Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Real Estate and Accumulated Depreciation [Abstract]

REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2011

(In Thousands Except Unit Data)

	Septe 30,	Septe 30,	Septe 30,	Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,			Septe 30,		Septe 30,
		(1)					(2) Initial Cost				(3) Cost Capitalized		December 31, 2011
Property Name	Property Type	Date Consolidated	Location	Year Built	Number of Units		Land		Buildings and Improvements		Subsequent to Consolidation		Land		Buildings and Improvements		(4) Total		Accumulated Depreciation (AD)			Total Cost Net of AD		Encumbrances
Conventional Properties:
100 Forest Place	High Rise	Dec-97	Oak Park, IL	1987		234	$	2,664	$	18,815	$	5,454	$	2,664	$	24,269	$	26,933	$	(9,310	)	$	17,623	$	26,908
1582 First Avenue	High Rise	Mar-05	New York, NY	1900		17		4,281		752		234		4,281		986		5,267		(361	)		4,906		2,613
173 E. 90th Street	High Rise	May-04	New York, NY	1910		72		12,066		4,535		2,196		12,066		6,731		18,797		(1,891	)		16,906		7,727
182-188 Columbus Avenue	Mid Rise	Feb-07	New York, NY	1910		32		19,123		3,300		2,205		19,123		5,505		24,628		(1,542	)		23,086		13,471
204-206 West 133rd Street	Mid Rise	Jun-07	New York, NY	1910		44		4,352		1,450		1,155		4,352		2,605		6,957		(605	)		6,352		3,132
2232-2240 Seventh Avenue	Mid Rise	Jun-07	New York, NY	1910		24		3,366		3,785		1,202		3,366		4,987		8,353		(976	)		7,377		2,972
2247-2253 Seventh Avenue	Mid Rise	Jun-07	New York, NY	1910		35		7,356		3,335		1,451		7,356		4,786		12,142		(1,162	)		10,980		5,483
2252-2258 Seventh Avenue	Mid Rise	Jun-07	New York, NY	1910		35		4,318		4,504		1,547		4,318		6,051		10,369		(1,291	)		9,078		5,125
2300-2310 Seventh Avenue	Mid Rise	Jun-07	New York, NY	1910		63		10,417		6,964		4,178		10,417		11,142		21,559		(2,742	)		18,817		9,896
236-238 East 88th Street	High Rise	Jan-04	New York, NY	1900		43		8,820		2,914		1,587		8,820		4,501		13,321		(1,529	)		11,792		6,586
237-239 Ninth Avenue	High Rise	Mar-05	New York, NY	1900		36		8,495		1,866		849		8,495		2,715		11,210		(917	)		10,293		6,382
240 West 73rd Street, LLC	High Rise	Sep-04	New York, NY	1900		200		68,109		12,140		5,032		68,109		17,172		85,281		(4,456	)		80,825		29,024
2484 Seventh Avenue	Mid Rise	Jun-07	New York, NY	1921		23		2,601		1,726		513		2,601		2,239		4,840		(443	)		4,397		2,472
2900 on First Apartments	Mid Rise	Oct-08	Seattle, WA	1989		135		19,070		17,518		1,282		19,070		18,800		37,870		(2,282	)		35,588		20,063
306 East 89th Street	High Rise	Jul-04	New York, NY	1930		20		2,680		1,006		220		2,680		1,226		3,906		(454	)		3,452		2,131
311 & 313 East 73rd Street	Mid Rise	Mar-03	New York, NY	1904		34		5,678		1,609		582		5,678		2,191		7,869		(1,217	)		6,652		2,643
322-324 East 61st Street	High Rise	Mar-05	New York, NY	1900		40		6,372		2,224		843		6,372		3,067		9,439		(1,034	)		8,405		3,919
3400 Avenue of the Arts	Mid Rise	Mar-02	Costa Mesa, CA	1987		770		57,241		65,506		70,403		57,241		135,909		193,150		(52,457	)		140,693		116,626
452 East 78th Street	High Rise	Jan-04	New York, NY	1900		12		1,982		608		366		1,982		974		2,956		(329	)		2,627		1,532
464-466 Amsterdam & 200-210 W. 83rd Street	Mid Rise	Feb-07	New York, NY	1910		72		25,553		7,101		3,480		25,553		10,581		36,134		(2,343	)		33,791		19,679
510 East 88th Street	High Rise	Jan-04	New York, NY	1900		20		3,163		1,002		341		3,163		1,343		4,506		(409	)		4,097		2,521
514-516 East 88th Street	High Rise	Mar-05	New York, NY	1900		36		6,282		2,168		563		6,282		2,731		9,013		(893	)		8,120		4,248
656 St. Nicholas Avenue	Mid Rise	Jun-07	New York, NY	1920		31		3,576		1,636		2,264		3,576		3,900		7,476		(1,023	)		6,453		2,374
707 Leahy	Garden	Apr-07	Redwood City, CA	1973		110		15,444		7,909		4,428		15,444		12,337		27,781		(3,040	)		24,741		9,884
759 St. Nicholas Avenue	Mid Rise	Oct-07	New York, NY	1920		9		1,013		536		352		1,013		888		1,901		(204	)		1,697		545
865 Bellevue	Garden	Jul-00	Nashville, TN	1972		326		3,562		12,037		27,169		3,562		39,206		42,768		(18,359	)		24,409		18,702
Arbors, The	Garden	Oct-97	Tempe, AZ	1967		200		1,092		6,209		2,664		1,092		8,873		9,965		(4,161	)		5,804		6,562
Arbours Of Hermitage, The	Garden	Jul-00	Hermitage, TN	1972		350		3,217		12,023		7,435		3,217		19,458		22,675		(8,552	)		14,123		9,850
Auburn Glen	Garden	Dec-06	Jacksonville, FL	1974		251		7,670		8,191		3,607		7,670		11,798		19,468		(3,477	)		15,991		9,609
BaLaye	Garden	Apr-06	Tampa, FL	2002		324		10,608		28,800		1,539		10,608		30,339		40,947		(6,281	)		34,666		22,250
Bank Lofts	High Rise	Apr-01	Denver, CO	1920		117		3,525		9,045		1,908		3,525		10,953		14,478		(5,137	)		9,341		11,984
Bay Parc Plaza	High Rise	Sep-04	Miami, FL	2000		471		22,680		41,847		5,407		22,680		47,254		69,934		(9,521	)		60,413		46,225
Bay Ridge at Nashua	Garden	Jan-03	Nashua, NH	1984		412		3,262		40,713		5,063		3,262		45,776		49,038		(12,142	)		36,896		31,542
Bayberry Hill Estates	Garden	Aug-02	Framingham, MA	1971		424		18,916		35,945		12,905		18,916		48,850		67,766		(15,375	)		52,391		34,326
Bluffs at Pacifica, The	Garden	Oct-06	Pacifica, CA	1963		64		8,108		4,132		11,171		8,108		15,303		23,411		(4,263	)		19,148		6,204
Boston Lofts	High Rise	Apr-01	Denver, CO	1890		158		3,446		20,589		4,745		3,446		25,334		28,780		(10,887	)		17,893		17,507
Boulder Creek	Garden	Jul-94	Boulder, CO	1973		221		754		7,730		16,254		754		23,984		24,738		(11,927	)		12,811		10,530
Brandywine	Garden	Jul-94	St. Petersburg, FL	1972		477		1,437		12,725		7,221		1,437		19,946		21,383		(13,310	)		8,073		20,535
Broadcast Center	Garden	Mar-02	Los Angeles, CA	1990		279		29,407		41,245		26,717		29,407		67,962		97,369		(24,383	)		72,986		55,628
Buena Vista	Mid Rise	Jan-06	Pasadena, CA	1973		92		9,693		6,818		1,290		9,693		8,108		17,801		(1,661	)		16,140		10,338
Burke Shire Commons	Garden	Mar-01	Burke, VA	1986		360		4,867		23,617		3,808		4,867		27,425		32,292		(11,638	)		20,654		43,750
Calhoun Beach Club	High Rise	Dec-98	Minneapolis, MN	1928		332		11,708		73,334		47,362		11,708		120,696		132,404		(48,867	)		83,537		47,939
Canterbury Green	Garden	Dec-99	Fort Wayne, IN	1970		1,988		13,659		73,115		23,473		13,659		96,588		110,247		(48,605	)		61,642		52,037
Canyon Terrace	Garden	Mar-02	Saugus, CA	1984		130		7,508		6,601		6,047		7,508		12,648		20,156		(4,871	)		15,285		10,437
Casa del Mar at Baymeadows	Garden	Oct-06	Jacksonville, FL	1984		144		5,039		10,562		1,662		5,039		12,224		17,263		(2,874	)		14,389		9,145
Cedar Rim	Garden	Apr-00	Newcastle, WA	1980		104		761		5,218		17,158		761		22,376		23,137		(14,613	)		8,524		7,681
Center Square	High Rise	Oct-99	Doylestown, PA	1975		350		582		4,190		2,995		582		7,185		7,767		(3,086	)		4,681		14,099
Chesapeake Landing I	Garden	Sep-00	Aurora, IL	1986		416		15,800		16,874		7,460		15,800		24,334		40,134		(10,916	)		29,218		25,039
Chesapeake Landing II	Garden	Mar-01	Aurora, IL	1987		184		1,969		7,980		3,287		1,969		11,267		13,236		(5,177	)		8,059		9,948
Chestnut Hall	High Rise	Oct-06	Philadelphia, PA	1923		315		12,338		14,299		6,079		12,338		20,378		32,716		(7,851	)		24,865		18,004
Chestnut Hill Village	Garden	Apr-00	Philadelphia, PA	1963		821		6,469		49,316		48,447		6,469		97,763		104,232		(47,644	)		56,588		58,146
Chimneys of Cradle Rock	Garden	Jun-04	Columbia, MD	1979		198		2,040		8,108		1,002		2,040		9,110		11,150		(2,612	)		8,538		16,637
Colony at Kenilworth	Garden	Oct-99	Towson, MD	1966		383		2,403		18,799		14,349		2,403		33,148		35,551		(17,660	)		17,891		23,791
Columbus Avenue	Mid Rise	Sep-03	New York, NY	1880		59		35,527		9,450		4,098		35,527		13,548		49,075		(6,558	)		42,517		24,749
Creekside	Garden	Jan-00	Denver, CO	1974		328		3,189		12,698		5,065		3,189		17,763		20,952		(8,868	)		12,084		12,785
Creekside	Garden	Mar-02	Simi Valley, CA	1985		397		25,245		18,818		6,153		25,245		24,971		50,216		(9,480	)		40,736		40,371
Crescent at West Hollywood, The	Mid Rise	Mar-02	West Hollywood, CA	1985		130		15,765		10,215		14,376		15,765		24,591		40,356		(13,530	)		26,826		24,038

	Septe 30,	Septe 30,	Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,			Septe 30,		Septe 30,
		(1)						(2) Initial Cost				(3) Cost Capitalized		December 31, 2011
Property Name	Property Type	Date Consolidated	Location	Year Built		Number of Units		Land		Buildings and Improvements		Subsequent to Consolidation		Land		Buildings and Improvements		(4) Total		Accumulated Depreciation (AD)			Total Cost Net of AD		Encumbrances
Douglaston Villas and Townhomes	Garden	Aug-99	Altamonte Springs, FL		1979		234		1,666		9,353		7,582		1,666		16,935		18,601		(7,561	)		11,040		10,248
Elm Creek	Mid Rise	Dec-97	Elmhurst, IL		1987		372		5,635		30,830		17,037		5,635		47,867		53,502		(22,394	)		31,108		34,206
Evanston Place	High Rise	Dec-97	Evanston, IL		1990		189		3,232		25,546		4,132		3,232		29,678		32,910		(11,922	)		20,988		21,172
Farmingdale	Mid Rise	Oct-00	Darien, IL		1975		240		11,763		15,174		8,865		11,763		24,039		35,802		(11,838	)		23,964		16,939
Fishermans Wharf	Garden	Nov-96	Clute, TX		1981		360		1,257		7,585		5,325		1,257		12,910		14,167		(5,842	)		8,325		6,763
Flamingo Towers	High Rise	Sep-97	Miami Beach, FL		1960		1,130		32,239		39,410		223,726		32,239		263,136		295,375		(99,761	)		195,614		116,104
Forestlake Apartments	Garden	Mar-07	Daytona Beach, FL		1982		120		3,860		4,320		594		3,860		4,914		8,774		(1,081	)		7,693		4,577
Four Quarters Habitat	Garden	Jan-06	Miami, FL		1976		336		2,379		17,199		16,171		2,379		33,370		35,749		(16,058	)		19,691		10,254
Foxchase	Garden	Dec-97	Alexandria, VA		1940		2,113		15,496		96,062		27,630		15,496		123,692		139,188		(55,249	)		83,939		215,927
Georgetown	Garden	Aug-02	Framingham, MA		1964		207		12,351		13,168		1,532		12,351		14,700		27,051		(4,724	)		22,327		11,322
Glen at Forestlake, The (5)	Garden	Mar-07	Daytona Beach, FL		1982		26		933		862		196		933		144		1,077		(230	)		847		1,005
Granada	Mid Rise	Aug-02	Framingham, MA		1958		72		4,577		4,057		543		4,577		4,600		9,177		(2,094	)		7,083		3,790
Grand Pointe	Garden	Dec-99	Columbia, MD		1972		325		2,714		16,771		5,058		2,714		21,829		24,543		(9,200	)		15,343		16,377
Greens	Garden	Jul-94	Chandler, AZ		2000		324		2,303		713		27,384		2,303		28,097		30,400		(15,468	)		14,932		11,255
Greenspoint at Paradise Valley	Garden	Jan-00	Phoenix, AZ		1985		336		3,042		13,223		12,510		3,042		25,733		28,775		(15,688	)		13,087		15,459
Heritage Park at Alta Loma	Garden	Jan-01	Alta Loma, CA		1986		232		1,200		6,428		3,593		1,200		10,021		11,221		(4,487	)		6,734		7,264
Heritage Park Escondido	Garden	Oct-00	Escondido, CA		1986		196		1,055		7,565		1,368		1,055		8,933		9,988		(4,616	)		5,372		7,299
Heritage Park Livermore	Garden	Oct-00	Livermore, CA		1988		167		1,039		9,170		1,349		1,039		10,519		11,558		(5,235	)		6,323		7,532
Heritage Park Montclair	Garden	Mar-01	Montclair, CA		1985		144		689		4,149		1,247		689		5,396		6,085		(2,290	)		3,795		4,620
Heritage Village Anaheim	Garden	Oct-00	Anaheim, CA		1986		196		1,832		8,541		1,512		1,832		10,053		11,885		(5,234	)		6,651		8,858
Hidden Cove	Garden	Jul-98	Escondido, CA		1983		334		3,043		17,616		6,611		3,043		24,227		27,270		(10,832	)		16,438		30,092
Hidden Cove II	Garden	Jul-07	Escondido, CA		1986		118		12,849		6,530		5,767		12,849		12,297		25,146		(4,071	)		21,075		11,244
Highcrest Townhomes	Town Home	Jan-03	Woodridge, IL		1968		176		3,051		13,452		927		3,051		14,379		17,430		(5,938	)		11,492		10,563
Hillcreste	Garden	Mar-02	Century City, CA		1989		315		35,862		47,216		23,822		35,862		71,038		106,900		(29,570	)		77,330		55,505
Hillmeade	Garden	Nov-94	Nashville, TN		1986		288		2,872		16,070		8,567		2,872		24,637		27,509		(12,388	)		15,121		17,760
Horizons West Apartments	Mid Rise	Dec-06	Pacifica, CA		1970		78		8,887		6,377		1,610		8,887		7,987		16,874		(2,044	)		14,830		5,114
Hunt Club	Garden	Sep-00	Gaithersburg, MD		1986		336		17,859		13,149		4,151		17,859		17,300		35,159		(7,101	)		28,058		31,324
Hunter’s Chase	Garden	Jan-01	Midlothian, VA		1985		320		7,935		7,915		2,842		7,935		10,757		18,692		(3,896	)		14,796		15,914
Hunter’s Crossing	Garden	Apr-01	Leesburg, VA		1967		164		2,244		7,763		4,436		2,244		12,199		14,443		(8,142	)		6,301		6,745
Hunters Glen	Garden	Oct-99	Plainsboro, NJ		1976		896		8,778		47,259		41,842		8,778		89,101		97,879		(60,474	)		37,405		66,267
Hyde Park Tower	High Rise	Oct-04	Chicago, IL		1990		155		4,731		14,927		2,865		4,731		17,792		22,523		(3,793	)		18,730		13,918
Independence Green	Garden	Jan-06	Farmington Hills, MI		1960		981		10,156		24,586		23,048		10,156		47,634		57,790		(18,046	)		39,744		26,964
Indian Oaks	Garden	Mar-02	Simi Valley, CA		1986		254		24,523		15,801		4,448		24,523		20,249		44,772		(6,821	)		37,951		32,235
Island Club	Garden	Oct-00	Daytona Beach, FL		1986		204		6,087		8,571		2,288		6,087		10,859		16,946		(5,121	)		11,825		8,440
Island Club	Garden	Oct-00	Oceanside, CA		1986		592		18,027		28,654		11,726		18,027		40,380		58,407		(18,457	)		39,950		63,179
Key Towers	High Rise	Apr-01	Alexandria, VA		1964		140		1,526		7,050		5,244		1,526		12,294		13,820		(6,130	)		7,690		10,596
Lakeside	Garden	Oct-99	Lisle, IL		1972		568		5,840		27,937		30,259		5,840		58,196		64,036		(31,336	)		32,700		28,664
Lakeside at Vinings Mountain	Garden	Jan-00	Atlanta, GA		1983		220		2,111		11,862		15,165		2,111		27,027		29,138		(15,181	)		13,957		14,883
Lakeside Place	Garden	Oct-99	Houston, TX		1976		734		6,172		34,151		16,301		6,172		50,452		56,624		(23,539	)		33,085		26,363
Latrobe	High Rise	Jan-03	Washington, DC		1980		175		3,459		9,103		15,787		3,459		24,890		28,349		(14,262	)		14,087		30,343
Lazy Hollow	Garden	Apr-05	Columbia, MD		1979		178		2,429		12,181		490		2,429		12,671		15,100		(5,576	)		9,524		13,719
Lincoln Place Garden (5)	Garden	Oct-04	Venice, CA		1951		696		128,332		10,439		116,479		42,895		126,918		169,813		(1,830	)		167,983		63,000
Lodge at Chattahoochee, The	Garden	Oct-99	Sandy Springs, GA		1970		312		2,335		16,370		22,441		2,335		38,811		41,146		(21,861	)		19,285		10,852
Los Arboles	Garden	Sep-97	Chandler, AZ		1986		232		1,662		9,504		2,880		1,662		12,384		14,046		(5,591	)		8,455		7,899
Madera Vista	Mid Rise	Aug-11	Corte Madera, CA		1964		126		13,537		30,132		1,320		13,537		31,452		44,989		-			44,989		28,340
Malibu Canyon	Garden	Mar-02	Calabasas, CA		1986		698		69,834		53,438		31,294		69,834		84,732		154,566		(35,538	)		119,028		92,955
Maple Bay	Garden	Dec-99	Virginia Beach, VA		1971		414		2,597		16,141		29,455		2,597		45,596		48,193		(23,416	)		24,777		32,409
Mariners Cove	Garden	Mar-02	San Diego, CA		1984		500		-		66,861		6,406		-		73,267		73,267		(22,754	)		50,513		3,967
Meadow Creek	Garden	Jul-94	Boulder, CO		1968		332		1,435		24,533		4,519		1,435		29,052		30,487		(13,144	)		17,343		23,400
Merrill House	High Rise	Jan-00	Falls Church, VA		1964		159		1,836		10,831		6,504		1,836		17,335		19,171		(5,922	)		13,249		15,468
Mesa Royale	Garden	Jul-94	Mesa, AZ		1985		152		832		4,569		9,126		832		13,695		14,527		(7,254	)		7,273		5,015
Monterey Grove	Garden	Jun-08	San Jose, CA		1999		224		34,325		21,939		2,462		34,325		24,401		58,726		(4,271	)		54,455		34,391
Oak Park Village	Garden	Oct-00	Lansing, MI		1972		618		10,048		16,771		5,633		10,048		22,404		32,452		(11,674	)		20,778		23,487
Pacific Bay Vistas (5)	Garden	Mar-01	San Bruno, CA		1987		308		28,694		62,460		11,967		22,994		74,427		97,421		(57,286	)		40,135		9,700
Pacifica Park	Garden	Jul-06	Pacifica, CA		1977		104		12,970		6,579		3,169		12,970		9,748		22,718		(3,392	)		19,326		12,540
Palazzo at Park La Brea, The	Mid Rise	Feb-04	Los Angeles, CA		2002		521		48,362		125,464		11,325		48,362		136,789		185,151		(41,119	)		144,032		121,964
Palazzo East at Park La Brea, The	Mid Rise	Mar-05	Los Angeles, CA		2005		611		72,578		136,503		11,912		72,578		148,415		220,993		(38,912	)		182,081		128,156
Paradise Palms	Garden	Jul-94	Phoenix, AZ		1985		130		647		3,516		6,276		647		9,792		10,439		(6,200	)		4,239		6,225
Park Towne Place	High Rise	Apr-00	Philadelphia, PA		1959		959		10,472		47,301		53,681		10,472		100,982		111,454		(31,283	)		80,171		83,811
Parktown Townhouses	Garden	Oct-99	Deer Park, TX		1968		309		2,572		12,051		13,397		2,572		25,448		28,020		(11,533	)		16,487		10,437
Parkway	Garden	Mar-00	Willamsburg, VA		1971		148		386		2,834		2,947		386		5,781		6,167		(3,218	)		2,949		8,975
Pathfinder Village	Garden	Jan-06	Fremont, CA		1973		246		19,595		14,838		8,799		19,595		23,637		43,232		(5,962	)		37,270		18,879
Peachtree Park	Garden	Jan-96	Atlanta, GA		1969		303		4,684		11,713		10,778		4,684		22,491		27,175		(9,925	)		17,250		8,897

	Septe 30,	Septe 30,	Septe 30,	Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,			Septe 30,		Septe 30,
		(1)					(2) Initial Cost				(3) Cost Capitalized		December 31, 2011
Property Name	Property Type	Date Consolidated	Location	Year Built	Number of Units		Land		Buildings and Improvements		Subsequent to Consolidation		Land		Buildings and Improvements		(4) Total		Accumulated Depreciation (AD)			Total Cost Net of AD		Encumbrances
Peak at Vinings Mountain, The	Garden	Jan-00	Atlanta, GA	1980		280		2,651		13,660		17,590		2,651		31,250		33,901		(17,434	)		16,467		15,724
Peakview Place	Garden	Jan-00	Englewood, CO	1975		296		3,442		18,734		5,292		3,442		24,026		27,468		(16,065	)		11,403		12,412
Peppertree	Garden	Mar-02	Cypress, CA	1971		136		8,030		5,225		2,242		8,030		7,467		15,497		(3,006	)		12,491		13,028
Pine Lake Terrace	Garden	Mar-02	Garden Grove, CA	1971		111		4,124		6,035		1,801		4,124		7,836		11,960		(2,898	)		9,062		9,381
Pine Shadows	Garden	May-98	Tempe, AZ	1983		272		2,095		11,899		3,097		2,095		14,996		17,091		(7,803	)		9,288		7,500
Plantation Gardens	Garden	Oct-99	Plantation ,FL	1971		372		3,772		19,443		11,174		3,772		30,617		34,389		(12,189	)		22,200		23,435
Post Ridge	Garden	Jul-00	Nashville, TN	1972		150		1,883		6,712		4,448		1,883		11,160		13,043		(5,424	)		7,619		5,874
Ramblewood	Garden	Dec-99	Wyoming, MI	1973		1,707		8,661		61,082		4,851		8,661		65,933		74,594		(18,186	)		56,408		34,259
Ravensworth Towers	High Rise	Jun-04	Annandale, VA	1974		219		3,455		17,157		1,473		3,455		18,630		22,085		(8,908	)		13,177		23,014
Reflections	Garden	Oct-00	West Palm Beach, FL	1986		300		5,504		9,984		8,002		5,504		17,986		23,490		(5,756	)		17,734		9,005
Reflections	Garden	Sep-00	Virginia Beach, VA	1987		480		15,988		13,684		4,664		15,988		18,348		34,336		(8,063	)		26,273		31,291
Regency Oaks	Garden	Oct-99	Fern Park, FL	1961		343		1,832		9,905		9,892		1,832		19,797		21,629		(11,185	)		10,444		10,812
Remington at Ponte Vedra Lakes	Garden	Dec-06	Ponte Vedra Beach, FL	1986		344		18,795		18,650		2,670		18,795		21,320		40,115		(5,600	)		34,515		23,974
River Club,The	Garden	Apr-05	Edgewater, NJ	1998		266		30,579		30,638		2,425		30,579		33,063		63,642		(8,826	)		54,816		36,312
River Reach	Garden	Sep-00	Naples, FL	1986		556		17,728		18,337		6,640		17,728		24,977		42,705		(11,258	)		31,447		27,544
Riverloft	High Rise	Oct-99	Philadelphia, PA	1910		184		2,120		11,287		26,204		2,120		37,491		39,611		(12,883	)		26,728		17,746
Riverside	High Rise	Apr-00	Alexandria ,VA	1973		1,222		10,493		65,474		82,851		10,493		148,325		158,818		(85,418	)		73,400		105,073
Rosewood	Garden	Mar-02	Camarillo, CA	1976		152		12,430		8,060		3,514		12,430		11,574		24,004		(3,687	)		20,317		17,702
Royal Crest Estates	Garden	Aug-02	Warwick, RI	1972		492		22,433		24,095		4,733		22,433		28,828		51,261		(13,287	)		37,974		36,946
Royal Crest Estates	Garden	Aug-02	Fall River, MA	1974		216		5,833		12,044		1,003		5,833		13,047		18,880		(5,530	)		13,350		11,183
Royal Crest Estates	Garden	Aug-02	Nashua, NH	1970		902		68,230		45,562		8,446		68,230		54,008		122,238		(27,102	)		95,136		45,417
Royal Crest Estates	Garden	Aug-02	Marlborough, MA	1970		473		25,178		28,786		3,668		25,178		32,454		57,632		(13,525	)		44,107		34,472
Royal Crest Estates	Garden	Aug-02	North Andover, MA	1970		588		51,292		36,807		8,503		51,292		45,310		96,602		(18,027	)		78,575		60,454
Runaway Bay	Garden	Jul-02	Pinellas Park, FL	1986		192		1,884		7,045		3,445		1,884		10,490		12,374		(3,197	)		9,177		8,683
Runaway Bay	Garden	Oct-00	Lantana, FL	1987		404		5,935		16,052		7,530		5,935		23,582		29,517		(9,293	)		20,224		21,248
Savannah Trace	Garden	Mar-01	Shaumburg, IL	1986		368		13,960		20,732		3,395		13,960		24,127		38,087		(9,139	)		28,948		25,741
Scotchollow	Garden	Jan-06	San Mateo, CA	1971		418		49,475		17,756		9,604		49,475		27,360		76,835		(6,997	)		69,838		48,320
Scottsdale Gateway I	Garden	Oct-97	Tempe, AZ	1965		124		591		3,359		7,291		591		10,650		11,241		(5,409	)		5,832		5,732
Scottsdale Gateway II	Garden	Oct-97	Tempe, AZ	1972		487		2,458		13,927		21,546		2,458		35,473		37,931		(19,111	)		18,820		16,446
Shenandoah Crossing	Garden	Sep-00	Fairfax, VA	1984		640		18,492		57,198		13,031		18,492		70,229		88,721		(33,266	)		55,455		67,420
Signal Pointe	Garden	Oct-99	Winter Park, FL	1969		368		2,392		11,358		25,624		2,392		36,982		39,374		(20,030	)		19,344		18,373
Signature Point	Garden	Nov-96	League City, TX	1994		304		2,810		17,579		2,698		2,810		20,277		23,087		(7,447	)		15,640		9,670
Springwoods at Lake Ridge	Garden	Jul-02	Woodbridge, VA	1984		180		5,587		7,284		930		5,587		8,214		13,801		(1,864	)		11,937		13,984
Spyglass at Cedar Cove	Garden	Sep-00	Lexington Park, MD	1985		152		3,241		5,094		2,454		3,241		7,548		10,789		(3,445	)		7,344		10,183
Stafford	High Rise	Oct-02	Baltimore, MD	1889		96		562		4,033		3,788		562		7,821		8,383		(4,609	)		3,774		4,192
Steeplechase	Garden	Jul-02	Plano, TX	1985		368		7,056		10,510		6,693		7,056		17,203		24,259		(6,889	)		17,370		16,383
Steeplechase	Garden	Sep-00	Largo, MD	1986		240		3,675		16,111		3,401		3,675		19,512		23,187		(8,218	)		14,969		22,987
Sterling Apartment Homes, The	Garden	Oct-99	Philadelphia, PA	1961		537		8,871		55,365		22,987		8,871		78,352		87,223		(36,854	)		50,369		75,572
Stone Creek Club	Garden	Sep-00	Germantown, MD	1984		240		13,593		9,347		4,839		13,593		14,186		27,779		(6,823	)		20,956		24,253
Sun Lake	Garden	May-98	Lake Mary, FL	1986		600		4,551		25,543		39,865		4,551		65,408		69,959		(27,368	)		42,591		34,496
Tamarac Village	Garden	Apr-00	Denver, CO	1979		564		4,224		23,491		8,621		4,224		32,112		36,336		(17,629	)		18,707		18,021
Tamarind Bay	Garden	Jan-00	St. Petersburg, FL	1980		200		1,090		6,310		4,959		1,090		11,269		12,359		(6,424	)		5,935		6,744
Tatum Gardens	Garden	May-98	Phoenix, AZ	1985		128		1,324		7,155		1,427		1,324		8,582		9,906		(4,907	)		4,999		7,225
Towers Of Westchester Park, The	High Rise	Jan-06	College Park, MD	1972		303		15,198		22,029		5,642		15,198		27,671		42,869		(6,541	)		36,328		26,856
Township At Highlands	Town Home	Nov-96	Centennial, CO	1985		161		1,536		9,773		5,886		1,536		15,659		17,195		(7,694	)		9,501		16,075
Twin Lake Towers	High Rise	Oct-99	Westmont, IL	1969		399		3,268		18,763		34,740		3,268		53,503		56,771		(32,376	)		24,395		26,381
Twin Lakes	Garden	Apr-00	Palm Harbor, FL	1986		262		2,063		12,850		5,255		2,063		18,105		20,168		(9,646	)		10,522		12,375
Vantage Pointe	Mid Rise	Aug-02	Swampscott, MA	1987		96		4,748		10,089		618		4,748		10,707		15,455		(3,224	)		12,231		6,548
Verandahs at Hunt Club	Garden	Jul-02	Apopka, FL	1985		210		2,286		7,724		2,723		2,286		10,447		12,733		(3,134	)		9,599		10,703
Views at Vinings Mountain, The	Garden	Jan-06	Atlanta, GA	1983		180		610		5,026		12,018		610		17,044		17,654		(11,383	)		6,271		13,387
Villa Del Sol	Garden	Mar-02	Norwalk, CA	1972		120		7,476		4,861		2,164		7,476		7,025		14,501		(3,045	)		11,456		11,958
Village in the Woods	Garden	Jan-00	Cypress, TX	1983		530		3,463		15,787		10,439		3,463		26,226		29,689		(14,747	)		14,942		19,035
Village of Pennbrook	Garden	Oct-98	Levittown, PA	1969		722		10,240		38,222		12,946		10,240		51,168		61,408		(25,090	)		36,318		47,146
Villages of Baymeadows	Garden	Oct-99	Jacksonville, FL	1972		904		4,860		33,956		53,950		4,860		87,906		92,766		(51,021	)		41,745		36,044
Villas at Park La Brea, The	Garden	Mar-02	Los Angeles, CA	2002		250		8,630		48,871		4,351		8,630		53,222		61,852		(17,022	)		44,830		27,234
Vista Del Lagos	Garden	Dec-97	Chandler, AZ	1986		200		804		4,951		3,044		804		7,995		8,799		(3,286	)		5,513		11,444
Waterford Village	Garden	Aug-02	Bridgewater, MA	1971		588		29,110		28,101		2,611		29,110		30,712		59,822		(16,565	)		43,257		39,652
Waterways Village	Garden	Jun-97	Aventura, FL	1994		180		4,504		11,064		3,196		4,504		14,260		18,764		(6,460	)		12,304		5,684
Waverly Apartments	Garden	Aug-08	Brighton, MA	1970		103		7,920		11,347		1,190		7,920		12,537		20,457		(1,900	)		18,557		13,044
West Winds	Garden	Oct-02	Orlando, FL	1985		272		2,332		11,481		2,936		2,332		14,417		16,749		(5,382	)		11,367		12,353
Wexford Village	Garden	Aug-02	Worcester, MA	1974		264		6,339		17,939		882		6,339		18,821		25,160		(7,498	)		17,662		12,576
Willow Bend	Garden	May-98	Rolling Meadows, IL	1969		328		2,717		15,437		25,468		2,717		40,905		43,622		(20,940	)		22,682		19,319
Windrift	Garden	Mar-01	Oceanside, CA	1987		404		24,960		17,590		18,939		24,960		36,529		61,489		(20,456	)		41,033		43,966

	Septe 30,	Septe 30,	Septe 30,	Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,			Septe 30,		Septe 30,
		(1)					(2) Initial Cost				(3) Cost Capitalized		December 31, 2011
Property Name	Property Type	Date Consolidated	Location	Year Built	Number of Units		Land		Buildings and Improvements		Subsequent to Consolidation		Land		Buildings and Improvements		(4) Total		Accumulated Depreciation (AD)			Total Cost Net of AD		Encumbrances
Windrift	Garden	Oct-00	Orlando, FL	1987		288		3,696		10,029		5,089		3,696		15,118		18,814		(6,191	)		12,623		16,571
Windsor Crossing	Garden	Mar-00	Newport News, VA	1978		156		131		2,110		2,519		131		4,629		4,760		(2,301	)		2,459		1,595
Windsor Park	Garden	Mar-01	Woodbridge, VA	1987		220		4,279		15,970		1,857		4,279		17,827		22,106		(7,051	)		15,055		19,102
Woodcreek	Garden	Oct-02	Mesa, AZ	1985		432		2,431		15,885		4,255		2,431		20,140		22,571		(11,523	)		11,048		18,864
Woods of Burnsville	Garden	Nov-04	Burnsville, MN	1984		400		3,954		18,126		2,169		3,954		20,295		24,249		(7,836	)		16,413		16,580
Woods Of Williamsburg	Garden	Jan-06	Williamsburg, VA	1976		125		798		3,657		1,153		798		4,810		5,608		(3,337	)		2,271		985
Yacht Club at Brickell	High Rise	Dec-03	Miami, FL	1998		357		31,362		32,214		5,908		31,362		38,122		69,484		(8,530	)		60,954		36,745
Yorktown Apartments	High Rise	Dec-99	Lombard, IL	1971		364		3,055		18,162		27,653		3,055		45,815		48,870		(15,410	)		33,460		25,094
Total Conventional Properties						61,088		2,032,793		3,529,758		2,107,875		1,941,656		5,636,719		7,578,375		(2,353,539	)		5,224,836		4,475,461
Affordable Properties:
All Hallows	Garden	Jan-06	San Francisco, CA	1976		157		1,338		29,770		20,707		1,338		50,477		51,815		(20,939	)		30,876		22,297
Alliance Towers	High Rise	Mar-02	Alliance, OH	1979		101		530		1,934		637		530		2,571		3,101		(769	)		2,332		2,202
Antioch Towers	High Rise	Jan-10	Cleveland, OH	1976		171		720		8,802		153		720		8,955		9,675		(2,723	)		6,952		5,587
Anton Square	Garden	Jan-10	Whistler, AL	1984		48		152		1,616		67		152		1,683		1,835		(305	)		1,530		1,485
Arvada House	High Rise	Nov-04	Arvada, CO	1977		88		405		3,314		2,230		405		5,544		5,949		(1,668	)		4,281		4,078
Bayview	Garden	Jun-05	San Francisco, CA	1976		146		582		15,265		17,072		582		32,337		32,919		(14,817	)		18,102		11,453
Beacon Hill	High Rise	Mar-02	Hillsdale, MI	1980		198		1,094		7,044		6,553		1,094		13,597		14,691		(4,326	)		10,365		7,181
Bedford House	Mid Rise	Mar-02	Falmouth, KY	1979		48		230		918		265		230		1,183		1,413		(463	)		950		1,074
Berger Apartments	Mid Rise	Mar-02	New Haven, CT	1981		144		1,152		4,656		2,333		1,152		6,989		8,141		(2,249	)		5,892		-
Biltmore Towers	High Rise	Mar-02	Dayton, OH	1980		230		1,814		6,411		13,459		1,814		19,870		21,684		(10,852	)		10,832		10,531
Birchwood	Garden	Jan-10	Dallas, TX	1963		276		975		5,525		-		975		5,525		6,500		(761	)		5,739		4,239
Blakewood	Garden	Oct-05	Statesboro, GA	1973		42		58		882		396		58		1,278		1,336		(1,139	)		197		652
Bolton North	High Rise	Jan-06	Baltimore, MD	1977		209		1,429		6,569		463		1,429		7,032		8,461		(2,412	)		6,049		10,800
Bridge Street	Garden	Jan-10	East Stroudsburg, PA	1999		52		398		2,133		103		398		2,236		2,634		(220	)		2,414		1,987
Burchwood	Garden	Oct-07	Berea, KY	1999		24		149		247		500		149		747		896		(314	)		582		933
Butternut Creek	Mid Rise	Jan-06	Charlotte, MI	1980		100		505		3,617		3,794		505		7,411		7,916		(3,913	)		4,003		4,055
California Square I	High Rise	Jan-06	Louisville, KY	1982		101		154		5,704		446		154		6,150		6,304		(3,890	)		2,414		3,428
Canterbury Towers	High Rise	Jan-06	Worcester, MA	1976		156		567		4,557		1,161		567		5,718		6,285		(4,066	)		2,219		1,909
Canyon Shadows	Garden	Jan-10	Riverside, CA	1971		120		488		2,762		3		488		2,765		3,253		(395	)		2,858		2,504
Carriage House	Mid Rise	Dec-06	Petersburg, VA	1885		118		716		2,886		3,646		716		6,532		7,248		(2,561	)		4,687		1,943
City Line	Garden	Mar-02	Newport News, VA	1976		200		500		2,014		7,302		500		9,316		9,816		(2,803	)		7,013		4,704
Cold Spring Homes (5)	Garden	Oct-07	Cold Springs, KY	2000		30		118		917		1,140		118		707		825		(424	)		401		685
Community Circle II	Garden	Jan-06	Cleveland, OH	1975		129		263		4,699		646		263		5,345		5,608		(3,355	)		2,253		3,275
Copperwood I Apartments	Garden	Apr-06	The Woodlands, TX	1980		150		364		8,373		4,922		364		13,295		13,659		(11,170	)		2,489		5,469
Copperwood II Apartments	Garden	Oct-05	The Woodlands, TX	1981		150		459		5,553		3,448		459		9,001		9,460		(4,599	)		4,861		5,643
Country Club Heights	Garden	Mar-04	Quincy, IL	1976		200		676		5,715		4,903		676		10,618		11,294		(4,580	)		6,714		6,735
Country Commons	Garden	Jan-06	Bensalem, PA	1972		352		1,853		17,657		5,022		1,853		22,679		24,532		(12,326	)		12,206		12,405
Courtyards at Kirnwood	Garden	Jan-10	DeSoto, TX	1997		198		861		4,881		-		861		4,881		5,742		(1,025	)		4,717		4,328
Courtyards of Arlington Village at Johns	Garden	Jan-10	Arlington, TX	1996		140		757		4,293		-		757		4,293		5,050		(562	)		4,488		2,881
Crevenna Oaks	Town Home	Jan-06	Burke, VA	1979		50		355		4,848		276		355		5,124		5,479		(1,879	)		3,600		3,075
Crockett Manor	Garden	Mar-04	Trenton, TN	1982		38		130		1,395		6		130		1,401		1,531		(523	)		1,008		978
Darby Townhouses	Town Home	Jan-10	Sharon Hill, PA	1970		172		1,297		11,115		400		1,297		11,515		12,812		(4,748	)		8,064		5,196
Denny Place	Garden	Mar-02	North Hollywood, CA	1984		17		394		1,579		91		394		1,670		2,064		(534	)		1,530		1,100
Douglas Landing	Garden	Oct-07	Austin, TX	1999		96		750		4,250		142		750		4,392		5,142		(581	)		4,561		3,844
Elmwood	Garden	Jan-06	Athens, AL	1981		80		346		2,644		510		346		3,154		3,500		(1,865	)		1,635		1,849
Fairwood	Garden	Jan-06	Carmichael, CA	1979		86		177		5,264		206		177		5,470		5,647		(3,611	)		2,036		2,239
Fountain Place	Mid Rise	Jan-06	Connersville, IN	1980		102		378		2,091		2,991		378		5,082		5,460		(866	)		4,594		1,086
Fox Run	Garden	Mar-02	Orange, TX	1983		70		420		1,992		985		420		2,977		3,397		(1,315	)		2,082		2,443
Foxfire	Garden	Jan-06	Jackson, MI	1975		160		856		6,854		2,152		856		9,006		9,862		(5,748	)		4,114		1,391
Franklin Square School Apts	Mid Rise	Jan-06	Baltimore, MD	1888		65		565		3,581		393		565		3,974		4,539		(2,211	)		2,328		3,873
Friendset Apartments	High Rise	Jan-06	Brooklyn, NY	1979		259		550		16,825		536		550		17,361		17,911		(10,043	)		7,868		13,773
Gates Manor	Garden	Mar-04	Clinton, TN	1981		80		264		2,225		842		264		3,067		3,331		(1,357	)		1,974		2,369
Glens, The	Garden	Jan-06	Rock Hill, SC	1982		88		840		4,135		1,126		840		5,261		6,101		(4,137	)		1,964		3,687
Gotham Apts	Garden	Jan-10	Kansas City, MO	1930		105		474		4,944		118		474		5,062		5,536		(3,101	)		2,435		3,380
Hamlin Estates	Garden	Mar-02	North Hollywood, CA	1983		30		1,009		1,691		191		1,009		1,882		2,891		(696	)		2,195		1,258
Hanover Square	High Rise	Jan-06	Baltimore, MD	1980		199		1,656		9,575		27		1,656		9,602		11,258		(6,229	)		5,029		10,364
Harris Park Apartments	Garden	Dec-97	Rochester, NY	1968		114		475		2,786		855		475		3,641		4,116		(1,517	)		2,599		-
Hatillo Housing	Mid Rise	Jan-06	Hatillo, PR	1982		64		202		2,876		481		202		3,357		3,559		(2,000	)		1,559		1,346
Henna Townhomes	Garden	Oct-07	Round Rock, TX	1999		160		1,746		9,197		273		1,746		9,470		11,216		(1,459	)		9,757		5,764
Hopkins Village	Mid Rise	Sep-03	Baltimore, MD	1979		165		549		5,973		3,536		549		9,509		10,058		(2,301	)		7,757		9,100
Hudson Gardens	Garden	Mar-02	Pasadena, CA	1983		41		914		1,548		164		914		1,712		2,626		(745	)		1,881		3,180
Ingram Square	Garden	Jan-06	San Antonio, TX	1980		120		800		3,136		5,707		800		8,843		9,643		(2,964	)		6,679		3,759

	Septe 30,	Septe 30,	Septe 30,	Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,			Septe 30,		Septe 30,
		(1)					(2) Initial Cost				(3) Cost Capitalized		December 31, 2011
Property Name	Property Type	Date Consolidated	Location	Year Built	Number of Units		Land		Buildings and Improvements		Subsequent to Consolidation		Land		Buildings and Improvements		(4) Total		Accumulated Depreciation (AD)			Total Cost Net of AD		Encumbrances
JFK Towers	Mid Rise	Jan-06	Durham, NC	1983		177		750		7,971		570		750		8,541		9,291		(4,958	)		4,333		5,663
Kirkwood House	High Rise	Sep-04	Baltimore, MD	1979		261		1,337		9,358		8,214		1,337		17,572		18,909		(4,227	)		14,682		16,000
La Salle	Garden	Oct-00	San Francisco, CA	1976		145		1,866		19,567		17,462		1,866		37,029		38,895		(18,915	)		19,980		17,038
La Vista	Garden	Jan-06	Concord, CA	1981		75		581		4,449		4,225		581		8,674		9,255		(1,806	)		7,449		5,332
Lafayette Square	Garden	Jan-06	Camden, SC	1978		72		142		1,875		149		142		2,024		2,166		(1,718	)		448		202
Laurelwood	Garden	Jan-06	Morristown, TN	1981		65		75		1,870		228		75		2,098		2,173		(1,382	)		791		1,302
Lock Haven Gardens	Garden	Jan-06	Lock Haven, PA	1979		150		1,163		6,046		2,333		1,163		8,379		9,542		(6,613	)		2,929		2,011
Locust House	High Rise	Mar-02	Westminster, MD	1979		99		650		2,604		789		650		3,393		4,043		(1,118	)		2,925		1,891
Long Meadow (5)	Garden	Jan-06	Cheraw, SC	1973		56		158		1,342		151		158		1,259		1,417		(1,194	)		223		129
Loring Towers	High Rise	Oct-02	Minneapolis, MN	1975		230		886		7,445		8,110		886		15,555		16,441		(5,263	)		11,178		10,167
Loring Towers Apartments	High Rise	Sep-03	Salem, MA	1973		250		187		14,050		6,738		187		20,788		20,975		(5,612	)		15,363		15,338
Maunakea Tower	High Rise	Jan-10	Honolulu, HI	1976		380		7,995		45,305		3,710		7,995		49,015		57,010		(4,277	)		52,733		34,441
Michigan Beach	Garden	Oct-07	Chicago, IL	1958		239		2,225		10,798		1,062		2,225		11,860		14,085		(4,675	)		9,410		5,528
Mill Pond	Mid Rise	Jan-06	Taunton, MA	1982		49		80		2,704		189		80		2,893		2,973		(1,634	)		1,339		646
Mill Run	Garden	Jan-10	Mobile, AL	1983		50		293		2,337		80		293		2,417		2,710		(751	)		1,959		1,454
Miramar Housing	High Rise	Jan-06	Ponce, PR	1983		96		367		5,085		219		367		5,304		5,671		(3,014	)		2,657		2,658
Montblanc Gardens	Town Home	Dec-03	Yauco, PR	1982		128		390		3,859		725		390		4,584		4,974		(2,504	)		2,470		3,225
Monticello Manor	Garden	Jan-10	San Antonio, TX	1998		154		647		3,665		45		647		3,710		4,357		(507	)		3,850		3,817
New Baltimore	Mid Rise	Mar-02	New Baltimore, MI	1980		101		896		2,360		5,158		896		7,518		8,414		(2,564	)		5,850		2,144
Newberry Park	Garden	Dec-97	Chicago, IL	1995		84		1,380		7,632		395		1,380		8,027		9,407		(3,082	)		6,325		7,181
Nintey Five Vine Street	Garden	Jan-10	Hartford, CT	1800		31		187		1,062		641		187		1,703		1,890		(282	)		1,608		959
Northpoint	Garden	Jan-00	Chicago, IL	1921		304		2,510		14,334		16,546		2,510		30,880		33,390		(18,679	)		14,711		18,619
Oakwood Manor	Garden	Mar-04	Milan, TN	1984		34		103		498		13		103		511		614		(190	)		424		267
O’Neil	High Rise	Jan-06	Troy, NY	1978		115		88		4,067		1,432		88		5,499		5,587		(4,154	)		1,433		2,561
Overbrook Park	Garden	Jan-06	Chillicothe, OH	1981		50		136		2,282		243		136		2,525		2,661		(1,462	)		1,199		1,415
Panorama Park	Garden	Mar-02	Bakersfield, CA	1982		66		521		5,520		981		521		6,501		7,022		(2,020	)		5,002		2,174
Parc Chateau I	Garden	Jan-06	Lithonia, GA	1973		86		592		1,442		304		592		1,746		2,338		(1,674	)		664		278
Parc Chateau II	Garden	Jan-06	Lithonia, GA	1974		88		596		2,965		263		596		3,228		3,824		(2,427	)		1,397		280
Park Place	Mid Rise	Jun-05	St Louis, MO	1977		242		705		6,327		9,887		705		16,214		16,919		(11,018	)		5,901		9,265
Park Vista	Garden	Oct-05	Anaheim, CA	1958		392		6,155		25,929		5,869		6,155		31,798		37,953		(9,265	)		28,688		37,550
Parkways, The	Garden	Jun-04	Chicago, IL	1925		446		3,426		23,257		18,901		3,426		42,158		45,584		(17,275	)		28,309		20,450
Patman Switch	Garden	Jan-06	Hughes Springs, TX	1978		82		729		1,381		712		729		2,093		2,822		(1,705	)		1,117		1,229
Pavilion	High Rise	Mar-04	Philadelphia, PA	1976		296		-		15,415		1,556		-		16,971		16,971		(5,826	)		11,145		8,295
Peachwood Place	Garden	Oct-07	Waycross, GA	1999		72		389		748		751		389		398		787		(117	)		670		-
Pinebluff Village (5)	Mid Rise	Jan-06	Salisbury, MD	1980		151		1,112		7,177		1,722		1,112		8,899		10,011		(6,917	)		3,094		1,723
Pinewood Place	Garden	Mar-02	Toledo, OH	1979		99		425		1,698		1,192		425		2,890		3,315		(1,443	)		1,872		1,914
Pleasant Hills	Garden	Apr-05	Austin, TX	1982		100		1,229		2,631		3,544		1,229		6,175		7,404		(2,457	)		4,947		3,132
Plummer Village	Mid Rise	Mar-02	North Hills, CA	1983		75		666		2,647		1,628		666		4,275		4,941		(2,406	)		2,535		2,520
Portner Place	Town Home	Jan-06	Washington, DC	1980		48		698		3,753		879		698		4,632		5,330		(1,250	)		4,080		6,262
Pride Gardens	Garden	Dec-97	Flora, MS	1975		76		102		1,071		1,605		102		2,676		2,778		(1,528	)		1,250		1,034
Rancho California	Garden	Jan-06	Temecula, CA	1984		55		488		5,462		151		488		5,613		6,101		(3,097	)		3,004		4,420
River’s Edge	Town Home	Jan-06	Greenville, MI	1983		49		310		2,097		381		310		2,478		2,788		(1,714	)		1,074		359
Riverwoods	High Rise	Jan-06	Kankakee, IL	1983		125		598		4,931		3,494		598		8,425		9,023		(2,010	)		7,013		4,309
Round Barn Manor	Garden	Mar-02	Champaign, IL	1979		156		810		5,134		5,916		810		11,050		11,860		(2,658	)		9,202		4,927
San Jose Apartments	Garden	Sep-05	San Antonio, TX	1970		220		234		5,770		11,716		234		17,486		17,720		(5,812	)		11,908		4,857
San Juan Del Centro	Mid Rise	Sep-05	Boulder, CO	1971		150		439		7,110		12,513		439		19,623		20,062		(6,629	)		13,433		12,250
Sandy Hill Terrace	High Rise	Mar-02	Norristown, PA	1980		175		1,650		6,599		2,456		1,650		9,055		10,705		(3,175	)		7,530		3,093
Sandy Springs	Garden	Mar-05	Macon, GA	1979		74		366		1,522		2,100		366		3,622		3,988		(2,602	)		1,386		1,871
Santa Maria	Garden	Jan-10	San German, PR	1983		86		368		2,086		14		368		2,100		2,468		(782	)		1,686		2,273
School Street	Mid Rise	Jan-06	Taunton, MA	1920		75		220		4,335		268		220		4,603		4,823		(2,563	)		2,260		1,537
Shoreview	Garden	Oct-99	San Francisco, CA	1976		156		1,476		19,071		18,903		1,476		37,974		39,450		(20,276	)		19,174		18,417
South Bay Villa	Garden	Mar-02	Los Angeles, CA	1981		80		1,352		2,770		3,739		1,352		6,509		7,861		(4,966	)		2,895		2,971
St. George Villas	Garden	Jan-06	St. George, SC	1984		40		86		1,025		267		86		1,292		1,378		(921	)		457		461
Stonegate Apts	Mid Rise	Jul-09	Indianapolis, IN	1920		52		122		3,610		443		122		4,053		4,175		(1,202	)		2,973		1,923
Sumler Terrace	Garden	Jan-06	Norfolk, VA	1976		126		215		4,400		1,310		215		5,710		5,925		(4,519	)		1,406		1,071
Summit Oaks	Town Home	Jan-06	Burke, VA	1980		50		381		4,930		327		381		5,257		5,638		(1,882	)		3,756		3,067
Suntree	Garden	Jan-06	St. Johns, MI	1980		121		402		6,488		2,242		402		8,730		9,132		(4,769	)		4,363		3,654
Tabor Towers	Mid Rise	Jan-06	Lewisburg, WV	1979		84		164		3,360		329		164		3,689		3,853		(2,300	)		1,553		1,871
Tamarac Pines Apartments I	Garden	Nov-04	Woodlands, TX	1980		144		363		2,775		3,519		363		6,294		6,657		(2,633	)		4,024		4,042
Tamarac Pines Apartments II	Garden	Nov-04	Woodlands, TX	1980		156		266		3,195		4,022		266		7,217		7,483		(3,004	)		4,479		4,379
Terry Manor	Mid Rise	Oct-05	Los Angeles, CA	1977		170		1,997		5,848		6,508		1,997		12,356		14,353		(7,979	)		6,374		6,751
Tompkins Terrace	Garden	Oct-02	Beacon, NY	1974		193		872		6,827		13,445		872		20,272		21,144		(5,588	)		15,556		7,869
Trestletree Village (5)	Garden	Mar-02	Atlanta, GA	1981		188		1,150		4,655		1,710		1,150		4,448		5,598		(2,198	)		3,400		2,728

	Septe 30,	Septe 30,	Septe 30,	Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,		Septe 30,			Septe 30,		Septe 30,
		(1)					(2) Initial Cost				(3) Cost Capitalized		December 31, 2011
Property Name	Property Type	Date Consolidated	Location	Year Built	Number of Units		Land		Buildings and Improvements		Subsequent to Consolidation		Land		Buildings and Improvements		(4) Total		Accumulated Depreciation (AD)			Total Cost Net of AD		Encumbrances
Underwood Elderly	High Rise	Jan-10	Hartford, CT	1982		136		2,274		6,349		731		2,274		7,080		9,354		(2,895	)		6,459		6,159
Underwood Family	Town Home	Jan-10	Hartford, CT	1982		25		831		1,270		77		831		1,347		2,178		(585	)		1,593		1,575
University Square	High Rise	Mar-05	Philadelphia, PA	1978		442		702		12,201		10,810		702		23,011		23,713		(8,987	)		14,726		18,116
Van Nuys Apartments	High Rise	Mar-02	Los Angeles, CA	1981		299		3,576		21,226		21,081		3,576		42,307		45,883		(9,679	)		36,204		25,200
Verdes Del Oriente	Garden	Jan-10	San Pedro, CA	1976		113		1,139		7,044		171		1,139		7,215		8,354		(3,123	)		5,231		5,319
Vicente Geigel Polanco	Garden	Jan-10	Isabela, PR	1983		80		361		2,043		15		361		2,058		2,419		(408	)		2,011		2,232
Victory Square (5)	Garden	Mar-02	Canton, OH	1975		81		215		889		712		215		1,452		1,667		(746	)		921		814
Villa de Guadalupe	Garden	Jan-10	San Jose, CA	1982		101		1,781		8,061		231		1,781		8,292		10,073		(3,420	)		6,653		6,891
Village Oaks	Mid Rise	Jan-06	Catonsville, MD	1980		181		2,127		5,188		1,791		2,127		6,979		9,106		(5,059	)		4,047		4,010
Village of Kaufman	Garden	Mar-05	Kaufman, TX	1981		68		370		1,606		666		370		2,272		2,642		(876	)		1,766		1,835
Villas of Mount Dora	Garden	Jan-10	Mt. Dora, FL	1979		70		322		1,828		169		322		1,997		2,319		(205	)		2,114		1,675
Vista Park Chino	Garden	Mar-02	Chino, CA	1983		40		380		1,521		429		380		1,950		2,330		(759	)		1,571		3,085
Wah Luck House	High Rise	Jan-06	Washington, DC	1982		153		—		7,772		675		—		8,447		8,447		(2,118	)		6,329		8,048
Walnut Hills	High Rise	Jan-06	Cincinnati, OH	1983		198		826		5,608		5,374		826		10,982		11,808		(3,238	)		8,570		5,552
Wasco Arms	Garden	Mar-02	Wasco, CA	1982		78		625		2,520		870		625		3,390		4,015		(1,534	)		2,481		3,096
Washington Square West	Mid Rise	Sep-04	Philadelphia, PA	1982		132		582		11,169		6,488		582		17,657		18,239		(10,547	)		7,692		3,761
White Cliff	Garden	Mar-02	Lincoln Heights, OH	1977		72		214		938		427		214		1,365		1,579		(675	)		904		955
Whitefield Place	Garden	Apr-05	San Antonio, TX	1980		80		219		3,151		2,601		219		5,752		5,971		(2,554	)		3,417		2,191
Wilkes Towers	High Rise	Mar-02	North Wilkesboro, NC	1981		72		410		1,680		544		410		2,224		2,634		(895	)		1,739		1,865
Willow Wood	Garden	Mar-02	North Hollywood, CA	1984		19		1,051		840		226		1,051		1,066		2,117		(347	)		1,770		1,044
Winter Gardens	High Rise	Mar-04	St Louis, MO	1920		112		300		3,072		4,515		300		7,587		7,887		(1,708	)		6,179		3,664
Woodland (5)	Garden	Jan-06	Spartanburg, SC	1972		100		181		663		2,002		181		2,012		2,193		(1,193	)		1,000		—
Woodland Hills	Garden	Oct-05	Jackson, MI	1980		125		320		3,875		4,526		320		8,401		8,721		(4,101	)		4,620		3,531
Woodlands	Garden	Jan-10	Whistler, AL	1983		50		214		2,077		62		214		2,139		2,353		(761	)		1,592		1,530
Total Affordable Properties						17,705		110,240		790,355		413,566		110,240		1,198,517		1,308,757		(507,657	)		801,100		696,859
Other (6)						—		2,079		2,454		1,988		2,079		4,442		6,521		(3,677	)		2,844		—
Total Continuing Operations						78,793	$	2,145,112	$	4,322,567	$	2,523,429	$	2,053,975	$	6,839,678	$	8,893,653	$	(2,864,873	)	$	6,028,780	$	5,172,320
Conventional Properties included in Discontinued Operations:
Charleston Landing	Garden	Sep-00	Brandon, FL	1985		300		7,488		8,656		7,340		7,488		15,996		23,484		(7,317	)		16,167		13,012
Total						79,093	$	2,152,600	$	4,331,223	$	2,530,769	$	2,061,463	$	6,855,674	$	8,917,137	$	(2,872,190	)	$	6,044,947	$	5,185,332

(1) Date we acquired the property or first consolidated the partnership which owns the property.

(2) For 2008 and prior periods, costs to acquire the noncontrolling interest’s share of our consolidated real estate partnerships were capitalized as part of the initial cost.

(3) Costs capitalized subsequent to consolidation includes costs capitalized since acquisition or first consolidation of the partnership/property.

(4) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $3.9 billion at December 31, 2011.

(5) The current carrying value of the property reflects an impairment loss recognized during the current period or prior periods.

(6) Other includes land parcels, commercial properties and other related costs. We exclude such properties from our residential unit counts.

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION

For the Years Ended December 31, 2011, 2010 and 2009

(In Thousands)

		September 30,			September 30,			September 30,
	2011			2010			2009
Real Estate
Balance at beginning of year	$	9,468,165		$	9,718,978		$	11,000,496
Additions during the year:
Newly consolidated assets		—			69,410			19,683
Acquisitions		44,681			—			—
Capital additions		207,263			175,329			275,444
Deductions during the year:
Casualty and other write-offs (1)		(192,542	)		(15,865	)		(43,134	)
Sales		(610,430	)		(479,687	)		(1,533,511	)
Balance at end of year	$	8,917,137		$	9,468,165		$	9,718,978
Accumulated Depreciation
Balance at beginning of year	$	2,934,912		$	2,723,844		$	2,815,497
Additions during the year:
Depreciation		382,213			422,099			478,550
Newly consolidated assets		—			(12,348	)		(2,763	)
Deductions during the year:
Casualty and other write-offs (1)		(173,941	)		(4,831	)		(5,200	)
Sales		(270,994	)		(193,852	)		(562,240	)
Balance at end of year	$	2,872,190		$	2,934,912		$	2,723,844

(1) Includes the write-off of fully depreciated assets totaling $165.9 million during the year ended December 31, 2011.