Partners Capital (Tables)

12 Months Ended

Dec. 31, 2012

As of December 31, 2012 and 2011, the following classes of Preferred OP Units (stated at their redemption values, in thousands, except unit and per unit data):



	Distributions per Annum				Units Issued and Outstanding		Balances
Class of Preferred Units	Percent		Per Unit		2012	2011	2012		2011
Class One	8.75	%	$	8.00	90,000	90,000	$	8,229	$	8,229
Class Two	1.84	%	$	0.46	18,589	19,289	465		482
Class Three	7.88	%	$	1.97	1,357,691	1,365,284	33,942		34,132
Class Four	8.00	%	$	2.00	644,954	755,999	16,124		18,900
Class Six	8.50	%	$	2.13	790,883	796,668	19,772		19,917
Class Seven	7.87	%	$	1.97	27,960	27,960	699		699
Class Eight	(1)		(1)		—	6,250	—		156
Total					2,930,077	3,061,450	$	79,231	$	82,515

(1) The Class Eight Partnership Preferred Units receive distributions equal to the per unit distribution on the common partnership units.

Temporary Equity

The redeemable Partnership Preferred Units presented in this reconciliation include the redeemable Preferred OP Units as well as the CRA Preferred Units held by Aimco, which, as further discussed in Note 12, were subject to a repurchase agreement prior to the final redemption that satisfied such agreement during 2011.



	2012			2011			2010
Balance at January 1	$	83,384		$	103,428		$	116,656
Preferred distributions	(6,496		)	(6,683		)	(6,730		)
Redemption of preferred units	(3,338		)	(20,044		)	(11,462		)
Net income	6,496			6,683			4,964
Balance at December 31	$	80,046		$	83,384		$	103,428

- Definition

Tabular disclosure of preferred units of master limited partnerships that have priority over limited partner units in areas including liquidation, redemption, conversion, tax status of distribution or sharing in distributions. This schedule ordinarily includes a description of the preferred units that details various rights including redemption, conversion, liquidation, and sharing in distributions; capital contributed by preferred partners; number of preferred units authorized to be issued, issued, and outstanding; aggregate cumulative cash distributions made to the preferred partners; aggregate cumulative net income earned by the preferred partners; capital account balance of the preferred partners.

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- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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