AIV 10-K 12/31/2009
Section 1: 10-K (FORM 10-K)
Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
þþþþ
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2009
or
oooo
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Apartment Investment and Management Company
(Exact name of registrant as specified in its charter)
Commission File Number 1-13232
Maryland
(State or other jurisdiction of
incorporation or organization)
4582 South Ulster Street Parkway, Suite 1100
Denver, Colorado
(Address of principal executive offices)
84-1259577
(I.R.S. Employer
Identification No.)
80237
(Zip Code)
Registrant’s telephone number, including area code: (303) 757-8101
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class
Name of Each Exchange on Which Registered
Class A Common Stock
Class G Cumulative Preferred Stock
Class T Cumulative Preferred Stock
Class U Cumulative Preferred Stock
Class V Cumulative Preferred Stock
Class Y Cumulative Preferred Stock
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
Securities Registered Pursuant to Section 12(g) of the Act: none
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined by Rule 405 of the Securities
Act. Yes þ No o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act. Yes o No þ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months
(or for such shorter period that the registrant was required to submit and post such files). Yes o No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and
will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a
smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in
Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer þ
Accelerated filer o
Non-accelerated filer o
(Do not check if a smaller reporting company)
Smaller reporting company o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No þ
The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant was
approximately $1.0 billion as of June 30, 2009. As of February 24, 2010, there were 117,140,672 shares of Class A Common Stock
outstanding.
Portions of the registrant’s definitive proxy statement to be issued in conjunction with the registrant’s annual meeting of
stockholders to be held April 26, 2010, are incorporated by reference into Part III of this Annual Report.
DOCUMENTS INCORPORATED BY REFERENCE
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
TABLE OF CONTENTS
ANNUAL REPORT ON FORM 10-K
For the Fiscal Year Ended December 31, 2009
Item
PART I
1. Business
1A. Risk Factors
1B. Unresolved Staff Comments
2. Properties
3. Legal Proceedings
4. Submission of Matters to a Vote of Security Holders
5.
PART II
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities
6. Selected Financial Data
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
7A. Quantitative and Qualitative Disclosures About Market Risk
8. Financial Statements and Supplementary Data
9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
9A. Controls and Procedures
9B. Other Information
10. Directors, Executive Officers and Corporate Governance
11. Executive Compensation
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
13. Certain Relationships and Related Transactions, and Director Independence
14. Principal Accountant Fees and Services
PART III
15. Exhibits and Financial Statement Schedules
EX-21.1
EX-23.1
EX-31.1
EX-31.2
EX-32.1
EX-32.2
EX-99.1
PART IV
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FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements in
certain circumstances. Certain information included in this Annual Report contains or may contain information that
is forward-looking within the meaning of the federal securities laws, including, without limitation, statements
regarding the effect of acquisitions and redevelopments, our future financial performance, including our ability to
maintain current or meet projected occupancy, rent levels and same store results, and the effect of government
regulations. Actual results may differ materially from those described in these forward-looking statements and, in
addition, will be affected by a variety of risks and factors, some of which are beyond our control, including, without
limitation: financing risks, including the availability and cost of financing and the risk that our cash flows from
operations may be insufficient to meet required payments of principal and interest; earnings may not be sufficient to
maintain compliance with debt covenants; real estate risks, including fluctuations in real estate values and the
general economic climate in the markets in which we operate and competition for residents in such markets; national
and local economic conditions; the terms of governmental regulations that affect us and interpretations of those
regulations; the competitive environment in which we operate; the timing of acquisitions and dispositions; insurance
risk, including the cost of insurance; natural disasters and severe weather such as hurricanes; litigation, including
costs associated with prosecuting or defending claims and any adverse outcomes; energy costs; and possible
environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of
contamination of properties presently owned or previously owned by us. In addition, our current and continuing
qualification as a real estate investment trust involves the application of highly technical and complex provisions of
the Internal Revenue Code and depends on our ability to meet the various requirements imposed by the Internal
Revenue Code, through actual operating results, distribution levels and diversity of stock ownership. Readers should
carefully review our financial statements and the notes thereto, as well as the section entitled “Risk Factors”
described in Item 1A of this Annual Report and the other documents we file from time to time with the Securities and
Exchange Commission.
Item 1. Business
The Company
PART I
Apartment Investment and Management Company, or Aimco, is a Maryland corporation incorporated on
January 10, 1994. We are a self-administered and self-managed real estate investment trust, or REIT, engaged in the
acquisition, ownership, management and redevelopment of apartment properties. We primarily invest in the 20 largest
U.S. markets, as measured by total market capitalization, which is the total market value of institutional-grade apartment
properties in a particular market. We define these markets as “target markets” and they possess the following
characteristics: a high concentration of population and apartment units; geographic and employment diversification;
and historically strong returns with reduced volatility as part of a diversified portfolio. We are one of the largest owners
and operators of apartment properties in the United States.
We own an equity interest in, and consolidate the majority of, the properties in our owned real estate portfolio.
These properties represent the consolidated real estate holdings in our financial statements, which we refer to as
consolidated properties. In addition, we have an equity interest in, but do not consolidate for financial statement
purposes, certain properties that are accounted for under the equity or cost methods. These properties represent our
investment in unconsolidated real estate partnerships in our financial statements, which we refer to as unconsolidated
properties. Additionally, we provide property management and asset management services to certain properties, and in
certain cases, we may indirectly own generally less than one percent of the operations of such
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properties through a partnership syndication or other fund. Our equity holdings and managed properties are as follows
as of December 31, 2009:
Consolidated properties
Unconsolidated properties
Property management
Asset management
Total
Total Portfolio
Properties Units
426
77
22
345
870
95,202
8,478
2,095
29,879
135,654
Through our wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, we own a majority of the
ownership interests in AIMCO Properties, L.P., which we refer to as the Aimco Operating Partnership. As of
December 31, 2009, we held an interest of approximately 93% in the common partnership units and equivalents of the
Aimco Operating Partnership. We conduct substantially all of our business and own substantially all of our assets
through the Aimco Operating Partnership. Interests in the Aimco Operating Partnership that are held by limited partners
other than Aimco are referred to as “OP Units.” OP Units include common OP Units, partnership preferred units, or
preferred OP Units, and high performance partnership units, or High Performance Units. Generally, after a holding period
of twelve months, holders of common OP Units may redeem such units for cash or, at the Aimco Operating
Partnership’s option, Aimco Class A Common Stock, which we refer to as Common Stock. At December 31, 2009, we had
116,479,791 shares of our Common Stock outstanding and the Aimco Operating Partnership had 8,374,233 common
OP Units and equivalents outstanding for a combined total of 124,854,024 shares of Common Stock and OP Units
outstanding (excluding preferred OP Units).
Since our initial public offering in July 1994, we have completed numerous transactions, including purchases of
properties and interests in entities that own or manage properties, expanding our portfolio of owned or managed
properties from 132 properties with 29,343 apartment units to a peak of over 2,100 properties with 379,000 apartment
units. As of December 31, 2009, our portfolio of owned and/or managed properties consists of 870 properties with
135,654 apartment units.
Except as the context otherwise requires, “we,” “our,” “us” and the “Company” refer to Aimco, the Aimco
Operating Partnership and their consolidated entities, collectively. 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
limited partner in a limited partnership or a member in a limited liability company.
Available Information
Our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any
amendments to any of those reports that we file with the Securities and Exchange Commission are available free of
charge as soon as reasonably practicable through our website at www.aimco.com. The information contained on our
website is not incorporated into this Annual Report. Our Common Stock is listed on the New York Stock Exchange
under the symbol “AIV.” In 2009, our chief executive officer submitted his annual corporate governance listing
standards certification to the New York Stock Exchange, which certification was unqualified.
Financial Information About Industry Segments
We operate in two reportable segments: real estate (owning, operating and redeveloping apartments) and
investment management (portfolio management and asset management, which are further discussed in the Business
Overview). For further information on these segments, see Note 17 of the consolidated financial statements in Item 8,
and Management’s Discussion and Analysis in Item 7.
Business Overview
Our principal financial objective is to increase long-term stockholder value, both as measured by Net Asset Value,
which is the estimated fair value of our assets, net of debt, or NAV, and total shareholder return.
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We strive to meet our objectives through:
• property operations — using scale and technology to increase the effectiveness and efficiency of attracting and
retaining apartment residents;
• portfolio management — allocating capital among geographic markets and apartment property types, primarily
Class B and B+ quality apartments that are well located within the 20 largest U.S. markets, through sales,
redevelopment and/or acquisitions;
• managing our cost and risk of capital by using leverage that is largely long-term, laddered in maturity, non-
recourse and property specific; and
• reducing our general and administrative and certain other costs through outsourcing and standardization.
Our business is organized around two core activities: Property Operations and Investment Management. These
core activities, along with our financial strategy, are described in more detail below.
Property Operations
Our portfolio is comprised of two business components: conventional and affordable. Our conventional
operations, which provide 88% of our property net operating income and are market-rate apartments with rents paid by
the resident, include 243 properties with 74,030 units. Our affordable operations provide 12% of our property net
operating income and consist of 260 properties with 29,650 units, with rents that are generally paid, in whole or part, by
a government agency. Affordable properties tend to have relatively more stable rents and higher occupancy due to
government rent payments and thus are much less affected by market fluctuations.
We operate a broad range of property types, from suburban garden-style to urban high-rise properties in 44 states,
the District of Columbia and Puerto Rico at a range of average monthly rental rates. On average, our portfolio rents are
somewhat above the average rents in the local markets. This diversification in geography insulates us, to some degree,
from inevitable downturns in any one market.
Our property operations currently are organized into five areas, which are further subdivided according to our
target markets. To manage our nationwide portfolio more efficiently and to increase the benefits from our local
management expertise, we have given direct responsibility for operations within each area to an area operations leader
with regular senior management reviews. To enable the area operations leaders to focus on sales and service, as well as
to improve financial control and budgeting, we have dedicated an area financial officer to support each area operations
leader, and with the exception of routine maintenance, our specialized Construction Services group manages all on-site
improvements, thus reducing the need for the area operations leaders to spend time on oversight of construction
projects.
We seek to improve our oversight of property operations by: developing better systems; standardizing business
goals, operational measurements and internal reporting; and enhancing financial controls over field operations. Our
objectives are to focus on the areas discussed below:
• Customer Service. Our operating culture is focused on our residents. Our goal is to provide our residents with
consistent service in clean, safe and attractive communities. We evaluate our performance through a customer
satisfaction tracking system. In addition, we emphasize the quality of our on-site employees through recruiting,
training and retention programs, which we believe contributes to improved customer service and leads to
increased occupancy rates and enhanced operational performance.
• Resident Selection and Retention. In apartment properties, neighbors are a meaningful part of the product,
together with the location of the property and the physical quality of the apartment units. Part of our property
operations strategy is to focus on resident acquisition and retention — attracting and retaining credit-worthy
residents who are good neighbors. We have structured goals and coaching for all of our sales personnel, a
tracking system for inquiries and a standardized renewal communication program. We have standardized
residential financial stability requirements and have policies and monitoring practices to maintain our resident
quality.
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• Revenue Management. For our conventional properties, we have a centralized revenue management system that
leverages people, processes and technology to work in partnership with our area operational management teams
to develop rental rate pricing. We seek to increase revenue by optimizing the balance between rental and
occupancy rates. We are also focused on the automation of on-site operations, as we believe that timely and
accurate collection of property performance and resident profile data will enable us to maximize revenue through
better property management and leasing decisions. We have standardized policies for new and renewal pricing
with timely data and analyses by floor-plan, thereby enabling us to maximize our ability to modify pricing, even in
challenging sub-markets.
• Controlling Expenses. Cost controls are accomplished by local focus at the area level and by taking advantage
of economies of scale at the corporate level. As a result of the size of our portfolio and our area concentrations
of properties, we have the ability to spread over a large property base the fixed costs for general and
administrative expenditures and certain operating functions, such as purchasing, insurance and information
technology.
• Ancillary Services. We believe that our ownership and management of properties provide us with unique
access to a customer base that allows us to provide additional services and thereby increase occupancy and
rents, while also generating incremental revenue. We currently provide cable television, telephone services,
appliance rental, and carport, garage and storage space rental at certain properties.
• Maintaining and Improving Property Quality. We believe that the physical condition and amenities of our
apartment properties are important factors in our ability to maintain and increase rental rates. In 2009, we spent
$70.3 million (Aimco’s share), or $723 per owned apartment unit, for Capital Replacements, which represent the
share of additions that are deemed to replace the consumed portion of acquired capital assets. Additionally, we
spent $53.4 million (Aimco’s share), or $549 per owned apartment unit, for Capital Improvements, which are non-
redevelopment capital additions that are made to enhance the value, profitability or useful life of an asset from its
original purchase condition.
Investment Management
Investment management includes activities related to our owned portfolio of properties as well as services
provided to affiliated partnerships. Investment management includes portfolio strategy, capital allocation, joint
ventures, tax credit syndication, acquisitions, dispositions and other transaction activities. Within our owned portfolio,
we refer to these activities as Portfolio Management, and their benefit is seen in property operating results and
investment gains. For affiliated partnerships, we refer to these activities as asset management for which we are
separately compensated through fees paid by third party investors.
Portfolio Management
Portfolio Management involves the ongoing allocation of investment capital to meet our geographic and product
type goals. We target geographic balance in Aimco’s diversified portfolio in order to optimize risk-adjusted returns and
to avoid the risk of undue concentration in any particular market. We also seek to balance the portfolio by product type,
with both high quality properties in excellent locations and also high land value properties that support redevelopment
activities. We intend to slightly reduce our allocation of capital to affordable properties to 10% of our NAV.
Our geographic allocation strategy focuses on our target markets to reduce volatility in and our dependence on
particular areas of the country. We believe our target markets are deep, relatively liquid and possess desirable long-term
growth characteristics. They are primarily coastal markets, and also include a number of Sun Belt cities and Chicago,
Illinois. We may also invest in other markets on an opportunistic basis. We intend to upgrade the quality of our
portfolio through the sale of approximately 5% to 10% of our portfolio annually, with the proceeds generally used to
increase our allocation of capital to well located properties within our target markets through capital investments,
redevelopment or acquisitions. We expect that increased geographic focus will also add to our investment knowledge
and increase operating efficiencies based on local economies of scale.
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Our portfolio management activities include strategic portfolio and capital allocation decisions including
transactions to buy, sell or modify our ownership interest in properties, including through the use of partnerships and
joint ventures, and to increase our investment in existing properties through redevelopment. The purpose of these
transactions is to adjust Aimco’s investments to reflect our decisions regarding target allocations to geographic
markets and to investment types.
We believe redevelopment of certain properties in superior locations provides advantages over ground-up
development, enabling us to generate rents comparable to new properties with lower financial risk, in less time and with
reduced delays associated with governmental permits and authorizations. Redevelopment work also includes seeking
entitlements from local governments, which enhance the value of our existing portfolio by increasing density, that is,
the right to add residential units to a site. We have historically undertaken a range of redevelopment projects: from
those in which a substantial number of all available units are vacated for significant renovations to the property, to
those in which there is significant renovation, such as exteriors, common areas or unit improvements, typically done
upon lease expirations without the need to vacate units on any wholesale or substantial basis. We have a specialized
Redevelopment and Construction Services group to oversee these projects.
During 2009, we increased our allocation of capital to our target markets by disposing of 68 conventional properties
located primarily outside of our target markets or in less desirable locations within our target markets and by investing
$66.8 million in redevelopment of conventional properties. As of December 31, 2009, our conventional portfolio included
243 properties with 74,030 units in 38 markets. As of December 31, 2009, conventional properties in our target markets
comprised 88% of our NAV attributable to our conventional properties. Our top five markets by net operating income
contribution include the metropolitan areas of Washington, D.C.; Los Angeles, California; “Other” Florida (which is
comprised of Ft. Lauderdale, Jacksonville, Orlando, Palm Beach County and Tampa); Chicago, Illinois and Boston,
Massachusetts.
During 2009, we invested $46.0 million in redevelopment of affordable properties, funded primarily by proceeds
from the sale of tax credits to institutional partners. As with conventional properties, we also seek to dispose of
properties that are inconsistent with our long-term investment and operating strategies. During 2009, we sold 22
properties from our affordable portfolio. As of December 31, 2009, our affordable portfolio included 260 properties with
29,650 units.
Financial Strategy
We are focused on maintaining a safe balance sheet, including minimizing or eliminating our recourse debt and near
term property debt maturities as well as minimizing our cost of capital on a risk adjusted basis. We primarily use non-
recourse and amortizing property debt with laddered maturities and minimize reliance on corporate debt. The lower risk
inherent in non-recourse property debt permits us to operate with higher debt leverage and a lower weighted average
cost of capital. We use floating rate property and corporate debt to provide lower interest costs over time at a level that
considers acceptable earnings volatility.
During 2009, using proceeds from asset dispositions, we repaid $310.0 million of our term loan, which matures in
March 2011, leaving a remaining outstanding balance of $90.0 million at December 31, 2009. We repaid an additional
$45.0 million through February 26, 2010, leaving a remaining outstanding balance of $45.0 million.
During 2009, we also focused on reducing refunding risk by accelerating refinancing of property loans maturing
prior to 2012. At the beginning of 2009, property debt totaling $753.0 million was scheduled to mature prior to 2012.
During 2009, through refinancing, repayment and property sales, we reduced these maturities by 69%, or $516.3 million,
and eliminated all 2010 property debt maturities. As of December 31, 2009, five loans totaling $236.7 million were
scheduled to mature in 2011. During January 2010, we extended the maturity of one of these loans for $65.0 million to
2013. We expect to refinance the remaining four loans, totaling $171.7 million ($101.2 million Aimco’s share), at their
maturity.
As of December 31, 2009, we had a $180.0 million revolving credit facility and borrowings available of $136.2 million
(after giving effect to $43.8 million outstanding for undrawn letters of credit). The revolving credit facility matures in
May 2011 and has a one year extension option, subject to certain terms.
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Competition
In attracting and retaining residents to occupy our properties we compete with numerous other housing
alternatives. Our properties compete directly with other rental apartments as well as condominiums and single-family
homes that are available for rent or purchase in the markets in which our properties are located. Principal factors of
competition include rent or price charged, attractiveness of the location and property and quality and breadth of
services. The number of competitive properties relative to demand in a particular area has a material effect on our ability
to lease apartment units at our properties and on the rents we charge. In certain markets there exists oversupply of
single family homes and condominiums and a reduction of households, both of which affect the pricing and occupancy
of our rental apartments. Additionally, we compete with other real estate investors, including other apartment REITs,
pension and investment funds, partnerships and investment companies in acquiring, redeveloping and managing
apartment properties. This competition affects our ability to acquire properties we want to add to our portfolio and the
price that we pay in such acquisitions.
Taxation
We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, which we refer to as
the Code, commencing with our taxable year ended December 31, 1994, and intend to continue to operate in such a
manner. Our current and continuing qualification as a REIT depends on our ability to meet the various requirements
imposed by the Code, which relate to organizational structure, distribution levels, diversity of stock ownership and
certain restrictions with regard to owned assets and categories of income. If we qualify for taxation as a REIT, we 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 we qualify as a REIT, we may be subject to United States Federal income and excise taxes in various
situations, such as on our undistributed income. We also will be required to pay a 100% tax on any net income on non-
arm’s length transactions between us and a TRS (described below) and on any net income from sales of property that
was property held for sale to customers in the ordinary course. We and our stockholders may be subject to state or
local taxation in various state or local jurisdictions, including those in which we transact business or our stockholders
reside. In addition, we 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 us
reduce our operating cash flow and net income.
Certain of our operations or a portion thereof, including property management, asset management and risk are
conducted through taxable REIT subsidiaries, each of which we refer to as a TRS. A TRS is a C-corporation that has not
elected REIT status and, as such, is subject to United States Federal corporate income tax. We use TRS entities to
facilitate our ability to offer certain services and activities to our residents and investment partners, as these services
and activities generally cannot be offered directly by the REIT.
Regulation
General
Apartment properties and their owners are subject to various laws, ordinances and regulations, including those
related to real estate broker licensing and regulations relating to recreational facilities such as swimming pools, activity
centers and other common areas. Changes in laws increasing the potential liability for environmental conditions existing
on properties or increasing the restrictions on discharges or other conditions, as well as changes in laws affecting
development, construction and safety requirements, may result in significant unanticipated expenditures, which would
adversely affect our net income and cash flows from operating activities. In addition, future enactment of rent control or
rent stabilization laws, such as legislation that has been considered in New York, or other laws regulating multifamily
housing may reduce rental revenue or increase operating costs in particular markets.
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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 hazardous substances present on a property. Such laws often impose liability
without regard to whether the owner or operator knew of, or was responsible for, the release or presence of the
hazardous substances. In connection with the ownership, operation and management of properties, we could
potentially be liable for environmental liabilities or costs associated with our properties or properties we acquire or
manage in the future. These and other risks related to environmental matters are described in more detail in Item 1A,
“Risk Factors.”
Insurance
Our primary lines of insurance coverage are property, general liability, and workers’ compensation. We believe that
our insurance coverages adequately insure our properties against the risk of loss attributable to fire, earthquake,
hurricane, tornado, flood, terrorism and other perils, and adequately insure us against other risk. Our coverage includes
deductibles, retentions and limits that are customary in the industry. We have established loss prevention, loss
mitigation, claims handling, litigation management and loss reserving procedures to manage our exposure.
Employees
At December 31, 2009, we had approximately 3,500 employees, of which approximately 2,800 were at the property
level, performing various on-site functions, with the balance managing corporate and area operations, including
investment and debt transactions, legal, financial reporting, accounting, information systems, human resources and
other support functions. As of December 31, 2009, unions represented 115 of our employees. We have never
experienced a work stoppage and believe we maintain satisfactory relations with our employees.
Item 1A. Risk Factors
The risk factors noted in this section and other factors noted throughout this Annual Report, describe certain risks
and uncertainties that could cause our actual results to differ materially from those contained in any forward-looking
statement.
Our existing and future debt financing could render us unable to operate, result in foreclosure on our properties,
prevent us from making distributions on our equity or otherwise adversely affect our liquidity.
We are subject to the risk that our cash flow from operations will be insufficient to make required payments of
principal and interest, and the risk that existing indebtedness may not be refinanced or that the terms of any refinancing
will not be as favorable as the terms of existing indebtedness. If we fail to make required payments of principal and
interest on secured debt, our lenders could foreclose on the properties and other collateral securing such debt, which
would result in loss of income and asset value to us. As of December 31, 2009, substantially all of the properties that we
owned or controlled were encumbered by debt. Our organizational documents do not limit the amount of debt that we
may incur, and we have significant amounts of debt outstanding. Payments of principal and interest may leave us with
insufficient cash resources to operate our properties or pay distributions required to be paid in order to maintain our
qualification as a REIT.
Our strategy is generally to incur debt to increase the return on our equity while maintaining acceptable coverage
ratios. For the year ended December 31, 2009, as calculated based on the provisions in our credit agreement, which is
further discussed in Note 7 to the consolidated financial statements in Item 8, we had a ratio of earnings before interest,
taxes and depreciation and amortization to debt service of 1.59:1 and a ratio of earnings to fixed charges of 1.36:1. On
February 3, 2010, we and our lenders agreed to reduce the covenant ratios of earnings before interest, taxes and
depreciation and amortization to debt service and earnings to fixed charges from 1.50:1 and 1.30:1, respectively, to 1.40:1
and 1.20:1, respectively. We expect to remain in compliance with these covenants.
At December 31, 2009, we had swap positions with two financial institutions totaling $353.1 million. The related
swap agreements provide for collateral calls to maintain specified loan-to-value ratios. In the event the
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values of the real estate properties serving as collateral under these agreements decline, we may be required to provide
additional collateral pursuant to the swap agreements, which would adversely affect our cash flows.
Disruptions in the financial markets could affect our ability to obtain financing and the cost of available
financing and could adversely affect our liquidity.
Our ability to obtain financing and the cost of such financing depends on the overall condition of the United
States credit markets and, to an important extent in 2009, on the level of involvement of certain government sponsored
entities, specifically, Federal Home Loan Mortgage Corporation, or Freddie Mac, and Federal National Mortgage
Association, or Fannie Mae, in secondary credit markets. During 2009, the United States credit markets (outside of
multi-family) experienced significant liquidity disruptions, which caused the spreads on debt financings to widen
considerably and made obtaining financing, both non-recourse property debt and corporate borrowings, such as our
term loan or revolving credit facility, more difficult.
Further or prolonged disruptions in the credit markets could result in Freddie Mac or Fannie Mae reducing their
level of involvement in secondary credit markets which would adversely affect our ability to obtain non-recourse
property debt financing. Additionally, further or prolonged disruptions in the credit markets may also affect our ability
to renew our credit facility with similar commitments when it matures in May 2012 (inclusive of a one year extension
option).
If our ability to obtain financing is adversely affected, we may be unable to satisfy scheduled maturities on existing
financing through other sources of liquidity, which could result in lender foreclosure on the properties securing such
debt and loss of income and asset value, each of which would adversely affect our liquidity.
Increases in interest rates would increase our interest expense and reduce our profitability.
As of December 31, 2009, we had approximately $654.6 million of variable-rate indebtedness outstanding and
$67.0 million of variable rate preferred stock outstanding. Of the total debt subject to variable interest rates, floating rate
tax-exempt bond financing was about two-thirds, or $433.9 million. Floating rate tax-exempt bond financing is
benchmarked against the Securities Industry and Financial Markets Association Municipal Swap Index, or SIFMA, rate,
which since 1989 has averaged 73% of the 30-day LIBOR rate. At December 31, 2009, we had approximately
$440.9 million in cash and cash equivalents, restricted cash and notes receivable, the majority of which bear interest.
The effect of our interest-bearing assets would partially reduce the effect of an increase in variable interest rates. If this
historical relationship continues, we estimate that an increase in 30-day LIBOR of 100 basis points (73 basis points for
tax-exempt interest rates) with constant credit risk spreads would result in net income being reduced by $1.1 million and
income attributable to Aimco common stockholders being reduced by $1.5 million on an annual basis.
Failure to generate sufficient net operating income may adversely affect our liquidity, limit our ability to fund
necessary capital expenditures or adversely affect our ability to pay dividends.
Our ability to fund necessary capital expenditures on our properties depends on, among other things, our ability to
generate net operating income in excess of required debt payments. If we are unable to fund capital expenditures on our
properties, we may not be able to preserve the competitiveness of our properties, which could adversely affect our net
operating income.
Our ability to make payments to our investors depends on our ability to generate net operating income in excess of
required debt payments and capital expenditure requirements. Our net operating income and liquidity may be adversely
affected by events or conditions beyond our control, including:
• the general economic climate;
• an inflationary environment in which the costs to operate and maintain our properties increase at a rate greater
than our ability to increase rents only upon renewal of existing leases or at the inception of new leases;
• competition from other apartment communities and other housing options;
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• local conditions, such as loss of jobs, unemployment rates or an increase in the supply of apartments, that might
adversely affect apartment occupancy or rental rates;
• changes in governmental regulations and the related cost of compliance;
• increases in operating costs (including real estate taxes) due to inflation and other factors, which may not be
offset by increased rents;
• changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating
multifamily housing; and
• changes in interest rates and the availability of financing.
Covenant restrictions may limit our ability to make payments to our investors.
Some of our debt and other securities contain covenants that restrict our ability to make distributions or other
payments to our investors unless certain financial tests or other criteria are satisfied. Our credit facility provides, among
other things, that we may make distributions to our investors during any four consecutive fiscal quarters in an
aggregate amount that does not exceed the greater of 95% of our Funds From Operations for such period, subject to
certain non-cash adjustments, or such amount as may be necessary to maintain our REIT status. Our outstanding
classes of preferred stock prohibit the payment of dividends on our Common Stock if we fail to pay the dividends to
which the holders of the preferred stock are entitled.
Because real estate investments are relatively illiquid, we may not be able to sell properties when appropriate.
Real estate investments are relatively illiquid and cannot always be sold quickly. Our freedom to sell properties is
also restricted by REIT tax rules. Thus, we may not be able to change our portfolio promptly in response to changes in
economic or other market conditions. Our ability to dispose of assets in the future will depend on prevailing economic
and market conditions, including the cost and availability of financing. This could have a material adverse effect on our
financial condition or results of operations.
Competition could limit our ability to lease apartments or increase or maintain rents.
Our apartment properties compete for residents with other housing alternatives, including other rental apartments,
condominiums and single-family homes that are available for rent, as well as new and existing condominiums and single-
family homes for sale. Competitive residential housing in a particular area could adversely affect our ability to lease
apartments and to increase or maintain rental rates. The current challenges in the credit and housing markets have
increased housing inventory that competes with our apartment properties.
Our subsidiaries may be prohibited from making distributions and other payments to us.
All of our properties are owned, and all of our operations are conducted, by the Aimco Operating Partnership and
our other subsidiaries. As a result, we depend on distributions and other payments from our subsidiaries in order to
satisfy our financial obligations and make payments to our investors. The ability of our subsidiaries to make such
distributions and other payments depends on their earnings and cash flows and may be subject to statutory or
contractual limitations. As an equity investor in our subsidiaries, our right to receive assets upon their liquidation or
reorganization will be effectively subordinated to the claims of their creditors. To the extent that we are recognized as a
creditor of such subsidiaries, our claims may still be subordinate to any security interest in or other lien on their assets
and to any of their debt or other obligations that are senior to our claims.
Redevelopment and construction risks could affect our profitability.
We intend to continue to redevelop certain of our properties. These activities are subject to the following risks:
• we may be unable to obtain, or experience delays in obtaining, necessary zoning, occupancy, or other required
governmental or third party permits and authorizations, which could result in increased costs or the delay or
abandonment of opportunities;
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• we may incur costs that exceed our original estimates due to increased material, labor or other costs, such as
litigation;
• we may be unable to complete construction and lease up of a property on schedule, resulting in increased
construction and financing costs and a decrease in expected rental revenues;
• occupancy rates and rents at a property may fail to meet our expectations for a number of reasons, including
changes in market and economic conditions beyond our control and the development by competitors of
competing communities;
• we may be unable to obtain financing with favorable terms, or at all, for the proposed development of a property,
which may cause us to delay or abandon an opportunity;
• we may abandon opportunities that we have already begun to explore for a number of reasons, including
changes in local market conditions or increases in construction or financing costs, and, as a result, we may fail to
recover expenses already incurred in exploring those opportunities;
• we may incur liabilities to third parties during the redevelopment process, for example, in connection with
resident lease terminations, or managing existing improvements on the site prior to resident lease
terminations; and
• loss of a key member of a project team could adversely affect our ability to deliver redevelopment projects on
time and within our budget.
We are insured for certain risks, and the cost of insurance, increased claims activity or losses resulting from
casualty events may affect our operating results and financial condition.
We are insured for a portion of our consolidated properties’ exposure to casualty losses resulting from fire,
earthquake, hurricane, tornado, flood and other perils, which insurance is subject to deductibles and self-insurance
retention. We recognize casualty losses or gains based on the net book value of the affected property and the amount
of and any related insurance proceeds. In many instances, the actual cost to repair or replace the property may exceed
its net book value and any insurance proceeds. We also insure certain unconsolidated properties for a portion of their
exposure to such losses. With respect to our consolidated properties, we recognize the uninsured portion of losses as
part of casualty losses in the periods in which they are incurred. In addition, we are self-insured for a portion of our
exposure to third-party claims related to our employee health insurance plans, workers’ compensation coverage and
general liability exposure. With respect to our insurance obligations to unconsolidated properties and our exposure to
claims of third parties, we establish reserves at levels that reflect our known and estimated losses. The ultimate cost of
losses and the impact of unforeseen events may vary materially from recorded reserves, and variances may adversely
affect our operating results and financial condition. We purchase insurance (or reinsurance where we insure
unconsolidated properties) to reduce our exposure to losses and limit our financial losses on large individual risks. The
availability and cost of insurance are determined by market conditions outside our control. No assurance can be made
that we will be able to obtain and maintain insurance at the same levels and on the same terms as we do today. If we are
not able to obtain or maintain insurance in amounts we consider appropriate for our business, or if the cost of obtaining
such insurance increases materially, we may have to retain a larger portion of the potential loss associated with our
exposures to risks.
Natural disasters and severe weather may affect our operating results and financial condition.
Natural disasters and severe weather such as hurricanes may result in significant damage to our properties. The
extent of our casualty losses and loss in operating income in connection with such events is a function of the severity
of the event and the total amount of exposure in the affected area. When we have geographic concentration of
exposures, a single catastrophe (such as an earthquake) or destructive weather event (such as a hurricane) affecting a
region may have a significant negative effect on our financial condition and results of operations. We cannot accurately
predict natural disasters or severe weather, or the number and type of such events that will affect us. As a result, our
operating and financial results may vary significantly from one period to the next. Although we anticipate and plan for
losses, there can be no assurance that our financial results will not be adversely affected by our exposure
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to losses arising from natural disasters or severe weather in the future that exceed our previous experience and
assumptions.
We depend on our senior management.
Our success depends upon the retention of our senior management, including Terry Considine, our chief executive
officer. We have a succession planning and talent development process that is designed to identify potential
replacements and develop our team members to provide depth in the organization and a bench of talent on which to
draw. However, there are no assurances that we would be able to find qualified replacements for the individuals who
make up our senior management if their services were no longer available. The loss of services of one or more members
of our senior management team could have a material adverse effect on our business, financial condition and results of
operations. We do not currently maintain key-man life insurance for any of our employees.
If we are not successful in our acquisition of properties, our results of operations could be adversely affected.
The selective acquisition of properties is a component of our strategy. However, we may not be able to complete
transactions successfully in the future. Although we seek to acquire properties when such acquisitions increase our net
income, Funds From Operations or net asset value, such transactions may fail to perform in accordance with our
expectations. In particular, following acquisition, the value and operational performance of a property may be
diminished if obsolescence or neighborhood changes occur before we are able to redevelop or sell the property.
We may be subject to litigation associated with partnership transactions that could increase our expenses and
prevent completion of beneficial transactions.
We have engaged in, and intend to continue to engage in, the selective acquisition of interests in partnerships
controlled by us that own apartment properties. In some cases, we have acquired the general partner of a partnership
and then made an offer to acquire the limited partners’ interests in the partnership. In these transactions, we may be
subject to litigation based on claims that we, as the general partner, have breached our fiduciary duty to our limited
partners or that the transaction violates the relevant partnership agreement or state law. Although we intend to comply
with our fiduciary obligations and the relevant partnership agreements, we may incur additional costs in connection
with the defense or settlement of this type of litigation. In some cases, this type of litigation may adversely affect our
desire to proceed with, or our ability to complete, a particular transaction. Any litigation of this type could also have a
material adverse effect on our financial condition or results of operations.
Government housing regulations may limit the opportunities at some of our properties and failure to comply with
resident qualification requirements may result in financial penalties and/or loss of benefits, such as rental
revenues paid by government agencies.
We own consolidated and unconsolidated equity interests in certain properties and manage other properties that
benefit from governmental programs intended to provide housing to people with low or moderate incomes. These
programs, which are usually administered by the U.S. Department of Housing and Urban Development, or HUD, or state
housing finance agencies, typically provide mortgage insurance, favorable financing terms, tax-credit equity, or rental
assistance payments to the property owners. As a condition of the receipt of assistance under these programs, the
properties must comply with various requirements, which typically limit rents to pre-approved amounts and impose
restrictions on resident incomes. Failure to comply with these requirements and restrictions may result in financial
penalties or loss of benefits. We usually need to obtain the approval of HUD in order to acquire or dispose of a
significant interest in or manage a HUD-assisted property. We may not always receive such approval.
During 2009, 2008 and 2007, for continuing operations, our rental revenues include $140.3 million, $132.3 million and
$121.4 million, respectively, of subsidies from government agencies. Any loss of such benefits would adversely affect
our liquidity and results of operations.
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Laws benefiting disabled persons may result in our incurrence of unanticipated expenses.
Under the Americans with Disabilities Act of 1990, or ADA, all places intended to be used by the public are
required to meet certain Federal requirements related to access and use by disabled persons. Likewise, the Fair Housing
Amendments Act of 1988, or FHAA, requires apartment properties first occupied after March 13, 1990, to be accessible
to the handicapped. These and other Federal, state and local laws may require modifications to our properties, or affect
renovations of the properties. Noncompliance with these laws could result in the imposition of fines or an award of
damages to private litigants and also could result in an order to correct any non-complying feature, which could result
in substantial capital expenditures. Although we believe that our properties are substantially in compliance with present
requirements, we may incur unanticipated expenses to comply with the ADA and the FHAA in connection with the
ongoing operation or redevelopment of our properties.
Potential liability or other expenditures associated with potential environmental contamination may be costly.
Various Federal, state and local laws subject property owners or operators to liability for management, and the
costs of removal or remediation, of certain hazardous substances present on a property, including lead-based paint.
Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the
release or presence of the hazardous substances. The presence of, or the failure to manage or remedy properly,
hazardous substances 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 presence
of hazardous substances 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 hazardous
substances through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of
hazardous substances 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 liable for environmental liabilities or costs associated with our
properties or properties we acquire or manage in the future.
Moisture infiltration and resulting mold remediation may be costly.
We have been named as a defendant in lawsuits that have alleged personal injury and property damage as a result
of the presence of mold. In addition, we are aware of lawsuits against owners and managers of multifamily properties
asserting claims of personal injury and property damage caused by the presence of mold, some of which have resulted
in substantial monetary judgments or settlements. We have only limited insurance coverage for property damage loss
claims arising from the presence of mold and for personal injury claims related to mold exposure. We have implemented
policies, procedures, third-party audits and training, and include a detailed moisture intrusion and mold assessment
during acquisition due diligence. We believe these measures will prevent or eliminate mold exposure from our properties
and will minimize the effects that mold may have on our residents. To date, we have not incurred any material costs or
liabilities relating to claims of mold exposure or to abate mold conditions. Because the law regarding mold is unsettled
and subject to change, we can make no assurance that liabilities resulting from the presence of or exposure to mold will
not have a material adverse effect on our consolidated financial condition or results of operations.
We may fail to qualify as a REIT.
If we fail to qualify as a REIT, we will not be allowed a deduction for dividends paid to our stockholders in
computing our taxable income, and we will be subject to Federal income tax at regular corporate rates, including any
applicable alternative minimum tax. This would substantially reduce our funds available for payment to our investors.
Unless entitled to relief under certain provisions of the Code, we also would be disqualified from taxation as a REIT for
the four taxable years following the year during which we ceased to qualify as a REIT. In addition, our failure to qualify
as a REIT would place us in default under our primary credit facilities.
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We believe that we operate, and have always operated, in a manner that enables us to meet the requirements for
qualification as a REIT for Federal income tax purposes. Our continued qualification as a REIT will depend on our
satisfaction of certain asset, income, investment, organizational, distribution, stockholder ownership and other
requirements on a continuing basis. Our ability to satisfy the asset tests depends upon our analysis of the fair market
values of our assets, some of which are not susceptible to a precise determination, and for which we will not obtain
independent appraisals. Our compliance with the REIT income and quarterly asset requirements also depends upon our
ability to manage successfully the composition of our income and assets on an ongoing basis. Moreover, the proper
classification of an instrument as debt or equity for Federal income tax purposes may be uncertain in some
circumstances, which could affect the application of the REIT qualification requirements. Accordingly, there can be no
assurance that the Internal Revenue Service, or the IRS, will not contend that our interests in subsidiaries or other
issuers constitutes a violation of the REIT requirements. Moreover, future economic, market, legal, tax or other
considerations may cause us to fail to qualify as a REIT, or our Board of Directors may determine to revoke our REIT
status.
REIT distribution requirements limit our available cash.
As a REIT, we are subject to annual distribution requirements, which generally limit the amount of cash we retain
for other business purposes, including amounts to fund our growth. We generally must distribute annually at least 90%
of our net REIT taxable income, excluding any net capital gain, in order for our distributed earnings not to be subject to
corporate income tax. We intend to make distributions to our stockholders to comply with the requirements of the Code.
However, differences in timing between the recognition of taxable income and the actual receipt of cash could require us
to sell assets or borrow funds on a short-term or long-term basis to meet the 90% distribution requirement of the Code.
We have in the past chosen, and may in the future choose, to pay dividends in our own stock, in which case you
may be required to pay income taxes in excess of the cash dividends you receive.
We have in the past distributed, and may in the future distribute, taxable dividends that are payable in cash and
shares of our Common Stock. Stockholders subject to the payment of income tax receiving such dividends will be
required to include the full amount of the dividend as taxable income to the extent of our current and accumulated
earnings and profits for U.S. Federal income tax purposes. As a result, a U.S. stockholder may be required to pay income
taxes with respect to such dividends in excess of the cash dividends received. If a U.S. stockholder sells the stock it
receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with
respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to
non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of
all or a portion of such dividend that is payable in stock. In addition, if a significant number of our stockholders
determine to sell shares of our Common Stock in order to pay taxes owed on dividends, it may put downward pressure
on the trading price of our Common Stock.
No assurance can be given that the IRS will not impose additional requirements in the future with respect to taxable
cash/stock dividends, including on a retroactive basis, or assert that the requirements for such taxable cash/stock
dividends have not been met.
Limits on ownership of shares in our charter may result in the loss of economic and voting rights by purchasers
that violate those limits.
Our charter limits ownership of our Common Stock by any single stockholder (applying certain “beneficial
ownership” rules under the Federal securities laws) to 8.7% of our outstanding shares of Common Stock, or 15% in the
case of certain pension trusts, registered investment companies and Mr. Considine. Our charter also limits ownership of
our Common Stock and preferred stock by any single stockholder to 8.7% of the value of the outstanding Common
Stock and preferred stock, or 15% in the case of certain pension trusts, registered investment companies and
Mr. Considine. The charter also prohibits anyone from buying shares of our capital stock if the purchase would result in
us losing our REIT status. This could happen if a transaction results in fewer than 100 persons owning all of our shares
of capital stock or results in five or fewer persons (applying certain attribution
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rules of the Code) owning 50% or more of the value of all of our shares of capital stock. If anyone acquires shares in
excess of the ownership limit or in violation of the ownership requirements of the Code for REITs:
• the transfer will be considered null and void;
• we will not reflect the transaction on our books;
• we may institute legal action to enjoin the transaction;
• we may demand repayment of any dividends received by the affected person on those shares;
• we may redeem the shares;
• the affected person will not have any voting rights for those shares; and
• the shares (and all voting and dividend rights of the shares) will be held in trust for the benefit of one or more
charitable organizations designated by us.
We may purchase the shares of capital stock held in trust at a price equal to the lesser of the price paid by the
transferee of the shares or the then current market price. If the trust transfers any of the shares of capital stock, the
affected person will receive the lesser of the price paid for the shares or the then current market price. An individual who
acquires shares of capital stock that violate the above rules bears the risk that the individual:
• may lose control over the power to dispose of such shares;
• may not recognize profit from the sale of such shares if the market price of the shares increases;
• may be required to recognize a loss from the sale of such shares if the market price decreases; and
• may be required to repay to us any distributions received from us as a result of his or her ownership of the
shares.
Our charter may limit the ability of a third party to acquire control of us.
The 8.7% ownership limit discussed above may have the effect of delaying or precluding acquisition of control of
us by a third party without the consent of our Board of Directors. Our charter authorizes our Board of Directors to issue
up to 510,587,500 shares of capital stock. As of December 31, 2009, 426,157,736 shares were classified as Common Stock,
of which 116,479,791 were outstanding, and 84,429,764 shares were classified as preferred stock, of which 24,950,134
were outstanding. Under our charter, our Board of Directors has the authority to classify and reclassify any of our
unissued shares of capital stock into shares of capital stock with such preferences, conversion or other rights, voting
powers restrictions, limitations as to dividends, qualifications or terms or conditions of redemptions as our Board of
Directors may determine. The authorization and issuance of a new class of capital stock could have the effect of
delaying or preventing someone from taking control of us, even if a change in control were in our stockholders’ best
interests.
The Maryland General Corporation Law may limit the ability of a third party to acquire control of us.
As a Maryland corporation, we are subject to various Maryland laws that may have the effect of discouraging
offers to acquire us and increasing the difficulty of consummating any such offers, even if an acquisition would be in
our stockholders’ best interests. The Maryland General Corporation Law, specifically the Maryland Business
Combination Act, restricts mergers and other business combination transactions between us and any person who
acquires, directly or indirectly, beneficial ownership of shares of our stock representing 10% or more of the voting
power without our Board of Directors’ prior approval. Any such business combination transaction could not be
completed until five years after the person acquired such voting power, and generally only with the approval of
stockholders representing 80% of all votes entitled to be cast and 662/3% of the votes entitled to be cast, excluding the
interested stockholder, or upon payment of a fair price. The Maryland General Corporation Law, specifically the
Maryland Control Share Acquisition Act, provides generally that a person who acquires shares of our capital stock
representing 10% or more of the voting power in electing directors will have no voting rights unless approved by a vote
of two-thirds of the shares eligible to vote. Additionally, the Maryland General Corporation Law provides, among other
things, that the board of directors has broad discretion in adopting stockholders’ rights plans and has
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the sole power to fix the record date, time and place for special meetings of the stockholders. To date, we have not
adopted a shareholders’ rights plan. In addition, the Maryland General Corporation Law provides that corporations that:
• have at least three directors who are not officers or employees of the entity or related to an acquiring
person; and
• has a class of equity securities registered under the Securities Exchange Act of 1934, as amended,
may elect in their charter or bylaws or by resolution of the board of directors to be subject to all or part of a special
subtitle that provides that:
• the corporation will have a staggered board of directors;
• any director may be removed only for cause and by the vote of two-thirds of the votes entitled to be cast in the
election of directors generally, even if a lesser proportion is provided in the charter or bylaws;
• the number of directors may only be set by the board of directors, even if the procedure is contrary to the charter
or bylaws;
• vacancies may only be filled by the remaining directors, even if the procedure is contrary to the charter or
bylaws; and
• the secretary of the corporation may call a special meeting of stockholders at the request of stockholders only on
the written request of the stockholders entitled to cast at least a majority of all the votes entitled to be cast at the
meeting, even if the procedure is contrary to the charter or bylaws.
To date, we have not made any of the elections described above.
Item 1B. Unresolved Staff Comments
None.
Item 2. Properties
Our portfolio includes garden style, mid-rise and high-rise properties located in 44 states, the District of Columbia
and Puerto Rico. Our geographic allocation strategy focuses on target markets which are grouped by region below. The
following table sets forth information on all of our properties as of December 31, 2009 and 2008:
Conventional:
Pacific
Northeast
Sunbelt
Chicago
Total target markets
Opportunistic and other markets
Total conventional owned and managed
Affordable owned and managed
Property management
Asset management
Total
2009
2008
Number
Number Number of
Number of
Properties of Units Properties of Units
37
62
77
15
191
52
243
260
22
345
870
10,274
18,270
23,546
4,633
56,723
17,307
74,030
29,650
2,095
29,879
135,654
38
67
106
19
230
81
311
288
34
359
992
10,504
21,221
31,481
5,555
68,761
25,735
94,496
32,836
3,252
32,223
162,807
At December 31, 2009, we owned an equity interest in and consolidated 426 properties containing 95,202 apartment
units, which we refer to as “consolidated properties.” These consolidated properties contain, on average,
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223 apartment units, with the largest property containing 2,113 apartment units. These properties offer residents a range
of amenities, including swimming pools, clubhouses, spas, fitness centers and tennis courts. Many of the apartment
units offer features such as vaulted ceilings, fireplaces, washer and dryer hook-ups, cable television, balconies and
patios. Additional information on our consolidated properties is contained in “Schedule III — Real Estate and
Accumulated Depreciation” in this Annual Report on Form 10-K. At December 31, 2009, we held an equity interest in
and did not consolidate 77 properties containing 8,478 apartment units, which we refer to as “unconsolidated
properties.” In addition, we provided property management services for 22 properties containing 2,095 apartment units,
and asset management services for 345 properties containing 29,879 apartment units. In certain cases, we may indirectly
own generally less than one percent of the economic interest in such properties through a partnership syndication or
other fund.
Substantially all of our consolidated properties are encumbered by property debt. At December 31, 2009, our
consolidated properties classified as held for use in our consolidated balance sheet were encumbered by aggregate
property debt totaling $5,547.3 million having an aggregate weighted average interest rate of 5.50%. Such property debt
was collateralized by 412 properties with a combined net book value of $6,867.8 million. Included in the 412 properties,
we had a total of 31 property loans on 15 properties, with an aggregate principal balance outstanding of $366.1 million,
that were each collateralized by property and cross-collateralized with certain (but not all) other property loans within
this group of property loans (see Note 6 of the consolidated financial statements in Item 8 for additional information
about our property debt).
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
No matters were submitted to a vote of security holders during the fourth quarter of 2009.
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PART II
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities
Our Common Stock has been listed and traded on the NYSE under the symbol “AIV” since July 22, 1994. The
following table sets forth the quarterly high and low sales prices of our Common Stock, as reported on the NYSE, and
the dividends declared in the periods indicated:
Quarter Ended
2009
December 31, 2009
September 30, 2009
June 30, 2009
March 31, 2009
2008
December 31, 2008(1)
September 30, 2008(1)
June 30, 2008
March 31, 2008
High
Low
Dividends
Declared
(per share)
$ 17.09 $ 11.80
7.36
15.91
5.18
11.10
4.57
12.89
$ 43.67 $ 7.01
29.25
42.28
33.33
41.24
29.91
41.11
$ 0.20
0.10
0.10
0.00
$ 3.88
3.00
0.60
0.00
(1) During 2008, our Board of Directors declared special dividends which were paid part in cash and part in shares of
Common Stock as further discussed in Note 11 to the consolidated financial statements in Item 8. Our Board of
Directors declared the dividends to address taxable gains from 2008 property sales.
Our Board of Directors determines and declares our dividends. In making a dividend determination, the Board of
Directors considers a variety of factors, including: REIT distribution requirements; current market conditions; liquidity
needs and other uses of cash, such as for deleveraging and accretive investment activities. The Board of Directors may
adjust the dividend amount or the frequency with which the dividend is paid based on then prevailing facts and
circumstances.
On February 24, 2010, the closing price of our Common Stock was $16.73 per share, as reported on the NYSE, and
there were 117,140,672 shares of Common Stock outstanding, held by 3,270 stockholders of record. The number of
holders does not include individuals or entities who beneficially own shares but whose shares are held of record by a
broker or clearing agency, but does include each such broker or clearing agency as one recordholder.
As a REIT, we are required to distribute annually to holders of common stock at least 90% of our “real estate
investment trust taxable income,” which, as defined by the Code and United States Department of Treasury regulations,
is generally equivalent to net taxable ordinary income.
From time to time, we may issue shares of Common Stock in exchange for common and preferred OP Units tendered
to the Aimco Operating Partnership for redemption in accordance with the terms and provisions of the agreement of
limited partnership of the Aimco Operating Partnership. Such shares are issued based on an exchange ratio of one share
for each common OP Unit or the applicable conversion ratio for preferred OP Units. The shares are generally issued in
exchange for OP Units in private transactions exempt from registration under the Securities Act of 1933, as amended,
pursuant to Section 4(2) thereof. During the three and twelve months ended December 31, 2009, approximately 379,400
and 518,800 shares of Common Stock were issued in exchange for common OP Units, respectively. During the three and
twelve months ended December 31, 2009, no shares of Common Stock were issued in exchange for preferred OP Units.
Our Board of Directors has, from time to time, authorized us to repurchase shares of our outstanding capital stock.
There were no repurchases of our equity securities during the year ended December 31, 2009. As of December 31, 2009,
we were authorized to repurchase approximately 19.3 million additional shares. This authorization has no expiration date.
These repurchases may be made from time to time in the open market or in privately negotiated transactions.
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Dividend Payments
Our Credit Agreement includes customary covenants, including a restriction on dividends and other restricted
payments, but permits dividends 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 our REIT status.
Performance Graph
The following graph compares cumulative total returns for our Common Stock, the Standard & Poor’s 500 Total
Return Index (the “S&P 500”) and the MSCI US REIT Index. The MSCI US REIT Index is published by Morgan Stanley
Capital International Inc., a provider of equity indices. The indices are weighted for all companies that fit the definitional
criteria of the particular index and are calculated to exclude companies as they are acquired and add them to the index
calculation as they become publicly traded companies. All companies of the definitional criteria in existence at the point
in time presented are included in the index calculations. The graph assumes the investment of $100 in our Common
Stock and in each index on December 31, 2004, and that all dividends paid have been reinvested. The historical
information set forth below is not necessarily indicative of future performance.
Total Return Performance
Index
2004
2005
2006
2007
2008 2009
For the Years Ended December 31,
Aimco
MSCI US REIT
S&P 500
100.00
100.00
100.00
106.29
112.13
104.91
164.95
152.41
121.48
113.71 59.71 85.29
126.78 78.64 101.14
128.16 80.74 102.11
Source: (other than with respect to S&P 500) SNL Financial LC, Charlottesville, VA ©2010
The Performance Graph will not be deemed to be incorporated by reference into any filing by the Company under
the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the
Company specifically incorporates the same by reference.
The information required by Item 5 with respect to securities authorized for issuance under equity compensation
plans is incorporated by reference in Part III, Item 12 of this Annual Report.
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Item 6. 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 “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” included herein or in previous filings with
the Securities and Exchange Commission.
OPERATING DATA:
Total revenues
Total operating expenses(3)
Operating income(3)
Loss from continuing operations(3)
Income from discontinued operations, net(4)
Net (loss) income
Net income attributable to noncontrolling interests
Net income attributable to preferred stockholders
Net (loss) income attributable to Aimco common stockholders
Earnings (loss) per common share — basic and diluted(5):
Loss from continuing operations attributable to Aimco
2009
For the Years Ended December 31,
2006(2)
2008(1)(2) 2007(2)
2005(2)
(Dollar amounts in thousands, except per share data)
$ 1,195,763 $ 1,243,170 $ 1,174,457 $ 1,084,552 $
(909,784 )
(1,085,250 ) (1,185,071 )
174,768
58,099
110,513
(42,924 )
(197,037 ) (117,878 )
329,947
152,237 744,880
287,022
(44,800 ) 627,002
(110,234 )
(19,474 ) (214,995 )
(81,132 )
(53,708 )
(50,566 )
93,710
(114,840 ) 351,314
(989,658 )
184,799
(46,109 )
171,615
125,506
(95,595 )
(66,016 )
(40,586 )
894,060
(751,516 )
142,544
(35,098 )
160,450
125,352
(54,370 )
(87,948 )
(21,223 )
common stockholders
$
Net (loss) income attributable to Aimco common stockholders $
(1.75 ) $
(1.00 ) $
(2.10 ) $
3.96 $
(1.41 ) $
(0.43 ) $
(1.49 ) $
0.98 $
(1.34 )
(0.23 )
BALANCE SHEET INFORMATION:
Real estate, net of accumulated depreciation
Total assets
Total indebtedness
Total equity
OTHER INFORMATION:
Dividends declared per common share
Total consolidated properties (end of period)
Total consolidated apartment units (end of period)
Total unconsolidated properties (end of period)
Total unconsolidated apartment units (end of period)
Units managed (end of period)(6)
$ 6,962,361 $ 7,125,637 $ 6,901,575 $ 6,436,854 $ 5,708,319
7,906,468 9,441,870 10,617,681 10,292,587 10,019,160
5,690,310 6,069,804 5,683,884 4,969,185 4,283,278
1,534,703 1,646,749 2,048,546 2,650,182 3,060,969
$
0.40 $
426
7.48 $
514
95,202 117,719
85
9,613
35,475
77
8,478
31,974
4.31 $
657
153,758
94
10,878
38,404
2.40 $
703
162,432
102
11,791
42,190
3.00
619
158,548
264
35,269
46,667
(1) The consolidated statement of income for the year ended December 31, 2008, has been restated to reclassify
impairment losses on real estate development assets within operating income. The reclassification reduced operating
income by $91.1 million for the year ended December 31, 2008, and had no effect on the reported amounts of loss
from continuing operations, net income, net income available to Aimco common stockholders or earnings per share.
Additionally, the reclassification had no effect on the consolidated balance sheets, statements of equity or
statements of cash flows. See Note 2 to the consolidated financial statements in Item 8.
(2) Certain reclassifications have been made to conform to the current financial statement presentation, including
retroactive adjustments related to our January 1, 2009 adoption of the provisions of Financial Accounting Standards
Board, or FASB, Statement of Financial Accounting Standards No. 141(R), or SFAS 141(R), FASB Statement of
Financial Accounting Standards No. 160, or SFAS 160, and FASB Staff Position No. EITF 03-6-1, or FSP EITF 03-6-1
(see Note 2 to the consolidated financial statements in Item 8) and to reflect additional properties sold during 2009 or
classified as held for sale as of December 31, 2009, as discontinued operations (see Note 13 to the consolidated
financial statements in Item 8).
(3) 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 Management’s Discussion and Analysis of Financial Condition and Results of Operations in
Item 7.
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(4) Income from discontinued operations for the years ended December 31, 2009, 2008, 2007, 2006 and 2005 includes
$221.8 million, $800.3 million, $117.6 million, $337.3 million and $162.7 million in gains on disposition of real estate,
respectively. Income from discontinued operations for 2009, 2008 and 2007 is discussed further in Management’s
Discussion and Analysis of Financial Condition and Results of Operations in Item 7.
(5) Weighted average common shares, common share equivalents, dilutive preferred securities and earnings per share
amounts for each of the periods presented above have been adjusted for our application during the fourth quarter
2009 of a change in accounting, which requires the shares issued in our special dividends paid in 2008 and January
2009 to be treated as issued and outstanding on the dividend payment dates for basic purposes and as potential
share equivalents for the periods between the ex-dividend dates and payment dates for diluted purposes, rather than
treating the shares as issued and outstanding as of the beginning of the earliest period presented for both basic and
diluted purposes. See Note 2 to the consolidated financial statements in Item 8 for further discussion of this
accounting change.
(6) Units managed represents units in properties for which we provide asset management services only, although in
certain cases we may indirectly own generally less than one percent of the economic interest in such properties
through a partnership syndication or other fund.
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executive Overview
We are a self-administered and self-managed real estate investment trust, or REIT, engaged in the acquisition,
ownership, management and redevelopment of apartment properties. Our property operations are characterized by
diversification of product, location and price point. We primarily invest in the 20 largest U.S. markets, as measured by
total market capitalization, which is the total market value of institutional-grade apartment properties in a particular
market. We define these markets as “target markets” and they possess the following characteristics: a high
concentration of population and apartment units; geographic and employment diversification; and historically strong
returns with reduced volatility as part of a diversified portfolio. We are one of the largest owners and operators of
apartment properties in the United States. As of December 31, 2009, we owned or managed 870 apartment properties
containing 135,654 units located in 44 states, the District of Columbia and Puerto Rico. Our primary sources of income
and cash are rents associated with apartment leases.
The key financial indicators that we use in managing our business and in evaluating our financial condition and
operating performance are: NAV; Funds From Operations, or FFO; Adjusted FFO, or AFFO, which is FFO less spending
for Capital Replacements; same store property operating results; net operating income; Free Cash Flow, which is net
operating income less spending for Capital Replacements; financial coverage ratios; and leverage as shown on our
balance sheet. FFO and Capital Replacements are defined and further described in the sections captioned “Funds From
Operations” and “Capital Additions” below. 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.
During the challenging financial and economic environment in 2009, we focused on: serving and retaining
residents; continually improving our portfolio; reducing leverage and financial risk; and simplifying our business model.
We are focused on owning and operating B/B+ quality apartments concentrated in our target markets. We intend
to upgrade the quality of our portfolio through the sale of approximately 5% to 10% of our portfolio annually, with the
proceeds generally used to increase our allocation of capital to well located properties within our target markets through
capital investments, redevelopment or acquisitions.
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
2009 compared to 2008
We reported net loss attributable to Aimco of $64.3 million and net loss attributable to Aimco common
stockholders of $114.8 million for the year ended December 31, 2009, compared to net income attributable to Aimco of
$412.0 million and net income attributable to Aimco common stockholders of $351.3 million for the year ended
December 31, 2008, decreases of $476.3 million and $466.1 million, respectively. These decreases were principally due to
the following items, all of which are discussed in further detail below:
• a decrease in income from discontinued operations, primarily related to our sale of fewer assets in 2009 and the
recognition of lower gains on sales as compared to 2008;
• 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
• 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:
• 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;
• 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; and
• impairment losses on real estate development assets in 2008, for which no similar impairments were recognized in
2009.
2008 compared to 2007
We reported net income attributable to Aimco of $412.0 million and net income attributable to Aimco common
stockholders of $351.3 million for the year ended December 31, 2008, compared to net income attributable to Aimco of
$29.9 million and net loss attributable to Aimco common stockholders of $40.6 million for the year ended December 31,
2007, increases of $382.1 million and $391.9 million, respectively. These increases were principally due to the following
items, all of which are discussed in further detail below:
• an increase in income from discontinued operations, primarily related to an increase in the number of assets sold
during 2008 and our recognition of higher gains on sales as compared to 2007;
• an increase 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;
• an increase in net operating income associated with property operations, reflecting improved operations of our
same store properties and other properties; and
• an increase in asset management and tax credit revenues, primarily due to an increase 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:
• impairment losses on real estate development assets in 2008, for which no similar impairments were recognized in
2007;
• an increase in earnings allocable to noncontrolling interests, primarily due to an increase in the noncontrolling
interests’ share of the increase in gains on sales discussed above;
• an increase in depreciation and amortization expense, primarily related to completed redevelopments placed in
service for partial periods during 2007 or 2008;
• restructuring costs recognized during the fourth quarter of 2008; and
• an increase in provisions for losses on notes receivable, primarily due to the impairment during 2008 of our
interest in Casden Properties LLC.
The following paragraphs discuss these and other items affecting the results of our operations in more detail.
Business Segment Operating Results
We have two reportable segments: real estate (owning, operating and redeveloping apartments) and investment
management (portfolio management and asset management). Our chief operating decision maker uses various generally
accepted industry financial measures to assess the performance and financial condition of the business,
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including: NAV; FFO; AFFO; same store property operating results; net operating income; Free Cash Flow; financial
coverage ratios; and leverage as shown on our balance sheet. Our chief operating decision maker emphasizes net
operating income as a key measurement of segment profit or loss. Segment net operating income is generally defined as
segment revenues less direct segment operating expenses.
Real Estate Segment
Our real estate segment involves the ownership and operation of properties that generate rental and other
property-related income through the leasing of apartment units. Our real estate segment’s net operating income also
includes income from property management services performed for unconsolidated partnerships and unrelated parties.
The following table summarizes our real estate segment’s net operating income for the years ended December 31,
2009, 2008 and 2007 (in thousands):
Real estate segment revenues:
Rental and other property revenues
Property management revenues, primarily from affiliates
Real estate segment expenses:
Property operating expenses
Property management expenses
Real estate segment net operating income
Year Ended December 31,
2008
2007
2009
$ 1,140,828
5,082
1,145,910
$ 1,137,995
6,345
1,144,340
$ 1,093,779
6,923
1,100,702
521,161
2,869
524,030
$ 621,880
526,238
5,385
531,623
$ 612,717
503,890
6,678
510,568
$ 590,134
For the year ended December 31, 2009, compared to the year ended December 31, 2008, real estate segment net
operating income increased $9.2 million, or 1.5%. This increase was due to an increase in real estate segment revenues
of $1.6 million, or 0.1% and a decrease in real estate segment expenses of $7.6 million, or 1.4%.
The increase in revenues from our real estate segment during the year ended December 31, 2009, was primarily
attributed to an increase of $10.0 million in revenues related to our conventional redevelopment properties based on
more units in service at these properties in 2009, $7.5 million in revenues related to our affordable properties, primarily
due to higher average rents partially offset by lower physical occupancy during 2009, and $2.3 million of revenues
related to properties acquired during the latter half of 2008.
These increases were partially offset by a $14.8 million, or 2.0%, decrease in revenues from our conventional same
store properties, due to a decrease of 50 basis points in average physical occupancy and lower average rent
(approximately $23 per unit). Conventional same store property revenues in our target markets, which represented
approximately 78% of our total conventional same store revenues, decreased by 2.7% due to decreases in average
physical occupancy (80 basis points) and average rent (approximately $31 per unit). The decrease in revenues
associated with these target markets were primarily attributed to revenue decreases of 4.9% in our Pacific markets,
attributed to 140 basis points in lower occupancy and $73 per unit in lower rents, and 3.3% in our Sunbelt market,
attributed to 40 basis points in lower occupancy and $35 per unit in lower rents. Conventional same store revenues
related to our other markets decreased by 1.7%, due to 130 basis points in lower occupancy and $14 per unit in lower
rents.
For the year ended December 31, 2009, compared to the year ended December 31, 2008, the decrease in our real
estate segment expenses was primarily attributed to property management expenses. Property management expenses
related to our consolidated properties, which are shown in the table above as a component of property operating
expenses, decreased by $8.2 million, and property management expenses related to our unconsolidated properties
decreased by $2.5 million, both due primarily to reductions in personnel and related costs resulting from our
organizational restructurings. These decreases in our real estate segment expenses were partially offset by
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increases of $0.6 million related to our conventional same store properties, primarily due to increases in employee
compensation, insurance, repair and maintenance, and real estate tax expenses, offset by decreases in administrative
and marketing expenses, $0.6 million related to our conventional redevelopment properties, primarily due to more units
placed in service, $0.5 million related to our affordable properties, primarily due to properties that were newly
consolidated in 2008 and $0.8 million related to properties acquired during the latter half of 2008.
For the year ended December 31, 2008, compared to the year ended December 31, 2007, real estate segment net
operating income increased $22.6 million, or 3.8%. This increase was due to an increase in real estate segment revenues
of $43.6 million, or 4.0%, offset by an increase in real estate segment expenses of $21.1 million, or 4.1%.
The increase in revenues from our real estate segment during the year ended December 31, 2008, was primarily
attributed to an increase of $19.8 million in revenues from our conventional same store properties, due to an increase of
80 basis points in average physical occupancy and higher average rent (approximately $18 per unit), $13.0 million in
revenues related to our affordable properties, primarily due to newly consolidated properties, and $8.8 million in
revenues related to our conventional redevelopment properties based on more units in service and higher rental rates.
For the year ended December 31, 2008, compared to the year ended December 31, 2007, the increase in expense was
primarily attributed to increases of $9.3 million related to our affordable properties, primarily due to properties that were
newly consolidated, $5.2 million related to our conventional redevelopment properties, primarily due to more units
placed in service, $3.1 million of property management expenses related to consolidated properties, which are shown in
the table above as a component of property operating expenses, and $0.2 million related to our conventional same store
properties, primarily due to increases in utilities and real estate taxes, offset by decreases in employee compensation,
repairs and maintenance, and turnover expenses. These increases in property expenses were in addition to an increase
of $4.2 million in casualty losses during 2008, primarily related to properties damaged by Tropical Storm Fay and
Hurricane Ike.
Investment Management Segment
Our investment management segment includes activities and services related to our owned portfolio of properties
as well as services provided to affiliated partnerships. Activities and services that fall within investment management
include portfolio strategy, capital allocation, joint ventures, tax credit syndication, acquisitions, dispositions and other
transaction activities. Within our owned portfolio, we refer to these activities as “Portfolio Management,” and their
benefit is seen in property operating results and in investment gains. For affiliated partnerships, we refer to these
activities as asset management, for which we are separately compensated through fees paid by third party investors.
The expenses of this segment consist primarily of the costs of departments that perform these activities. These
activities are conducted in part by our taxable subsidiaries, and the related net operating income may be subject to
income taxes.
Asset management revenue includes certain fees that were earned in a prior period, but not recognized at that time
because collectibility was not reasonably assured. Those fees may be recognized in a subsequent period upon
occurrence of a transaction or a high level of the probability of occurrence of a transaction, or improvement in
operations that generates sufficient cash to pay the fees.
The following table summarizes the net operating income from our investment management segment for the years
ended December 31, 2009, 2008 and 2007 (in thousands):
Year Ended December 31,
2008
2007
2009
Asset management and tax credit revenues
Investment management expenses
Investment segment net operating income
$ 52,193
15,779
$ 36,414
$ 101,225
24,784
$ 76,441
$ 73,755
20,507
$ 53,248
For the year ended December 31, 2009, compared to the year ended December 31, 2008, net operating income from
investment management decreased $40.0 million, or 52.4%. This decrease is primarily attributable to a $42.8 million
decrease in promote income, which is income earned in connection with the disposition of properties
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owned by our consolidated joint ventures, due to fewer related sales in 2009 and a $7.6 million decrease in other general
partner transactional fees, partially offset by a $9.0 million decrease in investment management expenses, primarily due
to reductions in personnel and related costs from our organizational restructurings and a reduction in transaction costs,
and a $3.9 million increase in revenues associated with our affordable housing tax credit syndication business, including
syndication fees and other revenue earned in connection with these arrangements.
For the year ended December 31, 2008, compared to the year ended December 31, 2007, net operating income from
investment management increased $23.2 million, or 43.6%. This increase is primarily attributable to a $30.7 million
increase in promote income, which is income earned in connection with the disposition of properties owned by our
consolidated joint ventures, and a $9.2 million increase in other general partner transactional fees. These increases are
offset by a decrease of $7.4 million in asset management fees, a decrease of $5.0 million in revenues associated with our
affordable housing tax credit syndication business, including syndication fees and other revenue earned in connection
with these arrangements, and an increase of $4.3 million in investment management expenses, inclusive of $3.5 million in
deferred acquisition costs.
Other Operating Expenses (Income)
Depreciation and Amortization
For the year ended December 31, 2009, compared to the year ended December 31, 2008, depreciation and
amortization increased $51.4 million, or 13.1%. This increase primarily consists of depreciation related to properties
acquired during the latter part of 2008, completed redevelopments and other capital projects recently placed in service.
For the year ended December 31, 2008, compared to the year ended December 31, 2007, depreciation and
amortization increased $45.5 million, or 13.1%. This increase reflects depreciation of $65.3 million for newly acquired
properties, completed redevelopments and other capital projects recently placed in service. This increase was partially
offset by a decrease of $25.7 million in depreciation adjustments necessary to reduce the carrying amount of buildings
and improvements to their estimated disposition value, or zero in the case of a planned demolition, primarily due to a
property that became fully depreciated during 2007.
Provision for Operating Real Estate Impairment Losses
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.
For the years ended December 31, 2009 and 2007, we recognized impairment losses of $2.3 million and $1.1 million,
respectively, related to properties classified as held for use as of December 31, 2009. We recognized no such impairment
losses during the year ended December 31, 2008.
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.
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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 income for the year ended December 31, 2009 included in
Item 8. We recognized no similar impairments on real estate development assets during the years ended December 31,
2009 or 2007.
General and Administrative Expenses
For the year ended December 31, 2009, compared to the year ended December 31, 2008, general and administrative
expenses decreased $29.6 million, or 29.8%. 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.
For the year ended December 31, 2008, compared to the year ended December 31, 2007, general and administrative
expenses increased $8.5 million, or 9.4%. This increase is primarily attributable to higher personnel and related expenses
of $6.1 million and an increase of $1.5 million in information technology communications costs.
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, 2009, compared to the year ended December 31, 2008, other expenses, net
decreased by $4.7 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 $4.3 million in costs related to certain litigation matters.
For the year ended December 31, 2008, compared to the year ended December 31, 2007, other expenses, net
increased by $3.2 million. The increase includes a $5.4 million write-off of certain communications hardware and
capitalized costs during 2008 and a $1.2 million write-off of redevelopment costs associated with a change in the
planned use of a property during 2008. The net unfavorable change also reflects $3.6 million of income recognized in
2007 related to the transfer of certain property rights to an unrelated party. These increases were partially offset by a
$3.7 million reduction in expenses of our self insurance activities (net of costs in 2008 related to Tropical Storm Fay and
Hurricane Ike) and a net decrease of $1.7 million in costs related to certain litigation matters.
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. We recognized no restructuring costs during the
year ended December 31, 2007.
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 occur infrequently and thus accretion
income may vary from period to period.
For the year ended December 31, 2009, compared to the year ended December 31, 2008, interest income decreased
$10.6 million, or 53.1%. Interest income decreased by $8.8 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
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accretion income related to other notes during the year ended December 31, 2008, resulting from a change in the timing
and amount of collection.
For the year ended December 31, 2008, as compared to the year ended December 31, 2007, interest income
decreased $23.3 million, or 53.9%. Interest income decreased by $16.0 million due to lower interest rates on notes
receivable, cash and restricted cash balances and lower average balances. Interest income also decreased by $5.8 million
due to an adjustment of accretion on certain discounted notes during the year ended December 31, 2008, resulting from
a change in the estimated timing and amount of collection, and by $1.5 million for accretion income recognized during
the year ended December 31, 2007, related to the prepayment of principal on certain discounted loans collateralized by
properties in West Harlem in New York City.
Provision for Losses on Notes Receivable
During the years ended December 31, 2009, 2008 and 2007, we recognized net provisions for losses on notes
receivable of $21.5 million, $17.6 million and $2.0 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 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 and through
2008 were amortizing the discounted value of the investment to the $50.0 million previously estimated to be collectible,
through January 2, 2009, the initial dissolution date of the entity. In 2009, the managing member extended the
dissolution date. 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 $0.8 million, $1.3 million and $2.0 million during the years ended December 31, 2009,
2008 and 2007, respectively.
Interest Expense
For the years ended December 31, 2009 and December 31, 2008, interest expense, which includes the amortization of
deferred financing costs, totaled $324.2 million and $324.1 million, respectively. Interest expense increased by
$15.0 million due to a reduction in redevelopment activity during 2009, which resulted in a reduction in capitalized
interest. In addition, interest expense increased by $1.2 million due to an increase in prepayment penalties associated
with refinancing activities, from $2.8 million in 2008 to $4.0 million in 2009, and by $3.3 million related to non-recourse
property loans, from $311.2 million to $314.5 million, primarily due to higher average interest rates partially offset by
lower average balances during 2009. These increases in interest expense were substantially offset by decreases in
corporate interest expense. Interest expense related to corporate debt, which is primarily floating rate, decreased by
$19.4 million, from $34.8 million to $15.4 million, primarily due to lower average balances and interest rates during 2009.
For the year ended December 31, 2008, compared to the year ended December 31, 2007, interest expense increased
$11.1 million, or 3.5%. Interest expense related to non-recourse property loans increased by $17.1 million, from
$294.1 million to $311.2 million, primarily due to higher average balances partially offset by lower average interest rates
during 2008. In addition, interest expense increased by $4.4 million, due to a decrease in capitalized interest from
$29.1 million in 2007 to $24.7 million in 2008, resulting from more units in service and lower interest rates. These
increases were partially offset by a decrease in interest expense related to corporate debt, which is primarily floating rate
and which decreased by $10.4 million, from $45.2 million to $34.8 million, primarily due to lower average balances and
interest rates during 2008.
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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 is primarily driven by depreciation expense in excess of the net operating income recognized
by such partnerships.
During the years ended December 31, 2009, 2008 and 2007, we recognized equity in losses of unconsolidated real
estate partnerships of $12.0 million, $4.6 million and $3.3 million, respectively. The $7.4 million 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. The increase in equity in losses also includes additional losses recognized
during 2009 related to the underlying investment properties of certain tax credit syndications we consolidated during
2009 and 2008.
Impairment Losses Related to Unconsolidated Real Estate Partnerships
Impairment losses related to unconsolidated real estate partnerships includes our share of impairment losses
recognized by our unconsolidated real estate partnerships. For the year ended December 31, 2009, compared to the year
ended December 31, 2008, impairment losses related to unconsolidated real estate partnerships decreased $2.3 million,
and for the year ended December 31, 2008, compared to the year ended December 31, 2007, impairment losses related to
unconsolidated real estate partnerships increased $2.7 million. This decrease and increase are primarily attributable to
impairment losses recognized by unconsolidated partnerships on their underlying real estate properties during 2008.
Gain on Dispositions of Unconsolidated Real Estate and Other
Gain on dispositions of unconsolidated real estate and other includes our share of gains related to dispositions of
real estate by unconsolidated real estate partnerships, gains on disposition of interests in unconsolidated real estate
partnerships, gains on dispositions of land and other non-depreciable assets and 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, 2009, compared to the year ended December 31, 2008, gain on dispositions of
unconsolidated real estate and other decreased $77.4 million. This decrease is primarily attributable to a 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
unconsolidated real estate partnerships.
For the year ended December 31, 2008, compared to the year ended December 31, 2007, gain on dispositions of
unconsolidated real estate and other increased $75.4 million. This increase is primarily attributable to a $98.4 million net
gain on the disposition of interests in two unconsolidated real estate partnerships during the year ended December 31,
2008. During 2007, we recognized a $6.0 million non-refundable option and extension fee resulting from the termination
of rights under an option agreement to sell the North and Central towers of our Flamingo South Beach property,
approximately $6.4 million of net gains on dispositions of land parcels and our share of gains on dispositions of
properties by unconsolidated real estate partnerships in 2007, and a $10.6 million gain on debt extinguishment related to
properties in the VMS partnership (see Note 3 to the consolidated financial statements in Item 8).
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Income Tax Benefit
Certain of our operations or a portion thereof, such as property management, asset management and risk
management, are conducted through, and certain of our properties are owned by, taxable REIT subsidiaries, each of
which we refer to as a TRS. A TRS is a C-corporation that has not elected REIT status and, as such, is subject to United
States Federal corporate income tax. We use TRS entities to facilitate our ability to offer certain services and conduct
certain activities that generally cannot be offered directly by the REIT. We also use TRS entities to hold investments in
certain properties. Income taxes related to the results of continuing operations of our TRS entities are included in
income tax benefit in our consolidated statements of income.
For the year ended December 31, 2009, compared to the year ended December 31, 2008, income tax benefit
decreased by $34.5 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 TRS entities, partially offset by $8.1 million of income tax benefit recognized in 2009 related to
the impairment of our investment in Casden Properties LLC.
For the year ended December 31, 2008, compared to the year ended December 31, 2007, income tax benefit increased
by $33.4 million. This increase 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.
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, 2009 and 2008, income from discontinued operations totaled $152.2 million and
$744.9 million, respectively. The $592.7 million decrease in income from discontinued operations was principally due to a
$541.2 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 $111.8 million decrease in operating income (inclusive of a
$27.1 million increase in real estate impairment losses), partially offset by a $58.8 million decrease in interest expense.
For the years ended December 31, 2008 and 2007, income from discontinued operations totaled $744.9 million and
$171.6 million, respectively. The $573.3 million increase in income from discontinued operations was principally due to a
$641.7 million increase in gain on dispositions of real estate, net of income taxes, primarily attributable to more properties
sold in 2008 as compared to 2007 and a $27.9 million decrease in interest expense. These increases were partially offset
by a $66.1 million decrease in operating income (inclusive of a $22.0 million increase in real estate impairment losses) and
a $31.6 million decrease related to a 2007 gain on debt extinguishment related to properties in the VMS partnership.
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 $757.2 million
(which is net of $43.1 million of related income taxes). During the year ended December 31, 2007, we sold 73 consolidated
properties for gross proceeds of $480.0 million and net proceeds of $203.8 million, resulting in a net gain on sale of
approximately $115.5 million (which is net of $2.1 million of related income taxes).
For the years ended December 31, 2009, 2008 and 2007, income from discontinued operations includes the
operating results of the properties sold or classified as held for sale as of December 31, 2009.
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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).
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. This generally includes the
noncontrolling partners’ share of property management fees, interest on notes and other amounts eliminated in
consolidation 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 Board’s
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, 2009, compared to the year ended December 31, 2008, net earnings attributed to
noncontrolling interests in consolidated real estate partnerships decreased by $133.2 million. This decrease is primarily
attributable to a reduction of $108.7 million related to the noncontrolling interests in consolidated real estate
partnerships’ 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.
For the year ended December 31, 2008, compared to the year ended December 31, 2007, net income attributed to
noncontrolling interests in consolidated real estate partnerships increased by $63.6 million. This increase is primarily
attributable to an increase of $106.5 million related to the noncontrolling interests in consolidated real estate
partnerships’ share of gains on dispositions of real estate, due primarily to more sales in 2008 as compared to 2007,
partially offset by increases of $42.9 million in net recoveries of deficit distributions.
As discussed in Note 2 to the consolidated financial statements in Item 8, during the first quarter 2010, we will
adopt new accounting guidance related to accounting for variable interest entities. This change in accounting guidance
may result in our consolidation of certain previously unconsolidated entities as well as our deconsolidation of certain
we currently consolidate. At this time, we have not yet determined the effect this accounting change will have on our
consolidated financial statements.
Noncontrolling Interests in Aimco Operating Partnership
Noncontrolling interests in Aimco Operating Partnership consist of common OP Units, High Performance Units and
preferred OP Units. We allocate the Aimco Operating Partnership’s income or loss to the holders of common OP Units
and High Performance Units based on the weighted average number of common OP Units and High Performance Units
outstanding during the period. Holders of the preferred OP Units participate in the Aimco Operating Partnership’s
income or loss only to the extent of their preferred distributions.
For the year ended December 31, 2009, compared to the year ended December 31, 2008, the effect on our earnings
of income or loss attributable to noncontrolling interests in the Aimco Operating Partnership changed favorably by
$62.3 million. This favorable change is attributable to a decrease of $50.8 million related to the
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noncontrolling interests in the Aimco Operating Partnership’s share of income from discontinued operations (net of
noncontrolling interests in consolidated real estate partnerships), due primarily to larger gains on sales in 2008 relative
to 2009 and $11.5 million in deficit distribution charges recognized during 2008 due to distributions in excess of the
positive balance in noncontrolling interest. These changes were also affected by a decrease in the noncontrolling
interests in the Aimco Operating Partnership’s effective ownership interest from 2008 to 2009.
For the year ended December 31, 2008, compared to the year ended December 31, 2007, the effect on our earnings
of income or loss attributable to noncontrolling interests in the Aimco Operating Partnership changed unfavorably by
$55.8 million. This unfavorable change is attributable to an increase of $48.1 million related to the noncontrolling
interests in the Aimco Operating Partnership’s share of income from discontinued operations (net of noncontrolling
interests in consolidated real estate partnerships), due primarily to larger gains on sales in 2008 relative to 2007,
$11.5 million in deficit distribution charges recognized during 2008 due to distributions in excess of the positive balance
in noncontrolling interest, and a $0.5 million increase in distributions to holders of preferred OP Units. These
unfavorable changes were partially offset by a $4.3 million increase in noncontrolling interests in the Aimco Operating
Partnership’s share of losses from continuing operations (net of noncontrolling interests in consolidated real estate
partnerships) in 2008 as compared to 2007.
Critical Accounting Policies and Estimates
We prepare our consolidated financial statements in accordance with accounting principles generally accepted in
the United States of America, or 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:
• the general economic climate;
• competition from other apartment communities and other housing options;
• local conditions, such as loss of jobs or an increase in the supply of apartments, that might adversely affect
apartment occupancy or rental rates;
• changes in governmental regulations and the related cost of compliance;
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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;
• changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating
multifamily housing; and
• changes in interest rates and the availability of financing.
Any adverse changes in these and other factors could cause an impairment in our long-lived assets, including real
estate and investments in unconsolidated real estate partnerships. 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, 2009 and 2007, we recorded net impairment losses of $2.3 million and $1.1 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.
Notes Receivable and Interest Income Recognition
Notes receivable from unconsolidated real estate partnerships consist primarily of notes receivable from
partnerships in which we are the general partner. Notes receivable from non-affiliates consist of notes receivable from
unrelated third parties. The ultimate repayment of these notes is subject to a number of variables, including the
performance and value of the underlying real estate and the claims of unaffiliated mortgage lenders. Our notes
receivable include 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, some of 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 transactions or has 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. Accretion
income recognized in any given period is based on our ability to complete transactions to monetize the notes receivable
and the difference between the carrying value and the estimated collectible amount of the notes; therefore, accretion
income varies on a period by period basis and could be lower or higher than in prior periods.
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 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 partnership’s 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 loan’s original
effective interest rate.
During the years ended December 31, 2009, 2008 and 2007 we recorded net provisions for losses on notes
receivable of $21.5 million, $17.6 million and $2.0 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
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($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, 2009, 2008 and 2007, for continuing and discontinued operations, we capitalized
$9.8 million, $25.7 million and $30.8 million of interest costs, respectively, and $40.0 million, $78.1 million and $78.1 million
of site payroll and indirect costs, respectively. The reduction is primarily due to a reduced level of redevelopment
activities.
Funds From Operations
FFO is a non-GAAP financial measure that we believe, when considered with the financial statements determined in
accordance with GAAP, is helpful to investors in understanding our performance because it captures features particular
to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a
much greater extent than do other depreciable assets such as machinery, computers or other personal property. The
Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as net
income (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. Adjustments
for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. We compute FFO
for all periods presented in accordance with the guidance set forth by NAREIT’s April 1, 2002, White Paper, which we
refer to as the White Paper. We calculate FFO attributable to Aimco common stockholders (diluted) by subtracting
redemption or repurchase related preferred stock issuance costs and dividends on preferred stock and adding back
dividends/distributions on dilutive preferred securities and premiums or discounts on preferred stock redemptions or
repurchases. FFO should not be considered an alternative to net income or net cash flows from operating activities, as
determined in accordance with GAAP, as an indication of our performance or as a measure of liquidity. FFO is not
necessarily indicative of cash available to fund future cash needs. In addition, although FFO is a measure used for
comparability in assessing the performance of REITs, there can be no assurance that our basis for computing FFO is
comparable with that of other REITs.
In addition to FFO, we compute an alternate measure of FFO, which we refer to as Proforma FFO and which is FFO
attributable to Aimco common stockholders (diluted), excluding operating real estate impairments and preferred stock
redemption related amounts (adjusted for the noncontrolling interests). Both operating real estate impairment losses and
preferred stock redemption related amounts are recurring items that affect our operating results. We exclude operating
real estate impairment losses, net of related income tax benefits and noncontrolling interests, from our calculation of
Proforma FFO because we believe the inclusion of such losses in FFO is inconsistent with the treatment of gains on the
disposition of operating real estate, which are not included in FFO. We exclude preferred redemption related amounts
(gains or losses) from our calculation of Proforma FFO because such amounts are not representative of our operating
results. Similar to FFO, we believe Proforma FFO is helpful to investors in understanding our performance because it
captures features particular to real estate performance by recognizing that real estate generally appreciates over time or
maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or
other personal property. Not all REITs present an
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alternate measure of FFO similar to our Proforma FFO measure and there can be no assurance our basis for calculating
Proforma FFO is comparable to those of other REITs.
For the years ended December 31, 2009, 2008 and 2007, our FFO and Proforma FFO are calculated as follows (in
thousands):
Net (loss) income attributable to Aimco common stockholders(1)
Adjustments:
Depreciation and amortization
Depreciation and amortization related to non-real estate assets
Depreciation of rental property related to noncontrolling partners and unconsolidated entities(2)
Gain on dispositions of unconsolidated real estate and other
Income tax expense (benefit) arising from disposition of unconsolidated real estate and other
Add back portion of gain on dispositions of unconsolidated real estate and other that relates to non-
depreciable assets and debt extinguishment gain
Deficit distributions to noncontrolling partners(3)
Discontinued operations:
Gain on dispositions of real estate, net of noncontrolling partners’ interest(2)
Depreciation of rental property, net of noncontrolling partners’ interest(2)
(Recovery of deficit distributions) deficit distributions to noncontrolling partners, net(3)
Income tax expense arising from disposals
Noncontrolling interests in Aimco Operating Partnership’s share of above adjustments(4)
Preferred stock dividends
Preferred stock redemption related (gains) costs
Amounts allocable to participating securities(5)
FFO
Preferred stock dividends
Preferred stock redemption related gains (costs)
Amounts allocable to participating securities(5)
Dividends/distributions on dilutive preferred securities
2009
2008
2007
$ (114,840 ) $ 351,314 $ (40,586 )
444,413 392,999 347,491
(16,667 ) (17,372 ) (20,159 )
(40,852 ) (29,872 ) (15,888 )
(22,494 ) (99,864 ) (24,470 )
(17 )
1,582
(433 )
7,783
1,669 17,956
— 37,680 29,210
(164,281 ) (617,906 ) (63,923 )
45,836 109,043 114,586
9,550
— (30,354 )
2,135
5,788 43,146
(19,509 ) 21,667 (36,830 )
52,215 55,190 63,381
2,635
4,481
(1,482 )
6,985
(1,649 )
—
$ 177,325 $ 222,410 $ 389,552
(52,215 ) (55,190 ) (63,381 )
(2,635 )
(4,481 )
1,442
1,482
(6,985 )
4,292
1,649
(773 )
—
FFO attributable to Aimco common stockholders — diluted
Operating real estate impairment losses, continuing operations, net of noncontrolling partners’
$ 125,986 $ 166,009 $ 320,497
interest(6)
Operating real estate impairment losses, discontinued operations, net of noncontrolling partners’
interest(6)
Income tax benefit on impairment losses
Preferred stock redemption related (gains) costs(7)
Noncontrolling interests in Aimco Operating Partnership’s share of above adjustments
Amounts allocable to participating securities(5)
Dividends/distributions on dilutive preferred securities
Proforma FFO attributable to Aimco common stockholders — diluted
2,012
1,131
1,080
61,313 26,285
(511 )
(1,482 )
(2,474 )
—
—
(4,075 )
(1,649 )
(4,304 )
(448 )
—
5,430
—
2,635
(850 )
—
426
$ 178,835 $ 188,958 $ 329,218
FFO attributable to Aimco common stockholders — diluted
Weighted average number of common shares, common share equivalents and dilutive preferred
securities outstanding(8):
Common shares and equivalents(9)
Dilutive preferred securities
Total
Proforma FFO attributable to Aimco common stockholders — diluted
Weighted average number of common shares, common share equivalents and dilutive preferred
securities outstanding(8):
Common shares and equivalents(9)
Dilutive preferred securities
Total
Notes:
115,563 89,827 97,055
457
1,490
—
115,563 91,317 97,512
115,563 89,827 97,055
580
1,490
—
115,563 91,317 97,635
(1) Represents the numerator for calculating basic earnings per common share in accordance with GAAP (see Note 14
to the consolidated financial statements in Item 8).
(2) “Noncontrolling partners” refers to noncontrolling partners in our consolidated real estate partnerships.
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(3) Prior to adoption of SFAS 160 (see Note 2 to the consolidated financial statements in Item 8), we recognized deficit
distributions to noncontrolling partners as charges in our income statement when cash was distributed to a
noncontrolling partner in a consolidated partnership in excess of the positive balance in such partner’s
noncontrolling interest balance. We recorded these charges for GAAP purposes even though there was no
economic effect or cost. Deficit distributions to noncontrolling partners occurred when the fair value of the
underlying real estate exceeded its depreciated net book value because the underlying real estate had appreciated or
maintained its value. As a result, the recognition of expense for deficit distributions to noncontrolling partners
represented, in substance, either (a) our recognition of depreciation previously allocated to the noncontrolling
partner or (b) a payment related to the noncontrolling partner’s share of real estate appreciation. Based on White
Paper guidance that requires real estate depreciation and gains to be excluded from FFO, we added back deficit
distributions and subtracted related recoveries in our reconciliation of net income to FFO. Subsequent to our
adoption of SFAS 160, effective January 1, 2009, we may reduce the balance of noncontrolling interests below zero
in such situations and we are no longer required to recognize such charges in our income statement.
(4) During the years ended December 31, 2009, 2008 and 2007, the Aimco Operating Partnership had 6,534,140, 7,191,199,
and 7,367,400 common OP Units outstanding and 2,344,719, 2,367,629 and 2,379,084 High Performance Units
outstanding.
(5) Amounts allocable to participating securities represent dividends declared and any amounts of undistributed
earnings allocable to participating securities. See Note 2 and Note 14 to the consolidated financial statements in
Item 8 for further information regarding participating securities.
(6) On October 1, 2003, NAREIT clarified its definition of FFO to include operating real estate impairment losses, which
previously had been added back to calculate FFO. Although Aimco’s presentation conforms with the NAREIT
definition, Aimco considers such approach to be inconsistent with the treatment of gains on dispositions of
operating real estate, which are not included in FFO.
(7) In accordance with the Securities and Exchange Commission’s July 31, 2003 interpretation of the Emerging Issues
Task Force Topic D-42, Aimco includes preferred stock redemption related charges or gains in FFO. As a result, FFO
for the years ended December 31, 2009, 2008 and 2007 includes redemption discounts, net of issuance costs, of
$1.6 million and $1.5 million and a redemption premium of $2.6 million, respectively.
(8) Weighted average common shares, common share equivalents, dilutive preferred securities for each of the periods
presented above have been adjusted for our application during the fourth quarter 2009 of a change in GAAP, which
requires the shares issued in our special dividends paid in 2008 and January 2009 to be treated as issued and
outstanding on the dividend payment dates for basic purposes and as potential share equivalents for the periods
between the ex-dividend dates and the payment dates for diluted purposes, rather than treating the shares as issued
and outstanding as of the beginning of the earliest period presented for both basic and diluted purposes. The
change in accounting treatment had no effect on diluted weighted average shares outstanding for the year ended
December 31, 2009. The change in accounting treatment reduced diluted weighted average shares outstanding by
32.7 million and 46.5 million for the years ended December 31, 2008 and 2007, respectively.
(9) Represents the denominator for earnings per common share — diluted, calculated in accordance with GAAP, plus
common share equivalents that are dilutive for FFO.
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 and proceeds from refinancings of existing
property loans and borrowings under new property loans.
Our principal uses for liquidity include normal operating activities, payments of principal and interest on
outstanding debt, capital additions, dividends paid to stockholders and distributions paid to noncontrolling interest
partners, repurchases of shares of our Common Stock, 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
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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 state of credit markets and related effect on the overall economy may have an adverse affect on our liquidity,
both through increases in interest rates and credit risk spreads, and access to financing. 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, preferred stock and assets. Based on our net variable rate liabilities, preferred stock
and assets outstanding at December 31, 2009, we estimate that a 1.0% increase in 30-day LIBOR with constant credit risk
spreads would reduce our income attributable to Aimco common stockholders by approximately $1.5 million on an
annual basis. Although base interest rates have generally decreased relative to their levels prior to the disruptions in
the financial markets, the tightening of credit markets has affected the credit risk spreads charged over base interest
rates on, and the availability of, property loan financing. For future refinancing activities, our liquidity and cost of funds
may be affected by increases in base interest rates or higher credit risk spreads. If timely property financing options are
not available for maturing debt, we may consider alternative sources of liquidity, such as reductions in certain capital
spending or proceeds from asset dispositions.
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 tax-exempt bonds payable and
fixed rate notes payable to variable interest rates indexed to the SIFMA rate for tax-exempt bonds payable and the
30-day LIBOR rate for notes payable, plus a credit risk spread. The cost of financing through these arrangements is
generally lower than the fixed rate on the debt. As of December 31, 2009, we had total rate of return swap positions with
two financial institutions with notional amounts totaling $353.1 million. Swaps with notional amounts of $307.9 million
and $45.2 million had maturity dates in May 2012 and October 2012, respectively.
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 Aimco. At December 31, 2009, 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.
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 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 operating cash flows.
See Derivative Financial Instruments in Note 2 to the consolidated financial statements in Item 8 for additional
discussion of these arrangements, including the current swap maturity dates.
As of December 31, 2009, the amount available under our $180.0 million revolving credit facility was $136.2 million
(after giving effect to $43.8 million outstanding for undrawn letters of credit). Our total outstanding term loan of
$90.0 million at December 31, 2009, matures in March 2011. We repaid an additional $45.0 million on the term loan
through February 26, 2010, leaving a remaining outstanding balance of $45.0 million. Additionally, we have limited
obligations to fund redevelopment commitments during the year ending December 31, 2010, and no development
commitments.
At December 31, 2009, we had $81.3 million in cash and cash equivalents, a decrease of $218.4 million from
December 31, 2008. At December 31, 2009, we had $220.0 million of restricted cash, primarily consisting 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
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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, 2009, our net cash provided by operating activities of $233.8 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 decreased $206.6 million compared with the year ended December 31, 2008, primarily due to a
$159.3 million decrease in operating income related to consolidated properties included in discontinued operations,
which was attributable to property sales in 2009 and 2008, a $42.8 million decrease in promote income, which is
generated by the disposition of properties by consolidated real estate partnerships, and an increase in payments on
operating accounts payable and accrued expenses, including payments related to our restructuring accrual, in 2009 as
compared to 2008.
Investing Activities
For the year ended December 31, 2009, our net cash provided by investing activities of $630.3 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, 2009, we sold 89 consolidated properties. These properties
were sold for an aggregate sales price of $1.3 billion, or $1.2 billion, after the payment of transaction costs and debt
prepayment penalties. The $1.2 billion is inclusive of promote income and debt assumed by buyers. Net cash proceeds
from property sales were used primarily to repay term debt and for other corporate purposes.
Capital Additions
We classify all capital additions as Capital Replacements (which we refer to as CR), Capital Improvements (which
we refer to as CI), casualties or redevelopment. Additions other than casualty or redevelopment capital additions are
apportioned between CR and CI based on the useful life of the capital item under consideration and the period we have
owned the property.
CR represents the share of capital additions that are deemed to replace the portion of acquired capital assets that
was consumed during the period we have owned the asset. CI represents the share of additions that are made to
enhance the value, profitability or useful life of an asset as compared to its original purchase condition. CR and CI
exclude capital additions for casualties and redevelopment. Casualty additions represent capitalized costs incurred in
connection with casualty losses and are associated with the restoration of the asset. A portion of the restoration costs
may be reimbursed by insurance carriers subject to deductibles associated with each loss. Redevelopment additions
represent additions that substantially upgrade the property.
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The table below details our share of actual spending, on both consolidated and unconsolidated real estate
partnerships, for CR, CI, casualties and redevelopment for the year ended December 31, 2009, on a per unit and total
dollar basis (in thousands, except per unit amounts). Per unit numbers for CR and CI are based on approximately 97,196
average units for the year, including 81,135 conventional units and 16,061 affordable units. Average units are weighted
for the portion of the period that we owned an interest in the property, represent ownership-adjusted effective units,
and exclude non-managed units.
Aimco’s Share of
Additions
Per Effective Unit
Capital Replacements Detail:
Building and grounds
Turnover related
Capitalized site payroll and indirect costs
Our share of Capital Replacements
Capital Replacements:
Conventional
Affordable
Our share of Capital Replacements
Capital Improvements:
Conventional
Affordable
Our share of Capital Improvements
Casualties:
Conventional
Affordable
Our share of casualties
Redevelopment:
Conventional projects
Tax credit projects(1)
Our share of redevelopment
Our share of capital additions
Plus noncontrolling partners’ share of consolidated additions
Less our share of unconsolidated additions
Total capital additions
338
312
73
723
797
347
723
587
358
549
$
$
$
$
32,876 $
30,298
7,076
70,250 $
64,675 $
5,575 $
70,250 $
47,634 $
5,755 $
53,389 $
17,724
1,872
19,596
66,768
46,066
112,834
256,069
20,062
(687 )
275,444
(1) Redevelopment additions on tax credit projects are substantially funded from tax credit investor contributions.
Included in the above additions for CI, casualties and redevelopment, was approximately $34.6 million of our share
of capitalized site payroll and indirect costs related to these activities for the year ended December 31, 2009.
We generally fund capital additions with cash provided by operating activities, working capital and property sales
as discussed below.
Financing Activities
For the year ended December 31, 2009, net cash used in financing activities of $1.1 billion was primarily attributed
to debt principal payments, dividends paid to common and preferred stockholders and distributions to noncontrolling
interests, partially offset by proceeds from property loans.
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Property Debt
At December 31, 2009 and 2008, we had $5.6 billion and $6.3 billion, respectively, in consolidated property debt
outstanding, which included $29.2 million and $759.3 million, respectively, of property debt classified within liabilities
related to assets held for sale. During the year ended December 31, 2009, we refinanced or closed property loans on 55
properties generating $788.1 million of proceeds from borrowings with a weighted average interest rate of 5.78%. Our
share of the net proceeds after repayment of existing debt, payment of transaction costs and distributions to limited
partners, was $132.3 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.
Term Loans and 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.
As of December 31, 2009, the Credit Agreement consisted of aggregate commitments of $270.0 million, comprised of
our $90.0 million outstanding balance on the term loan and $180.0 million of revolving loan commitments. The term loan
bears interest at LIBOR plus 1.5%, or at our option, a base rate equal to the prime rate, and matures March 2011.
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 2.00% 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, 2011, and may be extended for an additional year, subject to certain
conditions, including payment of a 45.0 basis point fee on the total revolving commitments and repayment of the
remaining term loan balance by February 1, 2011.
At December 31, 2009, the term loan had an outstanding principal balance of $90.0 million and an interest rate of
1.73%. We repaid $45.0 million on the term loan through February 26, 2010, leaving a remaining outstanding balance of
$45.0 million. At December 31, 2009, we had no outstanding borrowings under the revolving credit facility. The amount
available under the revolving credit facility at December 31, 2009, was $136.2 million (after giving effect to $43.8 million
outstanding for undrawn letters of credit issued under the revolving credit facility). The proceeds of revolving loans are
generally permitted to be used to fund working capital and for other corporate purposes.
Fair Value Measurements
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. 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.
Our method used to calculate the fair value of the total rate of return swaps generally results in changes in fair
value that are equal to the changes in fair value of the related borrowings, which is consistent with our hedging
strategy. We believe that these financial instruments are highly effective in offsetting the changes in fair value of the
related borrowings during the hedging period, and accordingly, changes in the fair value of these instruments have no
material impact on our liquidity, results of operations or capital resources.
During the year ended December 31, 2009, changes in the fair values of these financial instruments resulted in
increases of $5.2 million in the carrying amount of the hedged borrowings and equal decreases in accrued liabilities and
other for total rate of return swaps. At December 31, 2009, the cumulative recognized changes in the fair value of these
financial instruments resulted in a $24.3 million reduction in the carrying amount of the hedged borrowings offset by an
equal increase in accrued liabilities and other for total rate of return swaps. The cumulative changes in the fair values of
the hedged borrowings and related swaps reflect the recent uncertainty in the credit markets which has decreased
demand and increased pricing for similar debt instruments.
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During the year ended December 31, 2009, we received net cash receipts of $19.4 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. At December 31,
2009, we were not required to provide cash collateral pursuant to the total rate of return swaps. In the event the values
of the real estate properties serving as collateral under these agreements decline, we may be required to provide
additional collateral pursuant to the swap agreements, which would adversely affect our liquidity.
See Note 2 to the consolidated financial statements in Item 8 for more information on our total rate of return swaps
and related borrowings.
Equity Transactions
During the year ended December 31, 2009, we paid cash dividends or distributions totaling $52.2 million,
$95.3 million and $28.5 million to preferred stockholders, common stockholders and noncontrolling interests in the
Aimco Operating Partnership, respectively. Additionally, we paid dividends totaling $149.0 million to common
stockholders through the issuance of approximately 15.5 million shares. During the year ended December 31, 2009, we
paid distributions of $91.9 million to noncontrolling interests in consolidated real estate partnerships.
During the year ended December 31, 2009, we repurchased 12 shares, or $6.0 million in liquidation preference, of
CRA Preferred Stock for $4.2 million.
We and the Aimco Operating Partnership have a shelf registration statement that provides for the issuance of debt
and equity securities by Aimco and debt securities by the Aimco Operating Partnership.
Contractual Obligations
This table summarizes information contained elsewhere in this Annual Report regarding payments due under
contractual obligations and commitments as of December 31, 2009 (amounts in thousands):
Total
Less than
One Year 1-3 Years 3-5 Years
More than
5 Years
Scheduled long-term debt maturities(1)
Scheduled long-term debt maturities related to
properties classified as held for sale(1)
Term loan(1)(2)
Redevelopment and other construction
commitments
Leases for space occupied(3)
Other obligations(4)
Total
$ 5,600,310 $ 105,294 $ 660,733 $ 868,615
$ 3,965,668
29,177
90,000
519
—
11,206
90,000
868
—
16,584
—
4,795
24,888
4,605
—
4,859
—
$ 5,753,775 $ 122,558 $ 772,795 $ 874,342
—
10,856
—
4,795
7,345
4,605
—
1,828
—
$ 3,984,080
(1) Scheduled debt maturities presented above include amortization and the maturities in 2010 consist primarily of
amortization. The scheduled maturities presented above exclude related interest amounts. Refer to Note 6 in the
consolidated financial statements in Item 8 for a description of average interest rates associated with our debt.
(2) After payments of $45.0 million through February 26, 2010, the term loan had an outstanding balance of $45.0 million.
(3) Inclusive of leased space that has been abandoned as part of our organizational restructuring in 2008 (see
Restructuring Costs in Note 3 to the consolidated financial statements in Item 8).
(4) Represents a commitment to fund $4.6 million in second mortgage loans on certain properties in West Harlem, New
York City.
In addition to the amounts presented in the table above, at December 31, 2009, we had $690.5 million of outstanding
preferred stock outstanding with annual dividend yields ranging from 1.5% (variable) to 9.4%, and
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$85.7 million of preferred units of the Aimco Operating Partnership outstanding with annual distribution yields ranging
from 5.9% to 9.5%.
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,
additional redevelopment projects, capital improvements and capital replacement 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 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).
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Our primary market risk exposure relates to changes in base interest rates, credit risk spreads and availability of
credit. We are not subject to any other material market rate or price risks. We use predominantly long-term, fixed-rate
non-recourse property debt in order to avoid the refunding and repricing risks of short-term borrowings. We use short-
term debt financing and working capital primarily to fund short-term uses and acquisitions and generally expect to
refinance such borrowings with cash from operating activities, property sales proceeds, long-term debt or equity
financings. We use total rate-of-return swaps to obtain the benefit of variable rates on certain of our fixed rate debt
instruments. We make limited use of other derivative financial instruments and we do not use them for trading or other
speculative purposes.
We had $654.6 million of floating rate debt and $67.0 million of floating rate preferred stock outstanding at
December 31, 2009. Of the total floating rate debt, the major components were floating rate tax-exempt bond financing
($433.9 million), floating rate secured notes ($122.2 million) and a term loan ($90.0 million). At December 31, 2009, we had
approximately $440.9 million in cash and cash equivalents, restricted cash and notes receivable, the majority of which
bear interest. The effect of our interest-bearing assets would partially reduce the effect of an increase in variable interest
rates. Historically, changes in tax-exempt interest rates have been at a ratio of less than 1:1 with changes in taxable
interest rates. Floating rate tax-exempt bond financing is benchmarked against the SIFMA rate, which since 1989 has
averaged 73% of the 30-day LIBOR rate. If the historical relationship continues, on an annual basis, we estimate that an
increase in 30-day LIBOR of 100 basis points (73 basis points for tax-exempt interest rates) with constant credit risk
spreads would result in net income and our net income attributable to Aimco common stockholders being reduced by
$1.1 million and $1.5 million, respectively.
We estimate the fair value for our debt instruments using present value techniques that include income and market
valuation approaches with market rates for debt with the same or similar terms. Present value calculations vary
depending on the assumptions used, including the discount rate and estimates of future cash flows. In many cases, the
fair value estimates may not be realizable in immediate settlement of the instruments. The estimated aggregate fair value
of our consolidated debt (including amounts reported in liabilities related to assets held for sale) was approximately
$5.7 billion and $6.7 billion at December 31, 2009 and 2008, respectively. The combined carrying value of our
consolidated debt (including amounts reported in liabilities related to assets held for sale) was approximately $5.7 billion
and $6.8 billion at December 31, 2009 and 2008, respectively. See Note 6 and Note 7 to
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the consolidated financial statements in Item 8 for further details on our consolidated debt. Refer to Derivative
Financial Instruments in Note 2 to the consolidated financial statements in Item 8 for further discussion regarding
certain of our fixed rate debt that is subject to total rate of return swap instruments. If market rates for our fixed-rate debt
were higher by 100 basis points with constant credit risk spreads, the estimated fair value of our debt discussed above
would have decreased from $5.7 billion to $5.4 billion. If market rates for our debt discussed above were lower by
100 basis points with constant credit risk spreads, the estimated fair value of our fixed-rate debt would have increased
from $5.7 billion to $6.1 billion.
At December 31, 2009, we had swap positions with two financial institutions totaling $353.1 million. The related
swap agreements provide for collateral calls to maintain specified loan-to-value ratios. In the event the values of the real
estate properties serving as collateral under these agreements decline, we may be required to provide additional
collateral pursuant to the swap agreements, which would adversely affect our cash flows. At December 31, 2009, we
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.
Item 8. Financial Statements and Supplementary Data
The independent registered public accounting firm’s report, consolidated financial statements and schedule listed
in the accompanying index are filed as part of this report and incorporated herein by this reference. See “Index to
Financial Statements” on page F-1 of this Annual Report.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Disclosure Controls and Procedures
Our management, with the participation of our chief executive officer and chief financial officer, has evaluated the
effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report.
Based on such evaluation, our chief executive officer and chief financial officer have concluded that, as of the end of
such period, our disclosure controls and procedures are effective.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting.
Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act as a process
designed by, or under the supervision of, our principal executive and principal financial officers and effected by our
Board of Directors, management and other personnel to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles and includes those policies and procedures that:
• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of assets;
• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures are
being made only in accordance with authorizations of our management and directors; and
• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may
become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.
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Management assessed the effectiveness of our internal control over financial reporting as of December 31, 2009. In
making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO) in Internal Control-Integrated Framework.
Based on their assessment, management concluded that, as of December 31, 2009, our internal control over
financial reporting is effective.
Our independent registered public accounting firm has issued an attestation report on our internal control over
financial reporting.
Changes in Internal Control over Financial Reporting
There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and
15d-15(f) under the Exchange Act) during the fourth quarter of 2009 that has materially affected, or is reasonably likely
to materially affect, our internal control over financial reporting.
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Report of Independent Registered Public Accounting Firm
Stockholders and Board of Directors Apartment Investment and Management Company
We have audited Apartment Investment and Management Company’s (the “Company”) internal control over
financial reporting as of December 31, 2009, based on criteria established in Internal Control — Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). The
Company’s management is responsible for maintaining effective internal control over financial reporting, and for its
assessment of the effectiveness of internal control over financial reporting included in the accompanying
Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the
Company’s internal control over financial reporting based on our audit.
We conducted our audit 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 effective internal control over financial reporting was maintained in all material respects. Our audit included
obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness
exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and
performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides
a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that
could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting
as of December 31, 2009, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the consolidated balance sheets of the Company as of December 31, 2009 and 2008, and the related
consolidated statements of income, equity, and cash flows for each of the three years in the period ended December 31,
2009, and our report dated February 26, 2010 expressed an unqualified opinion thereon.
Denver, Colorado
February 26, 2010
/s/ ERNST & YOUNG LLP
45
Table of Contents
Item 9B. Other Information
None.
PART III
Item 10. Directors, Executive Officers and Corporate Governance
The information required by this item is presented under the captions “Board of Directors and Executive Officers,”
“Corporate Governance Matters — Code of Ethics,” “Other Matters — Section 16(a) Beneficial Ownership Reporting
Compliance,” “Corporate Governance Matters — Nominating and Corporate Governance Committee,” “Corporate
Governance Matters — Audit Committee” and “Corporate Governance Matters — Audit Committee Financial Expert” in
the proxy statement for our 2010 annual meeting of stockholders and is incorporated herein by reference.
Item 11. Executive Compensation
The information required by this item is presented under the captions “Compensation Discussion & Analysis,”
“Compensation and Human Resources Committee Report to Stockholders,” “Summary Compensation Table,” “Grants of
Plan-Based Awards in 2009,” “Outstanding Equity Awards at Fiscal Year End 2009,” “Option Exercises and Stock
Vested in 2009,” “Potential Payments Upon Termination or Change in Control” and “Corporate Governance Matters —
Director Compensation” in the proxy statement for our 2010 annual meeting of stockholders and is incorporated herein
by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by this item is presented under the captions “Security Ownership of Certain Beneficial
Owners and Management” and “Securities Authorized for Issuance Under Equity Compensation Plans” in the proxy
statement for our 2010 annual meeting of stockholders and is incorporated herein by reference.
Item 13. Certain Relationships and Related Transactions, and Director Independence
The information required by this item is presented under the caption “Certain Relationships and Related
Transactions” and “Corporate Governance Matters — Independence of Directors” in the proxy statement for our 2010
annual meeting of stockholders and is incorporated herein by reference.
Item 14. Principal Accountant Fees and Services
The information required by this item is presented under the caption “Principal Accountant Fees and Services” in
the proxy statement for our 2010 annual meeting of stockholders and is incorporated herein by reference.
46
Table of Contents
Item 15. Exhibits and Financial Statement Schedules
PART IV
(a)(1) The financial statements listed in the Index to Financial Statements on Page F-1 of this report are filed as part
of this report and incorporated herein by reference.
(a)(2) The financial statement schedule listed in the Index to Financial Statements on Page F-1 of this report is filed
as part of this report and incorporated herein by reference.
(a)(3) The Exhibit Index is incorporated herein by reference.
Exhibit No.
INDEX TO EXHIBITS (1)(2)
Description
3 .1
3 .2
10 .1
10 .2
10 .3
10 .4
10 .5
10 .6
10 .7
Charter (Exhibit 3.1 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 2008, is
incorporated herein by this reference)
Amended and Restated Bylaws (Exhibit 3.2 to Aimco’s Current Report on Form 8-K dated February 4, 2010,
is incorporated herein by this reference)
Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of
July 29, 1994, as amended and restated as of February 28, 2007 (Exhibit 10.1 to Aimco’s Annual Report on
Form 10-K for the year ended December 31, 2006, is incorporated herein by this reference)
First Amendment to Fourth Amended and Restated Agreement of Limited Partnership of AIMCO
Properties, L.P., dated as of December 31, 2007 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated
December 31, 2007, is incorporated herein by this reference)
Second Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of AIMCO
Properties, L.P., dated as of July 30, 2009 (Exhibit 10.1 to Aimco’s Quarterly Report on Form 10-Q for the
quarterly period ended June 30, 2009, is incorporated herein by this reference)
Amended and Restated Secured Credit Agreement, dated as of November 2, 2004, by and among Aimco,
AIMCO Properties, L.P., AIMCO/Bethesda Holdings, Inc., and NHP Management Company as the
borrowers and Bank of America, N.A., Keybank National Association, and the Lenders listed therein
(Exhibit 4.1 to Aimco’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2004, is
incorporated herein by this reference)
First Amendment to Amended and Restated Secured Credit Agreement, dated as of June 16, 2005, by and
among Aimco, AIMCO Properties, L.P., AIMCO/Bethesda Holdings, Inc., and NHP Management Company
as the borrowers and Bank of America, N.A., Keybank National Association, and the Lenders listed therein
(Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated June 16, 2005, is incorporated herein by this
reference)
Second Amendment to Amended and Restated Senior Secured Credit Agreement, dated as of March 22,
2006, by and among Aimco, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the
borrowers, and Bank of America, N.A., Keybank National Association, and the lenders listed therein
(Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated March 22, 2006, is incorporated herein by this
reference)
Third Amendment to Senior Secured Credit Agreement, dated as of August 31, 2007, by and among
Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as
administrative agent and Bank of America, N.A., Keybank National Association and the other lenders listed
therein (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated August 31, 2007, is incorporated herein
by this reference)
47
Table of Contents
Exhibit No.
Description
10 .8
10 .9
10 .10
10 .11
10 .12
10 .13
10 .14
10 .15
10 .16
10 .17
10 .18
Fourth Amendment to Senior Secured Credit Agreement, dated as of September 14, 2007, by and among
Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as
administrative agent and Bank of America, N.A., Keybank National Association and the other lenders
listed therein (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated September 14, 2007, is
incorporated herein by this reference)
Fifth Amendment to Senior Secured Credit Agreement, dated as of September 9, 2008, by and among
Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as
administrative agent and Bank of America, N.A., Keybank National Association and the other lenders
listed therein (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated September 11, 2008, is
incorporated herein by this reference)
Sixth Amendment to Senior Secured Credit Agreement, dated as of May 1, 2009, by and among Apartment
Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as
the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as administrative agent
and Bank of America, N.A., Keybank National Association and the other lenders listed therein (Exhibit 10.1
to Aimco’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2009, is incorporated
herein by this reference)
Seventh Amendment to Senior Secured Credit Agreement, dated as of August 4, 2009, by and among
Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein and the lenders party thereto
(Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated August 6, 2009, is incorporated herein by this
reference)
Eighth Amendment to Senior Secured Credit Agreement, dated as of February 3, 2010, by and among
Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda
Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein and the lenders party thereto
(Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated February 5, 2010, is incorporated herein by this
reference)
Master Indemnification Agreement, dated December 3, 2001, by and among Apartment Investment and
Management Company, AIMCO Properties, L.P., XYZ Holdings LLC, and the other parties signatory
thereto (Exhibit 2.3 to Aimco’s Current Report on Form 8-K, dated December 6, 2001, is incorporated herein
by this reference)
Tax Indemnification and Contest Agreement, dated December 3, 2001, by and among Apartment
Investment and Management Company, National Partnership Investments, Corp., and XYZ Holdings LLC
and the other parties signatory thereto (Exhibit 2.4 to Aimco’s Current Report on Form 8-K, dated
December 6, 2001, is incorporated herein by this reference)
Limited Liability Company Agreement of AIMCO JV Portfolio #1, LLC dated as of December 30, 2003 by
and among AIMCO BRE I, LLC, AIMCO BRE II, LLC and SRV-AJVP#1, LLC (Exhibit 10.54 to Aimco’s
Annual Report on Form 10-K for the year ended December 31, 2003, is incorporated herein by this
reference)
Employment Contract executed on December 29, 2008, by and between AIMCO Properties, L.P. and Terry
Considine (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated December 29, 2008, is incorporated
herein by this reference)*
Apartment Investment and Management Company 1997 Stock Award and Incentive Plan (October 1999)
(Exhibit 10.26 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 1999, is
incorporated herein by this reference)*
Form of Restricted Stock Agreement (1997 Stock Award and Incentive Plan) (Exhibit 10.11 to Aimco’s
Quarterly Report on Form 10-Q for the quarterly period ended September 30, 1997, is incorporated herein by
this reference)*
48
Table of Contents
Exhibit No.
Description
10 .19
10 .20
10 .21
10 .22
10 .23
Form of Incentive Stock Option Agreement (1997 Stock Award and Incentive Plan) (Exhibit 10.42 to
Aimco’s Annual Report on Form 10-K for the year ended December 31, 1998, is incorporated herein by this
reference)*
2007 Stock Award and Incentive Plan (incorporated by reference to Appendix A to Aimco’s Proxy
Statement on Schedule 14A filed with the Securities and Exchange Commission on March 20, 2007)*
Form of Restricted Stock Agreement (Exhibit 10.2 to Aimco’s Current Report on Form 8-K, dated April 30,
2007, is incorporated herein by this reference)*
Form of Non-Qualified Stock Option Agreement (Exhibit 10.3 to Aimco’s Current Report on Form 8-K, dated
April 30, 2007, is incorporated herein by this reference)*
2007 Employee Stock Purchase Plan (incorporated by reference to Appendix B to Aimco’s Proxy Statement
on Schedule 14A filed with the Securities and Exchange Commission on March 20, 2007)*
21 .1 List of Subsidiaries
23 .1 Consent of Independent Registered Public Accounting Firm
31 .1
Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as
Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as
Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
31 .2
32 .1
32 .2
99 .1 Agreement re: disclosure of long-term debt instruments
(1) Schedule and supplemental materials to the exhibits have been omitted but will be provided to the Securities and
Exchange Commission upon request.
(2) The file reference number for all exhibits is 001-13232, and all such exhibits remain available pursuant to the Records
Control Schedule of the Securities and Exchange Commission.
* Management contract or compensatory plan or arrangement
49
Table of Contents
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SIGNATURES
APARTMENT INVESTMENT AND
MANAGEMENT COMPANY
By: /s/ TERRY CONSIDINE
Terry Considine
Chairman of the Board and
Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the dates indicated.
Signature
Title
Date
Date: February 26, 2010
/s/ TERRY CONSIDINE
Terry Considine
/s/ ERNEST M. FREEDMAN
Ernest M. Freedman
/s/ PAUL BELDIN
Paul Beldin
/s/ JAMES N. BAILEY
James N. Bailey
/s/ RICHARD S. ELLWOOD
Richard S. Ellwood
/s/ THOMAS L. KELTNER
Thomas L. Keltner
/s/ J. LANDIS MARTIN
J. Landis Martin
/s/ ROBERT A. MILLER
Robert A. Miller
/s/ MICHAEL A. STEIN
Michael A. Stein
Chairman of the Board and
Chief Executive Officer
(principal executive officer)
Executive Vice President and
Chief Financial Officer
(principal financial officer)
Senior Vice President and
Chief Accounting Officer
(principal accounting officer)
February 26, 2010
February 26, 2010
February 26, 2010
Director
February 26, 2010
Director
February 26, 2010
Director
February 26, 2010
Director
February 26, 2010
Director
February 26, 2010
Director
February 26, 2010
50
Table of Contents
(This page intentionally left blank)
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
INDEX TO FINANCIAL STATEMENTS
Financial Statements:
Report of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of December 31, 2009 and 2008
Consolidated Statements of Income for the Years Ended December 31, 2009, 2008 (as restated) and 2007
Consolidated Statements of Equity for the Years Ended December 31, 2009, 2008 and 2007
Consolidated Statements of Cash Flows for the Years Ended December 31, 2009, 2008 and 2007
Notes to Consolidated Financial Statements
Financial Statement Schedule:
Schedule III — Real Estate and Accumulated Depreciation
All other schedules are omitted because they are not applicable or the required information is shown in the
financial statements or notes thereto.
Page
F-2
F-3
F-4
F-5
F-6
F-8
F-53
F-1
Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Stockholders and Board of Directors Apartment Investment and Management Company
We have audited the accompanying consolidated balance sheets of Apartment Investment and Management
Company (the “Company”) as of December 31, 2009 and 2008, and the related consolidated statements of income, equity
and cash flows for each of the three years in the period ended December 31, 2009. 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 Company’s 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 Company at December 31, 2009 and 2008, and the consolidated results of its operations and its
cash flows for each of the three years in the period ended December 31, 2009, 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.
The consolidated financial statements include retroactive adjustments to reflect the adoption in 2009 of Statement
of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial Statements, an
amendment to ARB 51 (codified in FASB ASC 810), Statement of Financial Accounting Standards No. 141(R), Business
Combinations — a replacement of FASB Statement No 141 (codified in FASB ASC 805), FASB Staff Position
No. EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions are Participating
Securities (codified in FASB ASC 260), and FASB Accounting Standards Update No. 2010-01, Accounting for
Distributions to Shareholders with Components of Stock and Cash (codified in FASB ASC 505). Further, the Company
retrospectively adjusted the 2008 and 2007 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, 2009
pursuant to Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-
Lived Assets (codified in FASB ASC 360), through December 31, 2009. As discussed in Note 2 to the consolidated
financial statements, the consolidated statement of income for the year ended December 31, 2008 has been restated to
reclassify provisions for impairment losses on real estate development assets into operating income.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the Company’s internal control over financial reporting as of December 31, 2009, 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 26, 2010 expressed an unqualified opinion thereon.
Denver, Colorado
February 26, 2010
/s/ ERNST & YOUNG LLP
F-2
Table of Contents
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
CONSOLIDATED BALANCE SHEETS
As of December 31, 2009 and 2008
(In thousands, except share data)
ASSETS
Real estate:
Buildings and improvements
Land
Total real estate
Less accumulated depreciation
Net real estate
Cash and cash equivalents
Restricted cash
Accounts receivable, net
Accounts receivable from affiliates, net
Deferred financing costs, net
Notes receivable from unconsolidated real estate partnerships, net
Notes receivable from non-affiliates, net
Investment in unconsolidated real estate partnerships
Other assets
Deferred income tax assets, net
Assets held for sale
Total assets
LIABILITIES AND EQUITY
Property tax-exempt bond financing
Property loans payable
Term loans
Other borrowings
Total indebtedness
Accounts payable
Accrued liabilities and other
Deferred income
Security deposits
Liabilities related to assets held for sale
Total liabilities
Preferred noncontrolling interests in Aimco Operating Partnership
Preferred stock subject to repurchase agreement (Note 11)
Commitments and contingencies (Note 8)
Equity:
2009
2008
$ 7,479,480
2,183,927
9,663,407
(2,701,046 )
6,962,361
81,260
220,037
59,822
23,744
52,725
14,295
125,269
105,324
185,890
42,015
33,726
$ 7,906,468
$ 574,926
4,972,327
90,000
53,057
5,690,310
29,819
286,328
182,485
35,764
30,403
6,255,109
86,656
30,000
—
$ 7,278,734
2,167,574
9,446,308
(2,320,671 )
7,125,637
299,676
253,315
90,318
38,978
51,568
22,567
139,897
119,036
198,713
28,326
1,073,839
$ 9,441,870
$ 629,499
4,944,324
400,000
95,981
6,069,804
64,241
569,996
193,810
37,244
771,878
7,706,973
88,148
—
—
Perpetual Preferred Stock (Note 11)
Class A Common Stock, $0.01 par value, 426,157,736 shares authorized, 116,479,791 and
660,500
696,500
100,631,881 shares issued and outstanding, at December 31, 2009 and 2008,
respectively
Additional paid-in capital
Accumulated other comprehensive loss
Notes due on common stock purchases
Distributions in excess of earnings
Total Aimco equity
Noncontrolling interests in consolidated real estate partnerships
Common noncontrolling interests in Aimco Operating Partnership
Total equity
Total liabilities and equity
1,165
3,072,665
(1,138 )
(1,392 )
(2,492,082 )
1,239,718
316,177
(21,192 )
1,534,703
$ 7,906,468
1,006
2,910,002
(2,249 )
(3,607 )
(2,335,628 )
1,266,024
380,725
—
1,646,749
$ 9,441,870
See notes to consolidated financial statements.
F-3
Table of Contents
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31, 2009, 2008 and 2007
(In thousands, except per share data)
2009
2008
(as restated
see Note 2)
2007
REVENUES:
Rental and other property revenues
Property management revenues, primarily from affiliates
Asset management and tax credit revenues
$ 1,140,828 $ 1,137,995 $ 1,093,779
6,923
73,755
6,345
98,830
5,082
49,853
Total revenues
1,195,763 1,243,170 1,174,457
OPERATING EXPENSES:
Property operating expenses
Property management expenses
Investment management expenses
Depreciation and amortization
Provision for operating real estate impairment losses
Provision for impairment losses on real estate development assets
General and administrative expenses
Other expenses, net
Restructuring costs
Total operating expenses
Operating income
Interest income
Provision for losses on notes receivable, net
Interest expense
Equity in losses of unconsolidated real estate partnerships
Impairment losses related to unconsolidated real estate partnerships
Gain on dispositions of unconsolidated real estate and other
Loss before income taxes and discontinued operations
Income tax benefit
Loss from continuing operations
Income from discontinued operations, net
Net (loss) income
Noncontrolling interests:
521,161
2,869
15,779
444,413
2,329
—
69,567
17,891
11,241
5,385
24,784
526,238 503,890
6,678
20,507
392,999 347,491
1,080
—
90,674
19,338
—
—
91,138
99,157
22,568
22,802
1,085,250 1,185,071 989,658
110,513
9,341
(21,549 )
(324,160 )
(12,025 )
(322 )
22,494
58,099 184,799
43,222
19,914
(2,010 )
(17,577 )
(324,118 ) (313,038 )
(3,347 )
—
24,470
(4,601 )
(2,661 )
99,864
(215,708 )
18,671
(171,080 )
53,202
(65,904 )
19,795
(197,037 )
152,237
(117,878 )
(46,109 )
744,880 171,615
(44,800 )
627,002 125,506
Net income attributable to noncontrolling interests in consolidated real estate partnerships
Net income attributable to preferred noncontrolling interests in Aimco Operating
(22,541 )
(155,727 )
(92,165 )
Partnership
Net loss (income) attributable to common noncontrolling interests in Aimco Operating
Partnership
Total noncontrolling interests
Net (loss) income attributable to Aimco
Net income attributable to Aimco preferred stockholders
Net income attributable to participating securities
(6,288 )
(7,646 )
(7,128 )
9,355
(51,622 )
3,698
(19,474 )
(214,995 )
(95,595 )
(64,274 )
(50,566 )
—
412,007
(53,708 )
(6,985 )
29,911
(66,016 )
(4,481 )
Net (loss) income attributable to Aimco common stockholders
$ (114,840 ) $
351,314 $
(40,586 )
Earnings (loss) per common share — basic and diluted:
Loss from continuing operations attributable to Aimco common stockholders
Income from discontinued operations attributable to Aimco common stockholders
Net (loss) income attributable to Aimco common stockholders
$
(1.75 ) $
0.75
$
(1.00 ) $
(2.10 ) $
6.06
3.96 $
(1.41 )
0.98
(0.43 )
Weighted average common shares outstanding — basic and diluted
114,301
88,690
95,107
Dividends declared per common share
$
0.40 $
7.48 $
4.31
See notes to consolidated financial statements.
F-4
Table of Contents
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
For the Years Ended December 31, 2009, 2008 and 2007
(In thousands)
Accumulated Notes Due
Common Stock
Preferred Stock
Additional
Shares
Paid-in
Shares
Issued Amount Issued Amount Capital
Other
Comprehensive
Loss
on Common Distributions in Total
Aimco
Excess of
Equity
Purchases Earnings
Stock
Noncontrolling Total
Equity
Interests
Balances at December 31, 2006
Redemption of Preferred Stock and preferred partnership units
Cumulative effect of change in accounting principle — adoption of
26,845 $ 823,500 96,820 $
—
(1,905 ) (100,000 )
968 $ 3,095,564 $
635
—
(134 ) $
—
(4,714 ) $
—
(1,575,292 ) $ 2,339,892 $
(2,635 ) (102,000 )
310,289 $ 2,650,181
— (102,000 )
FIN 48
—
—
—
—
—
Redemption of Aimco Operating Partnership units for Common
Stock
—
—
Repurchases of Common Stock and common partnership units
—
Repayment of notes receivable from officers
—
Officer and employee stock awards and purchases, net
Stock options exercised
—
Amortization of stock option and restricted stock compensation cost —
—
Issuance of Aimco Operating Partnership units
Contributions from noncontrolling interests
—
Adjustment to noncontrolling interests from VMS transactions
—
471
— (7,456 )
—
—
—
313
— 1,403
—
—
—
—
—
—
5
27,848
(75 ) (325,747 )
—
—
2,555
3
53,705
14
19,224
—
—
—
—
—
(Note 3)
—
—
—
—
—
Adjustment to noncontrolling interests from consolidation of
entities
—
—
—
—
—
Reversal of excess income tax benefits related to stock-based
compensation and other
Change in accumulated other comprehensive income
Net income
Common dividends and distributions
Preferred Stock dividends
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(751 )
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(550 )
—
—
—
—
(764 )
(764 )
(81 )
(845 )
—
—
1,659
(2,386 )
—
—
—
—
—
—
—
—
—
—
—
—
27,853
— (325,822 )
1,659
—
172
—
53,719
—
19,224
—
—
—
—
—
(27,810 )
43
(2,181 ) (328,003 )
1,659
172
53,719
19,224
2,998
203,552 203,552
—
—
—
—
2,998
—
—
62,820
62,820
—
—
91,219
91,219
—
—
29,911
(751 )
(550 )
29,911
(406,121 ) (406,121 )
(64,817 )
(64,817 )
—
365
(751 )
(185 )
88,467 118,378
(252,887 ) (659,008 )
(64,817 )
—
Balances at December 31, 2007
24,940 723,500 91,551
915 2,873,033
(684 )
(5,441 )
(2,019,718 ) 1,571,605
476,751 2,048,356
Repurchase of Preferred Stock
Redemption of Aimco Operating Partnership units for Common
— (27,000 )
—
—
678
Stock
—
—
Repurchases of Common Stock and common partnership units
—
Repayment of notes receivable from officers
Officer and employee stock awards and purchases, net
—
Amortization of stock option and restricted stock compensation cost —
—
Common Stock issued pursuant to Special Dividend
Contributions from noncontrolling interests
—
Adjustment to noncontrolling interests from consolidation of
entities
Change in accumulated other comprehensive income
Net income
Common dividends and distributions
Preferred Stock dividends
—
—
—
—
—
—
114
— (13,919 )
—
—
106
—
—
—
— 22,780
—
—
—
—
—
—
—
—
—
—
—
—
1
4,181
(139 ) (473,393 )
—
—
651
1
—
17,603
228 487,249
—
—
—
—
—
—
—
—
—
—
—
1,482
(24,840 )
—
(24,840 )
—
—
1,458
376
—
—
—
—
4,182
— (473,532 )
1,458
—
1,028
—
—
17,603
— 487,477
—
—
(4,182 )
—
(3,192 ) (476,724 )
1,458
—
1,028
—
—
17,603
— 487,477
6,854
6,854
—
—
—
—
—
—
—
—
—
—
—
(1,565 )
—
—
—
—
—
—
—
—
—
—
—
(1,565 )
412,007 412,007
(674,185 ) (674,185 )
(55,214 )
(55,214 )
14,969
190
14,969
(1,375 )
207,349 619,356
(318,014 ) (992,199 )
(55,214 )
—
Balances at December 31, 2008
24,940 696,500 100,632
1,006 2,910,002
(2,249 )
(3,607 )
(2,335,628 ) 1,266,024
380,725 1,646,749
Repurchase of Preferred Stock
Reclassification of preferred stock to temporary equity
Redemption or Conversion of Aimco Operating Partnership units
for Common Stock
Repurchases of Common Stock and common partnership units
Repayment of notes receivable from officers
Common Stock issued pursuant to special dividends
Officer and employee stock awards and
—
(6,000 )
— (30,000 )
—
—
—
—
151
—
—
—
—
—
527
—
—
—
—
—
— 15,548
7,080
5
—
—
—
—
156 148,590
purchases, net
—
Amortization of stock option and restricted stock compensation cost —
Expense for dividends on forfeited shares and other OP Unit
distributions
Contributions from noncontrolling interests
Adjustment to noncontrolling interests from consolidation of
entities
Change in accumulated other comprehensive income
Net income
Common dividends and distributions
Preferred Stock dividends
—
—
—
—
—
—
—
—
—
(227 )
—
(2 )
—
(1,476 )
8,007
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
311
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1,111
—
—
—
—
—
—
—
763
—
1,800
—
(4,049 )
(30,000 )
—
—
(4,049 )
(30,000 )
7,085
—
—
—
—
763
— 148,746
—
(7,085 )
(980 )
(980 )
—
763
— 148,746
1,452
—
—
—
(26 )
8,007
—
—
(26 )
8,007
—
—
—
—
—
—
—
2,917
—
3,228
—
(990 )
5,535
2,238
5,535
—
—
(64,274 )
(46,202 )
(50,695 )
—
1,111
(64,274 )
(46,202 )
(50,695 )
(1,151 )
(1,151 )
1,408
297
13,186
(51,088 )
(94,552 ) (140,754 )
(50,695 )
—
Balances at December 31, 2009
24,940 $ 660,500 116,480 $ 1,165 $ 3,072,665 $
(1,138 ) $
(1,392 ) $
(2,492,082 ) $ 1,239,718 $
294,985 $ 1,534,703
See notes to consolidated financial statements.
F-5
Table of Contents
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2009, 2008 and 2007
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income
Adjustments to reconcile net (loss) income to net cash provided by operating
activities:
Depreciation and amortization
Equity in losses of unconsolidated real estate partnerships
Provision for impairment losses on real estate development assets
Provision for operating real estate impairment losses
Gain on dispositions of unconsolidated real estate and other
Income tax benefit
Stock-based compensation expense
Amortization of deferred loan costs and other
Distributions of earnings from unconsolidated entities
Discontinued operations:
Depreciation and amortization
Gain on disposition of real estate
Other adjustments to income from discontinued operations
Changes in operating assets and operating liabilities:
Accounts receivable
Other assets
Accounts payable, accrued liabilities and other
Total adjustments
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate
Capital expenditures
Proceeds from dispositions of real estate
Change in funds held in escrow from tax-free exchanges
Proceeds from sale of interests and distributions from real estate partnerships
Purchases of partnership interests and other assets
Originations of notes receivable
Proceeds from repayment of notes receivable
Other investing activities
Net cash provided by (used in) investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from property loans
Principal repayments on property loans
Proceeds from tax-exempt bond financing
Principal repayments on tax-exempt bond financing
(Payments on) borrowings under term loans
Net repayments on revolving credit facility
Proceeds from (payments on) other borrowings
Repurchases and redemptions of preferred stock
Repurchases of Class A Common Stock
Proceeds from Class A Common Stock option exercises
Payment of Class A Common Stock dividends
Payment of preferred stock dividends
Payment of distributions to noncontrolling interests
Other financing activities
Net cash used in financing activities
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS AT END OF YEAR
2009
2008
2007
$
(44,800 ) $ 627,002 $ 125,506
444,413
12,025
—
2,329
(22,494 )
(18,671 )
6,666
10,845
4,893
392,999
4,601
91,138
—
(99,864 )
(53,202 )
13,833
9,950
14,619
347,491
3,347
—
1,080
(24,470 )
(19,795 )
14,921
7,916
4,239
51,155
(221,793 )
53,975
122,549
(800,335 )
67,214
152,446
(117,627 )
(24,063 )
27,067
2,440
(74,238 )
278,612
233,812
4,848
57,155
(12,139 )
(186,634 )
440,368
7,453
(9,751 )
14,249
357,436
482,942
—
(300,344 )
875,931
—
25,067
(6,842 )
(5,778 )
5,264
36,956
630,254
(112,655 )
(665,233 )
2,060,344
345
94,277
(28,121 )
(6,911 )
8,929
(6,106 )
1,344,869
772,443
(1,076,318 )
15,727
(157,862 )
(310,000 )
—
(40,085 )
(4,200 )
—
—
(95,335 )
(52,215 )
(120,361 )
(14,276 )
949,549
(1,291,543 )
50,100
(217,361 )
(75,000 )
—
21,367
(24,840 )
(502,296 )
481
(212,286 )
(55,215 )
(330,582 )
(8,396 )
(201,434 )
(689,719 )
431,863
25,863
198,998
(86,204 )
(10,812 )
14,370
45,476
(271,599 )
1,552,048
(850,484 )
82,350
(70,029 )
75,000
(140,000 )
(8,468 )
(102,000 )
(307,382 )
53,719
(230,806 )
(67,100 )
(198,090 )
(19,464 )
(230,706 )
(1,696,022 )
(1,082,482 )
(19,363 )
89,215
(218,416 )
299,676
229,824
210,461
81,260 $ 299,676 $ 210,461
$
See notes to consolidated financial statements.
F-6
Table of Contents
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2009, 2008 and 2007
(In thousands)
2009
2008
2007
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid
Cash paid for income taxes
Non-cash transactions associated with the acquisition of real estate and
interests in unconsolidated real estate partnerships:
Secured debt assumed in connection with purchase of real estate
Issuance of OP Units for interests in unconsolidated real estate partnerships
and acquisitions of real estate
Non-cash transactions associated with the disposition of real estate:
$ 348,341 $ 434,645 $ 452,324
2,994
13,780
4,560
—
—
—
16,000
—
2,998
Secured debt assumed in connection with the disposition of real estate
Issuance of notes receivable connection with the disposition of real estate
314,265
3,605
157,394
10,372
27,929
—
Non-cash transactions associated with consolidation of real estate partnerships:
Real estate, net
Investments in and notes receivable primarily from affiliated entities
Restricted cash and other assets
Secured debt
Accounts payable, accrued and other liabilities
Other non-cash transactions:
Redemption of common OP Units for Class A Common Stock
Conversion of preferred OP Units for Class A Common Stock
(Cancellation) origination of notes receivable from officers for Class A
Common Stock purchases, net
Common stock issued pursuant to special dividends (Note 11)
6,058
4,326
(1,682 )
2,031
6,769
25,830
4,497
5,483
22,036
14,020
56,877
84,545
8,545
41,296
48,602
7,085
—
4,182
—
27,810
43
(1,452 )
(148,746 )
(385 )
(487,477 )
2,386
—
See notes to consolidated financial statements.
F-7
Table of Contents
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2009
NOTE 1 — Organization
Apartment Investment and Management Company, or Aimco, is a Maryland corporation incorporated on
January 10, 1994. We are a self-administered and self-managed real estate investment trust, or REIT, engaged in the
acquisition, ownership, management and redevelopment of apartment properties. As of December 31, 2009, we owned or
managed a real estate portfolio of 870 apartment properties containing 135,654 apartment units located in 44 states, the
District of Columbia and Puerto Rico. We are one of the largest owners and operators of apartment properties in the
United States.
As of December 31, 2009, we:
• owned an equity interest in and consolidated 95,202 units in 426 properties (which we refer to as “consolidated
properties”), of which 93,098 units were also managed by us;
• owned an equity interest in and did not consolidate 8,478 units in 77 properties (which we refer to as
“unconsolidated properties”), of which 3,594 units were also managed by us; and
• provided services for or managed 31,974 units in 367 properties, primarily pursuant to long-term agreements
(including 29,879 units in 345 properties for which we provide asset management services only, and not also
property management services). In certain cases, we may indirectly own generally less than one percent of the
operations of such properties through a partnership syndication or other fund.
Through our wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, we own a majority of the
ownership interests in AIMCO Properties, L.P., which we refer to as the Aimco Operating Partnership. As of
December 31, 2009, we held an interest of approximately 93% in the common partnership units and equivalents of the
Aimco Operating Partnership. We conduct substantially all of our business and own substantially all of our assets
through the Aimco Operating Partnership. Interests in the Aimco Operating Partnership that are held by limited partners
other than Aimco are referred to as “OP Units.” OP Units include common OP Units, partnership preferred units, or
preferred OP Units, and high performance partnership units, or High Performance Units. The Aimco Operating
Partnership’s income is allocated to holders of common OP Units based on the weighted average number of common
OP Units outstanding during the period. The Aimco Operating Partnership records the issuance of common OP Units
and the assets acquired in purchase transactions based on the market price of Aimco Class A Common Stock (which we
refer to as Common Stock) at the date of closing of the transaction. The holders of the common OP Units and Class I
High Performance Units receive distributions, prorated from the date of issuance, in an amount equivalent to the
dividends paid to holders of Common Stock. Holders of common OP Units may redeem such units for cash or, at the
Aimco Operating Partnership’s option, Common Stock. During 2009, 2008 and 2007, the weighted average ownership
interest in the Aimco Operating Partnership held by the common OP Unit holders was approximately 7%, 10% and 9%,
respectively. Preferred OP Units entitle the holders thereof to a preference with respect to distributions or upon
liquidation. At December 31, 2009, 116,479,791 shares of our Common Stock were outstanding and the Aimco Operating
Partnership had 8,374,233 common OP Units and equivalents outstanding for a combined total of 124,854,024 shares of
Common Stock and OP Units outstanding (excluding preferred OP Units).
Except as the context otherwise requires, “we,” “our,” “us” and the “Company” refer to Aimco, the Aimco
Operating Partnership and their consolidated entities, collectively.
NOTE 2 — Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of Aimco, the Aimco Operating
Partnership, and their consolidated entities. 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
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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 in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in the
accompanying balance sheets as noncontrolling interests in Aimco Operating Partnership. Interests in partnerships
consolidated into the Aimco Operating Partnership that are held by third parties are reflected in the accompanying
balance sheets as noncontrolling interests in consolidated real estate partnerships. The assets of consolidated real
estate partnerships owned or controlled by us generally are not available to pay creditors of Aimco or the Aimco
Operating 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 entity’s 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 entity’s activities either involve, or are conducted on behalf of, an
investor that has disproportionately few voting rights. The primary beneficiary generally is the entity that will receive a
majority of the VIE’s expected losses, receive a majority of the VIE’s expected residual returns, or both.
In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors,
including, but not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or
other investors to provide financial support; our and the other investors’ ability to control or significantly influence key
decisions for the VIE; 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 of December 31, 2009, we were the primary beneficiary of, and therefore consolidated, 90 VIEs, which owned 67
apartment properties with 9,652 units. Real estate with a carrying amount of $769.4 million collateralized $474.3 million of
debt of those VIEs. The creditors of the consolidated VIEs do not have recourse to our general credit. As of
December 31, 2009, we also held variable interests in 120 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 172
apartment properties with 9,566 units. We are involved with those VIEs as an equity holder, lender, management agent,
or through other contractual relationships. At December 31, 2009, our maximum exposure to loss as a result of our
involvement with unconsolidated VIEs is limited to our recorded investments in and receivables from those VIEs
totaling $107.5 million and our contractual obligation to advance funds to certain VIEs totaling $4.6 million. We may be
subject to additional losses to the extent of any financial support that we voluntarily provide in the future. Additionally,
the provision of financial support in the future may require us to consolidate a VIE.
In December 2009, the FASB issued Accounting Standards Update 2009-17, Improvements to Financial Reporting
by Enterprises Involved with Variable Interest Entities, or ASU 2009-17, which is effective for fiscal years beginning
after November 15, 2009. ASU 2009-17, which modifies the guidance in FASB ASC Topic 810, introduces 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 VIE’s 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 VIE’s performance, ASU 2009-17 requires a company to
F-9
Table of Contents
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.
Our adoption of ASU 2009-17 during 2010 may result in changes in our conclusions regarding whether we are
required to consolidate certain unconsolidated real estate partnerships that are VIEs. As of December 31, 2009, in
addition to the unconsolidated VIEs discussed above, we held insignificant partnership interests in VIEs that own
approximately 250 properties. We hold general and/or limited partner interests generally ranging from less than 1% to
5% and our recorded investment in these entities is typically limited to accounts receivable from our provision of
property management and asset management services to these partnerships. We may be required to consolidate some
of these VIEs if we conclude that we control the activities that are significant to the VIEs’ economic performance.
Additionally, we may be required to deconsolidate certain VIEs that we currently consolidate if we conclude we do not
control the activities that are significant to such VIEs’ economic performance. We have not yet completed our
evaluation of ASU 2009-17 and therefore have not determined the effect our adoption of ASU 2009-17 will have on our
consolidated financial statements.
Acquisition of Real Estate Assets and Related Depreciation and Amortization
We capitalize the purchase price and incremental direct costs associated with the acquisition of properties as the
cost of the assets acquired. 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, on an “as-if vacant” basis, 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. 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, 2009 and 2008, deferred income in our consolidated balance sheets includes below-market lease
amounts totaling $31.8 million and $36.2 million, respectively, which are net of accumulated amortization of $21.0 million
and $16.6 million, respectively. Additions to below-market leases resulting from acquisitions during the year ended
December 31, 2007 totaled $18.9 million, and there were no such additions during the years ended December 31, 2009 or
2008. During the years ended December 31, 2009, 2008 and 2007, we included amortization of below-market leases of
$4.4 million, $4.4 million and $4.6 million, respectively, in rental and other property
F-10
Table of Contents
revenues in our consolidated statements of income. During the year ended December 31, 2008, we revised the estimated
fair value of assets acquired and liabilities assumed in acquisitions completed in 2007, resulting in a $4.7 million
reduction of below-market lease values and a corresponding reduction in buildings and improvements. At December 31,
2009, our below-market leases had a weighted average amortization period of 7.1 years and estimated aggregate
amortization for each of the five succeeding years as follows (in millions):
Estimated amortization
Capital Additions and Related Depreciation
2010
$ 3.9
2011
$ 3.6
2012
$ 3.2
2013
$ 2.8
2014
$ 2.5
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.
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, 2009, 2008 and 2007, for continuing and discontinued operations, we capitalized
$9.8 million, $25.7 million and $30.8 million, respectively, of interest costs, and $40.0 million, $78.1 million and
$78.1 million, respectively, of site payroll and indirect costs, respectively.
Impairment of Long-Lived Assets
Our real estate and other long-lived assets classified as held for use are stated at cost, less accumulated
depreciation and amortization, unless the carrying amounts are 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.
F-11
Table of Contents
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, 2009 and 2007, we recorded real estate impairment losses of
$2.3 million and $1.1 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, after
adjustments for noncontrolling interests, decreased net income available to Aimco common stockholders by
$18.3 million, $10.7 million and $33.8 million, and resulted in decreases in basic and diluted earnings per share of $0.16,
$0.12 and $0.35, for the years ended December 31, 2009, 2008 and 2007, respectively.
Cash Equivalents
We classify highly liquid investments with an original maturity of three months or less as cash equivalents.
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 $1.4 million and $3.3 million as of
December 31, 2009 and 2008, 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 $5.4 million and $5.0 million as of December 31, 2009 and 2008,
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 $1.9 million and $2.8 million as of December 31, 2009 and 2008, 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.
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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 consist primarily of notes receivable from
partnerships in which we are the general partner but do not consolidate the partnership. The ultimate repayment of
these notes and those from non-affiliates is subject to a number of variables, including the performance and value of the
underlying real estate property and the claims of unaffiliated mortgage lenders. Our notes receivable include 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.
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 partnership’s 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 loan’s original
effective interest rate. See Note 5 for further discussion of Notes Receivable.
Investments in Unconsolidated Real Estate Partnerships
We own general and limited partner interests in real estate partnerships that 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, except for our share of impairments and
property disposition gains related to such entities, which we report separately in the consolidated statements of income.
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.
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Intangible Assets
At December 31, 2009 and 2008, other assets included goodwill associated with our real estate segment of
$71.8 million and $81.9 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 2009, 2008 or 2007.
During the year ended December 31, 2009, we allocated $10.1 million of goodwill related to our real estate segment
to the carrying amounts of the properties sold or classified as held for sale. 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 and 2007, 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 accounting principles generally accepted in the United States of America, or 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, 2009, 2008 and 2007, we
capitalized software development costs totaling $5.6 million, $20.9 million and $11.9 million, respectively. At
December 31, 2009 and 2008, other assets included $29.7 million and $35.7 million of net capitalized software,
respectively. During the years ended December 31, 2009, 2008 and 2007, we recognized amortization of capitalized
software of $11.5 million, $10.0 million and $10.8 million, respectively, which is included in depreciation and amortization
in our consolidated statements of income.
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. During the year ended December 31,
2007, we abandoned certain internal-use software development projects and recorded a $4.2 million write-off of the
capitalized costs of such projects in depreciation and amortization. There were no similar write-offs during the year
ended December 31, 2009.
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 income for the years ended December 31, 2008 and 2007 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 exceed 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
income 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
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legal obligation and financial capacity to contribute additional capital to the partnership. For the years ended
December 31, 2008 and 2007, we recorded charges for partnership losses resulting from depreciation of approximately
$9.0 million and $12.2 million, respectively 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 partnership’s 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 $316.2 million at December 31, 2009.
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, 2009. 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.
Revenue Recognition
Our properties have operating leases with apartment residents with terms generally of 12 months or less. 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, 2009, 2008 and 2007, for both continuing and discontinued operations, total advertising expense was
$25.0 million, $36.0 million and $38.0 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 HUD’s Section 8 program.
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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 partnership’s 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 investor’s admission to
the partnership. At inception, each investor agrees to fund capital contributions to the partnerships. We agree to
perform various services to 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 investor’s required capital
contributions if actual tax benefits to such investor differ from projected amounts.
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 years ended December 31, 2008 and 2007, we recognized syndication fee income of $3.4 million and
$13.8 million, respectively. We recognized no syndication fee income during the year ended December 31, 2009. During
the years ended December 31, 2009, 2008 and 2007 we recognized revenue associated with the delivery of tax benefits of
$36.6 million, $29.4 million and $24.0 million, respectively. At December 31, 2009 and 2008, $148.1 million and
$159.6 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
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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. These interest rate caps are not material to our financial position or results of operations.
As of December 31, 2009 and 2008, we had interest rate swaps with aggregate notional amounts of $52.3 million and
$27.2 million, and recorded fair values of $1.6 million and $2.6 million, respectively, reflected in accrued liabilities and
other in our consolidated balance sheets. At December 31, 2009, these interest rate swaps had a weighted average term
of 11.1 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 within equity to the extent of their effectiveness.
For the year ended December 31, 2009, we recognized changes in fair value of $1.0 million, of which $1.4 million resulted
in an adjustment to accumulated other comprehensive loss within consolidated equity. For the year ended December 31,
2008, we recognized changes in fair value of $2.2 million, of which $2.1 million resulted in an adjustment to accumulated
other comprehensive loss within consolidated equity. We recognized $0.4 million and less than $0.1 million of
ineffectiveness as an adjustment of interest expense during the years ended December 31, 2009 and 2008, respectively,
and we recognized no ineffectiveness during the year ended December 31, 2007. Our consolidated comprehensive loss
for the year ended December 31, 2009 totaled $43.4 million and our comprehensive income for the years ended
December 31, 2008 and 2007, totaled $624.9 million and $124.8 million, respectively, before the effects of noncontrolling
interests. If the forward rates at December 31, 2009 remain constant, we estimate that during the next twelve months, we
would reclassify into earnings approximately $1.5 million of the unrealized losses in accumulated other comprehensive
income.
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
borrowing’s 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 counterparty’s 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
$352.7 million and $421.7 million at December 31, 2009 and 2008, 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 property loans payable by $5.2 million for the year ended December 31, 2009, and reduced property
loans payable by $20.1 million and $9.4 million for the years ended December 31, 2008 and 2007, respectively, with
offsetting adjustments to accrued liabilities, resulting in no net effect on net income. Refer to Fair Value Measurements
for further discussion of fair value measurements related to these arrangements. During 2009, 2008 and 2007, we
determined these hedges were fully effective and accordingly we made no adjustments to interest expense for
ineffectiveness.
At December 31, 2009, the weighted average fixed receive rate under the total return swaps was 6.8% and the
weighted average variable pay rate was 1.0%, based on the applicable SIFMA and 30-day LIBOR rates effective as
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of that date. Further information related to our total return swaps as of December 31, 2009 is as follows (dollars in
millions):
Debt
Principal
$
45.2
24.0
14.2
42.8
93.0
108.7
12.3
12.5
$ 352.7
Year of Debt
Maturity
Weighted
Average Debt
Interest Rate
Swap Notional
Amount
2012
2015
2018
2025
2031
2036
2038
2048
7.5 %
6.9 %
7.3 %
7.0 %
7.4 %
6.2 %
5.5 %
6.5 %
$
$
45.2
24.0
14.2
42.8
93.0
109.1
12.3
12.5
353.1
Fair Value Measurements
Swap
Maturity
Date
2012
2012
2012
2012
2012
2012
2012
2012
Weighted Average Swap
Variable Pay Rate at
December 31,
2009
1.6 %
1.0 %
1.0 %
1.0 %
1.0 %
0.7 %
0.9 %
0.9 %
Beginning in 2008, we applied the FASB’s 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 entity’s 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.
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 —
Level 2 —
Unadjusted quoted prices for identical and unrestricted assets or liabilities in
active markets
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 instrument’s 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.
Provisions for Real Estate Impairment Losses
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
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estimated fair value of the property, for properties classified as held for use, and estimated fair value of the
property, less estimated selling costs, for properties classified as held for sale.
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 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 counterparty’s 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.
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.
Our method for calculating fair value of the swaps generally results in changes in fair value equal to the
changes in fair value of the related borrowings. Accordingly, we believe these instruments are highly effective in
offsetting the changes in fair value of the borrowings during the hedging period.
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Changes in Fair Value of Borrowings Subject to Total Rate of Return Swaps
We recognize changes in the fair value of certain borrowings subject to total rate of return swaps, which we
have designated as fair value hedges.
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 participant’s 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, 2009, 2008 and 2007 (and the changes in fair value between
such dates) for significant items measured in our consolidated balance sheets at fair value (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.
Level 2
Level 3
Changes in Fair
Interest
Rate Total rate of
Swaps return swaps
Value of Debt
Instruments Subject
to Total Rate of
Return Swaps
Total
Fair value at December 31, 2007
Unrealized gains (losses) included in earnings(1)(2)
Realized gains (losses) included in earnings
Unrealized gains (losses) included in equity
Fair value at December 31, 2008
Unrealized gains (losses) included in earnings(1)(2)
Realized gains (losses) included in earnings
Unrealized gains (losses) included in equity
Fair value at December 31, 2009
$
(371 ) $
(47 )
—
(2,139 )
$ (2,557 ) $
(447 )
—
1,408
$ (1,596 ) $
(9,420 ) $
(20,075 )
—
—
(29,495 ) $
5,188
—
—
(24,307 ) $
9,420 $ (371 )
(47 )
20,075
— —
— (2,139 )
29,495 $ (2,557 )
(447 )
(5,188 )
— —
— 1,408
24,307 $ (1,596 )
(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 condensed consolidated statements of income.
In addition to the amounts in the table above, during the years ended December 31, 2009, 2008 and 2007, we
recognized $56.9 million, $118.6 million and $6.5 million, respectively, of provisions for real estate impairment losses
(including amounts in discontinued operations) to reduce the carrying amounts of certain real estate properties to their
estimated fair value (or fair value less estimated costs to sell) and provisions for losses on notes receivable of
$21.5 million, $17.6 million and $2.0 million, respectively, based on our estimates of the fair value of the real estate
properties that represent the primary source of repayment. Based on the significance of the
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unobservable inputs used in our methods for estimating the fair values for these amounts, we classify these fair value
measurements within Level 3 of the valuation hierarchy.
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, 2009, due to their relatively short-term nature
and high probability of realization. We estimate fair value for our notes receivable and debt instruments using present
value techniques that include income and market valuation approaches using observable inputs such as market rates for
debt with the same or similar terms and unobservable inputs such as collateral quality and loan-to-value ratios on
similarly encumbered assets. Present value calculations vary depending on the assumptions used, including the
discount rate and estimates of future cash flows. In many cases, the fair value estimates may not be realizable in
immediate settlement of the instruments. The estimated aggregate fair value of our notes receivable was approximately
$126.1 million and $161.6 million at December 31, 2009 and 2008, 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 $5.7 billion and $6.7 billion at December 31, 2009 and 2008, respectively. The
combined carrying amount of our consolidated debt (including amounts reported in liabilities related to assets held for
sale) was approximately $5.7 billion and $6.8 billion at December 31, 2009 and 2008, 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.
Income Taxes
We have elected to be taxed as a REIT under the Code commencing with our taxable year ended December 31, 1994,
and intend to continue to operate in such a manner. Our current and continuing qualification as a REIT depends on our
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 we
qualify for taxation as a REIT, we 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 we qualify as a REIT, we may be subject to United States Federal income and excise taxes in various
situations, such as on our undistributed income. We also will be required to pay a 100% tax on any net income on non-
arms length transactions between us and a TRS (described below) and on any net income from sales of property that
was property held for sale to customers in the ordinary course. We and our stockholders may be subject to state or
local taxation in various state or local jurisdictions, including those in which we transact business or our stockholders
reside. In addition, we 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 us
reduce our operating cash flow and net income.
Certain of our operations or a portion thereof, including property management, asset management and risk, are
conducted through taxable REIT subsidiaries, which are subsidiaries of the Aimco Operating Partnership, and each of
which we refer to as a TRS. A TRS is a C-corporation that has not elected REIT status and as such is subject to United
States Federal corporate income tax. We use TRS entities to facilitate our ability to offer certain services and activities to
our residents, as these services and activities generally cannot be offered directly by the REIT. We also use TRS
entities to hold investments in certain properties.
For our TRS entities, 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
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intercompany transfers between the REIT and TRS entities 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 the 2006 Federal tax
return for the Aimco Operating Partnership. During June 2008, the IRS issued AIMCO-GP, Inc., the general and tax
matters partner of the Aimco Operating Partnership, a summary report including the IRS’s proposed adjustments to the
Aimco Operating Partnership’s 2006 Federal tax return. In addition, in May 2009, we were notified by the IRS that it
intended to examine the 2007 Federal tax return for the Aimco Operating Partnership. During November 2009, the IRS
issued AIMCO-GP, Inc. a summary report including the IRS’s proposed adjustments to the Aimco Operating
Partnership’s 2007 Federal tax return. 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. As discussed in Note 5, a significant portion of our notes
receivable at December 31, 2009, are collateralized by properties 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 diversity of the properties that collateralize the
notes.
At December 31, 2009, we had total rate of return swap positions with two financial institutions totaling
$353.1 million. The swap positions with one counterparty are comprised of $340.9 million of fixed rate debt effectively
converted to variable rates using total rate of return swaps, including $295.7 million of tax-exempt bonds indexed to
SIFMA and $45.2 million of taxable second mortgage notes indexed to LIBOR. Additionally, the swap agreements with
this counterparty provide for collateral calls to maintain specified loan-to-value ratios. As of December 31, 2009, we were
not required to provide cash collateral pursuant to the total rate of return swaps. We have one swap position with
another counterparty that is comprised of $12.2 million of fixed rate tax-exempt bonds indexed to SIFMA. 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. In the event the values of the real estate properties serving as collateral under these agreements decline, we
may be required to provide additional collateral pursuant to the swap agreements, which may adversely affect our cash
flows.
FASB Accounting Standards Codification
In June 2009, the Financial Accounting Standards Board, or FASB, issued Statement of Financial Accounting
Standards No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted
Accounting Principles — a replacement of FASB Statement No. 162, or SFAS 168, which is effective for financial
statements issued for interim and annual periods ending after September 15, 2009. Upon the effective date of SFAS 168,
the FASB Accounting Standards Codification, or the FASB ASC, became the single source of authoritative GAAP
recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities
and Exchange Commission, or SEC, under authority of federal securities laws are also sources of authoritative GAAP for
SEC registrants. The FASB ASC superseded all then-existing non-SEC accounting and reporting standards, and all
other non-grandfathered non-SEC accounting literature not included in the FASB ASC is now non-authoritative.
Subsequent to the effective date of SFAS 168, the FASB will issue Accounting Standards Updates that serve to update
the FASB ASC.
Business Combinations
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
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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.
We believe most operating real estate assets meet the revised definition of a business. Accordingly, beginning in
2009, we expense transaction costs associated with acquisitions of operating real estate or interests therein when we
consolidate the asset. The FASB did not provide implementation guidance regarding the treatment of acquisition costs
incurred prior to December 31, 2008, for acquisitions that did not close until 2009. The SEC indicated any of the
following three transition methods were acceptable, provided that the method chosen is disclosed and applied
consistently:
1) expense acquisition costs in 2008 when it is probable that the acquisition will not close in 2008;
2) expense acquisition costs January 1, 2009; or
3) give retroactive treatment to the acquisition costs January 1, 2009, by retroactively adjusting prior periods to
record acquisition costs in the prior periods in which they were incurred.
We elected to apply the third method and accordingly have retroactively adjusted our results of operations for the
year ended December 31, 2008, by $3.5 million, which also resulted in a corresponding reduction to our December 31,
2008 equity balance. This retroactive adjustment is reflected in investment management expenses in our accompanying
consolidated statements of income and reduced basic and diluted earnings per share amounts by $0.04 for the year
ended December 31, 2008.
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 parent’s
consolidated financial statements. These provisions require disclosure, on the face of the consolidated income
statements, of the amounts of consolidated net income and other comprehensive income 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 and the
portion of noncontrolling interests in the Aimco Operating Partnership related to the Aimco Operating Partnership’s
common OP Units and High Performance Units. At December 31, 2008, the carrying amount of noncontrolling interests
in consolidated real estate partnerships was $380.7 million and the carrying amount for noncontrolling interests in
Aimco Operating Partnership attributable to common OP Units and High Performance Units was zero, due to cash
distributions in excess of the positive balances related to those noncontrolling interests.
Beginning in 2009, we no longer record a charge related to cash distributions to noncontrolling interests in excess
of the carrying amount of such noncontrolling interests, and we attribute losses to noncontrolling interests even if such
attribution results in a deficit noncontrolling interest balance within our equity accounts. The following table illustrates
the pro forma amounts of loss from continuing operations, discontinued operations and net loss that would have been
attributed to Aimco common stockholders for the year ended December 31, 2009, had we applied
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the accounting provisions related to noncontrolling interests prior to their amendment by SFAS 160 (in thousands,
except per share amounts):
Loss from continuing operations attributable to Aimco common stockholders
Income from discontinued operations attributable to Aimco common stockholders
Net loss attributable to Aimco common stockholders
Basic and diluted earnings (loss) per common share:
Loss from continuing operations attributable to Aimco common stockholders
Income from discontinued operations attributable to Aimco common stockholders
Net loss attributable to Aimco common stockholders
Year Ended
December 31,
2009
$
$
$
$
(225,957 )
91,044
(134,913 )
(1.98 )
0.80
(1.18 )
The following table presents a reconciliation of preferred noncontrolling interests in the Aimco Operating
Partnership, which are generally redeemable at the holders’ option and may be settled in cash or, at the Aimco
Operating Partnership’s discretion, shares of Common Stock and are included in temporary equity in our consolidated
balance sheet, for the years ending December 31, 2009, 2008 and 2007.
Balance at January 1
Net income attributable to preferred noncontrolling interests in the Aimco Operating
Partnership
Distributions attributable to preferred noncontrolling interests in the Aimco
Operating Partnership
Conversion of preferred units into Common Stock
Purchases of preferred units
Other
Balance at December 31
2009
2008
2007
$ 88,148
$ 89,716
$ 90,120
6,288
7,646
7,128
(6,806 )
—
(1,725 )
751
$ 86,656
(7,486 )
—
(976 )
(752 )
$ 88,148
(7,489 )
(43 )
—
—
$ 89,716
The effects on our equity of changes in our ownership interest in the Aimco Operating Partnership are reflected in
our consolidated statement of equity as redemptions of Aimco Operating Partnership units for Common Stock and
repurchases of common partnership units.
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. Our purchase of
additional interests in consolidated real estate partnerships had no direct effect on equity attributable to Aimco during
the years ended December 31, 2008 and 2007, and did not have a significant effect on equity attributable to Aimco
during the year ended December 31, 2009. The effect on our equity 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 equity 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 Aimco common stockholders.
Earnings per Share
We calculate earnings per share based on the weighted average number of shares of Common Stock, common
stock equivalents, participating securities and other potentially dilutive securities outstanding during the period (see
Note 14).
Effective January 1, 2009, we adopted the provisions of FASB Statement of Position No. EITF 03-6-1, Determining
Whether Instruments Granted in Share-Based Payment Transactions are Participating Securities, or FSP EITF 03-6-1,
which are codified in FASB ASC Topic 260. FSP EITF 03-6-1 clarified that unvested share-based
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payment awards that participate in dividends similar to shares of common stock or common partnership units should be
treated as participating securities. FSP EITF 03-6-1 affects our computation of basic and diluted earnings per share for
unvested restricted stock awards and shares purchased pursuant to officer stock loans, which serve as collateral for
such loans, both of which entitle the holders to dividends. Refer to Note 14, which details our calculation of earnings
per share and the effect of our retroactive application of FSP EITF 03-6-1 on our earnings per share.
In December 2009, we adopted the provisions of FASB Accounting Standards Update 2010-01, Accounting for
Distributions to Shareholders with Components of Stock and Cash, or ASU 2010-01, which are codified in FASB ASC
Topic 505. ASU 2010-01 requires that for distributions with components of cash and stock, the portion distributed in
stock should be accounted for prospectively as a stock issuance with no retroactive adjustment to basic and diluted
earnings per share. In accordance with ASU 2010-01, we retrospectively revised the accounting treatment of our special
dividends paid during 2008 and 2009, resulting in changes in the number of weighted average shares outstanding and
earnings per share amounts for the years ended December 31, 2008 and 2007, as compared to the amounts previously
reported.
The following table illustrates the effects of these changes in accounting treatment on our basic and diluted
weighted average shares outstanding and on net income (loss) attributable to Aimco common stockholders per common
share for the years ended December 31, 2008 and 2007:
Weighted average shares outstanding — basic and diluted:
As previously reported
Reduction in weighted average shares outstanding
As currently reported
Net income (loss) attributable to Aimco common stockholders per common share — basic and
diluted:
As previously reported
Effect of reduction in weighted average shares outstanding
Effect of participating securities allocations
As currently reported
Use of Estimates
2008
2007
121,213
(32,523 )
88,690
140,137
(45,030 )
95,107
$
$
2.98
1.06
(0.08 )
3.96
$
$
(0.26 )
(0.12 )
(0.05 )
(0.43 )
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.
Restatement to Reclassify Impairment Losses on Real Estate Development Assets
Our consolidated statement of income for the year ended December 31, 2008, has been restated to reclassify the
provision for impairment losses on real estate development assets into operating income. The reclassification reduced
operating income by $91.1 million for the year ended December 31, 2008, and had no effect on the reported amounts of
loss before income taxes and discontinued operations, loss from continuing operations, net income, net income
available to Aimco common stockholders or earnings per share. Additionally, the reclassification had no effect on the
consolidated balance sheet at December 31, 2008, or the consolidated statements of equity and cash flows for the year
ended December 31, 2008.
Reclassifications
Certain items included in the 2008 and 2007 financial statements have been reclassified to conform to the current
presentation.
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Subsequent Events
Our management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.
NOTE 3 — Real Estate and Partnership Acquisitions and Other Significant Transactions
Real Estate Acquisitions
During the year ended December 31, 2009, we did not acquire any 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.
During the year ended December 31, 2007, we completed the acquisition of 16 conventional properties with
approximately 1,300 units for an aggregate purchase price of approximately $217.0 million, excluding transaction costs.
Of the 16 properties acquired, ten are located in New York City, New York, two in Daytona Beach, Florida, one in Park
Forest, Illinois, one in Poughkeepsie, New York, one in Redwood City, California, and one in North San Diego,
California. The purchases were funded with cash, tax-free exchange proceeds, new debt and the assumption of existing
debt.
Acquisitions of Partnership Interests
During the year ended December 31, 2009, we did not acquire a significant amount of limited partnership interests.
During the years ended December 31, 2008 and 2007, we acquired limited partnership interests in 22 and 50 partnerships,
respectively, in which our affiliates served as general partner. In connection with such acquisitions, we paid cash of
approximately $2.0 million and $47.4 million, including transaction costs. The cost of the acquisitions was approximately
$2.4 million and $43.6 million in excess of the carrying amount of noncontrolling interest in such limited partnerships,
which excess we generally assigned to real estate.
Disposition of Unconsolidated Real Estate and Other
During the year ended December 31, 2009, we recognized $22.5 million in 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 further below), $6.1 million from our
disposition of interests in unconsolidated real estate partnerships and our share of gains recognized by our
unconsolidated partnerships on the sale of real estate and $3.8 million related to various other transactions.
During the year ended December 31, 2008, we recognized $99.9 million in 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.
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 Aimco common stockholders was a loss of approximately $5.0 million.
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
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unconsolidated real estate and other in our consolidated statement of income for the year ended December 31, 2009.
This gain was partially offset by a $1.0 million provision for income tax. We also have a note receivable from another
principal in the group purchasing organization, which is 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 income for the year ended December 31, 2009. As of December 31, 2009, the carrying amount of the note
receivable, which is due for repayment in 2010, totaled $1.6 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, 2009, the remaining accruals associated with our restructuring activity are $6.9 million for
estimated unrecoverable lease obligations, which will be paid over the remaining terms of the affected leases, and
$4.7 million for severance and personnel related costs, which are anticipated to be paid during the first quarter 2010.
Transactions Involving VMS National Properties Joint Venture
In January 2007, VMS National Properties Joint Venture, or VMS, a consolidated real estate partnership in which
we held a 22% equity interest, refinanced property loans secured by its 15 apartment properties. The existing loans had
an aggregate carrying amount of $110.0 million and an aggregate face amount of $152.2 million. The $42.2 million
difference between the face amount and carrying amount resulted from a 1997 bankruptcy settlement in which the lender
agreed to reduce the principal amount of the loans subject to VMS’s compliance with the terms of the restructured
loans. Because the reduction in the loan amount was contingent on future compliance, recognition of the inherent debt
extinguishment gain was deferred. Upon refinancing of the loans in January 2007, the existing lender accepted the
reduced principal amount in full satisfaction of the loans, and VMS recognized the $42.2 million debt extinguishment
gain in earnings.
During the year ended December 31, 2007, VMS sold eight properties to third parties for an aggregate gain of
$22.7 million. Additionally, VMS contributed its seven remaining properties to wholly-owned subsidiaries of Aimco in
exchange for consideration totaling $230.1 million, consisting primarily of cash of $21.3 million, common OP Units with a
fair value of $9.8 million, the assumption of $168.0 million in property debt, and the assumption of $30.9 million in
mortgage participation liabilities. This total consideration included $50.7 million related to our 22% equity interest in
VMS. Exclusive of our share, the consideration paid for the seven properties exceeded the carrying amount of the
noncontrolling interest in such properties by $44.9 million. This excess consideration is reflected in our consolidated
balance sheet as an increase in the carrying amount of the seven properties.
Approximately $31.6 million of the $42.2 million debt extinguishment gain related to the property loans that were
secured by the eight properties sold to third parties and two properties we acquired from VMS but
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subsequently sold and is reported in discontinued operations for the year ended December 31, 2007. The remaining
$10.6 million portion of the debt extinguishment gain related to the property loans that were secured by the five VMS
properties we purchased and continue to own and is reported in our continuing operations as gain on dispositions of
unconsolidated real estate and other. Although 78% of the equity interests in VMS were held by unrelated
noncontrolling partners, no noncontrolling interest share of the gains on debt extinguishment and sale of the properties
was recognized in our earnings. As required by then applicable GAAP, we had in prior years recognized the
noncontrolling partners’ share of VMS losses in excess of the noncontrolling partners’ capital contributions. The
amounts of those previously recognized losses exceeded the noncontrolling partners’ share of the gains on debt
extinguishment and sale of the properties; accordingly, the noncontrolling interests in such gains recognized in our
earnings was limited to the noncontrolling interests in the Aimco Operating Partnership. For the year ended
December 31, 2007, the aggregate effect of the gains on extinguishment of VMS debt and sale of VMS properties was to
decrease loss from continuing operations attributable to Aimco common stockholders by $9.7 million ($0.10 per diluted
share) and decrease net loss attributable to Aimco common stockholders by $59.0 million ($0.62 per diluted share).
During the three months ended December 31, 2007, VMS distributed its remaining cash, consisting primarily of
undistributed proceeds from the sale of its 15 properties (including properties sold to us). Of the $42.4 million of cash
distributed to the unrelated limited partners, $21.3 million represents the cash consideration we contributed in exchange
for the purchase of seven properties and is presented in purchases of partnership interests and other assets in the
consolidated statement of cash flows for the year ended December 31, 2007. The remainder of the cash distributed to the
unrelated limited partners is presented in payment of distributions to noncontrolling interest in the consolidated
statement of cash flows.
Palazzo Joint Venture
In December 2007, we entered into a joint venture agreement with a third party investor which provides for the co-
ownership of three multi-family properties with 1,382 units located in West Los Angeles. Under the agreement, we
contributed three wholly-owned properties, The Palazzo at Park La Brea, The Palazzo East at Park La Brea and The Villas
at Park La Brea to the partnership, which we refer to as Palazzo, at a value of $726.0 million, or approximately $525,000 per
unit. Palazzo had existing property debt of approximately $296.0 million and an implied equity value of approximately
$430.0 million. We received $202.0 million from the investor in exchange for an approximate 47% interest in Palazzo, of
which approximately $7.9 million was used to fund escrows for capital improvements and various operating
requirements. We own the remaining interests in Palazzo, including a managing interest, and will operate the properties
in exchange for a property management fee and certain other fees over the term of the partnership.
We determined Palazzo is a VIE and that we are the primary beneficiary who should consolidate this partnership.
We deferred recognition of a gain on this transaction and recognized the consideration received as an increase in
noncontrolling interests in consolidated real estate partnerships.
NOTE 4 — Investments in Unconsolidated Real Estate Partnerships
We owned general and limited partner interests in unconsolidated real estate partnerships owning approximately
77, 85 and 94 properties at December 31, 2009, 2008 and 2007, 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%.
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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, 2009, 2008 and 2007 (in thousands):
Real estate, net of accumulated depreciation
Total assets
Secured and other notes payable
Total liabilities
Partners’ deficit
Rental and other property revenues
Property operating expenses
Depreciation expense
Interest expense
Gain on sale
Net income (loss)
2009
2008
2007
$ 95,226 $ 122,788 $ 133,544
165,567
122,543
124,406
101,678
180,222
145,637
(14,655 )
(23,094 )
73,672
55,366
(45,998 )
(34,497 )
(13,965 )
(10,302 )
(17,194 )
(11,103 )
8,482
59
(4,845 )
6,622
155,444
122,859
175,681
(20,237 )
69,392
(42,863 )
(12,640 )
(17,182 )
5,391
1,398
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, our aggregate investment in these partnerships at
December 31, 2009 and 2008 of $105.3 million and $119.0 million, respectively, exceeds our share of the underlying
historical partners’ deficit of the partnerships by approximately $109.5 million and $122.9 million, respectively.
NOTE 5 — Notes Receivable
The following table summarizes our notes receivable at December 31, 2009 and 2008 (in thousands):
2009
2008
Unconsolidated
Real Estate
Partnerships Affiliates Total
Non-
Unconsolidated
Real Estate
Partnerships Affiliates Total
Non-
Par value notes
Discounted notes
Allowance for loan losses
Total notes receivable
Face value of discounted notes
$
$
$
11,353 $ 20,862 $ 32,215
5,095 141,468 146,563
(2,153 ) (37,061 ) (39,214 )
14,295 $ 125,269 $ 139,564
37,709 $ 155,848 $ 193,557
$
$
$
18,855 $ 19,253 $ 38,108
8,575 138,387 146,962
(4,863 ) (17,743 ) (22,606 )
22,567 $ 139,897 $ 162,464
39,333 $ 148,790 $ 188,123
Included in notes receivable from unconsolidated real estate partnerships at December 31, 2009 and 2008, are
$2.4 million and $4.2 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 averaging 12.0%.
Included in the notes receivable from non-affiliates at December 31, 2009 and 2008, are $102.2 million and
$95.8 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 4.0% and 12.0%
and averaging 4.7%.
Notes receivable from non-affiliates at December 31, 2009 and 2008, include notes receivable totaling $87.4 million
and $85.6 million, respectively, from 31 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 $4.6 million had not
been funded as of December 31, 2009. 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 87 buildings
containing 1,597 residential units and 42 commercial spaces in West Harlem,
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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 income, totaled $0.9 million in 2009, $0.7 million in 2008 and $1.9 million in 2007, inclusive of a $1.5 million
adjustment of accretion recognized upon the repayment of a portion of the outstanding principal balance in 2007. 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 and through
2008 were amortizing the discounted value of the investment to the $50.0 million previously estimated to be collectible,
through January 2, 2009, the initial dissolution date of the entity. In 2009, the managing member extended the
dissolution date. 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.
Interest income from total non-impaired par value and certain discounted notes for the years ended December 31,
2009, 2008 and 2007 totaled $5.7 million, $7.8 million and $11.7 million, respectively. For the years ended December 31,
2009, 2008 and 2007, we recognized accretion income on certain discounted notes of $0.1 million, $1.4 million and
$8.1 million, respectively.
The activity in the allowance for loan losses in total for both par value notes and discounted notes for the years
ended December 31, 2009 and 2008, is as follows (in thousands):
Balance at beginning of year
Provisions for losses on notes receivable
Recoveries of losses on notes receivable
Provisions for impairment loss on investment in Casden Properties LLC
Net reductions due to consolidation of real estate partnerships and property dispositions
Balance at end of year
2009
2008
$ (22,606 )
(2,231 )
1,422
(20,740 )
4,941
$ (39,214 )
$ (6,435 )
(1,673 )
417
(16,321 )
1,406
$ (22,606 )
During the years ended December 31, 2009 and 2008, we determined that an allowance for loan losses of $1.2 million
and $3.6 million, respectively, was required on certain of our par value notes that had carrying amounts of $3.8 million
and $11.4 million, respectively. The average recorded investment in the impaired par value notes for the years ended
December 31, 2009 and 2008, was $7.6 million and $9.0 million, respectively. The remaining $28.4 million in par value
notes receivable at December 31, 2009, is estimated to be collectible and, therefore, interest income on these par value
notes is recognized as it is earned.
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As of December 31, 2009 and 2008, we determined that an allowance for loan losses of $1.0 million and $2.7 million,
respectively, was required on certain of our discounted notes (excluding the note related to Casden Properties LLC
discussed above) that had carrying values of $1.6 million and $5.4 million, respectively. The average recorded
investment in the impaired discounted notes for the years ended December 31, 2009 and 2008, was $3.5 million and
$4.9 million, respectively.
NOTE 6 — Property Tax-Exempt Bond Financings, Property Loans Payable and Other Borrowings
The following table summarizes our property tax-exempt bond financings related to properties classified as held for
use at December 31, 2009 and 2008, the majority of which is non-recourse to us (in thousands):
Fixed rate property tax-exempt bonds payable
Variable rate property tax-exempt bonds payable
Total
Weighted Average
Interest Rate
2009
5.10%
0.90%
Principal
Outstanding
2009
2008
$ 140,995 $ 131,530
497,969
$ 574,926 $ 629,499
433,931
Fixed rate property tax-exempt bonds payable mature at various dates through December 2049. Variable rate
property tax-exempt bonds payable mature at various dates through June 2038. 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, 2009, 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, 2009, our property tax-exempt bond financings related to
properties classified as held for use were secured by 39 properties with a combined net book value of $837.7 million. As
discussed in Note 2, certain fixed rate property tax-exempt bonds payable have been converted to variable rates using
total rate of return swaps and are presented above as variable rate debt at their carrying amounts, or fair value.
The following table summarizes our property loans payable related to properties classified as held for use at
December 31, 2009 and 2008, the majority of which are non-recourse to us (in thousands):
Fixed rate property notes payable
Variable rate property notes payable
Secured notes credit facility
Total
Weighted Average
Interest Rate
2009
6.01%
2.46%
1.02%
Principal Outstanding
2009
2008
$ 4,850,136
75,877
46,314
$ 4,972,327
$ 4,662,584
223,561
58,179
$ 4,944,324
Fixed rate property notes payable mature at various dates through August 2053. 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, 2009, our property notes
payable related to properties classified as held for use were secured by 373 properties with a combined net book value
of $6,030.1 million. As discussed in Note 2, certain fixed rate secured notes payable have been converted to variable
rates using total rate of return swaps and are presented above as variable rate debt at their carrying amounts, or fair
value.
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. In January 2010, the credit facility was modified to reduce allowed borrowings to the
then outstanding amount of $46.3 million. The primary function of the facility is to secure short-term fully pre-payable
non-recourse loans for a period of less than three years. The interest rate on the notes provided through the facility is
30-day LIBOR plus 0.78%. Each loan under the facility is treated as a separate borrowing and is secured by a specific
property. None of the facility loans are cross-collateralized or cross-defaulted. This facility matures in October 2010, and
has two one-year extension options for a $500,000 fee per extension. At December 31,
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2009, outstanding borrowings of $46.3 million related to properties classified as held for use are included in 2012
maturities below based on the extension options.
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, 2009, we were in compliance with all financial covenants pertaining to our consolidated debt instruments.
Other borrowings totaled $53.1 million and $96.0 million at December 31, 2009 and 2008, respectively. At
December 31, 2009, other borrowings includes $44.6 million in fixed rate obligations with interest rates ranging from zero
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 2010 to 2039, although certain amounts are due upon occurrence of specified events, such
as property sales.
As of December 31, 2009, 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
2010
2011
2012
2013
2014
Thereafter
$
101,945 $
106,962
110,269
108,946
105,701
237,796
205,706
386,421
267,547
3,349 $ 105,294
344,758
315,975
495,367
373,248
3,965,668
$ 5,600,310
NOTE 7 — Term Loans and 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. In addition to Aimco, the Aimco Operating Partnership and an
Aimco subsidiary are also borrowers under the Credit Agreement.
As of December 31, 2009, the Credit Agreement consisted of aggregate commitments of $270.0 million, comprised of
the $90.0 million outstanding balance on the term loan and $180.0 million of revolving loan commitments. The term loan
bears interest at LIBOR plus 1.5%, or at our option, a base rate equal to the prime rate, and matures March 2011.
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 2.00% 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, 2011, and may be extended for an additional year, subject to certain
conditions, including payment of a 45.0 basis point fee on the total revolving commitments and repayment of the
remaining term loan balance by February 1, 2011. Pursuant to the Credit Agreement, while any balance under the term
loan is outstanding, repurchases of our Common Stock are permitted with 50% of net asset sale proceeds if the other
50% of such net asset sale proceeds are applied to repay the term loan. The Credit Agreement permits us to increase
revolving commitments by up to $320.0 million, subject to our obtaining such commitments from eligible lenders.
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 our REIT status. We were in compliance with all such covenants as of
December 31, 2009.
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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.
At December 31, 2009, the term loan had an outstanding principal balance of $90.0 million and an interest rate of
1.73%. We repaid $45.0 million of the term loan through February 26, 2010, leaving a remaining outstanding balance of
$45.0 million. At December 31, 2009, we had no outstanding borrowings under the revolving credit facility. The amount
available under the revolving credit facility at December 31, 2009, was $136.2 million (after giving effect to $43.8 million
outstanding for undrawn letters of credit issued under the revolving credit facility). The proceeds of revolving loans are
generally permitted to be used to fund working capital and for other corporate purposes.
On February 3, 2010, we entered into an Eighth Amendment to our Credit Agreement, which provides for a
reduction in the minimum threshold for our debt service coverage and fixed charge coverage ratios and an increase in
the maximum threshold for our secured indebtedness ratio.
NOTE 8 — Commitments and Contingencies
Commitments
In connection with our redevelopment and capital improvement activities, we have commitments of approximately
$4.8 million related to construction projects that are expected to be completed during 2010. Additionally, 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 $4.6 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 between $30.0 and $97.5 million and the assumption of approximately
$119.0 million in property debt. The ability to exercise the put and the amount of cash payment required upon exercise 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 $30.0 million in liquidation preference of our
Series A Community Reinvestment Act Preferred Stock for $21.0 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.
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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 hazardous substances present on a property, including lead-based paint.
Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the
release or presence of the hazardous substances. The presence of, or the failure to manage or remedy properly,
hazardous substances 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 presence
of hazardous substances 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 hazardous
substances through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of
hazardous substances 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 liable for environmental liabilities or costs associated with our
properties or properties we acquire or manage in the future.
We have determined that our legal obligations to remove or remediate hazardous substances 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, 2009, are immaterial to our consolidated financial condition, results of operations and cash flows.
Mold
We have been named as a defendant in lawsuits that have alleged personal injury and property damage as a result
of the presence of mold. In addition, we are aware of lawsuits against owners and managers of multifamily properties
asserting claims of personal injury and property damage caused by the presence of mold, some of which have resulted
in substantial monetary judgments or settlements. We have only limited insurance coverage for property damage loss
claims arising from the presence of mold and for personal injury claims related to mold exposure. We have implemented
policies, procedures, third-party audits and training, and include a detailed moisture intrusion and mold assessment
during acquisition due diligence. We believe these measures will prevent or eliminate mold exposure from our properties
and will minimize the effects that mold may have on our residents. To date, we have not incurred any material costs or
liabilities relating to claims of mold exposure or to abate mold conditions. Because the law regarding mold is unsettled
and subject to change, we can make no assurance that liabilities resulting from the presence of or exposure to mold will
not have a material adverse effect on our consolidated financial condition, results of operations or cash flows.
Operating Leases
We are obligated under office space and equipment non-cancelable operating leases. In addition, we sublease
certain of our office space to tenants under non-cancelable subleases. Approximate minimum annual rentals under
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operating leases and approximate minimum payments to be received under annual subleases are as follows (in
thousands):
2010
2011
2012
2013
2014
Thereafter
Total
Operating Lease Sublease
Receivables
Obligations
$
$
7,345 $
5,800
5,056
2,594
2,265
1,828
24,888 $
818
185
64
12
—
—
1,079
Substantially all of the office space subject to the operating leases described above are for the use of our corporate
offices and area operations. Rent expense recognized totaled $7.7 million, $10.2 million and $9.8 million for the years
ended December 31, 2009, 2008 and 2007, respectively. Sublease receipts that offset rent expense totaled approximately
$0.7 million, $0.7 million and $1.3 million for the years ended December 31, 2009, 2008 and 2007, 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, 2009, approximately $6.9 million
related to the above operating lease obligations was included in accrued liabilities related to these estimates.
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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 REIT 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):
Deferred tax liabilities:
Partnership differences
Depreciation
Deferred revenue
Other
Total deferred tax liabilities
Deferred tax assets:
Net operating, capital and other loss carryforwards
Provision for impairments on real estate assets
Receivables
Accrued liabilities
Accrued interest expense
Intangibles — management contracts
Tax credit carryforwards
Equity compensation
Other
Total deferred tax assets
Valuation allowance
Net deferred income tax assets
2009
2008
$ 32,565
2,474
14,862
—
$ 49,901
$ 37,164
33,321
3,094
9,272
—
1,911
6,949
1,463
929
94,103
(2,187 )
$ 42,015
$ 47,635
2,477
7,757
11
$ 57,880
$ 7,183
33,321
5,530
23,504
2,220
3,789
8,521
1,983
155
86,206
—
$ 28,326
As of December 31, 2009, we determined a valuation allowance for our deferred tax assets was necessary for certain
state net operating losses 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:
Balance at January 1
Reductions as a result of the lapse of applicable statutes
Additions based on tax positions related to the prior year
Reductions based on tax positions related to the prior year
Balance at December 31
2009
2008
2007
$ 3,080
—
—
(1 )
$ 3,079
$ 2,965
—
115
—
$ 3,080
$ 3,118
(189 )
36
—
$ 2,965
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,
2006, and subsequent years and certain of our State income tax returns for the year ended December 31, 2004, and
subsequent years are currently subject to examination by the Internal Revenue Service or other tax authorities. As
discussed in Note 2, the IRS has issued us summary reports including its proposed adjustments to the Aimco Operating
Partnership’s 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 income.
In accordance with the accounting requirements for stock-based compensation, our deferred tax assets at
December 31, 2008, are net of $3.6 million of excess tax benefits from employee stock option exercises and vested
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restricted stock awards. As of December 31, 2009, we had no such excess tax benefits from employee stock option
exercises and vested restricted stock awards.
The cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes was
approximately $4.6 billion.
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 income for the
years ended December 31, 2009, 2008 and 2007 (in thousands):
Current:
Federal
State
Total current
Deferred:
Federal
State
Total deferred
Total benefit
Classification:
Continuing operations
Discontinued operations
2009
2008
2007
$ (1,910 )
3,992
2,082
$ 8,678
2,415
11,093
$
20
1,938
1,958
(17,320 )
(3,988 )
(21,308 )
$ (19,226 )
(22,115 )
(2,386 )
(24,501 )
$ (13,408 )
(17,816 )
(1,833 )
(19,649 )
$ (17,691 )
$ (18,671 )
(555 )
$
$ (53,202 )
$ 39,794
$ (19,795 )
$ 2,104
Consolidated losses subject to tax, consisting of pretax income or loss of our taxable REIT subsidiaries and gains
or loss on certain property sales that are subject to income tax under section 1374 of the Internal Revenue Code, for the
years ended December 31, 2009, 2008 and 2007 totaled $40.6 million, $81.8 million and $41.5 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):
2009
Amount Percent
2008
Amount Percent
2007
Amount Percent
Tax at U.S. statutory rates on consolidated loss
subject to tax
State income tax, net of Federal tax benefit
Effect of permanent differences
Tax effect of intercompany transfers of assets between
$ (14,221 )
(2,183 )
127
35.0 % $ (28,632 )
5.4 %
(0.3 )%
29 —
215
35.0 % $ (14,508 )
106
(306 )
(0.3 )%
35.0 %
(0.3 )%
0.7 %
the REIT and taxable REIT subsidiaries(1)
Write-off of excess tax basis
Increase in valuation allowance
(4,759 )
(377 )
2,187
$ (19,226 )
11.7 % 15,059
0.9 %
(79 )
(5.4 )% — —
47.3 % $ (13,408 )
(18.4 )% — —
0.1 % (2,983 )
7.2 %
— —
16.4 % $ (17,691 )
42.6 %
(1) Includes the effect of assets contributed by the Aimco Operating Partnership to taxable REIT subsidiaries, for which
deferred tax expense or benefit was recognized upon the sale or impairment of the asset by the taxable REIT
subsidiary.
Income taxes paid totaled approximately $4.6 million, $13.8 million and $3.0 million in the years ended December 31,
2009, 2008 and 2007, respectively.
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At December 31, 2009, we had net operating loss carryforwards, or NOLs, of approximately $60.6 million for income
tax purposes that expire in years 2027 to 2029. Subject to certain separate return limitations, we may use these NOLs to
offset all or a portion of taxable income generated by our taxable REIT subsidiaries. We generated approximately
$45.9 million of NOLs during the year ended December 31, 2009, as a result of losses from our taxable REIT subsidiaries.
The deductibility of intercompany interest expense with our taxable REIT subsidiaries is subject to certain intercompany
limitations based upon taxable income as required under Section 163(j) of the Code. As of December 31, 2009, interest
carryovers of approximately $24.6 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 $9.6 million. Additionally,
our low-income housing and rehabilitation tax credit carryforwards as of December 31, 2009, were approximately
$7.4 million for income tax purposes that expire in years 2012 to 2028.
For income tax purposes, dividends paid to holders of Common Stock primarily consist of ordinary income, return
of capital, capital gains, qualified dividends and unrecaptured Section 1250 gains, or a combination thereof. For the
years ended December 31, 2009, 2008 and 2007, dividends per share held for the entire year were estimated to be taxable
as follows:
2009(1)(2)
2008(3)
Amount Percentage Amount Percentage Amount Percentage
2007(4)
Ordinary income
Capital gains
Qualified dividends
Unrecaptured Section 1250 gain
$ —
0.10
0.06
0.24
0.40
$
— $ —
4.77
26 %
0.03
14 %
2.68
60 %
7.48
100 % $
— $
64 %
—
36 %
100 % $
0.78
2.31
0.10
1.12
4.31
18 %
54 %
2 %
26 %
100 %
(1) On December 18, 2009, our Board of Directors declared a quarterly cash dividend of $0.10 per common share for the
quarter ended December 31, 2009, that was paid on January 29, 2010, to stockholders of record on December 31,
2009. Pursuant to certain provisions in the Code, this dividend was deemed paid by us and received by our
shareholders in 2009.
(2) The Company has designated the per share amounts above as capital gain dividends in accordance with the
requirements under the Code.
(3) On December 18, 2008, our Board of Directors declared a special dividend of $2.08 per common share for the quarter
ended December 31, 2008, that was paid on January 29, 2009, to stockholders of record on December 29, 2008. A
portion of the special dividend represented an early payment of the regular quarterly dividend of $0.60 per share that
would otherwise have been paid in February 2009. Pursuant to certain provisions in the Code, this dividend was
deemed paid by us and received by our shareholders in 2008.
(4) On December 21, 2007, our Board of Directors declared a special dividend of $2.51 per common share for the quarter
ended December 31, 2007, that was paid on January 30, 2008, to stockholders of record on December 31, 2007. A
portion of the special dividend represented an early payment of the regular quarterly dividend of $0.60 per share that
would otherwise have been paid in February 2008. Pursuant to certain provisions in the Code, this dividend was
deemed paid by us and received by our shareholders in 2007.
NOTE 10 — Transactions Involving Noncontrolling Interests in Aimco Operating Partnership
In December 2008, October 2008, July 2008, and December 2007, the Aimco Operating Partnership 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. The Aimco Operating Partnership distributed to us common OP Units
equal to the number of shares we issued pursuant to our corresponding special dividends (discussed in Note 11) in
addition to approximately $0.60 per unit in cash. Holders of common OP Units other than us and holders of High
Performance Units received the distribution entirely in cash.
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Table of Contents
Aimco Operating Partnership
Special Distributions
Distribution per unit
Total distribution
Common OP Units and High Performance
Units outstanding on record date
Common OP Units held by Aimco
Total distribution on Aimco common OP
Units
Cash distribution to Aimco
Portion of distribution paid to Aimco
January 2009
Special
Distribution
December 2008
Special
Distribution
August 2008
Special
Distribution
January 2008
Special
Distribution
2.08
$
$ 230.1 million
1.80
$
$ 176.6 million
3.00
$
$ 285.5 million
2.51
$
$ 257.2 million
110,654,142
101,169,951
98,136,520
88,650,980
95,151,333
85,619,144
102,478,510
92,795,891
$ 210.4 million
$ 60.6 million
$ 159.6 million
$ 53.2 million
$ 256.9 million
$ 51.4 million
$ 232.9 million
$ 55.0 million
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
Cash distributed to common OP Unit and
15,627,330
12,572,267
5,731,310
4,594,074
High Performance Unit holders other than
Aimco
$ 19.7 million
$ 17.0 million
$ 28.6 million
$ 24.3 million
Preferred OP Units
Various classes of preferred OP Units of the Aimco Operating Partnership are outstanding. Depending on the terms
of each class, these preferred OP Units are convertible into common OP Units or redeemable for cash, or at the Aimco
Operating Partnership’s option, Common Stock, and are paid distributions varying from 5.9% to 9.6% per annum per
unit, or equal to the dividends paid on Common Stock based on the conversion terms. As of December 31, 2009 and
2008, a total of 3.1 million and 3.2 million preferred OP Units were outstanding with redemption values of $85.7 million
and $88.1 million, respectively. At December 31, 2009 and 2008, a total of 3.1 million and 3.1 million of these preferred
OP Units with redemption values of $82.8 million and $85.2 million, respectively, were redeemable into approximately
5.2 million and 7.4 million shares of Common Stock, respectively, or cash at the Aimco Operating Partnership’s option.
During the years ended December 31, 2009 and 2008, approximately 68,200 and 38,400 preferred OP Units,
respectively, were tendered for redemption in exchange for cash. During the years ended December 31, 2009 and 2008,
no preferred OP Units were tendered for redemption in exchange for shares of Common Stock. The Aimco Operating
Partnership has a redemption policy that requires cash settlement of redemption requests for the redeemable preferred
OP Units, subject to limited exceptions.
Common OP Units
In 2007, we completed tender offers for limited partnership interests resulting in the issuance of approximately
55,400 common OP Units. Approximately 55,100 of the common OP Units issued in 2007 were to unrelated limited
partners in VMS in connection with our purchase of seven properties from the partnership, as discussed in Note 3. In
2009 and 2008, we did not issue a significant number of common OP Units in connection with tender offers for limited
partners.
During the years ended December 31, 2009 and 2008, approximately 64,000 and 50,000 common OP Units,
respectively, were redeemed in exchange for cash, and approximately 519,000 and 114,000 common OP Units,
respectively, were redeemed in exchange for shares of Common Stock.
High Performance Units
From 1998 through 2005, the Aimco Operating Partnership issued various classes of High Performance Units, or
HPUs. These HPUs were issued to limited liability companies owned by certain members of our senior
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management (and independent directors in the case of Class I HPUs only) in exchange for cash in amounts that we
determined, with the assistance of a nationally recognized independent valuation expert, to be the fair value of the
HPUs. The terms of the HPUs provide for the issuance, following a measurement period of generally three years of an
increased number of HPUs depending on the degree, if any, to which certain financial performance benchmarks are
achieved over the applicable measurement period. The holders of HPUs at the conclusion of the measurement period
receive the same amount of distributions that are paid to holders of an equivalent number of the Aimco Operating
Partnership’s outstanding common OP Units. At December 31, 2009 and 2008, 2,344,719 Class I HPUs, the sole class of
HPUs to meet the performance benchmarks, were outstanding. The minimum performance benchmarks were not
achieved for HPU Classes II through IX. Accordingly, those HPUs had only nominal value at the conclusion of the
related measurement period and were reacquired by the Aimco Operating Partnership and cancelled.
NOTE 11 — Aimco Equity
Preferred Stock
At December 31, 2009 and 2008, we had the following classes of preferred stock outstanding:
Perpetual:
Class G Cumulative Preferred Stock, $0.01 par value, 4,050,000 shares
Annual Dividend
Redemption Rate Per Share
Balance
December 31,
2009
2008
Date(1)
(paid quarterly) (thousands) (thousands)
authorized, 4,050,000 shares issued and outstanding(2)
07/15/2008
9.3750 % $ 101,000 $ 101,000
Class T Cumulative Preferred Stock, $0.01 par value, 6,000,000 shares
authorized, 6,000,000 shares issued and outstanding
07/31/2008
8.000 % 150,000 150,000
Class U Cumulative Preferred Stock, $0.01 par value, 8,000,000 shares
authorized, 8,000,000 shares issued and outstanding
03/24/2009
7.750 % 200,000 200,000
Class V Cumulative Preferred Stock, $0.01 par value, 3,450,000 shares
authorized, 3,450,000 shares issued and outstanding
09/29/2009
8.000 % 86,250 86,250
Class Y Cumulative Preferred Stock, $0.01 par value, 3,450,000 shares
authorized, 3,450,000 shares issued and outstanding
12/21/2009
7.875 % 86,250 86,250
Series A Community Reinvestment Act Preferred Stock, $0.01 par value per
share, 240 shares authorized, 134 and 146 shares issued and outstanding(3)
06/30/2011
(3 ) 67,000 73,000
Total
Less preferred stock subject to repurchase agreement(4)
Preferred stock per consolidated balance sheets
$ 690,500 $ 696,500
(30,000 )
—
$ 660,500 $ 696,500
(1) All classes of preferred stock are redeemable at our option on and after the dates specified.
(2) Includes 10,000 shares held by a consolidated subsidiary that are eliminated in consolidation.
(3) During 2006, we sold 200 shares of our Series A Community Reinvestment Act Perpetual Preferred Stock, $0.01 par
value per share, or the CRA Preferred Stock, with a liquidation preference of $500,000 per share, for net proceeds of
$97.5 million. For the period from the date of original issuance through March 31, 2015, the dividend 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, 2009 and 2008, was 1.54% and 5.01%, respectively. Upon liquidation, holders of the CRA Preferred
Stock are entitled to a preference of $500,000 per share, plus an amount equal to accumulated, accrued and unpaid
dividends, whether or not earned or declared. The CRA Preferred Stock ranks prior to our Common Stock and on the
same level as our outstanding shares of preferred stock with respect to the payment of dividends and the
distribution of amounts upon liquidation, dissolution or winding up. The CRA Preferred Stock is not redeemable
prior to June 30, 2011, except in limited circumstances related to REIT qualification. On and after June 30, 2011, the
CRA Preferred Stock is redeemable for cash, in whole or from time to time in part, at our option, at a price per share
equal to the liquidation preference, plus accumulated, accrued and unpaid dividends, if any, to the redemption date.
(4) In June 2009, we entered into an agreement to repurchase $36.0 million in liquidation preference of our CRA Preferred
Stock at a 30% discount to the liquidation preference. Pursuant to this agreement, in June 2009, we
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repurchased 12 shares, or $6.0 million in liquidation preference, of CRA Preferred Stock for $4.2 million, and the
holder of the CRA Preferred Stock may require us to repurchase an additional 60 shares, or $30.0 million in
liquidation preference, of CRA Preferred Stock over the next three years, for $21.0 million. If required, these
additional repurchases will be for up to $10.0 million in liquidation preference in May 2010, 2011 and 2012. Based on
the holder’s ability to require us to repurchase an additional 60 shares of CRA Preferred Stock pursuant to this
agreement, $30.0 million in liquidation preference of CRA Preferred Stock, or the maximum redemption value of such
preferred stock, is classified within temporary equity in our consolidation balance sheet at December 31, 2009.
In connection with our June 2009 CRA Preferred Stock repurchase discussed above, we reflected the $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 additional paid-in capital, as a reduction of net income attributable to preferred stockholders for the year
ended December 31, 2009.
During 2008, we repurchased 54 shares, or $27.0 million in liquidation preference, of our CRA Preferred Stock for
cash totaling $24.8 million. We reflected the $2.2 million excess of the carrying value over the redemption price, offset by
$0.7 million of issuance costs previously recorded as a reduction of additional paid-in capital, as a reduction of net
income attributable to preferred stockholders for purposes of calculating earnings per share for the year ended
December 31, 2008.
All classes of preferred stock are pari passu with each other and are senior to our Common Stock. The holders of
each class of preferred stock are generally not entitled to vote on matters submitted to stockholders. Dividends on all
shares of preferred stock are subject to declaration by our Board of Directors. All of the above outstanding classes of
preferred stock have a liquidation preference per share of $25, with the exception of the CRA Preferred Stock, which has
a liquidation preference per share of $500,000.
The dividends paid on each class of preferred stock classified as equity in the years ended December 31, 2009, 2008
and 2007 are as follows (in thousands, except per share data):
2009
2008
2007
Class of Preferred Stock
Perpetual:
Class G
Class T
Class U
Class V
Class Y
Series A CRA
Convertible:
Class W
Total
Amount
Per
Share(1)
$
2.34
2.00
1.94
2.00
1.97
10,841 (2)
Total
Amount
Paid
Amount
Per
Share(1)
Total
Amount
Paid
Amount
Per
Share(1)
2.34
2.00
1.94
2.00
1.97
$ 9,492 $
12,000
15,500
6,900
6,792
1,531 24,381 (3)
52,215
$ 9,492 $
12,000
15,500
6,900
6,792
4,531
55,215
2.34
2.00
1.94
2.00
1.97
41,661
Total
Amount
Paid
$ 9,492
12,000
15,500
6,900
6,792
8,316
59,000
—
—
—
$ 52,215
—
—
—
$ 55,215
4.25 (4)
8,100
8,100
$ 67,100
(1) Amounts per share are calculated based on the number of preferred shares outstanding either at the end of each
year or as of conversion, redemption or repurchase date, as noted.
(2) Amount per share is based on 134 shares outstanding for the entire period. 12 shares were repurchased in June 2009
and received $6,509 in dividends through the date of purchase.
(3) Amount per share is based on 146 shares outstanding for the entire period. 54 shares were repurchased in
September 2008 and received $17,980 in dividends through the date of purchase.
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(4) For the period from January 1, 2007, to the date of redemption.
Common Stock
In December 2008, October 2008, July 2008 and December 2007, in connection with the Aimco Operating
Partnership’s special distributions discussed in Note 10, our 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 our 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 Common Stock.
The table below summarizes information regarding these special dividends.
Aimco Special Dividends
Dividend per share
Outstanding shares of Common Stock on
the record date
Total dividend
Portion of dividend paid in cash
Portion of dividend paid through issuance
of shares
Shares issued pursuant to dividend
Average share price on determination date
Amounts after elimination of the effects of
shares of Common Stock held by
consolidated subsidiaries:
Outstanding shares of Common Stock on
the record date
Total dividend
Portion of dividend paid in cash
Portion of dividend paid through issuance
January 2009
Special
Dividend
December 2008
Special
Dividend
August 2008
Special
Dividend
January 2008
Special
Dividend
$
2.08
$
1.80
$
3.00
$
2.51
101,169,951
$ 210.4 million
$ 60.6 million
88,650,980
$ 159.6 million
$ 53.2 million
85,619,144
$ 256.9 million
$ 51.4 million
92,795,891
$ 232.9 million
$ 55.0 million
$ 149.8 million
15,627,330
9.58
$
$ 106.4 million
12,572,267
8.46
$
$ 205.5 million
5,731,310
35.84
$
$ 177.9 million
4,594,074
38.71
$
100,642,817
$ 209.3 million
$ 60.3 million
88,186,456
$ 158.7 million
$ 52.9 million
85,182,665
$ 255.5 million
$ 51.1 million
92,379,751
$ 231.9 million
$ 54.8 million
of shares
Shares issued pursuant to dividend
$ 149.0 million
15,548,996
$ 105.8 million
12,509,657
$ 204.4 million
5,703,265
$ 177.1 million
4,573,735
As discussed in Note 2, during December 2009, we adopted the provisions of ASU 2010-01, which relate to
accounting for dividends with components of cash and stock. In prior periods, we treated the shares of stock issued in
our special dividends similar to stock dividends, with a reclassification within consolidated equity at the beginning of
the earliest period presented. In connection with our adoption of ASU 2010-01, we retrospectively adjusted our
consolidated balance sheet at December 31, 2008, by increasing accrued liabilities and other by $149.0 million,
representing the portion of our special dividend declared in December 2008 that was paid in January 2009 through the
issuance of common stock.
During 2008, we issued approximately 17,000 shares of 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
totaling $0.6 million. No shares were issued under similar arrangements during 2009. 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%. Total
payments in 2009 and 2008 on all notes from officers were $0.8 million and $1.5 million, respectively. In 2009 and 2008, we
reacquired approximately 94,000 and 31,000 shares of Common Stock from officers in exchange for the cancellation of
related notes totaling $1.5 million and $1.0 million, respectively.
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In addition, in 2009 and 2008, we issued approximately 378,000 and 225,000 restricted shares of Common Stock,
respectively, to certain officers and employees. The restricted stock was recorded at the fair market value of the
Common Stock on the date of issuance. These shares of restricted Common Stock may not be sold, assigned,
transferred, pledged, hypothecated or otherwise disposed of and are subject to a risk of forfeiture prior to the expiration
of the applicable vesting period (ratably over a period of four years).
In 2008 and 2007, we purchased in the open market approximately 13.9 million and 7.5 million shares of Common
Stock, respectively, at an average price per share of approximately $34.02 and $43.70, respectively. During 2009, we did
not repurchase any shares of Common Stock on the open market.
Registration Statements
We and the Aimco Operating Partnership have a shelf registration statement that provides for the issuance of debt
and equity securities by Aimco and debt securities by the Aimco Operating Partnership.
NOTE 12 — Share-Based Compensation and Employee Benefit Plans
Stock Award and Incentive Plan
We adopted the Apartment Investment and Management Company 1997 Stock Award and Incentive Plan, or the
1997 Plan, to attract and retain officers, key employees and independent directors. The 1997 Plan reserved for issuance a
maximum of 20 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 1997 Plan. The 1997 Plan expired on April 24, 2007. On
April 30, 2007, the 2007 Stock Award and Incentive Plan, or the 2007 Plan, was approved as successor to the 1997 Plan.
The 2007 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 2007 Plan.
Pursuant to the anti-dilution provisions of the 2007 Plan, the number of shares reserved for issuance has been adjusted
to reflect the special dividends discussed in Note 11. At December 31, 2009 there were approximately 1.7 million shares
available to be granted under the 2007 Plan. The 2007 Plan is administered by the Compensation and Human Resources
Committee of the 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 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. We
generally issue new shares upon exercise of options. Restricted stock awards typically vest over a period of three to
five years.
Refer to Stock-Based Compensation in 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. For options granted in 2009 and 2008, the expected term of the options was
based on historical option exercises and post-vesting terminations. For options granted in 2007, the expected term of the
options reflects the average of the vesting period and the contractual term for the options, with the exception of a grant
of approximately 0.6 million options to an executive during 2007, for which the expected term used was equal to the
vesting period of five years. Expected volatility reflects the historical volatility of our 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 our Common Stock during the
expected term of the option and the risk-free interest rate reflects the annualized yield of a zero
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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, 2009, 2008 and 2007 were as follows:
Weighted average grant-date fair value
Assumptions:
Risk-free interest rate
Expected dividend yield
Expected volatility
Weighted average expected life of options
2009
2008
2007
$
2.47 $
4.34 $
6.28
2.26 %
8.00 %
45.64 %
6.9 years
3.12 %
6.02 %
24.02 %
6.5 years
4.70 %
4.94 %
21.66 %
5.6 years
The following table summarizes activity for our outstanding stock options for the years ended December 31, 2009,
2008 and 2007 (numbers of options in thousands):
2009(1)
2008(1)
2007(1)
Weighted
Average
Weighted
Average
Number Exercise Number Exercise Number Exercise
of Options Price
Weighted
Average
of Options Price
of Options Price
Outstanding at beginning of year
Granted
Exercised
Forfeited
Adjustment to outstanding options pursuant to
special dividends
Outstanding at end of year
Exercisable at end of year
10,344 $
965
—
(2,436 )
31.01
8.92
—
32.03
8,555 $
980
(14 )
(1,423 )
39.57
39.77
37.45
38.75
8,598 $
955
(1,403 )
(26 )
—
8,873 $
6,840 $
n/a
28.22
29.65
2,246
10,344 $
7,221 $
n/a
31.01
29.51
431
8,555 $
6,417 $
39.36
57.25
38.29
37.83
n/a
39.57
37.75
(1) In connection with the 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 our 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
the 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, 2009, had an aggregate intrinsic value of
$5.7 million and a weighted average remaining contractual term of 4.4 years. Options exercisable at December 31, 2008,
had no aggregate intrinsic value and a weighted average remaining contractual term of 5.7 years. No stock options were
exercised during the year ended 2009. The intrinsic value of stock options exercised during the years ended
December 31, 2008 and 2007, was less than $0.1 million and $28.9 million, respectively. We may realize tax benefits in
connection with the exercise of options by employees of our taxable subsidiaries. As no stock options were exercised
during the year ended December 31, 2009, we realized no related tax benefits.
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The following table summarizes activity for restricted stock awards for the years ended December 31, 2009, 2008
and 2007 (numbers of shares in thousands):
2009
Weighted
Average
2007
Weighted
Average
Number of Grant-Date Number of Grant-Date Number of Grant-Date
Fair Value
Shares
2008
Weighted
Average
Fair Value Shares
Fair Value Shares
Unvested at beginning of year
Granted
Vested
Forfeited
Issued pursuant to special dividends(1)
Unvested at end of year
893 $
378
(418 )
(533 )
138
458 $
40.33
8.92
34.42
28.57
9.58
24.23
960 $
248
(377 )
(128 )
190
893 $
46.08
39.85
43.45
46.85
22.51
40.33
1,088 $
308
(387 )
(49 )
—
960 $
40.11
60.13
40.31
47.43
—
46.08
(1) This represents shares of restricted stock issued to holders of restricted stock pursuant to the special dividends
discussed in Note 11. The weighted average grant-date fair value for these shares represents the price of our stock
on the determination date for each dividend. The issuance of the additional shares of restricted stock resulted in no
incremental compensation expense.
The aggregate fair value of shares that vested during the years ended December 31, 2009, 2008 and 2007 was
$3.1 million, $16.5 million and $19.5 million, respectively.
Total compensation cost recognized for restricted stock and stock option awards was $8.0 million, $17.6 million and
$19.2 million for the years ended December 31, 2009, 2008 and 2007, respectively. Of these amounts, $1.3 million,
$3.8 million and $4.3 million, respectively, were capitalized. At December 31, 2009, total unvested compensation cost not
yet recognized was $10.1 million. We expect to recognize this compensation over a weighted average period of
approximately 1.5 years.
Employee Stock Purchase Plan
Under the terms of our employee stock purchase plan, eligible employees may authorize payroll deductions up to
15% of their base compensation to purchase shares of our 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 2009, 2008 and 2007, 20,076, 8,926
and 3,751 shares were purchased under this plan at an average price of $8.82, $23.86 and $44.67, respectively. No
compensation cost is recognized in connection with this plan.
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 years ended December 31, 2008 and 2007, our matching contributions were made in the following manner:
(1) a 100% match on the first 3% of the participant’s compensation; and (2) a 50% match on the next 2% of the
participant’s 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 approximately $0.6 million, $5.2 million and $5.2 million in 2009, 2008 and 2007, respectively.
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 income
under the heading “income from discontinued operations, net.” This treatment resulted in the retrospective adjustment
of 2008 and 2007 financial statement amounts.
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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, 2009 and 2008, we had four and 93 properties, with an aggregate of 845 and 23,348 units, classified as held
for sale, respectively. Amounts classified as held for sale in the accompanying consolidated balance sheets are as
follows (in thousands):
Real estate, net
Other assets
Assets held for sale
Property debt
Other liabilities
Liabilities related to assets held for sale
December 31, December 31,
2009
2008
$
$
$
$
32,773 $
953
33,726 $
29,177 $
1,226
30,403 $
1,059,362
14,477
1,073,839
759,327
12,551
771,878
During the years ended December 31, 2009, 2008 and 2007, we sold 89, 151 and 73 consolidated properties with an
aggregate 22,503, 37,202 and 11,588 units, respectively. For the years ended December 31, 2009, 2008 and 2007,
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 December 31, 2009.
The following is a summary of the components of income from discontinued operations for the years ended
December 31, 2009, 2008 and 2007 (in thousands):
Rental and other property revenues
Property operating expenses
Depreciation and amortization
Provision for operating real estate impairment losses
Other expenses, net
Operating (loss) income
Interest income
Interest expense
Gain on extinguishment of debt
(Loss) income before gain on dispositions of real estate and income taxes
Gain on dispositions of real estate
Income tax benefit (expense)
Income from discontinued operations, net
Income from discontinued operation attributable to:
Noncontrolling interests in consolidated real estate partnerships
Noncontrolling interests in Aimco Operating Partnership
Total noncontrolling interests
Aimco
2009
2008
2007
$ 152,812
(77,267 )
(51,155 )
(54,530 )
(9,750 )
(39,890 )
112
(30,592 )
259
(70,111 )
221,793
555
$ 152,237
$ 463,232
(228,423 )
(122,549 )
(27,420 )
(12,892 )
71,948
1,747
(89,356 )
—
(15,661 )
800,335
(39,794 )
$ 744,880
$ 599,183
(295,741 )
(152,446 )
(5,430 )
(7,550 )
138,016
3,747
(117,268 )
31,597
56,092
117,627
(2,104 )
$ 171,615
$ (60,008 )
(6,891 )
(66,899 )
$ 85,338
$ (149,383 )
(57,732 )
(207,115 )
$ 537,765
$ (68,360 )
(9,592 )
(77,952 )
$ 93,663
Gain on dispositions of real estate is reported net of incremental direct costs incurred in connection with the
transaction, including any prepayment penalties incurred upon repayment of property loans collateralized by the
F-46
Table of Contents
property being sold. Such prepayment penalties totaled $29.0 million, $64.9 million and $12.6 million for the years ended
December 31, 2009, 2008 and 2007, 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 year ended December 31, 2009, we allocated $10.1 million of goodwill related to our real estate segment to the
carrying amounts of the properties sold or classified as held for sale. Of these amounts, $8.7 million was reflected as a
reduction of gain on dispositions of real estate and $1.4 million was reflected as an adjustment of impairment losses.
NOTE 14 — Earnings per Share
We calculate earnings per share based on the weighted average number of shares of Common Stock, participating
securities, common stock equivalents and dilutive convertible securities outstanding during the period. The following
table illustrates the calculation of basic and diluted earnings per share for the years ended December 31, 2009, 2008 and
2007 (in thousands, except per share data):
Numerator:
Loss from continuing operations
Loss (income) from continuing operations attributable to noncontrolling interests 47,425
(50,566 )
Income attributable to preferred stockholders
Income attributable to participating securities
—
Loss from continuing operations attributable to Aimco common stockholders
$ (197,037 ) $ (117,878 )
(7,880 )
(53,708 )
(6,985 )
$ (200,178 ) $ (186,451 )
$ (46,109 )
(17,643 )
(66,016 )
(4,481 )
$ (134,249 )
2009
2008
2007
Income from discontinued operations
Income from discontinued operations attributable to noncontrolling interests
Income from discontinued operations attributable to Aimco common
stockholders
Net (loss) income
Net income attributable to noncontrolling interests
Income attributable to preferred stockholders
Income attributable to participating securities
Net (loss) income attributable to Aimco common stockholders
Denominator:
Denominator for basic earnings per share — weighted average number of shares
of Common Stock outstanding
Effect of dilutive securities:
Dilutive potential common shares
Denominator for diluted earnings per share
$ 152,237 $ 744,880
(207,115 )
(66,899 )
$ 171,615
(77,952 )
$ 85,338 $ 537,765
$ 93,663
$ (44,800 ) $ 627,002
(214,995 )
(19,474 )
(53,708 )
(50,566 )
(6,985 )
—
$ (114,840 ) $ 351,314
$ 125,506
(95,595 )
(66,016 )
(4,481 )
$ (40,586 )
114,301
88,690
95,107
—
114,301
—
88,690
—
95,107
Earnings (loss) per common share — basic and diluted:
Loss from continuing operations attributable to Aimco common stockholders $
Income from discontinued operations attributable to Aimco common
(1.75 ) $
(2.10 )
$
(1.41 )
stockholders
Net (loss) income attributable to Aimco common stockholders
0.75
(1.00 ) $
6.06
3.96
$
0.98
(0.43 )
$
F-47
Table of Contents
As discussed in Note 2, earnings (loss) per common share for the years ended December 31, 2008 and 2007 have
been retroactively adjusted for the effect of our adoption of FSP EITF 03-6-1 and FASB ASU 2010-01.
As of December 31, 2009, 2008 and 2007, the common share equivalents that could potentially dilute basic earnings
per share in future periods totaled 8.9 million, 9.2 million and 8.1 million, respectively. These securities, representing
stock options, have been excluded from the earnings per share computations for the years ended December 31, 2009,
2008 and 2007, because their effect would have been anti-dilutive.
Participating securities, consisting of unvested restricted stock and shares purchased pursuant to officer loans,
receive dividends similar to shares of Common Stock and totaled 0.5 million, 1.0 million and 1.2 million at December 31,
2009, 2008 and 2007, respectively. The effect of participating securities is reflected in basic and diluted earnings per
share computations for the periods presented above using the two-class method of allocating distributed and
undistributed earnings. During the year ended December 31, 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 2009
were reduced to zero for purposes of calculating earnings per share using the two-class method.
As discussed in Note 10, the Aimco Operating Partnership has various classes of preferred OP units, which may be
redeemed at the holders’ option. The Aimco Operating Partnership may redeem these units for cash or at its option,
shares of Common Stock. During the periods presented, no common share equivalents related to these preferred OP
units have been included in earnings per share computations because their effect was antidilutive.
NOTE 15 — Unaudited Summarized Consolidated Quarterly Information
Summarized unaudited consolidated quarterly information for 2009 and 2008 is provided below (in thousands,
except per share amounts).
2009
Total revenues
Total operating expenses
Operating income
Loss from continuing operations
Income from discontinued operations, net
Net (loss) income
Loss attributable to Aimco common stockholders
Loss per common share — basic and diluted:
Loss from continuing operations attributable to Aimco common
stockholders
Net loss attributable to Aimco common stockholders
Weighted average common shares outstanding(2)
Weighted average common shares and common share equivalents
First
Second
Third
Fourth
Quarter(1)
$ 297,501 $ 299,059 $ 296,396 $ 302,807
(277,984 )
(265,851 )
24,823
31,650
(63,546 )
(35,344 )
68,502
2,773
4,956
(32,571 )
(6,728 )
(37,698 )
(276,891 )
19,505
(54,659 )
45,102
(9,557 )
(40,490 )
(264,524 )
34,535
(43,488 )
35,860
(7,628 )
(29,924 )
(0.33 ) $
(0.34 ) $
$
$
110,262
(0.39 ) $
(0.26 ) $
(0.46 ) $
(0.34 ) $
115,510
115,563
(0.57 )
(0.06 )
115,871
outstanding(2)
110,262
115,510
115,563
115,871
F-48
Table of Contents
2008
First
Second
Third
Fourth
Quarter(1)
Total revenues
Total operating expenses(3)
Operating income (loss)(3)
(Loss) income from continuing operations(3)
Income from discontinued operations, net
Net (loss) income
Net (loss) income attributable to Aimco common stockholders
Earnings (loss) per common share — basic and diluted:
(Loss) income from continuing operations attributable to Aimco
common stockholders
Net (loss) income attributable to Aimco common stockholders
Weighted average common shares outstanding(2)
Weighted average common shares and common share equivalents
$ 296,362 $ 321,278 $ 321,274 $ 304,256
(389,476 )
(258,269 )
(85,220 )
38,093
(140,726 )
(33,247 )
211,045
9,587
70,319
(23,660 )
(9,898 )
(38,857 )
(273,586 )
47,688
75,722
161,667
237,389
158,313
(263,740 )
57,538
(19,627 )
362,581
342,954
239,119
(0.49 ) $
(0.43 ) $
$
$
89,465
(0.48 ) $
2.72 $
87,790
85,992
0.56 $
1.84 $
(1.60 )
(0.11 )
91,515
outstanding(2)
89,465
87,790
86,297
91,515
(1) Certain reclassifications have been made to 2009 and 2008 quarterly amounts to conform to the full year 2009
presentation, primarily related to treatment of discontinued operations and newly adopted accounting standards
(see Note 2).
(2) As discussed in Note 2, in December 2009, we adopted the provisions of ASU 2010-01, which resulted in reductions
in the number of weighted average common shares and common share equivalents outstanding, as compared to the
amounts previously reported.
(3) Total operating expenses, operating income (loss) and (loss) income from continuing operations for the quarter
ended December 31, 2008, includes a $91.1 million provision for impairment losses on real estate development assets,
which is discussed further in Note 2.
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, 2009, 2008 and 2007 totaled $18.5 million, $72.5 million and
$42.1 million, respectively. The total accounts receivable due from affiliates was $23.7 million, net of allowance for
doubtful accounts of $3.4 million, at December 31, 2009, and $39.0 million, net of allowance for doubtful accounts of
$2.8 million, at December 31, 2008.
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, 2009 and 2008, we did not
recognize a significant amount of interest income on par value notes from unconsolidated real estate partnerships.
Interest income earned on par value notes from unconsolidated real estate partnerships totaled $8.1 million for the year
ended December 31, 2007. Accretion income recognized on discounted notes from affiliated real estate partnerships
totaled $0.1 million, $1.4 million and $8.1 million for the years ended December 31, 2009, 2008 and 2007, respectively. See
Note 5 for additional information on notes receivable from unconsolidated real estate partnerships.
F-49
Table of Contents
NOTE 17 — Business Segments
Our chief operating decision maker uses various generally accepted industry financial measures to assess the
performance and financial conditions of the business, including: Net Asset Value, which is the estimated fair value of
our assets, net of debt, or NAV; Funds From Operations, or FFO; Adjusted FFO, or AFFO, which is FFO less spending
for Capital Replacements; same store property operating results; net operating income; Free Cash Flow which is net
operating income less spending for Capital Replacements; financial coverage ratios; and leverage as shown on our
balance sheet. Our chief operating decision maker emphasizes net operating income as a key measurement of segment
profit or loss. Segment net operating income is generally defined as segment revenues less direct segment operating
expenses.
We have two reportable segments: real estate and investment management.
Real Estate Segment
Our real estate segment owns and operates properties that generate rental and other property-related income
through the leasing of apartment units to a diverse base of residents. Our real estate segment’s net operating income
also includes income from property management services performed for unconsolidated partnerships and unrelated
parties.
Investment Management Segment
Our investment management segment includes portfolio strategy, capital allocation, joint ventures, tax credit
syndication, acquisitions, dispositions and other transaction activities. The expenses of this segment consist primarily
of the costs of departments that perform these activities. These activities are conducted in part by our taxable
subsidiaries, and the related net operating income may be subject to income taxes. Our investment management
segment’s operating results also include gains on dispositions of non-depreciable assets, accretion of loan discounts
resulting from transactional activities and certain other income in arriving at income (loss) from continuing operations
for the segment.
The following tables present the revenues, net operating income (loss) and income (loss) from continuing
operations of our real estate and investment management segments for the years ended December 31, 2009, 2008 and
2007 (in thousands):
Corporate
Not Allocated
Investment to Segments
Real Estate Management and Certain
Eliminations
Segment
Segment
Total
Year Ended December 31, 2009:
Rental and other property revenues
Property management revenues, primarily from affiliates
Asset management and tax credit revenues
Total revenues
Property operating expenses
Property management expenses
Investment management expenses
Depreciation and amortization(1)
Provision for operating real estate impairment losses
General and administrative expenses
Other expenses, net
Restructuring costs
Total operating expenses
Net operating income (loss)
Other items included in continuing operations(2)
$ 1,140,828 $
5,082
—
1,145,910
521,161
2,869
—
—
—
—
—
—
524,030
621,880
—
Income (loss) from continuing operations
$ 621,880 $
— $
—
52,193
52,193
—
—
15,779
—
—
—
—
—
15,779
36,414
1,659
38,073 $
— $ 1,140,828
5,082
—
49,853
(2,340 )
1,195,763
(2,340 )
521,161
—
2,869
—
15,779
—
444,413
444,413
2,329
2,329
69,567
69,567
17,891
17,891
11,241
11,241
1,085,250
545,441
(547,781 )
110,513
(307,550 )
(309,209 )
(856,990 ) $ (197,037 )
F-50
Table of Contents
Corporate
Not Allocated to
Investment Segments and
Real Estate Management
Segment
Segment
Certain
Eliminations
Total
Year Ended December 31, 2008:
Rental and other property revenues
Property management revenues, primarily from affiliates
Asset management and tax credit revenues
Total revenues
Property operating expenses
Property management expenses
Investment management expenses
Depreciation and amortization(1)
Provision for impairment losses on real estate development
$ 1,137,995 $
6,345
—
1,144,340
526,238
5,385
—
—
assets
General and administrative expenses
Other expenses, net
Restructuring costs
Total operating expenses
Net operating income (loss)
Other items included in continuing operations(2)
—
—
—
—
531,623
612,717
—
Income (loss) from continuing operations
$ 612,717 $
— $
—
101,225
101,225
—
—
24,784
—
—
—
—
—
24,784
76,441
(2,227 )
74,214 $
— $ 1,137,995
6,345
—
98,830
(2,395 )
1,243,170
(2,395 )
526,238
—
5,385
—
24,784
—
392,999
392,999
91,138
91,138
99,157
99,157
22,568
22,568
22,802
22,802
628,664
1,185,071
(631,059 )
58,099
(175,977 )
(173,750 )
(804,809 ) $ (117,878 )
Investment Corporate
Real Estate Management Not Allocated
to Segments
Segment
Segment
Total
Year Ended December 31, 2007:
Rental and other property revenues
Property management revenues, primarily from affiliates
Asset management and tax credit revenues
Total revenues
Property operating expenses
Property management expenses
Investment management expenses
Depreciation and amortization(1)
Provision for operating real estate impairment losses
General and administrative expenses
Other expenses, net
Total operating expenses
Net operating income (loss)
Other items included in continuing operations(2)
$ 1,093,779 $
6,923
—
1,100,702
503,890
6,678
—
—
—
—
—
510,568
590,134
—
Income (loss) from continuing operations
$ 590,134 $
— $
—
73,755
73,755
—
—
20,507
—
—
—
—
20,507
53,248
7,305
60,553 $
— $ 1,093,779
6,923
—
73,755
—
1,174,457
—
503,890
—
6,678
—
20,507
—
347,491
347,491
1,080
1,080
90,674
90,674
19,338
19,338
989,658
458,583
184,799
(458,583 )
(230,908 )
(238,213 )
(46,109 )
(696,796 ) $
F-51
Table of Contents
(1) Our chief operating decision maker assesses the performance of real estate using, among other measures, net
operating income, excluding depreciation and amortization. Accordingly, we do not allocate depreciation and
amortization to the real estate segment.
(2) Other items in continuing operations for the investment management segment include accretion income recognized
on discounted notes receivable, other income items and income taxes associated with transactional activities. Other
items in continuing operations not allocated to segments include: (i) interest income and expense; (ii) provisions for
losses on notes receivable; (iii) equity in losses of unconsolidated real estate partnerships and impairment losses
related to unconsolidated real estate partnerships; and (iv) gain on dispositions of unconsolidated real estate and
other.
During the years ended December 31, 2009, 2008 and 2007, for continuing operations, our rental revenues include
$140.3 million, $132.3 million and $121.4 million, respectively, of subsidies from government agencies, which represented
12.2%, 11.6% and 11.0%, respectively, of our real estate segment revenues.
The assets of our reportable segments are as follows (in thousands):
Total assets for reportable segments(1)
Corporate and other assets
Total consolidated assets
2009
2008
$ 7,683,449
223,019
$ 7,906,468
$ 9,074,131
367,739
$ 9,441,870
(1) Total assets for reportable segments primarily relate to the real estate segment.
Our capital additions primarily relate to the real estate segment and totaled $275.4 million, $665.2 million and
$689.7 million for the years ended December 31, 2009, 2008 and 2007, respectively.
F-52
Table of Contents
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2009
(In Thousands Except Unit Data)
(2)
Initial Cost
Property Name
Property
Type
(1)
Date
Consolidated
Location
(3)
Cost
Capitalized
Buildings and Subsequent to
Year Number
Built of Units Land Improvements Consolidation Land Improvements Total
Buildings and
(5)
December 31, 2009
Total
Accumulated Cost
Depreciation Net of
AD
(AD)
Encumbrances
Continuing Operations:
Conventional Properties:
100 Forest Place
1582 First Avenue
173 E. 90th Street
182-188 Columbus
High Rise Dec-97
High Rise Mar-05
High Rise May-04
OakPark, IL
New York, NY
New York, NY
1987
1900
1910
234 2,664
17 4,250
72 11,773
18,815
752
4,535
4,493 2,664
224 4,281
1,445 12,067
23,308 25,972
945 5,226
5,686 17,753
(8,692 ) 17,280
(249 ) 4,977
(1,365 ) 16,388
27,761
2,671
8,772
Avenue
Mid Rise Feb-07
New York, NY
1910
32 17,187
3,300
3,690 19,123
5,054 24,177
(992 ) 23,185
13,471
204-206 West 133rd
Street
Mid Rise Jun-07
New York, NY
1910
44 3,291
1,450
1,921 4,352
2,310 6,662
(303 ) 6,359
3,132
2232-2240 Seventh
Avenue
Mid Rise Jun-07
New York, NY
1910
24 2,863
3,785
1,477 3,366
4,759 8,125
(517 ) 7,608
2,972
2247-2253 Seventh
Avenue
Mid Rise Jun-07
New York, NY
1910
35 6,787
3,335
1,464 7,356
4,230 11,586
(586 ) 11,000
5,483
2252-2258 Seventh
Avenue
Mid Rise Jun-07
New York, NY
1910
35 3,623
4,504
1,814 4,318
5,623 9,941
(772 ) 9,169
5,125
2300-2310 Seventh
Avenue
236 — 238 East
88th Street
237-239 Ninth Avenue
240 West 73rd Street,
Mid Rise Jun-07
New York, NY
1910
63 8,623
6,964
5,260 10,417
10,430 20,847
(1,441 ) 19,406
9,896
High Rise Jan-04
High Rise Mar-05
New York, NY
New York, NY
1900
1900
43 8,751
36 8,430
2,914
1,866
1,295 8,820
770 8,494
4,140 12,960
2,572 11,066
(1,155 ) 11,805
(614 ) 10,452
LLC
High Rise Sep-04
2484 Seventh Avenue
Mid Rise Jun-07
2900 on First Apartments Mid Rise Oct-08
306 East 89th Street
High Rise Jul-04
311 & 313 East 73rd
New York, NY
New York, NY
Seattle, WA
New York, NY
1900
1921
1989
1930
200 68,006
23 2,384
135 19,015
20 2,659
Street
322-324 East 61st Street
3400 Avenue of the Arts
452 East 78th Street
464-466 Amsterdam &
Mid Rise Mar-03
High Rise Mar-05
Mid Rise Mar-02
High Rise Jan-04
New York, NY
New York, NY
Costa Mesa, CA
New York, NY
1904
1900
1987
1900
34 5,635
40 6,319
770 55,223
12 1,966
200-210 W. 83rd Street Mid Rise Feb-07
510 East 88th Street
High Rise Jan-04
514-516 East 88th Street High Rise Mar-05
656 St. Nicholas Avenue Mid Rise Jun-07
759 St. Nicholas Avenue Mid Rise Oct-07
Jul-00
865 Bellevue
Garden
Arbors (Grovetree), The Garden
Oct-97
Arbours Of Hermitage,
The
Atriums of Plantation
Auburn Glen
BaLaye
Bank Lofts
Bay Parc Plaza
Bay Ridge at Nashua
Bayberry Hill Estates
Bayhead Village
Boston Lofts
Boulder Creek
Brandywine
Breakers, The
Broadcast Center
Buena Vista
Jul-00
Garden
Mid Rise Aug-98
Dec-06
Garden
Garden
Apr-06
High Rise Apr-01
High Rise Sep-04
Jan-03
Garden
Garden
Aug-02
Oct-00
Garden
High Rise Apr-01
Jul-94
Garden
Jul-94
Garden
Oct-98
Garden
Garden
Mar-02
Mid Rise Jan-06
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
Nashville, TN
Tempe, AZ
1910
1900
1900
1920
1920
1972
1967
1972
Hermitage, TN
1979
Plantation, FL
1974
Jacksonville, FL
2002
Tampa, FL
1920
Denver, CO
2000
Miami, FL
Nashua, NH
1984
Framingham, MA 1971
1978
Indianapolis, IN
1890
Denver, CO
Boulder, CO
1972
St. Petersburg, FL 1971
Daytona Beach,
FL
1985
Los Angeles, CA 1990
1973
Pasadena, CA
72 23,677
20 3,137
36 6,230
31 2,731
682
9
326 3,558
200 1,092
350 3,217
210 1,807
251 7,483
324 10,329
117 3,525
471 22,680
412 3,352
424 18,915
202 1,411
158 3,447
221
755
477 1,437
208 1,008
279 27,603
92 9,693
12,140
1,726
17,518
1,006
1,609
2,224
65,506
608
7,101
1,002
2,168
1,636
535
12,037
6,208
12,023
10,385
8,191
28,800
9,045
41,847
40,713
35,945
5,139
20,589
7,730
12,725
5,507
41,244
6,818
3,563 68,109
468 2,601
330 19,071
167 2,681
15,600 83,709
1,977 4,578
17,792 36,863
1,151 3,832
(2,827 ) 80,882
(243 ) 4,335
(860 ) 36,003
(350 ) 3,482
546 5,678
681 6,372
73,301 57,240
278 1,982
2,112 7,790
2,852 9,224
136,790 194,030
870 2,852
(940 ) 6,850
(707 ) 8,517
(31,750 ) 162,280
(242 ) 2,610
3,881 25,552
278 3,163
556 6,282
2,774 3,576
587 1,013
27,055 3,558
2,940 1,092
6,795 3,217
2,833 1,807
3,202 7,670
969 10,608
1,668 3,525
4,097 22,680
6,895 3,262
8,744 18,916
3,482 1,411
3,188 3,447
17,156
755
8,763 1,437
9,107 34,659
1,254 4,417
2,672 8,954
3,565 7,141
791 1,804
39,092 42,650
9,148 10,240
18,818 22,035
13,218 15,025
11,206 18,876
29,490 40,098
10,713 14,238
45,944 68,624
47,698 50,960
44,688 63,604
8,621 10,032
23,777 27,224
24,886 25,641
21,488 22,925
(1,241 ) 33,418
(307 ) 4,110
(618 ) 8,336
(467 ) 6,674
(84 ) 1,720
(11,840 ) 30,810
(4,038 ) 6,202
(8,527 ) 13,508
(5,151 ) 9,874
(2,098 ) 16,778
(4,187 ) 35,911
(4,668 ) 9,570
(6,612 ) 62,012
(10,541 ) 40,419
(14,036 ) 49,568
(3,400 ) 6,632
(9,855 ) 17,369
(11,913 ) 13,728
(13,782 ) 9,143
3,257 1,008
29,066 29,407
1,126 9,693
8,764 9,772
68,506 97,913
7,944 17,637
(3,856 ) 5,916
(15,963 ) 81,950
(768 ) 16,869
F-53
6,879
5,227
30,286
2,472
20,719
1,908
2,761
3,691
119,869
1,600
19,679
2,634
4,607
2,374
545
19,184
6,743
10,258
5,780
9,912
23,012
7,242
46,294
40,766
35,250
2,728
14,559
12,031
21,124
6,378
55,875
10,607
Table of Contents
Property Name
Property
Type
(1)
Date
Consolidated
Location
(2)
Initial Cost
(3)
Cost
Capitalized
Buildings and Subsequent to
Year Number
Built of Units Land Improvements Consolidation Land Improvements Total
Buildings and
(5)
December 31, 2009
Total
Accumulated Cost
Depreciation Net of
AD
(AD)
Encumbrances
130 15,382
348
60
10,215
957
14,817 15,765
348
392
24,649 40,414
1,349 1,697
(9,223 ) 31,191
484
(1,213 )
Garden
Mar-01
High Rise Dec-98
Dec-99
Garden
Mar-02
Garden
Jul-00
Garden
Burke, VA
1986
Minneapolis, MN 1928
1979
Fort Wayne, IN
Saugus, CA
1984
East Lansing, MI 1972
360 4,867
332 11,708
1,988 13,659
130 7,300
143 1,957
Burke Shire Commons
Calhoun Beach Club
Canterbury Green
Canyon Terrace
Carriage Hill
Casa del Mar at
Baymeadows
Oct-06
Garden
Garden
Apr-00
Cedar Rim
High Rise Oct-99
Center Square
Sep-00
Garden
Charleston Landing
Sep-00
Chesapeake Landing I
Garden
Mar-01
Chesapeake Landing II Garden
High Rise Oct-06
Chestnut Hall
Chestnut Hill
Apr-00
Garden
Chimneys of Cradle
Rock
Citrus Grove
Colonnade Gardens
Colony at Kenilworth
Columbus Avenue
Country Lakes I
Country Lakes II
Creekside
Creekside
Crescent at West
Hollywood, The
Defoors Crossing
Douglaston Villas and
Townhomes
Elm Creek
Evanston Place
Fairlane East
Farmingdale
Ferntree
Fisherman’s Village
Fishermans Wharf
Flamingo Towers
Jun-04
Garden
Jun-98
Garden
Oct-97
Garden
Garden
Oct-99
Mid Rise Sep-03
Apr-01
Garden
May-97
Garden
Jan-00
Garden
Mar-02
Garden
Mid Rise Mar-02
Jan-06
Garden
Garden
Aug-99
Mid Rise Dec-97
High Rise Dec-97
Garden
Jan-01
Mid Rise Oct-00
Mar-01
Garden
Jan-06
Garden
Garden
Nov-96
High Rise Sep-97
Forestlake Apartments
Four Quarters Habitat
Foxchase
Georgetown
Garden
Garden
Garden
Garden
Mar-07
Jan-06
Dec-97
Aug-02
Mar-07
Garden
Garden
Sep-03
Mid Rise Aug-02
Dec-99
Garden
Jul-94
Garden
Glen at Forestlake, The
Glenbridge Manors
Granada
Grand Pointe
Greens
Greenspoint at Paradise
Valley
Hampden Heights
Harbour, The
Heritage Park at Alta
1984
Jacksonville, FL
Newcastle, WA
1980
Doylestown, PA 1975
1985
Brandon, FL
1986
Aurora, IL
Aurora, IL
1987
Philadelphia, PA 1923
Philadelphia, PA 1963
1982
1987
1979
Columbia, MD
1985
Redlands, CA
1973
Phoenix, AZ
1966
Towson, MD
1880
New York, NY
1982
Naperville, IL
1986
Naperville, IL
Denver, CO
1974
Simi Valley, CA 1985
West Hollywood,
CA
Atlanta, GA
Altamonte
1979
Springs, FL
1986
Elmhurst, IL
1988
Evanston, IL
1973
Dearborn, MI
1975
Darien, IL
1968
Phoenix, AZ
1982
Indianapolis, IN
Clute, TX
1981
Miami Beach, FL 1960
Daytona Beach,
1982
FL
1976
Miami, FL
1947
Alexandria, VA
Framingham, MA 1964
Daytona Beach,
1982
FL
Cincinnati, OH
1978
Framingham, MA 1958
1974
Columbia, MD
2000
Chandler, AZ
144 4,902
761
104
350
582
300 7,488
416 15,800
184 1,969
315 12,047
821 6,463
198 2,234
198 1,118
196
766
383 2,403
59 35,472
240 8,512
400 5,165
328 2,953
397 24,595
234 1,666
372 5,534
189 3,232
244 6,550
240 11,763
219 2,078
328 2,156
360 1,257
1,127 32,191
120 3,691
336 2,383
2,113 15,419
207 12,351
897
26
274 1,030
72 4,577
325 2,715
324 2,303
Garden
Garden
Garden
Jan-00
Jan-00
Mar-01
Phoenix, AZ
Denver, CO
Melbourne, FL
1985
1973
1987
336 3,042
376 3,224
162 4,108
Loma
Garden
Heritage Park Escondido Garden
Heritage Park
Livermore
Garden
Heritage Park Montclair Garden
Jan-01
Oct-00
Alta Loma, CA
Escondido, CA
1986
1986
232 1,200
196 1,055
Oct-00
Mar-01
Livermore, CA
Montclair, CA
1988
1985
167 1,039
690
144
F-54
23,617
73,334
73,115
6,602
7,912
10,562
5,218
4,190
8,656
16,875
7,980
14,299
49,315
8,107
6,642
4,346
18,798
9,450
10,832
29,430
12,697
18,818
3,860 4,867
45,743 11,708
25,704 13,659
5,909 7,508
2,053 1,957
27,477 32,344
119,077 130,785
98,819 112,478
12,303 19,811
9,965 11,922
(10,304 ) 22,040
(40,408 ) 90,377
(45,994 ) 66,484
(3,593 ) 16,218
(5,434 ) 6,488
1,403 5,039
761
17,174
3,532
582
7,711 7,488
4,931 15,800
3,308 1,969
4,653 12,338
48,996 6,463
578 2,040
2,186 1,118
2,912
766
10,801 2,403
3,599 35,527
3,300 8,512
5,921 5,165
5,028 3,189
6,775 25,245
11,828 16,867
22,392 23,153
7,722 8,304
16,367 23,855
21,806 37,606
11,288 13,257
18,661 30,999
98,311 104,774
8,879 10,919
8,828 9,946
7,258 8,024
29,599 32,002
12,994 48,521
14,132 22,644
35,351 40,516
17,489 20,678
24,943 50,188
(1,752 ) 15,115
(9,405 ) 13,748
(3,104 ) 5,200
(5,745 ) 18,110
(7,748 ) 29,858
(4,730 ) 8,527
(3,996 ) 27,003
(36,814 ) 67,960
(2,284 ) 8,635
(3,983 ) 5,963
(3,615 ) 4,409
(14,784 ) 17,218
(4,970 ) 43,551
(5,213 ) 17,431
(14,200 ) 26,316
(7,788 ) 12,890
(8,109 ) 42,079
9,353
30,830
25,546
11,711
15,174
13,752
9,936
7,584
38,399
4,320
17,199
96,062
13,168
862
17,447
4,058
16,771
713
13,223
12,905
3,563
6,428
7,565
9,170
4,149
7,460 1,666
17,422 5,635
4,398 3,232
5,136 6,550
9,177 11,763
3,195 2,079
2,685 2,156
5,428 1,257
217,720 32,239
16,813 18,479
48,151 53,786
29,944 33,176
16,847 23,397
24,351 36,114
16,946 19,025
12,621 14,777
13,012 14,269
256,071 288,310
(6,381 ) 12,098
(18,347 ) 35,439
(10,325 ) 22,851
(8,610 ) 14,787
(9,406 ) 26,708
(6,327 ) 12,698
(7,059 ) 7,718
(5,704 ) 8,565
(91,197 ) 197,113
496 3,860
14,503 2,379
31,800 15,496
2,091 12,351
4,647 8,507
31,706 34,085
127,785 143,281
15,259 27,610
(623 ) 7,884
(11,365 ) 22,720
(55,566 ) 87,715
(4,535 ) 23,075
182
933
14,108 1,031
854 4,577
5,264 2,715
27,244 2,303
1,008 1,941
31,554 32,585
4,912 9,489
22,035 24,750
27,957 30,260
(125 ) 1,816
(7,012 ) 25,573
(2,043 ) 7,446
(8,144 ) 16,606
(12,346 ) 17,914
12,350 3,042
5,893 3,453
5,774 4,108
25,573 28,615
18,569 22,022
9,337 13,445
(11,541 ) 17,074
(8,681 ) 13,341
(3,026 ) 10,419
3,456 1,200
1,325 1,055
9,884 11,084
8,890 9,945
(3,560 ) 7,524
(4,118 ) 5,827
1,343 1,039
690
1,206
10,513 11,552
5,355 6,045
(4,639 ) 6,913
(1,873 ) 4,172
46,100
49,119
53,200
11,750
5,360
9,434
7,857
15,159
13,101
24,630
10,241
18,690
51,444
16,737
3,261
1,625
24,443
25,826
14,557
24,893
14,359
40,670
24,195
—
10,512
35,154
21,645
10,200
17,732
7,058
6,350
6,930
118,890
4,735
11,698
184,131
12,775
1,039
16,820
4,275
16,987
12,855
16,287
13,830
—
7,264
7,299
7,432
4,620
Table of Contents
Property Name
Property
Type
(1)
Date
Consolidated
Location
(2)
Initial Cost
(3)
Cost
Capitalized
Buildings and Subsequent to
Year Number
Built of Units Land Improvements Consolidation Land Improvements Total
Buildings and
(5)
December 31, 2009
Total
Accumulated Cost
Depreciation Net of
AD
(AD)
Encumbrances
Garden
Garden
Garden
Garden
Heritage Village
Oct-00
Anaheim
Jul-98
Hidden Cove
Jul-07
Hidden Cove II
Hidden Harbour
Oct-02
Highcrest Townhomes Town Home Jan-03
Sep-04
Highland Ridge
Mar-02
Hillcreste
Nov-94
Hillmeade
Homestead
Apr-05
Horizons West
Apartments
Garden
Garden
Garden
Garden
Hunt Club
Hunt Club
Hunter’s Chase
Hunter’s Crossing
Hunters Glen IV
Hunters Glen V
Hunters Glen VI
Hyde Park Tower
Mid Rise
Garden
Garden
Garden
Garden
Garden
Garden
Garden
High Rise
Dec-06
Sep-00
Mar-01
Jan-01
Apr-01
Oct-99
Oct-99
Oct-99
Oct-04
Independence Green
Indian Oaks
Island Club
Garden
Garden
Garden
Jan-06
Mar-02
Oct-00
Garden
High Rise
Garden
Oct-00
Apr-01
Oct-99
Island Club (Beville)
Key Towers
Lakeside
Lakeside at Vinings
Mountain
Lakeside Place
Lamplighter Park
Latrobe
Lazy Hollow
Garden
Garden
Garden
High Rise
Garden
Jan-00
Oct-99
Apr-00
Jan-03
Apr-05
Apr-07
Jan-06
Oct-04
Oct-99
Sep-97
Mar-02
Dec-99
Mar-02
Jul-94
Jan-00
Jul-94
Jul-94
Jun-08
Oct-00
May-98
Jan-00
Mar-01
Jul-06
Garden
Leahy Square
Lewis Park
Garden
Lincoln Place Garden Garden
Lodge at
Chattahoochee, The Garden
Garden
Garden
Los Arboles
Malibu Canyon
Garden
Garden
Garden
High Rise
Garden
Garden
Garden
Garden
Garden
High Rise
Garden
Garden
Maple Bay
Mariners Cove
Meadow Creek
Merrill House
Mesa Royale
Montecito
Monterey Grove
Oak Park Village
Ocean Oaks
One Lytle Place
Pacific Bay Vistas
Pacifica Park
Palazzo at Park
La Brea, The
Palazzo East at Park
La Brea, The
Anaheim, CA
1986
Escondido, CA
1985
Escondido, CA
1986
Melbourne, FL
1985
Woodridge, IL
1968
1984
Atlanta, GA
Century City, CA 1989
Nashville, TN
1985
East Lansing, MI 1986
Pacifica, CA
1970
Gaithersburg, MD 1986
1987
Austin, TX
1985
Midlothian, VA
1967
Leesburg, VA
1976
Plainsboro, NJ
1977
Plainsboro, NJ
1977
Plainsboro, NJ
1990
Chicago, IL
Farmington Hills,
MI
1960
Simi Valley, CA 1986
Oceanside, CA
1986
Daytona Beach,
FL
Alexandria, VA
Lisle, IL
1986
1964
1972
1970
1985
1986
1973
1972
1951
1983
1976
1967
1980
1979
Atlanta, GA
Houston, TX
Bellevue, WA
Washington, DC
Columbia, MD
Redwood City,
CA
Carbondale, IL
Venice, CA
Sandy Springs,
GA
Chandler, AZ
Calabasas, CA
Virginia Beach,
1971
VA
1984
San Diego, CA
Boulder, CO
1972
Falls Church, VA 1962
1985
Mesa, AZ
1985
Austin, TX
1999
San Jose, CA
1973
Lansing, MI
1988
Port Orange, FL
1980
Cincinnati ,OH
1987
San Bruno, CA
1977
Pacifica, CA
196 1,832
334 3,043
118 12,730
216 1,444
176 3,045
219 1,225
315 33,755
288 2,872
168 1,565
78 8,763
336 17,859
384 10,342
320 7,935
164 2,244
264 2,709
304 3,283
328 2,787
155 4,683
981 10,293
254 23,927
592 18,027
204 6,086
140 1,526
568 5,840
220 2,109
734 6,160
174 2,225
175 3,459
178 2,424
110 15,352
269 1,407
692 43,979
312 2,320
232 1,662
698 66,257
414 2,598
500 —
332 1,435
159 1,836
832
152
268 1,268
224 34,175
618 10,048
296 2,132
231 2,662
308 3,703
104 12,770
8,541
17,615
6,530
7,590
13,452
6,174
47,216
16,069
8,200
6,376
13,149
11,920
7,915
7,763
14,420
17,337
15,501
14,928
24,586
15,801
28,654
8,571
7,050
27,937
11,863
34,151
9,272
9,103
12,181
7,909
12,193
10,439
16,370
9,504
53,438
16,141
66,861
24,532
10,831
4,569
6,896
21,939
16,771
12,855
21,800
62,460
6,579
1,609 1,832
6,980 3,043
5,473 12,849
4,798 1,444
1,368 3,045
5,145 1,242
25,906 35,862
13,564 2,872
761 1,566
1,610 8,887
3,598 17,859
8,537 10,342
3,259 7,935
4,079 2,244
4,819 2,709
5,211 3,283
6,075 2,787
1,931 4,731
10,150 11,982
24,595 27,638
11,884 24,733
12,388 13,832
14,820 17,865
11,302 12,544
71,015 106,877
29,633 32,505
8,960 10,526
7,862 16,749
16,747 34,606
20,457 30,799
11,174 19,109
11,842 14,086
19,239 21,948
22,548 25,831
21,576 24,363
16,811 21,542
(4,777 ) 7,205
(10,158 ) 17,480
(1,806 ) 22,927
(3,471 ) 10,361
(6,091 ) 11,774
(4,605 ) 7,939
(21,022 ) 85,855
(16,923 ) 15,582
(3,878 ) 6,648
(1,059 ) 15,690
(6,372 ) 28,234
(9,758 ) 21,041
(3,398 ) 15,711
(6,371 ) 7,715
(9,525 ) 12,423
(11,087 ) 14,744
(11,389 ) 12,974
(2,913 ) 18,629
20,189 10,156
3,489 24,523
11,220 18,027
44,912 55,068
18,694 43,217
39,874 57,901
(13,065 ) 42,003
(5,884 ) 37,333
(15,731 ) 42,170
2,135 6,087
3,849 1,526
28,127 5,840
10,705 16,792
10,899 12,425
56,064 61,904
(4,444 ) 12,348
(4,859 ) 7,566
(22,153 ) 39,751
15,149 2,109
15,942 6,160
4,150 2,225
15,543 3,459
956 2,424
27,012 29,121
50,093 56,253
13,422 15,647
24,646 28,105
13,137 15,561
(10,884 ) 18,237
(21,654 ) 34,599
(6,442 ) 9,205
(10,353 ) 17,752
(5,520 ) 10,041
1,755 15,444
3,183 1,404
86,174 42,894
9,572 25,016
15,379 16,783
97,698 140,592
(1,631 ) 23,385
(8,520 ) 8,263
(1,691 ) 138,901
21,615 2,320
3,197 1,662
34,982 69,834
37,985 40,305
12,701 14,363
84,843 154,677
(15,095 ) 25,210
(5,741 ) 8,622
(30,295 ) 124,382
29,935 2,598
7,271 —
6,358 1,435
5,863 1,836
832
9,585
4,958 1,267
2,072 34,325
7,340 10,048
3,242 2,132
12,551 2,662
22,184 22,994
3,183 12,970
46,076 48,674
74,132 74,132
30,890 32,325
16,694 18,530
14,154 14,986
11,855 13,122
23,861 58,186
24,111 34,159
16,097 18,229
34,351 37,013
65,353 88,347
9,562 22,532
(15,809 ) 32,865
(18,728 ) 55,404
(13,197 ) 19,128
(4,452 ) 14,078
(5,290 ) 9,696
(6,165 ) 6,957
(1,806 ) 56,380
(12,777 ) 21,382
(6,492 ) 11,737
(12,139 ) 24,874
(55,442 ) 32,905
(2,205 ) 20,327
8,858
31,006
11,586
—
10,876
6,100
57,610
18,376
3,372
5,377
32,160
16,499
16,407
6,940
20,191
24,194
25,182
13,781
27,758
33,171
64,973
8,440
10,868
29,375
9,666
26,955
10,576
22,192
7,867
15,185
3,981
65,000
11,087
8,086
97,604
33,548
5,813
24,071
15,600
—
996
35,000
23,487
10,295
15,450
—
11,260
Mid Rise
Feb-04
Los Angeles, CA 2002
521 47,822
125,464
8,804 48,362
133,728 182,090
(30,135 ) 151,955
125,554
Mid Rise
Mar-05
Los Angeles, CA 2005
611 61,004
136,503
22,142 72,578
147,071 219,649
(26,968 ) 192,681
150,000
F-55
Table of Contents
Property Name
Property
Type
(1)
Date
Consolidated
Location
(2)
Initial Cost
(3)
Cost
Capitalized
Buildings and Subsequent to
Year Number
Built of Units Land Improvements Consolidation Land Improvements Total
Buildings and
(5)
December 31, 2009
Total
Accumulated Cost
Depreciation Net of
(AD)
AD
Encumbrances
Paradise Palms
Garden
Park at Cedar Lawn, The Garden
Park Towne Place
Parktown Townhouses
Parkway
Pathfinder Village
Peachtree Park
Peak at Vinings
Jul-94
Nov-96
High Rise Apr-00
Oct-99
Garden
Mar-00
Garden
Jan-06
Garden
Jan-96
Garden
Mountain, The
Peakview Place
Pebble Point
Peppertree
Pine Lake Terrace
Pine Shadows
Pines, The
Plantation Gardens
Post Ridge
Ramblewood
Ravensworth Towers
Garden
Garden
Garden
Garden
Jan-00
Jan-00
Oct-02
Mar-02
Mar-02
Garden
May-98
Garden
Oct-98
Garden
Oct-99
Garden
Jul-00
Garden
Garden
Dec-99
High Rise Jun-04
Reflections
Garden
Sep-00
Reflections
Reflections
Regency Oaks
Remington at Ponte
Vedra Lakes
River Club
River Reach
Riverbend Village
Riverloft
Riverside
Rosewood
Royal Crest Estates
Royal Crest Estates
Royal Crest Estates
Garden
Garden
Garden
Oct-00
Oct-02
Oct-99
Dec-06
Garden
Apr-05
Garden
Sep-00
Garden
Garden
Jul-01
High Rise Oct-99
High Rise Apr-00
Mar-02
Garden
Aug-02
Garden
Aug-02
Garden
Aug-02
Garden
Royal Crest Estates
Royal Crest Estates
Runaway Bay
Runaway Bay
Garden
Garden
Garden
Garden
Aug-02
Aug-02
Oct-00
Jul-02
Sandpiper Cove
Savannah Trace
Scandia
Scotchollow
Scottsdale Gateway I
Scottsdale Gateway II
Shadow Creek
Shenandoah Crossing
Signal Pointe
Signature Point
Springwoods at Lake
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Dec-97
Mar-01
Oct-00
Jan-06
Oct-97
Oct-97
May-98
Sep-00
Oct-99
Nov-96
Ridge
Garden
Jul-02
Spyglass at Cedar Cove
Stafford
Steeplechase
Garden
Sep-00
High Rise Oct-02
Sep-00
Garden
1985
Phoenix, AZ
Galveston, TX
1985
Philadelphia, PA 1959
Deer Park, TX
1968
Williamsburg, VA 1971
1973
Fremont, CA
1962
Atlanta, GA
1987
1986
1984
1965
1980
1975
1980
1971
1971
1983
1984
1971
1972
1973
1974
Atlanta, GA
Englewood, CO
Indianapolis, IN
Cypress, CA
Garden Grove,
CA
Tempe, AZ
Palm Bay, FL
Plantation ,FL
Nashville, TN
Wyoming, MI
Annandale, VA
Virginia Beach,
VA
West Palm
Beach, FL
Casselberry, FL
Fern Park, FL
Ponte Vedra
1986
Beach, FL
1998
Edgewater, NJ
1986
Naples, FL
Arlington, TX
1983
Philadelphia, PA 1910
1973
Alexandria ,VA
1976
Camarillo, CA
1974
Fall River, MA
Warwick, RI
1972
Marlborough, MA 1970
North Andover,
1970
MA
1970
Nashua, NH
1987
Lantana, FL
Pinellas Park, FL 1986
Boynton Beach,
1987
FL
1986
Schaumburg, IL
1977
Indianapolis, IN
1971
San Mateo, CA
1965
Tempe, AZ
1976
Tempe, AZ
1984
Mesa, AZ
1984
Fairfax, VA
Winter Park, FL
1971
League City, TX 1994
129
647
192 1,025
959 10,451
309 2,570
148
386
246 19,595
303 4,683
280 2,651
296 3,440
220 1,790
136 7,835
111 3,975
272 2,095
216
603
372 3,773
150 1,883
1,708 8,607
219 3,455
3,515
2,521
47,301
12,052
2,834
14,838
11,713
13,660
18,734
6,883
5,224
6,035
11,899
3,318
19,443
6,712
61,082
17,157
6,959
647
3,585 1,025
54,589 10,451
9,410 2,570
2,754
386
8,147 19,595
9,900 4,683
10,474 11,121
6,106 7,131
101,890 112,341
21,462 24,032
5,588 5,974
22,985 42,580
21,613 26,296
(5,539 ) 5,582
(2,539 ) 4,592
(23,850 ) 88,491
(8,186 ) 15,846
(3,284 ) 2,690
(3,163 ) 39,417
(9,890 ) 16,406
17,606 2,651
4,547 3,440
2,612 1,790
2,778 8,030
31,266 33,917
23,281 26,721
9,495 11,285
7,807 15,837
(12,410 ) 21,507
(15,330 ) 11,391
(4,526 ) 6,759
(2,743 ) 13,094
2,094 4,125
3,725 2,095
2,716
603
6,204 3,773
3,517 1,883
1,930 8,661
2,272 3,455
7,979 12,104
15,624 17,719
6,034 6,637
25,647 29,420
10,229 12,112
62,958 71,619
19,429 22,884
(2,531 ) 9,573
(7,375 ) 10,344
(2,415 ) 4,222
(10,871 ) 18,549
(4,456 ) 7,656
(12,161 ) 59,458
(9,501 ) 13,383
6,400
—
86,343
5,618
9,273
19,348
9,543
10,412
12,711
5,430
15,750
12,000
7,500
1,937
24,141
6,042
34,944
20,685
480 15,988
13,684
5,255 15,988
18,939 34,927
(7,638 ) 27,289
39,451
300 5,504
336 3,906
343 1,832
344 18,576
266 30,578
556 17,728
201
893
184 2,120
1,222 10,433
152 12,128
216 5,832
492 22,433
473 25,178
588 51,292
902 68,231
404 5,934
192 1,884
416 3,511
368 13,960
444 10,540
418 49,474
591
124
487 2,458
266 2,016
640 18,492
368 2,382
304 2,810
9,984
10,491
9,905
18,650
30,638
18,337
4,128
11,287
65,474
8,060
12,044
24,095
28,786
36,808
45,562
16,052
7,045
21,396
20,731
9,852
17,756
3,359
13,927
11,886
57,197
11,359
17,579
4,113 5,504
4,233 3,906
8,398 1,832
14,097 19,601
14,724 18,630
18,303 20,135
(5,272 ) 14,329
(4,662 ) 13,968
(10,017 ) 10,118
2,242 18,795
1,910 30,579
6,365 17,728
4,963
893
31,118 2,120
76,986 10,433
2,407 12,430
1,953 5,832
5,296 22,433
3,835 25,178
20,673 39,468
32,547 63,126
24,702 42,430
9,091 9,984
42,405 44,525
142,460 152,893
10,165 22,595
13,997 19,829
29,391 51,824
32,621 57,799
(3,586 ) 35,882
(6,208 ) 56,918
(10,002 ) 32,428
(3,967 ) 6,017
(15,462 ) 29,063
(59,333 ) 93,560
(3,320 ) 19,275
(5,694 ) 14,135
(12,162 ) 39,662
(13,594 ) 44,205
9,632 51,292
11,187 68,231
7,643 5,934
1,831 1,884
46,440 97,732
56,749 124,980
23,695 29,629
8,876 10,760
(18,797 ) 78,935
(25,003 ) 99,977
(7,842 ) 21,787
(2,402 ) 8,358
7,141 3,511
4,001 13,960
12,780 10,539
7,733 49,473
591
8,017
23,353 2,458
3,790 2,016
7,499 18,492
21,447 2,382
2,810 2,810
28,537 32,048
24,732 38,692
22,633 33,172
25,490 74,963
11,376 11,967
37,280 39,738
15,676 17,692
64,696 83,188
32,806 35,188
20,389 23,199
(11,039 ) 21,009
(8,502 ) 30,190
(11,260 ) 21,912
(3,128 ) 71,835
(4,075 ) 7,892
(15,204 ) 24,534
(7,685 ) 10,007
(27,715 ) 55,473
(10,480 ) 24,708
(6,784 ) 16,415
9,190
10,700
11,134
24,695
39,373
23,452
—
19,951
96,289
17,900
12,161
37,890
35,400
60,305
50,667
21,644
9,004
29,425
22,282
19,163
49,605
5,800
5,087
—
69,724
18,596
10,823
Woodbridge, VA 1984
Lexington Park,
MD
Baltimore, MD
Largo, MD
1985
1889
1986
180 5,587
7,284
1,278 5,587
8,562 14,149
(1,944 ) 12,205
14,502
152 3,241
96
706
240 3,675
5,094
4,032
16,111
2,479 3,241
3,131
562
3,301 3,675
7,573 10,814
7,307 7,869
19,412 23,087
(3,237 ) 7,577
(3,524 ) 4,345
(7,106 ) 15,981
10,300
4,315
23,600
F-56
Table of Contents
Property Name
Steeplechase
Sterling Apartment
Homes, The
Stone Creek Club
Summit Creek
Sun Lake
Sun River Village
Talbot Woods
Tamarac Village
Tamarind Bay
Tar River Estates
Tatum Gardens
The Bluffs at Pacifica
Tierra Palms
Timbertree
Towers Of Westchester
Property
Type
(1)
Date
Consolidated
Location
Year Number
Built of Units Land Improvements Consolidation Land Improvements Total
Buildings and
(5)
(AD)
AD
Encumbrances
Garden
Jul-02
Plano, TX
1985
368 7,056
10,510
6,974 7,056
17,484 24,540
(5,158 ) 19,382
13,987
(2)
Initial Cost
(3)
Cost
Capitalized
Buildings and Subsequent to
December 31, 2009
Total
Accumulated Cost
Depreciation Net of
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Oct-99
Sep-00
May-98
May-98
Oct-99
Sep-04
Apr-00
Jan-00
Oct-99
May-98
Oct-06
Jan-06
Oct-97
Philadelphia, PA 1962
Germantown, MD 1984
1985
Austin, TX
Lake Mary, FL
1986
1981
Tempe ,AZ
Middleboro, MA 1972
Denver, CO
1979
St. Petersburg, FL 1980
1969
Greenville, NC
1985
Phoenix, AZ
1963
Pacifica, CA
1970
Norwalk, CA
1979
Phoenix, AZ
College Park, MD 1972
1985
Centennial, CO
Westmont, IL
1969
Palm Harbor, FL 1986
Swampscott, MA 1987
1985
Apopka, FL
535 8,871
240 13,593
164 1,211
600 4,551
334 2,367
121 5,852
564 3,928
200 1,091
220 1,558
128 1,323
64 7,975
144 6,441
387 2,292
303 15,198
161 1,615
399 3,268
262 2,062
96 4,749
210 2,271
55,364
9,347
6,037
25,543
13,303
4,719
23,491
6,310
14,298
7,155
4,131
6,807
13,000
22,029
9,773
18,763
12,850
10,089
7,724
17,358 8,871
2,948 13,593
2,591 1,211
30,903 4,551
3,888 2,367
2,026 5,852
8,089 4,223
4,987 1,091
3,740 1,558
1,928 1,323
7,635 8,108
609 6,441
6,209 2,292
4,504 15,198
6,118 1,536
23,625 3,268
4,584 2,062
1,351 4,749
2,974 2,271
72,722 81,593
12,295 25,888
8,628 9,839
56,446 60,997
17,191 19,558
6,745 12,597
31,285 35,508
11,297 12,388
18,038 19,596
9,083 10,406
11,633 19,741
7,416 13,857
19,209 21,501
(30,782 ) 50,811
(6,743 ) 19,145
(3,285 ) 6,554
(20,010 ) 40,987
(8,524 ) 11,034
(2,150 ) 10,447
(16,205 ) 19,303
(5,368 ) 7,020
(7,601 ) 11,995
(4,706 ) 5,700
(1,067 ) 18,674
(855 ) 13,002
(9,830 ) 11,671
26,533 41,731
15,970 17,506
42,388 45,656
17,434 19,496
11,440 16,189
10,698 12,969
(3,946 ) 37,785
(6,955 ) 10,551
(15,984 ) 29,672
(7,652 ) 11,844
(3,498 ) 12,691
(2,641 ) 10,328
77,915
24,900
5,670
35,727
10,569
6,203
18,389
6,925
3,960
7,403
6,428
10,777
4,510
27,667
16,640
9,255
10,604
7,385
11,070
13,757
13,500
Park, The
High Rise
Jan-06
Town Home Nov-96
Township At Highlands
Oct-99
High Rise
Twin Lake Towers
Apr-00
Garden
Twin Lakes
Aug-02
Vantage Pointe
Mid Rise
Verandahs at Hunt Club Garden
Jul-02
Views at Vinings
Mountain, The
Garden
Garden
Jan-06
Mar-02
Villa Del Sol
Village Crossing
Garden
May-98
Garden
Village Green
Garden
Village in the Woods
Village of Pennbrook
Garden
Villages of Baymeadows Garden
Villas at Park La Brea,
The
Vista Del Lagos
Waterford Village
Waterways Village
Waverly Apartments
West Winds
Westway Village
Wexford Village
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Oct-02
Jan-00
Oct-98
Oct-99
Mar-02
Dec-97
Aug-02
Jun-97
Aug-08
Oct-02
May-98
Aug-02
Willow Bend
Willow Park on Lake
Garden
May-98
Adelaide
Wilson Acres
Windrift
Windrift
Garden
Garden
Garden
Garden
Garden
Windsor Crossing
Garden
Windsor Park
Garden
Woodcreek
Garden
Woods of Burnsville
Woods of Inverness
Garden
Woods Of Williamsburg Garden
Yacht Club at Brickell
High Rise
Oct-99
Apr-06
Mar-01
Oct-00
Mar-00
Mar-01
Oct-02
Nov-04
Oct-99
Jan-06
Dec-03
Atlanta, GA
Norwalk, CA
West Palm
Beach, FL
Altamonte
Springs, FL
Cypress, TX
Levittown, PA
Jacksonville, FL
1985
Los Angeles, CA 2002
Chandler, AZ
1986
Bridgewater, MA 1971
1991
Aventura, FL
1970
Brighton, MA
1985
Orlando, FL
1979
Houston, TX
1974
Worcester, MA
Rolling Meadows,
IL
Altamonte
Springs, FL
Greenville, NC
Oceanside, CA
Orlando, FL
Newport News,
VA
1978
Woodbridge, VA 1987
1985
Mesa, AZ
1984
Burnsville, MN
Houston, TX
1983
Williamsburg, VA 1976
1998
Miami, FL
1972
1979
1987
1987
1983
1972
180
610
120 7,294
5,026
4,861
12,209
610
2,512 7,476
17,235 17,845
7,191 14,667
(7,559 ) 10,286
(2,670 ) 11,997
1986
189 1,618
8,188
2,941 1,618
11,129 12,747
(5,497 ) 7,250
7,000
1970
1983
1969
1972
164
608
530 3,457
722 10,229
904 4,859
250 8,621
200
804
588 28,585
180 4,504
103 7,696
272 2,324
326 2,921
264 6,339
6,618
15,787
38,222
33,957
48,871
4,952
28,102
11,064
11,347
11,481
11,384
17,939
2,514
608
10,230 3,457
13,539 10,229
53,735 4,859
9,132 9,740
26,017 29,474
51,761 61,990
87,692 92,551
(4,386 ) 5,354
(12,765 ) 16,709
(22,047 ) 39,943
(40,263 ) 52,288
3,603 8,630
3,442
804
5,591 29,110
3,683 4,504
1,188 7,920
3,030 2,324
3,172 2,921
2,082 6,339
52,465 61,095
8,394 9,198
33,168 62,278
14,747 19,251
12,311 20,231
14,511 16,835
14,556 17,477
20,021 26,360
(12,802 ) 48,293
(3,431 ) 5,767
(15,640 ) 46,638
(6,456 ) 12,795
(723 ) 19,508
(4,829 ) 12,006
(6,586 ) 10,891
(7,250 ) 19,110
6,510
19,451
48,419
38,050
30,564
11,783
40,542
7,145
12,000
12,776
7,677
13,924
328 2,717
15,437
26,391 2,717
41,828 44,545
(13,960 ) 30,585
19,876
185 1,225
146 1,175
404 24,960
288 3,696
156
307
220 4,279
432 2,426
400 3,954
272 2,146
798
125
357 31,363
7,357
3,943
17,590
10,029
2,110
15,970
15,886
18,125
10,978
3,657
32,214
3,266 1,224
962 1,485
18,667 24,960
5,495 3,696
10,624 11,848
4,595 6,080
36,257 61,217
15,524 19,220
(5,611 ) 6,237
(866 ) 5,214
(15,443 ) 45,774
(5,710 ) 13,510
1,992
131
2,172 4,279
4,487 2,426
2,694 3,954
3,860 2,146
798
4,297 31,363
873
4,278 4,409
18,142 22,421
20,373 22,799
20,819 24,773
14,838 16,984
4,530 5,328
36,511 67,874
(2,102 ) 2,307
(6,430 ) 15,991
(10,400 ) 12,399
(7,429 ) 17,344
(7,194 ) 9,790
(3,309 ) 2,019
(5,900 ) 61,974
6,804
2,743
28,999
17,094
2,153
13,444
19,449
16,580
5,878
1,189
37,804
F-57
Table of Contents
Property Name
Property
Type
(1)
Date
Consolidated
Location
Year Number
Built of Units
Land
(2)
Initial Cost
(3)
Cost
Capitalized
Buildings and Subsequent to
Improvements Consolidation Land
Buildings and
Improvements Total
(5)
December 31, 2009
Total
Accumulated Cost
Depreciation Net of
AD
(AD)
Encumbrances
Yorktown Apartments
High Rise
Dec-99
Lombard, IL
1973
364
2,971
18,163
16,098
3,055
34,177
37,232
(10,538 ) 26,694
22,626
Total Conventional
Properties:
Affordable Properties:
Garden
All Hallows
High Rise
Alliance Towers
High Rise
Arvada House
High Rise
Ashland Manor
Mid Rise
Baldwin Oaks
High Rise
Baldwin Towers
Garden
Bannock Arms
Garden
Bayview
High Rise
Beacon Hill
Bedford House
Mid Rise
Benjamin Banneker Plaza Mid Rise
Mid Rise
Berger Apartments
High Rise
Biltmore Towers
Garden
Blakewood
Mid Rise
Bloomsburg Towers
High Rise
Bolton North
Garden
Burchwood
Butternut Creek
Mid Rise
Cache Creek Apartment
Homes
California Square I
Campbell Heights
Canterbury Towers
Carriage House
Casa de Las Hermanitas
Castlewood
Mid Rise
High Rise
High Rise
High Rise
Mid Rise
Garden
Garden
Jan-06
Mar-02
Nov-04
Mar-02
Oct-99
Jan-06
Mar-02
Jun-05
Mar-02
Mar-02
Jan-06
Mar-02
Mar-02
Oct-05
Jan-06
Jan-06
Oct-07
Jan-06
Jun-04
Jan-06
Oct-02
Jan-06
Dec-06
Mar-02
Mar-02
Cherry Ridge Terrace
Garden
Mar-02
City Line
Clisby Towers
Club, The
Coatesville Towers
Cold Spring Homes
Community Circle II
Garden
Mid Rise
Garden
High Rise
Garden
Garden
Mar-02
Jan-06
Jan-06
Mar-02
Oct-07
Jan-06
Copperwood I Apartments Garden
Apr-06
Oct-05
Copperwood II Apartments Garden
Mar-04
Garden
Country Club Heights
Jan-06
Garden
Country Commons
Mid Rise
Courtyard
Jan-06
Town Home Jan-06
Crevenna Oaks
Mar-04
Garden
Crockett Manor
Jan-06
Garden
Cumberland Court
Mar-02
High Rise
Daugette Tower
Mar-02
Mid Rise
Delhaven Manor
Denny Place
Douglas Landing
Garden
Garden
Mar-02
Oct-07
San Francisco, CA 1976
1971
Alliance, OH
1977
Arvada, CO
1977
Toledo, OH
1980
Parsippany ,NJ
1983
Pittsburgh, PA
Boise, ID
1978
San Francisco, CA 1976
1980
Hillsdale, MI
1979
Falmouth, KY
1976
Chester, PA
1981
New Haven, CT
1980
Dayton, OH
Statesboro, GA
1973
Bloomsburg, PA 1981
1977
Baltimore, MD
1999
Berea, KY
1980
Charlotte, MI
1983
1986
Clearlake, CA
Louisville, KY
1982
Washington, D.C. 1978
1976
Worcester, MA
Petersburg, VA
1885
Los Angeles, CA 1982
Davenport, IA
1980
Northern
Cambria, PA
Newport News,
1976
VA
1980
Macon, GA
1972
Lexington, NC
Coatesville, PA
1979
Cold Springs, KY 2000
Cleveland, OH
1975
The Woodlands,
TX
The Woodlands,
TX
Quincy, IL
Bensalem, PA
Cincinnati, OH
Burke, VA
Trenton, TN
Harrisburg, PA
Gadsden, AL
Jackson, MS
North Hollywood,
CA
Austin, TX
1981
1976
1972
1980
1979
1982
1975
1979
1983
1984
1999
1980
71,881 1,998,409
3,931,734
2,197,399 2,055,178
6,072,364 8,127,542
(2,163,859 ) 5,963,683
4,792,048
157
101
88
189
251
99
66
146
198
48
70
144
230
42
75
209
24
100
80
101
171
156
118
88
96
1,348
530
641
205
746
398
275
1,023
1,380
230
79
1,152
1,813
316
1
1,450
253
505
1,545
154
750
567
847
1,775
585
29,770
1,934
3,314
455
8,516
5,256
1,139
15,265
7,044
919
3,862
4,657
6,411
882
4,128
6,569
1,173
3,617
9,405
5,704
6,719
4,557
2,886
4,606
2,351
20,124
756
1,746
363
1,998
202
571
16,548
6,599
310
670
2,229
13,073
373
351
649
551
3,957
494
523
859
936
3,356
4,222
1,443
1,338
530
405
205
746
398
275
582
1,093
230
79
1,152
1,813
316
1
1,429
253
505
1,545
154
750
567
716
1,879
585
49,904
2,690
5,296
818
10,514
5,458
1,710
32,254
13,930
1,229
4,532
6,886
19,484
1,255
4,479
7,239
1,724
7,574
9,899
6,227
7,578
5,493
6,373
8,724
3,794
51,242
3,220
5,701
1,023
11,260
5,856
1,985
32,836
15,023
1,459
4,611
8,038
21,297
1,571
4,480
8,668
1,977
8,079
11,444
6,381
8,328
6,060
7,089
10,603
4,379
(745 )
(1,304 )
(667 )
(6,245 )
(4,002 )
(575 )
(15,590 ) 35,652
2,475
4,397
356
5,015
1,854
1,410
(9,118 ) 23,718
(3,236 ) 11,787
1,025
(434 )
1,721
(2,890 )
(2,080 )
5,958
(8,817 ) 12,480
486
(1,085 )
1,719
(2,761 )
6,321
(2,347 )
1,019
(958 )
5,840
(2,239 )
(2,866 )
(3,600 )
(3,062 )
(3,681 )
(1,407 )
(1,118 )
(1,497 )
8,578
2,781
5,266
2,379
5,682
9,485
2,882
21,219
2,234
4,152
561
12,972
1,458
1,406
12,520
4,616
1,084
1,538
1,061
10,648
698
1,553
2,438
981
—
2,302
3,499
15,449
3,966
2,273
5,081
3,503
62
372
1,490
906
372
2,396
2,768
(852 )
1,916
795
200
52
87
90
30
129
500
524
498
500
187
263
2,014
1,970
2,128
2,011
917
4,699
7,172
228
662
693
1,122
804
500
524
498
500
187
263
9,186
2,198
2,790
2,704
2,039
5,503
9,686
2,722
3,288
3,204
2,226
5,766
(2,046 )
(1,677 )
(1,978 )
(866 )
(1,441 )
(3,265 )
7,640
1,045
1,310
2,338
785
2,501
4,863
939
303
2,108
790
3,275
150
390
8,373
4,862
363
13,262
13,625
(8,167 )
5,458
5,590
150
200
352
137
50
38
108
100
104
17
96
452
676
1,853
1,362
355
42
379
540
575
5,552
5,715
17,657
4,876
4,849
1,395
4,040
2,178
2,304
3,415
4,841
2,308
448
219
38
682
1,744
1,986
459
675
1,853
1,362
355
42
379
540
575
8,960
10,557
19,965
5,324
5,068
1,433
4,722
3,922
4,290
9,419
11,232
21,818
6,686
5,423
1,475
5,101
4,462
4,865
6,285
(3,134 )
(3,837 )
7,395
(10,649 ) 11,169
3,560
(3,126 )
4,478
(945 )
1,438
(37 )
1,819
(3,282 )
3,138
(1,324 )
3,244
(1,621 )
394
11
1,579
4,989
139
22
394
11
1,718
5,011
2,112
5,022
(479 )
—
1,633
5,022
5,773
7,312
4,715
3,830
3,312
978
1,314
117
3,758
1,121
4,000
F-58
Table of Contents
Property Name
Property
Type
(1)
Date
Consolidated
Location
(2)
Initial Cost
(3)
Cost
Capitalized
Buildings and Subsequent to
December 31, 2009
Total
Accumulated Cost
Depreciation Net of
Year Number
Built of Units Land Improvements Consolidation Land Improvements Total
Buildings and
(5)
(AD)
AD
Encumbrances
Garden
Elmwood
Garden
Fairburn And Gordon II
Garden
Fairwood
Mid Rise
Fountain Place
Garden
Fox Run
Foxfire
Garden
Franklin Square School Apts Mid Rise
High Rise
Friendset Apartments
Garden
Frio
Garden
Gates Manor
Garden
Gateway Village
Garden
Glens, The
Garden
Greenbriar
Jan-06
Jan-06
Jan-06
Jan-06
Mar-02
Jan-06
Jan-06
Jan-06
Jan-06
Mar-04
Mar-04
Jan-06
Jan-06
Hamlin Estates
Hanover Square
Harris Park Apartments
Hatillo Housing
Hemet Estates
Henna Townhomes
Heritage House
Hillside Village
Hilltop
Hopkins Village
Hudson Gardens
Hudson Terrace
Indio Gardens
Ingram Square
Jenny Lind Hall
JFK Towers
Kephart Plaza
King Bell Apartments
Kirkwood House
Kubasek Trinity Manor
Mar-02
Garden
Jan-06
High Rise
Dec-97
Garden
Jan-06
Mid Rise
Mar-02
Garden
Oct-07
Garden
Mid Rise
Jan-06
Town Home Jan-06
Jan-06
Garden
Sep-03
Mid Rise
Mar-02
Garden
Jan-06
Garden
Oct-06
Mid Rise
Jan-06
Garden
Mar-04
High Rise
Jan-06
Mid Rise
Jan-06
High Rise
Jan-06
Garden
Sep-04
High Rise
(The Hollows)
High Rise
Garden
La Salle
Garden
La Vista
Garden
Lafayette Square
Mid Rise
Lakeview Arms
Garden
Landau
Garden
Laurelwood
Garden
Lock Haven Gardens
High Rise
Locust House
Mid Rise
Lodge Run
Garden
Long Meadow
Loring Towers
High Rise
Loring Towers Apartments High Rise
Lynnhaven
Michigan Beach
Mill Pond
Miramar Housing
Montblanc Gardens
Jan-06
Oct-00
Jan-06
Jan-06
Jan-06
Oct-05
Jan-06
Jan-06
Mar-02
Jan-06
Jan-06
Oct-02
Sep-03
Mar-04
Garden
Oct-07
Garden
Jan-06
Mid Rise
High Rise
Jan-06
Town Home Dec-03
1981
Athens, AL
1969
Atlanta, GA
1979
Carmichael, CA
1980
Connersville, IN
1983
Orange, TX
1975
Jackson, MI
1888
Baltimore, MD
1979
Brooklyn, NY
1980
Pearsall, TX
Clinton, TN
1981
Hillsborough, NC 1980
1982
Rock Hill, SC
1980
Indianapolis, IN
North Hollywood,
CA
Baltimore, MD
Rochester, NY
Hatillo, PR
Hemet, CA
Round Rock, TX
Lewisburg, PA
Catawissa, PA
Duquesne, PA
Baltimore, MD
Pasadena, CA
Hudson, NY
Indio, CA
San Antonio, TX
Springfield, MO
Durham, NC
Lock Haven, PA
Milwaukie, OR
Baltimore, MD
1983
1980
1968
1982
1983
1999
1982
1981
1975
1979
1983
1973
1980
1980
1977
1983
1978
1982
1979
Yonkers, NY
1981
San Francisco, CA 1976
1981
Concord, CA
Camden, SC
1978
Poughkeepsie, NY 1981
1970
Clinton, SC
1981
Morristown, TN
Lock Haven, PA
1979
Westminster, MD 1979
1983
Portage, PA
Cheraw, SC
1973
Minneapolis, MN 1975
1973
Salem, MA
1980
Durham, NC
1958
Chicago, IL
1982
Taunton, MA
1983
Ponce, PR
1982
Yauco, PR
80 346
58 439
86 176
102 440
70 420
160 856
65 566
259 550
63 327
80 266
64 433
88 839
121 812
30 1,010
199 1,656
114 475
64 202
80 700
160 1,047
80 178
50
31
152 1,271
165 438
41 914
168 647
151 775
120 630
78 142
177 750
101 609
62 204
261 1,281
130
54
145 1,841
75 565
72 142
72 111
80 1,293
75
65
150 1,163
99 650
31 274
56 158
230 1,297
250 129
75 539
239 2,225
49
80
96 367
128 391
2,643
1,647
5,264
2,091
1,992
6,853
3,581
16,825
2,207
2,225
1,666
4,135
3,272
1,691
9,575
2,786
2,875
2,802
12,893
3,251
2,643
6,194
5,973
1,548
5,025
8,759
3,137
3,684
7,970
3,796
2,497
9,358
8,308
19,568
4,448
1,875
3,256
1,429
1,870
6,045
2,604
1,211
1,342
7,445
14,050
2,159
10,797
2,704
5,085
3,859
F-59
346 346
231 439
379 176
2,883 447
1,026 420
1,423 856
216 566
1,737 550
407 327
881 264
580 515
1,140 839
346 812
241 1,010
425 1,656
1,101 475
204 202
2,995 420
84 1,047
131 178
186
31
722 1,271
3,680 452
335 914
584 647
4,155 775
5,716 630
260 142
773 750
462 609
193 204
6,398 1,275
1,788
54
16,650 1,866
4,223 581
79 142
288 111
246 1,293
75
179
606 1,163
786 650
377 274
174 158
7,587 886
6,414 140
793 563
757 2,225
311
80
194 367
959 391
2,989 3,335
1,878 2,317
5,643 5,819
4,967 5,414
3,018 3,438
8,276 9,132
3,797 4,363
18,562 19,112
2,614 2,941
3,108 3,372
2,164 2,679
5,275 6,114
3,618 4,430
1,932 2,942
10,000 11,656
3,887 4,362
3,079 3,281
6,077 6,497
12,977 14,024
3,382 3,560
2,829 2,860
6,916 8,187
9,639 10,091
1,883 2,797
5,609 6,256
12,914 13,689
8,853 9,483
3,944 4,086
8,743 9,493
4,258 4,867
2,690 2,894
15,762 17,037
10,096 10,150
36,193 38,059
8,655 9,236
1,954 2,096
3,544 3,655
1,675 2,968
2,049 2,124
6,651 7,814
3,390 4,040
1,588 1,862
1,516 1,674
15,443 16,329
20,453 20,593
2,928 3,491
11,554 13,779
3,015 3,095
5,279 5,646
4,818 5,209
(1,673 ) 1,662
(1,469 )
848
(3,523 ) 2,296
(511 ) 4,903
(928 ) 2,510
(5,247 ) 3,885
(2,153 ) 2,210
(10,414 ) 8,698
(1,728 ) 1,213
(1,195 ) 2,177
(746 ) 1,933
(3,627 ) 2,487
(2,491 ) 1,939
(678 ) 2,264
(6,267 ) 5,389
(1,824 ) 2,538
(1,820 ) 1,461
(1,138 ) 5,359
(2,641 ) 11,383
(2,034 ) 1,526
(1,795 ) 1,065
(5,198 ) 2,989
(1,192 ) 8,899
(644 ) 2,153
(3,813 ) 2,443
(1,213 ) 12,476
(1,338 ) 8,145
(358 ) 3,728
(4,678 ) 4,815
(2,987 ) 1,880
(1,451 ) 1,443
(1,929 ) 15,108
(5,033 ) 5,117
(12,408 ) 25,651
(909 ) 8,327
(1,629 )
467
(2,182 ) 1,473
(1,675 ) 1,293
849
(1,275 )
(4,643 ) 3,171
(1,123 ) 2,917
603
(1,259 )
(1,168 )
506
(4,248 ) 12,081
(3,664 ) 16,929
(652 ) 2,839
(3,296 ) 10,483
(1,655 ) 1,440
(2,946 ) 2,700
(2,469 ) 2,740
1,869
98
2,475
1,155
2,563
1,803
2,099
14,404
1,109
2,411
2,360
3,757
1,098
1,515
5,495
200
1,370
4,316
6,172
2,106
1,089
2,110
9,100
539
1,044
4,173
3,825
942
5,796
1,488
1,631
16,000
4,749
15,992
5,499
270
1,790
283
1,320
2,860
2,264
363
198
7,387
16,177
2,787
5,510
1,301
2,869
3,282
Table of Contents
Property Name
Morrisania II
Moss Gardens
Property
Type
(1)
Date
Consolidated
Location
High Rise
Mid Rise
Jan-06
Jan-06
(2)
Initial Cost
(3)
Cost
Capitalized
Buildings and Subsequent to
December 31, 2009
Total
Accumulated Cost
Depreciation Net of
Year Number
Built of Units Land Improvements Consolidation Land Improvements Total
Buildings and
(5)
(AD)
AD
Encumbrances
1979
1980
Bronx, NY
Lafayette, LA
New Baltimore,
1980
MI
1925
Chicago, IL
1985
Chicago, IL
1971
Lima, OH
1921
Chicago, IL
1978
Wytheville, VA
1979
Topeka, KS
1984
Milan, TN
1978
Troy, NY
1979
Hermitage, PA
1981
Chillicothe, OH
1979
Deactur, IL
Indianapolis, IN
1994
Palm Springs, CA 1981
1982
Bakersfield, CA
1973
Lithonia, GA
1974
Lithonia, GA
1974
Joplin, MO
1977
St Louis, MO
1958
Anaheim, CA
1980
Sacramento, CA
Chicago, IL
1925
Hughes Springs,
TX
Philadelphia, PA
Waycross, GA
Salisbury, MD
Toledo, OH
Austin, TX
North Hills, CA
Washington, DC
Yonkers, NY
Flora, MS
Temecula, CA
Sacramento, CA
East Moline, IL
Flint, MI
Greenville, MI
Kankakee, IL
Dawson Springs,
1981
KY
Champaign, IL
1979
Hummelstown, PA 1981
1970
San Antonio, TX
1971
Boulder, CO
1980
Norristown, PA
1979
Macon, GA
Taunton, MA
1920
Wilkes-Barre, PA 1976
1978
1976
1999
1980
1979
1982
1983
1980
1930
1975
1984
1980
1977
1980
1983
1983
203 659
114 524
15,783
3,818
1,710 659
257 524
17,493 18,152
4,075 4,599
(10,840 ) 7,312
(3,058 ) 1,541
2,360
6,121
7,632
1,317
14,334
2,012
6,200
498
4,067
3,406
2,282
4,164
1,410
8,745
5,520
1,442
2,965
8,847
6,327
25,929
2,880
23,257
1,382
15,416
2,254
7,177
1,698
2,631
2,647
3,753
3,315
1,071
5,462
227
2,803
13,877
2,097
4,932
1,177
5,134
4,814
5,770
7,110
6,599
1,522
4,335
15,549
101 888
148 1,448
82 1,380
150 487
304 2,280
144 500
170 240
95
34
88
115
79
81
50 136
156 993
48 247
116 —
66 621
86 592
88 596
192 996
242 742
392 6,155
97 1,041
446 3,684
82 727
296 —
72 163
151 1,112
99 420
100 1,188
75 624
48 697
56 148
76 102
55 488
75 684
140 698
340 1,756
49 311
125 590
40 194
156 947
85 376
220 404
150 243
174 1,650
74 366
75 219
344 2,039
F-60
5,154 896
380 1,448
459 1,380
1,791 487
16,403 2,510
525 500
7 240
95
27
88
791
79
436
198 136
451 993
607 247
3,657 —
893 619
324 592
284 596
2 996
9,758 705
4,463 6,155
7,019 1,145
17,401 3,427
604 727
1,265 —
— 163
685 1,112
1,234 420
3,502 1,229
1,613 667
92 697
415 148
1,628 102
256 488
7,367 718
755 698
1,484 1,756
283 311
3,454 598
180 194
5,729 934
312 376
11,373 234
12,551 438
2,783 1,650
1,403 366
645 219
1,334 2,039
525
7,506 8,402
6,501 7,949
8,091 9,471
3,108 3,595
30,507 33,017
2,537 3,037
6,207 6,447
620
4,858 4,946
3,842 3,921
2,480 2,616
4,615 5,608
2,017 2,264
12,402 12,402
6,415 7,034
1,766 2,358
3,249 3,845
8,849 9,845
16,122 16,827
30,392 36,547
9,795 10,940
40,915 44,342
1,986 2,713
16,681 16,681
2,254 2,417
7,862 8,974
2,932 3,352
6,092 7,321
4,217 4,884
3,845 4,542
3,730 3,878
2,699 2,801
5,718 6,206
7,560 8,278
3,558 4,256
15,361 17,117
2,380 2,691
8,378 8,976
1,357 1,551
10,876 11,810
5,126 5,502
17,313 17,547
19,466 19,904
9,382 11,032
2,925 3,291
4,980 5,199
16,883 18,922
(96 )
(1,459 ) 6,943
(5,577 ) 2,372
(2,739 ) 6,732
(1,736 ) 1,859
(14,624 ) 18,393
(1,339 ) 1,698
(2,773 ) 3,674
524
(3,278 ) 1,668
(2,361 ) 1,560
(1,377 ) 1,239
(1,932 ) 3,676
(1,057 ) 1,207
(1,782 ) 10,620
(1,254 ) 5,780
(1,744 )
614
(2,522 ) 1,323
(2,816 ) 7,029
(8,022 ) 8,805
(6,356 ) 30,191
(1,456 ) 9,484
(12,211 ) 32,131
(1,532 ) 1,181
(4,111 ) 12,570
(1,317 ) 1,100
(5,627 ) 3,347
(1,229 ) 2,123
(1,810 ) 5,511
(1,670 ) 3,214
(287 ) 4,255
(2,297 ) 1,581
(1,454 ) 1,347
(2,797 ) 3,409
(910 ) 7,368
(1,296 ) 2,960
(10,068 ) 7,049
(1,643 ) 1,048
(1,234 ) 7,742
(548 ) 1,003
(2,312 ) 9,498
(3,005 ) 2,497
(3,275 ) 14,272
(3,729 ) 16,175
(3,011 ) 8,021
(1,703 ) 1,588
(2,742 ) 2,457
(13,422 ) 5,500
8,144
1,991
2,213
1,386
7,399
608
19,556
1,599
2,770
433
1,353
1,833
1,447
2,910
1,261
6,902
2,331
434
437
3,395
9,572
37,757
6,198
21,927
1,229
9,230
737
2,050
2,001
3,206
2,598
6,428
1,599
1,079
4,536
4,650
1,552
7,370
664
5,077
876
5,220
2,841
5,271
11,652
3,598
1,915
2,625
3,028
Mar-02
Mid Rise
New Baltimore
Jan-06
Garden
New Vistas I
Dec-97
Garden
Newberry Park
Oct-00
Garden
Northlake Village
Jan-00
Garden
Northpoint
Mar-02
Garden
Northwinds, The
Jan-08
Garden
Oakbrook
Mar-04
Garden
Oakwood Manor
Jan-06
High Rise
O’Neil
Jan-06
Garden
Orange Village
Jan-06
Garden
Overbrook Park
Mid Rise
Mar-02
Oxford House
Town Home Oct-07
Oxford Terrace IV
Mar-02
Garden
Palm Springs Senior
Mar-02
Garden
Panorama Park
Jan-06
Garden
Parc Chateau I
Jan-06
Garden
Parc Chateau II
Oct-07
Park — Joplin Apartments Garden
Jun-05
Mid Rise
Park Place
Oct-05
Garden
Park Vista
Mar-02
Garden
Parkview
Jun-04
Garden
Parkways, The
Patman Switch
Pavilion
Peachwood Place
Pinebluff Village
Pinewood Place
Pleasant Hills
Plummer Village
Portner Place
Post Street Apartments
Pride Gardens
Rancho California
Ridgewood (La Loma)
Ridgewood Towers
River Village
River’s Edge
Riverwoods
Rosedale Court
Apartments
Round Barn
Rutherford Park
San Jose Apartments
San Juan Del Centro
Sandy Hill Terrace
Sandy Springs
School Street
Sherman Hills
Jan-06
Garden
Mar-04
High Rise
Oct-07
Garden
Jan-06
Mid Rise
Mar-02
Garden
Apr-05
Garden
Mid Rise
Mar-02
Town Home Jan-06
Jan-06
High Rise
Dec-97
Garden
Jan-06
Garden
Mar-02
Garden
Mar-02
High Rise
High Rise
Jan-06
Town Home Jan-06
Jan-06
High Rise
Mar-04
Garden
Garden
Mar-02
Town Home Jan-06
Sep-05
Garden
Sep-05
Mid Rise
Mar-02
High Rise
Mar-05
Garden
Jan-06
Mid Rise
Jan-06
High Rise
Table of Contents
Property
Type
(1)
Date
Consolidated
Location
Year Number
Built of Units
Land
(2)
Initial Cost
(3)
Cost
Capitalized
Buildings and Subsequent to
Improvements Consolidation Land
Buildings and
Improvements Total
(5)
December 31, 2009
Total
Accumulated Cost
Depreciation Net of
AD
(AD)
Encumbrances
Oct-99
Garden
Mar-02
Garden
Jan-06
Mid Rise
Oct-07
Garden
Garden
Jan-06
Town Home Mar-02
Jul-09
Mid Rise
Oct-00
Garden
Garden
Jan-06
Town Home Jan-06
Jan-06
Garden
Jan-06
Mid Rise
San Francisco, CA 1976
Los Angeles, CA
1981
Holidaysburg, PA 1983
1999
Lockhart, TX
St. George, SC
1984
San Bernadino, CA 1983
1920
Indianapolis, IN
1970
New Castle, IN
1976
Norfolk, VA
1980
Burke, VA
1980
St. Johns, MI
1979
Lewisburg, WV
156 1,498
663
80
608
51
—
32
86
40
549
80
255
52
313
122
215
126
382
50
403
121
163
84
19,071
2,770
2,083
1,153
1,025
3,459
3,610
1,895
4,400
4,930
6,488
3,360
18,283 1,476
4,354 1,352
608
—
86
188
255
308
215
382
403
163
425
9
95
2,722
6
1,342
503
288
658
236
37,376
6,435
2,508
1,162
1,120
6,542
3,616
3,242
4,903
5,218
7,146
3,596
38,852
7,787
3,116
1,162
1,206
6,730
3,871
3,550
5,118
5,600
7,549
3,759
(787 )
(13,248 ) 25,604
(3,290 ) 4,497
948
(2,168 )
— 1,162
419
(1,470 ) 5,260
(733 ) 3,138
(1,344 ) 2,206
(3,643 ) 1,475
(1,103 ) 4,497
(4,472 ) 3,077
(2,136 ) 1,623
17,278
3,063
631
855
503
4,497
1,918
284
1,303
3,303
966
1,934
Property Name
Shoreview
South Bay Villa
Spring Manor
Springfield Villas
St. George Villas
Sterling Village
Stonegate Apts
Stonegate Village
Sumler Terrace
Summit Oaks
Suntree
Tabor Towers
Tamarac
Apartments I
Garden
Nov-04
Woodlands, TX
1980
144
140
2,775
3,613
363
6,165
6,528
(2,071 ) 4,457
4,188
Tamarac
Apartments II
Garden
Mid Rise
Terraces
Terry Manor
Mid Rise
Tompkins Terrace Garden
Trestletree Village Garden
University Square High Rise
Van Nuys
Nov-04
Jan-06
Oct-05
Oct-02
Mar-02
Mar-05
Woodlands, TX
Kettering, OH
Los Angeles, CA
Beacon, NY
Atlanta, GA
Philadelphia, PA
1980
1979
1977
1974
1981
1978
156
142
102 1,561
170 1,775
193
872
188 1,150
702
442
Apartments
Victory Square
Village Oaks
Village of
Kaufman
Vintage Crossing
Vista Park Chino
Vistula Heritage
Village
Wah Luck House
Walnut Hills
Wasco Arms
Washington Square
High Rise
Garden
Mid Rise
Mar-02
Mar-02
Jan-06
Los Angeles, CA
Canton, OH
Catonsville, MD
1981
1975
1980
299 4,253
215
81
181 2,127
Mar-05
Garden
Town Home Mar-04
Mar-02
Garden
Kaufman, TX
Cuthbert, GA
Chino, CA
1981
1982
1983
68
50
40
370
188
380
Garden
High Rise
High Rise
Garden
Oct-08
Jan-06
Jan-06
Mar-02
Toledo, OH
Washington, DC
Cincinnati, OH
Wasco, CA
1930
1982
1983
1982
250 1,312
—
153
888
198
625
78
3,195
2,815
5,848
6,827
4,655
12,201
21,226
889
5,188
1,606
1,058
1,521
20,635
8,690
5,608
2,519
4,048
266
634 1,561
6,648 1,997
12,128
872
1,500 1,150
702
12,209
7,119
3,449
12,274
18,955
6,155
24,410
7,385
5,010
14,271
19,827
7,305
25,112
(2,349 ) 5,036
(2,493 ) 2,517
(4,379 ) 9,892
(3,124 ) 16,703
(2,119 ) 5,186
(8,361 ) 16,751
19,594 4,219
215
1,775 2,127
550
40,854
1,439
6,963
45,073
1,654
9,090
(5,581 ) 39,492
(633 ) 1,021
(4,748 ) 4,342
628
553
388
370
188
380
2,234
1,611
1,909
2,604
1,799
2,289
(747 ) 1,857
(917 )
882
(693 ) 1,596
— 1,312
—
476
826
5,114
625
1,025
20,635
9,166
10,784
3,544
21,947
9,166
11,610
4,169
(8,119 ) 13,828
(2,407 ) 6,759
(1,788 ) 9,822
(1,368 ) 2,801
West
Mid Rise
Westwood Terrace Mid Rise
Sep-04
Mar-02
White Cliff
Whitefield Place
Wickford
Wilderness Trail
Garden
Garden
Garden
High Rise
Mar-02
Apr-05
Mar-04
Mar-02
Wilkes Towers
High Rise
Mar-02
Willow Wood
Winnsboro Arms
Winter Gardens
Woodcrest
Woodland
Woodland Hills
Garden
Garden
High Rise
Garden
Garden
Garden
Mar-02
Jan-06
Mar-04
Dec-97
Jan-06
Oct-05
Philadelphia, PA
Moline, IL
Lincoln Heights,
OH
San Antonio, TX
Henderson, NC
Pineville, KY
North Wilkesboro,
NC
North Hollywood,
CA
Winnsboro, SC
St Louis, MO
Odessa, TX
Spartanburg, SC
Jackson, MI
Total Affordable
Properties:
Other(4)
1982
1976
1977
1980
1983
1983
132
97
555
720
11,169
3,242
5,854
586
582
720
16,996
3,828
17,578
4,548
(7,665 ) 9,913
(1,237 ) 3,311
215
72
223
80
247
44
124 1,010
938
3,151
946
4,048
215
419
219
2,550
247
123
674 1,010
1,357
5,705
1,069
4,722
1,572
5,924
1,316
5,732
(567 ) 1,005
(2,054 ) 3,870
880
(1,223 ) 4,509
(436 )
1981
72
410
1,680
494
410
2,174
2,584
(723 ) 1,861
1,875
1984
1978
1920
1972
1972
1980
19 1,051
272
60
300
112
41
80
182
100
541
125
840
1,697
3,072
229
663
3,875
193 1,051
272
253
300
4,448
41
674
182
1,379
321
4,266
1,033
1,950
7,520
903
2,042
8,361
2,084
2,222
7,820
944
2,224
8,682
(308 ) 1,776
(1,508 )
714
(1,334 ) 6,486
(708 )
236
(491 ) 1,733
(2,727 ) 5,955
1,068
182
3,796
443
—
3,644
22,476 127,444
949,906
453,506 126,642
1,404,214 1,530,856
(534,697 ) 996,159
755,205
—
74
2,470
2,465 2,107
2,902
5,009
(2,490 ) 2,519
—
F-61
4,537
2,483
6,961
8,536
2,856
13,634
20,870
850
4,479
1,851
1,639
1,446
12,716
9,147
5,645
3,109
3,888
1,652
1,003
2,260
1,423
4,478
Table of Contents
Property Name
Total Continuing
Operations
(1)
Date
Property
Type Consolidated Location
Year Number
Built of Units
Land
(2)
Initial Cost
(3)
Cost
Capitalized
Buildings and Subsequent to
Improvements Consolidation Land
Buildings and
Improvements Total
(5)
December 31, 2009
Total
Accumulated Cost
Depreciation Net of
AD
(AD)
Encumbrances
94,357 2,125,927
4,884,110
2,653,370 2,183,927
7,479,480 9,663,407
(2,701,046 ) 6,962,361
5,547,253
Discontinued Operations:
Conventional Properties:
Fairway
Garden Jan-00
Garden Apr-00
Garden Dec-97
Garden Nov-96
Sienna Bay
Solana Vista
Stoney Brook
Total Conventional
Properties:
Other(4)
Total Discontinued
Operations
Total Continuing and
Discontinued
Operations
1978
Plano, TX
St.
Petersburg,
FL
1984
Bradenton, FL 1984
Houston, TX 1972
256
2,961
5,137
5,788
2,961
10,925
13,886
(5,794 )
8,092
8,885
276
200
113
1,737
1,276
275
9,778
7,170
1,865
10,702
6,872
1,931
1,737
1,276
275
20,480
14,042
3,796
22,217
15,318
4,071
(10,277 )
(5,449 )
(1,215 )
11,940
9,869
2,856
10,630
7,865
1,797
845
6,249
23,950
25,293
6,249
49,243
55,492
(22,735 )
32,757
29,177
—
—
—
79
1
78
79
(63 )
16
—
845
6,249
23,950
25,372
6,250
49,321
55,571
(22,798 )
32,773
29,177
95,202 2,132,176
4,908,060
2,678,742 2,190,177
7,528,801 9,718,978
(2,723,844 ) 6,995,134
5,576,430
(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 noncontrolling 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) Other includes land parcels, commercial properties and other related costs.
(5) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $8.0 billion at December 31,
2009.
F-62
Table of Contents
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Years Ended December 31, 2009, 2008 and 2007
(In Thousands)
Real Estate
Balance at beginning of year
Additions during the year:
Newly consolidated assets and acquisition of limited partnership
interests(1)
Acquisitions
Capital expenditures
Deductions during the year:
Casualty and other write-offs(2)
Sales
Balance at end of year
Accumulated Depreciation
Balance at beginning of year
Additions during the year:
Depreciation
Newly consolidated assets and acquisition of limited partnership
interests(1)
Deductions during the year:
Casualty and other write-offs
Sales
Balance at end of year
2009
2008
2007
$ 11,000,496
$ 12,420,200
$ 12,011,693
19,683
—
275,444
31,447
107,445
665,233
31,572
233,059
689,719
(43,134 )
(1,533,511 )
$ 9,718,978
(130,595 )
(2,093,234 )
$ 11,000,496
(24,594 )
(521,249 )
$ 12,420,200
$ 2,815,497
$ 3,047,716
$ 2,901,414
478,550
497,395
477,725
(2,763 )
(22,256 )
(128,272 )
(5,200 )
(562,240 )
$ 2,723,844
(1,838 )
(705,520 )
$ 2,815,497
(5,280 )
(197,871 )
$ 3,047,716
(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.
(Back To Top)
F-63
Section 2: EX-21.1 (EX-21.1)
Entity Name
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
107-145 WEST 135TH STREET ASSOCIATES LIMITED PARTNERSHIP
1133 FIFTEENTH STREET ASSOCIATES
1133 FIFTEENTH STREET FOUR ASSOCIATES (A MARYLAND LIMITED PARTNERSHIP)
1212 SOUTH MICHIGAN LLC
1-36 JAIDEE DRIVE ASSOCIATES LIMITED PARTNERSHIP
1625 ROSEMARIE LIMITED PARTNERSHIP
224 E. COMMONWEALTH APARTMENTS, A CALIFORNIA LIMITED PARTNERSHIP
249 ALBANY HEIGHTS LIMITED PARTNERSHIP
324 SOUTH HORNE STREET ASSOCIATES LIMITED PARTNERSHIP
3258 BCP ASSOCIATES, L.P.
5 MILE LIMITED PARTNERSHIP
601 NORTH GRAND AVENUE PARTNERS LIMITED PARTNERSHIP
62ND STREET JOINT VENTURE
62ND STREET LIMITED PARTNERSHIP
7400 ROOSEVELT INVESTORS
ABBOTT ASSOCIATES LIMITED PARTNERSHIP
ACQUISITION LIMITED PARTNERSHIP
ACTC VI MANAGER, LLC
Exhibit 21.1
State Code
MD
NY
DC
MD
IL
CT
CA
CA
GA
AZ
TN
MI
CA
IL
IL
PA
NY
MD
DE
AHP ACQUISITION COMPANY, LLC
AIC REIT PROPERTIES LLC
AIMCO 1582 FIRST AVENUE, LLC
AIMCO 173 EAST 90TH STREET, LLC
AIMCO 182-188 COLUMBUS AVENUE, LLC
AIMCO 204-206 WEST 133, LLC
AIMCO 2232-2240 ACP, LLC
AIMCO 2247-2253 ACP, LLC
AIMCO 2252-2258 ACP, LLC
AIMCO 2300-2310 ACP, LLC
AIMCO 237 NINTH AVENUE, LLC
AIMCO 240 WEST 73RD STREET CO-OWNER, LLC
AIMCO 240 WEST 73RD STREET, LLC
AIMCO 2484 ACP, LLC
AIMCO 306 EAST 89TH STREET, LLC
AIMCO 311/313 EAST 73RD STREET, LLC
AIMCO 322 EAST 61ST STREET, LLC
ME
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
Entity Name
AIMCO 452 EAST 78TH STREET PROPERTY, LLC
AIMCO 464-466 AMSTERDAM 200-210 WEST 83RD STREET, LLC
AIMCO 510 EAST 88TH STREET PROPERTY, LLC
AIMCO 514 EAST 88TH STREET, LLC
AIMCO 656 ST. NICHOLAS, LLC
AIMCO 759 ST. NICHOLAS, LLC
AIMCO 88TH STREET/SECOND AVENUE PROPERTIES, LLC
AIMCO ALL HALLOWS, LLC
AIMCO ANCHORAGE, L.P.
AIMCO ANGELES GP, LLC
AIMCO ANTIOCH, L.L.C.
AIMCO ARBORS-GROVETREE, LLC
AIMCO ARVADA HOUSE, LLC
AIMCO ASSOCIATED PROPERTIES, LP
AIMCO ASSURANCE LTD.
AIMCO AUBURN GLEN APARTMENTS, LLC
AIMCO BALAYE APARTMENTS I, LLC
AIMCO BALAYE APARTMENTS II, LLC
AIMCO BARCELONA, LLC
AIMCO BAYVIEW, LLC
AIMCO BEACON HILL PRESERVATION GP, LLC
AIMCO BEAU JARDIN, L.P.
AIMCO BEECH LAKE, L.L.C.
AIMCO BILTMORE, LLC
AIMCO BOLTON NORTH, L.L.C.
AIMCO BOSTON LOFTS, L.P.
AIMCO BRE I, LLC
AIMCO BRE II, LLC
AIMCO BREAKERS, L.P.
AIMCO BRIARWEST, LLC
AIMCO BRIARWOOD, LLC
AIMCO BROOK RUN, L.L.C.
AIMCO BUENA VISTA APARTMENTS GP, LLC
AIMCO BUENA VISTA APARTMENTS, L.P.
AIMCO BUTTERNUT CREEK PRESERVATION GP, LLC
AIMCO CALHOUN CLUB, L.L.C.
AIMCO CALHOUN, INC.
State Code
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
BD
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
Entity Name
AIMCO CALHOUN, L.L.C.
AIMCO CAMERON VILLAS, L.L.C.
AIMCO CAPITAL HOLDINGS FUND VI, LLC
AIMCO CAPITAL HOLDINGS FUND VII, LLC
AIMCO CAPITAL TAX CREDIT FUND I, LIMITED PARTNERSHIP
AIMCO CAPITAL TAX CREDIT FUND II, LLC
AIMCO CAPITAL TAX CREDIT FUND III, LLC
AIMCO CAPITAL TAX CREDIT FUND IV, LLC
AIMCO CAPITAL TAX CREDIT FUND IX, LLC
AIMCO CAPITAL TAX CREDIT FUND V, LLC
AIMCO CAPITAL TAX CREDIT FUND VI, LLC
AIMCO CAPITAL TAX CREDIT FUND VII, LLC
AIMCO CAPITAL TAX CREDIT FUND VIII, LLC
AIMCO CAPITAL TAX CREDIT FUND X, LLC
AIMCO CAPITAL TAX CREDIT FUND XI, LLC
AIMCO CAPITAL TAX CREDIT FUND XII, LLC
AIMCO CAPITAL TAX CREDIT FUND XIII, LLC
AIMCO CAPITAL TAX CREDIT I, INC.
AIMCO CAPITAL TAX CREDIT MANAGEMENT II, LLC
AIMCO CAPITAL TAX CREDIT MANAGEMENT III, LLC
AIMCO CAPITAL, INC.
AIMCO CARRIAGE HOUSE GP, LLC
AIMCO CASA DE LAS HERMANITAS DEVCO, LLC
AIMCO CASA DE MONTEREY GP, LLC
AIMCO CASA DE MONTEREY, L.P.
AIMCO CENTRAL PARK TOWNHOMES, LLC
AIMCO CHATHAM HARBOR, L.L.C.
AIMCO CHELSEA LAND, L.L.C.
AIMCO CHELSEA MEMBER, L.L.C.
AIMCO CHELSEA RIDGE, L.L.C.
AIMCO CHESTNUT HALL GP, LLC
AIMCO CHESTNUT HALL LIMITED PARTNERSHIP
AIMCO CHESTNUT HILL GP, LLC
AIMCO CK PROPERTIES, LLC
AIMCO COLUMBUS AVE., LLC
AIMCO CONSTRUCTION SERVICES, LLC
AIMCO COPPERWOOD, LLC
State Code
DE
DE
DE
DE
CA
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
CA
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
Entity Name
AIMCO COUNTRY CLUB HEIGHTS, LLC
AIMCO COUNTRY LAKES, L.L.C.
AIMCO COVINGTON POINTE, L.P.
AIMCO CREVENNA OAKS GP, LLC
AIMCO CROSSWOOD PARK APARTMENTS GP, LLC
AIMCO CROSSWOOD PARK APARTMENTS, L.P.
AIMCO CROSSWOOD PARK GP, LLC
AIMCO CROSSWOOD PARK, L.P.
AIMCO DEERBROOK, LLC
AIMCO DORAL OAKS, L.P.
AIMCO ELM CREEK, L.P.
AIMCO EQUITY SERVICES, INC.
AIMCO ESPLANADE AVENUE APARTMENTS, LLC
AIMCO FALL RIVER II, L.L.C.
AIMCO FALL RIVER, L.L.C.
AIMCO FISHERMAN’S WHARF, LLC
AIMCO FLAMINGO HEALTH CLUB, LLC
AIMCO FORESTLAKE APARTMENTS, LLC
AIMCO FOUNTAIN PLACE PRESERVATION GP, LLC
AIMCO FOXCHASE, L.P.
AIMCO FRAMINGHAM, LLC
AIMCO GARDENS GP LLC
AIMCO GLENS APARTMENTS, LLC
AIMCO GP LA, L.P.
AIMCO GRANADA, L.L.C.
AIMCO GREENBRIAR PRESERVATION GP, LLC
AIMCO GREENS OF NAPERVILLE, L.L.C.
AIMCO GREENS, L.L.C.
AIMCO GREENSPRING, L.P.
AIMCO GROUP, L.P.
AIMCO GS SWAP, LLC
AIMCO HANOVER SQUARE/DIP, L.L.C.
AIMCO HARLEM FUNDING, LLC
AIMCO HEMET DEVCO, LLC
AIMCO HERITAGE PARK, L.P.
AIMCO HILLMEADE, LLC
AIMCO HOLDINGS QRS, INC.
State Code
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
VA
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
Entity Name
AIMCO HOLDINGS, L.P.
AIMCO HOPKINS VILLAGE PRESERVATION GP, LLC
AIMCO HORIZONS WEST APARTMENTS, LLC
AIMCO HP/SWAP, LLC
AIMCO HUDSON HARBOUR, LLC
AIMCO HUNTER’S CROSSING, L.P.
AIMCO HYDE PARK TOWER, L.L.C.
AIMCO IGA, INC.
AIMCO INDEPENDENCE GREEN, L.L.C.
AIMCO INDIO DEVCO, LLC
AIMCO INGRAM SQUARE PRESERVATION GP, LLC
AIMCO IPLP, L.P.
AIMCO JACQUES-MILLER, L.P.
AIMCO JV PORTFOLIO #1, LLC
AIMCO KEY TOWERS, L.P.
AIMCO KIRKWOOD HOUSE PRESERVATION SLP, LLC
AIMCO LA QRS, INC.
AIMCO LA SALLE, LLC
AIMCO LA VISTA, LLC
AIMCO LAKE CASTLETON ARMS, L.L.C.
AIMCO LEAHY SQUARE APARTMENTS, LLC
AIMCO LOFTS HOLDINGS, L.P.
AIMCO LORING TOWERS, LLC
AIMCO LOS ARBOLES, L.P.
AIMCO LP LA, LP
AIMCO LT, L.P.
AIMCO MAPLE BAY, L.L.C.
AIMCO MERRILL HOUSE, L.L.C.
AIMCO MICHIGAN MEADOWS HOLDINGS, L.L.C.
AIMCO MONTEREY GROVE APARTMENTS TIC 2, LLC
AIMCO MONTEREY GROVE APARTMENTS, LLC
AIMCO MOUNTAIN VIEW APARTMENTS GP, LLC
AIMCO MOUNTAIN VIEW APARTMENTS, L.P.
AIMCO MOUNTAIN VIEW, L.L.C.
AIMCO N.P. LOFTS, L.P.
AIMCO NET LESSEE (BAYBERRY HILL), LLC
AIMCO NET LESSEE (GEORGETOWN), LLC
State Code
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
Entity Name
AIMCO NET LESSEE (MARLBORO), LLC
AIMCO NET LESSEE (WATERFORD VILLAGE), LLC
AIMCO NEW BALTIMORE, LLC
AIMCO NEWBERRY PARK PRESERVATION GP, LLC
AIMCO NON-ECONOMIC MEMBER, LLC
AIMCO NORTH ANDOVER, L.L.C.
AIMCO NORTHPOINT, L.L.C.
AIMCO OAK FOREST I, L.L.C.
AIMCO OAK FOREST II, L.L.C.
AIMCO OCEAN OAKS, L.L.C.
AIMCO OLDE TOWN WEST III, L.P.
AIMCO OXFORD HOUSE PRESERVATION GP, LLC
AIMCO PACIFICA PARK APARTMENTS, LLC
AIMCO PALM SPRINGS DEVCO, LLC
AIMCO PANORAMA PARK PRESERVATION GP, LLC
AIMCO PARADISE PALMS, LLC
AIMCO PARK AT CEDAR LAWN, L.P.
AIMCO PARK LA BREA HOLDINGS, LLC
AIMCO PARK LA BREA SERVICES, LLC
AIMCO PARK LA BREA, INC.
AIMCO PARK PLACE, LLC
AIMCO PARKVIEW DEVCO, LLC
AIMCO PARKVIEW MANOR, LLC
AIMCO PARKWAYS GP, LLC
AIMCO PATHFINDER VILLAGE APARTMENTS GP, LLC
AIMCO PATHFINDER VILLAGE APARTMENTS, L.P.
AIMCO PAVILION PRESERVATION GP, L.L.C.
AIMCO PINE BLUFF VILLAGE PRESERVATION GP, LLC
AIMCO PINE SHADOWS, L.L.C.
AIMCO PINEBROOK, L.P.
AIMCO PINES, L.P.
AIMCO PLEASANT HILL, LLC
AIMCO PLUMMER VILLAGE, LLC
AIMCO PROPERTIES FINANCE CORP.
AIMCO PROPERTIES FINANCE PARTNERSHIP, L.P.
AIMCO PROPERTIES, L.P.
AIMCO PROPERTIES, LLC
State Code
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
MD
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
Entity Name
AIMCO PROPERTIES/ABHLD PARKVIEW MANOR, LLC
AIMCO QRS GP, LLC
AIMCO RAMBLEWOOD, L.L.C.
AIMCO REMINGTON, LLC
AIMCO RIDGEWOOD LA LOMA DEVCO, LLC
AIMCO RIDGEWOOD TOWERS PRESERVATION GP, LLC
AIMCO RIVER CLUB, LLC
AIMCO RIVER VILLAGE PRESERVATION GP, LLC
AIMCO RIVERSIDE PARK, L.L.C.
AIMCO RIVERWOODS GP, LLC
AIMCO ROSE GARDENS, LLC
AIMCO ROUND BARN MANOR GP, LLC
AIMCO ROYAL CREST — NASHUA, L.L.C.
AIMCO ROYAL PALMS, LLC
AIMCO RUSCOMBE GARDENS SLP, LLC
AIMCO SALEM PRESERVATION GP, LLC
AIMCO SAN BRUNO APARTMENT PARTNERS, L.P.
AIMCO SAN JOSE, LLC
AIMCO SANDPIPER, L.P.
AIMCO SCOTCHOLLOW APARTMENTS GP, LLC
AIMCO SCOTCHOLLOW APARTMENTS, L.P.
AIMCO SELECT PROPERTIES, L.P.
AIMCO SHOREVIEW, LLC
AIMCO SIGNATURE POINT, L.P.
AIMCO SOMERSET LAKES, L.L.C.
AIMCO SOUTH BAY VILLA, LLC
AIMCO STAFFORD STUDENT APARTMENTS GP, LLC
AIMCO STERLING VILLAGE DEVCO, LLC
AIMCO SUMMIT OAKS GP, LLC
AIMCO SUNSET ESCONDIDO, L.L.C.
AIMCO TALBOT WOODS, LLC
AIMCO TAMARAC PINES, LLC
AIMCO TERRY MANOR, LLC
AIMCO TOMPKINS TERRACE GP, LLC
AIMCO TOR, L.L.C.
AIMCO TOWNSHIP AT HIGHLANDS APARTMENTS, LLC
AIMCO TREE CARE DIVISION, LLC
State Code
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
Entity Name
AIMCO VAN NUYS PRESERVATION, LLC
AIMCO VANTAGE POINTE, L.L.C.
AIMCO VENEZIA, LLC
AIMCO VERDES DEL ORIENTE, L.L.C.
AIMCO VILLA DE GUADALUPE, L.L.C.
AIMCO VILLAGE CREEK AT BROOKHILL, LLC
AIMCO VILLAGE CROSSING, L.L.C.
AIMCO WALNUT HILLS PRESERVATION GP, LLC
AIMCO WARWICK, L.L.C.
AIMCO WASHINGTON SQUARE WEST GP, LLC
AIMCO WAVERLY APARTMENTS, LLC
AIMCO WESTCHESTER PARK, LLC
AIMCO WESTGATE, LLC
AIMCO WESTMINSTER OAKS GP, LLC
AIMCO WESTWOOD PRESERVATION GP, LLC
AIMCO WESTWOOD TERRACE GP, LLC
AIMCO WEXFORD VILLAGE II, L.L.C.
AIMCO WEXFORD VILLAGE, L.L.C.
AIMCO WHITEFIELD PLACE, LLC
AIMCO WILSON ACRES MANAGER, LLC
AIMCO WILSON ACRES, LLC
AIMCO WINDWARD, LLC
AIMCO WINTER GARDEN, LLC
AIMCO WOODLAND HILLS, LLC
AIMCO WOODS OF BURNSVILLE, L.L.C.
AIMCO YACHT CLUB AT BRICKELL, LLC
AIMCO YORKTOWN, L.P.
AIMCO/ALLVIEW, L.L.C.
AIMCO/APOLLO, L.L.C.
AIMCO/BETHESDA EMPLOYEE, L.L.C.
AIMCO/BETHESDA GP, L.L.C.
AIMCO/BETHESDA HOLDINGS ACQUISITIONS, INC.
AIMCO/BETHESDA HOLDINGS, INC.
AIMCO/BETHESDA II, L.L.C.
AIMCO/BLUFFS, L.L.C.
AIMCO/BRANDERMILL, L.L.C.
AIMCO/BRANDON, L.L.C.
State Code
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
Entity Name
AIMCO/BRANDYWINE, L.P.
AIMCO/CASSELBERRY, L.L.C.
AIMCO/CHICKASAW, L.L.C.
AIMCO/CHIMNEYTOP, L.L.C.
AIMCO/COLONNADE, INC.
AIMCO/COLONNADE, L.L.C.
AIMCO/COLONNADE, L.P.
AIMCO/CONTINENTAL PLAZA LIMITED GP, LLC
AIMCO/DFW APARTMENT INVESTORS GP, LLC
AIMCO/DFW RESIDENTIAL INVESTORS GP, LLC
AIMCO/FARMINGDALE, L.L.C.
AIMCO/FOX VALLEY, L.L.C.
AIMCO/FOXTREE, INC.
AIMCO/FOXTREE, L.L.C.
AIMCO/FOXTREE, L.P.
AIMCO/GALLERIA PARK ASSOCIATES GP, LLC
AIMCO/GROVETREE, INC.
AIMCO/GROVETREE, L.L.C.
AIMCO/GROVETREE, L.P.
AIMCO/HIL, L.L.C.
AIMCO/HOLLIDAY ASSOCIATES GP, LLC
AIMCO/IPT, INC.
AIMCO/KIRKMAN, L.L.C.
AIMCO/LAKE RIDGE, L.L.C.
AIMCO/LANTANA, L.L.C.
AIMCO/LEXINGTON, L.L.C.
AIMCO/MIDDLETOWN, L.L.C.
AIMCO/MINNEAPOLIS ASSOCIATES GP, LLC
AIMCO/NASHUA, L.L.C.
AIMCO/NEWPORT, L.L.C.
AIMCO/NHP PARTNERS, L.P.
AIMCO/NHP PROPERTIES, INC.
AIMCO/NORTH WOODS, L.L.C.
AIMCO/ONE LINWOOD ASSOCIATES GP, LLC
AIMCO/PALM BEACH, L.L.C.
AIMCO/PARK TOWNE PLACE ASSOCIATES GP, LLC
AIMCO/PINELLAS, L.L.C.
State Code
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
Entity Name
AIMCO/RALS, L.P.
AIMCO/RAVENSWORTH ASSOCIATES GP, LLC
AIMCO/RIVERSIDE PARK ASSOCIATES GP, LLC
AIMCO/SCHAUMBURG, L.L.C.
AIMCO/SHADETREE, INC.
AIMCO/SHADETREE, L.L.C.
AIMCO/SHADETREE, L.P.
AIMCO/SOUTHRIDGE, L.L.C.
AIMCO/STANDPOINT VISTA GP, LLC
AIMCO/STONEGATE, L.P.
AIMCO/SWAP, L.L.C.
AIMCO/THE HILLS, INC.
AIMCO/TIDEWATER, L.L.C.
AIMCO/TIMBERTREE, INC.
AIMCO/TIMBERTREE, L.L.C.
AIMCO/TIMBERTREE, L.P.
AIMCO/TRAVIS ONE, L.P.
AIMCO/WAI ASSOCIATES GP, LLC
AIMCO/WAI ASSOCIATES LP, LLC
AIMCO/WESTRIDGE, L.L.C.
AIMCO/WICKERTREE, INC.
AIMCO/WICKERTREE, L.L.C.
AIMCO/WICKERTREE, L.P.
AIMCO/WINROCK-HOUSTON GP, LLC
AIMCO-GP, INC.
AIMCO-LP TRUST
AJ ONE LIMITED PARTNERSHIP
AJ ONE, INC.
AJ TWO LIMITED PARTNERSHIP
AJ TWO, INC.
ALABAMA PROPERTIES LTD., II
ALABAMA PROPERTIES, LTD., V
ALASKA HOUSE ASSOCIATES
ALEX PLACE, LIMITED PARTNERSHIP
ALEXANDER PLACE APARTMENTS, A LOUISIANA PARTNERSHIP IN COMMENDAM
ALL HALLOWS ASSOCIATES, L.P.
ALL HALLOWS PRESERVATION, L.P.
State Code
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
AL
AL
WA
AL
LA
CA
CA
Entity Name
ALLENTOWN TOWNE HOUSE LIMITED PARTNERSHIP
ALLENTOWN-OXFORD ASSOCIATES LIMITED PARTNERSHIP
ALLIANCE TOWERS LIMITED PARTNERSHIP
ALLISON VILLAGE ASSOCIATES, L.P.
ALLVIEW-OXFORD LIMITED PARTNERSHIP
ALMS HILL II LIMITED PARTNERSHIP
AMARILLO NORTHWEST VILLAGE, LTD.
AMBASSADOR APARTMENTS, L.P.
AMBASSADOR CRM FLORIDA PARTNERS LIMITED PARTNERSHIP
AMBASSADOR FLORIDA PARTNERS LIMITED PARTNERSHIP
AMBASSADOR FLORIDA PARTNERS, INC.
AMBASSADOR I, INC.
AMBASSADOR I, L. P.
AMBASSADOR II JV GP, LLC
AMBASSADOR II JV, L.P.
AMBASSADOR II, INC.
AMBASSADOR III, L.P.
AMBASSADOR IV, INC.
AMBASSADOR IX, INC.
AMBASSADOR IX, L.P.
AMBASSADOR TEXAS PARTNERS, L.P.
AMBASSADOR TEXAS, INC.
AMBASSADOR VII, INC.
AMBASSADOR VII, L.P.
AMBASSADOR VIII, INC.
AMBASSADOR VIII, L.P.
AMBASSADOR X, INC.
AMBASSADOR X, L.P.
AMREAL CORPORATION
AMREAL REALTY, INC.
ANCHORAGE PARTNERS, A TEXAS LIMITED PARTNERSHIP
ANDERSON OAKS LIMITED PARTNERSHIP
ANGELES INCOME PROPERTIES, LTD. 6
ANGELES INCOME PROPERTIES, LTD. II
ANGELES INVESTMENT PROPERTIES, INC.
ANGELES OPPORTUNITY PROPERTIES, LTD., A CALIFORNIA LIMITED PARTNERSHIP
ANGELES PARTNERS X
State Code
PA
MD
OH
CO
MD
OH
TX
DE
DE
DE
DE
DE
IL
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
SC
SC
TX
WA
CA
CA
CA
CA
CA
Entity Name
ANGELES PARTNERS XII
ANGELES PROPERTIES, INC.
ANGELES REALTY CORPORATION
ANGELES REALTY CORPORATION II
ANTIOCH PRESERVATION, L.P.
ANTON SQUARE, LTD.
AP XII ASSOCIATES GP, L.L.C.
AP XII TWIN LAKE TOWERS, L.P.
AP XII TWIN LAKE TOWERS, LLC
APARTMENT CCG 17, L.L.C.
APARTMENT CCG 17, L.P.
APARTMENT CREEK 17A LLC
APARTMENT LODGE 17A LLC
APOLLO-OXFORD ASSOCIATES LIMITED PARTNERSHIP
APPLE RIDGE SINGLE FAMILY HOMES LIMITED PARTNERSHIP
APPLE TREE ASSOCIATES, AN IDAHO LIMITED PARTNERSHIP
ARCHERS GREEN LIMITED PARTNERSHIP
ARISTOCRAT MANOR, LTD.
ARKANSAS CITY APARTMENTS, LIMITED PARTNERSHIP
ARLINGTON SENIOR HOUSING, L.P.
ARVADA HOUSE PRESERVATION LIMITED PARTNERSHIP
ASHLAND MANOR LIMITED PARTNERSHIP
ATHENS GARDENS, LTD.
ATHENS STATION, LTD.
ATLANTA ASSOCIATES LIMITED PARTNERSHIP
ATLANTIC IX, L.L.C.
ATRIUM VILLAGE ASSOCIATES
ATRIUMS OF PLANTATION JV GP, LLC
ATRIUMS OF PLANTATION JV, L.P.
AVON DEVELOPMENT COMPANY
AVONDALE SIESTA POINTE APARTMENTS LIMITED PARTNERSHIP
AZALEA COURT INVESTMENT GROUP, BRENTWOOD LIMITED PARTNERSHIP NO. 2
BAISLEY PARK ASSOCIATES LIMITED PARTNERSHIP
BALDWIN COUNTY HOUSING, LTD.
BALDWIN OAKS ELDERLY, LTD.
BALDWIN TOWERS ASSOCIATES
BANGOR HOUSE PROPRIETARY LIMITED PARTNERSHIP
State Code
CA
CA
CA
CA
DE
AL
SC
DE
DE
SC
CA
CO
CO
MD
KY
ID
VA
AR
AR
TX
CO
OH
OH
OH
MA
MI
IL
DE
DE
PA
AZ
AL
NY
AL
NJ
PA
ME
Entity Name
BANNOCK ARMS SECOND LIMITED PARTNERSHIP
BARNESBORO ASSOCIATES, A PENNSYLVANIA LIMITED PARTNERSHIP
BAY PARC PLAZA APARTMENTS, L.P.
BAYBERRY HILL, L.L.C.
BAYHEAD VILLAGE ASSOCIATES, L.P.
BAYVIEW HUNTERS POINT APARTMENTS, L.P.
BAYVIEW PRESERVATION, L.P.
BEACON HILL PRESERVATION LIMITED DIVIDEND HOUSING ASSOCIATION LIMITED PARTNERSHIP
BEDFORD HOUSE, LTD.
BELLA GRANDE, LTD.
BELLAIR MANOR, LTD.
BELLERIVE ASSOCIATES LIMITED PARTNERSHIP
BELLEVILLE MANOR APARTMENTS, LTD.
BELLS BAY, L.P.
BELMONT 189 ASSOCIATES
BELOIT MATURE ADULT HOUSING, L.L.C.
BENJAMIN BANNEKER PLAZA ASSOCIATES
BENSALEM GARDEN ASSOCIATES LIMITED PARTNERSHIP
BENT TREE II-OXFORD ASSOCIATES LIMITED PARTNERSHIP
BENT TREE-OXFORD ASSOCIATES LIMITED PARTNERSHIP
BEREA SINGLE FAMILY HOMES, LTD.
BERKLEY LIMITED PARTNERSHIP
BETHEL COLUMBUS CORPORATION
BETHEL COLUMBUS-OXFORD ASSOCIATES LIMITED PARTNERSHIP
BETHEL TOWERS LIMITED DIVIDEND HOUSING ASSOCIATION
BETHLEHEM DEVELOPMENT COMPANY
BETTER HOUSING ASSOCIATES, LIMITED PARTNERSHIP
BEVILLE-ISLAND CLUB APARTMENTS PARTNERS, L.P.
BILTMORE APARTMENTS, LTD.
BIRCH MANOR APARTMENTS
BIRCH MANOR APARTMENTS — PHASE II
BIRCH MANOR APARTMENTS, PHASE 1 LTD.
BIRCH MANOR APARTMENTS, PHASE II LTD.
BIRCHFIELD ASSOCIATES
BLAKEWOOD PROPERTIES ASSOCIATES
BLANCHARD APARTMENTS ASSOCIATES LIMITED PARTNERSHIP
BLOOMSBURG ELDERLY ASSOCIATES
State Code
CA
PA
DE
DE
IN
CA
CA
MI
OH
FL
OH
MO
KY
SC
NY
WI
PA
PA
IN
IN
KY
VA
MD
MD
MI
PA
CT
DE
OH
OH
OH
OH
OH
PA
GA
WA
PA
Entity Name
BLUEWATER LIMITED DIVIDEND HOUSING ASSOCIATION
BOLTON NORTH PRESERVATION LIMITED PARTNERSHIP
BRANDEMERE-REO, L.P.
BRANDERMILL-OXFORD ASSOCIATES LIMITED PARTNERSHIP
BRANDON-OXFORD ASSOCIATES LIMITED PARTNERSHIP
BRANFORD DEVELOPMENT ASSOCIATES LIMITED PARTNERSHIP
BRIARCLIFFE-OXFORD ASSOCIATES LIMITED PARTNERSHIP
BRIGHTON APARTMENTS ASSOCIATES LIMITED PARTNERSHIP
BRIGHTON GP, L.L.C.
BRIGHTON MEADOWS ASSOCIATES, AN INDIANA LIMITED PARTNERSHIP
BRIGHTWOOD MANOR ASSOCIATES
BRINTON MANOR NO. 1 ASSOCIATES
BRINTON TOWERS ASSOCIATES
BRISTOL PARTNERS, L.P.
BROAD RIVER PROPERTIES, L.L.C.
BROADMOOR APARTMENTS ASSOCIATES LTD. PARTNERSHIP
BROADMOOR AT CHELSEA ACQUISITION, L.P.
BROADWAY ASSOCIATES
BROADWAY GLEN ASSOCIATES
BROOK RUN ASSOCIATES, L.P.
BROOKSIDE APARTMENTS ASSOCIATES
BROOKWOOD LIMITED PARTNERSHIP
BRYDEN HOUSE LIMITED PARTNERSHIP
BUCKHANNON MANOR ASSOCIATES LIMITED PARTNERSHIP
BUFFALO VILLAGE ASSOCIATES LIMITED PARTNERSHIP
BURKSHIRE COMMONS APARTMENTS PARTNERS, L.P.
BURLINGTON HOTEL BUILDING, LTD., LLLP
BURLINGTON RIVER APARTMENTS, LIMITED PARTNERSHIP
BURNHAM GEREL
BURNSVILLE APARTMENTS LIMITED PARTNERSHIP
BUTTERNUT CREEK PRESERVATION LIMITED DIVIDEND HOUSING ASSOCIATION LIMITED PARTNERSHIP
BUYERS ACCESS LLC
BW OPERATING COMPANY, L.L.C.
CACHE CREEK PARTNERS, L.P.
CALHOUN BUILDERS, INC. D/B/A PATMAN SWITCH ASSOCIATES, A LOUISIANA PARTNERSHIP IN COMMENDAM
CALIFORNIA SQUARE LIMITED PARTNERSHIP
CALMARK HERITAGE PARK II LIMITED PARTNERSHIP
State Code
MI
DE
TX
MD
MD
CT
MI
NY
SC
IN
PA
PA
PA
MO
DE
SC
MO
RI
MA
IL
PA
IL
OH
WV
NY
DE
CO
IA
IL
MN
MI
DE
MA
CA
LA
KY
CA
Entity Name
CALMARK INVESTORS, LTD., A CALIFORNIA LIMITED PARTNERSHIP
CALMARK/FORT COLLINS, INC.
CALMARK/FORT COLLINS, LTD.
CALVERT CITY, LTD.
CAMARILLO-ROSEWOOD ASSOCIATES LIMITED PARTNERSHIP
CAMBRIDGE COURT APARTMENTS, L.P.
CAMBRIDGE HEIGHTS APARTMENTS LIMITED PARTNERSHIP
CAMERON PARK VILLAGE LIMITED, A CALIFORNIA LIMITED PARTNERSHIP
CAMPBELL HEIGHTS ASSOCIATES LIMITED PARTNERSHIP
CANTERBURY GARDENS ASSOCIATES LIMITED PARTNERSHIP
CANTERBURY LIMITED PARTNERSHIP
CANTERBURY SERVICES LLC
CANYON SHADOWS, L.P.
CAPITAL HEIGHTS ASSOCIATES LIMITED PARTNERSHIP
CAPITOL HILL ASSOCIATES
CAROLINA ASSOCIATES LIMITED PARTNERSHIP
CARPENTER-OXFORD ASSOCIATES II LIMITED PARTNERSHIP
CARPENTER-OXFORD, L.L.C.
CARRIAGE APX, A MICHIGAN LIMITED PARTNERSHIP
CARRIAGE APX, INC.
CARRIAGE APX, LLC
CARRIAGE HOUSE PRESERVATION, L.P.
CASA QUINTANA, LTD.
CASDEN OFFICE HOLDINGS LLC
CASDEN PROPERTIES LLC
CASSADY VILLAGE APARTMENTS, LTD.
CASSELBERRY INVESTORS, L.L.C.
CASSELBERRY-OXFORD ASSOCIATES LIMITED PARTNERSHIP
CASTLEWOOD ASSOCIATES, L.P.
CAYUGA VILLAGE ASSOCIATES LIMITED PARTNERSHIP
CCIP PLANTATION GARDENS, L.L.C.
CCIP REGENCY OAKS, L.L.C.
CCIP STERLING, L.L.C.
CCIP STERLING, L.P.
CCIP/2 HIGHCREST, L.L.C.
CCIP/2 VILLAGE BROOKE, L.L.C.
CCIP/2 WINDEMERE, L.L.C.
State Code
CA
CA
CA
OH
CA
SC
MS
CA
DC
MI
IN
DE
CA
WV
CO
WA
MD
MD
MI
MI
DE
DE
TX
DE
DE
OH
MD
MD
IA
NY
DE
DE
DE
PA
DE
DE
DE
Entity Name
CCIP/2 WINDEMERE, L.P.
CCIP/3 SANDPIPER, LLC
CCIP/3 WILLIAMSBURG MANOR, LLC
CCP IV ARBOURS OF HERMITAGE, LLC
CCP IV ASSOCIATES, LTD.
CCP IV KNOLLWOOD, LLC
CCP/III VILLAGE GREEN GP, INC.
CCP/IV RESIDENTIAL GP, L.L.C.
CDLH AFFORDABLE, L.P.
CEDAR RIM APARTMENTS, LLC
CEDAR TERRACE APARTMENTS, LTD.
CENTER CITY ASSOCIATES
CENTER SQUARE ASSOCIATES
CENTRAL PARK TOWERS II LIMITED PARTNERSHIP
CENTRAL PARK TOWERS LIMITED PARTNERSHIP
CENTRAL STATION LIMITED PARTNERSHIP
CENTRAL STROUD, LIMITED PARTNERSHIP
CENTRAL WOODLAWN LIMITED PARTNERSHIP
CENTRAL WOODLAWN REHABILITATION JOINT VENTURE
CENTURY LAKESIDE PLACE, L.P.
CENTURY PENSION INCOME FUND XXIV, A CALIFORNIA LIMITED PARTNERSHIP
CENTURY PROPERTIES FUND XIV L.P.
CENTURY PROPERTIES FUND XIX, LP
CENTURY PROPERTIES FUND XV
CENTURY PROPERTIES FUND XVI
CENTURY PROPERTIES FUND XVII, LP
CENTURY PROPERTIES GROWTH FUND XXII, LP
CENTURY SUN RIVER, LIMITED PARTNERSHIP
CENTURY TOWER APARTMENTS, L.P.
CHA PROPERTIES, INC.
CHANDLER COMMONWEALTH LIMITED PARTNERSHIP
CHANDLER PROPERTY DEVELOPMENT ASSOCIATES LIMITED PARTNERSHIP
CHANTILLY PARTNERS LIMITED PARTNERSHIP
CHAPEL HOUSING LIMITED PARTNERSHIP
CHARLES STREET ASSOCIATES LIMITED PARTNERSHIP
CHARLESTON-OXFORD ASSOCIATES LIMITED PARTNERSHIP
CHARLTON HOUSING ASSOCIATES LIMITED PARTNERSHIP
State Code
DE
DE
DE
DE
TX
DE
SC
SC
CA
DE
AL
PA
PA
KS
KS
TN
FL
IL
IL
TX
CA
CA
DE
CA
CA
DE
DE
AZ
MO
DE
AZ
AZ
VA
MD
CT
MD
MA
Entity Name
CHARNEY ASSOCIATES LIMITED PARTNERSHIP
CHATEAU FOGHORN LIMITED PARTNERSHIP
CHELSEA RENAISSANCE L.P.
CHERRYWOOD ASSOCIATES LIMITED PARTNERSHIP
CHESTNUT HILL ASSOCIATES LIMITED PARTNERSHIP
CHESWICK-OXFORD ASSOCIATES, L.P.
CHICKASAW-OXFORD ASSOCIATES LIMITED PARTNERSHIP
CHICO GARDENS LIMITED PARTNERSHIP
CHILDRESS MANOR APARTMENTS
CHIMNEYTOP-OXFORD ASSOCIATES L.P.
CHURCH STREET ASSOCIATES LIMITED PARTNERSHIP
CHURCHVIEW GARDENS LIMITED PARTNERSHIP
CIDER MILL ASSOCIATES, A PENNSYLVANIA LIMITED PARTNERSHIP
CIMARRON ACQUISITION, L.P.
CITRUS GROVE JV GP, LLC
CITRUS GROVE JV, L.P.
CITY HEIGHTS DEVELOPMENT COMPANY
CITY LINE ASSOCIATES LIMITED PARTNERSHIP
CIVIC HOUSING ASSOCIATES I
CIVIC HOUSING ASSOCIATES II
CK SERVICES, INC.
CK-GP II, INC.
CK-LP II, INC.
CLARKE COURT, LLC
CLAYTON ASSOCIATES LIMITED PARTNERSHIP
CLEAR LAKE LAND PARTNERS, LTD.
CLIFFS APARTMENTS, L.P.
CLOVERLANE FOUR-OXFORD LIMITED PARTNERSHIP
CLOVERLANE III CORPORATION
CLOVERLANE III-OXFORD ASSOCIATES LIMITED PARTNERSHIP
CLUB APARTMENT ASSOCIATES LIMITED PARTNERSHIP
C-O CORPORATION
COATESVILLE TOWERS
COBBLESTONE CORNERS, L.P.
COES POND LIMITED PARTNERSHIP
COLCHESTER STAGE II COMPANY
COLD SPRING SINGLE FAMILY HOMES, LTD.
State Code
WA
MD
KS
ID
DE
IN
MD
CA
TX
IN
IL
PA
PA
MO
DE
DE
PA
VA
OH
OH
DE
DE
DE
WA
WA
TX
SC
MD
MD
MD
NC
MD
PA
TN
MA
MI
KY
Entity Name
COLLEGE OAKS PARK, L.P.
COLLEGE PARK APARTMENTS, A LIMITED PARTNERSHIP
COLLEGE TRACE APARTMENTS, LTD.
COLONY HOUSE APARTMENTS, LTD.
COLUMBUS JUNCTION PARK, LIMITED PARTNERSHIP
COMBINED PROPERTIES LIMITED PARTNERSHIP
COMFED QUALIFIED HOUSING LIMITED PARTNERS XII, A NEBRASKA LIMITED PARTNERSHIP
COMMUNITY CIRCLE II, LTD.
COMMUNITY CIRCLE, LTD.
COMMUNITY DEVELOPERS OF PRINCEVILLE LIMITED PARTNERSHIP
CONCAP CCP/IV RIVER’S EDGE PROPERTIES, INC.
CONCAP EQUITIES, INC.
CONCAP HOLDINGS, INC.
CONCAP VILLAGE GREEN ASSOCIATES, LTD.
CONGRESS REALTY COMPANIES LIMITED PARTNERSHIP
CONGRESS REALTY CORP.
CONIFER MEDFORD
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES, LP
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2, LP
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3, LP
CONSOLIDATED CAPITAL PROPERTIES III
CONSOLIDATED CAPITAL PROPERTIES IV, LP
CONTINENTAL APARTMENTS
CONTINENTAL PLAZA ASSOCIATES
CONTINENTAL PLAZA LIMITED PARTNERSHIP
COOPER RIVER PROPERTIES, L.L.C.
COPPERFIELD APARTMENTS JV, L.P.
COPPERWOOD PRESERVATION, LP
COUCH-OXFORD ASSOCIATES LIMITED PARTNERSHIP
COUCH-OXFORD, L.L.C.
COUNTRY CLUB WOODS, AFFORDABLE HOMES, LTD.
COUNTRYSIDE NORTH AMERICAN PARTNERS, L.P.
COUNTRYVIEW ESTATES I, L.P.
COURTS OF CICERO II L.P.
COURTYARD-OXFORD ASSOCIATES L.P.
COVENTRY SQUARE APARTMENTS JV, L.P.
CPF 16 WOODS OF INVERNESS GP, L.L.C.
State Code
IL
PA
FL
CA
IA
WA
NE
OH
OH
NC
TX
DE
TX
TX
MA
MA
OR
DE
DE
DE
CA
DE
MI
IL
IL
DE
TX
TX
MD
MD
FL
NJ
MO
IL
IN
TX
SC
Entity Name
CPF XIV/SUN RIVER, INC.
CPF XV/LAKESIDE PLACE, INC.
CPGF 22 WOOD CREEK GP, L.L.C.
CRC CONGRESS REALTY CORP.
CREEKSIDE INVESTMENT COMPANY
CREEKVIEW ASSOCIATES
CREEKWOOD APARTMENTS, LTD.
CREVENNA OAKS PRESERVATION, L.P.
CROCKETT MANOR APARTMENTS, A LIMITED PARTNERSHIP
CRYAR HOMES, LIMITED PARTNERSHIP
CRYSTAL SPRINGS ASSOCIATES
CUMBERLAND COURT ASSOCIATES
CUMMINGS MILL, LLC
DAMEN COURT ASSOCIATES LIMITED PARTNERSHIP
DARBY TOWNHOUSES ASSOCIATES
DARBY TOWNHOUSES LIMITED PARTNERSHIP
DARBY TOWNHOUSES PRESERVATION GENERAL PARTNER, L.L.C.
DARBY TOWNHOUSES PRESERVATION, LP
DAVIDSON DIVERSIFIED PROPERTIES, INC.
DAVIDSON DIVERSIFIED REAL ESTATE II, L.P.
DAVIDSON GP, L.L.C.
DAVIDSON GROWTH PLUS GP CORPORATION
DAVIDSON GROWTH PLUS GP LIMITED PARTNERSHIP
DAVIDSON GROWTH PLUS, L.P.
DAVIDSON INCOME REAL ESTATE, L.P.
DAVIDSON PROPERTIES, INC.
DAWSON SPRINGS, LTD.
DAYTON III CORPORATION
DAYTON III-OXFORD ASSOCIATES LIMITED PARTNERSHIP
DAYTONA VILLAGE, LTD
DBL PROPERTIES CORPORATION
DEERCROSS-OXFORD ASSOCIATES, L.P.
DEL MORAL LIMITED PARTNERSHIP
DELAVAN MATURE ADULT HOUSING, L.L.C.
DELHAVEN MANOR, LTD.
DELPHIA HOUSE ASSOCIATES
DELTA SQUARE-OXFORD LIMITED PARTNERSHIP
State Code
AZ
TX
SC
MA
ID
PA
AL
DE
TN
AL
WA
PA
ME
IL
PA
PA
DE
PA
TN
DE
SC
DE
DE
DE
DE
TN
OH
MD
MD
OH
NY
IN
AZ
WI
MS
PA
MD
Entity Name
DELTA SQUARE-OXFORD, L.L.C.
DENNY PLACE LIMITED PARTNERSHIP
DESHLER APARTMENTS ASSOCIATES LIMITED PARTNERSHIP
DFW RESIDENTIAL INVESTORS LIMITED PARTNERSHIP
DILLON PLACE ASSOCIATES LIMITED PARTNERSHIP
DIP LIMITED PARTNERSHIP
DIP LIMITED PARTNERSHIP II
DIVERSIFIED EQUITIES, LIMITED
DIXON RIVER APARTMENTS, L.P.
DORAL GARDEN ASSOCIATES
DORAL LIMITED PARTNERSHIP
DOUGLAS STREET LANDINGS, LTD.
DOYLE ASSOCIATES LIMITED DIVIDEND HOUSING ASSOCIATION
DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES II LIMITED PARTNERSHIP
DUKE MANOR ASSOCIATES
DUQUESNE ASSOCIATES NO. 1
EAST HAVEN REAL ESTATE ASSOCIATES LIMITED PARTNERSHIP
EAST WINDSOR 255 LIMITED PARTNERSHIP
EAST WINDSOR 255, INC.
EASTGATE APARTMENTS, A LIMITED PARTNERSHIP
EASTRIDGE APARTMENTS A LIMITED PARTNERSHIP
EASTRIDGE ASSOCIATES
ECO VILLAGE, LTD
EDGEWOOD ASSOCIATES
EDGEWOOD HOUSING ASSOCIATES, L.P.
EDGEWOOD, A LIMITED PARTNERSHIP
EL CAZADOR LIMITED PARTNERSHIP
EL CORONADO APTS., LTD.
ELDERLY DEVELOPMENT WESTMINSTER, A CALIFORNIA LIMITED PARTNERSHIP
ELKHART TOWN AND COUNTRY LIMITED PARTNERSHIP
ELM GREEN APARTMENTS LIMITED PARTNERSHIP
ELMS COMMON ASSOCIATES
EMPORIA LIMITED
ENGLISH MANOR JOINT VENTURE
EUSTIS APARTMENTS, LTD.
EVANGELINE VILLAGE APARTMENTS A LOUISIANA PARTNERSHIP IN COMMENDAM
EVANSVILLE SENIOR HOUSING LIMITED PARTNERSHIP
State Code
MD
CA
NY
DE
CT
VA
VA
TN
IL
PA
PA
TX
MI
NY
PA
PA
MA
DE
DE
IA
PA
PA
OH
WA
GA
AR
CA
TX
CA
IN
NC
CT
VA
TX
FL
LA
WI
Entity Name
EVEREST INVESTORS 5, LLC
EVEREST WINGFIELD, L.P.
EVERETT SQUARE PLAZA ASSOCIATES
EVERGREEN CLUB LIMITED PARTNERSHIP
FAIR OAK ESTATES, LTD.
FAIRBURN AND GORDON ASSOCIATES II LIMITED PARTNERSHIP
FAIRBURN AND GORDON ASSOCIATES LIMITED PARTNERSHIP
FAIRLANE EAST, LLC
FAIRLAWN GREEN ACQUISITION, L.P.
FAIRMONT HILLS APARTMENTS LIMITED PARTNERSHIP
FAIRWIND ASSOCIATES, LTD.
FAIRWOOD ASSOCIATES
FARMINGDALE-OXFORD ASSOCIATES LIMITED PARTNERSHIP
FERNWOOD LTD., LIMITED PARTNERSHIP
FILLMORE PLACE APARTMENTS LIMITED PARTNERSHIP
FINLAY INTERESTS 2, LTD.
FINLAY INTERESTS MT 2, LTD.
FIRST ALEXANDRIA ASSOCIATES LIMITED PARTNERSHIP
FIRST WINTHROP CORPORATION
FISH CREEK PLAZA, LTD
FISHERMAN’S LANDING APARTMENTS LIMITED PARTNERSHIP
FISHERMAN’S LANDING JV GP, LLC
FISHERMAN’S LANDING JV, L.P.
FISHERMAN’S VILLAGE-OXFORD ASSOCIATES, L.P.
FISHERMAN’S WHARF PARTNERS, A TEXAS LIMITED PARTNERSHIP
FISHWIND CORPORATION
FMI LIMITED PARTNERSHIP
FOOTHILL CHIMNEY ASSOCIATES LIMITED PARTNERSHIP
FOREST GARDENS ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP
FOREST PARK SOUTH, LTD.
FOUNTAIN PLACE PRESERVATION, L.P.
FOUR QUARTERS HABITAT APARTMENTS ASSOCIATES, LTD.
FOURTH STREET APARTMENT INVESTORS, A CALIFORNIA LIMITED PARTNERSHIP
FOX ASSOCIATES ‘84
FOX CAPITAL MANAGEMENT CORPORATION
FOX PARTNERS
FOX PARTNERS II
State Code
CA
KS
MA
MA
FL
GA
GA
DE
KS
WV
WA
CA
IL
MA
AZ
FL
FL
VA
DE
OH
FL
DE
DE
IN
TX
MD
PA
GA
MD
FL
DE
FL
CA
CA
CA
CA
CA
Entity Name
FOX PARTNERS III
FOX PARTNERS IV
FOX PARTNERS VIII
FOX REALTY INVESTORS
FOX RIDGE ASSOCIATES
FOX RUN APARTMENTS, LTD.
FOX STRATEGIC HOUSING INCOME PARTNERS, A CALIFORNIA LIMITED PARTNERSHIP
FOX VALLEY TWO-OXFORD LIMITED PARTNERSHIP
FOX VALLEY-OXFORD LIMITED PARTNERSHIP
FOXFIRE LIMITED DIVIDEND HOUSING ASSOCIATION
FRANKLIN CHANDLER ASSOCIATES
FRANKLIN EAGLE ROCK ASSOCIATES
FRANKLIN NEW YORK AVENUE ASSOCIATES
FRANKLIN PARK LIMITED PARTNERSHIP
FRANKLIN PHEASANT RIDGE ASSOCIATES
FRANKLIN SQUARE SCHOOL ASSOCIATES LIMITED PARTNERSHIP
FRANKLIN WOODS ASSOCIATES
FRANKLIN WOODS LTD
FREEMAN EQUITIES, LIMITED
FRIENDSET HOUSING COMPANY LIMITED PARTNERSHIP
FRIENDSHIP VILLAGE LIMITED PARTNERSHIP
FRIO HOUSING, LTD.
FRP LIMITED PARTNERSHIP
GADSDEN TOWERS, LTD.
GALLATIN ASSOCIATES
GALLERIA PARK ASSOCIATES LIMITED PARTNERSHIP
GARDEN COURT ASSOCIATES
GATE MANOR APARTMENTS, LTD., A TENNESSEE LIMITED PARTNERSHIP
GATEWAY-OXFORD ASSOCIATES LIMITED PARTNERSHIP
GC SOUTHEAST PARTNERS, L.P.
GEORGETOWN 20Y APARTMENTS, L.L.C.
GEORGETOWN MANAGEMENT, INC.
GEORGETOWN WOODS LAND DEVELOPMENT, LP
GEORGETOWN WOODS SENIOR APARTMENTS, L.P.
GERMANTOWN, A LIMITED PARTNERSHIP
GIFFORD GROVES, LTD.
GLENARK ASSOCIATES LIMITED PARTNERSHIP
State Code
CA
CA
CA
CA
WV
TX
CA
MD
MD
MI
PA
PA
PA
PA
PA
MD
PA
OH
TN
NY
VA
TX
PA
AL
PA
MA
CA
TN
MD
DE
DE
CA
IN
IN
AR
FL
RI
Entity Name
GLENBROOK LIMITED PARTNERSHIP
GLENDALE TERRACE LIMITED PARTNERSHIP
GOLDEN OAK VILLAGE LIMITED PARTNERSHIP
GOLER METROPOLITAN APARTMENTS LIMITED PARTNERSHIP
GOOSE HOLLOW VILLAGE LIMITED PARTNERSHIP
GOTHAM APARTMENTS, LIMITED PARTNERSHIP
GP REAL ESTATE SERVICES II INC.
GP SERVICES II, INC.
GP SERVICES XV, INC.
GP-OP PROPERTY MANAGEMENT, LLC
GRAND MEADOWS II LIMITED DIVIDEND HOUSING ASSOCIATION LIMITEDPARTNERSHIP
GRAND PLAZA PRESERVATION GP, LLC
GRAND PLAZA PRESERVATION, L.P.
GRANDVIEW PLACE LIMITED PARTNERSHIP
GRANITE HEIGHTS, L.P.
GRANT-KO ENTERPRISES A LIMITED PARTNERSHIP
GREATER HARTFORD ASSOCIATES LIMITED PARTNERSHIP
GREATER MESA PROPERTY ASSOCIATES LIMITED PARTNERSHIP
GREENBRIAR PRESERVATION, L.P.
GREENBRIAR-OXFORD ASSOCIATES L.P.
GREENFAIR TOWER II CALIFORNIA LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP
GREENFAIR-DCW CALIFORNIA LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP
GREEN-KO ENTERPRISES OF BARNEVELD, WISCONSIN A LIMITED PARTNERSHIP
GREENTREE ASSOCIATES
GREENWOOD VILLA APARTMENTS, LTD.
GRIMES PARK APARTMENTS, LIMITED PARTNERSHIP
GRINNELL PARK APARTMENTS, LIMITED PARTNERSHIP
GROVE PARK VILLAS, LTD.
GSSW-REO DALLAS, L.P.
GSSW-REO PEBBLE CREEK, L.P.
GSSW-REO TIMBERLINE LIMITED PARTNERSHIP
GULF COAST HOLDINGS, LTD.
GULF COAST PARTNERS, LTD.
GULFPORT ASSOCIATES
GWYNED PARTNERS LIMITED PARTNERSHIP
HALLS MILL, LTD.
HAMLIN ESTATES LIMITED PARTNERSHIP
State Code
MA
SC
IN
NC
OR
MO
DE
SC
SC
DE
MI
DE
CA
MT
TN
WI
CT
AZ
DE
IN
CA
CA
WI
IL
KY
IA
IA
FL
TX
TX
TX
AL
CA
WA
PA
AL
CA
Entity Name
HAMMOND HOUSING 1994 PARTNERS, A LOUISIANA PARTNERSHIP IN COMMENDAM
HAMPSHIRE HOUSE APARTMENTS, LTD.
HARDIN HAMMOCK ESTATES ASSOCIATES, LTD.
HAROLD APARTMENTS ASSOCIATES LIMITED PARTNERSHIP
HARRIS PARK LIMITED PARTNERSHIP
HARRISON SQUARE LIMITED PARTNERSHIP
HATILLO HOUSING ASSOCIATES
HAWTHORN VILLAGE I, L.P.
HC/OAC, L.L.C.
HCW GENERAL PARTNER, LIMITED PARTNERSHIP
HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP
HEARTLAND PARK ELDERLY LIVING CENTER, L.P.
HEATHERWOOD-REO, L.P.
HEMET ESTATES AFFORDABLE, L.P.
HENNA TOWNHOMES, LTD.
HENRIETTA-OXFORD ASSOCIATES LIMITED PARTNERSHIP, A MARYLAND LIMITED PARTNERSHIP
HERITAGE EAGLE VILLAS, LTD.
HERITAGE FOREST GROVE, LTD.
HERITAGE HOLLYBROOK, LTD.
HERITAGE PARK II INC.
HERITAGE PARK INVESTORS, INC.
HERITAGE PHOENIX, LTD.
HERITAGE VILLAGE BLACKSHEAR, L.P.
HERITAGE WILLOW GLEN, LTD.
HHP L.P.
HICKORY HEIGHTS APARTMENTS, A LIMITED PARTNERSHIP
HICKORY HILL TOWNHOMES, LTD.
HICKORY RIDGE ASSOCIATES, LTD.
HIGHLANDS VILLAGE II, LTD.
HIGHLAWN PLACE LIMITED PARTNERSHIP
HILLCREST APARTMENTS L.L.C.
HILLSBOROUGH-OXFORD ASSOCIATES LIMITED PARTNERSHIP
HILLSIDE VILLAGE ASSOCIATES
HILLTOP APARTMENTS ASSOCIATES
HILLTOP APARTMENTS, PHASE II LIMITED PARTNERSHIP
HILLTOP APARTMENTS, PHASE I LIMITED PARTNERSHIP
HIMBOLA MANOR — PARTNERSHIP SERVICES, INC. LTD., A PARTNERSHIP
State Code
LA
OH
FL
NY
NY
CT
MA
MO
MD
TX
MA
IL
TX
CA
TX
MD
CO
TX
FL
DE
CA
FL
GA
TX
DE
SC
KY
FL
FL
WV
OH
MD
PA
PA
MO
MO
LA
Entity Name
HINTON HOUSE ASSOCIATES LIMITED PARTNERSHIP
HISTORIC PROPERTIES INC.
HIVIEW GARDENS DEVELOPMENT COMPANY
HMI PROPERTY MANAGEMENT (ARIZONA), INC.
HOLLIDAY ASSOCIATES LIMITED PARTNERSHIP
HOLLIDAYSBURG LIMITED PARTNERSHIP
HOLLOWS ASSOCIATES LIMITED PARTNERSHIP
HOLLY POINT ASSOCIATES, A KENTUCKY LIMITED PARTNERSHIP
HOMECORP INVESTMENTS, LTD.
HOPKINS VILLAGE PRESERVATION LIMITED PARTNERSHIP
HOUSING ASSISTANCE OF MT. DORA, LTD.
HOUSING ASSISTANCE OF ORANGE CITY, LTD.
HOUSING ASSISTANCE OF SEBRING, LTD.
HOUSING ASSISTANCE OF VERO BEACH, LTD.
HOUSING ASSOCIATES LIMITED
HOUSING PROGRAMS CORPORATION II
HOUSING PROGRAMS LIMITED, A CALIFORNIA LIMITED PARTNERSHIP
HOUSING TECHNOLOGY ASSOCIATES
HUDSON STREET APARTMENTS LIMITED PARTNERSHIP
HUDSON TERRACE ASSOCIATES LIMITED PARTNERSHIP
HUMMELSTOWN HOUSING ASSOCIATES
HUNT CLUB PARTNERS, L.L.C.
HUNTERS GLEN AP XII LIMITED PARTNERSHIP
HUNTERS GLEN PHASE V GP, L.L.C.
HUNTINGTON HACIENDA ASSOCIATES, A CALIFORNIA LIMITED PARTNERSHIP
HUNTSVILLE PROPERTIES LIMITED PARTNERSHIP
HURBELL IV LTD.
HYATTSVILLE HOUSING ASSOCIATES LIMITED PARTNERSHIP
HYDE PARK APARTMENTS LIMITED PARTNERSHIP
IDA TOWER
IH, INC.
INDIO GARDENS AFFORDABLE, L.P.
INGRAM SQUARE APARTMENTS, LTD.
INGRAM SQUARE PRESERVATION, L.P.
INTEGRATED PROPERTIES, INC.
INTOWN WEST ASSOCIATES LIMITED PARTNERSHIP
INWOOD COLONY, LTD.
State Code
WV
DE
PA
AZ
DC
PA
NY
KY
AL
DE
FL
FL
FL
FL
CA
DE
CA
HI
CA
NY
PA
MD
SC
SC
CA
GA
AL
MD
MO
PA
DE
CA
TX
TX
RI
CT
TX
Entity Name
IPGP, INC.
IPLP ACQUISITION I LLC
IPT I LLC
IRONMAN HOUSING ASSOCIATION
ISTC CORPORATION
IVYWOOD APARTMENTS LIMITED PARNTERSHIP
J M PROPERTY INVESTORS 1984, L.P.
J M PROPERTY INVESTORS 1985, L.P.
JACARANDA-OXFORD LIMITED PARTNERSHIP
JACARANDA-OXFORD, L.L.C.
JACOB’S LANDING, L.P.
JACQUES-MILLER ASSOCIATES
JAMES COURT ASSOCIATES
JAMES-OXFORD LIMITED PARTNERSHIP
JAMESTOWN TERRACE LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP
JAMESTOWN VILLAGE ASSOCIATES
JARDINES DE MAYAGUEZ LIMITED PARTNERSHIP
JASPER COUNTY PROPERTIES, LTD.
JEFFERSON MEADOWS LIMITED DIVIDEND HOUSING ASSOCIATION LIMITEDPARTNERSHIP
JENNY LIND HALL SECOND LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP
JFK ASSOCIATES LIMITED PARTNERSHIP
JMA EQUITIES, L.P.
JUPITER-I, L.P.
JUPITER-II, L.P.
KENDALL TOWNHOME INVESTORS, LTD.
KENNEDY BOULEVARD ASSOCIATES
KENNEDY BOULEVARD ASSOCIATES II, L.P.
KENNEDY BOULEVARD ASSOCIATES III, L.P.
KENNEDY BOULEVARD ASSOCIATES IV, L.P.
KENOSHA GARDENS ASSOCIATES LIMITED PARTNERSHIP OF WISCONSIN
KENTON DEVELOPMENT CO.
KENTON VILLAGE, LTD.
KENTUCKY MANOR APARTMENTS, LTD.
KENTUCKY RIVER APARTMENTS, LTD.
KENYON HOUSE CO.
KING-BELL ASSOCIATES LIMITED PARTNERSHIP
KINGS ROW ASSOCIATES
State Code
DE
DE
DE
OK
DE
OH
DE
DE
MD
MD
MO
TN
ID
MD
CA
PA
MD
MS
MI
CA
NC
DE
DE
DE
FL
PA
PA
PA
PA
WI
MO
OH
KY
KY
WA
OR
NJ
Entity Name
KINGSTON GREENE ASSOCIATES LTD
KINSEY-OXFORD ASSOCIATES, L.P.
KIRKMAN-OXFORD ASSOCIATES LIMITED PARTNERSHIP
KIRKWOOD HOUSE PRESERVATION LIMITED PARTNERSHIP
KIWANIS MANOR, L.P.
KOHLER GARDENS APARTMENTS
KONA PLUS ASSOCIATES LIMITED PARTNERSHIP
L.M. ASSOCIATES LIMITED PARTNERSHIP
LA BROADCAST CENTER GP LLC
LA BROADCAST CENTER QRS INC.
LA CANYON TERRACE GP LLC
LA CANYON TERRACE LP
LA CANYON TERRACE QRS INC.
LA CREEKSIDE GP LLC
LA CREEKSIDE LP
LA CREEKSIDE QRS INC.
LA CRESCENT GARDENS GP LLC
LA CRESCENT GARDENS LP
LA CRESCENT GARDENS QRS INC.
LA HILLCRESTE APARTMENTS LLC
LA HILLCRESTE GP LLC
LA HILLCRESTE LP
LA HILLCRESTE MEZZANINE MEMBER LLC
LA HILLCRESTE QRS INC.
LA INDIAN OAKS GP LLC
LA INDIAN OAKS LP
LA INDIAN OAKS QRS INC.
LA LAKES GP LLC
LA LAKES LP
LA LAKES QRS INC.
LA MALIBU CANYON GP LLC
LA MALIBU CANYON LP
LA MALIBU CANYON QRS INC.
LA MORADA ASSOCIATES LIMITED PARTNERSHIP
LA PARK LA BREA A LLC
LA PARK LA BREA B LLC
LA PARK LA BREA C LLC
State Code
OH
OH
MD
DE
IL
CA
WA
OH
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DC
DE
DE
DE
Entity Name
LA PARK LA BREA LLC
LA SALLE PRESERVATION, L.P.
LA VISTA PRESERVATION, L.P.
LAC PROPERTIES GP I LIMITED PARTNERSHIP
LAC PROPERTIES GP I LLC
LAC PROPERTIES GP II LIMITED PARTNERSHIP
LAC PROPERTIES GP III LIMITED PARTNERSHIP
LAC PROPERTIES OPERATING PARTNERSHIP, L.P.
LAC PROPERTIES QRS II INC.
LAC PROPERTIES QRS III INC.
LAC PROPERTIES SUB LLC
LAFAYETTE LIMITED PARTNERSHIP
LAFAYETTE MANOR ASSOCIATES LIMITED PARTNERSHIP
LAFAYETTE SQUARE ASSOCIATES
LAFAYETTE TERRACE ASSOCIATES
LAFAYETTE TOWNE ELDERLY LIMITED PARTNERSHIP
LAKE AVENUE ASSOCIATES L.P.
LAKE CASTLETON II, L.P
LAKE FOREST APARTMENTS
LAKE HAVASU ASSOCIATES LIMITED PARTNERSHIP
LAKE JUNE VILLAGE II LIMITED PARTNERSHIP
LAKE RIDGE-OXFORD ASSOCIATES LIMITED PARTNERSHIP
LAKE TOWERS ASSOCIATES II LIMITED PARTNERSHIP
LAKE WALES VILLAS, LTD.
LAKERIDGE-ISLAND CLUB APARTMENTS PARTNERS, L.P.
LAKESIDE APARTMENTS LIMITED
LAKESIDE APARTMENTS, A LIMITED PARTNERSHIP
LAKESIDE AT VININGS, LLC
LAKESIDE NORTH, L.L.C.
LAKEVIEW ARMS ASSOCIATES LIMITED PARTNERSHIP
LAKEVIEW VILLAS, LTD.
LAKEWOOD AOPL, A TEXAS LIMITED PARTNERSHIP
LAKEWOOD AOPL, INC.
LANCASTER HEIGHTS MANAGEMENT CORP.
LANDAU APARTMENTS LIMITED PARTNERSHIP
LANDMARK (NC), LLC
LANDMARK APARTMENTS ASSOCIATES
State Code
DE
CA
CA
DE
DE
DE
DE
DE
DE
DE
DE
IL
VA
TN
IL
MO
OH
TX
PA
AZ
TX
MD
IL
FL
DE
FL
IN
DE
MD
NY
FL
TX
TX
CA
SC
DE
IL
Entity Name
LANDMARK ASSOCIATES
LANTANA-OXFORD ASSOCIATES LIMITED PARTNERSHIP
LARGO PARTNERS, L.L.C.
LARGO/OAC, L.L.C.
LAS MONTANAS VILLAGE LIMITED PARTNERSHIP
LAS PALOMAS VILLAGE LIMITED PARTNERSHIP
LASALLE APARTMENTS, L.P.
LAUDERDALE TOWERS-REO, LIMITED PARTNERSHIP
LAWNDALE SQUARE-REO LIMITED PARTNERSHIP
LAZY HOLLOW PARTNERS
LEE-HY MANOR ASSOCIATES LIMITED PARTNERSHIP
LEMAY VILLAGE LIMITED PARTNERSHIP
LEWISBURG ASSOCIATES LIMITED PARTNERSHIP
LEWISBURG ELDERLY ASSOCIATES
LEXINGTON-OXFORD ASSOCIATES L.P.
LEYDEN LIMITED PARTNERSHIP
LIBERTY TOWERS ASSOCIATES II L.P.
LIMA-OXFORD ASSOCIATES, L.P.
LINCOLN MARINERS ASSOCIATES LIMITED
LINCOLN PROPERTY COMPANY NO. 409, LTD.
LINDEN COURT ASSOCIATES LIMITED PARTNERSHIP
LIVINGSTON HOUSING 1994 PARTNERS, A LOUISIANA PARTNERSHIP IN COMMENDAM
LOCK HAVEN ELDERLY ASSOCIATES
LOCK HAVEN GARDENS ASSOCIATES
LOCUST HOUSE ASSOCIATES LIMITED PARTNERSHIP
LONE OAK APARTMENTS, LTD.
LONE STAR PROPERTIES LIMITED PARTNERSHIP
LONG MEADOW LIMITED PARTNERSHIP
LORELEI ASSOCIATES LIMITED PARTNERSHIP
LORING TOWERS PRESERVATION LIMITED PARTNERSHIP
LORING TOWERS SALEM PRESERVATION LIMITED PARTNERSHIP
LOUIS JOLIET APARTMENTS MT, L.P.
LOUIS JOLIET APARTMENTS, L.P.
LUND-HILL ASSOCIATES LIMITED PARTNERSHIP
LYNN-OXFORD ASSOCIATES LIMITED PARTNERSHIP
M & P DEVELOPMENT COMPANY
MADISON PARK III ASSOCIATES
State Code
ID
MD
MD
MD
AZ
AZ
CA
TX
TX
CA
VA
MO
WV
PA
IN
MA
IL
IN
CA
CA
NY
LA
PA
PA
MD
KY
TX
SC
DC
DE
MA
IL
IL
WI
MD
PA
MA
Entity Name
MADISON RIVER PROPERTIES, L.L.C.
MADISON TERRACE ASSOCIATES
MADISONVILLE, LTD.
MAE — SPI, L.P.
MAE DELTA, INC.
MAE INVESTMENTS, INC.
MAE JMA, INC.
MAERIL, INC.
MALLARDS OF WEDGEWOOD LIMITED PARTNERSHIP
MANDARIN TRACE APARTMENTS, LTD.
MANGONIA RESIDENCE I, LTD.
MANNA CREST HOMES LIMITED PARTNERSHIP
MANOR GREEN LIMITED PARTNERSHIP
MAPLE HILL ASSOCIATES
MAQUOKETA HOUSING, L.P.
MARINA DEL REY LIMITED DIVIDEND PARTNERSHIP ASSOCIATES
MARINETTE WOODS APARTMENTS ASSOCIATES LIMITED PARTNERSHIP
MARKET VENTURES, L.L.C.
MARSHALL PLAZA APARTMENTS, LTD.-PHASE I
MARSHALL PLAZA APARTMENTS, LTD.-PHASE II
MARTINEZ PARK VILLAS, LTD.
MASHPEE UNITED CHURCH VILLAGE PARTNERSHIP
MAUNAKEA PALMS LIMITED PARTNERSHIP
MAUNAKEA PALMS, INC.
MAYER BEVERLY PARK LIMITED PARTNERSHIP
MB APARTMENTS LIMITED PARTNERSHIP
MCZ/CENTRUM FLAMINGO II, L.L.C.
MCZ/CENTRUM FLAMINGO III, L.L.C.
MEADOW LAKE PHASE II, A LIMITED PARTNERSHIP
MEADOW LAKE, A LIMITED PARTNERSHIP
MEADOW LANE
MEADOW VIEW ASSOCIATES L.P.
MEADOWS LIMITED PARTNERSHIP
MEADOWS RUN LIMITED PARTNERSHIP
MECKLENBURG MILL ASSOCIATES, LIMITED PARTNERSHIP
MEGAN MANOR, LIMITED PARTNERSHIP
MELBOURNE-OXFORD ASSOCIATES LIMITED PARTNERSHIP
State Code
DE
IL
OH
DE
DE
DE
DE
DE
WA
FL
FL
OH
WA
PA
IA
MA
WI
DE
OH
OH
CO
MA
HI
HI
CA
IL
DE
DE
AR
AR
WA
IL
IL
CO
NC
AL
MD
Entity Name
MELBOURNE-OXFORD CORPORATION
MERCER PARTNERS, LP
MERIDIAN-REO, L.P.
MESA BROADWAY PROPERTY LIMITED PARTNERSHIP
MESA VALLEY HOUSING ASSOCIATES II LIMITED PARTNERSHIP
MESA VALLEY HOUSING ASSOCIATES LIMITED PARTNERSHIP
METROPOLITAN PLAZA LP, LLC
MHO PARTNERS, LIMITED
MIAMI ELDERLY ASSOCIATES LIMITED PARTNERSHIP
MICHIGAN BEACH LIMITED PARTNERSHIP
MIDDLETOWN-OXFORD LIMITED PARTNERSHIP
MIDPARK DEVELOPMENT CO.
MIDTOWN MESA LIMITED PARTERSHIP
MIDTOWN PLAZA ASSOCIATES
MINNEAPOLIS ASSOCIATES II LIMITED PARTNERSHIP
MINNEAPOLIS ASSOCIATES LIMITED PARTNERSHIP
MIRAMAR HOUSING ASSOCIATES LIMITED PARTNERSHIP
MOHAVE PARTNERS, L.P.
MONROE CORPORATION
MONROE COUNTY APTS. 2 & 3 L.P.
MONROE-OXFORD ASSOCIATES LIMITED PARTNERSHIP
MONTBLANC GARDEN APARTMENTS ASSOCIATES
MONTICELLO MANAGEMENT I, L.L.C.
MONTICELLO MANOR, LTD.
MORNINGSIDE HOUSING PHASE B ASSOCIATES LIMITED PARTNERSHIP
MORNINGSTAR SENIOR CITIZEN URBAN RENEWAL HOUSING GROUP, L.P.
MORRISANIA TOWERS HOUSING COMPANY LIMITED PARTNERSHIP
MORTON TOWERS APARTMENTS, L.P.
MORTON TOWERS HEALTH CLUB, LLC
MOSS GARDENS LTD., A PARTNERSHIP IN COMMENDAM
MOUNT CARROLL APARTMENTS LIMITED PARTNERSHIP
MOUNT UNION APARTMENTS, LTD.
MRR LIMITED PARTNERSHIP
MULBERRY ASSOCIATES
MUSCATINE HOUSING, L.P.
NAPICO HOUSING CREDIT COMPANY-XI.A, LLC
NAPICO HOUSING CREDIT COMPANY-XI.B, LLC
State Code
MD
NJ
TX
AZ
AZ
AZ
DE
FL
OH
IL
MD
OH
AZ
WA
MA
MD
DC
OH
MD
IL
MD
MA
DE
TX
NY
NJ
NY
DE
DE
LA
IL
OH
IL
PA
IA
DE
DE
Entity Name
NAPICO HOUSING CREDIT COMPANY-XI.C, LLC
NAPICO HOUSING CREDIT COMPANY-XI.D, LLC
NAPLES-OXFORD LIMITED PARTNERSHIP
NAPLES-OXFORD, L.L.C.
NASHUA-OXFORD-BAY ASSOCIATES LIMITED PARTNERSHIP
NATIONAL BOSTON LOFTS ASSOCIATES, LLLP
NATIONAL CORPORATE TAX CREDIT FUND II, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL CORPORATE TAX CREDIT FUND III, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL CORPORATE TAX CREDIT FUND IV, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL CORPORATE TAX CREDIT FUND IX, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL CORPORATE TAX CREDIT FUND V, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL CORPORATE TAX CREDIT FUND VI, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL CORPORATE TAX CREDIT FUND VII, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL CORPORATE TAX CREDIT FUND VIII, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL CORPORATE TAX CREDIT FUND X, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL CORPORATE TAX CREDIT FUND XI, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL CORPORATE TAX CREDIT FUND XII, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL CORPORATE TAX CREDIT FUND XIII, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL CORPORATE TAX CREDIT FUND, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL CORPORATE TAX CREDIT, INC.
NATIONAL CORPORATE TAX CREDIT, INC. II
NATIONAL CORPORATE TAX CREDIT, INC. III
NATIONAL CORPORATE TAX CREDIT, INC. IV
NATIONAL CORPORATE TAX CREDIT, INC. IX
NATIONAL CORPORATE TAX CREDIT, INC. OF PENNSYLVANIA
NATIONAL CORPORATE TAX CREDIT, INC. VI
NATIONAL CORPORATE TAX CREDIT, INC. VII
NATIONAL CORPORATE TAX CREDIT, INC. VIII
NATIONAL CORPORATE TAX CREDIT, INC. X
NATIONAL CORPORATE TAX CREDIT, INC. XI
NATIONAL CORPORATE TAX CREDIT, INC. XII
NATIONAL CORPORATE TAX CREDIT, INC. XIII
NATIONAL CORPORATE TAX CREDIT, INC. XIV
NATIONAL CORPORATION FOR HOUSING PARTNERSHIPS
NATIONAL HOUSING PARTNERSHIP REALTY FUND I, A MARYLAND LIMITED PARTNERSHIP
NATIONAL HOUSING PARTNERSHIP RESI ASSOCIATES I LIMITED PARTNERSHIP
NATIONAL PARTNERSHIP CREDIT FACILITY CORP.
State Code
DE
DE
MD
MD
MD
CO
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
PA
CA
CA
CA
CA
CA
CA
CA
CA
DC
MD
DC
CA
Entity Name
NATIONAL PARTNERSHIP INVESTMENTS ASSOCIATES II
NATIONAL PARTNERSHIP INVESTMENTS CORP.
NATIONAL PARTNERSHIP MANAGEMENT CORP.
NATIONAL PROPERTY INVESTORS 4
NATIONAL PROPERTY INVESTORS 5
NATIONAL PROPERTY INVESTORS 6
NATIONAL PROPERTY INVESTORS 8, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL PROPERTY INVESTORS III
NATIONAL TAX CREDIT INVESTORS II, A CALIFORNIA LIMITED PARTNERSHIP
NATIONAL TAX CREDIT MANAGEMENT CORP. I
NATIONAL TAX CREDIT PARTNERS, L.P.
NATIONAL TAX CREDIT, INC.
NATIONAL TAX CREDIT, INC. II
NBA, LTD.
NEIGHBORHOOD REINVESTMENT RESOURCES CORPORATION
NEIGHBORHOOD RESTORATIONS LIMITED PARTNERSHIP V
NEVADA SUNRISE GARDENS, LIMITED PARTNERSHIP
NEW BALTIMORE SENIOR PRESERVATION LIMITED PARTNERSHIP
NEW CASTLE — OXFORD ASSOCIATES L.P.
NEW HAVEN APARTMENTS, LIMITED PARTNERSHIP
NEW HAVEN ASSOCIATES LIMITED PARTNERSHIP
NEW SHELTER V LIMITED PARTNERSHIP
NEW VISTAS APARTMENTS ASSOCIATES
NEW-BEL-MO ENTERPRISES A LIMITED PARTNERSHIP
NEWBERRY PARK PRESERVATION, L.P.
NEWINGTON-OXFORD ASSOCIATES LIMITED PARTNERSHIP
NEWPORT-AVONDALE, LLC
NEWPORT-OXFORD ASSOCIATES LIMITED PARTNERSHIP
NEWTON APARTMENTS, LTD.
NHP A&R SERVICES, INC.
NHP ACQUISITION CORPORATION
NHP AFFORDABLE HOUSING PARTNERS, L.P.
NHP COUNTRY GARDENS LIMITED PARTNERSHIP
NHP COUNTRY GARDENS, INC.
NHP MID-ATLANTIC PARTNERS ONE L.P.
NHP MID-ATLANTIC PARTNERS TWO L.P.
NHP MULTI-FAMILY CAPITAL CORPORATION
State Code
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
CA
AL
IL
PA
CA
MI
IN
AL
MA
DE
IL
WI
DE
MD
DE
MD
MS
VA
DE
PA
VA
VA
DE
DE
DC
Entity Name
NHP PARKWAY ASSOCIATES L.P.
NHP PARKWAY L.P.
NHP PARTNERS TWO LIMITED PARTNERSHIP
NHP PUERTO RICO MANAGEMENT COMPANY
NHP REAL ESTATE CORPORATION
NHP WINDSOR CROSSING ASSOCIATES L.P.
NHP WINDSOR CROSSING L.P.
NHP-HDV EIGHTEEN, INC.
NHP-HDV ELEVEN, INC.
NHP-HDV FOUR, INC.
NHP-HDV FOURTEEN, INC.
NHP-HDV SEVENTEEN, INC.
NHP-HDV TEN, INC.
NHP-HDV TWELVE, INC.
NHP-HG FOUR, INC.
NHPMN MANAGEMENT, L.P.
NHPMN MANAGEMENT, LLC
NHPMN STATE MANAGEMENT, INC.
NHPMN-GP, INC.
NICHOLS TOWNEHOMES, LTD.
NOBLE SENIOR HOUSING, L.P., A CALIFORNIA LIMITED PARTNERSHIP
NORTH GATE-OXFORD ASSOCIATES LIMITED PARTNERSHIP
NORTH LIBERTY PARK, LIMITED PARTNERSHIP
NORTH OMAHA HOMES
NORTH PARK ASSOCIATES LIMITED PARTNERSHIP
NORTH WASHINGTON PARK ESTATES
NORTH WOODS-OXFORD ASSOCIATES, L.P.
NORTHERN STATES PROPERTIES LIMITED PARTNERSHIP
NORTHPOINT PRESERVATION LIMITED PARTNERSHIP
NORTHWESTERN PARTNERS, LTD.
NORTHWIND FOREST LIMITED PARTNERSHIP
NORTHWINDS APARTMENTS, L.P.
NORWALK PARK APARTMENTS, LIMITED PARTNERSHIP
NOVA ASSOCIATES LIMITED PARTNERSHIP
NP BANK LOFTS ASSOCIATES, L.P.
NPI EQUITY INVESTMENTS II, INC.
NPI EQUITY INVESTMENTS, INC.
State Code
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
VA
DE
DE
DE
DE
OH
CA
IN
IA
NE
WV
IL
IN
WA
DE
FL
MI
VA
IA
WA
CO
FL
FL
Entity Name
NPIA III, A CALIFORNIA LIMITED PARTNERSHIP
OAC INVESTMENT, INC.
OAC L.L.C.
OAC LIMITED PARTNERSHIP
OAK FALLS CONDOMINIUMS JV, L.P.
OAK FOREST ASSOCIATES LIMITED PARTNERSHIP
OAK FOREST II ASSOCIATES LIMITED PARTNERSHIP
OAK FOREST III ASSOCIATES
OAK HILL APARTMENTS, LTD.
OAK HOLLOW SOUTH ASSOCIATES
OAK PARK-OXFORD ASSOCIATES LIMITED PARTNERSHIP
OAK VIEW SPARTANBURG LIMITED PARTNERSHIP
OAK WOODS ASSOCIATES
OAKBROOK ACQUISITION, L.P.
OAKLAND CITY WEST END ASSOCIATES LIMITED PARTNERSHIP
OAKRIDGE PARK APARTMENTS, LTD.
OAKRIDGE PARK APARTMENTS, PHASE II, LTD.
OAKVIEW APARTMENTS LIMITED PARTNERSHIP
OAKWOOD APARTMENTS, LIMITED PARTNERSHIP — PHASE I
OAKWOOD APARTMENTS, LIMITED PARTNERSHIP — PHASE II
OAKWOOD MANOR ASSOCIATES, LTD.
OAKWOOD TRUST — PHASE I
OAKWOOD TRUST — PHASE II
OAMCO I, L.L.C.
OAMCO II, L.L.C.
OAMCO IV, L.L.C.
OAMCO V, L.L.C.
OAMCO VII, L.L.C.
OAMCO X, L.L.C.
OAMCO XI, L.L.C.
OAMCO XII, L.L.C.
OAMCO XIX, L.L.C.
OAMCO XIX, L.P.
OAMCO XV, L.L.C.
OAMCO XVI, L.L.C.
OAMCO XX, L.L.C.
OAMCO XX, L.P.
State Code
CA
MD
MD
MD
TX
OH
OH
OH
PA
PA
MI
SC
IL
MO
GA
MS
MS
AR
OH
OH
TN
OH
OH
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
Entity Name
OAMCO XXII, L.L.C.
OAMCO XXIII, L.L.C.
OAMCO XXVIII LIMITED PARTNERSHIP
OCALA PLACE, LTD.
O’DEA INVESTMENT COMPANY
OFA PARTNERS
OHA ASSOCIATES
OLD FARM ASSOCIATES
OLD FINANCIAL DISTRICT LIMITED PARTNERSHIP
ONE LINWOOD ASSOCIATES, LTD.
ONE LYTLE PLACE APARTMENTS PARTNERS, L.P.
ONE MADISON AVENUE ASSOCIATES, L.P.
ONE WEST CONWAY ASSOCIATES LIMITED PARTNERSHIP
OP PROPERTY MANAGEMENT, L.P.
OP PROPERTY MANAGEMENT, LLC
OPPORTUNITY ASSOCIATES 1991 L.P.
OPPORTUNITY ASSOCIATES 1994, L.P.
ORANGE CITY VILLAS II, LTD.
ORANGE VILLAGE ASSOCIATES
ORLEANS GARDENS, A LIMITED PARTNERSHIP
OROCOVIX LIMITED DIVIDEND PARTNERSHIP, A LIMITED PARTNERSHIP
ORP ACQUISITION PARTNERS LIMITED PARTNERSHIP
ORP ACQUISITION, INC.
ORP CORPORATION I
ORP I ASSIGNOR CORPORATION
ORP ONE L.L.C.
OSHTEMO LIMITED DIVIDEND HOUSING ASSOCIATION
OTEF II ASSOCIATES LIMITED PARTNERSHIP
OVERBROOK PARK, LTD.
OXFORD APARTMENT COMPANY, INC.
OXFORD ASSOCIATES ‘76 LIMITED PARTNERSHIP
OXFORD ASSOCIATES ‘77 LIMITED PARTNERSHIP
OXFORD ASSOCIATES ‘78 LIMITED PARTNERSHIP
OXFORD ASSOCIATES ‘79 LIMITED PARTNERSHIP
OXFORD ASSOCIATES ‘80 LIMITED PARTNERSHIP
OXFORD ASSOCIATES ‘81 LIMITED PARTNERSHIP
OXFORD ASSOCIATES ‘82 LIMITED PARTNERSHIP
State Code
DE
DE
MD
FL
CA
PA
IL
PA
CA
DC
DE
ME
MD
DE
DE
IN
IN
FL
PA
SC
CA
MD
MD
MD
MD
MD
MI
MD
OH
MD
IN
IN
IN
IN
IN
IN
IN
Entity Name
OXFORD ASSOCIATES ‘83 LIMITED PARTNERSHIP
OXFORD ASSOCIATES ‘84 LIMITED PARTNERSHIP
OXFORD ASSOCIATES ‘85 LIMITED PARTNERSHIP
OXFORD BETHESDA I LIMITED PARTNERSHIP
OXFORD BETHESDA II LIMITED PARTNERSHIP
OXFORD CORPORATION
OXFORD DEVELOPMENT CORPORATION
OXFORD DEVELOPMENT ENTERPRISES INC.
OXFORD EQUITIES CORPORATION
OXFORD EQUITIES CORPORATION II
OXFORD EQUITIES CORPORATION III
OXFORD FUND I LIMITED PARTNERSHIP
OXFORD HOLDING CORPORATION
OXFORD HOUSE PRESERVATION, L.P.
OXFORD INVESTMENT CORPORATION
OXFORD INVESTMENT II CORPORATION
OXFORD MANAGEMENT COMPANY INC
OXFORD MANAGERS I LIMITED PARTNERSHIP
OXFORD NATIONAL PROPERTIES CORPORATION
OXFORD PARTNERS I LIMITED PARTNERSHIP
OXFORD PARTNERS V LIMITED PARTNERSHIP
OXFORD PARTNERS X, L.L.C.
OXFORD REALTY FINANCIAL GROUP, INC.
OXFORD RESIDENTIAL PROPERTIES I CORPORATION
OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
OXFORD TAX EXEMPT FUND II CORPORATION
OXFORD TAX EXEMPT FUND II LIMITED PARTNERSHIP
OXFORD-COLUMBIA ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP
OXPARC 1994, L.L.C.
OXPARC 1995, L.L.C.
OXPARC 1996, L.L.C.
OXPARC 1997, L.L.C.
OXPARC 1998, L.L.C.
OXPARC 1999, L.L.C.
OXPARC 2000, L.L.C.
P&R INVESTMENT SERVICES
PACHUTA, LTD.
State Code
IN
MD
MD
MD
MD
IN
IN
IN
IN
DE
DE
MD
MD
DE
MD
MD
IN
MD
MD
IN
MD
MD
MD
MD
DE
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
WA
MS
Entity Name
PACIFIC COAST PLAZA
PACIFIC PLACE APARTMENTS, L.P.
PALACE VIEW HOUSING LIMITED PARTNERSHIP
PALM AIRE-ISLAND CLUB APARTMENTS PARTNERS, L.P.
PALM BEACH-OXFORD LIMITED PARTNERSHIP
PALM SPRINGS SENIOR AFFORDABLE, L.P.
PALM SPRINGS SENIOR CITIZENS COMPLEX LIMITED PARTNERSHIP
PALM SPRINGS VIEW APARTMENTS, LTD., A CALIFORNIA LIMITED PARTNERSHIP
PALMETTO APARTMENTS, A LIMITED PARTNERSHIP
PAMPA PARTNERSHIP LIMITED
PANORAMA PARK APARTMENTS LIMITED PARTNERSHIP
PANORAMA PARK PRESERVATION, L.P.
PAP PARTNERSHIP, L.P.
PARADISE PALMS MULTI-HOUSING LIMITED PARTNERSHIP
PARADISE PALMS SENIOR HOUSING LIMITED PARTNERSHIP
PARC CHATEAU SECTION I ASSOCIATES L.P.
PARC CHATEAU SECTION II ASSOCIATES (L.P.)
PARK ACQUISITION, L.P.
PARK ASSOCIATES, L.P.
PARK CREST, LTD.
PARK LA BREA ACQUISITION, LLC
PARK LANE ASSOCIATES LIMITED PARTNERSHIP
PARK MANOR, OREG. LTD.
PARK NORTH-OXFORD ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP
PARK PLACE ASSOCIATES
PARK PLACE PRESERVATION, L.P.
PARK TOWNE PLACE ASSOCIATES LIMITED PARTNERSHIP
PARK VISTA MANAGEMENT, INC.
PARK VISTA, LTD., A CALIFORNIA LIMITED PARTNERSHIP
PARKVIEW AFFORDABLE, L.P.
PARKVIEW APARTMENTS, A LIMITED PARTNERSHIP
PARKVIEW ARMS ASSOCIATES I LIMITED PARTNERSHIP
PARKVIEW ARMS ASSOCIATES II LIMITED PARTNERSHIP
PARKVIEW ASSOCIATES LIMITED PARTNERSHIP
PARKVIEW ASSOCIATES LIMITED PARTNERSHIP
PARKVIEW DEVELOPMENT CO.
PARKWAYS PRESERVATION, L.P.
State Code
CA
MO
CT
DE
MD
CA
CA
CA
SC
TX
CA
CA
PA
AZ
AZ
GA
GA
KS
MO
FL
DE
AZ
OR
MD
NJ
MO
DE
CA
CA
CA
SC
OH
OH
CA
NY
MN
DE
Entity Name
PARTNERSHIP18, L.P.
PARTNERSHIP FOR HOUSING LIMITED
PATEE VILLAS I, L.P.
PAVILION ASSOCIATES
PAVILION PRESERVATION, L.P.
PEAK AT VININGS, LLC
PEBBLE POINT CORPORATION
PEBBLE POINT-OXFORD ASSOCIATES, L.P.
PENNSYLVANIA ASSOCIATES LIMITED PARTNERSHIP
PENNSYLVANIA HOUSING PARTNERS
PENVIEW ASSOCIATES, L.P.
PEPPERMILL PLACE APARTMENTS JV, L.P.
PEPPERTREE ASSOCIATES
PEPPERTREE VILLAGE OF AVON PARK, LIMITED
PETERSBURG EAST SECTION 1, L.P.
PHILLIPS TO THE FALLS, L.L.C.
PHILLIPS VILLAGE ASSOCIATES, L.P.
PHOENIX BROADWAY ASSOCIATES LIMITED PARTNERSHIP
PHOENIX VINEYARD LIMITED PARTNERSHIP
PINE BLUFF ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP
PINE BLUFF VILLAGE PRESERVATION LIMITED PARTNERSHIP
PINE CREEK APARTMENTS, LTD.
PINE HAVEN APARTMENTS, LTD. A TEXAS LIMITED PARTNERSHIP
PINE LAKE TERRACE ASSOCIATES L.P.
PINE TREE APARTMENTS, LTD.
PINELLAS-OXFORD ASSOCIATES LIMITED PARTNERSHIP
PINERIDGE ASSOCIATES, L.P.
PINERIDGE MANAGEMENT, INC.
PINETREE ASSOCIATES
PINEVIEW TERRACE I, L.P.
PINEWOOD PARK APARTMENTS, A LIMITED PARTNERSHIP
PINEWOOD PLACE APARTMENTS ASSOCIATES LIMITED PARTNERSHIP
PINEWOOD, LTD. (CLARKE, L.P.)
PINEY BRANCH ASSOCIATES LIMITED PARTNERSHIP
PLAINS VILLAGE, LTD.
PLAINVIEW GP, INC.
PLEASANT HILL PRESERVATION, LP
State Code
PA
CA
MO
PA
DE
DE
MD
IN
MA
PA
NY
TX
CA
FL
VA
SD
CA
AZ
AZ
MD
DE
AL
TX
CA
FL
MD
MO
CA
PA
TX
SC
OH
GA
MD
TX
DE
TX
Entity Name
PLEASANT HILL VILLAS, LTD
PLUMLY TOWNEHOMES, LTD.
PLUMMER VILLAGE PRESERVATION, L.P.
POINT VILLAGE, LTD.
POPLAR POINTE, LIMITED PARTNERSHIP
PORTAGE ASSOCIATES LIMITED PARTNERSHIP
PORTFOLIO PROPERTIES EIGHT ASSOCIATES LIMITED PARTNERSHIP
PORTFOLIO PROPERTIES SEVEN ASSOCIATES LIMITED PARTNERSHIP
PORTFOLIO PROPERTIES TEN ASSOCIATES LIMITED PARTNERSHIP
PORTNER PLACE ASSOCIATES LIMITED PARTNERSHIP
POST RIDGE ASSOCIATES, LTD., LIMITED PARTNERSHIP
POST STREET ASSOCIATES LIMITED PARTNERSHIP
PRESCOTT EQUITIES HOLDINGS LIMITED PARTNERSHIP
PRIDE GARDENS LIMITED PARTNERSHIP
PRINCE STREET TOWERS LIMITED PARTNERSHIP
PTP PROPERTIES, INC.
PUERTO RICO MANAGEMENT, INC.
PUL-CORAL GARDENS APARTMENTS LIMTED PARTNERSHIP
PULLMAN WHEELWORKS ASSOCIATES I
QUAIL RUN ASSOCIATES, L.P.
QUEENSGATE II ASSOCIATES, LIMITED PARTNERSHIP
QUEENSTOWN APARTMENTS LIMITED PARTNERSHIP
QUINCY AFFORDABLE HOUSING L.P.
QUIVIRA MANAGEMENT, INC.
QUIVIRA PLACE ASSOCIATES, L.P.
RAMBLEWOOD LIMITED PARTNERSHIP
RAMBLEWOOD RESIDENTIAL JV GP, LLC
RAMBLEWOOD RESIDENTIAL JV, LLC
RAMBLEWOOD SERVICES LLC
RANCHO DEL MAR APARTMENTS LIMITED PARTNERSHIP
RANCHO TOWNHOUSES ASSOCIATES
RAVENSWORTH ASSOCIATES LIMITED PARTNERSHIP
REAL ESTATE ASSOCIATES III
REAL ESTATE ASSOCIATES IV
REAL ESTATE ASSOCIATES LIMITED
REAL ESTATE ASSOCIATES LIMITED II
REAL ESTATE ASSOCIATES LIMITED III
State Code
CO
OH
CA
OH
AL
MI
DC
DC
DC
DC
TN
NY
AZ
MS
PA
DE
CA
AZ
IL
DE
OH
MD
IL
CA
KS
MI
DE
DE
DE
AZ
CA
MA
CA
CA
CA
CA
CA
Entity Name
REAL ESTATE ASSOCIATES LIMITED IV
REAL ESTATE ASSOCIATES LIMITED V
REAL ESTATE ASSOCIATES LIMITED VI
REAL ESTATE ASSOCIATES LIMITED VII
REAL ESTATE EQUITY PARTNERS INC.
REAL ESTATE EQUITY PARTNERS, L.P.
REAL ESTATE PARTNERS LIMITED
REDBIRD TRAILS ASSOCIATES, L.P.
REDMOND BUILDING LIMITED PARTNERSHIP
REEDY RIVER PROPERTIES, L.L.C.
REGENCY PARTNERS LIMITED PARTNERSHIP
REGENCY-NATIONAL CORPORATE TAX CREDIT, INC. II
RESCORP DEVELOPMENT, INC.
RHDC-1, LIMITED PARTNERSHIP
RHDC-2, LIMITED PARTNERSHIP
RI-15 LIMITED PARTNERSHIP
RICHARDS PARK APARTMENTS
RICHARDS PARK APARTMENTS, LTD.
RICHLAND SENIOR ASSOCIATES, A WASHINGTON LIMITED PARTNERSHIP
RICHLIEU ASSOCIATES
RIDGEMONT GROUP, LTD.
RIDGEWOOD TOWERS ASSOCIATES
RIDGEWOOD TOWERS PRESERVATION, L.P.
RIVER FRONT APARTMENTS LIMITED PARTNERSHIP
RIVER LOFT APARTMENTS LIMITED PARTNERSHIP
RIVER LOFT ASSOCIATES LIMITED PARTNERSHIP
RIVER OAKS ASSOCIATES
RIVER REACH COMMUNITY SERVICES ASSOCIATION, INC.
RIVER RIDGE APARTMENTS LIMITED PARTNERSHIP
RIVER VILLAGE PRESERVATION LIMITED PARTNERSHIP
RIVERCREST APARTMENTS, L.P.
RIVERPOINT ASSOCIATES
RIVER’S EDGE ASSOCIATES LIMITED DIVIDEND HOUSING ASSOCIATION LIMITED PARTNERSHIP
RIVERSIDE PARK ASSOCIATES LIMITED PARTNERSHIP
RIVERWOODS PRESERVATION, L.P.
RL AFFORDABLE, L.P.
ROCK FALLS ELDERLY LIVING CENTER, L.P.
State Code
CA
CA
CA
CA
DE
DE
CA
MO
KY
DE
OH
OH
IL
IL
IL
DC
OH
OH
WA
PA
TX
IL
DE
PA
PA
MA
TX
FL
CT
DE
SC
RI
MI
DE
DE
CA
IL
Entity Name
ROCKVILLE ASSOCIATES, LTD.
ROCKY CREEK LIMITED PARTNERSHIP
ROLLING HILLS APARTMENTS LIMITED PARTNERSHIP
ROOSEVELT GARDENS APARTMENTS II LIMITED PARTNERSHIP
ROOSEVELT GARDENS LIMITED PARTNERSHIP
ROSEWOOD APARTMENTS CORPORATION
ROUND BARN MANOR PRESERVATION, L.P.
ROWLAND HEIGHTS II LIMITED PARTNERSHIP
ROYAL CREST ESTATES (MARLBORO), L.L.C.
ROYAL DE LEON APARTMENTS, LTD.
ROYAL PALM LAKES, LTD.
ROYAL SHORE ASSOCIATES LIMITED PARTNERSHIP
RUTHERFORD PARK TOWNHOUSES ASSOCIATES
SABINE HOUSING 1994 PARTNERS A LOUISIANA PARTNERSHIP IN COMMENDAM
SAGINAW VILLAGE LIMITED PARTNERSHIP
SALEM MANOR OREG. LTD.
SALEM PARK, A LIMITED PARTNERSHIP
SAN BRUNO-OXFORD LIMITED PARTNERSHIP
SAN JOSE PRESERVATION, L.P.
SANDY PINES, LTD.
SANDY SPRINGS ASSOCIATES, LIMITED
SANS SOUCI-REO LIMITED PARTNERSHIP
SANTA MARIA LIMITED DIVIDEND PARTNERSHIP ASSOCIATES
SAUK-KO ENTERPRISES A LIMITED PARTNERSHIP
SCANDIA ASSOCIATES L.P.
SCANDIA V CORPORATION
SCHAUMBURG-OXFORD LIMITED PARTNERSHIP
SEASIDE POINT PARTNERS, LTD., A TEXAS LIMITED PARTNERSHIP
SEATTLE ROCHESTER AVENUE ASSOCIATES LIMITED PARTNERSHIP
SEAVIEW TOWERS ASSOCIATES
SECURED INCOME L.P.
SECURITY MANAGEMENT INC.
SECURITY PROPERTIES
SECURITY PROPERTIES 73
SECURITY PROPERTIES 74
SECURITY PROPERTIES 74 II
SECURITY PROPERTIES 74 III
State Code
OH
OH
PA
SC
SC
CA
DE
CA
DE
FL
FL
HI
PA
LA
OR
OR
AK
MD
TX
FL
GA
TX
MA
WI
IN
MD
MD
TX
NY
NY
DE
WA
WA
WA
WA
WA
WA
Entity Name
SECURITY PROPERTIES 74-A
SECURITY PROPERTIES 75
SECURITY PROPERTIES 76
SECURITY PROPERTIES 77
SECURITY PROPERTIES 77A
SECURITY PROPERTIES 78
SECURITY PROPERTIES 78A
SECURITY PROPERTIES 79
SECURITY PROPERTIES 79-II
SECURITY PROPERTIES 80
SECURITY PROPERTIES 81
SECURITY PROPERTIES 81-A
SECURITY PROPERTIES FHA LIMITED PARTNERSHIP
SEMINOLE-OXFORD ASSOCIATES LIMITED PARTNERSHIP
SEMINOLE-OXFORD CORPORATION
SENCIT F/G METROPOLITAN ASSOCIATES
SENCIT NEW YORK AVENUE ASSOCIATES
SENCIT TOWNE HOUSE LIMITED PARTNERSHIP
SENCIT-LEBANON COMPANY
SENCIT-SELINSGROVE ASSOCIATES
SERENDIPITY LIMITED PARTNERSHIP
SEWARD ASSOCIATES, AN IDAHO LIMITED PARTNERSHIP
SHARP-LEADENHALL ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP
SHAWNEE MEADOWS, LIMITED PARTNERSHIP
SHELTER IV GP LIMITED PARTNERSHIP
SHELTER PROPERTIES II LIMITED PARTNERSHIP
SHELTER PROPERTIES IV LIMITED PARTNERSHIP
SHELTER PROPERTIES V LIMITED PARTNERSHIP
SHELTER REALTY II CORPORATION
SHELTER REALTY IV CORPORATION
SHELTER REALTY V CORPORATION
SHELTER V GP LIMITED PARTNERSHIP
SHENANDOAH CROSSINGS, L.P.
SHERIDAN PLAZA ASSOCIATES II L.P.
SHERMAN TERRACE ASSOCIATES
SHOCKOE PLACE APARTMENTS, LLC
SHOREVIEW APARTMENTS, L.P.
State Code
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
MT
MD
MD
NJ
NJ
PA
PA
PA
MT
ID
MD
OH
SC
SC
SC
SC
SC
SC
SC
DE
VA
IL
PA
VA
CA
Entity Name
SHOREVIEW PRESERVATION, L.P.
SHUBUTA PROPERTIES, LTD.
SIERRA MEADOWS, L.P.
SIGNATURE MIDWEST, L.P.
SIGNATURE POINT JOINT VENTURE
SIGNATURE POINT PARTNERS, LTD.
SILVER HILL MILL DAM ASSOCIATES LIMITED PARTNERSHIP
SITKA III ASSOCIATES, AN IDAHO LIMITED PARTNERSHIP
SJT ASSOCIATES, LTD., A CALIFORNIA LIMITED PARTNERSHIP
SNI DEVELOPMENT COMPANY LIMITED PARTNERSHIP
SOL 413 LIMITED DIVIDEND PARTNERSHIP
SOLDOTNA ASSOCIATES, AN IDAHO LIMITED PARTNERSHIP
SOUTH BAY VILLA PRESERVATION, L.P.
SOUTH BRITTANY OAKS, L.P.
SOUTH HIAWASSEE VILLAGE, LTD.
SOUTH LA MANCHA, L.P.
SOUTH LANDMARK PROPERTIES, L.P.
SOUTH MILL ASSOCIATES
SOUTH PARK APARTMENTS
SOUTH PARK APARTMENTS LIMITED PARTNERSHIP
SOUTH WINDRUSH PROPERTIES, L.P.
SOUTHERN MISSOURI HOUSING II, L.P.
SOUTHERN MISSOURI HOUSING VI, L.P.
SOUTHERN MISSOURI HOUSING X, L.P.
SOUTHERN MISSOURI HOUSING XII, L.P.
SOUTHERN MISSOURI HOUSING XIV, L.P.
SOUTHERN MISSOURI HOUSING XIX, L.P.
SOUTHERN MISSOURI HOUSING XVI, L.P.
SOUTHRIDGE-OXFORD LIMITED PARTNERSHIP
SOUTHWEST ASSOCIATES, L.P.
SP MID TERM INCOME FUND, LTD.
SP PROPERTIES 1982 LIMITED PARTNERSHIP
SP PROPERTIES 1983 LIMITED PARTNERSHIP
SP PROPERTIES 1983 TWO LIMITED PARTNERSHIP
SP PROPERTIES 1984 LIMITED PARTNERSHIP
SPRINGDALE WEST
SPRINGFIELD FACILITIES, LLC
State Code
CA
MS
CA
MO
TX
TX
VA
ID
CA
NY
MA
ID
CA
DE
FL
DE
TX
PA
OH
OH
TX
MO
MO
MO
MO
MO
MO
MO
MD
DE
WA
WA
WA
WA
WA
CA
MD
Entity Name
SPRINGFIELD VILLAS, LTD.
SPRINGHAVEN LIMITED PARTNERSHIP
SPYGLASS-OXFORD ASSOCIATES L.P.
ST. GEORGE VILLAS LIMITED PARTNERSHIP
ST. MARY’S-OXFORD ASSOCIATES LIMITED PARTNERSHIP
STAFFORD STUDENT APARTMENTS, L.P.
STANDPOINT VISTA ASSOCIATES
STANDPOINT VISTA LIMITED PARTNERSHIP
STEEPLECHASE (AILKEN) LIMITED PARTNERSHIP
STERLING CREST JOINT VENTURE
STERLING GROVE L.P.
STERLING TOWERS ASSOCIATES II LIMITED PARTNERSHIP
STERLING VILLAGE AFFORDABLE, L.P.
STEWARTOWN ASSOCIATES LIMITED PARTNERSHIP
STONEGATE PARK APARTMENTS, LTD.
STRATEGIC CAPITAL ALLIANCE LIMITED PARTNERSHIP
STRATFORD VILLAGE REALTY TRUST
STRAWBRIDGE SQUARE ASSOCIATES LIMITED PARTNERSHIP
STRUM AFFORDABLE HOUSING, LLC
STUYVESANT LIMITED DIVIDEND HOUSING ASSOCIATION
SUBSIDIZED HOUSING PARTNERS
SUGAR RIVER MILLS ASSOCIATES
SUGARBERRY APARTMENTS CORPORATION
SUMMER CROSSINGS 40, A LIMITED PARTNERSHIP
SUMMIT OAKS PRESERVATION, L.P.
SUMMIT TAX CREDIT PROPERTIES I, L.P.
SUMMIT TAX CREDIT PROPERTIES II, L.P.
SUMMIT TAX CREDIT PROPERTIES III, L.P.
SUN TERRACE ASSOCIATES
SUNBURY DOWNS APARTMENTS JV, L.P.
SUNSET SILVER BOW APARTMENTS
SUNTREE-OXFORD ASSOCIATES LIMITED DIVIDEND HOUSING ASSOCIATION
SUSQUEHANNA VIEW LIMITED PARTNERSHIP
TAMARAC PINES PRESERVATION, LP
TAMARAC VILLAGE, LLC
TAUNTON GREEN ASSOCIATES LIMITED PARTNERSHIP
TAUNTON II ASSOCIATES
State Code
TX
MA
IN
SC
MD
DE
SC
MD
SC
TN
TX
IL
CA
MD
TX
AZ
MA
VA
WI
MI
CA
MA
CA
CA
DE
DE
DE
DE
AZ
TX
MT
MI
PA
TX
DE
MA
MA
Entity Name
TENNESSEE TRUST COMPANY
TERAN LIMITED PARTNERSHIP
TERRA II LIMITED DIVIDEND HOUSING ASSOCIATION
TERRACE INVESTORS LIMITED PARTNERSHIP
TERRY MANOR PRESERVATION, L.P.
TEXAS BIRCHWOOD APARTMENTS, L.P.
TEXAS BROOK APARTMENTS, L.P.
TEXAS KIRNWOOD APARTMENTS, L.P.
TEXAS MELODY APARTMENTS, L.P.
TEXAS-ESTRADA APARTMENTS L.P.
THE BRANFORD GROUP LIMITED PARTNERSHIP
THE GLENS, A LIMITED PARTNERSHIP
THE HOUSTON RECOVERY FUND JV GP, LLC
THE HOUSTON RECOVERY FUND JV, L.P.
THE NATIONAL HOUSING PARTNERSHIP
THE NATIONAL HOUSING PARTNERSHIP II TRUST
THE NATIONAL HOUSING PARTNERSHIP-II LIMITED PARTNERSHIP
THE NEW FAIRWAYS, L.P.
THE OAK PARK PARTNERSHIP LIMITED PARTNERSHIP
THE OAKS APARTMENTS, LTD.
THE PARK AT CEDAR LAWN, LTD., A TEXAS LIMITED PARTNERSHIP
THE TAILORED LADY APARTMENTS PARTNERSHIP
THE TERRACES ASSOCIATES L.P.
THE VILLA LIMITED PARTNERSHIP
THE VILLAGE OF KAUFMAN, LTD.
THE WOODLANDS LIMITED
THE WOODS ASSOCIATES
THIBODAUX HOUSING 1994 PARTNERS, A LOUISIANA PARTNERSHIP IN COMMENDAM
THREE FOUNTAINS LIMITED
TIDEWATER-OXFORD LIMITED PARTNERSHIP
TIMBERLAKE APARTMENTS LIMITED PARTNERSHIP
TOMPKINS TERRACE ASSOCIATES LIMITED PARTNERSHIP
TOMPKINS TERRACE PRESERVATION, L.P.
TOMPKINS TERRACE, INC.
TORRES DEL PLATA I LIMITED PARTNERSHIP
TORRES DEL PLATA II LIMITED PARTNERSHIP
TORRIES CHASE ACQUISITION, L.P.
State Code
TN
AZ
MI
TX
CA
TX
TX
TX
TX
TX
CT
SC
DE
TX
DC
NY
DC
DE
IL
AL
TX
PA
IN
WI
TX
MI
IL
LA
MI
MD
TX
NY
DE
NY
DE
DE
KS
Entity Name
TOWER OF DAVID LIMITED PARTNERSHIP
TOWN & COUNTRY CLUB APARTMENTS
TOWN ONE — PHASE II LIMITED PARTNERSHIP
TOWN ONE LIMITED PARTNERSHIP
TOWN VIEW TOWERS I LIMITED PARTNERSHIP
TOWNSHIP AT HIGHLANDS LLC
TRADEWINDS EAST ASSOCIATES, LIMITED DIVIDEND HOUSING ASSOCIATION
TRADEWINDS HAMMOCKS, LTD.
TRAVIS ONE-OXFORD LIMITED PARTNERSHIP
TROON APARTMENTS LIMITED PARTNERSHIP
TRUMAN TOWERS, L.P.
TUJUNGA GARDENS LIMITED PARTNERSHIP
TURNBUERRY-REO, L.P.
TWELFTH STREET APARTMENTS, L.P.
TWIN GABLES ASSOCIATES LIMITED PARTNERSHIP
TWIN OAKS VILLAS, LTD.
TYRONE ELDERLY LIMITED PARTNERSHIP
U. S. REALTY I CORPORATION
U. S. REALTY PARTNERS LIMITED PARTNERSHIP
U.S. SHELTER LIMITED PARTNERSHIP
UNDERWOOD ASSOCIATES LIMITED PARTNERSHIP
UNDERWOOD-OXFORD ASSOCIATES LIMITED PARTNERSHIP ONE
UNITED HOUSING PARTNERS — ELMWOOD, LTD.
UNITED HOUSING PARTNERS CUTHBERT LIMITED PARTNERSHIP
UNITED HOUSING PARTNERS MORRISTOWN LIMITED PARTNERSHIP
UNITED HOUSING PARTNERS-CARBONDALE, L.P.
UNITED INVESTORS INCOME PROPERTIES (A MISSOURI LIMITED PARTNERSHIP)
UNITED INVESTORS REAL ESTATE, INC.
UNIVERSITY CITY HOUSING NEIGHBORHOOD RESTORATIONS LIMITED PARTNERSHIP IV
UNIVERSITY PLAZA ASSOCIATES
UPTOWN VILLAGE, LIMITED
URBANA VILLAGE, LTD.
URBANIZACION MARIA LOPEZ HOUSING COMPANY LIMITED PARTNERSHIP
USS DEPOSITARY, INC.
UTOPIA ACQUISITION, L.P.
VALEBROOK ASSOCIATES
VALLEY OAKS SENIOR HOUSING ASSOCIATES
State Code
SD
MT
SD
SD
TN
DE
MI
FL
MD
NC
MO
CA
TX
IL
OH
FL
PA
SC
DE
SC
CT
CT
AL
GA
TN
TN
MO
DE
PA
PA
OH
OH
NY
SC
MO
MA
CA
Entity Name
VAN NUYS ASSOCIATES LIMITED PARTNERSHIP
VAN NUYS PRESERVATION MT, L.P.
VAN NUYS PRESERVATION, L.P.
VERDES DEL ORIENTE PRESERVATION, L.P.
VICTORIA ARMS APARTMENTS LIMITED PARTNERSHIP
VICTORY SQUARE APARTMENTS LIMITED PARTNERSHIP
VILLA DE GUADALUPE PRESERVATION, L.P.
VILLA DEL NORTE ASSOCIATES
VILLA DEL NORTE II ASSOCIATES
VILLA DEL SOL ASSOCIATES LIMITED PARTNERSHIP
VILLA FLORENTINA, A CALIFORNIA LIMITED PARTNERSHIP
VILLA NOVA, LIMITED PARTNERSHIP
VILLAGE APARTMENT, LTD.
VILLAGE EAST TOWERS LIMITED PARTNERSHIP
VILLAGE OAKS-OXFORD ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP
VILLAGE SOUTH ASSOCIATES
VINEVILLE TOWERS ASSOCIATES LIMITED PARTNERSHIP
VIRGINIA PARK MEADOWS LIMITED DIVIDEND HOUSING ASSOCIATION LIMITEDPARTNERSHIP
VISTA DEL LAGOS JOINT VENTURE
VISTA HOUSING ASSOCIATES
VISTA PARK CHINO LIMITED PARTNERSHIP
VISTULA HERITAGE VILLAGE LIMITED PARTNERSHIP
WAI ASSOCIATES LIMITED PARTNERSHIP
WALNUT CREEK PARTNERS, LIMITED
WALNUT HILLS PRESERVATION, L.P.
WALTON-PERRY LIMITED
WASCO ARMS
WASHINGTON CHINATOWN ASSOCIATES LIMITED PARTNERSHIP
WASHINGTON SQUARE WEST PRESERVATION, L.P.
WASH-WEST PROPERTIES
WATERFORD TOWNHOMES LIMITED PARTNERSHIP
WATERFORD VILLAGE, L.L.C.
WATERGATE II ASSOCIATES
WATERS LANDING PARTNERS, L.L.C.
WAYCROSS, L.P.
WEDGEWOOD CLUB ESTATES LIMITED PARTNERSHIP
WEST LAFAYETTE, LTD.
State Code
MA
CA
CA
CA
MO
OH
CA
TX
TX
CA
CA
TN
TN
MO
MD
OH
GA
MI
AZ
CA
CA
OH
TX
OH
DE
MI
CA
DC
DE
PA
OH
DE
NY
MD
GA
WA
OH
Entity Name
WEST LAKE ARMS LIMITED PARTNERSHIP
WEST VIRGINIAN MANOR ASSOCIATES LIMITED PARTNERSHIP
WESTBURY GROUP, LTD.
WESTBURY INVESTORS LIMITED PARTNERSHIP
WESTGATE (SPARTANBURG) LIMITED PARTNERSHIP
WESTGATE APARTMENTS
WESTGATE APARTMENTS LIMITED PARTNERSHIP
WESTGATE APARTMENTS, LTD.
WESTLAND APARTMENTS, LTD.
WESTMINISTER PROPERTIES, LTD.
WESTMINSTER COMMONS ASSOCIATES LIMITED PARTNERSHIP
WESTMINSTER OAKS PRESERVATION, L.P.
WESTRIDGE-OXFORD LIMITED PARTNERSHIP
WESTWICK II LIMITED PARTNERSHIP
WESTWOOD PRESERVATION, L.P.
WESTWOOD TERRACE PRESERVATION, L.P.
WESTWOOD TERRACE SECOND LIMITED PARTNERSHIP
WF-AC TAX CREDIT FUND I, L.P.
WF-AC TAX CREDIT FUND I, LLC
WF-AC TAX CREDIT FUND II, L.P.
WF-AC TAX CREDIT FUND III, L.P.
WHITE CLIFF APARTMENTS LIMITED PARTNERSHIP
WHITEFIELD PLACE PRESERVATION, LP
WICKFORD ASSOCIATES LIMITED PARTNERSHIP
WILDERNESS TRAIL, LTD.
WILIKINA PARK LIMITED PARTNERSHIP
WILKES TOWERS LIMITED PARTNERSHIP
WILLIAMSBURG ACQUISITION, L.P.
WILLIAMSBURG LIMITED PARTNERSHIP
WILLIAMSON TOWERS ASSOCIATES LIMITED PARTNERSHIP
WILLOW COURT LIMITED PARTNERSHIP
WILLOW WOOD LIMITED PARTNERSHIP
WINCHESTER SINGLE FAMILY HOMES, LTD.
WIND DRIFT-OXFORD ASSOCIATES, L.P.
WINDING BROOK ASSOCIATES
WINDMILL RUN ASSOCIATES, LTD.
WINDSOR CROSSINGS LIMITED PARTNERSHIP
State Code
DE
WV
TX
DE
SC
GA
MN
AL
AL
WA
VA
DE
MD
MS
DE
DE
IL
DE
DE
DE
DE
OH
TX
NC
OH
HI
NC
MO
IL
WV
MT
CA
KY
IN
IN
TX
NJ
Entity Name
WINNSBORO ARMS LIMITED PARTNERSHIP
WINONA ASSOCIATES LIMITED PARTNERSHIP
WINROCK-HOUSTON ASSOCIATES LIMITED PARTNERSHIP
WINROCK-HOUSTON LIMITED PARTNERSHIP
WINTER GARDEN PRESERVATION, L.P.
WINTHROP APARTMENT INVESTORS LIMITED PARTNERSHIP
WINTHROP TEXAS INVESTORS LIMITED PARTNERSHIP
WL/OAC, L.L.C.
WMOP PARTNERS, L.P.
WOLF RIDGE, LTD.
WOOD CREEK CPGF 22, L.P.
WOODCREST APARTMENTS, LTD.
WOODCREST APARTMENTS, LTD.
WOODCROFT II LIMITED PARTNERSHIP
WOODLAKE ASSOCIATES
WOODLAND APARTMENTS, A LIMITED PARTNERSHIP
WOODLAND HILLS PRESERVATION LIMITED PARTNERSHIP
WOODS EDGE-OXFORD ASSOCIATES, L.P.
WOODS MORTGAGE ASSOCIATES
WOODS OF INVERNESS CPF 16, L.P.
WOODSIDE VILLAS OF ARCADIA, LTD.
WORCESTER EPISCOPAL HOUSING COMPANY LIMITED PARTNERSHIP
WRC-87A CORPORATION
WYNNEFIELD LINCOLN GROVE LIMITED PARTNERSHIP
WYNTRE BROOKE ASSOCIATES
YADKIN ASSOCIATES LIMITED PARTNERSHIP
YELLOW CREEK GLEN FAMILY HOUSING LIMITED PARTNERSHIP
YORKVIEW ESTATES, LTD.
ZELOTES HOLMES LIMITED PARTNERSHIP
ZICKLER ASSOCIATES LIMITED PARTNERSHIP
ZIMCO CORPORATION I
ZIMCO CORPORATION IV
ZIMCO I LIMITED PARTNERSHIP
ZIMCO II L.L.C.
ZIMCO II LIMITED PARTNERSHIP
ZIMCO IV LIMITED PARTNERSHIP
ZIMCO IX L.L.C.
State Code
SC
WA
DE
DE
MO
MD
MD
MD
DE
AL
DE
OK
TX
NC
WA
SC
MI
IN
PA
DE
FL
MA
DE
NC
PA
NC
IL
OH
NC
IN
MD
MD
MD
MD
MD
MD
MD
Entity Name
ZIMCO V L.L.C.
ZIMCO VIII L.L.C.
ZIMCO X L.L.C.
ZIMCO XI L.L.C.
ZIMCO XIII L.L.C.
ZIMCO XIV L.L.C.
ZIMCO XIX L.L.C.
ZIMCO XVI L.L.C.
ZIMCO XVII L.L.C.
ZIMCO XVIII L.L.C.
ZIMCO XX L.L.C.
ZIMCO XXV L.L.C.
ZIMCO XXVII L.L.C.
ZIMCO XXXII LIMITED PARTNERSHIP
ZIMCO/BETHEL CORPORATION IX
ZIMCO/CHANTILLY CORPORATION
ZIMCO/COUCH CORPORATION
ZIMCO/DAYTON CORPORATION X
ZIMCO/DEERCROSS CORPORATION
ZIMCO/DELTA SQUARE CORPORATION
ZIMCO/FISHERMAN’S VILLAGE CORPORATION
ZIMCO/MELBOURNE CORPORATION
ZIMCO/MONROE CORPORATION XI
ZIMCO/PEBBLE POINT CORPORATION
ZIMCO/SEMINOLE CORPORATION
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Section 3: EX-23.1 (EX-23.1)
State Code
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in the Registration Statements listed below of Apartment Investment and Management Company
and in the related Prospectuses of our reports dated February 26, 2010 with respect to the consolidated financial statements and schedule of
Apartment Investment and Management Company, and the effectiveness of internal control over financial reporting of Apartment Investment and
Management Company, both included in this Annual Report on Form 10-K for the year ended December 31, 2009.
Form S-3 (No. 333-828)
Form S-3 (No. 333-8997)
Form S-3 (No. 333-17431)
Form S-3 (No. 333-20755)
Form S-3 (No. 333-4546)
Form S-3 (No. 333-36531)
Form S-3 (No. 333-36537)
Form S-3 (No. 333-4542)
Form S-8 (No. 333-4550)
Form S-8 (No. 333-4548)
Form S-8 (No. 333-14481)
Form S-8 (No. 333-36803)
Form S-8 (No. 333-41719)
Form S-4 (No. 333-49075)
Form S-3 (No. 333-47201)
Form S-8 (No. 333-57617)
Form S-4 (No. 333-60663)
Form S-8 (No. 333-70409)
Form S-3 (No. 333-69121)
Form S-3 (No. 333-75109)
Form S-4 (No. 333-60355)
Form S-8 (No. 333-75349)
Form S-3 (No. 333-77257)
Form S-3 (No. 333-77067)
Form S-3 (No. 333-81689)
Form S-3 (No. 333-92743)
Form S-3 (No. 333-31718)
Form S-3 (No. 333-50742)
Form S-4 (No. 333-51154)
Form S-3 (No. 333-52808)
Form S-3 (No. 333-64460)
Form S-3 (No. 333-71002)
Form S-3 (No. 333-73162)
Form S-3 (No. 333-86200)
Form S-3 (No. 333-101735)
Form S-3 (No. 333-130735)
Form S-4 (No. 333-90590-01)
Form S-4 (No. 333-90588-01)
Form S-4 (No. 333-136801)
Form S-8 (No. 333-142466)
Form S-8 (No. 333-142467)
Form S-3 (No. 333-150342)
Form S-3ASR (333-150341-01)
Denver, Colorado
February 26, 2010
(Back To Top)
/s/ ERNST & YOUNG LLP
Section 4: EX-31.1 (EX-31.1)
Exhibit 31.1
I, Terry Considine, certify that:
CHIEF EXECUTIVE OFFICER CERTIFICATION
1.
2.
I have reviewed this annual report on Form 10-K of Apartment Investment and Management Company;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15
(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such
evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent
functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal
control over financial reporting.
Date: February 26, 2010
/s/ Terry Considine
Terry Considine
Chairman and Chief Executive Officer
(Back To Top)
Section 5: EX-31.2 (EX-31.2)
Exhibit 31.2
I, Ernest M. Freedman, certify that:
CHIEF FINANCIAL OFFICER CERTIFICATION
1.
2.
I have reviewed this annual report on Form 10-K of Apartment Investment and Management Company;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15
(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such
evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent
functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date: February 26, 2010
/s/ Ernest M. Freedman
Ernest M. Freedman
Executive Vice President and Chief Financial Officer
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Section 6: EX-32.1 (EX-32.1)
Certification of CEO Pursuant to
18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 32.1
In connection with the Annual Report of Apartment Investment and Management Company (the “Company”) on Form 10-K for the period ended
December 31, 2009 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Terry Considine, as Chief Executive
Officer of the Company hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of
my knowledge, that:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the
Company.
/s/ Terry Considine
Terry Considine
Chairman and Chief Executive Officer
February 26, 2010
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Section 7: EX-32.2 (EX-32.2)
Certification of CFO Pursuant to
18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 32.2
In connection with the Annual Report of Apartment Investment and Management Company (the “Company”) on Form 10-K for the period ended
December 31, 2009 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ernest M. Freedman, as Chief
Financial Officer of the Company hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to
the best of my knowledge, that:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the
Company.
/s/ Ernest M. Freedman
Ernest M. Freedman
Executive Vice President and Chief Financial Officer
February 26, 2010
(Back To Top)
Section 8: EX-99.1 (EX-99.1)
Exhibit 99.1
Agreement Regarding Disclosure of Long-Term Debt Instruments
In reliance upon Item 601(b)(4)(iii)(A) of Regulation S-K, Apartment Investment and Management Company , a Maryland corporation (the
“Company”), has not filed as an exhibit to its Annual Report on Form 10-K for the period ended December 31, 2009, any instrument with respect to
long-term debt not being registered where the total amount of securities authorized thereunder does not exceed ten percent of the total assets of
the Company and its subsidiaries on a consolidated basis. Pursuant to Item 601(b) (4) (iii) (A) of Regulation S-K, the Company hereby agrees to
furnish a copy of any such agreement to the Securities and Exchange Commission upon request.
Apartment Investment and Management Company
By: /s/ Ernest M. Freedman
Ernest M. Freedman
Executive Vice President and Chief Financial Officer
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