Exhibit 5.1
Exhibit 5.1
DLA Piper LLP (US)
The Marbury Building
6225 Smith Avenue
Baltimore, Maryland 21209-3600
T 410.580.3000
F 410.580.3001
W www.dlapiper.com
April 14, 2011
Apartment Investment and Management Company
4582 South Ulster Street Parkway, Suite 1100
Denver, Colorado 80237
Re: Offering of Class A common Stock
Ladies and Gentlemen:
We have acted as special Maryland counsel to Apartment Investment and Management Company, a
Maryland corporation (the Company), and have been requested to render this opinion in connection
with the registration under the Securities Act of 1933, as amended (the Securities Act), pursuant
to a Registration Statement on Form S-3 of the Company (Registration
No. 333-173503) (the
Registration Statement), prepared and filed with the Securities and Exchange Commission (the
Commission) on April 14, 2011 and which became effective on April 14, 2011, including the
preliminary prospectus included therein at the time the Registration Statement was declared
effective (the Base Prospectus), for offering by the Company of up to 4,900,000 shares (the
Shares) of Class A Common Stock, par value $.01 per share, of the Company pursuant to (i) an
Equity Distribution Agreement, dated May 24, 2010 (the KeyBanc Equity Distribution Agreement),
among KeyBanc Capital Markets Inc., on the one hand, and the Company and AIMCO Properties, L.P., a
Delaware limited partnership (the Company Partnership), on the other hand, (ii) an Equity
Distribution Agreement, dated May 24, 2010 (the ML Equity Distribution Agreement), among Merrill
Lynch, Pierce, Fenner & Smith Incorporated, on the one hand, and the Company and the Company
Partnership, on the other hand, and (iii) an Equity Distribution Agreement, dated May 24, 2010 (the
Wells Fargo Equity Distribution Agreement, and together with the KeyBanc Equity Distribution
Agreement and the ML Equity Distribution Agreement, the Equity Distribution Agreements), among
Wells Fargo Securities, LLC, on the one hand, and the Company and the Company Partnership, on the
other hand. This opinion is being provided at your request in connection with the filing of a
Current Report on Form 8-K and supplements our opinion, dated April 14, 2011, previously filed as
Exhibit 5.1 to the Registration Statement.
In rendering the opinion expressed herein, we have reviewed the following documents (the
Documents):
(a) the charter of the Company (the Charter), certified by the Department of
Assessments and Taxation of the State of Maryland (the SDAT);
(b) the Bylaws of the Company (the Bylaws), as in effect on the date hereof,
as certified by an officer of the Company;
(c) the Equity Distribution Agreements;
(d) the Registration Statement;
Apartment Investment and Management Company
April 14, 2011
Page 2
(e) the base prospectus, dated April 14, 2011 (the Base Prospectus), which
forms a part of the Registration Statement, and the prospectus supplement, filed by
the Company with the Commission on April 14, 2011 pursuant to Rule 424(b)(5) under
the Securities Act (together with the Base Prospectus, the Prospectus);
(f) resolutions of the Board of Directors of the Company relating to the
authorization and issuance of the Shares and the authorization of the Equity
Distribution Agreement and the transactions contemplated thereby, certified by an
officer of the Company;
(h) a certificate of the SDAT as to the good standing of the Company, dated as
of a recent date;
(i) a certificate executed by an officer of the Company (the Certificate),
dated as of the date hereof, as to certain factual matters; and
(j) such other documents as we have considered necessary to the rendering of
the opinion expressed below.
In examining the Documents, and in rendering the opinion set forth below, we have assumed the
following: (a) each of the parties to the Documents (other than the Company) has duly and validly
executed and delivered each of the Documents and each instrument, agreement, and other document
executed in connection with the Documents to which such party is a signatory and each such partys
(other than the Companys) obligations set forth in the Documents, are its legal, valid and binding
obligations, enforceable in accordance with their respective terms; (b) each person executing any
such instrument, agreement or other document on behalf of any such party (other than the Company)
is duly authorized to do so; (c) each natural person executing any such instrument, agreement or
other document is legally competent to do so; (d) the Documents accurately describe and contain the
mutual understandings of the parties, there are no oral or written modifications of or amendments
or supplements to the Documents and there has been no waiver of any of the provisions of the
Documents by actions or conduct of the parties or otherwise; and (e) all documents submitted to us
as originals are authentic, all documents submitted to us as certified or photostatic copies or
telecopies or portable document file (.PDF) copies conform to the original documents (and the
authenticity of the originals of such copies), all signatures on all documents submitted to us for
examination (and including signatures on photocopies, telecopies and .PDF copies) are genuine, and
all public records reviewed are accurate and complete. As to certain factual matters we have
relied on the Certificate as to the factual matters set forth therein, which we assume to be
accurate and complete.
We further assume that the issuance, sale, amount, and terms of Shares to be offered from time
to time by the Company will be authorized and determined at the time of issuance by proper action
of the Board of Directors of the Company or a committee thereof (each, a Board Action) in
accordance with the Companys Charter and Bylaws and applicable law.
Based upon and subject to the foregoing and having regard for such legal considerations we
deem relevant, we are of the opinion that, as of the date hereof, upon due authorization by Board
Action of an issuance of Shares, the Shares when issued and sold by the Company in accordance with
the terms of the applicable Equity Distribution Agreement and pursuant to one or more Placement
Notices issued in accordance with the terms of the applicable Equity Distribution Agreement, will
be duly authorized, and when issued and delivered to and paid for in accordance with the terms of
the applicable Equity Distribution Agreement and any such Placement Notice, the Shares will be validly
issued, fully paid and nonassessable.
Apartment Investment and Management Company
April 14, 2011
Page 3
The opinion set forth herein is subject to additional assumptions, qualifications, and
limitations as follows:
(a) We have made no investigation of, and we express no opinion as to, the
laws of any jurisdiction other than the laws of the State of Maryland.
(b) This opinion concerns only the effect of the laws (exclusive of the
principles of conflict of laws) of the State of Maryland as currently in effect. We
assume no obligation to supplement this opinion if any applicable laws change after
the date hereof or if any facts or circumstances come to our attention after the
date hereof that might change this opinion.
(c) We express no opinion as to compliance with the securities (or blue sky)
laws or the real estate syndication laws of the State of Maryland.
(d) We assume that the issuance of the Shares by the Company will not cause
any person to violate any of the provisions of the Charter relating to the Initial
Holder Limit, the Look-Through Ownership Limit, or the Ownership Limit (as those
terms are defined in the Charter) and that the Company will not issue any shares of
capital stock other than the Shares.
(e) This opinion is limited to the matters set forth herein, and no other
opinion should be inferred beyond the matters expressly stated.
We hereby consent to the filing of this opinion with the Commission as Exhibit 5.1 to the
Current Report on Form 8-K and to the reference to our firm under the heading Legal Matters in
the Prospectus Supplement relating to the Shares. In giving our consent, we do not thereby admit
that we are in the category of persons whose consent is required under Section 7 of the Securities
Act or the rules and regulations of the Commission thereunder.
Very truly yours,
DLA PIPER LLP (US)
/s/ DLA PIPER LLP (US)