Exhibit 99.1

Apartment Investment and Management Company (NYSE:AIV)

Announces Second Quarter 2009 Results

Denver, Colorado — July 31, 2009

Second Quarter 2009 Highlights

•

Funds From Operations (FFO, as defined below) — FFO, before operating real estate impairments and preferred stock redemption related gains, of $0.45 per share was $0.02 above the high end of the $0.37 to $0.43 per share guidance range primarily due to favorable non-Same Store operating results and lower general and administrative expenses.

•

Property Operations — During the second quarter, Aimco’s share of total conventional and affordable property net operating income was $157.8 million. Total conventional and affordable property net operating income, adjusted for property acquisitions and dispositions, was 1.5% higher than the second quarter 2008.

•

Same Store Results (as defined below) — When comparing second quarter 2009 to second quarter 2008, Same Store property net operating income declined 3.5%, below the guidance range of negative 2.0% to negative 3.0%. Same Store revenue declined 2.3% and expenses declined 0.4%. Average daily occupancy declined 2.1% from 94.9% for the second quarter 2008 to 92.8% for the second quarter 2009. Since April, average daily occupancy has increased each month.

•

Non-Same Store Results — Second quarter 2009 conventional redevelopment net operating income increased 10.4% compared to the second quarter 2008 and affordable property operations, including affordable redevelopment operations, generated net operating income growth of 19.3% during the same period.

•

Capital Markets Activity

Due to turmoil in capital markets, Aimco has focused on reducing refunding risk by accelerating refinancing of property loans maturing prior to 2012. At the beginning of the second quarter 2009, Aimco’s share of property debt maturing during 2009 through 2011 was $536.3 million. During the second quarter, through refinancing, repayment and property sales, Aimco reduced these maturities by $315.0 million. As of June 30, 2009, the balance of property debt maturing through 2011 totaled $221.3 million and was related to 20 loans. Of these loans, refunding risk is expected to be eliminated by the end of the third quarter 2009 with respect to all but five loans. The five remaining property loans total $164.0 million and are expected to be refinanced at maturity in 2011.


	AIMCO SHARE
	PROPERTY LOANS MATURING
	2009 - 2011
	Balance at			Number of
	Maturity			Loans
Property loans outstanding March 31, 2009 ($mm)	$	536.3			30
Loans refinanced		(286.7	)		(6	)
Loans paid down		(7.5	)
Loans on properties sold during the second quarter 2009		(20.8	)		(4	)
Property loans outstanding June 30, 2009*	$	221.3			20
Loans to be refinanced during the third quarter 2009		(7.9	)		(2	)
Loans to be paid off during the third quarter 2009		(26.1	)		(1	)
Loans on properties under contract for sale during the third quarter 2009		(18.5	)		(4	)
Committed financing		(4.8	)		(2	)
Fully amortizing loans		—			(6	)
Property loans to be refinanced at maturity in 2011	$	164.0			5


*		Includes one loan for $2.3 million related to a property classified as held for sale at the end of the quarter. Aimco’s share of 2009 to 2011 property debt maturities shown on Supplemental Schedule 5, Selected Debt Structure and Maturity Data, does not include this loan.



AIMCO 2nd Quarter 2009		Page 1

•

Property Sales and Asset Allocation — During the second quarter 2009, Aimco sold 20 properties for $291.3 million, generating $104.9 million in net proceeds to Aimco, after distributions to limited partners, repayment of existing property debt and transaction costs. Year-to-date through June 30, 2009, Aimco has sold 30 properties generating net proceeds to Aimco of $119.2 million. Aimco continues to market properties located in its non-target markets and lower rated locations within its target markets.

•

Dividend — Aimco’s Board of Directors declared a cash dividend of $0.10 per share on its Class A Common Stock for the quarter ended June 30, 2009. The dividend is payable August 31, 2009, to stockholders of record on August 21, 2009.

2009 Outlook

•

Property Operations — Aimco remains focused on retaining its existing residents and maintaining expense control. For the third quarter 2009, Same Store net operating income is expected to decline 5.0% to 6.0% when compared to third quarter 2008. For the full year 2009, Same Store net operating income is expected to decline 3.0% to 5.0% compared to full year 2008, which is within the guidance range provided at the beginning of 2009. Improved results in the redevelopment and affordable property portfolios are expected to largely offset the declines in the Same Store results.

•

Balance Sheet and Liquidity — Aimco continues to focus on maintaining a sound balance sheet with balanced sources and uses of cash, ample liquidity and coverage ratios adequate to satisfy bank debt covenants. Aimco leverage is 82% long-term, non-recourse property debt with a weighted average maturity of 8.9 years, and 12% of Aimco leverage is perpetual preferred equity. On average, approximately 5%, or $300 million, of Aimco’s share of leverage is subject to refunding in any one year. Aimco’s $350 million term debt matures in first quarter 2011 and is expected to be repaid prior to maturity with proceeds from property sales.

•

Property Sales and Asset Allocation — In order to improve liquidity and increase its allocation of capital to well located properties within its target markets, Aimco continues to market more than $2 billion of non-target conventional and affordable assets, with approximately $615 million currently under contract and an additional $565 million in negotiations.

•

FFO Outlook — Aimco’s previously provided guidance for full year 2009 FFO, before operating real estate impairments and preferred stock redemption related gains, was a range of $1.65 to $1.95 per share, and specifically excluded the impact of FFO dilution from 2009 property sales. Based on year-to-date financial results and our projections for the remainder of the year, we are narrowing our full year 2009 FFO guidance, excluding the impact of dilution from 2009 property sales, to $1.70 to $1.90 per share. Additionally, based on sales completed through July 2009, and sales expected to be completed during the balance of the year, we now estimate that dilution from 2009 property sales will total approximately $0.15 per share for the full year 2009. As a result, we are further adjusting our full year 2009 guidance to a range of $1.55 to $1.75 per share. For the third quarter 2009, FFO is expected to range from $0.36 to $0.42 per share, inclusive of dilution from 2009 asset sales.

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “During the second quarter 2009, Aimco continued to execute its plans to focus on operations, reduce off-site costs including G&A, lower refinancing risk, and upgrade its investment portfolio. Since April, operating results in the Same Store portfolio have trended up. Taken together, operating results in the Same Store, redevelopment and affordable property portfolios are up year-over-year. Year to date, 60% of property debt maturities during 2009 to 2011 have been refinanced at a weighted average term of ten years and a weighted average interest rate of 5.93%, and another 7% of maturities have been settled either through the sale of the related assets or loan paydowns. We continue to execute our plan to improve the quality of our portfolio by selling our lower rated assets, which has contributed to a 43% increase in average rents over the past five years, up from $726 in second quarter 2004 to $1,035 today.”

President, Chief Investment Officer and Chief Financial Officer David Robertson adds: “We made significant progress in reducing our refunding risk during the quarter. Property debt maturing prior to 2012 essentially has been reduced to $164 million, comprised primarily of two loans that we plan to refinance at maturity in 2011. We extended the maturity of our revolving line of credit to 2012, and currently have a zero balance excluding letters of credit. We sold $291 million of assets during the quarter and have $1.2 billion more under contract or in negotiations, the proceeds of which we plan to use to repay our $350 million of term debt prior to its maturity in the first quarter of 2011. Taken together, these actions greatly strengthen Aimco’s balance sheet.”



AIMCO 2nd Quarter 2009		Page 2

Second Quarter 2009 Financial Results

In accordance with Generally Accepted Accounting Principles (GAAP), all previously reported share and per share data have been adjusted to take into account the special dividends paid on August 29, 2008, December 1, 2008, and January 29, 2009, which resulted in the issuance of approximately 5.7 million, 12.6 million and 15.6 million additional shares of Aimco’s Class A Common Stock, respectively.

•

Net loss attributable to common stockholders for the quarter was $29.9 million, compared to net income of $239.1 million for the second quarter 2008. Lower gains on dispositions of consolidated and unconsolidated real estate of $313.5 million, lower asset management and tax credit revenues of $25.6 million and higher depreciation and amortization expense of $16.6 million were partially offset by a decrease in income attributable to noncontrolling interests of $76.2 million, lower general and administrative expenses of $9.2 million, a decrease in other expenses of $6.5 million and an increase in property operating income from continuing operations of $2.2 million. Earnings per share (EPS) attributable to common stockholders were a loss of $0.26 on a diluted basis, compared with earnings of $1.94 per share in the second quarter 2008.

•

Funds from operations (diluted) (FFO) is a non-GAAP financial measure defined in the glossary in the Supplemental Information (the Glossary). FFO calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts (NAREIT) was $38.7 million, or $0.34 per share, compared with $74.6 million, or $0.59 per share, in the second quarter 2008. FFO, before operating real estate impairments and preferred stock redemption related gains, was $52.3 million, or $0.45 per share, down from $0.63 per share in the second quarter 2008.

•

Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $35.6 million, or $0.31 per share, compared with $57.4 million, or $0.46 per share, in the second quarter 2008. AFFO includes deductions of $0.15 and $0.17 per share for capital replacement expenditures in the second quarter 2009 and the second quarter 2008, respectively.

Adjusted Diluted Per Share Results^*


	SECOND QUARTER					YEAR- TO-DATE
	2009			2008		2009			2008
Earnings (loss) — EPS	$	(0.26	)	$	1.94	$	(0.59	)	$	1.60
Funds from operations — FFO	$	0.34		$	0.59	$	0.78		$	1.09
FFO before operating real estate impairments and preferred stock redemption related gains	$	0.45		$	0.63	$	0.88		$	1.14
Adjusted funds from operations — AFFO	$	0.31		$	0.46	$	0.61		$	0.82


*		These per share results reflect the cumulative effect of the shares issued as part of Aimco’s special dividends paid in 2008 and on January 29, 2009. To estimate the approximate per share results before the effect of Aimco’s special dividends, multiply the reported per share results by a factor of 1.48.

Property Operations

Property operating results discussed below represents Aimco’s share of reported amounts.

Conventional Real Estate Operations

Conventional real estate operations relate to Aimco’s diversified portfolio of market rate apartment communities. At the end of the second quarter 2009, this portfolio included 287 properties with 88,170 units in which Aimco had a weighted average ownership of 90%. Average rents for the conventional real estate portfolio increased 7.9% from $959 per unit during the second quarter 2008 to $1,035 per unit during the second quarter 2009. During the second quarter 2009, conventional real estate operations generated net operating income of $137.0 million. Aimco’s Same Store portfolio net operating income was $111.5 million for the second quarter 2009, down 3.5% from the second quarter 2008, while conventional redevelopment property operations generated net operating income of $25.2 million during the quarter, an increase of 10.4% compared to the second quarter 2008.



AIMCO 2nd Quarter 2009		Page 3

“Same Store” Results

In the second quarter 2009, the Same Store portfolio included 206 communities with 60,306 Effective Units (see the Glossary) based on Aimco’s weighted average ownership of 91%.

Comparing Same Store results in the second quarter 2009 with the second quarter 2008, total revenue decreased $4.3 million, or 2.3%. The decrease in revenue was primarily the result of lower daily average occupancy, which was down 2.1% from 94.9% to 92.8%, and lower average rent, down $13 per unit or 1.3%, from $1,008 per unit to $995 per unit. Same Store expenses decreased $0.3 million or 0.4%, due to decreases in utilities, marketing, repairs and maintenance, real estate taxes and contract services, partially offset by increased insurance expense.

Same Store Operating Results


	SECOND QUARTER									SECOND QUARTER						YEAR-TO-DATE
	Year-over-year									Sequential						Year-over-year
	2009			2008			Variance			1st Qtr			Variance			2009			2008			Variance
Same Store Operating Measures
Average Physical Occupancy		92.8	%		94.9	%		-2.1	%		93.5	%		-0.7	%		93.2	%		94.8	%		-1.6	%
Average Rent Per Unit	$	995		$	1,008			-1.3	%	$	1,004			-0.9	%	$	1,000		$	1,006			-0.6	%
Total Same Store ($mm)
Revenue	$	182.6		$	186.9			-2.3	%	$	185.1			-1.3	%	$	365.6		$	371.3			-1.5	%
Expenses		(71.1	)		(71.4	)		-0.4	%		(73.1	)		-2.7	%		(143.2	)		(144.5	)		-1.0	%
NOI	$	111.5		$	115.5			-3.5	%	$	112.0			-0.5	%	$	222.4		$	226.8			-1.9	%

See Supplemental Schedules 6a through 6c for additional information on Same Store operating results.

Affordable Real Estate Operations

At the end of the second quarter 2009, Aimco’s affordable real estate portfolio included 280 properties with 31,799 units in which Aimco had an average ownership of 54%. During the second quarter 2009, affordable property operations generated net operating income of $20.8 million. Total affordable property net operating income, adjusted for property sales, was 19.3% higher than the second quarter 2008. Average month-end occupancy for the affordable portfolio decreased 90 basis points from 97.8% for the second quarter 2008 to 96.9% for the second quarter 2009, while average rent per unit increased 3.2% from $729 to $752 per unit.

Investment Management

Investment management includes activities related to our owned portfolio of properties as well as services provided to affiliated partnerships. Investment management includes portfolio strategy, capital allocation, joint ventures, tax credit syndication, acquisitions, dispositions and other transaction activities. Within our owned portfolio, we refer to these activities as Portfolio Management, and their benefit is seen in property operating results and in investment gains. For affiliated partnerships, we refer to these activities as Asset Management for which we are separately compensated through fees paid by third party investors.

Investment management income includes the fees earned for providing asset management services to third party investors, syndication fees and deferred income related to tax credit activities, and portfolio management income earned through investment gains on our owned assets. Aimco’s share of investment management income, net of tax, was $10.1 million in the second quarter 2009 compared to $29.1 million in the second quarter 2008. Recurring asset management activities and deferred tax credit income comprised 57% of total investment management revenue during the second quarter 2009. See Supplemental Schedule 11 for additional information on investment management income.



AIMCO 2nd Quarter 2009		Page 4

Portfolio Management

Portfolio management includes the ongoing allocation of investment capital to meet our geographic and product type goals. Our geographic allocation strategy focuses on the 20 largest U.S. markets as measured by total market capitalization. We believe these markets to be deep, relatively liquid and possessing desirable long-term growth characteristics. These target markets are primarily coastal markets, and also include a number of Sun Belt cities and Chicago, Illinois. As we execute this strategy, we expect to reduce our investment in markets outside the 20 largest markets and to increase our investment in the 20 largest markets both by making acquisitions and through redevelopment spending.

In the second quarter 2009, Aimco sold 17 conventional properties and three affordable properties with 4,593 and 492 units, respectively, for $291.3 million in gross proceeds (Aimco share $242.7 million). Aimco’s share of net proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $104.9 million.

See Supplemental Schedules 6 and 7 for additional details regarding Aimco’s portfolio allocation and Supplemental Schedule 8 for additional information on disposition activity.

Redevelopment

During the second quarter 2009, Aimco invested $19.2 million in conventional redevelopment projects and completed nine of the 30 projects that were active at the end of the first quarter. Additionally, Aimco elected to reduce the scope of certain projects, resulting in an $18.8 million reduction in their estimated cost of completion. Aimco also invested $13.7 million in seven tax credit redevelopment projects during the second quarter 2009.

Balance Sheet and Liquidity

At the end of the second quarter 2009, Aimco leverage was provided 82% by long-term non-recourse property debt of $6.0 billion ($5.4 billion Aimco share) at a weighted average interest rate of 5.5% and weighted average maturity of 8.9 years. Aimco’s preferred securities represented approximately 12% of Aimco’s leverage at the end of the quarter at which time Aimco had $776.9 million in perpetual preferred stock and preferred partnership units at a weighted average rate of 7.6%.

Aimco’s recourse debt is limited to its revolving credit facility and corporate term debt, which represented approximately 5% of Aimco’s leverage at the end of second quarter 2009. At that time, the balance on Aimco’s revolving credit facility was zero and available capacity was $135.3 million, net of $44.7 million of letters of credit drawn against the facility. Aimco’s revolving credit facility is used for working capital purposes and to secure letters of credit used in the Aimco business. The balance on Aimco’s corporate term debt of $350 million matures in first quarter 2011. In connection with these recourse obligations, Aimco is subject to debt service and fixed charge coverage covenants of 1.50:1 and 1.30:1, respectively, as defined in the credit facility. For second quarter 2009, Aimco’s debt service and fixed charge coverage ratios were 1.64:1 and 1.42:1, respectively. Aimco expects to remain in compliance with these covenants.

At June 30, 2009, Aimco had outstanding $6.5 billion of consolidated debt, which consisted of $5.4 billion of fixed rate property debt and $1.1 billion of floating rate property and corporate debt. In addition, Aimco had outstanding $67.0 million of floating rate preferred stock. Aimco’s FFO exposure to changes in floating interest rates is mitigated by $501.2 million of tax-exempt bonds with rates tied to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA), which over the last twenty years has moved at approximately 0.72% for a 1.00% change in LIBOR. Aimco’s FFO exposure is further offset by floating rate assets, such as cash and notes receivable, and interest capitalized on redevelopment properties. Based on Aimco’s proportionate share of quarter-end balances, Aimco estimates its sensitivity to a 100 basis point change in LIBOR to be approximately $0.01 per share per quarter.

See Supplemental Schedule 5 for more detail on debt characteristics and activity.



AIMCO 2nd Quarter 2009		Page 5

Dividends on Common Stock

On July 28, 2009, the Aimco Board of Directors declared a quarterly cash dividend of $0.10 per share of Class A Common Stock for the quarter ended June 30, 2009, payable on August 31, 2009, to stockholders of record on August 21, 2009. At the end of the second quarter 2009, there were approximately 115.5 million shares of Class A Common Stock outstanding. See Supplement Schedule 4 for additional detail on Aimco’s securities.

Earnings Conference Call

Please join Aimco management for the Second Quarter 2009 earnings conference call to be held Friday, July 31, 2009, at 1:00 p.m. Eastern time.

Live Conference Call
Domestic Dial-In Number: 1-866-843-0890
International Dial-In Number: 1-412-317-9250
Passcode: 0487767
Webcast: http://www.aimco.com/CorporateInformation/Overview.aspx

Conference Call Replay
Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-0088
Passcode: 431855

The conference call replay will be available until 9:00 a.m. Eastern time on August 8, 2009.

Webcast Replay: http://www.aimco.com/CorporateInformation/About/Financial/news.aspx

Supplemental Information

The full text of this release and the Supplemental Information referenced in this release is available on Aimco’s Website at the link http://www.aimco.com/CorporateInformation/About/Financial/QEarnRelease.aspx.



AIMCO 2nd Quarter 2009		Page 6

Forward-looking Statements

This earnings release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of third quarter and full year 2009 results. These forward-looking statements are based on management’s judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to, Aimco’s ability to maintain current or meet projected occupancy, rent levels and Same Store results and Aimco’s ability to close transactions necessary to generate sales proceeds for debt repayment and other purposes and to generate fee income as anticipated. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond the control of Aimco, including, without limitation: financing risks, including the availability and cost of capital markets financing and the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; earnings may not be sufficient to maintain compliance with debt covenants; national and local economic conditions; energy costs; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which Aimco operates and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; natural disasters and severe weather such as hurricanes; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on our ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership. Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2008, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances. This press release does not constitute an offer of securities for sale.

About Aimco

Aimco is a real estate investment trust headquartered in Denver, Colorado that owns and operates a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries and affiliates, is one of the largest owners and operators of apartment communities in the United States with 950 properties, including 154,511 apartment units, and serves approximately 500,000 residents each year. Aimco’s properties are located in 44 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com.

Contact
Investor Relations 303.691.4350, Investor@Aimco.com
Elizabeth Coalson, Vice President Investor Relations 303.691.4327



AIMCO 2nd Quarter 2009		Page 7

GAAP Income Statements

Consolidated Statements of Income
(in thousands, except per share data) (unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2008			2009			2008
REVENUES:
Rental and other property revenues	$	320,852		$	316,970		$	643,010		$	633,727
Property management revenues, primarily from affiliates		1,340			1,415			2,983			3,519
Asset management and tax credit revenues		12,606			38,175			22,144			51,027

Total revenues		334,798			356,560			668,137			688,273


OPERATING EXPENSES:
Property operating expenses		142,914			141,213			292,108			294,945
Property management expenses		472			1,254			1,905			2,589
Investment management expenses		4,716			5,807			8,506			10,194
Depreciation and amortization		122,198			105,642			240,914			204,659
Provision for operating real estate impairment losses		4,988			—			5,498			—
General and administrative expenses		17,849			27,004			37,922			48,370
Other expenses, net		4,398			10,933			6,463			18,117

Total operating expenses		297,535			291,853			593,316			578,874


Operating income		37,263			64,707			74,821			109,399

Interest income		2,264			1,748			5,655			11,312
Provision for losses on notes receivable		(1,534	)		(42	)		(1,685	)		(265	)
Interest expense		(90,896	)		(89,790	)		(179,888	)		(178,391	)
Equity losses of unconsolidated real estate partnerships		(1,696	)		(843	)		(3,736	)		(1,872	)
Gain on dispositions of unconsolidated real estate and other		3,750			255			14,611			166


Loss before income taxes and discontinued operations		(50,849	)		(23,965	)		(90,222	)		(59,651	)

Income tax benefit		3,080			3,281			5,285			4,977


Loss from continuing operations		(47,769	)		(20,684	)		(84,937	)		(54,674	)

Income from discontinued operations, net [1]		40,143			363,639			44,737			373,968


Net (loss) income		(7,626	)		342,955			(40,200	)		319,294
Noncontrolling interests [2]:
Net income attributable to noncontrolling interests in consolidated real estate partnerships		(11,695	)		(58,648	)		(5,422	)		(61,963	)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership [3]		(1,746	)		(1,925	)		(2,815	)		(3,707	)
Net loss (income) attributable to common noncontrolling interests in Aimco Operating Partnership [3]		2,623			(26,427	)		5,458			(22,319	)


Total noncontrolling interests		(10,818	)		(87,000	)		(2,779	)		(87,989	)


Net (loss) income attributable to Aimco		(18,444	)		255,955			(42,979	)		231,305

Net income attributable to Aimco preferred stockholders		(11,477	)		(13,670	)		(24,643	)		(27,878	)
Net income attributable to participating securities [4]		—			(3,145	)		—			(2,497	)

Net (loss) income attributable to Aimco common stockholders	$	(29,921	)	$	239,140		$	(67,622	)	$	200,930


Weighted average common shares outstanding — basic and diluted [5]		115,510			123,484			115,304			125,723


Earnings (loss) per common share — basic and diluted [5]:
Loss from continuing operations attributable to Aimco (net of income attributable to Aimco preferred stockholders and participating securities)	$	(0.41	)	$	(0.36	)	$	(0.74	)	$	(0.70	)
Income from discontinued operations attributable to Aimco		0.15			2.30			0.15			2.30


Net (loss) income attributable to Aimco common stockholders	$	(0.26	)	$	1.94		$	(0.59	)	$	1.60



AIMCO 2nd Quarter 2009		Page 8

GAAP Income Statements (continued)

Notes to Consolidated Statements of Income


[1]		Income from discontinued operations consists of the following (in thousands):


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2008			2009			2008
Rental and other property revenues [6]	$	13,721		$	103,429		$	31,496		$	211,288
Property operating expenses [6]		(8,020	)		(52,543	)		(19,314	)		(105,803	)
Depreciation and amortization		(3,776	)		(20,853	)		(8,654	)		(50,266	)
Real estate impairment losses		(14,760	)		(6,536	)		(11,396	)		(6,536	)
Other expenses, net		(2,533	)		(2,009	)		(3,945	)		(2,742	)

Operating (loss) income		(15,368	)		21,488			(11,813	)		45,941
Interest income		7			185			66			782
Interest expense		(1,773	)		(17,765	)		(5,524	)		(37,558	)

(Loss) income before gain on dispositions of real estate and income taxes		(17,134	)		3,908			(17,271	)		9,165
Gain on dispositions of real estate		58,615			375,623			63,165			380,387
Income tax expense		(1,338	)		(15,892	)		(1,157	)		(15,584	)

Income from discontinued operations, net	$	40,143		$	363,639		$	44,737		$	373,968


Income from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships [6]	$	(21,007	)	$	(53,802	)	$	(25,121	)	$	(58,173	)
Noncontrolling interests in Aimco Operating Partnership [3]		(1,476	)		(25,840	)		(1,512	)		(26,337	)

Total noncontrolling interests		(22,483	)		(79,642	)		(26,633	)		(84,510	)

Aimco	$	17,660		$	283,997		$	18,104		$	289,458


[2]		Noncontrolling interests refers to interests in consolidated partnerships held by parties other than Aimco.

[3]		The Aimco Operating Partnership is AIMCO Properties, L.P., the operating partnership in Aimco’s UPREIT structure.

[4]		Income attributable to participating securities represents dividends declared and any amounts of undistributed earnings allocable to participating securities. Participating securities consist of unvested restricted stock and shares purchased pursuant to officer loans, both of which are entitled to dividends similar to common stock.

[5]		Weighted average share and earnings per share amounts for the periods presented above have been retroactively adjusted for the effect of shares of common stock issued pursuant to the special dividends paid in 2008 and January 2009.

[6]		Income from discontinued operations for the three months ended June 30, 2009, attributable to properties classified as held for sale at June 30, 2009, includes $5.6 million of rental and other property revenues and $2.8 million of property operating expenses. Noncontrolling interests in consolidated real estate partnerships’ share of these amounts totaled $0.6 million.



AIMCO 2nd Quarter 2009		Page 9

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)


	June 30, 2009			December 31, 2008
ASSETS
Buildings and improvements	$	8,231,111		$	8,145,589
Land		2,273,852			2,264,335
Accumulated depreciation		(2,812,016	)		(2,627,373	)

Total real estate		7,692,947			7,782,551
Cash and cash equivalents		112,114			299,676
Restricted cash		257,432			256,817
Accounts receivable		67,729			92,923
Accounts receivable from affiliates		27,644			36,372
Deferred financing costs		59,038			56,052
Notes receivable from unconsolidated real estate partnerships		14,818			22,567
Notes receivable from non-affiliates		141,125			139,897
Investment in unconsolidated real estate partnerships		117,432			119,036
Other assets		222,081			188,765
Deferred income tax asset, net		28,332			28,326
Assets held for sale		100,729			391,884

Total assets	$	8,841,421		$	9,414,866


LIABILITIES AND EQUITY
Property tax-exempt bond financing	$	624,975		$	669,339
Property loans payable		5,423,593			5,425,908
Term loans		350,000			400,000
Other borrowings		88,237			95,981

Total indebtedness		6,486,805			6,591,228
Accounts payable		33,335			64,241
Accrued liabilities and other		292,110			411,093
Deferred income		183,594			194,867
Security deposits		41,427			41,308
Liabilities related to assets held for sale		72,570			245,332

Total liabilities		7,109,841			7,548,069


Preferred noncontrolling interests in Aimco Operating Partnership		87,286			88,148
Preferred stock subject to repurchase agreement		30,000			—

Equity:
Perpetual preferred stock		660,500			696,500
Class A Common Stock		1,164			1,162
Additional paid-in capital		3,065,080			3,058,799
Accumulated other comprehensive loss		(473	)		(2,249	)
Notes due on common stock purchases		(1,403	)		(3,607	)
Distributions in excess of earnings		(2,413,472	)		(2,335,628	)

Total Aimco equity		1,311,396			1,414,977

Noncontrolling interests in consolidated real estate partnerships		311,384			363,672
Common noncontrolling interests in Aimco Operating Partnership		(8,486	)		—

Total equity		1,614,294			1,778,649


Total liabilities and equity	$	8,841,421		$	9,414,866



AIMCO 2nd Quarter 2009		Page 10

Outlook and Forward Looking Statement
Third Quarter and Full Year 2009
(unaudited)

Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond the control of Aimco, including, without limitation: financing risks, including the availability and cost of capital markets financing and the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; earnings may not be sufficient to maintain compliance with debt covenants; national and local economic conditions; energy costs; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which Aimco operates and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; natural disasters and severe weather such as hurricanes; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on our ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership.

Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2008, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances. This press release does not constitute an offer of securities for sale.


	Third Quarter 2009	Full Year 2009
GAAP earnings per share [1][3]	-$0.50 to -$0.44	-$1.63 to -$1.43
FFO per share [2][3]	$0.36 to $0.42	$1.55 to $1.75
2009 Same Store operating assumptions:
Weighted average daily occupancy	93.5% to 94.5%	93.0% to 94.0%
NOI change — sequential	-3.25% to -2.25%
NOI change — 2009 vs. 2008	-6.0% to -5.0%	-5.0% to -3.0%


[1]		Aimco’s earnings per share guidance does not include estimates for (i) gains on dispositions or impairment losses due to the unpredictable timing of transactions, (ii) gains or losses on early repayment of debt, (iii) preferred stock redemption related costs or gains or (iv) potential future share repurchases or special dividends.

[2]		FFO per share represents FFO before operating real estate impairment losses and preferred redemption related costs or gains.

[3]		The GAAP earnings per share and FFO per share amounts are calculated based on 115.5 million weighted average common shares (diluted) for third quarter 2009 and 115.4 million weighted average common shares (diluted) for full year 2009.



AIMCO 2nd Quarter 2009		Page 11

Supplemental Schedule 1

Funds From Operations and Adjusted Funds From Operations
(in thousands, except per share data) (unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2008			2009			2008

Net (loss) income attributable to Aimco common stockholders [1]	$	(29,921	)	$	239,140		$	(67,622	)	$	200,930
Adjustments:
Depreciation and amortization		122,198			105,642			240,914			204,659
Depreciation and amortization related to non-real estate assets		(3,960	)		(4,862	)		(8,334	)		(8,661	)
Depreciation of rental property related to noncontrolling partners and unconsolidated entities [2]		(10,995	)		(2,331	)		(22,760	)		(10,690	)
Gain on dispositions of unconsolidated real estate and other		(3,750	)		(255	)		(14,611	)		(166	)
Gain (loss) on dispositions of non-depreciable assets and other		2,453			1			3,135			(15	)
Deficit distributions to noncontrolling partners [3]		—			850			—			4,741
Discontinued operations:
Gain on dispositions of real estate, net of noncontrolling partners’ interest [2]		(39,443	)		(313,910	)		(39,367	)		(315,298	)
Depreciation of rental property, net of noncontrolling partners’ interest [2]		3,444			18,459			7,677			44,739
Recovery of deficit distributions to noncontrolling partners [3]		—			(7,286	)		—			(6,974	)
Income tax expense arising from disposals		4,637			17,149			4,852			17,063
Noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(5,701	)		17,971			(13,018	)		6,857
Preferred stock dividends		13,126			13,670			26,292			27,878
Preferred stock redemption related gains		(1,649	)		—			(1,649	)		—
Amounts allocable to participating securities [4]		—			3,145			—			2,497

Funds From Operations	$	50,439		$	87,383		$	115,509		$	167,560
Preferred stock dividends		(13,126	)		(13,670	)		(26,292	)		(27,878	)
Preferred stock redemption related gains		1,649			—			1,649			—
Dividends/distributions on dilutive preferred securities		—			1,759			—			3,092
Amounts allocable to participating securities [4]		(223	)		(865	)		(758	)		(1,670	)

Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	38,739		$	74,607		$	90,108		$	141,104
Operating real estate impairment losses, continuing operations, net of noncontrolling partners’ interest [6]		3,411			—			3,921			—
Operating real estate impairment losses, discontinued operations, net of noncontrolling partners’ interest [6]		16,410			6,536			13,141			6,536
Income tax benefit on impairment losses		(3,356	)		—			(3,356	)		—
Preferred stock redemption related gains		(1,649	)		—			(1,649	)		—
Noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(1,123	)		(635	)		(915	)		(635	)
Dividends/distributions on dilutive preferred securities		—			17			—			17
Amounts allocable to participating securities [4]		(112	)		(78	)		(107	)		(76	)

Funds From Operations Attributable to Aimco Common Stockholders — Diluted (excluding operating real estate impairments/recoveries and preferred stock redemption related amounts)	$	52,320		$	80,447		$	101,143		$	146,946
Capital Replacements		(18,242	)		(23,959	)		(33,784	)		(45,316	)
Noncontrolling interests in Aimco Operating Partnership’s share of Capital Replacements		1,391			2,354			2,564			4,401
Dividends/distributions on non-dilutive preferred securities		—			(1,717	)		—			(3,050	)
Amounts allocable to participating securities [4]		137			307			299			549


Adjusted Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	35,606		$	57,432		$	70,222		$	103,530


Funds From Operations Attributable to Aimco Common Stockholders — Diluted:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding [7]:
Common shares and equivalents [8]		115,510			123,894			115,304			126,046
Dilutive preferred securities [9]		—			3,280			—			2,977

		115,510			127,174			115,304			129,023


Funds From Operations Attributable to Aimco Common Stockholders (excluding operating real estate impairments/recoveries and preferred stock redemption related amounts)
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding [7]:
Common shares and equivalents [8]		115,510			123,894			115,304			126,046
Dilutive preferred securities [9]		—			3,308			—			2,991

		115,510			127,202			115,304			129,037


Adjusted Funds From Operations Attributable to Aimco Common Stockholders — Diluted
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding [7]:
Common shares and equivalents [8]		115,510			123,894			115,304			126,046
Dilutive preferred securities [9]		—			145			—			72

		115,510			124,039			115,304			126,118

*Per Share [7]:*
Funds From Operations — Diluted	$	0.34		$	0.59		$	0.78		$	1.09
Funds From Operations — Diluted (excluding operating real estate impairments/recoveries and preferred stock redemption related amounts)	$	0.45		$	0.63		$	0.88		$	1.14
Adjusted Funds From Operations — Diluted	$	0.31		$	0.46		$	0.61		$	0.82
Dividends paid [10]	$	0.10		$	0.60		$	2.18		$	3.11



AIMCO 2nd Quarter 2009		Page 3

Supplemental Schedule 1 (continued)

Notes to Funds From Operations and Adjusted Funds From Operations


[1]		Represents the numerator for calculating basic earnings per common share in accordance with GAAP.

[2]		“Noncontrolling partners” refers to noncontrolling partners in our consolidated real estate partnerships.

[3]		Prior to adoption of SFAS 160, Aimco recognized deficit distributions to noncontrolling partners as charges in its income statement when cash was distributed to a noncontrolling partner in a consolidated partnership in excess of the positive balance in such partner’s noncontrolling interest account. Aimco recorded these charges for GAAP purposes even though there is no economic effect or cost. Deficit distributions to noncontrolling partners occurred when the fair value of the underlying real estate exceeded its depreciated net book value because the underlying real estate had appreciated or maintained its value. As a result, the recognition of expense for deficit distributions to noncontrolling partners represented, in substance, either (a) Aimco’s recognition of depreciation previously allocated to the noncontrolling partner or (b) a payment related to the noncontrolling partner’s share of real estate appreciation. Based on NAREIT’s FFO White Paper guidance that requires real estate depreciation and gains to be excluded from FFO, Aimco added back deficit distributions and subtracted related recoveries in its reconciliation of net income to FFO. Subsequent to adoption of SFAS 160, effective January 1, 2009, Aimco may reduce the balance in noncontrolling partners’ accounts below zero in such situations and is no longer required to recognize deficit distribution charges in its income statement.

[4]		Amounts allocable to participating securities represent dividends declared and any amounts of undistributed earnings allocable to participating securities. Participating securities consist of unvested restricted stock and shares purchased pursuant to officer loans, both of which are entitled to dividends similar to common stock.

[5]		In accordance with the Securities and Exchange Commission’s July 31, 2003 interpretation of the Emerging Issues Task Force Topic D-42, Aimco includes preferred stock redemption related charges or gains in FFO. As a result, FFO for the three and six months ended June 30, 2009, includes a redemption discount, net of issuance costs, of $1.6 million.

[6]		On October 1, 2003, NAREIT clarified its definition of FFO to include operating real estate impairment losses, which previously had been added back to calculate FFO. Although Aimco’s presentation conforms with the NAREIT definition, Aimco considers such approach to be inconsistent with the treatment of gains on dispositions of operating real estate, which are not included in FFO. Aimco does not add back operating real estate impairment losses when computing FFO in accordance with NAREIT’s definition. FFO for the three and six months ended June 30, 2009 includes operating real estate impairment losses, net of noncontrolling interests in consolidated real estate partnerships, of $19.8 million and $17.1 million, respectively, and FFO for the three and six months ended June 30, 2008 includes operating real estate impairment losses, net of noncontrolling interests in consolidated real estate partnerships, of $6.5 million.

[7]		Weighted average common shares, common share equivalents, dilutive preferred securities and per share funds from operations and adjusted funds from operations amounts for each of the periods presented above have been retroactively adjusted for the effect of shares of Common Stock issued pursuant to the special dividends paid in 2008 and January 2009. Additionally, per share funds from operations amounts for 2008 have been retroactively adjusted for the effect of Aimco’s adoption of FASB FSP EITF 03-6-1 (participating securities) in 2009.

[8]		Represents the denominator for calculating Aimco’s diluted earnings per common share in accordance with GAAP, plus common share equivalents that are dilutive for per share funds from operations amounts.

[9]		AIMCO Properties, L.P.’s Preferred Partnership Units (PPU) are redeemable at the option of the holder. Upon a requested redemption, Aimco, in its sole discretion, may redeem these units for cash or shares of common stock. During 2008, Aimco implemented a policy that establishes criteria for determining when such redemptions will be settled in cash or common stock. Pursuant to such policy, during the three and six months ended June 30, 2009, 10.4 million and 11.1 million potential shares were excluded from diluted funds from operations share equivalents.

[10]		Dividends paid per share for the periods presented have not been adjusted to give effect to shares of Common Stock issued pursuant to the special dividends paid in 2008 and January 2009.



AIMCO 2nd Quarter 2009		Page 4

Supplemental Schedule 2



Proportionate Operating Results Presentation (in thousands) (unaudited)		(page 1 of 2)


	Three Months Ended June 30, 2009												Six Months Ended June 30, 2009
				Proportionate												Proportionate
	Aimco			Share of						Proportionate			Aimco			Share of						Proportionate
	GAAP Income			Unconsolidated			Noncontrolling			Income			GAAP Income			Unconsolidated			Noncontrolling			Income
	Statement			Partnerships			Interests			Statement			Statement			Partnerships			Interests			Statement
Revenues:
Rental and other property revenues:
Same Store properties [1] [2]	$	201,699		$	—		$	(18,932	)	$	182,767		$	406,451		$	—		$	(40,152	)	$	366,299
Acquisition properties [1]		3,831			—			—			3,831			7,590			—			—			7,590
Redevelopment properties [1]		46,193			—			(4,289	)		41,904			92,760			—			(8,614	)		84,146
Other properties [1]		12,780			495			(1,278	)		11,997			25,331			1,137			(2,479	)		23,989
Affordable properties [1]		56,349			2,503			(17,502	)		41,350			110,878			4,873			(34,168	)		81,583

Total rental and other property revenues		320,852			2,998			(42,001	)		281,849			643,010			6,010			(85,413	)		563,607
Property management revenues, primarily from affiliates [3]		1,340			(167	)		2,204			3,377			2,983			(330	)		4,709			7,362
Asset management and tax credit revenues		12,606			—			375			12,981			22,144			—			774			22,918

Total revenues		334,798			2,831			(39,422	)		298,207			668,137			5,680			(79,930	)		593,887

Operating expenses:
Property operating expenses:
Same Store properties [2]		79,077			—			(8,021	)		71,056			160,216			—			(16,710	)		143,506
Acquisition properties		1,733			—			—			1,733			3,379			—			—			3,379
Redevelopment properties		18,517			—			(1,819	)		16,698			38,087			—			(3,680	)		34,407
Other properties		6,387			309			(778	)		5,918			13,004			632			(1,307	)		12,329
Affordable properties		26,210			1,497			(9,163	)		18,544			54,534			3,044			(18,559	)		39,019
Casualties, Conventional		1,556			54			278			1,888			3,631			16			(93	)		3,554
Casualties, Affordable		566			20			101			687			1,321			6			(34	)		1,293
Property management expenses, Conventional [4]		6,502			—			(322	)		6,180			13,152			—			(22	)		13,130
Property management expenses, Affordable [4]		2,366			—			(1,054	)		1,312			4,784			—			(1,998	)		2,786

Total property operating expenses		142,914			1,880			(20,778	)		124,016			292,108			3,698			(42,403	)		253,403

Property management expenses [5]		472			—			1,375			1,847			1,905			—			2,020			3,925
Investment management expenses		4,716			—			—			4,716			8,506			—			—			8,506
Depreciation and amortization		122,198			761			(11,822	)		111,137			240,914			1,404			(24,297	)		218,021
Provision for operating real estate impairment losses		4,988			—			(1,577	)		3,411			5,498			—			(1,577	)		3,921
General and administrative expenses		17,849			21			(694	)		17,176			37,922			(9	)		(1,635	)		36,278
Other expenses, net		4,398			1,174			(3,845	)		1,727			6,463			3,036			(8,453	)		1,046

Total operating expenses		297,535			3,836			(37,341	)		264,030			593,316			8,129			(76,345	)		525,100


Operating income		37,263			(1,005	)		(2,081	)		34,177			74,821			(2,449	)		(3,585	)		68,787
Interest income:
General partner loan interest		1,445			(13	)		800			2,232			3,169			(13	)		1,797			4,953
Money market and interest bearing accounts		747			45			(199	)		593			2,457			90			(378	)		2,169
Accretion on discounted notes receivable		72			—			136			208			29						152			181

Total interest income		2,264			32			737			3,033			5,655			77			1,571			7,303
Provision for losses on notes receivable		(1,534	)		—			(73	)		(1,607	)		(1,685	)		—			659			(1,026	)
Interest expense:
Property debt (primarily non-recourse)		(89,397	)		(724	)		10,866			(79,255	)		(175,945	)		(1,366	)		21,501			(155,810	)
Corporate debt		(3,470	)		—			—			(3,470	)		(8,279	)		—			—			(8,279	)
Capitalized interest		1,971			1			36			2,008			4,336			2			(22	)		4,316

Total interest expense		(90,896	)		(723	)		10,902			(80,717	)		(179,888	)		(1,364	)		21,479			(159,773	)
Equity in losses of unconsolidated real estate partnerships		(1,696	)		1,696			—			—			(3,736	)		3,736			—			—
Gain on dispositions of unconsolidated real estate and other		3,750			—			(173	)		3,577			14,611			—			(425	)		14,186


Loss before income taxes and discontinued operations		(50,849	)		—			9,312			(41,537	)		(90,222	)		—			19,699			(70,523	)
Income tax benefit		3,080			—			—			3,080			(5,285	)		—			—			(5,285	)

Loss from continuing operations		(47,769	)		—			9,312			(38,457	)		(84,937	)		—			19,699			(65,238	)
Income from discontinued operations, net		40,143			—			(21,007	)		19,136			44,737			—			(25,121	)		19,616


Net loss		(7,626	)		—			(11,695	)		(19,321	)		(40,200	)		—			(5,422	)		(45,622	)
Noncontrolling interests:
Noncontrolling interests in consolidated real estate partnerships		(11,695	)		—			11,695			—			(5,422	)		—			5,422			—
Noncontrolling interests in Aimco Operating Partnership		877			—			—			877			2,643			—			—			2,643

Total net income attributable to noncontrolling interests		(10,818	)		—			11,695			877			(2,779	)		—			5,422			2,643

Net loss attributable to Aimco		(18,444	)		—			—			(18,444	)		(42,979	)		—			—			(42,979	)
Net income attributable to Aimco preferred stockholders		11,477			—			—			11,477			24,643			—			—			24,643

Net loss attributable to Aimco common stockholders	$	(29,921	)	$	—		$	—		$	(29,921	)	$	(67,622	)	$	—		$	—		$	(67,622	)

(See footnotes on page 2 of 2)



AIMCO 2nd Quarter 2009		Page 5

Supplemental Schedule 2



Proportionate Operating Results Presentation		(page 2 of 2)
(in thousands) (unaudited)


	Three Months			Six Months
	Ended			Ended
	June 30, 2009			June 30, 2009
Components of FFO:
Real estate operations:
Rental and other property revenues	$	281,849		$	563,607
Property operating expenses		(124,016	)		(253,403	)

Net real estate operations		157,833			310,204
Property management, net		1,530			3,437
Asset management and tax credit revenues, net of investment management expenses		8,265			14,412
Depreciation and amortization related to non-real estate assets		(3,894	)		(8,201	)
General and administrative expenses		(17,176	)		(36,278	)
Other expense, net		(1,727	)		(1,046	)
Interest income		3,033			7,303
Provision for losses on notes receivable		(1,607	)		(1,026	)
Interest expense		(80,717	)		(159,773	)
Gain on disposition of non-depreciable assets		3,192			3,874
Income tax benefit		1,861			4,067
Discontinued operations:
Operations and other		2,578			6,964
Interest expense		(1,443	)		(4,347	)
Preferred stock dividends and redemption related amounts		(13,126	)		(26,292	)
Preferred partnership unit distributions		(1,746	)		(2,815	)
Amounts allocated to participating securities		(335	)		(865	)

Subtotal before noncontrolling interests in Aimco Operating Partnership	$	56,521		$	109,618
Common noncontrolling interests in Aimco Operating Partnership		(4,201	)		(8,475	)

FFO Attributable to Aimco Common Stockholders — Diluted (excluding operating real estate impairments/recoveries and preferred stock redemption related amounts)	$	52,320		$	101,143


Reconciliation of Net Loss to FFO and AFFO:
Net loss	$	(19,321	)	$	(45,622	)
Depreciation and amortization		111,137			218,021
Depreciation and amortization related to non-real estate assets		(3,894	)		(8,201	)
Gain on dispositions of unconsolidated real estate and other		(3,577	)		(14,186	)
Income tax benefit arising from disposition of unconsolidated real estate and other		2,453			3,135
Discontinued operations		(31,535	)		(27,263	)
Operating real estate impairment losses, continuing operations, net of noncontrolling partners’ interest		3,411			3,921
Operating real estate impairment losses, discontinued operations, net of noncontrolling partners’ interest		16,410			13,141
Tax benefit on impairment losses		(3,356	)		(3,356	)
Noncontrolling interests in Aimco Operating Partnership’s share of adjustments		(6,824	)		(13,933	)
Noncontrolling interests in Aimco Operating Partnership’s share of net loss		877			2,643
Preferred stock dividends		(13,126	)		(26,292	)
Amounts allocated to participating securities		(335	)		(865	)

FFO Attributable to Aimco Common Stockholders — Diluted (excluding operating real estate impairments/recoveries and preferred stock redemption related amounts)	$	52,320		$	101,143
Capital Replacements		(18,242	)		(33,784	)
Noncontrolling interests in Aimco Operating Partnership’s share of Capital Replacements		1,391			2,564
Amounts allocated to participating securities		137			299

AFFO Attributable to Aimco Common Stockholders — Diluted	$	35,606		$	70,222

Notes to Schedule 2:


[1]		See definitions and descriptions in Glossary.

[2]		Same store amounts in this schedule differ from the same store amounts in Schedule 6. Any such differences are the result of (a) certain variations in the treatment of intercompany eliminations in GAAP versus non-GAAP measures; (b) the effect of changing ownership percentages over time due to Aimco’s acquisition of additional partnership interests and (c) the elimination of non-recurring items that if included in Schedule 6 would distort Schedule 6 same store results.

[3]		Property management revenues reported in Aimco’s GAAP income statement reflect fees charged to unconsolidated properties. Property management revenues reported in the proportionate income statement reflect the noncontrolling interest partners’ share of fees charged to both consolidated and unconsolidated properties.

[4]		Property management expenses reported on this line in Aimco’s GAAP income statement reflect expenses related to the management of consolidated properties. Property management expenses reported on this line in the proportionate income statement reflect Aimco’s share of both consolidated and unconsolidated property management expenses.

[5]		Property management expenses reported on this line in Aimco’s GAAP income statement reflect expenses related to the management of unconsolidated properties. Property management expenses reported on this line in the proportionate income statement reflect noncontrolling interest partners’ share of both consolidated and unconsolidated property management expenses.



AIMCO 2nd Quarter 2009		Page 6

Supplemental Schedule 3

Proportionate Balance Sheet Presentation
As of June 30, 2009
(in thousands) (unaudited)


				Proportionate
	Consolidated			Share of						Proportionate
	GAAP			Unconsolidated			Noncontrolling			Balance
	Balance Sheet			Partnerships			Interests			Sheet
ASSETS

Real estate, net of depreciation	$	7,692,947		$	45,195		$	(593,193	)	$	7,144,949
Cash and cash equivalents		112,114			1,638			(19,544	)		94,208
Restricted cash		257,432			4,214			(50,695	)		210,951
Accounts receivable		95,373			739			(5,641	)		90,471
Notes receivable [1]		155,943			—			67,485			223,428
Investment in unconsolidated real estate partnerships		117,432			(32,355	)		(44,870	)		40,207
Other assets [2]		410,180			(1,609	)		(39,023	)		369,548


Total assets	$	8,841,421		$	17,822		$	(685,481	)	$	8,173,762


LIABILITIES AND EQUITY

Total indebtedness	$	6,486,805		$	11,702		$	(689,774	)	$	5,808,733
Other liabilities [3]		623,036			6,120			(100,892	)		528,264

Total liabilities		7,109,841			17,822			(790,666	)		6,336,997


Preferred noncontrolling interests in Aimco Operating Partnership [4]		87,286			—			—			87,286
Preferred stock subject to repurchase agreement		30,000			—			—			30,000
Total Aimco equity [5]		1,311,396			—			416,569			1,727,965
Noncontrolling interests in consolidated real estate partnerships		311,384			—			(311,384	)		—
Common noncontrolling interests in Aimco Operating Partnership		(8,486	)		—			—			(8,486	)


Total liabilities and equity	$	8,841,421		$	17,822		$	(685,481	)	$	8,173,762

Additional Information and Notes:


[1]		Aimco has notes receivable from consolidated partnerships which are eliminated in the GAAP balance sheet. The noncontrolling partners’ share of amounts payable to Aimco pursuant to those notes is added to the GAAP-based amounts to arrive at the proportionate balance presented above.

[2]		Other assets consists of the following proportionate amounts:


Deferred financing costs	$	49,627
Goodwill		78,908
Investment in management contracts		1,513

Deferred financing costs and intangible assets		130,048
Deferred income tax asset		28,332
Assets held for sale		95,180
Other		115,988

Total other assets	$	369,548


[3]		Other liabilities includes deferred income of $133.7 million of tax credit equity, which represents cash contributions received from tax credit investors through June 30, 2009. In accordance with GAAP, Aimco recognizes these contributions in earnings in future periods as Aimco delivers the related low income housing tax credits and other tax benefits to the tax credit investors.

[4]		Various classes of preferred OP Units of the Aimco Operating Partnership are outstanding. Depending on the terms of each class, these preferred OP Units are convertible into common OP Units or redeemable for cash, or at Aimco’s option, Common Stock. As of June 30, 2009 a total of 3.2 million preferred OP Units were outstanding with a redemption value of $86.4 million.

[5]		Amount includes perpetual preferred stock outstanding of $690.5 million at June 30, 2009.



AIMCO 2nd Quarter 2009		Page 7

Supplemental Schedule 4

Share Data
(in thousands) (unaudited)

Preferred Securities


	Shares/Units
	Outstanding
	as of			Redemption
	June 30, 2009			Date [1]		Coupon			Amount
Perpetual Preferred Stock:
Class G		4,040			7/15/2008		9.375	%	$	101,000
Class T		6,000			7/31/2008		8.000	%		150,000
Class U		8,000			3/24/2009		7.750	%		200,000
Class V		3,450			9/29/2009		8.000	%		86,250
Class Y		3,450			12/21/2009		7.875	%		86,250
Series A Community Reinvestment Act		0	[2]		6/30/2011		2.470	%[3]		67,000	[2]

Total perpetual preferred stock										690,500

Preferred Partnership Units		3,175					8.075	%[4]		86,375

Total outstanding preferred securities									$	776,875

Common Stock and Equivalents


	Shares/Units
	Outstanding		Weighted Average Shares/Units				Weighted Average Shares/Units
	as of		Three Months Ended June 30, 2009				Six Months Ended June 30, 2009
	June 30, 2009		Diluted EPS		Diluted FFO		Diluted EPS		Diluted FFO
Class A Common Stock [5]		115,553		115,510		115,510		115,304		115,304
Dilutive securities:
Options, restricted stock and officer loan shares [6]		1,034		—		—		—		—
Convertible preferred securities [7]		—		—		—		—		—


Total shares and dilutive share equivalents		116,587		115,510		115,510		115,304		115,304

Common Partnership Units and equivalents [8]		8,820		8,823		8,823		9,111		9,111


Total shares, units and dilutive share equivalents		125,407		124,333		124,333		124,415		124,415

Notes:


[1]		The redemption date is the date the securities are first eligible for redemption by Aimco.

[2]		Represents 134 shares at a liquidation preference per share of $500,000. The remaining amount at June 30, 2009 includes $30.0 million subject to a repurchase agreement which is classified as temporary equity in the consolidated balance sheet.

[3]		The dividend rate is a variable rate per annum equal to the Three-Month LIBOR Rate plus 1.25%, calculated as of the beginning of each quarterly period.

[4]		Coupon is based on a weighted average.

[5]		Includes a deduction of 0.9 million for unvested restricted stock and officer loan shares as of June 30, 2009.

[6]		Stock options, restricted stock and officer loan shares are presumed to be dilutive as of June 30, 2009, and reflect the dilutive effect of options and shares outstanding at the end of the period and the $8.85 share price at the end of the period. Diluted EPS for the three and six months ended June 30, 2009, excludes the effect of these securities because their effect was antidilutive. Diluted FFO for the three and six months ended June 30, 2009, excludes the effect of options because their effect was antidilutive. The effect on diluted FFO of participating securities, or restricted stock and officer loan shares, for the three and six months ended June 30, 2009, was more dilutive under the two-class method of allocating earnings. Accordingly, no participating securities were included in diluted FFO share/unit counts during these periods.

[7]		AIMCO Properties, L.P.’s Preferred Partnership Units (PPU) are redeemable at the option of the holder. Upon a requested redemption, Aimco, in its sole discretion, may redeem these units for cash or shares of common stock. During the fourth quarter 2008, Aimco implemented a policy that established criteria for determining when such redemptions will be settled in cash or shares of common stock. Pursuant to such policy, during the three and six months ended June 30, 2009, 10.4 million and 11.1 million potential shares were excluded from diluted FFO share equivalents. These potential shares were excluded from diluted EPS equivalents because their effect was antidilutive. The potential common shares from an assumed stock settlement are ignored in the determination of shares/units outstanding as of June 30, 2009.

[8]		Includes common OP Units and Class I High Performance Units.



AIMCO 2nd Quarter 2009		Page 8

Supplemental Schedule 5



Selected Debt Structure and Maturity Data		(page 1 of 2)
As of June 30, 2009
(dollars in thousands)
(unaudited)

I. Debt Balances and Data


			Proportionate							Weighted
			Share of		Noncontrolling			Total Aimco		Average		Weighted
Debt	Consolidated		Unconsolidated		Interests			Share		Maturity (years)		Average Rate
Property Debt (primarily non-recourse):

Conventional Portfolio:
Fixed rate loans payable	$	4,648,807	$	—	$	(452,380	)	$	4,196,427		8.4		6.12	%
Floating rate loans payable [1]		203,752		—		(12,530	)		191,222		3.8		3.26	%

Total property loans payable		4,852,559		—		(464,910	)		4,387,649		8.2		5.99	%
Fixed rate tax-exempt bonds		49,880		—		(3,338	)		46,542		11.9		6.70	%
Floating rate tax-exempt bonds [1]		374,273		—		(5,242	)		369,031		6.9		0.87	%

Total property tax-exempt bond financing		424,153		—		(8,580	)		415,573		7.5		1.52	%


Total Conventional portfolio		5,276,712		—		(473,490	)		4,803,222		8.1		5.60	%


Affordable Portfolio:
Fixed rate loans payable		556,480		11,066		(181,120	)		386,426		16.0		5.28	%
Floating rate loans payable		14,554		9		(8,077	)		6,486		6.6		3.17	%

Total property loans payable		571,034		11,075		(189,197	)		392,912		15.9		5.24	%
Fixed rate tax-exempt bonds		73,901		33		(12,876	)		61,058		26.8		5.01	%
Floating rate tax-exempt bonds [1]		126,921		—		(2,055	)		124,866		7.0		2.82	%


Total property tax-exempt bond financing		200,822		33		(14,931	)		185,924		13.5		3.54	%


Total Affordable portfolio		771,856		11,108		(204,128	)		578,836		15.1		4.70	%


Total property debt	$	6,048,568	$	11,108	$	(677,618	)	$	5,382,058		8.9		5.51	%


Corporate Debt:
Term Loan	$	350,000	$	—	$	—		$	350,000		—		1.82	% [2]

Total corporate debt	$	350,000	$	—	$	—		$	350,000		—		1.82	%


Other borrowings [3]	$	88,237	$	594	$	(12,156	)	$	76,675


Total Debt	$	6,486,805	$	11,702	$	(689,774	)	$	5,808,733				5.28	%


[1]		Floating rate debt presented above includes $418.9 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At June 30, 2009, the carrying amount of this debt totaled $389.3 million, after recognition of changes in the debt’s fair value in accordance with fair value hedge accounting under SFAS 133.

[2]		The Term Loan bears interest at LIBOR plus a spread of 1.50%, or at our option, a base rate equal to the Prime rate. At June 30, 2009, the interest rate on the Term Loan was based on LIBOR.

[3]		Other borrowings consists primarily of notes payable collateralized by assets other than direct interests in real estate and obligations under sale and leaseback arrangements accounted for as financings. At June 30, 2009, other borrowings includes $79.6 million in fixed rate obligations with interest rates ranging from zero to 10.0% and $8.6 million in variable rate obligations bearing interest at the Prime rate plus 1.75% to 2.0%.

II. Debt Maturities


	Consolidated Property Debt												Aimco Share
							Percent			Average Rate on
	Amortization		Maturities		Total		of Total			Maturing Debt			Amortization		Maturities		Total
2009 Q3	$	23,983	$	26,060	$	50,043		0.8	%		1.15	%	$	20,470	$	26,060	$	46,530
2009 Q4		24,934		7,603		32,537		0.5	%		5.32	%		21,338		4,985		26,323
2010 Q1		25,715		7,216		32,931		0.5	%		7.78	%		22,086		5,551		27,637
2010 Q2		26,281		57		26,338		0.4	%		7.88	%		22,581		57		22,638
2010 Q3		26,673		11,730		38,403		0.6	%		4.79	%		22,957		7,570		30,527
2010 Q4		26,994		15,821		42,815		0.7	%		5.94	%		23,253		10,741		33,994
2011 Q1		27,680		63		27,743		0.5	%		8.41	%		23,910		58		23,968
2011 Q2		28,014		161,003		189,017		3.1	%		5.60	%		24,177		90,443		114,620
Balance 2011		57,409		79,459		136,868		2.3	%		7.35	%		49,579		73,566		123,145
2012 [1][2]		114,948		642,893		757,841		12.5	%		3.16	%		99,358		605,111		704,469
2013		108,414		464,504		572,918		9.5	%		5.57	%		93,209		428,918		522,127
Thereafter						4,141,114		68.6	%									3,706,080

Total property debt:					$	6,048,568		100.0	%								$	5,382,058

Corporate Debt:


							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
2011	$	—	$	350,000	$	350,000		100.0	%		1.82	%

Total corporate debt:	$	—	$	350,000	$	350,000		100.0	%		1.82	%


[1]		In September 2007, Aimco entered into a credit facility with a major life company that provides for short-term, fully pre-payable, non-recourse property borrowings of up to $200.0 million. This facility, which matures October 1, 2010, includes two one-year extension options for a $500,000 fee per extension. At June 30, 2009, outstanding borrowings of $117.0 million related to properties classified as held for use are included in 2012 maturities based on assumed exercise of the extension options.

[2]		2012 maturities include approximately $289.5 million of debt (at carrying amount) subject to total return swaps for which the swap maturity dates are earlier than the related debt maturities.



AIMCO 2nd Quarter 2009		Page 9

Supplemental Schedule 5 (continued)



Selected Debt Structure and Maturity Data		(page 2 of 2)
As of June 30, 2009
(in millions)
(unaudited)

III. Year-to-Date Loan Closings


	Original		New					Aimco
	Loan		Loan		Net			Net			Prior			New
Property Loan Type (all non-recourse)	Amount [1]		Amount		Proceeds [2]			Proceeds [3]			Rate			Rate
Consolidated Loan Closings:

Fixed Rate to Fixed Rate	$	487.3	$	493.6	$	(1.1	)	$	(3.9	)		5.91	%		5.94	%
Fixed Rate to Floating Rate		32.9		40.9		6.6			6.6			6.92	%		1.92	%
Floating Rate to Fixed Rate		115.7		130.4		22.9			22.9			3.45	%		6.61	%
Floating Rate — New		—		10.6		10.3			10.3			—			3.42	%


Totals	$	635.9	$	675.5	$	38.7		$	35.9			5.52	%		5.79	%


[1]		Original Loan Amount represents the principal balance outstanding at the time of the refinance.

[2]		Net Proceeds is after transaction costs and prepayment penalties.

[3]		Aimco Net Proceeds is after payment of distributions to noncontrolling partners.

IV. Capitalization


	December 31, 2008						March 31, 2009						June 30, 2009
	Amount			Percent			Amount			Percent			Amount			Percent

Corporate debt	$	400			5.2	%	$	365			5.1	%	$	350			4.7	%

Property debt (Aimco’s share)		5,599			72.7	%		5,591			77.4	%		5,382			72.8	%

Other borrowings (Aimco’s share)		96			1.2	%		80			1.1	%		77			1.0	%

Total debt		6,095			79.1	%		6,036			83.6	%		5,809			78.5	%

Less cash and restricted cash (Aimco’s share)		(451	)		-5.9	%		(283	)		-3.9	%		(305	)		-4.1	%

Net debt		5,644			73.2	%		5,753			79.7	%		5,504			74.4	%

Preferred equity		785			10.2	%		783			10.8	%		777			10.5	%

Common equity at market [1]		1,272			16.6	%		689			9.5	%		1,109			15.1	%


Total capitalization	$	7,701			100.0	%	$	7,225			100.0	%	$	7,390			100.0	%


[1]		Common equity at market at June 30, 2009, March 31, 2009 and December 31, 2008, was calculated using 125.255 million, 125.820 million and 110.116 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $8.85, $5.48 and $11.55 per share/unit as of June 30, 2009, March 31, 2009 and December 31, 2008, respectively.

V. Credit Ratings


Moody’s Investor Service	Corporate Family Rating	Ba1 (stable outlook)
Standard and Poor’s	Corporate Credit Rating	BB+ (negative)
Fitch	Bank Credit Facility	BB+ (stable outlook)



AIMCO 2nd Quarter 2009		Page 10

Supplemental Schedule 6(a)

Same Store Operating Results
Second Quarter 2009 Compared to Second Quarter 2008
(unaudited) (in thousands, except site and unit data)


																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		2Q 2009		2Q 2008		Growth			2Q 2009		2Q 2008		Growth			2Q 2009		2Q 2008		Growth			2Q 2009			2Q 2009			2Q 2008			2Q 2009		2Q 2008

Target Markets
Los Angeles		11		3,407		2,756	$	14,439	$	15,639		-7.7	%	$	4,993	$	4,775		4.6	%	$	9,446	$	10,864		-13.1	%		65.4	%		92.9	%		95.6	%	$	1,983	$	2,094
Orange County		3		443		373		1,345		1,392		-3.4	%		436		483		-9.7	%		909		909		0.0	%		67.6	%		94.3	%		98.0	%		1,190		1,185
San Diego		4		1,622		1,552		5,551		5,622		-1.3	%		1,583		1,643		-3.7	%		3,968		3,979		-0.3	%		71.5	%		93.5	%		95.9	%		1,175		1,167

Southern CA Total		18		5,472		4,681		21,335		22,653		-5.8	%		7,012		6,901		1.6	%		14,323		15,752		-9.1	%		67.1	%		93.2	%		95.9	%		1,678		1,744
East Bay		2		413		353		1,362		1,468		-7.2	%		613		651		-5.8	%		749		817		-8.3	%		55.0	%		92.5	%		96.4	%		1,255		1,268
San Francisco		3		600		600		2,774		2,827		-1.9	%		960		958		0.2	%		1,814		1,869		-2.9	%		65.4	%		92.8	%		95.8	%		1,539		1,545

Northern CA Total		5		1,013		953		4,136		4,295		-3.7	%		1,573		1,609		-2.2	%		2,563		2,686		-4.6	%		62.0	%		92.7	%		96.0	%		1,423		1,431
Seattle		1		174		109		344		382		-9.9	%		152		122		24.6	%		192		260		-26.2	%		55.8	%		86.2	%		98.6	%		1,080		1,083

Pacific Total		24		6,659		5,743		25,815		27,330		-5.5	%		8,737		8,632		1.2	%		17,078		18,698		-8.7	%		66.2	%		92.9	%		96.0	%		1,625		1,678

Suburban New York — New Jersey		7		2,578		2,143		7,738		8,093		-4.4	%		2,602		2,641		-1.5	%		5,136		5,452		-5.8	%		66.4	%		93.0	%		96.9	%		1,164		1,176
Washington — NoVA — MD		14		6,014		5,960		21,313		21,238		0.4	%		6,829		6,812		0.2	%		14,484		14,426		0.4	%		68.0	%		95.1	%		96.5	%		1,170		1,163
Boston		11		4,147		4,147		14,661		14,855		-1.3	%		5,508		5,270		4.5	%		9,153		9,585		-4.5	%		62.4	%		94.5	%		96.0	%		1,191		1,182
Philadelphia		4		1,791		1,523		5,926		6,027		-1.7	%		2,292		2,145		6.9	%		3,634		3,882		-6.4	%		61.3	%		90.3	%		95.7	%		1,277		1,257

Northeast Total		36		14,530		13,773		49,638		50,213		-1.1	%		17,231		16,868		2.2	%		32,407		33,345		-2.8	%		65.3	%		94.0	%		96.3	%		1,187		1,182

Miami		6		2,472		2,349		11,959		12,624		-5.3	%		3,775		5,314		-29.0	%		8,184		7,310		12.0	%		68.4	%		91.8	%		92.4	%		1,647		1,744
Palm Beach/Fort Lauderdale [1]		6		1,982		1,832		5,599		5,508		1.7	%		2,246		2,137		5.1	%		3,353		3,371		-0.5	%		59.9	%		95.1	%		93.2	%		969		997
Orlando [1]		9		2,356		2,139		4,966		5,270		-5.8	%		2,305		2,339		-1.5	%		2,661		2,931		-9.2	%		53.6	%		92.3	%		92.6	%		746		803
Tampa [1]		10		2,887		2,572		6,322		6,585		-4.0	%		2,734		2,799		-2.3	%		3,588		3,786		-5.2	%		56.8	%		92.5	%		93.4	%		778		829
Jacksonville [1]		1		144		144		398		389		2.3	%		158		140		12.9	%		240		249		-3.6	%		60.3	%		97.9	%		92.7	%		846		889

Florida Total		32		9,841		9,036		29,244		30,376		-3.7	%		11,218		12,729		-11.9	%		18,026		17,647		2.1	%		61.6	%		92.9	%		92.9	%		1,027		1,086

Houston		11		3,621		2,971		6,554		6,403		2.4	%		2,933		2,950		-0.6	%		3,621		3,453		4.9	%		55.2	%		93.1	%		94.1	%		706		683
Denver		10		2,877		2,315		6,124		6,168		-0.7	%		2,275		2,202		3.3	%		3,849		3,966		-3.0	%		62.9	%		93.6	%		96.7	%		797		778
Phoenix		16		4,065		3,669		7,373		8,002		-7.9	%		3,164		3,353		-5.6	%		4,209		4,649		-9.5	%		57.1	%		91.1	%		95.5	%		648		673
Dallas — Fort Worth		5		1,233		990		2,256		2,248		0.4	%		1,049		1,121		-6.4	%		1,207		1,127		7.1	%		53.5	%		91.6	%		93.0	%		755		739
Atlanta		4		803		697		1,939		1,954		-0.8	%		893		870		2.6	%		1,046		1,084		-3.5	%		53.9	%		92.3	%		94.8	%		875		883

Sunbelt Total		78		22,440		19,678		53,490		55,151		-3.0	%		21,532		23,225		-7.3	%		31,958		31,926		0.1	%		59.7	%		92.6	%		94.1	%		857		878

Chicago		12		3,104		2,927		10,157		10,255		-1.0	%		4,167		3,835		8.7	%		5,990		6,420		-6.7	%		59.0	%		92.1	%		94.9	%		1,131		1,116

Total Target Markets		150		46,733		42,121		139,100		142,949		-2.7	%		51,667		52,560		-1.7	%		87,433		90,389		-3.3	%		62.9	%		93.0	%		95.1	%		1,088		1,105

Other
Austin		3		816		816		1,585		1,686		-6.0	%		774		840		-7.9	%		811		846		-4.1	%		51.2	%		85.0	%		91.7	%		686		685
Baltimore		5		1,180		993		3,143		3,141		0.1	%		1,272		1,198		6.2	%		1,871		1,943		-3.7	%		59.5	%		93.7	%		95.0	%		1,058		1,052
Indianapolis/Fort Wayne		8		4,981		4,782		8,935		9,018		-0.9	%		4,245		3,807		11.5	%		4,690		5,211		-10.0	%		52.5	%		92.2	%		94.3	%		592		584
Nashville		4		1,036		763		2,092		2,083		0.4	%		912		878		3.9	%		1,180		1,205		-2.1	%		56.4	%		94.0	%		95.3	%		829		831
Norfolk/Richmond		6		1,661		1,569		4,228		4,282		-1.3	%		1,459		1,489		-2.0	%		2,769		2,793		-0.9	%		65.5	%		94.7	%		96.2	%		853		856
Raleigh/Greenville		4		1,032		802		1,691		1,714		-1.3	%		774		799		-3.1	%		917		915		0.2	%		54.2	%		93.2	%		94.6	%		688		706
Other Markets		26		8,880		8,460		21,809		22,073		-1.2	%		10,023		9,831		2.0	%		11,786		12,242		-3.7	%		54.0	%		92.1	%		93.7	%		823		836

Total Other		56		19,586		18,185		43,483		43,997		-1.2	%		19,459		18,842		3.3	%		24,024		25,155		-4.5	%		55.2	%		92.3	%		94.2	%		769		773


SAME STORE SALES TOTALS		206		66,319		60,306		182,583		186,946		-2.3	%		71,126		71,402		-0.4	%		111,457		115,544		-3.5	%		61.0	%		92.8	%		94.9	%	$	995	$	1,008


Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement [2]								138,269		130,024					71,788		69,811					66,481		60,213


Total rental and other property revenues and property operating expense per GAAP Income Statement							$	320,852	$	316,970				$	142,914	$	141,213				$	177,938	$	175,757


[1]		Palm Beach/Fort Lauderdale, Orlando, Tampa and Jacksonville are considered part of the Other Florida market.

[2]		Includes: (i) noncontrolling interest partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.



AIMCO 2nd Quarter 2009		Page 11

Supplemental Schedule 6(b)

Same Store Operating Results
Second Quarter 2009 Compared to First Quarter 2009
(unaudited) (in thousands, except site and unit data)


																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		2Q 2009		1Q 2009		Growth			2Q 2009		1Q 2009		Growth			2Q 2009		1Q 2009		Growth			2Q 2009			2Q 2009			1Q 2009			2Q 2009		1Q 2009

Target Markets
Los Angeles		11		3,407		2,756	$	14,439	$	14,856		-2.8	%	$	4,993	$	4,822		3.5	%	$	9,446	$	10,034		-5.9	%		65.4	%		92.9	%		93.9	%	$	1,983	$	2,032
Orange County		3		443		373		1,345		1,376		-2.3	%		436		463		-5.8	%		909		913		-0.4	%		67.6	%		94.3	%		96.0	%		1,190		1,197
San Diego		4		1,622		1,552		5,551		5,682		-2.3	%		1,583		1,624		-2.5	%		3,968		4,058		-2.2	%		71.5	%		93.5	%		94.8	%		1,175		1,195

Southern CA Total		18		5,472		4,681		21,335		21,914		-2.6	%		7,012		6,909		1.5	%		14,323		15,005		-4.5	%		67.1	%		93.2	%		94.3	%		1,678		1,714
East Bay		2		413		353		1,362		1,416		-3.8	%		613		561		9.3	%		749		855		-12.4	%		55.0	%		92.5	%		94.2	%		1,255		1,268
San Francisco		3		600		600		2,774		2,829		-1.9	%		960		1,062		-9.6	%		1,814		1,767		2.7	%		65.4	%		92.8	%		94.7	%		1,539		1,563

Northern CA Total		5		1,013		953		4,136		4,245		-2.6	%		1,573		1,623		-3.1	%		2,563		2,622		-2.3	%		62.0	%		92.7	%		94.5	%		1,423		1,443
Seattle		1		174		109		344		388		-11.3	%		152		150		1.3	%		192		238		-19.3	%		55.8	%		86.2	%		89.6	%		1,080		1,149

Pacific Total		24		6,659		5,743		25,815		26,547		-2.8	%		8,737		8,682		0.6	%		17,078		17,865		-4.4	%		66.2	%		92.9	%		94.2	%		1,625		1,659

Suburban New York — New Jersey		7		2,578		2,143		7,738		7,867		-1.6	%		2,602		2,677		-2.8	%		5,136		5,190		-1.0	%		66.4	%		93.0	%		94.3	%		1,164		1,170
Washington — NoVA — MD		14		6,014		5,960		21,313		21,432		-0.6	%		6,829		6,735		1.4	%		14,484		14,697		-1.4	%		68.0	%		95.1	%		94.9	%		1,170		1,172
Boston		11		4,147		4,147		14,661		14,751		-0.6	%		5,508		5,607		-1.8	%		9,153		9,144		0.1	%		62.4	%		94.5	%		94.5	%		1,191		1,193
Philadelphia		4		1,791		1,523		5,926		6,220		-4.7	%		2,292		2,284		0.4	%		3,634		3,936		-7.7	%		61.3	%		90.3	%		92.7	%		1,277		1,281

Northeast Total		36		14,530		13,773		49,638		50,270		-1.3	%		17,231		17,303		-0.4	%		32,407		32,967		-1.7	%		65.3	%		94.0	%		94.4	%		1,187		1,191

Miami		6		2,472		2,349		11,959		12,233		-2.2	%		3,775		5,479		-31.1	%		8,184		6,754		21.2	%		68.4	%		91.8	%		93.2	%		1,647		1,663
Palm Beach/Fort Lauderdale [1]		6		1,982		1,832		5,599		5,566		0.6	%		2,246		2,170		3.5	%		3,353		3,396		-1.3	%		59.9	%		95.1	%		95.2	%		969		982
Orlando [1]		9		2,356		2,139		4,966		4,929		0.8	%		2,305		2,214		4.1	%		2,661		2,715		-2.0	%		53.6	%		92.3	%		90.1	%		746		767
Tampa [1]		10		2,887		2,572		6,322		6,360		-0.6	%		2,734		2,821		-3.1	%		3,588		3,539		1.4	%		56.8	%		92.5	%		92.4	%		778		799
Jacksonville [1]		1		144		144		398		381		4.5	%		158		169		-6.5	%		240		212		13.2	%		60.3	%		97.9	%		91.9	%		846		866

Florida Total		32		9,841		9,036		29,244		29,469		-0.8	%		11,218		12,853		-12.7	%		18,026		16,616		8.5	%		61.6	%		92.9	%		92.6	%		1,027		1,049

Houston		11		3,621		2,971		6,554		6,667		-1.7	%		2,933		3,099		-5.4	%		3,621		3,568		1.5	%		55.2	%		93.1	%		95.3	%		706		700
Denver		10		2,877		2,315		6,124		6,161		-0.6	%		2,275		2,119		7.4	%		3,849		4,042		-4.8	%		62.9	%		93.6	%		94.8	%		797		800
Phoenix		16		4,065		3,669		7,373		7,523		-2.0	%		3,164		3,205		-1.3	%		4,209		4,318		-2.5	%		57.1	%		91.1	%		92.1	%		648		660
Dallas — Fort Worth		5		1,233		990		2,256		2,283		-1.2	%		1,049		1,040		0.9	%		1,207		1,243		-2.9	%		53.5	%		91.6	%		92.6	%		755		756
Atlanta		4		803		697		1,939		1,918		1.1	%		893		871		2.5	%		1,046		1,047		-0.1	%		53.9	%		92.3	%		93.4	%		875		885

Sunbelt Total		78		22,440		19,678		53,490		54,021		-1.0	%		21,532		23,187		-7.1	%		31,958		30,834		3.6	%		59.7	%		92.6	%		93.3	%		857		868

Chicago		12		3,104		2,927		10,157		10,271		-1.1	%		4,167		4,309		-3.3	%		5,990		5,962		0.5	%		59.0	%		92.1	%		93.1	%		1,131		1,130

Total Target Markets		150		46,733		42,121		139,100		141,109		-1.4	%		51,667		53,481		-3.4	%		87,433		87,628		-0.2	%		62.9	%		93.0	%		93.8	%		1,088		1,099

Other
Austin		3		816		816		1,585		1,659		-4.5	%		774		1,009		-23.3	%		811		650		24.8	%		51.2	%		85.0	%		87.4	%		686		698
Baltimore		5		1,180		993		3,143		3,310		-5.0	%		1,272		1,242		2.4	%		1,871		2,068		-9.5	%		59.5	%		93.7	%		93.7	%		1,058		1,063
Indianapolis/Fort Wayne		8		4,981		4,782		8,935		9,000		-0.7	%		4,245		3,974		6.8	%		4,690		5,026		-6.7	%		52.5	%		92.2	%		93.8	%		592		591
Nashville		4		1,036		763		2,092		2,072		1.0	%		912		822		10.9	%		1,180		1,250		-5.6	%		56.4	%		94.0	%		94.4	%		829		840
Norfolk/Richmond		6		1,661		1,569		4,228		4,174		1.3	%		1,459		1,449		0.7	%		2,769		2,725		1.6	%		65.5	%		94.7	%		93.4	%		853		858
Raleigh/Greenville		4		1,032		802		1,691		1,694		-0.2	%		774		765		1.2	%		917		929		-1.3	%		54.2	%		93.2	%		93.9	%		688		701
Other Markets		26		8,880		8,460		21,809		22,063		-1.2	%		10,023		10,349		-3.2	%		11,786		11,714		0.6	%		54.0	%		92.1	%		92.5	%		823		828

Total Other		56		19,586		18,185		43,483		43,972		-1.1	%		19,459		19,610		-0.8	%		24,024		24,362		-1.4	%		55.2	%		92.3	%		92.9	%		769		773


SAME STORE SALES TOTALS		206		66,319		60,306		182,583		185,081		-1.3	%		71,126		73,091		-2.7	%		111,457		111,990		-0.5	%		61.0	%		92.8	%		93.5	%	$	995	$	1,004


Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement [2]								138,269		137,077					71,788		76,103					66,481		60,974


Total rental and other property revenues and property operating expense per GAAP Income Statement							$	320,852	$	322,158				$	142,914	$	149,194				$	177,938	$	172,964


[1]		Palm Beach/Fort Lauderdale, Orlando, Tampa and Jacksonville are considered part of the Other Florida market.

[2]		Includes: (i) noncontrolling interest partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.



AIMCO 2nd Quarter 2009		Page 12

Supplemental Schedule 6(c)

Same Store Operating Results
Six Months Ended June 30, 2009 Compared to Six Months Ended June 30, 2008
(unaudited) (in thousands, except site and unit data)


																												Operating
							Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
					Effective		YTD 2Q		YTD 2Q					YTD 2Q		YTD 2Q					YTD 2Q		YTD 2Q					YTD 2Q			YTD 2Q			YTD 2Q			YTD 2Q		YTD 2Q
	Properties		Units		Units		2009		2008		Growth			2009		2008		Growth			2009		2008		Growth			2009			2009			2008			2009		2008

Target Markets
Los Angeles		11		3,407		2,756	$	29,296	$	31,328		-6.5	%	$	9,815	$	9,746		0.7	%	$	19,481	$	21,582		-9.7	%		66.5	%		93.4	%		95.9	%	$	2,008	$	2,092
Orange County		3		443		373		2,721		2,802		-2.9	%		899		947		-5.1	%		1,822		1,855		-1.8	%		67.0	%		95.2	%		98.3	%		1,194		1,183
San Diego		4		1,622		1,552		11,232		11,154		0.7	%		3,206		3,310		-3.1	%		8,026		7,844		2.3	%		71.5	%		94.1	%		95.4	%		1,185		1,164

Southern CA Total		18		5,472		4,681		43,249		45,284		-4.5	%		13,920		14,003		-0.6	%		29,329		31,281		-6.2	%		67.8	%		93.8	%		95.9	%		1,696		1,743
East Bay		2		413		353		2,778		2,935		-5.3	%		1,174		1,233		-4.8	%		1,604		1,702		-5.8	%		57.7	%		93.4	%		97.3	%		1,262		1,262
San Francisco		2		522		522		4,970		4,965		0.1	%		1,720		1,635		5.2	%		3,250		3,330		-2.4	%		65.4	%		94.6	%		97.0	%		1,567		1,548

Northern CA Total		4		935		875		7,748		7,900		-1.9	%		2,894		2,868		0.9	%		4,854		5,032		-3.5	%		62.6	%		94.1	%		97.2	%		1,433		1,422
Seattle		1		174		109		731		751		-2.7	%		303		238		27.3	%		428		513		-16.6	%		58.5	%		87.9	%		98.8	%		1,115		1,062

Pacific Total		23		6,581		5,665		51,728		53,935		-4.1	%		17,117		17,109		0.0	%		34,611		36,826		-6.0	%		66.9	%		93.6	%		96.2	%		1,644		1,678

Suburban New York — New Jersey		7		2,578		2,143		15,605		16,201		-3.7	%		5,279		5,545		-4.8	%		10,326		10,656		-3.1	%		66.2	%		93.6	%		97.2	%		1,167		1,172
Washington — NoVA — MD		14		6,014		5,960		42,745		42,674		0.2	%		13,564		13,699		-1.0	%		29,181		28,975		0.7	%		68.3	%		95.0	%		96.8	%		1,171		1,158
Boston		11		4,147		4,147		29,412		29,606		-0.7	%		11,115		10,959		1.4	%		18,297		18,647		-1.9	%		62.2	%		94.5	%		96.1	%		1,192		1,179
Philadelphia		4		1,791		1,523		12,145		12,333		-1.5	%		4,576		4,592		-0.3	%		7,569		7,741		-2.2	%		62.3	%		91.5	%		95.8	%		1,279		1,255

Northeast Total		36		14,530		13,773		99,907		100,814		-0.9	%		34,534		34,795		-0.8	%		65,373		66,019		-1.0	%		65.4	%		94.2	%		96.5	%		1,189		1,178

Miami		6		2,472		2,349		24,192		25,272		-4.3	%		9,254		10,735		-13.8	%		14,938		14,537		2.8	%		61.7	%		92.5	%		92.4	%		1,655		1,747
Palm Beach/Fort Lauderdale [1]		6		1,982		1,832		11,166		10,886		2.6	%		4,416		4,355		1.4	%		6,750		6,531		3.4	%		60.5	%		95.1	%		92.8	%		975		997
Orlando [1]		9		2,356		2,139		9,895		10,430		-5.1	%		4,518		4,822		-6.3	%		5,377		5,608		-4.1	%		54.3	%		91.2	%		91.6	%		756		809
Tampa [1]		9		2,611		2,399		11,708		12,074		-3.0	%		5,089		5,201		-2.2	%		6,619		6,873		-3.7	%		56.5	%		92.5	%		93.6	%		778		814
Jacksonville [1]		1		144		144		779		775		0.5	%		326		349		-6.6	%		453		426		6.3	%		58.2	%		94.9	%		92.8	%		856		891

Florida Total		31		9,565		8,863		57,740		59,437		-2.9	%		23,603		25,462		-7.3	%		34,137		33,975		0.5	%		59.1	%		92.8	%		92.6	%		1,042		1,093
Houston		11		3,621		2,971		13,221		12,761		3.6	%		6,032		5,974		1.0	%		7,189		6,787		5.9	%		54.4	%		94.2	%		94.1	%		703		680
Denver		10		2,877		2,315		12,284		12,333		-0.4	%		4,394		4,464		-1.6	%		7,890		7,869		0.3	%		64.2	%		94.2	%		97.0	%		799		773
Phoenix		16		4,065		3,669		14,896		15,808		-5.8	%		6,370		6,975		-8.7	%		8,526		8,833		-3.5	%		57.2	%		91.6	%		95.6	%		654		673
Dallas — Fort Worth		5		1,233		990		4,540		4,459		1.8	%		2,089		2,278		-8.3	%		2,451		2,181		12.4	%		54.0	%		92.1	%		93.7	%		755		732
Atlanta		4		803		697		3,856		3,839		0.4	%		1,763		1,663		6.0	%		2,093		2,176		-3.8	%		54.3	%		92.8	%		95.0	%		880		878

Sunbelt Total		77		22,164		19,505		106,537		108,637		-1.9	%		44,251		46,816		-5.5	%		62,286		61,821		0.8	%		58.5	%		92.9	%		94.1	%		862		877

Chicago		12		3,104		2,927		20,428		20,548		-0.6	%		8,477		7,863		7.8	%		11,951		12,685		-5.8	%		58.5	%		92.6	%		95.3	%		1,130		1,109

Total Target Markets		148		46,379		41,870		278,600		283,934		-1.9	%		104,379		106,583		-2.1	%		174,221		177,351		-1.8	%		62.5	%		93.4	%		95.2	%		1,094		1,103

Other
Austin		3		816		816		3,245		3,395		-4.4	%		1,782		1,587		12.3	%		1,463		1,808		-19.1	%		45.1	%		86.2	%		93.3	%		692		679
Baltimore		5		1,180		993		6,453		6,518		-1.0	%		2,514		2,561		-1.8	%		3,939		3,957		-0.5	%		61.0	%		93.7	%		95.2	%		1,060		1,048
Indianapolis/Fort Wayne		8		4,981		4,782		17,935		17,940		0.0	%		8,219		7,738		6.2	%		9,716		10,202		-4.8	%		54.2	%		93.0	%		94.4	%		591		582
Nashville		4		1,036		763		4,164		4,155		0.2	%		1,734		1,698		2.1	%		2,430		2,457		-1.1	%		58.4	%		94.2	%		95.9	%		835		828
Norfolk/Richmond		6		1,661		1,569		8,402		8,394		0.1	%		2,908		2,860		1.7	%		5,494		5,534		-0.7	%		65.4	%		94.0	%		94.3	%		855		856
Raleigh/Greenville		4		1,032		802		3,385		3,394		-0.3	%		1,539		1,530		0.6	%		1,846		1,864		-1.0	%		54.5	%		93.6	%		94.4	%		694		703
Other Markets		25		8,760		8,340		43,386		43,571		-0.4	%		20,094		19,990		0.5	%		23,292		23,581		-1.2	%		53.7	%		92.3	%		93.1	%		828		838

Total Other		55		19,466		18,065		86,970		87,367		-0.5	%		38,790		37,964		2.2	%		48,180		49,403		-2.5	%		55.4	%		92.6	%		93.9	%		772		772


SAME STORE SALES TOTALS		203		65,845		59,935		365,570		371,301		-1.5	%		143,169		144,547		-1.0	%		222,401		226,754		-1.9	%		60.8	%		93.2	%		94.8	%	$	1,000	$	1,006


Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement [2]								277,440		262,426					148,939		150,398					128,501		112,028


Total rental and other property revenues and property operating expense per GAAP Income Statement							$	643,010	$	633,727				$	292,108	$	294,945				$	350,902	$	338,782


[1]		Palm Beach/Fort Lauderdale, Orlando, Tampa and Jacksonville are considered part of the Other Florida market.

[2]		Includes: (i) noncontrolling interest partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.



AIMCO 2nd Quarter 2009		Page 13

Supplemental Schedule 7

Total Conventional Portfolio Data by Market
(unaudited)


	Quarter Ended June 30, 2009														Quarter Ended June 30, 2008
	Properties		Units		Ownership			Effective Units		% AIV NOI			Average Rent		Properties		Units		Ownership			Effective Units		% AIV NOI			Average Rent

Target Markets
Los Angeles		16		4,261		85	%		3,610		9.1	%	$	2,071		16		4,262		85	%		3,611		8.3	%	$	2,162
Orange County		4		1,213		94	%		1,143		2.0	%		1,519		4		1,213		94	%		1,143		1.8	%		1,562
San Diego		6		2,144		97	%		2,074		3.6	%		1,213		6		2,144		97	%		2,074		3.0	%		1,201

Southern CA Total		26		7,618		90	%		6,827		14.7	%		1,743		26		7,619		90	%		6,828		13.1	%		1,798

East Bay		2		413		85	%		353		0.5	%		1,255		3		693		91	%		633		0.8	%		1,144
San Francisco		6		773		100	%		773		1.4	%		1,526		6		773		100	%		773		1.3	%		1,509
San Jose		1		224		100	%		224		0.4	%		1,628		1		224		0	%		—		0.0	%		—

Northern CA Total		9		1,410		96	%		1,350		2.3	%		1,459		10		1,690		96	%		1,630		2.1	%		1,161

Seattle		3		413		75	%		309		0.5	%		1,300		4		468		60	%		283		0.3	%		1,006

Pacific Total		38		9,441		90	%		8,486		17.5	%		1,682		40		9,777		89	%		8,741		15.5	%		1,648


Manhattan		22		956		100	%		954		2.6	%		2,301		22		956		100	%		954		2.4	%		2,614
Suburban New York / New Jersey		8		3,413		87	%		2,978		5.0	%		1,165		8		3,413		87	%		2,978		3.7	%		1,176

New York Total		30		4,369		90	%		3,932		7.6	%		1,419		30		4,369		90	%		3,932		6.1	%		1,507

Washington — NoVA — MD		18		7,411		94	%		6,989		11.7	%		1,195		18		6,190		98	%		6,071		9.4	%		1,177
Boston		12		4,250		100	%		4,250		6.5	%		1,202		11		4,147		100	%		4,147		5.4	%		1,182
Philadelphia		7		3,885		91	%		3,538		5.3	%		1,274		9		4,432		92	%		4,085		5.2	%		1,236

Northeast Total		67		19,915		94	%		18,709		31.1	%		1,260		68		19,138		95	%		18,235		26.1	%		1,266


Miami		6		2,674		92	%		2,451		5.7	%		1,590		6		2,674		92	%		2,448		4.2	%		1,683
Palm Beach/Fort Lauderdale [1]		8		2,431		94	%		2,281		2.7	%		964		9		2,627		94	%		2,477		2.4	%		991
Orlando [1]		11		3,324		91	%		3,032		2.5	%		770		14		3,888		92	%		3,596		2.6	%		814
Tampa [1]		11		3,307		90	%		2,991		2.8	%		771		14		3,982		88	%		3,523		2.9	%		817
Jacksonville [1]		4		1,643		85	%		1,404		1.4	%		807		6		2,235		89	%		1,996		1.4	%		818

Florida Total		40		13,379		91	%		12,159		15.1	%		976		49		15,406		91	%		14,040		13.5	%		999

Houston		15		4,832		87	%		4,182		3.3	%		706		30		8,008		86	%		6,866		4.1	%		660
Denver		10		2,877		80	%		2,315		2.6	%		797		12		3,215		81	%		2,620		2.5	%		774
Phoenix		20		5,164		90	%		4,656		3.4	%		672		20		5,164		93	%		4,804		3.2	%		692
Dallas — Fort Worth		6		1,397		76	%		1,060		0.9	%		737		10		2,590		87	%		2,253		1.3	%		697
Atlanta		8		1,795		80	%		1,435		1.4	%		908		11		3,005		83	%		2,484		1.7	%		856

Sunbelt Total		99		29,444		88	%		25,807		26.7	%		847		132		37,388		88	%		33,067		26.3	%		830


Chicago		18		5,355		93	%		4,957		6.6	%		1,115		20		5,852		92	%		5,364		6.1	%		1,072

Total Target Markets		222		64,155		90	%		57,959		81.9	%		1,122		260		72,155		91	%		65,407		74.0	%		1,079


Other
Austin		3		816		100	%		816		0.6	%		686		7		1,497		100	%		1,497		0.9	%		719
Baltimore		5		1,180		84	%		993		1.3	%		1,058		8		1,581		79	%		1,247		1.5	%		1,097
Cincinnati		2		504		80	%		405		0.7	%		1,307		4		1,152		81	%		933		0.9	%		933
Colorado Springs CO		2		514		88	%		454		0.4	%		673		3		714		92	%		654		0.5	%		667
Indianapolis / Ft Wayne		8		4,981		96	%		4,782		3.2	%		592		25		9,965		92	%		9,188		5.0	%		573
Inland Empire		3		574		90	%		514		0.5	%		855		3		574		90	%		514		0.5	%		870
Michigan		6		3,862		94	%		3,643		2.5	%		658		9		4,589		84	%		3,852		2.3	%		669
Minneapolis		2		732		89	%		651		1.5	%		1,569		4		1,222		84	%		1,022		1.6	%		1,210
Nashville		5		1,362		72	%		981		1.0	%		851		7		2,192		83	%		1,811		1.5	%		791
Non-Target Florida		11		2,404		98	%		2,358		1.8	%		688		12		2,570		98	%		2,524		1.7	%		747
Norfolk / Richmond		7		2,075		96	%		1,983		2.7	%		923		12		3,465		89	%		3,079		3.2	%		918
Providence RI		2		708		100	%		708		0.8	%		1,130		3		948		100	%		948		1.0	%		1,108
Raleigh / Greenville		6		1,398		80	%		1,115		0.8	%		678		10		2,613		78	%		2,040		1.2	%		672
Other Markets [2]		3		601		74	%		442		0.3	%		906		31		6,912		85	%		5,861		4.2	%		722


Total Other [3]		65		21,711		91	%		19,845		18.1	%		781		138		39,994		88	%		35,170		26.0	%		744


Grand Total		287		85,866		91	%		77,804		100.0	%	$	1,035		398		112,149		90	%		100,577		100.0	%	$	959


[1]		Palm Beach/Fort Lauderdale, Orlando, Tampa and Jacksonville are considered part of the Other Florida market.

[2]		Other Markets includes one property in each of the following markets: Carbondale (IL), Sacramento (CA) and Lexington Park (MD).

[3]		For the quarters ended June 30, 2009 and 2008, Aimco’s conventional portfolio included assets in 19 and 25 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit.



AIMCO 2nd Quarter 2009		Page 14

Supplemental Schedule 8

Property Sales and Acquisition Activity
(unaudited)

SECOND QUARTER 2009 PROPERTY SALES ACTIVITY (dollars in millions, except average rent)


	Number		Number											Aimco		Aimco		Aimco
	of		of		Gross		Cap			Property		Net Sales		Gross		Net		Average
	Properties		Units		Proceeds		Rate [1]			Debt		Proceeds [2]		Proceeds		Proceeds		Rent

Conventional [3][4]		17		4,593	$	262.1		7.7	%	$	139.2	$	98.5	$	228.9	$	93.6	$	786

Affordable		3		492		29.2		7.6	%		15.3		12.1		13.8		11.3		911


Total Dispositions		20		5,085	$	291.3		7.7	%	$	154.5	$	110.6	$	242.7	$	104.9	$	798

YEAR-TO-DATE 2009 PROPERTY SALES ACTIVITY (dollars in millions, except average rent) [5]


	Number		Number											Aimco		Aimco		Aimco
	of		of		Gross		Cap			Property		Net Sales		Gross		Net		Average
	Properties		Units		Proceeds		Rate [1]			Debt		Proceeds [2]		Proceeds		Proceeds		Rent

Conventional [3]		24		6,261	$	331.7		7.7	%	$	191.3	$	109.2	$	298.5	$	104.3	$	752

Affordable		6		816		42.7		6.4	%		23.3		16.0		19.6		14.9		807


Total Dispositions		30		7,077	$	374.4		7.6	%	$	214.6	$	125.2	$	318.1	$	119.2	$	758


[1]		Cap Rate is calculated based on the trailing twelve month NOI prior to sale, less a 5% management fee and a $300 per unit deduction for capital replacements, divided by the gross proceeds.

[2]		Net Sales Proceeds are after repayment of existing debt, net working capital settlements, payment of transaction costs and prepayment penalties.

[3]		Second quarter and year-to-date property sales include one unconsolidated property consisting of 480 units, which generated Aimco gross proceeds of $8.8 million and net proceeds of $3.4 million.

[4]		The following table presents selected market information regarding the conventional dispositions during the second quarter 2009:


Market	Properties		Units
Target Markets:
Chicago		1		200
Dallas-Fort Worth		1		365
Houston		2		400
Orlando		2		356
Palm Beach		1		196

Total Target Markets		7		1,517
Other:
Austin		1		327
Indianapolis		1		360
Nashville		1		468
Norfolk		1		288
Other Markets		6		1,633

Total Other		10		3,076

Total Conventional Dispositions		17		4,593


[5]		Year-to-date property sales activity does not include a land sale with total Aimco net proceeds of $1.6 million.

YEAR-TO-DATE 2009 PROPERTY ACQUISITION ACTIVITY

There were no property acquisitions during the six months ended June 30, 2009.



AIMCO 2nd Quarter 2009		Page 15

Supplemental Schedule 9

Capital Expenditures
Six Months Ended June 30, 2009
(in thousands, except per unit data)
(unaudited)

All capital spending is classified as either Capital Replacements (“CR”), Capital Improvements (“CI”), casualties or redevelopment. Non-redevelopment and non-casualty capitalizable expenditures are apportioned between CR and CI based on the useful life of the capital item under consideration and the period Aimco has owned the property (i.e., the portion that was consumed during Aimco’s ownership of the item represents CR; the portion of the item that was consumed prior to Aimco’s ownership represents CI). See the Glossary for further descriptions.

The table below details Aimco’s share of actual spending, on both consolidated and unconsolidated real estate partnerships, for Capital Replacements, Capital Improvements, casualties and redevelopment for the six months ended June 30, 2009. Per unit numbers are based on approximately 98,868 average units, including 82,759 conventional and 16,109 affordable units. Average units are weighted for the period and represent Effective Units excluding non-managed units. [1]


	Aimco’s Share of			Per Effective
	Expenditures			Unit
Capital Replacements Detail:
Building and grounds	$	14,814		$	150
Turnover related		14,686			149
Capitalized site payroll and indirect costs		4,284			43


Total Aimco’s share of Capital Replacements	$	33,784		$	342


Capital Replacements:
Conventional	$	31,010		$	375
Affordable		2,774		$	172

Total Aimco’s share of Capital Replacements		33,784		$	342


Capital Improvements:
Conventional		23,114		$	279
Affordable		2,514		$	156

Total Aimco’s share of Capital Improvements		25,628		$	259


Casualties:
Conventional		6,267
Affordable		60

Total Aimco’s share of Casualties [2]		6,327


Redevelopment (see Schedule 10) [3]:
Conventional projects		42,911
Tax Credit projects [4]		29,781

Total Aimco’s share of Redevelopment		72,692


Total Aimco’s share of capital expenditures		138,431


Plus noncontrolling interest partners’ share of consolidated spending		9,325
Less Aimco’s share of unconsolidated spending		(419	)


Capital expenditures per consolidated statement of cash flows	$	147,337


[1]		Average units calculated pro rata for the period based on acquisition and disposition timing.

[2]		A portion of expenditures related to casualty losses is reimbursed through insurance.

[3]		Redevelopment expenditures for conventional and tax credit projects may include costs related to pre-construction or other activities on projects other than those included as active on Schedule 10. Therefore the total costs presented on this schedule may exceed those included as Aimco’s share on Schedule 10.

[4]		Redevelopment spending on tax credit projects is substantially funded from tax credit investor contributions.



AIMCO 2nd Quarter 2009		Page 16

Supplemental Schedule 10

Summary of Redevelopment Activity
Six Months Ended June 30, 2009
(dollars in millions)
(unaudited)


										Actual Expenditures
													Six Months Ended
	Number of			Number of			Total Estimated			Inception to			June 30, 2009
	Properties			Units			Expenditures[1]			Date			Actual Amount		Aimco’s Share

CONVENTIONAL REDEVELOPMENT PROJECTS
Active redevelopment projects at December 31, 2008		37			13,553		$	594.8		$	521.7		$	39.6	$	37.4
Changes in project scope and estimated costs		—			—			(40.3	)[2]		—			—		—

Redevelopment expenditures during period		37			13,553			554.5			521.7			39.6		37.4

Projects completed during period		(16	)		(5,370	)		(198.8	)		(198.8	)

Active redevelopment projects at June 30, 2009 [3]		21			8,183			355.7			322.9


TAX CREDIT REDEVELOPMENT PROJECTS
Active redevelopment projects at December 31, 2008		4			528		$	38.8		$	31.4		$	14.3	$	14.2
New redevelopment projects started during period		3			546			21.1			7.6			7.6		7.6
Changes in estimated costs		—			—			3.4			—			—		—

Redevelopment expenditures during period		7			1,074			63.3			39.0			21.9		21.8

Projects completed during period		(3	)		(229	)		(13.0	)		(12.3	)

Active redevelopment projects at June 30, 2009		4			845			50.3			26.7


TOTAL ACTIVE REDEVELOPMENT PROJECTS		25			9,028		$	406.0		$	349.6


YEAR-TO-DATE REDEVELOPMENT EXPENDITURES													$	61.5	$	59.2


[1]		Represents the forecasted total expenditures anticipated to be incurred in a redevelopment project.

[2]		During 2009, Aimco elected not to complete portions of previously planned projects resulting in a reduction in estimated costs.

[3]		Targeted return on investment in Conventional Redevelopment projects is 7.5% — 8.5%.



AIMCO 2nd Quarter 2009		Page 17

Supplemental Schedule 11

Aimco Capital
(in thousands, unaudited)

Investment Management Income


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2008			2009			2008

Current asset management fees [1]	$	1,027		$	904		$	2,123		$	1,782
Deferred asset management fees [2]		—			16			—			528
Promotes		1,549			27,493			1,549			31,645
Other GP transactional fees		2,547			1,321			3,282			1,765

Total asset management revenues		5,123			29,734			6,954			35,720


Tax credit syndication fees [3]		—			1,427			—			1,427
Deferred tax credit income [4]		7,968			7,014			16,075			13,880

Total tax credit revenues		7,968			8,441			16,075			15,307

Total asset management and tax credit revenues		13,091			38,175			23,029			51,027

Accretion on discounted notes receivable [5]		532			(3,835	)		481			(2,170	)
Land and other investment gains		3,192			—			3,873			—
Other portfolio management revenue [6]		1,524			2,650			2,940			3,984

Total portfolio management revenue		5,248			(1,185	)		7,294			1,814

Total investment management revenues		18,339			36,990			30,323			52,841

Investment management expenses		(4,716	)		(5,807	)		(8,506	)		(10,194	)

Net investment management income (pre-tax)		13,623			31,183			21,817			42,647
Income taxes [7]		(3,498	)		(2,093	)		(4,748	)		(4,300	)


Net investment management income (after tax)	$	10,125		$	29,090		$	17,069		$	38,347

Summary of Projected Tax Credit Income


	Remainder			Year Ending December 31,
	2009			2010			2011			2012			2013			Thereafter			Total
Amortization of deferred income [8]	$	18,773		$	29,742		$	29,117		$	29,124		$	27,713		$	95,016		$	229,485
Income taxes [9]		(7,321	)		(11,599	)		(11,356	)		(11,358	)		(10,808	)		(37,056	)		(89,498	)

Projected income, net of tax	$	11,452		$	18,143		$	17,761		$	17,766		$	16,905		$	57,960		$	139,987


[1]		Current asset management fees represent income earned in exchange for asset management services provided to third parties.

[2]		Deferred asset management fees represent asset management fees earned in prior periods, the collectibility of which was deemed uncertain, and such fees were therefore deferred. Fees are recognized in income when collectibility is probable and reasonably estimable as a result of a completed or pending transaction which generates a reliable source of payment.

[3]		Aimco receives a fee for the syndication of tax credit partnerships which is earned and paid upon completion of the syndication.

[4]		Aimco earns tax credit income in connection with the transfer of tax credits to tax credit investors, a significant portion of which is paid simultaneously with the completion of the syndication. The balance is generally paid within 12 to 24 months. Tax credit income is recognized as tax credits are delivered to the investors, generally over a period of ten years. See Summary of Projected Tax Credit Income.

[5]		Aimco holds certain loans extended by predecessors whose positions were generally acquired at a discount. Interest income on these discounted notes is recognized at such time when the collectibility of the income is probable and reasonably estimable as a result of a completed or pending transaction which generates a reliable source of repayment. Accretion on discounted notes receivable is included in interest income in Aimco’s consolidated statements of income. During the six months ended June 30, 2009, Aimco revised its estimate of the timing and amount of payment on certain discounted notes and as a result recorded adjustments totaling $0.8 million to accretion income.

[6]		Other portfolio management income during 2009 and 2008 includes interest income received under total rate of return swaps, which is included in interest expense in Aimco’s consolidated statements of income.

[7]		Investment management income is earned in part by Aimco’s taxable REIT subsidiaries. The effective tax rate varies from period to period based on the portion of total income earned by taxable REIT subsidiaries. Income taxes are recalculated each period.

[8]		Amortization of deferred income represents the periodic recognition of deferred revenue and costs relating to Aimco’s existing tax credit arrangements. Deferred income is recognized as the related low income housing tax credits and other tax benefits are delivered to tax credit investors. Deferred revenue reflects cash received but not yet recognized as revenue, and cash expected to be received from investors in the future under conditional capital contribution commitments. The amounts to be received in the future are subject to adjustment based on the amounts of tax benefits actually delivered to investors and Aimco’s compliance with applicable regulations and other conditions. Deferred costs reflect costs incurred in structuring these arrangements. The timing of income recognition is subject to change based on the timing of delivery of tax benefits, which timing may be affected by factors related to the development, operations and financing of the related properties.

[9]		An effective income tax rate of 39% is assumed. For GAAP and FFO purposes, income taxes are recognized concurrent with the amortization of deferred income.



AIMCO 2nd Quarter 2009		Page 18

GLOSSARY OF NON-GAAP FINANCIAL AND OPERATING MEASURES: Financial and operating measures found in the Earnings Release and Supplemental Information include certain financial measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States of America, or GAAP. These measures are defined below and, where appropriate, reconciled on the accompanying Supplemental Schedules to the most comparable GAAP measures.

ACQUISITION PROPERTIES: Properties that have not reached a stabilized level of occupancy during both the current and comparable prior year period.

ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is FFO (diluted) less Capital Replacement expenditures, plus non-cash charges for preferred stock redemption related costs and operating real estate impairment losses, all of which are adjusted for the Aimco Operating Partnership’s share. Similar to FFO, AFFO is helpful to investors in understanding Aimco’s performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. Please see Supplemental Schedule 1 for AFFO data reconciled to net income (loss) attributable to common stockholders as determined in accordance with GAAP. There can be no assurance that Aimco’s method for computing AFFO is comparable with that of other real estate investment trusts.

AFFORDABLE PROPERTIES: Affordable properties benefit from government programs designed to pay rental income on behalf of people with low or moderate incomes and includes properties that were owned for all periods presented.

CAPITAL IMPROVEMENTS (CI): CI expenditures include all non-redevelopment capital expenditures that are made to enhance the value, profitability or useful life of an asset from its original purchase condition.

CAPITAL REPLACEMENTS (CR): CR expenditures do not increase the value, profitability or useful life of an asset from its original purchase condition. They represent the share of expenditures that are deemed to replace the consumed portion of acquired capital assets. CR expenditures are deducted in the calculation of AFFO. Please refer to Supplemental Schedule 9 for further detail.

CASUALTY CAPITAL EXPENDITURES: Casualty capital expenditures represent capitalized costs incurred in connection with casualty losses and are associated with the restoration of the asset. A portion of the restoration costs is reimbursed by insurance carriers based on deductibles associated with each loss.

EFFECTIVE UNITS: Unit count at 100% ownership multiplied by Aimco’s ownership share.

FUNDS FROM OPERATIONS (FFO): FFO is a commonly used measure of REIT performance defined by the National Association of Real Estate Investment Trusts (NAREIT) as net income, computed in accordance with GAAP, excluding gains from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. Aimco computes FFO for all periods presented in accordance with the guidance set forth by NAREIT’s April 1, 2002 White Paper. Aimco calculates FFO (diluted) by subtracting preferred stock redemption related redemption related costs and dividends on preferred stock and adding back dividends/distributions on dilutive preferred securities. FFO is helpful to investors in understanding Aimco’s performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. There can be no assurance that Aimco’s method for computing FFO is comparable with that of other real estate investment trusts. Please see Supplemental Schedule 1 for FFO data reconciled to net income (loss) attributable to Aimco common stockholders as determined in accordance with GAAP.

OTHER EXPENSES, NET: Other expenses, net includes franchise taxes, risk management activities related to our unconsolidated partnerships, certain other corporate expenses and partnership expenses (partnership level expenses incurred directly or indirectly for services such as audit, tax and legal).

OTHER PROPERTIES: Conventional properties that have significant rent control restrictions, university housing properties that have been owned for more than one year and properties that are not multi-family such as commercial properties or fitness facilities.

REDEVELOPMENT PROPERTIES: Properties where (1) a substantial number of available units have been vacated for major renovations or have not been stabilized in occupancy for at least one year as of the earliest period presented, or (2) other significant renovation, such as exteriors, common areas or unit improvements (done upon lease expirations), is underway or has been complete for less than one year, as of the earliest period presented. In both cases the properties have been removed from the Same Store portfolio.

SAME STORE: Same Store is used commonly to describe Conventional properties managed by Aimco, in which Aimco’s ownership exceeds 10% and that have reached a stabilized level of occupancy during both the current and comparable prior year period. Properties classified as held for sale are not included in Same Store. These results measure operating performance without variations caused by investment transactions. Aimco provides data for consolidated Same Store properties as well as its proportionate share of consolidated and unconsolidated Same Store properties. To ensure comparability, the information for all periods shown is based on current period ownership. Please see Supplemental Schedules 6a through 6b for Same Store data reconciled to rental and other property revenues and property operating expense as determined in accordance with GAAP.



AIMCO 2nd Quarter 2009		Page 20


Page

	3	Schedule 1	—	Funds From Operations and Adjusted Funds From Operations
	5	Schedule 2	—	Proportionate Operating Results Presentation
	7	Schedule 3	—	Proportionate Balance Sheet Presentation
	8	Schedule 4	—	Share Data
	9	Schedule 5	—	Selected Debt Structure and Maturity Data
	11	Schedule 6a	—	Same Store Operating Results (2Q 2009 v. 2Q 2008)
	12	Schedule 6b	—	Same Store Operating Results (2Q 2009 v. 1Q 2009)
	13	Schedule 6c	—	Same Store Operating Results (YTD 2Q 2009 v. YTD 2Q 2008)
	14	Schedule 7	—	Total Conventional Portfolio Data by Market
	15	Schedule 8	—	Property Sales and Acquisition Activity
	16	Schedule 9	—	Capital Expenditures
	17	Schedule 10	—	Summary of Redevelopment Activity
	18	Schedule 11	—	Aimco Capital
	19	Schedule 12	—	Apartment Unit Summary
	20	Glossary