Exhibit 99

Debt Summary Schedule

			INTEREST		12/31/10		MATURITY		YEARS TO
PROPERTY		LENDER	RATE		BALANCE		DATE		MATURITY
FIXED RATE SECURED
Timbercroft Townhomes 1 - 1st		Capmark - HUD		8.50		53,157		05/01/11		0.33
Lake Grove - 1st		Prudential - Fannie Mae		6.54		24,037,435		12/01/11		0.92
Lake Grove - 2nd		Prudential - Fannie Mae		5.51		10,428,067		12/01/11		0.92
Mount Vernon Square	(1)	KeyBank RE Cap-Fannie Mae		5.49		84,173,808		01/01/12		1.00
Multi-Property Notes Pay		Seller Financing		4.00		166,333		02/01/12		1.09
Timbercroft III - 1st		Capmark - HUD		8.00		182,169		02/01/12		1.09
Castle Club Apartments		NorthMarq - Freddie Mac		7.08		6,198,235		05/01/12		1.33
Gateway Village		Prudential - Fannie Mae		6.89		6,371,824		05/01/12		1.33
The New Colonies		Prudential - Fannie Mae		7.11		18,117,043		06/01/12		1.42
Woodholme Manor		Prudential - Fannie Mae		7.17		3,442,031		07/01/12		1.50
Liberty Place	(1)	CW Capital - Fannie Mae		5.71		5,885,669		11/01/12		1.84
Hackensack Gardens - 1st		JPMorgan Chase - Fannie Mae		5.26		4,380,569		03/01/13		2.17
Hackensack Gardens - 2nd		JPMorgan Chase - Fannie Mae		5.44		4,267,946		03/01/13		2.17
Barrington Gardens		Wachovia - Freddie Mac		4.96		10,996,035		04/01/13		2.25
Canterbury Apartments - 1st		M&T Realty-Fannie Mae		5.02		26,726,943		05/01/13		2.33
Canterbury Apartments - 2nd		M&T Realty-Fannie Mae		6.46		16,629,088		05/01/13		2.33
Multi-Property		Prudential - Fannie Mae		6.48		100,000,000		08/31/13		2.67
Saddle Brook Apts. - 1st	(1)	Wells Fargo - Fannie Mae		5.84		26,936,172		11/01/13		2.84
Saddle Brook Apts. - 2nd	(1)	Wells Fargo - Fannie Mae		6.29		3,187,098		11/01/13		2.84
Falkland Chase		Centerline - Fannie Mae		5.48		11,501,669		04/01/14		3.25
The Apts. At Wellington Trace		M&T Realty - Freddie Mac		5.52		23,925,187		04/01/14		3.25
Hawthorne Court		Centerline - Fannie Mae		5.27		34,530,184		07/01/14		3.50
The Greens at Columbia	(1)	M&T Realty-Fannie Mae		3.93		9,836,117		08/01/14		3.59
Curren Terrace - 1st		M&T Realty - Freddie Mac		5.36		13,453,610		10/01/14		3.75
Curren Terrace - 2nd		M&T Realty - Freddie Mac		5.09		9,794,024		10/01/14		3.75
Westchester West - 1st	(1)	Deutsche Bank Berkshire - Freddie		6.15		26,717,393		03/01/15		4.17
Westchester West - 2nd	(1)	Deutsche Bank Berkshire - Freddie		6.64		7,441,100		03/01/15		4.17
Stratford Greens		Capital One Bank		5.75		31,024,238		07/01/15		4.50
Sayville Commons		M&T Realty - Freddie Mac		5.00		39,766,713		08/01/15		4.59
Charleston Place	(1)	Wells Fargo - Freddie Mac		3.77		32,847,556		09/01/15		4.67
Charleston Place	(1)	Wells Fargo - Freddie Mac		3.77		22,724,716		09/02/15		4.67
Charleston Place	(1)	Wells Fargo - Freddie Mac		3.77		19,976,662		09/03/15		4.68
Cypress Place Apartments		Prudential - Fannie Mae		6.56		10,200,362		11/01/15		4.84
Golf Club Apartments		Prudential - Fannie Mae		6.38		32,892,991		11/01/15		4.84
Northwood Apartments		M&T Realty - Freddie Mac		5.50		10,531,198		12/01/15		4.92
Cinnamon Run - 1st		M&T Realty - Freddie Mac		5.25		50,036,401		01/01/16		5.01
Cinnamon Run - 2nd		M&T Realty - Freddie Mac		5.55		5,187,164		01/01/16		5.01
Peppertree Farm - 1st		M&T Realty - Freddie Mac		5.25		77,015,876		01/01/16		5.01
Peppertree Farm - 2nd		M&T Realty - Freddie Mac		5.55		1,886,237		01/01/16		5.01
The Hamptons/Vinings at Hamptons		Prudential - Fannie Mae		5.57		50,872,490		02/01/16		5.09
Devonshire - 1st		Wachovia - Fannie Mae		5.60		37,228,507		04/01/16		5.25
Devonshire - 2nd		Wachovia - Fannie Mae		6.24		8,341,507		04/01/16		5.25
Mid-Island		Prudential - Fannie Mae		5.48		19,455,926		04/01/16		5.25
Owings Run 1 & 2		Prudential - Fannie Mae		5.59		42,111,562		04/01/16		5.25
Country Village		Centerline - Fannie Mae		5.52		18,682,477		06/01/16		5.42
Fox Hall Apartments		Columbia Nat'l - Freddie Mac		5.61		47,000,000		06/01/17		6.42
Mill Towne Village		Prudential - Fannie Mae		5.99		24,239,000		09/01/17		6.67
Royal Gardens Apts.		M&T Realty - Freddie Mac		5.83		47,000,000		11/01/17		6.84
Village Square 1, 2 & 3		Prudential - Fannie Mae		5.81		39,285,000		12/01/17		6.92
Chatham Hill		M&T Realty - Freddie Mac		5.59		44,454,722		01/01/18		7.01
William Henry Apartments		PNC - Fannie Mae		4.85		28,650,000		01/01/18		7.01
Seminary Towers Apartments		Prudential - Fannie Mae		5.49		53,515,000		07/01/18		7.50
The Manor (MD)		Prudential - Fannie Mae		4.23		46,636,427		11/01/18		7.84
Bonnie Ridge - 1st		Prudential Life		6.60		11,186,352		12/15/18		7.96
Bonnie Ridge - 2nd		Prudential Life		6.16		17,767,580		12/15/18		7.96
Bonnie Ridge - 3rd		Prudential Life		6.07		24,870,928		12/15/18		7.96
Annapolis Roads		Amerisphere - Fannie Mae		5.12		23,990,000		01/01/19		8.01
Ridgeview at Wakefield Valley		M&T Realty - Freddie Mac		5.75		18,304,441		01/01/19		8.01
The Sycamores		M&T Realty - Freddie Mac		5.71		21,341,421		01/01/19		8.01
Top Field Apartments		M&T Realty - Fannie Mae		4.84		16,625,000		01/01/19		8.01
Westwood Village		M&T Realty - Freddie Mac		5.68		46,764,214		01/01/19		8.01
Timbercroft III - 2nd		M&T Realty - HUD		8.38		2,197,714		06/01/19		8.42
Timbercroft Townhomes 1 - 2nd		M&T Realty - HUD		8.38		1,492,081		06/01/19		8.42
The Brooke at Peachtree		Wells Fargo - Fannie Mae		5.47		12,355,422		07/01/19		8.50
Glen Manor		Prudential - Fannie Mae		5.83		7,926,937		08/01/19		8.59
Ridley Brook		Prudential - Fannie Mae		5.83		13,159,404		08/01/19		8.59
The Courts at Fair Oaks	(1)	CW Capital - Freddie Mac CME		4.50		49,688,651		08/01/19		8.59
Southern Meadows		Red Mortgage - Fannie Mae		5.36		40,841,081		10/01/19		8.76
Elmwood Terrace		M&T Realty - Fannie Mae		5.56		26,793,309		11/01/19		8.84
Lakeview		Greystone - Fannie Mae		5.31		9,103,246		12/01/19		8.92
The Landings		Prudential - Fannie Mae		5.60		26,228,879		01/01/20		9.01
East Meadow Apartments		M&T Realty - Freddie Mac CME		5.40		14,769,194		05/01/20		9.34
Selford Townhomes		M&T Realty - Freddie Mac CME		5.40		8,928,779		05/01/20		9.34
South Bay Manor		M&T Realty - Freddie Mac CME		5.40		6,770,991		05/01/20		9.34
Stone Ends Apts.		M&T Realty - Freddie Mac CME		5.40		25,149,397		05/01/20		9.34
Tamarron Apartments		M&T Realty - Freddie Mac CME		5.40		14,777,131		05/01/20		9.34

			INTEREST		12/31/10			MATURITY		YEARS TO
PROPERTY		LENDER	RATE		BALANCE			DATE		MATURITY
The Manor (VA)		M&T Realty - Freddie Mac CME		5.40		13,869,371			05/01/20		9.34
Woodmont Village		M&T Realty - Freddie Mac CME		5.40		10,007,178			05/01/20		9.34
Trexler Park		Greystone - Fannie Mae		4.34		38,696,131			08/01/20		9.59
New Orleans Park		M&T Realty - Fannie Mae		4.58		23,684,222			11/01/20		9.84
Orleans Village		Prudential - Fannie Mae		4.35		97,531,849			11/01/20		9.84
Racquet Club East		PNC - Fannie Mae		4.74		37,875,000			12/01/20		9.93
Heritage Woods Apts		Greystone - Fannie Mae		5.39		14,500,000			01/01/21		10.01
The Meadows at Marlborough		Prudential - Fannie Mae		5.50		21,170,000			01/01/21		10.01
Home Properties of Devon		M&T Realty - Fannie Mae		4.85		60,400,000			08/01/21		10.59
Pleasant View Gardens		Prudential - Fannie Mae		4.51		96,433,075			11/01/21		10.84
Dunfield Townhomes		Centerline Capital - HUD		5.25		11,897,413			09/01/28		17.68
Highland House	(1)	Arbor Comml - Fannie Mae		6.32		5,922,312			01/01/29		18.02
Westwoods	(1)	Midland Loan Services - HUD		5.94		3,534,895			06/01/34		23.43
WTD AVG – FIXED SECURED				5.36		2,207,495,239					6.52
VARIABLE RATE SECURED
Bayview Apartments Adjusts Monthly – Freddie 30d Ref + 2.50		M&T Realty - Freddie Mac		2.63		10,595,629			03/01/11		0.16
Virginia Village Adjusts Monthly – Freddie 30d Ref + 1 .99		Wachovia - Freddie Mac		2.12		29,910,344			07/01/15		4.50
Hill Brook Apts Adjusts Monthly – 30L + 2.85 + .44		M&T Realty - Freddie Mac		3.55		12,848,936			09/01/16		5.67
Wayne Village Adjusts Monthly – 30L + 3.00 + .387		M&T Realty - Freddie Mac		3.65		26,152,276			09/01/16		5.67
Cider Mill Apts Adjusts Monthly – 30L + 2.89 + .31		M&T Realty - Freddie Mac		3.43		62,825,484			01/01/17		6.01
The Heights at Marlborough Adjusts Monthly – 30L + 3.02 + .35		PNC Real Estate		3.63		23,621,034			01/01/17		6.01
Sherry Lake Adjusts Monthly – 30L + 2.67 + .226		M&T Realty - Freddie Mac		3.16		26,069,952			04/01/17		6.25
Falkland Chase Adjusts Weekly – BMA Index + 1.10		Montgomery Cty HOC-Fannie		1.38		24,695,000			10/01/30		19.76
WTD AVG – VARIABLE SECURED				3.00		216,718,656					7.05
WTD AVG – TOTAL SECURED DEBT				5.15		2,424,213,895					6.57
FIXED RATE UNSECURED
Exchangeable Senior Notes				5.75		138,218,351			11/01/26		15.85
VARIABLE RATE UNSECURED – LINE OF CREDIT
Unsecured Line of Credit Adjusts Daily 30 LIBOR (Floor 1.50) + 3.00		M and T Bank et. al.		4.50		56,500,000			08/31/12		1.67
TOTAL COMBINED DEBT				5.16	$	2,618,932,246					6.96
% OF PORTFOLIO – FIXED						89.6	%
WTG AVG – TOTAL SECURED DEBT				5.15							6.57
WTD AVG – TOTAL PORTFOLIO				5.16							6.96

(1) General ledger balance and rate have been adjusted pursuant to ASC 805-10 (f.k.a FAS 141R) to reflect fair market value of debt.

MATURING DEBT SCHEDULE

YEAR OF MATURITY	FIXED RATE				VARIABLE RATE				TOTAL DEBT
	WTD AVG				WTD AVG						% OF
	RATE		DEBT		RATE		DEBT		DEBT		TOTAL
2010			$	—			$	—	$	—
2011		6.23		34,518,659		2.63		10,595,629		45,114,288		1.86	%
2012		5.93		124,537,111		—		—		124,537,111		5.14	%
2013		6.04		193,123,850		—		—		193,123,850		7.97	%
2014		5.22		103,040,791		—		—		103,040,791		4.25	%
2015		5.17		234,122,929		2.12		29,910,344		264,033,274		10.89	%
2016		5.45		310,818,148		3.62		39,001,212		349,819,360		14.43	%
2017		5.78		157,524,000		3.41		112,516,471		270,040,471		11.14	%
2018		5.34		227,081,009		—		—		227,081,009		9.37	%
2019		5.36		290,582,921		—		—		290,582,921		11.99	%
2020		4.83		318,288,123		—		—		318,288,123		13.13	%
2021 - 2034		4.88		213,857,696		1.38		24,695,000		238,552,696		9.84	%
TOTAL		5.36	$	2,207,495,239		3.00	$	216,718,656	$	2,424,213,895		100.00	%

Unencumbered Properties

Property	# Units		Market	State
Middlebrooke Apartments		208	Baltimore	MD
Morningside Heights		1,050	Baltimore	MD
The Coves at Chesapeake		469	Baltimore	MD
Westbrooke Apartments		110	Baltimore	MD
Gardencrest		696	Boston	MA
The Townhomes of Beverly		204	Boston	MA
The Village at Marshfield		276	Boston	MA
Blackhawk Apartments		371	Chicago	IL
Courtyards Village		224	Chicago	IL
The Colony		783	Chicago	IL
Lakeview Townhomes		120	Chicago	IL
Cambridge Village		82	Long Island	NY
Crescent Club		256	Long Island	NY
Heritage Square		80	Long Island	NY
Holiday Square		144	Long Island	NY
Yorkshire Village		40	Long Island	NY
East Hill Gardens		33	Northern NJ	NJ
Jacob Ford Village		270	Northern NJ	NJ
Pleasure Bay		270	Northern NJ	NJ
Windsor Realty		67	Northern NJ	NJ
Chesterfield Apartments		247	Philadelphia	PA
Glen Brook		177	Philadelphia	PA
Racquet Club South		103	Philadelphia	PA
Liberty Commons		120	Portland	ME
1200 East West Highway		247	Suburban Washington, DC	DC
Braddock Lee		255	Suburban Washington, DC	DC
Courts at Huntington Station		202	Suburban Washington, DC	DC
Seminary Hill		296	Suburban Washington, DC	DC
Village at Potomac Falls		247	Suburban Washington, DC	DC
Woodleaf Apartments		228	Suburban Washington, DC	DC
Total Number of Units:		7,875
Total Number of Properties:		30