8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) December 1, 2009

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

(Exact name of registrant as specified in its charter)

MARYLAND	1-13232	84-1259577
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

4582 SOUTH ULSTER STREET PARKWAY
SUITE 1100, DENVER, CO 80237

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (303) 757-8101

NOT APPLICABLE

(Former name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01. Regulation FD.

     During the first week of December, representatives of Apartment Investment and Management Company (“Aimco”) including Terry Considine, Chairman and Chief Executive Officer, and Ernest M. Freedman, Executive Vice President and Chief Financial Officer, will meet with investors and analysts and will also participate in the Goldman Sachs Commercial Real Estate Symposium being held on December 4, 2009, in New York, NY. During those meetings, Aimco representatives will distribute the attached presentation. The presentation is furnished herewith as Exhibit 99.1.

ITEM 9.01. Financial Statements and Exhibits.

     (d) The following exhibits are furnished with this report:

Exhibit Number		Description
	99.1	Apartment Investment and Management Company Presentation – December 2009

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

     Dated: December 1, 2009

APARTMENT INVESTMENT AND MANAGEMENT COMPANY
 

/s/ Ernest M. Freedman  

Ernest M. Freedman 

Executive Vice President and Chief Financial Officer 

EX-99.1

Exhibit 99.1

What We've Heard.... What's Been Done.... What We're Doing What We've Heard What's Been Done What We're Doing / Update Below average portfolio and asset quality Net seller of $6B+ of lower rated assets over last 7 yrs AIV markets 60% coastal, with higher expected rent growth and below average volatility Outsized capital spend has addressed deferred maintenance Rents in target markets consistent with peers (EQR, UDR, HME, PPS, CPT, ESS) Continue increasing average rents and margins by recycling capital Creating a pipeline of RD opportunities UPDATE: $158M sold in November, generating $54M cash Too much leverage and lack of financial flexibility On track for term debt pay off by end of 1Q '10 Property debt 60% initial LTV, amortized to 50% LTV at maturity WAM > 8 yrs 1/2 the annual refunding risk of peers; better matches cost and use of funds LT fixed rate financing acts as inflation hedge No recourse debt no entity risk Focus on '12 - '14 debt maturities Refinance proceeds fund property debt amortization UPDATE: Term Debt at $140M; $4M cash on hand from November sales No clear plan for profitability and growth Record of SS NOI growth at or above peers Upgraded asset quality / locations and improved margins through capital recycling and RD Improved efficiency '09 Offsite costs 35% Maintaining 95%+ occupancy Reduction in offsite costs largely offsets FFO dilution from '09 asset sales Further planned offsite cost reductions: 10-15% in '10 and 5-10% in '11 Recycling 5%+ of capital in '10 will continue portfolio upgrade UPDATE: November ADO 95.3% November NRI flat sequentially Complexity/unpredictability/ inconsistency Non-recurring income < 4% of FFO 15 consecutive quarters of meeting FFO guidance Consistent strategy to own and operate B/B + diversified portfolio Hired top talent and developed a deep bench Prepare RD pipeline for recovery Continue systematic recruitment, development and retention of talented real estate professionals Share Price Today: Substantial discount to NAV Share Price Today: Substantial discount to NAV Opportunity: Price at or above NAV