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Exhibit 99.1

INCOME STATEMENT—PRESENTATION CHANGES

        Beginning with the First Quarter 2004, Aimco has modified the presentation of its Consolidated Statements of Income in order to add visibility and clarity to its operations. We believe this presentation change is helpful and provides a better understanding of Aimco's business. It is important to note that these changes do not affect the accounting treatment of amounts reported, only their classification within the income statement.

        Revenue previously classified as Management fees and other income is now presented primarily in two line items: (1) Property management revenues; and (2) Activity fees and asset management revenues. Expenses previously classified as Management and other expenses are now presented primarily in three line items: (1) Property management expense; (2) Activity and asset management expenses; and (3) General and administrative expenses (G&A).

        The new presentation also reclassifies:

•

Certain administrative expenses from Management and other expenses to G&A;



•

Income tax provision/benefit from Management and other expenses to Other expenses (income), net;



•

Insurance claim losses and risk management operations related to unconsolidated real estate partnerships from Management and other expenses to Other expenses (income), net; and



•

Depreciation and amortization related to corporate fixed assets (non-real estate related) from Management and other expenses to Depreciation and amortization.

        One of the primary reasons behind these changes is the evolution of Aimco's Investment Management business segment. Over the past few years, the amounts reported for this segment have diminished as Aimco has consolidated an increased portion of its real estate holdings and reduced its third party management activities.

        These presentation changes:

•

Add greater clarity to property management and activity fee and asset management business activities;



•

Reflect only costs that are directly associated with property management and activity fee and asset management business activities and no longer include allocable indirect costs;



•

Separate recurring income generated by property management from transaction-based income generated by fee and asset management activities; and



•

Provide enhanced visibility of Aimco's core activities to facilitate a better understanding by our investors and easier modeling for investors and analysts.

        In order to assist Aimco's shareholders in modeling and analyzing the company using this new income statement presentation, income statements for each quarter of 2003 in the new presentation format are attached.

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Pro forma GAAP Income Statements as Modified for Presentation Purposes
(in thousands)
(unaudited)

			Three Months Ended March 31, 2003			Three Months Ended June 30, 2003			Three Months Ended September 30, 2003			Three Months Ended December 31, 2003			Year Ended December 31, 2003			10-K As Reported Year Ended December 31, 2003
REVENUES:
	Rental and other property revenues		$	353,638		$	361,969		$	367,452		$	362,737		$	1,445,796		$	1,445,796
	Property management revenues, primarily from affiliates			9,239			9,607			9,652			9,494			37,992			70,487
	Activity fees and asset management revenues, primarily from affiliates			5,788			3,111			3,285			8,014			20,198			—
		Total revenues		368,665			374,687			380,389			380,245			1,503,986			1,516,283
EXPENSES:
	Property operating expenses			153,224			154,854			163,444			158,825			630,347			642,697
	Property management expenses			2,117			1,925			1,961			2,103			8,106			50,574
	Activity and asset management expenses			1,835			1,972			2,003			2,557			8,367			—
	Depreciation and amortization			85,123			86,712			85,844			91,073			348,752			328,379
	Amortization of intangibles			837			2,603			1,276			1,986			6,702			6,702
	General and administrative expenses			9,735			7,566			11,725			21,620			50,646			28,815
	Other expenses (income), net			(3,595	)		(3,521	)		(2,971	)		2,037			(8,050	)		—
		Total expenses		249,276			252,111			263,282			280,201			1,044,870			1,057,167
Operating income				119,389			122,576			117,107			100,044			459,116			459,116
Interest income				6,079			7,089			5,121			6,731			25,020			25,020
Provision for losses on notes receivable				(697	)		(791	)		23			(718	)		(2,183	)		(2,183	)
Interest expense				(91,147	)		(93,509	)		(93,387	)		(94,703	)		(372,746	)		(372,746	)
Equity in earnings (losses) of unconsolidated real estate partnerships				(1,682	)		(3,132	)		(1,767	)		164			(6,417	)		(6,417	)
Deficit distributions to minority partners				(5,468	)		(3,633	)		(11,827	)		(1,744	)		(22,672	)		(22,672	)
Impairment loss on investment in unconsolidated real estate partnerships				—			—			—			(4,122	)		(4,122	)		(4,122	)
Gain (loss) on dispositions of real estate related to unconsolidated real estate partnerships				(79	)		839			1,449			969			3,178			3,178
Income before minority interests and discontinued operations				26,395			29,439			16,719			6,621			79,174			79,174
Minority interests:
	Minority interest in consolidated real estate partnerships			(1,055	)		(1,579	)		(1,511	)		2,117			(2,028	)		(2,028	)
	Minority interest in Aimco Operating Partnership			(2,708	)		(2,768	)		(428	)		(533	)		(6,437	)		(6,437	)
Total minority interests				(3,763	)		(4,347	)		(1,939	)		1,584			(8,465	)		(8,465	)
Income from continuing operations				22,632			25,092			14,780			8,205			70,709			70,709
Discontinued operations:
	Income (loss) from discontinued operations, net			(809	)		34,138			25,855			28,964			88,148			88,148
Net income			$	21,823		$	59,230		$	40,635		$	37,169		$	158,857		$	158,857
Net income attributable to preferred stockholders			$	22,141		$	24,961		$	26,930		$	19,533		$	93,565		$	93,565
Net income (loss) attributable to common stockholders			$	(318	)	$	34,269		$	13,705		$	17,636		$	65,292		$	65,292

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INCOME STATEMENT—PRESENTATION CHANGES