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Exhibit 99.1

Denver, Colorado - November 2, 2006

Apartment Investment and Management Company
Announces Third Quarter 2006 Results

SUMMARY FINANCIAL RESULTS: Apartment Investment and Management Company (Aimco) (NYSE:AIV) announced third quarter 2006 results including:

•		Net loss for the quarter of $24.9 million declined $51.3 million from net income of $26.4 million in the third quarter 2005. Lower results are primarily due to higher gains on property sales in the third quarter last year of $32.1 million and increases in interest and depreciation expense totaling $37.6 million, partially offset by improved property operations. Earnings per share (EPS) was a loss of $0.48 on a diluted basis, compared with earnings of $0.05 in the third quarter 2005.

•		Funds from operations (diluted) (FFO) is a non-GAAP financial measure defined in the glossary in the Supplemental Information (the Glossary). FFO calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts (NAREIT) was $74.3 million, or $0.74 per share, compared with $55.2 million, or $0.58 per share, in the third quarter 2005. FFO before impairment (including recovery of impairment charges) and preferred redemption charges was $78.2 million, or $0.78 per share. FFO results are $0.03 above the mid-point of guidance and include the benefit of Same Store operating performance above the mid-point of guidance and a $0.025 adjustment for the revised accounting application of FIN 46 as it relates to tax credit fee income (see Special Supplement for further information).

•		Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $57.6 million, or $0.58 per share, compared with $37.5 million, or $0.40 per share, in the third quarter 2005. AFFO includes deductions of $0.20 and $0.25 per share for capital replacement expenditures in the third quarter 2006 and third quarter 2005, respectively.

•		In the first quarter 2006, Aimco adopted the accounting requirement EITF 04-5 that resulted in the consolidation of an additional 149 properties, nine of which were sold as of September 30, 2006. These properties are consolidated in the 2006 GAAP financial statements but not the prior year period. In comparing the third quarter 2006 with the third quarter 2005 certain categories of revenues and expenses are higher in the third quarter 2006 in comparison with the third quarter 2005, due in part to the accounting change.

Diluted Per Share Results


	THIRD QUARTER					YEAR-TO-DATE
	2006			2005		2006		2005

Earnings (loss) - EPS	$	(0.48	)	$	0.05	$	0.31	$	(0.11	)

Funds from operations - FFO	$	0.74		$	0.58	$	2.16	$	1.88

FFO before impairment and preferred redemption charges	$	0.78		$	0.65	$	2.21	$	1.99

Adjusted funds from operations - AFFO	$	0.58		$	0.40	$	1.66	$	1.33

Contact
Investor Relations 303.691.4350, Investor@Aimco.com
Jennifer Martin, Vice President-Investor Relations 303.691.4440

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “Operating performance continued strong in the third quarter with Same Store NOI up 10% over the third quarter last year. Our ninth consecutive quarter of NOI growth was driven by significant rent growth as well as process improvement and discipline on the expense side. The acceleration of our development program, both conventional and funded by tax credits, provides a second source of future growth.”

Chief Financial Officer Tom Herzog adds: “2006 is shaping up to be a very good year for Aimco. Consistent strength in our property operations coupled with favorable operating and financial leverage are all contributing to continued FFO and NAV growth. Per share results have continued to exceed our expectations despite a 5.6% increase in fully diluted share count since the first of the year due to the increase in Aimco’s share price. This reduced third quarter FFO per share by more than $0.04 since our initial guidance. For the fourth quarter we expect FFO to range from $0.80 to $0.84 per share, which increases our full year guidance to $3.01 to $3.05 per share excluding impairment and Topic D-42 charges of $0.05 per share year-to-date. For the fourth quarter we expect AFFO to range from $0.70 to $0.74 per share, which increases our full year guidance to $2.36 to $2.40 per share. We are well positioned as we look forward to 2007 given solid operations, growth in the tax credit business, strengthened redevelopment infrastructure and pipeline, stability of the balance sheet, productivity improvements, and dividend coverage.”

Property Operations

CONVENTIONAL REAL ESTATE OPERATIONS — Conventional real estate operations include Aimco’s diversified portfolio of market rate apartment communities. At the end of the third quarter 2006, this portfolio had 496 properties with 142,770 units in which Aimco had a weighted average ownership of 82%. During the third quarter 2006, conventional real estate operations generated net operating income of $167.2 million.

“Same Store” Results

The Same Store portfolio is a sub-set of total conventional properties (see the Glossary). In the third quarter 2006, the Same Store portfolio included 431 communities with 102,045 effective units based on Aimco’s weighted average ownership of 82% (see Supplemental Schedules 6a through 7).

Comparing Same Store results in the third quarter 2006 with the third quarter 2005, total revenue increased $13.7 million, or 5.6%. The increase in revenue was primarily generated by: higher average rent, up $32 per unit, or 4.1%, from $785 per unit to $817 per unit; higher occupancy, up 100 basis points from 93.2% to 94.2% and increased utility reimbursements, up $1.1 million. Same Store expenses of $108.2 million were essentially flat with the prior year period and included savings in turnover and marketing offset by higher costs in utilities (mostly offset by higher utility reimbursement revenue), maintenance and property taxes. Same Store portfolio net operating income was $151.9 million for the third quarter 2006, up 10.0% from the third quarter 2005.

Same Store Operating Results


	THIRD QUARTER
	Year-over-year									Sequential
	2006			2005			Variance			2nd Qtr			Variance

Same Store Operating Measures
Average Physical Occupancy		94.2	%		93.2	%		1.0	%		94.2	%		—

Average Rent Per Unit	$	817		$	785			4.1	%	$	801			2.0	%

Total Same Store ($mm)

Revenue	$	260.1		$	246.4			5.6	%	$	257.0			1.2	%

Expenses		(108.2	)		(108.3	)		-0.1	%		(105.7	)		2.4	%

NOI ($mm)	$	151.9		$	138.1			10.0	%	$	151.3			0.4	%

Comparing Same Store results on a sequential basis, total revenue increased $3.1 million in the third quarter 2006 compared with the second quarter 2006, driven primarily by a $16 per unit increase in average rental rates. Expenses increased $2.6 million or 2.4%, primarily due to higher turnover and payroll expenses partially offset by improved insurance and property tax expenses. Net operating income increased $0.5 million, or 0.4%, on a sequential basis.

Core Properties

Core properties (defined in the Glossary) offer the potential for higher long-term growth. Core operations are focused in 27 markets located predominantly in coastal states as well as the Rocky Mountain region and Chicago. In the third quarter 2006, core properties within the “Same Store” portfolio accounted for 58% of effective units, yet accounted for 73% of net operating income. The core “Same Store” properties had the following operating characteristics compared with non-core properties (defined in the Glossary): average rents of $960 per month versus $639 per month; average occupancy of 94.8% versus 93.3%; and an average operating margin of 61.8% versus 51.0%. The average rental rate growth for “Same Store” core versus non-core properties in the third quarter 2006 compared with the third quarter 2005 was 6.3% versus 2.9%, respectively. See Supplemental Schedule 7 for additional information on core and non-core property operations.

AIMCO CAPITAL PROPERTY OPERATIONS — Aimco is among the largest owners and operators of affordable properties in the United States. Aimco Capital has been organized to oversee Aimco’s affordable property operations, asset management and transactional activities, and is led by a management team dedicated to this sector.

At the end of the third quarter 2006, Aimco’s owned affordable portfolio included 334 properties with 39,179 units in which Aimco had an average ownership of 48%, up from 38% at the end of the second quarter 2006, due to Aimco’s revised accounting treatment of certain properties, which resulted in increasing its effective ownership in certain tax credit redevelopment properties to reflect revisions to our tax credit accounting (see Special Supplement for further information). During the third quarter 2006, affordable property operations including property management generated net operating income of $24.6 million. On a year-over-year basis, third quarter average month-end occupancy for the owned and managed portfolio increased 110 basis points from 96.1% to 97.2%, and average rent per unit increased 6.6% from $671 to $715 per unit.

Portfolio Management and Redevelopment Activity

Acquisitions — Aimco acquired two properties in the third quarter 2006 for $31 million, both of which are located in Pacifica, California, approximately 15 minutes south of downtown San Francisco. Acquisitions included: Ocean View, which consists of two adjacent, waterfront communities with 63 units that Aimco purchased for $12.1 million, or $192,000 per unit; and Pacifica Park with 104 units purchased for $19.2 million, or $184,600 per unit. These properties were built 43 and 29 years ago, respectively, and present upside opportunity by repositioning the assets through redevelopment in this growing sub-market.

During the third quarter 2006, Aimco purchased additional limited partnership interests in 26 partnerships that own 76 properties for an aggregate of $0.7 million.

See Supplemental Schedule 8 for additional information on acquisition activity.

Dispositions — Non-core sales: Aimco regularly reviews its portfolio to identify properties that do not meet its long-term investment criteria and are typically located in markets that Aimco seeks to exit. These properties are considered non-core but Aimco will hold them over the intermediate term.

In the third quarter 2006, Aimco sold eight (seven non-core and one core) conventional properties and five affordable properties with 1,556 and 610 units, respectively, for $117 million in gross proceeds (Aimco share $90 million). Aimco’s share of net proceeds after repayment of existing property debt and transaction costs was $42 million. Year-to-date Aimco has sold 33 non-core conventional properties, one core property, the South Tower at its Flamingo South Beach property, and 20 affordable properties for gross proceeds of $716 million (Aimco share $577 million) and exited one market. See Supplemental Schedule 8 for additional information on disposition activity.

Gain on Dispositions — Aimco’s property dispositions resulted in gross gains on dispositions of real estate (including gains related to sales of unconsolidated entities and other and gains within discontinued operations), of $19.3 million for the third quarter 2006, compared with gains of $52.1 million for the third quarter 2005.

REDEVELOPMENT ACTIVITY — Aimco is reinvesting in and upgrading its portfolio through property redevelopments. At the end of the third quarter, Aimco had 37 active conventional projects and 13 active affordable projects. Aimco invested $54.6 million in conventional redevelopment during the third quarter and $129.0 million year-to-date, with an average ownership of approximately 88%. Aimco expects to invest $150 million to $200 million in conventional redevelopment projects during 2006. Affordable redevelopment project expenditures totaled $18.6 million in the third quarter and $51.0 million year-to-date, with these projects predominantly funded by tax credit investors. Further information on redevelopment projects is provided in Supplemental Schedule 10.

ENTITLEMENT ACTIVITY — Aimco has additional development opportunities tied to successful property re-entitlement activity. In July, Aimco received final approval to increase the density at Treetops in San Bruno, California. Located with views of San Francisco Bay and the Pacific, density was increased 66% from 308 to 510 units. Aimco also received final approval in August to rezone the 9.5-acre Creekside Apartments in Denver, Colorado. Aimco was successful in increasing density 74% from 328 to 570 units.

Additional Financial Information

PROPERTY MANAGEMENT INCOME — Income from property management is generated when Aimco provides property management services to properties with unaffiliated partners. On a GAAP basis, income from consolidated properties is eliminated in Aimco’s consolidated financial statements and the related economic benefit is reflected in minority interest in consolidated real estate partnerships. Property management net operating income under GAAP was $1.6 million in the third quarter 2006 compared with $4.2 million in the third quarter 2005. As discussed on page one, the consolidation of an additional 149 properties in the first quarter 2006 in connection with the adoption of EITF 04-5 reduced the reported amounts of property management revenues from previously unconsolidated properties.

ACTIVITY FEE AND ASSET MANAGEMENT INCOME — Activity fees are generated from transactions (including tax credit redevelopments, syndications, dispositions, refinancings and partnership promotes) and are earned primarily by Aimco Capital. Aimco Capital earns asset management income from the financial management of partnerships, rather than property management of day-to-day operations. Activity fee and asset management net operating income from both conventional and Aimco Capital operations was $9.4 million in the third quarter 2006 compared with $5.2 million in the third quarter 2005, or $6.8 and $3.8 million net of the effective tax rate, respectively. Year-to-date activity fee and asset management income net of tax was approximately $18.3 million. In connection with the ownership adjustment to tax credit redevelopment properties discussed above, Aimco revised its accounting treatment for certain activity fees related to those properties. Effective July 1, 2006, FFO is recognized on the real estate, based on the economic ownership of the asset. Proceeds received in exchange for the transfer of the tax credits are recognized ratably as the tax benefits are delivered to the investor, and syndication fees are recognized upon completion of the syndication. (see Special Supplement for further information.)

INTEREST INCOME — Interest income was $7.6 million for the third quarter 2006 compared with $7.3 million for the third quarter 2005. Interest income is earned in part from money market and interest bearing accounts as well as notes receivable from unconsolidated partnerships.

DEBT ACTIVITY — During the third quarter 2006, Aimco closed 18 property loans generating total proceeds of $214.6 million at a weighted average interest rate of 5.91%. This included refinancing $78.3 million in existing mortgage loans, reducing the average rate from 7.27% to 5.91%. After repayment of existing property debt, transaction costs and distributions to limited partners, Aimco’s share of net proceeds was $110.8 million.

At quarter-end, Aimco’s corporate debt balance was $555.0 million, down from $617.0 million at year-end 2005, and carried a weighted average interest rate of 6.93%. The balance on Aimco’s revolving credit facility was $155.0 million, leaving $262.3 million (after $32.7 million in outstanding letters of credit) in available capacity. Please refer to Schedule 5 of the Supplemental Information for more detail on debt activity.

As of September 30, 2006, Aimco had $6.8 billion total consolidated debt outstanding of which $5.0 billion was fixed rate mortgage debt and $1.8 billion was floating rate debt. The floating rate debt included $555 million corporate debt, $524 million floating rate property loans and $726 million of tax-exempt bonds. In addition, Aimco had $100 million in floating rate preferred stock (CRAs). Aimco’s floating rate exposure to changes in interest rates is mitigated by: tax-exempt bonds, which move at approximately 0.68% for a 1.00% change in interest rates; the offsetting effect of floating rate assets such as cash and notes receivable; and interest capitalized on redevelopment properties. Based on Aimco’s proportionate share of quarter-end balances (see Supplemental Schedule 3), Aimco estimates its sensitivity to a 1% change in LIBOR to be less than $0.02 per share per quarter.

INTEREST EXPENSE — Consolidated interest expense was $105.9 million for the third quarter 2006 compared with $90.7 million for the third quarter 2005. The $15.2 million increase in interest expense was due to: $9.5 million representing interest on property loans that were consolidated in 2006 primarily as a result of adopting accounting requirement EITF 04-5; and $6.7 million related to increased rates and balances on property debt net of higher capitalized interest; partially offset by a ($1.0) million improvement in interest expense related to a lower average balance on corporate debt net of increased rates.

STOCKHOLDERS’ EQUITY — During the third quarter 2006, Aimco’s average daily shares outstanding were 100.0 million, representing increases of 3.6% and 2.5% over the average daily shares outstanding during the first and second quarters, respectively. During the third quarter 2006, Aimco repurchased 1.9 million shares of its Class A Common stock at an average price of $51.68 per share for a total repurchase value of $100 million.

G&A — General and administrative expenses for the third quarter 2006 of $25.3 million were up $2.2 million compared with $23.1 million in the third quarter 2005. The year-over-year increase in G&A of $2.2 million is due to higher accruals of approximately $4.6 million for incentive compensation based on year-to-date results above the prior year, partially offset by lower personnel, legal and consulting fees.

Outlook

For the fourth quarter 2006, FFO is forecast in a range from $0.80 to $0.84 per share, before impairment and preferred redemption charges, and AFFO is forecast in a range from $0.70 to $0.74 per share.

For the full year 2006, the FFO forecast is increased to range between $3.01 and $3.05 per share, before impairment and preferred redemption charges, and AFFO is forecast in a range from $2.36 to $2.40 per share. Please refer to the Outlook Schedule, which follows the Consolidated Financial Statements in this release, for more detail on the fourth quarter and full year 2006.

Dividends on Common Stock

As announced on October 31, 2006, the Aimco Board of Directors declared a quarterly cash dividend of $0.60 per share of Class A Common Stock for the quarter ended September 30, 2006, payable on November 30, 2006, to stockholders of record on November 17, 2006. The dividend represents 103% of AFFO (diluted) and 81% of FFO (diluted), on a per share basis, and a 4.4% annualized yield based on the $54.41 closing price of Aimco’s Class A Common Stock on September 29, 2006.

Earnings Conference Call

Please join Aimco management for the Third Quarter 2006 earnings conference call to be held Thursday, November 2, 2006, at 1:00 p.m. Eastern time. You may join the conference call through an Internet audiocast via Aimco’s Website at http://www.aimco.com/CorporateInformation/About/Financial/3Q2006 then click on the Webcast link. Alternatively, you may join the conference call via telephone by dialing 866-713-8562 with passcode 26318270, or dialing 617-597-5310 for international callers. Please call approximately five minutes before the conference call is scheduled to begin. If you are unable to join the live conference call, you may access the replay for 30 days on Aimco’s Website or by dialing 888-286-8010 (617-801-6888 for international callers) and using passcode 42128966.

Supplemental Information

The Supplemental Information referenced in this release is available at Aimco’s Website at the link http://www.aimco.com/CorporateInformation/About/Financial/3Q2006 or by calling Investor Relations at 303-691-4350.

Forward-looking Statements

This earnings release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of fourth quarter and full year 2006 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, rent levels and Same Store results and Aimco’s ability to close transactions necessary to generate fee income as anticipated. 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 that are beyond the control of Aimco including, without limitation: natural disasters such as hurricanes; national and local economic conditions; the general level of interest rates; energy costs; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; 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. Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2005, 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.

About Aimco

Aimco is a real estate investment trust headquartered in Denver, Colorado that owns and operates a geographically diversified portfolio of apartment communities through 19 regional operating centers. Aimco, through its subsidiaries, operates 1,290 properties, including approximately 225,000 apartment units, and serves approximately one million residents each year. Aimco’s properties are located in 47 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.

GAAP Income Statements

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2006			2005			2006			2005
REVENUES:
Rental and other property revenues	$	422,602		$	354,262		$	1,245,679		$	1,025,891
Property management revenues, primarily from affiliates		2,599			6,094			9,221			18,684
Activity fees and asset management revenues, primarily from affiliates		10,470			8,018			32,143			22,715

Total revenues		435,671			368,374			1,287,043			1,067,290


EXPENSES:
Property operating expenses		194,749			169,181			571,895			480,704
Property management expenses		984			1,928			3,627			5,674
Activity and asset management expenses		1,073			2,778			6,744			7,697
Depreciation and amortization		126,112			103,717			352,624			287,648
General and administrative expenses		25,262			23,095			72,769			65,663
Other expenses (income), net		(30	)		330			9,843			5,717

Total expenses		348,150			301,029			1,017,502			853,103


Operating income		87,521			67,345			269,541			214,187

Interest income		7,580			7,279			20,209			21,989
Recovery of (provision for) losses on notes receivable		46			(206	)		(718	)		1,352
Interest expense		(105,889	)		(90,700	)		(309,396	)		(261,318	)
Deficit distributions to minority partners		(14,072	)		(2,849	)		(20,129	)		(5,719	)
Equity in losses of unconsolidated real estate partnerships		(169	)		(552	)		(2,606	)		(1,871	)
Recovery of impairment losses (impairment losses) related to real estate		(158	)		(1,178	)		813			(1,709	)
Gain on dispositions of real estate related to unconsolidated entities and other		7,641			8,387			21,397			13,670


Loss before minority interests and discontinued operations		(17,500	)		(12,474	)		(20,889	)		(19,419	)

Minority interests:
Minority interest in consolidated real estate partnerships		(23,611	)		3,836			(18,063	)		7,381
Minority interest in Aimco Operating Partnership, preferred [a]		(1,785	)		(1,806	)		(5,368	)		(5,424	)
Minority interest in Aimco Operating Partnership, common [a]		6,548			3,287			10,549			8,547

Total minority interests		(18,848	)		5,317			(12,882	)		10,504


Loss from continuing operations		(36,348	)		(7,157	)		(33,771	)		(8,915	)

Income from discontinued operations, net [b]		11,473			33,509			128,058			64,865

Net income (loss)		(24,875	)		26,352			94,287			55,950
Net income attributable to preferred stockholders		21,656			21,693			64,744			66,255

Net income (loss) attributable to common stockholders	$	(46,531	)	$	4,659		$	29,543		$	(10,305	)


Weighted average number of common shares outstanding		96,061			94,041			95,772			93,765

Weighted average number of common shares and common share equivalents outstanding		96,061			94,041			95,772			93,765


Earnings (loss) per common share — basic:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.60	)	$	(0.31	)	$	(1.03	)	$	(0.80	)
Income from discontinued operations		0.12			0.36			1.34			0.69

Net income (loss) attributable to common stockholders	$	(0.48	)	$	0.05		$	0.31		$	(0.11	)

Earnings (loss) per common share — diluted:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.60	)	$	(0.31	)	$	(1.03	)	$	(0.80	)
Income from discontinued operations		0.12			0.36			1.34			0.69

Net income (loss) attributable to common stockholders	$	(0.48	)	$	0.05		$	0.31		$	(0.11	)

GAAP Income Statements (continued)

Notes to Consolidated Statements of Income

		[a] The Aimco Operating Partnership is AIMCO Properties, L.P., the operating partnership in Aimco’s UPREIT structure

		[b] Income from discontinued operations of consolidated properties is broken down as follows (in thousands):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2006			2005			2006			2005
Rental and other property revenues	$	2,876		$	42,620		$	33,800		$	141,287
Property operating expenses		(1,881	)		(23,274	)		(18,438	)		(73,776	)
Other (expenses) income, net		60			(495	)		(3,307	)		(1,587	)
Depreciation and amortization		(549	)		(9,284	)		(8,088	)		(37,934	)
Interest expense		(646	)		(8,838	)		(7,475	)		(30,887	)
Interest income		57			128			335			426
Minority interest in consolidated real estate partnerships		1,189			23			2,454			1,733

Income (loss) from operations		1,106			880			(719	)		(738	)

Gain on dispositions of real estate, net of minority partners’ interest		11,647			43,758			154,180			80,316
Recovery of impairment losses (impairment losses) on real estate assets sold or held for sale		131			(6,208	)		123			(8,395	)
Recovery of deficit distributions to minority partners		2,193			543			18,384			3,904
Income tax arising from disposals		(2,211	)		(1,630	)		(30,197	)		(2,849	)
Minority interest in Aimco Operating Partnership		(1,393	)		(3,834	)		(13,713	)		(7,373	)

Income from discontinued operations	$	11,473		$	33,509		$	128,058		$	64,865

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)


	September 30, 2006			December 31, 2005
ASSETS
Buildings and improvements	$	9,690,408		$	8,255,582
Land		2,340,744			2,233,630
Accumulated depreciation		(2,894,820	)		(2,097,966	)

NET REAL ESTATE		9,136,332			8,391,246
Cash and cash equivalents		182,283			161,730
Restricted cash		348,320			283,955
Accounts receivable		56,569			59,889
Accounts receivable from affiliates		24,534			43,070
Deferred financing costs		75,173			64,873
Notes receivable from unconsolidated real estate partnerships		46,937			177,200
Notes receivable from non-affiliates		52,124			23,760
Investment in unconsolidated real estate partnerships		54,671			167,818
Other assets		233,259			216,863
Deferred income tax asset, net		—			9,835
Assets held for sale		11,163			418,921

TOTAL ASSETS	$	10,221,365		$	10,019,160


LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	1,036,582		$	1,035,584
Property loans payable		5,197,393			4,404,699
Term loans		400,000			400,000
Credit facility		155,000			217,000

TOTAL INDEBTEDNESS		6,788,975			6,057,283
Accounts payable		39,280			34,381
Accrued liabilities and other		406,306			423,633
Deferred income		158,156			46,837
Security deposits		44,623			37,577
Deferred income tax liability, net		3,934			—
Liabilities related to assets held for sale		958			267,937

TOTAL LIABILITIES		7,442,232			6,867,648


Minority interest in consolidated real estate partnerships		215,099			217,679
Minority interest in Aimco Operating Partnership		190,634			217,729

STOCKHOLDERS’ EQUITY
Class A Common Stock		959			957
Additional paid-in capital		3,063,361			3,081,707
Perpetual preferred stock		723,500			860,250
Convertible preferred stock		100,000			150,000
Distributions in excess of earnings		(1,509,391	)		(1,350,899	)
Notes due on common stock purchases		(5,029	)		(25,911	)

TOTAL STOCKHOLDERS’ EQUITY		2,373,400			2,716,104

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,221,365		$	10,019,160

GAAP Statements of Cash Flows

Consolidated Statements of Cash Flows
(in thousands)
(unaudited)


	Nine Months			Nine Months
	Ended			Ended
	September 30, 2006			September 30, 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	94,287		$	55,950
Depreciation and amortization		352,624			287,648
Adjustments to income from discontinued operations		(153,355	)		(70,185	)
Other adjustments to reconcile net income		45,646			9,054
Changes in operating assets and liabilities		52,577			(4,789	)

Net cash provided by operating activities		391,779			277,678


CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(63,240	)		(243,996	)
Capital expenditures		(366,887	)		(324,046	)
Proceeds from dispositions of real estate		639,924			390,808
Cash from newly consolidated properties		22,432			2,211
Purchases of non-real estate related corporate assets		(5,738	)		(11,090	)
Purchases of partnership interests and other assets		(12,516	)		(85,267	)
Originations of notes receivable from unconsolidated real estate partnerships		(8,062	)		(28,042	)
Proceeds from repayment of notes receivable		6,074			16,402
Distributions received from investments in unconsolidated real estate partnerships		11,071			40,131
Other investing activities		(13,419	)		(13,442	)

Net cash provided by (used in) investing activities		209,639			(256,331	)


CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from property loans		882,854			550,243
Principal repayments on property loans		(798,008	)		(452,310	)
Principal repayments on tax-exempt bond financing		(33,541	)		(40,431	)
Net borrowings (repayments) on term loans and revolving credit facility		(62,000	)		263,300
Redemption of mandatorily redeemable preferred securities		—			(15,019	)
Proceeds from issuance of preferred stock, net		97,517			—
Redemption of preferred stock		(286,750	)		(31,250	)
Repurchase of Class A Common Stock		(100,000	)		—
Proceeds from Class A Common Stock option exercises		62,288			—
Principal repayments received on notes due on Class A Common Stock purchases		21,529			11,245
Payment of Class A Common Stock dividends		(173,532	)		(169,967	)
Payment of preferred stock dividends		(58,261	)		(64,889	)
Contributions from minority interest		3,075			25,453
Payment of distributions to minority interest		(107,533	)		(52,516	)

Other financing activities		(28,503	)		(10,913	)


Net cash provided by (used in) financing activities		(580,865	)		12,946

NET INCREASE IN CASH AND CASH EQUIVALENTS		20,553			34,293
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		161,730			105,343

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	182,283		$	139,636

Outlook and Forward Looking Statement
Fourth Quarter and Full Year 2006
(unaudited)

This earnings release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of fourth quarter and full year 2006 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, rent levels and Same Store results and Aimco’s ability to close transactions necessary to generate fee income as anticipated. 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 that are beyond the control of Aimco including, without limitation: natural disasters such as hurricanes; national and local economic conditions; the general level of interest rates; energy costs; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; 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. Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2005 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.


	Fourth Quarter 2006	Full Year 2006
GAAP earnings per share (1)	-$0.44 to -$0.40	$0.02 to $0.06
Add: Depreciation and other	$1.24	$2.99
FFO per share (2)	$0.80 to $0.84	$3.01 to $3.05
AFFO per share	$0.70 to $0.74	$2.36 to $2.40

2006 Same Store operating assumptions:
Weighted average daily occupancy	94% to 95%	94% to 95%
NOI change — sequential	1.0% to 2.0%
NOI change - 2006 vs. 2005	6.5% to 7.5%	9.25% to 9.75%

Gross dispositions (3)		$1,200M to $1,400M	(Aimco share $875M - $1,000M)

Gross acquisitions (4)		$160M to $170M


(1)		Aimco’s earnings per share guidance does not include estimates for (i) unrecognized gains on dispositions or impairment losses due to the unpredictable timing of transactions or (ii) unrecognized deferred costs on early repayment of debt or redemption related preferred stock issuance charges.

(2)		FFO per share represents FFO before impairments and redemption related preferred stock issuance charges. Impairments and redemption related preferred stock issuance charges were $0.05 per share year to date 2006. No preferred stock issuance charges are projected to occur in the fourth quarter.

(3)		Aimco anticipates gross sales proceeds of $1,200 to $1,400 million for 2006 ($1,050 to $1,175 million related to conventional properties and $150 to $225 million related to affordable properties). Aimco share of proceeds is expected to be $875 to $1,000 million ($800 to $875 million related to conventional properties and $75 to $125 million related to affordable properties). Aimco estimates that its share of cash from these dispositions, net of mortgage debt and third-party equity interests, will be $450 to $550 million ($425 to $500 million related to conventional properties and $25 to $50 million related to affordable properties).

(4)		Gross acquisitions include property acquisitions and limited partnership acquisitions.

Supplemental Schedule 1

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2006			2005			2006			2005
Net income (loss) attributable to common stockholders [a]	$	(46,531	)	$	4,659		$	29,543		$	(10,305	)
Adjustments:
Depreciation and amortization [b]		126,112			103,717			352,624			287,648
Depreciation and amortization related to non-real estate assets		(5,318	)		(4,276	)		(14,585	)		(12,591	)
Depreciation of rental property related to minority partners’ interest [c]		(5,543	)		(10,139	)		(19,101	)		(27,910	)
Depreciation of rental property related to minority partners’ interest — adjustment [h]		18,831			—			7,377			—
Depreciation of rental property related to unconsolidated entities		2,130			5,038			3,984			15,627
Gain on dispositions of real estate related to unconsolidated entities and other		(7,641	)		(8,387	)		(21,397	)		(13,670	)
Gain on dispositions of non-depreciable assets		2,887			1,657			9,259			2,449
Deficit distributions to minority partners [d]		14,072			2,849			20,129			5,719
Discontinued operations:
Gain on dispositions of real estate, net of minority partners’ interest [c]		(11,647	)		(43,758	)		(154,180	)		(80,316	)
Depreciation of rental property, net of minority partners’ interest [c]		(466	)		8,337			5,417			33,148
Recovery of deficit distributions to minority partners [d]		(2,193	)		(543	)		(18,384	)		(3,904	)
Income tax arising from disposals		2,211			1,630			30,197			2,849
Minority interest in Aimco Operating Partnership’s share of above adjustments		(12,626	)		(5,615	)		(19,325	)		(21,377	)
Preferred stock dividends		17,382			21,693			57,896			65,132
Redemption related preferred stock issuance costs		4,274			—			6,848			1,123


Funds From Operations	$	95,934		$	76,862		$	276,302		$	243,622
Preferred stock dividends		(17,382	)		(21,693	)		(57,896	)		(65,132	)
Redemption related preferred stock issuance costs		(4,274	)		—			(6,848	)		(1,123	)
Dividends/distributions on dilutive preferred securities		19			—			142			104


Funds From Operations Attributable to Common Stockholders — Diluted	$	74,297		$	55,169		$	211,700		$	177,471
Impairment losses (recovery of impairments losses) related to real estate [e]		158			1,178			(813	)		1,709
(Recovery of impairment losses) impairment losses on real estate assets sold or held for sale [e]		(131	)		6,208			(123	)		8,395
Redemption related preferred stock issuance costs [f]		4,274			—			6,848			1,123
Minority interest in Aimco Operating Partnership’s share of above adjustments		(409	)		(753	)		(567	)		(1,149	)
Dividends/distributions on non-dilutive preferred securities		42			64			42			64

Funds From Operations Attributable to Common Stockholders - Diluted (excluding impairment losses and redemption related preferred stock issuance costs)	$	78,231		$	61,866		$	217,087		$	187,613
Capital Replacements		(22,609	)		(26,984	)		(60,134	)		(69,340	)
Minority interest in Aimco Operating Partnership’s share of Capital Replacements		2,071			2,726			5,771			7,095
Dividends/distributions on non-dilutive preferred securities		(61	)		(64	)		(184	)		(168	)

Adjusted Funds From Operations Attributable to Common Stockholders — Diluted	$	57,632		$	37,544		$	162,540		$	125,200


Funds From Operations Attributable to Common Stockholders — Diluted:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [g]		99,957			95,013			97,990			94,377
Dilutive preferred securities		27			—			71			92

		99,984			95,013			98,061			94,469


Funds From Operations (excluding impairment losses and redemption related preferred stock issuance costs):
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [g]		99,957			95,013			97,990			94,377
Dilutive preferred securities		81			104			90			96

		100,038			95,117			98,080			94,473


Adjusted Funds From Operations Attributable to Common Stockholders — Diluted
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [g]		99,957			95,013			97,990			94,377
Dilutive preferred securities		—			—			—			—

		99,957			95,013			97,990			94,377


*Per Share:*
Funds From Operations — Diluted	$	0.74		$	0.58		$	2.16		$	1.88
Funds From Operations — Diluted (excluding impairment losses and redemption related preferred stock issuance costs)	$	0.78		$	0.65		$	2.21		$	1.99
Adjusted Funds From Operations — Diluted	$	0.58		$	0.40		$	1.66		$	1.33
Dividends paid	$	0.60		$	0.60		$	1.80		$	1.80

Supplemental Schedule 1 (continued)

Notes to Funds From Operations and Adjusted Funds From Operations

[a] Represents Aimco’s numerator for basic earnings per common share calculated in accordance with GAAP.

[b] Includes amortization of management contracts where Aimco is the general partner. Such management contracts were established in certain instances where Aimco acquired a general partner interest in either a consolidated or an unconsolidated partnership. Because the recoverability of these management contracts depends primarily on the operations of the real estate owned by the limited partnerships, Aimco believes it is consistent with NAREIT’s April 1, 2002 White Paper to add back such amortization, as the White Paper directs the add back of amortization of assets uniquely significant to the real estate industry.

[c] “Minority partners’ interest” means minority interest in our consolidated real estate partnerships.

[d] In accordance with GAAP, deficit distributions to minority partners are charges recognized in Aimco’s income statement when cash is distributed to a non-controlling partner in a consolidated real estate partnership in excess of the positive balance in such partner’s capital account, which is classified as minority interest on the balance sheet. Aimco records these charges for GAAP purposes even though there is no economic effect or cost. Deficit distributions to minority partners occur when the fair value of the underlying real estate exceeds its depreciated net book value because the underlying real estate has appreciated or maintained its value. As a result, the recognition of expense for deficit distributions to minority partners represents, in substance, either (1) recognition of depreciation previously allocated to the non-controlling partner or (2) a payment related to the non-controlling partner’s share of real estate appreciation. Based on White Paper guidance that requires real estate depreciation and gains to be excluded from FFO, Aimco adds back deficit distributions and subtracts related recoveries in its reconciliation of net income to FFO.

[e] On October 1, 2003, NAREIT clarified its definition of FFO to include impairment losses, which previously had been added back to calculate FFO. Although Aimco’s presentation conforms with the NAREIT definition, Aimco considers such approach to be inconsistent with the treatment of gains on dispositions of real estate, which are not included in FFO. Aimco no longer adds back impairment losses when computing FFO in accordance with this clarification. As a result, FFO for the three and nine months ended September 30, 2006 includes $27,000 net impairment losses and $936,000 of net recoveries of impairment losses, respectively. FFO for the three and nine months ended September 30, 2005 includes $7.4 million and $10.1 million of net impairment losses, respectively.

[f] In accordance with the Securities and Exchange Commission’s July 31, 2003 interpretation of the Emerging Issues Task Force Topic D-42, Aimco includes redemption related preferred stock issuance costs in FFO. As a result, FFO for the three and nine months ended September 30, 2006 includes issuance costs of $4.3 million and $6.8 million, respectively. FFO for the three and nine months ended September 30, 2005 includes issuance costs of zero and $1.1 million, respectively.

[g] Represents Aimco’s denominator for earnings per common share — diluted calculated in accordance with GAAP plus additional common share equivalents that are dilutive for FFO/AFFO.

[h] Represents prior period depreciation of certain tax credit redevelopment properties that Aimco included in an adjustment to minority interest in real estate partnerships for the three months ended September 30, 2006. This prior period depreciation is added back to determine FFO in accordance with the NAREIT White Paper. See Special Supplement for additional information.

Supplemental Schedule 2(a)



Business Component Proportionate Income Statement Presentation		(page 1 of 3)
Three Months Ended September 30, 2006
(in thousands) (unaudited)


				Proportionate
	Aimco			Share of			Minority			Proportionate												Proportionate
	GAAP Income			Unconsolidated			Partners’			Income						Aimco						Income
	Statement			Partnerships			Interest (6)			Statement			Conventional			Capital			Corporate			Statement
Revenues:
Rental and other property revenues:
Same Store properties (1) (2)	$	310,245		$	437		$	(51,248	)	$	259,434		$	259,434		$	—		$	—		$	259,434
Acquisition properties (1)		6,611			760			—			7,371			7,371			—			—			7,371
Redevelopment properties (1)		35,094			—			(7,081	)		28,013			28,013			—			—			28,013
Other properties (1)		10,819			1,396			(890	)		11,325			11,325			—			—			11,325
Affordable properties (1)		59,833			4,570			(21,112	)		43,291			—			43,291			—			43,291

Total rental and other property revenues		422,602			7,163			(80,331	)		349,434			306,143			43,291			—			349,434
Property management revenues, primarily from affiliates (3)		2,599			(292	)		4,013			6,320			3,079			3,241			—			6,320
Activity fees and asset management revenues, primarily from affiliates		10,470			—			—			10,470			1,031			9,439			—			10,470

Total revenues		435,671			6,871			(76,318	)		366,224			310,253			55,971			—			366,224

Expenses:
Property operating expenses:
Same Store properties (2)		130,706			187			(23,043	)		107,850			107,850			—			—			107,850
Acquisition properties		2,456			331			—			2,787			2,787			—			—			2,787
Redevelopment properties		15,536			—			(3,240	)		12,296			12,296			—			—			12,296
Other properties		5,852			774			(587	)		6,039			6,039			—			—			6,039
Affordable properties		29,406			2,400			(10,257	)		21,549			—			21,549			—			21,549
Casualties		2,507			2			172			2,681			2,676			5			—			2,681
Property management expenses (4)		8,286			—			(813	)		7,473			7,307			166			—			7,473

Total property operating expenses		194,749			3,694			(37,768	)		160,675			138,955			21,720			—			160,675
Property management expenses (5)		984			—			813			1,797			1,620			177			—			1,797
Activity and asset management expenses		1,073			—			—			1,073			—			1,073			—			1,073
Depreciation and amortization		126,112			2,130			(5,543	)		122,699			104,975			17,724			—			122,699
General and administrative expenses		25,262			26			(1,049	)		24,239			6,715			1,478			16,046			24,239
Other expenses (income), net		(30	)		(123	)		(3,173	)		(3,326	)		6,253			(9,579	)		—			(3,326	)

Total expenses		348,150			5,727			(46,720	)		307,157			258,518			32,593			16,046			307,157

Operating income		87,521			1,144			(29,598	)		59,067			51,735			23,378			(16,046	)		59,067
Interest income:
General partner loan interest		855			(133	)		9,175			9,897			8,207			1,690			—			9,897
Money market and interest bearing accounts		5,116			185			(958	)		4,343			1,577			1,125			1,641			4,343
Accretion on discounted notes receivable		1,609			—			—			1,609			46			1,563			—			1,609

Total interest income		7,580			52			8,217			15,849			9,830			4,378			1,641			15,849
Recovery of losses on notes receivable		46			—			—			46			—			46			—			46
Interest expense:
Property debt (primarily non-recourse)		(101,741	)		(1,381	)		17,589			(85,533	)		(76,994	)		(8,539	)		—			(85,533	)
Lines of credit		(10,399	)		—			—			(10,399	)		—			—			(10,399	)		(10,399	)
Capitalized interest		6,251			16			(265	)		6,002			5,708			294			—			6,002

Total interest expense		(105,889	)		(1,365	)		17,324			(89,930	)		(71,286	)		(8,245	)		(10,399	)		(89,930	)
Deficit distributions to minority partners		(14,072	)		—			—			(14,072	)		(10,772	)		(3,300	)		—			(14,072	)
Equity in losses of unconsolidated real estate partnerships		(169	)		169			—			—			—			—			—			—
Impairment losses related to real estate partnerships		(158	)		—			—			(158	)		—			(158	)		—			(158	)
Gain on dispositions of real estate related to unconsolidated entities and other		7,641			—			—			7,641			7,506			135			—			7,641

Income (loss) before minority interests and discontinued operations		(17,500	)		—			(4,057	)		(21,557	)		(12,987	)		16,234			(24,804	)		(21,557	)
Minority interests:
Minority interest in consolidated real estate partnerships (6)		(23,611	)		—			4,057			(19,554	)		—			(19,554	)		—			(19,554	)
Minority interest in Aimco Operating Partnership		4,763			—			—			4,763			1,247			319			3,197			4,763

Total minority interests		(18,848	)		—			4,057			(14,791	)		1,247			(19,235	)		3,197			(14,791	)

Income (loss) from continuing operations		(36,348	)		—			—			(36,348	)		(11,740	)		(3,001	)		(21,607	)		(36,348	)
Income from discontinued operations, net		11,473			—			—			11,473			13,259			(1,786	)		—			11,473

Net income (loss)	$	(24,875	)	$	—		$	—		$	(24,875	)	$	1,519		$	(4,787	)	$	(21,607	)	$	(24,875	)

(See footnotes on page 3 of 3)

Supplemental Schedule 2(a)



Business Component Proportionate Income Statement Presentation		(page 2 of 3)
Three Months Ended September 30, 2006
(in thousands) (unaudited)


	Proportionate												Proportionate
	Income						Aimco						Income
	Statement			Conventional			Capital			Corporate			Statement
Reconciliation of Net Income to FFO, AFFO and FCF:
Net income (loss) — see above	$	(24,875	)	$	1,519		$	(4,787	)	$	(21,607	)	$	(24,875	)
Real estate depreciation and amortization		122,699			104,975			17,724			—			122,699
Depreciation and amortization related to non-real estate assets		(5,318	)		(4,009	)		(1,309	)		—			(5,318	)
Depreciation and amortization — ownership adjustment (7)		18,831			—			18,831			—			18,831
Deficit distributions to minority partners		14,072			10,772			3,300			—			14,072
Gain on dispositions of real estate related to unconsolidated entities and other		(7,641	)		(7,506	)		(135	)		—			(7,641	)
Gain on dispositions of non-depreciable assets		2,887			2,887			—			—			2,887
Discontinued operations		(12,095	)		(14,871	)		2,776			—			(12,095	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(12,626	)		(8,729	)		(3,897	)		—			(12,626	)
Preferred stock dividends		(17,382	)		—			—			(17,382	)		(17,382	)
Redemption related preferred stock issuance costs		(4,274	)		—			—			(4,274	)		(4,274	)
Dividends/distributions on dilutive preferred securities		19			—			—			19			19

FFO Attributable to Common Stockholders — Diluted	$	74,297		$	85,038		$	32,503		$	(43,244	)	$	74,297

Capital Replacements		(22,609	)		(20,430	)		(2,179	)		—			(22,609	)
Impairment losses related to real estate partnerships		158			—			158			—			158
(Recovery of impairment losses) impairment losses on real estate assets sold or held for sale		(131	)		78			(209	)		—			(131	)
Redemption related preferred stock issuance costs		4,274			—			—			4,274			4,274
Minority interest in Aimco Operating Partnership’s share of adjustments		1,662			1,498			164			—			1,662
Dividends/distributions on non-dilutive preferred securities		(19	)		—			—			(19	)		(19	)

AFFO Attributable to Common Stockholders — Diluted	$	57,632		$	66,184		$	30,437		$	(38,989	)	$	57,632

Interest expense		89,930			71,287			8,244			10,399			89,930
Interest expense — ownership adjustment (7)		10,831			—			10,831			—			10,831
Discontinued operations		1,930			428			108			1,394			1,930
Preferred stock dividends		17,382			—			—			17,382			17,382
Minority interest in Aimco Operating Partnership		(4,763	)		(1,247	)		(319	)		(3,197	)		(4,763	)
Minority interest in Aimco Operating Partnership’s share of adjustments		10,965			7,231			3,734			—			10,965

Free Cash Flow (FCF, see Glossary for updated definition)	$	183,907		$	143,883		$	53,035		$	(13,011	)	$	183,907

FCF Breakdown:
Real estate operations		166,150
Real estate operations and other — ownership adjustment (7)		10,110
Property management		4,523
Activity and asset management		9,397
Interest income		15,849
Recovery of losses on notes receivable		46
General and administrative expenses		(24,239	)
Other (expenses) income, net		3,326
Discontinued operations		1,176
Gain on dispositions of non-depreciable assets		2,887
Depreciation and amortization related to non-real estate assets		(5,318	)

Total FCF	$	183,907

(See footnotes on page 3 of 3)

Supplemental Schedule 2(a)



Business Component Proportionate Income Statement Presentation		(page 3 of 3)
Three Months Ended September 30, 2006
(in thousands) (unaudited)


	Three Months Ended September 30, 2006
	FFO			AFFO			FCF
Reconciliation of Net Income to FFO, AFFO and FCF:
Net income	$	(24,875	)	$	(24,875	)	$	(24,875	)
Interest expense		—			—			89,930
Interest expense — ownership adjustment (7)		—			—			10,831
Preferred stock dividends		(17,382	)		(17,382	)		—
Redemption related preferred stock issuance costs		(4,274	)		—			—
Proportionate share of depreciation and amortization		122,699			122,699			122,699
Depreciation and amortization related to non-real estate assets		(5,318	)		(5,318	)		(5,318	)
Depreciation and amortization — ownership adjustment (7)		18,831			18,831			18,831
Gain on dispositions of real estate related to unconsolidated entities and other		(7,641	)		(7,641	)		(7,641	)
Gain on dispositions of non-depreciable assets		2,887			2,887			2,887
Impairment losses related to real estate partnerships		—			158			158
Discontinued operations:
Minority interest in Aimco Operating Partnership and interest expense, net of minority partners’ interest		—			—			1,931
Depreciation of rental property, net of minority partners’ interest		(466	)		(466	)		(466	)
Gain on dispositions of real estate, net of minority partners’ interest		(11,647	)		(11,647	)		(11,647	)
Recovery of impairment losses on real estate assets sold or held for sale		—			(131	)		(131	)
Recovery of deficit distributions to minority partners		(2,193	)		(2,193	)		(2,193	)
Income tax arising from dispositions		2,211			2,211			2,211
Deficit distributions to minority partners		14,072			14,072			14,072
Capital Replacements		—			(22,609	)		(22,609	)
Dividends/distributions on dilutive preferred securities		19			—			—
Minority interest in Aimco Operating Partnership’s share of above adjustments		(12,626	)		(10,964	)		—
Minority interest in Aimco Operating Partnership		—			—			(4,763	)

Total	$	74,297		$	57,632		$	183,907

Notes to Schedule 2(a):

(1) See definitions and descriptions in Glossary.

(2) Same store amounts in this schedule may differ from the same store amounts in Schedules 6a-6b. Any such differences are the result of (a) certain variations in the treatment of intercompany eliminations in GAAP versus non-GAAP measures and (b) the effect of changing ownership percentages over time due to Aimco’s acquisition of additional partnership interests.

(3) Property management revenues reported in Aimco’s GAAP income statement reflect fees charged to consolidated properties. Property management revenues reported in the proportionate income statement reflect the third party share of fees charged to both consolidated and unconsolidated properties.

(4) Property management expenses reported on this line in Aimco’s GAAP income statement reflect expenses related to the management of consolidated properties. Property management expenses reported on this line in the proportionate income statement reflect Aimco’s share of both consolidated and unconsolidated property management expenses.

(5) Property management expenses reported on this line in Aimco’s GAAP income statement reflect expenses related to the management of unconsolidated properties. Property management expenses reported on this line in the proportionate income statement reflect minority partners’ share of both consolidated and unconsolidated property management expenses.

(6) Minority interest in real estate partnerships as reported in the Aimco’s GAAP income statement includes $4,057,000 for the three months ended September 30, 2006 and, as discussed in the Special Supplement, a $19,554,000 adjustment related to the period April 1, 2004 through June 30, 2006. The adjustment is not allocated to individual components of revenues and expenses to ensure that the other amounts in the proportionate income statement consist only of activity for the three months ended September 30, 2006.

(7) The effects of prior period ownership adjustments (see Special Supplement) on real estate operations, depreciation and amortization, and interest expense are presented separately in the reconciliations of net income to FFO, AFFO and FCF, and in the breakdown of FCF.

Supplemental Schedule 2(b)



Business Component Proportionate Income Statement Presentation		(page 1 of 3)
Nine Months Ended September 30, 2006
(in thousands) (unaudited)


				Proportionate
	Aimco			Share of			Minority			Proportionate												Proportionate
	GAAP Income			Unconsolidated			Partners’			Income						Aimco						Income
	Statement			Partnerships			Interest (6)			Statement			Conventional			Capital			Corporate			Statement
Revenues:
Rental and other property revenues:
Same Store properties (1) (2)	$	918,119		$	1,382		$	(144,419	)	$	775,082		$	775,082		$	—		$	—		$	775,082
Acquisition properties (1)		15,965			2,247			—			18,212			18,212			—			—			18,212
Redevelopment properties (1)		102,666			—			(14,292	)		88,374			88,374			—			—			88,374
Other properties (1)		30,493			5,036			(2,713	)		32,816			32,816			—			—			32,816
Affordable properties (1)		178,436			13,699			(63,520	)		128,615			—			128,615			—			128,615

Total rental and other property revenues		1,245,679			22,364			(224,944	)		1,043,099			914,484			128,615			—			1,043,099
Property management revenues, primarily from affiliates (3)		9,221			(943	)		11,369			19,647			9,623			10,024			—			19,647
Activity fees and asset management revenues, primarily from affiliates		32,143			—			—			32,143			3,743			28,400			—			32,143

Total revenues		1,287,043			21,421			(213,575	)		1,094,889			927,850			167,039			—			1,094,889

Expenses:
Property operating expenses:
Same Store properties (2)		389,082			598			(65,878	)		323,802			323,802			—			—			323,802
Acquisition properties		6,084			781			—			6,865			6,865			—			—			6,865
Redevelopment properties		46,089			—			(6,979	)		39,110			39,110			—			—			39,110
Other properties		16,818			2,504			(1,525	)		17,797			17,797			—			—			17,797
Affordable properties		90,387			8,009			(32,510	)		65,886			—			65,886			—			65,886
Casualties		(668	)		17			823			172			947			(775	)		—			172
Property management expenses (4)		24,103			—			(2,805	)		21,298			20,008			1,290			—			21,298

Total property operating expenses		571,895			11,909			(108,874	)		474,930			408,529			66,401			—			474,930
Property management expenses (5)		3,627			—			2,805			6,432			4,434			1,998			—			6,432
Activity and asset management expenses		6,744			—			—			6,744			—			6,744			—			6,744
Depreciation and amortization		352,624			7,211			(22,328	)		337,507			284,081			53,426			—			337,507
General and administrative expenses		72,769			86			(3,522	)		69,333			22,058			8,632			38,643			69,333
Other expenses (income), net		9,843			676			(6,763	)		3,756			10,267			(6,511	)		—			3,756

Total expenses		1,017,502			19,882			(138,682	)		898,702			729,369			130,690			38,643			898,702

Operating income		269,541			1,539			(74,893	)		196,187			198,481			36,349			(38,643	)		196,187
Interest income:
General partner loan interest		3,413			(266	)		20,246			23,393			18,615			4,778			—			23,393
Money market and interest bearing accounts		15,133			686			(2,613	)		13,206			4,251			3,472			5,483			13,206
Accretion on discounted notes receivable		1,663			—			—			1,663			89			1,574			—			1,663

Total interest income		20,209			420			17,633			38,262			22,955			9,824			5,483			38,262
Recovery of losses on notes receivable		(718	)		—			—			(718	)		(91	)		(627	)		—			(718	)
Interest expense:
Property debt (primarily non-recourse)		(296,915	)		(4,616	)		49,132			(252,399	)		(226,589	)		(25,810	)		—			(252,399	)
Lines of credit		(30,700	)		—			—			(30,700	)		—			—			(30,700	)		(30,700	)
Capitalized interest		18,219			51			(905	)		17,365			16,196			1,169			—			17,365

Total interest expense		(309,396	)		(4,565	)		48,227			(265,734	)		(210,393	)		(24,641	)		(30,700	)		(265,734	)
Deficit distributions to minority partners		(20,129	)		—			—			(20,129	)		(16,167	)		(3,962	)		—			(20,129	)
Equity in losses of unconsolidated real estate partnerships		(2,606	)		2,606			—			—			—			—			—			—
Impairment losses related to real estate partnerships		813			—			—			813			1,043			(230	)		—			813
Gain on dispositions of real estate related to unconsolidated entities and other		21,397			—			—			21,397			14,859			6,538			—			21,397

Income (loss) before minority interests and discontinued operations		(20,889	)		—			(9,033	)		(29,922	)		10,687			23,251			(63,860	)		(29,922	)
Minority interests:
Minority interest in consolidated real estate partnerships (6)		(18,063	)		—			9,033			(9,030	)		—			(9,030	)		—			(9,030	)
Minority interest in Aimco Operating Partnership		5,181			—			—			5,181			(1,081	)		(1,409	)		7,671			5,181

Total minority interests		(12,882	)		—			9,033			(3,849	)		(1,081	)		(10,439	)		7,671			(3,849	)

Income (loss) from continuing operations		(33,771	)		—			—			(33,771	)		9,606			12,812			(56,189	)		(33,771	)
Income from discontinued operations, net		128,058			—			—			128,058			148,491			(20,433	)		—			128,058

Net income (loss)	$	94,287		$	—		$	—		$	94,287		$	158,097		$	(7,621	)	$	(56,189	)	$	94,287

(See footnotes on page 3 of 3)

Supplemental Schedule 2(b)



Business Component Proportionate Income Statement Presentation		(page 2 of 3)
Nine Months Ended September 30, 2006
(in thousands) (unaudited)


	Proportionate												Proportionate
	Income						Aimco						Income
	Statement			Conventional			Capital			Corporate			Statement
Reconciliation of Net Income to FFO, AFFO and FCF:
Net income (loss) — see above	$	94,287		$	158,097		$	(7,621	)	$	(56,189	)	$	94,287
Real estate depreciation and amortization		337,507			284,080			53,427			—			337,507
Depreciation and amortization related to non-real estate assets		(14,585	)		(10,690	)		(3,895	)		—			(14,585	)
Depreciation and amortization — ownership adjustment (7)		7,377			—			7,377			—			7,377
Deficit distributions to minority partners		20,129			16,166			3,963			—			20,129
Gain on dispositions of real estate related to unconsolidated entities and other		(21,397	)		(14,859	)		(6,538	)		—			(21,397	)
Gain on dispositions of non-depreciable assets		9,259			9,261			(2	)		—			9,259
Discontinued operations		(136,950	)		(160,899	)		23,949			—			(136,950	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(19,325	)		(11,782	)		(7,543	)		—			(19,325	)
Preferred stock dividends		(57,896	)		—			—			(57,896	)		(57,896	)
Redemption related preferred stock issuance costs		(6,848	)		—			—			(6,848	)		(6,848	)
Dividends/distributions on dilutive preferred securities		142			—			—			142			142

FFO Attributable to Common Stockholders — Diluted	$	211,700		$	269,374		$	63,117		$	(120,791	)	$	211,700

Capital Replacements		(60,134	)		(54,839	)		(5,295	)		—			(60,134	)
Impairment losses related to real estate partnerships		(813	)		(1,043	)		230			—			(813	)
(Recovery of impairment losses) impairment losses on real estate assets sold or held for sale		(123	)		495			(618	)		—			(123	)
Redemption related preferred stock issuance costs		6,848			—			—			6,848			6,848
Minority interest in Aimco Operating Partnership’s share of adjustments		5,204			4,718			486			—			5,204
Dividends/distributions on non-dilutive preferred securities		(142	)		—			—			(142	)		(142	)

AFFO Attributable to Common Stockholders — Diluted	$	162,540		$	218,705		$	57,920		$	(114,085	)	$	162,540

Interest expense		265,734			210,393			24,641			30,700			265,734
Interest expense — ownership adjustment (7)		7,171			—			7,171			—			7,171
Discontinued operations		19,366			4,736			918			13,712			19,366
Preferred stock dividends		57,896			—			—			57,896			57,896
Minority interest in Aimco Operating Partnership		(5,181	)		1,081			1,409			(7,671	)		(5,181	)
Minority interest in Aimco Operating Partnership’s share of adjustments		14,121			7,065			7,056			—			14,121

Free Cash Flow (FCF, see Glossary for updated definition)	$	521,647		$	441,980		$	99,115		$	(19,448	)	$	521,647

FCF Breakdown:
Real estate operations		508,035
Real estate operations and other — ownership adjustment (7)		5,518
Property management		13,214
Activity and asset management		25,399
Interest income		38,262
Recovery of losses on notes receivable		(718	)
General and administrative expenses		(69,333	)
Other (expenses) income, net		(3,755	)
Discontinued operations		10,351
Gain on dispositions of non-depreciable assets		9,259
Depreciation and amortization related to non-real estate assets		(14,585	)

Total FCF	$	521,647

(See footnotes on page 3 of 3)

Supplemental Schedule 2(b)



Business Component Proportionate Income Statement Presentation		(page 3 of 3)
Nine Months Ended September 30, 2006
(in thousands) (unaudited)


	Nine Months Ended September 30, 2006
	FFO			AFFO			FCF
Reconciliation of Net Income to FFO, AFFO and FCF:
Net income	$	94,287		$	94,287		$	94,287
Interest expense		—			—			265,734
Interest expense — ownership adjustment (7)		—			—			7,171
Preferred stock dividends		(57,896	)		(57,896	)		—
Redemption related preferred stock issuance costs		(6,848	)		—			—
Proportionate share of depreciation and amortization		337,507			337,507			337,507
Depreciation and amortization related to non-real estate assets		(14,585	)		(14,585	)		(14,585	)
Depreciation and amortization — ownership adjustment (7)		7,377			7,377			7,377
Gain on dispositions of real estate related to unconsolidated entities and other		(21,397	)		(21,397	)		(21,397	)
Gain on dispositions of non-depreciable assets		9,259			9,259			9,259
Impairment losses related to real estate partnerships		—			(813	)		(813	)
Discontinued operations:
Minority interest in Aimco Operating Partnership and interest expense, net of minority partners’ interest		—			—			19,366
Depreciation of rental property, net of minority partners’ interest		5,417			5,417			5,417
Gain on dispositions of real estate, net of minority partners’ interest		(154,180	)		(154,180	)		(154,180	)
Recovery of impairment losses on real estate assets sold or held for sale		—			(123	)		(123	)
Recovery of deficit distributions to minority partners		(18,384	)		(18,384	)		(18,384	)
Income tax arising from dispositions		30,197			30,197			30,197
Deficit distributions to minority partners		20,129			20,129			20,129
Capital Replacements		—			(60,134	)		(60,134	)
Dividends/distributions on dilutive preferred securities		142			—			—
Minority interest in Aimco Operating Partnership’s share of above adjustments		(19,325	)		(14,121	)		—
Minority interest in Aimco Operating Partnership		—			—			(5,181	)

Total	$	211,700		$	162,540		$	521,647

Notes to Schedule 2(b):


(1)		See definitions and descriptions in Glossary.

(2)		Same store amounts in this schedule may differ from the same store amounts in Schedule 6c. Any such differences are the result of (a) certain variations in the treatment of intercompany eliminations in GAAP versus non-GAAP measures and (b) the effect of changing ownership percentages over time due to Aimco’s acquisition of additional partnership interests.

(3)		Property management revenues reported in Aimco’s GAAP income statement reflect fees charged to consolidated properties. Property management revenues reported in the proportionate income statement reflect the third party share of fees charged to both consolidated and unconsolidated properties.

(4)		Property management expenses reported on this line in Aimco’s GAAP income statement reflect expenses related to the management of consolidated properties. Property management expenses reported on this line in the proportionate income statement reflect Aimco’s share of both consolidated and unconsolidated property management expenses.

(5)		Property management expenses reported on this line in Aimco’s GAAP income statement reflect expenses related to the management of unconsolidated properties. Property management expenses reported on this line in the proportionate income statement reflect minority partners’ share of both consolidated and unconsolidated property management expenses.

(6)		Minority interest in real estate partnerships as reported in the Aimco’s GAAP income statement includes $9,033,000 for the nine months ended September 30, 2006 and, as discussed in the Special Supplement, a $9,030,000 adjustment related to the period April 1, 2004 through December 31, 2005. The adjustment is not allocated to individual components of revenues and expenses to ensure that the other amounts in the proportionate income statement consist only of activity for the nine months ended September 30, 2006.

(7)		The effects of prior period ownership adjustments (see Special Supplement) on real estate operations, depreciation and amortization, and interest expense are presented separately in the reconciliations of net income to FFO, AFFO and FCF, and in the breakdown of FCF.

Supplemental Schedule 3

Business Component Proportionate Balance Sheet Presentation
As of September 30, 2006
(in thousands) (unaudited)


	Consolidated
	GAAP				Proportionate
	Balance Sheet				Share of			Minority			Proportionate												Proportionate
	as of				Unconsolidated			Partners’			Balance						Aimco						Balance
	September 30, 2006				Partnerships [a]			Interest [b][e]			Sheet [c][e]			Conventional			Capital [e]			Corporate			Sheet[c][e]
ASSETS
Buildings and improvements	$	9,690,408			$	99,154		$	(1,624,223	)	$	8,165,339		$	7,268,001		$	897,338		$	—		$	8,165,339
Land		2,340,744				20,741			(130,009	)		2,231,476			2,126,333			105,143			—			2,231,476
Accumulated depreciation		(2,894,820	)			(35,938	)		996,981			(1,933,777	)		(1,735,244	)		(198,533	)		—			(1,933,777	)

NET REAL ESTATE		9,136,332				83,957			(757,251	)		8,463,038			7,659,090			803,948			—			8,463,038
Cash and cash equivalents		182,283				3,537			(47,198	)		138,622			79,653			58,969			—			138,622
Restricted cash		348,320				6,235			(75,089	)		279,466			166,619			112,847			—			279,466
Accounts receivable		56,569				986			—			57,555			35,521			22,034			—			57,555
Accounts receivable from affiliates		24,534				—			—			24,534			11,839			12,695			—			24,534
Deferred financing costs		75,173				—			—			75,173			58,501			16,672			—			75,173
Notes receivable from unconsolidated real estate partnerships		46,937				—			—			46,937			7,177			39,760			—			46,937
Notes receivable from non-affiliates		52,124				—			—			52,124			17,332			34,792			—			52,124
Investment in unconsolidated real estate partnerships		54,671				(4,124	)		—			50,547			14,606			35,941			—			50,547
Other assets		233,259		[d]		15,228			—			248,487			121,006			127,481			—			248,487
Assets held for sale		11,163				—			—			11,163			11,039			124			—			11,163

TOTAL ASSETS	$	10,221,365			$	105,819		$	(879,538	)	$	9,447,646		$	8,182,383		$	1,265,263		$	—		$	9,447,646

LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	1,036,582			$	151		$	(27,087	)	$	1,009,646		$	945,423		$	64,223		$	—		$	1,009,646
Property loans payable		5,197,393				91,920			(931,302	)		4,358,011			3,843,628			514,385			—			4,358,013
Term loans		400,000				—			—			400,000			—			—			400,000			400,000
Credit facility		155,000				—			—			155,000			—			—			155,000			155,000

TOTAL INDEBTEDNESS		6,788,975				92,071			(958,389	)		5,922,657			4,789,051			578,608			555,000			5,922,659
Accounts payable		39,280				13,748			—			53,028			35,534			17,493			—			53,027
Accrued liabilities and other		406,306				—			—			406,306			333,376			72,930			—			406,306
Deferred income		158,156				—			—			158,156			92,614			65,542			—			158,156
Security deposits		44,623				—			—			44,623			38,826			5,797			—			44,623
Deferred income tax liability, net		3,934				—			—			3,934			3,934			—			—			3,934
Liabilities related to assets held for sale		958				—			—			958			946			12			—			958

TOTAL LIABILITIES		7,442,232				105,819			(958,389	)		6,589,662			5,294,281			740,382			555,000			6,589,663

Minority interest in consolidated real estate partnerships		215,099				—			78,851			293,950			259,599			34,350			—			293,949
Minority interest in Aimco Operating Partnership		190,634				—			—			190,634			—			—			190,634			190,634

NET OPERATING ASSETS					$	—		$	—		$	2,373,400		$	2,628,503		$	490,531		$	(745,634	)	$	2,373,400

STOCKHOLDERS’ EQUITY
Class A Common Stock		959
Additional paid-in capital		3,063,361
Perpetual preferred stock		723,500
Convertible preferred stock		100,000
Distributions in excess of earnings		(1,509,391	)
Notes due on common stock purchases		(5,029	)

TOTAL STOCKHOLDERS’ EQUITY		2,373,400

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,221,365


[a]		Total of Aimco’s proportionate share of selected unconsolidated balance sheet data.

[b]		Total of minority partners’ share of selected balance sheet data. Additionally, Aimco has notes receivable from consolidated partnerships which are eliminated in the GAAP balance sheet. The minority partners’ share of amounts payable to Aimco pursuant to those notes is $171.2 million.

[c]		Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of September 30, 2006, plus Aimco’s proportionate share of selected unconsolidated balance sheet data and less minority partners’ share of selected balance sheet data.

[d]		Other assets includes $81.9 million related to goodwill and $10.6 million related to investment in management contracts.

[e]		As discussed in the Special Supplement, Aimco’s ownership of certain tax credit redevelopment properties was adjusted to 100% in the third quarter of 2006.

Supplemental Schedule 4

Share Data
As of September 30, 2006
(in thousands)
(unaudited)


								Shares/Units			Current Quarter			Current Quarter			Current Quarter
								Outstanding			Weighted Average			Weighted Average			Weighted Average
	Redemption							As of September 30,			Outstanding Shares			Outstanding Shares			Outstanding Shares
	Date (1)		Coupon			Amount		2006			(EPS)			(FFO)			(AFFO)
Class A Common Stock									95,910			96,061	(2)		96,061	(2)		96,061	(2)
Common Partnership Units and equivalents									10,175	(7)		—			—			—
Other dilutive common stock equivalents									—			—			3,896	(8)		3,896	(8)

Total									106,085			96,061			99,957			99,957

Perpetual Preferred Stock (3):
Class G		7/15/2008		9.375	%	$	101,250		4,050			—			—			—
Class T		7/31/2008		8.00	%		150,000		6,000			—			—			—
Class U		3/24/2009		7.75	%		200,000		8,000			—			—			—
Class V		9/29/2009		8.00	%		86,250		3,450			—			—			—
Class Y		12/21/2009		7.875	%		86,250		3,450			—			—			—
Series A Community Reinvestment Act		6/30/2011		6.750	%		100,000		—	(5)

Total perpetual preferred stock							723,750		24,950			—			—			—


Convertible Preferred Stock:
Class W (4)		9/30/2007		8.10	%		100,000		1,905			—			—			—

Total convertible preferred stock							100,000		1,905			—			—			—


Preferred Partnership Units (6)				8.05	%		89,486		3,268			—			27			—


Total preferred securities						$	913,236		30,123			—			27			—


Total common, common equivalents and dilutive securities												96,061			99,984			99,957


(1)		The redemption date is the date the securities are first eligible for redemption by Aimco.

(2)		Includes a deduction of 1,015,000 for non-recourse shares and unvested restricted stock.

(3)		Preferred stock amounts are shown gross of any eliminations necessary for the GAAP Consolidated Balance Sheet.

(4)		Conversion ratio for Class W is 1.0 to 1.0.

(5)		Represents 200 shares at a liquidation preference per share of $500,000. 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 dividend period.

(6)		Coupon is based on a weighted average.

(7)		Consists of 7,796,000 Common Partnership Units and 2,379,000 Class I High Performance Partnership Units.

(8)		Other dilutive common stock equivalents includes 2,456,000 for the potential dilutive effects of stock options, unvested restricted stock and non-recourse shares and 1,440,000 for the number of equivalent common OP units that would be issued if the applicable measurement periods for Class VIII and IX HPUs, which end on December 31, 2007 and 2008, respectively, had ended on September 30, 2006.

Supplemental Schedule 5

Selected Debt Structure and Maturity Data
As of September 30, 2006
(dollars in thousands)
(unaudited)

I. Debt Balances and Data


										Weighted
			Proportionate							Average
			Share of		Minority			Total Aimco		Maturity		Weighted
Debt	Consolidated		Unconsolidated		Interest			Share		(years)		Average Rate

Property Debt (primarily non-recourse):
Conventional Portfolio:
Fixed rate loans payable	$	3,979,684	$	43,187	$	(635,289	)	$	3,387,583		10.6		6.48	%
Floating rate loans payable		510,651		—		(54,606	)		456,045		2.2		6.52	%

Total property loans payable:		4,490,336		43,187		(689,895	)		3,843,628		9.6		6.48	%
Fixed rate tax-exempt bonds		234,651		—		(9,771	)		224,880		17.0		5.96	%
Floating rate tax-exempt bonds		725,961		—		(5,418	)		720,543		11.1		4.07	%

Total property tax-exempt bond financing:		960,612		—		(15,189	)		945,423		12.5		4.52	%


Total Property Debt on Conventional Portfolio		5,450,947		43,187		(705,084	)		4,789,051		10.2		6.10	%


Affordable Portfolio:
Fixed rate loans payable		693,269		40,619		(241,406	)		492,482		17.8		5.60	%
Floating rate loans payable		13,788		8,114		—			21,903		4.2		5.65	%

Total property loans payable:		707,057		48,733		(241,406	)		514,385		17.3		5.61	%
Fixed rate tax-exempt bonds		75,971		151		(11,898	)		64,223		28.8		5.07	%
Floating rate tax-exempt bonds		—		—		—			—		—

Total property tax-exempt bond financing:		75,971		151		(11,898	)		64,223		28.8		5.07	%

Total Property Debt on Affordable Portfolio		783,028		48,884		(253,304	)		578,608		18.5		5.55	%

Total Property Debt (1)	$	6,233,975	$	92,071	$	(958,387	)	$	5,367,659		11.1		6.04	%


Corporate Debt:
Term Loan	$	400,000	$	—	$	—		$	400,000		—		7.01	%
Credit Facility		155,000		—		—			155,000		—		6.70	%

Total Corporate Debt	$	555,000	$	—	$	—		$	555,000		—		6.93	%


Total Debt	$	6,788,975	$	92,071	$	(958,387	)	$	5,922,659		—		6.13	%


(1)		The total consolidated property debt shown above excludes $.9 million of consolidated property debt, with a weighted average interest rate of 7.64%, classified as liabilities related to assets held for sale on Aimco’s consolidated balance sheet.

II. Debt Maturities


							Percent			Average
Consolidated Property Debt	Amortization		Maturities		Total		of Total			Rate

Q4 2006	$	32,685	$	223,239	$	255,925		4.1	%		6.14	%
Q1 2007		35,141		21,373		56,513		0.9	%		6.60	%
Q2 2007		35,750		15,294		51,044		0.8	%		4.86	%
Q3 2007		35,937		127,384		163,321		2.6	%		6.31	%
Q4 2007		36,804		118,803		155,606		2.5	%		6.91	%
Q1 2008		34,470		129,102		163,572		2.6	%		8.00	%
Q2 2008		34,650		68,280		102,930		1.7	%		6.03	%
Q3 2008		34,675		73,713		108,389		1.7	%		5.70	%
Q4 2008		34,968		113,195		148,163		2.4	%		5.72	%
2009		143,129		386,156		529,285		8.5	%		5.31	%
2010		148,447		187,589		336,036		5.4	%		6.32	%
Thereafter						4,163,191		66.8	%

Total Property Debt:					$	6,233,975		100.0	%


							Percent			Average
Corporate Debt	Amortization		Maturities		Total		of Total			Rate

2011	$	—	$	400,000	$	400,000		72.1	%		7.01	%
2009	$	—	$	155,000	$	155,000		27.9	%		6.70	%

Total Corporate Debt:	$	—	$	555,000	$	555,000		100.0	%		6.93	%

Supplemental Schedule 5 (continued)

Selected Debt Structure and Maturity Data
As of September 30, 2006
(in millions)
(unaudited)

III. Loan Closings

THIRD QUARTER LOAN CLOSINGS


	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Property Loan Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds (1)		Rate			Rate

Refinancings:
Fixed Rate	$	78.3	$	172.4	$	68.8	$	147.3	$	76.3		7.27	%		5.83	%
Affordable, Mark-to-Market and Other		—		18.2		—		16.4		10.8		—			6.40	%

Loans Relating to Acquisitions:
Fixed Rate		—		24.0		—		24.0		23.7		—			6.05	%


Totals	$	78.3	$	214.6	$	68.8	$	187.7	$	110.8		7.27	%		5.91	%

YEAR-TO-DATE LOAN CLOSINGS


	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Property Loan Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds (1)		Rate			Rate

Refinancings:
Fixed Rate	$	335.4	$	710.9	$	318.3	$	666.2	$	340.4		6.24	%		5.69	%
Floating Rate		45.2		108.6		40.3		105.9		64.6		7.93	%		5.53	%
Affordable, Mark-to-Market and Other		5.7		38.6		3.6		30.4		22.3		6.52	%		5.71	%

Loans Relating to Acquisitions:
Fixed Rate		—		34.3		—		27.4		27.1		—			4.87	%

Totals	$	386.3	$	892.4	$	362.2	$	829.9	$	454.4		6.44	%		5.66	%


(1)		Aimco net proceeds is after transaction costs and any release of escrow funds.

IV. Capitalization


	March 31,2006						June 30, 2006						September 30, 2006
	Amount			Percent			Amount			Percent			Amount			Percent

Corporate debt	$	442			4	%	$	400			4	%	$	555			5	%

Property debt (Aimco’s share)		5,188			46	%		5,222			43	%		5,368			44	%

Total Debt		5,630			50	%		5,622			47	%		5,923			49	%

Less: Cash and restricted cash		(406	)		-4	%		(492	)		-5	%		(418	)		-3	%

Net Debt		5,224			46	%		5,130			47	%		5,505			45	%

Preferred equity		987			9	%		1,087			10	%		913			7	%

Common equity at market (1)		5,041			45	%		4,668			43	%		5,772			47	%


Total Capitalization	$	11,252			100	%	$	10,885			100	%	$	12,190			100	%


(1)		Common equity at market at September 30, 2006 was calculated using 106.085 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $54.41 per share/unit on September 30, 2006.

V. Credit Ratings


Moody’s Investor Service	Senior Unsecured Shelf	(P) Ba1 (stable outlook)
Standard and Poor’s	Corporate Credit Rating	BB+ (stable outlook)
Fitch	Bank Credit Facility	BBB- (stable outlook)

Supplemental Schedule 6(a)

Same Store Sales
Third Quarter 2006 Compared to Third Quarter 2005
(unaudited) (in thousands, except site and unit data)


										Three Months Ended									Three Months Ended							Change
								September 30, 2006									September 30, 2005									Revenue						Expenses						NOI
	Sites		Units		Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount			Percent			Amount			Percent			Amount			Percent

California
Bay Area & Sacramento		5		1,291		44	%	$	1,836	$	703	$	1,134				$	1,700	$	699	$	1,001				$	137			8.0	%	$	4			0.5	%	$	133			13.3	%
Los Angeles-Long Beach — Ventura		12		2,638		88	%		13,311		4,232		9,078					12,077		3,996		8,081					1,234			10.2	%		237			5.9	%		997			12.3	%
Orange County — Riverside		7		1,651		82	%		5,518		1,747		3,771					5,244		1,632		3,612					274			5.2	%		115			7.0	%		159			4.4	%
San Diego		5		1,719		92	%		5,352		1,679		3,674					5,214		1,615		3,599					138			2.6	%		64			3.9	%		74			2.1	%


		29		7,299		79.9	%		26,017		8,360		17,657		96.3	%		24,235		7,942		16,293		96.0	%		1,783			7.4	%		419			5.3	%		1,364			8.4	%
Florida
Jacksonville		2		592		100	%		1,340		556		783					1,307		450		857					33			2.5	%		106			23.7	%		(74	)		-8.6	%
Miami/Fort Lauderdale		10		3,225		84	%		10,155		4,152		6,003					9,401		3,945		5,456					754			8.0	%		207			5.3	%		547			10.0	%
Orlando — Daytona		21		5,390		93	%		12,422		4,952		7,469					11,370		4,809		6,561					1,052			9.2	%		143			3.0	%		909			13.9	%
Tampa-St. Petersburg		16		3,983		68	%		6,461		2,768		3,692					5,924		2,502		3,422					536			9.1	%		266			10.6	%		270			7.9	%
West Palm Beach-Boca		5		1,505		100	%		4,216		1,729		2,487					4,045		1,578		2,468					170			4.2	%		152			9.6	%		19			0.8	%


		54		14,695		85.3	%		34,593		14,158		20,435		94.8	%		32,047		13,284		18,764		97.3	%		2,546			7.9	%		874			6.6	%		1,671			8.9	%
Midwest
Chicago		21		5,863		82	%		14,110		6,294		7,816					13,424		6,224		7,200					686			5.1	%		70			1.1	%		616			8.6	%
Cincinnati — Dayton		6		1,587		54	%		1,992		894		1,098					1,936		773		1,163					57			2.9	%		121			15.7	%		(65	)		-5.6	%
Columbus		9		2,012		72	%		2,678		1,423		1,255					2,342		1,304		1,038					336			14.4	%		119			9.2	%		217			20.9	%
Detroit — Ann Arbor		6		1,665		62	%		2,102		1,085		1,017					2,165		1,093		1,072					(62	)		-2.9	%		(8	)		-0.7	%		(55	)		-5.1	%
Grand Rapids-Lansing		11		4,402		65	%		5,423		2,876		2,547					5,304		2,823		2,481					119			2.2	%		53			1.9	%		66			2.7	%
Indianapolis		24		9,518		92	%		15,057		6,622		8,435					14,526		7,771		6,756					531			3.7	%		(1,149	)		-14.8	%		1,680			24.9	%
Minneapolis — St. Paul		4		1,222		81	%		3,233		1,489		1,744					3,219		1,541		1,679					14			0.4	%		(51	)		-3.3	%		65			3.9	%
Midwest other		7		1,773		43	%		1,469		664		806					1,456		697		759					13			0.9	%		(33	)		-4.7	%		46			6.1	%


		88		28,042		76.5	%		46,065		21,348		24,717		93.5	%		44,371		22,225		22,147		92.3	%		1,694			3.8	%		(877	)		-3.9	%		2,570			11.6	%
Northeast
Baltimore		9		1,772		85	%		4,752		1,797		2,955					4,492		1,677		2,815					261			5.8	%		120			7.2	%		141			5.0	%
New England		16		5,745		100	%		19,626		6,757		12,869					19,302		6,908		12,395					324			1.7	%		(150	)		-2.2	%		474			3.8	%
Philadelphia — New York		13		5,822		88	%		17,838		6,631		11,207					17,026		6,490		10,535					812			4.8	%		140			2.2	%		672			6.4	%
Washington		18		9,066		90	%		26,762		9,924		16,838					26,020		9,241		16,779					742			2.9	%		683			7.4	%		59			0.4	%

		56		22,405		91.8	%		68,979		25,109		43,870		95.3	%		66,840		24,316		42,524		96.1	%		2,138			3.2	%		793			3.3	%		1,346			3.2	%

Southeast
Atlanta		9		2,484		80	%		4,114		2,131		1,983					4,051		1,987		2,065					63			1.6	%		144			7.3	%		(81	)		-3.9	%
Savannah/Augusta		2		416		100	%		977		340		637					897		360		537					80			8.9	%		(21	)		-5.7	%		100			18.7	%
Charlotte-Gastonia		5		1,100		90	%		1,607		917		690					1,501		918		583					106			7.1	%		(1	)		-0.1	%		107			18.4	%
Columbia/Charleston		6		1,238		70	%		1,673		849		824					1,538		847		691					135			8.8	%		2			0.2	%		133			19.3	%
Nashville		8		2,492		74	%		4,203		1,513		2,690					4,004		1,844		2,160					198			5.0	%		(331	)		-18.0	%		530			24.5	%
Norfolk		10		3,161		79	%		7,144		2,118		5,026					6,654		2,280		4,374					491			7.4	%		(162	)		-7.1	%		652			14.9	%
Raleigh-Durham-Chapel Hill		8		2,247		76	%		3,136		1,639		1,496					2,808		1,677		1,130					328			11.7	%		(38	)		-2.3	%		366			32.4	%
Richmond — Petersburg		3		744		80	%		1,340		525		815					1,289		477		812					51			4.0	%		48			10.1	%		3			0.3	%
Southeast other		12		2,617		81	%		4,097		2,032		2,065					3,826		2,007		1,819					270			7.1	%		25			1.2	%		246			13.5	%

		63		16,499		79.0	%		28,290		12,064		16,226		93.4	%		26,569		12,399		14,170		91.6	%		1,722			6.5	%		(334	)		-2.7	%		2,056			14.5	%

Texas
Austin-San Marcos		11		2,417		94	%		4,400		2,325		2,075					4,208		2,402		1,806					191			4.5	%		(78	)		-3.2	%		269			14.9	%
Dallas-Fort Worth		22		5,847		77	%		8,444		4,187		4,257					7,874		4,955		2,920					570			7.2	%		(767	)		-15.5	%		1,338			45.8	%
Houston — Galveston		36		9,570		68	%		12,200		6,371		5,829					10,831		6,824		4,007					1,369			12.6	%		(452	)		-6.6	%		1,821			45.5	%
San Antonio		9		1,951		91	%		3,048		1,668		1,380					2,898		1,609		1,289					150			5.2	%		58			3.6	%		92			7.1	%
Texas other		3		763		65	%		922		404		518					849		443		406					73			8.6	%		(39	)		-8.8	%		112			27.6	%

		81		20,548		75.6	%		29,014		14,955		14,059		93.6	%		26,661		16,233		10,428		89.1	%		2,353			8.8	%		(1,278	)		-7.9	%		3,632			34.8	%

West
Denver		23		5,109		83	%		9,508		4,094		5,414					9,424		4,185		5,239					84			0.9	%		(91	)		-2.2	%		176			3.4	%
Phoenix-Mesa		21		5,671		93	%		10,726		5,010		5,716					9,799		4,715		5,083					928			9.5	%		295			6.3	%		633			12.5	%
Salt Lake City-Ogden		4		1,511		86	%		2,477		957		1,521					2,305		982		1,323					172			7.5	%		(25	)		-2.6	%		197			14.9	%
Seattle		4		468		59	%		733		328		405					676		315		361					57			8.5	%		13			4.2	%		44			12.3	%
West other		8		2,296		86	%		3,714		1,853		1,861					3,482		1,707		1,775					232			6.7	%		146			8.5	%		86			4.8	%

		60		15,055		87.0	%		27,159		12,242		14,917		93.9	%		25,686		11,905		13,781		92.7	%		1,473			5.7	%		337			2.8	%		1,136			8.2	%

SAME STORE SALES TOTALS		431		124,543		81.9	%	$	260,117	$	108,237	$	151,881		94.2	%	$	246,409	$	108,303	$	138,106		93.2	%	$	13,708			5.6	%	$	(66	)		-0.1	%	$	13,775			10.0	%

Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement (1)									162,485		86,512		75,972					107,853		60,878		46,975

Total rental and other property revenues and property operating expense per GAAP income statement								$	422,602	$	194,749	$	227,853				$	354,262	$	169,181	$	185,081


(1)		Includes: (i) minority partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.

(2)		Same Store Effective Units were approximately 102,000 at September 30, 2006.

Supplemental Schedule 6(b)

Same Store Sales
Third Quarter 2006 Compared to Second Quarter 2006
(unaudited) (in thousands, except site and unit data)


									Three Months Ended									Three Months Ended									Change
									September 30, 2006									June 30, 2006									Revenue						Expenses						NOI
	Sites		Units			Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount			Percent			Amount			Percent			Amount			Percent

California
Bay Area & Sacramento		5		1,291			44	%	$	1,836	$	703	$	1,134				$	1,815	$	640	$	1,175				$	21			1.1	%	$	63			9.8	%	$	(42	)		-3.6	%
Los Angeles-Long Beach — Ventura		12		2,638			88	%		13,311		4,232		9,078					13,017		3,995		9,022					294			2.3	%		238			5.9	%		56			0.6	%
Orange County - Riverside		7		1,651			82	%		5,518		1,747		3,771					5,443		1,571		3,872					75			1.4	%		176			11.2	%		(101	)		-2.6	%
San Diego		5		1,719			92	%		5,352		1,679		3,674					5,208		1,625		3,583					145			2.8	%		54			3.3	%		91			2.5	%

		29		7,299			79.9	%		26,017		8,360		17,657		96.3	%		25,483		7,831		17,653		96.2	%		534			2.1	%		530			6.8	%		4			0.0	%
Florida
Jacksonville		2		592			100	%		1,340		556		783					1,322		499		823					17			1.3	%		57			11.4	%		(39	)		-4.8	%
Miami/Fort Lauderdale		10		3,225			84	%		10,155		4,152		6,003					10,134		3,988		6,147					21			0.2	%		164			4.1	%		(144	)		-2.3	%
Orlando — Daytona		21		5,390			93	%		12,422		4,952		7,469					12,227		4,792		7,436					194			1.6	%		161			3.4	%		34			0.5	%
Tampa-St. Petersburg		16		3,983			68	%		6,461		2,768		3,692					6,419		2,563		3,856					42			0.6	%		205			8.0	%		(164	)		-4.2	%
West Palm Beach-Boca		5		1,505			100	%		4,216		1,729		2,487					4,347		1,738		2,609					(131	)		-3.0	%		(9	)		-0.5	%		(123	)		-4.7	%

		54		14,695			85.3	%		34,593		14,158		20,435		94.8	%		34,450		13,580		20,870		96.3	%		143			0.4	%		578			4.3	%		(435	)		-2.1	%
Midwest
Chicago		21		5,863			82	%		14,110		6,294		7,816					14,118		6,264		7,853					(8	)		-0.1	%		30			0.5	%		(37	)		-0.5	%
Cincinnati — Dayton		6		1,587			54	%		1,992		894		1,098					1,990		831		1,159					2			0.1	%		63			7.5	%		(61	)		-5.2	%
Columbus		9		2,012			72	%		2,678		1,423		1,255					2,628		1,339		1,289					49			1.9	%		84			6.3	%		(35	)		-2.7	%
Detroit — Ann Arbor		6		1,665			62	%		2,102		1,085		1,017					2,092		1,066		1,025					10			0.5	%		19			1.8	%		(8	)		-0.8	%
Grand Rapids-Lansing		11		4,402			65	%		5,423		2,876		2,547					5,284		2,612		2,672					139			2.6	%		264			10.1	%		(125	)		-4.7	%
Indianapolis		24		9,518			92	%		15,057		6,622		8,435					14,920		7,468		7,451					138			0.9	%		(846	)		-11.3	%		984			13.2	%
Minneapolis — St. Paul		4		1,222			81	%		3,233		1,489		1,744					3,247		1,397		1,850					(14	)		-0.4	%		93			6.6	%		(107	)		-5.8	%
Midwest other		7		1,773			43	%		1,469		664		806					1,495		689		807					(26	)		-1.7	%		(25	)		-3.6	%		(1	)		-0.1	%

		88		28,042			76.5	%		46,065		21,348		24,717		93.5	%		45,774		21,667		24,107		93.7	%		291			0.6	%		(319	)		-1.5	%		610			2.5	%
Northeast
Baltimore		9		1,772			85	%		4,752		1,797		2,955					4,774		1,739		3,035					(22	)		-0.5	%		58			3.3	%		(80	)		-2.6	%
New England		16		5,745			100	%		19,626		6,757		12,869					19,603		6,887		12,716					23			0.1	%		(130	)		-1.9	%		153			1.2	%
Philadelphia — New York		13		5,822			88	%		17,838		6,631		11,207					17,744		6,691		11,053					94			0.5	%		(60	)		-0.9	%		154			1.4	%
Washington		18		9,066			90	%		26,762		9,924		16,838					26,398		9,259		17,139					364			1.4	%		665			7.2	%		(301	)		-1.8	%

		56		22,405			91.8	%		68,979		25,109		43,870		95.3	%		68,519		24,576		43,943		95.4	%		460			0.7	%		533			2.2	%		(73	)		-0.2	%
Southeast
Atlanta		9		2,484			80	%		4,114		2,131		1,983					4,051		1,941		2,109					63			1.6	%		189			9.8	%		(126	)		-6.0	%
Savannah/Augusta		2		416			100	%		977		340		637					944		327		617					33			3.5	%		12			3.8	%		20			3.3	%
Charlotte-Gastonia		5		1,100			90	%		1,607		917		690					1,559		925		634					48			3.1	%		(8	)		-0.8	%		56			8.8	%
Columbia/Charleston		6		1,238			70	%		1,673		849		824					1,638		785		853					34			2.1	%		64			8.1	%		(29	)		-3.4	%
Nashville		8		2,492			74	%		4,203		1,513		2,690					4,100		1,786		2,314					103			2.5	%		(273	)		-15.3	%		375			16.2	%
Norfolk		10		3,161			79	%		7,144		2,118		5,026					7,020		2,347		4,673					124			1.8	%		(229	)		-9.7	%		353			7.5	%
Raleigh-Durham-Chapel Hill		8		2,247			76	%		3,136		1,639		1,496					3,003		1,514		1,489					133			4.4	%		126			8.3	%		7			0.5	%
Richmond - Petersburg		3		744			80	%		1,340		525		815					1,338		463		875					2			0.1	%		63			13.5	%		(61	)		-6.9	%
Southeast other		12		2,617			81	%		4,097		2,032		2,065					4,065		1,878		2,187					32			0.8	%		154			8.2	%		(122	)		-5.6	%

		63		16,499			79.0	%		28,290		12,064		16,226		93.4	%		27,718		11,966		15,752		92.4	%		572			2.1	%		98			0.8	%		474			3.0	%
Texas
Austin-San Marcos		11		2,417			94	%		4,400		2,325		2,075					4,331		2,217		2,114					69			1.6	%		108			4.9	%		(39	)		-1.9	%
Dallas-Fort Worth		22		5,847			77	%		8,444		4,187		4,257					8,316		4,234		4,082					129			1.5	%		(47	)		-1.1	%		175			4.3	%
Houston — Galveston		36		9,570			68	%		12,200		6,371		5,829					11,933		6,250		5,682					267			2.2	%		121			1.9	%		146			2.6	%
San Antonio		9		1,951			91	%		3,048		1,668		1,380					3,001		1,501		1,501					47			1.6	%		167			11.1	%		(120	)		-8.0	%
Texas other		3		763			65	%		922		404		518					905		389		516					17			1.9	%		15			3.9	%		2			0.4	%

		81		20,548			75.6	%		29,014		14,955		14,059		93.6	%		28,486		14,591		13,895		93.5	%		529			1.9	%		364			2.5	%		164			1.2	%
West
Denver		23		5,109			83	%		9,508		4,094		5,414					9,419		3,969		5,450					89			0.9	%		125			3.2	%		(36	)		-0.7	%
Phoenix-Mesa		21		5,671			93	%		10,726		5,010		5,716					10,376		4,642		5,735					350			3.4	%		368			7.9	%		(18	)		-0.3	%
Salt Lake City-Ogden		4		1,511			86	%		2,477		957		1,521					2,395		893		1,502					82			3.4	%		64			7.1	%		19			1.2	%
Seattle		4		468			59	%		733		328		405					723		327		396					10			1.4	%		1			0.5	%		9			2.2	%
West other		8		2,296			86	%		3,714		1,853		1,861					3,648		1,611		2,037					66			1.8	%		242			15.1	%		(176	)		-8.6	%

		60		15,055			87.0	%		27,159		12,242		14,917		93.9	%		26,561		11,440		15,120		93.6	%		598			2.3	%		802			7.0	%		(203	)		-1.3	%

SAME STORE SALES TOTALS		431		124,543	(2)		81.9	%	$	260,117	$	108,237	$	151,881		94.2	%	$	256,991	$	105,650	$	151,341		94.2	%	$	3,126			1.2	%	$	2,586			2.4	%	$	540			0.4	%

Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement (1)										162,485		86,512		75,972					158,733		79,414		79,319

Total rental and other property revenues and property operating expense per GAAP Income Statement									$	422,602	$	194,749	$	227,853				$	415,724	$	185,064	$	230,660


(1)		Includes: (i) minority partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.

(2)		Same Store Effective Units were approximately 102,000 at September 30, 2006.

Supplemental Schedule 6(c)

Same Store Sales
Nine Months Ended 2006 Compared to Nine Months Ended 2005
(unaudited) (in thousands, except site and unit data)


								Nine Months Ended									Nine Months Ended									Change
								September 30, 2006									September 30, 2005									Revenue					Expenses						NOI
	Sites		Units		Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount		Percent			Amount			Percent			Amount			Percent

California
Bay Area & Sacramento		5		1,291		44	%	$	5,419	$	2,022	$	3,397				$	5,017	$	2,055	$	2,963				$	402		8.0	%	$	(32	)		-1.6	%	$	434			14.6	%
Los Angeles-Long Beach — Ventura		12		2,638		88	%		38,973		12,344		26,630					35,212		11,404		23,808					3,762		10.7	%		940			8.2	%		2,822			11.9	%
Orange County - Riverside		7		1,651		82	%		16,326		4,910		11,416					15,180		4,576		10,603					1,146		7.6	%		334			7.3	%		812			7.7	%
San Diego		5		1,719		92	%		15,659		4,925		10,734					15,144		4,622		10,522					514		3.4	%		303			6.6	%		211			2.0	%

		29		7,299		79.9	%		76,376		24,201		52,175		96.2	%		70,553		22,656		47,896		95.6	%		5,824		8.3	%		1,545			6.8	%		4,279			8.9	%
Florida
Jacksonville		2		592		100	%		3,975		1,535		2,440					3,791		1,353		2,438					184		4.8	%		181			13.4	%		2			0.1	%
Miami/Fort Lauderdale		10		3,225		84	%		30,181		11,995		18,187					27,177		11,111		16,066					3,004		11.1	%		883			7.9	%		2,121			13.2	%
Orlando — Daytona		21		5,390		93	%		36,723		14,507		22,216					33,137		13,729		19,409					3,586		10.8	%		779			5.7	%		2,807			14.5	%
Tampa-St. Petersburg		16		3,983		68	%		19,136		7,869		11,267					17,268		7,138		10,130					1,868		10.8	%		731			10.2	%		1,137			11.2	%
West Palm Beach-Boca		5		1,505		100	%		12,873		5,056		7,817					11,870		4,627		7,243					1,003		8.5	%		429			9.3	%		574			7.9	%

		54		14,695		85.3	%		102,888		40,961		61,927		96.3	%		93,242		37,957		55,285		97.0	%		9,645		10.3	%		3,004			7.9	%		6,642			12.0	%
Midwest
Chicago		20		5,708		81	%		40,210		18,273		21,936					37,753		17,118		20,635					2,457		6.5	%		1,156			6.8	%		1,301			6.3	%
Cincinnati — Dayton		6		1,587		54	%		5,884		2,672		3,212					5,722		2,335		3,387					161		2.8	%		337			14.4	%		(176	)		-5.2	%
Columbus		9		2,012		72	%		7,868		4,308		3,561					6,869		3,819		3,050					999		14.5	%		488			12.8	%		511			16.8	%
Detroit — Ann Arbor		6		1,665		62	%		6,371		3,223		3,148					6,118		3,235		2,883					254		4.1	%		(11	)		-0.4	%		265			9.2	%
Grand Rapids-Lansing		11		4,402		65	%		15,986		8,140		7,846					15,348		8,238		7,110					637		4.2	%		(98	)		-1.2	%		736			10.3	%
Indianapolis		24		9,518		92	%		44,796		20,935		23,861					41,741		22,328		19,413					3,055		7.3	%		(1,393	)		-6.2	%		4,448			22.9	%
Minneapolis — St. Paul		4		1,222		81	%		9,676		4,468		5,208					9,176		4,446		4,729					500		5.5	%		22			0.5	%		478			10.1	%
Midwest other		7		1,773		43	%		4,455		2,096		2,359					4,248		2,004		2,244					207		4.9	%		92			4.6	%		115			5.1	%

		87		27,887		76.4	%		135,245		64,116		71,129		93.7	%		126,975		63,524		63,451		91.3	%		8,270		6.5	%		592			0.9	%		7,678			12.1	%
Northeast
Baltimore		9		1,772		85	%		14,150		5,342		8,807					13,160		5,010		8,150					990		7.5	%		332			6.6	%		657			8.1	%
New England		15		5,505		100	%		56,544		20,363		36,181					54,719		20,490		34,228					1,825		3.3	%		(128	)		-0.6	%		1,953			5.7	%
Philadelphia — New York		12		5,556		88	%		48,721		19,140		29,582					45,901		18,113		27,788					2,821		6.1	%		1,027			5.7	%		1,794			6.5	%
Washington		18		9,066		90	%		79,221		29,223		49,998					76,100		27,712		48,388					3,121		4.1	%		1,511			5.5	%		1,610			3.3	%

		54		21,899		91.6	%		198,636		74,067		124,568		95.4	%		189,879		71,325		118,555		95.7	%		8,756		4.6	%		2,743			3.8	%		6,014			5.1	%
Southeast
Atlanta		9		2,484		80	%		12,194		6,028		6,166					11,809		5,614		6,195					385		3.3	%		414			7.4	%		(29	)		-0.5	%
Savannah/Augusta		2		416		100	%		2,812		983		1,830					2,603		980		1,623					210		8.1	%		3			0.3	%		207			12.7	%
Charlotte-Gastonia		5		1,100		90	%		4,639		2,764		1,875					4,524		2,601		1,923					115		2.5	%		162			6.2	%		(48	)		-2.5	%
Columbia/Charleston		6		1,238		70	%		4,904		2,445		2,459					4,372		2,339		2,034					531		12.2	%		106			4.5	%		426			20.9	%
Nashville		8		2,492		74	%		12,345		5,071		7,273					11,538		4,916		6,621					807		7.0	%		155			3.2	%		652			9.8	%
Norfolk		10		3,161		79	%		20,859		6,706		14,153					19,355		6,580		12,775					1,504		7.8	%		126			1.9	%		1,379			10.8	%
Raleigh-Durham-Chapel Hill		7		2,046		76	%		8,141		4,293		3,848					7,603		4,083		3,520					538		7.1	%		210			5.1	%		328			9.3	%
Richmond — Petersburg		3		744		80	%		4,017		1,429		2,588					3,769		1,355		2,413					248		6.6	%		74			5.4	%		174			7.2	%
Southeast other		12		2,617		81	%		12,144		5,772		6,372					11,051		5,596		5,455					1,093		9.9	%		176			3.1	%		917			16.8	%

		62		16,298		79.0	%		82,055		35,491		46,564		92.5	%		76,624		34,065		42,559		91.1	%		5,431		7.1	%		1,426			4.2	%		4,005			9.4	%
Texas
Austin-San Marcos		11		2,417		94	%		13,001		6,760		6,241					12,295		6,416		5,879					706		5.7	%		343			5.4	%		362			6.2	%
Dallas-Fort Worth		22		5,847		77	%		25,004		12,688		12,316					22,815		12,680		10,136					2,189		9.6	%		9			0.1	%		2,180			21.5	%
Houston — Galveston		36		9,570		68	%		35,921		18,958		16,963					31,729		18,464		13,265					4,192		13.2	%		494			2.7	%		3,698			27.9	%
San Antonio		9		1,951		91	%		9,055		4,562		4,494					8,470		4,273		4,197					586		6.9	%		289			6.8	%		297			7.1	%
Texas other		3		763		65	%		2,713		1,209		1,504					2,494		1,180		1,314					219		8.8	%		29			2.5	%		190			14.4	%

		81		20,548		75.6	%		85,695		44,177		41,518		93.7	%		77,803		43,013		34,791		88.3	%		7,891		10.1	%		1,164			2.7	%		6,727			19.3	%
West
Denver		22		4,813		84	%		26,955		11,461		15,494					25,396		11,175		14,222					1,559		6.1	%		287			2.6	%		1,272			8.9	%
Phoenix-Mesa		21		5,671		93	%		31,347		13,863		17,484					28,077		13,288		14,789					3,270		11.6	%		575			4.3	%		2,695			18.2	%
Salt Lake City-Ogden		4		1,511		86	%		7,237		2,768		4,468					6,682		2,750		3,932					555		8.3	%		19			0.7	%		536			13.6	%
Seattle		4		468		59	%		2,142		975		1,168					1,959		919		1,040					183		9.3	%		56			6.1	%		127			12.2	%
West other		8		2,296		86	%		10,926		5,068		5,858					10,101		4,685		5,417					825		8.2	%		383			8.2	%		442			8.2	%

		59		14,759		87.3	%		78,607		34,135		44,472		94.0	%		72,215		32,816		39,400		91.5	%		6,392		8.9	%		1,319			4.0	%		5,073			12.9	%

SAME STORE SALES TOTALS		426		123,385		81.9	%	$	759,501	$	317,147	$	442,354		94.3	%	$	707,292	$	305,356	$	401,936		92.5	%	$	52,209		7.4	%	$	11,792			3.9	%	$	40,418			10.1	%

Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement (1)									486,178		254,748		231,430					318,599		175,348		143,251

Total rental and other property revenues and property operating expense per GAAP Income Statement								$	1,245,679	$	571,895	$	673,784				$	1,025,891	$	480,704	$	545,187


(1)		Includes: (i) minority partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.

Supplemental Schedule 7

Selected Portfolio Performance Data
(unaudited)

PORTFOLIO SUMMARY
SAME STORE PERFORMANCE


	SAME STORE PORTFOLIO
	CORE			NON-CORE			TOTAL
Rent, average third quarter 2006	$	960		$	639		$	817
Occupancy, average third quarter 2006		94.8	%		93.3	%		94.2	%
Operating Margin		61.8	%		51.0	%		58.4	%
Total number of properties		224			207			431
Total number of units		67,498			57,045			124,543
Effective Units		59,128			42,917			102,045
Percent of total Same Store NOI		72.6	%		27.4	%		100.0	%

3rd Quarter 2006 vs. 3rd Quarter 2005 Change

Revenue		5.2	%		6.3	%		5.6	%
Expenses		2.9	%		-4.7	%		-0.1	%
NOI		6.7	%		19.7	%		10.0	%

Sequential, 3rd Quarter 2006 vs. 2nd Quarter 2006 Change

Revenue		1.0	%		1.6	%		1.2	%
Expenses		2.9	%		1.8	%		2.4	%
NOI		-0.1	%		1.5	%		0.4	%

YTD September 2006 vs. YTD September 2005 Change
Revenue		6.9	%		8.4	%		7.4	%
Expenses		5.2	%		1.7	%		3.9	%
NOI		8.0	%		15.8	%		10.1	%

TOTAL CONVENTIONAL PORTFOLIO: SUMMARY BY MARKET
SELECTED MARKETS


	Quarter Ended September 30, 2006									Quarter Ended September 30, 2005
	TOTAL CONVENTIONAL PORTFOLIO									TOTAL CONVENTIONAL PORTFOLIO
Percent of Total Conventional NOI	CORE			NON-CORE			TOTAL			CORE			NON-CORE			TOTAL
Top 20 Markets
1 Washington		10.2	%		0.0	%		10.2	%		10.6	%		0.0	%		10.6	%
2 Los Angeles-Long Beach-Ventura		9.0	%		0.0	%		9.0	%		7.6	%		0.0	%		7.6	%
3 New England		7.2	%		0.0	%		7.2	%		7.2	%		0.0	%		7.2	%
4 Philadelphia		6.3	%		0.0	%		6.3	%		6.3	%		0.0	%		6.3	%
5 Indianapolis/Fort Wayne		0.0	%		5.4	%		5.4	%		0.0	%		4.3	%		4.3	%
6 Chicago		4.7	%		0.3	%		5.0	%		4.7	%		0.3	%		5.0	%
7 Miami/Fort Lauderdale		5.0	%		0.0	%		5.0	%		6.0	%		0.0	%		6.0	%
8 Orlando-Daytona		3.9	%		0.3	%		4.2	%		3.6	%		0.3	%		3.9	%
9 Phoenix-Mesa		2.9	%		0.6	%		3.5	%		2.5	%		0.5	%		3.0	%
10 Houston-Galveston		0.0	%		3.3	%		3.3	%		0.0	%		2.4	%		2.4	%
11 Denver-Front Range		3.0	%		0.2	%		3.2	%		2.9	%		0.2	%		3.1	%
12 New York		3.1	%		0.0	%		3.1	%		2.8	%		0.0	%		2.8	%
13 Tampa-St. Petersburg		2.4	%		0.6	%		3.0	%		2.1	%		0.5	%		2.6	%
14 Norfolk		2.8	%		0.0	%		2.8	%		2.6	%		0.0	%		2.6	%
15 San Diego		2.6	%		0.0	%		2.6	%		2.7	%		0.0	%		2.7	%
16 Dallas-Ft Worth		0.0	%		2.4	%		2.4	%		0.0	%		1.8	%		1.8	%
17 Orange County-Riverside		2.3	%		0.0	%		2.3	%		2.2	%		0.0	%		2.2	%
18 Baltimore		1.6	%		0.0	%		1.6	%		1.7	%		0.0	%		1.7	%
19 Atlanta		1.6	%		0.0	%		1.6	%		1.6	%		0.4	%		2.0	%
20 Nashville		1.3	%		0.2	%		1.5	%		1.1	%		0.2	%		1.3	%

Subtotal Top 20 Markets		69.7	%		13.3	%		83.0	%		68.3	%		11.0	%		79.3	%

All Other Markets (38 in 2006 and 50 in 2005)		5.5	%		11.5	%		17.1	%		5.3	%		15.4	%		20.6	%


Total Conventional NOI		75.2	%		24.8	%		100.0	%		73.6	%		26.4	%		100.0	%


Rent, average third quarter	$	1,028		$	644		$	864		$	847		$	626		$	821
Occupancy, average third quarter		94.5	%		93.2	%		92.8	%		90.6	%		90.3	%		91.8	%
Total number of properties		275			221			496			270			296			566
Total number of units		82,773			59,997			142,770			82,892			77,435			160,327
Effective Units		71,428			45,129			116,557			71,502			58,813			130,315
Average Home Value*	$	290,858		$	158,207		$	236,527
REIS Growth Rate (4 year weighted average)**		3.5	%		2.9	%		3.3	%
Number of markets		27			31			58


*		Source: Claritas, based on 2005 data

**		Source: REIS, based on Q1 2006 forecasted data

Supplemental Schedule 8

Property Sales and Acquisition Activity
(unaudited)
THIRD QUARTER 2006 PROPERTY SALES ACTIVITY (dollars in millions)


	Number		Number													Aimco		Aimco
	of		of		Gross		FCF			(1)	Property		Net Sales		(2)	Gross		Net		Average
	Properties		Units		Proceeds		Yield				Debt		Proceeds			Proceeds		Proceeds		Rent

Conventional Non-Core		7		1,238	$	64		3.9	%		$	24	$	32		$	44	$	25	$	659

Conventional Core		1		318		27		3.2	%			14		13			27		13		670

Affordable		5		610		26		3.5	%			21		4			19		4		985


Total Dispositions		13		2,166	$	117		3.6	%		$	59	$	49		$	90	$	42	$	752

YEAR-TO-DATE 2006 PROPERTY SALES ACTIVITY (dollars in millions)


		Number		Number													Aimco		Aimco
		of		of		Gross		FCF			(1)	Property		Net Sales		(2)	Gross		Net		Average
		Properties		Units		Proceeds		Yield				Debt		Proceeds			Proceeds		Proceeds		Rent

Conventional Non-Core	(3)		33		8,267	$	431		5.5	%		$	181	$	216		$	338	$	182	$	696

Conventional Core	(4)		1		880		178		3.7	%			90		84			177		89		1,307

Affordable			20		2,557		107		5.3	%			80		20			62		15		704


Total Dispositions			54		11,704	$	716		5.0	%		$	351	$	320		$	577	$	286	$	684


(1)		Free Cash Flow (FCF) includes a $500 per unit deduction for capital replacements and is before debt service. FCF Yield is calculated as the FCF earned by the properties during the 12 months prior to their sale divided by the sales price.

(2)		Net Sales Proceeds are after repayment of existing debt, net working capital settlements and payment of transaction costs.

(3)		Includes the sale of two student housing properties with 1,222 units for the nine months ended September 30, 2006.

(4)		Includes the sale of the South Tower of the Flamingo South Beach property with 562 units; Aimco net proceeds include $5 million for a non-refundable option to purchase the North and Central Towers.

THIRD QUARTER 2006 PROPERTY ACQUISITION ACTIVITY (dollars in millions)


				Number		Number		Gross
	Ownership			of		of		Purchase		Property		Average
	Percent			Properties		Units		Price		Debt		Rent

Conventional		100	%		2		167	$	31	$	12	$	947

Student Housing					—		—		—		—		—


Total Acquisitions					2		167	$	31	$	12	$	947

YEAR-TO-DATE 2006 PROPERTY ACQUISITION ACTIVITY (dollars in millions) (1)


					Number		Number		Gross
		Ownership			of		of		Purchase		Property		Average
		Percent			Properties		Units		Price		Debt		Rent

Conventional	(2)		100	%		3		491	$	70	$	36	$	944

Student Housing	(3)					2		386		22		14		632


Total Acquisitions	(4)					5		877	$	92	$	50	$	807


(1)		All property acquisitions occurred during the second and third quarters of 2006.

(2)		A property loan of approximately $7 million is expected to close in November 2006 for one of the two acquisitions completed in the third quarter.

(3)		One of the student housing properties was acquired at 100% ownership. The other student housing property was acquired at 33% through Aimco’s joint venture with CalSTRS.

(4)		Properties acquired are located in Pacifica, California, Tampa, Florida, Greenville, North Carolina, and Chico, California (through the CalSTRS joint venture).

Supplemental Schedule 9

Capital Expenditures
Nine Months Ended September 30, 2006
(in thousands, except per unit data)
(unaudited)

All capital spending is classified as either Capital Replacements (“CR”), Capital Improvements (“CI”), casualties or redevelopment. Non-redevelopment and non-casualty capitalizable expenditures are apportioned between CR and CI based on the useful life of the capital item under consideration and the period Aimco has owned the property (i.e., the portion that was consumed during Aimco’s ownership of the item represents CR; the portion of the item that was consumed prior to Aimco’s ownership represents CI). See the Glossary for further descriptions.

The table below details Aimco’s share of actual spending, on both consolidated and unconsolidated real estate partnerships, for Capital Replacements, Capital Improvements, casualties and redevelopment for the nine months ended September 30, 2006. Per unit numbers are based on approximately 138,135 average units, including 120,312 conventional and 18,225 affordable units. Average units are weighted for the period and represent Effective Units excluding non-managed units. (1)


Capital Replacements Detail:	Actual Amount			Per Unit
Building and grounds	$	18,061		$	130

Turnover related		31,184			225

Capitalized site payroll and indirect costs		10,889			79


Total Aimco’s share of Capital Replacements	$	60,134		$	434


Capital Replacements:
Conventional	$	54,845		$	456
Affordable		5,289			290

Total Aimco’s share of Capital Replacements		60,134		$	434


Capital Improvements:
Conventional		59,854		$	497
Affordable		12,640			694

Total Aimco’s share of Capital Improvements		72,494		$	524


Casualties:
Conventional		26,206
Affordable		2,121

Total Aimco’s share of Casualties (2)		28,327


Redevelopment (see Schedule 10 for further project details):
Conventional		113,836
Affordable		49,803

Total Aimco’s share of Redevelopment		163,639


Total Aimco’s share of capital expenditures		324,594


Plus minority partners’ share of consolidated spending		44,884
Less Aimco’s share of unconsolidated spending		(2,591	)

Capital expenditures per Consolidated Statement of Cash Flows	$	366,887


(1)		Average units calculated pro rata for the quarter based on acquisition and disposition timing.

(2)		A portion of expenditures related to casualty losses is reimbursed through insurance.

Supplemental Schedule 10

Summary of Redevelopment Activity
Nine Months Ended September 30, 2006
(dollars in millions)
(unaudited)


							Project Expenditures
																			Aimco
				Total			Total												Average			Targeted
	Number of			Property			Projected			Inception to			Year to Date			Year to Date			Ownership			Return on
	Properties			Units			100%			Date 100%			100%			AIV%			(3)			Investment

CONVENTIONAL REDEVELOPMENT PROPERTIES
ACTIVE REDEVELOPMENT PROJECTS
Active redevelopment projects at 6/30/06		28			13,860		$	291.6		$	144.9		$	90.3		$	79.8			88	%
Planned adjustments to approved projects		—			—			27.9			—			—			—
Projects completed during the period		—			—			—			—			—			—			n/a
New redevelopment projects started during period		9			3,964			105.5			4.3			4.7			4.5			97	%

Active redevelopment projects at 9/30/06		37			17,824			425.0			149.2			95.0			84.3			89	%		7.5 - 8.5	%
Entitlement projects (1)		3			3,940			—			59.4			18.7			18.5			99	%
Costs on projects completed year to date		1												0.7			0.7			100	%
Pre-construction and other activities (2)														14.6			10.3			71	%

TOTAL CONVENTIONAL														129.0			113.8			88	%


AFFORDABLE REDEVELOPMENT PROPERTIES
ACTIVE REDEVELOPMENT PROJECTS
Active redevelopment projects at 6/30/06		14			2,084		$	92.3		$	69.3		$	30.8		$	30.5			99	%
Planned adjustments to approved projects		—			—			11.8			—			—			—			n/a
Projects completed during the period		(2	)		(257	)		(13.2	)		(9.3	)		(6.2	)		(6.2	)		100	%
New redevelopment projects started during period		1			151			5.4			—			—			—			0	%

Active redevelopment projects at 9/30/06		13			1,978			96.3			60.0			24.6			24.3			99	%
Costs on projects completed year to date														21.6			21.6			100	%
Pre-construction and other activities (2)														4.8			3.9			97	%

TOTAL AFFORDABLE (4)														51.0			49.8			98	%


TOTAL REDEVELOPMENT EXPENDITURES													$	180.0		$	163.6			91	%


(1)		Entitlement projects consist of Lincoln Place (CA), Treetops (CA) and Springhill Lake (MD). Lincoln Place and Treetops are predominantly vacant and have December 31, 2005 book values of approximately $161 million and $73 million, respectively.

(2)		Pre-construction and other activities include consulting, legal, and capitalized labor costs, as well as some physical construction work.

(3)		Weighted average ownership at the time of the expenditures. As discussed in the Special Supplement our economic ownership of certain low-income housing tax credit partnerships has increased to 100%

(4)		Low-income housing tax credit projects account for approximately 97% of year-to-date 2006 Affordable project expenditures. As discussed in the Special Supplement our economic ownership of certain low-income housing tax credit partnerships has increased to 100%

Supplemental Schedule 11

Apartment Unit Summary
As of September 30, 2006
(unaudited)


	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Conventional Real Estate Portfolio:
Wholly-owned Consolidated Core Properties		167		47,518		47,518		100	%
Partially-owned Consolidated Core Properties		100		32,942		23,165		70	%
Partially-owned Unconsolidated Core Properties		8		2,313		745		32	%

Sub-total Core Properties		275		82,773		71,428		86	%


Wholly-owned Consolidated Non-Core Properties		117		33,513		33,513		100	%
Partially-owned Consolidated Non-Core Properties		101		25,684		11,341		44	%
Partially-owned Unconsolidated Non-Core Properties		3		800		275		34	%

Sub-total Non-Core Properties		221		59,997		45,129		75	%


Total		496		142,770		116,557		82	%


Aimco Capital Real Estate Portfolio:
Wholly-owned Consolidated Properties		89		11,836		11,836		100	%
Partially-owned Consolidated Properties		147		15,812		5,385		34	%
Partially-owned Unconsolidated Properties		98		11,531		1,693		15	%

Total		334		39,179		18,914		48	%

Total Owned Real Estate Portfolio:
Wholly-owned Consolidated Properties		373		92,867		92,867		100	%
Partially-owned Consolidated Properties		348		74,438		39,891		54	%
Partially-owned Unconsolidated Properties		109		14,644		2,713		19	%

Total		830		181,949		135,471		74	%


Management Contracts:
Property Managed for Third Parties		42		3,610
Asset-managed		418		39,278

Total		460		42,888

Total Portfolio		1,290		224,837

Special Supplement to Third Quarter 2006 Earnings Release

Accounting for Tax Credit Arrangements

We sponsor certain partnerships that own and operate apartment properties that qualify for tax credits under Section 42 of the Internal Revenue Code and HUD subsidized rents under the Section 8 program. These partnerships acquire, develop and operate qualifying affordable housing properties and are structured to provide for the pass-through of tax credits and deductions to their partners. The tax credits are generally realized ratably over the first ten years of the tax credit arrangement and are subject to the partnership’s compliance with applicable laws and regulations for a period of 15 years. Typically, we are the general partner with a legal ownership interest of one percent or less. We market limited partner interests of at least 99 percent to unaffiliated institutional investors (“tax credit investors” or “investors”) and receive a syndication fee from each investor upon such investor’s admission to the partnership. At inception, each investor agrees to fund capital contributions to the partnerships. We agree to perform various services to the partnerships in exchange for fees over the expected duration of the tax credit service period. The related partnership agreements generally require adjustment of each tax credit investor’s required capital contributions if actual tax benefits to such investor differ from projected amounts.

In connection with our adoption of FIN 46 as of March 31, 2004, we determined that the partnerships in these arrangements are variable interest entities and, where we are general partner, we are the primary beneficiary that is required to consolidate the partnerships. During the period April 1, 2004, through June 30, 2006, we accounted for these partnerships as consolidated subsidiaries with a non-controlling interest (minority interest) of at least 99 percent. Accordingly, we allocated to the minority interest substantially all of the income or losses of the partnerships, including the effect of fees that we charged to the partnerships. In the third quarter of 2006, in consultation with our independent auditors, we determined that we are required to revise our accounting treatment for tax credit transactions to comply with the requirements of FIN 46. We also determined that our accounting treatment did not fully reflect the economic substance of the arrangements wherein we possess substantially all of the economic interests in the partnerships. Based on the contractual arrangements that obligate us to deliver tax benefits to the investors, and that entitle us through fee arrangements to receive substantially all available cash flow from the partnerships, we concluded that these partnerships are most appropriately accounted for by us as wholly owned subsidiaries. We also concluded that capital contributions received by the partnerships from tax credit investors represent, in substance, consideration that we receive in exchange for our obligation to transfer tax credits and other tax benefits to the investors. We have concluded that these receipts are appropriately recognized as income in our consolidated financial statements upon transfer of expected tax benefits to the investors.

In summary, our revised accounting treatment recognizes the income generated by the underlying real estate based on our economic interest in the partnerships. Proceeds received in exchange for the transfer of the tax credits are recognized as revenue proportionately as the tax benefits are delivered to the tax credit investors. Syndication fees and related costs are recognized in income upon completion of the syndication effort. Other direct and incremental costs incurred in structuring these arrangements are deferred and amortized over the expected duration of the arrangement in proportion to the recognition of related income. Investor contributions in excess of recognized revenue are reported as deferred income in our consolidated balance sheet. Our increased interest in the partnerships affects certain proportionate share amounts reported in the accompanying supplemental schedules.

Special Supplement to Third Quarter 2006 Earnings Release (continued)

We recognized the cumulative effect of this revised accounting treatment in our third quarter 2006 financial statements. The cumulative impact of the revised accounting treatment on net income and FFO are reflected in the table below (in thousands):


	Increase (Decrease) in Reported Amount
	April 1, 2004						Cumulative
	through			Six Months			Adjustment
	December 31,			Ended			Reflected in Third
	2005			June 30, 2006			Quarter 2006
Activity fees and asset management revenues	$	(1,542	)	$	962		$	(580	)

Property operating expenses		(545	)		(287	)		(832	)
Activity and asset management expenses		(1,141	)		(511	)		(1,652	)
General and administrative expenses		(355	)		(153	)		(508	)
Other expenses (income), net		(1,013	)		(179	)		(1,192	)


Operating income		1,512			2,092			3,604

Minority interest in consolidated real estate partnerships		(9,030	)		(10,524	)		(19,554	)
Minority interest in Aimco Operating Partnership		734			812			1,546


Net income		(6,784	)		(7,620	)		(14,404	)

Depreciation of rental property		7,377			11,454			18,831
Minority interest in Aimco Operating Partnership’s share of depreciation adjustment		(737	)		(1,136	)		(1,873	)


Funds From Operations	$	(144	)	$	2,698		$	2,554

Glossary

GLOSSARY OF NON-GAAP FINANCIAL AND OPERATING MEASURES: Financial and operating measures found in the Earnings Release and Supplemental Information include certain financial measures used by Aimco management that are not calculated in accordance with generally accepted accounting principles, or GAAP. These measures are defined below and, where appropriate, reconciled on the accompanying Supplemental Schedules to the most comparable GAAP measures.

ACQUISITION PROPERTIES: Properties that have not reached a stabilized level of occupancy during both the current and comparable prior year period.

AFFORDABLE PROPERTIES: Affordable properties benefit from government programs designed to pay rental income on behalf of people with low or moderate incomes and includes properties that were owned for all periods presented.

ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is FFO (diluted) less Capital Replacement expenditures, plus non-cash charges for redemption related preferred stock issuance costs and impairment losses, all of which are adjusted for the Aimco operating partnership’s share (AIMCO Properties, L.P.). Similar to FFO, AFFO is helpful to investors in understanding Aimco’s performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. Please see Supplemental Schedule 1 for AFFO data reconciled to net income as determined in accordance with GAAP.

CAPITAL IMPROVEMENTS (CI): CI expenditures include all non-redevelopment capital expenditures that are made to enhance the value, profitability or useful life of an asset from its original purchase condition. This category combines certain of Aimco’s prior capital expenditure categories. This new classification, along with Capital Replacements, is intended to be simpler to apply, allow more discrete differentiation between categories, facilitate sound economic decisions, and assist investors and analysts in better understanding capital spending. CI expenditures are a component of capital expenditures in the GAAP Statement of Cash Flows.

CAPITAL REPLACEMENTS (CR): CR expenditures do not increase the value, profitability or useful life of an asset from its original purchase condition. They represent the share of expenditures that are deemed to replace the consumed portion of acquired capital assets. CR expenditures are deducted in the calculation of AFFO and FCF. Please refer to Schedule 9 for further detail. CR expenditures are a component of Capital expenditures in the GAAP Statement of Cash Flows.

CASUALTY CAPITAL EXPENDITURES: Casualty capital expenditures represent capitalized costs incurred in connection with casualty losses and are associated with the restoration of the asset. A portion of the restoration costs is reimbursed by insurance carriers based on deductibles associated with each loss.

CORE PROPERTIES: Conventional properties located in selected markets that Aimco intends to hold and improve over the long-term.

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

FREE CASH FLOW (FCF): FCF measures profitability of operations and is prior to the cost of capital. FCF is comprised of AFFO (defined above), with adjustments to add back interest expense, minority interest in Aimco Operating Partnership, and preferred dividends. Because Aimco has unconsolidated real estate interests, it is useful for management and investors to understand, in addition to consolidated cash flows, cash flows related to Aimco’s unconsolidated real estate holdings. Please see Supplemental Schedule 2 for FCF data reconciled to net income as determined in accordance with GAAP.

Because Aimco has substantial unconsolidated real estate interests, it is useful for management and investors to understand, in addition to consolidated cash flows, cash flows related to Aimco’s unconsolidated real estate holdings. Please see Supplemental Schedule 2 for FCF data reconciled to net income as determined in accordance with GAAP.

Glossary (continued)

FUNDS FROM OPERATIONS (FFO): FFO is a commonly used measure of REIT performance defined by the National Association of Real Estate Investment Trusts (NAREIT) as net income, computed in accordance with GAAP, excluding gains from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. Aimco computes FFO for all periods presented in accordance with the guidance set forth by NAREIT’s April 1, 2002 White Paper. Aimco calculates FFO (diluted) by subtracting redemption related preferred stock issuance costs and dividends on preferred stock and adding back dividends/ distributions on dilutive preferred securities. FFO is helpful to investors in understanding Aimco’s performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. There can be no assurance that Aimco’s method for computing FFO is comparable with that of other real estate investment trusts. Please see Supplemental Schedule 1 for FFO data reconciled to net income as determined in accordance with GAAP.

NON-CORE PROPERTIES: Properties located in markets that are not considered selected markets or in less favored locations within selected markets, which Aimco intends to hold for the intermediate term.

OTHER EXPENSES (INCOME), NET: Other expenses (income), net includes tax provision/benefit, franchise taxes, risk management activities related to our unconsolidated partnerships and partnership expenses (partnership level expenses incurred directly or indirectly for services such as audit, tax and legal.)

OTHER PROPERTIES: Conventional properties that have significant rent control restrictions, University Housing properties that have been owned for more than one year and properties that are not multi-family such as commercial properties or fitness facilities.

REDEVELOPMENT PROPERTIES: 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.

SAME STORE: Same Store is used commonly to describe Conventional properties managed by Aimco, in which Aimco’s ownership exceeds 10% and that have reached a stabilized level of occupancy during both the current and comparable prior year period. Properties classified as held for sale are not included in Same Store. These results measure operating performance without variations caused by investment transactions. Aimco provides data for consolidated Same Store properties as well as its proportionate share of consolidated and unconsolidated Same Store properties. To ensure comparability, the information for all periods shown is based on current period ownership. Please see Supplemental Schedules 6a through 6c for Same Store data reconciled to rental and other property revenues and property operating expense as determined in accordance with GAAP.


MARYLAND	1-13232	84-1259577

(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)


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

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

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

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


	ITEM 2.02. Results of Operations and Financial Condition.
	ITEM 9.01. Financial Statements and Exhibits.
SIGNATURE
Third Quarter 2006 Earnings


	Exhibit Number		Description

	99.1		Third Quarter 2006 Earnings Release dated November 2, 2006


	APARTMENT INVESTMENT AND MANAGEMENT COMPANY
	/s/ Thomas M. Herzog
	Thomas M. Herzog
	Executive Vice President and Chief Financial Officer

Table of Contents

Table of Contents

Table of Contents

Table of Contents



Date of Report (Date of earliest event reported)		November 2, 2006



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


Schedule 1	—	Funds From Operations and Adjusted Funds From Operations

Schedule 2a	—	Business Component Proportionate Income Statement Presentation, 3Q

Schedule 2b	—	Business Component Proportionate Income Statement Presentation, Year-to-Date

Schedule 3	—	Business Component Proportionate Balance Sheet Presentation

Schedule 4	—	Share Data

Schedule 5	—	Selected Debt Information

Schedule 6a	—	Same Store Sales (3Q 2006 v. 3Q 2005)

Schedule 6b	—	Same Store Sales (3Q 2006 v. 2Q 2006)

Schedule 6c	—	Same Store Sales (Year-to-Date 2006 v. 2005)

Schedule 7	—	Selected Portfolio Performance Data

Schedule 8	—	Property Sales and Acquisitions Activity

Schedule 9	—	Capital Expenditures

Schedule 10	—	Summary of Redevelopment Activity

Schedule 11	—	Apartment Unit Summary

Special Supplement

Glossary