EXHIBIT 99.1

Apartment Investment and Management Company
Announces Second Quarter 2010 Results

Denver, Colorado – July 30, 2010 – Apartment Investment and Management Company (NYSE: AIV) announced today its second quarter 2010 results.

Chairman and Chief Executive Officer Terry Considine comments: “Aimco’s business plan is simple: to own and operate B/B+ quality apartments in the 20 largest U.S. markets to generate solid returns for our shareholders. During the second quarter, we had high occupancy and good demand leading to improved pricing. While rental rates on new leases in the aggregate were down from the prior year, new lease rates turned positive in several of our markets for the first time in five quarters. Rental rates on renewals were up in every market but one. We sold eleven properties and on July 26^th, repaid the $25 million balance on our Term Debt, leaving no recourse debt on our balance sheet. Our focus remains on providing excellent service to our customers, maintaining our properties, controlling our costs, and strengthening our balance sheet.”

Chief Financial Officer Ernie Freedman adds: “Second quarter Pro forma FFO of $0.41 per share exceeded the midpoint of our guidance range by $0.10 per share, with a $0.06 contribution from better than expected operating results and $0.03 of one-time items that were not contemplated in our guidance. We are increasing our guidance for full year 2010 Pro forma FFO from a range of $1.25 to $1.35 per share to a range of $1.37 to $1.45 per share and we are establishing third quarter Pro forma FFO guidance of $0.32 to $0.36 per share.”

Financial Results

Diluted Per Share Results

	SECOND QUARTER						YEAR-TO-DATE
	2010			2009			2010			2009
Earnings (loss) per share	$	(0.15	)	$	(0.26	)	$	(0.50	)	$	(0.60	)
Funds from Operations (FFO)	$	0.40		$	0.34		$	0.65		$	0.78
Add back Aimco’s share of operating real estate impairment losses	$	0.03		$	0.13		$	0.10		$	0.12
Deduct Aimco’s share of preferred stock redemption related gains	$	(0.02	)	$	(0.02	)	$	(0.02	)	$	(0.02	)
Pro forma Funds from Operations (Pro forma FFO)	$	0.41		$	0.45		$	0.73		$	0.88
Deduct Aimco’s share of capital replacements	$	(0.14	)	$	(0.14	)	$	(0.24	)	$	(0.27	)
Adjusted Funds From Operations (AFFO)	$	0.27		$	0.31		$	0.49		$	0.61

Net income (loss) – Net loss attributable to Aimco common stockholders for the quarter was $18.0 million, compared to net loss of $29.9 million for second quarter 2009. Second quarter 2010 net loss was less than second quarter 2009 primarily due to other income associated with the settlement of certain litigation matters during second quarter 2010. The increase in other income was partially offset by dilution from 2009 asset sales and lower transaction revenues.

Funds from Operations – FFO is a non-GAAP financial measure defined in the glossary in Aimco’s Supplemental Information (the Glossary). FFO calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts (NAREIT) was $46.9 million, or $0.40 per share, compared with $38.7 million, or $0.34 per share, in second quarter 2009. Pro forma FFO, which represents FFO as prescribed by NAREIT but excludes operating real estate impairment losses (recoveries) and preferred stock redemption related gains, was $47.8 million, or $0.41 per share, compared with $52.3 million, or $0.45 per share, in second quarter 2009. Second quarter 2010 Pro forma FFO of $0.41 per share was $0.10 per share above the midpoint of Aimco’s guidance range primarily as a result of better than expected operating results of $0.06 per share and one-time items of $0.03 per share, which were not anticipated in guidance.

AIMCO 2nd Quarter 2010

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Property Operations

Property operating results discussed below represent Aimco’s Proportionate Share of reported amounts, which reflects property operating results adjusted for Aimco’s ownership in each property. This non-GAAP measure is defined in the Glossary.

Diversified Operating Portfolio – Aimco’s property operations consist primarily of Conventional with some Affordable real estate operations. Conventional real estate operations relate to Aimco’s diversified portfolio of market rate apartment communities and include Same Store Properties, Redevelopment Properties, Acquisition Properties, and Other Properties. See Supplemental Schedules 7a and 7b for detailed information on Aimco’s Conventional real estate portfolio, including selected operating results.

Affordable real estate operations relate to Aimco’s portfolio of properties with rents that are generally paid, in whole or part, by a government agency. Affordable properties tend to have more stable rents and higher occupancy than Conventional properties due to government rent payments and thus are much less affected by market fluctuations.

Portfolio Operating Measures^*

	YEAR-TO-DATE
	% Aimco			Year-over-Year Variance
	NOI			Revenue			Expenses			NOI
Conventional Same Store		69	%		-1.1	%		2.2	%		-3.2	%
Affordable Same Store		11	%		2.4	%		5.4	%		-0.2	%
Total Same Store		80	%		-0.6	%		2.8	%		-2.8	%
Conventional Redevelopment		12	%		8.5	%		-4.6	%		17.9	%
Other Conventional		6	%		0.8	%		5.5	%		-3.7	%
Affordable Redevelopment		2	%		4.0	%		-7.9	%		14.3	%
Total		100	%		0.6	%		2.0	%		-0.4	%

* The information in this table relates to properties that Aimco owns and manages, and are classified within continuing operations. Results exclude properties that Aimco owns but does not manage and properties classified within discontinued operations. To ensure comparability between periods, the year-over-year change in Revenue, Expenses and NOI in this table is based on Aimco’s current period ownership. See the Glossary for additional information about the property categories included in the table above and Schedules 1 and 2 in the Supplemental Information for financial and statistical information for these portfolios.

Conventional Same Store Results – In second quarter 2010, the Conventional Same Store portfolio included 168 communities with 56,272 units, in which Aimco had a weighted average ownership of 92%.

Conventional Same Store Operating Measures

	SECOND QUARTER									SECOND QUARTER						YEAR-TO-DATE
	Year-over-year									Sequential						Year-over-year
	2010			2009			Variance			1st Qtr			Variance			2010			2009			Variance
$ in Millions except rent per unit
Average Daily Occupancy		95.6	%		92.8	%		2.8	%		96.0	%		-0.4	%		95.8	%		93.0	%		2.8	%
Average Rent Per Unit	$	1,010		$	1,056			-4.4	%	$	1,008			0.2	%	$	1,009		$	1,062			-5.0	%
Revenue	$	164.2		$	165.0			-0.5	%	$	164.5			-0.1	%	$	326.5		$	330.2			-1.1	%
Expenses		(63.4	)		(63.1	)		0.5	%		(67.6	)		-6.2	%		(130.2	)		(127.3	)		2.2	%
NOI	$	100.8		$	101.9			-1.1	%	$	96.9			4.1	%	$	196.3		$	202.9			-3.2	%

AIMCO 2nd Quarter 2010

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Comparing Conventional Same Store results in second quarter 2010 with second quarter 2009, total revenue decreased $0.8 million, or 0.5%. The decrease in revenue was primarily the result of lower average rent, down 4.4% or $46 per unit, from $1,056 per unit to $1,010 per unit, largely offset by higher average daily occupancy of 95.6% for second quarter 2010 compared to 92.8% for second quarter 2009. Rental rates on new leases transacted during the quarter were 2.3% lower than the expiring lease rates, while renewal rates were 1.9% higher than the expiring lease rates. New and renewal lease rates improved throughout the quarter, with June 2010 new lease rates 1.4% lower than the expiring lease rates and renewal rates 2.4% higher than the expiring lease rates. June 2010 new and renewal lease rates also compared favorably to beginning of year new lease rates that were 8.9% lower than the expiring lease rates and renewal rates that were 0.7% lower than the expiring lease rates. Conventional Same Store expenses increased $0.3 million or 0.5%, with higher marketing and turnover costs substantially offset by lower property taxes and insurance. Refer to Supplemental Schedules 6a through 6c for additional details on Conventional Same Store operating results.

Affordable Same Store Results – In second quarter 2010, the Affordable Same Store portfolio included 166 communities with 20,122 units, in which Aimco had a weighted average ownership of 62%. For the second quarter 2010, average month-end occupancy for the affordable portfolio was 97.2%, a decrease of 10 basis points from second quarter 2009, while average rent per unit increased 1.6% from $768 to $780 per unit.

Portfolio

Aimco’s portfolio strategy focuses on B/B+ quality Conventional apartment communities located in the 20 largest U.S. markets, with a target capital allocation of 10% to Affordable apartment communities.

Aimco measures Conventional property asset quality based on average rents compared to local market average rents as reported by REIS, a third-party provider of commercial real estate performance information and analysis. Aimco defines A-quality assets as those with rents greater than 125% of local market average, B-quality assets as those with rents 90% to 125% of local market average and C-quality assets as those with rents less than 90% of local market average. For the first quarter 2010, the most current period for which REIS information is available, Aimco’s Conventional property rents averaged 101% of local market average rents.

For the second quarter 2010, average rents for the Conventional portfolio were $1,042 per unit, a 0.8% increase compared to second quarter 2009, primarily as a result of the sale of Conventional properties during 2009 with rents averaging 33% less than the retained portfolio.

Aimco’s geographic allocation strategy focuses on the 20 largest U.S. markets as measured by total apartment value. Aimco believes 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 Aimco executes this strategy, the Company expects to reduce its investment in markets outside the 20 largest markets and to increase its investment in the 20 largest markets through redevelopment and acquisitions. During second quarter 2010, net operating income generated by Conventional properties located in the 20 largest markets accounted for 82.6% of total Conventional property net operating income, an increase of 0.8% compared to second quarter 2009.

In second quarter 2010, Aimco sold seven Conventional properties and four Affordable properties with 1,327 and 597 units, respectively for $102.2 million in gross proceeds. Aimco’s share of net proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $25.0 million. Proceeds were used primarily to repay recourse term debt.

See Supplemental Schedules 7a and 7b for additional details regarding Aimco’s portfolio quality and capital allocation, and Supplemental Schedule 8 for additional details on disposition activity.

AIMCO 2nd Quarter 2010

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Balance Sheet and Liquidity

	AS OF JUNE 30, 2010
			% of			Weighted		Weighted Avg
	Amount		Total			Avg Maturity (Yrs)		Rate
Aimco leverage ($ in millions)
Aimco’s share of long-term, non-recourse property debt	$	4,902.8		85	%		8.0		5.50	%
Recourse term debt		25.0		1	%		0.5		1.85	%
Other borrowings		41.4		1	%		n/a		6.16	%
Total/weighted average debt		4,969.2		87	%		8.0		5.48	%
Preferred securities		765.9		13	%		n/a		7.60	%
Total/weighted average leverage	$	5,735.1		100	%		n/a		5.77	%

See Supplemental Schedules 4a and 4b for additional details about Aimco’s non-recourse property debt and Supplemental Schedule 5 for information related to Aimco’s preferred securities.

Aimco’s recourse debt at June 30, 2010, was limited to its revolving credit facility and corporate term debt. At that time, the balance on Aimco’s revolving credit facility was zero and available capacity was $137.1 million, net of $42.9 million of letters of credit issued against the facility. Aimco’s revolving credit facility is used for working capital purposes and to secure letters of credit. At the end of second quarter 2010, the balance on Aimco’s corporate term debt was $25.0 million, which balance was repaid in full in July 2010.

In connection with its revolving credit facility, Aimco is subject to Debt Service and Fixed Charge Coverage covenants, as defined in the Glossary. For second quarter 2010, Aimco’s Debt Service and Fixed Charge Coverage ratios were 1.57:1 and 1.34:1, compared to covenants in place during the quarter of 1.40:1 and 1.20:1, respectively, and first quarter 2010 ratios of 1.59:1 and 1.35:1. Aimco expects to remain in compliance with these covenants.

2010 Outlook

	THIRD QUARTER	FULL YEAR
Net loss per share	-$0.47 to -$0.43	-$1.80 to -$1.72
Pro forma FFO per share	$0.32 to $0.36	$1.37 to $1.45
Conventional Same Store Operating Measures
Average daily occupancy	95.0% to 95.5%	95.0% to 95.5%
NOI change compared to same period 2009	-0.5% to 0.5%	-2.0% to -1.0%
NOI change compared to second quarter 2010	-2.0% to -1.0%

Additional full year guidance updates:
Conventional Same Store Operating Measures
Revenue change compared to 2009	-1.0% to -0.5%
Expense change compared to 2009	0.0% to 1.0%
Total portfolio NOI change compared to 2009	-0.5% to 0.5%
Non-Recurring Investment Management Revenue	$4 to $6 million
Non-Recurring Investment Management Expenses	$4 million
Non-Recurring Investment Management Income, net of tax	$1 million

AIMCO 2nd Quarter 2010

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About Aimco

Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the 20 largest markets in the United States. Aimco is one of the country’s largest owners and operators of both conventional and affordable apartments, with 817 communities serving approximately 500,000 residents in 43 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.

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.

Earnings Conference Call

Aimco’s second quarter 2010 earnings conference call will be held Friday, July 30, 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: 7517190

Conference Call Replay
Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-0088
Passcode: 442294

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

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

Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

Financial and operating measures found in this Earnings Release and the 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 in the glossary in the Supplemental Information and, where appropriate, reconciled to the most comparable GAAP measures.

Contact

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

AIMCO 2nd Quarter 2010

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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 third 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, 2009, 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.

AIMCO 2nd Quarter 2010

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Consolidated Statements of Operations

(in thousands, except per share data) (unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
REVENUES:
Rental and other property revenues	$	285,395		$	279,041		$	570,622		$	559,303
Asset management and tax credit revenues		9,596			12,606			13,853			22,144
Total revenues		294,991			291,647			584,475			581,447
OPERATING EXPENSES:
Property operating expenses		132,946			125,665			271,354			259,149
Investment management expenses		5,141			4,716			8,370			8,506
Depreciation and amortization		108,667			108,437			217,006			212,606
Provision for operating real estate impairment losses		—			1,569			—			2,079
General and administrative expenses		15,184			14,577			26,919			30,837
Other (income) expenses, net		(6,693	)		3,748			(3,592	)		5,229
Total operating expenses		255,245			258,712			520,057			518,406
Operating income		39,746			32,935			64,418			63,041
Interest income		1,928			2,225			5,150			5,532
Recovery of (provision for) losses on notes receivable		148			(1,534	)		(278	)		(1,685	)
Interest expense		(79,499	)		(81,771	)		(159,294	)		(162,068	)
Equity in (losses) earnings of unconsolidated real estate partnerships		(7,224	)		(1,696	)		727			(3,736	)
Gain on dispositions of unconsolidated real estate and other, net		4,970			3,463			7,612			14,327
Loss before income taxes and discontinued operations		(39,931	)		(46,378	)		(81,665	)		(84,589	)
Income tax benefit		3,598			2,473			7,369			4,949
Loss from continuing operations		(36,333	)		(43,905	)		(74,296	)		(79,640	)
Income from discontinued operations, net [1]		26,163			36,279			47,366			39,440
Net loss		(10,170	)		(7,626	)		(26,930	)		(40,200	)
Noncontrolling interests:
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships		2,716			(11,695	)		(9,418	)		(5,422	)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership		(1,683	)		(1,746	)		(3,376	)		(2,815	)
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership		1,312			2,623			4,381			5,458
Total noncontrolling interests		2,345			(10,818	)		(8,413	)		(2,779	)
Net loss attributable to Aimco		(7,825	)		(18,444	)		(35,343	)		(42,979	)
Net income attributable to Aimco preferred stockholders		(10,128	)		(11,477	)		(23,050	)		(24,643	)
Net income attributable to participating securities		(42	)		—			—			—
Net loss attributable to Aimco common stockholders	$	(17,995	)	$	(29,921	)	$	(58,393	)	$	(67,622	)
Weighted average common shares outstanding — basic and diluted		116,323			115,510			116,179			112,886
Earnings (loss) per common share — basic and diluted:
Loss from continuing operations attributable to Aimco common stockholders	$	(0.30	)	$	(0.38	)	$	(0.74	)	$	(0.72	)
Income from discontinued operations attributable to Aimco stockholders		0.15			0.12			0.24			0.12
Net loss attributable to Aimco common stockholders	$	(0.15	)	$	(0.26	)	$	(0.50	)	$	(0.60	)

AIMCO 2nd Quarter 2010

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Consolidated Statements of Operations (continued)

Notes to Consolidated Statements of Operations

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Rental and other property revenues [2]	$	3,218		$	56,872		$	10,977		$	118,186
Property operating expenses [2]		(1,773	)		(29,015	)		(5,199	)		(61,262	)
Depreciation and amortization		(453	)		(17,538	)		(1,925	)		(36,962	)
Provision for operating real estate impairment losses		(895	)		(17,268	)		(8,121	)		(13,904	)
Other expenses, net		(194	)		(3,180	)		(1,046	)		(5,180	)
Operating (loss) income		(97	)		(10,129	)		(5,314	)		878
Interest income		81			46			107			188
Interest expense		(585	)		(10,898	)		(1,593	)		(23,343	)
Loss before gain on dispositions of real estate and income taxes		(601	)		(20,981	)		(6,800	)		(22,277	)
Gain on dispositions of real estate		26,982			57,991			53,321			62,538
Income tax (expense) benefit		(218	)		(731	)		845			(821	)
Income from discontinued operations, net	$	26,163		$	36,279		$	47,366		$	39,440
Income from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships [2]	$	(7,107	)	$	(20,662	)	$	(17,800	)	$	(25,182	)
Noncontrolling interests in Aimco Operating Partnership		(1,323	)		(1,185	)		(2,058	)		(1,082	)
Total noncontrolling interests		(8,430	)		(21,847	)		(19,858	)		(26,264	)
Aimco	$	17,733		$	14,432		$	27,508		$	13,176

[2] Income from discontinued operations for the three months ended June 30, 2010 attributed to the property classified as held for sale at June 30, 2010, includes $0.6 million of rental and other property revenues, $0.2 million of property operating expenses and less than $0.1 million of noncontrolling interests.

AIMCO 2nd Quarter 2010

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Consolidated Balance Sheets

(in thousands) (unaudited)

	June 30, 2010			December 31, 2009
ASSETS
Buildings and improvements	$	7,461,121		$	7,326,284
Land		2,179,744			2,161,010
Accumulated depreciation		(2,830,752	)		(2,626,047	)
Net real estate		6,810,113			6,861,247
Cash and cash equivalents		78,318			81,260
Restricted cash		211,795			219,255
Accounts receivable		47,192			59,822
Accounts receivable from affiliates		13,191			23,744
Deferred financing costs		50,272			51,611
Notes receivable from unconsolidated real estate partnerships		12,280			14,295
Notes receivable from non-affiliates		129,427			125,269
Investment in unconsolidated real estate partnerships		114,549			105,324
Other assets		184,671			185,890
Deferred income tax asset, net		49,943			42,015
Assets held for sale		6,050			136,736
Total assets	$	7,707,801		$	7,906,468
LIABILITIES AND EQUITY
Property tax-exempt bond financing	$	548,973		$	574,926
Property loans payable		5,010,995			4,884,233
Term loans		25,000			90,000
Other borrowings		58,943			53,057
Total indebtedness		5,643,911			5,602,216
Accounts payable		27,647			29,819
Accrued liabilities and other		279,063			286,326
Deferred income		158,402			180,656
Security deposits		35,794			34,855
Liabilities related to assets held for sale		3,276			121,237
Total liabilities		6,148,093			6,255,109
Preferred noncontrolling interests in Aimco Operating Partnership		86,389			86,656
Preferred stock subject to repurchase agreement		20,000			30,000
Equity:
Perpetual preferred stock		660,500			660,500
Class A Common Stock		1,170			1,165
Additional paid-in capital		3,079,230			3,072,665
Accumulated other comprehensive loss		(2,872	)		(1,138	)
Notes due on common stock purchases		(911	)		(1,392	)
Distributions in excess of earnings		(2,597,379	)		(2,492,082	)
Total Aimco equity		1,139,738			1,239,718
Noncontrolling interests in consolidated real estate partnerships		341,707			316,177
Common noncontrolling interests in Aimco Operating Partnership		(28,126	)		(21,192	)
Total equity		1,453,319			1,534,703
Total liabilities and equity	$	7,707,801		$	7,906,468

AIMCO 2nd Quarter 2010

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AIMCO 2nd Quarter 2010 SUPPLEMENTAL INFORMATION

Page
	3	Schedule 1a – Funds From Operations (2Q 2010 v. 2Q 2009)
	5	Schedule 1b – Funds From Operations (YTD 2Q 2010 v. YTD 2Q 2009)
	7	Schedule 2 – Portfolio Summary
	8	Schedule 3 – Net Asset Value Supplemental Information
	10	Schedule 4 – Property Debt Information
	12	Schedule 5 – Share Data
	13	Schedule 6a – Conventional Same Store Operating Results (2Q 2010 v. 2Q 2009)
	14	Schedule 6b – Conventional Same Store Operating Results (2Q 2010 v. 1Q 2010)
	15	Schedule 6c – Conventional Same Store Operating Results (YTD 2Q 2010 v. YTD 2Q 2009)
	16	Schedule 7a – Total Conventional Portfolio Data by Market (2Q 2010 v. 2Q 2009)
	17	Schedule 7b – Total Conventional Portfolio Data by Market (1Q 2010)
	18	Schedule 8 – Property Sales and Acquisition Activity
	19	Schedule 9 – Capital Additions
	20	Glossary and Reconciliations

AIMCO 2nd Quarter 2010

2

Supplemental Schedule 1 (a)  

Funds From Operations	(page 1 of 2)
Three Months Ended June 30, 2010 Compared to Three Months Ended June 30, 2009
(in thousands) (unaudited)

	Three Months Ended June 30, 2010												Three Months Ended June 30, 2009
				Proportionate												Proportionate
				Share of												Share of
	Consolidated			Unconsolidated			Noncontrolling			Proportionate			Consolidated			Unconsolidated			Noncontrolling			Proportionate
	Amount			Partnerships			Interests			Amount			Amount			Partnerships			Interests			Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	180,846		$	—		$	(16,328	)	$	164,518		$	181,562		$	—		$	(16,282	)	$	165,280
Affordable Same Store		43,566			368			(13,581	)		30,353			39,444			473			(10,390	)		29,527
Total Same Store		224,412			368			(29,909	)		194,871			221,006			473			(26,672	)		194,807
Conventional Redevelopment		30,371			—			(1,814	)		28,557			27,843			—			(1,688	)		26,155
Other Conventional		19,050			1,181			(2,299	)		17,932			19,643			1,490			(2,499	)		18,634
Other Affordable		10,702			473			(4,994	)		6,181			9,209			1,035			(3,871	)		6,373
Property management revenues, primarily from affiliates		860			(122	)		1,856			2,594			1,340			(167	)		1,815			2,988
Total rental and other property revenues		285,395			1,900			(37,160	)		250,135			279,041			2,831			(32,915	)		248,957
Property operating expenses
Conventional Same Store		69,654			—			(6,369	)		63,285			69,835			—			(6,737	)		63,098
Affordable Same Store		20,769			204			(7,015	)		13,958			17,814			279			(5,384	)		12,709
Total Same Store		90,423			204			(13,384	)		77,243			87,649			279			(12,121	)		75,807
Conventional Redevelopment		10,592			—			(673	)		9,919			11,583			—			(762	)		10,821
Other Conventional		9,489			781			(1,159	)		9,111			9,100			999			(1,103	)		8,996
Other Affordable		5,594			118			(3,070	)		2,642			4,264			528			(1,833	)		2,959
Casualties		4,564			(4	)		(1,269	)		3,291			458			74			707			1,239
Property management expenses		12,284			—			—			12,284			12,611			—			—			12,611
Total property operating expenses		132,946			1,099			(19,555	)		114,490			125,665			1,880			(15,112	)		112,433
Net real estate operations		152,449			801			(17,605	)		135,645			153,376			951			(17,803	)		136,524
Amortization of deferred tax credit income		7,059			—			—			7,059			7,878			—			—			7,878
Asset management revenues		161			—			875			1,036			652			—			363			1,015
Transaction revenues [1]		2,376			—			417			2,793			4,076			—			—			4,076
Total asset management and tax credit revenues		9,596			—			1,292			10,888			12,606			—			363			12,969
Depreciation and amortization related to non-real estate assets		(3,843	)		(1	)		67			(3,777	)		(3,889	)		(2	)		57			(3,834	)
General and administrative expenses		(15,184	)		(3	)		406			(14,781	)		(14,577	)		(21	)		691			(13,907	)
Investment management expenses		(5,141	)		—			—			(5,141	)		(4,716	)		—			—			(4,716	)
Other income (expense), net		6,693			(6,453	)		6,853			7,093			(3,748	)		(1,174	)		3,890			(1,032	)
Interest income		1,928			(39	)		510			2,399			2,225			32			715			2,972
Provision for losses on notes receivable		148			—			(1,306	)		(1,158	)		(1,534	)		—			(13	)		(1,547	)
Interest expense		(79,499	)		(448	)		10,419			(69,528	)		(81,771	)		(723	)		9,448			(73,046	)
Gain on disposition of non-depreciable assets		—			—			—			—			3,192			—			—			3,192
Income tax benefit		3,598			—			—			3,598			1,254			—			—			1,254
Discontinued operations, net of non-FFO items		679			—			300			979			14,769			—			(1,868	)		12,901
Preferred dividends and distributions		(14,590	)		—			—			(14,590	)		(14,872	)		—			—			(14,872	)
Preferred redemption related amounts		2,779			—			—			2,779			1,649			—			—			1,649
Operating real estate impairment losses, net of related income tax benefit		(4,399	)		—			698			(3,701	)		(16,392	)		—			(73	)		(16,465	)
Common noncontrolling interests in Aimco Operating Partnership		(3,553	)		—			—			(3,553	)		(3,080	)		—			—			(3,080	)
Amounts allocated to participating securities		(234	)		—			—			(234	)		(223	)		—			—			(223	)
Funds From Operations		51,427			(6,143	)		1,634			46,918			44,269			(937	)		(4,593	)		38,739
Operating real estate impairment losses, net		4,399			—			(698	)		3,701			16,392			—			73			16,465
Preferred stock redemption related gains		(2,779	)		—			—			(2,779	)		(1,649	)		—			—			(1,649	)
Noncontrolling interests in Aimco Operating Partnership		(64	)		—			—			(64	)		(1,123	)		—			—			(1,123	)
Amounts allocated to participating securities		(5	)		—			—			(5	)		(112	)		—			—			(112	)
Pro Forma Funds From Operations	$	52,978		$	(6,143	)	$	936		$	47,771		$	57,777		$	(937	)	$	(4,520	)	$	52,320

Weighted average shares — diluted FFO		116,659	Weighted average shares — diluted FFO		115,510
Per Share:			PerShare:
Funds From Operations	$	0.40	Funds From Operations	$	0.34
Pro Forma Funds From Operations	$	0.41	Pro Forma Funds From Operations	$	0.45

AIMCO 2nd Quarter 2010

3

Supplemental Schedule 1 (a) (continued)  

Pro Forma Funds From Operations Reconciliation to GAAP	(page 2 of 2)
Three Months Ended June 30, 2010 Compared to Three Months Ended June 30, 2009
(in thousands) (unaudited)

	Three Months Ended June 30, 2010												Three Months Ended June 30, 2009
				Proportionate												Proportionate
				Share of												Share of
	Consolidated			Unconsolidated			Noncontrolling			Proportionate			Consolidated			Unconsolidated			Noncontrolling			Proportionate
	Amount			Partnerships			Interests			Amount			Amount			Partnerships			Interests			Amount
Pro Forma Funds From Operations	$	52,978		$	(6,143	)	$	936		$	47,771		$	57,777		$	(937	)	$	(4,520	)	$	52,320
Adjustments related to continuing operations:
Depreciation and amortization		(108,667	)		(1,082	)		13,664			(96,085	)		(108,437	)		(761	)		10,900			(98,298	)
Depreciation and amortization related to non-real estate assets		3,843			1			(67	)		3,777			3,889			2			(57	)		3,834
Provision for operating real estate impairment losses		—			—			—			—			(1,569	)		—			—			(1,569	)
Income tax benefit on real estate impairment losses		—			—			—			—			739			—			—			739
Gain on dispositions of real estate related to unconsolidated entities and other		4,970			—			(4,409	)		561			3,463			—			777			4,240
Income tax benefit on gain on dispositions of real estate related to unconsolidated entities		—			—			—			—			3,356			—			—			3,356
Gain on dispositions of non-depreciable assets and other		—			—			—			—			(3,192	)		—			—			(3,192	)
Adjustments related to discontinued operations:
Depreciation and amortization		(453	)		—			85			(368	)		(17,538	)		—			1,193			(16,345	)
Depreciation and amortization related to non-real estate assets		2			—			19			21			87			—			35			122
Provision for operating real estate impairment losses		(895	)		—			—			(895	)		(17,268	)		—			(984	)		(18,252	)
Gain on dispositions of real estate		26,982			—			(7,512	)		19,470			57,991			—			(19,039	)		38,952
Income tax expense arising from disposals		(152	)		—			—			(152	)		(4,637	)		—			—			(4,637	)
Total adjustments	$	(74,370	)	$	(1,081	)	$	1,780		$	(73,671	)	$	(83,116	)	$	(759	)	$	(7,175	)	$	(91,050	)
Noncontrolling interests in Aimco Operating Partnership’s share of adjustments		4,930			—			—			4,930			6,826			—			—			6,826
Amounts allocable to participating securities		196			—			—			196			334			—			—			334
Preferred stock redemption related gains		2,779			—			—			2,779			1,649			—			—			1,649
Equity in income (losses) of unconsolidated real estate partnerships		(7,224	)		7,224			—			—			(1,696	)		1,696			—			—
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships		2,716			—			(2,716	)		—			(11,695	)		—			11,695			—
Net loss attributable to Aimco common stockholders	$	(17,995	)	$	—		$	—		$	(17,995	)	$	(29,921	)	$	—		$	—		$	(29,921	)

Notes

[1] Transaction revenues consisted of the following:

	Three Months		Three Months
	Ended		Ended
	June 30, 2010		June 30, 2009
Transaction revenues
Promotes	$	1,241	$	1,549
Other GP transactional fees		1,135		2,527
Total transaction revenues	$	2,376	$	4,076

AIMCO 2nd Quarter 2010

4

Supplemental Schedule 1 (b)  

Funds From Operations	(page 1 of 2)
Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009
(in thousands) (unaudited)

	Six Months Ended June 30, 2010												Six Months Ended June 30, 2009
				Proportionate												Proportionate
				Share of												Share of
	Consolidated			Unconsolidated			Noncontrolling			Proportionate			Consolidated			Unconsolidated			Noncontrolling			Proportionate
	Amount			Partnerships			Interests			Amount			Amount			Partnerships			Interests			Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	361,766		$	—		$	(32,539	)	$	329,227		$	365,920		$	—		$	(33,562	)	$	332,358
Affordable Same Store		86,397			767			(27,034	)		60,130			78,247			956			(20,652	)		58,551
Total Same Store		448,163			767			(59,573	)		389,357			444,167			956			(54,214	)		390,909
Conventional Redevelopment		60,822			—			(3,650	)		57,172			55,952			—			(3,387	)		52,565
Other Conventional		38,487			2,347			(4,717	)		36,117			39,046			3,126			(4,917	)		37,255
Other Affordable		21,109			4,252			(13,630	)		11,731			17,155			1,928			(7,066	)		12,017
Property management revenues, primarily from affiliates		2,041			(367	)		4,053			5,727			2,983			(330	)		3,891			6,544
Total rental and other property revenues		570,622			6,999			(77,517	)		500,104			559,303			5,680			(65,693	)		499,290
Property operating expenses
Conventional Same Store		144,092			—			(13,358	)		130,734			141,695			—			(13,620	)		128,075
Affordable Same Store		42,748			469			(14,598	)		28,619			37,376			593			(10,895	)		27,074
Total Same Store		186,840			469			(27,956	)		159,353			179,071			593			(24,515	)		155,149
Conventional Redevelopment		22,303			—			(1,488	)		20,815			23,402			—			(1,536	)		21,866
Other Conventional		19,624			1,578			(2,393	)		18,809			18,401			2,012			(2,110	)		18,303
Other Affordable		11,373			2,617			(8,185	)		5,805			8,583			1,071			(3,675	)		5,979
Casualties		7,056			26			(765	)		6,317			2,768			22			159			2,949
Property management expenses		24,158			—			—			24,158			26,924			—			—			26,924
Total property operating expenses		271,354			4,690			(40,787	)		235,257			259,149			3,698			(31,677	)		231,170
Net real estate operations		299,268			2,309			(36,730	)		264,847			300,154			1,982			(34,016	)		268,120
Amortization of deferred tax credit income		13,661			—			—			13,661			15,745			—			—			15,745
Asset management revenues		297			—			1,646			1,943			1,349			—			753			2,102
Transaction revenues [1]		(105	)		—			417			312			5,050			—			—			5,050
Total asset management and tax credit revenues		13,853			—			2,063			15,916			22,144			—			753			22,897
Depreciation and amortization related to non-real estate assets		(7,810	)		(3	)		136			(7,677	)		(8,191	)		(4	)		115			(8,080	)
General and administrative expenses		(26,919	)		(7	)		888			(26,038	)		(30,837	)		9			1,635			(29,193	)
Investment management expenses		(8,370	)		—			—			(8,370	)		(8,506	)		—			—			(8,506	)
Other income (expense), net		3,592			2,042			535			6,169			(5,229	)		(3,036	)		8,314			49
Interest income		5,150			(85	)		1,026			6,091			5,532			77			1,533			7,142
Provision for losses on notes receivable		(278	)		—			(1,354	)		(1,632	)		(1,685	)		—			950			(735	)
Interest expense		(159,294	)		(1,422	)		22,068			(138,648	)		(162,068	)		(1,364	)		18,363			(145,069	)
Gain on disposition of non-depreciable assets		—			—			—			—			3,873			—			—			3,873
Income tax benefit		7,377			—			—			7,377			3,731			—			—			3,731
Discontinued operations, net of non-FFO items		3,178			—			(526	)		2,652			29,565			—			(4,202	)		25,363
Preferred dividends and distributions		(29,205	)		—			—			(29,205	)		(29,107	)		—			—			(29,107	)
Preferred redemption related amounts		2,779			—			—			2,779			1,649			—			—			1,649
Operating real estate impairment losses, net of related income tax benefit		(13,003	)		—			1,093			(11,910	)		(13,538	)		—			(168	)		(13,706	)
Common noncontrolling interests in Aimco Operating Partnership		(5,721	)		—			—			(5,721	)		(7,562	)		—			—			(7,562	)
Amounts allocated to participating securities		(345	)		—			—			(345	)		(758	)		—			—			(758	)
Funds From Operations		84,252			2,834			(10,801	)		76,285			99,167			(2,336	)		(6,723	)		90,108
Operating real estate impairment losses, net		13,003			—			(1,093	)		11,910			13,538			—			168			13,706
Preferred stock redemption related gains		(2,779	)		—			—			(2,779	)		(1,649	)		—			—			(1,649	)
Noncontrolling interests in Aimco Operating Partnership		(636	)		—			—			(636	)		(915	)		—			—			(915	)
Amounts allocated to participating securities		(45	)		—			—			(45	)		(107	)		—			—			(107	)
Pro Forma Funds From Operations	$	93,795		$	2,834		$	(11,894	)	$	84,735		$	110,034		$	(2,336	)	$	(6,555	)	$	101,143

Weighted average shares — diluted FFO		116,496	Weighted average shares — diluted FFO		115,304
Per Share:			Per Share:
Funds From Operations	$	0.65	Funds From Operations	$	0.78
Pro Forma Funds From Operations	$	0.73	Pro Forma Funds From Operations	$	0.88

AIMCO 2nd Quarter 2010

5

Supplemental Schedule 1 (b) (continued)  

Pro Forma Funds From Operations Reconciliation to GAAP	(page 2 of 2)
Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009
(in thousands) (unaudited)

	Six Months Ended June 30, 2010												Six Months Ended June 30, 2009
				Proportionate												Proportionate
				Share of												Share of
	Consolidated			Unconsolidated			Noncontrolling			Proportionate			Consolidated			Unconsolidated			Noncontrolling			Proportionate
	Amount			Partnerships			Interests			Amount			Amount			Partnerships			Interests			Amount
Pro Forma Funds From Operations	$	93,795		$	2,834		$	(11,894	)	$	84,735		$	110,034		$	(2,336	)	$	(6,555	)	$	101,143
Adjustments related to continuing operations:
Depreciation and amortization		(217,006	)		(2,110	)		26,426			(192,690	)		(212,606	)		(1,404	)		21,703			(192,307	)
Depreciation and amortization related to non-real estate assets		7,810			3			(136	)		7,677			8,191			4			(115	)		8,080
Provision for operating real estate impairment losses		—			—			—			—			(2,079	)		—			—			(2,079	)
Income tax benefit on real estate impairment losses		(8	)		—			—			(8	)		738			—			—			738
Gain on dispositions of real estate related to unconsolidated entities and other		7,612			—			(6,541	)		1,071			14,327			—			524			14,851
Income tax benefit on Gain on dispositions of real estate related to unconsolidated entities		—			—			—			—			3,356			—			—			3,356
Gain on dispositions of non-depreciable assets and other		—			—			—			—			(3,873	)		—			—			(3,873	)
Adjustments related to discontinued operations:
Depreciation and amortization		(1,925	)		—			296			(1,629	)		(36,962	)		—			3,490			(33,472	)
Depreciation and amortization related to non-real estate assets		13			—			29			42			180			—			21			201
Provision for operating real estate impairment losses		(8,121	)		—			—			(8,121	)		(13,904	)		—			(1,079	)		(14,983	)
Gain on dispositions of real estate		53,321			—			(17,598	)		35,723			62,538			—			(23,411	)		39,127
Income tax benefit (expense) arising from disposals		900			—			—			900			(4,852	)		—			—			(4,852	)
Total adjustments	$	(157,404	)	$	(2,107	)	$	2,476		$	(157,035	)	$	(184,946	)	$	(1,400	)	$	1,133		$	(185,213	)
Noncontrolling interests in Aimco Operating Partnership’s share of adjustments		10,738			—			—			10,738			13,935			—			—			13,935
Amounts allocable to participating securities		390			—			—			390			864			—			—			864
Preferred stock redemption related gains		2,779			—			—			2,779			1,649			—			—			1,649
Equity in income (losses) of unconsolidated real estate partnerships		727			(727	)		—			—			(3,736	)		3,736			—			—
Net income attributable to noncontrolling interests in consolidated real estate partnerships		(9,418	)		—			9,418			—			(5,422	)		—			5,422			—
Net loss attributable to Aimco common stockholders	$	(58,393	)	$	—		$	—		$	(58,393	)	$	(67,622	)	$	—		$	—		$	(67,622	)

Notes

[1] Transaction revenues consisted of the following:

	Six Months			Six Months
	Ended			Ended
	June 30, 2010			June 30, 2009
Transaction revenues
Promotes	$	351		$	1,549
Other GP transactional fees		1,963			3,261
Tax credit syndication fees		(2,419	)		240
Total transaction revenues	$	(105	)	$	5,050

AIMCO 2nd Quarter 2010

6

Supplemental Schedule 2

Portfolio Summary
As of June 30, 2010
(unaudited)

	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Owned Real Estate Portfolio:
Conventional Same Store		168		56,272		51,578		92	%
Affordable Same Store		166		20,122		12,497		62	%
Total Same Store		334		76,394		64,075		84	%
Conventional Redevelopment		26		9,227		8,565		93	%
Other Conventional		37		6,212		4,516		73	%
Other Affordable		88		9,418		2,918		31	%
Conventional Held for Sale		1		198		138		70	%
Total owned real estate portfolio		486		101,449		80,212		79	%
Total Conventional owned real estate portfolio		232		71,909		64,797		90	%
Total Affordable owned real estate portfolio		254		29,540		15,415		52	%
Fee-Managed Portfolio:
Property-Managed for third parties		18		1,726
Asset-Managed		313		26,175
Total fee-managed portfolio		331		27,901
Total Portfolio		817		129,350

AIMCO 2nd Quarter 2010

7

Supplemental Schedule 3  

Net Asset Value Supplemental Information	(page 1 of 2)
(in thousands) (unaudited)

Aimco’s principal financial objective is to increase long-term stockholder value, one measure of which is Net Asset Value (NAV), which is the estimated fair value of assets, net of debt and preferred equity. The information provided below is intended to assist users of Aimco’s financial information in making their own estimates of Aimco’s NAV. See the following page for notes to the supplemental information provided below.

Trailing Twelve Month Net Operating Income Data

	Proportionate Net Operating Income
	Conventional Same						Conventional
	Store and Other			Affordable			Redevelopment			Total
Rental and other property revenues	$	732,705		$	142,342		$	113,314		$	988,361
Property operating expenses		(298,765	)		(68,560	)		(41,870	)		(409,195	)
Property NOI		433,940			73,782			71,444			579,166
Assumed property management fee (3.5% of revenues)		(25,645	)		(4,982	)		(3,966	)		(34,593	)
Property NOI net of assumed property management fee	$	408,295		$	68,800		$	67,478		$	544,573

Proportionate Balance Sheet Data
As of June 30, 2010

				Proportionate
	Consolidated			Share of						Proportionate
	GAAP			Unconsolidated			Noncontrolling			Balance
	Balance Sheet			Partnerships			Interests			Sheet
Assets
Real estate	$	9,640,865		$	102,355		$	(1,166,258	)	$	8,576,962
Accumulated depreciation		(2,830,752	)		(29,944	)		513,939			(2,346,757	)
Total real estate [1]		6,810,113			72,411			(652,319	)		6,230,205
Cash and cash equivalents		78,318			1,761			(32,650	)		47,429
Restricted cash		211,795			8,381			(47,521	)		172,655
Accounts receivable		60,383			905			(9,082	)		52,206
Notes receivable [2]		141,707			—			58,370			200,077
Investment in unconsolidated real estate partnerships [3]		114,549			(41,246	)		(63,302	)		10,001
Deferred financing costs [4]		50,272			592			(9,081	)		41,783
Goodwill [4]		68,961			—			—			68,961
Investment in management contracts [4]		1,116			—			—			1,116
Assets held for sale		6,050						(1,950	)		4,100
Other assets		164,537			8,446			(24,088	)		148,895
Total assets	$	7,707,801		$	51,250		$	(781,623	)	$	6,977,428
Liabilities and Equity
Property debt	$	5,559,968		$	36,287		$	(693,438	)	$	4,902,817
Term loans and credit facility		25,000			—			—			25,000
Other borrowings		58,943			1,921			(19,431	)		41,433
Deferred income [5]		158,402			167			(961	)		157,608
Liabilities related to assets held for sale		3,276						(997	)		2,279
Other liabilities		342,504			12,875			(140,014	)		215,365
Total liabilities		6,148,093			51,250			(854,841	)		5,344,502
Preferred noncontrolling interests in Aimco Operating Partnership [6]		86,389			—			—			86,389
Preferred stock subject to repurchase agreement [6]		20,000			—			—			20,000
Perpetual preferred stock [6]		660,500			—			—			660,500
Other Aimco equity		479,238			—			414,925			894,163
Noncontrolling interests in consolidated real estate partnerships		341,707			—			(341,707	)		—
Common noncontrolling interests in Aimco Operating Partnership		(28,126	)		—			—			(28,126	)
Total liabilities and equity	$	7,707,801		$	51,250		$	(781,623	)	$	6,977,428

AIMCO 2nd Quarter 2010

8

Supplemental Schedule 3 (continued)  

Net Asset Value Supplemental Information	(page 2 of 2)
(in thousands) (unaudited)

[1]	Real estate includes Lincoln Place and Pacific Bay Vistas (formerly Treetops), which are predominantly vacant and have June 30, 2010, net book values of $144.6 million and $35.0 million, respectively, or $179.6 million in total. Aimco refers to these properties collectively as its redevelopment pipeline.
[2]	Aimco has notes receivable from consolidated partnerships that 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.
[3]	Aimco’s internal NAV estimate is computed based on Aimco’s share of NOI and as such takes into account Aimco’s share of NOI attributable to unconsolidated partnerships. For this reason, investment in unconsolidated real estate partnerships is excluded from non-real estate assets in Aimco’s internal NAV computation.
[4]	Deferred financing costs, goodwill and investment in management contracts represent non-tangible assets for which cash has already been paid by Aimco. As such, these amounts are excluded from Aimco’s internal NAV computation.
[5]	Deferred income consists primarily of cash contributions received in connection with Aimco’s tax credit activities, which are deferred upon receipt and amortized into earnings in future periods as the tax credits and related tax benefits are delivered to the tax credit investors. Certain of Aimco’s tax credit arrangements provide for contributions to be made in installments, which contributions are not reflected in Aimco’s consolidated financial statements until such time as the contributions are received.
	Deferred income, including deferred tax credit income, represents a non-cash obligation, the amortization of which represents non-cash income in future periods. These non-cash liabilities and related income streams are excluded from Aimco’s internal estimates of NAV. However, amortization of deferred tax credit income is included in net income and, as such, FFO. Projected amortization of deferred tax credit contributions received and to be received is presented below.

	June 30, 2010
Deferred tax credit income balance	$	109,326
Contributions to be received in the future		67,415
Total to be amortized	$	176,741

	Amortization of		Estimated			Projected Income,
	Deferred Income		Income Taxes			net of tax
Year Ending December 31,
2010	$	13,448	$	(5,245	)	$	8,203
2011		25,420		(9,914	)		15,506
2012		25,459		(9,929	)		15,530
2013		25,128		(9,800	)		15,328
2014		24,200		(9,438	)		14,762
Thereafter		63,086		(24,603	)		38,483
Total	$	176,741	$	(68,929	)	$	107,812

[6] Aimco’s internal NAV computation includes Preferred noncontrolling interests in Aimco Operating Partnership, Preferred stock subject to repurchase agreement and Perpetual preferred stock as a reduction of NAV attributable to Aimco common stockholders. See Schedule 5.

AIMCO 2nd Quarter 2010

9

Supplemental Schedule 4(a)

Property Debt Information
As of June 30, 2010
(dollars in thousands) (unaudited)

Property Debt Balances and Characteristics

			Proportionate
			Share of							Weighted
			Unconsolidated		Noncontrolling			Total Aimco		Average		Weighted
Debt	Consolidated		Partnerships		Interests			Share		Maturity (years)		Average Rate
Conventional Portfolio:
Fixed rate loans payable	$	4,374,698	$	—	$	(409,443	)	$	3,965,255		7.1		6.08	%
Floating rate loans payable [1]		76,988		—		(8,079	)		68,909		1.9		1.60	%
Total property loans payable		4,451,686		—		(417,522	)		4,034,164		7.1		6.00	%
Fixed rate tax-exempt bonds		52,075		—		(3,338	)		48,737		10.4		6.75	%
Floating rate tax-exempt bonds [1]		277,337		—		(5,242	)		272,095		6.0		0.76	%
Total property tax-exempt bond financing		329,412		—		(8,580	)		320,832		6.7		1.71	%
Total Conventional portfolio		4,781,098		—		(426,102	)		4,354,996		7.0		5.70	%
Affordable Portfolio:
Fixed rate loans payable		540,903		34,734		(237,223	)		338,414		14.7		4.81	%
Floating rate loans payable		18,406		9		(9,023	)		9,392		8.9		3.30	%
Total property loans payable		559,309		34,743		(246,246	)		347,806		14.5		4.76	%
Fixed rate tax-exempt bonds		91,975		1,544		(21,090	)		72,429		25.0		5.30	%
Floating rate tax-exempt bonds [1]		127,586		—		—			127,586		5.1		1.16	%
Total property tax-exempt bond financing		219,561		1,544		(21,090	)		200,015		13.4		2.90	%
Total Affordable portfolio		778,870		36,287		(267,336	)		547,821		14.2		4.23	%
Total property debt	$	5,559,968	$	36,287	$	(693,438	)	$	4,902,817		8.0		5.50	%

[1] Floating rate debt presented above includes $307.7 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At June 30, 2010, the carrying amount of this debt totaled $284.3 million, after recognition of changes in the debt’s fair value.

Aimco Share Property Debt

	Amount		% of Total
Fixed rate debt	$	4,424,835		90	%
Floating rate debt		477,982		10	%
Total	$	4,902,817

			% of Floating
	Amount		Rate Debt
Floating rate tax-exempt bonds	$	399,681		84	%
Floating rate loans payable		78,301		16	%
Total	$	477,982

							Maturities as
							a Percent			Average Rate on
	Amortization		Maturities		Total		of Total Debt			Maturing Debt
2010 Q3	$	18,887	$	—	$	18,887		—			—
2010 Q4		20,063		—		20,063		—			—
Total 2010		38,950		—		38,950		—			—
2011 Q1		19,805		3,341		23,146		0.07	%		5.40	%
2011 Q2		20,752		90,395		111,147		1.84	%		5.68	%
2011 Q3		20,090		—		20,090		—			—
2011 Q4		21,310		11,193		32,503		0.23	%		4.87	%
Total 2011		81,957		104,929		186,886		2.14	%		5.58	%
2012 [2]		84,875		460,150		545,025		9.39	%		2.51	%
2013		81,126		482,093		563,219		9.83	%		5.81	%
2014		79,150		352,133		431,283		7.18	%		5.61	%
2015		76,698		376,833		453,531		7.69	%		5.43	%
2016		69,729		406,974		476,703		8.30	%		5.60	%
2017		62,046		444,012		506,058		9.06	%		5.97	%
2018		57,382		72,625		130,007		1.48	%		6.09	%
2019		46,387		496,197		542,584		10.12	%		6.00	%
2020		37,819		328,476		366,295		6.70	%		6.49	%
Thereafter		290,735		371,541		662,276		7.58	%		4.94	%
Total	$	1,006,854	$	3,895,963	$	4,902,817

[2] 2012 maturities include approximately $278.5 million of debt ($256.2 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 2nd Quarter 2010

10

Supplemental Schedule 4(b)

Property Debt Information
As of June 30, 2010
(in millions) (unaudited)

Year-to-Date Property Loan Closings

	Original		New				Aimco
	Loan		Loan		Net		Net		Prior				New
Year Maturing	Amount		Amount		Proceeds [1]		Proceeds [2]		Rate			Rate
2012	$	29.0	$	44.9	$	15.5	$	15.5		1.15	%			5.07	%
2013		9.1		27.0		16.9		15.8		4.54	%			5.49	%
2017		4.9		16.8		10.8		10.8		7.02	%			5.02	%
2020 [3]		1.3		2.6		2.6		1.1		7.50	%			5.56	%
New loans		—		34.2		33.7		29.4		—				6.46	%
Totals	$	44.3	$	125.5	$	79.5	$	72.6		2.68	%			5.54	%

[1]	Net Proceeds is after transaction costs and prepayment penalties.
[2]	Aimco Net Proceeds is after payment of distributions to noncontrolling partners.
[3]	Net Proceeds for this loan includes escrowed funds released upon repayment of the original loan.

Debt Ratios

	Amount		Covenant
Debt service coverage ratio		1.57:1		1.40:1
Fixed charge coverage ratio		1.34:1		1.20:1
EBITDA coverage of interest		2.04:1		n/a
EBITDA coverage of interest and preferred dividends		1.67:1		n/a

Credit Ratings

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

AIMCO 2nd Quarter 2010

11

Supplemental Schedule 5

Share Data
(in thousands) (unaudited)

Preferred Securities

	Shares/Units		Date First
	Outstanding		Available for
	as of		Redemption by
	June 30, 2010		Aimco		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 [1]		—		6/30/2011		1.540	%		57,000
Total perpetual preferred stock									680,500
Preferred Partnership Units [2]		3,136				7.882	%		85,409
Total outstanding preferred securities								$	765,909

Common Stock, Partnership Units and Equivalents

			Three Months Ended				Six Months Ended
	As of		June 30, 2010				June 30, 2010
	June 30, 2010		EPS		FFO		EPS		FFO
Class A Common Stock outstanding		116,431		116,323		116,323		116,179		116,179
Dilutive securities:
Options, restricted stock and officer loan shares		447		—		336		—		317
Total shares and dilutive share equivalents		116,878		116,323		116,659		116,179		116,496
Common Partnership Units and equivalents [3]		8,331
Total shares, units and dilutive share equivalents		125,209

Notes

[1]	Represents 114 shares at a liquidation preference per share of $500,000. The remaining amount at June 30, 2010, includes $20.0 million, which is subject to a repurchase agreement and is classified within temporary equity in the consolidated balance sheet. 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.
[2]	Coupon is based on a weighted average of all outstanding series of Preferred Partnership Units.
[3]	Includes the Aimco Operating Partnership’s common OP Units and Class I High Performance Units, which are included in noncontrolling interests in Aimco Operating Partnership in our consolidated financial statements and Schedule 1.

AIMCO 2nd Quarter 2010

12

Supplemental Schedule 6(a)

Conventional Same Store Operating Results
Second Quarter 2010 Compared to Second Quarter 2009
(in thousands, except site and unit data) (unaudited)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		2Q 2010		2Q 2009		Growth			2Q 2010		2Q 2009		Growth			2Q 2010		2Q 2009		Growth			2Q 2010			2Q 2010			2Q 2009			2Q 2010		2Q 2009
Target Markets
Los Angeles		9		3,095		2,444	$	13,047	$	13,225		-1.3	%	$	4,094	$	4,533		-9.7	%	$	8,953	$	8,692		3.0	%		68.6	%		95.9	%		92.9	%	$	1,936	$	2,052
Orange County		3		443		373		1,325		1,345		-1.5	%		451		436		3.4	%		874		909		-3.9	%		66.0	%		96.0	%		94.3	%		1,137		1,190
San Diego		5		1,740		1,670		6,178		6,029		2.5	%		1,919		1,748		9.8	%		4,259		4,281		-0.5	%		68.9	%		95.7	%		93.5	%		1,167		1,187
Southern CA Total		17		5,278		4,487		20,550		20,599		-0.2	%		6,464		6,717		-3.8	%		14,086		13,882		1.5	%		68.5	%		95.8	%		93.2	%		1,616		1,693
East Bay		2		413		353		1,393		1,362		2.3	%		584		613		-4.7	%		809		749		8.0	%		58.1	%		97.6	%		92.5	%		1,195		1,255
San Francisco		4		711		711		3,221		3,237		-0.5	%		1,227		1,167		5.1	%		1,994		2,070		-3.7	%		61.9	%		96.5	%		92.4	%		1,429		1,521
Northern CA Total		6		1,124		1,064		4,614		4,599		0.3	%		1,811		1,780		1.7	%		2,803		2,819		-0.6	%		60.7	%		96.9	%		92.4	%		1,343		1,423
Seattle		3		413		310		1,283		1,298		-1.2	%		492		528		-6.8	%		791		770		2.7	%		61.7	%		97.4	%		90.5	%		1,207		1,300
Pacific Total		26		6,815		5,861		26,447		26,496		-0.2	%		8,767		9,025		-2.9	%		17,680		17,471		1.2	%		66.9	%		96.1	%		92.9	%		1,545		1,625
Suburban New York — New Jersey		4		1,162		944		3,708		3,764		-1.5	%		1,144		1,091		4.9	%		2,564		2,673		-4.1	%		69.1	%		96.5	%		91.2	%		1,187		1,285
Washington — NoVA — MD		15		6,711		6,289		23,464		23,110		1.5	%		7,201		7,325		-1.7	%		16,263		15,785		3.0	%		69.3	%		96.9	%		94.9	%		1,198		1,213
Boston		12		4,250		4,250		14,958		15,160		-1.3	%		5,719		5,655		1.1	%		9,239		9,505		-2.8	%		61.8	%		96.1	%		94.5	%		1,159		1,202
Philadelphia		5		2,750		2,482		10,289		10,036		2.5	%		4,331		4,204		3.0	%		5,958		5,832		2.2	%		57.9	%		95.1	%		90.3	%		1,247		1,300
Northeast Total		36		14,873		13,965		52,419		52,070		0.7	%		18,395		18,275		0.7	%		34,024		33,795		0.7	%		64.9	%		96.3	%		93.6	%		1,195		1,231
Miami		5		2,471		2,348		11,627		11,959		-2.8	%		5,098		3,775		35.0	%		6,529		8,184		-20.2	%		56.2	%		96.6	%		91.9	%		1,534		1,647
Palm Beach/Fort Lauderdale		4		1,309		1,309		3,623		3,807		-4.8	%		1,556		1,706		-8.8	%		2,067		2,101		-1.6	%		57.1	%		94.4	%		95.4	%		861		906
Orlando		8		2,032		1,815		4,025		4,197		-4.1	%		1,849		1,963		-5.8	%		2,176		2,234		-2.6	%		54.1	%		94.4	%		91.8	%		689		744
Tampa		6		1,755		1,621		3,887		3,941		-1.4	%		1,744		1,701		2.5	%		2,143		2,240		-4.3	%		55.1	%		94.8	%		92.8	%		724		765
Jacksonville		4		1,643		1,404		3,468		3,560		-2.6	%		1,580		1,527		3.5	%		1,888		2,033		-7.1	%		54.4	%		94.6	%		94.7	%		771		807
Florida Total		27		9,210		8,497		26,630		27,464		-3.0	%		11,827		10,672		10.8	%		14,803		16,792		-11.8	%		55.6	%		95.1	%		93.0	%		965		1,022
Houston		5		1,775		1,454		3,233		3,259		-0.8	%		1,420		1,356		4.7	%		1,813		1,903		-4.7	%		56.1	%		95.0	%		92.8	%		697		724
Denver		9		2,553		1,991		5,495		5,404		1.7	%		1,940		1,986		-2.3	%		3,555		3,418		4.0	%		64.7	%		96.1	%		93.4	%		785		811
Phoenix		13		3,319		2,923		5,565		6,049		-8.0	%		2,558		2,549		0.4	%		3,007		3,500		-14.1	%		54.0	%		92.9	%		91.3	%		594		663
Dallas — Fort Worth		2		569		569		1,296		1,290		0.5	%		657		591		11.2	%		639		699		-8.6	%		49.3	%		95.0	%		91.0	%		701		748
Sunbelt Total		56		17,426		15,434		42,219		43,466		-2.9	%		18,402		17,154		7.3	%		23,817		26,312		-9.5	%		56.4	%		94.8	%		92.7	%		833		885
Chicago		9		2,413		2,349		7,990		7,896		1.2	%		3,158		3,237		-2.4	%		4,832		4,659		3.7	%		60.5	%		96.3	%		92.2	%		1,062		1,102
Total Target Markets		127		41,527		37,609		129,075		129,928		-0.7	%		48,722		47,691		2.2	%		80,353		82,237		-2.3	%		62.3	%		95.7	%		93.0	%		1,094		1,143
Other
Austin		2		652		652		1,350		1,270		6.3	%		635		608		4.4	%		715		662		8.0	%		53.0	%		96.3	%		83.7	%		632		695
Baltimore		3		701		628		2,108		2,035		3.6	%		856		816		4.9	%		1,252		1,219		2.7	%		59.4	%		95.9	%		94.5	%		1,095		1,094
Indianapolis/Fort Wayne		5		3,182		2,983		5,905		5,817		1.5	%		2,350		2,728		-13.9	%		3,555		3,089		15.1	%		60.2	%		95.8	%		91.7	%		591		614
Nashville		3		764		618		1,885		1,907		-1.2	%		715		809		-11.6	%		1,170		1,098		6.6	%		62.1	%		98.1	%		93.0	%		893		964
Norfolk/Richmond		5		1,495		1,403		4,338		4,298		0.9	%		1,336		1,339		-0.2	%		3,002		2,959		1.5	%		69.2	%		95.6	%		95.0	%		950		967
Other Markets		23		7951		7685		19,611		19,807		-1.0	%		8,814		9,142		-3.6	%		10,797		10,665		1.2	%		55.1	%		95.2	%		92.1	%		781		823
Total Other		41		14,745		13,969		35,197		35,134		0.2	%		14,706		15,442		-4.8	%		20,491		19,692		4.1	%		58.2	%		95.6	%		92.1	%		771		809
CONVENTIONAL SAME STORE SALES TOTALS		168		56,272		51,578	$	164,272	$	165,062		-0.5	%	$	63,428	$	63,133		0.5	%	$	100,844	$	101,929		-1.1	%		61.4	%		95.6	%		92.8	%	$	1,010	$	1,056

AIMCO 2nd Quarter 2010

13

Supplemental Schedule 6(b)

Conventional Same Store Operating Results
Second Quarter 2010 Compared to First Quarter 2010
(in thousands, except site and unit data) (unaudited)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		2Q 2010		1Q 2010		Growth			2Q 2010		1Q 2010		Growth			2Q 2010		1Q 2010		Growth			2Q 2010			2Q 2010			1Q 2010			2Q 2010		1Q 2010
Target Markets
Los Angeles		9		3,095		2,444	$	13,047	$	12,983		0.5	%	$	4,094	$	4,392		-6.8	%	$	8,953	$	8,591		4.2	%		68.6	%		95.9	%		96.3	%	$	1,936	$	1,928
Orange County		3		443		373		1,325		1,345		-1.5	%		451		463		-2.6	%		874		882		-0.9	%		66.0	%		96.0	%		97.3	%		1,137		1,145
San Diego		5		1,740		1,670		6,178		6,112		1.1	%		1,919		1,904		0.8	%		4,259		4,208		1.2	%		68.9	%		95.7	%		95.5	%		1,167		1,167
Southern CA Total		17		5,278		4,487		20,550		20,440		0.5	%		6,464		6,759		-4.4	%		14,086		13,681		3.0	%		68.5	%		95.8	%		96.1	%		1,616		1,612
East Bay		2		413		353		1,393		1,391		0.1	%		584		613		-4.7	%		809		778		4.0	%		58.1	%		97.6	%		97.2	%		1,195		1,197
San Francisco		4		711		711		3,221		3,224		-0.1	%		1,227		1,222		0.4	%		1,994		2,002		-0.4	%		61.9	%		96.5	%		97.2	%		1,429		1,427
Northern CA Total		6		1,124		1,064		4,614		4,615		0.0	%		1,811		1,835		-1.3	%		2,803		2,780		0.8	%		60.7	%		96.9	%		97.2	%		1,343		1,342
Seattle		3		413		310		1,283		1,252		2.5	%		492		496		-0.8	%		791		756		4.6	%		61.7	%		97.4	%		96.9	%		1,207		1,194
Pacific Total		26		6,815		5,861		26,447		26,307		0.5	%		8,767		9,090		-3.6	%		17,680		17,217		2.7	%		66.9	%		96.1	%		96.3	%		1,545		1,542
Suburban New York — New Jersey		4		1,162		944		3,708		3,595		3.1	%		1,144		1,111		3.0	%		2,564		2,484		3.2	%		69.1	%		96.5	%		95.2	%		1,187		1,189
Washington — NoVA — MD		15		6,711		6,289		23,464		23,500		-0.2	%		7,201		8,154		-11.7	%		16,263		15,346		6.0	%		69.3	%		96.9	%		96.7	%		1,198		1,194
Boston		12		4,250		4,250		14,958		15,139		-1.2	%		5,719		5,998		-4.7	%		9,239		9,141		1.1	%		61.8	%		96.1	%		96.3	%		1,159		1,163
Philadelphia		5		2,750		2,482		10,289		10,430		-1.4	%		4,331		4,471		-3.1	%		5,958		5,959		0.0	%		57.9	%		95.1	%		95.3	%		1,247		1,246
Northeast Total		36		14,873		13,965		52,419		52,664		-0.5	%		18,395		19,734		-6.8	%		34,024		32,930		3.3	%		64.9	%		96.3	%		96.2	%		1,195		1,194
Miami		5		2,471		2,348		11,627		11,475		1.3	%		5,098		5,180		-1.6	%		6,529		6,295		3.7	%		56.2	%		96.6	%		97.0	%		1,534		1,525
Palm Beach/Fort Lauderdale		4		1,309		1,309		3,623		3,659		-1.0	%		1,556		1,696		-8.3	%		2,067		1,963		5.3	%		57.1	%		94.4	%		95.5	%		861		865
Orlando		8		2,032		1,815		4,025		4,081		-1.4	%		1,849		1,823		1.4	%		2,176		2,258		-3.6	%		54.1	%		94.4	%		94.7	%		689		694
Tampa		6		1,755		1,621		3,887		3,886		0.0	%		1,744		1,741		0.2	%		2,143		2,145		-0.1	%		55.1	%		94.8	%		96.2	%		724		724
Jacksonville		4		1,643		1,404		3,468		3,457		0.3	%		1,580		1,606		-1.6	%		1,888		1,851		2.0	%		54.4	%		94.6	%		95.4	%		771		774
Florida Total		27		9,210		8,497		26,630		26,558		0.3	%		11,827		12,046		-1.8	%		14,803		14,512		2.0	%		55.6	%		95.1	%		95.8	%		965		964
Houston		5		1,775		1,454		3,233		3,316		-2.5	%		1,420		1,603		-11.4	%		1,813		1,713		5.8	%		56.1	%		95.0	%		95.6	%		697		700
Denver		9		2,553		1,991		5,495		5,448		0.9	%		1,940		1,894		2.4	%		3,555		3,554		0.0	%		64.7	%		96.1	%		96.0	%		785		785
Phoenix		13		3,319		2,923		5,565		5,622		-1.0	%		2,558		2,638		-3.0	%		3,007		2,984		0.8	%		54.0	%		92.9	%		94.4	%		594		598
Dallas — Fort Worth		2		569		569		1,296		1,328		-2.4	%		657		673		-2.4	%		639		655		-2.4	%		49.3	%		95.0	%		97.1	%		701		706
Sunbelt Total		56		17,426		15,434		42,219		42,272		-0.1	%		18,402		18,854		-2.4	%		23,817		23,418		1.7	%		56.4	%		94.8	%		95.6	%		833		833
Chicago		9		2,413		2,349		7,990		8,080		-1.1	%		3,158		3,539		-10.8	%		4,832		4,541		6.4	%		60.5	%		96.3	%		97.0	%		1,062		1,064
Total Target Markets		127		41,527		37,609		129,075		129,323		-0.2	%		48,722		51,217		-4.9	%		80,353		78,106		2.9	%		62.3	%		95.7	%		96.0	%		1,094		1,093
Other
Austin		2		652		652		1,350		1,362		-0.9	%		635		558		13.8	%		715		804		-11.1	%		53.0	%		96.3	%		95.9	%		632		635
Baltimore		3		701		628		2,108		2,226		-5.3	%		856		1,106		-22.6	%		1,252		1,120		11.8	%		59.4	%		95.9	%		95.1	%		1,095		1,091
Indianapolis/Fort Wayne		5		3,182		2,983		5,905		5,837		1.2	%		2,350		2,796		-16.0	%		3,555		3,041		16.9	%		60.2	%		95.8	%		95.9	%		591		590
Nashville		3		764		618		1,885		1,825		3.3	%		715		820		-12.8	%		1,170		1,005		16.4	%		62.1	%		98.1	%		96.5	%		893		900
Norfolk/Richmond		5		1,495		1,403		4,338		4,281		1.3	%		1,336		1,286		3.9	%		3,002		2,995		0.2	%		69.2	%		95.6	%		95.7	%		950		949
Other Markets		23		7,951		7,685		19,611		19,611		0.0	%		8,814		9,802		-10.1	%		10,797		9,809		10.1	%		55.1	%		95.2	%		95.9	%		781		778
Total Other		41		14,745		13,969		35,197		35,142		0.2	%		14,706		16,368		-10.2	%		20,491		18,774		9.1	%		58.2	%		95.6	%		95.8	%		771		769
CONVENTIONAL SAME STORE SALES TOTALS		168		56,272		51,578	$	164,272	$	164,465		-0.1	%	$	63,428	$	67,585		-6.2	%	$	100,844	$	96,880		4.1	%		61.4	%		95.6	%		96.0	%	$	1,010	$	1,008

AIMCO 2nd Quarter 2010

14

Supplemental Schedule 6(c)

Conventional Same Store Operating Results
Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009
(in thousands, except site and unit data) (unaudited)

																												Operating
							Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
					Effective		YTD 2Q		YTD 2Q					YTD 2Q		YTD 2Q					YTD 2Q		YTD 2Q					YTD 2Q			YTD 2Q			YTD 2Q			YTD 2Q		YTD 2Q
	Properties		Units		Units		2010		2009		Growth			2010		2009		Growth			2010		2009		Growth			2010			2010			2009			2010		2009
Target Markets
Los Angeles		9		3,095		2,444	$	26,030	$	26,832		-3.0	%	$	8,486	$	8,892		-4.6	%	$	17,544	$	17,940		-2.2	%		67.4	%		96.1	%		93.4	%	$	1,932	$	2,078
Orange County		3		443		373		2,670		2,721		-1.9	%		914		899		1.7	%		1,756		1,822		-3.6	%		65.8	%		96.7	%		95.2	%		1,141		1,194
San Diego		4		1,622		1,552		11,326		11,232		0.8	%		3,465		3,206		8.1	%		7,861		8,026		-2.1	%		69.4	%		95.5	%		94.1	%		1,159		1,185
Southern CA Total		16		5,160		4,369		40,026		40,785		-1.9	%		12,865		12,997		-1.0	%		27,161		27,788		-2.3	%		67.9	%		96.0	%		93.8	%		1,622		1,719
East Bay		2		413		353		2,783		2,778		0.2	%		1,197		1,174		2.0	%		1,586		1,604		-1.1	%		57.0	%		97.4	%		93.4	%		1,196		1,262
San Francisco		4		711		711		6,445		6,520		-1.2	%		2,449		2,435		0.6	%		3,996		4,085		-2.2	%		62.0	%		96.9	%		93.0	%		1,428		1,534
Northern CA Total		6		1,124		1,064		9,228		9,298		-0.8	%		3,646		3,609		1.0	%		5,582		5,689		-1.9	%		60.5	%		97.1	%		93.1	%		1,343		1,434
Seattle		3		413		310		2,535		2,675		-5.2	%		988		1,047		-5.6	%		1,547		1,628		-5.0	%		61.0	%		97.1	%		91.3	%		1,200		1,325
Pacific Total		25		6,697		5,743		51,789		52,758		-1.8	%		17,499		17,653		-0.9	%		34,290		35,105		-2.3	%		66.2	%		96.2	%		93.5	%		1,548		1,648
Suburban New York — New Jersey		4		1,162		944		7,304		7,605		-4.0	%		2,255		2,167		4.1	%		5,049		5,438		-7.2	%		69.1	%		95.8	%		92.6	%		1,188		1,286
Washington — NoVA — MD		15		6,711		6,289		46,965		46,435		1.1	%		15,355		14,506		5.9	%		31,610		31,929		-1.0	%		67.3	%		96.8	%		94.9	%		1,196		1,215
Boston		12		4,250		4,250		30,097		30,389		-1.0	%		11,717		11,388		2.9	%		18,380		19,001		-3.3	%		61.1	%		96.2	%		94.5	%		1,161		1,202
Philadelphia		5		2,750		2,482		20,718		20,451		1.3	%		8,801		8,469		3.9	%		11,917		11,982		-0.5	%		57.5	%		95.2	%		91.1	%		1,246		1,301
Northeast Total		36		14,873		13,965		105,084		104,880		0.2	%		38,128		36,530		4.4	%		66,956		68,350		-2.0	%		63.7	%		96.3	%		93.9	%		1,195		1,232
Miami		5		2,471		2,348		23,102		24,192		-4.5	%		10,277		9,254		11.1	%		12,825		14,938		-14.1	%		55.5	%		96.8	%		92.6	%		1,529		1,656
Palm Beach/Fort Lauderdale		4		1,309		1,309		7,282		7,574		-3.9	%		3,252		3,263		-0.3	%		4,030		4,311		-6.5	%		55.3	%		94.9	%		95.5	%		863		909
Orlando		8		2,032		1,815		8,107		8,374		-3.2	%		3,672		3,831		-4.2	%		4,435		4,543		-2.4	%		54.7	%		94.6	%		90.9	%		692		754
Tampa		6		1,755		1,621		7,772		7,882		-1.4	%		3,485		3,442		1.2	%		4,287		4,440		-3.4	%		55.2	%		95.5	%		92.2	%		724		775
Jacksonville		4		1,643		1,404		6,925		7,019		-1.3	%		3,186		3,104		2.6	%		3,739		3,915		-4.5	%		54.0	%		95.0	%		93.1	%		773		817
Florida Total		27		9,210		8,497		53,188		55,041		-3.4	%		23,872		22,894		4.3	%		29,316		32,147		-8.8	%		55.1	%		95.5	%		92.6	%		964		1,034
Houston		5		1,775		1,454		6,549		6,622		-1.1	%		3,024		2,711		11.5	%		3,525		3,911		-9.9	%		53.8	%		95.3	%		94.1	%		699		721
Denver		9		2,553		1,991		10,943		10,852		0.8	%		3,834		3,842		-0.2	%		7,109		7,010		1.4	%		65.0	%		96.0	%		94.1	%		785		813
Phoenix		13		3,319		2,923		11,188		12,214		-8.4	%		5,196		5,117		1.5	%		5,992		7,097		-15.6	%		53.6	%		93.6	%		91.7	%		596		669
Dallas — Fort Worth		2		569		569		2,625		2,585		1.5	%		1,330		1,184		12.3	%		1,295		1,401		-7.6	%		49.3	%		96.0	%		91.2	%		704		747
Sunbelt Total		56		17,426		15,434		84,493		87,314		-3.2	%		37,256		35,748		4.2	%		47,237		51,566		-8.4	%		55.9	%		95.2	%		92.8	%		833		891
Chicago		9		2,413		2,349		16,070		15,903		1.1	%		6,696		6,650		0.7	%		9,374		9,253		1.3	%		58.3	%		96.7	%		92.6	%		1,063		1,103
Total Target Markets		126		41,409		37,491		257,436		260,855		-1.3	%		99,579		96,581		3.1	%		157,857		164,274		-3.9	%		61.3	%		95.8	%		93.3	%		1,093		1,149
Other
Austin		2		652		652		2,712		2,607		4.0	%		1,193		1,431		-16.6	%		1,519		1,176		29.2	%		56.0	%		96.1	%		85.3	%		633		701
Baltimore		3		701		628		4,334		4,223		2.6	%		1,962		1,694		15.8	%		2,372		2,529		-6.2	%		54.7	%		95.5	%		94.1	%		1,093		1,095
Indianapolis/Fort Wayne		5		3182		2,983		11,742		11,680		0.5	%		5,147		5,337		-3.6	%		6,595		6,343		4.0	%		56.2	%		95.8	%		92.6	%		590		613
Nashville		2		438		392		2,464		2,529		-2.6	%		1,061		991		7.1	%		1,403		1,538		-8.8	%		56.9	%		98.2	%		94.8	%		932		1,002
Norfolk/Richmond		5		1495		1,403		8,619		8,493		1.5	%		2,622		2,662		-1.5	%		5,997		5,831		2.8	%		69.6	%		95.6	%		93.9	%		949		968
Other Markets		23		7951		7,685		39,223		39,846		-1.6	%		18,616		18,637		-0.1	%		20,607		21,209		-2.8	%		52.5	%		95.5	%		92.2	%		779		825
Total Other		40		14,419		13,743		69,094		69,378		-0.4	%		30,601		30,752		-0.5	%		38,493		38,626		-0.3	%		55.7	%		95.7	%		92.3	%		769		807
CONVENTIONAL SAME STORE SALES TOTALS		166		55,828		51,234	$	326,530	$	330,233		-1.1	%	$	130,180	$	127,333		2.2	%	$	196,350	$	202,900		-3.2	%		60.1	%		95.8	%		93.0	%	$	1,009	$	1,062

AIMCO 2nd Quarter 2010

15

Supplemental Schedule 7(a)

Total Conventional Portfolio Data by Market
Second Quarter 2010 Compared to Second Quarter 2009
(unaudited)

	Quarter Ended June 30, 2010														Quarter Ended June 30, 2009
								Effective														Effective
	Properties		Units		Ownership			Units		% AIV NOI			Average Rent		Properties		Units		Ownership			Units		% AIV NOI			Average Rent
Target Markets
Los Angeles		14		4,641		86	%		3,989		10.3	%	$	2,001		16		4,953		87	%		4,302		9.1	%	$	2,071
Orange County		4		1,213		94	%		1,143		2.8	%		1,509		4		1,213		94	%		1,143		2.0	%		1,519
San Diego		6		2,144		97	%		2,074		4.2	%		1,191		6		2,144		97	%		2,074		3.6	%		1,213
Southern CA Total		24		7,998		90	%		7,206		17.3	%		1,683		26		8,310		90	%		7,519		14.7	%		1,743
East Bay		2		413		86	%		353		0.6	%		1,195		2		413		85	%		353		0.5	%		1,255
San Francisco		6		1,083		100	%		1,083		1.7	%		1,462		6		1,081		100	%		1,081		1.4	%		1,526
San Jose		1		224		100	%		224		0.5	%		1,492		1		224		100	%		224		0.4	%		1,628
Northern CA Total		9		1,720		97	%		1,660		2.8	%		1,389		9		1,718		97	%		1,658		2.3	%		1,459
Seattle		3		413		75	%		310		0.6	%		1,204		3		413		75	%		309		0.5	%		1,300
Pacific Total		36		10,131		91	%		9,176		20.7	%		1,615		38		10,441		91	%		9,486		17.5	%		1,682
Manhattan		22		957		100	%		955		3.1	%		2,369		22		956		100	%		954		2.5	%		2,301
Suburban New York / New Jersey		4		1,162		81	%		944		2.0	%		1,187		8		3,413		87	%		2,978		5.0	%		1,165
New York Total		26		2,119		90	%		1,899		5.1	%		1,718		30		4,369		90	%		3,932		7.5	%		1,419
Washington — NoVA — MD		17		8,015		84	%		6,744		12.9	%		1,198		18		8,715		85	%		7,444		11.7	%		1,194
Boston		12		4,250		100	%		4,250		7.2	%		1,159		12		4,250		100	%		4,250		6.5	%		1,202
Philadelphia		7		3,886		91	%		3,539		6.2	%		1,218		7		3,885		91	%		3,538		5.3	%		1,274
Northeast Total		62		18,270		90	%		16,432		31.4	%		1,258		67		21,219		90	%		19,164		31.0	%		1,260
Miami		5		2,471		95	%		2,348		5.1	%		1,534		6		2,674		92	%		2,451		5.7	%		1,590
Palm Beach/Fort Lauderdale		5		1,681		95	%		1,595		1.9	%		865		8		2,431		94	%		2,281		2.7	%		964
Orlando		10		3,000		90	%		2,708		2.8	%		725		11		3,324		91	%		3,032		2.5	%		770
Tampa		6		1,755		92	%		1,621		1.7	%		724		11		3,307		90	%		2,991		2.8	%		771
Jacksonville		4		1,643		85	%		1,404		1.5	%		770		4		1,643		85	%		1,404		1.4	%		807
Florida Total		30		10,550		92	%		9,676		13.0	%		947		40		13,379		91	%		12,159		15.1	%		976
Houston		8		3,027		83	%		2,505		2.1	%		676		15		4,832		87	%		4,182		3.3	%		693
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	%		609		20		5,164		90	%		4,656		3.4	%		672
Dallas — Fort Worth		2		569		100	%		569		0.5	%		701		6		1,397		76	%		1,060		0.9	%		737
Atlanta		6		1,355		79	%		1,065		1.2	%		869		8		1,795		80	%		1,435		1.4	%		908
Sunbelt Total		72		22,472		88	%		19,716		22.9	%		816		99		29,444		88	%		25,807		26.7	%		845
Chicago		15		4,633		94	%		4,348		7.6	%		1,101		18		5,355		93	%		4,957		6.6	%		1,115
Total Target Markets		185		55,506		89	%		49,672		82.6	%		1,122		222		66,459		89	%		59,414		81.8	%		1,121
Other [1]
Austin		2		652		100	%		652		0.6	%		632		3		816		100	%		816		0.6	%		686
Baltimore		5		1,180		84	%		993		1.5	%		1,032		5		1,180		84	%		993		1.3	%		1,058
Cincinnati		2		505		80	%		405		0.7	%		1,186		2		504		80	%		405		0.7	%		1,209
Colorado Springs, CO		—		—		—			—		—			—		2		514		88	%		454		0.4	%		673
Indianapolis/Ft Wayne		5		3,182		94	%		2,983		2.8	%		591		8		4,981		96	%		4,782		3.2	%		592
Inland Empire		3		574		89	%		514		0.6	%		819		3		574		90	%		514		0.5	%		855
Michigan		5		3,688		96	%		3,538		2.9	%		619		6		3,862		94	%		3,643		2.5	%		658
Minneapolis		2		732		89	%		651		1.8	%		1,477		2		732		89	%		651		1.5	%		1,569
Nashville		4		1,114		77	%		861		1.1	%		833		5		1,362		72	%		981		1.0	%		851
Non-Target Florida		9		2,004		100	%		2,004		1.6	%		641		11		2,404		98	%		2,358		1.8	%		688
Norfolk/Richmond		6		1,643		94	%		1,551		2.5	%		938		7		2,075		96	%		1,983		2.7	%		923
Providence, RI		2		708		100	%		708		1.1	%		1,075		2		708		100	%		708		0.8	%		1,130
Raleigh/Greenville		—		—		—			—		—			—		6		1,398		80	%		1,115		0.8	%		678
Other Markets		2		421		62	%		265		0.2	%		789		3		601		74	%		442		0.4	%		906
Total Other		47		16,403		92	%		15,125		17.4	%		781		65		21,711		91	%		19,845		18.2	%		779
Grand Total		232		71,909		90	%		64,797		100.0	%	$	1,042		287		88,170		90	%		79,259		100.0	%	$	1,034

[1] For the quarters ended June 30, 2010 and 2009, Aimco’s conventional portfolio included assets in 17 and 20 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit.

AIMCO 2nd Quarter 2010

16

Supplemental Schedule 7(b)

Total Conventional Portfolio Data by Market
First Quarter 2010 Market Information
(unaudited)

Aimco’s portfolio strategy focuses on B/B+ quality apartment communities located in the 20 largest U.S. markets as measured by total apartment value, with a target allocation to Conventional Properties of 90% or more. Aimco measures Conventional Property asset quality based on average rents compared to local market average rents as reported by REIS, with A-quality assets earning rents greater than 125% of local market average, B-quality assets earning rents 90% to 125% of local market average and C-quality assets earning rents less than 90% of local market average. Aimco’s geographic allocation strategy focuses on the 20 largest U.S. markets, with market quality measured in part based on long-term growth characteristics.

The following schedule illustrates Aimco’s Conventional Property portfolio quality and market growth projections based on 1Q 2010 data, as this is the most recent period for which third-party data is available.

	Quarter Ended March 31, 2010
																				2010 - 2012
																	+/- Market			Projected
								Effective					Average		Market Rent		Rent			Revenue
	Properties		Units		Ownership			Units		% AIV NOI			Rent		[1]		Average			Growth [2]
Target Markets
Los Angeles		14		4,641		86	%		3,990		10.3	%	$	2,001	$	1,338		49.6	%		1.6	%
Orange County		4		1,213		94	%		1,143		2.9	%		1,500		1,445		3.8	%		2.2	%
San Diego		6		2,144		97	%		2,074		4.2	%		1,190		1,271		-6.3	%		2.3	%
Southern CA Total		24		7,998		90	%		7,207		17.4	%		1,682		1,336		25.9	%		1.8	%
East Bay		2		413		85	%		353		0.6	%		1,197		1,251		-4.3	%		2.1	%
San Francisco		6		1,082		100	%		1,082		1.8	%		1,459		1,720		-15.2	%		2.6	%
San Jose		1		224		100	%		224		0.5	%		1,481		1,400		5.8	%		2.9	%
Northern CA Total		9		1,719		97	%		1,659		2.9	%		1,386		1,532		-9.5	%		2.5	%
Seattle		3		413		75	%		309		0.6	%		1,194		946		26.2	%		2.8	%
Pacific Total		36		10,130		91	%		9,175		20.9	%		1,613		1,349		19.6	%		1.9	%
Manhattan		22		957		100	%		955		2.8	%		2,359		2,667		-11.5	%		3.1	%
Suburban New York / New Jersey		4		1,162		81	%		944		2.0	%		1,189		1,422		-16.4	%		1.2	%
New York Total		26		2,119		90	%		1,899		4.8	%		1,720		1,984		-13.3	%		2.4	%
Washington — NoVA — MD		17		8,015		84	%		6,744		12.6	%		1,194		1,356		-11.9	%		3.4	%
Boston		12		4,250		100	%		4,250		7.3	%		1,163		1,598		-27.2	%		3.2	%
Philadelphia		7		3,886		91	%		3,539		6.4	%		1,216		973		25.0	%		2.0	%
Northeast Total		62		18,270		90	%		16,432		31.1	%		1,257		1,407		-10.7	%		2.8	%
Miami		5		2,471		95	%		2,348		5.1	%		1,525		1,008		51.3	%		0.9	%
Palm Beach / Ft Lauderdale		6		1,891		92	%		1,741		2.1	%		887		1,036		-14.3	%		1.4	%
Orlando		10		3,000		90	%		2,708		3.0	%		726		808		-10.1	%		1.1	%
Tampa		6		1,755		92	%		1,620		1.7	%		724		779		-7.0	%		1.4	%
Jacksonville		4		1,643		85	%		1,404		1.5	%		773		753		2.6	%		1.5	%
Florida Total		31		10,760		91	%		9,821		13.4	%		947		881		7.5	%		1.2	%
Houston		8		3,027		83	%		2,505		2.2	%		679		717		-5.2	%		2.3	%
Denver		9		2,553		78	%		1,991		2.9	%		785		786		-0.2	%		1.8	%
Phoenix		17		4,418		89	%		3,910		3.3	%		613		675		-9.1	%		1.9	%
Dallas — Fort Worth		2		569		100	%		569		0.5	%		706		736		-4.1	%		1.9	%
Atlanta		7		1,574		77	%		1,214		1.4	%		842		748		12.5	%		0.9	%
Sunbelt Total		74		22,901		87	%		20,010		23.7	%		817		796		2.7	%		1.4	%
Chicago		15		4,633		94	%		4,348		7.1	%		1,101		975		12.9	%		1.0	%
Total Target Markets		187		55,934		89	%		49,965		82.8	%		1,119		1,099		1.8	%		2.0	%
Other [1]
Austin		3		816		100	%		816		0.7	%		629		787		-20.1	%		2.5	%
Baltimore		5		1,180		84	%		993		1.4	%		1,028		949		8.3	%		2.0	%
Cincinnati		2		505		80	%		405		0.5	%		1,186		660		79.6	%		1.1	%
Indianapolis / Ft Wayne		5		3,182		94	%		2,983		2.4	%		590		632		-6.7	%		1.1	%
Inland Empire		3		574		89	%		513		0.6	%		828		986		-16.1	%		2.1	%
Michigan		6		3,855		94	%		3,636		2.5	%		626		751		-16.6	%		0.0	%
Minneapolis		2		732		89	%		651		1.6	%		1,456		893		63.1	%		2.3	%
Nashville		4		1,114		77	%		861		1.0	%		839		690		21.6	%		2.0	%
Non-Target Florida		10		2,204		100	%		2,204		2.0	%		647		858		-24.6	%		1.2	%
Norfolk / Richmond		6		1,643		94	%		1,551		2.6	%		937		786		19.2	%		1.0	%
Providence RI		2		708		100	%		708		1.1	%		1,078		1,146		-6.0	%		2.1	%
Raleigh / Greenville		2		366		86	%		313		0.2	%		649		720		-9.9	%		2.5	%
Other Markets		2		421		62	%		262		0.6	%		798		975		-18.1	%		1.0	%
Total Other		52		17,300		92	%		15,896		17.2	%		773		789		-2.0	%		1.3	%
Grand Total		239		73,234		90	%		65,861		100.0	%	$	1,034	$	1,024		1.1	%		1.9	%

[1]	1Q 2010 REIS
[2]	Represents the average of projections published by REIS, PPR and Axiometrics, third-party providers of commercial real estate information and analyses.

AIMCO 2nd Quarter 2010

17

Supplemental Schedule 8

Property Sales and Acquisition Activity
(dollars in millions, except average rent) (unaudited)

Second Quarter 2010 Dispositions

	Number		Number				NOI							Aimco		Aimco
	of		of		Gross		Cap			Property		Net Sales		Gross		Net		Average
	Properties		Units		Proceeds		Rate [1]			Debt		Proceeds [2]		Proceeds		Proceeds		Rent
Conventional		7		1,327	$	61.7		8.5	%	$	35.4	$	17.8	$	49.2	$	17.6	$	723
Affordable		4		597		40.5		6.3	%		27.7		8.5		19.7		7.4		1,051
Total Dispositions		11		1,924	$	102.2		7.6	%	$	63.1	$	26.3	$	68.9	$	25.0	$	826

Year-to-Date 2010 Dispositions

	Number		Number				NOI							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]		11		2,116	$	110.0		8.4	%	$	67.4	$	28.2	$	85.5	$	26.5	$	764
Affordable		12		1,431		74.8		8.2	%		47.3		19.2		40.1		15.6		928
Total Dispositions		23		3,547	$	184.8		8.3	%	$	114.7	$	47.4	$	125.6	$	42.1	$	831

Year-to-Date Acquisitions

There have been no property acquisitions during 2010.

Notes

[1]	NOI Cap Rate is calculated based on the trailing twelve month NOI prior to sale, less a 3.5% management fee, divided by the gross proceeds. Prior to 1Q 2010, Aimco provided a Free Cash Flow cap rate on this schedule, which represented an NOI cap rate assuming a 5% management fee and an adjustment of $300 per door for capital replacements.
[2]	Net Sales Proceeds are after repayment of existing debt, net working capital settlements, payment of transaction costs and prepayment penalties.
[3]	Year-to-date, Aimco has disposed of Conventional Properties in the following markets:

Market	Properties		Units
Target Markets:
Atlanta		1		219
Austin		1		164
Dallas-Fort Worth		1		256
Fort Lauderdale		1		210
Greenville, NC		2		366
Houston		1		113
Lansing, MI		1		168
Los Angeles		1		144
Sarasota, FL		1		200
Tampa		1		276
Total Target Markets		11		2,116

AIMCO 2nd Quarter 2010

18

Supplemental Schedule 9

Capital Additions
(in thousands, except per unit data) (unaudited)

All capital additions are classified as either Capital Replacements (“CR”), Capital Improvements (“CI”), redevelopment or casualties. 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.

Amounts below represent actual additions related to residential properties that are owned and managed by Aimco at the end of the period. These amounts include consolidated and unconsolidated properties and are not adjusted for Aimco’s ownership interest in such properties. Amounts do not include capital additions related to:

• properties sold during the period or properties held for sale at the end of the period;

• properties that are not multi-family such as commercial properties or fitness facilities; and

• properties that Aimco owns but does not manage.

See the Glossary for a reconciliation of these amounts to GAAP capital additions.

	Actual Additions						Actual Additions
	Three Months Ended June 30, 2010						Six Months Ended June 30, 2010
	Conventional		Affordable		Total		Conventional		Affordable		Total
Capital Additions
Capital Replacements
Buildings and grounds	$	8,594	$	1,197	$	9,791	$	11,759	$	2,164	$	13,923
Turnover capital additions		5,494		1,773		7,267		10,983		3,213		14,196
Capitalized site payroll and indirect costs		2,519		342		2,861		4,777		664		5,441
Total Capital Replacements		16,607		3,312		19,919		27,519		6,041		33,560
Capital Improvements		9,540		1,765		11,305		14,339		3,047		17,386
Redevelopment Additions		6,224		491		6,715		12,442		1,852		14,294
Casualties		5,384		598		5,982		9,042		4,217		13,259
Total Capital Additions	$	37,755	$	6,166	$	43,921	$	63,342	$	15,157	$	78,499
Capital Replacements and Improvements per Unit
Total units		70,407		22,259		92,666		70,407		22,259		92,666
Total Capital Replacements per unit	$	236	$	149	$	215	$	391	$	271	$	362
Capital Improvements per unit		135		79		122		204		137		188
Total Capital Replacements and Improvements per unit	$	371	$	228	$	337	$	595	$	408	$	550

AIMCO 2nd Quarter 2010

19

Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

This 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. Aimco’s definition and calculation of these non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.

ACQUISITION PROPERTIES: Properties that have been acquired during the twelve months prior to the current quarter-end that have not reached a stabilized level of occupancy during the current period and each period for which comparable results are presented.

ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is Pro forma FFO, as defined below, less Capital Replacement additions, also defined below, adjusted for the Aimco Operating Partnership’s share of such Capital Replacements. 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. There can be no assurance that Aimco’s method for computing AFFO is comparable with that of other real estate investment trusts. A reconciliation of Pro forma FFO, as presented in Supplemental Schedules 1(a) and 1(b), to AFFO is presented below.

	Three Months						Six Months
	Ended June 30,						Ended June 30,
(in thousands, except per share data) (unaudited)	2010			2009			2010			2009
Pro forma Funds From Operations	$	47,771		$	52,320		$	84,735		$	101,143
Capital replacements, net of noncontrolling interests in Aimco Operating Partnership and participating securities		(16,222	)		(16,714	)		(27,678	)		(30,921	)
Adjusted Funds From Operations	$	31,549		$	35,606		$	57,057		$	70,222
Adjusted Funds From Operations per share (diluted)	$	0.27		$	0.31		$	0.49		$	0.61

AFFORDABLE PROPERTIES: Affordable Properties benefit from governmental programs intended to provide housing to people with low or moderate incomes. These programs, which are usually administered by the U.S. Department of Housing and Urban Development, or HUD, or state housing finance agencies, typically provide mortgage insurance, favorable financing terms, tax-credit equity, or rental assistance payments to the property owners. Under these programs, rent adjustments are made in accordance with property-specific contracts between Aimco and HUD, with rent increases generally based on an adjustment factor set by HUD annually. Aimco targets an investment in Affordable Properties of 10% or less of Net Asset Value, which serves to offset the volatility of our Conventional portfolio; provide revenue growth that over time is similar to that of Conventional Properties; expand our investment opportunities; and provide helpful positioning with government bodies, benefiting Aimco’s business overall.

AIMCO OPERATING PARTNERSHIP: AIMCO Properties, L.P., a Delaware limited partnership, is the operating partnership in Aimco’s UPREIT structure. Aimco owns approximately 93% of the common partnership units of the Aimco Operating Partnership.

AIMCO PROPORTIONATE FINANCIAL INFORMATION: Non-GAAP measures representing Aimco’s share of financial information discussed in this Earnings Release and Supplemental Information. Aimco’s proportionate share of financial information includes Aimco’s share of unconsolidated real estate partnerships and excludes noncontrolling interests in consolidated real estate partnerships. Proportionate reporting benefits the users of Aimco’s financial information by providing the amount of revenues, expenses, assets and liabilities attributable only to Aimco stockholders. Aimco also refers to this measure as “Aimco’s Share” of financial information. See Supplemental Schedules 1, 3 and 4 for reconciliation of Aimco’s proportionate share of financial results to Aimco’s consolidated financial statements.

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CAPITAL ADDITIONS DEFINITIONS AND RECONCILIATION

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): Unlike CI additions, CR additions do not increase the 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: 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 net of deductibles associated with each loss.

Supplemental Schedule 9 contains capital additions information related to (1) residential properties that Aimco owns and manage at the end of the period, (2) properties that are consolidated in Aimco’s GAAP financial statements, and (3) properties that are accounted for under the equity method of accounting in Aimco’s GAAP financial statements. Amounts do not include capital additions related to:

• consolidated properties sold during the period or properties held for sale at the end of the period;

• consolidated properties that are not multi-family such as commercial properties or fitness facilities; or

• consolidated properties that Aimco owns but does not manage.

Aimco believes the capital addition detail provided in Supplemental Schedule 9 provides an enhanced understanding of capital additions related to our primary business of owning and operating apartment communities. A reconciliation of capital additions presented on Supplemental Schedule 9 to Aimco’s consolidated GAAP information is presented below.

	Three Months Ended			Six Months Ended
(in thousands) (unaudited)	June 30, 2010			June 30, 2010
Capital Additions per Schedule 9	$	43,921		$	78,499
Capital additions related to:
Unconsolidated real estate partnerships		(260	)		(356	)
Consolidated sold and held for sale properties		147			804
Consolidated properties that are not multi-family, such as commercial properties or fitness facilities		54			67
Consolidated properties Aimco owns but does not manage		503			908
Consolidated capital additions	$	44,365		$	79,922

CONVENTIONAL PROPERTIES: Conventional Properties represent Aimco’s portfolio of market-rate apartment communities. Aimco focuses on owning and operating apartment communities with rents that are 100% to 125% of local market average rents and concentrates its investment in the 20 largest apartment markets in the United States, as measured by apartment value. Aimco targets an investment in Conventional Properties of 90% or more of Net Asset Value.

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 is reduced by 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. Effective Units may be used to analyze Aimco proportionate financial measures on a per-unit basis.

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA): EBITDA is equal to Aimco’s adjusted total earnings before interest, taxes, depreciation and amortization as defined in Aimco’s credit agreement before capital addition reserves provided for in Aimco’s credit agreement. EBITDA is the numerator used in Aimco’s calculation of EBITDA Coverage of Interest Ratio and EBITDA Coverage of Preferred Dividends and Interest Ratio.

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EBITDA COVERAGE OF INTEREST RATIO: The ratio of (a) Aimco’s EBITDA to (2) total interest expense charges, as provided for in Aimco’s credit agreement, for the four fiscal quarters preceding the date of calculation. This ratio is similar to Aimco’s Debt Service Coverage Ratio with the exception that Aimco’s EBITDA Coverage of Interest Ratio does not include capital addition reserves in the numerator and does not include debt amortization or capitalized interest in the denominator, while Debt Service Coverage Ratio does include these items. Aimco’s credit agreement does not contain any compliance thresholds for the EBITDA Coverage of Interest Ratio; however, Aimco management uses this ratio as one measure of leverage.

EBITDA COVERAGE OF INTEREST AND PREFERRED DIVIDENDS RATIO: The ratio of (a) Aimco’s EBITDA to (2) the sum of total interest expense and dividends/distributions on preferred shares/units, as provided for in Aimco’s credit agreement, for the four fiscal quarters preceding the date of calculation. This ratio is similar to Aimco’s Fixed Charge Coverage Ratio with the exception that Aimco’s EBITDA Coverage of Interest and Preferred Dividends Ratio does not include capital addition reserves in the numerator and does not include debt amortization or capitalized interest in the denominator, while Fixed Charge Coverage Ratio does include these items. Aimco’s credit agreement does not contain any compliance thresholds for the EBITDA Coverage of Interest and Preferred Dividends Ratio; however, Aimco management uses this ratio as one measure of leverage.

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 is reduced by certain capital expenditure reserves) to (b) fixed charges, which represents the sum of total interest expense, debt amortization and dividends/distributions on preferred shares/units, for the four fiscal quarters preceding the date of calculation.

FEE MANAGED PROPERTIES: Aimco provides property management and/or asset management services for a portfolio of properties, primarily pursuant to long-term arrangements with affiliated parties. In certain cases, Aimco may indirectly own generally less than one percent of the operations of such properties through a partnership syndication or other fund.

FUNDS FROM OPERATIONS (FFO): FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (NAREIT) defines 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. Aimco computes FFO for all periods presented in accordance with the guidance set forth by NAREIT’s April 1, 2002 White Paper.

In addition to FFO, Aimco uses PRO FORMA FUNDS FROM OPERATIONS (Pro forma FFO) to measure performance. Pro forma FFO represents FFO as defined above, excluding operating real estate impairments and preferred stock redemption related amounts (adjusted for noncontrolling interests). Both operating real estate impairment losses and preferred stock redemption related amounts are recurring items that affect Aimco’s operating results. Operating real estate impairment losses, net of related income tax benefits and noncontrolling interests, are excluded from Pro forma FFO because Aimco believes the inclusion of such losses in FFO is inconsistent with the treatment of gains on the disposition of operating real estate, which are not included in FFO. Aimco excludes preferred redemption related amounts (gains or losses) from Pro forma FFO because such amounts are not representative of operating results.

FFO and Pro forma FFO are helpful to investors in understanding Aimco’s performance because they capture 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. FFO and Pro forma FFO are reconciled to Net income (loss) attributable to Aimco common stockholders as determined in accordance with in Supplemental Schedule 1.

OTHER AFFORDABLE PROPERTIES: Affordable Properties that do not meet the Same Store property definition because (1) the property is under redevelopment, (2) the property is not managed by Aimco, and/or (3) Aimco’s ownership in the property is less than 10%.

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OTHER CONVENTIONAL PROPERTIES: Conventional Properties that have significant rent control restrictions, university housing properties and properties that are not multi-family such as commercial properties or fitness facilities.

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).

PROPERTY NET OPERATING INCOME (NOI): NOI is defined by Aimco as total property rental and other property revenues less direct property operating expenses, including real estate taxes. NOI does not include: property management revenues, primarily from affiliates; casualties; off-site property management expenses; depreciation; or interest expense. NOI is helpful because it helps both investors and management to understand the operating performance of real estate excluding costs associated with decisions about acquisition pricing, overhead allocations and financing arrangements. NOI is considered by many in the real estate industry to be a useful measure for determining the value of real estate. A reconciliation of NOI as presented in this Earnings Release and Supplemental Information to Aimco’s consolidated GAAP amounts is provided below and on the following page.

Reconciliation of Propertionate Property NOI Amounts in Supplemental Schedule 1(a) to Proportionate Property NOI Amounts Included in Aimco’s Earnings Release and Supplemental Schedule 6(a)
Second Quarter 2010 Compared to Second Quarter 2009
(in thousands) (unaudited)

	Three Months Ended June 30, 2010										Three Months Ended June 30, 2009
	Proportionate		Properties Owned			Ownership			Proportionate		Proportionate		Properties Owned			Ownership			Proportionate
	Amount		but Not Managed			Adjustments			Property Amount		Amount		but Not Managed			Adjustments			Property Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	164,518	$	—		$	(246	)	$	164,272	$	165,280	$	—		$	(218	)	$	165,062
Affordable Same Store		30,353		—			—			30,353		29,527		—			88			29,615
Total Same Store		194,871		—			(246	)		194,625		194,807		—			(130	)		194,677
Conventional Redevelopment		28,557		—			—			28,557		26,155		—			—			26,155
Other Conventional		17,932		(1,181	)		—			16,751		18,634		(1,873	)		20			16,781
Other Affordable		6,181		(2,749	)		—			3,432		6,373		(3,076	)		—			3,297
Total rental and other property revenues		247,541		(3,930	)		(246	)		243,365		245,969		(4,949	)		(110	)		240,910
Property operating expenses
Conventional Same Store		63,285		—			143			63,428		63,098		—			35			63,133
Affordable Same Store		13,958		—			—			13,958		12,709		—			36			12,745
Total Same Store		77,243		—			143			77,386		75,807		—			71			75,878
Conventional Redevelopment		9,919		—			—			9,919		10,821		—			—			10,821
Other Conventional		9,111		(784	)		—			8,327		8,996		(1,003	)		45			8,038
Other Affordable		2,642		(1,377	)		—			1,265		2,959		(1,499	)		—			1,460
Total property operating expenses		98,915		(2,161	)		143			96,897		98,583		(2,502	)		116			96,197
Property NOI:
Conventional Same Store	$	101,233	$	—		$	(389	)	$	100,844	$	102,182	$	—		$	(253	)	$	101,929
Affordable Same Store		16,395		—			—			16,395		16,818		—			52			16,870
Total Same Store		117,628		—			(389	)		117,239		119,000		—			(201	)		118,799
Conventional Redevelopment		18,638		—			—			18,638		15,334		—			—			15,334
Other Conventional		8,821		(397	)		—			8,424		9,638		(870	)		(25	)		8,743
Other Affordable		3,539		(1,372	)		—			2,167		3,414		(1,577	)		—			1,837
Net real estate operations	$	148,626	$	(1,769	)	$	(389	)	$	146,468	$	147,386	$	(2,447	)	$	(226	)	$	144,713

	% Aimco
	2Q 2010 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		68	%		-0.5	%		0.5	%		-1.1	%
Affordable Same Store		11	%		2.5	%		9.5	%		-2.8	%
Total Same Store		79	%		0.0	%		2.0	%		-1.3	%
Conventional Redevelopment		13	%		9.2	%		-8.3	%		21.5	%
Other Conventional		6	%		-0.2	%		3.6	%		-3.6	%
Other Affordable		2	%		4.1	%		-13.4	%		18.0	%
Net real estate operations		100	%		1.0	%		0.7	%		1.2	%

Reconciliation of GAAP to Supplemental Schedule 6(b) Proportionate Conventional Same Store NOI Amounts
First Quarter 2010
(in thousands) (unaudited)

	Three Months Ended March 31, 2010
			Proportionate
			Share of
	Consolidated		Unconsolidated		Noncontrolling			Proportionate		Ownership			Proportionate
	Amounts		Partnerships		Interests			Amount		Adjustments			Property Amount
Conventional Same Store:
Rental and other property revenues	$	180,920	$	—	$	(16,211	)	$	164,709	$	(244	)	$	164,465
Property operating expenses		74,438		—		(6,989	)		67,449		136			67,585
Property NOI	$	106,482	$	—	$	(9,222	)	$	97,260	$	(380	)	$	96,880

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Reconciliation of Propertionate Property NOI Amounts in Supplemental Schedule 1(b) to Proportionate Property NOI Amounts Included in Aimco’s Earnings Release and Supplemental Schedule 6(c)
Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009
(in thousands) (unaudited)

	Six Months Ended June 30, 2010													Six Months Ended June 30, 2009
	Proportionate		Properties Owned						Ownership			Proportionate		Proportionate		Properties Owned						Ownership			Proportionate
	Amount		but Not Managed			Population Changes			Adjustments			Property Amount		Amount		but Not Managed			Population Changes			Adjustments			Property Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	329,227	$	—			(2,210	)	$	(487	)	$	326,530	$	332,358	$	—		$	(2,143	)	$	18		$	330,233
Affordable Same Store		60,130		—			—			—			60,130		58,551		—			—			180			58,731
Total Same Store		389,357		—			(2,210	)		(487	)		386,660		390,909		—			(2,143	)		198			388,964
Conventional Redevelopment		57,172		—			2,210			—			59,382		52,565		—			2,143			—			54,708
Other Conventional		36,117		(2,347	)		—			—			33,770		37,255		(3,789	)		—			41			33,507
Other Affordable		11,731		(4,990	)		—			—			6,741		12,017		(5,534	)		—			—			6,483
Total rental and other property revenues		494,377		(7,337	)		—			(487	)		486,553		492,746		(9,323	)		—			239			483,662
Property operating expenses
Conventional Same Store		130,734		—			(825	)		271			130,180		128,075		—			(826	)		84			127,333
Affordable Same Store		28,619		—			—			—			28,619		27,074		—			—			74			27,148
Total Same Store		159,353		—			(825	)		271			158,799		155,149		—			(826	)		158			154,481
Conventional Redevelopment		20,815		—			825			—			21,640		21,866		—			826			—			22,692
Other Conventional		18,809		(1,580	)		—			—			17,229		18,303		(2,035	)		—			70			16,338
Other Affordable		5,805		(3,027	)		—			—			2,778		5,979		(2,963	)		—			—			3,016
Total property operating expenses		204,782		(4,607	)		—			271			200,446		201,297		(4,998	)		—			228			196,527
Property NOI:
Conventional Same Store	$	198,493	$	—		$	(1,385	)	$	(758	)	$	196,350	$	204,283	$	—		$	(1,317	)	$	(66	)	$	202,900
Affordable Same Store		31,511		—			—			—			31,511		31,477		—			—			106			31,583
Total Same Store		230,004		—			(1,385	)		(758	)		227,861		235,760		—			(1,317	)		40			234,483
Conventional Redevelopment		36,357		—			1,385			—			37,742		30,699		—			1,317			—			32,016
Other Conventional		17,308		(767	)		—			—			16,541		18,952		(1,754	)		—			(29	)		17,169
Other Affordable		5,926		(1,963	)		—			—			3,963		6,038		(2,571	)		—			—			3,467
Net real estate operations	$	289,595	$	(2,730	)	$	—		$	(758	)	$	286,107	$	291,449	$	(4,325	)	$	—		$	11		$	287,135

	% Aimco
	YTD 2010 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		69	%		-1.1	%		2.2	%		-3.2	%
Affordable Same Store		11	%		2.4	%		5.4	%		-0.2	%
Total Same Store		80	%		-0.6	%		2.8	%		-2.8	%
Conventional Redevelopment		12	%		8.5	%		-4.6	%		17.9	%
Other Conventional		6	%		0.8	%		5.5	%		-3.7	%
Other Affordable		2	%		4.0	%		-7.9	%		14.3	%
Net real estate operations		100	%		0.6	%		2.0	%		-0.4	%

Reconciliation of GAAP to Supplemental Schedule 3 Trailing Twelve Month (TTM) Proportionate NOI Amounts
(in thousands) (unaudited)

	Year Ended December 31, 2009									Y2009 to Y2010			Subtract Six Months Ended June 30, 2009			Add Six Months Ended June 30, 2010
			Proportionate							Property Classification,
			Share of							Discontinued Operations								TTM
	Consolidated		Unconsolidated		Noncontrolling			Proportionate		and GAAP Consolidation			Proportionate			Proportionate		Proportionate
	Amount		Partnerships		Interests			Amount		Accounting Changes			Amount			Amount		Amount
Rental and other property revenues:
Conventional Same Store properties	$	719,977	$	—	$	(70,473	)	$	649,504	$	13,944		$	(332,358	)	$	329,227	$	660,317
Conventional Acquisition properties		2,749		—		—			2,749		(2,749	)		—			—		—
Conventional Redevelopment properties		144,010		—		(8,185	)		135,825		(27,118	)		(52,565	)		57,172		113,314
Other Conventional properties		69,996		1,449		(7,719	)		63,726		9,802			(37,255	)		36,117		72,390
Affordable properties		204,096		9,611		(61,288	)		152,419		(11,372	)		(70,568	)		71,861		142,340
Total rental and other property revenues		1,140,828		11,060		(147,665	)		1,004,223		(17,493	)		(492,746	)		494,377		988,361
Property operating expenses:
Conventional Same Store properties		282,428		—		(29,204	)		253,224		5,502			(128,075	)		130,734		261,385
Conventional Acquisition properties		952		—		—			952		(952	)		—			—		—
Conventional Redevelopment properties		57,789		—		(3,580	)		54,209		(11,288	)		(21,866	)		20,815		41,870
Other Conventional properties		35,246		816		(4,056	)		32,006		4,867			(18,303	)		18,809		37,379
Affordable properties		101,735		5,884		(33,943	)		73,676		(6,486	)		(33,053	)		34,424		68,561
Total property operating expenses		478,150		6,700		(70,783	)		414,067		(8,357	)		(201,297	)		204,782		409,195
Net operating income:
Conventional Same Store properties		437,549		—		(41,269	)		396,280		8,442			(204,283	)		198,493		398,932
Conventional Acquisition properties		1,797		—		—			1,797		(1,797	)		—			—		—
Conventional Redevelopment properties		86,221		—		(4,605	)		81,616		(15,830	)		(30,699	)		36,357		71,444
Other Conventional properties		34,750		633		(3,663	)		31,720		4,935			(18,952	)		17,308		35,011
Affordable properties		102,361		3,727		(27,345	)		78,743		(4,886	)		(37,515	)		37,437		73,779
Total rental and other property revenues	$	662,678	$	4,360	$	(76,882	)	$	590,156	$	(9,136	)	$	(291,449	)	$	289,595	$	579,166

REDEVELOPMENT PROPERTIES: Properties where (1) a substantial number of available units have been vacated for major renovations or have not been stabilized in occupancy for at least one year as of the earliest period presented, or (2) other significant renovation, such as exteriors, common areas or unit improvements (done upon lease expirations), is underway or has been complete for less than one year, as of the earliest period presented. In both cases the properties have been removed from the Same Store portfolio. Redevelopment properties are classified as either Conventional or Affordable. Aimco combines Affordable Redevelopment Properties with Other Affordable Properties for financial reporting purposes within its Supplemental Schedules 1 and 2.

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SAME STORE PROPERTIES: Same Store properties are those properties (1) that are managed by Aimco, (2) in which Aimco’s ownership exceeds 10%, and (3) that have reached and maintained a stabilized level of occupancy during the current period and each period for which comparable results are presented. Same Store properties are classified as either Conventional or Affordable and properties classified in the consolidated financial statements as held for sale are not included in Same Store. To ensure comparability between periods, the proportionate Conventional Same Store information shown on Supplemental Schedules 6a through 6c is based on Aimco’s current period ownership.

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