8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 8, 2008

APARTMENT INVESTMENT AND MANAGEMENT COMPANY
(Exact name of registrant as specified in its charter)

MARYLAND	1-13232	84-1259577
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4582 SOUTH ULSTER STREET PARKWAY SUITE 1100, DENVER, CO	80237
(Address of Principal Executive Offices)	(Zip Code)

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

NOT APPLICABLE

(Former name or former address if changed since last report.)

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

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. Results of Operations and Financial Condition.

The press release of Apartment Investment and Management Company (“Aimco”), dated February 8, 2008, attached hereto as Exhibit 99.1 is furnished herewith. Aimco will hold its fourth quarter 2007 earnings conference call on February 8, 2008, at 1:00 p.m. Eastern time. You may join the conference call through an Internet audiocast via Aimco’s website at www.aimco.com/CorporateInformation/About/Financial/4Q2007 by clicking on the Webcast link. Alternatively, you may join the conference call by telephone by dialing 866-700-5192, passcode 39039038, or 617-213-8833 for international callers. If you wish to participate, please call approximately five minutes before the conference call is scheduled to begin.

If you are unable to join the live conference call, you may access the replay for 30 days on Aimco’s website or by dialing 888-286-8010 (617-801-6888 for international callers) and using passcode 70772669. Please note that the full text of the press release and supplemental schedules are available through Aimco’s website at www.aimco.com/CorporateInformation/About/Financial/4Q2007. The information contained on Aimco’s website is not incorporated by reference herein.

ITEM 9.01. Financial Statements and Exhibits.

The following exhibits are furnished with this report:

Exhibit Number	Description
99.1	Fourth Quarter 2007 Earnings Release dated February 8, 2008

SIGNATURE

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

Dated: February 8, 2008

APARTMENT INVESTMENT AND
MANAGEMENT COMPANY

/s/ Thomas M. Herzog                                                  
Thomas M. Herzog
Executive Vice President and
Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Fourth Quarter 2007 Earnings Release dated February 8, 2008

EX-99.1

Exhibit 99.1

Denver, Colorado - February 8, 2008

Apartment Investment and Management Company
Announces Fourth Quarter 2007 Results

SUMMARY FINANCIAL RESULTS: Apartment Investment and Management Company (Aimco) (NYSE:AIV) today announced results for the fourth quarter 2007. In accordance with Generally Accepted Accounting Principles (GAAP), all reported per share data has been adjusted to take into account the special dividend declared on December 21, 2007, and paid on January 30, 2008, which resulted in the issuance of approximately 4.6 million additional shares of Aimco’s Class A Common Stock.

• Net loss for the quarter was $26.6 million, compared with net income of $66.1 million in the fourth quarter 2006. Lower results in the fourth quarter 2007 were due to various items including: lower gains on dispositions of real estate and other of $101.0 million, higher interest expense of $9.0 million and real estate impairment charges of $6.6 million, which were partially offset by higher property net operating income of $15.1 million and higher activity and asset management revenues of $17.6 million. Earnings per share (EPS) was a loss of $0.27 on a diluted basis, compared with income of $0.66 per share in the fourth 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 $83.8 million, or $0.83 per share, compared with $88.0 million, or $0.84 per share, in the fourth quarter 2006. FFO before impairment and preferred redemption charges was $0.88 per share, which was at the mid-point of guidance as restated for the special dividend.

• Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $61.3 million, or $0.62 per share, compared with $72.8 million, or $0.70 per share, in the fourth quarter 2006. AFFO includes deductions of $0.26 and $0.14 per share for capital replacement expenditures in the fourth quarter 2007 and the fourth quarter 2006, respectively.

Diluted Per Share Results^*

	FOURTH QUARTER					FULL YEAR
	2007			2006		2007			2006
Earnings (loss) — EPS	($	0.27	)	$	0.66	($	0.36	)	$	0.95
Funds from operations — FFO	$	0.83		$	0.84	$	3.17		$	2.90
FFO before impairment and preferred redemption charges	$	0.88		$	0.84	$	3.25		$	2.95
Adjusted funds from operations — AFFO	$	0.62		$	0.70	$	2.34		$	2.28

^*Adjusted to reflect January 30, 2008, special dividend (see Special Supplement)

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

AIMCO 4th Quarter 2007 Page 1

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “Aimco had a solid 2007. Property operating results improved on a Same Store basis by 4.5%. We invested more than $300 million in value-adding redevelopments. A highlight of the quarter for our asset management and transactions team was the formation of a joint venture with a fund managed by J.P. Morgan Asset Management to invest in certain Los Angeles properties. Given the current choppiness of the economy, we expect more moderate growth in 2008.”

Chief Financial Officer Tom Herzog adds: “Fourth quarter FFO of $0.88 per share was in-line with guidance, as restated for the special dividend, and full year 2007 FFO of $3.25 per share was 10% higher than in 2006. During the fourth quarter 2007 and January 2008, Aimco repurchased, on an accretive basis, approximately 8.5 million shares of its Common Stock for approximately $302 million, or an average price of $35.19 per share. Looking ahead to 2008, we expect FFO of $0.68 to $0.72 per share in the first quarter and $3.22 to $3.38 per share for the year.”

Property Operations

Conventional Real Estate Operations

Aimco is among the nation’s largest owners and operators of market rate apartment communities. Conventional real estate operations consist of Aimco’s diversified portfolio of market rate apartment communities. At the end of the fourth quarter 2007, this portfolio included 439 properties with 127,532 units in which Aimco had a weighted average ownership of 88%. During the fourth quarter 2007, conventional real estate operations generated net operating income of $179.9 million.

“Same Store” Results

In the fourth quarter 2007, the Same Store portfolio included 357 communities with 94,047 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 fourth quarter 2007 with the fourth quarter 2006, total revenue increased $9.9 million, or 4.0%. The increase in revenue was primarily generated by higher average rent, up $24 per unit, or 2.8%, from $862 per unit to $886 per unit, higher occupancy, which was up 0.3% from 94.4% to 94.7%, and increased utility reimbursements, up $2.2 million. Same Store expenses of $105.5 million increased $5.6 million, or 5.7%, compared with the prior year period as a result of higher payroll, marketing, insurance, contract services and utilities. Same Store portfolio net operating income was $152.6 million for the fourth quarter 2007, up 2.9% from the fourth quarter 2006.

Same Store Operating Results

	FOURTH QUARTER															FULL YEAR
	Year-over-year									Sequential
	2007			2006			Variance			3rd Qtr			Variance			2007			2006			Variance
Same Store Operating Measures
Average Physical Occupancy		94.7	%		94.4	%		0.3	%		94.8	%		-0.1	%		94.7	%		94.5	%		0.2	%
Average Rent Per Unit	$	886		$	862			2.8	%	$	881			0.6	%	$	862		$	831			3.7	%
Total Same Store ($mm)
Revenue	$	258.1		$	248.2			4.0	%	$	255.2			1.1	%	$	988.1		$	946.7			4.4	%
Expenses		(105.5	)		(99.9	)		5.7	%		(107.1	)		-1.5	%		(409.2	)		(392.7	)		4.2	%
NOI ($mm)	$	152.6		$	148.3			2.9	%	$	148.1			3.0	%	$	578.9		$	554.0			4.5	%

AIMCO 4th Quarter 2007 Page 2

Comparing Same Store results on a sequential basis, total revenue increased $2.9 million in the fourth quarter 2007 compared with the third quarter of 2007, driven by a $5 per unit increase in average rental rates, partially offset by a decrease in occupancy of 10 basis points. Expenses decreased $1.6 million, or 1.5%, primarily due to lower turnover, contract services, repairs and maintenance costs and taxes. Net operating income increased $4.5 million, or 3.0%, on a sequential basis.

Comparing Same Store results on a full year basis, total revenue increased $41.4 million in 2007 compared with 2006, driven by a 3.7% increase in average rental rates per unit, a 20 basis point increase in occupancy and a 20.6% increase in utility reimbursements. Expenses increased $16.5 million, or 4.2%, primarily due to higher payroll, utilities, contract services, marketing, administrative expenses, taxes and insurance, partially offset by lower turnover and repairs and maintenance. Net operating income increased $24.9 million, or 4.5%, on a year-over-year basis.

Affordable Real Estate Operations

Aimco is among the nation’s largest owners and operators of affordable apartment communities. At the end of the fourth quarter 2007, Aimco’s owned affordable portfolio included 312 properties with 37,104 units in which Aimco had an average ownership of 51%. During the fourth quarter 2007, affordable property operations generated net operating income of $19.2 million. Average month-end occupancy for the affordable portfolio decreased 60 basis points from 96.9% for the fourth quarter 2006 to 96.3% for the fourth quarter 2007, while average rent per unit increased 5.1% from $719 to $756 per unit. Average month-end occupancy also decreased 60 basis points from 97.2% in 2006 to 96.6% for the full year 2007, while rents increased $28 per unit, or 3.9%, from $711 to $739 per unit.

Aimco Capital

Aimco Capital, a division led by a dedicated management team, oversees Aimco’s portfolio management activities including acquisitions, dispositions and joint venture efforts, as well as asset management and partnership transactions.

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 $28.7 million in the fourth quarter 2007 compared to $13.3 million in the fourth quarter 2006. Consolidated asset management and transaction net operating income, net of tax, for the full year 2007 was $58.8 million, an increase of $18.1 million, or 44.3%, when compared to 2006. See Supplemental Schedule 11 for additional information on asset management and transaction income.

During the fourth quarter 2007, Aimco formed a joint venture with a fund managed by J.P. Morgan Asset Management. Aimco contributed to the venture The Palazzo at Park La Brea, The Palazzo East at Park La Brea and The Villas at Park La Brea at a value of $725.7 million, or approximately $525,000 per unit. Aimco received $202.2 million in cash from J.P. Morgan in exchange for an approximate 47% interest in the joint venture. Aimco receives property management and other fees for its continued operation of the properties.

Portfolio Management

ACQUISITIONS — During the fourth quarter 2007, Aimco had no significant acquisition activity.

AIMCO 4th Quarter 2007 Page 3

DISPOSITIONS — Aimco regularly reviews its portfolio to identify properties that do not meet its long-term investment criteria. In the fourth quarter 2007, Aimco sold eight non-core conventional properties and ten affordable properties with 1,675 and 689 units, respectively, for $101.5 million in gross proceeds (Aimco share $66.8 million). Aimco’s share of net proceeds after repayment of existing property debt and transaction costs was $27.7 million.

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 $12.9 million for the fourth quarter 2007, compared with gains of $113.9 million for the fourth quarter 2006.

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

Redevelopment

Aimco actively reinvests in and upgrades its portfolio through property redevelopments. At the end of the fourth quarter 2007, Aimco had 48 active conventional redevelopment projects and 11 active tax credit redevelopment projects in process. Aimco’s share of total redevelopment expenditures was $121.5 million during the fourth quarter 2007. Conventional redevelopment project expenditures totaled $99.8 million and tax credit redevelopment project expenditures totaled $21.7 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 $11.1 million for the fourth quarter 2007 compared with $12.7 million for the fourth 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 fourth quarter 2007, Aimco closed 28 property loans generating gross proceeds of $398.0 million at a weighted average interest rate of 6.24%. This included refinancing $121.6 million in existing mortgage loans, reducing the average interest rate from 6.74% to 6.08%. After repayment of existing property debt, transaction costs and distributions to limited partners, Aimco’s share of net proceeds was $248.9 million.

As of December 31, 2007, Aimco had $7.5 billion of consolidated debt outstanding, which consisted of: $5.7 billion of fixed rate mortgage debt, which is primarily non-recourse; $1.7 billion of floating rate property and corporate debt; and $75.1 million of other borrowings. In addition, Aimco had $100.0 million of floating rate preferred stock outstanding. Aimco’s FFO exposure to changes in floating interest rates is mitigated by $698.4 million of 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. Aimco’s 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.

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

INTEREST EXPENSE — Consolidated interest expense was $110.5 million for the fourth quarter 2007 compared with $101.5 million for the fourth quarter 2006. The $9.0 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.

STOCKHOLDERS’ EQUITY — During the fourth quarter 2007, Aimco repurchased approximately 4.0 million shares of its Class A Common Stock at an average price of $37.28 per share for a total cost of $150.4 million, bringing full-year 2007 common stock repurchases to 7.5 million shares at an average price of $43.70 per share for a total cost of $325.8 million.

AIMCO 4th Quarter 2007 Page 4

During the month of January 2008, Aimco repurchased approximately 4.5 million shares of its Class A Common Stock at an average price of $33.33 per share for a total cost of $151.2 million. Since Aimco began repurchasing shares during the third quarter 2006, the company has repurchased approximately 14.3 million shares, or approximately 14.7% of shares outstanding on July 31, 2006, at an average price of $41.79 per share for a total cost of $597.3 million.

On January 29, 2008, the Aimco Board of Directors increased our existing share repurchase authorization by 25 million shares. We are currently authorized to repurchase approximately 28.7 million additional shares. Repurchases may be made from time to time in the open market or in privately negotiated transactions.

Aimco issued approximately 4.6 million shares of its Class A Common Stock on January 30, 2008, in connection with the payment of the special dividend declared on December 21, 2007. See additional details regarding dividends on Common Stock below, and further information regarding the impact of the special dividend on share count contained in the Special Supplement.

G&A — General and administrative expenses for the fourth quarter 2007 of $23.9 million increased $0.5 million or 2.3% when compared with the fourth quarter 2006.

Outlook

For the first quarter 2008, FFO, before impairment and preferred redemption charges, is expected to be in a range from $0.68 to $0.72 per share. For the full year 2008, FFO, before impairment and preferred redemption charges, is expected to be in a range between $3.22 and $3.38 per share. Please refer to the Outlook Schedule, which follows the Consolidated Financial Statements in this release, for more detail on first quarter and full year 2008 guidance.

Dividends on Common Stock

As announced on December 21, 2007, the Aimco Board of Directors declared a special dividend of $2.51 per share of Class A Common Stock, paid on January 30, 2008, to stockholders of record on December 31, 2007. The special dividend was paid in a combination of approximately $55.0 million of cash and 4.6 million shares of Class A Common Stock. The dividend is taxable to the stockholders in 2007 without regard to whether a particular stockholder receives the dividend in the form of cash or shares. The special dividend allowed Aimco to satisfy its REIT distribution requirement while preserving cash for other corporate purposes, including share repurchases.

Cash dividends paid on Class A Common Stock during the year ended December 31, 2007, totaled $2.40 per share, or 96% of AFFO (undiluted, excluding special dividend) and 70% of FFO (diluted, excluding special dividend), on a per share basis, and a 6.9% cash yield based on the $34.73 closing price of Aimco’s Class A Common Stock on December 31, 2007.

AIMCO 4th Quarter 2007 Page 5

Earnings Conference Call

Please join Aimco management for the Fourth Quarter 2007 earnings conference call to be held Friday, February 8, 2008, 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/4Q2007. Alternatively, you may join the conference call via telephone by dialing 866-700-5192 with passcode 39039038, or dialing 617-213-8833 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 70772669.

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/4Q2007 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 first quarter and full year 2008 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: severe weather 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 1,169 properties, including 203,040 apartment units, and serves approximately 750,000 residents each year. Aimco’s properties are located in 46 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our web site at www.aimco.com.

AIMCO 4th Quarter 2007 Page 6

GAAP Income Statements

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

	Three Months Ended						Year Ended
	December 31,						December 31,
	2007			2006			2007			2006
REVENUES:
Rental and other property revenues	$	419,072		$	395,794		$	1,640,506		$	1,540,500
Property management revenues, primarily from affiliates		1,731			3,091			6,923			12,312
Activity fees and asset management revenues		34,201			16,582			73,755			48,893
Total revenues		455,004			415,467			1,721,184			1,601,705
OPERATING EXPENSES:
Property operating expenses		199,053			190,877			768,457			709,694
Property management expenses		753			1,385			5,506			5,111
Activity and asset management expenses		5,345			5,819			23,102			17,342
Depreciation and amortization		120,978			121,532			487,822			452,741
General and administrative expenses		23,930			23,402			89,251			90,149
Other (income) expenses, net		4,003			3,177			(212	)		7,403
Total operating expenses		354,062			346,192			1,373,926			1,282,440
Operating income		100,942			69,275			347,258			319,265
Interest income		11,079			12,724			42,539			34,043
Recoveries of (provisions for) losses on notes receivable, net		(1,827	)		(2,067	)		(3,951	)		(2,785	)
Interest expense		(110,482	)		(101,453	)		(422,130	)		(391,465	)
Deficit distributions to minority partners		(24,016	)		(856	)		(39,150	)		(20,802	)
Equity in earnings (losses) of unconsolidated real estate partnerships		1,432			536			(277	)		(2,070	)
Recoveries of (provisions for) real estate impairment losses, net		(6,638	)		—			(6,638	)		813
Gain on dispositions of unconsolidated real estate and other		4,874			7,329			31,777			26,845
Loss before minority interests and discontinued operations		(24,636	)		(14,512	)		(50,572	)		(36,156	)
Minority interests:
Minority interest in consolidated real estate partnerships		2,426			4,551			(2,036	)		(12,338	)
Minority interest in Aimco Operating Partnership, preferred [1]		(1,782	)		(1,785	)		(7,128	)		(7,153	)
Minority interest in Aimco Operating Partnership, common [1]		3,560			2,726			11,682			13,172
Total minority interests		4,204			5,492			2,518			(6,319	)
Loss from continuing operations		(20,432	)		(9,020	)		(48,054	)		(42,475	)
Income from discontinued operations, net [3]		8,147			91,519			77,965			219,262
Net (loss) income		(12,285	)		82,499			29,911			176,787
Net income attributable to preferred stockholders		14,302			16,388			66,016			81,132
Net (loss) income attributable to common stockholders	$	(26,587	)	$	66,111		$	(36,105	)	$	95,655
Weighted average number of common shares outstanding [2]		97,986			100,245			99,629			100,280
Weighted average number of common shares and common share equivalents outstanding [2]		97,986			100,245			99,629			100,280
Earnings (loss) per common share — basic [2]:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.35	)	$	(0.25	)	$	(1.14	)	$	(1.23	)
Income from discontinued operations		0.08			0.91		$	0.78			2.18
Net (loss) income attributable to common stockholders	$	(0.27	)	$	0.66		$	(0.36	)	$	0.95
Earnings (loss) per common share — diluted [2]:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.35	)	$	(0.25	)	$	(1.14	)	$	(1.23	)
Income from discontinued operations		0.08			0.91			0.78			2.18
Net (loss) income attributable to common stockholders	$	(0.27	)	$	0.66		$	(0.36	)	$	0.95

AIMCO 4th Quarter 2007 Page 7

GAAP Income Statements (continued)

Notes to Consolidated Statements of Income

[1]	The Aimco Operating Partnership is AIMCO Properties, L.P., the operating partnership in Aimco’s UPREIT structure.
[2]	Weighted average share, common share equivalent and earnings per share amounts for each of the periods presented above have been retroactively adjusted for the effect of shares of Common Stock issued on January 30, 2008, pursuant to the special dividend declared by Aimco’s Board of Directors on December 21, 2007.
[3]	Income from discontinued operations of consolidated properties consists of the following (in thousands):

	Three Months Ended						Year Ended
	December 31,						December 31,
	2007			2006			2007			2006
Rental and other property revenues	$	3,694		$	31,722		$	52,456		$	164,733
Property operating expenses		(1,435	)		(16,252	)		(29,677	)		(86,005	)
Depreciation and amortization		(735	)		(8,740	)		(12,518	)		(46,036	)
Other expenses		(356	)		(1,968	)		(3,066	)		(5,956	)
Operating income		1,168			4,762			7,195			26,736
Interest income		236			551			993			2,126
Interest expense		(679	)		(5,762	)		(9,959	)		(32,896	)
Gain on extinguishment of debt		—			—			22,852			—
Minority interest in consolidated real estate partnerships		(176	)		5			1,107			3,561
Income (loss) before gain on dispositions of real estate, impairment recoveries, (deficit distributions) recoveries of deficit distributions to minority partners, income tax and minority interests in Aimco Operating Partnership		549			(444	)		22,188			(473	)
Gain on dispositions of real estate, net of minority partners’ interests		8,065			106,600			65,378			259,855
Real estate impairment recoveries, net		911			311			128			434
(Deficit distributions) recoveries of deficit distributions to minority partners		(19	)		(2,476	)		390			15,724
Income tax arising from disposals		(525	)		(2,721	)		(2,135	)		(32,918	)
Minority interests in Aimco Operating Partnership		(834	)		(9,751	)		(7,984	)		(23,360	)
Income from discontinued operations, net	$	8,147		$	91,519		$	77,965		$	219,262

AIMCO 4th Quarter 2007 Page 8

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands) (unaudited)

	December 31, 2007			December 31, 2006
ASSETS
Buildings and improvements	$	9,724,669		$	9,105,284
Land		2,659,265			2,355,497
Accumulated depreciation		(3,035,242	)		(2,702,092	)
NET REAL ESTATE		9,348,692			8,758,689
Cash and cash equivalents		210,461			229,824
Restricted cash		318,959			346,029
Accounts receivable, net		71,463			87,166
Accounts receivable from affiliates, net		34,958			19,370
Deferred financing costs		79,923			70,418
Notes receivable from unconsolidated real estate partnerships, net		35,186			40,641
Notes receivable from non-affiliates, net		143,054			139,352
Investment in unconsolidated real estate partnerships		117,217			39,000
Other assets		207,857			202,759
Deferred income tax asset, net		14,426			—
Assets held for sale		24,336			356,527
TOTAL ASSETS	$	10,606,532		$	10,289,775
LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	941,555		$	926,952
Property loans payable		6,040,170			5,098,916
Term loans		475,000			400,000
Credit facility		—			140,000
Other borrowings		75,057			67,660
TOTAL INDEBTEDNESS		7,531,782			6,633,528
Accounts payable		56,792			54,972
Accrued liabilities and other		449,485			409,990
Deferred income		202,392			142,260
Security deposits		49,469			42,401
Deferred income tax liability, net		—			4,379
Liabilities related to assets held for sale		11,867			264,757
TOTAL LIABILITIES		8,301,787			7,552,287
Minority interests in consolidated real estate partnerships		441,778			212,149
Minority interests in Aimco Operating Partnership		113,263			185,447
STOCKHOLDERS’ EQUITY
Perpetual preferred stock		723,500			723,500
Convertible preferred stock		—			100,000
Class A Common Stock		961			968
Additional paid-in capital		3,050,212			3,095,430
Notes due on common stock purchases		(5,441	)		(4,714	)
Distributions in excess of earnings		(2,019,528	)		(1,575,292	)
TOTAL STOCKHOLDERS’ EQUITY		1,749,704			2,339,892
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,606,532		$	10,289,775

AIMCO 4th Quarter 2007 Page 9

GAAP Statements of Cash Flows

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

	Year Ended December 31,
	2007			2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	29,911		$	176,787
Depreciation and amortization		487,822			452,741
Adjustments to income from discontinued operations		(68,527	)		(210,178	)
Other adjustments to reconcile net income		2,958			33,090
Changes in operating assets and liabilities		13,372			66,470
Net cash provided by operating activities		465,536			518,910
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(201,434	)		(153,426	)
Capital expenditures		(689,719	)		(512,564	)
Proceeds from dispositions of real estate		431,863			958,604
Change in funds held in escrow from tax-free exchanges		25,863			(19,021	)
Cash from newly consolidated properties		7,549			23,269
Proceeds from sale of interests in real estate partnerships		194,329			45,662
Purchases of partnership interests		(86,204	)		(37,570	)
Originations of notes receivable		(10,812	)		(94,640	)
Proceeds from repayment of notes receivable		14,370			9,604
Other investing activities		42,596			13,122
Net cash (used in) provided by investing activities		(271,599	)		233,040
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from property loans		1,552,048			1,185,670
Principal repayments on property loans		(850,484	)		(1,004,142	)
Proceeds from tax-exempt bonds		82,350			75,568
Principal repayments on tax-exempt bond financing		(70,029	)		(229,287	)
Borrowings under term loans		75,000			—
Repayments on revolving credit facility		(140,000	)		(77,000	)
Proceeds (paydowns) on other borrowings		(8,468	)		(22,838	)
Proceeds from issuance of preferred stock		—			97,491
Redemption of preferred stock		(100,000	)		(286,750	)
Repurchase of Class A Common Stock		(307,382	)		(109,937	)
Proceeds from Class A Common Stock option exercises		53,887			107,603
Principal payments on Class A stock notes		1,659			21,844
Payment of Class A Common Stock dividends		(230,806	)		(231,697	)
Payment of preferred stock dividends		(69,100	)		(74,700	)
Payment of distributions to minority interests		(180,684	)		(117,216	)
Other financing activities		(21,291	)		(18,465	)
Net cash used in financing activities		(213,300	)		(683,856	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(19,363	)		68,094
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		229,824			161,730
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	210,461		$	229,824

AIMCO 4th Quarter 2007 Page 10

Outlook and Forward Looking Statement
First Quarter and Full Year 2008
(unaudited)

This Earnings Release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of first quarter and full year 2008 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.

	First Quarter 2008	Full Year 2008
GAAP earnings per share [1] [4]	-$0.57 to -$0.53	-$1.78 to -$1.62
Add: Depreciation and other	$1.25	$5.00
FFO per share [2] [5]	$0.68 to $0.72	$3.22 to $3.38
AFFO per share [3] [5]		greater than $2.40
2008 Same Store operating assumptions:
Weighted average daily occupancy	94% to 95%	94% to 95%
NOI change — sequential	-3.5% to -2.5%
NOI change - 2008 vs. 2007	0.5% to 1.5%	2.5% to 4.5%

[1]	Aimco’s earnings per share guidance does not include estimates for (i) gains on dispositions or impairment losses due to the unpredictable timing of transactions, (ii) gains or losses on early repayment of debt or (iii) preferred stock redemption related costs.
[2]	FFO per share represents FFO before impairment and preferred redemption related charges.
[3]	Outlook for AFFO is provided on an annual basis.
[4]	The GAAP earnings per share is calculated based on 90.9 million and 90.6 million weighted average common shares (diluted) for the first quarter 2008 and full year 2008, respectively.
[5]	FFO per share and AFFO per share is calculated based on 91.6 million and 91.8 million weighted average common shares (diluted) for the first quarter 2008 and full year 2008, respectively.

AIMCO 4th Quarter 2007 Page 11

AIMCO 4th Quarter 2007 SUPPLEMENTAL INFORMATION

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 (4Q 2007 v. 4Q 2006)
	12	Schedule 6b – Same Store Operating Results (4Q 2007 v. 3Q 2007)
	13	Schedule 6c – Same Store Operating Results (YTD 2007 v. YTD 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	Special Supplement
	21	Glossary

AIMCO 4th Quarter 2007 2

Supplemental Schedule 1

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

	Three Months Ended						Year Ended
	December 31,						December 31,
	2007			2006			2007			2006
Net (loss) income attributable to common stockholders [1]	$	(26,587	)	$	66,111		$	(36,105	)	$	95,655
Adjustments:
Depreciation and amortization [2]		120,978			121,532			487,822			452,741
Depreciation and amortization related to non-real estate assets		(6,216	)		(5,046	)		(21,258	)		(25,511	)
Depreciation of rental property related to minority partners and unconsolidated entities [3]		(8,546	)		3,010			(32,150	)		63
Gain on dispositions of unconsolidated real estate and other		(4,874	)		(7,329	)		(12,404	)		(26,845	)
Gain on dispositions of non-depreciable assets and other		1,328			2,265			7,329			11,526
Deficit distributions to minority partners [4]		24,016			856			39,150			20,802
Discontinued operations:
Gain on dispositions of real estate, net of minority partners’ interests [3]		(8,065	)		(106,600	)		(65,378	)		(259,855	)
Depreciation of rental property, net of minority partners’ interests [3]		663			10,373			(8,385	)		35,487
Deficit distributions (recoveries of deficit distributions) to minority partners [4]		19			2,476			(390	)		(15,724	)
Income tax arising from disposals		525			2,721			2,135			32,918
Minority interests in Aimco Operating Partnership’s share of above adjustments		(11,215	)		(2,395	)		(36,830	)		(21,721	)
Preferred stock dividends		14,302			16,388			63,381			74,284
Preferred stock redemption related costs		—			—			2,635			6,848
Funds From Operations	$	96,328		$	104,362		$	389,552		$	380,668
Preferred stock dividends		(14,302	)		(16,388	)		(63,381	)		(74,284	)
Preferred stock redemption related costs		—			—			(2,635	)		(6,848	)
Dividends/distributions on dilutive preferred securities		1,759			60			1,875			202
Funds From Operations Attributable to Common Stockholders — Diluted	$	83,785		$	88,034		$	325,411		$	299,738
Real estate impairment losses (recoveries), continuing operations [5]		6,638			—			6,638			(813	)
Real estate impairment losses (recoveries), discontinued operations [5]		(911	)		(311	)		(128	)		(434	)
Preferred stock redemption related costs [6]		—			—			2,635			6,848
Minority interests in Aimco Operating Partnership’s share of above adjustments		(533	)		28			(849	)		(539	)
Dividends/distributions on dilutive preferred securities		—			—			—			41
Funds From Operations Attributable to Common Stockholders — Diluted (excluding impairment losses and preferred stock redemption related costs)	$	88,979		$	87,751		$	333,707		$	304,841
Capital Replacements		(28,634	)		(16,466	)		(102,612	)		(76,599	)
Minority interest in Aimco Operating Partnership’s share of Capital Replacements		2,682			1,603			9,532			7,375
Dividends/distributions on non-dilutive preferred securities		(1,701	)		(60	)		(1,817	)		(244	)
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted	$	61,326		$	72,828		$	238,810		$	235,373
Funds From Operations Attributable to Common Stockholders — Diluted:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding [8]:
Common shares and equivalents [7]		98,841			104,534			102,017			103,161
Dilutive preferred securities		2,268			76			609			75
		101,109			104,610			102,626			103,236
Funds From Operations (excluding impairment losses and preferred stock redemption related costs):
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding [8]:
Common shares and equivalents [7]		98,841			104,534			102,017			103,161
Dilutive preferred securities		2,268			76			609			89
		101,109			104,610			102,626			103,250
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding [8]:
Common shares and equivalents [7]		98,841			104,534			102,017			103,161
Dilutive preferred securities		100			—			25			—
		98,941			104,534			102,042			103,161
Per Share [8]:
Funds From Operations — Diluted	$	0.83		$	0.84		$	3.17		$	2.90
Funds From Operations — Diluted (excluding impairment losses and preferred stock redemption related costs)	$	0.88		$	0.84		$	3.25		$	2.95
Adjusted Funds From Operations — Diluted	$	0.62		$	0.70		$	2.34		$	2.28
Dividends paid [9]	$	0.60		$	0.60		$	2.40		$	2.40

AIMCO 4th 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 interests 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 three months and year ended December 31, 2007 includes net impairment losses of $5.7 million and $6.5 million, respectively. FFO for the three months and year ended December 31, 2006 includes recoveries of impairment losses of $0.3 million and $1.2 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 redemption related preferred stock costs in FFO. As a result, FFO for the years ended December 31, 2007 and 2006, includes redemption premiums and issuance costs of $2.6 million and $6.8 million, respectively.
[7]	Represents the denominator for calculating Aimco’s diluted earnings per common share in accordance with GAAP plus additional common share equivalents that are dilutive for FFO or AFFO.
[8]	Weighted average common shares, common share equivalents, dilutive preferred securities and per share funds from operations amounts for each of the periods presented above have been retroactively adjusted for the effect of shares of Common Stock issued on January 30, 2008 pursuant to the special dividend declared by Aimco’s Board of Directors on December 21, 2007.
[9]	Dividends paid per share for the periods presented have not been adjusted to give effect to shares of Common Stock issued on January 30, 2008 pursuant to the special dividend declared by Aimco’s Board of Directors on December 21, 2007.

AIMCO 4th Quarter 2007 4

Supplemental Schedule 2

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

	Three Months Ended December 31, 2007												Year Ended December 31, 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]	$	292,777		$	420		$	(25,108	)	$	268,089		$	1,153,507		$	1,727		$	(117,248	)	$	1,037,986
Acquisition properties [1]		7,607			—			—			7,607			23,571			—			—			23,571
Redevelopment properties [1]		50,005			—			(4,445	)		45,560			192,541			—			(17,841	)		174,700
Other properties [1]		9,348			207			(860	)		8,695			37,311			1,025			(3,252	)		35,084
Affordable properties [1]		59,335			5,884			(20,469	)		44,750			233,576			23,416			(76,737	)		180,255
Total rental and other property revenues		419,072			6,511			(50,882	)		374,701			1,640,506			26,168			(215,078	)		1,451,596
Property management revenues, primarily from affiliates [3]		1,731			(259	)		2,120			3,592			6,923			(1,118	)		11,214			17,019
Activity fees and asset management revenues		34,201			—			—			34,201			73,755			—			—			73,755
Total revenues		455,004			6,252			(48,762	)		412,494			1,721,184			25,050			(203,864	)		1,542,370
Operating expenses:
Property operating expenses:
Same Store properties [2]		121,633			213			(11,272	)		110,574			485,218			834			(53,065	)		432,987
Acquisition properties		3,310			—			—			3,310			10,319			—			—			10,319
Redevelopment properties		21,695			—			(2,348	)		19,347			83,731			2			(9,220	)		74,513
Other properties		4,680			107			(361	)		4,426			19,450			619			(1,633	)		18,436
Affordable properties		32,893			2,744			(11,615	)		24,022			121,698			12,410			(40,089	)		94,019
Casualties, Conventional		3,734			101			363			4,198			7,952			(306	)		1,979			9,625
Casualties, Affordable		355			(42	)		132			445			1,005			(122	)		523			1,406
Property management expenses, Conventional [4]		9,331			—			(1,106	)		8,225			33,310			—			(1,376	)		31,934
Property management expenses, Affordable [4]		1,422			—			(307	)		1,115			5,774			—			(1,488	)		4,286
Total property operating expenses		199,053			3,123			(26,514	)		175,662			768,457			13,437			(104,369	)		677,525
Property management expenses [5]		753			—			1,413			2,166			5,506			—			2,864			8,370
Activity and asset management expenses		5,345			—			—			5,345			23,102			—			—			23,102
Depreciation and amortization		120,978			1,176			(9,801	)		112,353			487,822			4,935			(37,392	)		455,365
General and administrative expenses		23,930			22			(1,106	)		22,846			89,251			99			(4,579	)		84,771
Other expenses (income), net		4,003			(369	)		(2,284	)		1,350			(212	)		2,241			(6,419	)		(4,390	)
Total operating expenses		354,062			3,952			(38,292	)		319,722			1,373,926			20,712			(149,895	)		1,244,743
Operating income		100,942			2,300			(10,470	)		92,772			347,258			4,338			(53,969	)		297,627
Interest income:
General partner loan interest		2,659			(67	)		2,407			4,999			11,662			(330	)		22,606			33,938
Money market and interest bearing accounts		6,367			355			(1,174	)		5,548			24,387			928			(4,376	)		20,939
Accretion on discounted notes receivable		2,053			—			—			2,053			6,490			—			—			6,490
Total interest income		11,079			288			1,233			12,600			42,539			598			18,230			61,367
Provision for losses on notes receivable		(1,827	)		—			—			(1,827	)		(3,951	)		—			—			(3,951	)
Interest expense:
Property debt (primarily non-recourse)		(106,669	)		(1,158	)		12,053			(95,774	)		(407,600	)		(5,224	)		50,631			(362,193	)
Corporate credit facility		(11,826	)		—			—			(11,826	)		(45,249	)		—			—			(45,249	)
Capitalized interest		8,013			2			(390	)		7,625			30,719			11			(1,827	)		28,903
Total interest expense		(110,482	)		(1,156	)		11,663			(99,975	)		(422,130	)		(5,213	)		48,804			(378,539	)
Deficit distributions to minority partners		(24,016	)		—			—			(24,016	)		(39,150	)		—			—			(39,150	)
Equity in earnings (losses) of unconsolidated real estate partnerships		1,432			(1,432	)		—			—			(277	)		277			—			—
Real estate impairment (losses) recoveries, net		(6,638	)		—			—			(6,638	)		(6,638	)		—			—			(6,638	)
Gain on dispositions of unconsolidated real estate and other		4,874			—			—			4,874			31,777			—			(15,101	)		16,676
Loss before minority interests and discontinued operations		(24,636	)		—			2,426			(22,210	)		(50,572	)		—			(2,036	)		(52,608	)
Minority interest in consolidated real estate partnerships		2,426			—			(2,426	)		—			(2,036	)		—			2,036			—
Minority interest in Aimco Operating Partnership		1,778			—			—			1,778			4,554			—			—			4,554
Loss from continuing operations		(20,432	)		—			—			(20,432	)		(48,054	)		—			—			(48,054	)
Income from discontinued operations, net		8,147			—			—			8,147			77,965			—			—			77,965
Net income (loss)		(12,285	)		—			—			(12,285	)		29,911			—			—			29,911
Net income attributable to preferred stockholders		14,302			—			—			14,302			66,016			—			—			66,016
Net loss attributable to common stockholders	$	(26,587	)	$	—		$	—		$	(26,587	)	$	(36,105	)	$	—		$	—		$	(36,105	)

(See footnotes on page 2 of 2)

AIMCO 4th Quarter 2007 5

Supplemental Schedule 2

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

	Three Months
	Ended			Year Ended
	December 31,			December 31,
	2007			2007
Components of FFO:
Real estate operations:
Rental and other property revenues	$	374,701		$	1,451,596
Property operating expenses		(175,662	)		(677,525	)
Net real estate operations		199,039			774,071
Property management, net		1,426			8,649
Activity and asset management, net		28,856			50,653
Depreciation and amortization related to non-real estate assets		(6,139	)		(20,950	)
General and administrative expenses		(22,846	)		(84,771	)
Other (expenses) income, net		(1,350	)		4,390
Interest income		12,600			61,367
Provision for losses on notes receivable		(1,827	)		(3,951	)
Interest expense		(99,975	)		(378,539	)
Gain on dispositions of non-depreciable assets		1,328			7,329
Gain on extinguishment of debt		—			4,271
Discontinued operations:
Operations and other		1,735			14,293
Interest expense		(521	)		(5,529	)
Gain on extinguishment of debt		—			5,039
Preferred stock dividends		(14,302	)		(63,381	)
Preferred partnership unit distributions		(1,782	)		(7,128	)
Dividends/distributions on dilutive preferred securities		1,759			1,875
Subtotal before minority interest in Aimco Operating Partnership	$	98,001		$	367,688
Minority interest in common units of Aimco Operating Partnership		(9,022	)		(33,980	)
FFO Attributable to Common Stockholders — Diluted (excluding impairment losses and preferred stock redemption related costs)	$	88,979		$	333,707
Reconciliation of Net Income to FFO and AFFO:
Net (loss) income	$	(12,285	)	$	29,911
Depreciation and amortization		112,353			455,365
Depreciation and amortization related to non-real estate assets		(6,139	)		(20,950	)
Deficit distributions to minority partners		24,016			39,150
Gain on dispositions of unconsolidated real estate and other		(4,874	)		(16,676	)
Gain on dispositions of non-depreciable assets		1,328			7,329
Gain on extinguishment of debt		—			4,271
Discontinued operations		(6,856	)		(72,018	)
Real estate impairment losses (recoveries), continuing operations		6,638			6,638
Real estate impairment losses (recoveries), discontinued operations		(911	)		(128	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(11,748	)		(37,679	)
Preferred stock dividends		(14,302	)		(63,381	)
Dividends/distributions on dilutive preferred securities		1,759			1,875
FFO Attributable to Common Stockholders — Diluted (excluding impairment losses and preferred stock redemption related costs)	$	88,979		$	333,707
Capital Replacements		(28,634	)		(102,612	)
Minority interest in Aimco Operating Partnership’s share of Capital Replacements		2,682			9,532
Dividends/distributions on non-dilutive preferred securities		(1,701	)		(1,817	)
AFFO Attributable to Common Stockholders — Diluted	$	61,326		$	238,810

Notes to Schedule 2:

[1]	See definitions and descriptions in Glossary.
[2]	Same store amounts in this schedule 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 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 4th 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
	December 31, 2007			Partnerships [1]			Interest [2]			Sheet [3]
ASSETS
Buildings and improvements	$	9,724,669		$	50,892		$	(1,400,913	)	$	8,374,648
Land		2,659,265			2,055			(148,658	)		2,512,662
Accumulated depreciation		(3,035,242	)		(33,804	)		750,135			(2,318,911	)
NET REAL ESTATE		9,348,692			19,143			(799,436	)		8,568,399
Cash and cash equivalents		210,461			1,343			(43,949	)		167,855
Restricted cash		318,959			4,978			(67,142	)		256,795
Accounts receivable, net		71,463			544			—			72,007
Accounts receivable from affiliates, net		34,958			—			—			34,958
Deferred financing costs		79,923			—			—			79,923
Notes receivable from unconsolidated real estate partnerships, net		35,186			—			—			35,186
Notes receivable from non-affiliates, net		143,054			—			—			143,054
Investment in unconsolidated real estate partnerships		117,217			21,488			—			138,705
Other assets		207,857	[4]		14,536			—			222,393
Deferred income tax asset, net		14,426			—			—			14,426
Assets held for sale		24,336			—			—			24,336
TOTAL ASSETS	$	10,606,532		$	62,032		$	(910,527	)	$	9,758,037
LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	941,555		$	127		$	(25,462	)	$	916,220
Property loans payable		6,040,170			53,674			(866,010	)		5,227,834
Term loans		475,000			—			—			475,000
Credit facility		—			—			—			—
Other borrowings		75,057			—			—			75,057
TOTAL INDEBTEDNESS		7,531,782			53,801			(891,472	)		6,694,111
Accounts payable		56,792			8,231			—			65,023
Accrued liabilities and other		449,485			—			—			449,485
Deferred income		202,392	[5]		—			—			202,392
Security deposits		49,469			—			—			49,469
Liabilities related to assets held for sale		11,867			—			—			11,867
TOTAL LIABILITIES		8,301,787			62,032			(891,472	)		7,472,347
Minority interest in consolidated real estate partnerships		441,778			—			(19,055	)		422,723
Minority interest in Aimco Operating Partnership		113,263			—			—			113,263
NET OPERATING ASSETS				$	—		$	—		$	1,749,704
STOCKHOLDERS’ EQUITY
Perpetual preferred stock		723,500
Class A Common Stock		961
Additional paid-in capital		3,050,212
Notes due on common stock purchases		(5,441	)
Distributions in excess of earnings		(2,019,528	)
TOTAL STOCKHOLDERS’ EQUITY		1,749,704
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,606,532

[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 $73.3 million.
[3]	Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of December 31, 2007, plus Aimco’s proportionate share of selected unconsolidated balance sheet data and less minority partners’ share of selected balance sheet data.
[4]	Other assets includes $81.9 million in goodwill and $2.2 million in investments in management contracts.
[5]	Deferred income includes $139.4 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 4th Quarter 2007 7

Supplemental Schedule 4

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

Preferred Securities

	Shares/Units
	Outstanding
	as of
	December 31,			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		6.380	%	[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				Year Ended
	December 31,		December 31, 2007				December 31, 2007
	2007		Diluted EPS		Diluted FFO		Diluted EPS		Diluted FFO
Class A Common Stock [6]		90,484		93,463		93,463		95,106		95,106
Shares of Class A Common Stock issued January 30, 2008 pursuant to Special Dividend [11]		4,523		4,523		4,523		4,523		4,523
Dilutive securities:		—		—		—		—		—
Options, restricted stock and non-recourse shares [7][11]		410		—		855		—		1,967
High Performance Units [8]		—		—		—		—		421
Convertible preferred securities [9][11]		—		—		2,268		—		609
Total shares and dilutive share equivalents		95,417		97,986		101,109		99,629		102,626
Common Partnership Units [10]		9,683		9,688		9,688		9,746		9,746
Common Partnership Units and equivalents		9,683		9,688		9,688		9,746		9,746
Total shares, units and dilutive share equivalents		105,100		107,674		110,797		109,375		112,372

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 1,068,000 for non-recourse shares and unvested restricted stock as of December 31, 2007.
[7]	Stock options, restricted stock and non-recourse shares are presumed to be dilutive as of December 31, 2007 and reflect the options and shares outstanding at the end of the period and the $34.73 share price at the end of the period. Dilution for the three and twelve months ended December 31, 2007 reflects the weighted average amounts during the period.
[8]	Represents the number of equivalent common OP units that would be issued if the applicable measurement period for Class IX HPUs, which ends on December 31, 2008, had ended on December 31, 2007 (if dilutive). For the year ended December 31, 2007, HPUs are included as the average number dilutive during each of the quarterly periods during the year.
[9]	For the year ended December 31, 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. The dilutive effect of convertible preferred securities is less than $0.001 per share for the year ended December 31, 2007. The remaining class of convertible preferred stock was redeemed on September 30, 2007 and thus does not impact the determination of shares/units outstanding as of December 31, 2007 and for the three months ended December 31, 2007.
[10]	Includes Common Partnership Units and Class I High Performance Units.
[11]	Class A Common Stock, options, restricted stock and non-recourse shares and convertible preferred securities amounts for each of the periods presented have been retroactively adjusted for the effect of shares of Common Stock issued on January 30, 2008, pursuant to the special dividend declared by Aimco’s Board of Directors on December 21, 2007.

AIMCO 4th Quarter 2007 8

Supplemental Schedule 5

Selected Debt Structure and Maturity Data
As of December 31, 2007
(dollars in thousands)
(unaudited)

I. Debt Balances and Data

										Weighted
			Proportionate							Average
			Share of		Minority			Total Aimco		Maturity		Weighted
Debt	Consolidated		Unconsolidated		Interest			Share		(years)		Average Rate
Property Debt (primarily non-recourse):
Conventional Portfolio:
Fixed rate loans payable	$	4,815,118	$	6,671	$	(579,695	)	$	4,242,094		9.1		6.23	%
Floating rate loans payable [1]		558,933		—		(42,207	)		516,726		2.6		6.18	%
Total property loans payable		5,374,051		6,671		(621,902	)		4,758,820		8.4		6.22	%
Fixed rate tax-exempt bonds		168,957		—		(6,209	)		162,748		14.5		5.83	%
Floating rate tax-exempt bonds [1]		605,590		—		(5,342	)		600,248		14.0		3.58	%
Total property tax-exempt bond financing		774,547		—		(11,551	)		762,996		14.1		4.06	%
Total Conventional portfolio		6,148,598		6,671		(633,453	)		5,521,816		9.2		5.92	%
Affordable Portfolio:
Fixed rate loans payable		652,532		39,032		(244,109	)		447,455		16.9		5.59	%
Floating rate loans payable		13,587		7,972		—			21,559		2.9		5.25	%
Total property loans payable		666,119		47,004		(244,109	)		469,014		16.2		5.57	%
Fixed rate tax-exempt bonds		74,183		127		(11,462	)		62,848		28.1		5.04	%
Floating rate tax-exempt bonds [1]		92,825		—		(2,449	)		90,376		27.0		4.08	%
Total property tax-exempt bond financing		167,008		127		(13,911	)		153,224		27.4		4.48	%
Total Affordable portfolio		833,127		47,131		(258,020	)		622,238		19.0		5.30	%
Total property debt	$	6,981,725	$	53,802	$	(891,473	)	$	6,144,054		10.2		5.86	%
Corporate Debt:
Term Loans	$	475,000	$	—	$	—		$	475,000		—		6.38	%
Credit Facility		—		—		—			—		—		—
Total corporate debt	$	475,000	$	—	$	—		$	475,000		—		6.38	%
Other borrowings [2]	$	75,057	$	—	$	—		$	75,057
Total debt	$	7,531,782	$	53,802	$	(891,473	)	$	6,694,111				5.90	%

[1]	Floating rate debt presented above includes $487.2 million of fixed rate 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 December 31, 2007, other borrowings includes $66.5 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
Q1 2008	$	29,609	$	40,706	$	70,315		1.0	%		6.80	%
Q2 2008		29,812		33,566		63,378		0.9	%		5.68	%
Q3 2008		29,841		80,117		109,958		1.6	%		5.68	%
Q4 2008		30,127		165,813		195,940		2.8	%		6.00	%
Q1 2009		30,232		138,136		168,368		2.4	%		5.23	%
Q2 2009		30,780		171,102		201,882		2.9	%		5.63	%
Q3 2009		31,621		—		31,621		0.4	%		—
Q4 2009		32,389		86,654		119,043		1.7	%		4.38	%
2010		134,876		505,467		640,343		9.2	%		6.10	%
2011		141,423		366,742		508,165		7.3	%		5.46	%
2012		145,154		320,359		465,513		6.7	%		6.18	%
Thereafter						4,407,199		63.1	%
Total property debt					$	6,981,725		100.0	%

Corporate Debt:

							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
2009 [1]	$	—	$	75,000	$	75,000		15.8	%		6.48	%
2011		—		400,000		400,000		84.2	%		6.37	%
Total corporate debt	$	—	$	475,000	$	475,000		100.0	%		6.38	%

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

AIMCO 4th Quarter 2007 9

Supplemental Schedule 5 (continued)

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

III. Loan Closings

FOURTH QUARTER LOAN CLOSINGS [1]	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Property Loan Type (all non-recourse)	Amount [2]		Amount		Original Loan		New Loan		Proceeds [3]		Rate			Rate
Refinancings:
Fixed Rate	$	83.2	$	251.1	$	76.9	$	223.8	$	144.7		6.69	%		5.93	%
Floating Rate		35.4	$	138.4		30.5		130.9		98.9		6.75	%		6.84	%
Affordable, Mark-to-Market and Other		3.0		8.0		3.0		8.0		4.8		7.97	%		5.68	%
Loans Relating to Acquisitions:
Fixed Rate		—		0.5		—		0.5		0.5		—			6.05	%
Totals	$	121.6	$	398.0	$	110.4	$	363.2	$	248.9		6.74	%		6.24	%

YEAR-TO-DATE LOAN CLOSINGS [1]	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Property Loan Type (all non-recourse)	Amount [2]		Amount		Original Loan		New Loan		Proceeds [3]		Rate			Rate
Refinancings:
Fixed Rate	$	478.5	$	1,181.8	$	397.7	$	975.3	$	568.8		6.96	%		6.06	%
Floating Rate		252.0		385.1		203.2		325.0		119.0		7.18	%		6.69	%
Affordable, Mark-to-Market and Other		26.3		115.7		18.6		102.3		60.4		8.38	%		4.93	%
Loans Relating to Acquisitions:
Fixed Rate		16.0		134.0		16.0		134.0		116.0		5.25	%		5.77	%
Totals	$	772.8	$	1,816.6	$	635.5	$	1,536.6	$	864.2		7.05	%		6.10	%

[1]	Loan activity includes new loans and the refinancing and recasting of existing loans on consolidated and unconsolidated properties.
[2]	Original Loan Amount represents the principal balance outstanding at the time of the refinance.
[3]	Aimco net proceeds is after transaction costs and any release of escrow funds.

IV. Capitalization

	June 30, 2007						September 30, 2007						December 31, 2007
	Amount			Percent			Amount			Percent			Amount			Percent
Corporate debt	$	554			4.5	%	$	550			4.7	%	$	475			4.4	%
Property debt (Aimco’s share)		5,830			47.5	%		6,068			51.5	%		6,144			57.1	%
Other borrowings		60			0.5	%		65			0.6	%		75			0.7	%
Total debt		6,444			52.5	%		6,683			56.8	%		6,694			62.2	%
Less cash and restricted cash (Aimco’s share)		(454	)		-3.7	%		(485	)		-4.1	%		(425	)		-3.9	%
Net debt		5,990			48.8	%		6,198			52.7	%		6,269			58.3	%
Preferred equity		913			7.4	%		813			6.9	%		813			7.6	%
Common equity at market [1]		5,366			43.8	%		4,752			40.4	%		3,675			34.2	%
Total capitalization	$	12,269			100.0	%	$	11,763			100.0	%	$	10,757			100.0	%

[1] Common equity at market at December 31, 2007, September 30, 2007 and June 30, 2007 was calculated using 105.810 million, 105.285 million, and 106.433 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $34.73, $45.13 and $50.42 per share/unit as of December 31, 2007, September 28, 2007 and June 29, 2007, respectively. The total number of shares of Class A Common Stock and common partnership units outstanding as of December 31, 2007 has been adjusted for the effect of the shares issued under Aimco’s special dividend paid on January 30, 2008.

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 4th Quarter 2007 10

Supplemental Schedule 6(a)

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

									Three Months Ended									Three Months Ended									Change
									December 31, 2007									December 31, 2006									Revenue						Expenses						NOI
	Sites		Units			Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount			Percent			Amount			Percent			Amount			Percent
California
Bay Area — Sacramento		6		1,395			96	%	$	5,234	$	2,085	$	3,149				$	4,900	$	1,903	$	2,997				$	334			6.8	%	$	182			9.6	%	$	152			5.1	%
Los Angeles — Long Beach — Ventura		12		3,538			82	%		16,090		4,947		11,143					15,251		4,573		10,678					839			5.5	%		374			8.2	%		465			4.4	%
Orange County — Riverside		6		1,017			84	%		2,602		987		1,615					2,541		930		1,611					61			2.4	%		57			6.1	%		4			0.2	%
San Diego		4		1,622			96	%		5,483		1,744		3,739					5,186		1,640		3,546					297			5.7	%		104			6.3	%		193			5.4	%
		28		7,572			87.6	%		29,409		9,763		19,646		95.5	%		27,878		9,046		18,832		95.9	%		1,531			5.5	%		717			7.9	%		814			4.3	%
Florida
Jacksonville		2		592			100	%		1,290		602		688					1,330		528		802					(40	)		-3.0	%		74			14.0	%		(114	)		-14.2	%
Miami — Fort Lauderdale		10		3,226			86	%		10,450		4,229		6,221					10,366		4,045		6,321					84			0.8	%		184			4.5	%		(100	)		-1.6	%
Orlando — Daytona		19		4,422			94	%		9,734		5,442		4,292					10,246		4,335		5,911					(512	)		-5.0	%		1,107			25.5	%		(1,619	)		-27.4	%
Tampa — St. Petersburg		14		3,536			86	%		7,395		3,745		3,650					7,455		3,267		4,188					(60	)		-0.8	%		478			14.6	%		(538	)		-12.8	%
West Palm Beach — Boca		5		1,505			100	%		4,159		1,930		2,229					4,258		1,725		2,533					(99	)		-2.3	%		205			11.9	%		(304	)		-12.0	%
		50		13,281			91.1	%		33,028		15,948		17,080		91.9	%		33,655		13,900		19,755		92.6	%		(627	)		-1.9	%		2,048			14.7	%		(2,675	)		-13.5	%
Midwest
Chicago		15		3,849			86	%		11,122		4,083		7,039					10,523		4,330		6,193					599			5.7	%		(247	)		-5.7	%		846			13.7	%
Cincinnati — Dayton		5		1,441			69	%		2,414		937		1,477					2,280		945		1,335					134			5.9	%		(8	)		-0.8	%		142			10.6	%
Columbus		8		1,884			79	%		3,044		1,382		1,662					2,802		1,342		1,460					242			8.6	%		40			3.0	%		202			13.8	%
Detroit — Ann Arbor		4		1,665			94	%		3,635		1,878		1,757					3,493		1,737		1,756					142			4.1	%		141			8.1	%		1			0.1	%
Grand Rapids — Lansing		11		4,404			77	%		7,036		3,184		3,852					6,482		3,351		3,131					554			8.5	%		(167	)		-5.0	%		721			23.0	%
Indianapolis		24		9,781			92	%		16,368		7,633		8,735					15,771		7,300		8,471					597			3.8	%		333			4.6	%		264			3.1	%
Minneapolis — St. Paul		4		1,223			84	%		3,536		1,525		2,011					3,346		1,343		2,003					190			5.7	%		182			13.6	%		8			0.4	%
Midwest other		2		704			44	%		623		307		316					609		295		314					14			2.3	%		12			4.1	%		2			0.6	%
		73		24,951			84.6	%		47,778		20,929		26,849		94.7	%		45,306		20,643		24,663		94.6	%		2,472			5.5	%		286			1.4	%		2,186			8.9	%
Northeast
Baltimore		9		1,772			87	%		5,157		1,855		3,302					4,976		1,787		3,189					181			3.6	%		68			3.8	%		113			3.5	%
New England		16		5,745			100	%		19,830		6,786		13,044					19,696		6,692		13,004					134			0.7	%		94			1.4	%		40			0.3	%
Philadelphia — New York		13		5,522			87	%		18,599		6,718		11,881					17,812		6,058		11,754					787			4.4	%		660			10.9	%		127			1.1	%
Washington		17		8,890			96	%		29,483		10,567		18,916					28,008		10,093		17,915					1,475			5.3	%		474			4.7	%		1,001			5.6	%
		55		21,929			94.1	%		73,069		25,926		47,143		95.9	%		70,492		24,630		45,862		95.5	%		2,577			3.7	%		1,296			5.3	%		1,281			2.8	%
Southeast
Atlanta		9		2,513			82	%		5,033		2,201		2,832					4,752		2,570		2,182					281			5.9	%		(369	)		-14.4	%		650			29.8	%
Savannah — Augusta		2		416			100	%		922		410		512					971		317		654					(49	)		-5.0	%		93			29.3	%		(142	)		-21.7	%
Columbia — Charleston		2		440			85	%		844		344		500					830		320		510					14			1.7	%		24			7.5	%		(10	)		-2.0	%
Nashville		7		2,166			81	%		4,299		1,696		2,603					4,131		1,792		2,339					168			4.1	%		(96	)		-5.4	%		264			11.3	%
Norfolk		9		2,747			84	%		6,423		2,037		4,386					6,308		2,106		4,202					115			1.8	%		(69	)		-3.3	%		184			4.4	%
Raleigh — Durham — Chapel Hill		8		2,247			77	%		3,416		1,588		1,828					3,248		1,486		1,762					168			5.2	%		102			6.9	%		66			3.7	%
Richmond — Petersburg		3		744			91	%		1,736		562		1,174					1,695		589		1,106					41			2.4	%		(27	)		-4.6	%		68			6.1	%
		40		11,273			82.8	%		22,673		8,838		13,835		94.0	%		21,935		9,180		12,755		93.6	%		738			3.4	%		(342	)		-3.7	%		1,080			8.5	%
Texas
Austin — San Marcos		7		1,497			100	%		3,261		1,614		1,647					3,092		1,487		1,605					169			5.5	%		127			8.5	%		42			2.6	%
Dallas — Fort Worth		16		3,710			88	%		6,654		3,373		3,281					6,382		3,068		3,314					272			4.3	%		305			9.9	%		(33	)		-1.0	%
Houston — Galveston		30		8,008			83	%		13,894		7,261		6,633					13,093		6,552		6,541					801			6.1	%		709			10.8	%		92			1.4	%
San Antonio		8		1,727			100	%		3,145		1,696		1,449					2,981		1,473		1,508					164			5.5	%		223			15.1	%		(59	)		-3.9	%
		61		14,942			88.0	%		26,954		13,944		13,010		94.9	%		25,548		12,580		12,968		93.8	%		1,406			5.5	%		1,364			10.8	%		42			0.3	%
West
Colorado Front Range		23		5,109			84	%		10,527		4,253		6,274					9,684		3,947		5,737					843			8.7	%		306			7.8	%		537			9.4	%
Phoenix — Mesa		15		3,936			94	%		7,962		3,395		4,567					7,582		3,249		4,333					380			5.0	%		146			4.5	%		234			5.4	%
Salt Lake City — Ogden		4		1,511			87	%		2,810		867		1,943					2,548		970		1,578					262			10.3	%		(103	)		-10.6	%		365			23.1	%
Seattle		3		364			60	%		653		254		399					576		243		333					77			13.4	%		11			4.5	%		66			19.8	%
West other		5		1,621			100	%		3,235		1,403		1,832					2,991		1,487		1,504					244			8.2	%		(84	)		-5.6	%		328			21.8	%
		50		12,541			88.6	%		25,187		10,172		15,015		95.6	%		23,381		9,896		13,485		94.5	%		1,806			7.7	%		276			2.8	%		1,530			11.3	%
SAME STORE TOTALS		357		106,489	[2]		88.3	%	$	258,098	$	105,520	$	152,578		94.7	%	$	248,195	$	99,875	$	148,320		94.4	%	$	9,903			4.0	%	$	5,645			5.7	%	$	4,258			2.9	%
Reconciliation to total rental and other property revenues and property operating expenses per GAAP income statement [1]										160,974		93,533		67,441					147,599		91,002		56,597
Total rental and other property revenues and property operating expenses per GAAP income statement									$	419,072	$	199,053	$	220,019				$	395,794	$	190,877	$	204,917

[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 adjustments that would distort results if not adjusted.

[2]

Same Store Effective Units were approximately 94,047 at December 31, 2007.

AIMCO 4th Quarter 2007 11

Supplemental Schedule 6(b)

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

									Three Months Ended									Three Months Ended									Change
									December 31, 2007									September 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		6		1,395			96	%	$	5,234	$	2,085	$	3,149					5,065		1,900		3,165				$	169			3.3	%	$	185			9.7	%	$	(16	)		-0.5	%
Los Angeles — Long Beach - Ventura		12		3,538			82	%		16,090		4,947		11,143					15,958		4,868		11,090					132			0.8	%		79			1.6	%		53			0.5	%
Orange County — Riverside		6		1,017			84	%		2,602		987		1,615					2,582		987		1,595					20			0.8	%		—			0.0	%		20			1.3	%
San Diego		4		1,622			96	%		5,483		1,744		3,739					5,447		1,653		3,794					36			0.7	%		91			5.5	%		(55	)		-1.4	%
		28		7,572			87.6	%		29,409		9,763		19,646		95.5	%		29,052		9,408		19,644		95.2	%		357			1.2	%		355			3.8	%		2			0.0	%
Florida
Jacksonville		2		592			100	%		1,290		602		688					1,293		495		798					(3	)		-0.2	%		107			21.6	%		(110	)		-13.8	%
Miami — Fort Lauderdale		10		3,226			86	%		10,450		4,229		6,221					10,439		3,886		6,553					11			0.1	%		343			8.8	%		(332	)		-5.1	%
Orlando — Daytona		19		4,422			94	%		9,734		5,442		4,292					9,843		4,503		5,340					(109	)		-1.1	%		939			20.9	%		(1,048	)		-19.6	%
Tampa — St. Petersburg		14		3,536			86	%		7,395		3,745		3,650					7,472		3,558		3,914					(77	)		-1.0	%		187			5.3	%		(264	)		-6.7	%
West Palm Beach — Boca		5		1,505			100	%		4,159		1,930		2,229					4,098		1,772		2,326					61			1.5	%		158			8.9	%		(97	)		-4.2	%
		50		13,281			91.1	%		33,028		15,948		17,080		91.9	%		33,145		14,214		18,931		91.7	%		(117	)		-0.4	%		1,734			12.2	%		(1,851	)		-9.8	%
Midwest
Chicago		15		3,849			86	%		11,122		4,083		7,039					10,751		4,724		6,027					371			3.5	%		(641	)		-13.6	%		1,012			16.8	%
Cincinnati — Dayton		5		1,441			69	%		2,414		937		1,477					2,381		1,052		1,329					33			1.4	%		(115	)		-10.9	%		148			11.1	%
Columbus		8		1,884			79	%		3,044		1,382		1,662					2,982		1,526		1,456					62			2.1	%		(144	)		-9.4	%		206			14.1	%
Detroit — Ann Arbor		4		1,665			94	%		3,635		1,878		1,757					3,581		1,791		1,790					54			1.5	%		87			4.9	%		(33	)		-1.8	%
Grand Rapids — Lansing		11		4,404			77	%		7,036		3,184		3,852					6,680		3,431		3,249					356			5.3	%		(247	)		-7.2	%		603			18.6	%
Indianapolis		24		9,781			92	%		16,368		7,633		8,735					16,402		8,315		8,087					(34	)		-0.2	%		(682	)		-8.2	%		648			8.0	%
Minneapolis — St. Paul		4		1,223			84	%		3,536		1,525		2,011					3,573		1,581		1,992					(37	)		-1.0	%		(56	)		-3.5	%		19			1.0	%
Midwest other		2		704			44	%		623		307		316					617		280		337					6			1.0	%		27			9.6	%		(21	)		-6.2	%
		73		24,951			84.6	%		47,778		20,929		26,849		94.7	%		46,967		22,700		24,267		94.5	%		811			1.7	%		(1,771	)		-7.8	%		2,582			10.6	%
Northeast
Baltimore		9		1,772			87	%		5,157		1,855		3,302					5,159		1,861		3,298					(2	)		0.0	%		(6	)		-0.3	%		4			0.1	%
New England		16		5,745			100	%		19,830		6,786		13,044					20,146		6,931		13,215					(316	)		-1.6	%		(145	)		-2.1	%		(171	)		-1.3	%
Philadelphia — New York		13		5,522			87	%		18,599		6,718		11,881					18,313		6,711		11,602					286			1.6	%		7			0.1	%		279			2.4	%
Washington		17		8,890			96	%		29,483		10,567		18,916					28,835		11,039		17,796					648			2.2	%		(472	)		-4.3	%		1,120			6.3	%
		55		21,929			94.1	%		73,069		25,926		47,143		95.9	%		72,453		26,542		45,911		96.0	%		616			0.9	%		(616	)		-2.3	%		1,232			2.7	%
Southeast
Atlanta		9		2,513			82	%		5,033		2,201		2,832					4,997		2,387		2,610					36			0.7	%		(186	)		-7.8	%		222			8.5	%
Savannah — Augusta		2		416			100	%		922		410		512					952		390		562					(30	)		-3.2	%		20			5.1	%		(50	)		-8.9	%
Columbia — Charleston		2		440			85	%		844		344		500					840		344		496					4			0.5	%		—			0.0	%		4			0.8	%
Nashville		7		2,166			81	%		4,299		1,696		2,603					4,242		1,876		2,366					57			1.3	%		(180	)		-9.6	%		237			10.0	%
Norfolk		9		2,747			84	%		6,423		2,037		4,386					6,601		2,218		4,383					(178	)		-2.7	%		(181	)		-8.2	%		3			0.1	%
Raleigh — Durham — Chapel Hill		8		2,247			77	%		3,416		1,588		1,828					3,435		1,657		1,778					(19	)		-0.6	%		(69	)		-4.2	%		50			2.8	%
Richmond — Petersburg		3		744			91	%		1,736		562		1,174					1,698		662		1,036					38			2.2	%		(100	)		-15.1	%		138			13.3	%
		40		11,273			82.8	%		22,673		8,838		13,835		94.0	%		22,765		9,534		13,231		95.7	%		(92	)		-0.4	%		(696	)		-7.3	%		604			4.6	%
Texas
Austin — San Marcos		7		1,497			100	%		3,261		1,614		1,647					3,424		1,572		1,852					(163	)		-4.8	%		42			2.7	%		(205	)		-11.1	%
Dallas — Fort Worth		16		3,710			88	%		6,654		3,373		3,281					6,517		3,294		3,223					137			2.1	%		79			2.4	%		58			1.8	%
Houston — Galveston		30		8,008			83	%		13,894		7,261		6,633					13,447		7,171		6,276					447			3.3	%		90			1.3	%		357			5.7	%
San Antonio		8		1,727			100	%		3,145		1,696		1,449					2,961		1,759		1,202					184			6.2	%		(63	)		-3.6	%		247			20.5	%
		61		14,942			88.0	%		26,954		13,944		13,010		94.9	%		26,349		13,796		12,553		95.4	%		605			2.3	%		148			1.1	%		457			3.6	%
West
Colorado Front Range		23		5,109			84	%		10,527		4,253		6,274					10,244		4,292		5,952					283			2.8	%		(39	)		-0.9	%		322			5.4	%
Phoenix — Mesa		15		3,936			94	%		7,962		3,395		4,567					7,794		3,733		4,061					168			2.2	%		(338	)		-9.1	%		506			12.5	%
Salt Lake City — Ogden		4		1,511			87	%		2,810		867		1,943					2,721		1,060		1,661					89			3.3	%		(193	)		-18.2	%		282			17.0	%
Seattle		3		364			60	%		653		254		399					629		233		396					24			3.8	%		21			9.0	%		3			0.8	%
West other		5		1,621			100	%		3,235		1,403		1,832					3,088		1,610		1,478					147			4.8	%		(207	)		-12.9	%		354			24.0	%
		50		12,541			88.6	%		25,187		10,172		15,015		95.6	%		24,476		10,928		13,548		95.1	%		711			2.9	%		(756	)		-6.9	%		1,467			10.8	%
SAME STORE TOTALS		357		106,489	[2]		88.3	%	$	258,098	$	105,520	$	152,578		94.7	%	$	255,207	$	107,122	$	148,085		94.8	%	$	2,891			1.1	%	$	(1,602	)		-1.5	%	$	4,493			3.0	%
Reconciliation to total rental and other property revenues and property operating expenses per GAAP income statement [1]										160,974		93,533		67,441					159,134		80,940		78,194
Total rental and other property revenues and property operating expenses per GAAP income statement									$	419,072	$	199,053	$	220,019				$	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 adjustments that would distort results if not adjusted.

[2]

Same Store Effective Units were approximately 94,047 at December 31, 2007.

AIMCO 4th Quarter 2007 12

Supplemental Schedule 6(c)

Same Store Operating Results
Year Ended December 31, 2007 Compared to Year Ended December 31, 2006
(unaudited) (in thousands, except site and unit data)

								Year Ended									Year Ended									Change
								December 31, 2007									December 31, 2006									Revenue						Expenses						NOI
	Sites		Units		Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount			Percent			Amount			Percent			Amount			Percent
California
Bay Area — Sacramento		5		1,291		95	%	$	18,306	$	6,825	$	11,481				$	17,170	$	6,561	$	10,609				$	1,136			6.6	%	$	264			4.0	%	$	872			8.2	%
Los Angeles — Long Beach - Ventura		11		2,927		88	%		51,495		15,485		36,010					48,492		14,785		33,707					3,003			6.2	%		700			4.7	%		2,303			6.8	%
Orange County — Riverside		6		1,017		84	%		10,299		3,841		6,458					9,812		3,591		6,221					487			5.0	%		250			7.0	%		237			3.8	%
San Diego		4		1,622		96	%		21,385		6,689		14,696					20,632		6,500		14,132					753			3.6	%		189			2.9	%		564			4.0	%
		26		6,857		90.6	%		101,485		32,840		68,645		95.5	%		96,106		31,437		64,669		96.1	%		5,379			5.6	%		1,403			4.5	%		3,976			6.1	%
Florida
Jacksonville		2		592		100	%		5,128		2,166		2,962					5,295		2,053		3,242					(167	)		-3.2	%		113			5.5	%		(280	)		-8.6	%
Miami — Fort Lauderdale		10		3,226		86	%		41,958		16,426		25,532					41,376		16,451		24,925					582			1.4	%		(25	)		-0.2	%		607			2.4	%
Orlando — Daytona		19		4,422		94	%		39,656		18,647		21,009					40,608		16,432		24,176					(952	)		-2.3	%		2,215			13.5	%		(3,167	)		-13.1	%
Tampa — St. Petersburg		13		3,212		85	%		26,089		12,252		13,837					25,932		10,793		15,139					157			0.6	%		1,459			13.5	%		(1,302	)		-8.6	%
West Palm Beach — Boca		5		1,505		100	%		16,936		7,183		9,753					17,123		6,791		10,332					(187	)		-1.1	%		392			5.8	%		(579	)		-5.6	%
		49		12,957		90.7	%		129,767		56,674		73,093		92.0	%		130,334		52,520		77,814		95.3	%		(567	)		-0.4	%		4,154			7.9	%		(4,721	)		-6.1	%
Midwest
Chicago		15		3,849		86	%		43,126		17,904		25,222					40,845		17,889		22,956					2,281			5.6	%		15			0.1	%		2,266			9.9	%
Cincinnati — Dayton		5		1,441		69	%		9,336		3,883		5,453					8,869		4,007		4,862					467			5.3	%		(124	)		-3.1	%		591			12.2	%
Columbus		7		1,820		79	%		11,355		5,257		6,098					10,682		5,651		5,031					673			6.3	%		(394	)		-7.0	%		1,067			21.2	%
Detroit — Ann Arbor		3		1,421		100	%		12,453		6,559		5,894					11,659		6,178		5,481					794			6.8	%		381			6.2	%		413			7.5	%
Grand Rapids — Lansing		11		4,404		77	%		27,022		13,255		13,767					25,273		13,266		12,007					1,749			6.9	%		(11	)		-0.1	%		1,760			14.7	%
Indianapolis		24		9,781		92	%		64,699		31,376		33,323					62,485		30,182		32,303					2,214			3.5	%		1,194			4.0	%		1,020			3.2	%
Minneapolis — St. Paul		4		1,223		84	%		14,064		6,147		7,917					13,267		5,928		7,339					797			6.0	%		219			3.7	%		578			7.9	%
Midwest other		2		704		44	%		2,502		1,142		1,360					2,478		1,132		1,346					24			1.0	%		10			0.9	%		14			1.0	%
		71		24,643		84.8	%		184,557		85,523		99,034		94.4	%		175,558		84,233		91,325		93.8	%		8,999			5.1	%		1,290			1.5	%		7,709			8.4	%
Northeast
Baltimore		9		1,772		87	%		20,629		7,390		13,239					19,306		7,273		12,033					1,323			6.9	%		117			1.6	%		1,206			10.0	%
New England		16		5,745		100	%		79,892		28,727		51,165					78,133		27,876		50,257					1,759			2.3	%		851			3.1	%		908			1.8	%
Philadelphia — New York		13		5,522		87	%		73,332		26,818		46,514					69,511		25,236		44,275					3,821			5.5	%		1,582			6.3	%		2,239			5.1	%
Washington		17		8,890		96	%		115,070		43,473		71,597					110,346		41,145		69,201					4,724			4.3	%		2,328			5.7	%		2,396			3.5	%
		55		21,929		94.1	%		288,923		106,408		182,515		95.8	%		277,296		101,530		175,766		95.5	%		11,627			4.2	%		4,878			4.8	%		6,749			3.8	%
Southeast
Atlanta		6		1,804		88	%		14,642		6,598		8,044					13,228		6,691		6,537					1,414			10.7	%		(93	)		-1.4	%		1,507			23.1	%
Savannah — Augusta		2		416		100	%		3,699		1,515		2,184					3,777		1,305		2,472					(78	)		-2.1	%		210			16.1	%		(288	)		-11.7	%
Columbia — Charleston		2		440		85	%		3,286		1,316		1,970					3,248		1,320		1,928					38			1.2	%		(4	)		-0.3	%		42			2.2	%
Nashville		7		2,166		81	%		16,815		7,082		9,733					15,985		6,977		9,008					830			5.2	%		105			1.5	%		725			8.0	%
Norfolk		9		2,747		84	%		25,845		8,693		17,152					25,283		8,356		16,927					562			2.2	%		337			4.0	%		225			1.3	%
Raleigh — Durham — Chapel Hill		8		2,247		77	%		13,568		6,433		7,135					12,383		6,308		6,075					1,185			9.6	%		125			2.0	%		1,060			17.4	%
Richmond — Petersburg		3		744		91	%		6,846		2,442		4,404					6,255		2,254		4,001					591			9.4	%		188			8.3	%		403			10.1	%
		37		10,564		83.7	%		84,701		34,079		50,622		94.7	%		80,159		33,211		46,948		93.0	%		4,542			5.7	%		868			2.6	%		3,674			7.8	%
Texas
Austin — San Marcos		7		1,497		100	%		12,961		6,367		6,594					11,879		6,059		5,820					1,082			9.1	%		308			5.1	%		774			13.3	%
Dallas — Fort Worth		16		3,710		88	%		26,127		13,091		13,036					24,871		12,698		12,173					1,256			5.1	%		393			3.1	%		863			7.1	%
Houston — Galveston		30		8,008		83	%		53,656		27,870		25,786					50,388		26,575		23,813					3,268			6.5	%		1,295			4.9	%		1,973			8.3	%
San Antonio		8		1,727		100	%		12,118		6,507		5,611					11,763		5,907		5,856					355			3.0	%		600			10.2	%		(245	)		-4.2	%
		61		14,942		87.9	%		104,862		53,835		51,027		94.9	%		98,901		51,239		47,662		93.7	%		5,961			6.0	%		2,596			5.1	%		3,365			7.1	%
West
Colorado Front Range		23		5,109		84	%		40,727		16,690		24,037					38,075		16,125		21,950					2,652			7.0	%		565			3.5	%		2,087			9.5	%
Phoenix — Mesa		14		3,612		93	%		27,444		12,471		14,973					26,300		12,015		14,285					1,144			4.3	%		456			3.8	%		688			4.8	%
Salt Lake City — Ogden		4		1,511		87	%		10,714		3,838		6,876					9,887		3,808		6,079					827			8.4	%		30			0.8	%		797			13.1	%
Seattle		3		364		60	%		2,473		972		1,501					2,209		994		1,215					264			12.0	%		(22	)		-2.2	%		286			23.5	%
West other		5		1,621		100	%		12,410		5,845		6,565					11,890		5,629		6,261					520			4.4	%		216			3.8	%		304			4.9	%
		49		12,217		88.4	%		93,768		39,816		53,952		95.0	%		88,361		38,571		49,790		94.8	%		5,407			6.1	%		1,245			3.2	%		4,162			8.4	%
SAME STORE TOTALS		348		104,109		88.7	%	$	988,063	$	409,175	$	578,888		94.7	%	$	946,715	$	392,741	$	553,974		94.5	%	$	41,348			4.4	%	$	16,434			4.2	%	$	24,914			4.5	%
Reconciliation to total rental and other property revenues and property operating expenses per GAAP income statement [1]									652,443		359,282		293,161					593,785		316,953		276,832
Total rental and other property revenues and property operating expenses per GAAP income statement								$	1,640,506	$	768,457	$	872,049				$	1,540,500	$	709,694	$	830,806

[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 adjustments that would distort results if not adjusted.

AIMCO 4th Quarter 2007 13

Supplemental Schedule 7

Selected Conventional Portfolio Performance Data
(unaudited)

SAME STORE PORTFOLIO PERFORMANCE

	CORE			NON-CORE			TOTAL
Rent, average fourth quarter 2007	$	1,043		$	658		$	886
Occupancy, average fourth quarter 2007		94.8	%		94.6	%		94.7	%
Operating margin		62.1	%		52.1	%		59.1	%
Total number of properties		211			146			357
Total number of units		63,198			43,291			106,489
Effective Units		57,037			37,010			94,047
Percent of total Same Store NOI		73.9	%		26.1	%		100.0	%
4th Quarter 2007 vs. 4th Quarter 2006 Change
Revenue		3.4	%		5.3	%		4.0	%
Expenses		5.3	%		6.2	%		5.7	%
NOI		2.3	%		4.5	%		2.9	%
Sequential, 4th Quarter 2007 vs. 3rd Quarter 2007 Change
Revenue		0.9	%		1.6	%		1.1	%
Expenses		-0.6	%		-3.2	%		-1.5	%
NOI		1.9	%		6.5	%		3.0	%
Full year 2007 vs. 2006 Change
Revenue		4.0	%		5.3	%		4.4	%
Expenses		4.5	%		3.6	%		4.2	%
NOI		3.6	%		7.0	%		4.5	%

TOTAL CONVENTIONAL PORTFOLIO — SUMMARY BY MARKET

				Quarter Ended December 31, 2007						Quarter Ended December 31, 2006
Percent of Total Conventional NOI	CORE			NON-CORE			TOTAL			CORE			NON-CORE			TOTAL
Top 20 Markets
1 Washington		10.7	%		0.0	%		10.7	%		10.2	%		0.0	%		10.2	%
2 Los Angeles-Long Beach-Ventura [1]		9.1	%		0.0	%		9.1	%		8.9	%		0.0	%		8.9	%
3 New England		6.7	%		0.0	%		6.7	%		7.1	%		0.0	%		7.1	%
4 Philadelphia		6.2	%		0.0	%		6.2	%		6.5	%		0.0	%		6.5	%
5 Miami/Fort Lauderdale		6.0	%		0.0	%		6.0	%		5.9	%		0.0	%		5.9	%
6 Chicago		5.3	%		0.6	%		5.9	%		4.8	%		0.5	%		5.3	%
7 Indianapolis/Fort Wayne		0.0	%		4.5	%		4.5	%		0.0	%		4.7	%		4.7	%
8 New York		4.1	%		0.0	%		4.1	%		3.1	%		0.0	%		3.1	%
9 Houston-Galveston		0.0	%		3.6	%		3.6	%		0.0	%		4.0	%		4.0	%
10 Colorado Front Range		3.1	%		0.2	%		3.3	%		3.0	%		0.2	%		3.2	%
11 Phoenix-Mesa		2.8	%		0.1	%		2.9	%		2.9	%		0.2	%		3.1	%
12 Tampa-St. Petersburg		2.1	%		0.8	%		2.9	%		2.2	%		0.8	%		3.0	%
13 Norfolk		2.8	%		0.0	%		2.8	%		2.8	%		0.0	%		2.8	%
14 Orlando-Daytona		2.5	%		0.2	%		2.7	%		3.6	%		0.3	%		3.9	%
15 San Diego		2.6	%		0.0	%		2.6	%		2.4	%		0.0	%		2.4	%
16 Grand Rapids-Lansing		0.0	%		2.2	%		2.2	%		0.0	%		1.8	%		1.8	%
17 Orange County-Riverside		2.0	%		0.0	%		2.0	%		2.4	%		0.0	%		2.4	%
18 Bay Area		1.8	%		0.0	%		1.8	%		0.8	%		0.0	%		0.8	%
19 Atlanta		1.8	%		0.0	%		1.8	%		1.6	%		0.0	%		1.6	%
20 Dallas-Ft Worth		0.0	%		1.7	%		1.7	%		0.0	%		1.9	%		1.9	%
Subtotal Top 20 markets		69.6	%		13.9	%		83.5	%		68.2	%		14.4	%		82.6	%
All other markets (22 in 2007 and 38 in 2006)		8.0	%		8.5	%		16.5	%		7.6	%		9.8	%		17.4	%
Total Conventional NOI		77.6	%		22.4	%		100.0	%		75.8	%		24.2	%		100.0	%
Rent, average fourth quarter	$	1,085		$	660		$	931		$	1,037		$	637		$	874
Occupancy, average fourth quarter		93.2	%		94.3	%		93.6	%		93.4	%		94.0	%		93.7	%
Total number of properties		284			155			439			270			199			469
Total number of units		82,165			45,367			127,532			81,044			54,245			135,289
Effective Units		74,226			38,332			112,558			71,689			43,058			114,747
Average home value [2]	$	344,422		$	176,148		$	285,144
REIS growth rate (4 year weighted average) [3]		3.3	%		3.0	%		3.3	%
Number of markets		27			15			42

[1]	NOI is calculated with the Palazzo properties at 100% ownership for the periods presented. As a result of the sale of a 47% interest in these properties on December 21, 2007, the NOI contribution from the Los Angeles-Long Beach-Ventura market will decrease in the first quarter of 2008.
[2]	ESRI — 2006 demographic data
[3]	Source: REIS, based on Q4 2007 forecasted data

AIMCO 4th Quarter 2007 14

Supplemental Schedule 8

Property Sales and Acquisition Activity
(unaudited)

FOURTH QUARTER 2007 PROPERTY SALES ACTIVITY (dollars in millions, except average rent) [4]

	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		8		1,675	$	75.2		5.6	%	$	27.0	$	43.9	$	43.7	$	24.1	$	612
Affordable		10		689		26.3		5.2	%		21.4		4.3		23.1		3.6	$	635
Total Dispositions		18		2,364	$	101.5		5.5	%	$	48.4	$	48.2	$	66.8	$	27.7	$	619

YEAR-TO-DATE 2007 PROPERTY SALES ACTIVITY (dollars in millions, except average rent) [4]

	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		46		9,068		398.2		5.5	%	$	177.4	$	181.4	$	222.1	$	125.5	$	604
Affordable [3]		30		2,825		89.0		4.9	%		59.5		25.1		52.7		15.4		575
Total Dispositions		76		11,893	$	487.2		5.4	%	$	236.9	$	206.5	$	274.8	$	140.9	$	597

[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.
[4]	During December 2007, Aimco sold an approximate 47% interest in a partnership owning three previously wholly-owned properties, including The Palazzo at Park La Brea, The Palazzo East at Park La Brea and The Villas at Park La Brea, to the Palazzo JV for approximately $202.0 million. In accordance with GAAP, Aimco did not recognize a gain on this transaction and will continue to consolidate the properties, which are excluded from the property sales activity above.

FOURTH QUARTER 2007 PROPERTY ACQUISITION ACTIVITY (dollars in millions, except average rent)

Number

Number

Gross

Ownership

of

of

Purchase

Property

Average

Percent

Properties

Units

Price

Debt

Rent

Conventional

100

%

1

9

$

1.3

$

0.5

$

1,304

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

Number

Number

Gross

Ownership

of

of

Purchase

Property

Average

Percent

Properties

Units

Price

Debt

Rent

Conventional [2]

100

%

16

1,314

$

208.0

$

62.7

$

1,123

[1]

In addition to the 16 properties acquired from third parties during the year ended December 31, 2007, Aimco acquired seven properties from VMS National Properties Joint Venture, a consolidated real estate partnership in which Aimco held a 22% interest prior to the transaction. The portion of the Venture’s real estate not owned by Aimco prior to the transaction was acquired in exchange for consideration totaling $179.4 million.

[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 4th Quarter 2007 15

Supplemental Schedule 9
Capital Expenditures
Year Ended December 31, 2007
(in thousands, except per unit data)
(unaudited)

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

The table below details Aimco’s share of actual spending, on both consolidated and unconsolidated real estate partnerships, for Capital Replacements, Capital Improvements, casualties, redevelopment and entitlement for the year ended December 31, 2007. Per unit numbers are based on approximately 132,862 average units, including 115,046 conventional and 17,817 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	$	43,579		$	328
Turnover related		45,635			343
Capitalized site payroll and indirect costs		13,398			101
Total Aimco’s share of Capital Replacements	$	102,612		$	772
Capital Replacements:
Conventional	$	95,329		$	829
Affordable		7,283		$	409
Total Aimco’s share of Capital Replacements		102,612		$	772
Capital Improvements:
Conventional		113,977		$	991
Affordable		9,684		$	544
Total Aimco’s share of Capital Improvements		123,661		$	931
Casualties:
Conventional		11,404
Affordable		1,313
Total Aimco’s share of Casualties [2]		12,717
Redevelopment (see Schedule 10):
Active Conventional projects		283,637
Active Tax Credit projects		49,725
Pre-construction and other activities [3]		19,455
Total Aimco’s share of Redevelopment		352,817
Entitlement [4]		26,304
Total Aimco’s share of capital expenditures		618,111
Plus minority partners’ share of consolidated spending		72,358
Less Aimco’s share of unconsolidated spending		(750	)
Capital expenditures per consolidated statement of cash flows	$	689,719

[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, 2007 net book values of approximately $189 million and $30 million, respectively.

AIMCO 4th Quarter 2007 16

Supplemental Schedule 10

Summary of Redevelopment Activity
Year Ended December 31, 2007
(dollars in millions)
(unaudited)

										Actual Expenditures
													Year Ended
							Total						December 31, 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		$	408.5		$	210.8	$	183.9
New redevelopment projects started during period		19			6,890			306.5			108.4			108.4		99.7
Changes in project scope and estimated costs								50.6
Redevelopment projects during period		64			25,518			874.4			516.9			319.2		283.6
Projects completed during period		(16	)		(6,077	)		(118.1	)		(118.1	)
Active redevelopment projects at December 31, 2007 [1]		48			19,441			756.3			398.8
TAX CREDIT REDEVELOPMENT PROJECTS
Active redevelopment projects at December 31, 2006		5			706			26.6			17.7			18.2		15.8
New redevelopment projects started during period		7			1,160			87.4			34.0			34.0		34.0
Changes in project scope and estimated costs								2.6
Redevelopment projects during period		12			1,866			116.6			51.7			52.2		49.8
Projects completed during period		(1	)		(151	)		(3.6	)		(3.6	)
Active redevelopment projects at December 31, 2007		11			1,715			113.0			48.1
TOTAL ACTIVE REDEVELOPMENT PROJECTS		59			21,156		$	869.3		$	446.9
YEAR-TO-DATE REDEVELOPMENT EXPENDITURES													$	371.4	$	333.4

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

AIMCO 4th Quarter 2007 17

Supplemental Schedule 11

Aimco Capital
(in thousands, unaudited)

Asset Management and Transaction Income

	Three Months Ended						Year Ended
	December 31,						December 31,
	2007			2006			2007			2006
Activity fees and asset management revenues:
Current asset management [1]	$	852		$	(611	)	$	2,651		$	1,985
Deferred asset management [2]		8,912			30			11,924			4,001
Promotes		6,603			3,462			16,549			6,945
Other GP transactional fees		1,549			1,970			4,842			7,271
Total asset management revenues		17,916			4,851			35,966			20,202
Tax credit syndication fees [3]		9,286			9,181			13,892			12,696
Deferred tax credit income [4]		6,999			2,550			23,897			15,995
Total tax credit revenues		16,285			11,731			37,789			28,691
Total activity fees and asset management revenues		34,201			16,582			73,755			48,893
Accretion on discounted notes receivable [5]		2,053			5,057			6,490			6,720
Flamingo option termination fees		—			—			6,000			—
Land gains		987			2,266			987			11,525
Other income [6]		1,571			1,188			5,745			3,355
Total asset management and transaction revenue		38,812			25,093			92,977			70,493
Activity and asset management expenses		(5,345	)		(5,819	)		(23,102	)		(17,342	)
Net asset management and transaction income (pre-tax)		33,467			19,274			69,875			53,151
Income taxes [7]		(4,720	)		(5,939	)		(11,032	)		(12,380	)
Net asset management and transaction income (after tax)	$	28,747		$	13,335		$	58,843		$	40,771

Summary of Projected Tax Credit Income as of December 31, 2007

	Year Ending December 31,
	2008			2009			2010			2011			2012			Thereafter			Total
Amortization of deferred income [8]	$	25,932		$	25,690		$	24,953		$	24,373		$	24,121		$	93,265		$	218,334
Income taxes [9]		(10,113	)		(10,019	)		(9,732	)		(9,505	)		(9,407	)		(36,373	)		(85,149	)
Projected income, net of tax	$	15,819		$	15,671		$	15,221		$	14,868		$	14,714		$	56,892		$	133,185

Notes

[1]	Current asset management fees represent income earned in exchange for asset management services provided to third parties.
[2]	Deferred asset management fees represent asset management fees earned in prior periods, the collectibility of which was deemed uncertain, and such fees were therefore deferred. Fees are recognized in income when collectibility is probable and reasonably estimable as a result of a completed or pending transaction which generates a reliable source of payment.
[3]	Aimco receives a fee for the syndication of tax credit partnerships which is earned and paid upon completion of the syndication.
[4]	Aimco earns tax credit income in connection with the transfer of tax credits to tax credit investors, a significant portion of which is paid simultaneously with the completion of the syndication. The balance is generally paid within 12 to 24 months. See Summary of Projected Tax Credit Income.
[5]	Aimco holds certain loans extended by predecessors whose positions we generally acquired at a discount. Interest income on these discounted notes is recognized at such time when the collectibility of the income is probable and reasonably estimable as a result of a completed or pending transaction which generates a reliable source of repayment.
[6]	Other income consists primarily of consideration received in exchange for the transfer of certain property rights.
[7]	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.
[8]	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.
[9]	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 4th Quarter 2007 18

Supplemental Schedule 12

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

	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Conventional Real Estate Portfolio:
Wholly-owned consolidated properties		288		80,719		80,719		100	%
Partially-owned consolidated properties		149		46,081		31,575		69	%
Partially-owned unconsolidated properties		2		732		264		36	%
Total		439		127,532		112,558		88	%
Affordable Real Estate Portfolio:
Wholly-owned consolidated properties		84		11,671		11,671		100	%
Partially-owned consolidated properties		136		15,287		5,253		34	%
Partially-owned unconsolidated properties		92		10,146		1,923		19	%
Total		312		37,104		18,847		51	%
Total Owned Real Estate Portfolio:
Wholly-owned consolidated properties		372		92,390		92,390		100	%
Partially-owned consolidated properties		285		61,368		36,828		60	%
Partially-owned unconsolidated properties		94		10,878		2,187		20	%
Total		751		164,636		131,405		80	%
Management Contracts:
Property-managed for third parties		36		3,228
Asset-managed		382		35,176
Total		418		38,404
Total Portfolio		1,169		203,040

AIMCO 4th Quarter 2007 19

Special Supplement to Fourth Quarter 2007 Earnings Release (continued)

2007 Special Dividend

As announced on December 21, 2007, the Aimco Board of Directors declared a special dividend of $2.51 per share of Class A Common Stock, paid on January 30, 2008, to stockholders of record on December 31, 2007. The special dividend was paid in a combination of approximately $55.0 million of cash and 4.6 million additional shares of Class A Common Stock based on stockholder elections, subject to certain limitations. The dividend is taxable to the stockholders in 2007 without regard to whether a particular stockholder received the dividend in the form of cash or shares. The special dividend allowed Aimco to satisfy its REIT distribution requirement while preserving cash for other corporate purposes, including share repurchases.

A portion of the special dividend in the amount of $0.60 per share represents an accelerated payment of the dividend for the quarter ended December 31, 2007, and a portion represents an additional dividend in the amount of $1.91 based on taxable gains arising from property dispositions during 2007. Summarized results of the special dividend payment are as follows:

• The market value per share of Class A Common Stock for purposes of the special dividend, $38.71, was based on the average closing price per share of our Class A Common Stock on the New York Stock Exchange on January 23 and 24, 2008.

• To stockholders electing to receive the special dividend in all stock, Aimco paid the dividend in shares.

• To stockholders electing to receive the special dividend in all cash, Aimco paid the dividend in the form of $0.80811289 per share in cash and $1.70188711 per share in stock.

• To stockholders failing to make an election, Aimco paid the special dividend in the form of $0.6024 per share in cash and $1.9076 per share in stock.

• To stockholders making a mixed election, Aimco paid the special dividend in a combination of cash and stock subject to stockholder election and the cash limitation described in the prospectus filed with the Securities and Exchange Commission on January 2, 2008.

• Aimco paid fractional shares in the form of cash.

Generally Accepted Accounting Principles require that all reported per share data, for current and prior periods, be adjusted to reflect the issuance of the shares described above. The following table provides Aimco’s reported fourth quarter and full year 2007 and 2006 results and the same results excluding the effect of the additional shares:

	Three Months Ended					Year Ended
	December 31,					December 31,
	2007			2006		2007			2006
Financial Results
Earnings (loss) — EPS, excluding special dividend	$	(0.28	)	$	0.69	$	(0.38	)	$	1.00
Earnings (loss) — EPS, including special dividend	$	(0.27	)	$	0.66	$	(0.36	)	$	0.95
Funds from operations — FFO, excluding special dividend	$	0.86		$	0.88	$	3.32		$	3.04
Funds from operations — FFO, including special dividend	$	0.83		$	0.84	$	3.17		$	2.90
FFO before impairment and preferred redemption charges, excluding special dividend	$	0.92		$	0.88	$	3.41		$	3.09
FFO before impairment and preferred redemption charges, including special dividend	$	0.88		$	0.84	$	3.25		$	2.95
Adjusted funds from operations — AFFO, excluding special dividend	$	0.65		$	0.73	$	2.45		$	2.39
Adjusted funds from operations — AFFO, including special dividend	$	0.62		$	0.70	$	2.34		$	2.28
Calculation of Weighted Average Shares
Earnings (loss) — EPS
Weighted average common shares — diluted, excluding the special dividend		93,463			95,715		95,106			95,758
Weighted average common shares — diluted attributable to the special dividend		4,523			4,530		4,523			4,522
Weighted average common shares — diluted, including the special dividend		97,986			100,245		99,629			100,280
Funds from operations — FFO
Weighted average common shares — diluted, excluding the special dividend		96,437			99,906		97,983			98,522
Weighted average common shares — diluted attributable to the special dividend		4,672			4,704		4,643			4,714
Weighted average common shares — diluted, including the special dividend		101,109			104,610		102,626			103,236
FFO before impairment and preferred redemption charges
Weighted average common shares — diluted, excluding the special dividend		96,437			99,906		97,983			98,536
Weighted average common shares — diluted attributable to the special dividend		4,672			4,704		4,643			4,714
Weighted average common shares — diluted, including the special dividend		101,109			104,610		102,626			103,250
Adjusted funds from operations — AFFO
Weighted average common shares — diluted, excluding the special dividend		94,371			99,834		97,421			98,451
Weighted average common shares — diluted attributable to the special dividend		4,570			4,700		4,621			4,710
Weighted average common shares — diluted, including the special dividend		98,941			104,534		102,042			103,161

AIMCO 4th Quarter 2007 20

Glossary

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

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

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.)

AIMCO 4th Quarter 2007 21

Glossary (continued)

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

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

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

AIMCO 4th Quarter 2007 22