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AIMCO PROPERTIES LP


 SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30




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Selected tables from the SEC filing


Table 0


Financial table in standard format


AIMCO PROPERTIES, L.P.

TABLE OF CONTENTS

FORM 10-Q







     
     
     
     
     




     
     
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 Exhibit 31.1


 Exhibit 31.2


 Exhibit 32.1


 Exhibit 32.2


 Exhibit 99.1









AIMCO PROPERTIES LP
CIK:926660




Notes to Condensed Consolidated Financial Statements (Unaudited)5


ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of Operations20


ITEM 3. Quantitative and Qualitative Disclosures About Market Risk32


ITEM 4. Controls and Procedures32


PART II. OTHER INFORMATION


ITEM 1A. Risk Factors33


ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds33


ITEM 6. Exhibits34


Signatures35


Exhibit 31.1


Exhibit 31.2


Exhibit 32.1


Exhibit 32.2


Exhibit 99.1





Data column 1: Unable to interpret date in column header

Row "Exhibit 31.1": Multi-column field in a numeric row

Row "Exhibit 31.2": Multi-column field in a numeric row

Row "Exhibit 32.1": Multi-column field in a numeric row

Row "Exhibit 32.2": Multi-column field in a numeric row

Row "Exhibit 99.1": Multi-column field in a numeric row


Table 1


Financial table in standard format


PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

AIMCO PROPERTIES, L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)







     
     
     
     
     
     
     
     
     




     
     
    June 30,
     
     
    December 31,
     




     
     
    2010
     
     
    2009
     








     




    
ASSETS

     
     
     
     
     
     
     
     




    
Real estate:

     
     
     
     
     
     
     
     




    
Buildings and improvements

     
    $
    7,461,121
     
     
    $
    7,326,284
     




    
Land

     
     
    2,179,744
     
     
     
    2,161,010
     




    
 

     
     
     
     
     
     




    
Total real estate

     
     
    9,640,865
     
     
     
    9,487,294
     




    
Less accumulated depreciation

     
     
    (2,830,247
    )
     
     
    (2,625,542
    )




    
 

     
     
     
     
     
     




    
Net real estate ($913,051 and $855,170 related to VIEs)

     
     
    6,810,618
     
     
     
    6,861,752
     




    
Cash and cash equivalents ($33,059 and $23,366 related to VIEs)

     
     
    78,318
     
     
     
    81,260
     




    
Restricted cash ($58,346 and $56,183 related to VIEs)

     
     
    211,795
     
     
     
    219,255
     




    
Accounts receivable, net ($19,782 and $20,766 related to VIEs)

     
     
    47,192
     
     
     
    59,822
     




    
Accounts receivable from affiliates, net

     
     
    13,191
     
     
     
    23,744
     




    
Deferred financing costs, net

     
     
    50,272
     
     
     
    51,611
     




    
Notes receivable from unconsolidated real estate partnerships, net

     
     
    12,280
     
     
     
    14,295
     




    
Notes receivable from non-affiliates, net

     
     
    129,427
     
     
     
    125,269
     




    
Notes receivable from Aimco

     
     
    16,797
     
     
     
    16,371
     




    
Investment in unconsolidated real estate partnerships ($109,463 and
$99,460 related to VIEs)

     
     
    113,418
     
     
     
    104,193
     




    
Other assets

     
     
    184,597
     
     
     
    185,816
     




    
Deferred income tax assets, net

     
     
    49,943
     
     
     
    42,015
     




    
Assets held for sale

     
     
    6,050
     
     
     
    136,736
     




    
 

     
     
     
     
     
     




    
Total assets

     
    $
    7,723,898
     
     
    $
    7,922,139
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
LIABILITIES AND PARTNERS CAPITAL

     
     
     
     
     
     
     
     




    
Property tax-exempt bond financing ($215,236 and $211,691 related to VIEs)

     
    $
    548,973
     
     
    $
    574,926
     




    
Property loans payable ($462,363 and $390,601 related to VIEs)

     
     
    5,010,995
     
     
     
    4,884,233
     




    
Term loans

     
     
    25,000
     
     
     
    90,000
     




    
Other borrowings ($19,733 and $15,665 related to VIEs)

     
     
    58,943
     
     
     
    53,057
     




    
 

     
     
     
     
     
     




    
Total indebtedness

     
     
    5,643,911
     
     
     
    5,602,216
     




    
 

     
     
     
     
     
     




    
Accounts payable

     
     
    27,647
     
     
     
    29,819
     




    
Accrued liabilities and other ($92,638 and $62,503 related to VIEs)

     
     
    279,063
     
     
     
    286,326
     




    
Deferred income

     
     
    158,402
     
     
     
    180,656
     




    
Security deposits

     
     
    35,794
     
     
     
    34,855
     




    
Liabilities related to assets held for sale

     
     
    3,276
     
     
     
    121,237
     




    
 

     
     
     
     
     
     




    
Total liabilities

     
     
    6,148,093
     
     
     
    6,255,109
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Redeemable preferred units

     
     
    106,389
     
     
     
    116,656
     




    
 

     
     
     
     
     
     
     
     




    
Commitments and contingencies (Note 5)

     
     
    
     
     
     
    
     




    
 

     
     
     
     
     
     
     
     




    
Partners capital:

     
     
     
     
     
     
     
     




    
Preferred units

     
     
    660,500
     
     
     
    660,500
     




    
General Partner and Special Limited Partner

     
     
    397,335
     
     
     
    521,692
     




    
Limited Partners

     
     
    116,038
     
     
     
    95,990
     




    
High Performance Units

     
     
    (42,603
    )
     
     
    (40,313
    )




    
Investment in Aimco Class A Common Stock

     
     
    (4,509
    )
     
     
    (4,621
    )




    
 

     
     
     
     
     
     




    
Partners capital attributable to the Partnership

     
     
    1,126,761
     
     
     
    1,233,248
     




    
 

     
     
     
     
     
     




    
Noncontrolling interests in consolidated real estate partnerships

     
     
    342,655
     
     
     
    317,126
     




    
 

     
     
     
     
     
     




    
Total partners capital

     
     
    1,469,416
     
     
     
    1,550,374
     




    
 

     
     
     
     
     
     




    
Total liabilities and partners capital

     
    $
    7,723,898
     
     
    $
    7,922,139
     




    
 

     
         
     
     
         
     










AIMCO PROPERTIES LP
CIK:926660


2010-06-30
2009-12-31

ASSETS


Real estate:


Buildings and improvements$7,461,121$7,326,284


Land2,179,7442,161,010


Total real estate9,640,8659,487,294


Less accumulated depreciation(2,830,247)(2,625,542)


Net real estate ($913,051 and $855,170 related to VIEs)6,810,6186,861,752


Cash and cash equivalents ($33,059 and $23,366 related to VIEs)78,31881,260


Restricted cash ($58,346 and $56,183 related to VIEs)211,795219,255


Accounts receivable, net ($19,782 and $20,766 related to VIEs)47,19259,822


Accounts receivable from affiliates, net13,19123,744


Deferred financing costs, net50,27251,611


Notes receivable from unconsolidated real estate partnerships, net12,28014,295


Notes receivable from non-affiliates, net129,427125,269


Notes receivable from Aimco16,79716,371


Investment in unconsolidated real estate partnerships ($109,463 and $99,460 related to VIEs)113,418104,193


Other assets184,597185,816


Deferred income tax assets, net49,94342,015


Assets held for sale6,050136,736


Total assets$7,723,898$7,922,139


LIABILITIES AND PARTNERS CAPITAL


Property tax-exempt bond financing ($215,236 and $211,691 related to VIEs)$548,973$574,926


Property loans payable ($462,363 and $390,601 related to VIEs)5,010,9954,884,233


Term loans25,00090,000


Other borrowings ($19,733 and $15,665 related to VIEs)58,94353,057


Total indebtedness5,643,9115,602,216


Accounts payable27,64729,819


Accrued liabilities and other ($92,638 and $62,503 related to VIEs)279,063286,326


Deferred income158,402180,656


Security deposits35,79434,855


Liabilities related to assets held for sale3,276121,237


Total liabilities6,148,0936,255,109


Redeemable preferred units106,389116,656


Commitments and contingencies (Note 5)


Partners capital:


Preferred units660,500660,500


General Partner and Special Limited Partner397,335521,692


Limited Partners116,03895,990


High Performance Units(42,603)(40,313)


Investment in Aimco Class A Common Stock(4,509)(4,621)


Partners capital attributable to the Partnership1,126,7611,233,248


Noncontrolling interests in consolidated real estate partnerships342,655317,126


Total partners capital1,469,4161,550,374


Total liabilities and partners capital$7,723,898$7,922,139





Table 2


Financial table in standard format


AIMCO PROPERTIES, L.P.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per unit data)

(Unaudited)







     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




     
     
    Three Months Ended
     
     
    Six Months Ended
     




     
     
    June 30,
     
     
    June 30,
     




     
     
    2010
     
     
    2009
     
     
    2010
     
     
    2009
     








    
REVENUES:

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Rental and other property revenues

     
    $
    285,395
     
     
    $
    279,041
     
     
    $
    570,622
     
     
    $
    559,303
     




    
Asset management and tax credit revenues

     
     
    9,596
     
     
     
    12,606
     
     
     
    13,853
     
     
     
    22,144
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Total revenues

     
     
    294,991
     
     
     
    291,647
     
     
     
    584,475
     
     
     
    581,447
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
OPERATING EXPENSES:

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Property operating expenses

     
     
    132,946
     
     
     
    125,665
     
     
     
    271,354
     
     
     
    259,149
     




    
Investment management expenses

     
     
    5,141
     
     
     
    4,716
     
     
     
    8,370
     
     
     
    8,506
     




    
Depreciation and amortization

     
     
    108,667
     
     
     
    108,437
     
     
     
    217,006
     
     
     
    212,606
     




    
Provision for operating real estate impairment losses

     
     
    
     
     
     
    1,569
     
     
     
    
     
     
     
    2,079
     




    
General and administrative expenses

     
     
    15,184
     
     
     
    14,577
     
     
     
    26,919
     
     
     
    30,837
     




    
Other (income) expenses, net

     
     
    (6,693
    )
     
     
    3,748
     
     
     
    (3,592
    )
     
     
    5,229
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Total operating expenses

     
     
    255,245
     
     
     
    258,712
     
     
     
    520,057
     
     
     
    518,406
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Operating income

     
     
    39,746
     
     
     
    32,935
     
     
     
    64,418
     
     
     
    63,041
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Interest income

     
     
    2,142
     
     
     
    2,430
     
     
     
    5,576
     
     
     
    5,940
     




    
Recovery of (provision for) losses on notes receivable, net

     
     
    148
     
     
     
    (1,534
    )
     
     
    (278
    )
     
     
    (1,685
    )




    
Interest expense

     
     
    (79,499
    )
     
     
    (81,771
    )
     
     
    (159,294
    )
     
     
    (162,068
    )




    
Equity in (losses) earnings of unconsolidated real estate partnerships

     
     
    (7,224
    )
     
     
    (1,696
    )
     
     
    727
     
     
     
    (3,736
    )




    
Gain on dispositions of unconsolidated real estate and other, net

     
     
    4,970
     
     
     
    3,463
     
     
     
    7,612
     
     
     
    14,327
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Loss before income taxes and discontinued operations

     
     
    (39,717
    )
     
     
    (46,173
    )
     
     
    (81,239
    )
     
     
    (84,181
    )




    
Income tax benefit

     
     
    3,598
     
     
     
    2,473
     
     
     
    7,369
     
     
     
    4,949
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Loss from continuing operations

     
     
    (36,119
    )
     
     
    (43,700
    )
     
     
    (73,870
    )
     
     
    (79,232
    )




    
Income from discontinued operations, net

     
     
    26,163
     
     
     
    36,279
     
     
     
    47,366
     
     
     
    39,440
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Net loss

     
     
    (9,956
    )
     
     
    (7,421
    )
     
     
    (26,504
    )
     
     
    (39,792
    )




    
Net loss (income) attributable to noncontrolling interests in
consolidated real estate partnerships

     
     
    2,716
     
     
     
    (11,692
    )
     
     
    (9,418
    )
     
     
    (5,411
    )




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Net loss attributable to the Partnership

     
     
    (7,240
    )
     
     
    (19,113
    )
     
     
    (35,922
    )
     
     
    (45,203
    )




    
Net income attributable to the Partnerships preferred unitholders

     
     
    (11,811
    )
     
     
    (13,223
    )
     
     
    (26,426
    )
     
     
    (27,458
    )




    
Net income attributable to participating securities

     
     
    (42
    )
     
     
    
     
     
     
    
     
     
     
    
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Net loss attributable to the Partnerships common unitholders

     
    $
    (19,093
    )
     
    $
    (32,336
    )
     
    $
    (62,348
    )
     
    $
    (72,661
    )




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Earnings (loss) per common unit  basic and diluted (Note 6):

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Loss from continuing operations attributable to the Partnerships
common unitholders

     
    $
    (0.30
    )
     
    $
    (0.39
    )
     
    $
    (0.74
    )
     
    $
    (0.72
    )




    
Income from discontinued operations attributable to the
Partnerships
common unitholders

     
     
    0.15
     
     
     
    0.13
     
     
     
    0.24
     
     
     
    0.12
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Net loss attributable to the Partnerships common unitholders

     
    $
    (0.15
    )
     
    $
    (0.26
    )
     
    $
    (0.50
    )
     
    $
    (0.60
    )




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Weighted average common units outstanding, basic and diluted

     
     
    124,663
     
     
     
    124,333
     
     
     
    124,521
     
     
     
    121,997
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Distributions declared per common unit

     
    $
    0.10
     
     
    $
    0.10
     
     
    $
    0.10
     
     
    $
    0.10
     




    
 

     
         
     
     
         
     
     
         
     
     
         
     










AIMCO PROPERTIES LP
CIK:926660


2010-03-30
to
2010-06-30
(3-months)		
2009-03-30
to
2009-06-30
(3-months)		
2009-12-30
to
2010-06-30
(6-months)		
2008-12-30
to
2009-06-30
(6-months)		

REVENUES:


Rental and other property revenues$285,395$279,041$570,622$559,303


Asset management and tax credit revenues9,59612,60613,85322,144


Total revenues294,991291,647584,475581,447


OPERATING EXPENSES:


Property operating expenses132,946125,665271,354259,149


Investment management expenses5,1414,7168,3708,506


Depreciation and amortization108,667108,437217,006212,606


Provision for operating real estate impairment losses1,5692,079


General and administrative expenses15,18414,57726,91930,837


Other (income) expenses, net(6,693)3,748(3,592)5,229


Total operating expenses255,245258,712520,057518,406


Operating income39,74632,93564,41863,041


Interest income2,1422,4305,5765,940


Recovery of (provision for) losses on notes receivable, net148(1,534)(278)(1,685)


Interest expense(79,499)(81,771)(159,294)(162,068)


Equity in (losses) earnings of unconsolidated real estate partnerships(7,224)(1,696)727(3,736)


Gain on dispositions of unconsolidated real estate and other, net4,9703,4637,61214,327


Loss before income taxes and discontinued operations(39,717)(46,173)(81,239)(84,181)


Income tax benefit3,5982,4737,3694,949


Loss from continuing operations(36,119)(43,700)(73,870)(79,232)


Income from discontinued operations, net26,16336,27947,36639,440


Net loss(9,956)(7,421)(26,504)(39,792)


Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships2,716(11,692)(9,418)(5,411)


Net loss attributable to the Partnership(7,240)(19,113)(35,922)(45,203)


Net income attributable to the Partnerships preferred unitholders(11,811)(13,223)(26,426)(27,458)


Net income attributable to participating securities(42)


Net loss attributable to the Partnerships common unitholders$(19,093)$(32,336)$(62,348)$(72,661)


Earnings (loss) per common unit basic and diluted (Note 6):


Loss from continuing operations attributable to the Partnerships common unitholders$(0.30)$(0.39)$(0.74)$(0.72)


Income from discontinued operations attributable to the Partnerships common unitholders0.150.130.240.12


Net loss attributable to the Partnerships common unitholders$(0.15)$(0.26)$(0.50)$(0.60)


Weighted average common units outstanding, basic and diluted124,663124,333124,521121,997


Distributions declared per common unit$0.10$0.10$0.10$0.10





Table 3


Table column format standardization was unsuccessful.


Effective January 1, 2010, we adopted the provisions of FASB Accounting Standards Update 2009-17,

Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities,

or ASU 2009-17, on a prospective basis. ASU 2009-17, which modified the guidance in FASB ASC Topic 810, introduces a more qualitative approach to evaluating VIEs for consolidation and requires a company to perform an analysis to determine whether its variable interests give it a controlling financial interest in a VIE. This analysis identifies the primary beneficiary of a VIE as the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In determining whether it has the power to direct the activities of the VIE that most significantly affect the VIEs performance, ASU 2009-17 requires a company to assess whether it has an implicit financial responsibility to ensure that a VIE operates as designed, requires continuous reassessment of primary beneficiary status rather than periodic, event-driven assessments as previously required, and incorporates expanded disclosure requirements.

In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to the business activities of us and the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

As a result of our adoption of ASU 2009-17, we concluded we are the primary beneficiary of, and therefore consolidated, approximately 49 previously unconsolidated partnerships. Those partnerships own, or control other entities that own, 31 apartment properties. Our direct and indirect interests in the profits and losses of those partnerships range from less than 1% to 35%, and average approximately 7%. We applied the practicability exception for initial measurement of consolidated VIEs to partnerships that own 13 properties and accordingly recognized the consolidated assets, liabilities and noncontrolling interests at fair value effective January 1, 2010 (refer to the Fair Value Measurements section for further information regarding certain of the fair value amounts recognized upon consolidation). We deconsolidated partnerships that own ten apartment properties in which we hold an average interest of approximately 55%. The initial consolidation and deconsolidation of these partnerships resulted in increases (decreases), net of intercompany eliminations, in amounts included in our consolidated balance sheet as of January 1, 2010, as follows (in thousands):







     
     
     
     
     
     
     
     
     




     
     
    Consolidation
     
     
    Deconsolidation
     








    
Real estate, net

     
    $
    144,292
     
     
    $
    (86,151
    )




    
Cash and cash equivalents and restricted cash

     
     
    25,047
     
     
     
    (7,425
    )




    
Accounts and notes receivable

     
     
    (13,456
    )
     
     
    6,002
     




    
Investment in unconsolidated real estate partnerships

     
     
    47,974
     
     
     
    11,302
     




    
Other assets

     
     
    4,190
     
     
     
    (1,084
    )




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Total assets

     
    $
    208,047
     
     
    $
    (77,356
    )




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Total indebtedness

     
    $
    131,710
     
     
    $
    (56,938
    )




    
Accrued and other liabilities

     
     
    37,504
     
     
     
    (15,005
    )




    
 

     
     
     
     
     
     




    
Total liabilities

     
     
    169,214
     
     
     
    (71,943
    )




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Cumulative effect of a change in accounting principle:

     
     
     
     
     
     
     
     




    
Noncontrolling interests

     
     
    76,051
     
     
     
    (8,501
    )




    
The Partnership

     
     
    (37,218
    )
     
     
    3,088
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Total partners capital

     
     
    38,833
     
     
     
    (5,413
    )




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Total liabilities and partners capital

     
    $
    208,047
     
     
    $
    (77,356
    )




    
 

     
         
     
     
         
     







Unable to find the column headers.


Table internal representation dump (debug use)
First numeric data row: 0
First row with column header attributes: 
Last row with column header attributes:  

Row 0

Row 1
    (2..3)   [1..1] (stub): 'Consolidation'
    (6..7)   [2..2] (stub): 'Deconsolidation'

Row 2
    [0..0)   [0..0] (stub): 'Real estate, net'
    [2..3]   [1..1] ( num): '$144,292'
      Attributes: num=>292 [1..1]  
    [6..8)   [2..2] ( num): '$(86,151)'

Row 3
    [0..0)   [0..0] (stub): 'Cash and cash equivalents and restricted cash'
    (3..3]   [1..1] ( num): '25,047'
      Attributes: num=>25 [1..1]  num=>047 [1..1]  
    (7..8)   [2..2] ( num): '(7,425)'

Row 4
    [0..0)   [0..0] (stub): 'Accounts and notes receivable'
    (3..4)   [1..1] ( num): '(13,456)'
    (7..7]   [2..2] ( num): '6,002'
      Attributes: num=>6 [2..2]  num=>002 [2..2]  

Row 5
    [0..0)   [0..0] (stub): 'Investment in unconsolidated real estate partnerships'
    (3..3]   [1..1] ( num): '47,974'
      Attributes: num=>47 [1..1]  num=>974 [1..1]  
    (7..7]   [2..2] ( num): '11,302'
      Attributes: num=>11 [2..2]  num=>302 [2..2]  

Row 6
    [0..0)   [0..0] (stub): 'Other assets'
    (3..3]   [1..1] ( num): '4,190'
      Attributes: num=>4 [1..1]  num=>190 [1..1]  
    (7..8)   [2..2] ( num): '(1,084)'

Row 7

Row 8

Row 9
    [0..0)   [0..0] (stub): 'Total assets'
    [2..3]   [1..1] ( num): '$208,047'
      Attributes: num=>047 [1..1]  
    [6..8)   [2..2] ( num): '$(77,356)'

Row 10

Row 11

Row 12
    [0..0)   [0..0] (stub): 'Total indebtedness'
    [2..3]   [1..1] ( num): '$131,710'
      Attributes: num=>710 [1..1]  
    [6..8)   [2..2] ( num): '$(56,938)'

Row 13
    [0..0)   [0..0] (stub): 'Accrued and other liabilities'
    (3..3]   [1..1] ( num): '37,504'
      Attributes: num=>37 [1..1]  num=>504 [1..1]  
    (7..8)   [2..2] ( num): '(15,005)'

Row 14

Row 15
    [0..0)   [0..0] (stub): 'Total liabilities'
    (3..3]   [1..1] ( num): '169,214'
      Attributes: num=>169 [1..1]  num=>214 [1..1]  
    (7..8)   [2..2] ( num): '(71,943)'

Row 16

Row 17

Row 18
    [0..0)   [0..0] (stub): 'Cumulative effect of a change in accounting principle:'

Row 19
    [0..0)   [0..0] (stub): 'Noncontrolling interests'
    (3..3]   [1..1] ( num): '76,051'
      Attributes: num=>76 [1..1]  num=>051 [1..1]  
    (7..8)   [2..2] ( num): '(8,501)'

Row 20
    [0..0)   [0..0] (stub): 'The Partnership'
    (3..4)   [1..1] ( num): '(37,218)'
    (7..7]   [2..2] ( num): '3,088'
      Attributes: num=>3 [2..2]  num=>088 [2..2]  

Row 21

Row 22

Row 23
    [0..0)   [0..0] (stub): 'Total partners capital'
    (3..3]   [1..1] ( num): '38,833'
      Attributes: num=>38 [1..1]  num=>833 [1..1]  
    (7..8)   [2..2] ( num): '(5,413)'

Row 24

Row 25

Row 26
    [0..0)   [0..0] (stub): 'Total liabilities and partners capital'
    [2..3]   [1..1] ( num): '$208,047'
      Attributes: num=>047 [1..1]  
    [6..8)   [2..2] ( num): '$(77,356)'

Row 27



Prototype ranges:
14 rows: 26 23 20 19 15 13 12 9 6 5 4 3 2 27 
    [0..0)   [0..0] (stub): ''
    [2..4)   [1..1] ( num): ''
    [6..8)   [2..2] ( num): ''

Best data column prototype:
14 rows: 26 23 20 19 15 13 12 9 6 5 4 3 2 27 
    [0..0)   [0..0] (stub): ''
    [2..4)   [1..1] ( num): ''
    [6..8)   [2..2] ( num): ''

Table attributes: assets,balancesheet,date,liabilities,cash



Table 4


Financial table in standard format


In periods prior to 2009, when consolidated real estate partnerships made cash distributions to partners in excess of the carrying amount of the noncontrolling interest, we generally recorded a charge to earnings equal to the amount of such excess distribution, even though there was no economic effect or cost. Also prior to 2009, we allocated the noncontrolling partners share of partnership losses to noncontrolling partners to the extent of the carrying amount of the noncontrolling interest. Consolidation of a partnership does not ordinarily result in a change to the net amount of partnership income or loss that is recognized using the equity method. However, prior to 2009, when a partnership had a deficit in equity, GAAP may have required the controlling partner that consolidates the partnership to recognize any losses that would otherwise be allocated to noncontrolling partners, in addition to the controlling partners share of losses. Certain of the partnerships that we consolidated in accordance with ASU 2009-17 had deficits in equity that resulted from losses or deficit distributions during prior periods when we accounted for our investment using the equity method. We would have been required to recognize the noncontrolling partners share of those losses had we consolidated those partnerships in those periods prior to 2009. In accordance with our prospective transition method for the adoption of ASU 2009-17 related to our consolidation of previously unconsolidated partnerships, we recorded a $37.2 million charge to our partners capital, the majority of which was attributed to the cumulative amount of additional losses that we would have recognized had we applied ASU 2009-17 in periods prior to 2009. Substantially all of those losses were attributable to real estate depreciation expense.

Our consolidated statements of operations for the three and six months ended June 30, 2010, include the following amounts for the entities and related real estate properties consolidated as of January 1, 2010, in accordance with ASU 2009-17 (in thousands):







     
     
     
     
     
     
     
     
     




     
     
    Three Months
     
     
    Six Months
     




     
     
    Ended
     
     
    Ended
     




     
     
    June 30, 2010
     
     
    June 30, 2010
     








    
Rental and other property revenues

     
    $
    8,222
     
     
    $
    16,272
     




    
Operating expenses

     
     
    (4,577
    )
     
     
    (9,203
    )




    
Depreciation and amortization

     
     
    (2,458
    )
     
     
    (4,685
    )




    
Other income (expenses)

     
     
    258
     
     
     
    (328
    )




    
 

     
     
     
     
     
     




    
Operating income

     
     
    1,445
     
     
     
    2,056
     




    
Interest income

     
     
    
     
     
     
    16
     




    
Interest expense

     
     
    (2,258
    )
     
     
    (4,423
    )




    
Equity in losses of unconsolidated real estate partnerships

     
     
    (5,787
    )
     
     
    (7,005
    )




    
Gain on disposition of unconsolidated real estate and other

     
     
    3,819
     
     
     
    5,167
     




    
 

     
     
     
     
     
     




    
Net loss

     
     
    (2,781
    )
     
     
    (4,189
    )




    
Net loss attributable to noncontrolling interests in
consolidated real estate partnerships

     
     
    3,546
     
     
     
    4,855
     




    
 

     
     
     
     
     
     




    
Net income attributable to the Partnership

     
    $
    765
     
     
    $
    666
     




    
 

     
         
     
     
         
     










AIMCO PROPERTIES LP
CIK:926660


2010-03-30
to
2010-06-30
(3-months)		
2009-12-30
to
2010-06-30
(6-months)		

Rental and other property revenues$8,222$16,272


Operating expenses(4,577)(9,203)


Depreciation and amortization(2,458)(4,685)


Other income (expenses)258(328)


Operating income1,4452,056


Interest income16


Interest expense(2,258)(4,423)


Equity in losses of unconsolidated real estate partnerships(5,787)(7,005)


Gain on disposition of unconsolidated real estate and other3,8195,167


Net loss(2,781)(4,189)


Net loss attributable to noncontrolling interests in consolidated real estate partnerships3,5464,855


Net income attributable to the Partnership$765$666





Table 5


Table column format standardization was unsuccessful.







     
     
     




    (2)
     
    
Total rate of return swaps have contractually-defined termination values generally equal
to the difference between the fair value and the counterpartys purchased value of the
underlying borrowings. We calculate the termination value, which we believe is
representative of the fair value, of total rate of return swaps using a market approach by
reference to estimates of the fair value of the underlying borrowings, which are discussed
below, and an evaluation of potential changes in the credit quality of the counterparties to
these arrangements.





 




    (3)
     
    
This represents changes in fair value of debt subject to our total rate of return swaps.
We estimate the fair value of debt instruments using an income and market approach,
including comparison of the contractual terms to observable and unobservable inputs such as
market interest rate risk spreads, collateral quality and loan-to-value ratios on similarly
encumbered assets within our portfolio. These borrowings are collateralized and
non-recourse to us; therefore, we believe changes in our credit rating will not materially
affect a market participants estimate of the borrowings fair value.





 




    (4)
     
    
Unrealized gains (losses) relate to periodic revaluations of fair value and have not
resulted from the settlement of a swap position.





 




    (5)
     
    
These amounts are included in interest expense in the accompanying condensed consolidated
statements of operations.









Unable to find the column headers.


Table internal representation dump (debug use)
First numeric data row: 0
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Row 0

Row 1
    [0..0)   [0..0] ( num): '(2)'
    [2..2)   [1..1] (stub): 'Total rate of return swaps have contractually-defined termination values generally equal to the difference between the fair value and the counterpartys purchased value of the underlying borrowings. We calculate the termination value, which we believe is representative of the fair value, of total rate of return swaps using a market approach by reference to estimates of the fair value of the underlying borrowings, which are discussed below, and an evaluation of potential changes in the credit quality of the counterparties to these arrangements.'

Row 2

Row 3
    [0..0)   [0..0] ( num): '(3)'
    [2..2)   [1..1] (stub): 'This represents changes in fair value of debt subject to our total rate of return swaps. We estimate the fair value of debt instruments using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, collateral quality and loan-to-value ratios on similarly encumbered assets within our portfolio. These borrowings are collateralized and non-recourse to us; therefore, we believe changes in our credit rating will not materially affect a market participants estimate of the borrowings fair value.'

Row 4

Row 5
    [0..0)   [0..0] ( num): '(4)'
    [2..2)   [1..1] (stub): 'Unrealized gains (losses) relate to periodic revaluations of fair value and have not resulted from the settlement of a swap position.'

Row 6

Row 7
    [0..0)   [0..0] ( num): '(5)'
    [2..2)   [1..1] (stub): 'These amounts are included in interest expense in the accompanying condensed consolidated statements of operations.'



Prototype ranges:
4 rows: 7 5 3 1 
    [0..0)   [0..0] ( num): ''
    [2..2)   [1..1] (stub): ''

Best data column prototype:
4 rows: 7 5 3 1 
    [0..0)   [0..0] ( num): ''
    [2..2)   [1..1] (stub): ''

Table attributes: assets,incomestatement



Table 6


Table column format standardization was unsuccessful.


 

 

 

(2)

 

Total rate of return swaps have contractually-defined termination values generally equal to the difference between the fair value and the counterpartys purchased value of the underlying borrowings. We calculate the termination value, which we believe is representative of the fair value, of total rate of return swaps using a market approach by reference to estimates of the fair value of the underlying borrowings, which are discussed below, and an evaluation of potential changes in the credit quality of the counterparties to these arrangements.

 

(3)

 

This represents changes in fair value of debt subject to our total rate of return swaps. We estimate the fair value of debt instruments using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, collateral quality and loan-to-value ratios on similarly encumbered assets within our portfolio. These borrowings are collateralized and non-recourse to us; therefore, we believe changes in our credit rating will not materially affect a market participants estimate of the borrowings fair value.

 

(4)

 

Unrealized gains (losses) relate to periodic revaluations of fair value and have not resulted from the settlement of a swap position.

 

(5)

 

These amounts are included in interest expense in the accompanying condensed consolidated statements of operations.

The table below presents information regarding amounts measured at fair value in our consolidated financial statements on a nonrecurring basis during the six months ended June 30, 2010, all of which were based, in part, on significant unobservable inputs classified within Level 3 of the valuation hierarchy (in thousands):







     
     
     
     
     
     
     
     
     




     
     
    Fair value
     
     
    Total
     




     
     
    measurement
     
     
    gain (loss)
     








    
Real estate (impairments losses) (1)

     
    $
    29,050
     
     
    $
    (6,883
    )




    
Real estate (newly consolidated) (2)(3)

     
     
    117,083
     
     
     
    236
     




    
Property debt (newly consolidated) (2)(4)

     
     
    83,890
     
     
     
    
     







Unable to find the column headers.


Table internal representation dump (debug use)
First numeric data row: 0
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Row 0

Row 1
    (2..3)   [1..1] (stub): 'Fair value'
    (6..7)   [2..2] (stub): 'Total'

Row 2
    (2..3)   [1..1] (stub): 'measurement'
    (6..7)   [2..2] (stub): 'gain (loss)'

Row 3
    [0..0)   [0..0] (stub): 'Real estate (impairments losses) (1)'
    [2..3]   [1..1] ( num): '$29,050'
      Attributes: num=>050 [1..1]  
    [6..8)   [2..2] ( num): '$(6,883)'

Row 4
    [0..0)   [0..0] (stub): 'Real estate (newly consolidated) (2)(3)'
    (3..3]   [1..1] ( num): '117,083'
      Attributes: num=>117 [1..1]  num=>083 [1..1]  
    (7..7]   [2..2] ( num): '236'
      Attributes: num=>236 [2..2]  

Row 5
    [0..0)   [0..0] (stub): 'Property debt (newly consolidated) (2)(4)'
    (3..3]   [1..1] ( num): '83,890'
      Attributes: num=>83 [1..1]  num=>890 [1..1]  



Prototype ranges:
3 rows: 4 3 5 
    [0..0)   [0..0] (stub): ''
    [2..3]   [1..1] ( num): ''
    [6..8)   [2..2] ( num): ''

Best data column prototype:
3 rows: 4 3 5 
    [0..0)   [0..0] (stub): ''
    [2..3]   [1..1] ( num): ''
    [6..8)   [2..2] ( num): ''

Table attributes: assets,date,incomestatement



Table 7


Financial table in standard format


 

 

 

 

 

 

 

 

 

 

 

Fair value

 

 

Total

 

 

 

measurement

 

 

gain (loss)

 

Real estate (impairments losses) (1)

 

$

29,050

 

 

$

(6,883

)

Real estate (newly consolidated) (2)(3)

 

 

117,083

 

 

 

236

 

Property debt (newly consolidated) (2)(4)

 

 

83,890

 

 

 

 







     
     
     




    (1)
     
    
During the six months ended June 30, 2010, we reduced the carrying amounts of real estate
assets classified as held for sale to their estimated fair value, less estimated costs to
sell.





 




    (2)
     
    
In connection with our adoption of ASU 2009-17 (see preceding discussion of Variable
Interest Entities) and reconsideration events during the six months ended June 30, 2010, we
consolidated 17 partnerships at fair value. With the exception of such partnerships
investments in real estate properties and related non-recourse property debt obligations, we
determined the carrying amounts of the related assets and liabilities approximated their
fair values. The difference between our recorded investments in such partnerships and the
fair value of the assets and liabilities recognized in consolidation, resulted in an
adjustment of consolidated partners capital (allocated between the Partnership and
noncontrolling interests) for those partnerships consolidated in connection with our
adoption of ASU 2009-17. For the partnerships we consolidated at fair value due to
reconsideration events during the six months ended June 30, 2010, the difference between our
recorded investments in such partnerships and the fair value of the assets, liabilities and
noncontrolling interests recognized upon consolidation resulted in our recognition of a
gain, which is included in gain on disposition of unconsolidated real estate and other in
our consolidated statement of operations for the six months ended June 30, 2010.





 




    (3)
     
    
We estimate the fair value of real estate using income and market valuation techniques
using information such as broker estimates, purchase prices for recent transactions on
comparable assets and net operating income capitalization analyses using observable and
unobservable inputs such as capitalization rates, asset quality grading, geographic location
analysis, and local supply and demand observations.





 




    (4)
     
    
Refer to the recurring fair value measurements table for an explanation of the valuation
techniques we use to estimate the fair value of debt.












AIMCO PROPERTIES LP
CIK:926660




(3)


(4)





Data column 1: "numyear" is ambiguous (2010 or 2010 or 2010 or 2010)

Data column 1: "month" is ambiguous (6 or 6 or 6 or 6)

Data column 1: "dayofmonth" is ambiguous (30 or 30 or 30 or 30)

Data column 1: Unable to interpret date in column header


Table 8


Financial table in standard format


NOTE 3 Real Estate Dispositions

Real Estate Dispositions (Discontinued Operations)

We are currently marketing for sale certain real estate properties that are inconsistent with our long-term investment strategy. At the end of each reporting period, we evaluate whether such properties meet the criteria to be classified as held for sale, including whether such properties are expected to be sold within 12 months. Additionally, certain properties that do not meet all of the criteria to be classified as held for sale at the balance sheet date may nevertheless be sold and included in discontinued operations in the subsequent 12 months; thus, the number of properties that may be sold during the subsequent 12 months could exceed the number classified as held for sale. At June 30, 2010 and December 31, 2009, we had one and 24 properties, with an aggregate of 198 and 3,745 units, respectively, classified as held for sale. Amounts classified as held for sale in the accompanying condensed consolidated balance sheets are as follows (in thousands):







     
     
     
     
     
     
     
     
     




     
     
    June 30,
     
     
    December 31,
     




     
     
    2010
     
     
    2009
     








    
Real estate, net

     
    $
    5,725
     
     
    $
    133,886
     




    
Other assets

     
     
    325
     
     
     
    2,850
     




    
 

     
     
     
     
     
     




    
Assets held for sale

     
    $
    6,050
     
     
    $
    136,736
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Property debt

     
    $
    3,135
     
     
    $
    117,271
     




    
Other liabilities

     
     
    141
     
     
     
    3,966
     




    
 

     
     
     
     
     
     




    
Liabilities related to assets held for sale

     
    $
    3,276
     
     
    $
    121,237
     




    
 

     
         
     
     
         
     










AIMCO PROPERTIES LP
CIK:926660


2010-06-30
2009-12-31

Real estate, net$5,725$133,886


Other assets3252,850


Assets held for sale$6,050$136,736


Property debt$3,135$117,271


Other liabilities1413,966


Liabilities related to assets held for sale$3,276$121,237





Table 9


Financial table in standard format


ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of Operations

Forward Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements in certain circumstances. Certain information included in this Report contains or may contain information that is forward-looking, within the meaning of the federal securities laws, including, without limitation, statements regarding our ability to maintain current or meet projected occupancy, rental rates and property operating results. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond our control, including, without limitation: financing risks, including the availability and cost of capital markets financing and the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; earnings may not be sufficient to maintain compliance with debt covenants; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions; the terms of governmental regulations that affect us and interpretations of those regulations; the competitive environment in which we operate; the timing of acquisitions and dispositions; insurance risk, including the cost of insurance; natural disasters and severe weather such as hurricanes; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; energy costs; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us. In addition, Aimcos current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on its ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership. Readers should carefully review our financial statements and the notes thereto, as well as the section entitled Risk Factors described in Item 1A of our Annual Report on

Form 10-K

for the year ended December 31, 2009, and the other documents we file from time to time with the Securities and Exchange Commission. As used herein and except as the context otherwise requires, we, our, us and the Company refer to AIMCO Properties, L.P. (which we refer to as the Partnership) and the Partnerships consolidated corporate subsidiaries and consolidated real estate partnerships, collectively.

Executive Overview

We are a limited partnership focused on the ownership and management of quality apartment communities located in the 20 largest markets in the United States (as measured by total market capitalization, which is the total market value of institutional-grade apartment properties in a particular market). We upgrade the quality of our portfolio through the sale of communities with rents below average market rents and the reinvestment of capital within these 20 target markets through redevelopment and acquisitions. Our apartment properties are generally financed with property-level, non-recourse, long-dated, fixed-rate, amortizing debt. We are the operating partnership for Aimco, which is a self-administered and self-managed real estate investment trust, or REIT.

We are one of the countrys largest owners and operators of both conventional and affordable properties. As of June 30, 2010, we owned or managed 817 apartment properties containing 129,350 units located in 43 states, the District of Columbia and Puerto Rico. Our primary sources of income and cash are rents associated with apartment leases.

The key financial indicators that we use in managing our business and in evaluating our financial condition and operating performance are: property net operating income, which is rental and other property revenues less direct property operating expenses, including real estate taxes; Net Asset Value, which is the estimated fair value of our assets, net of debt; Pro forma Funds From Operations, which is Funds From Operations excluding operating real estate impairment losses and preferred unit redemption related gains or losses; Adjusted Funds From Operations, which is Pro forma Funds From Operations less spending for Capital Replacements; same store property operating results; Free Cash Flow, which is net operating income less spending for Capital Replacements; financial coverage ratios; and leverage as shown on our balance sheet. Funds From Operations represents net income (loss), computed in accordance with GAAP, excluding gains from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Capital Replacements represent capital additions that are deemed to replace the consumed portion of acquired capital assets. The key macro-economic factors and non-financial indicators that affect our financial condition and operating performance are: household formations; rates of job growth; single-family and multifamily housing starts; interest rates; and availability and cost of financing.

Because our operating results depend primarily on income from our properties, the supply and demand for apartments influences our operating results. Additionally, the level of expenses required to operate and maintain our properties and the pace and price at which we redevelop, acquire and dispose of our apartment properties affect our operating results. Our cost of capital is affected by the conditions in the capital and credit markets and the terms that we negotiate for our equity and debt financings.

Highlights of our results of operations for the three months ended June 30, 2010 are summarized below:







     
    
     
    
Average daily occupancy for our Conventional Same Store
 properties remained high at 95.6%.




 



     
    
     
    
Conventional Same Store revenues for the three months ended June 30, 2010
decreased by 0.4% as compared to the three months ended June 30, 2009.  Renewal rates are now positive in all
but one market, while new lease rates are positive in several markets for the first time in more than a year. 













AIMCO PROPERTIES LP
CIK:926660





Original filing from SEC EDGAR system.