Real Estate Owned

12 Months Ended

Dec. 31, 2011

SCHEDULE III REAL ESTATE OWNED

SCHEDULE III — REAL ESTATE OWNED

FOR THE YEAR ENDED DECEMBER 31, 2011

(In thousands)

									Cost of		Gross Amount at Which
			Initial Costs				Total		Improvements		Carried at Close of Period
			Land and		Buildings		Initial		Capitalized		Land and		Buildings &		Total
			Land		and		Acquisition		Subsequent		Land		Buildings		Carrying		Accumulated		Date of	Date
	Encumbrances		Improvements		Improvements		Costs		to Acquisition Costs		Improvements		Improvements		Value		Depreciation		Construction(a)	Acquired
WESTERN REGION
Harbor at Mesa Verde	$	47,091	$	20,477	$	28,538	$	49,015	$	11,271	$	20,774	$	39,512	$	60,286	$	20,518	2003	Jun-03
Pine Brook Village		18,270		2,582		25,504		28,086		4,638		3,886		28,838		32,724		14,045	1979	Jun-03
Pacific Shores		19,145		7,345		22,624		29,969		7,777		7,596		30,150		37,746		15,105	2003	Jun-03
Huntington Vista		31,274		8,055		22,486		30,541		6,102		8,243		28,400		36,643		14,479	1970	Jun-03
Missions at Back Bay		11,326		229		14,129		14,358		1,871		10,739		5,490		16,229		2,972	1969	Dec-03
Coronado at Newport — North		48,448		62,516		46,082		108,598		19,536		66,591		61,543		128,134		29,146	2000	Oct-04
Huntington Villas		55,752		61,535		18,017		79,552		5,014		61,855		22,711		84,566		10,965	1972	Sep-04
Villa Venetia		—		70,825		24,179		95,004		5,424		70,984		29,444		100,428		13,401	1972	Oct-04
Vista Del Rey		12,659		10,670		7,080		17,750		1,670		10,783		8,637		19,420		4,112	1969	Sep-04
Foxborough		—		12,071		6,187		18,258		2,285		12,180		8,363		20,543		3,558	1969	Sep-04
Coronado South		92,188		58,785		50,067		108,852		12,351		59,058		62,145		121,203		28,473	2000	Mar-05
Pine Brook Village II		—		25,922		60,961		86,883		1,353		25,997		62,239		88,236		13,190	1975	May-08
1818 Platinum Triangle		—		16,663		51,905		68,568		225		16,665		52,128		68,793		4,225	2009	Aug-10
ORANGE COUNTY, CA		336,153		357,675		377,759		735,434		79,517		375,351		439,600		814,951		174,189
2000 Post Street		—		9,861		44,578		54,439		6,848		10,178		51,109		61,287		19,648	1987	Dec-98
Birch Creek		—		4,365		16,696		21,061		5,320		5,022		21,359		26,381		10,517	1968	Dec-98
Highlands Of Marin		—		5,996		24,868		30,864		25,554		7,011		49,407		56,418		17,294	1991	Dec-98
Marina Playa		—		6,224		23,916		30,140		7,660		6,764		31,036		37,800		14,791	1971	Dec-98
River Terrace		33,130		22,161		40,137		62,298		2,221		22,265		42,254		64,519		15,981	2005	Aug-05
CitySouth		—		14,031		30,537		44,568		30,689		15,672		59,585		75,257		13,826	1972	Nov-05
Bay Terrace		—		8,545		14,458		23,003		2,543		8,549		16,997		25,546		5,827	1962	Oct-05
Highlands of Marin Phase II		—		5,353		18,559		23,912		10,976		5,730		29,158		34,888		6,801	1968	Oct-07
Edgewater		45,106		30,657		83,872		114,529		1,760		30,668		85,621		116,289		18,845	2007	Mar-08
Almaden Lake Village		27,000		594		42,515		43,109		2,459		655		44,913		45,568		9,339	1999	Jul-08
388 Beale		—		14,253		74,104		88,357		438		14,253		74,542		88,795		3,076	1999	Apr-11
2000 Post III		—		1,756		7,753		9,509		2,983		3,290		9,202		12,492		3,773	2006	Dec-98
SAN FRANCISCO, CA		105,236		123,796		421,993		545,789		99,451		130,057		515,183		645,240		139,718
Rosebeach		—		8,414		17,449		25,863		1,889		8,462		19,290		27,752		8,526	1970	Sep-04
Ocean Villas		8,663		5,135		12,789		17,924		1,351		5,205		14,070		19,275		5,895	1965	Oct-04
Tierra Del Rey		—		39,586		36,679		76,265		1,811		39,592		38,484		78,076		9,369	1999	Dec-07
Marina Pointe		67,700		48,182		102,364		150,546		2,188		48,225		104,509		152,734		7,661	1993	Sep-10
Pine@Sixth		—		5,805		6,305		12,110		12,387		6,241		18,256		24,497		11,565	2008	Aug-06
Jefferson at Marina del Rey		89,850		55,651		—		55,651		87,946		61,132		82,465		143,597		14,308	2008	Sep-07
LOS ANGELES, CA		166,213		162,773		175,586		338,359		107,572		168,857		277,074		445,931		57,324
Arbor Terrace		—		1,453		11,995		13,448		2,820		1,769		14,499		16,268		7,346	1996	Mar-98
Aspen Creek		10,819		1,178		9,116		10,294		1,986		1,437		10,843		12,280		4,971	1996	Dec-98
Crowne Pointe		7,328		2,486		6,437		8,923		4,252		2,773		10,402		13,175		5,536	1987	Dec-98
Hilltop		6,774		2,174		7,408		9,582		3,164		2,641		10,105		12,746		5,052	1985	Dec-98
The Hawthorne		—		6,474		30,226		36,700		1,758		6,533		31,925		38,458		12,495	2003	Jul-05
The Kennedy		17,942		6,179		22,307		28,486		1,098		6,212		23,372		29,584		8,430	2005	Nov-05
Hearthstone at Merrill Creek		25,479		6,848		30,922		37,770		1,706		6,860		32,616		39,476		7,132	2000	May-08
Island Square		—		21,284		89,389		110,673		2,443		21,354		91,762		113,116		18,374	2007	Jul-08
Borgata		—		6,379		24,569		30,948		245		6,384		24,809		31,193		6,660	2001	May-07
elements too		—		27,468		72,036		99,504		10,498		30,077		79,925		110,002		13,388	2010	Feb-10
989elements		—		8,541		45,990		54,531		581		8,517		46,595		55,112		5,363	2006	Dec-09
SEATTLE, WA		68,342		90,464		350,395		440,859		30,551		94,557		376,853		471,410		94,747
Presidio at Rancho Del Oro		—		9,164		22,694		31,858		5,073		9,600		27,331		36,931		13,176	1987	Jun-04
Villas at Carlsbad		—		6,517		10,718		17,235		1,514		6,639		12,110		18,749		5,079	1966	Oct-04
SAN DIEGO, CA		—		15,681		33,412		49,093		6,587		16,239		39,441		55,680		18,255
Boronda Manor		—		1,946		8,982		10,928		8,396		3,112		16,212		19,324		6,662	1979	Dec-98
Garden Court		—		888		4,188		5,076		4,385		1,455		8,006		9,461		3,393	1973	Dec-98
Cambridge Court		—		3,039		12,883		15,922		13,073		5,160		23,835		28,995		10,269	1974	Dec-98
Laurel Tree		—		1,304		5,115		6,419		5,335		2,075		9,679		11,754		4,115	1977	Dec-98
The Pointe At Harden Ranch		—		6,388		23,854		30,242		23,263		9,731		43,774		53,505		18,246	1986	Dec-98
The Pointe At Northridge		—		2,044		8,028		10,072		9,098		3,204		15,966		19,170		6,985	1979	Dec-98
The Pointe At Westlake		—		1,329		5,334		6,663		5,159		2,109		9,713		11,822		3,984	1975	Dec-98
MONTEREY PENINSULA, CA		—		16,938		68,384		85,322		68,709		26,846		127,185		154,031		53,654
Verano at Rancho Cucamonga Town Square		54,308		13,557		3,645		17,202		52,382		22,918		46,666		69,584		21,842	2006	Oct-02
Windemere at Sycamore Highland		24,017		5,810		23,450		29,260		2,103		5,986		25,377		31,363		13,711	2001	Nov-02
INLAND EMPIRE, CA		78,325		19,367		27,095		46,462		54,485		28,904		72,043		100,947		35,553
Foothills Tennis Village		—		3,618		14,542		18,160		5,824		3,987		19,997		23,984		10,432	1988	Dec-98
Woodlake Village		—		6,772		26,967		33,739		11,335		7,832		37,242		45,074		20,299	1979	Dec-98
SACRAMENTO, CA		—		10,390		41,509		51,899		17,159		11,819		57,239		69,058		30,731
Tualatin Heights		8,976		3,273		9,134		12,407		5,655		3,707		14,355		18,062		7,736	1989	Dec-98
Andover Park		15,938		2,916		16,995		19,911		6,676		3,105		23,482		26,587		11,570	1989	Sep-04
Hunt Club		17,020		6,014		14,870		20,884		4,850		6,295		19,439		25,734		9,810	1985	Sep-04
PORTLAND, OR		41,934		12,203		40,999		53,202		17,181		13,107		57,276		70,383		29,116
TOTAL WESTERN REGION		796,203		809,287		1,537,132		2,346,419		481,212		865,737		1,961,894		2,827,631		633,287

									Cost of		Gross Amount at Which
			Initial Costs				Total		Improvements		Carried at Close of Period
			Land and		Buildings		Initial		Capitalized		Land and		Buildings &		Total
			Land		and		Acquisition		Subsequent		Land		Buildings		Carrying		Accumulated		Date of		Date
	Encumbrances		Improvements		Improvements		Costs		to Acquisition Costs		Improvements		Improvements		Value		Depreciation		Construction(a)		Acquired
MID-ATLANTIC REGION
Dominion Middle Ridge		33,096		3,311		13,283		16,594		5,712		3,638		18,668		22,306		11,469		1990	Jun-96
Dominion Lake Ridge		22,610		2,366		8,387		10,753		5,211		2,775		13,189		15,964		8,230		1987	Feb-96
Presidential Greens		—		11,238		18,790		30,028		7,339		11,519		25,848		37,367		15,907		1938	May-02
The Whitmore		—		6,418		13,411		19,829		19,602		7,424		32,007		39,431		16,461		2008	Apr-02
Ridgewood		—		5,612		20,086		25,698		7,214		5,836		27,076		32,912		16,168		1988	Aug-02
The Calvert		—		263		11,189		11,452		20,825		8,275		24,002		32,277		9,209		1962	Nov-03
Commons at Town Square		—		136		7,724		7,860		1,013		6,874		1,999		8,873		1,115		1971	Dec-03
Waterside Towers		—		874		38,209		39,083		10,007		26,215		22,875		49,090		12,048		1971	Dec-03
Waterside Townhomes		—		129		3,724		3,853		658		2,725		1,786		4,511		852		1971	Dec-03
Wellington Place at Olde Town		28,681		13,753		36,059		49,812		16,314		14,541		51,585		66,126		22,649		2008	Sep-05
Andover House		—		14,357		51,577		65,934		2,449		14,360		54,023		68,383		15,087		2004	Mar-07
Sullivan Place		—		1,137		103,676		104,813		3,080		1,181		106,712		107,893		25,545		2007	Dec-07
Circle Towers		69,771		33,011		107,051		140,062		5,927		32,876		113,113		145,989		23,714		1972	Mar-08
Delancey at Shirlington		—		21,606		66,765		88,371		966		21,616		67,721		89,337		14,696		2006/07	Mar-08
View 14		—		5,710		97,941		103,651		1,166		5,721		99,096		104,817		2,793		2009	Jun-11
Signal Hill		42,074		13,290		—		13,290		68,930		25,327		56,893		82,220		6,353		2010	Nov-10
METROPOLITAN DC		196,232		133,211		597,872		731,083		176,413		190,903		716,593		907,496		202,296
Dominion Kings Place		16,121		1,565		7,007		8,572		3,810		1,800		10,582		12,382		6,751		1983	Dec-92
Dominion At Eden Brook		21,308		2,361		9,384		11,745		5,920		2,913		14,752		17,665		9,936		1984	Dec-92
Ellicott Grove		—		2,920		9,099		12,019		22,219		5,189		29,049		34,238		17,876		2008	Jul-94
Dominion Constant Freindship		10,683		903		4,669		5,572		3,315		1,146		7,741		8,887		4,883		1990	May-95
Lakeside Mill		15,242		2,666		10,109		12,775		3,707		2,849		13,633		16,482		9,166		1989	Dec-99
Tamar Meadow		17,602		4,145		17,150		21,295		4,381		4,502		21,174		25,676		12,142		1990	Nov-02
Calvert’s Walk		18,043		4,408		24,692		29,100		5,833		4,567		30,366		34,933		14,602		1988	Mar-04
Arborview Apartments		—		4,653		23,952		28,605		5,857		5,058		29,404		34,462		15,039		1992	Mar-04
Liriope Apartments		—		1,620		6,791		8,411		896		1,629		7,678		9,307		3,752		1997	Mar-04
20 Lambourne		32,795		11,750		45,590		57,340		3,471		11,837		48,974		60,811		11,613		2003	Mar-08
Domain Brewers Hill		—		4,669		40,630		45,299		247		4,669		40,877		45,546		3,208		2009	Aug-10
BALTIMORE, MD		131,794		41,660		199,073		240,733		59,656		46,159		254,230		300,389		108,968
Dominion Olde West		—		1,965		12,204		14,169		5,216		2,606		16,779		19,385		12,514		1978/82/84/85/87	Dec-84 & Aug-91
Dominion Creekwood		—		—		—		—		4,975		274		4,701		4,975		3,014		1984	Aug-91
Dominion English Hills		—		1,979		11,524		13,503		8,224		2,873		18,854		21,727		11,134		1969/76	Dec-91
Gayton Pointe Townhomes		—		826		5,148		5,974		28,743		3,319		31,398		34,717		21,308		2007	Sep-95
Dominion West End		25,582		2,059		15,049		17,108		12,222		4,502		24,828		29,330		15,049		1989	Dec-95
Waterside At Ironbridge		—		1,844		13,238		15,082		6,513		2,249		19,346		21,595		10,433		1987	Sep-97
Carriage Homes at Wyndham		—		474		30,997		31,471		7,001		3,764		34,708		38,472		17,587		1998	Nov-03
Legacy at Mayland		41,507		—		—		—		19,269		1,772		17,497		19,269		12,138		2007	Dec-91
RICHMOND, VA		67,089		9,147		88,160		97,307		92,163		21,359		168,111		189,470		103,177
Forest Lake At Oyster Point		—		780		8,862		9,642		8,212		1,346		16,508		17,854		10,810		1986	Aug-95
Woodscape		—		798		7,209		8,007		8,988		2,027		14,968		16,995		11,874		1974/76	Dec-87
Eastwind		—		155		5,317		5,472		5,762		601		10,633		11,234		7,864		1970	Apr-88
Dominion Waterside At Lynnhave		—		1,824		4,107		5,931		5,569		2,198		9,302		11,500		6,384		1966	Aug-96
Heather Lake		—		617		3,400		4,017		9,532		1,194		12,355		13,549		10,729		1972/74	Mar-80
Dominion Yorkshire Downs		—		1,089		8,582		9,671		5,391		1,489		13,573		15,062		7,673		1987	Dec-97
NORFOLK, VA		—		5,263		37,477		42,740		43,454		8,855		77,339		86,194		55,334
Garrison Square		—		5,591		91,027		96,618		2,689		5,591		93,716		99,307		6,887		1887/1990	Sep-10
Ridge at Blue Hills		24,761		6,039		34,869		40,908		359		6,042		35,225		41,267		2,657		2007	Sep-10
Inwood West		60,702		20,778		88,096		108,874		893		20,779		88,988		109,767		3,812		2006	Apr-11
14 North		—		10,961		51,175		62,136		1,088		10,961		52,263		63,224		2,335		2005	Apr-11
BOSTON, MA		85,463		43,369		265,167		308,536		5,029		43,373		270,192		313,565		15,691
10 Hanover Square		205,526		41,432		218,983		260,415		2,085		41,432		221,068		262,500		8,945		2005	Apr-11
21 Chelsea		35,568		36,399		107,154		143,553		409		36,399		107,563		143,962		2,109		2001	Aug-11
Rivergate		—		114,410		324,920		439,330		2,162		114,414		327,078		441,492		8,215		1985	Jul-11
95 Wall Street		—		57,637		266,255		323,892		137		57,641		266,388		324,029		5,738		2008	Aug-11
NEW YORK, NY		241,094		249,878		917,312		1,167,190		4,793		249,886		922,097		1,171,983		25,007
Greens At Falls Run		—		2,731		5,300		8,031		4,665		3,116		9,580		12,696		5,911		1989	May-95
Manor At England Run		—		3,194		13,505		16,699		20,133		5,142		31,690		36,832		19,134		1990	May-95
Greens At Schumaker Pond		—		710		6,118		6,828		5,037		960		10,905		11,865		7,115		1988	May-95
OTHER MID-ATLANTIC		—		6,635		24,923		31,558		29,835		9,218		52,175		61,393		32,160
TOTAL MID-ATLANTIC REGION		721,672		489,163		2,129,984		2,619,147		411,343		569,753		2,460,737		3,030,490		542,633

									Cost of		Gross Amount at Which
			Initial Costs				Total		Improvements		Carried at Close of Period
			Land and		Buildings		Initial		Capitalized		Land and		Buildings &		Total
			Land		and		Acquisition		Subsequent		Land		Buildings		Carrying		Accumulated		Date of	Date
	Encumbrances		Improvements		Improvements		Costs		to Acquisition Costs		Improvements		Improvements		Value		Depreciation		Construction(a)	Acquired
SOUTHEASTERN REGION
Summit West		—		2,176		4,710		6,886		7,379		3,097		11,168		14,265		8,712	1972	Dec-92
The Breyley		—		1,780		2,458		4,238		16,499		3,204		17,533		20,737		13,772	2007	Sep-93
Lakewood Place		20,561		1,395		10,647		12,042		7,666		2,120		17,588		19,708		11,578	1986	Mar-94
Hunters Ridge		—		2,462		10,942		13,404		6,075		3,490		15,989		19,479		9,963	1992	Jun-95
Bay Meadow		—		2,893		9,254		12,147		8,816		3,994		16,969		20,963		11,178	2004	Dec-96
Cambridge Woods		—		1,791		7,166		8,957		7,281		2,492		13,746		16,238		8,771	1985	Jun-97
Sugar Mill Creek		—		2,242		7,553		9,795		5,616		2,648		12,763		15,411		7,243	1988	Dec-98
Inlet Bay		—		7,702		23,150		30,852		11,958		8,857		33,953		42,810		19,948	1988/89	Jun-03
MacAlpine Place		—		10,869		36,858		47,727		5,070		11,091		41,706		52,797		18,542	2001	Dec-04
The Vintage Lofts at West End		—		6,611		37,663		44,274		7,740		15,089		36,925		52,014		8,863	2009	Jul-09
Gallery at Bayport II		—		5,775		17,236		23,011		2,259		8,536		16,734		25,270		6,427	2008	Oct-06
Island Walk		—		7,231		19,897		27,128		10,038		4,935		32,231		37,166		17,716	1985/87	Jul-06
TAMPA, FL		20,561		52,927		187,534		240,461		96,397		69,553		267,305		336,858		142,713
Seabrook		—		1,846		4,155		6,001		7,161		2,611		10,551		13,162		7,618	2004	Feb-96
The Canopy Apartment Villas		—		2,895		6,456		9,351		21,736		5,288		25,799		31,087		19,013	2008	Mar-93
Altamira Place		15,640		1,533		11,076		12,609		18,659		3,190		28,078		31,268		20,860	2007	Apr-94
Regatta Shore		—		757		6,608		7,365		13,909		1,894		19,380		21,274		13,816	2007	Jun-94
Alafaya Woods		20,049		1,653		9,042		10,695		7,612		2,394		15,913		18,307		10,523	2006	Oct-94
Los Altos		24,352		2,804		12,349		15,153		7,768		3,770		19,151		22,921		11,655	2004	Oct-96
Lotus Landing		—		2,185		8,639		10,824		7,802		2,717		15,909		18,626		8,892	2006	Jul-97
Seville On The Green		—		1,282		6,498		7,780		6,049		1,668		12,161		13,829		7,084	2004	Oct-97
Ashton @ Waterford		25,958		3,872		17,538		21,410		1,823		4,041		19,192		23,233		10,786	2000	May-98
Arbors at Lee Vista DCO		—		6,692		12,860		19,552		10,812		6,972		23,392		30,364		14,357	2007	Aug-06
The Place on Millenia Blvd		—		12,172		37,143		49,315		1,545		12,201		38,659		50,860		10,965	2007	Jan-08
ORLANDO, FL		85,999		37,691		132,364		170,055		104,876		46,746		228,185		274,931		135,569
Legacy Hill		—		1,148		5,867		7,015		7,841		1,692		13,164		14,856		9,357	1977	Nov-95
Hickory Run		—		1,469		11,584		13,053		8,458		1,989		19,522		21,511		11,013	1989	Dec-95
Carrington Hills		—		2,117		—		2,117		32,205		4,278		30,044		34,322		16,264	1999	Dec-95
Brookridge		—		708		5,461		6,169		3,844		1,007		9,006		10,013		5,588	1986	Mar-96
Breckenridge		—		766		7,714		8,480		3,688		1,157		11,011		12,168		6,299	1986	Mar-97
Colonnade		—		1,460		16,015		17,475		3,703		1,810		19,368		21,178		9,157	1998	Jan-99
The Preserve at Brentwood		24,591		3,181		24,674		27,855		4,895		3,354		29,396		32,750		14,627	1998	Jun-04
Polo Park		—		4,583		16,293		20,876		15,090		5,491		30,475		35,966		14,135	2008	May-06
NASHVILLE, TN		24,591		15,432		87,608		103,040		79,724		20,778		161,986		182,764		86,440
Greentree		—		1,634		11,227		12,861		12,531		2,761		22,631		25,392		14,972	2007	Jul-94
Westland		—		1,835		14,865		16,700		10,964		3,298		24,366		27,664		16,067	1990	May-96
Antlers		—		4,034		11,193		15,227		12,629		5,224		22,632		27,856		14,941	1985	May-96
St Johns Plantation		—		4,288		33,102		37,390		5,302		4,542		38,150		42,692		16,538	2006	Jun-05
The Kensley		—		3,179		30,711		33,890		1,719		3,193		32,416		35,609		9,143	2004	Jul-07
JACKSONVILLE, FL		—		14,970		101,098		116,068		43,145		19,018		140,195		159,213		71,661
The Reserve and Park at Riverbridge		40,133		15,968		56,401		72,369		5,130		16,282		61,217		77,499		26,261	1999/2001	Dec-04
The Groves		—		790		4,767		5,557		5,248		1,624		9,181		10,805		6,534	1989	Dec-95
Mallards of Brandywine		—		766		5,407		6,173		3,016		1,106		8,083		9,189		4,876	1985	Jul-97
PIERPOINT Port Orange		—		3,373		7,096		10,469		5,678		3,808		12,339		16,147		11,060	2007	Dec-05
OTHER FLORIDA		40,133		20,897		73,671		94,568		19,072		22,820		90,820		113,640		48,731
TOTAL SOUTHEASTERN REGION		171,284		141,917		582,275		724,192		343,214		178,915		888,491		1,067,406		485,114
SOUTHWESTERN REGION
THIRTY377		31,816		24,036		32,951		56,987		6,117		24,229		38,875		63,104		13,838	2007	Aug-06
Legacy Village		59,300		16,882		100,102		116,984		4,071		17,029		104,026		121,055		24,322	2005/06/07	Mar-08
Garden Oaks		—		2,132		5,367		7,499		1,093		6,878		1,714		8,592		1,052	1979	Mar-07
Glenwood		—		7,903		554		8,457		1,095		8,112		1,440		9,552		714	1970	May-07
Talisker of Addison		7,157		10,440		634		11,074		1,506		10,830		1,750		12,580		894	1975	May-07
Springhaven		—		6,688		3,354		10,042		745		8,256		2,531		10,787		1,571	1977	Apr-07
Clipper Pointe		—		13,221		2,507		15,728		1,664		14,860		2,532		17,392		1,547	1978	May-07
Highlands of Preston		—		2,151		8,168		10,319		29,559		5,886		33,992		39,878		16,633	2008	Mar-98
The Belmont		—		11,720		—		11,720		54,825		21,016		45,529		66,545		8,799	2010	Apr-10
Savoye		—		7,374		3,367		10,741		55,553		14,660		51,634		66,294		6,980	2010	Aug-10
DALLAS, TX		98,273		102,547		157,004		259,551		156,228		131,756		284,023		415,779		76,350
Finisterra		—		1,274		26,392		27,666		4,351		1,735		30,282		32,017		13,999	1997	Mar-98
Sierra Foothills		20,978		2,728		—		2,728		21,204		5,102		18,830		23,932		12,968	1998	Feb-98
Sierra Canyon		10,717		1,810		12,964		14,774		2,197		2,071		14,900		16,971		9,381	2001	Dec-01
Waterford at Peoria		—		2,225		21,593		23,818		1,635		2,980		22,473		25,453		4,623	2008	Aug-08
Lumiere		—		5,092		11,998		17,090		6,971		4,726		19,335		24,061		12,775	1996	May-06
Residences at Stadium Village		—		7,930		—		7,930		41,418		15,170		34,178		49,348		6,490	2009	May-09
PHOENIX, AZ		31,695		21,059		72,947		94,006		77,776		31,784		139,998		171,782		60,236
Barton Creek Landing		—		3,151		14,269		17,420		20,208		4,414		33,214		37,628		12,086	1986	Mar-02
Residences at the Domain		25,079		4,034		55,256		59,290		1,226		4,086		56,430		60,516		11,488	2007	Aug-08
AUSTIN, TX		25,079		7,185		69,525		76,710		21,434		8,500		89,644		98,144		23,574
TOTAL SOUTHWESTERN REGION		155,047		130,791		299,476		430,267		255,438		172,040		513,665		685,705		160,160

									Cost of		Gross Amount at Which
			Initial Costs				Total		Improvements		Carried at Close of Period
			Land and		Buildings		Initial		Capitalized		Land and		Buildings &		Total
			Land		and		Acquisition		Subsequent		Land		Buildings		Carrying		Accumulated			Date of	Date
	Encumbrances		Improvements		Improvements		Costs		to Acquisition Costs		Improvements		Improvements		Value		Depreciation			Construction(a)	Acquired
REAL ESTATE UNDER DEVELOPMENT
Los Alisos (formerly Mission Viejo)		—		17,298		—		17,298		9,496		16,385		10,409		26,794		—
Mission Bay		—		23,625		—		23,625		14,054		23,653		14,026		37,679		—
Belmont Townhomes		—		288		—		288		1,659		854		1,093		1,947		—
2400 14th Street		—		31,747		—		31,747		33,152		31,393		33,506		64,899		—
Village at Bella Terra		—		25,000		—		25,000		7,202		25,000		7,202		32,202		—
Savoye2 (Phase II of Vitruvian Park)		25,076		6,510		3,774		10,284		56,423		11,108		55,599		66,707		570
Phase III of Vitruvian Park		—		7,659		3,601		11,260		7,258		7,659		10,859		18,518		—
TOTAL REAL ESTATE UNDER DEVELOPMENT		25,076		112,127		7,375		119,502		129,244		116,052		132,694		248,746		570
LAND
Waterside		—		11,862		93		11,955		129		11,862		222		12,084		201
Presidio		—		1,524		—		1,524		921		1,300		1,145		2,445		—
Parkers Landing II TRS		—		1,710		—		1,710		762		1,511		961		2,472		(1,852	)
3033 Wilshire		—		11,055		—		11,055		4,990		11,049		4,996		16,045		—
DCO Beach Walk LLC		—		12,878		—		12,878		194		12,878		194		13,072		—
7 Harcourt		—		884		—		884		3,767		884		3,767		4,651		7
Vitruvian		—		8,005		16,006		24,011		46,326		38,380		31,957		70,337		—
Spring Valley Road		—		2,875		—		2,875		1,843		2,875		1,843		4,718		1
TOTAL LAND		—		50,793		16,099		66,892		58,932		80,739		45,085		125,824		(1,643	)
TOTAL REAL ESTATE UNDER DEVELOPMENT		25,076		162,920		23,474		186,394		188,176		196,791		177,779		374,570		(1,073	)
COMMERCIAL HELD FOR DEVELOPMENT
Hanover Village		—		1,624		—		1,624		—		1,104		520		1,624		533
The Calvert — commercial side		—		34		1,598		1,632		1,174		1,172		1,634		2,806		771
Circle Towers Office Bldg		—		1,407		4,498		5,905		1,275		1,380		5,800		7,180		1,023
Brookhaven Shopping Center		—		4,138		7,093		11,231		11,393		7,733		14,891		22,624		2,523
Bellevue Plaza retail		22,271		24,377		7,517		31,894		96		29,920		2,070		31,990		230
Grandview DCO		—		7,266		9,702		16,968		2,105		10,750		8,323		19,073		6,523
TOTAL COMMERCIAL		22,271		38,846		30,408		69,254		16,043		52,059		33,238		85,297		11,603
Other(b)		—		—		—		—		3,372		5		3,367		3,372		3
TOTAL CORPORATE		—		—		—		—		3,372		5		3,367		3,372		3
TOTAL COMMERCIAL & CORPORATE		22,271		38,846		30,408		69,254		19,415		52,064		36,605		88,669		11,606
Total Real Estate Owned	$	1,891,553	$	1,772,924	$	4,602,749	$	6,375,673	$	1,698,798	$	2,035,300	$	6,039,171	$	8,074,471	$	1,831,727

(a)	Date of construction or date of last major renovation.
(b)	Includes unallocated accruals and capital expenditures.
	The aggregate cost for federal income tax purposes was approximately $7.3 billion at December 31, 2011.
	The depreciable life for all buildings is 35 years.

3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION

The following is a reconciliation of the carrying amount of total real estate owned at December 31, (in thousands):

	2011			2010			2009
Balance at beginning of the year	$	6,881,347		$	6,315,047		$	5,831,753
Real estate acquired		1,590,514			425,825			28,220
Capital expenditures and development		189,711			167,986			273,552
Real estate sold		(587,101	)		(20,328	)		—
Retirement of fully depreciated assets		—			(7,183	)		(4,407	)
Real estate acquired through JV consolidation		—			—			185,929
Balance at end of the year	$	8,074,471		$	6,881,347		$	6,315,047

The following is a reconciliation of total accumulated depreciation for real estate owned at December 31:

	2011			2010			2009
Balance at beginning of the year	$	1,638,326		$	1,351,293		$	1,078,689
Depreciation expense for the year		341,925			297,889			277,011
Accumulated depreciation on sales		(148,524	)		(3,673	)		—
Accumulated depreciation on retirements		—			(7,183	)		(4,407	)
Balance at end of year	$	1,831,727		$	1,638,326		$	1,351,293

United Dominion Realty L.P

SCHEDULE III REAL ESTATE OWNED

UNITED DOMINION REALTY, L.P.
SCHEDULE III — REAL ESTATE OWNED
FOR THE YEAR ENDED DECEMBER 31, 2011
(In thousands)

									Cost of
									Improvements		Gross Amount at Which
			Initial Costs				Total		Capitalized		Carried at Close of Period
			Land and		Buildings		Initial		Subsequent		Land and		Buildings		Total
			Land		and		Acquisition		to Acquisition		Land		Buildings		Carrying		Accumulated		Date of		Date
	Encumbrances		Improvements		Improvements		Costs		Costs		Improvements		Improvements		Value		Depreciation		Construction (a)		Acquired
WESTERN REGION
Harbor at Mesa Verde	$	47,091	$	20,477	$	28,538	$	49,015	$	11,271	$	20,774	$	39,512	$	60,286	$	20,518		2003	Jun-03
Pine Brook Village		18,270		2,582		25,504		28,086		4,638		3,886		28,838		32,724		14,045		1979	Jun-03
Pacific Shores		19,145		7,345		22,624		29,969		7,777		7,596		30,150		37,746		15,105		2003	Jun-03
Huntington Vista		31,274		8,055		22,486		30,541		6,102		8,243		28,400		36,643		14,479		1970	Jun-03
Missions at Back Bay		11,326		229		14,129		14,358		1,871		10,739		5,490		16,229		2,972		1969	Dec-03
Coronado at Newport — North		48,448		62,516		46,082		108,598		19,536		66,591		61,543		128,134		29,146		2000	Oct-04
Huntington Villas		55,752		61,535		18,017		79,552		5,014		61,855		22,711		84,566		10,965		1972	Sep-04
Villa Venetia		—		70,825		24,179		95,004		5,424		70,984		29,444		100,428		13,401		1972	Oct-04
Vista Del Rey		12,659		10,670		7,080		17,750		1,670		10,783		8,637		19,420		4,112		1969	Sep-04
Coronado South		92,188		58,785		50,067		108,852		12,351		59,058		62,145		121,203		28,473		2000	Mar-05
Pine Brook Village II		—		25,922		60,961		86,883		1,353		25,997		62,239		88,236		13,190		1975	May-08
ORANGE COUNTY, CA		336,153		328,941		319,667		648,608		77,007		346,506		379,109		725,615		166,406
2000 Post Street		—		9,861		44,578		54,439		6,848		10,178		51,109		61,287		19,648		1987	Dec-98
Birch Creek		—		4,365		16,696		21,061		5,320		5,022		21,359		26,381		10,517		1968	Dec-98
Highlands Of Marin		—		5,996		24,868		30,864		25,554		7,011		49,407		56,418		17,294		1991	Dec-98
Marina Playa		—		6,224		23,916		30,140		7,660		6,764		31,036		37,800		14,791		1971	Dec-98
River Terrace		33,130		22,161		40,137		62,298		2,221		22,265		42,254		64,519		15,981		2005	Aug-05
CitySouth		—		14,031		30,537		44,568		30,689		15,672		59,585		75,257		13,826		1972	Nov-05
Bay Terrace		—		8,545		14,458		23,003		2,543		8,549		16,997		25,546		5,827		1962	Oct-05
Highlands of Marin Phase II		—		5,353		18,559		23,912		10,976		5,730		29,158		34,888		6,801		1968	Oct-07
Edgewater		45,106		30,657		83,872		114,529		1,760		30,668		85,621		116,289		18,845		2007	Mar-08
Almaden Lake Village		27,000		594		42,515		43,109		2,459		655		44,913		45,568		9,339		1999	Jul-08
SAN FRANCISCO, CA		105,236		107,787		340,136		447,923		96,030		112,514		431,439		543,953		132,869
Rosebeach		—		8,414		17,449		25,863		1,889		8,462		19,290		27,752		8,526		1970	Sep-04
Ocean Villas		8,663		5,135		12,789		17,924		1,351		5,205		14,070		19,275		5,895		1965	Oct-04
Tierra Del Rey		—		39,586		36,679		76,265		1,811		39,592		38,484		78,076		9,369		1999	Dec-07
LOS ANGELES, CA		8,663		53,135		66,917		120,052		5,051		53,259		71,844		125,103		23,790
Crowne Pointe		7,328		2,486		6,437		8,923		4,252		2,773		10,402		13,175		5,536		1987	Dec-98
Hilltop		6,774		2,174		7,408		9,582		3,164		2,641		10,105		12,746		5,052		1985	Dec-98
The Kennedy		17,942		6,179		22,307		28,486		1,098		6,212		23,372		29,584		8,430		2005	Nov-05
Hearthstone at Merrill Creek		—		6,848		30,922		37,770		1,706		6,860		32,616		39,476		7,132		2000	May-08
Island Square		—		21,284		89,389		110,673		2,443		21,354		91,762		113,116		18,374		2007	Jul-08
SEATTLE, WA		32,044		38,971		156,463		195,434		12,663		39,840		168,257		208,097		44,524
Presidio at Rancho Del Oro		—		9,164		22,694		31,858		5,073		9,600		27,331		36,931		13,176		1987	Jun-04
Villas at Carlsbad		—		6,517		10,718		17,235		1,514		6,639		12,110		18,749		5,079		1966	Oct-04
SAN DIEGO, CA		—		15,681		33,412		49,093		6,587		16,239		39,441		55,680		18,255
Boronda Manor		—		1,946		8,982		10,928		8,396		3,112		16,212		19,324		6,662		1979	Dec-98
Garden Court		—		888		4,188		5,076		4,385		1,455		8,006		9,461		3,393		1973	Dec-98
Cambridge Court		—		3,039		12,883		15,922		13,073		5,160		23,835		28,995		10,269		1974	Dec-98
Laurel Tree		—		1,304		5,115		6,419		5,335		2,075		9,679		11,754		4,115		1977	Dec-98
The Pointe At Harden Ranch		—		6,388		23,854		30,242		23,263		9,731		43,774		53,505		18,246		1986	Dec-98
The Pointe At Northridge		—		2,044		8,028		10,072		9,098		3,204		15,966		19,170		6,985		1979	Dec-98
The Pointe At Westlake		—		1,329		5,334		6,663		5,159		2,109		9,713		11,822		3,984		1975	Dec-98
MONTEREY PENINSULA, CA		—		16,938		68,384		85,322		68,709		26,846		127,185		154,031		53,654
Verano at Rancho Cucamonga Town Square		54,308		13,557		3,645		17,202		52,382		22,918		46,666		69,584		21,842		2006	Oct-02
INLAND EMPIRE, CA		54,308		13,557		3,645		17,202		52,382		22,918		46,666		69,584		21,842
Foothills Tennis Village		—		3,618		14,542		18,160		5,824		3,987		19,997		23,984		10,432		1988	Dec-98
Woodlake Village		—		6,772		26,967		33,739		11,335		7,832		37,242		45,074		20,299		1979	Dec-98
SACRAMENTO, CA		—		10,390		41,509		51,899		17,159		11,819		57,239		69,058		30,731
Tualatin Heights		8,976		3,273		9,134		12,407		5,655		3,707		14,355		18,062		7,736		1989	Dec-98
Andover Park		15,938		2,916		16,995		19,911		6,676		3,105		23,482		26,587		11,570		1989	Sep-04
Hunt Club		17,020		6,014		14,870		20,884		4,850		6,295		19,439		25,734		9,810		1985	Sep-04
PORTLAND, OR		41,934		12,203		40,999		53,202		17,181		13,107		57,276		70,383		29,116
TOTAL WESTERN REGION		578,338		597,603		1,071,132		1,668,735		352,769		643,048		1,378,456		2,021,504		521,187
MID-ATLANTIC REGION
The Whitmore		—		6,418		13,411		19,829		19,602		7,424		32,007		39,431		16,461		2008	Apr-02
Ridgewood		—		5,612		20,086		25,698		7,214		5,836		27,076		32,912		16,168		1988	Aug-02
The Calvert		—		263		11,189		11,452		20,825		8,275		24,002		32,277		9,209		1962	Nov-03
Wellington Place at Olde Town		28,681		13,753		36,059		49,812		16,314		14,541		51,585		66,126		22,649		2008	Sep-05
Andover House		—		14,357		51,577		65,934		2,449		14,360		54,023		68,383		15,087		2004	Mar-07
Sullivan Place		—		1,137		103,676		104,813		3,015		1,181		106,647		107,828		25,509		2007	Dec-07
Circle Towers		69,771		33,011		107,051		140,062		5,927		32,876		113,113		145,989		23,714		1972	Mar-08
Delancey at Shirlington		—		21,606		66,765		88,371		966		21,616		67,721		89,337		14,696		2006/07	Mar-08
METROPOLITAN DC		98,452		96,157		409,814		505,971		76,312		106,109		476,174		582,283		143,493
Lakeside Mill		15,242		2,666		10,109		12,775		3,707		2,849		13,633		16,482		9,166		1989	Dec-99
Tamar Meadow		17,602		4,145		17,150		21,295		4,381		4,502		21,174		25,676		12,142		1990	Nov-02
Calvert’s Walk		18,043		4,408		24,692		29,100		5,833		4,567		30,366		34,933		14,602		1988	Mar-04
Liriope Apartments		—		1,620		6,791		8,411		896		1,629		7,678		9,307		3,752		1997	Mar-04
20 Lambourne		32,795		11,750		45,590		57,340		3,471		11,837		48,974		60,811		11,613		2003	Mar-08
BALTIMORE, MD		83,682		24,589		104,332		128,921		18,288		25,384		121,825		147,209		51,275
Inwood West		60,702		20,778		88,096		108,874		893		20,779		88,988		109,767		3,812		2006	Apr-11
14 North		—		10,961		51,175		62,136		1,088		10,961		52,263		63,224		2,335		2005	Apr-11
BOSTON, MA		60,702		31,739		139,271		171,010		1,981		31,740		141,251		172,991		6,147
10 Hanover Square		205,526		41,432		218,983		260,415		2,085		41,432		221,068		262,500		8,945		2005	Apr-11
95 Wall Street		—		57,637		266,255		323,892		137		57,641		266,388		324,029		5,738		2008	Aug-11
NEW YORK, NY		205,526		99,069		485,238		584,307		2,222		99,073		487,456		586,529		14,683
TOTAL MID-ATLANTIC REGION		448,362		251,554		1,138,655		1,390,209		98,803		262,306		1,226,706		1,489,012		215,598

									Cost of
									Improvements		Gross Amount at Which
			Initial Costs				Total		Capitalized		Carried at Close of Period
			Land and		Buildings		Initial		Subsequent		Land and		Buildings		Total
			Land		and		Acquisition		to Acquisition		Land		Buildings		Carrying		Accumulated		Date of		Date
	Encumbrances		Improvements		Improvements		Costs		Costs		Improvements		Improvements		Value		Depreciation		Construction (a)		Acquired
SOUTHEASTERN REGION
Sugar Mill Creek		—		2,242		7,553		9,795		5,616		2,648		12,763		15,411		7,243		1988	Dec-98
Inlet Bay		—		7,702		23,150		30,852		11,958		8,857		33,953		42,810		19,948		1988/89	Jun-03
MacAlpine Place		—		10,869		36,858		47,727		5,070		11,091		41,706		52,797		18,542		2001	Dec-04
TAMPA, FL		—		20,813		67,561		88,374		22,644		22,596		88,422		111,018		45,733
Legacy Hill		—		1,148		5,867		7,015		7,841		1,692		13,164		14,856		9,357		1977	Nov-95
Hickory Run		—		1,469		11,584		13,053		8,458		1,989		19,522		21,511		11,013		1989	Dec-95
Carrington Hills		—		2,117		—		2,117		32,205		4,278		30,044		34,322		16,264		1999	Dec-95
Brookridge		—		708		5,461		6,169		3,844		1,007		9,006		10,013		5,588		1986	Mar-96
Breckenridge		—		766		7,714		8,480		3,688		1,157		11,011		12,168		6,299		1986	Mar-97
Polo Park		—		4,583		16,293		20,876		15,090		5,491		30,475		35,966		14,135		2008	May-06
NASHVILLE, TN		—		10,791		46,919		57,710		71,126		15,614		113,222		128,836		62,656
St Johns Plantation		—		4,288		33,102		37,390		5,302		4,542		38,150		42,692		16,538		2006	Jun-05
JACKSONVILLE, FL		—		4,288		33,102		37,390		5,302		4,542		38,150		42,692		16,538
The Reserve and Park at Riverbridge		40,133		15,968		56,401		72,369		5,130		16,282		61,217		77,499		26,261		1999/2001	Dec-04
OTHER FLORIDA		40,133		15,968		56,401		72,369		5,130		16,282		61,217		77,499		26,261
TOTAL SOUTHEASTERN REGION		40,133		51,860		203,983		255,843		104,202		59,034		301,011		360,045		151,188
SOUTHWESTERN REGION
THIRTY377		31,816		24,036		32,951		56,987		6,117		24,229		38,875		63,104		13,838		2007	Aug-06
Legacy Village		59,300		16,882		100,102		116,984		4,071		17,029		104,026		121,055		24,322		2005/06/07	Mar-08
DALLAS, TX		91,116		40,918		133,053		173,971		10,188		41,258		142,901		184,159		38,160
Finisterra		—		1,274		26,392		27,666		4,351		1,735		30,282		32,017		13,999		1997	Mar-98
Sierra Foothills		20,978		2,728		—		2,728		21,204		5,102		18,830		23,932		12,968		1998	Feb-98
Sierra Canyon		10,717		1,810		12,964		14,774		2,197		2,071		14,900		16,971		9,381		2001	Dec-01
PHOENIX, AZ		31,695		5,812		39,356		45,168		27,752		8,908		64,012		72,920		36,348
Barton Creek Landing		—		3,151		14,269		17,420		20,208		4,414		33,214		37,628		12,086		1986	Mar-02
AUSTIN, TX		—		3,151		14,269		17,420		20,208		4,414		33,214		37,628		12,086
TOTAL SOUTHWESTERN REGION		122,811		49,881		186,678		236,559		58,148		54,580		240,127		294,707		86,594
REAL ESTATE UNDER DEVELOPMENT
UDR Pacific Los Alisos, LP		—		17,298		—		17,298		9,496		16,385		10,409		26,794		—
TOTAL REAL ESTATE UNDER DEVELOPMENT		—		17,298		—		17,298		9,496		16,385		10,409		26,794		—
LAND
Presidio		—		1,524		—		1,524		921		1,300		1,145		2,445		—
TOTAL LAND		—		1,524		—		1,524		921		1,300		1,145		2,445		—
TOTAL REAL ESTATE UNDER DEVELOPMENT		—		18,822		—		18,822		10,417		17,685		11,554		29,239		—
TOTAL COMMERCIAL		—		1,441		6,096		7,537		2,449		2,552		7,434		9,986		1,791
Other (b)		—		—		—		—		804		6		799		805		—
TOTAL CORPORATE		—		—		—		—		804		6		799		805		—
TOTAL COMMERCIAL & CORPORATE		—		1,441		6,096		7,537		3,253		2,558		8,233		10,791		1,791
Total Real Estate Owned	$	1,189,644	$	971,161	$	2,606,544	$	3,577,705	$	627,592	$	1,039,211	$	3,166,087	$	4,205,298	$	976,358

(a)	Date of construction or date of last major renovation.
(b)	Includes unallocated accruals and capital expenditures.
	The aggregate cost for federal income tax purposes was approximately $2.3 billion at December 31, 2011.
	The depreciable life for all buildings is 35 years.

3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION

The following is a reconciliation of the carrying amount of total real estate owned at December 31, (in thousands):

	2011			2010		2009
Balance at beginning of the year	$	3,706,184		$	3,640,888	$	3,569,239
Real estate acquired		758,707			—		—
Capital expenditures and development		63,191			65,296		71,649
Real estate sold		(322,784	)		—		—
Balance at end of year	$	4,205,298		$	3,706,184	$	3,640,888

The following is a reconciliation of total accumulated depreciation for real estate owned at December 31:

	2011			2010		2009
Balance at beginning of the year	$	884,083		$	717,892	$	552,369
Depreciation expense for the year		181,085			166,191		165,757
Accumulated depreciation on asset retirements		—			—		(234	)
Accumulated depreciation on sales		(88,810	)		—		—
Balance at end of year	$	976,358		$	884,083	$	717,892