0000711642-13-000212.txt : 20131113 0000711642-13-000212.hdr.sgml : 20131113 20131113114506 ACCESSION NUMBER: 0000711642-13-000212 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131113 DATE AS OF CHANGE: 20131113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2 CENTRAL INDEX KEY: 0000719184 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 942883067 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-11723 FILM NUMBER: 131213361 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 BOC 1089 CITY: DENVER STATE: CO ZIP: 80222 10-Q 1 ccip2913_10q.htm FORM 10-Q FORM 10-QSB—QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

Form 10-Q

 

(Mark One)

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

 

For the quarterly period ended September 30, 2013

 

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 0-11723

 

 

CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2, LP

(Exact name of registrant as specified in its charter)

 

 

Delaware

94-2883067

(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)

 

(864) 239-1000

(Registrant's telephone number, including area code)

 

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. 

[X] Yes  [ ] 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 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 [X]

 

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

 

PART I – FINANCIAL INFORMATION

 

 

ITEM 1.     FINANCIAL STATEMENTS

 

CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2, LP

BALANCE SHEETS

(Unaudited)

 (in thousands)

 

 

 

September 30,

December 31,

 

2013

2012

 

 

 

Assets held for sale:

 

 

Cash and cash equivalents

 $    157

 $    143

Receivables and deposits

      121

      126

Other assets

       46

       85

Investment property:

 

 

Land

    3,660

    3,660

Buildings and related personal property

   10,129

   10,158

Total investment property

   13,789

   13,818

Less accumulated depreciation

   (5,431)

   (5,053)

Investment property, net

    8,358

    8,765

Total assets

 $  8,682

 $  9,119

 

 

 

Liabilities and Partners' Deficit

 

 

Liabilities related to assets held for sale:

 

 

Accounts payable

 $     41

 $     34

Tenant security deposit liabilities

       73

       63

Distributions payable

      141

      141

Due to affiliates

      658

      593

Accrued property taxes

      262

      324

Other liabilities

      180

      190

Mortgage note payable

   10,255

   10,391

Total liabilities

   11,610

   11,736

 

 

 

Partners' Deficit

 

 

General partner

     (482)

     (479)

Limited partners

   (2,446)

   (2,138)

Total partners’ deficit

   (2,928)

   (2,617)

Total liabilities and partners’ deficit

 $  8,682

 $  9,119

 

 

CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2, LP

STATEMENTS OF DISCONTINUED OPERATIONS

(Unaudited)

(in thousands, except per unit data)

 

 

 

 

 

Three Months Ended

Nine Months Ended

 

September 30,

September 30,

 

2013

2012

2013

2012

 

 

 

 

 

Loss from continuing operations

$  --

$   --

$   --

$   --

Loss from discontinued operations:

 

 

 

 

Revenues:

 

 

 

 

Rental income

    559

    551

   1,674

   1,626

Other income

    124

     98

    323

    272

Total revenues

    683

    649

  1,997

  1,898

 

 

 

 

 

Expenses:

 

 

 

 

Operating

    276

    228

    789

    714

General and administrative

     63

     84

    206

    258

Depreciation

    163

    165

    490

    492

Interest

    179

    181

    537

    541

Property taxes

     87

     81

    286

    253

Total expenses

    768

    739

  2,308

  2,258

 

 

 

 

 

Loss before income from merger of

 

 

 

 

  affiliated partnership

    (85)

    (90)

   (311)

   (360)

Income from merger of affiliated partnership

     --

     --

     --

     24

Net loss

$   (85)

$   (90)

$  (311)

$  (336)

 

 

 

 

 

Net loss allocated to general partner (1%)

$    (1)

$    (1)

$    (3)

$    (3)

Net loss allocated to limited partners

 

 

 

 

  (Series A) (99%)

$   (84)

$   (89)

$  (308)

$  (333)

 

 

 

 

 

Net loss per Series A unit

$ (0.09)

$ (0.10)

$ (0.34)

$ (0.37)

 

CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2, LP

STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

 

 

 

 

Nine Months Ended

 

September 30,

 

2013

2012

Cash flows from operating activities:

 

 

Net loss

 $  (311)

 $  (336)

Adjustments to reconcile net loss to net cash provided by

 

 

operating activities:

 

 

Depreciation

    490

    492

Amortization of loan costs

     30

     30

Bad debt expense

     49

     38

Income from merger of affiliated partnership

     --

     (24)

Change in accounts:

 

 

Other assets

      9

     --

Receivables and deposits

     (44)

     (30)

Accounts payable

     20

      (1)

Accrued property taxes

     (62)

     (63)

Due to affiliates

      (8)

    178

Tenant security deposit liabilities

     10

      9

Other liabilities

     (10)

     25

Net cash provided by operating activities

    173

    318

 

 

 

Cash flows from investing activities:

 

 

Property improvements and replacements

     (96)

    (265)

Proceeds from merger of affiliated partnership

     --

     24

Net cash used in investing activities

     (96)

    (241)

 

 

Cash flows from financing activities:

 

 

Principal payments on mortgage note payable

    (136)

    (128)

Advances from affiliate

     95

    110

Repayment of advances from affiliate

     (22)

     --

Net cash used in financing activities

     (63)

     (18)

 

 

Net increase in cash and cash equivalents

     14

     59

Cash and cash equivalents at beginning of period

    143

     79

Cash and cash equivalents at end of period

$   157

$   138

 

 

 

Supplemental disclosure of cash flow information:

 

 

Cash paid for interest

$   496

$   486

 

 

 

Supplemental disclosure of non-cash activity:

 

 

Property improvements and replacements included in

 

 

  accounts payable

$    --

$    12

 

CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2, LP

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

 

Note A – Basis of Presentation

 

The accompanying unaudited financial statements of Consolidated Capital Institutional Properties/2, LP (the "Partnership" or "Registrant") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of ConCap Equities, Inc. (the "General Partner"), all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. The General Partner is a subsidiary of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust. Operating results for the three and nine month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2013. For further information, refer to the financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

 

At September 30, 2013 and December 31, 2012, the Partnership had outstanding 907,143.60 limited partnership units.

 

Certain reclassifications have been made to the 2012 balances to conform to the 2013 presentation.

 

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

 

Partnership Termination

 

The Partnership Agreement provides that the Partnership is to terminate on December 31, 2013 unless terminated prior to such date. Since the Partnership’s term will expire on December 31, 2013 and the term cannot be extended, the General Partner began marketing the Partnership’s investment property for sale in 2013.

 

The respective assets and liabilities of Highcrest Townhomes met all criteria to be classified as held for sale as of September 30, 2013 and December 31, 2012.  Those respective assets and liabilities are measured at their carrying value as the carrying value is lower than the fair value less costs to sell. The accompanying statements of discontinued operations for the three and nine months ended September 30, 2013 and 2012 are presented to reflect the operations of Highcrest Townhomes as discontinued operations. On October 30, 2013, the Partnership sold Highcrest Townhomes to a third party for a total sales price of $20,175,000. Subsequent to the sale, the Partnership commenced the liquidation process and plans to have that process completed no later than June 2014.

 

Note B – Transactions with Affiliated Parties

 

The Partnership has no employees and depends on the 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 reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. 

 

Affiliates of the General Partner receive 5% of gross receipts from the Partnership’s property as compensation for providing property management services. The Partnership paid to such affiliates approximately $99,000 and $93,000 for the nine months ended September 30, 2013 and 2012, respectively, which are included in operating expenses.

 

An affiliate of the General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $95,000 and $180,000 for the nine months ended September 30, 2013 and 2012, respectively, which is included in general and administrative expenses and investment property. The portion of these reimbursements included in investment property for the nine months ended September 30, 2013 and 2012 are construction management services provided by an affiliate of the General Partner of approximately $3,000 and $28,000, respectively. At September 30, 2013 and December 31, 2012, the Partnership owed approximately $321,000 and $344,000, respectively, for accountable administrative expenses, which is included in due to affiliates.  Subsequent to September 30, 2013, the Partnership paid the outstanding balance of accountable administrative expenses with proceeds received from the sale of Highcrest Townhomes.

 

Pursuant to the Partnership Agreement, AIMCO Properties, L.P., an affiliate of the General Partner, advanced the Partnership approximately $95,000 and $110,000 during the nine months ended September 30, 2013 and 2012, respectively, to fund real estate taxes at Highcrest Townhomes.  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 2% to a variable rate based on the prime rate plus a market rate adjustment for similar type loans. Affiliates of the General Partner review the market rate adjustment quarterly. The interest rate on the outstanding advances at September 30, 2013 was 10.08%. Interest expense was approximately $18,000 and $19,000 for the nine months ended September 30, 2013 and 2012, respectively.  During the nine months ended September 30, 2013, the Partnership repaid advances and accrued interest of approximately $25,000. No such payments were made during the nine months ended September 30, 2012. At September 30, 2013 and December 31, 2012, the amount of outstanding advances and accrued interest due to AIMCO Properties, L.P. was approximately $337,000 and $249,000, respectively, and are included in due to affiliates. Subsequent to September 30, 2013, the Partnership repaid the total outstanding advances and accrued interest with proceeds received from the sale of Highcrest Townhomes.

 

The Partnership insures its property 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 property above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the General Partner.  During the nine months ended September 30, 2013, the Partnership was charged by Aimco and its affiliates approximately $12,000 for hazard insurance coverage and fees associated with policy claims administration. Additional charges will be incurred by the Partnership during 2013 as other insurance policies renew later in the year. The Partnership was charged by Aimco and its affiliates approximately $29,000 for insurance coverage and fees associated with policy claims administration during the year ended December 31, 2012.

 

Note C – Investment in Affiliated Partnership

 

The Partnership had an investment as a special limited partner in an affiliated partnership, Consolidated Capital Properties IV.  This investment was accounted for using the equity method of accounting. Distributions from the affiliated partnership were accounted for as a reduction of the investment balance. When the investment balance had been reduced to zero, subsequent distributions received would be recognized as income.

 

During the nine months ended September 30, 2012, the affiliated partnership merged with affiliates of the General Partner.  As a result of the completion of the merger, the Partnership received approximately $24,000 as consideration for its special limited partnership interest, which is reflected as income from merger of affiliated partnership for the nine months ended September 30, 2012, as the Partnership’s investment in the affiliated partnership was zero at the time of the merger.

  

Note D – Fair Value of Financial Instruments

 

Financial Accounting Standards Board Accounting Standards Codification 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 the mortgage note payable) approximates its fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage note 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 September 30, 2013, the fair value of the Partnership's mortgage note payable at the Partnership's incremental borrowing rate was approximately $11,091,000.

 

Note E – Contingencies

 

The Partnership is unaware of any pending or outstanding litigation matters involving it or its investment property 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 for the proper operation of the disposal facility. 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 property, the Partnership could potentially be responsible for environmental liabilities or costs associated with its property.

 

Note F – Investment Property

 

During the nine months ended September 30, 2013, the Partnership retired and wrote-off property improvements and replacements no longer being used that had a cost basis of approximately $112,000 and accumulated depreciation of approximately $112,000.

 

Note G – Subsequent Event

 

On October 30, 2013, the Partnership sold Highcrest Townhomes, its sole investment property, to a third party for a total sales price of $20,175,000.  The net proceeds realized by the Partnership were approximately $19,878,000 after payment of closing costs of approximately $297,000.  The Partnership used approximately $10,240,000 to repay the mortgage encumbering the property.  The Partnership anticipates recognizing a gain, during the fourth quarter of 2013, of approximately $11,441,000 as a result of the sale.  In addition, the Partnership anticipates recognizing a loss on extinguishment of debt, during the fourth quarter of 2013, of approximately $2,000,000 as a result of the write off of unamortized loan costs and payment of a prepayment penalty of approximately $1,993,000.  Due to the sale of its sole investment property, the Partnership expects to liquidate by June 30, 2014.  Subsequent to September 30, 2013, the Partnership distributed approximately $6,275,000 of proceeds from the sale to its partners (approximately $6.92 per Series A limited partnership unit).

 

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements in certain circumstances. Certain information included in this Quarterly 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 property 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.

 

The Partnership's investment property consists of one apartment complex. The following table sets forth the average occupancy of the property for the nine months ended September 30, 2013 and 2012:

 

 

Average Occupancy

Property

2013

2012

 

 

 

Highcrest Townhomes

95%

95%

Wood Ridge, Illinois

 

 

 

Results of Operations

 

The statements of discontinued operations for both the three and nine months ended September 30, 2013 and 2012 are presented to reflect the operations of Highcrest Townhomes as discontinued operations.  The assets and liabilities of Highcrest Townhomes are classified as held for sale as of September 30, 2013 and December 31, 2012. On October 30, 2013, the Partnership sold Highcrest Townhomes to a third party for a total sales price of $20,175,000.

 

The Partnership recognized net losses of approximately $85,000 and $311,000 for the three and nine months ended September 30, 2013, respectively, compared to net losses of approximately $90,000 and $336,000 for the three and nine months ended September 30, 2012, respectively.  The decrease in net loss for both the three and nine months ended September 30, 2013 is due to an increase in total revenues, partially offset by an increase in total expenses. The decrease in net loss for the nine months ended September 30, 2013 is also partially offset by a decrease in income from the merger of an affiliated partnership.

 

Total revenues increased for the three months ended September 30, 2013 due to an increase in other income.  Total revenues increased for the nine months ended September 30, 2013 due to an increase in both rental and other income. Rental income remained relatively constant for the three months ended September 30, 2013. The increase in rental income for the nine months ended September 30, 2013 is due to an increase in the average rental rate at Highcrest Townhomes, partially offset by an increase in bad debt expense.  The increase in other income for both the three and nine months ended September 30, 2013 is primarily due to increases in resident utility reimbursements, lease cancellation fees and resident parking fees at the property.

 

Total expenses increased for both the three and nine months ended September 30, 2013 due to increases in operating and property tax expenses, partially offset by a decrease in general and administrative expense. Both depreciation and interest expenses remained relatively constant for both periods. The increase in operating expenses for the three months ended September 30, 2013 is primarily due to increases in repair and maintenance costs and contract services at the property. The increase in operating expenses for the nine months ended September 30, 2013 is primarily due to increases in salaries and related benefits, utility expenses and repair and maintenance costs at the property.  The increase in property tax expense for both periods is primarily due to an increase in the tax rate at Highcrest Townhomes.

 

The decrease in general and administrative expenses for both periods is primarily due to a decrease in management reimbursements charged by the General Partner as allowed under the Partnership Agreement. Also included in general and administrative expenses for the three and nine months ended September 30, 2013 and 2012 are costs associated with the quarterly and annual communications with investors and regulatory agencies and the annual audit required by the Partnership Agreement.

 

The Partnership had an investment as a special limited partner in an affiliated partnership.  During the nine months ended September 30, 2012, the affiliated partnership merged with affiliates of the General Partner. As a result of the completion of the merger, the Partnership received approximately $24,000 as consideration for its special limited partnership interest, which is reflected as income from merger of affiliated partnership for the nine months ended September 30, 2012 as the Partnership’s investment in the affiliated partnership was zero at the time of the merger.

 

Liquidity and Capital Resources

 

At September 30, 2013, the Partnership had cash and cash equivalents of approximately $157,000, compared with approximately $143,000 at December 31, 2012.  The increase in cash and cash equivalents of approximately $14,000 is due to approximately $173,000 of cash provided by operating activities, partially offset by approximately $96,000 and $63,000 of cash used in investing and financing activities, respectively. Cash used in investing activities consisted of property improvements and replacements.  Cash used in financing activities consisted of principal payments made on the mortgage note payable encumbering the Partnership’s investment property and repayment of advances from AIMCO Properties, L.P., partially offset by an advance received from AIMCO Properties, L.P.

 

Pursuant to the Partnership Agreement, AIMCO Properties, L.P., an affiliate of the General Partner, advanced the Partnership approximately $95,000 and $110,000 during the nine months ended September 30, 2013 and 2012, respectively, to fund real estate taxes at Highcrest Townhomes. 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 2% to a variable rate based on the prime rate plus a market rate adjustment for similar type loans. Affiliates of the General Partner review the market rate adjustment quarterly. The interest rate on the outstanding advances at September 30, 2013 was 10.08%. Interest expense was approximately $18,000 and $19,000 for the nine months ended September 30, 2013 and 2012, respectively. During the nine months ended September 30, 2013, the Partnership repaid advances and accrued interest of approximately $25,000. No such payments were made during the nine months ended September 30, 2012. At September 30, 2013 and December 31, 2012, the amount of outstanding advances and accrued interest due to AIMCO Properties, L.P. was approximately $337,000 and $249,000, respectively, and are included in due to affiliates.  Subsequent to September 30, 2013, the Partnership repaid the total outstanding advances and accrued interest with proceeds received from the sale of Highcrest Townhomes.

 

During the nine months ended September 30, 2013, the Partnership completed approximately $83,000 of capital improvements at Highcrest Townhomes, consisting primarily of air conditioning and water heater upgrades and appliance and floor covering replacement. These improvements were funded from operations. On October 30, 2013, the Partnership sold Highcrest Townhomes to a third party.

 

The Partnership's assets are thought to be generally sufficient for any near-term needs of the Partnership. The mortgage indebtedness encumbering Highcrest Townhomes of approximately $10,255,000 required monthly payments of principal and interest and a balloon payment of approximately $9,414,000 in 2017. In connection with the sale of the property on October 30, 2013, the mortgage was repaid with sale proceeds.

 

There were no distributions made to the partners during the nine months ended September 30, 2013 or 2012.  Subsequent to September 30, 2013, the Partnership distributed approximately $6,275,000 of proceeds from the sale of Highcrest Townhomes to its partners (approximately $6.92 per Series A limited partnership unit).

 

The Partnership’s cash available for distribution will be reviewed on a quarterly basis.  Future cash distributions will depend on the amount of cash remaining after fully liquidating the Partnership.

 

Other

 

In addition to its indirect ownership of the general partner interest in the Partnership, Aimco and its affiliates owned 574,447.25 limited partnership units (the "Units") in the Partnership representing 63.32% of the outstanding Units at September 30, 2013. A number of these Units were acquired pursuant to tender offers made by Aimco or its affiliates.  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 General Partner. As a result of its ownership of 63.32% of the outstanding Units, Aimco and its affiliates are in a position to control all such voting decisions with respect to the Partnership. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Aimco as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Aimco as its sole stockholder.

 

Critical Accounting Policies and Estimates

 

The financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require the Partnership to make estimates and assumptions. The Partnership believes that of its significant accounting policies, the following may involve a higher degree of judgment and complexity.

 

Impairment of Long-Lived Asset

 

Investment property is stated at its fair market value at the time of foreclosure in 2002, less accumulated depreciation, unless the carrying amount of the asset is not recoverable.  If events or circumstances indicate that the carrying amount of the 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 property.  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 asset.

 

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 residents and all receivables due from former resdients.

 

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 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4.     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 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 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.

 

(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 fiscal quarter to which this report relates that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

 

PART II - OTHER INFORMATION

 

 

ITEM 6.     EXHIBITS

 

See Exhibit Index.

 

The agreements included as exhibits to this Form 10-Q 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-Q not misleading. Additional information about the Partnership may be found elsewhere in this Form 10-Q and the Partnership’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.

 

CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2, LP

 

EXHIBIT INDEX

 

 

Exhibit Number    Description of Exhibit

 

3.1           Certificates of Limited Partnership, as amended to date.

 

3.2           Fourth Amendment to the amended and restated limited partnership agreement of CCIP/2 dated January 8, 2002 (Incorporated by reference to the Registrant's Annual Report on Form 10-KSB for the year ended December 31, 2004).

 

3.3           Fifth Amendment to the amended and restated limited partnership agreement of Consolidated Capital Institutional Properties/2, LP, dated March 19, 2008. Incorporated by reference to the Registrant's Current Report on Form 8-K dated April 30, 2008.

 

3.4           Sixth Amendment to the amended and restated limited partnership agreement of Consolidated Capital Institutional Properties/2, LP, dated April 30, 2008. Incorporated by reference to the Registrant's Current Report on Form 8-K dated April 30, 2008.

 

3.5           Seventh Amendment to the amended and restated limited partnership agreement of Consolidated Capital Institutional Properties/2, LP, dated May 8, 2008, incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009.

 

3.6           Eighth Amendment to the amended and restated limited partnership agreement of Consolidated Capital Institutional Properties/2, LP, dated December 30, 2008. (Incorporated by reference to the Registrant’s Annual Report on Form 10K for the year ended December 31, 2008).

 

10.33         Assignment of Partnership Rights and Distributions between Consolidated Capital Equity Partners/Two, L.P., a California limited 
 partnership and Consolidated Capital Institutional Properties/2, a California limited partnership (Incorporated by reference to 
 the Registrant's Current Report on Form 8-K dated August 22, 2002).
 
10.34         Agreement for Conveyance of Real Property, including exhibits thereto, between Consolidated Capital Equity Partners/Two, L.P., a 
 California limited partnership and Consolidated Capital Institutional Properties/2, a California limited partnership 
 (Incorporated by reference to the Registrant's Current Report on Form 8-K dated August 22, 2002).

 

10.37         Multifamily Note, dated September 28, 2007 between CCIP/2 Highcrest L.L.C., a Delaware limited liability company, and Capmark Bank, a Utah industrial bank. (Incorporated by reference to the Registrant’s Current Report on Form 8-K dated September 28, 2007).

 

10.38         Multifamily Mortgage, Assignment of Rents and Security Agreement, dated September 28, 2007 between CCIP/2 Highcrest, L.L.C., a Delaware limited liability company, and Capmark Bank, a Utah industrial bank. (Incorporated by reference to the Registrant’s Current Report on Form 8-K dated September 28, 2007).

 

10.47         Purchase and Sale Contract between CCIP/2 Highcrest, L.L.C., a Delaware limited liability company, and Laramar Kona Real Estate Associates LLC, a Delaware limited liability company  (Incorporated by reference to the Registrant’s Current Report on Form 8-K dated August 15, 2013).

 

10.48         First Amendment to Purchase and Sale Contract between CCIP/2 Highcrest, L.L.C., a Delaware limited liability company, and Laramar Kona Real Estate Associates LLC, a Delaware limited liability company (Incorporated by reference to the Registrant’s Current Report on Form 8-K dated September 16, 2013).

 

10.49         Second Amendment to Purchase and Sale Contract between CCIP/2 Highcrest, L.L.C., a Delaware limited liability company, and Highcrest Townhomes Apartments, LLC, a Delaware limited liability company (Incorporated by reference to the Registrant’s Current Report on Form 8-K dated October 18, 2013).

 

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 Consolidated Capital Institutional Properties/2, LP’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013, formatted in XBRL: (i) balance sheets, (ii) statements of discontinued operations, (iii) statement 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-31.1 2 ccip2913_ex311.htm EXHIBIT 31.1

Exhibit 31.1

 

CERTIFICATION

 

I, Steven D. Cordes, certify that:

 

1.    I have reviewed this quarterly report on Form 10-Q of Consolidated Capital Institutional Properties/2, 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 3 ccip2913_ex312.htm EXHIBIT 31.2

Exhibit 31.2

 

CERTIFICATION

 

I, Stephen B. Waters, certify that:

 

1.    I have reviewed this quarterly report on Form 10-Q of Consolidated Capital Institutional Properties/2, 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


(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: November 13, 2013

 

 

/s/Stephen B. Waters

Stephen B. Waters

Senior Director of Partnership Accounting of ConCap Equities, Inc., equivalent of the chief financial officer of the Partnership

 

EX-32.1 4 ccip2913_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 Quarterly Report on Form 10-Q of Consolidated Capital Institutional Properties/2, LP (the "Partnership"), for the quarterly period ended September 30, 2013 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: November 13, 2013

 

 

 

      /s/Stephen B. Waters

 

Name: Stephen B. Waters

 

Date: November 13, 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.

 

 EX-101.INS 5 ccip2-20130930.xml XBRL INSTANCE DOCUMENT 121000 126000 46000 85000 3660000 3660000 10129000 10158000 13789000 13818000 5431000 5053000 8358000 8765000 8682000 9119000 41000 34000 73000 63000 141000 141000 658000 593000 262000 324000 180000 190000 10255000 10391000 11610000 11736000 -482000 -479000 -2446000 -2138000 -2928000 -2617000 8682000 9119000 -479000 -2138000 -2617000 -3000 -308000 -311000 -482000 -2446000 -2928000 <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><u>Note A &#150; Basis of Presentation </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 accompanying unaudited financial statements of Consolidated Capital Institutional Properties/2, LP (the &quot;Partnership&quot; or &quot;Registrant&quot;) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of ConCap Equities, Inc. (the &quot;General Partner&quot;), all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. The General Partner is a subsidiary of Apartment Investment and Management Company (&quot;Aimco&quot;), a publicly traded real estate investment trust. Operating results for the three and nine month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2013. For further information, refer to the financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended 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'>At September 30, 2013 and December 31, 2012, the Partnership had outstanding 907,143.60 limited partnership units.</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 2012 balances to conform to the 2013 presentation.</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 Quarterly Report on Form 10-Q was filed.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Partnership Termination</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>The Partnership Agreement provides that the Partnership is to terminate on December 31, 2013 unless terminated prior to such date. Since the Partnership&#146;s term will expire on December 31, 2013 and the term cannot be extended, the General Partner began marketing the Partnership&#146;s investment property for sale in 2013.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The respective assets and liabilities of Highcrest Townhomes met all criteria to be classified as held for sale as of September 30, 2013 and December 31, 2012.&#160; Those respective assets and liabilities are measured at their carrying value as the carrying value is lower than the fair value less costs to sell. The accompanying statements of discontinued operations for the three and nine months ended September 30, 2013 and 2012 are presented to reflect the operations of Highcrest Townhomes as discontinued operations. On October 30, 2013, the Partnership sold Highcrest Townhomes to a third party for a total sales price of $20,175,000. Subsequent to the sale, the Partnership commenced the liquidation process and plans to have that process completed no later than June 2014. </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> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><u>Note B &#150; Transactions with Affiliated Parties </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 has no employees and depends on the General Partner and its affiliates for the management and administration of all Partnership activities.&#160; The Partnership Agreement provides for certain payments to affiliates for services and reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Affiliates of the General Partner receive 5% of gross receipts from the Partnership&#146;s property as compensation for providing property management services. The Partnership paid to such affiliates approximately $99,000 and $93,000 for the nine months ended September 30, 2013 and 2012, respectively, which are included in operating expenses.</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 General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $95,000 and $180,000 for the nine months ended September 30, 2013 and 2012, respectively, which is included in general and administrative expenses and investment property. The portion of these reimbursements included in investment property for the nine months ended September 30, 2013 and 2012 are construction management services provided by an affiliate of the General Partner of approximately $3,000 and $28,000, respectively. At September 30, 2013 and December 31, 2012, the Partnership owed approximately $321,000 and $344,000, respectively, for accountable administrative expenses, which is included in due to affiliates. &#160;Subsequent to September 30, 2013, the Partnership paid the outstanding balance of accountable administrative expenses with proceeds received from the sale of Highcrest Townhomes.</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, AIMCO Properties, L.P., an affiliate of the General Partner, advanced the Partnership approximately $95,000 and $110,000 during the nine months ended September 30, 2013 and 2012, respectively, to fund real estate taxes at Highcrest Townhomes.&#160; 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 2% to a variable rate based on the prime rate plus a market rate adjustment for similar type loans. Affiliates of the General Partner review the market rate adjustment quarterly. The interest rate on the outstanding advances at September 30, 2013 was 10.08%. Interest expense was approximately $18,000 and $19,000 for the nine months ended September 30, 2013 and 2012, respectively. &#160;During the nine months ended September 30, 2013, the Partnership repaid advances and accrued interest of approximately $25,000. No such payments were made during the nine months ended September 30, 2012. At September 30, 2013 and December 31, 2012, the amount of outstanding advances and accrued interest due to AIMCO Properties, L.P. was approximately $337,000 and $249,000, respectively, and are included in due to affiliates. Subsequent to September 30, 2013, the Partnership repaid the total outstanding advances and accrued interest with proceeds received from the sale of Highcrest Townhomes.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;border:none;padding:0in;margin-left:0in;text-align:justify;text-indent:0in;border:none'>The Partnership insures its property 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.&#160; The Partnership insures its property above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the General Partner.&#160; During the nine months ended September 30, 2013, the Partnership was charged by Aimco and its affiliates approximately $12,000 for hazard insurance coverage and fees associated with policy claims administration. Additional charges will be incurred by the Partnership during 2013 as other insurance policies renew later in the year. The Partnership was charged by Aimco and its affiliates approximately $29,000 for insurance coverage and fees associated with policy claims administration during the year ended December 31, 2012.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><u>Note C &#150; Investment in Affiliated Partnership</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 had an investment as a special limited partner in an affiliated partnership, Consolidated Capital Properties IV.&#160; This investment was accounted for using the equity method of accounting. Distributions from the affiliated partnership were accounted for as a reduction of the investment balance. When the investment balance had been reduced to zero, subsequent distributions received would be recognized as income. </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 nine months ended September 30, 2012, the affiliated partnership merged with affiliates of the General Partner.&#160; As a result of the completion of the merger, the Partnership received approximately $24,000 as consideration for its special limited partnership interest, which is reflected as income from merger of affiliated partnership for the nine months ended September 30, 2012, as the Partnership&#146;s investment in the affiliated partnership was zero at the time of the merger.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><u>Note D &#150; Fair Value of Financial Instruments</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'>Financial Accounting Standards Board Accounting Standards Codification 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. &#160;The Partnership believes that the carrying amount of its financial instruments (except for the mortgage note payable) approximates its fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage note 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.&nbsp;At September 30, 2013, the fair value of the Partnership's mortgage note payable at the Partnership's incremental borrowing rate was approximately $11,091,000.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><u>Note E &#150; 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'><font style='letter-spacing:-.1pt'>The Partnership is unaware of any pending or outstanding litigation matters involving it or its investment property that are not of a routine nature arising in the ordinary course of business.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&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 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 for the proper operation of the disposal facility. 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 property, the Partnership could potentially be responsible for environmental liabilities or costs associated with its property. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><u>Note F &#150; 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'>During the nine months ended September 30, 2013, the Partnership retired and wrote-off property improvements and replacements no longer being used that had a cost basis of approximately $112,000 and accumulated depreciation of approximately $112,000.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><u><font style='letter-spacing:-.1pt'>Note G &#150; Subsequent Event</font></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'><font style='letter-spacing:-.1pt'>On October 30, 2013, the Partnership sold Highcrest Townhomes, its sole investment property, to a third party for a total sales price of </font><font style='letter-spacing:-.1pt'>$20,175,000</font><font style='letter-spacing:-.1pt'>.&#160; The net proceeds realized by the Partnership were approximately </font><font style='letter-spacing:-.1pt'>$19,878,000</font><font style='letter-spacing:-.1pt'> after payment of closing costs of approximately </font><font style='letter-spacing:-.1pt'>$297,000</font><font style='letter-spacing:-.1pt'>.&#160; The Partnership used approximately </font><font style='letter-spacing:-.1pt'>$10,240,000</font><font style='letter-spacing:-.1pt'> to repay the mortgage encumbering the property.&#160; The Partnership anticipates recognizing a gain, during the fourth quarter of 2013, of approximately </font><font style='letter-spacing:-.1pt'>$11,441,000</font><font style='letter-spacing:-.1pt'> as a result of the sale.&#160; In addition, the Partnership anticipates recognizing a loss on extinguishment of debt, during the fourth quarter of 2013, of approximately </font><font style='letter-spacing:-.1pt'>$2,000,000</font><font style='letter-spacing:-.1pt'> as a result of the write off of unamortized loan costs and payment of a prepayment penalty of approximately </font><font style='letter-spacing:-.1pt'>$1,993,000</font><font style='letter-spacing:-.1pt'>.&#160; Due to the sale of its sole investment property, the Partnership expects to liquidate by June 30, 2014.&#160; Subsequent to September 30, 2013, the Partnership distributed approximately </font><font style='letter-spacing:-.1pt'>$6,275,000</font><font style='letter-spacing:-.1pt'> of proceeds from the sale to its partners (approximately </font><font style='letter-spacing:-.1pt'>$6.92</font><font style='letter-spacing:-.1pt'> per Series A limited partnership unit). </font></p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Partnership Termination</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>The Partnership Agreement provides that the Partnership is to terminate on December 31, 2013 unless terminated prior to such date. Since the Partnership&#146;s term will expire on December 31, 2013 and the term cannot be extended, the General Partner began marketing the Partnership&#146;s investment property for sale in 2013.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The respective assets and liabilities of Highcrest Townhomes met all criteria to be classified as held for sale as of September 30, 2013 and December 31, 2012.&#160; Those respective assets and liabilities are measured at their carrying value as the carrying value is lower than the fair value less costs to sell. The accompanying statements of discontinued operations for the three and nine months ended September 30, 2013 and 2012 are presented to reflect the operations of Highcrest Townhomes as discontinued operations. On October 30, 2013, the Partnership sold Highcrest Townhomes to a third party for a total sales price of $20,175,000. Subsequent to the sale, the Partnership commenced the liquidation process and plans to have that process completed no later than June 2014. </p> 30000 30000 49000 38000 0 -24000 9000 0 -44000 -30000 20000 -1000 -62000 -63000 -8000 178000 10000 9000 -10000 25000 173000 318000 -96000 -265000 0 -24000 -96000 -241000 136000 128000 95000 110000 22000 0 -63000 -18000 14000 59000 143000 79000 157000 138000 496000 486000 0 12000 907143.60 907143.60 20175000 99000 93000 95000 180000 3000 28000 321000 344000 95000 110000 18000 19000 25000 337000 249000 12000 29000 24000 11091000 112000 112000. 20175000 19878000 297000 10240000 11441000 2000000 1993000 6275000 6.92 10-Q 2013-09-30 false CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2 0000719184 --12-31 907143.60 Smaller Reporting Company Yes No No 2013 Q3 0 0 0 0 559000 551000 1674000 1626000 124000 98000 323000 272000 683000 649000 1997000 1898000 276000 228000 789000 714000 63000 84000 206000 258000 163000 165000 490000 492000 179000 181000 537000 541000 87000 81000 286000 253000 768000 739000 2308000 2258000 -85000 -90000 -311000 -360000 0 0 0 24000 -85000 -90000 -311000 -336000 -1000 -1000 -3000 -3000 -84000 -89000 -308000 -333000 -0.09 -0.10 -0.34 -0.37 0000719184 2013-01-01 2013-09-30 0000719184 2013-09-30 0000719184 2012-12-31 0000719184 2012-01-01 2012-09-30 0000719184 us-gaap:GeneralPartnerMember 2013-01-01 2013-09-30 0000719184 us-gaap:LimitedPartnerMember 2013-01-01 2013-09-30 0000719184 us-gaap:GeneralPartnerMember 2012-12-31 0000719184 us-gaap:LimitedPartnerMember 2012-12-31 0000719184 us-gaap:GeneralPartnerMember 2013-09-30 0000719184 us-gaap:LimitedPartnerMember 2013-09-30 0000719184 2011-12-31 0000719184 2012-09-30 0000719184 2012-01-01 2012-12-31 0000719184 2013-07-01 2013-09-30 0000719184 2012-07-01 2012-09-30 iso4217:USD shares iso4217:USD shares EX-101.CAL 6 ccip2-20130930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 7 ccip2-20130930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 8 ccip2-20130930_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT Property management fees - Related Party Partnership Termination Cash flows from operating activities: Equity Component Limited Partners Series A General and administrative Liabilities and Partner's Deficit Other assets Note D - Fair Value of Financial Instruments Net increase in cash and cash equivalents Net increase in cash and cash equivalents Other liabilities {1} Other liabilities Income from merger of affiliated partnership {1} Income from merger of affiliated partnership Amortization of loan costs Expenses: Statements of Operations Due to affiliates Accounts payable Total investment property Total investment property Land Note E - Contingencies Property improvements and replacements included in accounts payable Repayment of advances from affiliate Repayment of advances from affiliate Due to affiliates {1} Due to affiliates Investment property, net Investment property, net Entity Current Reporting Status Insurance expense - Related Party Statement Net loss allocated to general partner (1%) Entity Central Index Key Amendment Flag Document and Entity Information: Sub Event - Highcrest Townhomes sale price Oct 2013 Accountable administrative expense reimbursement - Related Party Advances from affiliate Change in accounts: Total liabilities and partners' deficit Total liabilities and partners' deficit Partners' Deficit Sub Event - Highcrest Townhomes closing costs Merger of Affiliated Partnership - Income received Advances received from affiliates - Related Party Other assets {1} Other assets Bad debt expense Statements of Cash Flows Total revenues Total revenues Rental income Total assets Total assets Sub Event - Highcrest Townhomes Q4 2013 estimated gain Repayment of advances & accrued interest - Related Party Limited partners Other liabilities Balance Sheets Entity Filer Category Sub Event - Highcrest Townhomes - gross distribution to Limited Partners Fair value mortgage notes - Level 2 Supplemental disclosure of non-cash activity: Net cash used in financing activities Net cash used in financing activities Cash flows from financing activities: Adjustments to reconcile net loss to net cash provided by operating activities: Statement {1} Statement Total liabilities Total liabilities Mortgage note payable Liabilities related to assets held for sale: Note C - Investment in Affiliated Partnership Notes Net cash provided by operating activities Net cash provided by operating activities Accounts payable {1} Accounts payable Total expenses Total expenses Total partners' deficit Total partners' deficit Construction management service reimbursements capitalized - Related Party Proceeds from merger of affiliated partnership Proceeds from merger of affiliated partnership Tenant security deposit liabilities {1} Tenant security deposit liabilities Equity Components Net loss Net loss Property taxes Depreciation Operating Loss from continuing operations Less accumulated depreciation Less accumulated depreciation Document Fiscal Year Focus Sub Event - Highcrest Townhomes Q4 2013 loss on debt extinguishment Note F - Investment Property Net loss {1} Net loss General Partner General partner Entity Well-known Seasoned Issuer Sub Event - Highcrest Townhomes - per unit distribution to Limited Partners Unpaid advances & accrued interest - Related Party Note A - Basis of Presentation Cash paid for interest Buildings and related personal property Document Period End Date Retired property improvements and replacements cost basis Outstanding Limited Partnership Units Principal payments on mortgage note payable Principal payments on mortgage note payable Net cash used in investing activities Net cash used in investing activities Accrued property taxes {1} Accrued property taxes Statement of Shareholders Deficit Net loss per Series A unit Net loss per Series A unit Income from merger of affiliated partnership Other income Investment property: Current Fiscal Year End Date Sub Event - Highcrest Townhomes net proceeds Unpaid reimbursements owed - Related Party Policies Supplemental disclosure of cash flow information: Receivables and deposits {1} Receivables and deposits Distributions payable Receivables and deposits Cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Document Fiscal Period Focus Entity Common Stock, Shares Outstanding Sub Event - Highcrest Townhomes mortgages repaid Interest expense on advances - Related Party Note B - Transactions With Affiliated Parties Net loss allocated to limited partners (Series A) (99%) Tenant security deposit liabilities Assets held for sale: Entity Voluntary Filers Sub Event - Highcrest Townhomes - prepayment penalty Loss before income from merger of affiliated partnership Interest Loss from discontinuing operations: Entity Registrant Name Retired property improvements and replacements accumulated depreciation Highcrest Townhomes - asset held for sale - sale price Details Note G - Subsequent Event Property improvements and replacements Cash flows from investing activities: Partners' deficit, beginning balance Partners' deficit, beginning balance Partners' deficit, ending balance Accrued property taxes Document Type EX-101.PRE 9 ccip2-20130930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.SCH 10 ccip2-20130930.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000040 - 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Note C - Investment in Affiliated Partnership (Details) (USD $)
 9 Months Ended
Sep. 30, 2012
Details  
Merger of Affiliated Partnership - Income received $ 24,000
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Statement of Shareholders Deficit (Unaudited) (USD $)
In Thousands
General Partner
Limited Partners Series A
Total
Partners' deficit, beginning balance at Dec. 31, 2012 $ (479) $ (2,138) $ (2,617)
Net loss (3) (308) (311)
Partners' deficit, ending balance at Sep. 30, 2013 $ (482) $ (2,446) $ (2,928)

XML 14 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note E - Contingencies
 9 Months Ended
Sep. 30, 2013
Notes  
Note E - Contingencies

Note E – Contingencies

 

The Partnership is unaware of any pending or outstanding litigation matters involving it or its investment property 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 for the proper operation of the disposal facility. 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 property, the Partnership could potentially be responsible for environmental liabilities or costs associated with its property.

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Note D - Fair Value of Financial Instruments (Details) (USD $)
Sep. 30, 2013
Details  
Fair value mortgage notes - Level 2 $ 11,091,000
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Note C - Investment in Affiliated Partnership
 9 Months Ended
Sep. 30, 2013
Notes  
Note C - Investment in Affiliated Partnership

Note C – Investment in Affiliated Partnership

 

The Partnership had an investment as a special limited partner in an affiliated partnership, Consolidated Capital Properties IV.  This investment was accounted for using the equity method of accounting. Distributions from the affiliated partnership were accounted for as a reduction of the investment balance. When the investment balance had been reduced to zero, subsequent distributions received would be recognized as income.

 

During the nine months ended September 30, 2012, the affiliated partnership merged with affiliates of the General Partner.  As a result of the completion of the merger, the Partnership received approximately $24,000 as consideration for its special limited partnership interest, which is reflected as income from merger of affiliated partnership for the nine months ended September 30, 2012, as the Partnership’s investment in the affiliated partnership was zero at the time of the merger.
XML 20 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note F - Investment Property
 9 Months Ended
Sep. 30, 2013
Notes  
Note F - Investment Property

Note F – Investment Property

 

During the nine months ended September 30, 2013, the Partnership retired and wrote-off property improvements and replacements no longer being used that had a cost basis of approximately $112,000 and accumulated depreciation of approximately $112,000.
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Note D - Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2013
Notes  
Note D - Fair Value of Financial Instruments

Note D – Fair Value of Financial Instruments

 

Financial Accounting Standards Board Accounting Standards Codification 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 the mortgage note payable) approximates its fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage note 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 September 30, 2013, the fair value of the Partnership's mortgage note payable at the Partnership's incremental borrowing rate was approximately $11,091,000.
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Statements of Discontinued Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Statements of Operations        
Loss from continuing operations $ 0 $ 0 $ 0 $ 0
Rental income 559 551 1,674 1,626
Other income 124 98 323 272
Total revenues 683 649 1,997 1,898
Operating 276 228 789 714
General and administrative 63 84 206 258
Depreciation 163 165 490 492
Interest 179 181 537 541
Property taxes 87 81 286 253
Total expenses 768 739 2,308 2,258
Loss before income from merger of affiliated partnership (85) (90) (311) (360)
Income from merger of affiliated partnership 0 0 0 24
Net loss (85) (90) (311) (336)
Net loss allocated to general partner (1%) (1) (1) (3) (3)
Net loss allocated to limited partners (Series A) (99%) $ (84) $ (89) $ (308) $ (333)
Net loss per Series A unit $ (0.09) $ (0.10) $ (0.34) $ (0.37)
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Note A - Basis of Presentation (Details)
Sep. 30, 2013
Dec. 31, 2012
Details    
Outstanding Limited Partnership Units 907,143.60 907,143.60
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Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net loss $ (311) $ (336)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 490 492
Amortization of loan costs 30 30
Bad debt expense 49 38
Income from merger of affiliated partnership 0 (24)
Change in accounts:    
Other assets 9 0
Receivables and deposits (44) (30)
Accounts payable 20 (1)
Accrued property taxes (62) (63)
Due to affiliates (8) 178
Tenant security deposit liabilities 10 9
Other liabilities (10) 25
Net cash provided by operating activities 173 318
Cash flows from investing activities:    
Property improvements and replacements (96) (265)
Proceeds from merger of affiliated partnership 0 24
Net cash used in investing activities (96) (241)
Cash flows from financing activities:    
Principal payments on mortgage note payable (136) (128)
Advances from affiliate 95 110
Repayment of advances from affiliate (22) 0
Net cash used in financing activities (63) (18)
Net increase in cash and cash equivalents 14 59
Cash and cash equivalents at beginning of period 143 79
Cash and cash equivalents at end of period 157 138
Supplemental disclosure of cash flow information:    
Cash paid for interest 496 486
Supplemental disclosure of non-cash activity:    
Property improvements and replacements included in accounts payable $ 0 $ 12
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Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Assets held for sale:    
Cash and cash equivalents $ 157 $ 143
Receivables and deposits 121 126
Other assets 46 85
Investment property:    
Land 3,660 3,660
Buildings and related personal property 10,129 10,158
Total investment property 13,789 13,818
Less accumulated depreciation (5,431) (5,053)
Investment property, net 8,358 8,765
Total assets 8,682 9,119
Liabilities related to assets held for sale:    
Accounts payable 41 34
Tenant security deposit liabilities 73 63
Distributions payable 141 141
Due to affiliates 658 593
Accrued property taxes 262 324
Other liabilities 180 190
Mortgage note payable 10,255 10,391
Total liabilities 11,610 11,736
Partners' Deficit    
General partner (482) (479)
Limited partners (2,446) (2,138)
Total partners' deficit (2,928) (2,617)
Total liabilities and partners' deficit $ 8,682 $ 9,119
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Note A - Basis of Presentation: Partnership Termination (Policies)
 9 Months Ended
Sep. 30, 2013
Policies  
Partnership Termination

Partnership Termination

 

The Partnership Agreement provides that the Partnership is to terminate on December 31, 2013 unless terminated prior to such date. Since the Partnership’s term will expire on December 31, 2013 and the term cannot be extended, the General Partner began marketing the Partnership’s investment property for sale in 2013.

 

The respective assets and liabilities of Highcrest Townhomes met all criteria to be classified as held for sale as of September 30, 2013 and December 31, 2012.  Those respective assets and liabilities are measured at their carrying value as the carrying value is lower than the fair value less costs to sell. The accompanying statements of discontinued operations for the three and nine months ended September 30, 2013 and 2012 are presented to reflect the operations of Highcrest Townhomes as discontinued operations. On October 30, 2013, the Partnership sold Highcrest Townhomes to a third party for a total sales price of $20,175,000. Subsequent to the sale, the Partnership commenced the liquidation process and plans to have that process completed no later than June 2014.

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Note B - Transactions With Affiliated Parties (Details) (USD $)
 9 Months Ended 12 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Details      
Property management fees - Related Party $ 99,000 $ 93,000  
Accountable administrative expense reimbursement - Related Party 95,000 180,000  
Construction management service reimbursements capitalized - Related Party 3,000 28,000  
Unpaid reimbursements owed - Related Party 321,000   344,000
Advances received from affiliates - Related Party 95,000 110,000  
Interest expense on advances - Related Party 18,000 19,000  
Repayment of advances & accrued interest - Related Party 25,000    
Unpaid advances & accrued interest - Related Party 337,000   249,000
Insurance expense - Related Party $ 12,000   $ 29,000
XML 30 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note G - Subsequent Event
 9 Months Ended
Sep. 30, 2013
Notes  
Note G - Subsequent Event

Note G – Subsequent Event

 

On October 30, 2013, the Partnership sold Highcrest Townhomes, its sole investment property, to a third party for a total sales price of $20,175,000.  The net proceeds realized by the Partnership were approximately $19,878,000 after payment of closing costs of approximately $297,000.  The Partnership used approximately $10,240,000 to repay the mortgage encumbering the property.  The Partnership anticipates recognizing a gain, during the fourth quarter of 2013, of approximately $11,441,000 as a result of the sale.  In addition, the Partnership anticipates recognizing a loss on extinguishment of debt, during the fourth quarter of 2013, of approximately $2,000,000 as a result of the write off of unamortized loan costs and payment of a prepayment penalty of approximately $1,993,000.  Due to the sale of its sole investment property, the Partnership expects to liquidate by June 30, 2014.  Subsequent to September 30, 2013, the Partnership distributed approximately $6,275,000 of proceeds from the sale to its partners (approximately $6.92 per Series A limited partnership unit).

XML 31 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note B - Transactions With Affiliated Parties
 9 Months Ended
Sep. 30, 2013
Notes  
Note B - Transactions With Affiliated Parties

 

Note B – Transactions with Affiliated Parties

 

The Partnership has no employees and depends on the 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 reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. 

 

Affiliates of the General Partner receive 5% of gross receipts from the Partnership’s property as compensation for providing property management services. The Partnership paid to such affiliates approximately $99,000 and $93,000 for the nine months ended September 30, 2013 and 2012, respectively, which are included in operating expenses.

 

An affiliate of the General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $95,000 and $180,000 for the nine months ended September 30, 2013 and 2012, respectively, which is included in general and administrative expenses and investment property. The portion of these reimbursements included in investment property for the nine months ended September 30, 2013 and 2012 are construction management services provided by an affiliate of the General Partner of approximately $3,000 and $28,000, respectively. At September 30, 2013 and December 31, 2012, the Partnership owed approximately $321,000 and $344,000, respectively, for accountable administrative expenses, which is included in due to affiliates.  Subsequent to September 30, 2013, the Partnership paid the outstanding balance of accountable administrative expenses with proceeds received from the sale of Highcrest Townhomes.

 

Pursuant to the Partnership Agreement, AIMCO Properties, L.P., an affiliate of the General Partner, advanced the Partnership approximately $95,000 and $110,000 during the nine months ended September 30, 2013 and 2012, respectively, to fund real estate taxes at Highcrest Townhomes.  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 2% to a variable rate based on the prime rate plus a market rate adjustment for similar type loans. Affiliates of the General Partner review the market rate adjustment quarterly. The interest rate on the outstanding advances at September 30, 2013 was 10.08%. Interest expense was approximately $18,000 and $19,000 for the nine months ended September 30, 2013 and 2012, respectively.  During the nine months ended September 30, 2013, the Partnership repaid advances and accrued interest of approximately $25,000. No such payments were made during the nine months ended September 30, 2012. At September 30, 2013 and December 31, 2012, the amount of outstanding advances and accrued interest due to AIMCO Properties, L.P. was approximately $337,000 and $249,000, respectively, and are included in due to affiliates. Subsequent to September 30, 2013, the Partnership repaid the total outstanding advances and accrued interest with proceeds received from the sale of Highcrest Townhomes.

 

The Partnership insures its property 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 property above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the General Partner.  During the nine months ended September 30, 2013, the Partnership was charged by Aimco and its affiliates approximately $12,000 for hazard insurance coverage and fees associated with policy claims administration. Additional charges will be incurred by the Partnership during 2013 as other insurance policies renew later in the year. The Partnership was charged by Aimco and its affiliates approximately $29,000 for insurance coverage and fees associated with policy claims administration during the year ended December 31, 2012.
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Note F - Investment Property (Details) (USD $)
 9 Months Ended
Sep. 30, 2013
Details  
Retired property improvements and replacements cost basis $ 112,000
Retired property improvements and replacements accumulated depreciation $ 112,000
XML 34 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note A - Basis of Presentation: Partnership Termination (Details) (USD $)
Sep. 30, 2013
Details  
Highcrest Townhomes - asset held for sale - sale price $ 20,175,000
XML 35 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note G - Subsequent Event (Details) (USD $)
Sep. 30, 2013
Details  
Sub Event - Highcrest Townhomes sale price Oct 2013 $ 20,175,000
Sub Event - Highcrest Townhomes net proceeds 19,878,000
Sub Event - Highcrest Townhomes closing costs 297,000
Sub Event - Highcrest Townhomes mortgages repaid 10,240,000
Sub Event - Highcrest Townhomes Q4 2013 estimated gain 11,441,000
Sub Event - Highcrest Townhomes Q4 2013 loss on debt extinguishment 2,000,000
Sub Event - Highcrest Townhomes - prepayment penalty 1,993,000
Sub Event - Highcrest Townhomes - gross distribution to Limited Partners $ 6,275,000
Sub Event - Highcrest Townhomes - per unit distribution to Limited Partners $ 6.92
XML 36 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information
 9 Months Ended
Sep. 30, 2013
Document and Entity Information:  
Entity Registrant Name CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2
Document Type 10-Q
Document Period End Date Sep. 30, 2013
Amendment Flag false
Entity Central Index Key 0000719184
Current Fiscal Year End Date --12-31
Entity Common Stock, Shares Outstanding 907,143.60
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 2013
Document Fiscal Period Focus Q3

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Note A - Basis of Presentation
 9 Months Ended
Sep. 30, 2013
Notes  
Note A - Basis of Presentation

Note A – Basis of Presentation

 

The accompanying unaudited financial statements of Consolidated Capital Institutional Properties/2, LP (the "Partnership" or "Registrant") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of ConCap Equities, Inc. (the "General Partner"), all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. The General Partner is a subsidiary of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust. Operating results for the three and nine month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2013. For further information, refer to the financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

 

At September 30, 2013 and December 31, 2012, the Partnership had outstanding 907,143.60 limited partnership units.

 

Certain reclassifications have been made to the 2012 balances to conform to the 2013 presentation.

 

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

 

Partnership Termination

 

The Partnership Agreement provides that the Partnership is to terminate on December 31, 2013 unless terminated prior to such date. Since the Partnership’s term will expire on December 31, 2013 and the term cannot be extended, the General Partner began marketing the Partnership’s investment property for sale in 2013.

 

The respective assets and liabilities of Highcrest Townhomes met all criteria to be classified as held for sale as of September 30, 2013 and December 31, 2012.  Those respective assets and liabilities are measured at their carrying value as the carrying value is lower than the fair value less costs to sell. The accompanying statements of discontinued operations for the three and nine months ended September 30, 2013 and 2012 are presented to reflect the operations of Highcrest Townhomes as discontinued operations. On October 30, 2013, the Partnership sold Highcrest Townhomes to a third party for a total sales price of $20,175,000. Subsequent to the sale, the Partnership commenced the liquidation process and plans to have that process completed no later than June 2014.