Exhibit 99.1
Exhibit 99.1
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Item 6. |
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Selected Financial Data |
The following selected financial data is based on our audited historical financial statements.
This information should be read in conjunction with such financial statements, including the notes
thereto, and Managements Discussion and Analysis of Financial Condition and Results of
Operations included herein or in previous filings with the Securities and Exchange Commission.
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For the Years Ended December 31, |
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2010
(1) |
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2009 (1) |
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2008 (1) |
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2007 (1) |
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2006 (1) |
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(dollar amounts in thousands, except per unit data) |
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OPERATING DATA: |
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Total revenues |
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$ |
1,132,478 |
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$ |
1,120,818 |
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$ |
1,168,253 |
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$ |
1,101,950 |
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$ |
1,015,335 |
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Total operating expenses (2) |
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(1,002,939 |
) |
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(1,025,934 |
) |
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(1,127,318 |
) |
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(931,172 |
) |
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(853,802 |
) |
Operating income (2) |
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129,539 |
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94,884 |
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40,935 |
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170,778 |
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161,533 |
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Loss from continuing operations (2) |
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(164,589 |
) |
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(200,660 |
) |
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(117,481 |
) |
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(46,375 |
) |
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(39,907 |
) |
Income from discontinued operations, net (3) |
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75,824 |
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156,680 |
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745,269 |
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172,630 |
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329,888 |
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Net (loss) income |
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(88,765 |
) |
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(43,980 |
) |
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627,788 |
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126,255 |
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289,982 |
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Net loss (income) attributable to noncontrolling
interests |
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13,301 |
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(22,442 |
) |
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(155,749 |
) |
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(92,138 |
) |
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(92,917 |
) |
Net income attributable to preferred unitholders |
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(58,554 |
) |
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(56,854 |
) |
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(61,354 |
) |
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(73,144 |
) |
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(90,527 |
) |
Net (loss) income attributable to the
Partnerships common unitholders |
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(134,018 |
) |
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(123,276 |
) |
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403,700 |
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(43,508 |
) |
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104,592 |
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Earnings (loss) per common unit basic and
diluted: |
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Loss from continuing operations attributable
to the Partnerships common unitholders |
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$ |
(1.46 |
) |
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$ |
(1.77 |
) |
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$ |
(1.95 |
) |
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$ |
(1.38 |
) |
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$ |
(1.45 |
) |
Net (loss) income attributable to the
Partnerships common unitholders |
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$ |
(1.07 |
) |
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$ |
(1.00 |
) |
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$ |
4.11 |
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$ |
(0.42 |
) |
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$ |
0.99 |
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BALANCE SHEET INFORMATION: |
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Real estate, net of accumulated depreciation |
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$ |
6,490,252 |
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$ |
6,671,619 |
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$ |
6,829,989 |
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$ |
6,598,753 |
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$ |
6,139,098 |
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Total assets |
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7,395,096 |
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7,922,139 |
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9,456,721 |
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10,631,746 |
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10,305,903 |
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Total indebtedness |
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5,477,546 |
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5,455,225 |
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5,829,016 |
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5,439,058 |
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4,761,198 |
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Total partners capital |
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1,323,302 |
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1,550,374 |
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1,661,600 |
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2,152,326 |
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2,753,617 |
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OTHER INFORMATION: |
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Distributions declared per common unit (4) |
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$ |
0.30 |
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$ |
0.40 |
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$ |
7.48 |
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$ |
4.31 |
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$ |
2.40 |
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Total consolidated properties (end of period) |
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399 |
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426 |
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514 |
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657 |
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703 |
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Total consolidated apartment units (end of period) |
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89,875 |
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95,202 |
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117,719 |
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153,758 |
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162,432 |
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Total unconsolidated properties (end of period) |
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48 |
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77 |
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85 |
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94 |
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102 |
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Total unconsolidated apartment units (end of
period) |
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5,637 |
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8,478 |
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9,613 |
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10,878 |
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11,791 |
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(1) |
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Certain reclassifications have been made to conform to the March 31, 2011
financial statement presentation, including retroactive adjustments to reflect additional
properties sold or classified as held for sale as of March 31, 2011, as discontinued
operations (see Note 13 to the consolidated financial statements in Item 8). |
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(2) |
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Total operating expenses, operating income and loss from continuing operations for the
year ended December 31, 2008, include a $91.1 million pre-tax provision for impairment
losses on real estate development assets, which is discussed further in Managements
Discussion and Analysis of Financial Condition and Results of Operations in Item 7. |
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(3) |
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Income from discontinued operations for the years ended December 31, 2010, 2009, 2008,
2007 and 2006 includes $94.9 million, $221.8 million, $800.3 million, $116.1 million and
$336.2 million in gains on disposition of real estate, respectively. Income from
discontinued operations for 2010, 2009 and 2008 is discussed further in Managements
Discussion and Analysis of Financial Condition and Results of Operations in Item 7. |
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(4) |
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As further discussed in Note 11 to the consolidated financial statements in Item 8,
distributions declared per common unit during the years ended December 31, 2008 and 2007,
included $5.08 and $1.91, respectively, of per unit distributions that were paid to Aimco
through the issuance of common OP Units. |
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Item 7. |
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Managements Discussion and Analysis of Financial Condition and Results of Operations |
Executive Overview
We are the operating partnership for Aimco, which is a self-administered and self-managed real
estate investment trust, or REIT. Our principal financial objective is to provide predictable and
attractive returns to our unitholders. Our business plan to achieve this objective is to:
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own and operate a broadly diversified portfolio of primarily class B/B+ assets
(as defined in Note 1 to the consolidated financial statements in Item 8) with
properties concentrated in the 20 largest markets in the United States (as measured by
total apartment value, which is the estimated total market value of apartment properties in
a particular market); |
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improve our portfolio by selling assets with lower projected returns and reinvesting
those proceeds through the purchase of new assets or additional investment in existing
assets in our portfolio, including increased ownership or redevelopment; and |
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provide financial leverage primarily by the use of non-recourse, long-dated, fixed-rate
property debt and perpetual preferred equity. |
Our owned real estate portfolio includes 219 conventional properties with 68,972 units and 228
affordable properties with 26,540 units. Our conventional and affordable properties comprise 88%
and 12%, respectively, of our total property Net Asset Value. For the three months ended December
31, 2010, our conventional portfolio monthly rents averaged $1,052 and provided 62% operating
margins. These average rents increased from $1,042 for the three months ended December 31, 2009.
For the year ended December 31, 2010, on average, conventional new lease rates were 2.3% lower than expiring
lease rates, and conventional renewal rates were 1.5% higher than expiring lease rates.
Notwithstanding the economic challenges of the last several years, our diversified portfolio of
conventional and affordable properties generated improved property operating results from 2007 to
2010. From 2007 to 2010, the net operating income of our same store properties and total real
estate operations increased by 1.2% and 5.8%, respectively.
We continue to work toward simplifying our business, including de-emphasizing
transaction-based activity fees and, as a result, reducing the cost of personnel involved in those
activities. Revenues from transactional activities decreased from $68.2 million during 2008 to
$7.9 million during 2010, and during 2010 transactional activities generated approximately 3.0% of
our Pro forma Funds From Operations (defined below). Additionally, we have reduced our offsite
costs by $16.8 million. Our 2010, 2009 and 2008 results are discussed in the Results of Operations
section below.
We upgrade the quality of our portfolio through the sale of assets with lower projected
returns, which are often in markets less desirable than our target markets, and reinvest these
proceeds through the purchase of new assets or additional investment in existing assets in our
portfolio, through increased ownership or redevelopment. We prefer the redevelopment of select
properties in our existing portfolio to ground-up development, as we believe it provides superior
risk adjusted returns with lower volatility.
Our leverage strategy focuses on increasing financial returns while minimizing risk. At
December 31, 2010, approximately 86% of our leverage consisted of property-level, non-recourse,
long-dated, fixed-rate, amortizing debt and 13% consisted of perpetual preferred equity, a
combination which helps to limit our refunding and re-pricing risk. At December 31, 2010, we had
no outstanding corporate level debt. Our leverage strategy limits refunding risk on our
property-level debt. At December 31, 2010, the weighted average maturity of our property-level
debt was 7.8 years, with 2% of our debt maturing in 2011, less than 9% maturing in 2012, and on
average approximately 7% maturing in each of 2013, 2014 and 2015. Long duration, fixed-rate
liabilities provide a hedge against increases in interest rates and inflation. Approximately 91% of
our property-level debt is fixed-rate. Of the $104.9 million of property debt maturing during
2011, we completed the refinance of $79.4 million in February 2011, and we are focusing on
refinancing our property debt maturing during 2012 through 2015 to extend maturities and lock in
current low interest rates.
During 2010, we repaid the remaining $90.0 million on our term loan. We also expanded our
credit facility from $180.0 million to $300.0 million, providing additional liquidity for
short-term or unexpected cash requirements. As of December 31, 2010, we had the capacity to borrow
$260.3 million pursuant to our credit facility (after giving effect to $39.7 million outstanding
for undrawn letters of credit). The revolving credit facility matures May 1, 2013, and may be
extended for an additional year, subject to certain conditions.
2
The key financial indicators that we use in managing our business and in evaluating our
financial condition and operating performance are: Net Asset Value; Pro forma Funds From
Operations, which is Funds From Operations
excluding operating real estate impairment losses and preferred equity redemption related
amounts; Adjusted Funds From Operations, which is Pro forma Funds From Operations less spending for
Capital Replacements; property net operating income, which is rental and other property revenues
less direct property operating expenses, including real estate taxes; proportionate property net
operating income, which reflects our share of property net operating income of our consolidated and
unconsolidated properties; same store property operating results; Free Cash Flow, which is net
operating income less spending for Capital Replacements; Free Cash Flow internal rate of return;
financial coverage ratios; and leverage as shown on our balance sheet. Funds From Operations
represents net income or loss, computed in accordance with GAAP, excluding gains from sales of
depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated
partnerships and joint ventures. The key macro-economic factors and non-financial indicators that
affect our financial condition and operating performance are: household formations; rates of job
growth; single-family and multifamily housing starts; interest rates; and availability and cost of
financing.
Because our operating results depend primarily on income from our properties, the supply and
demand for apartments influences our operating results. Additionally, the level of expenses
required to operate and maintain our properties and the pace and price at which we redevelop,
acquire and dispose of our apartment properties affect our operating results. Our cost of capital
is affected by the conditions in the capital and credit markets and the terms that we negotiate for
our equity and debt financings.
Highlights of our results of operations for the year ended December 31, 2010, are summarized
below:
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Average daily occupancy for our Conventional Same Store properties increased 200 basis
points, from 94.1% in 2009 to 96.1% in 2010. |
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Conventional Same Store revenues and expenses for 2010, decreased by 0.2% and 1.0%,
respectively, as compared to 2009, resulting in a 0.3% increase in net operating income. |
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Total Same Store revenues and expenses for 2010 increased by 0.2% and decreased by 0.8%,
respectively, as compared to 2009, resulting in a 0.8% increase in net operating income. |
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Net operating income for our real estate portfolio (continuing operations) increased
2.3% for the year ended December 31, 2010 as compared to 2009. |
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Property sales declined in 2010 as compared to 2009, as property sales completed through
July 2010 allowed us to fully repay the remainder of our term debt. |
The following discussion and analysis of the results of our operations and financial condition
should be read in conjunction with the accompanying consolidated financial statements in Item 8.
Results of Operations
Overview
2010 compared to 2009
We reported net loss attributable to the Partnership of $75.5 million and net loss
attributable to the Partnerships common unitholders of $134.0 million for the year ended December
31, 2010, compared to net loss attributable to the Partnership of $66.4 million and net loss
attributable to the Partnerships common unitholders of $123.3 million for the year ended December
31, 2009, increases of $9.1 million and $10.7 million, respectively. These increases in net loss
were principally due to the following items, all of which are discussed in further detail below:
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a decrease in income from discontinued operations, primarily related to a decrease in
gains on dispositions of real estate due to fewer property sales in 2010 as compared to
2009; and |
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a decrease in asset management and tax credit revenues, primarily due to decreased
amortization of deferred tax credit income and a de-emphasis on transaction-based fees. |
The effects of these items on our operating results were partially offset by:
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an increase in net operating income of our properties included in continuing operations,
reflecting improved operations; |
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a decrease in provisions for losses on notes receivable, primarily due to the impairment
during 2009 of our interest in Casden Properties; and |
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a decrease in earnings allocated to noncontrolling interests in consolidated real estate
partnerships, primarily due to their share of the decrease in gains on disposition of
consolidated real estate properties as discussed above. |
3
2009 compared to 2008
We reported net loss attributable to the Partnership of $66.4 million and net loss
attributable to the Partnerships common unitholders of $123.3 million for the year ended December
31, 2009, compared to net income attributable to the Partnership of $472.0 million and net income
attributable to the Partnerships common unitholders of $403.7 million for the year ended December
31, 2008, decreases of $538.4 million and $527.0 million, respectively. These decreases in net
income were principally due to the following items, all of which are discussed in further detail
below:
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a decrease in income from discontinued operations, primarily related to a decrease in
gains on dispositions of real estate due to fewer property sales in 2009 as compared to
2008; |
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a decrease in gain on dispositions of unconsolidated real estate and other, primarily
due to a large gain on the sale of an interest in an unconsolidated real estate partnership
in 2008; |
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an increase in depreciation and amortization expense, primarily related to completed
redevelopments and capital additions placed in service for partial periods during 2008 or
2009; and |
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a decrease in asset management and tax credit revenues, primarily due to a reduction in
promote income, which is income earned in connection with the disposition of properties
owned by our consolidated joint ventures. |
The effects of these items on our operating results were partially offset by:
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a decrease in general and administrative expenses, primarily related to reductions in
personnel and related expenses from our organizational restructuring activities during 2008
and 2009; |
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impairment losses on real estate development assets in 2008, for which no similar
impairments were recognized in 2009; and |
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a decrease in earnings allocable to noncontrolling interests, primarily due to a
decrease in the noncontrolling interests share of the decrease in gains on sales discussed
above. |
The following paragraphs discuss these and other items affecting the results of our operations
in more detail.
Real Estate Operations
Our real estate portfolio is comprised of two business components: conventional real estate
operations and affordable real estate operations, which also represent our two reportable segments.
Our conventional real estate portfolio consists of market-rate apartments with rents paid by the
resident and includes 219 properties with 68,972 units. Our affordable real estate portfolio
consists of 228 properties with 26,540 units, with rents that are generally paid, in whole or part,
by a government agency. Our conventional and affordable properties contributed 88% and 12%,
respectively, of proportionate property net operating income amounts during the year ended December
31, 2010.
In accordance with accounting principles generally accepted in the United States of America,
or GAAP, we consolidate certain properties in which we hold an insignificant economic interest and
in some cases we do not consolidate other properties in which we have a significant economic
interest. Due to the diversity of our economic ownership interests in our properties, our chief
operating decision maker emphasizes proportionate property net operating income as a key
measurement of segment profit or loss. Accordingly, the results of operations of our conventional
and affordable segments discussed below are presented on a proportionate basis.
We do not include property management revenues and expenses or casualty related amounts in our
assessment of segment performance. Accordingly, these items are not allocated to our segment
results discussed below. The effects of these items on our real estate operations results are
discussed below on a consolidated basis, that is, before adjustments for noncontrolling interests
or our interest in unconsolidated real estate partnerships.
The tables and discussions below reflect the proportionate results of our conventional and
affordable segments and the consolidated results related to our real estate operations not
allocated to segments for the years ended December 31, 2010, 2009 and 2008 (in thousands). The
tables and discussions below exclude the results of operations for properties sold or classified as
held for sale through March 31, 2011. Refer to Note 17 in the consolidated financial statements in
Item 8 for further discussion regarding our reporting segments, including a reconciliation of
these proportionate amounts to consolidated rental and other property revenues and property
operating expenses.
4
Conventional Real Estate Operations
Our conventional segment consists of conventional properties we classify as same store,
redevelopment and other conventional properties. Same store properties are properties we manage
and that have reached and maintained a stabilized level of occupancy (greater than 90%) during the current and prior
year comparable period. Redevelopment properties are those in which a substantial number of
available units have been vacated for major renovations or have not been stabilized in occupancy
for at least one year as of the earliest period presented, or for which other significant non-unit
renovations are underway or have been complete for less than one year. Other conventional
properties may include conventional properties that have significant rent control restrictions,
acquisition properties, university housing properties and properties that are not multifamily, such
as commercial properties or fitness centers. Our definitions of same store and redevelopment
properties may result in these populations differing for the purpose of comparing 2010 to 2009
results and 2009 to 2008 results.
During the year ended December 31, 2010, our same store portfolio decreased on a net basis by 4 properties with a
corresponding net increase of 526 units. These changes consisted of:
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the removal of 15 properties, with 3,166 units that were sold or classified as held for sale through March
31, 2011 and therefore have been reclassified into discontinued operations; |
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the inclusion of eight acquisition properties with 1,168 units that were reclassified from the other
conventional classification upon meeting the requirements to be classified as same store; |
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the inclusion of six properties with 3,778 units that were previously classified as redevelopment
properties; and |
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the removal of three properties with 1,254 units that experienced significant casualty losses and were
moved from same store into the other conventional classification. |
After these adjustments, during the years ended December 31, 2010 and 2009, our conventional same store portfolio
consisted of 156 properties with 53,551 units.
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Year Ended December 31, |
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2010 |
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2009 |
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$ Change |
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% Change |
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Rental and other property revenues: |
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Conventional same store |
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$ |
637,909 |
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$ |
639,210 |
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$ |
(1,301 |
) |
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(0.2 |
%) |
Conventional redevelopment |
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113,273 |
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|
107,461 |
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|
5,812 |
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5.4 |
% |
Other Conventional |
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|
71,414 |
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|
70,065 |
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|
1,349 |
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1.9 |
% |
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Total |
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822,596 |
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|
|
816,736 |
|
|
|
5,860 |
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|
|
0.7 |
% |
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Property operating expenses: |
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Conventional same store |
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|
245,632 |
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|
248,038 |
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(2,406 |
) |
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(1.0 |
%) |
Conventional redevelopment |
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40,915 |
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|
42,206 |
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(1,291 |
) |
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(3.1 |
%) |
Other Conventional |
|
|
34,689 |
|
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|
33,990 |
|
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|
699 |
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2.1 |
% |
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Total |
|
|
321,236 |
|
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|
324,234 |
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|
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(2,998 |
) |
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(0.9 |
%) |
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Property net operating income: |
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Conventional same store |
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392,277 |
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|
391,172 |
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|
1,105 |
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|
0.3 |
% |
Conventional redevelopment |
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|
72,358 |
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65,255 |
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|
7,103 |
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10.9 |
% |
Other Conventional |
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|
36,725 |
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|
36,075 |
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|
650 |
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1.8 |
% |
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Total |
|
$ |
501,360 |
|
|
$ |
492,502 |
|
|
$ |
8,858 |
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|
1.8 |
% |
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For the year ended December 31, 2010, as compared to 2009, our conventional segments
proportionate property net operating income increased $8.9 million, or 1.8%.
Conventional same store net operating income increased by $1.1 million. This increase was
attributable to a $2.4 million decrease in expense primarily due to a reduction during 2010 of
previously estimated real estate tax obligations resulting from successful appeals settled during
the period, and decreases in marketing expenses and unit turn costs, partially offset by increases
in contract services, insurance and administrative costs. This decrease in expense was partially
offset by a $1.3 million decrease in revenue, primarily due to lower average rent (approximately
$33 per unit). The decrease in average rent was partially offset by a 200 basis point increase in
average physical occupancy and higher utility reimbursement and miscellaneous income. Rental rates
on new leases transacted during the year ended December 31, 2010, were 2.3% lower than expiring
lease rates and renewal rates were 1.5% higher than expiring lease rates.
The net operating income of our conventional redevelopment properties increased by $7.1
million, primarily due to a $5.8 million increase in revenue resulting from higher average physical
occupancy and an increase in utility reimbursement and miscellaneous income, and a $1.3 million
reduction in expense primarily related to marketing expenses, partially offset by higher insurance.
5
Our other conventional net operating income increased by $0.7 million, primarily due to
increases in both revenue and expense of approximately 2.0%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2009 |
|
|
2008 |
|
|
$ Change |
|
|
% Change |
|
Rental and other property revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conventional same store |
|
$ |
581,927 |
|
|
$ |
596,950 |
|
|
$ |
(15,023 |
) |
|
|
(2.5 |
%) |
Conventional redevelopment |
|
|
165,480 |
|
|
|
153,983 |
|
|
|
11,497 |
|
|
|
7.5 |
% |
Other Conventional |
|
|
69,329 |
|
|
|
68,126 |
|
|
|
1,203 |
|
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
816,736 |
|
|
|
819,059 |
|
|
|
(2,323 |
) |
|
|
(0.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conventional same store |
|
|
224,548 |
|
|
|
223,579 |
|
|
|
969 |
|
|
|
0.4 |
% |
Conventional redevelopment |
|
|
65,996 |
|
|
|
65,111 |
|
|
|
885 |
|
|
|
1.4 |
% |
Other Conventional |
|
|
33,690 |
|
|
|
31,527 |
|
|
|
2,163 |
|
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
324,234 |
|
|
|
320,217 |
|
|
|
4,017 |
|
|
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property net operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conventional same store |
|
|
357,379 |
|
|
|
373,371 |
|
|
|
(15,992 |
) |
|
|
(4.3 |
%) |
Conventional redevelopment |
|
|
99,484 |
|
|
|
88,872 |
|
|
|
10,612 |
|
|
|
11.9 |
% |
Other Conventional |
|
|
35,639 |
|
|
|
36,599 |
|
|
|
(960 |
) |
|
|
(2.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
492,502 |
|
|
$ |
498,842 |
|
|
$ |
(6,340 |
) |
|
|
(1.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2009, as compared to 2008, our conventional segments
proportionate property net operating income decreased $6.3 million, or 1.3%.
Our conventional same store net operating income decreased $16.0 million, or 4.3%. This
decrease was primarily attributable to a $15.0 million decrease in revenue, primarily due to a 1.0%
decline in rental rates and a 90 basis point decrease in occupancy, partially offset by an increase
in utility reimbursements and miscellaneous income. The decrease was also attributable to a $1.0
million increase in expense, primarily due to higher insurance and personnel costs, partially
offset by lower administrative costs.
Conventional redevelopment net operating income increased by $10.6 million, primarily due to
an $11.5 million increase in revenue. Revenue increased due to more units in service at these
properties during 2009 and an increase in utility reimbursements and miscellaneous income. This
increase in revenue was partially offset by a $0.9 million increase in expense, primarily related
to higher real estate taxes, partially offset by lower administrative costs.
Our other conventional net operating income decreased by $0.9 million, primarily due to a 6.9%
increase in expenses partially offset by a 1.8% increase in revenues.
6
Affordable Real Estate Operations
Our affordable segment consists of properties we classify as same store or other (primarily
redevelopment properties). Our criteria for classifying affordable properties as same store or
redevelopment are consistent with those for our conventional properties described above. Our
definitions of same store and redevelopment properties may result in these populations differing
for the purpose of comparing 2010 to 2009 results and 2009 to 2008 results.
During the year ended December 31, 2010, 13 redevelopment properties with 1,579 units met the requirements to be
classified as same store. This reclassification is in addition to properties that were sold or classified as held for
sale and therefore reclassified into discontinued operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2010 |
|
|
2009 |
|
|
$ Change |
|
|
% Change |
|
Rental and other property revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affordable same store |
|
$ |
114,199 |
|
|
$ |
111,455 |
|
|
$ |
2,744 |
|
|
|
2.5 |
% |
Other Affordable |
|
|
13,710 |
|
|
|
12,695 |
|
|
|
1,015 |
|
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
127,909 |
|
|
|
124,150 |
|
|
|
3,759 |
|
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affordable same store |
|
|
51,729 |
|
|
|
51,593 |
|
|
|
136 |
|
|
|
0.3 |
% |
Other Affordable |
|
|
5,519 |
|
|
|
5,998 |
|
|
|
(479 |
) |
|
|
(8.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
57,248 |
|
|
|
57,591 |
|
|
|
(343 |
) |
|
|
(0.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property net operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affordable same store |
|
|
62,470 |
|
|
|
59,862 |
|
|
|
2,608 |
|
|
|
4.4 |
% |
Other Affordable |
|
|
8,191 |
|
|
|
6,697 |
|
|
|
1,494 |
|
|
|
22.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
70,661 |
|
|
$ |
66,559 |
|
|
$ |
4,102 |
|
|
|
6.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
The proportionate property net operating income of our affordable segment increased $4.1
million, or 6.2%, during the year ended December 31, 2010, as compared to 2009. Affordable same
store net operating income increased by $2.6 million, primarily due to a $2.7 million increase in
revenue due to higher average rent ($22 per unit) and higher average physical occupancy (12 basis
points). The net operating income of our other affordable properties increased by $1.5 million,
primarily due to an increase in revenue driven by higher average rent ($23 per unit) and higher
average occupancy.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2009 |
|
|
2008 |
|
|
$ Change |
|
|
% Change |
|
Rental and other property revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affordable same store |
|
$ |
111,455 |
|
|
$ |
107,064 |
|
|
$ |
4,391 |
|
|
|
4.1 |
% |
Other Affordable |
|
|
12,695 |
|
|
|
12,209 |
|
|
|
486 |
|
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
124,150 |
|
|
|
119,273 |
|
|
|
4,877 |
|
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affordable same store |
|
|
51,593 |
|
|
|
51,467 |
|
|
|
126 |
|
|
|
0.2 |
% |
Other Affordable |
|
|
5,998 |
|
|
|
6,048 |
|
|
|
(50 |
) |
|
|
(0.8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
57,591 |
|
|
|
57,515 |
|
|
|
76 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property net operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affordable same store |
|
|
59,862 |
|
|
|
55,597 |
|
|
|
4,265 |
|
|
|
7.7 |
% |
Other Affordable |
|
|
6,697 |
|
|
|
6,161 |
|
|
|
536 |
|
|
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
66,559 |
|
|
$ |
61,758 |
|
|
$ |
4,801 |
|
|
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Our affordable segment proportionate property net operating income increased $4.8 million, or
7.8%, during the year ended December 31, 2009, as compared to 2008. Affordable same store net
operating income increased $4.3 million, primarily due to increased revenue. Affordable same store
revenue increased by $4.4 million, primarily due to higher average rent ($36 per unit), partially
offset by lower average physical occupancy (39 basis points). The net operating income of our
other affordable properties increased by $0.5 million, primarily due to an increase in revenues due
to higher average rent ($43 per unit), partially offset by lower average occupancy. The increase
in revenues was partially offset by an increase in expenses.
Non-Segment Real Estate Operations
Real estate operations net operating income amounts not attributed to our conventional or
affordable segments include property management revenues and expenses and casualty losses, reported
in consolidated amounts, which we do not allocate to our conventional or affordable segments for
purposes of evaluating segment performance (see Note 17 to the consolidated financial statements in
Item 8).
7
For the year ended December 31, 2010, as compared to 2009, property management revenues
decreased by $2.2 million, from $5.1 million to $2.9 million, primarily due to the elimination of
revenues related to properties consolidated during 2010 in connection with our adoption of revised
accounting guidance regarding consolidation of variable interest entities (see Note 2 to our
consolidated financial statements in Item 8). For the year ended December 31, 2010, as compared to
2009, expenses not allocated to our conventional or affordable segments, including property
management expenses and casualty losses, decreased by $3.1 million. Property management expenses
decreased by $3.0 million, from $51.2 million to $48.2 million, primarily due to reductions in
personnel and related costs attributed to our restructuring activities and casualty losses
decreased by $0.1 million, from $9.7 million to $9.6 million.
For the year ended December 31, 2009, as compared to 2008, property management revenues
decreased by $1.3 million, from $6.4 million to $5.1 million, primarily due to a decrease in the
number of managed properties due to asset sales. For the year ended December 31, 2009, as compared
to 2008, expenses not allocated to our conventional or affordable segments decreased by $16.8
million. Property management expenses decreased by $16.6 million, from $67.8 million to $51.2
million, primarily due to reductions in personnel and related costs attributed to our restructuring
activities, and casualty losses decreased by $0.2 million, from $9.9 million to $9.7 million.
Asset Management and Tax Credit Revenues
We perform activities and services for consolidated and unconsolidated real estate
partnerships, including portfolio strategy, capital allocation, joint ventures, tax credit
syndication, acquisitions, dispositions and other transaction activities. These activities are
conducted in part by our taxable subsidiaries, and the related net operating income may be subject
to income taxes.
For the year ended December 31, 2010, compared to the year ended December 31, 2009, asset
management and tax credit revenues decreased $14.3 million. This decrease is attributable to an
$8.7 million decrease in income related to our affordable housing tax credit syndication business.
Approximately $3.8 million of this decrease is due to the delivery of historic credits during 2009
for which no comparable credits were delivered during 2010, and the remainder of the decrease is
primarily due to a reduction in amortization of deferred tax credit income. Asset management and
tax credit revenues also decreased due to a $2.0 million decrease in current asset management fees
due to the elimination of fees on newly consolidated properties, for which the benefit of these
fees is now included in noncontrolling interests in consolidated real estate partnerships, a $1.9
million decrease in disposition and other fees we earn in connection with transactional activities,
and a $1.7 million decrease in promote income, which is income earned in connection with the
disposition of properties owned by our consolidated joint ventures.
For the year ended December 31, 2009, compared to the year ended December 31, 2008, asset
management and tax credit revenues decreased $49.0 million. This decrease is primarily attributable
to a $42.8 million decrease in promote income due to fewer sales of joint venture assets in 2009, a
$7.6 million decrease in other general partner transactional fees, and a $2.2 million decrease in
asset management fees, partially offset by a $3.6 million increase in revenues related to our
affordable housing tax credit syndication business, including syndication fees and other revenue
earned in connection with these arrangements.
Investment Management Expenses
Investment management expenses consist primarily of the costs of personnel that perform asset
management and tax credit activities. For the year ended December 31, 2010, compared to the year
ended December 31, 2009, investment management expenses decreased $1.3 million. This decrease is
primarily due to a $4.3 million reduction in personnel and related costs from our organizational
restructurings, partially offset by a $3.0 million net increase in expenses, primarily related to
our write off of previously deferred costs related to tax credit projects we recently abandoned.
For the year ended December 31, 2009, compared to the year ended December 31, 2008, investment
management expenses decreased $9.0 million, primarily due to reductions in personnel and related
costs from our organizational restructurings (see Note 4 to the consolidated financial statements
in Item 8) and a reduction in transaction costs, which in 2008 include the retrospective
application of SFAS 141 (R).
8
Depreciation and Amortization
For the year ended December 31, 2010, compared to the year ended December 31, 2009,
depreciation and amortization decreased $3.1 million, or 0.7%. This decrease was primarily due to
depreciation adjustments recognized in 2009 to reduce the carrying amount of certain properties.
This decrease was partially offset by an increase in
depreciation primarily related to properties we consolidated during 2010 based on our adoption
of revised accounting guidance regarding consolidation of variable interest entities (see Note 2 to
our consolidated financial statements in Item 8) and completed redevelopments and other capital
projects recently placed in service.
For the year ended December 31, 2009, compared to the year ended December 31, 2008,
depreciation and amortization increased $51.1 million, or 13.7%. This increase primarily consists
of depreciation related to properties acquired during the latter part of 2008, completed
redevelopments and other capital projects placed in service in the latter part of 2009.
Provision for Impairment Losses on Real Estate Development Assets
In connection with the preparation of our 2008 annual financial statements, we assessed the
recoverability of our investment in our Lincoln Place property, located in Venice, California.
Based upon the decline in land values in Southern California during 2008 and the expected timing of
our redevelopment efforts, we determined that the total carrying amount of the property was no
longer probable of full recovery and, accordingly, during the three months ended December 31, 2008,
recognized an impairment loss of $85.4 million ($55.6 million net of tax).
Similarly, we assessed the recoverability of our investment in Pacific Bay Vistas (formerly
Treetops), a vacant property located in San Bruno, California, and determined that the carrying
amount of the property was no longer probable of full recovery and, accordingly, we recognized an
impairment loss of $5.7 million for this property during the three months ended December 31, 2008.
The impairments discussed above totaled $91.1 million and are included in provisions for
impairment losses on real estate development assets in our consolidated statement of operations for
the year ended December 31, 2008 included in Item 8. We recognized no similar impairments on real
estate development assets during the years ended December 31, 2010 or 2009.
General and Administrative Expenses
For the year ended December 31, 2010, compared to the year ended December 31, 2009, general
and administrative expenses decreased $3.3 million, or 5.8%. This decrease is primarily
attributable to net reductions in personnel and related expenses, partially offset by an increase
in information technology outsourcing costs.
For the year ended December 31, 2009, compared to the year ended December 31, 2008, general
and administrative expenses decreased $23.7 million, or 29.5%. This decrease is primarily
attributable to reductions in personnel and related expenses associated with our organizational
restructurings (see Note 3 to the consolidated financial statements in Item 8), pursuant to which
we eliminated approximately 400, or 36%, of our offsite positions between December 31, 2008 and
December 31, 2009.
As a result of our restructuring activities, our general and administrative expense as a
percentage of total revenues has decreased from 6.9% in 2008, to 5.1% in 2009 and 4.7% in 2010.
Other Expenses, Net
Other expenses, net includes franchise taxes, risk management activities, partnership
administration expenses and certain non-recurring items.
For the year ended December 31, 2010, compared to the year ended December 31, 2009, other
expenses, net decreased by $4.3 million. During 2009, we settled certain litigation matters
resulting in a net expense in our operations, and in 2010 we settled certain litigation matters
that resulted in a net gain in our operations. The effect of the expense in 2009 and gain in 2010
resulted in a $14.8 million decrease in other expenses, net from 2009 to 2010. This decrease was
partially offset by an increase in the cost of our insurance (net of a reduction in the number of
properties insured from 2009 to 2010).
For the year ended December 31, 2009, compared to the year ended December 31, 2008, other
expenses, net decreased by $6.8 million. The decrease is primarily attributable to a $5.4 million
write-off during 2008 of certain communications hardware and capitalized costs in 2008, and a $5.3
million reduction in expenses of our self insurance activities, including a decrease in casualty
losses on less than wholly owned properties from 2008 to 2009. These decreases are partially offset
by an increase of $4.8 million in costs related to certain litigation matters.
9
Restructuring Costs
For the year ended December 31, 2009, we recognized restructuring costs of $11.2 million, as
compared to $22.8 million in the year ended December 31, 2008, related to our organizational
restructurings, which are further discussed in Note 3 to the consolidated financial statements in
Item 8. For the year ended December 31, 2010, we recognized no similar restructuring costs.
Interest Income
Interest income consists primarily of interest on notes receivable from non-affiliates and
unconsolidated real estate partnerships, interest on cash and restricted cash accounts, and
accretion of discounts on certain notes receivable from unconsolidated real estate partnerships.
Transactions that result in accretion may occur infrequently and thus accretion income may vary
from period to period.
For the year ended December 31, 2010, compared to the year ended December 31, 2009, interest
income increased $2.1 million, or 21.0%. Interest income increased during 2010 primarily due to an
increase of accretion income related to a change in timing and amount of collection for certain of
our discounted notes, including several notes that were repaid in advance of their maturity dates.
For the year ended December 31, 2009, compared to the year ended December 31, 2008, interest
income decreased $10.4 million, or 51.1%. Interest income decreased by $8.6 million due to lower
interest rates on notes receivable, cash and restricted cash balances and lower average balances
and by $4.1 million due to a decrease in accretion income related to our note receivable from
Casden Properties LLC for which we ceased accretion following impairment of the note in 2008. These
decreases were partially offset by a $2.3 million increase in accretion income related to other
notes during the year ended December 31, 2008, resulting from a change in the timing and amount of
collection.
Provision for Losses on Notes Receivable
During the years ended December 31, 2010, 2009 and 2008, we recognized net provisions for
losses on notes receivable of $0.9 million, $21.5 million and $17.6 million, respectively. The
provisions for losses on notes receivable for the years ended December 31, 2009 and 2008, primarily
consist of impairments related to our investment in Casden Properties LLC, which are discussed
further below.
As further discussed in Note 5 to the consolidated financial statements in Item 8, we have an
investment in Casden Properties LLC, an entity organized to acquire, re-entitle and develop land
parcels in Southern California. Based upon the profit allocation agreement, we account for this
investment as a note receivable. In connection with the preparation of our 2008 annual financial
statements and as a result of a decline in land values in Southern California, we determined our
recorded investment amount was not fully recoverable, and accordingly recognized an impairment loss
of $16.3 million ($10.0 million net of tax) during the three months ended December 31, 2008. In
connection with the preparation of our 2009 annual financial statements and as a result of
continued declines in land values in Southern California, we determined our then recorded
investment amount was not fully recoverable, and accordingly recognized an impairment loss of $20.7
million ($12.4 million net of tax) during the three months ended December 31, 2009.
In addition to the impairments related to Casden Properties LLC discussed above, we recognized
provisions for losses on notes receivable totaling $0.9 million, $0.8 million and $1.3 million
during the years ended December 31, 2010, 2009 and 2008, respectively.
Interest Expense
For the year ended December 31, 2010, compared to the year ended December 31, 2009, interest
expense, which includes the amortization of deferred financing costs, decreased by $0.5 million.
Corporate interest expense decreased $7.6 million, primarily due to a decrease in the average
outstanding balance on our term loan, which we repaid during July 2010. This decrease in corporate
interest expense was partially offset by a $7.1 million increase in property related interest
expense, due to a $2.9 million net increase related to properties newly consolidated and
deconsolidated in 2010 (see Note 2 to our consolidated financial statements in Item 8 for further
discussion of our adoption of ASU 2009-17) and an increase related to properties refinanced with
higher average outstanding balances, partially offset by lower average rates.
For the year ended December 31, 2009, compared to the year ended December 31, 2008, interest
expense increased $1.2 million, or 0.4%. Property related interest expense increased by $20.6
million, primarily due to a $14.2 million decrease in capitalized interest due to a reduction in
redevelopment during 2009, and an increase of $5.2 million related to properties refinanced with
higher average rates, partially offset by lower average outstanding balances during 2009.
The increase in property related interest expense was offset by a $19.4 million decrease in
corporate interest expense, primarily due to lower average outstanding balances and lower average
rates during 2009.
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Equity in Losses of Unconsolidated Real Estate Partnerships
Equity in losses of unconsolidated real estate partnerships includes our share of net losses
of our unconsolidated real estate partnerships, and may include impairment losses, gains or losses
on the disposition of real estate assets or depreciation expense which generally exceeds the net
operating income recognized by such unconsolidated partnerships.
For the year ended December 31, 2010, compared to the year ended December 31, 2009, equity in
losses of unconsolidated real estate partnerships increased $11.7 million. During the three months
ended December 31, 2010, certain of our consolidated investment partnerships, including those we
consolidated in 2010 in connection with our adoption of ASU 2009-17, reduced by $9.8 million their
investment balances related to unconsolidated low income housing tax credit partnerships based on a
reduction in the remaining tax credits to be delivered. This increase in equity in losses was in
addition to an increase in equity in losses from real estate operations due to an increase in the
number of unconsolidated partnerships, resulting from our consolidation during 2010 of additional
investment partnerships that hold investments in unconsolidated real estate partnerships. These
losses had an insignificant effect on net loss attributable to Aimco during 2010 as substantially
all of the results of these consolidated investment partnerships are attributed to the
noncontrolling interests in these entities.
For the year ended December 31, 2009, compared to the year ended December 31, 2008, equity in
losses of unconsolidated real estate partnerships increased $6.7 million. The increase in our
equity in losses from 2008 to 2009 was primarily due to our sale in late 2008 of an interest in an
unconsolidated real estate partnership that generated $3.0 million of equity in earnings during the
year ended December 31, 2008, and our sale during 2009 of our interest in an unconsolidated group
purchasing organization which resulted in a decrease of equity in earnings of approximately $1.2
million.
Gain on Dispositions of Unconsolidated Real Estate and Other
Gain on dispositions of unconsolidated real estate and other includes gains on disposition of
interests in unconsolidated real estate partnerships, gains on dispositions of land and other
non-depreciable assets and certain costs related to asset disposal activities. Changes in the
level of gains recognized from period to period reflect the changing level of disposition activity
from period to period. Additionally, gains on properties sold are determined on an individual
property basis or in the aggregate for a group of properties that are sold in a single transaction,
and are not comparable period to period.
For the year ended December 31, 2010, compared to the year ended December 31, 2009, gain on
dispositions of unconsolidated real estate and other decreased $10.9 million. This decrease is
primarily attributable to $8.6 million of additional proceeds received in 2009 related to our
disposition during 2008 of an interest in an unconsolidated real estate partnership and a $4.0
million gain from the disposition of our interest in a group purchasing organization during 2009.
For the year ended December 31, 2009, compared to the year ended December 31, 2008, gain on
dispositions of unconsolidated real estate and other decreased $75.8 million. This decrease is
primarily attributable to a net gain of $98.4 million on our disposition in 2008 of interests in
two unconsolidated real estate partnerships. This decrease was partially offset by $18.7 million of
gains on the disposition of interests in unconsolidated partnerships during 2009. Gains recognized
in 2009 consist of $8.6 million related to our receipt in 2009 of additional proceeds related to
our disposition during 2008 of one of the partnership interests discussed above (see Note 3 to the
consolidated financials statements in Item 8), $4.0 million from the disposition of our interest in
a group purchasing organization (see Note 3 to the consolidated financial statements in Item 8),
and $6.1 million from our disposition in 2009 of interests in several unconsolidated real estate
partnerships.
Income Tax Benefit
In conjunction with Aimcos UPREIT structure, certain of our operations or a portion thereof,
including property management, asset management and risk management are conducted through taxable
subsidiaries. Income taxes related to the results of continuing operations of our taxable
subsidiaries are included in income tax benefit in our consolidated statements of operations.
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For the year ended December 31, 2010, compared to the year ended December 31, 2009, income tax
benefit increased by $0.8 million, from $17.5 million to $18.3 million. This increase in income
tax benefit was primarily due to increased losses of our taxable subsidiaries, and was
substantially offset by the $8.1 million tax benefit we recognized in 2009 related to the
impairment of our investment in Casden Properties, LLC, for which no similar benefit was recognized
in 2010.
For the year ended December 31, 2009, compared to the year ended December 31, 2008, income tax
benefit decreased by $39.1 million. This decrease was primarily attributed to $36.1 million of
income tax benefit recognized in 2008 related to the impairments of our Lincoln Place property and
our investment in Casden Properties LLC, both of which are owned through taxable subsidiaries,
partially offset by $8.1 million of income tax benefit recognized in 2009 related to the impairment
of our investment in Casden Properties LLC. The decrease in tax benefit from 2008 to 2009 related
to these impairment losses was in addition to a decrease in tax benefit primarily due to larger
losses by our taxable subsidiaries during 2008 as compared to 2009, including restructuring costs
incurred in 2008 and a reduction in personnel and other costs in 2009 as a result of the
organizational restructurings.
Income from Discontinued Operations, Net
The results of operations for properties sold during the period or designated as held for sale
at the end of the period are generally required to be classified as discontinued operations for all
periods presented. The components of net earnings that are classified as discontinued operations
include all property-related revenues and operating expenses, depreciation expense recognized prior
to the classification as held for sale, property-specific interest expense and debt extinguishment
gains and losses to the extent there is secured debt on the property. In addition, any impairment
losses on assets held for sale and the net gain or loss on the eventual disposal of properties held
for sale are reported in discontinued operations.
For the years ended December 31, 2010 and 2009, income from discontinued operations totaled
$75.8 million and $156.7 million, respectively. The $80.9 million decrease in income from
discontinued operations was principally due to a $129.9 million decrease in gain on dispositions of
real estate, net of income taxes, primarily attributable to fewer properties sold in 2010 as
compared to 2009, partially offset by a $21.2 million decrease in operating loss (inclusive of a
$41.9 million decrease in real estate impairment losses) and a $34.3 million decrease in interest
expense.
For the years ended December 31, 2009 and 2008, income from discontinued operations totaled
$156.7 million and $745.3 million, respectively. The $588.6 million decrease in income from
discontinued operations was principally due to a $541.1 million decrease in gain on dispositions of
real estate, net of income taxes, primarily attributable to fewer properties sold in 2009 as
compared to 2008, and a $113.4 million decrease in operating income (inclusive of a $27.1 million
increase in real estate impairment losses), partially offset by a $59.9 million decrease in
interest expense and a $44.9 million increase in income tax benefit for 2009.
During the year ended December 31, 2010, we sold 51 consolidated properties for gross proceeds
of $401.4 million and net proceeds of $118.4 million, resulting in a net gain on sale of
approximately $86.1 million (which is net of $8.8 million of related income taxes). During the
year ended December 31, 2009, we sold 89 consolidated properties for gross proceeds of $1.3 billion
and net proceeds of $432.7 million, resulting in a net gain on sale of approximately $216.0 million
(which is net of $5.8 million of related income taxes). During the year ended December 31, 2008, we
sold 151 consolidated properties for gross proceeds of $2.4 billion and net proceeds of $1.1
billion, resulting in a net gain on sale of approximately $757.1 million (which is net of $43.1
million of related income taxes).
For the years ended December 31, 2010, 2009 and 2008, income from discontinued operations
includes the operating results of the properties sold during the year ended December 31, 2010.
Changes in the level of gains recognized from period to period reflect the changing level of
our disposition activity from period to period. Additionally, gains on properties sold are
determined on an individual property basis or in the aggregate for a group of properties that are
sold in a single transaction, and are not comparable period to period (see Note 13 of the
consolidated financial statements in Item 8 for additional information on discontinued operations).
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Noncontrolling Interests in Consolidated Real Estate Partnerships
Noncontrolling interests in consolidated real estate partnerships reflects the non-Aimco
partners, or noncontrolling partners, share of operating results of consolidated real estate
partnerships, as well as the noncontrolling partners share of property management fees, interest
on notes and other amounts that we charge to such partnerships. As discussed in Note 2 to the
consolidated financial statements in Item 8, we adopted the provisions of SFAS 160, which are now
codified in the Financial Accounting Standards Boards Accounting Standards Codification, or
FASB ASC, Topic 810, effective January 1, 2009. Prior to our adoption of SFAS 160, we generally
did not recognize a benefit for the noncontrolling interest partners share of partnership losses
for partnerships that have deficit noncontrolling interest balances and we generally recognized a
charge to our earnings for distributions paid to noncontrolling partners for partnerships that had
deficit noncontrolling interest balances. Under the updated provisions of FASB ASC Topic 810, we
are required to attribute losses to noncontrolling interests even if such attribution would result
in a deficit noncontrolling interest balance and we are no longer required to recognize a charge to
our earnings for distributions paid to noncontrolling partners for partnerships that have deficit
noncontrolling interest balances.
For the year ended December 31, 2010, we allocated net losses of $13.3 million to
noncontrolling interests in consolidated real estate partnerships as compared to net income of
$22.5 million allocated to these noncontrolling interests during the year ended December 31, 2009,
a variance of $35.8 million. This change was substantially attributed to a decrease in the
noncontrolling interest partners share of income from discontinued operations, which decreased
primarily due to a reduction in gains on the dispositions of real estate from 2009 to 2010.
For the year ended December 31, 2009, compared to the year ended December 31, 2008, net
earnings attributed to noncontrolling interests in consolidated real estate partnerships decreased
by $133.3 million. This decrease is primarily attributable to a reduction of $108.7 million
related to the noncontrolling interest partners share of gains on dispositions of real estate, due
primarily to fewer sales in 2009 as compared to 2008, $5.5 million of losses allocated to
noncontrolling interests in 2009 that we would not have allocated to the noncontrolling interest
partners in 2008 because to do so would have resulted in deficits in their noncontrolling interest
balances, and approximately $3.8 million related to deficit distribution charges recognized as a
reduction to our earnings in 2008, for which we did not recognize similar charges in 2009 based on
the change in accounting discussed above. These decreases are in addition to the noncontrolling
interest partners share of increased losses of our consolidated real estate partnerships in 2009
as compared to 2008.
Critical Accounting Policies and Estimates
We prepare our consolidated financial statements in accordance with GAAP, which requires us to
make estimates and assumptions. We believe that the following critical accounting policies involve
our more significant judgments and estimates used in the preparation of our consolidated financial
statements.
Impairment of Long-Lived Assets
Real estate and other long-lived assets to be held and used are stated at cost, less
accumulated depreciation and amortization, unless the carrying amount of the asset is not
recoverable. If events or circumstances indicate that the carrying amount of a property may not be
recoverable, we make an assessment of its recoverability by comparing the carrying amount to our
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, we recognize an
impairment loss to the extent the carrying amount exceeds the estimated fair value of the property.
From time to time, we have non-revenue producing properties that we hold for future
redevelopment. We assess the recoverability of the carrying amount of these redevelopment
properties by comparing our estimate of undiscounted future cash flows based on the expected
service potential of the redevelopment property upon completion to the carrying amount. In certain
instances, we use a probability-weighted approach to determine our estimate of undiscounted future
cash flows when alternative courses of action are under consideration. As discussed in Provision
for Impairment Losses on Real Estate Development Assets within the preceding discussion of our
Results of Operations, during 2008 we recognized impairment losses on our Lincoln Place and Pacific
Bay Vistas properties of $85.4 million ($55.6 million net of tax) and $5.7 million, respectively.
Real estate investments are subject to varying degrees of risk. Several factors may adversely
affect the economic performance and value of our real estate investments. These factors include:
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the general economic climate; |
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competition from other apartment communities and other housing options; |
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local conditions, such as loss of jobs or an increase in the supply of apartments, that
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changes in governmental regulations and the related cost of compliance; |
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increases in operating costs (including real estate taxes) due to inflation and other
factors, which may not be offset by increased rents; |
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changes in tax laws and housing laws, including the enactment of rent control laws or
other laws regulating multifamily housing; and |
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changes in interest rates and the availability of financing. |
Any adverse changes in these and other factors could cause an impairment of our long-lived
assets, including real estate and investments in unconsolidated real estate partnerships. During
2011, we expect to market for sale certain real estate properties that are inconsistent with our
long-term investment strategy. For any properties that are sold or meet the criteria to be
classified as held for sale during 2011, the reduction in the estimated holding period for these
assets may result in additional impairment losses.
In addition to the impairments of Lincoln Place and Pacific Bay Vistas discussed above, based
on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2010 and
2009, we recorded impairment losses of $0.4 million and $2.3 million, respectively, related to
properties classified as held for use, and during the year ended December 31, 2008, we recorded no
additional impairments related to properties held for use. During the years ended December 31,
2010, 2009 and 2008, we recognized impairment losses of $12.7 million, $54.5 million and $27.4
million, respectively, for properties included in discontinued operations, primarily due to
reductions in the estimated holding periods for assets sold during these periods.
Notes Receivable and Interest Income Recognition
Notes receivable from unconsolidated real estate partnerships and from non-affiliates
represent our two portfolio segments, as defined in FASB Accounting Standards Update 2010-20,
Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses,
that we use to evaluate for potential loan loss. Notes receivable from unconsolidated real estate
partnerships consist primarily of notes receivable from partnerships in which we are the general
partner but do not consolidate the partnership. These loans are typically due on demand, have no
stated maturity date and may not require current payments of principal or interest. Notes
receivable from non-affiliates have stated maturity dates and may require current payments of
principal and interest. Repayment of these notes is subject to a number of variables, including
the performance and value of the underlying real estate properties and the claims of unaffiliated
mortgage lenders, which are generally senior to our claims. Our notes receivable consist of two
classes: loans extended by us that we carry at the face amount plus accrued interest, which we
refer to as par value notes; and loans extended by predecessors whose positions we generally
acquired at a discount, which we refer to as discounted notes.
We record interest income on par value notes as earned in accordance with the terms of the
related loan agreements. We discontinue the accrual of interest on such notes when the notes are
impaired, as discussed below, or when there is otherwise significant uncertainty as to the
collection of interest. We record income on such nonaccrual loans using the cost recovery method,
under which we apply cash receipts first to the recorded amount of the loan; thereafter, any
additional receipts are recognized as income.
We recognize interest income on discounted notes receivable based upon whether the amount and
timing of collections are both probable and reasonably estimable. We consider collections to be
probable and reasonably estimable when the borrower has closed or entered into certain pending
transactions (which include real estate sales, refinancings, foreclosures and rights offerings)
that provide a reliable source of repayment. In such instances, we recognize accretion income, on
a prospective basis using the effective interest method over the estimated remaining term of the
loans, equal to the difference between the carrying amount of the discounted notes and the
estimated collectible value. We record income on all other discounted notes using the cost
recovery method.
Provision for Losses on Notes Receivable
We assess the collectibility of notes receivable on a periodic basis, which assessment
consists primarily of an evaluation of cash flow projections of the borrower to determine whether
estimated cash flows are sufficient to repay principal and interest in accordance with the
contractual terms of the note. We update our cash flow projections of the borrowers annually, and
more frequently for certain loans depending on facts and circumstances. We recognize impairments
on notes receivable when it is probable that principal and interest will not be received in
accordance with the contractual terms of the loan. Factors that affect this assessment include the
fair value of the partnerships real estate, pending transactions to refinance the partnerships
senior obligations or sell the partnerships real estate, and
market conditions (current and forecasted) related to a particular asset. The amount of the
impairment to be recognized generally is based on the fair value of the partnerships real estate
that represents the primary source of loan repayment. In certain instances where other sources of
cash flow are available to repay the loan, the impairment is measured by discounting the estimated
cash flows at the loans original effective interest rate.
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During the years ended December 31, 2010, 2009 and 2008 we recorded net provisions for losses
on notes receivable of $0.9 million, $21.5 million and $17.6 million, respectively. As discussed
in Provision for Losses on Notes Receivable within the preceding discussion of our Results of
Operations, provisions for losses on notes receivable in 2009 and 2008 include impairment losses of
$20.7 million ($12.4 million net of tax) and $16.3 million ($10.0 million net of tax),
respectively, on our investment in Casden Properties LLC, which we account for as a note
receivable. We will continue to evaluate the collectibility of these notes, and we will adjust
related allowances in the future due to changes in market conditions and other factors.
Capitalized Costs
We capitalize costs, including certain indirect costs, incurred in connection with our capital
additions activities, including redevelopment and construction projects, other tangible property
improvements and replacements of existing property components. Included in these capitalized costs
are payroll costs associated with time spent by site employees in connection with the planning,
execution and control of all capital additions activities at the property level. We characterize
as indirect costs an allocation of certain department costs, including payroll, at the area
operations and corporate levels that clearly relate to capital additions activities. We capitalize
interest, property taxes and insurance during periods in which redevelopment and construction
projects are in progress. We charge to expense as incurred costs that do not relate to capital
additions activities, including ordinary repairs, maintenance, resident turnover costs and general
and administrative expenses (see Capital Additions and Related Depreciation in Note 2 to the
consolidated financial statements in Item 8).
For the years ended December 31, 2010, 2009 and 2008, for continuing and discontinued
operations, we capitalized $11.6 million, $9.8 million and $25.7 million of interest costs,
respectively, and $25.3 million, $40.0 million and $78.1 million of site payroll and indirect
costs, respectively. The reductions from 2008 to 2010 are primarily due to a reduced level of
redevelopment activities.
Liquidity and Capital Resources
Liquidity is the ability to meet present and future financial obligations. Our primary source
of liquidity is cash flow from our operations. Additional sources are proceeds from property sales,
proceeds from refinancings of existing property loans, borrowings under new property loans and
borrowings under our revolving credit facility.
Our principal uses for liquidity include normal operating activities, payments of principal
and interest on outstanding property debt, capital expenditures, distributions paid to unitholders
and distributions paid to noncontrolling interest partners and acquisitions of, and investments in,
properties. We use our cash and cash equivalents and our cash provided by operating activities to
meet short-term liquidity needs. In the event that our cash and cash equivalents and cash provided
by operating activities are not sufficient to cover our short-term liquidity demands, we have
additional means, such as short-term borrowing availability and proceeds from property sales and
refinancings, to help us meet our short-term liquidity demands. We may use our revolving credit
facility for general corporate purposes and to fund investments on an interim basis. We expect to
meet our long-term liquidity requirements, such as debt maturities and property acquisitions,
through long-term borrowings, primarily secured, the issuance of equity securities (including OP
Units), the sale of properties and cash generated from operations.
The availability of credit and its related effect on the overall economy may affect our
liquidity and future financing activities, both through changes in interest rates and access to
financing. Currently, interest rates are low compared to historical levels, many lenders have
reentered the market, and the CMBS market is showing signs of recovery. However, any adverse
changes in the lending environment could negatively affect our liquidity. We believe we mitigate
this exposure through our continued focus on reducing our short and intermediate term maturity
risk, by refinancing such loans with long-dated, fixed-rate property loans. If property financing
options become unavailable for our debt needs, we may consider alternative sources of liquidity,
such as reductions in certain capital spending or proceeds from asset dispositions.
As further discussed in Item 7A, Quantitative and Qualitative Disclosures About Market Risk,
we are subject to interest rate risk associated with certain variable rate liabilities and
preferred OP Units. At December 31, 2010, we
estimate that a 1.0% increase in 30-day LIBOR with constant credit risk spreads would reduce
our net income (or increase our net loss) attributable to the Partnerships common unitholders by
approximately $4.2 million on an annual basis. The effect of an increase in 30-day LIBOR may be
mitigated by the effect of our variable rate assets.
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As further discussed in Note 2 to our consolidated financial statements in Item 8, we use
total rate of return swaps as a financing product to lower our cost of borrowing through conversion
of fixed-rate debt to variable-rates. The cost of financing through these arrangements is
generally lower than the fixed rate on the debt. As of December 31, 2010, we had total rate of
return swap positions with two financial institutions with notional amounts totaling $277.3
million. Swaps with notional amounts of $248.1 million and $29.2 million had maturity dates in May
2012 and October 2012, respectively. During the year ended December 31, 2010, we received net cash
receipts of $20.9 million under the total return swaps, which positively affected our liquidity.
To the extent interest rates increase above the fixed rates on the underlying borrowings, our
obligations under the total return swaps will negatively affect our liquidity.
During 2010, we refinanced certain of the underlying borrowings subject to total rate of
return swaps with long-dated, fixed-rate property debt, and we expect to do the same with certain
of the underlying borrowings in 2011. The average effective interest rate associated with our
borrowings subject to the total rate of return swaps was 1.6% at December 31, 2010. To the extent
we are successful in refinancing additional of the borrowings subject to the total rate of return
swaps during 2011, we anticipate the interest cost associated with these borrowings will increase,
which would negatively affect our liquidity.
We periodically evaluate counterparty credit risk associated with these arrangements. In the
event a counterparty were to default under these arrangements, loss of the net interest benefit we
generally receive under these arrangements, which is equal to the difference between the fixed rate
we receive and the variable rate we pay, may adversely affect our liquidity. However, at the
current time, we have concluded we do not have material exposure.
The total rate of return swaps require specified loan-to-value ratios. In the event the
values of the real estate properties serving as collateral under these agreements decline or if we
sell properties in the collateral pool with low loan-to-value ratios, certain of our consolidated
subsidiaries have an obligation to pay down the debt or provide additional collateral pursuant to
the swap agreements, which may adversely affect our cash flows. The obligation to provide
collateral is limited to these subsidiaries and is non-recourse to us. At December 31, 2010, these
subsidiaries were not required to provide cash collateral based on the loan-to-value ratios of the
real estate properties serving as collateral under these agreements.
See Derivative Financial Instruments in Note 2 to the consolidated financial statements in
Item 8 for additional information regarding these arrangements, including the current swap maturity
dates and disclosures regarding fair value measurements.
As of December 31, 2010, we had the capacity to borrow $260.3 million pursuant to our $300.0
million revolving credit facility (after giving effect to $39.7 million outstanding for undrawn
letters of credit).
At December 31, 2010, we had $111.3 million in cash and cash equivalents, an increase of $30.1
million from December 31, 2009. At December 31, 2010, we had $201.1 million of restricted cash, a
decrease of $17.3 million from December 31, 2009. Restricted cash primarily consists of reserves
and escrows held by lenders for bond sinking funds, capital additions, property taxes and
insurance. In addition, cash, cash equivalents and restricted cash are held by partnerships that
are not presented on a consolidated basis. The following discussion relates to changes in cash due
to operating, investing and financing activities, which are presented in our consolidated
statements of cash flows in Item 8.
Operating Activities
For the year ended December 31, 2010, our net cash provided by operating activities of $257.5
million was primarily related to operating income from our consolidated properties, which is
affected primarily by rental rates, occupancy levels and operating expenses related to our
portfolio of properties, in excess of payments of operating accounts payable and accrued
liabilities, including amounts related to our organizational restructuring. Cash provided by
operating activities increased $23.7 million compared with the year ended December 31, 2009,
primarily due to decreases in interest paid and other working capital expenditures, including
payments related to our restructuring accruals, in 2010 as compared to 2009, partially offset by a
decrease in property net operating income, primarily due to property sales during 2009 and 2010.
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Investing Activities
For the year ended December 31, 2010, our net cash provided by investing activities of $86.6
million consisted primarily of proceeds from disposition of real estate and partnership interests,
partially offset by capital expenditures.
Although we hold all of our properties for investment, we sell properties when they do not
meet our investment criteria or are located in areas that we believe do not justify our continued
investment when compared to alternative uses for our capital. During the year ended December 31,
2010, we sold 51 consolidated properties. These properties were sold for an aggregate sales price
of $402.5 million, generating proceeds totaling $387.9 million after the payment of transaction
costs and debt prepayment penalties. The $387.9 million is inclusive of debt assumed by buyers.
Net cash proceeds from property sales were used primarily to repay or pay down property debt and
for other corporate purposes.
Capital expenditures totaled $178.9 million during the year ended December 31, 2010, and
consisted primarily of Capital Improvements and Capital Replacements, and to a lesser extent
included spending for redevelopment projects and casualties. In 2011, we expect to increase our
redevelopment spending on conventional properties from approximately $30.0 million in 2010 to
approximately $50.0 million to $75.0 million. We generally fund capital additions with cash
provided by operating activities, working capital and property sales.
Financing Activities
For the year ended December 31, 2010, net cash used in financing activities of $314.0 million
was primarily attributed to debt principal payments, distributions paid to common and preferred
unitholders, distributions to noncontrolling interests and our redemption and repurchase of
preferred OP Units. Proceeds from property loans and our issuance of preferred stock partially
offset the cash outflows.
Property Debt
At December 31, 2010 and 2009, we had $5.5 billion and $5.6 billion, respectively, in
consolidated property debt outstanding, which included $27.3 million and $264.3 million at December
31, 2010 and 2009, respectively, of property debt classified within liabilities related to assets
held for sale. During the year ended December 31, 2010, we refinanced or closed property loans on
23 properties generating $449.4 million of proceeds from borrowings with a weighted average
interest rate of 5.42%. Our share of the net proceeds after repayment of existing debt, payment of
transaction costs and distributions to limited partners, was $138.9 million. We used these total
net proceeds for capital expenditures and other corporate purposes. We intend to continue to
refinance property debt primarily as a means of extending current and near term maturities and to
finance certain capital projects.
Credit Facility
We have an Amended and Restated Senior Secured Credit Agreement, as amended, with a syndicate
of financial institutions, which we refer to as the Credit Agreement. During 2010, we amended the
Credit Agreement to, among other things, increase the revolving commitments from $180.0 million to
$300.0 million, extend the maturity from May 2012 to May 2014 (both inclusive of a one year
extension option) and reduce the LIBOR floor on the facilitys base interest rate from 2.00% to
1.50%. During 2010, we also repaid in full the remaining $90.0 million term loan that was
outstanding as of December 31, 2009.
As of December 31, 2010, the Credit Agreement consisted of $300.0 million of revolving loan
commitments. Borrowings under the revolving credit facility bear interest based on a pricing grid
determined by leverage (either at LIBOR plus 4.25% with a LIBOR floor of 1.50% or, at our option, a
base rate equal to the prime rate plus a spread of 3.00%). The revolving credit facility matures
May 1, 2013, and may be extended for an additional year, subject to certain conditions, including
payment of a 35.0 basis point fee on the total revolving commitments.
At December 31, 2010, we had no outstanding borrowings under the revolving credit facility.
The amount available under the revolving credit facility at December 31, 2010, was $260.3 million
(after giving effect to $39.7 million outstanding for undrawn letters of credit issued under the
revolving credit facility). The proceeds of revolving loans are generally used to fund working
capital and for other corporate purposes.
Our Credit Agreement requires us to satisfy covenant ratios of earnings before interest, taxes
and depreciation and amortization to debt service and earnings to fixed charges of 1.40:1 and
1.20:1, respectively. For the twelve months ended December 31, 2010, as calculated based on the
provisions in our Credit Agreement, we had a ratio of earnings before interest, taxes and
depreciation and amortization to debt service of 1.57:1 and a ratio of earnings to fixed charges
of 1.33:1. We expect to remain in compliance with these covenants during 2011. In the first
quarter of 2012, the covenant ratios of earnings before interest, taxes and depreciation and
amortization to debt service and earnings to fixed charges required by our Credit Agreement will
increase to 1.50:1 and 1.30:1, respectively.
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Partners Capital Transactions
During the year ended December 31, 2010, we paid cash distributions totaling $60.2 million and
$50.3 million to preferred unitholders and common unitholders, respectively.
During the year ended December 31, 2010, Aimco sold 4,000,000 shares of its 7.75% Class U
Cumulative Preferred Stock for net proceeds of $96.1 million (after deducting underwriting
discounts and commissions and transaction expenses of $3.3 million), and Aimco sold 600,000 shares
of its Class A Common Stock pursuant to an At-The-Market, or ATM, offering program Aimco initiated
during 2010, generating $14.4 million of net proceeds. Aimco contributed the net proceeds from
these offerings to us in exchange for 4,000,000 units of our 7.75% Class U Cumulative Preferred
Units and 600,000 common OP Units. We used the proceeds from the common OP Unit issuance primarily
to fund the acquisition of noncontrolling limited partnership interests for certain consolidated
real estate partnerships.
During the year ended December 31, 2010, Aimco repurchased 20 shares, or $10.0 million in
liquidation preference, of its CRA Preferred Stock for $7.0 million, and primarily using the
proceeds from its issuance of preferred stock discussed above, Aimco redeemed the 4,040,000
outstanding shares of its 9.375% Class G Cumulative Preferred Stock for $101.0 million plus accrued
and unpaid dividends of $2.2 million. Concurrent with Aimcos repurchase and redemption, we
repurchased from Aimco an equivalent number of our CRA Preferred Units and redeemed from Aimco all
of the outstanding Class G Cumulative Preferred Units.
Pursuant to the ATM offering program discussed above, Aimco may issue up to 6.4 million
additional shares of its Class A Common Stock. Additionally, we and Aimco have a shelf
registration statement that provides for the issuance of debt securities by us and debt and equity
securities by Aimco.
During the year ended December 31, 2010, we paid cash distributions of $44.5 million to
noncontrolling interests in consolidated real estate partnerships, primarily related to property
sales during 2010 and late 2009.
During the year ended December 31, 2010, we acquired the remaining noncontrolling limited
partnership interests in two consolidated partnerships, in which our affiliates serve as general
partner, for total consideration of $19.9 million. This consideration consisted of $12.5 million
in cash, $6.9 million in common OP Units and $0.5 million of other consideration.
Contractual Obligations
This table summarizes information contained elsewhere in this Annual Report regarding payments
due under contractual obligations and commitments as of December 31, 2010 (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than |
|
|
|
|
|
|
|
|
|
|
More than |
|
|
|
Total |
|
|
One Year |
|
|
1-3 Years |
|
|
3-5 Years |
|
|
5 Years |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt (1) |
|
$ |
5,477,546 |
|
|
$ |
288,092 |
|
|
$ |
978,059 |
|
|
$ |
939,253 |
|
|
$ |
3,272,142 |
|
Interest related to long-term debt (2) |
|
|
2,216,083 |
|
|
|
306,824 |
|
|
|
549,151 |
|
|
|
445,808 |
|
|
|
914,300 |
|
Long-term debt on assets held for sale (1) |
|
|
27,255 |
|
|
|
898 |
|
|
|
8,337 |
|
|
|
2,086 |
|
|
|
15,934 |
|
Interest related to long-term debt on
assets held for sale (2) |
|
|
7,497 |
|
|
|
1,396 |
|
|
|
1,807 |
|
|
|
1,387 |
|
|
|
2,907 |
|
Leases for space (3) |
|
|
14,400 |
|
|
|
6,334 |
|
|
|
5,780 |
|
|
|
1,436 |
|
|
|
850 |
|
Other obligations (4) |
|
|
3,750 |
|
|
|
3,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
7,746,531 |
|
|
$ |
607,294 |
|
|
$ |
1,543,134 |
|
|
$ |
1,389,970 |
|
|
$ |
4,206,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Includes scheduled principal amortization and maturity payments related to our long-term
debt. |
|
(2) |
|
Includes interest related to both fixed rate and variable rate debt. Interest related to
variable rate debt is estimated based on the rate effective at December 31, 2010. Refer to
Note 6 in the consolidated financial statements in Item 8 for a description of average
interest rates associated with our debt. |
|
(3) |
|
Inclusive of leased space that has been abandoned as part of our organizational
restructuring in 2008. |
|
(4) |
|
Represents a commitment to fund $3.8 million in second mortgage loans on certain properties
in West Harlem, New York City. |
18
In addition to the amounts presented in the table above, at December 31, 2010, we had $679.5
million (liquidation value) of perpetual preferred units held by Aimco outstanding with annual
dividend yields ranging from 1.5% (variable) to 8.0%, and $82.6 million (liquidation value) of
redeemable preferred units outstanding with annual distribution yields ranging from 1.8% to 8.8%,
or equal to the dividends paid on common OP Units based on the conversion terms. As further
discussed in Note 11 to the consolidated financial statements in Item 8, Aimco has a potential
obligation to repurchase $20.0 million in liquidation preference its Series A Community
Reinvestment Act Preferred Stock over the next two years for $14.0 million. Upon any repurchases
required of Aimco under this agreement, we will repurchase from Aimco an equivalent number of our
Series A Community Reinvestment Act Preferred Units.
As discussed in Note 5 to the consolidated financial statements in Item 8, we have notes
receivable collateralized by second mortgages on certain properties in West Harlem in New York
City. In certain circumstances, the obligor under these notes has the ability to put properties to
us, which would result in a cash payment of approximately $30.6 million and the assumption of
approximately $118.6 million in property debt. The obligors right to exercise the put is
dependent upon the achievement of specified operating performance thresholds.
Additionally, we may enter into commitments to purchase goods and services in connection with
the operations of our properties. Those commitments generally have terms of one year or less and
reflect expenditure levels comparable to our historical expenditures.
Future Capital Needs
In addition to the items set forth in Contractual Obligations above, we expect to fund any
future acquisitions, redevelopment projects, Capital Improvements and Capital Replacements
principally with proceeds from property sales (including tax-free exchange proceeds), short-term
borrowings, debt and equity financing (including tax credit equity) and operating cash flows.
Off-Balance Sheet Arrangements
We own general and limited partner interests in unconsolidated real estate partnerships, in
which our total ownership interests typically range from less than 1% to 50% and in some instances
may exceed 50%. There are no lines of credit, side agreements, or any other derivative financial
instruments related to or between our unconsolidated real estate partnerships and us and no
material exposure to financial guarantees. Accordingly, our maximum risk of loss related to these
unconsolidated real estate partnerships is limited to the aggregate carrying amount of our
investment in the unconsolidated real estate partnerships and any outstanding notes or accounts
receivable as reported in our consolidated financial statements (see Note 4 of the consolidated
financial statements in Item 8 for additional information about our investments in unconsolidated
real estate partnerships).
19
|
|
|
Item 8. |
|
Financial Statements and Supplementary Data |
AIMCO PROPERTIES, L.P.
INDEX TO FINANCIAL STATEMENTS
|
|
|
|
|
|
|
Page |
|
Financial Statements: |
|
|
|
|
Report of Independent Registered Public Accounting Firm |
|
|
21 |
|
Consolidated Balance Sheets as of December 31, 2010 and 2009 |
|
|
22 |
|
Consolidated Statements of Operations for the Years Ended December 31, 2010, 2009 and 2008 |
|
|
23 |
|
Consolidated Statements of Partners Capital for the Years Ended December 31, 2010, 2009 and 2008 |
|
|
24 |
|
Consolidated Statements of Cash Flows for the Years Ended December 31, 2010, 2009 and 2008 |
|
|
26 |
|
Notes to Consolidated Financial Statements |
|
|
28 |
|
|
|
|
|
|
Financial Statement Schedule: |
|
|
|
|
Schedule III Real Estate and Accumulated Depreciation |
|
|
70 |
|
|
|
|
|
|
All other schedules are omitted because they are not applicable or the required information is
shown in the financial statements or notes thereto. |
|
|
|
|
20
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Partners
AIMCO Properties, L.P.
We have audited the accompanying consolidated balance sheets of AIMCO Properties, L.P. (the
Partnership) as of December 31, 2010 and 2009, and the related consolidated statements of
operations, partners capital and cash flows for each of the three years in the period ended
December 31, 2010. Our audits also included the financial statement schedule listed in the
accompanying Index to Financial Statements. These financial statements and schedule are the
responsibility of the Partnerships management. Our responsibility is to express an opinion on
these financial statements and schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the consolidated financial position of the Partnership at December 31, 2010 and 2009, and
the consolidated results of its operations and its cash flows for each of the three years in the
period ended December 31, 2010, in conformity with United States generally accepted accounting
principles. Also, in our opinion, the related financial statement schedule, when considered in
relation to the basic financial statements taken as a whole, presents fairly, in all material
respects the information set forth therein.
As discussed in Note 2 to the consolidated financial statements, during 2010 the Company
adopted the provisions of Financial Accounting Standards Board, or FASB Accounting Standards Update
2009-17, Improvements to Financial Reporting by Enterprises Involved with Variable Interest
Entities, and during 2009 adopted FASB Statement of Financial Accounting Standards No. 160,
Noncontrolling Interests in Consolidated Financial Statements an amendment of ARB No. 51
(codified in FASB Accounting Standards Codification Topic 810). Further, as discussed in Note 13,
the company retrospectively adjusted the consolidated financial statements to reflect real estate
assets that meet the definition of a component and have been sold or meet the criteria to be
classified as held for sale at December 31, 2010, pursuant to FASB Accounting Standards
Codification Topic 360, through March 31, 2011.
We also have audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), the Partnerships internal control over financial reporting as of
December 31, 2010, based on criteria established in Internal Control Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated
February 24, 2011 expressed an unqualified opinion thereon.
/s/ ERNST & YOUNG LLP
Denver, Colorado
February 24, 2011, except for Note 13, as to which the date is
July 28, 2011
21
AIMCO PROPERTIES, L.P.
CONSOLIDATED BALANCE SHEETS
As of December 31, 2010 and 2009
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
ASSETS |
|
|
|
|
|
|
|
|
Real estate: |
|
|
|
|
|
|
|
|
Buildings and improvements |
|
$ |
7,254,069 |
|
|
$ |
7,060,131 |
|
Land |
|
|
2,128,734 |
|
|
|
2,111,561 |
|
|
|
|
|
|
|
|
Total real estate |
|
|
9,382,803 |
|
|
|
9,171,692 |
|
Less accumulated depreciation |
|
|
(2,892,551 |
) |
|
|
(2,500,073 |
) |
|
|
|
|
|
|
|
Net real estate ($854,811 and $841,486 related to VIEs) |
|
|
6,490,252 |
|
|
|
6,671,619 |
|
Cash and cash equivalents ($34,808 and $23,366 related to VIEs) |
|
|
111,325 |
|
|
|
81,260 |
|
Restricted cash ($55,125 and $56,144 related to VIEs) |
|
|
201,058 |
|
|
|
218,344 |
|
Accounts receivable, net ($13,582 and $20,766 related to VIEs) |
|
|
49,855 |
|
|
|
59,822 |
|
Accounts receivable from affiliates, net |
|
|
8,392 |
|
|
|
23,744 |
|
Deferred financing costs, net |
|
|
47,779 |
|
|
|
50,103 |
|
Notes receivable from unconsolidated real estate partnerships, net |
|
|
10,896 |
|
|
|
14,295 |
|
Notes receivable from non-affiliates, net |
|
|
126,726 |
|
|
|
125,269 |
|
Notes receivable from Aimco |
|
|
17,230 |
|
|
|
16,371 |
|
Investment in unconsolidated real estate partnerships ($54,374 and $99,460
related to VIEs) |
|
|
58,151 |
|
|
|
104,193 |
|
Other assets |
|
|
170,524 |
|
|
|
185,816 |
|
Deferred income tax assets, net |
|
|
58,736 |
|
|
|
42,015 |
|
Assets held for sale |
|
|
44,172 |
|
|
|
329,288 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
7,395,096 |
|
|
$ |
7,922,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND PARTNERS CAPITAL |
|
|
|
|
|
|
|
|
Non-recourse property tax-exempt bond financing ($212,245 and $211,691
related to VIEs) |
|
$ |
514,506 |
|
|
|
574,926 |
|
Non-recourse property loans payable ($432,918 and $379,759 related to VIEs) |
|
|
4,916,022 |
|
|
$ |
4,737,242 |
|
Term loan |
|
|
|
|
|
|
90,000 |
|
Other borrowings ($15,486 and $15,665 related to VIEs) |
|
|
47,018 |
|
|
|
53,057 |
|
|
|
|
|
|
|
|
Total indebtedness |
|
|
5,477,546 |
|
|
|
5,455,225 |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
27,322 |
|
|
|
29,819 |
|
Accrued liabilities and other ($79,170 and $62,503 related to VIEs) |
|
|
250,106 |
|
|
|
286,328 |
|
Deferred income |
|
|
150,732 |
|
|
|
178,772 |
|
Security deposits |
|
|
34,939 |
|
|
|
33,736 |
|
Liabilities related to assets held for sale |
|
|
27,721 |
|
|
|
271,229 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
5,968,366 |
|
|
|
6,255,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable preferred units (Note 11) |
|
|
103,428 |
|
|
|
116,656 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies (Note 8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Partners capital: |
|
|
|
|
|
|
|
|
Preferred units |
|
|
657,601 |
|
|
|
660,500 |
|
General Partner and Special Limited Partner |
|
|
264,182 |
|
|
|
521,692 |
|
Limited Partners |
|
|
158,401 |
|
|
|
95,990 |
|
High Performance Units |
|
|
(44,892 |
) |
|
|
(40,313 |
) |
Investment in Aimco Class A Common Stock |
|
|
(4,397 |
) |
|
|
(4,621 |
) |
|
|
|
|
|
|
|
Partners capital attributable to the Partnership |
|
|
1,030,895 |
|
|
|
1,233,248 |
|
|
|
|
|
|
|
|
Noncontrolling interests in consolidated real estate partnerships |
|
|
292,407 |
|
|
|
317,126 |
|
|
|
|
|
|
|
|
Total partners capital |
|
|
1,323,302 |
|
|
|
1,550,374 |
|
|
|
|
|
|
|
|
Total liabilities and partners capital |
|
$ |
7,395,096 |
|
|
$ |
7,922,139 |
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
22
AIMCO PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended December 31, 2010, 2009 and 2008
(In thousands, except per unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
Rental and other property revenues |
|
$ |
1,096,925 |
|
|
$ |
1,070,965 |
|
|
$ |
1,069,423 |
|
Asset management and tax credit revenues |
|
|
35,553 |
|
|
|
49,853 |
|
|
|
98,830 |
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
1,132,478 |
|
|
|
1,120,818 |
|
|
|
1,168,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses |
|
|
502,780 |
|
|
|
500,559 |
|
|
|
513,097 |
|
Investment management expenses |
|
|
14,487 |
|
|
|
15,779 |
|
|
|
24,784 |
|
Depreciation and amortization |
|
|
421,825 |
|
|
|
424,913 |
|
|
|
373,862 |
|
Provision for operating real estate impairment losses |
|
|
352 |
|
|
|
2,329 |
|
|
|
|
|
Provision for impairment losses on real estate development assets |
|
|
|
|
|
|
|
|
|
|
91,138 |
|
General and administrative expenses |
|
|
53,365 |
|
|
|
56,640 |
|
|
|
80,376 |
|
Other expenses, net |
|
|
10,130 |
|
|
|
14,473 |
|
|
|
21,259 |
|
Restructuring costs |
|
|
|
|
|
|
11,241 |
|
|
|
22,802 |
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
1,002,939 |
|
|
|
1,025,934 |
|
|
|
1,127,318 |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
129,539 |
|
|
|
94,884 |
|
|
|
40,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
11,978 |
|
|
|
9,899 |
|
|
|
20,261 |
|
Provision for losses on notes receivable, net |
|
|
(949 |
) |
|
|
(21,549 |
) |
|
|
(17,577 |
) |
Interest expense |
|
|
(311,048 |
) |
|
|
(311,550 |
) |
|
|
(310,341 |
) |
Equity in losses of unconsolidated real estate partnerships |
|
|
(23,112 |
) |
|
|
(11,401 |
) |
|
|
(4,736 |
) |
Gain on dispositions of unconsolidated real estate and other, net |
|
|
10,675 |
|
|
|
21,570 |
|
|
|
97,403 |
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes and discontinued operations |
|
|
(182,917 |
) |
|
|
(218,147 |
) |
|
|
(174,055 |
) |
Income tax benefit |
|
|
18,328 |
|
|
|
17,487 |
|
|
|
56,574 |
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations |
|
|
(164,589 |
) |
|
|
(200,660 |
) |
|
|
(117,481 |
) |
Income from discontinued operations, net |
|
|
75,824 |
|
|
|
156,680 |
|
|
|
745,269 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
(88,765 |
) |
|
|
(43,980 |
) |
|
|
627,788 |
|
Net loss (income) attributable to noncontrolling interests in
consolidated real estate partnerships |
|
|
13,301 |
|
|
|
(22,442 |
) |
|
|
(155,749 |
) |
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to the Partnership |
|
|
(75,464 |
) |
|
|
(66,422 |
) |
|
|
472,039 |
|
Net income attributable to the Partnerships preferred unitholders |
|
|
(58,554 |
) |
|
|
(56,854 |
) |
|
|
(61,354 |
) |
Net income attributable to participating securities |
|
|
|
|
|
|
|
|
|
|
(6,985 |
) |
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to the Partnerships common unitholders |
|
$ |
(134,018 |
) |
|
$ |
(123,276 |
) |
|
$ |
403,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common unit basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations attributable to the Partnerships
common unitholders |
|
$ |
(1.46 |
) |
|
$ |
(1.77 |
) |
|
$ |
(1.95 |
) |
Income from discontinued operations attributable to the Partnerships
common unitholders |
|
|
0.39 |
|
|
|
0.77 |
|
|
|
6.06 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to the Partnerships common unitholders |
|
$ |
(1.07 |
) |
|
$ |
(1.00 |
) |
|
$ |
4.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common units outstanding basic and diluted |
|
|
124,747 |
|
|
|
123,180 |
|
|
|
98,249 |
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
23
AIMCO PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF PARNERS CAPITAL
For the Years Ended December 31, 2010, 2009 and 2008
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
Partner |
|
|
|
|
|
|
High |
|
|
Investment |
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
and Special |
|
|
|
|
|
|
Perform- |
|
|
In Aimco |
|
|
Attributable |
|
|
Non |
|
|
Total |
|
|
|
Preferred |
|
|
Limited |
|
|
Limited |
|
|
ance |
|
|
Common |
|
|
to the |
|
|
controlling |
|
|
Partners |
|
|
|
Units |
|
|
Partner |
|
|
Partners |
|
|
Units |
|
|
Stock |
|
|
Partnership |
|
|
Interests |
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at December 31, 2007 |
|
$ |
815,053 |
|
|
|
664,283 |
|
|
|
253,652 |
|
|
|
(28,740 |
) |
|
|
(6,151 |
) |
|
|
1,698,097 |
|
|
|
454,229 |
|
|
|
2,152,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption of preferred units held by Aimco |
|
|
(27,000 |
) |
|
|
2,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(24,840 |
) |
|
|
|
|
|
|
(24,840 |
) |
Common units redeemed by Limited Partners to Special Limited Partner |
|
|
|
|
|
|
4,182 |
|
|
|
(4,182 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution from Aimco related to employee stock purchases, net |
|
|
|
|
|
|
1,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,671 |
|
|
|
|
|
|
|
1,671 |
|
Contribution from Aimco related to stock option exercises |
|
|
|
|
|
|
481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
481 |
|
|
|
|
|
|
|
481 |
|
Amortization of Aimco stock-based compensation |
|
|
|
|
|
|
17,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,573 |
|
|
|
|
|
|
|
17,573 |
|
Contributions from noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,854 |
|
|
|
6,854 |
|
Adjustment to noncontrolling interests from consolidation of entities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,969 |
|
|
|
14,969 |
|
Redemption of partnership units held by non-Aimco partners |
|
|
(976 |
) |
|
|
|
|
|
|
(2,046 |
) |
|
|
(1,146 |
) |
|
|
|
|
|
|
(4,168 |
) |
|
|
|
|
|
|
(4,168 |
) |
Repurchase of common units related to Aimco common stock repurchases |
|
|
|
|
|
|
(473,532 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(473,532 |
) |
|
|
|
|
|
|
(473,532 |
) |
Other, net |
|
|
(1,083 |
) |
|
|
(488 |
) |
|
|
(8 |
) |
|
|
388 |
|
|
|
|
|
|
|
(1,191 |
) |
|
|
(572 |
) |
|
|
(1,763 |
) |
Net income |
|
|
61,354 |
|
|
|
370,729 |
|
|
|
30,059 |
|
|
|
9,897 |
|
|
|
|
|
|
|
472,039 |
|
|
|
155,749 |
|
|
|
627,788 |
|
Common units issued to Aimco pursuant to Special Distributions |
|
|
|
|
|
|
487,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
487,477 |
|
|
|
|
|
|
|
487,477 |
|
Distributions to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(249,456 |
) |
|
|
(249,456 |
) |
Distributions to common unitholders |
|
|
|
|
|
|
(675,416 |
) |
|
|
(50,896 |
) |
|
|
(17,662 |
) |
|
|
1,042 |
|
|
|
(742,932 |
) |
|
|
|
|
|
|
(742,932 |
) |
Distributions to preferred unitholders |
|
|
(62,700 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(62,700 |
) |
|
|
|
|
|
|
(62,700 |
) |
Reclassification of redeemable preferred units to temporary capital
(Note 11) |
|
|
(88,148 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(88,148 |
) |
|
|
|
|
|
|
(88,148 |
) |
Adjustment to reflect Limited Partners capital at redemption value |
|
|
|
|
|
|
144,118 |
|
|
|
(144,118 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at December 31, 2008 |
|
|
696,500 |
|
|
|
543,238 |
|
|
|
82,461 |
|
|
|
(37,263 |
) |
|
|
(5,109 |
) |
|
|
1,279,827 |
|
|
|
381,773 |
|
|
|
1,661,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption of preferred units held by Aimco |
|
|
(6,000 |
) |
|
|
1,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,200 |
) |
|
|
|
|
|
|
(4,200 |
) |
Common units redeemed by Limited Partners to Special Limited Partner |
|
|
|
|
|
|
7,085 |
|
|
|
(7,085 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of Aimco stock-based compensation |
|
|
|
|
|
|
8,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,007 |
|
|
|
|
|
|
|
8,007 |
|
Contributions from noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,535 |
|
|
|
5,535 |
|
Redemption of partnership units held by non-Aimco partners |
|
|
|
|
|
|
|
|
|
|
(980 |
) |
|
|
|
|
|
|
|
|
|
|
(980 |
) |
|
|
|
|
|
|
(980 |
) |
Other, net |
|
|
|
|
|
|
4,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,164 |
|
|
|
(720 |
) |
|
|
3,444 |
|
Net income (loss) |
|
|
50,566 |
|
|
|
(114,390 |
) |
|
|
(6,539 |
) |
|
|
(2,347 |
) |
|
|
|
|
|
|
(72,710 |
) |
|
|
22,442 |
|
|
|
(50,268 |
) |
Common units issued to Aimco pursuant to Special Distributions |
|
|
|
|
|
|
148,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
148,746 |
|
|
|
|
|
|
|
148,746 |
|
Distributions to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(91,904 |
) |
|
|
(91,904 |
) |
Distributions to common unitholders |
|
|
|
|
|
|
(46,880 |
) |
|
|
(1,945 |
) |
|
|
(703 |
) |
|
|
488 |
|
|
|
(49,040 |
) |
|
|
|
|
|
|
(49,040 |
) |
Distributions to preferred unitholders |
|
|
(50,566 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(50,566 |
) |
|
|
|
|
|
|
(50,566 |
) |
Reclassification of redeemable preferred units to temporary capital
(Note 11) |
|
|
(30,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(30,000 |
) |
|
|
|
|
|
|
(30,000 |
) |
Adjustment to reflect Limited Partners capital at redemption value |
|
|
|
|
|
|
(30,078 |
) |
|
|
30,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at December 31, 2009 |
|
|
660,500 |
|
|
|
521,692 |
|
|
|
95,990 |
|
|
|
(40,313 |
) |
|
|
(4,621 |
) |
|
|
1,233,248 |
|
|
|
317,126 |
|
|
|
1,550,374 |
|
See notes to consolidated financial statements.
24
AIMCO PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF PARNERS CAPITAL
For the Years Ended December 31, 2010, 2009 and 2008
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
Partner |
|
|
|
|
|
|
High |
|
|
Investment |
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
and Special |
|
|
|
|
|
|
Perform- |
|
|
In Aimco |
|
|
Attributable |
|
|
Non |
|
|
Total |
|
|
|
Preferred |
|
|
Limited |
|
|
Limited |
|
|
ance |
|
|
Common |
|
|
to the |
|
|
controlling |
|
|
Partners |
|
|
|
Units |
|
|
Partner |
|
|
Partners |
|
|
Units |
|
|
Stock |
|
|
Partnership |
|
|
Interests |
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of preferred units to Aimco |
|
|
98,101 |
|
|
|
(3,346 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94,755 |
|
|
|
|
|
|
|
94,755 |
|
Redemption of preferred units held by Aimco |
|
|
(102,511 |
) |
|
|
4,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(98,000 |
) |
|
|
|
|
|
|
(98,000 |
) |
Common units issued to Aimco |
|
|
|
|
|
|
14,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,046 |
|
|
|
|
|
|
|
14,046 |
|
Common units issued in exchange for noncontrolling interests in
consolidated real estate partnerships |
|
|
|
|
|
|
|
|
|
|
6,854 |
|
|
|
|
|
|
|
|
|
|
|
6,854 |
|
|
|
|
|
|
|
6,854 |
|
Redemption of partnership units held by non-Aimco partners |
|
|
|
|
|
|
|
|
|
|
(3,495 |
) |
|
|
(76 |
) |
|
|
|
|
|
|
(3,571 |
) |
|
|
|
|
|
|
(3,571 |
) |
Repayments on Aimco officer notes |
|
|
|
|
|
|
577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
577 |
|
|
|
|
|
|
|
577 |
|
Contribution from Aimco related to employee stock purchases, net |
|
|
|
|
|
|
2,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,176 |
|
|
|
|
|
|
|
2,176 |
|
Amortization of Aimco stock-based compensation |
|
|
|
|
|
|
8,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,182 |
|
|
|
|
|
|
|
8,182 |
|
Contributions from noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,422 |
|
|
|
7,422 |
|
Adjustment to noncontrolling interests from consolidation of entities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,324 |
|
|
|
6,324 |
|
Adjustment to noncontrolling interests related to revision of
investment balances (Note 2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(38,718 |
) |
|
|
(38,718 |
) |
Effect of changes in ownership for consolidated entities (Note 3) |
|
|
|
|
|
|
(25,586 |
) |
|
|
(1,291 |
) |
|
|
(514 |
) |
|
|
|
|
|
|
(27,391 |
) |
|
|
5,533 |
|
|
|
(21,858 |
) |
Cumulative effect of a change in accounting principle (Note 2) |
|
|
|
|
|
|
(25,759 |
) |
|
|
(1,340 |
) |
|
|
(521 |
) |
|
|
|
|
|
|
(27,620 |
) |
|
|
50,775 |
|
|
|
23,155 |
|
Change in accumulated other comprehensive loss |
|
|
|
|
|
|
(875 |
) |
|
|
(45 |
) |
|
|
(18 |
) |
|
|
|
|
|
|
(938 |
) |
|
|
(167 |
) |
|
|
(1,105 |
) |
Other, net |
|
|
|
|
|
|
(472 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(472 |
) |
|
|
1,876 |
|
|
|
1,404 |
|
Net income (loss) |
|
|
53,590 |
|
|
|
(125,018 |
) |
|
|
(6,486 |
) |
|
|
(2,514 |
) |
|
|
|
|
|
|
(80,428 |
) |
|
|
(13,301 |
) |
|
|
(93,729 |
) |
Distributions to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(44,463 |
) |
|
|
(44,463 |
) |
Common distributions |
|
|
|
|
|
|
(35,304 |
) |
|
|
(2,428 |
) |
|
|
(936 |
) |
|
|
224 |
|
|
|
(38,444 |
) |
|
|
|
|
|
|
(38,444 |
) |
Distributions to preferred unitholders |
|
|
(52,079 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(52,079 |
) |
|
|
|
|
|
|
(52,079 |
) |
Adjustment to reflect Limited Partners capital at redemption value |
|
|
|
|
|
|
(70,642 |
) |
|
|
70,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at December 31, 2010 |
|
$ |
657,601 |
|
|
$ |
264,182 |
|
|
$ |
158,401 |
|
|
$ |
(44,892 |
) |
|
$ |
(4,397 |
) |
|
$ |
1,030,895 |
|
|
$ |
292,407 |
|
|
$ |
1,323,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
25
AIMCO PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2010, 2009 and 2008
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(88,765 |
) |
|
$ |
(43,980 |
) |
|
$ |
627,788 |
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net (loss) income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
421,825 |
|
|
|
424,913 |
|
|
|
373,862 |
|
Provision for impairment losses on real estate development assets |
|
|
|
|
|
|
|
|
|
|
91,138 |
|
Provision for operating real estate impairment losses |
|
|
352 |
|
|
|
2,329 |
|
|
|
|
|
Equity in losses of unconsolidated real estate partnerships |
|
|
23,112 |
|
|
|
11,401 |
|
|
|
4,736 |
|
Gain on dispositions of unconsolidated real estate and other |
|
|
(10,675 |
) |
|
|
(21,570 |
) |
|
|
(97,403 |
) |
Income tax benefit |
|
|
(18,328 |
) |
|
|
(17,487 |
) |
|
|
(56,574 |
) |
Stock-based compensation expense |
|
|
7,331 |
|
|
|
6,666 |
|
|
|
13,833 |
|
Amortization of deferred loan costs and other |
|
|
9,742 |
|
|
|
10,399 |
|
|
|
9,432 |
|
Distributions of earnings from unconsolidated entities |
|
|
1,231 |
|
|
|
4,893 |
|
|
|
14,619 |
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
15,008 |
|
|
|
70,655 |
|
|
|
141,686 |
|
Gain on disposition of real estate |
|
|
(94,901 |
) |
|
|
(221,770 |
) |
|
|
(800,270 |
) |
Other adjustments to income from discontinued operations |
|
|
20,105 |
|
|
|
52,531 |
|
|
|
70,585 |
|
Changes in operating assets and operating liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
25,561 |
|
|
|
27,067 |
|
|
|
4,848 |
|
Other assets |
|
|
15,708 |
|
|
|
18,134 |
|
|
|
74,425 |
|
Accounts payable, accrued liabilities and other |
|
|
(69,806 |
) |
|
|
(90,369 |
) |
|
|
(32,337 |
) |
|
|
|
|
|
|
|
|
|
|
Total adjustments |
|
|
346,265 |
|
|
|
277,792 |
|
|
|
(187,420 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
257,500 |
|
|
|
233,812 |
|
|
|
440,368 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of real estate |
|
|
|
|
|
|
|
|
|
|
(112,655 |
) |
Capital expenditures |
|
|
(178,929 |
) |
|
|
(300,344 |
) |
|
|
(665,233 |
) |
Proceeds from dispositions of real estate |
|
|
218,571 |
|
|
|
875,931 |
|
|
|
2,060,344 |
|
Proceeds from sale of interests and distributions from real estate partnerships |
|
|
19,707 |
|
|
|
25,067 |
|
|
|
94,277 |
|
Purchases of partnership interests and other assets |
|
|
(9,399 |
) |
|
|
(6,842 |
) |
|
|
(28,121 |
) |
Originations of notes receivable |
|
|
(1,190 |
) |
|
|
(5,778 |
) |
|
|
(6,911 |
) |
Proceeds from repayment of notes receivable |
|
|
5,699 |
|
|
|
5,264 |
|
|
|
8,929 |
|
Net increase in cash from consolidation and deconsolidation of entities |
|
|
13,128 |
|
|
|
98 |
|
|
|
241 |
|
Distributions received from Aimco |
|
|
224 |
|
|
|
488 |
|
|
|
1,042 |
|
Other investing activities |
|
|
18,788 |
|
|
|
36,858 |
|
|
|
(6,002 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
|
86,599 |
|
|
|
630,742 |
|
|
|
1,345,911 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from property loans |
|
|
449,384 |
|
|
|
772,443 |
|
|
|
949,549 |
|
Principal repayments on property loans |
|
|
(426,662 |
) |
|
|
(1,076,318 |
) |
|
|
(1,291,543 |
) |
Proceeds from tax-exempt bond financing |
|
|
|
|
|
|
15,727 |
|
|
|
50,100 |
|
Principal repayments on tax-exempt bond financing |
|
|
(66,466 |
) |
|
|
(157,862 |
) |
|
|
(217,361 |
) |
Payments on term loans |
|
|
(90,000 |
) |
|
|
(310,000 |
) |
|
|
(75,000 |
) |
(Payments on) proceeds from other borrowings |
|
|
(13,469 |
) |
|
|
(40,085 |
) |
|
|
21,367 |
|
Proceeds from issuance of preferred units to Aimco |
|
|
96,110 |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common units to Aimco |
|
|
14,350 |
|
|
|
|
|
|
|
|
|
Repurchases and redemptions of preferred units from Aimco |
|
|
(108,000 |
) |
|
|
(4,200 |
) |
|
|
(24,840 |
) |
Repurchase of common units from Aimco |
|
|
|
|
|
|
|
|
|
|
(502,296 |
) |
Proceeds from Aimco Class A Common Stock option exercises |
|
|
1,806 |
|
|
|
|
|
|
|
481 |
|
Payment of distributions to preferred units |
|
|
(60,165 |
) |
|
|
(59,172 |
) |
|
|
(62,733 |
) |
Payment of distributions to General Partner and Special Limited Partner |
|
|
(46,953 |
) |
|
|
(95,823 |
) |
|
|
(213,328 |
) |
Payment of distributions to Limited Partners |
|
|
(2,428 |
) |
|
|
(15,403 |
) |
|
|
(55,770 |
) |
Payment of distributions to High Performance Units |
|
|
(936 |
) |
|
|
(5,580 |
) |
|
|
(18,757 |
) |
Payment of distributions to noncontrolling interests |
|
|
(44,463 |
) |
|
|
(92,421 |
) |
|
|
(248,537 |
) |
Other financing activities |
|
|
(16,142 |
) |
|
|
(14,276 |
) |
|
|
(8,396 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(314,034 |
) |
|
|
(1,082,970 |
) |
|
|
(1,697,064 |
) |
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
|
30,065 |
|
|
|
(218,416 |
) |
|
|
89,215 |
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
|
|
81,260 |
|
|
|
299,676 |
|
|
|
210,461 |
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF YEAR |
|
$ |
111,325 |
|
|
$ |
81,260 |
|
|
$ |
299,676 |
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
26
AIMCO PROPERTIES, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2010, 2009 and 2008
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
311,432 |
|
|
$ |
348,341 |
|
|
$ |
434,645 |
|
Cash paid for income taxes |
|
|
1,899 |
|
|
|
4,560 |
|
|
|
13,780 |
|
Non-cash transactions associated with the disposition of real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
Secured debt assumed in connection with the disposition of real estate |
|
|
157,629 |
|
|
|
314,265 |
|
|
|
157,394 |
|
Issuance of notes receivable in connection with the disposition of
real estate |
|
|
4,544 |
|
|
|
3,605 |
|
|
|
10,372 |
|
Non-cash transactions associated with consolidation and deconsolidation
of real estate partnerships: |
|
|
|
|
|
|
|
|
|
|
|
|
Real estate, net |
|
|
80,629 |
|
|
|
6,058 |
|
|
|
25,830 |
|
Investments in and notes receivable primarily from affiliated entities |
|
|
41,903 |
|
|
|
4,326 |
|
|
|
4,497 |
|
Restricted cash and other assets |
|
|
3,290 |
|
|
|
(1,682 |
) |
|
|
5,483 |
|
Non-recourse debt |
|
|
61,211 |
|
|
|
2,031 |
|
|
|
22,036 |
|
Noncontrolling interests in consolidated real estate partnerships |
|
|
57,099 |
|
|
|
2,225 |
|
|
|
11,896 |
|
Accounts payable, accrued and other liabilities |
|
|
20,640 |
|
|
|
4,544 |
|
|
|
2,124 |
|
Other non-cash transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
Redemption of common OP Units for Aimco Class A Common Stock |
|
|
|
|
|
|
7,085 |
|
|
|
4,182 |
|
Cancellation of notes receivable from officers of Aimco |
|
|
(251 |
) |
|
|
(1,452 |
) |
|
|
(385 |
) |
Common OP Units issued to Aimco pursuant to special distributions
(Note 11) |
|
|
|
|
|
|
(148,746 |
) |
|
|
(487,477 |
) |
Issuance of common OP Units for acquisition of noncontrolling
interests in consolidated real estate partnerships (Note 3) |
|
|
6,854 |
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
27
AIMCO PROPERTIES, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2010
NOTE 1 Organization
AIMCO Properties, L.P., a Delaware limited partnership, or the Partnership, and together with
its consolidated subsidiaries was formed on May 16, 1994 to conduct the business of acquiring,
redeveloping, leasing, and managing multifamily apartment properties. Our securities include
Partnership Common Units, or common OP Units, Partnership Preferred Units, or preferred OP Units,
and High Performance Partnership Units, or High Performance Units, which are collectively referred
to as OP Units. Apartment Investment and Management Company, or Aimco, is the owner of our
general partner, AIMCO-GP, Inc., or the General Partner, and special limited partner, AIMCO-LP
Trust, or the Special Limited Partner. The General Partner and Special Limited Partner hold common
OP Units and are the primary holders of outstanding preferred OP Units. Limited Partners refers
to individuals or entities that are our limited partners, other than Aimco, the General Partner or
the Special Limited Partner, and own common OP Units or preferred OP Units. Generally, after
holding the common OP Units for one year, the Limited Partners have the right to redeem their
common OP Units for cash, subject to our prior right to acquire some or all of the common OP Units
tendered for redemption in exchange for shares of Aimco Class A Common Stock. Common OP Units
redeemed for Aimco Class A Common Stock are generally exchanged on a one-for-one basis (subject to
antidilution adjustments). Preferred OP Units and High Performance Units may or may not be
redeemable based on their respective terms, as provided for in the Fourth Amended and Restated
Agreement of Limited Partnership of AIMCO Properties, L.P. as amended, or the Partnership
Agreement.
We, through our operating divisions and subsidiaries, hold substantially all of Aimcos assets
and manage the daily operations of Aimcos business and assets. Aimco is required to contribute
all proceeds from offerings of its securities to us. In addition, substantially all of Aimcos
assets must be owned through the Partnership; therefore, Aimco is generally required to contribute
all assets acquired to us. In exchange for the contribution of offering proceeds or assets, Aimco
receives additional interests in us with similar terms (e.g., if Aimco contributes proceeds of a
preferred stock offering, Aimco (through the General Partner and Special Limited Partner) receives
preferred OP Units with terms substantially similar to the preferred securities issued by Aimco).
Aimco frequently consummates transactions for our benefit. For legal, tax or other business
reasons, Aimco may hold title or ownership of certain assets until they can be transferred to us.
However, we have a controlling financial interest in substantially all of Aimcos assets in the
process of transfer to us. Except as the context otherwise requires, we, our and us refer to
the Partnership, and the Partnerships consolidated entities, collectively. Except as the context
otherwise requires, Aimco refers to Aimco and Aimcos consolidated entities, collectively.
Our principal financial objective is to provide predictable and attractive returns to our
unitholders. Our business plan to achieve this objective is to:
|
|
|
own and operate a broadly diversified portfolio of primarily class B/B+ assets (defined below) with
properties concentrated in the 20 largest markets in the United States (as measured by
total apartment value, which is the estimated total market value of apartment properties in
a particular market); |
|
|
|
improve our portfolio by selling assets with lower projected returns and reinvesting
those proceeds through the purchase of new assets or additional investment in existing
assets in our portfolio, including increased ownership or redevelopment; and |
|
|
|
provide financial leverage primarily by the use of non-recourse, long-dated, fixed-rate
property debt and perpetual preferred equity. |
As of December 31, 2010, we:
|
|
|
owned an equity interest in 219 conventional real estate properties with 68,972 units; |
|
|
|
owned an equity interest in 228 affordable real estate properties with 26,540 units; and |
|
|
|
provided services for or managed 27,182 units in 321 properties, primarily pursuant to
long-term asset management agreements. In certain cases, we may indirectly own generally
less than one percent of the operations of such properties through a syndication or other
fund. |
28
Of these properties, we consolidated 217 conventional properties with 67,668 units and 182
affordable properties with 22,207 units. These conventional and affordable properties generated
88% and 12%, respectively, of our proportionate property net operating income (as defined in Note
17) during the year ended December 31, 2010. Any reference to the number of properties or units is
unaudited.
For conventional assets,
we focus on the ownership of primarily B/B+ assets. We measure conventional property asset
quality based on average rents of our units compared to local market average rents as reported
by a third-party provider of commercial real estate performance and analysis, with A-quality assets
earning rents greater than 125% of local market average, B-quality assets earning rents 90% to
125% of local market average and C-quality assets earning rents less than 90% of local market
average. We classify as B/B+ those assets earning rents ranging from 100% to 125% of local market
average. Although some companies and analysts within the multifamily real estate industry use
asset class ratings of A, B and C, some of which are tied to local market rent averages, the
metrics used to classify asset quality as well as the timing for which local markets rents are
calculated may vary from company to company. Accordingly, our rating system for measuring asset
quality is neither broadly nor consistently used in the multifamily real estate industry.
At December 31, 2010, we had outstanding 123,772,935 common OP Units, 27,963,126 preferred OP
Units and 2,339,950 High Performance Units. At December 31, 2010, Aimco owned 117,642,872 of the
common OP Units and 24,900,114 of the preferred OP Units.
NOTE 2 Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Partnership and
its consolidated entities. Pursuant to a Management and Contribution Agreement between the
Partnership and Aimco, we have acquired, in exchange for interests in the Partnership, the economic
benefits of subsidiaries of Aimco in which we do not have an interest, and Aimco has granted us a
right of first refusal to acquire such subsidiaries assets for no additional consideration.
Pursuant to the agreement, Aimco has also granted us certain rights with respect to assets of such
subsidiaries.
We consolidate all variable interest entities for which we are the primary beneficiary.
Generally, we consolidate real estate partnerships and other entities that are not variable
interest entities when we own, directly or indirectly, a majority voting interest in the entity or
are otherwise able to control the entity. All significant intercompany balances and transactions
have been eliminated in consolidation.
Interests held in consolidated real estate partnerships by limited partners other than us are
reflected as noncontrolling interests in consolidated real estate partnerships. The assets of
consolidated real estate partnerships owned or controlled by Aimco or us generally are not
available to pay creditors of Aimco or the Partnership.
As used herein, and except where the context otherwise requires, partnership refers to a
limited partnership or a limited liability company and partner refers to a partner in a limited
partnership or a member in a limited liability company.
Variable Interest Entities
We consolidate all variable interest entities for which we are the primary beneficiary.
Generally, a variable interest entity, or VIE, is an entity with one or more of the following
characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to
finance its activities without additional subordinated financial support; (b) as a group, the
holders of the equity investment at risk lack (i) the ability to make decisions about an entitys
activities through voting or similar rights, (ii) the obligation to absorb the expected losses of
the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the
equity investors have voting rights that are not proportional to their economic interests and
substantially all of the entitys activities either involve, or are conducted on behalf of, an
investor that has disproportionately few voting rights.
Effective January 1, 2010, we adopted the provisions of FASB Accounting Standards Update
2009-17, Improvements to Financial Reporting by Enterprises Involved with Variable Interest
Entities, or ASU 2009-17, on a prospective basis. ASU 2009-17, which modified the guidance in FASB
ASC Topic 810, introduced a more qualitative approach to evaluating VIEs for consolidation and
requires a company to perform an analysis to determine whether its variable interests give it a
controlling financial interest in a VIE. This analysis identifies the primary beneficiary of a VIE
as the entity that has (a) the power to direct the activities of the VIE that most significantly
impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to
receive benefits that could potentially be significant to the VIE. In determining whether it has
the power to direct the activities of the VIE that most significantly affect the VIEs performance,
ASU 2009-17 requires a company to assess whether it has an implicit financial responsibility to
ensure that a VIE operates as designed, requires continuous reassessment of primary beneficiary
status rather than periodic, event-driven assessments as previously required, and incorporates
expanded disclosure requirements.
29
In determining whether we are the primary beneficiary of a VIE, we consider qualitative and
quantitative factors, including, but not limited to: which activities most significantly impact
the VIEs economic performance and which
party controls such activities; the amount and characteristics of our investment; the
obligation or likelihood for us or other investors to provide financial support; and the similarity
with and significance to the business activities of us and the other investors. Significant
judgments related to these determinations include estimates about the current and future fair
values and performance of real estate held by these VIEs and general market conditions.
As a result of our adoption of ASU 2009-17, we concluded we are the primary beneficiary of,
and therefore consolidated, 49 previously unconsolidated partnerships. Those partnerships own, or
control other entities that own, 31 apartment properties. Our direct and indirect interests in the
profits and losses of those partnerships range from less than 1% to 35%, and average approximately
7%. We applied the practicability exception for initial measurement of consolidated VIEs to
partnerships that own 13 properties and accordingly recognized the consolidated assets, liabilities
and noncontrolling interests at fair value effective January 1, 2010 (refer to the Fair Value
Measurements section for further information regarding certain of the fair value amounts recognized
upon consolidation). We deconsolidated partnerships that own ten apartment properties in which we
hold an average interest of approximately 55%. The initial consolidation and deconsolidation of
these partnerships resulted in increases (decreases), net of intercompany eliminations, in amounts
included in our consolidated balance sheet as of January 1, 2010, as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Consolidation |
|
|
Deconsolidation |
|
Real estate, net |
|
$ |
143,986 |
|
|
$ |
(86,151 |
) |
Cash and cash equivalents and restricted cash |
|
|
25,056 |
|
|
|
(7,425 |
) |
Accounts and notes receivable |
|
|
(12,249 |
) |
|
|
6,002 |
|
Investment in unconsolidated real estate partnerships |
|
|
31,579 |
|
|
|
11,302 |
|
Other assets |
|
|
3,870 |
|
|
|
(1,084 |
) |
|
|
|
|
|
|
|
Total assets |
|
$ |
192,242 |
|
|
$ |
(77,356 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total indebtedness |
|
$ |
129,164 |
|
|
$ |
(56,938 |
) |
Accrued and other liabilities |
|
|
34,426 |
|
|
|
(14,921 |
) |
|
|
|
|
|
|
|
Total liabilities |
|
|
163,590 |
|
|
|
(71,859 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative effect of a change in accounting principle: |
|
|
|
|
|
|
|
|
Noncontrolling interests |
|
|
59,276 |
|
|
|
(8,501 |
) |
The Partnership |
|
|
(30,624 |
) |
|
|
3,004 |
|
|
|
|
|
|
|
|
Total partners capital |
|
|
28,652 |
|
|
|
(5,497 |
) |
|
|
|
|
|
|
|
Total liabilities and partners capital |
|
$ |
192,242 |
|
|
$ |
(77,356 |
) |
|
|
|
|
|
|
|
In periods prior to 2009, when consolidated real estate partnerships made cash
distributions to partners in excess of the carrying amount of the noncontrolling interest, we
generally recorded a charge to earnings equal to the amount of such excess distribution, even
though there was no economic effect or cost. Also prior to 2009, we allocated the noncontrolling
partners share of partnership losses to noncontrolling partners to the extent of the carrying
amount of the noncontrolling interest. Consolidation of a partnership does not ordinarily result
in a change to the net amount of partnership income or loss that is recognized using the equity
method. However, prior to 2009, when a partnership had a deficit in equity, accounting principles
generally accepted in the United States of America, or GAAP, may have required the controlling
partner that consolidates the partnership to recognize any losses that would otherwise be allocated
to noncontrolling partners, in addition to the controlling partners share of losses. Certain of
the partnerships that we consolidated in accordance with ASU 2009-17 had deficits in equity that
resulted from losses or deficit distributions during prior periods when we accounted for our
investment using the equity method. We would have been required to recognize the noncontrolling
partners share of those losses had we consolidated those partnerships in those periods prior to
2009. In accordance with our prospective transition method for the adoption of ASU 2009-17 related
to our consolidation of previously unconsolidated partnerships, we recorded a $30.6 million charge
to our partners capital, the majority of which was attributed to the cumulative amount of
additional losses that we would have recognized had we applied ASU 2009-17 in periods prior to
2009. Substantially all of those losses were attributable to real estate depreciation expense.
30
Our consolidated statements of operations for the year ended December 31, 2010, include the
following amounts for the entities and related real estate properties consolidated as of January 1,
2010 (for both continuing and discontinued operations), in accordance with ASU 2009-17 (in
thousands):
|
|
|
|
|
|
|
2010 |
|
Rental and other property revenues |
|
$ |
32,216 |
|
Property operating expenses |
|
|
(19,192 |
) |
Depreciation and amortization |
|
|
(10,624 |
) |
Other expenses |
|
|
(2,038 |
) |
|
|
|
|
Operating income |
|
|
362 |
|
Interest income |
|
|
33 |
|
Interest expense |
|
|
(8,370 |
) |
Equity in losses of unconsolidated real estate partnerships |
|
|
(17,895 |
) |
Gain on disposition of unconsolidated real estate and other |
|
|
7,360 |
|
|
|
|
|
Net loss |
|
|
(18,510 |
) |
Net loss attributable to noncontrolling interests in consolidated real estate partnerships |
|
|
19,328 |
|
|
|
|
|
Net income attributable to the Partnership |
|
$ |
818 |
|
|
|
|
|
Our equity in the results of operations of the partnerships and related properties we
deconsolidated in connection with our adoption of ASU 2009-17 is included in equity in earnings or
losses of unconsolidated real estate partnerships in our consolidated statements of operations for
the year ended December 31, 2010. The amounts related to these entities are not significant.
As of December 31, 2010, we were the primary beneficiary of, and therefore consolidated,
approximately 137 VIEs, which owned 96 apartment properties with 14,054 units (inclusive of
properties sold or classified as held for sale through March 31, 2011). Real estate with a
carrying value of $867.1 million collateralized $654.3 million of debt of those VIEs. Any
significant amounts of assets and liabilities related to our consolidated VIEs are identified
parenthetically on our accompanying condensed consolidated balance sheets. The creditors of the
consolidated VIEs do not have recourse to our general credit.
As of December 31, 2010, we also held variable interests in 276 VIEs for which we were not the
primary beneficiary. Those VIEs consist primarily of partnerships that are engaged, directly or
indirectly, in the ownership and management of 329 apartment properties with 20,570 units. We are
involved with those VIEs as an equity holder, lender, management agent, or through other
contractual relationships. The majority of our investments in unconsolidated VIEs, or
approximately $48.9 million at December 31, 2010, are held through consolidated investment
partnerships that are VIEs and in which we generally hold a 1% or less general partner or
equivalent interest. Accordingly, substantially all of the investment balances related to these
unconsolidated VIEs are attributed to the noncontrolling interests in the consolidated investment
partnerships that hold the investments in these unconsolidated VIEs. Our maximum risk of loss
related to our investment in these VIEs is generally limited to our equity interest in the
consolidated investment partnerships, which is insignificant. The remainder of our investment in
unconsolidated VIEs, or approximately $5.5 million at December 31, 2010, is held through
consolidated investment partnerships that are VIEs and in which we hold substantially all of the
economic interests. Our maximum risk of loss related to our investment in these VIEs is limited to
our $5.5 million recorded investment in such entities.
In addition to our investments in unconsolidated VIEs discussed above, at December 31, 2010,
we had in aggregate $101.7 million of receivables from unconsolidated VIEs and we had a contractual
obligation to advance funds to certain unconsolidated VIEs totaling $3.8 million. Our maximum risk
of loss associated with our lending and management activities related to these unconsolidated VIEs
is limited to these amounts. We may be subject to additional losses to the extent of any
receivables relating to future provision of services to these entities or financial support that we
voluntarily provide.
Acquisition of Real Estate Assets and Related Depreciation and Amortization
We adopted the provisions of FASB Statement of Financial Accounting Standards No. 141(R),
Business Combinations a replacement of FASB Statement No. 141, or SFAS 141(R), which are
codified in FASB ASC Topic 805, effective January 1, 2009. These provisions apply to all
transactions or events in which an entity obtains control of one or more businesses, including
those effected without the transfer of consideration, for example, by contract or through a lapse
of minority veto rights. These provisions require the acquiring entity in a business combination
to recognize the full fair value of assets acquired and liabilities assumed in the transaction
(whether a full or partial acquisition); establish the acquisition-date fair value as the
measurement objective for all assets acquired and liabilities assumed; and require expensing of
most transaction and restructuring costs.
31
We believe most operating real estate assets meet SFAS 141(R)s revised definition of a
business. Accordingly, in connection with our 2009 adoption of SFAS 141(R), we retroactively
adjusted our results of operations for the year ended December 31, 2008, to expense $3.5 million of
transaction costs incurred prior to December 31, 2008. This retroactive adjustment is reflected in
investment management expenses in our accompanying consolidated statements of operations and
reduced basic and diluted earnings per unit amounts by $0.04 for the year ended December 31, 2008.
Effective January 1, 2009, we recognize at fair value the acquisition of properties or
interests in partnerships that own properties if the transaction results in consolidation and we
expense as incurred most related transaction costs. We allocate the cost of acquired properties to
tangible assets and identified intangible assets based on their fair values. We determine the fair
value of tangible assets, such as land, building, furniture, fixtures and equipment, generally
using internal valuation techniques that consider comparable market transactions, discounted cash
flow techniques, replacement costs and other available information. We determine the fair value of
identified intangible assets (or liabilities), which typically relate to in-place leases, using
internal valuation techniques that consider the terms of the in-place leases, current market data
for comparable leases, and our experience in leasing similar properties. The intangible assets or
liabilities related to in-place leases are comprised of:
|
1. |
|
The value of the above- and below-market leases in-place. An asset or liability is
recognized based on the difference between (a) the contractual amounts to be paid pursuant
to the in-place leases and (b) our estimate of fair market lease rates for the
corresponding in-place leases, measured over the period, including estimated lease renewals
for below-market leases, that the leases are expected to remain in effect. |
|
2. |
|
The estimated unamortized portion of avoided leasing commissions and other costs that
ordinarily would be incurred to acquire the in-place leases. |
|
3. |
|
The value associated with vacant units during the absorption period (estimates of lost
rental revenue during the expected lease-up periods based on current market demand and
stabilized occupancy levels). |
The values of the above- and below-market leases are amortized to rental revenue over the
expected remaining terms of the associated leases which include reasonably assured renewal periods. Other intangible assets related to in-place
leases are amortized to depreciation and amortization over the expected remaining terms of the
associated leases. Amortization is adjusted, as necessary, to reflect any early lease terminations
that were not anticipated in determining amortization periods.
Depreciation for all tangible real estate assets is calculated using the straight-line method
over their estimated useful lives. Acquired buildings and improvements are depreciated over a
composite life of 14 to 52 years, based on the age, condition and other physical characteristics of
the property. As discussed under Impairment of Long Lived Assets below, we may adjust depreciation
of properties that are expected to be disposed of or demolished prior to the end of their useful
lives. Furniture, fixtures and equipment associated with acquired properties are depreciated over
five years.
At December 31, 2010 and 2009, deferred income in our consolidated balance sheets includes
below-market lease amounts totaling $27.9 million and $31.8 million, respectively, which are net of
accumulated amortization of $24.9 million and $21.0 million, respectively. During the years ended
December 31, 2010, 2009 and 2008, we included amortization of below-market leases of $3.9 million,
$4.4 million and $4.4 million, respectively, in rental and other property revenues in our
consolidated statements of operations. At December 31, 2010, our below-market leases had a
weighted average amortization period of 7.0 years and estimated aggregate amortization for each of
the five succeeding years as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated amortization |
|
$ |
3.6 |
|
|
$ |
3.2 |
|
|
$ |
2.8 |
|
|
$ |
2.5 |
|
|
$ |
2.3 |
|
Capital Additions and Related Depreciation
We capitalize costs, including certain indirect costs, incurred in connection with our capital
additions activities, including redevelopment and construction projects, other tangible property
improvements, and replacements of existing property components. Included in these capitalized
costs are payroll costs associated with time spent by site employees in connection with the
planning, execution and control of all capital additions activities at the property level. We
characterize as indirect costs an allocation of certain department costs, including payroll, at
the area operations and corporate levels that clearly relate to capital additions activities. We
capitalize interest, property taxes and insurance during periods in which redevelopment and
construction projects are in progress. We charge to expense as incurred costs that do not relate
to capital expenditure activities, including ordinary repairs, maintenance, resident turnover costs
and general and administrative expenses.
32
We depreciate capitalized costs using the straight-line method over the estimated useful life
of the related component or improvement, which is generally five, 15 or 30 years. All capitalized
site payroll and indirect costs are allocated proportionately, based on direct costs, among capital
projects and depreciated over the estimated useful lives of such projects.
Certain homogeneous items that are purchased in bulk on a recurring basis, such as carpeting
and appliances, are depreciated using group methods that reflect the average estimated useful life
of the items in each group. Except in the case of property casualties, where the net book value of
lost property is written off in the determination of casualty gains or losses, we generally do not
recognize any loss in connection with the replacement of an existing property component because
normal replacements are considered in determining the estimated useful lives used in connection
with our composite and group depreciation methods.
For the years ended December 31, 2010, 2009 and 2008, for continuing and discontinued
operations, we capitalized $11.6 million, $9.8 million and $25.7 million of interest costs,
respectively, and $25.3 million, $40.0 million and $78.1 million of site payroll and indirect
costs, respectively.
Impairment of Long-Lived Assets
Real estate and other long-lived assets to be held and used are stated at cost, less
accumulated depreciation and amortization, unless the carrying amount of the asset is not
recoverable. If events or circumstances indicate that the carrying amount of a property may not be
recoverable, we make an assessment of its recoverability by comparing the carrying amount to our
estimate of the undiscounted future cash flows, excluding interest charges, of the property. If
the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an
impairment loss to the extent the carrying amount exceeds the estimated fair value of the property.
In connection with the preparation of our 2008 annual financial statements, we assessed the
recoverability of our investment in our Lincoln Place property, located in Venice, California.
Based upon the declines in land values in Southern California during 2008 and the expected timing
of our redevelopment efforts, we determined that the total carrying amount of the property was no
longer probable of full recovery and, accordingly, during the three months ended December 31, 2008,
recognized an impairment loss of $85.4 million ($55.6 million net of tax).
Similarly, we assessed the recoverability of our investment in Pacific Bay Vistas (formerly
Treetops), a vacant property located in San Bruno, California, and determined that the carrying
amount of the property was no longer probable of full recovery and, accordingly, we recognized an
impairment loss of $5.7 million for this property during the three months ended December 31, 2008.
In addition to the impairments of Lincoln Place and Pacific Bay Vistas, based on periodic
tests of recoverability of long-lived assets, for the years ended December 31, 2010 and 2009, we
recorded real estate impairment losses of $0.4 million and $2.3 million, respectively, related to
properties classified as held for use. For the year ended December 31, 2008, we recorded no
similar impairment losses related to properties classified as held for use.
We report impairment losses or recoveries related to properties sold or classified as held for
sale in discontinued operations.
Our tests of recoverability address real estate assets that do not currently meet all
conditions to be classified as held for sale, but are expected to be disposed of prior to the end
of their estimated useful lives. If an impairment loss is not required to be recorded, the
recognition of depreciation is adjusted prospectively, as necessary, to reduce the carrying amount
of the real estate to its estimated disposition value over the remaining period that the real
estate is expected to be held and used. We also may adjust depreciation prospectively to reduce to
zero the carrying amount of buildings that we plan to demolish in connection with a redevelopment
project. These depreciation adjustments decreased net income available to the Partnerships common
unitholders by $0.2 million, $19.6 million and $11.8 million, and resulted in decreases in basic
and diluted earnings per unit of less than $0.01, $0.16 and $0.12, for the years ended December 31,
2010, 2009 and 2008, respectively.
Cash Equivalents
We classify highly liquid investments with an original maturity of three months or less as
cash equivalents.
33
Restricted Cash
Restricted cash includes capital replacement reserves, completion repair reserves, bond
sinking fund amounts and tax and insurance escrow accounts held by lenders.
Accounts Receivable and Allowance for Doubtful Accounts
Accounts receivable are generally comprised of amounts receivable from residents, amounts
receivable from non-affiliated real estate partnerships for which we provide property management
and other services and other miscellaneous receivables from non-affiliated entities. We evaluate
collectibility of accounts receivable from residents and establish an allowance, after the
application of security deposits and other anticipated recoveries, for accounts greater than 30
days past due for current residents and all receivables due from former residents. Accounts
receivable from residents are stated net of allowances for doubtful accounts of approximately $2.1
million and $1.4 million as of December 31, 2010 and 2009, respectively.
We evaluate collectibility of accounts receivable from non-affiliated entities and establish
an allowance for amounts that are considered to be uncollectible. Accounts receivable relating to
non-affiliated entities are stated net of allowances for doubtful accounts of approximately $1.0
million and $0.3 million as of December 31, 2010 and 2009, respectively.
Accounts Receivable and Allowance for Doubtful Accounts from Affiliates
Accounts receivable from affiliates are generally comprised of receivables related to property
management and other services provided to unconsolidated real estate partnerships in which we have
an ownership interest. We evaluate collectibility of accounts receivable balances from affiliates
on a periodic basis, and establish an allowance for the amounts deemed to be uncollectible.
Accounts receivable from affiliates are stated net of allowances for doubtful accounts of
approximately $1.5 million and $1.9 million as of December 31, 2010 and 2009, respectively.
Deferred Costs
We defer lender fees and other direct costs incurred in obtaining new financing and amortize
the amounts over the terms of the related loan agreements. Amortization of these costs is included
in interest expense.
We defer leasing commissions and other direct costs incurred in connection with successful
leasing efforts and amortize the costs over the terms of the related leases. Amortization of these
costs is included in depreciation and amortization.
Notes Receivable from Unconsolidated Real Estate Partnerships and Non-Affiliates and Related
Interest Income and Provision for Losses
Notes receivable from unconsolidated real estate partnerships and from non-affiliates
represent our two portfolio segments, as defined in FASB Accounting Standards Update 2010-20,
Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses,
that we use to evaluate for potential loan loss. Notes receivable from unconsolidated real estate
partnerships consist primarily of notes receivable from partnerships in which we are the general
partner but do not consolidate the partnership. These loans are typically due on demand, have no
stated maturity date and may not require current payments of principal or interest. Notes
receivable from non-affiliates have stated maturity dates and may require current payments of
principal and interest. Repayment of these notes is subject to a number of variables, including
the performance and value of the underlying real estate properties and the claims of unaffiliated
mortgage lenders, which are generally senior to our claims. Our notes receivable consist of two
classes: loans extended by us that we carry at the face amount plus accrued interest, which we
refer to as par value notes; and loans extended by predecessors whose positions we generally
acquired at a discount, which we refer to as discounted notes.
We record interest income on par value notes as earned in accordance with the terms of the
related loan agreements. We discontinue the accrual of interest on such notes when the notes are
impaired, as discussed below, or when there is otherwise significant uncertainty as to the
collection of interest. We record income on such nonaccrual loans using the cost recovery method,
under which we apply cash receipts first to the recorded amount of the loan; thereafter, any
additional receipts are recognized as income.
We recognize interest income on discounted notes receivable based upon whether the amount and
timing of collections are both probable and reasonably estimable. We consider collections to be
probable and reasonably estimable when the borrower has closed or entered into certain pending
transactions (which include real estate sales, refinancings, foreclosures and rights offerings)
that provide a reliable source of repayment. In such instances, we
recognize accretion income, on a prospective basis using the effective interest method over
the estimated remaining term of the loans, equal to the difference between the carrying amount of
the discounted notes and the estimated collectible value. We record income on all other discounted
notes using the cost recovery method.
34
We assess the collectibility of notes receivable on a periodic basis, which assessment
consists primarily of an evaluation of cash flow projections of the borrower to determine whether
estimated cash flows are sufficient to repay principal and interest in accordance with the
contractual terms of the note. We update our cash flow projections of the borrowers annually, and
more frequently for certain loans depending on facts and circumstances. We recognize impairments
on notes receivable when it is probable that principal and interest will not be received in
accordance with the contractual terms of the loan. Factors that affect this assessment include the
fair value of the partnerships real estate, pending transactions to refinance the partnerships
senior obligations or sell the partnerships real estate, and market conditions (current and
forecasted) related to a particular asset. The amount of the impairment to be recognized generally
is based on the fair value of the partnerships real estate that represents the primary source of
loan repayment. In certain instances where other sources of cash flow are available to repay the
loan, the impairment is measured by discounting the estimated cash flows at the loans original
effective interest rate. See Note 5 for further discussion of our notes receivable.
Investments in Unconsolidated Real Estate Partnerships
We own general and limited partner interests in partnerships that either directly, or through
interests in other real estate partnerships, own apartment properties. We generally account for
investments in real estate partnerships that we do not consolidate under the equity method. Under
the equity method, our share of the earnings or losses of the entity for the periods being
presented is included in equity in earnings (losses) from unconsolidated real estate partnerships,
inclusive of our share of impairments and property disposition gains recognized by and related to
such entities. Certain investments in real estate partnerships that were acquired in business
combinations were determined to have insignificant value at the acquisition date and are accounted
for under the cost method. Any distributions received from such partnerships are recognized as
income when received.
The excess of the cost of the acquired partnership interests over the historical carrying
amount of partners equity or deficit is ascribed generally to the fair values of land and
buildings owned by the partnerships. We amortize the excess cost related to the buildings over the
estimated useful lives of the buildings. Such amortization is recorded as a component of equity in
earnings (losses) of unconsolidated real estate partnerships. See Note 4 for further discussion of
Investments in Unconsolidated Real Estate Partnerships.
Intangible Assets
At December 31, 2010 and 2009, other assets included goodwill associated with our reportable
segments of $67.1 million and $71.8 million, respectively. We perform an annual impairment test of
goodwill that compares the fair value of reporting units with their carrying amounts, including
goodwill. We determined that our goodwill was not impaired in 2010, 2009 or 2008.
During the years ended December 31, 2010 and 2009, we allocated $4.7 million and $10.1
million, respectively, of goodwill related to our reportable segments (conventional and affordable
real estate operations) to the carrying amounts of the properties sold or classified as held for
sale during those periods. The amounts of goodwill allocated to these properties were based on the
relative fair values of the properties sold or classified as held for sale and the retained
portions of the reporting units to which the goodwill as allocated. During 2008, we did not
allocate any goodwill to properties sold or classified as held for sale as real estate properties
were not considered businesses under then applicable GAAP.
Other assets also includes intangible assets for purchased management contracts with finite
lives that we amortize on a straight-line basis over terms ranging from five to 20 years and
intangible assets for in-place leases as discussed under Acquisition of Real Estate Assets and
Related Depreciation and Amortization.
Capitalized Software Costs
Purchased software and other costs related to software developed for internal use are
capitalized during the application development stage and are amortized using the straight-line
method over the estimated useful life of the software, generally five years. We write-off the
costs of software development projects when it is no longer probable that the software will be
completed and placed in service. For the years ended December 31, 2010, 2009 and 2008, we
capitalized software development costs totaling $8.7 million, $5.6 million and $20.9 million,
respectively. At December 31, 2010 and 2009, other assets included $28.1 million and $29.7 million
of net capitalized software,
respectively. During the years ended December 31, 2010, 2009 and 2008, we recognized
amortization of capitalized software of $10.2 million, $11.5 million and $10.0 million,
respectively, which is included in depreciation and amortization in our consolidated statements of
operations.
35
During the year ended December 31, 2008, we reassessed our approach to communication
technology needs at our properties, which resulted in the discontinuation of an infrastructure
project and a $5.4 million write-off of related hardware and capitalized internal and consulting
costs included in other assets. The write-off, which is net of sales proceeds, is included in
other expenses, net. During the year ended December 31, 2008, we additionally recorded a $1.6
million write-off of certain software and hardware assets that are no longer consistent with our
information technology strategy. This write-off is included in depreciation and amortization.
There were no similar write-offs during the years ended December 31, 2010 or 2009.
Noncontrolling Interests
Effective January 1, 2009, we adopted the provisions of FASB Statement of Financial Accounting
Standards No. 160, Noncontrolling Interests in Consolidated Financial Statements an amendment of
ARB No. 51, or SFAS 160, which are codified in FASB ASC Topic 810. These provisions clarified that
a noncontrolling interest in a subsidiary is an ownership interest in a consolidated entity, which
should be reported as equity in the parents consolidated financial statements. These provisions
require disclosure, on the face of the consolidated statements of operations, of the amounts of
consolidated net income (loss) and other comprehensive income (loss) attributable to controlling
and noncontrolling interests, eliminating the past practice of reporting amounts of income
attributable to noncontrolling interests as an adjustment in arriving at consolidated net income.
These provisions also require us to attribute to noncontrolling interests their share of losses
even if such attribution results in a deficit noncontrolling interest balance within our equity
accounts, and in some instances, recognize a gain or loss in net income when a subsidiary is
deconsolidated.
In connection with our retrospective application of these provisions, we reclassified into our
consolidated equity accounts the historical balances related to noncontrolling interests in
consolidated real estate partnerships. At December 31, 2008, the carrying amount of noncontrolling
interests in consolidated real estate partnerships was $381.8 million.
Noncontrolling Interests in Consolidated Real Estate Partnerships
We report the unaffiliated partners interests in our consolidated real estate partnerships as
noncontrolling interests in consolidated real estate partnerships. Noncontrolling interests in
consolidated real estate partnerships represent the noncontrolling partners share of the
underlying net assets of our consolidated real estate partnerships. Prior to 2009, when these
consolidated real estate partnerships made cash distributions to partners in excess of the carrying
amount of the noncontrolling interest, we generally recorded a charge equal to the amount of such
excess distribution, even though there was no economic effect or cost. These charges are reported
in the consolidated statements of operations for the year ended December 31, 2008, within
noncontrolling interests in consolidated real estate partnerships. Also prior to 2009, we
allocated the noncontrolling partners share of partnership losses to noncontrolling partners to
the extent of the carrying amount of the noncontrolling interest. We generally recorded a charge
when the noncontrolling partners share of partnership losses exceeds the carrying amount of the
noncontrolling interest, even though there is no economic effect or cost. These charges are
reported in the consolidated statements of operations within noncontrolling interests in
consolidated real estate partnerships. We did not record charges for distributions or losses in
certain limited instances where the noncontrolling partner had a legal obligation and financial
capacity to contribute additional capital to the partnership. For the year ended December 31,
2008, we recorded charges for partnership losses resulting from depreciation of approximately $9.0
million that were not allocated to noncontrolling partners because the losses exceeded the carrying
amount of the noncontrolling interest.
Noncontrolling interests in consolidated real estate partnerships consist primarily of equity
interests held by limited partners in consolidated real estate partnerships that have finite lives.
The terms of the related partnership agreements generally require the partnership to be liquidated
following the sale of the partnerships real estate. As the general partner in these partnerships,
we ordinarily control the execution of real estate sales and other events that could lead to the
liquidation, redemption or other settlement of noncontrolling interests. The aggregate carrying
amount of noncontrolling interests in consolidated real estate partnerships is approximately $292.4
million at December 31, 2010. The aggregate fair value of these interests varies based on the fair
value of the real estate owned by the partnerships. Based on the number of classes of finite-life
noncontrolling interests, the number of properties in which there is direct or indirect
noncontrolling ownership, complexities in determining the allocation of liquidation proceeds among
partners and other factors, we believe it is impracticable to determine the total required payments
to the noncontrolling interests in an assumed liquidation at December 31, 2010. As a result of
real estate depreciation that is recognized in our financial statements and appreciation in the
fair value of real estate that is not recognized in our financial statements, we
believe that the aggregate fair value of our noncontrolling interests exceeds their aggregate
carrying amount. As a result of our ability to control real estate sales and other events that
require payment of noncontrolling interests and our expectation that proceeds from real estate
sales will be sufficient to liquidate related noncontrolling interests, we anticipate that the
eventual liquidation of these noncontrolling interests will not have an adverse impact on our
financial condition.
36
Changes in our ownership interest in consolidated real estate partnerships generally consist
of our purchase of an additional interest in or the sale of our entire interest in a consolidated
real estate partnership. The effect on partners capital of our purchase of additional interests
in consolidated real estate partnerships during the year ended December 31, 2010 is shown in the
consolidated statement of partners capital and further discussed in Note 3. Our purchase of
additional interests in consolidated real estate partnerships had no significant effect on our
partners capital during the years ended December 31, 2009 and 2008. The effect on our partners
capital of sales of our entire interest in consolidated real estate partnerships is reflected in
our consolidated financial statements as sales of real estate and accordingly the effect on our
partners capital is reflected as gains on disposition of real estate, less the amounts of such
gains attributable to noncontrolling interests, within consolidated net (loss) income attributable
to the Partnerships common unitholders.
Revenue Recognition
Our properties have operating leases with apartment residents with terms averaging 12 months.
We recognize rental revenue related to these leases, net of any concessions, on a straight-line
basis over the term of the lease. We recognize revenues from property management, asset
management, syndication and other services when the related fees are earned and are realized or
realizable.
Advertising Costs
We generally expense all advertising costs as incurred to property operating expense. For the
years ended December 31, 2010, 2009 and 2008, for both continuing and discontinued operations,
total advertising expense was $14.2 million, $21.7 million and $31.8 million, respectively.
Insurance
We believe that our insurance coverages insure our properties adequately against the risk of
loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils. In addition, we
have insurance coverage for substantial portions of our property, workers compensation, health,
and general liability exposures. Losses are accrued based upon our estimates of the aggregate
liability for uninsured losses incurred using certain actuarial assumptions followed in the
insurance industry and based on our experience.
Stock-Based Compensation
We recognize all stock-based employee compensation, including grants of employee stock
options, in the consolidated financial statements based on the grant date fair value and recognize
compensation cost, which is net of estimates for expected forfeitures, ratably over the awards
requisite service period. See Note 12 for further discussion of our stock-based compensation.
Tax Credit Arrangements
We sponsor certain partnerships that own and operate apartment properties that qualify for tax
credits under Section 42 of the Internal Revenue Code of 1986, as amended, which we refer to as the
Code, and for the U.S. Department of Housing and Urban Development, or HUD, subsidized rents under
HUDs Section 8 program. These partnerships acquire, develop and operate qualifying affordable
housing properties and are structured to provide for the pass-through of tax credits and deductions
to their partners. The tax credits are generally realized ratably over the first ten years of the
tax credit arrangement and are subject to the partnerships compliance with applicable laws and
regulations for a period of 15 years. Typically, we are the general partner with a legal ownership
interest of one percent or less. We market limited partner interests of at least 99 percent to
unaffiliated institutional investors (which we refer to as tax credit investors or investors) and
receive a syndication fee from each investor upon such investors admission to the partnership. At
inception, each investor agrees to fund capital contributions to the partnerships. We agree to
perform various services for the partnerships in exchange for fees over the expected duration of
the tax credit service period. The related partnership agreements generally require adjustment of
each tax credit investors required capital contributions if actual tax benefits to such investor
differ from projected amounts.
37
We have determined that the partnerships in these arrangements are variable interest entities
and, where we are general partner, we are generally the primary beneficiary that is required to
consolidate the partnerships. When the contractual arrangements obligate us to deliver tax
benefits to the investors, and entitle us through fee arrangements to receive substantially all
available cash flow from the partnerships, we account for these partnerships as wholly owned
subsidiaries. Capital contributions received by the partnerships from tax credit investors
represent, in substance, consideration that we receive in exchange for our obligation to deliver
tax credits and other tax benefits to the investors, and the receipts are recognized as revenue in
our consolidated financial statements when our obligation to the investors is relieved upon
delivery of the expected tax benefits.
In summary, our accounting treatment recognizes the income or loss generated by the underlying
real estate based on our economic interest in the partnerships. Proceeds received in exchange for
the transfer of the tax credits are recognized as revenue proportionately as the tax benefits are
delivered to the tax credit investors and our obligation is relieved. Syndication fees and related
costs are recognized in income upon completion of the syndication effort. We recognize syndication
fees in amounts determined based on a market rate analysis of fees for comparable services, which
generally fell within a range of 10% to 15% of investor contributions during the periods presented.
Other direct and incremental costs incurred in structuring these arrangements are deferred and
amortized over the expected duration of the arrangement in proportion to the recognition of related
income. Investor contributions in excess of recognized revenue are reported as deferred income in
our consolidated balance sheets.
During the year ended December 31, 2010, we recognized a net $1.0 million reduction of
syndication fees due to our determination that certain syndication fees receivable were
uncollectible. We recognized no syndication fee income during the year ended December 31, 2009.
During the year ended December 31, 2008, we recognized syndication fee income of $3.4 million.
During the years ended December 31, 2010, 2009 and 2008 we recognized revenue associated with the
delivery of tax benefits of $28.9 million, $36.6 million and $29.4 million, respectively. At
December 31, 2010 and 2009, $114.7 million and $148.1 million, respectively, of investor
contributions in excess of the recognized revenue were included in deferred income in our
consolidated balance sheets.
Discontinued Operations
We classify certain properties and related assets and liabilities as held for sale when they
meet certain criteria. The operating results of such properties as well as those properties sold
during the periods presented are included in discontinued operations in both current periods and
all comparable periods presented. Depreciation is not recorded on properties once they have been
classified as held for sale; however, depreciation expense recorded prior to classification as held
for sale is included in discontinued operations. The net gain on sale and any impairment losses
are presented in discontinued operations when recognized. See Note 13 for additional information
regarding discontinued operations.
Derivative Financial Instruments
We primarily use long-term, fixed-rate and self-amortizing non-recourse debt to avoid, among
other things, risk related to fluctuating interest rates. For our variable rate debt, we are
sometimes required by our lenders to limit our exposure to interest rate fluctuations by entering
into interest rate swap or cap agreements. The interest rate swap agreements moderate our exposure
to interest rate risk by effectively converting the interest on variable rate debt to a fixed rate.
The interest rate cap agreements effectively limit our exposure to interest rate risk by providing
a ceiling on the underlying variable interest rate. The fair values of the interest rate swaps are
reflected as assets or liabilities in the balance sheet, and periodic changes in fair value are
included in interest expense or equity, as appropriate. The interest rate caps are not material to
our financial position or results of operations.
As of December 31, 2010 and 2009, we had interest rate swaps with aggregate notional amounts
of $52.3 million, and recorded fair values of $2.7 million and $1.6 million, respectively,
reflected in accrued liabilities and other in our consolidated balance sheets. At December 31,
2010, these interest rate swaps had a weighted average term of 10.1 years. We have designated
these interest rate swaps as cash flow hedges and recognize any changes in their fair value as an
adjustment of accumulated other comprehensive income (loss) within partners capital to the extent
of their effectiveness. Changes in the fair value of these instruments and the related amounts of
such changes that were reflected as an adjustment of accumulated other comprehensive loss within
partners capital and as an adjustment of earnings (ineffectiveness) are discussed in the foregoing
Fair Value Measurements section.
If the forward rates at December 31, 2010 remain constant, we estimate that during the next
twelve months, we would reclassify into earnings approximately $1.6 million of the unrealized
losses in accumulated other comprehensive loss. If market interest rates increase above the 3.43%
weighted average fixed rate under these interest rate swaps we will benefit from net cash payments
due to us from our counterparty to the interest rate swaps.
38
We have entered into total rate of return swaps on various fixed-rate secured tax-exempt bonds
payable and fixed-rate notes payable to convert these borrowings from a fixed rate to a variable
rate and provide an efficient financing product to lower our cost of borrowing. In exchange for
our receipt of a fixed rate generally equal to the underlying borrowings interest rate, the total
rate of return swaps require that we pay a variable rate, equivalent to the Securities Industry and
Financial Markets Association Municipal Swap Index, or SIFMA, rate for tax-exempt bonds payable and
the 30-day LIBOR rate for notes payable, plus a risk spread. These swaps generally have a second
or third lien on the property collateralized by the related borrowings and the obligations under
certain of these swaps are cross-collateralized with certain of the other swaps with a particular
counterparty. The underlying borrowings are generally callable at our option, with no prepayment
penalty, with 30 days advance notice, and the swaps generally have a term of less than five years.
The total rate of return swaps have a contractually defined termination value generally equal to
the difference between the fair value and the counterpartys purchased value of the underlying
borrowings, which may require payment by us or to us for such difference. Accordingly, we believe
fluctuations in the fair value of the borrowings from the inception of the hedging relationship
generally will be offset by a corresponding fluctuation in the fair value of the total rate of
return swaps.
We designate total rate of return swaps as hedges of the risk of overall changes in the fair
value of the underlying borrowings. At each reporting period, we estimate the fair value of these
borrowings and the total rate of return swaps and recognize any changes therein as an adjustment of
interest expense. We evaluate the effectiveness of these fair value hedges at the end of each
reporting period and recognize an adjustment of interest expense as a result of any
ineffectiveness.
Borrowings payable subject to total rate of return swaps with aggregate outstanding principal
balances of $276.9 million and $352.7 million at December 31, 2010 and 2009, respectively, are
reflected as variable rate borrowings in Note 6. Due to changes in the estimated fair values of
these debt instruments and the corresponding total rate of return swaps, we increased the carrying
amount of property loans payable by $4.8 million and $5.2 million for the years ended December 31,
2010 and 2009, respectively, and reduced the carrying amount of property loans payable by $20.1
million for the year ended December 31, 2008, with offsetting adjustments to the swap values in
accrued liabilities, resulting in no net effect on net income. Refer to the foregoing Fair Value
Measurements section for further discussion of fair value measurements related to these
arrangements. During 2010, 2009 and 2008, we determined these hedges were fully effective and
accordingly we made no adjustments to interest expense for ineffectiveness.
At December 31, 2010, the weighted average fixed receive rate under the total return swaps was
6.8% and the weighted average variable pay rate was 1.6%, based on the applicable SIFMA and 30-day
LIBOR rates effective as of that date. Further information related to our total return swaps as of
December 31, 2010 is as follows (dollars in millions):
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year of |
|
|
Average |
|
|
|
|
|
|
Year of |
|
|
Weighted Average Swap |
|
|
|
|
|
Debt |
|
|
Debt Interest |
|
|
Swap Notional |
|
|
Swap |
|
|
Variable Pay Rate at |
|
Debt Principal |
|
|
Maturity |
|
|
Rate |
|
|
Amount |
|
|
Maturity |
|
|
December 31, 2010 |
|
$ |
29.2 |
|
|
|
2012 |
|
|
|
7.5 |
% |
|
$ |
29.2 |
|
|
|
2012 |
|
|
|
1.6 |
% |
|
24.0 |
|
|
|
2015 |
|
|
|
6.9 |
% |
|
|
24.0 |
|
|
|
2012 |
|
|
|
1.1 |
% |
|
93.0 |
|
|
|
2031 |
|
|
|
7.4 |
% |
|
|
93.0 |
|
|
|
2012 |
|
|
|
1.1 |
% |
|
106.1 |
|
|
|
2036 |
|
|
|
6.2 |
% |
|
|
106.5 |
|
|
|
2012 |
|
|
|
2.2 |
% |
|
12.1 |
|
|
|
2038 |
|
|
|
5.5 |
% |
|
|
12.1 |
|
|
|
2012 |
|
|
|
1.0 |
% |
|
12.5 |
|
|
|
2048 |
|
|
|
6.5 |
% |
|
|
12.5 |
|
|
|
2012 |
|
|
|
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
276.9 |
|
|
|
|
|
|
|
|
|
|
$ |
277.3 |
|
|
|
|
|
|
|
|
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|
|
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|
|
Fair Value Measurements
Beginning in 2008, we applied the FASBs revised accounting provisions related to fair value
measurements, which are codified in FASB ASC Topic 820. These revised provisions define fair value
as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date, establish a hierarchy that
prioritizes the information used in developing fair value estimates and require disclosure of fair
value measurements by level within the fair value hierarchy. The hierarchy gives the highest
priority to quoted prices in active markets (Level 1 measurements) and the lowest priority to
unobservable data (Level 3 measurements), such as the reporting entitys own data. We adopted the
revised fair value measurement provisions that apply to recurring and nonrecurring fair value
measurements of financial assets and liabilities effective January 1, 2008, and the provisions that
apply to the remaining fair value measurements effective January 1, 2009, and at those times
determined no transition adjustments were required.
39
The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset
or liability as of the measurement date and includes three levels defined as follows:
|
Level 1 |
|
Unadjusted quoted prices for identical and unrestricted assets or
liabilities in active markets |
|
|
Level 2 |
|
Quoted prices for similar assets and liabilities in active markets,
and inputs that are observable for the asset or liability, either
directly or indirectly, for substantially the full term of the
financial instrument |
|
|
Level 3 |
|
Unobservable inputs that are significant to the fair value measurement |
A financial instruments categorization within the valuation hierarchy is based upon the
lowest level of input that is significant to the fair value measurement.
Following are descriptions of the valuation methodologies used for our significant assets or
liabilities measured at fair value on a recurring or nonrecurring basis. Although some of the
valuation methodologies use observable market inputs in limited instances, the majority of inputs
we use are unobservable and are therefore classified within Level 3 of the valuation hierarchy.
Real Estate
From time to time, we may be required to recognize an impairment loss to the extent the
carrying amount of a property exceeds the estimated fair value, for properties classified as
held for use, or the estimated fair value, less estimated selling costs, for properties
classified as held for sale. Additionally, we are generally required to initially measure
real estate recognized in connection with our consolidation of real estate partnerships at
fair value.
We estimate the fair value of real estate using income and market valuation techniques
using information such as broker estimates, purchase prices for recent transactions on
comparable assets and net operating income capitalization analyses using observable and
unobservable inputs such as capitalization rates, asset quality grading, geographic location
analysis, and local supply and demand observations. For certain properties classified as
held for sale, we may also recognize the impairment loss based on the contract sale price,
which we believe is representative of fair value, less estimated selling costs.
Notes Receivable
We assess the collectibility of notes receivable on a periodic basis, which assessment
consists primarily of an evaluation of cash flow projections of the borrower to determine
whether estimated cash flows are sufficient to repay principal and interest in accordance
with the contractual terms of the note. We recognize impairments on notes receivable when it
is probable that principal and interest will not be received in accordance with the
contractual terms of the loan. The amount of the impairment to be recognized generally is
based on the fair value of the real estate, which represents the primary source of loan
repayment. The fair value of real estate is estimated through income and market valuation
approaches using information such as broker estimates, purchase prices for recent
transactions on comparable assets and net operating income capitalization analyses using
observable and unobservable inputs such as capitalization rates, asset quality grading,
geographic location analysis, and local supply and demand observations.
Interest Rate Swaps
We recognized interest rate swaps at their estimated fair value. We estimate the fair
value of interest rate swaps using an income approach with primarily observable inputs,
including information regarding the hedged variable cash flows and forward yield curves
relating to the variable interest rates on which the hedged cash flows are based.
Total Rate of Return Swaps
Our total rate of return swaps have contractually-defined termination values generally
equal to the difference between the fair value and the counterpartys purchased value of the
underlying borrowings. Upon termination, we are required to pay the counterparty the
difference if the fair value is less than the purchased value, and the counterparty is
required to pay us the difference if the fair value is greater than the purchased value. The
underlying borrowings are generally callable, at our option, at face value prior to maturity
and with no prepayment penalty. Due to our control of the call features in the underlying
borrowings, we believe the inherent value of any differential between the fixed and variable cash payments due
under the swaps would be significantly discounted by a market participant willing to purchase
or assume any rights and obligations under these contracts.
40
The swaps are generally cross-collateralized with other swap contracts with the same
counterparty and do not allow transfer or assignment, thus there is no alternate or secondary
market for these instruments. Accordingly, our assumptions about the fair value that a
willing market participant would assign in valuing these instruments are based on a
hypothetical market in which the highest and best use of these contracts is in-use in
combination with the related borrowings, similar to how we use the contracts. Based on these
assumptions, we believe the termination value, or exit value, of the swaps approximates the
fair value that would be assigned by a willing market participant. We calculate the
termination value using a market approach by reference to estimates of the fair value of the
underlying borrowings, which are discussed below, and an evaluation of potential changes in
the credit quality of the counterparties to these arrangements. We compare our estimates of
the fair value of the swaps and related borrowings to the valuations provided by the
counterparties on a quarterly basis.
Non-recourse Property Debt
We recognize changes in the fair value of the non-recourse property debt subject to
total rate of return swaps discussed above, which we have designated as fair value hedges.
Additionally, we are generally required to initially measure non-recourse property debt
recognized in connection with our consolidation of real estate partnerships at fair value.
We estimate the fair value of debt instruments using an income and market approach,
including comparison of the contractual terms to observable and unobservable inputs such as
market interest rate risk spreads, collateral quality and loan-to-value ratios on similarly
encumbered assets within our portfolio. These borrowings are collateralized and non-recourse
to us; therefore, we believe changes in our credit rating will not materially affect a market
participants estimate of the borrowings fair value.
The methods described above may produce a fair value calculation that may not be indicative of
net realizable value or reflective of future fair values. Furthermore, although we believe our
valuation methods are appropriate and consistent with other market participants, the use of
different methodologies or assumptions to determine the fair value of certain assets and
liabilities could result in a different estimate of fair value at the reporting date.
The table below presents amounts at December 31, 2010, 2009 and 2008 (and the changes in fair
value between such dates) for significant items measured in our consolidated balance sheets at fair
value on a recurring basis (in thousands). Certain of these fair value measurements are based on
significant unobservable inputs classified within Level 3 of the valuation hierarchy. When a
determination is made to classify a fair value measurement within Level 3 of the valuation
hierarchy, the determination is based upon the significance of the unobservable factors to the
overall fair value measurement. However, Level 3 fair value measurements typically include, in
addition to the unobservable or Level 3 components, observable components that can be validated to
observable external sources; accordingly, the changes in fair value in the table below are due in
part to observable factors that are part of the valuation methodology.
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|
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|
|
Level 2 |
|
|
Level 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value of Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subject to Total |
|
|
|
|
|
|
Interest Rate |
|
|
Total Rate of |
|
|
Rate of Return |
|
|
|
|
|
|
Swaps |
|
|
Return Swaps |
|
|
Swaps |
|
|
Total |
|
Fair value at December 31, 2008 |
|
$ |
(2,557 |
) |
|
$ |
(29,495 |
) |
|
$ |
29,495 |
|
|
$ |
(2,557 |
) |
Unrealized gains (losses) included in earnings (1)(2) |
|
|
(447 |
) |
|
|
5,188 |
|
|
|
(5,188 |
) |
|
|
(447 |
) |
Realized gains (losses) included in earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) included in partners capital |
|
|
1,408 |
|
|
|
|
|
|
|
|
|
|
|
1,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value at December 31, 2009 |
|
$ |
(1,596 |
) |
|
$ |
(24,307 |
) |
|
$ |
24,307 |
|
|
$ |
(1,596 |
) |
Unrealized gains (losses) included in earnings (1)(2) |
|
|
(45 |
) |
|
|
4,765 |
|
|
|
(4,765 |
) |
|
|
(45 |
) |
Realized gains (losses) included in earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) included in partners capital |
|
|
(1,105 |
) |
|
|
|
|
|
|
|
|
|
|
(1,105 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value at December 31, 2010 |
|
$ |
(2,746 |
) |
|
$ |
(19,542 |
) |
|
$ |
19,542 |
|
|
$ |
(2,746 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Unrealized gains (losses) relate to periodic revaluations of fair value and have not
resulted from the settlement of a swap position. |
|
(2) |
|
Included in interest expense in the accompanying consolidated statements of operations. |
41
The table below presents information regarding significant amounts measured at fair value in
our consolidated financial statements on a nonrecurring basis during the years ended December 31,
2010 and 2009, all of which were based, in part, on significant unobservable inputs classified
within Level 3 of the valuation hierarchy (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
|
Fair Value |
|
|
|
|
|
|
Fair Value |
|
|
|
|
|
|
Measurement |
|
|
Gain (loss) |
|
|
Measurement |
|
|
Gain (loss) |
|
Real estate (impairment losses) (1) |
|
$ |
62,111 |
|
|
$ |
(12,043 |
) |
|
$ |
425,345 |
|
|
$ |
(48,542 |
) |
Real estate (newly consolidated) (2) |
|
|
117,083 |
|
|
|
1,104 |
|
|
|
10,798 |
|
|
|
|
|
Property debt (newly consolidated) (2) |
|
|
83,890 |
|
|
|
|
|
|
|
2,031 |
|
|
|
|
|
Investment in Casden Properties LLC
(Note 5) |
|
|
|
|
|
|
|
|
|
|
10,000 |
|
|
|
(20,740 |
) |
|
|
|
(1) |
|
During the year ended December 31, 2010 and 2009, we reduced the aggregate
carrying amounts of $74.2 million and $473.9 million, respectively, for real estate assets
classified as held for sale to their estimated fair value, less estimated costs to sell.
These impairment losses recognized generally resulted from a reduction in the estimated
holding period for these assets. In periods prior to their classification as held for
sale, we evaluated the recoverability of their carrying amounts based on an analysis of the
undiscounted cash flows over the then anticipated holding period. |
|
(2) |
|
In connection with our adoption of ASU 2009-17 (see preceding discussion of Variable
Interest Entities) and reconsideration events during the year ended December 31, 2010, we
consolidated 17 partnerships at fair value. With the exception of such partnerships
investments in real estate properties and related non-recourse property debt obligations, we
determined the carrying amounts of the related assets and liabilities approximated their
fair values. The difference between our recorded investments in such partnerships and the
fair value of the assets and liabilities recognized in consolidation, resulted in an
adjustment of consolidated partners capital (allocated between the Partnership and
noncontrolling interests) for those partnerships consolidated in connection with our
adoption of ASU 2009-17. For the partnerships we consolidated at fair value due to
reconsideration events during the year ended December 31, 2010, the difference between our
recorded investments in such partnerships and the fair value of the assets, liabilities and
noncontrolling interests recognized upon consolidation resulted in our recognition of a
gain, which is included in gain on disposition of unconsolidated real estate and other in
our consolidated statement of operations for the year ended December 31, 2010. We
recognized no similar gain as a result of our consolidation of partnerships during the year
ended December 31, 2009. |
Disclosures Regarding Fair Value of Financial Instruments
We believe that the aggregate fair value of our cash and cash equivalents, receivables,
payables and short-term secured debt approximates their aggregate carrying value at December 31,
2010, due to their relatively short-term nature and high probability of realization. We estimate
fair value for our notes receivable and debt instruments as discussed in the preceding Fair Value
Measurements section The estimated aggregate fair value of our notes receivable was approximately
$126.0 million and $126.1 million at December 31, 2010 and 2009, respectively, as compared to
carrying amounts of $137.6 million and $139.6 million, respectively. See Note 5 for further
information on notes receivable. The estimated aggregate fair value of our consolidated debt
(including amounts reported in liabilities related to assets held for sale) was approximately $5.6
billion and $5.7 billion at December 31, 2010 and 2009, respectively, as compared to the carrying
amounts of $5.5 billion and $5.7 billion, respectively. See Note 6 and Note 7 for further details
on our consolidated debt. Refer to Derivative Financial Instruments for further discussion
regarding certain of our fixed rate debt that is subject to total rate of return swap instruments.
42
Income Taxes
We are treated as a pass-through entity for United States Federal income tax purposes and
are not subject to United States Federal income taxation. We are subject to tax in certain states.
Each of our partners, however, is subject to tax on his allocable share of partnership tax items,
including partnership income, gains, losses, deductions and credits, or Partnership Tax Items, for
each taxable year during which he is a partner, regardless of whether he receives any actual
distributions of cash or other property from us during the taxable year. Generally, the
characterization of any particular Partnership Tax Item is determined by us, rather than at the
partner level, and the amount of a partners allocable share of such item is governed by the terms
of the Partnership Agreement. The General Partner is our tax
matters partner for United States Federal income tax purposes. The tax matters partner is
authorized, but not required, to take certain actions on behalf of us with respect to tax matters.
Aimco has elected to be taxed as a REIT under the Code commencing with its taxable year ended
December 31, 1994, and intends to continue to operate in such a manner. Aimcos current and
continuing qualification as a REIT depends on its ability to meet the various requirements imposed
by the Code, which are related to organizational structure, distribution levels, diversity of stock
ownership and certain restrictions with regard to owned assets and categories of income. If Aimco
qualifies for taxation as a REIT, it will generally not be subject to United States Federal
corporate income tax on our taxable income that is currently distributed to stockholders. This
treatment substantially eliminates the double taxation (at the corporate and stockholder levels)
that generally results from an investment in a corporation.
Even if Aimco qualifies as a REIT, it may be subject to United States Federal income and
excise taxes in various situations, such as on our undistributed income. Aimco also will be
required to pay a 100% tax on any net income on non-arms length transactions between it and a
taxable subsidiary (described below) and on any net income from sales of property that was property
held for sale to customers in the ordinary course. Aimco and its stockholders may be subject to
state or local taxation in various state or local jurisdictions, including those in which Aimco
transacts business or Aimcos stockholders reside. In addition, Aimco could also be subject to the
alternative minimum tax, or AMT, on our items of tax preference. The state and local tax laws may
not conform to the United States Federal income tax treatment. Any taxes imposed on Aimco reduce
its and our operating cash flow and net income.
Certain of Aimcos operations or a portion thereof, including property management, asset
management and risk management, are conducted through taxable subsidiaries, which are subsidiaries
of the Partnership. A taxable subsidiary is a C-corporation that has not elected REIT status and
as such is subject to United States Federal corporate income tax. Aimco uses taxable subsidiaries
to facilitate its ability to offer certain services and activities to its residents and investment
partners that cannot be offered directly by a REIT. Aimco also uses taxable subsidiaries to hold
investments in certain properties.
For Aimcos taxable subsidiaries, deferred income taxes result from temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for Federal income tax purposes, and are measured using the enacted tax rates and laws
that are expected to be in effect when the differences reverse. We reduce deferred tax assets by
recording a valuation allowance when we determine based on available evidence that it is more
likely than not that the assets will not be realized. We recognize the tax consequences associated
with intercompany transfers between the REIT and taxable subsidiaries when the related assets are
sold to third parties, impaired or otherwise disposed of for financial reporting purposes.
In March 2008, we were notified by the Internal Revenue Service that it intended to examine
our 2006 Federal tax return. During June 2008, the IRS issued AIMCO-GP, Inc., our general and tax
matters partner, a summary report including the IRSs proposed adjustments to our 2006 Federal tax
return. In addition, in May 2009, we were notified by the IRS that it intended to examine our 2007
Federal tax return. During November 2009, the IRS issued AIMCO-GP, Inc. a summary report including
the IRSs proposed adjustments to our 2007 Federal tax return. The matter is currently pending
administratively before IRS Appeals and the IRS has made no determination. We do not expect the
2006 or 2007 proposed adjustments to have any material effect on our unrecognized tax benefits,
financial condition or results of operations.
Concentration of Credit Risk
Financial instruments that potentially could subject us to significant concentrations of
credit risk consist principally of notes receivable and total rate of return swaps. Approximately
$89.3 million of our notes receivable, or 1.2% of the carrying amount of our total assets, at
December 31, 2010, are collateralized by 84 buildings with 1,596 residential units in the West
Harlem area of New York City. There are no other significant concentrations of credit risk with
respect to our notes receivable due to the large number of partnerships that are borrowers under
the notes and the geographic diversification of the properties that serve as the primary source of
repayment of the notes.
43
At December 31, 2010, we had total rate of return swap positions with two financial
institutions totaling $277.3 million. We periodically evaluate counterparty credit risk associated
with these arrangements. At the current time, we have concluded we do not have material exposure.
In the event either counterparty were to default under these arrangements, loss of the net interest
benefit we generally receive under these arrangements, which is equal to the difference between the
fixed rate we receive and the variable rate we pay, may adversely impact our results of operations
and operating cash flows.
Comprehensive Income or Loss
As discussed in the Derivative Financial Instruments section, we recognize changes in the fair
value of our cash flow hedges as changes in accumulated other comprehensive loss within partners
capital. For the years ended December 31, 2010 and 2009, before the effects of noncontrolling
interests, our consolidated comprehensive loss totaled $89.9 million and $42.6 million,
respectively, and for the year ended December 31, 2008, our consolidated comprehensive income
totaled $625.6 million.
Earnings per Unit
We calculate earnings per unit based on the weighted average number of common OP Units, common
OP Unit equivalents, participating securities and other potentially dilutive securities outstanding
during the period (see Note 14).
Use of Estimates
The preparation of our consolidated financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts included in the
financial statements and accompanying notes thereto. Actual results could differ from those
estimates.
Reclassifications and Adjustments
Certain items included in the 2009 and 2008 financial statements have been reclassified to
conform to the current presentation, including adjustments for discontinued operations.
During the three months ended March 31, 2010, we reduced the investment and noncontrolling
interest balances for certain of our consolidated partnerships by $38.7 million related to excess
amounts allocated to the investments upon our consolidation of such partnerships.
NOTE 3 Real Estate and Partnership Acquisitions and Other Significant Transactions
Real Estate Acquisitions
During the years ended December 31, 2010 and 2009, we did not acquire any significant real
estate properties.
During the year ended December 31, 2008, we acquired three conventional properties with a
total of 470 units, located in San Jose, California, Brighton, Massachusetts and Seattle,
Washington. The aggregate purchase price of $111.5 million, excluding transaction costs, was
funded using $39.0 million in proceeds from property loans, $41.9 million in tax-free exchange
proceeds (provided by 2008 real estate dispositions) and the remainder in cash.
Acquisitions of Noncontrolling Partnership Interests
During the year ended December 31, 2010, we acquired the remaining noncontrolling limited
partnership interests in two consolidated partnerships, in which our affiliates serve as general
partner, for total consideration of $19.9 million. This consideration consisted of $12.5 million
in cash, $6.9 million in common OP Units and $0.5 million of other consideration. We also acquired
for $1.8 million additional noncontrolling interests in a consolidated partnership for $1.2 million
in cash and other consideration. We recognized the $27.4 million excess of the consideration paid
over the carrying amount of the noncontrolling interests acquired as an adjustment of partners
capital. During the years ended December 31, 2009 and 2008, we did not acquire any significant
noncontrolling limited partnership interests.
44
Disposition of Unconsolidated Real Estate and Other
During the year ended December 31, 2010, we recognized $10.7 million in net gains on
disposition of unconsolidated real estate and other. These gains were primarily related to sales
of investments held by partnerships we consolidated in accordance with our adoption of ASU 2009-17
(see Note 2) and in which we generally hold a nominal general partner interest. Accordingly, these
gains were primarily attributed to the noncontrolling interests in these partnerships.
During the year ended December 31, 2009, we recognized $21.6 million in net gains on
disposition of unconsolidated real estate and other. Gains recognized in 2009 primarily consist of
$8.6 million related to our receipt in 2009 of additional proceeds related to our disposition
during 2008 of one of the partnership interests (discussed below), $4.0 million from the
disposition of our interest in a group purchasing organization (discussed below), $5.5 million
from our disposition of interests in unconsolidated real estate partnerships and $3.5 million
of net gains related to various other transactions.
During the year ended December 31, 2008, we recognized $97.4 million in net gains on
disposition of unconsolidated real estate and other, which primarily consisted of a $98.4 million
gain recognized on the disposal of our interests in unconsolidated real estate partnerships that
owned two properties with 671 units.
Sale of Interest in Group Purchasing Organization
During 2009, we sold our interest in an unconsolidated group purchasing organization to an
unrelated entity for $5.9 million, resulting in the recognition of a gain on sale of $4.0 million,
which is included in gain on disposition of unconsolidated real estate and other in our
consolidated statement of operations for the year ended December 31, 2009. This gain was partially
offset by a $1.0 million provision for income tax. We also had a note receivable from another
principal in the group purchasing organization, which was collateralized by its equity interest in
the entity. In connection with the sale of our interest, we reevaluated collectibility of the note
receivable and reversed $1.4 million of previously recognized impairment losses, which is reflected
in provision for losses on notes receivable, net in our consolidated statement of operations for
the year ended December 31, 2009. During the year ended December 31, 2010, we received payment of
the remaining outstanding $1.6 million balance on the note.
Casualty Loss Related to Tropical Storm Fay and Hurricane Ike
During 2008, Tropical Storm Fay and Hurricane Ike caused severe damage to certain of our
properties located primarily in Florida and Texas, respectively. We incurred total losses of
approximately $33.9 million, including property damage replacement costs and clean-up costs. After
consideration of estimated third party insurance proceeds and the noncontrolling interest partners
share of losses for consolidated real estate partnerships, the net effect of these casualties on
net income available to the Partnerships common unitholders was a loss of approximately $5.6
million.
Restructuring Costs
In connection with 2008 property sales and an expected reduction in redevelopment and
transactional activities, during the three months ended December 31, 2008, we initiated an
organizational restructuring program that included reductions in workforce and related costs,
reductions in leased corporate facilities and abandonment of certain redevelopment projects and
business pursuits. This restructuring effort resulted in a restructuring charge of $22.8 million,
which consisted of: severance costs of $12.9 million; unrecoverable lease obligations of $6.4
million related to space that we will no longer use; and the write-off of deferred transaction
costs totaling $3.5 million associated with certain acquisitions and redevelopment opportunities
that we will no longer pursue. We completed the workforce reductions by March 31, 2009.
During 2009, in connection with continued repositioning of our portfolio, we completed
additional organizational restructuring activities that included reductions in workforce and
related costs and the abandonment of additional leased corporate facilities and redevelopment
projects. Our 2009 restructuring activities resulted in a restructuring charge of $11.2 million,
which consisted of severance costs and personnel related costs of $7.0 million; unrecoverable lease
obligations of $2.6 million related to space that we will no longer use; the write-off of deferred
costs totaling $0.9 million associated with certain redevelopment opportunities that we will no
longer pursue; and $0.7 million in other costs.
As of December 31, 2010 and 2009, the remaining accruals associated with these restructuring
activities were $4.7 million and $6.9 million, respectively, for estimated unrecoverable lease
obligations, which will be paid over the remaining terms of the affected leases, and at December
31, 2009, we had $4.7 million accrued for severance and personnel related costs, which were paid
during the first quarter of 2010.
45
NOTE 4 Investments in Unconsolidated Real Estate Partnerships
We owned general and limited partner interests in unconsolidated real estate partnerships
owning approximately 173, 77 and 85 properties at December 31, 2010, 2009 and 2008, respectively.
We acquired these interests through various transactions, including large portfolio acquisitions
and offers to individual limited partners. Our total ownership interests in these unconsolidated
real estate partnerships typically ranges from less than 1% to 50% and in some instances may exceed
50%.
The following table provides selected combined financial information for the unconsolidated
real estate partnerships in which we had investments accounted for under the equity method as of
and for the years ended December 31, 2010, 2009 and 2008 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
Real estate, net of accumulated depreciation |
|
$ |
624,913 |
|
|
$ |
95,226 |
|
|
$ |
122,788 |
|
Total assets |
|
|
676,373 |
|
|
|
122,543 |
|
|
|
155,444 |
|
Secured and other notes payable |
|
|
494,967 |
|
|
|
101,678 |
|
|
|
122,859 |
|
Total liabilities |
|
|
726,480 |
|
|
|
145,637 |
|
|
|
175,681 |
|
Partners deficit |
|
|
(50,107 |
) |
|
|
(23,094 |
) |
|
|
(20,237 |
) |
Rental and other property revenues |
|
|
145,598 |
|
|
|
55,366 |
|
|
|
69,392 |
|
Property operating expenses |
|
|
(93,521 |
) |
|
|
(34,497 |
) |
|
|
(42,863 |
) |
Depreciation expense |
|
|
(36,650 |
) |
|
|
(10,302 |
) |
|
|
(12,640 |
) |
Interest expense |
|
|
(40,433 |
) |
|
|
(11,103 |
) |
|
|
(17,182 |
) |
(Impairment losses)/Gain on sale, net |
|
|
(29,316 |
) |
|
|
8,482 |
|
|
|
5,391 |
|
Net income (loss) |
|
|
(58,274 |
) |
|
|
6,622 |
|
|
|
1,398 |
|
The increase in the number of partnerships we account for using the equity method and the
related selected combined financial information for such partnerships is primarily attributed to
our adoption of ASU 2009-17 (see Note 2), pursuant to which we consolidated 18 investment
partnerships that hold investments in other unconsolidated real estate partnerships. Prior to our
consolidation of these investment partnerships, we had no recognized basis in the investment
partnerships investments in the unconsolidated real estate partnerships and accounted for our
indirect interests in these partnerships using the cost method. We generally hold a nominal
general partnership interest in these investment partnerships and substantially all of the assets
and liabilities of these investment partnerships are attributed to the noncontrolling interests in
such entities.
As a result of our acquisition of interests in unconsolidated real estate partnerships at a
cost in excess of the historical carrying amount of the partnerships net assets and our
consolidation of investment partnerships and their investments in unconsolidated real estate
partnerships at fair values that may exceed the historical carrying amount of the unconsolidated
partnerships net assets, our aggregate investment in unconsolidated partnerships at December 31,
2010 and 2009 of $58.2 million and $104.2 million, respectively, exceeds our share of the
underlying historical partners deficit of the partnerships by approximately $61.8 million and
$108.4 million, respectively.
46
NOTE 5 Notes Receivable
The following table summarizes our notes receivable at December 31, 2010 and 2009 (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
|
Unconsolidated |
|
|
|
|
|
|
|
|
|
|
Unconsolidated |
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
Non- |
|
|
|
|
|
|
Real Estate |
|
|
Non- |
|
|
|
|
|
|
Partnerships |
|
|
Affiliates |
|
|
Total |
|
|
Partnerships |
|
|
Affiliates |
|
|
Total |
|
Par value notes |
|
$ |
10,821 |
|
|
$ |
17,899 |
|
|
$ |
28,720 |
|
|
$ |
11,353 |
|
|
$ |
20,862 |
|
|
$ |
32,215 |
|
Discounted notes |
|
|
980 |
|
|
|
145,888 |
|
|
|
146,868 |
|
|
|
5,095 |
|
|
|
141,468 |
|
|
|
146,563 |
|
Allowance for loan losses |
|
|
(905 |
) |
|
|
(37,061 |
) |
|
|
(37,966 |
) |
|
|
(2,153 |
) |
|
|
(37,061 |
) |
|
|
(39,214 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes receivable |
|
$ |
10,896 |
|
|
$ |
126,726 |
|
|
$ |
137,622 |
|
|
$ |
14,295 |
|
|
$ |
125,269 |
|
|
$ |
139,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face value of discounted notes |
|
$ |
31,755 |
|
|
$ |
158,621 |
|
|
$ |
190,376 |
|
|
$ |
37,709 |
|
|
$ |
155,848 |
|
|
$ |
193,557 |
|
Included in notes receivable from unconsolidated real estate partnerships at December 31,
2010 and 2009, are $2.3 million and $2.4 million, respectively, in notes that were secured by
interests in real estate or interests in real estate partnerships. We earn interest on these
secured notes receivable at an annual interest rate of 12.0%.
Included in the notes receivable from non-affiliates at December 31, 2010 and 2009, are $103.9
million and $102.2 million, respectively, in notes that were secured by interests in real estate or
interests in real estate partnerships. We earn interest on these secured notes receivable at
various annual interest rates ranging between 3.5% and 12.0% and averaging 4.1%.
Notes receivable from non-affiliates at December 31, 2010 and 2009, include notes receivable
totaling $89.3 million and $87.4 million, respectively, from certain entities (the borrowers)
that are wholly owned by a single individual. We originated these notes in November 2006 pursuant
to a loan agreement that provides for total funding of approximately $110.0 million, including
$16.4 million for property improvements and an interest reserve, of which $3.8 million had not been
funded as of December 31, 2010. The notes mature in November 2016, bear interest at LIBOR
plus 2.0%, are partially guaranteed by the owner of the borrowers, and are collateralized by
second mortgages on 84 buildings containing 1,596 residential units and 43 commercial spaces in
West Harlem, New York City. In conjunction with the loan agreement, we entered into a purchase
option and put agreement with the borrowers under which we may purchase some or all of the
buildings and, subject to achieving specified increases in rental income, the borrowers may require
us to purchase the buildings (see Note 8). We determined that the stated interest rate on the
notes on the date the loan was originated was a below-market interest rate and recorded a $19.4
million discount to reflect the estimated fair value of the notes based on an estimated market
interest rate of LIBOR plus 4.0%. The discount was determined to be attributable to our real
estate purchase option, which we recorded separately in other assets. Accretion of this discount,
which is included in interest income in our consolidated statements of operations, totaled $0.9
million in 2010, $0.9 million in 2009 and $0.7 million in 2008. The value of the purchase option
asset will be included in the cost of properties acquired pursuant to the option or otherwise be
charged to expense. We determined that the borrowers are VIEs and, based on qualitative and
quantitative analysis, determined that the individual who owns the borrowers and partially
guarantees the notes is the primary beneficiary.
As part of the March 2002 acquisition of Casden Properties, Inc., we invested $50.0 million
for a 20% passive interest in Casden Properties LLC, an entity organized to acquire, re-entitle and
develop land parcels in Southern California. Based upon the profit allocation agreement, we
account for this investment as a note receivable from a non-affiliate and through 2008 were
amortizing the discounted value of the investment to the $50.0 million previously estimated to be
collectible, through the initial dissolution date of the entity. As a result of a declines in land
values in Southern California, we determined our recorded investment amount was not fully
recoverable, and accordingly recognized impairment losses of $20.7 million ($12.4 million net of
tax) during the three months ended December 31, 2009 and $16.3 million ($10.0 million net of tax)
during the three months ended December 31, 2008.
47
The activity in the allowance for loan losses related to our notes receivable from
unconsolidated real estate partnerships and non-affiliates, in total for both par value notes and
discounted notes, for the years ended December 31, 2010 and 2009, is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated |
|
|
|
|
|
|
Real Estate |
|
|
|
|
|
|
Partnerships |
|
|
Non-Affiliates |
|
Balance at December 31, 2008 |
|
$ |
(4,863 |
) |
|
$ |
(17,743 |
) |
Provisions for losses on notes receivable |
|
|
(2,231 |
) |
|
|
|
|
Recoveries of losses on notes receivable |
|
|
|
|
|
|
1,422 |
|
Provisions for impairment loss on investment in Casden Properties LLC |
|
|
|
|
|
|
(20,740 |
) |
Write offs charged against allowance |
|
|
4,367 |
|
|
|
|
|
Net reductions due to consolidation of real estate partnerships and
property dispositions |
|
|
574 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2009 |
|
$ |
(2,153 |
) |
|
$ |
(37,061 |
) |
Provisions for losses on notes receivable |
|
|
(304 |
) |
|
|
(220 |
) |
Recoveries of losses on notes receivable |
|
|
116 |
|
|
|
|
|
Write offs charged against allowance |
|
|
639 |
|
|
|
220 |
|
Net reductions due to consolidation of real estate partnerships and
property dispositions |
|
|
797 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2010 |
|
$ |
(905 |
) |
|
$ |
(37,061 |
) |
|
|
|
|
|
|
|
In addition to the provisions shown above, during the year ended December 31, 2010, we wrote
off $0.5 million of receivables that were not reserved through the allowance.
Additional information regarding our par value notes and discounted notes impaired during the
years ended December 31, 2010 and 2009 is presented in the table below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
Par value notes: |
|
|
|
|
|
|
|
|
Allowance for losses recognized |
|
$ |
(796 |
) |
|
$ |
(1,158 |
) |
Carrying amounts of loans prior to impairments |
|
|
1,115 |
|
|
|
3,819 |
|
Average recorded investment in impaired loans |
|
|
1,255 |
|
|
|
7,589 |
|
Interest income recognized related to impaired loans |
|
|
75 |
|
|
|
84 |
|
|
|
|
|
|
|
|
|
|
Discounted notes: |
|
|
|
|
|
|
|
|
Allowance for losses recognized |
|
$ |
(110 |
) |
|
$ |
(996 |
) |
Carrying amounts of loans prior to impairments |
|
|
110 |
|
|
|
1,580 |
|
Average recorded investment in impaired loans |
|
|
538 |
|
|
|
3,503 |
|
Interest income recognized related to impaired loans |
|
|
|
|
|
|
|
|
The remaining $27.0 million of our par value notes receivable at December 31, 2010, is
estimated to be collectible and, therefore, interest income on these par value notes is recognized
as earned. Of our total par value notes outstanding at December 31, 2010, notes with balances of
$17.5 million have stated maturity dates and the remainder have no stated maturity date and are
governed by the terms of the partnership agreements pursuant to which the loans were extended. At
December 31, 2010, none of the par value notes with stated maturity dates were past due. The
information in the table above regarding our discounted notes excludes the impairment related to
our investment in Casden Properties LLC. No interest income has been recognized on our investment
in Casden Properties LLC following the initial impairment recognized during 2008.
In addition to the interest income recognized on impaired loans shown above, we recognized
interest income, including accretion, of $7.7 million, $5.8 million and $9.2 million for the years
ended December 31, 2010, 2009 and 2008, respectively, related to our remaining notes receivable.
48
|
|
|
NOTE 6 |
|
Non-Recourse Property Tax-Exempt Bond Financings, Non-Recourse Property Loans Payable and Other Borrowings |
We finance our properties primarily using long-dated, fixed-rate debt that is collateralized
by the underlying real estate properties and is non-recourse to us. The following table summarizes
our property tax-exempt bond financings related to properties classified as held for use at
December 31, 2010 and 2009 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
|
Principal |
|
|
|
Interest Rate |
|
|
Outstanding |
|
|
|
2010 |
|
|
2010 |
|
|
2009 |
|
Fixed rate property tax-exempt bonds payable |
|
|
5.72 |
% |
|
$ |
140,111 |
|
|
$ |
140,995 |
|
Variable rate property tax-exempt bonds payable |
|
|
1.29 |
% |
|
|
374,395 |
|
|
|
433,931 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
$ |
514,506 |
|
|
$ |
574,926 |
|
|
|
|
|
|
|
|
|
|
|
|
Fixed rate property tax-exempt bonds payable mature at various dates through January 2050.
Variable rate property tax-exempt bonds payable mature at various dates through July 2033.
Principal and interest on these bonds are generally payable in semi-annual installments with
balloon payments due at maturity. Certain of our property tax-exempt bonds at December 31, 2010,
are remarketed periodically by a remarketing agent to maintain a variable yield. If the
remarketing agent is unable to remarket the bonds, then the remarketing agent can put the bonds to
us. We believe that the likelihood of this occurring is remote. At December 31, 2010, our
property tax-exempt bond financings related to properties classified as held for use were secured
by 38 properties with a combined net book value of $722.0 million. At December 31, 2010, property
tax-exempt bonds payable with a weighted average fixed rate of 6.7% have been converted to a
weighted average variable rate of 1.6% using total rate of return swaps that mature during 2012.
These property tax-exempt bonds payable are presented above as variable rate debt at their carrying
amounts, or fair value, of $229.1 million. See Note 2 for further discussion of our total rate of
return swap arrangements.
The following table summarizes our property loans payable related to properties classified as
held for use at December 31, 2010 and 2009 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
|
Principal |
|
|
|
Interest Rate |
|
|
Outstanding |
|
|
|
2010 |
|
|
2010 |
|
|
2009 |
|
Fixed rate property notes payable |
|
|
5.90 |
% |
|
$ |
4,828,616 |
|
|
$ |
4,648,003 |
|
Variable rate property notes payable |
|
|
2.86 |
% |
|
|
73,852 |
|
|
|
75,685 |
|
Secured notes credit facility |
|
|
1.04 |
% |
|
|
13,554 |
|
|
|
13,554 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
$ |
4,916,022 |
|
|
$ |
4,737,242 |
|
|
|
|
|
|
|
|
|
|
|
|
Fixed rate property notes payable mature at various dates through December 2049. Variable rate
property notes payable mature at various dates through November 2030. Principal and interest are
generally payable monthly or in monthly interest-only payments with balloon payments due at
maturity. At December 31, 2010, our property notes payable related to properties classified as
held for use were secured by 338 properties with a combined net book value of $5,680.6 million. In
connection with our 2010 adoption of ASU 2009-17(see Note 2), we consolidated and deconsolidated
various partnerships, which resulted in a net increase in property loans payable of approximately
$61.2 million as compared to 2009. The remainder of the increase in property loans payable during
the year is primarily due to refinancing activities. At December 31, 2010, property loans payable
with a weighted average fixed rate of 7.5% have been converted to a weighted average variable rate
of 1.6% using total rate of return swaps that mature during 2012, which is the same year the notes
payable mature. These property loans payable are presented above as variable rate debt at their
carrying amounts, or fair value, of $28.7 million. See Note 2 for further discussion of our total
rate of return swap arrangements.
At December 31, 2009, we had a secured revolving credit facility with a major life company
that provided for borrowings of up to $200.0 million. During 2010, the credit facility was
modified to reduce allowed borrowings to the then outstanding borrowings and to remove the option
for new loans under the facility. During 2010, we also exercised an option to extend the maturity
date to October 2011 for a nominal fee. At December 31, 2010, outstanding borrowings of $13.6
million related to properties classified as held for use are included in 2012 maturities below
based on a remaining one-year extension option for nominal cost.
49
Our consolidated debt instruments generally contain covenants common to the type of facility
or borrowing, including financial covenants establishing minimum debt service coverage ratios and
maximum leverage ratios. At December 31, 2010, we were in compliance with all financial covenants
pertaining to our consolidated debt instruments.
Other borrowings totaled $47.0 million and $53.1 million at December 31, 2010 and 2009,
respectively. We classify within other borrowings notes payable that do not have a collateral
interest in real estate properties but for which real estate serves as the primary source of
repayment. These borrowings are generally non-recourse to us. At December 31, 2010, other
borrowings includes $38.5 million in fixed rate obligations with interest rates ranging from 4.5%
to 10.0% and $8.5 million in variable rate obligations bearing interest at the prime rate plus
1.75%. The maturity dates for other borrowings range from 2011 to 2014, although certain amounts
are due upon occurrence of specified events, such as property sales.
As of December 31, 2010, the scheduled principal amortization and maturity payments for our
property tax-exempt bonds, property notes payable and other borrowings related to properties in
continuing operations are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization |
|
|
Maturities |
|
|
Total |
|
2011 |
|
$ |
99,263 |
|
|
$ |
188,829 |
|
|
$ |
288,092 |
|
2012 |
|
|
100,903 |
|
|
|
447,878 |
|
|
|
548,781 |
|
2013 |
|
|
99,968 |
|
|
|
329,310 |
|
|
|
429,278 |
|
2014 |
|
|
86,284 |
|
|
|
375,505 |
|
|
|
461,789 |
|
2015 |
|
|
82,815 |
|
|
|
394,649 |
|
|
|
477,464 |
|
Thereafter |
|
|
|
|
|
|
|
|
|
|
3,272,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,477,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization for 2011, 2012 and 2013 in the table above includes $6.5 million, $5.9 million
and $9.6 million, respectively, and maturities for 2011, 2012 and thereafter includes $13.3
million, $11.1 million and $0.6 million, respectively, related to other borrowings at December 31,
2010.
NOTE 7 Credit Agreement and Term Loan
We have an Amended and Restated Senior Secured Credit Agreement, as amended, with a syndicate
of financial institutions, which we refer to as the Credit Agreement. In addition to us, Aimco and
an Aimco subsidiary are also borrowers under the Credit Agreement.
As of December 31, 2010, the Credit Agreement consisted of $300.0 million of revolving loan
commitments (an increase of $120.0 million from the revolving commitments at December 31, 2009).
As of December 31, 2009, the Credit Agreement consisted of aggregate commitments of $270.0 million,
consisting of the $90.0 million outstanding balance on our term loan and $180.0 million of
revolving commitments. During 2010, we repaid in full the remaining balance on the term loan.
Borrowings under the revolving credit facility bear interest based on a pricing grid
determined by leverage (either at LIBOR plus 4.25% with a LIBOR floor of 1.50% or, at our option, a
base rate equal to the Prime rate plus a spread of 3.00%). The revolving credit facility matures
May 1, 2013, and may be extended for an additional year, subject to certain conditions, including
payment of a 35.0 basis point fee on the total revolving commitments. As of December 31, 2010, we
had the capacity to borrow $260.3 million pursuant to our credit facility (after giving effect to
$39.7 million outstanding for undrawn letters of credit).
The Credit Agreement includes customary financial covenants, including the maintenance of
specified ratios with respect to total indebtedness to gross asset value, total secured
indebtedness to gross asset value, aggregate recourse indebtedness to gross asset value, variable
rate debt to total indebtedness, debt service coverage and fixed charge coverage; the maintenance
of a minimum adjusted tangible net worth; and limitations regarding the amount of
cross-collateralized debt. The Credit Agreement includes other customary covenants, including a
restriction on distributions and other restricted payments, but permits distributions during any
four consecutive fiscal quarters in an aggregate amount of up to 95% of our funds from operations
for such period, subject to certain non-cash adjustments, or such amount as may be necessary to
maintain Aimcos REIT status. We were in compliance with all such covenants as of December 31,
2010.
The lenders under the Credit Agreement may accelerate any outstanding loans if, among other
things: we fail to make payments when due (subject to applicable grace periods); material defaults
occur under other debt agreements; certain bankruptcy or insolvency events occur; material
judgments are entered against us; we fail to comply with certain covenants, such as the requirement
to deliver financial information or the requirement to provide notices regarding material events
(subject to applicable grace periods in some cases); indebtedness is incurred in violation of the
covenants; or prohibited liens arise.
50
NOTE 8 Commitments and Contingencies
Commitments
We did not have any significant commitments related to our redevelopment activities at
December 31, 2010. We enter into certain commitments for future purchases of goods and services in
connection with the operations of our properties. Those commitments generally have terms of one
year or less and reflect expenditure levels comparable to our historical expenditures.
As discussed in Note 5, we have committed to fund an additional $3.8 million in loans on
certain properties in West Harlem in New York City. In certain circumstances, the obligor under
these notes has the ability to put properties to us, which would result in a cash payment of
approximately $30.6 million and the assumption of approximately $118.6 million in property debt.
The ability to exercise the put is dependent upon the achievement of specified thresholds by the
current owner of the properties.
As discussed in Note 11, we have a potential obligation to repurchase from Aimco $20.0 million
in liquidation preference of our Series A Community Reinvestment Act Perpetual Partnership
Preferred Units for $14.0 million.
Tax Credit Arrangements
We are required to manage certain consolidated real estate partnerships in compliance with
various laws, regulations and contractual provisions that apply to our historic and low-income
housing tax credit syndication arrangements. In some instances, noncompliance with applicable
requirements could result in projected tax benefits not being realized and require a refund or
reduction of investor capital contributions, which are reported as deferred income in our
consolidated balance sheet, until such time as our obligation to deliver tax benefits is relieved.
The remaining compliance periods for our tax credit syndication arrangements range from less than
one year to 15 years. We do not anticipate that any material refunds or reductions of investor
capital contributions will be required in connection with these arrangements.
Legal Matters
In addition to the matters described below, we are a party to various legal actions and
administrative proceedings arising in the ordinary course of business, some of which are covered by
our general liability insurance program, and none of which we expect to have a material adverse
effect on our consolidated financial condition, results of operations or cash flows.
Limited
Partnerships
In connection with our acquisitions of interests in real estate partnerships and our role as
general partner in certain real estate partnerships, we are sometimes subject to legal actions,
including allegations that such activities may involve breaches of fiduciary duties to the partners
of such real estate partnerships or violations of the relevant partnership agreements. We may incur
costs in connection with the defense or settlement of such litigation. We believe that we comply
with our fiduciary obligations and relevant partnership agreements. Although the outcome of any
litigation is uncertain, we do not expect any such legal actions to have a material adverse effect
on our consolidated financial condition, results of operations or cash flows.
Environmental
Various Federal, state and local laws subject property owners or operators to liability for
management, and the costs of removal or remediation, of certain potentially hazardous materials
present on a property, including lead-based paint, asbestos, polychlorinated biphenyls,
petroleum-based fuels, and other miscellaneous materials. Such laws often impose liability without
regard to whether the owner or operator knew of, or was responsible for, the release or presence of
such materials. The presence of, or the failure to manage or remedy properly, these materials may
adversely affect occupancy at affected apartment communities and the ability to sell or finance
affected properties. In addition to the costs associated with investigation and remediation actions
brought by government agencies, and potential fines or penalties imposed by such agencies in
connection therewith, the improper management of these materials on a property could result in
claims by private plaintiffs for personal injury, disease, disability or other infirmities. Various
laws also impose liability for the cost of removal, remediation or disposal of these materials
through a licensed disposal or treatment facility. Anyone who arranges for the disposal or
treatment of these materials is potentially liable under such laws. These laws often impose
liability whether or not the person arranging for the disposal ever owned or operated the disposal
facility. In connection with the ownership, operation and management of properties, we could
potentially be responsible for environmental liabilities or costs associated with our properties or
properties we acquire or manage in the future.
51
We have determined that our legal obligations to remove or remediate certain potentially
hazardous materials may be conditional asset retirement obligations, as defined in GAAP. Except in
limited circumstances where the asset retirement activities are expected to be performed in
connection with a planned construction project or property casualty, we believe that the fair value
of our asset retirement obligations cannot be reasonably estimated due to significant uncertainties
in the timing and manner of settlement of those obligations. Asset retirement obligations that are
reasonably estimable as of December 31, 2010, are immaterial to our consolidated financial
condition, results of operations and cash flows.
Operating Leases
We are obligated under non-cancelable operating leases for office space and equipment. In
addition, we sublease certain of our office space to tenants under non-cancelable subleases.
Approximate minimum annual rentals under operating leases and approximate minimum payments to be
received under annual subleases are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
|
|
|
|
Lease |
|
|
Sublease |
|
|
|
Obligations |
|
|
Receivables |
|
2011 |
|
$ |
6,334 |
|
|
$ |
785 |
|
2012 |
|
|
4,399 |
|
|
|
658 |
|
2013 |
|
|
1,381 |
|
|
|
205 |
|
2014 |
|
|
925 |
|
|
|
|
|
2015 |
|
|
511 |
|
|
|
|
|
Thereafter |
|
|
850 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
14,400 |
|
|
$ |
1,648 |
|
|
|
|
|
|
|
|
Substantially all of the office space subject to the operating leases described above is for
the use of our corporate offices and area operations. Rent expense recognized totaled $6.6
million, $7.7 million and $10.2 million for the years ended December 31, 2010, 2009 and 2008,
respectively. Sublease receipts that offset rent expense totaled approximately $1.6 million, $0.7
million and $0.7 million for the years ended December 31, 2010, 2009 and 2008, respectively.
As discussed in Note 3, during the years ended December 31, 2009 and 2008, we commenced
restructuring activities pursuant to which we vacated certain leased office space for which we
remain obligated. In connection with the restructurings, we accrued amounts representing the
estimated fair value of certain lease obligations related to space we are no longer using, reduced
by estimated sublease amounts. At December 31, 2010, approximately $4.7 million related to the
above operating lease obligations was included in accrued liabilities related to these estimates.
Additionally, during January 2011, we provided notice of our intent to terminate one of the
leases included in the table above effective March 31, 2012, and we paid the required lease
termination payment of approximately $1.3 million. Obligations shown in the table above reflect
our revised obligations following the lease buyout.
52
NOTE 9 Income Taxes
Deferred income taxes reflect the net effects of temporary differences between the carrying
amounts of assets and liabilities of the taxable subsidiaries for financial reporting purposes and
the amounts used for income tax purposes. Significant components of our deferred tax liabilities
and assets are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Partnership differences |
|
$ |
26,033 |
|
|
$ |
32,565 |
|
Depreciation |
|
|
1,212 |
|
|
|
2,474 |
|
Deferred revenue |
|
|
11,975 |
|
|
|
14,862 |
|
|
|
|
|
|
|
|
Total deferred tax liabilities |
|
$ |
39,220 |
|
|
$ |
49,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Net operating, capital and other loss carryforwards |
|
$ |
41,511 |
|
|
$ |
37,164 |
|
Provision for impairments on real estate assets |
|
|
33,321 |
|
|
|
33,321 |
|
Receivables |
|
|
8,752 |
|
|
|
3,094 |
|
Accrued liabilities |
|
|
6,648 |
|
|
|
9,272 |
|
Accrued interest expense |
|
|
2,220 |
|
|
|
|
|
Intangibles management contracts |
|
|
1,273 |
|
|
|
1,911 |
|
Tax credit carryforwards |
|
|
7,181 |
|
|
|
6,949 |
|
Equity compensation |
|
|
900 |
|
|
|
1,463 |
|
Other |
|
|
159 |
|
|
|
929 |
|
|
|
|
|
|
|
|
Total deferred tax assets |
|
|
101,965 |
|
|
|
94,103 |
|
|
|
|
|
|
|
|
Valuation allowance |
|
|
(4,009 |
) |
|
|
(2,187 |
) |
|
|
|
|
|
|
|
Net deferred income tax assets |
|
$ |
58,736 |
|
|
$ |
42,015 |
|
|
|
|
|
|
|
|
At December 31, 2010, we increased the valuation allowance for our deferred tax assets by $1.8
million for certain state net operating losses as well as certain low income housing credits based
on a determination that it was more likely than not that such assets will not be realized prior to
their expiration.
A reconciliation of the beginning and ending balance of our unrecognized tax benefits is
presented below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
Balance at January 1 |
|
$ |
3,079 |
|
|
$ |
3,080 |
|
|
$ |
2,965 |
|
Additions based on tax positions related to prior years |
|
|
992 |
|
|
|
|
|
|
|
115 |
|
Reductions based on tax positions related to prior years |
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31 |
|
$ |
4,071 |
|
|
$ |
3,079 |
|
|
$ |
3,080 |
|
|
|
|
|
|
|
|
|
|
|
We do not anticipate any material changes in existing unrecognized tax benefits during the
next 12 months. Because the statute of limitations has not yet elapsed, our Federal income tax
returns for the year ended December 31, 2007, and subsequent years and certain of our State income
tax returns for the year ended December 31, 2005, and subsequent years are currently subject to
examination by the Internal Revenue Service or other tax authorities. Approximately $3.3 million
of the unrecognized tax benefit, if recognized, would affect the effective tax rate. As discussed
in Note 2, the IRS has issued us summary reports including its proposed adjustments to the Aimco
Operating Partnerships 2007 and 2006 Federal tax returns. We do not expect the proposed
adjustments to have any material effect on our unrecognized tax benefits, financial condition or
results of operations. Our policy is to include interest and penalties related to income taxes in
income taxes in our consolidated statements of operations.
In accordance with the accounting requirements for stock-based compensation, we may recognize
tax benefits in connection with the exercise of stock options by employees of our taxable
subsidiaries and the vesting of restricted stock awards. During the years ended December 31, 2010
and 2009, we had no excess tax benefits from employee stock option exercises and vested restricted
stock awards.
53
Significant components of the provision (benefit) for income taxes are as follows and are
classified within income tax benefit in continuing operations and income from discontinued
operations, net in our statements of operations for the years ended December 31, 2010, 2009 and
2008 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
Current: |
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
|
|
|
$ |
(1,910 |
) |
|
$ |
8,678 |
|
State |
|
|
1,395 |
|
|
|
3,992 |
|
|
|
2,415 |
|
|
|
|
|
|
|
|
|
|
|
Total current |
|
|
1,395 |
|
|
|
2,082 |
|
|
|
11,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred: |
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
(10,912 |
) |
|
|
(17,320 |
) |
|
|
(22,115 |
) |
State |
|
|
(1,380 |
) |
|
|
(3,988 |
) |
|
|
(2,386 |
) |
|
|
|
|
|
|
|
|
|
|
Total deferred |
|
|
(12,292 |
) |
|
|
(21,308 |
) |
|
|
(24,501 |
) |
|
|
|
|
|
|
|
|
|
|
Total benefit |
|
$ |
(10,897 |
) |
|
$ |
(19,226 |
) |
|
$ |
(13,408 |
) |
|
|
|
|
|
|
|
|
|
|
Classification: |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(18,328 |
) |
|
$ |
(17,487 |
) |
|
$ |
(56,574 |
) |
Discontinued operations |
|
$ |
7,431 |
|
|
$ |
(1,739 |
) |
|
$ |
43,166 |
|
Consolidated losses subject to tax, consisting of pretax income or loss of our taxable
subsidiaries and gains or losses on certain property sales that are subject to income tax under
section 1374 of the Internal Revenue Code, for the years ended December 31, 2010, 2009 and 2008
totaled $50.3 million, $40.6 million and $81.8 million, respectively. The reconciliation of income
tax attributable to continuing and discontinued operations computed at the U.S. statutory rate to
income tax benefit is shown below (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
Tax at U.S. statutory rates on consolidated loss subject to tax |
|
$ |
(17,622 |
) |
|
|
35.0 |
% |
|
$ |
(14,221 |
) |
|
|
35.0 |
% |
|
$ |
(28,632 |
) |
|
|
35.0 |
% |
State income tax, net of Federal tax benefit |
|
|
14 |
|
|
|
|
|
|
|
(2,183 |
) |
|
|
5.4 |
% |
|
|
29 |
|
|
|
|
|
Effect of permanent differences |
|
|
(673 |
) |
|
|
1.3 |
% |
|
|
127 |
|
|
|
(0.3 |
%) |
|
|
215 |
|
|
|
(0.3 |
%) |
Tax effect of intercompany transfers of assets between the REIT and taxable subsidiaries (1) |
|
|
5,694 |
|
|
|
(11.3 |
%) |
|
|
(4,759 |
) |
|
|
11.7 |
% |
|
|
15,059 |
|
|
|
(18.4 |
%) |
Write-off of excess tax basis |
|
|
(132 |
) |
|
|
0.3 |
% |
|
|
(377 |
) |
|
|
0.9 |
% |
|
|
(79 |
) |
|
|
0.1 |
% |
Increase in valuation allowance |
|
|
1,822 |
|
|
|
(3.6 |
%) |
|
|
2,187 |
|
|
|
(5.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(10,897 |
) |
|
|
21.7 |
% |
|
$ |
(19,226 |
) |
|
|
47.3 |
% |
|
$ |
(13,408 |
) |
|
|
16.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Includes the effect of assets contributed by us to taxable subsidiaries, for which
deferred tax expense or benefit was recognized upon the sale or impairment of the asset by
the taxable subsidiary. |
Income taxes paid totaled approximately $1.9 million, $4.6 million and $13.8 million in the
years ended December 31, 2010, 2009 and 2008, respectively.
At December 31, 2010, we had net operating loss carryforwards, or NOLs, of approximately $73.7
million for income tax purposes that expire in years 2027 to 2030. Subject to certain separate
return limitations, we may use these NOLs to offset all or a portion of taxable income generated by
our taxable subsidiaries. We generated approximately $9.8 million of NOLs during the year ended
December 31, 2010, as a result of losses from our taxable subsidiaries. The deductibility of
intercompany interest expense with our taxable subsidiaries is subject to certain intercompany
limitations based upon taxable income as required under Section 163(j) of the Code. As of December
31, 2010, interest carryovers of approximately $23.7 million, limited by Section 163(j) of the
Code, are available against U.S. Federal tax without expiration. The deferred tax asset related to
these interest carryovers is approximately $9.2 million. Additionally, our low-income housing and
rehabilitation tax credit carryforwards as of December 31, 2010, were approximately $7.7 million
for income tax purposes that expire in years 2012 to 2029. The net deferred tax asset related to
these credits is approximately $6.0 million.
NOTE 10 Notes Receivable from Aimco
In exchange for the sale of certain real estate assets to Aimco in December 2000, we received
notes receivable, totaling $10.1 million. The notes bear interest at the rate of 5.7% per annum.
Of the $10.1 million total, $7.6 million is due upon demand, and the remainder is due in scheduled
semi-annual payments with all unpaid principal and interest due on December 31, 2010. As of the
date of this filing, the note has not been repaid. At December 31, 2010 and 2009, the balance of
the notes totaled $17.2 million and $16.4, respectively, which includes accrued and unpaid
interest.
54
NOTE 11 Partners Capital and Redeemable Preferred Units
Preferred OP Units Owned by Aimco
At December 31, 2010 and 2009, we had the following classes of preferred OP Units owned by
Aimco outstanding (stated at their redemption values, dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual |
|
|
|
|
|
|
|
|
|
|
Distribution |
|
|
|
|
|
|
|
|
|
|
Rate Per Unit |
|
|
Balance |
|
|
|
Redemption |
|
|
(paid |
|
|
December 31, |
|
Perpetual: |
|
Date (1) |
|
|
quarterly) |
|
|
2010 |
|
|
2009 |
|
Class G Partnership Preferred Units, $0.01 par value,
4,050,000 units authorized, zero and 4,050,000 units
issued and outstanding, respectively (2) |
|
|
07/15/2008 |
|
|
|
9.375 |
% |
|
$ |
|
|
|
$ |
101,000 |
|
Class T Partnership Preferred Units, $0.01 par
value, 6,000,000 units authorized, 6,000,000 units
issued and outstanding |
|
|
07/31/2008 |
|
|
|
8.000 |
% |
|
|
150,000 |
|
|
|
150,000 |
|
Class U Partnership Preferred Units, $0.01 par value,
12,000,000 and 8,000,000 units authorized, 12,000,000
and 8,000,000 units issued and outstanding,
respectively |
|
|
03/24/2009 |
|
|
|
7.750 |
% |
|
|
298,101 |
|
|
|
200,000 |
|
Class V Partnership Preferred Units, $0.01 par value,
3,450,000 units authorized, 3,450,000 units issued and
outstanding |
|
|
09/29/2009 |
|
|
|
8.000 |
% |
|
|
86,250 |
|
|
|
86,250 |
|
Class Y Partnership Preferred Unit, $0.01 par value,
3,450,000 units authorized, 3,450,000 units issued and
outstanding |
|
|
12/21/2009 |
|
|
|
7.875 |
% |
|
|
86,250 |
|
|
|
86,250 |
|
Series A Community Reinvestment Act Perpetual
Partnership Preferred Units, $0.01 par value per unit,
240 units authorized, 114 and 134 units issued and
outstanding, respectively (3) |
|
|
06/30/2011 |
|
|
|
(3 |
) |
|
|
57,000 |
|
|
|
67,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
677,601 |
|
|
|
690,500 |
|
Less preferred units subject to repurchase agreement (4) |
|
|
|
|
|
|
|
|
|
|
(20,000 |
) |
|
|
(30,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
$ |
657,601 |
|
|
$ |
660,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
All classes of preferred units are redeemable by the Partnership only in connection with a
concurrent redemption by Aimco of the corresponding Aimco preferred stock held by unrelated
parties. All classes of Aimcos corresponding preferred stock are redeemable at Aimcos
option on and after the dates specified. |
|
(2) |
|
Outstanding units at December 31, 2009, included 10,000 units held by a consolidated
subsidiary that were eliminated in consolidation. |
|
(3) |
|
The Series A Community Reinvestment Act Perpetual Partnership Preferred Units, or the CRA
Preferred Units, have substantially the same terms as Aimcos Series A Community Reinvestment
Act Perpetual Preferred Stock, or the CRA Preferred Stock. Holders of the CRA Preferred Units
are entitled to cumulative cash dividends payable quarterly in arrears on March 31, June 30,
September 30, and December 31 of each year, when and as declared, beginning on September 30,
2006. For the period from the date of original issuance through March 31, 2015, the
distribution rate is a variable rate per annum equal to the Three-Month LIBOR Rate (as defined
in the articles supplementary designating the CRA Preferred Stock) plus 1.25%, calculated as
of the beginning of each quarterly dividend period. The rate at December 31, 2010 and 2009
was 1.54%. Upon liquidation, holders of the CRA Preferred Units are entitled to a preference
of $500,000 per unit, plus an amount equal to accumulated, accrued and unpaid distributions,
whether or not earned or declared. The CRA Preferred Units rank prior to our common OP Units
and on the same level as our other OP preferred Units, with respect to the payment of
distributions and the distribution of amounts upon liquidation, dissolution or winding up.
The CRA Preferred Units are not redeemable prior to June 30, 2011, except in limited
circumstances related to Aimcos REIT qualification. On and after June 30, 2011, the CRA
Preferred Units are redeemable for cash, in whole or from time to time in part, upon the
redemption, at Aimcos option, of its CRA Preferred Stock at a price per unit equal to the
liquidation preference, plus accumulated, accrued and unpaid dividends, if any, to the
redemption date. |
|
(4) |
|
In June 2009, Aimco entered into an agreement to repurchase $36.0 million in liquidation
preference of its CRA Preferred Stock at a 30% discount to the liquidation preference.
Pursuant to this agreement, in May 2010 and June 2009, Aimco repurchased 20 shares and 12
shares, or $10.0 million and $6.0 million in liquidation preference, respectively, of CRA
Preferred Stock for $7.0 million and $4.2 million, respectively. Concurrent with Aimcos
repurchases, we repurchased from Aimco an equivalent number of our CRA Preferred Units. The
holder of the CRA Preferred Stock may require Aimco to repurchase an additional 40 shares, or
$20.0 million in liquidation preference, of CRA Preferred Stock over the next two years, for
$14.0 million. If required, these additional repurchases will be for up to $10.0 million in
liquidation preference in May 2011 and
2012. Upon any repurchases required of Aimco under this agreement, we will repurchase from
Aimco an equivalent number of our CRA Preferred Units. Based on the holders ability to
require Aimco to repurchase shares of CRA Preferred Stock pursuant to this agreement and our
obligation to purchase from Aimco a corresponding number of our CRA Preferred Units, $20.0
million and $30.0 million in liquidation preference of CRA Preferred Units, or the maximum
redemption value of such preferred units, is classified as part of redeemable preferred units
within temporary capital in our consolidation balance sheets at December 31, 2010 and 2009,
respectively. |
55
On September 7, 2010, Aimco issued 4,000,000 shares of its 7.75% Class U Cumulative
Preferred Stock, par value $0.01 per share, or the Class U Preferred Stock, in an underwritten
public offering for a price per share of $24.09 (reflecting a price to the public of $24.86 per
share, less an underwriting discount and commissions of $0.77 per share). The offering generated
net proceeds of $96.1 million (after deducting underwriting discounts and commissions and
transaction expenses). Aimco contributed the net proceeds to us in exchange for 4,000,000 units of
our 7.75% Class U Cumulative Preferred Units. We recorded issuance costs of $3.3 million,
consisting primarily of underwriting commissions, as an adjustment of partners capital to the
Partnership within our condensed consolidated balance sheet.
On October 7, 2010, using the net proceeds from the issuance of Class U Preferred Stock
supplemented by corporate funds, Aimco redeemed all of the 4,050,000 outstanding shares of its
9.375% Class G Cumulative Preferred Stock, inclusive of 10,000 shares held by a consolidated
subsidiary that are eliminated in consolidation. This redemption was for cash at a price equal to
$25.00 per share, or $101.3 million in aggregate ($101.0 million net of eliminations), plus
accumulated and unpaid dividends of $2.2 million. Concurrent with this redemption, we redeemed all
of our outstanding Class G Partnership Preferred Units, 4,040,000 of which were held by Aimco and
10,000 of which were held by a consolidated subsidiary. In connection with the redemption, we
reflected $4.3 million of issuance costs previously recorded as a reduction of partners capital
attributable as an increase in net income attributable to preferred unitholders for purposes of
calculating earnings per unit for the year ended December 31, 2010.
In connection with our May 2010 and June 2009 CRA Preferred Units repurchase discussed above,
we reflected the $3.0 million and $1.8 million excess of the carrying value over the repurchase
price, offset by $0.2 million of issuance costs previously recorded as a reduction of partners
capital, as a reduction of net income attributable to preferred unitholders for the years ended
December 31, 2010 and 2009, respectively.
During 2008, Aimco repurchased 54 shares, or $27.0 million in liquidation preference, of its
CRA Preferred Stock for cash totaling $24.8 million. Concurrent with this redemption, we
repurchased from Aimco an equivalent number of outstanding CRA Preferred Units. We reflected the
$2.2 million excess of the carrying value over the repurchase price, offset by $0.7 million of
issuance costs previously recorded as a reduction of partners capital, as a reduction of net
income attributable to the Partnerships preferred unitholders for the year ended December 31,
2008.
All classes of preferred OP Units are pari passu with each other and are senior to the common
OP Units. None of the classes of preferred OP Units have any voting rights, except the right to
approve certain changes to the Partnership Agreement that would adversely affect holders of such
class of units. Distributions on all preferred OP Units are subject to being declared by the
General Partner. All of the above outstanding classes of preferred units have a liquidation
preference per unit of $25, with the exception of the CRA Preferred Units, which have a liquidation
preference per unit of $500,000.
56
Redeemable Preferred OP Units
As of December 31, 2010 and 2009, the following classes of preferred OP Units (stated at their
redemption values) owned by third parties were outstanding (in thousands, except unit data):
|
|
|
|
|
|
|
|
|
Redeemable Preferred OP Units: |
|
2010 |
|
|
2009 |
|
Class One Partnership Preferred Units, 90,000 units
issued and outstanding, redeemable at the holders
option one year following issuance, holder to receive
distributions at 8.75% ($8.00 per annum per unit) |
|
$ |
8,229 |
|
|
$ |
8,229 |
|
Class Two Partnership Preferred Units, 19,364 and
23,700 units issued and outstanding, redeemable at
the holders option one year following issuance,
holders to receive distributions at 1.84% ($.46 per
annum per unit) |
|
|
484 |
|
|
|
593 |
|
Class Three Partnership Preferred Units, 1,366,771
and 1,371,451 units issued and outstanding,
redeemable at the holders option one year following
issuance, holders to receive distributions at 7.88%
($1.97 per annum per unit) |
|
|
34,169 |
|
|
|
34,286 |
|
Class Four Partnership Preferred Units, 755,999 units
issued and outstanding, redeemable at the holders
option one year following issuance, holders to
receive distributions at 8.0% ($2.00 per annum per
unit) |
|
|
18,900 |
|
|
|
18,900 |
|
Class Five Partnership Preferred Units, zero and
68,671 units issued and outstanding, redeemable for
cash at any time at our option, holder to receive
distributions equal to the per unit distribution on
the common OP Units (1) (2) |
|
|
|
|
|
|
2,747 |
|
Class Six Partnership Preferred Units, 796,668 and
802,453 units issued and outstanding, redeemable at
the holders option one year following issuance,
holder to receive distributions at 8.5% ($2.125 per
annum per unit) |
|
|
19,917 |
|
|
|
20,061 |
|
Class Seven Partnership Preferred Units, 27,960 units
issued and outstanding, redeemable at the holders
option one year following issuance, holder to receive
distributions at 7.87% ($1.968 per annum per unit) |
|
|
699 |
|
|
|
699 |
|
Class Eight Partnership Preferred Units, 6,250 units
issued and outstanding, redeemable for cash at any
time at our option, holder to receive distributions
equal to the per unit distribution on the common OP
Units (1) |
|
|
156 |
|
|
|
156 |
|
|
|
|
|
|
|
|
Subtotal |
|
$ |
82,554 |
|
|
$ |
85,671 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Holders of the Class Five and Class Eight Partnership Preferred Units received the per
unit special distributions discussed below in addition to the regular distributions
received by common OP unitholders during 2010 and 2009. |
|
(2) |
|
Purchased from the holder in exchange for cash and other consideration during 2010. |
The Class One, Class Two, Class Three, Class Four, Class Six and Class Seven preferred OP
Units are redeemable, at the holders option. We, at our sole discretion, may settle such
redemption requests in cash or cause Aimco to issue shares of its Class A Common Stock in a value
equal to the redemption preference. In the event we require Aimco to issue shares to settle a
redemption request, we would issue to Aimco a corresponding number of common OP Units. During
2008, we established a redemption policy that requires cash settlement of redemption requests for
the redeemable preferred OP Units, subject to limited exceptions. Accordingly, these redeemable
units are classified as redeemable preferred units within temporary capital in our consolidated
balance sheets at December 31, 2010 and 2009, based on the expectation that we will cash settle
these units.
Subject to certain conditions, the Class Four, Class Six and Class Eight Partnership Preferred
Units are convertible into common OP Units.
During the years ended December 31, 2010 and 2009, approximately 14,800 and 68,200 preferred
OP Units, respectively, were tendered for redemption in exchange for cash. During the years ended
December 31, 2010 and 2009, no preferred OP Units were tendered for redemption in exchange for
shares of Aimco Class A Common Stock.
57
The following table presents a reconciliation of redeemable preferred units (including the CRA
Preferred Units subject to a repurchase agreement discussed above) classified within temporary
capital for the years ended December 31, 2010, 2009 and 2008:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
Balance at January 1 |
|
$ |
116,656 |
|
|
$ |
88,148 |
|
|
$ |
|
|
Net income attributable to redeemable preferred units |
|
|
4,964 |
|
|
|
6,288 |
|
|
|
|
|
Distributions to preferred units |
|
|
(6,730 |
) |
|
|
(6,806 |
) |
|
|
|
|
Purchases of preferred units |
|
|
(11,462 |
) |
|
|
(1,725 |
) |
|
|
|
|
Reclassification of redeemable preferred units from
partners capital |
|
|
|
|
|
|
30,000 |
|
|
|
88,148 |
|
Other |
|
|
|
|
|
|
751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31 |
|
$ |
103,428 |
|
|
$ |
116,656 |
|
|
$ |
88,148 |
|
|
|
|
|
|
|
|
|
|
|
The distributions paid on each class of preferred OP Units classified as partners capital in
the years ended December 31, 2010, 2009 and 2008, and, in the case of the redeemable preferred OP
Units discussed above, classified in temporary capital as of December 31, 2010 and 2009, are as
follows (in thousands, except per unit data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
|
|
Amount |
|
|
Total |
|
|
Amount |
|
|
Total |
|
|
Amount |
|
|
Total |
|
Class of Preferred |
|
Per |
|
|
Amount |
|
|
Per |
|
|
Amount |
|
|
Per |
|
|
Amount |
|
OP Units |
|
Unit (1) |
|
|
Paid |
|
|
Unit (1) |
|
|
Paid |
|
|
Unit (1) |
|
|
Paid |
|
Class G |
|
$ |
2.30 |
|
|
$ |
9,334 |
|
|
$ |
2.34 |
|
|
$ |
9,492 |
|
|
$ |
2.34 |
|
|
$ |
9,492 |
|
Class T |
|
|
2.00 |
|
|
|
12,000 |
|
|
|
2.00 |
|
|
|
12,000 |
|
|
|
2.00 |
|
|
|
12,000 |
|
Class U |
|
|
1.94 |
|
|
|
17,438 |
(2) |
|
|
1.94 |
|
|
|
15,500 |
|
|
|
1.94 |
|
|
|
15,500 |
|
Class V |
|
|
2.00 |
|
|
|
6,900 |
|
|
|
2.00 |
|
|
|
6,900 |
|
|
|
2.00 |
|
|
|
6,900 |
|
Class Y |
|
|
1.97 |
|
|
|
6,792 |
|
|
|
1.97 |
|
|
|
6,792 |
|
|
|
1.97 |
|
|
|
6,792 |
|
Series A CRA |
|
|
8,169.00 |
(3) |
|
|
971 |
|
|
|
10,841.00 |
(4) |
|
|
1,531 |
|
|
|
24,381.00 |
(5) |
|
|
4,531 |
|
Class One |
|
|
8.00 |
|
|
|
720 |
|
|
|
8.00 |
|
|
|
720 |
|
|
|
8.00 |
|
|
|
720 |
|
Class Two |
|
|
0.99 |
|
|
|
19 |
|
|
|
1.80 |
|
|
|
43 |
|
|
|
1.52 |
|
|
|
67 |
|
Class Three |
|
|
1.97 |
|
|
|
2,693 |
|
|
|
1.99 |
|
|
|
2,733 |
|
|
|
2.01 |
|
|
|
2,856 |
|
Class Four |
|
|
2.00 |
|
|
|
1,512 |
|
|
|
2.00 |
|
|
|
1,512 |
|
|
|
2.00 |
|
|
|
1,512 |
|
Class Five |
|
|
0.30 |
|
|
|
21 |
|
|
|
2.38 |
|
|
|
163 |
|
|
|
7.91 |
|
|
|
543 |
|
Class Six |
|
|
2.13 |
|
|
|
1,696 |
|
|
|
2.13 |
|
|
|
1,705 |
|
|
|
2.12 |
|
|
|
1,705 |
|
Class Seven |
|
|
2.38 |
|
|
|
66 |
|
|
|
2.38 |
|
|
|
66 |
|
|
|
2.36 |
|
|
|
66 |
|
Class Eight |
|
|
0.40 |
|
|
|
3 |
|
|
|
2.38 |
|
|
|
15 |
|
|
|
7.91 |
|
|
|
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
$ |
60,165 |
|
|
|
|
|
|
$ |
59,172 |
|
|
|
|
|
|
$ |
62,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Amounts per unit are calculated based on the number of preferred units outstanding either at
the end of each year or as of conversion or redemption date, as noted. |
|
(2) |
|
Amount paid includes $1.3 million related to the two months prior purchase of the 4,000,000
units sold in September 2010, which amount was prepaid by the purchaser in connection with the
sale. |
|
(3) |
|
Amount per unit based on 114 units outstanding for the entire period. 20 units were
repurchased in May 2010 and the holders of these units received $1,980 per unit in dividends
through the date of purchase. |
|
(4) |
|
Amount per unit based on 134 units outstanding for the entire period. 12 units were
repurchased in June 2009 and the holders of these units received $6,509 per unit in dividends
through the date of purchase. |
|
(5) |
|
Amount per unit based on 146 units outstanding for the entire period. 54 units were
repurchased in September 2008 and the holders of these units received $17,980 per unit in
dividends through the date of purchase. |
Common OP Units
Common OP Units are redeemable by common OP Unitholders (other than the General Partner and
Special Limited Partner) at their option, subject to certain restrictions, on the basis of one
common OP Unit for either one share of Aimco Class A Common Stock or cash equal to the fair value
of a share of Aimco Class A Common Stock at the time of redemption. We have the option to require
Aimco to deliver shares of Aimco Class A Common Stock in exchange for all or any portion of the
cash requested. When a Limited Partner redeems a common OP Unit for Aimco Class A Common Stock,
Limited Partners Capital is reduced and Special Limited Partners capital is increased. Common OP
Units held by Aimco are not redeemable.
The holders of the common OP Units receive distributions, prorated from the date of issuance,
in an amount equivalent to the dividends paid to holders of Aimco Class A Common Stock, and may
redeem such units for cash or, at our option, shares of Aimco Class A Common Stock.
58
In December 2008, October 2008, July 2008, and December 2007, we declared special
distributions payable on January 29, 2009, December 1, 2008, August 29, 2008 and January 30, 2008,
respectively, to holders of record of common OP Units and High Performance Units on December 29,
2008, October 27, 2008, July 28, 2008 and December 31, 2007, respectively. The special
distributions were paid on common OP Units and High Performance Units in the amounts listed below.
We distributed to Aimco common OP Units equal to the number of shares we issued pursuant to Aimcos
corresponding special dividends in addition to approximately $0.60 per unit in cash. Holders of
common OP Units other than Aimco and holders of High Performance Units received the distribution
entirely in cash.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 2009 |
|
|
December 2008 |
|
|
August 2008 |
|
|
January 2008 |
|
Aimco Operating Partnership Special |
|
Special |
|
|
Special |
|
|
Special |
|
|
Special |
|
Distributions |
|
Distribution |
|
|
Distribution |
|
|
Distribution |
|
|
Distribution |
|
Distribution per unit |
|
$ |
2.08 |
|
|
$ |
1.80 |
|
|
$ |
3.00 |
|
|
$ |
2.51 |
|
Total distribution |
|
$ |
230.1 million |
|
|
$ |
176.6 million |
|
|
$ |
285.5 million |
|
|
$ |
257.2 million |
|
Common OP Units and High
Performance Units
outstanding on record date |
|
|
110,654,142 |
|
|
|
98,136,520 |
|
|
|
95,151,333 |
|
|
|
102,478,510 |
|
Common OP Units held by Aimco |
|
|
101,169,951 |
|
|
|
88,650,980 |
|
|
|
85,619,144 |
|
|
|
92,795,891 |
|
Total distribution on Aimco
common OP Units |
|
$ |
210.4 million |
|
|
$ |
159.6 million |
|
|
$ |
256.9 million |
|
|
$ |
232.9 million |
|
Cash distribution to Aimco |
|
$ |
60.6 million |
|
|
$ |
53.2 million |
|
|
$ |
51.4 million |
|
|
$ |
55.0 million |
|
Portion of distribution paid
to Aimco through issuance of
common OP Units |
|
$ |
149.8 million |
|
|
$ |
106.4 million |
|
|
$ |
205.5 million |
|
|
$ |
177.9 million |
|
Common OP Units issued to
Aimco pursuant to
distributions |
|
|
15,627,330 |
|
|
|
12,572,267 |
|
|
|
5,731,310 |
|
|
|
4,594,074 |
|
Cash distributed to common
OP Unit and High Performance
Unit holders other than
Aimco |
|
$ |
19.7 million |
|
|
$ |
17.0 million |
|
|
$ |
28.6 million |
|
|
$ |
24.3 million |
|
59
Also in December 2008, October 2008, July 2008 and December 2007, Aimcos board of
directors declared corresponding special dividends payable on January 29, 2009, December 1, 2008,
August 29, 2008 and January 30, 2008, respectively, to holders of record of its Common Stock on
December 29, 2008, October 27, 2008, July 28, 2008 and December 31, 2007, respectively. A portion
of the special dividends in the amounts of $0.60 per share represents payment of the regular
dividend for the quarters ended December 31, 2008, September 30, 2008, June 30, 2008 and December
31, 2007, respectively, and the remaining amount per share represents an additional dividend
associated with taxable gains from property dispositions. Portions of the special dividends were
paid through the issuance of shares of Aimco Class A Common Stock. The table below summarizes
information regarding these special dividends.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 2009 |
|
|
December 2008 |
|
|
August 2008 |
|
|
January 2008 |
|
|
|
Special |
|
|
Special |
|
|
Special |
|
|
Special |
|
Aimco Special Dividends |
|
Dividend |
|
|
Dividend |
|
|
Dividend |
|
|
Dividend |
|
Dividend per share |
|
$ |
2.08 |
|
|
$ |
1.80 |
|
|
$ |
3.00 |
|
|
$ |
2.51 |
|
Outstanding shares of Common
Stock on the record date |
|
|
101,169,951 |
|
|
|
88,650,980 |
|
|
|
85,619,144 |
|
|
|
92,795,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividend |
|
$ |
210.4 million |
|
|
$ |
159.6 million |
|
|
$ |
256.9 million |
|
|
$ |
232.9 million |
|
Portion of dividend paid in cash |
|
$ |
60.6 million |
|
|
$ |
53.2 million |
|
|
$ |
51.4 million |
|
|
$ |
55.0 million |
|
Portion of dividend paid through
issuance of shares |
|
$ |
149.8 million |
|
|
$ |
106.4 million |
|
|
$ |
205.5 million |
|
|
$ |
177.9 million |
|
Shares issued pursuant to dividend |
|
|
15,627,330 |
|
|
|
12,572,267 |
|
|
|
5,731,310 |
|
|
|
4,594,074 |
|
Average share price on
determination date |
|
$ |
9.58 |
|
|
$ |
8.46 |
|
|
$ |
35.84 |
|
|
$ |
38.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts after elimination of the
effects of shares of Common Stock
held by consolidated
subsidiaries: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding shares of Common
Stock on the record date |
|
|
100,642,817 |
|
|
|
88,186,456 |
|
|
|
85,182,665 |
|
|
|
92,379,751 |
|
Total dividend |
|
$ |
209.3 million |
|
|
$ |
158.7 million |
|
|
$ |
255.5 million |
|
|
$ |
231.9 million |
|
Portion of dividend paid in cash |
|
$ |
60.3 million |
|
|
$ |
52.9 million |
|
|
$ |
51.1 million |
|
|
$ |
54.8 million |
|
Portion of dividend paid through
issuance of shares |
|
$ |
149.0 million |
|
|
$ |
105.8 million |
|
|
$ |
204.4 million |
|
|
$ |
177.1 million |
|
Shares issued pursuant to dividend |
|
|
15,548,996 |
|
|
|
12,509,657 |
|
|
|
5,703,265 |
|
|
|
4,573,735 |
|
During the year ended December 31, 2010, Aimco sold 600,000 shares of Class A Common
Stock pursuant to an At-The-Market, or ATM, offering program Aimco initiated during 2010,
generating $14.4 million of net proceeds. Aimco contributed the net proceeds to us in exchange for
an equivalent number of common OP Units.
During the year ended December 31, 2010, we acquired the noncontrolling limited partnership
interests in certain of our consolidated real estate partnerships in exchange for cash and the
issuance of approximately 276,000 common OP Units. We completed no similar acquisitions of
noncontrolling interests during 2009 or 2008.
During the years ended December 31, 2010 and 2009, approximately 168,300 and 64,000 common OP
Units, respectively, were redeemed in exchange for cash, and approximately 519,000 common OP Units
were redeemed in exchange for shares of Aimco Class A Common Stock in 2009. No common OP Units
were redeemed in exchange for shares of Aimco Class A Common Stock in 2010.
During 2008 and prior years, from time to time, Aimco issued shares of Class A Common Stock to
certain non-executive officers who purchased the shares at market prices. In exchange for the
shares purchased, the officers executed notes payable. These notes, which are 25% recourse to the
borrowers, have a 10-year maturity and bear interest either at a fixed rate of 6% annually or a
floating rate based on the 30-day LIBOR plus 3.85%, which is subject to an annual interest rate cap
of typically 7.25%. The notes were contributed by Aimco to us in exchange for an equivalent number
of common OP Units. Total payments in 2010 and 2009 on all notes from officers were $0.6 million
and $0.8 million, respectively. In 2010 and 2009, Aimco reacquired approximately 9,000 and 94,000
shares of Class A Common Stock from officers in exchange for the cancellation of related notes
totaling $0.3 million and $1.5 million, respectively. Concurrently, we reacquired from Aimco an
equal number of common OP Units.
As further discussed in Note 12, during 2010, 2009 and 2008, Aimco issued shares of restricted
Class A Common Stock to certain officers, employees and independent directors, and we concurrently
issued a corresponding number of common OP Units to Aimco.
High Performance Units
At December 31, 2010 and 2009, we had outstanding 2,339,950 and 2,344,719, respectively, of
High Performance Units. The holders of High Performance Units are generally restricted from
transferring these units except upon a change of control in the Partnership. The holders of High
Performance Units receive the same amount of distributions that are paid to holders of an
equivalent number of our outstanding common OP Units.
60
Investment in Aimco
From 1998 through 2001, we completed various transactions with Aimco that resulted in our
investment in 384,740 shares of Aimco Class A Common Stock. In connection with Aimcos special
dividends discussed above, Aimco paid a portion of these dividends to us through the issuance of
175,141 shares of Aimco Class A Common Stock, bringing our total investment in Aimco to 559,881
shares. Our investment in Aimco Class A Common Stock is presented in the accompanying financial
statements as a reduction to partners capital.
Registration Statements
Pursuant to Aimcos ATM offering program discussed above, Aimco may issue up to 6.4 million
additional shares of its Class A Common Stock. Additionally, we and Aimco have a shelf
registration statement that provides for the issuance of debt securities by us and debt and equity
securities by Aimco.
NOTE 12 Share-Based Compensation and Employee Benefit Plans
Stock Award and Incentive Plan
Aimco has a stock award and incentive plan to attract and retain officers, key employees and
independent directors. The plan reserves for issuance a maximum of 4.1 million shares, which may
be in the form of incentive stock options, non-qualified stock options and restricted stock, or
other types of awards as authorized under the plan. Pursuant to the anti-dilution provisions of
the plan, the number of shares reserved for issuance has been adjusted to reflect Aimcos special
dividends discussed in Note 11. At December 31, 2010 there were approximately 1.3 million shares
available to be granted under the plan. The plan is administered by the Compensation and Human
Resources Committee of Aimcos board of directors. In the case of stock options, the exercise
price of the options granted may not be less than the fair market value of Aimco Class A Common
Stock at the date of grant. The term of the options is generally ten years from the date of grant.
The options typically vest over a period of one to four or five years from the date of grant.
Aimco generally issues new shares upon exercise of options. Restricted stock awards typically vest
over a period of three to five years.
When Aimco issues restricted stock and stock options to its employees, we are required to
issue common OP Units to Aimco for the same number of shares of Aimco Class A Common Stock that are
issued to employees under these arrangements. Upon exercise of the stock options, Aimco must
contribute to us the proceeds received in connection with the exercised options. Therefore, the
following disclosures pertain to Aimcos stock options. Our obligations to issue common OP Units
under Aimcos share based compensation plans results in reciprocal accounting treatment in our
financial statements.
Refer to Note 2 for discussion of our accounting policy related to stock-based compensation.
We estimated the fair value of our options using a Black-Scholes closed-form valuation model
using the assumptions set forth in the table below. The expected term of the options was based on
historical option exercises and post-vesting terminations. Expected volatility reflects the
historical volatility of Aimco Class A Common Stock during the historical period commensurate with
the expected term of the options that ended on the date of grant. The expected dividend yield
reflects expectations regarding cash dividend amounts per share paid on Aimco Class A Common Stock
during the expected term of the option and the risk-free interest rate reflects the annualized
yield of a zero coupon U.S. Treasury security with a term equal to the expected term of the option.
The weighted average fair value of options and our valuation assumptions for the years ended
December 31, 2010, 2009 and 2008 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
Weighted average grant-date fair value |
|
$ |
9.27 |
|
|
$ |
2.47 |
|
|
$ |
4.34 |
|
Assumptions: |
|
|
|
|
|
|
|
|
|
|
|
|
Risk-free interest rate |
|
|
3.14 |
% |
|
|
2.26 |
% |
|
|
3.12 |
% |
Expected dividend yield |
|
|
2.90 |
% |
|
|
8.00 |
% |
|
|
6.02 |
% |
Expected volatility |
|
|
52.16 |
% |
|
|
45.64 |
% |
|
|
24.02 |
% |
Weighted average expected life of options |
|
|
7.8 years |
|
|
|
6.9 years |
|
|
|
6.5 years |
|
61
The following table summarizes activity for Aimcos outstanding stock options for the years
ended December 31, 2010, 2009 and 2008 (numbers of options in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009(1) |
|
|
2008(1) |
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
Weighted |
|
|
|
Number |
|
|
Average |
|
|
Number |
|
|
Average |
|
|
Number |
|
|
Average |
|
|
|
of |
|
|
Exercise |
|
|
of |
|
|
Exercise |
|
|
of |
|
|
Exercise |
|
|
|
Options |
|
|
Price |
|
|
Options |
|
|
Price |
|
|
Options |
|
|
Price |
|
Outstanding at beginning
of year |
|
|
8,873 |
|
|
$ |
28.22 |
|
|
|
10,344 |
|
|
$ |
31.01 |
|
|
|
8,555 |
|
|
$ |
39.57 |
|
Granted |
|
|
3 |
|
|
|
21.67 |
|
|
|
965 |
|
|
|
8.92 |
|
|
|
980 |
|
|
|
39.77 |
|
Exercised |
|
|
(202 |
) |
|
|
8.92 |
|
|
|
|
|
|
|
|
|
|
|
(14 |
) |
|
|
37.45 |
|
Forfeited |
|
|
(1,514 |
) |
|
|
28.73 |
|
|
|
(2,436 |
) |
|
|
32.03 |
|
|
|
(1,423 |
) |
|
|
38.75 |
|
Adjustment to outstanding
options pursuant to
special dividends |
|
|
|
|
|
|
n/a |
|
|
|
|
|
|
|
n/a |
|
|
|
2,246 |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at end of year |
|
|
7,160 |
|
|
$ |
28.65 |
|
|
|
8,873 |
|
|
$ |
28.22 |
|
|
|
10,344 |
|
|
$ |
31.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at end of year |
|
|
5,869 |
|
|
$ |
30.18 |
|
|
|
6,840 |
|
|
$ |
29.65 |
|
|
|
7,221 |
|
|
$ |
29.51 |
|
|
|
|
(1) |
|
In connection with Aimcos special dividends discussed in Note 11, effective on the record
date of each dividend, the number of options and exercise prices of all outstanding awards
were adjusted pursuant to the anti-dilution provisions of the applicable plans based on the
market price of Aimcos stock on the ex-dividend dates of the related special dividends. The
adjustment to the number of outstanding options is reflected in the table separate from the
other activity during the periods at the weighted average exercise price for those outstanding
options. The exercise prices for options granted, exercised and forfeited in the table above
reflect the actual exercise prices at the time of the related activity. The number and
weighted average exercise price for options outstanding and exercisable at the end of year
reflect the adjustments for the applicable special dividends. The adjustment of the awards
pursuant to Aimcos special dividends is considered a modification of the awards, but did not
result in a change in the fair value of any awards and therefore did not result in a change in
total compensation to be recognized over the remaining term of the awards. |
The intrinsic value of a stock option represents the amount by which the current price of
the underlying stock exceeds the exercise price of the option. Options outstanding at December 31,
2010, had an aggregate intrinsic value of $12.8 million and a weighted average remaining
contractual term of 3.8 years. Options exercisable at December 31, 2010, had an aggregate
intrinsic value of $2.4 million and a weighted average remaining contractual term of 3.1 years.
The intrinsic value of stock options exercised during the years ended December 31, 2010 and 2008,
was $2.9 million and less than $0.1 million, respectively. We may realize tax benefits in
connection with the exercise of options by employees of Aimcos taxable subsidiaries. During the
year ended December 31, 2010, we did not recognize any significant tax benefits related to options
exercised during the year, and during the year ended December 31, 2009, as no stock options were
exercised we realized no related tax benefits.
The following table summarizes activity for Aimcos restricted stock awards for the years
ended December 31, 2010, 2009 and 2008 (numbers of shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
Weighted |
|
|
|
Number |
|
|
Average |
|
|
Number |
|
|
Average |
|
|
Number |
|
|
Average |
|
|
|
of |
|
|
Grant-Date |
|
|
of |
|
|
Grant-Date |
|
|
of |
|
|
Grant-Date |
|
|
|
Shares |
|
|
Fair Value |
|
|
Shares |
|
|
Fair Value |
|
|
Shares |
|
|
Fair Value |
|
Unvested at beginning
of year |
|
|
458 |
|
|
$ |
26.73 |
|
|
|
893 |
|
|
$ |
40.33 |
|
|
|
960 |
|
|
$ |
46.08 |
|
Granted |
|
|
381 |
|
|
|
16.72 |
|
|
|
378 |
|
|
|
8.92 |
|
|
|
248 |
|
|
|
39.85 |
|
Vested |
|
|
(261 |
) |
|
|
27.56 |
|
|
|
(418 |
) |
|
|
32.83 |
|
|
|
(377 |
) |
|
|
43.45 |
|
Forfeited |
|
|
(34 |
) |
|
|
26.11 |
|
|
|
(533 |
) |
|
|
27.66 |
|
|
|
(128 |
) |
|
|
46.85 |
|
Issued pursuant to
special dividends (1) |
|
|
|
|
|
|
|
|
|
|
138 |
|
|
|
9.58 |
|
|
|
190 |
|
|
|
22.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unvested at end of year |
|
|
544 |
|
|
$ |
19.36 |
|
|
|
458 |
|
|
$ |
26.73 |
|
|
|
893 |
|
|
$ |
40.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
This represents shares of restricted stock issued to holders of restricted stock pursuant
to Aimcos special dividends discussed in Note 11. The weighted average grant-date fair value
for these shares represents the price of Aimcos Class A Common Stock on the determination
date for each dividend. The issuance of the additional shares of restricted stock resulted in
no incremental compensation expense. |
62
The aggregate fair value of shares that vested during the years ended December 31, 2010,
2009 and 2008 was $4.4 million, $3.1 million and $16.5 million, respectively.
Total compensation cost recognized for restricted stock and stock option awards was $8.1
million, $8.0 million and $17.6 million for the years ended December 31, 2010, 2009 and 2008,
respectively. Of these amounts, $0.8 million, $1.3 million and $3.8 million, respectively, were
capitalized. At December 31, 2010, total unvested compensation cost not yet recognized was $7.8
million. We expect to recognize this compensation over a weighted average period of approximately
1.7 years.
Employee Stock Purchase Plan
Under the terms of Aimcos employee stock purchase plan, eligible employees may authorize
payroll deductions up to 15% of their base compensation to purchase shares of Common Stock at a
five percent discount from its fair value on the last day of the calendar quarter during which
payroll deductions are made. In 2010, 2009 and 2008, 5,662, 20,076 and 8,926 shares were purchased
under this plan at an average price of $20.92, $8.82 and $23.86, respectively. No compensation
cost is recognized in connection with this plan. Common OP Units we issue to Aimco in connection
with shares of Aimcos Class A Common Stock purchased under Aimcos employee stock purchase plan
are treated as issued
and outstanding on the date of purchase and distributions paid on such units are recognized as
a reduction of partners capital when such distributions are declared.
401(k) Plan
We provide a 401(k) defined-contribution employee savings plan. Employees who have completed
30 days of service and are age 18 or older are eligible to participate. For the period from
January 1, 2009 through January 29, 2009, and during the year ended December 31, 2008, our matching
contributions were made in the following manner: (1) a 100% match on the first 3% of the
participants compensation; and (2) a 50% match on the next 2% of the participants compensation.
On December 31, 2008, we suspended employer matching contributions effective January 29, 2009. We
may reinstate employer matching contributions at any time. We incurred costs in connection with
this plan of less than $0.1 million in 2010, $0.6 million in 2009 and $5.2 million in 2008.
NOTE 13 Discontinued Operations and Assets Held for Sale
We report as discontinued operations real estate assets that meet the definition of a
component of an entity and have been sold or meet the criteria to be classified as held for sale.
We include all results of these discontinued operations, less applicable income taxes, in a
separate component of income on the consolidated statements of operations under the heading income
from discontinued operations, net. This treatment resulted in the retrospective adjustment of the
2010, 2009 and 2008 statements of operations and the 2010 and 2009 balance sheets to reflect as
discontinued operations all properties sold or classified as held for sale as of March 31, 2011.
63
We are currently marketing for sale certain real estate properties that are inconsistent with
our long-term investment strategy. At the end of each reporting period, we evaluate whether such
properties meet the criteria to be classified as held for sale, including whether such properties
are expected to be sold within 12 months. Additionally, certain properties that do not meet all of
the criteria to be classified as held for sale at the balance sheet date may nevertheless be sold
and included in discontinued operations in the subsequent 12 months; thus the number of properties
that may be sold during the subsequent 12 months could exceed the number classified as held for
sale. At December 31, 2010 and 2009, after adjustments for properties that were sold or classified
as held for sale as of March 31, 2011, we had 13 and 64 properties with an aggregate of 2,008 and
10,197 units, respectively, classified as held for sale. Amounts classified as held for sale in
the accompanying consolidated balance sheets as of December 31, 2010 and 2009 are as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2010 |
|
|
2009 |
|
Real estate, net |
|
$ |
43,506 |
|
|
$ |
324,020 |
|
Other assets |
|
|
666 |
|
|
|
5,268 |
|
|
|
|
|
|
|
|
Assets held for sale |
|
$ |
44,172 |
|
|
$ |
329,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property debt |
|
$ |
27,255 |
|
|
$ |
264,262 |
|
Other liabilities |
|
|
466 |
|
|
|
6,967 |
|
|
|
|
|
|
|
|
Liabilities related to assets held for sale |
|
$ |
27,721 |
|
|
$ |
271,229 |
|
|
|
|
|
|
|
|
During the years ended December 31, 2010, 2009 and 2008, we sold 51, 89 and 151 consolidated
properties with an aggregate 8,189, 22,503 and 37,202 units, respectively. For the years ended
December 31, 2010, 2009 and 2008, discontinued operations includes the results of operations for
the periods prior to the date of sale for all properties sold or classified as held for sale as of
March 31, 2011.
The following is a summary of the components of income from discontinued operations for the
years ended December 31, 2010, 2009 and 2008 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
Rental and other property revenues |
|
$ |
54,851 |
|
|
$ |
227,757 |
|
|
$ |
538,149 |
|
Property operating and other expenses |
|
|
(30,241 |
) |
|
|
(126,829 |
) |
|
|
(279,931 |
) |
Depreciation and amortization |
|
|
(15,008 |
) |
|
|
(70,655 |
) |
|
|
(141,686 |
) |
Provision for operating real estate impairment losses |
|
|
(12,674 |
) |
|
|
(54,530 |
) |
|
|
(27,420 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
|
(3,072 |
) |
|
|
(24,257 |
) |
|
|
89,112 |
|
Interest income |
|
|
283 |
|
|
|
373 |
|
|
|
2,186 |
|
Interest expense |
|
|
(8,857 |
) |
|
|
(43,204 |
) |
|
|
(103,133 |
) |
Gain on extinguishment of debt |
|
|
|
|
|
|
259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before gain on dispositions of real estate and income taxes |
|
|
(11,646 |
) |
|
|
(66,829 |
) |
|
|
(11,835 |
) |
Gain on dispositions of real estate |
|
|
94,901 |
|
|
|
221,770 |
|
|
|
800,270 |
|
Income tax (expense) benefit |
|
|
(7,431 |
) |
|
|
1,739 |
|
|
|
(43,166 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net |
|
$ |
75,824 |
|
|
$ |
156,680 |
|
|
$ |
745,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operation attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests in consolidated real estate partnerships |
|
|
(26,969 |
) |
|
$ |
(61,374 |
) |
|
$ |
(150,086 |
) |
|
|
|
|
|
|
|
|
|
|
The Partnership |
|
$ |
48,855 |
|
|
$ |
95,306 |
|
|
$ |
595,183 |
|
|
|
|
|
|
|
|
|
|
|
Gain on dispositions of real estate is reported net of incremental direct costs incurred
in connection with the transactions, including any prepayment penalties incurred upon repayment of
property loans collateralized by the properties being sold. Such prepayment penalties totaled $4.5
million, $29.0 million and $64.9 million for the years ended December 31, 2010, 2009 and 2008,
respectively. We classify interest expense related to property debt within discontinued operations
when the related real estate asset is sold or classified as held for sale. As discussed in Note 2,
during the years ended December 31, 2010 and 2009, we allocated $4.7 million and $10.1 million,
respectively, of goodwill related to our real estate segment to the carrying amounts of the
properties sold or classified as held for sale during the applicable periods. Of these amounts,
$4.1 million and $8.7 million, respectively, were reflected as a reduction of gain on dispositions
of real estate and $0.6 million and $1.4 million, respectively, were reflected as an adjustment of
impairment losses.
64
NOTE 14 Earnings per Unit
We calculate earnings per unit based on the weighted average number of common OP Units,
participating securities, common OP Unit equivalents and dilutive convertible securities
outstanding during the period. We consider both common OP Units and High Performance Units, which
have identical rights to distributions and undistributed earnings, to be common units for purposes
of the earnings per unit data presented below. The following table illustrates the calculation of
basic and diluted earnings per unit for the years ended December 31, 2010, 2009 and 2008 (in
thousands, except per unit data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations |
|
$ |
(164,589 |
) |
|
$ |
(200,660 |
) |
|
$ |
(117,481 |
) |
Loss (income) from continuing operations attributable to
noncontrolling interests |
|
|
40,270 |
|
|
|
38,932 |
|
|
|
(5,663 |
) |
Income attributable to the Partnerships preferred unitholders |
|
|
(58,554 |
) |
|
|
(56,854 |
) |
|
|
(61,354 |
) |
Income attributable to participating securities |
|
|
|
|
|
|
|
|
|
|
(6,985 |
) |
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations attributable to the
Partnerships common unitholders |
|
$ |
(182,873 |
) |
|
$ |
(218,582 |
) |
|
$ |
(191,483 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations |
|
$ |
75,824 |
|
|
$ |
156,680 |
|
|
$ |
745,269 |
|
Income from discontinued operations attributable to
noncontrolling interests |
|
|
(26,969 |
) |
|
|
(61,374 |
) |
|
|
(150,086 |
) |
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations attributable to the
Partnerships common unitholders |
|
$ |
48,855 |
|
|
$ |
95,306 |
|
|
$ |
595,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(88,765 |
) |
|
$ |
(43,980 |
) |
|
$ |
627,788 |
|
Net loss (income) attributable to noncontrolling interests |
|
|
13,301 |
|
|
|
(22,442 |
) |
|
|
(155,749 |
) |
Income attributable to the Partnerships preferred unitholders |
|
|
(58,554 |
) |
|
|
(56,854 |
) |
|
|
(61,354 |
) |
Income attributable to participating securities |
|
|
|
|
|
|
|
|
|
|
(6,985 |
) |
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to the Partnerships common
unitholders |
|
$ |
(134,018 |
) |
|
$ |
(123,276 |
) |
|
$ |
403,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic earnings per unit weighted average
number of common units outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Common OP Units |
|
|
122,407 |
|
|
|
120,836 |
|
|
|
95,881 |
|
High Performance Units |
|
|
2,340 |
|
|
|
2,344 |
|
|
|
2,368 |
|
|
|
|
|
|
|
|
|
|
|
Total common units |
|
|
124,747 |
|
|
|
123,180 |
|
|
|
98,249 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Dilutive potential common units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for diluted earnings per unit |
|
|
124,747 |
|
|
|
123,180 |
|
|
|
98,249 |
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common unit basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations attributable to the
Partnerships common unitholders |
|
$ |
(1.46 |
) |
|
$ |
(1.77 |
) |
|
$ |
(1.95 |
) |
Income from discontinued operations attributable to the
Partnerships common unitholders |
|
|
0.39 |
|
|
|
0.77 |
|
|
|
6.06 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to the Partnerships common
unitholders |
|
$ |
(1.07 |
) |
|
$ |
(1.00 |
) |
|
$ |
4.11 |
|
|
|
|
|
|
|
|
|
|
|
Distributions
declared per common unit |
|
$ |
0.30 |
|
|
$ |
0.40 |
|
|
$ |
7.48 |
|
As of December 31, 2010, 2009 and 2008, the common unit equivalents that could potentially
dilute basic earnings per unit in future periods totaled 7.2 million, 8.9 million and 9.2 million,
respectively. These securities, representing stock options to purchase shares of Aimco Class A
Common Stock, have been excluded from the earnings per unit computations for the years ended
December 31, 2010, 2009 and 2008, because their effect would have been anti-dilutive.
65
Participating securities, consisting of unvested restricted shares of Aimco stock and shares
of Aimco stock purchased pursuant to officer loans, receive dividends similar to shares of Aimco
Class A Common Stock and common OP Units totaled 0.6 million, 0.5 million and 1.0 million at
December 31, 2010, 2009 and 2008, respectively. The effect of participating securities is
reflected in basic and diluted earnings per unit computations for the periods presented above using
the two-class method of allocating distributed and undistributed earnings. During the years ended
December 31, 2010 and 2009, the adjustment to compensation expense recognized related to cumulative
dividends on forfeited shares of restricted stock exceeded the amount of dividends declared related
to participating securities. Accordingly, distributed earnings attributed to participating
securities during 2010 and 2009 were reduced to zero for purposes of calculating earnings per unit
using the two-class method.
As discussed in Note 11, we have various classes of preferred OP Units, which may be redeemed
at the holders option. We may redeem these units for cash or at our option, shares of Aimco Class
A Common Stock. During the periods presented, no common unit equivalents related to these
preferred OP Units have been included in earnings per unit computations because their effect was
antidilutive.
NOTE 15 Unaudited Summarized Consolidated Quarterly Information
Summarized unaudited consolidated quarterly information for 2010 and 2009 is provided below
(in thousands, except per unit amounts).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter (1) |
|
2010 |
|
First |
|
|
Second |
|
|
Third |
|
|
Fourth |
|
Total revenues |
|
$ |
276,825 |
|
|
$ |
282,068 |
|
|
$ |
283,268 |
|
|
$ |
290,317 |
|
Total operating expenses |
|
|
(253,071 |
) |
|
|
(246,726 |
) |
|
|
(246,657 |
) |
|
|
(256,485 |
) |
Operating income |
|
|
23,754 |
|
|
|
35,342 |
|
|
|
36,611 |
|
|
|
33,832 |
|
Loss from continuing operations |
|
|
(36,720 |
) |
|
|
(38,648 |
) |
|
|
(47,812 |
) |
|
|
(41,409 |
) |
Income from discontinued operations, net |
|
|
20,172 |
|
|
|
28,692 |
|
|
|
19,546 |
|
|
|
7,414 |
|
Net loss |
|
|
(16,548 |
) |
|
|
(9,956 |
) |
|
|
(28,266 |
) |
|
|
(33,995 |
) |
Loss attributable to the Partnerships
common unitholders |
|
|
(43,297 |
) |
|
|
(19,093 |
) |
|
|
(30,547 |
) |
|
|
(41,125 |
) |
Loss per common unit basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations
attributable to the Partnerships
common unitholders |
|
$ |
(0.43 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.34 |
) |
Net loss attributable to the
Partnerships common unitholders |
|
$ |
(0.35 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.32 |
) |
Weighted average common units outstanding
basic and diluted |
|
|
124,400 |
|
|
|
124,663 |
|
|
|
124,739 |
|
|
|
125,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter (1) |
|
2009 |
|
First |
|
|
Second |
|
|
Third |
|
|
Fourth |
|
Total revenues |
|
$ |
278,613 |
|
|
$ |
280,378 |
|
|
$ |
277,658 |
|
|
$ |
284,169 |
|
Total operating expenses |
|
|
(250,445 |
) |
|
|
(252,285 |
) |
|
|
(260,825 |
) |
|
|
(262,379 |
) |
Operating income |
|
|
28,168 |
|
|
|
28,093 |
|
|
|
16,833 |
|
|
|
21,790 |
|
Loss from continuing operations |
|
|
(34,606 |
) |
|
|
(47,380 |
) |
|
|
(55,395 |
) |
|
|
(63,279 |
) |
Income from discontinued operations, net |
|
|
2,238 |
|
|
|
39,957 |
|
|
|
46,044 |
|
|
|
68,441 |
|
Net (loss) income |
|
|
(32,368 |
) |
|
|
(7,423 |
) |
|
|
(9,351 |
) |
|
|
5,162 |
|
Loss attributable to the Partnerships
common unitholders |
|
|
(40,320 |
) |
|
|
(32,336 |
) |
|
|
(43,510 |
) |
|
|
(7,110 |
) |
Loss per common unit basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations
attributable to the Partnerships
common unitholders |
|
$ |
(0.32 |
) |
|
$ |
(0.41 |
) |
|
$ |
(0.47 |
) |
|
$ |
(0.57 |
) |
Net loss attributable to the
Partnerships common unitholders |
|
$ |
(0.34 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.05 |
) |
Weighted average common units outstanding
basic and diluted |
|
|
119,661 |
|
|
|
124,333 |
|
|
|
124,376 |
|
|
|
124,351 |
|
|
|
|
(1) |
|
Certain reclassifications have been made to 2010 and 2009 quarterly amounts related
to treatment of discontinued operations for properties sold or classified as held for sale
through March 31, 2011. |
66
NOTE 16 Transactions with Affiliates
We earn revenue from affiliated real estate partnerships. These revenues include fees for
property management services, partnership and asset management services, risk management services
and transactional services such as refinancing, construction supervisory and disposition (including
promote income, which is income earned in connection with the disposition of properties owned by
certain of our consolidated joint ventures). In addition, we are reimbursed for our costs in
connection with the management of the unconsolidated real estate partnerships. These fees and
reimbursements for the years ended December 31, 2010, 2009 and 2008 totaled $10.6 million, $18.5
million and $72.5 million, respectively. The total accounts receivable due from affiliates was
$8.4 million, net of allowance for doubtful accounts of $1.5 million, at December 31, 2010, and
$23.7 million, net of allowance for doubtful accounts of $1.9 million, at December 31, 2009.
Additionally, we earn interest income on notes from real estate partnerships in which we are
the general partner and hold either par value or discounted notes. During the years ended December
31, 2010, 2009 and 2008, we did not recognize a significant amount of interest income on par value
notes from unconsolidated real estate partnerships.
Accretion income recognized on discounted notes from affiliated real estate partnerships
totaled $0.8 million, $0.1 million and $1.4 million for the years ended December 31, 2010, 2009 and
2008, respectively. See Note 5 for additional information on notes receivable from unconsolidated
real estate partnerships.
NOTE 17 Business Segments
We have two reportable segments: conventional real estate operations and affordable real
estate operations. Our conventional real estate operations consist of market-rate apartments with
rents paid by the resident and included 219 properties with 68,972 units as of December 31, 2010.
Our affordable real estate operations consisted of 228 properties with 26,540 units as of December
31, 2010, with rents that are generally paid, in whole or part, by a government agency.
Our chief operating decision maker uses various generally accepted industry financial measures
to assess the performance and financial condition of the business, including: Net Asset Value,
which is the estimated fair value of our assets, net of liabilities and preferred equity; Pro forma
Funds From Operations, which is Funds From Operations excluding operating real estate impairment
losses and preferred equity redemption related amounts; Adjusted Funds From Operations, which is
Pro forma Funds From Operations less spending for Capital Replacements; property net operating
income, which is rental and other property revenues less direct property operating expenses,
including real estate taxes; proportionate property net operating income, which reflects our share
of property net operating income of our consolidated and unconsolidated properties; same store
property operating results; Free Cash Flow, which is net operating income less spending for Capital
Replacements; Free Cash Flow internal rate of return; financial coverage ratios; and leverage as
shown on our balance sheet. Our chief operating decision maker emphasizes proportionate property
net operating income as a key measurement of segment profit or loss.
During the three months ended December 31, 2010, we revised certain of the reports our chief
operating decision maker uses to assess the performance of our business to include additional
information about proportionate operating results of our segments. Based on the change in our
measure of segment performance, we have recast the presentation of our segment results for the
years ended December 31, 2009 and 2008, to be consistent with the current presentation.
67
The following tables present the revenues, expenses, net operating income (loss) and income
(loss) from continuing operations of our conventional and affordable real estate operations
segments on a proportionate basis for the years ended December 31, 2010, 2009 and 2008 (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and |
|
|
|
|
|
|
Conventional |
|
|
Affordable |
|
|
Proportionate |
|
|
Amounts Not |
|
|
|
|
|
|
Real Estate |
|
|
Real Estate |
|
|
Adjustments |
|
|
Allocated to |
|
|
|
|
|
|
Operations |
|
|
Operations |
|
|
(1) |
|
|
Segments |
|
|
Consolidated |
|
Year Ended December 31, 2010: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental and other property revenues (2) |
|
$ |
822,596 |
|
|
$ |
127,909 |
|
|
$ |
143,561 |
|
|
$ |
2,859 |
|
|
$ |
1,096,925 |
|
Asset management and tax credit revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,553 |
|
|
|
35,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
822,596 |
|
|
|
127,909 |
|
|
|
143,561 |
|
|
|
38,412 |
|
|
|
1,132,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses (2) |
|
|
321,236 |
|
|
|
57,248 |
|
|
|
66,450 |
|
|
|
57,846 |
|
|
|
502,780 |
|
Asset management and tax credit expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,487 |
|
|
|
14,487 |
|
Depreciation and amortization (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
421,825 |
|
|
|
421,825 |
|
Provision for operating real estate
impairment losses (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
352 |
|
|
|
352 |
|
General and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,365 |
|
|
|
53,365 |
|
Other expenses, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,130 |
|
|
|
10,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
321,236 |
|
|
|
57,248 |
|
|
|
66,450 |
|
|
|
558,005 |
|
|
|
1,002,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income (loss) |
|
|
501,360 |
|
|
|
70,661 |
|
|
|
77,111 |
|
|
|
(519,593 |
) |
|
|
129,539 |
|
Other items included in continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(294,128 |
) |
|
|
(294,128 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
501,360 |
|
|
$ |
70,661 |
|
|
$ |
77,111 |
|
|
$ |
(813,721 |
) |
|
$ |
(164,589 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2009: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental and other property revenues (2) |
|
$ |
816,736 |
|
|
$ |
124,150 |
|
|
$ |
124,997 |
|
|
$ |
5,082 |
|
|
$ |
1,070,965 |
|
Asset management and tax credit revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,853 |
|
|
|
49,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
816,736 |
|
|
|
124,150 |
|
|
|
124,997 |
|
|
|
54,935 |
|
|
|
1,120,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses (2) |
|
|
324,234 |
|
|
|
57,591 |
|
|
|
57,828 |
|
|
|
60,906 |
|
|
|
500,559 |
|
Asset management and tax credit expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,779 |
|
|
|
15,779 |
|
Depreciation and amortization (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
424,913 |
|
|
|
424,913 |
|
Provision for operating real estate
impairment losses (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,329 |
|
|
|
2,329 |
|
General and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56,640 |
|
|
|
56,640 |
|
Other expenses, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,473 |
|
|
|
14,473 |
|
Restructuring costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,241 |
|
|
|
11,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
324,234 |
|
|
|
57,591 |
|
|
|
57,828 |
|
|
|
586,281 |
|
|
|
1,025,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income (loss) |
|
|
492,502 |
|
|
|
66,559 |
|
|
|
67,169 |
|
|
|
(531,346 |
) |
|
|
94,884 |
|
Other items included in continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(295,544 |
) |
|
|
(295,544 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
492,502 |
|
|
$ |
66,559 |
|
|
$ |
67,169 |
|
|
$ |
(826,890 |
) |
|
$ |
(200,660 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2008: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental and other property revenues (2) |
|
$ |
819,059 |
|
|
$ |
119,273 |
|
|
$ |
124,746 |
|
|
$ |
6,345 |
|
|
$ |
1,069,423 |
|
Asset management and tax credit revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98,830 |
|
|
|
98,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
819,059 |
|
|
|
119,273 |
|
|
|
124,746 |
|
|
|
105,175 |
|
|
|
1,168,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses (2) |
|
|
320,217 |
|
|
|
57,515 |
|
|
|
57,625 |
|
|
|
77,740 |
|
|
|
513,097 |
|
Asset management and tax credit expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,784 |
|
|
|
24,784 |
|
Depreciation and amortization (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
373,862 |
|
|
|
373,862 |
|
Provision for impairment losses on real
estate development assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91,138 |
|
|
|
91,138 |
|
General and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,376 |
|
|
|
80,376 |
|
Other expenses, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,259 |
|
|
|
21,259 |
|
Restructuring costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,802 |
|
|
|
22,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
320,217 |
|
|
|
57,515 |
|
|
|
57,625 |
|
|
|
691,961 |
|
|
|
1,127,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income (loss) |
|
|
498,842 |
|
|
|
61,758 |
|
|
|
67,121 |
|
|
|
(586,786 |
) |
|
|
40,935 |
|
Other items included in continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(158,416 |
) |
|
|
(158,416 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
498,842 |
|
|
$ |
61,758 |
|
|
$ |
67,121 |
|
|
$ |
(745,202 |
) |
|
$ |
(117,481 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Represents adjustments for the noncontrolling interests in consolidated real estate
partnerships share of the results of our consolidated properties, which are excluded from
our measurement of segment performance but included in the related consolidated amounts, and
our share of the results of operations of our unconsolidated real estate partnerships, which
are included in our measurement of segment performance but excluded from the related
consolidated amounts. |
|
(2) |
|
Our chief operating decision maker assesses the performance of our conventional and
affordable real estate operations using, among other measures, proportionate property net
operating income, which excludes depreciation and amortization, provision for operating real
estate impairment losses, property management revenues (which are included in rental and
other property revenues) and property management expenses and casualty gains and losses
(which are included in property operating expenses). Accordingly, we do not allocate these
amounts to our segments. |
68
During the years ended December 31, 2010, 2009 and 2008, for continuing operations, our
rental revenues include $128.4 million, $124.2 million and $116.8 million, respectively, of
subsidies from government agencies, which exceeded 10% of the combined revenues of our conventional
and affordable segments for each of the years presented.
The assets of our reportable segments on a proportionate basis, together with the
proportionate adjustments to reconcile these amounts to the consolidated assets of our segments,
and the consolidated assets not allocated to our segments are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
Conventional |
|
$ |
5,492,942 |
|
|
$ |
5,647,697 |
|
Affordable |
|
|
886,874 |
|
|
|
966,703 |
|
Proportionate adjustments (1) |
|
|
555,079 |
|
|
|
463,767 |
|
Corporate and other assets |
|
|
460,201 |
|
|
|
843,972 |
|
|
|
|
|
|
|
|
Total consolidated assets |
|
$ |
7,395,096 |
|
|
$ |
7,922,139 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Proportionate adjustments for the noncontrolling interests in consolidated real estate
partnerships share of the assets of our consolidated properties, which are excluded from our
measurement of segment financial condition, and our share of the assets of our unconsolidated
real estate partnerships, which are included in our measure of segment financial condition. |
For the years ended December 31, 2010, 2009 and 2008, capital additions related to our
conventional segment totaled $140.1 million, $208.0 million and $516.6 million, respectively, and
capital additions related to our affordable segment totaled $35.2 million, $67.4 million and $148.6
million, respectively.
69
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2010
(In Thousands Except Unit Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
|
|
(3) |
|
|
|
|
|
|
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
|
Cost Capitalized |
|
|
December 31, 2010 |
|
|
|
Property |
|
Date |
|
|
|
Year |
|
Number |
|
|
|
|
|
|
Buildings and |
|
|
Subsequent to |
|
|
|
|
|
|
Buildings and |
|
|
(4) |
|
|
Accumulated |
|
|
Total Cost |
|
|
|
|
Property Name |
|
Type |
|
Consolidated |
|
Location |
|
Built |
|
of Units |
|
|
Land |
|
|
Improvements |
|
|
Consolidation |
|
|
Land |
|
|
Improvements |
|
|
Total |
|
|
Depreciation (AD) |
|
|
Net of AD |
|
|
Encumbrances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conventional Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 Forest Place |
|
High Rise |
|
Dec-97 |
|
Oak Park, IL |
|
|
1987 |
|
|
|
234 |
|
|
$ |
2,664 |
|
|
$ |
18,815 |
|
|
$ |
5,790 |
|
|
$ |
2,664 |
|
|
$ |
24,605 |
|
|
$ |
27,269 |
|
|
$ |
(9,484 |
) |
|
$ |
17,785 |
|
|
$ |
27,347 |
|
1582 First Avenue |
|
High Rise |
|
Mar-05 |
|
New York, NY |
|
|
1900 |
|
|
|
17 |
|
|
|
4,250 |
|
|
|
752 |
|
|
|
256 |
|
|
|
4,281 |
|
|
|
977 |
|
|
|
5,258 |
|
|
|
(308 |
) |
|
|
4,950 |
|
|
|
2,639 |
|
173 E. 90th Street |
|
High Rise |
|
May-04 |
|
New York, NY |
|
|
1910 |
|
|
|
72 |
|
|
|
11,773 |
|
|
|
4,535 |
|
|
|
2,369 |
|
|
|
12,067 |
|
|
|
6,610 |
|
|
|
18,677 |
|
|
|
(1,598 |
) |
|
|
17,079 |
|
|
|
8,481 |
|
182-188 Columbus Avenue |
|
Mid Rise |
|
Feb-07 |
|
New York, NY |
|
|
1910 |
|
|
|
32 |
|
|
|
17,187 |
|
|
|
3,300 |
|
|
|
4,066 |
|
|
|
19,123 |
|
|
|
5,430 |
|
|
|
24,553 |
|
|
|
(1,266 |
) |
|
|
23,287 |
|
|
|
13,471 |
|
204-206 West 133rd Street |
|
Mid Rise |
|
Jun-07 |
|
New York, NY |
|
|
1910 |
|
|
|
44 |
|
|
|
3,291 |
|
|
|
1,450 |
|
|
|
2,023 |
|
|
|
4,352 |
|
|
|
2,412 |
|
|
|
6,764 |
|
|
|
(441 |
) |
|
|
6,323 |
|
|
|
3,132 |
|
2232-2240 Seventh Avenue |
|
Mid Rise |
|
Jun-07 |
|
New York, NY |
|
|
1910 |
|
|
|
24 |
|
|
|
2,863 |
|
|
|
3,785 |
|
|
|
1,530 |
|
|
|
3,366 |
|
|
|
4,812 |
|
|
|
8,178 |
|
|
|
(743 |
) |
|
|
7,435 |
|
|
|
2,973 |
|
2247-2253 Seventh Avenue |
|
Mid Rise |
|
Jun-07 |
|
New York, NY |
|
|
1910 |
|
|
|
35 |
|
|
|
6,787 |
|
|
|
3,335 |
|
|
|
1,775 |
|
|
|
7,356 |
|
|
|
4,541 |
|
|
|
11,897 |
|
|
|
(848 |
) |
|
|
11,049 |
|
|
|
5,483 |
|
2252-2258 Seventh Avenue |
|
Mid Rise |
|
Jun-07 |
|
New York, NY |
|
|
1910 |
|
|
|
35 |
|
|
|
3,623 |
|
|
|
4,504 |
|
|
|
1,914 |
|
|
|
4,318 |
|
|
|
5,723 |
|
|
|
10,041 |
|
|
|
(1,027 |
) |
|
|
9,014 |
|
|
|
5,125 |
|
2300-2310 Seventh Avenue |
|
Mid Rise |
|
Jun-07 |
|
New York, NY |
|
|
1910 |
|
|
|
63 |
|
|
|
8,623 |
|
|
|
6,964 |
|
|
|
5,618 |
|
|
|
10,417 |
|
|
|
10,788 |
|
|
|
21,205 |
|
|
|
(2,073 |
) |
|
|
19,132 |
|
|
|
9,896 |
|
236 - 238 East 88th Street |
|
High Rise |
|
Jan-04 |
|
New York, NY |
|
|
1900 |
|
|
|
43 |
|
|
|
8,751 |
|
|
|
2,914 |
|
|
|
1,353 |
|
|
|
8,820 |
|
|
|
4,198 |
|
|
|
13,018 |
|
|
|
(1,360 |
) |
|
|
11,658 |
|
|
|
6,736 |
|
237-239 Ninth Avenue |
|
High Rise |
|
Mar-05 |
|
New York, NY |
|
|
1900 |
|
|
|
36 |
|
|
|
8,430 |
|
|
|
1,866 |
|
|
|
775 |
|
|
|
8,494 |
|
|
|
2,577 |
|
|
|
11,071 |
|
|
|
(775 |
) |
|
|
10,296 |
|
|
|
5,165 |
|
240 West 73rd Street, LLC |
|
High Rise |
|
Sep-04 |
|
New York, NY |
|
|
1900 |
|
|
|
200 |
|
|
|
68,006 |
|
|
|
12,140 |
|
|
|
4,131 |
|
|
|
68,109 |
|
|
|
16,168 |
|
|
|
84,277 |
|
|
|
(3,626 |
) |
|
|
80,651 |
|
|
|
29,668 |
|
2484 Seventh Avenue |
|
Mid Rise |
|
Jun-07 |
|
New York, NY |
|
|
1921 |
|
|
|
23 |
|
|
|
2,384 |
|
|
|
1,726 |
|
|
|
497 |
|
|
|
2,601 |
|
|
|
2,006 |
|
|
|
4,607 |
|
|
|
(340 |
) |
|
|
4,267 |
|
|
|
2,472 |
|
2900 on First Apartments |
|
Mid Rise |
|
Oct-08 |
|
Seattle, WA |
|
|
1989 |
|
|
|
135 |
|
|
|
19,015 |
|
|
|
17,518 |
|
|
|
613 |
|
|
|
19,071 |
|
|
|
18,075 |
|
|
|
37,146 |
|
|
|
(1,546 |
) |
|
|
35,600 |
|
|
|
20,400 |
|
306 East 89th Street |
|
High Rise |
|
Jul-04 |
|
New York, NY |
|
|
1930 |
|
|
|
20 |
|
|
|
2,659 |
|
|
|
1,006 |
|
|
|
168 |
|
|
|
2,681 |
|
|
|
1,152 |
|
|
|
3,833 |
|
|
|
(405 |
) |
|
|
3,428 |
|
|
|
1,885 |
|
311 & 313 East 73rd Street |
|
Mid Rise |
|
Mar-03 |
|
New York, NY |
|
|
1904 |
|
|
|
34 |
|
|
|
5,635 |
|
|
|
1,609 |
|
|
|
552 |
|
|
|
5,678 |
|
|
|
2,118 |
|
|
|
7,796 |
|
|
|
(1,088 |
) |
|
|
6,708 |
|
|
|
2,703 |
|
322-324 East 61st Street |
|
High Rise |
|
Mar-05 |
|
New York, NY |
|
|
1900 |
|
|
|
40 |
|
|
|
6,319 |
|
|
|
2,224 |
|
|
|
729 |
|
|
|
6,372 |
|
|
|
2,900 |
|
|
|
9,272 |
|
|
|
(881 |
) |
|
|
8,391 |
|
|
|
3,627 |
|
3400 Avenue of the Arts |
|
Mid Rise |
|
Mar-02 |
|
Costa Mesa, CA |
|
|
1987 |
|
|
|
770 |
|
|
|
55,223 |
|
|
|
65,506 |
|
|
|
73,569 |
|
|
|
57,240 |
|
|
|
137,058 |
|
|
|
194,298 |
|
|
|
(43,291 |
) |
|
|
151,007 |
|
|
|
118,280 |
|
452 East 78th Street |
|
High Rise |
|
Jan-04 |
|
New York, NY |
|
|
1900 |
|
|
|
12 |
|
|
|
1,966 |
|
|
|
608 |
|
|
|
285 |
|
|
|
1,982 |
|
|
|
877 |
|
|
|
2,859 |
|
|
|
(289 |
) |
|
|
2,570 |
|
|
|
1,567 |
|
464-466 Amsterdam & 200-210 W.
83rd Street |
|
Mid Rise |
|
Feb-07 |
|
New York, NY |
|
|
1910 |
|
|
|
72 |
|
|
|
23,677 |
|
|
|
7,101 |
|
|
|
4,367 |
|
|
|
25,552 |
|
|
|
9,593 |
|
|
|
35,145 |
|
|
|
(1,755 |
) |
|
|
33,390 |
|
|
|
19,679 |
|
510 East 88th Street |
|
High Rise |
|
Jan-04 |
|
New York, NY |
|
|
1900 |
|
|
|
20 |
|
|
|
3,137 |
|
|
|
1,002 |
|
|
|
287 |
|
|
|
3,163 |
|
|
|
1,263 |
|
|
|
4,426 |
|
|
|
(359 |
) |
|
|
4,067 |
|
|
|
2,579 |
|
514-516 East 88th Street |
|
High Rise |
|
Mar-05 |
|
New York, NY |
|
|
1900 |
|
|
|
36 |
|
|
|
6,230 |
|
|
|
2,168 |
|
|
|
569 |
|
|
|
6,282 |
|
|
|
2,685 |
|
|
|
8,967 |
|
|
|
(765 |
) |
|
|
8,202 |
|
|
|
4,553 |
|
656 St. Nicholas Avenue |
|
Mid Rise |
|
Jun-07 |
|
New York, NY |
|
|
1920 |
|
|
|
31 |
|
|
|
2,731 |
|
|
|
1,636 |
|
|
|
2,823 |
|
|
|
3,576 |
|
|
|
3,614 |
|
|
|
7,190 |
|
|
|
(739 |
) |
|
|
6,451 |
|
|
|
2,375 |
|
707 Leahy |
|
Garden |
|
Apr-07 |
|
Redwood City, CA |
|
|
1973 |
|
|
|
111 |
|
|
|
15,352 |
|
|
|
7,909 |
|
|
|
4,407 |
|
|
|
15,444 |
|
|
|
12,224 |
|
|
|
27,668 |
|
|
|
(2,269 |
) |
|
|
25,399 |
|
|
|
14,983 |
|
759 St. Nicholas Avenue |
|
Mid Rise |
|
Oct-07 |
|
New York, NY |
|
|
1920 |
|
|
|
9 |
|
|
|
682 |
|
|
|
535 |
|
|
|
683 |
|
|
|
1,013 |
|
|
|
887 |
|
|
|
1,900 |
|
|
|
(138 |
) |
|
|
1,762 |
|
|
|
545 |
|
865 Bellevue |
|
Garden |
|
Jul-00 |
|
Nashville, TN |
|
|
1972 |
|
|
|
326 |
|
|
|
3,558 |
|
|
|
12,037 |
|
|
|
27,236 |
|
|
|
3,558 |
|
|
|
39,273 |
|
|
|
42,831 |
|
|
|
(15,414 |
) |
|
|
27,417 |
|
|
|
18,951 |
|
Arbors, The |
|
Garden |
|
Oct-97 |
|
Tempe, AZ |
|
|
1967 |
|
|
|
200 |
|
|
|
1,092 |
|
|
|
6,208 |
|
|
|
3,378 |
|
|
|
1,092 |
|
|
|
9,586 |
|
|
|
10,678 |
|
|
|
(4,505 |
) |
|
|
6,173 |
|
|
|
6,655 |
|
Arbours Of Hermitage, The |
|
Garden |
|
Jul-00 |
|
Hermitage, TN |
|
|
1972 |
|
|
|
350 |
|
|
|
3,217 |
|
|
|
12,023 |
|
|
|
7,326 |
|
|
|
3,217 |
|
|
|
19,349 |
|
|
|
22,566 |
|
|
|
(8,540 |
) |
|
|
14,026 |
|
|
|
10,059 |
|
Auburn Glen |
|
Garden |
|
Dec-06 |
|
Jacksonville, FL |
|
|
1974 |
|
|
|
251 |
|
|
|
7,483 |
|
|
|
8,191 |
|
|
|
3,441 |
|
|
|
7,670 |
|
|
|
11,445 |
|
|
|
19,115 |
|
|
|
(2,767 |
) |
|
|
16,348 |
|
|
|
9,765 |
|
BaLaye |
|
Garden |
|
Apr-06 |
|
Tampa, FL |
|
|
2002 |
|
|
|
324 |
|
|
|
10,329 |
|
|
|
28,800 |
|
|
|
1,261 |
|
|
|
10,608 |
|
|
|
29,782 |
|
|
|
40,390 |
|
|
|
(5,202 |
) |
|
|
35,188 |
|
|
|
22,658 |
|
Bank Lofts |
|
High Rise |
|
Apr-01 |
|
Denver, CO |
|
|
1920 |
|
|
|
117 |
|
|
|
3,525 |
|
|
|
9,045 |
|
|
|
1,786 |
|
|
|
3,525 |
|
|
|
10,831 |
|
|
|
14,356 |
|
|
|
(5,080 |
) |
|
|
9,276 |
|
|
|
7,138 |
|
Bay Parc Plaza |
|
High Rise |
|
Sep-04 |
|
Miami, FL |
|
|
2000 |
|
|
|
471 |
|
|
|
22,680 |
|
|
|
41,847 |
|
|
|
4,346 |
|
|
|
22,680 |
|
|
|
46,193 |
|
|
|
68,873 |
|
|
|
(8,063 |
) |
|
|
60,810 |
|
|
|
45,835 |
|
Bay Ridge at Nashua |
|
Garden |
|
Jan-03 |
|
Nashua, NH |
|
|
1984 |
|
|
|
412 |
|
|
|
3,352 |
|
|
|
40,713 |
|
|
|
7,031 |
|
|
|
3,262 |
|
|
|
47,834 |
|
|
|
51,096 |
|
|
|
(12,617 |
) |
|
|
38,479 |
|
|
|
40,337 |
|
Bayberry Hill Estates |
|
Garden |
|
Aug-02 |
|
Framingham, MA |
|
|
1971 |
|
|
|
424 |
|
|
|
18,915 |
|
|
|
35,945 |
|
|
|
11,382 |
|
|
|
18,916 |
|
|
|
47,326 |
|
|
|
66,242 |
|
|
|
(16,011 |
) |
|
|
50,231 |
|
|
|
34,820 |
|
Boston Lofts |
|
High Rise |
|
Apr-01 |
|
Denver, CO |
|
|
1890 |
|
|
|
158 |
|
|
|
3,447 |
|
|
|
20,589 |
|
|
|
3,304 |
|
|
|
3,447 |
|
|
|
23,893 |
|
|
|
27,340 |
|
|
|
(10,686 |
) |
|
|
16,654 |
|
|
|
14,582 |
|
Boulder Creek |
|
Garden |
|
Jul-94 |
|
Boulder, CO |
|
|
1973 |
|
|
|
221 |
|
|
|
755 |
|
|
|
7,730 |
|
|
|
17,237 |
|
|
|
755 |
|
|
|
24,967 |
|
|
|
25,722 |
|
|
|
(12,807 |
) |
|
|
12,915 |
|
|
|
11,311 |
|
Brandywine |
|
Garden |
|
Jul-94 |
|
St. Petersburg, FL |
|
|
1972 |
|
|
|
477 |
|
|
|
1,437 |
|
|
|
12,725 |
|
|
|
9,193 |
|
|
|
1,437 |
|
|
|
21,918 |
|
|
|
23,355 |
|
|
|
(14,848 |
) |
|
|
8,507 |
|
|
|
20,838 |
|
Breakers, The |
|
Garden |
|
Oct-98 |
|
Daytona Beach, FL |
|
|
1985 |
|
|
|
208 |
|
|
|
1,008 |
|
|
|
5,507 |
|
|
|
3,349 |
|
|
|
1,008 |
|
|
|
8,856 |
|
|
|
9,864 |
|
|
|
(4,261 |
) |
|
|
5,603 |
|
|
|
6,207 |
|
Broadcast Center |
|
Garden |
|
Mar-02 |
|
Los Angeles, CA |
|
|
1990 |
|
|
|
279 |
|
|
|
27,603 |
|
|
|
41,244 |
|
|
|
29,464 |
|
|
|
29,407 |
|
|
|
68,904 |
|
|
|
98,311 |
|
|
|
(20,934 |
) |
|
|
77,377 |
|
|
|
55,875 |
|
Buena Vista |
|
Mid Rise |
|
Jan-06 |
|
Pasadena, CA |
|
|
1973 |
|
|
|
92 |
|
|
|
9,693 |
|
|
|
6,818 |
|
|
|
1,178 |
|
|
|
9,693 |
|
|
|
7,996 |
|
|
|
17,689 |
|
|
|
(1,207 |
) |
|
|
16,482 |
|
|
|
10,476 |
|
Burke Shire Commons |
|
Garden |
|
Mar-01 |
|
Burke, VA |
|
|
1986 |
|
|
|
360 |
|
|
|
4,867 |
|
|
|
23,617 |
|
|
|
4,216 |
|
|
|
4,867 |
|
|
|
27,833 |
|
|
|
32,700 |
|
|
|
(11,376 |
) |
|
|
21,324 |
|
|
|
31,607 |
|
Calhoun Beach Club |
|
High Rise |
|
Dec-98 |
|
Minneapolis, MN |
|
|
1928 |
|
|
|
332 |
|
|
|
11,708 |
|
|
|
73,334 |
|
|
|
47,028 |
|
|
|
11,708 |
|
|
|
120,362 |
|
|
|
132,070 |
|
|
|
(45,129 |
) |
|
|
86,941 |
|
|
|
48,548 |
|
Canterbury Green |
|
Garden |
|
Dec-99 |
|
Fort Wayne, IN |
|
|
1970 |
|
|
|
1,988 |
|
|
|
13,659 |
|
|
|
73,115 |
|
|
|
27,161 |
|
|
|
13,659 |
|
|
|
100,276 |
|
|
|
113,935 |
|
|
|
(50,369 |
) |
|
|
63,566 |
|
|
|
52,666 |
|
Canyon Terrace |
|
Garden |
|
Mar-02 |
|
Saugus, CA |
|
|
1984 |
|
|
|
130 |
|
|
|
7,300 |
|
|
|
6,602 |
|
|
|
6,192 |
|
|
|
7,508 |
|
|
|
12,586 |
|
|
|
20,094 |
|
|
|
(4,449 |
) |
|
|
15,645 |
|
|
|
10,598 |
|
Casa del Mar at Baymeadows |
|
Garden |
|
Oct-06 |
|
Jacksonville, FL |
|
|
1984 |
|
|
|
144 |
|
|
|
4,902 |
|
|
|
10,562 |
|
|
|
1,570 |
|
|
|
5,039 |
|
|
|
11,995 |
|
|
|
17,034 |
|
|
|
(2,302 |
) |
|
|
14,732 |
|
|
|
9,294 |
|
Cedar Rim |
|
Garden |
|
Apr-00 |
|
Newcastle, WA |
|
|
1980 |
|
|
|
104 |
|
|
|
761 |
|
|
|
5,218 |
|
|
|
17,275 |
|
|
|
761 |
|
|
|
22,493 |
|
|
|
23,254 |
|
|
|
(12,073 |
) |
|
|
11,181 |
|
|
|
7,772 |
|
Center Square |
|
High Rise |
|
Oct-99 |
|
Doylestown, PA |
|
|
1975 |
|
|
|
350 |
|
|
|
582 |
|
|
|
4,190 |
|
|
|
3,648 |
|
|
|
582 |
|
|
|
7,838 |
|
|
|
8,420 |
|
|
|
(3,479 |
) |
|
|
4,941 |
|
|
|
14,644 |
|
Charleston Landing |
|
Garden |
|
Sep-00 |
|
Brandon, FL |
|
|
1985 |
|
|
|
300 |
|
|
|
7,488 |
|
|
|
8,656 |
|
|
|
7,971 |
|
|
|
7,488 |
|
|
|
16,627 |
|
|
|
24,115 |
|
|
|
(7,051 |
) |
|
|
17,064 |
|
|
|
13,057 |
|
Chesapeake Landing I |
|
Garden |
|
Sep-00 |
|
Aurora, IL |
|
|
1986 |
|
|
|
416 |
|
|
|
15,800 |
|
|
|
16,875 |
|
|
|
5,621 |
|
|
|
15,800 |
|
|
|
22,496 |
|
|
|
38,296 |
|
|
|
(8,693 |
) |
|
|
29,603 |
|
|
|
24,331 |
|
Chesapeake Landing II |
|
Garden |
|
Mar-01 |
|
Aurora, IL |
|
|
1987 |
|
|
|
184 |
|
|
|
1,969 |
|
|
|
7,980 |
|
|
|
3,745 |
|
|
|
1,969 |
|
|
|
11,725 |
|
|
|
13,694 |
|
|
|
(5,276 |
) |
|
|
8,418 |
|
|
|
10,099 |
|
Chestnut Hall |
|
High Rise |
|
Oct-06 |
|
Philadelphia, PA |
|
|
1923 |
|
|
|
315 |
|
|
|
12,047 |
|
|
|
14,299 |
|
|
|
5,256 |
|
|
|
12,338 |
|
|
|
19,264 |
|
|
|
31,602 |
|
|
|
(5,490 |
) |
|
|
26,112 |
|
|
|
18,356 |
|
Chestnut Hill |
|
Garden |
|
Apr-00 |
|
Philadelphia, PA |
|
|
1963 |
|
|
|
821 |
|
|
|
6,463 |
|
|
|
49,315 |
|
|
|
49,521 |
|
|
|
6,463 |
|
|
|
98,836 |
|
|
|
105,299 |
|
|
|
(43,941 |
) |
|
|
61,358 |
|
|
|
58,962 |
|
Chimneys of Cradle Rock |
|
Garden |
|
Jun-04 |
|
Columbia, MD |
|
|
1979 |
|
|
|
198 |
|
|
|
2,234 |
|
|
|
8,107 |
|
|
|
911 |
|
|
|
2,040 |
|
|
|
9,212 |
|
|
|
11,252 |
|
|
|
(2,702 |
) |
|
|
8,550 |
|
|
|
16,494 |
|
Colonnade Gardens |
|
Garden |
|
Oct-97 |
|
Phoenix, AZ |
|
|
1973 |
|
|
|
196 |
|
|
|
766 |
|
|
|
4,346 |
|
|
|
3,011 |
|
|
|
766 |
|
|
|
7,357 |
|
|
|
8,123 |
|
|
|
(4,004 |
) |
|
|
4,119 |
|
|
|
1,464 |
|
Colony at Kenilworth |
|
Garden |
|
Oct-99 |
|
Towson, MD |
|
|
1966 |
|
|
|
383 |
|
|
|
2,403 |
|
|
|
18,798 |
|
|
|
14,392 |
|
|
|
2,403 |
|
|
|
33,190 |
|
|
|
35,593 |
|
|
|
(16,540 |
) |
|
|
19,053 |
|
|
|
24,128 |
|
Columbus Avenue |
|
Mid Rise |
|
Sep-03 |
|
New York, NY |
|
|
1880 |
|
|
|
59 |
|
|
|
35,472 |
|
|
|
9,450 |
|
|
|
3,763 |
|
|
|
35,527 |
|
|
|
13,158 |
|
|
|
48,685 |
|
|
|
(5,818 |
) |
|
|
42,867 |
|
|
|
25,324 |
|
Country Lakes I |
|
Garden |
|
Apr-01 |
|
Naperville, IL |
|
|
1982 |
|
|
|
240 |
|
|
|
8,512 |
|
|
|
10,832 |
|
|
|
3,422 |
|
|
|
8,512 |
|
|
|
14,254 |
|
|
|
22,766 |
|
|
|
(5,882 |
) |
|
|
16,884 |
|
|
|
14,367 |
|
Country Lakes II |
|
Garden |
|
May-97 |
|
Naperville, IL |
|
|
1986 |
|
|
|
400 |
|
|
|
5,165 |
|
|
|
29,430 |
|
|
|
6,072 |
|
|
|
5,165 |
|
|
|
35,502 |
|
|
|
40,667 |
|
|
|
(15,568 |
) |
|
|
25,099 |
|
|
|
24,539 |
|
Creekside |
|
Garden |
|
Jan-00 |
|
Denver, CO |
|
|
1974 |
|
|
|
328 |
|
|
|
2,953 |
|
|
|
12,697 |
|
|
|
5,668 |
|
|
|
3,189 |
|
|
|
18,129 |
|
|
|
21,318 |
|
|
|
(8,709 |
) |
|
|
12,609 |
|
|
|
14,157 |
|
Creekside |
|
Garden |
|
Mar-02 |
|
Simi Valley, CA |
|
|
1985 |
|
|
|
397 |
|
|
|
24,595 |
|
|
|
18,818 |
|
|
|
7,149 |
|
|
|
25,245 |
|
|
|
25,317 |
|
|
|
50,562 |
|
|
|
(9,342 |
) |
|
|
41,220 |
|
|
|
40,670 |
|
Crescent at West Hollywood, The |
|
Mid Rise |
|
Mar-02 |
|
West Hollywood, CA |
|
|
1985 |
|
|
|
130 |
|
|
|
15,382 |
|
|
|
10,215 |
|
|
|
15,245 |
|
|
|
15,765 |
|
|
|
25,077 |
|
|
|
40,842 |
|
|
|
(11,723 |
) |
|
|
29,119 |
|
|
|
24,195 |
|
Douglaston Villas and Townhomes |
|
Garden |
|
Aug-99 |
|
Altamonte Springs, FL |
|
|
1979 |
|
|
|
234 |
|
|
|
1,666 |
|
|
|
9,353 |
|
|
|
7,941 |
|
|
|
1,666 |
|
|
|
17,294 |
|
|
|
18,960 |
|
|
|
(7,378 |
) |
|
|
11,582 |
|
|
|
10,384 |
|
Elm Creek |
|
Mid Rise |
|
Dec-97 |
|
Elmhurst, IL |
|
|
1987 |
|
|
|
372 |
|
|
|
5,534 |
|
|
|
30,830 |
|
|
|
17,543 |
|
|
|
5,635 |
|
|
|
48,272 |
|
|
|
53,907 |
|
|
|
(21,197 |
) |
|
|
32,710 |
|
|
|
34,695 |
|
Evanston Place |
|
High Rise |
|
Dec-97 |
|
Evanston, IL |
|
|
1990 |
|
|
|
189 |
|
|
|
3,232 |
|
|
|
25,546 |
|
|
|
4,453 |
|
|
|
3,232 |
|
|
|
29,999 |
|
|
|
33,231 |
|
|
|
(11,529 |
) |
|
|
21,702 |
|
|
|
21,417 |
|
Farmingdale |
|
Mid Rise |
|
Oct-00 |
|
Darien, IL |
|
|
1975 |
|
|
|
240 |
|
|
|
11,763 |
|
|
|
15,174 |
|
|
|
9,317 |
|
|
|
11,763 |
|
|
|
24,491 |
|
|
|
36,254 |
|
|
|
(11,145 |
) |
|
|
25,109 |
|
|
|
17,349 |
|
Ferntree |
|
Garden |
|
Mar-01 |
|
Phoenix, AZ |
|
|
1968 |
|
|
|
219 |
|
|
|
2,078 |
|
|
|
13,752 |
|
|
|
3,462 |
|
|
|
2,079 |
|
|
|
17,213 |
|
|
|
19,292 |
|
|
|
(7,186 |
) |
|
|
12,106 |
|
|
|
6,977 |
|
Fishermans Wharf |
|
Garden |
|
Nov-96 |
|
Clute, TX |
|
|
1981 |
|
|
|
360 |
|
|
|
1,257 |
|
|
|
7,584 |
|
|
|
5,757 |
|
|
|
1,257 |
|
|
|
13,341 |
|
|
|
14,598 |
|
|
|
(6,252 |
) |
|
|
8,346 |
|
|
|
6,852 |
|
70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
|
|
(3) |
|
|
|
|
|
|
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
|
Cost Capitalized |
|
|
December 31, 2010 |
|
|
|
Property |
|
Date |
|
|
|
Year |
|
Number |
|
|
|
|
|
|
Buildings and |
|
|
Subsequent to |
|
|
|
|
|
|
Buildings and |
|
|
(4) |
|
|
Accumulated |
|
|
Total Cost |
|
|
|
|
Property Name |
|
Type |
|
Consolidated |
|
Location |
|
Built |
|
of Units |
|
|
Land |
|
|
Improvements |
|
|
Consolidation |
|
|
Land |
|
|
Improvements |
|
|
Total |
|
|
Depreciation (AD) |
|
|
Net of AD |
|
|
Encumbrances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flamingo Towers |
|
High Rise |
|
Sep-97 |
|
Miami Beach, FL |
|
|
1960 |
|
|
|
1,127 |
|
|
|
32,191 |
|
|
|
38,399 |
|
|
|
220,608 |
|
|
|
32,239 |
|
|
|
258,959 |
|
|
|
291,198 |
|
|
|
(105,723 |
) |
|
|
185,475 |
|
|
|
117,541 |
|
Forestlake Apartments |
|
Garden |
|
Mar-07 |
|
Daytona Beach, FL |
|
|
1982 |
|
|
|
120 |
|
|
|
3,691 |
|
|
|
4,320 |
|
|
|
610 |
|
|
|
3,860 |
|
|
|
4,761 |
|
|
|
8,621 |
|
|
|
(838 |
) |
|
|
7,783 |
|
|
|
4,658 |
|
Four Quarters Habitat |
|
Garden |
|
Jan-06 |
|
Miami, FL |
|
|
1976 |
|
|
|
336 |
|
|
|
2,383 |
|
|
|
17,199 |
|
|
|
16,848 |
|
|
|
2,379 |
|
|
|
34,051 |
|
|
|
36,430 |
|
|
|
(13,301 |
) |
|
|
23,129 |
|
|
|
10,974 |
|
Foxchase |
|
Garden |
|
Dec-97 |
|
Alexandria, VA |
|
|
1940 |
|
|
|
2,113 |
|
|
|
15,419 |
|
|
|
96,062 |
|
|
|
34,962 |
|
|
|
15,496 |
|
|
|
130,947 |
|
|
|
146,443 |
|
|
|
(61,112 |
) |
|
|
85,331 |
|
|
|
218,590 |
|
Georgetown |
|
Garden |
|
Aug-02 |
|
Framingham, MA |
|
|
1964 |
|
|
|
207 |
|
|
|
12,351 |
|
|
|
13,168 |
|
|
|
2,216 |
|
|
|
12,351 |
|
|
|
15,384 |
|
|
|
27,735 |
|
|
|
(5,123 |
) |
|
|
22,612 |
|
|
|
12,070 |
|
Glen at Forestlake, The |
|
Garden |
|
Mar-07 |
|
Daytona Beach, FL |
|
|
1982 |
|
|
|
26 |
|
|
|
897 |
|
|
|
862 |
|
|
|
209 |
|
|
|
933 |
|
|
|
1,035 |
|
|
|
1,968 |
|
|
|
(174 |
) |
|
|
1,794 |
|
|
|
1,022 |
|
Granada |
|
Mid Rise |
|
Aug-02 |
|
Framingham, MA |
|
|
1958 |
|
|
|
72 |
|
|
|
4,577 |
|
|
|
4,058 |
|
|
|
881 |
|
|
|
4,577 |
|
|
|
4,939 |
|
|
|
9,516 |
|
|
|
(2,292 |
) |
|
|
7,224 |
|
|
|
4,040 |
|
Grand Pointe |
|
Garden |
|
Dec-99 |
|
Columbia, MD |
|
|
1972 |
|
|
|
325 |
|
|
|
2,715 |
|
|
|
16,771 |
|
|
|
5,613 |
|
|
|
2,715 |
|
|
|
22,384 |
|
|
|
25,099 |
|
|
|
(9,121 |
) |
|
|
15,978 |
|
|
|
16,690 |
|
Greens |
|
Garden |
|
Jul-94 |
|
Chandler, AZ |
|
|
2000 |
|
|
|
324 |
|
|
|
2,303 |
|
|
|
713 |
|
|
|
27,389 |
|
|
|
2,303 |
|
|
|
28,102 |
|
|
|
30,405 |
|
|
|
(14,494 |
) |
|
|
15,911 |
|
|
|
12,087 |
|
Greenspoint at Paradise Valley |
|
Garden |
|
Jan-00 |
|
Phoenix, AZ |
|
|
1985 |
|
|
|
336 |
|
|
|
3,042 |
|
|
|
13,223 |
|
|
|
12,552 |
|
|
|
3,042 |
|
|
|
25,775 |
|
|
|
28,817 |
|
|
|
(13,733 |
) |
|
|
15,084 |
|
|
|
15,884 |
|
Hampden Heights |
|
Garden |
|
Jan-00 |
|
Denver, CO |
|
|
1973 |
|
|
|
376 |
|
|
|
3,224 |
|
|
|
12,905 |
|
|
|
6,885 |
|
|
|
3,453 |
|
|
|
19,561 |
|
|
|
23,014 |
|
|
|
(9,518 |
) |
|
|
13,496 |
|
|
|
13,639 |
|
Harbour, The |
|
Garden |
|
Mar-01 |
|
Melbourne, FL |
|
|
1987 |
|
|
|
162 |
|
|
|
4,108 |
|
|
|
3,563 |
|
|
|
6,360 |
|
|
|
4,108 |
|
|
|
9,923 |
|
|
|
14,031 |
|
|
|
(3,661 |
) |
|
|
10,370 |
|
|
|
|
|
Heritage Park at Alta Loma |
|
Garden |
|
Jan-01 |
|
Alta Loma, CA |
|
|
1986 |
|
|
|
232 |
|
|
|
1,200 |
|
|
|
6,428 |
|
|
|
3,621 |
|
|
|
1,200 |
|
|
|
10,049 |
|
|
|
11,249 |
|
|
|
(4,108 |
) |
|
|
7,141 |
|
|
|
7,264 |
|
Heritage Park Escondido |
|
Garden |
|
Oct-00 |
|
Escondido, CA |
|
|
1986 |
|
|
|
196 |
|
|
|
1,055 |
|
|
|
7,565 |
|
|
|
1,454 |
|
|
|
1,055 |
|
|
|
9,019 |
|
|
|
10,074 |
|
|
|
(4,474 |
) |
|
|
5,600 |
|
|
|
7,299 |
|
Heritage Park Livermore |
|
Garden |
|
Oct-00 |
|
Livermore, CA |
|
|
1988 |
|
|
|
167 |
|
|
|
1,039 |
|
|
|
9,170 |
|
|
|
1,434 |
|
|
|
1,039 |
|
|
|
10,604 |
|
|
|
11,643 |
|
|
|
(5,029 |
) |
|
|
6,614 |
|
|
|
7,532 |
|
Heritage Park Montclair |
|
Garden |
|
Mar-01 |
|
Montclair, CA |
|
|
1985 |
|
|
|
144 |
|
|
|
690 |
|
|
|
4,149 |
|
|
|
1,279 |
|
|
|
690 |
|
|
|
5,428 |
|
|
|
6,118 |
|
|
|
(2,149 |
) |
|
|
3,969 |
|
|
|
4,620 |
|
Heritage Village Anaheim |
|
Garden |
|
Oct-00 |
|
Anaheim, CA |
|
|
1986 |
|
|
|
196 |
|
|
|
1,832 |
|
|
|
8,541 |
|
|
|
1,821 |
|
|
|
1,832 |
|
|
|
10,362 |
|
|
|
12,194 |
|
|
|
(5,210 |
) |
|
|
6,984 |
|
|
|
8,858 |
|
Hidden Cove |
|
Garden |
|
Jul-98 |
|
Escondido, CA |
|
|
1983 |
|
|
|
334 |
|
|
|
3,043 |
|
|
|
17,615 |
|
|
|
7,524 |
|
|
|
3,043 |
|
|
|
25,139 |
|
|
|
28,182 |
|
|
|
(11,328 |
) |
|
|
16,854 |
|
|
|
30,561 |
|
Hidden Cove II |
|
Garden |
|
Jul-07 |
|
Escondido, CA |
|
|
1986 |
|
|
|
117 |
|
|
|
12,730 |
|
|
|
6,530 |
|
|
|
5,614 |
|
|
|
12,849 |
|
|
|
12,025 |
|
|
|
24,874 |
|
|
|
(2,919 |
) |
|
|
21,955 |
|
|
|
11,420 |
|
Hidden Harbour |
|
Garden |
|
Oct-02 |
|
Melbourne, FL |
|
|
1985 |
|
|
|
216 |
|
|
|
1,444 |
|
|
|
7,590 |
|
|
|
5,500 |
|
|
|
1,444 |
|
|
|
13,090 |
|
|
|
14,534 |
|
|
|
(4,211 |
) |
|
|
10,323 |
|
|
|
|
|
Highcrest Townhomes |
|
Town Home |
|
Jan-03 |
|
Woodridge, IL |
|
|
1968 |
|
|
|
176 |
|
|
|
3,045 |
|
|
|
13,452 |
|
|
|
1,727 |
|
|
|
3,045 |
|
|
|
15,179 |
|
|
|
18,224 |
|
|
|
(6,713 |
) |
|
|
11,511 |
|
|
|
10,724 |
|
Hillcreste |
|
Garden |
|
Mar-02 |
|
Century City, CA |
|
|
1989 |
|
|
|
315 |
|
|
|
33,755 |
|
|
|
47,216 |
|
|
|
26,126 |
|
|
|
35,862 |
|
|
|
71,235 |
|
|
|
107,097 |
|
|
|
(25,749 |
) |
|
|
81,348 |
|
|
|
56,594 |
|
Hillmeade |
|
Garden |
|
Nov-94 |
|
Nashville, TN |
|
|
1986 |
|
|
|
288 |
|
|
|
2,872 |
|
|
|
16,069 |
|
|
|
14,093 |
|
|
|
2,872 |
|
|
|
30,162 |
|
|
|
33,034 |
|
|
|
(18,098 |
) |
|
|
14,936 |
|
|
|
18,076 |
|
Horizons West Apartments |
|
Mid Rise |
|
Dec-06 |
|
Pacifica, CA |
|
|
1970 |
|
|
|
78 |
|
|
|
8,763 |
|
|
|
6,376 |
|
|
|
1,634 |
|
|
|
8,887 |
|
|
|
7,886 |
|
|
|
16,773 |
|
|
|
(1,548 |
) |
|
|
15,225 |
|
|
|
5,250 |
|
Hunt Club |
|
Garden |
|
Mar-01 |
|
Austin, TX |
|
|
1987 |
|
|
|
384 |
|
|
|
10,342 |
|
|
|
11,920 |
|
|
|
8,707 |
|
|
|
10,342 |
|
|
|
20,627 |
|
|
|
30,969 |
|
|
|
(11,288 |
) |
|
|
19,681 |
|
|
|
17,143 |
|
Hunt Club |
|
Garden |
|
Sep-00 |
|
Gaithersburg, MD |
|
|
1986 |
|
|
|
336 |
|
|
|
17,859 |
|
|
|
13,149 |
|
|
|
4,272 |
|
|
|
17,859 |
|
|
|
17,421 |
|
|
|
35,280 |
|
|
|
(7,126 |
) |
|
|
28,154 |
|
|
|
31,787 |
|
Hunters Chase |
|
Garden |
|
Jan-01 |
|
Midlothian, VA |
|
|
1985 |
|
|
|
320 |
|
|
|
7,935 |
|
|
|
7,915 |
|
|
|
3,534 |
|
|
|
7,935 |
|
|
|
11,449 |
|
|
|
19,384 |
|
|
|
(4,080 |
) |
|
|
15,304 |
|
|
|
16,169 |
|
Hunters Crossing |
|
Garden |
|
Apr-01 |
|
Leesburg, VA |
|
|
1967 |
|
|
|
164 |
|
|
|
2,244 |
|
|
|
7,763 |
|
|
|
4,360 |
|
|
|
2,244 |
|
|
|
12,123 |
|
|
|
14,367 |
|
|
|
(7,363 |
) |
|
|
7,004 |
|
|
|
6,845 |
|
Hunters Glen IV |
|
Garden |
|
Oct-99 |
|
Plainsboro, NJ |
|
|
1976 |
|
|
|
264 |
|
|
|
2,709 |
|
|
|
14,420 |
|
|
|
5,028 |
|
|
|
2,709 |
|
|
|
19,448 |
|
|
|
22,157 |
|
|
|
(10,380 |
) |
|
|
11,777 |
|
|
|
19,864 |
|
Hunters Glen V |
|
Garden |
|
Oct-99 |
|
Plainsboro, NJ |
|
|
1976 |
|
|
|
304 |
|
|
|
3,283 |
|
|
|
17,337 |
|
|
|
5,410 |
|
|
|
3,283 |
|
|
|
22,747 |
|
|
|
26,030 |
|
|
|
(12,046 |
) |
|
|
13,984 |
|
|
|
23,864 |
|
Hunters Glen VI |
|
Garden |
|
Oct-99 |
|
Plainsboro, NJ |
|
|
1976 |
|
|
|
328 |
|
|
|
2,787 |
|
|
|
15,501 |
|
|
|
6,279 |
|
|
|
2,787 |
|
|
|
21,780 |
|
|
|
24,567 |
|
|
|
(12,372 |
) |
|
|
12,195 |
|
|
|
24,838 |
|
Hyde Park Tower |
|
High Rise |
|
Oct-04 |
|
Chicago, IL |
|
|
1990 |
|
|
|
155 |
|
|
|
4,683 |
|
|
|
14,928 |
|
|
|
2,901 |
|
|
|
4,731 |
|
|
|
17,781 |
|
|
|
22,512 |
|
|
|
(3,462 |
) |
|
|
19,050 |
|
|
|
13,842 |
|
Independence Green |
|
Garden |
|
Jan-06 |
|
Farmington Hills, MI |
|
|
1960 |
|
|
|
981 |
|
|
|
10,293 |
|
|
|
24,586 |
|
|
|
21,221 |
|
|
|
10,156 |
|
|
|
45,944 |
|
|
|
56,100 |
|
|
|
(15,476 |
) |
|
|
40,624 |
|
|
|
27,372 |
|
Indian Oaks |
|
Garden |
|
Mar-02 |
|
Simi Valley, CA |
|
|
1986 |
|
|
|
254 |
|
|
|
23,927 |
|
|
|
15,801 |
|
|
|
4,086 |
|
|
|
24,523 |
|
|
|
19,291 |
|
|
|
43,814 |
|
|
|
(6,778 |
) |
|
|
37,036 |
|
|
|
32,716 |
|
Island Club |
|
Garden |
|
Oct-00 |
|
Daytona Beach, FL |
|
|
1986 |
|
|
|
204 |
|
|
|
6,086 |
|
|
|
8,571 |
|
|
|
2,330 |
|
|
|
6,087 |
|
|
|
10,900 |
|
|
|
16,987 |
|
|
|
(4,927 |
) |
|
|
12,060 |
|
|
|
8,440 |
|
Island Club |
|
Garden |
|
Oct-00 |
|
Oceanside, CA |
|
|
1986 |
|
|
|
592 |
|
|
|
18,027 |
|
|
|
28,654 |
|
|
|
12,050 |
|
|
|
18,027 |
|
|
|
40,704 |
|
|
|
58,731 |
|
|
|
(18,241 |
) |
|
|
40,490 |
|
|
|
64,102 |
|
Key Towers |
|
High Rise |
|
Apr-01 |
|
Alexandria, VA |
|
|
1964 |
|
|
|
140 |
|
|
|
1,526 |
|
|
|
7,050 |
|
|
|
5,031 |
|
|
|
1,526 |
|
|
|
12,081 |
|
|
|
13,607 |
|
|
|
(5,674 |
) |
|
|
7,933 |
|
|
|
10,736 |
|
Lakeside |
|
Garden |
|
Oct-99 |
|
Lisle, IL |
|
|
1972 |
|
|
|
568 |
|
|
|
5,840 |
|
|
|
27,937 |
|
|
|
28,990 |
|
|
|
5,840 |
|
|
|
56,927 |
|
|
|
62,767 |
|
|
|
(26,920 |
) |
|
|
35,847 |
|
|
|
29,050 |
|
Lakeside at Vinings Mountain |
|
Garden |
|
Jan-00 |
|
Atlanta, GA |
|
|
1983 |
|
|
|
220 |
|
|
|
2,109 |
|
|
|
11,863 |
|
|
|
15,288 |
|
|
|
2,109 |
|
|
|
27,151 |
|
|
|
29,260 |
|
|
|
(13,281 |
) |
|
|
15,979 |
|
|
|
9,297 |
|
Lakeside Place |
|
Garden |
|
Oct-99 |
|
Houston, TX |
|
|
1976 |
|
|
|
734 |
|
|
|
6,160 |
|
|
|
34,151 |
|
|
|
15,829 |
|
|
|
6,160 |
|
|
|
49,980 |
|
|
|
56,140 |
|
|
|
(21,691 |
) |
|
|
34,449 |
|
|
|
26,670 |
|
Lamplighter Park |
|
Garden |
|
Apr-00 |
|
Bellevue, WA |
|
|
1967 |
|
|
|
174 |
|
|
|
2,225 |
|
|
|
9,272 |
|
|
|
4,513 |
|
|
|
2,225 |
|
|
|
13,785 |
|
|
|
16,010 |
|
|
|
(7,046 |
) |
|
|
8,964 |
|
|
|
10,444 |
|
Latrobe |
|
High Rise |
|
Jan-03 |
|
Washington, DC |
|
|
1980 |
|
|
|
175 |
|
|
|
3,459 |
|
|
|
9,103 |
|
|
|
15,756 |
|
|
|
3,459 |
|
|
|
24,859 |
|
|
|
28,318 |
|
|
|
(12,479 |
) |
|
|
15,839 |
|
|
|
21,960 |
|
Lazy Hollow |
|
Garden |
|
Apr-05 |
|
Columbia, MD |
|
|
1979 |
|
|
|
178 |
|
|
|
2,424 |
|
|
|
12,181 |
|
|
|
1,075 |
|
|
|
2,424 |
|
|
|
13,256 |
|
|
|
15,680 |
|
|
|
(5,985 |
) |
|
|
9,695 |
|
|
|
13,896 |
|
Lewis Park |
|
Garden |
|
Jan-06 |
|
Carbondale, IL |
|
|
1972 |
|
|
|
269 |
|
|
|
1,407 |
|
|
|
12,193 |
|
|
|
3,403 |
|
|
|
1,404 |
|
|
|
15,599 |
|
|
|
17,003 |
|
|
|
(9,351 |
) |
|
|
7,652 |
|
|
|
3,739 |
|
Lincoln Place Garden |
|
Garden |
|
Oct-04 |
|
Venice, CA |
|
|
1951 |
|
|
|
696 |
|
|
|
43,979 |
|
|
|
10,439 |
|
|
|
99,532 |
|
|
|
42,894 |
|
|
|
111,056 |
|
|
|
153,950 |
|
|
|
(1,943 |
) |
|
|
152,007 |
|
|
|
63,000 |
|
Lodge at Chattahoochee, The |
|
Garden |
|
Oct-99 |
|
Sandy Springs, GA |
|
|
1970 |
|
|
|
312 |
|
|
|
2,320 |
|
|
|
16,370 |
|
|
|
22,232 |
|
|
|
2,320 |
|
|
|
38,602 |
|
|
|
40,922 |
|
|
|
(18,613 |
) |
|
|
22,309 |
|
|
|
10,974 |
|
Los Arboles |
|
Garden |
|
Sep-97 |
|
Chandler, AZ |
|
|
1986 |
|
|
|
232 |
|
|
|
1,662 |
|
|
|
9,504 |
|
|
|
3,522 |
|
|
|
1,662 |
|
|
|
13,026 |
|
|
|
14,688 |
|
|
|
(6,226 |
) |
|
|
8,462 |
|
|
|
7,996 |
|
Malibu Canyon |
|
Garden |
|
Mar-02 |
|
Calabasas, CA |
|
|
1986 |
|
|
|
698 |
|
|
|
66,257 |
|
|
|
53,438 |
|
|
|
35,821 |
|
|
|
69,834 |
|
|
|
85,682 |
|
|
|
155,516 |
|
|
|
(35,048 |
) |
|
|
120,468 |
|
|
|
96,233 |
|
Maple Bay |
|
Garden |
|
Dec-99 |
|
Virginia Beach, VA |
|
|
1971 |
|
|
|
414 |
|
|
|
2,598 |
|
|
|
16,141 |
|
|
|
30,168 |
|
|
|
2,598 |
|
|
|
46,309 |
|
|
|
48,907 |
|
|
|
(20,430 |
) |
|
|
28,477 |
|
|
|
32,994 |
|
Mariners Cove |
|
Garden |
|
Mar-02 |
|
San Diego, CA |
|
|
1984 |
|
|
|
500 |
|
|
|
|
|
|
|
66,861 |
|
|
|
7,555 |
|
|
|
|
|
|
|
74,416 |
|
|
|
74,416 |
|
|
|
(21,635 |
) |
|
|
52,781 |
|
|
|
4,915 |
|
Meadow Creek |
|
Garden |
|
Jul-94 |
|
Boulder, CO |
|
|
1968 |
|
|
|
332 |
|
|
|
1,435 |
|
|
|
24,532 |
|
|
|
6,526 |
|
|
|
1,435 |
|
|
|
31,058 |
|
|
|
32,493 |
|
|
|
(14,418 |
) |
|
|
18,075 |
|
|
|
23,746 |
|
Merrill House |
|
High Rise |
|
Jan-00 |
|
Falls Church, VA |
|
|
1964 |
|
|
|
159 |
|
|
|
1,836 |
|
|
|
10,831 |
|
|
|
6,423 |
|
|
|
1,836 |
|
|
|
17,254 |
|
|
|
19,090 |
|
|
|
(5,336 |
) |
|
|
13,754 |
|
|
|
15,600 |
|
Mesa Royale |
|
Garden |
|
Jul-94 |
|
Mesa, AZ |
|
|
1985 |
|
|
|
153 |
|
|
|
832 |
|
|
|
4,569 |
|
|
|
9,675 |
|
|
|
832 |
|
|
|
14,244 |
|
|
|
15,076 |
|
|
|
(6,590 |
) |
|
|
8,486 |
|
|
|
5,093 |
|
Monterey Grove |
|
Garden |
|
Jun-08 |
|
San Jose, CA |
|
|
1999 |
|
|
|
224 |
|
|
|
34,175 |
|
|
|
21,939 |
|
|
|
2,424 |
|
|
|
34,325 |
|
|
|
24,213 |
|
|
|
58,538 |
|
|
|
(2,999 |
) |
|
|
55,539 |
|
|
|
34,826 |
|
Oak Park Village |
|
Garden |
|
Oct-00 |
|
Lansing, MI |
|
|
1973 |
|
|
|
618 |
|
|
|
10,048 |
|
|
|
16,771 |
|
|
|
8,035 |
|
|
|
10,048 |
|
|
|
24,806 |
|
|
|
34,854 |
|
|
|
(14,010 |
) |
|
|
20,844 |
|
|
|
23,487 |
|
Ocean Oaks |
|
Garden |
|
May-98 |
|
Port Orange, FL |
|
|
1987 |
|
|
|
296 |
|
|
|
2,132 |
|
|
|
12,855 |
|
|
|
3,424 |
|
|
|
2,132 |
|
|
|
16,279 |
|
|
|
18,411 |
|
|
|
(7,139 |
) |
|
|
11,272 |
|
|
|
10,295 |
|
One Lytle Place |
|
High Rise |
|
Jan-00 |
|
Cincinnati, OH |
|
|
1980 |
|
|
|
231 |
|
|
|
2,662 |
|
|
|
21,800 |
|
|
|
12,916 |
|
|
|
2,662 |
|
|
|
34,716 |
|
|
|
37,378 |
|
|
|
(14,193 |
) |
|
|
23,185 |
|
|
|
15,450 |
|
Pacific Bay Vistas |
|
Garden |
|
Mar-01 |
|
San Bruno, CA |
|
|
1987 |
|
|
|
308 |
|
|
|
3,703 |
|
|
|
62,460 |
|
|
|
25,945 |
|
|
|
22,994 |
|
|
|
69,114 |
|
|
|
92,108 |
|
|
|
(55,442 |
) |
|
|
36,666 |
|
|
|
|
|
Pacifica Park |
|
Garden |
|
Jul-06 |
|
Pacifica, CA |
|
|
1977 |
|
|
|
104 |
|
|
|
12,770 |
|
|
|
6,579 |
|
|
|
3,234 |
|
|
|
12,970 |
|
|
|
9,613 |
|
|
|
22,583 |
|
|
|
(2,801 |
) |
|
|
19,782 |
|
|
|
11,049 |
|
Palazzo at Park La Brea, The |
|
Mid Rise |
|
Feb-04 |
|
Los Angeles, CA |
|
|
2002 |
|
|
|
521 |
|
|
|
47,822 |
|
|
|
125,464 |
|
|
|
11,001 |
|
|
|
48,362 |
|
|
|
135,925 |
|
|
|
184,287 |
|
|
|
(35,703 |
) |
|
|
148,584 |
|
|
|
123,809 |
|
Palazzo East at Park La Brea, The |
|
Mid Rise |
|
Mar-05 |
|
Los Angeles, CA |
|
|
2005 |
|
|
|
611 |
|
|
|
61,004 |
|
|
|
136,503 |
|
|
|
22,826 |
|
|
|
72,578 |
|
|
|
147,755 |
|
|
|
220,333 |
|
|
|
(33,073 |
) |
|
|
187,260 |
|
|
|
150,000 |
|
Paradise Palms |
|
Garden |
|
Jul-94 |
|
Phoenix, AZ |
|
|
1985 |
|
|
|
130 |
|
|
|
647 |
|
|
|
3,515 |
|
|
|
7,074 |
|
|
|
647 |
|
|
|
10,589 |
|
|
|
11,236 |
|
|
|
(6,439 |
) |
|
|
4,797 |
|
|
|
6,315 |
|
Park Towne Place |
|
High Rise |
|
Apr-00 |
|
Philadelphia, PA |
|
|
1959 |
|
|
|
959 |
|
|
|
10,451 |
|
|
|
47,301 |
|
|
|
55,507 |
|
|
|
10,451 |
|
|
|
102,808 |
|
|
|
113,259 |
|
|
|
(29,724 |
) |
|
|
83,535 |
|
|
|
85,165 |
|
Parktown Townhouses |
|
Garden |
|
Oct-99 |
|
Deer Park, TX |
|
|
1968 |
|
|
|
309 |
|
|
|
2,570 |
|
|
|
12,052 |
|
|
|
10,497 |
|
|
|
2,570 |
|
|
|
22,549 |
|
|
|
25,119 |
|
|
|
(8,886 |
) |
|
|
16,233 |
|
|
|
10,554 |
|
Parkway |
|
Garden |
|
Mar-00 |
|
Willamsburg, VA |
|
|
1971 |
|
|
|
148 |
|
|
|
386 |
|
|
|
2,834 |
|
|
|
3,326 |
|
|
|
386 |
|
|
|
6,160 |
|
|
|
6,546 |
|
|
|
(3,583 |
) |
|
|
2,963 |
|
|
|
9,128 |
|
Pathfinder Village |
|
Garden |
|
Jan-06 |
|
Fremont, CA |
|
|
1973 |
|
|
|
246 |
|
|
|
19,595 |
|
|
|
14,838 |
|
|
|
8,400 |
|
|
|
19,595 |
|
|
|
23,238 |
|
|
|
42,833 |
|
|
|
(4,555 |
) |
|
|
38,278 |
|
|
|
19,121 |
|
Peachtree Park |
|
Garden |
|
Jan-96 |
|
Atlanta, GA |
|
|
1969 |
|
|
|
303 |
|
|
|
4,683 |
|
|
|
11,713 |
|
|
|
11,744 |
|
|
|
4,683 |
|
|
|
23,457 |
|
|
|
28,140 |
|
|
|
(10,572 |
) |
|
|
17,568 |
|
|
|
9,231 |
|
Peak at Vinings Mountain, The |
|
Garden |
|
Jan-00 |
|
Atlanta, GA |
|
|
1980 |
|
|
|
280 |
|
|
|
2,651 |
|
|
|
13,660 |
|
|
|
17,806 |
|
|
|
2,651 |
|
|
|
31,466 |
|
|
|
34,117 |
|
|
|
(15,234 |
) |
|
|
18,883 |
|
|
|
10,002 |
|
Peakview Place |
|
Garden |
|
Jan-00 |
|
Englewood, CO |
|
|
1975 |
|
|
|
296 |
|
|
|
3,440 |
|
|
|
18,734 |
|
|
|
4,695 |
|
|
|
3,440 |
|
|
|
23,429 |
|
|
|
26,869 |
|
|
|
(16,129 |
) |
|
|
10,740 |
|
|
|
12,567 |
|
Peppertree |
|
Garden |
|
Mar-02 |
|
Cypress, CA |
|
|
1971 |
|
|
|
136 |
|
|
|
7,835 |
|
|
|
5,224 |
|
|
|
2,868 |
|
|
|
8,030 |
|
|
|
7,897 |
|
|
|
15,927 |
|
|
|
(3,151 |
) |
|
|
12,776 |
|
|
|
15,617 |
|
Pine Lake Terrace |
|
Garden |
|
Mar-02 |
|
Garden Grove, CA |
|
|
1971 |
|
|
|
111 |
|
|
|
3,975 |
|
|
|
6,035 |
|
|
|
2,209 |
|
|
|
4,125 |
|
|
|
8,094 |
|
|
|
12,219 |
|
|
|
(2,929 |
) |
|
|
9,290 |
|
|
|
11,898 |
|
Pine Shadows |
|
Garden |
|
May-98 |
|
Tempe, AZ |
|
|
1983 |
|
|
|
272 |
|
|
|
2,095 |
|
|
|
11,899 |
|
|
|
3,888 |
|
|
|
2,095 |
|
|
|
15,787 |
|
|
|
17,882 |
|
|
|
(8,163 |
) |
|
|
9,719 |
|
|
|
7,500 |
|
Pines, The |
|
Garden |
|
Oct-98 |
|
Palm Bay, FL |
|
|
1984 |
|
|
|
216 |
|
|
|
603 |
|
|
|
3,318 |
|
|
|
2,830 |
|
|
|
603 |
|
|
|
6,148 |
|
|
|
6,751 |
|
|
|
(2,701 |
) |
|
|
4,050 |
|
|
|
1,896 |
|
71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
|
|
(3) |
|
|
|
|
|
|
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
|
Cost Capitalized |
|
|
December 31, 2010 |
|
|
|
Property |
|
Date |
|
|
|
Year |
|
Number |
|
|
|
|
|
|
Buildings and |
|
|
Subsequent to |
|
|
|
|
|
|
Buildings and |
|
|
(4) |
|
|
Accumulated |
|
|
Total Cost |
|
|
|
|
Property Name |
|
Type |
|
Consolidated |
|
Location |
|
Built |
|
of Units |
|
|
Land |
|
|
Improvements |
|
|
Consolidation |
|
|
Land |
|
|
Improvements |
|
|
Total |
|
|
Depreciation (AD) |
|
|
Net of AD |
|
|
Encumbrances |
|
|
|
|
|
Plantation Gardens |
|
Garden |
|
Oct-99 |
|
Plantation, FL |
|
|
1971 |
|
|
|
372 |
|
|
|
3,773 |
|
|
|
19,443 |
|
|
|
9,324 |
|
|
|
3,773 |
|
|
|
28,767 |
|
|
|
32,540 |
|
|
|
(12,033 |
) |
|
|
20,507 |
|
|
|
23,798 |
|
Post Ridge |
|
Garden |
|
Jul-00 |
|
Nashville, TN |
|
|
1972 |
|
|
|
150 |
|
|
|
1,883 |
|
|
|
6,712 |
|
|
|
4,321 |
|
|
|
1,883 |
|
|
|
11,033 |
|
|
|
12,916 |
|
|
|
(5,084 |
) |
|
|
7,832 |
|
|
|
5,961 |
|
Ramblewood |
|
Garden |
|
Dec-99 |
|
Wyoming, MI |
|
|
1973 |
|
|
|
1,704 |
|
|
|
8,607 |
|
|
|
61,082 |
|
|
|
3,863 |
|
|
|
8,661 |
|
|
|
64,891 |
|
|
|
73,552 |
|
|
|
(15,065 |
) |
|
|
58,487 |
|
|
|
34,388 |
|
Ravensworth Towers |
|
High Rise |
|
Jun-04 |
|
Annandale, VA |
|
|
1974 |
|
|
|
219 |
|
|
|
3,455 |
|
|
|
17,157 |
|
|
|
3,018 |
|
|
|
3,455 |
|
|
|
20,175 |
|
|
|
23,630 |
|
|
|
(10,249 |
) |
|
|
13,381 |
|
|
|
20,172 |
|
Reflections |
|
Garden |
|
Oct-02 |
|
Casselberry, FL |
|
|
1984 |
|
|
|
336 |
|
|
|
3,906 |
|
|
|
10,491 |
|
|
|
4,538 |
|
|
|
3,906 |
|
|
|
15,029 |
|
|
|
18,935 |
|
|
|
(5,493 |
) |
|
|
13,442 |
|
|
|
10,700 |
|
Reflections |
|
Garden |
|
Sep-00 |
|
Virginia Beach, VA |
|
|
1987 |
|
|
|
480 |
|
|
|
15,988 |
|
|
|
13,684 |
|
|
|
5,591 |
|
|
|
15,988 |
|
|
|
19,275 |
|
|
|
35,263 |
|
|
|
(8,531 |
) |
|
|
26,732 |
|
|
|
39,832 |
|
Reflections |
|
Garden |
|
Oct-00 |
|
West Palm Beach, FL |
|
|
1986 |
|
|
|
300 |
|
|
|
5,504 |
|
|
|
9,984 |
|
|
|
4,677 |
|
|
|
5,504 |
|
|
|
14,661 |
|
|
|
20,165 |
|
|
|
(5,777 |
) |
|
|
14,388 |
|
|
|
9,101 |
|
Regency Oaks |
|
Garden |
|
Oct-99 |
|
Fern Park, FL |
|
|
1961 |
|
|
|
343 |
|
|
|
1,832 |
|
|
|
9,905 |
|
|
|
10,415 |
|
|
|
1,832 |
|
|
|
20,320 |
|
|
|
22,152 |
|
|
|
(11,054 |
) |
|
|
11,098 |
|
|
|
10,978 |
|
Remington at Ponte Vedra Lakes |
|
Garden |
|
Dec-06 |
|
Ponte Vedra Beach, FL |
|
|
1986 |
|
|
|
344 |
|
|
|
18,576 |
|
|
|
18,650 |
|
|
|
2,468 |
|
|
|
18,795 |
|
|
|
20,899 |
|
|
|
39,694 |
|
|
|
(4,581 |
) |
|
|
35,113 |
|
|
|
24,345 |
|
River Club |
|
Garden |
|
Apr-05 |
|
Edgewater, NJ |
|
|
1998 |
|
|
|
266 |
|
|
|
30,578 |
|
|
|
30,638 |
|
|
|
2,155 |
|
|
|
30,579 |
|
|
|
32,792 |
|
|
|
63,371 |
|
|
|
(7,544 |
) |
|
|
55,827 |
|
|
|
37,920 |
|
River Reach |
|
Garden |
|
Sep-00 |
|
Naples, FL |
|
|
1986 |
|
|
|
556 |
|
|
|
17,728 |
|
|
|
18,337 |
|
|
|
7,378 |
|
|
|
17,728 |
|
|
|
25,715 |
|
|
|
43,443 |
|
|
|
(11,353 |
) |
|
|
32,090 |
|
|
|
23,354 |
|
Riverbend Village |
|
Garden |
|
Jul-01 |
|
Arlington, TX |
|
|
1983 |
|
|
|
201 |
|
|
|
893 |
|
|
|
4,128 |
|
|
|
5,054 |
|
|
|
893 |
|
|
|
9,182 |
|
|
|
10,075 |
|
|
|
(4,704 |
) |
|
|
5,371 |
|
|
|
|
|
Riverloft |
|
High Rise |
|
Oct-99 |
|
Philadelphia, PA |
|
|
1910 |
|
|
|
184 |
|
|
|
2,120 |
|
|
|
11,287 |
|
|
|
31,208 |
|
|
|
2,120 |
|
|
|
42,495 |
|
|
|
44,615 |
|
|
|
(16,738 |
) |
|
|
27,877 |
|
|
|
18,881 |
|
Riverside |
|
High Rise |
|
Apr-00 |
|
Alexandria, VA |
|
|
1973 |
|
|
|
1,222 |
|
|
|
10,433 |
|
|
|
65,474 |
|
|
|
80,363 |
|
|
|
10,409 |
|
|
|
145,861 |
|
|
|
156,270 |
|
|
|
(72,434 |
) |
|
|
83,836 |
|
|
|
105,508 |
|
Rosewood |
|
Garden |
|
Mar-02 |
|
Camarillo, CA |
|
|
1976 |
|
|
|
152 |
|
|
|
12,128 |
|
|
|
8,060 |
|
|
|
2,532 |
|
|
|
12,430 |
|
|
|
10,290 |
|
|
|
22,720 |
|
|
|
(3,749 |
) |
|
|
18,971 |
|
|
|
17,900 |
|
Royal Crest Estates |
|
Garden |
|
Aug-02 |
|
Fall River, MA |
|
|
1974 |
|
|
|
216 |
|
|
|
5,832 |
|
|
|
12,044 |
|
|
|
2,082 |
|
|
|
5,832 |
|
|
|
14,126 |
|
|
|
19,958 |
|
|
|
(6,329 |
) |
|
|
13,629 |
|
|
|
11,686 |
|
Royal Crest Estates |
|
Garden |
|
Aug-02 |
|
Marlborough, MA |
|
|
1970 |
|
|
|
473 |
|
|
|
25,178 |
|
|
|
28,786 |
|
|
|
4,117 |
|
|
|
25,178 |
|
|
|
32,903 |
|
|
|
58,081 |
|
|
|
(15,197 |
) |
|
|
42,884 |
|
|
|
34,969 |
|
Royal Crest Estates |
|
Garden |
|
Aug-02 |
|
Nashua, NH |
|
|
1970 |
|
|
|
902 |
|
|
|
68,231 |
|
|
|
45,562 |
|
|
|
11,730 |
|
|
|
68,231 |
|
|
|
57,292 |
|
|
|
125,523 |
|
|
|
(28,323 |
) |
|
|
97,200 |
|
|
|
48,117 |
|
Royal Crest Estates |
|
Garden |
|
Aug-02 |
|
North Andover, MA |
|
|
1970 |
|
|
|
588 |
|
|
|
51,292 |
|
|
|
36,808 |
|
|
|
10,653 |
|
|
|
51,292 |
|
|
|
47,461 |
|
|
|
98,753 |
|
|
|
(21,029 |
) |
|
|
77,724 |
|
|
|
59,507 |
|
Royal Crest Estates |
|
Garden |
|
Aug-02 |
|
Warwick, RI |
|
|
1972 |
|
|
|
492 |
|
|
|
22,433 |
|
|
|
24,095 |
|
|
|
5,605 |
|
|
|
22,433 |
|
|
|
29,700 |
|
|
|
52,133 |
|
|
|
(13,883 |
) |
|
|
38,250 |
|
|
|
37,433 |
|
Runaway Bay |
|
Garden |
|
Oct-00 |
|
Lantana, FL |
|
|
1987 |
|
|
|
404 |
|
|
|
5,934 |
|
|
|
16,052 |
|
|
|
8,111 |
|
|
|
5,934 |
|
|
|
24,163 |
|
|
|
30,097 |
|
|
|
(9,195 |
) |
|
|
20,902 |
|
|
|
21,521 |
|
Runaway Bay |
|
Garden |
|
Jul-02 |
|
Pinellas Park, FL |
|
|
1986 |
|
|
|
192 |
|
|
|
1,884 |
|
|
|
7,045 |
|
|
|
3,843 |
|
|
|
1,884 |
|
|
|
10,888 |
|
|
|
12,772 |
|
|
|
(2,988 |
) |
|
|
9,784 |
|
|
|
8,848 |
|
Savannah Trace |
|
Garden |
|
Mar-01 |
|
Shaumburg, IL |
|
|
1986 |
|
|
|
368 |
|
|
|
13,960 |
|
|
|
20,731 |
|
|
|
4,369 |
|
|
|
13,960 |
|
|
|
25,100 |
|
|
|
39,060 |
|
|
|
(9,545 |
) |
|
|
29,515 |
|
|
|
22,015 |
|
Scotchollow |
|
Garden |
|
Jan-06 |
|
San Mateo, CA |
|
|
1971 |
|
|
|
418 |
|
|
|
49,474 |
|
|
|
17,756 |
|
|
|
8,864 |
|
|
|
49,474 |
|
|
|
26,620 |
|
|
|
76,094 |
|
|
|
(5,014 |
) |
|
|
71,080 |
|
|
|
48,982 |
|
Scottsdale Gateway I |
|
Garden |
|
Oct-97 |
|
Tempe, AZ |
|
|
1965 |
|
|
|
124 |
|
|
|
591 |
|
|
|
3,359 |
|
|
|
8,042 |
|
|
|
591 |
|
|
|
11,401 |
|
|
|
11,992 |
|
|
|
(5,172 |
) |
|
|
6,820 |
|
|
|
5,800 |
|
Scottsdale Gateway II |
|
Garden |
|
Oct-97 |
|
Tempe, AZ |
|
|
1972 |
|
|
|
487 |
|
|
|
2,458 |
|
|
|
13,927 |
|
|
|
23,595 |
|
|
|
2,458 |
|
|
|
37,522 |
|
|
|
39,980 |
|
|
|
(18,369 |
) |
|
|
21,611 |
|
|
|
16,699 |
|
Shadow Creek |
|
Garden |
|
May-98 |
|
Mesa, AZ |
|
|
1984 |
|
|
|
266 |
|
|
|
2,016 |
|
|
|
11,886 |
|
|
|
4,017 |
|
|
|
2,016 |
|
|
|
15,903 |
|
|
|
17,919 |
|
|
|
(8,416 |
) |
|
|
9,503 |
|
|
|
|
|
Shenandoah Crossing |
|
Garden |
|
Sep-00 |
|
Fairfax, VA |
|
|
1984 |
|
|
|
640 |
|
|
|
18,492 |
|
|
|
57,197 |
|
|
|
8,058 |
|
|
|
18,492 |
|
|
|
65,255 |
|
|
|
83,747 |
|
|
|
(30,696 |
) |
|
|
53,051 |
|
|
|
68,604 |
|
Signal Pointe |
|
Garden |
|
Oct-99 |
|
Winter Park, FL |
|
|
1969 |
|
|
|
368 |
|
|
|
2,382 |
|
|
|
11,359 |
|
|
|
22,094 |
|
|
|
2,382 |
|
|
|
33,453 |
|
|
|
35,835 |
|
|
|
(13,652 |
) |
|
|
22,183 |
|
|
|
18,596 |
|
Signature Point |
|
Garden |
|
Nov-96 |
|
League City, TX |
|
|
1994 |
|
|
|
304 |
|
|
|
2,810 |
|
|
|
17,579 |
|
|
|
2,983 |
|
|
|
2,810 |
|
|
|
20,562 |
|
|
|
23,372 |
|
|
|
(7,452 |
) |
|
|
15,920 |
|
|
|
10,269 |
|
Springwoods at Lake Ridge |
|
Garden |
|
Jul-02 |
|
Woodbridge, VA |
|
|
1984 |
|
|
|
180 |
|
|
|
5,587 |
|
|
|
7,284 |
|
|
|
1,450 |
|
|
|
5,587 |
|
|
|
8,734 |
|
|
|
14,321 |
|
|
|
(2,349 |
) |
|
|
11,972 |
|
|
|
14,250 |
|
Spyglass at Cedar Cove |
|
Garden |
|
Sep-00 |
|
Lexington Park, MD |
|
|
1985 |
|
|
|
152 |
|
|
|
3,241 |
|
|
|
5,094 |
|
|
|
2,735 |
|
|
|
3,241 |
|
|
|
7,829 |
|
|
|
11,070 |
|
|
|
(3,595 |
) |
|
|
7,475 |
|
|
|
10,300 |
|
Stafford |
|
High Rise |
|
Oct-02 |
|
Baltimore, MD |
|
|
1889 |
|
|
|
96 |
|
|
|
706 |
|
|
|
4,032 |
|
|
|
3,454 |
|
|
|
562 |
|
|
|
7,630 |
|
|
|
8,192 |
|
|
|
(4,261 |
) |
|
|
3,931 |
|
|
|
4,255 |
|
Steeplechase |
|
Garden |
|
Sep-00 |
|
Largo, MD |
|
|
1986 |
|
|
|
240 |
|
|
|
3,675 |
|
|
|
16,111 |
|
|
|
3,755 |
|
|
|
3,675 |
|
|
|
19,866 |
|
|
|
23,541 |
|
|
|
(8,054 |
) |
|
|
15,487 |
|
|
|
23,326 |
|
Steeplechase |
|
Garden |
|
Jul-02 |
|
Plano, TX |
|
|
1985 |
|
|
|
368 |
|
|
|
7,056 |
|
|
|
10,510 |
|
|
|
7,183 |
|
|
|
7,056 |
|
|
|
17,693 |
|
|
|
24,749 |
|
|
|
(6,390 |
) |
|
|
18,359 |
|
|
|
16,575 |
|
Sterling Apartment Homes, The |
|
Garden |
|
Oct-99 |
|
Philadelphia, PA |
|
|
1961 |
|
|
|
537 |
|
|
|
8,871 |
|
|
|
55,364 |
|
|
|
21,600 |
|
|
|
8,871 |
|
|
|
76,964 |
|
|
|
85,835 |
|
|
|
(34,388 |
) |
|
|
51,447 |
|
|
|
76,778 |
|
Stone Creek Club |
|
Garden |
|
Sep-00 |
|
Germantown, MD |
|
|
1984 |
|
|
|
240 |
|
|
|
13,593 |
|
|
|
9,347 |
|
|
|
3,381 |
|
|
|
13,593 |
|
|
|
12,728 |
|
|
|
26,321 |
|
|
|
(7,386 |
) |
|
|
18,935 |
|
|
|
24,611 |
|
Sun Lake |
|
Garden |
|
May-98 |
|
Lake Mary, FL |
|
|
1986 |
|
|
|
600 |
|
|
|
4,551 |
|
|
|
25,543 |
|
|
|
32,151 |
|
|
|
4,551 |
|
|
|
57,694 |
|
|
|
62,245 |
|
|
|
(24,911 |
) |
|
|
37,334 |
|
|
|
35,128 |
|
Sun River Village |
|
Garden |
|
Oct-99 |
|
Tempe, AZ |
|
|
1981 |
|
|
|
334 |
|
|
|
2,367 |
|
|
|
13,303 |
|
|
|
4,157 |
|
|
|
2,367 |
|
|
|
17,460 |
|
|
|
19,827 |
|
|
|
(9,273 |
) |
|
|
10,554 |
|
|
|
10,467 |
|
Tamarac Village |
|
Garden |
|
Apr-00 |
|
Denver, CO |
|
|
1979 |
|
|
|
564 |
|
|
|
3,928 |
|
|
|
23,491 |
|
|
|
8,715 |
|
|
|
4,223 |
|
|
|
31,911 |
|
|
|
36,134 |
|
|
|
(17,565 |
) |
|
|
18,569 |
|
|
|
18,212 |
|
Tamarind Bay |
|
Garden |
|
Jan-00 |
|
St. Petersburg, FL |
|
|
1980 |
|
|
|
200 |
|
|
|
1,091 |
|
|
|
6,310 |
|
|
|
5,193 |
|
|
|
1,091 |
|
|
|
11,503 |
|
|
|
12,594 |
|
|
|
(6,110 |
) |
|
|
6,484 |
|
|
|
6,838 |
|
Tatum Gardens |
|
Garden |
|
May-98 |
|
Phoenix, AZ |
|
|
1985 |
|
|
|
128 |
|
|
|
1,323 |
|
|
|
7,155 |
|
|
|
2,035 |
|
|
|
1,323 |
|
|
|
9,190 |
|
|
|
10,513 |
|
|
|
(5,152 |
) |
|
|
5,361 |
|
|
|
7,334 |
|
Bluffs at Pacifica, The |
|
Garden |
|
Oct-06 |
|
Pacifica, CA |
|
|
1963 |
|
|
|
64 |
|
|
|
7,975 |
|
|
|
4,131 |
|
|
|
10,549 |
|
|
|
8,108 |
|
|
|
14,547 |
|
|
|
22,655 |
|
|
|
(2,601 |
) |
|
|
20,054 |
|
|
|
6,323 |
|
Towers Of Westchester Park, The |
|
High Rise |
|
Jan-06 |
|
College Park, MD |
|
|
1972 |
|
|
|
303 |
|
|
|
15,198 |
|
|
|
22,029 |
|
|
|
4,763 |
|
|
|
15,198 |
|
|
|
26,792 |
|
|
|
41,990 |
|
|
|
(5,219 |
) |
|
|
36,771 |
|
|
|
27,272 |
|
Township At Highlands |
|
Town Home |
|
Nov-96 |
|
Centennial, CO |
|
|
1985 |
|
|
|
161 |
|
|
|
1,615 |
|
|
|
9,773 |
|
|
|
6,227 |
|
|
|
1,536 |
|
|
|
16,079 |
|
|
|
17,615 |
|
|
|
(7,771 |
) |
|
|
9,844 |
|
|
|
16,365 |
|
Twin Lake Towers |
|
High Rise |
|
Oct-99 |
|
Westmont, IL |
|
|
1969 |
|
|
|
399 |
|
|
|
3,268 |
|
|
|
18,763 |
|
|
|
23,912 |
|
|
|
3,268 |
|
|
|
42,675 |
|
|
|
45,943 |
|
|
|
(19,292 |
) |
|
|
26,651 |
|
|
|
26,759 |
|
Twin Lakes |
|
Garden |
|
Apr-00 |
|
Palm Harbor, FL |
|
|
1986 |
|
|
|
262 |
|
|
|
2,062 |
|
|
|
12,850 |
|
|
|
4,809 |
|
|
|
2,062 |
|
|
|
17,659 |
|
|
|
19,721 |
|
|
|
(8,622 |
) |
|
|
11,099 |
|
|
|
10,471 |
|
Vantage Pointe |
|
Mid Rise |
|
Aug-02 |
|
Swampscott, MA |
|
|
1987 |
|
|
|
96 |
|
|
|
4,749 |
|
|
|
10,089 |
|
|
|
1,432 |
|
|
|
4,749 |
|
|
|
11,521 |
|
|
|
16,270 |
|
|
|
(3,847 |
) |
|
|
12,423 |
|
|
|
6,978 |
|
Verandahs at Hunt Club |
|
Garden |
|
Jul-02 |
|
Apopka, FL |
|
|
1985 |
|
|
|
210 |
|
|
|
2,271 |
|
|
|
7,724 |
|
|
|
3,346 |
|
|
|
2,271 |
|
|
|
11,070 |
|
|
|
13,341 |
|
|
|
(3,268 |
) |
|
|
10,073 |
|
|
|
10,891 |
|
Views at Vinings Mountain, The |
|
Garden |
|
Jan-06 |
|
Atlanta, GA |
|
|
1983 |
|
|
|
180 |
|
|
|
610 |
|
|
|
5,026 |
|
|
|
12,158 |
|
|
|
610 |
|
|
|
17,184 |
|
|
|
17,794 |
|
|
|
(9,692 |
) |
|
|
8,102 |
|
|
|
13,577 |
|
Villa Del Sol |
|
Garden |
|
Mar-02 |
|
Norwalk, CA |
|
|
1972 |
|
|
|
120 |
|
|
|
7,294 |
|
|
|
4,861 |
|
|
|
2,666 |
|
|
|
7,476 |
|
|
|
7,345 |
|
|
|
14,821 |
|
|
|
(3,122 |
) |
|
|
11,699 |
|
|
|
13,386 |
|
Village Crossing |
|
Garden |
|
May-98 |
|
West Palm Beach, FL |
|
|
1985 |
|
|
|
189 |
|
|
|
1,618 |
|
|
|
8,188 |
|
|
|
3,040 |
|
|
|
1,618 |
|
|
|
11,228 |
|
|
|
12,846 |
|
|
|
(5,947 |
) |
|
|
6,899 |
|
|
|
7,000 |
|
Village in the Woods |
|
Garden |
|
Jan-00 |
|
Cypress, TX |
|
|
1983 |
|
|
|
530 |
|
|
|
3,457 |
|
|
|
15,787 |
|
|
|
10,605 |
|
|
|
3,457 |
|
|
|
26,392 |
|
|
|
29,849 |
|
|
|
(14,251 |
) |
|
|
15,598 |
|
|
|
19,250 |
|
Village of Pennbrook |
|
Garden |
|
Oct-98 |
|
Levittown, PA |
|
|
1969 |
|
|
|
722 |
|
|
|
10,229 |
|
|
|
38,222 |
|
|
|
14,189 |
|
|
|
10,229 |
|
|
|
52,411 |
|
|
|
62,640 |
|
|
|
(24,021 |
) |
|
|
38,619 |
|
|
|
47,804 |
|
Villages of Baymeadows |
|
Garden |
|
Oct-99 |
|
Jacksonville, FL |
|
|
1972 |
|
|
|
904 |
|
|
|
4,859 |
|
|
|
33,957 |
|
|
|
55,352 |
|
|
|
4,859 |
|
|
|
89,309 |
|
|
|
94,168 |
|
|
|
(47,875 |
) |
|
|
46,293 |
|
|
|
37,113 |
|
Villas at Park La Brea, The |
|
Garden |
|
Mar-02 |
|
Los Angeles, CA |
|
|
2002 |
|
|
|
250 |
|
|
|
8,621 |
|
|
|
48,871 |
|
|
|
3,886 |
|
|
|
8,630 |
|
|
|
52,748 |
|
|
|
61,378 |
|
|
|
(14,930 |
) |
|
|
46,448 |
|
|
|
28,949 |
|
Vista Del Lagos |
|
Garden |
|
Dec-97 |
|
Chandler, AZ |
|
|
1986 |
|
|
|
200 |
|
|
|
804 |
|
|
|
4,952 |
|
|
|
3,646 |
|
|
|
804 |
|
|
|
8,598 |
|
|
|
9,402 |
|
|
|
(3,740 |
) |
|
|
5,662 |
|
|
|
11,618 |
|
Waterford Village |
|
Garden |
|
Aug-02 |
|
Bridgewater, MA |
|
|
1971 |
|
|
|
588 |
|
|
|
28,585 |
|
|
|
28,102 |
|
|
|
5,896 |
|
|
|
29,110 |
|
|
|
33,473 |
|
|
|
62,583 |
|
|
|
(17,747 |
) |
|
|
44,836 |
|
|
|
40,130 |
|
Waterways Village |
|
Garden |
|
Jun-97 |
|
Aventura, FL |
|
|
1994 |
|
|
|
180 |
|
|
|
4,504 |
|
|
|
11,064 |
|
|
|
4,062 |
|
|
|
4,504 |
|
|
|
15,126 |
|
|
|
19,630 |
|
|
|
(7,089 |
) |
|
|
12,541 |
|
|
|
6,443 |
|
Waverly Apartments |
|
Garden |
|
Aug-08 |
|
Brighton, MA |
|
|
1970 |
|
|
|
103 |
|
|
|
7,696 |
|
|
|
11,347 |
|
|
|
1,275 |
|
|
|
7,920 |
|
|
|
12,398 |
|
|
|
20,318 |
|
|
|
(1,302 |
) |
|
|
19,016 |
|
|
|
12,000 |
|
West Winds |
|
Garden |
|
Oct-02 |
|
Orlando, FL |
|
|
1985 |
|
|
|
272 |
|
|
|
2,324 |
|
|
|
11,481 |
|
|
|
3,319 |
|
|
|
2,324 |
|
|
|
14,800 |
|
|
|
17,124 |
|
|
|
(5,545 |
) |
|
|
11,579 |
|
|
|
12,570 |
|
Westway Village |
|
Garden |
|
May-98 |
|
Houston, TX |
|
|
1977 |
|
|
|
326 |
|
|
|
2,921 |
|
|
|
11,384 |
|
|
|
3,503 |
|
|
|
2,921 |
|
|
|
14,887 |
|
|
|
17,808 |
|
|
|
(7,395 |
) |
|
|
10,413 |
|
|
|
7,677 |
|
Wexford Village |
|
Garden |
|
Aug-02 |
|
Worcester, MA |
|
|
1974 |
|
|
|
264 |
|
|
|
6,339 |
|
|
|
17,939 |
|
|
|
2,203 |
|
|
|
6,339 |
|
|
|
20,142 |
|
|
|
26,481 |
|
|
|
(8,167 |
) |
|
|
18,314 |
|
|
|
13,269 |
|
Willow Bend |
|
Garden |
|
May-98 |
|
Rolling Meadows, IL |
|
|
1969 |
|
|
|
328 |
|
|
|
2,717 |
|
|
|
15,437 |
|
|
|
26,536 |
|
|
|
2,717 |
|
|
|
41,973 |
|
|
|
44,690 |
|
|
|
(18,148 |
) |
|
|
26,542 |
|
|
|
19,595 |
|
Willow Park on Lake Adelaide |
|
Garden |
|
Oct-99 |
|
Altamonte Springs, FL |
|
|
1972 |
|
|
|
185 |
|
|
|
1,225 |
|
|
|
7,357 |
|
|
|
3,519 |
|
|
|
1,224 |
|
|
|
10,877 |
|
|
|
12,101 |
|
|
|
(6,063 |
) |
|
|
6,038 |
|
|
|
6,716 |
|
Windrift |
|
Garden |
|
Mar-01 |
|
Oceanside, CA |
|
|
1987 |
|
|
|
404 |
|
|
|
24,960 |
|
|
|
17,590 |
|
|
|
19,325 |
|
|
|
24,960 |
|
|
|
36,915 |
|
|
|
61,875 |
|
|
|
(18,841 |
) |
|
|
43,034 |
|
|
|
44,601 |
|
Windrift |
|
Garden |
|
Oct-00 |
|
Orlando, FL |
|
|
1987 |
|
|
|
288 |
|
|
|
3,696 |
|
|
|
10,029 |
|
|
|
5,834 |
|
|
|
3,696 |
|
|
|
15,863 |
|
|
|
19,559 |
|
|
|
(6,451 |
) |
|
|
13,108 |
|
|
|
16,841 |
|
Windsor Crossing |
|
Garden |
|
Mar-00 |
|
Newport News, VA |
|
|
1978 |
|
|
|
156 |
|
|
|
307 |
|
|
|
2,110 |
|
|
|
2,528 |
|
|
|
131 |
|
|
|
4,814 |
|
|
|
4,945 |
|
|
|
(2,358 |
) |
|
|
2,587 |
|
|
|
1,885 |
|
Windsor Park |
|
Garden |
|
Mar-01 |
|
Woodbridge, VA |
|
|
1987 |
|
|
|
220 |
|
|
|
4,279 |
|
|
|
15,970 |
|
|
|
2,329 |
|
|
|
4,279 |
|
|
|
18,299 |
|
|
|
22,578 |
|
|
|
(7,179 |
) |
|
|
15,399 |
|
|
|
19,325 |
|
Woodcreek |
|
Garden |
|
Oct-02 |
|
Mesa, AZ |
|
|
1985 |
|
|
|
432 |
|
|
|
2,426 |
|
|
|
15,886 |
|
|
|
4,767 |
|
|
|
2,426 |
|
|
|
20,653 |
|
|
|
23,079 |
|
|
|
(11,433 |
) |
|
|
11,646 |
|
|
|
19,165 |
|
Woods of Burnsville |
|
Garden |
|
Nov-04 |
|
Burnsville, MN |
|
|
1984 |
|
|
|
400 |
|
|
|
3,954 |
|
|
|
18,125 |
|
|
|
2,890 |
|
|
|
3,954 |
|
|
|
21,015 |
|
|
|
24,969 |
|
|
|
(8,248 |
) |
|
|
16,721 |
|
|
|
16,580 |
|
Woods of Inverness |
|
Garden |
|
Oct-99 |
|
Houston, TX |
|
|
1983 |
|
|
|
272 |
|
|
|
2,146 |
|
|
|
10,978 |
|
|
|
4,115 |
|
|
|
2,146 |
|
|
|
15,093 |
|
|
|
17,239 |
|
|
|
(7,424 |
) |
|
|
9,815 |
|
|
|
5,878 |
|
Woods Of Williamsburg |
|
Garden |
|
Jan-06 |
|
Williamsburg, VA |
|
|
1976 |
|
|
|
125 |
|
|
|
798 |
|
|
|
3,657 |
|
|
|
1,102 |
|
|
|
798 |
|
|
|
4,759 |
|
|
|
5,557 |
|
|
|
(3,546 |
) |
|
|
2,011 |
|
|
|
1,090 |
|
Yacht Club at Brickell |
|
High Rise |
|
Dec-03 |
|
Miami, FL |
|
|
1998 |
|
|
|
357 |
|
|
|
31,363 |
|
|
|
32,214 |
|
|
|
5,418 |
|
|
|
31,363 |
|
|
|
37,632 |
|
|
|
68,995 |
|
|
|
(7,188 |
) |
|
|
61,807 |
|
|
|
37,289 |
|
Yorktown Apartments |
|
High Rise |
|
Dec-99 |
|
Lombard, IL |
|
|
1971 |
|
|
|
364 |
|
|
|
2,971 |
|
|
|
18,163 |
|
|
|
17,222 |
|
|
|
3,055 |
|
|
|
35,301 |
|
|
|
38,356 |
|
|
|
(13,149 |
) |
|
|
25,207 |
|
|
|
25,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Conventional Properties |
|
|
|
|
|
|
|
|
|
|
|
|
66,953 |
|
|
|
1,941,971 |
|
|
|
3,744,261 |
|
|
|
2,235,797 |
|
|
|
1,998,390 |
|
|
|
5,923,639 |
|
|
|
7,922,029 |
|
|
|
(2,369,770 |
) |
|
|
5,552,259 |
|
|
|
4,685,082 |
|
72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
|
|
(3) |
|
|
|
|
|
|
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
|
Cost Capitalized |
|
|
December 31, 2010 |
|
|
|
Property |
|
Date |
|
|
|
Year |
|
Number |
|
|
|
|
|
|
Buildings and |
|
|
Subsequent to |
|
|
|
|
|
|
Buildings and |
|
|
(4) |
|
|
Accumulated |
|
|
Total Cost |
|
|
|
|
Property Name |
|
Type |
|
Consolidated |
|
Location |
|
Built |
|
of Units |
|
|
Land |
|
|
Improvements |
|
|
Consolidation |
|
|
Land |
|
|
Improvements |
|
|
Total |
|
|
Depreciation (AD) |
|
|
Net of AD |
|
|
Encumbrances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affordable Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Hallows |
|
Garden |
|
Jan-06 |
|
San Francisco, CA |
|
|
1976 |
|
|
|
157 |
|
|
|
1,348 |
|
|
|
29,770 |
|
|
|
20,594 |
|
|
|
1,338 |
|
|
|
50,374 |
|
|
|
51,712 |
|
|
|
(18,274 |
) |
|
|
33,438 |
|
|
|
21,207 |
|
Alliance Towers |
|
High Rise |
|
Mar-02 |
|
Alliance, OH |
|
|
1979 |
|
|
|
101 |
|
|
|
530 |
|
|
|
1,934 |
|
|
|
773 |
|
|
|
530 |
|
|
|
2,707 |
|
|
|
3,237 |
|
|
|
(838 |
) |
|
|
2,399 |
|
|
|
2,219 |
|
Antioch Towers |
|
High Rise |
|
Jan-10 |
|
Cleveland, OH |
|
|
1976 |
|
|
|
171 |
|
|
|
720 |
|
|
|
8,802 |
|
|
|
88 |
|
|
|
720 |
|
|
|
8,890 |
|
|
|
9,610 |
|
|
|
(2,359 |
) |
|
|
7,251 |
|
|
|
5,717 |
|
Anton Square |
|
Garden |
|
Jan-10 |
|
Whistler, AL |
|
|
1984 |
|
|
|
48 |
|
|
|
152 |
|
|
|
1,846 |
|
|
|
53 |
|
|
|
152 |
|
|
|
1,899 |
|
|
|
2,051 |
|
|
|
(393 |
) |
|
|
1,658 |
|
|
|
1,499 |
|
Arvada House |
|
High Rise |
|
Nov-04 |
|
Arvada, CO |
|
|
1977 |
|
|
|
88 |
|
|
|
641 |
|
|
|
3,314 |
|
|
|
1,800 |
|
|
|
405 |
|
|
|
5,350 |
|
|
|
5,755 |
|
|
|
(1,520 |
) |
|
|
4,235 |
|
|
|
4,118 |
|
Bayview |
|
Garden |
|
Jun-05 |
|
San Francisco, CA |
|
|
1976 |
|
|
|
146 |
|
|
|
1,023 |
|
|
|
15,265 |
|
|
|
16,581 |
|
|
|
582 |
|
|
|
32,287 |
|
|
|
32,869 |
|
|
|
(12,021 |
) |
|
|
20,848 |
|
|
|
10,934 |
|
Beacon Hill |
|
High Rise |
|
Mar-02 |
|
Hillsdale, MI |
|
|
1980 |
|
|
|
198 |
|
|
|
1,380 |
|
|
|
7,044 |
|
|
|
6,650 |
|
|
|
1,093 |
|
|
|
13,981 |
|
|
|
15,074 |
|
|
|
(4,080 |
) |
|
|
10,994 |
|
|
|
4,338 |
|
Bedford House |
|
Mid Rise |
|
Mar-02 |
|
Falmouth, KY |
|
|
1979 |
|
|
|
48 |
|
|
|
230 |
|
|
|
919 |
|
|
|
335 |
|
|
|
230 |
|
|
|
1,254 |
|
|
|
1,484 |
|
|
|
(494 |
) |
|
|
990 |
|
|
|
1,079 |
|
Benjamin Banneker Plaza |
|
Mid Rise |
|
Jan-06 |
|
Chester, PA |
|
|
1976 |
|
|
|
70 |
|
|
|
79 |
|
|
|
3,862 |
|
|
|
810 |
|
|
|
79 |
|
|
|
4,672 |
|
|
|
4,751 |
|
|
|
(3,118 |
) |
|
|
1,633 |
|
|
|
1,497 |
|
Berger Apartments |
|
Mid Rise |
|
Mar-02 |
|
New Haven, CT |
|
|
1981 |
|
|
|
144 |
|
|
|
1,152 |
|
|
|
4,657 |
|
|
|
2,609 |
|
|
|
1,152 |
|
|
|
7,266 |
|
|
|
8,418 |
|
|
|
(2,332 |
) |
|
|
6,086 |
|
|
|
595 |
|
Biltmore Towers |
|
High Rise |
|
Mar-02 |
|
Dayton, OH |
|
|
1980 |
|
|
|
230 |
|
|
|
1,813 |
|
|
|
6,411 |
|
|
|
13,229 |
|
|
|
1,813 |
|
|
|
19,640 |
|
|
|
21,453 |
|
|
|
(10,325 |
) |
|
|
11,128 |
|
|
|
10,591 |
|
Birchwood |
|
Garden |
|
Jan-10 |
|
Dallas, TX |
|
|
1963 |
|
|
|
276 |
|
|
|
975 |
|
|
|
5,525 |
|
|
|
|
|
|
|
975 |
|
|
|
5,525 |
|
|
|
6,500 |
|
|
|
(380 |
) |
|
|
6,120 |
|
|
|
4,240 |
|
Blakewood |
|
Garden |
|
Oct-05 |
|
Statesboro, GA |
|
|
1973 |
|
|
|
42 |
|
|
|
316 |
|
|
|
882 |
|
|
|
402 |
|
|
|
316 |
|
|
|
1,284 |
|
|
|
1,600 |
|
|
|
(1,167 |
) |
|
|
433 |
|
|
|
676 |
|
Bolton North |
|
High Rise |
|
Jan-06 |
|
Baltimore, MD |
|
|
1977 |
|
|
|
209 |
|
|
|
1,450 |
|
|
|
6,569 |
|
|
|
806 |
|
|
|
1,429 |
|
|
|
7,396 |
|
|
|
8,825 |
|
|
|
(2,579 |
) |
|
|
6,246 |
|
|
|
2,223 |
|
Bridge Street |
|
Garden |
|
Jan-10 |
|
East Stroudsburg, PA |
|
|
1999 |
|
|
|
52 |
|
|
|
398 |
|
|
|
2,255 |
|
|
|
47 |
|
|
|
398 |
|
|
|
2,302 |
|
|
|
2,700 |
|
|
|
(169 |
) |
|
|
2,531 |
|
|
|
2,016 |
|
Burchwood |
|
Garden |
|
Oct-07 |
|
Berea, KY |
|
|
1999 |
|
|
|
24 |
|
|
|
147 |
|
|
|
247 |
|
|
|
494 |
|
|
|
147 |
|
|
|
741 |
|
|
|
888 |
|
|
|
(274 |
) |
|
|
614 |
|
|
|
949 |
|
Butternut Creek |
|
Mid Rise |
|
Jan-06 |
|
Charlotte, MI |
|
|
1980 |
|
|
|
100 |
|
|
|
505 |
|
|
|
3,617 |
|
|
|
3,785 |
|
|
|
505 |
|
|
|
7,402 |
|
|
|
7,907 |
|
|
|
(3,124 |
) |
|
|
4,783 |
|
|
|
|
|
California Square I |
|
High Rise |
|
Jan-06 |
|
Louisville, KY |
|
|
1982 |
|
|
|
101 |
|
|
|
154 |
|
|
|
5,704 |
|
|
|
560 |
|
|
|
154 |
|
|
|
6,264 |
|
|
|
6,418 |
|
|
|
(3,813 |
) |
|
|
2,605 |
|
|
|
3,465 |
|
Canterbury Towers |
|
High Rise |
|
Jan-06 |
|
Worcester, MA |
|
|
1976 |
|
|
|
156 |
|
|
|
567 |
|
|
|
4,557 |
|
|
|
1,012 |
|
|
|
567 |
|
|
|
5,569 |
|
|
|
6,136 |
|
|
|
(3,984 |
) |
|
|
2,152 |
|
|
|
3,005 |
|
Canyon Shadows |
|
Garden |
|
Jan-10 |
|
Riverside, CA |
|
|
1971 |
|
|
|
120 |
|
|
|
488 |
|
|
|
2,763 |
|
|
|
|
|
|
|
488 |
|
|
|
2,763 |
|
|
|
3,251 |
|
|
|
(205 |
) |
|
|
3,046 |
|
|
|
2,547 |
|
Carriage House |
|
Mid Rise |
|
Dec-06 |
|
Petersburg, VA |
|
|
1885 |
|
|
|
118 |
|
|
|
847 |
|
|
|
2,886 |
|
|
|
3,454 |
|
|
|
716 |
|
|
|
6,471 |
|
|
|
7,187 |
|
|
|
(1,951 |
) |
|
|
5,236 |
|
|
|
2,041 |
|
Castlewood |
|
Garden |
|
Mar-02 |
|
Davenport, IA |
|
|
1980 |
|
|
|
96 |
|
|
|
585 |
|
|
|
2,351 |
|
|
|
1,544 |
|
|
|
585 |
|
|
|
3,895 |
|
|
|
4,480 |
|
|
|
(1,753 |
) |
|
|
2,727 |
|
|
|
3,486 |
|
City Line |
|
Garden |
|
Mar-02 |
|
Newport News, VA |
|
|
1976 |
|
|
|
200 |
|
|
|
500 |
|
|
|
2,014 |
|
|
|
7,329 |
|
|
|
500 |
|
|
|
9,343 |
|
|
|
9,843 |
|
|
|
(1,598 |
) |
|
|
8,245 |
|
|
|
4,786 |
|
Clisby Towers |
|
Mid Rise |
|
Jan-06 |
|
Macon, GA |
|
|
1980 |
|
|
|
52 |
|
|
|
524 |
|
|
|
1,970 |
|
|
|
272 |
|
|
|
524 |
|
|
|
2,242 |
|
|
|
2,766 |
|
|
|
(1,736 |
) |
|
|
1,030 |
|
|
|
881 |
|
Cold Spring Homes |
|
Garden |
|
Oct-07 |
|
Cold Springs, KY |
|
|
2000 |
|
|
|
30 |
|
|
|
118 |
|
|
|
(433 |
) |
|
|
1,129 |
|
|
|
118 |
|
|
|
696 |
|
|
|
814 |
|
|
|
(383 |
) |
|
|
431 |
|
|
|
719 |
|
Community Circle II |
|
Garden |
|
Jan-06 |
|
Cleveland, OH |
|
|
1975 |
|
|
|
129 |
|
|
|
263 |
|
|
|
4,699 |
|
|
|
962 |
|
|
|
263 |
|
|
|
5,661 |
|
|
|
5,924 |
|
|
|
(3,517 |
) |
|
|
2,407 |
|
|
|
3,275 |
|
Copperwood I Apartments |
|
Garden |
|
Apr-06 |
|
The Woodlands, TX |
|
|
1980 |
|
|
|
150 |
|
|
|
390 |
|
|
|
8,373 |
|
|
|
4,879 |
|
|
|
363 |
|
|
|
13,279 |
|
|
|
13,642 |
|
|
|
(9,980 |
) |
|
|
3,662 |
|
|
|
5,529 |
|
Copperwood II Apartments |
|
Garden |
|
Oct-05 |
|
The Woodlands, TX |
|
|
1981 |
|
|
|
150 |
|
|
|
452 |
|
|
|
5,552 |
|
|
|
3,442 |
|
|
|
459 |
|
|
|
8,987 |
|
|
|
9,446 |
|
|
|
(3,917 |
) |
|
|
5,529 |
|
|
|
5,704 |
|
Country Club Heights |
|
Garden |
|
Mar-04 |
|
Quincy, IL |
|
|
1976 |
|
|
|
200 |
|
|
|
676 |
|
|
|
5,715 |
|
|
|
4,872 |
|
|
|
675 |
|
|
|
10,588 |
|
|
|
11,263 |
|
|
|
(4,294 |
) |
|
|
6,969 |
|
|
|
7,027 |
|
Country Commons |
|
Garden |
|
Jan-06 |
|
Bensalem, PA |
|
|
1972 |
|
|
|
352 |
|
|
|
1,853 |
|
|
|
17,657 |
|
|
|
4,493 |
|
|
|
1,853 |
|
|
|
22,150 |
|
|
|
24,003 |
|
|
|
(11,635 |
) |
|
|
12,368 |
|
|
|
12,633 |
|
Courtyard |
|
Mid Rise |
|
Jan-06 |
|
Cincinnati, OH |
|
|
1980 |
|
|
|
137 |
|
|
|
1,362 |
|
|
|
4,876 |
|
|
|
548 |
|
|
|
1,362 |
|
|
|
5,424 |
|
|
|
6,786 |
|
|
|
(3,324 |
) |
|
|
3,462 |
|
|
|
3,787 |
|
Courtyards at Kirnwood |
|
Garden |
|
Jan-10 |
|
DeSoto, TX |
|
|
1997 |
|
|
|
198 |
|
|
|
861 |
|
|
|
4,881 |
|
|
|
|
|
|
|
861 |
|
|
|
4,881 |
|
|
|
5,742 |
|
|
|
(516 |
) |
|
|
5,226 |
|
|
|
4,397 |
|
Courtyards of Arlington |
|
Garden |
|
Jan-10 |
|
Arlington, TX |
|
|
1996 |
|
|
|
140 |
|
|
|
758 |
|
|
|
4,293 |
|
|
|
|
|
|
|
758 |
|
|
|
4,293 |
|
|
|
5,051 |
|
|
|
(286 |
) |
|
|
4,765 |
|
|
|
2,943 |
|
Crevenna Oaks |
|
Town Home |
|
Jan-06 |
|
Burke, VA |
|
|
1979 |
|
|
|
50 |
|
|
|
355 |
|
|
|
4,849 |
|
|
|
247 |
|
|
|
355 |
|
|
|
5,096 |
|
|
|
5,451 |
|
|
|
(1,436 |
) |
|
|
4,015 |
|
|
|
3,197 |
|
Crockett Manor |
|
Garden |
|
Mar-04 |
|
Trenton, TN |
|
|
1982 |
|
|
|
38 |
|
|
|
42 |
|
|
|
1,395 |
|
|
|
73 |
|
|
|
130 |
|
|
|
1,380 |
|
|
|
1,510 |
|
|
|
(115 |
) |
|
|
1,395 |
|
|
|
978 |
|
Cumberland Court |
|
Garden |
|
Jan-06 |
|
Harrisburg, PA |
|
|
1975 |
|
|
|
108 |
|
|
|
379 |
|
|
|
4,040 |
|
|
|
863 |
|
|
|
379 |
|
|
|
4,903 |
|
|
|
5,282 |
|
|
|
(3,490 |
) |
|
|
1,792 |
|
|
|
1,228 |
|
Darby Townhouses |
|
Town Home |
|
Jan-10 |
|
Sharon Hill, PA |
|
|
1970 |
|
|
|
172 |
|
|
|
1,298 |
|
|
|
11,115 |
|
|
|
218 |
|
|
|
1,298 |
|
|
|
11,333 |
|
|
|
12,631 |
|
|
|
(4,241 |
) |
|
|
8,390 |
|
|
|
5,504 |
|
Daugette Tower |
|
High Rise |
|
Mar-02 |
|
Gadsden, AL |
|
|
1979 |
|
|
|
100 |
|
|
|
540 |
|
|
|
2,178 |
|
|
|
1,841 |
|
|
|
540 |
|
|
|
4,019 |
|
|
|
4,559 |
|
|
|
(1,462 |
) |
|
|
3,097 |
|
|
|
|
|
Day Meadows |
|
Garden |
|
Jan-10 |
|
Mountain Home, ID |
|
|
1978 |
|
|
|
44 |
|
|
|
270 |
|
|
|
1,530 |
|
|
|
11 |
|
|
|
270 |
|
|
|
1,541 |
|
|
|
1,811 |
|
|
|
(81 |
) |
|
|
1,730 |
|
|
|
956 |
|
Denny Place |
|
Garden |
|
Mar-02 |
|
North Hollywood, CA |
|
|
1984 |
|
|
|
17 |
|
|
|
394 |
|
|
|
1,579 |
|
|
|
146 |
|
|
|
394 |
|
|
|
1,725 |
|
|
|
2,119 |
|
|
|
(542 |
) |
|
|
1,577 |
|
|
|
1,111 |
|
Douglas Landing |
|
Garden |
|
Oct-07 |
|
Austin, TX |
|
|
1999 |
|
|
|
96 |
|
|
|
750 |
|
|
|
4,250 |
|
|
|
95 |
|
|
|
750 |
|
|
|
4,345 |
|
|
|
5,095 |
|
|
|
(502 |
) |
|
|
4,593 |
|
|
|
3,902 |
|
Elmwood |
|
Garden |
|
Jan-06 |
|
Athens, AL |
|
|
1981 |
|
|
|
80 |
|
|
|
346 |
|
|
|
2,643 |
|
|
|
426 |
|
|
|
346 |
|
|
|
3,069 |
|
|
|
3,415 |
|
|
|
(1,793 |
) |
|
|
1,622 |
|
|
|
1,860 |
|
Fairburn and Gordon I |
|
Garden |
|
Jan-10 |
|
Atlanta, GA |
|
|
1969 |
|
|
|
102 |
|
|
|
143 |
|
|
|
1,941 |
|
|
|
292 |
|
|
|
143 |
|
|
|
2,233 |
|
|
|
2,376 |
|
|
|
(1,509 |
) |
|
|
867 |
|
|
|
|
|
Fairburn and Gordon II |
|
Garden |
|
Jan-06 |
|
Atlanta, GA |
|
|
1969 |
|
|
|
58 |
|
|
|
439 |
|
|
|
1,360 |
|
|
|
484 |
|
|
|
439 |
|
|
|
1,844 |
|
|
|
2,283 |
|
|
|
(1,568 |
) |
|
|
715 |
|
|
|
|
|
Fairwood |
|
Garden |
|
Jan-06 |
|
Carmichael, CA |
|
|
1979 |
|
|
|
86 |
|
|
|
176 |
|
|
|
5,264 |
|
|
|
460 |
|
|
|
176 |
|
|
|
5,724 |
|
|
|
5,900 |
|
|
|
(3,729 |
) |
|
|
2,171 |
|
|
|
2,364 |
|
Fountain Place |
|
Mid Rise |
|
Jan-06 |
|
Connersville, IN |
|
|
1980 |
|
|
|
102 |
|
|
|
440 |
|
|
|
2,091 |
|
|
|
2,914 |
|
|
|
378 |
|
|
|
5,067 |
|
|
|
5,445 |
|
|
|
(751 |
) |
|
|
4,694 |
|
|
|
1,121 |
|
Fox Run |
|
Garden |
|
Mar-02 |
|
Orange, TX |
|
|
1983 |
|
|
|
70 |
|
|
|
420 |
|
|
|
1,992 |
|
|
|
1,050 |
|
|
|
420 |
|
|
|
3,042 |
|
|
|
3,462 |
|
|
|
(1,166 |
) |
|
|
2,296 |
|
|
|
2,549 |
|
Foxfire |
|
Garden |
|
Jan-06 |
|
Jackson, MI |
|
|
1975 |
|
|
|
160 |
|
|
|
856 |
|
|
|
6,853 |
|
|
|
2,505 |
|
|
|
856 |
|
|
|
9,358 |
|
|
|
10,214 |
|
|
|
(5,660 |
) |
|
|
4,554 |
|
|
|
1,611 |
|
Franklin Square School Apts |
|
Mid Rise |
|
Jan-06 |
|
Baltimore, MD |
|
|
1888 |
|
|
|
65 |
|
|
|
566 |
|
|
|
3,581 |
|
|
|
259 |
|
|
|
566 |
|
|
|
3,840 |
|
|
|
4,406 |
|
|
|
(2,271 |
) |
|
|
2,135 |
|
|
|
3,898 |
|
Friendset Apartments |
|
High Rise |
|
Jan-06 |
|
Brooklyn, NY |
|
|
1979 |
|
|
|
259 |
|
|
|
550 |
|
|
|
16,825 |
|
|
|
1,873 |
|
|
|
550 |
|
|
|
18,698 |
|
|
|
19,248 |
|
|
|
(11,001 |
) |
|
|
8,247 |
|
|
|
14,095 |
|
Frio |
|
Garden |
|
Jan-06 |
|
Pearsall, TX |
|
|
1980 |
|
|
|
63 |
|
|
|
327 |
|
|
|
2,207 |
|
|
|
419 |
|
|
|
327 |
|
|
|
2,626 |
|
|
|
2,953 |
|
|
|
(1,855 |
) |
|
|
1,098 |
|
|
|
1,109 |
|
Gates Manor |
|
Garden |
|
Mar-04 |
|
Clinton, TN |
|
|
1981 |
|
|
|
80 |
|
|
|
266 |
|
|
|
2,225 |
|
|
|
927 |
|
|
|
264 |
|
|
|
3,154 |
|
|
|
3,418 |
|
|
|
(1,355 |
) |
|
|
2,063 |
|
|
|
2,381 |
|
Georgetown Woods |
|
Garden |
|
Jan-10 |
|
Indianapolis, IN |
|
|
1993 |
|
|
|
90 |
|
|
|
375 |
|
|
|
2,125 |
|
|
|
|
|
|
|
375 |
|
|
|
2,125 |
|
|
|
2,500 |
|
|
|
(175 |
) |
|
|
2,325 |
|
|
|
2,118 |
|
Glens, The |
|
Garden |
|
Jan-06 |
|
Rock Hill, SC |
|
|
1982 |
|
|
|
88 |
|
|
|
839 |
|
|
|
4,135 |
|
|
|
1,187 |
|
|
|
839 |
|
|
|
5,322 |
|
|
|
6,161 |
|
|
|
(3,939 |
) |
|
|
2,222 |
|
|
|
3,723 |
|
Gotham Apts |
|
Garden |
|
Jan-10 |
|
Kansas City, MO |
|
|
1930 |
|
|
|
105 |
|
|
|
471 |
|
|
|
5,419 |
|
|
|
79 |
|
|
|
471 |
|
|
|
5,498 |
|
|
|
5,969 |
|
|
|
(3,334 |
) |
|
|
2,635 |
|
|
|
3,408 |
|
Greenbriar |
|
Garden |
|
Jan-06 |
|
Indianapolis, IN |
|
|
1980 |
|
|
|
121 |
|
|
|
812 |
|
|
|
3,272 |
|
|
|
396 |
|
|
|
812 |
|
|
|
3,668 |
|
|
|
4,480 |
|
|
|
(2,583 |
) |
|
|
1,897 |
|
|
|
3,266 |
|
Hamlin Estates |
|
Garden |
|
Mar-02 |
|
North Hollywood, CA |
|
|
1983 |
|
|
|
30 |
|
|
|
1,010 |
|
|
|
1,691 |
|
|
|
262 |
|
|
|
1,010 |
|
|
|
1,953 |
|
|
|
2,963 |
|
|
|
(754 |
) |
|
|
2,209 |
|
|
|
1,349 |
|
Hanover Square |
|
High Rise |
|
Jan-06 |
|
Baltimore, MD |
|
|
1980 |
|
|
|
199 |
|
|
|
1,656 |
|
|
|
9,575 |
|
|
|
510 |
|
|
|
1,656 |
|
|
|
10,085 |
|
|
|
11,741 |
|
|
|
(6,567 |
) |
|
|
5,174 |
|
|
|
10,500 |
|
Harris Park Apartments |
|
Garden |
|
Dec-97 |
|
Rochester, NY |
|
|
1968 |
|
|
|
114 |
|
|
|
475 |
|
|
|
2,786 |
|
|
|
1,321 |
|
|
|
475 |
|
|
|
4,107 |
|
|
|
4,582 |
|
|
|
(1,959 |
) |
|
|
2,623 |
|
|
|
42 |
|
Hatillo Housing |
|
Mid Rise |
|
Jan-06 |
|
Hatillo, PR |
|
|
1982 |
|
|
|
64 |
|
|
|
202 |
|
|
|
2,875 |
|
|
|
515 |
|
|
|
202 |
|
|
|
3,390 |
|
|
|
3,592 |
|
|
|
(1,939 |
) |
|
|
1,653 |
|
|
|
1,358 |
|
Henna Townhomes |
|
Garden |
|
Oct-07 |
|
Round Rock, TX |
|
|
1999 |
|
|
|
160 |
|
|
|
1,716 |
|
|
|
9,197 |
|
|
|
270 |
|
|
|
1,736 |
|
|
|
9,447 |
|
|
|
11,183 |
|
|
|
(1,132 |
) |
|
|
10,051 |
|
|
|
5,874 |
|
Hopkins Village |
|
Mid Rise |
|
Sep-03 |
|
Baltimore, MD |
|
|
1979 |
|
|
|
165 |
|
|
|
438 |
|
|
|
5,973 |
|
|
|
3,593 |
|
|
|
549 |
|
|
|
9,455 |
|
|
|
10,004 |
|
|
|
(1,808 |
) |
|
|
8,196 |
|
|
|
9,100 |
|
Hudson Gardens |
|
Garden |
|
Mar-02 |
|
Pasadena, CA |
|
|
1983 |
|
|
|
41 |
|
|
|
914 |
|
|
|
1,548 |
|
|
|
607 |
|
|
|
914 |
|
|
|
2,155 |
|
|
|
3,069 |
|
|
|
(732 |
) |
|
|
2,337 |
|
|
|
408 |
|
Ingram Square |
|
Garden |
|
Jan-06 |
|
San Antonio, TX |
|
|
1980 |
|
|
|
120 |
|
|
|
630 |
|
|
|
3,137 |
|
|
|
5,863 |
|
|
|
630 |
|
|
|
9,000 |
|
|
|
9,630 |
|
|
|
(2,228 |
) |
|
|
7,402 |
|
|
|
3,825 |
|
James Court |
|
Garden |
|
Jan-10 |
|
Meridian, ID |
|
|
1978 |
|
|
|
50 |
|
|
|
345 |
|
|
|
1,955 |
|
|
|
9 |
|
|
|
345 |
|
|
|
1,964 |
|
|
|
2,309 |
|
|
|
(101 |
) |
|
|
2,208 |
|
|
|
1,925 |
|
JFK Towers |
|
Mid Rise |
|
Jan-06 |
|
Durham, NC |
|
|
1983 |
|
|
|
177 |
|
|
|
750 |
|
|
|
7,970 |
|
|
|
872 |
|
|
|
750 |
|
|
|
8,842 |
|
|
|
9,592 |
|
|
|
(5,001 |
) |
|
|
4,591 |
|
|
|
5,736 |
|
Kephart Plaza |
|
High Rise |
|
Jan-06 |
|
Lock Haven, PA |
|
|
1978 |
|
|
|
101 |
|
|
|
609 |
|
|
|
3,796 |
|
|
|
569 |
|
|
|
609 |
|
|
|
4,365 |
|
|
|
4,974 |
|
|
|
(3,131 |
) |
|
|
1,843 |
|
|
|
1,650 |
|
73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
|
|
(3) |
|
|
|
|
|
|
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
|
Cost Capitalized |
|
|
December 31, 2010 |
|
|
|
Property |
|
Date |
|
|
|
Year |
|
Number |
|
|
|
|
|
|
Buildings and |
|
|
Subsequent to |
|
|
|
|
|
|
Buildings and |
|
|
(4) |
|
|
Accumulated |
|
|
Total Cost |
|
|
|
|
Property Name |
|
Type |
|
Consolidated |
|
Location |
|
Built |
|
of Units |
|
|
Land |
|
|
Improvements |
|
|
Consolidation |
|
|
Land |
|
|
Improvements |
|
|
Total |
|
|
Depreciation (AD) |
|
|
Net of AD |
|
|
Encumbrances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
King Bell Apartments |
|
Garden |
|
Jan-06 |
|
Milwaukie, OR |
|
|
1982 |
|
|
|
62 |
|
|
|
204 |
|
|
|
2,497 |
|
|
|
205 |
|
|
|
204 |
|
|
|
2,702 |
|
|
|
2,906 |
|
|
|
(1,535 |
) |
|
|
1,371 |
|
|
|
1,599 |
|
Kirkwood House |
|
High Rise |
|
Sep-04 |
|
Baltimore, MD |
|
|
1979 |
|
|
|
261 |
|
|
|
1,281 |
|
|
|
9,358 |
|
|
|
8,143 |
|
|
|
1,338 |
|
|
|
17,444 |
|
|
|
18,782 |
|
|
|
(3,162 |
) |
|
|
15,620 |
|
|
|
16,000 |
|
Kubasek Trinity Manor |
|
High Rise |
|
Jan-06 |
|
Yonkers, NY |
|
|
1981 |
|
|
|
130 |
|
|
|
54 |
|
|
|
8,308 |
|
|
|
1,864 |
|
|
|
54 |
|
|
|
10,172 |
|
|
|
10,226 |
|
|
|
(5,341 |
) |
|
|
4,885 |
|
|
|
4,671 |
|
La Salle |
|
Garden |
|
Oct-00 |
|
San Francisco, CA |
|
|
1976 |
|
|
|
145 |
|
|
|
1,841 |
|
|
|
19,568 |
|
|
|
17,382 |
|
|
|
1,866 |
|
|
|
36,925 |
|
|
|
38,791 |
|
|
|
(15,711 |
) |
|
|
23,080 |
|
|
|
16,093 |
|
La Vista |
|
Garden |
|
Jan-06 |
|
Concord, CA |
|
|
1981 |
|
|
|
75 |
|
|
|
565 |
|
|
|
4,448 |
|
|
|
4,230 |
|
|
|
581 |
|
|
|
8,662 |
|
|
|
9,243 |
|
|
|
(1,438 |
) |
|
|
7,805 |
|
|
|
5,418 |
|
Lafayette Square |
|
Garden |
|
Jan-06 |
|
Camden, SC |
|
|
1978 |
|
|
|
72 |
|
|
|
142 |
|
|
|
1,875 |
|
|
|
98 |
|
|
|
142 |
|
|
|
1,973 |
|
|
|
2,115 |
|
|
|
(1,664 |
) |
|
|
451 |
|
|
|
236 |
|
Lake Avenue Commons |
|
Garden |
|
Jan-10 |
|
Cleveland, OH |
|
|
1982 |
|
|
|
79 |
|
|
|
488 |
|
|
|
2,763 |
|
|
|
|
|
|
|
488 |
|
|
|
2,763 |
|
|
|
3,251 |
|
|
|
(158 |
) |
|
|
3,093 |
|
|
|
3,070 |
|
Landau |
|
Garden |
|
Oct-05 |
|
Clinton, SC |
|
|
1970 |
|
|
|
80 |
|
|
|
1,293 |
|
|
|
1,429 |
|
|
|
320 |
|
|
|
1,293 |
|
|
|
1,749 |
|
|
|
3,042 |
|
|
|
(1,770 |
) |
|
|
1,272 |
|
|
|
228 |
|
Laurelwood |
|
Garden |
|
Jan-06 |
|
Morristown, TN |
|
|
1981 |
|
|
|
65 |
|
|
|
75 |
|
|
|
1,870 |
|
|
|
224 |
|
|
|
75 |
|
|
|
2,094 |
|
|
|
2,169 |
|
|
|
(1,350 |
) |
|
|
819 |
|
|
|
1,320 |
|
Lock Haven Gardens |
|
Garden |
|
Jan-06 |
|
Lock Haven, PA |
|
|
1979 |
|
|
|
150 |
|
|
|
1,163 |
|
|
|
6,045 |
|
|
|
666 |
|
|
|
1,163 |
|
|
|
6,711 |
|
|
|
7,874 |
|
|
|
(4,894 |
) |
|
|
2,980 |
|
|
|
2,359 |
|
Locust House |
|
High Rise |
|
Mar-02 |
|
Westminster, MD |
|
|
1979 |
|
|
|
99 |
|
|
|
650 |
|
|
|
2,604 |
|
|
|
851 |
|
|
|
650 |
|
|
|
3,455 |
|
|
|
4,105 |
|
|
|
(1,228 |
) |
|
|
2,877 |
|
|
|
2,084 |
|
Long Meadow |
|
Garden |
|
Jan-06 |
|
Cheraw, SC |
|
|
1973 |
|
|
|
56 |
|
|
|
158 |
|
|
|
1,342 |
|
|
|
214 |
|
|
|
158 |
|
|
|
1,556 |
|
|
|
1,714 |
|
|
|
(1,232 |
) |
|
|
482 |
|
|
|
165 |
|
Loring Towers |
|
High Rise |
|
Oct-02 |
|
Minneapolis, MN |
|
|
1975 |
|
|
|
230 |
|
|
|
1,297 |
|
|
|
7,445 |
|
|
|
7,643 |
|
|
|
886 |
|
|
|
15,499 |
|
|
|
16,385 |
|
|
|
(4,787 |
) |
|
|
11,598 |
|
|
|
10,501 |
|
Loring Towers Apartments |
|
High Rise |
|
Sep-03 |
|
Salem, MA |
|
|
1973 |
|
|
|
250 |
|
|
|
129 |
|
|
|
14,050 |
|
|
|
6,599 |
|
|
|
187 |
|
|
|
20,591 |
|
|
|
20,778 |
|
|
|
(4,763 |
) |
|
|
16,015 |
|
|
|
15,786 |
|
Maunakea Tower |
|
High Rise |
|
Jan-10 |
|
Honolulu, HI |
|
|
1976 |
|
|
|
380 |
|
|
|
7,995 |
|
|
|
45,305 |
|
|
|
3,702 |
|
|
|
7,995 |
|
|
|
49,007 |
|
|
|
57,002 |
|
|
|
(2,074 |
) |
|
|
54,928 |
|
|
|
34,957 |
|
Michigan Beach |
|
Garden |
|
Oct-07 |
|
Chicago, IL |
|
|
1958 |
|
|
|
239 |
|
|
|
2,225 |
|
|
|
10,797 |
|
|
|
978 |
|
|
|
2,225 |
|
|
|
11,775 |
|
|
|
14,000 |
|
|
|
(4,011 |
) |
|
|
9,989 |
|
|
|
5,576 |
|
Mill Pond |
|
Mid Rise |
|
Jan-06 |
|
Taunton, MA |
|
|
1982 |
|
|
|
49 |
|
|
|
80 |
|
|
|
2,704 |
|
|
|
319 |
|
|
|
80 |
|
|
|
3,023 |
|
|
|
3,103 |
|
|
|
(1,768 |
) |
|
|
1,335 |
|
|
|
983 |
|
Mill Run |
|
Garden |
|
Jan-10 |
|
Mobile, AL |
|
|
1983 |
|
|
|
50 |
|
|
|
293 |
|
|
|
2,569 |
|
|
|
42 |
|
|
|
293 |
|
|
|
2,611 |
|
|
|
2,904 |
|
|
|
(818 |
) |
|
|
2,086 |
|
|
|
1,466 |
|
Miramar Housing |
|
High Rise |
|
Jan-06 |
|
Ponce, PR |
|
|
1983 |
|
|
|
96 |
|
|
|
367 |
|
|
|
5,085 |
|
|
|
425 |
|
|
|
367 |
|
|
|
5,510 |
|
|
|
5,877 |
|
|
|
(3,099 |
) |
|
|
2,778 |
|
|
|
2,769 |
|
Montblanc Gardens |
|
Town Home |
|
Dec-03 |
|
Yauco, PR |
|
|
1982 |
|
|
|
128 |
|
|
|
391 |
|
|
|
3,859 |
|
|
|
1,010 |
|
|
|
391 |
|
|
|
4,869 |
|
|
|
5,260 |
|
|
|
(2,645 |
) |
|
|
2,615 |
|
|
|
3,252 |
|
Monticello Manor |
|
Garden |
|
Jan-10 |
|
San Antonio, TX |
|
|
1998 |
|
|
|
154 |
|
|
|
647 |
|
|
|
3,665 |
|
|
|
|
|
|
|
647 |
|
|
|
3,665 |
|
|
|
4,312 |
|
|
|
(250 |
) |
|
|
4,062 |
|
|
|
3,935 |
|
Moss Gardens |
|
Mid Rise |
|
Jan-06 |
|
Lafayette, LA |
|
|
1980 |
|
|
|
114 |
|
|
|
524 |
|
|
|
3,818 |
|
|
|
824 |
|
|
|
524 |
|
|
|
4,642 |
|
|
|
5,166 |
|
|
|
(3,174 |
) |
|
|
1,992 |
|
|
|
1,946 |
|
New Baltimore |
|
Mid Rise |
|
Mar-02 |
|
New Baltimore, MI |
|
|
1980 |
|
|
|
101 |
|
|
|
888 |
|
|
|
2,360 |
|
|
|
5,157 |
|
|
|
896 |
|
|
|
7,509 |
|
|
|
8,405 |
|
|
|
(1,905 |
) |
|
|
6,500 |
|
|
|
2,179 |
|
Newberry Park |
|
Garden |
|
Dec-97 |
|
Chicago, IL |
|
|
1995 |
|
|
|
84 |
|
|
|
1,380 |
|
|
|
7,632 |
|
|
|
486 |
|
|
|
1,380 |
|
|
|
8,118 |
|
|
|
9,498 |
|
|
|
(2,972 |
) |
|
|
6,526 |
|
|
|
7,299 |
|
Nintey Five Vine Street |
|
Garden |
|
Jan-10 |
|
Hartford, CT |
|
|
1800 |
|
|
|
31 |
|
|
|
188 |
|
|
|
1,062 |
|
|
|
626 |
|
|
|
188 |
|
|
|
1,688 |
|
|
|
1,876 |
|
|
|
(104 |
) |
|
|
1,772 |
|
|
|
1,055 |
|
Northpoint |
|
Garden |
|
Jan-00 |
|
Chicago, IL |
|
|
1921 |
|
|
|
305 |
|
|
|
2,280 |
|
|
|
14,334 |
|
|
|
16,706 |
|
|
|
2,510 |
|
|
|
30,810 |
|
|
|
33,320 |
|
|
|
(16,997 |
) |
|
|
16,323 |
|
|
|
19,101 |
|
Northwinds, The |
|
Garden |
|
Mar-02 |
|
Wytheville, VA |
|
|
1978 |
|
|
|
144 |
|
|
|
500 |
|
|
|
2,012 |
|
|
|
575 |
|
|
|
500 |
|
|
|
2,587 |
|
|
|
3,087 |
|
|
|
(1,466 |
) |
|
|
1,621 |
|
|
|
1,466 |
|
Oakbrook |
|
Garden |
|
Jan-08 |
|
Topeka, KS |
|
|
1979 |
|
|
|
170 |
|
|
|
550 |
|
|
|
2,915 |
|
|
|
885 |
|
|
|
550 |
|
|
|
3,800 |
|
|
|
4,350 |
|
|
|
(773 |
) |
|
|
3,577 |
|
|
|
2,636 |
|
Oakwood Manor |
|
Garden |
|
Mar-04 |
|
Milan, TN |
|
|
1984 |
|
|
|
34 |
|
|
|
95 |
|
|
|
498 |
|
|
|
18 |
|
|
|
103 |
|
|
|
508 |
|
|
|
611 |
|
|
|
(140 |
) |
|
|
471 |
|
|
|
316 |
|
ONeil |
|
High Rise |
|
Jan-06 |
|
Troy, NY |
|
|
1978 |
|
|
|
115 |
|
|
|
88 |
|
|
|
4,067 |
|
|
|
864 |
|
|
|
88 |
|
|
|
4,931 |
|
|
|
5,019 |
|
|
|
(3,452 |
) |
|
|
1,567 |
|
|
|
2,595 |
|
Overbrook Park |
|
Garden |
|
Jan-06 |
|
Chillicothe, OH |
|
|
1981 |
|
|
|
50 |
|
|
|
136 |
|
|
|
2,282 |
|
|
|
311 |
|
|
|
136 |
|
|
|
2,593 |
|
|
|
2,729 |
|
|
|
(1,458 |
) |
|
|
1,271 |
|
|
|
1,432 |
|
Oxford House |
|
Mid Rise |
|
Mar-02 |
|
Deactur, IL |
|
|
1979 |
|
|
|
156 |
|
|
|
993 |
|
|
|
4,164 |
|
|
|
928 |
|
|
|
993 |
|
|
|
5,092 |
|
|
|
6,085 |
|
|
|
(2,109 |
) |
|
|
3,976 |
|
|
|
2,627 |
|
Panorama Park |
|
Garden |
|
Mar-02 |
|
Bakersfield, CA |
|
|
1982 |
|
|
|
66 |
|
|
|
621 |
|
|
|
5,520 |
|
|
|
884 |
|
|
|
619 |
|
|
|
6,406 |
|
|
|
7,025 |
|
|
|
(1,687 |
) |
|
|
5,338 |
|
|
|
2,255 |
|
Parc Chateau I |
|
Garden |
|
Jan-06 |
|
Lithonia, GA |
|
|
1973 |
|
|
|
86 |
|
|
|
592 |
|
|
|
1,442 |
|
|
|
521 |
|
|
|
592 |
|
|
|
1,963 |
|
|
|
2,555 |
|
|
|
(1,861 |
) |
|
|
694 |
|
|
|
359 |
|
Parc Chateau II |
|
Garden |
|
Jan-06 |
|
Lithonia, GA |
|
|
1974 |
|
|
|
88 |
|
|
|
596 |
|
|
|
2,965 |
|
|
|
497 |
|
|
|
596 |
|
|
|
3,462 |
|
|
|
4,058 |
|
|
|
(2,626 |
) |
|
|
1,432 |
|
|
|
361 |
|
Park Place |
|
Mid Rise |
|
Jun-05 |
|
St Louis, MO |
|
|
1977 |
|
|
|
242 |
|
|
|
742 |
|
|
|
6,327 |
|
|
|
9,798 |
|
|
|
705 |
|
|
|
16,162 |
|
|
|
16,867 |
|
|
|
(10,003 |
) |
|
|
6,864 |
|
|
|
9,423 |
|
Park Vista |
|
Garden |
|
Oct-05 |
|
Anaheim, CA |
|
|
1958 |
|
|
|
392 |
|
|
|
6,155 |
|
|
|
25,929 |
|
|
|
4,822 |
|
|
|
6,155 |
|
|
|
30,751 |
|
|
|
36,906 |
|
|
|
(7,763 |
) |
|
|
29,143 |
|
|
|
37,656 |
|
Parkways, The |
|
Garden |
|
Jun-04 |
|
Chicago, IL |
|
|
1925 |
|
|
|
446 |
|
|
|
3,684 |
|
|
|
23,257 |
|
|
|
18,115 |
|
|
|
3,427 |
|
|
|
41,629 |
|
|
|
45,056 |
|
|
|
(14,959 |
) |
|
|
30,097 |
|
|
|
21,209 |
|
Patman Switch |
|
Garden |
|
Jan-06 |
|
Hughes Springs, TX |
|
|
1978 |
|
|
|
82 |
|
|
|
727 |
|
|
|
1,382 |
|
|
|
616 |
|
|
|
727 |
|
|
|
1,998 |
|
|
|
2,725 |
|
|
|
(1,589 |
) |
|
|
1,136 |
|
|
|
1,229 |
|
Pavilion |
|
High Rise |
|
Mar-04 |
|
Philadelphia, PA |
|
|
1976 |
|
|
|
296 |
|
|
|
|
|
|
|
15,416 |
|
|
|
1,471 |
|
|
|
|
|
|
|
16,887 |
|
|
|
16,887 |
|
|
|
(4,984 |
) |
|
|
11,903 |
|
|
|
8,680 |
|
Peachwood Place |
|
Garden |
|
Oct-07 |
|
Waycross, GA |
|
|
1999 |
|
|
|
72 |
|
|
|
390 |
|
|
|
748 |
|
|
|
82 |
|
|
|
390 |
|
|
|
830 |
|
|
|
1,220 |
|
|
|
(159 |
) |
|
|
1,061 |
|
|
|
737 |
|
Pinebluff Village |
|
Mid Rise |
|
Jan-06 |
|
Salisbury, MD |
|
|
1980 |
|
|
|
151 |
|
|
|
1,112 |
|
|
|
7,177 |
|
|
|
758 |
|
|
|
1,112 |
|
|
|
7,935 |
|
|
|
9,047 |
|
|
|
(5,801 |
) |
|
|
3,246 |
|
|
|
1,893 |
|
Pinewood Place |
|
Garden |
|
Mar-02 |
|
Toledo, OH |
|
|
1979 |
|
|
|
99 |
|
|
|
420 |
|
|
|
1,698 |
|
|
|
1,276 |
|
|
|
420 |
|
|
|
2,974 |
|
|
|
3,394 |
|
|
|
(1,408 |
) |
|
|
1,986 |
|
|
|
1,992 |
|
Pleasant Hills |
|
Garden |
|
Apr-05 |
|
Austin, TX |
|
|
1982 |
|
|
|
100 |
|
|
|
1,188 |
|
|
|
2,631 |
|
|
|
3,529 |
|
|
|
1,229 |
|
|
|
6,119 |
|
|
|
7,348 |
|
|
|
(2,237 |
) |
|
|
5,111 |
|
|
|
3,171 |
|
Plummer Village |
|
Mid Rise |
|
Mar-02 |
|
North Hills, CA |
|
|
1983 |
|
|
|
75 |
|
|
|
624 |
|
|
|
2,647 |
|
|
|
1,637 |
|
|
|
667 |
|
|
|
4,241 |
|
|
|
4,908 |
|
|
|
(1,968 |
) |
|
|
2,940 |
|
|
|
2,560 |
|
Portner Place |
|
Town Home |
|
Jan-06 |
|
Washington, DC |
|
|
1980 |
|
|
|
48 |
|
|
|
697 |
|
|
|
3,753 |
|
|
|
142 |
|
|
|
697 |
|
|
|
3,895 |
|
|
|
4,592 |
|
|
|
(431 |
) |
|
|
4,161 |
|
|
|
6,348 |
|
Post Street Apartments |
|
High Rise |
|
Jan-06 |
|
Yonkers, NY |
|
|
1930 |
|
|
|
56 |
|
|
|
148 |
|
|
|
3,315 |
|
|
|
461 |
|
|
|
148 |
|
|
|
3,776 |
|
|
|
3,924 |
|
|
|
(2,407 |
) |
|
|
1,517 |
|
|
|
1,518 |
|
Pride Gardens |
|
Garden |
|
Dec-97 |
|
Flora, MS |
|
|
1975 |
|
|
|
76 |
|
|
|
102 |
|
|
|
1,071 |
|
|
|
1,753 |
|
|
|
102 |
|
|
|
2,824 |
|
|
|
2,926 |
|
|
|
(1,586 |
) |
|
|
1,340 |
|
|
|
1,062 |
|
Rancho California |
|
Garden |
|
Jan-06 |
|
Temecula, CA |
|
|
1984 |
|
|
|
55 |
|
|
|
488 |
|
|
|
5,462 |
|
|
|
307 |
|
|
|
488 |
|
|
|
5,769 |
|
|
|
6,257 |
|
|
|
(3,035 |
) |
|
|
3,222 |
|
|
|
4,480 |
|
Ridgewood Towers |
|
High Rise |
|
Mar-02 |
|
East Moline, IL |
|
|
1977 |
|
|
|
140 |
|
|
|
698 |
|
|
|
2,803 |
|
|
|
818 |
|
|
|
698 |
|
|
|
3,621 |
|
|
|
4,319 |
|
|
|
(1,418 |
) |
|
|
2,901 |
|
|
|
1,418 |
|
River Village |
|
High Rise |
|
Jan-06 |
|
Flint, MI |
|
|
1980 |
|
|
|
340 |
|
|
|
1,756 |
|
|
|
13,877 |
|
|
|
3,599 |
|
|
|
1,756 |
|
|
|
17,476 |
|
|
|
19,232 |
|
|
|
(11,075 |
) |
|
|
8,157 |
|
|
|
6,929 |
|
Rivers Edge |
|
Town Home |
|
Jan-06 |
|
Greenville, MI |
|
|
1983 |
|
|
|
49 |
|
|
|
311 |
|
|
|
2,097 |
|
|
|
391 |
|
|
|
311 |
|
|
|
2,488 |
|
|
|
2,799 |
|
|
|
(1,731 |
) |
|
|
1,068 |
|
|
|
521 |
|
Riverwoods |
|
High Rise |
|
Jan-06 |
|
Kankakee, IL |
|
|
1983 |
|
|
|
125 |
|
|
|
590 |
|
|
|
4,932 |
|
|
|
3,475 |
|
|
|
598 |
|
|
|
8,399 |
|
|
|
8,997 |
|
|
|
(1,678 |
) |
|
|
7,319 |
|
|
|
4,702 |
|
Round Barn |
|
Garden |
|
Mar-02 |
|
Champaign, IL |
|
|
1979 |
|
|
|
156 |
|
|
|
947 |
|
|
|
5,134 |
|
|
|
5,764 |
|
|
|
810 |
|
|
|
11,035 |
|
|
|
11,845 |
|
|
|
(2,565 |
) |
|
|
9,280 |
|
|
|
5,078 |
|
San Jose Apartments |
|
Garden |
|
Sep-05 |
|
San Antonio, TX |
|
|
1970 |
|
|
|
220 |
|
|
|
404 |
|
|
|
5,770 |
|
|
|
11,459 |
|
|
|
234 |
|
|
|
17,399 |
|
|
|
17,633 |
|
|
|
(4,471 |
) |
|
|
13,162 |
|
|
|
5,069 |
|
San Juan Del Centro |
|
Mid Rise |
|
Sep-05 |
|
Boulder, CO |
|
|
1971 |
|
|
|
150 |
|
|
|
243 |
|
|
|
7,110 |
|
|
|
12,574 |
|
|
|
438 |
|
|
|
19,489 |
|
|
|
19,927 |
|
|
|
(5,060 |
) |
|
|
14,867 |
|
|
|
11,259 |
|
Sandy Hill Terrace |
|
High Rise |
|
Mar-02 |
|
Norristown, PA |
|
|
1980 |
|
|
|
175 |
|
|
|
1,650 |
|
|
|
6,599 |
|
|
|
2,874 |
|
|
|
1,650 |
|
|
|
9,473 |
|
|
|
11,123 |
|
|
|
(3,341 |
) |
|
|
7,782 |
|
|
|
3,351 |
|
Sandy Springs |
|
Garden |
|
Mar-05 |
|
Macon, GA |
|
|
1979 |
|
|
|
74 |
|
|
|
366 |
|
|
|
1,522 |
|
|
|
1,451 |
|
|
|
366 |
|
|
|
2,973 |
|
|
|
3,339 |
|
|
|
(1,876 |
) |
|
|
1,463 |
|
|
|
1,894 |
|
Santa Maria |
|
Garden |
|
Jan-10 |
|
San German, PR |
|
|
1983 |
|
|
|
86 |
|
|
|
368 |
|
|
|
2,087 |
|
|
|
|
|
|
|
368 |
|
|
|
2,087 |
|
|
|
2,455 |
|
|
|
(390 |
) |
|
|
2,065 |
|
|
|
2,343 |
|
School Street |
|
Mid Rise |
|
Jan-06 |
|
Taunton, MA |
|
|
1920 |
|
|
|
75 |
|
|
|
219 |
|
|
|
4,335 |
|
|
|
670 |
|
|
|
219 |
|
|
|
5,005 |
|
|
|
5,224 |
|
|
|
(2,890 |
) |
|
|
2,334 |
|
|
|
2,116 |
|
Shoreview |
|
Garden |
|
Oct-99 |
|
San Francisco, CA |
|
|
1976 |
|
|
|
156 |
|
|
|
1,498 |
|
|
|
19,071 |
|
|
|
18,772 |
|
|
|
1,476 |
|
|
|
37,865 |
|
|
|
39,341 |
|
|
|
(16,745 |
) |
|
|
22,596 |
|
|
|
17,391 |
|
South Bay Villa |
|
Garden |
|
Mar-02 |
|
Los Angeles, CA |
|
|
1981 |
|
|
|
80 |
|
|
|
663 |
|
|
|
2,770 |
|
|
|
4,383 |
|
|
|
1,352 |
|
|
|
6,464 |
|
|
|
7,816 |
|
|
|
(4,055 |
) |
|
|
3,761 |
|
|
|
3,018 |
|
Springfield Villas |
|
Garden |
|
Oct-07 |
|
Lockhart, TX |
|
|
1999 |
|
|
|
32 |
|
|
|
|
|
|
|
1,153 |
|
|
|
86 |
|
|
|
|
|
|
|
1,239 |
|
|
|
1,239 |
|
|
|
(44 |
) |
|
|
1,195 |
|
|
|
828 |
|
St. George Villas |
|
Garden |
|
Jan-06 |
|
St. George, SC |
|
|
1984 |
|
|
|
40 |
|
|
|
86 |
|
|
|
1,025 |
|
|
|
147 |
|
|
|
86 |
|
|
|
1,172 |
|
|
|
1,258 |
|
|
|
(822 |
) |
|
|
436 |
|
|
|
483 |
|
Stonegate Apts |
|
Mid Rise |
|
Jul-09 |
|
Indianapolis, IN |
|
|
1920 |
|
|
|
52 |
|
|
|
255 |
|
|
|
3,610 |
|
|
|
353 |
|
|
|
255 |
|
|
|
3,963 |
|
|
|
4,218 |
|
|
|
(920 |
) |
|
|
3,298 |
|
|
|
1,931 |
|
Sumler Terrace |
|
Garden |
|
Jan-06 |
|
Norfolk, VA |
|
|
1976 |
|
|
|
126 |
|
|
|
215 |
|
|
|
4,400 |
|
|
|
671 |
|
|
|
215 |
|
|
|
5,071 |
|
|
|
5,286 |
|
|
|
(3,836 |
) |
|
|
1,450 |
|
|
|
1,191 |
|
Summit Oaks |
|
Town Home |
|
Jan-06 |
|
Burke, VA |
|
|
1980 |
|
|
|
50 |
|
|
|
382 |
|
|
|
4,930 |
|
|
|
311 |
|
|
|
382 |
|
|
|
5,241 |
|
|
|
5,623 |
|
|
|
(1,513 |
) |
|
|
4,110 |
|
|
|
3,189 |
|
Suntree |
|
Garden |
|
Jan-06 |
|
St. Johns, MI |
|
|
1980 |
|
|
|
121 |
|
|
|
403 |
|
|
|
6,488 |
|
|
|
2,012 |
|
|
|
403 |
|
|
|
8,500 |
|
|
|
8,903 |
|
|
|
(4,744 |
) |
|
|
4,159 |
|
|
|
530 |
|
Tabor Towers |
|
Mid Rise |
|
Jan-06 |
|
Lewisburg, WV |
|
|
1979 |
|
|
|
84 |
|
|
|
163 |
|
|
|
3,360 |
|
|
|
384 |
|
|
|
163 |
|
|
|
3,744 |
|
|
|
3,907 |
|
|
|
(2,263 |
) |
|
|
1,644 |
|
|
|
1,906 |
|
Tamarac Apartments I |
|
Garden |
|
Nov-04 |
|
Woodlands, TX |
|
|
1980 |
|
|
|
144 |
|
|
|
140 |
|
|
|
2,775 |
|
|
|
3,650 |
|
|
|
363 |
|
|
|
6,202 |
|
|
|
6,565 |
|
|
|
(2,451 |
) |
|
|
4,114 |
|
|
|
4,117 |
|
Tamarac Apartments II |
|
Garden |
|
Nov-04 |
|
Woodlands, TX |
|
|
1980 |
|
|
|
156 |
|
|
|
142 |
|
|
|
3,195 |
|
|
|
4,064 |
|
|
|
266 |
|
|
|
7,135 |
|
|
|
7,401 |
|
|
|
(2,786 |
) |
|
|
4,615 |
|
|
|
4,460 |
|
Terraces |
|
Mid Rise |
|
Jan-06 |
|
Kettering, OH |
|
|
1979 |
|
|
|
102 |
|
|
|
1,561 |
|
|
|
2,815 |
|
|
|
1,126 |
|
|
|
1,561 |
|
|
|
3,941 |
|
|
|
5,502 |
|
|
|
(2,652 |
) |
|
|
2,850 |
|
|
|
2,472 |
|
Terry Manor |
|
Mid Rise |
|
Oct-05 |
|
Los Angeles, CA |
|
|
1977 |
|
|
|
170 |
|
|
|
1,775 |
|
|
|
5,848 |
|
|
|
6,674 |
|
|
|
1,997 |
|
|
|
12,300 |
|
|
|
14,297 |
|
|
|
(5,810 |
) |
|
|
8,487 |
|
|
|
6,859 |
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
|
|
(3) |
|
|
|
|
|
|
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
|
Cost Capitalized |
|
|
December 31, 2010 |
|
|
|
Property |
|
Date |
|
|
|
Year |
|
Number |
|
|
|
|
|
|
Buildings and |
|
|
Subsequent to |
|
|
|
|
|
|
Buildings and |
|
|
(4) |
|
|
Accumulated |
|
|
Total Cost |
|
|
|
|
Property Name |
|
Type |
|
Consolidated |
|
Location |
|
Built |
|
of Units |
|
|
Land |
|
|
Improvements |
|
|
Consolidation |
|
|
Land |
|
|
Improvements |
|
|
Total |
|
|
Depreciation (AD) |
|
|
Net of AD |
|
|
Encumbrances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tompkins Terrace |
|
Garden |
|
Oct-02 |
|
Beacon, NY |
|
|
1974 |
|
|
|
193 |
|
|
|
872 |
|
|
|
6,827 |
|
|
|
13,333 |
|
|
|
872 |
|
|
|
20,160 |
|
|
|
21,032 |
|
|
|
(4,632 |
) |
|
|
16,400 |
|
|
|
8,211 |
|
Trestletree Village |
|
Garden |
|
Mar-02 |
|
Atlanta, GA |
|
|
1981 |
|
|
|
188 |
|
|
|
1,150 |
|
|
|
4,655 |
|
|
|
1,838 |
|
|
|
1,150 |
|
|
|
6,493 |
|
|
|
7,643 |
|
|
|
(2,355 |
) |
|
|
5,288 |
|
|
|
2,793 |
|
Underwood Elderly |
|
High Rise |
|
Jan-10 |
|
Hartford, CT |
|
|
1982 |
|
|
|
136 |
|
|
|
2,274 |
|
|
|
7,238 |
|
|
|
580 |
|
|
|
2,274 |
|
|
|
7,818 |
|
|
|
10,092 |
|
|
|
(3,380 |
) |
|
|
6,712 |
|
|
|
6,203 |
|
Underwood Family |
|
Town Home |
|
Jan-10 |
|
Hartford, CT |
|
|
1982 |
|
|
|
25 |
|
|
|
830 |
|
|
|
1,505 |
|
|
|
44 |
|
|
|
830 |
|
|
|
1,549 |
|
|
|
2,379 |
|
|
|
(729 |
) |
|
|
1,650 |
|
|
|
1,582 |
|
University Square |
|
High Rise |
|
Mar-05 |
|
Philadelphia, PA |
|
|
1978 |
|
|
|
442 |
|
|
|
702 |
|
|
|
12,201 |
|
|
|
12,809 |
|
|
|
702 |
|
|
|
25,010 |
|
|
|
25,712 |
|
|
|
(9,800 |
) |
|
|
15,912 |
|
|
|
18,405 |
|
Van Nuys Apartments |
|
High Rise |
|
Mar-02 |
|
Los Angeles, CA |
|
|
1981 |
|
|
|
299 |
|
|
|
4,253 |
|
|
|
21,226 |
|
|
|
20,286 |
|
|
|
3,575 |
|
|
|
42,190 |
|
|
|
45,765 |
|
|
|
(7,748 |
) |
|
|
38,017 |
|
|
|
22,224 |
|
Verdes Del Oriente |
|
Garden |
|
Jan-10 |
|
San Pedro, CA |
|
|
1976 |
|
|
|
113 |
|
|
|
1,100 |
|
|
|
7,044 |
|
|
|
105 |
|
|
|
1,100 |
|
|
|
7,149 |
|
|
|
8,249 |
|
|
|
(2,841 |
) |
|
|
5,408 |
|
|
|
5,471 |
|
Vicente Geigel Polanco |
|
Garden |
|
Jan-10 |
|
Isabela, PR |
|
|
1983 |
|
|
|
80 |
|
|
|
361 |
|
|
|
2,044 |
|
|
|
|
|
|
|
361 |
|
|
|
2,044 |
|
|
|
2,405 |
|
|
|
(203 |
) |
|
|
2,202 |
|
|
|
2,277 |
|
Victory Square |
|
Garden |
|
Mar-02 |
|
Canton, OH |
|
|
1975 |
|
|
|
81 |
|
|
|
215 |
|
|
|
889 |
|
|
|
719 |
|
|
|
215 |
|
|
|
1,608 |
|
|
|
1,823 |
|
|
|
(728 |
) |
|
|
1,095 |
|
|
|
833 |
|
Villa de Guadalupe |
|
Garden |
|
Jan-10 |
|
San Jose, CA |
|
|
1982 |
|
|
|
101 |
|
|
|
1,770 |
|
|
|
8,456 |
|
|
|
31 |
|
|
|
1,770 |
|
|
|
8,487 |
|
|
|
10,257 |
|
|
|
(3,517 |
) |
|
|
6,740 |
|
|
|
6,980 |
|
Village Oaks |
|
Mid Rise |
|
Jan-06 |
|
Catonsville, MD |
|
|
1980 |
|
|
|
181 |
|
|
|
2,127 |
|
|
|
5,188 |
|
|
|
1,895 |
|
|
|
2,127 |
|
|
|
7,083 |
|
|
|
9,210 |
|
|
|
(4,997 |
) |
|
|
4,213 |
|
|
|
4,252 |
|
Village of Kaufman |
|
Garden |
|
Mar-05 |
|
Kaufman, TX |
|
|
1981 |
|
|
|
68 |
|
|
|
370 |
|
|
|
1,606 |
|
|
|
689 |
|
|
|
370 |
|
|
|
2,295 |
|
|
|
2,665 |
|
|
|
(846 |
) |
|
|
1,819 |
|
|
|
1,843 |
|
Villas of Mount Dora |
|
Garden |
|
Jan-10 |
|
Mt. Dora, FL |
|
|
1979 |
|
|
|
70 |
|
|
|
323 |
|
|
|
1,828 |
|
|
|
|
|
|
|
323 |
|
|
|
1,828 |
|
|
|
2,151 |
|
|
|
(156 |
) |
|
|
1,995 |
|
|
|
1,704 |
|
Vintage Crossing |
|
Town Home |
|
Mar-04 |
|
Cuthbert, GA |
|
|
1985 |
|
|
|
50 |
|
|
|
188 |
|
|
|
1,058 |
|
|
|
571 |
|
|
|
188 |
|
|
|
1,629 |
|
|
|
1,817 |
|
|
|
(1,051 |
) |
|
|
766 |
|
|
|
1,614 |
|
Vista Park Chino |
|
Garden |
|
Mar-02 |
|
Chino, CA |
|
|
1983 |
|
|
|
40 |
|
|
|
380 |
|
|
|
1,521 |
|
|
|
440 |
|
|
|
380 |
|
|
|
1,961 |
|
|
|
2,341 |
|
|
|
(776 |
) |
|
|
1,565 |
|
|
|
3,120 |
|
Wah Luck House |
|
High Rise |
|
Jan-06 |
|
Washington, DC |
|
|
1982 |
|
|
|
153 |
|
|
|
|
|
|
|
8,690 |
|
|
|
553 |
|
|
|
|
|
|
|
9,243 |
|
|
|
9,243 |
|
|
|
(2,723 |
) |
|
|
6,520 |
|
|
|
8,613 |
|
Walnut Hills |
|
High Rise |
|
Jan-06 |
|
Cincinnati, OH |
|
|
1983 |
|
|
|
198 |
|
|
|
888 |
|
|
|
5,608 |
|
|
|
5,176 |
|
|
|
826 |
|
|
|
10,846 |
|
|
|
11,672 |
|
|
|
(2,599 |
) |
|
|
9,073 |
|
|
|
5,600 |
|
Wasco Arms |
|
Garden |
|
Mar-02 |
|
Wasco, CA |
|
|
1982 |
|
|
|
78 |
|
|
|
625 |
|
|
|
2,519 |
|
|
|
1,050 |
|
|
|
625 |
|
|
|
3,569 |
|
|
|
4,194 |
|
|
|
(1,564 |
) |
|
|
2,630 |
|
|
|
3,103 |
|
Washington Square West |
|
Mid Rise |
|
Sep-04 |
|
Philadelphia, PA |
|
|
1982 |
|
|
|
132 |
|
|
|
555 |
|
|
|
11,169 |
|
|
|
6,078 |
|
|
|
582 |
|
|
|
17,220 |
|
|
|
17,802 |
|
|
|
(9,279 |
) |
|
|
8,523 |
|
|
|
3,824 |
|
Westwood Terrace |
|
Mid Rise |
|
Mar-02 |
|
Moline, IL |
|
|
1976 |
|
|
|
97 |
|
|
|
720 |
|
|
|
3,242 |
|
|
|
664 |
|
|
|
720 |
|
|
|
3,906 |
|
|
|
4,626 |
|
|
|
(1,356 |
) |
|
|
3,270 |
|
|
|
1,488 |
|
White Cliff |
|
Garden |
|
Mar-02 |
|
Lincoln Heights, OH |
|
|
1977 |
|
|
|
72 |
|
|
|
215 |
|
|
|
938 |
|
|
|
446 |
|
|
|
215 |
|
|
|
1,384 |
|
|
|
1,599 |
|
|
|
(639 |
) |
|
|
960 |
|
|
|
996 |
|
Whitefield Place |
|
Garden |
|
Apr-05 |
|
San Antonio, TX |
|
|
1980 |
|
|
|
80 |
|
|
|
223 |
|
|
|
3,151 |
|
|
|
2,570 |
|
|
|
219 |
|
|
|
5,725 |
|
|
|
5,944 |
|
|
|
(2,387 |
) |
|
|
3,557 |
|
|
|
2,226 |
|
Wilderness Trail |
|
High Rise |
|
Mar-02 |
|
Pineville, KY |
|
|
1983 |
|
|
|
124 |
|
|
|
1,010 |
|
|
|
4,048 |
|
|
|
739 |
|
|
|
1,010 |
|
|
|
4,787 |
|
|
|
5,797 |
|
|
|
(1,391 |
) |
|
|
4,406 |
|
|
|
4,379 |
|
Wilkes Towers |
|
High Rise |
|
Mar-02 |
|
North Wilkesboro, NC |
|
|
1981 |
|
|
|
72 |
|
|
|
410 |
|
|
|
1,680 |
|
|
|
514 |
|
|
|
410 |
|
|
|
2,194 |
|
|
|
2,604 |
|
|
|
(845 |
) |
|
|
1,759 |
|
|
|
1,870 |
|
Willow Wood |
|
Garden |
|
Mar-02 |
|
North Hollywood, CA |
|
|
1984 |
|
|
|
19 |
|
|
|
1,051 |
|
|
|
840 |
|
|
|
208 |
|
|
|
1,051 |
|
|
|
1,048 |
|
|
|
2,099 |
|
|
|
(350 |
) |
|
|
1,749 |
|
|
|
1,057 |
|
Winnsboro Arms |
|
Garden |
|
Jan-06 |
|
Winnsboro, SC |
|
|
1978 |
|
|
|
60 |
|
|
|
272 |
|
|
|
1,697 |
|
|
|
298 |
|
|
|
272 |
|
|
|
1,995 |
|
|
|
2,267 |
|
|
|
(1,572 |
) |
|
|
695 |
|
|
|
112 |
|
Winter Gardens |
|
High Rise |
|
Mar-04 |
|
St Louis, MO |
|
|
1920 |
|
|
|
112 |
|
|
|
300 |
|
|
|
3,072 |
|
|
|
4,489 |
|
|
|
300 |
|
|
|
7,561 |
|
|
|
7,861 |
|
|
|
(1,531 |
) |
|
|
6,330 |
|
|
|
3,732 |
|
Woodcrest |
|
Garden |
|
Dec-97 |
|
Odessa, TX |
|
|
1972 |
|
|
|
80 |
|
|
|
41 |
|
|
|
229 |
|
|
|
718 |
|
|
|
41 |
|
|
|
947 |
|
|
|
988 |
|
|
|
(788 |
) |
|
|
200 |
|
|
|
430 |
|
Woodland |
|
Garden |
|
Jan-06 |
|
Spartanburg, SC |
|
|
1972 |
|
|
|
100 |
|
|
|
182 |
|
|
|
663 |
|
|
|
1,438 |
|
|
|
182 |
|
|
|
2,101 |
|
|
|
2,283 |
|
|
|
(590 |
) |
|
|
1,693 |
|
|
|
|
|
Woodland Hills |
|
Garden |
|
Oct-05 |
|
Jackson, MI |
|
|
1980 |
|
|
|
125 |
|
|
|
541 |
|
|
|
3,875 |
|
|
|
4,275 |
|
|
|
321 |
|
|
|
8,370 |
|
|
|
8,691 |
|
|
|
(3,584 |
) |
|
|
5,107 |
|
|
|
3,589 |
|
Woodlands |
|
Garden |
|
Jan-10 |
|
Whistler, AL |
|
|
1983 |
|
|
|
50 |
|
|
|
213 |
|
|
|
2,277 |
|
|
|
29 |
|
|
|
213 |
|
|
|
2,306 |
|
|
|
2,519 |
|
|
|
(765 |
) |
|
|
1,754 |
|
|
|
1,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Affordable Properties |
|
|
|
|
|
|
|
|
|
|
|
|
20,914 |
|
|
|
129,298 |
|
|
|
892,309 |
|
|
|
431,965 |
|
|
|
128,280 |
|
|
|
1,325,292 |
|
|
|
1,453,572 |
|
|
|
(519,859 |
) |
|
|
933,713 |
|
|
|
745,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,038 |
|
|
|
2,470 |
|
|
|
3,693 |
|
|
|
2,064 |
|
|
|
5,138 |
|
|
|
7,202 |
|
|
|
(2,922 |
) |
|
|
4,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
87,867 |
|
|
|
2,072,307 |
|
|
|
4,639,040 |
|
|
|
2,671,455 |
|
|
|
2,128,734 |
|
|
|
7,254,069 |
|
|
|
9,382,803 |
|
|
|
(2,892,551 |
) |
|
|
6,490,252 |
|
|
|
5,430,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conventional Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fishermans Village |
|
Garden |
|
Jan-06 |
|
Indianapolis, IN |
|
|
1982 |
|
|
|
328 |
|
|
|
2,156 |
|
|
|
9,936 |
|
|
|
3,023 |
|
|
|
2,156 |
|
|
|
12,959 |
|
|
|
15,115 |
|
|
|
(7,618 |
) |
|
|
7,497 |
|
|
|
6,350 |
|
Timbertree |
|
Garden |
|
Oct-97 |
|
Phoenix, AZ |
|
|
1979 |
|
|
|
387 |
|
|
|
2,292 |
|
|
|
13,000 |
|
|
|
6,728 |
|
|
|
2,292 |
|
|
|
19,728 |
|
|
|
22,020 |
|
|
|
(10,752 |
) |
|
|
11,268 |
|
|
|
4,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Conventional Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
715 |
|
|
|
4,448 |
|
|
|
22,936 |
|
|
|
9,751 |
|
|
|
4,448 |
|
|
|
32,687 |
|
|
|
37,135 |
|
|
|
(18,370 |
) |
|
|
18,765 |
|
|
|
10,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affordable Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brittany Apartments |
|
Garden |
|
Jan-10 |
|
Raytown, MO |
|
|
1971 |
|
|
|
144 |
|
|
|
465 |
|
|
|
2,635 |
|
|
|
|
|
|
|
465 |
|
|
|
2,635 |
|
|
|
3,100 |
|
|
|
(194 |
) |
|
|
2,906 |
|
|
|
2,138 |
|
Calvert City |
|
Garden |
|
Jan-10 |
|
Calvert City, KY |
|
|
1980 |
|
|
|
60 |
|
|
|
128 |
|
|
|
694 |
|
|
|
11 |
|
|
|
128 |
|
|
|
705 |
|
|
|
833 |
|
|
|
(663 |
) |
|
|
170 |
|
|
|
711 |
|
Club, The |
|
Garden |
|
Jan-06 |
|
Lexington, NC |
|
|
1972 |
|
|
|
87 |
|
|
|
498 |
|
|
|
2,128 |
|
|
|
688 |
|
|
|
498 |
|
|
|
2,816 |
|
|
|
3,314 |
|
|
|
(2,142 |
) |
|
|
1,172 |
|
|
|
235 |
|
Delhaven Manor |
|
Mid Rise |
|
Mar-02 |
|
Jackson, MS |
|
|
1983 |
|
|
|
104 |
|
|
|
575 |
|
|
|
2,304 |
|
|
|
2,046 |
|
|
|
575 |
|
|
|
4,350 |
|
|
|
4,925 |
|
|
|
(1,923 |
) |
|
|
3,002 |
|
|
|
3,625 |
|
Madisonville |
|
Garden |
|
Jan-10 |
|
Madisonville, KY |
|
|
1981 |
|
|
|
60 |
|
|
|
73 |
|
|
|
367 |
|
|
|
86 |
|
|
|
73 |
|
|
|
453 |
|
|
|
526 |
|
|
|
(498 |
) |
|
|
28 |
|
|
|
589 |
|
Northlake Village |
|
Garden |
|
Oct-00 |
|
Lima, OH |
|
|
1971 |
|
|
|
150 |
|
|
|
487 |
|
|
|
1,317 |
|
|
|
1,886 |
|
|
|
487 |
|
|
|
3,203 |
|
|
|
3,690 |
|
|
|
(1,987 |
) |
|
|
1,703 |
|
|
|
|
|
Oswego Village |
|
Garden |
|
Jan-10 |
|
Columbia, PA |
|
|
1979 |
|
|
|
68 |
|
|
|
392 |
|
|
|
2,221 |
|
|
|
|
|
|
|
392 |
|
|
|
2,221 |
|
|
|
2,613 |
|
|
|
(140 |
) |
|
|
2,473 |
|
|
|
1,395 |
|
Park Joplin Apartments |
|
Garden |
|
Oct-07 |
|
Joplin, MO |
|
|
1974 |
|
|
|
192 |
|
|
|
1,154 |
|
|
|
5,539 |
|
|
|
402 |
|
|
|
1,154 |
|
|
|
5,941 |
|
|
|
7,095 |
|
|
|
(924 |
) |
|
|
6,171 |
|
|
|
3,165 |
|
Rosedale Court Apartments |
|
Garden |
|
Mar-04 |
|
Dawson Springs, KY |
|
|
1981 |
|
|
|
40 |
|
|
|
194 |
|
|
|
1,177 |
|
|
|
222 |
|
|
|
194 |
|
|
|
1,399 |
|
|
|
1,593 |
|
|
|
(612 |
) |
|
|
981 |
|
|
|
858 |
|
Sherman Hills |
|
High Rise |
|
Jan-06 |
|
Wilkes-Barre, PA |
|
|
1976 |
|
|
|
344 |
|
|
|
2,039 |
|
|
|
15,549 |
|
|
|
1,560 |
|
|
|
2,036 |
|
|
|
17,111 |
|
|
|
19,147 |
|
|
|
(13,910 |
) |
|
|
5,237 |
|
|
|
2,686 |
|
Wickford |
|
Garden |
|
Mar-04 |
|
Henderson, NC |
|
|
1983 |
|
|
|
44 |
|
|
|
247 |
|
|
|
946 |
|
|
|
198 |
|
|
|
247 |
|
|
|
1,144 |
|
|
|
1,391 |
|
|
|
(493 |
) |
|
|
898 |
|
|
|
1,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Affordable Properties |
|
|
|
|
|
|
|
|
|
|
|
|
1,293 |
|
|
|
6,252 |
|
|
|
34,877 |
|
|
|
7,099 |
|
|
|
6,249 |
|
|
|
41,978 |
|
|
|
48,227 |
|
|
|
(23,486 |
) |
|
|
24,741 |
|
|
|
16,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
2,008 |
|
|
|
10,700 |
|
|
|
57,813 |
|
|
|
16,850 |
|
|
|
10,697 |
|
|
|
74,665 |
|
|
|
85,362 |
|
|
|
(41,856 |
) |
|
|
43,506 |
|
|
|
27,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
89,875 |
|
|
$ |
2,083,007 |
|
|
$ |
4,696,853 |
|
|
$ |
2,688,305 |
|
|
$ |
2,139,431 |
|
|
$ |
7,328,734 |
|
|
$ |
9,468,165 |
|
|
$ |
(2,934,407 |
) |
|
$ |
6,533,758 |
|
|
$ |
5,457,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Date we acquired the property or first consolidated the partnership which owns the
property. |
|
(2) |
|
Initial cost includes the tendering costs to acquire the minority interest share of our
consolidated real estate partnerships. |
|
(3) |
|
Costs capitalized subsequent to 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 $3.8 billion at December 31, 2010. |
|
(5) |
|
Other includes land parcels, commercial properties and other related costs. We exclude such
properties from our residential unit counts. |
75
AIMCO PROPERTIES, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Years Ended December 31, 2010, 2009 and 2008
(In Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
$ |
9,718,978 |
|
|
$ |
11,000,496 |
|
|
$ |
12,420,200 |
|
Additions during the year: |
|
|
|
|
|
|
|
|
|
|
|
|
Newly consolidated assets and acquisition of limited partnership interests (1) |
|
|
69,410 |
|
|
|
19,683 |
|
|
|
31,447 |
|
Acquisitions |
|
|
|
|
|
|
|
|
|
|
107,445 |
|
Capital additions |
|
|
175,329 |
|
|
|
275,444 |
|
|
|
665,233 |
|
Deductions during the year: |
|
|
|
|
|
|
|
|
|
|
|
|
Casualty and other write-offs (2) |
|
|
(15,865 |
) |
|
|
(43,134 |
) |
|
|
(130,595 |
) |
Sales |
|
|
(479,687 |
) |
|
|
(1,533,511 |
) |
|
|
(2,093,234 |
) |
|
|
|
|
|
|
|
|
|
|
Balance at end of year |
|
$ |
9,468,165 |
|
|
$ |
9,718,978 |
|
|
$ |
11,000,496 |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
$ |
2,723,339 |
|
|
$ |
2,814,992 |
|
|
$ |
3,047,211 |
|
Additions during the year: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
422,099 |
|
|
|
478,550 |
|
|
|
497,395 |
|
Newly consolidated assets and acquisition of limited partnership interests (1) |
|
|
(12,348 |
) |
|
|
(2,763 |
) |
|
|
(22,256 |
) |
Deductions during the year: |
|
|
|
|
|
|
|
|
|
|
|
|
Casualty and other write-offs |
|
|
(4,831 |
) |
|
|
(5,200 |
) |
|
|
(1,838 |
) |
Sales |
|
|
(193,852 |
) |
|
|
(562,240 |
) |
|
|
(705,520 |
) |
|
|
|
|
|
|
|
|
|
|
Balance at end of year |
|
$ |
2,934,407 |
|
|
$ |
2,723,339 |
|
|
$ |
2,814,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Includes the effect of newly consolidated assets, acquisition of limited
partnership interests and related activity. |
|
(2) |
|
Casualty and other write-offs in 2008 include impairments totaling $91.1 million
related to our Lincoln Place and Pacific Bay Vistas properties. |
76