1
EXHIBIT 99.1
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
0000 XXXXX XXXXXXXX XXXXXX, 00xx Xxxxx
XXXXXX, XXXXXXXX 8O222
February 13, 1997
Demeter Holdings Corporation
Phemus Corporation
000 Xxxxxxxx Xxxxxx
Xxxxxx, XX 00000
Capricorn Investors, L.P.
00 Xxxxxxxx Xxxxx Xxxx
Xxxxxxxx, XX 00000
Gentlemen:
This letter agreement is intended to set forth our understanding pursuant to
which Apartment Investment and Management Company, a Maryland corporation
("AIMCO"), or certain of its affiliates will acquire certain assets from Demeter
Holdings Corporation, a Massachusetts corporation ("Demeter"), Phemus
Corporation, a Massachusetts corporation ("Phemus"), and Capricorn Investors,
L.P., a Delaware Limited partnership ("Capricorn" and, together with Demeter and
Phemus, the "Sellers") and certain of their affiliates.
1. STOCK PURCHASE. AIMCO will purchase (the "Stock Purchase") (a) all
shares of Common Stock, par value $.01 per share ("NHP Stock"), of NHP
Incorporated, a Delaware corporation ("NHP"), owned by Demeter, and (b) all
shares of NHP Stock owned by Capricorn.
(a) The purchase price will be (i) $2O per share of NHP Stock,
payable in shares of Class A Common Stock, par value $.01 per share ("AIMCO
Stock"), of AIMCO, with such shares of AIMCO Stock valued at their Market Price
(as defined) at closing, plus (ii) the additional consideration payable pursuant
to paragraph 1(h) and paragraph 6. "Market Price" means $26.75.
(b) To the extent that Demeter would directly and indirectly through
its affiliate's interests in Capricorn, or otherwise receive AIMCO
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Demeter Holdings Corporation
Phemus Corporation
Capricorn Investors, L.P.
February 13, 1997
Page 2
Stock that would, in the aggregate, exceed 8.7% of AIMCO's outstanding common
stock, AIMCO will pay cash to the extent of such excess.
(c) Demeter and Capricorn will vote their shares of NHP Stock in
favor of the Merger (as defined below) and against any alternative acquisition
proposals. Capricorn may transfer any or all of its shares of NHP Stock to its
partners.
(d) If the NHP Board of Directors approves the Merger, Capricorn will
not be obligated to sell, and AIMCO will not have the right to buy, such number
of shares of Capricorn's NHP Stock as Capricorn shall specify to AIMCO. On the
earlier of September 1, 1997, if the Merger is not then effective, or the date
on which NHP stockholders, at a meeting duly convened at which the Merger shall
have been submitted for the approval thereof, shall have failed to approve the
Merger, Capricorn shall be entitled to cause AIMCO to purchase such shares, and
AIMCO shall be entitled to purchase from Capricorn such shares, in each case, at
the purchase price and on the other terms of the Stock Purchase.
(e) The closing of the Stock Purchase will be subject to certain
conditions, including approval of AIMCO's Board of Directors, the expiration or
early termination of the waiting period under the Xxxx-Xxxxx-Xxxxxx Antitrust
Improvements Act of 1976, as amended (the "HSR Act"), any necessary clearances
from the Department of Housing and Urban Development ("HUD") and other necessary
governmental approvals. AIMCO's Board of Directors will meet to consider and
vote on the Stock Purchase as soon as possible and, in any event, not later than
February 20, 1997.
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Demeter Holdings Corporation
Phemus Corporation
Capricorn Investors, L.P.
February 13, 1997
Page 3
(f) AIMCO, Demeter and Capricorn will promptly and diligently
negotiate in good faith a definitive Stock Purchase Agreement consistent with
this letter agreement. The parties will make representations with respect to
organization, authority, effect of transactions, litigation, brokerage, purchase
for own account, acknowledgment of receipt of restricted securities, formation
not for the purpose, suitability, and experience. AIMCO will also make certain
representations relating to the issuance of shares of AIMCO Stock. In addition,
AIMCO will make certain additional representations, including with respect to
its financial statements, its filings with the SEC, the absence of undisclosed
material liabilities, litigation, certain developments (including material
agreements) and defaults with respect to the charter documents and material
agreements of AIMCO and its subsidiaries. Demeter and Capricorn will make
substantially similar additional representations with respect to NHP, which
representations (except with respect to NHP's financial statements) shall be
subject to the actual knowledge of Demeter and Capricorn, and will also make
representations relating to title to their shares of NHP Stock. The
representations and warranties of Demeter and Capricorn shall be several and not
joint. The representations and warranties will survive for one year except as
to title and authority, which should survive indefinitely.
(g) AIMCO will agree, at its cost, to use its best efforts to provide
Demeter and Capricorn with an effective shelf registration promptly following
the closing of the Stock Purchase to permit the sale of their shares of AIMCO
Stock; provided, however, that this provision shall not require AIMCO to delay
the Merger or the Exchange offer. AIMCO shall maintain the effectiveness of
such registration statement for not less than three years.
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Demeter Holdings Corporation
Phemus Corporation
Capricorn Investors, L.P.
February 13, 1997
Page 4
(h) If the record date for the distribution (the "Spin-Off") of
shares of common stock of NHP Financial Services, Ltd. ("NFS") shall occur on
or before the closing of the Stock Purchase, then the sale of the shares of NHP
Stock shall be made on an ex-dividend basis. If the record date for the Spin-
Off shall occur after the closing of the Stock Purchase and on or before
September 1, 1997, then, as additional consideration for the sale of NHP Stock
by Demeter and Capricorn to AIMCO, AIMCO will deliver to Demeter and Capricorn
the NFS shares that will be distributed with respect to the outstanding shares
of NHP Stock acquired by AIMCO in the Stock Purchase. If the record date of the
Spin-Off shall not have occurred on or before September 1, 1997, then, as
additional consideration for the sale of NHP Stock by Demeter and Capricorn to
AIMCO, AIMCO shall pay $3.05 per share of NHP Stock sold to AIMCO. AIMCO will
use its best efforts to cause the record date for the Spin-Off to occur on or
before September 1, 1997.
(i) The closing of the Stock Purchase shall take place on April 1,
1997, or as soon thereafter as practicable after all requisite approvals have
been obtained.
(j) Subject to the approval of AIMCO's Board of Directors of this
letter agreement. upon three business days' notice, Demeter and Capricorn may
require AIMCO to purchase from the Sellers up to 10% of the shares of NHP Stock.
2. PURCHASE OF REAL ESTATE ASSETS. Subject to any rights of first refusal
of NHP, AIMCO OP will purchase (the "Real Estate Purchase") certain real estate
and related assets (or interests therein) owned by affiliates of the Sellers, as
follows:
(a) AIMCO's operating partnership, AIMCO properties, L.P., a Delaware
limited partnership
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Demeter Holdings Corporation
Phemus Corporation
Capricorn Investors, L.P.
February 13, 1997
Page 5
("AIMCO OP"), will agree to purchase from Demeter, Phemus and Capricorn (or
their affiliates) their respective interests in the conventional multifamily
properties listed on Schedule 1 hereto at the respective prices set forth on
Schedule 1. AIMCO OP will have an option to purchase from Demeter, Phemus and
Capricorn (or their affiliates) their respective interests in the conventional
multifamily properties listed on Schedule 2 hereto for no additional
consideration. Any property listed on Schedule 2 the interests in which are not
acquired by AIMCO OP will be moved to Schedule 5 as an Affordable Property. The
purchase price for properties listed on Schedules 1 and 2 will be paid in cash;
provided however that, in lieu of cash, Demeter and Capricorn shall be entitled
to receive all or any portion of such purchase price in units ("OP Units") of
AIMCO OP valued at the Market Price. Holders of such OP Units shall be
entitled, but not obligated, to guarantee such amount of indebtedness of AIMCO
OP, and on such terms, as such holders may elect, AIMCO OP shall use reasonable
efforts to minimize tax liabilities associated with a sale of such conventional
multifamily properties or interests therein. AIMCO will agree, at its cost, to
use its best efforts to provide holders of such OP Units with an effective shelf
registration promptly following the closing of the Real Estate Purchase to
permit the sale of the shares of AIMCO Stock issued upon the redemption or
exchange of such OP Units: provided, however, that this provision shall not
require AIMCO to delay the Merger or the Exchange offer. AIMCO shall maintain
the effectiveness of such shelf registration for not less than three years.
(b) The properties listed on Schedule 1 and Schedule 2 are currently
owned by entities that are owned or controlled, directly or indirectly, by the
Sellers. The Sellers will cause the entities that own such properties to sell
to AIMCO OP, at Seller's election, either (i) such properties directly, (ii)
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Demeter Holdings Corporation
Phemus Corporation
Capricorn Investors, L.P.
February 13, 1997
Page 6
their interest in the property-owning entities, or (iii) their interests in
entities that own, directly or indirectly, such property-owning entities;
provided, however, that, at the time of the closing of the sale, no such entity
shall own any properties or assets other than the properties listed on Schedule
1 or the properties listed on Schedule 2 that AIMCO OP has elected to purchase.
(c) AIMCO and the Sellers will promptly and diligently negotiate in
good faith a definitive Real Estate Purchase Agreement consistent with this
letter agreement. The Sellers will make representations with respect to the
properties and the entities that own them as to title, environmental matters,
financial statements, surveys, structural integrity, organization, authority,
effect of transactions, brokerage, litigation, purchase for own account,
acknowledgment of receipt of restricted securities, formation not for the
purpose, suitability and experience.
(d) With respect to any property listed on Schedule 1 that is
acquired by AIMCO OP, if, within 60 days after the date on which AIMCO OP
acquires such property from the Sellers, AIMCO OP discovers a breach of a
representation relating to title, environmental matters, financial statements or
structural integrity or if AIMCO OP discovers a material tax liability or a
circumstance that jeopardizes REIT status, or an extraordinary partnership issue
relating to such acquired property, then AIMCO OP may put to the Sellers the
interests acquired from the Sellers (the "Put"). The Put will be AIMCO's sole
remedy with respect to a breach of any representation, or the determination of a
material tax liability, with respect to the properties listed on Schedule 1 or
the interests related thereto.
(e) AIMCO will purchase all of the out standing capital stock of HPI
for $3.52 million.
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Demeter Holdings Corporation
Phemus Corporation
Capricorn Investors, L.P.
February 13, 1997
Page 7
Within 60 days after such purchase, AIMCO may require the Sellers to assume all
liabilities of HPI in consideration for an assignment of all of HPI's assets.
3. C PROPERTIES JOINT VENTURE. Subject to any rights of first refusal of
NHP, AIMCO OP and the Sellers will form a joint venture (the "C Properties Joint
Venture"). The C Properties Joint Venture will be organized as a Delaware
limited partnership in which AIMCO, on one hand, and the Sellers, on the other
hand, will have equal (50/50) ownership interests and control rights.
(a) In the event of a Merger, or if AIMCO OP otherwise owns the Great
Atlantic property, AIMCO OP will contribute to the C Properties Joint Venture
the Great Atlantic property currently owned by NHP, valued at $13,700,000. Upon
any contribution of Properties listed on Schedule 3 or 4, AIMCO OP and the
Sellers will contribute cash to, or receive distributions from, the C Properties
Joint Venture to maintain their respective 50% interests. The Sellers will
contribute to the C Properties Joint Venture all general and limited partnership
interests, loans and other interests in the entities that own the properties set
forth on Schedule 3 hereto, valued as set forth on Schedule 3.
(b) AIMCO will have the option to require that the Sellers contribute
to the C Properties Joint Venture all of their interests in the entities that
own the properties set forth on Schedule 4 hereto.
(c) AIMCO and the Sellers will promptly and diligently negotiate in
good faith a definitive C Properties Joint Venture Agreement consistent with the
terms of this letter agreement which will contain representations, warranties,
covenants and conditions customary for transactions of this type.
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Demeter Holdings Corporation
Phemus Corporation
Capricorn Investors, L.P.
February 13, 1997
Page 8
4. SALE OF 25% INTEREST IN AFFORDABLE PROPERTIES TO AIMCO.
(a) Subject to any rights of first refusal of NHP, the Sellers will
sell to AIMCO a 25% interest in the entities which will hold (indirectly) only
the properties listed on Schedule 5 (the "Affordable Properties"). AIMCO will
purchase the interests in the entities holding the Affordable Properties for a
cash purchase price equal to $3,437,500.
(b) AIMCO and the Sellers will promptly and diligently negotiate in
good faith a definitive Purchase Agreement consistent with the terms of this
letter agreement. No representations or warranties will be given with respect
to the Affordable Properties by the Sellers.
5. MERGER OR EXCHANGE OFFER. AIMCO will promptly propose a merger
agreement with NHP pursuant to which NHP and a wholly owned subsidiary of AIMCO
would merge (the "Merger"). In the Merger, NHP stockholders would receive at
least $2O of AIMCO Stock for each share of NHP Stock owned at the effective time
of the Merger (plus, if the Spin-Off has not occurred, a share of NFS). For
this purpose, AIMCO Stock will be valued at the Market Price. AIMCO will use
its best efforts to cause the Spin-Off to occur before or contemporaneously with
the Merger or the Exchange offer. If the NHP Board of Directors or the
stockholders of NHP fail to approve the Merger, or if the Merger is not
consummated for any reason, AIMCO will within one year after the date hereof,
offer (the "Exchange Offer") to acquire all outstanding shares of NHP Stock for
$2O of AIMCO Stock (valued at its Market Price). AIMCO's obligation to issue
AIMCO Stock pursuant to this paragraph will be subject to obtaining any AIMCO
shareholder approvals necessary to issue such AIMCO Stock and comply with the
requirements of the NYSE. AIMCO will use its best efforts to obtain such AIMCO
shareholder approval. The $20 per share purchase price set forth above shall be
increased
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Demeter Holdings Corporation
Phemus Corporation
Capricorn Investors, L.P.
February 13, 1997
Page 9
by $3.05 per share if the record date for the Spin-Off has not occurred as of
the effective date of the Merger or the date of consummation of the Exchange
offer.
6. FREE CASH FLOW. The amount, if any, by which (i) NHP's earnings less
cash taxes, cash interest and $500,000 per month ("Free Cash Flow"), for the
period from February 1, 1997 until the earlier of the effective date of the
Spin-Off, the effective date of the Merger or the date of consummation of the
Exchange offer, as the case may be, exceeds (ii) NHP's severance costs,
transaction costs and transition costs associated with the Merger or the
Exchange offer, prior to the Spin-Off, the effective time of the Merger or the
consummation of the Exchange Offer, as the case may be, shall be contributed to
NFS and included in the Spin-Off.
7. CERTAIN CONDITIONS. AIMCO's obligations under paragraphs 1-5, 10 and
16 of this letter agreement are subject to the approval of AIMCO's Board of
Directors. AIMCO's Board of Directors will meet to consider and vote on the
transactions and obligations under paragraphs 1-5, 10 and 16 as soon as possible
and, in any event, not later than February 20, 1997. The Sellers' obligations
under this letter agreement (other than under paragraph 11) are subject to their
receipt, by February 28, 1997. of advice from counsel to AIMCO that the
transactions contemplated hereby will not result in AIMCO not qualifying as a
real estate investment trust under Federal tax laws.
8. AUTHORITY OF AIMCO. AIMCO represents and warrants to the Sellers that:
(a) it has the power and authority to execute and deliver this letter agreement
and to perform its obligations hereunder, subject to the approval of its Board
of Directors; and (b) this letter agreement has been duly executed and delivered
by it and, assuming this letter agreement is a binding obligation of the
Sellers, this letter agreement constitutes a valid and binding obligation of it,
enforceable against it in accordance with its terms.
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Demeter Holdings Corporation
Phemus Corporation
Capricorn Investors, L.P.
February 13, 1997
Page 10
9. AUTHORITY OF SELLERS. Each of the Sellers represents and warrants to
AIMCO that: (a) it has the power and authority to execute and deliver this
letter agreement and to perform its obligations hereunder and no other corporate
or partnership proceedings on its part are necessary for the execution and
delivery of this letter agreement and the performance of its obligations
hereunder; and (b) this letter agreement has been duly executed and delivered by
it and, assuming this letter agreement is a binding obligation of AIMCO, this
letter agreement constitutes a valid and binding obligation of it, enforceable
against it in accordance with its terms.
10. CLOSING. AIMCO and the Sellers shall use their best efforts to
consummate the Stock Purchase and the transactions contemplated by paragraphs 2,
3 and 4 as soon as practicable after all necessary consents and approvals have
been obtained.
11. EXCLUSIVE DEALING. Until the execution of the Stock Purchase
Agreement or the earlier termination of this letter agreement pursuant to
paragraph 13, (a) the Sellers will not, directly or indirectly, solicit or
entertain offers from, negotiate with or in any manner encourage, accept or
consider any proposal of any person other than AIMCO relating to an acquisition
of their shares of NHP Stock, their interests in the Real Estate Companies (as
defined in NHP's Annual Report on Form 10-K for the year ended December 31,
1995) or the properties listed on Schedules 1 through 5 hereto, in whole or in
part, whether directly or indirectly, through purchase, merger, consolidation or
otherwise (whether in a single transaction or a series of related transactions)
and (b) the Sellers will immediately notify AIMCO regarding any contact between
the Sellers or their respective representatives and any other person regarding
any such offer or proposal or any related inquiry.
12. NO EXTRAORDINARY TRANSACTIONS. Until the execution of the Stock
Purchase Agreement or the earlier
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Demeter Holdings Corporation
Phemus Corporation
Capricorn Investors, L.P.
February 13, 1997
Page 11
termination of this letter agreement pursuant to paragraph 13, the Sellers shall
not vote their shares of NHP Stock in favor of or consent in writing to any
action by NHP that might impede or delay the transactions contemplated hereby or
impair the value of such transactions to AIMCO.
13. TERMINATION. This letter agreement may be terminated: (a) by mutual
agreement of AIMCO and the Sellers; (b) by AIMCO if any of the Sellers commits a
material breach of this letter agreement; (c) by any of the Sellers if AIMCO
commits a material breach of this letter agreement; or (d) by AIMCO or the
Sellers if AIMCO's Board of Directors fails to approve this letter agreement by
February 20, 1997.
14. DISCLOSURE. Except as and to the extent required by law, without the
prior written consent of the other parties, neither AIMCO nor any Seller will,
and each will direct its representatives not to make, directly or indirectly,
any public comment, statement, or communication with respect to, or otherwise to
disclose or to permit the disclosure of the existence of discussions regarding,
a possible transaction between AIMCO and the Sellers or any of the terms,
conditions, or other aspects of the transaction proposed in this letter. If
AIMCO or one of the Sellers is required by law to make any such disclosure, it
must first provide to the other parties the content of the proposed disclosure,
the reasons that such disclosure is required by law, and the time and place that
the disclosure will be made.
15. COSTS. AIMCO and each Seller will be responsible for and bear all of
its own costs and expenses (including any broker's or finder's fees and the
expenses of its representatives) incurred at any time in connection with
pursuing or consummating the transactions contemplated by this letter agreement.
Notwithstanding the preceding sentence, AIMCO will pay one-half and the Sellers,
collectively, will pay one-half of all HSR Act filing fees. AIMCO will pay up
to $350,000 to Demeter, Phemus and
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Demeter Holdings Corporation
Phemus Corporation
Capricorn Investors, L.P.
February 13, 1997
Page 12
Capricorn as reimbursement of expenses incurred by them in connection with the
transactions contemplated by paragraphs 2, 3 and 4.
16. CONSENTS AND APPROVALS. AIMCO and each Seller will cooperate with
each other and proceed, as promptly as is reasonably practical, to prepare and
to file the notifications required by the HSR Act and to seek any necessary
approvals from HUD and any other governmental authorities. AIMCO and the
Sellers shall request early termination of the waiting period under the HSR Act
and shall use their best efforts to obtain clearance or authorization of the
Stock Purchase under the HSR Act.
17. ENTIRE AGREEMENT. This letter agreement constitutes the entire
agreement between AIMCO and the Sellers, and supersedes all prior oral or
written agreements, understandings, representations and warranties, and courses
of conduct and dealing between AIMCO and the Sellers on the subject matter
hereof. Except as otherwise provided herein, this letter agreement may be
amended or modified only by a writing executed by all of the parties.
18. GOVERNING LAW. This letter agreement will be governed by and
construed under the laws of the State of Delaware without regard to conflicts of
laws principles.
19. NOTICES. All notices and other communications hereunder shall be in
writing and shall be deemed given if delivered personally or by overnight
delivery service or mailed by registered or certified mail (return receipt
requested) to the parties hereto at the addresses set forth on the first page of
this letter agreement (or at such other address for a party as shall be
specified by like notice).
20. TIME IS OF THE ESSENCE. Time is of the essence of this letter
agreement.
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Demeter Holdings Corporation
Phemus Corporation
Capricorn Investors, L.P.
February 13, 1997
Page 13
If you are in agreement with the foregoing, please sign and return one copy
of this letter agreement which will thereupon constitute our agreement with
respect to the subject matter hereof.
Very truly yours,
APARTMENT INVESTMENT AND
MANAGEMENT COMPANY
By: /s/ Xxxxx Xxxxxxxxx
-------------------
Xxxxx Xxxxxxxxx
President
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Demeter Holdings Corporation
Phemus Corporation
Capricorn Investors, L.P.
February 13, 1997
Page 14
Accepted and agreed to as of the date first set forth above.
DEMETER HOLDINGS CORPORATION
By: /s/ Xxxxxxx X. Xxxxxxxx
-----------------------
Xxxxxxx X. Xxxxxxxx
Authorized Signatory
PHEMUS CORPORATION
By: /s/ Xxxxxxx X. Xxxxxxxx
-----------------------
Xxxxxxx X. Xxxxxxxx
Authorized Signatory
CAPRICORN INVESTORS, L.P.
By: Capricorn Holdings, G.P.,
its General Partner
By: Xxxxxxx Holdings, Inc.,
its General Partner
By: /s/ Xxxxxxx X. Xxxxxxx, Xx.
---------------------------
Xxxxxxx X. Xxxxxxx, Xx.
President
15
NHP PARTNERS
SCHEDULE 1
AIMCO PURCHASE 100%
Property
Name Location Units Price Debt Equity Total NHP
-------- -------- ----- ----------- ----------- ----------- -----------
A. NHP Equity, Agreed Upon Prices
One
Xxxxx
Place Cincinnati 231 17,944,474 12,845,800 4,940,051 4,940,051
000
Xxxxxx
Xxxxx Xxx Xxxx, 000 21,124,906 15,954,148 4,959,509 1,160,514
Grosvenor Rockville,
House MD 405 43,791,213 32,500,000 10,853,300 1,138,118
Elm Creek Elmhurst, Il 372 33,591,094 30,785,000 2,470,183 1,136,284
Xxxxxxxx Plantation,
House FL 271 24,284,476 21,481,000 2,560,631 1,280,315
Foxchase Alexandria,
VA 2,113 110,268,270 69,540,161 39,625,426 5,384,309
Greens of Naperville,
Naper- IL
ville 400 19,609,880 16,700,000 2,713,781 1,963,781
Shadowood Chapel Hill,
NC 336 15,176,680 10,306,066 4,718,847 1,493,181
Arbor Lithonia,
Crossing GA 240 9,826,410 8,000,000 1,728,146 1,728,146
Point Lenexa,
West KS 172 6,255,720 5,770,000 423,163 425,035
Victoria Victoria,
Station TX 224 5,397,690 3,488,886 1,854,827 923,363
Trinity Irving, TX 496 13,885,700 13,140,000 606,843 606,843
Lakehaven Xxxxx Stream,
I & II Il 492 22,259,900 19,132,000 2,905,301 492,847
Eagle Witchita,
Rock KS
Village 354 14,496,260 10,028,793 4,322,504 331,589
Well- Columbia,
spring SC 232 8,845,160 8,000,000 756,708 000,000
Xxxxxxxx Xxxxxxxxxx,
Xxxxx XX 242 8,548,330 7,750,000 712,847 714,341
Ridgewood St. Xxxxxx,
Village MO 252 7,564,760 7,450,000 39,112 36,335
Wyntre West Xxxxxxx,
Brook PA 212 7,289,438 6,870,000 346,544 213,479
----------
Total Schedule I 7,278 390,160,360 299,741,854 86,537,724 24,497,934
==========
16
NHP PARTNERS
SCHEDULE 2
AIMCO PURCHASE 100%
Property
Name Location Units Price Debt Equity Total NHP
-------- -------- ----- ----------- ----------- ----------- -----------
A. No NHP Equity, AIMCO Purchase Option
Sandpiper Boyton
Cove * Beach, FL 416 21,721,643 21,721,643 0 0
Xxxx Xxxxxxxx,
Xxxxx SC 100 2,607,784 2,607,784 0 0
Burkshire Arlington,
Commons VA 360 22,330,000 22,330,000 0 0
Xxxxxxxx Xxxxxxxxxx,
Xxxx CT 314 17,280,000 17,280,000 0 0
The Washington,
Consulate DC 269 13,654,639 13,654,639 0 0
Xxxxxxxx Xxxxxxxx,
Xxxxxx Xx 189 15,841,403 15,841,403 0 0
Lake Austell,
Crossing GA 300 11,739,960 11,739,960 0 0
Xxxx Xxxxxxxxx,
Xxxxxx XX 220 7,775,546 7,775,546 0 0
Xxxxxx
Xxxxxxxx Xxxxxxx,
Xxxxxxx XX 252 5,266,050 5,266,050 0 0
Plantation Xxxxxxx-
ville,FL 282 7,450,969 7,450,969 0 0
Casa Boca Raton,
del Mar FL 214 14,365,000 14,365,000 0 0
7400 Philadelphia,
Roosevelt PA 196 4,827,490 4,827,490 0 0
Xxxxxxx Xxxxxxxxxx,
Xxxxx XX 327 8,275,411 8,275,411 0 0
Xxxxxxx Xxxxx-
xxxxxxx,XX 163 3,437,161 3,437,161 0 0
River Loft Phila-
xxxxxxx, PA 198 5,915,470 5,915,470 0 0
Subtotal 3,800 98,549,099 98,549,099 0 0
* AIMCO has a 60 day option to buy NHP's interest for zero, subject to existing
debt, release of NHP's guaranty and with no yield maintenance obligation to NHP
related to paying off the existing first mortgage debt. Thereafter, the property
is subject to sale, with AIMCO retaining a right of first refusal to match any
offer.
---------
Total Schedule 2 0
=========
17
NHP PARTNERS
SCHEDULE 3
JOINT VENTURE
AIMCO PURCHASES 50%
Property
Name Location Units Price Debt Equity Total NHP
-------- -------- ----- ----------- ----------- ----------- -----------
A. NHP Equity, Agreed Upon Prices
Hickory Xxxxxxxxx
Xxxx MD 162 4,431,100 4,300,000 86,789 86,789
Eaglewood Memphis
Xxxxx TN 584 19,233,482 14,500,000 3,042,632 108,309
TAHFLP Texas 2,725 34,827,535 26,184,067 8,295,189 8,295,189
SAHFLP Texas,
New
Mexico 1,817 32,861,479 25,304,061 7,228,803 1,947,401
Latrobe Washington
DC 176 8,685,429 5,997,561 2,601,013 2,601,013
----------
Total Schedule 3 5,464 100,039,024 76,285,689 21,254,426 13,038,701
==========
50% 6,519,351
==========
18
NHP PARTNERS
SCHEDULE 4
JOINT VENTURE
AIMCO PURCHASE 50%
Property
Name Location Units Price Debt Equity Total NHP
-------- -------- ----- ----------- ----------- ----------- -----------
A. No NHP Equity, AIMCO Purchase Option
Standart Auburn
Xxxxx (upstate),
NY 330 5,243,040 5,243,040 0 0
West Lake Indiana-
Arms polis 1,381 20,131,680 20,131,680 0 0
Manor at Reno, NV 91 3,163,376 3,163,376 0 0
Xxxxxxxx
Xxx Xxxx Xxxxxxxxx,
XX 330 11,232,250 11,232,250 0 0
Hunter's Baltimore,
Crossing MD 168 4,458,244 4,458,244 0 0
Xxxxxxxx Xxxxxxxx
Xxxxxxx Xxxxxxx,
XX 76 1,109,986 1,109,986 0 0
Cross Albany,
Creek GA 200 2,589,381 2,589,381 0 0
Xxxxxxx Xxxxxxxx,
Xxx XX 160 3,189,055 3,189,055 0 0
Xxxx Xxxxxxx,
Xxxxxx XX 168 2,982,038 2,982,038 0 0
Xxxxx
Xxxx Xxxx Xxxxxxxx,
XX 148 1,867,375 1,867,375 0 0
Xxxxxxx Xxxx xx
Xxxxxxx Xxx, XX 82 0 0
Country X.
Xxxxx Lafayette,
IN 92 0 0
Country- Columbus,
brook OH 200 3,309,175 3,309,175 0 0
Kemar Frankfort,
IN 80 0 0
Lakeland Jackson,
East MS 144 3,092,087 3,092,087 0 0
Marten Indiana-
Manor polis 144 1,495,547 1,495,547 0 0
Xxxx
Xxx Xxxx Xxxxxxxxx,
XX 87 0 0
Xxxxxxx Newburgh,
IN 150 871,145 871,145 0 0
Metro- Atlantic
politan City 201 1,949,736 1,949,736 0 0
Xxxxxx Xxxxx-
Xxxx xxxxxxx 300 6,910,132 6,910,132 0 0
Subtotal 4,532 73,594,247 73,594,247 0 0
C. Great Atlantic* 13,720,000
----------
Total Schedule 4 13,720,000
==========
50% 6,860,000
==========
*Subject to completion of merger.
19
NHP PARTNERS
SCHEDULE 5
AFFORDABLE AND OTHER
AIMCO PURCHASES 25%
Property
Name Location Units Price Debt Equity Total NHP
-------- -------- ----- ----------- ----------- ----------- -----------
A. Affordable
Properties 50,309 20,000,000
B. Other Affordable Properties
Queenstown MD 1,052 0 0 0
Sun Ridge Blandens-
burg, MD 647 0 0 0
New Chicago
Vistas I 148 0 0 0
New Chicago
Vistas II 154 0 0 0
Xxxxxx Xxxxxxx
Xxxxxx 160 0 0 0
Plaze on Chicago
the Park 151 0 0 0
North Cincinnati
River
Place 120 0 0 0
X. Xxxxxxxx
Xxxxxxxx XX,XX,
VA,NC 2,995 65,804,000 1,350,000
D. St. Louis
Caroline St. Louis 000
Xxxxxxxx
Xxxxxx I St. Louis 000
Xxxxxxxx
Xxxxxx II St. Louis 217
Debaliviere
I St. Louis 146
Debaliviere
II St. Louis 242
Debaliviere
III St. Louis 132
Debaliviere
IV Xx. Xxxxx 000
Xxxxxxxxxxx
X Xx. Xxxxx 000
Subtotal 1,492 0 TBD 0 0
*NHP is negotiating with the lender to payoff the debt at a discount, with the
LP's, NHP and AIMCO to contribute additional capital as needed in an amount
proportionate to their ownership.
X. Xxxx Portfolio
Baybentree Houston 268 5,643,300 5,643,300 0 0
Carriage- Indiana-
tree polis 136 3,635,578 3,635,578 0 0
Centertree Phoenix 349 1,099,253 1,099,253 0 0
Xxxxxxxxxxx Xxxxxxxxxx,
XX 84 2,259,614 2,259,614 0 0
Dovetree Tyler,TX 200 3,098,588 3,098,588 0 0
Xxxxxxxxx Xxxxxxx,XX 324 6,573,411 6,573,411 0 0
Gates of Arlington,
Arlington VA 465 11,326,600 11,326,600 0 0
Xxxxxxxx Albuquerque 324 8,238,012 8,238,012 0 0
Greentree Indiana-
polis 456 6,951,292 6,951,292 0 0
Xxxxxxx- Scottsdale
tree I 121 2,951,051 2,951,051 0 0
Xxxxxxx- Scottsdale
tree II 123 2,787,276 2,787,276 0 0
The Lakes Albu-
querque 299 9,894,230 8,984,230 0 0
Lauretree Columbus,
OH 76 1,247,991 1,247,991 0 0
Los Altos Albu-
Tower querque 186 6,399,219 6,399,219 0 0
Xxxx Xxxxx Xxxx,XX 174 2,594,711 2,594,711 0 0
Xxxxxxxxxx Xxxxxx 276 7,716,127 7,716,127 0 0
Oaktree Indiana-
polis 396 2,639,691 2,639,691 0 0
Paradise Corpus
Bay Christi 782 13,804,389 13,804,389 0 0
Xxxxxxxx Xxxxx, XX 110 1,500,567 1,500,567 0 0
Xxxxxxxx
Xxxxx Xxxxxx,XX 158 4,016,752 4,016,752 0 0
Xxxx Xxxxx
Xxxxx Xxxx, XX 105 1,526,314 1,526,314 0 0
Summertree Scottsdale 193 3,707,585 3,707,585 0 0
Xxxxxxxxxx Xxxxxxxxx,
XX 244 5,024,305 5,024,305 0 0
Sunridge Albu-
Village querque 320 10,658,877 10,658,877 0 0
Three Albu-
Fountains querque 410 13,407,967 13,407,967 0 0
The Villas Albu-
querque 198 2,065,065 2,065,065 0 0
Villatree Tempe 150 3,465,010 3,465,010 0 0
Whisper-
Tree I Houston 248 4,600,725 4,600,725 0 0
Xxxxxxx-
Xxxx XX Xxxxxxx 000 4,567,584 4,567,584 0 0
Windtree Port Xxxxxx,
(FL) FL 242 3,853,235 3,853,235 0 0
Windtree Midland,
(TX) TX 232 1,346,249 1,346,249 0 0
Xxxxxxxxx Xxxxxxxxxx,
XX 196 4,055,937 4,055,937 0 0
Mezzanine debt 20,000,000 20,000,000 0 0
Subtotal Hall 8,101 182,656,505 182,656,505 0 0
F. Lease Liability (9,600,000)
G. Oxford Notes 2,000,000
X. Xxxx Notes 0
-----------
Total Schedule 5 13,750,000
===========
AIMCO 25% 3,437,500
===========
