-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CQiMi1YiwPTvWbM4tC3D7q/yDGz7643i+Hd0YaNgJayfj7PiAJzI+c54At48jd9k k0jOJLAlTeT//APqEF5OOA== 0000950134-06-022148.txt : 20070409 0000950134-06-022148.hdr.sgml : 20070409 20061122193855 ACCESSION NUMBER: 0000950134-06-022148 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20061122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIMCO PROPERTIES LP CENTRAL INDEX KEY: 0000926660 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 841275621 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 4582 S ULSTER ST PARKWAY STREET 2: SUITE 1100 CITY: DENVER STATE: CO ZIP: 80237 BUSINESS PHONE: 3037578101 MAIL ADDRESS: STREET 1: 4582 S ULSTER ST PARKWAY STREET 2: SUITE 1100 CITY: DENVER STATE: CO ZIP: 80237 CORRESP 1 filename1.htm corresp
 

AIMCO PROPERTIES, L.P.
4582 South Ulster Street Parkway, Suite 1100
Denver, CO 80230
November 22, 2006
Correspondence Filing Via Edgar and Overnight Delivery
United States Securities and Exchange Commission
Division of Corporation Finance
Mail Stop 4561
450 Fifth Street, NW
Washington, D.C. 20549
Attn:   Linda van Doorn
Thomas Flinn
     
Re:
  AIMCO Properties, L.P.
 
  File No. 000-24497
 
  Form 10-K for the year ended December 31, 2005
 
Ladies & Gentlemen:
     This letter responds to the comments of the staff of the Securities and Exchange Commission (the “Staff”) conveyed to the undersigned on behalf of AIMCO Properties, L.P., a Delaware limited partnership (the “Partnership”), in a November 16, 2006, phone call. Prior correspondence from the Partnership on this matter was: a letter dated November 6, 2006 (which was sent in response to the Staff’s comments in October 11, 2006, phone call; a letter dated September 7, 2006 (which was sent in response to the Staff’s comments in an August 30, 2006, phone call); a letter dated August 17, 2006 (which was sent in response to a Staff comment letter dated August 3, 2006); and a letter dated July 28, 2006 (which was sent in response to the Staff’s original comment letter dated July 14, 2006).
* * * * *
     With respect to the Partnership’s High Performance Units (“HPUs”), the Staff requested information regarding the Partnership’s calculations of earnings per share under the two-class method supporting the Partnership’s conclusion that application of the two-class method results in identical amounts of earnings per unit for HPUs that are not contingent on the achievement of benchmarks during the valuation period. Please see Appendix A for the calculation detail.
* * * * *
     If you have further questions regarding the information provided, please contact Miles Cortez, Executive Vice President, General Counsel and Secretary of AIMCO-GP, Inc., the general partner of the Partnership, at (303) 691-4301 (phone) or (303) 300-3297 (facsimile), or me at (303) 691-4307 (phone) or (303) 300-3284 (facsimile). In addition, in the event of

 

 

United States Securities and Exchange Commission
November 22, 2006
Page 2 of 3
additional correspondence on this matter or correspondence on any future matter from the Staff, please include Mr. Cortez as an addressee.
Sincerely,
/s/ Thomas M. Herzog
Thomas M. Herzog

Executive Vice President and Chief Financial Officer
of AIMCO-GP, Inc., the general partner of AIMCO
Properties, L.P.
 
Cc:   Miles Cortez
Robert Y. Walker, IV

 

 

United States Securities and Exchange Commission
November 22, 2006
Page 3 of 3
Appendix A
AIMCO Properties, L.P.
Illustration of the Two-Class Method to Determine Basic Earnings Per Share Amounts
Year Ended December 31, 2005
(in thousands, except per unit amounts)
 
Facts:
Net loss, after preferred unit distribution requirements, was $18,202.
Weighted average number of Partnership Common Units (“common OP Units”) outstanding during the year was 102,132.
Weighted average number of Class I High Performance Units (“Class I HPUs”) outstanding during the year was 2,379.
Common OP Units and Class I HPUs have identical rights to receive distributions and upon liquidation of the Partnership.
Distributions of $3.00 per unit were declared to holders of common OP Units and Class I HPUs.
Basic EPS for the year ended December 31, 2005 is computed as follows:
         
Net loss after preferred distribution requirements
   $ (18,202 )
Distributions declared:
        
Common OP Units (102,132 units * $3.00)
     306,396  
Class I HPUs (2,379 units * $3.00)
     7,137  
 
      
Total
     313,533  
 
      
Undistributed earnings (loss)
   $ (331,735 )
 
      
Allocation of undistributed earnings (loss) — based on ratio of units in each class to total units for all classes:
         
To common OP Unitholders:
        
102,132 / (102,132+2,379) * $(331,735) =
   $ (324,184 )
$(324,184) / 102,132 units =
   $ (3.17 ) per unit
 
        
To Class I HPU holders:
        
2,379 / (102,132+2,379) * $(331,735) =
   $ (7,551 )
$(7,551) / 2,379 units =
   $ (3.17 ) per unit
Basic per-share amounts:
                 
    Common OP     Class I  
    Units     HPUs  
Distributed earnings
   $ 3.00     $ 3.00  
Undistributed earnings (loss)
     (3.17 )     (3.17 )
 
            
Total
   $ (0.17 )   $ (0.17 )
 
            

 

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