<PAGE> 1
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 27, 1998.
==============================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
SCHEDULE 13E-3
RULE 13e-3 TRANSACTION STATEMENT
(PURSUANT TO SECTION 13(e) OF THE
SECURITIES EXCHANGE ACT OF 1934)
--------------------
INSIGNIA PROPERTIES TRUST
(Name of the Issuer)
INSIGNIA PROPERTIES TRUST
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
(Name of Person(s) Filing Statement)
COMMON SHARES OF BENEFICIAL INTEREST, PAR VALUE $.01 PER SHARE
(Title of Class of Securities)
-----------
(CUSIP Number of Class of Securities)
Peter K. Kompaniez Patrick J. Foye
Vice Chairman of the Board of Directors Executive Vice President
Apartment Investment and Management Insignia Properties Trust
Company c/o Apartment Investment and
1873 South Bellaire Street, 17th Floor Management Company
Denver, Colorado 80222-4348 1873 South Bellaire Street,
(303) 757-8101 17th Floor
Denver, Colorado 80222-4348
(303) 757-8101
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications on
Behalf of Person(s) Filing Statement)
--------------------
Copies to:
Michael V. Gisser Allan R. Williams
Skadden, Arps, Slate, Meagher & Flom LLP Proskauer Rose LLP
300 South Grand Avenue, Suite 3400 1585 Broadway
Los Angeles, California 90071 New York, New York 10036-8299
(213) 687-5000 (212) 969-3000
<PAGE> 2
This statement is filed in connection with (check the appropriate
box):
a. [_] The filing of solicitation materials or an information statement
subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the
Securities Exchange Act of 1934.
b. [X] The filing of a registration statement under the Securities Act of
1933.
c. [_] A tender offer.
d. [_] None of the above.
Check the following box if the soliciting materials or information statement
referred to in checking box (a) are preliminary copies: [X]
Calculation of Filing Fee
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
Transaction Valuation Amount of Filing Fee
<S> <C>
Fully diluted common shares of beneficial interest, par value $.01
per share, of Insignia Properties Trust 23,599,538
Average of the high and low prices, reported
on the American Stock Exchange, on October 21, 1998 $ 12.125
-------------
286,144,398
1/50th of 1% 0.0002
-------------
Amount of filing fee $ 57,229
=============
- --------------------------------------------------------------------------------------------------
</TABLE>
[X] Check box if any part of the fee is offset as provided by Rule 0-11(a)(2)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the form
or schedule and the date of its filing.
Amount Previously Paid: $ 79,548 Filing Party: Apartment Investment
and Management Company
Form or Registration No.: Form S-4 Date Filed: October 27, 1998
===============================================================================
<PAGE> 3
INTRODUCTION
This Rule 13e-3 Transaction Statement on Schedule 13E-3 is being filed
with the Securities and Exchange Commission (the "SEC") by Insignia Properties
Trust, a Maryland real estate investment trust ("IPT"), and Apartment Investment
and Management Company, a Maryland corporation ("AIMCO"), with respect to a
proposed merger pursuant to which IPT will be merged with and into AIMCO (the
"Merger") and AIMCO will be the surviving corporation.
The following cross-reference sheet is being supplied pursuant to
General Instruction F to Schedule 13E-3 and shows the location of the
information required by Schedule 13E-3 in the Information Statement/Prospectus,
as amended or supplemented ("Information Statement/Prospectus"), forming a part
of, or relating to, the registration statement on Form S-4 filed by AIMCO, with
the SEC, concurrently herewith. The information set forth in the
Information/Prospectus, including all annexes, schedules and exhibits thereto,
is hereby expressly incorporated by reference as set forth in the following
cross-reference sheet and in the responses to each item of this Schedule 13E-3,
and such responses are qualified in their entirety by the provisions of the
Information/Prospectus. The cross-reference sheet indicates the caption in the
Information/Prospectus under which the responses are incorporated herein by
reference. If any such item is inapplicable or the answer thereto is in the
negative and is omitted from the Information/Prospectus, it is so indicated in
the cross-reference sheet.
1
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CROSS REFERENCE SHEET
Pursuant to General Instruction F to Schedule 13E-3
<TABLE>
<CAPTION>
ALL REFERENCES ARE TO PORTIONS OF THE
SCHEDULE 13E-3 ITEM INFORMATION STATEMENT/PROSPECTUS WHICH
NUMBER AND CAPTION ARE INCORPORATED HEREIN BY REFERENCE
- ------------------- --------------------------------------
<S> <C> <C>
1. Issuer and Class of Security
Subject to the Transaction
(a) ................................... Outside Front Cover Page; "SUMMARY--The Companies."
(b) ................................... "PRINCIPAL SHAREHOLDERS OF IPT."
(c) ................................... "SUMMARY--Comparative Share Data."
(d) ................................... "SUMMARY--Comparative Share Data."
(e) ................................... Not applicable.
(f) ................................... Not applicable.
2. Identity and Background
(a)-(d) and (g)........................ "SUMMARY--The Companies;""BUSINESS OF IPT--Trustees and Executive Officers;"
"BOARD OF DIRECTORS AND OFFICERS OF AIMCO."
(e)-(f)................................ Not applicable.
3. Past Contacts, Transactions or
Negotiations
(a) ................................... "SUMMARY--Possible Conflicts of Interests of IPT Executive Officers and Trustees
in the Merger;" "SPECIAL FACTORS--Overview of the Merger;" "--Background of the
IFG Merger;" "Background of the Merger;" "--IPT's Reasons for the Merger;"
"Recommendation of the IPT Board;" "AIMCO's Reasons for the Merger;"
"--Interests of Trustees and Management of IPT in the Merger."
(b) ................................... "SPECIAL FACTORS--Overview of the Merger;" "--Background of the IFG Merger;"
"--Background of the Merger;" "--IPT's Reasons for the Merger; Recommendation
of the IPT Board;" "AIMCO's Reasons for the Merger;" "--Interests of Trustees and
Management of IPT in the Merger;" and "THE MERGER AGREEMENT AND TERMS OF THE
MERGER."
</TABLE>
2
<PAGE> 5
<TABLE>
<CAPTION>
<S> <C> <C>
Record Date, Quorum and Vote Required
4. Terms of the Transaction
(a) ................................... "QUESTIONS AND ANSWERS ABOUT THE MERGER;" "SUMMARY;" "SPECIAL FACTORS--Overview of
the Merger;" IPT's Reasons for the Merger; Recommendation of the IPT Board;"
"--Background of the IFG Merger;" "--Background of the Merger."
(b) ................................... "SUMMARY--Potential Conflicts Interests of IPT Trustees and Executive Officers;"
"INFORMATION CONCERNING THE SPECIAL MEETING--Record Date, Quorum and Vote
Required;" "THE MERGER AGREEMENT AND TERMS OF THE MERGER" "SPECIAL
FACTORS--Background of the IFG Merger;" "--Background of the Merger;" "Overview of
the Merger."
5. Plans or Proposals of the Issuer
or Affiliate
(a)-(b)................................ "SPECIAL FACTORS--Certain Effects of the Merger; Plans for IPT After the Merger;"
"--AIMCO's Reasons for the Merger" "--Overview of the Merger;" "--Background of
the IFG Merger;" "Background of Merger."
(c) ................................... "SPECIAL FACTORS--Certain Effects of the Merger; Plans for IPT After the Merger;"
"--Overview of the Merger;" "--Interests of Trustees and Management of IPT in the
Merger."
(d)-(e)................................ "SPECIAL FACTORS--Accounting Treatment;" "--Certain Effects of the Merger; Plans
for IPT After the Merger."
(f).................................... "SPECIAL FACTORS--Certain Effects of the Merger; Plans for IPT After the Merger".
(g) ................................... "SPECIAL FACTORS--Certain Effects of the Merger; Plans for IPT After the Merger".
</TABLE>
3
<PAGE> 6
<TABLE>
<CAPTION>
6. Source and Amounts of Funds
or Other Consideration
<S> <C>
(a) ................................... "SPECIAL FACTORS--AIMCO's Reasons for the Merger."
(b) ................................... "SPECIAL FACTORS--Transaction Costs."
(c) ................................... "SPECIAL FACTORS--AIMCO's Reasons for the Merger."
(d) ................................... Not applicable.
7. Purpose(s), Alternatives,
Reasons and Effects
(a)-(c)................................ "QUESTIONS AND ANSWERS ABOUT THE MERGER;" "SPECIAL FACTORS --Background of the IFG
Merger;" "--Background of the Merger;" "--IPT's Reasons for the Merger;
Recommendation of the IPT Board;" "--Federal Income Tax Consequences of the
Merger;" "--AIMCO's Reasons for the Merger;" "--Certain Effects of the Merger;
Plans for IPT After the Merger."
(d).................................... "QUESTIONS AND ANSWERS ABOUT THE MERGER;" "SUMMARY;" "SPECIAL
FACTORS--Recommendation of the IPT Board;" "--Opinion of Financial Advisor to the
IPT Board;" "--AIMCO's Reasons for the Merger;" "--Certain Effects of the Merger;
Plans for IPT After the Merger;" IPT's Reasons for the Merger; Recommendation of
the IPT Board;" "--Interests of IPT Trustees and Management in the Merger;"
"--Accounting Treatment of the Merger;" "THE MERGER AGREEMENT AND TERMS OF THE
MERGER."
8. Fairness of the Transaction
(a)-(b)................................ "QUESTIONS AND ANSWERS ABOUT THE MERGER;" "SUMMARY--IPT Board;" "--Fairness
Opinion of Financial Advisor;" "SPECIAL FACTORS--Overview of the Merger;"
"--Background of the IFG Merger;" "--Background of the Merger;" "--IPT's Reasons
for the Merger; Recommendation of the IPT Board;" "--AIMCO's Reasons for the
Merger;" "--Opinion of Financial Advisor to the IPT Board;" "ANNEX B"
(c) ................................... "QUESTIONS AND ANSWERS ABOUT THE MERGER;" "SUMMARY--The Special Meeting; Required
Vote;" "INFORMATION CONCERNING THE SPECIAL MEETING--Record Date, Quorum and Vote
Required;" "SPECIAL FACTORS--The IPT's Reasons for the Merger; Recommendation of
the IPT Board;" "AIMCO's Reasons for the Merger;" "THE MERGER
AGREEMENT--Certain Covenants--Shareholders' Approval;" "--Vote of IPT Common
Shares Owned by AIMCO;" "--Conditions to Consummation of the Merger."
</TABLE>
4
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<TABLE>
<CAPTION>
<S> <C> <C>
(d) ................................... "SPECIAL FACTORS--IPT's Reasons for the Merger; Recommendation of the IPT Board."
(e) ................................... "SUMMARY--IPT Board of Trustees"
(f) ................................... Not Applicable.
9. Reports, Opinions, Appraisals
and Certain Negotiations
(a)-(c)................................ "SUMMARY--Fairness Opinion of Financial Advisor;" "SPECIAL FACTORS--Background of
the IFG Merger;" "--Background of the Merger;" "-- IPT's Reasons for the Merger;
Recommendation of the IPT Board;" "--AIMCO's Reasons for the Merger;" "--Opinion
of Financial Advisor to the IPT Board;" "ANNEX B."
10. Interest in Securities of the Issuer
(a) ................................... "SUMMARY--The Companies;" "--Possible Conflicts of Interest of IPT Trustees and
Executive Officers;" "INFORMATION CONCERNING THE SPECIAL MEETING-- Record Date,
Quorum and Vote Required;" "SPECIAL FACTORS--Background of the Merger;"
"--Interests of IPT Trustees and Management in the Merger."
(b) ................................... "SUMMARY--The Companies;" "SPECIAL FACTORS--Overview;" "--Background of the IFG
Merger;" "Background of the Merger;" "IPT's Reasons for the Merger; Recommendation
of the IPT Board."
11. Contracts, Arrangements or
Understandings with Respect
to the Issuer's Securities............. "SUMMARY--The Companies;" "INFORMATION CONCERNING THE SPECIAL MEETING--Record
Date, Quorum and Vote Required;" "SPECIAL FACTORS--Background of the IFG Merger;"
"--Background of the Merger;" "--Certain Effects of the Merger; Plans for IPT
After the Merger;" "THE MERGER AGREEMENT AND TERMS OF THE MERGER;" "ANNEX A."
12. Present Intention and
Recommendation of Certain
Persons with Regard to the
Transaction
(a)-(b)................................ "INFORMATION CONCERNING THE SPECIAL MEETING--Record Date, Quorum and Vote
Required;" "SPECIAL FACTORS--IPT's Reasons for the Merger; Recommendation of the
IPT Board;" "--AIMCO's Reasons for the Merger."
</TABLE>
5
<PAGE> 8
<TABLE>
<CAPTION>
<S> <C> <C>
13. Other Provisions of the
Transaction
(a) ................................... "SUMMARY--No Appraisal Rights;" "THE SPECIAL MEETING --No Appraisal Rights;"
"SPECIAL FACTORS--No Appraisal Rights."
(b) ................................... Not applicable.
(c) ................................... Not applicable.
14. Financial Information
(a) ................................... "SUMMARY COMPARATIVE SHARE DATA;" "SUMMARY SELECTED HISTORICAL FINANCIAL DATA OF
AIMCO;" "SUMMARY CONSOLIDATED AND COMBINED FINANCIAL DATA OF IPT;" "WHERE YOU CAN
FIND MORE INFORMATION;" "INDEX TO FINANCIAL STATEMENTS."
(b) ................................... Not applicable.
15. Persons and Assets Employed,
Retained or Utilized
(a) ................................... "SPECIAL FACTORS -- Plans for IPT After the Merger;"
"--Interests of Trustees and Management of IPT in the Merger;" "--Transaction
Costs;" "THE MERGER AGREEMENT AND TERMS OF THE MERGER--Certain Covenants--Conduct
of Business."
(b) ................................... Not Applicable.
16. Additional Information................. The information set forth in the Information Statement/Prospectus and all Annexes
thereto is incorporated herein by reference in its entirety.
17. Material to be Filed as
Exhibits............................... Separately included herewith.
</TABLE>
6
<PAGE> 9
Item 1. ISSUER AND CLASS OF SECURITY SUBJECT TO THE TRANSACTION.
(a) The information concerning IPT, its securities and its principal
executive office set forth on the outside front cover page of the Information
Statement/Prospectus and in the sections entitled "SUMMARY--The Companies;" is
incorporated herein by reference.
(b) The information set forth in the section entitled "PRINCIPAL
SHAREHOLDERS OF IPT" is incorporated herein by reference.
(c) The information set forth in the sections entitled "SUMMARY--
Comparative Share Data" is incorporated herein by reference.
(d) The information set forth in the section entitled "SUMMARY--
Comparative Share Data" is incorporated herein by reference.
(e) Neither IPT nor AIMCO has made an underwritten public offering of
IPT Common Shares during the past three years which was registered under the
Securities Act of 1933, as amended, or exempt from registration thereunder
pursuant to Regulation A.
(f) None of AIMCO, its officers and its directors made no purchases
of IPT Common Shares prior to the time AIMCO became an affiliate of IPT.
Item 2. IDENTITY AND BACKGROUND.
(a)-(d) and (g) The persons filing this Statement are IPT and AIMCO.
The information set forth in the sections entitled "SUMMARY--The Companies;"
"BUSINESS OF IPT--Trustees and Executive Officers of IPT;" and "BOARD OF
DIRECTORS AND EXECUTIVE OFFICERS OF AIMCO" is incorporated herein by reference.
(e) and (f) During the last five years, none of IPT, AIMCO and, to the
best of their knowledge, any of their respective executive officers, directors,
or controlling persons, (i) has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors), or (ii) was a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was or is subject to a judgment, decree or
final order enjoining further violations of, or prohibiting activities, subject
to, Federal or state securities laws or finding any violation of such laws.
Item 3. PAST CONTACTS, TRANSACTIONS OR NEGOTIATIONS.
(a) The information set forth in the sections entitled "SUMMARY--
Possible Conflicts Interests of IPT Executive Officers and Trustees in the
Merger;" "SPECIAL FACTORS--Overview of the Merger;" "--Background of the IFG
Merger;" "--Background of the Merger" "--IPT's Reasons for the Merger;
Recommendation of the IPT Board;" "--AIMCO's Reasons for the Merger;" and
"--Interests of Trustees and Management of IPT in the Merger" is incorporated
herein by reference.
(b) The information set forth in the sections entitled "SPECIAL
FACTORS--Overview of the Merger;" "--Background of the IFG Merger;" "--IPT's
Reasons for the Merger; Recommendation of the IPT Board;" "--AIMCO's Reasons for
the Merger;" "--Interests of Trustees and Management of IPT in the Merger;"
and "THE MERGER AGREEMENT AND TERMS OF THE MERGER;" is incorporated herein by
reference.
7
<PAGE> 10
Item 4. TERMS OF THE TRANSACTION.
(a) The information set forth in the sections entitled "QUESTIONS AND
ANSWERS ABOUT THE MERGER;" "SUMMARY;" "SPECIAL FACTORS--Overview of the Merger;"
"--Background of the IFG Merger; "--Background of the Merger" and "--Certain
Effects of the Merger; Plans for IPT After the Merger" is incorporated herein
by reference.
(b) The information set forth in the sections entitled
"SUMMARY--Potential Conflicts of Interests of IPT Trustees and Executive
Officers in the Merger;" "INFORMATION CONCERNING THE SPECIAL MEETING--Record
Date, Quorum and Vote Required;" "SPECIAL FACTORS--Overview of the Merger;"
"--Background of the IFG Merger;" "--Background of the Merger;" "--Interests of
Trustees and Management of IPT in the Merger;" and "THE MERGER AGREEMENT AND
TERMS OF THE MERGER" is incorporated herein by reference.
Item 5. PLANS OR PROPOSALS OF THE ISSUER OR AFFILIATE.
(a)-(b) The information set forth in the sections entitled "SPECIAL
FACTORS--Certain Effects of the Merger; Plans for IPT After the Merger;"
"--Overview of the Merger;" "--Background of the IFG Merger;" "--Background of
the Merger" and "--AIMCO's Reasons for the Merger" is incorporated herein by
reference.
(c) The information set forth in the sections entitled "SPECIAL
FACTORS--Certain Effects of the Merger; Plans for IPT After the Merger;" and
"--Interests of Trustees and Management of IPT in the Merger" is incorporated
herein by reference.
(d)-(e) The information set forth in the sections entitled "SPECIAL
FACTORS--Accounting Treatment;" "--Certain Effects of the Merger; Plans for IPT
After the Merger." is incorporated herein by reference.
(f) The information set forth in the sections entitled "SPECIAL
FACTORS--Certain Effects of the Merger; Plans for IPT After the Merger" is
incorporated herein by reference.
(g) The information set forth in the section "SPECIAL FACTORS--Certain
Effects of the Merger; Plans for IPT After the Merger" is incorporated herein by
reference.
Item 6. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION
(a) The information set forth in the sections entitled and "SPECIAL
FACTORS--AIMCO's Reasons for the Merger" is incorporated herein by reference.
(b) The information set forth in the section entitled "SPECIAL
FACTORS--Transaction Costs" is incorporated herein by reference.
(c) The information set forth in the sections entitled "SPECIAL
FACTORS--AIMCO's Reasons for the Merger" is incorporated herein by reference.
8
<PAGE> 11
(d) Not applicable.
Item 7. PURPOSE(S), ALTERNATIVES, REASONS AND EFFECTS.
(a)-(c) The information set forth in the sections entitled "QUESTIONS
AND ANSWERS ABOUT THE MERGER;" "SPECIAL FACTORS--Background of the Merger;"
"--IPT's Reasons for the Merger; Recommendation of the IPT Board;" "--AIMCO'S
Reasons for the Merger;" and "--Certain Effects of the Merger; Plans for IPT
After the Merger" is incorporated herein by reference.
(d) The information set forth in the sections entitled "QUESTIONS AND
ANSWERS ABOUT THE MERGER;" "SUMMARY;" "SPECIAL FACTORS--IPT's Reasons for the
Merger; Recommendation of the IPT Board;" "--AIMCO's Reasons for the Merger;"
"--Opinion of Financial Advisor to the IPT Board;" "--Purpose and Structure of
the Merger;" "--Certain Effects of the Merger; Plans for IPT After the Merger;"
"--Interests of Management and Trustees of IPT in the Merger;" "--Accounting
Treatment of the Merger;" and "THE MERGER AGREEMENT AND TERMS OF THE MERGER" is
incorporated herein by reference.
ITEM 8. FAIRNESS OF THE TRANSACTION.
(a)-(b) The information set forth in the sections entitled "QUESTIONS
AND ANSWERS ABOUT THE MERGER;" "SUMMARY--IPT Board;" "--Fairness Opinion of
Financial Advisor;" "SPECIAL FACTORS-Overview of the Merger;" "Background of the
IFG Merger;" "Background of the Merger" "--IPT's Reasons for the Merger;
Recommendation of IPT Board;" "--Opinion of Financial Advisor to the IPT Board;"
and "ANNEX B" is incorporated herein by reference.
(c) The information set forth in the sections entitled "QUESTIONS AND
ANSWERS ABOUT THE MERGER;" "SUMMARY--The Special Meeting; "INFORMATION
CONCERNING THE SPECIAL MEETING--Record Date, Quorum and Vote Required;"
"SPECIAL FACTORS--IPT's Reasons for the Merger; Recommendation of the IPT
Board;" "--AIMCO's Reasons for the Merger;" "THE MERGER AGREEMENT--Certain
Covenants--Shareholders' Approval;" and "--Conditions to Consummation of the
Merger" is incorporated herein by reference.
(d) The information set forth in the section entitled "SPECIAL
FACTORS--IPT's Reasons for the Merger; Recommendation of the IPT Board" is
incorporated herein by reference.
(e) The information set forth in the sections entitled "QUESTIONS AND
ANSWERS ABOUT THE MERGER;" "SUMMARY--The IPT Board;" "SPECIAL FACTORS--IPT's
Reasons for the Merger; Recommendation of the IPT Board;" is incorporated herein
by reference.
(f) Not applicable.
Item 9. REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS.
(a)-(c) The information set forth in the sections entitled
"SUMMARY--Fairness Opinion of Financial Advisor;" "SPECIAL FACTORS--Overview of
the Merger;" "Background of the IFG Merger;" "Background of the Merger" "--IPT's
Reasons for the Merger; Recommendation of the IPT Board;" "--
9
<PAGE> 12
AIMCO's Reasons for the Merger;" "--Opinion of Financial Advisor to the IPT
Board," and "ANNEX B" is incorporated herein by reference.
Item 10. INTEREST IN SECURITIES OF THE ISSUER.
(a) The information set forth in the sections entitled "SUMMARY--The
Companies," "--Possible Conflicts of Interests of IPT Trustees and Executive
Officers;" "INFORMATION CONCERNING THE SPECIAL MEETING--Record Date, Quorum and
Vote Required;" "SPECIAL FACTORS--Background of the Merger;" "--Interests of
IPT Trustees and Executive Officers in the Merger;" is incorporated herein by
reference.
(b) The information set forth in the sections entitled "SUMMARY--The
Companies;" "SPECIAL FACTORS--Overview;" "--Background of the IFG Merger;"
"--Background of the Merger;" "--IPT's Reasons for the Merger; Recommendation
of the IPT Board of Trustees."
Item 11. CONTRACTS, ARRANGEMENTS OR UNDERSTANDINGS WITH RESPECT TO THE ISSUER'S
SECURITIES.
The information set forth in the sections entitled "SUMMARY--The
Companies;" "INFORMATION CONCERNING THE SPECIAL MEETING--Record Date, Quorum and
Vote Required;" "SPECIAL FACTORS--Background of the IFG Merger;" "--Background
of the Merger;" "--Certain Effects of the Merger; Plans for IPT After the
Merger;" "THE MERGER AGREEMENT AND TERMS OF THE MERGER;" and "ANNEX A" is
incorporated herein by reference.
Item 12. PRESENT INTENTION AND RECOMMENDATION OF CERTAIN PERSONS WITH REGARD TO
THE TRANSACTION
(a)-(b) The information set forth in the sections entitled
"INFORMATION CONCERNING THE SPECIAL MEETING--Record Date, Quorum and Vote
Required;" and "SPECIAL FACTORS--IPT's Reasons for the Merger; Recommendation of
the IPT Board;" and "--AIMCO's Reasons for the Merger" is incorporated herein by
reference.
Item 13. OTHER PROVISIONS OF THE TRANSACTION.
(a) The information set forth in the sections entitled
"SUMMARY--No Appraisal Rights;" "THE SPECIAL MEETING--No Appraisal Rights;" and
"SPECIAL FACTORS--No Appraisal Rights" is incorporated herein by reference.
(b) Not applicable.
(c) Not applicable.
Item 14. FINANCIAL INFORMATION.
(a) The information set forth in the sections entitled
"SUMMARY COMPARATIVE SHARE DATA;" "SUMMARY SELECTED HISTORICAL FINANCIAL DATA OF
AIMCO;" "SUMMARY SELECTED CONSOLIDATED AND COMBINED FINANCIAL DATA OF IPT;"
"WHERE YOU CAN FIND MORE INFORMATION" and "INDEX TO FINANCIAL STATEMENTS" is
incorporated herein by reference.
10
<PAGE> 13
(b) Not applicable.
Item 15. PERSONS AND ASSETS EMPLOYED, RETAINED OR UTILIZED.
(a) The information set forth in the sections entitled "SPECIAL
FACTORS--IPT Trustees and Management Plans for IPT after the Merger;""--
Interests of Trustees and Management of IPT in the Merger;" "--Transaction
Costs" and "THE MERGER AGREEMENT--Certain Covenants--Conduct of Business" is
incorporated herein by reference.
(b) Not applicable.
Item 16. ADDITIONAL INFORMATION.
The information set forth in the Information Statement/Prospectus and
all Annexes thereto is incorporated herein by reference in its entirety.
Item 17. EXHIBITS.
(a) Not applicable.
(b).1 Opinion of Lehman Brothers (incorporated by reference from
Annex B to the Information Statement/Prospectus.)
(b).2 Presentation of Lehman Brothers to the IPT Board.
(c) Agreement and Plan of Merger, dated as of October 1, 1998, by
and between Apartment Investment and Management Company and
Insignia Properties Trust (incorporated by reference from Annex
A to the Information Statement/Prospectus.)
(d) The Information Statement/Prospectus forming a part of,
or related to, the Registration Statement on Form S-4
(File No. 333- ) filed by AIMCO with the SEC.
(e) Not applicable.
(f) Not applicable.
11
<PAGE> 14
SIGNATURES
After due inquiry and to the best of its knowledge and belief, each of
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
APARTMENT INVESTMENT AND
MANAGEMENT COMPANY
Dated: October 27, 1998 By: /s/ PATRICK J. FOYE
------------------------------------
Name: Patrick J. Foye
Title: Executive Vice President
INSIGNIA PROPERTIES TRUST
Dated: October 27, 1998 By: /s/ PATRICK J. FOYE
------------------------------------
Name: Patrick J. Foye
Title: Executive Vice President
<PAGE> 15
EXHIBIT INDEX
(a) Not applicable.
(b).1 Opinion of Lehman Brothers (incorporated by reference
from Annex B to the Information Statement/Prospectus)
(b).2 Presentation of Lehman Brothers to the IPT Board.
(c) Agreement and Plan of Merger, dated as of October 1,
1998, by and between Apartment Investment and Management
Company and Insignia Properties Trust (incorporated by
reference from Annex A to the Information
Statement/Prospectus.)
(d) The Information Statement/Prospectus forming a part of,
or related to, the Registration Statement on Form S-4
(File No. 333- ) filed by AIMCO with the SEC.
(e) Not applicable.
(f) Not applicable.
<PAGE> 1
EXHIBIT (b).2
Confidential
Presentation to:
INSIGNIA PROPERTIES TRUST
Board of Trustees
REGARDING "P-13-A"
October 1, 1998
LEHMAN BROTHERS
<PAGE> 2
TABLE OF CONTENTS
================================================================================
I. EXECUTIVE SUMMARY
----------------------------------------------------------------
II. IPT VALUATION
----------------------------------------------------------------
III. AIMCO VALUATION
----------------------------------------------------------------
IV. SUMMARY
----------------------------------------------------------------
V. FINANCIAL ANALYSIS
----------------------------------------------------------------
LEHMAN BROTHERS
<PAGE> 3
EXECUTIVE SUMMARY
===============================================================================
KEY TERMS
- -------------------------------------------------------------------------------
Transaction: Merger of Insignia Properties Trust("IPT") with AIMCO
- -------------------------------------------------------------------------------
Purchase Price: AIMCO's Option:
$13.25 per IPT share in cash; or
$13.28 per IPT share in AIMCO common stock
- -------------------------------------------------------------------------------
Total Consideration: $291,076,428 Insignia/AIMCO ownership interest
$151,227,571 Other shareholders
------------
$442,303,999 Total Equity
$(19,500,000) Cash less corporate-level debt assumed
------------
$422,803,999 Net Consideration
- -------------------------------------------------------------------------------
Collar: Maximum AIMCO exchange value = average AIV closing price
for 10 trading day period ending the earlier of closing
or 12/31/98
- -------------------------------------------------------------------------------
LEHMAN BROTHERS
<PAGE> 4
EXECUTIVE SUMMARY
===============================================================================
SUMMARY OF CONCLUSION
o The overall transaction value represents a multiple of 12.0x budgeted 1998
FFO and 11.6x projected 1999 FFO.
-- The transaction value of $13.25 per share compares favorably to a
valuation of IPT using other valuation methodologies and is consistent
with the conclusions of our original opinion in March 1998.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Updated Opinion (10/1/98) Original Opinion (3/17/98)
------------------------- --------------------------
<S> <C> <C> <C> <C>
Methodology Range Mean Range Mean
- ----------- ----- ---- ----- ----
Public Comparables $9.23-$11.86 $10.83 $10.45-$13.86 $11.88
Comparable Transactions $10.83-$15.96 $13.57 $10.56-$15.40 $12.87
Net Asset Value $12.09-$13.74 $12.79 $11.21-$12.88 $12.00
- ----------------------------------------------------------------------------------------
</TABLE>
LEHMAN BROTHERS
<PAGE> 5
IPT VALUATION
================================================================================
COMPARABLE COMPANY ANALYSIS
o IPT Transaction Multiple of 11.6x 1999 projected FFO represents a 22.1%
premium to average FFO multiple.
o Premium valuation justified by built-in acquisition opportunities in
partnerships, lack of significant entity-level debt.
<TABLE>
<CAPTION>
Valuation FFO Per Share Growth %
-------------------------------------- -------------------------
FFO Multiple AFFO Multiple
Price Div. ------------ ------------- '98 Payout Debt/ 1998/ 1999/ Mult./
9/29/98 Yield 1998 1999 1998 1999 Ratio (FFO) Tot. Cap. 1997 1998 Gr. Rate
------- ----- ---- ---- ---- ---- ----------- --------- ----- ----- --------
(1) (2) (3)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
==================================================================================================================================
APARTMENT INVST. & MGNT. 17.25 6.3% 10.9 9.4 11.9 10.2 56.8% 40.8% 22.7% 16.1% 58%
==================================================================================================================================
Archstone Communities 21.25 6.8% 11.8 10.4 12.8 11.2 69.6% 37.1% 11.8% 10.3% 78%
- ----------------------------------------------------------------------------------------------------------------------------------
Avalon Bay Communities 14.25 5.4% 11.9 10.3 13.5 11.5 61.6% 46.6% 17.1% 15.3% 67%
- ----------------------------------------------------------------------------------------------------------------------------------
Merry Land & Inv. 22.94 7.7% 10.5 9.8 11.4 10.6 69.8% 36.1% 3.8% 7.8% 126%
- ----------------------------------------------------------------------------------------------------------------------------------
Equity Residential 43.25 6.7% 10.7 9.7 12.0 10.7 60.0% 43.8% 9.8% 10.4% 93%
- ----------------------------------------------------------------------------------------------------------------------------------
Camden Property Tr. 28.56 7.2% 9.7 8.8 10.2 9.2 62.0% 39.3% 12.6% 10.5% 84%
- ----------------------------------------------------------------------------------------------------------------------------------
United Dominion 12.38 8.7% 8.7 8.1 10.3 9.5 69.1% 53.4% 4.4% 7.0% 116%
- ----------------------------------------------------------------------------------------------------------------------------------
AVERAGE WITHOUT AIMCO 7.1% 10.6 9.5 11.7 10.4 65.3% 42.7% 9.9% 10.7% 94%
AVERAGE WITH AIMCO 7.0% 10.6 9.5 11.7 10.4 64.1% 42.4% 11.7% 11.5% 89%
</TABLE>
- ---------------
Notes:
(1) Dividend yield is based on the current quarterly dividend annualized.
(2) Per share growth rates based on First Call consensus estimates.
(3) 1999 FFO multiple estimate divided by 1999 per share FFO growth rate.
LEHMAN BROTHERS 3
<PAGE> 6
IPT VALUATION
================================================================================
VALUATION OF IPT - COMPARABLE TRANSACTION ANALYSIS
o 11.6x IPT transaction multiple is on par with the average transaction
multiple.
o Comparable transactions already reflect 5%-15% premium over target's per-
merger stock price.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
TRANSACTION: ANNOUNCEMENT TRANSACTION SIZE FFO EQUITY(1)
ACQUIRER/ACQUIREE DATE ($MM) MULTIPLE PREMIUM
- ------------------------------------ ------------ ---------------- -------- ---------
<S> <C> <C> <C> <C>
Equity Residential/ 7/08/98 $ 2,180 11.3x 17.7%
Merry Land & Inv.
Bay Apartment Communities/ 3/08/98 $ 2,020 N/A(2) N/A(2)
Avalon Properties
Security Capital Pacific/ 4/02/98 $ 1,100 12.2x 15.0%
Security Capital Atlantic
Equity Residential/ 8/27/97 $ 1,066.1 14.0x 18.3%
Evans Withycombe
Equity Residential/ 1/16/97 $ 883.1 12.8x 10.7%
Wellsford Residential
Post Properties/ 8/1/97 $ 551.2 13.0x 5.6%
Columbus Realty Trust
Camden Property Trust/ 12/16/96 $ 583.3 12.4x 13.9%
Paragon Group
United Dominion/ 10/1/96 $ 567.6 10.3x 11.4%
South West Property Trust
BRE Properties/ 10/11/95 $ 191.6 11.7x 14.4%
REIT of California
Wellsford Residential/ 8/3/94 $ 119.7 9.6x 7.1%
Holly Residential
- --------------------------------------------------------------------------------------------------------
MEAN 11.9x 12.7%
MEDIAN 12.2x 13.9%
- --------------------------------------------------------------------------------------------------------
</TABLE>
(1) Equals value of acquiror's shares divided by target's 20 day average share
price prior to merger announcement.
(2) Merger of equals; not applicable.
4
LEHMAN BROTHERS
<PAGE> 7
IPT VALUATION
================================================================================
VALUE OF IPT - LIQUIDATION ANALYSIS
(in thousands except per share)
<TABLE>
<CAPTION>
BASE CASE(1) AGGRESSIVE(2) CONSERVATIVE(3)
------------------------------ ------------------------------ ------------------------------
34.96% 35.01% 34.89%
AGGREGATE IPLP PORTION AGGREGATE IPLP PORTION AGGREGATE IPLP PORTION
PARTNERSHIPS OF PARTNERSHIPS PARTNERSHIPS OF PARTNERSHIPS PARTNERSHIPS OF PARTNERSHIPS
------------------------------ ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C>
Real Estate Value of Property
Portfolio $ 1,567,362 $ 561,053 $ 1,644,970 $ 588,893 $ 1,492,259 $ 534,294
Less: Mortgage Notes & Interest
Payable(4) (662,240) (244,082) (662,240) (244,082) (662,240) (244,082)
----------------------------- ---------------------------- --------------------------
Equity Value of Property Portfolio 905,122 316,972 982,730 344,811 830,019 290,212
Plus: Book Value of Net Working
Capital(4) 142,839 49,929 142,839 49,247 142,839 49,247
----------------------------- ---------------------------- --------------------------
Equity Value $ 1,047,961 $ 366,901 $ 1,125,569 $ 394,058 $ 972,859 $ 339,459
Plus: Estimated Value of
Non-Investment Partnerships 1,000 1,000 1,000
Plus: Book Value of AMIT Assets 39,000 39,000 39,000
Less: Corporate-Level Debt (30,000) (30,000) (30,000)
Plus: Current IPLP Cash Balance 49,500 49,500 49,500
--------- ----------- ---------
NET ASSET VALUE OF IPLP $ 426,401 $ 453,558 $ 398,959
AGGREGATE IPLP UNITS OUTSTANDING 32,999 32,999 32,999
VALUE PER IPT SHARE/UNIT $ 12.92 $ 13.74 $ 12.09
1998 Projected FFO $ 32,510 $ 32,510 $ 32,510
1998E FFO MULTIPLE 13.1x 14.0x 12.3x
</TABLE>
(1) Property values based on 1998 projected NOI and blended cap rate of 9.95%.
(2) Property values based on 1998 projected NOI and blended cap rate of 9.45%.
(3) Property values based on 1998 projected NOI and blended cap rate of 10.45%.
(4) Balance sheet information as of 8/31/98.
LEHMAN BROTHERS 5
<PAGE> 8
IPT VALUATION
================================================================================
AIMCO VALUATION OVERVIEW
o AIMCO common trades in line with other valuation measures.
- --------------------------------------------------------------------------------
Transaction Valuation
- --------------------------------------------------------------------------------
METHODOLOGY RANGE OF PER SHARE EQUITY VALUES-AIMCO
- -------------------------- -----------------------------------------------------
Updated Opinion Original Opinion
--------------- ----------------
Public Comparables $32.08-$41.18 $30.78-$40.82
Net Asset Value $30.68-$34.93 $29.68-$33.87
DCF Analysis $33.09-$40.31 $32.03-$38.55
Stock Trading Analysis $35.19-$37.79 $32.66-$36.50
AIMCO STOCK PRICE $37.25 $35.00
- --------------------------------------------------------------------------------
LEHMAN BROTHERS 6
<PAGE> 9
AIMCO VALUATION
================================================================================
AIMCO VALUATION - COMPARABLE COMPANY ANALYSIS
o AIMCO continues to compare favorably to comparables based on numerous
valuation benchmarks.
o Comparable universe (same as those for IPT):
-- Archstone Communities
-- Avalon Bay Communities
-- Equity Residential
-- Camden Property Trust
-- Merry Land & Investment
-- United Dominion Realty
-- BRE Properties - no longer a comp due to regional concentration
o Each company has meaningful differences.
o Average 1999E FFO multiple: 9.5x (vs. AIMCO at 9.4x)
-- In March, AIMCO's 1998E FFO multiple was 10.4x (versus the comps at
10.8x)
o Also in the middle of the range on:
-- Dividend yield (6.3%)
-- FFO payout ratio (56.8%)
-- Debt-to-market-cap (40.8%)
LEHMAN BROTHERS 7
<PAGE> 10
AIMCO VALUATION
================================================================================
AIMCO VALUATION - DISCOUNTED CASH FLOW ANALYSIS
o Based on projections provided by AIMCO's management for the calendar years
1998 through 2002.
-- AIMCO does not modify its projections in mid-year.
-- Adjusted model to account for 6 months' time value of money.
o Assumptions:
-- Equity costs of capital of 15.0% to 17.0%.
-- Terminal FFO multiples of 9.0x to 11.0x (changed from March analysis
of 11.0x to 13.0x).
o Range of present values per share of $33.09 to $39.97.
SENSITIVITY:
------------
TERMINAL MULTIPLE
9.0x 10.0x 11.0x
-----------------------------
DISCOUNT 15.0% $ 35.23 $ 37.60 $ 39.97
RATE 16.0% $ 34.14 $ 36.42 $ 38.70
17.0% $ 33.09 $ 35.29 $ 37.48
LEHMAN BROTHERS 8
<PAGE> 11
AIMCO VALUATION
================================================================================
AIMCO VALUATION - NET ASSET VALUE ANALYSIS
o Range of net asset values ("NAVs")
-- Value of assets adjusted for debt outstanding, preferred stock, net
working capital.
-- Cap rates of 8.75% to 9.25% on real estate.
-- Multiples of 8.0x to 12.0x of EBITDA on management business.
-- Adjusted NOIs to reflect passage of 6 months' time at 4% annual
increase rate.
o Range of values: $30.67 to $34.92 (versus $29.68 to $33.67 per share).
-- Premium of approximately 7% to 21% of NAV based on $37.25 per share.
-- NAV premium was 3% to 18% in March.
o Common for REITs to trade at premium to NAV.
-- Reflects franchise value associated with management's ability to grow
FFO per share.
-- Many REITs trade at reduced premiums (or in some cases discounts) to
NAV due to recent downturn in the REIT market.
LEHMAN BROTHERS 9
<PAGE> 12
AIMCO VALUATION
================================================================================
AIMCO VALUATION - STOCK TRADING ANALYSIS
AIMCO Stock Price Performance IPO to Present
[GRAPH TO COME]
AIMCO Average Stock Price Over Various Periods
<TABLE>
<CAPTION>
CLOSE AVERAGE
----- -------
<S> <C> <C>
9/25/98 $37.25
One Week 34.06 $36.50
One Month 38.75 35.19
Three Months 37.81 37.51
Six Months 37.44 37.79
One Year 35.38 36.96
</TABLE>
LEHMAN BROTHERS 10
<PAGE> 13
AIMCO VALUATION
================================================================================
AIMCO INSTITUTIONAL OWNERSHIP PROFILE
<TABLE>
<CAPTION>
INSTITUTIONAL OWNERS SHARES VALUE
- ------------------------------------------------------------ ------------- -------------
<S> <C> <C>
Cohen & Steers Capital Management, Inc. 4,431,700 $ 151,785,728
Security Capital Global Capital Management Group Inc. 3,429,418 117,457,568
FMR Corporation (Fidelity Management & Research Corp) 2,740,000 93,845,000
Cra Real Estate Securities, LP 1,725,300 59,091,524
Capital Research And Management Company 1,617,000 55,382,248
Warburg Pincus Asset Management, Inc. 908,543 31,117,598
Security Capital Global Capital Management Group Inc. 858,000 29,386,500
Capital Growth Management 775,000 26,543,750
RREEF America, L.L.C. 711,973 24,385,076
Strong Capital Management, Inc. 655,800 22,461,150
Stichting Pensionfunds ABP 649,373 22,241,026
Vanguard Group, Inc. (The) 595,970 20,411,972
Barclays Bank Plc 587,258 20,113,586
Fund Asset Management Inc. 546,980 18,734,064
Trainer, Wortham & Company 522,650 17,900,762
Aeltus Investment Management Inc. 503,300 17,238,024
John Hancock Advisers, Inc. 480,400 16,453,700
Franklin Resources, Inc. 478,057 16,373,452
Russell (Frank) Company Inc. 464,915 15,923,339
Putnam Investment Management, Inc. 464,500 15,909,125
Travelers Group Inc. 459,859 15,750,171
Morgan (J.P.) & Company Incorporated 406,307 13,916,015
State Street Boston Corporation 388,541 13,307,529
Ohio - State Teachers Retirement System 372,213 12,748,295
Invesco Management & Research, Inc. 363,200 12,439,600
Price, T. Rowe Associates 351,435 12,036,649
Davis Selected Advisers, LP 337,368 11,554,854
Prudential Insurance Co. of America 286,400 9,809,200
Advisory Research, Inc. 277,632 9,508,896
Standish, Ayer & Wood, Inc 272,700 9,339,975
General Motors Investment Management Corporation 272,212 9,323,261
Kirr, Marbach & Company 270,450 9,262,912
Pioneering Management Corporation 250,000 8,562,500
Other (Less than 250,000 shares each) 5,920,908 $ 202,791,099
------------- -------------
TOTAL INSTITUTIONAL HOLDINGS 33,375,362 1,143,106,148
============= =============
</TABLE>
LEHMAN BROTHERS 11
<PAGE> 14
SUMMARY
================================================================================
CONCLUSIONS
o Based upon the analyses summarized herein, Lehman Brothers is of the
opinion that the consideration to be received by to the holders of IPT
shares of beneficial interest (other than AIMCO and its affiliates) in the
proposed transaction is fair, from a financial point of view.
-- Copies of Lehman Brothers' actual opinion will be forwarded to counsel,
and contain a number of important assumptions and limiting conditions
customary for such opinions.
-- Lehman Brothers' opinion addresses only the fairness of the proposed
consideration from a financial point of view, and not the Company's
underlying business decision as to whether to proceed with the
transaction.
-- Lehman Brothers' opinion does not address the fairness of the
allocations of the Insignia merger consideration between the holders of
Insignia common stock and the holders of IPT shares of beneficial
interest. Pursuant to our letter dated March 17, 1998, we did opine as
to the reasonableness of the allocations of the Insignia merger
consideration between the holders of Insignia common stock and the
holders of IPT shares of beneficial interest.
o Disclosure of conflicts: Lehman Brothers and certain of its executive
officers own equity positions in IPT. In addition, Lehman Brothers is a
lender under the Company's and IFS' credit facilities, and has committed to
provide a credit facility to AIMCO, the proceeds of which are intended to
be used to refinance certain liabilities assumed in the IFS/AIMCO merger.
LEHMAN BROTHERS 12
<PAGE> 15
FINANCIAL ANALYSES
================================================================================
IPT LIQUIDATION ANALYSIS - BASE CASE PARTNERSHIP VALUATION SUMMARY
<TABLE>
<CAPTION>
CAP 1998 NOI 1998 NOI APARTMENT COMMERCIAL
INVESTMENT PARTNERSHIP UNITS RATE APARTMENTS COMMERCIAL VALUE VALUE
- ---------------------- ------- ------ ----------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Consolidated Capital Growth Fund 1,667 10.20% 6,064,159 59,441,467 --
Consolidated Capital Institutional Properties 3,469 10.23% 11,902,292 1,682,159 116,336,581 16,441,928
Consolidated Capital Institutional Properties/2 856 9.01% 3,385,436 6,138,869 37,562,539 68,112,795
Consolidated Capital Institutional Properties/3 1,498 10.05% 6,377,072 867,080 63,459,518 8,628,486
Consolidated Capital Properties III 651 10.04% 2,013,205 475,541 20,043,942 4,734,598
Consolidated Capital Properties IV 4,279 10.24% 14,632,000 142,923,757 --
Consolidated Capital Properties V 454 10.00% 1,510,899 519,718 15,108,990 5,197,180
Consolidated Capital Properties VI 261 10.50% 812,830 7,741,238 --
Shelter Properties I Limited Partnership 806 10.61% 2,602,091 24,521,957 --
Shelter Properties II Limited Partnership 873 10.42% 2,450,102 23,507,227 --
Shelter Properties III Limited Partnership 843 10.46% 2,538,281 24,270,320 --
Shelter Properties IV Limited Partnership 1,620 9.84% 5,699,562 57,917,002 --
Shelter Properties V Limited Partnership 1,951 10.34% 6,916,006 66,875,581 --
Shelter Properties VI Limited Partnership 1,457 10.48% 5,194,802 49,575,462 --
Shelter Properties VII Limited Partnership 566 10.00% 2,256,207 22,562,070 --
Davidson Growth Plus, L.P. 688 9.23% 2,812,902 30,466,456 --
Fox Strategic Housing -- 10.00% -- 1,828,623 -- 18,286,230
Johnstown Consolidated Institutional Partners -- 10.00% -- 1,494,152 -- 14,941,520
National Property Investors 3 1,090 10.07% 4,624,724 45,908,869 --
National Property Investors 4 722 10.00% 3,867,934 38,679,340 --
National Property Investors 5 1,471 10.56% 2,412,617 22,849,162 --
National Property Investors 6 2,289 10.30% 7,359,397 71,481,811 --
National Property Investors 7 1,122 10.13% 3,807,069 37,571,334 --
National Property Investors 8 672 9.51% 2,427,292 25,511,042 --
Century Properties Fund XIV 850 9.89% 3,121,729 31,580,408 --
Century Properties Fund XV 962 9.87% 3,560,251 36,063,279 --
Century Properties Fund XVI 472 10.15% 1,266,404 12,478,639 --
Century Properties Fund XVII 1,993 9.87% 7,154,413 72,511,063 --
Century Properties Fund XVIII 724 9.89% 2,773,359 28,055,372 --
Century Properties Fund XIX 2,278 9.41% 8,806,781 91,611,231 --
Century Properties Growth Fund XXII 2,895 9.49% 11,616,122 122,370,636 --
Multi-BenifiRealty Fund '87-1 (A/B) 778 10.00% 2,412,373 24,123,730 --
Woodhaven 208 10.00% 590,900 5,909,000 --
Raintree(1) 168 10.00% -- -- --
Total 40,057 9.95% 142,969,211 13,006,142 1,431,019,023 136,343,737
</TABLE>
<TABLE>
<CAPTION>
IPT CAPITAL
DEBT OUTST NET WC NET OWNERSHIP APARTMENT
INVESTMENT PARTNERSHIP 6/30/98 6/30/98 EQUITY INTEREST VALUE
- ---------------------- ------------ ----------- ------------ -------- ------------
<S> <C> <C> <C> <C> <C>
Consolidated Capital Growth Fund 30,690,000 4,030,000 32,781,467 49.47% 29,407,120
Consolidated Capital Institutional Properties 4,422,000 13,286,000 141,642,509 40.55% 47,175,065
Consolidated Capital Institutional Properties/2 -- 12,531,000 118,206,334 21.40% 8,037,745
Consolidated Capital Institutional Properties/3 30,525,000 10,070,000 51,633,004 24.71% 13,679,260
Consolidated Capital Properties III 4,200,000 2,648,000 23,226,540 31.15% 6,242,726
Consolidated Capital Properties IV 72,225,000 16,936,000 87,634,757 33.66% 48,110,423
Consolidated Capital Properties V 11,078,000 1,139,000 10,367,170 31.92% 4,823,454
Consolidated Capital Properties VI 4,375,000 1,955,000 5,321,238 29.34% 2,271,310
Shelter Properties I Limited Partnership 11,420,000 2,767,000 15,868,957 39.40% 9,661,995
Shelter Properties II Limited Partnership 8,447,000 2,725,000 17,785,227 33.46% 7,865,706
Shelter Properties III Limited Partnership 8,188,000 2,485,000 18,567,320 34.04% 8,261,277
Shelter Properties IV Limited Partnership 23,787,000 4,445,000 38,575,002 32.34% 18,733,023
Shelter Properties V Limited Partnership 31,315,000 5,189,000 40,749,581 38.56% 25,784,884
Shelter Properties VI Limited Partnership 26,316,000 4,590,000 27,849,462 27.72% 13,740,930
Shelter Properties VII Limited Partnership 11,025,000 1,011,000 12,548,070 14.80% 3,338,442
Davidson Growth Plus, L.P. 11,895,000 1,537,000 20,108,456 11.57% 3,526,188
Fox Strategic Housing 8,263,000 5,309,000 15,332,230 15.20% --
Johnstown Consolidated Institutional Farmers 2,325,000 2,284,000 14,900,520 20.95% --
National Property Investors 3 24,379,000 3,456,000 24,985,869 45.39% 20,839,550
National Property Investors 4 19,300,000 3,644,000 23,023,340 62.70% 24,252,797
National Property Investors 5 11,610,000 1,434,000 12,673,162 47.73% 10,906,133
National Property Investors 6 26,135,000 4,013,000 49,359,811 44.40% 31,735,422
National Property Investors 7 20,265,000 3,380,000 21,319,334 42.55% 15,986,715
National Property Investors 8 10,892,000 2,759,000 17,999,042 38.62% 9,853,410
Century Properties Fund XIV 16,004,000 2,421,000 18,335,408 51.26% 16,188,812
Century Properties Fund XV 18,962,000 2,792,000 19,893,279 50.00% 18,032,301
Century Properties Fund XVI 7,385,000 832,000 5,925,639 38.79% 4,840,227
Century Properties Fund XVII 37,869,000 6,407,000 41,049,063 41.46% 30,059,534
Century Properties Fund XVIII 18,457,000 1,412,000 11,010,372 38.73% 10,865,172
Century Properties Fund XIX 61,004,000 4,339,000 36,946,231 36.68% 34,334,072
Century Properties Growth Fund XXII 73,462,000 8,930,000 57,838,636 31.69% 38,781,090
Multi-BenifiRealty Fund '87-1 (A/B) 12,251,000 1,543,000 13,415,730 29.65% 7,152,686
Woodhaven 3,768,752 540,184 2,680,432 36.36% 2,148,341
Raintree(1) -- -- -- 0.00% --
Total 662,239,752 142,839,184 1,049,553,192 34.96% 528,635,872
</TABLE>
Negative NOI; partnership valued at 0
LEHMAN BROTHERS 13
