Filed by Bowne Pure Compliance

Denver, Colorado — November 2, 2007

Apartment Investment and Management Company
Announces Third Quarter 2007 Results

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

•

Net loss for the quarter of $2.3 million decreased $22.6 million from a net loss of $24.9 million in the third quarter 2006. Higher results in the third quarter 2007 resulted from various items including: a change in accounting for tax credit arrangements in the third quarter 2006, which resulted in a non-recurring charge to earnings of $14.4 million, higher property net operating income of $3.9 million, and lower general and administrative expenses of $3.1 million. Earnings per share (EPS) was a loss of $0.22 on a diluted basis, compared with a loss of $0.48 in the third quarter 2006.

•

Funds from operations (diluted) (FFO) is a non-GAAP financial measure defined in the glossary in the Supplemental Information (the Glossary). FFO calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts (NAREIT) was $80.2 million compared with $74.3 million in the third quarter 2006. FFO per share increased 12% from $0.74 in the third quarter 2006 to $0.83 in the third quarter 2007. FFO before impairment and preferred redemption charges was $0.86 per share, which was $0.04 above the mid-point of guidance due to several items including: higher transactional income related to the termination of the Flamingo option agreement, higher promote income, and lower general and administrative expenses. These positive variances to guidance were partially offset by lower Same Store net operating income.

•

Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $55.9 million, or $0.58 per share, compared with $57.6 million, also $0.58 per share, in the third quarter 2006. AFFO includes deductions of $0.28 and $0.20 per share for capital replacement expenditures in the third quarter 2007 and the third quarter 2006, respectively.

Diluted Per Share Results


	THIRD QUARTER						YEAR-TO-DATE
	2007			2006			2007			2006
Earnings (loss) — EPS		($0.22	)		($0.48	)		($0.10	)	$	0.31
Funds from operations — FFO	$	0.83		$	0.74		$	2.45		$	2.16
FFO before impairment and preferred redemption charges	$	0.86		$	0.78		$	2.48		$	2.21
Adjusted funds from operations — AFFO	$	0.58		$	0.58		$	1.80		$	1.66

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




AIMCO 3rd Quarter 2007		Page 1

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “Aimco’s property operations team achieved solid results with same-store occupancy of 94.8%, year-over-year revenue growth of 4.2% and NOI growth of 4.9%. Most of our markets performed well and met our expectations; however, Florida was softer than we had anticipated. Our redevelopment team currently has 53 conventional projects underway and is on track to invest a total of $300 million dollars in conventional redevelopment projects in 2007 and a similar amount next year.”

Chief Financial Officer Tom Herzog adds: “Third quarter FFO of $0.86 per share was $0.04 above the mid-point of guidance due primarily to higher transaction income partially offset by lower than expected Same Store net operating income. We are establishing fourth quarter FFO guidance of $0.89 to $0.95 per share and increasing our full year FFO guidance from a range of $3.33 to $3.43 per share to a range of $3.37 to $3.43 per share. At the mid-point of guidance, this represents a 10% increase over 2006. Full year FFO guidance contemplates Same Store net operating income growth of 4.75% to 5.25%, which is a reduction from the previous range of 5.5% to 6.5%.”

Property Operations

Conventional Real Estate Operations

Aimco is among the largest owners and operators of market rate properties in the United States. Conventional real estate operations consist of Aimco’s diversified portfolio of market rate apartment communities. At the end of the third quarter 2007, this portfolio included 446 properties with 129,199 units in which Aimco had a weighted average ownership of 88%. During the third quarter 2007, conventional real estate operations generated net operating income of $178.3 million.

“Same Store” Results

The Same Store portfolio is a sub-set of total conventional properties (see the Glossary). In the third quarter 2007, the Same Store portfolio included 360 communities with 94,177 Effective Units (see the Glossary) based on Aimco’s weighted average ownership of 88% (See Supplemental Schedules 6a through 7).

Comparing Same Store results in the third quarter 2007 with the third quarter 2006, total revenue increased $10.5 million, or 4.2%. The increase in revenue was primarily generated by higher average rent, up $27 per unit, or 3.2%, from $850 per unit to $877 per unit, higher occupancy, which was up 0.4% from 94.4% to 94.8%, and increased utility reimbursements, up $1.4 million. Same Store expenses of $108.3 million increased $3.4 million, or 3.2%, compared with the prior year period as a result of higher taxes, utilities, marketing and payroll. Same Store portfolio net operating income was $150.8 million for the third quarter 2007, up 4.9% from the third quarter 2006.

Same Store Operating Results


	THIRD QUARTER
	Year-over-year									Sequential
	2007			2006			Variance			2nd Qtr			Variance
Same Store Operating Measures
Average Physical Occupancy		94.8	%		94.4	%		0.4	%		94.7	%		0.1	%
Average Rent Per Unit	$	877		$	850			3.2	%	$	867			1.2	%
Total Same Store ($mm)
Revenue	$	259.1		$	248.6			4.2	%	$	257.7			0.5	%
Expenses		(108.3	)		(104.9	)		3.2	%		(106.3	)		1.9	%
NOI	$	150.8		$	143.7			4.9	%	$	151.4			-0.4	%




AIMCO 3rd Quarter 2007		Page 2

Comparing Same Store results on a sequential basis, total revenue increased $1.4 million in the third quarter 2007 compared with the second quarter of 2007, driven by a $10 per unit increase in average rental rates and an increase in occupancy of 0.1%. Expenses increased $2.0 million, or 1.9%, primarily due to higher turnover, payroll, marketing and taxes and insurance, offset by lower repairs and maintenance and utilities. Net operating income decreased $0.6 million, or 0.4%, on a sequential basis.

Affordable Real Estate Operations

Aimco is among the largest owners and operators of affordable properties in the United States. At the end of the third quarter 2007, Aimco’s owned affordable portfolio included 315 properties with 36,685 units in which Aimco had an average ownership of 52%. During the third quarter 2007, affordable property operations generated net operating income of $20.9 million. On a year-over-year basis, third quarter average month-end occupancy for the affordable portfolio decreased 60 basis points from 97.2% to 96.6%, and average rent per unit increased 3.0% from $723 to $745 per unit.

Aimco Capital

Aimco Capital oversees Aimco’s asset management, transaction and portfolio management activities, and is led by a management team dedicated to this business.

Asset Management and Transactions

Asset management income is earned from the financial management of partnerships. Transaction income is earned from activities such as tax credit syndications, dispositions, refinancings and land sales. Proceeds received in exchange for the transfer of tax credits are recognized ratably as the tax benefits are delivered, and syndication fees are recognized upon completion of tax credit syndications. Consolidated asset management and transaction net operating income, net of tax, was $15.4 million in the third quarter 2007, up 45% when compared to $10.6 million in the third quarter 2006. See Supplemental Schedule 11 for additional information on asset management and transaction income.

Portfolio Management

ACQUISITIONS — During the third quarter 2007, Aimco acquired The Acres Apartments with 118 units, located in North San Diego, California, for $19.3 million, or $163,136 per unit.

DISPOSITIONS — Aimco regularly reviews its portfolio to identify properties that do not meet its long-term investment criteria. In the third quarter 2007, Aimco sold nine non-core conventional properties and seven affordable properties with 2,133 and 659 units, respectively, for $106.4 million in gross proceeds (Aimco share $50.1 million). Aimco’s share of net proceeds after repayment of existing property debt and transaction costs was $25.9 million.

In connection with the 2006 sale of the Flamingo South Tower in Miami, Florida, Aimco and the buyer entered into an agreement under which the buyer paid a total of $6.0 million in non-refundable fees for the option to purchase the North and Central Towers. The option agreement was terminated during the third quarter 2007 and, as a result, Aimco has no further obligation to the buyer with respect to the sale of the North and Central Towers. Accordingly, Aimco recognized income of $5.5 million, net of tax, during the third quarter 2007.

Aimco’s property dispositions resulted in gains on dispositions of real estate (including gains on dispositions of unconsolidated real estate and other and gains within discontinued operations), of $23.2 million for the third quarter 2007 (including the Flamingo North and Central Tower option income described above), compared with gains of $19.2 million for the third quarter 2006.

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




AIMCO 3rd Quarter 2007		Page 3

Redevelopment

Aimco actively reinvests in and upgrades its portfolio through property redevelopments. At the end of the third quarter 2007, Aimco had 53 active conventional redevelopment projects and 12 active tax credit redevelopment projects. Aimco’s share of total redevelopment expenditures was $95.9 million during the third quarter 2007. Conventional redevelopment project expenditures totaled $78.4 million and tax credit redevelopment project expenditures totaled $17.5 million for the quarter. Further information on redevelopment projects is provided in Supplemental Schedule 10.

Additional Financial Information

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

INTEREST INCOME — Consolidated interest income was $9.9 million for the third quarter 2007 compared with $7.4 million for the third quarter 2006. Interest income is earned in part from money market and interest bearing accounts as well as on notes receivable from unconsolidated partnerships and non-affiliates.

DEBT ACTIVITY — During the third quarter 2007, Aimco closed 59 property loans generating gross proceeds of $600.3 million at a weighted average interest rate of 6.26%. This included refinancing $297.6 million in existing mortgage loans, reducing the average interest rate from 6.64% to 6.43%. After repayment of existing property debt, transaction costs and distributions to limited partners, Aimco’s share of net proceeds was $258.3 million.

During the third quarter 2007, we amended our corporate credit agreement to increase our revolving debt capacity by $200.0 million with the same maturity and pricing terms as the existing $450.0 million revolving credit facility. The amendment also provided for an additional $75.0 million term loan that bears interest at a rate of LIBOR plus 1.375%, which is 12.5 basis points less than the existing $400.0 million term loan. The $75.0 million term loan matures on September 14, 2008 with an option to extend the maturity date to September 14, 2009. The proceeds from the additional term loan were used to repay outstanding revolving loans. At quarter-end, Aimco’s corporate debt balance was $550.0 million, up from $540.0 million at year-end 2006, and carried a weighted average interest rate of 6.93%. The balance on Aimco’s revolving credit facility was $75.0 million and total dry powder at quarter end was more than $600.0 million.

As of September 30, 2007, Aimco had $7.3 billion of consolidated debt outstanding (excluding other borrowings), of which $5.6 billion was fixed rate mortgage debt and $1.7 billion was floating rate debt. The floating rate debt included $550.0 million of corporate debt, $704.6 million of tax-exempt bonds, and $485.5 million of other property loans. In addition, Aimco had $100.0 million of floating rate preferred stock. Aimco’s FFO exposure to changes in floating interest rates is mitigated by tax-exempt bonds with rates tied to the Bond Market Association Index which moves at approximately 0.68% for a 1.00% change in LIBOR. Exposure is further offset by floating rate assets, such as cash and notes receivable, and interest capitalized on entitlement and redevelopment properties. Based on Aimco’s proportionate share of quarter-end balances (see Supplemental Schedule 3), Aimco estimates its sensitivity to a 100 basis point change in LIBOR to be approximately $0.02 per share per quarter. Other borrowings of $65.0 million at quarter-end consisted primarily of unsecured notes payable and obligations under sale and leaseback arrangements accounted for as financings. As of September 30, 2007, other borrowings included $56.5 million of fixed rate obligations with interest rates ranging from zero to 10.00%, and $8.5 million of variable rate obligations bearing interest at the prime rate plus 1.75%.

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

INTEREST EXPENSE — Consolidated interest expense was $106.7 million for the third quarter 2007 compared with $100.2 million for the third quarter 2006. The $6.5 million increase in interest expense is the result of higher balances on property debt, offset by lower weighted average interest rates and higher capitalized interest.




AIMCO 3rd Quarter 2007		Page 4

STOCKHOLDERS’ EQUITY — During the third quarter 2007, Aimco repurchased approximately 1.2 million shares of its Class A Common Stock at an average price of $41.71 per share for a total cost of $49.1 million, bringing year-to-date 2007 common stock repurchases to 3.4 million shares at an average price of $51.27 per share for a total cost of $175.4 million. We are currently authorized to repurchase approximately 12.3 million additional shares. Repurchases may be made from time to time in the open market or in privately negotiated transactions.

On September 30, 2007, Aimco redeemed the 1,904,762 outstanding shares of its privately held 8.1% Class W Cumulative Convertible Preferred Stock. The aggregate redemption price of $104.0 million included a redemption price per share of $53.55 (102% of the $52.50 per share liquidation preference) plus approximately $1.06 per share of accumulated, accrued and unpaid dividends through the redemption date.

G&A — General and administrative expenses for the third quarter 2007 of $20.2 million decreased $3.1 million or 13% when compared with the third quarter 2006. The year-over-year decrease in G&A was primarily due to lower compensation costs and related expenses.

Outlook

For the fourth quarter 2007, FFO is expected to be in a range from $0.89 to $0.95 per share, before impairment and preferred redemption charges, and we are increasing our full year FFO guidance from a range of $3.33 to $3.43 per share to a range of $3.37 to $3.43 per share. The full year 2007 AFFO outlook of greater than $2.40 per share is unchanged. Please refer to the Outlook Schedule, which follows the Consolidated Financial Statements in this release, for more detail on fourth quarter and full year 2007 guidance.

Dividends on Common Stock

As announced on October 30, 2007, the Aimco Board of Directors declared a quarterly cash dividend of $0.60 per share of Class A Common Stock for the quarter ended September 30, 2007, payable on November 30, 2007, to stockholders of record on November 16, 2007. Class A Common Stock cash dividends declared for the nine months ended September 30, 2007 totaled $1.80 per share, or 97% of AFFO (undiluted) and 73% of FFO (diluted), on a per share basis. Year-to-date dividends represent a 5.3% annualized yield based on the $45.13 closing price of Aimco’s Class A Common Stock on September 28, 2007.

Earnings Conference Call

Please join Aimco management for the Third Quarter 2007 earnings conference call to be held Friday, November 2, 2007, at 1:00 p.m. Eastern time. You may join the conference call through an Internet audiocast by clicking on the Webcast link on Aimco’s Website at http://www.aimco.com/CorporateInformation/About/Financial/3Q2007. Alternatively, you may join the conference call via telephone by dialing 866-270-6057 with passcode 50204588, or dialing 617-213-8891 for international callers. Please call approximately five minutes before the conference call is scheduled to begin. If you are unable to join the live conference call, you may access the replay for 30 days on Aimco’s Website or by dialing 888-286-8010, 617-801-6888 for international callers, and using passcode 27689626.




AIMCO 3rd Quarter 2007		Page 5

Supplemental Information

The Supplemental Information referenced in this release is available on Aimco’s Website at the link http://www.aimco.com/CorporateInformation/About/Financial/3Q2007 or by calling Investor Relations at 303-691-4350.

Forward-looking Statements

This earnings release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of fourth quarter and full year 2007 results. These forward-looking statements are based on management’s judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to, Aimco’s ability to maintain current or meet projected occupancy levels, rent levels and Same Store results and Aimco’s ability to close transactions necessary to generate fee income as anticipated. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors that are beyond the control of Aimco including, without limitation: natural disasters such as hurricanes; national and local economic conditions; the general level of interest rates; energy costs; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which Aimco operates and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2006, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.

About Aimco

Aimco is a real estate investment trust headquartered in Denver, Colorado that owns and operates a geographically diversified portfolio of apartment communities through 19 regional operating centers. Aimco, through its subsidiaries and affiliates, is the largest owner and operator of apartment communities in the United States with 1,194 properties, including 206,217 apartment units, and serves approximately 750,000 residents each year. Aimco’s properties are located in 47 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our web site at www.aimco.com.




AIMCO 3rd Quarter 2007		Page 6

GAAP Income Statements

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
REVENUES:
Rental and other property revenues	$	416,633		$	392,607		$	1,234,632		$	1,157,627
Property management revenues, primarily from affiliates		1,824			2,599			5,192			9,221
Activity fees and asset management revenues		12,747			10,638			39,554			32,311

Total revenues		431,204			405,844			1,279,378			1,199,159

OPERATING EXPENSES:
Property operating expenses		198,674			178,517			576,215			525,483
Property management expenses		1,190			1,022			4,753			3,727
Activity and asset management expenses		6,399			2,575			17,757			11,522
Depreciation and amortization		128,547			117,927			370,376			334,898
General and administrative expenses		20,220			23,292			65,321			66,747
Other (income) expenses, net		(5,490	)		294			(7,007	)		2,965

Total operating expenses		349,540			323,627			1,027,415			945,342

Operating income		81,664			82,217			251,963			253,817
Interest income		9,930			7,379			28,660			19,685
Recoveries of (provisions for) losses on notes receivable, net		153			46			(2,124	)		(718	)
Interest expense		(106,654	)		(100,193	)		(313,746	)		(292,210	)
Deficit distributions to minority partners		(11,958	)		(13,965	)		(15,133	)		(19,944	)
Equity in earnings (losses) of unconsolidated real estate partnerships		348			(169	)		(1,710	)		(2,606	)
Recoveries of (provisions for) real estate impairment losses, net		—			(158	)		—			813
Gain on dispositions of unconsolidated real estate and other		5,841			8,759			26,902			19,515


Loss before minority interests and discontinued operations		(20,676	)		(16,084	)		(25,188	)		(21,648	)
Minority interests:
Minority interest in consolidated real estate partnerships		1,195			(24,426	)		(4,842	)		(17,514	)
Minority interest in Aimco Operating Partnership, preferred [a]		(1,782	)		(1,785	)		(5,346	)		(5,368	)
Minority interest in Aimco Operating Partnership, common [a]		3,459			6,336			8,064			10,507

Total minority interests		2,872			(19,875	)		(2,124	)		(12,375	)

Loss from continuing operations		(17,804	)		(35,959	)		(27,312	)		(34,023	)
Income from discontinued operations, net [b]		15,463			11,084			69,504			128,310

Net (loss) income		(2,341	)		(24,875	)		42,192			94,287
Net income attributable to preferred stockholders		19,020			21,656			51,715			64,744

Net (loss) income attributable to common stockholders	$	(21,361	)	$	(46,531	)	$	(9,523	)	$	29,543


Weighted average number of common shares outstanding		95,017			96,061			95,654			95,772

Weighted average number of common shares and common share equivalents outstanding		95,017			96,061			95,654			95,772


Earnings (loss) per common share — basic:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.39	)	$	(0.60	)	$	(0.83	)	$	(1.03	)
Income from discontinued operations		0.17			0.12			0.73			1.34

Net (loss) income attributable to common stockholders	$	(0.22	)	$	(0.48	)	$	(0.10	)	$	0.31

Earnings (loss) per common share — diluted:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.39	)	$	(0.60	)	$	(0.83	)	$	(1.03	)
Income from discontinued operations		0.17			0.12			0.73			1.34

Net (loss) income attributable to common stockholders	$	(0.22	)	$	(0.48	)	$	(0.10	)	$	0.31




AIMCO 3rd Quarter 2007		Page 7

GAAP Income Statements (continued)

Notes to Consolidated Statements of Income

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

[b] Income from discontinued operations of consolidated properties consists of the following (in thousands):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Rental and other property revenues	$	5,466		$	32,128		$	35,564		$	120,090
Property operating expenses		(5,365	)		(17,371	)		(21,432	)		(63,088	)
Depreciation and amortization		(1,172	)		(8,790	)		(8,251	)		(33,606	)
Other (expenses) income, net		(1,053	)		354			(2,224	)		(2,901	)


Operating (loss) income		(2,124	)		6,321			3,657			20,495
Interest income		80			257			279			857
Interest expense		(1,082	)		(6,452	)		(7,183	)		(24,935	)
Gain on extinguishment of debt		—			—			22,852			—
Minority interest in consolidated real estate partnerships		1,329			1,698			1,663			4,181

(Loss) income before gain on dispositions of real estate, impairment recoveries (losses), recoveries of deficit distributions to minority partners, income tax and minority interests in Aimco Operating Partnership		(1,797	)		1,824			21,268			598

Gain on dispositions of real estate, net of minority partners’ interests		17,406			10,434			57,312			153,255
Real estate impairment recoveries (losses), net		—			131			(783	)		123
Recovery of deficit distributions to minority partners		36			2,087			409			18,201
Income tax arising from disposals		1,151			(2,211	)		(1,610	)		(30,197	)
Minority interests in Aimco Operating Partnership		(1,333	)		(1,181	)		(7,092	)		(13,670	)


Income from discontinued operations	$	15,463		$	11,084		$	69,504		$	128,310




AIMCO 3rd Quarter 2007		Page 8

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands) (unaudited)


	September 30, 2007			December 31, 2006
ASSETS
Buildings and improvements	$	9,732,036		$	9,189,793
Land		2,452,584			2,372,561
Accumulated depreciation		(2,957,001	)		(2,732,510	)

NET REAL ESTATE		9,227,619			8,829,844
Cash and cash equivalents		337,494			229,824
Restricted cash		306,450			346,418
Accounts receivable, net		77,004			85,772
Accounts receivable from affiliates, net		31,639			20,763
Deferred financing costs		77,808			71,381
Notes receivable from unconsolidated real estate partnerships, net		46,396			40,641
Notes receivable from non-affiliates, net		141,148			139,352
Investment in unconsolidated real estate partnerships		30,721			39,000
Other assets		208,265			202,760
Deferred income tax asset, net		12,583			—
Assets held for sale		21,883			284,020

TOTAL ASSETS	$	10,519,010		$	10,289,775


LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	948,562		$	926,952
Property loans payable		5,807,743			5,147,845
Term loans		475,000			400,000
Credit facility		75,000			140,000
Other borrowings		65,003			67,660

TOTAL INDEBTEDNESS		7,371,308			6,682,457
Accounts payable		57,572			54,972
Accrued liabilities and other		434,618			409,991
Deferred income		154,293			142,352
Security deposits		48,860			42,842
Deferred income tax liability, net		—			4,379
Liabilities related to assets held for sale		12,373			215,294

TOTAL LIABILITIES		8,079,024			7,552,287


Minority interests in consolidated real estate partnerships		256,152			212,149
Minority interests in Aimco Operating Partnership		146,843			185,447

STOCKHOLDERS’ EQUITY
Perpetual preferred stock		723,500			723,500
Convertible preferred stock		—			100,000
Class A Common Stock		956			968
Additional paid-in capital		3,018,466			3,095,430
Notes due on common stock purchases		(5,217	)		(4,714	)
Distributions in excess of earnings		(1,700,714	)		(1,575,292	)

TOTAL STOCKHOLDERS’ EQUITY		2,036,991			2,339,892

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,519,010		$	10,289,775




AIMCO 3rd Quarter 2007		Page 9

GAAP Statements of Cash Flows

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


	Nine Months Ended September 30,
	2007			2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	42,192		$	94,287
Depreciation and amortization		370,376			334,898
Adjustments to income from discontinued operations		(68,238	)		(128,484	)
Other adjustments to reconcile net income		(15,511	)		43,053
Changes in operating assets and liabilities		3,677			48,025

Net cash provided by operating activities		332,496			391,779


CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(198,998	)		(63,240	)
Capital expenditures		(456,377	)		(366,887	)
Proceeds from dispositions of real estate		356,943			639,924
Change in funds held in escrow from tax-free exchanges		25,957			393
Cash from newly consolidated properties		—			22,432
Purchases of partnership interests		(31,487	)		(12,516	)
Originations of notes receivable		(9,774	)		(8,062	)
Proceeds from repayment of notes receivable		14,418			6,074
Other investing activities		10,176			(8,479	)

Net cash (used in) provided by investing activities		(289,142	)		209,639


CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from property loans		1,315,111			882,854
Principal repayments on property loans		(823,639	)		(798,008	)
Proceeds from tax-exempt bonds		82,350			—
Principal repayments on tax-exempt bond financing		(68,443	)		(33,541	)
Borrowings under term loans		75,000			—
Repayments on revolving loan commitments		(65,000	)		(62,000	)
Proceeds from issuance of preferred stock		—			97,517
Redemption of preferred stock		—			(286,750	)
Repurchase of Class A Common Stock		(185,708	)		(100,000	)
Proceeds from Class A Common Stock option exercises		53,717			62,288
Principal payments on Class A Common Stock notes		1,637			21,529
Payment of Class A Common Stock dividends		(173,603	)		(173,532	)
Payment of preferred stock dividends		(49,109	)		(58,261	)
Payment of distributions to minority interests		(87,530	)		(107,533	)
Other financing activities		(10,467	)		(25,428	)

Net cash provided by (used in) financing activities		64,316			(580,865	)

NET INCREASE IN CASH AND CASH EQUIVALENTS		107,670			20,553
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		229,824			161,730

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	337,494		$	182,283




AIMCO 3rd Quarter 2007		Page 10

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

This Earnings Release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of fourth quarter and full year 2007 results. These forward-looking statements are based on management’s judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to, Aimco’s ability to maintain current or meet projected occupancy, rent levels and Same Store results and Aimco’s ability to close transactions necessary to generate transactional income as anticipated.

Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors that are beyond the control of Aimco including, without limitation: natural disasters such as hurricanes; national and local economic conditions; the general level of interest rates; energy costs; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco.

Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2006, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.


	Fourth Quarter 2007	Full Year 2007
GAAP earnings per share [1]	-$0.35 to -$0.29	-$0.45 to -$0.39
Add: Depreciation and other	$1.24	$3.82
FFO per share [2]	$0.89 to $0.95	$3.37 to $3.43
AFFO per share [3]		greater than $2.40
2007 Same Store operating assumptions:
Weighted average daily occupancy	94% to 95%	94% to 95%
NOI change — sequential	4.0% to 5.0%
NOI change - 2007 vs. 2006	4.0% to 5.0%	4.75% to 5.25%
Gross dispositions [4]		$500M to $600M	(Aimco share $300M - $350M)
Gross acquisitions [5]		$400M to $475M	(100% Aimco share)

[1] Aimco’s earnings per share guidance does not include estimates for (i) fourth quarter gains on dispositions or impairment losses due to the unpredictable timing of transactions, or (ii) fourth quarter gains or losses on early repayment of debt.

[2] FFO per share represents FFO before impairment charges and preferred stock redemption related charges. Impairments and redemption related preferred stock charges were $0.03 per share year to date 2007. No preferred stock redemption related charges are projected to occur in the fourth quarter.

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

[4] Aimco anticipates gross sales proceeds of $500 to $600 million for 2007 ($400 to $450 million related to conventional properties and $100 to $150 million related to affordable properties). Aimco share of proceeds is expected to be $300 to $350 million ($225 to $250 million related to conventional properties and $75 to $100 million related to affordable properties). Aimco estimates that its share of cash from these dispositions, net of mortgage debt and third-party equity interests, will be $150 to $175 million ($125 to $145 million related to conventional properties and $25 to $30 million related to affordable properties).

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




AIMCO 3rd Quarter 2007		Page 11

Supplemental Schedule 1

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Net (loss) income attributable to common stockholders [1]	$	(21,361	)	$	(46,531	)	$	(9,523	)	$	29,543
Adjustments:
Depreciation and amortization [2]		128,547			117,927			370,376			334,898
Depreciation and amortization related to non-real estate assets		(3,591	)		(4,928	)		(15,062	)		(20,572	)
Depreciation of rental property related to minority partners and unconsolidated entities [3]		(7,724	)		17,732			(24,272	)		(3,937	)
Gain on dispositions of unconsolidated real estate and other		(5,841	)		(8,759	)		(7,529	)		(19,515	)
Gain on dispositions of non-depreciable assets and other		6,000			2,887			6,000			9,259
Deficit distributions to minority partners [4]		11,958			13,965			15,133			19,944
Discontinued operations:
Gain on dispositions of real estate, net of minority partners’ interests [3]		(17,406	)		(10,434	)		(57,312	)		(153,255	)
Depreciation of rental property, net of minority partners’ interests [3]		1,082			4,921			(11,892	)		22,522
Recovery of deficit distributions to minority partners [4]		(36	)		(2,087	)		(409	)		(18,201	)
Income tax arising from disposals		(1,151	)		2,211			1,610			30,197
Minority interests in Aimco Operating Partnership’s share of above adjustments		(10,358	)		(12,626	)		(25,615	)		(19,325	)
Preferred stock dividends		16,385			17,382			49,080			57,896
Preferred stock redemption related costs		2,635			4,274			2,635			6,848


Funds From Operations	$	99,139		$	95,934		$	293,220		$	276,302
Preferred stock dividends		(16,385	)		(17,382	)		(49,080	)		(57,896	)
Preferred stock redemption related costs		(2,635	)		(4,274	)		(2,635	)		(6,848	)
Dividends/distributions on dilutive preferred securities		58			19			116			142


Funds From Operations Attributable to Common Stockholders — Diluted	$	80,177		$	74,297		$	241,621		$	211,700
Real estate impairment losses (recoveries), continuing operations [5]		—			158			—			(813	)
Real estate impairment losses (recoveries), discontinued operations [5]		—			(131	)		783			(123	)
Preferred stock redemption related costs [6]		2,635			4,274			2,635			6,848
Minority interests in Aimco Operating Partnership’s share of above adjustments		(244	)		(409	)		(316	)		(567	)
Dividends/distributions on non-dilutive preferred securities		—			42			—			42

Funds From Operations Attributable to Common Stockholders — Diluted (excluding impairment losses and preferred stock redemption related costs)	$	82,568		$	78,231		$	244,723		$	217,087

Capital Replacements		(29,324	)		(22,609	)		(73,977	)		(60,134	)
Minority interest in Aimco Operating Partnership’s share of Capital Replacements		2,715			2,071			6,850			5,771
Dividends/distributions on non-dilutive preferred securities		(58	)		(61	)		(116	)		(184	)


Adjusted Funds From Operations Attributable to Common Stockholders — Diluted	$	55,901		$	57,632		$	177,480		$	162,540


Funds From Operations Attributable to Common Stockholders — Diluted:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [7]		96,201			99,957			98,437			97,990
Dilutive preferred securities		86			27			53			71

		96,287			99,984			98,490			98,061


Funds From Operations (excluding impairment losses and preferred stock redemption related costs):
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [7]		96,201			99,957			98,437			97,990
Dilutive preferred securities		86			81			53			90

		96,287			100,038			98,490			98,080


Adjusted Funds From Operations Attributable to Common Stockholders — Diluted:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [7]		96,201			99,957			98,437			97,990
Dilutive preferred securities		—			—			—			—

		96,201			99,957			98,437			97,990


*Per Share:*
Funds From Operations — Diluted	$	0.83		$	0.74		$	2.45		$	2.16
Funds From Operations — Diluted (excluding impairment losses and preferred stock redemption related costs)	$	0.86		$	0.78		$	2.48		$	2.21
Adjusted Funds From Operations — Diluted	$	0.58		$	0.58		$	1.80		$	1.66
Dividends paid	$	0.60		$	0.60		$	1.80		$	1.80


AIMCO 3rd Quarter 2007		3

Supplemental Schedule 1 (continued)

Notes to Funds From Operations and Adjusted Funds From Operations

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

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

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

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

[5] On October 1, 2003, NAREIT clarified its definition of FFO to include impairment losses, which previously had been added back to calculate FFO. Although Aimco’s presentation conforms with the NAREIT definition, Aimco considers such approach to be inconsistent with the treatment of gains on dispositions of real estate, which are not included in FFO. Aimco no longer adds back impairment losses when computing FFO in accordance with this clarification. FFO for the nine months ended September 30, 2007 and 2006 includes impairment losses of $0.8 million and recoveries of impairment losses of $0.9 million, respectively.

[6] In accordance with the Securities and Exchange Commission’s July 31, 2003 interpretation of the Emerging Issues Task Force Topic D-42, Aimco includes preferred stock redemption related costs in FFO. As a result, FFO for the three months ended September 30, 2007 and 2006 includes redemption premiums and issuance costs of $2.6 million and $4.3 million, respectively; and for the nine months ended September 30, 2007 and 2006, includes redemption premiums and issuance costs of $2.6 million and $6.8 million, repsectively.

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


AIMCO 3rd Quarter 2007		4

Supplemental Schedule 2

Proportionate Operating Results Presentation
(in thousands) (unaudited)

(page 1 of 2)



	Three Months Ended September 30, 2007												Nine Months Ended September 30, 2007
	Aimco			Share of			Minority			Proportionate			Aimco			Share of			Minority			Proportionate
	GAAP Income			Unconsolidated			Partners’			Income			GAAP Income			Unconsolidated			Partners’			Income
	Statement			Partnerships			Interest			Statement			Statement			Partnerships			Interest			Statement
Revenues:
Rental and other property revenues:
Same Store properties [1] [2]	$	289,841		$	420		$	(19,398	)	$	270,863		$	862,428		$	1,307		$	(93,410	)	$	770,325
Acquisition properties [1]		7,718			—			1			7,719			17,329			—			—			17,329
Redevelopment properties [1]		50,135			—			(5,405	)		44,730			147,532			—			(15,073	)		132,459
Other properties [1]		9,608			111			(765	)		8,954			29,285			819			(2,393	)		27,711
Affordable properties [1]		59,331			5,919			(20,279	)		44,971			178,058			17,533			(56,861	)		138,730

Total rental and other property revenues		416,633			6,450			(45,846	)		377,237			1,234,632			19,659			(167,737	)		1,086,554
Property management revenues, primarily from affiliates [3]		1,824			(287	)		3,495			5,032			5,192			(859	)		9,303			13,636
Activity fees and asset management revenues		12,747			—			—			12,747			39,554			—			—			39,554

Total revenues		431,204			6,163			(42,351	)		395,016			1,279,378			18,800			(158,434	)		1,139,744

Operating expenses:
Property operating expenses:
Same Store properties [2]		124,922			192			(8,928	)		116,186			364,415			621			(42,428	)		322,608
Acquisition properties		3,167			—			5			3,172			7,596			—			—			7,596
Redevelopment properties		22,623			—			(2,888	)		19,735			64,535			2			(7,799	)		56,738
Other properties		4,524			57			(450	)		4,131			15,430			513			(1,272	)		14,671
Affordable properties		29,651			3,247			(10,292	)		22,606			90,982			9,666			(28,600	)		72,048
Casualties, Conventional		2,538			5			(47	)		2,496			4,263			(407	)		1,591			5,447
Casualties, Affordable		554			3			(315	)		242			663			(80	)		391			974
Property management expenses, Conventional [4]		9,068			—			(793	)		8,275			23,979			—			(828	)		23,151
Property management expenses, Affordable [4]		1,627			—			(434	)		1,193			4,352			—			(1,075	)		3,277

Total property operating expenses		198,674			3,504			(24,142	)		178,036			576,215			10,315			(80,020	)		506,510
Property management expenses [5]		1,190			—			1,227			2,417			4,753			—			1,903			6,656
Activity and asset management expenses		6,399			—			—			6,399			17,757			—			—			17,757
Depreciation and amortization		128,547			1,367			(9,174	)		120,740			370,376			3,758			(28,265	)		345,869
General and administrative expenses		20,220			25			(1,070	)		19,175			65,321			77			(3,473	)		61,925
Other (income) expenses, net		(5,490	)		(303	)		920			(4,873	)		(7,007	)		2,585			(3,130	)		(7,552	)

Total operating expenses		349,540			4,593			(32,239	)		321,894			1,027,415			16,735			(112,985	)		931,165

Operating income		81,664			1,570			(10,112	)		73,122			251,963			2,065			(45,449	)		208,579
Interest income:
General partner loan interest		2,958			(89	)		1,681			4,550			9,002			(264	)		20,320			29,058
Money market and interest bearing accounts		5,095			187			(605	)		4,677			15,221			548			(2,274	)		13,495
Accretion on discounted notes receivable		1,877			—			—			1,877			4,437			—			—			4,437

Total interest income		9,930			98			1,076			11,104			28,660			284			18,046			46,990
Provision for losses on notes receivable		153			—			—			153			(2,124	)					—			(2,124	)
Interest expense:
Property debt (primarily non-recourse)		(103,683	)		(1,320	)		10,772			(94,231	)		(303,029	)		(4,067	)		39,100			(267,996	)
Corporate credit facility		(11,756	)		—			—			(11,756	)		(33,424	)		—			—			(33,424	)
Capitalized interest		8,785			—			(541	)		8,244			22,707			8			(1,438	)		21,277

Total interest expense		(106,654	)		(1,320	)		10,231			(97,743	)		(313,746	)		(4,059	)		37,662			(280,143	)
Deficit distributions to minority partners		(11,958	)		—			—			(11,958	)		(15,133	)		—			—			(15,133	)
Equity in earnings (losses) of unconsolidated real estate partnerships		348			(348	)		—			—			(1,710	)		1,710			—			—
Gain on dispositions of unconsolidated real estate and other		5,841			—			—			5,841			26,902			—			(15,101	)		11,801

Loss before minority interests and discontinued operations		(20,676	)		—			1,195			(19,481	)		(25,188	)		—			(4,842	)		(30,030	)
Minority interest in consolidated real estate partnerships		1,195			—			(1,195	)		—			(4,842	)		—			4,842			—
Minority interest in Aimco Operating Partnership		1,677			—			—			1,677			2,718			—			—			2,718

Loss from continuing operations		(17,804	)		—			—			(17,804	)		(27,312	)		—			—			(27,312	)
Income from discontinued operations, net		15,463			—			—			15,463			69,504			—			—			69,504

Net (loss) income		(2,341	)		—			—			(2,341	)		42,192			—			—			42,192
Net income attributable to preferred stockholders		19,020									19,020			51,715			—			—			51,715

Net loss attributable to common stockholders	$	(21,361	)	$	—		$	—		$	(21,361	)	$	(9,523	)	$	—		$	—		$	(9,523	)

(See footnotes on page 2 of 2)


AIMCO 3rd Quarter 2007		5

Supplemental Schedule 2

Proportionate Operating Results Presentation
(in thousands) (unaudited)

(page 2 of 2)


	Three Months			Nine Months
	Ended			Ended
	September 30,			September 30,
	2007			2007
Components of FFO:
Real estate operations:
Rental and other property revenues	$	377,237		$	1,086,554
Property operating expenses		(178,036	)		(506,510	)

Net real estate operations		199,201			580,044
Property management, net		2,615			6,980
Activity and asset management, net		6,348			21,797
Depreciation and amortization related to non-real estate assets		(3,508	)		(14,827	)
General and administrative expenses		(19,175	)		(61,925	)
Other (expenses) income, net		4,873			7,552
Interest income		11,104			46,990
Provision for losses on notes receivable		153			(2,124	)
Interest expense		(97,743	)		(280,143	)
Gain on dispositions of non-depreciable assets		6,000			6,000
Gain on extinguishment of debt		—			4,272
Discontinued operations:
Operations and other		243			7,891
Interest expense		(958	)		(3,553	)
Gain on extinguishment of debt		—			5,039
Preferred stock dividends		(16,385	)		(49,080	)
Preferred partnership unit distributions		(1,782	)		(5,346	)
Dividends/distributions on dilutive preferred securities		58			116

Subtotal before minority interest in Aimco Operating Partnership	$	91,044		$	269,683
Minority interest in common units of Aimco Operating Partnership		(8,476	)		(24,960	)

FFO Attributable to Common Stockholders — Diluted (excluding impairment losses and preferred stock redemption related costs)	$	82,568		$	244,723


Reconciliation of Net Income to FFO and AFFO:
Net income	$	(2,341	)	$	42,192
Depreciation and amortization		120,740			345,869
Depreciation and amortization related to non-real estate assets		(3,508	)		(14,827	)
Deficit distributions to minority partners		11,958			15,133
Gain on dispositions of unconsolidated real estate and other		(5,841	)		(11,801	)
Gain on dispositions of non-depreciable assets		6,000			6,000
Gain on extinguishement of debt		—			4,272
Discontinued operations		(17,511	)		(67,220	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(10,602	)		(25,931	)
Preferred stock dividends		(16,385	)		(49,080	)
Dividends/distributions on dilutive preferred securities		58			116

FFO Attributable to Common Stockholders — Diluted	$	82,568		$	244,723
Capital Replacements		(29,324	)		(73,977	)
Minority interest in Aimco Operating Partnership’s share of Capital Replacements		2,715			6,850
Dividends/distributions on non-dilutive preferred securities		(58	)		(116	)

AFFO Attributable to Common Stockholders — Diluted	$	55,901		$	177,480

Notes to Schedule 2:

[1] See definitions and descriptions in Glossary.

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

[3] Property management revenues reported in Aimco’s GAAP income statement reflect fees charged to unconsolidated properties. Property management revenues reported in the proportionate income statement reflect the minority partners’ share of fees charged to both consolidated and unconsolidated properties.

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

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


AIMCO 3rd Quarter 2007		6

Supplemental Schedule 3

Proportionate Balance Sheet Presentation
(in thousands) (unaudited)


	Consolidated			Proportionate
	GAAP			Share of			Minority			Proportionate
	Balance Sheet			Unconsolidated			Partners’			Balance
	September 30, 2007			Partnerships [1]			Interest [2]			Sheet [3]
ASSETS
Buildings and improvements	$	9,732,036		$	54,996		$	(1,223,684	)	$	8,563,348
Land		2,452,584			2,163			(89,502	)		2,365,245
Accumulated depreciation		(2,957,001	)		(36,018	)		721,822			(2,271,197	)

NET REAL ESTATE		9,227,619			21,141			(591,364	)		8,657,396
Cash and cash equivalents		337,494			1,722			(109,496	)		229,720
Restricted cash		306,450			5,837			(56,895	)		255,392
Accounts receivable, net		77,004			515			—			77,519
Accounts receivable from affiliates, net		31,639			—			—			31,639
Deferred financing costs		77,808			—			—			77,808
Notes receivable from unconsolidated real estate partnerships, net		46,396			—			—			46,396
Notes receivable from non-affiliates, net		141,148			—			—			141,148
Investment in unconsolidated real estate partnerships		30,721			19,809			—			50,530
Other assets		208,265	[4]		14,660			—			222,925
Deferred income tax asset, net		12,583			—			—			12,583
Assets held for sale		21,883			—			—			21,883

TOTAL ASSETS	$	10,519,010		$	63,684		$	(757,755	)	$	9,824,939


LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	948,562		$	138		$	(24,975	)	$	923,725
Property loans payable		5,807,743			53,507			(717,423	)		5,143,827
Term loans		475,000			—			—			475,000
Credit facility		75,000			—			—			75,000
Other borrowings		65,003			—			—			65,003

TOTAL INDEBTEDNESS		7,371,308			53,645			(742,398	)		6,682,555
Accounts payable		57,572			10,039			—			67,611
Accrued liabilities and other		434,618			—			—			434,618
Deferred income		154,293	[5]		—			—			154,293
Security deposits		48,860			—			—			48,860
Liabilities related to assets held for sale		12,373			—			—			12,373

TOTAL LIABILITIES		8,079,024			63,684			(742,398	)		7,400,310

Minority interest in consolidated real estate partnerships		256,152			—			(15,357	)		240,795
Minority interest in Aimco Operating Partnership		146,843			—			—			146,843

NET OPERATING ASSETS				$	—		$	—		$	2,036,991

STOCKHOLDERS’ EQUITY
Perpetual preferred stock		723,500
Convertible preferred stock		—
Class A Common Stock		956
Additional paid-in capital		3,018,466
Notes due on common stock purchases		(5,217	)
Distributions in excess of earnings		(1,700,714	)

TOTAL STOCKHOLDERS’ EQUITY		2,036,991

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,519,010


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

[2]		Total of minority partners’ share of selected balance sheet data. Additionally, Aimco has notes receivable from consolidated partnerships which are eliminated in the GAAP balance sheet. The minority partners’ share of amounts payable to Aimco pursuant to those notes is $56.5 million.

[3]		Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of September 30, 2007, plus Aimco’s proportionate share of selected unconsolidated balance sheet data and less minority partners’ share of selected balance sheet data.

[4]		Other assets includes $81.9 million in goodwill and $2.5 million in investments in management contracts.

[5]		Deferred income includes $85.8 million of tax credit equity received that will be recognized in earnings as the related low income housing tax credits and other tax benefits are delivered to the tax credit investors.



AIMCO 3rd Quarter 2007		7

Supplemental Schedule 4

Share Data
As of September 30, 2007
(in thousands) (unaudited)

Preferred Securities


	Shares/Units
	Outstanding
	as of
	September 30,			Redemption
	2007			Date [1]		Coupon				Amount
Perpetual Preferred Stock [2]:
Class G		4,050			7/15/2008		9.375	%		$	101,000
Class T		6,000			7/31/2008		8.000	%			150,000
Class U		8,000			3/24/2009		7.750	%			200,000
Class V		3,450			9/29/2009		8.000	%			86,250
Class Y		3,450			12/21/2009		7.875	%			86,250
Series A Community Reinvestment Act		0	[3]		6/30/2011		6.610	%	[4]		100,000

Total perpetual preferred stock											723,500

Preferred Partnership Units [5]		3,253					7.988	%			89,107

Total outstanding preferred securities										$	812,607

Common Stock and Equivalents


	Shares/Units
	Outstanding		Weighted Average Shares / Units
	as of		Three Months Ended				Nine Months Ended
	September 30,		September 30, 2007				September 30, 2007
	2007		Diluted EPS		Diluted FFO		Diluted EPS		Diluted FFO
Class A Common Stock [6]		94,488		95,017		95,017		95,654		95,654

Dilutive securities:		—		—		—		—		—
Options, restricted stock and non-recourse shares [7]		1,187		—		1,184		—		2,222
High Performance Units [8]		—		—		—		—		561
Convertible preferred securities [9]		—		—		86		—		53

Total shares and dilutive share equivalents		95,675		95,017		96,287		95,654		98,490

Common Partnership Units [10]		9,697		9,706		9,706		9,766		9,766

Total shares, units and dilutive share equivalents		105,372		104,723		105,993		105,420		108,256

Notes:


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

[2]		Preferred stock amounts are shown net of any eliminations required by GAAP.

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

[4]		The dividend rate is a variable rate per annum equal to the Three-Month LIBOR Rate plus 1.25%, calculated as of the beginning of each quarterly dividend period.

[5]		Coupon is based on a weighted average.

[6]		Includes a deduction of 1,100,000 non-recourse shares and unvested restricted stock as of September 30, 2007.

[7]		Stock options, restricted stock and non-recourse shares are presumed to be dilutive as of September 30, 2007 and reflect the options and shares outstanding at the end of the period and the $45.13 share price at the end of the period. Dilution for the three and nine months ended September 30, 2007 reflect; the weighted average amounts during the period.

[8]		Represents the number of equivalent common OP units that would be issued if the applicable measurement periods for Class VIII and IX HPUs, which end on December 31, 2007 and 2008, respectively, had ended on September 30, 2007 (if dilutive). For the nine months ended September 30, 2007, HPUs, are included as the average number dilutive for the period.

[9]		For the three and nine months ended September 30, 2007, represents the number of common shares that would be issued upon conversion, if dilutive, considering the reduction in preferred dividends/distributions that would result from conversion.

[10]		Includes Common Partnership Units and Class I High Performance Units.



AIMCO 3rd Quarter 2007		8

Supplemental Schedule 5

Selected Debt Structure and Maturity Data
As of September 30, 2007
(dollars in thousands) (unaudited)

I. Debt Balances and Data


										Weighted
			Proportionate							Average		Weighted
Debt	Consolidated		Share of Unconsolidated		Minority Interest			Total Aimco Share		Maturity (years)		Average Rate
Property Debt (primarily non-recourse):

Conventional Portfolio:
Fixed rate loans payable	$	4,687,195	$	6,671	$	(464,485	)	$	4,229,381		9.3		6.24	%
Floating rate loans payable [1]		471,881		—		(37,048	)		434,833		2.0		6.43	%

Total property loans payable		5,159,076		6,671		(501,533	)		4,664,214		8.6		6.26	%
Fixed rate tax-exempt bonds		170,347		—		(6,673	)		163,674		14.7		5.82	%
Floating rate tax-exempt bonds [1]		606,306		—		(5,342	)		600,964		13.3		4.06	%

Total property tax-exempt bond financing		776,653		—		(12,015	)		764,638		13.6		4.44	%

Total Conventional portfolio		5,935,729		6,671		(513,548	)		5,428,852		9.3		6.00	%


Affordable Portfolio:
Fixed rate loans payable		635,036		38,864		(215,890	)		458,010		17.3		5.50	%
Floating rate loans payable		13,631		7,972		—			21,603		3.2		5.66	%

Total property loans payable		648,667		46,836		(215,890	)		479,613		16.7		5.51	%
Fixed rate tax-exempt bonds		73,600		138		(10,512	)		63,226		28.5		5.05	%
Floating rate tax-exempt bonds [1]		98,309		—		(2,448	)		95,861		27.4		4.52	%

Total property tax-exempt bond financing		171,909		138		(12,960	)		159,087		27.8		4.73	%

Total Affordable portfolio		820,576		46,974		(228,850	)		638,700		19.5		5.33	%

Total property debt	$	6,756,305	$	53,645	$	(742,398	)	$	6,067,552		10.4		5.93	%


Corporate Debt:
Term Loans	$	475,000	$	—	$	—		$	475,000		—		6.89	%
Credit Facility		75,000		—		—			75,000		—		7.18	%

Total corporate debt	$	550,000	$	—	$	—		$	550,000		—		6.93	%

Other borrowings [2]	$	65,003	$	—	$	—		$	65,003

Total debt	$	7,371,308	$	53,645	$	(742,398	)	$	6,682,555				6.01	%


[1]		Floating rate debt presented above includes $412.2 million of fixed rate tax exempt debt that is effectively converted to floating rates using total rate of return swaps.

[2]		Other borrowings consists primarily of unsecured notes payable and obligations under sale and leaseback arrangements accounted for as financings. At September 30, 2007, other borrowings includes $56.5 million of fixed rate obligations with interest rates ranging from zero to 10.0% and $8.5 million of variable rate obligations bearing interest at the prime rate plus 1.75%.

II. Debt Maturities

Consolidated Property Debt:


							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
Q4 2007		31,214		98,816		130,030		1.9	%		7.03	%
Q1 2008		34,761		40,690		75,451		1.1	%		6.80	%
Q2 2008		34,864		58,341		93,205		1.4	%		6.16	%
Q3 2008		32,266		73,786		106,052		1.6	%		5.70	%
Q4 2008		32,507		113,289		145,796		2.2	%		5.77	%
Q1 2009		32,595		123,674		156,269		2.3	%		5.25	%
Q2 2009		33,189		171,100		204,289		3.0	%		5.72	%
Q3 2009		34,015		—		34,015		0.5	%		—
2009 remaining		34,745		86,862		121,607		1.8	%		4.66	%
2010		143,643		464,780		608,423		9.0	%		6.20	%
2011		151,121		341,768		492,889		7.3	%		5.69	%
Thereafter						4,588,279		67.9	%

Total property debt					$	6,756,305		100.0	%


Corporate Debt:


							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
2008	$	—	$	—	$	—
2009 [3]		—		150,000		150,000		27.3	%		7.04	%
2011		—		400,000		400,000		72.7	%		6.89	%

Total corporate debt	$	—	$	550,000	$	550,000		100	%		6.93	%


[3]		The $75.0 million term loan that matures September 14, 2008 is included in 2009 due to the one-year extension option.



AIMCO 3rd Quarter 2007		9

Supplemental Schedule 5 (continued)

Selected Debt Structure and Maturity Data
As of September 30, 2007
(dollars in millions) (unaudited)

III. Loan Closings


THIRD QUARTER LOAN CLOSINGS	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Property Loan Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds [1]		Rate			Rate
Refinancings:
Fixed Rate	$	134.7	$	338.9	$	129.2	$	303.9	$	172.8		6.43	%		6.08	%
Floating Rate		161.0		190.2		146.2		167.5		20.1		6.79	%		6.72	%
Affordable, Mark-to-Market and Other		1.9		9.8		—		5.7		5.5		8.25	%		5.81	%

Loans Relating to Acquisitions:
Fixed Rate		—		61.4		—		61.4		59.9					5.85	%

Totals	$	297.6	$	600.3	$	275.4	$	538.5	$	258.3		6.64	%		6.26	%


YEAR-TO-DATE LOAN CLOSINGS	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Property Loan Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds [1]		Rate			Rate
Refinancings:
Fixed Rate	$	395.3	$	930.7	$	320.8	$	751.5	$	424.1		7.02	%		6.09	%
Floating Rate		216.6		246.7		172.7		194.1		20.1		7.25	%		6.61	%
Affordable, Mark-to-Market and Other		23.3		107.7		15.6		94.3		55.6		8.43	%		4.88	%

Loans Relating to Acquisitions:
Fixed Rate		16.0		133.5		16.0		133.5		115.5		5.25	%		5.77	%

Totals	$	651.2	$	1,418.6	$	525.1	$	1,173.4	$	615.3		7.11	%		6.06	%


[1]		Aimco net proceeds is after transaction costs and any release of escrow funds.

IV. Capitalization


	March 31, 2007						June 30, 2007						September 30, 2007
	Amount			Percent			Amount			Percent			Amount			Percent
Corporate debt	$	530			4.1	%	$	554			4.5	%	$	550			4.7	%
Property debt (Aimco’s share)		5,584			43.6	%		5,830			47.5	%		6,068			51.5	%
Other borrowings		61			0.5	%		60			0.5	%		65			0.6	%

Total debt		6,175			48.2	%		6,444			52.5	%		6,683			56.8	%
Less cash and restricted cash (Aimco’s share)		(447	)		-3.5	%		(454	)		-3.7	%		(485	)		-4.1	%

Net debt		5,728			44.7	%		5,990			48.8	%		6,198			52.7	%
Preferred equity		913			7.1	%		913			7.4	%		813			6.9	%
Common equity at market [1]		6,163			48.1	%		5,366			43.8	%		4,752			40.4	%

Total capitalization	$	12,804			100.0	%	$	12,269			100.0	%	$	11,763			100.0	%


[1]		Common equity at market at September 30, 2007, June 30, 2007 and March 31, 2007 was calculated using 105.285 million, 106.433 million, and 106.825 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $45.13, $50.42, and $57.69 per share/unit as of September 30, 2007, June 30, 2007 and March 31, 2007, respectively.

V. Credit Ratings


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


AIMCO 3rd Quarter 2007		10

Supplemental Schedule 6(a)

Same Store Operating Results
Third Quarter 2007 Compared to Third Quarter 2006
(unaudited) (in thousands, except site and unit data)


									Three Months Ended									Three Months Ended									Change
									September 30, 2007									September 30, 2006										Revenue						Expenses						NOI
	Sites		Units			Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %				Amount			Percent			Amount			Percent			Amount			Percent
California
Bay Area — Sacramento		5		1,291			95	%	$	4,579	$	1,701	$	2,878				$	4,344	$	1,655	$	2,690					$	234			5.4	%	$	46			2.8	%	$	188			7.0	%
Los Angeles — Long Beach — Ventura		12		3,538			100	%		21,900		7,061		14,839					20,641		6,919		13,722						1,259			6.1	%		142			2.0	%		1,117			8.1	%
Orange County — Riverside		7		1,113			80	%		2,675		1,025		1,650					2,566		999		1,567						110			4.3	%		26			2.7	%		83			5.3	%
San Diego		4		1,622			96	%		5,447		1,653		3,794					5,279		1,649		3,630						168			3.2	%		4			0.2	%		164			4.5	%

		28		7,564			95.3	%		34,601		11,440		23,161		95.2	%		32,831		11,222		21,609		96.5	%			1,770			5.4	%		218			1.9	%		1,552			7.2	%
Florida
Jacksonville		2		592			100	%		1,293		495		798					1,335		556		779						(42	)		-3.2	%		(61	)		-11.0	%		19			2.4	%
Miami — Fort Lauderdale		10		3,226			86	%		10,361		3,852		6,509					10,362		4,257		6,105						(1	)		0.0	%		(405	)		-9.5	%		404			6.6	%
Orlando — Daytona		20		4,790			93	%		10,533		4,802		5,731					11,003		4,408		6,596						(470	)		-4.3	%		395			9.0	%		(865	)		-13.1	%
Tampa — St. Petersburg		17		4,307			78	%		8,134		3,856		4,278					8,113		3,444		4,669						21			0.3	%		413			12.0	%		(391	)		-8.4	%
West Palm Beach — Boca		5		1,505			100	%		4,098		1,772		2,326					4,212		1,735		2,477						(114	)		-2.7	%		37			2.1	%		(151	)		-6.1	%

		54		14,420			87.9	%		34,419		14,778		19,642		91.8	%		35,024		14,399		20,625		94.9	%			(605	)		-1.7	%		379			2.6	%		(984	)		-4.8	%
Midwest
Chicago		16		4,248			84	%		11,419		4,971		6,448					10,824		4,817		6,007						595			5.5	%		155			3.2	%		440			7.3	%
Cincinnati — Dayton		6		1,587			64	%		2,453		1,087		1,366					2,301		1,058		1,243						152			6.6	%		29			2.8	%		123			9.9	%
Columbus		9		2,004			73	%		2,915		1,496		1,420					2,742		1,486		1,256						173			6.3	%		9			0.6	%		164			13.0	%
Detroit — Ann Arbor		3		1,421			100	%		3,111		1,552		1,559					2,816		1,549		1,267						295			10.5	%		4			0.2	%		292			23.0	%
Grand Rapids — Lansing		11		4,403			75	%		6,459		3,296		3,163					6,119		3,322		2,797						340			5.6	%		(26	)		-0.8	%		366			13.1	%
Indianapolis		25		9,962			92	%		16,690		8,459		8,231					15,996		8,151		7,845						694			4.3	%		308			3.8	%		386			4.9	%
Minneapolis — St. Paul		4		1,223			84	%		3,573		1,581		1,992					3,312		1,534		1,778						261			7.9	%		47			3.0	%		214			12.0	%
Midwest other		2		704			44	%		617		280		337					602		267		335						15			2.5	%		13			4.9	%		2			0.6	%

		76		25,552			83.2	%		47,238		22,723		24,515		94.5	%		44,712		22,184		22,528		93.3	%			2,526			5.6	%		539			2.4	%		1,987			8.8	%
Northeast
Baltimore		9		1,772			87	%		5,159		1,861		3,298					4,809		1,886		2,923						350			7.3	%		(25	)		-1.3	%		375			12.8	%
New England		16		5,745			100	%		20,146		6,931		13,215					19,584		6,752		12,832						563			2.9	%		180			2.7	%		383			3.0	%
Philadelphia — New York		13		5,522			86	%		18,028		6,606		11,422					17,102		6,215		10,888						926			5.4	%		391			6.3	%		535			4.9	%
Washington		17		8,890			96	%		28,835		11,039		17,796					27,774		10,616		17,159						1,060			3.8	%		423			4.0	%		637			3.7	%

		55		21,929			93.7	%		72,168		26,437		45,731		96.0	%		69,269		25,468		43,801		95.2	%			2,899			4.2	%		969			3.8	%		1,930			4.4	%
Southeast
Atlanta		6		1,804			88	%		3,665		1,697		1,968					3,282		1,727		1,555						383			11.7	%		(30	)		-1.7	%		413			26.6	%
Savannah — Augusta		2		416			100	%		952		390		562					975		341		633						(23	)		-2.4	%		48			14.2	%		(71	)		-11.3	%
Columbia — Charleston		2		440			85	%		840		344		496					826		339		487						14			1.7	%		5			1.5	%		9			1.8	%
Nashville		7		2,166			80	%		4,180		1,846		2,334					4,004		1,759		2,245						175			4.4	%		87			5.0	%		88			3.9	%
Norfolk		9		2,747			82	%		6,438		2,161		4,278					6,332		1,945		4,388						106			1.7	%		216			11.1	%		(110	)		-2.5	%
Raleigh — Durham — Chapel Hill		8		2,247			77	%		3,431		1,655		1,776					3,169		1,668		1,500						262			8.3	%		(13	)		-0.8	%		276			18.4	%
Richmond — Petersburg		3		744			80	%		1,502		570		932					1,337		528		809						164			12.3	%		42			7.9	%		122			15.1	%

		37		10,564			82.3	%		21,007		8,662		12,345		95.7	%		19,925		8,307		11,618		93.8	%			1,082			5.4	%		355			4.3	%		727			6.3	%
Texas
Austin — San Marcos		7		1,497			100	%		3,424		1,572		1,852					2,980		1,564		1,416						444			14.9	%		8			0.5	%		436			30.8	%
Dallas — Fort Worth		16		3,710			88	%		6,506		3,290		3,216					6,235		3,226		3,008						272			4.4	%		64			2.0	%		208			6.9	%
Houston — Galveston		30		8,008			82	%		13,218		7,040		6,178					12,445		6,660		5,785						773			6.2	%		380			5.7	%		394			6.8	%
San Antonio		8		1,727			100	%		2,961		1,759		1,201					2,955		1,635		1,320						6			0.2	%		124			7.6	%		(119	)		-9.0	%

		61		14,942			87.2	%		26,110		13,662		12,448		95.4	%		24,615		13,085		11,530		93.3	%			1,495			6.1	%		577			4.4	%		918			8.0	%
West
Colorado Front Range		23		5,109			83	%		10,212		4,277		5,935					9,498		4,124		5,375						714			7.5	%		153			3.7	%		561			10.4	%
Phoenix — Mesa		14		3,612			93	%		6,891		3,370		3,521					6,688		3,340		3,349						203			3.0	%		31			0.9	%		172			5.1	%
Salt Lake City — Ogden		4		1,511			86	%		2,710		1,055		1,654					2,500		974		1,527						209			8.4	%		82			8.4	%		127			8.3	%
Seattle		3		364			59	%		626		232		394					558		264		294						68			12.2	%		(32	)		-12.2	%		100			34.1	%
West other		5		1,621			100	%		3,088		1,610		1,479					3,014		1,529		1,485						74			2.5	%		81			5.3	%		(6	)		-0.4	%

		49		12,217			88.1	%		23,527		10,544		12,983		95.1	%		22,259		10,230		12,029		94.8	%			1,268			5.7	%		313			3.1	%		954			7.9	%

SAME STORE TOTALS		360		107,188	[2]		87.9	%	$	259,070	$	108,246	$	150,825		94.8	%	$	248,635	$	104,895	$	143,740		94.4	%		$	10,435			4.2	%	$	3,351			3.2	%	$	7,084			4.9	%

Reconciliation to total rental and other property revenues and property operating expenses per GAAP income statement [1]										157,563		90,428		67,134					143,972		73,622		70,350

Total rental and other property revenues and property operating expenses per GAAP income statement									$	416,633	$	198,674	$	217,959				$	392,607	$	178,517	$	214,090


[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) elimination and other adjustments made in accordance with GAAP; and (iv) non-recurring and comparability adjustments that would distort results if not adjusted.

[2]		Same Store Effective Units were approximately 94,177 at September 30, 2007.


AIMCO 3rd Quarter 2007		11

Supplemental Schedule 6(b)

Same Store Operating Results

Third Quarter 2007 Compared to Second Quarter 2007

(unaudited) (in thousands, except site and unit data)


									Three Months Ended									Three Months Ended									Change
									September 30, 2007									June 30, 2007									Revenue						Expenses						NOI
	Sites		Units			Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount			Percent			Amount			Percent			Amount			Percent
California
Bay Area — Sacramento		5		1,291			95	%	$	4,579	$	1,701	$	2,878				$	4,513	$	1,596	$	2,917				$	65			1.4	%	$	105			6.6	%	$	(40	)		-1.4	%
Los Angeles — Long Beach — Ventura		12		3,538			100	%		21,900		7,061		14,839					21,706		6,984		14,721					194			0.9	%		76			1.1	%		118			0.8	%
Orange County — Riverside		7		1,113			80	%		2,675		1,025		1,650					2,653		986		1,667					22			0.8	%		39			4.0	%		(17	)		-1.0	%
San Diego		4		1,622			96	%		5,447		1,653		3,794					5,240		1,652		3,589					207			3.9	%		1			0.1	%		205			5.7	%

		28		7,564			95.3	%		34,601		11,440		23,161		95.2	%		34,113		11,218		22,895		95.5	%		488			1.4	%		222			2.0	%		266			1.2	%
Florida
Jacksonville		2		592			100	%		1,293		495		798					1,271		567		704					21			1.7	%		(72	)		-12.8	%		93			13.3	%
Miami — Fort Lauderdale		10		3,226			86	%		10,361		3,852		6,509					10,468		4,084		6,384					(107	)		-1.0	%		(232	)		-5.7	%		125			2.0	%
Orlando — Daytona		20		4,790			93	%		10,533		4,802		5,731					10,676		4,881		5,795					(143	)		-1.3	%		(79	)		-1.6	%		(64	)		-1.1	%
Tampa — St. Petersburg		17		4,307			78	%		8,134		3,856		4,278					8,147		3,830		4,317					(13	)		-0.2	%		27			0.7	%		(39	)		-0.9	%
West Palm Beach — Boca		5		1,505			100	%		4,098		1,772		2,326					4,288		1,724		2,564					(190	)		-4.4	%		48			2.8	%		(238	)		-9.3	%

		54		14,420			87.9	%		34,419		14,778		19,642		91.8	%		34,851		15,087		19,764		92.3	%		(432	)		-1.2	%		(309	)		-2.0	%		(123	)		-0.6	%
Midwest
Chicago		16		4,248			84	%		11,419		4,971		6,448					11,472		4,633		6,839					(53	)		-0.5	%		338			7.3	%		(391	)		-5.7	%
Cincinnati — Dayton		6		1,587			64	%		2,453		1,087		1,366					2,352		1,035		1,317					101			4.3	%		53			5.1	%		49			3.7	%
Columbus		9		2,004			73	%		2,915		1,496		1,420					2,872		1,249		1,623					44			1.5	%		247			19.8	%		(203	)		-12.5	%
Detroit — Ann Arbor		3		1,421			100	%		3,111		1,552		1,559					3,077		1,538		1,539					34			1.1	%		15			0.9	%		20			1.3	%
Grand Rapids — Lansing		11		4,403			75	%		6,459		3,296		3,163					6,485		3,100		3,385					(26	)		-0.4	%		196			6.3	%		(222	)		-6.6	%
Indianapolis		25		9,962			92	%		16,690		8,459		8,231					16,384		7,976		8,408					306			1.9	%		484			6.1	%		(177	)		-2.1	%
Minneapolis — St. Paul		4		1,223			84	%		3,573		1,581		1,992					3,566		1,478		2,088					7			0.2	%		103			7.0	%		(96	)		-4.6	%
Midwest other		2		704			44	%		617		280		337					639		283		355					(22	)		-3.4	%		(3	)		-1.1	%		(18	)		-5.2	%

		76		25,552			83.2	%		47,238		22,723		24,515		94.5	%		46,846		21,291		25,555		94.3	%		392			0.8	%		1,432			6.7	%		(1,040	)		-4.1	%
Northeast
Baltimore		9		1,772			87	%		5,159		1,861		3,298					5,199		1,829		3,370					(40	)		-0.8	%		32			1.7	%		(72	)		-2.1	%
New England		16		5,745			100	%		20,146		6,931		13,215					20,147		7,429		12,718					(1	)		0.0	%		(498	)		-6.7	%		497			3.9	%
Philadelphia — New York		13		5,522			86	%		18,028		6,606		11,422					18,129		6,635		11,494					(101	)		-0.6	%		(30	)		-0.4	%		(71	)		-0.6	%
Washington		17		8,890			96	%		28,835		11,039		17,796					28,585		10,795		17,789					250			0.9	%		244			2.3	%		6			0.0	%

		55		21,929			93.7	%		72,168		26,437		45,731		96.0	%		72,060		26,689		45,371		95.8	%		108			0.1	%		(252	)		-0.9	%		360			0.8	%
Southeast
Atlanta		6		1,804			88	%		3,665		1,697		1,968					3,691		1,769		1,922					(26	)		-0.7	%		(72	)		-4.1	%		46			2.4	%
Savannah — Augusta		2		416			100	%		952		390		562					898		383		515					54			6.0	%		6			1.7	%		47			9.2	%
Columbia — Charleston		2		440			85	%		840		344		496					802		318		484					37			4.7	%		25			8.0	%		12			2.5	%
Nashville		7		2,166			80	%		4,180		1,846		2,334					4,119		1,805		2,314					61			1.5	%		41			2.3	%		20			0.8	%
Norfolk		9		2,747			82	%		6,438		2,161		4,278					6,408		2,205		4,204					30			0.5	%		(44	)		-2.0	%		74			1.8	%
Raleigh — Durham — Chapel Hill		8		2,247			77	%		3,431		1,655		1,776					3,439		1,604		1,834					(8	)		-0.2	%		51			3.2	%		(58	)		-3.2	%
Richmond — Petersburg		3		744			80	%		1,502		570		932					1,502		558		944					0			0.0	%		12			2.2	%		(12	)		-1.3	%

		37		10,564			82.3	%		21,007		8,662		12,345		95.7	%		20,859		8,643		12,216		95.4	%		148			0.7	%		19			0.2	%		129			1.1	%
Texas
Austin — San Marcos		7		1,497			100	%		3,424		1,572		1,852					3,172		1,640		1,532					252			8.0	%		(68	)		-4.2	%		321			20.9	%
Dallas — Fort Worth		16		3,710			88	%		6,506		3,290		3,216					6,535		3,276		3,260					(29	)		-0.4	%		14			0.4	%		(43	)		-1.3	%
Houston — Galveston		30		8,008			82	%		13,218		7,040		6,178					13,062		6,829		6,233					156			1.2	%		211			3.1	%		(55	)		-0.9	%
San Antonio		8		1,727			100	%		2,961		1,759		1,201					3,015		1,572		1,443					(55	)		-1.8	%		187			11.9	%		(241	)		-16.7	%

		61		14,942			87.2	%		26,110		13,662		12,448		95.4	%		25,785		13,318		12,467		95.0	%		325			1.3	%		344			2.6	%		(19	)		-0.1	%
West
Colorado Front Range		23		5,109			83	%		10,212		4,277		5,935					10,075		4,260		5,815					137			1.4	%		17			0.4	%		121			2.1	%
Phoenix — Mesa		14		3,612			93	%		6,891		3,370		3,521					6,833		3,080		3,753					58			0.9	%		291			9.4	%		(232	)		-6.2	%
Salt Lake City — Ogden		4		1,511			86	%		2,710		1,055		1,654					2,609		1,007		1,602					100			3.8	%		48			4.8	%		52			3.2	%
Seattle		3		364			59	%		626		232		394					603		250		353					23			3.8	%		(19	)		-7.4	%		41			11.7	%
West other		5		1,621			100	%		3,088		1,610		1,479					3,054		1,436		1,618					34			1.1	%		173			12.1	%		(139	)		-8.6	%

		49		12,217			88.1	%		23,527		10,544		12,983		95.1	%		23,174		10,033		13,141		95.0	%		353			1.5	%		511			5.1	%		(158	)		-1.2	%

SAME STORE TOTALS		360		107,188	[2]		87.9	%	$	259,070	$	108,246	$	150,825		94.8	%	$	257,688	$	106,279	$	151,409		94.7	%	$	1,382			0.5	%	$	1,967			1.9	%	$	(585	)		-0.4	%

Reconciliation to total rental and other property revenues and property operating expenses per GAAP income statement [1]										157,563		90,428		67,134					156,653		81,783		74,870

Total rental and other property revenues and property operating expenses per GAAP income statement									$	416,633	$	198,674	$	217,959				$	414,341	$	188,062	$	226,279


[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) elimination and other adjustments made in accordance with GAAP; and (iv) non-recurring and comparability adjustments that would distort results if not adjusted.

[2]		Same Store Effective Units were approximately 94,177 at September 30, 2007.



AIMCO 3rd Quarter 2007		12

Supplemental Schedule 6(c)

Same Store Operating Results

Nine Months Ended September 30, 2007 Compared to Nine Months Ended September 30, 2006
(unaudited) (in thousands, except site and unit data)


									Nine Months Ended								Nine Months Ended									Change
									September 30, 2007								September 30, 2006									Revenue						Expenses						NOI
	Sites		Units		Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount			Percent			Amount			Percent			Amount			Percent
California
Bay Area — Sacramento		5		1,291		95	%	$	13,596	$	4,957	$	8,639				$	12,712	$	4,846	$	7,866				$	885			7.0	%	$	112			2.3	%	$	773			9.8	%
Los Angeles — Long Beach — Ventura		11		2,927		100	%		48,044		15,134		32,910					44,954		14,406		30,548					3,090			6.9	%		728			5.1	%		2,362			7.7	%
Orange County — Riverside		7		1,113		80	%		7,973		2,980		4,993					7,556		2,790		4,766					417			5.5	%		190			6.8	%		227			4.8	%
San Diego		4		1,622		96	%		15,902		4,945		10,958					15,446		4,861		10,585					456			3.0	%		84			1.7	%		372			3.5	%

		27		6,953		94.9	%		85,516		28,016		57,500		95.4	%		80,668		26,902		53,766		96.1	%		4,848			6.0	%		1,114			4.1	%		3,734			6.9	%
Florida
Jacksonville		2		592		100	%		3,838		1,563		2,275					3,965		1,538		2,427					(127	)		-3.2	%		24			1.6	%		(152	)		-6.2	%
Miami — Fort Lauderdale		10		3,226		86	%		31,270		12,095		19,175					30,785		12,308		18,477					485			1.6	%		(213	)		-1.7	%		698			3.8	%
Orlando — Daytona		20		4,790		93	%		31,949		14,157		17,792					32,412		12,936		19,476					(462	)		-1.4	%		1,221			9.4	%		(1,684	)		-8.6	%
Tampa — St. Petersburg		16		3,983		77	%		21,573		9,884		11,689					21,381		8,921		12,460					192			0.9	%		963			10.8	%		(771	)		-6.2	%
West Palm Beach — Boca		5		1,505		100	%		12,777		5,252		7,525					12,865		5,082		7,783					(88	)		-0.7	%		170			3.3	%		(258	)		-3.3	%

		53		14,096		87.6	%		101,407		42,951		58,457		92.1	%		101,407		40,785		60,622		96.3	%		0			0.0	%		2,165			5.3	%		(2,165	)		-3.6	%
Midwest
Chicago		16		4,248		84	%		34,015		14,674		19,340					32,183		14,361		17,821					1,832			5.7	%		313			2.2	%		1,519			8.5	%
Cincinnati — Dayton		6		1,587		64	%		7,136		3,046		4,090					6,799		3,202		3,597					337			5.0	%		(156	)		-4.9	%		493			13.7	%
Columbus		8		1,940		73	%		8,235		3,874		4,361					7,781		4,289		3,492					454			5.8	%		(415	)		-9.7	%		869			24.9	%
Detroit — Ann Arbor		3		1,421		100	%		9,289		4,916		4,372					8,614		4,674		3,940					675			7.8	%		242			5.2	%		433			11.0	%
Grand Rapids — Lansing		11		4,403		75	%		19,309		9,677		9,632					18,129		9,555		8,573					1,180			6.5	%		121			1.3	%		1,058			12.3	%
Indianapolis		25		9,962		92	%		49,168		24,151		25,017					47,529		23,318		24,211					1,639			3.4	%		833			3.6	%		806			3.3	%
Minneapolis — St. Paul		4		1,223		84	%		10,528		4,622		5,906					9,922		4,618		5,304					606			6.1	%		4			0.1	%		603			11.4	%
Midwest other		2		704		44	%		1,879		835		1,044					1,870		838		1,031					10			0.5	%		(3	)		-0.4	%		12			1.2	%

		75		25,488		83.3	%		139,558		65,795		73,763		94.4	%		132,827		64,857		67,970		93.6	%		6,731			5.1	%		938			1.4	%		5,793			8.5	%
Northeast
Baltimore		9		1,772		87	%		15,471		5,535		9,936					14,329		5,506		8,824					1,141			8.0	%		29			0.5	%		1,112			12.6	%
New England		16		5,745		100	%		60,062		21,941		38,121					58,437		21,263		37,174					1,625			2.8	%		678			3.2	%		947			2.5	%
Philadelphia — New York		13		5,522		86	%		53,873		19,786		34,088					50,886		18,909		31,977					2,987			5.9	%		876			4.6	%		2,111			6.6	%
Washington		17		8,890		96	%		85,587		32,906		52,681					82,338		31,146		51,192					3,249			3.9	%		1,761			5.7	%		1,489			2.9	%

		55		21,929		93.7	%		214,993		80,168		134,826		95.8	%		205,991		76,824		129,167		95.5	%		9,002			4.4	%		3,344			4.4	%		5,658			4.4	%
Southeast
Atlanta		6		1,804		88	%		10,926		5,027		5,900					9,813		4,805		5,007					1,114			11.3	%		221			4.6	%		892			17.8	%
Savannah — Augusta		2		416		100	%		2,778		1,103		1,675					2,807		989		1,817					(29	)		-1.0	%		113			11.5	%		(142	)		-7.8	%
Columbia — Charleston		2		440		85	%		2,441		971		1,470					2,419		1,009		1,409					23			0.9	%		(38	)		-3.8	%		61			4.3	%
Nashville		7		2,166		80	%		12,332		5,305		7,026					11,681		5,128		6,554					651			5.6	%		178			3.5	%		473			7.2	%
Norfolk		9		2,747		82	%		18,939		6,469		12,470					18,508		6,089		12,419					431			2.3	%		380			6.2	%		51			0.4	%
Raleigh — Durham — Chapel Hill		8		2,247		77	%		10,138		4,837		5,301					9,122		4,817		4,306					1,015			11.1	%		20			0.4	%		995			23.1	%
Richmond — Petersburg		3		744		80	%		4,514		1,631		2,883					4,012		1,440		2,571					502			12.5	%		191			13.2	%		311			12.1	%

		37		10,564		82.3	%		62,068		25,344		36,724		94.9	%		58,361		24,278		34,083		92.9	%		3,707			6.4	%		1,066			4.4	%		2,641			7.7	%
Texas
Austin — San Marcos		7		1,497		100	%		9,699		4,757		4,942					8,786		4,567		4,220					913			10.4	%		190			4.2	%		723			17.1	%
Dallas — Fort Worth		16		3,710		88	%		19,439		9,702		9,737					18,457		9,587		8,870					983			5.3	%		115			1.2	%		867			9.8	%
Houston — Galveston		30		8,008		82	%		39,088		20,245		18,843					36,662		19,695		16,967					2,426			6.6	%		550			2.8	%		1,876			11.1	%
San Antonio		8		1,727		100	%		8,974		4,817		4,157					8,782		4,467		4,315					192			2.2	%		349			7.8	%		(158	)		-3.7	%

		61		14,942		87.2	%		77,200		39,521		37,679		94.9	%		72,687		38,316		34,371		93.6	%		4,513			6.2	%		1,205			3.1	%		3,308			9.6	%
West
Colorado Front Range		23		5,109		83	%		30,105		12,392		17,713					28,301		12,134		16,167					1,804			6.4	%		258			2.1	%		1,546			9.6	%
Phoenix — Mesa		14		3,612		93	%		20,435		9,408		11,028					19,606		9,066		10,540					829			4.2	%		341			3.8	%		488			4.6	%
Salt Lake City — Ogden		4		1,511		86	%		7,871		2,958		4,913					7,308		2,823		4,485					563			7.7	%		135			4.8	%		429			9.6	%
Seattle		3		364		59	%		1,811		714		1,097					1,625		746		879					186			11.5	%		(32	)		-4.3	%		219			24.9	%
West other		5		1,621		100	%		9,175		4,442		4,733					8,899		4,160		4,740					276			3.1	%		283			6.8	%		(7	)		-0.1	%

		49		12,217		88.1	%		69,398		29,913		39,485		94.8	%		65,739		28,929		36,810		96.2	%		3,659			5.6	%		984			3.4	%		2,674			7.3	%

SAME STORE TOTALS		357		106,189		87.8	%	$	750,140	$	311,708	$	438,433		94.6	%	$	717,680	$	300,891	$	416,789		94.7	%	$	32,460			4.5	%	$	10,817			3.6	%	$	21,644			5.2	%

Reconciliation to total rental and other property revenues and property operating expenses per GAAP income statement [1]									484,492		264,507		219,984					439,947		224,592		215,355

Total rental and other property revenues and property operating expenses per GAAP income statement								$	1,234,632	$	576,215	$	658,417				$	1,157,627	$	525,483	$	632,144


[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) elimination and other adjustments made in accordance with GAAP; and (iv) non-recurring and comparability adjustments that would distort results if not adjusted.

[2]	Same Store Effective Units were approximately 94,177 at September 30, 2007.


AIMCO 3rd Quarter 2007		13

Supplemental Schedule 7

Selected Conventional Portfolio Performance Data
(unaudited)

SAME STORE PORTFOLIO PERFORMANCE


	CORE			NON-CORE			TOTAL
Rent, average third quarter 2007	$	1,036		$	651		$	877
Occupancy, average third quarter 2007		94.8	%		94.8	%		94.8	%
Operating margin		61.6	%		49.9	%		58.2	%
Total number of properties		209			151			360
Total number of units		62,924			44,264			107,188
Effective Units		57,125			37,052			94,177
Percent of total Same Store NOI		75.2	%		24.8	%		100.0	%

3rd Quarter 2007 vs. 3rd Quarter 2006 Change

Revenue		3.7	%		5.4	%		4.2	%
Expenses		3.6	%		3.3	%		3.2	%
NOI		4.1	%		7.5	%		4.9	%

Sequential, 3rd Quarter 2007 vs. 2nd Quarter 2007 Change

Revenue		0.3	%		1.2	%		0.5	%
Expenses		0.5	%		4.4	%		1.9	%
NOI		0.1	%		-1.9	%		-0.4	%

YTD September 2007 vs. YTD September 2006 Change

Revenue		4.2	%		5.2	%		4.5	%
Expenses		4.1	%		2.6	%		3.6	%
NOI		4.3	%		7.9	%		5.2	%

TOTAL CONVENTIONAL PORTFOLIO — SUMMARY BY MARKET


Percent of Total Conventional NOI	Quarter Ended September 30, 2007									Quarter Ended September 30, 2006
Top 20 Markets	CORE			NON-CORE			TOTAL			CORE			NON-CORE			TOTAL
1 Washington		10.5	%		0.0	%		10.5	%		10.2	%		0.0	%		10.2	%
2 Los Angeles — Long Beach — Ventura		9.8	%		0.0	%		9.8	%		9.0	%		0.0	%		9.0	%
3 New England		7.2	%		0.0	%		7.2	%		7.2	%		0.0	%		7.2	%
4 Philadelphia		6.4	%		0.0	%		6.4	%		6.3	%		0.0	%		6.3	%
5 Miami — Fort Lauderdale		5.6	%		0.0	%		5.6	%		5.0	%		0.0	%		5.0	%
6 Chicago		4.8	%		0.3	%		5.1	%		4.7	%		0.3	%		5.1	%
7 New York		4.5	%		0.0	%		4.5	%		3.1	%		0.0	%		3.1	%
8 Indianapolis — Fort Wayne		0.0	%		4.5	%		4.5	%		0.0	%		5.4	%		5.4	%
9 Colorado Front Range		3.2	%		0.2	%		3.4	%		3.0	%		0.2	%		3.2	%
10 Orlando — Daytona		3.1	%		0.3	%		3.3	%		3.9	%		0.3	%		4.2	%
11 Houston — Galveston		0.0	%		3.2	%		3.2	%		0.0	%		3.3	%		3.3	%
12 Tampa — St. Petersburg		2.2	%		0.7	%		2.9	%		2.4	%		0.6	%		2.9	%
13 Phoenix- Mesa		2.7	%		0.1	%		2.7	%		2.9	%		0.6	%		3.5	%
14 San Diego		2.7	%		0.0	%		2.7	%		2.6	%		0.0	%		2.6	%
15 Norfolk		2.7	%		0.0	%		2.7	%		2.8	%		0.0	%		2.8	%
16 Orange County — Riverside		2.3	%		0.0	%		2.3	%		2.3	%		0.0	%		2.3	%
17 Bay Area		1.9	%		0.0	%		1.9	%		0.7	%		0.0	%		0.7	%
18 Dallas — Ft Worth		0.0	%		1.8	%		1.8	%		0.0	%		2.4	%		2.4	%
19 Baltimore		1.8	%		0.0	%		1.8	%		1.6	%		0.0	%		1.6	%
20 Atlanta		1.6	%		0.0	%		1.6	%		1.6	%		0.0	%		1.6	%

Subtotal Top 20 markets		72.9	%		11.0	%		84.0	%		69.1	%		13.1	%		82.2	%
All other markets (22 in 2007 and 38 in 2006)		6.3	%		9.8	%		16.0	%		3.7	%		14.1	%		17.8	%

Total Conventional NOI		79.2	%		20.8	%		100.0	%		72.8	%		27.2	%		100.0	%


Rent, average third quarter	$	1,074		$	654		$	917		$	847		$	626		$	821
Occupancy, average third quarter		93.3	%		94.4	%		93.7	%		90.6	%		90.3	%		91.8	%
Total number of properties		285			161			446			270			296			566
Total number of units		82,407			46,792			129,199			82,892			77,435			160,327
Effective Units		74,522			38,783			113,305			71,502			58,813			130,315
Average home value*	$	344,225		$	174,633		$	283,248
REIS growth rate (4 year weighted average)**		3.4	%		3.0	%		3.3	%
Number of markets		27			15			42


*		ESRI — 2006 demographic data

**		Source: REIS, based on Q3 2007 forecasted data


AIMCO 3rd Quarter 2007				14

Supplemental Schedule 8

Property Sales and Acquisition Activity
(unaudited)

THIRD QUARTER 2007 PROPERTY SALES ACTIVITY (dollars in millions)


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

Conventional			9		2,133	$	85.2		5.7	%		$	36.0	$	44.7		$	49.1	$	22.5	$	600

Affordable	[3]		7		659		21.2		6.0	%			9.5		9.9			1.0		3.4		575


Total Dispositions			16		2,792	$	106.4		5.8	%		$	45.5	$	54.6		$	50.1	$	25.9	$	594

YEAR-TO-DATE 2007 PROPERTY SALES ACTIVITY (dollars in millions)


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

Conventional			38		7,393	$	323.0		5.5	%		$	150.4	$	137.5		$	178.4	$	101.4	$	602

Affordable	[3]		20		2,136		62.7		4.8	%			38.1		20.8			29.6		11.8		554


Total Dispositions			58		9,529	$	385.7		5.4	%		$	188.5	$	158.3		$	208.0	$	113.2	$	592


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

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

[3]		Year-to-date property sales include three unconsolidated properties with 303 units.

THIRD QUARTER 2007 PROPERTY ACQUISITION ACTIVITY (dollars in millions)

Number

Gross

Ownership

Purchase

Property

Average

Percent

Properties

Units

Price

Debt

Rent

Conventional

100

118

19.3

—

1,137

YEAR-TO-DATE 2007 PROPERTY ACQUISITION ACTIVITY (dollars in millions) [1]

Number

Gross

Ownership

Purchase

Property

Average

Percent

Properties

Units

Price

Debt

Rent

Conventional

[2]

100

1,305

206.8

62.1

1,122


[1]		In addition to the 15 properties acquired from third parties during the nine months ended September 30, 2007, Aimco acquired seven properties from VMS National Properties Joint Venture, a consolidated real estate partnership in which Aimco held a 22%

[2]		Properties acquired are located in New York, NY; Park Forest, IL; Daytona Beach, FL; Poughkeepsie, NY; Redwood City, CA; and North San Diego, CA.


AIMCO 3rd Quarter 2007				15

Supplemental Schedule 9

Capital Expenditures

Nine Months Ended September 30, 2007

(in thousands, except per unit data) (unaudited)

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

The table below details Aimco’s share of actual spending, on both consolidated and unconsolidated real estate partnerships, for Capital Replacements, Capital Improvements, casualties, redevelopment and entitlement for the nine months ended September 30, 2007. Per unit numbers are based on approximately 133,087 average units, including 115,056 conventional and 18,031 affordable units. Average units are weighted for the period and represent Effective Units excluding non-managed units. [1]


	Aimco’s Share of			Per Effective
	Expenditures			Unit
Capital Replacements Detail:
Building and grounds	$	32,612		$	245
Turnover related		32,620			245
Capitalized site payroll and indirect costs		8,745			66

Total Aimco’s share of Capital Replacements	$	73,977		$	556


Capital Replacements:
Conventional	$	68,604		$	596
Affordable		5,373		$	298

Total Aimco’s share of Capital Replacements		73,977		$	556


Capital Improvements:
Conventional		68,637		$	597
Affordable		6,618		$	367

Total Aimco’s share of Capital Improvements		75,255		$	565


Casualties:
Conventional		8,906
Affordable		1,139

Total Aimco’s share of Casualties [2]		10,045


Redevelopment (see Schedule 10):
Active Conventional projects		183,795
Active Tax Credit projects		28,183
Pre-construction and other activities [3]		16,059

Total Aimco’s share of Redevelopment		228,037


Entitlement [4]		19,361


Total Aimco’s share of capital expenditures		406,675


Plus minority partners’ share of consolidated spending		50,125
Less Aimco’s share of unconsolidated spending		(423	)


Capital expenditures per consolidated statement of cash flows	$	456,377


[1]		Average units calculated pro rata for the period based on acquisition and disposition timing.

[2]		A portion of expenditures related to casualty losses is reimbursed through insurance.

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

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


AIMCO 3rd Quarter 2007		16

Supplemental Schedule 10

Summary of Redevelopment Activity
Nine Months Ended September 30, 2007
(dollars in millions) (unaudited)


										Actual Expenditures
													Nine Months Ended
							Total						September 30, 2007
	Number of			Number of			Estimated			Inception to			Actual		Aimco’s
	Properties			Units			Expenditures			Date			Amount		Share
CONVENTIONAL REDEVELOPMENT PROJECTS
Active redevelopment projects at December 31, 2006		45			18,628		$	517.3	[1]	$	354.3		$	156.6	$	136.2
New redevelopment projects started during period		15			5,401			278.1			52.2			52.2		47.6
Changes in project scope and estimated costs								42.1

Redevelopment expenditures during period		60			24,029			837.5			406.5			208.8		183.8

Projects completed during period		(7	)		(3,040	)		(47.2	)		(47.2	)

Active redevelopment projects at September 30, 2007 [2]		53			20,989			790.3			359.3


TAX CREDIT REDEVELOPMENT PROJECTS
Active redevelopment projects at December 31, 2006 [3]		5			706			35.7	[1]		14.8			14.3		12.9
New redevelopment projects started during period		7			1,160			127.6			15.2			15.2		15.2
Changes in project scope and estimated costs								2.6

Redevelopment expenditures during period		12			1,866			165.9			30.0			29.5		28.1

Projects completed during period		—			—			—			—

Active redevelopment projects at September 30, 2007		12			1,866			165.9			30.0


TOTAL ACTIVE REDEVELOPMENT PROJECTS		65			22,855		$	956.2		$	389.3


YEAR-TO-DATE REDEVELOPMENT EXPENDITURES													$	238.3	$	211.9


[1]		Estimated expenditures for active redevelopment projects at December 31, 2006 reflect adjustments to previously reported amounts to include indirect project costs, consistent with actual spending.

[2]		Targeted return on investment in conventional redevelopment projects is 7.5% — 8.5%.

[3]		Active tax credit redevelopment projects at December 31, 2006 reflect adjustments to previously reported amounts to better reflect the status of active projects and to exclude estimated and actual costs related to projects substantially completed prior to 2007.


AIMCO 3rd Quarter 2007		17

Supplemental Schedule 11

Aimco Capital
(in thousands) (unaudited)

Asset Management and Transaction Income


	Three Months			Nine Months
	Ended			Ended
	September			September
	30, 2007			30, 2007
Activity fees and asset management revenues	$	12,747		$	39,554
Accretion on discounted notes receivable		1,877			4,437
Other income [1]		7,935			10,174

Total asset management and transaction revenue		22,559			54,165
Activity and asset management expenses		(6,399	)		(17,757	)

Net asset management and transaction income (pre-tax)		16,160			36,408
Income taxes [2]		(776	)		(6,311	)

Net asset management and transaction income (after tax)	$	15,384		$	30,097

Notes


[1]		Other income consists primarily of consideration received in exchange for the transfer of certain property rights and the recognition of the non-refundable option and extension fees resulting from the termination of rights under the option agreement to sell the North and Central towers of our Flamingo South Beach property.

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

Summary of Projected Tax Credit Income as of September 30, 2007 [1]


	Remainder			Year Ending December 31,
	of 2007			2008			2009			2010			2011			Thereafter			Total
Amortization of deferred income [2]	$	5,422		$	24,089		$	22,891		$	23,141		$	21,883		$	97,863		$	195,289
Income taxes [3]		(2,115	)		(9,395	)		(8,927	)		(9,025	)		(8,534	)		(38,167	)		(76,163	)

Projected income, net of tax	$	3,307		$	14,694		$	13,964		$	14,116		$	13,349		$	59,696		$	119,126


Notes

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

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

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


AIMCO 3rd Quarter 2007		18

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

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

ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is FFO (diluted) less Capital Replacement expenditures, plus non-cash charges for preferred stock redemption related costs and impairment losses, all of which are adjusted for the Aimco Operating Partnership’s share. Similar to FFO, AFFO is helpful to investors in understanding Aimco’s performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. Please see Supplemental Schedule 1 for AFFO data reconciled to net income as determined in accordance with GAAP. There can be no assurance that Aimco’s method for computing AFFO is comparable with that of other real estate investment trusts.

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.

CAPITAL IMPROVEMENTS (CI): CI expenditures include all non-redevelopment capital expenditures that are made to enhance the value, profitability or useful life of an asset from its original purchase condition. CI expenditures are a component of capital expenditures in the GAAP Statements of Cash Flows.

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

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

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

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

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

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

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

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

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

REDEVELOPMENT PROPERTIES: Properties where (1) a substantial number of available units have been vacated for major renovations or have not been stabilized in occupancy for at least one year as of the earliest period presented, or (2) other significant renovation, such as exteriors, common areas or unit improvements (done upon lease expirations), is underway or has been complete for less than one year, as of the earliest period presented. In both cases the properties have been removed from the Same Store portfolio.

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


AIMCO 3rd Quarter 2007		20


PAGE

	3	Schedule 1 – Funds From Operations and Adjusted Funds From Operations

	5	Schedule 2 – Proportionate Operating Results Presentation

	7	Schedule 3 – Proportionate Balance Sheet Presentation

	8	Schedule 4 – Share Data

	9	Schedule 5 – Selected Debt Structure and Maturity Data

	11	Schedule 6a – Same Store Operating Results (3Q 2007 v. 3Q 2006)

	12	Schedule 6b – Same Store Operating Results (3Q 2007 v. 2Q 2007)

	13	Schedule 6c – Same Store Operating Results (YTD 3Q 2007 v. YTD 3Q 2006)

	14	Schedule 7 – Selected Conventional Portfolio Performance Data

	15	Schedule 8 – Property Sales and Acquisition Activity

	16	Schedule 9 – Capital Expenditures

	17	Schedule 10 – Summary of Redevelopment Activity

	18	Schedule 11 – Aimco Capital

	19	Schedule 12 – Apartment Unit Summary

	20	Glossary


	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Conventional Real Estate Portfolio:
Wholly-owned consolidated properties		290		82,164		82,164		100	%
Partially-owned consolidated properties		154		46,303		30,877		67	%
Partially-owned unconsolidated properties		2		732		264		36	%

Total		446		129,199		113,305		88	%


Affordable Real Estate Portfolio:
Wholly-owned consolidated properties		88		11,899		11,899		100	%
Partially-owned consolidated properties		130		13,992		5,329		38	%
Partially-owned unconsolidated properties		97		10,794		2,005		19	%

Total		315		36,685		19,233		52	%


Total Owned Real Estate Portfolio:
Wholly-owned consolidated properties		378		94,063		94,063		100	%
Partially-owned consolidated properties		284		60,295		36,206		60	%
Partially-owned unconsolidated properties		99		11,526		2,269		20	%

Total		761		165,884		132,538		80	%


Management Contracts:
Property-managed for third parties		39		3,468
Asset-managed		394		36,865

Total		433		40,333

Total Portfolio		1,194		206,217