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): September 30, 2008

Apartment Investment and Management Company
__________________________________________
(Exact name of registrant as specified in its charter)

Maryland	001-13232	841259577
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
4582 S. Ulster Street Parkway, Suite 1100, Denver, Colorado		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:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events.

On October 1, 2008, Apartment Investment and Management Company ("Aimco") issued a press release concerning its preliminary assessment of the damage caused by Tropical Storm Fay and Hurricane Ike. A copy of the press release is attached hereto as Exhibit 99.1.

On September 30, 2008, Aimco entered into a Rule 10b5-1 trading plan with a broker to facilitate the repurchase of shares of its Class A Common Stock.

Rule 10b5-1 allows a company to purchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. The shares to be repurchased under the Aimco's 10b5-1 plan would be part of the previously disclosed share repurchase authorization approved by Aimco’s Board of Directors.

The 10b5-1 share purchase period will commence in October 2008. Purchases will be implemented by a broker and will be based upon the guidelines and parameters of the 10b5-1 plan. There is no guarantee as to the exact number of shares that will be repurchased under the share repurchase program, and Aimco may discontinue purchases at any time.

SIGNATURES

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

	Apartment Investment and Management Company
October 3, 2008	By:	Thomas M. Herzog
		Name: Thomas M. Herzog
		Title: Executive Vice President & Chief Financial Officer

Exhibit Index

Exhibit No.	Description
99.1	Aimco Press Release dated October 1, 2008

EX-99.1

Investor Relations (303) 691-4350
Investor@aimco.com
Elizabeth Coalson
Vice President — Investor Relations
(303) 691-4327

APARTMENT INVESTMENT AND MANAGEMENT COMPANY
PROVIDES PRELIMINARY TROPICAL STORM FAY AND HURRICANE IKE DAMAGE ASSESSMENTS

DENVER, COLORADO, October 1, 2008

Apartment Investment and Management Company (“Aimco”) (NYSE:AIV) announced today that it has completed a preliminary assessment of damage caused by Tropical Storm Fay and Hurricane Ike.

Tropical Storm Fay, which made its first U.S. landfall on the Florida Keys on August 18, damaged 53 Aimco apartment properties with 50 properties affected in Florida and three in other states. Hurricane Ike made U.S. landfall at Galveston, Texas on September 13 and subsequently damaged 62 Aimco properties, including 25 in Houston and surrounding areas, six in Galveston and other parts of the Gulf Coast, four in Dallas and surrounding areas, and 27 in other states as the storm tracked through the Midwest.

Chairman and Chief Executive Officer Terry Considine comments: “Despite the severity of these storms, we are thankful that we had no reports of injury to any of our residents or team members. Clean up efforts are well underway and we continue to focus on providing quality apartment homes and a superior customer experience to all of Aimco’s residents in areas affected by the storms and across the country.”

Property damage was caused by strong winds and/or water intrusion from heavy rains associated with the storms and included damage to roofs, exterior siding, and landscaping. Repairs at a number of the affected properties are expected to cost less than the deductible for insurance coverage. Aimco’s properties did not sustain any structural damage as a result of these storms.

Based on preliminary estimates, Aimco’s share of the casualty expenses (net of any third party insurance coverage) from the two storms is expected to be from $3.0 million to $6.0 million, or approximately $0.03 to $0.06 per share, in Funds From Operations (“FFO”) for the third quarter 2008, which was not previously considered in guidance.

This press release contains forward-looking statements, including statements regarding third quarter 2008 financial results. These forward-looking statements are subject to certain risks and uncertainties, and actual results may differ materially from projections. 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, 2007, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.

Aimco is a real estate investment trust headquartered in Denver, Colorado that owns and operates a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries and affiliates, is one of the largest owners and operators of apartment communities in the United States with 1,114 properties, including 188,672 apartment units, and serves approximately 750,000 residents each year. Aimco’s properties are located in 46 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com.