkins Village
    
    Mid Rise
    
    Sep-03
    
    Baltimore, MD
    
    
    1979
    
    
    
    165
    
    
    
    438
    
    
    
    5,973
    
    
    
    
    
    
    
    438
    
    
    
    5,973
    
    
    
    6,411
    
    
    
    (744
    )
    
    
    5,667
    
    
    
    9,100Hudson Gardens
    
    Garden
    
    Mar-02
    
    Pasadena, CA
    
    
    1983
    
    
    
    41
    
    
    
    914
    
    
    
    1,548
    
    
    
    272
    
    
    
    914
    
    
    
    1,820
    
    
    
    2,734
    
    
    
    (507
    )
    
    
    2,227
    
    
    
    659Hudson Terrace
    
    Garden
    
    Jan-06
    
    Hudson, NY
    
    
    1973
    
    
    
    168
    
    
    
    248
    
    
    
    5,424
    
    
    
    494
    
    
    
    248
    
    
    
    5,917
    
    
    
    6,165
    
    
    
    (3,574
    )
    
    
    2,591
    
    
    
    1,198Indio Gardens
    
    Mid Rise
    
    Oct-06
    
    Indio,  CA
    
    
    1980
    
    
    
    151
    
    
    
    
    
    
    
    9,534
    
    
    
    4,135
    
    
    
    
    
    
    
    13,669
    
    
    
    13,669
    
    
    
    (544
    )
    
    
    13,125
    
    
    
    4,368Ingram Square
    
    Garden
    
    Jan-06
    
    San Antonio, TX
    
    
    1980
    
    
    
    120
    
    
    
    630
    
    
    
    3,137
    
    
    
    
    
    
    
    630
    
    
    
    3,137
    
    
    
    3,767
    
    
    
    (782
    )
    
    
    2,985
    
    
    
    3,275Jenny Lind Hall
    
    High Rise
    
    Mar-04
    
    Springfield, MO
    
    
    1977
    
    
    
    78
    
    
    
    142
    
    
    
    3,684
    
    
    
    238
    
    
    
    142
    
    
    
    3,922
    
    
    
    4,064
    
    
    
    (303
    )
    
    
    3,761
    
    
    
    1,028JFK Towers
    
    Mid Rise
    
    Jan-06
    
    Durham, NC
    
    
    1983
    
    
    
    177
    
    
    
    335
    
    
    
    8,386
    
    
    
    607
    
    
    
    335
    
    
    
    8,993
    
    
    
    9,328
    
    
    
    (4,342
    )
    
    
    4,986
    
    
    
    5,854Kephart Plaza
    
    High Rise
    
    Jan-06
    
    Lock Haven, PA
    
    
    1978
    
    
    
    101
    
    
    
    52
    
    
    
    4,353
    
    
    
    417
    
    
    
    52
    
    
    
    4,770
    
    
    
    4,822
    
    
    
    (2,815
    )
    
    
    2,007
    
    
    
    1,592King Bell Apartments
    
    Garden
    
    Jan-06
    
    Milwaukie, OR
    
    
    1982
    
    
    
    62
    
    
    
    204
    
    
    
    2,497
    
    
    
    154
    
    
    
    204
    
    
    
    2,651
    
    
    
    2,855
    
    
    
    (1,352
    )
    
    
    1,503
    
    
    
    1,661Kirkwood House
    
    High Rise
    
    Sep-04
    
    Baltimore, MD
    
    
    1979
    
    
    
    262
    
    
    
    1,281
    
    
    
    9,358
    
    
    
    
    
    
    
    1,281
    
    
    
    9,358
    
    
    
    10,639
    
    
    
    (1,167
    )
    
    
    9,472
    
    
    
    16,000Kubasek Trinity Manor (The Hollows)
    
    High Rise
    
    Jan-06
    
    Yonkers, NY
    
    
    1981
    
    
    
    130
    
    
    
    54
    
    
    
    8,308
    
    
    
    1,748
    
    
    
    54
    
    
    
    10,055
    
    
    
    10,109
    
    
    
    (4,706
    )
    
    
    5,403
    
    
    
    4,823La Salle
    
    Garden
    
    Oct-00
    
    San Francisco, CA
    
    
    1976
    
    
    
    145
    
    
    
    1,841
    
    
    
    19,568
    
    
    
    16,634
    
    
    
    1,839
    
    
    
    36,203
    
    
    
    38,042
    
    
    
    (9,102
    )
    
    
    28,940
    
    
    
    15,462Lafayette Commons
    
    Garden
    
    Mar-04
    
    West Lafayette, OH
    
    
    1979
    
    
    
    49
    
    
    
    166
    
    
    
    512
    
    
    
    271
    
    
    
    166
    
    
    
    783
    
    
    
    949
    
    
    
    (105
    )
    
    
    844
    
    
    
    843Lafayette Square
    
    Garden
    
    Jan-06
    
    Camden, SC
    
    
    1978
    
    
    
    72
    
    
    
    69
    
    
    
    1,948
    
    
    
    65
    
    
    
    69
    
    
    
    2,013
    
    
    
    2,082
    
    
    
    (1,590
    )
    
    
    492
    
    
    
    303Lakeview Arms
    
    Mid Rise
    
    Jan-06
    
    Poughkeepsie, NY
    
    
    1981
    
    
    
    72
    
    
    
    111
    
    
    
    3,256
    
    
    
    254
    
    
    
    111
    
    
    
    3,511
    
    
    
    3,622
    
    
    
    (2,048
    )
    
    
    1,574
    
    
    
    1,872Landau
    
    Garden
    
    Oct-05
    
    Clinton, SC
    
    
    1970
    
    
    
    80
    
    
    
    1,088
    
    
    
    1,635
    
    
    
    198
    
    
    
    1,088
    
    
    
    1,833
    
    
    
    2,921
    
    
    
    (1,779
    )
    
    
    1,142
    
    
    
    335Laurelwood
    
    Garden
    
    Jan-06
    
    Morristown, TN
    
    
    1981
    
    
    
    65
    
    
    
    75
    
    
    
    1,870
    
    
    
    110
    
    
    
    75
    
    
    
    1,980
    
    
    
    2,055
    
    
    
    (1,195
    )
    
    
    860
    
    
    
    1,320Lavista
    
    Garden
    
    Jan-06
    
    Concord, CA
    
    
    1981
    
    
    
    75
    
    
    
    565
    
    
    
    4,448
    
    
    
    3,522
    
    
    
    567
    
    
    
    7,968
    
    
    
    8,535
    
    
    
    (398
    )
    
    
    8,137
    
    
    
    5,545Lock Haven Gardens
    
    Garden
    
    Jan-06
    
    Lock Haven, PA
    
    
    1979
    
    
    
    150
    
    
    
    169
    
    
    
    7,040
    
    
    
    471
    
    
    
    169
    
    
    
    7,511
    
    
    
    7,680
    
    
    
    (4,312
    )
    
    
    3,368
    
    
    
    3,092Locust House
    
    High Rise
    
    Mar-02
    
    Westminster, MD
    
    
    1979
    
    
    
    99
    
    
    
    650
    
    
    
    2,604
    
    
    
    735
    
    
    
    650
    
    
    
    3,339
    
    
    
    3,989
    
    
    
    (998
    )
    
    
    2,991
    
    
    
    2,433Lodge Run
    
    Mid Rise
    
    Jan-06
    
    Portage, PA
    
    
    1983
    
    
    
    31
    
    
    
    18
    
    
    
    1,467
    
    
    
    364
    
    
    
    18
    
    
    
    1,831
    
    
    
    1,849
    
    
    
    (1,167
    )
    
    
    682
    
    
    
    443Long Meadow
    
    Garden
    
    Jan-06
    
    Cheraw, SC
    
    
    1973
    
    
    
    56
    
    
    
    30
    
    
    
    1,470
    
    
    
    124
    
    
    
    30
    
    
    
    1,594
    
    
    
    1,624
    
    
    
    (1,103
    )
    
    
    521
    
    
    
    230Loring Towers (MN)
    
    High Rise
    
    Oct-02
    
    Minneapolis,  MN
    
    
    1975
    
    
    
    230
    
    
    
    1,297
    
    
    
    7,445
    
    
    
    7,554
    
    
    
    886
    
    
    
    15,410
    
    
    
    16,296
    
    
    
    (3,607
    )
    
    
    12,689
    
    
    
    7,683Loring Towers Apartments
    
    High Rise
    
    Sep-03
    
    Salem, MA
    
    
    1973
    
    
    
    250
    
    
    
    129
    
    
    
    14,050
    
    
    
    5,520
    
    
    
    140
    
    
    
    19,560
    
    
    
    19,700
    
    
    
    (2,608
    )
    
    
    17,092
    
    
    
    Lynnhaven
    
    Garden
    
    Mar-04
    
    Durham, NC
    
    
    1980
    
    
    
    75
    
    
    
    539
    
    
    
    2,159
    
    
    
    703
    
    
    
    543
    
    
    
    2,859
    
    
    
    3,402
    
    
    
    (601
    )
    
    
    2,801
    
    
    
    2,814Michigan Beach
    
    Garden
    
    Oct-07
    
    Chicago, IL
    
    
    1958
    
    
    
    239
    
    
    
    2,225
    
    
    
    10,797
    
    
    
    341
    
    
    
    2,225
    
    
    
    11,138
    
    
    
    13,363
    
    
    
    (2,603
    )
    
    
    10,760
    
    
    
    5,550Midview Crossing
    
    Garden
    
    Mar-02
    
    Elyria, OH
    
    
    1970
    
    
    
    138
    
    
    
    200
    
    
    
    
    
    
    
    2,120
    
    
    
    200
    
    
    
    2,120
    
    
    
    2,320
    
    
    
    (1,115
    )
    
    
    1,205
    
    
    
    589Mill Pond
    
    Mid Rise
    
    Jan-06
    
    Taunton, MA
    
    
    1982
    
    
    
    49
    
    
    
    80
    
    
    
    2,704
    
    
    
    287
    
    
    
    80
    
    
    
    2,991
    
    
    
    3,071
    
    
    
    (1,505
    )
    
    
    1,566
    
    
    
    1,524Miramar Housing
    
    High Rise
    
    Jan-06
    
    Ponce, PR
    
    
    1983
    
    
    
    96
    
    
    
    290
    
    
    
    5,162
    
    
    
    156
    
    
    
    290
    
    
    
    5,318
    
    
    
    5,608
    
    
    
    (2,813
    )
    
    
    2,795
    
    
    
    2,960Montblanc Gardens
    
    Town Home
    
    Dec-03
    
    Yauco, PR
    
    
    1982
    
    
    
    128
    
    
    
    391
    
    
    
    3,859
    
    
    
    879
    
    
    
    391
    
    
    
    4,738
    
    
    
    5,129
    
    
    
    (2,298
    )
    
    
    2,831
    
    
    
    3,311Morrisania II
    
    High Rise
    
    Jan-06
    
    Bronx, NY
    
    
    1979
    
    
    
    203
    
    
    
    404
    
    
    
    16,038
    
    
    
    1,367
    
    
    
    404
    
    
    
    17,404
    
    
    
    17,808
    
    
    
    (10,100
    )
    
    
    7,708
    
    
    
    8,207Moss Gardens
    
    Mid Rise
    
    Jan-06
    
    Lafayette, LA
    
    
    1980
    
    
    
    114
    
    
    
    125
    
    
    
    4,218
    
    
    
    117
    
    
    
    125
    
    
    
    4,335
    
    
    
    4,460
    
    
    
    (2,983
    )
    
    
    1,477
    
    
    
    2,057New Baltimore
    
    Mid Rise
    
    Mar-02
    
    New Baltimore,  MI
    
    
    1980
    
    
    
    101
    
    
    
    888
    
    
    
    2,360
    
    
    
    5,380
    
    
    
    896
    
    
    
    7,732
    
    
    
    8,628
    
    
    
    (1,013
    )
    
    
    7,615
    
    
    
    2,244New Vistas I
    
    Garden
    
    Jan-06
    
    Chicago, IL
    
    
    1925
    
    
    
    148
    
    
    
    200
    
    
    
    7,368
    
    
    
    374
    
    
    
    200
    
    
    
    7,742
    
    
    
    7,942
    
    
    
    (5,411
    )
    
    
    2,531
    
    
    
    1,560Newberry Park
    
    Garden
    
    Dec-97
    
    Chicago, IL
    
    
    1985
    
    
    
    84
    
    
    
    1,150
    
    
    
    7,862
    
    
    
    423
    
    
    
    1,150
    
    
    
    8,285
    
    
    
    9,435
    
    
    
    (2,505
    )
    
    
    6,930
    
    
    
    7,496Northlake Village
    
    Garden
    
    Oct-00
    
    Lima, OH
    
    
    1971
    
    
    
    150
    
    
    
    487
    
    
    
    1,317
    
    
    
    1,716
    
    
    
    487
    
    
    
    3,033
    
    
    
    3,520
    
    
    
    (1,486
    )
    
    
    2,034
    
    
    
    752Northpoint
    
    Garden
    
    Jan-00
    
    Chicago, IL
    
    
    1921
    
    
    
    304
    
    
    
    2,280
    
    
    
    14,334
    
    
    
    15,486
    
    
    
    2,510
    
    
    
    29,589
    
    
    
    32,099
    
    
    
    (12,009
    )
    
    
    20,090
    
    
    
    20,021Northwinds, The
    
    Garden
    
    Mar-02
    
    Wytheville, VA
    
    
    1978
    
    
    
    144
    
    
    
    500
    
    
    
    2,012
    
    
    
    476
    
    
    
    500
    
    
    
    2,489
    
    
    
    2,989
    
    
    
    (1,032
    )
    
    
    1,957
    
    
    
    1,723Oakbrook
    
    Garden
    
    Jan-08
    
    Topeka, KS
    
    
    1979
    
    
    
    170
    
    
    
    240
    
    
    
    6,200
    
    
    
    
    
    
    
    240
    
    
    
    6,200
    
    
    
    6,440
    
    
    
    (2,773
    )
    
    
    3,667
    
    
    
    2,770Oakwood Manor
    
    Garden
    
    Mar-04
    
    Milan, TN
    
    
    1984
    
    
    
    34
    
    
    
    95
    
    
    
    498
    
    
    
    27
    
    
    
    95
    
    
    
    525
    
    
    
    620
    
    
    
    (105
    )
    
    
    515
    
    
    
    433Ocala Place
    
    Garden
    
    Jan-06
    
    Ocala, FL
    
    
    1980
    
    
    
    40
    
    
    
    96
    
    
    
    1,417
    
    
    
    288
    
    
    
    96
    
    
    
    1,705
    
    
    
    1,801
    
    
    
    (981
    )
    
    
    820
    
    
    
    569Olde Towne West I
    
    Mid Rise
    
    Jan-06
    
    Alexandria, VA
    
    
    1976
    
    
    
    172
    
    
    
    337
    
    
    
    5,457
    
    
    
    2,454
    
    
    
    337
    
    
    
    7,911
    
    
    
    8,248
    
    
    
    (4,253
    )
    
    
    3,995
    
    
    
    8,035Olde Towne West II
    
    Garden
    
    Oct-02
    
    Alexandria, VA
    
    
    1977
    
    
    
    72
    
    
    
    214
    
    
    
    2,865
    
    
    
    624
    
    
    
    214
    
    
    
    3,488
    
    
    
    3,702
    
    
    
    (1,725
    )
    
    
    1,977
    
    
    
    2,522Olde Towne West III
    
    Garden
    
    Apr-00
    
    Alexandria, VA
    
    
    1978
    
    
    
    75
    
    
    
    581
    
    
    
    3,463
    
    
    
    1,732
    
    
    
    581
    
    
    
    5,194
    
    
    
    5,775
    
    
    
    (1,911
    )
    
    
    3,864
    
    
    
    3,182ONeil
    
    High Rise
    
    Jan-06
    
    Troy, NY
    
    
    1978
    
    
    
    115
    
    
    
    88
    
    
    
    4,067
    
    
    
    695
    
    
    
    88
    
    
    
    4,762
    
    
    
    4,850
    
    
    
    (3,118
    )
    
    
    1,732
    
    
    
    1,454Orange Village
    
    Garden
    
    Jan-06
    
    Hermitage, PA
    
    
    1979
    
    
    
    81
    
    
    
    53
    
    
    
    3,432
    
    
    
    311
    
    
    
    53
    
    
    
    3,743
    
    
    
    3,796
    
    
    
    (2,223
    )
    
    
    1,573
    
    
    
    1,850Overbrook Park
    
    Garden
    
    Jan-06
    
    Chillicothe, OH
    
    
    1981
    
    
    
    50
    
    
    
    109
    
    
    
    2,309
    
    
    
    120
    
    
    
    109
    
    
    
    2,429
    
    
    
    2,538
    
    
    
    (1,293
    )
    
    
    1,245
    
    
    
    1,462Oxford House
    
    Mid Rise
    
    Mar-02
    
    Deactur, IL
    
    
    1979
    
    
    
    156
    
    
    
    993
    
    
    
    4,164
    
    
    
    429
    
    
    
    993
    
    
    
    4,593
    
    
    
    5,586
    
    
    
    (1,615
    )
    
    
    3,971
    
    
    
    3,145Oxford Terrace IV
    
    Town Home
    
    Oct-07
    
    Indianapolis, IN
    
    
    1994
    
    
    
    48
    
    
    
    247
    
    
    
    1,410
    
    
    
    607
    
    
    
    247
    
    
    
    2,016
    
    
    
    2,263
    
    
    
    (1,057
    )
    
    
    1,206
    
    
    
    1,261
  F-55




---



##### Table of Contents



AIMCO
PROPERTIES, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2008
(In Thousands Except Unit Data)
 (2)
    
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2008Property
    
    
    Date
    
    
    
    
    
    
    Year
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    
    Consolidated
    
    
    Location
    
    Built
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesPalm Springs Senior
    
    Garden
    
    Mar-02
    
    Palm Springs,  CA
    
    
    1981
    
    
    
    116
    
    
    
    
    
    
    
    8,745
    
    
    
    3,003
    
    
    
    
    
    
    
    11,748
    
    
    
    11,748
    
    
    
    (1,526
    )
    
    
    10,222
    
    
    
    7,277Panorama Park
    
    Garden
    
    Mar-02
    
    Bakersfield, CA
    
    
    1982
    
    
    
    66
    
    
    
    621
    
    
    
    5,520
    
    
    
    
    
    
    
    621
    
    
    
    5,520
    
    
    
    6,141
    
    
    
    (854
    )
    
    
    5,287
    
    
    
    Parc Chateau I
    
    Garden
    
    Jan-06
    
    Lithonia, GA
    
    
    1973
    
    
    
    86
    
    
    
    124
    
    
    
    1,910
    
    
    
    168
    
    
    
    124
    
    
    
    2,078
    
    
    
    2,202
    
    
    
    (2,078
    )
    
    
    124
    
    
    
    504Parc Chateau II
    
    Garden
    
    Jan-06
    
    Lithonia, GA
    
    
    1974
    
    
    
    88
    
    
    
    169
    
    
    
    3,392
    
    
    
    155
    
    
    
    169
    
    
    
    3,547
    
    
    
    3,716
    
    
    
    (2,421
    )
    
    
    1,295
    
    
    
    507Park  Joplin Apartments
    
    Garden
    
    Oct-07
    
    Joplin,  MO
    
    
    1974
    
    
    
    192
    
    
    
    996
    
    
    
    8,847
    
    
    
    
    
    
    
    996
    
    
    
    8,847
    
    
    
    9,843
    
    
    
    (2,816
    )
    
    
    7,027
    
    
    
    3,431Park Apts, The
    
    Garden
    
    Oct-07
    
    Overland Park, KS
    
    
    1984
    
    
    
    280
    
    
    
    365
    
    
    
    8,723
    
    
    
    4,001
    
    
    
    365
    
    
    
    12,724
    
    
    
    13,089
    
    
    
    (5,029
    )
    
    
    8,060
    
    
    
    5,050Park Place
    
    Mid Rise
    
    Jun-05
    
    St Louis, MO
    
    
    1977
    
    
    
    242
    
    
    
    742
    
    
    
    6,327
    
    
    
    9,719
    
    
    
    705
    
    
    
    16,084
    
    
    
    16,789
    
    
    
    (5,834
    )
    
    
    10,955
    
    
    
    9,713Park Vista
    
    Garden
    
    Oct-05
    
    Anaheim, CA
    
    
    1958
    
    
    
    392
    
    
    
    6,155
    
    
    
    25,929
    
    
    
    4,090
    
    
    
    6,155
    
    
    
    30,019
    
    
    
    36,174
    
    
    
    (7,812
    )
    
    
    28,362
    
    
    
    37,851Parkview
    
    Garden
    
    Mar-02
    
    Sacramento, CA
    
    
    1980
    
    
    
    97
    
    
    
    1,041
    
    
    
    2,880
    
    
    
    8,111
    
    
    
    1,097
    
    
    
    10,936
    
    
    
    12,033
    
    
    
    (2,781
    )
    
    
    9,252
    
    
    
    6,938Parkways, The
    
    Garden
    
    Jun-04
    
    Chicago, IL
    
    
    1925
    
    
    
    446
    
    
    
    3,684
    
    
    
    23,257
    
    
    
    17,218
    
    
    
    3,427
    
    
    
    40,733
    
    
    
    44,160
    
    
    
    (9,406
    )
    
    
    34,754
    
    
    
    22,608Patman Switch
    
    Garden
    
    Jan-06
    
    Hughes Springs, TX
    
    
    1978
    
    
    
    82
    
    
    
    202
    
    
    
    1,906
    
    
    
    570
    
    
    
    202
    
    
    
    2,477
    
    
    
    2,679
    
    
    
    (1,473
    )
    
    
    1,206
    
    
    
    1,229Pavillion
    
    High Rise
    
    Mar-04
    
    Philadelphia, PA
    
    
    1976
    
    
    
    296
    
    
    
    
    
    
    
    15,416
    
    
    
    1,128
    
    
    
    
    
    
    
    16,543
    
    
    
    16,543
    
    
    
    (3,265
    )
    
    
    13,278
    
    
    
    9,405Peachwood Place
    
    Garden
    
    Oct-07
    
    Waycross, GA
    
    
    1999
    
    
    
    72
    
    
    
    163
    
    
    
    2,893
    
    
    
    
    
    
    
    163
    
    
    
    2,893
    
    
    
    3,056
    
    
    
    (1,317
    )
    
    
    1,739
    
    
    
    737Pinebluff Village
    
    Mid Rise
    
    Jan-06
    
    Salisbury, MD
    
    
    1980
    
    
    
    151
    
    
    
    354
    
    
    
    7,935
    
    
    
    496
    
    
    
    354
    
    
    
    8,431
    
    
    
    8,785
    
    
    
    (5,431
    )
    
    
    3,354
    
    
    
    2,196Pinewood Place
    
    Garden
    
    Mar-02
    
    Toledo, OH
    
    
    1979
    
    
    
    99
    
    
    
    420
    
    
    
    1,698
    
    
    
    1,048
    
    
    
    420
    
    
    
    2,746
    
    
    
    3,166
    
    
    
    (1,050
    )
    
    
    2,116
    
    
    
    2,009Pleasant Hills
    
    Garden
    
    Apr-05
    
    Austin, TX
    
    
    1982
    
    
    
    100
    
    
    
    1,188
    
    
    
    2,631
    
    
    
    3,496
    
    
    
    1,229
    
    
    
    6,085
    
    
    
    7,314
    
    
    
    (1,398
    )
    
    
    5,916
    
    
    
    3,240Plummer Village
    
    Mid Rise
    
    Mar-02
    
    North Hills, CA
    
    
    1983
    
    
    
    75
    
    
    
    624
    
    
    
    2,647
    
    
    
    1,587
    
    
    
    667
    
    
    
    4,191
    
    
    
    4,858
    
    
    
    (1,377
    )
    
    
    3,481
    
    
    
    2,634Portner Place
    
    Town Home
    
    Jan-06
    
    Washington, DC
    
    
    1980
    
    
    
    48
    
    
    
    601
    
    
    
    6,100
    
    
    
    67
    
    
    
    601
    
    
    
    6,167
    
    
    
    6,768
    
    
    
    (2,383
    )
    
    
    4,385
    
    
    
    1,346Post Street Apartments
    
    High Rise
    
    Jan-06
    
    Yonkers, NY
    
    
    1930
    
    
    
    56
    
    
    
    148
    
    
    
    3,315
    
    
    
    367
    
    
    
    148
    
    
    
    3,682
    
    
    
    3,830
    
    
    
    (2,165
    )
    
    
    1,665
    
    
    
    1,673Pride Gardens
    
    Garden
    
    Dec-97
    
    Flora, MS
    
    
    1975
    
    
    
    76
    
    
    
    102
    
    
    
    1,071
    
    
    
    1,573
    
    
    
    102
    
    
    
    2,644
    
    
    
    2,746
    
    
    
    (1,329
    )
    
    
    1,417
    
    
    
    1,094Quivira Place
    
    Garden
    
    Oct-07
    
    Lenexa,  KS
    
    
    1978
    
    
    
    289
    
    
    
    374
    
    
    
    12,158
    
    
    
    
    
    
    
    374
    
    
    
    12,158
    
    
    
    12,532
    
    
    
    (6,941
    )
    
    
    5,591
    
    
    
    6,125Rancho California
    
    Garden
    
    Jan-06
    
    Temecula, CA
    
    
    1984
    
    
    
    55
    
    
    
    399
    
    
    
    5,550
    
    
    
    231
    
    
    
    399
    
    
    
    5,781
    
    
    
    6,180
    
    
    
    (2,560
    )
    
    
    3,620
    
    
    
    4,589Ridgewood (La Loma)
    
    Garden
    
    Mar-02
    
    Sacramento, CA
    
    
    1980
    
    
    
    75
    
    
    
    684
    
    
    
    227
    
    
    
    6,225
    
    
    
    683
    
    
    
    6,454
    
    
    
    7,137
    
    
    
    (874
    )
    
    
    6,263
    
    
    
    4,277Ridgewood Towers
    
    High Rise
    
    Mar-02
    
    East Moline, IL
    
    
    1977
    
    
    
    140
    
    
    
    698
    
    
    
    2,803
    
    
    
    585
    
    
    
    698
    
    
    
    3,388
    
    
    
    4,086
    
    
    
    (1,158
    )
    
    
    2,928
    
    
    
    1,677River Village
    
    High Rise
    
    Jan-06
    
    Flint, MI
    
    
    1980
    
    
    
    340
    
    
    
    1,756
    
    
    
    13,877
    
    
    
    928
    
    
    
    1,756
    
    
    
    14,805
    
    
    
    16,561
    
    
    
    (9,145
    )
    
    
    7,416
    
    
    
    7,777Rivers Edge
    
    Town Home
    
    Jan-06
    
    Greenville, MI
    
    
    1983
    
    
    
    49
    
    
    
    206
    
    
    
    2,202
    
    
    
    224
    
    
    
    205
    
    
    
    2,426
    
    
    
    2,631
    
    
    
    (1,557
    )
    
    
    1,074
    
    
    
    788Riverwoods
    
    High Rise
    
    Jan-06
    
    Kankakee, IL
    
    
    1983
    
    
    
    125
    
    
    
    590
    
    
    
    4,932
    
    
    
    2,749
    
    
    
    597
    
    
    
    7,673
    
    
    
    8,270
    
    
    
    (819
    )
    
    
    7,451
    
    
    
    5,576Rosedale Court Apartments
    
    Garden
    
    Mar-04
    
    Dawson Springs, KY
    
    
    1981
    
    
    
    40
    
    
    
    194
    
    
    
    1,177
    
    
    
    170
    
    
    
    194
    
    
    
    1,347
    
    
    
    1,541
    
    
    
    (493
    )
    
    
    1,048
    
    
    
    891Round Barn
    
    Garden
    
    Mar-02
    
    Champaign, IL
    
    
    1979
    
    
    
    156
    
    
    
    947
    
    
    
    5,134
    
    
    
    5,627
    
    
    
    934
    
    
    
    10,774
    
    
    
    11,708
    
    
    
    (2,049
    )
    
    
    9,659
    
    
    
    Rutherford Park
    
    Town Home
    
    Jan-06
    
    Hummelstown, PA
    
    
    1981
    
    
    
    85
    
    
    
    376
    
    
    
    4,814
    
    
    
    206
    
    
    
    376
    
    
    
    5,019
    
    
    
    5,395
    
    
    
    (2,825
    )
    
    
    2,570
    
    
    
    2,865San Jose Apartments
    
    Garden
    
    Sep-05
    
    San Antonio,  TX
    
    
    1970
    
    
    
    220
    
    
    
    404
    
    
    
    5,770
    
    
    
    11,344
    
    
    
    238
    
    
    
    17,279
    
    
    
    17,517
    
    
    
    (2,092
    )
    
    
    15,425
    
    
    
    5,464San Juan Del Centro
    
    Mid Rise
    
    Sep-05
    
    Boulder,  CO
    
    
    1971
    
    
    
    150
    
    
    
    243
    
    
    
    7,110
    
    
    
    12,522
    
    
    
    438
    
    
    
    19,437
    
    
    
    19,875
    
    
    
    (2,403
    )
    
    
    17,472
    
    
    
    12,218Sandy Hill Terrace
    
    High Rise
    
    Mar-02
    
    Norristown, PA
    
    
    1980
    
    
    
    175
    
    
    
    1,650
    
    
    
    6,599
    
    
    
    2,842
    
    
    
    1,650
    
    
    
    9,441
    
    
    
    11,091
    
    
    
    (2,287
    )
    
    
    8,804
    
    
    
    3,829Sandy Springs
    
    Garden
    
    Mar-05
    
    Macon, GA
    
    
    1979
    
    
    
    74
    
    
    
    153
    
    
    
    1,736
    
    
    
    1,358
    
    
    
    153
    
    
    
    3,094
    
    
    
    3,247
    
    
    
    (1,527
    )
    
    
    1,720
    
    
    
    1,935School Street
    
    Mid Rise
    
    Jan-06
    
    Taunton, MA
    
    
    1920
    
    
    
    75
    
    
    
    219
    
    
    
    4,335
    
    
    
    561
    
    
    
    219
    
    
    
    4,896
    
    
    
    5,115
    
    
    
    (2,581
    )
    
    
    2,534
    
    
    
    3,080Sharp-Leadenhall I
    
    Town Home
    
    Mar-04
    
    Baltimore, MD
    
    
    1981
    
    
    
    155
    
    
    
    1,445
    
    
    
    5,484
    
    
    
    919
    
    
    
    1,445
    
    
    
    6,403
    
    
    
    7,848
    
    
    
    (1,829
    )
    
    
    6,019
    
    
    
    5,414Sharp-Leadenhall II
    
    Town Home
    
    Sep-03
    
    Baltimore, MD
    
    
    1981
    
    
    
    37
    
    
    
    171
    
    
    
    1,636
    
    
    
    330
    
    
    
    171
    
    
    
    1,966
    
    
    
    2,137
    
    
    
    (972
    )
    
    
    1,165
    
    
    
    1,073Sherman Hills
    
    High Rise
    
    Jan-06
    
    Wilkes-Barre, PA
    
    
    1976
    
    
    
    344
    
    
    
    1,137
    
    
    
    16,451
    
    
    
    875
    
    
    
    1,137
    
    
    
    17,326
    
    
    
    18,463
    
    
    
    (13,083
    )
    
    
    5,380
    
    
    
    3,348Shoreview
    
    Garden
    
    Oct-99
    
    San Francisco, CA
    
    
    1976
    
    
    
    156
    
    
    
    1,498
    
    
    
    19,071
    
    
    
    17,002
    
    
    
    1,498
    
    
    
    36,072
    
    
    
    37,570
    
    
    
    (9,804
    )
    
    
    27,766
    
    
    
    16,703South Bay Villa
    
    Garden
    
    Mar-02
    
    Los Angeles, CA
    
    
    1981
    
    
    
    80
    
    
    
    663
    
    
    
    2,770
    
    
    
    4,231
    
    
    
    659
    
    
    
    7,004
    
    
    
    7,663
    
    
    
    (2,512
    )
    
    
    5,151
    
    
    
    3,105Spring Manor
    
    Mid Rise
    
    Jan-06
    
    Holidaysburg, PA
    
    
    1983
    
    
    
    51
    
    
    
    117
    
    
    
    2,574
    
    
    
    388
    
    
    
    117
    
    
    
    2,962
    
    
    
    3,079
    
    
    
    (2,047
    )
    
    
    1,032
    
    
    
    773Springfield Villas
    
    Garden
    
    Oct-07
    
    Lockhart,  TX
    
    
    1999
    
    
    
    32
    
    
    
    
    
    
    
    1,153
    
    
    
    
    
    
    
    
    
    
    
    1,153
    
    
    
    1,153
    
    
    
    
    
    
    
    1,153
    
    
    
    860St. George Villas
    
    Garden
    
    Jan-06
    
    St. George, SC
    
    
    1984
    
    
    
    40
    
    
    
    86
    
    
    
    1,025
    
    
    
    90
    
    
    
    86
    
    
    
    1,115
    
    
    
    1,201
    
    
    
    (749
    )
    
    
    452
    
    
    
    526Sterling Village
    
    Town Home
    
    Mar-02
    
    San Bernadino, CA
    
    
    1983
    
    
    
    80
    
    
    
    549
    
    
    
    3,459
    
    
    
    2,793
    
    
    
    1,246
    
    
    
    5,555
    
    
    
    6,801
    
    
    
    (1,155
    )
    
    
    5,646
    
    
    
    4,393Stonegate Village
    
    Garden
    
    Oct-00
    
    New Castle, IN
    
    
    1970
    
    
    
    122
    
    
    
    313
    
    
    
    1,895
    
    
    
    1,209
    
    
    
    308
    
    
    
    3,110
    
    
    
    3,418
    
    
    
    (1,091
    )
    
    
    2,327
    
    
    
    386Strawbridge Square
    
    Garden
    
    Oct-99
    
    Alexandria, VA
    
    
    1979
    
    
    
    128
    
    
    
    662
    
    
    
    3,508
    
    
    
    3,142
    
    
    
    662
    
    
    
    6,650
    
    
    
    7,312
    
    
    
    (2,354
    )
    
    
    4,958
    
    
    
    6,624Sumler Terrace
    
    Garden
    
    Jan-06
    
    Norfolk, VA
    
    
    1976
    
    
    
    126
    
    
    
    215
    
    
    
    4,400
    
    
    
    319
    
    
    
    215
    
    
    
    4,719
    
    
    
    4,934
    
    
    
    (3,446
    )
    
    
    1,488
    
    
    
    1,406Summit Oaks
    
    Town Home
    
    Jan-06
    
    Burke, VA
    
    
    1980
    
    
    
    50
    
    
    
    382
    
    
    
    4,930
    
    
    
    
    
    
    
    382
    
    
    
    4,930
    
    
    
    5,312
    
    
    
    (710
    )
    
    
    4,602
    
    
    
    3,094Suntree
    
    Garden
    
    Jan-06
    
    St. Johns, MI
    
    
    1980
    
    
    
    121
    
    
    
    403
    
    
    
    6,488
    
    
    
    468
    
    
    
    403
    
    
    
    6,955
    
    
    
    7,358
    
    
    
    (4,155
    )
    
    
    3,203
    
    
    
    1,358Tabor Towers
    
    Mid Rise
    
    Jan-06
    
    Lewisburg, WV
    
    
    1979
    
    
    
    84
    
    
    
    155
    
    
    
    3,369
    
    
    
    196
    
    
    
    155
    
    
    
    3,564
    
    
    
    3,719
    
    
    
    (2,008
    )
    
    
    1,711
    
    
    
    1,986Tamarac Apartments I
    
    Garden
    
    Nov-04
    
    Woodlands, TX
    
    
    1980
    
    
    
    144
    
    
    
    140
    
    
    
    2,775
    
    
    
    3,479
    
    
    
    363
    
    
    
    6,030
    
    
    
    6,393
    
    
    
    (1,642
    )
    
    
    4,751
    
    
    
    4,254Tamarac Apartments II
    
    Garden
    
    Nov-04
    
    Woodlands, TX
    
    
    1980
    
    
    
    156
    
    
    
    142
    
    
    
    3,195
    
    
    
    3,874
    
    
    
    266
    
    
    
    6,944
    
    
    
    7,210
    
    
    
    (1,859
    )
    
    
    5,351
    
    
    
    4,609Terraces
    
    Mid Rise
    
    Jan-06
    
    Kettering, OH
    
    
    1979
    
    
    
    102
    
    
    
    521
    
    
    
    3,855
    
    
    
    416
    
    
    
    521
    
    
    
    4,271
    
    
    
    4,792
    
    
    
    (2,374
    )
    
    
    2,418
    
    
    
    2,491Terry Manor
    
    Mid Rise
    
    Oct-05
    
    Los Angeles, CA
    
    
    1977
    
    
    
    170
    
    
    
    1,775
    
    
    
    5,848
    
    
    
    6,631
    
    
    
    1,996
    
    
    
    12,258
    
    
    
    14,254
    
    
    
    (2,947
    )
    
    
    11,307
    
    
    
    7,057Tompkins Terrace
    
    Garden
    
    Oct-02
    
    Beacon, NY
    
    
    1974
    
    
    
    193
    
    
    
    872
    
    
    
    6,827
    
    
    
    11,211
    
    
    
    872
    
    
    
    18,038
    
    
    
    18,910
    
    
    
    (1,962
    )
    
    
    16,948
    
    
    
    8,837Trestletree Village
    
    Garden
    
    Mar-02
    
    Atlanta, GA
    
    
    1981
    
    
    
    188
    
    
    
    1,150
    
    
    
    4,655
    
    
    
    1,177
    
    
    
    1,150
    
    
    
    5,832
    
    
    
    6,982
    
    
    
    (1,867
    )
    
    
    5,115
    
    
    
    3,509University Square
    
    High Rise
    
    Mar-05
    
    Philadelphia, PA
    
    
    1978
    
    
    
    442
    
    
    
    702
    
    
    
    22,040
    
    
    
    11,195
    
    
    
    702
    
    
    
    33,235
    
    
    
    33,937
    
    
    
    (16,426
    )
    
    
    17,511
    
    
    
    13,778Van Nuys Apartments
    
    High Rise
    
    Mar-02
    
    Los Angeles, CA
    
    
    1981
    
    
    
    299
    
    
    
    4,253
    
    
    
    21,226
    
    
    
    3,988
    
    
    
    4,253
    
    
    
    25,214
    
    
    
    29,467
    
    
    
    (4,121
    )
    
    
    25,346
    
    
    
    20,531Victory Square
    
    Garden
    
    Mar-02
    
    Canton, OH
    
    
    1975
    
    
    
    81
    
    
    
    215
    
    
    
    889
    
    
    
    449
    
    
    
    215
    
    
    
    1,338
    
    
    
    1,553
    
    
    
    (533
    )
    
    
    1,020
    
    
    
    867Village Oaks
    
    Mid Rise
    
    Jan-06
    
    Catonsville, MD
    
    
    1980
    
    
    
    181
    
    
    
    1,187
    
    
    
    6,128
    
    
    
    1,722
    
    
    
    1,187
    
    
    
    7,850
    
    
    
    9,037
    
    
    
    (4,484
    )
    
    
    4,553
    
    
    
    4,693Village of Kaufman
    
    Garden
    
    Mar-05
    
    Kaufman, TX
    
    
    1981
    
    
    
    68
    
    
    
    370
    
    
    
    1,606
    
    
    
    571
    
    
    
    370
    
    
    
    2,177
    
    
    
    2,547
    
    
    
    (610
    )
    
    
    1,937
    
    
    
    1,858Vintage Crossing
    
    Town Home
    
    Mar-04
    
    Cuthbert, GA
    
    
    1982
    
    
    
    50
    
    
    
    188
    
    
    
    1,058
    
    
    
    533
    
    
    
    188
    
    
    
    1,591
    
    
    
    1,779
    
    
    
    (774
    )
    
    
    1,005
    
    
    
    1,655Vista Park Chino
    
    Garden
    
    Mar-02
    
    Chino, CA
    
    
    1983
    
    
    
    40
    
    
    
    380
    
    
    
    1,521
    
    
    
    361
    
    
    
    380
    
    
    
    1,883
    
    
    
    2,263
    
    
    
    (611
    )
    
    
    1,652
    
    
    
    1,505Vistula Heritage Village
    
    Garden
    
    Oct-08
    
    Toledo, OH
    
    
    1930
    
    
    
    250
    
    
    
    261
    
    
    
    15,091
    
    
    
    
    
    
    
    261
    
    
    
    15,091
    
    
    
    15,352
    
    
    
    (3,495
    )
    
    
    11,857
    
    
    
    12,814Wah Luck House
    
    High Rise
    
    Jan-06
    
    Washington, DC
    
    
    1982
    
    
    
    153
    
    
    
    1,001
    
    
    
    11,874
    
    
    
    416
    
    
    
    1,001
    
    
    
    12,290
    
    
    
    13,291
    
    
    
    (6,265
    )
    
    
    7,026
    
    
    
    9,653Walnut Hills
    
    High Rise
    
    Jan-06
    
    Cincinnati, OH
    
    
    1983
    
    
    
    198
    
    
    
    888
    
    
    
    5,608
    
    
    
    4,962
    
    
    
    888
    
    
    
    10,569
    
    
    
    11,457
    
    
    
    (973
    )
    
    
    10,484
    
    
    
    6,194Wasco Arms
    
    Garden
    
    Mar-02
    
    Wasco, CA
    
    
    1982
    
    
    
    78
    
    
    
    625
    
    
    
    2,519
    
    
    
    947
    
    
    
    625
    
    
    
    3,466
    
    
    
    4,091
    
    
    
    (1,165
    )
    
    
    2,926
    
    
    
    3,115Washington Square West
    
    Mid Rise
    
    Sep-04
    
    Philadelphia, PA
    
    
    1982
    
    
    
    132
    
    
    
    555
    
    
    
    11,169
    
    
    
    5,691
    
    
    
    582
    
    
    
    16,832
    
    
    
    17,414
    
    
    
    (5,764
    )
    
    
    11,650
    
    
    
    3,943Westminster Oaks
    
    Town Home
    
    Jan-06
    
    Springfield, VA
    
    
    1982
    
    
    
    50
    
    
    
    
    
    
    
    3,517
    
    
    
    351
    
    
    
    
    
    
    
    3,868
    
    
    
    3,868
    
    
    
    (2,026
    )
    
    
    1,842
    
    
    
    828Westwood Terrace
    
    Mid Rise
    
    Mar-02
    
    Moline, IL
    
    
    1976
    
    
    
    97
    
    
    
    720
    
    
    
    3,242
    
    
    
    401
    
    
    
    720
    
    
    
    3,643
    
    
    
    4,363
    
    
    
    (897
    )
    
    
    3,466
    
    
    
    1,806White Cliff
    
    Garden
    
    Mar-02
    
    Lincoln Heights, OH
    
    
    1977
    
    
    
    72
    
    
    
    215
    
    
    
    938
    
    
    
    398
    
    
    
    215
    
    
    
    1,336
    
    
    
    1,551
    
    
    
    (491
    )
    
    
    1,060
    
    
    
    1,008Whitefield Place
    
    Garden
    
    Apr-05
    
    San Antonio, TX
    
    
    1980
    
    
    
    80
    
    
    
    223
    
    
    
    3,151
    
    
    
    2,598
    
    
    
    219
    
    
    
    5,753
    
    
    
    5,972
    
    
    
    (1,634
    )
    
    
    4,338
    
    
    
    2,291
  F-56




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##### Table of Contents



AIMCO
PROPERTIES, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2008
(In Thousands Except Unit Data)
 (2)
    
    
    (3)(1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Initial Cost
    
    
    Cost Capitalized
    
    
    December 31, 2008Property
    
    
    Date
    
    
    
    
    
    
    Year
    
    
    Number
    
    
    
    
    
    
    Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    Accumulated
    
    
    Total Cost Net ofProperty Name
    
    Type
    
    
    Consolidated
    
    
    Location
    
    Built
    
    
    of Units
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation (AD)
    
    
    AD
    
    
    EncumbrancesWickford
    
    Garden
    
    Mar-04
    
    Henderson, NC
    
    
    1983
    
    
    
    44
    
    
    
    247
    
    
    
    946
    
    
    
    117
    
    
    
    247
    
    
    
    1,062
    
    
    
    1,309
    
    
    
    (387
    )
    
    
    922
    
    
    
    686Wilderness Trail
    
    High Rise
    
    Mar-02
    
    Pineville, KY
    
    
    1983
    
    
    
    124
    
    
    
    1,010
    
    
    
    4,048
    
    
    
    633
    
    
    
    1,010
    
    
    
    4,680
    
    
    
    5,690
    
    
    
    (1,053
    )
    
    
    4,637
    
    
    
    4,546Wilkes Towers
    
    High Rise
    
    Mar-02
    
    North Wilkesboro, NC
    
    
    1981
    
    
    
    72
    
    
    
    410
    
    
    
    1,680
    
    
    
    466
    
    
    
    410
    
    
    
    2,146
    
    
    
    2,556
    
    
    
    (587
    )
    
    
    1,969
    
    
    
    1,880Willowwood
    
    Garden
    
    Mar-02
    
    North Hollywood, CA
    
    
    1984
    
    
    
    19
    
    
    
    1,051
    
    
    
    840
    
    
    
    185
    
    
    
    1,051
    
    
    
    1,025
    
    
    
    2,076
    
    
    
    (264
    )
    
    
    1,812
    
    
    
    1,079Winnsboro Arms
    
    Garden
    
    Jan-06
    
    Winnsboro, SC
    
    
    1978
    
    
    
    60
    
    
    
    80
    
    
    
    1,889
    
    
    
    181
    
    
    
    80
    
    
    
    2,070
    
    
    
    2,150
    
    
    
    (1,451
    )
    
    
    699
    
    
    
    246Winter Gardens
    
    High Rise
    
    Mar-04
    
    St Louis, MO
    
    
    1920
    
    
    
    112
    
    
    
    300
    
    
    
    3,072
    
    
    
    4,419
    
    
    
    300
    
    
    
    7,492
    
    
    
    7,792
    
    
    
    (1,097
    )
    
    
    6,695
    
    
    
    3,856Woodcrest
    
    Garden
    
    Dec-97
    
    Odessa, TX
    
    
    1972
    
    
    
    80
    
    
    
    41
    
    
    
    229
    
    
    
    573
    
    
    
    41
    
    
    
    802
    
    
    
    843
    
    
    
    (629
    )
    
    
    214
    
    
    
    444Woodland
    
    Garden
    
    Jan-06
    
    Spartanburg, SC
    
    
    1972
    
    
    
    100
    
    
    
    182
    
    
    
    663
    
    
    
    1,324
    
    
    
    182
    
    
    
    1,987
    
    
    
    2,169
    
    
    
    (381
    )
    
    
    1,788
    
    
    
    186Woodland Hills
    
    Garden
    
    Oct-05
    
    Jackson, MI
    
    
    1980
    
    
    
    125
    
    
    
    541
    
    
    
    3,875
    
    
    
    4,243
    
    
    
    321
    
    
    
    8,339
    
    
    
    8,660
    
    
    
    (1,874
    )
    
    
    6,786
    
    
    
    3,689Total Affordable Properties:
    
    
    
    
    
    
    25,007
    
    
    
    117,542
    
    
    
    1,056,684
    
    
    
    418,638
    
    
    
    118,171
    
    
    
    1,474,674
    
    
    
    1,592,845
    
    
    
    (520,566
    )
    
    
    1,072,279
    
    
    
    795,759Other (4)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    929
    
    
    
    2,472
    
    
    
    (80
    )
    
    
    1,958
    
    
    
    1,363
    
    
    
    3,321
    
    
    
    (2,330
    )
    
    
    991
    
    
    
    116,051
    
    
    
    2,272,529
    
    
    
    5,810,498
    
    
    
    2,801,482
    
    
    
    2,332,457
    
    
    
    8,552,635
    
    
    
    10,885,092
    
    
    
    (2,782,219
    )
    
    
    8,102,873
    
    
    
    6,281,140
 (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-57




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##### Table of Contents



AIMCO PROPERTIES, L.P.  SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Years Ended December 31, 2008, 2007 and 2006
(In Thousands)
 2008
    
    
    2007
    
    
    2006Real EstateBalance at beginning of year
    
    $
    10,248,274
    
    
    $
    9,426,924
    
    
    $
    7,978,988Additions during the year:Newly consolidated assets and
acquisition of limited partnership
interests (1)
    
    
    17,557
    
    
    
    32,080
    
    
    
    1,146,086Acquisitions
    
    
    107,445
    
    
    
    233,059
    
    
    
    184,986Capital expenditures
    
    
    665,233
    
    
    
    689,719
    
    
    
    485,758Deductions during the year:Casualty and other write-offs (2)
    
    
    (114,678
    )
    
    
    (24,016
    )
    
    
    (21,192
    )Assets held for sale reclassification (3)
    
    
    (38,739
    )
    
    
    (109,492
    )
    
    
    (347,702
    )Balance at end of year
    
    $
    10,885,092
    
    
    $
    10,248,274
    
    
    $
    9,426,924Accumulated DepreciationBalance at beginning of year
    
    $
    2,360,727
    
    
    $
    2,101,202
    
    
    $
    1,432,181Additions during the year:Depreciation
    
    
    497,395
    
    
    
    477,725
    
    
    
    468,186Newly consolidated assets and
acquisition of limited partnership
interests (1)
    
    
    (7,733
    )
    
    
    (115,465
    )
    
    
    452,824Deductions during the year:Casualty and other write-offs
    
    
    (1,865
    )
    
    
    (5,280
    )
    
    
    (5,604
    )Assets held for sale reclassification (3)
    
    
    (66,305
    )
    
    
    (97,455
    )
    
    
    (246,385
    )Balance at end of year
    
    $
    2,782,219
    
    
    $
    2,360,727
    
    
    $
    2,101,202
 (1)
    
    Includes the effect of newly consolidated assets, acquisition of limited
partnership interests and related activity. As discussed in Note 2, during 2006,
we adopted EITF 04-5, which resulted in the consolidation, at historical carrying
amounts, of 156 partnerships owning 149 properties. As discussed in Note 3, during
2007, we acquired seven properties from VMS, a consolidated partnership in which we
held a 22% interest. We allocated the excess of the consideration exchanged over
the carrying amount of the minority interest in these properties to real estate,
which resulted in an increase in real estate primarily due to a reduction in the
historical accumulated depreciation on these assets.(2)
    
    Casualty and other write offs in 2008 includes impairments totaling $91.1 million
related to our Lincoln Place and Pacific Bay Vistas properties.(3)
    
    Represents activity on properties that have been sold or classified as held for
sale that is included in the line items above.  F-58




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##### Table of Contents



INDEX TO EXHIBITS (1) (2)
 EXHIBIT NO.
    
    DESCRIPTION10.1
    
    
    Fourth Amended and Restated Agreement of Limited Partnership
of AIMCO Properties, L.P., dated as of July 29, 1994, as
amended and restated as of February 28, 2007 (Exhibit 10.1 to
Aimcos Annual Report on Form 10-K for the year ended December
31, 2006, is incorporated herein by this reference)10.2
    
    
    First Amendment to Fourth Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of
December 31, 2007 (Exhibit 10.1 to Aimcos Current Report on
Form 8-K, dated December 31, 2007, is incorporated herein by
this reference)10.3
    
    
    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)10.4
    
    
    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)10.5
    
    
    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)10.6
    
    
    Third Amendment to Senior Secured Credit Agreement, dated as
of August 31, 2007, by and among Apartment Investment and
Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors
named therein, Bank of America, N.A., as administrative agent
and Bank of America, N.A., Keybank National Association and
the other lenders listed therein (Exhibit 10.1 to Aimcos
Current Report on Form 8-K, dated August 31, 2007, is
incorporated herein by this reference)10.7
    
    
    Fourth Amendment to Senior Secured Credit Agreement, dated as
of September 14, 2007, by and among Apartment Investment and
Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors
named therein, Bank of America, N.A., as administrative agent
and Bank of America, N.A., Keybank National Association and
the other lenders listed therein (Exhibit 10.1 to Aimcos
Current Report on Form 8-K, dated September 14, 2007, is
incorporated herein by this reference)10.8
    
    
    Fifth Amendment to Senior Secured Credit Agreement, dated as
of September 9, 2008, by and among Apartment Investment and
Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors
named therein, Bank of America, N.A., as administrative agent
and Bank of America, N.A., Keybank National Association and
the other lenders listed therein (Exhibit 10.1 to Aimcos
Current Report on Form 8-K, dated September 11, 2008, is
incorporated herein by this reference)10.9
    
    
    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)




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##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION10.10
    
    
    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)10.11
    
    
    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)10.12
    
    
    Employment Contract executed on December 29, 2008, by and
between AIMCO Properties, L.P. and Terry Considine (Exhibit 10.1 to
Aimcos Current Report on Form 8-K, filed December 29, 2008,
is incorporated herein by this reference)*10.13
    
    
    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)*10.14
    
    
    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)*10.15
    
    
    Form of Incentive Stock Option Agreement (1997 Stock Award and
Incentive Plan) (Exhibit 10.42 to Aimcos Annual Report on
Form 10-K for the year ended December 31, 1998, is
incorporated herein by this reference)*10.16
    
    
    2007 Stock Award and Incentive Plan (incorporated by reference
to Appendix A to Aimcos Proxy Statement on Schedule 14A filed
with the Securities and Exchange Commission on March 20,
2007)*10.17
    
    
    Form of Restricted Stock Agreement (Exhibit 10.2 to Aimcos
Current Report on Form 8-K, dated April 30, 2007, is
incorporated herein by this reference)*10.18
    
    
    Form of Non-Qualified Stock Option Agreement (Exhibit 10.3 to
Aimcos Current Report on Form 8-K, dated April 30, 2007, is
incorporated herein by this reference)*10.19
    
    
    2007 Employee Stock Purchase Plan (incorporated by reference
to Appendix B to Aimcos Proxy Statement on Schedule 14A filed
with the Securities and Exchange Commission on March 20,
2007)*21.1
    
    
    List of Subsidiaries23.1
    
    
    Consent of Independent Registered Public Accounting Firm31.1
    
    
    Certification of Chief Executive Officer pursuant to
Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    
    Certification of Chief Financial Officer pursuant to
Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.2
    
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 200299.1
    
    
    Agreement re: disclosure of long-term debt instruments
 (1)
    
    Schedule and supplemental materials to the exhibits have been omitted but will be provided to
the Securities and Exchange Commission upon request.(2)
    
    The file reference number for all exhibits is 001-13232, and all such exhibits remain
available pursuant to the Records Control Schedule of the Securities and Exchange Commission.*
    
    Management contract or compensatory plan or arrangement