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): February 5, 2010

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)	(Commission File Number)	(IRS 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 2.02. Results of Operations and Financial Condition.

The press release of Apartment Investment and Management Company (“Aimco”), dated February 5, 2010, attached hereto as Exhibit 99.1 is furnished herewith. Aimco will hold its fourth quarter 2009 earnings conference call on February 5, 2010, at 1:00 p.m. Eastern time. You may join the conference call through an Internet audiocast by clicking on the Webcast link on Aimco’s website at www.aimco.com/CorporateInformation/Overview.aspx. Alternatively, you may join the conference call by telephone by dialing 866-843-0890, or 412-317-9250 for international callers, and using passcode 7872057. If you wish to participate, please call approximately five minutes before the conference call is scheduled to begin.

If you are unable to join the live conference call, you may access the replay until 9:00 a.m. Eastern time on February 22, 2010, by dialing 877-344-7529 (412-317-0088 for international callers) and using passcode 436827 or you may access the audiocast replay by clicking the Webcasts link on Aimco’s website at www.aimco.com/CorporateInformation/About/Financial/news.aspx. Please note that the full text of the press release and supplemental schedules are available through Aimco’s website at www.aimco.com/CorporateInformation and click on Quarterly Earnings Releases under the Investor Information menu. The information contained on Aimco’s website is not incorporated by reference herein.

ITEM 9.01. Financial Statements and Exhibits.

The following exhibits are furnished with this report:

Exhibit Number		Description
	99.1	Fourth Quarter 2009 Earnings Release dated February 5, 2010

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: February 5, 2010

APARTMENT INVESTMENT AND MANAGEMENT COMPANY
 

/s/ Ernest M. Freedman  

Ernest M. Freedman 

Executive Vice President and Chief Financial Officer 

EXHIBIT INDEX

Exhibit Number		Description
	99.1	Fourth Quarter 2009 Earnings Release dated February 5, 2010

EX-99.1

EXHIBIT 99.1

Apartment Investment and Management Company (NYSE:AIV)
Announces Fourth Quarter and Full Year 2009 Results

Denver, Colorado — February 5, 2010

Fourth Quarter 2009

• Funds From Operations (FFO) — Fourth quarter 2009 FFO was $0.26 per share, before operating real estate impairments of $0.12 per share. Results include a $0.10 per share non-cash impairment charge related to Aimco’s interest in Casden Properties LLC, which is described in further detail below. Excluding this impairment charge, fourth quarter FFO was $0.36 per share, within the $0.32 to $0.40 per share guidance range.

• Property Operations — During the fourth quarter, total conventional and affordable property net operating income, adjusted for property acquisitions and dispositions, was 3.2% lower than in fourth quarter 2008.

• Same Store Conventional Results — When comparing fourth quarter 2009 to fourth quarter 2008, Same Store conventional property net operating income declined 6.3%, ahead of to the guidance range of negative 7.0% to negative 8.0%. Same Store conventional revenue declined 3.2% and expenses increased 2.2%. Fourth quarter 2009 Same Store conventional net operating income was flat when compared to third quarter 2009. Average daily occupancy increased 0.7% from 94.7% for fourth quarter 2008 to 95.4% for fourth quarter 2009, and increased 0.6% from third quarter 2009.

• Non-Same Store Results — Conventional redevelopment property net operating income increased 12.2% compared to fourth quarter 2008 and affordable property operations, including affordable redevelopment operations, generated net operating income growth of 6.9% during the same period.

• Capital Markets Activity

At the beginning of fourth quarter 2009, Aimco had $260 million of term debt outstanding, which comes due in first quarter 2011. During fourth quarter 2009, Aimco repaid $170 million of term debt with proceeds from property sales. An additional payment of $35 million was made after quarter’s end, reducing the balance to $55 million as of the end of January 2010.

In connection with its recourse obligations, Aimco is subject to Debt Service and Fixed Charge Coverage covenants. On February 3, 2010, Aimco and its lenders agreed to reduce these Debt Service and Fixed Charge Coverage covenants from 1.50:1 and 1.30:1 to 1.40:1 and 1.20:1, respectively.

• Property Sales and Asset Allocation — During fourth quarter 2009, Aimco sold 32 properties for $532.8 million, generating $154.2 million in net proceeds to Aimco, after distributions to limited partners, repayment of existing property debt and transaction costs.

• Casden Properties LLC Impairment — As part of the March 2002 acquisition of Casden Properties, Inc., Aimco acquired a 20% passive interest in Casden Properties LLC, an entity organized to acquire, re-entitle and develop land parcels in Southern California. In connection with preparation of its annual financial statements and as a result of the continued decline in Southern California land values, Aimco has determined that its interest is not fully recoverable, and accordingly recognized an impairment loss of $20.7 million, or $12.4 million net of tax, during fourth quarter 2009.

AIMCO 4th Quarter 2009 Page 1

Full Year 2009 Summary

• FFO, before operating real estate impairments and the Casden Properties LLC impairment, of $1.65 per share was at the midpoint of guidance and consistent with guidance provided at the beginning of the year, adjusted for dilution from asset sales.

• Total conventional and affordable property net operating income, adjusted for property acquisitions and dispositions, was 0.5% lower than 2008. 

• Same Store conventional property net operating income declined 4.2% when compared to full year 2008, which was within the guidance range provided at the beginning of the year.

• Aimco invested $56.1 million in conventional redevelopment projects during 2009 and completed 33 projects. 

• During 2009, Aimco sold 90 properties for $1.3 billion, generating net proceeds to Aimco of $407.2 million and increasing its capital allocation to the 20 largest U.S. markets as measured by total market capitalization. Average rents for Aimco’s conventional property portfolio have increased more than 40% over the last five years, primarily as a result of portfolio repositioning. 

• Full year 2009 Same Store conventional operating margin of 61.1% was just 20 basis points below full year 2008, despite declining revenue.

• Property sales proceeds were used during 2009 to reduce Aimco’s term debt by more than 86% from $400 million at the beginning of the year to $55 million as of the end of January 2010. 

• At the beginning of 2009, Aimco’s share of property debt maturing during 2009 through 2011 was $656.1 million. During the year, through refinancing, repayment and property sales, Aimco reduced these maturities by 75% or $489.9 million, and eliminated all 2010 property debt maturities. At the end of the fourth quarter 2009, five loans totaling $166.2 million were scheduled to mature in 2011. One loan for $65 million was extended last month to mature in 2013. Aimco expects to refinance the remaining four loans, totaling $101.2 million, at their maturity. During the year, Aimco refinanced $737.5 million of property debt at a weighted average interest rate of 5.78% and a weighted average term of 9.8 years. 

• Through an organizational restructuring that began in fourth quarter 2008, Aimco reduced 2009 spending for offsite costs, including general and administrative expenses, by 36%, or $86.4 million, from 2008 levels. After consideration of costs capitalized in connection with redevelopment, offsite costs, including general and administrative expenses, for FFO purposes were reduced by 31% or $55.3 million.

2010 Outlook

• Property Operations — Aimco’s operating focus remains on retaining existing residents, maintaining expense control and maximizing other property operating revenue. First quarter 2010 Same Store net operating income is expected to decline 5.5% to 6.5% when compared to first quarter 2009 and full year 2010 Same Store net operating income is expected to decline 2.0% to 5.0% compared to full year 2009. As conventional redevelopment properties are stabilized during 2010, operating results associated with the majority of these properties will be reflected in Same Store conventional results.

• Capital Recycling and Asset Allocation — Aimco is focused on owning and operating B / B+ quality apartments concentrated in the 20 largest apartment markets in the United States. Aimco intends to upgrade the quality of its portfolio through the sale of approximately 5% to 10% of its portfolio annually, with the proceeds generally used to increase Aimco’s allocation of capital to well located properties within its target markets through capital investments, redevelopment and/or acquisitions.

• FFO Outlook — For the first quarter 2010, FFO is expected to range from $0.26 to $0.30 per share. Full year 2010 FFO is expected to range from $1.25 to $1.35 per share. Expected results are lower primarily due to dilution from asset sales, lower investment management income and a decline in property net operating income. These declines are partially offset by lower offsite costs, including general and administrative expenses.

AIMCO 4th Quarter 2009 Page 2

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “During 2009, Aimco accomplished many of its goals, notwithstanding a difficult operating environment and considerable uncertainty about the capital markets. We expect that the economy will remain a challenge in 2010. Aimco is focused on providing excellent service to our residents, upgrading our portfolio and strengthening our balance sheet.”

Chief Financial Officer Ernie Freedman adds: “Aimco’s balance sheet is appreciably stronger going in to 2010, with only $55 million of recourse term debt outstanding and limited near term property debt maturities. We expect 2010 FFO to be in a range from $1.25 to 1.35 with approximately 97% provided by property operations income and other recurring revenue.”

Fourth Quarter and Full Year 2009 Financial Results

Diluted Per Share Results^*

	FOURTH QUARTER						YEAR- TO-DATE
	2009			2008			2009			2008
Earnings (loss) — EPS	$	(0.06	)	$	(0.11	)	$	(1.00	)	$	3.96
Funds from operations — FFO	$	0.14		$	(0.48	)	$	1.09		$	1.84
FFO before operating real estate impairments and preferred stock redemption related gains	$	0.26		$	(0.32	)	$	1.55		$	2.10
Adjusted funds from operations — AFFO	$	0.13		$	(0.61	)	$	0.99		$	1.05

* During fourth quarter 2009, as a result of a change in United States Generally Accepted Accounting Principles (GAAP), Aimco revised its method of computing share and per share information. The change in accounting treatment reduced fourth quarter and full year 2008 diluted weighted average shares outstanding when compared to the amounts reported in our fourth quarter 2008 earnings release. The change in accounting had no effect on fourth quarter or full year 2009 FFO per share results. See the footnotes to Aimco’s consolidated statements of income and Supplemental Schedule 1 for further details.

• Net loss attributable to Aimco common stockholders for the quarter was $6.7 million, compared to net loss of $9.9 million for fourth quarter 2008. Fourth quarter 2009 net loss was less than fourth quarter 2008 primarily due to lower restructuring costs of $14.1 million, an impairment of real estate development assets in fourth quarter 2008 of $91.1 million, and lower property management, investment management and general and administrative expenses totaling $11.9 million. These positive results were partially offset by lower income tax benefit associated with continuing operations of $31.3 million and lower gains on dispositions of real estate of $92.3 million, net of tax and non-controlling interests. Earnings per share (EPS) attributable to Aimco common stockholders was a loss of $0.06 on a diluted basis, compared with a loss of $0.11 per share in fourth 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 $16.1 million, or $0.14 per share, compared with a loss of $43.9 million, or $0.48 per share, in fourth quarter 2008. FFO, before operating real estate impairments, was $30.2 million, or $0.26 per share, compared with a loss of $28.9 million, or $0.32 per share, in fourth quarter 2008. Certain impairment charges related to non-operating assets negatively affected fourth quarter 2009 and 2008 FFO results as follows:

	FOURTH QUARTER
	2009		2008
FFO before operating real estate impairments	$	0.26	$	(0.32	)
Impairments, net of tax and minority interest in Aimco Operating Partnership:
Interest in Casden Properties LLC		0.10		0.10
Impairments on real estate development assets		—		0.61
Total impairment charges		0.10		0.71
FFO before operating real estate impairments, investment impairment and real estate development asset impairment charges	$	0.36	$	0.39

AIMCO 4th Quarter 2009 Page 3

• Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $15.3 million, or $0.13 per share, compared with a loss of $56.0 million, or $0.61 per share, in fourth quarter 2008. AFFO includes deductions of $0.13 and $0.29 per share for capital replacement expenditures in fourth quarter 2009 and fourth quarter 2008, respectively.

Property Operations

Property operating results discussed below represent 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 fourth quarter 2009, this portfolio included 243 properties with 74,030 units in which Aimco had a weighted average ownership of 90%. Average rents for the conventional real estate portfolio increased 1.0% from $1,032 per unit during fourth quarter 2008 to $1,042 per unit during fourth quarter 2009. During fourth quarter 2009, conventional real estate operations generated net operating income of $121.8 million. Aimco’s Same Store conventional portfolio net operating income declined 6.3% from fourth quarter 2008, while net operating income generated by its conventional redevelopment property portfolio increased 12.2% compared to fourth quarter 2008.

“Same Store” Conventional Results

In fourth quarter 2009, the Same Store conventional portfolio included 172 communities with 51,388 Effective Units (see the Glossary) based on Aimco’s weighted average ownership of 91%.

Comparing Same Store conventional results in fourth quarter 2009 with fourth quarter 2008, total revenue decreased $5.3 million, or 3.2%. The decrease in revenue was primarily the result of lower average rent, down 4.8% or $51 per unit, from $1,055 per unit to $1,004 per unit, partially offset by higher average daily occupancy of 95.4% for fourth quarter 2009 compared to 94.7% for fourth quarter 2008. Same Store expenses increased $1.3 million or 2.2%, primarily due to higher property tax and insurance expenses, partially offset by decreased utilities and administrative costs.

Same Store Conventional Operating Results

	FOURTH QUARTER									FOURTH QUARTER						YEAR-TO-DATE
	Year-over-year									Sequential						Year-over-year
	2009			2008			Variance			3rd Qtr			Variance			2009			2008			Variance
Same Store Operating Measures
Average Daily Occupancy		95.4	%		94.7	%		0.7	%		94.8	%		0.6	%		94.1	%		95.0	%		-0.9	%
Average Rent Per Unit	$	1,004		$	1,055			-4.8	%	$	1,022			-1.8	%	$	1,027		$	1,053			-2.5	%
Total Same Store $(mm)
Revenue	$	160.8		$	166.1			-3.2	%	$	162.3			-0.9	%	$	612.9		$	628.6			-2.5	%
Expenses		(63.2	)		(61.9	)		2.2	%		(64.7	)		-2.3	%		(238.6	)		(237.8	)		0.3	%
NOI	$	97.6		$	104.2			-6.3	%	$	97.6			0.0	%	$	374.3		$	390.8			-4.2	%

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

Affordable Real Estate Operations

At the end of fourth quarter 2009, Aimco’s affordable real estate portfolio included 260 properties with 29,650 units in which Aimco had a weighted average ownership of 54%. During fourth quarter 2009, affordable property operations generated net operating income of $17.5 million. Total affordable property net operating income, adjusted for property dispositions, was 6.9% higher than in fourth quarter 2008. Average month-end occupancy for the affordable same store portfolio decreased 0.9% from 97.7% for fourth quarter 2008 to 96.8% for fourth quarter 2009, while average rent per unit increased 3.3% from $730 to $754 per unit.

AIMCO 4th Quarter 2009 Page 4

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 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 $14.0 million in the fourth quarter 2009 compared to $8.1 million in fourth quarter 2008. Income generated by transactions contributed approximately 5% of full year 2009 FFO. See Supplemental Schedule 11 for additional information on investment management income.

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 fourth quarter 2009, Aimco sold 23 conventional properties and nine affordable properties with 8,113 and 985 units, respectively, for $532.8 million in gross proceeds (Aimco’s share $501.1 million). Aimco’s share of net proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $154.2 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 fourth quarter 2009, Aimco invested $7.9 million in conventional redevelopment projects and completed 12 of the 16 projects that were active at the end of the third quarter. Aimco also invested $4.7 million in four tax credit redevelopment projects and completed one project during fourth quarter 2009.

Balance Sheet and Liquidity

At the end of fourth quarter 2009, Aimco leverage was provided 85% by long-term non-recourse property debt of $5.5 billion $(5.0 billion Aimco’s share) at a weighted average interest rate of 5.5% and weighted average maturity of 8.6 years. Aimco’s preferred securities represented approximately 13% of Aimco’s leverage at the end of the quarter, at which time Aimco had $776.2 million in perpetual preferred stock and preferred partnership units at a weighted average dividend rate of 7.5%.

Aimco’s recourse debt is limited to its revolving credit facility and corporate term debt, which together represented approximately 2% of Aimco’s leverage at the end of fourth quarter 2009. At that time, the balance on Aimco’s revolving credit facility was zero and available capacity was $136.2 million, net of $43.8 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. The balance on Aimco’s corporate term debt of $90 million at December 31, 2009, matures in first quarter 2011. Subsequent to quarter’s end, Aimco repaid $35 million of the term debt, bringing the balance to $55 million at the end of January 2010.

In connection with its recourse obligations, Aimco is subject to Debt Service and Fixed Charge Coverage covenants, as defined in the Glossary. For fourth quarter 2009, Aimco’s Debt Service and Fixed Charge Coverage ratios were 1.59:1 and 1.36:1, compared to covenants in place during the quarter of 1.50:1 and 1.30:1, respectively. On February 3, 2010, Aimco and its lenders agreed to reduce these Debt Service and Fixed Charge Coverage covenants to 1.40:1 and 1.20:1, respectively. Aimco expects to remain in compliance with these covenants.

AIMCO 4th Quarter 2009 Page 5

At December 31, 2009, Aimco had outstanding $5.7 billion of consolidated debt, which consisted of $5.0 billion of fixed rate property debt, $0.6 billion of floating rate property debt and $90 million of floating rate corporate debt. In addition, Aimco had outstanding $67.0 million of floating rate preferred stock. Aimco’s floating rate property debt includes $433.9 million of tax-exempt bonds with rates tied to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA). Over the last twenty years the SIFMA rate has moved at approximately 0.73% for a 1.00% change in LIBOR, which reduces Aimco’s FFO exposure to changes in floating interest rates. Additionally, Aimco’s FFO exposure is offset by floating rate assets, such as cash and notes receivable. Based on Aimco’s proportionate share of quarter-end balances, Aimco estimates its sensitivity to a 100 basis point change in LIBOR to be less than $0.01 per share per quarter.

See Supplemental Schedules 4 and 5 for more detail on preferred equity characteristics and debt characteristics and activity.

Dividends on Common Stock

On December 18, 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 December 31, 2009, which was paid on January 29, 2010, to stockholders of record on December 31, 2009. At the end of the fourth quarter 2009, there were approximately 116.7 million shares of Class A Common Stock outstanding. See Supplemental Schedule 4 for additional detail on Aimco’s securities.

Earnings Conference Call

Please join Aimco management for the fourth quarter 2009 earnings conference call to be held Friday, February 5, 2010, 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: 7872057
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: 436827

The conference call replay will be available until 9:00 a.m. Eastern time on February 22, 2010.

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 4th Quarter 2009 Page 6

Forward-looking Statements

This earnings release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including statements regarding projected results and specifically forecasts of first quarter and full year 2010 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, rental rates and property operating results. 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; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; the timing of acquisitions and dispositions; insurance risk, including the cost of insurance; natural disasters and severe weather such as hurricanes; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; energy costs; 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 870 properties, including 135,654 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 4th Quarter 2009 Page 7

GAAP Income Statements

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

	Three Months Ended						Year Ended
	December 31,						December 31,
	2009			2008			2009			2008
REVENUES:
Rental and other property revenues	$	284,439		$	287,478		$	1,140,828		$	1,137,995
Property management revenues, primarily from affiliates		984			1,599			5,082			6,345
Asset management and tax credit revenues		17,384			15,179			49,853			98,830
Total revenues		302,807			304,256			1,195,763			1,243,170
OPERATING EXPENSES:
Property operating expenses		127,414			128,642			521,161			526,238
Property management expenses		454			1,192			2,869			5,385
Investment management expenses		3,060			6,740			15,779			24,784
Depreciation and amortization		115,063			111,220			444,413			392,999
Provision for operating real estate impairment losses		694			—			2,329			—
Provision for impairment losses on real estate development assets [1]		—			91,138			—			91,138
General and administrative expenses		15,969			23,403			69,567			99,157
Other expenses, net		6,669			4,339			17,891			22,568
Restructuring costs		8,661			22,802			11,241			22,802
Total operating expenses		277,984			389,476			1,085,250			1,185,071
Operating income (loss)		24,823			(85,220	)		110,513			58,099
Interest income		1,750			3,037			9,341			19,914
Provision for losses on notes receivable		(21,097	)		(16,470	)		(21,549	)		(17,577	)
Interest expense		(80,787	)		(81,449	)		(324,160	)		(324,118	)
Equity in losses of unconsolidated real estate partnerships		(4,091	)		(1,170	)		(12,025	)		(4,601	)
Impairment recoveries (losses) related to unconsolidated real estate partnerships		951			(1,530	)		(322	)		(2,661	)
Gain (loss) on dispositions of unconsolidated real estate and other		3,911			(253	)		22,494			99,864
Loss before income taxes and discontinued operations		(74,540	)		(183,055	)		(215,708	)		(171,080	)
Income tax benefit		10,993			42,329			18,671			53,202
Loss from continuing operations		(63,547	)		(140,726	)		(197,037	)		(117,878	)
Income from discontinued operations, net [2]		68,502			211,045			152,237			744,880
Net income (loss)		4,955			70,319			(44,800	)		627,002
Noncontrolling interests [3]:
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships		2,223			(64,611	)		(22,541	)		(172,756	)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership		(1,730	)		(1,977	)		(6,288	)		(7,646	)
Net loss (income) attributable to common noncontrolling interests in Aimco Operating Partnership		758			3,226			9,355			(34,593	)
Total noncontrolling interests		1,251			(63,362	)		(19,474	)		(214,995	)
Net income (loss) attributable to Aimco		6,206			6,957			(64,274	)		412,007
Net income attributable to Aimco preferred stockholders		(12,935	)		(13,606	)		(50,566	)		(53,708	)
Net income attributable to participating securities [4]		—			(3,249	)		—			(6,985	)
Net (loss) income attributable to Aimco common stockholders	$	(6,729	)	$	(9,898	)	$	(114,840	)	$	351,314
Weighted average common shares outstanding — basic and diluted [5]		115,871			91,515			114,301			88,690
Earnings (loss) per common share — basic and diluted [5]:
Loss from continuing operations attributable to Aimco common stockholders	$	(0.57	)	$	(1.69	)	$	(1.75	)	$	(2.19	)
Income from discontinued operations attributable to Aimco common stockholders		0.51			1.58			0.75			6.15
Net (loss) income attributable to Aimco common stockholders	$	(0.06	)	$	(0.11	)	$	(1.00	)	$	3.96

AIMCO 4th Quarter 2009 Page 8

GAAP Income Statements (continued)

Notes to Consolidated Statements of Income

[1]

The consolidated statements of income for the three months and year ended December 31, 2008, have been restated to reclassify provisions for impairment losses on real estate development assets into operating income. The reclassification reduced operating income by $91.1 million for the three months and year ended December 31, 2008, and had no effect on the reported amounts of loss before income taxes and discontinued operations, loss from continuing operations, net income, net loss attributable to Aimco common stockholders or (loss) earnings per share.

[2]

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

	Three Months Ended						Year Ended
	December 31,						December 31,
	2009			2008			2009			2008
Rental and other property revenues [6]	$	15,611		$	75,695		$	152,812		$	463,232
Property operating expenses [6]		(7,158	)		(38,006	)		(77,267	)		(228,423	)
Depreciation and amortization		(6,126	)		(21,625	)		(51,155	)		(122,549	)
Provision for operating real estate impairment losses		(13,817	)		(17,455	)		(54,530	)		(27,420	)
Other expenses, net		(3,242	)		(4,108	)		(9,750	)		(12,892	)
Operating (loss) income		(14,732	)		(5,499	)		(39,890	)		71,948
Interest income		17			172			112			1,747
Interest expense		(3,026	)		(15,455	)		(30,592	)		(89,356	)
Gain on extinguishment of debt		—			—			259			—
Loss before gain on dispositions of real estate and income taxes		(17,741	)		(20,782	)		(70,111	)		(15,661	)
Gain on dispositions of real estate		88,364			250,784			221,793			800,335
Income tax (expense) benefit		(2,121	)		(18,957	)		555			(39,794	)
Income from discontinued operations, net	$	68,502		$	211,045		$	152,237		$	744,880
Income from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships [6]	$	(4,048	)	$	(53,055	)	$	(60,008	)	$	(149,383	)
Noncontrolling interests in Aimco Operating Partnership		(4,889	)		(13,176	)		(6,891	)		(49,665	)
Total noncontrolling interests		(8,937	)		(66,231	)		(66,899	)		(199,048	)
Aimco	$	59,565		$	144,814		$	85,338		$	545,832

[3]	Noncontrolling interests refers to interests in consolidated partnerships held by parties other than Aimco.
[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. During the three months and year ended December 31, 2009, the amounts of expense associated with nonforfeited dividends paid on restricted stock exceeded the current period dividends declared on participating securities, and therefore these amounts were reduced to zero for purposes of earnings (loss) per share attributable to participating securities.
[5]	Weighted average common shares, common share equivalents, dilutive preferred securities and earnings per share amounts for each of the periods presented above have been adjusted for Aimco’s application during the fourth quarter 2009 of a change in GAAP, which requires the shares issued in Aimco’s special dividends paid in 2008 and January 2009 to be treated as issued and outstanding on the dividend payment dates for basic purposes and as potential share equivalents for the periods between the ex-dividend dates and the payment dates for diluted purposes, rather than treating the shares as issued and outstanding as of the beginning of the earliest period presented for both basic and diluted purposes. The change in accounting treatment had no effect on basic or diluted weighted average shares outstanding for the three months ended December 31, 2009 and reduced basic and diluted weighted average shares outstanding by 1.2 million for the year ended December 31, 2009. The change in accounting treatment reduced basic and diluted weighted average shares outstanding by 23.7 million and 32.5 million for the three months and year ended December 31, 2008, respectively, as compared to the amounts previously reported in Aimco’s fourth quarter and full year 2008 income statements.
[6]	Income from discontinued operations for the three months ended December 31, 2009, attributable to properties classified as held for sale at December 31, 2009, includes $2.1 million of rental and other property revenues, $1.2 million of property operating expenses and $0.2 million of noncontrolling interests related to four properties.

AIMCO 4th Quarter 2009 Page 9

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands) (unaudited)

	December 31, 2009			December 31, 2008
ASSETS
Buildings and improvements	$	7,479,480		$	7,278,734
Land		2,183,927			2,167,574
Accumulated depreciation		(2,701,046	)		(2,320,671	)
Total real estate		6,962,361			7,125,637
Cash and cash equivalents		81,260			299,676
Restricted cash		220,037			253,315
Accounts receivable		59,822			90,318
Accounts receivable from affiliates		23,744			38,978
Deferred financing costs		52,725			51,568
Notes receivable from unconsolidated real estate partnerships		14,295			22,567
Notes receivable from non-affiliates		125,269			139,897
Investment in unconsolidated real estate partnerships		105,324			119,036
Other assets		185,890			198,713
Deferred income tax asset, net		42,015			28,326
Assets held for sale		33,726			1,073,839
Total assets	$	7,906,468		$	9,441,870
LIABILITIES AND EQUITY
Property tax-exempt bond financing	$	574,926		$	629,499
Property loans payable		4,972,327			4,944,324
Term loans		90,000			400,000
Other borrowings		53,057			95,981
Total indebtedness		5,690,310			6,069,804
Accounts payable		29,819			64,241
Accrued liabilities and other		286,328			569,996
Deferred income		182,485			193,810
Security deposits		35,764			37,244
Liabilities related to assets held for sale		30,403			771,878
Total liabilities		6,255,109			7,706,973
Preferred noncontrolling interests in Aimco Operating Partnership		86,656			88,148
Preferred stock subject to repurchase agreement		30,000			—
Equity:
Perpetual preferred stock		660,500			696,500
Class A Common Stock		1,165			1,006
Additional paid-in capital		3,072,665			2,910,002
Accumulated other comprehensive loss		(1,138	)		(2,249	)
Notes due on common stock purchases		(1,392	)		(3,607	)
Distributions in excess of earnings		(2,492,082	)		(2,335,628	)
Total Aimco equity		1,239,718			1,266,024
Noncontrolling interests in consolidated real estate partnerships		316,177			380,725
Common noncontrolling interests in Aimco Operating Partnership		(21,192	)		—
Total equity		1,534,703			1,646,749
Total liabilities and equity	$	7,906,468		$	9,441,870

AIMCO 4th Quarter 2009 Page 10

Outlook and Forward Looking Statement
First Quarter and Full Year 2010
(unaudited)

This earnings release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including statements regarding projected results and specifically forecasts of first quarter and full year 2010 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, rental rates and property operating results.

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; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which Aimco operates and competition for residents in such markets; national and local economic conditions; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; the timing of acquisitions and dispositions; insurance risk, including the cost of insurance; natural disasters and severe weather such as hurricanes; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; energy costs; 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.

	First Quarter 2010	Full Year 2010
GAAP earnings per share [1][3]	-$0.61 to -$0.57	-$2.22 to -$2.11
FFO per share [2][3]	$0.26 to $0.30	$1.25 to $1.35
2010 Same Store operating assumptions:
Weighted average daily occupancy	95.0% to 96.0%	94.5% to 95.5%
NOI change — sequential	-3.5% to -2.5%
NOI change — 2010 vs. 2009	-6.5% to -5.5%	-5.0% to -2.0%

[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 and (iii) preferred stock redemption related costs or gains.
[2]	FFO per share represents FFO before real estate impairment losses and preferred stock redemption related amounts.
[3]	The GAAP earnings per share and FFO per share amounts are calculated based on 116.4 million weighted average common shares (diluted) for first quarter 2010 and 116.5 million weighted average common shares (diluted) for full year 2010.

AIMCO 4th Quarter 2009 Page 11

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 (4Q 2009 v. 4Q 2008)
12	Schedule 6b	–	Same Store Operating Results (4Q 2009 v. 3Q 2009)
13	Schedule 6c	–	Same Store Operating Results (YTD 2009 v. YTD 2008)
14	Schedule 7	–	Total Conventional Portfolio Data by Market
15	Schedule 8	–	Property Sales and Acquisition Activity
16	Schedule 9	–	Capital Additions
17	Schedule 10	–	Summary of Redevelopment Activity
18	Schedule 11	–	Aimco Capital
19	Schedule 12	–	Apartment Unit Summary
20	Glossary

AIMCO 4th Quarter 2009 Page 2

Supplemental Schedule 1        

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

	Three Months Ended						Year Ended
	December 31,						December 31,
	2009			2008			2009			2008
Net (loss) income attributable to Aimco common stockholders [1]	$	(6,729	)	$	(9,898	)	$	(114,840	)	$	351,314
Adjustments:
Depreciation and amortization		115,063			111,220			444,413			392,999
Depreciation and amortization related to non-real estate assets		(4,196	)		(4,994	)		(16,667	)		(17,372	)
Depreciation of rental property related to noncontrolling partners and unconsolidated entities [2]		(10,070	)		(8,373	)		(40,852	)		(29,872	)
(Gain) loss on dispositions of unconsolidated real estate and other		(3,911	)		253			(22,494	)		(99,864	)
Income tax expense (benefit) arising from disposition of unconsolidated real estate and other		2,035			(1	)		1,582			(433	)
Loss on dispositions of non-depreciable assets and debt extinguishment gain		1,000			—			7,783			1,669
Deficit distributions to noncontrolling partners [3]		—			20,379			—			43,240
Discontinued operations:
Gain on dispositions of real estate, net of noncontrolling partners’ interest [2]		(85,099	)		(174,316	)		(164,281	)		(617,906	)
Depreciation of rental property, net of noncontrolling partners’ interest [2]		5,635			19,092			45,836			109,043
Recovery of deficit distributions to noncontrolling partners [3]		—			(22,148	)		—			(30,354	)
Income tax expense arising from disposals		4,116			22,055			5,788			43,146
Noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(1,759	)		2,871			(19,509	)		18,576
Preferred stock dividends		12,935			13,606			52,215			55,190
Preferred stock redemption related gains		—			—			(1,649	)		(1,482	)
Amounts allocable to participating securities [4]		—			3,249			—			6,985
Funds From Operations	$	29,020		$	(27,005	)	$	177,325		$	224,879
Preferred stock dividends		(12,935	)		(13,606	)		(52,215	)		(55,190	)
Preferred stock redemption related gains		—			—			1,649			1,482
Amounts allocable to participating securities [4]		(29	)		(3,249	)		(773	)		(6,985	)
Dividends/distributions on dilutive preferred securities		—			—			—			4,292
Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	16,056		$	(43,860	)	$	125,986		$	168,478
Operating real estate impairment losses, continuing operations, net of noncontrolling partners’ interest [5]		15			—			2,012			1,131
Operating real estate impairment losses, discontinued operations, net of noncontrolling partners’ interest [5]		16,856			16,763			61,313			26,285
Income tax benefit on impairment losses		(1,455	)		(511	)		(4,075	)		(511	)
Preferred stock redemption related gains [6]		—			—			(1,649	)		(1,482	)
Noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(1,135	)		(1,267	)		(4,304	)		(2,120	)
Amounts allocable to participating securities [4]		(95	)		—			(448	)		—
Funds From Operations Attributable to Aimco Common Stockholders — Diluted (excluding operating real estate impairments and preferred stock redemption related amounts)	$	30,242		$	(28,875	)	$	178,835		$	191,781
Capital Replacements		(16,212	)		(28,869	)		(70,250	)		(101,368	)
Noncontrolling interests in Aimco Operating Partnership’s share of Capital Replacements		1,193			1,711			5,249			8,453
Amounts allocable to participating securities [4]		100			—			547			—
Dividends/distributions on non-dilutive preferred securities		—			—			—			(4,217	)
Adjusted Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	15,323		$	(56,033	)	$	114,381		$	94,649
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]		116,072			91,515			115,563			89,827
Dilutive preferred securities [9]		—			—			—			1,490
		116,072			91,515			115,563			91,317
Funds From Operations Attributable to Aimco Common Stockholders (excluding operating real estate impairments and preferred stock redemption related amounts)
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding [7]:
Common shares and equivalents [8]		116,072			91,515			115,563			89,827
Dilutive preferred securities [9]		—			—			—			1,490
		116,072			91,515			115,563			91,317
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]		116,072			91,515			115,563			89,827
Dilutive preferred securities [9]		—			—			—			34
		116,072			91,515			115,563			89,861
Per Share [7]:
Funds From Operations — Diluted	$	0.14		$	(0.48	)	$	1.09		$	1.84
Funds From Operations — Diluted (excluding operating real estate impairments and preferred stock redemption related amounts)	$	0.26		$	(0.32	)	$	1.55		$	2.10
Adjusted Funds From Operations — Diluted	$	0.13		$	(0.61	)	$	0.99		$	1.05
Dividends paid	$	0.10		$	1.80		$	2.38		$	7.91

AIMCO 4th 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 Aimco’s 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]	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.
[6]	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 years ended December 31, 2009 and 2008, includes redemption discounts, net of issuance costs, of $1.6 million and $1.5 million, respectively.
[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 adjusted for Aimco’s application during the fourth quarter 2009 of a change in GAAP, which requires the shares issued in Aimco’s special dividends paid in 2008 and January 2009 to be treated as issued and outstanding on the dividend payment dates for basic purposes and as potential share equivalents for the periods between the ex-dividend dates and the payment dates for diluted purposes, rather than treating the shares as issued and outstanding as of the beginning of the earliest period presented for both basic and diluted purposes. The change in accounting treatment had no effect on diluted weighted average shares outstanding for the three months and year ended December 31, 2009. The change in accounting treatment reduced diluted weighted average shares outstanding by 23.7 million and 32.7 million for the three months and year ended December 31, 2008, respectively, as compared to the amounts previously reported in Aimco’s fourth quarter and full year 2008 Supplemental Schedule 1. Additionally, per share funds from operations amounts for 2008 have been retroactively adjusted for the effect of Aimco’s adoption of a change in GAAP related to 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]	The Aimco Operating Partnership’s Preferred Partnership Units (PPU) are redeemable at the option of the holder. Upon a requested redemption, the Aimco Operating Partnership, in its sole discretion, may redeem these units for cash or shares of common stock. The Aimco Operating Partnership has a redemption policy that requires cash settlement of PPU redemptions, subject to limited exceptions. Pursuant to such policy, during the three months and year ended December 31, 2009, 6.0 million and 9.0 million potential shares were excluded from diluted funds from operations share equivalents because the policy required cash settlement. During the three months ended December 31, 2008, potential shares were excluded from diluted funds from operations share equivalents because their effect was antidilutive.

AIMCO 4th Quarter 2009 Page 4

Supplemental Schedule 2

Proportionate Operating Results Presentation
(in thousands) (unaudited)

	Three Months Ended December 31, 2009												Year Ended December 31, 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]	$	178,338		$	—		$	(16,962	)	$	161,376		$	719,977		$	—		$	(70,473	)	$	649,504
Acquisition properties [1]		641			—			—			641			2,749			—			—			2,749
Redevelopment properties [1]		37,220			—			(2,108	)		35,112			144,010			—			(8,185	)		135,825
Other properties [1]		17,344			145			(1,992	)		15,497			69,996			1,449			(7,719	)		63,726
Affordable properties [1]		50,896			2,320			(15,120	)		38,096			204,096			9,611			(61,288	)		152,419
Total rental and other property revenues		284,439			2,465			(36,182	)		250,722			1,140,828			11,060			(147,665	)		1,004,223
Property management revenues, primarily from affiliates [3]		984			(140	)		1,776			2,620			5,082			(610	)		7,493			11,965
Asset management and tax credit revenues		17,384			—			1,030			18,414			49,853			—			2,209			52,062
Total revenues		302,807			2,325			(33,376	)		271,756			1,195,763			10,450			(137,963	)		1,068,250
Operating expenses:
Property operating expenses:
Same Store properties [2]		70,391			—			(7,046	)		63,345			282,428			—			(29,204	)		253,224
Acquisition properties		219			—			—			219			952			—			—			952
Redevelopment properties		13,893			—			(850	)		13,043			57,789			—			(3,580	)		54,209
Other properties		8,736			97			(959	)		7,874			35,246			816			(4,056	)		32,006
Affordable properties		26,079			1,443			(8,481	)		19,041			101,735			5,884			(33,943	)		73,676
Casualties, Conventional		(68	)		(3	)		690			619			5,519			55			421			5,995
Casualties, Affordable		(26	)		(1	)		259			232			2,070			21			158			2,249
Property management expenses, Conventional [4]		5,956			—			(285	)		5,671			25,759			—			(638	)		25,121
Property management expenses, Affordable [4]		2,234			—			(954	)		1,280			9,663			—			(3,993	)		5,670
Total property operating expenses		127,414			1,536			(17,626	)		111,324			521,161			6,776			(74,835	)		453,102
Property management expenses [5]		454			—			1,240			1,694			2,869			—			4,632			7,501
Investment management expenses		3,060			—			—			3,060			15,779			—			—			15,779
Depreciation and amortization		115,063			1,207			(11,335	)		104,935			444,413			5,476			(46,563	)		403,326
Provision for operating real estate impairment losses		694			—			272			966			2,329			—			(639	)		1,690
General and administrative expenses		15,969			7			33			16,009			69,567			6			(2,312	)		67,261
Other expenses, net		6,669			3,249			(4,045	)		5,873			17,891			8,151			(18,426	)		7,616
Restructuring costs		8,661			—			—			8,661			11,241			—			—			11,241
Total operating expenses		277,984			5,999			(31,461	)		252,522			1,085,250			20,409			(138,143	)		967,516
Operating income		24,823			(3,674	)		(1,915	)		19,234			110,513			(9,959	)		180			100,734
Interest income:
General partner loan interest		1,382			(4	)		650			2,028			5,717			(21	)		3,082			8,778
Money market and interest bearing accounts		405			22			(212	)		215			3,572			90			(820	)		2,842
Accretion on discounted notes receivable		(37	)		—			(83	)		(120	)		52			—			219			271
Total interest income		1,750			18			355			2,123			9,341			69			2,481			11,891
Provision for losses on notes receivable		(21,097	)		—			(474	)		(21,571	)		(21,549	)		—			(1,692	)		(23,241	)
Interest expense:
Property debt (primarily non-recourse)		(80,247	)		(435	)		9,620			(71,062	)		(318,563	)		(2,135	)		38,440			(282,258	)
Corporate debt		(3,265	)		—			—			(3,265	)		(15,389	)		—			—			(15,389	)
Capitalized interest		2,725			—			—			2,725			9,792			—			(24	)		9,768
Total interest expense		(80,787	)		(435	)		9,620			(71,602	)		(324,160	)		(2,135	)		38,416			(287,879	)
Equity in losses of unconsolidated real estate partnerships		(4,091	)		4,091			—			—			(12,025	)		12,025			—			—
Impairment losses related to unconsolidated real estate partnerships		951			—			—			951			(322	)		—			—			(322	)
Gain on dispositions of unconsolidated real estate and other		3,911			—			(1,315	)		2,596			22,494			—			(1,918	)		20,576
Loss before income taxes and discontinued operations		(74,540	)		—			6,271			(68,269	)		(215,708	)		—			37,467			(176,241	)
Income tax benefit		10,993			—			—			10,993			18,671			—			—			18,671
Loss from continuing operations		(63,547	)		—			6,271			(57,276	)		(197,037	)		—			37,467			(159,570	)
Income from discontinued operations, net		68,502			—			(4,048	)		64,454			152,237			—			(60,008	)		92,229
Net income (loss)		4,955			—			2,223			7,178			(44,800	)		—			(22,541	)		(67,341	)
Noncontrolling interests:
Noncontrolling interests in consolidated real estate partnerships		2,223			—			(2,223	)		—			(22,541	)		—			22,541			—
Noncontrolling interests in Aimco Operating Partnership		(972	)		—			—			(972	)		3,067			—			—			3,067
Total net income attributable to noncontrolling interests		1,251			—			(2,223	)		(972	)		(19,474	)		—			22,541			3,067
Net income (loss) attributable to Aimco		6,206			—			—			6,206			(64,274	)		—			—			(62,274	)
Net income attributable to Aimco preferred stockholders		(12,935	)		—			—			(12,935	)		(50,566	)		—			—			(50,566	)
Net loss attributable to Aimco common stockholders	$	(6,729	)	$	—		$	—		$	(6,729	)	$	(114,840	)	$	—		$	—		$	(114,840	)

(See footnotes on Page 6)

AIMCO 4th Quarter 2009 Page 5

Supplemental Schedule 2  

Proportionate Operating Results Presentation
(in thousands) (unaudited)

	Three Months Ended			Year Ended
	December 31,			December 31,
	2009			2009
Components of FFO:
Real estate operations:
Rental and other property revenues	$	250,722		$	1,004,223
Property operating expenses		(111,324	)		(453,102	)
Net real estate operations		139,398			551,121
Property management, net		926			4,464
Asset management and tax credit revenues, net of investment management expenses		15,354			36,283
Depreciation and amortization related to non-real estate assets		(4,138	)		(16,432	)
General and administrative expenses		(16,009	)		(67,261	)
Other expense, net		(5,873	)		(7,616	)
Restructuring costs		(8,661	)		(11,241	)
Interest income		2,123			11,891
Provision for losses on notes receivable		(21,571	)		(23,241	)
Interest expense		(71,602	)		(287,879	)
Gain on disposition of non-depreciable assets		1,000			7,783
Income tax benefit		13,108			20,252
Discontinued operations:
Operations and other		5,773			60,839
Interest expense		(2,659	)		(25,946	)
Preferred stock dividends and redemption related amounts		(12,935	)		(52,215	)
Preferred partnership unit distributions		(1,730	)		(6,288	)
Amounts allocated to participating securities		(124	)		(1,221	)
Subtotal before noncontrolling interests in Aimco Operating Partnership	$	32,380		$	193,293
Common noncontrolling interests in Aimco Operating Partnership		(2,138	)		(14,458	)
FFO Attributable to Aimco Common Stockholders — Diluted (excluding operating real estate impairments and preferred stock redemption related amounts)	$	30,242		$	178,835
Reconciliation of Net Loss to FFO and AFFO:
Net income (loss)	$	7,178		$	(67,341	)
Depreciation and amortization		104,935			403,326
Depreciation and amortization related to non-real estate assets		(4,138	)		(16,432	)
Loss on dispositions of non-depreciable assets and other		1,000			7,869
Gain on dispositions of unconsolidated real estate and other		(2,596	)		(20,576	)
Income tax benefit arising from disposition of unconsolidated real estate and other		2,035			1,582
Discontinued operations		(76,663	)		(114,661	)
Operating real estate impairment losses, continuing operations, net of noncontrolling partners’ interest		966			1,690
Operating real estate impairment losses, discontinued operations, net of noncontrolling partners’ interest		15,905			61,635
Income tax benefit on impairment losses		(1,455	)		(4,075	)
Noncontrolling interests in Aimco Operating Partnership’s share of adjustments		(2,894	)		(23,813	)
Noncontrolling interests in Aimco Operating Partnership’s share of net loss		(972	)		3,067
Preferred stock dividends		(12,935	)		(52,215	)
Amounts allocated to participating securities		(124	)		(1,221	)
FFO Attributable to Aimco Common Stockholders — Diluted (excluding operating real estate impairments and preferred stock redemption related amounts)	$	30,242		$	178,835
Capital Replacements		(16,212	)		(70,250	)
Noncontrolling interests in Aimco Operating Partnership’s share of Capital Replacements		1,193			5,249
Amounts allocated to participating securities		100			547
AFFO Attributable to Aimco Common Stockholders — Diluted	$	15,323		$	114,381

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 4th Quarter 2009 Page 6

Supplemental Schedule 3

Proportionate Balance Sheet Presentation
As of December 31, 2009
(in thousands) (unaudited)

				Proportionate
	Consolidated			Share of						Proportionate
	GAAP			Unconsolidated			Noncontrolling			Balance
	Balance Sheet			Partnerships			Interests			Sheet
ASSETS
Real estate, net of depreciation	$	6,962,361		$	38,425		$	(541,247	)	$	6,459,539
Cash and cash equivalents		81,260			3,131			(16,616	)		67,775
Restricted cash		220,037			4,435			(47,118	)		177,354
Accounts receivable		83,566			629			(4,341	)		79,854
Notes receivable [1]		139,564			—			59,996			199,560
Investment in unconsolidated real estate partnerships		105,324			(8,406	)		(39,833	)		57,085
Other assets [2]		314,356			(1,704	)		(35,908	)		276,744
Total assets	$	7,906,468		$	36,510		$	(625,067	)	$	7,317,911
LIABILITIES AND EQUITY
Total indebtedness	$	5,690,310		$	29,995		$	(622,733	)	$	5,097,572
Other liabilities [3]		564,799			6,515			(99,435	)		471,879
Total liabilities		6,255,109			36,510			(722,168	)		5,569,451
Preferred noncontrolling interests in Aimco Operating Partnership [4]		86,656			—			—			86,656
Preferred stock subject to repurchase agreement		30,000			—			—			30,000
Total Aimco equity [5]		1,239,718			—			413,278			1,652,996
Noncontrolling interests in consolidated real estate partnerships		316,177			—			(316,177	)		—
Common noncontrolling interests in Aimco Operating Partnership		(21,192	)		—			—			(21,192	)
Total liabilities and equity	$	7,906,468		$	36,510		$	(625,067	)	$	7,317,911

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	$	44,592
Goodwill		71,755
Investment in management contracts		1,297
Deferred financing costs and intangible assets		117,644
Deferred income tax asset		42,015
Assets held for sale		27,180
Other		89,905
Total other assets	$	276,744

[3]	Other liabilities includes deferred income of $135.5 million of tax credit equity, which represents cash contributions received from tax credit investors through December 31, 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 December 31, 2009, a total of 3.1 million preferred OP Units were outstanding with a redemption value of $85.7 million.
[5]	Amount includes perpetual preferred stock outstanding of $660.5 million at December 31, 2009.

AIMCO 4th Quarter 2009 Page 7

Supplemental Schedule 4

Share Data
(in thousands) (unaudited)

Preferred Securities

	Shares/Units
	Outstanding
	as of			Redemption
	December 31, 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		1.540	%[3]		67,000	[2]
Total perpetual preferred stock										690,500
Preferred Partnership Units		3,146					8.076	%[4]		85,671
Total outstanding preferred securities									$	776,171

Common Stock and Equivalents

	Shares/Units		Weighted Average Shares/Units				Weighted Average Shares/Units
	Outstanding		Three Months Ended				Year Ended
	as of		December 31, 2009				December 31, 2009
	December 31, 2009		Diluted EPS		Diluted FFO		Diluted EPS		Diluted FFO
Class A Common Stock [5]		115,947		115,871		115,871		114,301		114,301
Dilutive securities:
Options, restricted stock and officer loan shares [6]		761		—		201		—		53
Special Dividend dilution [7]		—		—		—		—		1,209
Total shares and dilutive share equivalents		116,708		115,871		116,072		114,301		115,563
Common Partnership Units and equivalents [8]		8,374		8,480		8,480		8,879		8,879
Total shares, units and dilutive share equivalents		125,082		124,351		124,552		123,180		124,442

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 December 31, 2009, includes $30.0 million, which is subject to a repurchase agreement and is classified within 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 0.5 million for unvested restricted stock and officer loan shares as of December 31, 2009.
[6]	Stock options, restricted stock and officer loan shares are presumed to be dilutive as of December 31, 2009, and reflect the dilutive effect of options and shares outstanding at the end of the period and the $15.92 share price at the end of the period. Diluted EPS for the three and twelve months ended December 31, 2009, excludes the effect of these securities because their effect was antidilutive. The effect on diluted FFO of participating securities, or restricted stock and officer loan shares, for the three and twelve months ended December 31, 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]	Represents the dilutive effect of Aimco’s obligation to pay a portion of its dividend paid January 29, 2009, in a variable number of shares of common stock. The dilutive effect is weighted over the period the obligation was outstanding, from January 1, 2009 through January 29, 2009.
[8]	Includes the Aimco Operating Partnership’s common OP Units and Class I High Performance Units.

AIMCO 4th Quarter 2009 Page 8

Supplemental Schedule 5

Selected Debt Structure and Maturity Data
As of December 31, 2009
(dollars in thousands) (unaudited)

I. Debt Balances and Data

										Weighted
			Proportionate							Average
			Share of		Noncontrolling			Total Aimco		Maturity		Weighted
Debt	Consolidated		Unconsolidated		Interests			Share		(years)		Average Rate
Property Debt (primarily non-recourse):
Conventional Portfolio:
Fixed rate loans payable	$	4,329,898	$	—	$	(406,968	)	$	3,922,930		7.6		6.09	%
Floating rate loans payable [1]		103,629		—		(10,049	)		93,580		2.4		1.67	%
Total property loans payable		4,433,527		—		(417,017	)		4,016,510		7.5		5.99	%
Fixed rate tax-exempt bonds		52,075		—		(3,338	)		48,737		10.9		6.75	%
Floating rate tax-exempt bonds [1]		306,445		—		(5,242	)		301,203		6.0		0.72	%
Total property tax-exempt bond financing		358,520		—		(8,580	)		349,940		6.7		1.60	%
Total Conventional portfolio		4,792,047		—		(425,597	)		4,366,450		7.4		5.66	%
Affordable Portfolio:
Fixed rate loans payable		520,238		26,626		(163,595	)		383,269		16.3		5.31	%
Floating rate loans payable		18,562		9		(9,109	)		9,462		9.4		3.24	%
Total property loans payable		538,800		26,635		(172,704	)		392,731		16.0		5.24	%
Fixed rate tax-exempt bonds		88,920		2,757		(12,780	)		78,897		27.7		4.14	%
Floating rate tax-exempt bonds [1]		127,486		—		(1,917	)		125,569		5.6		1.34	%
Total property tax-exempt bond financing		216,406		2,757		(14,697	)		204,466		14.7		2.49	%
Total Affordable portfolio		755,206		29,392		(187,401	)		597,197		15.7		4.45	%
Total property debt	$	5,547,253	$	29,392	$	(612,998	)	$	4,963,647		8.6		5.50	%
Corporate Debt:
Term Loan	$	90,000	$	—	$	—		$	90,000		—		1.73	% [2]
Total corporate debt	$	90,000	$	—	$	—		$	90,000		—		1.73	%
Other borrowings [3]	$	53,057	$	603	$	(9,735	)	$	43,925
Total Debt	$	5,690,310	$	29,995	$	(622,733	)	$	5,097,572				5.39	%

[1]	Floating rate debt presented above includes $352.7 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At December 31, 2009, the carrying amount of this debt totaled $328.4 million, after recognition of changes in the debt’s fair value.
[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 December 31, 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. At December 31, 2009, other borrowings includes $44.6 million in fixed rate obligations with interest rates ranging from zero to 10.0% and $8.5 million in variable rate obligations bearing interest at the Prime rate plus 1.75%.

II. Debt Maturities

	Consolidated Property Debt												Aimco Share
							Percent			Average Rate on
	Amortization		Maturities		Total		of Total			Maturing Debt			Amortization		Maturities		Total
2010 Q1	$	22,509	$	—	$	22,509		0.4	%		—		$	19,204	$	—	$	19,204
2010 Q2		23,427		—		23,427		0.4	%		—			20,280		—		20,280
2010 Q3		23,370		—		23,370		0.4	%		—			20,017		—		20,017
2010 Q4		24,385		—		24,385		0.4	%		—			21,144		—		21,144
2011 Q1		24,395		—		24,395		0.4	%		—			20,932		—		20,932
2011 Q2		25,118		160,937		186,055		3.4	%		5.68	%		21,786		90,377		112,163
2011 Q3		24,735		—		24,735		0.4	%		—			21,219		—		21,219
2011 Q4 [1]		25,829		75,801		101,630		1.8	%		7.15	%		22,385		75,801		98,186
2012 [2][3]		103,942		501,301		605,243		10.9	%		2.96	%		89,807		477,765		567,572
2013		98,919		386,421		485,340		8.7	%		5.53	%		85,534		350,858		436,392
2014		105,268		267,547		372,815		6.7	%		5.70	%		92,398		254,827		347,225
Thereafter						3,653,349		66.1	%									3,279,313
Total property debt:					$	5,547,253		100.0	%								$	4,963,647

Corporate Debt:

							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
2011	$	—	$	90,000	$	90,000		100.0	%		1.73	%
Total corporate debt:	$	—	$	90,000	$	90,000		100.0	%		1.73	%

[1]	2011 Q4 maturities include $65.0 million of debt (consolidated and Aimco share) for which Aimco negotiated two one-year extension options during January 2010. Aimco will be required to reduce the outstanding principal by $2.0 million at the time each extension option is exercised.
[2]	At December 31, 2009, Aimco had a credit facility with a major life company that provided for short-term, fully pre-payable, non-recourse property borrowings of up to $200.0 million. At December 31, 2009, outstanding borrowings of $46.3 million related to properties classified as held for use are included in 2012 maturities based on assumed exercise of the extension options. This facility, which matures October 1, 2010, includes two one-year extension options for a $500,000 fee per extension. In January 2010, the credit facility was reduced to allow for borrowings of up to $46.3 million.
[3]	2012 maturities include approximately $307.5 million of debt ($285.4 million at carrying amount) subject to total return swaps for which the swap maturity dates are in 2012 and the related debt maturities are beyond 2012.

AIMCO 4th Quarter 2009 Page 9

Supplemental Schedule 5 (continued)

Selected Debt Structure and Maturity Data
As of December 31, 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	$	588.9	$	639.0	$	39.7	$	36.2		5.88	%		5.87	%
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		—		14.4		14.1		14.1		—			2.79	%
Fixed Rate — New		—		56.5		54.1		52.5		—			6.35	%
Totals	$	737.5	$	881.2	$	137.4	$	132.3		5.55	%		5.78	%

[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

	June 30, 2009						September 30, 2009						December 31, 2009
	Amount			Percent			Amount			Percent			Amount			Percent
Corporate debt	$	350			4.7	%	$	275			3.5	%	$	90			1.2	%
Property debt (Aimco’s share)		5,382			72.8	%		5,189			65.8	%		4,964			65.2	%
Other borrowings (Aimco’s share)		77			1.0	%		77			1.0	%		44			0.6	%
Total debt		5,809			78.5	%		5,541			70.3	%		5,098			67.0	%
Less cash and restricted cash (Aimco’s share)		(305	)		-4.1	%		(283	)		-3.6	%		(245	)		-3.2	%
Net debt		5,504			74.4	%		5,258			66.7	%		4,853			63.8	%
Preferred equity		777			10.5	%		776			9.8	%		776			10.2	%
Common equity at market [1]		1,109			15.1	%		1,847			23.5	%		1,988			26.0	%
Total capitalization	$	7,390			100.0	%	$	7,881			100.0	%	$	7,617			100.0	%

[1] Common equity at market at December 31, 2009, September 30, 2009 and June 30, 2009, was calculated using 124.854 million, 125.232 million and 125.255 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $15.92, $14.75 and $8.85 per share/unit as of December 31, 2009, September 30, 2009 and June 30, 2009, respectively.

V. Credit Ratings

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

AIMCO 4th Quarter 2009 Page 10

Supplemental Schedule 6(a)

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

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		4Q 2009		4Q 2008		Growth			4Q 2009		4Q 2008		Growth			4Q 2009		4Q 2008		Growth			4Q 2009			4Q 2009			4Q 2008			4Q 2009		4Q 2008
Target Markets
Los Angeles		10		3,239		2,588	$	13,451	$	14,502		-7.2	%	$	4,613	$	4,667		-1.2	%	$	8,838	$	9,835		-10.1	%		65.7	%		95.6	%		94.3	%	$	1,901	$	2,103
Orange County		3		443		373		1,334		1,380		-3.3	%		458		402		13.9	%		876		978		-10.4	%		65.7	%		96.1	%		95.8	%		1,161		1,202
San Diego		4		1,622		1,552		5,615		5,754		-2.4	%		1,629		1,631		-0.1	%		3,986		4,123		-3.3	%		71.0	%		95.7	%		96.1	%		1,165		1,186
Southern CA Total		17		5,304		4,513		20,400		21,636		-5.7	%		6,700		6,700		0.0	%		13,700		14,936		-8.3	%		67.2	%		95.7	%		95.0	%		1,614		1,744
East Bay		2		413		353		1,360		1,463		-7.0	%		608		464		31.0	%		752		999		-24.7	%		55.3	%		94.7	%		96.6	%		1,220		1,271
San Francisco		4		710		710		3,296		3,327		-0.9	%		1,254		1,325		-5.4	%		2,042		2,002		2.0	%		62.0	%		96.6	%		94.5	%		1,439		1,544
Northern CA Total		6		1,123		1,063		4,656		4,790		-2.8	%		1,862		1,789		4.1	%		2,794		3,001		-6.9	%		60.0	%		95.9	%		95.3	%		1,360		1,443
Seattle		2		278		175		595		669		-11.1	%		268		249		7.6	%		327		420		-22.1	%		55.0	%		97.0	%		95.8	%		1,075		1,223
Pacific Total		25		6,705		5,751		25,651		27,095		-5.3	%		8,830		8,738		1.1	%		16,821		18,357		-8.4	%		65.6	%		95.8	%		95.1	%		1,549		1,671
Suburban New York — New Jersey		4		1,162		944		3,635		3,895		-6.7	%		1,130		1,028		9.9	%		2,505		2,867		-12.6	%		68.9	%		94.8	%		96.1	%		1,206		1,287
Washington — NoVA — MD		15		6,711		6,289		23,282		23,087		0.8	%		7,325		7,129		2.7	%		15,957		15,958		0.0	%		68.5	%		96.9	%		94.7	%		1,197		1,220
Boston		12		4,250		4,250		15,095		15,403		-2.0	%		5,598		5,622		-0.4	%		9,497		9,781		-2.9	%		62.9	%		96.7	%		95.9	%		1,173		1,202
Philadelphia		4		1,791		1,523		6,038		6,203		-2.7	%		2,250		2,229		0.9	%		3,788		3,974		-4.7	%		62.7	%		94.0	%		95.7	%		1,237		1,278
Northeast Total		35		13,914		13,006		48,050		48,588		-1.1	%		16,303		16,008		1.8	%		31,747		32,580		-2.6	%		66.1	%		96.3	%		95.3	%		1,195		1,228
Miami		6		2,471		2,348		11,587		12,531		-7.5	%		5,397		4,965		8.7	%		6,190		7,566		-18.2	%		53.4	%		97.1	%		94.6	%		1,532		1,701
Palm Beach/Fort Lauderdale [1]		6		1,891		1,741		4,919		4,993		-1.5	%		2,398		2,057		16.6	%		2,521		2,936		-14.1	%		51.3	%		94.9	%		92.5	%		902		956
Orlando [1]		8		2,032		1,815		4,098		4,283		-4.3	%		1,916		2,023		-5.3	%		2,182		2,260		-3.5	%		53.2	%		94.4	%		91.3	%		705		776
Tampa [1]		6		1,755		1,621		3,911		4,008		-2.4	%		1,620		1,772		-8.6	%		2,291		2,236		2.5	%		58.6	%		96.0	%		93.2	%		735		792
Jacksonville [1]		4		1,643		1,404		3,491		3,556		-1.8	%		1,605		1,891		-15.1	%		1,886		1,665		13.3	%		54.0	%		95.6	%		93.3	%		782		838
Florida Total		30		9,792		8,929		28,006		29,371		-4.6	%		12,936		12,708		1.8	%		15,070		16,663		-9.6	%		53.8	%		95.7	%		93.1	%		973		1,061
Houston		6		2,509		1,987		4,420		4,433		-0.3	%		1,932		1,974		-2.1	%		2,488		2,459		1.2	%		56.3	%		93.7	%		94.9	%		708		710
Denver		9		2,553		1,991		5,497		5,656		-2.8	%		1,898		1,922		-1.2	%		3,599		3,734		-3.6	%		65.5	%		95.9	%		96.7	%		786		810
Phoenix		13		3,319		2,923		5,842		6,457		-9.5	%		2,694		2,478		8.7	%		3,148		3,979		-20.9	%		53.9	%		93.7	%		94.9	%		616		681
Dallas — Fort Worth		2		569		569		1,327		1,331		-0.3	%		629		590		6.6	%		698		741		-5.8	%		52.6	%		94.3	%		94.1	%		715		740
Atlanta		1		60		24		59		61		-3.3	%		36		36		0.0	%		23		25		-8.0	%		39.0	%		94.6	%		95.9	%		751		806
Sunbelt Total		61		18,802		16,423		45,151		47,309		-4.6	%		20,125		19,708		2.1	%		25,026		27,601		-9.3	%		55.4	%		95.1	%		94.2	%		842		901
Chicago		9		2,413		2,349		7,969		7,958		0.1	%		2,951		3,157		-6.5	%		5,018		4,801		4.5	%		63.0	%		94.9	%		93.3	%		1,074		1,105
Total Target Markets		130		41,834		37,529		126,821		130,950		-3.2	%		48,209		47,611		1.3	%		78,612		83,339		-5.7	%		62.0	%		95.6	%		94.7	%		1,087		1,146
Other
Austin		3		816		816		1,648		1,765		-6.6	%		808		769		5.1	%		840		996		-15.7	%		51.0	%		95.6	%		92.9	%		637		697
Baltimore		3		701		628		2,146		2,173		-1.2	%		861		696		23.7	%		1,285		1,477		-13.0	%		59.9	%		95.0	%		95.2	%		1,098		1,095
Indianapolis/Fort Wayne		5		3,182		2,983		5,844		5,981		-2.3	%		2,462		2,530		-2.7	%		3,382		3,451		-2.0	%		57.9	%		95.2	%		96.1	%		595		609
Nashville		2		438		392		1,206		1,247		-3.3	%		456		521		-12.5	%		750		726		3.3	%		62.2	%		94.4	%		94.7	%		957		1,016
Norfolk/Richmond		5		1,229		1,137		3,131		3,183		-1.6	%		1,087		1,005		8.2	%		2,044		2,178		-6.2	%		65.3	%		95.5	%		95.3	%		857		880
Other Markets		24		8263		7903		20,093		20,825		-3.5	%		9,362		8,781		6.6	%		10,731		12,044		-10.9	%		53.4	%		94.5	%		94.3	%		792		829
Total Other		42		14,629		13,859		34,068		35,174		-3.1	%		15,036		14,302		5.1	%		19,032		20,872		-8.8	%		55.9	%		94.8	%		94.7	%		765		796
SAME STORE SALES TOTALS		172		56,463		51,388		160,889		166,124		-3.2	%		63,245		61,913		2.2	%		97,644		104,211		-6.3	%		60.7	%		95.4	%		94.7	%	$	1,004	$	1,055
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement [2]								123,550		121,354					64,169		66,729					59,381		54,625
Total rental and other property revenues and property operating expense per GAAP Income Statement							$	284,439	$	287,478				$	127,414	$	128,642				$	157,025	$	158,836

[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; and (iii) elimination and other adjustments made in accordance with GAAP.

AIMCO 4th Quarter 2009 Page 11

Supplemental Schedule 6(b)

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

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		4Q 2009		3Q 2009		Growth			4Q 2009		3Q 2009		Growth			4Q 2009		3Q 2009		Growth			4Q 2009			4Q 2009			3Q 2009			4Q 2009		3Q 2009
Target Markets
Los Angeles		10		3,239		2,588	$	13,451	$	13,657		-1.5	%	$	4,613	$	4,578		0.8	%	$	8,838	$	9,079		-2.7	%		65.7	%		95.6	%		95.3	%	$	1,901	$	1,947
Orange County		3		443		373		1,334		1,341		-0.5	%		458		453		1.1	%		876		888		-1.4	%		65.7	%		96.1	%		94.8	%		1,161		1,179
San Diego		4		1,622		1,552		5,615		5,692		-1.4	%		1,629		1,621		0.5	%		3,986		4,071		-2.1	%		71.0	%		95.7	%		95.0	%		1,165		1,189
Southern CA Total		17		5,304		4,513		20,400		20,690		-1.4	%		6,700		6,652		0.7	%		13,700		14,038		-2.4	%		67.2	%		95.7	%		95.1	%		1,614		1,651
East Bay		2		413		353		1,360		1,337		1.7	%		608		650		-6.5	%		752		687		9.5	%		55.3	%		94.7	%		91.3	%		1,220		1,241
San Francisco		4		710		710		3,296		3,221		2.3	%		1,254		1,233		1.7	%		2,042		1,988		2.7	%		62.0	%		96.6	%		94.8	%		1,439		1,478
Northern CA Total		6		1,123		1,063		4,656		4,558		2.2	%		1,862		1,883		-1.1	%		2,794		2,675		4.4	%		60.0	%		95.9	%		93.5	%		1,360		1,393
Seattle		2		278		175		595		594		0.2	%		268		313		-14.4	%		327		281		16.4	%		55.0	%		97.0	%		95.0	%		1,075		1,109
Pacific Total		25		6,705		5,751		25,651		25,842		-0.7	%		8,830		8,848		-0.2	%		16,821		16,994		-1.0	%		65.6	%		95.8	%		94.9	%		1,549		1,586
Suburban New York — New Jersey		4		1,162		944		3,635		3,705		-1.9	%		1,130		1,189		-5.0	%		2,505		2,516		-0.4	%		68.9	%		94.8	%		93.9	%		1,206		1,245
Washington — NoVA — MD		15		6,711		6,289		23,282		23,235		0.2	%		7,325		8,075		-9.3	%		15,957		15,160		5.3	%		68.5	%		96.9	%		96.3	%		1,197		1,204
Boston		12		4,250		4,250		15,095		15,270		-1.1	%		5,598		5,513		1.5	%		9,497		9,757		-2.7	%		62.9	%		96.7	%		96.4	%		1,173		1,184
Philadelphia		4		1,791		1,523		6,038		5,928		1.9	%		2,250		2,128		5.7	%		3,788		3,800		-0.3	%		62.7	%		94.0	%		92.8	%		1,237		1,259
Northeast Total		35		13,914		13,006		48,050		48,138		-0.2	%		16,303		16,905		-3.6	%		31,747		31,233		1.6	%		66.1	%		96.3	%		95.7	%		1,195		1,208
Miami		6		2,471		2,348		11,587		11,898		-2.6	%		5,397		5,608		-3.8	%		6,190		6,290		-1.6	%		53.4	%		97.1	%		95.8	%		1,532		1,577
Palm Beach/Fort Lauderdale [1]		6		1,891		1,741		4,919		5,060		-2.8	%		2,398		2,291		4.7	%		2,521		2,769		-9.0	%		51.3	%		94.9	%		95.7	%		902		919
Orlando [1]		8		2,032		1,815		4,098		4,283		-4.3	%		1,916		1,826		4.9	%		2,182		2,457		-11.2	%		53.2	%		94.4	%		95.8	%		705		720
Tampa [1]		6		1,755		1,621		3,911		4,023		-2.8	%		1,620		1,649		-1.8	%		2,291		2,374		-3.5	%		58.6	%		96.0	%		96.9	%		735		745
Jacksonville [1]		4		1,643		1,404		3,491		3,613		-3.4	%		1,605		1,645		-2.4	%		1,886		1,968		-4.2	%		54.0	%		95.6	%		96.4	%		782		795
Florida Total		30		9,792		8,929		28,006		28,877		-3.0	%		12,936		13,019		-0.6	%		15,070		15,858		-5.0	%		53.8	%		95.7	%		96.1	%		973		991
Houston		6		2,509		1,987		4,420		4,424		-0.1	%		1,932		2,082		-7.2	%		2,488		2,342		6.2	%		56.3	%		93.7	%		93.0	%		708		719
Denver		9		2,553		1,991		5,497		5,462		0.6	%		1,898		1,890		0.4	%		3,599		3,572		0.8	%		65.5	%		95.9	%		95.2	%		786		801
Phoenix		13		3,319		2,923		5,842		6,020		-3.0	%		2,694		2,782		-3.2	%		3,148		3,238		-2.8	%		53.9	%		93.7	%		93.0	%		616		640
Dallas — Fort Worth		2		569		569		1,327		1,296		2.4	%		629		705		-10.8	%		698		591		18.1	%		52.6	%		94.3	%		93.3	%		715		733
Atlanta		1		60		24		59		60		-1.7	%		36		24		50.0	%		23		36		-36.1	%		39.0	%		94.6	%		96.6	%		751		765
Sunbelt Total		61		18,802		16,423		45,151		46,139		-2.1	%		20,125		20,502		-1.8	%		25,026		25,637		-2.4	%		55.4	%		95.1	%		94.9	%		842		860
Chicago		9		2,413		2,349		7,969		7,941		0.4	%		2,951		3,450		-14.5	%		5,018		4,491		11.7	%		63.0	%		94.9	%		93.6	%		1,074		1,094
Total Target Markets		130		41,834		37,529		126,821		128,060		-1.0	%		48,209		49,705		-3.0	%		78,612		78,355		0.3	%		62.0	%		95.6	%		95.1	%		1,087		1,106
Other
Austin		3		816		816		1,648		1,633		0.9	%		808		910		-11.2	%		840		723		16.2	%		51.0	%		95.6	%		90.8	%		637		656
Baltimore		3		701		628		2,146		2,113		1.6	%		861		849		1.4	%		1,285		1,264		1.7	%		59.9	%		95.0	%		96.1	%		1,098		1,099
Indianapolis/Fort Wayne		5		3,182		2,983		5,844		5,810		0.6	%		2,462		2,734		-9.9	%		3,382		3,076		9.9	%		57.9	%		95.2	%		92.5	%		595		605
Nashville		2		438		392		1,206		1,233		-2.2	%		456		516		-11.6	%		750		717		4.6	%		62.2	%		94.4	%		95.6	%		957		977
Norfolk/Richmond		5		1,229		1,137		3,131		3,138		-0.2	%		1,087		1,039		4.6	%		2,044		2,099		-2.6	%		65.3	%		95.5	%		96.2	%		857		862
Other Markets		24		8,263		7,903		20,093		20,391		-1.5	%		9,362		8,981		4.2	%		10,731		11,410		-6.0	%		53.4	%		94.5	%		94.3	%		792		807
Total Other		42		14,629		13,859		34,068		34,318		-0.7	%		15,036		15,029		0.0	%		19,032		19,289		-1.3	%		55.9	%		94.8	%		94.0	%		765		780
SAME STORE SALES TOTALS		172		56,463		51,388		160,889		162,378		-0.9	%		63,245		64,734		-2.3	%		97,644		97,644		0.0	%		60.7	%		95.4	%		94.8	%	$	1,004	$	1,022
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement [2]								123,550		122,579					64,169		70,719					59,381		51,860
Total rental and other property revenues and property operating expense per GAAP Income Statement							$	284,439	$	284,957				$	127,414	$	135,453				$	157,025	$	149,504

[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; and (iii) elimination and other adjustments made in accordance with GAAP.

AIMCO 4th Quarter 2009 Page 12

Supplemental Schedule 6(c)

Same Store Operating Results
Year Ended December 31, 2009 Compared to Year Ended December 31, 2008
(in thousands, except site and unit data) (unaudited)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		2009		2008		Growth			2009		2008		Growth			2009		2008		Growth			2009			2009			2008			2009		2008
Target Markets
Los Angeles		10		3,239		2,588	$	54,971	$	59,223		-7.2	%	$	18,469	$	18,611		-0.8	%	$	36,502	$	40,612		-10.1	%		66.4	%		94.4	%		95.5	%	$	1,980	$	2,119
Orange County		3		443		373		5,397		5,585		-3.4	%		1,811		1,813		-0.1	%		3,586		3,772		-4.9	%		66.4	%		95.3	%		97.3	%		1,182		1,193
San Diego		4		1,622		1,552		22,539		22,640		-0.4	%		6,457		6,682		-3.4	%		16,082		15,958		0.8	%		71.4	%		94.7	%		95.9	%		1,181		1,172
Southern CA Total		17		5,304		4,513		82,907		87,448		-5.2	%		26,737		27,106		-1.4	%		56,170		60,342		-6.9	%		67.8	%		94.6	%		95.8	%		1,668		1,750
East Bay		2		413		353		5,475		5,855		-6.5	%		2,432		2,264		7.4	%		3,043		3,591		-15.3	%		55.6	%		93.2	%		96.9	%		1,246		1,268
San Francisco		2		522		522		9,876		10,009		-1.3	%		3,475		3,461		0.4	%		6,401		6,548		-2.2	%		64.8	%		95.4	%		96.2	%		1,525		1,562
Northern CA Total		4		935		875		15,351		15,864		-3.2	%		5,907		5,725		3.2	%		9,444		10,139		-6.9	%		61.5	%		94.4	%		96.5	%		1,403		1,432
Seattle		1		174		109		1,408		1,535		-8.3	%		629		510		23.3	%		779		1,025		-24.0	%		55.3	%		92.2	%		97.6	%		1,049		1,103
Pacific Total		22		6,413		5,497		99,666		104,847		-4.9	%		33,273		33,341		-0.2	%		66,393		71,506		-7.2	%		66.6	%		94.5	%		95.9	%		1,613		1,686
Suburban New York — New Jersey		4		1,162		944		14,946		15,729		-5.0	%		4,486		4,696		-4.5	%		10,460		11,033		-5.2	%		70.0	%		93.5	%		96.5	%		1,255		1,291
Washington — NoVA — MD		13		5,314		5,260		76,337		76,616		-0.4	%		23,897		23,356		2.3	%		52,440		53,260		-1.5	%		68.7	%		95.9	%		96.4	%		1,183		1,187
Boston		11		4,147		4,147		58,753		59,448		-1.2	%		21,816		21,255		2.6	%		36,937		38,193		-3.3	%		62.9	%		95.5	%		96.1	%		1,179		1,185
Philadelphia		4		1,791		1,523		24,111		24,753		-2.6	%		8,954		9,003		-0.5	%		15,157		15,750		-3.8	%		62.9	%		92.4	%		95.7	%		1,263		1,265
Northeast Total		32		12,414		11,874		174,147		176,546		-1.4	%		59,153		58,310		1.4	%		114,994		118,236		-2.7	%		66.0	%		95.1	%		96.2	%		1,200		1,207
Miami		6		2,471		2,348		47,678		50,528		-5.6	%		20,259		21,354		-5.1	%		27,419		29,174		-6.0	%		57.5	%		94.5	%		93.5	%		1,604		1,727
Palm Beach/Fort Lauderdale [1]		6		1,891		1,741		20,202		20,118		0.4	%		8,978		8,412		6.7	%		11,224		11,706		-4.1	%		55.6	%		95.3	%		93.5	%		924		959
Orlando [1]		8		2,032		1,815		16,754		17,528		-4.4	%		7,572		8,196		-7.6	%		9,182		9,332		-1.6	%		54.8	%		93.0	%		91.8	%		733		793
Tampa [1]		6		1,755		1,621		15,817		16,305		-3.0	%		6,711		7,082		-5.2	%		9,106		9,223		-1.3	%		57.6	%		94.3	%		93.9	%		757		805
Jacksonville [1]		1		144		144		1,552		1,556		-0.3	%		666		669		-0.4	%		886		887		-0.1	%		57.1	%		95.6	%		92.7	%		838		892
Florida Total		27		8,293		7,669		102,003		106,035		-3.8	%		44,186		45,713		-3.3	%		57,817		60,322		-4.2	%		56.7	%		94.3	%		93.2	%		1,044		1,114
Houston		6		2,509		1,987		17,841		17,411		2.5	%		7,684		7,491		2.6	%		10,157		9,920		2.4	%		56.9	%		93.8	%		93.7	%		716		703
Denver		9		2,553		1,991		21,811		22,124		-1.4	%		7,630		7,803		-2.2	%		14,181		14,321		-1.0	%		65.0	%		94.8	%		97.0	%		803		796
Phoenix		13		3,319		2,923		24,076		26,050		-7.6	%		10,594		11,012		-3.8	%		13,482		15,038		-10.3	%		56.0	%		92.5	%		95.6	%		648		687
Dallas — Fort Worth		2		569		569		5,208		5,110		1.9	%		2,517		2,571		-2.1	%		2,691		2,539		6.0	%		51.7	%		92.5	%		93.0	%		735		723
Atlanta		1		60		24		238		244		-2.5	%		122		139		-12.2	%		116		105		10.5	%		48.7	%		94.5	%		97.3	%		776		795
Sunbelt Total		58		17,303		15,163		171,177		176,974		-3.3	%		72,733		74,729		-2.7	%		98,444		102,245		-3.7	%		57.5	%		93.9	%		94.3	%		875		910
Chicago		9		2,413		2,349		31,813		31,826		0.0	%		13,051		12,802		1.9	%		18,762		19,024		-1.4	%		59.0	%		93.4	%		94.2	%		1,093		1,092
Total Target Markets		121		38,543		34,883		476,803		490,193		-2.7	%		178,210		179,182		-0.5	%		298,593		311,011		-4.0	%		62.6	%		94.4	%		95.2	%		1,117		1,148
Other
Austin		3		816		816		6,526		6,942		-6.0	%		3,501		3,197		9.5	%		3,025		3,745		-19.2	%		46.4	%		89.7	%		93.7	%		668		687
Baltimore		3		701		628		8,482		8,547		-0.8	%		3,404		3,239		5.1	%		5,078		5,308		-4.3	%		59.9	%		94.8	%		95.2	%		1,096		1,095
Indianapolis/Fort Wayne		5		3,182		2,983		23,334		23,543		-0.9	%		10,534		10,384		1.4	%		12,800		13,159		-2.7	%		54.9	%		93.2	%		94.8	%		606		605
Nashville		2		438		392		4,967		5,017		-1.0	%		1,963		2,048		-4.2	%		3,004		2,969		1.2	%		60.5	%		94.9	%		95.6	%		985		1,008
Norfolk/Richmond		5		1,229		1,137		12,492		12,700		-1.6	%		4,238		4,127		2.7	%		8,254		8,573		-3.7	%		66.1	%		94.8	%		95.6	%		866		876
Other Markets		22		8,117		7,757		80,340		81,683		-1.6	%		36,766		35,686		3.0	%		43,574		45,997		-5.3	%		54.2	%		93.3	%		94.4	%		816		837
Total Other		40		14,483		13,713		136,141		138,432		-1.7	%		60,406		58,681		2.9	%		75,735		79,751		-5.0	%		55.6	%		93.3	%		94.6	%		785		799
SAME STORE SALES TOTALS		161		53,026		48,596		612,944		628,625		-2.5	%		238,616		237,863		0.3	%		374,328		390,762		-4.2	%		61.1	%		94.1	%		95.0	%	$	1,027	$	1,053
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement [2]								527,884		509,370					282,545		288,375					245,339		220,995
Total rental and other property revenues and property operating expense per GAAP Income Statement							$	1,140,828	$	1,137,995				$	521,161	$	526,238				$	619,667	$	611,757

[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; and (iii) elimination and other adjustments made in accordance with GAAP.

AIMCO 4th Quarter 2009 Page 13

Supplemental Schedule 7

Total Conventional Portfolio Data by Market
(unaudited)

	Quarter Ended December 31, 2009														Quarter Ended December 31, 2008
	Properties		Units		Ownership			Effective Units		% AIV NOI			Average Rent		Properties		Units		Ownership			Effective Units		% AIV NOI			Average Rent
Target Markets
Los Angeles		15		4,093		84	%		3,442		9.9	%	$	1,976		16		4,261		85	%		3,618		9.0	%	$	2,162
Orange County		4		1,213		94	%		1,143		2.7	%		1,499		4		1,213		94	%		1,143		1.8	%		1,573
San Diego		6		2,144		97	%		2,074		4.2	%		1,198		6		2,144		97	%		2,074		3.4	%		1,225
Southern CA Total		25		7,450		89	%		6,659		16.8	%		1,675		26		7,618		90	%		6,835		14.2	%		1,806
East Bay		2		413		85	%		353		0.6	%		1,220		2		413		85	%		353		0.6	%		1,271
San Francisco		6		774		100	%		774		1.7	%		1,465		6		773		100	%		773		1.3	%		1,534
San Jose		1		224		100	%		224		0.5	%		1,521		1		224		100	%		224		0.4	%		1,639
Northern CA Total		9		1,411		96	%		1,351		2.8	%		1,403		9		1,410		96	%		1,350		2.3	%		1,471
Seattle		3		413		75	%		309		0.6	%		1,197		3		413		75	%		309		0.5	%		1,175
Pacific Total		37		9,274		90	%		8,319		20.2	%		1,612		38		9,441		90	%		8,494		17.0	%		1,727
Manhattan		22		957		100	%		955		3.0	%		2,366		22		956		100	%		954		3.1	%		2,633
Suburban New York / New Jersey		4		1,162		81	%		944		1.9	%		1,206		8		3,413		87	%		2,978		4.5	%		1,172
New York Total		26		2,119		90	%		1,899		4.9	%		1,732		30		4,369		90	%		3,932		7.6	%		1,499
Washington — NoVA — MD		17		6,711		94	%		6,289		12.7	%		1,197		18		7,412		94	%		6,989		11.0	%		1,201
Boston		12		4,250		100	%		4,250		7.4	%		1,173		12		4,251		100	%		4,251		6.1	%		1,202
Philadelphia		7		3,886		91	%		3,539		6.4	%		1,229		7		3,885		91	%		3,538		5.2	%		1,270
Northeast Total		62		16,966		94	%		15,977		31.4	%		1,264		67		19,917		94	%		18,710		29.9	%		1,280
Miami		5		2,471		95	%		2,348		4.8	%		1,532		6		2,674		92	%		2,448		4.8	%		1,645
Palm Beach/Fort Lauderdale [1]		6		1,891		92	%		1,741		2.0	%		902		9		2,627		94	%		2,479		2.7	%		985
Orlando [1]		10		3,000		90	%		2,708		2.8	%		738		13		3,680		92	%		3,388		2.6	%		794
Tampa [1]		7		2,031		88	%		1,793		1.9	%		745		11		3,307		91	%		2,994		2.5	%		803
Jacksonville [1]		4		1,643		85	%		1,404		1.5	%		782		4		1,643		85	%		1,404		1.0	%		838
Florida Total		32		11,036		91	%		9,994		13.0	%		955		43		13,931		91	%		12,713		13.6	%		1,004
Houston		9		3,140		82	%		2,583		2.3	%		697		17		5,232		84	%		4,419		3.1	%		683
Denver		9		2,553		78	%		1,991		2.8	%		785		10		2,877		80	%		2,315		2.6	%		797
Phoenix		17		4,418		89	%		3,910		3.3	%		632		20		5,164		90	%		4,656		3.5	%		691
Dallas — Fort Worth		3		825		89	%		732		0.7	%		713		7		1,762		81	%		1,425		1.2	%		724
Atlanta		7		1,574		77	%		1,214		1.2	%		840		8		1,795		80	%		1,435		1.3	%		915
Sunbelt Total		77		23,546		87	%		20,424		23.3	%		827		105		30,761		88	%		26,963		25.3	%		857
Chicago		15		4,633		94	%		4,348		7.8	%		1,112		19		5,555		93	%		5,157		6.2	%		1,117
Total Target Markets		191		54,419		90	%		49,068		82.7	%		1,124		229		65,674		90	%		59,324		78.4	%		1,133
Other
Austin		3		816		100	%		816		0.7	%		637		4		1,143		100	%		1,143		0.9	%		726
Baltimore		5		1,180		84	%		993		1.5	%		1,032		5		1,180		84	%		993		1.4	%		1,062
Cincinnati		2		505		80	%		405		0.6	%		1,197		2		504		80	%		405		0.6	%		1,215
Colorado Springs CO		—		—		—			—		—			—		3		714		92	%		654		0.5	%		668
Indianapolis / Ft Wayne		5		3,182		94	%		2,983		2.5	%		595		14		6,063		97	%		5,863		4.2	%		613
Inland Empire		3		574		89	%		513		0.6	%		835		3		574		90	%		516		0.5	%		859
Michigan [2]		6		3,862		94	%		3,643		2.8	%		634		7		4,150		95	%		3,931		2.6	%		660
Minneapolis		2		732		89	%		651		1.7	%		1,490		2		732		89	%		651		1.4	%		1,539
Nashville		4		1,114		77	%		861		1.1	%		854		6		1,830		79	%		1,449		1.4	%		851
Non-Target Florida [2]		10		2,204		100	%		2,204		1.8	%		657		11		2,404		98	%		2,358		1.8	%		718
Norfolk / Richmond		6		1,643		94	%		1,551		2.5	%		942		8		2,363		93	%		2,186		2.7	%		921
Providence RI		2		708		100	%		708		1.0	%		1,089		3		948		100	%		948		1.4	%		1,110
Raleigh / Greenville		2		366		86	%		313		0.2	%		646		7		1,599		79	%		1,268		1.0	%		702
Other Markets [2]		2		421		62	%		262		0.3	%		803		6		1,531		64	%		977		1.2	%		724
Total Other [3]		52		17,307		92	%		15,903		17.3	%		783		81		25,735		91	%		23,342		21.6	%		776
Grand Total		243		71,726		91	%		64,971		100.0	%	$	1,042		310		91,409		90	%		82,666		100.0	%	$	1,032

[1]	Palm Beach/Fort Lauderdale, Orlando, Tampa and Jacksonville are considered part of the Other Florida market.
[2]	Michigan, Non-Target Florida and Other Markets include properties in multiple markets.
[3]	For the quarters ended December 31, 2009 and 2008, Aimco’s conventional portfolio included assets in 18 and 23 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit.

AIMCO 4th Quarter 2009 Page 14

Supplemental Schedule 8

Property Sales and Acquisition Activity
(unaudited)

FOURTH 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]		23		8,113	$	492.8		7.9	%	$	330.1	$	137.1	$	468.8	$	134.6	$	820
Affordable		9		985		40.0		7.5	%		15.8		23.7		32.3		19.6		796
Total Dispositions		32		9,098	$	532.8		7.9	%	$	345.9	$	160.8	$	501.1	$	154.2	$	818

2009 PROPERTY SALES ACTIVITY (dollars in millions, except average rent) [4]

	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 [5]		68		20,405	$	1,143.6		7.9	%	$	701.6	$	373.9	$	1,036.9	$	354.7	$	780
Affordable		22		2,578		130.2		6.5	%		62.2		62.2		79.9		52.5		792
Total Dispositions		90		22,983	$	1,273.8		7.8	%	$	763.8	$	436.1	$	1,116.8	$	407.2	$	781

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

Market	Properties		Units
Target Markets:
Atlanta		1		221
Chicago		2		402
Dallas-Fort Worth		1		180
Denver		1		324
Los Angeles		1		168
Orlando		1		324
Palm Beach/Fort Lauderdale		1		280
Phoenix		2		520
Suburban New York/New Jersey		3		1,475
Tampa		2		604
Washington — NoVA — MD		1		700
Total Target Markets		16		5,198
Other:
Indianapolis/Fort Wayne		3		1,799
Norfolk/Richmond		1		432
Raleigh/Greenville		2		504
Sacramento		1		180
Total Other		7		2,915
Total Conventional Dispositions		23		8,113

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

2009 PROPERTY ACQUISITION ACTIVITY

There were no property acquisitions during the year ended December 31, 2009.

AIMCO 4th Quarter 2009 Page 15

Supplemental Schedule 9

Capital Additions
Year Ended December 31, 2009
(in thousands, except per unit data) (unaudited)

All capital additions are classified as either Capital Replacements (“CR”), Capital Improvements (“CI”), casualties or redevelopment. Non-redevelopment and non-casualty capital additions 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 capital additions, on both consolidated and unconsolidated real estate partnerships, for Capital Replacements, Capital Improvements, casualties and redevelopment for the year ended December 31, 2009. Per unit numbers are based on approximately 97,196 average units, including 81,135 conventional and 16,061 affordable units. Average units are weighted for the period and represent Effective Units excluding non-managed units. [1]

	Aimco’s Share of			Per Effective
	Additions			Unit
Capital Replacements Detail:
Building and grounds	$	32,876		$	338
Turnover related		30,298			312
Capitalized site payroll and indirect costs		7,076			73
Total Aimco’s share of Capital Replacements	$	70,250		$	723
Capital Replacements:
Conventional	$	64,675		$	797
Affordable		5,575		$	347
Total Aimco’s share of Capital Replacements		70,250		$	723
Capital Improvements:
Conventional		47,634		$	587
Affordable		5,755		$	358
Total Aimco’s share of Capital Improvements		53,389		$	549
Casualties:
Conventional		17,724
Affordable		1,872
Total Aimco’s share of Casualties [2]		19,596
Redevelopment (see Schedule 10) [3]:
Conventional projects [4]		66,768
Tax Credit projects [5]		46,066
Total Aimco’s share of Redevelopment		112,834
Total Aimco’s share of capital additions		256,069
Plus noncontrolling interest partners’ share of consolidated additions		20,062
Less Aimco’s share of unconsolidated additions		(687	)
Capital Additions	$	275,444

[1]	Average units calculated pro rata for the period based on disposition timing.
[2]	A portion of spending related to casualty losses is reimbursed through insurance.
[3]	Redevelopment additions 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]	Conventional redevelopment projects include Lincoln Place (CA) and Pacific Bay Vistas (formerly Treetops) (CA), which are predominantly vacant and have December 31, 2009, net book values of $138.9 million and $32.9 million, respectively.
[5]	Redevelopment spending on tax credit projects is substantially funded from tax credit investor contributions.

AIMCO 4th Quarter 2009 Page 16

Supplemental Schedule 10

Summary of Redevelopment Activity
Year Ended December 31, 2009
(dollars in millions) (unaudited)

										Actual Additions
							Total						Year Ended
	Number of			Number of			Estimated			Inception to			December 31, 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		$	540.0		$	56.1	$	52.9
Changes in project scope and estimated costs		—			—			(47.5	) [2]		—			—		—
Redevelopment additions during period		37			13,553			547.3			540.0			56.1		52.9
Projects completed during period		(33	)		(11,910	)		(499.0	)		(499.0	)
Active redevelopment projects at December 31, 2009 [3]		4			1,643			48.3			41.0
TAX CREDIT REDEVELOPMENT PROJECTS
Active redevelopment projects at December 31, 2008		4			528		$	38.8		$	37.4		$	20.3	$	20.0
New redevelopment projects started during period		3			546			21.1			15.5			15.5		15.5
Changes in estimated costs		—			—			2.4			—			—		—
Redevelopment additions during period		7			1,074			62.3			52.9			35.8		35.5
Projects completed during period		(4	)		(349	)		(19.7	)		(19.3	)
Active redevelopment projects at December 31, 2009		3			725			42.6			33.6
TOTAL ACTIVE REDEVELOPMENT PROJECTS		7			2,368		$	90.9		$	74.6
YEAR-TO-DATE REDEVELOPMENT ADDITIONS													$	91.9	$	88.4

[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 4th Quarter 2009 Page 17

Supplemental Schedule 11

Aimco Capital
(in thousands) (unaudited)

Investment Management Income

	Three Months Ended						Year Ended
	December 31,						December 31,
	2009			2008			2009			2008
Current asset management fees [1]	$	1,502		$	1,006		$	4,619		$	4,074
Deferred asset management fees [2]		—			2,401			—			3,075
Promotes		2,880			(1,369	)		4,429			47,210
Other GP transactional fees		1,299			5,684			6,512			14,087
Total asset management revenues		5,681			7,722			15,560			68,446
Tax credit syndication fees [3]		—			1,935			—			3,360
Deferred tax credit income — historic [4]		3,763			—			3,763			—
Deferred tax credit income — low income housing [4]		8,970			7,785			32,870			29,419
Total tax credit revenues		12,733			9,720			36,633			32,779
Total asset management and tax credit revenues		18,414			17,442			52,193			101,225
Accretion on discounted notes receivable [5]		(87	)		(186	)		604			(1,194	)
Land and other investment gains		33			—			3,906			1,669
Other portfolio management revenue [6]		2,215			718			6,636			6,288
Total portfolio management revenue		2,161			532			11,146			6,763
Total investment management revenues		20,575			17,974			63,339			107,988
Investment management expenses		(3,060	)		(6,740	)		(15,779	)		(24,784	)
Net investment management income (pre-tax)		17,515			11,234			47,560			83,204
Income taxes [7]		(3,540	)		(3,181	)		(9,487	)		(8,990	)
Net investment management income (after tax)	$	13,975		$	8,053		$	38,073		$	74,214

Summary of Projected Tax Credit Income

	Year Ending December 31,
	2010			2011			2012			2013			2014			Thereafter			Total
Amortization of deferred income [8]	$	30,967		$	29,001		$	29,022		$	27,550		$	25,832		$	69,485		$	211,857
Income taxes [9]		(12,077	)		(11,310	)		(11,319	)		(10,745	)		(10,074	)		(27,099	)		(82,624	)
Projected income, net of tax	$	18,890		$	17,691		$	17,703		$	16,805		$	15,758		$	42,386		$	129,233

[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 for low income housing tax credits and when the asset is placed into service for historic tax credits. 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 years ended December 31, 2009 and 2008, Aimco revised its estimate of the timing and amount of payment on certain discounted notes and as a result recorded adjustments totaling $1.0 million and $5.1 million, respectively, 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 4th Quarter 2009 Page 18

Supplemental Schedule 12

Apartment Unit Summary
As of December 31, 2009
(unaudited)

	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Conventional Real Estate Portfolio:
Wholly-owned consolidated properties		166		48,146		48,146		100	%
Partially-owned consolidated properties		75		24,580		17,825		73	%
Partially-owned unconsolidated properties		2		1,304		455		35	%
Total		243		74,030		66,426		90	%
Affordable Real Estate Portfolio:
Wholly-owned consolidated properties		83		11,525		11,525		100	%
Partially-owned consolidated properties		102		10,951		3,411		31	%
Partially-owned unconsolidated properties		75		7,174		1,077		15	%
Total		260		29,650		16,013		54	%
Total Owned Real Estate Portfolio:
Wholly-owned consolidated properties		249		59,671		59,671		100	%
Partially-owned consolidated properties		177		35,531		21,236		60	%
Partially-owned unconsolidated properties		77		8,478		1,532		18	%
Total		503		103,680		82,439		80	%
Management Contracts:
Property-managed for third parties		22		2,095
Asset-managed		345		29,879
Total		367		31,974
Total Portfolio		870		135,654

AIMCO 4th Quarter 2009 Page 19

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: Conventional 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 amounts and operating real estate impairments, 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 Aimco 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.

AIMCO OPERATING PARTNERSHIP: AIMCO Properties, LP., a Delaware limited partnership, is the operating partnership in Aimco's UPREIT structure.

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

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

CASUALTY CAPITAL ADDITIONS: Casualty capital additions 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.

DEBT SERVICE COVERAGE RATIO: As defined in Aimco’s credit agreement, the ratio of (a) Aimco’s adjusted total earnings before interest, taxes, depreciation and amortization (which excludes certain capital expenditure reserves) to (b) the actual debt service, for the four fiscal quarters preceding the date of calculation.

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

FIXED CHARGE COVERAGE RATIO: As defined in Aimco’s credit agreement, the ratio of (a) Aimco’s adjusted total earnings before interest, taxes, depreciation and amortization (which excludes certain capital expenditure reserves) to (b) fixed charges, which represents the sum of total interest expense, amortization and dividends/distributions on preferred shares/units, for the four fiscal quarters preceding the date of calculation.

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 amounts 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: Conventional 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 conventional 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 conventional properties as well as its proportionate share of consolidated and unconsolidated Same Store conventional properties. To ensure comparability, the information for all periods shown is based on current period ownership. Please see Supplemental Schedules 6a through 6c for Same Store conventional data reconciled to rental and other property revenues and property operating expense as determined in accordance with GAAP.

AIMCO 4th Quarter 2009 Page 20