exv99w1

Exhibit 99.1

Denver, Colorado — May 4, 2007

Apartment Investment and Management Company
Announces First Quarter 2007 Results

SUMMARY FINANCIAL RESULTS: Apartment Investment and Management Company (Aimco) (NYSE:AIV) announced first quarter 2007 results including:


•		Net income for the quarter of $25.2 million decreased $58.9 million from $84.1 million in the first quarter 2006. Lower results in the first quarter 2007 are primarily due to lower gains on property sales of $92.7 million offset by a gain on extinguishment of debt (including gain on extinguishment of debt within discontinued operations) of $42.2 million. Earnings per share (EPS) was $0.09 on a diluted basis, compared with $0.63 in the first quarter 2006.

•		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 $74.1 million, or $0.74 per share, compared with $66.0 million, or $0.68 per share, in the first quarter 2006. FFO before impairment and preferred redemption charges was $74.9 million, or $0.75 per share, which included a net impact of $0.02 from a $0.09 gain on extinguishment of debt which was partially offset by $0.07 of charges related to an impairment of our investment in a group purchasing organization, legal settlements and a write-off of capitalized software costs. Excluding these items, FFO was at the mid-point of guidance at $0.73 per share.

•		Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $57.9 million, or $0.58 per share, compared with $52.9 million, or $0.55 per share, in the first quarter 2006. AFFO includes deductions of $0.17 and $0.15 per share for capital replacement expenditures in the first quarter 2007 and the first quarter 2006, respectively.

Diluted Per Share Results


	FIRST QUARTER
	2007		2006

Earnings - EPS	$	0.09	$	0.63

Funds from operations - FFO	$	0.74	$	0.68

FFO before impairment and preferred redemption charges	$	0.75	$	0.70

Adjusted funds from operations - AFFO	$	0.58	$	0.55

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

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “Property operations had a solid quarter with conventional same-store rent growth of 4.7% and NOI growth of 6.0%. Redevelopment activities continue to create NAV with work underway at 55 properties. Aimco Capital has been reorganized to grow our asset management and transaction business. 2007 is off to a good start. ”

Chief Financial Officer Tom Herzog adds: “Our first quarter FFO was at the mid-point of guidance at $0.73 per share. We are establishing second quarter FFO guidance of $0.78 to $0.82 per share and maintaining our full year FFO guidance of $3.25 to $3.40 per share.”

Property Operations

Conventional Real Estate Operations

Conventional real estate operations consist of Aimco’s diversified portfolio of market rate apartment communities. At the end of the first quarter 2007, this portfolio consisted of 467 properties with 134,490 units in which Aimco had a weighted average ownership of 84%. During the first quarter 2007, conventional real estate operations generated net operating income of $166.1 million.

“Same Store” Results

The Same Store portfolio is a sub-set of total conventional properties (see the Glossary). In the first quarter 2007, the Same Store portfolio included 393 communities with 96,452 effective units based on Aimco’s weighted average ownership of 84% (see Supplemental Schedules 6a through 7).

Comparing Same Store results in the first quarter 2007 with the first quarter 2006, total revenue increased $11.8 million, or 4.9%. The increase in revenue was primarily generated by higher average rent, up $38 per unit, or 4.7%, from $801 per unit to $839 per unit, and increased utility reimbursements, up $1.4 million, partially offset by slightly lower occupancy, down 30 basis points from 94.7% to 94.4%. Same Store expenses of $105.3 million increased $3.5 million, or 3.4%, compared with the prior year period as a result of higher utilities, repairs and maintenance, payroll and contract services. Same Store portfolio net operating income was $147.6 million for the first quarter 2007, up 6.0% from the first quarter 2006.

Same Store Operating Results


	FIRST QUARTER
	Year-over-year									Sequential
	2007			2006			Variance			4th Qtr			Variance

Same Store Operating Measures

Average Physical Occupancy		94.4	%		94.7	%		-0.3	%		94.3	%		0.1	%

Average Rent Per Unit	$	839		$	801			4.7	%	$	836			0.4	%

Total Same Store ($mm)

Revenue	$	252.9		$	241.1			4.9	%	$	251.4			0.6	%

Expenses		(105.3	)		(101.8	)		3.4	%		(99.9	)		5.3	%

NOI ($mm)	$	147.6		$	139.3			6.0	%	$	151.5			-2.5	%

Comparing Same Store results on a sequential basis, total revenue increased $1.5 million in the first quarter 2007 compared with the fourth quarter 2006, driven by a $3 per unit increase in average rental rates and an increase in occupancy of 10 basis points. Expenses increased $5.4 million, or 5.3%, primarily due to higher utilities, payroll, taxes and insurance. Net operating income decreased $3.9 million, or 2.5%, on a sequential basis.

Affordable Real Estate Operations

Aimco is among the largest owners and operators of affordable properties in the United States. At the end of the first quarter 2007, Aimco’s owned affordable portfolio included 329 properties with 38,087 units in which Aimco had an average ownership of 51%. During the first quarter 2007, affordable property operations generated net operating income of $20.5 million. On a year-over-year basis, first quarter average month-end occupancy for the owned and managed portfolio decreased 30 basis points from 97.6% to 97.3%, and average rent per unit increased 3.9% from $687 to $714 per unit.

Aimco Capital

During the first quarter 2007, Aimco Capital was reorganized to oversee all of Aimco’s asset management, transaction and portfolio management activities, and is led by a management team dedicated to this business.

Asset Management and Transactions

Asset management income is earned from the financial management of partnerships. Transaction income is earned from activities such as dispositions, refinancings, land sales and tax credit syndications. Proceeds received in exchange for the transfer of tax credits are recognized ratably as the tax benefits are delivered, and syndication fees are recognized upon completion of tax credit syndications. Consolidated asset management and transaction net operating income, net of tax, was $6.3 million in the first quarter 2007 compared to $7.9 million in the first quarter 2006. See Supplemental Schedule 11 for additional information on asset management and transaction income.

Portfolio Management

ACQUISITIONS — Aimco acquired five properties in the first quarter 2007 for $75.2 million. Acquisitions included: 182-188 Columbus Avenue located in New York City with 32 units that Aimco purchased for $20.0 million or $625,000 per unit; 464-466 Amsterdam and 200-210 West 83^rd Street, also located in New York City, with 72 units that Aimco purchased for $30.0 million or $416,667 per unit; Central Park Townhomes located in Park Forest, IL with 220 units that Aimco purchased for $16.0 million or $72,727 per unit; Forestlake Apartments in Daytona Beach, FL with 120 units that Aimco purchased for $7.6 million or $63,708 per unit; and The Glen at Forestlake adjacent to Forestlake Apartments with 26 units that Aimco purchased for $1.6 million or $59,462 per unit.

During the first quarter 2007, Aimco purchased additional limited partnership interests in 27 partnerships that own 67 properties for an aggregate of $8.9 million.

DISPOSITIONS — Aimco regularly reviews its portfolio to identify properties that do not meet its long-term investment criteria. In the first quarter 2007, Aimco sold seven conventional properties and seven affordable properties with 1,267 and 848 units, respectively, for $78.2 million in gross proceeds (Aimco share $35.5 million). Aimco’s share of net proceeds after repayment of existing property debt and transaction costs was $15.6 million.

Aimco’s property dispositions resulted in gross gains on dispositions of real estate (including gains on dispositions of unconsolidated real estate and other and gains within discontinued operations), of $16.7 million for the first quarter 2007, compared with gains of $109.4 million for the first quarter 2006.

See Supplemental Schedule 8 for additional information on acquisition and disposition activity.

Redevelopment

Aimco is actively reinvesting in and upgrading its portfolio through property redevelopments. At the end of the first quarter 2007, Aimco had 45 active conventional redevelopment projects and 10 active tax credit redevelopment projects. Conventional redevelopment project expenditures totaled $48.6 million and tax credit redevelopment

project expenditures totaled $0.8 million in the first quarter 2007. Further information on redevelopment projects is provided in Supplemental Schedule 10.

Additional Financial Information

PROPERTY MANAGEMENT INCOME — Income from property management is generated when Aimco provides property management services to properties with unaffiliated partners. Income from consolidated properties is eliminated in Aimco’s consolidated GAAP financial statements and the related economic benefit is reflected in minority interest.

INTEREST INCOME — Consolidated interest income was $9.6 million for the first quarter 2007 compared with $7.0 million for the first quarter 2006. Interest income is earned in part from money market and interest bearing accounts as well as notes receivable from unconsolidated partnerships and non-affiliates.

DEBT ACTIVITY — During the first quarter 2007, Aimco closed 36 property loans generating gross proceeds of $588.5 million at a weighted average interest rate of 5.89%. This included refinancing $293.2 million in existing mortgage loans, reducing the average rate from 7.73% to 5.92%. After repayment of existing property debt, transaction costs and distributions to limited partners, Aimco’s share of net proceeds was $216.3 million.

At quarter-end, Aimco’s corporate debt balance was $530.0 million, down from $540.0 million at year-end 2006, and carried a weighted average interest rate of 6.86%. The balance on Aimco’s revolving credit facility was $130.0 million, leaving $283.0 million (after $37.0 million in outstanding letters of credit) in available capacity.

As of March 31, 2007, Aimco had $7.0 billion of consolidated debt outstanding (excluding other borrowings), of which $5.3 billion was fixed rate mortgage debt and $1.7 billion was floating rate debt. The floating rate debt included $530.0 million of corporate debt, $478.2 million of floating rate property loans and $670.0 million of tax-exempt bonds. In addition, Aimco had $100.0 million of floating rate preferred stock. Aimco’s floating rate exposure to changes in interest rates is mitigated by tax-exempt bonds with rates tied to the Bond Market Association Index which moves at approximately 0.68% for a 1.00% change in LIBOR. Exposure is further offset by 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 approximately $0.01 per share per quarter. Other borrowings of $60.6 million consisted primarily of unsecured notes payable and obligations under sale and leaseback arrangements accounted for as financings. As of March 31, 2007, other borrowings included $52.1 million of fixed rate obligations and $8.5 million of variable rate obligations bearing interest at the prime rate plus 1.75%.

See Supplemental Schedule 5 for more detail on debt characteristics and activity.

INTEREST EXPENSE — Consolidated interest expense was $106.0 million for the first quarter 2007 compared with $97.3 million for the first quarter 2006. The $8.7 million increase in interest expense is related to increased rates and balances on property debt, net of higher capitalized interest.

STOCKHOLDERS’ EQUITY — During the first quarter 2007, Aimco repurchased 1.8 million shares of its Class A Common Stock at an average price of $57.35 per share for a total cost of $101.3 million.

G&A — General and administrative expenses for the first quarter 2007 of $21.6 million were $1.3 million higher when compared with the first quarter 2006. The year-over-year increase in G&A was due to increases in compensation costs and related expenses.

Outlook

For the second quarter 2007, FFO is expected to be in a range from $0.78 to $0.82 per share, before impairment and preferred redemption charges.

The full year 2007 outlook is unchanged with FFO in a range from $3.25 to $3.40 per share, before impairment and preferred redemption charges, and AFFO in excess of $2.40 per share. Please refer to the Outlook Schedule, which follows the Consolidated Financial Statements in this release, for more detail on first quarter and full year 2007 guidance.

Dividends on Common Stock

As announced on May 2, 2007, the Aimco Board of Directors declared a quarterly cash dividend of $0.60 per share of Class A Common Stock for the quarter ended March 31, 2007, payable on May 31, 2007, to stockholders of record on May 18, 2007. The dividend represents 103% of AFFO (diluted) and 81% of FFO (diluted), on a per share basis, and a 4.2% annualized yield based on the $57.69 closing price of Aimco’s Class A Common Stock on March 30, 2007.

Earnings Conference Call

Please join Aimco management for the First Quarter 2007 earnings conference call to be held Friday, May 4, 2007, 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/1Q2007 then click on the Webcast link. Alternatively, you may join the conference call via telephone by dialing 866-700-0133 with passcode 43273132, or dialing 617-213-8831 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 78713153.

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/1Q2007 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 second quarter and full year 2007 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 levels, 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 the markets in which Aimco operates 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, 2006, 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.

GAAP Income Statements

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


	Three Months Ended
	March 31,
	2007			2006
REVENUES:
Rental and other property revenues	$	417,036		$	390,311
Property management revenues, primarily from affiliates		2,096			3,030
Activity fees and asset management revenues		11,630			9,539

Total revenues		430,762			402,880


OPERATING EXPENSES:
Property operating expenses		196,671			183,397
Property management expenses		1,206			492
Activity and asset management expenses		5,654			4,898
Depreciation and amortization		123,990			105,709
General and administrative expenses		21,586			20,237
Other expenses (income), net		2,191			3,989

Total operating expenses		351,298			318,722


Operating income		79,464			84,158

Interest income		9,607			6,965
Provision for losses on notes receivable		(1,543	)		(262	)
Interest expense		(106,007	)		(97,276	)
Deficit distributions to minority partners		(1,270	)		(2,102	)
Equity in losses of unconsolidated real estate partnerships		(2,986	)		(1,863	)
Recoveries of real estate impairment losses, net		—			987
Gain on dispositions of unconsolidated real estate and other		1,049			9,696
Gain on extinguishment of debt		19,373			—


Income (loss) before minority interests and discontinued operations		(2,313	)		303

Minority interests:
Minority interest in consolidated real estate partnerships		(5,726	)		5,415
Minority interest in Aimco Operating Partnership, preferred [a]		(1,782	)		(1,798	)
Minority interest in Aimco Operating Partnership, common [a]		2,525			1,875

Total minority interests		(4,983	)		5,492

Income (loss) from continuing operations		(7,296	)		5,795
Income from discontinued operations, net [b]		32,504			78,276

Net income		25,208			84,071
Net income attributable to preferred stockholders		16,348			24,054

Net income attributable to common stockholders	$	8,860		$	60,017

Weighted average number of common shares outstanding		95,971			95,183

Weighted average number of common shares and common share equivalents outstanding		95,971			95,183


Earnings (loss) per common share — basic:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.25	)	$	(0.19	)
Income from discontinued operations		0.34			0.82

Net income attributable to common stockholders	$	0.09		$	0.63


Earnings (loss) per common share — diluted:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.25	)	$	(0.19	)
Income from discontinued operations		0.34			0.82

Net income attributable to common stockholders	$	0.09		$	0.63

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 consists of the following (in thousands):


	Three Months Ended
	March 31,
	2007			2006
Rental and other property revenues	$	5,549		$	38,912
Property operating expenses		(3,037	)		(20,341	)
Other (expenses) income, net		(748	)		(1,608	)
Depreciation and amortization		(1,509	)		(10,492	)
Interest expense		(1,965	)		(8,171	)
Interest income		49			280
Gain on extinguishment of debt		22,852			—
Minority interest in consolidated real estate partnerships		99			1,195

Income (loss) from operations		21,290			(225	)

Gain on dispositions of real estate, net of minority partners’ interest		15,633			99,710
Real estate impairment losses, net		(843	)		(203	)
Recovery of deficit distributions (deficit distributions) to minority partners		(59	)		14,276
Income tax arising from disposals		(164	)		(26,943	)
Minority interest in Aimco Operating Partnership		(3,353	)		(8,339	)

Income from discontinued operations	$	32,504		$	78,276

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)


	March 31, 2007			December 31, 2006
ASSETS
Buildings and improvements	$	9,612,545		$	9,450,277
Land		2,450,066			2,408,175
Accumulated depreciation		(2,946,252	)		(2,835,606	)

NET REAL ESTATE		9,116,359			9,022,846
Cash and cash equivalents		257,160			229,824
Restricted cash		314,734			347,076
Accounts receivable		66,439			85,772
Accounts receivable from affiliates		25,590			20,763
Deferred financing costs		75,579			73,130
Notes receivable from unconsolidated real estate partnerships		40,278			40,641
Notes receivable from non-affiliates		135,481			139,352
Investment in unconsolidated real estate partnerships		36,460			39,000
Other assets		195,402			202,760
Deferred income tax asset, net		2,719			—
Assets held for sale		39,865			88,611

TOTAL ASSETS	$	10,306,066		$	10,289,775


LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	946,348		$	936,082
Property loans payable		5,529,828			5,265,698
Term loans		400,000			400,000
Credit facility		130,000			140,000
Other borrowings		60,557			67,660

TOTAL INDEBTEDNESS		7,066,733			6,809,440
Accounts payable		31,347			54,972
Accrued liabilities and other		281,654			409,991
Deferred income		134,761			142,701
Security deposits		45,920			43,919
Deferred income tax liability, net		—			4,379
Liabilities related to assets held for sale		27,734			86,885

TOTAL LIABILITIES		7,588,149			7,552,287

Minority interest in consolidated real estate partnerships		210,878			212,149
Minority interest in Aimco Operating Partnership		159,599			185,447

STOCKHOLDERS’ EQUITY
Perpetual preferred stock		723,500			723,500
Convertible preferred stock		100,000			100,000
Class A Common Stock		971			968
Additional paid-in capital		3,079,469			3,095,430
Notes due on common stock purchases		(3,794	)		(4,714	)
Distributions in excess of earnings		(1,552,706	)		(1,575,292	)

TOTAL STOCKHOLDERS’ EQUITY		2,347,440			2,339,892

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,306,066		$	10,289,775

GAAP Statements of Cash Flows

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


	Three Months Ended March 31,
	2007			2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	25,208		$	84,071
Depreciation and amortization		123,990			105,709
Adjustments to income from discontinued operations		(32,820	)		(96,147	)
Other adjustments to reconcile net income		(16,806	)		9,838
Changes in operating assets and liabilities		(14,825	)		8,455

Net cash provided by operating activities		84,747			111,926


CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(77,095	)		—
Capital expenditures		(121,306	)		(112,603	)
Proceeds from dispositions of real estate		64,540			382,741
Change in funds held in escrow from tax-free exchanges		25,710			—
Cash from newly consolidated properties		—			22,432
Purchases of partnership interests		(11,997	)		(5,170	)
Originations of notes receivable		(4,322	)		(209	)
Proceeds from repayment of notes receivable		13,244			1,662
Distributions received from investments in unconsolidated real estate partnerships		3,633			4,509
Other investing activities		(2,746	)		(1,895	)

Net cash provided by (used in) investing activities		(110,339	)		291,467


CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from property loans		460,552			361,073
Principal repayments on property loans		(222,084	)		(339,275	)
Proceeds from tax-exempt bonds		42,675			—
Principal repayments on tax-exempt bond financing		(31,935	)		(18,610	)
Net repayments on revolving credit facility		(10,000	)		(175,000	)
Redemption of preferred stock		—			(113,250	)
Repurchase of Class A Common Stock		(111,612	)		—
Proceeds from Class A Common Stock option exercises		52,507			38,867
Payment of Class A Common Stock dividends		(58,157	)		(57,260	)
Payment of preferred stock dividends		(16,371	)		(22,844	)
Payment of distributions to minority interest		(25,129	)		(28,281	)
Other financing activities		(27,518	)		13,784

Net cash provided by (used in) financing activities		52,928			(340,796	)

NET INCREASE IN CASH AND CASH EQUIVALENTS		27,336			62,597
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		229,824			161,730

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	257,160		$	224,327

Outlook and Forward Looking Statement
Second Quarter and Full Year 2007
(unaudited)

This Earnings Release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of second quarter and full year 2007 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 transactional 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, 2006 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.


	Second Quarter 2007		Full Year 2007
GAAP earnings per share [1]	-$0.17 to -$0.13		-$0.23 to -$0.07
Add: Depreciation and other	$	0.95	$	3.47
FFO per share [2]	$0.78 to $0.82		$3.25 to $3.40
AFFO per share [3]			greater than $2.40
2007 Same Store operating assumptions:
Weighted average daily occupancy	94% to 95%		94% to 95%
NOI change — sequential	2.5% to 3.5%
NOI change — 2007 vs. 2006	4.0% to 5.0%		5.5% to 7.5%
Gross dispositions [4]			$400M to $600M		(Aimco share $300M — $450M)
Gross acquisitions [5]			$400M to $500M		(100% Aimco share)


[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, (ii) unrecognized gains or losses on early repayment of debt or (iii) redemption related preferred stock issuance costs.

[2]		FFO per share represents FFO before impairments.

[3]		Outlook for AFFO is provided on an annual basis.

[4]		Aimco anticipates gross sales proceeds of $400 to $600 million for 2007 ($340 to $510 million related to conventional properties and $60 to $90 million related to affordable properties). Aimco share of proceeds is expected to be $300 to $450 million ($270 to $405 million related to conventional properties and $30 to $45 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 $150 to $200 million ($135 to $175 million related to conventional properties and $15 to $25 million related to affordable properties). The potential sale of the Flamingo South Beach property North and Central towers is not included in the dispositions total.

[5]		Gross acquisitions include property acquisitions, limited partnership acquisitions and repurchase of Aimco stock.

Supplemental Schedule 1

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


	Three Months Ended
	March 31,
	2007			2006
Net income attributable to common stockholders [1]	$	8,860		$	60,017
Adjustments:
Depreciation and amortization [2]		123,990			105,709
Depreciation and amortization related to non-real estate assets		(6,623	)		(4,730	)
Depreciation of rental property related to minority partners and unconsolidated entities [3]		(14,034	)		(13,897	)
Gain on dispositions of unconsolidated real estate and other		(1,049	)		(9,696	)
Gain on dispositions of non-depreciable assets and other		—			5,700
Deficit distributions to minority partners [4]		1,270			2,102
Discontinued operations:
Gain on dispositions of real estate, net of minority partners’ interest [3]		(15,633	)		(99,710	)
Depreciation of rental property, net of minority partners’ interest [3]		(16,154	)		8,415
Deficit distributions (recovery of deficit distributions) to minority partners [4]		59			(14,276	)
Income tax arising from disposals		164			26,943
Minority interest in Aimco Operating Partnership’s share of above adjustments		(6,734	)		(646	)
Preferred stock dividends		16,348			21,480
Redemption related preferred stock issuance costs		—			2,574


Funds From Operations	$	90,464		$	89,985
Preferred stock dividends		(16,348	)		(21,480	)
Redemption related preferred stock issuance costs		—			(2,574	)
Dividends/distributions on dilutive preferred securities		—			62

Funds From Operations Attributable to Common Stockholders — Diluted	$	74,116		$	65,993
Real estate impairment losses (recoveries), continuing operations [5]		—			(987	)
Real estate impairment losses (recoveries), discontinued operations [5]		843			203
Redemption related preferred stock issuance costs [6]		—			2,574
Minority interest in Aimco Operating Partnership’s share of above adjustments		(79	)		(176	)

Funds From Operations Attributable to Common Stockholders — Diluted (excluding impairment losses and redemption related preferred stock issuance costs)	$	74,880		$	67,607

Capital Replacements		(18,685	)		(16,220	)
Minority interest in Aimco Operating Partnership’s share of Capital Replacements		1,748			1,593
Dividends/distributions on non-dilutive preferred securities		—			(62	)

Adjusted Funds From Operations Attributable to Common Stockholders — Diluted	$	57,943		$	52,918


Funds From Operations Attributable to Common Stockholders — Diluted:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [7]		99,981			96,539
Dilutive preferred securities		—			96

		99,981			96,635


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 [7]		99,981			96,539
Dilutive preferred securities		—			96

		99,981			96,635


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 [7]		99,981			96,539
Dilutive preferred securities		—			—

		99,981			96,539


*Per Share:*
Funds From Operations — Diluted	$	0.74		$	0.68
Funds From Operations — Diluted (excluding impairment losses and redemption related preferred stock issuance costs)	$	0.75		$	0.70
Adjusted Funds From Operations — Diluted	$	0.58		$	0.55
Dividends paid	$	0.60		$	0.60

Supplemental Schedule 1 (continued)

Notes to Funds From Operations and Adjusted Funds From Operations


[1]		Represents the numerator for calculating basic earnings per common share in accordance with GAAP.

[2]		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.

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

[4]		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.

[5]		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 months ended March 31, 2007 includes $0.8 million of net impairment losses and FFO for the three months ended March 31, 2006 includes $0.8 million of net impairment recoveries.

[6]		In accordance with the Securities and Exchange Commission’s July 31, 2003 interpretation of the Emerging Issues Task Force Topic D-42, Aimco includes redemption related preferred stock issuance costs in FFO. As a result, FFO for the three months ended March 31, 2007 and 2006 includes issuance costs of zero and $2.6 million, respectively.

[7]		Represents the denominator for calculating Aimco’s diluted earnings per common share in accordance with GAAP plus additional common share equivalents that are dilutive for FFO or AFFO.

Supplemental Schedule 2


Proportionate Operating Results Presentation		(page 1 of 2)
(in thousands) (unaudited)


	Three Months Ended March 31, 2007
				Proportionate
	Aimco			Share of			Minority			Proportionate
	GAAP Income			Unconsolidated			Partners’			Income
	Statement			Partnerships			Interest			Statement
Revenues:
Rental and other property revenues:
Same Store properties [1] [2]	$	296,485		$	434		$	(43,114	)	$	253,805
Acquisition properties [1]		9,996			—			—			9,996
Redevelopment properties [1]		39,751			—			(4,101	)		35,650
Other properties [1]		10,028			159			(1,033	)		9,154
Affordable properties [1]		60,776			5,689			(18,344	)		48,121

Total rental and other property revenues		417,036			6,282			(66,592	)		356,726
Property management revenues, primarily from affiliates [3]		2,096			(281	)		3,456			5,271
Activity fees and asset management revenues		11,630			—			—			11,630

Total revenues		430,762			6,001			(63,136	)		373,627

Operating expenses:
Property operating expenses:
Same Store properties [2]		125,589			196			(20,097	)		105,688
Acquisition properties		4,061			—			—			4,061
Redevelopment properties		18,436			—			(2,121	)		16,315
Other properties		5,608			153			(509	)		5,252
Affordable properties		32,152			3,239			(8,800	)		26,591
Casualties, Conventional		2,110			1			1,424			3,535
Casualties, Affordable		(997	)		(91	)		1,164			76
Property management expenses, Conventional [4]		8,612			—			(1,004	)		7,608
Property management expenses, Affordable [4]		1,100			—			(114	)		986

Total property operating expenses		196,671			3,498			(30,057	)		170,112
Property management expenses [5]		1,206			—			1,117			2,323
Activity and asset management expenses		5,654			—			—			5,654
Depreciation and amortization		123,990			1,240			(15,358	)		109,872
General and administrative expenses		21,586			30			(1,225	)		20,391
Other expenses (income), net		2,191			3,037			(3,138	)		2,090

Total operating expenses		351,298			7,805			(48,661	)		310,442

Operating income		79,464			(1,804	)		(14,475	)		63,185
Interest income:
General partner loan interest		3,156			(89	)		9,659			12,726
Money market and interest bearing accounts		4,693			149			(900	)		3,942
Accretion on discounted notes receivable		1,758			—			—			1,758

Total interest income		9,607			60			8,759			18,426
Provision for losses on notes receivable		(1,543	)		—			—			(1,543	)
Interest expense:
Property debt (primarily non-recourse)		(101,710	)		(1,245	)		15,474			(87,481	)
Lines of credit		(10,836	)		—			—			(10,836	)
Capitalized interest		6,539			3			(383	)		6,159

Total interest expense		(106,007	)		(1,242	)		15,091			(92,158	)
Deficit distributions to minority partners		(1,270	)		—			—			(1,270	)
Equity in losses of unconsolidated real estate partnerships		(2,986	)		2,986			—			—
Real estate impairment (losses) recoveries, net		—			—			—			—
Gain on dispositions of unconsolidated real estate and other		1,049			—			—			1,049
Gain on extinguishment of debt		19,373			—			(15,101	)		4,272


Loss before minority interests and discontinued operations		(2,313	)		—			(5,726	)		(8,039	)
Minority interests:
Minority interest in consolidated real estate partnerships		(5,726	)		—			5,726			—
Minority interest in Aimco Operating Partnership		743			—			—			743

Total minority interests		(4,983	)		—			5,726			743

Loss from continuing operations		(7,296	)		—			—			(7,296	)
Income from discontinued operations, net		32,504			—			—			32,504

Net income		25,208			—			—			25,208
Net income attributable to preferred stockholders		16,348			—			—			16,348

Net income attributable to common stockholders	$	8,860		$	—		$	—		$	8,860

(See footnotes on page 2 of 2)

Supplemental Schedule 2


Proportionate Operating Results Presentation		(page 2 of 2)
(in thousands) (unaudited)


	Three Months Ended
	March 31, 2007
Components of FFO:
Real estate operations:
Rental and other property revenues	$	356,726
Property operating expenses		(170,112	)

Net real estate operations		186,614
Property management, net		2,948
Activity and asset management, net		5,976
Depreciation and amortization related to non-real estate assets		(6,540	)
General and administrative expenses		(20,391	)
Other (expenses) income, net		(2,092	)
Interest income		18,426
Provision for losses on notes receivable		(1,543	)
Interest expense		(92,158	)
Gain on extinguishment of debt		4,272
Discontinued operations:
Operations and other		1,057
Interest expense		(960	)
Gain on extinguishment of debt		5,039
Preferred stock dividends		(16,348	)
Preferred partnership unit distributions		(1,782	)

Subtotal before minority interest in Aimco Operating Partnership	$	82,518
Minority interest in common units of Aimco Operating Partnership		(7,638	)

FFO Attributable to Common Stockholders — Diluted	$	74,880

Notes to Schedule 2:


[1]		See definitions and descriptions in Glossary.

[2]		Same store amounts in this schedule may differ from the same store amounts in Schedule 6. Any such differences are the result of (a) certain variations in the treatment of intercompany eliminations in GAAP versus non-GAAP measures 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 unconsolidated properties. Property management revenues reported in the proportionate income statement reflect the minority partners’ share of fees charged to both consolidated and unconsolidated properties.

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

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

Supplemental Schedule 3

Proportionate Balance Sheet Presentation
As of March 31, 2007
(in thousands) (unaudited)


	Consolidated			Proportionate
	GAAP			Share of			Minority			Proportionate
	Balance Sheet			Unconsolidated			Partners’			Balance
	March 31, 2007			Partnerships [1]			Interest [2]			Sheet [3]
ASSETS
Buildings and improvements	$	9,612,545		$	57,271		$	(1,473,427	)	$	8,196,389
Land		2,450,066			2,910			(114,915	)		2,338,061
Accumulated depreciation		(2,946,252	)		(34,209	)		889,094			(2,091,367	)

NET REAL ESTATE		9,116,359			25,972			(699,248	)		8,443,083
Cash and cash equivalents		257,160			1,734			(64,264	)		194,630
Restricted cash		314,734			5,657			(67,958	)		252,433
Accounts receivable		66,439			605			—			67,044
Accounts receivable from affiliates		25,590			—			—			25,590
Deferred financing costs		75,579			—			—			75,579
Notes receivable from unconsolidated real estate partnerships		40,278			—			—			40,278
Notes receivable from non-affiliates		135,481			—			—			135,481
Investment in unconsolidated real estate partnerships		36,460			16,456			—			52,916
Other assets		195,402	[4]		13,783			—			209,185
Deferred income tax asset, net		2,719			—			—			2,719
Assets held for sale		39,865			—			—			39,865

TOTAL ASSETS	$	10,306,066		$	64,207		$	(831,470	)	$	9,538,803


LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	946,348		$	139		$	(27,675	)	$	918,812
Property loans payable		5,529,828			54,266			(918,833	)		4,665,261
Term loans		400,000			—			—			400,000
Credit facility		130,000			—			—			130,000
Other borrowings		60,557			—			—			60,557

TOTAL INDEBTEDNESS		7,066,733			54,405			(946,508	)		6,174,630
Accounts payable		31,347			9,802			—			41,149
Accrued liabilities and other		281,654			—			—			281,654
Deferred income		134,761			—			—			134,761
Security deposits		45,920			—			—			45,920
Liabilities related to assets held for sale		27,734			—			—			27,734

TOTAL LIABILITIES		7,588,149			64,207			(946,508	)		6,705,848


Minority interest in consolidated real estate partnerships		210,878			—			115,038			325,916
Minority interest in Aimco Operating Partnership		159,599			—			—			159,599

NET OPERATING ASSETS				$	—		$	—		$	2,347,440

STOCKHOLDERS’ EQUITY
Perpetual preferred stock		723,500
Convertible preferred stock		100,000
Class A Common Stock		971
Additional paid-in capital		3,079,469
Notes due on common stock purchases		(3,794	)
Distributions in excess of earnings		(1,552,706	)

TOTAL STOCKHOLDERS’ EQUITY		2,347,440

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,306,066


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

[2]		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 $97.4 million.

[3]		Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of March 31, 2007, plus Aimco’s proportionate share of selected unconsolidated balance sheet data and less minority partners’ share of selected balance sheet data.

[4]		Other assets includes $81.9 million in goodwill and $3.8 million in investments in management contracts.

Supplemental Schedule 4

Share Data
As of March 31, 2007
(in thousands) (unaudited)

Preferred Securities


	Shares/Units
	Outstanding
	as of			Redemption
	March 31, 2007			Date [1]		Coupon			Amount
Perpetual Preferred Stock [2]:
Class G		4,050			7/15/2008		9.375	%	$	101,000
Class T		6,000			7/31/2008		8.00	%		150,000
Class U		8,000			3/24/2009		7.75	%		200,000
Class V		3,450			9/29/2009		8.00	%		86,250
Class Y		3,450			12/21/2009		7.875	%		86,250
Series A Community Reinvestment Act		0	[3]		6/30/2011		6.610	%[4]		100,000

Total perpetual preferred stock										723,500

Convertible Preferred Stock:
Class W [5]		1,905			9/30/2007		8.10	%		100,000
Preferred Partnership Units [6]		3,256					7.99	%		89,190

Total outstanding preferred securities									$	912,690

Common Stock and Equivalents


	Shares/Units			Weighted Average Shares / Units
	Outstanding			Three Months Ended March 31, 2007
	as of
	March 31, 2007			Diluted EPS			FFO
Class A Common Stock		96,076	[7]		95,971	[7]		95,971	[7]
Dilutive securities:
Options, restricted stock and non-recourse shares		2,641	[8]		—	[8]		3,186	[8]
High Performance Units		824	[9]		—	[9]		824	[9]

Total shares and dilutive share equivalents		99,541			95,971			99,981

Class I High Performance Units		2,379			2,379			2,379
Common Partnership Units		7,307			7,522			7,522

Common Partnership Units and equivalents		9,686			9,901			9,901

Total shares, units and dilutive share equivalents		109,227			105,872			109,882

Notes:


[1]		The redemption date is the date the securities are first eligible for redemption by Aimco.

[2]		Preferred stock amounts are shown net of any eliminations necessary for the GAAP Consolidated Balance Sheet.

[3]		Represents 200 shares at a liquidation preference per share of $500,000.

[4]		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.

[5]		Conversion ratio for Class W is 1.0 to 1.0.

[6]		Coupon is based on a weighted average.

[7]		Includes a deduction of 1,063,000 for non-recourse shares and unvested restricted stock.

[8]		Stock options, restricted stock and non-recourse shares are presumed to be dilutive as of March 31, 2007 and reflect the options and shares outstanding at the end of the period and the share price at the end of the period ($57.69). Dilution for the three months ended March 31, 2007 reflects the weighted average amounts during the period.

[9]		Represents 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 March 31, 2007 (if dilutive).

Supplemental Schedule 5

Selected Debt Structure and Maturity Data
As of March 31, 2007
(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	$	4,381,000	$	6,639	$	(643,454	)	$	3,744,185		10.1		6.29	%
Floating rate loans payable		464,503		—		(37,364	)		427,139		1.8		6.46	%

Total property loans payable:		4,845,503		6,639		(680,818	)		4,171,324		9.3		6.30	%
Fixed rate tax-exempt bonds		185,948		—		(9,152	)		176,796		15.0		5.87	%
Floating rate tax-exempt bonds		627,287		—		(5,342	)		621,945		13.5		4.01	%

Total property tax-exempt bond financing:		813,235		—		(14,494	)		798,741		13.8		4.42	%

Total Property Debt on Conventional Portfolio		5,658,738		6,639		(695,312	)		4,970,065		10.0		6.00	%


Affordable Portfolio:
Fixed rate loans payable		670,614		39,655		(238,015	)		472,254		17.3		5.55	%
Floating rate loans payable		13,711		7,972		—			21,683		3.7		5.68	%

Total property loans payable:		684,325		47,627		(238,015	)		493,937		16.7		5.56	%
Fixed rate tax-exempt bonds		90,438		139		(13,181	)		77,396		26.3		5.24	%
Floating rate tax-exempt bonds		42,675		—		—			42,675		30.1		4.03	%

Total property tax-exempt bond financing:		133,113		139		(13,181	)		120,071		27.7		4.81	%

Total Property Debt on Affordable Portfolio		817,438		47,766		(251,196	)		614,008		—		5.41	%

Total Property Debt	$	6,476,176	$	54,405	$	(946,508	)	$	5,584,073		11.0		5.94	%


Corporate Debt:
Term Loan	$	400,000	$	—	$	—		$	400,000		—		6.91	%
Credit Facility		130,000		—		—			130,000		—		6.70	%

Total Corporate Debt	$	530,000	$	—	$	—		$	530,000		—		6.86	%


Other Borrowings [1]	$	60,557	$	—	$	—		$	60,557



Total Debt	$	7,066,733	$	54,405	$	(946,508	)	$	6,174,630				6.04	%


[1]		Other borrowings consists primarily of unsecured notes payable and obligations under sale and leaseback arrangements accounted for as financings. At March 31, 2007, other borrowings includes $52.1 million in fixed rate obligations with interest rates ranging from zero to 10.0% and $8.5 million in variable rate obligations bearing interest at the prime rate plus 1.75%.

II. Debt Maturities


Consolidated Property Debt							Percent			Average
	Amortization		Maturities		Total		of Total			Rate

Q2 2007	$	33,585	$	15,294	$	48,879		0.8	%		4.84	%
Q3 2007		33,743		117,068		150,811		2.3	%		6.18	%
Q4 2007		34,551		110,460		145,011		2.2	%		6.70	%
Q1 2008		36,032		42,560		78,592		1.2	%		6.98	%
Q2 2008		36,197		64,805		101,002		1.6	%		5.97	%
Q3 2008		34,589		73,757		108,346		1.7	%		5.70	%
Q4 2008		34,873		113,238		148,111		2.3	%		5.74	%
Q1 2009		34,914		135,048		169,962		2.6	%		5.28	%
2009 Remaining		108,948		265,263		374,211		5.8	%		5.41	%
2010		152,098		355,213		507,311		7.8	%		6.30	%
2011		160,297		349,623		509,920		7.9	%		5.71	%
Thereafter						4,134,020		63.8	%

Total Property Debt:					$	6,476,176		100.0	%


Corporate Debt							Percent			Average
	Amortization		Maturities		Total		of Total			Rate

2009	$	—	$	130,000	$	130,000		24.5	%		6.70	%
2011	$	—	$	400,000	$	400,000		75.5	%		6.91	%

Total Corporate Debt:	$	—	$	530,000	$	530,000		100.0	%		6.86	%

Supplemental Schedule 5 (continued)

Selected Debt Structure and Maturity Data
As of March 31, 2007
(in millions)
(unaudited)

III. Loan Closings


FIRST 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	$	226.9	$	465.4	$	161.1	$	326.8	$	162.9		7.61	%		6.13	%
Floating Rate		37.4		38.2		8.3		8.4		0.1		8.67	%		6.26	%
Affordable, Mark-to-Market and Other		28.9		68.8		26.2		64.7		37.4		7.45	%		3.95	%

Loans Relating to Acquisitions:
Fixed Rate		—		16.1		—		16.1		15.9		—			5.55	%

Totals	$	293.2	$	588.5	$	195.6	$	416.0	$	216.3		7.73	%		5.89	%

IV. Capitalization


	September 30, 2006						December 31, 2006						March 31, 2007
	Amount			Percent			Amount			Percent			Amount			Percent

Corporate debt	$	555			4.5	%	$	540			4.3	%	$	530			4.1	%
Property debt (Aimco’s share)		5,368			43.6	%		5,473			43.7	%		5,584			43.6	%
Other Borrowings		134			1.1	%		68			0.5	%		61			0.5	%

Total Debt		6,057			49	%		6,081			48.5	%		6,175			48.2	%

Less: Cash and restricted cash		(418	)		-3.4	%		(456	)		-3.6	%		(447	)		-3.5	%

Net Debt		5,639			45.8	%		5,625			44.9	%		5,728			44.7	%

Preferred equity		913			7.4	%		913			7.3	%		913			7.1	%

Common equity at market [1]		5,772			46.8	%		5,992			47.8	%		6,163			48.1	%


Total Capitalization	$	12,324			100.0	%	$	12,530			100.0	%	$	12,804			100.0	%


[1]		Common equity at market at March 31, 2007 was calculated using 106.825 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $57.69, $56.02, $54.41 per share/unit on March 31, 2007, December 31, 2006, and September 30, 2006 respectively.

V. Credit Ratings

Moody’s Investor Service
Standard and Poor’s
Fitch

Senior Unsecured Shelf
Corporate Credit Rating
Bank Credit Facility

(P) Ba1 (stable outlook)
BB+ (stable outlook)
BBB- (stable outlook)

Supplemental Schedule 6(a)

Same Store Sales
First Quarter 2007 Compared to First Quarter 2006
(unaudited) (in thousands, except site and unit data)


									Three Months Ended									Three Months Ended									Change
									March 31, 2007									March 31, 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	%	$	1,866	$	683	$	1,183				$	1,767	$	680	$	1,088				$	98			5.6	%	$	3			0.5	%	$	95			8.8	%
Los Angeles-Long Beach — Ventura		11		2,927			89	%		14,445		4,626		9,819					13,254		4,359		8,896					1,191			9.0	%		267			6.1	%		924			10.4	%
Orange County — Riverside		8		1,883			86	%		6,255		1,945		4,310					5,969		1,876		4,093					287			4.8	%		69			3.7	%		218			5.3	%
San Diego		5		1,719			92	%		5,315		1,694		3,620					5,120		1,630		3,490					195			3.8	%		64			3.9	%		131			3.7	%

		29		7,820			81.6	%		27,881		8,948		18,933		95.8	%		26,110		8,545		17,565		95.5	%		1,771			6.8	%		404			4.7	%		1,367			7.8	%
Florida
Jacksonville		2		592			100	%		1,278		507		771					1,313		479		834					(35	)		-2.7	%		28			5.8	%		(63	)		-7.6	%
Miami/Fort Lauderdale		10		3,225			84	%		10,292		4,111		6,181					9,947		3,881		6,066					345			3.5	%		230			5.9	%		115			1.9	%
Orlando — Daytona		21		5,390			93	%		12,179		5,087		7,092					12,088		4,769		7,318					91			0.8	%		318			6.7	%		(227	)		-3.1	%
Tampa-St. Petersburg		16		3,983			71	%		6,735		2,928		3,807					6,534		2,654		3,880					201			3.1	%		274			10.3	%		(73	)		-1.9	%
West Palm Beach-Boca		5		1,505			100	%		4,406		1,775		2,631					4,310		1,589		2,721					96			2.2	%		186			11.7	%		(90	)		-3.3	%

		54		14,695			86.3	%		34,890		14,408		20,482		92.4	%		34,192		13,373		20,819		97.8	%		698			2.0	%		1,035			7.7	%		(338	)		-1.6	%
Midwest
Chicago		17		4,493			82	%		11,343		5,196		6,147					10,782		4,901		5,881					561			5.2	%		295			6.0	%		266			4.5	%
Cincinnati — Dayton		6		1,587			58	%		2,120		837		1,283					1,995		1,005		990					125			6.2	%		(168	)		-16.7	%		292			29.5	%
Columbus		8		1,942			73	%		2,661		1,245		1,416					2,538		1,524		1,014					123			4.9	%		(279	)		-18.3	%		402			39.7	%
Detroit — Ann Arbor		6		1,665			91	%		3,322		1,957		1,365					3,153		1,708		1,446					168			5.3	%		249			14.6	%		(81	)		-5.6	%
Grand Rapids-Lansing		11		4,402			68	%		5,876		3,001		2,875					5,524		2,800		2,724					352			6.4	%		201			7.2	%		151			5.5	%
Indianapolis/Fort Wayne		25		9,962			92	%		16,105		7,740		8,365					15,704		7,212		8,493					401			2.6	%		529			7.3	%		(128	)		-1.5	%
Minneapolis — St. Paul		4		1,222			81	%		3,330		1,544		1,786					3,204		1,587		1,617					126			3.9	%		(43	)		-2.7	%		169			10.5	%
Midwest other		3		847			42	%		710		313		397					710		337		373					0			0.1	%		(23	)		-6.9	%		24			6.3	%

		80		26,120			80.7	%		45,466		21,833		23,633		94.4	%		43,610		21,073		22,537		93.9	%		1,856			4.3	%		760			3.6	%		1,096			4.9	%
Northeast
Baltimore		9		1,772			86	%		5,077		1,843		3,234					4,638		1,813		2,825					439			9.5	%		31			1.7	%		408			14.4	%
New England		16		5,745			100	%		19,797		7,619		12,178					19,300		7,586		11,714					497			2.6	%		33			0.4	%		465			4.0	%
Philadelphia — New York		13		5,522			85	%		17,703		6,591		11,112					16,666		6,548		10,118					1,037			6.2	%		43			0.7	%		994			9.8	%
Washington		17		8,890			92	%		27,031		10,653		16,378					25,961		10,094		15,868					1,070			4.1	%		559			5.5	%		511			3.2	%

		55		21,929			92.0	%		69,608		26,706		42,902		95.5	%		66,565		26,040		40,525		95.7	%		3,043			4.6	%		666			2.6	%		2,377			5.9	%
Southeast
Atlanta		9		2,484			81	%		4,498		2,007		2,492					4,064		1,977		2,087					434			10.7	%		30			1.5	%		404			19.4	%
Savannah/Augusta		2		416			100	%		929		333		596					891		315		575					39			4.4	%		18			5.7	%		21			3.6	%
Charlotte-Gastonia		3		772			86	%		1,225		605		620					1,055		581		474					170			16.1	%		24			4.2	%		146			30.8	%
Columbia/Charleston		6		1,238			70	%		1,680		816		863					1,603		817		787					76			4.8	%		(1	)		-0.1	%		77			9.8	%
Nashville		8		2,492			76	%		4,342		1,798		2,543					4,139		1,818		2,321					203			4.9	%		(19	)		-1.1	%		222			9.6	%
Norfolk		9		2,747			78	%		5,769		1,978		3,792					5,628		1,827		3,800					142			2.5	%		150			8.2	%		(9	)		-0.2	%
Raleigh-Durham-Chapel Hill		8		2,247			76	%		3,255		1,576		1,679					2,903		1,576		1,327					352			12.1	%		0			0.0	%		351			26.5	%
Richmond — Petersburg		3		744			80	%		1,511		504		1,007					1,339		441		898					172			12.9	%		63			14.4	%		109			12.1	%
Southeast other		5		923			72	%		1,167		533		633					1,087		558		529					79			7.3	%		(25	)		-4.4	%		104			19.7	%

		53		14,063			78.1	%		24,376		10,151		14,225		93.6	%		22,709		9,910		12,799		91.2	%		1,667			7.3	%		241			2.4	%		1,426			11.1	%
Texas
Austin-San Marcos		7		1,497			100	%		3,106		1,545		1,561					2,884		1,516		1,368					222			7.7	%		29			1.9	%		193			14.1	%
Dallas-Fort Worth		17		4,206			81	%		6,704		3,321		3,383					6,352		3,351		3,001					351			5.5	%		(30	)		-0.9	%		382			12.7	%
Houston — Galveston		37		9,776			71	%		13,410		6,751		6,659					12,579		6,845		5,734					831			6.6	%		(94	)		-1.4	%		925			16.1	%
San Antonio		9		1,951			92	%		3,128		1,548		1,581					3,035		1,407		1,628					94			3.1	%		141			10.0	%		(48	)		-2.9	%

		70		17,430			78.2	%		26,349		13,165		13,184		94.3	%		24,850		13,119		11,732		93.6	%		1,498			6.0	%		46			0.4	%		1,452			12.4	%
West
Colorado Front Range		23		5,109			83	%		9,848		3,893		5,955					9,406		3,971		5,436					441			4.7	%		(78	)		-2.0	%		519			9.6	%
Phoenix-Mesa		17		4,375			94	%		8,326		3,639		4,687					7,861		3,303		4,559					464			5.9	%		336			10.2	%		128			2.8	%
Salt Lake City-Ogden		4		1,511			86	%		2,545		895		1,650					2,382		926		1,456					164			6.9	%		(31	)		-3.3	%		194			13.3	%
Seattle		3		364			59	%		580		232		348					516		237		279					64			12.5	%		(5	)		-2.0	%		69			24.8	%
West other		5		1,621			100	%		3,048		1,412		1,636					2,895		1,294		1,602					152			5.3	%		118			9.1	%		34			2.1	%

		52		12,980			88.7	%		24,346		10,071		14,276		94.5	%		23,060		9,730		13,331		95.7	%		1,286			5.6	%		341			3.5	%		945			7.1	%

SAME STORE SALES TOTALS		393		115,037	[2]		83.8	%	$	252,916	$	105,282	$	147,634		94.4	%	$	241,096	$	101,789	$	139,308		94.7	%	$	11,820			4.9	%	$	3,494			3.4	%	$	8,326			6.0	%

Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement [1]										164,120		91,389		72,731					149,215		81,608		67,606

Total rental and other property revenues and property operating expense per GAAP income statement									$	417,036	$	196,671	$	220,365				$	390,311	$	183,397	$	206,914


[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 96,500 at March 31, 2007.

Supplemental Schedule 6(b)

Same Store Sales
First Quarter 2007 Compared to Fourth Quarter 2006
(unaudited) (in thousands, except site and unit data)


									Three Months Ended									Three Months Ended									Change
									March 31, 2007									December 31, 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	%	$	1,866	$	683	$	1,183				$	1,863	$	704	$	1,159				$	2			0.1	%	$	(21	)		-3.0	%	$	24			2.0	%
Los Angeles-Long Beach — Ventura		11		2,927			89	%		14,445		4,626		9,819					14,196		4,392		9,804					249			1.8	%		234			5.3	%		15			0.2	%
Orange County — Riverside		8		1,883			86	%		6,255		1,945		4,310					6,219		1,971		4,247					37			0.6	%		(26	)		-1.3	%		63			1.5	%
San Diego		5		1,719			92	%		5,315		1,694		3,620					5,282		1,667		3,615					32			0.6	%		28			1.7	%		5			0.1	%

		29		7,820			81.6	%		27,881		8,948		18,933		95.8	%		27,560		8,734		18,826		95.6	%		321			1.2	%		214			2.5	%		107			0.6	%
Florida
Jacksonville		2		592			100	%		1,278		507		771					1,331		512		819					(53	)		-4.0	%		(5	)		-1.0	%		(48	)		-5.9	%
Miami/Fort Lauderdale		10		3,225			84	%		10,292		4,111		6,181					10,137		3,928		6,209					155			1.5	%		183			4.7	%		(28	)		-0.4	%
Orlando — Daytona		21		5,390			93	%		12,179		5,087		7,092					12,417		5,226		7,191					(238	)		-1.9	%		(139	)		-2.7	%		(99	)		-1.4	%
Tampa-St. Petersburg		16		3,983			71	%		6,735		2,928		3,807					6,750		2,827		3,923					(15	)		-0.2	%		101			3.6	%		(116	)		-3.0	%
West Palm Beach-Boca		5		1,505			100	%		4,406		1,775		2,631					4,274		1,711		2,563					133			3.1	%		64			3.8	%		68			2.7	%

		54		14,695			86.3	%		34,890		14,408		20,482		92.4	%		34,909		14,204		20,705		92.6	%		(19	)		-0.1	%		204			1.4	%		(223	)		-1.1	%
Midwest
Chicago		17		4,493			82	%		11,343		5,196		6,147					11,387		4,691		6,696					(44	)		-0.4	%		505			10.8	%		(549	)		-8.2	%
Cincinnati — Dayton		6		1,587			58	%		2,120		837		1,283					2,141		870		1,272					(21	)		-1.0	%		(32	)		-3.7	%		11			0.9	%
Columbus		8		1,942			73	%		2,661		1,245		1,416					2,644		1,227		1,417					17			0.7	%		19			1.5	%		(1	)		-0.1	%
Detroit — Ann Arbor		6		1,665			91	%		3,322		1,957		1,365					3,266		1,603		1,663					55			1.7	%		353			22.0	%		(298	)		-17.9	%
Grand Rapids-Lansing		11		4,402			68	%		5,876		3,001		2,875					5,778		2,871		2,906					98			1.7	%		130			4.5	%		(32	)		-1.1	%
Indianapolis		25		9,962			92	%		16,105		7,740		8,365					16,061		7,357		8,704					44			0.3	%		383			5.2	%		(339	)		-3.9	%
Minneapolis — St. Paul		4		1,222			81	%		3,330		1,544		1,786					3,269		1,266		2,003					61			1.9	%		278			22.0	%		(217	)		-10.8	%
Midwest other		3		847			42	%		710		313		397					693		324		369					17			2.5	%		(11	)		-3.4	%		28			7.7	%

		80		26,120			80.7	%		45,466		21,833		23,633		94.4	%		45,239		20,209		25,030		94.7	%		227			0.5	%		1,625			8.0	%		(1,397	)		-5.6	%
Northeast
Baltimore		9		1,772			86	%		5,077		1,843		3,234					4,932		1,742		3,190					145			2.9	%		101			5.8	%		43			1.4	%
New England		16		5,745			100	%		19,797		7,619		12,178					19,743		6,614		13,129					55			0.3	%		1,005			15.2	%		(950	)		-7.2	%
Philadelphia — New York		13		5,522			85	%		17,703		6,591		11,112					17,482		5,882		11,600					221			1.3	%		709			12.1	%		(488	)		-4.2	%
Washington		17		8,890			92	%		27,031		10,653		16,378					26,866		9,430		17,436					165			0.6	%		1,223			13.0	%		(1,058	)		-6.1	%

		55		21,929			92.0	%		69,608		26,706		42,902		95.5	%		69,023		23,668		45,355		95.5	%		585			0.8	%		3,038			12.8	%		(2,453	)		-5.4	%
Southeast
Atlanta		9		2,484			81	%		4,498		2,007		2,492					4,324		2,288		2,036					174			4.0	%		(281	)		-12.3	%		455			22.4	%
Savannah/Augusta		2		416			100	%		929		333		596					971		313		658					(42	)		-4.3	%		21			6.6	%		(62	)		-9.5	%
Charlotte-Gastonia		3		772			86	%		1,225		605		620					1,197		524		673					28			2.3	%		81			15.4	%		(53	)		-7.9	%
Columbia/Charleston		6		1,238			70	%		1,680		816		863					1,691		782		909					(12	)		-0.7	%		34			4.4	%		(46	)		-5.0	%
Nashville		8		2,492			76	%		4,342		1,798		2,543					4,401		1,849		2,552					(59	)		-1.3	%		(50	)		-2.7	%		(9	)		-0.3	%
Norfolk		9		2,747			78	%		5,769		1,978		3,792					5,842		1,913		3,929					(73	)		-1.2	%		65			3.4	%		(137	)		-3.5	%
Raleigh-Durham-Chapel Hill		8		2,247			76	%		3,255		1,576		1,679					3,231		1,461		1,770					24			0.7	%		115			7.8	%		(91	)		-5.1	%
Richmond — Petersburg		3		744			80	%		1,511		504		1,007					1,487		506		981					25			1.7	%		(2	)		-0.4	%		27			2.7	%
Southeast other		5		923			72	%		1,167		533		633					1,152		579		573					15			1.3	%		(46	)		-7.9	%		61			10.6	%

		53		14,063			78.1	%		24,376		10,151		14,225		93.6	%		24,296		10,215		14,081		93.3	%		80			0.3	%		(64	)		-0.6	%		144			1.0	%
Texas
Austin-San Marcos		7		1,497			100	%		3,106		1,545		1,561					3,095		1,485		1,610					11			0.4	%		60			4.0	%		(49	)		-3.0	%
Dallas-Fort Worth		17		4,206			81	%		6,704		3,321		3,383					6,664		3,219		3,445					40			0.6	%		102			3.2	%		(62	)		-1.8	%
Houston — Galveston		37		9,776			71	%		13,410		6,751		6,659					13,470		6,598		6,872					(59	)		-0.4	%		153			2.3	%		(212	)		-3.1	%
San Antonio		9		1,951			92	%		3,128		1,548		1,581					3,105		1,475		1,631					23			0.7	%		73			5.0	%		(50	)		-3.1	%

		70		17,430			78.2	%		26,349		13,165		13,184		94.3	%		26,334		12,777		13,557		93.8	%		14			0.1	%		388			3.0	%		(373	)		-2.8	%
West
Colorado Front Range		23		5,109			83	%		9,848		3,893		5,955					9,669		3,903		5,766					179			1.8	%		(10	)		-0.3	%		188			3.3	%
Phoenix-Mesa		17		4,375			94	%		8,326		3,639		4,687					8,274		3,567		4,706					52			0.6	%		72			2.0	%		(20	)		-0.4	%
Salt Lake City-Ogden		4		1,511			86	%		2,545		895		1,650					2,530		957		1,573					15			0.6	%		(62	)		-6.4	%		77			4.9	%
Seattle		3		364			59	%		580		232		348					571		239		332					9			1.6	%		(7	)		-2.9	%		16			4.9	%
West other		5		1,621			100	%		3,048		1,412		1,636					3,002		1,469		1,533					45			1.5	%		(57	)		-3.9	%		102			6.7	%

		52		12,980			88.7	%		24,346		10,071		14,276		94.5	%		24,046		10,135		13,911		94.6	%		300			1.2	%		(64	)		-0.6	%		364			2.6	%

SAME STORE SALES TOTALS		393		115,037	[2]		83.8	%	$	252,916	$	105,282	$	147,634		94.4	%	$	251,407	$	99,941	$	151,466		94.3	%	$	1,509			0.6	%	$	5,341			5.3	%	$	(3,832	)		-2.5	%

Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement [1]										164,120		91,389		72,731					161,745		100,126		61,619

Total rental and other property revenues and property operating expense per GAAP Income Statement									$	417,036	$	196,671	$	220,365				$	413,152	$	200,067	$	213,085


[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 96,500 at March 31, 2007.

Supplemental Schedule 7

Selected Portfolio Performance Data
(unaudited)

PORTFOLIO SUMMARY
SAME STORE PERFORMANCE


	SAME STORE PORTFOLIO
	CORE			NON-CORE			TOTAL
Rent, average first quarter 2007	$	998		$	631		$	839
Occupancy, average first quarter 2007		94.5	%		94.2	%		94.4	%
Operating Margin		61.4	%		51.4	%		58.4	%
Total number of properties		216			177			393
Total number of units		65,072			49,965			115,037
Effective Units		57,253			39,199			96,452
Percent of total Same Store NOI		73.3	%		26.7	%		100.0	%

1st Quarter 2007 vs. 1st Quarter 2006 Change

Revenue		4.8	%		5.1	%		4.9	%
Expenses		4.1	%		2.2	%		3.4	%
NOI		5.2	%		8.1	%		6.0	%

Sequential, 1st Quarter 2007 vs. 4th Quarter 2006 Change

Revenue		0.6	%		0.6	%		0.6	%
Expenses		5.8	%		4.6	%		5.3	%
NOI		-2.4	%		-3.0	%		-2.5	%

TOTAL CONVENTIONAL PORTFOLIO: SUMMARY BY MARKET
SELECTED MARKETS


			Quarter Ended March 31, 2007									Quarter Ended March 31, 2006
			TOTAL CONVENTIONAL PORTFOLIO									TOTAL CONVENTIONAL PORTFOLIO
Percent of Total Conventional NOI			CORE			NON-CORE			TOTAL			CORE			NON-CORE			TOTAL
Top 20 Markets
	1	Washington		10.1	%		0.0	%		10.1	%		10.0	%		0.0	%		10.0	%
	2	Los Angeles-Long Beach-Ventura		9.4	%		0.0	%		9.4	%		8.6	%		0.0	%		8.6	%
	3	New England		6.9	%		0.0	%		6.9	%		6.8	%		0.0	%		6.8	%
	4	Philadelphia		6.3	%		0.0	%		6.3	%		6.0	%		0.0	%		6.0	%
	5	Miami/Fort Lauderdale		5.6	%		0.0	%		5.6	%		5.1	%		0.0	%		5.1	%
	6	Chicago		4.5	%		0.4	%		4.8	%		0.0	%		5.0	%		5.0	%
	7	Indianapolis/Fort Wayne		0.0	%		4.7	%		4.7	%		4.6	%		0.3	%		4.9	%
	8	Orlando-Daytona		3.7	%		0.3	%		4.0	%		4.0	%		0.3	%		4.3	%
	9	Houston-Galveston		0.0	%		3.8	%		3.8	%		2.7	%		1.5	%		4.2	%
	10	Colorado Front Range		3.2	%		0.2	%		3.5	%		0.0	%		3.2	%		3.2	%
	11	New York		3.2	%		0.0	%		3.2	%		3.0	%		0.2	%		3.2	%
	12	Phoenix-Mesa		2.9	%		0.2	%		3.2	%		2.7	%		0.1	%		2.9	%
	13	Tampa-St. Petersburg		2.3	%		0.6	%		2.9	%		2.2	%		0.6	%		2.8	%
	14	Norfolk		2.6	%		0.0	%		2.6	%		2.6	%		0.0	%		2.6	%
	15	Orange County-Riverside		2.4	%		0.0	%		2.4	%		2.6	%		0.0	%		2.6	%
	16	San Diego		2.4	%		0.0	%		2.4	%		0.0	%		2.4	%		2.4	%
	17	Dallas-Ft Worth		0.0	%		1.9	%		1.9	%		2.4	%		0.0	%		2.4	%
	18	Atlanta		1.9	%		0.0	%		1.9	%		1.6	%		0.5	%		2.1	%
	19	Baltimore		1.8	%		0.0	%		1.8	%		1.7	%		0.0	%		1.7	%
	20	Grand Rapids-Lansing		0.0	%		1.6	%		1.6	%		0.0	%		1.7	%		1.7	%

Subtotal Top 20 Markets				69.3	%		13.7	%		83.0	%		66.6	%		15.8	%		82.4	%
All Other Markets (29 in 2007 and 38 in 2006)				7.3	%		9.7	%		17.0	%		6.2	%		11.4	%		17.6	%

Total Conventional NOI				76.6	%		23.4	%		100.0	%		72.8	%		27.2	%		100.0	%

Rent, average first quarter			$	1,044		$	634		$	879		$	973		$	610		$	812
Occupancy, average first quarter				93.2	%		94.2	%		93.6	%		94.3	%		93.4	%		93.9	%
Total number of properties				275			192			467			262			247			509
Total number of units				81,514			52,976			134,490			79,592			66,259			145,851
Effective Units				72,073			41,135			113,208			69,660			49,349			119,009
Average Home Value*			$	342,580		$	170,579		$	272,016
REIS Growth Rate (4 year weighted average)**				3.3	%		3.0	%		3.3	%
Number of markets				27			22			49


*		ESRI — 2006 demographic data

**		Source: REIS, based on Q1 2007 forecasted data

Supplemental Schedule 8

Property Sales and Acquisition Activity
(unaudited)

FIRST QUARTER 2007 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		7		1,267	$	55.1		5.5	%	$	30.5	$	12.3	$	17.0	$	12.3	$	610
Affordable		7		848		23.1		3.6	%		16.7		3.8		18.5		3.3		554

Total Dispositions		14		2,115	$	78.2		5.0	%	$	47.2	$	16.1	$	35.5	$	15.6	$	588


[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.

FIRST QUARTER 2007 PROPERTY ACQUISITION ACTIVITY (dollars in millions)


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

Conventional [1]		100	%		5		470	$	75.2	$	6.1	$	924
Student Housing					—		—		—		—		—

Total Acquisitions					5		470	$	75.2	$	6.1	$	924


[1]		Properties acquired are located in New York, NY; Park Forest, IL; and Daytona Beach, FL.

Supplemental Schedule 9

Capital Expenditures
Three Months Ended March 31, 2007
(in thousands, except per unit data)
(unaudited)

All capital spending is classified as either Capital Replacements (“CR”), Capital Improvements (“CI”), casualties, redevelopment or entitlement. 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 three months ended March 31, 2007. Per unit numbers are based on approximately 131,466 average units, including 112,956 conventional and 18,511 affordable units. Average units are weighted for the period and represent Effective Units excluding non-managed units. [1]


	Aimco’s Share of			Per Effective
	Expenditures			Unit
Capital Replacements Detail:
Building and grounds	$	6,066		$	46
Turnover related		7,035			54
Capitalized site payroll and indirect costs		5,584			42

Total Aimco’s share of Capital Replacements	$	18,685		$	142


Capital Replacements:
Conventional	$	17,335		$	153
Affordable		1,350			73

Total Aimco’s share of Capital Replacements		18,685		$	142


Capital Improvements:
Conventional		16,367		$	145
Affordable		2,210			119

Total Aimco’s share of Capital Improvements		18,577		$	141


Casualties:
Conventional		2,666
Affordable		1,477

Total Aimco’s share of Casualties [2]		4,143


Redevelopment (see Schedule 10 for further project details):
Active Conventional projects		48,617
Active Tax Credit projects		798
Pre-construction and other activities [3]		8,304

Total Aimco’s share of Redevelopment		57,719


Entitlement [4]		5,967


Total Aimco’s share of capital expenditures		105,091


Plus minority partners’ share of consolidated spending		16,373
Less Aimco’s share of unconsolidated spending		(158	)

Capital expenditures per consolidated statement of cash flows	$	121,306


[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.

[3]		Includes consulting, legal, and capitalized labor costs, some physical construction work, and trailing expenditures on projects that were substantially completed in prior periods.

[4]		Entitlement projects consist of Lincoln Place (CA), Treetops (CA) and Springhill Lake (MD). Lincoln Place and Treetops are predominantly vacant and have December 31, 2006 net book values of approximately $171 million and $49 million, respectively.

Supplemental Schedule 10

Summary of Redevelopment Activity
Three Months Ended March 31, 2007
(dollars in millions)
(unaudited)


							Project Expenditures
							Actual Amount								Aimco’s Share
				Total									Three Months		Three Months
	Number of			Property			Total			Inception			Ended March		Ended March
	Properties			Units			Projected			to Date			31, 2007		31, 2007
CONVENTIONAL REDEVELOPMENT PROJECTS
Active redevelopment projects at 12/31/06		45			18,628		$	493.3		$	251.0		$	53.3	$	45.1
Adjustments to approved projects [2]								21.5
New redevelopment projects started during period		4			1,774			37.5			3.6			3.6		3.5

Redevelopment expenditures during period		49			20,402			552.3			254.6			56.9		48.6

Projects completed during period		(4	)		(2,026	)		(32.3	)		(32.2	)

Active redevelopment projects at 3/31/07 [1]		45			18,376			520.0			222.4


TAX CREDIT REDEVELOPMENT PROJECTS
Active redevelopment projects at 12/31/06		9			1,310		$	68.1		$	39.5		$	1.0	$	0.8
Adjustments to approved projects [2]								32.8
New redevelopment projects started during period		1			150			13.6			—			—		—

Redevelopment expenditures during period		10			1,460			114.5			39.5			1.0		0.8

Projects completed during period		—			—			—			—

Active redevelopment projects at 3/31/07		10			1,460			114.5			39.5


TOTAL ACTIVE REDEVELOPMENT PROJECTS		55			19,836		$	634.5		$	261.9


TOTAL REDEVELOPMENT EXPENDITURES													$	57.9	$	49.4


[1]		Targeted return on investment in Conventional Redevelopment projects is 7.5% — 8.5%

[2]		Adjustments to approved projects includes increases to reflect indirect project costs, consistent with actual spending.

Supplemental Schedule 11

Aimco Capital
(in thousands) (unaudited)

Asset Management and Transaction Income
For the Three Months Ended March 31, 2007


Activity fees and asset management revenues	$	11,630
Accretion on discounted notes receivable		1,758
Other income [1]		530
Gains on sale of land [2]		—

Total asset management and transaction revenue		13,918
Activity and asset management expenses		(5,654	)

Net asset management and transaction income (pre-tax) [3]		8,246
Income taxes [4]		(1,972	)

Net asset management and transaction income (after tax)	$	6,292

Notes


[1]		Consists of certain transaction revenue reported in other expenses (income), net in Aimco’s GAAP income statement.

[2]		Land gains are reported in gain on dispositions of unconsolidated real estate and other in Aimco’s GAAP income statement.

[3]		Represents net operating income of Aimco Capital, Aimco’s asset management and transactions business segment.

[4]		Most asset management and transaction income is earned by Aimco’s taxable REIT subsidiaries. The effective tax rate varies from period to period based on the portion of total income earned by taxable REIT subsidiaries.

Summary of Projected Tax Credit Income [1]


	Remainder			Year Ending December 31,
	of 2007			2008			2009			2010			2011			Thereafter			Total
Amortization of deferred income [2]	$	15,271		$	21,846		$	21,095		$	20,642		$	20,878		$	89,246		$	188,978
Income taxes [3]		(5,956	)		(8,520	)		(8,227	)		(8,050	)		(8,142	)		(34,806	)		(73,701	)

Projected income, net of tax	$	9,315		$	13,326		$	12,868		$	12,592		$	12,736		$	55,440		$	115,277

Notes


[1]		Certain information included in this supplemental schedule contains or may contain information that is forward-looking. Actual results may differ from those described in this schedule and may be affected by factors beyond our control.

[2]		Amortization of deferred income represents the periodic recognition of deferred revenue and costs relating to Aimco’s existing tax credit arrangements. Deferred revenue reflects cash received but not yet recognized as revenue, and cash expected to be received from investors in the future under conditional capital contribution commitments. The amounts to be received in the future are subject to adjustment based on the amounts of tax benefits actually delivered to investors and Aimco’s compliance with applicable regulations and other conditions. Deferred costs reflect direct and incremental costs incurred in structuring these arrangements. The timing of income recognition is subject to change based on the timing of delivery of tax benefits, which timing may be affected by factors related to the development, operations and financing of the related properties.

[3]		An effective income tax rate of 39% is assumed. For GAAP and FFO purposes, income taxes are recognized concurrent with the amortization of deferred income.

Supplemental Schedule 12

Apartment Unit Summary
As of March 31, 2007
(unaudited)


	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Conventional Real Estate Portfolio:
Wholly-owned consolidated properties		278		80,532		80,532		100	%
Partially-owned consolidated properties		187		53,226		32,412		61	%
Partially-owned unconsolidated properties		2		732		264		36	%

Total		467		134,490		113,208		84	%


Affordable Real Estate Portfolio:
Wholly-owned consolidated properties		89		11,980		11,980		100	%
Partially-owned consolidated properties		142		15,248		5,403		35	%
Partially-owned unconsolidated properties		98		10,859		1,858		17	%

Total		329		38,087		19,241		51	%


Total Owned Real Estate Portfolio:
Wholly-owned consolidated properties		367		92,512		92,512		100	%
Partially-owned consolidated properties		329		68,474		37,815		55	%
Partially-owned unconsolidated properties		100		11,591		2,122		18	%

Total		796		172,577		132,449		77	%


Management Contracts:
Property-managed for third parties		40		3,525
Asset-managed		401		37,579

Total		441		41,104

Total Portfolio		1,237		213,681

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. 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.

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.)

Glossary (continued)

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 and 6b for Same Store data reconciled to rental and other property revenues and property operating expense as determined in accordance with GAAP.


Schedule 1	—	Funds From Operations and Adjusted Funds From Operations
Schedule 2	—	Proportionate Income Statement Presentation
Schedule 3	—	Proportionate Balance Sheet Presentation
Schedule 4	—	Share Data
Schedule 5	—	Selected Debt Structure and Maturity Data
Schedule 6a	—	Same Store Sales (1Q 2007 v. 1Q 2006)
Schedule 6b	—	Same Store Sales (1Q 2007 v. 4Q 2006)
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	—	Aimco Capital
Schedule 12	—	Apartment Unit Summary
Glossary