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): August 1, 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 August 1, 2008, attached hereto as Exhibit 99.1 is furnished herewith. Aimco will hold its second quarter 2008 earnings conference call on August 1, 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/Overview.aspx by clicking on the Webcast link. Alternatively, you may join the conference call by telephone by dialing 800-860-2442, or 412-858-4600 for international callers, and indicating you wish to join the Apartment Investment and Management Company Second Quarter 2008 earnings conference call. 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 seven days on Aimco’s website or by dialing 877-344-7529 (412-317-0088 for international callers) and using passcode 421210. Please note that the full text of the press release and supplemental schedules are available through Aimco’s website at www.aimco.com/CorporateInformation and click on Quarterly Earnings Releases under the Investor Information Menu. 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	Second Quarter 2008 Earnings Release dated August 1, 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: August 1, 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	Second Quarter 2008 Earnings Release dated August 1, 2008

EX-99.1

Exhibit 99.1

Denver, Colorado - August 1, 2008

Apartment Investment and Management Company
Announces Second Quarter 2008 Results

SUMMARY FINANCIAL RESULTS: Apartment Investment and Management Company (Aimco) (NYSE:AIV) today announced results for the second quarter 2008. In accordance with Generally Accepted Accounting Principles (GAAP), all previously reported share and per share data has been adjusted to take into account the special dividend 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 income attributable to common stockholders for the quarter was $242.4 million, compared with $3.0 million for the second quarter 2007. Higher results were driven primarily by higher gains on dispositions of real estate and other of $289.3 million, higher investment management income, net of tax, of $20.4 million and higher property net operating income of $6.7 million. These items were partially offset by lower income from discontinued operations (excluding gains on dispositions of real estate) of $40.7 million, higher interest expense of $6.8 million and higher other expenses of $8.6 million. Earnings per share (EPS) attributable to common stockholders was $2.76 on a diluted basis, compared with $0.03 per share in the second quarter 2007.

• 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 $75.6 million, or $0.83 per share, compared with $87.3 million, or $0.84 per share, in the second quarter 2007. FFO before impairment losses was $81.5 million, or $0.90 per share, which was $0.09 per share higher than the mid-point of guidance for the quarter. Higher investment management income, net of tax, contributed $0.16 per share to the FFO outperformance and Same Store operating results contributed an additional $0.02 per share. Other expenses were $0.11 per share higher than expected, primarily due to: the write-off of certain communications hardware and capitalized costs associated with a discontinued technology infrastructure project; and certain litigation settlements and reserves.

• Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $58.2 million, or $0.66 per share, compared with $63.6 million, or $0.61 per share, in the second quarter 2007. AFFO includes deductions of $0.24 and $0.23 per share for capital replacement expenditures in the second quarter 2008 and the second quarter 2007, respectively.

Diluted Per Share Results

	SECOND QUARTER
	2008		2007 Adjusted*
Earnings - EPS	$	2.76	$	0.03
Funds from operations - FFO	$	0.83	$	0.84
FFO before impairment losses**	$	0.90	$	0.84
Adjusted funds from operations - AFFO	$	0.66	$	0.61

*	Adjusted to reflect January 30, 2008, special dividend, see Special Supplement following the Outlook schedule in this earnings release for additional details.
**	During the second quarter, Aimco recognized impairment losses, net of Minority interest in Aimco Operating Partnership, of $5.9 million.

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

AIMCO 2nd Quarter 2008 Page 1

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “Property operations had a solid quarter with conventional same-store net operating income growth of 4.4%. Our redevelopment and capital investments are driving improved asset quality with more than $280 million invested in our properties year-to-date. Through our portfolio management activities, we continue to reallocate capital among our target markets and to improve portfolio quality. As we look forward to the balance of 2008, we are maintaining our focus on these core value-creating strategies.”

Chief Financial Officer Tom Herzog adds:  “Second quarter FFO, before impairment losses, was $0.90 per share, or $0.09 above the mid-point of guidance. Positive results for the quarter included higher same-store operating results and investment management income, partially offset by several non-recurring items including the write-off of certain capitalized IT project costs and litigation costs. During the second quarter and through July, Aimco repurchased a total of 6.8 million shares of its Common Stock for $252.9 million, or an average price of $37.01 per share. We are establishing third quarter FFO guidance of $0.86 to $0.90 per share and increasing our full year FFO guidance from $3.22 to $3.38 per share to $3.33 to $3.43 per share.”

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 second quarter 2008, this portfolio included 397 properties with 114,687 units in which Aimco had a weighted average ownership of 89%. During the second quarter 2008, conventional real estate operations generated net operating income of $162.7 million.

“Same Store” Results

In the second quarter 2008, the Same Store portfolio included 302 communities with 81,293 Effective Units (see the Glossary) based on Aimco’s weighted average ownership of 90% (See Supplemental Schedules 6a through 6c).

Comparing Same Store results in the second quarter 2008 with the second quarter 2007, total revenue increased $4.6 million, or 2.1%. The increase in revenue was primarily generated by higher average rent, up $21 per unit, or 2.3%, from $897 per unit to $918 per unit, higher occupancy, which was up 10 basis points from 94.7% to 94.8%. Same Store expenses of $90.8 million decreased $1.2 million, or 1.3%, compared with the prior year, primarily due to decreases in personnel and related expenses. Same Store portfolio net operating income was $138.9 million for the second quarter 2008, up 4.4% from the second quarter 2007.

Same Store Operating Results

	SECOND QUARTER
	Year-over-year									Sequential
	2008			2007			Variance			1st Qtr			Variance
Same Store Operating Measures
Average Physical Occupancy		94.8	%		94.7	%		0.1	%		94.7	%		0.1	%
Average Rent Per Unit	$	918		$	897			2.3	%	$	914			0.4	%
Total Same Store ($mm)
Revenue	$	229.7		$	225.1			2.1	%	$	229.2			0.2	%
Expenses		(90.8	)		(92.0	)		-1.3	%		(93.5	)		-2.8	%
NOI ($mm)	$	138.9		$	133.1			4.4	%	$	135.7			2.4	%

AIMCO 2nd Quarter 2008 Page 2

Comparing Same Store results on a sequential basis, total revenue increased $0.5 million, or 0.2%, in the second quarter 2008 compared with the first quarter 2008, driven by a $4 per unit increase in average rental rates and an increase in occupancy of 10 basis points, partially offset by lower utility reimbursements. Expenses decreased $2.7 million, or 2.8%, primarily due to lower personnel expenses, utilities, real estate taxes and insurance, partially offset by higher turnover costs, repairs and maintenance costs and contract services. Net operating income increased $3.2 million, or 2.4%, on a sequential basis.

Affordable Real Estate Operations

Aimco is among the nation’s largest owners and operators of affordable apartment communities. At the end of the second quarter 2008, Aimco’s owned affordable portfolio included 308 properties with 36,725 units in which Aimco had an average ownership of 51%. During the second quarter 2008, affordable property operations generated net operating income of $22.2 million. Average month-end occupancy for the affordable portfolio increased 20 basis points from 97.8% for the second quarter 2007 to 98.0% for the second quarter 2008, while average rent per unit increased 3.4% from $739 to $764 per unit.

Investment Management

Investment management includes portfolio strategy, capital allocation, joint ventures, tax credit syndication, acquisitions, dispositions and other transaction activities. Within our owned portfolio, we refer to these activities as Portfolio Management and their benefit is seen in property operating results and in investment gains. For affiliated partnerships, we refer to these activities as Asset Management for which we are separately compensated through fees paid by third party investors.

Investment management income includes the fees earned for providing asset management services to third party investors, syndication fees and deferred income related to tax credit activities, and portfolio management income earned through investment gains on our owned assets. Consolidated investment management income, net of tax, was $29.2 million in the second quarter 2008 compared to $8.8 million in the second quarter 2007. See Supplemental Schedule 11 for additional information on investment management income.

Portfolio Management

Portfolio management includes the ongoing allocation of investment capital to meet our geographic and product type goals. Our geographic allocation strategy focuses on the largest 20 U.S. markets as measured by total market capitalization. We believe these markets to be deep, relatively liquid and possessing desirable long-term growth characteristics. They are primarily coastal markets, and also include a number of Sun Belt cities and Chicago, Illinois. We may also invest in other markets on an opportunistic basis. As we implement this strategy, we expect to reduce our investment in markets outside the largest 20 markets and to increase our investment in the largest 20 markets both by making acquisitions and through redevelopment spending.

See Supplemental Schedules 6 and 7 for additional details regarding Aimco’s portfolio allocation.

ACQUISITIONS – During the second quarter 2008, Aimco acquired Monterey Grove Apartments with 224 units, located in San Jose, California, for $56.0 million, or $250,000 per unit.

DISPOSITIONS – Aimco regularly reviews its portfolio to identify properties that do not meet its long-term investment criteria. In the second quarter 2008, Aimco sold 40 conventional properties and one affordable property with 12,662 and 240 units, respectively, for $921.5 million in gross proceeds (Aimco share $787.6 million). Aimco’s share of net proceeds after repayment of existing property debt and transaction costs was $367.8 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 $314.2 million for the second quarter 2008, compared with gains of $24.9 million for the second quarter 2007.

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

AIMCO 2nd Quarter 2008 Page 3

Redevelopment

Aimco actively reinvests in and upgrades its portfolio through property redevelopments. At the end of the second quarter 2008, Aimco had 44 active conventional redevelopment projects and 18 active tax credit redevelopment projects in process. Aimco’s share of total redevelopment expenditures was $81.3 million during the second quarter 2008. Conventional redevelopment project expenditures totaled $61.6 million and tax credit redevelopment project expenditures totaled $19.7 million for the quarter. Further information on redevelopment projects is provided in Supplemental Schedule 10.

Additional Financial Information

INTEREST INCOME – Consolidated interest income was $0.7 million for the second quarter 2008 compared with $10.1 million for the second quarter 2007. 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. The decrease in interest income of $9.4 million is the result of lower interest rates, the repayment of certain high yielding notes receivable from unconsolidated partnerships in the second quarter 2007 and an adjustment to accretion of discounted notes receivable.

DEBT ACTIVITY – During the six months ended June 30, 2008, Aimco closed loans on 47 properties generating gross proceeds of $443.3 million at a weighted average interest rate of 5.41%. This included refinancing $151.2 million in existing mortgage loans. After repayment of existing property debt, transaction costs and distributions to limited partners, Aimco’s share of net proceeds was $255.5 million.

As of June 30, 2008, Aimco had $7.4 billion of consolidated debt outstanding, which consisted of: $5.6 billion of fixed rate mortgage debt; $1.7 billion of floating rate property and corporate debt; and $87.8 million of other borrowings. In addition, Aimco had $100.0 million of floating rate preferred stock outstanding. The fixed and floating rate property debt is primarily non-recourse. Aimco’s FFO exposure to changes in floating interest rates is mitigated by $684.3 million of tax-exempt bonds with rates tied to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA) (previously named 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 $102.4 million for the second quarter 2008 compared with $95.6 million for the second quarter 2007. The $6.8 million increase in interest expense is the result of higher balances on property debt, partially offset by lower weighted average interest rates.

STOCKHOLDERS’ EQUITY – During the second quarter 2008, Aimco repurchased approximately 3.9 million shares of its Class A Common Stock at an average price of $38.91 per share for a total cost of $152.9 million.

During the month of July 2008, Aimco repurchased approximately 2.9 million shares of its Class A Common Stock at an average price of $34.45 per share for a total cost of $100.0 million. Since Aimco began repurchasing shares during the third quarter 2006, the company has repurchased approximately 21.7 million shares, or approximately 22% of shares outstanding on June 30, 2006, at an average price of $40.15 per share for a total cost of $869.6 million.

Although for financial statement purposes GAAP requires that historical share repurchases be restated to reflect shares issued in connection with the special dividend paid on January 30, 2008, the number of shares repurchased as described above has not been adjusted.

We are currently authorized to repurchase approximately 21.3 million additional shares. Repurchases may be made from time to time in the open market or in privately negotiated transactions.

G&A – General and administrative expenses for the second quarter 2008 of $27.1 million increased $3.0 million when compared with the second quarter 2007 primarily due to personnel and related costs.

AIMCO 2nd Quarter 2008 Page 4

Outlook

For the third quarter 2008, FFO, before impairment losses and preferred redemption charges, is expected to be in a range from $0.86 to $0.90 per share and we are increasing our full year FFO guidance from a range of $3.22 to $3.38 per share to a range of $3.33 to $3.43 per share. Please refer to the Outlook Schedule, which follows the Consolidated Financial Statements in this release, for more detail on third quarter and full year 2008 guidance.

Dividends on Common Stock

As announced on July 18, 2008, the Aimco Board of Directors declared a special dividend of $3.00 per share of Class A Common Stock, to be paid on August 29, 2008, to stockholders of record on July 28, 2008. A portion of the special dividend in the amount of $0.60 per share represents payment of the regular dividend for the quarter ended June 30, 2008, and a portion represents an additional dividend payment in the amount of $2.40 per share associated with actual and projected taxable gains arising from property dispositions in 2008.

The special dividend will be payable in a combination of cash and additional shares of Class A Common Stock. The aggregate amount of cash payable to stockholders in the special dividend, other than cash payable in lieu of fractional shares, is not expected to exceed $51.3 million. Subject to this limitation on the aggregate amount of cash payable, stockholders will have the option to make an election to receive payment of the special dividend in cash or in shares, except that cash will be paid in lieu of fractional shares. Stockholders who do not make an election, or elect to receive the special dividend in all cash, will receive payment in the form of at least $0.60 per share in cash.

A prospectus and election form will be mailed to stockholders on or about August 4, 2008, and will describe in more detail the terms of the special dividend, including the ability of stockholders to elect to receive the special dividend in the form of cash or shares of Aimco’s Class A Common Stock, and a limitation on the aggregate amount of cash to be included in the special dividend. The election must be made prior to 5:00 p.m. Eastern time on August 20, 2008.

Aimco expects the special dividend to be a taxable dividend to its stockholders, without regard to whether a particular stockholder receives the dividend in the form of cash or shares. It therefore allows Aimco to satisfy its REIT distribution requirement while preserving cash for other corporate purposes, including share repurchases.

Share and per share amounts disclosed in the accompanying earnings release and supplemental schedules have not been retroactively adjusted for the effect of shares to be issued pursuant to this special dividend, as the number of shares is not presently determinable. Such retroactive adjustments will be reflected in earnings releases and financial information prepared subsequent to the payment date.

Cash dividends declared on Class A Common Stock attributable to the six months ended June 30, 2008, totaled $1.20 per share, or 100% of AFFO (undiluted) and 74% of FFO (diluted), on a per share basis, and a 7.0% cash yield based on the $34.06 closing price of Aimco’s Class A Common Stock on June 30, 2008. Cash dividends attributable to the six months ended June 30, 2008, include that portion of the July 2008 special dividend which represents payment of the regular dividend for the second quarter 2008.

Earnings Conference Call

Please join Aimco management for the Second Quarter 2008 earnings conference call to be held Friday, August 1, 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 www.aimco.com/CorporateInformation/Overview.aspx. Alternatively, you may join the conference call via telephone by dialing 800.860.2442, or 412.858.4600 for international callers, and indicating that you wish to join the Apartment Investment and Management Company Second Quarter 2008 earnings conference call. If you are unable to join the live conference call, you may access the conference call replay for seven days by dialing 877.344.7529, or 412.317.0088 for international callers, passcode 421210, or you may access the audiocast replay by clicking on the Webcasts link on Aimco’s website at www.aimco.com/CorporateInformation/About/Financial/news.aspx.

AIMCO 2nd Quarter 2008 Page 5

Supplemental Information

The full text of this release and the Supplemental Information referenced in this release is available on Aimco’s Website at the link http://www.aimco.com/CorporateInformation/About/Financial/QEarnRelease.aspx.

Forward-looking Statements

This earnings release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of second 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 fee income as anticipated. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors that are beyond the control of Aimco including, without limitation: natural disasters and 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. In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on our ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership. Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2007, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances. This press release does not constitute an offer of any securities for sale.

About Aimco

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

AIMCO 2nd Quarter 2008 Page 6

GAAP Income Statements

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
REVENUES:
Rental and other property revenues	$	384,191		$	372,289		$	768,354		$	734,645
Property management revenues, primarily from affiliates		1,415			1,271			3,519			3,367
Asset management and tax credit revenues		38,175			15,178			51,027			26,808
Total revenues		423,781			388,738			822,900			764,820
OPERATING EXPENSES:
Property operating expenses		174,158			168,992			361,441			336,618
Property management expenses		1,187			2,452			2,457			3,935
Investment management expenses		5,728			5,521			10,017			9,987
Depreciation and amortization		120,692			110,743			239,086			221,923
General and administrative expenses		27,064			24,024			48,488			46,100
Other expenses (income), net		5,459			(3,128	)		10,297			(379	)
Total operating expenses		334,288			308,604			671,786			618,184
Operating income		89,493			80,134			151,114			146,636
Interest income		718			10,107			9,114			20,154
Provision for losses on notes receivable		(534	)		(735	)		(1,693	)		(2,278	)
Interest expense		(102,365	)		(95,578	)		(203,677	)		(190,586	)
Deficit distributions to minority partners		(1,265	)		(1,554	)		(5,276	)		(2,482	)
Equity in (losses) earnings of unconsolidated real estate partnerships		(843	)		930			(1,872	)		(2,055	)
Real estate impairment losses		(2,518	)		—			(2,518	)		—
Gain on dispositions of unconsolidated real estate and other		139			602			129			1,695
Gain on extinguishment of debt		—			—			—			19,373
Loss before minority interests and discontinued operations		(17,175	)		(6,094	)		(54,679	)		(9,543	)
Minority interests:
Minority interest in consolidated real estate partnerships		(2,352	)		(85	)		4,590			(3,793	)
Minority interest in Aimco Operating Partnership, preferred [1]		(1,925	)		(1,782	)		(3,707	)		(3,564	)
Minority interest in Aimco Operating Partnership, common [1]		3,437			2,240			7,908			4,661
Total minority interests		(840	)		373			8,791			(2,696	)
Loss from continuing operations		(18,015	)		(5,721	)		(45,888	)		(12,239	)
Income from discontinued operations, net [3]		274,054			25,050			277,381			56,776
Net income		256,039			19,329			231,493			44,537
Net income attributable to preferred stockholders		13,670			16,346			27,878			32,694
Net income attributable to common stockholders	$	242,369		$	2,983		$	203,615		$	11,843
Weighted average common shares outstanding [2]		87,790			100,494			89,381			100,494
Weighted average common shares and common share equivalents outstanding [2]		87,790			100,494			89,381			100,494
Earnings (loss) per common share — basic [2]:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.36	)	$	(0.22	)	$	(0.83	)	$	(0.45	)
Income from discontinued operations		3.12			0.25			3.11			0.57
Net income attributable to common stockholders	$	2.76		$	0.03		$	2.28		$	0.12
Earnings (loss) per common share — diluted [2]:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.36	)	$	(0.22	)	$	(0.83	)	$	(0.45	)
Income from discontinued operations		3.12			0.25			3.11			0.57
Net income attributable to common stockholders	$	2.76		$	0.03		$	2.28		$	0.12

AIMCO 2nd Quarter 2008 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 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						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
Rental and other property revenues	$	36,207		$	54,288		$	76,661		$	113,452
Property operating expenses		(19,606	)		(25,774	)		(40,214	)		(56,990	)
Depreciation and amortization		(5,884	)		(12,662	)		(15,939	)		(26,985	)
Other expenses, net		(2,271	)		(651	)		(2,498	)		(1,885	)
Operating Income		8,446			15,201			18,010			27,592
Interest income		39			367			340			782
Interest expense		(5,383	)		(9,842	)		(12,695	)		(22,607	)
Gain on extinguishment of debt		—			—			—			22,852
Minority interest in consolidated real estate partnerships		257			35			174			(2,064	)
Income before gain on dispositions of real estate, impairment losses, deficit distributions to minority partners, income taxes and minority interest in Aimco Operating Partnership		3,359			5,761			5,829			26,555
Gain on dispositions of real estate, net of minority partners’ interest		314,025			24,311			315,350			39,901
Real estate impairment (losses) recoveries, net		(4,018	)		60			(4,018	)		(783	)
Recovery of deficit distributions (deficit distributions) to minority partners		7,701			81			7,510			(321	)
Income tax arising from disposals		(17,149	)		(2,597	)		(17,063	)		(2,761	)
Minority interest in Aimco Operating Partnership		(29,864	)		(2,566	)		(30,227	)		(5,815	)
Income from discontinued operations	$	274,054		$	25,050		$	277,381		$	56,776

AIMCO 2nd Quarter 2008 Page 8

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)

	June 30, 2008			December 31, 2007
ASSETS
Buildings and improvements	$	9,275,563		$	8,944,353
Land		2,551,108			2,542,322
Accumulated depreciation		(2,962,147	)		(2,747,403	)
NET REAL ESTATE		8,864,524			8,739,272
Cash and cash equivalents		330,163			210,461
Restricted cash		316,892			316,233
Accounts receivable		78,439			71,463
Accounts receivable from affiliates		32,420			34,958
Deferred financing costs		68,768			74,166
Notes receivable from unconsolidated real estate partnerships		31,869			35,186
Notes receivable from non-affiliates		147,635			143,054
Investment in unconsolidated real estate partnerships		106,388			117,217
Other assets		192,851			207,857
Deferred income tax asset, net		11,059			14,426
Assets held for sale		145,670			642,239
TOTAL ASSETS	$	10,326,678		$	10,606,532
LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	910,300		$	901,985
Property loans payable		5,809,951			5,563,703
Term loans		475,000			475,000
Credit facility		145,000			—
Other borrowings		87,839			75,057
TOTAL INDEBTEDNESS		7,428,090			7,015,745
Accounts payable		30,931			56,792
Accrued liabilities and other		366,197			449,485
Deferred income		205,494			201,498
Security deposits		48,450			45,622
Liabilities related to assets held for sale		113,723			532,645
TOTAL LIABILITIES		8,192,885			8,301,787
Minority interest in consolidated real estate partnerships		415,835			441,778
Minority interest in Aimco Operating Partnership		124,337			113,263
STOCKHOLDERS’ EQUITY
Perpetual preferred stock		723,500			723,500
Class A Common Stock		874			961
Additional paid-in capital		2,740,890			3,049,417
Notes due on common stock purchases		(4,125	)		(5,441	)
Distributions in excess of earnings		(1,867,518	)		(2,018,733	)
TOTAL STOCKHOLDERS’ EQUITY		1,593,621			1,749,704
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,326,678		$	10,606,532

AIMCO 2nd Quarter 2008 Page 9

Outlook and Forward Looking Statement
Third 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 third 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 and 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 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. In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on our ability to meet the various requirements imposed by the Internal Revenue Code through actual operating results, distribution levels and diversity of stock ownership.

Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2007, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.

	Third Quarter 2008		Full Year 2008
GAAP earnings per share [1][4]	-$0.34 to -$0.30		$1.68 to $1.78
FFO per share [2][5]	$0.86 to $0.90		$3.33 to $3.43
AFFO per share [5]		[3]	greater than $2.40
2008 Same Store operating assumptions:
Weighted average daily occupancy	94% to 95%		94% to 95%
NOI change — sequential	-1.5% to -2.5%
NOI change — 2008 vs. 2007	2.5% to 3.5%		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, (iii) preferred stock redemption related costs or (iv) potential future share repurchases.
[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 84.0 million and 86.6 million weighted average common shares (diluted) for third quarter 2008 and full year 2008, respectively.
[5]	FFO per share and AFFO per share are calculated based on 84.5 million and 88.1 million weighted average common shares (diluted) for the third quarter 2008 and full year 2008, respectively.

AIMCO 2nd Quarter 2008 Page 10

Special Supplement to Second Quarter 2008 Earnings Release

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.

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 results for the three and six months ended June 30, 2007, as reported in 2007, prior to the special dividend, and as currently reported, after the effect of the special dividend:

	Three Months Ended		Six Months Ended
Financial Results	June 30, 2007		June 30, 2007
Earnings — EPS, excluding special dividend	$	0.03	$	0.12
Earnings — EPS, including special dividend	$	0.03	$	0.12
Funds from operations — FFO, excluding special dividend	$	0.88	$	1.62
Funds from operations — FFO, including special dividend	$	0.84	$	1.55
FFO before impairment and preferred redemption charges, excluding special dividend	$	0.88	$	1.63
FFO before impairment and preferred redemption charges, including special dividend	$	0.84	$	1.55
Adjusted funds from operations — AFFO, excluding special dividend	$	0.64	$	1.22
Adjusted funds from operations — AFFO, including special dividend	$	0.61	$	1.17
Calculation of Weighted Average Shares
Earnings — EPS
Weighted average common shares — diluted, excluding the special dividend		95,973		95,972
Weighted average common shares — diluted, attributable to the special dividend		4,521		4,522
Weighted average common shares — diluted, including the special dividend		100,494		100,494
Funds from operations — FFO
Weighted average common shares — diluted, excluding the special dividend		99,200		99,608
Weighted average common shares — diluted, attributable to the special dividend		4,646		4,650
Weighted average common shares — diluted, including the special dividend		103,846		104,258
FFO before impairment and preferred redemption charges
Weighted average common shares — diluted, excluding the special dividend		99,200		99,608
Weighted average common shares — diluted, attributable to the special dividend		4,646		4,650
Weighted average common shares — diluted, including the special dividend		103,846		104,258
Adjusted funds from operations — AFFO
Weighted average common shares — diluted, excluding the special dividend		99,128		99,572
Weighted average common shares — diluted, attributable to the special dividend		4,642		4,649
Weighted average common shares — diluted, including the special dividend		103,770		104,221

AIMCO 2nd Quarter 2008 Page 11

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 (2Q 2008 v. 2Q 2007)
12	Schedule 6b	—	Same Store Operating Results (2Q 2008 v. 1Q 2008)
13	Schedule 6c	—	Same Store Operating Results (YTD 2Q 2008 v. YTD 2Q 2007)
14	Schedule 7	—	Total Conventional Portfolio Data by Market
15	Schedule 8	—	Property Acquisition and Sales Activity
16	Schedule 9	—	Capital Expenditures
17	Schedule 10	—	Summary of Redevelopment Activity
18	Schedule 11	—	Aimco Capital
19	Schedule 12	—	Apartment Unit Summary
20	Glossary

AIMCO 2nd Quarter 2008 Page 2

Supplemental Schedule 1

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
Net income attributable to common stockholders [1]	$	242,369		$	2,983		$	203,615		$	11,843
Adjustments:
Depreciation and amortization		120,692			110,743			239,086			221,923
Depreciation and amortization related to non-real estate assets		(5,027	)		(4,795	)		(8,926	)		(11,355	)
Depreciation of rental property related to minority partners and unconsolidated entities [2] [3]		(3,989	)		(1,808	)		(14,048	)		(13,752	)
Gain on dispositions of unconsolidated real estate and other		(139	)		(602	)		(129	)		(1,695	)
Deficit distributions (recovery of deficit distributions) to minority partners [4]		1,265			1,554			5,276			2,482
Discontinued operations:
Gain on dispositions of real estate, net of minority partners’ interest [2]		(314,025	)		(24,311	)		(315,350	)		(39,901	)
Depreciation of rental property, net of minority partners’ interest [2] [3]		5,233			9,520			13,936			4,021
Deficit distributions (recovery of deficit distributions) to minority partners [4]		(7,701	)		(81	)		(7,510	)		321
Income tax arising from disposals		17,149			2,597			17,063			2,761
Minority interests in Aimco Operating Partnership’s share of above adjustments		17,971			(8,525	)		6,857			(15,257	)
Preferred stock dividends		13,670			16,346			27,878			32,694
Funds From Operations	$	87,468		$	103,621		$	167,748		$	194,085
Preferred stock dividends		(13,670	)		(16,346	)		(27,878	)		(32,694	)
Dividends/distributions on dilutive preferred securities		1,759			58			3,092			58
Funds From Operations Attributable to Common Stockholders — Diluted	$	75,557		$	87,333		$	142,962		$	161,449
Real estate impairment losses, continuing operations [5]		2,518			—			2,518			—
Real estate impairment losses, discontinued operations [5]		4,018			(60	)		4,018			783
Minority interests in Aimco Operating Partnership’s share of above adjustments		(635	)		6			(635	)		(73	)
Dividends/distributions on dilutive preferred securities		17			—			17			—
Funds From Operations Attributable to Common Stockholders — Diluted (excluding impairment losses)	$	81,475		$	87,279		$	148,880		$	162,159
Capital Replacements		(23,959	)		(25,968	)		(45,316	)		(44,653	)
Minority interest in Aimco Operating Partnership’s share of Capital Replacements		2,354			2,386			4,402			4,134
Dividends/distributions on non-dilutive preferred securities		(1,717	)		(58	)		(3,050	)		(58	)
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted	$	58,153		$	63,639		$	104,916		$	121,582
Funds From Operations Attributable to Common Stockholders — Diluted:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding [6][7]:
Common shares and equivalents		88,286			103,770			89,776			104,221
Dilutive preferred securities		2,332			76			2,117			38
		90,618			103,846			91,893			104,258
Funds From Operations (excluding impairment losses)
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding [6][7]:
Common shares and equivalents		88,286			103,770			89,776			104,221
Dilutive preferred securities		2,351			76			2,126			38
		90,637			103,846			91,902			104,258
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding [6][7]:
Common shares and equivalents		88,286			103,770			89,776			104,221
Dilutive preferred securities		103			—			51			—
		88,389			103,770			89,827			104,221
Per Share [6]:
Funds From Operations — Diluted	$	0.83		$	0.84		$	1.56		$	1.55
Funds From Operations — Diluted (excluding impairment losses)	$	0.90		$	0.84		$	1.62		$	1.55
Adjusted Funds From Operations — Diluted	$	0.66		$	0.61		$	1.17		$	1.17
Dividends paid [8]	$	0.60		$	0.60		$	3.11		$	1.20

AIMCO 2nd Quarter 2008 Page 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]	“Minority partners’ interest” means minority interest in our consolidated real estate partnerships.
[3]	Adjustments related to minority partners’ share of depreciation of rental property for the six months ended June 30, 2007, include the subtraction of $15.1 million and $17.8 million for continuing operations and discontinued operations, respectively, related to the VMS debt extinguishment gains. These subtractions are required because we added back the minority partners’ share of depreciation related to rental property in determining FFO in prior periods. Accordingly, the net effect of the VMS debt extinguishment gains on FFO for the six months ended June 30, 2007, was an increase of $9.3 million ($8.4 million after minority interest in Aimco Operating Partnership).
[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 and six months ended June 30, 2008, includes impairment losses of $6.5 million. FFO for the three and six months ended June 30, 2007, includes recoveries of impairment losses of $0.1 million and net impairment losses of $0.8 million, respectively.
[6]	Weighted average common shares, common share equivalents, dilutive preferred securities and per share funds from operations and adjusted 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.
[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]	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. The $2.51 per share dividend paid January 30, 2008, was paid in a combination of cash and shares of Common Stock.

AIMCO 2nd Quarter 2008 Page 4

Supplemental Schedule 2

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

	Three Months Ended June 30, 2008												Six Months Ended June 30, 2008
				Proportionate												Proportionate
	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]	$	256,529		$	430		$	(24,253	)	$	232,706		$	512,471		$	856		$	(49,847	)	$	463,480
Acquisition properties [1]		6,949			—			—			6,949			14,538			—			—			14,538
Redevelopment properties [1]		41,981			—			(4,229	)		37,752			83,871			—			(8,534	)		75,337
Other properties [1]		17,695			190			(1,263	)		16,622			35,305			352			(2,543	)		33,114
Affordable properties [1]		61,037			5,600			(20,739	)		45,898			122,169			11,307			(41,607	)		91,869
Total rental and other property revenues		384,191			6,220			(50,484	)		339,927			768,354			12,515			(102,531	)		678,338
Property management revenues, primarily from affiliates [3]		1,415			(266	)		2,554			3,703			3,519			(543	)		5,124			8,100
Asset management and tax credit revenues		38,175			—			—			38,175			51,027			—			—			51,027
Total revenues		423,781			5,954			(47,930	)		381,805			822,900			11,972			(97,407	)		737,465
Operating expenses:
Property operating expenses:
Same Store properties [2]		101,863			195			(9,896	)		92,162			206,862			434			(20,884	)		186,412
Acquisition properties		3,448			—			—			3,448			7,352			—			—			7,352
Redevelopment properties		17,555			—			(2,115	)		15,440			35,766			—			(4,233	)		31,533
Other properties		8,534			113			(601	)		8,046			17,079			194			(1,201	)		16,072
Affordable properties		31,208			3,106			(11,442	)		22,872			64,302			5,773			(23,606	)		46,469
Casualties, Conventional		4,165			(142	)		685			4,708			9,635			8			830			10,473
Casualties, Affordable		(2,546	)		36			1,971			(539	)		(587	)		(17	)		1,457			853
Property management expenses, Conventional [4]		8,083			—			(570	)		7,513			17,407			—			(1,166	)		16,241
Property management expenses, Affordable [4]		1,848			—			(531	)		1,317			3,625			—			(1,049	)		2,576
Total property operating expenses		174,158			3,308			(22,499	)		154,967			361,441			6,392			(49,852	)		317,981
Property management expenses [5]		1,187			—			1,101			2,288			2,457			—			2,215			4,672
Investment management expenses		5,728			—			—			5,728			10,017			—			—			10,017
Depreciation and amortization		120,692			1,016			(5,079	)		116,629			239,086			2,205			(16,402	)		224,889
General and administrative expenses		27,064			22			(1,139	)		25,947			48,488			43			(2,115	)		46,416
Other expenses (income), net		5,459			1,704			(3,761	)		3,402			10,297			3,301			(7,455	)		6,143
Total operating expenses		334,288			6,050			(31,377	)		308,961			671,786			11,941			(73,609	)		610,118
Operating income		89,493			(96	)		(16,553	)		72,844			151,114			31			(23,798	)		127,347
Interest income:
General partner loan interest		1,982			41			2,182			4,205			4,169			(87	)		4,365			8,447
Money market and interest bearing accounts		2,570			305			(474	)		2,401			7,114			509			(1,159	)		6,464
Accretion on discounted notes receivable		(3,834	)		—			—			(3,834	)		(2,169	)		—			—			(2,169	)
Total interest income		718			346			1,708			2,772			9,114			422			3,206			12,742
Provision for losses on notes receivable		(534	)		—			—			(534	)		(1,693	)		—			—			(1,693	)
Interest expense:
Property debt (primarily non-recourse)		(99,074	)		(1,094	)		12,663			(87,505	)		(197,590	)		(2,329	)		25,680			(174,239	)
Lines of credit		(9,676	)		—			—			(9,676	)		(19,890	)		—			—			(19,890	)
Capitalized interest		6,385			1			(170	)		6,216			13,803			4			(498	)		13,309
Total interest expense		(102,365	)		(1,093	)		12,493			(90,965	)		(203,677	)		(2,325	)		25,182			(180,820	)
Deficit distributions to minority partners		(1,265	)		—			—			(1,265	)		(5,276	)		—			—			(5,276	)
Equity in losses of unconsolidated real estate partnerships		(843	)		843			—			—			(1,872	)		1,872			—			—
Real estate impairment losses		(2,518	)		—			—			(2,518	)		(2,518	)		—			—			(2,518	)
Gain on dispositions of unconsolidated real estate and other		139			—			—			139			129			—			—			129
Loss before minority interests and discontinued operations		(17,175	)		—			(2,352	)		(19,527	)		(54,679	)		—			4,590			(50,089	)
Minority interests:
Minority interest in consolidated real estate partnerships		(2,352	)		—			2,352			—			4,590			—			(4,590	)		—
Minority interest in Aimco Operating Partnership		1,512			—			—			1,512			4,201			—			—			4,201
Total minority interests		(840	)		—			2,352			1,512			8,791			—			(4,590	)		4,201
Loss from continuing operations		(18,015	)		—			—			(18,015	)		(45,888	)		—			—			(45,888	)
Income from discontinued operations, net		274,054			—			—			274,054			277,381			—			—			277,381
Net income		256,039			—			—			256,039			231,493			—			—			231,493
Net income attributable to preferred stockholders		13,670			—			—			13,670			27,878			—			—			27,878
Net income attributable to common stockholders	$	242,369		$	—		$	—		$	242,369		$	203,615		$	—		$	—		$	203,615

(See footnotes on page 2 of 2)

AIMCO 2nd Quarter 2008 Page 5

Supplemental Schedule 2

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

	Three Months			Six Months
	Ended			Ended
	June 30, 2008			June 30, 2008
Components of FFO:
Real estate operations:
Rental and other property revenues	$	339,927		$	678,338
Property operating expenses		(154,967	)		(317,981	)
Net real estate operations		184,960			360,357
Property management, net		1,415			3,428
Asset management and tax credit revenues, net of investment management expenses		32,447			41,010
Depreciation and amortization related to non-real estate assets		(4,953	)		(8,777	)
General and administrative expenses		(25,947	)		(46,416	)
Other expenses, net		(3,402	)		(6,143	)
Interest income		2,772			12,742
Provision for losses on notes receivable		(534	)		(1,693	)
Interest expense		(90,965	)		(180,820	)
Discontinued operations:
Operations and other		13,161			30,530
Interest expense		(4,569	)		(10,764	)
Preferred stock dividends		(13,670	)		(27,878	)
Preferred partnership unit distributions		(1,925	)		(3,707	)
Dividends/distributions on dilutive preferred securities		1,776			3,109
Subtotal before minority interest in Aimco Operating Partnership	$	90,566		$	164,978
Minority interest in common units of Aimco Operating Partnership		(9,091	)		(16,098	)
FFO Attributable to Common Stockholders — Diluted (excluding impairment losses)	$	81,475		$	148,880
Reconciliation of Net Income to FFO and AFFO:
Net income	$	256,039		$	231,493
Depreciation and amortization		116,629			224,889
Depreciation and amortization related to non-real estate assets		(4,953	)		(8,777	)
Deficit distributions to minority partners		1,265			5,276
Loss on dispositions of unconsolidated real estate and other		(139	)		(129	)
Discontinued operations		(299,344	)		(291,861	)
Real estate impairment losses, continuing operations		2,518			2,518
Real estate impairment losses, discontinued operations		4,018			4,018
Minority interest in Aimco Operating Partnership’s share of adjustments		17,336			6,222
Preferred stock dividends		(13,670	)		(27,878	)
Dividends/distributions on dilutive preferred securities		1,776			3,109
FFO Attributable to Common Stockholders — Diluted (excluding impairment losses)	$	81,475		$	148,880
Capital Replacements		(23,959	)		(45,316	)
Minority interest in Aimco Operating Partnership’s share of Capital Replacements		2,354			4,402
Dividends/distributions on non-dilutive preferred securities		(1,717	)		(3,050	)
AFFO Attributable to Common Stockholders — Diluted	$	58,153		$	104,916

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 2nd Quarter 2008 Page 6

Supplemental Schedule 3

Proportionate Balance Sheet Presentation
As of June 30, 2008
(in thousands) (unaudited)

				Proportionate
	Consolidated			Share of			Minority			Proportionate
	GAAP			Unconsolidated			Partners’			Balance
	Balance Sheet			Partnerships [1]			Interest [2]			Sheet [3]
ASSETS
Buildings and improvements	$	9,275,563		$	50,829		$	(1,260,851	)	$	8,065,541
Land		2,551,108			1,992			(135,683	)		2,417,417
Accumulated depreciation		(2,962,147	)		(34,304	)		691,085			(2,305,366	)
NET REAL ESTATE		8,864,524			18,517			(705,449	)		8,177,592
Cash and cash equivalents		330,163			1,138			(72,899	)		258,402
Restricted cash		316,892			5,013			(58,587	)		263,318
Accounts receivable		78,439			443			—			78,882
Accounts receivable from affiliates		32,420			—			—			32,420
Deferred financing costs		68,768			—			—			68,768
Notes receivable from unconsolidated real estate partnerships		31,869			—			—			31,869
Notes receivable from non-affiliates		147,635			—			—			147,635
Investment in unconsolidated real estate partnerships		106,388			20,828			—			127,216
Other assets		192,851	[4]		14,519			—			207,370
Deferred income tax asset, net		11,059			—			—			11,059
Assets held for sale		145,670			—			—			145,670
TOTAL ASSETS	$	10,326,678		$	60,458		$	(836,935	)	$	9,550,201
LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	910,300		$	33		$	(25,130	)	$	885,203
Property loans payable		5,809,951			51,876			(788,274	)		5,073,553
Term loans		475,000			—			—			475,000
Credit facility		145,000			—			—			145,000
Other borrowings		87,839			—			—			87,839
TOTAL INDEBTEDNESS		7,428,090			51,909			(813,404	)		6,666,595
Accounts payable		30,931			8,549			—			39,480
Accrued liabilities and other		366,197			—			—			366,197
Deferred income		205,494	[5]		—			—			205,494
Security deposits		48,450			—			—			48,450
Liabilities related to assets held for sale		113,723			—			—			113,723
TOTAL LIABILITIES		8,192,885			60,458			(813,404	)		7,439,939
Minority interest in consolidated real estate partnerships		415,835			—			(23,531	)		392,304
Minority interest in Aimco Operating Partnership		124,337			—			—			124,337
NET OPERATING ASSETS				$	—		$	—		$	1,593,621
STOCKHOLDERS’ EQUITY
Perpetual preferred stock		723,500
Class A Common Stock		874
Additional paid-in capital		2,740,890
Notes due on common stock purchases		(4,125	)
Distributions in excess of earnings		(1,867,518	)
TOTAL STOCKHOLDERS’ EQUITY		1,593,621
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,326,678

[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 $72.4 million.
[3]	Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of June 30, 2008, 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 $2.0 million in investments in management contracts.
[5]	Deferred income includes $146.7 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 2nd Quarter 2008 Page 7

Supplemental Schedule 4

Share Data
(in thousands) (unaudited)

Preferred Securities

	Shares/Units
	Outstanding
	as of			Redemption
	June 30, 2008			Date [1]		Coupon			Amount
Perpetual Preferred Stock:
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	[2]		6/30/2011		3.950	%[3]		100,000
Total perpetual preferred stock										723,500
Preferred Partnership Units		3,252					7.988	%[4]		89,079
Total outstanding preferred securities									$	812,579

Common Stock and Equivalents

	Shares/Units		Weighted Average Shares / Units
	Outstanding		Three Months Ended				Six Months Ended
	as of		June 30, 2008				June 30, 2008
	June 30, 2008		Diluted EPS		Diluted FFO		Diluted EPS		Diluted FFO
Class A Common Stock [5] [10]		86,486		87,790		87,790		89,381		89,381
Dilutive securities:
Options, restricted stock and non-recourse shares [6] [10]		271		—		496		—		395
High Performance Units [7]		—		—		—		—		—
Convertible preferred securities [8] [10]		—		—		2,332		—		2,117
Total shares and dilutive share equivalents		86,757		87,790		90,618		89,381		91,893
Common Partnership Units and equivalents [9]		9,545		9,560		9,560		9,614		9,614
Total shares, units and dilutive share equivalents		96,302		97,350		100,178		98,995		101,507

Notes:

[1]	The redemption date is the date the securities are first eligible for redemption by Aimco.
[2]	Represents 200 shares at a liquidation preference per share of $500,000.
[3]	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.
[4]	Coupon is based on a weighted average.
[5]	Includes a deduction of 945,000 for non-recourse shares and unvested restricted stock.
[6]	Stock options, restricted stock and non-recourse shares are presumed to be dilutive as of June 30, 2008, and reflect the options and shares outstanding at the end of the period and the $34.06 share price at the end of the period. Dilution for the three and six months ended June 30, 2008, reflects the weighted average amounts during the period.
[7]	No equivalent common OP units would have been issued if the applicable measurement period for Class IX HPUs, which ends on December 31, 2008, had ended on June 30, 2008 (if dilutive). Accordingly no dilutive equivalents have been included in the calculation of dilutive securities.
[8]	Represents the number of common shares that would be issued upon conversion, if dilutive, considering the reduction preferred dividends/distributions that would result from conversion. The potential common shares that would be issued upon conversion is ignored in the determination of shares/units outstanding as of June 30, 2008.
[9]	Includes common OP Units and Class I High Performance Units.
[10]	Class A Common Stock, options, restricted stock and non-recourse shares and convertible preferred securities amounts for the periods presented have been retroactively adjusted for the effect of the 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 2nd Quarter 2008 Page 8

Supplemental Schedule 5
Selected Debt Structure and Maturity Data	(page 1 of 2)
As of June 30, 2008
(dollars in thousands)
(unaudited)

I. Debt Balances and Data

			Proportionate							Weighted
			Share of		Minority			Total Aimco		Average		Weighted
Debt	Consolidated		Unconsolidated		Interest			Share		Maturity (years)		Average Rate
Property Debt (primarily non-recourse):
Conventional Portfolio:
Fixed rate loans payable	$	4,728,788	$	6,622	$	(531,876	)	$	4,203,534		8.7		6.20	%
Floating rate loans payable [1]		419,594		—		(20,479	)		399,115		1.9		4.43	%
Total property loans payable		5,148,382		6,622		(552,355	)		4,602,649		8.1		6.04	%
Fixed rate tax-exempt bonds		138,769		—		(3,338	)		135,431		13.5		5.82	%
Floating rate tax-exempt bonds [1]		583,647		—		(5,342	)		578,305		13.5		1.94	%
Total property tax-exempt bond financing		722,416		—		(8,680	)		713,736		13.5		2.68	%
Total Conventional portfolio		5,870,798		6,622		(561,035	)		5,316,385		8.8		5.59	%
Affordable Portfolio:
Fixed rate loans payable		658,314		37,282		(235,919	)		459,677		16.4		5.51	%
Floating rate loans payable		3,255		7,972		—			11,227		4.4		3.99	%
Total property loans payable		661,569		45,254		(235,919	)		470,904		16.1		5.48	%
Fixed rate tax-exempt bonds		76,267		33		(14,130	)		62,170		27.7		5.02	%
Floating rate tax-exempt bonds [1]		111,617		—		(2,320	)		109,297		29.6		2.60	%
Total property tax-exempt bond financing		187,884		33		(16,450	)		171,467		28.9		3.48	%
Total Affordable portfolio		849,453		45,287		(252,369	)		642,371		19.5		4.95	%
Total property debt	$	6,720,251	$	51,909	$	(813,404	)	$	5,958,756		10.0		5.52	%
Corporate Debt:
Term Loans	$	475,000	$	—	$	—		$	475,000		—		3.96	%
Credit Facility		145,000		—		—			145,000		—		4.21	%
Total corporate debt	$	620,000	$	—	$	—		$	620,000		—		4.02	%
Other borrowings [2]	$	87,839	$	—	$	—		$	87,839
Total Debt	$	7,428,090	$	51,909	$	(813,404	)	$	6,666,595				5.38	%

[1]	Floating rate debt presented above includes $512.0 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At June 30, 2008, the carrying amount of this debt totaled $496.1 million, after recognition of changes in the debt’s fair value in accordance with fair value hedge accounting under SFAS 133.
[2]	Other borrowings consists primarily of unsecured notes payable and obligations under sale and leaseback arrangements accounted for as financings. At June 30, 2008, other borrowings includes $79.3 million in fixed rate obligations with interest rates ranging from zero to 10.0% and $8.5 million in variable rate obligations bearing interest at the prime rate plus 1.75%.

II. Debt Maturities

							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
Consolidated Property Debt:
Q3 2008		26,903		39,614		66,517		1.0	%		6.56	%
Q4 2008		27,061		165,622		192,683		2.9	%		3.91	%
Q1 2009		28,041		120,092		148,133		2.2	%		5.26	%
Q2 2009		28,547		171,111		199,658		3.0	%		4.69	%
Q3 2009		29,373		—		29,373		0.3	%		—
Q4 2009		30,261		68,335		98,596		1.5	%		3.14	%
Q1 2010		31,173		228,299		259,472		3.9	%		6.58	%
Q2 2010		31,942		46,945		78,887		1.2	%		1.44	%
2010 Remaining		65,164		197,303		262,467		3.9	%		4.00	%
2011		136,020		204,929		340,949		5.1	%		5.53	%
2012		140,773		271,624		412,397		6.1	%		6.22	%
Thereafter						4,631,119		68.9	%
Total property debt:					$	6,720,251		100.0	%

							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
Corporate Debt:
2009	$	—	$	75,000	$	75,000		12.1	%		3.85	%
2010 [1]		—		145,000		145,000		23.4	%		4.21	%
2011		—		400,000		400,000		64.5	%		3.98	%
Total corporate debt:	$	—	$	620,000	$	620,000		100.0	%		4.02	%

[1] The $145.0 million credit facility that matures May 1, 2009 is included in 2010 due to the one-year extension option.

AIMCO 2nd Quarter 2008 Page 9

Supplemental Schedule 5 (continued)
Selected Debt Structure and Maturity Data	(page 2 of 2)
As of June 30, 2008
(in millions)
(unaudited)

III. Loan Closings

YEAR-TO-DATE LOAN CLOSINGS

	Original		New				Aimco
	Loan		Loan		Net		Net		Prior			New
Property Loan Type (all non-recourse)	Amount [1]		Amount		Proceeds [2]		Proceeds [3]		Rate			Rate
Consolidated Loan Closings:
Fixed Rate	$	105.9	$	383.2	$	265.1	$	244.9		6.86	%		5.77	%
Floating Rate		45.3		60.1		14.8		10.6		5.09	%		3.16	%
Totals	$	151.2	$	443.3	$	279.9	$	255.5		6.33	%		5.41	%

[1]	Original Loan Amount represents the principal balance outstanding at the time of the refinance.
[2]	Net Proceeds is after transaction costs and prepayment penalties.
[3]	Aimco Net Proceeds is after payment of distributions to minority partners and any release of escrow funds.

IV. Capitalization

	December 31, 2007						March 31, 2008						June 30, 2008
	Amount			Percent			Amount			Percent			Amount			Percent
Corporate debt	$	475			4.4	%	$	694			6.3	%	$	620			6.0	%
Property debt (Aimco’s share)		6,144			57.1	%		6,186			56.1	%		5,959			54.1	%
Other borrowings		75			0.7	%		74			0.7	%		88			0.8	%
Total debt		6,694			62.2	%		6,954			63.1	%		6,667			60.9	%
Less cash and restricted cash (Aimco’s share)		(425	)		-3.9	%		(365	)		-3.3	%		(522	)		-5.1	%
Net debt		6,269			58.3	%		6,589			59.8	%		6,145			59.9	%
Preferred equity		813			7.6	%		813			7.4	%		813			7.9	%
Common equity at market [1]		3,675			34.2	%		3,616			32.8	%		3,303			32.2	%
Total capitalization	$	10,757			100.0	%	$	11,018			100.0	%	$	10,261			100.0	%

[1] Common equity at market at June 30, 2008, March 31, 2008, and December 31, 2007, was calculated using 96.976 million, 100.972 million, and 105.810 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $34.06, $35.81 and $34.73 per share/unit as of June 30, 2008, March 31, 2008, and December 31, 2007, respectively.

V. Credit Ratings

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

AIMCO 2nd Quarter 2008 Page 10

Supplemental Schedule 6(a)

Same Store Operating Results
Second Quarter 2008 Compared to Second Quarter 2007
(unaudited) (in thousands, except site and unit data)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		2Q 2008		2Q 2007		Growth			2Q 2008		2Q 2007		Growth			2Q 2008		2Q 2007		Growth			2Q 2008			2Q 2008			2Q 2007			2Q 2008		2Q 2007
Target Markets
Los Angeles		11		3,408		2,757	$	15,639	$	15,378		1.7	%	$	4,775	$	4,617		3.4	%	$	10,864	$	10,761		1.0	%
Orange County		6		1,017		886		2,762		2,649		4.3	%		1,046		979		6.8	%		1,716		1,670		2.8	%
San Diego		4		1,622		1,551		5,621		5,240		7.3	%		1,642		1,659		-1.0	%		3,979		3,581		11.1	%
Southern CA Total		21		6,047		5,194		24,022		23,267		3.2	%		7,463		7,255		2.9	%		16,559		16,012		3.4	%		68.9	%		96.0	%		95.4	%	$	1,660	$	1,630
East Bay		3		693		633		2,321		2,194		5.8	%		960		851		12.8	%		1,361		1,343		1.3	%
San Francisco		2		522		522		2,491		2,214		12.5	%		820		747		9.8	%		1,671		1,467		13.9	%
Northern CA Total		5		1,215		1,155		4,812		4,408		9.2	%		1,780		1,598		11.4	%		3,032		2,810		7.9	%		63.0	%		96.3	%		95.6	%		1,323		1,245
Seattle		3		364		218		670		607		10.4	%		234		252		-7.1	%		436		355		22.8	%
Pacific Total		29		7,626		6,567		29,504		28,282		4.3	%		9,477		9,105		4.1	%		20,027		19,177		4.4	%		67.9	%		96.1	%		95.6	%		1,572		1,532
Suburban New York — New Jersey		6		2,226		1,791		6,831		6,464		5.7	%		2,083		2,172		-4.1	%		4,748		4,292		10.6	%
Washington — NoVA — MD		14		6,014		5,960		21,238		20,865		1.8	%		6,812		6,655		2.4	%		14,426		14,210		1.5	%
Boston		11		4,147		4,147		14,855		14,754		0.7	%		5,270		5,490		-4.0	%		9,585		9,264		3.5	%
Philadelphia		7		3,296		3,028		11,979		11,957		0.2	%		4,466		4,600		-2.9	%		7,513		7,357		2.1	%
Northeast Total		38		15,683		14,926		54,903		54,040		1.6	%		18,631		18,917		-1.5	%		36,272		35,123		3.3	%		66.1	%		95.9	%		96.4	%		1,188		1,152
Miami		5		1,548		1,344		6,154		6,100		0.9	%		2,521		2,527		-0.2	%		3,633		3,573		1.7	%
Orlando		12		2,920		2,703		6,651		6,786		-2.0	%		2,965		3,078		-3.7	%		3,686		3,708		-0.6	%
Tampa		11		3,058		2,703		6,745		6,609		2.1	%		2,871		3,033		-5.3	%		3,874		3,576		8.3	%
Other Florida		12		3,419		3,269		9,160		9,307		-1.6	%		3,872		3,762		2.9	%		5,288		5,545		-4.6	%
Florida Total		40		10,945		10,019		28,710		28,802		-0.3	%		12,229		12,400		-1.4	%		16,481		16,402		0.5	%		57.4	%		93.3	%		92.9	%		935		949
Houston		30		8,008		6,866		14,184		13,688		3.6	%		6,914		7,201		-4.0	%		7,270		6,487		12.1	%
Denver		10		2,662		2,067		5,179		4,980		4.0	%		1,934		2,117		-8.6	%		3,245		2,863		13.3	%
Phoenix		16		4,065		3,817		8,335		8,084		3.1	%		3,474		3,639		-4.5	%		4,861		4,445		9.4	%
Dallas — Fort Worth		10		2,590		2,254		4,813		4,664		3.2	%		2,452		2,301		6.6	%		2,361		2,363		-0.1	%
Atlanta		7		2,013		1,746		4,412		4,391		0.5	%		1,904		2,042		-6.8	%		2,508		2,349		6.8	%
Sunbelt Total		113		30,283		26,769		65,633		64,609		1.6	%		28,907		29,700		-2.7	%		36,726		34,909		5.2	%		56.0	%		94.2	%		93.9	%		782		775
Chicago		13		3,357		3,091		10,450		10,159		2.9	%		3,960		4,143		-4.4	%		6,490		6,016		7.9	%
Total Target Markets		193		56,949		51,353		160,490		157,090		2.2	%		60,975		61,865		-1.4	%		99,515		95,225		4.5	%		62.0	%		95.0	%		94.9	%		1,019		997
Opportunistic and Other Markets
Austin		7		1,497		1,497		3,224		3,172		1.6	%		1,656		1,645		0.7	%		1,568		1,527		2.7	%
Baltimore		5		1,141		954		3,147		3,196		-1.5	%		1,137		1,193		-4.7	%		2,010		2,003		0.3	%
Columbus		6		1,296		1,020		2,046		1,970		3.9	%		1,006		872		15.4	%		1,040		1,098		-5.3	%
Detroit		2		1,225		1,129		2,428		2,519		-3.6	%		1,366		1,335		2.3	%		1,062		1,184		-10.3	%
Grand Rapids		5		2,924		2,284		4,673		4,541		2.9	%		2,237		2,212		1.1	%		2,436		2,329		4.6	%
Indianapolis		14		5,456		5,256		9,495		9,276		2.4	%		4,729		4,595		2.9	%		4,766		4,681		1.8	%
Minneapolis		4		1,223		1,023		3,607		3,567		1.1	%		1,367		1,487		-8.1	%		2,240		2,080		7.7	%
Nashville		6		1,866		1,593		3,984		3,802		4.8	%		1,647		1,662		-0.9	%		2,337		2,140		9.2	%
Norfolk		8		2,307		1,989		5,735		5,617		2.1	%		1,985		2,014		-1.4	%		3,750		3,603		4.1	%
Raleigh		6		1,463		1,184		2,481		2,422		2.4	%		1,171		1,150		1.8	%		1,310		1,272		3.0	%
Richmond		2		512		444		1,196		1,148		4.2	%		387		423		-8.5	%		809		725		11.6	%
San Antonio		8		1,727		1,727		3,202		3,015		6.2	%		1,564		1,577		-0.8	%		1,638		1,438		13.9	%
Other Markets		36		10,762		9,840		24,034		23,791		1.0	%		9,629		10,030		-4.0	%		14,405		13,761		4.7	%
Total Opportunistic and Other Markets		109		33,399		29,940		69,252		68,036		1.8	%		29,881		30,195		-1.0	%		39,371		37,841		4.0	%		56.9	%		94.4	%		94.4	%		744		726
SAME STORE SALES TOTALS		302		90,348		81,293		229,742		225,126		2.1	%		90,856		92,060		-1.3	%		138,886		133,066		4.4	%		60.5	%		94.8	%		94.7	%	$	918	$	897
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement [1]								154,449		147,163					83,302		76,932					71,147		70,231
Total rental and other property revenues and property operating expense per GAAP Income Statement							$	384,191	$	372,289				$	174,158	$	168,992				$	210,033	$	203,297

[1] Includes: (i) minority partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.

AIMCO 2nd Quarter 2008 Page 11

Supplemental Schedule 6(b)

Same Store Operating Results
Second Quarter 2008 Compared to First Quarter 2008
(unaudited) (in thousands, except site and unit data)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		2Q 2008		1Q 2008		Growth			2Q 2008		1Q 2008		Growth			2Q 2008		1Q 2008		Growth			2Q 2008			2Q 2008			1Q 2008			2Q 2008		1Q 2008
Target Markets
Los Angeles		11		3,408		2,757	$	15,639	$	15,689		-0.3	%	$	4,775	$	4,970		-3.9	%	$	10,864	$	10,719		1.4	%
Orange County		6		1,017		886		2,762		2,759		0.1	%		1,046		1,037		0.9	%		1,716		1,722		-0.3	%
San Diego		4		1,622		1,551		5,621		5,530		1.6	%		1,642		1,667		-1.5	%		3,979		3,863		3.0	%
Southern CA Total		21		6,047		5,194		24,022		23,978		0.2	%		7,463		7,674		-2.7	%		16,559		16,304		1.6	%		68.9	%		96.0	%		96.0	%	$	1,660	$	1,658
East Bay		3		693		633		2,321		2,294		1.2	%		960		902		6.4	%		1,361		1,392		-2.2	%
San Francisco		2		522		522		2,491		2,474		0.7	%		820		815		0.6	%		1,671		1,659		0.7	%
Northern CA Total		5		1,215		1,155		4,812		4,768		0.9	%		1,780		1,717		3.7	%		3,032		3,051		-0.6	%		63.0	%		96.3	%		98.0	%		1,323		1,307
Seattle		3		364		218		670		658		1.8	%		234		230		1.7	%		436		428		1.9	%
Pacific Total		29		7,626		6,567		29,504		29,404		0.3	%		9,477		9,621		-1.5	%		20,027		19,783		1.2	%		67.9	%		96.1	%		96.5	%		1,572		1,566
Suburban New York — New Jersey		6		2,226		1,791		6,831		6,886		-0.8	%		2,083		2,247		-7.3	%		4,748		4,639		2.3	%
Washington — NoVA — MD		14		6,014		5,960		21,238		21,435		-0.9	%		6,812		6,887		-1.1	%		14,426		14,548		-0.8	%
Boston		11		4,147		4,147		14,855		14,752		0.7	%		5,270		5,689		-7.4	%		9,585		9,063		5.8	%
Philadelphia		7		3,296		3,028		11,979		12,310		-2.7	%		4,466		4,889		-8.7	%		7,513		7,421		1.2	%
Northeast Total		38		15,683		14,926		54,903		55,383		-0.9	%		18,631		19,712		-5.5	%		36,272		35,671		1.7	%		66.1	%		95.9	%		96.5	%		1,188		1,179
Miami		5		1,548		1,344		6,154		6,174		-0.3	%		2,521		2,624		-3.9	%		3,633		3,550		2.3	%
Orlando		12		2,920		2,703		6,651		6,475		2.7	%		2,965		3,142		-5.6	%		3,686		3,333		10.6	%
Tampa		11		3,058		2,703		6,745		6,622		1.9	%		2,871		2,968		-3.3	%		3,874		3,654		6.0	%
Other Florida		12		3,419		3,269		9,160		9,025		1.5	%		3,872		3,917		-1.1	%		5,288		5,108		3.5	%
Florida Total		40		10,945		10,019		28,710		28,296		1.5	%		12,229		12,651		-3.3	%		16,481		15,645		5.3	%		57.4	%		93.3	%		92.6	%		935		940
Houston		30		8,008		6,866		14,184		14,189		0.0	%		6,914		7,188		-3.8	%		7,270		7,001		3.8	%
Denver		10		2,662		2,067		5,179		5,189		-0.2	%		1,934		1,936		-0.1	%		3,245		3,253		-0.2	%
Phoenix		16		4,065		3,817		8,335		8,138		2.4	%		3,474		3,726		-6.8	%		4,861		4,412		10.2	%
Dallas — Fort Worth		10		2,590		2,254		4,813		4,767		1.0	%		2,452		2,433		0.8	%		2,361		2,334		1.2	%
Atlanta		7		2,013		1,746		4,412		4,302		2.6	%		1,904		1,862		2.3	%		2,508		2,440		2.8	%
Sunbelt Total		113		30,283		26,769		65,633		64,881		1.2	%		28,907		29,796		-3.0	%		36,726		35,085		4.7	%		56.0	%		94.2	%		94.2	%		782		779
Chicago		13		3,357		3,091		10,450		10,507		-0.5	%		3,960		4,179		-5.2	%		6,490		6,328		2.6	%
Total Target Markets		193		56,949		51,353		160,490		160,175		0.2	%		60,975		63,308		-3.7	%		99,515		96,867		2.7	%		62.0	%		95.0	%		95.2	%		1,019		1,014
Opportunistic and Other Markets
Austin		7		1,497		1,497		3,224		3,349		-3.7	%		1,656		1,470		12.7	%		1,568		1,879		-16.6	%
Baltimore		5		1,141		954		3,147		3,268		-3.7	%		1,137		1,295		-12.2	%		2,010		1,973		1.9	%
Columbus		6		1,296		1,020		2,046		2,019		1.3	%		1,006		1,045		-3.7	%		1,040		974		6.8	%
Detroit		2		1,225		1,129		2,428		2,345		3.5	%		1,366		1,449		-5.7	%		1,062		896		18.5	%
Grand Rapids — Lansing		5		2,924		2,284		4,673		4,514		3.5	%		2,237		2,380		-6.0	%		2,436		2,134		14.2	%
Indianapolis		14		5,456		5,256		9,495		9,462		0.3	%		4,729		4,451		6.2	%		4,766		5,011		-4.9	%
Minneapolis		4		1,223		1,023		3,607		3,614		-0.2	%		1,367		1,486		-8.0	%		2,240		2,128		5.3	%
Nashville		6		1,866		1,593		3,984		3,954		0.8	%		1,647		1,543		6.7	%		2,337		2,411		-3.1	%
Norfolk		8		2,307		1,989		5,735		5,560		3.1	%		1,985		1,878		5.7	%		3,750		3,682		1.8	%
Raleigh		6		1,463		1,184		2,481		2,408		3.0	%		1,171		1,080		8.4	%		1,310		1,328		-1.4	%
Richmond		2		512		444		1,196		1,169		2.3	%		387		386		0.3	%		809		783		3.3	%
San Antonio		8		1,727		1,727		3,202		3,160		1.3	%		1,564		1,682		-7.0	%		1,638		1,478		10.8	%
Other Markets		36		10,762		9,840		24,034		24,203		-0.7	%		9,629		10,055		-4.2	%		14,405		14,148		1.8	%
Total Opportunistic and Other Markets		109		33,399		29,940		69,252		69,025		0.3	%		29,881		30,200		-1.1	%		39,371		38,825		1.4	%		56.9	%		94.4	%		93.9	%		744		741
SAME STORE SALES TOTALS		302		90,348		81,293		229,742		229,200		0.2	%		90,856		93,508		-2.8	%		138,886		135,692		2.4	%		60.5	%		94.8	%		94.7	%	$	918	$	914
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement [1]								154,449		154,963					83,302		93,775					71,147		61,188
Total rental and other property revenues and property operating expense per GAAP Income Statement							$	384,191	$	384,163				$	174,158	$	187,283				$	210,033	$	196,880

[1] Includes: (i) minority partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.

AIMCO 2nd Quarter 2008 Page 12

Supplemental Schedule 6(c)

Same Store Operating Results
Six Months Ended June 30, 2008 Compared to Six Months Ended June 30, 2007
(unaudited) (in thousands, except site and unit data)

																												Operating
							Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
					Effective		YTD 2Q		YTD 2Q					YTD 2Q		YTD 2Q					YTD 2Q		YTD 2Q					YTD 2Q			YTD 2Q			YTD 2Q			YTD 2Q		YTD 2Q
	Properties		Units		Units		2008		2007		Growth			2008		2007		Growth			2008		2007		Growth			2008			2008			2007			2008		2007
Target Markets
Los Angeles		11		3,408		2,757	$	31,328	$	30,373		3.1	%	$	9,746	$	9,268		5.2	%	$	21,582	$	21,105		2.3	%
Orange County		6		1,017		886		5,521		5,302		4.1	%		2,083		1,936		7.6	%		3,438		3,366		2.1	%
San Diego		4		1,622		1,551		11,151		10,455		6.7	%		3,309		3,302		0.2	%		7,842		7,153		9.6	%
Southern CA Total		21		6,047		5,194		48,000		46,130		4.1	%		15,138		14,506		4.4	%		32,862		31,624		3.9	%		68.5	%		96.0	%		95.5	%	$	1,659	$	1,616
East Bay		3		693		633		4,615		4,362		5.8	%		1,862		1,690		10.2	%		2,753		2,672		3.0	%
San Francisco		2		522		522		4,965		4,431		12.1	%		1,635		1,514		8.0	%		3,330		2,917		14.2	%
Northern CA Total		5		1,215		1,155		9,580		8,793		9.0	%		3,497		3,204		9.1	%		6,083		5,589		8.8	%		63.5	%		97.2	%		96.0	%		1,315		1,233
Seattle		3		364		218		1,328		1,193		11.3	%		464		486		-4.5	%		864		707		22.2	%
Pacific Total		29		7,626		6,567		58,908		56,116		5.0	%		19,099		18,196		5.0	%		39,809		37,920		5.0	%		67.6	%		96.3	%		95.7	%		1,569		1,518
Suburban New York — New Jersey		6		2,226		1,791		13,717		12,724		7.8	%		4,330		4,260		1.6	%		9,387		8,464		10.9	%
Washington — NoVA — MD		14		6,014		5,960		42,674		41,379		3.1	%		13,699		13,080		4.7	%		28,975		28,299		2.4	%
Boston		11		4,147		4,147		29,606		29,283		1.1	%		10,959		10,875		0.8	%		18,647		18,408		1.3	%
Philadelphia		7		3,296		3,028		24,289		23,697		2.5	%		9,355		9,167		2.1	%		14,934		14,530		2.8	%
Northeast Total		38		15,683		14,926		110,286		107,083		3.0	%		38,343		37,382		2.6	%		71,943		69,701		3.2	%		65.2	%		96.3	%		96.3	%		1,184		1,150
Miami		5		1,548		1,344		12,327		12,182		1.2	%		5,144		5,141		0.1	%		7,183		7,041		2.0	%
Orlando		12		2,920		2,703		13,126		13,627		-3.7	%		6,107		5,890		3.7	%		7,019		7,737		-9.3	%
Tampa		11		3,058		2,703		13,367		13,171		1.5	%		5,838		5,786		0.9	%		7,529		7,385		1.9	%
Other Florida		12		3,419		3,269		18,185		18,598		-2.2	%		7,789		7,466		4.3	%		10,396		11,132		-6.6	%
Florida Total		40		10,945		10,019		57,005		57,578		-1.0	%		24,878		24,283		2.5	%		32,127		33,295		-3.5	%		56.4	%		92.9	%		93.1	%		938		948
Houston		30		8,008		6,866		28,373		27,107		4.7	%		14,102		13,905		1.4	%		14,271		13,202		8.1	%
Denver		10		2,662		2,067		10,368		9,805		5.7	%		3,870		4,003		-3.3	%		6,498		5,802		12.0	%
Phoenix		16		4,065		3,817		16,473		16,015		2.9	%		7,200		7,128		1.0	%		9,273		8,887		4.3	%
Dallas — Fort Worth		10		2,590		2,254		9,580		9,265		3.4	%		4,885		4,506		8.4	%		4,695		4,759		-1.3	%
Atlanta		7		2,013		1,746		8,714		8,612		1.2	%		3,766		3,898		-3.4	%		4,948		4,714		5.0	%
Sunbelt Total		113		30,283		26,769		130,513		128,382		1.7	%		58,701		57,723		1.7	%		71,812		70,659		1.6	%		55.0	%		94.2	%		93.8	%		781		773
Chicago		13		3,357		3,091		20,956		20,017		4.7	%		8,138		8,694		-6.4	%		12,818		11,323		13.2	%
Total Target Markets		193		56,949		51,353		320,663		311,598		2.9	%		124,281		121,995		1.9	%		196,382		189,603		3.6	%		61.2	%		95.1	%		94.8	%		1,016		994
Opportunistic and Other Markets
Austin		7		1,497		1,497		6,573		6,275		4.7	%		3,126		3,187		-1.9	%		3,447		3,088		11.6	%
Baltimore		5		1,141		954		6,415		6,310		1.7	%		2,433		2,461		-1.1	%		3,982		3,849		3.5	%
Columbus		6		1,296		1,020		4,065		3,853		5.5	%		2,051		1,832		12.0	%		2,014		2,021		-0.3	%
Detroit		2		1,225		1,129		4,774		5,043		-5.3	%		2,815		2,824		-0.3	%		1,959		2,219		-11.7	%
Grand Rapids — Lansing		5		2,924		2,284		9,187		9,049		1.5	%		4,617		4,576		0.9	%		4,570		4,473		2.2	%
Indianapolis		14		5,456		5,256		18,957		18,429		2.9	%		9,180		9,072		1.2	%		9,777		9,357		4.5	%
Minneapolis		4		1,223		1,023		7,221		6,957		3.8	%		2,853		3,053		-6.6	%		4,368		3,904		11.9	%
Nashville		6		1,866		1,593		7,938		7,530		5.4	%		3,190		3,192		-0.1	%		4,748		4,338		9.5	%
Norfolk		8		2,307		1,989		11,295		10,974		2.9	%		3,864		3,977		-2.8	%		7,431		6,997		6.2	%
Raleigh		6		1,463		1,184		4,889		4,724		3.5	%		2,251		2,275		-1.1	%		2,638		2,449		7.7	%
Richmond		2		512		444		2,365		2,316		2.1	%		773		799		-3.3	%		1,592		1,517		4.9	%
San Antonio		8		1,727		1,727		6,362		6,013		5.8	%		3,246		3,058		6.1	%		3,116		2,955		5.4	%
Other Markets		34		10,269		9,840		45,486		44,814		1.5	%		18,592		18,612		-0.1	%		26,894		26,202		2.6	%
Total Opportunistic and Other Markets		107		32,906		29,940		135,527		132,287		2.4	%		58,991		58,918		0.1	%		76,536		73,369		4.3	%		56.5	%		94.1	%		94.4	%		739		721
SAME STORE SALES TOTALS		300		89,855		81,293		456,190		443,885		2.8	%		183,272		180,913		1.3	%		272,918		262,972		3.8	%		59.8	%		94.8	%		94.6	%	$	916	$	894
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement [1]								312,164		290,760					178,169		155,705					133,995		135,055
Total rental and other property revenues and property operating expense per GAAP Income Statement							$	768,354	$	734,645				$	361,441	$	336,618				$	406,913	$	398,027

[1] Includes: (i) minority partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.

AIMCO 2nd Quarter 2008 Page 13

Supplemental Schedule 7

Total Conventional Portfolio Data by Market
(unaudited)

	Quarter Ended June 30, 2008
	Properties		Units		Effective Units		% AIV NOI			Average Rent
Target Markets
Los Angeles		16		4,262		3,611		8.4	%	$	2,074
Orange County		4		1,213		1,143		1.8	%		1,562
San Diego		6		2,144		2,074		3.0	%		1,201
Southern CA Total		26		7,619		6,828		13.2	%		1,748
East Bay		3		693		633		0.8	%		1,144
San Francisco		6		773		773		1.3	%		1,509
San Jose [1]		1		224		224		0.0	%		—
Northern CA Total		10		1,690		1,630		2.1	%		1,161
Seattle		4		468		283		0.3	%		1,006
Pacific Total		40		9,777		8,741		15.6	%		1,610
Manhattan		23		1,222		1,220		3.0	%		2,492
Suburban New York — New Jersey		7		3,147		2,712		3.0	%		1,096
New York Total		30		4,369		3,932		6.0	%		1,507
Washington — NoVA — MD		16		6,190		6,071		9.4	%		1,177
Boston		11		4,147		4,147		5.4	%		1,182
Philadelphia		9		4,432		4,085		5.2	%		1,236
Northeast Total		66		19,138		18,235		26.0	%		1,266
Miami		6		2,674		2,448		4.2	%		1,683
Other Florida Markets		43		12,732		11,592		9.3	%		853
Florida Total		49		15,406		14,040		13.5	%		999
Houston		30		8,008		6,866		4.1	%		660
Denver		10		2,662		2,067		1.8	%		738
Phoenix		20		5,164		4,804		3.2	%		692
Dallas — Fort Worth		10		2,590		2,253		1.3	%		697
Atlanta		11		3,005		2,484		1.7	%		856
Sunbelt Total		130		36,835		32,514		25.6	%		829
Chicago		20		5,852		5,364		6.1	%		1,072
Total Target Markets		256		71,602		64,854		73.3	%		1,074
Opportunistic and other markets [2]		140		40,547		35,723		26.7	%		747
Grand Total		396		112,149		100,577		100.0	%	$	955

	Quarter Ended June 30, 2007
	Properties		Units		Effective Units		% AIV NOI			Average Rent
Target Markets
Los Angeles		16		4,262		4,261		9.4	%	$	2,068
Orange County		4		1,213		1,143		2.0	%		1,461
San Diego		5		2,026		1,956		2.4	%		1,158
Southern CA Total		25		7,501		7,360		13.8	%		1,728
East Bay		3		693		633		0.5	%		1,111
San Francisco		6		773		773		0.8	%		1,417
Northern CA Total		9		1,466		1,406		1.3	%		1,271
Seattle		4		468		281		0.2	%		873
Pacific Total		38		9,435		9,047		15.3	%		1,616
Manhattan		22		1,243		1,242		2.7	%		1,931
Suburban New York — New Jersey		7		3,147		2,631		2.8	%		1,043
New York Total		29		4,390		3,873		5.5	%		1,309
Washington — NoVA — MD		19		9,066		8,552		10.3	%		1,103
Boston		11		4,147		4,147		5.1	%		1,171
Philadelphia		9		4,432		4,078		5.0	%		1,175
Northeast Total		68		22,035		20,650		25.9	%		1,170
Miami		6		2,674		2,388		4.3	%		1,652
Other Florida Markets		47		13,615		11,688		8.7	%		853
Florida Total		53		16,289		14,076		13.0	%		988
Houston		37		9,776		7,109		3.6	%		630
Denver		12		2,878		2,269		1.7	%		699
Phoenix		20		5,164		4,803		3.0	%		680
Dallas — Fort Worth		17		4,206		3,430		1.9	%		632
Atlanta		13		3,505		2,802		1.8	%		769
Sunbelt Total		152		41,818		34,489		25.0	%		790
Chicago		23		6,589		5,705		5.6	%		988
Total Target Markets		281		79,877		69,891		71.8	%		1,010
Opportunistic and other markets [2]		172		48,828		41,453		28.2	%		713
Grand Total		453		128,705		111,344		100.0	%	$	897

[1]	Aimco acquired this property on June 30, 2008, accordingly the % AIV NOI and Average Rent amounts did not impact Aimco results for the quarter ended June 30, 2008.
[2]	For the quarters ended June 30, 2008 and 2007, Aimco’s conventional portfolio included assets in 25 and 26 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit.

AIMCO 2nd Quarter 2008 Page 14

Supplemental Schedule 8

Property Acquisition and Sales Activity
(unaudited)

SECOND QUARTER AND YEAR-TO-DATE 2008 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 [1]

100

%

1

224

$

56.0

$

35.0

$

1,497

[1] The property acquired is located in San Jose, CA.

SECOND QUARTER 2008 PROPERTY SALES ACTIVITY (dollars in millions, except average rent)

	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 [3]		40		12,662	$	900.3		5.7	%	$	394.7	$	431.9		$	766.4	$	355.8	$	768
Affordable		1		240	$	21.2		5.1	%		8.3		12.0			21.2		12.0		1,142
Total Dispositions		41		12,902	$	921.5		5.6	%	$	403.0	$	443.9		$	787.6	$	367.8	$	775

YEAR-TO-DATE 2008 PROPERTY SALES ACTIVITY (dollars in millions, except average rent)

	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		41		13,078	$	923.3		5.7	%	$	400.4	$	447.3		$	779.3	$	362.0	$	764
Affordable		4		455	$	34.2		2.3	%		16.3		14.1			28.7		13.7		1,140
Total Dispositions		45		13,533	$	957.5		5.6	%	$	416.7	$	461.4		$	808.0	$	375.7	$	777

[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]	The following table presents selected market information regarding the conventional dispositions during the second quarter 2008:

Market	Properties		Units
Target Markets:
Washington — NoVA — MD		1		2,877
Tampa		3		467
Denver		2		216
Dallas — Fort Worth		6		1,120
Atlanta		2		500
Chicago		2		492
Total Target Markets		16		5,672
Opportunistic and Other Markets:
Baltimore		1		135
Columbus		2		588
Grand Rapids		6		1,487
Nashville		1		300
Norfolk		1		440
Salt Lake City		4		1,511
Other Markets		9		2,529
Total Opportunistic and Other Markets		24		6,990
Total Conventional Dispositions		40		12,662

AIMCO 2nd Quarter 2008 Page 15

Supplemental Schedule 9

Capital Expenditures
Six Months Ended June 30, 2008
(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 six months ended June 30, 2008. Per unit numbers are based on approximately 130,088 average units, including 113,155 conventional and 16,933 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	$	14,636		$	113
Turnover related		23,604			181
Capitalized site payroll and indirect costs		7,076			54
Total Aimco’s share of Capital Replacements	$	45,316		$	348
Capital Replacements:
Conventional	$	42,413		$	375
Affordable		2,903		$	171
Total Aimco’s share of Capital Replacements		45,316		$	348
Capital Improvements:
Conventional		49,739		$	440
Affordable		5,598		$	331
Total Aimco’s share of Capital Improvements		55,337		$	425
Casualties:
Conventional		5,491
Affordable		1,256
Total Aimco’s share of Casualties [2]		6,747
Redevelopment (see Schedule 10) [3]:
Conventional projects		127,110
Tax Credit projects		37,730
Total Aimco’s share of Redevelopment		164,840
Entitlement [4]		11,393
Total Aimco’s share of capital expenditures		283,633
Plus minority partners’ share of consolidated spending		24,144
Less Aimco’s share of unconsolidated spending		(399	)
Capital expenditures per consolidated statement of cash flows	$	307,378

[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]	Redevelopment expenditures for conventional and tax credit projects may include costs related to pre-construction or other activities on projects other than those included as active on Schedule 10. Therefore the total costs presented on this schedule may exceed those included as AIV share on Schedule 10.
[4]	Entitlement projects consist of Lincoln Place (CA) and Pacific Bay Vistas (formerly Treetops) (CA), which are predominantly vacant and have June 30, 2008 net book values of approximately $197 million and $32 million, respectively.

AIMCO 2nd Quarter 2008 Page 16

Supplemental Schedule 10

Summary of Redevelopment Activity
Six Months Ended June 30, 2008
(dollars in millions)
(unaudited)

										Actual Expenditures
	Number of			Number of			Total Estimated			Inception to			Six Months Ended June 30, 2008
	Properties			Units			Expenditures			Date			Actual Amount		Aimco’s Share
CONVENTIONAL REDEVELOPMENT PROJECTS
Active redevelopment projects at December 31, 2007		48			19,441		$	756.3		$	534.5		$	135.7	$	123.7
New redevelopment projects started during period		1			412			6.4			—			—		—
Changes in project scope and estimated costs								43.7
Redevelopment expenditures during period		49			19,853			806.4			534.5			135.7		123.7
Projects completed during period		(5	)		(3,488	)		(26.9	)		(26.9	)
Active redevelopment projects at June 30, 2008 [1]		44			16,365			779.5			507.6
TAX CREDIT REDEVELOPMENT PROJECTS
Active redevelopment projects at December 31, 2007		11			1,715		$	113.0		$	81.1		$	30.9	$	30.9
New redevelopment projects started during period		13			1,417			61.9			6.3			6.3		6.3
Changes in estimated costs								14.4
Redevelopment expenditures during period		24			3,132			189.3			87.4			37.2		37.2
Projects completed during period		(6	)		(861	)		(42.2	)		(36.8	)
Active redevelopment projects at June 30, 2008		18			2,271			147.1			50.6
TOTAL ACTIVE REDEVELOPMENT PROJECTS		62			18,636		$	926.6		$	558.2
YEAR-TO-DATE REDEVELOPMENT EXPENDITURES													$	172.9	$	160.9

[1] Targeted return on investment in Conventional Redevelopment projects is 7.5% — 8.5%.

AIMCO 2nd Quarter 2008 Page 17

Supplemental Schedule 11

Aimco Capital
(in thousands, unaudited)

Investment Management Income

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
Current asset management fees [1]	$	904		$	556		$	1,782		$	1,171
Deferred asset management fees [2]		16			174			528			2,868
Promotes		27,493			3,919			31,645			4,098
Other GP transactional fees		1,321			1,324			1,765			2,829
Total asset management revenues		29,734			5,973			35,720			10,966
Tax credit syndication fees [3]		1,427			3,674			1,427			5,298
Deferred tax credit income [4]		7,014			5,531			13,880			10,544
Total tax credit revenues		8,441			9,205			15,307			15,842
Total asset management and tax credit revenues		38,175			15,178			51,027			26,808
Accretion on discounted notes receivable [5]		(3,835	)		802			(2,170	)		2,560
Other portfolio management income [6]		2,650			1,710			3,984			2,240
Total portfolio management income		(1,185	)		2,512			1,814			4,800
Total investment management revenues		36,990			17,690			52,841			31,608
Investment management expenses		(5,728	)		(5,521	)		(10,017	)		(9,987	)
Net investment management income (pre-tax)		31,262			12,169			42,824			21,621
Income taxes [7]		(2,090	)		(3,359	)		(4,295	)		(6,337	)
Net investment management income (after tax)	$	29,172		$	8,810		$	38,529		$	15,284

Summary of Projected Tax Credit Income

	Remainder			Year Ending December 31,
	2008			2009			2010			2011			2012			Thereafter			Total
Amortization of deferred income [8]	$	13,565		$	31,343		$	27,258		$	26,661		$	26,403		$	106,929		$	232,159
Income taxes [9]		(5,290	)		(12,224	)		(10,631	)		(10,398	)		(10,297	)		(41,702	)		(90,542	)
Projected income, net of tax	$	8,275		$	19,119		$	16,627		$	16,263		$	16,106		$	65,227		$	141,617

[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. Tax credit income is recognized as tax credits are delivered to the investors, generally over a period of ten years. 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. Accretion on discounted notes receivable is included in interest income in Aimco’s consolidated statements of income. During the three and six months ended June 30, 2008, Aimco revised its estimate of the timing and amount of payment on a discounted note and as a result recorded an adjustment of $4.0 million to accretion income.
[6]	Other portfolio management income during 2008 and 2007 includes interest income received under total rate of return swaps, which is included in interest expense in Aimco’s consolidated statements of income. During 2007, other portfolio management income also includes consideration received in exchange for the transfer of certain property rights, which is included in other expenses (income), net in Aimco’s consolidated statements of income during 2007.
[7]	Investment management 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 2nd Quarter 2008 Page 18

Supplemental Schedule 12

Apartment Unit Summary
As of June 30, 2008
(unaudited)

	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Conventional Real Estate Portfolio:
Wholly-owned consolidated properties		266		74,981		74,981		100	%
Partially-owned consolidated properties		129		38,974		27,373		70	%
Partially-owned unconsolidated properties		2		732		264		36	%
Total		397		114,687		102,618		89	%
Affordable Real Estate Portfolio:
Wholly-owned consolidated properties		87		12,079		12,079		100	%
Partially-owned consolidated properties		132		14,716		4,673		32	%
Partially-owned unconsolidated properties		89		9,930		1,911		19	%
Total		308		36,725		18,663		51	%
Total Owned Real Estate Portfolio:
Wholly-owned consolidated properties		353		87,060		87,060		100	%
Partially-owned consolidated properties		261		53,690		32,046		60	%
Partially-owned unconsolidated properties		91		10,662		2,175		20	%
Total		705		151,412		121,281		80	%
Management Contracts:
Property-managed for third parties		35		3,222
Asset-managed		374		34,038
Total		409		37,260
Total Portfolio		1,114		188,672

AIMCO 2nd Quarter 2008 Page 19

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.

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.

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

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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.

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