0000711642-13-000023.txt : 20130227 0000711642-13-000023.hdr.sgml : 20130227 20130227115953 ACCESSION NUMBER: 0000711642-13-000023 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130227 DATE AS OF CHANGE: 20130227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY PROPERTIES FUND XIX CENTRAL INDEX KEY: 0000705752 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 942887133 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11935 FILM NUMBER: 13645562 BUSINESS ADDRESS: STREET 1: 55 BEATTIE PLACE STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8642391000 MAIL ADDRESS: STREET 1: 55 BEATTIE PLACE STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 10-K 1 cpf191212_10k.htm FORM 10-K FORM 10-QSB—QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

 

Form 10-K

(Mark One)

[X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2012

 

or

 

[ ]   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 0-11935

 

CENTURY PROPERTIES FUND XIX, LP

(Exact name of registrant as specified in its charter)

 

Delaware

94-2887133

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

 

80 International Drive, PO Box 1089

Greenville, South Carolina  29602

(Address of principal executive offices)

 

Registrant's telephone number, including area code (864) 239-1000

 

Securities registered pursuant to Section 12(b) of the Act:

 

None

 

Securities registered pursuant to Section 12(g) of the Act:

 

Units of Limited Partnership Interest

(Title of class)

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes [ ] No [X]

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] Yes  [ ] No

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer £

Accelerated filer £

Non-accelerated filer £(Do not check if a

smaller reporting company)

Smaller reporting company S

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [ ] No [X]

 

State the aggregate market value of the voting and non-voting partnership interests held by non-affiliates computed by reference to the price at which the partnership interests were last sold, or the average bid and asked price of such partnership interests as of the last business day of the registrant’s most recently completed second fiscal quarter.  No market exists for the limited partnership interests of the Registrant, and, therefore, no aggregate market value can be determined.

 

DOCUMENTS INCORPORATED BY REFERENCE

None

 

FORWARD-LOOKING STATEMENTS

 

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements in certain circumstances. Certain information included in this Annual Report contains or may contain information that is forward-looking within the meaning of the federal securities laws, including, without limitation, statements regarding the Partnership’s ability to maintain current or meet projected occupancy, rental rates and property operating results and the effect of redevelopments. 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 the Partnership’s control, including, without limitation: financing risks, including the availability and cost of financing and the risk that the Partnership’s cash flows from operations may be insufficient to meet required payments of principal and interest; natural disasters and severe weather such as hurricanes; national and local economic conditions, including the pace of job growth and the level of unemployment; energy costs; the terms of governmental regulations that affect the Partnership’s properties and interpretations of those regulations; the competitive environment in which the Partnership operates; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for residents in such markets; insurance risk, including the cost of insurance; 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 the Partnership. Readers should carefully review the Partnership’s financial statements and the notes thereto, as well as the other documents the Partnership files from time to time with the Securities and Exchange Commission.

 

PART I

 

Item 1.     Business

 

Century Properties Fund XIX, LP (the "Partnership" or "Registrant") was organized in August 1982, as a California limited partnership under the Uniform Limited Partnership Act of the California Corporations Code.  Fox Partners II, a California general partnership, is the general partner of the Partnership. The general partners of Fox Partners II are Fox Capital Management Corporation ("FCMC" or the "Managing General Partner"), a California corporation, and Fox Realty Investors ("FRI"), a California general partnership. The Managing General Partner is a subsidiary of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust. The term of the Partnership is scheduled to expire on December 31, 2024.

 

The Partnership's Registration Statement, filed pursuant to the Securities Act of 1933 (No. 2-79007), was declared effective by the Securities and Exchange Commission on September 20, 1983.  Beginning in September 1983 through October 1984, the Partnership offered 90,000 Limited Partnership Units and sold 89,292 units having an initial cost of $89,292,000. The net proceeds of this offering were used to acquire thirteen income-producing real estate properties. Since its initial offering, the Partnership has not received, nor have limited partners been required to make, additional capital contributions. The Partnership's original property portfolio was geographically diversified with properties acquired in seven states. The Partnership's acquisition activities were completed in June 1985 and since then the principal activity of the Partnership has been managing its portfolio. One property was sold in each of the years 1988, 1992, 1993, 1994, 2003, 2005, 2006 and 2008 and two properties were sold in 2012. In addition, one property was foreclosed on in 1993. See "Item 2. Properties" for a description of the Partnership's remaining two properties.

 

The Partnership is engaged in the business of operating and holding real estate properties.

 

The Partnership has no employees and depends on the Managing General Partner and its affiliates for property management services and administration of all Partnership activities. The Partnership Agreement provides for certain payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. 

 

A further description of the Partnership's business is included in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" included in this Form 10-K.

 

Item 1A.    Risk Factors

 

Not applicable.

 

Item 2.     Properties

 

The following table sets forth the Partnership's investment in properties:

 

 

Date of

 

 

Property

Purchase

Type of Ownership

Use

 

 

 

 

Lakeside at Vinings Mountain

12/83

Fee ownership subject to

Apartment

  Atlanta, Georgia

 

  first mortgage

220 units

 

 

 

 

 

 

 

 

The Peak at Vinings Mountain

04/84

Fee ownership subject to

Apartment

  Atlanta, Georgia

 

  first mortgage

280 units

 

 

 

 

 

On March 29, 2012, the Partnership sold Greenspoint at Paradise Valley to a third party for a gross sale price of $29,750,000. The net proceeds realized by the Partnership were approximately $29,432,000 after payment of closing costs.  The Partnership used approximately $15,349,000 of the net proceeds to repay the mortgages encumbering the property. As a result of the sale, the Partnership recorded a gain of approximately $22,329,000. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $4,000 due to the write off of unamortized loan costs.

 

On September 28, 2012, the Partnership sold Tamarind Bay Apartments to a third party for a gross sale price of $12,750,000.  The net proceeds realized by the Partnership were approximately $12,073,000 after payment of closing costs and a credit for approximately $381,000 to the purchaser for capital improvements. The Partnership used approximately $6,670,000 of the net proceeds to repay the mortgages encumbering the property.  As a result of the sale, the Partnership recorded a gain of approximately $9,106,000. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $2,697,000 due to the write off of unamortized loan costs of approximately $144,000 and the payment of a prepayment penalty of approximately $2,553,000.

 


Schedule of Properties

 

Set forth below for each of the Partnership’s properties is the gross carrying value, accumulated depreciation, depreciable life, method of depreciation and Federal tax basis.

 

 

Gross

 

 

Method

 

 

Carrying

Accumulated

Depreciable

of

Federal

Property

Value

Depreciation

Life

Depreciation

Tax Basis

 

(in thousands)

 

 

(in thousands)

 

 

 

 

 

 

Lakeside at Vinings

 

 

 

 

 

Mountain

 $26,560

  $20,257

5-30 yrs

S/L

  $ 6,605

The Peak at Vinings

 

 

 

 

 

 

Mountain

  30,977

   22,807

5-30 yrs

S/L

    8,421

 

 $57,537

  $43,064

 

 

  $15,026

 

See "Note A – Organization and Summary of Significant Accounting Policies" to the financial statements included in "Item 8. Financial Statements and Supplementary Data" for a description of the Partnership's depreciation and capitalization policies.

 

Schedule of Property Indebtedness

 

The following table sets forth certain information relating to the loans encumbering the Partnership's properties.

 

 

Principal

 

 

 

Principal

 

Balance At

 

 

 

Balance

 

December 31,

Interest

Period

Maturity

Due At

Property

2012

Rate (1)

Amortized

Date

Maturity (2)

 

(in thousands)

 

 

 

(in thousands)

 

 

 

 

 

 

Lakeside at Vinings Mountain

 

 

 

 

 

 1st mortgage

  $14,677

5.53%

30 yrs

06/01/21

$12,405

 

The Peak at Vinings Mountain

 

 

 

 

 

 1st mortgage

   15,506

5.54%

30 yrs

06/01/21

 13,109

 

  $30,183

 

 

 

$25,514

 

(1)   Fixed rate mortgages.

 

(2)   See “Note B – Mortgage Notes Payable” to the financial statements included in “Item 8. Financial Statements and Supplementary Data” for information with respect to the Partnership's ability to prepay these loans and other specific details about the loans.

 

On May 2, 2011, the Partnership refinanced the mortgage debt encumbering Lakeside at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,170,000, with a new mortgage loan in the principal amount of $14,982,000. The new loan bears interest at a rate of 5.53% per annum and requires monthly payments of principal and interest of approximately $85,000 beginning on July 1, 2011, through the June 1, 2021 maturity date.  The new mortgage loan has a balloon payment of approximately $12,405,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $482,000 during the year ended December 31, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $189,000 and are included in other assets on the balance sheets included in “Item 8. Financial Statements and Supplementary Data”.

 

On May 2, 2011, the Partnership refinanced the mortgage debt encumbering The Peak at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,861,000, with a new mortgage loan in the principal amount of $15,828,000. The new loan bears interest at a rate of 5.54% per annum and requires monthly payments of principal and interest of approximately $90,000 beginning on July 1, 2011, through the June 1, 2021 maturity date. The new mortgage loan has a balloon payment of approximately $13,109,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $515,000 during the year ended December 31, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $201,000 and are included in other assets on the balance sheets included in “Item 8. Financial Statements and Supplementary Data”.

 

Rental Rates and Occupancy

 

Average annual rental rates and occupancy for 2012 and 2011 for each property were as follows:

 

 

Average Annual

Average

 

Rental Rates

Occupancy

 

(per unit)

 

 

Property

2012

2011

2012

2011

Lakeside at Vinings Mountain

  $12,175

  $11,464

95%

97%

The Peak at Vinings Mountain

   11,381

   10,642

95%

97%

 

The real estate industry is highly competitive. Both of the properties are subject to competition from other residential apartment complexes in the area.  The Managing General Partner believes that both of the properties are adequately insured.  Each property is an apartment complex which leases units for lease terms of one year or less.  No residential tenant leases 10% or more of the available rental space.  Both of the properties are in good physical condition, subject to normal depreciation and deterioration as is typical for assets of this type and age.

 

Real Estate Taxes and Rates

 

Real estate taxes and rates in 2012 for each property were as follows:

 

 

2012

2012

 

Billing

Rate

 

(in thousands)

 

Lakeside at Vinings Mountain

   $  221

3.02%

The Peak at Vinings Mountain

      270

3.02%

 

Capital Improvements

 

Lakeside at Vinings Mountain

 

During the year ended December 31, 2012, the Partnership completed approximately $467,000 of capital improvements at Lakeside at Vinings Mountain, which consisted primarily of interior improvements, structural upgrades and floor covering replacement. These improvements were funded from operating cash flow. The Partnership regularly evaluates the capital improvement needs of the property. While the Partnership has no material commitments for property improvements and replacements, certain routine capital expenditures are anticipated during 2013. Such capital expenditures will depend on the physical condition of the property as well as anticipated cash flow generated by the property.

 

Greenspoint at Paradise Valley

 

During the year ended December 31, 2012, the Partnership completed approximately $131,000 of capital improvements at Greenspoint at Paradise Valley, which consisted primarily of sewer upgrades and floor covering replacement. These improvements were funded from operating cash flow. The Partnership sold Greenspoint at Paradise Valley to a third party on March 29, 2012.

 

The Peak at Vinings Mountain

 

During the year ended December 31, 2012, the Partnership completed approximately $509,000 of capital improvements at The Peak at Vinings Mountain, which consisted primarily of HVAC upgrades, interior improvements and floor covering replacement. These improvements were funded from operating cash flow. The Partnership regularly evaluates the capital improvement needs of the property. While the Partnership has no material commitments for property improvements and replacements, certain routine capital expenditures are anticipated during 2013. Such capital expenditures will depend on the physical condition of the property as well as anticipated cash flow generated by the property.

 

Tamarind Bay Apartments

 

During the year ended December 31, 2012, the Partnership completed approximately $38,000 of capital improvements at Tamarind Bay Apartments, which consisted primarily of major landscaping and floor covering replacement. These improvements were funded from operating cash flow. The Partnership sold Tamarind Bay Apartments to a third party on September 28, 2012.

 

Capital expenditures will be incurred only if cash is available from operations or from  Partnership reserves. To the extent that capital improvements are completed, the Partnership's distributable cash flow, if any, may be adversely affected at least in the short term.

 

Item 3.     Legal Proceedings

 

None.

 

Item 4.     Mine Safety Disclosures

 

Not applicable.


PART II

 

Item 5.     Market for the Registrant's Common Equity, Related Security Holder Matters and Issuer Purchases of Equity Securities

 

The Partnership, a publicly-held limited partnership, offered and sold 89,292 limited partnership units (the “Units”) aggregating $89,292,000. The Partnership had 89,233 Units outstanding held by 2,755 limited partners of record at December 31, 2012. Affiliates of the Managing General Partner owned 60,711.66 Units or 68.04% at December 31, 2012. No public trading market has developed for the Units, and it is not anticipated that such a market will develop in the future.

 

The Partnership distributed the following amounts during the years ended December 31, 2012 and 2011 (in thousands, except per unit data):

 

 

 

Per Limited

 

Per Limited

 

Year Ended

Partnership

Year Ended

Partnership

 

December 31, 2012

Unit

December 31, 2011

Unit

 

 

 

 

 

Sale (1)

$ 10,252

$ 112.58

$     --

$     --

 

(1)  Proceeds from the March 2012 sale of Greenspoint at Paradise Valley and the September 2012 sale of Tamarind Bay Apartments.

 

Future cash distributions will depend on the levels of net cash generated from operations and the timing of debt maturities, property sales and/or refinancings. The Partnership's cash available for distribution is reviewed on a monthly basis. There can be no assurance, however, that the Partnership will generate sufficient funds from operations, after planned capital expenditures, to permit any distributions to its partners in 2013 or subsequent periods. See “Item 2. Properties – Capital Improvements” for information relating to anticipated capital expenditures at the properties.

 

In addition to its indirect ownership of the general partner interest in the Partnership, Aimco and its affiliates owned 60,711.66 Units in the Partnership representing 68.04% of the outstanding Units at December 31, 2012. A number of these Units were acquired pursuant to tender offers made by Aimco or its affiliates. It is possible that Aimco or its affiliates will acquire additional Units in exchange for cash or a combination of cash and units in AIMCO Properties, L.P., the operating partnership of Aimco, either through private purchases or tender offers. Pursuant to the Partnership Agreement, Unit holders holding a majority of the Units are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the Managing General Partner. As a result of its ownership of 68.04% of the outstanding Units, Aimco and its affiliates are in a position to influence all such voting decisions with respect to the Partnership. However, with respect to the 25,228.66 Units acquired on January 19, 1996, AIMCO IPLP, L.P. ("IPLP"), an affiliate of the Managing General Partner and of Aimco, agreed to vote such Units: (i) against any increase in compensation payable to the Managing General Partner or to its affiliates; and (ii) on all other matters submitted by it or its affiliates, in proportion to the vote cast by third party unitholders. Except for the foregoing, no other limitations are imposed on IPLP's, Aimco's or any other affiliates' right to vote each Unit held. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the Managing General Partner also owes fiduciary duties to both the General Partner and Aimco as the sole stockholder of the Managing General Partner. As a result, the duties of the Managing General Partner, as managing general partner, to the Partnership and its limited partners may come into conflict with the duties of the Managing General Partner to Aimco as its sole stockholder.

 

Item 6.     Selected Financial Data

 

Not applicable.

 

Item 7.     Management's Discussion and Analysis of Financial Condition and Results of Operations

 

This item should be read in conjunction with the financial statements and other items contained in this report.

 

The Partnership’s financial results depend upon a number of factors including the ability to attract and maintain tenants at the investment properties, interest rates on mortgage loans, costs incurred to operate the investment properties, general economic conditions and weather. As part of the ongoing business plan of the Partnership, the Managing General Partner monitors the rental market environment of its investment properties to assess the feasibility of increasing rents, maintaining or increasing occupancy levels and protecting the Partnership from increases in expenses. As part of this plan, the Managing General Partner attempts to protect the Partnership from the burden of inflation-related increases in expenses by increasing rents and maintaining a high overall occupancy level. However, the Managing General Partner may use rental concessions and rental rate reductions to offset softening market conditions; accordingly, there is no guarantee that the Managing General Partner will be able to sustain such a plan. Further, a number of factors that are outside the control of the Partnership such as the local economic climate and weather can adversely or positively affect the Partnership’s financial results.

 

Results of Operations

 

The Partnership recognized net income of approximately $24,709,000 for the year ended December 31, 2012, compared to net loss of approximately $6,492,000 for the year ended December 31, 2011. The statement of operations included in “Item 8. Financial Statements and Supplementary Data” for the year ended December 31, 2011 has been restated to reflect the operations of Greenspoint at Paradise Valley and Tamarind Bay Apartments as loss from discontinued operations and the balance sheet as of December 31, 2011 has also been restated to reflect the respective assets and liabilities of Greenspoint at Paradise Valley and Tamarind Bay Apartments as held for sale due to their sales on March 29, 2012 and September 28, 2012, respectively.

 

The following table presents summarized results of operations for Greenspoint at Paradise Valley and Tamarind Bay Apartments for the years ended December 31, 2012 and 2011 (in thousands):

 

 

Year Ended

Year Ended

 

December 31,

2012

December 31, 2011

Revenues

   $ 2,083

$ 4,835

Expenses

    (2,875)

 (6,589)

Loss on early extinguishment of debt

    (2,701)

     --

Loss from discontinued operations

   $(3,493)

$(1,754)

 

On March 29, 2012, the Partnership sold Greenspoint at Paradise Valley to a third party for a gross sale price of $29,750,000. The net proceeds realized by the Partnership were approximately $29,432,000 after payment of closing costs.  The Partnership used approximately $15,349,000 of the net proceeds to repay the mortgages encumbering the property. As a result of the sale, the Partnership recorded a gain of approximately $22,329,000, which is included in gain from sale of discontinued operations. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $4,000 due to the write off of unamortized loan costs, which is included in loss from discontinued operations.

 

On September 28, 2012, the Partnership sold Tamarind Bay Apartments to a third party for a gross sale price of $12,750,000.  The net proceeds realized by the Partnership were approximately $12,073,000 after payment of closing costs and a credit for approximately $381,000 to the purchaser for capital improvements. The Partnership used approximately $6,670,000 of the net proceeds to repay the mortgages encumbering the property.  As a result of the sale, the Partnership recorded a gain of approximately $9,106,000, which is included in gain from sale of discontinued operations. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $2,697,000 due to the write off of unamortized loan costs of approximately $144,000 and the payment of a prepayment penalty of approximately $2,553,000, which is included in loss from discontinued operations.

 

The Partnership’s loss from continuing operations for the years ended December 31, 2012 and 2011 was approximately $3,233,000 and $4,738,000, respectively. The decrease in loss from continuing operations is due to an increase in total revenues and a decrease in total expenses, partially offset by the recognition of casualty gains in 2011.  The increase in total revenues is due to increases in both rental and other income. Rental income increased primarily due to increases in the average rental rate, partially offset by decreases in occupancy at both The Peak at Vinings Mountain and Lakeside at Vinings Mountain. The increase in other income is primarily due to increases in lease cancellation fees at The Peak at Vinings Mountain and internet service and parking income at both The Peak at Vinings Mountain and Lakeside at Vinings Mountain.

 

Total expenses decreased due to decreases in general and administrative, depreciation and interest expenses and the recognition of loss on early extinguishment of debt associated with the payoff of the mortgages encumbering The Peak at Vinings Mountain and Lakeside at Vinings Mountain in May 2011 (as discussed in “Liquidity and Capital Resources”), partially offset by an increase in property tax expense. Operating expense remained relatively constant for the year ended December 31, 2012. Depreciation expense decreased primarily due to assets becoming fully depreciated at both properties during the fourth quarter of 2011 and the second quarter of 2012. Interest expense decreased due to a decrease in interest on advances from AIMCO Properties, L.P., as a result of a lower average outstanding advance balance, partially offset by interest incurred on a higher average debt balance as a result of the May 2011 refinancing of the mortgages encumbering The Peak at Vinings Mountain and Lakeside at Vinings Mountain. The increase in property tax expense is primarily due to an increase in the assessed value of both properties.

 

General and administrative expenses decreased primarily due to decreases in management reimbursements charged by an affiliate of the Managing General Partner as allowed under the Partnership Agreement and professional expenses associated with the administration of the Partnership. Also included in general and administrative expenses for the years ended December 31, 2012 and 2011 are costs associated with the quarterly and annual communications with investors and regulatory agencies and the annual audit required by the Partnership Agreement.

 

In April 2011, The Peak at Vinings Mountain sustained damages of approximately $61,000 and clean up costs of approximately $24,000 as a result of a severe storm. During the year ended December 31, 2011, the Partnership received approximately $82,000 in insurance proceeds, which included approximately $21,000 for clean up costs, which are included in operating expenses. The Partnership recognized a casualty gain of approximately $59,000 during the year ended December 31, 2011 as a result of the write off of undepreciated damaged assets of approximately $2,000.

 

In April 2011, Lakeside at Vinings Mountain sustained damages of approximately $10,000 and clean up costs of approximately $16,000 as a result of a severe storm. During the year ended December 31, 2011, the Partnership received approximately $24,000 in insurance proceeds, which included approximately $14,000 for clean up costs, which are included in operating expenses. The Partnership recognized a casualty gain of approximately $10,000 during the year ended December 31, 2011 as the damaged assets were fully depreciated at the time of the casualty.


Liquidity and Capital Resources

 

At December 31, 2012, the Partnership had cash and cash equivalents of approximately $311,000, compared to approximately $453,000 at December 31, 2011. Cash and cash equivalents decreased approximately $142,000 due to approximately $41,040,000 of cash used in financing activities, partially offset by approximately $40,254,000 and $644,000 of cash provided by investing and operating activities, respectively. Cash used in financing activities consisted of repayment of the mortgage notes encumbering Greenspoint at Paradise Valley and Tamarind Bay Apartments, distributions to partners, repayment of advances from an affiliate of the Managing General Partner, a prepayment penalty paid and principal payments made on the mortgages encumbering the Partnership’s investment properties, partially offset by advances received from an affiliate of the Managing General Partner. Cash provided by investing activities consisted of net proceeds from the sales of Greenspoint at Paradise Valley and Tamarind Bay Apartments, partially offset by property improvements and replacements.

 

AIMCO Properties, L.P., an affiliate of the Managing General Partner has made available to the Partnership a credit line of up to $150,000 per property owned by the Partnership. Prior to 2011, this credit limit was exceeded. During the year ended December 31, 2012, AIMCO Properties, L.P. advanced the Partnership approximately $492,000 to fund real estate taxes at both of the Partnership’s remaining investment properties. During the year ended December 31, 2011, AIMCO Properties, L.P. advanced the Partnership approximately $1,136,000 to fund loan application deposits and mortgage refinancing commitment fees related to The Peak at Vinings Mountain and Lakeside at Vinings Mountain and real estate taxes at three of the Partnership’s investment properties. AIMCO Properties, L.P. charges interest on advances under the terms permitted by the Partnership Agreement. The interest rates charged on the outstanding advances made to the Partnership range from the prime rate plus 0.5% to a variable rate based on the prime rate plus a market rate adjustment for similar type loans. Affiliates of the Managing General Partner review the market rate adjustment quarterly. The interest rate on the outstanding advances at December 31, 2012 was 5.25%. Interest expense was approximately $74,000 and $478,000 for the years ended December 31, 2012 and 2011, respectively. During the years ended December 31, 2012 and 2011, the Partnership repaid approximately $6,744,000 and $12,565,000, respectively, of advances and accrued interest with proceeds from the sale of Greenspoint at Paradise Valley, refinancing proceeds and cash from operations. At December 31, 2012 and 2011, the total advances and accrued interest due to AIMCO Properties, L.P. was approximately $166,000 and $6,344,000, respectively, and is included in due to affiliates on the balance sheets included in “Item 8. Financial Statements and Supplementary Data”. The Partnership may receive additional advances of funds from AIMCO Properties, L.P. although AIMCO Properties, L.P. is not obligated to provide such advances.  For more information on AIMCO Properties, L.P., including copies of its audited balance sheets, please see its reports filed with the Securities and Exchange Commission.

 

The sufficiency of existing liquid assets to meet future liquidity and capital expenditure requirements is directly related to the level of capital expenditures required at the properties to adequately maintain the physical assets and other operating needs of the Partnership and to comply with Federal, state, and local legal and regulatory requirements. The Managing General Partner monitors developments in the area of legal and regulatory compliance. The Partnership regularly evaluates the capital improvement needs of the properties.  While the Partnership has no material commitments for property improvements and replacements, certain routine capital expenditures are anticipated during 2013.  Such capital expenditures will depend on the physical condition of the properties as well as anticipated cash flow generated by the properties.  Capital expenditures will be incurred only if cash is available from operations or from Partnership reserves. To the extent that capital improvements are completed, the Partnership's distributable cash flow, if any, may be adversely affected at least in the short term.

 

The Partnership’s assets are thought to be generally sufficient for any near term needs (exclusive of capital improvements) of the Partnership.  On May 2, 2011, the Partnership refinanced the mortgage debt encumbering Lakeside at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,170,000, with a new mortgage loan in the principal amount of $14,982,000. The new loan bears interest at a rate of 5.53% per annum and requires monthly payments of principal and interest of approximately $85,000 beginning on July 1, 2011, through the June 1, 2021 maturity date.  The new mortgage loan has a balloon payment of approximately $12,405,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $482,000 during the year ended December 31, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $189,000 and are included in other assets on the balance sheets included in “Item 8. Financial Statements and Supplementary Data”.

 

On May 2, 2011, the Partnership refinanced the mortgage debt encumbering The Peak at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,861,000, with a new mortgage loan in the principal amount of $15,828,000. The new loan bears interest at a rate of 5.54% per annum and requires monthly payments of principal and interest of approximately $90,000 beginning on July 1, 2011, through the June 1, 2021 maturity date. The new mortgage loan has a balloon payment of approximately $13,109,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $515,000 during the year ended December 31, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $201,000 and are included in other assets on the balance sheets included in “Item 8. Financial Statements and Supplementary Data”.

 

The Managing General Partner will attempt to refinance such indebtedness and/or sell the properties prior to such maturity dates. If any property cannot be refinanced or sold for a sufficient amount, the Partnership will risk losing such property through foreclosure.

 

 

The Partnership distributed the following amounts during the years ended December 31, 2012 and 2011 (in thousands, except per unit data):

 

 

 

Per Limited

 

Per Limited

 

Year Ended

Partnership

Year Ended

Partnership

 

December 31, 2012

Unit

December 31, 2011

Unit

 

 

 

 

 

Sale (1)

$ 10,252

$ 112.58

$     --

$     --

 

(1)  Proceeds from the March 2012 sale of Greenspoint at Paradise Valley and the September 2012 sale of Tamarind Bay Apartments.

 

Future cash distributions will depend on the levels of net cash generated from operations and the timing of debt maturities, property sales and/or refinancings. The Partnership's cash available for distribution is reviewed on a monthly basis. There can be no assurance, however, that the Partnership will generate sufficient funds from operations, after planned capital expenditures, to permit any distributions to its partners in 2013 or subsequent periods.

 

Critical Accounting Policies and Estimates

 

A summary of the Partnership’s significant accounting policies is included in "Note A – Organization and Summary of Significant Accounting Policies" which is included in the financial statements in "Item 8. Financial Statements and Supplementary Data". The Managing General Partner believes that the consistent application of these policies enables the Partnership to provide readers of the financial statements with useful and reliable information about the Partnership’s operating results and financial condition.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Partnership to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements as well as reported amounts of revenues and expenses during the reporting period.  Actual results could differ from these estimates. Judgments and assessments of uncertainties are required in applying the Partnership’s accounting policies in many areas.  The Partnership believes that of its significant accounting policies, the following may involve a higher degree of judgment and complexity.

 

Impairment of Long-Lived Assets

 

Investment properties are recorded at cost, less accumulated depreciation, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of a property may not be recoverable, the Partnership will make an assessment of its recoverability by comparing the carrying amount to the Partnership’s estimate of the undiscounted future cash flows, excluding interest charges, of the property.   If the carrying amount exceeds the estimated aggregate undiscounted future cash flows, the Partnership would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property.

 

Real property investment is subject to varying degrees of risk.  Several factors may adversely affect the economic performance and value of the Partnership’s investment properties. These factors include, but are not limited to, 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 multi-family housing; and changes in interest rates and the availability of financing. Any adverse changes in these and other factors could cause an impairment of the Partnership’s assets.

 

Revenue Recognition

 

The Partnership generally leases apartment units for twelve-month terms or less.  The Partnership will offer rental concessions during particularly slow months or in response to heavy competition from other similar complexes in the area.  Rental income attributable to leases, net of any concessions, is recognized on a straight-line basis over the term of the lease.  The Partnership evaluates all accounts receivable from residents and establishes an allowance, after the application of security deposits, for accounts greater than 30 days past due on current tenants and all receivables due from former tenants.

 

Assets Held for Sale

 

The Partnership classifies long-lived assets as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the asset; the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year; the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation is not recorded during the period in which the long-lived asset is classified as held for sale.  When the asset is designated as held for sale, the related results of operations are presented as discontinued operations.

 

Item 7A.    Quantitative and Qualitative Disclosures About Market Risk

 

Not applicable.



 

 

 

 

 

Report of Independent Registered Public Accounting Firm

 

 

 

 

The Partners

Century Properties Fund XIX, LP

 

 

We have audited the accompanying balance sheets of Century Properties Fund XIX, LP as of December 31, 2012 and 2011, and the related statements of operations, changes in partners' deficit, and cash flows for each of the two years in the period ended December 31, 2012. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Partnership’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Century Properties Fund XIX, LP at December 31, 2012 and 2011, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2012, in conformity with U.S. generally accepted accounting principles.

 

/s/ERNST & YOUNG LLP

 

 

 

Greenville, South Carolina

February 27, 2013

 


CENTURY PROPERTIES FUND XIX, LP

 

BALANCE SHEETS

(in thousands)

 

 

 

December 31,

 

2012

2011

Assets:

 

 

Cash and cash equivalents

 $    311

 $    453

Receivables and deposits

       56

      138

Other assets

      446

      589

Investment properties:

 

 

Land

    2,838

    2,838

Buildings and related personal property

   54,699

   53,994

Total investment property

   57,537

   56,832

Less accumulated depreciation

  (43,064)

  (38,472)

Investment property, net

   14,473

   18,360

Assets held for sale

       --

   11,110

Total assets

 $ 15,286

 $ 30,650

 

 

 

Liabilities and Partners' Deficit:

 

 

Liabilities:

 

 

Accounts payable

 $     19

 $    156

Tenant security deposit liabilities

      125

      121

Other liabilities

      442

      598

Due to affiliates

      166

    6,715

Mortgage notes payable

   30,183

   30,607

Liabilities related to assets held for sale

       --

   22,559

Total liabilities

   30,935

   60,756

 

 

 

Partners' Deficit:

 

 

General partner

   (7,828)

  (10,789)

Limited partners

   (7,821)

  (19,317)

Total partners’ deficit

  (15,649)

  (30,106)

Total liabilities and partners’ deficit

 $ 15,286

 $ 30,650

 

 

See Accompanying Notes to Financial Statements


CENTURY PROPERTIES FUND XIX, LP

 

STATEMENTS OF OPERATIONS

(in thousands, except per unit data)

 

 

 

Years Ended

December 31,

 

2012

2011

 

Revenues:

 

 

  Rental income

 $ 5,561

 $ 5,301

  Other income

     651

     521

Total revenues

   6,212

   5,822

 

 

 

Expenses:

 

 

  Operating

   2,014

   2,003

  General and administrative

     271

     335

  Depreciation

   4,864

   5,013

  Interest

   1,800

   2,006

  Property taxes

     496

     275

  Loss on early extinguishment of debt

      --

     997

Total expenses

   9,445

  10,629

Casualty gain

      --

      69

 

 

 

Loss from continuing operations

  (3,233)

  (4,738)

Loss from discontinued operations

  (3,493)

  (1,754)

Gain from sale of discontinued operations

  31,435

      --

Net income (loss)

 $24,709

 $(6,492)

 

 

 

Net income (loss) allocated to general partner

 $ 3,167

 $  (766)

Net income (loss) allocated to limited partners

 $21,542

 $(5,726)

 

 

 

Per limited partnership unit:

 

 

Loss from continuing operations

 $(31.94)

 $(46.81)

Loss from discontinued operations

  (34.53)

  (17.33)

Gain from sale of discontinued operations

  307.88

      --

 

 

 

Net income (loss) per limited partnership unit

 $241.41

 $(64.14)

Distributions per limited partnership unit

 $112.58

 $    --

 

 

 

See Accompanying Notes to Financial Statements


CENTURY PROPERTIES FUND XIX, LP

 

STATEMENTS OF CHANGES IN PARTNERS' DEFICIT

(in thousands)

 

 

 

 

 

 

 

 

 

General

Limited

 

 

Partner

Partners

Total

 

 

 

 

Partners’ deficit

 

 

 

  at December 31, 2010

$(10,023)

 $(13,591)

 $(23,614)

 

 

 

 

Net income (loss) for the year ended

 

 

 

  December 31, 2011

    (766)

   (5,726)

   (6,492)

 

 

 

 

Partners' deficit at

 

 

 

  December 31, 2011

 (10,789)

  (19,317)

  (30,106)

 

 

 

 

Distributions to partners

    (206)

  (10,046)

  (10,252)

 

 

 

 

Net income (loss) for the year ended

 

 

 

  December 31, 2012

  3,167

  21,542

  24,709

 

 

 

 

Partners' deficit at

 

 

 

  December 31, 2012

$ (7,828)

 $ (7,821)

 $(15,649)

 

 

 

 

See Accompanying Notes to Financial Statements


CENTURY PROPERTIES FUND XIX, LP

 

STATEMENTS OF CASH FLOWS

(in thousands)

 

 

Years Ended

 

December 31,

 

2012

2011

Cash flows from operating activities:

 

 

Net income (loss)

  $ 24,709

  $ (6,492)

Adjustments to reconcile net income (loss) to net cash

 

 

provided by operating activities:

 

 

Depreciation

     5,810

     7,747

Amortization of loan costs

        61

       118

Gain from sale of discontinued operations

   (31,435)

        --

Loss on early extinguishment of debt

     2,701

       997

Casualty gain

        --

       (69)

Change in accounts:

 

 

Receivables and deposits

       227

        32

Other assets

       103

        48

Accounts payable

       (16)

       (69)

Tenant security deposit liabilities

      (140)

        (1)

Accrued property taxes

      (103)

        12

Other liabilities

      (332)

       179

Due to affiliates

      (941)

    (1,104)

Net cash provided by operating activities

       644

     1,398

 

 

 

Cash flows from investing activities:

 

 

Property improvements and replacements

    (1,251)

    (1,125)

Insurance proceeds received

        --

        73

Proceeds from sale of discontinued operations

    41,505

        --

Net cash provided by (used in) investing activities

    40,254

    (1,052)

 

 

 

Cash flows from financing activities:

 

 

Payments on mortgage notes payable

      (608)

      (990)

Repayment of mortgage notes payable

   (22,019)

   (19,031)

Proceeds from mortgage notes payable

        --

    30,810

Advances from affiliate

       492

     1,136

Repayment of advances from affiliate

    (6,100)

   (10,904)

Prepayment penalties paid

    (2,553)

      (755)

Loan costs paid

        --

      (390)

Distributions to partners

   (10,252)

        --

Net cash used in financing activities

   (41,040)

      (124)

 

 

 

Net increase (decrease) in cash and cash equivalents

      (142)

       222

Cash and cash equivalents at beginning of the year

       453

       231

Cash and cash equivalents at end of the year

  $    311

  $    453

Supplemental disclosure of cash flow information:

 

 

Cash paid for interest

  $  3,014

  $  4,390

Supplemental disclosure of non-cash activity:

 

 

Property improvements and replacements included in

 

  accounts payable

  $     --

  $    106

 

See Accompanying Notes to Financial Statements

 

 


 

CENTURY PROPERTIES FUND XIX, LP

 

NOTES TO FINANCIAL STATEMENTS

 

December 31, 2012

 

Note A - Organization and Summary of Significant Accounting Policies

 

Organization

 

Century Properties Fund XIX, LP (the "Partnership" or "Registrant"), is a California Limited Partnership organized in August 1982, to acquire, operate and ultimately sell residential apartment complexes.  At December 31, 2012, the Partnership operated two residential apartment complexes located in Atlanta, Georgia. The general partner of the Partnership is Fox Partners II, a California general partnership. The general partners of Fox Partners II are Fox Capital Management Corporation ("FCMC" or the "Managing General Partner"), a California corporation, and Fox Realty Investors ("FRI"), a California general partnership. The Managing General Partner is a subsidiary of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust.  The term of the Partnership is scheduled to expire on December 31, 2024.

 

Basis of Presentation

 

The accompanying statement of operations for the year ended December 31, 2011 has been restated to reflect the operations of Greenspoint at Paradise Valley and Tamarind Bay Apartments as loss from discontinued operations and the accompanying balance sheet as of December 31, 2011 has also been restated to reflect the respective assets and liabilities of Greenspoint at Paradise Valley and Tamarind Bay Apartments as held for sale due to their sales on March 29, 2012 and September 28, 2012, respectively.

 

The following table presents summarized results of operations for Greenspoint at Paradise Valley and Tamarind Bay Apartments for the years ended December 31, 2012 and 2011 (in thousands):

 

 

 

Year Ended December 31, 2012

Year Ended December 31, 2011

 Revenues

     $ 2,083

$ 4,835

Expenses

 (2,875)

  (6,589)

Loss on early extinguishment of debt

 (2,701)

    --

Loss from discontinued operations

$(3,493)

 $(1,754)

 

 

Reclassifications

 

Certain reclassifications have been made to the 2011 balances to conform to the 2012 presentation.

 

Subsequent Events

 

The Partnership’s management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.


 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

Abandoned Units

 

During the years ended December 31, 2012 and 2011, the number of limited partnership units (the “Units”) decreased by 2 and 39 Units, respectively, due to limited partners abandoning their Units. At December 31, 2012 and 2011, the Partnership had outstanding 89,233 and 89,235 Units, respectively. In abandoning his or her Units, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.

 

Net Income (Loss) and Distributions Per Limited Partnership Unit

 

Net income (loss) per limited partnership unit (the “Units”) is computed by dividing net income (loss) allocated to the limited partners by the number of Units outstanding at the beginning of the fiscal year. Distributions per Unit for the year ended December 31, 2012 was computed by dividing the number of Units outstanding at the beginning of the year. The number of Units used was 89,235 and 89,274 for the years ended December 31, 2012 and 2011, respectively.

 

Allocation of Income, Loss and Distributions

 

Net income, net loss and distributions of cash of the Partnership are allocated between general and limited partners in accordance with the provisions of the Partnership Agreement.

 

Fair Value of Financial Instruments

 

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement.  Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date.  Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.  Level 3 includes fair value measurements based on unobservable inputs.  The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments (except for mortgage notes payable) approximates their fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage notes payable by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term, mortgage notes payable. The Partnership has classified this fair value measurement within Level 2 of the fair value hierarchy. At December 31, 2012, the fair value of the Partnership's mortgage notes payable at the Partnership's incremental borrowing rate was approximately $35,158,000.

 

Cash and Cash Equivalents

 

Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits.  Cash balances include approximately $310,000 and $228,000 at December 31, 2012 and 2011, respectively, that are maintained by an affiliated management company on behalf of affiliated entities in cash concentration accounts.

 

Tenant Security Deposits

 

The Partnership requires security deposits from lessees for the duration of the lease. Deposits are refunded when the tenant vacates, provided the tenant has not damaged the space and is current on rental payments.  

 

Investment Properties

 

Investment properties consist of two apartment complexes and are stated at cost, less accumulated depreciation, unless the carrying amount of the asset is not recoverable. The Partnership capitalizes costs incurred in connection with capital additions activities, including redevelopment and construction projects, other tangible property improvements and replacements of existing property components. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with the planning, execution and control of all capital additions activities at the property level.  The Partnership capitalizes interest, property taxes and insurance during periods in which redevelopment and construction projects are in progress. The Partnership did not capitalize any costs related to interest, property taxes or insurance during the years ended December 31, 2012 and 2011. Capitalized costs are depreciated over the estimated useful life of the asset. The Partnership charges to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance and resident turnover costs.

 

If events or circumstances indicate that the carrying amount of a property may not be recoverable, the Partnership will make an assessment of its recoverability by comparing the carrying amount to the Partnership’s estimate of the undiscounted future cash flows, excluding interest charges, of the property. If the carrying amount exceeds the estimated aggregate undiscounted future cash flows, the Partnership would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. No adjustments for impairment of value were necessary for the years ending December 31, 2012 and 2011.

 

Depreciation

 

Depreciation is provided by the straight-line method over the estimated lives of the apartment properties and related personal property.  For Federal income tax purposes, the modified accelerated cost recovery method is used for depreciation of (1) real property additions over 27 1/2 years and (2) personal property additions over 5 years.

 

Leases

 

The Partnership generally leases apartment units for twelve-month terms or less.  The Partnership will offer rental concessions during particularly slow months or in response to heavy competition from other similar complexes in the area.  Rental income attributable to leases, net of any concessions, is recognized on a straight-line basis over the term of the lease.  The Partnership evaluates all accounts receivable from residents and establishes an allowance, after the application of security deposits, for accounts greater than 30 days past due on current tenants and all receivables due from former tenants.

 

Advertising Costs

 

The Partnership expenses the costs of advertising as incurred. Advertising costs of approximately $203,000 and $228,000 for the years ended December 31, 2012 and 2011, respectively,are included in operating expense and loss from discontinued operations.

 

Deferred Costs

 

Loan costs of approximately $390,000 and $864,000 at December 31, 2012 and 2011, respectively, less accumulated amortization of approximately $63,000 and $328,000, respectively, are included in other assets and assets held for sale. During the year ended December 31, 2012, loan costs of approximately $474,000 and amortization of approximately $326,000 were written off in connection with the sales of Greenspoint at Paradise Valley and Tamarind Bay Apartments. The loan costs are amortized over the terms of the related loan agreements. The total amortization expense for the years ended December 31, 2012 and 2011 was approximately $61,000 and $118,000, respectively, and is included in interest expense and loss from discontinued operations. Amortization expense is expected to be approximately $39,000 for each of the years 2013 through 2017.

 

Leasing commissions and other direct costs incurred in connection with successful leasing efforts are deferred and amortized over the terms of the related leases.  Amortization of these costs is included in operating expenses and loss from discontinued operations.

 

Segment Reporting

 

ASC Topic 280-10, “Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment. 


 

Note B - Mortgage Notes Payable

 

 

 

 

 

 

 

 

 

Property

Principal Balance December 31, 2012

Principal Balance December 31, 2011

Monthly Payment Including Interest

Stated Interest Rate (1)

Maturity Date

Principal Balance Due at Maturity

 

(in thousands)

(in thousands)

 

 

(in thousands)

Lakeside at Vinings Mountain 1st mortgage

$14,677

$14,883

   $  85

5.53%

06/01/21

$12,405

The Peak at Vinings Mountain 1st mortgage

15,506

15,724

  90

5.54%

06/01/21

13,109

 

$30,183

$30,607

$ 175

 

 

$25,514

 

(1)   Fixed rate mortgages.

 

On May 2, 2011, the Partnership refinanced the mortgage debt encumbering Lakeside at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,170,000, with a new mortgage loan in the principal amount of $14,982,000. The new loan bears interest at a rate of 5.53% per annum and requires monthly payments of principal and interest of approximately $85,000 beginning on July 1, 2011, through the June 1, 2021 maturity date.  The new mortgage loan has a balloon payment of approximately $12,405,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $482,000 during the year ended December 31, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $189,000 and are included in other assets.

 

On May 2, 2011, the Partnership refinanced the mortgage debt encumbering The Peak at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,861,000, with a new mortgage loan in the principal amount of $15,828,000. The new loan bears interest at a rate of 5.54% per annum and requires monthly payments of principal and interest of approximately $90,000 beginning on July 1, 2011, through the June 1, 2021 maturity date. The new mortgage loan has a balloon payment of approximately $13,109,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $515,000 during the year ended December 31, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $201,000 and are included in other assets.

 

The mortgage notes payable are non-recourse and are secured by a pledge of the Partnership’s investment properties and by a pledge of revenues from the respective investment properties.  The mortgage notes payable include a prepayment penalty if repaid prior to maturity. Further, the properties may not be sold subject to existing indebtedness.

 

Scheduled principal payments of the mortgage notes payable subsequent to December 31, 2012 are as follows (in thousands):


 

2013

$   448

2014

    473

2015

    500

2016

    529

2017

    559

Thereafter

 27,674

 

$30,183

 

Note C - Income Taxes

 

The Partnership is classified as a partnership for Federal income tax purposes. Accordingly, no provision for income taxes is made in the financial statements of the Partnership. Taxable income or loss of the Partnership is reported in the income tax returns of its partners.

 

The following is a reconciliation of reported net income (loss) and Federal taxable income (loss) for the years ended December 31, 2012 and 2011 (in thousands, except per unit data):

 

 

2012

2011

Net income (loss) as reported

$ 24,709 

$ (6,492)

Add (deduct):

 

 

Depreciation differences

   2,529 

    3,561 

Gain (loss) on disposal of property

   1,484 

       -- 

Unearned income

     (29)

      (24)

Other

     (80)

       84 

Federal taxable income (loss)

$ 28,613 

$ (2,871)

 

 

 

Federal taxable income (loss) per limited partnership unit

$ 179.00

$ (28.36)

 

The following is a reconciliation between the Partnership's reported amounts and Federal tax basis of net liabilities (in thousands):

 

 

2012

2011

Net liabilities as reported

  $ (15,649)

  $ (30,106)

Land and buildings

      2,913

      4,142

Accumulated depreciation

     (2,360)

     (7,602)

Deferred sales commission

      7,947

      7,947

Syndication and distribution costs

      4,451

      4,451

Other

        304

        413

Net liabilities - Federal tax basis

  $  (2,394)

  $ (20,755)

 

 

Note D – Transactions with Affiliated Parties

 

The Partnership has no employees and depends on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for certain payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.

 

Affiliates of the Managing General Partner receive 5% of gross receipts from all of the Partnership's properties as compensation for providing property management services. The Partnership paid to such affiliates approximately $413,000 and $528,000 for the years ended December 31, 2012 and 2011, respectively, which are included in operating expenses


and loss from discontinued operations.

 

An affiliate of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $78,000 and $125,000 for the years ended December 31, 2012 and 2011, respectively, which is included in general and administrative expenses. At December 31, 2011, approximately $371,000 of reimbursements were due to the Managing General Partner and are included in due to affiliates. There were no such amounts owed at December 31, 2012.

 

Pursuant to the Partnership Agreement, for managing the affairs of the Partnership, the Managing General Partner is entitled to receive a Partnership management fee equal to 10% of the Partnership's adjusted cash from operations as distributed. During the years ended December 31, 2012 and 2011, no fee was earned as there were no distributions from operations.

 

AIMCO Properties, L.P., an affiliate of the Managing General Partner has made available to the Partnership a credit line of up to $150,000 per property owned by the Partnership. Prior to 2011, this credit limit was exceeded. During the year ended December 31, 2012, AIMCO Properties, L.P. advanced the Partnership approximately $492,000 to fund real estate taxes at both of the Partnership’s remaining investment properties. During the year ended December 31, 2011, AIMCO Properties, L.P. advanced the Partnership approximately $1,136,000 to fund loan application deposits and mortgage refinancing commitment fees related to The Peak at Vinings Mountain and Lakeside at Vinings Mountain and real estate taxes at three of the Partnership’s investment properties. AIMCO Properties, L.P. charges interest on advances under the terms permitted by the Partnership Agreement. The interest rates charged on the outstanding advances made to the Partnership range from the prime rate plus 0.5% to a variable rate based on the prime rate plus a market rate adjustment for similar type loans. Affiliates of the Managing General Partner review the market rate adjustment quarterly. The interest rate on the outstanding advances at December 31, 2012 was 5.25%. Interest expense was approximately $74,000 and $478,000 for the years ended December 31, 2012 and 2011, respectively. During the years ended December 31, 2012 and 2011, the Partnership repaid approximately $6,744,000 and $12,565,000, respectively, of advances and accrued interest with proceeds from the sale of Greenspoint at Paradise Valley, refinancing proceeds and cash from operations. At December 31, 2012 and 2011, the total advances and accrued interest due to AIMCO Properties, L.P. was approximately $166,000 and $6,344,000, respectively, and is included in due to affiliates. The Partnership may receive additional advances of funds from AIMCO Properties, L.P. although AIMCO Properties, L.P. is not obligated to provide such advances.  For more information on AIMCO Properties, L.P., including copies of its audited balance sheets, please see its reports filed with the Securities and Exchange Commission.

 

The Partnership insures its properties up to certain limits through coverage provided by Aimco which is generally self-insured for a portion of losses and liabilities related to workers’ compensation, property casualty, general liability, and vehicle liability. The Partnership insures its properties above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the Managing General Partner. During the years ended December 31, 2012 and 2011, the Partnership was charged by Aimco and its affiliates approximately $140,000 and $159,000, respectively, for insurance coverage and fees associated with policy claims administration.

 

In addition to its indirect ownership of the general partner interest in the Partnership, Aimco and its affiliates owned 60,711.66 Units in the Partnership representing 68.04% of the outstanding Units at December 31, 2012. A number of these Units were acquired pursuant to tender offers made by Aimco or its affiliates. It is possible that Aimco or its affiliates will acquire additional Units in exchange for cash or a combination of cash and units in AIMCO Properties, L.P., the operating partnership of Aimco, either through private purchases or tender offers. Pursuant to the Partnership Agreement, Unit holders holding a majority of the Units are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the Managing General Partner. As a result of its ownership of 68.04% of the outstanding Units, Aimco and its affiliates are in a position to influence all such voting decisions with respect to the Partnership. However, with respect to the 25,228.66 Units acquired on January 19, 1996, AIMCO IPLP, L.P. ("IPLP"), an affiliate of the Managing General Partner and of Aimco, agreed to vote such Units: (i) against any increase in compensation payable to the Managing General Partner or to its affiliates; and (ii) on all other matters submitted by it or its affiliates, in proportion to the vote cast by third party unitholders. Except for the foregoing, no other limitations are imposed on IPLP's, Aimco's or any other affiliates' right to vote each Unit held. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the Managing General Partner also owes fiduciary duties to both the General Partner and Aimco as the sole stockholder of the Managing General Partner. As a result, the duties of the Managing General Partner, as managing general partner, to the Partnership and its limited partners may come into conflict with the duties of the Managing General Partner to Aimco as its sole stockholder.

 

Note E – Investment Properties and Accumulated Depreciation

 

 

 

 

 

 

 

Initial Cost To Partnership

 

 

 

(in thousands)

 

Description

Encumbrances

Land

Buildings and Related Personal Property

Net Cost Capitalized Subsequent to Acquisition

 

(in thousands)

 

 

(in thousands)

Lakeside at Vinings Mountain

   $14,677

$ 1,206

$10,980

   $14,374

The Peak at Vinings Mountain

    15,506

  1,632

 12,321

    17,024

 

   $30,183

$ 2,838

$23,301

   $31,398


 

 

 

 

 

 

 

 

Gross Amount At Which Carried

 

 

 

At December 31, 2012

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

Description

Land

Buildings and Related Personal Property

Total

Accumulated Depreciation

Year of Construction

Date Acquired

Depreciable Life

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lakeside at Vinings Mountain

$ 1,206

   $25,354

 $ 26,560

    $20,257

1983

12/83

5-30 yrs

 

The Peak at Vinings Mountain

  1,632

    29,345

   30,977

     22,807

1982

4/84

5-30 yrs

 

 

$ 2,838

   $54,699

 $ 57,537

    $43,064

 

 

 

 

 

 

Reconciliation of "Investment Properties and Accumulated Depreciation":

 

 

Years Ended December 31,

 

2012

2011

 

(in thousands)

Investment Properties

 

 

Balance at beginning of year

$ 92,900

$ 97,862

  Property improvements

   1,145

   1,205

  Retirement of assets

     (327)

   (6,137)

  Sale of investment property

  (36,181)

      --

  Disposal of assets

      --

      (30)

Balance at end of year

$ 57,537

$ 92,900

 

 

 

Accumulated Depreciation

 

 

Balance at beginning of year

$ 63,744

$ 62,160

  Additions charged to expense

   5,810

   7,747

  Retirement of assets

     (327)

   (6,137)

  Sale of investment property

  (26,163)

     --

  Disposal of assets

      --

      (26)

Balance at end of year

$ 43,064

$ 63,744

 

 

During the years ended December 31, 2012 and 2011, the Partnership retired and wrote off personal property no longer being used that had a cost basis of approximately $327,000 and $6,137,000, respectively, and accumulated depreciation of approximately $327,000 and $6,137,000, respectively.

 

The aggregate cost of the investment properties for Federal income tax purposes at December 31, 2012 and 2011 is approximately $60,450,000 and $97,042,000, respectively. The accumulated depreciation for Federal income tax purposes at December 31, 2012 and 2011 is approximately $45,424,000 and $71,346,000, respectively.

 

 

Note F – Sale of Investment Property

 

On March 29, 2012, the Partnership sold Greenspoint at Paradise Valley to a third party for a gross sale price of $29,750,000. The net proceeds realized by the Partnership were approximately $29,432,000 after payment of closing costs.  The Partnership used approximately $15,349,000 of the net proceeds to repay the mortgages encumbering the property. As a result of the sale, the Partnership recorded a gain of approximately  $22,329,000, which is included in gain from sale of discontinued operations. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $4,000 due to the write off of unamortized loan costs, which is included in loss from discontinued operations.

 

On September 28, 2012, the Partnership sold Tamarind Bay Apartments to a third party for a gross sale price of $12,750,000.  The net proceeds realized by the Partnership were approximately $12,073,000 after payment of closing costs and a credit for approximately $381,000 to the purchaser for capital improvements. The Partnership used approximately $6,670,000 of the net proceeds to repay the mortgages encumbering the property.  As a result of the sale, the Partnership recorded a gain of approximately $9,106,000, which is included in gain from sale of discontinued operations. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $2,697,000 due to the write off of unamortized loan costs of approximately $144,000 and the payment of a prepayment penalty of approximately $2,553,000, which is included in loss from discontinued operations.

 

Note G – Distributions

 

The Partnership distributed the following amounts during the years ended December 31, 2012 and 2011 (in thousands, except per unit data):

 

 

 

 

Per Limited

 

Per Limited

 

Year Ended

Partnership

Year Ended

Partnership

 

December 31, 2012

Unit

December 31, 2011

Unit

 

 

 

 

 

Sale (1)

$ 10,252

$ 112.58

$     --

$     --

 

(1)         Proceeds from the March 2012 sale of Greenspoint at Paradise Valley and the September 2012 sale of Tamarind Bay Apartments.

 

 

Note H - Casualty Events

 

In April 2011, The Peak at Vinings Mountain sustained damages of approximately $61,000 and clean up costs of approximately $24,000 as a result of a severe storm. During the year ended December 31, 2011, the Partnership received approximately $82,000 in insurance proceeds, which included approximately $21,000 for clean up costs, which are included in operating expenses. The Partnership recognized a casualty gain of approximately $59,000 during the year ended December 31, 2011 as a result of the write off of undepreciated damaged assets of approximately $2,000.

 

In April 2011, Lakeside at Vinings Mountain sustained damages of approximately $10,000 and clean up costs of approximately $16,000 as a result of a severe storm. During the year ended December 31, 2011, the Partnership received approximately $24,000 in insurance proceeds, which included approximately $14,000 for clean up costs, which are included in operating expenses. The Partnership recognized a casualty gain of approximately $10,000 during the year ended December 31, 2011 as the damaged assets were fully depreciated at the time of the casualty.

 

Note I - Contingencies

 

The Partnership is unaware of any pending or outstanding litigation matters involving it or its investment properties that are not of a routine nature arising in the ordinary course of business.

 

Various Federal, state and local laws subject property owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials present on a property, including lead-based paint, asbestos, polychlorinated biphenyls, petroleum-based fuels, and other miscellaneous materials. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of such materials. The presence of, or the failure to manage or remedy properly, these materials may adversely affect occupancy at affected apartment communities and the ability to sell or finance affected properties. In addition to the costs associated with investigation and remediation actions brought by government agencies, and potential fines or penalties imposed by such agencies in connection therewith, the improper management of these materials on a property could result in claims by private plaintiffs for personal injury, disease, disability or other infirmities. Various laws also impose liability for the cost of removal, remediation or disposal of these materials through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of these materials is potentially liable under such laws. These laws often impose liability whether or not the person arranging for the disposal ever owned or operated the disposal facility. In connection with the ownership, operation and management of its properties, the Partnership could potentially be responsible for environmental liabilities or costs associated with its properties.


Item 9.     Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

None.

 

Item 9A.    Controls and Procedures

 

(a)     Disclosure Controls and Procedures

 

The Partnership’s management, with the participation of the principal executive officer and principal financial officer of the Managing General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, has evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the principal executive officer and principal financial officer of the Managing General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, have concluded that, as of the end of such period, the Partnership’s disclosure controls and procedures are effective. 

 

Management’s Report on Internal Control Over Financial Reporting

 

The Partnership’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act as a process designed by, or under the supervision of, the principal executive and principal financial officers of the Managing General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, and effected by the Partnership’s management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

 

·        pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets;

 

·        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 are being made only in accordance with authorizations of the Partnership’s management; and

 

·        provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

The Partnership’s management assessed the effectiveness of the Partnership’s internal control over financial reporting as of December 31, 2012.  In making this assessment, the Partnership’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework.

 

Based on their assessment, the Partnership’s management concluded that, as of December 31, 2012, the Partnership’s internal control over financial reporting is effective.

 

This annual report does not include an attestation report of the Partnership’s registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by the Partnership’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Partnership to provide only management’s report in this annual report.

 

(b)     Changes in Internal Control Over Financial Reporting.

 

There has been no change in the Partnership’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of 2012 that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

 

Item 9B.    Other Information

 

None.

 


PART III

 

Item 10.    Directors, Executive Officers and Corporate Governance

 

Neither Century Properties Fund XIX, LP (the “Partnership” or the “Registrant”) nor Fox Partners II (“Fox”), the general partner of the Partnership, has any directors or officers. Fox Capital Management Corporation (“FCMC” or the “Managing General Partner”), the managing general partner of Fox, manages and controls substantially all of the Partnership’s affairs and has general responsibility and ultimate authority in all matters affecting its business.

 

The names and ages of, as well as the positions and offices held by, the present directors and officers of the Managing General Partner are set forth below. There are no family relationships between or among any officers or directors.

 

Name

Age

Position

 

 

 

Steven D. Cordes

41

Director and Senior Vice President

John Bezzant

50

Director and Executive Vice President

Ernest M. Freedman

42

Executive Vice President and Chief Financial Officer

Lisa R. Cohn

44

Executive Vice President, General Counsel and Secretary

Paul Beldin

39

Senior Vice President and Chief Accounting Officer

Stephen B. Waters

51

Senior Director of Partnership Accounting

 

Steven D. Cordes was appointed as a Director of the Managing General Partner effective March 2, 2009.  Mr. Cordes has been a Senior Vice President of the Managing General Partner and Aimco since May 2007.  Mr. Cordes joined Aimco in 2001 as a Vice President of Capital Markets with responsibility for Aimco’s joint ventures and equity capital markets activity.  Prior to joining Aimco, Mr. Cordes was a manager in the financial consulting practice of PricewaterhouseCoopers.  Effective March 2009, Mr. Cordes was appointed to serve as the equivalent of the chief executive officer of the Partnership.  Mr. Cordes brings particular expertise to the Board in the areas of asset management as well as finance and accounting.

 

John Bezzant was appointed as a Director of the Managing General Partner effective December 16, 2009.  Mr. Bezzant was appointed Executive Vice President of the Managing General Partner and Aimco in January 2011 and prior to that time was a Senior Vice President of the Managing General Partner and Aimco since joining Aimco in June 2006. Prior to joining Aimco, Mr. Bezzant spent over 20 years with Prologis, Inc. and Catellus Development Corporation in a variety of executive positions, including those with responsibility for transactions, fund management, asset management, leasing and operations.  Mr. Bezzant brings particular expertise to the Board in the areas of real estate finance, property operations, sales and development.

 

Ernest M. Freedman was appointed Executive Vice President and Chief Financial Officer of the Managing General Partner and Aimco in November 2009. Mr. Freedman joined Aimco in 2007 as Senior Vice President of Financial Planning and Analysis and has served as Senior Vice President of Finance since February 2009, responsible for financial planning, tax, accounting and related areas.  Prior to joining Aimco, from 2004 to 2007, Mr. Freedman served as chief financial officer of HEI Hotels and Resorts.

 

Lisa R. Cohn was appointed Executive Vice President, General Counsel and Secretary of the Managing General Partner and Aimco in December 2007.  From January 2004 to December 2007, Ms. Cohn served as Senior Vice President and Assistant General Counsel of Aimco.  Ms. Cohn joined Aimco in July 2002 as Vice President and Assistant General Counsel.  Prior to joining Aimco, Ms. Cohn was in private practice with the law firm of Hogan and Hartson LLP.

 

Paul Beldin joined Aimco in May 2008 and has served as Senior Vice President and Chief Accounting Officer of Aimco and the Managing General Partner since that time.  Prior to joining Aimco, Mr. Beldin served as controller and then as chief financial officer of America First Apartment Investors, Inc., a publicly traded multifamily real estate investment trust, from May 2005 to September 2007 when the company was acquired by Sentinel Real Estate Corporation.  Prior to joining America First Apartment Investors, Inc., Mr. Beldin was a senior manager at Deloitte and Touche LLP, where he was employed from August 1996 to May 2005, including two years as an audit manager in SEC services at Deloitte’s national office.

 

Stephen B. Waters was appointed Senior Director of Partnership Accounting of Aimco and the Managing General Partner in June 2009.  Mr. Waters has responsibility for partnership accounting with Aimco and serves as the equivalent of the chief financial officer of the Partnership.  Mr. Waters joined Aimco as a Director of Real Estate Accounting in September 1999 and was appointed Vice President of the Managing General Partner and Aimco in April 2004.  Prior to joining Aimco, Mr. Waters was a senior manager at Ernst & Young LLP.

 

The Registrant is not aware of the involvement in any legal proceedings with respect to the directors and executive officers listed in this Item 10.

 

One or more of the above persons are also directors and/or officers of a general partner (or general partner of a general partner) of limited partnerships which either have a class of securities registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, or are subject to the reporting requirements of Section 15(d) of such Act. Further, one or more of the above persons are also officers of Apartment Investment and Management Company and the general partner of AIMCO Properties, L.P., entities that have a class of securities registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, or are subject to the reporting requirements of Section 15 (d) of such Act.

 

The board of directors of the Managing General Partner does not have a separate audit committee. As such, the board of directors of the Managing General Partner fulfills the functions of an audit committee. The board of directors has determined that Steven D. Cordes meets the requirement of an "audit committee financial expert".

 

The directors and officers of the Managing General Partner with authority over the Partnership are all employees of subsidiaries of Aimco. Aimco has adopted a code of ethics that applies to such directors and officers that is posted on Aimco's website (www.Aimco.com). Aimco's website is not incorporated by reference to this filing.

 

Item 11.    Executive Compensation

 

Neither the directors nor any of the officers of the Managing General Partner received any remuneration from the Partnership during the year ended December 31, 2012.

 


Item 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

Except as noted below, no person or entity was known by the Partnership to be the beneficial owner of more than 5% of the Units of Limited Partnership Interest of the Partnership as of December 31, 2012.

 

Entity

Number of Units

Percent of Total

 

 

 

AIMCO IPLP, L.P.

25,228.66

28.28%

  (an affiliate of Aimco)

 

 

Fox Capital Management Corporation

   100.00

 0.11%

  (an affiliate of Aimco)

 

 

IPLP Acquisition I, LLC

 4,892.00

 5.48%

  (an affiliate of Aimco)

 

 

AIMCO Properties, L.P.

30,491.00

34.17%

  (an affiliate of Aimco)

 

 

 

AIMCO IPLP, L.P. Fox Capital Management Corporation and IPLP Acquisition I, LLC are indirectly ultimately owned by Aimco. Their business address is 80 International Drive, Greenville, South Carolina 29601.

 

AIMCO Properties, L.P. is indirectly ultimately controlled by Aimco. Its business address is 4582 S. Ulster St. Parkway, Suite 1100, Denver, Colorado 80237.

 

No director or officer of the Managing General Partner owns any Units.

 

Item 13.    Certain Relationships and Related Transactions, and Director Independence

 

The Partnership has no employees and depends on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for certain payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.

 

Affiliates of the Managing General Partner receive 5% of gross receipts from all of the Partnership's properties as compensation for providing property management services. The Partnership paid to such affiliates approximately $413,000 and $528,000 for the years ended December 31, 2012 and 2011, respectively, which are included in operating expenses and loss from discontinued operations on the statements of operations included in “Item 8. Financial Statements and Supplementary Data”.

 

An affiliate of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $78,000 and $125,000 for the years ended December 31, 2012 and 2011, respectively, which is included in general and administrative expenses on the statements of operations included in “Item 8. Financial Standards and Supplementary Data”. At December 31, 2011, approximately $371,000 of reimbursements were due to the Managing General Partner and are included in due to affiliates on the balance sheets included in “Item 8. Financial Statements and Supplementary Data”. There were no such amounts owed at December 31, 2012.

 

Pursuant to the Partnership Agreement, for managing the affairs of the Partnership, the Managing General Partner is entitled to receive a Partnership management fee equal to 10% of the Partnership's adjusted cash from operations as distributed. During the years ended December 31, 2012 and 2011, no fee was earned as there were no distributions from operations.

 

AIMCO Properties, L.P., an affiliate of the Managing General Partner has made available to the Partnership a credit line of up to $150,000 per property owned by the Partnership. Prior to 2011, this credit limit was exceeded. During the year ended December 31, 2012, AIMCO Properties, L.P. advanced the Partnership approximately $492,000 to fund real estate taxes at both of the Partnership’s remaining investment properties. During the year ended December 31, 2011, AIMCO Properties, L.P. advanced the Partnership approximately $1,136,000 to fund loan application deposits and mortgage refinancing commitment fees related to The Peak at Vinings Mountain and Lakeside at Vinings Mountain and real estate taxes at three of the Partnership’s investment properties. AIMCO Properties, L.P. charges interest on advances under the terms permitted by the Partnership Agreement. The interest rates charged on the outstanding advances made to the Partnership range from the prime rate plus 0.5% to a variable rate based on the prime rate plus a market rate adjustment for similar type loans. Affiliates of the Managing General Partner review the market rate adjustment quarterly. The interest rate on the outstanding advances at December 31, 2012 was 5.25%. Interest expense was approximately $74,000 and $478,000 for the years ended December 31, 2012 and 2011, respectively. During the years ended December 31, 2012 and 2011, the Partnership repaid approximately $6,744,000 and $12,565,000, respectively, of advances and accrued interest with proceeds from the sale of Greenspoint at Paradise Valley, refinancing proceeds and cash from operations. At December 31, 2012 and 2011, the total advances and accrued interest due to AIMCO Properties, L.P. was approximately $166,000 and $6,344,000, respectively, and is included in due to affiliates on the balance sheets included in “Item 8. Financial Statements and Supplementary Data”. The Partnership may receive additional advances of funds from AIMCO Properties, L.P. although AIMCO Properties, L.P. is not obligated to provide such advances.  For more information on AIMCO Properties, L.P., including copies of its audited balance sheets, please see its reports filed with the Securities and Exchange Commission.

 

The Partnership insures its properties up to certain limits through coverage provided by Aimco which is generally self-insured for a portion of losses and liabilities related to workers’ compensation, property casualty, general liability, and vehicle liability. The Partnership insures its properties above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the Managing General Partner. During the years ended December 31, 2012 and 2011, the Partnership was charged by Aimco and its affiliates approximately $140,000 and $159,000, respectively, for insurance coverage and fees associated with policy claims administration.

 

In addition to its indirect ownership of the general partner interest in the Partnership, Aimco and its affiliates owned 60,711.66 Units in the Partnership representing 68.04% of the outstanding Units at December 31, 2012. A number of these Units were acquired pursuant to tender offers made by Aimco or its affiliates. It is possible that Aimco or its affiliates will acquire additional Units in exchange for cash or a combination of cash and units in AIMCO Properties, L.P., the operating partnership of Aimco, either through private purchases or tender offers. Pursuant to the Partnership Agreement, Unit holders holding a majority of the Units are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the Managing General Partner. As a result of its ownership of 68.04% of the outstanding Units, Aimco and its affiliates are in a position to influence all such voting decisions with respect to the Partnership. However, with respect to the 25,228.66 Units acquired on January 19, 1996, AIMCO IPLP, L.P. ("IPLP"), an affiliate of the Managing General Partner and of Aimco, agreed to vote such Units: (i) against any increase in compensation payable to the Managing General Partner or to its affiliates; and (ii) on all other matters submitted by it or its affiliates, in proportion to the vote cast by third party unitholders. Except for the foregoing, no other limitations are imposed on IPLP's, Aimco's or any other affiliates' right to vote each Unit held. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the Managing General Partner also owes fiduciary duties to both the General Partner and Aimco as the sole stockholder of the Managing General Partner. As a result, the duties of the Managing General Partner, as managing general partner, to the Partnership and its limited partners may come into conflict with the duties of the Managing General Partner to Aimco as its sole stockholder.

 

Neither of the Managing General Partner's directors is independent under the independence standards established for New York Stock Exchange listed companies as both directors are employed by the parent of the Managing General Partner.

 

Item 14.    Principal Accounting Fees and Services

 

The Managing General Partner has reappointed Ernst & Young LLP as independent auditors to audit the financial statements of the Partnership for 2013.  The aggregate fees billed for services rendered by Ernst & Young LLP for 2012 and 2011 are described below.

 

Audit Fees.  Fees for audit services totaled approximately $64,000 and $57,000 for 2012 and 2011, respectively.  Fees for audit services also include fees for the reviews of the Partnership's Quarterly Reports on Form 10-Q.

 

Tax Fees.  Fees for tax services totaled approximately $13,000 and $11,000 for 2012 and 2011, respectively.


PART IV

 

Item 15.  Exhibits, Financial Statement Schedules

 

 

(a)   The following financial statements of the Registrant are included in Item 8:

 

Balance Sheets at December 31, 2012 and 2011.

 

Statements of Operations for the years ended December 31, 2012 and 2011.

 

Statements of Changes in Partners' Deficit for the years ended December 31, 2012 and 2011.

 

Statements of Cash Flows for the years ended December 31, 2012 and 2011.

 

Notes to Financial Statements.

 

Schedules are omitted for the reason that they are inapplicable or equivalent information has been included elsewhere herein.

 

(b)   Exhibits:

 

      See Exhibit Index.

 

The agreements included as exhibits to this Form 10-K contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

 

  • should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

 

  • have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

 

  • may apply standards of materiality in a way that is different from what may be viewed as material to an investor; and

 

  • were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

 

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. The Partnership acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this Form 10-K not misleading. Additional information about the Partnership may be found elsewhere in this Form 10-K and the Partnership’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.

 


SIGNATURES

 

 

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

CENTURY PROPERTIES FUND XIX, LP

 

 

 

By:   FOX PARTNERS II

 

      General Partner

 

 

 

By:   FOX CAPITAL MANAGEMENT CORPORATION

 

      Managing General Partner

 

 

 

By:   /s/Steven D. Cordes

 

      Steven D. Cordes

 

      Senior Vice President

 

 

 

By:   /s/Stephen B. Waters

 

      Stephen B. Waters

 

      Senior Director of Partnership

Accounting

 

 

 

Date: February 27, 2013

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

/s/John Bezzant

Director and Executive

Date: February 27, 2013

John Bezzant

Vice President

 

 

 

 

/s/Steven D. Cordes

Director and Senior

Date: February 27, 2013

Steven D. Cordes

Vice President

 

 

 

 

/s/Stephen B. Waters

Senior Director of Partnership

Date: February 27, 2013

Stephen B. Waters

Accounting

 

 


CENTURY PROPERTIES FUND XIX, LP

EXHIBIT INDEX

 

Exhibit       Description of Exhibit

 

2.1           NPI, Inc. Stock Purchase Agreement, dated as of August 7, 1995, incorporated by reference to the Registrant's Current Report on Form 8-K dated August 7, 1995.

 

2.2           Partnership Units Purchase Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed by Insignia Financial Group, Inc. ("Insignia") with the Securities and Exchange Commission on September 1, 1995.

 

2.3           Management Purchase Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2.2 to the Registrant's Current Report on Form 8-K filed by Insignia with the Securities and Exchange Commission on September 1, 1995.

 

2.4           Agreement and Plan of Merger, dated as of October 1, 1998, by and between AIMCO and IPT (incorporated by reference to Exhibit 2.4 of the Registrant's Current Report on Form 8-K dated October 1, 1998).

 

2.5           Agreement and Plan of Merger, dated as of August 29, 2008, by and between Century Properties Fund XIX, a California limited partnership, and Century Properties Fund XIX, LP, a Delaware limited partnership (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q dated June 30, 2009).

 

3.4           Agreement of Limited Partnership of Century Properties Fund XIX, incorporated by reference to Exhibit A to the Prospectus of the Partnership dated September 20, 1983, as amended on June 13, 1989, and as thereafter supplemented contained in the Registrant's Registration Statement on Form S-11 (Reg. No. 2-79007).

 

3.5           Amendment to the Amended and Restated Limited Partnership Agreement of Century Properties Fund XIX, dated September 29, 2003, incorporated by reference to the Registrant’s Current Report on Form 8-K dated September 29, 2003.

 

3.6           Second Amendment to the Amended and Restated Limited Partnership Agreement of Century Properties Fund XIX, dated December 4, 2006 (filed with Form 10-KSB of the Registrant dated December 31, 2006 and incorporated herein by reference).

 

3.7           Second Amendment to the Amended and Restated Limited Partnership Agreement of Century Properties Fund XIX, LP, dated August 29, 2008 (incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated September 30, 2008).


10.50         Multifamily Note-CME, dated May 2, 2011, between Lakeside at Vinings, LLC, a Delaware limited liability company, and Keycorp Real Estate Capital Markets, Inc., an Ohio corporation (incorporated by reference to the Registrant’s Current Report on Form 8-K dated May 2, 2011).

 

10.51         Multifamily Note-CME, dated May 2, 2011, between Peak at Vinings, LLC, a Delaware limited liability company, and Keycorp Real Estate Capital Markets, Inc., an Ohio corporation (incorporated by reference to the Registrant’s Current Report on Form 8-K dated May 2, 2011).

 

10.52         Purchase and Sale Contract between Century Properties Fund XIX, LP, a Delaware limited partnership, and Hamilton Zanze & Company, a California corporation (incorporated by reference to the Registrant’s Current Report on Form 8-K dated January 26, 2012).

10.53         Purchase and Sale Contract between Century Properties Fund XIX, LP, a Delaware limited partnership, and  Augustus Partners, LLC, a Colorado limited liability company, dated June 14, 2012 (incorporated by reference to the Registrant’s Current Report on Form 8-K dated June  14, 2012).

 

10.54         First Amendment to Purchase and Sale Contract between Century Properties Fund XIX, LP, a Delaware limited partnership, and Augustus Partners, LLC, a Colorado limited liability company, dated August 15, 2012 (incorporated by reference to the Registrant’s Current Report for Form 8-K dated August 15, 2012).

 

10.55         Second Amendment to Purchase and Sale Contract between Century Properties Fund XIX, LP, a Delaware limited partnership, and Augustus Partners, LLC, a Colorado limited liability company, dated August 21, 2012 (incorporated by reference to the Registrant’s Current Report for Form 8-K dated August 21, 2012).

 

10.56         Third Amendment to Purchase and Sale Contract between Century Properties Fund XIX, LP, a Delaware limited partnership, and Augustus Partners, LLC, a Colorado limited liability company, dated September 25, 2012 (incorporated by reference to the Registrant’s Current Report for Form 8-K dated September 25, 2012).

 

31.1          Certification of equivalent 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 2002.

 

31.2          Certification of equivalent 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 2002.

 

32.1          Certification of the equivalent of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


101           XBRL (Extensible Business Reporting Language). The following materials from Century Properties Fund XIX, LP’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 formatted in XBRL: (i) balance sheets, (ii) statements of operations, (iii) statements of changes in partners’ deficit, (iv) statements of cash flows, and (v) notes to financial statements (1).

 

(1)           As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

 

 

EX-101.INS 2 cpf19-20121231.xml XBRL INSTANCE DOCUMENT <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Abandoned Units</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>During the years ended December 31, 2012 and 2011, the number of limited partnership units (the &#147;Units&#148;) decreased by 2 and 39 Units, respectively, due to limited partners abandoning their Units. At December 31, 2012 and 2011, the Partnership had outstanding 89,233 and 89,235 Units, respectively. In abandoning his or her Units, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Net Income (Loss) and Distributions Per Limited Partnership Unit</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Net income (loss) per limited partnership unit (the &#147;Units&#148;) is computed by dividing net income (loss) allocated to the limited partners by the number of Units outstanding at the beginning of the fiscal year. Distributions per Unit for the year ended December 31, 2012 was computed by dividing the number of Units outstanding at the beginning of the year. The number of Units used was 89,235 and 89,274 for the years ended December 31, 2012 and 2011, respectively.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Allocation of Income, Loss and Distributions</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Net income, net loss and distributions of cash of the Partnership are allocated between general and limited partners in accordance with the provisions of the Partnership Agreement. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-decoration:underline;text-underline:single'>Tenant Security Deposits</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='text-align:justify'><font style='font-weight:normal;text-decoration:none;text-underline:none'>The Partnership requires security deposits from lessees for the duration of the lease. Deposits are refunded when the tenant vacates, provided the tenant has not damaged the space and is current on rental payments.</font></p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="184" valign="top" style='width:110.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="215" valign="top" style='width:129.25pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="152" valign="top" style='width:91.05pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Per Limited</p> </td> <td width="216" valign="top" style='width:129.45pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="152" valign="top" style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Per Limited</p> </td> </tr> <tr align="left"> <td width="184" valign="top" style='width:110.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="215" valign="top" style='width:129.25pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Year Ended</p> </td> <td width="152" valign="top" style='width:91.05pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Partnership</p> </td> <td width="216" valign="top" style='width:129.45pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Year Ended</p> </td> <td width="152" valign="top" style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Partnership</p> </td> </tr> <tr align="left"> <td width="184" valign="top" style='width:110.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="215" valign="top" style='width:129.25pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>December 31, 2012</u></p> </td> <td width="152" valign="top" style='width:91.05pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Unit</u></p> </td> <td width="216" valign="top" style='width:129.45pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>December 31, 2011</u></p> </td> <td width="152" valign="top" style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Unit</u></p> </td> </tr> <tr align="left"> <td width="184" valign="top" style='width:110.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="215" valign="top" style='width:129.25pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="152" valign="top" style='width:91.05pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="216" valign="top" style='width:129.45pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="152" valign="top" style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="184" valign="top" style='width:110.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Sale (1)</p> </td> <td width="215" valign="top" style='width:129.25pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> 10,252</u> </p> </td> <td width="152" valign="top" style='width:91.05pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> 112.58</u></p> </td> <td width="216" valign="top" style='width:129.45pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u>&#160;&#160;&#160;&#160; --</u></p> </td> <td width="152" valign="top" style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u>&#160;&#160;&#160;&#160; --</u></p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in'>(1)Proceeds from the March 2012 sale of Greenspoint at Paradise Valley and the September 2012 sale of Tamarind Bay Apartments.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>2012</u></p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>2011</u><u> </u></p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Net income (loss) as reported</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> $ 24,709&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> $ (6,492)</p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Add (deduct):</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:13.5pt;text-align:justify'>Depreciation differences</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; 2,529&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;&#160; 3,561&nbsp;</p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:13.5pt;text-align:justify'>Gain (loss) on disposal of property</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; 1,484&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;&#160;&#160;&#160;&#160; --&nbsp;</p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:13.5pt;text-align:justify'>Unearned income</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;&#160;&#160; (29)</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;&#160;&#160;&#160; (24)</p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:13.5pt;text-align:justify'>Other</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> <u>&#160;&#160;&#160; (80</u>)</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> <u>&#160;&#160;&#160;&#160;&#160; 84</u>&nbsp;</p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Federal taxable income (loss)</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> $ <u>28,613&nbsp;</u></p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> $ <u>(2,871</u>)</p> </td> </tr> <tr style='height:.1in'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:22.05pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:22.05pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Federal taxable income (loss) per limited partnership unit</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:22.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$ <u> </u><u>179.00</u></p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:22.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> $ <u>(28.36</u>)</p> </td> </tr> </table> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="173" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>2012</u></p> </td> <td width="173" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>2011</u></p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Net liabilities as reported</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160; $ (15,649)</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160; $ (30,106)</p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Land and buildings</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160;&#160; 2,913</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160;&#160; 4,142</p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Accumulated depreciation</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160; (2,360)</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> &#160;&#160;&#160;&#160;(7,602)</p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Deferred sales commission</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160;&#160; 7,947</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160;&#160; 7,947</p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Syndication and distribution costs</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160;&#160; 4,451</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160;&#160; 4,451</p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Other</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160; <u>&#160;&#160;&#160;&#160;304</u></p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160; <u>&#160;&#160;&#160;&#160;413</u></p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Net liabilities - Federal tax basis</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160; $ <u>&#160;(2,394</u>) </p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160; $ <u>(20,755</u>)</p> </td> </tr> </table> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="915" style='margin-left:-8.1pt;border-collapse:collapse'> <tr style='height:27.45pt'> <td width="330" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:27.45pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:27.45pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="270" colspan="2" valign="bottom" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:27.45pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Initial Cost To <u>Partnership</u></p> </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.45pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> </tr> <tr style='height:14.0pt'> <td width="330" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="270" colspan="2" valign="bottom" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> </tr> <tr style='height:94.5pt'> <td width="330" valign="bottom" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:94.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Description</u></p> </td> <td width="150" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:94.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Encumbrances</u></p> </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:94.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Land</u></p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:94.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Buildings and Related<u> </u>Personal <u>Property</u></p> </td> <td width="165" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:94.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Net Cost Capitalized Subsequent to<u> Acquisition</u></p> </td> </tr> <tr style='height:14.0pt'> <td width="330" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> </tr> <tr style='height:49.05pt'> <td width="330" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:49.05pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Lakeside at Vinings Mountain </p> </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:49.05pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160; $14,677</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:49.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$ 1,206</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:49.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$10,980</p> </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:49.05pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160; $14,374</p> </td> </tr> <tr style='height:14.0pt'> <td width="330" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Peak at Vinings Mountain</p> </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160; <u>15,506</u></p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;<u>&#160;</u><u>1,632</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;<u>12,321</u></p> </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160; <u>17,024</u></p> </td> </tr> <tr style='height:81.45pt'> <td width="330" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:81.45pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:81.45pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160; $<u>30,183</u></p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:81.45pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> </u><u>2,838</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:81.45pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u>23,301</u></p> </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:81.45pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160; $<u>31,398</u></p> </td> </tr> </table> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="300" colspan="2" valign="top" style='width:2.5in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Years Ended December 31,</p> </td> </tr> <tr style='height:17.55pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:17.55pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:17.55pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>2012</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:17.55pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>2011 </u></p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="300" colspan="2" valign="top" style='width:2.5in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Investment Properties</u></p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:17.1pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:17.1pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Balance at beginning of year</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:17.1pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$ 92,900</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:17.1pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$ 97,862</p> </td> </tr> <tr style='height:13.5pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Property improvements</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; 1,145</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; 1,205</p> </td> </tr> <tr style='height:13.5pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Retirement of assets</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; &#160;&#160;(327)</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; (6,137)</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Sale of investment property</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160; (36,181)</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;&#160;&#160;&#160; --</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Disposal of assets</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;<u>&#160;&#160;&#160; &#160;--</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;<u>&#160;&#160;&#160; (30</u>)</p> </td> </tr> <tr style='height:26.1pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:26.1pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Balance at end of year</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:26.1pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> 57,537</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:26.1pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> 92,900</u></p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Accumulated Depreciation</u></p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Balance at beginning of year</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$ 63,744</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$ 62,160</p> </td> </tr> <tr style='height:13.5pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Additions charged to expense</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; 5,810</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; 7,747</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Retirement of assets</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; &#160;&#160;(327)</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160; &#160;(6,137)</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Sale of investment property</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160; (26,163)</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;&#160;&#160; --</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Disposal of assets</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;<u>&#160;&#160;&#160; &#160;--</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;<u>&#160;&#160;&#160; (26</u>)</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Balance at end of year</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> 43,064</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> 63,744</u></p> </td> </tr> </table> 10-K 2012-12-31 false CENTURY PROPERTIES FUND XIX 0000705752 --12-31 Smaller Reporting Company Yes No No 2012 FY <!--egx--><p style='text-align:justify'>Note A - Organization and Summary of Significant Accounting Policies</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Organization</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Century Properties Fund XIX, LP (the &quot;Partnership&quot; or &quot;Registrant&quot;), is a California Limited Partnership organized in August 1982, to acquire, operate and ultimately sell residential apartment complexes.&#160; At December 31, 2012, the Partnership operated two residential apartment complexes located in Atlanta, Georgia. The general partner of the Partnership is Fox Partners II, a California general partnership. The general partners of Fox Partners II are Fox Capital Management Corporation (&quot;FCMC&quot; or the &quot;Managing General Partner&quot;), a California corporation, and Fox Realty Investors (&quot;FRI&quot;), a California general partnership. The Managing General Partner is a subsidiary of Apartment Investment and Management Company (&quot;Aimco&quot;), a publicly traded real estate investment trust.&#160; The term of the Partnership is scheduled to expire on December 31, 2024.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Basis of Presentation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The accompanying statement of operations for the year ended December 31, 2011 has been restated to reflect the operations of Greenspoint at Paradise Valley and Tamarind Bay Apartments as loss from discontinued operations and the accompanying balance sheet as of December 31, 2011 has also been restated to reflect the respective assets and liabilities of Greenspoint at Paradise Valley and Tamarind Bay Apartments as held for sale due to their sales on March 29, 2012 and September 28, 2012, respectively.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-right:13.5pt;text-align:justify'>The following table presents summarized results of operations for Greenspoint at Paradise Valley and Tamarind Bay Apartments for the years ended December 31, 2012 and 2011 (in thousands):</p> <p style='margin:0in;margin-bottom:.0001pt;margin-right:13.5pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-right:13.5pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="818" style='margin-left:9.9pt;border-collapse:collapse'> <tr style='height:50.85pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:50.85pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:50.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Year Ended December 31, 2012</p> </td> <td width="180" style='width:1.5in;padding:0;height:50.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Year Ended December 31, 2011</p> </td> </tr> <tr style='height:12.25pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160;Revenues</p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;line-height:115%'><font style='line-height:115%'>$ 2,083</font></p> </td> <td width="180" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:17.1pt;text-align:center;line-height:115%'><font style='line-height:115%'>$ 4,835</font></p> </td> </tr> <tr style='height:12.25pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> Expenses</p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;line-height:115%'><font style='line-height:115%'>(2,875)</font></p> </td> <td width="180" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:17.1pt;text-align:center;line-height:115%'><font style='line-height:115%'>(6,589)</font></p> </td> </tr> <tr style='height:12.25pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-right:-34.7pt'>Loss on early extinguishment of debt </p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;line-height:115%'><u><font style='line-height:115%'>(2,701</font></u><font style='line-height:115%'>)</font></p> </td> <td width="180" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:17.1pt;text-align:center'><u>--</u></p> </td> </tr> <tr style='height:12.25pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-right:-34.7pt'>Loss from discontinued operations</p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;line-height:115%'><font style='line-height:115%'>$<u>(3,493</u>)</font></p> </td> <td width="180" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:17.1pt;text-align:center'>$<u>(1,754</u>)</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Reclassifications</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Certain reclassifications have been made to the 2011 balances to conform to the 2012 presentation.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Subsequent Events</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Partnership&#146;s management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.</p> <div style='page:WordSection13'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Use of Estimates</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Abandoned Units</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>During the years ended December 31, 2012 and 2011, the number of limited partnership units (the &#147;Units&#148;) decreased by 2 and 39 Units, respectively, due to limited partners abandoning their Units. At December 31, 2012 and 2011, the Partnership had outstanding 89,233 and 89,235 Units, respectively. In abandoning his or her Units, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Net Income (Loss) and Distributions Per Limited Partnership Unit</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Net income (loss) per limited partnership unit (the &#147;Units&#148;) is computed by dividing net income (loss) allocated to the limited partners by the number of Units outstanding at the beginning of the fiscal year. Distributions per Unit for the year ended December 31, 2012 was computed by dividing the number of Units outstanding at the beginning of the year. The number of Units used was 89,235 and 89,274 for the years ended December 31, 2012 and 2011, respectively.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Allocation of Income, Loss and Distributions</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Net income, net loss and distributions of cash of the Partnership are allocated between general and limited partners in accordance with the provisions of the Partnership Agreement. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Fair Value of Financial Instruments</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Financial Accounting Standards Board Accounting Standards Codification (&#147;ASC&#148;) Topic 825, &#147;Financial Instruments&#148;, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement.&#160; Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date.&#160; Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.&#160; Level 3 includes fair value measurements based on unobservable inputs.&#160; The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments (except for mortgage notes payable) approximates their fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage notes payable by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term, mortgage notes payable. The Partnership has classified this fair value measurement within Level 2 of the fair value hierarchy. At December 31, 2012, the fair value of the Partnership's mortgage notes payable at the Partnership's incremental borrowing rate was approximately $35,158,000.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Cash and Cash Equivalents</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits.&#160; Cash balances include approximately $310,000 and $228,000 at December 31, 2012 and 2011, respectively, that are maintained by an affiliated management company on behalf of affiliated entities in cash concentration accounts.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-decoration:underline;text-underline:single'>Tenant Security Deposits</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='text-align:justify'><font style='font-weight:normal;text-decoration:none;text-underline:none'>The Partnership requires security deposits from lessees for the duration of the lease. Deposits are refunded when the tenant vacates, provided the tenant has not damaged the space and is current on rental payments.</font></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Investment Properties</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Investment properties consist of two apartment complexes and are stated at cost, less accumulated depreciation, unless the carrying amount of the asset is not recoverable. The Partnership capitalizes costs incurred in connection with capital additions activities, including redevelopment and construction projects, other tangible property improvements and replacements of existing property components. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with the planning, execution and control of all capital additions activities at the property level.&#160; The Partnership capitalizes interest, property taxes and insurance during periods in which redevelopment and construction projects are in progress. The Partnership did not capitalize any costs related to interest, property taxes or insurance during the years ended December 31, 2012 and 2011. Capitalized costs are depreciated over the estimated useful life of the asset. The Partnership charges to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance and resident turnover costs.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>If events or circumstances indicate that the carrying amount of a property may not be recoverable, the Partnership will make an assessment of its recoverability by comparing the carrying amount to the Partnership&#146;s estimate of the undiscounted future cash flows, excluding interest charges, of the property. If the carrying amount exceeds the estimated aggregate undiscounted future cash flows, the Partnership would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. No adjustments for impairment of value were necessary for the years ending December 31, 2012 and 2011.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Depreciation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Depreciation is provided by the straight-line method over the estimated lives of the apartment properties and related personal property.&#160; For Federal income tax purposes, the modified accelerated cost recovery method is used for depreciation of (1) real property additions over 27 1/2 years and (2) personal property additions over 5 years.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Leases</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Partnership generally leases apartment units for twelve-month terms or less.&#160; The Partnership will offer rental concessions during particularly slow months or in response to heavy competition from other similar complexes in the area.&#160; Rental income attributable to leases, net of any concessions, is recognized on a straight-line basis over the term of the lease.&#160; The Partnership evaluates all accounts receivable from residents and establishes an allowance, after the application of security deposits, for accounts greater than 30 days past due on current tenants and all receivables due from former tenants.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Advertising Costs</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Partnership expenses the costs of advertising as incurred. Advertising costs of approximately $203,000 and $228,000 for the years ended December 31, 2012 and 2011, respectively, are included in operating expense and loss from discontinued operations.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Deferred Costs</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Loan costs of approximately $390,000 and $864,000 at December 31, 2012 and 2011, respectively, less accumulated amortization of approximately $63,000 and $328,000, respectively, are included in other assets and assets held for sale. During the year ended December 31, 2012, loan costs of approximately $474,000 and amortization of approximately $326,000 were written off in connection with the sales of Greenspoint at Paradise Valley and Tamarind Bay Apartments. The loan costs are amortized over the terms of the related loan agreements. The total amortization expense for the years ended December 31, 2012 and 2011 was approximately $61,000 and $118,000, respectively, and is included in interest expense and loss from discontinued operations. Amortization expense is expected to be approximately $39,000 for each of the years 2013 through 2017.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Leasing commissions and other direct costs incurred in connection with successful leasing efforts are deferred and amortized over the terms of the related leases.&#160; Amortization of these costs is included in operating expenses and loss from discontinued operations.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Segment Reporting</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>ASC Topic 280-10, &#147;Segment Reporting&#148;, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.&#160; </p></div> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><u>Note B - Mortgage Notes Payable</u></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="938" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:14.85pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:31.05pt'> <td width="225" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Property</u></p> </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Principal Balance December<u> </u>31<u>, 2012</u></p> </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Principal Balance December<u> </u>31<u>, 2011</u></p> </td> <td width="135" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Monthly Payment <u>Including</u> <u>Interest</u></p> </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Stated Interest<u> Rate (1)</u></p> </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Maturity Date</u><u> </u></p> </td> <td width="135" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Principal Balance Due<u> at Maturity</u><u> </u></p> </td> </tr> <tr style='height:12.95pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="225" colspan="2" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> <td width="135" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> </tr> <tr style='height:27.0pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>Lakeside at Vinings Mountain 1<sup>st</sup> mortgage</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>$14,677</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>$14,883</p> </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160; $&#160; 85</p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>5.53%</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>06/01/21</p> </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$12,405</p> </td> </tr> <tr style='height:27.0pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>The Peak at Vinings Mountain 1<sup>st</sup> mortgage</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;<u>15,506</u></p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;<u>15,724</u></p> </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160; <u>&#160;&#160;</u><u>90</u></p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>5.54%</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>06/01/21</p> </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> <u>13,109</u></p> </td> </tr> <tr style='height:85.5pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="113" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>$<u>30,183</u></p> </td> <td width="113" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>$<u>30,607</u></p> </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>$ <u>&#160;</u><u>175</u></p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>$<u>25,514</u></p> </td> </tr> </table> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;margin-left:31.5pt;text-indent:-13.5pt'>(1)&#160;&#160; Fixed rate mortgages.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;margin-left:.5in;text-indent:-.5in'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>On May 2, 2011, the Partnership refinanced the mortgage debt encumbering Lakeside at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,170,000, with a new mortgage loan in the principal amount of $14,982,000. The new loan bears interest at a rate of 5.53% per annum and requires monthly payments of principal and interest of approximately $85,000 beginning on July 1, 2011, through the June 1, 2021 maturity date.&#160; The new mortgage loan has a balloon payment of approximately $12,405,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $482,000 during the year ended December 31, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $189,000 and are included in other assets.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>On May 2, 2011, the Partnership refinanced the mortgage debt encumbering The Peak at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,861,000, with a new mortgage loan in the principal amount of $15,828,000. The new loan bears interest at a rate of 5.54% per annum and requires monthly payments of principal and interest of approximately $90,000 beginning on July 1, 2011, through the June 1, 2021 maturity date. The new mortgage loan has a balloon payment of approximately $13,109,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $515,000 during the year ended December 31, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $201,000 and are included in other assets.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The mortgage notes payable are non-recourse and are secured by a pledge of the Partnership&#146;s investment properties and by a pledge of revenues from the respective investment properties.&#160; The mortgage notes payable include a prepayment penalty if repaid prior to maturity. Further, the properties may not be sold subject to existing indebtedness.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Scheduled principal payments of the mortgage notes payable subsequent to December 31, 2012 are as follows (in thousands):</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='margin-left:153.9pt;border-collapse:collapse'> <tr style='height:11.7pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:11.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>2013</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:11.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>$&#160;&#160; 448</p> </td> </tr> <tr style='height:14.0pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>2014</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>&#160;&#160;&#160; 473</p> </td> </tr> <tr style='height:14.0pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>2015</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>&#160;&#160;&#160; 500</p> </td> </tr> <tr style='height:14.0pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>2016</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>&#160;&#160;&#160; 529</p> </td> </tr> <tr style='height:14.0pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>2017</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>&#160;&#160;&#160; 559</p> </td> </tr> <tr style='height:14.0pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>Thereafter</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>&#160;<u>27,674</u></p> </td> </tr> <tr style='height:42.3pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>&nbsp;</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>$<u>30,183</u></p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><u>Note C - Income Taxes</u></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Partnership is classified as a partnership for Federal income tax purposes. Accordingly, no provision for income taxes is made in the financial statements of the Partnership. Taxable income or loss of the Partnership is reported in the income tax returns of its partners.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The following is a reconciliation of reported net income (loss) and Federal taxable income (loss) for the years ended December 31, 2012 and 2011 (in thousands, except per unit data):</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>2012</u></p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>2011</u><u> </u></p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Net income (loss) as reported</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> $ 24,709&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> $ (6,492)</p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Add (deduct):</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:13.5pt;text-align:justify'>Depreciation differences</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; 2,529&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;&#160; 3,561&nbsp;</p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:13.5pt;text-align:justify'>Gain (loss) on disposal of property</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; 1,484&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;&#160;&#160;&#160;&#160; --&nbsp;</p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:13.5pt;text-align:justify'>Unearned income</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;&#160;&#160; (29)</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;&#160;&#160;&#160; (24)</p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:13.5pt;text-align:justify'>Other</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> <u>&#160;&#160;&#160; (80</u>)</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> <u>&#160;&#160;&#160;&#160;&#160; 84</u>&nbsp;</p> </td> </tr> <tr style='height:12.25pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Federal taxable income (loss)</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> $ <u>28,613&nbsp;</u></p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> $ <u>(2,871</u>)</p> </td> </tr> <tr style='height:.1in'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:22.05pt'> <td width="549" valign="top" style='width:329.4pt;padding:0in 5.4pt 0in 5.4pt;height:22.05pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Federal taxable income (loss) per limited partnership unit</p> </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:22.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$ <u> </u><u>179.00</u></p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:22.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> $ <u>(28.36</u>)</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The following is a reconciliation between the Partnership's reported amounts and Federal tax basis of net liabilities (in thousands):</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="173" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>2012</u></p> </td> <td width="173" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>2011</u></p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Net liabilities as reported</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160; $ (15,649)</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160; $ (30,106)</p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Land and buildings</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160;&#160; 2,913</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160;&#160; 4,142</p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Accumulated depreciation</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160; (2,360)</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'> &#160;&#160;&#160;&#160;(7,602)</p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Deferred sales commission</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160;&#160; 7,947</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160;&#160; 7,947</p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Syndication and distribution costs</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160;&#160; 4,451</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160;&#160;&#160; 4,451</p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Other</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160; <u>&#160;&#160;&#160;&#160;304</u></p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160;&#160;&#160; <u>&#160;&#160;&#160;&#160;413</u></p> </td> </tr> <tr align="left"> <td width="429" valign="top" style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Net liabilities - Federal tax basis</p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160; $ <u>&#160;(2,394</u>) </p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&#160; $ <u>(20,755</u>)</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p>Note D &#150; Transactions with Affiliated Parties</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Partnership has no employees and depends on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for certain payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>Affiliates of the Managing General Partner receive 5% of gross receipts from all of the Partnership's properties as compensation for providing property management services. The Partnership paid to such affiliates approximately $413,000 and $528,000 for the years ended December 31, 2012 and 2011, respectively, which are included in operating expenses and loss from discontinued operations.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>An affiliate of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $78,000 and $125,000 for the years ended December 31, 2012 and 2011, respectively, which is included in general and administrative expenses. At December 31, 2011, approximately $371,000 of reimbursements were due to the Managing General Partner and are included in due to affiliates. There were no such amounts owed at December 31, 2012.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Pursuant to the Partnership Agreement, for managing the affairs of the Partnership, the Managing General Partner is entitled to receive a Partnership management fee equal to 10% of the Partnership's adjusted cash from operations as distributed. During the years ended December 31, 2012 and 2011, no fee was earned as there were no distributions from operations.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>AIMCO Properties, L.P., an affiliate of the Managing General Partner has made available to the Partnership a credit line of up to $150,000 per property owned by the Partnership. Prior to 2011, this credit limit was exceeded. During the year ended December 31, 2012, AIMCO Properties, L.P. advanced the Partnership approximately $492,000 to fund real estate taxes at both of the Partnership&#146;s remaining investment properties. During the year ended December 31, 2011, AIMCO Properties, L.P. advanced the Partnership approximately $1,136,000 to fund loan application deposits and mortgage refinancing commitment fees related to The Peak at Vinings Mountain and Lakeside at Vinings Mountain and real estate taxes at three of the Partnership&#146;s investment properties. AIMCO Properties, L.P. charges interest on advances under the terms permitted by the Partnership Agreement. The interest rates charged on the outstanding advances made to the Partnership range from the prime rate plus 0.5% to a variable rate based on the prime rate plus a market rate adjustment for similar type loans. Affiliates of the Managing General Partner review the market rate adjustment quarterly. The interest rate on the outstanding advances at December 31, 2012 was 5.25%. Interest expense was approximately $74,000 and $478,000 for the years ended December 31, 2012 and 2011, respectively. During the years ended December 31, 2012 and 2011, the Partnership repaid approximately $6,744,000 and $12,565,000, respectively, of advances and accrued interest with proceeds from the sale of Greenspoint at Paradise Valley, refinancing proceeds and cash from operations. At December 31, 2012 and 2011, the total advances and accrued interest due to AIMCO Properties, L.P. was approximately $166,000 and $6,344,000, respectively, and is included in due to affiliates. The Partnership may receive additional advances of funds from AIMCO Properties, L.P. although AIMCO Properties, L.P. is not obligated to provide such advances.&#160; For more information on AIMCO Properties, L.P., including copies of its audited balance sheets, please see its reports filed with the Securities and Exchange Commission.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Partnership insures its properties up to certain limits through coverage provided by Aimco which is generally self-insured for a portion of losses and liabilities related to workers&#146; compensation, property casualty, general liability, and vehicle liability. The Partnership insures its properties above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the Managing General Partner. During the years ended December 31, 2012 and 2011, the Partnership was charged by Aimco and its affiliates approximately $140,000 and $159,000, respectively, for insurance coverage and fees associated with policy claims administration.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p><font style='font-weight:normal;text-decoration:none;text-underline:none'>In addition to its indirect ownership of the general partner interest in the Partnership, Aimco and its affiliates owned </font><font style='font-weight:normal;text-decoration:none;text-underline:none'>60,711.66</font><font style='font-weight:normal;text-decoration:none;text-underline:none'> Units in the Partnership representing </font><font style='font-weight:normal;text-decoration:none;text-underline:none'>68.04%</font><font style='font-weight:normal;text-decoration:none;text-underline:none'> of the outstanding Units at December 31, 2012. A number of these Units were acquired pursuant to tender offers made by Aimco or its affiliates. It is possible that Aimco or its affiliates will acquire additional Units in exchange for cash or a combination of cash and units in AIMCO Properties, L.P., the operating partnership of Aimco, either through private purchases or tender offers. Pursuant to the Partnership Agreement, Unit holders holding a majority of the Units are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the Managing General Partner. As a result of its ownership of 68.04% of the outstanding Units, Aimco and its affiliates are in a position to influence all such voting decisions with respect to the Partnership. However, with respect to the </font><font style='font-weight:normal;text-decoration:none;text-underline:none'>25,228.66</font><font style='font-weight:normal;text-decoration:none;text-underline:none'> Units acquired on January 19, 1996, AIMCO IPLP, L.P. (&quot;IPLP&quot;), an affiliate of the Managing General Partner and of Aimco, agreed to vote such Units: (i) against any increase in compensation payable to the Managing General Partner or to its affiliates; and (ii) on all other matters submitted by it or its affiliates, in proportion to the vote cast by third party unitholders. Except for the foregoing, no other limitations are imposed on IPLP's, Aimco's or any other affiliates' right to vote each Unit held. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the Managing General Partner also owes fiduciary duties to both the General Partner and Aimco as the sole stockholder of the Managing General Partner. As a result, the duties of the Managing General Partner, as managing general partner, to the Partnership and its limited partners may come into conflict with the duties of the Managing General Partner to Aimco as its sole stockholder.</font></p> <!--egx--><p align="left" style='text-align:left'>Note E &#150; Investment Properties and Accumulated Depreciation</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="915" style='margin-left:-8.1pt;border-collapse:collapse'> <tr style='height:27.45pt'> <td width="330" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:27.45pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:27.45pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="270" colspan="2" valign="bottom" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:27.45pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Initial Cost To <u>Partnership</u></p> </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.45pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> </tr> <tr style='height:14.0pt'> <td width="330" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="270" colspan="2" valign="bottom" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> </tr> <tr style='height:94.5pt'> <td width="330" valign="bottom" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:94.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Description</u></p> </td> <td width="150" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:94.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Encumbrances</u></p> </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:94.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Land</u></p> </td> <td width="173" valign="bottom" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:94.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Buildings and Related<u> </u>Personal <u>Property</u></p> </td> <td width="165" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:94.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Net Cost Capitalized Subsequent to<u> Acquisition</u></p> </td> </tr> <tr style='height:14.0pt'> <td width="330" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> </tr> <tr style='height:49.05pt'> <td width="330" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:49.05pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Lakeside at Vinings Mountain </p> </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:49.05pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160; $14,677</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:49.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$ 1,206</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:49.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$10,980</p> </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:49.05pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160; $14,374</p> </td> </tr> <tr style='height:14.0pt'> <td width="330" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Peak at Vinings Mountain</p> </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160; <u>15,506</u></p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;<u>&#160;</u><u>1,632</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;<u>12,321</u></p> </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160; <u>17,024</u></p> </td> </tr> <tr style='height:81.45pt'> <td width="330" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:81.45pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:81.45pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160; $<u>30,183</u></p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:81.45pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> </u><u>2,838</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:81.45pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u>23,301</u></p> </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:81.45pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160; $<u>31,398</u></p> </td> </tr> </table> <b><u> </u></b> <div style='page:WordSection15'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="120%" style='margin-left:9.9pt;border-collapse:collapse'> <tr style='height:14.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="293" colspan="3" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="293" colspan="4" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="293" colspan="2" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:14.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="293" colspan="3" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>Gross Amount At Which Carried</font></p> </td> <td width="293" colspan="4" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="293" colspan="2" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:14.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="293" colspan="3" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>At December 31, 2012</font></p> </td> <td width="585" colspan="6" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:14.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="293" colspan="3" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>(in thousands)</font></p> </td> <td width="585" colspan="6" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:1.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="75" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="98" colspan="2" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="203" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:.35in'> <td width="233" valign="bottom" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Description</font></u></p> </td> <td width="90" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Land</font></u></p> </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>Buildings and Related Personal<u> Property</u></font></p> </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Total</font></u></p> </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Accumulated Depreciation</font></u></p> </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Year of Construction</font></u></p> </td> <td width="75" valign="bottom" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Date Acquired</font></u></p> </td> <td width="98" colspan="2" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Depreciable Life</font></u></p> </td> <td width="203" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:13.95pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>(in thousands)</font></p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="75" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="98" colspan="2" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="203" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:1.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="75" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="98" colspan="2" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="203" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:14.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font style='letter-spacing:-1.0pt'>Lakeside at Vinings Mountain</font></p> </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>$ </font><font style='letter-spacing:-1.0pt'>1,206</font></p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><font style='letter-spacing:-1.0pt'>&#160;&#160; $</font><font style='letter-spacing:-1.0pt'>25,354</font></p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><font style='letter-spacing:-1.0pt'>&#160;$ </font><font style='letter-spacing:-1.0pt'>26,560</font></p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><font style='letter-spacing:-1.0pt'>&#160;&#160;&#160; $</font><font style='letter-spacing:-1.0pt'>20,257</font></p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>1983</font></p> </td> <td width="75" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>12/83</font></p> </td> <td width="98" colspan="2" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>5-30 yrs</font></p> </td> <td width="203" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:14.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font style='letter-spacing:-1.0pt'>The Peak at Vinings Mountain</font></p> </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>&#160;<u>&#160;</u></font><u><font style='letter-spacing:-1.0pt'>1,632</font></u></p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><font style='letter-spacing:-1.0pt'>&#160;&#160;&#160; </font><u><font style='letter-spacing:-1.0pt'>29,345</font></u></p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><font style='letter-spacing:-1.0pt'>&#160; <u>&#160;</u></font><u><font style='letter-spacing:-1.0pt'>30,977</font></u></p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><font style='letter-spacing:-1.0pt'>&#160;&#160;&#160;&#160; </font><u><font style='letter-spacing:-1.0pt'>22,807</font></u></p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>1982</font></p> </td> <td width="75" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>4/84</font></p> </td> <td width="98" colspan="2" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>5-30 yrs</font></p> </td> <td width="203" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:22.95pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:22.95pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:22.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>$<u> </u></font><u><font style='letter-spacing:-1.0pt'>2,838</font></u></p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:22.95pt'> <p style='margin:0in;margin-bottom:.0001pt'><font style='letter-spacing:-1.0pt'>&#160;&#160; $</font><u><font style='letter-spacing:-1.0pt'>54,699</font></u></p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:22.95pt'> <p style='margin:0in;margin-bottom:.0001pt'><font style='letter-spacing:-1.0pt'>&#160;$<u> </u></font><u><font style='letter-spacing:-1.0pt'>57,537</font></u></p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:22.95pt'> <p style='margin:0in;margin-bottom:.0001pt'><font style='letter-spacing:-1.0pt'>&#160;&#160;&#160; $</font><u><font style='letter-spacing:-1.0pt'>43,064</font></u></p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:22.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="75" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:22.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="98" colspan="2" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:22.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="203" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr align="left"> <td width="172" style='border:none'></td> <td width="75" style='border:none'></td> <td width="91" style='border:none'></td> <td width="82" style='border:none'></td> <td width="103" style='border:none'></td> <td width="94" style='border:none'></td> <td width="71" style='border:none'></td> <td width="8" style='border:none'></td> <td width="84" style='border:none'></td> <td width="124" style='border:none'></td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&#160;</p> <p style='margin:0in;margin-bottom:.0001pt'>Reconciliation of &quot;Investment Properties and Accumulated Depreciation&quot;:</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="300" colspan="2" valign="top" style='width:2.5in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Years Ended December 31,</p> </td> </tr> <tr style='height:17.55pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:17.55pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:17.55pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>2012</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:17.55pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>2011 </u></p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="300" colspan="2" valign="top" style='width:2.5in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Investment Properties</u></p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:17.1pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:17.1pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Balance at beginning of year</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:17.1pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$ 92,900</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:17.1pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$ 97,862</p> </td> </tr> <tr style='height:13.5pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Property improvements</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; 1,145</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; 1,205</p> </td> </tr> <tr style='height:13.5pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Retirement of assets</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; &#160;&#160;(327)</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; (6,137)</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Sale of investment property</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160; (36,181)</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;&#160;&#160;&#160; --</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Disposal of assets</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;<u>&#160;&#160;&#160; &#160;--</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;<u>&#160;&#160;&#160; (30</u>)</p> </td> </tr> <tr style='height:26.1pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:26.1pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Balance at end of year</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:26.1pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> 57,537</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:26.1pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> 92,900</u></p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Accumulated Depreciation</u></p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Balance at beginning of year</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$ 63,744</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$ 62,160</p> </td> </tr> <tr style='height:13.5pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Additions charged to expense</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; 5,810</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; 7,747</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Retirement of assets</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160; &#160;&#160;(327)</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160; &#160;(6,137)</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Sale of investment property</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160; (26,163)</p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;&#160;&#160; --</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160; Disposal of assets</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;<u>&#160;&#160;&#160; &#160;--</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&#160;&#160;<u>&#160;&#160;&#160; (26</u>)</p> </td> </tr> <tr style='height:13.7pt'> <td width="512" valign="top" style='width:306.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Balance at end of year</p> </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> 43,064</u></p> </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> 63,744</u></p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>During the years ended December 31, 2012 and 2011, the Partnership retired and wrote off personal property no longer being used that had a cost basis of approximately $327,000 and $6,137,000, respectively, and accumulated depreciation of approximately $327,000 and $6,137,000, respectively.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The aggregate cost of the investment properties for Federal income tax purposes at December 31, 2012 and 2011 is approximately $60,450,000 and $97,042,000, respectively. The accumulated depreciation for Federal income tax purposes at December 31, 2012 and 2011 is approximately $45,424,000 and $71,346,000, respectively.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p></div> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><u>Note F &#150; Sale of Investment Property</u></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>On March 29, 2012, the Partnership sold Greenspoint at Paradise Valley to a third party for a gross sale price of $29,750,000. The net proceeds realized by the Partnership were approximately $29,432,000 after payment of closing costs.&#160; The Partnership used approximately $15,349,000 of the net proceeds to repay the mortgages encumbering the property. As a result of the sale, the Partnership recorded a gain of approximately $22,329,000, which is included in gain from sale of discontinued operations. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $4,000 due to the write off of unamortized loan costs, which is included in loss from discontinued operations.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>On September 28, 2012, the Partnership sold Tamarind Bay Apartments to a third party for a gross sale price of &#160;$12,750,000.&#160; The net proceeds realized by the Partnership were approximately $12,073,000 after payment of closing costs and a credit for approximately $381,000 to the purchaser for capital improvements. The Partnership used approximately $6,670,000 of the net proceeds to repay the mortgages encumbering the property.&#160; As a result of the sale, the Partnership recorded a gain of approximately $9,106,000, which is included in gain from sale of discontinued operations. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $2,697,000 due to the write off of unamortized loan costs of approximately $144,000 and the payment of a prepayment penalty of approximately $2,553,000, which is included in loss from discontinued operations.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><u>Note G &#150; Distributions</u></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Partnership distributed the following amounts during the years ended December 31, 2012 and 2011 (in thousands, except per unit data):</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="184" valign="top" style='width:110.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="215" valign="top" style='width:129.25pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="152" valign="top" style='width:91.05pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Per Limited</p> </td> <td width="216" valign="top" style='width:129.45pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="152" valign="top" style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Per Limited</p> </td> </tr> <tr align="left"> <td width="184" valign="top" style='width:110.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="215" valign="top" style='width:129.25pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Year Ended</p> </td> <td width="152" valign="top" style='width:91.05pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Partnership</p> </td> <td width="216" valign="top" style='width:129.45pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Year Ended</p> </td> <td width="152" valign="top" style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Partnership</p> </td> </tr> <tr align="left"> <td width="184" valign="top" style='width:110.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="215" valign="top" style='width:129.25pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>December 31, 2012</u></p> </td> <td width="152" valign="top" style='width:91.05pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Unit</u></p> </td> <td width="216" valign="top" style='width:129.45pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>December 31, 2011</u></p> </td> <td width="152" valign="top" style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Unit</u></p> </td> </tr> <tr align="left"> <td width="184" valign="top" style='width:110.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="215" valign="top" style='width:129.25pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="152" valign="top" style='width:91.05pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="216" valign="top" style='width:129.45pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="152" valign="top" style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="184" valign="top" style='width:110.15pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Sale (1)</p> </td> <td width="215" valign="top" style='width:129.25pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> 10,252</u> </p> </td> <td width="152" valign="top" style='width:91.05pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u> 112.58</u></p> </td> <td width="216" valign="top" style='width:129.45pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u>&#160;&#160;&#160;&#160; --</u></p> </td> <td width="152" valign="top" style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$<u>&#160;&#160;&#160;&#160; --</u></p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in'>(1)Proceeds from the March 2012 sale of Greenspoint at Paradise Valley and the September 2012 sale of Tamarind Bay Apartments.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><u>Note H - Casualty Events</u></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>In April 2011, The Peak at Vinings Mountain sustained damages of approximately $61,000 and clean up costs of approximately $24,000 as a result of a severe storm. During the year ended December 31, 2011, the Partnership received approximately $82,000 in insurance proceeds, which included approximately $21,000 for clean up costs, which are included in operating expenses. The Partnership recognized a casualty gain of approximately $59,000 during the year ended December 31, 2011 as a result of the write off of undepreciated damaged assets of approximately $2,000. </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>In April 2011, Lakeside at Vinings Mountain sustained damages of approximately $10,000 and clean up costs of approximately $16,000 as a result of a severe storm. During the year ended December 31, 2011, the Partnership received approximately $24,000 in insurance proceeds, which included approximately $14,000 for clean up costs, which are included in operating expenses. The Partnership recognized a casualty gain of approximately $10,000 during the year ended December 31, 2011 as the damaged assets were fully depreciated at the time of the casualty.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><u>Note I - Contingencies</u></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Partnership is unaware of any pending or outstanding litigation matters involving it or its investment properties that are not of a routine nature arising in the ordinary course of business.</p> <p>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Various Federal, state and local laws subject property owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials&#160; present on a property, including lead-based paint, asbestos, polychlorinated biphenyls, petroleum-based fuels, and other miscellaneous materials. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of such materials. The presence of, or the failure to manage or remedy properly, these materials may adversely affect occupancy at affected apartment communities and the ability to sell or finance affected properties. In addition to the costs associated with investigation and remediation actions brought by government agencies, and potential fines or penalties imposed by such agencies in connection therewith, the improper management of these materials on a property could result in claims by private plaintiffs for personal injury, disease, disability or other infirmities. Various laws also impose liability for the cost of removal, remediation or disposal of these materials through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of these materials is potentially liable under such laws. These laws often impose liability whether or not the person arranging for the disposal ever owned or operated the disposal facility. In connection with the ownership, operation and management of its properties, the Partnership could potentially be responsible for environmental liabilities or costs associated with its properties.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Organization</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Century Properties Fund XIX, LP (the &quot;Partnership&quot; or &quot;Registrant&quot;), is a California Limited Partnership organized in August 1982, to acquire, operate and ultimately sell residential apartment complexes.&#160; At December 31, 2012, the Partnership operated two residential apartment complexes located in Atlanta, Georgia. The general partner of the Partnership is Fox Partners II, a California general partnership. The general partners of Fox Partners II are Fox Capital Management Corporation (&quot;FCMC&quot; or the &quot;Managing General Partner&quot;), a California corporation, and Fox Realty Investors (&quot;FRI&quot;), a California general partnership. The Managing General Partner is a subsidiary of Apartment Investment and Management Company (&quot;Aimco&quot;), a publicly traded real estate investment trust.&#160; The term of the Partnership is scheduled to expire on December 31, 2024.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Basis of Presentation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The accompanying statement of operations for the year ended December 31, 2011 has been restated to reflect the operations of Greenspoint at Paradise Valley and Tamarind Bay Apartments as loss from discontinued operations and the accompanying balance sheet as of December 31, 2011 has also been restated to reflect the respective assets and liabilities of Greenspoint at Paradise Valley and Tamarind Bay Apartments as held for sale due to their sales on March 29, 2012 and September 28, 2012, respectively.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-right:13.5pt;text-align:justify'>The following table presents summarized results of operations for Greenspoint at Paradise Valley and Tamarind Bay Apartments for the years ended December 31, 2012 and 2011 (in thousands):</p> <p style='margin:0in;margin-bottom:.0001pt;margin-right:13.5pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-right:13.5pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="818" style='margin-left:9.9pt;border-collapse:collapse'> <tr style='height:50.85pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:50.85pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:50.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Year Ended December 31, 2012</p> </td> <td width="180" style='width:1.5in;padding:0;height:50.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Year Ended December 31, 2011</p> </td> </tr> <tr style='height:12.25pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160;Revenues</p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;line-height:115%'><font style='line-height:115%'>$ 2,083</font></p> </td> <td width="180" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:17.1pt;text-align:center;line-height:115%'><font style='line-height:115%'>$ 4,835</font></p> </td> </tr> <tr style='height:12.25pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> Expenses</p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;line-height:115%'><font style='line-height:115%'>(2,875)</font></p> </td> <td width="180" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:17.1pt;text-align:center;line-height:115%'><font style='line-height:115%'>(6,589)</font></p> </td> </tr> <tr style='height:12.25pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-right:-34.7pt'>Loss on early extinguishment of debt </p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;line-height:115%'><u><font style='line-height:115%'>(2,701</font></u><font style='line-height:115%'>)</font></p> </td> <td width="180" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:17.1pt;text-align:center'><u>--</u></p> </td> </tr> <tr style='height:12.25pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-right:-34.7pt'>Loss from discontinued operations</p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;line-height:115%'><font style='line-height:115%'>$<u>(3,493</u>)</font></p> </td> <td width="180" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:17.1pt;text-align:center'>$<u>(1,754</u>)</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Reclassifications</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Certain reclassifications have been made to the 2011 balances to conform to the 2012 presentation.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Subsequent Events</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Partnership&#146;s management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Use of Estimates</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Fair Value of Financial Instruments</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Financial Accounting Standards Board Accounting Standards Codification (&#147;ASC&#148;) Topic 825, &#147;Financial Instruments&#148;, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement.&#160; Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date.&#160; Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.&#160; Level 3 includes fair value measurements based on unobservable inputs.&#160; The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments (except for mortgage notes payable) approximates their fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage notes payable by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term, mortgage notes payable. The Partnership has classified this fair value measurement within Level 2 of the fair value hierarchy. At December 31, 2012, the fair value of the Partnership's mortgage notes payable at the Partnership's incremental borrowing rate was approximately $35,158,000.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Cash and Cash Equivalents</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits.&#160; Cash balances include approximately $310,000 and $228,000 at December 31, 2012 and 2011, respectively, that are maintained by an affiliated management company on behalf of affiliated entities in cash concentration accounts.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Investment Properties</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Investment properties consist of two apartment complexes and are stated at cost, less accumulated depreciation, unless the carrying amount of the asset is not recoverable. The Partnership capitalizes costs incurred in connection with capital additions activities, including redevelopment and construction projects, other tangible property improvements and replacements of existing property components. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with the planning, execution and control of all capital additions activities at the property level.&#160; The Partnership capitalizes interest, property taxes and insurance during periods in which redevelopment and construction projects are in progress. The Partnership did not capitalize any costs related to interest, property taxes or insurance during the years ended December 31, 2012 and 2011. Capitalized costs are depreciated over the estimated useful life of the asset. The Partnership charges to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance and resident turnover costs.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>If events or circumstances indicate that the carrying amount of a property may not be recoverable, the Partnership will make an assessment of its recoverability by comparing the carrying amount to the Partnership&#146;s estimate of the undiscounted future cash flows, excluding interest charges, of the property. If the carrying amount exceeds the estimated aggregate undiscounted future cash flows, the Partnership would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. No adjustments for impairment of value were necessary for the years ending December 31, 2012 and 2011.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Depreciation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Depreciation is provided by the straight-line method over the estimated lives of the apartment properties and related personal property.&#160; For Federal income tax purposes, the modified accelerated cost recovery method is used for depreciation of (1) real property additions over 27 1/2 years and (2) personal property additions over 5 years.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Leases</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Partnership generally leases apartment units for twelve-month terms or less.&#160; The Partnership will offer rental concessions during particularly slow months or in response to heavy competition from other similar complexes in the area.&#160; Rental income attributable to leases, net of any concessions, is recognized on a straight-line basis over the term of the lease.&#160; The Partnership evaluates all accounts receivable from residents and establishes an allowance, after the application of security deposits, for accounts greater than 30 days past due on current tenants and all receivables due from former tenants.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Advertising Costs</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Partnership expenses the costs of advertising as incurred. Advertising costs of approximately $203,000 and $228,000 for the years ended December 31, 2012 and 2011, respectively, are included in operating expense and loss from discontinued operations.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Deferred Costs</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Loan costs of approximately $390,000 and $864,000 at December 31, 2012 and 2011, respectively, less accumulated amortization of approximately $63,000 and $328,000, respectively, are included in other assets and assets held for sale. During the year ended December 31, 2012, loan costs of approximately $474,000 and amortization of approximately $326,000 were written off in connection with the sales of Greenspoint at Paradise Valley and Tamarind Bay Apartments. The loan costs are amortized over the terms of the related loan agreements. The total amortization expense for the years ended December 31, 2012 and 2011 was approximately $61,000 and $118,000, respectively, and is included in interest expense and loss from discontinued operations. Amortization expense is expected to be approximately $39,000 for each of the years 2013 through 2017.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Leasing commissions and other direct costs incurred in connection with successful leasing efforts are deferred and amortized over the terms of the related leases.&#160; Amortization of these costs is included in operating expenses and loss from discontinued operations.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Segment Reporting</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>ASC Topic 280-10, &#147;Segment Reporting&#148;, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;margin-right:13.5pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="818" style='margin-left:9.9pt;border-collapse:collapse'> <tr style='height:50.85pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:50.85pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:50.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Year Ended December 31, 2012</p> </td> <td width="180" style='width:1.5in;padding:0;height:50.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Year Ended December 31, 2011</p> </td> </tr> <tr style='height:12.25pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160;Revenues</p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;line-height:115%'><font style='line-height:115%'>$ 2,083</font></p> </td> <td width="180" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:17.1pt;text-align:center;line-height:115%'><font style='line-height:115%'>$ 4,835</font></p> </td> </tr> <tr style='height:12.25pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> Expenses</p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;line-height:115%'><font style='line-height:115%'>(2,875)</font></p> </td> <td width="180" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:17.1pt;text-align:center;line-height:115%'><font style='line-height:115%'>(6,589)</font></p> </td> </tr> <tr style='height:12.25pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-right:-34.7pt'>Loss on early extinguishment of debt </p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;line-height:115%'><u><font style='line-height:115%'>(2,701</font></u><font style='line-height:115%'>)</font></p> </td> <td width="180" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:17.1pt;text-align:center'><u>--</u></p> </td> </tr> <tr style='height:12.25pt'> <td width="443" valign="top" style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-right:-34.7pt'>Loss from discontinued operations</p> </td> <td width="195" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center;line-height:115%'><font style='line-height:115%'>$<u>(3,493</u>)</font></p> </td> <td width="180" style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:17.1pt;text-align:center'>$<u>(1,754</u>)</p> </td> </tr> </table> <!--egx--><table border="0" cellspacing="0" cellpadding="0" width="938" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:14.85pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:31.05pt'> <td width="225" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Property</u></p> </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Principal Balance December<u> </u>31<u>, 2012</u></p> </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Principal Balance December<u> </u>31<u>, 2011</u></p> </td> <td width="135" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Monthly Payment <u>Including</u> <u>Interest</u></p> </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Stated Interest<u> Rate (1)</u></p> </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u>Maturity Date</u><u> </u></p> </td> <td width="135" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Principal Balance Due<u> at Maturity</u><u> </u></p> </td> </tr> <tr style='height:12.95pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="225" colspan="2" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> <td width="135" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>(in thousands)</p> </td> </tr> <tr style='height:27.0pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>Lakeside at Vinings Mountain 1<sup>st</sup> mortgage</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>$14,677</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>$14,883</p> </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160; $&#160; 85</p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>5.53%</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>06/01/21</p> </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>$12,405</p> </td> </tr> <tr style='height:27.0pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>The Peak at Vinings Mountain 1<sup>st</sup> mortgage</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;<u>15,506</u></p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;<u>15,724</u></p> </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160;&#160;&#160;&#160; <u>&#160;&#160;</u><u>90</u></p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>5.54%</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>06/01/21</p> </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:27.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> <u>13,109</u></p> </td> </tr> <tr style='height:85.5pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="113" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>$<u>30,183</u></p> </td> <td width="113" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>$<u>30,607</u></p> </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>$ <u>&#160;</u><u>175</u></p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>$<u>25,514</u></p> </td> </tr> </table> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='margin-left:153.9pt;border-collapse:collapse'> <tr style='height:11.7pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:11.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>2013</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:11.7pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>$&#160;&#160; 448</p> </td> </tr> <tr style='height:14.0pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>2014</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>&#160;&#160;&#160; 473</p> </td> </tr> <tr style='height:14.0pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>2015</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>&#160;&#160;&#160; 500</p> </td> </tr> <tr style='height:14.0pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>2016</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>&#160;&#160;&#160; 529</p> </td> </tr> <tr style='height:14.0pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>2017</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>&#160;&#160;&#160; 559</p> </td> </tr> <tr style='height:14.0pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>Thereafter</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>&#160;<u>27,674</u></p> </td> </tr> <tr style='height:42.3pt'> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>&nbsp;</p> </td> <td width="188" valign="top" style='width:112.5pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>$<u>30,183</u></p> </td> </tr> </table> 56000 138000 446000 589000 2838000 2838000 54699000 53994000 57537000 56832000 -43064000 -38472000 14473000 18360000 0000 11110000 15286000 30650000 19000 156000 125000 121000 442000 598000 166000 6715000 30183000 30607000 0000 22559000 30935000 60756000 -7828000 -10789000 -7821000 -19317000 -15649000 -30106000 15286000 30650000 5561000 5301000 651000 521000 6212000 5822000 2014000 2003000 271000 335000 4864000 5013000 1800000 2006000 496000 275000 0000 997000 9445000 10629000 0000 69000 -3233000 -4738000 -3493000 -1754000 31435000 0000 3167000 -766000 21542000 -5726000 -31.94 -46.81 -34.53 -17.33 307.88 0.00 241.41 -64.14 112.58 0.00 -10023000 -13591000 -23614000 -766000 -5726000 -6492000 -10789000 -19317000 -30106000 -206000 -10046000 -10252000 3167000 21542000 24709000 -7828000 -7821000 -15649000 5810000 7747000 61000 118000 -31435000 0000 2701000 997000 0000 -69000 227000 32000 103000 48000 -16000 -69000 -140000 -1000 -103000 12000 -332000 179000 -941000 -1104000 644000 1398000 -1251000 -1125000 0000 73000 41505000 0000 40254000 -1052000 -608000 -990000 -22019000 -19031000 0000 30810000 492000 1136000 -6100000 -10904000 -2553000 -755000 0000 -390000 -10252000 0000 -41040000 -124000 -142000 222000 231000 311000 453000 3014000 4390000 0000 106000 <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="120%" style='margin-left:9.9pt;border-collapse:collapse'> <tr style='height:14.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="293" colspan="3" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="293" colspan="4" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="293" colspan="2" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:14.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="293" colspan="3" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>Gross Amount At Which Carried</font></p> </td> <td width="293" colspan="4" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="293" colspan="2" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:14.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="293" colspan="3" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>At December 31, 2012</font></p> </td> <td width="585" colspan="6" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:14.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="293" colspan="3" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>(in thousands)</font></p> </td> <td width="585" colspan="6" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:1.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="75" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="98" colspan="2" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="203" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:.35in'> <td width="233" valign="bottom" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Description</font></u></p> </td> <td width="90" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Land</font></u></p> </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>Buildings and Related Personal<u> Property</u></font></p> </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Total</font></u></p> </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Accumulated Depreciation</font></u></p> </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Year of Construction</font></u></p> </td> <td width="75" valign="bottom" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Date Acquired</font></u></p> </td> <td width="98" colspan="2" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><u><font style='letter-spacing:-1.0pt'>Depreciable Life</font></u></p> </td> <td width="203" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:13.95pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>(in thousands)</font></p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="75" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="98" colspan="2" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="203" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:1.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="75" valign="top" style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="98" colspan="2" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="203" style='border:none;padding:0'><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p></td> </tr> <tr style='height:14.0pt'> <td width="233" valign="top" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font style='letter-spacing:-1.0pt'>Lakeside at Vinings Mountain</font></p> </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><font style='letter-spacing:-1.0pt'>$ </font><font style='letter-spacing:-1.0pt'>1,206</font></p> </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><font style='letter-spacing:-1.0pt'>&#160;&#160; $</font><font style='letter-spacing:-1.0pt'>25,354</font></p> </td> <td width="98" 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A - Organization and Summary of Significant Accounting Policies: Use of Estimates (Policies) link:presentationLink link:definitionLink link:calculationLink 000150 - Disclosure - Note A - Organization and Summary of Significant Accounting Policies: Organization (Policies) link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - Statements of Operations link:presentationLink link:definitionLink link:calculationLink 000580 - Disclosure - Note F - Sale of Investment Property (Details) link:presentationLink link:definitionLink link:calculationLink 000510 - Disclosure - Note C - Income Taxes: Reconciliation of Book Income (Loss) to Federal Taxable Income (Loss) (Details) link:presentationLink link:definitionLink link:calculationLink 000430 - Disclosure - Note A - Organization and Summary of Significant Accounting Policies: Net Income (loss) and Distributions Per Limited Partnership Unit (Details) link:presentationLink link:definitionLink link:calculationLink 000180 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link:calculationLink 000140 - Disclosure - Note I - Contingencies link:presentationLink link:definitionLink link:calculationLink 000130 - Disclosure - Note H - Casualty Events link:presentationLink link:definitionLink link:calculationLink 000280 - Disclosure - Note A - Organization and Summary of Significant Accounting Policies: Leases (Policies) link:presentationLink link:definitionLink link:calculationLink 000060 - Disclosure - Note A - Organization and Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 000160 - Disclosure - Note A - Organization and Summary of Significant Accounting Policies: Basis of Presentation (Policies) link:presentationLink link:definitionLink link:calculationLink 000550 - Disclosure - Note E - Investment Properties and Accumulated Depreciation: Schedule of Property, Plant and Equipment (Details) link:presentationLink link:definitionLink link:calculationLink 000350 - Disclosure - Note C - Income Taxes: Reconciliation of Book Income (Loss) to Federal Taxable Income (Loss) (Tables) link:presentationLink link:definitionLink link:calculationLink 000090 - Disclosure - Note D - Transactions With Affiliated Parties link:presentationLink link:definitionLink link:calculationLink 000330 - Disclosure - Note B - Mortgage Notes Payable: Schedule of Mortgage Notes Payabe (Tables) link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - Statement of Shareholders Deficit link:presentationLink link:definitionLink link:calculationLink EX-31.1 8 cpf19_ex311.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION

I, Steven D. Cordes, certify that:

1.    I have reviewed this annual report on Form 10-K of Century Properties Fund XIX, LP;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.    The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

 

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.    The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and



EX-31.2 9 cpf19_ex312.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION

I, Stephen B. Waters, certify that:

1.    I have reviewed this annual report on Form 10-K of Century Properties Fund XIX, LP;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.    The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

 

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.    The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and


EX-32.1 10 cpf19_ex321.htm EXHIBIT 32.1

Exhibit 32.1

 

 

Certification of CEO and CFO

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

 

 

In connection with the Annual Report on Form 10-K of Century Properties Fund XIX, LP (the "Partnership"), for the fiscal year ended December 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Steven D. Cordes, as the equivalent of the Chief Executive Officer of the Partnership, and Stephen B. Waters, as the equivalent of the Chief Financial Officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

 

(1)   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

 

      /s/Steven D. Cordes

 

Name: Steven D. Cordes

 

Date: February 27, 2013

 

 

      /s/Stephen B. Waters

 

Name: Stephen B. Waters

 

Date: February 27, 2013

 

This certification is furnished with this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Partnership for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

 

 

XML 11 R39.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note E - Investment Properties and Accumulated Depreciation: Reconciliation of Investment Property and Accumulated Depreciation (Tables)
12 Months Ended
Dec. 31, 2012
Tables/Schedules  
Reconciliation of Investment Property and Accumulated Depreciation

 

 

Years Ended December 31,

 

2012

2011

 

(in thousands)

Investment Properties

 

 

Balance at beginning of year

$ 92,900

$ 97,862

  Property improvements

   1,145

   1,205

  Retirement of assets

     (327)

   (6,137)

  Sale of investment property

  (36,181)

      --

  Disposal of assets

      --

      (30)

Balance at end of year

$ 57,537

$ 92,900

 

 

 

Accumulated Depreciation

 

 

Balance at beginning of year

$ 63,744

$ 62,160

  Additions charged to expense

   5,810

   7,747

  Retirement of assets

     (327)

   (6,137)

  Sale of investment property

  (26,163)

     --

  Disposal of assets

      --

      (26)

Balance at end of year

$ 43,064

$ 63,744

XML 12 R54.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note E - Investment Properties and Accumulated Depreciation: Investment Property - Initial Cost and Associated Debt (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Debt Associated with Investment Property $ 30,183
Initial Cost - Land 2,838
Initial Cost - Buildings and Improvements 23,301
Net Cost Capitalized Subsequent to Acquisition 31,398
LakesideAtViningsMountain1Member
 
Debt Associated with Investment Property 14,677
Initial Cost - Land 1,206
Initial Cost - Buildings and Improvements 10,980
Net Cost Capitalized Subsequent to Acquisition 14,374
ThePeakAtViningsMountain1Member
 
Debt Associated with Investment Property 15,506
Initial Cost - Land 1,632
Initial Cost - Buildings and Improvements 12,321
Net Cost Capitalized Subsequent to Acquisition $ 17,024
XML 13 R48.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note B - Mortgage Notes Payable: Schedule of Mortgage Notes Payabe (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Debt Instrument, Periodic Payment $ 175  
Principal Balance Due at Maturity 25,514  
Mortgage Loans on Real Estate 30,183 30,607
LakesideAtViningsMountain1stMortgage1Member
   
Debt Instrument, Periodic Payment 85  
Debt Instrument, Interest Rate, Stated Percentage 5.53%  
Debt Instrument, Maturity Date Jun. 01, 2021  
Principal Balance Due at Maturity 12,405  
Mortgage Loans on Real Estate 14,677 14,883
ThePeakAtViningsMountain1stMortgageMember
   
Debt Instrument, Periodic Payment 90  
Debt Instrument, Interest Rate, Stated Percentage 5.54%  
Debt Instrument, Maturity Date Jun. 01, 2021  
Principal Balance Due at Maturity 13,109  
Mortgage Loans on Real Estate $ 15,506 $ 15,724
XML 14 R55.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note E - Investment Properties and Accumulated Depreciation: Schedule of Property, Plant and Equipment (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Gross Cost - Land $ 2,838
Gross Cost - Buildings and Improvements 54,699
Total Gross Cost - Investment Property 57,537
Gross Accumulated Depreciation by Investment Property 43,064
LakesideAtViningsMountain1Member
 
Gross Cost - Land 1,206
Gross Cost - Buildings and Improvements 25,354
Total Gross Cost - Investment Property 26,560
Gross Accumulated Depreciation by Investment Property 20,257
ThePeakAtViningsMountain1Member
 
Gross Cost - Land 1,632
Gross Cost - Buildings and Improvements 29,345
Total Gross Cost - Investment Property 30,977
Gross Accumulated Depreciation by Investment Property $ 22,807
XML 15 R46.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Advertising Costs (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Advertising $ 203,000 $ 228,000
XML 16 R33.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note B - Mortgage Notes Payable: Schedule of Mortgage Notes Payabe (Tables)
12 Months Ended
Dec. 31, 2012
Tables/Schedules  
Schedule of Mortgage Notes Payabe

 

 

 

 

 

 

 

Property

Principal Balance December 31, 2012

Principal Balance December 31, 2011

Monthly Payment Including Interest

Stated Interest Rate (1)

Maturity Date

Principal Balance Due at Maturity

 

(in thousands)

(in thousands)

 

 

(in thousands)

Lakeside at Vinings Mountain 1st mortgage

$14,677

$14,883

    $  85

5.53%

06/01/21

$12,405

The Peak at Vinings Mountain 1st mortgage

 15,506

 15,724

       90

5.54%

06/01/21

13,109

 

$30,183

$30,607

$  175

 

 

$25,514

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Note E - Investment Properties and Accumulated Depreciation (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Retired personal property cost basis $ 327,000 $ 6,137,000
Retired personal property accumulated depreciation 327,000 6,137,000
Investment Property - Gross Cost - Federal tax basis 60,450,000 97,042,000
Invesment Property - Accumulated Depreciation - Tax Basis $ 45,424,000 $ 71,346,000
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Note A - Organization and Summary of Significant Accounting Policies: Tenant Security Deposits (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Tenant Security Deposits

Tenant Security Deposits

 

The Partnership requires security deposits from lessees for the duration of the lease. Deposits are refunded when the tenant vacates, provided the tenant has not damaged the space and is current on rental payments.

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Note B - Mortgage Notes Payable: Schedule of Maturities of Long-term Debt (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months $ 448
Long-term Debt, Maturities, Repayments of Principal in Year Two 473
Long-term Debt, Maturities, Repayments of Principal in Year Three 500
Long-term Debt, Maturities, Repayments of Principal in Year Four 529
Long-term Debt, Maturities, Repayments of Principal in Year Five 559
Long-term Debt, Maturities, Repayments of Principal after Year Five 27,674
Long-term Debt $ 30,183
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Note A - Organization and Summary of Significant Accounting Policies: Abandoned Units (Details)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Units abandoned during the year 2 39
Outstanding Limited Partnership Units 89,233 89,235
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Note E - Investment Properties and Accumulated Depreciation: Investment Property - Initial Cost and Associated Debt (Tables)
12 Months Ended
Dec. 31, 2012
Tables/Schedules  
Investment Property - Initial Cost and Associated Debt

 

 

 

Initial Cost To Partnership

 

 

 

(in thousands)

 

Description

Encumbrances

Land

Buildings and Related Personal Property

Net Cost Capitalized Subsequent to Acquisition

 

(in thousands)

 

 

(in thousands)

Lakeside at Vinings Mountain

   $14,677

$ 1,206

$10,980

   $14,374

The Peak at Vinings Mountain

    15,506

  1,632

 12,321

    17,024

 

   $30,183

$ 2,838

$23,301

   $31,398

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Note C - Income Taxes: Reconciliation of Book Net Assets (Liabilities) to Tax Basis Net Assets (Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Net assets (liabilities) reported per book $ (15,649) $ (30,106)
Land and buildings differences 2,913 4,142
Accumulated depreciation differences (2,360) (7,602)
Deferred sales commission differences 7,947 7,947
Syndication and distribution costs differences 4,451 4,451
Other differences 304 413
Net Assets (Liabilities) - Federal tax basis $ (2,394) $ (20,755)
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Note A - Organization and Summary of Significant Accounting Policies: Deferred Costs (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Deferred Finance Costs, Gross $ 390,000 $ 864,000
Gross loan costs written off during the year 474,000  
Gross loan cost amortization written off during the year 326,000  
Amortization expense 61,000 118,000
Amortization expense for each of the years 2013 through 2017 39,000  
Accumulated Amortization, Deferred Finance Costs $ 63,000 $ 328,000
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Note D - Transactions With Affiliated Parties
12 Months Ended
Dec. 31, 2012
Notes  
Note D - Transactions With Affiliated Parties

Note D – Transactions with Affiliated Parties

 

The Partnership has no employees and depends on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for certain payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.

 

Affiliates of the Managing General Partner receive 5% of gross receipts from all of the Partnership's properties as compensation for providing property management services. The Partnership paid to such affiliates approximately $413,000 and $528,000 for the years ended December 31, 2012 and 2011, respectively, which are included in operating expenses and loss from discontinued operations.

 

An affiliate of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $78,000 and $125,000 for the years ended December 31, 2012 and 2011, respectively, which is included in general and administrative expenses. At December 31, 2011, approximately $371,000 of reimbursements were due to the Managing General Partner and are included in due to affiliates. There were no such amounts owed at December 31, 2012.

 

Pursuant to the Partnership Agreement, for managing the affairs of the Partnership, the Managing General Partner is entitled to receive a Partnership management fee equal to 10% of the Partnership's adjusted cash from operations as distributed. During the years ended December 31, 2012 and 2011, no fee was earned as there were no distributions from operations.

 

AIMCO Properties, L.P., an affiliate of the Managing General Partner has made available to the Partnership a credit line of up to $150,000 per property owned by the Partnership. Prior to 2011, this credit limit was exceeded. During the year ended December 31, 2012, AIMCO Properties, L.P. advanced the Partnership approximately $492,000 to fund real estate taxes at both of the Partnership’s remaining investment properties. During the year ended December 31, 2011, AIMCO Properties, L.P. advanced the Partnership approximately $1,136,000 to fund loan application deposits and mortgage refinancing commitment fees related to The Peak at Vinings Mountain and Lakeside at Vinings Mountain and real estate taxes at three of the Partnership’s investment properties. AIMCO Properties, L.P. charges interest on advances under the terms permitted by the Partnership Agreement. The interest rates charged on the outstanding advances made to the Partnership range from the prime rate plus 0.5% to a variable rate based on the prime rate plus a market rate adjustment for similar type loans. Affiliates of the Managing General Partner review the market rate adjustment quarterly. The interest rate on the outstanding advances at December 31, 2012 was 5.25%. Interest expense was approximately $74,000 and $478,000 for the years ended December 31, 2012 and 2011, respectively. During the years ended December 31, 2012 and 2011, the Partnership repaid approximately $6,744,000 and $12,565,000, respectively, of advances and accrued interest with proceeds from the sale of Greenspoint at Paradise Valley, refinancing proceeds and cash from operations. At December 31, 2012 and 2011, the total advances and accrued interest due to AIMCO Properties, L.P. was approximately $166,000 and $6,344,000, respectively, and is included in due to affiliates. The Partnership may receive additional advances of funds from AIMCO Properties, L.P. although AIMCO Properties, L.P. is not obligated to provide such advances.  For more information on AIMCO Properties, L.P., including copies of its audited balance sheets, please see its reports filed with the Securities and Exchange Commission.

 

The Partnership insures its properties up to certain limits through coverage provided by Aimco which is generally self-insured for a portion of losses and liabilities related to workers’ compensation, property casualty, general liability, and vehicle liability. The Partnership insures its properties above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the Managing General Partner. During the years ended December 31, 2012 and 2011, the Partnership was charged by Aimco and its affiliates approximately $140,000 and $159,000, respectively, for insurance coverage and fees associated with policy claims administration.

 

In addition to its indirect ownership of the general partner interest in the Partnership, Aimco and its affiliates owned 60,711.66 Units in the Partnership representing 68.04% of the outstanding Units at December 31, 2012. A number of these Units were acquired pursuant to tender offers made by Aimco or its affiliates. It is possible that Aimco or its affiliates will acquire additional Units in exchange for cash or a combination of cash and units in AIMCO Properties, L.P., the operating partnership of Aimco, either through private purchases or tender offers. Pursuant to the Partnership Agreement, Unit holders holding a majority of the Units are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the Managing General Partner. As a result of its ownership of 68.04% of the outstanding Units, Aimco and its affiliates are in a position to influence all such voting decisions with respect to the Partnership. However, with respect to the 25,228.66 Units acquired on January 19, 1996, AIMCO IPLP, L.P. ("IPLP"), an affiliate of the Managing General Partner and of Aimco, agreed to vote such Units: (i) against any increase in compensation payable to the Managing General Partner or to its affiliates; and (ii) on all other matters submitted by it or its affiliates, in proportion to the vote cast by third party unitholders. Except for the foregoing, no other limitations are imposed on IPLP's, Aimco's or any other affiliates' right to vote each Unit held. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the Managing General Partner also owes fiduciary duties to both the General Partner and Aimco as the sole stockholder of the Managing General Partner. As a result, the duties of the Managing General Partner, as managing general partner, to the Partnership and its limited partners may come into conflict with the duties of the Managing General Partner to Aimco as its sole stockholder.

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Note A - Organization and Summary of Significant Accounting Policies: Net Income (loss) and Distributions Per Limited Partnership Unit (Details)
Dec. 31, 2012
Dec. 31, 2011
Limited Partnership Units outstanding beginning of year - per unit calculations 89,235 89,274
XML 28 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Advertising Costs (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Advertising Costs

Advertising Costs

 

The Partnership expenses the costs of advertising as incurred. Advertising costs of approximately $203,000 and $228,000 for the years ended December 31, 2012 and 2011, respectively, are included in operating expense and loss from discontinued operations.

XML 29 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Leases (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Leases

Leases

 

The Partnership generally leases apartment units for twelve-month terms or less.  The Partnership will offer rental concessions during particularly slow months or in response to heavy competition from other similar complexes in the area.  Rental income attributable to leases, net of any concessions, is recognized on a straight-line basis over the term of the lease.  The Partnership evaluates all accounts receivable from residents and establishes an allowance, after the application of security deposits, for accounts greater than 30 days past due on current tenants and all receivables due from former tenants.

XML 30 R56.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note E - Investment Properties and Accumulated Depreciation: Reconciliation of Investment Property and Accumulated Depreciation (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Investment Properties - Assets at beginning of year $ 92,900 $ 97,862
Property improvements - additions for the year 1,145 1,205
Property, Plant and Equipment, Transfers and Changes (327) (6,137)
Property, Plant and Equipment, Disposals (36,181)  
Cost of assets written off due to casualty   (30)
Investment Properties - Assets at end of year 57,537 92,900
Investment Property Accumulated Depreciation Beginning of Year 63,744 62,160
Depreciation charged to expense for the year 5,810 7,747
Accumulated Depreciation, Depletion and Amortization, Reclassifications of Property, Plant and Equipment (327) (6,137)
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment (26,163)  
Accumulated Depreciation, Depletion and Amortization, Write-down of Property, Plant and Equipment   (26)
Investment Property Accumulated Depreciation End of Year $ 43,064 $ 63,744
XML 31 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Details) (USD $)
Dec. 31, 2012
Fair value mortgage notes - Level 2 $ 35,158,000
XML 32 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Deferred Costs (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Deferred Costs

Deferred Costs

 

Loan costs of approximately $390,000 and $864,000 at December 31, 2012 and 2011, respectively, less accumulated amortization of approximately $63,000 and $328,000, respectively, are included in other assets and assets held for sale. During the year ended December 31, 2012, loan costs of approximately $474,000 and amortization of approximately $326,000 were written off in connection with the sales of Greenspoint at Paradise Valley and Tamarind Bay Apartments. The loan costs are amortized over the terms of the related loan agreements. The total amortization expense for the years ended December 31, 2012 and 2011 was approximately $61,000 and $118,000, respectively, and is included in interest expense and loss from discontinued operations. Amortization expense is expected to be approximately $39,000 for each of the years 2013 through 2017.

 

Leasing commissions and other direct costs incurred in connection with successful leasing efforts are deferred and amortized over the terms of the related leases.  Amortization of these costs is included in operating expenses and loss from discontinued operations.

XML 33 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Segment Reporting (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Segment Reporting

Segment Reporting

 

ASC Topic 280-10, “Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.

XML 34 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note C - Income Taxes
12 Months Ended
Dec. 31, 2012
Notes  
Note C - Income Taxes

Note C - Income Taxes

 

The Partnership is classified as a partnership for Federal income tax purposes. Accordingly, no provision for income taxes is made in the financial statements of the Partnership. Taxable income or loss of the Partnership is reported in the income tax returns of its partners.

 

The following is a reconciliation of reported net income (loss) and Federal taxable income (loss) for the years ended December 31, 2012 and 2011 (in thousands, except per unit data):

 

 

2012

2011

Net income (loss) as reported

$ 24,709 

$ (6,492)

Add (deduct):

 

 

Depreciation differences

   2,529 

    3,561 

Gain (loss) on disposal of property

   1,484 

       -- 

Unearned income

     (29)

      (24)

Other

    (80)

      84 

Federal taxable income (loss)

$ 28,613 

$ (2,871)

 

 

 

Federal taxable income (loss) per limited partnership unit

$ 179.00

$ (28.36)

 

The following is a reconciliation between the Partnership's reported amounts and Federal tax basis of net liabilities (in thousands):

 

 

2012

2011

Net liabilities as reported

  $ (15,649)

  $ (30,106)

Land and buildings

      2,913

      4,142

Accumulated depreciation

     (2,360)

    (7,602)

Deferred sales commission

      7,947

      7,947

Syndication and distribution costs

      4,451

      4,451

Other

        304

        413

Net liabilities - Federal tax basis

  $  (2,394)

  $ (20,755)

 

XML 35 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Basis of Presentation: Discontinued Operations schedule - sales of Greenspoint at Paradise Valley & Tamarind Bay Apartments (Tables)
12 Months Ended
Dec. 31, 2012
Tables/Schedules  
Discontinued Operations schedule - sales of Greenspoint at Paradise Valley & Tamarind Bay Apartments

 

 

Year Ended December 31, 2012

Year Ended December 31, 2011

 Revenues

$ 2,083

$ 4,835

Expenses

(2,875)

(6,589)

Loss on early extinguishment of debt

(2,701)

--

Loss from discontinued operations

$(3,493)

$(1,754)

XML 36 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note G - Distributions: Schedule of distributions from sale proceeds (Tables)
12 Months Ended
Dec. 31, 2012
Tables/Schedules  
Schedule of distributions from sale proceeds

 

 

 

Per Limited

 

Per Limited

 

Year Ended

Partnership

Year Ended

Partnership

 

December 31, 2012

Unit

December 31, 2011

Unit

 

 

 

 

 

Sale (1)

$ 10,252

$ 112.58

$     --

$     --

 

(1)Proceeds from the March 2012 sale of Greenspoint at Paradise Valley and the September 2012 sale of Tamarind Bay Apartments.

 

XML 37 R53.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note D - Transactions With Affiliated Parties (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Property management fees - Related Party $ 413,000 $ 528,000
Accountable administrative expense reimbursement - Related Party 78,000 125,000
Unpaid reimbursements owed - Related Party   371,000
Advances received from affiliates - Related Party 492,000 1,136,000
Interest expense on advances - Related Party 74,000 478,000
Repayment of advances & accrued interest - Related Party 6,744,000 12,565,000
Unpaid advances & accrued interest - Related Party 166,000 6,344,000
Insurance expense - Related Party $ 140,000 $ 159,000
Limited Partnership Units owned by Affiliates 60,711.66  
Limited Partnership Percentage owned by Affiliates 68.04%  
Limited Paratnership Units owned by Affiliates with voting restrictions 25,228.66  
XML 38 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Assets    
Cash and cash equivalents $ 311 $ 453
Receivables and deposits 56 138
Other assets 446 589
Investment properties:    
Land 2,838 2,838
Buildings and related personal property 54,699 53,994
Total investment property 57,537 56,832
Less accumulated depreciation (43,064) (38,472)
Investment property, net 14,473 18,360
Assets held for sale 0 11,110
Total assets 15,286 30,650
Liabilities    
Accounts payable 19 156
Tenant security deposit liabilities 125 121
Other liabilities 442 598
Due to affiliates 166 6,715
Mortgage notes payable 30,183 30,607
Liabilities related to assets held for sale 0 22,559
Total liabilities 30,935 60,756
Partners' Deficit    
General partner (7,828) (10,789)
Limited partners (7,821) (19,317)
Total partners' deficit (15,649) (30,106)
Total liabilities and partners' deficit $ 15,286 $ 30,650
XML 39 R45.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Details) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Cash concentration accounts - held by affiliated management company $ 310,000 $ 228,000
XML 40 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2012
Notes  
Note A - Organization and Summary of Significant Accounting Policies

Note A - Organization and Summary of Significant Accounting Policies

 

Organization

 

Century Properties Fund XIX, LP (the "Partnership" or "Registrant"), is a California Limited Partnership organized in August 1982, to acquire, operate and ultimately sell residential apartment complexes.  At December 31, 2012, the Partnership operated two residential apartment complexes located in Atlanta, Georgia. The general partner of the Partnership is Fox Partners II, a California general partnership. The general partners of Fox Partners II are Fox Capital Management Corporation ("FCMC" or the "Managing General Partner"), a California corporation, and Fox Realty Investors ("FRI"), a California general partnership. The Managing General Partner is a subsidiary of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust.  The term of the Partnership is scheduled to expire on December 31, 2024.

 

Basis of Presentation

 

The accompanying statement of operations for the year ended December 31, 2011 has been restated to reflect the operations of Greenspoint at Paradise Valley and Tamarind Bay Apartments as loss from discontinued operations and the accompanying balance sheet as of December 31, 2011 has also been restated to reflect the respective assets and liabilities of Greenspoint at Paradise Valley and Tamarind Bay Apartments as held for sale due to their sales on March 29, 2012 and September 28, 2012, respectively.

 

The following table presents summarized results of operations for Greenspoint at Paradise Valley and Tamarind Bay Apartments for the years ended December 31, 2012 and 2011 (in thousands):

 

 

 

Year Ended December 31, 2012

Year Ended December 31, 2011

 Revenues

$ 2,083

$ 4,835

Expenses

(2,875)

(6,589)

Loss on early extinguishment of debt

(2,701)

--

Loss from discontinued operations

$(3,493)

$(1,754)

 

 

Reclassifications

 

Certain reclassifications have been made to the 2011 balances to conform to the 2012 presentation.

 

Subsequent Events

 

The Partnership’s management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

Abandoned Units

 

During the years ended December 31, 2012 and 2011, the number of limited partnership units (the “Units”) decreased by 2 and 39 Units, respectively, due to limited partners abandoning their Units. At December 31, 2012 and 2011, the Partnership had outstanding 89,233 and 89,235 Units, respectively. In abandoning his or her Units, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.

 

Net Income (Loss) and Distributions Per Limited Partnership Unit

 

Net income (loss) per limited partnership unit (the “Units”) is computed by dividing net income (loss) allocated to the limited partners by the number of Units outstanding at the beginning of the fiscal year. Distributions per Unit for the year ended December 31, 2012 was computed by dividing the number of Units outstanding at the beginning of the year. The number of Units used was 89,235 and 89,274 for the years ended December 31, 2012 and 2011, respectively.

 

Allocation of Income, Loss and Distributions

 

Net income, net loss and distributions of cash of the Partnership are allocated between general and limited partners in accordance with the provisions of the Partnership Agreement.

 

Fair Value of Financial Instruments

 

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement.  Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date.  Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.  Level 3 includes fair value measurements based on unobservable inputs.  The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments (except for mortgage notes payable) approximates their fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage notes payable by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term, mortgage notes payable. The Partnership has classified this fair value measurement within Level 2 of the fair value hierarchy. At December 31, 2012, the fair value of the Partnership's mortgage notes payable at the Partnership's incremental borrowing rate was approximately $35,158,000.

 

Cash and Cash Equivalents

 

Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits.  Cash balances include approximately $310,000 and $228,000 at December 31, 2012 and 2011, respectively, that are maintained by an affiliated management company on behalf of affiliated entities in cash concentration accounts.

 

Tenant Security Deposits

 

The Partnership requires security deposits from lessees for the duration of the lease. Deposits are refunded when the tenant vacates, provided the tenant has not damaged the space and is current on rental payments.

 

Investment Properties

 

Investment properties consist of two apartment complexes and are stated at cost, less accumulated depreciation, unless the carrying amount of the asset is not recoverable. The Partnership capitalizes costs incurred in connection with capital additions activities, including redevelopment and construction projects, other tangible property improvements and replacements of existing property components. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with the planning, execution and control of all capital additions activities at the property level.  The Partnership capitalizes interest, property taxes and insurance during periods in which redevelopment and construction projects are in progress. The Partnership did not capitalize any costs related to interest, property taxes or insurance during the years ended December 31, 2012 and 2011. Capitalized costs are depreciated over the estimated useful life of the asset. The Partnership charges to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance and resident turnover costs.

 

If events or circumstances indicate that the carrying amount of a property may not be recoverable, the Partnership will make an assessment of its recoverability by comparing the carrying amount to the Partnership’s estimate of the undiscounted future cash flows, excluding interest charges, of the property. If the carrying amount exceeds the estimated aggregate undiscounted future cash flows, the Partnership would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. No adjustments for impairment of value were necessary for the years ending December 31, 2012 and 2011.

 

Depreciation

 

Depreciation is provided by the straight-line method over the estimated lives of the apartment properties and related personal property.  For Federal income tax purposes, the modified accelerated cost recovery method is used for depreciation of (1) real property additions over 27 1/2 years and (2) personal property additions over 5 years.

 

Leases

 

The Partnership generally leases apartment units for twelve-month terms or less.  The Partnership will offer rental concessions during particularly slow months or in response to heavy competition from other similar complexes in the area.  Rental income attributable to leases, net of any concessions, is recognized on a straight-line basis over the term of the lease.  The Partnership evaluates all accounts receivable from residents and establishes an allowance, after the application of security deposits, for accounts greater than 30 days past due on current tenants and all receivables due from former tenants.

 

Advertising Costs

 

The Partnership expenses the costs of advertising as incurred. Advertising costs of approximately $203,000 and $228,000 for the years ended December 31, 2012 and 2011, respectively, are included in operating expense and loss from discontinued operations.

 

Deferred Costs

 

Loan costs of approximately $390,000 and $864,000 at December 31, 2012 and 2011, respectively, less accumulated amortization of approximately $63,000 and $328,000, respectively, are included in other assets and assets held for sale. During the year ended December 31, 2012, loan costs of approximately $474,000 and amortization of approximately $326,000 were written off in connection with the sales of Greenspoint at Paradise Valley and Tamarind Bay Apartments. The loan costs are amortized over the terms of the related loan agreements. The total amortization expense for the years ended December 31, 2012 and 2011 was approximately $61,000 and $118,000, respectively, and is included in interest expense and loss from discontinued operations. Amortization expense is expected to be approximately $39,000 for each of the years 2013 through 2017.

 

Leasing commissions and other direct costs incurred in connection with successful leasing efforts are deferred and amortized over the terms of the related leases.  Amortization of these costs is included in operating expenses and loss from discontinued operations.

 

Segment Reporting

 

ASC Topic 280-10, “Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment. 

XML 41 R59.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note G - Distributions: Schedule of distributions from sale proceeds (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Gross distributions to partners from sale proceeds $ 10,252
Distribution per limited partnership unit from sale proceeds $ 112.58
XML 42 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note C - Income Taxes: Reconciliation of Book Income (Loss) to Federal Taxable Income (Loss) (Tables)
12 Months Ended
Dec. 31, 2012
Tables/Schedules  
Reconciliation of Book Income (Loss) to Federal Taxable Income (Loss)

 

 

2012

2011

Net income (loss) as reported

$ 24,709 

$ (6,492)

Add (deduct):

 

 

Depreciation differences

   2,529 

    3,561 

Gain (loss) on disposal of property

   1,484 

       -- 

Unearned income

     (29)

      (24)

Other

    (80)

      84 

Federal taxable income (loss)

$ 28,613 

$ (2,871)

 

 

 

Federal taxable income (loss) per limited partnership unit

$ 179.00

$ (28.36)

XML 43 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Allocation of Income, Loss and Distributions (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Allocation of Income, Loss and Distributions

Allocation of Income, Loss and Distributions

 

Net income, net loss and distributions of cash of the Partnership are allocated between general and limited partners in accordance with the provisions of the Partnership Agreement.

XML 44 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note C - Income Taxes: Reconciliation of Book Net Assets (Liabilities) to Tax Basis Net Assets (Liabilities) (Tables)
12 Months Ended
Dec. 31, 2012
Tables/Schedules  
Reconciliation of Book Net Assets (Liabilities) to Tax Basis Net Assets (Liabilities)

 

 

2012

2011

Net liabilities as reported

  $ (15,649)

  $ (30,106)

Land and buildings

      2,913

      4,142

Accumulated depreciation

     (2,360)

    (7,602)

Deferred sales commission

      7,947

      7,947

Syndication and distribution costs

      4,451

      4,451

Other

        304

        413

Net liabilities - Federal tax basis

  $  (2,394)

  $ (20,755)

XML 45 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Cash and Cash Equivalents

Cash and Cash Equivalents

 

Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits.  Cash balances include approximately $310,000 and $228,000 at December 31, 2012 and 2011, respectively, that are maintained by an affiliated management company on behalf of affiliated entities in cash concentration accounts.

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XML 47 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note B - Mortgage Notes Payable
12 Months Ended
Dec. 31, 2012
Notes  
Note B - Mortgage Notes Payable

Note B - Mortgage Notes Payable

 

 

 

 

 

 

 

 

Property

Principal Balance December 31, 2012

Principal Balance December 31, 2011

Monthly Payment Including Interest

Stated Interest Rate (1)

Maturity Date

Principal Balance Due at Maturity

 

(in thousands)

(in thousands)

 

 

(in thousands)

Lakeside at Vinings Mountain 1st mortgage

$14,677

$14,883

    $  85

5.53%

06/01/21

$12,405

The Peak at Vinings Mountain 1st mortgage

 15,506

 15,724

       90

5.54%

06/01/21

13,109

 

$30,183

$30,607

$  175

 

 

$25,514

 

(1)   Fixed rate mortgages.

 

On May 2, 2011, the Partnership refinanced the mortgage debt encumbering Lakeside at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,170,000, with a new mortgage loan in the principal amount of $14,982,000. The new loan bears interest at a rate of 5.53% per annum and requires monthly payments of principal and interest of approximately $85,000 beginning on July 1, 2011, through the June 1, 2021 maturity date.  The new mortgage loan has a balloon payment of approximately $12,405,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $482,000 during the year ended December 31, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $189,000 and are included in other assets.

 

On May 2, 2011, the Partnership refinanced the mortgage debt encumbering The Peak at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,861,000, with a new mortgage loan in the principal amount of $15,828,000. The new loan bears interest at a rate of 5.54% per annum and requires monthly payments of principal and interest of approximately $90,000 beginning on July 1, 2011, through the June 1, 2021 maturity date. The new mortgage loan has a balloon payment of approximately $13,109,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $515,000 during the year ended December 31, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $201,000 and are included in other assets.

 

The mortgage notes payable are non-recourse and are secured by a pledge of the Partnership’s investment properties and by a pledge of revenues from the respective investment properties.  The mortgage notes payable include a prepayment penalty if repaid prior to maturity. Further, the properties may not be sold subject to existing indebtedness.

 

Scheduled principal payments of the mortgage notes payable subsequent to December 31, 2012 are as follows (in thousands):

 

2013

$   448

2014

    473

2015

    500

2016

    529

2017

    559

Thereafter

 27,674

 

$30,183

 

XML 48 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Revenues:    
Rental income $ 5,561 $ 5,301
Other income 651 521
Total revenues 6,212 5,822
Expenses:    
Operating 2,014 2,003
General and administrative 271 335
Depreciation 4,864 5,013
Interest 1,800 2,006
Property taxes 496 275
Loss on early extinguishment of debt 0 997
Total expenses 9,445 10,629
Casualty gain 0 69
Loss from continuing operations (3,233) (4,738)
Loss from discontinued operations (3,493) (1,754)
Gain from sale of discontinued operations 31,435 0
Net income (loss) 24,709 (6,492)
Net income (loss) allocated to general partner 3,167 (766)
Net income (loss) allocated to limited partners $ 21,542 $ (5,726)
Per limited partnership unit:    
Loss from continuing operations per limited partnership unit $ (31.94) $ (46.81)
Loss from discontinued operations per limited partnership unit $ (34.53) $ (17.33)
Gain from sale of discontinued operations per limited partnership unit $ 307.88 $ 0.00
Net income (loss) per limited partnership unit $ 241.41 $ (64.14)
Distributions per limited partnership unit $ 112.58 $ 0.00
XML 49 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Reclassifications (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Reclassifications

Reclassifications

 

Certain reclassifications have been made to the 2011 balances to conform to the 2012 presentation.

XML 50 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
12 Months Ended
Dec. 31, 2012
Document and Entity Information:  
Entity Registrant Name CENTURY PROPERTIES FUND XIX
Document Type 10-K
Document Period End Date Dec. 31, 2012
Amendment Flag false
Entity Central Index Key 0000705752
Current Fiscal Year End Date --12-31
Entity Common Stock, Shares Outstanding 89,233
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status Yes
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2012
Document Fiscal Period Focus FY
XML 51 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Subsequent Events (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Subsequent Events

Subsequent Events

 

The Partnership’s management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.

XML 52 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statement of Shareholders Deficit (USD $)
In Thousands
General Partner
Limited Partners
Total
Partners' deficit, beginning balance at Dec. 31, 2010 $ (10,023) $ (13,591) $ (23,614)
Net income (loss) (766) (5,726) (6,492)
Partners' deficit, ending balance at Dec. 31, 2011 (10,789) (19,317) (30,106)
Distributions to partners (206) (10,046) (10,252)
Net income (loss) 3,167 21,542 24,709
Partners' deficit, ending balance at Dec. 31, 2012 $ (7,828) $ (7,821) $ (15,649)
XML 53 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note G - Distributions
12 Months Ended
Dec. 31, 2012
Notes  
Note G - Distributions

Note G – Distributions

 

The Partnership distributed the following amounts during the years ended December 31, 2012 and 2011 (in thousands, except per unit data):

 

 

 

 

Per Limited

 

Per Limited

 

Year Ended

Partnership

Year Ended

Partnership

 

December 31, 2012

Unit

December 31, 2011

Unit

 

 

 

 

 

Sale (1)

$ 10,252

$ 112.58

$     --

$     --

 

(1)Proceeds from the March 2012 sale of Greenspoint at Paradise Valley and the September 2012 sale of Tamarind Bay Apartments.

 

 

XML 54 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note F - Sale of Investment Property
12 Months Ended
Dec. 31, 2012
Notes  
Note F - Sale of Investment Property

Note F – Sale of Investment Property

 

On March 29, 2012, the Partnership sold Greenspoint at Paradise Valley to a third party for a gross sale price of $29,750,000. The net proceeds realized by the Partnership were approximately $29,432,000 after payment of closing costs.  The Partnership used approximately $15,349,000 of the net proceeds to repay the mortgages encumbering the property. As a result of the sale, the Partnership recorded a gain of approximately $22,329,000, which is included in gain from sale of discontinued operations. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $4,000 due to the write off of unamortized loan costs, which is included in loss from discontinued operations.

 

On September 28, 2012, the Partnership sold Tamarind Bay Apartments to a third party for a gross sale price of  $12,750,000.  The net proceeds realized by the Partnership were approximately $12,073,000 after payment of closing costs and a credit for approximately $381,000 to the purchaser for capital improvements. The Partnership used approximately $6,670,000 of the net proceeds to repay the mortgages encumbering the property.  As a result of the sale, the Partnership recorded a gain of approximately $9,106,000, which is included in gain from sale of discontinued operations. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $2,697,000 due to the write off of unamortized loan costs of approximately $144,000 and the payment of a prepayment penalty of approximately $2,553,000, which is included in loss from discontinued operations.

XML 55 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement.  Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date.  Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.  Level 3 includes fair value measurements based on unobservable inputs.  The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments (except for mortgage notes payable) approximates their fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage notes payable by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term, mortgage notes payable. The Partnership has classified this fair value measurement within Level 2 of the fair value hierarchy. At December 31, 2012, the fair value of the Partnership's mortgage notes payable at the Partnership's incremental borrowing rate was approximately $35,158,000.

XML 56 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Use of Estimates (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

XML 57 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Organization (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Organization

Organization

 

Century Properties Fund XIX, LP (the "Partnership" or "Registrant"), is a California Limited Partnership organized in August 1982, to acquire, operate and ultimately sell residential apartment complexes.  At December 31, 2012, the Partnership operated two residential apartment complexes located in Atlanta, Georgia. The general partner of the Partnership is Fox Partners II, a California general partnership. The general partners of Fox Partners II are Fox Capital Management Corporation ("FCMC" or the "Managing General Partner"), a California corporation, and Fox Realty Investors ("FRI"), a California general partnership. The Managing General Partner is a subsidiary of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust.  The term of the Partnership is scheduled to expire on December 31, 2024.

XML 58 R60.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note H - Casualty Events (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Casualty damage costs total - The Peak at Vinings Mountain $ 61,000
Clean up costs incurred & expensed - The Peak At Vinings Mountain 24,000
Insurance proceeds received total - The Peak at Vinings Mountain 82,000
Insurance proceeds received clean up costs - The Peak at Vinings Mountain 21,000
Casualty Gain recognized - The Peak at Vinings Mountain 59,000
Net book value of investment property write off - The Peak at Vinings Mountain 2,000
Casualty damage costs total - Lakeside at Vinings Mountain 10,000
Clean up costs incurred & expensed - Lakeside at Vinings Mountain 16,000
Insurance proceeds received total - Lakeside at Vinings Mountain 24,000
Insurance proceeds received clean up costs - Lakeside at Vinings Mountain 14,000
Casualty Gain recognized - Lakeside at Vinings Mountain $ 10,000
XML 59 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note H - Casualty Events
12 Months Ended
Dec. 31, 2012
Notes  
Note H - Casualty Events

Note H - Casualty Events

 

In April 2011, The Peak at Vinings Mountain sustained damages of approximately $61,000 and clean up costs of approximately $24,000 as a result of a severe storm. During the year ended December 31, 2011, the Partnership received approximately $82,000 in insurance proceeds, which included approximately $21,000 for clean up costs, which are included in operating expenses. The Partnership recognized a casualty gain of approximately $59,000 during the year ended December 31, 2011 as a result of the write off of undepreciated damaged assets of approximately $2,000.

 

In April 2011, Lakeside at Vinings Mountain sustained damages of approximately $10,000 and clean up costs of approximately $16,000 as a result of a severe storm. During the year ended December 31, 2011, the Partnership received approximately $24,000 in insurance proceeds, which included approximately $14,000 for clean up costs, which are included in operating expenses. The Partnership recognized a casualty gain of approximately $10,000 during the year ended December 31, 2011 as the damaged assets were fully depreciated at the time of the casualty.

XML 60 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note I - Contingencies
12 Months Ended
Dec. 31, 2012
Notes  
Note I - Contingencies

Note I - Contingencies

 

The Partnership is unaware of any pending or outstanding litigation matters involving it or its investment properties that are not of a routine nature arising in the ordinary course of business.

 

Various Federal, state and local laws subject property owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials  present on a property, including lead-based paint, asbestos, polychlorinated biphenyls, petroleum-based fuels, and other miscellaneous materials. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of such materials. The presence of, or the failure to manage or remedy properly, these materials may adversely affect occupancy at affected apartment communities and the ability to sell or finance affected properties. In addition to the costs associated with investigation and remediation actions brought by government agencies, and potential fines or penalties imposed by such agencies in connection therewith, the improper management of these materials on a property could result in claims by private plaintiffs for personal injury, disease, disability or other infirmities. Various laws also impose liability for the cost of removal, remediation or disposal of these materials through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of these materials is potentially liable under such laws. These laws often impose liability whether or not the person arranging for the disposal ever owned or operated the disposal facility. In connection with the ownership, operation and management of its properties, the Partnership could potentially be responsible for environmental liabilities or costs associated with its properties.

XML 61 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Basis of Presentation (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Basis of Presentation

Basis of Presentation

 

The accompanying statement of operations for the year ended December 31, 2011 has been restated to reflect the operations of Greenspoint at Paradise Valley and Tamarind Bay Apartments as loss from discontinued operations and the accompanying balance sheet as of December 31, 2011 has also been restated to reflect the respective assets and liabilities of Greenspoint at Paradise Valley and Tamarind Bay Apartments as held for sale due to their sales on March 29, 2012 and September 28, 2012, respectively.

 

The following table presents summarized results of operations for Greenspoint at Paradise Valley and Tamarind Bay Apartments for the years ended December 31, 2012 and 2011 (in thousands):

 

 

 

Year Ended December 31, 2012

Year Ended December 31, 2011

 Revenues

$ 2,083

$ 4,835

Expenses

(2,875)

(6,589)

Loss on early extinguishment of debt

(2,701)

--

Loss from discontinued operations

$(3,493)

$(1,754)

 

XML 62 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note B - Mortgage Notes Payable: Schedule of Maturities of Long-term Debt (Tables)
12 Months Ended
Dec. 31, 2012
Tables/Schedules  
Schedule of Maturities of Long-term Debt

 

2013

$   448

2014

    473

2015

    500

2016

    529

2017

    559

Thereafter

 27,674

 

$30,183

XML 63 R51.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note C - Income Taxes: Reconciliation of Book Income (Loss) to Federal Taxable Income (Loss) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Net income (loss) $ 24,709 $ (6,492)
Depreciation differences 2,529 3,561
Gain (Loss) on Disposition of Property 1,484  
Unearned income book tax difference (29) (24)
Other book tax differences (80) 84
Federal taxable income (loss) $ 28,613 $ (2,871)
Federal taxable income (loss) per limited partnership unit $ 179.00 $ (28.36)
XML 64 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Net Income (loss) and Distributions Per Limited Partnership Unit (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Net Income (loss) and Distributions Per Limited Partnership Unit

Net Income (Loss) and Distributions Per Limited Partnership Unit

 

Net income (loss) per limited partnership unit (the “Units”) is computed by dividing net income (loss) allocated to the limited partners by the number of Units outstanding at the beginning of the fiscal year. Distributions per Unit for the year ended December 31, 2012 was computed by dividing the number of Units outstanding at the beginning of the year. The number of Units used was 89,235 and 89,274 for the years ended December 31, 2012 and 2011, respectively.

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Note A - Organization and Summary of Significant Accounting Policies: Investment Properties (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Investment Properties

Investment Properties

 

Investment properties consist of two apartment complexes and are stated at cost, less accumulated depreciation, unless the carrying amount of the asset is not recoverable. The Partnership capitalizes costs incurred in connection with capital additions activities, including redevelopment and construction projects, other tangible property improvements and replacements of existing property components. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with the planning, execution and control of all capital additions activities at the property level.  The Partnership capitalizes interest, property taxes and insurance during periods in which redevelopment and construction projects are in progress. The Partnership did not capitalize any costs related to interest, property taxes or insurance during the years ended December 31, 2012 and 2011. Capitalized costs are depreciated over the estimated useful life of the asset. The Partnership charges to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance and resident turnover costs.

 

If events or circumstances indicate that the carrying amount of a property may not be recoverable, the Partnership will make an assessment of its recoverability by comparing the carrying amount to the Partnership’s estimate of the undiscounted future cash flows, excluding interest charges, of the property. If the carrying amount exceeds the estimated aggregate undiscounted future cash flows, the Partnership would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. No adjustments for impairment of value were necessary for the years ending December 31, 2012 and 2011.

XML 67 R49.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note B - Mortgage Notes Payable (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Lakeside at Vinings Mountain - Old Mortgage - May 2011 $ 9,170,000
Lakeside at Vinings Mountain - New Mortgage - May 2011 14,982,000
Stated Interest Rate - Lakeside at Vinings Mountain - New Mortgage 5.53%
Required monthly P&I payments - Lakeside at Vinings Mountain - New Mortgage 85,000
Balloon payment June 2021 maturity new mortgage - Lakeside at Vinings Mountain 12,405,000
Loss on early extinguishment debt - Lakeside at Vinings Mountain 482,000
Total capitalized loan costs - new mortgage - Lakeside at Vinings Mountain 189,000
The Peak at Vinings Mountain - Old Mortgage - May 2011 9,861,000
The Peak at Vinings Mountain - New Mortgage - May 2011 15,828,000
Stated Interest Rate - The Peak at Vinings Mountain - New Mortgage 5.54%
Required monthly P&I payments - The Peak at Vinings Mountain - New Mortgage 90,000
Balloon payment June 2021 maturity new mortgage - The Peak at Vinings Mountain 13,109,000
Loss on early extinguishment debt - The Peak at Vinings Mountain 515,000
Total capitalized loan costs - new mortgage - The Peak at Vinings Mountain $ 201,000
XML 68 R41.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Basis of Presentation: Discontinued Operations schedule - sales of Greenspoint at Paradise Valley & Tamarind Bay Apartments (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Revenues - discontinued operations $ 2,083 $ 4,835
Expenses - discontinued operations (2,875) (6,589)
Loss on early extinguishment of debt - discontinued operations (2,701)  
Income (loss) from discontinued operations $ (3,493) $ (1,754)
XML 69 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:    
Net income (loss) $ 24,709 $ (6,492)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 5,810 7,747
Amortization of loan costs 61 118
Gain from sale of discontinued operations (31,435) 0
Loss on early extinguishment of debt 2,701 997
Casualty gain 0 (69)
Change in accounts:    
Receivables and deposits 227 32
Other assets 103 48
Accounts payable (16) (69)
Tenant security deposit liabilities (140) (1)
Accrued property taxes (103) 12
Other liabilities (332) 179
Due to affiliates (941) (1,104)
Net cash provided by operating activities 644 1,398
Cash flows from investing activities:    
Property improvements and replacements (1,251) (1,125)
Insurance proceeds received 0 73
Proceeds from sale of discontinued operations 41,505 0
Net cash provided by (used in) investing activities 40,254 (1,052)
Cash flows from financing activities:    
Payments on mortgage notes payable (608) (990)
Repayment of mortgage notes payable (22,019) (19,031)
Proceeds from mortgage notes payable 0 30,810
Advances from affiliate 492 1,136
Repayment of advances from affiliate (6,100) (10,904)
Prepayment penalties paid (2,553) (755)
Loan costs paid 0 (390)
Distributions to partners (10,252) 0
Net cash used in financing activities (41,040) (124)
Net increase (decrease) in cash and cash equivalents (142) 222
Cash and cash equivalents at beginning of period 453 231
Cash and cash equivalents at end of period 311 453
Supplemental disclosure of cash flow information:    
Cash paid for interest 3,014 4,390
Supplemental disclosure of non-cash activity:    
Property improvements and replacements included in accounts payable $ 0 $ 106
XML 70 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note E - Investment Properties and Accumulated Depreciation
12 Months Ended
Dec. 31, 2012
Notes  
Note E - Investment Properties and Accumulated Depreciation

Note E – Investment Properties and Accumulated Depreciation

 

 

 

Initial Cost To Partnership

 

 

 

(in thousands)

 

Description

Encumbrances

Land

Buildings and Related Personal Property

Net Cost Capitalized Subsequent to Acquisition

 

(in thousands)

 

 

(in thousands)

Lakeside at Vinings Mountain

   $14,677

$ 1,206

$10,980

   $14,374

The Peak at Vinings Mountain

    15,506

  1,632

 12,321

    17,024

 

   $30,183

$ 2,838

$23,301

   $31,398

 

 

 

 

 

 

 

 

 

Gross Amount At Which Carried

 

 

 

At December 31, 2012

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

Description

Land

Buildings and Related Personal Property

Total

Accumulated Depreciation

Year of Construction

Date Acquired

Depreciable Life

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lakeside at Vinings Mountain

$ 1,206

   $25,354

 $ 26,560

    $20,257

1983

12/83

5-30 yrs

 

The Peak at Vinings Mountain

  1,632

    29,345

   30,977

     22,807

1982

4/84

5-30 yrs

 

 

$ 2,838

   $54,699

 $ 57,537

    $43,064

 

 

 

 

 

 

Reconciliation of "Investment Properties and Accumulated Depreciation":

 

 

Years Ended December 31,

 

2012

2011

 

(in thousands)

Investment Properties

 

 

Balance at beginning of year

$ 92,900

$ 97,862

  Property improvements

   1,145

   1,205

  Retirement of assets

     (327)

   (6,137)

  Sale of investment property

  (36,181)

      --

  Disposal of assets

      --

      (30)

Balance at end of year

$ 57,537

$ 92,900

 

 

 

Accumulated Depreciation

 

 

Balance at beginning of year

$ 63,744

$ 62,160

  Additions charged to expense

   5,810

   7,747

  Retirement of assets

     (327)

   (6,137)

  Sale of investment property

  (26,163)

     --

  Disposal of assets

      --

      (26)

Balance at end of year

$ 43,064

$ 63,744

 

 

During the years ended December 31, 2012 and 2011, the Partnership retired and wrote off personal property no longer being used that had a cost basis of approximately $327,000 and $6,137,000, respectively, and accumulated depreciation of approximately $327,000 and $6,137,000, respectively.

 

The aggregate cost of the investment properties for Federal income tax purposes at December 31, 2012 and 2011 is approximately $60,450,000 and $97,042,000, respectively. The accumulated depreciation for Federal income tax purposes at December 31, 2012 and 2011 is approximately $45,424,000 and $71,346,000, respectively.

 

XML 71 R58.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note F - Sale of Investment Property (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Investment Property Sale Price March 29, 2012 - Greenspoint at Paradise Valley $ 29,750,000
Net proceeds realized March 29, 2012 sale 29,432,000
Sale proceeds used to repay mortgage March 29, 2012 sale 15,349,000
Gain on sale of investment property March 29, 2012 sale 22,329,000
Loss on early extinguishment of debt March 29, 2012 sale 4,000
Investment Property Sale Price Sept 28, 2012 - Tamarind Bay Apartments 12,750,000
Net proceeds realized Sept 28, 2012 sale 12,073,000
Purchase price credit for capital improvements Sept 28, 2012 sale 381,000
Sale proceeds used to repay mortgage Sept 28, 2012 sale 6,670,000
Gain on sale of investment property Sept 28, 2012 sale 9,106,000
Loss on early extinguishment of debt Sept 28, 2012 sale 2,697,000
Unamortized loan costs write off Sept 28, 2012 sale 144,000
Prepayment penalty Sept 28, 2012 sale $ 2,553,000
XML 72 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Depreciation (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Depreciation

Depreciation

 

Depreciation is provided by the straight-line method over the estimated lives of the apartment properties and related personal property.  For Federal income tax purposes, the modified accelerated cost recovery method is used for depreciation of (1) real property additions over 27 1/2 years and (2) personal property additions over 5 years.

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Note E - Investment Properties and Accumulated Depreciation: Schedule of Property, Plant and Equipment (Tables)
12 Months Ended
Dec. 31, 2012
Tables/Schedules  
Schedule of Property, Plant and Equipment

 

 

 

 

 

 

 

 

Gross Amount At Which Carried

 

 

 

At December 31, 2012

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

Description

Land

Buildings and Related Personal Property

Total

Accumulated Depreciation

Year of Construction

Date Acquired

Depreciable Life

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lakeside at Vinings Mountain

$ 1,206

   $25,354

 $ 26,560

    $20,257

1983

12/83

5-30 yrs

 

The Peak at Vinings Mountain

  1,632

    29,345

   30,977

     22,807

1982

4/84

5-30 yrs

 

 

$ 2,838

   $54,699

 $ 57,537

    $43,064

 

 

 

 

XML 75 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note A - Organization and Summary of Significant Accounting Policies: Abandoned Units (Policies)
12 Months Ended
Dec. 31, 2012
Policies  
Abandoned Units

Abandoned Units

 

During the years ended December 31, 2012 and 2011, the number of limited partnership units (the “Units”) decreased by 2 and 39 Units, respectively, due to limited partners abandoning their Units. At December 31, 2012 and 2011, the Partnership had outstanding 89,233 and 89,235 Units, respectively. In abandoning his or her Units, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.