(Mark One) | ||
þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For the fiscal year ended December 31, 2006 | ||
or
|
||
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For the transition period from to |
Maryland | 84-1259577 | |
(State or other jurisdiction
of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
|
4582 South Ulster Street
Parkway, Suite 1100
Denver, Colorado (Address of principal executive offices) |
80237
(Zip Code) |
Title of Each Class
|
Name of Each Exchange on Which Registered
|
|
Class A Common Stock | New York Stock Exchange | |
Class G Cumulative Preferred Stock | New York Stock Exchange | |
Class T Cumulative Preferred Stock | New York Stock Exchange | |
Class U Cumulative Preferred Stock | New York Stock Exchange | |
Class V Cumulative Preferred Stock | New York Stock Exchange | |
Class Y Cumulative Preferred Stock | New York Stock Exchange |
1
Item 1. | Business |
2
Total Portfolio | ||||||||
Properties | Units | |||||||
Consolidated properties
|
703 | 162,432 | ||||||
Unconsolidated properties
|
102 | 11,791 | ||||||
Property management for third
parties
|
41 | 3,573 | ||||||
Asset management for third parties
|
410 | 38,617 | ||||||
Total
|
1,256 | 216,413 | ||||||
3
| Customer Service. Our operating culture is to be focused on our customers. 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 performance. | |
| Resident Selection and Retention. In apartment properties, neighbors are a part of the product, together with the location of the property and the physical quality of the apartment units. Part of our conventional 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. We believe that the costs exceed the benefits when higher occupancy results from lowering of financial stability standards. | |
| Revenue Increases. We increase rents where feasible and seek to improve occupancy rates. We are also focused on the automation of on-site operations, as we believe that timely and accurate collection of property |
4
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 ROC level and by taking advantage of economies of scale at the corporate level. As a result of the size of our portfolio and our regional concentrations of properties, we have the ability to spread over a large property base fixed costs for general and administrative expenditures and certain operating functions, such as purchasing, insurance and information technology. We expanded our local vendor consolidation program and implemented an electronic procurement system to provide better ongoing control over purchasing decisions and to take advantage of volume discounts. We also are implementing initiatives to retain our current residents and reduce the time and costs associated with resident turnover. Additionally, we have focused on energy management and centralized media programs to control expenses. | |
| 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. |
5
| the direct acquisition of a property or portfolio of properties; | |
| acquisition of a portfolio of properties through a purchase from, or a merger or business combination with, an entity that owns or controls the property or portfolio being acquired; and | |
| the purchase from third parties, subject to our fiduciary duties, of additional interests in partnerships where we own a general partnership interest. |
6
7
8
Item 1A. | Risk Factors |
| 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; | |
| 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. |
| 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; | |
| we may incur costs that exceed our original estimates due to increased material, labor or other costs; | |
| 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 tenant terminations, or managing existing improvements on the site prior to tenant terminations; and | |
| loss of a key member of project team could adversely affect our ability to deliver redevelopment projects on time and within our budget. |
9
10
11
12
| we would be obligated to repurchase certain classes of our preferred stock; and | |
| we would be in default under our primary credit facilities and certain other loan agreements. |
13
| 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. |
| 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. |
14
| have at least three directors who are not employees of the entity or related to an acquiring person; and | |
| are subject to the reporting requirements of the Securities Exchange Act of 1934, |
| 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. |
15
F-41
Item 2.
Properties
2006
2005
Number of
Number
Number of
Number
Properties
of Units
Properties
of Units
32
8,286
41
10,712
25
5,566
16
5,745
16
5,745
30
8,339
32
8,784
34
9,664
39
10,139
36
8,026
31
7,945
33
7,487
33
7,487
37
9,776
37
9,776
33
12,318
32
11,947
39
10,867
36
10,622
12
589
29
8,041
31
8,600
16
7,493
15
7,180
28
7,544
36
10,002
29
12,157
29
12,156
15
5,300
15
5,862
21
5,787
21
5,926
28
7,618
28
7,716
15
4,443
468
135,037
512
150,608
121
12,726
131
13,721
87
12,551
104
14,769
63
6,908
71
7,607
271
32,185
306
36,097
66
7,001
65
7,112
41
3,573
52
5,246
410
38,617
435
41,421
1,256
216,413
1,370
240,484
(1)
As our portfolio changes due to property acquisitions and
dispositions, we periodically evaluate the organization of our
regional operating centers, or ROCs. During 2006, we combined
the Austin and Dallas ROCs and added a ROC in New York.
(2)
The properties within University Communities at
December 31, 2005 have been either sold or moved into
various existing ROCs depending on the location of the property.
16
Table of Contents
Item 3.
Legal
Proceedings
Item 4.
Submission
of Matters to a Vote of Security Holders
17
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Item 5.
Market
for the Registrants Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity
Securities
Dividends
Declared
High
Low
(per share)
$
59.17
$
52.63
$
1.20
54.96
43.67
0.60
47.23
41.41
0.60
48.38
37.76
0.00
39.80
34.93
1.20
44.14
37.57
0.60
41.30
36.24
0.60
39.39
34.17
0.60
(1)
On December 19, 2006, our Board of Directors declared a
quarterly cash dividend of $0.60 per common share for the
quarter ended December 31, 2006, that was paid on
January 31, 2007, to stockholders of record on
December 31, 2006. Our Board of Directors declared the
dividend a month early in order to offset gains from 2006
property sales otherwise subject to REIT excise tax. Our Board
of Directors anticipates that dividend declarations for the
remainder of 2007 will occur on a schedule consistent with 2006.
(2)
On December 28, 2005, our Board of Directors declared a
quarterly cash dividend of $0.60 per common share for the
quarter ended December 31, 2005, that was paid on
January 31, 2006, to stockholders of record on
December 31, 2005. Our Board of Directors declared the
dividend a month early in order to offset gains from 2005
property sales otherwise subject to REIT excise tax.
18
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Total Number of
Maximum
Shares Purchased as
Number of Shares
Average
Part of Publicly
that May Yet Be
Total Number of
Price Paid
Announced Plans or
Purchased Under
Shares Purchased
per Share
Programs
Plans or Programs
0
N/A
0
6,065,180
0
N/A
0
6,065,180
366,100
$
55.33
366,100
5,699,080
366,100
$
55.33
366,100
(1)
Our Board of Directors has, from time to time, authorized us to
repurchase shares of our outstanding capital stock. In April
2005, our Board of Directors authorized us to repurchase up to a
total of eight million shares of our Common Stock. We have
approximately 5.70 million shares remaining on that
authorization. This authorization has no expiration date. These
repurchases may be made from time to time in the open market or
in privately negotiated transactions.
(2)
During the year ended December 31, 2006, we repurchased
approximately 2.3 million shares of Common Stock for cash
totaling approximately $120.3 million, or $52.25 per share.
19
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Period Ending
Index
12/31/01
12/31/02
12/31/03
12/31/04
12/31/05
12/31/06
100.00
88.49
88.65
106.65
113.27
175.76
100.00
77.90
100.24
11.14
116.59
135.00
100.00
68.76
103.67
113.16
115.57
127.58
100.00
94.37
118.81
157.59
179.03
250.45
100.00
103.64
141.73
186.35
208.96
284.02
20
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Item 6.
Selected
Financial Data
For the Years Ended December 31,
2006(1)
2005(2)
2004(2)
2003(2)
2002(2)
(Dollar amounts in thousands, except per share data)
$
1,690,994
$
1,408,464
$
1,279,205
$
1,207,131
$
1,105,589
(1,353,841
)
(1,129,076
)
(994,970
)
(846,507
)
(704,421
)
337,153
279,388
284,235
360,624
401,168
(42,674
)
(23,123
)
57,785
59,609
132,946
219,461
94,105
209,669
99,248
36,100
(3,957
)
176,787
70,982
263,497
158,857
169,046
81,132
87,948
88,804
93,565
93,558
95,655
(16,966
)
174,693
65,292
75,488
703
619
676
679
728
162,432
158,548
169,932
174,172
187,506
102
264
330
441
511
11,791
35,269
44,728
62,823
73,924
42,190
46,667
49,074
50,565
56,722
$
(1.29
)
$
(1.18
)
$
(0.33
)
$
(0.37
)
$
0.46
$
1.00
$
(0.18
)
$
1.88
$
0.70
$
0.88
$
(1.29
)
$
(1.18
)
$
(0.33
)
$
(0.37
)
$
0.45
$
1.00
$
(0.18
)
$
1.88
$
0.70
$
0.87
$
2.40
$
3.00
$
2.40
$
2.84
$
3.28
$
9,081,218
$
8,189,238
$
7,672,449
$
7,079,098
$
6,907,139
10,289,775
10,019,160
10,074,316
10,087,394
10,309,101
6,872,753
6,021,857
5,372,870
5,040,912
4,867,271
2,339,892
2,716,103
3,008,160
2,860,657
3,163,387
(1)
Based on circumstances and analysis that occurred after the date
of our Fourth Quarter 2006 Earnings Release, we recorded a $2.9
million cumulative adjustment for the year ended December 31,
2006, which adjustment was based on an alternative valuation
methodology and revised assumptions for certain High Performance
Units of the Aimco Operating Partnership. As a result of this
adjustment and the related impact on minority interest in the
Aimco Operating Partnership, certain amounts reported in our
2006 consolidated financial statements differ from the
corresponding amounts that were previously reported in our
Fourth Quarter 2006 Earnings Release. This adjustment reduced
our 2006 net income and stockholders equity by
approximately $2.6 million and reduced basic and diluted
earnings per share by $0.03. See
High Performance Units
in Note 10 to the consolidated financial statements in Item 8.
21
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(2)
Certain reclassifications have been made to conform to the 2006
presentation. These reclassifications primarily represent
presentation changes related to discontinued operations
resulting from the 2002 adoption of Statement of Financial
Accounting Standards No. 144.
(3)
In 2006, 2005, 2004, 2003 and 2002 includes 38,617, 41,421,
41,233, 39,428 and 45,187 units, respectively, for which we
provide asset management services only, although 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.
22
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Item 7.
Managements
Discussion and Analysis of Financial Condition and Results of
Operations
an increase in net operating income associated with property
operations, reflecting improved operations of our same store
properties and other properties, and a large number of newly
consolidated properties;
23
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an increase in income from discontinued operations, primarily
related to higher net gains on dispositions of real estate; and
an increase in gain on disposition of unconsolidated real estate
and other, including higher gains on sale of land parcels.
an increase in depreciation and amortization expense;
an increase in interest expense; and
unfavorable changes in the effects of minority interests in our
consolidated real estate partnerships.
a decrease in income from discontinued operations, primarily
related to lower net gains on dispositions of real estate;
a decrease in gain on disposition of unconsolidated real estate
and other, primarily related to a 2004 gain on sale of land;
an increase in depreciation and amortization expense;
an increase in interest expense; and
an increase in general and administrative expenses.
2006
2005
2004
$
1,629,988
$
1,346,587
$
1,211,865
758,128
633,984
567,937
$
871,860
$
712,603
$
643,928
24
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Year Ended December 31,
2006
2005
Change
$
1,075,434
$
1,007,789
6.7%
458,449
435,370
5.3%
616,985
572,419
7.8%
254,875
140,184
81.8%
$
871,860
$
712,603
22.3%
365
365
107,430
107,430
94.4
%
92.4
%
2.0%
$
811
$
782
3.7%
(1)
Reflects property revenues and property operating expenses
related to consolidated properties other than same store
properties (e.g., affordable, acquisition, redevelopment and
newly consolidated properties, including those properties
consolidated as a result of the adoption of EITF 04-5) and
casualty gains and losses.
25
Table of Contents
Year Ended December 31,
2005
2004
Change
$
988,952
$
925,806
6.8%
428,218
405,370
5.6%
560,734
520,436
7.7%
151,869
123,502
23.0%
$
712,603
$
643,938
10.7%
357
357
105,472
105,472
92.4
%
90.1
%
2.3%
$
782
$
753
3.9%
(1)
Reflects property revenues and property operating expenses
related to consolidated properties other than same store
properties (e.g., affordable, acquisition, redevelopment and
newly consolidated properties) and casualty gains and losses.
2006
2005
2004
$
12,312
$
24,528
$
32,461
4,912
7,361
9,789
$
7,400
$
17,167
$
22,672
26
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2006
2005
2004
$
48,694
$
37,349
$
34,879
9,521
10,628
11,879
$
39,173
$
26,721
$
23,000
27
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28
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29
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30
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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;
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;
changes in market capitalization rates; and
the relative illiquidity of such investments.
31
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32
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33
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2006
2005
2004
$
95,655
$
(16,966
)
$
174,693
470,597
376,231
315,451
(19,620
)
(17,700
)
(18,349
)
(4,409
)
(12,474
)
(14,457
)
interest adjustment(4)
7,377
(34,567
)
(18,958
)
(69,294
)
11,525
2,480
38,977
21,004
11,615
17,374
3,957
(260,206
)
(102,972
)
(249,353
)
16,910
51,897
59,297
(15,927
)
(14,604
)
(3,231
)
32,918
4,481
16,015
(21,721
)
(28,382
)
(10,289
)
74,284
86,825
85,315
6,848
1,123
3,489
$
380,668
$
322,596
$
349,595
(74,284
)
(86,825
)
(85,315
)
(6,848
)
(1,123
)
(3,489
)
202
168
2,798
$
299,738
$
234,816
$
263,589
98,451
94,465
93,252
71
74
1,106
98,522
94,539
94,358
(1)
Represents the numerator for earnings per common share,
calculated in accordance with GAAP. Based on circumstances and
analysis that occurred after the date of our Fourth Quarter 2006
Earnings Release, we recorded a $2.9 million cumulative
adjustment for the year ended December 31, 2006, which
adjustment was based on an alternative valuation methodology and
revised assumptions for certain High Performance Units of the
Aimco Operating Partnership. As a result of this adjustment and
the related impact on minority interest in the Aimco Operating
Partnership, our net income attributable to common stockholders
and Funds From Operations for the year ended December 31, 2006,
is approximately $2.6 million lower than the corresponding
amounts previously reported in our Fourth Quarter 2006 Earnings
Release. See
High Performance Units
in Note 10 to the
consolidated financial statements in Item 8.
34
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(2)
Includes amortization of management contracts where we are the
general partner. Such management contracts were established in
certain instances where we acquired a general partner interest
in either a consolidated or an unconsolidated partnership.
Because the recoverability of these management contracts depends
primarily on the operations of the real estate owned by the
limited partnerships, we believe it is consistent with the White
Paper to add back such amortization, as the White Paper directs
the add-back of amortization of assets uniquely significant to
the real estate industry.
(3)
Minority partners interest, means minority
interest in our consolidated real estate partnerships.
(4)
Represents prior period depreciation of certain tax credit
redevelopment properties that Aimco included in an adjustment to
minority interest in real estate partnerships for the year ended
December 31, 2006 (See
Tax Credit Arrangements
in
Note 2 to the consolidated financial statements). This
prior period depreciation is added back to determine FFO in
accordance with the NAREIT White Paper.
(5)
In accordance with GAAP, deficit distributions to minority
partners are charges recognized in our income statement when
cash is distributed to a non-controlling partner in a
consolidated real estate partnership in excess of the positive
balance in such partners capital account, which is
classified as minority interest on our balance sheet. We record
these charges for GAAP purposes even though there is no economic
effect or cost. Deficit distributions to minority partners occur
when the fair value of the underlying real estate exceeds its
depreciated net book value because the underlying real estate
has appreciated or maintained its value. As a result, the
recognition of expense for deficit distributions to minority
partners represents, in substance, either (a) our
recognition of depreciation previously allocated to the
non-controlling partner or (b) a payment related to the
non-controlling partners share of real estate
appreciation. Based on White Paper guidance that requires real
estate depreciation and gains to be excluded from FFO, we add
back deficit distributions and subtract related recoveries in
our reconciliation of net income to FFO.
(6)
Represents the denominator for earnings per common
share diluted, calculated in accordance with GAAP,
plus additional common share equivalents that are dilutive for
FFO.
35
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36
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Actual Cost
Cost Per Unit
$
24,997
$
175
40,002
279
11,600
81
$
76,599
$
535
$
69,202
7,397
76,599
83,138
16,108
99,246
29,756
6,088
35,844
177,902
52,944
230,846
442,535
73,027
(2,998
)
$
512,564
37
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38
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Less than
1-3
3-5
More than
Total
One Year
Years
Years
5 Years
$
6,332,753
$
449,848
$
1,077,408
$
847,195
$
3,958,302
540,000
140,000
400,000
146,655
106,319
40,336
39,804
8,270
13,763
9,126
8,645
16,900
16,900
$
7,076,112
$
581,337
$
1,271,507
$
1,256,321
$
3,966,947
(1)
Includes a commitment to fund $14.4 million in second
mortgage loans on certain properties in West Harlem, New York
City and the final $2.5 million development fee payment to
Casden Properties, LLC as a retainer on account for
redevelopment services.
Item 7A.
Quantitative
and Qualitative Disclosures About Market Risk
39
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Item 8.
Financial
Statements and Supplementary Data
Item 9.
Changes
in and Disagreements With Accountants on Accounting and
Financial Disclosure
40
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Item 9A.
Controls
and Procedures
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.
41
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42
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Item 9B.
Other
Information
Item 10.
Directors,
Executive Officers and Corporate Governance
Item 11.
Executive
Compensation
43
Table of Contents
Item 12.
Security
Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters
Item 13.
Certain
Relationships and Related Transactions, and Director
Independence
Item 14.
Principal
Accountant Fees and Services
44
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Item 15.
Exhibits
and Financial Statement Schedules
2
.1
Agreement and Plan of Merger,
dated as of December 3, 2001, by and among Apartment
Investment and Management Company, Casden Properties, Inc. and
XYZ Holdings LLC (Exhibit 2.1 to Aimcos Current
Report on
Form 8-K,
filed December 6, 2001, is incorporated herein by this
reference)
3
.1
Charter (Exhibit 3.1 to
Aimcos Quarterly Report on
Form 10-Q
for the quarterly period ended June 30, 2006, is
incorporated herein by this reference)
3
.2
Bylaws (Exhibit 3.2 to
Aimcos Quarterly Report on
Form 10-Q
for the quarterly period ended March 31, 2001, is
incorporated herein by this reference)
10
.1
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
10
.2
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 Aimcos Quarterly
Report on
Form 10-Q
for the quarterly period ended September 30, 2004, is
incorporated herein by this reference)
10
.3
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 Aimcos
Current Report on
Form 8-K,
dated June 16, 2005, is incorporated herein by this
reference)
10
.4
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 Aimcos Current Report
on
Form 10-K,
dated March 22, 2006, is incorporated herein by this
reference)
10
.5
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 Aimcos Current Report on
Form 8-K,
filed December 6, 2001, is incorporated herein by this
reference)
10
.6
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 Aimcos
Current Report on
Form 8-K,
filed December 6, 2001, is incorporated herein by this
reference)
10
.7
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
Aimcos Annual Report on
Form 10-K
for the year ended December 31, 2003, is incorporated
herein by this reference)
45
Table of Contents
10
.8
Employment Contract executed on
July 29, 1994 by and between AIMCO Properties, L.P. and
Terry Considine (Exhibit 10.44C to Aimcos Annual
Report on
Form 10-K
for the year ended December 31, 1994, is incorporated
herein by this reference)*
10
.9
Apartment Investment and
Management Company 1997 Stock Award and Incentive Plan (October
1999) (Exhibit 10.26 to Aimcos Annual Report on
Form 10-K
for the year ended December 31, 1999, is incorporated
herein by this reference)*
10
.10
Form of Restricted Stock Agreement
(1997 Stock Award and Incentive Plan) (Exhibit 10.11 to
Aimcos Quarterly Report on
Form 10-Q
for the quarterly period ended September 30, 1997, is
incorporated herein by this reference)*
10
.11
Form of Incentive Stock Option
Agreement (1997 Stock Award and Incentive Plan)
(Exhibit 10.42 to Aimcos Annual Report on
Form 10-K
for the year ended December 31, 1998, is incorporated
herein by this reference)*
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
31
.2
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
32
.1
Certification Pursuant to
18 U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
32
.2
Certification Pursuant to
18 U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
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
46
Table of Contents
Management Company
Chairman of the Board, Chief
Executive
Officer and President
(principal executive officer)
March 1, 2007
Executive Vice President and
Chief
Financial Officer
(principal financial officer)
March 1, 2007
Senior Vice President and Chief
Accounting Officer
(principal accounting officer)
March 1, 2007
Director
March 1, 2007
Director
March 1, 2007
Director
March 1, 2007
Director
March 1, 2007
Director
March 1, 2007
47
Table of Contents
Page
F-2
F-3
F-4
F-5
F-6
F-8
F-40
F-1
Table of Contents
F-2
Table of Contents
CONSOLIDATED BALANCE SHEETS
As of December 31, 2006 and 2005
(In thousands, except share data)
2006
2005
$
9,561,537
$
8,002,413
2,420,948
2,196,111
11,982,485
10,198,524
(2,901,267
)
(2,009,286
)
9,081,218
8,189,238
229,824
161,730
347,506
283,684
85,772
59,889
20,763
43,070
73,749
63,738
40,641
177,200
139,352
23,760
39,000
173,437
231,950
211,245
9,835
622,334
$
10,289,775
$
10,019,160
$
936,082
$
995,897
5,329,011
4,320,688
400,000
400,000
140,000
217,000
67,660
88,272
6,872,753
6,021,857
54,972
34,381
410,071
335,363
165,684
46,466
44,428
36,767
4,379
392,815
7,552,287
6,867,649
212,149
217,679
185,447
217,729
723,500
860,250
100,000
150,000
968
957
3,095,430
3,081,706
(4,714
)
(25,911
)
(1,575,292
)
(1,350,899
)
2,339,892
2,716,103
$
10,289,775
$
10,019,160
F-3
Table of Contents
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31, 2006, 2005 and 2004
(In thousands, except per share data)
2006
2005
2004
$
1,629,988
$
1,346,587
$
1,211,865
12,312
24,528
32,461
48,694
37,349
34,879
1,690,994
1,408,464
1,279,205
758,128
633,984
567,937
4,912
7,361
9,789
9,521
10,628
11,879
470,597
376,231
315,451
101,702
92,826
77,424
8,981
8,046
12,490
1,353,841
1,129,076
994,970
337,153
279,388
284,235
32,315
31,001
32,101
(2,785
)
1,365
1,765
(408,075
)
(343,335
)
(318,006
)
(21,004
)
(11,615
)
(17,374
)
(2,070
)
(3,139
)
(1,768
)
813
(6,120
)
(3,426
)
34,567
18,958
69,294
(29,086
)
(33,497
)
46,821
(19,628
)
5,065
14,630
(7,153
)
(7,226
)
(7,858
)
13,193
12,535
4,192
(13,588
)
10,374
10,964
(42,674
)
(23,123
)
57,785
219,461
94,105
209,669
176,787
70,982
267,454
(3,957
)
176,787
70,982
263,497
81,132
87,948
88,804
$
95,655
$
(16,966
)
$
174,693
$
(1.29
)
$
(1.18
)
$
(0.33
)
2.29
1.00
2.25
(0.04
)
$
1.00
$
(0.18
)
$
1.88
$
(1.29
)
$
(1.18
)
$
(0.33
)
2.29
1.00
2.25
(0.04
)
$
1.00
$
(0.18
)
$
1.88
95,758
93,894
93,118
95,758
93,894
93,118
$
2.40
$
3.00
$
2.40
F-4
Table of Contents
CONSOLIDATED STATEMENTS OF STOCKHOLDERS
EQUITY
For the Years Ended December 31, 2006, 2005 and 2004
(In thousands)
Notes
Class A
Due on
Preferred Stock
Common Stock
Additional
Common
Distributions
Shares
Shares
Paid-in
Stock
in Excess of
Issued
Amount
Issued
Amount
Capital
Purchases
Earnings
Total
32,125
$
855,242
93,887
$
939
$
3,042,540
$
(40,046
)
$
(998,018
)
$
2,860,657
18,805
372,500
(12,828
)
359,672
(11,355
)
(186,242
)
3,638
(3,489
)
(186,093
)
743
7
23,574
23,581
2
100
100
(397
)
(4
)
(12,594
)
(12,598
)
4,639
4,639
(4,848
)
(4,848
)
550
6
2,363
(1,318
)
1,051
69
1
1,882
1,883
6,506
6,506
263,497
263,497
(225,903
)
(225,903
)
(83,984
)
(83,984
)
39,575
1,041,500
94,854
949
3,050,333
(36,725
)
(1,047,897
)
3,008,160
(1,250
)
(31,250
)
1,123
(1,123
)
(31,250
)
426
4
16,890
16,894
(409
)
(409
)
12,255
12,255
379
4
2,219
(1,441
)
782
65
2,315
2,315
(1,050
)
(1,050
)
8
310
310
9,975
9,975
70,982
70,982
(284,254
)
(284,254
)
(88,607
)
(88,607
)
38,325
1,010,250
95,732
957
3,081,706
(25,911
)
(1,350,899
)
2,716,103
(75,012
)
(75,012
)
100,000
(2,509
)
97,491
(11,470
)
(286,750
)
6,848
(6,848
)
(286,750
)
99
1
4,560
4,561
(2,301
)
(23
)
(120,235
)
(120,258
)
21,844
21,844
456
5
678
(647
)
36
2,826
28
107,575
107,603
454
454
8
479
479
15,874
15,874
176,787
176,787
(232,185
)
(232,185
)
(87,135
)
(87,135
)
26,855
$
823,500
96,820
$
968
$
3,095,430
$
(4,714
)
$
(1,575,292
)
$
2,339,892
F-5
Table of Contents
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2006, 2005 and 2004
(In thousands)
2006
2005
2004
$
176,787
$
70,982
$
263,497
470,597
376,231
315,451
21,004
11,615
17,374
2,070
3,139
1,768
(34,567
)
(18,958
)
(69,294
)
(813
)
6,120
3,426
14,895
(19,146
)
706
3,957
(6,040
)
(5,309
)
3,666
19,628
(5,065
)
(14,630
)
15,874
9,975
6,506
18,471
1,700
5,484
20,101
58,634
67,277
(260,206
)
(102,972
)
(249,354
)
4,267
(3,139
)
26,959
(3,178
)
11,450
(2,067
)
45,332
17,542
(11,406
)
28,057
(57,250
)
(3,797
)
355,492
284,567
102,026
532,279
355,549
365,523
(153,426
)
(243,996
)
(280,002
)
(512,564
)
(443,882
)
(301,937
)
958,604
718,434
971,568
(19,021
)
(4,571
)
5,489
23,269
4,186
14,765
45,662
57,706
72,160
(37,570
)
(125,777
)
(132,711
)
(94,640
)
(38,336
)
(76,157
)
9,604
28,556
79,599
13,122
(2,281
)
(15,861
)
233,040
(49,961
)
336,913
1,185,670
721,414
501,611
(1,004,142
)
(735,816
)
(728,084
)
75,568
69,471
(229,287
)
(78,648
)
(188,577
)
(77,000
)
248,300
(66,687
)
(22,838
)
38,871
(15,019
)
(98,875
)
97,491
359,672
(286,750
)
(31,250
)
(186,093
)
(109,937
)
(12,597
)
107,603
2,315
1,883
21,844
12,255
4,639
(231,697
)
(226,815
)
(225,903
)
(74,700
)
(86,582
)
(83,984
)
458
34,990
44,292
(130,585
)
(78,739
)
(119,056
)
(18,923
)
(15,606
)
(22,108
)
(697,225
)
(249,201
)
(711,525
)
68,094
56,387
(9,089
)
161,730
105,343
114,432
$
229,824
$
161,730
$
105,343
F-6
Table of Contents
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2006, 2005 and 2004
(In thousands)
2006
2005
2004
$
438,946
$
399,511
$
372,703
9,807
4,785
47,112
38,740
83,114
13
125
2,609
675,621
201,492
231,932
(219,691
)
(72,341
)
(40,178
)
94,380
16,942
47,744
503,342
112,521
204,243
41,580
17,326
21,394
57,157
6,834
29,439
4,362
16,853
23,322
199
41
259
647
1,441
1,318
150,000
950
2,799
F-7
Table of Contents
owned an equity interest in and consolidated 162,432 units
in 703 properties (which we refer to as
consolidated), of which 161,584 units were also
managed by us;
owned an equity interest in and did not consolidate
11,791 units in 102 properties (which we refer to as
unconsolidated), of which 5,638 units were also
managed by us; and
provided services or managed, for third-party owners,
42,190 units in 451 properties, primarily pursuant to
long-term agreements (including 38,617 units in 410
properties for which we provide asset management services only,
and not also property management services), although 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.
F-8
Table of Contents
F-9
Table of Contents
Increase
(Decrease)
$
664,286
(150,057
)
(64,419
)
122,545
$
572,355
$
521,711
81,950
53,258
(9,552
)
(75,012
)
$
572,355
$
159,415
114,680
44,735
(32,776
)
3,651
$
15,610
F-10
Table of Contents
F-11
Table of Contents
$
(1,542
)
3,054
(9,030
)
734
$
(6,784
)
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).
F-12
Table of Contents
F-13
Table of Contents
F-14
Table of Contents
F-15
Table of Contents
F-16
Table of Contents
F-17
Table of Contents
F-18
Table of Contents
2006
2005
2004
$
146,400
$
763,219
$
1,004,501
166,874
954,970
1,255,434
140,089
932,454
1,146,141
199,082
1,248,450
1,545,250
(32,208
)
(293,480
)
(289,816
)
99,708
311,429
320,687
(49,451
)
(177,970
)
(201,248
)
(18,769
)
(63,056
)
(72,577
)
(24,146
)
(84,252
)
(99,120
)
2,980
106,465
100,669
(1,443
)
82,123
50,778
F-19
Table of Contents
2006
2005
Unconsolidated
Unconsolidated
Real Estate
Non-
Real Estate
Non-
Partnerships
Affiliates
Total
Partnerships
Affiliates
Total
$
40,055
$
18,815
$
58,870
$
89,640
$
22,681
$
112,321
6,064
120,537
126,601
92,451
1,079
93,530
(5,478
)
(5,478
)
(4,891
)
(4,891
)
40,641
$
139,352
$
179,993
$
177,200
$
23,760
$
200,960
$
41,781
$
145,024
$
186,805
$
130,342
$
$
130,342
F-20
Table of Contents
2006
2005
$
(4,891
)
$
(7,149
)
(3,104
)
(577
)
320
1,942
2,197
893
$
(5,478
)
$
(4,891
)
Weighted Average
Interest Rate
Principal Outstanding
2006
2006
2005
5.76
%
$
295,532
$
280,147
4.23
%
640,550
715,750
$
936,082
$
995,897
F-21
Table of Contents
Weighted Average
Interest Rate
Principal Outstanding
2006
2006
2005
6.35
%
$
4,846,259
$
3,689,730
6.53
%
370,113
554,748
5.34
%
112,639
76,210
$
5,329,011
$
4,320,688
F-22
Table of Contents
Amortization
Maturities
Total
$
146,807
$
303,041
$
449,848
139,955
393,993
533,948
143,258
400,202
543,460
151,025
187,399
338,424
159,083
349,688
508,771
3,958,302
$
6,332,753
F-23
Table of Contents
F-24
Table of Contents
F-25
Table of Contents
Operating Lease
Sublease
Obligations
Receivables
$
8,270
$
1,508
7,621
1,086
6,142
597
5,178
597
3,948
8,645
$
39,804
$
3,788
F-26
Table of Contents
2006
2005
$
47,149
$
53,347
7,729
6,330
85
178
$
54,963
$
59,855
$
20,995
$
34,046
5,879
5,856
5,010
6,942
978
6,519
8,293
9,880
9,878
7,878
1,424
442
52,457
71,563
(1,873
)
(1,873
)
50,584
69,690
$
(4,379
)
$
9,835
F-27
Table of Contents
2006
2005
2004
$
5,380
$
3,412
$
7,345
1,272
1,590
748
6,652
5,002
8,093
13,197
(17,303
)
634
1,698
(1,843
)
72
14,895
(19,146
)
706
$
21,547
$
(14,144
)
$
8,799
$
(11,448
)
$
(16,353
)
$
(6,825
)
$
32,995
$
2,209
$
15,624
2006
2005
2004
Amount
Percent
Amount
Percent
Amount
Percent
$
18,639
35.0
%
$
(12,922
)
35.0
%
$
7,174
35.0
%
3,038
5.7
%
(253
)
0.7
%
818
4.0
%
(130
)
−0.2
%
(69
)
0.2
%
314
1.5
%
0.0
%
(900
)
2.4
%
493
2.4
%
$
21,547
40.5
%
$
(14,144
)
38.3
%
$
8,799
42.9
%
F-28
Table of Contents
2006(1)
2005(2)
2004
Amount
Percentage
Amount
Percentage
Amount
Percentage
$
0.05
2
%
$
0.21
7
%
$
0.04
2
%
1.05
44
%
1.44
48
%
1.77
74
%
0.05
2
%
0.24
8
%
0.03
1
%
1.25
52
%
1.11
37
%
0.56
23
%
$
2.40
100
%
$
3.00
100
%
$
2.40
100
%
(1)
On December 19, 2006, our Board of Directors declared a
quarterly cash dividend of $0.60 per common share for the
quarter ended December 31, 2006, that was paid on
January 31, 2007, to stockholders of record on
December 31, 2006, which was one month earlier than the
typical declaration. Pursuant to certain provisions within the
Internal Revenue Code, this dividend was deemed paid by Aimco
and received by the shareholders in 2006.
(2)
On December 28, 2005, our Board of Directors declared a
quarterly cash dividend of $0.60 per common share for the
quarter ended December 31, 2005, that was paid on
January 31, 2006, to stockholders of record on
December 31, 2005, which was one month earlier than the
typical declaration. Pursuant to certain provisions within the
Internal Revenue Code, this dividend was deemed paid by Aimco
and received by the shareholders in 2005.
F-29
Table of Contents
Gross
End of
Outstanding Units
Year of
Proceeds
Measurement
at December 31,
Issuance
(thousands)
Period
2006
1998
$
2,070
12/31/2000
2,379,084
2004
752
12/31/2006
4,109
2005
780
12/31/2007
5,000
2006
875
12/31/2008
5,000
F-30
Table of Contents
Balance
Annual Dividend
December 31,
Redemption
Conversion
Rate Per Share
2006
2005
Date(1)
Price
(paid quarterly)
(thousands)
(thousands)
and outstanding
07/15/2008
9.3750
%
$
101,000
$
101,000
03/19/2006
10.100
%
63,250
07/20/2006
10.000
%
173,500
and outstanding
07/31/2008
8.000
%
150,000
150,000
and outstanding
03/24/2009
7.750
%
200,000
200,000
and outstanding
09/29/2009
8.000
%
86,250
86,250
and outstanding
12/21/2009
7.875
%
86,250
86,250
06/30/2011
(6
)
100,000
723,500
860,250
09/30/2007
$
52.50
8.100
%
100,000
100,000
03/31/2006
$
52.50
8.500
%
50,000
100,000
150,000
$
823,500
$
1,010,250
F-31
Table of Contents
(1)
All classes of preferred stock are redeemable at our option on
and after the dates specified.
(2)
On March 19, 2006, we redeemed for cash all
2.53 million shares outstanding of the 10.1% Class Q
Cumulative Preferred Stock, or the Class Q Preferred Stock, for
a total redemption price of $25.035 per share, which
included a redemption price of $25.0 per share and
$0.035 per share of accumulated and unpaid dividends
through March 19, 2006. This redemption resulted in
$2.5 million of related preferred stock issuance costs
being deducted in determining net income attributable to common
stockholders.
(3)
On July 20, 2006, we redeemed for cash all
6.94 million shares outstanding of the 10% Class R
Cumulative Preferred Stock, or the Class R Preferred Stock,
for a total redemption price of $25.243 per share, which
included a redemption price of $25.00 per share and
$0.243 per share of accumulated and unpaid dividends
through July 20, 2006. This redemption resulted in
$4.3 million of related preferred stock issuance costs
being deducted in determining net income attributable to common
stockholders.
(4)
On March 31, 2006, we redeemed for cash all
2.00 million shares outstanding of the 8.5% Class X
Cumulative Preferred Stock, or the Class X Preferred Stock,
for a total redemption price of $25.531 per share, which
included a redemption price of $25.00 per share and
$0.531 per share of accumulated and unpaid dividends
through March 31, 2006. The conversion price was $52.50
(equivalent to a conversion rate of 0.476 shares of Common
Stock for each share of Class X Preferred Stock.) This
redemption resulted in $0.1 million of related preferred
stock issuance costs being deducted in determining net income
attributable to common stockholders.
(5)
The Articles Supplementary set forth the relative rights and
preferences of each class of securities and as shown above, the
dividend rate on each class of convertible securities is the
rate specified in the articles supplementary for each class.
Such rate can be increased to the rate of the dividends paid on
the number of shares of Common Stock into which a share of such
preferred security is convertible. The initial conversion price
of each class was in excess of the fair market value of a share
of Common Stock on the respective dates on which the purchasers
of each class agreed to purchase such securities.
(6)
On June 29, 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
June 29, 2006, 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, 2006 was 6.62%. 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.
F-32
Table of Contents
2006
2005
2004
Amount
Total
Amount
Total
Amount
Total
Per
Amount
Per
Amount
Per
Amount
Share(1)
Paid
Share(1)
Paid
Share(1)
Paid
$
$
$
0.59
(2)
736
$
4.87
(3)
$
6,090
2.34
9,492
2.34
9,492
2.34
9,492
0.67
(4)
1,686
2.53
6,388
2.53
6,388
1.49
(4)
10,361
2.50
17,350
2.50
17,350
2.00
12,000
2.00
12,000
2.00
12,000
1.94
15,500
1.94
15,500
1.08
(5)
8,655
2.00
6,900
2.09
(6)
7,207
1.97
6,792
1.61
(7)
5,547
8,720
(8)
1,744
64,475
74,220
59,975
2.59
(9)
10,361
4.73
(9)
9,000
1.16
(9)
4,648
4.25
8,100
4.25
(10)
8,100
1.06
(4)
2,125
2.13
(10)
4,262
10,225
12,362
24,009
$
74,700
$
86,582
$
83,984
(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 or redemption date, as noted.
(2)
For the period from January 1, 2005 to the date of
redemption.
(3)
Total amount paid includes dividends paid on 2.7 million
shares of Class D Preferred Stock until November 5, 2004,
when 1.5 million shares were redeemed for cash.
(4)
For the period from January 1, 2006 to the date of
redemption.
(5)
For the period from March 24, 2004 (date of issuance) to
December 31, 2004.
(6)
For the period from September 29, 2004 (date of issuance)
to December 31, 2005.
(7)
For the period from December 21, 2004 (date of issuance) to
December 31, 2005.
(8)
For the period from June 29, 2006 (date of issuance) to
December 31, 2006.
(9)
For the period from January 1, 2004 to the date of
redemption. For Class N Preferred Stock, includes a 2%, or $0.50
redemption premium per share, on 2.0 million shares.
(10)
For the period from September 30, 2004 (date of issuance)
to December 31, 2005.
F-33
Table of Contents
F-34
Table of Contents
2006
2005
2004
$5.23
$3.57
$2.24
4.58
%
4.10
%
3.50
%
5.58
%
6.31
%
7.50
%
20.15
%
19.00
%
19.10
%
6.5 years
5.0 years
5.0 years
F-35
Table of Contents
2006
2005
2004
Weighted
Weighted
Weighted
Average
Average
Average
Number
Exercise
Number
Exercise
Number
Exercise
of Options
Price
of Options
Price
of Options
Price
11,054
$
38.78
10,838
$
38.87
10,107
$
39.59
692
43.15
383
38.14
1,219
32.19
(2,826
)
38.03
(65
)
38.22
(69
)
29.11
(322
)
38.09
(102
)
39.98
(419
)
37.81
8,598
$
39.36
11,054
$
38.78
10,838
$
38.87
6,508
$
39.56
8,177
$
39.30
7,132
$
39.47
2006
2005
2004
Weighted
Weighted
Weighted
Average
Average
Average
Number
Grant-Date
Number
Grant-Date
Number
Grant-Date
of Shares
Fair Value
of Shares
Fair Value
of Shares
Fair Value
882
$
35.08
775
$
32.86
411
$
41.33
607
44.47
429
38.50
566
29.89
(240
)
35.80
(254
)
33.91
(109
)
32.73
(161
)
35.41
(68
)
35.70
(93
)
41.33
1,088
$
40.11
882
$
35.08
775
$
32.86
F-36
Table of Contents
2005
2004
$
(16,966
)
$
174,693
8,140
4,903
1,835
1,603
(8,140
)
(4,903
)
(3,422
)
(4,289
)
161
276
$
(18,392
)
$
172,283
$
(0.18
)
$
1.88
$
(0.20
)
$
1.85
$
(0.18
)
$
1.88
$
(0.20
)
$
1.85
F-37
Table of Contents
2006
2005
2004
$
77,851
$
212,390
$
296,670
(40,175
)
(112,151
)
(150,061
)
(20,101
)
(58,634
)
(67,277
)
(5,976
)
(3,218
)
(5,163
)
11,599
38,387
74,169
798
742
522
(15,957
)
(46,654
)
(71,404
)
2,753
2,992
2,160
(807
)
(4,533
)
5,447
260,206
102,972
249,354
434
(3,836
)
(7,289
)
15,927
14,604
3,230
(32,918
)
(4,481
)
(16,015
)
(23,381
)
(10,621
)
(25,058
)
$
219,461
$
94,105
$
209,669
F-38
Table of Contents
2006
2005
2004
$
(42,674
)
$
(23,123
)
$
57,785
(81,132
)
(87,948
)
(88,804
)
$
(123,806
)
$
(111,071
)
$
(31,019
)
$
219,461
$
94,105
$
209,669
$
$
$
(3,957
)
$
176,787
$
70,982
$
263,497
(81,132
)
(87,948
)
(88,804
)
$
95,655
$
(16,966
)
$
174,693
95,758
93,894
93,118
95,758
93,894
93,118
$
(1.29
)
$
(1.18
)
$
(0.33
)
2.29
1.00
2.25
(0.04
)
$
1.00
$
(0.18
)
$
1.88
$
(1.29
)
$
(1.18
)
$
(0.33
)
2.29
1.00
2.25
(0.04
)
$
1.00
$
(0.18
)
$
1.88
F-39
Table of Contents
Quarter(1)
First
Second
Third
Fourth
$
408,504
$
419,971
$
423,931
$
438,588
(324,070
)
(327,446
)
(338,730
)
(363,595
)
84,434
92,525
85,201
74,993
5,508
(3,554
)
(36,451
)
(8,177
)
78,563
38,646
11,576
90,676
84,071
35,092
(24,875
)
82,499
$
(0.19
)
$
(0.24
)
$
(0.60
)
$
(0.26
)
$
0.63
$
0.17
$
(0.48
)
$
0.69
$
(0.19
)
$
(0.24
)
$
(0.60
)
$
(0.26
)
$
0.63
$
0.17
$
(0.48
)
$
0.69
95,183
96,071
96,061
95,715
95,183
96,071
96,061
95,715
F-40
Table of Contents
Quarter(1)
First
Second
Third
Fourth
$
334,996
$
344,125
$
357,999
$
371,344
(266,288
)
(269,982
)
(291,769
)
(301,037
)
68,708
74,143
66,230
70,307
(862
)
1,033
(6,521
)
(16,773
)
2,894
26,533
32,872
31,806
2,032
27,566
26,351
15,033
$
(0.25
)
$
(0.22
)
$
(0.30
)
$
(0.41
)
$
(0.22
)
$
(0.06
)
$
(0.05
)
$
(0.07
)
$
(0.25
)
$
(0.22
)
$
(0.30
)
$
(0.41
)
$
(0.22
)
$
(0.06
)
$
(0.05
)
$
(0.07
)
93,448
93,807
94,041
94,282
93,448
93,807
94,041
94,282
(1)
Certain reclassifications have been made to 2006 and 2005
quarterly amounts to conform to the full year 2006 presentation,
primarily related to treatment of discontinued operations.
Table of Contents
2006
2005
2004
$
1,629,988
$
1,346,587
$
1,211,865
157,165
141,649
144,075
(96,159
)
(79,772
)
(76,735
)
61,006
61,877
67,340
$
1,690,994
$
1,408,464
$
1,279,205
$
871,860
$
712,603
$
643,928
46,573
43,888
45,672
918,433
756,491
689,600
(470,597
)
(376,231
)
(315,451
)
(101,702
)
(92,826
)
(77,424
)
(8,981
)
(8,046
)
(12,490
)
$
337,153
$
279,388
$
284,235
2006
2005
(In thousands)
$
10,004,701
$
9,738,462
285,074
280,698
$
10,289,775
$
10,019,160
(1)
Total assets for reportable segments include assets associated
with both of the real estate and investment management business
segments, as well as our investment in unconsolidated real
estate partnerships.
F-42
Table of Contents
F-43
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2006
(In Thousands Except Unit Data)
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Mid Rise
Dec-97
OakPark, IL
1987
234
$
2,664
$
18,815
$
2,826
$
2,664
$
21,641
$
24,306
$
(6,543
)
$
17,763
$
25,150
Mid Rise
Mar-05
New York, NY
1900
17
4,250
752
97
4,281
818
5,099
(73
)
5,026
2,756
Mid Rise
May-04
New York, NY
1910
72
11,773
4,535
865
12,067
5,106
17,173
(499
)
16,673
9,562
Mid Rise
Jan-04
New York, NY
1900
43
8,751
2,914
1,006
8,823
3,847
12,670
(442
)
12,228
7,264
Mid Rise
Mar-05
New York, NY
1900
36
8,430
1,866
402
8,494
2,204
10,698
(194
)
10,504
5,394
Mid Rise
Jul-04
New York, NY
1930
20
2,659
1,006
118
2,681
1,102
3,782
(134
)
3,648
1,969
Mid Rise
Mar-03
New York, NY
1904
34
5,635
1,609
343
5,678
1,909
7,588
(409
)
7,179
2,915
Mid Rise
Mar-05
New York, NY
1900
40
6,319
2,224
377
6,372
2,548
8,920
(205
)
8,715
3,865
Mid Rise
Jan-04
New York, NY
1900
12
1,966
608
208
1,982
800
2,782
(87
)
2,695
1,690
Mid Rise
Jan-04
New York, NY
1900
20
3,137
1,002
212
3,163
1,188
4,351
(129
)
4,222
2,781
Mid Rise
Mar-05
New York, NY
1900
36
6,230
2,168
332
6,282
2,448
8,730
(194
)
8,536
4,754
Garden
Nov-96
League City, TX
1985
264
1,155
7,172
2,925
1,155
10,098
11,253
(2,816
)
8,437
3,853
Garden
Jul-00
Omaha, NE
1973
204
959
8,526
973
959
9,499
10,458
(4,676
)
5,782
3,936
Garden
Oct-97
Tempe, AZ
1967
200
1,092
6,208
1,901
1,092
8,109
9,201
(2,834
)
6,367
2,763
Garden
Dec-99
Battle Creek, MI
1981
586
2,732
16,325
6,087
2,732
22,412
25,144
(5,846
)
19,298
7,300
Garden
Dec-99
Battle Creek, MI
1987
76
496
3,555
406
496
3,961
4,457
(1,083
)
3,374
1,666
Garden
Nov-96
Houston, TX
1972
360
1,760
9,325
8,099
1,760
17,424
19,184
(4,518
)
14,666
5,919
Garden
Jul-00
Hermitage, TN
1972
350
1,797
14,451
4,900
1,797
19,352
21,148
(8,089
)
13,059
10,798
Garden
Dec-95
Atlanta, GA
1968
221
2,771
8,366
23,558
2,771
31,924
34,695
(7,721
)
26,975
8,817
Garden
Dec-97
Arvada, CO
1972
120
353
3,807
3,728
353
7,535
7,888
(3,630
)
4,258
2,772
Garden
Oct-01
Richmond, VA
1979
232
2,428
7,874
1,172
2,428
9,046
11,474
(3,143
)
8,331
6,559
Mid Rise
Aug-98
Plantation, FL
1979
210
1,807
10,385
2,243
1,807
12,628
14,435
(3,762
)
10,673
6,649
Garden
Dec-06
Jacksonville, FL
1974
251
2,310
13,364
2,310
13,364
15,674
15,674
Garden
Oct-02
Naperville, IL
1984
320
1,812
16,911
1,636
1,812
18,547
20,359
(7,599
)
12,760
11,229
Garden
Sep-00
Jackson, MI
1973
112
1,042
3,705
1,553
1,042
5,258
6,300
(1,850
)
4,451
2,781
Garden
Apr-06
Tampa, FL
2002
324
5,869
33,260
59
10,391
28,798
39,189
(316
)
38,873
23,953
High Rise
Apr-01
Denver, CO
1920
117
3,525
9,045
913
3,525
9,957
13,482
(2,536
)
10,947
7,515
Garden
Oct-99
Houston ,TX
1963
127
770
4,250
1,433
770
5,683
6,452
(1,636
)
4,817
3,086
High Rise
Sep-04
Miami, FL
2000
471
22,680
41,847
2,083
22,680
43,930
66,609
(2,446
)
64,164
47,497
Garden
Jan-03
Nashua, NH
1984
412
3,352
39,831
1,012
3,352
40,843
44,195
(6,515
)
37,680
22,184
Garden
Aug-02
Framingham, MA
1971
424
18,915
35,945
6,220
18,915
42,165
61,081
(7,713
)
53,367
28,706
Garden
Oct-00
Indianapolis, IN
1978
202
1,411
5,139
1,832
1,411
6,970
8,381
(2,074
)
6,307
3,211
Garden
Apr-01
West Lafayette, IN
1968
252
5,460
5,291
2,123
5,460
7,415
12,875
(3,860
)
9,015
4,429
Garden
May-99
Durham, NC
1986
345
2,222
12,641
3,135
2,222
15,776
17,997
(5,102
)
12,895
10,500
Garden
Oct-00
Columbia, MD
1983
135
4,166
3,520
1,274
4,166
4,795
8,961
(1,224
)
7,736
10,825
Garden
Jul-00
Marietta, GA
1972/2004
326
11,298
2,363
29,318
11,298
31,681
42,979
(3,897
)
39,082
19,223
Garden
May-98
Austin, TX
1978
146
1,096
6,423
1,022
1,096
7,444
8,540
(2,936
)
5,604
3,400
Garden
Oct-02
Indianapolis, IN
1983
240
1,850
6,430
931
1,850
7,361
9,211
(2,092
)
7,119
5,400
Garden
Sep-00
Indianapolis, IN
1985
96
1,767
3,379
1,156
1,767
4,535
6,302
(1,022
)
5,280
3,100
High Rise
Oct-05
Columbus, OH
1972
64
666
6,203
255
666
6,458
7,124
(1,870
)
5,254
2,029
Garden
Apr-02
Columbus, OH
1968
251
582
9,701
2,218
582
11,918
12,500
(5,565
)
6,935
5,152
Garden
Dec-98
Laffayette, IN
1982
181
979
5,556
1,610
979
7,166
8,145
(3,169
)
4,976
2,951
Garden
Jan-06
Milwaukie, OR
1968
137
333
8,091
61
333
8,152
8,484
(3,595
)
4,890
3,515
F-44
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
High Rise
Apr-01
Denver, CO
1890
158
3,447
20,589
1,597
3,447
22,186
25,632
(5,366
)
20,267
15,083
Garden
Jul-94
Boulder, CO
1972
221
755
7,730
16,147
755
23,877
24,632
(9,402
)
15,230
13,879
Garden
Jul-94
St. Petersburg, FL
1971
477
1,437
12,725
4,244
1,437
16,968
18,405
(10,763
)
7,642
8,004
Garden
Oct-97
Houston, TX
1984
84
337
1,976
887
337
2,862
3,199
(1,129
)
2,070
880
Garden
Oct-98
Daytona Beach, FL
1985
208
1,008
5,507
2,267
1,008
7,774
8,782
(2,705
)
6,077
6,839
Garden
Nov-96
Lake Jackson, TX
1980
104
592
2,741
1,323
592
4,064
4,656
(1,458
)
3,197
1,205
Garden
Oct-00
Lansing, MI
1974
308
3,146
9,586
2,279
3,146
11,865
15,011
(3,627
)
11,384
6,072
Garden
Oct-99
Houston, TX
1970
380
2,459
13,868
2,207
2,459
16,075
18,534
(5,065
)
13,469
8,629
Garden
Oct-99
Houston, TX
1970
351
2,033
11,855
2,696
2,033
14,551
16,585
(4,197
)
12,388
7,937
Garden
Nov-96
Tomball, TX
1978
206
969
5,976
2,617
969
8,593
9,562
(2,309
)
7,253
3,102
Garden
Jan-00
Marietta, GA
1987
320
2,084
13,212
2,641
2,084
15,853
17,937
(7,389
)
10,548
9,257
Garden
Mar-02
Los Angeles, CA
1990
279
27,603
41,244
7,067
29,407
46,507
75,914
(6,188
)
69,726
38,563
Garden
Dec-97
Colorado Springs, CO
1974
200
460
2,917
10,633
460
13,550
14,010
(2,962
)
11,047
7,472
Garden
Jan-06
Mountlake Terrace, WA
1988
70
459
1,217
223
459
1,440
1,899
(1,439
)
459
1,878
Garden
May-98
Arlington Heights, IL
1985
182
2,245
12,936
1,721
2,245
14,657
16,902
(5,548
)
11,355
11,800
Garden
May-98
Naperville, IL
1990
200
2,709
15,346
2,013
2,709
17,359
20,067
(5,921
)
14,146
10,515
Garden
Apr-01
Indianapolis, IN
1967
404
4,546
9,136
3,825
4,545
12,962
17,507
(4,304
)
13,204
8,980
Mid Rise
Jan-06
Pasadena, CA
1973
92
1,108
15,458
39
1,108
15,497
16,605
(4,313
)
12,292
4,361
Garden
Mar-01
Burke, VA
1986
360
4,867
23,617
2,646
4,867
26,262
31,129
(7,135
)
23,994
18,210
High Rise
Dec-98
Minneapolis, MN
1928/1998
332
11,708
73,334
41,176
11,708
114,510
126,218
(26,825
)
99,393
40,940
Garden
Dec-99
Fort Wayne, IN
1979
1,988
13,659
73,115
19,176
13,659
92,291
105,951
(30,989
)
74,962
42,824
Garden
Jan-03
Littleton, CO
1966
90
1,313
6,092
418
1,312
6,511
7,823
(2,041
)
5,782
3,051
Garden
Mar-02
Saugus, CA
1984
130
7,300
6,602
1,740
7,508
8,135
15,642
(1,703
)
13,939
5,668
Garden
May-98
San Antonio, TX
1985
212
1,307
7,012
949
1,307
7,962
9,269
(2,958
)
6,311
3,940
Garden
Dec-96
Tampa, FL
1973
357
1,600
6,870
11,599
1,600
18,469
20,069
(6,203
)
13,866
7,199
Garden
Jul-00
East Lansing, MI
1972
143
830
9,001
1,504
829
10,505
11,334
(4,291
)
7,044
4,669
Garden
Jan-06
Norwalk, CA
1970
144
1,053
14,089
70
1,053
14,159
15,212
(6,101
)
9,111
3,664
High Rise
May-04
Bristol, MA
1974
240
15,239
7,850
2,578
15,244
10,424
25,667
(1,260
)
24,408
10,709
Garden
Apr-00
New Castle, WA
1980
104
773
5,497
3,479
773
8,976
9,750
(2,914
)
6,835
4,291
High Rise
Oct-99
Doylestown, PA
1975
350
582
4,190
2,228
582
6,418
7,000
(2,117
)
4,883
8,729
Garden
Jan-06
Merrillville, IN
1972
105
273
6,133
76
273
6,209
6,482
(3,549
)
2,933
3,030
Garden
Sep-00
Brandon, FL
1985
300
7,488
8,656
4,814
7,488
13,470
20,958
(2,066
)
18,892
10,750
Garden
Oct-99
Altamonte Springs, FL
1985
324
2,288
13,068
1,953
2,288
15,021
17,308
(3,887
)
13,422
8,044
Garden
Apr-01
Wappingers Falls, NY
1966
835
10,403
33,000
11,621
10,403
44,621
55,024
(16,540
)
38,484
33,968
Garden
Jan-96
Houston, TX
1983
320
775
7,317
2,363
775
9,680
10,455
(3,476
)
6,979
5,538
Garden
Sep-00
Aurora, IL
1986
416
15,800
16,875
2,378
15,800
19,252
35,052
(5,121
)
29,931
24,949
Garden
Mar-01
Aurora, IL
1987
184
1,969
7,980
1,165
1,969
9,144
11,114
(2,468
)
8,646
6,453
High Rise
Oct-06
Philadelphia, PA
1923
315
6,911
20,296
6,911
20,296
27,207
(1,241
)
25,966
13,499
Garden
Oct-99
Middletown, CT
1986
314
3,001
20,143
1,960
3,001
22,103
25,105
(6,413
)
18,691
16,070
Garden
Apr-00
Philadelphia, PA
1963
821
6,463
49,315
18,378
6,463
67,693
74,156
(20,347
)
53,809
51,500
Garden
Jun-04
Indianapolis, IN
1976
187
873
5,854
721
873
6,575
7,448
(2,760
)
4,687
4,124
Garden
Oct-02
Antioch, TN
1985
362
2,430
10,818
1,420
2,430
12,238
14,668
(2,382
)
12,286
7,769
Garden
Jun-04
Columbia, MD
1979
198
2,547
9,045
508
2,547
9,553
12,100
(1,940
)
10,160
4,803
Garden
Jul-00
El Paso, TX
1973
261
1,024
8,337
618
1,024
8,955
9,978
(4,381
)
5,598
5,457
Garden
Jul-00
Colorado Springs, CO
1974
122
928
6,779
1,414
928
8,193
9,121
(3,125
)
5,996
1,785
Garden
Jun-98
Redlands, CA
1985
198
1,118
6,642
1,761
1,118
8,403
9,521
(2,835
)
6,685
3,935
Garden
Jul-98
Vista, CA
1985
97
663
3,992
1,309
663
5,301
5,964
(1,659
)
4,305
5,900
Garden
Oct-97
Phoenix, AZ
1973
196
766
4,346
1,921
766
6,267
7,033
(2,293
)
4,740
2,047
Garden
Jun-98
Bradenton, FL
1986
166
1,121
6,360
1,537
1,121
7,897
9,017
(2,442
)
6,575
2,724
Garden
Oct-99
Towson, MD
1966
383
2,234
19,144
5,433
2,234
24,577
26,811
(11,373
)
15,438
12,338
Mid Rise
Sep-03
New York, NY
1880
59
35,489
9,499
1,918
35,544
11,361
46,905
(2,222
)
44,683
18,996
F-45
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Garden
Oct-02
North Charleston, SC
1986
192
730
7,420
889
730
8,309
9,039
(3,518
)
5,521
7,631
Garden
Dec-96
Katy, TX
1982
316
1,742
7,010
3,039
1,742
10,048
11,790
(4,516
)
7,274
5,127
Garden
Oct-02
Richmond, VA
1987
192
1,039
8,842
1,144
1,039
9,985
11,024
(3,968
)
7,056
10,472
Garden
Nov-96
Houston, TX
1983
196
940
7,900
1,456
940
9,355
10,295
(2,671
)
7,624
3,777
Garden
Jul-94
Las Vegas, NV
1983
670
3,190
12,589
7,346
3,190
19,935
23,125
(10,432
)
12,693
1,691
Garden
May-98
Greeley, CO
1986
288
2,848
16,160
3,194
2,848
19,355
22,203
(6,361
)
15,842
10,258
Garden
Apr-01
Naperville, IL
1982
240
8,512
10,832
1,856
8,512
12,688
21,200
(3,421
)
17,779
10,161
Garden
May-97
Naperville, IL
1986
400
5,165
29,430
3,234
5,165
32,664
37,829
(10,362
)
27,467
14,376
Garden
May-98
Fort Collins, CO
1986
248
2,727
15,459
2,703
2,727
18,162
20,889
(5,853
)
15,036
9,097
Garden
Nov-96
Houston, TX
1983
270
700
5,072
2,808
700
7,880
8,580
(2,799
)
5,781
3,953
Garden
Oct-05
Dallas, TX
1984
180
1,983
11,730
276
1,983
12,005
13,988
(5,074
)
8,914
5,269
Garden
Jan-00
Denver, CO
1974
328
1,702
13,694
1,827
1,702
15,521
17,223
(5,913
)
11,310
5,725
Garden
Mar-02
Simi Valley, CA
1985
397
24,595
18,818
3,966
25,245
22,134
47,379
(4,768
)
42,611
35,226
Mid Rise
Mar-02
West Hollywood, CA
1982
130
15,382
10,215
1,745
15,765
11,577
27,342
(2,412
)
24,931
14,952
Garden
May-98
Nashville, TN
1985
300
2,588
14,954
2,827
2,588
17,781
20,370
(6,355
)
14,014
6,685
Garden
May-98
Phoenix, AZ
1982
316
2,180
12,661
2,293
2,180
14,954
17,134
(5,796
)
11,338
5,440
Garden
Jan-06
Citrus Heights, CA
1976
180
805
18,095
244
805
18,339
19,145
(7,109
)
12,035
4,949
Garden
Nov-96
League City, TX
1984
176
939
5,831
1,560
939
7,391
8,330
(2,187
)
6,144
2,090
Garden
Dec-96
Savannah, GA
1984
200
1,083
5,696
2,295
1,083
7,991
9,074
(2,875
)
6,199
4,337
Garden
Apr-00
Plainsboro, NJ
1975
288
2,215
16,804
3,193
2,215
19,998
22,213
(7,888
)
14,324
15,936
Garden
Oct-06
Jacksonville, FL
1984
144
2,276
13,188
(0
)
2,276
13,187
15,464
(92
)
15,372
Garden
Oct-02
Blue Ash, OH
1985
336
4,124
13,061
980
4,124
14,041
18,165
(4,684
)
13,481
12,958
Garden
Oct-00
Indianapolis, IN
1979
372
3,175
10,426
2,488
3,175
12,914
16,089
(3,992
)
12,097
7,742
Garden
Jan-06
Atlanta, GA
1987
60
348
697
66
348
763
1,111
(763
)
348
Garden
Dec-97
Temple Terrace, FL
1967
252
2,095
3,943
11,298
2,095
15,241
17,337
(5,099
)
12,238
4,546
Garden
Aug-99
Altamonte Springs, FL
1979
234
1,666
9,353
2,450
1,666
11,803
13,469
(4,059
)
9,410
6,005
Garden
Oct-99
Indian Harbor, FL
1963
200
1,200
5,739
1,376
1,200
7,115
8,314
(3,790
)
4,524
3,469
Garden
May-98
San Antonio, TX
1973
226
1,053
5,981
1,370
1,053
7,351
8,404
(3,560
)
4,845
3,695
Garden
Nov-96
Houston, TX
1983
146
1,070
9,790
1,006
906
10,961
11,867
(3,781
)
8,085
3,151
Mid Rise
Dec-97
Elmhurst, IL
1986
372
5,534
30,830
12,394
5,534
43,225
48,758
(10,322
)
38,436
30,961
Garden
Oct-99
Columbia, SC
1971
323
1,122
9,666
2,217
1,122
11,883
13,005
(5,583
)
7,422
5,866
High Rise
Dec-97
Evanston, IL
1988
189
3,232
25,546
1,533
3,232
27,079
30,311
(7,297
)
23,014
14,741
Garden
Jan-01
Dearborn, MI
1973
244
6,480
11,177
4,340
6,480
15,517
21,997
(5,246
)
16,751
10,099
Garden
Jan-00
Plano, TX
1978
256
3,078
5,199
3,649
3,078
8,848
11,925
(3,813
)
8,113
5,495
Garden
May-98
Marietta, GA
1987
720
6,568
37,283
12,946
6,568
50,229
56,797
(16,251
)
40,546
25,000
Mid Rise
Oct-00
Darien, IL
1975
240
11,763
15,174
6,424
11,763
21,598
33,361
(3,862
)
29,499
18,734
Garden
Mar-01
Phoenix, AZ
1968
219
2,078
13,752
1,515
2,078
15,267
17,346
(3,591
)
13,754
4,148
Garden
Oct-98
Jacksonville, FL
1982
240
1,331
7,617
2,221
1,331
9,838
11,169
(3,244
)
7,926
8,854
Garden
Dec-97
Bradenton, FL
1984
200
1,276
7,170
2,332
1,276
9,502
10,779
(3,152
)
7,626
8,149
Garden
Sep-98
Temple Terrace, FL
1986
256
1,643
9,446
2,754
1,643
12,200
13,842
(3,886
)
9,957
12,298
Garden
Jan-06
Indianapolis, IN
1982
328
920
11,173
351
920
11,524
12,444
(5,483
)
6,960
6,350
Garden
Nov-96
Clute, TX
1981
360
1,257
7,584
3,444
1,257
11,028
12,285
(4,157
)
8,128
2,540
High Rise
Sep-97
Miami Beach, FL
1960/2005
1,126
32,191
38,399
215,387
32,185
253,793
285,978
(49,223
)
236,755
158,000
Garden
Jul-00
Salt Lake City, UT
1973
450
3,865
21,817
4,707
3,865
26,525
30,390
(10,090
)
20,300
17,355
Garden
Jan-06
Flagstaff, AZ
1967
278
1,013
19,796
146
1,013
19,942
20,955
(7,124
)
13,831
5,220
Garden
Jan-06
Miami, FL
1976
336
1,724
20,251
6,496
1,724
26,747
28,471
(12,230
)
16,242
13,426
Garden
Jan-03
Waukegan, IL
1974
245
2,129
12,316
322
2,129
12,638
14,767
(2,088
)
12,679
6,740
Garden
Jan-00
Plainsboro, NJ
1973
776
7,182
48,945
11,978
7,182
60,923
68,106
(21,475
)
46,630
30,079
Garden
Dec-97
Alexandria, VA
1947
2,113
15,419
96,062
19,482
15,419
115,545
130,964
(40,503
)
90,460
171,823
Garden
Oct-97
Tempe, AZ
1976
487
2,458
13,927
8,650
2,458
22,576
25,034
(7,785
)
17,250
6,406
Garden
Jul-94
Carrollton, TX
1982
274
1,125
6,083
3,805
1,125
9,888
11,013
(3,608
)
7,404
4,499
F-46
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Garden
May-98
Franklin, TN
1987
468
3,936
22,832
8,099
3,936
30,932
34,868
(10,151
)
24,717
13,865
Garden
Oct-97
Jacksonville, FL
1988
352
2,289
12,982
2,214
2,289
15,196
17,485
(5,346
)
12,139
5,022
Garden
Aug-02
Framingham, MA
1964
207
12,351
13,168
1,051
12,351
14,220
26,571
(2,699
)
23,872
14,665
Garden
Sep-03
Cincinnati, OH
1978
290
1,083
17,961
11,728
1,084
29,689
30,772
(4,817
)
25,956
20,190
Mid Rise
Jan-06
Jackson, MI
1978
144
567
5,511
120
567
5,631
6,198
(3,527
)
2,671
1,836
Garden
Jan-00
Ft. Collins, CO
1982
188
1,116
9,089
1,196
1,116
10,285
11,401
(3,996
)
7,405
6,096
Mid Rise
Aug-02
Framingham, MA
1958
72
4,577
4,058
765
4,577
4,823
9,400
(1,148
)
8,251
4,905
Garden
Dec-99
Columbia, MD
1974
325
2,715
16,771
3,773
2,715
20,544
23,259
(5,291
)
17,968
17,782
Garden
Jul-94
Chandler, AZ
2000
324
2,303
713
30,189
2,303
30,902
33,205
(5,911
)
27,295
14,824
Garden
Jan-00
Phoenix, AZ
1985
336
2,196
13,969
2,596
2,196
16,565
18,761
(6,717
)
12,044
10,670
Garden
Dec-96
Carrollton, TX
1983
365
1,822
9,557
4,365
1,821
13,922
15,744
(4,721
)
11,023
8,130
Garden
Nov-96
Houston, TX
1984
332
1,311
7,122
3,079
1,311
10,201
11,512
(3,687
)
7,826
5,032
Garden
Sep-00
Plantation, FL
1988
280
9,776
10,643
4,224
9,776
14,867
24,643
(3,176
)
21,467
11,800
Garden
Mar-01
Melbourne, FL
1987
162
4,108
3,563
1,730
4,108
5,294
9,402
(1,854
)
7,548
Garden
Nov-96
Houston, TX
1984
176
934
5,021
2,539
934
7,559
8,493
(2,103
)
6,390
3,546
Garden
Dec-00
Arlington, TX
1982
180
785
4,900
861
785
5,761
6,546
(2,437
)
4,109
3,112
Garden
Jan-01
Alta Loma, CA
1986
232
1,200
6,428
2,505
1,200
8,934
10,133
(2,199
)
7,934
7,264
Garden
Oct-00
Escondidi, CA
1986
196
1,009
7,314
551
1,009
7,865
8,874
(3,128
)
5,745
7,299
Garden
Oct-00
Livermore, CA
1988
167
829
8,977
822
829
9,799
10,628
(2,722
)
7,906
7,432
Garden
Mar-01
Montclair, CA
1985
144
690
4,149
586
690
4,734
5,424
(1,168
)
4,256
4,620
Garden
Oct-00
Anaheim, CA
1986
196
1,779
8,232
890
1,779
9,122
10,901
(3,570
)
7,331
8,858
Garden
Apr-00
Mt. Pleasant, SC
1983
240
1,460
8,886
8,297
1,460
17,183
18,644
(3,151
)
15,493
9,274
Garden
Jul-98
Escondido, CA
1985
334
3,043
17,615
4,215
3,043
21,830
24,873
(7,075
)
17,798
16,436
Garden
Apr-00
Belleville, MI
1976
120
433
5,166
959
433
6,125
6,559
(3,654
)
2,905
2,444
Garden
Oct-02
Melbourne, FL
1985
216
984
8,050
1,028
984
9,077
10,061
(1,990
)
8,071
6,038
Garden
May-98
Tampa, FL
1983
267
1,361
7,765
2,121
1,361
9,886
11,247
(3,353
)
7,895
4,160
Garden
Oct-97
East Lansing, MI
1966
261
1,470
8,340
2,763
1,470
11,103
12,573
(4,010
)
8,563
3,179
Town Home
Jan-03
Woodridge, IL
1968
176
3,210
13,289
814
3,209
14,103
17,312
(4,450
)
12,862
5,732
Garden
Dec-96
Fort Worth, TX
1985
500
6,248
9,246
5,119
6,248
14,365
20,612
(5,551
)
15,062
9,604
Garden
Sep-04
Atlanta, GA
1984
219
1,357
6,778
4,598
1,357
11,376
12,733
(3,066
)
9,667
Garden
Mar-02
Los Angeles, CA
1989
315
33,755
47,216
13,142
35,862
58,252
94,114
(8,353
)
85,761
58,936
Garden
Nov-94
Nashville, TN
1985
288
2,872
16,069
11,124
2,872
27,193
30,065
(13,920
)
16,146
Garden
Oct-97
Austin, TX
1983
327
1,367
7,764
11,965
1,367
19,729
21,096
(5,087
)
16,009
13,554
Garden
Apr-05
East Lansing, MI
1986
168
674
7,650
365
674
8,014
8,688
(3,082
)
5,606
3,868
Mid Rise
Dec-06
Pacifica, CA
1970
78
2,240
12,899
2,240
12,899
15,140
15,140
5,703
Garden
Sep-00
Gaithersburg, MD
1986
336
17,859
13,149
2,620
17,859
15,769
33,628
(4,282
)
29,346
18,286
Garden
Sep-00
North Wales, PA
1986
320
17,122
13,653
2,650
17,122
16,303
33,426
(5,780
)
27,646
30,500
Garden
Sep-03
Spartanburg, SC
1987
204
4,138
6,671
792
4,138
7,463
11,601
(1,925
)
9,676
5,385
Garden
Mar-01
Austin, TX
1987
384
10,342
11,920
1,483
10,342
13,403
23,745
(5,276
)
18,469
19,936
Garden
Oct-00
Ypsilanti, MI
1988
296
2,498
8,872
1,809
2,498
10,681
13,178
(2,979
)
10,199
9,238
Garden
Mar-01
Ypsilanti, MI
1988
144
1,628
6,049
753
1,628
6,803
8,430
(1,788
)
6,642
5,031
Garden
Jan-01
Midlothian, VA
1985
320
7,639
8,668
1,899
7,639
10,567
18,207
(2,192
)
16,014
16,875
Garden
May-99
Cincinnati, OH
1981
146
661
3,818
1,377
661
5,195
5,856
(1,859
)
3,998
2,631
Garden
Apr-01
Leesburg, VA
1967
164
2,244
7,763
2,039
2,244
9,801
12,045
(3,564
)
8,481
7,000
Garden
Apr-98
Austell, GA
1983
72
301
1,731
532
301
2,263
2,563
(791
)
1,772
573
Garden
Oct-99
Plainsboro, NJ
1976
264
2,227
14,811
3,419
2,227
18,230
20,457
(7,146
)
13,311
16,485
Garden
Oct-99
Plainsboro, NJ
1977
304
2,688
17,797
3,894
2,688
21,691
24,379
(8,446
)
15,933
19,544
Garden
Oct-99
Plainsboro, NJ
1977
328
2,405
15,912
4,480
2,405
20,392
22,797
(8,664
)
14,133
20,336
Garden
Oct-99
Morrisville, NC
1986
212
1,650
11,265
2,692
1,650
13,957
15,607
(5,926
)
9,681
6,114
High Rise
Oct-04
Chicago, IL
1990
155
4,683
14,928
1,575
4,731
16,456
21,186
(993
)
20,193
13,132
Garden
Jan-06
Farmington Hills, MI
1960
981
6,553
41,126
17,566
6,553
58,692
65,246
(21,175
)
44,071
31,312
F-47
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Garden
Mar-02
Simi Valley, CA
1986
254
23,927
15,801
2,292
24,523
17,498
42,020
(3,508
)
38,512
26,712
Garden
Oct-02
Columbus, OH
1984
308
1,724
9,458
1,184
1,724
10,642
12,366
(1,889
)
10,476
9,952
Garden
Oct-00
Daytona Beach, FL
1986
204
6,755
9,465
1,322
6,755
10,788
17,543
(4,674
)
12,869
8,440
Garden
Oct-00
Oceanside, CA
1986
592
18,027
28,654
5,628
18,027
34,281
52,308
(8,923
)
43,385
37,664
Garden
Mar-01
Columbia, MD
1986
176
2,351
14,590
1,299
2,351
15,889
18,240
(3,539
)
14,701
11,081
Garden
Oct-00
Pomano Beach, FL
1988
260
7,615
7,652
8,726
7,615
16,377
23,993
(3,261
)
20,732
11,600
Garden
Oct-97
Savannah, GA
1985
216
1,267
7,191
1,746
1,267
8,937
10,204
(3,242
)
6,962
3,035
High Rise
Apr-01
Alexandria, VA
1964
140
1,526
7,050
1,222
1,526
8,272
9,798
(2,890
)
6,908
9,500
Garden
Jul-02
Columbia, MD
1983
168
2,948
6,535
596
2,963
7,116
10,079
(712
)
9,367
14,436
Garden
Jul-02
Colorado Springs, CO
1972
262
3,144
14,689
9,741
3,144
24,431
27,575
(8,595
)
18,980
8,353
Garden
Jul-00
Nashville, TN
1972
326
1,911
14,032
6,810
1,911
20,842
22,753
(7,194
)
15,559
11,435
Garden
May-98
Tucson, AZ
1978
223
1,342
7,816
1,428
1,342
9,243
10,585
(3,859
)
6,725
4,439
Garden
May-99
Indianapolis, IN
1997
1,261
5,183
29,611
9,713
5,183
39,324
44,507
(12,561
)
31,945
28,222
Garden
Jul-00
Omaha, NE
1971
312
1,892
12,839
1,253
1,892
14,092
15,984
(7,140
)
8,844
8,416
Garden
Oct-99
Raleigh, NC
1972
201
1,266
9,411
4,626
1,266
14,036
15,302
(5,419
)
9,883
6,083
Garden
Dec-97
Carol Stream, IL
1984
144
1,652
3,849
875
1,652
4,724
6,376
(3,215
)
3,161
5,416
Garden
Dec-97
Carol Stream, IL
1985
348
2,822
16,128
2,120
2,822
18,248
21,069
(7,463
)
13,606
13,627
Mid Rise
Mar-02
Costa Mesa, CA
1987
770
55,223
65,506
12,171
57,240
75,660
132,901
(12,561
)
120,339
105,000
Garden
Jan-00
Raleigh, NC
1972
600
2,818
18,452
4,069
2,818
22,521
25,339
(11,159
)
14,179
9,495
Garden
Oct-99
Lisle, IL
1972
568
4,066
29,778
4,201
4,066
33,979
38,045
(11,944
)
26,102
21,228
Garden
Oct-05
Charlotte, NC
1981
216
1,144
9,336
170
1,144
9,506
10,650
(4,210
)
6,440
2,649
Garden
Sep-00
Tampa, FL
1984
168
3,118
5,358
1,073
3,118
6,432
9,550
(1,893
)
7,657
5,985
Garden
Oct-99
Houston, TX
1976
734
4,780
35,814
6,050
4,780
41,864
46,644
(17,342
)
29,302
19,525
Garden
Jul-02
Tomball, TX
1979
256
801
8,328
1,706
801
10,034
10,835
(3,807
)
7,028
4,607
Garden
Jan-06
Greenville, SC
1979
271
541
6,437
2,088
541
8,524
9,065
(4,545
)
4,520
4,350
Garden
Apr-00
Bellevue, WA
1967
174
1,974
8,478
3,007
1,974
11,485
13,459
(3,972
)
9,487
6,844
Garden
Apr-00
Raleigh, NC
1970
292
1,691
13,442
2,394
1,691
15,836
17,527
(7,214
)
10,313
8,535
Garden
Dec-95
San Antonio, TX
1983
176
1,082
5,214
1,542
1,082
6,756
7,838
(2,566
)
5,272
3,392
High Rise
Jan-03
Washington, DC
1980
176
1,305
11,257
4,335
1,305
15,592
16,897
(6,074
)
10,823
16,045
Garden
Apr-05
Columbia, MD
1979
178
1,347
14,776
342
1,347
15,118
16,465
(4,570
)
11,895
8,931
Garden
Oct-99
Columbus, OH
1974
387
1,694
9,569
2,281
1,694
11,850
13,544
(4,284
)
9,260
6,177
Garden
May-98
Tampa, FL
1983
416
2,304
13,288
2,589
2,304
15,877
18,181
(5,552
)
12,629
6,058
Garden
Jan-06
Carbondale, IL
1972
269
740
12,846
964
740
13,810
14,550
(7,406
)
7,143
4,602
Garden
Jul-94
San Antonio, TX
1981
72
312
1,688
751
312
2,440
2,752
(1,035
)
1,717
Garden
Apr-00
Beltsville, MD
1969
479
2,518
17,396
4,706
2,518
22,102
24,620
(4,899
)
19,721
40,000
Garden
Apr-00
Beltsville, MD
1971
113
695
4,841
620
695
5,461
6,156
(1,371
)
4,785
Garden
Apr-00
Beltsville, MD
1978
107
482
3,299
235
482
3,534
4,016
(713
)
3,303
Garden
Oct-04
Venice, CA
1951
755
129,417
10,439
31,719
129,417
42,158
171,574
(105
)
171,469
72,500
Garden
Jan-00
Denver, CO
1973
376
1,987
13,935
2,862
1,987
16,797
18,784
(6,496
)
12,288
6,341
Garden
Oct-99
Raleigh, NC
1974
184
1,995
11,748
1,612
1,995
13,360
15,355
(5,235
)
10,120
4,515
Garden
Sep-97
Chandler, AZ
1985
232
1,662
9,504
2,552
1,662
12,057
13,719
(4,246
)
9,472
5,498
Garden
Mar-02
Calabasas, CA
1986
698
66,257
53,438
21,512
69,834
71,372
141,207
(15,466
)
125,740
64,368
Garden
Dec-99
Virginia Beach, VA
1971
414
2,598
16,141
7,791
2,598
23,932
26,530
(6,103
)
20,427
19,624
Garden
Mar-02
San Diego, CA
1984
500
66,861
4,565
1,000
70,426
71,426
(10,733
)
60,692
8,224
Garden
Mar-00
Virginia Beach, VA
1974
458
1,517
10,034
15,750
1,517
25,785
27,301
(7,236
)
20,066
11,231
Garden
Jul-94
Boulder, CO
1972
332
1,435
24,532
4,985
1,435
29,518
30,953
(9,574
)
21,379
5,228
Garden
Dec-00
Austin, TX
1983
100
580
3,667
506
580
4,173
4,752
(1,871
)
2,881
2,269
High Rise
Jan-00
Fairfax, VA
1962
159
1,836
10,831
2,008
1,836
12,839
14,675
(2,881
)
11,795
6,433
Garden
May-98
San Antonio, TX
1986
200
1,210
6,863
1,075
1,210
7,938
9,148
(2,877
)
6,271
3,945
Garden
Dec-99
Indianapolis, IN
1965
185
516
3,694
530
516
4,224
4,741
(1,489
)
3,252
988
Garden
Jul-94
Austin, TX
1985
268
1,268
6,896
3,852
1,268
10,748
12,016
(4,846
)
7,170
4,469
F-48
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Garden
Dec-97
Arvada, CO
1974
96
685
2,614
2,794
685
5,407
6,092
(1,884
)
4,209
2,839
Garden
May-98
Colorado Springs, CO
1985
252
2,546
14,841
1,900
2,546
16,741
19,287
(5,804
)
13,483
7,069
Garden
Jan-06
San Dimas, CA
1978
168
1,702
24,144
161
1,702
24,305
26,008
(7,531
)
18,477
6,437
Garden
Jul-94
Avondale, AZ
1986
204
800
4,354
2,526
800
6,881
7,681
(2,924
)
4,756
3,688
Garden
Jan-06
Evansville, IN
1970
284
761
14,786
180
761
14,966
15,727
(7,997
)
7,730
6,091
Garden
Jul-02
Chillicothe, OH
1980
120
858
3,351
402
858
3,753
4,611
(1,282
)
3,330
2,497
Garden
Oct-02
Greenville, SC
1984
156
1,670
5,756
508
1,670
6,263
7,933
(1,659
)
6,274
3,745
Garden
Oct-02
Worthington, OH
1983
280
2,667
9,260
1,181
2,664
10,444
13,109
(1,760
)
11,348
6,465
Garden
Mar-01
Middletown, CT
1987
336
16,080
14,435
1,199
16,080
15,634
31,714
(4,372
)
27,343
21,275
Garden
Nov-96
Spring, TX
1983
144
1,017
5,420
1,786
1,017
7,206
8,223
(1,881
)
6,342
3,876
Garden
Oct-02
Arlington, TX
1983
204
1,020
5,888
1,267
1,020
7,155
8,175
(2,975
)
5,200
3,720
Garden
Jan-06
Monroe, MI
1984
48
519
4,201
37
519
4,239
4,757
(2,039
)
2,719
1,505
Garden
Jan-06
Monroe, MI
1985
56
290
4,511
48
290
4,560
4,850
(2,315
)
2,534
1,839
Garden
Oct-06
Monroe, MI
1986
68
141
2,755
1
141
2,756
2,897
(1,860
)
1,036
1,728
Garden
Oct-00
Lansing, MI
1973
618
10,048
16,771
5,876
10,048
22,647
32,696
(8,891
)
23,805
23,487
Garden
Jan-06
Toledo, OH
1988
143
567
6,022
128
567
6,150
6,717
(3,282
)
3,434
3,430
High Rise
Dec-03
Miami, FL
1998
357
31,363
32,214
1,976
31,363
34,190
65,553
(2,512
)
63,041
46,004
Garden
May-98
Port Orange, FL
1988
296
2,132
12,855
2,256
2,132
15,111
17,243
(4,626
)
12,618
10,295
Garden
Oct-06
Pacifica, CA
1963
63
1,794
10,312
9
7,974
4,140
12,115
(27
)
12,088
6,700
Garden
Nov-96
Galveston, TX
1985
102
513
3,045
5,234
513
8,278
8,792
(1,962
)
6,829
1,549
High Rise
Jan-00
Cincinnati ,OH
1980
231
2,662
21,800
9,806
2,898
31,371
34,268
(6,093
)
28,176
11,797
Garden
Jul-06
Pacifica, CA
1977
104
2,902
16,447
1,079
12,717
7,712
20,428
(85
)
20,343
11,807
Mid Rise
Feb-04
Los Angeles, CA
2002
521
47,822
125,464
4,399
47,822
129,863
177,686
(13,549
)
164,137
103,774
Mid Rise
Mar-05
Los Angeles, CA
2005
611
61,004
136,503
16,673
72,555
141,625
214,180
(9,287
)
204,893
150,000
Garden
May-98
Tampa, FL
1985
420
2,804
16,262
8,744
2,804
25,007
27,810
(8,365
)
19,445
12,044
Garden
Oct-99
Tampa ,FL
1972
150
876
5,218
1,880
876
7,098
7,974
(3,823
)
4,151
2,529
Garden
Jul-94
Phoenix, AZ
1985
129
647
3,515
5,440
647
8,956
9,603
(2,938
)
6,664
1,724
Garden
Nov-96
Galveston, TX
1985
192
1,025
6,162
1,985
1,025
8,148
9,173
(2,483
)
6,690
4,152
Garden
Oct-99
Humble, TX
1984
100
175
522
279
175
801
976
(801
)
175
2,283
Garden
Apr-00
Salt Lake City, UT
1972
135
731
5,215
1,418
731
6,633
7,364
(2,845
)
4,519
4,849
High Rise
Apr-00
Philadelphia, PA
1959
973
10,451
47,301
27,396
10,451
74,697
85,148
(11,538
)
73,610
71,978
Garden
Oct-99
Deer Park, TX
1968
309
1,726
12,590
6,280
1,726
18,870
20,596
(5,797
)
14,799
6,512
Garden
Mar-00
Willamsburg, VA
1971
148
386
2,834
1,600
386
4,434
4,820
(2,421
)
2,399
4,879
Garden
Jan-06
Fremont, CA
1973
246
3,144
35,597
261
3,144
35,858
39,001
(12,492
)
26,509
12,532
Garden
Jan-96
Atlanta, GA
1962/1995
303
4,683
11,713
8,944
4,683
20,657
25,340
(6,840
)
18,500
10,357
Garden
Jan-00
Englewood, CO
1975
296
2,016
19,985
3,643
2,016
23,628
25,644
(10,312
)
15,332
10,087
Garden
Oct-02
Indianapolis, IN
1980
220
1,790
6,883
1,003
1,790
7,887
9,677
(2,807
)
6,870
5,433
Garden
Nov-96
Houston, TX
1983
224
844
5,169
1,981
844
7,150
7,994
(1,963
)
6,031
3,878
Garden
Mar-02
Cypress, CA
1971
136
7,835
5,224
1,528
8,030
6,558
14,587
(1,668
)
12,920
6,091
Garden
Mar-02
Garden Grove, CA
1971
111
3,975
6,035
1,168
4,125
7,054
11,178
(1,426
)
9,752
4,307
Garden
May-98
Phoenix, AZ
1983
272
2,095
11,899
2,982
2,095
14,881
16,976
(5,041
)
11,935
7,500
Garden
Oct-98
Palm Bay, FL
1984
216
603
3,318
1,612
603
4,929
5,532
(1,656
)
3,876
2,043
Garden
Jan-00
Marietta, GA
1979
180
1,106
9,202
1,999
1,106
11,202
12,308
(4,787
)
7,521
3,965
Garden
Oct-99
Plantation ,FL
1971
372
3,747
19,109
3,347
3,747
22,456
26,203
(8,621
)
17,581
8,200
Garden
Nov-94
Little Rock, AR
1985
112
907
5,085
1,784
907
6,869
7,776
(2,926
)
4,850
Garden
Oct-02
Charlotte, NC
1984
276
3,076
9,144
664
3,076
9,808
12,884
(2,023
)
10,861
7,432
Garden
Jan-06
Dallas, TX
1978
164
747
4,532
1,143
747
5,676
6,422
(2,914
)
3,508
2,671
Garden
Jul-00
Nashville, TN
1972
150
1,041
7,907
1,459
1,041
9,366
10,407
(3,783
)
6,624
4,228
Mid Rise
Sep-05
N. Miami Beach, FL
1963
203
1,362
10,614
760
1,362
11,375
12,737
(4,525
)
8,211
4,693
Garden
Oct-99
Dallas, TX
1979
228
1,598
8,944
4,746
1,598
13,690
15,288
(5,620
)
9,668
4,755
Garden
Oct-99
West Columbia, SC
1973
215
1,091
7,872
1,822
1,091
9,694
10,785
(3,582
)
7,203
4,470
F-49
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Garden
May-98
Tucson, AZ
1974
253
1,559
9,173
1,944
1,559
11,117
12,676
(4,598
)
8,078
4,945
Garden
Oct-99
Zionsville, IN
1972
166
1,222
6,803
1,215
1,222
8,018
9,240
(2,956
)
6,284
4,928
Garden
Dec-99
Grand Rapids, MI
1973
1,698
9,500
61,769
12,878
9,500
74,648
84,148
(20,554
)
63,594
30,676
Garden
Jan-01
Burnsville, MN
1971
304
4,888
10,632
2,924
4,888
13,556
18,444
(5,610
)
12,834
10,742
High Rise
Jun-04
Annandale, VA
1974
219
1,811
18,680
1,162
1,811
19,842
21,654
(8,110
)
13,544
14,582
Garden
Apr-02
Indianapolis, IN
1970
582
1,239
18,439
10,926
1,239
29,365
30,604
(10,081
)
20,523
12,550
Garden
Oct-02
Casselberry, FL
1984
336
3,052
11,607
2,418
3,052
14,026
17,077
(2,733
)
14,344
10,700
Garden
Sep-00
Tampa, FL
1988
348
7,976
13,499
4,477
7,976
17,976
25,952
(3,636
)
22,315
13,500
Garden
Sep-00
Virginia Beach, VA
1987
480
15,988
13,684
3,579
15,988
17,262
33,250
(4,989
)
28,261
25,109
Garden
Oct-00
West Palm Beach, FL
1986
300
5,504
9,984
3,068
5,504
13,052
18,556
(3,175
)
15,381
9,248
Garden
Oct-99
Fern Park, FL
1965
343
1,806
9,847
5,358
1,806
15,205
17,011
(7,410
)
9,602
6,439
Garden
Dec-06
Ponte Vedra Beach, FL
1986
344
5,491
31,735
5,491
31,735
37,226
(132
)
37,094
25,000
Garden
Apr-05
Edgewater, NJ
1998
266
30,578
30,638
935
30,579
31,572
62,150
(2,104
)
60,047
43,284
Garden
Sep-00
Naples, FL
1986
556
17,728
18,337
4,016
17,728
22,353
40,081
(6,499
)
33,582
24,000
Garden
Jul-01
Arlington, TX
1983
201
893
4,128
1,925
893
6,054
6,946
(2,442
)
4,504
3,965
Garden
Oct-99
Atlanta, GA
1970
312
2,320
16,370
11,491
2,320
27,861
30,181
(6,515
)
23,666
10,221
High Rise
Oct-99
Philadelphia, PA
1910
184
2,120
11,287
30,057
2,120
41,344
43,464
(11,671
)
31,793
22,817
Garden
Jul-00
Auburn, WA
1976
120
732
5,019
652
732
5,672
6,404
(2,335
)
4,069
3,331
Mid Rise
Jul-94
Littleton, CO
1987
248
1,956
8,427
3,431
1,956
11,858
13,814
(5,010
)
8,804
7,375
High Rise
Apr-00
Alexandria ,VA
1973
1,223
8,365
69,985
29,172
8,364
99,157
107,522
(35,272
)
72,249
80,490
Garden
Apr-02
Columbia, SC
1984
160
1,246
4,370
268
1,246
4,638
5,884
(1,037
)
4,847
4,613
Garden
Oct-00
Indianapolis, IN
1978
120
1,032
3,424
1,199
1,032
4,623
5,655
(1,462
)
4,193
3,513
Garden
Mar-02
Camarillo, CA
1976
152
12,128
8,060
2,144
12,430
9,902
22,332
(1,987
)
20,344
7,674
Garden
Aug-02
Fall River, MA
1974
216
5,832
12,044
1,609
5,832
13,653
19,486
(3,505
)
15,980
9,935
Garden
Aug-02
Marlborough, MA
1970
473
25,178
28,786
1,969
25,178
30,755
55,933
(8,443
)
47,490
30,318
Garden
Aug-02
Nashua, MA
1970
902
68,231
45,562
3,698
68,231
49,259
117,490
(12,931
)
104,559
53,300
Garden
Aug-02
North Andover, MA
1970
588
51,292
36,808
6,066
51,292
42,873
94,165
(11,667
)
82,498
47,024
Garden
Aug-02
Warwick, RI
1972
492
22,433
24,095
3,246
22,433
27,341
49,774
(6,836
)
42,938
24,932
Garden
Jul-94
Mesa, AZ
1985
152
832
4,569
2,258
832
6,828
7,659
(2,488
)
5,172
Garden
Jul-02
Pinellas Park, FL
1986
192
1,933
7,341
581
1,933
7,922
9,856
(1,597
)
8,259
9,422
Garden
Oct-00
Antioch, CA
1986
280
12,503
10,499
1,956
12,503
12,456
24,959
(3,487
)
21,472
12,100
Garden
Oct-00
Lantana, FL
1987
404
5,934
16,052
3,199
5,934
19,251
25,186
(4,565
)
20,620
11,564
Garden
Oct-00
Lansing, MI
1987
288
2,106
6,559
2,152
2,106
8,711
10,817
(3,155
)
7,662
8,522
Garden
Oct-00
Charlotte, NC
1985
280
2,233
9,860
2,454
2,233
12,315
14,548
(3,666
)
10,881
6,000
Garden
Nov-04
Virginia Beach, VA
1985
440
8,089
15,700
2,727
9,478
17,037
26,516
(1,485
)
25,031
17,430
Garden
Jan-06
Columbus, OH
1982
132
824
6,519
399
824
6,917
7,742
(2,413
)
5,329
5,522
Garden
Sep-03
Columbus, OH
1982
304
2,273
11,980
1,365
2,273
13,345
15,618
(4,857
)
10,761
10,217
Garden
Apr-00
Ft. Worth, TX
1984
168
837
4,109
2,226
837
6,335
7,173
(2,536
)
4,636
3,396
Garden
Oct-97
League City, TX
1987
138
978
5,542
1,854
978
7,396
8,374
(2,528
)
5,845
2,231
Garden
Dec-97
Boynton Beach, FL
1987
416
3,511
21,396
7,062
3,511
28,458
31,970
(8,145
)
23,824
20,695
Garden
Mar-01
Shaumburg, IL
1986
368
13,960
20,731
1,576
13,960
22,308
36,268
(5,834
)
30,434
22,971
Garden
Jul-97
Orlando, FL
1986
208
1,443
8,137
2,799
1,443
10,936
12,378
(3,692
)
8,686
2,556
Garden
Oct-00
Indianapolis, IN
1977
444
10,540
9,852
9,894
10,540
19,747
30,287
(5,453
)
24,835
19,571
Garden
Jul-00
Ft. Collins, CO
1977
102
460
4,880
416
460
5,296
5,756
(2,424
)
3,332
2,687
Garden
Jan-06
San Mateo, CA
1971
418
4,520
69,562
315
4,520
69,878
74,398
(21,218
)
53,180
27,385
Garden
Oct-97
Tempe, AZ
1965
124
591
3,359
2,430
591
5,789
6,380
(2,080
)
4,300
1,483
Garden
May-98
Phoenix, AZ
1984
266
2,016
11,886
2,448
2,016
14,334
16,350
(5,432
)
10,918
5,395
Garden
Jan-06
Monroe, LA
1974
120
319
6,049
99
319
6,148
6,467
(3,270
)
3,197
1,975
Garden
Sep-00
Fairfax, VA
1984
640
18,492
57,197
5,459
18,492
62,656
81,148
(19,021
)
62,127
31,500
Garden
Apr-00
St. Petersburg, FL
1984
276
1,556
9,141
7,140
1,556
16,281
17,837
(4,499
)
13,338
11,000
Garden
Oct-99
Winter Park, FL
1971
368
1,485
12,653
3,779
1,485
16,433
17,918
(6,534
)
11,383
7,411
F-50
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Garden
Nov-96
League City, TX
1994
304
2,810
17,579
2,033
2,810
19,612
22,421
(4,886
)
17,535
7,886
Garden
Oct-98
Maplewood, MN
1986
186
775
3,765
1,631
775
5,396
6,171
(2,107
)
4,064
4,525
Garden
Dec-95
Las Vegas, NV
1991
64
751
2,859
1,593
751
4,452
5,203
(1,759
)
3,444
1,873
Garden
May-99
Indianapolis, IN
1974
360
3,436
19,668
2,913
3,436
22,580
26,016
(7,005
)
19,011
18,672
Garden
May-96
West Valley City, UT
1985
486
4,315
16,727
6,410
4,315
23,137
27,452
(8,469
)
18,983
9,356
Garden
Jul-94
West Jordan, UT
1987
440
2,224
12,075
4,712
2,224
16,787
19,012
(7,052
)
11,960
2,066
Garden
Dec-00
Greenville, TX
1984
160
695
4,416
1,577
695
5,993
6,688
(3,166
)
3,521
3,165
Garden
Apr-00
Greenbelt, MD
1969
2,877
14,330
99,081
36,096
15,070
134,437
149,507
(48,191
)
101,316
113,500
Garden
Mar-04
Lexington, KY
1986
224
2,126
6,721
480
2,126
7,202
9,328
(1,560
)
7,768
6,541
Garden
Oct-02
North Charleston, SC
1986
248
3,488
10,331
769
3,488
11,101
14,589
(2,541
)
12,048
8,600
Garden
Jul-02
Newport News, VA
1986
432
9,479
11,425
2,222
9,479
13,647
23,126
(1,963
)
21,163
16,600
Garden
Jul-02
Lake Ridge, VA
1984
180
2,899
9,693
507
2,899
10,200
13,099
(591
)
12,508
15,180
Garden
Oct-02
Indianapolis, IN
1979
120
971
3,985
799
971
4,785
5,755
(1,464
)
4,291
2,708
Garden
Sep-00
Lexington Park, MD
1985
152
3,241
5,094
927
3,241
6,021
9,262
(1,640
)
7,622
4,215
High Rise
Oct-02
Baltimore, MD
1889
96
706
4,032
3,737
706
7,769
8,476
(2,209
)
6,266
Garden
Oct-00
Williamsburg, VA
1986
220
7,601
8,029
2,256
7,601
10,285
17,886
(2,690
)
15,196
12,425
Garden
Sep-00
Largo, MD
1986
240
3,675
16,111
1,905
3,675
18,016
21,692
(4,504
)
17,188
11,559
Garden
May-99
Loveland, OH
1988
272
1,975
9,264
1,719
1,960
10,999
12,959
(3,826
)
9,133
8,282
Garden
Jul-02
Plano, TX
1985
368
6,438
9,596
1,545
6,438
11,141
17,578
(2,193
)
15,386
14,200
Garden
Oct-99
Philadelphia, PA
1962
535
8,508
54,050
14,449
8,508
68,499
77,007
(21,864
)
55,143
20,637
Garden
Nov-96
Houston, TX
1984
228
913
4,953
1,847
913
6,800
7,713
(2,026
)
5,687
3,736
Garden
Sep-00
Germantown, MD
1984
240
13,593
9,347
2,249
13,593
11,596
25,189
(4,854
)
20,335
11,699
Garden
Dec-99
Fort Wayne, IN
1981
296
1,541
8,636
2,754
1,541
11,391
12,932
(3,845
)
9,087
5,192
Garden
Jun-97
Sanford, FL
1991
244
1,583
8,587
3,299
1,583
11,886
13,468
(4,215
)
9,253
5,892
Garden
Mar-99
Sanford, FL
1998
112
488
8,736
376
488
9,112
9,600
(1,657
)
7,943
3,268
Garden
Nov-96
Houston, TX
1972
113
275
1,865
1,422
275
3,287
3,563
(748
)
2,815
2,142
Garden
May-98
Tucson, AZ
1983
411
2,167
12,670
314
2,167
12,984
15,151
(5,351
)
9,800
4,028
Garden
May-98
San Antonio, TX
1979
269
1,825
10,748
1,704
1,825
12,452
14,277
(4,959
)
9,318
4,600
Garden
May-98
Austin, TX
1985
164
1,211
6,037
1,230
1,211
7,267
8,478
(2,176
)
6,302
3,134
Garden
May-98
Lake Mary, FL
1986
600
4,551
25,543
7,672
4,551
33,214
37,766
(10,859
)
26,907
24,101
Garden
Oct-99
Tempe ,AZ
1981
334
1,837
13,717
2,788
1,837
16,505
18,342
(6,652
)
11,690
8,519
Garden
Nov-96
Houston, TX
1982
240
936
6,059
1,898
936
7,957
8,893
(2,402
)
6,490
4,183
Garden
Sep-98
Brandon, FL
1986
88
610
4,062
1,012
610
5,075
5,685
(1,981
)
3,704
2,161
Garden
Apr-00
Cincinnati ,OH
1978
295
1,984
9,614
3,332
1,984
12,946
14,929
(4,032
)
10,898
7,038
Garden
Sep-04
Middleboro, MA
1972
121
5,852
4,719
1,734
5,852
6,452
12,305
(714
)
11,591
6,283
Garden
Apr-00
Denver, CO
1979
564
3,413
21,411
5,060
3,413
26,471
29,883
(10,015
)
19,868
17,956
Garden
Jan-00
St. Petersburg, FL
1980
200
694
6,855
3,048
694
9,903
10,597
(3,595
)
7,002
7,073
Garden
Oct-99
Greenville, NC
1969
220
1,288
13,999
3,110
1,288
17,109
18,397
(5,695
)
12,702
4,515
Garden
May-98
Phoenix, AZ
1985
128
1,323
7,155
1,241
1,323
8,396
9,719
(3,461
)
6,258
3,169
High Rise
Sep-04
New York, NY
1900
200
68,006
12,140
1,980
68,082
14,044
82,126
(844
)
81,281
31,962
Town Home
Jan-06
Omaha, NE
1975
126
565
9,433
82
565
9,515
10,080
(4,801
)
5,279
4,130
Garden
Oct-99
Sharonville, OH
1972
248
1,184
8,077
1,499
1,184
9,575
10,759
(3,382
)
7,378
5,040
Garden
Oct-95
San Antonio, TX
1982
296
778
4,457
2,317
778
6,774
7,552
(2,867
)
4,685
2,692
Garden
Oct-97
Phoenix, AZ
1979
387
2,292
13,000
3,542
2,292
16,542
18,834
(6,843
)
11,990
5,680
High Rise
Jan-06
College Park, MD
1972
303
1,209
37,588
656
1,209
38,244
39,453
(13,854
)
25,599
10,860
Town Home
Nov-96
Littleton, CO
1985
161
1,615
9,773
4,139
1,536
13,992
15,528
(4,659
)
10,868
15,965
Garden
Apr-02
Nashville, TN
1985
248
685
10,242
1,115
685
11,356
12,041
(5,502
)
6,539
8,651
Garden
May-98
Houston, TX
1979
514
2,650
14,985
3,195
2,650
18,180
20,830
(7,097
)
13,733
7,000
Garden
Mar-01
San Bruno, CA
1987
308
3,703
62,460
13,046
3,703
75,506
79,209
(29,725
)
49,484
26,060
Garden
Dec-97
Irving, TX
1985
496
2,053
12,387
3,536
2,053
15,923
17,976
(5,159
)
12,817
4,995
High Rise
Oct-99
Westmont, IL
1969
399
2,636
19,461
5,494
2,636
24,955
27,591
(11,123
)
16,468
10,638
F-51
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Garden
Apr-00
Palm Harbor, FL
1986
262
2,018
12,754
2,027
2,018
14,781
16,799
(5,636
)
11,163
9,827
Mid Rise
Aug-02
Swampscott, MA
1987
96
4,749
10,089
747
4,749
10,836
15,585
(2,308
)
13,276
8,475
Garden
Jul-02
Apopka, FL
1985
210
1,848
8,400
929
1,848
9,329
11,177
(1,324
)
9,853
6,922
Garden
Apr-02
Fort Wayne, IN
1969
156
369
6,104
965
369
7,069
7,438
(2,767
)
4,671
2,180
Garden
Mar-02
Norwalk, CA
1972
121
7,294
4,861
1,591
7,476
6,270
13,746
(1,413
)
12,333
4,678
Garden
Jun-98
Sun City, CA
1988
96
573
3,370
644
573
4,015
4,588
(1,251
)
3,336
2,632
Garden
Apr-00
Indianapolis, IN
1972
126
626
3,720
1,207
626
4,927
5,553
(1,324
)
4,229
Garden
Jul-94
Westminster, CO
1987
324
2,446
13,261
3,636
2,446
16,898
19,343
(7,109
)
12,234
13,037
Garden
May-98
W. Palm Beach, FL
1986
189
1,618
9,757
2,214
1,618
11,971
13,589
(4,093
)
9,496
7,000
Garden
Jul-00
Colorado Springs, CO
1972
137
906
5,807
1,369
906
7,177
8,083
(2,990
)
5,093
2,000
Garden
Oct-99
Fort Collins, CO
1973
141
830
5,784
896
830
6,680
7,511
(2,757
)
4,754
3,773
Garden
Oct-02
Altamonte Springs, FL
1970
164
570
6,564
1,242
570
7,806
8,375
(3,246
)
5,129
3,071
Garden
Jan-00
Cypress, TX
1983
530
2,213
16,975
8,506
2,213
25,481
27,694
(8,461
)
19,233
11,945
Garden
Oct-98
Levitown, PA
1969
722
5,562
42,392
10,008
5,562
52,400
57,962
(14,469
)
43,494
39,528
Garden
Jan-00
Barndon, FL
1986
112
570
5,700
995
570
6,695
7,265
(2,627
)
4,638
5,292
Garden
Oct-99
Jacksonville, FL
1972
904
4,521
35,166
35,407
4,521
70,573
75,094
(20,681
)
54,413
40,000
Garden
Jan-06
Indianapolis, IN
1983
280
1,072
12,770
229
1,072
12,999
14,072
(4,776
)
9,296
7,950
Garden
Sep-00
Westerville, OH
1985
160
1,309
5,513
1,154
1,309
6,668
7,977
(1,679
)
6,298
5,558
Garden
Mar-02
Los Angeles, CA
2002
250
8,621
48,871
1,234
8,621
50,105
58,726
(6,844
)
51,882
34,867
Garden
Jan-00
Atlanta, GA
1980
280
1,830
15,148
3,408
1,830
18,556
20,386
(7,241
)
13,145
7,496
Garden
Dec-97
Chandler, AZ
1986
200
804
4,952
2,141
804
7,092
7,896
(2,508
)
5,388
2,944
Garden
Jan-06
El Paso, TX
1972
220
618
8,122
91
618
8,212
8,830
(5,263
)
3,567
3,181
Garden
Dec-96
San Antonio, TX
1983
224
970
5,119
1,868
970
6,987
7,957
(3,257
)
4,700
3,206
Garden
Nov-96
Houston, TX
1984
312
983
6,801
2,845
983
9,645
10,629
(2,865
)
7,764
4,268
Garden
Aug-02
Bridgewater, MA
1971
588
28,585
28,102
2,001
28,585
30,103
58,688
(9,168
)
49,519
32,886
Garden
Jan-06
Little Rock, AR
1979
140
402
7,436
379
402
7,815
8,217
(5,100
)
3,117
2,625
Garden
Jun-97
Aventura, FL
1991
180
4,504
11,064
2,515
4,504
13,579
18,083
(4,774
)
13,309
8,959
Garden
Sep-04
Alpharetta, GA
1985
164
959
6,261
2,374
959
8,634
9,593
(2,743
)
6,850
5,157
Garden
Oct-99
Indianapolis, IN
1977
1,381
3,684
27,139
15,053
3,684
42,191
45,875
(13,108
)
32,767
9,273
Garden
Mar-04
Columbia, SC
1981
100
501
3,968
511
501
4,479
4,980
(1,413
)
3,567
2,123
Garden
Oct-02
Orlando, FL
1985
272
3,122
10,683
1,668
3,122
12,351
15,473
(2,707
)
12,765
6,664
Garden
Oct-00
Anappolis, MD
1981
57
1,557
1,891
734
1,557
2,624
4,181
(677
)
3,504
1,651
Garden
Oct-99
Houston, TX
1971
313
1,920
11,222
2,395
1,920
13,618
15,537
(3,971
)
11,567
7,411
Garden
May-98
Houston, TX
1979
326
2,921
11,384
1,302
2,921
12,686
15,607
(5,055
)
10,552
7,639
Garden
Aug-02
Worcester, MA
1974
264
6,339
17,939
956
6,339
18,894
25,233
(4,457
)
20,776
13,677
Garden
Oct-97
Phoenix, AZ
1983
226
1,225
6,923
1,917
1,225
8,839
10,065
(3,050
)
7,015
2,985
Garden
Jul-94
Irving, TX
1984
260
1,227
6,659
2,862
1,227
9,521
10,748
(4,020
)
6,728
4,200
Garden
May-98
Rolling Meadows, IL
1985
329
2,717
15,437
3,875
2,717
19,312
22,029
(6,796
)
15,233
9,685
Garden
Apr-00
Cary, NC
1972
183
1,432
8,175
1,536
1,432
9,711
11,143
(3,545
)
7,597
5,104
Garden
Oct-99
Altamonte Springs, FL
1972
185
880
7,687
2,305
880
9,993
10,872
(4,378
)
6,494
6,228
Garden
Oct-99
Greenville, SC
1974
180
537
4,775
878
537
5,653
6,190
(2,748
)
3,442
2,597
Garden
Apr-06
Greenville, NC
1979
146
744
4,374
152
1,175
4,095
5,270
(99
)
5,170
3,119
Garden
Nov-00
Indianapolis, IN
1966
96
104
2,234
819
104
3,053
3,157
(1,052
)
2,105
Garden
Oct-00
Indianapolis, IN
1980
166
1,265
3,912
1,805
1,265
5,717
6,982
(1,609
)
5,374
4,737
Garden
May-99
Charlotte, NC
1972
196
1,044
5,900
212
1,044
6,112
7,156
(2,599
)
4,557
Garden
Jan-03
Houston, TX
1982
257
2,171
10,917
650
2,171
11,566
13,737
(3,955
)
9,783
5,180
Garden
May-98
San Antonio, TX
1983
276
1,406
8,272
1,283
1,406
9,555
10,962
(3,598
)
7,363
4,830
Garden
Mar-01
Oceanside, CA
1987
404
24,960
17,590
6,750
24,960
24,340
49,300
(7,192
)
42,108
28,999
Garden
Oct-00
Orlando, FL
1987
288
3,696
10,029
2,440
3,696
12,469
16,165
(3,306
)
12,859
14,944
Garden
Oct-99
Durham, NC
1972
230
1,326
8,329
1,929
1,326
10,258
11,585
(3,563
)
8,022
4,397
Garden
Mar-00
Newport News, VA
1978
156
307
2,110
1,451
307
3,561
3,867
(1,474
)
2,393
2,841
F-52
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Garden
Mar-01
Woodbridge, VA
1987
220
4,279
15,970
1,224
4,279
17,194
21,472
(4,267
)
17,206
13,758
Garden
Oct-97
W. Palm Beach, FL
1988
196
1,595
9,079
2,916
1,595
11,995
13,590
(3,457
)
10,133
2,469
Garden
Jan-00
Atlanta, GA
1983
220
1,399
13,123
3,279
1,399
16,403
17,802
(6,357
)
11,445
6,638
Garden
Jan-06
Atlanta, GA
1983
180
1,340
4,868
161
1,340
5,029
6,369
(4,105
)
2,264
4,936
Garden
Oct-02
Mesa, AZ
1985
432
2,187
15,971
1,766
2,187
17,737
19,924
(7,781
)
12,142
14,346
Garden
May-99
Charlotte, NC
1974
132
402
2,276
795
402
3,071
3,474
(1,362
)
2,112
Garden
Oct-97
Austin, TX
1974
108
658
3,728
1,051
658
4,779
5,437
(1,750
)
3,687
1,508
Garden
Dec-00
Irving, TX
1984
130
600
3,617
976
600
4,593
5,193
(2,013
)
3,180
2,562
Garden
Nov-04
Indianapolis, IN
1981
190
495
6,238
873
495
7,111
7,606
(1,152
)
6,454
4,799
Garden
Nov-04
Burnsville, MN
1984
400
2,354
20,488
1,308
2,354
21,795
24,149
(6,828
)
17,321
16,580
Garden
Oct-99
Houston, TX
1983
272
1,427
11,698
1,544
1,427
13,242
14,669
(5,958
)
8,711
4,186
Garden
Jan-06
Williamsburg, VA
1976
125
430
4,024
291
430
4,315
4,746
(2,658
)
2,088
1,445
Garden
Mar-00
Virginia Beach, VA
1972
288
961
5,549
2,410
961
7,959
8,920
(2,371
)
6,549
6,632
Garden
Oct-99
West Chester, PA
1976
212
1,010
9,283
10,234
1,010
19,517
20,527
(4,622
)
15,905
9,544
High Rise
Dec-99
Lombard, IL
1973
368
2,971
18,163
5,951
2,971
24,114
27,085
(4,086
)
22,999
15,279
Garden
Oct-97
Carolstream, IL
1972
293
1,968
11,457
3,549
1,968
15,006
16,974
(5,379
)
11,595
4,807
134,557
2,245,689
6,337,697
1,884,182
2,294,323
8,173,245
10,467,568
(2,410,198
)
8,057,370
5,466,111
Garden
Jan-06
Hempstead, NY
1981
84
94
6,047
63
94
6,110
6,204
(3,402
)
2,802
2,649
Garden
Jan-06
San Francisco, CA
1976
157
558
27,144
741
558
27,885
28,443
(10,222
)
18,221
2,806
High Rise
Mar-02
Lombard, IL
1971
101
530
1,934
572
530
2,506
3,036
(450
)
2,586
2,274
Garden
Mar-02
Corpus Christi, TX
1980
70
240
968
433
240
1,401
1,641
(364
)
1,277
1,362
High Rise
Nov-04
Arvada, CO
1977
88
641
3,314
1,671
405
5,221
5,627
(690
)
4,937
4,245
High Rise
Mar-02
East Moline, IL
1977
189
205
1,162
756
205
1,918
2,123
(372
)
1,751
1,109
High Rise
Oct-02
Newark, NJ
1920
60
362
2,887
697
362
3,584
3,945
(1,963
)
1,983
1,788
High Rise
Oct-02
Newark, NJ
1920
55
363
2,818
700
363
3,519
3,881
(1,895
)
1,986
1,576
Mid Rise
Apr-02
Jamaica, NY
1982
212
1,765
12,309
2,992
1,765
15,301
17,065
(3,900
)
13,166
11,655
Mid Rise
Oct-99
Parsippany ,NJ
1980
251
746
8,516
1,217
746
9,733
10,479
(5,112
)
5,367
6,459
High Rise
Jan-06
Pittsburgh, PA
1983
99
237
5,417
98
237
5,515
5,752
(3,222
)
2,531
2,266
High Rise
Mar-02
Bangor, ME
1979
121
1,140
4,595
702
1,140
5,296
6,436
(779
)
5,658
2,937
Garden
Mar-02
Boise, ID
1978
66
275
1,139
390
275
1,529
1,804
(319
)
1,485
1,439
Garden
Jun-05
San Francisco, CA
1976
146
241
19,548
279
241
19,827
20,068
(6,704
)
13,364
2,440
High Rise
Mar-02
Hillsdale, MI
1980
198
1,380
5,524
1,378
1,380
6,902
8,282
(1,563
)
6,719
5,329
Mid Rise
Mar-02
Falmouth, KY
1979
48
230
919
190
230
1,109
1,339
(254
)
1,085
1,096
Mid Rise
Jan-06
Chester, PA
1976
70
79
4,236
289
79
4,525
4,604
(2,179
)
2,425
1,642
Mid Rise
Mar-02
New Haven, CT
1981
145
1,152
4,657
1,393
1,152
6,049
7,201
(1,265
)
5,936
2,250
High Rise
Mar-02
Dayton, OH
1980
230
1,813
6,411
12,451
1,813
18,862
20,675
(3,486
)
17,189
10,802
Garden
Oct-05
Statesboro, GA
1973
42
23
1,187
251
23
1,438
1,461
(845
)
616
766
Mid Rise
Jan-06
Bloomsburg, PA
1981
75
1
4,128
62
1
4,190
4,191
(2,377
)
1,813
1,641
High Rise
Jan-06
Baltimore, MD
1977
209
481
8,796
144
481
8,941
9,422
(5,083
)
4,339
2,999
Garden
Jan-06
New Brighton, PA
1975
152
140
5,164
129
140
5,293
5,433
(3,193
)
2,240
1,554
Garden
Jan-06
Riviera Beach, FL
1972
182
95
6,571
186
95
6,757
6,852
(4,094
)
2,758
1,014
Mid Rise
Jan-06
Brunswick, MD
1980
52
79
2,828
60
79
2,889
2,967
(1,589
)
1,379
1,112
Mid Rise
Jan-06
Charlotte, MI
1980
100
702
4,215
117
702
4,332
5,035
(2,578
)
2,457
966
Mid Rise
Jun-04
Clearlake, CA
1986
80
1,545
9,405
416
1,545
9,821
11,366
(1,487
)
9,879
2,355
High Rise
Jan-06
Louisville, KY
1982
101
154
5,704
152
154
5,855
6,010
(2,938
)
3,072
3,587
Garden
Jan-06
Louisville, KY
1983
48
61
2,156
118
61
2,275
2,336
(1,268
)
1,068
1,585
High Rise
Oct-02
Washington, D.C.
1978
170
750
6,719
533
750
7,252
8,002
(2,061
)
5,942
8,067
High Rise
Jan-06
Worcester, MA
1976
157
400
4,724
506
400
5,230
5,630
(2,732
)
2,898
6,105
Mid Rise
Dec-06
Petersburg, VA
1885
118
847
2,886
(0
)
847
2,886
3,733
(81
)
3,651
1,335
F-53
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Garden
Mar-02
Los Angeles, CA
1982
88
1,800
4,143
384
1,800
4,528
6,328
(844
)
5,484
1,763
Mid Rise
Mar-02
St. Louis, MO
1983
209
1,710
6,896
2,461
1,710
9,357
11,067
(2,041
)
9,026
9,009
Garden
Mar-02
Davenport, IA
1980
96
585
2,351
1,081
585
3,432
4,017
(712
)
3,305
3,548
Garden
Mar-02
Fort Wayne, IN
1983
88
550
2,207
664
550
2,871
3,421
(701
)
2,720
2,970
Garden
Mar-02
Northern Cambria, PA
1983
62
372
1,490
477
372
1,967
2,339
(479
)
1,860
1,223
Garden
Mar-02
Hampton, VA
1976
200
500
2,014
8,083
500
10,097
10,597
(813
)
9,784
5,068
Garden
Jan-06
Clinton, SC
1980
60
53
2,706
22
53
2,729
2,781
(2,153
)
628
890
Mid Rise
Jan-06
Macon, GA
1980
52
161
2,333
16
161
2,350
2,510
(1,539
)
972
1,087
High Rise
Mar-02
Coatesville, PA
1979
90
500
2,011
430
500
2,441
2,941
(539
)
2,402
2,210
Garden
Jan-06
Cleveland, OH
1975
129
210
4,751
111
210
4,863
5,073
(2,580
)
2,493
3,281
Garden
Apr-06
The Woodlands, TX
1980
150
390
8,373
3,683
369
12,077
12,446
(2,370
)
10,075
5,660
Garden
Oct-05
The Woodlands, TX
1981
150
452
5,552
1,549
425
7,128
7,554
(920
)
6,634
5,840
Garden
Mar-04
Quincy, IL
1976
200
676
5,715
4,715
676
10,430
11,106
(2,120
)
8,986
8,099
Garden
Jan-06
Bensalem, PA
1972
352
1,314
18,196
101
1,314
18,297
19,610
(7,969
)
11,642
6,797
Mid Rise
Jan-06
Cincinnati, OH
1980
137
642
5,597
40
642
5,637
6,278
(2,614
)
3,664
3,944
Garden
Mar-02
Loveland, CO
1983
50
350
1,401
320
350
1,722
2,072
(492
)
1,579
1,735
Garden
Mar-02
Stroudsburg, PA
1982
80
400
1,610
514
400
2,124
2,524
(396
)
2,128
2,764
Town Home
Jan-06
Burke, VA
1979
50
355
3,539
109
355
3,648
4,003
(1,860
)
2,143
1,302
Garden
Mar-04
Trenton, TN
1982
38
42
1,395
39
42
1,433
1,476
(101
)
1,375
978
Garden
Jan-06
Harrisburg, PA
1975
108
170
4,249
108
170
4,357
4,526
(2,683
)
1,844
1,538
High Rise
Mar-02
Gadsden, AL
1979
101
540
2,178
1,121
540
3,300
3,840
(733
)
3,106
753
Mid Rise
Mar-02
Jackson, MS
1983
104
575
2,304
1,450
575
3,754
4,329
(731
)
3,598
3,809
Garden
Mar-02
North Hollywood, CA
1984
17
394
1,579
93
394
1,671
2,066
(294
)
1,771
1,147
Garden
Jan-06
Walterboro, SC
1981
80
76
3,718
29
76
3,747
3,823
(2,780
)
1,043
1,358
Mid Rise
Mar-02
Fort Wayne, IN
1980
167
800
3,203
416
800
3,619
4,419
(618
)
3,801
3,172
High Rise
Mar-02
East Haven, CT
1981
240
2,800
11,188
1,778
2,800
12,965
15,765
(2,261
)
13,505
8,515
Mid Rise
Mar-02
West Warwick, RI
1978
100
550
2,294
1,794
550
4,087
4,637
(859
)
3,779
4,267
Garden
Jan-06
Athens, AL
1981
80
185
2,804
130
185
2,934
3,119
(1,336
)
1,783
1,898
Garden
Jan-06
Atlanta, GA
1969
58
84
2,002
66
84
2,068
2,152
(1,200
)
952
235
Garden
Jan-06
Carmichael, CA
1979
86
166
5,275
125
166
5,400
5,566
(2,861
)
2,705
2,743
Garden
Jan-06
Greenville, SC
1980
100
238
3,623
38
238
3,661
3,899
(2,091
)
1,808
1,278
Mid Rise
Jan-06
Connersville, IN
1980
102
423
3,193
47
423
3,240
3,663
(1,717
)
1,946
1,937
Garden
Mar-02
Orange, TX
1983
70
420
1,992
(0
)
420
1,992
2,412
(410
)
2,002
1,675
Garden
Jan-06
Jackson, MI
1975
160
782
6,927
499
782
7,427
8,209
(4,020
)
4,189
2,321
Mid Rise
Jan-06
Baltimore, MD
1888
65
46
4,100
52
46
4,152
4,199
(1,758
)
2,440
2,276
High Rise
Jan-06
Brooklyn, NY
1979
259
550
16,825
1,364
550
18,188
18,739
(8,379
)
10,360
7,538
Mid Rise
Mar-02
Hyattsville, MD
1979
151
970
3,887
897
970
4,784
5,754
(1,152
)
4,602
5,196
Garden
Jan-06
Anderson, SC
1972
80
191
1,734
1
191
1,735
1,926
(216
)
1,710
Garden
Jan-06
Pearsall, TX
1980
63
109
2,425
141
109
2,566
2,675
(1,357
)
1,318
1,109
High Rise
Mar-02
Gary, IN
1980
198
1,090
4,370
768
1,090
5,138
6,228
(931
)
5,297
5,297
Garden
Mar-04
Clinton, TN
1981
80
266
2,225
291
266
2,516
2,782
(785
)
1,997
2,447
Garden
Mar-04
Hillsborough, NC
1980
64
433
1,666
202
433
1,868
2,301
(352
)
1,948
1,525
Mid Rise
Mar-02
Ranger, TX
1984
50
325
1,334
914
325
2,249
2,574
(303
)
2,271
2,132
Garden
Jan-06
Aiken, SC
1972
60
38
1,554
15
38
1,570
1,608
(1,078
)
531
221
Garden
Jan-06
Indianapolis, IN
1980
120
762
4,083
42
762
4,125
4,887
(2,404
)
2,483
1,462
Garden
Mar-02
North Hollywood, CA
1983
30
1,010
1,691
133
1,010
1,824
2,834
(358
)
2,476
1,742
High Rise
Jan-06
Baltimore, MD
1980
199
369
10,862
81
369
10,943
11,312
(5,338
)
5,974
6,283
Garden
Dec-97
Rochester, NY
1968
114
475
2,786
952
475
3,738
4,212
(1,479
)
2,733
601
Mid Rise
Jan-06
Hatillo, PR
1982
64
177
2,901
37
177
2,938
3,115
(1,474
)
1,641
1,400
Garden
Mar-02
Hemet, CA
1983
80
700
2,802
2,367
652
5,217
5,869
(573
)
5,297
4,581
Mid Rise
Jan-06
Lewisburg, PA
1982
79
178
3,251
48
178
3,299
3,477
(1,706
)
1,771
2,140
F-54
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Garden
Mar-02
Texas City, TX
1983
50
668
859
336
668
1,195
1,863
(285
)
1,578
1,512
Garden
Jan-06
Abbeville, SC
1974
80
25
2,479
62
25
2,541
2,566
(1,551
)
1,015
443
High Rise
Mar-02
Huntington, WV
1977
133
550
2,204
718
550
2,922
3,472
(479
)
2,993
2,051
Garden
Jan-06
Oklahoma City, OK
1973
96
204
3,264
50
204
3,314
3,518
(2,029
)
1,489
1,006
Town Home
Jan-06
Catawissa, PA
1981
50
31
2,643
19
31
2,662
2,693
(1,440
)
1,252
1,240
Garden
Jan-06
Duquesne, PA
1975
152
153
7,311
119
153
7,431
7,584
(4,532
)
3,052
2,456
Mid Rise
Sep-03
Baltimore, MD
1979
165
857
4,207
834
857
5,041
5,897
(2,651
)
3,246
2,994
Garden
Mar-02
Pasadena, CA
1983
41
914
1,548
168
914
1,716
2,631
(364
)
2,266
870
Garden
Jan-06
Hudson, NY
1973
168
242
5,431
76
242
5,506
5,748
(3,184
)
2,564
1,474
Mid Rise
Oct-06
Indio, CA
1980
151
9,705
9,705
9,705
9,705
6,400
Garden
Jan-06
San Antonio, TX
1980
120
285
4,513
276
285
4,789
5,074
(2,369
)
2,705
2,664
High Rise
Mar-04
Springfield, MO
1977
78
142
3,684
197
142
3,881
4,023
(175
)
3,848
1,099
Mid Rise
Jan-06
Durham, NC
1983
177
335
8,386
75
335
8,461
8,795
(3,803
)
4,993
5,956
Garden
Jan-06
Graniteville, SC
1981
96
103
4,692
26
103
4,718
4,821
(3,066
)
1,755
1,974
High Rise
Jan-06
Lock Haven, PA
1978
101
52
4,353
52
52
4,405
4,457
(2,522
)
1,935
1,775
Garden
Jan-06
Milwaukie, OR
1982
62
204
2,497
86
204
2,583
2,787
(1,190
)
1,597
1,723
High Rise
Sep-04
Baltimore, MD
1979
261
1,746
6,663
443
1,746
7,106
8,852
(3,212
)
5,640
4,413
High Rise
Jan-06
Yonkers, NY
1981
130
8
8,354
202
8
8,555
8,563
(4,665
)
3,898
4,953
Garden
Mar-04
West Lafayette, OH
1979
49
187
1,012
169
187
1,181
1,368
(168
)
1,201
873
Garden
Jan-06
Camden, SC
1978
72
64
1,953
23
64
1,976
2,039
(1,499
)
541
368
Mid Rise
Jan-06
Poughkeepsie, NY
1981
72
111
3,256
119
111
3,375
3,486
(1,783
)
1,703
2,018
Garden
Oct-05
Clinton, SC
1970
80
47
2,837
78
47
2,915
2,962
(1,593
)
1,369
429
Garden
Oct-00
San Francisco, CA
1976
145
1,256
10,686
8,314
1,256
18,999
20,255
(5,269
)
14,986
3,116
Garden
Jan-06
Morristown, TN
1981
65
75
1,870
85
75
1,955
2,030
(1,076
)
954
1,320
Garden
Jan-06
Laurens, SC
1980
60
53
2,540
275
53
2,816
2,868
(1,707
)
1,161
1,376
Garden
Jan-06
Concord, CA
1981
75
565
5,073
144
565
5,218
5,783
(2,899
)
2,883
1,967
Garden
Dec-97
Uvalde, TX
1973
40
100
524
452
100
976
1,076
(469
)
607
372
Garden
Jan-06
Lock Haven, PA
1979
150
169
7,040
121
169
7,161
7,330
(3,752
)
3,577
3,410
High Rise
Mar-02
Westminster, MD
1979
99
650
2,604
463
650
3,067
3,717
(716
)
3,001
2,739
Mid Rise
Jan-06
Portage, PA
1983
31
18
1,467
158
18
1,625
1,643
(1,040
)
603
580
Garden
Jan-06
Cheraw, SC
1973
56
28
1,472
32
28
1,504
1,532
(986
)
546
286
High Rise
Oct-02
Minneapolis, MN
1975
230
1,297
7,445
7,693
913
15,522
16,435
(3,297
)
13,138
8,222
High Rise
Sep-03
Salem, MA
1973
250
727
7,740
2,715
727
10,454
11,182
(4,961
)
6,221
4,749
Garden
Mar-04
Durham, NC
1980
75
539
2,159
353
539
2,512
3,051
(375
)
2,676
1,981
Mid Rise
Jan-06
Bronx, NY
1982
216
498
17,754
170
498
17,924
18,422
(9,194
)
9,228
10,953
Mid Rise
Jan-06
Tauton, MA
1982
49
70
2,714
124
70
2,838
2,908
(1,323
)
1,585
1,841
High Rise
Jan-06
Ponce, PR
1983
96
290
5,162
30
290
5,192
5,482
(2,558
)
2,924
3,116
Town Home
Dec-03
Yauco, PR
1982
128
391
3,859
726
391
4,584
4,975
(1,944
)
3,031
3,347
High Rise
Jan-06
Bronx, NY
1979
203
404
16,038
398
404
16,436
16,840
(8,619
)
8,220
8,319
Mid Rise
Jan-06
Lafayette, LA
1980
114
125
4,218
61
125
4,278
4,403
(2,804
)
1,599
2,145
Mid Rise
Mar-02
New Baltimore, MI
1980
101
888
2,360
888
2,360
3,248
(410
)
2,838
Garden
Jan-06
Chicago, IL
1925
148
181
7,388
41
181
7,428
7,609
(5,072
)
2,537
1,825
Garden
Jan-06
Newberry, SC
1979
60
84
2,728
17
84
2,745
2,829
(1,780
)
1,048
872
Garden
Dec-97
Chicago, IL
1985
84
1,150
7,862
373
1,150
8,236
9,386
(2,033
)
7,353
7,678
Garden
Oct-00
Lima, OH
1971
150
487
1,317
1,177
487
2,494
2,980
(992
)
1,988
1,012
Garden
Jan-00
Chicago, IL
1921
304
2,280
14,334
15,176
2,510
29,279
31,789
(7,395
)
24,395
20,807
Garden
Mar-02
Wytheville, VA
1978
144
500
2,012
1,011
500
3,024
3,524
(761
)
2,763
1,945
Town Home
Mar-04
Cuthbert, GA
1982
50
188
1,058
398
188
1,456
1,644
(517
)
1,127
1,725
High Rise
Jan-06
Mount Vernon, NY
1930
100
202
8,733
259
202
8,992
9,194
(3,686
)
5,508
4,401
Garden
Mar-04
Milan, TN
1984
34
95
498
28
95
527
622
(97
)
525
439
F-55
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Garden
Jan-06
Ocala, FL
1980
40
93
1,420
192
93
1,612
1,705
(829
)
876
626
Mid Rise
Jan-06
Alexandria, VA
1976
172
130
5,664
1,558
130
7,222
7,351
(3,714
)
3,637
8,715
Garden
Oct-02
Alexandria, VA
1977
72
214
2,865
481
214
3,346
3,560
(1,443
)
2,117
2,735
Garden
Apr-00
Alexandria, VA
1978
75
581
3,463
1,435
581
4,898
5,479
(1,319
)
4,160
3,476
High Rise
Jan-06
Troy, NY
1978
115
77
4,078
427
77
4,506
4,583
(2,826
)
1,757
1,633
Garden
Jan-06
Hermitage, PA
1979
81
53
3,432
97
53
3,529
3,582
(1,962
)
1,619
1,880
Garden
Jan-06
Orangeburg, SC
1979
100
150
2,934
269
150
3,202
3,352
(2,001
)
1,351
1,263
Garden
Jan-06
Chillicothe, OH
1981
50
109
2,309
73
109
2,381
2,490
(1,144
)
1,347
1,489
Mid Rise
Mar-02
Deactur, IL
1979
156
993
4,164
332
993
4,495
5,488
(1,062
)
4,426
3,589
Garden
Mar-02
Palm Springs, CA
1981
116
8,745
(0
)
8,745
8,745
(1,347
)
7,398
7,330
Garden
Mar-02
Bakersfield, CA
1982
66
570
2,288
325
570
2,613
3,183
(610
)
2,573
2,318
Garden
Jan-06
Lithonia, GA
1973
86
124
3,349
53
124
3,402
3,526
(2,140
)
1,386
630
Garden
Jan-06
Lithonia, GA
1974
88
147
3,414
45
147
3,459
3,606
(2,214
)
1,392
634
Garden
Oct-00
Wilkes-Barre, PA
1978
130
292
2,546
535
292
3,080
3,373
(1,449
)
1,924
2,195
Mid Rise
Jun-05
St Louis, MO
1977
242
742
6,327
7,386
722
13,733
14,456
(1,794
)
12,662
9,970
Garden
Mar-02
Cleveland, TX
1983
60
390
1,587
360
390
1,948
2,338
(388
)
1,950
1,877
Garden
Oct-05
Anaheim, CA
1958
392
7,727
26,779
1,046
7,727
27,824
35,551
(5,396
)
30,156
38,024
Garden
Mar-02
Sacramento, CA
1980
97
1,060
4,240
974
1,060
5,214
6,274
(1,015
)
5,259
2,681
Garden
Jun-04
Chicago, IL
1925
446
3,684
23,257
13,320
3,431
36,830
40,261
(5,461
)
34,800
23,859
Garden
Jan-06
Hughes Springs, TX
1978
82
202
1,906
516
202
2,423
2,625
(1,350
)
1,275
1,247
High Rise
Mar-04
Philadelphia, PA
1976
296
15,416
387
15,803
15,803
(1,940
)
13,863
10,080
Garden
Jan-06
Columbia, SC
1981
80
116
4,018
38
116
4,055
4,172
(2,371
)
1,801
1,711
Mid Rise
Jan-06
Salisbury, MD
1980
151
291
7,998
222
291
8,220
8,511
(4,952
)
3,559
2,457
Garden
Mar-02
Toledo, OH
1979
99
420
1,698
942
420
2,639
3,059
(634
)
2,425
2,023
Garden
Apr-05
Austin, TX
1982
100
1,188
2,631
3,244
1,229
5,833
7,062
(639
)
6,424
3,255
Mid Rise
Mar-02
North Hills, CA
1983
75
624
2,647
697
624
3,344
3,968
(710
)
3,258
Garden
Jan-06
Louisville, KY
1983
71
2,926
49
2,976
2,976
(1,529
)
1,447
1,543
Town Home
Jan-06
Washington, DC
1980
48
1
3,558
15
1
3,573
3,574
(2,173
)
1,400
1,467
High Rise
Jan-06
Yonkers, NY
1930
56
104
3,359
299
104
3,658
3,762
(1,913
)
1,849
1,806
Garden
Dec-97
Flora, MS
1975
76
102
1,071
1,395
102
2,466
2,568
(1,002
)
1,566
1,122
Garden
Jan-06
Temecula, CA
1984
55
356
5,594
91
356
5,685
6,041
(2,047
)
3,995
2,118
High Rise
Jan-06
New York, NY
1979
224
402
17,402
1,437
402
18,839
19,241
(9,247
)
9,994
22,987
Garden
Mar-02
Sacramento, CA
1980
75
700
2,804
501
700
3,305
4,005
(614
)
3,391
1,936
High Rise
Mar-02
East Moline, IL
1977
140
698
2,803
455
698
3,258
3,955
(732
)
3,223
1,899
High Rise
Jan-06
Flint, MI
1980
340
1,639
13,994
380
1,639
14,373
16,012
(7,112
)
8,900
8,496
Town Home
Jan-06
Greenville, MI
1983
49
205
2,203
51
205
2,254
2,459
(1,400
)
1,059
993
High Rise
Jan-06
Kankakee, IL
1983
125
254
8,362
83
254
8,445
8,699
(4,156
)
4,543
3,751
Garden
Oct-05
Savannah, GA
1921
100
554
3,097
127
554
3,223
3,777
(272
)
3,505
3,200
Garden
Mar-04
Dawson Springs, KY
1981
40
194
1,177
114
194
1,291
1,485
(372
)
1,113
919
Garden
Mar-02
Champaign, IL
1979
156
1,015
4,387
549
1,015
4,936
5,951
(1,142
)
4,809
3,746
Mid Rise
Jan-06
Baltimore, MD
1983
151
215
8,985
47
215
9,032
9,247
(4,399
)
4,848
3,651
Town Home
Jan-06
Hummelstown, PA
1981
85
376
4,814
46
376
4,859
5,235
(2,451
)
2,784
2,915
Garden
Sep-05
San Antonio, TX
1970
220
404
5,770
14
404
5,783
6,187
(569
)
5,618
Mid Rise
Sep-05
Boulder, CO
1971
150
243
7,110
1
243
7,110
7,354
(774
)
6,580
12,362
High Rise
Mar-02
Norristown, PA
1980
175
1,650
6,599
1,664
1,650
8,263
9,913
(1,661
)
8,252
4,244
Garden
Mar-05
Macon, GA
1979
74
153
1,736
505
153
2,241
2,393
(1,200
)
1,193
2,150
Mid Rise
Jan-06
Taunton, MA
1920
75
181
4,373
272
181
4,645
4,826
(2,267
)
2,559
3,842
Town Home
Mar-04
Baltimore, MD
1981
155
1,399
5,434
570
1,399
6,004
7,403
(1,423
)
5,980
5,656
Town Home
Sep-03
Baltimore, MD
1981
37
171
1,636
270
171
1,906
2,076
(827
)
1,249
1,140
High Rise
Mar-02
High Point, NC
1981
97
525
2,159
711
525
2,870
3,395
(527
)
2,868
3,292
High Rise
Jan-06
Wilkes-Barre, PA
1976
344
1,118
16,470
60
1,118
16,530
17,649
(12,423
)
5,226
3,923
F-56
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Garden
Oct-99
San Francisco, CA
1976
156
633
8,610
10,151
633
18,761
19,394
(5,987
)
13,407
3,281
Garden
Mar-02
Los Angeles, CA
1981
80
663
2,770
3,456
659
6,230
6,889
(1,048
)
5,842
Garden
Mar-02
Elyria, OH
1970
138
200
931
1,838
200
2,769
2,969
(557
)
2,412
602
Mid Rise
Jan-06
Holidaysburg, PA
1983
51
117
2,574
252
117
2,826
2,943
(1,863
)
1,079
1,019
Garden
Jan-06
St. George, SC
1984
40
82
1,029
29
82
1,058
1,140
(616
)
524
565
Town Home
Mar-02
San Bernadino, CA
1983
80
549
3,459
1,575
549
5,034
5,583
(527
)
5,056
4,481
Garden
Oct-00
New Castle, IN
1970
122
313
1,895
782
322
2,668
2,991
(631
)
2,360
567
Garden
Oct-99
Alexandria, VA
1979
128
662
3,508
2,614
662
6,122
6,783
(1,495
)
5,288
7,196
Garden
Jan-06
Norfolk, VA
1976
126
215
4,400
56
215
4,456
4,671
(3,075
)
1,596
1,591
Town Home
Jan-06
Burke, VA
1980
50
382
3,940
75
382
4,015
4,397
(1,944
)
2,453
1,648
Garden
Jan-06
St. Johns, MI
1980
121
377
6,513
145
377
6,659
7,036
(3,442
)
3,594
2,023
Garden
Jan-06
Hartsville, SC
1981
72
105
3,470
174
105
3,643
3,749
(2,423
)
1,326
1,638
Mid Rise
Jan-06
Lewisburg, WV
1979
84
155
3,369
46
155
3,415
3,570
(1,780
)
1,790
2,034
Garden
Nov-04
Woodlands, TX
1980
144
140
2,775
3,378
365
5,927
6,292
(1,037
)
5,255
4,376
Garden
Nov-04
Woodlands, TX
1980
156
142
3,195
3,668
266
6,738
7,004
(1,165
)
5,839
4,741
Mid Rise
Jan-06
Kettering, OH
1979
102
503
3,873
36
503
3,910
4,412
(2,208
)
2,204
2,561
Mid Rise
Oct-05
Los Angeles, CA
1977
170
1,775
5,848
3,873
1,745
9,751
11,496
(399
)
11,097
Garden
Jan-06
Lexington, NC
1972
87
66
2,560
112
66
2,672
2,738
(1,525
)
1,213
481
Garden
Jan-06
Rock Hill, SC
1982
88
90
4,885
215
90
5,099
5,189
(2,882
)
2,307
2,341
Garden
Oct-02
Beacon, NY
1974
193
872
4,943
1,158
872
6,102
6,974
(1,225
)
5,749
2,617
Garden
Mar-02
Atlanta, GA
1981
188
1,150
4,655
753
1,150
5,408
6,558
(1,314
)
5,244
3,796
Garden
Mar-02
Twenty-Nine Palms, CA
1983
48
311
1,247
381
311
1,628
1,939
(401
)
1,538
1,423
Garden
Oct-06
New Bedford, MA
1900
200
1,792
16,170
1,792
16,170
17,963
(3,880
)
14,082
4,065
High Rise
Jan-06
Scranton, PA
1978
91
236
3,818
25
236
3,842
4,078
(2,380
)
1,699
2,260
High Rise
Mar-05
Philadelphia, PA
1978
442
263
12,708
8,141
263
20,849
21,113
(3,714
)
17,399
14,217
High Rise
Mar-02
Los Angeles, CA
1981
299
4,337
16,377
1,602
4,337
17,979
22,316
(3,171
)
19,145
16,738
Garden
Jan-06
Charlotte, NC
1957
168
656
5,732
143
656
5,874
6,530
(3,255
)
3,275
2,513
Garden
Mar-02
Canton, OH
1975
81
215
889
299
215
1,188
1,403
(354
)
1,049
895
Mid Rise
Oct-02
New York, NY
1920
272
1,815
10,312
2,906
1,815
13,217
15,033
(4,661
)
10,371
7,308
Mid Rise
Jan-06
Catonsville, MD
1980
181
1,156
6,160
1,408
1,156
7,567
8,723
(3,935
)
4,788
5,083
Garden
Mar-05
Kaufman, TX
1981
68
370
1,606
63
370
1,669
2,039
(357
)
1,682
1,376
Garden
Mar-02
Chino, CA
1983
40
380
1,521
265
380
1,787
2,167
(427
)
1,740
1,609
High Rise
Jan-06
Washington, DC
1982
153
11,198
94
11,292
11,292
(5,563
)
5,729
10,585
Garden
Jan-06
Walhalla, SC
1972
36
16
973
25
16
998
1,015
(674
)
341
138
High Rise
Jan-06
Cincinnati, OH
1983
198
693
10,344
40
693
10,385
11,078
(5,319
)
5,759
6,787
Garden
Mar-02
Wasco, CA
1982
78
625
2,519
685
625
3,205
3,830
(790
)
3,040
3,126
Mid Rise
Sep-04
Philadelphia, PA
1982
132
555
11,169
4,912
555
16,081
16,636
(3,348
)
13,288
4,043
Mid Rise
Dec-97
New York, NY
1979
198
1,212
8,031
4,795
1,212
12,826
14,038
(5,016
)
9,022
13,626
Town Home
Jan-06
Springfield, VA
1982
50
3,517
139
3,657
3,657
(1,707
)
1,950
1,147
Mid Rise
Mar-02
Moline, IL
1976
97
720
3,242
313
720
3,555
4,275
(632
)
3,642
2,084
Garden
Mar-02
Lincoln Heights, OH
1977
72
215
938
284
215
1,222
1,437
(325
)
1,112
1,019
Garden
Apr-05
San Antonio, TX
1980
80
223
3,151
2,477
223
5,628
5,851
(902
)
4,949
1,981
Garden
Mar-04
Henderson, NC
1983
44
247
946
37
247
983
1,231
(246
)
985
736
High Rise
Mar-02
Pineville, KY
1983
124
1,010
4,048
292
1,010
4,339
5,349
(711
)
4,639
4,664
High Rise
Mar-02
North Wilkesboro, NC
1981
72
410
1,680
423
410
2,103
2,513
(375
)
2,138
1,888
Garden
Mar-02
North Hollywood, CA
1984
19
1,051
840
125
1,051
965
2,016
(178
)
1,838
1,099
Garden
Jan-06
Winnsboro, SC
1978
60
71
1,898
48
71
1,946
2,017
(1,325
)
692
362
High Rise
Mar-04
St Louis, MO
1920
112
300
3,072
4,322
300
7,394
7,694
(629
)
7,065
3,965
Garden
Dec-97
Odessa, TX
1972
80
41
229
297
41
526
567
(410
)
156
449
F-57
Table of Contents
(2)
(3)
December 31, 2006
(1)
Initial Cost
Cost Capitalized
Accumulated
Total Cost
Property
Date
Year
Number
Buildings and
Subsequent to
Buildings and
Depreciation
Net of
Type
Consolidated
Location
Built
of Units
Land
Improvements
Acquisition
Land
Improvements
Total
(AD)
AD
Encumbrances
Garden
Jan-06
Spartanburg, SC
1972
100
182
663
1,100
182
1,763
1,945
(184
)
1,762
332
Garden
Oct-05
Jackson, MI
1980
125
541
3,875
3,110
326
7,199
7,526
(490
)
7,036
Mid Rise
Mar-04
Salisbury, NC
1912
67
242
1,982
283
242
2,265
2,507
(809
)
1,698
1,841
27,875
126,227
1,148,893
233,478
125,621
1,382,978
1,508,599
(488,485
)
1,020,114
798,982
1,005
4,791
523
1,004
5,314
6,318
(2,584
)
3,734
162,432
$
2,372,921
$
7,491,381
$
2,118,183
$
2,420,948
$
9,561,537
$
11,982,485
$
(2,901,267
)
$
9,081,218
$
6,265,093
(1)
Date we acquired the property or
first consolidated the partnership which owns the property.
(2)
Initial cost includes the tendering
costs to acquire the minority interest share of our consolidated
real estate partnerships.
(3)
Costs capitalized subsequent to
acquisition includes costs capitalized since acquisition or
first consolidation of the partnership/property.
(4)
Other includes land parcels and
commercial properties.
F-58
Table of Contents
For the Years Ended December 31, 2006, 2005 and 2004
(In Thousands)
2006
2005
2004
$
10,198,524
$
9,327,670
$
8,470,451
1,146,086
260,715
277,580
184,986
288,212
393,088
2,022
485,758
436,781
301,937
(21,192
)
(18,872
)
(13,869
)
(11,677
)
(95,982
)
(103,539
)
$
11,982,485
$
10,198,524
$
9,327,670
$
2,009,286
$
1,655,220
$
1,391,353
468,186
412,701
346,156
452,824
40,277
(31,208
)
(5,604
)
(3,191
)
(4,038
)
(23,425
)
(95,721
)
(47,043
)
$
2,901,267
$
2,009,286
$
1,655,220
(1)
Includes acquisition of limited partnership interests and
related activity.
(2)
Represents activity on properties that have been sold or
classified as held for sale that is included in the line items
above.
F-59
Table of Contents
2
.1
Agreement and Plan of Merger,
dated as of December 3, 2001, by and among Apartment
Investment and Management Company, Casden Properties, Inc. and
XYZ Holdings LLC (Exhibit 2.1 to Aimcos Current
Report on
Form 8-K,
filed December 6, 2001, is incorporated herein by this
reference)
3
.1
Charter (Exhibit 3.1 to
Aimcos Quarterly Report on
Form 10-Q
for the quarterly period ended June 30, 2006, is
incorporated herein by this reference)
3
.2
Bylaws (Exhibit 3.2 to
Aimcos Quarterly Report on
Form 10-Q
for the quarterly period ended March 31, 2001, is
incorporated herein by this reference)
10
.1
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
10
.2
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 Aimcos Quarterly
Report on
Form 10-Q
for the quarterly period ended September 30, 2004, is
incorporated herein by this reference)
10
.3
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 Aimcos
Current Report on
Form 8-K,
dated June 16, 2005, is incorporated herein by this
reference)
10
.4
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 Aimcos Current Report
on
Form 10-K,
dated March 22, 2006, is incorporated herein by this
reference)
10
.5
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 Aimcos Current Report on
Form 8-K,
filed December 6, 2001, is incorporated herein by this
reference)
10
.6
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 Aimcos
Current Report on
Form 8-K,
filed December 6, 2001, is incorporated herein by this
reference)
10
.7
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
Aimcos Annual Report on
Form 10-K
for the year ended December 31, 2003, is incorporated
herein by this reference)
10
.8
Employment Contract executed on
July 29, 1994 by and between AIMCO Properties, L.P. and
Terry Considine (Exhibit 10.44C to Aimcos Annual
Report on
Form 10-K
for the year ended December 31, 1994, is incorporated
herein by this reference)*
10
.9
Apartment Investment and
Management Company 1997 Stock Award and Incentive Plan (October
1999) (Exhibit 10.26 to Aimcos Annual Report on
Form 10-K
for the year ended December 31, 1999, is incorporated
herein by this reference)*
10
.10
Form of Restricted Stock Agreement
(1997 Stock Award and Incentive Plan) (Exhibit 10.11 to
Aimcos Quarterly Report on
Form 10-Q
for the quarterly period ended September 30, 1997, is
incorporated herein by this reference)*
10
.11
Form of Incentive Stock Option
Agreement (1997 Stock Award and Incentive Plan)
(Exhibit 10.42 to Aimcos Annual Report on
Form 10-K
for the year ended December 31, 1998, is incorporated
herein by this reference)*
Table of Contents
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
31
.2
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
32
.1
Certification Pursuant to
18 U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
32
.2
Certification Pursuant to
18 U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
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
Page | ||||||
ARTICLE 1 DEFINED TERMS | 1 | |||||
|
||||||
ARTICLE 2 ORGANIZATIONAL MATTERS | 16 | |||||
|
||||||
Section 2.1 |
Organization
|
16 | ||||
Section 2.2 |
Name
|
16 | ||||
Section 2.3 |
Registered Office and Agent; Principal Office
|
16 | ||||
Section 2.4 |
Power of Attorney
|
16 | ||||
Section 2.5 |
Term
|
17 | ||||
|
||||||
ARTICLE 3 PURPOSE | 18 | |||||
|
||||||
Section 3.1 |
Purpose and Business
|
18 | ||||
Section 3.2 |
Powers
|
18 | ||||
Section 3.3 |
Partnership Only for Purposes Specified
|
18 | ||||
Section 3.4 |
Representations and Warranties by the Parties
|
18 | ||||
|
||||||
ARTICLE 4 CAPITAL CONTRIBUTIONS | 20 | |||||
|
||||||
Section 4.1 |
Capital Contributions of the Partners
|
20 | ||||
Section 4.2 |
Issuances of Additional Partnership Interests
|
20 | ||||
Section 4.3 |
Additional Funds
|
21 | ||||
Section 4.4 |
Stock Option Plans
|
22 | ||||
Section 4.5 |
No Interest; No Return
|
23 | ||||
Section 4.6 |
Conversion of Junior Shares
|
23 | ||||
|
||||||
ARTICLE 5 DISTRIBUTIONS | 24 | |||||
|
||||||
Section 5.1 |
Requirement and Characterization of Distributions
|
24 | ||||
Section 5.2 |
Distributions in Kind
|
24 | ||||
Section 5.3 |
Amounts Withheld
|
24 | ||||
Section 5.4 |
Distributions Upon Liquidation
|
24 | ||||
Section 5.5 |
Restricted Distributions
|
24 | ||||
|
||||||
ARTICLE 6 ALLOCATIONS | 24 | |||||
|
||||||
Section 6.1 |
Timing and Amount of Allocations of Net Income and Net Loss
|
24 | ||||
Section 6.2 |
General Allocations
|
25 | ||||
Section 6.3 |
Additional Allocation Provisions
|
25 | ||||
Section 6.4 |
Tax Allocations
|
27 | ||||
|
||||||
ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS | 27 | |||||
|
||||||
Section 7.1 |
Management
|
27 | ||||
Section 7.2 |
Certificate of Limited Partnership
|
30 | ||||
Section 7.3 |
Restrictions on General Partners Authority
|
30 |
i
Page | ||||||
Section 7.4 |
Reimbursement of the General Partner
|
32 | ||||
Section 7.5 |
Outside Activities of the Previous General Partner and the General Partner
|
32 | ||||
Section 7.6 |
Contracts with Affiliates
|
33 | ||||
Section 7.7 |
Indemnification
|
34 | ||||
Section 7.8 |
Liability of the General Partner
|
35 | ||||
Section 7.9 |
Other Matters Concerning the General Partner
|
36 | ||||
Section 7.10 |
Title to Partnership Assets
|
37 | ||||
Section 7.11 |
Reliance by Third Parties
|
37 | ||||
|
||||||
ARTICLE 8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS | 37 | |||||
|
||||||
Section 8.1 |
Limitation of Liability
|
37 | ||||
Section 8.2 |
Management of Business
|
37 | ||||
Section 8.3 |
Outside Activities of Limited Partners
|
37 | ||||
Section 8.4 |
Return of Capital
|
38 | ||||
Section 8.5 |
Rights of Limited Partners Relating to the Partnership
|
38 | ||||
Section 8.6 |
Redemption Rights of Qualifying Parties
|
39 | ||||
Section 8.7 |
Partnership Right to Call Limited Partner Interests
|
42 | ||||
|
||||||
ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS | 42 | |||||
|
||||||
Section 9.1 |
Records and Accounting
|
42 | ||||
Section 9.2 |
Fiscal Year
|
43 | ||||
Section 9.3 |
Reports
|
43 | ||||
|
||||||
ARTICLE 10 TAX MATTERS | 43 | |||||
|
||||||
Section 10.1 |
Preparation of Tax Returns
|
43 | ||||
Section 10.2 |
Tax Elections
|
43 | ||||
Section 10.3 |
Tax Matters Partner
|
44 | ||||
Section 10.4 |
Withholding
|
45 | ||||
|
||||||
ARTICLE 11 TRANSFERS AND WITHDRAWALS | 46 | |||||
|
||||||
Section 11.1 |
Transfer
|
46 | ||||
Section 11.2 |
Transfer of General Partners Partnership Interest
|
46 | ||||
Section 11.3 |
Limited Partners Rights to Transfer
|
47 | ||||
Section 11.4 |
Substituted Limited Partners
|
49 | ||||
Section 11.5 |
Assignees
|
49 | ||||
Section 11.6 |
General Provisions
|
49 | ||||
|
||||||
ARTICLE 12 ADMISSION OF PARTNERS | 51 | |||||
|
||||||
Section 12.1 |
Admission of Successor General Partner
|
51 | ||||
Section 12.2 |
Admission of Additional Limited Partners
|
51 | ||||
Section 12.3 |
Amendment of Agreement and Certificate of Limited Partnership
|
51 | ||||
Section 12.4 |
Admission of Initial Limited Partners
|
51 | ||||
|
||||||
ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION | 52 | |||||
|
||||||
Section 13.1 |
Dissolution
|
52 |
ii
Page | ||||||
Section 13.2 |
Winding Up
|
52 | ||||
Section 13.3 |
Deemed Distribution and Recontribution
|
53 | ||||
Section 13.4 |
Rights of Limited Partners
|
54 | ||||
Section 13.5 |
Notice of Dissolution
|
54 | ||||
Section 13.6 |
Cancellation of Certificate of Limited Partnership
|
54 | ||||
Section 13.7 |
Reasonable Time for Winding-Up
|
54 | ||||
|
||||||
ARTICLE 14 PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENTS; MEETINGS | 54 | |||||
|
||||||
Section 14.1 |
Procedures for Actions and Consents of Partners
|
54 | ||||
Section 14.2 |
Amendments
|
54 | ||||
Section 14.3 |
Meetings of the Partners
|
55 | ||||
|
||||||
ARTICLE 15 GENERAL PROVISIONS | 55 | |||||
|
||||||
Section 15.1 |
Addresses and Notice
|
55 | ||||
Section 15.2 |
Titles and Captions
|
55 | ||||
Section 15.3 |
Pronouns and Plurals
|
55 | ||||
Section 15.4 |
Further Action
|
56 | ||||
Section 15.5 |
Binding Effect
|
56 | ||||
Section 15.6 |
Waiver
|
56 | ||||
Section 15.7 |
Counterparts
|
56 | ||||
Section 15.8 |
Applicable Law
|
56 | ||||
Section 15.9 |
Entire Agreement
|
56 | ||||
Section 15.10 |
Invalidity of Provisions
|
56 | ||||
Section 15.11 |
Limitation to Preserve REIT Status
|
56 | ||||
Section 15.12 |
No Partition
|
57 | ||||
Section 15.13 |
No Third-Party Rights Created Hereby
|
57 | ||||
|
||||||
EXHIBIT A |
PARTNERS AND PARTNERSHIP UNITS
|
A-1 | ||||
|
||||||
EXHIBIT B |
EXAMPLES REGARDING ADJUSTMENT FACTOR
|
B-1 | ||||
|
||||||
EXHIBIT C |
LIST OF DESIGNATED PARTIES
|
C-1 | ||||
|
||||||
EXHIBIT D |
NOTICE OF REDEMPTION
|
D-1 | ||||
|
||||||
|
||||||
EXHIBIT E |
FORM OF UNIT CERTIFICATE
|
E-1 | ||||
|
||||||
EXHIBIT F |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS I HIGH PERFORMANCE PARTNERSHIP UNITS
|
F-1 | ||||
|
||||||
EXHIBIT G |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS G PARTNERSHIP PREFERRED UNITS
|
G-1 | ||||
|
||||||
EXHIBIT H |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS ONE PARTNERSHIP PREFERRED UNITS
|
H-1 | ||||
|
||||||
EXHIBIT I |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS TWO PARTNERSHIP PREFERRED UNITS
|
I-1 |
iii
Page | ||||||
EXHIBIT J |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS THREE PARTNERSHIP PREFERRED UNITS
|
J-1 | ||||
|
||||||
EXHIBIT K |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS FOUR PARTNERSHIP PREFERRED UNITS
|
K-1 | ||||
|
||||||
EXHIBIT L |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS FIVE PARTNERSHIP PREFERRED UNITS
|
L-1 | ||||
|
||||||
EXHIBIT M |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS SIX PARTNERSHIP PREFERRED UNITS
|
M-1 | ||||
|
||||||
EXHIBIT N |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS SEVEN PARTNERSHIP UNITS
|
N-1 | ||||
|
||||||
EXHIBIT O |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS EIGHT PARTNERSHIP PREFERRED UNITS
|
O-1 | ||||
|
||||||
EXHIBIT P |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS T PARTNERSHIP PREFERRED UNITS
|
P-1 | ||||
|
||||||
EXHIBIT Q |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS U PARTNERSHIP PREFERRED UNITS
|
Q-1 | ||||
|
||||||
EXHIBIT R |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS V PARTNERSHIP PREFERRED UNITS
|
R-1 | ||||
|
||||||
EXHIBIT S |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS W PARTNERSHIP PREFERRED UNITS
|
S-1 | ||||
|
||||||
EXHIBIT T |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS Y PARTNERSHIP PREFERRED UNITS
|
T-1 | ||||
|
||||||
EXHIBIT U |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS VIII HIGH PERFORMANCE PARTNERSHIP UNITS
|
U-1 | ||||
|
||||||
EXHIBIT V |
PARTNERSHIP UNIT DESIGNATION OF THE CLASS IX HIGH PERFORMANCE PARTNERSHIP UNITS
|
V-1 | ||||
|
||||||
EXHIBIT W |
PARTNERSHIP UNIT DESIGNATION OF THE SERIES A COMMUNITY REINVESTMENT ACT PERPETUAL PARTNERSHIP PREFERRED UNITS
|
W-1 |
iv
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
PREVIOUS GENERAL PARTNER: | ||||||
|
||||||
APARTMENT INVESTMENT AND MANAGEMENT COMPANY | ||||||
|
||||||
|
By: | /s/ Terry Considine | ||||
|
||||||
Name: Terry Considine | ||||||
Title: Chief Executive Officer and President | ||||||
|
||||||
GENERAL PARTNER: | ||||||
|
||||||
AIMCO-GP, INC. | ||||||
|
||||||
|
By: | /s/ Terry Considine | ||||
|
||||||
Name: Terry Considine | ||||||
Title: Chief Executive Officer and President | ||||||
|
||||||
SPECIAL LIMITED PARTNER: | ||||||
AIMCO-LP, INC. | ||||||
|
||||||
|
By: | /s/ Terry Considine | ||||
|
||||||
Name: Terry Considine | ||||||
Title: Chief Executive Officer and President | ||||||
|
||||||
LIMITED PARTNERS: | ||||||
|
||||||
|
By: | AIMCO-GP, INC., | ||||
as attorney-in-fact | ||||||
|
||||||
|
By: | /s/ Terry Considine | ||||
|
||||||
Name: Terry Considine | ||||||
Title: Chief Executive Officer and President |
59
A-1
B-1
C-1
To:
|
AIMCO-GP, Inc. | |
|
c/o Apartment Investment and | |
|
Management Company | |
|
4582 South Ulster Street Parkway | |
|
Suite 1100 | |
|
Denver, Colorado 80237 |
D-1
|
Name of Limited Partner or Assignee: | |||
|
||||
|
||||
|
||||
|
||||
|
(Signature of Limited Partner or Assignee) | |||
|
||||
|
||||
|
(Street Address) | |||
|
||||
|
||||
|
(City) (State) (Zip Code) | |||
|
||||
|
Signature Guaranteed by: | |||
|
||||
|
||||
|
||||
Issue Check Payable to:
|
||||
|
||||
|
||||
Please insert social security
or identifying number: |
||||
|
D-2
E-1
|
By: | |||||
|
||||||
|
Name: |
E-2
F-1
F-2
F-3
F-4
F-5
F-6
(1) | (2) | (3) | (4) | (5) | (6) | |||||||||||||||||||
Cumulative Total Return Over Three Years:
|
||||||||||||||||||||||||
Company Common Stock
|
48.2 | % | 119.7 | % | 48.2 | % | 48.2 | % | 119.7 | % | 26.0 | % | ||||||||||||
Peer Group Index
|
32.4 | % | 32.4 | % | 71.2 | % | 0 | % | 32.4 | % | 3.0 | % | ||||||||||||
115% of Peer Group Index
|
38.1 | % | 38.1 | % | 83.7 | % | 0 | % | 38.1 | % | 3.5 | % | ||||||||||||
Minimum Return
|
30 | % | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | ||||||||||||
Excess Return
|
10.1 | % | 81.6 | % | 0 | % | 18.2 | % | 81.6 | % | 0 | % | ||||||||||||
Weighted Average Market Value of
Outstanding Equity (millions)
|
$ | 3,000 | $ | 4,000 | $ | 3,000 | $ | 3,000 | $ | 10,000 | $ | 4,000 | ||||||||||||
Excess Shareholder Return (millions)
|
$ | 303 | $ | 3,264 | $ | 0 | $ | 546 | $ | 8,160 | $ | 0 | ||||||||||||
Value of High Performance Units (millions)
|
$ | 45.4 | $ | 489.6 | $ | 0 | $ | 81.9 | $ | 1,224.0 | $ | 0 | ||||||||||||
Value of a REIT Share
|
$ | 50 | $ | 70 | $ | 50 | $ | 50 | $ | 70 | $ | 40 | ||||||||||||
|
||||||||||||||||||||||||
Adjusted Number of Class I High Performance Units:
|
||||||||||||||||||||||||
Total
|
908,000 | 6,994,286 | 0 | 1,638,000 | 17,485,714 | 0 | ||||||||||||||||||
Per Unit Adjustment
|
60.5 | 466.3 | 0 | 109.2 | 1,165.7 | 0 |
(1) | Base Case. | |
(2) | Base Case, except that the Company Common Stock has a 30% annual Total Return and the weighted average market value of outstanding equity is $4 billion. | |
(3) | Base Case, except that the Peer Group Index has a 20% annual Total Return. (4) Base Case, except that the Peer Group Index has a negative annual Total Return of 10%. | |
(5) | Base Case, except that the Company Common Stock has a 30% annual Total Return and the weighted average market value of outstanding equity is $10 billion. | |
(6) | Base Case, except that the Company Common Stock has an 8% annual Total Return, the Peer Group Index has a 1% annual Total Return and the weighted average market value of outstanding equity is $4 billion. |
F-7
G-1
G-2
G-3
G-4
H-1
H-2
H-3
H-4
H-5
H-6
H-7
H-8
H-9
To:
|
AIMCO Properties, L.P. | |
|
c/o AIMCO-GP, Inc. | |
|
4582 South Ulster Street Parkway | |
|
Suite 1100 | |
|
Denver, Colorado 80237 | |
|
Attention: Investor Relations |
H-I-1
|
Name of Limited Partner or Assignee: | |||
|
||||
|
||||
|
||||
|
||||
|
(Signature of Limited Partner or Assignee) | |||
|
||||
|
||||
|
(Street Address) | |||
|
||||
|
||||
|
(City) (State) (Zip Code) |
H-I-2
|
Signature Guaranteed by: | |||
|
||||
|
H-I-3
H-II-1
|
By: | |||||
|
||||||
|
Name: | |||||
|
||||||
Signature Guaranteed by: | ||||||
H-II-2
I-1
I-2
I-3
I-4
I-5
I-6
I-7
I-8
I-9
To:
|
AIMCO Properties, L.P. | |
|
c/o AIMCO-GP, Inc. | |
|
4582 South Ulster Street Parkway | |
|
Suite 1100 | |
|
Denver, Colorado 80237 | |
|
Attention: Investor Relations |
I-I-1
|
Name of Limited Partner or Assignee: | |
|
||
|
||
|
||
|
||
|
(Signature of Limited Partner or Assignee) | |
|
||
|
||
|
(Street Address) | |
|
||
|
||
|
(City) (State) (Zip Code) | |
|
||
|
Signature Guaranteed by: | |
|
||
|
I-I-2
I-I-3
This certifies that
|
||||
|
||||
|
||||
is the owner of
|
||||
|
|
By | |||
|
1 | Not required if Units are issued pursuant to a current and effective registration statement under the Act. |
I-II-1
|
By: | |||
|
||||
|
||||
|
Name: | |||
|
||||
Signature Guaranteed by: | ||||
|
||||
I-II-2
J-1
J-2
J-3
J-4
J-5
J-6
J-7
J-8
J-9
J-10
To:
|
AIMCO Properties, L.P. | |
|
c/o AIMCO-GP, Inc. | |
|
4582 South Ulster Street Parkway | |
|
Suite 1100 | |
|
Denver, Colorado 80237 | |
|
Attention: Investor Relations |
J-I-1
|
Name of Limited Partner or Assignee: | |
|
||
|
||
|
||
|
||
|
(Signature of Limited Partner or Assignee) | |
|
||
|
||
|
(Street Address) | |
|
||
|
||
|
(City) (State) (Zip Code) |
J-I-2
J-I-3
Dated:
|
By | |||
|
J-II-1
|
By: | |||
|
||||
|
Name: | |||
|
||||
Signature Guaranteed by: | ||||
|
||||
J-II-2
K-1
K-2
K-3
K-4
K-5
K-6
K-7
K-8
K-9
K-10
K-11
K-12
K-13
K-14
To:
|
AIMCO Properties, L.P. | |
|
c/o AIMCO-GP, Inc. | |
|
4582 South Ulster Street Parkway, Suite 1100 | |
|
Denver, Colorado 80237 | |
|
Attention: Investor Relations |
K-I-1
|
Name of Limited Partner or Assignee: | |||
|
||||
|
||||
|
||||
|
||||
|
(Signature of Limited Partner or Assignee) | |||
|
||||
|
||||
|
(Street Address) | |||
|
||||
|
||||
|
(City) (State) (Zip Code) | |||
|
||||
|
Signature Guaranteed by | |||
|
||||
|
K-I-2
K-I-3
This certifies that
|
||
|
||
|
||
is the owner of
|
||
|
Dated:
|
By | |||
|
K-II-1
|
By: | |||
|
||||
|
Name: | |||
|
||||
Signature Guaranteed by: | ||||
|
||||
K-II-2
L-1
L-2
L-3
L-4
L-5
This certifies that
|
||||
|
||||
is the owner of
|
||||
|
Dated:
|
By: | |||||
|
||||||
|
Name: | |||||
|
Title: |
L-I-1
|
By: | |||||
|
Name: | |||||
|
||||||
Signature Guaranteed by: | ||||||
|
L-I-2
M-1
M-2
M-3
M-4
M-5
M-6
M-7
M-8
M-9
M-10
M-11
M-12
M-13
M-14
To:
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AIMCO Properties, L.P. | |
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c/o AIMCO-GP, Inc. | |
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4582 South Ulster Street Parkway | |
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Suite 1100 | |
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Denver, Colorado 80237 | |
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Attention: Investor Relations |
M-I-1
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Name of Limited Partner or Assignee: | |||
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Signature Guaranteed by: | |||
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M-I-2
M-I-3
Dated:
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By |
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2 | Not required if Units are issued pursuant to a current and effective registration statement under Act. |
M-II-1
M-II-2
N-1
N-4
To:
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AIMCO Properties, L.P. | |
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c/o AIMCO-GP, Inc. | |
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4582 South Ulster Street Parkway | |
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Suite 1100 | |
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Denver, Colorado 80237 | |
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Attention: Investor Relations |
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Name of Limited Partner or Assignee: | |||
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Signature of Limited Partner or Assignee) | |||
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(Street Address) | |||
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(continued on the next page)
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(City) (State) (Zip Code) |
Issue check payable to
or Certificates in the
name of:
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Please insert social security
or identifying number: |
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Signature Guaranteed by: | |||
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Dated: |
By
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By: | |
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Name: | |
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Signature Guaranteed by: | |
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This certifies that
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is the owner of
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Dated:
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By: | |||||
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Name: | |||||
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Title: |
O-I-1
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By: | |||||||
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Name: | |||||||
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Signature Guaranteed by: | ||||||||
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O-I-2
P-1
P-2
P-3
P-4
Q-1
Q-2
Q-3
Q-4
R-1
R-2
R-3
R-4
S-1
S-2
S-3
S-4
S-5
T-1
T-2
T-3
T-4
U-1
U-2
U-3
U-4
U-5
U-6
U-7
AIMCO | ||||||||||||||||
AIMCO | Equity | |||||||||||||||
Stock | Total | Outperformance | Capitalization | Number of | ||||||||||||
Price | Return | Return | (Thousands) | HPUs | ||||||||||||
$38.00
|
36.57 | % | 0 | % | $ | 3,962,506 | 50 | |||||||||
40.00
|
41.90 | % | 5.10 | % | $ | 3,962,506 | 219,855 | |||||||||
42.00
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47.24 | % | 10.44 | % | $ | 3,962,506 | 430,892 | |||||||||
44.00
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52.57 | % | 15.77 | % | $ | 3,962,506 | 625,046 | |||||||||
46.00
|
57.91 | % | 21.11 | % | $ | 3,962,506 | 804,266 | |||||||||
48.00
|
63.24 | % | 26.44 | % | $ | 3,962,506 | 970,210 | |||||||||
50.00
|
68.58 | % | 31.78 | % | $ | 3,962,506 | 1,060,990 | * | ||||||||
52.00
|
73.91 | % | 37.11 | % | $ | 3,962,506 | 1,060,990 | * |
* | The number of HPUs has been restricted based on the Dilution Limit. |
U-8
Units | Certificate Number |
By: AIMCO-GP, Inc., | ||||||
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By: | |||||
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Name: | |||||
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Title: |
U-9
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By: | |||||
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Name: |
U-10
V-1
V-2
V-3
V-4
V-5
V-6
AIMCO | ||||||||||||||||
AIMCO | Out- | Equity | ||||||||||||||
Stock | Total | performance | Capitalization | Total Number of | ||||||||||||
Price | Return | Return | (thousands) | HPUs | ||||||||||||
$44
|
32.85 | % | 0.00 | % | $ | 4,087,976 | 50 | |||||||||
$46
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38.04 | % | 1.24 | % | $ | 4,087,976 | 55,028 | |||||||||
$48
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43.23 | % | 6.43 | % | $ | 4,087,976 | 273,716 | |||||||||
$50
|
48.42 | % | 11.62 | % | $ | 4,087,976 | 474,910 | |||||||||
$52
|
53.61 | % | 16.81 | % | $ | 4,087,976 | 660,627 | |||||||||
$54
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58.80 | % | 22.00 | % | $ | 4,087,976 | 832,587 | |||||||||
$56
|
63.99 | % | 27.19 | % | $ | 4,087,976 | 992,264 | |||||||||
$58
|
69.17 | % | 32.37 | % | $ | 4,087,976 | 1,065,180 |
V-I-1
Units | Certificate Number |
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By: AIMCO | -GP, Inc., | ||||
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By: | |||||
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Name: | |||||
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Title: |
V-II-1
Dated:
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By: | |||||
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Name: |
V-II-2
W-1
W-2
W-3
W-4
Name
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MT
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CA
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DE
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MD
MA
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MD
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MD
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MD
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MA
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CO
MI
SC
DE
DE
Name
Jurisdiction
DE
TX
TX
TX
MA
MA
NY
TN
NC
MI
TX
CA
NC
DE
DE
HI
OH
IN
TX
SC
DE
TX
DC
DC
NY
DE
IL
TX
IL
IL
IN
SC
SC
CA
WI
TX
MI
IL
MD
MI
MD
MD
MO
DE
DE
TX
FL
NY
NY
SD
GA
MT
SD
SD
DE
TX
KS
MD
Name
Jurisdiction
SC
NC
DE
DE
OH
IN
MD
CA
CA
TX
MD
AK
SC
DE
SC
CT
MA
MN
PA
AL
GA
TN
TN
MO
MO
MO
MO
DE
NY
PA
OH
OH
OH
OH
NY
SC
MA
NC
MO
OH
TX
CA
DE
DE
TN
MO
CA
MD
OH
GA
AZ
CA
CA
CA
IL
IL
IL
TX
Name
Jurisdiction
IL
SC
OH
IL
DE
DE
IL
MI
DE
CA
DC
DE
PA
DE
TX
DE
NY
MD
GA
DE
WA
OH
DE
WV
DE
MI
MD
SC
MN
WA
PA
VA
DE
MD
MS
DE
IL
DE
DE
OH
TX
TX
NC
DE
DE
OH
NC
MO
IN
IL
SC
MD
MT
CA
MD
IN
DE
IN
Name
Jurisdiction
MD
NJ
DE
SC
DE
DE
MO
MD
MA
DE
MD
MD
MD
DE
MA
DE
TX
OK
DE
VA
DE
DE
WA
SC
MI
MI
DE
OH
MD
IN
PA
DE
DE
DE
TX
MA
DE
DE
PA
FL
NC
DE
DE
CA
IN
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
Name
Jurisdiction
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
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
MD
|
/s/ Ernst & Young LLP |
1. | I have reviewed this annual report on Form 10-K of Apartment Investment and Management Company; |
2. | 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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting. |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
/s/ Terry Considine | ||||
Terry Considine | ||||
Chairman and Chief Executive Officer | ||||
1. | I have reviewed this annual report on Form 10-K of Apartment Investment and Management Company; |
2. | 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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting. |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
/s/ Thomas M. Herzog | ||||
Thomas M. Herzog | ||||
Executive Vice President and Chief Financial Officer | ||||
/s/ Terry Considine | ||||
Terry Considine | ||||
Chairman and Chief Executive Officer
March 1, 2007 |
||||
/s/ Thomas M. Herzog | ||||
Thomas M. Herzog | ||||
Executive Vice President and Chief Financial Officer
March 1, 2007 |
||||
APARTMENT INVESTMENT AND
MANAGEMENT COMPANY |
||||
By: | /s/ Thomas M. Herzog | |||
Thomas M. Herzog | ||||
Executive Vice President and Chief Financial Officer | ||||