Exhibit 99.1

Apartment Investment and Management Company
Announces Third Quarter 2010 Results

Denver, Colorado — October 29, 2010 — Apartment Investment and Management Company (NYSE: AIV) announced today its third quarter 2010 results.

Chairman and Chief Executive Officer Terry Considine comments: “Aimco’s business plan is straightforward: own and operate B/B+ quality apartments in the 20 largest U.S. markets to generate predictable returns for shareholders. Third quarter 2010 Conventional Same Store, Total Same Store and Total Portfolio net operating income were all higher than third in quarter 2009. Total Portfolio income is stable with full year 2010 Total Portfolio net operating income expected to be 1.0% to 1.5% higher than in 2009, and 0.5% to 1.0% higher than in 2008. Conventional Same Store operating margins continue to improve, reflecting our ongoing focus on providing excellent service to our customers, maintaining our properties and controlling our costs.”

Chief Financial Officer Ernie Freedman adds: “Third quarter Pro forma FFO of $0.40 per share exceeded the upper end of our guidance range by $0.04 per share, primarily as a result of better than expected operating results, driven in large part by a reduction in previously estimated real estate tax obligations due to successful appeals settled during the third quarter. We are pleased to see that the steps we have taken to simplify our business over the last several years are paying off, with just 0.1% of year-to-date Pro forma FFO generated by transactional activities and with a reduction in off-site costs, including G&A, of 14% year-to-date. Our balance sheet is sound. In July, we repaid our Term Debt in full, we have no property debt maturities during the balance of 2010, and we continue to make progress on refinancing 2011 to 2014 maturities. Aimco is rounding out 2010 with solid financial results, a strong balance sheet and a focus on future growth opportunities.”

Financial Results

Diluted Per Share Results


	THIRD QUARTER						YEAR-TO-DATE
	2010			2009			2010			2009
Earnings (loss) per share	$	(0.25	)	$	(0.35	)	$	(0.75	)	$	(0.95	)
Funds from Operations (FFO)	$	0.42		$	0.19		$	1.07		$	0.95
Add back Aimco’s share of operating real estate impairment losses		—		$	0.22		$	0.10		$	0.35
Deduct Aimco’s share of preferred equity redemption related gains	$	(0.02	)		—		$	(0.04	)	$	(0.01	)
Pro forma Funds from Operations (Pro forma FFO)	$	0.40		$	0.41		$	1.13		$	1.29
Deduct Aimco’s share of capital replacements	$	(0.14	)	$	(0.16	)	$	(0.38	)	$	(0.43	)
Adjusted Funds From Operations (AFFO)	$	0.26		$	0.25		$	0.75		$	0.86

Net income (loss) — Net loss attributable to Aimco common stockholders for the quarter was $28.5 million, compared to net loss of $40.5 million for third quarter 2009. Third quarter 2010 net loss was less than third quarter 2009 primarily due to an increase of $12.6 million in net operating income of our properties included in continuing operations.

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 $48.9 million, or $0.42 per share, compared to $22.3 million, or $0.19 per share, in third quarter 2009. Pro forma FFO, which represents FFO as prescribed by NAREIT but excludes operating real estate impairment losses (recoveries) and preferred equity redemption related gains, was $46.7 million, or $0.40 per share, compared to $47.4 million, or $0.41 per share, in third quarter 2009. Third quarter 2010 Pro forma FFO of $0.40 per share was $0.06 per share above the midpoint of Aimco’s guidance range primarily as a result of a reduction in previously estimated real estate tax obligations due to successful appeals during the third quarter, and lower than expected general and administrative expenses.



AIMCO 3rd Quarter 2010		Page 1

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, and Other Properties. Conventional Property operations generated 87% of Aimco’s third quarter 2010 property net operating income (NOI). See Supplemental Schedules 7a and 7b for detailed information on Aimco’s Conventional real estate portfolio, including selected operating results.

Affordable real estate operations consist of Aimco’s portfolio of properties with rents that are generally paid, in whole or in 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 less affected by market fluctuations. Affordable Property operations generated 13% of Aimco’s third quarter 2010 NOI.

Third Quarter Portfolio Operating Measures^*


	THIRD QUARTER 2010
	% Aimco			Year-over-year Variance
	NOI			Revenue			Expenses			NOI
Conventional Same Store		76	%		-0.1	%		-4.2	%		2.6	%
Affordable Same Store		11	%		3.1	%		-0.5	%		6.2	%
Total Same Store		87	%		0.3	%		-3.6	%		3.0	%

Conventional Redevelopment		5	%		6.8	%		-4.2	%		14.0	%
Other Conventional		6	%		-6.5	%		-3.6	%		-9.3	%
Affordable Redevelopment		2	%		12.5	%		-12.5	%		38.1	%
Total Portfolio		100	%		0.3	%		-3.8	%		3.2	%

Year-to-Date Portfolio Operating Measures^*


	YEAR-TO-DATE 2010
	% Aimco			Year-over-year Variance
	NOI			Revenue			Expenses			NOI
Conventional Same Store		69	%		-0.8	%		0.2	%		-1.4	%
Affordable Same Store		11	%		2.4	%		2.9	%		2.1	%
Total Same Store		80	%		-0.3	%		0.7	%		-1.0	%

Conventional Redevelopment		13	%		6.7	%		-5.3	%		14.9	%
Other Conventional		6	%		-1.7	%		2.4	%		-5.6	%
Affordable Redevelopment		1	%		6.7	%		-9.5	%		21.6	%
Total Portfolio		100	%		0.5	%		0.0	%		0.9	%


*		The information in these tables 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 these tables is based on Aimco’s current period ownership. See the Glossary for additional information about the property categories included in these tables and Schedules 1 and 2 in the Supplemental Information for financial and statistical information for these portfolios.



AIMCO 3rd Quarter 2010		Page 2

Conventional Same Store Results — In third quarter 2010, the Conventional Same Store portfolio included 178 communities with 60,392 units, in which Aimco had a weighted average ownership of 92%.

Conventional Same Store Operating Measures


	THIRD QUARTER									THIRD QUARTER						YEAR-TO-DATE
	Year-over-year									Sequential						Year-over-year
	2010			2009			Variance			2nd Qtr			Variance			2010			2009			Variance
$ in millions except rent per unit
Average Daily Occupancy		96.0	%		94.8	%		1.2	%		95.6	%		0.4	%		95.9	%		93.6	%		2.3	%
Average Rent Per Unit	$	1,024		$	1,050			-2.5	%	$	1,024			0.0	%	$	1,012		$	1,055			-4.1	%

Revenue	$	179.9		$	180.1			-0.1	%	$	178.8			0.6	%	$	485.1		$	489.1			-0.8	%
Expenses		(68.4	)		(71.5	)		-4.2	%		(68.4	)		0.0	%		(190.8	)		(190.4	)		0.2	%
NOI	$	111.5		$	108.6			2.6	%	$	110.4			1.0	%	$	294.3		$	298.7			-1.4	%

Comparing Conventional Same Store results in third quarter 2010 with third quarter 2009, total revenue decreased $0.2 million, or 0.1%. The decrease in revenue was primarily the result of lower average rent, down 2.5% or $26 per unit, from $1,050 per unit to $1,024 per unit. Lower average rents were largely offset by higher average daily occupancy of 96.0% for third quarter 2010 compared to 94.8% for third quarter 2009.

New and renewal lease rates have steadily improved throughout the year. Rental rates on new leases during the quarter were 1.4% lower than expiring lease rates. By comparison, new lease rates were 7.0% below expiring lease rates in the first quarter and 2.3% below expiring lease rates in the second quarter. Year-to-date, new lease rates are on average 3.1% below expiring lease rates. Third quarter renewal rates were 1.5% higher than expiring lease rates. This compares to renewal rates that were 0.1% higher than expiring lease rates in the first quarter, and 1.9% higher than expiring lease rates in the second quarter. Year-to-date, renewal rates are on average 1.3% higher than expiring lease rates.

During third quarter 2010, Conventional Same Store expenses decreased $3.1 million or 4.2%, primarily as a result of a reduction in previously estimated real estate tax obligations due to successful appeals during the third quarter, and lower marketing costs. Refer to Supplemental Schedules 6a through 6c for additional details on Conventional Same Store operating results.

Affordable Same Store Results — In third quarter 2010, the Affordable Same Store portfolio included 164 communities with 19,779 units, in which Aimco had a weighted average ownership of 63%. For the third quarter 2010, average month-end occupancy for the affordable portfolio was 97.4%, an increase of 0.6% from third quarter 2009, while average rent per unit increased 2.7% from $773 to $794 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 second quarter 2010, the most recent period for which REIS information is available, Aimco’s Conventional Property rents averaged 101% of local market average rents.

For the third quarter 2010, average rents for the Conventional portfolio were $1,044 per unit, a 0.3% increase compared to third quarter 2009, primarily as a result of the sale of Conventional properties during 2009 with rents averaging 34% lower than the retained portfolio.



AIMCO 3rd Quarter 2010		Page 3

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. In the execution of this strategy, Aimco 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 third quarter 2010, net operating income generated by Conventional properties located in the 20 largest markets accounted for 83% of total Conventional Property net operating income, an increase of 1.4% compared to third quarter 2009.

In third quarter 2010, Aimco sold five Conventional properties and three Affordable properties with 1,069 and 432 units, respectively for $98.7 million in gross proceeds. Aimco’s share of net proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $27.4 million.

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.

Balance Sheet and Liquidity


	AS OF SEPTEMBER 30, 2010
			% of Total			Weighted		Weighted Avg
	Amount		Leverage			Avg Maturity (Yrs)		Rate
Aimco leverage ($ in millions)
Aimco’s share of long-term, non-recourse property debt	$	4,848.6		84	%		7.8		5.47	%
Aimco’s share of other borrowings		38.3		1	%		n/a		6.27	%
Subtotal debt		4,886.9		85	%		7.8		5.48	%

Preferred securities		762.2		13	%		Perpetual		7.43	%
Subtotal debt and preferred securities		5,649.1		98	%		n/a		5.74	%

Preferred stock called for redemption		101.0		2	%		n/a		9.38	%
Total leverage	$	5,750.1		100	%		n/a		5.81	%

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 September 30, 2010, was limited to its revolving credit facility, which Aimco uses for working capital purposes and to secure letters of credit. At the end of third quarter, Aimco had no outstanding borrowings on its revolving credit facility and available capacity was $258.7 million, net of $41.3 million of letters of credit backed by the facility.

On September 29, 2010, Aimco amended its revolving credit facility to increase capacity from $180 million to $300 million and extend the facility maturity date from May 2012, inclusive of a one-year extension option, to May 2014, also inclusive of a one-year extension option. The amendment also provides for a decrease in the LIBOR floor on the facility’s floating interest rate, which at current LIBOR pricing effectively reduces the interest rate under the facility by 0.50%.

In connection with its revolving credit facility, Aimco is subject to Debt Service and Fixed Charge Coverage covenants, as defined in the Glossary. For third quarter 2010, Aimco’s Debt Service and Fixed Charge Coverage ratios were 1.58:1 and 1.34:1, compared to covenants in place during the quarter of 1.40:1 and 1.20:1, respectively, and second quarter 2010 ratios of 1.57:1 and 1.34:1. Aimco expects to remain in compliance with these covenants. Separately, Aimco’s third quarter EBITDA Coverage of Interest and EBITDA Coverage of Interest and Preferred Dividends ratios were 2.05:1 and 1.67:1, compared to second quarter 2010 ratios of 2.04:1 and 1.67:1, respectively.



AIMCO 3rd Quarter 2010		Page 4

On October 7, 2010, Aimco redeemed all outstanding shares of its 9.375% Class G Cumulative Preferred Stock at $25.00 per share plus accumulated and unpaid dividends thereon to the redemption date. In connection with the redemption, Aimco recognized a charge of $4.3 million, or $0.03 per diluted share, which will be reflected in fourth quarter 2010 net income and FFO. Aimco’s practice is to exclude preferred equity redemption related gains and charges from Pro forma FFO. As such, these charges are not reflected in Aimco’s fourth quarter or full year 2010 Pro forma FFO guidance, and will not be reflected in fourth quarter or full year 2010 Pro forma FFO results. The Class G Cumulative Preferred Stock redemption was funded primarily with proceeds from the September 7, 2010, issuance of 4,000,000 additional shares of Aimco’s 7.75% Class U Cumulative Preferred Stock.

2010 Outlook


	FOURTH QUARTER	FULL YEAR

Net loss per share	-$0.41 to -0.37	-$1.16 to -$1.12
Pro forma FFO per share	$0.34 to $0.38	$1.47 to $1.51
Conventional Same Store Operating Measures
Average daily occupancy	96.0% - 96.5%	96.0% - 96.5%
NOI change compared to same period 2009	0.5% to 1.5%	-1.0% to -0.5%
NOI change compared to third quarter 2010	-2.0% to -1.0%

Additional full year guidance updates:
Conventional Same Store Operating Measures
Revenue change compared to 2009		-0.5%
Expense change compared to 2009		0.0%
Total portfolio NOI change compared to 2009		1.0% to 1.5%

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 801 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.

Contact

Investor Relations 303-691-4350, Investor@Aimco.com
Elizabeth Coalson, Vice President Investor Relations 303-691-4327

Supplemental Information

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



AIMCO 3rd Quarter 2010		Page 5

Earnings Conference Call

Aimco’s third quarter 2010 earnings conference call will be held Friday, October 29, 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: 2788004

Conference Call Replay
Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-0088
Passcode: 445130

The conference call replay will be available until 9:00 a.m. Eastern time on November 8, 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, or GAAP. These measures are defined in the glossary in the Supplemental Information and, where appropriate, reconciled to the most comparable GAAP measures.

Forward-looking Statements

This Earnings Release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected results and specifically forecasts of fourth 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, including the pace of job growth and the level of unemployment; 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 the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of 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 3rd Quarter 2010		Page 6

Consolidated Statements of Operations

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
REVENUES:
Rental and other property revenues	$	282,595		$	275,072		$	845,620		$	827,379
Asset management and tax credit revenues		9,707			10,325			23,560			32,469

Total revenues		292,302			285,397			869,180			859,848


OPERATING EXPENSES:
Property operating expenses		128,174			133,224			395,864			391,021
Investment management expenses		2,609			4,213			10,979			12,719
Depreciation and amortization		107,309			110,290			322,393			321,661
Provision for operating real estate impairment losses		287			66			287			1,635
General and administrative expenses		12,096			12,772			39,015			43,612
Other expenses, net		4,394			7,637			2,097			12,453

Total operating expenses		254,869			268,202			770,635			783,101


Operating income		37,433			17,195			98,545			76,747

Interest income		2,389			1,880			7,543			7,408
(Provision for) recovery of losses on notes receivable		(6	)		1,233			(284	)		(452	)
Interest expense		(77,917	)		(76,778	)		(235,376	)		(236,798	)
Equity in losses of unconsolidated real estate partnerships		(15,522	)		(3,658	)		(10,571	)		(7,507	)
Impairment losses related to unconsolidated real estate partnerships		(131	)		(362	)		(1,259	)		(1,273	)
Gain on dispositions of unconsolidated real estate and other		924			2,805			5,440			18,156


Loss before income taxes and discontinued operations		(52,830	)		(57,685	)		(135,962	)		(143,719	)

Income tax benefit		4,649			2,725			12,018			7,674


Loss from continuing operations		(48,181	)		(54,960	)		(123,944	)		(136,045	)

Income from discontinued operations, net [1]		19,699			45,404			68,532			86,289


Net loss		(28,482	)		(9,556	)		(55,412	)		(49,756	)
Noncontrolling interests:
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships		11,213			(19,342	)		1,795			(24,764	)
Net loss (income) attributable to preferred noncontrolling interests in Aimco Operating Partnership		84			(1,743	)		(3,292	)		(4,558	)
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership		2,263			3,139			6,644			8,597

Total noncontrolling interests		13,560			(17,946	)		5,147			(20,725	)

Net loss attributable to Aimco		(14,922	)		(27,502	)		(50,265	)		(70,481	)
Net income attributable to Aimco preferred stockholders		(13,576	)		(12,988	)		(36,626	)		(37,631	)
Net income attributable to participating securities		(2	)		—			—			—

Net loss attributable to Aimco common stockholders	$	(28,500	)	$	(40,490	)	$	(86,891	)	$	(108,112	)


Weighted average common shares outstanding — basic and diluted		116,434			115,563			116,264			113,778


Earnings (loss) per common share — basic and diluted:
Loss from continuing operations attributable to Aimco common stockholders	$	(0.36	)	$	(0.46	)	$	(1.12	)	$	(1.18	)
Income from discontinued operations attributable to Aimco stockholders		0.11			0.11			0.37			0.23

Net loss attributable to Aimco common stockholders	$	(0.25	)	$	(0.35	)	$	(0.75	)	$	(0.95	)



AIMCO 3rd Quarter 2010		Page 7

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						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
Rental and other property revenues	$	2,081		$	45,126		$	20,654		$	170,309
Property operating expenses		(392	)		(22,619	)		(9,255	)		(85,233	)
Depreciation and amortization		(734	)		(14,521	)		(4,581	)		(52,718	)
Provision for operating real estate impairment losses		(1,142	)		(26,298	)		(9,263	)		(40,712	)
Other expenses, net		(720	)		(2,266	)		(470	)		(7,859	)

Operating loss		(907	)		(20,578	)		(2,915	)		(16,213	)
Interest income		83			85			186			278
Interest expense		(709	)		(8,751	)		(4,137	)		(34,142	)

Loss before gain on dispositions of real estate and income taxes		(1,533	)		(29,244	)		(6,866	)		(50,077	)
Gain on extinguishment of debt		—			259			—			259
Gain on dispositions of real estate		21,043			70,889			74,364			133,428
Income tax benefit		189			3,500			1,034			2,679

Income from discontinued operations, net	$	19,699		$	45,404		$	68,532		$	86,289


Income from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships	$	(5,298	)	$	(32,349	)	$	(21,900	)	$	(58,077	)
Noncontrolling interests in Aimco Operating Partnership		(1,074	)		(914	)		(3,242	)		(2,061	)

Total noncontrolling interests		(6,372	)		(33,263	)		(25,142	)		(60,138	)

Aimco	$	13,327		$	12,141		$	43,390		$	26,151



AIMCO 3rd Quarter 2010		Page 8

Consolidated Balance Sheets

(in thousands) (unaudited)


	September 30, 2010			December 31, 2009
ASSETS
Buildings and improvements	$	7,419,643		$	7,242,051
Land		2,166,213			2,148,389
Accumulated depreciation		(2,900,467	)		(2,595,049	)

Net real estate		6,685,389			6,795,391
Cash and cash equivalents		145,062			81,260
Restricted cash		216,369			218,981
Accounts receivable		48,131			59,822
Accounts receivable from affiliates		11,038			23,744
Deferred financing costs		49,958			50,807
Notes receivable from unconsolidated real estate partnerships		12,427			14,295
Notes receivable from non-affiliates		128,381			125,269
Investment in unconsolidated real estate partnerships		79,256			105,324
Other assets		180,592			185,890
Deferred income tax asset, net		55,290			42,015
Assets held for sale		5,179			203,670

Total assets	$	7,617,072		$	7,906,468


LIABILITIES AND EQUITY
Non-recourse property tax-exempt bond financing	$	548,502		$	574,926
Non-recourse property loans payable		4,940,829			4,823,165
Term loans		—			90,000
Other borrowings		53,231			53,057

Total indebtedness		5,542,562			5,541,148
Accounts payable		23,879			29,819
Accrued liabilities and other		289,429			286,326
Deferred income		152,533			179,433
Security deposits		35,833			34,491
Liabilities related to assets held for sale		6,491			183,892

Total liabilities		6,050,727			6,255,109


Preferred noncontrolling interests in Aimco Operating Partnership		83,537			86,656
Preferred stock subject to repurchase agreement		20,000			30,000

Equity:
Perpetual preferred stock		758,601			660,500
Class A Common Stock		1,170			1,165
Additional paid-in capital		3,076,772			3,072,665
Accumulated other comprehensive loss		(4,455	)		(1,138	)
Notes due on common stock purchases		(805	)		(1,392	)
Distributions in excess of earnings		(2,637,513	)		(2,492,082	)

Total Aimco equity		1,193,770			1,239,718

Noncontrolling interests in consolidated real estate partnerships		301,119			316,177
Common noncontrolling interests in Aimco Operating Partnership		(32,081	)		(21,192	)

Total equity		1,462,808			1,534,703

Total liabilities and equity	$	7,617,072		$	7,906,468



AIMCO 3rd Quarter 2010		Page 9

Supplemental Schedule 1 (a)



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


	Three Months Ended September 30, 2010												Three Months Ended September 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	$	197,591		$	—		$	(17,453	)	$	180,138		$	197,813		$	—		$	(16,543	)	$	181,270
Affordable Same Store		43,249			376			(13,396	)		30,229			39,058			402			(10,176	)		29,284

Total Same Store		240,840			376			(30,849	)		210,367			236,871			402			(26,719	)		210,554
Conventional Redevelopment		12,661			—			(459	)		12,202			11,848			—			(425	)		11,423
Other Conventional		18,075			1,196			(2,020	)		17,251			18,256			1,235			(1,739	)		17,752
Other Affordable		10,363			1,987			(5,396	)		6,954			6,982			948			(2,046	)		5,884
Property management revenues, primarily from affiliates		656			(151	)		1,999			2,504			1,115			(140	)		1,302			2,277

Total rental and other property revenues		282,595			3,408			(36,725	)		249,278			275,072			2,445			(29,627	)		247,890

Property operating expenses
Conventional Same Store		75,294			—			(6,982	)		68,312			78,742			—			(6,986	)		71,756
Affordable Same Store		20,070			199			(6,758	)		13,511			18,523			204			(5,161	)		13,566

Total Same Store		95,364			199			(13,740	)		81,823			97,265			204			(12,147	)		85,322
Conventional Redevelopment		4,488			—			(183	)		4,305			4,697			—			(203	)		4,494
Other Conventional		9,000			655			(942	)		8,713			9,530			836			(1,121	)		9,245
Other Affordable		5,409			1,150			(3,133	)		3,426			4,589			444			(1,893	)		3,140
Casualties		2,702			(5	)		367			3,064			4,437			57			(302	)		4,192
Property management expenses		11,211			—			—			11,211			12,706			—			—			12,706

Total property operating expenses		128,174			1,999			(17,631	)		112,542			133,224			1,541			(15,666	)		119,099

Net real estate operations		154,421			1,409			(19,094	)		136,736			141,848			904			(13,961	)		128,791


Amortization of deferred tax credit income		7,157			—			—			7,157			7,883			—			—			7,883
Asset management revenues		48			(67	)		866			847			569			—			424			993
Transaction revenues [1]		2,502			—			10			2,512			1,873			—			—			1,873

Total asset management and tax credit revenues		9,707			(67	)		876			10,516			10,325			—			424			10,749

Investment management expenses		(2,609	)		—			—			(2,609	)		(4,213	)		—			—			(4,213	)
Depreciation and amortization related to non-real estate assets		(3,528	)		(1	)		62			(3,467	)		(4,237	)		(2	)		57			(4,182	)
General and administrative expenses		(12,096	)		(7	)		154			(11,949	)		(12,772	)		(8	)		709			(12,071	)
Other income (expense), net		(4,394	)		(6,070	)		6,965			(3,499	)		(7,637	)		(1,867	)		5,846			(3,658	)
Interest income		2,389			(55	)		689			3,023			1,880			(26	)		621			2,475
(Provision for) recovery of losses on notes receivable		(6	)		—			(201	)		(207	)		1,233			—			(1,877	)		(644	)
Interest expense		(77,917	)		(702	)		10,493			(68,126	)		(76,778	)		(336	)		8,838			(68,276	)
Gain on disposition of non-depreciable assets		—			—			—			—			2,910			—			—			2,910
Income tax benefit		4,651			—			—			4,651			3,410			—			—			3,410
Discontinued operations, net of non-FFO items		480			—			(93	)		387			12,423			—			(1,453	)		10,970
Preferred dividends and distributions		(15,257	)		—			—			(15,257	)		(14,731	)		—			—			(14,731	)
Preferred redemption related amounts		1,765			—			—			1,765			—			—			—			—
Operating real estate impairment losses, net of related income tax benefit		(173	)		(9,826	)		10,696			697			(29,990	)		—			2,637			(27,353	)
Common noncontrolling interests in Aimco Operating Partnership		(3,525	)		—			—			(3,525	)		(1,805	)		—			—			(1,805	)
Amounts allocated to participating securities		(193	)		—			—			(193	)		(85	)		—			—			(85	)

Funds From Operations		53,715			(15,319	)		10,547			48,943			21,781			(1,335	)		1,841			22,287

Operating real estate impairment losses, net		173			9,826			(10,696	)		(697	)		29,990			—			(2,637	)		27,353
Preferred redemption related gains		(1,765	)		—			—			(1,765	)		—			—			—			—
Noncontrolling interests in Aimco Operating Partnership		172			—			—			172			(2,042	)		—			—			(2,042	)
Amounts allocated to participating securities		12			—			—			12			(200	)		—			—			(200	)

Pro forma Funds From Operations	$	52,307		$	(5,493	)	$	(149	)	$	46,665		$	49,529		$	(1,335	)	$	(796	)	$	47,398


				Weighted average shares — diluted FFO							116,730					Weighted average shares — diluted FFO							115,575

				Per Share:												Per Share:
				Funds From Operations						$	0.42					Funds From Operations						$	0.19
				Pro forma Funds From Operations						$	0.40					Pro forma Funds From Operations						$	0.41



AIMCO 3rd Quarter 2010		Page 3

Supplemental Schedule 1 (a) (continued)



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


	Three Months Ended September 30, 2010												Three Months Ended September 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	$	52,307		$	(5,493	)	$	(149	)	$	46,665		$	49,529		$	(1,335	)	$	(796	)	$	47,398

Adjustments related to continuing operations:
Depreciation and amortization		(107,309	)		(2,492	)		12,324			(97,477	)		(110,290	)		(2,865	)		12,584			(100,571	)
Depreciation and amortization related to non-real estate assets		3,528			1			(62	)		3,467			4,237			2			(57	)		4,182
Provision for operating real estate impairment losses		(287	)		—			—			(287	)		(66	)		—			—			(66	)
Income tax expense on real estate impairment losses		—			—			—			—			(737	)		—			—			(737	)
Gain on dispositions of and impairments related to unconsolidated entities and other		793			(7,538	)		4,304			(2,441	)		2,443			540			(177	)		2,806
Income tax expense on gain on dispositions of real estate related to unconsolidated entities		(2	)		—			—			(2	)		(285	)		—			—			(285	)
Gain on dispositions of non-depreciable assets and other		—			—			—			—			(2,910	)		—			—			(2,910	)

Adjustments related to discontinued operations:
Depreciation and amortization		(734	)		—			193			(541	)		(14,521	)		—			2,054			(12,467	)
Depreciation and amortization related to non-real estate assets		2			—			(1	)		1			68			—			(13	)		55
Provision for operating real estate impairment losses		(1,142	)		—			899			(243	)		(26,298	)		—			2,673			(23,625	)
Gain on dispositions of real estate		21,043			—			(6,295	)		14,748			70,889			—			(35,610	)		35,279
Income tax benefit arising from disposals		48			—			—			48			3,181			—			—			3,181


Total adjustments	$	(84,060	)	$	(10,029	)	$	11,362		$	(82,727	)	$	(74,289	)	$	(2,323	)	$	(18,546	)	$	(95,158	)

Noncontrolling interests in Aimco Operating Partnership’s share of adjustments		5,616			—			—			5,616			6,985			—			—			6,985
Amounts allocable to participating securities		181			—			—			181			285			—			—			285
Preferred redemption related gains		1,765			—			—			1,765			—			—			—			—
Equity in losses of unconsolidated real estate partnerships		(15,222	)		15,222			—			—			(3,658	)		3,658			—			—
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships		11,213			—			(11,213	)		—			(19,342	)		—			19,342			—


Net loss attributable to Aimco common stockholders	$	(28,500	)	$	—		$	—		$	(28,500	)	$	(40,490	)	$	—		$	—		$	(40,490	)

Notes


[1]		Transaction revenues consisted of the following:


	Three Months		Three Months
	Ended		Ended
	September 30,		September 30,
	2010		2009
Transaction revenues
Promotes	$	2,376	$	—
Other GP transactional fees		126		1,873

Total transaction revenues	$	2,502	$	1,873



AIMCO 3rd Quarter 2010		Page 4

Supplemental Schedule 1 (b)



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


	Nine Months Ended September 30, 2010												Nine Months Ended September 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	$	590,714		$	—		$	(52,282	)	$	538,432		$	593,683		$	—		$	(52,216	)	$	541,467
Affordable Same Store		128,589			1,115			(39,869	)		89,835			116,656			1,189			(30,250	)		87,595

Total Same Store		719,303			1,115			(92,151	)		628,267			710,339			1,189			(82,466	)		629,062
Conventional Redevelopment		37,884			—			(1,344	)		36,540			33,460			—			(1,199	)		32,261
Other Conventional		54,659			3,543			(6,044	)		52,158			55,345			4,361			(5,943	)		53,763
Other Affordable		31,079			6,267			(18,647	)		18,699			24,137			3,045			(9,112	)		18,070
Property management revenues, primarily from affiliates		2,695			(518	)		5,938			8,115			4,098			(470	)		5,097			8,725

Total rental and other property revenues		845,620			10,407			(112,248	)		743,779			827,379			8,125			(93,623	)		741,881

Property operating expenses
Conventional Same Store		231,066			—			(21,195	)		209,871			232,724			—			(21,485	)		211,239
Affordable Same Store		62,040			647			(20,980	)		41,707			55,504			680			(15,703	)		40,481

Total Same Store		293,106			647			(42,175	)		251,578			288,228			680			(37,188	)		251,720
Conventional Redevelopment		13,200			—			(568	)		12,632			13,904			—			(601	)		13,303
Other Conventional		27,869			2,232			(3,034	)		27,067			27,213			2,848			(2,957	)		27,104
Other Affordable		16,609			3,788			(11,142	)		9,255			13,172			1,632			(5,568	)		9,236
Casualties		9,711			21			754			10,486			8,874			79			(754	)		8,199
Property management expenses		35,369			—			—			35,369			39,630			—			—			39,630

Total property operating expenses		395,864			6,688			(56,165	)		346,387			391,021			5,239			(47,068	)		349,192

Net real estate operations		449,756			3,719			(56,083	)		397,392			436,358			2,886			(46,555	)		392,689


Amortization of deferred tax credit income		20,818			—			—			20,818			23,628			—			—			23,628
Asset management revenues		345			(67	)		2,507			2,785			1,917			—			1,177			3,094
Transaction revenues [1]		2,397			—			427			2,824			6,924			—			—			6,924

Total asset management and tax credit revenues		23,560			(67	)		2,934			26,427			32,469			—			1,177			33,646

Investment management expenses		(10,979	)		—			—			(10,979	)		(12,719	)		—			—			(12,719	)
Depreciation and amortization related to non-real estate assets		(11,326	)		(4	)		193			(11,137	)		(12,419	)		(6	)		169			(12,256	)
General and administrative expenses		(39,015	)		(14	)		1,040			(37,989	)		(43,612	)		1			2,341			(41,270	)
Other income (expense), net		(2,097	)		(4,029	)		7,481			1,355			(12,453	)		(4,903	)		13,970			(3,386	)
Interest income		7,543			(140	)		1,683			9,086			7,408			51			2,128			9,587
Provision for losses on notes receivable		(284	)		—			(1,554	)		(1,838	)		(452	)		—			(927	)		(1,379	)
Interest expense		(235,376	)		(2,124	)		32,205			(205,295	)		(236,798	)		(1,700	)		26,836			(211,662	)
Gain on disposition of non-depreciable assets		—			—			—			—			6,783			—			—			6,783
Income tax benefit		12,028			—			—			12,028			7,141			—			—			7,141
Discontinued operations, net of non-FFO items		7,036			—			59			7,095			45,165			—			(6,490	)		38,675
Preferred dividends and distributions		(44,462	)		—			—			(44,462	)		(43,838	)		—			—			(43,838	)
Preferred redemption related amounts		4,544			—			—			4,544			1,649			—			—			1,649
Operating real estate impairment losses, net of related income tax benefit		(13,176	)		(9,826	)		11,788			(11,214	)		(46,339	)		—			2,469			(43,870	)
Common noncontrolling interests in Aimco Operating Partnership		(9,247	)		—			—			(9,247	)		(9,152	)		—			—			(9,152	)
Amounts allocated to participating securities		(537	)		—			—			(537	)		(787	)		—			—			(787	)

Funds From Operations		137,968			(12,485	)		(254	)		125,229			118,404			(3,671	)		(4,882	)		109,851

Operating real estate impairment losses, net		13,176			9,826			(11,788	)		11,214			46,339			—			(2,469	)		43,870
Preferred redemption related gains		(4,544	)		—			—			(4,544	)		(1,649	)		—			—			(1,649	)
Noncontrolling interests in Aimco Operating Partnership		(464	)		—			—			(464	)		(3,168	)		—			—			(3,168	)
Amounts allocated to participating securities		(33	)		—			—			(33	)		(352	)		—			—			(352	)

Pro forma Funds From Operations	$	146,103		$	(2,659	)	$	(12,042	)	$	131,402		$	159,574		$	(3,671	)	$	(7,351	)	$	148,552


				Weighted average shares — diluted FFO							116,574					Weighted average shares — diluted FFO							115,395

				Per Share:												Per Share:
				Funds From Operations						$	1.07					Funds From Operations						$	0.95
				Pro forma Funds From Operations						$	1.13					Pro forma Funds From Operations						$	1.29



AIMCO 3rd Quarter 2010		Page 5

Supplemental Schedule 1 (b) (continued)



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


	Nine Months Ended September 30, 2010												Nine Months Ended September 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	$	146,103		$	(2,659	)	$	(12,042	)	$	131,402		$	159,574		$	(3,671	)	$	(7,351	)	$	148,552

Adjustments related to continuing operations:
Depreciation and amortization		(322,393	)		(4,603	)		38,225			(288,771	)		(321,661	)		(4,269	)		33,994			(291,936	)
Depreciation and amortization related to non-real estate assets		11,326			4			(193	)		11,137			12,419			6			(169	)		12,256
Provision for operating real estate impairment losses		(287	)		—			—			(287	)		(1,635	)		—			—			(1,635	)
Income tax benefit on real estate impairment losses		—			—			—			—			2,620			—			—			2,620
Gain on dispositions of and impairments related to unconsolidated entities and other		4,181			(3,313	)		(2,234	)		(1,366	)		16,883			427			350			17,660
Income tax (expense) benefit on gain on dispositions of real estate related to unconsolidated entities		(10	)		—			—			(10	)		453			—			—			453
Gain on dispositions of non-depreciable assets and other		—			—			—			—			(6,783	)		—			—			(6,783	)

Adjustments related to discontinued operations:
Depreciation and amortization		(4,581	)		—			1,011			(3,570	)		(52,718	)		—			5,836			(46,882	)
Depreciation and amortization related to non-real estate assets		29			—			22			51			256			—			5			261
Provision for operating real estate impairment losses		(9,263	)		—			899			(8,364	)		(40,712	)		—			1,593			(39,119	)
Gain on dispositions of real estate		74,364			—			(23,893	)		50,471			133,428			—			(59,022	)		74,406
Income tax benefit (expense) arising from disposals		948			—			—			948			(1,671	)		—			—			(1,671	)


Total adjustments	$	(245,686	)	$	(7,912	)	$	13,837		$	(239,761	)	$	(259,121	)	$	(3,836	)	$	(17,413	)	$	(280,370	)

Noncontrolling interests in Aimco Operating Partnership’s share of adjustments		16,354			—			—			16,354			20,918			—			—			20,918
Amounts allocable to participating securities		570			—			—			570			1,139			—			—			1,139
Preferred stock redemption related gains		4,544			—			—			4,544			1,649			—			—			1,649
Equity in losses of unconsolidated real estate partnerships		(10,571	)		10,571			—			—			(7,507	)		7,507			—			—
Net income attributable to noncontrolling interests in consolidated real estate partnerships		1,795			—			(1,795	)		—			(24,764	)		—			24,764			—


Net loss attributable to Aimco common stockholders	$	(86,891	)	$	—		$	—		$	(86,891	)	$	(108,112	)	$	—		$	—		$	(108,112	)

Notes


[1]		Transaction revenues consisted of the following:


	Nine Months			Nine Months
	Ended			Ended
	September 30,			September 30,
	2010			2009
Transaction revenues
Promotes	$	2,727		$	1,549
Other GP transactional fees		2,089			5,193
Tax credit syndication fees		(2,419	)		182

Total transaction revenues	$	2,397		$	6,924



AIMCO 3rd Quarter 2010		Page 6

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	$	786,661		$	143,775		$	48,470		$	978,906
Property operating expenses		(315,174	)		(68,352	)		(16,962	)		(400,488	)

Property NOI		471,487			75,423			31,508			578,418

Assumed property management fee (3.5% of revenues)		(27,533	)		(5,032	)		(1,696	)		(34,261	)

Property NOI net of assumed property management fee	$	443,954		$	70,391		$	29,812		$	544,157

Proportionate Balance Sheet Data
As of September 30, 2010


				Proportionate
	Consolidated			Share of						Proportionate
	GAAP			Unconsolidated			Noncontrolling			Balance
	Balance Sheet			Partnerships			Interests			Sheet
Assets
Real estate	$	9,585,856		$	80,197		$	(1,138,440	)	$	8,527,613
Accumulated depreciation		(2,900,467	)		(24,941	)		514,210			(2,411,198	)

Net real estate [1]		6,685,389			55,256			(624,230	)		6,116,415

Cash and cash equivalents		145,062			2,875			(27,429	)		120,508
Restricted cash		216,369			7,584			(45,012	)		178,941
Accounts receivable		59,169			462			(11,264	)		48,367
Notes receivable [2]		140,808			—			56,431			197,239
Investment in unconsolidated real estate partnerships [3]		79,256			(17,847	)		(53,982	)		7,427
Deferred financing costs [4]		49,958			373			(8,746	)		41,585
Goodwill [4]		68,414			—			—			68,414
Investment in management contracts [4]		1,049			—			—			1,049
Other assets		166,419			1,087			(21,271	)		146,235
Assets held for sale		5,179			—			(880	)		4,299

Total assets	$	7,617,072		$	49,790		$	(736,383	)	$	6,930,479


Liabilities and Equity
Non-recourse property debt	$	5,489,331		$	35,220		$	(675,954	)	$	4,848,597
Term loans and credit facility		—			—			—			—
Other borrowings		53,231			1,921			(16,893	)		38,259
Deferred income [5]		152,533			79			159			152,771
Other liabilities		349,141			12,570			(140,328	)		221,383
Liabilities related to assets held for sale		6,491			—			(3,002	)		3,489

Total liabilities		6,050,727			49,790			(836,018	)		5,264,499


Preferred noncontrolling interests in Aimco Operating Partnership [6]		83,537			—			—			83,537
Preferred stock subject to repurchase agreement [6]		20,000			—			—			20,000
Perpetual preferred stock [6]		758,601			—			—			758,601
Other Aimco equity		435,169			—			400,754			835,923
Noncontrolling interests in consolidated real estate partnerships		301,119			—			(301,119	)		—
Common noncontrolling interests in Aimco Operating Partnership		(32,081	)		—			—			(32,081	)

Total liabilities and equity	$	7,617,072		$	49,790		$	(713,169	)	$	6,930,479



AIMCO 3rd Quarter 2010		Page 8

Supplemental Schedule 3 (continued)



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


[1]		Net real estate includes Lincoln Place and Pacific Bay Vistas (formerly Treetops), which are predominantly vacant and have September 30, 2010, net book values of $149.2 million and $35.9 million, respectively, or $185.1 million in total. Aimco refers to these properties collectively as part of 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.


	September 30, 2010
Deferred tax credit income balance	$	104,675
Contributions to be received in the future		65,250

Total to be amortized	$	169,925


	Amortization of		Estimated			Projected
	Deferred Income		Income Taxes			Income, net of tax

Q4 2010	$	6,632	$	(2,586	)	$	4,046
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	$	169,925	$	(66,270	)	$	103,655


[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 3rd Quarter 2010		Page 9

Supplemental Schedule 4(a)

Non-recourse Property Debt Information
As of September 30, 2010
(dollars in thousands) (unaudited)

Property Debt Balances and Characteristics


			Proportionate							Weighted
			Share of							Average		Weighted
			Unconsolidated		Noncontrolling			Total Aimco		Maturity		Average
Debt	Consolidated		Partnerships		Interests			Share		(years)		Rate

Conventional Portfolio:
Fixed rate loans payable	$	4,296,598	$	—	$	(397,934	)	$	3,898,664		7.0		6.08	%
Floating rate loans payable [1]		77,531		—		(8,079	)		69,452		2.1		1.63	%

Total property loans payable		4,374,129		—		(406,013	)		3,968,116		6.9		6.00	%

Fixed rate tax-exempt bonds		52,075		—		(3,338	)		48,737		10.1		6.75	%
Floating rate tax-exempt bonds [1]		278,872		—		(5,242	)		273,630		5.7		0.67	%

Total property tax-exempt bond financing		330,947		—		(8,580	)		322,367		6.4		1.63	%

Total Conventional portfolio		4,705,076		—		(414,593	)		4,290,483		6.8		5.69	%


Affordable Portfolio:
Fixed rate loans payable		535,681		33,647		(225,744	)		343,584		14.2		4.77	%
Floating rate loans payable		31,019		9		(17,502	)		13,526		8.0		3.33	%

Total property loans payable		566,700		33,656		(243,246	)		357,110		13.8		4.69	%

Fixed rate tax-exempt bonds		90,738		1,564		(18,115	)		74,187		23.1		4.96	%
Floating rate tax-exempt bonds [1]		126,817		—		—			126,817		5.1		1.19	%

Total property tax-exempt bond financing		217,555		1,564		(18,115	)		201,004		12.6		2.77	%

Total Affordable portfolio		784,255		35,220		(261,361	)		558,114		13.5		4.15	%

Total non-recourse property debt	$	5,489,331	$	35,220	$	(675,954	)	$	4,848,597		7.8		5.47	%


[1]		Floating rate debt presented above includes $307.2 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At September 30, 2010, the carrying amount of this debt totaled $288.7 million, after recognition of changes in the debt’s fair value.

Aimco Share Property Debt


									% of Floating
	Amount		% of Total				Amount		Rate Debt
Fixed rate debt	$	4,365,172		90	%	Floating rate tax-exempt bonds	$	400,447		83	%
Floating rate debt		483,425		10	%	Floating rate loans payable		82,978		17	%

Total	$	4,848,597				Total	$	483,425


							Maturities as
							a Percent			Average Rate on
	Amortization		Maturities		Total		of Total Debt			Maturing Debt
2010 Q4	$	19,819	$	—	$	19,819		—			—

2011 Q1		19,582		3,341		22,923		0.07	%		5.40	%
2011 Q2 [2]		20,412		90,395		110,807		1.86	%		5.68	%
2011 Q3		19,822		—		19,822		—			—
2011 Q4		20,965		11,193		32,158		0.23	%		4.87	%

Total 2011		80,781		104,929		185,710		2.16	%		5.58	%

2012 [3]		83,002		461,069		544,071		9.51	%		2.70	%
2013		78,463		472,663		551,126		9.75	%		5.81	%
2014		76,749		354,660		431,409		7.31	%		5.40	%
2015		73,756		367,094		440,850		7.57	%		5.35	%
2016		67,329		415,406		482,735		8.57	%		5.61	%
2017		60,020		442,198		502,218		9.12	%		5.95	%
2018		56,125		73,383		129,508		1.51	%		6.09	%
2019		47,024		500,500		547,524		10.32	%		6.00	%
2020		37,640		361,339		398,979		7.45	%		6.43	%
Thereafter		247,218		367,430		614,648		7.58	%		4.95	%

Total	$	927,926	$	3,920,671	$	4,848,597


[2]		2011 maturities include $79.4 million that is rate-locked for refinance.

[3]		2012 maturities include approximately $278.0 million of debt ($260.0 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 3rd Quarter 2010		Page 10

Supplemental Schedule 4(b)

Non-recourse Property Debt Information
As of September 30, 2010
(in millions) (unaudited)

Year-to-Date Property Loan Closings


	Original		New				Aimco
	Loan		Loan		Net		Net		Prior			New
Original Loan Maturity Year	Amount		Amount [1]		Proceeds [2]		Proceeds [3]		Rate			Rate

2012 [4]	$	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	%
2014 [5]		17.3		23.4		6.4		4.8		5.64	%		4.37	%
2017		4.9		16.8		10.8		10.8		7.02	%		5.02	%
2020 [5]		1.3		2.6		2.6		1.1		7.50	%		5.56	%
2030 [5]		13.4		18.5		5.2		5.2		5.84	%		4.50	%
New loans		—		34.2		33.7		29.4					6.46	%


Totals	$	75.0	$	167.4	$	91.1	$	82.6		3.93	%		5.26	%


[1]		New loans typically have terms ranging from 7 to 10 years.

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

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

[4]		The Original Loan had a variable interest rate indexed to SIFMA plus a credit risk spread.

[5]		Net Proceeds for certain of these loans includes escrowed funds released upon repayment of the original loan.

Debt Ratios


	Amount		Covenant

Debt service coverage ratio		1.58:1		1.40:1

Fixed charge coverage ratio		1.34:1		1.20:1

EBITDA coverage of interest		2.05:1		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 3rd Quarter 2010		Page 11

Supplemental Schedule 5

Share Data
(in thousands) (unaudited)

Preferred Securities


	Shares/Units		Date First
	Outstanding		Available for
	as of		Redemption by
	September 30, 2010		Aimco		Coupon			Amount
Perpetual Preferred Stock:
Class T		6,000		7/31/2008		8.000	%	$	150,000
Class U [1]		12,000		3/24/2009		7.750	%		300,000
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 [2]		—		6/30/2011		1.780	%		57,000

Total perpetual preferred stock									679,500

Preferred Partnership Units [3]		3,067				8.101	%		82,662

Total preferred securities									762,162


Preferred Stock Called for Redemption:
Class G [1]		4,040		7/15/2008		9.375	%		101,000

Total outstanding preferred securities								$	863,162

Common Stock, Partnership Units and Equivalents


			Three Months Ended				Nine Months Ended
	As of		September 30, 2010				September 30, 2010
	September 30, 2010		EPS		FFO		EPS		FFO
Class A Common Stock outstanding		116,443		116,434		116,434		116,264		116,264
Dilutive securities:
Options, restricted stock and officer loan shares		549		—		296		—		310

Total shares and dilutive share equivalents		116,992		116,434		116,730		116,264		116,574


Common Partnership Units and equivalents [4]		8,279

Total shares, units and dilutive share equivalents		125,271

Notes


[1]		In September 2010, Aimco sold 4,000,000 shares of Class U Preferred Stock for $96.1 million (after deducting underwriting discounts and commissions and transaction expenses). During September 2010, Aimco provided notice that it intended to redeem all of the outstanding shares of Class G Preferred Stock. Aimco used the net proceeds from the Class U issuance to fund the redemption of the Class G, which occured during October 2010.

[2]		Represents 114 shares at a liquidation preference per share of $500,000. The remaining amount at September 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.

[3]		Coupon is based on a weighted average of all outstanding series of Preferred Partnership Units.

[4]		Includes the Aimco Operating Partnership’s common OP Units and Class I High Performance Units, which are included in common noncontrolling interests in Aimco Operating Partnership within Aimco’s consolidated financial statements and on Supplemental Schedule 1.



AIMCO 3rd Quarter 2010		Page 12

Supplemental Schedule 6(a)

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


																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		3Q 2010		3Q 2009		Growth			3Q 2010		3Q 2009		Growth			3Q 2010		3Q 2009		Growth			3Q 2010			3Q 2010			3Q 2009			3Q 2010		3Q 2009

Target Markets
Los Angeles		11		3,504		2,852	$	15,454	$	15,528		-0.5	%	$	5,045	$	5,129		-1.6	%	$	10,409	$	10,399		0.1	%		67.4	%		96.4	%		95.3	%	$	1,927	$	1,982
Orange County		3		443		373		1,343		1,341		0.1	%		459		453		1.3	%		884		888		-0.5	%		65.8	%		97.0	%		94.8	%		1,131		1,179
San Diego		6		2,142		2,072		8,021		7,750		3.5	%		2,353		2,344		0.4	%		5,668		5,406		4.8	%		70.7	%		96.4	%		94.5	%		1,207		1,220

Southern CA Total		20		6,089		5,297		24,818		24,619		0.8	%		7,857		7,926		-0.9	%		16,961		16,693		1.6	%		68.3	%		96.4	%		95.0	%		1,616		1,657
East Bay		2		413		353		1,394		1,337		4.3	%		585		650		-10.0	%		809		687		17.8	%		58.0	%		97.3	%		91.3	%		1,203		1,241
San Jose		1		224		224		1,047		1,079		-3.0	%		409		414		-1.2	%		638		665		-4.1	%		60.9	%		98.1	%		96.4	%		1,468		1,561
San Francisco		4		711		711		3,305		3,221		2.6	%		1,250		1,233		1.4	%		2,055		1,988		3.4	%		62.2	%		97.5	%		94.6	%		1,446		1,476

Northern CA Total		7		1,348		1,288		5,746		5,637		1.9	%		2,244		2,297		-2.3	%		3,502		3,340		4.9	%		60.9	%		97.5	%		94.6	%		1,375		1,421

Seattle		3		413		310		1,293		1,270		1.8	%		520		555		-6.3	%		773		715		8.1	%		59.8	%		98.0	%		95.9	%		1,208		1,230

Pacific Total		30		7,850		6,895		31,857		31,526		1.0	%		10,621		10,778		-1.5	%		21,236		20,748		2.4	%		66.7	%		96.7	%		94.9	%		1,553		1,594

Suburban New York — New Jersey		4		1,162		944		3,699		3,705		-0.2	%		1,325		1,189		11.4	%		2,374		2,516		-5.6	%		64.2	%		95.0	%		93.9	%		1,184		1,245
Washington — NoVA — MD		15		6,711		6,289		23,729		23,235		2.1	%		7,796		8,075		-3.5	%		15,933		15,160		5.1	%		67.1	%		96.9	%		96.3	%		1,210		1,204
Boston		11		4,129		4,129		14,479		14,881		-2.7	%		5,296		5,323		-0.5	%		9,183		9,558		-3.9	%		63.4	%		95.4	%		96.4	%		1,163		1,187
Philadelphia		6		3,573		3,304		13,207		13,013		1.5	%		5,655		5,241		7.9	%		7,552		7,772		-2.8	%		57.2	%		95.3	%		93.7	%		1,231		1,249

Northeast Total		36		15,575		14,666		55,114		54,834		0.5	%		20,072		19,828		1.2	%		35,042		35,006		0.1	%		63.6	%		96.0	%		95.5	%		1,200		1,212

Miami		5		2,471		2,359		11,700		11,961		-2.2	%		4,667		5,640		-17.3	%		7,033		6,321		11.3	%		60.1	%		95.8	%		95.8	%		1,550		1,577
Palm Beach/Fort Lauderdale		3		893		893		2,322		2,458		-5.5	%		893		1,192		-25.1	%		1,429		1,266		12.9	%		61.5	%		94.1	%		95.6	%		826		864
Orlando		7		1,868		1,727		3,882		4,093		-5.2	%		1,726		1,739		-0.7	%		2,156		2,354		-8.4	%		55.5	%		94.9	%		95.9	%		692		724
Tampa		6		1,755		1,621		3,865		4,023		-3.9	%		1,529		1,649		-7.3	%		2,336		2,374		-1.6	%		60.4	%		95.1	%		96.9	%		719		745
Jacksonville		4		1,643		1,404		3,503		3,613		-3.0	%		1,529		1,645		-7.1	%		1,974		1,968		0.3	%		56.4	%		97.3	%		96.4	%		761		795

Florida Total		25		8,630		8,004		25,272		26,148		-3.4	%		10,344		11,865		-12.8	%		14,928		14,283		4.5	%		59.1	%		95.6	%		96.1	%		971		999

Houston		5		1,775		1,454		3,201		3,250		-1.5	%		1,533		1,544		-0.7	%		1,668		1,706		-2.2	%		52.1	%		93.9	%		93.3	%		694		722
Denver		9		2,553		1,991		5,652		5,462		3.5	%		1,895		1,891		0.2	%		3,757		3,571		5.2	%		66.5	%		97.8	%		95.2	%		786		801
Phoenix		13		3,319		2,923		5,769		6,020		-4.2	%		2,776		2,782		-0.2	%		2,993		3,238		-7.6	%		51.9	%		95.8	%		93.0	%		583		640
Dallas — Fort Worth		2		569		569		1,313		1,296		1.3	%		675		705		-4.3	%		638		591		8.0	%		48.6	%		96.5	%		93.3	%		698		733
Atlanta		4		992		738		2,075		2,067		0.4	%		761		867		-12.2	%		1,314		1,200		9.5	%		63.3	%		96.8	%		93.7	%		897		919

Sunbelt Total		58		17,838		15,679		43,282		44,243		-2.2	%		17,984		19,654		-8.5	%		25,298		24,589		2.9	%		58.4	%		95.9	%		94.9	%		832		865

Chicago		14		4,444		4,159		14,400		14,298		0.7	%		4,756		6,124		-22.3	%		9,644		8,174		18.0	%		67.0	%		96.7	%		94.2	%		1,062		1,095

Total Target Markets		138		45,707		41,399		144,653		144,901		-0.2	%		53,433		56,384		-5.2	%		91,220		88,517		3.1	%		63.1	%		96.1	%		95.0	%		1,104		1,131

Other
Austin		2		652		652		1,390		1,309		6.2	%		713		704		1.3	%		677		605		11.9	%		48.7	%		96.0	%		89.7	%		642		664
Baltimore		3		701		628		2,251		2,113		6.5	%		840		849		-1.1	%		1,411		1,264		11.6	%		62.7	%		96.4	%		96.1	%		1,164		1,099
Indianapolis/Fort Wayne		5		3182		2983		5,944		5,810		2.3	%		2,936		2,735		7.3	%		3,008		3,075		-2.2	%		50.6	%		95.6	%		92.5	%		594		605
Nashville		3		764		618		1,838		1,853		-0.8	%		663		759		-12.6	%		1,175		1,094		7.4	%		63.9	%		97.1	%		94.6	%		897		942
Norfolk/Richmond		5		1495		1403		4,320		4,368		-1.1	%		1,403		1,364		2.9	%		2,917		3,004		-2.9	%		67.5	%		96.6	%		95.9	%		947		963
Other Markets		22		7891		7661		19,490		19,775		-1.4	%		8,458		8,685		-2.6	%		11,032		11,090		-0.5	%		56.6	%		95.5	%		94.3	%		779		807

Total Other		40		14,685		13,945		35,233		35,228		0.0	%		15,013		15,096		-0.5	%		20,220		20,132		0.4	%		57.4	%		95.8	%		94.0	%		775		796


CONVENTIONAL SAME STORE SALES TOTALS		178		60,392		55,344	$	179,886	$	180,129		-0.1	%	$	68,446	$	71,480		-4.2	%	$	111,440	$	108,649		2.6	%		62.0	%		96.0	%		94.8	%	$	1,024	$	1,050



AIMCO 3rd Quarter 2010		Page 13

Supplemental Schedule 6(b)

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


																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		3Q 2010		2Q 2010		Growth			3Q 2010		2Q 2010		Growth			3Q 2010		2Q 2010		Growth			3Q 2010			3Q 2010			2Q 2010			3Q 2010		2Q 2010

Target Markets
Los Angeles		11		3,504		2,852	$	15,454	$	15,491		-0.2	%	$	5,045	$	4,741		6.4	%	$	10,409	$	10,750		-3.2	%		67.4	%		96.4	%		96.0	%	$	1,927	$	1,938
Orange County		3		443		373		1,343		1,325		1.4	%		459		451		1.8	%		884		874		1.1	%		65.8	%		97.0	%		96.0	%		1,131		1,137
San Diego		6		2,142		2,072		8,021		7,782		3.1	%		2,353		2,408		-2.3	%		5,668		5,374		5.5	%		70.7	%		96.4	%		95.4	%		1,207		1,192

Southern CA Total		20		6,089		5,297		24,818		24,598		0.9	%		7,857		7,600		3.4	%		16,961		16,998		-0.2	%		68.3	%		96.4	%		95.8	%		1,616		1,619

East Bay		2		413		353		1,394		1,393		0.1	%		585		584		0.2	%		809		809		0.0	%		58.0	%		97.3	%		97.6	%		1,203		1,195
San Jose		1		224		224		1,047		1,053		-0.6	%		409		444		-7.9	%		638		609		4.8	%		60.9	%		98.1	%		97.7	%		1,468		1,492
San Francisco		4		711		711		3,305		3,221		2.6	%		1,250		1,227		1.9	%		2,055		1,994		3.1	%		62.2	%		97.5	%		96.4	%		1,446		1,429

Northern CA Total		7		1,348		1,288		5,746		5,667		1.4	%		2,244		2,255		-0.5	%		3,502		3,412		2.6	%		60.9	%		97.5	%		97.0	%		1,375		1,368

Seattle		3		413		310		1,293		1,283		0.8	%		520		492		5.7	%		773		791		-2.3	%		59.8	%		98.0	%		97.4	%		1,208		1,207

Pacific Total		30		7,850		6,895		31,857		31,548		1.0	%		10,621		10,347		2.6	%		21,236		21,201		0.2	%		66.7	%		96.7	%		96.1	%		1,553		1,553

Suburban New York — New Jersey		4		1,162		944		3,699		3,708		-0.2	%		1,325		1,144		15.8	%		2,374		2,564		-7.4	%		64.2	%		95.0	%		96.5	%		1,184		1,187
Washington — NoVA — MD		15		6,711		6,289		23,729		23,464		1.1	%		7,796		7,201		8.3	%		15,933		16,263		-2.0	%		67.1	%		96.9	%		96.9	%		1,210		1,198
Boston		11		4,129		4,129		14,479		14,574		-0.7	%		5,296		5,521		-4.1	%		9,183		9,053		1.4	%		63.4	%		95.4	%		96.2	%		1,163		1,161
Philadelphia		6		3,573		3,304		13,207		13,114		0.7	%		5,655		5,598		1.0	%		7,552		7,516		0.5	%		57.2	%		95.3	%		95.1	%		1,231		1,219

Northeast Total		36		15,575		14,666		55,114		54,860		0.5	%		20,072		19,464		3.1	%		35,042		35,396		-1.0	%		63.6	%		96.0	%		96.3	%		1,200		1,192

Miami		5		2,471		2,359		11,700		11,688		0.1	%		4,667		5,125		-8.9	%		7,033		6,563		7.2	%		60.1	%		95.8	%		96.6	%		1,550		1,534
Palm Beach/Fort Lauderdale		3		893		893		2,322		2,364		-1.8	%		893		1,057		-15.5	%		1,429		1,307		9.3	%		61.5	%		94.1	%		93.4	%		826		834
Orlando		7		1,868		1,727		3,882		3,846		0.9	%		1,726		1,767		-2.3	%		2,156		2,079		3.7	%		55.5	%		94.9	%		94.3	%		692		694
Tampa		6		1,755		1,621		3,865		3,887		-0.6	%		1,529		1,744		-12.3	%		2,336		2,143		9.0	%		60.4	%		95.1	%		94.8	%		719		724
Jacksonville		4		1,643		1,404		3,503		3,468		1.0	%		1,529		1,580		-3.2	%		1,974		1,888		4.6	%		56.4	%		97.3	%		94.6	%		761		771

Florida Total		25		8,630		8,004		25,272		25,253		0.1	%		10,344		11,273		-8.2	%		14,928		13,980		6.8	%		59.1	%		95.6	%		95.0	%		971		974

Houston		5		1,775		1,454		3,201		3,233		-1.0	%		1,533		1,420		8.0	%		1,668		1,813		-8.0	%		52.1	%		93.9	%		95.0	%		694		697
Denver		9		2,553		1,991		5,652		5,495		2.9	%		1,895		1,940		-2.3	%		3,757		3,555		5.7	%		66.5	%		97.8	%		96.1	%		786		785
Phoenix		13		3,319		2,923		5,769		5,565		3.7	%		2,776		2,558		8.5	%		2,993		3,007		-0.5	%		51.9	%		95.8	%		92.9	%		583		594
Dallas — Fort Worth		2		569		569		1,313		1,296		1.3	%		675		657		2.7	%		638		639		-0.2	%		48.6	%		96.5	%		95.0	%		698		701
Atlanta		4		992		738		2,075		2,086		-0.5	%		761		754		0.9	%		1,314		1,332		-1.4	%		63.3	%		96.8	%		96.1	%		897		895

Sunbelt Total		58		17,838		15,679		43,282		42,928		0.8	%		17,984		18,602		-3.3	%		25,298		24,326		4.0	%		58.4	%		95.9	%		94.8	%		832		836

Chicago		14		4,444		4,159		14,400		14,337		0.4	%		4,756		5,357		-11.2	%		9,644		8,980		7.4	%		67.0	%		96.7	%		95.8	%		1,062		1,067

Total Target Markets		138		45,707		41,399		144,653		143,673		0.7	%		53,433		53,770		-0.6	%		91,220		89,903		1.5	%		63.1	%		96.1	%		95.6	%		1,104		1,105

Other
Austin		2		652		652		1,390		1,350		3.0	%		713		635		12.3	%		677		715		-5.3	%		48.7	%		96.0	%		96.3	%		642		632
Baltimore		3		701		628		2,251		2,108		6.8	%		840		856		-1.9	%		1,411		1,252		12.7	%		62.7	%		96.4	%		95.9	%		1,164		1,095
Indianapolis/Fort Wayne		5		3,182		2,983		5,944		5,905		0.7	%		2,936		2,350		24.9	%		3,008		3,555		-15.4	%		50.6	%		95.6	%		95.8	%		594		591
Nashville		3		764		618		1,838		1,885		-2.5	%		663		715		-7.3	%		1,175		1,170		0.4	%		63.9	%		97.1	%		98.1	%		897		893
Norfolk/Richmond		5		1,495		1,403		4,320		4,338		-0.4	%		1,403		1,336		5.0	%		2,917		3,002		-2.8	%		67.5	%		96.6	%		95.6	%		947		950
Other Markets		22		7,891		7,661		19,490		19,556		-0.3	%		8,458		8,780		-3.7	%		11,032		10,776		2.4	%		56.6	%		95.5	%		95.2	%		779		781

Total Other		40		14,685		13,945		35,233		35,142		0.3	%		15,013		14,672		2.3	%		20,220		20,470		-1.2	%		57.4	%		95.8	%		95.6	%		775		771


CONVENTIONAL SAME STORE SALES TOTALS		178		60,392		55,344	$	179,886	$	178,815		0.6	%	$	68,446	$	68,442		0.0	%	$	111,440	$	110,373		1.0	%		62.0	%		96.0	%		95.6	%	$	1,024	$	1,024



AIMCO 3rd Quarter 2010		Page 14

Supplemental Schedule 6(c)

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


																												Operating
							Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
					Effective		YTD 3Q		YTD 3Q					YTD 3Q		YTD 3Q					YTD 3Q		YTD 3Q					YTD 3Q			YTD 3Q			YTD 3Q			YTD 3Q		YTD 3Q
	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	$	39,066	$	39,972		-2.3	%	$	12,856	$	13,275		-3.2	%	$	26,210	$	26,697		-1.8	%		67.1	%		96.2	%		94.0	%	$	1,930	$	2,045
Orange County		3		443		373		4,012		4,062		-1.2	%		1,373		1,352		1.6	%		2,639		2,710		-2.6	%		65.8	%		96.8	%		95.1	%		1,138		1,189
San Diego		4		1,622		1,552		17,154		16,924		1.4	%		5,128		4,828		6.2	%		12,026		12,096		-0.6	%		70.1	%		95.8	%		94.4	%		1,162		1,186

Southern CA Total		16		5,160		4,369		60,232		60,958		-1.2	%		19,357		19,455		-0.5	%		40,875		41,503		-1.5	%		67.9	%		96.1	%		94.2	%		1,621		1,701

East Bay		2		413		353		4,177		4,115		1.5	%		1,781		1,823		-2.3	%		2,396		2,292		4.5	%		57.4	%		97.4	%		92.7	%		1,198		1,255
San Francisco		4		711		711		9,750		9,741		0.1	%		3,700		3,668		0.9	%		6,050		6,073		-0.4	%		62.1	%		97.1	%		93.6	%		1,434		1,514

Northern CA Total		6		1,124		1,064		13,927		13,856		0.5	%		5,481		5,491		-0.2	%		8,446		8,365		1.0	%		60.6	%		97.2	%		93.2	%		1,347		1,420

Seattle		3		413		310		3,829		3,945		-2.9	%		1,508		1,601		-5.8	%		2,321		2,344		-1.0	%		60.6	%		97.4	%		92.9	%		1,203		1,292

Pacific Total		25		6,697		5,743		77,988		78,759		-1.0	%		26,346		26,547		-0.8	%		51,642		52,212		-1.1	%		66.2	%		96.4	%		94.0	%		1,549		1,629

Suburban New York — New Jersey		4		1162		944		11,002		11,310		-2.7	%		3,580		3,356		6.7	%		7,422		7,954		-6.7	%		67.5	%		95.6	%		93.0	%		1,187		1,272
Washington — NoVA — MD		15		6711		6289		70,694		69,670		1.5	%		23,151		22,582		2.5	%		47,543		47,088		1.0	%		67.3	%		96.8	%		95.4	%		1,201		1,211
Boston		11		4129		4129		43,810		44,506		-1.6	%		16,579		16,277		1.9	%		27,231		28,229		-3.5	%		62.2	%		96.0	%		95.1	%		1,163		1,199
Philadelphia		5		2752		2483		30,956		30,520		1.4	%		13,322		12,571		6.0	%		17,634		17,949		-1.8	%		57.0	%		95.3	%		91.9	%		1,250		1,293

Northeast Total		35		14,754		13,845		156,462		156,006		0.3	%		56,632		54,786		3.4	%		99,830		101,220		-1.4	%		63.8	%		96.2	%		94.5	%		1,198		1,227

Miami		5		2471		2359		34,924		36,281		-3.7	%		14,999		14,948		0.3	%		19,925		21,333		-6.6	%		57.1	%		96.5	%		93.6	%		1,536		1,629
Palm Beach/Fort Lauderdale		3		893		893		7,078		7,406		-4.4	%		3,140		3,483		-9.8	%		3,938		3,923		0.4	%		55.6	%		94.3	%		95.0	%		832		874
Orlando		7		1868		1727		11,625		12,087		-3.8	%		5,232		5,388		-2.9	%		6,393		6,699		-4.6	%		55.0	%		94.6	%		92.5	%		695		746
Tampa		6		1755		1621		11,638		11,906		-2.3	%		5,014		5,091		-1.5	%		6,624		6,815		-2.8	%		56.9	%		95.3	%		93.8	%		722		765
Jacksonville		4		1643		1404		10,428		10,631		-1.9	%		4,715		4,749		-0.7	%		5,713		5,882		-2.9	%		54.8	%		95.8	%		94.2	%		769		809

Florida Total		25		8,630		8,004		75,693		78,311		-3.3	%		33,100		33,659		-1.7	%		42,593		44,652		-4.6	%		56.3	%		95.5	%		93.7	%		972		1,028

Houston		5		1775		1454		9,751		9,872		-1.2	%		4,557		4,256		7.1	%		5,194		5,616		-7.5	%		53.3	%		94.9	%		93.9	%		697		722
Denver		9		2553		1991		16,595		16,314		1.7	%		5,729		5,732		-0.1	%		10,866		10,582		2.7	%		65.5	%		96.6	%		94.5	%		785		809
Phoenix		13		3319		2923		16,956		18,234		-7.0	%		7,972		7,899		0.9	%		8,984		10,335		-13.1	%		53.0	%		94.4	%		92.2	%		591		659
Dallas — Fort Worth		2		569		569		3,937		3,881		1.4	%		2,005		1,889		6.1	%		1,932		1,992		-3.0	%		49.1	%		96.2	%		91.9	%		702		742

Sunbelt Total		54		16,846		14,941		122,932		126,612		-2.9	%		53,363		53,435		-0.1	%		69,569		73,177		-4.9	%		56.6	%		95.4	%		93.5	%		831		881

Chicago		9		2413		2349		24,140		23,844		1.2	%		9,098		10,100		-9.9	%		15,042		13,744		9.4	%		62.3	%		96.7	%		92.9	%		1,062		1,100

Total Target Markets		123		40,710		36,878		381,522		385,221		-1.0	%		145,439		144,868		0.4	%		236,083		240,353		-1.8	%		61.9	%		95.9	%		93.9	%		1,097		1,143

Other
Austin		2		652		652		4,103		3,916		4.8	%		1,906		2,136		-10.8	%		2,197		1,780		23.4	%		53.5	%		96.1	%		86.8	%		636		688
Baltimore		3		701		628		6,585		6,336		3.9	%		2,801		2,544		10.1	%		3,784		3,792		-0.2	%		57.5	%		95.8	%		94.8	%		1,117		1,096
Indianapolis/Fort Wayne		5		3182		2983		17,685		17,490		1.1	%		8,083		8,072		0.1	%		9,602		9,418		2.0	%		54.3	%		95.7	%		92.6	%		592		610
Nashville		2		438		392		3,676		3,762		-2.3	%		1,486		1,507		-1.4	%		2,190		2,255		-2.9	%		59.6	%		97.9	%		95.1	%		933		994
Norfolk/Richmond		5		1495		1403		12,939		12,861		0.6	%		4,025		4,026		0.0	%		8,914		8,835		0.9	%		68.9	%		96.0	%		94.6	%		948		966
Other Markets		22		7891		7661		58,600		59,502		-1.5	%		27,010		27,261		-0.9	%		31,590		32,241		-2.0	%		53.9	%		95.5	%		92.9	%		780		819

Total Other		39		14,359		13,719		103,588		103,867		-0.3	%		45,311		45,546		-0.5	%		58,277		58,321		-0.1	%		56.3	%		95.7	%		92.9	%		770		802


CONVENTIONAL SAME STORE SALES TOTALS		162		55,069		50,597	$	485,110	$	489,088		-0.8	%	$	190,750	$	190,414		0.2	%	$	294,360	$	298,674		-1.4	%		60.7	%		95.9	%		93.6	%	$	1,012	$	1,055



AIMCO 3rd Quarter 2010		Page 15

Supplemental Schedule 7(a)

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


	Quarter Ended September 30, 2010														Quarter Ended September 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		4,645		86	%		3,993		10.1	%	$	1,990		16		4,953		87	%		4,302		9.6	%	$	1,999
Orange County		4		1,213		94	%		1,143		2.7	%		1,506		4		1,213		94	%		1,143		2.3	%		1,522
San Diego		6		2,142		97	%		2,072		4.4	%		1,207		6		2,144		97	%		2,074		3.9	%		1,218

Southern CA Total		24		8,000		90	%		7,208		17.2	%		1,681		26		8,310		90	%		7,519		15.8	%		1,704

East Bay		2		413		86	%		353		0.6	%		1,203		2		413		85	%		353		0.5	%		1,241
San Francisco		6		1,083		100	%		1,083		1.8	%		1,479		6		1,081		100	%		1,081		1.5	%		1,493
San Jose		1		224		100	%		224		0.5	%		1,468		1		224		100	%		224		0.5	%		1,561

Northern CA Total		9		1,720		97	%		1,660		2.9	%		1,397		9		1,718		97	%		1,658		2.5	%		1,431

Seattle		3		413		75	%		310		0.6	%		1,208		3		413		75	%		309		0.5	%		1,230

Pacific Total		36		10,133		91	%		9,178		20.7	%		1,615		38		10,441		91	%		9,486		18.8	%		1,643


Manhattan		22		957		100	%		955		3.2	%		2,423		22		957		100	%		955		3.4	%		2,776
Suburban New York — New Jersey		4		1,162		81	%		944		1.9	%		1,184		7		2,637		89	%		2,338		3.8	%		1,175

New York Total		26		2,119		90	%		1,899		5.1	%		1,746		29		3,594		92	%		3,293		7.2	%		1,599

Washington — NoVA — MD		17		8,015		84	%		6,744		12.7	%		1,210		18		8,715		85	%		7,444		12.0	%		1,184
Boston		11		4,129		100	%		4,129		7.2	%		1,163		12		4,250		100	%		4,250		7.0	%		1,184
Philadelphia		7		3,888		91	%		3,541		6.3	%		1,231		7		3,886		91	%		3,539		5.9	%		1,249

Northeast Total		61		18,151		90	%		16,313		31.3	%		1,270		66		20,445		91	%		18,526		32.1	%		1,274


Miami		5		2,471		95	%		2,359		5.5	%		1,550		5		2,471		95	%		2,348		4.5	%		1,577
Palm Beach/Fort Lauderdale		4		1,265		93	%		1,179		1.4	%		839		7		2,171		93	%		2,020		2.4	%		946
Orlando		10		3,000		90	%		2,708		2.9	%		724		11		3,324		91	%		3,032		3.0	%		750
Tampa		6		1,755		92	%		1,621		1.8	%		719		9		2,635		88	%		2,318		2.4	%		756
Jacksonville		4		1,643		85	%		1,404		1.6	%		763		4		1,643		85	%		1,404		1.4	%		795

Florida Total		29		10,134		91	%		9,271		13.2	%		946		36		12,244		91	%		11,122		13.7	%		960

Houston		8		3,027		83	%		2,505		2.0	%		675		9		3,140		82	%		2,583		2.0	%		708
Denver		9		2,553		78	%		1,991		2.9	%		786		10		2,877		80	%		2,315		2.9	%		787
Phoenix		17		4,418		89	%		3,910		3.2	%		598		19		4,938		90	%		4,430		3.3	%		644
Dallas — Fort Worth		2		569		100	%		569		0.5	%		698		4		1,005		82	%		823		0.6	%		736
Atlanta		5		1,295		80	%		1,041		1.2	%		869		8		1,795		80	%		1,435		1.5	%		884

Sunbelt Total		70		21,996		88	%		19,287		23.0	%		810		86		25,999		87	%		22,708		24.0	%		839


Chicago		15		4,633		94	%		4,348		8.0	%		1,093		17		5,035		94	%		4,750		6.7	%		1,113

Total Target Markets		182		54,913		89	%		49,126		83.0	%		1,124		207		61,920		90	%		55,470		81.6	%		1,131


Other [1]
Austin		2		652		100	%		652		0.5	%		642		3		816		100	%		816		0.5	%		656
Baltimore		5		1,180		84	%		993		1.5	%		1,075		5		1,180		84	%		993		1.3	%		1,045
Cincinnati		—		—		—			—		—			—		2		505		80	%		405		0.6	%		1,214
Indianapolis/Fort Wayne		5		3,182		94	%		2,983		2.4	%		594		8		4,981		96	%		4,782		3.4	%		584
Inland Empire		2		376		100	%		376		0.4	%		762		3		574		89	%		513		0.5	%		845
Michigan		5		3,688		96	%		3,538		3.0	%		617		6		3,862		94	%		3,643		2.9	%		648
Minneapolis		2		732		89	%		651		1.7	%		1,457		2		732		89	%		651		1.6	%		1,525
Nashville		4		1,114		77	%		861		1.2	%		835		4		1,114		75	%		840		1.0	%		870
Non-Target Florida		9		2,004		100	%		2,004		1.8	%		642		10		2,204		100	%		2,204		1.8	%		670
Norfolk/Richmond		6		1,643		94	%		1,551		2.5	%		935		7		2,075		96	%		1,983		2.8	%		917
Providence, RI		2		708		100	%		708		1.2	%		1,076		2		708		100	%		708		1.1	%		1,102
Raleigh/Greenville		—		—		—			—		—			—		4		870		75	%		655		0.4	%		657
Other Markets		3		652		76	%		494		0.8	%		989		3		601		74	%		442		0.5	%		880

Total Other		45		15,931		93	%		14,811		17.0	%		777		59		20,222		92	%		18,635		18.4	%		774


Grand Total		227		70,844		90	%		63,937		100.0	%	$	1,044		266		82,142		90	%		74,105		100.0	%	$	1,041


[1]		For the quarters ended September 30, 2010 and 2009, Aimco’s conventional portfolio included assets in 17 and 19 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit.



AIMCO 3rd Quarter 2010		Page 16

Supplemental Schedule 7(b)

Total Conventional Portfolio Data by Market
Second 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 (a third-party provider of commercial real estate performance and analysis), 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 2Q 2010 data, as this is the most recent period for which third-party data is available.


	Quarter Ended June 30, 2010
																				2010 - 2012
																	+/- Market			Projected
								Effective		% AIV			Average		Market		Rent			Revenue
	Properties		Units		Ownership			Units		NOI			Rent		Rent [1]		Average			Growth [2]
Target Markets
Los Angeles		14		4,641		86	%		3,989		10.3	%	$	2,001	$	1,340		49.3	%		2.3	%
Orange County		4		1,213		94	%		1,143		2.8	%		1,509		1,447		4.3	%		3.1	%
San Diego		6		2,144		97	%		2,074		4.2	%		1,191		1,285		-7.3	%		2.9	%

Southern CA Total		24		7,998		90	%		7,206		17.3	%		1,683		1,342		25.4	%		2.6	%

East Bay		2		413		86	%		353		0.6	%		1,195		1,262		-5.3	%		3.1	%
San Francisco		6		1,083		100	%		1,083		1.7	%		1,462		1,734		-15.7	%		3.5	%
San Jose		1		224		100	%		224		0.5	%		1,492		1,425		4.7	%		4.8	%

Northern CA Total		9		1,720		97	%		1,660		2.8	%		1,389		1,547		-10.2	%		3.6	%

Seattle		3		413		75	%		310		0.6	%		1,204		961		25.3	%		3.8	%

Pacific Total		36		10,131		91	%		9,176		20.7	%		1,615		1,356		19.1	%		2.7	%


Manhattan		22		957		100	%		955		3.1	%		2,369		2,700		-12.3	%		3.9	%
Suburban New York — New Jersey		4		1,162		81	%		944		2.0	%		1,187		1,430		-17.0	%		1.9	%

New York Total		26		2,119		90	%		1,899		5.1	%		1,718		2,004		-14.2	%		3.2	%

Washington — NoVA — MD		17		8,015		84	%		6,744		12.9	%		1,198		1,377		-13.0	%		4.2	%
Boston		12		4,250		100	%		4,250		7.2	%		1,159		1,625		-28.7	%		3.7	%
Philadelphia		7		3,886		91	%		3,539		6.2	%		1,218		986		23.5	%		3.2	%


Northeast Total		62		18,270		90	%		16,432		31.4	%		1,258		1,428		-11.9	%		3.7	%


Miami		5		2,471		95	%		2,348		5.1	%		1,534		1,014		51.3	%		2.6	%
Palm Beach / Fort Lauderdale		5		1,681		95	%		1,595		1.9	%		865		1,040		-16.9	%		3.5	%
Orlando		10		3,000		90	%		2,708		2.8	%		725		800		-9.4	%		2.7	%
Tampa		6		1,755		92	%		1,621		1.7	%		724		781		-7.2	%		2.6	%
Jacksonville		4		1,643		85	%		1,404		1.5	%		770		754		2.1	%		2.2	%

Florida Total		30		10,550		92	%		9,676		13.0	%		947		878		7.8	%		2.7	%

Houston		8		3,027		83	%		2,505		2.1	%		676		723		-6.5	%		2.8	%
Denver		9		2,553		78	%		1,991		2.8	%		785		791		-0.8	%		2.9	%
Phoenix		17		4,418		89	%		3,910		3.3	%		609		678		-10.2	%		3.8	%
Dallas — Fort Worth		2		569		100	%		569		0.5	%		701		742		-5.5	%		2.8	%
Atlanta		6		1,355		79	%		1,065		1.2	%		869		748		16.2	%		2.7	%

Sunbelt Total		72		22,472		88	%		19,716		22.9	%		816		797		2.4	%		2.9	%


Chicago		15		4,633		94	%		4,348		7.6	%		1,101		985		11.8	%		2.2	%


Total Target Markets		185		55,506		89	%		49,672		82.6	%		1,122		1,110		1.1	%		3.1	%


Other [1]
Austin		2		652		100	%		652		0.6	%		632		789		-19.9	%		3.1	%
Baltimore		5		1,180		84	%		993		1.5	%		1,032		943		9.5	%		2.6	%
Cincinnati		2		505		80	%		405		0.7	%		1,186		668		77.6	%		1.6	%
Indianapolis / Fort Wayne		5		3,182		94	%		2,983		2.8	%		591		636		-7.1	%		2.1	%
Inland Empire		3		574		89	%		514		0.6	%		819		989		-17.2	%		3.0	%
Michigan		5		3,688		96	%		3,538		2.9	%		619		757		-18.2	%		1.7	%
Minneapolis		2		732		89	%		651		1.8	%		1,477		892		65.6	%		2.8	%
Nashville		4		1,114		77	%		861		1.1	%		833		701		18.8	%		3.1	%
Non-Target Florida		9		2,004		100	%		2,004		1.6	%		641		881		-27.2	%		2.6	%
Norfolk / Richmond		6		1,643		94	%		1,551		2.5	%		938		793		18.2	%		2.2	%
Providence RI		2		708		100	%		708		1.1	%		1,075		1,149		-6.5	%		3.2	%
Other Markets		2		421		62	%		265		0.2	%		789		985		-19.9	%		2.2	%

Total Other		47		16,403		92	%		15,125		17.4	%		781		797		-2.1	%		2.4	%


Grand Total		232		71,909		90	%		64,797		100.0	%	$	1,042	$	1,037		0.5	%		3.0	%


[1]		2Q 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 3rd Quarter 2010		Page 17

Supplemental Schedule 8

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

Third 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		5		1,069	$	89.4		7.4	%	$	55.0	$	30.6	$	73.0	$	25.1	$	962
Affordable		3		432		9.3		10.8	%		6.4		2.6		4.0		2.3		653

Total Dispositions		8		1,501	$	98.7		7.7	%	$	61.4	$	33.2	$	77.0	$	27.4	$	876

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]		16		3,185	$	199.4		8.0	%	$	122.4	$	58.8	$	158.5	$	51.6	$	831
Affordable		15		1,863		84.1		8.5	%		53.7		21.8		44.1		17.9		866

Total Dispositions		31		5,048	$	283.5		8.1	%	$	176.1	$	80.6	$	202.6	$	69.5	$	844

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		2		279
Boston		1		121
Dallas-Fort Worth		1		256
Houston		1		113
Los Angeles		1		144
Palm Beach/Fort Lauderdale		2		626
Tampa		1		276

Total Target Markets		9		1,815

Other:
Austin		1		164
Cincinnati		1		274
Greenville, NC		2		366
Inland Empire		1		198
Lansing, MI		1		168
Sarasota, FL		1		200

Total Other		7		1,370

Total Conventional Dispositions		16		3,185



AIMCO 3rd Quarter 2010		Page 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 September 30, 2010						Nine Months Ended September 30, 2010
	Conventional		Affordable		Total		Conventional		Affordable		Total
Capital Additions
Capital Replacements
Buildings and grounds	$	9,540	$	2,766	$	12,306	$	21,096	$	4,921	$	26,017
Turnover capital additions		6,278		1,981		8,259		17,058		5,170		22,228
Capitalized site payroll and indirect costs		1,613		237		1,850		6,333		901		7,234

Total Capital Replacements		17,431		4,984		22,415		44,487		10,992		55,479
Capital Improvements		10,658		3,008		13,666		24,813		5,991		30,804
Redevelopment Additions		7,369		25		7,394		19,811		1,878		21,689
Casualties		5,238		377		5,615		13,632		4,581		18,213

Total Capital Additions	$	40,696	$	8,394	$	49,090	$	102,743	$	23,442	$	126,185


Capital Replacements and Improvements per Unit
*Total units*		*69,376*		*21,826*		*91,202*		*69,376*		*21,826*		*91,202*

Total Capital Replacements per unit	$	251	$	228	$	246	$	641	$	504	$	608
Capital Improvements per unit		154		138		150		358		274		338

Total Capital Replacements and Improvements per unit	$	405	$	366	$	396	$	999	$	778	$	946



AIMCO 3rd Quarter 2010		Page 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, 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, and 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.

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 (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.



AIMCO 3rd Quarter 2010		Page 20

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			Nine Months Ended
(in thousands) (unaudited)	September 30, 2010			September 30, 2010

Capital Additions per Schedule 9	$	49,090		$	126,185

Capital additions related to:

Unconsolidated real estate partnerships		(346	)		(702	)
Consolidated sold and held for sale properties		147			2,357
Consolidated properties that are not multi-family, such as commercial properties or fitness facilities		27			93
Consolidated properties Aimco owns but does not manage		49			957


Consolidated capital additions	$	48,967		$	128,890

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.



AIMCO 3rd Quarter 2010		Page 21

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.

EBITDA COVERAGE OF INTEREST RATIO: The ratio of (a) Aimco’s EBITDA to (b) 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 (b) 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.



AIMCO 3rd Quarter 2010		Page 22

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. Net income (loss) attributable to Aimco common stockholders as determined in accordance with GAAP is reconciled to FFO as presented on Supplemental Schedule 1 below.


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in thousands) (unaudited)	2010			2009			2010			2009

Net loss attributable to Aimco common stockholders	$	(28,500	)	$	(40,490	)	$	(86,891	)	$	(108,112	)
Adjustments:
Depreciation and amortization		107,309			110,290			322,393			321,661
Depreciation and amortization related to non-real estate assets		(3,528	)		(4,237	)		(11,326	)		(12,419	)
Depreciation of rental property related to noncontrolling partners and unconsolidated entities		(9,772	)		(9,664	)		(33,435	)		(29,563	)

Loss (gain) on dispositions of unconsolidated real estate and other, net of noncontrolling partners’ interest		2,282			27			1,183			(11,689	)
Discontinued operations:
Gain on dispositions of real estate, net of noncontrolling partners’ interest		(13,361	)		(37,843	)		(52,838	)		(79,783	)
Depreciation of rental property, net of noncontrolling partners’ interest		540			12,412			3,519			46,621
Income tax (benefit) expense arising from disposals		(48	)		(3,181	)		(948	)		1,671
Noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(5,788	)		(4,942	)		(15,891	)		(17,749	)
Preferred stock dividends		13,576			12,988			39,405			39,280
Preferred stock redemption related gains		—			—			(2,779	)		(1,649	)
Amounts allocable to participating securities		2			—			—			—

Funds From Operations	$	62,712		$	35,360		$	162,392		$	148,269
Preferred stock dividends		(13,576	)		(12,988	)		(39,405	)		(39,280	)
Preferred stock redemption related gains		—			—			2,779			1,649
Amounts allocable to participating securities		(193	)		(85	)		(537	)		(787	)

Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	48,943		$	22,287		$	125,229		$	109,851

Operating real estate impairment losses, net of noncontrolling partners’ interest and related income tax benefit		(697	)		27,353			11,214			43,870
Preferred equity redemption related gains		(1,765	)		—			(4,544	)		(1,649	)
Noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		172			(2,042	)		(464	)		(3,168	)
Amounts allocable to participating securities		12			(200	)		(33	)		(352	)

Pro Forma Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	46,665		$	47,398		$	131,402		$	148,552

Capital Replacements, net of noncontrolling interests in Aimco Operating Partnership		(16,866	)		(18,763	)		(44,692	)		(49,982	)
Amounts allocable to participating securities		86			148			234			450

Adjusted Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	29,885		$	28,783		$	86,944		$	99,020


Weighted average shares — diluted FFO		116,730			115,575			116,574			115,395
Funds From Operations per share (diluted)	$	0.42		$	0.19		$	1.07		$	0.95
Pro Forma Funds From Operations per share (diluted)	$	0.40		$	0.41		$	1.13		$	1.29
Adjusted Funds From Operations per share (diluted)	$	0.26		$	0.25		$	0.75		$	0.86



AIMCO 3rd Quarter 2010		Page 23

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%.

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


	Three Months Ended September 30, 2010												Three Months Ended September 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	$	180,138		$	—		$	(252	)	$	179,886		$	181,270	$	—		$	(1,141	)	$	180,129
Affordable Same Store		30,229			—			—			30,229			29,284		—			33			29,317

Total Same Store		210,367			—			(252	)		210,115			210,554		—			(1,108	)		209,446
Conventional Redevelopment		12,202			—			—			12,202			11,423		—			—			11,423
Other Conventional		17,251			(1,198	)		—			16,053			17,752		(598	)		21			17,175
Other Affordable		6,954			(3,466	)		—			3,488			5,884		(2,784	)		—			3,100

Total rental and other property revenues		246,774			(4,664	)		(252	)		241,858			245,613		(3,382	)		(1,087	)		241,144

Property operating expenses
Conventional Same Store		68,312			—			134			68,446			71,756		—			(276	)		71,480
Affordable Same Store		13,511			—			—			13,511			13,566		—			11			13,577

Total Same Store		81,823			—			134			81,957			85,322		—			(265	)		85,057
Conventional Redevelopment		4,305			—			—			4,305			4,494		—			—			4,494
Other Conventional		8,713			(649	)		—			8,064			9,245		(891	)		11			8,365
Other Affordable		3,426			(2,054	)		—			1,372			3,140		(1,572	)		—			1,568

Total property operating expenses		98,267			(2,703	)		134			95,698			102,201		(2,463	)		(254	)		99,484


Property NOI:
Conventional Same Store		111,826			—			(386	)		111,440			109,514		—			(865	)		108,649
Affordable Same Store		16,718			—			—			16,718			15,718		—			22			15,740

Total Same Store		128,544			—			(386	)		128,158			125,232		—			(843	)		124,389
Conventional Redevelopment		7,897			—			—			7,897			6,929		—			—			6,929
Other Conventional		8,538			(549	)		—			7,989			8,507		293			10			8,810
Other Affordable		3,528			(1,412	)		—			2,116			2,744		(1,212	)		—			1,532

Net real estate operations	$	148,507		$	(1,961	)	$	(386	)	$	146,160		$	143,412	$	(919	)	$	(833	)	$	141,660


	% Aimco
	3Q 2010 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		76	%		-0.1	%		-4.2	%		2.6	%
Affordable Same Store		11	%		3.1	%		-0.5	%		6.2	%

Total Same Store		87	%		0.3	%		-3.6	%		3.0	%
Conventional Redevelopment		5	%		6.8	%		-4.2	%		14.0	%
Other Conventional		6	%		-6.5	%		-3.6	%		-9.3	%
Other Affordable		2	%		12.5	%		-12.5	%		38.1	%

Net real estate operations		100	%		0.3	%		-3.8	%		3.2	%



AIMCO 3rd Quarter 2010		Page 24

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


	Nine Months Ended September 30, 2010												Nine Months Ended September 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	$	538,432		$	—		$	(53,322	)	$	485,110		$	541,467	$	—		$	(52,379	)	$	489,088
Affordable Same Store		89,835			—			—			89,835			87,595		—			94			87,689

Total Same Store		628,267			—			(53,322	)		574,945			629,062		—			(52,285	)		576,777
Conventional Redevelopment		36,540			—			52,701			89,241			32,261		—			51,359			83,620
Other Conventional		52,158			(3,547	)		—			48,611			53,763		(4,391	)		62			49,434
Other Affordable		18,699			(8,470	)		—			10,229			18,070		(8,487	)		—			9,583

Total rental and other property revenues		735,664			(12,017	)		(621	)		723,026			733,156		(12,878	)		(864	)		719,414

Property operating expenses
Conventional Same Store		209,871			—			(19,121	)		190,750			211,239		—			(20,825	)		190,414
Affordable Same Store		41,707			—			—			41,707			40,481		—			47			40,528

Total Same Store		251,578			—			(19,121	)		232,457			251,720		—			(20,778	)		230,942
Conventional Redevelopment		12,632			—			19,559			32,191			13,303		—			20,678			33,981
Other Conventional		27,067			(2,228	)		—			24,839			27,104		(2,875	)		31			24,260
Other Affordable		9,255			(5,106	)		—			4,149			9,236		(4,652	)		—			4,584

Total property operating expenses		300,532			(7,334	)		438			293,636			301,363		(7,527	)		(69	)		293,767


Property NOI:
Conventional Same Store		328,561			—			(34,201	)		294,360			330,228		—			(31,554	)		298,674
Affordable Same Store		48,128			—			—			48,128			47,114		—			47			47,161

Total Same Store		376,689			—			(34,201	)		342,488			377,342		—			(31,507	)		345,835
Conventional Redevelopment		23,908			—			33,142			57,050			18,958		—			30,681			49,639
Other Conventional		25,091			(1,319	)		—			23,772			26,659		(1,516	)		31			25,174
Other Affordable		9,444			(3,364	)		—			6,080			8,834		(3,835	)		—			4,999

Net real estate operations	$	435,132		$	(4,683	)	$	(1,059	)	$	429,390		$	431,793	$	(5,351	)	$	(795	)	$	425,647



	% Aimco
	YTD 2010 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		69	%		-0.8	%		0.2	%		-1.4	%
Affordable Same Store		11	%		2.4	%		2.9	%		2.1	%

Total Same Store		80	%		-0.3	%		0.7	%		-1.0	%
Conventional Redevelopment		13	%		6.7	%		-5.3	%		14.9	%
Other Conventional		6	%		-1.7	%		2.4	%		-5.6	%
Other Affordable		1	%		6.7	%		-9.5	%		21.6	%

Net real estate operations		100	%		0.5	%		0.0	%		0.9	%



AIMCO 3rd Quarter 2010		Page 26

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


													Subtract			Add
													Nine Months			Nine Months
													Ended			Ended
													September 30,			September 30,
	Year Ended December 31, 2009									Y2009 to Y2010			2009			2010
										Property Classification,
			Proportionate							Discontinued Operations								TTM
	Consolidated		Share of 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	$	70,760		$	(541,467	)	$	538,432	$	717,229
Conventional Acquisition properties		2,749		—		—			2,749		(2,749	)		—			—		—
Conventional Redevelopment properties		144,010		—		(8,185	)		135,825		(91,634	)		(32,261	)		36,540		48,470
Other Conventional properties		69,996		1,449		(7,719	)		63,726		7,311			(53,763	)		52,158		69,432
Affordable properties		204,096		9,611		(61,288	)		152,419		(11,513	)		(105,665	)		108,534		143,775

Total rental and other property revenues		1,140,828		11,060		(147,665	)		1,004,223		(27,825	)		(733,156	)		735,664		978,906

Property operating expenses:
Conventional Same Store properties		282,428		—		(29,204	)		253,224		27,466			(211,239	)		209,871		279,322
Conventional Acquisition properties		952		—		—			952		(952	)		—			—		—
Conventional Redevelopment properties		57,789		—		(3,580	)		54,209		(36,576	)		(13,303	)		12,632		16,962
Other Conventional properties		35,246		816		(4,056	)		32,006		3,883			(27,104	)		27,067		35,852
Affordable properties		101,735		5,884		(33,943	)		73,676		(6,569	)		(49,717	)		50,962		68,352

Total property operating expenses		478,150		6,700		(70,783	)		414,067		(12,748	)		(301,363	)		300,532		400,488

Net operating income:
Conventional Same Store properties		437,549		—		(41,269	)		396,280		43,294			(330,228	)		328,561		437,907
Conventional Acquisition properties		1,797		—		—			1,797		(1,797	)		—			—		—
Conventional Redevelopment properties		86,221		—		(4,605	)		81,616		(55,058	)		(18,958	)		23,908		31,508
Other Conventional properties		34,750		633		(3,663	)		31,720		3,428			(26,659	)		25,091		33,580
Affordable properties		102,361		3,727		(27,345	)		78,743		(4,944	)		(55,948	)		57,572		75,423

Total rental and other property revenues	$	662,678	$	4,360	$	(76,882	)	$	590,156	$	(15,077	)	$	(431,793	)	$	435,132	$	578,418



AIMCO 3rd Quarter 2010		Page 27

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.

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.



AIMCO 3rd Quarter 2010		Page 28


Page

3	Schedule 1a	—	Funds From Operations (3Q 2010 v. 3Q 2009)

5	Schedule 1b	—	Funds From Operations (YTD 3Q 2010 v. YTD 3Q 2009)

7	Schedule 2	—	Portfolio Summary

8	Schedule 3	—	Net Asset Value Supplemental Information

10	Schedule 4	—	Non-recourse Property Debt Information

12	Schedule 5	—	Share Data

13	Schedule 6a	—	Conventional Same Store Operating Results (3Q 2010 v. 3Q 2009)

14	Schedule 6b	—	Conventional Same Store Operating Results (3Q 2010 v. 2Q 2010)

15	Schedule 6c	—	Conventional Same Store Operating Results (YTD 3Q 2010 v. YTD 3Q 2009)

16	Schedule 7a	—	Total Conventional Portfolio Data by Market (3Q 2010 v. 3Q 2009)

17	Schedule 7b	—	Total Conventional Portfolio Data by Market (2Q 2010)

18	Schedule 8	—	Property Sales and Acquisition Activity

19	Schedule 9	—	Capital Additions

20	Glossary and Reconciliations


	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Owned Real Estate Portfolio:
Conventional Same Store		178		60,392		55,344		92	%
Affordable Same Store		164		19,779		12,490		63	%

Total Same Store		342		80,171		67,834		85	%

Conventional Redevelopment		12		4,350		4,163		96	%
Other Conventional		36		5,938		4,343		73	%
Other Affordable		87		9,318		2,741		29	%
Conventional Held for Sale		1		164		87		53	%


Total owned real estate portfolio		478		99,941		79,168		79	%


Total Conventional owned real estate portfolio		227		70,844		63,937		90	%

Total Affordable owned real estate portfolio		251		29,097		15,231		52	%

Fee-Managed Portfolio:
Property-Managed for third parties		16		1,613
Asset-Managed		307		25,744

Total fee-managed portfolio		323		27,357


Total Portfolio		801		127,298


	Three Months Ended June 30, 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	$	196,465	$	—	$	(17,465	)	$	179,000	$	(185	)	$	178,815
Property operating expenses		74,994		—		(6,732	)		68,262		180			68,442

Property NOI	$	121,471	$	—	$	(10,733	)	$	110,738	$	(365	)	$	110,373