Apartment Investment and Management (AIV) 8-K Apartment Investment and Management Company Announces First Quarter 2010 Results

Exhibit 99.1

Exhibit 99.1

Apartment Investment and Management Company
Announces First Quarter 2010 Results

Denver, Colorado – April 30, 2010 – Apartment Investment and Management Company (NYSE: AIV) announced today its first quarter 2010 results.

Chairman and Chief Executive Officer Terry Considine comments: “Aimco has a simple business plan to own and operate B/B+ quality apartments in the 20 largest U.S. markets. During the first quarter, we increased average daily occupancy to 96.0% in part because a record high percent of our customers chose to renew their leases and stay with us. And, while rental rates on new leases were down from the prior year, rental rates on renewals were up, starting in February and ending seven months of decline. In addition, we sold twelve properties and reduced our corporate term debt by $45 million in the quarter, and by an additional $10 million after quarter’s end. As we move forward in the year, we will continue to focus on providing excellent service to our customers, controlling costs, upgrading our portfolio and strengthening our balance sheet.”

Chief Financial Officer Ernie Freedman adds: “First quarter Pro forma FFO of $0.32 per share exceeded the high end of our guidance range by $0.02 per share, driven mainly by timing of offsite costs. Our guidance for full year 2010 is unchanged at $1.25 to $1.35 per share and we are establishing second quarter Pro forma FFO guidance of $0.28 to $0.34 per share.”

Financial Results

Diluted Per Share Results

	FIRST QUARTER
	2010			2009
Earnings (loss) per share	$	(0.35	)	$	(0.34	)
Funds From Operations (FFO)	$	0.25		$	0.45
Add back (deduct) Aimco’s share of operating real estate impairment losses (recoveries)	$	0.07		$	(0.03	)
Pro forma Funds from Operations (Pro forma FFO)	$	0.32		$	0.42
Deduct Aimco’s share of capital replacements	$	(0.10	)	$	(0.08	)
Adjusted Funds From Operations (AFFO)	$	0.22		$	0.30

Net income (loss) – Net loss attributable to Aimco common stockholders for the quarter was $40.4 million, compared to net loss of $37.7 million for first quarter 2009. First quarter 2010 net loss was greater than first quarter 2009 primarily due to higher depreciation and amortization as assets under construction were brought into service over the past twelve months.

Funds From Operations – FFO is a non-GAAP financial measure defined in the glossary in Aimco’s Supplemental Information (the Glossary). FFO calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts (NAREIT) was $29.3 million, or $0.25 per share, compared with $51.3 million, or $0.45 per share, in first quarter 2009. Pro forma FFO, which represents FFO as prescribed by NAREIT but excludes operating real estate impairment losses and recoveries, was $36.9 million, or $0.32 per share, compared with $48.8 million, or $0.42 per share, in first quarter 2009. Lower results were primarily due to dilution from 2009 asset sales.

AIMCO 1st Quarter 2010 Page 1

Property Operations

Property operating results discussed below represent Aimco’s Proportionate Share of reported amounts, which reflects property operating results adjusted for Aimco’s ownership in each property. This non-GAAP measure is defined in the Glossary.

Diversified Operating Portfolio – Aimco’s property operations consist primarily of Conventional with some Affordable real estate operations. Conventional real estate operations relate to Aimco’s diversified portfolio of market rate apartment communities and include Same Store Properties, Redevelopment Properties, Acquisition Properties, and Other Properties. See Supplemental Schedules 7a and 7b for detailed information on Aimco’s Conventional real estate portfolio, including selected operating results.

Affordable real estate operations relate to Aimco’s portfolio of properties with rents that are generally paid, in whole or part, by a government agency. Affordable properties tend to have relatively more stable rents and higher occupancy due to government rent payments and thus are much less affected by market fluctuations. See the Glossary for additional information about the property categories included in the table below and Schedules 1 and 2 in the Supplemental Information for financial and statistical information for these portfolios.

Portfolio Operating Measures*

	FIRST QUARTER 2010
	% Aimco			Year-over-Year Variance
	NOI			Revenue			Expenses			NOI
Conventional Same Store		69	%		-1.8	%		3.9	%		-5.4	%
Affordable Same Store		11	%		2.9	%		2.7	%		3.2	%
Total Same Store		80	%		-1.1	%		3.7	%		-4.3	%
Conventional Redevelopment		14	%		8.1	%		-1.1	%		14.6	%
Other Conventional		5	%		2.1	%		6.8	%		-2.6	%
Affordable Redevelopment		1	%		3.9	%		-2.7	%		10.2	%
Total		100	%		0.2	%		3.3	%		-2.0	%

* The information in this table relates to properties that Aimco owns and manage, and are classified within continuing operations. Results exclude properties that Aimco owns but does not manage and properties held for sale. To ensure comparability between periods, the year-over-year change in Revenue, Expenses and NOI in this table is based on Aimco’s current period ownership. See the Glossary for further information and reconciliation to Aimco’s Supplemental Information.

Conventional Same Store Results – In first quarter 2010, the Conventional Same Store portfolio included 170 communities with 56,770 units, in which Aimco had a weighted average ownership of 92%.

Conventional Same Store Operating Measures

	FIRST QUARTER									FIRST QUARTER
	Year-over-Year									Sequential
	2010			2009			Variance			4th Qtr			Variance
$ in millions except rent per unit
Average Daily Occupancy		96.0	%		93.3	%		2.7	%		95.4	%		0.6	%
Average Rent Per Unit	$	1,006		$	1,065			-5.5	%	$	1,017			-1.1	%
Revenue	$	165.3		$	168.4			-1.8	%	$	164.9			0.2	%
Expenses		(68.1	)		(65.5	)		3.9	%		(65.0	)		4.7	%
NOI	$	97.2		$	102.9			-5.4	%	$	99.9			-2.7	%

AIMCO 1st Quarter 2010 Page 2

Comparing Conventional Same Store results in first quarter 2010 with first quarter 2009, total revenue decreased $3.1 million, or 1.8%. The decrease in revenue was primarily the result of lower average rent, down 5.5% or $59 per unit, from $1,065 per unit to $1,006 per unit, largely offset by higher average daily occupancy of 96.0% for first quarter 2010 compared to 93.3% for first quarter 2009. Rental rates on new leases transacted during the quarter were 7.0% lower than the expiring lease rates, while renewal rates were 0.1% higher than the expiring lease rates. New and renewal lease rates improved throughout the quarter, with March 2010 new lease rates 5.1% lower than the expiring lease rates and renewal rates 0.4% higher than the expiring lease rates. Conventional Same Store expenses increased $2.6 million or 3.9%, primarily due to increased snow removal costs in the Northeast, repairs and maintenance, and marketing expenses, partially offset by lower turn costs and administrative expenses. Refer to Supplemental Schedules 6a and 6b for additional details on Conventional Same Store operating results.

Portfolio

Aimco’s portfolio strategy focuses on B/B+ quality Conventional apartment communities located in the 20 largest U.S. markets, with a target capital allocation of 10% or less to Affordable apartment communities.

Aimco measures Conventional property asset quality based on average rents compared to local market average rents as reported by REIS, a third-party provider of commercial real estate performance information and analysis. Aimco defines A-quality assets as those with rents greater than 125% of local market average, B-quality assets as those with rents 90% to 125% of local market average and C-quality assets as those with rents less than 90% of local market average. For the fourth quarter 2009, the most current period for which REIS information is available, Aimco’s Conventional property rents averaged 103% of local market average rents.

For the first quarter 2010, average rents for the Conventional portfolio were $1,034 per unit, a 0.5% increase compared to first quarter 2009, primarily as a result of the sale of Conventional properties during 2009 with rents averaging 25% less than the retained portfolio.

Aimco’s geographic allocation strategy focuses on the 20 largest U.S. markets as measured by total apartment value. Aimco believes these markets to be deep, relatively liquid and possessing desirable long-term growth characteristics. These target markets are primarily coastal markets, and also include a number of Sun Belt cities and Chicago, Illinois. As Aimco executes this strategy, the company expects to reduce its investment in markets outside the 20 largest markets and to increase its investment in the 20 largest markets through redevelopment and acquisitions. During first quarter 2010, net operating income generated by Conventional properties located in the 20 largest markets accounted for 82.8% of total Conventional property net operating income, an increase of 2.9% compared to first quarter 2009.

In first quarter 2010, Aimco sold four Conventional properties and eight Affordable properties with 789 and 834 units, respectively, for $82.6 million in gross proceeds. Aimco’s share of net proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $17.1 million. Proceeds were used primarily to repay recourse term debt.

See Supplemental Schedules 7a and 7b for additional details regarding Aimco’s portfolio quality and capital allocation, and Supplemental Schedule 8 for additional details on disposition activity.

Balance Sheet and Liquidity

	AS OF MARCH 31, 2010
			% of			Weighted		Weighted Avg
	Amount		Total			Avg Maturity (Yrs)		Rate
Aimco leverage ($ in millions)
Aimco’s share of long-term, non-recourse property debt	$	4,924.5		85	%		8.2		5.43	%
Preferred securities		776.0		13	%		n/a		7.53	%
Recourse term debt		45.0		1	%		0.8		1.74	%
Other Borrowings		44.5		1	%		n/a		5.75	%
Credit facility		14.8		—			1.8		6.25	%
Total/weighted average	$	5,804.8		100	%		8.1		5.69	%

See Supplemental Schedules 4a and 4b for additional details about Aimco’s non-recourse property debt and Supplemental Schedule 5 for information related to Aimco’s preferred securities.

AIMCO 1st Quarter 2010 Page 3

Aimco’s recourse debt is limited to its revolving credit facility and corporate term debt, which together represented approximately 1% of Aimco’s leverage at the end of first quarter 2010. At that time, the balance on Aimco’s revolving credit facility was $14.8 million and available capacity was $121.4 million, net of $43.8 million of letters of credit drawn against the facility. Aimco’s revolving credit facility is used for working capital purposes and to secure letters of credit. The balance on Aimco’s corporate term debt of $45.0 million at March 31, 2010, matures in first quarter 2011. Subsequent to quarter’s end, Aimco repaid $10.0 million of the term debt, bringing the balance to $35.0 million at the end of April 2010.

In connection with its recourse obligations, Aimco is subject to Debt Service and Fixed Charge Coverage covenants, as defined in the Glossary. For first quarter 2010, Aimco’s Debt Service and Fixed Charge Coverage ratios were 1.59:1 and 1.35:1, compared to covenants in place during the quarter of 1.40:1 and 1.20:1, respectively, and fourth quarter 2009 ratios of 1.59:1 and 1.36:1. Aimco expects to remain in compliance with these covenants.

2010 Outlook

	SECOND QUARTER		FULL YEAR
Net loss per share		-$0.52 to -$0.46		-$1.96 to -$1.86
Pro forma FFO per share		$0.28 to $0.34		$1.25 to $1.35
Same Store Operating Measures
Average daily occupancy		95.0% to 96.0%		94.5% to 95.5%
NOI change compared to same period 2009		-6.0% to -5.0%		-5.0% to -2.0%
NOI change compared to first quarter 2010		-1.0% to 0.0%

About Aimco

Aimco is a real estate investment trust that is focused on the ownership and management of apartment communities located in the 20 largest markets in the United States with average rents that are 100% – 125% of local market average rents. Aimco seeks to upgrade regularly the quality of its portfolio through the sale of its lowest rated communities and by reinvestment within its 20 target markets through redevelopment and acquisitions. 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 atwww.aimco.com.

Supplemental Information

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

Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States of America, or GAAP. These measures are defined in the glossary in the Supplemental Information and, where appropriate, reconciled to the most comparable GAAP measures.

AIMCO 1st Quarter 2010 Page 4

Earnings Conference Call

Aimco’s first quarter 2010 earnings conference call will be held Friday, April 30, 2010, at 1:00 p.m. Eastern time.

Live Conference Call
Domestic Dial-In Number: 1-866-843-0890
International Dial-In Number: 1-412-317-9250
Passcode: 5170619

Conference Call Replay
Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-0088
Passcode: 439109

The conference call replay will be available until 9:00 a.m. Eastern time on May 17, 2010.

Live and Replay Webcast:http://www.aimco.com/CorporateInformation/About/Financial/news.aspx

Forward-looking Statements

This earnings release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including statements regarding projected results and specifically forecasts of second quarter and full year 2010 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, rental rates and property operating results. 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, some of which are beyond the control of Aimco, including, without limitation: financing risks, including the availability and cost of capital markets financing and the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; earnings may not be sufficient to maintain compliance with debt covenants; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; the timing of acquisitions and dispositions; insurance risk, including the cost of insurance; natural disasters and severe weather such as hurricanes; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; energy costs; 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, 2009, 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 securities for sale.

Contact

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

AIMCO 1st Quarter 2010 Page 5

Consolidated Statements of Operations

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

	Three Months Ended
	March 31,
	2010			2009
REVENUES:
Rental and other property revenues	$	288,719		$	283,912
Asset management and tax credit revenues		4,257			9,539
Total revenues		292,976			293,451
OPERATING EXPENSES:
Property operating expenses		140,415			135,630
Investment management expenses		3,229			3,789
Depreciation and amortization		109,019			104,860
Provision for operating real estate impairment losses		—			510
General and administrative expenses		11,735			16,260
Other expenses, net		3,144			1,583
Total operating expenses		267,542			262,632
Operating income		25,434			30,819
Interest income		3,224			3,311
Provision for losses on notes receivable		(426	)		(150	)
Interest expense		(80,314	)		(80,717	)
Equity in income (losses) of unconsolidated real estate partnerships		7,951			(2,040	)
Gain on dispositions of unconsolidated real estate and other, net		2,642			10,864
Loss before income taxes and discontinued operations		(41,489	)		(37,913	)
Income tax benefit		3,771			2,475
Loss from continuing operations		(37,718	)		(35,438	)
Income from discontinued operations, net [1]		20,958			2,867
Net loss		(16,760	)		(32,571	)
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		(12,134	)		6,273
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership		(1,693	)		(1,069	)
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership		3,069			2,835
Total noncontrolling interests		(10,758	)		8,039
Net loss attributable to Aimco		(27,518	)		(24,532	)
Net income attributable to Aimco preferred stockholders		(12,922	)		(13,166	)
Net loss attributable to Aimco common stockholders	$	(40,440	)	$	(37,698	)
Weighted average common shares outstanding — basic and diluted		116,035			110,262
Earnings (loss) per common share — basic and diluted:
Loss from continuing operations attributable to Aimco common stockholders	$	(0.44	)	$	(0.33	)
Income (loss) from discontinued operations attributable to Aimco stockholders		0.09			(0.01	)
Net loss attributable to Aimco common stockholders	$	(0.35	)	$	(0.34	)

AIMCO 1st Quarter 2010 Page 6

Consolidated Statements of Operations (continued)

Notes to Consolidated Statements of Operations

[1] Income from discontinued operations consists of the following (in thousands):

	Three Months Ended
	March 31,
	2010			2009
Rental and other property revenues	$	4,266		$	57,664
Property operating expenses		(1,418	)		(30,102	)
Depreciation and amortization		(792	)		(18,734	)
Provision for operating real estate impairment (losses) recoveries		(7,225	)		3,364
Other expenses, net		(809	)		(1,894	)
Operating (loss) income		(5,978	)		10,298
Interest income		25			138
Interest expense		(490	)		(12,025	)
Loss before gain on dispositions of real estate and income taxes		(6,443	)		(1,589	)
Gain on dispositions of real estate		26,339			4,546
Income tax benefit (expense)		1,062			(90	)
Income from discontinued operations, net	$	20,958		$	2,867
Income from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships	$	(9,903	)	$	(3,979	)
Noncontrolling interests in Aimco Operating Partnership		(772	)		80
Total noncontrolling interests		(10,675	)		(3,899	)
Aimco	$	10,283		$	(1,032	)

AIMCO 1st Quarter 2010 Page 7

Consolidated Balance Sheets

(in thousands) (unaudited)

	March 31, 2010			December 31, 2009
ASSETS
Buildings and improvements	$	7,491,474		$	7,395,026
Land		2,186,724			2,168,251
Accumulated depreciation		(2,764,828	)		(2,661,764	)
Net real estate		6,913,370			6,901,513
Cash and cash equivalents		77,875			81,260
Restricted cash		221,062			219,685
Accounts receivable		44,853			59,822
Accounts receivable from affiliates		18,767			23,744
Deferred financing costs		52,158			52,244
Notes receivable from unconsolidated real estate partnerships		12,137			14,295
Notes receivable from non-affiliates		129,271			125,269
Investment in unconsolidated real estate partnerships		133,103			105,324
Other assets		201,391			185,890
Deferred income tax asset, net		45,909			42,015
Assets held for sale		35,184			95,407
Total assets	$	7,885,080		$	7,906,468
LIABILITIES AND EQUITY
Property tax-exempt bond financing	$	577,221		$	574,926
Property loans payable		5,018,676			4,926,737
Term loans		45,000			90,000
Credit facility		14,800			—
Other borrowings		63,260			53,057
Total indebtedness		5,718,957			5,644,720
Accounts payable		20,662			29,819
Accrued liabilities and other		293,255			286,326
Deferred income		173,656			182,378
Security deposits		36,123			35,335
Liabilities related to assets held for sale		26,708			76,531
Total liabilities		6,269,361			6,255,109
Preferred noncontrolling interests in Aimco Operating Partnership		86,483			86,656
Preferred stock subject to repurchase agreement		30,000			30,000
Equity:
Perpetual preferred stock		660,500			660,500
Class A Common Stock		1,168			1,165
Additional paid-in capital		3,075,547			3,072,665
Accumulated other comprehensive loss		(1,251	)		(1,138	)
Notes due on common stock purchases		(903	)		(1,392	)
Distributions in excess of earnings		(2,567,772	)		(2,492,082	)
Total Aimco equity		1,167,289			1,239,718
Noncontrolling interests in consolidated real estate partnerships		357,618			316,177
Common noncontrolling interests in Aimco Operating Partnership		(25,671	)		(21,192	)
Total equity		1,499,236			1,534,703
Total liabilities and equity	$	7,885,080		$	7,906,468

AIMCO 1st Quarter 2010 Page 8

Page
3	Schedule 1	–	Funds From Operations
4	Schedule 2	–	Portfolio Summary
5	Schedule 3	–	Net Asset Value Supplemental Information
7	Schedule 4	–	Selected Debt Information
9	Schedule 5	–	Share Data
10	Schedule 6a	–	Conventional Same Store Operating Results (1Q 2010 v. 1Q 2009)
11	Schedule 6b	–	Conventional Same Store Operating Results (1Q 2010 v. 4Q 2009)
12	Schedule 7a	–	Total Conventional Portfolio Data by Market (1Q 2010 v. 1Q 2009)
13	Schedule 7b	–	Total Conventional Portfolio Data by Market (4Q 2009)
14	Schedule 8	–	Property Sales and Acquisition Activity
15	Schedule 9	–	Capital Additions
16	Glossary (including reconciliation of GAAP to non-GAAP amounts)

Supplemental Schedule 1

Funds From Operations
(in thousands) (unaudited)

	Three Months Ended March 31, 2010												Three Months Ended March 31, 2009
				Proportionate												Proportionate
				Share of												Share of
	Consolidated			Unconsolidated			Noncontrolling			Proportionate			Consolidated			Unconsolidated			Noncontrolling			Proportionate
	Amount			Partnerships			Interests			Amount			Amount			Partnerships			Interests			Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	182,130		$	—		$	(16,558	)	$	165,572		$	185,739		$	—		$	(18,409	)	$	167,330
Affordable Same Store		44,416			399			(14,271	)		30,544			40,475			482			(11,091	)		29,866
Total Same Store		226,546			399			(30,829	)		196,116			226,214			482			(29,500	)		197,196
Conventional Redevelopment		31,814			—			(2,107	)		29,707			29,464			—			(1,997	)		27,467
Other Conventional		18,426			161			(2,184	)		16,403			18,333			642			(2,171	)		16,804
Other Affordable		10,752			4,784			(8,966	)		6,570			8,257			1,887			(3,494	)		6,650
Property management revenues, primarily from affiliates		1,181			(245	)		2,270			3,206			1,644			(163	)		2,164			3,645
Total rental and other property revenues		288,719			5,099			(41,816	)		252,002			283,912			2,848			(34,998	)		251,762
Property operating expenses
Conventional Same Store		75,078			—			(7,160	)		67,918			72,482			—			(7,368	)		65,114
Affordable Same Store		22,853			266			(8,139	)		14,980			20,487			314			(6,081	)		14,720
Total Same Store		97,931			266			(15,299	)		82,898			92,969			314			(13,449	)		79,834
Conventional Redevelopment		12,259			—			(932	)		11,327			12,336			—			(895	)		11,441
Other Conventional		9,646			98			(1,110	)		8,634			8,893			323			(906	)		8,310
Other Affordable		6,071			3,197			(5,403	)		3,865			4,616			1,232			(2,128	)		3,720
Casualties		2,634			31			502			3,167			2,502			(52	)		(678	)		1,772
Property management expenses		11,874			—			—			11,874			14,314			—			—			14,314
Total property operating expenses		140,415			3,592			(22,242	)		121,765			135,630			1,817			(18,056	)		119,391
Net real estate operations		148,304			1,507			(19,574	)		130,237			148,282			1,031			(16,942	)		132,371
Amortization of deferred tax credit income		6,602			—			—			6,602			7,867			—			—			7,867
Asset management revenues		136			—			771			907			697			—			390			1,087
Transaction revenues		(2,481	)		—			—			(2,481	)		975			—			—			975
Investment management expenses		(3,229	)		—			—			(3,229	)		(3,789	)		—			—			(3,789	)
Depreciation and amortization related to non-real estate assets		(3,973	)		(2	)		69			(3,906	)		(4,307	)		(2	)		58			(4,251	)
General and administrative expenses		(11,735	)		(3	)		480			(11,258	)		(16,260	)		29			939			(15,292	)
Other expense, net		(3,144	)		8,494			(6,312	)		(962	)		(1,583	)		(1,862	)		4,467			1,022
Interest income		3,224			(46	)		515			3,693			3,311			45			847			4,203
Provision for losses on notes receivable		(426	)		—			(641	)		(1,067	)		(150	)		—			732			582
Interest expense		(80,314	)		(974	)		11,839			(69,449	)		(80,717	)		(641	)		9,193			(72,165	)
Gain on disposition of non-depreciable assets		—			—			—			—			682			—			—			682
Income tax benefit		3,779			—			—			3,779			2,477			—			—			2,477
Discontinued operations, excluding impairments, depreciation and gain on dispositions of real estate, net of tax		1,579			—			24			1,603			13,817			—			(1,722	)		12,095
Preferred securities dividends, distributions and redemption related amounts		(14,615	)		—			—			(14,615	)		(14,235	)		—			—			(14,235	)
Operating real estate impairment losses		(8,605	)		—			396			(8,209	)		2,854			—			(95	)		2,759
Common noncontrolling interests in Aimco Operating Partnership		(2,168	)		—			—			(2,168	)		(4,482	)		—			—			(4,482	)
Amounts allocated to participating securities		(154	)		—			—			(154	)		(570	)		—			—			(570	)
Funds From Operations		32,780			8,976			(12,433	)		29,323			54,869			(1,400	)		(2,133	)		51,336
Operating real estate impairment losses, net of noncontrolling interests in Aimco Operating Partnership and participating securities		7,993			—			(395	)		7,598			(2,618	)		—			95			(2,523	)
Pro Forma Funds From Operations	$	40,773		$	8,976		$	(12,828	)	$	36,921		$	52,251		$	(1,400	)	$	(2,038	)	$	48,813
				Aimco’s share of capital replacements							(11,456	)				Aimco’s share of capital replacements							(14,210	)
				Adjusted Funds From Operations						$	25,465					Adjusted Funds From Operations						$	34,603
				Weighted average shares - diluted FFO							116,334					Weighted average shares - diluted FFO							115,185
				Per Share:												Per Share:
				Funds From Operations						$	0.25					Funds From Operations						$	0.45
				Pro Forma Funds From Operations						$	0.32					Pro Forma Funds From Operations						$	0.42
				Adjusted Funds From Operations						$	0.22					Adjusted Funds From Operations						$	0.30
				Dividends paid						$	0.10					Dividends paid						$	2.08

AIMCO 1st Quarter 2010 Page 3

Supplemental Schedule 2

Portfolio Summary
As of March 31, 2010
(unaudited)

	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Owned Real Estate Portfolio:
Conventional Same Store		170		56,770		51,965		92	%
Affordable Same Store		169		20,572		12,696		62	%
Total Same Store		339		77,342		64,661		84	%
Conventional Redevelopment		28		9,671		8,910		92	%
Other Conventional		36		5,840		4,226		72	%
Other Affordable		90		9,614		2,556		27	%
Conventional Held for Sale		5		953		760		80	%
Total owned real estate portfolio		498		103,420		81,113		78	%
Total Conventional owned real estate portfolio		239		73,234		65,861		90	%
Total Affordable owned real estate portfolio		259		30,186		15,252		51	%
Fee-Managed Portfolio:
Property-Managed for third parties		18		1,726
Asset-Managed		320		26,929
Total fee-managed portfolio		338		28,655
Total Portfolio		836		132,075

AIMCO 1st Quarter 2010 Page 4

Supplemental Schedule 3

Net Asset Value Supplemental Information
(in thousands) (unaudited) (page 1 of 2)

Aimco’s principal financial objective is to increase long-term stockholder value, one measure of which is Net Asset Value (NAV), which is the estimated fair value of assets, net of debt and preferred equity. The information provided below is intended to assist users of Aimco’s financial information in making their own estimates of Aimco’s NAV. See the following page for notes to the supplemental information provided below.

Trailing Twelve Month Net Operating Income Data

	Proportionate Net Operating Income
	Conventional Same						Conventional
	Store and Other			Affordable			Redevelopment			Total
Rental and other property revenues	$	729,928		$	148,717		$	115,243		$	993,888
Property operating expenses		(295,681	)		(71,878	)		(44,414	)		(411,973	)
Property NOI		434,247			76,839			70,829			581,915
Assumed property management fee (3.5% of revenues)		(25,547	)		(5,205	)		(4,034	)		(34,786	)
Property NOI net of assumed property management fee	$	408,700		$	71,634		$	66,795		$	547,129

Proportionate Balance Sheet Data
As of March 31, 2010

				Proportionate
	Consolidated			Share of						Proportionate
	GAAP			Unconsolidated			Noncontrolling			Balance
	Balance Sheet			Partnerships			Interests			Sheet
Assets
Real estate	$	9,678,198		$	102,078		$	(1,163,070	)	$	8,617,206
Accumulated depreciation		(2,764,828	)		(29,711	)		519,348			(2,275,191	)
Total real estate [1]		6,913,370			72,367			(643,722	)		6,342,015
Cash and cash equivalents		77,875			1,919			(30,130	)		49,664
Restricted cash		221,062			8,545			(52,785	)		176,822
Accounts receivable		63,620			897			(10,750	)		53,767
Notes receivable [2]		141,408			—			61,847			203,255
Investment in unconsolidated real estate partnerships [3]		133,103			(41,246	)		(27,814	)		64,043
Deferred financing costs [4]		52,158			593			(9,349	)		43,402
Goodwill [4]		70,451			—			—			70,451
Investment in management contracts [4]		1,161			—			—			1,161
Other assets		210,872			8,466			(55,433	)		163,905
Total assets	$	7,885,080		$	51,541		$	(768,136	)	$	7,168,485
Liabilities and Equity
Property debt	$	5,595,897		$	36,427		$	(707,831	)	$	4,924,493
Term loans and credit facility		59,800			—			—			59,800
Other borrowings		63,260			1,921			(20,673	)		44,508
Deferred income [5]		173,656			165			(3,130	)		170,691
Other liabilities		376,748			13,028			(148,528	)		241,248
Total liabilities		6,269,361			51,541			(880,162	)		5,440,740
Preferred noncontrolling interests in Aimco Operating Partnership		86,483			—			—			86,483
Preferred stock subject to repurchase agreement [6]		30,000			—			—			30,000
Perpetual preferred stock [6]		660,500			—			—			660,500
Other Aimco equity		506,789			—			469,644			976,433
Noncontrolling interests in consolidated real estate partnerships		357,618			—			(357,618	)		—
Common noncontrolling interests in Aimco Operating Partnership		(25,671	)		—			—			(25,671	)
Total liabilities and equity	$	7,885,080		$	51,541		$	(768,136	)	$	7,168,485

AIMCO 1st Quarter 2010 Page 5

Supplemental Schedule 3 (continued)

Net Asset Value Supplemental Information
(in thousands) (unaudited) (page 2 of 2)

[1]	Real estate includes Lincoln Place and Pacific Bay Vistas (formerly Treetops), which are predominantly vacant and have March 31, 2010, net book values of $142.3 million and $33.7 million, respectively, or $176.0 million in total. Aimco refers to these properties collectively as its redevelopment pipeline.
[2]	Aimco has notes receivable from consolidated partnerships that are eliminated in the GAAP balance sheet. The noncontrolling partners’ share of amounts payable to Aimco pursuant to those notes is added to the GAAP-based amounts to arrive at the proportionate balance presented.
[3]	Aimco’s internal NAV estimate is computed based on Aimco’s share of NOI and as such takes into account Aimco’s share of NOI attributable to unconsolidated partnerships. For this reason, investment in unconsolidated real estate partnerships is excluded from non-real estate assets in Aimco’s internal NAV computation.
[4]	Deferred financing costs, goodwill and investment in management contracts represent non-tangible assets for which cash has already been paid by Aimco. As such, these amounts are excluded from Aimco’s internal NAV computation.
[5]	Deferred income consists primarily of cash contributions received in connection with Aimco’s tax credit activities, which are deferred upon receipt and amortized into earnings in future periods as the tax credits and related tax benefits are delivered to the tax credit investors. Certain of Aimco’s tax credit arrangements provide for contributions to be made in installments, which contributions are not reflected in Aimco’s consolidated financial statements until such time as the contributions are received.
	Deferred income, including deferred tax credit income, represents a non-cash obligation, the amortization of which represents non-cash income in future periods. These non-cash liabilities and related income streams are excluded from Aimco’s internal estimates of NAV. However, amortization of deferred tax credit income is included in net income and, as such, FFO. Projected amortization of deferred tax credit contributions received and to be received is presented below.

	March 31, 2010
Deferred tax credit income balance	$	124,077
Contributions to be received in the future		67,415
Total to be amortized	$	191,492

	Amortization of		Estimated Income			Projected Income,
	Deferred Income		Taxes			net of tax
Year Ending December 31,
2010	$	21,996	$	(8,578	)	$	13,418
2011		27,385		(10,680	)		16,705
2012		27,419		(10,693	)		16,726
2013		26,279		(10,249	)		16,030
2014		24,629		(9,605	)		15,024
Thereafter		63,784		(24,876	)		38,908
Total	$	191,492	$	(74,681	)	$	116,811

[6] In addition to Preferred Stock subject to repurchase agreement and Perpetual Preferred Stock, Aimco’s internal NAV computation includes Preferred Partnership Units as a reduction of NAV attributable to Aimco common stockholders. See Schedule 5.

AIMCO 1st Quarter 2010 Page 6

Supplemental Schedule 4(a)

Selected Debt Information
As of March 31, 2010
(dollars in thousands) (unaudited)

Property Debt Balances and Characteristics

			Proportionate
			Share of							Weighted
			Unconsolidated		Noncontrolling					Average		Weighted
Debt	Consolidated		Partnerships		Interests			Total Aimco Share		Maturity (years)		Average Rate
Conventional Portfolio:
Fixed rate loans payable	$	4,333,440	$	—	$	(410,883	)	$	3,922,557		7.3		6.06	%
Floating rate loans payable [1]		97,576		—		(8,079	)		89,497		2.2		1.71	%
Total property loans payable		4,431,016		—		(418,962	)		4,012,054		7.2		5.96	%
Fixed rate tax-exempt bonds		52,075		—		(3,338	)		48,737		10.6		6.75	%
Floating rate tax-exempt bonds [1]		306,716		—		(5,242	)		301,474		5.8		0.72	%
Total property tax-exempt bond financing		358,791		—		(8,580	)		350,211		6.5		1.59	%
Total Conventional portfolio		4,789,807		—		(427,542	)		4,362,265		7.1		5.64	%
Affordable Portfolio:
Fixed rate loans payable		569,177		34,893		(252,435	)		351,635		14.7		4.85	%
Floating rate loans payable		18,483		9		(9,065	)		9,427		9.2		3.27	%
Total property loans payable		587,660		34,902		(261,500	)		361,062		14.5		4.80	%
Fixed rate tax-exempt bonds		90,467		1,525		(18,789	)		73,203		25.5		4.81	%
Floating rate tax-exempt bonds [1]		127,963		—		—			127,963		5.3		1.22	%
Total property tax-exempt bond financing		218,430		1,525		(18,789	)		201,166		13.7		2.71	%
Total Affordable portfolio		806,090		36,427		(280,289	)		562,228		14.3		4.24	%
Total property debt	$	5,595,897	$	36,427	$	(707,831	)	$	4,924,493		8.2		5.43	%

[1] Floating rate debt presented above includes $352.7 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At March 31, 2010, the carrying amount of this debt totaled $328.7 million, after recognition of changes in the debt’s fair value.

Aimco Share Property Debt

									% of Floating
	Amount		% of Total				Amount		Rate Debt
Fixed rate debt	$	4,396,132		89	%	Floating rate tax-exempt bonds	$	429,437		81	%
Floating rate debt		528,361		11	%	Floating rate loans payable		98,924		19	%
Total	$	4,924,493				Total	$	528,361

							Maturities as
							a Percent			Average Rate on
	Amortization		Maturities		Total		of Total Debt			Maturing Debt
2010 Q2	$	19,316	$	—	$	19,316		—			—
2010 Q3		19,039		—		19,039		—			—
2010 Q4		20,144		—		20,144		—			—
Total 2010		58,499		—		58,499		—			—
2011 Q1		19,909		3,341		23,250		0.07	%		5.40	%
2011 Q2		20,803		93,760		114,563		1.90	%		5.77	%
2011 Q3		20,243		—		20,243		—			—
2011 Q4		21,387		8,235		29,622		0.17	%		6.61	%
Total 2011		82,342		105,336		187,678		2.14	%		5.83	%
2012 [2]		85,465		461,596		547,061		9.37	%		6.11	%
2013		81,615		405,253		486,868		8.23	%		5.97	%
2014		79,483		263,201		342,684		5.34	%		5.52	%
2015		76,637		361,888		438,525		7.35	%		5.37	%
2016		70,125		342,411		412,536		6.95	%		5.59	%
2017		62,444		282,076		344,520		5.73	%		5.78	%
2018		57,785		47,717		105,502		0.97	%		6.17	%
2019		46,414		495,309		541,723		10.06	%		6.00	%
2020		37,993		284,226		322,219		5.77	%		6.77	%
Thereafter		739,326		397,352		1,136,678		8.07	%		4.84	%
Total	$	1,478,128	$	3,446,365	$	4,924,493

[2] 2012 maturities include approximately $307.5 million of debt ($285.7 million at carrying amount) subject to total return swaps for which the swap maturity dates are in 2012 and the related debt maturities are beyond 2012.

AIMCO 1st Quarter 2010 Page 7

Supplemental Schedule 4(b)

Selected Debt Information
As of March 31, 2010
(in millions) (unaudited)

Year-to-Date Property Loan Closings

	Original		New				Aimco
	Loan		Loan		Net		Net		Prior			New
Year Maturing	Amount		Amount		Proceeds [1]		Proceeds [2]		Rate			Rate
2013	$	9.1	$	27.0	$	16.9	$	15.8		4.54	%		5.49	%
New loans		—		22.9		22.6		21.5		—			6.81	%
Totals	$	9.1	$	49.9	$	39.5	$	37.3		4.54	%		6.09	%

[1]	Net Proceeds is after transaction costs and prepayment penalties.
[2]	Aimco Net Proceeds is after payment of distributions to noncontrolling partners.

Debt Ratios

	Amount		Covenant
Debt service coverage ratio		1.59:1		1.40:1
Fixed charge coverage ratio		1.35:1		1.20:1
EBITDA coverage of interest		2.02:1		n/a
EBITDA coverage of interest and preferred dividends		1.67:1		n/a

Credit Ratings

Moody’s Investor Service	Corporate Family Rating	Ba1 (stable outlook)
Standard and Poor’s	Corporate Credit Rating	BB+ (negative)

AIMCO 1st Quarter 2010 Page 8

Supplemental Schedule 5

Share Data
(in thousands) (unaudited)

Preferred Securities

	Shares/Units		Date First
	Outstanding		Available for
	as of		Redemption by
	March 31, 2010		Aimco		Coupon			Amount
Perpetual Preferred Stock:
Class G		4,040		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 [1]		0		6/30/2011		1.500	%		67,000
Total perpetual preferred stock									690,500
Preferred Partnership Units [2]		3,140				7.872	%		85,501
Total outstanding preferred securities								$	776,001

Common Stock and Equivalents

	Shares/Units		Weighted Average Shares/Units
	Outstanding		Three Months Ended
	as of		March 31, 2010
	March 31, 2010		EPS		FFO
Class A Common Stock outstanding		116,191		116,035		116,035
Dilutive securities:
Options, restricted stock and officer loan shares		983		—		299
Total shares and dilutive share equivalents		117,174		116,035		116,334
Common Partnership Units and equivalents [3]		8,347		8,365		8,365
Total shares, units and dilutive share equivalents		125,521		124,400		124,699

Notes

[1]	Represents 134 shares at a liquidation preference per share of $500,000. The remaining amount at March 31, 2010, includes $30.0 million, which is subject to a repurchase agreement and is classified within temporary equity in the consolidated balance sheet. 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 period.
[2]	Coupon is based on a weighted average of all outstanding series of Preferred Partnership Units.
[3]	Includes the Aimco Operating Partnership’s common OP Units and Class I High Performance Units, which are included in noncontrolling interests in Aimco Operating Partnership in our consolidated financial statements and Schedule 1.

AIMCO 1st Quarter 2010 Page 9

Supplemental Schedule 6(a)

Conventional Same Store Operating Results
First Quarter 2010 Compared to First Quarter 2009
(in thousands, except site and unit data) (unaudited)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		1Q 2010		1Q 2009		Growth			1Q 2010		1Q 2009		Growth			1Q 2010		1Q 2009		Growth			1Q 2010			1Q 2010			1Q 2009			1Q 2010		1Q 2009
Target Markets
Los Angeles		9		3,095		2,444	$	12,983	$	13,607		-4.6	%	$	4,392	$	4,359		0.8	%	$	8,591	$	9,248		-7.1	%		66.2	%		96.3	%		93.8	%	$	1,928	$	2,104
Orange County		3		443		373		1,345		1,376		-2.3	%		463		463		—			882		913		-3.4	%		65.6	%		97.3	%		96.0	%		1,145		1,197
San Diego		4		1,622		1,552		5,631		5,682		-0.9	%		1,723		1,624		6.1	%		3,908		4,058		-3.7	%		69.4	%		95.4	%		94.8	%		1,159		1,195
Southern CA Total		16		5,160		4,369		19,959		20,665		-3.4	%		6,578		6,446		2.0	%		13,381		14,219		-5.9	%		67.0	%		96.1	%		94.3	%		1,620		1,737
East Bay		2		413		353		1,391		1,416		-1.8	%		613		561		9.3	%		778		855		-9.0	%		55.9	%		97.2	%		94.2	%		1,197		1,268
San Francisco		4		710		710		3,224		3,283		-1.8	%		1,222		1,268		-3.6	%		2,002		2,015		-0.6	%		62.1	%		97.3	%		93.8	%		1,429		1,548
Northern CA Total		6		1,123		1,063		4,615		4,699		-1.8	%		1,835		1,829		0.3	%		2,780		2,870		-3.1	%		60.2	%		97.3	%		93.9	%		1,344		1,445
Seattle		3		413		310		1,252		1,377		-9.1	%		496		518		-4.2	%		756		859		-12.0	%		60.4	%		96.9	%		92.1	%		1,194		1,350
Pacific Total		25		6,696		5,742		25,826		26,741		-3.4	%		8,909		8,793		1.3	%		16,917		17,948		-5.7	%		65.5	%		96.3	%		94.1	%		1,547		1,665
Suburban New York — New Jersey		4		1,162		944		3,595		3,841		-6.4	%		1,111		1,076		3.3	%		2,484		2,765		-10.2	%		69.1	%		95.2	%		93.9	%		1,189		1,288
Washington — NoVA — MD		15		6,711		6,289		23,500		23,325		0.8	%		8,154		7,181		13.5	%		15,346		16,144		-4.9	%		65.3	%		96.7	%		94.9	%		1,194		1,216
Boston		12		4,250		4,250		15,139		15,229		-0.6	%		5,998		5,733		4.6	%		9,141		9,496		-3.7	%		60.4	%		96.3	%		94.4	%		1,163		1,203
Philadelphia		5		2,750		2,482		10,430		10,415		0.1	%		4,471		4,265		4.8	%		5,959		6,150		-3.1	%		57.1	%		95.3	%		92.0	%		1,246		1,303
Northeast Total		36		14,873		13,965		52,664		52,810		-0.3	%		19,734		18,255		8.1	%		32,930		34,555		-4.7	%		62.5	%		96.2	%		94.2	%		1,194		1,233
Miami		5		2,471		2,348		11,475		12,233		-6.2	%		5,180		5,479		-5.5	%		6,295		6,754		-6.8	%		54.9	%		97.0	%		93.2	%		1,525		1,664
Palm Beach/Fort Lauderdale		6		1,891		1,741		4,912		5,097		-3.6	%		2,276		2,077		9.6	%		2,636		3,020		-12.7	%		53.7	%		95.2	%		95.3	%		887		943
Orlando		8		2,032		1,815		4,081		4,177		-2.3	%		1,823		1,868		-2.4	%		2,258		2,309		-2.2	%		55.3	%		94.7	%		89.9	%		694		765
Tampa		6		1,755		1,621		3,886		3,942		-1.4	%		1,741		1,741		—			2,145		2,201		-2.5	%		55.2	%		96.2	%		91.6	%		724		786
Jacksonville		4		1,643		1,404		3,457		3,458		—			1,606		1,577		1.8	%		1,851		1,881		-1.6	%		53.5	%		95.4	%		91.5	%		774		828
Florida Total		29		9,792		8,929		27,811		28,907		-3.8	%		12,626		12,742		-0.9	%		15,185		16,165		-6.1	%		54.6	%		95.8	%		92.4	%		962		1,044
Houston		5		1,775		1,454		3,316		3,363		-1.4	%		1,603		1,356		18.2	%		1,713		2,007		-14.6	%		51.7	%		95.6	%		95.5	%		700		719
Denver		9		2,553		1,991		5,448		5,449		—			1,894		1,856		2.0	%		3,554		3,593		-1.1	%		65.2	%		96.0	%		94.8	%		785		814
Phoenix		13		3,319		2,923		5,622		6,166		-8.8	%		2,638		2,568		2.7	%		2,984		3,598		-17.1	%		53.1	%		94.4	%		92.1	%		598		675
Dallas — Fort Worth		2		569		569		1,328		1,295		2.5	%		673		593		13.5	%		655		702		-6.7	%		49.3	%		97.1	%		91.4	%		706		745
Sunbelt Total		58		18,008		15,866		43,525		45,180		-3.7	%		19,434		19,115		1.7	%		24,091		26,065		-7.6	%		55.3	%		95.6	%		92.9	%		837		901
Chicago		9		2,413		2,349		8,080		8,007		0.9	%		3,539		3,413		3.7	%		4,541		4,594		-1.2	%		56.2	%		97.0	%		93.1	%		1,064		1,104	��
Total Target Markets		128		41,990		37,922		130,095		132,738		-2.0	%		51,616		49,576		4.1	%		78,479		83,162		-5.6	%		60.3	%		96.0	%		93.6	%		1,090		1,154
Other
Austin		3		816		816		1,676		1,659		1.0	%		753		1,009		-25.4	%		923		650		42.0	%		55.1	%		95.7	%		87.4	%		629		698
Baltimore		3		701		628		2,226		2,188		1.7	%		1,106		879		25.8	%		1,120		1,309		-14.4	%		50.3	%		95.1	%		93.7	%		1,091		1,095
Indianapolis/Fort Wayne		5		3,182		2,983		5,837		5,863		-0.4	%		2,796		2,610		7.1	%		3,041		3,253		-6.5	%		52.1	%		95.9	%		93.5	%		590		612
Nashville		2		438		392		1,212		1,254		-3.3	%		566		457		23.9	%		646		797		-18.9	%		53.3	%		98.0	%		94.4	%		933		1,012
Norfolk/Richmond		5		1,495		1,403		4,281		4,195		2.1	%		1,286		1,323		-2.8	%		2,995		2,872		4.3	%		70.0	%		95.7	%		92.9	%		949		969
Other Markets		24		8148		7821		20,003		20,463		-2.2	%		9,946		9,654		3.0	%		10,057		10,809		-7.0	%		50.3	%		95.8	%		92.5	%		781		831
Total Other		42		14,780		14,043		35,235		35,622		-1.1	%		16,453		15,932		3.3	%		18,782		19,690		-4.6	%		53.3	%		95.9	%		92.6	%		768		809
CONVENTIONAL SAME STORE SALES TOTALS		170		56,770		51,965	$	165,330	$	168,360		-1.8	%	$	68,069	$	65,508		3.9	%	$	97,261	$	102,852		-5.4	%		58.8	%		96.0	%		93.3	%	$	1,006	$	1,065

AIMCO 1st Quarter 2010 Page 10

Supplemental Schedule 6(b)

Conventional Same Store Operating Results
First Quarter 2010 Compared to Fourth Quarter 2009
(in thousands, except site and unit data) (unaudited)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		1Q 2010		4Q 2009		Growth			1Q 2010		4Q 2009		Growth			1Q 2010		4Q 2009		Growth			1Q 2010			1Q 2010			4Q 2009			1Q 2010		4Q 2009
Target Markets
Los Angeles		9		3,095		2,444	$	12,983	$	12,952		0.2	%	$	4,392	$	4,414		-0.5	%	$	8,591	$	8,538		0.6	%		66.2	%		96.3	%		95.8	%	$	1,928	$	1,935
Orange County		3		443		373		1,345		1,334		0.8	%		463		458		1.1	%		882		876		0.7	%		65.6	%		97.3	%		96.1	%		1,145		1,161
San Diego		4		1,622		1,552		5,631		5,615		0.3	%		1,723		1,629		5.8	%		3,908		3,986		-2.0	%		69.4	%		95.4	%		95.7	%		1,159		1,165
Southern CA Total		16		5,160		4,369		19,959		19,901		0.3	%		6,578		6,501		1.2	%		13,381		13,400		-0.1	%		67.0	%		96.1	%		95.8	%		1,620		1,627
East Bay		2		413		353		1,391		1,360		2.3	%		613		608		0.8	%		778		752		3.5	%		55.9	%		97.2	%		94.7	%		1,197		1,220
San Francisco		4		710		710		3,224		3,296		-2.2	%		1,222		1,254		-2.6	%		2,002		2,042		-2.0	%		62.1	%		97.3	%		96.6	%		1,429		1,439
Northern CA Total		6		1,123		1,063		4,615		4,656		-0.9	%		1,835		1,862		-1.5	%		2,780		2,794		-0.5	%		60.2	%		97.3	%		95.9	%		1,344		1,360
Seattle		3		413		310		1,252		1,236		1.3	%		496		488		1.6	%		756		748		1.1	%		60.4	%		96.9	%		97.7	%		1,194		1,197
Pacific Total		25		6,696		5,742		25,826		25,793		0.1	%		8,909		8,851		0.7	%		16,917		16,942		-0.1	%		65.5	%		96.3	%		95.9	%		1,547		1,555
Suburban New York — New Jersey		4		1,162		944		3,595		3,635		-1.1	%		1,111		1,130		-1.7	%		2,484		2,505		-0.8	%		69.1	%		95.2	%		94.8	%		1,189		1,206
Washington — NoVA — MD		15		6,711		6,289		23,500		23,282		0.9	%		8,154		7,325		11.3	%		15,346		15,957		-3.8	%		65.3	%		96.7	%		96.9	%		1,194		1,197
Boston		12		4,250		4,250		15,139		15,095		0.3	%		5,998		5,598		7.1	%		9,141		9,497		-3.7	%		60.4	%		96.3	%		96.7	%		1,163		1,173
Philadelphia		5		2,750		2,482		10,430		10,191		2.3	%		4,471		4,310		3.7	%		5,959		5,881		1.3	%		57.1	%		95.3	%		94.0	%		1,246		1,261
Northeast Total		36		14,873		13,965		52,664		52,203		0.9	%		19,734		18,363		7.5	%		32,930		33,840		-2.7	%		62.5	%		96.2	%		96.1	%		1,194		1,202
Miami		5		2,471		2,348		11,475		11,587		-1.0	%		5,180		5,397		-4.0	%		6,295		6,190		1.7	%		54.9	%		97.0	%		97.1	%		1,525		1,532
Palm Beach/Fort Lauderdale		6		1,891		1,741		4,912		4,919		-0.1	%		2,276		2,398		-5.1	%		2,636		2,521		4.6	%		53.7	%		95.2	%		94.9	%		887		902
Orlando		8		2,032		1,815		4,081		4,098		-0.4	%		1,823		1,916		-4.9	%		2,258		2,182		3.5	%		55.3	%		94.7	%		94.4	%		694		705
Tampa		6		1,755		1,621		3,886		3,911		-0.6	%		1,741		1,620		7.5	%		2,145		2,291		-6.4	%		55.2	%		96.2	%		96.0	%		724		735
Jacksonville		4		1,643		1,404		3,457		3,491		-1.0	%		1,606		1,605		0.1	%		1,851		1,886		-1.9	%		53.5	%		95.4	%		95.6	%		774		782
Florida Total		29		9,792		8,929		27,811		28,006		-0.7	%		12,626		12,936		-2.4	%		15,185		15,070		0.8	%		54.6	%		95.8	%		95.7	%		962		973
Houston		5		1,775		1,454		3,316		3,253		1.9	%		1,603		1,438		11.5	%		1,713		1,815		-5.6	%		51.7	%		95.6	%		93.4	%		700		715
Denver		9		2,553		1,991		5,448		5,497		-0.9	%		1,894		1,898		-0.2	%		3,554		3,599		-1.3	%		65.2	%		96.0	%		95.9	%		785		786
Phoenix		13		3,319		2,923		5,622		5,842		-3.8	%		2,638		2,694		-2.1	%		2,984		3,148		-5.2	%		53.1	%		94.4	%		93.7	%		598		616
Dallas — Fort Worth		2		569		569		1,328		1,327		0.1	%		673		629		7.0	%		655		698		-6.2	%		49.3	%		97.1	%		94.3	%		706		715
Sunbelt Total		58		18,008		15,866		43,525		43,925		-0.9	%		19,434		19,595		-0.8	%		24,091		24,330		-1.0	%		55.3	%		95.6	%		95.1	%		837		848
Chicago		9		2,413		2,349		8,080		7,969		1.4	%		3,539		2,951		19.9	%		4,541		5,018		-9.5	%		56.2	%		97.0	%		94.9	%		1,064		1,074
Total Target Markets		128		41,990		37,922		130,095		129,890		0.2	%		51,616		49,760		3.7	%		78,479		80,130		-2.1	%		60.3	%		96.0	%		95.6	%		1,090		1,100
Other
Austin		3		816		816		1,676		1,648		1.7	%		753		808		-6.8	%		923		840		9.9	%		55.1	%		95.7	%		95.6	%		629		637
Baltimore		3		701		628		2,226		2,146		3.7	%		1,106		861		28.5	%		1,120		1,285		-12.8	%		50.3	%		95.1	%		95.0	%		1,091		1,098
Indianapolis/Fort Wayne		5		3,182		2,983		5,837		5,844		-0.1	%		2,796		2,462		13.6	%		3,041		3,382		-10.1	%		52.1	%		95.9	%		95.2	%		590		595
Nashville		2		438		392		1,212		1,206		0.5	%		566		456		24.1	%		646		750		-13.9	%		53.3	%		98.0	%		94.4	%		933		957
Norfolk/Richmond		5		1,495		1,403		4,281		4,309		-0.6	%		1,286		1,367		-5.9	%		2,995		2,942		1.8	%		70.0	%		95.7	%		95.4	%		949		955
Other Markets		24		8,148		7,821		20,003		19,925		0.4	%		9,946		9,289		7.1	%		10,057		10,636		-5.4	%		50.3	%		95.8	%		94.5	%		781		794
Total Other		42		14,780		14,043		35,235		35,078		0.4	%		16,453		15,243		7.9	%		18,782		19,835		-5.3	%		53.3	%		95.9	%		94.9	%		768		778
CONVENTIONAL SAME STORE SALES TOTALS		170		56,770		51,965	$	165,330	$	164,968		0.2	%	$	68,069	$	65,003		4.7	%	$	97,261	$	99,965		-2.7	%		58.8	%		96.0	%		95.4	%	$	1,006	$	1,017

AIMCO 1st Quarter 2010 Page 11

Supplemental Schedule 7(a)

Total Conventional Portfolio Data by Market
First Quarter 2010 Compared to First Quarter 2009
(unaudited)

	Quarter Ended March 31, 2010														Quarter Ended March 31, 2009
								Effective														Effective
	Properties		Units		Ownership			Units		% AIV NOI			Average Rent		Properties		Units		Ownership			Units		% AIV NOI			Average Rent
Target Markets
Los Angeles		14		4,641		86	%		3,990		10.3	%	$	2,001		16		5,016		87	%		4,366		9.2	%	$	2,122
Orange County		4		1,213		94	%		1,143		2.9	%		1,500		4		1,213		94	%		1,143		1.7	%		1,544
San Diego		6		2,144		97	%		2,074		4.2	%		1,190		6		2,144		97	%		2,074		3.5	%		1,230
Southern CA Total		24		7,998		90	%		7,207		17.4	%		1,682		26		8,373		91	%		7,583		14.4	%		1,782
East Bay		2		413		85	%		353		0.6	%		1,197		2		413		85	%		353		0.6	%		1,268
San Francisco		6		1,082		100	%		1,082		1.8	%		1,459		6		1,081		100	%		1,081		1.4	%		1,539
San Jose		1		224		100	%		224		0.5	%		1,481		1		224		100	%		224		0.4	%		1,630
Northern CA Total		9		1,719		97	%		1,659		2.9	%		1,386		9		1,718		97	%		1,658		2.4	%		1,472
Seattle		3		413		75	%		309		0.6	%		1,194		3		413		75	%		309		0.6	%		1,347
Pacific Total		36		10,130		91	%		9,175		21.0	%		1,613		38		10,504		91	%		9,550		17.4	%		1,716
Manhattan		22		957		100	%		955		2.8	%		2,359		22		956		100	%		954		2.4	%		2,293
Suburban New York / New Jersey		4		1,162		81	%		944		2.0	%		1,189		8		3,413		87	%		2,978		4.4	%		1,168
New York Total		26		2,119		90	%		1,899		4.8	%		1,720		30		4,369		90	%		3,932		6.8	%		1,418
Washington — NoVA — MD		17		8,015		84	%		6,744		12.6	%		1,194		17		7,663		92	%		7,048		11.7	%		1,197
Boston		12		4,250		100	%		4,250		7.3	%		1,163		12		4,250		100	%		4,250		6.2	%		1,203
Philadelphia		7		3,886		91	%		3,539		6.4	%		1,216		7		3,885		91	%		3,538		5.3	%		1,276
Northeast Total		62		18,270		90	%		16,432		31.2	%		1,257		66		20,167		93	%		18,768		30.0	%		1,262
Miami		5		2,471		95	%		2,348		5.1	%		1,525		6		2,674		92	%		2,448		4.5	%		1,608
Palm Beach/Fort Lauderdale		6		1,891		92	%		1,741		2.1	%		887		9		2,627		94	%		2,477		2.9	%		969
Orlando		10		3,000		90	%		2,708		3.0	%		726		13		3,680		92	%		3,388		2.8	%		786
Tampa		6		1,755		92	%		1,620		1.7	%		724		11		3,307		90	%		2,991		2.7	%		791
Jacksonville		4		1,643		85	%		1,404		1.5	%		773		4		1,643		85	%		1,404		1.2	%		828
Florida Total		31		10,760		91	%		9,821		13.4	%		947		43		13,931		91	%		12,708		14.1	%		988
Houston		8		3,027		83	%		2,505		2.2	%		679		17		5,232		84	%		4,416		3.3	%		690
Denver		9		2,553		78	%		1,991		2.9	%		785		10		2,877		80	%		2,315		2.7	%		800
Phoenix		17		4,418		89	%		3,910		3.3	%		613		20		5,164		90	%		4,658		3.3	%		690
Dallas — Fort Worth		2		569		100	%		569		0.5	%		706		7		1,762		81	%		1,425		1.2	%		726
Atlanta		7		1,574		77	%		1,214		1.3	%		842		8		1,795		80	%		1,435		1.5	%		913
Sunbelt Total		74		22,901		87	%		20,010		23.6	%		817		105		30,761		88	%		26,957		26.1	%		851
Chicago		15		4,633		94	%		4,348		7.1	%		1,101		19		5,555		93	%		5,157		6.4	%		1,117
Total Target Markets		187		55,934		89	%		49,965		82.8	%		1,119		228		66,987		90	%		60,432		79.9	%		1,123
Other [1]
Austin		3		816		100	%		816		0.7	%		629		4		1,143		100	%		1,143		0.7	%		728
Baltimore		5		1,180		84	%		993		1.4	%		1,028		5		1,180		84	%		993		1.4	%		1,063
Cincinnati		2		505		80	%		405		0.5	%		1,186		2		504		80	%		405		0.5	%		1,214
Colorado Springs CO		—		—		—			—		—			—		3		714		92	%		654		0.6	%		670
Indianapolis/Ft Wayne		5		3,182		94	%		2,983		2.4	%		590		9		5,341		96	%		5,142		3.7	%		610
Inland Empire		3		574		89	%		513		0.6	%		828		3		574		90	%		514		0.5	%		859
Michigan		6		3,855		94	%		3,636		2.5	%		626		7		4,150		95	%		3,931		2.6	%		661
Minneapolis		2		732		89	%		651		1.6	%		1,456		2		732		89	%		651		1.5	%		1,554
Nashville		4		1,114		77	%		861		1.0	%		839		6		1,830		79	%		1,449		1.5	%		842
Non-Target Florida		10		2,204		100	%		2,204		2.0	%		647		11		2,404		98	%		2,358		1.7	%		707
Norfolk/Richmond		6		1,643		94	%		1,551		2.6	%		937		8		2,363		92	%		2,183		2.8	%		923
Providence RI		2		708		100	%		708		1.1	%		1,078		3		948		100	%		948		1.1	%		1,102
Raleigh/Greenville		2		366		86	%		313		0.3	%		649		7		1,599		79	%		1,268		0.9	%		696
Other Markets		2		421		62	%		262		0.3	%		798		5		1,305		58	%		751		0.7	%		754
Total Other		52		17,300		92	%		15,896		17.2	%		773		75		24,787		90	%		22,390		20.1	%		781
Grand Total		239		73,234		90	%		65,861		100.0	%	$	1,034		303		91,774		90	%		82,822		100.0	%	$	1,029

[1] For the quarters ended March 31, 2010 and 2009, Aimco’s conventional portfolio included assets in 18 and 23 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit.

AIMCO 1st Quarter 2010 Page 12

Supplemental Schedule 7(b)

Total Conventional Portfolio Data by Market
Fourth Quarter 2009 Market Information
(unaudited)

Aimco’s portfolio strategy focuses on B/B+ quality apartment communities located in the 20 largest U.S. markets as measured by total apartment value, with a target allocation to Conventional Properties of 90% or more. Aimco measures Conventional Property asset quality based on average rents compared to local market average rents as reported by REIS, with A-quality assets earning rents greater than 125% of local market average, B-quality assets earning rents 90% to 125% of local market average and C-quality assets earning rents less than 90% of local market average. Aimco’s geographic allocation strategy focuses on the 20 largest U.S. markets, with market quality measured in part based on long-term growth characteristics.

The following schedule illustrates Aimco’s Conventional Property portfolio quality and market growth projections based on 4Q 2009 data, as this is the most recent period for which third-party data is available.

	Quarter Ended December 31, 2009
																				2010 - 2012
																	+/- Market			Projected
								Effective					Average		Market Rent		Rent			Revenue
	Properties		Units		Ownership			Units		% AIV NOI			Rent		[1]		Average			Growth [2]
Target Markets
Los Angeles		15		4,785		86	%		4,134		9.9	%	$	1,976	$	1,339		47.6	%		0.5	%
Orange County		4		1,213		94	%		1,143		2.7	%		1,499		1,440		4.1	%		0.7	%
San Diego		6		2,144		97	%		2,074		4.2	%		1,198		1,277		-6.2	%		1.7	%
Southern CA Total		25		8,142		90	%		7,351		16.7	%		1,675		1,338		25.2	%		0.8	%
East Bay		2		413		85	%		353		0.6	%		1,220		1,252		-2.6	%		1.0	%
San Francisco		6		1,082		100	%		1,082		1.7	%		1,465		1,717		-14.7	%		1.8	%
San Jose		1		224		100	%		224		0.5	%		1,521		1,401		8.6	%		1.8	%
Northern CA Total		9		1,719		97	%		1,659		2.8	%		1,403		1,531		-8.4	%		1.6	%
Seattle		3		413		75	%		309		0.6	%		1,197		937		27.8	%		1.4	%
Pacific Total		37		10,274		91	%		9,319		20.1	%		1,612		1,349		19.5	%		1.0	%
Manhattan		22		957		100	%		955		3.0	%		2,366		2,646		-10.6	%		2.8	%
Suburban New York / New Jersey		4		1,162		81	%		944		1.9	%		1,206		1,261		-4.4	%		0.5	%
New York Total		26		2,119		90	%		1,899		4.9	%		1,732		1,886		-8.2	%		1.9	%
Washington — NoVA - MD		17		8,015		84	%		6,744		12.7	%		1,197		1,307		-8.5	%		2.4	%
Boston		12		4,250		100	%		4,250		7.4	%		1,173		1,600		-26.7	%		2.4	%
Philadelphia		7		3,886		91	%		3,539		6.4	%		1,229		975		26.0	%		-0.1	%
Northeast Total		62		18,270		90	%		16,432		31.4	%		1,264		1,377		-8.2	%		1.8	%
Miami		5		2,471		95	%		2,348		4.8	%		1,532		992		54.4	%		0.5	%
Palm Beach / Ft Lauderdale		6		1,891		92	%		1,741		2.0	%		902		1,028		-12.3	%		0.9	%
Orlando		10		3,000		90	%		2,708		2.8	%		738		806		-8.4	%		-0.1	%
Tampa		7		2,031		88	%		1,793		1.9	%		745		772		-3.5	%		0.0	%
Jacksonville		4		1,643		85	%		1,404		1.5	%		782		754		3.8	%		0.2	%
Florida Total		32		11,036		91	%		9,994		12.9	%		955		872		9.5	%		0.3	%
Houston		9		3,140		82	%		2,583		2.3	%		697		709		-1.7	%		1.6	%
Denver		9		2,553		78	%		1,991		2.8	%		785		781		0.5	%		0.7	%
Phoenix		17		4,418		89	%		3,910		3.3	%		632		674		-6.2	%		0.5	%
Dallas — Fort Worth		3		825		89	%		732		0.7	%		713		697		2.3	%		1.6	%
Atlanta		7		1,574		77	%		1,214		1.2	%		840		745		12.8	%		0.4	%
Sunbelt Total		77		23,546		87	%		20,424		23.2	%		827		788		4.9	%		0.6	%
Chicago		15		4,633		94	%		4,348		7.8	%		1,112		970		14.6	%		0.6	%
Total Target Markets		191		56,723		89	%		50,523		82.5	%		1,124		1,083		3.8	%		1.1	%
Other [1]
Austin		3		816		100	%		816		0.7	%		637		781		-18.4	%		1.3	%
Baltimore		5		1,180		84	%		993		1.5	%		1,032		945		9.2	%		0.9	%
Cincinnati		2		505		80	%		405		0.6	%		1,197		662		80.8	%		0.3	%
Indianapolis / Ft Wayne		5		3,182		94	%		2,983		2.6	%		595		631		-5.6	%		-0.1	%
Inland Empire		3		574		89	%		513		0.6	%		835		990		-15.7	%		0.4	%
Michigan		6		3,862		94	%		3,643		2.8	%		634		752		-15.7	%		-1.5	%
Minneapolis		2		732		89	%		651		1.7	%		1,490		891		67.2	%		1.7	%
Nashville		4		1,114		77	%		861		1.1	%		854		687		24.4	%		0.6	%
Non-Target Florida		10		2,204		100	%		2,204		1.8	%		657		806		-18.5	%		0.0	%
Norfolk / Richmond		6		1,643		94	%		1,551		2.5	%		942		783		20.2	%		0.6	%
Providence RI		2		708		100	%		708		1.0	%		1,089		1,139		-4.4	%		0.0	%
Raleigh / Greenville		2		366		86	%		313		0.2	%		646		645		0.2	%		1.5	%
Other Markets		2		421		62	%		262		0.3	%		803		680		18.1	%		0.0	%
Total Other		52		17,307		92	%		15,903		17.5	%		783		773		1.3	%		0.2	%
Grand Total		243		74,030		90	%		66,426		100.0	%	$	1,042	$	1,008		3.3	%		1.0	%

[1]	4Q 2009 REIS
[2]	Represents the average of projections published by REIS, PPR and Axiometrics, third-party providers of commercial real estate information and analyses.

AIMCO 1st Quarter 2010 Page 13

Supplemental Schedule 8

Property Sales and Acquisition Activity
(dollars in millions, except average rent) (unaudited)

First Quarter 2010 Dispositions

	Number		Number				NOI							Aimco		Aimco
	of		of		Gross		Cap			Property		Net Sales		Gross		Net		Average
	Properties		Units		Proceeds		Rate [1]			Debt		Proceeds [2]		Proceeds		Proceeds		Rent
Conventional		4		789	$	48.3		8.3	%	$	32.0	$	10.4	$	36.3	$	8.9	$	835
Affordable		8		834		34.3		10.5	%		19.6		10.7		20.4		8.2		839
Total Dispositions		12		1,623	$	82.6		9.2	%	$	51.6	$	21.1	$	56.7	$	17.1	$	837

First Quarter 2010 Acquisitions

There were no property acquisitions during first quarter 2010.

Notes

[1]	NOI Cap Rate is calculated based on the trailing twelve month NOI prior to sale, less a 3.5% management fee, divided by the gross proceeds. Prior to 1Q 2010, Aimco provided a Free Cash Flow cap rate on this schedule, which represented an NOI cap rate assuming a 5% management fee and an adjustment of $300 per door for capital replacements.
[2]	Net Sales Proceeds are after repayment of existing debt, net working capital settlements, payment of transaction costs and prepayment penalties.
[3]	Year-to-date, Aimco has disposed of Conventional Properties in the following markets:

Market	Properties		Units
Target Markets:
Dallas-Fort Worth		1		256
Houston		1		113
Los Angeles		1		144
Tampa		1		276
Total Target Markets		4		789
Total Conventional Dispositions		4		789

AIMCO 1st Quarter 2010 Page 14

Supplemental Schedule 9

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

All capital additions are classified as either Capital Replacements (“CR”), Capital Improvements (“CI”), redevelopment or casualties. Non-redevelopment and non-casualty capital additions 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.

Amounts below represent actual additions related to residential properties that are owned and managed by Aimco at the end of the period. These amounts include consolidated and unconsolidated properties and are not adjusted for Aimco’s ownership interest in such properties. Amounts do not include capital additions related to:

• properties sold during the period or properties held for sale at the end of the period;

• properties that are not multi-family such as commercial properties or fitness facilities; and

• properties that Aimco owns but does not manage.

See the Glossary for a reconciliation of these amounts to GAAP capital additions.

	Actual Additions
	Three Months Ended March 31, 2010
	Conventional		Affordable		Total
Capital Additions
Capital Replacements
Buildings and grounds	$	4,254	$	1,204	$	5,458
Turnover capital additions		5,546		1,476		7,022
Capitalized site payroll and indirect costs		1,342		89		1,431
Total Capital Replacements		11,142		2,769		13,911
Capital Improvements		4,851		1,315		6,166
Redevelopment Additions		6,218		1,361		7,579
Casualties		3,661		3,621		7,282
Total Capital Additions	$	25,872	$	9,066	$	34,938
Capital Replacements and Improvements per Unit
Total units		70,977		23,058		94,035
Total Capital Replacements per unit	$	157	$	120	$	148
Capital Improvements per unit		68		57		66
Total Capital Replacements and Improvements per unit	$	225	$	177	$	214

AIMCO 1st Quarter 2010 Page 15

Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

This Earnings Release and Supplemental Information include certain financial measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States of America, or GAAP. Aimco’s definition and calculation of these non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.

ACQUISITION PROPERTIES: Properties that have been acquired during the twelve months prior to the current quarter-end that have not reached a stabilized level of occupancy during the current period and each period for which comparable results are presented.

ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is Pro forma FFO, as defined below, less Capital Replacement additions, also defined below, adjusted for the Aimco Operating Partnership’s share of such Capital Replacements. 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. 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 governmental programs intended to provide housing to people with low or moderate incomes. These programs, which are usually administered by the U.S. Department of Housing and Urban Development, or HUD, or state housing finance agencies, typically provide mortgage insurance, favorable financing terms, tax-credit equity, or rental assistance payments to the property owners. Under these programs, rent adjustments are made in accordance with property-specific contracts between Aimco and HUD, with rent increases generally based on an adjustment factor set by HUD annually. Aimco targets an investment in Affordable Properties of 10% or less of Net Asset Value, which serves to offset the volatility of our Conventional portfolio; provide revenue growth that over time is similar to that of Conventional Properties; expand our investment opportunities; and provide helpful positioning with government bodies, benefiting Aimco’s business overall.

AIMCO OPERATING PARTNERSHIP: AIMCO Properties, L.P., a Delaware limited partnership, is the operating partnership in Aimco’s UPREIT structure. Aimco owns approximately 93% of the common partnership units of the Aimco Operating Partnership.

AIMCO PROPORTIONATE FINANCIAL INFORMATION: Non-GAAP measures representing Aimco’s share of financial information discussed in this Earnings Release and Supplemental Information. Aimco’s proportionate share of financial information includes Aimco’s share of unconsolidated real estate partnerships and excludes noncontrolling interests in consolidated real estate partnerships. Proportionate reporting benefits the users of Aimco’s financial information by providing the amount of revenues, expenses, assets and liabilities attributable only to Aimco stockholders. Aimco also refers to this measure as “Aimco’s Share” of financial information. See Supplemental Schedules 1, 3 and 4 for reconciliation of Aimco’s proportionate share of financial results to Aimco’s consolidated financial statements.

CAPITAL ADDITIONS DEFINITIONS AND RECONCILIATION

CAPITAL IMPROVEMENTS (CI): CI additions include all non-redevelopment capital additions that are made to enhance the value, profitability or useful life of an asset from its original purchase condition.

CAPITAL REPLACEMENTS (CR): Unlike CI additions, CR additions do not increase the value, profitability or useful life of an asset from its original purchase condition. They represent the share of additions that are deemed to replace the consumed portion of acquired capital assets. CR additions are deducted in the calculation of AFFO.

CASUALTY CAPITAL ADDITIONS: 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 net of deductibles associated with each loss.

AIMCO 1st Quarter 2010 Page 16

Supplemental Schedule 9 contains capital additions information related to (1) residential properties that Aimco owns and manage at the end of the period, (2) properties that are consolidated in Aimco’s GAAP financial statements, and (3) properties that are accounted for under the equity method of accounting in Aimco’s GAAP financial statements. Amounts do not include capital additions related to:

• consolidated properties sold during the period or properties held for sale at the end of the period;

• consolidated properties that are not multi-family such as commercial properties or fitness facilities; or

• consolidated properties that Aimco owns but does not manage.

Aimco believes the capital addition detail provided in Supplemental Schedule 9 provides an enhanced understanding of capital additions related to our primary business of owning and operating apartment communities. A reconciliation of capital additions presented on Supplemental Schedule 9 to Aimco’s consolidated GAAP information is presented below.

	Three Months Ended
(in thousands) (unaudited)	March 31, 2010
Capital Additions per Schedule 9	$	34,938
Capital additions related to:
Unconsolidated real estate partnerships		(96	)
Consolidated sold and held for sale properties		298
Consolidated properties that are not multi-family, such as commercial properties or fitness facilities		13
Consolidated properties Aimco owns but does not manage		404
Consolidated capital additions	$	35,557

CONVENTIONAL PROPERTIES: Conventional Properties represent Aimco’s portfolio of market-rate apartment communities. Aimco focuses on owning and operating apartment communities with rents that are 100% to 125% of local market average rents and concentrates its investment in the 20 largest apartment markets in the United States, as measured by apartment value. Aimco targets an investment in Conventional Properties of 90% or more of Net Asset Value.

DEBT SERVICE COVERAGE RATIO: As defined in Aimco’s credit agreement, the ratio of (a) Aimco’s adjusted total earnings before interest, taxes, depreciation and amortization (which is reduced by certain capital expenditure reserves) to (b) the actual debt service, for the four fiscal quarters preceding the date of calculation.

EFFECTIVE UNITS: Unit count at 100% ownership multiplied by Aimco’s ownership share. Effective Units may be used to analyze Aimco proportionate financial measures on a per-unit basis.

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA): EBITDA is equal to Aimco’s adjusted total earnings before interest, taxes, depreciation and amortization as defined in Aimco’s credit agreementbeforecapital addition reserves provided for in Aimco’s credit agreement. EBITDA is the numerator used in Aimco’s calculation of EBITDA Coverage of Interest Ratio and EBITDA Coverage of Preferred Dividends and Interest Ratio.

EBITDA COVERAGE OF INTEREST RATIO: The ratio of (a) Aimco’s EBITDA to (2) total interest expense charges, as provided for in Aimco’s credit agreement, for the four fiscal quarters preceding the date of calculation. This ratio is similar to Aimco’s Debt Service Coverage Ratio with the exception that Aimco’s EBITDA Coverage of Interest Ratio does not include capital addition reserves in the numerator and does not include debt amortization or capitalized interest in the denominator, while Debt Service Coverage Ratio does include these items. Aimco’s credit agreement does not contain any compliance thresholds for the EBITDA Coverage of Interest Ratio; however, Aimco management uses this ratio as one measure of leverage.

AIMCO 1st Quarter 2010 Page 17

EBITDA COVERAGE OF INTEREST AND PREFERRED DIVIDENDS RATIO: The ratio of (a) Aimco’s EBITDA to (2) the sum of total interest expense and dividends/distributions on preferred shares/units, as provided for in Aimco’s credit agreement, for the four fiscal quarters preceding the date of calculation. This ratio is similar to Aimco’s Fixed Charge Coverage Ratio with the exception that Aimco’s EBITDA Coverage of Interest and Preferred Dividends Ratio does not include capital addition reserves in the numerator and does not include debt amortization or capitalized interest in the denominator, while Fixed Charge Coverage Ratio does include these items. Aimco’s credit agreement does not contain any compliance thresholds for the EBITDA Coverage of Interest and Preferred Dividends Ratio; however, Aimco management uses this ratio as one measure of leverage.

FIXED CHARGE COVERAGE RATIO: As defined in Aimco’s credit agreement, the ratio of (a) Aimco’s adjusted total earnings before interest, taxes, depreciation and amortization (which is reduced by certain capital expenditure reserves) to (b) fixed charges, which represents the sum of total interest expense, debt amortization and dividends/distributions on preferred shares/units, for the four fiscal quarters preceding the date of calculation.

FEE MANAGED PROPERTIES: Aimco provides property management and/or asset management services for a portfolio of properties, primarily pursuant to long-term arrangements with affiliated parties. In certain cases, Aimco may indirectly own generally less than one percent of the operations of such properties through a partnership syndication or other fund.

FUNDS FROM OPERATIONS (FFO): FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (NAREIT) defines 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. Aimco computes FFO for all periods presented in accordance with the guidance set forth by NAREIT’s April 1, 2002 White Paper.

In addition to FFO, Aimco uses PRO FORMA FUNDS FROM OPERATIONS (Pro forma FFO) to measure performance. Pro forma FFO represents FFO as defined above, excluding operating real estate impairments and preferred stock redemption related amounts (adjusted for noncontrolling interests). Both operating real estate impairment losses and preferred stock redemption related amounts are recurring items that affect Aimco’s operating results. Operating real estate impairment losses, net of related income tax benefits and noncontrolling interests, are excluded from Pro forma FFO because Aimco believes the inclusion of such losses in FFO is inconsistent with the treatment of gains on the disposition of operating real estate, which are not included in FFO. Aimco excludes preferred redemption related amounts (gains or losses) from Pro forma FFO because such amounts are not representative of operating results.

FFO and Pro forma FFO are helpful to investors in understanding Aimco’s performance because they capture 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. Net income (loss) attributable to Aimco common stockholders as determined in accordance with GAAP is reconciled to FFO as presented on Supplemental Schedule 1 below.

AIMCO 1st Quarter 2010 Page 18

	Three Months Ended
	March 31,
(in thousands) (unaudited)	2010			2009
Net loss attributable to Aimco common stockholders	$	(40,440	)	$	(37,698	)
Adjustments:
Depreciation and amortization		109,019			104,860
Depreciation and amortization related to non-real estate assets		(3,973	)		(4,307	)
Depreciation of rental property related to noncontrolling partners and unconsolidated entities		(11,726	)		(10,178	)
Subtract gain on dispositions of unconsolidated depreciable real estate		(3,033	)		(10,182	)
Discontinued operations:
(Gain) loss on dispositions of real estate, net of noncontrolling partners’ interest		(14,707	)		78
Depreciation of rental property, net of noncontrolling partners’ interest		626			16,435
Income tax (benefit) expense arising from disposals		(1,052	)		215
Noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(5,237	)		(7,317	)
Preferred stock dividends		12,922			13,166
Funds From Operations	$	42,399		$	65,072
Preferred stock dividends		(12,922	)		(13,166	)
Amounts allocable to participating securities		(154	)		(570	)
Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	29,323		$	51,336
Operating real estate impairment losses, continuing operations, net of noncontrolling partners’ interest		4			510
Operating real estate impairment losses, discontinued operations, net of noncontrolling partners’ interest		8,205			(3,269	)
Noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(571	)		208
Amounts allocable to participating securities		(40	)		28
Pro Forma Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	36,921		$	48,813
Capital Replacements		(12,378	)		(15,541	)
Noncontrolling interests in Aimco Operating Partnership’s share of Capital Replacements		862			1,173
Amounts allocable to participating securities		60			158
Adjusted Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	25,465		$	34,603

OTHER AFFORDABLE PROPERTIES: Affordable Properties that do not meet the Same Store property definition because (1) the property is under redevelopment, (2) the property is not managed by Aimco, and/or (3) Aimco’s ownership in the property is less than 10%.

OTHER CONVENTIONAL PROPERTIES: Conventional Properties that have significant rent control restrictions, university housing properties and properties that are not multi-family such as commercial properties or fitness facilities.

OTHER EXPENSES, NET: Other expenses, net includes 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).

PROPERTY NET OPERATING INCOME (NOI): NOI is defined by Aimco as total property rental and other property revenues less direct property operating expenses, including real estate taxes. NOI does not include: property management revenues, primarily from affiliates; casualties; off-site property management expenses; depreciation; or interest expense. NOI is helpful because it helps both investors and management to understand the operating performance of real estate excluding costs associated with decisions about acquisition pricing, overhead allocations and financing arrangements. NOI is considered by many in the real estate industry to be a useful measure for determining the value of real estate. A reconciliation of NOI as presented in this Earnings Release and Supplemental Information to Aimco’s consolidated GAAP amounts is provided on the following page.

AIMCO 1st Quarter 2010 Page 19

Reconciliation of GAAP to Proportionate Property NOI Amounts Included in Aimco’s Earnings Release and Supplemental Schedule 6(a)
First Quarter 2010 Compared to First Quarter 2009
(in thousands) (unaudited)

	Three Months Ended March 31, 2010												Three Months Ended March 31, 2009
	Proportionate			Properties Owned			Ownership			Proportionate			Proportionate		Properties Owned			Ownership			Proportionate
	Amount			but Not Managed			Adjustments			Property Amount			Amount		but Not Managed			Adjustments			Property Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	165,572		$	—		$	(242	)	$	165,330		$	167,330	$	—		$	1,030		$	168,360
Affordable Same Store		30,544			—			240			30,784			29,866		—			42			29,908
Total Same Store		196,116			—			(2	)		196,114			197,196		—			1,072			198,268
Conventional Redevelopment		29,707			—			—			29,707			27,467		—			23			27,490
Other Conventional		16,403			(161	)		—			16,242			16,804		(921	)		21			15,903
Other Affordable		6,570			(3,259	)		—			3,311			6,650		(3,464	)		—			3,186
Total rental and other property revenues		248,796			(3,421	)		(2	)		245,373			248,117		(4,386	)		1,116			244,847
Property operating expenses
Conventional Same Store		67,918			—			151			68,069			65,114		—			394			65,508
Affordable Same Store		14,980			—			155			15,135			14,720		—			21			14,741
Total Same Store		82,898			—			306			83,204			79,834		—			415			80,249
Conventional Redevelopment		11,327			—			—			11,327			11,441		—			10			11,451
Other Conventional		8,634			(98	)		—			8,536			8,310		(343	)		26			7,993
Other Affordable		3,865			(2,353	)		—			1,512			3,720		(2,166	)		—			1,554
Total property operating expenses		106,724			(2,451	)		306			104,578			103,305		(2,509	)		451			101,247
Property NOI:
Conventional Same Store	$	97,654		$	—		$	(393	)	$	97,261		$	102,216	$	—		$	636		$	102,852
Affordable Same Store		15,564			—			85			15,649			15,146		—			21			15,167
Total Same Store		113,218			—			(308	)		112,910			117,362		—			657			118,019
Conventional Redevelopment		18,380			—			—			18,380			16,026		—			14			16,040
Other Conventional		7,769			(63	)		—			7,706			8,494		(579	)		(5	)		7,910
Other Affordable		2,705			(906	)		—			1,799			2,930		(1,298	)		—			1,632
Net real estate operations	$	142,072		$	(969	)	$	(308	)	$	140,795		$	144,812	$	(1,877	)	$	665		$	143,601
	% Aimco
	1Q 2010 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		69	%		-1.8	%		3.9	%		-5.4	%
Affordable Same Store		11	%		2.9	%		2.7	%		3.2	%
Total Same Store		80	%		-1.1	%		3.7	%		-4.3	%
Conventional Redevelopment		14	%		8.1	%		-1.1	%		14.6	%
Other Conventional		5	%		2.1	%		6.8	%		-2.6	%
Other Affordable		1	%		3.9	%		-2.7	%		10.2	%
Net real estate operations		100	%		0.2	%		3.3	%		-2.0	%

AIMCO 1st Quarter 2010 Page 20

Reconciliation of GAAP to Supplemental Schedule 6(b) Proportionate Conventional Same Store NOI Amounts
Fourth Quarter 2009
(in thousands) (unaudited)

	Three Months Ended December 31, 2009
			Proportionate
			Share of
	Consolidated		Unconsolidated		Noncontrolling			Proportionate		Ownership			Proportionate
	Amounts		Partnerships		Interests			Amount		Adjustments			Property Amount
Conventional Same Store:
Rental and other property revenues	$	181,823	$	—	$	(16,367	)	$	165,455	$	(487	)	$	164,968
Property operating expenses		71,863		—		(6,761	)		65,103		(100	)		65,003
Property NOI	$	109,959	$	—	$	(9,607	)	$	100,353	$	(388	)	$	99,965

Reconciliation of GAAP to Trailing Twelve Month (TTM) Proportionate NOI Amounts
(in thousands) (unaudited)

													Subtract			Add
													Three Months			Three Months
													Ended			Ended
	Year Ended December 31, 2009									Y2009 to Y2010			March 31, 2009			March 31, 2010
			Proportionate							Property
			Share of							Classification and								TTM
	Consolidated		Unconsolidated		Noncontrolling			Proportionate		GAAP Consolidation			Proportionate			Proportionate		Proportionate
	Amount		Partnerships		Interests			Amount		Accounting Changes			Amount			Amount		Amount
Rental and other property revenues:
Conventional Same Store properties	$	719,977	$	—	$	(70,473	)	$	649,504	$	16,361		$	(167,330	)	$	165,572	$	664,107
Conventional Acquisition properties		2,749		—		—			2,749		(2,749	)		—			—		—
Conventional Redevelopment properties		144,010		—		(8,185	)		135,825		(22,821	)		(27,467	)		29,707		115,244
Other Conventional properties		69,996		1,449		(7,719	)		63,726		2,497			(16,804	)		16,403		65,822
Affordable properties		204,096		9,611		(61,288	)		152,419		(4,300	)		(36,516	)		37,114		148,717
Total rental and other property revenues		1,140,828		11,060		(147,665	)		1,004,223		(11,012	)		(248,117	)		248,796		993,890
Property operating expenses:
Conventional Same Store properties		282,428		—		(29,204	)		253,224		6,796			(65,114	)		67,918		262,824
Conventional Acquisition properties		952		—		—			952		(952	)		—			—		—
Conventional Redevelopment properties		57,789		—		(3,580	)		54,209		(9,680	)		(11,441	)		11,327		44,415
Other Conventional properties		35,246		816		(4,056	)		32,006		528			(8,310	)		8,634		32,858
Affordable properties		101,735		5,884		(33,943	)		73,676		(2,203	)		(18,440	)		18,845		71,878
Total property operating expenses		478,150		6,700		(70,783	)		414,067		(5,511	)		(103,305	)		106,724		411,975
Net operating income:
Conventional Same Store properties		437,549		—		(41,269	)		396,280		9,565			(102,216	)		97,654		401,283
Conventional Acquisition properties		1,797		—		—			1,797		(1,797	)		—			—		—
Conventional Redevelopment properties		86,221		—		(4,605	)		81,616		(13,141	)		(16,026	)		18,380		70,829
Other Conventional properties		34,750		633		(3,663	)		31,720		1,969			(8,494	)		7,769		32,964
Affordable properties		102,361		3,727		(27,345	)		78,743		(2,097	)		(18,076	)		18,269		76,839
Total rental and other property revenues	$	662,678	$	4,360	$	(76,882	)	$	590,156	$	(5,501	)	$	(144,812	)	$	142,072	$	581,915

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. Redevelopment properties are classified as either Conventional or Affordable. Aimco combines Affordable Redevelopment Properties with Other Affordable Properties for financial reporting purposes within its Supplemental Schedules 1 and 2.

SAME STORE PROPERTIES: Same Store properties are those properties (1) that are managed by Aimco, (2) in which Aimco’s ownership exceeds 10%, and (3) that have reached and maintained a stabilized level of occupancy during the current period and each period for which comparable results are presented. Same Store properties are classified as either Conventional or Affordable and properties classified in the consolidated financial statements as held for sale are not included in Same Store. To ensure comparability between periods, the proportionate Conventional Same Store information shown on Supplemental Schedules 6a and 6b is based on Aimco’s current period ownership.

AIMCO 1st Quarter 2010 Page 21