8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) November 4, 2004

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

(Exact name of registrant as specified in its charter)

MARYLAND	1-13232	84-1259577
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation or	File Number)	Identification No.)
organization)

4582 SOUTH ULSTER STREET PARKWAY
SUITE 1100, DENVER, CO 80237

(Address of principal executive offices)            (Zip Code)

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

NOT APPLICABLE

(Former name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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))

TABLE OF CONTENTS

	ITEM 2.02. Results of Operations and Financial Condition.
	ITEM 9.01. Financial Statements and Exhibits.
SIGNATURE
EXHIBIT INDEX
Third Quarter 2004 Earnings Release

ITEM 2.02. Results of Operations and Financial Condition.

     The press release of Apartment Investment and Management Company (“Aimco”), dated November 4, 2004, attached hereto as Exhibit 99.1 is furnished herewith. Aimco will hold its third quarter 2004 earnings conference call on November 4, 2004 at 3:00 p.m. eastern time. You may join the conference call through an Internet audiocast via Aimco’s Website at www.aimco.com/about/financial/3Q2004.asp by clicking on the Webcast link. Alternatively, you may join the conference call by telephone by dialing 800-218-0713, or 303-262-2075 for international callers. If you wish to participate, 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 800-405-2236 (303-590-3000 for international callers) and using access code 11008844#. Please note that the full text of the press release and supplemental schedules are available through Aimco’s website at www.aimco.com/about/financial/3Q2004.asp. The information contained on Aimco’s website is not incorporated by reference herein.

ITEM 9.01. Financial Statements and Exhibits.

     The following exhibits are furnished with this report:

Exhibit Number	Description
99.1	Third Quarter 2004 Earnings Release dated November 4, 2004

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

     Dated: November 4, 2004

APARTMENT INVESTMENT AND
MANAGEMENT COMPANY
 

/s/ Paul J. McAuliffe  

Paul J. McAuliffe 

Executive Vice President and Chief Financial Officer 

EXHIBIT INDEX

Exhibit Number	Description
99.1	Third Quarter 2004 Earnings Release dated November 4, 2004

EX-99.1

AIMCO 3rd Quarter 2004

Denver, Colorado – November 4, 2004

Apartment Investment and Management Company

Announces Third Quarter 2004 Results

SUMMARY FINANCIAL RESULTS Apartment Investment and Management Company (Aimco) (NYSE:AIV) announced third quarter 2004 results including:

Net income was $163.2 million, compared with $40.6 million in the third quarter 2003. The $122.6 million increase in net income is primarily a result of an increase in net gains on dispositions of real estate (net of impairment losses, income tax and minority interests) totaling $151.6 million, somewhat offset by $21.4 million lower operating income in the third quarter 2004 compared with the third quarter 2003. Earnings per share (EPS) was $1.48 on a diluted basis, compared with $0.15 in the third quarter 2003, based on net income attributable to common shareholders.

Funds from operations (diluted) (FFO; a non-GAAP financial measure defined in the glossary in the Supplemental Information (the Glossary)) was $73.8 million, or $0.78 per share, compared with $77.0 million, or $0.80 per share, in the third quarter 2003. These FFO results were calculated in accordance with the definition of FFO prescribed by the National Association of Real Estate Investment Trusts (NAREIT).

Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $62.2 million, or $0.66 per share, compared with $63.7 million, or $0.66 per share, in the third quarter 2003. AFFO includes deductions of $0.23 and $0.20 per share for capital replacement expenditures in the third quarter 2004 and third quarter 2003, respectively.

DILUTED PER SHARE RESULTS

	Third Quarter				Year to Date
	2004		2003		2004		2003
Earnings — EPS	$	1.48	$	0.15	$	1.34	$	0.51
Funds from operations — FFO	$	0.78	$	0.80	$	2.07	$	2.52
FFO before impairment and preferred redemption charges	$	0.89	$	0.86	$	2.21	$	2.69
Adjusted funds from operations — AFFO	$	0.66	$	0.66	$	1.69	$	2.01

Third quarter FFO per share of $0.78 includes ($0.11) for impairment and Topic-D-42 charges and a net benefit of $0.22 from transactional activity and storm related charges. Excluding the effect of these items, third quarter FFO would have been $64 million, or $0.67 per share, meeting Aimco’s guidance for the quarter, and AFFO would have been $45 million, or $0.45 per share, less than Aimco’s guidance. Details of these items are listed below:

• $0.11 per share in charges related to the treatment of issuance costs associated with preferred share redemptions (commonly referred to as Topic D-42 charges) and impairment losses on real estate assets sold or held for sale. These charges are considered in the NAREIT definition of FFO but are excluded in Aimco’s guidance due to the unpredictable timing of transactions. This includes $0.02 per share for Topic D-42 charges associated with the redemptions and exchanges of the 9.0% Class N and 9.0% Class O preferred stocks and $0.09 per share for impairment charges associated with non-core properties held for sale. These charges are added back in the calculation of AFFO.

• $0.32 per share gain from the sale of a vacant land parcel suitable for development associated with the Bay Club property in Aventura, Florida.

• $0.03 per share in charges on other transactional activity including payment of a premium associated with the redemption of $50 million of the Class N preferred stock and write-off of deferred and prepayment costs related to retiring debt with proceeds from property sales and property refinancings.

• $0.07 per share in charges incurred as a result of hurricanes and severe storms that affected Florida and surrounding areas.

FFO and AFFO PER SHARE RESULTS
FFO as reported (in accordance with NAREIT definition)	$	0.78
Addback:
Redemption related preferred stock issuance costs (Topic D-42); (Classes N & O)		0.02
Impairment loss on real estate assets sold or held for sale (NAREIT definition)		0.09
FFO before impairment and Topic D-42 Charges	$	0.89
Adjust for transactional net gains and storm-related charges
Land sale gain		(0.32	)
Redemption premium on Class N		0.01
Debt charges (including prepayment penalties)		0.02
Hurricane/storm charges		0.07
FFO after transactional net gains and storm-related charges	$	0.67
FFO before impairment and Topic D-42 Charges	$	0.89
Less capital replacements		(0.23	)
AFFO as reported	$	0.66
Subtract:
Adjust for transactional net gains and storm- related charges, net of rounding		(0.21	)
AFFO after transactional net gains and storm-related charges	$	0.45

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “In operations, our rental revenue continues to improve. In our same store portfolio, improvements were widespread with increases year-over-year in 23 of Aimco’s 40 reported markets and a narrowing of the decline in same store portfolio revenue to less than $2 million or 0.7%. Sequentially, there were increases in 37 of the 40 markets and a portfolio wide increase of almost 4% or $10 million. This is due, in part, to seasonality and better markets; it is also due, in part, to improving Aimco operations as the result of hard work by Jeff Adler and his team. While revenues are improving, we have work to do in controlling expenses which were inflated everywhere by the high number of move-ins and, in Florida and the Southeast, by hurricanes. In this latter regard, special thanks are due to our property teams for their hard work to keep our residents safe and to limit damages in the face of the record number of hurricanes and tropical storms.”

Mr. Considine continues: “Also during the third quarter, we undertook a number of transactions that advanced our portfolio management strategy. Under the direction of Harry Alcock, our chief investment officer, Aimco completed property dispositions totaling nearly $600 million including strategic sales of three core properties to condo converters for cap rates averaging 4.1%. Aimco reinvested a portion of sales proceeds by acquiring properties in desirable markets such as New York and Miami at higher expected returns.”

“Paul McAuliffe, our chief financial officer, used the balance of sales proceeds to reduce total debt by $376 million during the quarter. In addition, Paul replaced or exchanged $236 million in preferred stock reducing the annual preferred dividends by almost $2 million. On Tuesday of this week, Paul completed the restructure of our corporate line and term debt increasing capacity and reducing interest costs by 120 basis points.”

Business Components — Conventional Operations and Aimco Capital

CONVENTIONAL REAL ESTATE OPERATIONS — Conventional real estate operations include Aimco’s diversified portfolio of market rate apartment communities. At quarter end, this portfolio had 611 properties with 169,162 units in which Aimco had a weighted average 80% ownership. During the third quarter 2004, conventional real estate operations generated free cash flow (FCF; a non-GAAP financial measure defined in the Glossary and presented and reconciled to GAAP on Supplemental Schedule 2) of $126.3 million. Conventional operations also generated property management income of $1.6 million, principally from unconsolidated partnerships.

“Same Store” Results

The “Same Store” portfolio is a sub-set of total conventional properties. In the third quarter 2004, the “Same Store” portfolio included 539 communities with 120,852 effective units based on Aimco’s weighted average ownership of 79.9% (see Supplemental Schedules 6a through 7). Third quarter 2004 revenue from the “Same Store” portfolio was $260.3 million compared with

$262.1 million in the third quarter 2003, a decline of $1.8 million or 0.7%. Comparing the third quarter 2004 with the third quarter 2003, the “Same Store” portfolio experienced flat occupancy at 92.9% and an $8 per unit decline in average rent from $722 to $714. Lower net rental income was somewhat offset by $2.0 million in lower bad debt. “Same Store” expenses of $117.4 million increased by $6.8 million, or 6.1%, compared with the third quarter 2003. Increased expenses were primarily related to efforts to increase occupancy and improve the properties’ physical appearance including expenditures related to unit turnover, marketing, personnel and repairs and maintenance. Expenses also increased due to $1.2 million of uninsured hurricane and storm related expenses. These increased expenses were partially offset by lower property taxes. “Same Store” portfolio net operating income was $142.9 million for the third

SAME STORE OPERATING RESULTS (1)

	Third Quarter									Sequential
	2004			2003			Variance			2nd Qtr			Variance
Same Store Operating Measures:
Average Physical Occupancy		92.9	%		92.9	%		—			87.9	%	+500		bp
Average Rent/unit	$	714		$	722			-1.1	%	$	724			-1.4	%
Total Same Store
Revenue	$	260.3		$	262.1			-0.7	%	$	250.5			3.9	%
Expenses		(117.4	)		(110.6	)		6.1	%		(109.5	)		7.2	%
NOI ($mm)	$	142.9		$	151.5			-5.6	%	$	141.0			1.3	%

(1) Aimco reports occupancy as of the 25th of the month. Average occupancy for a quarter is the arithmetic average of the three month end occupancies. Average rent per unit is calculated based on average occupancy for the quarter. In the third quarter, the substantial increase in occupancy resulted in a distortion of average rent per unit because month end occupancy was higher than average daily occupancy. If average occupancy had been calculated on a daily average, third quarter occupancy would have been 90.7% and average rent per unit $731.

quarter 2004, down 5.6% from the third quarter 2003. Excluding the effect of the uninsured storm-related costs, “Same Store” net operating income would have been $144.1 million, down 4.9% from the third quarter 2003.

Comparing “Same Store” results on a sequential basis, total revenue increased $9.8 million in the third quarter 2004 compared with the second quarter 2004, driven primarily by a 5.0 percentage point increase in average occupancy from 87.9% to 92.9% partially offset by a $10 decrease in average rent per unit and increased bad debt associated with higher seasonal move-out activity. Expenses increased $7.9 million due primarily to higher resident turnover, marketing and personnel costs associated with increased occupancy, seasonal maintenance, and hurricane and storm related damage, somewhat offset by lower property taxes. Net operating income increased $1.9 million, or 1.3%, on a sequential basis. Excluding the effect of the uninsured storm-related costs, “Same Store” net operating income would have increased 2.2% on a sequential basis, meeting Aimco’s “Same Store” guidance.

AIMCO CAPITAL — Aimco Capital oversees affordable property operations, asset management and transactional activities, and is led by a management team dedicated to this sector. Aimco is among the largest owners and operators of affordable properties in the United States. During the third quarter 2004, affordable property operations included 453 properties with 55,212 units.

Aimco has a weighted average 39% ownership in its affordable properties. Occupancy and rents in the affordable sector were stable and averaged 94% and $637, respectively, in the third quarter 2004, consistent with the first half of 2004. Aimco Capital generated net operating income of $23.0 million from property operations. Aimco Capital also generated property management income of $4.7 million and contributed activity and asset management income of $3.6 million.

Portfolio Management and Redevelopment Activity

ACQUISITIONS — Aimco made four acquisitions during the third quarter 2004 for a total purchase price of $128 million. The properties include: Bay Parc Plaza, a 471-unit high-rise built in 2000, located in Miami, Florida purchased for $64 million; two properties located in Manhattan, including a 200-unit high-rise located on West 73rd Street and a 20-unit property located on East 89th Street, purchased for $51 million and $3.4 million, respectively; and Talbot Woods, a 121-unit garden community located in Middleboro, Massachusetts purchased for $10 million. During the third quarter Aimco also purchased for an aggregate of $5.5 million additional limited partnership interests in 71 partnerships that own 134 properties.

DISPOSITIONS — Strategic sales: Aimco completed three strategic property sales for gross proceeds of $473 million (Aimco share $414 million) at an average 4.1% cap rate and $207,000 per unit. Aimco’s share of net proceeds from strategic property sales after payment of property debt and transaction costs was $239 million. “Strategic sales” include sales of properties suitable for conversion to condominiums, allowing Aimco to take advantage of current market conditions and obtain favorable pricing. These sales included: Warner Center, a 1,279-unit garden community located in Woodland Hills, California; Bay Club, a 702-unit high-rise located in Aventura, Florida; and River Reach a 298-unit garden community located in Jacksonville, Florida.

Non-core sales: Aimco regularly reviews its portfolio to identify properties that do not meet its long-term investment criteria. Aimco considers these properties as “Non-Core” (defined in the Glossary) and seeks to hold them over the intermediate term.

In addition to strategic sales dicussed above, Aimco sold five non-core conventional properties and 14 affordable properties with 1,023 and 1,847 units, respectively, in the third quarter 2004 for $109 million in gross proceeds (Aimco share $65 million). Aimco’s share of net proceeds after payment of property debt and transaction costs was $37 million. See Supplemental Schedule 8 for additional information on disposition activity.

GAIN ON DISPOSITIONS — Aimco’s property dispositions resulted in total gains on dispositions of real estate (including gains from sales of unconsolidated entities, land sale gains and discontinued operations), net of related taxes, of $201.2 million for the third quarter 2004, compared with a gain of $23.6 million for the third quarter 2003.

REDEVELOPMENT ACTIVITY — At quarter end, Aimco’s Redevelopment and Construction Services groups had 37 projects at various stages of redevelopment, including 26 conventional projects and 11 affordable projects. Further information on redevelopment projects is provided in Supplemental Schedule 10.

Additional Financial Information

PROPERTY MANAGEMENT INCOME — Income from property management is generated from management of properties in which Aimco has unconsolidated interests. Property management income was $6.3 million in the third quarter 2004 compared with $7.7 million in the third quarter 2003. Property management income declined primarily due to sales of unconsolidated properties that generated management income.

ACTIVITY FEE AND ASSET MANAGEMENT INCOME — Activity fees are generated from transactional activities including dispositions, refinancings, tax credit syndications and redevelopment, and are earned primarily by Aimco Capital. Asset management income is earned by Aimco Capital from the financial management of properties, rather than management of day-to-day operations. Activity fee and asset management income from both conventional and Aimco Capital operations was $3.7 million in the third quarter 2004 compared with $1.3 million in the third quarter 2003. The amount of this income may vary each quarter depending upon the nature and timing of transactional activity.

INTEREST INCOME — Interest income (which includes transactional accretion income of $2.5 million) was $10.2 million for the third quarter, an increase of $5.2 million compared with the third quarter 2003. The increase is primarily due to the accretion and a higher notes receivable balance in the third quarter 2004 compared with the third quarter 2003. Interest income is generated from notes receivable totaling $206.5 million at September 30, 2004.

DEBT ACTIVITY — During the third quarter 2004, Aimco closed 13 mortgage loans, including 12 refinancings of existing mortgage debt and one new mortgage on an acquired property. Total proceeds were $381.4 million at a weighted average interest rate of 4.49%. After repayment of existing debt, transaction costs, distributions to limited partners and funding new debt on the acquisition totaling $294.6 million, Aimco’s share of net proceeds was $86.8 million.

During the third quarter 2004 Aimco reduced its variable rate corporate debt by $210.2 million from $628.6 million to $418.4 million including a payoff of the $93 million term loan associated with the Casden merger and a $117.2 million pay down of the revolving credit facility.

CORPORATE DEBT MODIFICATION — On November 4, 2004 Aimco modified its term loan and revolving credit facility. The modification provides a lower interest rate spread, extended maturity dates, and more operating and financial flexibility. The interest rate spread on the new term loan and revolving credit facility is reduced on average to 190 basis points over LIBOR compared with the old term loan and revolving credit facility at 310 basis points over LIBOR. Assuming an average outstanding balance of $300 million on the term loan and $200 million on the revolving credit facility, the modification will result in annualized interest savings of $6.0 million. Capacity on the new revolving credit facility is $450 million compared with $445 million on the old facility and the new term loan was increased to $300 million from $250 million. Improved terms include 95% payout on the common dividend as a percent of FFO, compared with 90% provided for in the previous term loan and revolving credit facility, and the ability to apply up to 80% of net asset sale proceeds to repurchase common stock. Completion of the corporate debt modification will result in a fourth quarter 2004 charge of $1.1 million for unamortized financing costs.

Total consolidated property debt decreased by $201 million during the quarter primarily as a result of property sales. Please refer to Schedule 5 of the Supplemental Information for more detail on debt activity.

INTEREST EXPENSE — Consolidated interest expense was $95.9 million for the third quarter 2004, an increase of $9.9 million from $86.0 million in the third quarter 2003. The increase in interest expense is primarily the result of: (i) $4.7 million due to increased property debt balances, partially offset by a lower weighted average rate on property debt (ii) $3.2 million related to higher average corporate debt balances; and (iii) $1.9 million in lower capitalized interest.

PREFERRED STOCK ACTIVITY — As previously announced, during the third quarter Aimco completed the public offering of 3.45 million shares of newly issued 8.0% Class V Cumulative Preferred Stock for gross proceeds of $86.25 million. Proceeds from this offering were used to: (i) redeem 2 million shares of 9.0% Class N Convertible Cumulative Preferred Stock (“Class N”) with a liquidation preference of $50 million; (ii) redeem 1.45 million shares of 8.75% Class D Cumulative Preferred Stock with a liquidation preference of $36.25 million. This Class N redemption was made on September 30, 2004 and the Class D redemption will be made November 5, 2004. There will be a $1.3 million Topic D-42 charge in the fourth quarter 2004 associated with the Class D partial redemption.

In addition, Aimco completed the exchange of 2 million shares of Aimco’s 9.0% Class N with a $50 million liquidation preference for an equal amount of newly issued 8.5% Class X Cumulative Convertible Preferred Stock (“Class X”). The Class X is redeemable on or after March 31, 2006 at its liquidation preference. Aimco also completed the exchange of 1.9 million shares of Aimco’s 9.0% Class O Cumulative Convertible Preferred Stock with a $100 million liquidation preference for an equal amount of newly issued 8.1% Class W Cumulative Convertible Preferred Stock (“Class W”). The Class W is redeemable on or after September 30, 2007 at 102% of liquidation preference. In combination, this preferred stock activity is expected to generate savings on preferred dividends of $1.9 million on an annualized basis.

G&A — General and administrative expenses for the third quarter 2004 of $18.8 million were up compared with $10.9 million in the third quarter 2003, $17.6 million in the second quarter 2004 and $18.3 million in the first quarter 2004. The year-over-year increase is primarily due to: $6.3 million of higher compensation related to increased staffing levels, merit increases and variable compensation; $3.2 million related to increased health insurance costs and the effect of a favorable change in our claims incurred in the third quarter of 2003; somewhat offset by $1.9 million lower consulting, legal and compliance costs.

OTHER INCOME (EXPENSE), NET — Other income (expense), net was $0.2 million for the third quarter 2004 compared with $2.3 million in the third quarter 2003. This line item primarily includes income tax provisions/benefits, partnership expenses and risk management activities related to unconsolidated partnerships. The $2.1 million net change in the third quarter 2004 compared with the third quarter 2003 is primarily due to a lower income tax benefit and the effect of costs related to hurricane and storm damage at unconsolidated properties.

Outlook

For the fourth quarter 2004, FFO is forecast to range from $0.68 to $0.72 per share, and AFFO is forecast to range from $0.54 to $0.58 per share. The fourth quarter FFO forecast includes $0.01 per share charge for Topic D-42 preferred stock issuance costs for the Class D redemption and $0.01 per share for the write off of deferred debt costs associated with Aimco’s corporate debt modification. Before these charges, the FFO forecast would be $0.70 to $0.74

per share. For the full year 2004, FFO is forecast to range from $2.75 to $2.79 per share and AFFO is forecast to range from $2.23 to $2.27 per share. Please refer to the Outlook Schedule for more detail on the fourth quarter and full year 2004, which follows the Consolidated Financial Statements in this release.

Dividends on Common Stock

As announced on October 29, 2004, 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, 2004, payable on November 30, 2004 to stockholders of record on November 19, 2004. The dividend represents 91% of AFFO (diluted) and 77% of FFO (diluted), on a per share basis, for the quarter ended September 30, 2004 and a 6.6% annualized yield based on the $36.52 closing price of Aimco’s Class A Common Stock on October 28, 2004.

Earnings Conference Call

Please join Aimco management for the Third Quarter 2004 earnings conference call to be held Thursday, November 4, 2004 at 3:00 p.m. Eastern Time. You may join the conference call through an Internet audiocast via Aimco’s Website at www.aimco.com/about/financial/3Q2004.asp, then click on the Webcast link. Alternatively, you may join the conference call by telephone by dialing 800-218-0713, or 303-262-2075 for international callers. Please call approximately five minutes before the conference call is scheduled to begin and indicate that you wish to join the Apartment Investment and Management Company Third Quarter 2004 earnings conference call. 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 800-405-2236 (303-590-3000 for international callers) and using access code 11008844#.

Supplemental Information

The Supplemental Information referenced in this release is available at Aimco’s Website at the link www.aimco.com/about/financial/3Q2004.asp 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. These forward-looking statements are based on certain risks and uncertainties, including but not limited to Aimco’s ability to improve upon current occupancy, rent levels and “Same Store” results and the economic environment in which Aimco operates. Actual results may differ materially from those described in these forward-looking statements and will be affected by a variety of risks and factors including, without limitation: national and local economic conditions; the general level of interest rates; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financial risks, including the risk that Aimco’s cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including variations of real estate values and the general economic climate in local markets and competition for tenants in such markets; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; litigation,

including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs that may be incurred due to necessary remediation of contamination or properties presently owned or previously owned by Aimco. 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 owning and operating a geographically diversified portfolio of apartment communities through 21 regional operating centers. Aimco, through its subsidiaries, operates nearly 1,550 properties, including approximately 272,000 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 included in the S&P 500.

GAAP Income Statements

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

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2004			2003			2004			2003
REVENUES:
Rental and other property revenues	$	359,416		$	340,408		$	1,037,381		$	1,003,509
Property management revenues, primarily from affiliates		8,713			9,652			26,032			28,498
Activity fees and asset management revenues, primarily from affiliates		5,985			3,285			24,381			12,184
Total revenues		374,114			353,345			1,087,794			1,044,191
EXPENSES:
Property operating expenses		176,090			153,365			492,080			440,030
Property management expenses		2,406			1,961			6,737			6,003
Activity and asset management expenses		2,272			2,003			9,299			5,810
Depreciation and amortization		90,298			81,508			265,981			245,305
General and administrative expenses		18,765			10,926			54,612			27,802
Other income, net		(215	)		(2,265	)		(1,093	)		(9,160	)
Total expenses		289,616			247,498			827,616			715,790
Operating income		84,498			105,847			260,178			328,401
Interest income		10,221			5,048			25,196			18,160
Provision for losses on notes receivable		(672	)		23			(1,773	)		(1,465	)
Interest expense		(95,930	)		(86,029	)		(276,452	)		(254,893	)
Deficit distributions to minority partners		(7,824	)		(11,827	)		(14,907	)		(20,928	)
Equity in losses of unconsolidated real estate partnerships		(1,197	)		(1,767	)		(3,669	)		(6,581	)
Impairment loss on investment in unconsolidated real estate partnerships		(583	)		—			(2,316	)		—
Gain on dispositions of real estate related to unconsolidated entities and other		39,138			1,449			41,218			2,209
Income before minority interests, discontinued operations and cumulative effect of change in accounting principle		27,651			12,744			27,475			64,903
Minority interests:
Minority interest in consolidated real estate partnerships		1,575			(1,198	)		6,911			(3,242	)
Minority interest in Aimco Operating Partnership, preferred [a]		(1,968	)		(2,102	)		(5,908	)		(7,327	)
Minority interest in Aimco Operating Partnership, common [a]		(257	)		2,091			4,498			2,192
Total minority interests		(650	)		(1,209	)		5,501			(8,377	)
Income from continuing operations		27,001			11,535			32,976			56,526
Income from discontinued operations, net [b]		136,207			29,100			162,203			65,162
Income before cumulative effect of change in accounting principle		163,208			40,635			195,179			121,688
Cumulative effect of change in accounting principle		—			—			(3,957	)		—
Net income		163,208			40,635			191,222			121,688
Net income attributable to preferred stockholders		24,667			26,930			66,307			74,032
Net income attributable to common stockholders	$	138,541		$	13,705		$	124,915		$	47,656
Weighted average number of common shares outstanding		93,247			92,839			93,041			92,759
Weighted average number of common shares and common share equivalents outstanding		93,394			92,839			93,041			92,759
Earnings (loss) per common share — basic:
Income (loss) from continuing operations (net of preferred dividends)	$	0.03		$	(0.16	)	$	(0.36	)	$	(0.19	)
Income from discontinued operations		1.46			0.31			1.74			0.70
Cumulative effect of change in accounting principle		—			—			(0.04	)		—
Net income attributable to common stockholders	$	1.49		$	0.15		$	1.34		$	0.51
Earnings (loss) per common share — diluted:
Income (loss) from continuing operations (net of preferred dividends)	$	0.02		$	(0.16	)	$	(0.36	)	$	(0.19	)
Income from discontinued operations		1.46			0.31			1.74			0.70
Cumulative effect of change in accounting principle		—			—			(0.04	)		—
Net income attributable to common stockholders	$	1.48		$	0.15		$	1.34		$	0.51

[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):

	Quarter Ended			Quarter Ended			Year Ended			Year Ended
	30-Sep-04			30-Sep-03			30-Sep-04			30-Sep-03
Income from operations	$	314		$	7,678		$	5,802		$	15,605
Gain on dispositions of real estate, net of minority partners’ interest		174,497			22,921			196,066			67,459
Impairment loss on real estate assets sold or held for sale, net of minority partners’ interest		(9,451	)		(619	)		(9,942	)		(8,560	)
(Deficit distributions) recovery of deficit distributions to minority partners		(5	)		3,579			3,308			4,079
Income tax arising from disposals		(12,446	)		(806	)		(13,235	)		(5,112	)
Minority interest in Aimco Operating Partnership		(16,702	)		(3,653	)		(19,796	)		(8,309	)
Income from discontinued operations	$	136,207		$	29,100		$	162,203		$	65,162

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)

	As of			As of
	September 30, 2004			December 31, 2003
ASSETS
Buildings and improvements	$	8,423,560		$	7,899,164
Land		2,162,735			1,960,984
Accumulated depreciation		(1,934,939	)		(1,704,737	)
TOTAL REAL ESTATE		8,651,356			8,155,411
Cash and cash equivalents		122,570			114,432
Restricted cash		269,223			239,662
Accounts receivable		56,327			66,868
Accounts receivable from affiliates		54,451			56,874
Deferred financing costs		67,139			69,360
Notes receivable from unconsolidated real estate partnerships		155,206			139,930
Notes receivable from non-affiliates		51,318			68,771
Investment in unconsolidated real estate partnerships		183,276			236,144
Other assets		309,568			265,953
Assets held for sale		264,541			684,971
TOTAL ASSETS	$	10,184,975		$	10,098,376
LIABILITIES AND STOCKHOLDERS’ EQUITY
Secured tax-exempt bond financing	$	1,092,607		$	1,064,250
Secured notes payable		4,477,074			4,126,080
Mandatorily redeemable preferred securities		15,019			113,619
Term loans		250,000			354,387
Credit facility		168,400			81,000
TOTAL INDEBTEDNESS		6,003,100			5,739,336
Accounts payable		46,369			35,004
Accrued liabilities and other		375,081			364,025
Deferred income		25,289			25,589
Security deposits		37,879			38,169
Deferred income taxes payable, net		29,613			26,065
Liabilities related to assets held for sale		209,023			511,164
TOTAL LIABILITIES		6,726,354			6,739,352
Minority interest in consolidated real estate partnerships		221,896			194,462
Minority interest in Aimco Operating Partnership		278,184			303,905
STOCKHOLDERS’ EQUITY
Class A Common Stock		948			939
Additional paid-in capital		3,068,069			3,053,312
Perpetual preferred stock		841,500			555,250
Convertible preferred stock		150,000			299,992
Distributions in excess of earnings		(1,043,052	)		(998,018	)
Unvested restricted stock		(19,336	)		(10,772	)
Notes due on common stock purchases		(39,588	)		(40,046	)
TOTAL STOCKHOLDERS’ EQUITY		2,958,541			2,860,657
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,184,975		$	10,098,376

GAAP Statements of Cash Flows

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

	Nine Months Ended			Nine Months Ended
	September 30, 2004			September 30, 2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	191,222		$	121,688
Depreciation and amortization		265,981			245,305
Adjustments to net income from discontinued operations		(155,532	)		(20,008	)
Other adjustments to reconcile net income		(10,816	)		32,671
Changes in operating assets and liabilities		11,783			24,399
Net cash provided by operating activities		302,638			404,055
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(223,495	)		(117,907	)
Capital expenditures		(191,379	)		(187,755	)
Proceeds from dispositions of real estate		628,073			479,220
Purchases of general and limited partnership interests and other assets		(67,437	)		(36,676	)
Originations of notes receivable from unconsolidated real estate partnerships		(64,491	)		(47,833	)
Distributions received from investments in unconsolidated real estate partnerships		44,973			51,106
Other investing activities		22,627			16,538
Net cash provided by investing activities		148,871			156,693
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from secured notes payable borrowings		407,620			351,964
Principal repayments on secured notes payable		(465,555	)		(553,020	)
Proceeds from tax-exempt bond financing		69,471			14,505
Principal repayments on tax-exempt bond financing		(169,945	)		(62,774	)
Net borrowings (paydowns) on term loans and revolving credit facility		(16,987	)		108,376
Proceeds from issuance (redemption) of mandatorily redeemable preferred securities		(98,875	)		97,250
Proceeds from issuance of preferred stock		276,750			144,808
Redemption of preferred stock		(149,926	)		(239,770	)
Payment of Class A Common Stock dividends		(169,179	)		(228,933	)
Payment of preferred stock dividends		(64,978	)		(68,509	)
Contributions from minority interest		27,697			—
Payment of distributions to minority interest		(71,315	)		(87,161	)
Other financing activities		(18,149	)		(6,954	)
Net cash used in financing activities		(443,371	)		(530,218	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		8,138			30,530
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		114,432			99,550
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	122,570		$	130,080

Outlook and Forward Looking Statement
Fourth Quarter and Full Year 2004
(unaudited)

The Outlook information provided on this Schedule contains information that is forward-looking, including statements concerning projected fourth quarter and full year 2004 results. These forward-looking statements are based on current expectations, estimates, and projections about the markets and the industry in which Aimco operates as well as management’s beliefs and assumptions. These forward-looking statements are also based on certain risks and uncertainties, including but not limited to Aimco’s ability to improve upon current occupancy, rent levels and “same store” results and the economic environment in which Aimco operates. Actual results may differ materially from those described in these forward-looking statements and will be affected by a variety of risks and factors including, without limitation: national and local economic conditions; the general level of interest rates; 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 Aimco’s cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including variations of real estate values and the general economic climate in local markets and competition for tenants in such markets; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs 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, 2003 and the other documents Aimco files from time to time with the Securities and Exchange Commission.

	Fourth Quarter 2004	Full Year 2004
GAAP Earnings per share (1)	-$0.16 to -$0.12	$1.19 to $1.23
Add: Depreciation and other	$0.84	$1.56
FFO per share (2)	$0.68 to $0.72	$2.75 to $2.79
FFO per share before adjustments (2)	$0.70 to $0.74	$2.69 to $2.73
AFFO per share	$0.54 to $0.58	$2.23 to $2.27
2004 Same Store Operating Assumptions
Expected physical occupancy (weighted average)	91.5% to 92.0%	90.3% to 90.4%
NOI change — sequential and 2004 vs. 2003	3.5% to 5.0%	-5.0% to -5.3%
Gross dispositions (3)		$1.05B to $1.15B	(Aimco Share $800MM - $900MM)
Gross acquisitions (4)		$440MM to $560MM	(Aimco Share $440MM - $560MM)

(1) Aimco’s fourth quarter earnings per share guidance does not include estimates for (i) gain on dispositions or impairment losses due to the unpredictable timing of transactions or (ii) deferred costs recognized on early repayment of debt or upon redemption of preferred securities.

(2) The fourth quarter FFO per share guidance includes Topic D-42 preferred stock redemption charges of $1.3 million for the Preferred Class D redemption and the write off of $1.1 million in deferred debt costs associated with Aimco’s corporate debt modification. The fourth quarter FFO per share before adjustments does not include the Topic D-42 charges and the deferred debt costs write off. The full year FFO per share before adjustments is before impairments, Topic D-42 preferred stock redemption charges, net gains from transactional activity and storm-related charges.

(3) Aimco has sold or is currently marketing for sale approximately 40 conventional properties (approximately 8,500 units) and 200 affordable properties (approximately 21,000 units). These properties consist of both consolidated and unconsolidated properties, some of which are not accounted for as assets held for sale and treated as a discontinued operation as they do not meet the required criteria as set forth in SFAS 144. Aimco anticipates gross sales proceeds of approximately $1.05 to $1.15 billion for 2004 (Aimco share $800 to $900 million). Aimco expects that its share of cash from these dispositions, net of limited partner interests and after repayment of mortgage debt, will be approximately $446 to $496 million.

(4) Acquisitions include property acquisitions, limited partnership acquisitions, preferred stock redemptions, and common stock repurchases.

AIMCO 3rd Quarter 2004

Financial Statements and Supplemental Information

TABLE OF CONTENTS

Glossary

Schedule 1 – Funds From Operations and Adjusted Funds From Operations

Schedule 2a – Business Component Proportionate Income Statement Presentation, Q3

Schedule 2b – Business Component Proportionate Income Statement, 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 (Q3 2004 v. Q3 2003)

Schedule 6b – Same Store Sales (Q3 2004 v. Q2 2004)

Schedule 6c – Same Store Sales (Year-to-date 2004 v. 2003)

Schedule 7 – Selected Portfolio Performance Data

Schedule 8 – Property Sales Activity

Schedule 9 – Capital Expenditures

Schedule 10 – Summary of 2004 Redevelopment Activity

Schedule 11 – Apartment Unit Summary

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: Consolidated properties owned less than one year as of the beginning of the most recent quarter.

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. From the second quarter 2002 through the fourth quarter 2003, the calculation of AFFO also deducted Capital Enhancements (CE) expenditures. CE was Aimco’s categorization of expenditures made to improve Aimco’s assets by adding a new feature or revenue source; however, as part of changes effective as of the first quarter 2004, these expenditures are included within the capital improvements category. Capital improvement expenditures are not deducted in the calculation of AFFO and FCF.

Please see Supplemental Schedule I for AFFO data reconciled to net income as determined in accordance with GAAP.

CAPITAL IMPROVEMENTS (CI): As of the first quarter 2004, 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. Effective January 1, 2004 Aimco refined its methodology in calculating CR. Please refer to Schedule 9 for further detail.

CR expenditures are a component of Capital expenditures in the GAAP Statement of Cash Flows.

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, as defined by Aimco, is net operating income from real estate minus CR spending. FCF also includes cash flows generated from the investment management business, interest income, general and administrative expenses, provision for losses on notes receivable and other expenses (income), net incurred by Aimco. FCF measures profitability of operations and is prior to the cost of capital. 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.

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 (loss), computed in accordance with GAAP, excluding gains and losses from extraordinary items, cumulative effect of change in accounting principle, gains on dispositions of depreciable real estate related to unconsolidated entities and other, gains on dispositions of real estate from discontinued operations, net of related income taxes, plus real estate related depreciation and amortization (excluding amortization of financing costs), including depreciation for unconsolidated real estate partnerships, joint ventures and discontinued operations. Aimco calculates FFO based on the NAREIT definition, as further adjusted for amortization of management contracts and deficit distributions to minority partners. Aimco calculates FFO (diluted) by subtracting redemption related preferred stock issuance costs and dividends on preferred stock, adding back dividends/distributions on dilutive preferred securities and adding back the interest expense on dilutive mandatorily redeemable convertible 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.

NET RENTAL INCOME (NRI): NRI is an operating measure calculated as the product of the number of rental units in Aimco’s “Same Store” portfolio multiplied by average occupancy multiplied by average effective rent per unit. NRI does not reflect income from all sources and does not reflect operating expenses. Therefore, NRI is not a measure of net operating income or earnings.

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 PROPERTIES: Properties that are not multi-family such as commercial properties or fitness facilities.

PARTNERSHIP EXPENSES: Expenses incurred at the partnership level, either directly or indirectly, for services such as audit, tax and legal.

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 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. 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.

UNCONSOLIDATED BALANCE SHEET ITEMS: Unconsolidated balance sheet items such as Aimco’s share of unconsolidated cash, unconsolidated restricted cash, unconsolidated accounts receivable, unconsolidated current liabilities and unconsolidated debt are components of Balance Sheet line items on the GAAP financial statements that are useful in understanding Aimco’s proportionate share of assets and liabilities, prior to consolidation in the GAAP financial statements.

Supplemental Schedule 1

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

	For the Three Months						For the Nine Months
	Ended September 30,						Ended September 30,
	2004			2003			2004			2003
Net income attributable to common stockholders	$	138,541		$	13,705		$	124,915		$	47,656
Adjustments:
Depreciation and amortization		90,298			81,508			265,981			245,305
Depreciation and amortization related to non-real estate assets		(4,271	)		(4,882	)		(13,481	)		(15,639	)
Depreciation of rental property related to minority partners’ interest		(10,017	)		(6,751	)		(32,132	)		(21,206	)
Depreciation of rental property related to unconsolidated entities		5,472			6,289			17,116			19,331
Gain on dispositions of real estate related to unconsolidated entities and other		(39,138	)		(1,449	)		(41,218	)		(2,209	)
Gain on dispositions of land		34,580			—			35,455			—
Deficit distributions to minority partners		7,824			11,827			14,907			20,928
Cumulative effect of change in accounting principle		—			—			3,957			—
Discontinued operations:											—
Gain on dispositions of real estate, net of minority partners’ interest		(174,497	)		(22,921	)		(196,066	)		(67,459	)
Depreciation of rental property, net of minority partners’ interest		3,339			7,903			12,075			29,702
Deficit distributions (recovery of deficit distributions) to minority partners		5			(3,579	)		(3,308	)		(4,079	)
Income tax arising from disposals		12,446			806			13,235			5,112
Minority interest in Aimco Operating Partnership’s share of above adjustments		8,104			(7,753	)		(8,235	)		(23,881	)
Preferred stock dividends		22,569			21,440			64,121			66,387
Redemption related preferred stock issuance costs		2,098			5,490			2,186			7,645
Funds From Operations		97,353			101,633			259,508			307,593
Preferred stock dividends		(22,569	)		(21,440	)		(64,121	)		(66,387	)
Redemption related preferred stock issuance costs		(2,098	)		(5,490	)		(2,186	)		(7,645	)
Dividends/distributions on dilutive preferred securities		1,069			2,097			2,757			10,253
Interest expense on dilutive mandatorily redeemable convertible preferred securities		—			247			—			741
Funds From Operations Attributable to Common Stockholders — Diluted	$	73,755		$	77,047		$	195,958		$	244,555
Capital Replacements		(23,948	)		(20,957	)		(54,417	)		(67,929	)
Capital Enhancements [b]		—			(213	)		—			(2,377	)
Impairment loss on investment in unconsolidated real estate partnerships		583			—			2,316			—
Impairment loss on real estate assets sold or held for sale, net of minority partners’ interest		9,451			619			9,942			8,560
Redemption related preferred stock issuance costs		2,098			5,490			2,186			7,645
Minority interest in Aimco Operating Partnership’s share of above adjustments		1,244			1,691			4,301			6,155
Dividends/distributions on non-dilutive preferred securities		(1,016	)		—			(2,621	)		(4,066	)
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted	$	62,167		$	63,677		$	157,665		$	192,543
Funds From Operations:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents		93,394			93,049			93,110			92,889
Dilutive preferred securities		1,590			2,995			1,450			4,273
		94,984			96,044			94,560			97,162
Adjusted Funds From Operations:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents		93,394			93,049			93,110			92,889
Dilutive preferred securities		114			2,995			97			2,879
		93,508			96,044			93,207			95,768
Per Share:
Funds From Operations — Diluted	$	0.78		$	0.80		$	2.07		$	2.52
Funds From Operations — Diluted (excluding impairment losses and redemption related preferred stock issuance costs) [c] [d]	$	0.89		$	0.86		$	2.21		$	2.69
Adjusted Funds From Operations — Diluted	$	0.66		$	0.66		$	1.69		$	2.01
Dividends Declared	$	0.60		$	0.60		$	1.80		$	2.24

[a] Effective with the fourth quarter 2003 and for all periods presented, Aimco has adjusted its presentation of Funds From Operations (FFO) to conform to the NAREIT definition to deduct the Aimco Operating Partnership’s share of all adjustments and remove the common partnership units in the Aimco Operating Partnership, which had previously been assumed to have been redeemed in exchange for Aimco’s Class A Common Stock.

[b] Effective January 1, 2004 and on a prospective basis, Capital Enhancements are now included as part of Capital Improvements (See Supplemental Schedule 9 for further details).

[c] 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, 2004 includes impairment losses of $10.0 million and $12.3 million, respectively. FFO for the three and nine months ended September 30, 2003 includes impairment losses of $0.6 million and $8.6 million, respectively.

[d] In accordance with the Securities and Exchange Commission’s July 31, 2003 interpretation of the Emerging Issues Task Force Topic D-42, Aimco now includes redemption related preferred stock issuance costs in FFO. As a result, FFO for the three and nine months ended September 30, 2004 includes issuance costs of $2.1 million and $2.2 million, respectively. FFO for the three and nine months ended September 30, 2003 includes issuance costs of $5.5 million and $7.6 million, respectively.

Supplemental Schedule 2(a)

Business Component Proportionate Income Statement Presentation
For the Three Months Ended September 30, 2004
(in thousands)
(unaudited)

										Total												Total
				Proportionate						Proportionate												Proportionate
	Aimco			Share of			Minority			Consolidated												Consolidated
	GAAP Income			Unconsolidated			Partners’			Income						Aimco						Income
	Statement			Partnerships			Interest			Statement			Conventional (1)			Capital (1)			Corporate			Statement
Revenue:
Rental and other property revenues: (1)
Same store properties (2)	$	295,905		$	9,199		$	(44,782	)	$	260,322		$	260,322		$	—		$	—		$	260,322
Acquisition properties		8,076			441			—			8,517			8,517			—			—			8,517
Redevelopment properties		13,620			376			(2,801	)		11,195			11,195			—			—			11,195
Disposition properties		—			39			—			39			39			—			—			39
Other properties		7,419			792			(980	)		7,231			7,231			—			—			7,231
Affordable properties		34,396			15,197			(5,348	)		44,245			—			44,245			—			44,245
Total rental and other property revenues		359,416			26,044			(53,911	)		331,549			287,304			44,245			—			331,549
Property management revenues, primarily from affiliates		8,713			—			—			8,713			2,442			6,271						8,713
Activity fees and asset management revenues, primarily from affiliates		5,985			—			—			5,985			73			5,912			—			5,985
Total revenues		374,114			26,044			(53,911	)		346,247			289,819			56,428			—			346,247
Expense:
Property operating expenses: (1)
Same store properties (2)		134,756			4,017			(21,687	)		117,086			117,086			—			—			117,086
Acquisition properties		3,837			362			—			4,199			4,199			—			—			4,199
Redevelopment properties		6,193			202			(1,270	)		5,125			5,125			—			—			5,125
Disposition properties		—			98			—			98			98			—			—			98
Other properties		4,955			660			(549	)		5,066			5,066			—			—			5,066
Affordable properties		16,266			6,737			(2,683	)		20,320			—			20,320			—			20,320
Casualties		4,118			47			(306	)		3,859			3,994			(135	)		—			3,859
Property management expenses (consolidated properties)		5,965			1,433			(2,459	)		4,939			3,907			1,032			—			4,939
Total property operating expenses		176,090			13,556			(28,954	)		160,692			139,475			21,217			—			160,692
Property management expenses (unconsolidated and third party properties)		2,406			—			—			2,406			807			1,599			—			2,406
Activity and asset management expenses		2,272			—			—			2,272			—			2,272			—			2,272
Depreciation and amortization		90,298			5,472			(10,017	)		85,753			74,325			11,428			—			85,753
General and administrative expenses		18,765			—			—			18,765			11,822			6,943			—			18,765
Other (income) expenses, net		(215	)		978			(2,102	)		(1,339	)		395			(1,734	)		—			(1,339	)
Total expenses		289,616			20,006			(41,073	)		268,549			226,824			41,725			—			268,549
Operating income		84,498			6,038			(12,838	)		77,698			62,995			14,703			—			77,698
Interest income:
General partner loan interest		6,194			—			—			6,194			5,419			775			—			6,194
Money market and interest bearing accounts		1,492			354			(73	)		1,773			665			1,108			—			1,773
Accretion on discounted notes receivable		2,535			—			—			2,535			1,560			975			—			2,535
Total interest income		10,221			354			(73	)		10,502			7,644			2,858			—			10,502
Provision for losses on notes receivable		(672	)		—			—			(672	)		(36	)		(636	)		—			(672	)
Interest expense:
Property debt (primarily non-recourse)		(86,884	)		(7,643	)		14,686			(79,841	)		(70,052	)		(9,789	)		—			(79,841	)
Lines of credit		(10,863	)		—			—			(10,863	)		—			—			(10,863	)		(10,863	)
Interest expense on mandatorily redeemable convertible preferred securities		(244	)		—			—			(244	)		—			—			(244	)		(244	)
Capitalized interest		2,061			54			(200	)		1,915			1,601			314			—			1,915
Total interest expense		(95,930	)		(7,589	)		14,486			(89,033	)		(68,451	)		(9,475	)		(11,107	)		(89,033	)
Deficit distributions to minority partners		(7,824	)		—			—			(7,824	)		(7,763	)		(61	)		—			(7,824	)
Equity in losses of unconsolidated real estate partnerships		(1,197	)		1,197			—			—			—			—			—			—
Impairment loss on investment in unconsolidated real estate partnerships		(583	)		—			—			(583	)		—			(583	)		—			(583	)
Gain on dispositions of real estate related to unconsolidated entities and other		39,138			—			—			39,138			34,765			4,373			—			39,138
Income before minority interests, discontinued operations and cumulative effect of change in accounting principle		27,651			—			1,575			29,226			29,154			11,179			(11,107	)		29,226
Minority interests:
Minority interest in consolidated real estate partnerships		1,575			—			(1,575	)		—			—			—			—			—
Minority interest in Aimco Operating Partnership		(2,225	)		—			—			(2,225	)		—			—			(2,225	)		(2,225	)
Total minority interests		(650	)		—			(1,575	)		(2,225	)		—			—			(2,225	)		(2,225	)
Income from continuing operations		27,001			—			—			27,001			29,154			11,179			(13,332	)		27,001
Income from discontinued operations, net		136,207			—			—			136,207			153,460			(551	)		(16,702	)		136,207
Net income	$	163,208		$	—		$	—		$	163,208		$	182,614		$	10,628		$	(30,034	)	$	163,208

(1)	See definitions and descriptions in Glossary
(2)	Same store amounts in this schedule may differ from the same store amounts in Schedules 6a-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.

Supplemental Schedule 2(a)

Business Component Proportionate Income Statement Presentation
For the Three Months Ended September 30, 2004
(in thousands)
(unaudited)

	Total												Total
	Proportionate												Proportionate
	Consolidated												Consolidated
	Income						Aimco						Income
	Statement			Conventional (1)			Capital (1)			Corporate			Statement
Reconciliation of Net Income to FFO, AFFO and FCF:
Net income (see above)		163,208			182,614			10,628			(30,034	)		163,208
Proportionate share of depreciation and amortization		85,753			74,325			11,428			—			85,753
Depreciation and amortization related to non-real estate assets		(4,271	)		(4,271	)		—			—			(4,271	)
Deficit distributions to minority partners		7,824			7,763			61			—			7,824
Gain on dispositions of real estate related to unconsolidated entities and other		(39,138	)		(34,765	)		(4,373	)		—			(39,138	)
Gain on disposition of land		34,580			34,580			—			—			34,580
Discontinued operations		(158,707	)		(158,178	)		(529	)		—			(158,707	)
Minority interest in Aimco Operating Partnership’s share of adjustments		8,104			—			—			8,104			8,104
Preferred stock dividends		(22,569	)		—			—			(22,569	)		(22,569	)
Redemption related preferred stock issuance costs		(2,098	)		—			—			(2,098	)		(2,098	)
Dividends/distributions on dilutive preferred securities		1,069			—			—			1,069			1,069
FFO Attributable to Common Stockholders — Diluted		73,755			102,068			17,215			(45,528	)		73,755
Capital Replacements		(23,948	)		(21,522	)		(2,426	)		—			(23,948	)
Impairment loss on investment in unconsolidated real estate partnerships		583			—			583			—			583
Impairment loss on real estate assets sold or held for sale, net of minority partners’ interest		9,451			8,451			1,000			—			9,451
Redemption related preferred stock issuance costs		2,098			—			—			2,098			2,098
Minority interest in Aimco Operating Partnership’s share of adjustments		1,244			—			—			1,244			1,244
Dividends/distributions on non-dilutive preferred securities		(1,016	)		—			—			(1,016	)		(1,016	)
AFFO Attributable to Common Stockholders — Diluted		62,167			88,997			16,372			(43,202	)		62,167
Interest expense		89,033			68,451			9,475			11,107			89,033
Discontinued operations		13,049			(3,733	)		80			16,702			13,049
Gain on disposition of land		(34,580	)		(34,580	)		—			—			(34,580	)
Preferred stock dividends and distributions		22,569			—			—			22,569			22,569
Depreciation and amortization related to non-real estate assets		4,271			4,271			—			—			4,271
Dividends/distributions on non-dilutive preferred securities		(53	)		—			—			(53	)		(53	)
Minority interest in Aimco Operating Partnership		2,225			—			—			2,225			2,225
Minority interest in Aimco Operating Partnership’s share of adjustments		(9,348	)		—			—			(9,348	)		(9,348	)
FCF	$	149,333		$	123,406		$	25,927		$	—		$	149,333
FCF Breakdown:
Real estate		146,909
Property management		6,307
Activity and asset management		3,713
Interest income		10,502
Provision for losses on notes receivable		(672	)
General and administrative expenses		(18,765	)
Other income, net		1,339
Total FCF	$	149,333

Reconciliation of Net Income to FFO, AFFO and FCF:	For the Three Months Ended September 30, 2004
	FFO			AFFO			FCF
Net income	$	163,208		$	163,208		$	163,208
Total interest expense after minority partners’ share		—			—			89,033
Dividends on preferred stock		(22,569	)		(22,569	)		—
Redemption related preferred stock issuance costs		(2,098	)		—			—
Proportionate share of depreciation and amortization		85,753			85,753			85,753
Depreciation and amortization related to non-real estate assets		(4,271	)		(4,271	)		—
Gain on dispositions of real estate related to unconsolidated entities and other		(39,138	)		(39,138	)		(39,138	)
Gain on disposition of land		34,580			34,580			—
Impairment loss on investment in unconsolidated real estate partnerships		—			583			583
Discontinued operations:
Income from discontinued operations, net		—			—			(136,207	)
Depreciation of rental property, net of minority partners’ interest		3,339			3,339			—
Gain on dispositions of real estate, net of minority partners’ interest		(174,497	)		(174,497	)		—
Impairment loss on real estate assets sold or held for sale, net of minority partners’ interest		—			9,451			—
Deficit distributions to minority partners		5			5			—
Income tax arising from disposals		12,446			12,446			—
Deficit distributions to minority partners		7,824			7,824			7,824
Capital Replacements		—			(23,948	)		(23,948	)
Dividends/distributions on dilutive preferred securities		1,069			53			—
Minority interest in Aimco Operating Partnership’s share of above adjustments		8,104			9,348			—
Minority interest in Aimco Operating Partnership		—			—			2,225
Total	$	73,755		$	62,167		$	149,333

Supplemental Schedule 2(b)

Business Component Proportionate Income Statement Presentation
For the Nine Months Ended September 30, 2004
(in thousands)
(unaudited)

										Total												Total
				Proportionate						Proportionate												Proportionate
	Aimco			Share of			Minority			Consolidated												Consolidated
	GAAP Income			Unconsolidated			Partners'			Income						Aimco						Income
	Statement			Partnerships			Interest			Statement			Conventional (1)			Capital (1)			Corporate			Statement
Revenue:
Rental and other property revenues: (1)
Same store properties (2)	$	844,663			28,804		$	(129,213	)	$	744,254		$	744,254		$	—		$	—		$	744,254
Acquisition properties		20,409			1,328			(58	)		21,679			21,679			—			—			21,679
Redevelopment properties		55,772			1,029			(9,346	)		47,455			47,455			—			—			47,455
Disposition properties		—			1,141			—			1,141			1,141			—			—			1,141
Other properties		20,021			2,468			(3,592	)		18,897			18,897			—			—			18,897
Affordable properties		96,516			46,016			(11,548	)		130,984			—			130,984			—			130,984
Total rental and other property revenues		1,037,381			80,786			(153,757	)		964,410			833,426			130,984			—			964,410
Property management revenues, primarily from affiliates		26,032			—			—			26,032			7,996			18,036			—			26,032
Activity fees and asset management revenues, primarily from affiliates		24,381			—			—			24,381			670			23,711			—			24,381
Total revenues		1,087,794			80,786			(153,757	)		1,014,823			842,092			172,731			—			1,014,823
Expense:
Property operating expenses: (1)
Same store properties (2)		374,509			12,758			(60,703	)		326,564			326,564			—			—			326,564
Acquisition properties		9,220			1,030			(44	)		10,206			10,206			—			—			10,206
Redevelopment properties		26,827			582			(4,568	)		22,841			22,841			—			—			22,841
Disposition properties		—			870			—			870			870			—			—			870
Other properties		13,877			2,602			(3,314	)		13,165			13,165			—			—			13,165
Affordable properties		49,029			21,433			(6,069	)		64,393			—			64,393			—			64,393
Casualties		2,567			86			6			2,659			2,897			(238	)		—			2,659
Property management expenses (consolidated properties)		16,051			4,558			(7,125	)		13,484			10,010			3,474			—			13,484
Total property operating expenses		492,080			43,919			(81,817	)		454,182			386,553			67,629			—			454,182
Property management expenses (unconsolidated and third party properties)		6,737			—			—			6,737			2,258			4,479			—			6,737
Activity and asset management expenses		9,299			—			—			9,299			—			9,299			—			9,299
Depreciation and amortization		265,981			17,116			(32,132	)		250,965			220,334			30,631			—			250,965
General and administrative expenses		54,612			—			—			54,612			33,641			20,971			—			54,612
Other (income) expenses, net		(1,093	)		2,559			(5,270	)		(3,804	)		5,953			(9,757	)		—			(3,804	)
Total expenses		827,616			63,594			(119,219	)		771,991			648,739			123,252			—			771,991
Operating income		260,178			17,192			(34,538	)		242,832			193,353			49,479			—			242,832
Interest income:
General partner loan interest		16,363			—			—			16,363			13,760			2,603			—			16,363
Money market and interest bearing accounts		4,120			1,093			(147	)		5,066			2,020			3,046			—			5,066
Accretion on discounted notes receivable		4,713			—			—			4,713			3,330			1,383			—			4,713
Total interest income		25,196			1,093			(147	)		26,142			19,110			7,032			—			26,142
Recovery of (provision for) losses on notes receivable		(1,773	)		—			—			(1,773	)		77			(1,850	)		—			(1,773	)
Interest expense:
Property debt (primarily non-recourse)		(252,484	)		(22,010	)		42,034			(232,460	)		(204,606	)		(27,854	)		—			(232,460	)
Lines of credit		(26,430	)		—			—			(26,430	)		—			—			(26,430	)		(26,430	)
Interest expense on mandatorily redeemable preferred securities		(1,161	)		—			—			(1,161	)		—			—			(1,161	)		(1,161	)
Interest expense on mandatorily redeemable convertible preferred securities		(735	)		—			—			(735	)		—			—			(735	)		(735	)
Capitalized interest		4,358			56			(438	)		3,976			3,156			820			—			3,976
Total interest expense		(276,452	)		(21,954	)		41,596			(256,810	)		(201,450	)		(27,034	)		(28,326	)		(256,810	)
Deficit distributions to minority partners		(14,907	)		—			—			(14,907	)		(13,977	)		(930	)		—			(14,907	)
Equity in losses of unconsolidated real estate partnerships		(3,669	)		3,669			—			—			—			—			—			—
Impairment loss on investment in unconsolidated real estate partnerships		(2,316	)		—			—			(2,316	)		396			(2,712	)		—			(2,316	)
Gain on dispositions of real estate related to unconsolidated entities and other		41,218			—			—			41,218			33,160			8,058			—			41,218
Income before minority interests, discontinued operations and cumulative effect of change in accounting principle		27,475			—			6,911			34,386			30,669			32,043			(28,326	)		34,386
Minority interests:
Minority interest in consolidated real estate partnerships		6,911			—			(6,911	)		—			—			—			—			—
Minority interest in Aimco Operating Partnership		(1,410	)		—			—			(1,410	)		—			—			(1,410	)		(1,410	)
Total minority interests		5,501			—			(6,911	)		(1,410	)		—			—			(1,410	)		(1,410	)
Income from continuing operations		32,976			—			—			32,976			30,669			32,043			(29,736	)		32,976
Income from discontinued operations, net		162,203			—			—			162,203			179,049			2,950			(19,796	)		162,203
Income before cumulative effect of change in accounting principle		195,179			—			—			195,179			209,718			34,993			(49,532	)		195,179
Cumulative effect of change in accounting principle		(3,957	)		—			—			(3,957	)		(512	)		(3,445	)		—			(3,957	)
Net income	$	191,222		$	—		$	—		$	191,222		$	209,206		$	31,548		$	(49,532	)	$	191,222

(1)	See definitions and descriptions in Glossary
(2)	Same store amounts in this schedule may differ from the same store amounts in Schedules 6a-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.

Supplemental Schedule 2(b)

Business Component Proportionate Income Statement Presentation
For the Nine Months Ended September 30, 2004
(in thousands)
(unaudited)

	Total												Total
	Proportionate												Proportionate
	Consolidated												Consolidated
	Income						Aimco						Income
	Statement			Conventional (1)			Capital (1)			Corporate			Statement
Reconciliation of Net Income to FFO, AFFO and FCF:
Net income (see above)		191,222			209,206			31,548			(49,532	)		191,222
Proportionate share of depreciation and amortization		250,965			220,334			30,631			—			250,965
Depreciation and amortization related to non-real estate assets		(13,481	)		(13,481	)		—			—			(13,481	)
Deficit distributions to minority partners		14,907			13,977			930			—			14,907
Gain on dispositions of real estate related to unconsolidated entities and other		(41,218	)		(33,160	)		(8,058	)		—			(41,218	)
Gain on dispositions of land		35,455			35,455			—			—			35,455
Cumulative effect of change in accounting principle		3,957			512			3,445			—			3,957
Discontinued operations		(174,064	)		(170,822	)		(3,242	)		—			(174,064	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(8,235	)		—			—			(8,235	)		(8,235	)
Preferred stock dividends and distributions		(64,121	)		—			—			(64,121	)		(64,121	)
Redemption related preferred stock issuance costs		(2,186	)		—			—			(2,186	)		(2,186	)
Dividends/distributions on dilutive preferred securities		2,757			—			—			2,757			2,757
FFO Attributable to Common Stockholders — Diluted		195,958			262,021			55,254			(121,317	)		195,958
Capital Replacements		(54,417	)		(47,635	)		(6,782	)		—			(54,417	)
Impairment loss on investment in unconsolidated real estate partnerships		2,316			(396	)		2,712			—			2,316
Impairment loss on real estate assets sold or held for sale, net of minority partners’ interest		9,942			8,451			1,491			—			9,942
Redemption related preferred stock issuance costs		2,186			—			—			2,186			2,186
Minority interest in Aimco Operating Partnership’s share of adjustments		4,301			—			—			4,301			4,301
Dividends/distributions on non-dilutive preferred securities		(2,621	)		—			—			(2,621	)		(2,621	)
AFFO Attributable to Common Stockholders — Diluted		157,665			222,441			52,675			(117,451	)		157,665
Interest expense		256,810			201,450			27,034			28,326			256,810
Discontinued operations		1,919			(16,678	)		(1,199	)		19,796			1,919
Gain on dispositions of land		(35,455	)		(35,455	)		—			—			(35,455	)
Preferred stock dividends and distributions		64,121			—			—			64,121			64,121
Depreciation and amortization related to non-real estate assets		13,481			13,481			—			—			13,481
Dividends/distributions on non-dilutive preferred securities		(136	)		—			—			(136	)		(136	)
Minority interest in Aimco Operating Partnership		1,410			—			—			1,410			1,410
Minority interest in Aimco Operating Partnership’s share of adjustments		3,934			—			—			3,934			3,934
FCF	$	463,749		$	385,239		$	78,510		$	—		$	463,749
FCF Breakdown:
Real estate		455,811
Property management		19,295
Activity and asset management		15,082
Interest income		26,142
Provision for losses on notes receivable		(1,773	)
General and administrative expenses		(54,612	)
Other income, net		3,804
Total FCF	$	463,749

Reconciliation of Net Income to FFO, AFFO and FCF:	For the Nine Months Ended September 30, 2004
	FFO			AFFO			FCF
Net income	$	191,222		$	191,222		$	191,222
Total interest expense after minority partners’ share		—			—			256,810
Dividends on preferred stock		(64,121	)		(64,121	)		—
Redemption related preferred stock issuance costs		(2,186	)		—			—
Proportionate share of depreciation and amortization		250,965			250,965			250,965
Depreciation and amortization related to non-real estate assets		(13,481	)		(13,481	)		—
Gain on dispositions of real estate related to unconsolidated entities and other		(41,218	)		(41,218	)		(41,218	)
Gain on dispositions of land		35,455			35,455			—
Impairment loss on investment in unconsolidated real estate partnerships		—			2,316			2,316
Cumulative effect of change in accounting principle		3,957			3,957			3,957
Discontinued operations:
Income from discontinued operations, net		—			—			(162,203	)
Depreciation of rental property, net of minority partners’ interest		12,075			12,075			—
Gain on dispositions of real estate, net of minority partners’ interest		(196,066	)		(196,066	)		—
Impairment loss on real estate assets sold or held for sale, net of minority partners’ interest		—			9,942			—
Recovery of deficit distributions to minority partners		(3,308	)		(3,308	)		—
Income tax arising from disposals		13,235			13,235			—
Deficit distributions to minority partners		14,907			14,907			14,907
Capital Replacements		—			(54,417	)		(54,417	)
Dividends/distributions on dilutive preferred securities		2,757			136			—
Minority interest in Aimco Operating Partnership’s share of above adjustments		(8,235	)		(3,934	)		—
Minority interest in Aimco Operating Partnership		—			—			1,410
Total	$	195,958		$	157,665		$	463,749

Supplemental Schedule 3

Business Component Proportionate Balance Sheet Presentation
As of September 30, 2004 (in thousands)
(unaudited)

	Consolidated			Total																		Total
	GAAP			Proportionate						Proportionate												Proportionate
	Balance Sheet			Share of			Minority			Consolidated												Consolidated
	As of			Unconsolidated			Partners'			Balance						Aimco						Balance
	September 30, 2004			Partnerships [a]			Interest [b]			Sheet [c]			Conventional			Capital			Corporate			Sheet [c]
ASSETS
Buildings and improvements	$	8,423,560		$	542,543		$	(1,309,238	)	$	7,656,865		$	6,878,496		$	778,369		$	—		$	7,656,865
Land		2,162,735			70,894			(127,517	)		2,106,112			1,981,264			124,848			—			2,106,112
Accumulated depreciation		(1,934,939	)		(138,933	)		588,244			(1,485,628	)		(1,321,453	)		(164,175	)		—			(1,485,628	)
TOTAL REAL ESTATE		8,651,356			474,504			(848,511	)		8,277,349			7,538,307			739,042			—			8,277,349
Cash and cash equivalents		122,570			16,350			(21,474	)		117,446			91,896			25,550						117,446
Restricted cash		269,223			42,838			(38,449	)		273,612			181,309			92,303			—			273,612
Accounts receivable		56,327			2,766			—			59,093			40,395			18,698			—			59,093
Accounts receivable from affiliates		54,451			—			—			54,451			5,445			49,006			—			54,451
Deferred financing costs		67,139			—			—			67,139			60,810			6,329			—			67,139
Notes receivable from unconsolidated real estate partnerships		155,206			—			—			155,206			95,454			59,752			—			155,206
Notes receivable from non-affiliates		51,318			—			—			51,318			21,006			30,312			—			51,318
Investment in unconsolidated real estate partnerships		183,276			(135,355	)		—			47,921			54,869			(6,948	)		—			47,921
Other assets		309,568	[d]		23,442			—			333,010			293,365			39,645			—			333,010
Assets held for sale		264,541			—			—			264,541			235,813			28,728						264,541
TOTAL ASSETS	$	10,184,975		$	424,545		$	(908,434	)	$	9,701,086		$	8,618,669		$	1,082,417		$	—		$	9,701,086
LIABILITIES AND STOCKHOLDERS’ EQUITY
Secured tax-exempt bond financing	$	1,092,607		$	36,205		$	(64,580	)	$	1,064,232		$	1,054,659		$	9,573		$	—		$	1,064,232
Secured notes payable		4,477,074			311,784			(724,130	)		4,064,728			3,502,620			562,108			—			4,064,728
Mandatorily redeemable preferred securities		15,019			—			—			15,019			—			—			15,019			15,019
Term loans		250,000			—			—			250,000			—			—			250,000			250,000
Credit facility		168,400			—			—			168,400			—			—			168,400			168,400
TOTAL INDEBTEDNESS		6,003,100			347,989			(788,710	)		5,562,379			4,557,279			571,681			433,419			5,562,379
Accounts payable		46,369			76,556			—			122,925			78,978			43,947			—			122,925
Accrued liabilities and other		375,081			—			—			375,081			287,446			87,635			—			375,081
Deferred income		25,289			—			—			25,289			21,850			3,439			—			25,289
Security deposits		37,879			—			—			37,879			34,223			3,656			—			37,879
Deferred income taxes payable		29,613			—			—			29,613			29,613			—			—			29,613
Liabilities related to assets held for sale		209,023			—			—			209,023			185,253			23,770			—			209,023
TOTAL LIABILITIES		6,726,354			424,545			(788,710	)		6,362,189			5,194,642			734,128			433,419			6,362,189
																	.
Minority interest in consolidated real estate partnerships		221,896			—			(119,724	)		102,172			103,416			(1,244	)		—			102,172
Minority interest in Aimco Operating Partnership		278,184			—			—			278,184			—			—			278,184			278,184
NET OPERATING ASSETS				$	—		$	—		$	2,958,541		$	3,320,611		$	349,533		$	(711,603	)	$	2,958,541
STOCKHOLDERS’ EQUITY
Class A Common Stock		948
Additional paid-in capital		3,068,069
Perpetual preferred stock		841,500
Convertible preferred stock		150,000
Distributions in excess of earnings		(1,043,052	)
Unvested restricted stock		(19,336	)
Notes due on common stock purchases		(39,588	)
TOTAL STOCKHOLDERS’ EQUITY		2,958,541
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,184,975

[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, minority partners’ share of notes receivable is $90.6 million.
[c]	Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of September 30, 2004, plus Aimco’s proportionate share of selected unconsolidated and less minority partners’ share of selected balance sheet data.
[d]	Other assets includes $190.6 million related to goodwill and $20.1 million related to investment in management contracts.

Supplemental Schedule 4

Share Data
As of September 30, 2004
(in thousands)
(unaudited)

						Shares/Units			Current Quarter			Current Quarter		Current Quarter
						Outstanding			Weighted Average			Weighted Average		Weighted Average
						at September			Outstanding Shares			Outstanding Shares		Outstanding Shares
	Coupon			Amount		30, 2004			(EPS)			(FFO)		(AFFO)
Class A Common Stock							94,762			93,247	(1)		93,247		93,247
Common stock equivalents							—			147			147		147
Common partnership units and equivalents							10,864			—			—		—
Total							105,626			93,394			93,394		93,394
Perpetual Preferred Stock (2):
Class D (3)		8.75	%	$	67,500		2,700			—			—		—
Class G		9.375	%		101,250		4,050			—			—		—
Class Q		10.10	%		63,250		2,530			—			—		—
Class R		10.00	%		173,500		6,940			—			—		—
Class T		8.00	%		150,000		6,000			—			—		—
Class U		7.75	%		200,000		8,000			—			—		—
Class V (4)		8.00	%		86,250		3,450			—			—		—
Total perpetual				$	841,750		33,670			—			—		—
Convertible Preferred Stock:
Class W (4)		8.10	%		100,000		1,905	(5)		—			—		—
Class X (4)		8.50	%		50,000		2,000	(5)		—			—		—
					150,000		3,905			—			—		—
Preferred Partnership Units		8.76	%(6)		90,550		3,311			—			1,590		114
Total convertible				$	240,550		7,216			—			1,590		114
Total preferred securities				$	1,082,300		40,886			—			1,590		114
Mandatorily redeemable convertible securities		6.50	%	$	15,019		300			—			—		—
Total common, common equivalents and dilutive securities										93,394			94,984		93,508

(1)	Includes a deduction of 1,461 for non-recourse shares and unvested restricted stock.
(2)	Preferred stock amounts are shown gross of any eliminations necessary for the GAAP Consolidated Balance Sheet.
(3)	On November 5, 2004, 1,450 shares ($36,250) of Class D will be redeemed.
(4)	Classes V, W and X were issued at the end of September 2004.
(5)	Conversion ratio for Class W is 1.0 and for Class X is 0.4762.
(6)	Coupon is based on a weighted average.

Supplemental Schedule 5

Selected Debt Structure and Maturity Data
As of September 30, 2004
(dollars in thousands)
(unaudited)

I. Debt Balances and Data

			Proportionate Share					Total Aimco		Weighted Average		Weighted
Debt	Consolidated		of Unconsolidated		Minority Interest			Share		Maturity		Average Rate
Property Debt:
Conventional Portfolio:
Fixed rate secured notes payable	$	3,633,703	$	127,237	$	(604,022	)	$	3,156,918		13.2		7.01	%
Floating rate secured notes payable		390,262		3,512		(48,072	)		345,702		3.8		3.07	%
Total secured notes payable:		4,023,965		130,749		(652,094	)		3,502,620		12.3		6.62	%
Fixed rate tax-exempt bonds		319,829		16,919		(9,012	)		327,736		16.7		5.84	%
Floating rate tax-exempt bonds		727,245		11,738		(12,060	)		726,923		11.8		1.79	%
Total tax-exempt bonds:		1,047,074		28,657		(21,072	)		1,054,659		13.3		3.05	%
Total Property Debt on Conventional Portfolio		5,071,039		159,406		(673,166	)		4,557,279		12.5		5.79	%
Affordable Portfolio:
Fixed rate secured notes payable		444,173		172,713		(72,036	)		544,850		18.1		6.08	%
Floating rate secured notes payable		8,936		8,322		—			17,258		4.4		3.19	%
Total secured notes payable:		453,109		181,035		(72,036	)		562,108		17.7		5.99	%
Fixed rate tax-exempt bonds		45,533		5,965		(43,508	)		7,990		25.1		8.43	%
Floating rate tax-exempt bonds		—		1,583		—			1,583		10.0		5.70	%
Total tax-exempt bonds:		45,533		7,548		(43,508	)		9,573		22.6		7.98	%
Total Property Debt on Affordable Portfolio		498,642		188,583		(115,544	)		571,681		17.8		6.03	%
Total Property Debt (1) (2)	$	5,569,681	$	347,989	$	(788,710	)	$	5,128,960		13.1		5.81	%
Corporate Debt:
Term Loan	$	250,000	$	—	$	—		$	250,000		—		4.70	%(3)
Credit Facility		168,400		—		—			168,400		—		4.95	%(3)
Total Corporate Debt	$	418,400	$	—	$	—		$	418,400		—		4.80	%
Mandatorily Redeemable Securities	$	15,019	$	—	$	—		$	15,019		—		6.50	%
Total Debt	$	6,003,100	$	347,989	$	(788,710	)	$	5,562,379		—		5.74	%

(1)	At September 30, 2004, Aimco’s consolidated property debt includes 127 non-recourse loans with a carrying value in excess of 90% of the carrying value of the related collateral real estate assets. Such property debt and real estate assets reported in the consolidated balance sheet total $1,214 million and $1,064 million, respectively, at September 30, 2004. As a result of appreciation in real estate market values, the fair value of our real estate assets typically exceeds the related carrying value.
(2)	The total consolidated property debt shown above excludes $201.8 million of consolidated property debt, with a weighted average interest rate of 7.21%, classified as liabilities related to assets held for sale on Aimco’s consolidated balance sheet.
(3)	Effective in May 2004, the LIBOR spread on Aimco’s credit facility and term loans increased 25 basis points from 285 to 310. On November 2, 2004, Aimco completed a modification of its credit facility and term loan, reducing the interest rate spread on the term loan to 200 basis points over LIBOR and the credit facility to 175 basis points over LIBOR.

II. Debt Maturities

Consolidated Property Debt
							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
2004 (remaining)	$	31,468	$	54,465	$	85,933		1.5	%		6.77	%
2005		132,289		128,087		260,376		4.7	%		5.82	%
2006		134,699		473,767		608,466		10.9	%		5.59	%
2007		142,061		224,251		366,312		6.6	%		3.77	%
2008		146,462		181,200		327,662		5.9	%		5.32	%
Thereafter						3,920,932		70.4	%
Total Property Debt:	$	586,979	$	1,061,770	$	5,569,681		100.0	%

Corporate Debt							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
2005	$	—	$	168,400	$	168,400		40.2	%		4.95	%
2008		—		250,000		250,000		59.8	%		4.70	%
Total Corporate Debt:	$	—	$	418,400	$	418,400		100.0	%

Proforma of Corporate Debt with Credit Facility and Term Loan Modifications

Corporate Debt							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
2007	$	—	$	168,400	$	168,400		36.0	%		LIBOR + 175	bps
2009(1)		—		300,000		300,000		64.0	%		LIBOR + 200	bps
Total Corporate Debt:	$	—	$	468,400	$	468,400		100.0	%

(1) Effective with the November 2, 2004 modification, the term loan increased from $250 million to $300 million.

Supplemental Schedule 5 (Continued)

Selected Debt Structure and Maturity Data
As of September 30, 2004
(in millions)
(unaudited)

III. Loan Closings

THIRD QUARTER LOAN CLOSINGS

	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net			Prior			New
Mortgage Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds (1)			Rate			Rate
Refinancings:
Fixed Rate	$	105.1	$	142.0	$	105.1	$	142.0	$	37.2			6.79	%		6.71	%
Floating Rate		140.0		186.0		119.9		165.0		50.0			3.42	%		2.73	%
Affordable Mark-to-Market and other		23.8		26.9		6.6		7.4		(0.4	)		10.70	%		4.35	%
Loans relating to acquisitions:
Fixed Rate		—		26.5		—		26.5		26.3			—			5.13	%
Totals	$	268.9	$	381.4	$	231.6	$	340.9	$	113.1			5.38	%		4.49	%

YEAR-TO-DATE LOAN CLOSINGS	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Mortgage Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds (1)		Rate			Rate
Refinancings:
Fixed Rate	$	129.8	$	183.4	$	119.0	$	168.4	$	48.7		7.01	%		6.65	%
Floating Rate		151.8		205.5		128.8		177.9		54.3		3.77	%		2.87	%
Tax-Exempt Bonds		75.8		97.5		62.6		62.5		5.8		6.97	%		3.82	%
Affordable Mark-to-Market and other		81.1		135.0		34.8		62.1		23.6		9.86	%		3.72	%
Loans relating to acquisitions:
Fixed Rate		—		38.7		—		38.7		38.4		—			5.20	%
Floating Rate		—		88.1		—		88.1		87.4		—			2.60	%
Totals	$	438.5	$	748.2	$	345.2	$	597.7	$	258.2		6.41	%		4.16	%

(1) Aimco net proceeds is after transaction costs

IV. Capitalization

	At			Percent			At			Percent			At			Percent
	March 31, 2004			of Total			June 30, 2004			of Total			September 30, 2004			of Total
Corporate debt	$	471			5	%	$	629			6	%	$	418			4	%
Property debt (Aimco’s share)		5,380			54	%		5,294			54	%		5,129			52	%
Mandatorily redeemable securities		15			0	%		15			0	%		15			0	%
Total Debt		5,866						5,938						5,562
Less: Cash and restricted cash		(396	)		-4	%		(367	)		-4	%		(391	)		-4	%
Net Debt		5,470			55	%		5,571			56	%		5,171			52	%
Preferred equity		1,146			12	%		1,046			11	%		1,082			11	%
Common equity at market (2)		3,271			33	%		3,287			33	%		3,673			37	%
Total Capitalization	$	9,887			100	%	$	9,904			100	%	$	9,926			100	%

(2) Common equity at market at September 30, 2004 was calculated using 105.6 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $34.78 per share/unit, as of September 30, 2004

V. Ratings on Preferred Securities

Moody’s Investor Service Standard and Poors
Fitch Ba3 (negative outlook)
BB+ (negative outlook)
BB+ (negative outlook)

Supplemental Schedule 6(a)

Same Store Sales
Third Quarter 2004 versus Third Quarter 2003
(unaudited) (in thousands, except site and unit data)

																					Change Three Months Ended September 30, 2004
									Three Months Ended						Three Months Ended									From September 30, 2003
									September 30, 2004						September 30, 2003						Revenue						Expenses						NOI
		Sites		Units		Owner%			REV		EXP		NOI		REV		EXP		NOI		Amt			%			Amt			%			Amt			%
Northeast
	Baltimore		11		2,711		87.75	%		6,588		2,239		4,349		6,673		2,245		4,428		(85	)		-1.3	%		(6	)		-0.3	%		(79	)		-1.8	%
	New England		14		5,384		96.84	%		16,483		5,576		10,907		16,974		5,163		11,811		(491	)		-2.9	%		413			8.0	%		(904	)		-7.7	%
	Philadelphia		12		5,734		79.47	%		14,158		5,363		8,795		14,456		5,245		9,211		(298	)		-2.1	%		118			2.2	%		(416	)		-4.5	%
	Washington		28		12,456		83.57	%		30,831		11,211		19,620		30,355		10,031		20,324		476			1.6	%		1,180			11.8	%		(704	)		-3.5	%
			65		26,285		85.83	%		68,060		24,389		43,671		68,458		22,684		45,774		(398	)		-0.6	%		1,705			7.5	%		(2,103	)		-4.6	%
Southeast
	Atlanta		20		5,712		84.63	%		8,499		4,539		3,960		9,125		4,684		4,441		(626	)		-6.9	%		(145	)		-3.1	%		(481	)		-10.8	%
	Augusta-Savannah		5		1,004		87.19	%		1,612		691		921		1,532		607		925		80			5.2	%		84			13.8	%		(4	)		-0.4	%
	Charlotte-Gastonia-Rock Hill		6		1,398		89.50	%		1,920		670		1,250		1,908		911		997		12			0.6	%		(241	)		-26.5	%		253			25.4	%
	Columbia-Charleston		9		2,118		72.99	%		2,820		1,404		1,416		2,775		1,238		1,537		45			1.6	%		166			13.4	%		(121	)		-7.9	%
	Nashville		8		2,492		72.10	%		3,684		1,491		2,193		3,674		1,420		2,254		10			0.3	%		71			5.0	%		(61	)		-2.7	%
	Norfolk		12		3,565		69.62	%		6,163		2,015		4,148		5,831		1,903		3,928		332			5.7	%		112			5.9	%		220			5.6	%
	Raleigh-Durham-Chapel Hill		10		2,843		71.64	%		3,380		1,966		1,414		3,412		1,614		1,798		(32	)		-0.9	%		352			21.8	%		(384	)		-21.4	%
	Richmond-Petersburg		6		1,284		76.22	%		2,197		751		1,446		2,161		741		1,420		36			1.7	%		10			1.3	%		26			1.8	%
	Other Markets		22		4,766		80.17	%		6,034		3,629		2,405		6,127		3,068		3,059		(93	)		-1.5	%		561			18.3	%		(654	)		-21.4	%
			98		25,182		77.92	%		36,309		17,156		19,153		36,545		16,186		20,359		(236	)		-0.6	%		970			6.0	%		(1,206	)		-5.9	%
Florida
	Jacksonville		4		1,204		83.05	%		1,932		848		1,084		1,921		785		1,136		11			0.6	%		63			8.0	%		(52	)		-4.6	%
	Miami-Fort Lauderdale		8		2,397		76.95	%		4,817		2,046		2,771		4,578		1,919		2,659		239			5.2	%		127			6.6	%		112			4.2	%
	Orlando-Daytona		24		6,077		90.41	%		10,699		5,252		5,447		10,544		4,752		5,792		155			1.5	%		500			10.5	%		(345	)		-6.0	%
	Tampa-St. Petersburg		21		5,637		70.84	%		7,798		3,788		4,010		7,457		3,400		4,057		341			4.6	%		388			11.4	%		(47	)		-1.2	%
	West Palm Beach-Boca		5		1,505		100.00	%		3,586		1,713		1,873		3,529		1,356		2,173		57			1.6	%		357			26.3	%		(300	)		-13.8	%
	Other Markets		1		136		72.97	%		206		92		114		213		79		134		(7	)		-3.3	%		13			16.5	%		(20	)		-14.9	%
			63		16,956		82.19	%		29,038		13,739		15,299		28,242		12,291		15,951		796			2.8	%		1,448			11.8	%		(652	)		-4.1	%
Midwest
	Chicago		22		6,319		82.02	%		14,008		6,601		7,407		14,494		6,561		7,933		(486	)		-3.4	%		40			0.6	%		(526	)		-6.6	%
	Cincinnati-Dayton		19		3,733		68.17	%		4,906		2,405		2,501		4,885		2,108		2,777		21			0.4	%		297			14.1	%		(276	)		-9.9	%
	Columbus		9		2,012		67.70	%		2,244		1,109		1,135		2,418		981		1,437		(174	)		-7.2	%		128			13.0	%		(302	)		-21.0	%
	Detroit-Ann Arbor		7		1,909		61.20	%		2,362		891		1,471		2,558		1,225		1,333		(196	)		-7.7	%		(334	)		-27.3	%		138			10.4	%
	Grand Rapids-Lansing		13		4,734		65.31	%		5,474		3,128		2,346		5,847		2,691		3,156		(373	)		-6.4	%		437			16.2	%		(810	)		-25.7	%
	Indianapolis-Fort Wayne		36		12,479		89.19	%		17,277		8,087		9,190		17,414		9,595		7,819		(137	)		-0.8	%		(1,508	)		-15.7	%		1,371			17.5	%
	Kansas City		4		953		69.31	%		1,250		531		719		1,233		551		682		17			1.4	%		(20	)		-3.6	%		37			5.4	%
	Minneapolis-St Paul		5		1,430		77.98	%		3,174		1,650		1,524		4,026		1,884		2,142		(852	)		-21.2	%		(234	)		-12.4	%		(618	)		-28.9	%
	Other Markets		12		2,458		51.18	%		2,225		1,043		1,182		2,208		1,034		1,174		17			0.8	%		9			0.9	%		8			0.7	%
			127		36,027		76.49	%		52,920		25,445		27,475		55,083		26,630		28,453		(2,163	)		-3.9	%		(1,185	)		-4.4	%		(978	)		-3.4	%
Texas
	Austin-San Marcos		10		2,217		92.59	%		3,403		1,902		1,501		3,663		2,046		1,617		(260	)		-7.1	%		(144	)		-7.0	%		(116	)		-7.2	%
	Dallas-Fort Worth		24		6,235		72.44	%		7,104		4,644		2,460		7,374		3,983		3,391		(270	)		-3.7	%		661			16.6	%		(931	)		-27.5	%
	Houston-Galveston		36		9,570		66.97	%		10,540		6,699		3,841		11,034		5,689		5,345		(494	)		-4.5	%		1,010			17.8	%		(1,504	)		-28.1	%
	San Antonio		11		2,647		93.65	%		3,991		2,254		1,737		3,891		1,940		1,951		100			2.6	%		314			16.2	%		(214	)		-11.0	%
	Other Markets		7		1,500		72.98	%		1,648		912		736		1,635		781		854		13			0.8	%		131			16.8	%		(118	)		-13.8	%
			88		22,169		74.66	%		26,686		16,411		10,275		27,597		14,439		13,158		(911	)		-3.3	%		1,972			13.7	%		(2,883	)		-21.9	%
West
	Denver - Front Range		23		5,075		81.86	%		8,532		4,177		4,355		8,249		3,212		5,037		283			3.4	%		965			30.0	%		(682	)		-13.5	%
	Las Vegas		2		734		100.00	%		1,343		567		776		1,222		544		678		121			9.9	%		23			4.2	%		98			14.5	%
	Phoenix-Mesa		27		7,361		92.12	%		10,948		6,230		4,718		10,655		5,718		4,937		293			2.7	%		512			9.0	%		(219	)		-4.4	%
	Salt Lake City-Ogden		4		1,511		83.37	%		2,124		900		1,224		2,204		803		1,401		(80	)		-3.6	%		97			12.1	%		(177	)		-12.6	%
	Seattle		4		468		54.54	%		569		311		258		559		286		273		10			1.8	%		25			8.7	%		(15	)		-5.5	%
	Tucson		3		887		100.00	%		1,274		667		607		1,202		594		608		72			6.0	%		73			12.3	%		(1	)		-0.2	%
	Other Markets		4		760		50.97	%		677		341		336		677		348		329		0			0.0	%		(7	)		-2.0	%		7			2.1	%
			67		16,796		86.08	%		25,467		13,193		12,274		24,768		11,505		13,263		699			2.8	%		1,688			14.7	%		(989	)		-7.5	%
California
	Bay Area		6		1,661		57.99	%		2,891		1,230		1,661		3,051		1,065		1,986		(160	)		-5.2	%		165			15.5	%		(325	)		-16.4	%
	Los Angeles-Long Beach-Ventura		11		2,179		85.49	%		7,984		2,377		5,607		7,679		2,393		5,286		305			4.0	%		(16	)		-0.7	%		321			6.1	%
	Orange County-Riverside		7		1,611		81.95	%		4,775		1,549		3,226		4,608		1,605		3,003		167			3.6	%		(56	)		-3.5	%		223			7.4	%
	Sacramento		1		180		22.05	%		99		54		45		101		43		58		(2	)		-2.0	%		11			25.6	%		(13	)		-22.4	%
	San Diego		6		2,123		93.28	%		6,093		1,874		4,219		5,975		1,804		4,171		118			2.0	%		70			3.9	%		48			1.2	%
			31		7,754		79.53	%		21,842		7,084		14,758		21,414		6,910		14,504		428			2.0	%		174			2.5	%		254			1.8	%
	SAME STORE SALES TOTALS		539		151,169		79.94	%		260,322		117,417		142,905		262,107		110,645		151,462		(1,785	)		-0.7	%		6,772			6.1	%(2)		(8,557	)		-5.6	%(2)
Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1)										99,094		58,673		40,421		78,301		42,720		35,581
Total Rental and other property revenues and property operating expense per GAAP Income Statement										359,416		176,090		183,326		340,408		153,365		187,043

(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) Excluding the $1.2 million impact related to uninsured hurricane and storm damages, same store sales expenses would have increased 5.0% and NOI would have decreased 4.9%.

Supplemental Schedule 6(b)

Same Store Sales
Third Quarter 2004 versus Second Quarter 2004
(unaudited) (in thousands, except site and unit data)

																					Change Three Months Ended September 30, 2004
									Three Months Ended						Three Months Ended						From June 30, 2004
									September 30, 2004						June 30, 2004						Revenue						Expenses						NOI
		Sites		Units		Owner%			REV		EXP		NOI		REV		EXP		NOI		Amt			%			Amt			%			Amt			%
Northeast
	Baltimore		11		2,711		87.75	%		6,588		2,239		4,349		6,415		2,396		4,019		173			2.7	%		(157	)		-6.6	%		330			8.2	%
	New England		14		5,384		96.84	%		16,483		5,576		10,907		16,155		5,896		10,259		328			2.0	%		(320	)		-5.4	%		648			6.3	%
	Philadelphia		12		5,734		79.47	%		14,158		5,363		8,795		14,173		5,406		8,767		(15	)		-0.1	%		(43	)		-0.8	%		28			0.3	%
	Washington		28		12,456		83.57	%		30,831		11,211		19,620		29,999		10,679		19,320		832			2.8	%		532			5.0	%		300			1.6	%
			65		26,285		85.83	%		68,060		24,389		43,671		66,742		24,377		42,365		1,318			2.0	%		12			0.0	%		1,306			3.1	%
Southeast
	Atlanta		20		5,712		84.63	%		8,499		4,539		3,960		8,108		4,330		3,778		391			4.8	%		209			4.8	%		182			4.8	%
	Augusta-Savannah		5		1,004		87.19	%		1,612		691		921		1,556		620		936		56			3.6	%		71			11.5	%		(15	)		-1.6	%
	Charlotte-Gastonia-Rock Hill		6		1,398		89.50	%		1,920		670		1,250		1,913		1,009		904		7			0.4	%		(339	)		-33.6	%		346			38.3	%
	Columbia-Charleston		9		2,118		72.99	%		2,820		1,404		1,416		2,699		1,310		1,389		121			4.5	%		94			7.2	%		27			1.9	%
	Nashville		8		2,492		72.10	%		3,684		1,491		2,193		3,491		1,366		2,125		193			5.5	%		125			9.2	%		68			3.2	%
	Norfolk		12		3,565		69.62	%		6,163		2,015		4,148		5,970		2,020		3,950		193			3.2	%		(5	)		-0.2	%		198			5.0	%
	Raleigh-Durham-Chapel Hill		10		2,843		71.64	%		3,380		1,966		1,414		3,206		1,657		1,549		174			5.4	%		309			18.6	%		(135	)		-8.7	%
	Richmond-Petersburg		6		1,284		76.22	%		2,197		751		1,446		2,182		765		1,417		15			0.7	%		(14	)		-1.8	%		29			2.0	%
	Other Markets		22		4,766		80.17	%		6,034		3,629		2,405		5,768		3,105		2,663		266			4.6	%		524			16.9	%		(258	)		-9.7	%
			98		25,182		77.92	%		36,309		17,156		19,153		34,893		16,182		18,711		1,416			4.1	%		974			6.0	%		442			2.4	%
Florida
	Jacksonville		4		1,204		83.05	%		1,932		848		1,084		1,876		762		1,114		56			3.0	%		86			11.3	%		(30	)		-2.7	%
	Miami-Fort Lauderdale		8		2,397		76.95	%		4,817		2,046		2,771		4,575		2,093		2,482		242			5.3	%		(47	)		-2.2	%		289			11.6	%
	Orlando-Daytona		24		6,077		90.41	%		10,699		5,252		5,447		10,176		4,844		5,332		523			5.1	%		408			8.4	%		115			2.2	%
	Tampa-St. Petersburg		21		5,637		70.84	%		7,798		3,788		4,010		7,411		3,360		4,051		387			5.2	%		428			12.7	%		(41	)		-1.0	%
	West Palm Beach-Boca Raton		5		1,505		100.00	%		3,586		1,713		1,873		3,388		1,555		1,833		198			5.8	%		158			10.2	%		40			2.2	%
	Other Markets		1		136		72.97	%		206		92		114		197		75		122		9			4.6	%		17			22.7	%		(8	)		-6.6	%
			63		16,956		82.19	%		29,038		13,739		15,299		27,623		12,689		14,934		1,415			5.1	%		1,050			8.3	%		365			2.4	%
Midwest
	Chicago		22		6,319		82.02	%		14,008		6,601		7,407		13,755		6,147		7,608		253			1.8	%		454			7.4	%		(201	)		-2.6	%
	Cincinnati-Dayton		19		3,733		68.17	%		4,906		2,405		2,501		4,560		2,179		2,381		346			7.6	%		226			10.4	%		120			5.0	%
	Columbus		9		2,012		67.70	%		2,244		1,109		1,135		2,269		989		1,280		(25	)		-1.1	%		120			12.1	%		(145	)		-11.3	%
	Detroit-Ann Arbor		7		1,909		61.20	%		2,362		891		1,471		2,461		1,099		1,362		(99	)		-4.0	%		(208	)		-18.9	%		109			8.0	%
	Grand Rapids-Lansing		13		4,734		65.31	%		5,474		3,128		2,346		5,261		2,709		2,552		213			4.0	%		419			15.5	%		(206	)		-8.1	%
	Indianapolis-Fort Wayne		36		12,479		89.19	%		17,277		8,087		9,190		16,634		8,198		8,436		643			3.9	%		(111	)		-1.4	%		754			8.9	%
	Kansas City		4		953		69.31	%		1,250		531		719		1,179		517		662		71			6.0	%		14			2.7	%		57			8.6	%
	Minneapolis-St Paul		5		1,430		77.98	%		3,174		1,650		1,524		3,139		1,552		1,587		35			1.1	%		98			6.3	%		(63	)		-4.0	%
	Other Markets		12		2,458		51.18	%		2,225		1,043		1,182		2,178		946		1,232		47			2.2	%		97			10.3	%		(50	)		-4.1	%
			127		36,027		76.49	%		52,920		25,445		27,475		51,436		24,336		27,100		1,484			2.9	%		1,109			4.6	%		375			1.4	%
Texas
	Austin-San Marcos		10		2,217		92.59	%		3,403		1,902		1,501		3,276		1,782		1,494		127			3.9	%		120			6.7	%		7			0.5	%
	Dallas-Fort Worth		24		6,235		72.44	%		7,104		4,644		2,460		6,735		4,090		2,645		369			5.5	%		554			13.5	%		(185	)		-7.0	%
	Houston-Galveston		36		9,570		66.97	%		10,540		6,699		3,841		9,792		5,502		4,290		748			7.6	%		1,197			21.8	%		(449	)		-10.5	%
	San Antonio		11		2,647		93.65	%		3,991		2,254		1,737		3,741		1,897		1,844		250			6.7	%		357			18.8	%		(107	)		-5.8	%
	Other Markets		7		1,500		72.98	%		1,648		912		736		1,527		788		739		121			7.9	%		124			15.7	%		(3	)		-0.4	%
			88		22,169		74.66	%		26,686		16,411		10,275		25,071		14,059		11,012		1,615			6.4	%		2,352			16.7	%		(737	)		-6.7	%
West
	Denver-Front Range		23		5,075		81.86	%		8,532		4,177		4,355		8,091		3,706		4,385		441			5.5	%		471			12.7	%		(30	)		-0.7	%
	Las Vegas		2		734		100.00	%		1,343		567		776		1,262		500		762		81			6.4	%		67			13.4	%		14			1.8	%
	Phoenix-Mesa		27		7,361		92.12	%		10,948		6,230		4,718		9,971		5,175		4,796		977			9.8	%		1,055			20.4	%		(78	)		-1.6	%
	Salt Lake City-Ogden		4		1,511		83.37	%		2,124		900		1,224		1,967		834		1,133		157			8.0	%		66			7.9	%		91			8.0	%
	Seattle		4		468		54.54	%		569		311		258		551		276		275		18			3.3	%		35			12.7	%		(17	)		-6.2	%
	Tucson		3		887		100.00	%		1,274		667		607		1,171		585		586		103			8.8	%		82			14.0	%		21			3.6	%
	Other Markets		4		760		50.97	%		677		341		336		633		319		314		44			7.0	%		22			6.9	%		22			7.0	%
			67		16,796		86.08	%		25,467		13,193		12,274		23,646		11,395		12,251		1,821			7.7	%		1,798			15.8	%		23			0.2	%
California
	Bay Area		6		1,661		57.99	%		2,891		1,230		1,661		2,909		1,098		1,811		(18	)		-0.6	%		132			12.0	%		(150	)		-8.3	%
	Los Angeles-Long Beach-Ventura		11		2,179		85.49	%		7,984		2,377		5,607		7,566		2,121		5,445		418			5.5	%		256			12.1	%		162			3.0	%
	Orange County - Riverside		7		1,611		81.95	%		4,775		1,549		3,226		4,596		1,528		3,068		179			3.9	%		21			1.4	%		158			5.1	%
	Sacramento		1		180		22.05	%		99		54		45		96		43		53		3			3.1	%		11			25.6	%		(8	)		-15.1	%
	San Diego		6		2,123		93.28	%		6,093		1,874		4,219		5,950		1,683		4,267		143			2.4	%		191			11.3	%		(48	)		-1.1	%
			31		7,754		79.53	%		21,842		7,084		14,758		21,117		6,473		14,644		725			3.4	%		611			9.4	%		114			0.8	%
	SAME STORE SALES TOTALS		539		151,169		79.94	%		260,322		117,417		142,905		250,528		109,511		141,017		9,794			3.9	%		7,906			7.2	%(2)		1,888			1.3	%(2)
Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1)										99,094		58,673		40,421		92,142		50,717		41,425
Total Rental and other property revenues and property operating expense per GAAP Income Statement										359,416		176,090		183,326		342,670		160,228		182,442

(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; and (iii) elimination and other adjustments made in accordance with GAAP.

(2) Excluding the $1.2 million impact related to uninsured hurricane and storm damages, same store sales expenses would have increased 6.1% and NOI would have increased 2.2%.

Supplemental Schedule 6(c)

Same Store Sales
Nine Months Ended 2004 versus Nine Months Ended 2003
(unaudited) (in thousands, except site and unit data)

																					Change Nine Months Ended September 30, 2004
									Nine Months Ended						Nine Months Ended						From September 30, 2003
									September 30, 2004						September 30, 2003						Revenue						Expenses						NOI
		Sites		Units		Owner%			REV		EXP		NOI		REV		EXP		NOI		Amt			%			Amt			%			Amt			%
Northeast
	Baltimore		11		2,711		87.75	%		19,431		7,380		12,051		19,215		7,750		11,465		216			1.1	%		(370	)		-4.8	%		586			5.1	%
	New England		14		5,384		96.84	%		48,629		17,275		31,354		50,586		16,870		33,716		(1,957	)		-3.9	%		405			2.4	%		(2,362	)		-7.0	%
	Philadelphia		10		5,338		72.57	%		37,445		14,462		22,983		37,192		14,099		23,093		253			0.7	%		363			2.6	%		(110	)		-0.5	%
	Washington		28		12,456		83.57	%		90,038		32,826		57,212		89,931		30,412		59,519		107			0.1	%		2,414			7.9	%		(2,307	)		-3.9	%
			63		25,889		85.48	%		195,543		71,943		123,600		196,924		69,131		127,793		(1,381	)		-0.7	%		2,812			4.1	%		(4,193	)		-3.3	%
Southeast
	Atlanta		20		5,712		84.63	%		24,628		13,407		11,221		26,010		13,021		12,989		(1,382	)		-5.3	%		386			3.0	%		(1,768	)		-13.6	%
	Augusta-Savannah		5		1,004		87.19	%		4,686		1,897		2,789		4,453		1,881		2,572		233			5.2	%		16			0.9	%		217			8.4	%
	Charlotte-Gastonia-Rock Hill		6		1,398		89.50	%		5,741		2,750		2,991		5,698		2,615		3,083		43			0.8	%		135			5.2	%		(92	)		-3.0	%
	Columbia-Charleston		9		2,118		72.99	%		8,225		3,909		4,316		8,252		3,481		4,771		(27	)		-0.3	%		428			12.3	%		(455	)		-9.5	%
	Nashville		8		2,492		72.10	%		10,683		4,167		6,516		10,946		4,139		6,807		(263	)		-2.4	%		28			0.7	%		(291	)		-4.3	%
	Norfolk		12		3,565		69.62	%		18,003		5,945		12,058		17,012		5,664		11,348		991			5.8	%		281			5.0	%		710			6.3	%
	Raleigh-Durham-Chapel Hill		10		2,843		71.64	%		9,833		5,045		4,788		10,289		4,565		5,724		(456	)		-4.4	%		480			10.5	%		(936	)		-16.4	%
	Richmond-Petersburg		6		1,284		76.22	%		6,500		2,246		4,254		6,465		2,157		4,308		35			0.5	%		89			4.1	%		(54	)		-1.3	%
	Other Markets		22		4,766		80.17	%		17,675		9,567		8,108		18,418		8,979		9,439		(743	)		-4.0	%		588			6.5	%		(1,331	)		-14.1	%
			98		25,182		77.92	%		105,974		48,933		57,041		107,543		46,502		61,041		(1,569	)		-1.5	%		2,431			5.2	%		(4,000	)		-6.6	%
Florida
	Jacksonville		4		1,204		83.05	%		5,719		2,351		3,368		5,711		2,267		3,444		8			0.1	%		84			3.7	%		(76	)		-2.2	%
	Miami-Fort Lauderdale		8		2,397		76.95	%		13,907		5,967		7,940		13,724		5,522		8,202		183			1.3	%		445			8.1	%		(262	)		-3.2	%
	Orlando-Daytona		23		5,965		88.57	%		30,372		14,263		16,109		30,341		13,618		16,723		31			0.1	%		645			4.7	%		(614	)		-3.7	%
	Tampa-St. Petersburg		21		5,637		70.84	%		22,496		10,358		12,138		22,252		9,829		12,423		244			1.1	%		529			5.4	%		(285	)		-2.3	%
	West Palm Beach-Boca Raton		5		1,505		100.00	%		10,475		4,591		5,884		10,593		4,077		6,516		(118	)		-1.1	%		514			12.6	%		(632	)		-9.7	%
	Other Markets		1		136		72.97	%		599		244		355		628		242		386		(29	)		-4.6	%		2			0.8	%		(31	)		-8.0	%
			62		16,844		82.07	%		83,568		37,774		45,794		83,249		35,555		47,694		319			0.4	%		2,219			6.2	%		(1,900	)		-4.0	%
Midwest
	Chicago		22		6,319		82.02	%		41,731		18,946		22,785		44,075		19,288		24,787		(2,344	)		-5.3	%		(342	)		-1.8	%		(2,002	)		-8.1	%
	Cincinnati-Dayton		18		3,709		67.84	%		14,025		6,605		7,420		14,462		6,348		8,114		(437	)		-3.0	%		257			4.0	%		(694	)		-8.6	%
	Columbus		9		2,012		67.70	%		6,845		3,085		3,760		7,166		2,995		4,171		(321	)		-4.5	%		90			3.0	%		(411	)		-9.9	%
	Detroit-Ann Arbor		7		1,909		61.20	%		7,301		3,131		4,170		7,782		3,757		4,025		(481	)		-6.2	%		(626	)		-16.7	%		145			3.6	%
	Grand Rapids-Lansing		13		4,734		65.31	%		15,955		8,555		7,400		17,474		8,020		9,454		(1,519	)		-8.7	%		535			6.7	%		(2,054	)		-21.7	%
	Indianapolis-Fort Wayne		36		12,479		89.19	%		51,034		24,117		26,917		52,801		25,678		27,123		(1,767	)		-3.3	%		(1,561	)		-6.1	%		(206	)		-0.8	%
	Kansas City		4		953		69.31	%		3,609		1,839		1,770		3,824		1,424		2,400		(215	)		-5.6	%		415			29.1	%		(630	)		-26.3	%
	Minneapolis-St Paul		4		1,098		55.65	%		4,971		2,367		2,604		5,296		2,533		2,763		(325	)		-6.1	%		(166	)		-6.6	%		(159	)		-5.8	%
	Other Markets		12		2,458		51.18	%		6,543		3,036		3,507		6,601		2,936		3,665		(58	)		-0.9	%		100			3.4	%		(158	)		-4.3	%
			125		35,671		76.29	%		152,014		71,681		80,333		159,481		72,979		86,502		(7,467	)		-4.7	%		(1,298	)		-1.8	%		(6,169	)		-7.1	%
Texas
	Austin-San Marcos		9		1,873		77.08	%		8,374		4,491		3,883		8,978		4,489		4,489		(604	)		-6.7	%		2			0.0	%		(606	)		-13.5	%
	Dallas-Fort Worth		24		6,235		72.44	%		20,759		12,448		8,311		22,385		11,327		11,058		(1,626	)		-7.3	%		1,121			9.9	%		(2,747	)		-24.8	%
	Houston-Galveston		35		9,261		64.57	%		29,041		16,697		12,344		31,015		15,017		15,998		(1,974	)		-6.4	%		1,680			11.2	%		(3,654	)		-22.8	%
	San Antonio		11		2,647		93.65	%		11,545		5,921		5,624		11,251		5,522		5,729		294			2.6	%		399			7.2	%		(105	)		-1.8	%
	Other Markets		7		1,500		72.98	%		4,767		2,419		2,348		4,951		2,175		2,776		(184	)		-3.7	%		244			11.2	%		(428	)		-15.4	%
			86		21,516		74.26	%		74,486		41,976		32,510		78,580		38,530		40,050		(4,094	)		-5.2	%		3,446			8.9	%		(7,540	)		-18.8	%
West
	Denver - Front Range		22		4,743		75.32	%		22,305		10,437		11,868		22,817		8,277		14,540		(512	)		-2.2	%		2,160			26.1	%		(2,672	)		-18.4	%
	Las Vegas		2		734		100.00	%		3,800		1,558		2,242		3,610		1,518		2,092		190			5.3	%		40			2.6	%		150			7.2	%
	Phoenix-Mesa		27		7,361		92.12	%		31,128		16,533		14,595		31,347		16,519		14,828		(219	)		-0.7	%		14			0.1	%		(233	)		-1.6	%
	Salt Lake City-Ogden		4		1,511		83.37	%		6,075		2,498		3,577		6,272		2,316		3,956		(197	)		-3.1	%		182			7.9	%		(379	)		-9.6	%
	Seattle		4		468		54.54	%		1,652		848		804		1,624		789		835		28			1.7	%		59			7.5	%		(31	)		-3.7	%
	Tucson		3		887		100.00	%		3,638		1,815		1,823		3,649		1,699		1,950		(11	)		-0.3	%		116			6.8	%		(127	)		-6.5	%
	Other Markets		4		760		50.97	%		1,939		964		975		2,021		939		1,082		(82	)		-4.1	%		25			2.7	%		(107	)		-9.9	%
			66		16,464		85.80	%		70,537		34,653		35,884		71,340		32,057		39,283		(803	)		-1.1	%		2,596			8.1	%		(3,399	)		-8.7	%
California
	Bay Area		6		1,661		57.99	%		8,761		3,449		5,312		9,368		3,101		6,267		(607	)		-6.5	%		348			11.2	%		(955	)		-15.2	%
	Los Angeles-Long Beach-Ventura		11		2,179		85.49	%		23,098		6,861		16,237		22,560		6,096		16,464		538			2.4	%		765			12.5	%		(227	)		-1.4	%
	Orange County - Riverside		7		1,611		81.95	%		13,855		4,684		9,171		13,673		4,005		9,668		182			1.3	%		679			17.0	%		(497	)		-5.1	%
	Sacramento		1		180		22.05	%		298		133		165		312		129		183		(14	)		-4.5	%		4			3.1	%		(18	)		-9.8	%
	San Diego		6		2,123		93.28	%		17,716		5,250		12,466		17,497		4,851		12,646		219			1.3	%		399			8.2	%		(180	)		-1.4	%
			31		7,754		79.53	%		63,728		20,377		43,351		63,410		18,182		45,228		318			0.5	%		2,195			12.1	%		(1,877	)		-4.2	%
	SAME STORE SALES TOTALS		531		149,320		79.76	%		745,850		327,337		418,513		760,527		312,936		447,591		(14,677	)		-1.9	%		14,401			4.6	%(2)		(29,078	)		-6.5	%(2)
Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1)										291,531		164,743		126,788		242,982		127,094		115,888
Total Rental and other property revenues and property operating expense per GAAP Income Statement										1,037,381		492,080		545,301		1,003,509		440,030		563,479

(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; and (iii) elimination and other adjustments made in accordance with GAAP.
(2)	Excluding the $1.2 million impact related to uninsured hurricane and storm damages, same store sales expenses would have increased 4.2% and NOI would have decreased 6.2%.

Supplemental Schedule 7

Selected Portfolio Performance Data
(unaudited)

PORTFOLIO SUMMARY
SAME STORE PERFORMANCE

	SAME STORE PORTFOLIO
	CORE			NON-CORE			TOTAL
Rent, average third quarter 2004	$	777		$	566		$	714
Occupancy, average third quarter 2004		93.8	%		90.6	%		92.9	%
Total # of Properties		342			197			539
Total # of Units		104,922			46,247			151,169
Proportionate Owned Units		83,119			37,733			120,852
3rd Quarter 2004 vs. 3rd Quarter 2003 (1)
Revenue		-0.7	%		-0.7	%		-0.7	%
Expenses		5.3	%		8.3	%		6.1	%
NOI		-4.6	%		-9.7	%		-5.6	%
Sequential, 3rd Quarter 2004 vs 2nd Quarter 2004 (1)
Revenue		3.3	%		5.8	%		3.9	%
Expenses		5.7	%		11.1	%		7.2	%
NOI		1.7	%		0.0	%		1.3	%
YTD September 2004 vs. YTD September 2003 (1)
Revenue		-1.7	%		-2.6	%		-1.9	%
Expenses		4.5	%		4.9	%		4.6	%
NOI		-5.6	%		-9.8	%		-6.5	%

(1) Expenses and NOI in all comparisons include a $1.2 million impact related to uninsured hurricane and storm damages.

CONVENTIONAL PORTFOLIO: SUMMARY BY MARKET
SELECTED MARKETS

	Quarter ended September 30, 2004									Quarter ended September 30, 2003
	TOTAL CONVENTIONAL PORTFOLIO									TOTAL CONVENTIONAL PORTFOLIO
% of Conventional NOI	CORE			NON-CORE			TOTAL			CORE			NON-CORE			TOTAL
Top 10 Markets
1 Washington, D.C.		11.0	%		1.2	%		12.2	%		10.4	%		0.9	%		11.3	%
2 Los Angeles-Long Beach-Ventura		7.4	%		0.0	%		7.4	%		7.4	%		0.0	%		7.4	%
3 New England		7.0	%		0.0	%		7.0	%		6.5	%		0.0	%		6.5	%
4 Indianapolis		4.0	%		1.9	%		5.9	%		3.2	%		1.1	%		4.3	%
5 Philadelphia		5.8	%		0.0	%		5.8	%		6.3	%		0.0	%		6.3	%
6 Chicago		4.4	%		0.2	%		4.6	%		4.5	%		0.4	%		4.9	%
7 Miami-Fort Lauderdale		3.7	%		0.0	%		3.7	%		2.9	%		0.2	%		3.1	%
8 Orlando-Daytona		2.8	%		0.6	%		3.4	%		2.4	%		0.9	%		3.3	%
9 Phoenix-Mesa		1.7	%		1.3	%		3.0	%		1.6	%		1.1	%		2.7	%
10 Atlanta		2.0	%		0.8	%		2.8	%		1.6	%		1.0	%		2.6	%
All Other Markets		30.1	%		14.1	%		44.2	%		32.1	%		15.5	%		47.6	%
Total Conventional NOI		79.9	%		20.1	%		100.0	%		78.9	%		21.1	%		100.0	%
Rent, average third quarter	$	804		$	560		$	728		$	808		$	569		$	733
Occupancy, average third quarter		92.5	%		90.8	%		92.0	%		92.2	%		90.5	%		91.6	%
Total # of Properties		379			232			611			368			301			669
Total # of Units		114,573			54,589			169,162			114,891			72,115			187,006
Proportionate Owned Units		91,376			43,467			134,843			96,950			52,500			149,450

Supplemental Schedule 8

Property Sales Activity
(unaudited)

THIRD QUARTER 2004 PROPERTY SALES ACTIVITY

			Number		Gross					Property		Net Sales		Aimco Net		Average
			of		Proceeds		FCF (1)			Debt		Proceeds (2)		Proceeds		Rent
			Units		($mm)		Yield			($mm)		($mm)		($mm)		($/unit)
Conventional Core	(3	)		2,279	$	473		4.1	%	$	189	$	268	$	239	$	1,228
Conventional Non-Core	(4	)		1,023		43		7.1	%		19		23		23		564
Affordable	(5	)		1,847		66		5.8	%		33		29		14		559
Total Dispositions				5,149	$	582		4.5	%	$	241	$	320	$	276	$	856

YEAR TO DATE 2004 PROPERTY SALES ACTIVITY

			Number		Gross					Property		Net Sales		Aimco Net		Average
			of		Proceeds		FCF(1)			Debt		Proceeds (2)		Proceeds		Rent
			Units		($mm)		Yield			($mm)		($mm)		($mm)		($/unit)
Conventional Core	(3	)		2,279	$	473		4.1	%	$	189	$	268	$	239	$	1,228
Conventional Non-Core	(4	)		6,590		226		6.3	%		98		116		103		523
Affordable	(5	)		4,863		158		6.5	%		90		57		27		586
Total Dispositions				13,732	$	857		5.1	%	$	377	$	441	$	369	$	662

(1)	FCF Yield is calculated as the Free Cash Flow 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 and payment of transaction costs
(3)	Includes sale of land parcel suitable for development associated with the Bay Club property in Aventura, Florida.

(4)	Sales activity provided in the table above does not include sales of certain general partner interests that generated net proceeds to Aimco of $2.0 million to date in 2004
(5)	Sales activity provided in the table above does not include sales of certain NAPICO properties that generated net proceeds to Aimco of $5.1 million to date in 2004

Supplemental Schedule 9

Capital Expenditures
For the Nine Months Ended September 30, 2004
(in thousands, except per unit)
(unaudited)

Effective January 1, 2004, all capital spending is classified as either Capital Replacements (“CR”), Capital Improvements (“CI”) or Redevelopment. These categories replace Aimco’s prior capital spending categories — capital replacements, capital enhancements, redevelopment, initial capital expenditures, and disposition capital expenditures. Aimco believes CR, CI and Redevelopment will be simpler to apply, allow more discrete differentiation between categories, facilitate sound economic decisions, and assist investors and analysts in better understanding its capital spending.

Non-redevelopment 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 and Redevelopment for the nine months ended September 30, 2004 (per unit is based on approximately 158,000 units):

Capital Replacements Detail:	Actual Amount			Per Unit
Building Interiors	$	11,664		$	74
Includes: Hot water heaters, kitchen/bath
Building Exteriors		8,911			56
Includes: Roofs, exterior painting, electrical, plumbing
Landscaping and Grounds		5,765			36
Includes: Parking lot improvements, pool improvements
Turnover Related		20,192			128
Includes: Carpet, vinyl, tile, appliance and fixture replacements
Capitalized payroll and other indirect costs		7,885			50
Total Aimco’s share of Capital Replacements	$	54,417		$	344
Capital Replacements:
Conventional		47,635
Affordable		6,782
Total Aimco’s share of Capital Replacements	$	54,417
Capital Improvements:
Conventional		39,224
Affordable		11,863
Total Aimco’s share of Capital Improvements	$	51,087
Redevelopment (see Schedule 10 for further project details):
Conventional		42,197
Affordable		8,365
Total Aimco’s share of Redevelopment	$	50,562
Total Aimco’s share of Capital Expenditures	$	156,066
Plus minority partners’ share of consolidated spending		43,846
Less Aimco’s share of unconsolidated spending		(8,533	)
Total Spending per Consolidated Statement of Cash Flows	$	191,379

Supplemental Schedule 10

Summary of 2004 Redevelopment Activity
As of September 30, 2004
(in millions, except unit data)
(values are not adjusted for Aimco’s ownership unless indicated)
(unaudited)

					Cost in Millions									Redevelopment Timeline				Number of Units
					Total		Inception		Year to		Year to
					Expected		to Date		Date		Date
		Ownership	Number of		Spend at		Spend at		Spend at		Spend at		Expected		Construction	Construction						Out of
Property	City, State	%	Units		100%		100%		100%		AIV%		FCF Yield	Acquisition	Start	Complete	Stabilization	Completed		Leased (1)		Service (2)
Redevelopment - Major Project Detail
Flamingo South Beach Belmont Place	Miami Beach, FL Marietta, GA	77.0% 57.2%		1,688 326	$	283.4 32.2	$	278.1 13.0	$	8.4 10.8	$	6.5 6.2	6% 9%	Q3 1997 Q2 1998	Q3 1997 Q4 2003	Q1 2004 Q2 2005	Q2 2005 Q2 2006		1,682 - -		1,220 31		6 326
		Subtotal		2,014	$	315.6	$	291.1	$	19.2	$	12.7							1,682		1,251		332
Redevelopment - Other Projects
Conventional	20 properties			9,988	$	186.5	$	92.3	$	17.2	$	15.7
Affordable	11 properties			2,416		91.9		45.2		26.6		7.3
Other Redevelopment										17.3		14.9
		Subtotal		12,404	$	278.4	$	137.5	$	61.1	$	37.9
		Total		14,418	$	594.0	$	428.6	$	80.3	$	50.6

(1) Leased units include pre-leased (31 units at Belmont Place are pre-leased and not occupied).

(2) Out of service units include those units that have not been turned over to property operations by the redevelopment group.

Supplemental Schedule 11

Apartment Unit Summary
As of September 30, 2004
(unaudited)

					Aimco's		Aimco's
	Total		Total		Effective		Average
	# Properties		# Units		# Units		Ownership %
Conventional Real Estate Portfolio:
Wholly-owned Consolidated Core Properties		204		60,826		60,826		100	%
Partially-owned Consolidated Core Properties		144		46,301		27,690		60	%
Partially-owned Unconsolidated Core Properties		31		7,446		2,860		38	%
Sub-total Core Properties		379		114,573		91,376		79	%
Wholly-owned Consolidated Non-Core Properties		126		29,034		29,034		100	%
Partially-owned Consolidated Non-Core Properties		71		18,410		12,147		66	%
Partially-owned Unconsolidated Non-Core Properties		35		7,145		2,286		32	%
Sub-total Non-Core Properties		232		54,589		43,467		80	%
Total		611		169,162		134,843		80	%
Aimco Capital Real Estate Portfolio:
Wholly-owned Consolidated Properties		82		11,127		11,127		100	%
Partially-owned Consolidated Properties		66		7,202		3,891		54	%
Partially-owned Unconsolidated Properties		305		36,883		6,284		17	%
Total		453		55,212		21,302		39	%
Total Owned Real Estate Portfolio:
Wholly-owned Consolidated Properties		412		100,987		100,987		100	%
Partially-owned Consolidated Properties		281		71,913		43,728		61	%
Partially-owned Unconsolidated Properties		371		51,474		11,430		22	%
Total		1,064		224,374		156,145		70	%
Management Contracts:
Property Managed for Third Parties		73		8,191
Asset-Managed for Third Parties		34		5,228
Asset-Managed (indirect ownership)		375		34,066
Total		482		47,485
Total Portfolio		1,546		271,859