Apartment Investment and Management (AIV) 8-K Results of Operations and Financial Condition

Exhibit 99.1

2nd Quarter 2011 Earnings Release

Page
	1	Earnings Release
	8	Consolidated Statements of Operations
	10	Consolidated Balance Sheets
	11	Schedule 1a — Funds From Operations (2Q 2011 v. 2Q 2010)
	13	Schedule 1b — Funds From Operations (YTD 2Q 2011 v. YTD 2Q 2010)
	15	Schedule 2 — Portfolio Summary
	16	Schedule 3 — Net Asset Value Supplemental Information
	18	Schedule 4 — Property Debt Information
	20	Schedule 5 — Share Data
	21	Schedule 6a — Conventional Same Store Operating Results (2Q 2011 v. 2Q 2010)
	22	Schedule 6b — Conventional Same Store Operating Results (2Q 2011 v. 1Q 2010)
	23	Schedule 6c — Conventional Same Store Operating Results (YTD 2Q 2011 v. YTD 2Q 2010)
	24	Schedule 7a — Total Conventional Portfolio Data by Market (2Q 2011 v. 2Q 2010)
	25	Schedule 7b — Total Conventional Portfolio Data by Market (1Q 2011)
	26	Schedule 8 — Property Sales and Acquisition Activity
	27	Schedule 9 — Capital Additions
	28	Glossary and Reconciliations

Aimco Reports Second Quarter 2011 Results: Rental Rates Accelerating,
Pro forma FFO Ex-Items Up 16% Year-to-Date

Denver, Colorado, July 29, 2011— Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today its second quarter and year-to-date 2011 results.

Chairman and Chief Executive Officer Terry Considine comments: “Aimco’s business improved significantly during the second quarter with rising rental rates, continued high average daily occupancy and sustainable expense reductions. We begin the second half of the year in a strong position to generate competitive earnings growth through solid operating performance, further reductions in off-site costs, lower cost of leverage and accretive investment activities.”

Chief Financial Officer Ernie Freedman adds: “Aimco’s second quarter Pro forma FFO of $0.27 per share exceeded the upper end of Aimco’s guidance range by $0.05 per share, primarily as a result of strong operating results. Total Same Store NOI increased 5.1% compared to second quarter 2010, with revenue growth of 2.6% and sustainable expense reductions of 1.4%. Rental rate increases accelerated during the quarter with 5.1% growth in new lease rates and renewal rate increases of 3.6%. Based on results year-to-date, we expect Total Same Store NOI growth relative to 2010 to be in a range of 5.0% to 6.0% and, accordingly, we are increasing Pro forma FFO guidance to $1.45 to $1.51 per share, or an increase of $0.09 per share at the mid-point.”

Financial Results

Pro forma FFO, Excluding One-Time Items, up 16% Year-to-Date*

	SECOND QUARTER						YEAR TO DATE
	2011			2010			2011			2010
Net loss per share	$	(0.28	)	$	(0.15	)	$	(0.55	)	$	(0.50	)
Funds from Operations (FFO)	$	0.27		$	0.40		$	0.65		$	0.65
Add back Aimco’s share of operating real estate impairment losses	$	0.02		$	0.03		$	0.03		$	0.10
Deduct Aimco’s share of preferred equity redemption related amounts	$	(0.02	)	$	(0.02	)	$	(0.02	)	$	(0.02	)
Pro forma Funds from Operations (Pro forma FFO)	$	0.27		$	0.41		$	0.66		$	0.73
Deduct Aimco’s share of Capital Replacements	$	(0.13	)	$	(0.14	)	$	(0.23	)	$	(0.24	)
Adjusted Funds From Operations (AFFO)	$	0.14		$	0.27		$	0.43		$	0.49

^* Year-to-date 2011 Pro forma FFO of $0.66 per share includes a one-time charge of $0.15 per share related to debt prepayment penalties and write-off of deferred loan costs incurred in connection with a refinancing and securitization transaction completed during the quarter. This transaction is described in further detail in the Balance Sheet and Liquidity section of this release. Year-to-date 2010 Pro forma FFO of $0.73 per share includes a net benefit of $0.03 per share related to several, mostly offsetting, one-time items during second quarter 2010. Excluding these one-time items from each period, year-to-date 2011 Pro forma FFO increased 16% when compared to the same period last year.

Net loss— Net loss attributable to Aimco common stockholders for the quarter was $33.2 million, compared to net loss of $18.0 million for second quarter 2010. Second quarter 2011 net loss increased as compared to second quarter 2010 primarily due to: an increase of $20.5 million in interest expense, substantially all of which is related to debt prepayment penalties and write-off of deferred loan costs; a decrease of $11.6 million in income from discontinued operations as a result of 2010 and 2011 property sales; and a decrease of $9.7 million in other income, primarily as a result of $7.6 million of legal settlements, net of tax, which occurred during second quarter 2010 that did not recur in second quarter 2011. These decreases in income were offset by an increase of $12.4 million in property net operating income, a decrease of $8.7 million in depreciation and amortization and a decrease of $2.8 million in general and administrative expenses.

1

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 $32.3 million, or $0.27 per share, compared to $46.9 million, or $0.40 per share, in second quarter 2010. Pro forma FFO, which represents FFO as prescribed by NAREIT but excludes operating real estate impairment losses and preferred equity redemption related amounts, was $32.3 million, or $0.27 per share, compared to $47.8 million, or $0.41 per share, in second quarter 2010. Second quarter 2011 Pro forma FFO of $0.27 per share, including prepayment penalties and write off of deferred loan costs totaling $0.15 per share, was $0.05 per share above the upper end of Aimco’s guidance range, primarily as a result of better than expected property operating results.

Property Operations

Property operating results discussed below, including property net operating income (NOI), relate to properties that Aimco owns and manages, and that are classified within continuing operations. To ensure comparability between periods, results are based on Aimco’s current period ownership. See the Glossary for property definitions and reconciliation of non-GAAP measures and Schedules 1 and 2 in the Supplemental Information for financial and statistical information for these portfolios.

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, and Other Properties.

Affordable real estate operations consist of Aimco’s portfolio of properties with rents that are generally paid, in whole or in part, by a government agency. Affordable properties tend to have more stable rents and higher occupancy than Conventional properties due to government rent payments and thus are less affected by market fluctuations.

Total Same Store NOI Up 6.8% Year-to-Date

	SECOND QUARTER												YEAR TO DATE
				Year-over-year Variance												Year-over-year Variance
	% NOI			Revenue			Expenses			NOI			% NOI			Revenue			Expenses			NOI
Conventional Same Store		79	%		2.4	%		-1.3	%		4.6	%		79	%		2.0	%		-3.9	%		5.8	%
Affordable Same Store		13	%		3.7	%		-2.3	%		8.4	%		12	%		4.5	%		-6.7	%		14.2	%
Total Same Store		92	%		2.6	%		-1.4	%		5.1	%		91	%		2.3	%		-4.3	%		6.8	%
Other Conventional		8	%		3.0	%		-2.1	%		7.4	%		8	%		1.0	%		-0.2	%		1.9	%
Affordable Redevelopment		—			—			—			—			1	%		6.7	%		9.9	%		4.4	%
Total Portfolio		100	%		2.6	%		-1.5	%		5.3	%		100	%		2.3	%		-3.7	%		6.4	%

During second quarter 2011, total revenue across Aimco’s portfolio increased 2.6% when compared to second quarter 2010 while expenses declined 1.5%. Portfolio-wide expense savings were primarily the result of decreases in insurance expense, personnel expenses, turnover costs and marketing. These decreases were partially offset by an increase in real estate taxes as a result of successful appeals recognized in second quarter 2010 that did not recur in second quarter 2011.

2

Conventional Same Store Results— In second quarter 2011, the Conventional Same Store portfolio included 171 communities with 58,459 units, in which Aimco had a weighted average ownership of 94%.

Conventional Same Store NOI Growth Exceeds Upper End of Guidance Range

	SECOND QUARTER									SECOND QUARTER						YEAR-TO-DATE
	Year-over-year									Sequential						Year-over-year
	2011			2010			Variance			1st Qtr			Variance			2011			2010			Variance
Average Daily Occupancy		95.9	%		95.7	%		0.2	%		96.4	%		-0.5	%		96.2	%		95.8	%		0.4	%
Average Rent Per Unit	$	1,070		$	1,052			1.7	%	$	1,058			1.1	%	$	1,066		$	1,054			1.1	%
$ in Millions
Revenue	$	187.0		$	182.6			2.4	%	$	185.9			0.6	%	$	371.8		$	364.4			2.0	%
Expenses		(68.0	)		(68.9	)		-1.3	%		(69.1	)		-1.6	%		(136.6	)		(142.1	)		-3.9	%
NOI	$	119.0		$	113.7			4.6	%	$	116.8			1.9	%	$	235.2		$	222.3			5.8	%

Rental Rates Accelerating

Aimco measures changes in rental rates by comparing, on a lease-by-lease basis, the rate on a newly executed lease to the rate on the expiring lease for that same apartment. Newly executed leases are classified as either a new lease, where a vacant apartment is leased to a new customer, or a renewal of an existing lease. Average increases in Conventional Same-Store new lease and renewal rental rates for the first half of 2011 are as follows:

	SECOND QUARTER			FIRST QUARTER			YEAR-TO-DATE
New lease		5.1	%		1.9	%		3.8	%
Renewal		3.6	%		3.0	%		3.4	%

Refer to Supplemental Schedules 6a through 6c for additional details on Conventional Same Store operating results.

Affordable Same Store Results— In second quarter 2011, the Affordable Same Store portfolio included 147 communities with 18,478 units, in which Aimco had a weighted average ownership of 69%. For second quarter 2011, average month-end occupancy for the affordable portfolio was 97.6%, an increase of 0.1% from second quarter 2010, while average rent per unit increased 4.0% from $810 to $842 per unit.

Portfolio

Aimco’s portfolio strategy focuses on B/B+ quality Conventional apartment communities located in the 20 largest U.S. markets as measured by total apartment value, with a target capital allocation of 10% 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 first quarter 2011, the most recent period for which REIS information is available, Aimco’s Conventional Property rents averaged 99% of local market average rents.

For second quarter 2011, average rents for the Conventional portfolio were $1,079 per unit, a 3.8% increase compared to second quarter 2010, as a result of year-over-year rent growth and the sale of Conventional properties during 2010 and 2011 with rents substantially lower than those of the retained portfolio.

3

Aimco’s geographic allocation strategy focuses on the 20 largest U.S. markets. 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. In executing this strategy, Aimco expects to reduce its investment in markets outside the 20 largest markets and to increase its investment in the 20 largest markets through redevelopment, acquisitions and increasing ownership in properties Aimco already owns through limited partnerships. During second quarter 2011, net operating income generated by Conventional properties located in Aimco’s target markets accounted for 85% of total Conventional Property net operating income, an increase of 2% compared to second quarter 2010.

In second quarter 2011, Aimco sold seven Conventional properties and seven Affordable properties with 1,741 and 646 units, respectively, for $109.8 million in gross proceeds. Aimco’s share of net proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $31.3 million.

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

Balance Sheet and Liquidity

Components of Aimco Leverage

	AS OF JUNE 30, 2011
			% of			Weighted Avg		Weighted
Aimco leverage ($ in millions)	Amount		Total			Maturity (Yrs)		Avg Rate
Aimco’s share of long-term, non-recourse property debt	$	4,808.8		86	%		8.1		5.39	%
Aimco’s share of other borrowings		30.9		<1	%		n/a		4.57	%
Revolving credit facility		21.5		<1	%		2.1		6.25	%
Subtotal debt	$	4,861.2		87	%		8.1		5.36	%
Preferred securities		752.0		13	%	Perpetual			7.49	%
Total leverage	$	5,613.2		100	%		n/a		5.67	%

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

Property Debt Refinancing and Securitization— As Aimco announced on May 20, 2011, the company completed a series of financing transactions that repaid 19 non-recourse property loans scheduled to mature between 2012 and 2016 with proceeds from new long-term, fixed-rate, non-recourse property loans (the “new loans”). The new loans, which total $673.8 million, were closed in three parts; $218.6 million closed in December 2010, $120.6 million closed in March 2011, and $334.6 million closed in May 2011. Each of the new loans has a ten-year term, and a 30-year amortization schedule.

In June 2011, Freddie Mac securitized the new loans, creating its first multifamily private label securitization trust. The trust holds only the new Aimco loans referenced above and trades under the label FREMF 2011-KAIV.

As part of the securitization transaction, Aimco purchased for $51.5 million the first loss position and two mezzanine positions from the securitization trust, effectively reducing Aimco’s debt obligation. The face value of the notes is $100.9 million and the $49.4 million discount will be accreted into interest income over the ten-year term of the notes.

The weighted average interest rate on the 19 new loans is 5.49% while the net effective cost of the new loans is 5.19%, taking into account the weighted average interest rate on the new loans, transaction costs and interest income Aimco will earn from the securitization trust notes.

4

Property Debt Financing Commitments— Aimco’s share of property debt maturities during the balance of 2011 through 2014 totals $883.7 million, or approximately 18% of total property debt outstanding at June 30, 2011. Aimco has secured firm commitments to refinance $151.3 million, or approximately 17%, of maturities through 2014 as follows:

	Aimco’s Share of Property Debt Maturities
	Balance										Total/
($ in millions)	of 2011		2012			2013		2014			Weighted Avg
As of June 30, 2011	$	14.5	$	288.3		$	295.6	$	285.3		$	883.7
Maturing balances with committed financing		—		92.2			—		59.1			151.3
Remaining maturing balances	$	14.5	$	196.1		$	295.6	$	226.2		$	732.4
Weighted average interest rates
Existing loans with committed financing				5.34	%				5.75	%		5.50	%
Committed financing				4.47	%				4.20	%		4.37	%

Revolving Credit Facility— Aimco’s recourse debt at June 30, 2011, was limited to its revolving credit facility, which Aimco uses for working capital purposes and to secure letters of credit. At the end of second quarter, Aimco had $21.5 million outstanding on its revolving credit facility and available capacity was $251.5 million, net of $27.0 million of letters of credit backed by the facility.

Coverage Ratios— Aimco’s second quarter EBITDA Coverage of Interest and EBITDA Coverage of Interest and Preferred Dividends ratios were 2.12:1 and 1.73:1, compared to first quarter 2011 ratios of 2.11:1 and 1.72:1, respectively. Separately, in connection with its revolving credit facility, Aimco is subject to Debt Service and Fixed Charge Coverage covenants, as defined in the Glossary. For second quarter 2011, 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 first quarter 2011 ratios of 1.58:1 and 1.34:1. Aimco expects to remain in compliance with these covenants.

Equity Activity— From April 1, 2011, through the date of this release, Aimco has issued 1.7 million shares under its At-the-Market (ATM) offering program at a weighted average price of $25.62 per share, generating gross proceeds of $42.9 million. The proceeds from the ATM offering were used primarily to match-fund investment activities during the period and to fund prepayment penalties described in this release. From January 1, 2011, through the date of this release, Aimco has issued 2.8 million shares under its ATM offering program at a weighted average price of $24.69 per share, generating gross proceeds of $70.6 million.

As previously announced, on July 26, 2011, Aimco priced an underwritten public offering of 800,000 shares of its 7.00% Class Z Cumulative Preferred Stock at $24.25 per share, equating to a yield of 7.216%, for gross proceeds to Aimco of approximately $19.4 million. Aimco intends to use the net proceeds from the offering of approximately $18.5 million to partially redeem outstanding preferred securities with a higher dividend rate. Aimco expects to close the sale of the Class Z Cumulative Preferred Stock, subject to customary conditions, on or about July 29, 2011.

The shares of Class Z Cumulative Preferred Stock have a liquidation preference of $25 per share, have no stated maturity, are not subject to any sinking fund and are redeemable at par plus accumulated, accrued and unpaid dividends at Aimco’s option at any time after July 29, 2016.

Dividend— Aimco’s Board of Directors declared a cash dividend of $0.12 per share on its Class A Common Stock for the quarter ended June 30, 2011. The dividend is payable August 31, 2011 to shareholders of record on August 19, 2011.

5

2011 Outlook

			CHANGE FROM
	THIRD		MIDPOINT OF
	QUARTER	FULL YEAR*	PRIOR OUTLOOKS
Net loss per share	-$0.32 to -$0.28	-$1.23 to -$1.17	+$0.05
Pro forma FFO per share [1]	$0.38 to $0.42	$1.45 to $1.51	+$0.09
Conventional Same Store Operating Measures
NOI change compared to prior quarter 2011	-0.5% to 0.5%
NOI change compared to same period 2010	3.0% to 4.0%	4.5% to 5.5%	+1.0%
Average daily occupancy		95.5% - 96.5%	—
Revenue change compared to 2010		2.5% to 3.0%	+0.25%
Expense change compared to 2010		-1.5% to -1.0%	-1.25%
Affordable Same Store NOI change compared to 2010		10.0% to 11.0%
Total Same Store NOI change compared to 2010		5.0% to 6.0%
Total Portfolio NOI change compared to 2010		4.0% to 5.0%	+1.0%

* Full year guidance includes a one-time charge of $0.15 per share related to debt prepayment penalties and write-off of deferred loan costs incurred in connection with a refinancing and securitization transaction completed during second quarter, which is described in further detail in the Balance Sheet and Liquidity section of this release.

Earnings Conference Call

Live Conference Call	Conference Call Replay
Friday, July 29, 2011, at 1:00 p.m. Eastern time	Available until 9:00 a.m. Eastern time on August 8, 2011
Domestic Dial-In Number: 1-866-843-0890	Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-9250	International Dial-In Number: 1-412-317-0088
Passcode: 8254791	Passcode: 10001841

Live webcast and replay: www.aimco.com/CorporateInformation/About/Financial/news.aspx

Upcoming Property Tours

Management will be hosting property tours in Southern California on October 4th and 5th. Additional details will be communicated in the coming months.

Supplemental Information

The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco’s website at www.aimco.com/CorporateInformation/About/Financial/QEarnRelease.aspx.

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Glossary & 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, or GAAP. These measures are defined in the glossary in the Supplemental Information and, where appropriate, reconciled to the most comparable GAAP measures.

Forward-looking Statements

This Earnings Release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected results and specifically forecasts of third quarter and full year 2011 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, including the pace of job growth and the level of unemployment; 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 the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco’s Annual Report on Form 10-K for the year ended December 31, 2010, 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.

About Aimco

Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the 20 largest markets in the United States. Aimco is one of the country’s largest owners and operators of both conventional and affordable apartments, with 607 communities serving approximately 500,000 residents in 38 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.

Contact

Elizabeth Coalson, Vice President Investor Relations
Investor Relations 303-691-4350, Investor@Aimco.com

7

Consolidated Statements of Operations

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
REVENUES:
Rental and other property revenues	$	273,384		$	266,728		$	545,176		$	533,332
Asset management and tax credit revenues		7,651			9,796			16,887			14,497
Total revenues		281,035			276,524			562,063			547,829
OPERATING EXPENSES:
Property operating expenses		117,379			123,126			240,908			250,266
Investment management expenses		2,187			5,141			5,219			8,370
Depreciation and amortization		94,084			102,809			193,117			206,092
General and administrative expenses		12,372			15,184			23,498			26,919
Other expense (income), net		5,222			(4,485	)		9,156			(2,148	)
Total operating expenses		231,244			241,775			471,898			489,499
Operating income		49,791			34,749			90,165			58,330
Interest income		2,254			1,909			4,502			5,080
(Provision for) recovery of losses on notes receivable		(36	)		148			(53	)		(278	)
Interest expense		(96,716	)		(76,203	)		(171,805	)		(152,579	)
Equity in (losses) earnings of unconsolidated real estate partnerships		(1,798	)		(5,295	)		(3,446	)		3,853
Gain on dispositions of unconsolidated real estate and other, net		808			3,041			2,021			4,485
Loss before income taxes and discontinued operations		(45,697	)		(41,651	)		(78,616	)		(81,109	)
Income tax benefit		2,257			3,385			4,765			7,151
Loss from continuing operations		(43,440	)		(38,266	)		(73,851	)		(73,958	)
Income from discontinued operations, net [1]		16,469			28,096			19,603			47,028
Net loss		(26,971	)		(10,170	)		(54,248	)		(26,930	)
Noncontrolling interests:
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships		2,771			2,716			10,076			(9,418	)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership		(1,671	)		(1,683	)		(3,342	)		(3,376	)
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership		2,420			1,312			4,803			4,381
Total noncontrolling interests		3,520			2,345			11,537			(8,413	)
Net loss attributable to Aimco		(23,451	)		(7,825	)		(42,711	)		(35,343	)
Net income attributable to Aimco preferred stockholders		(9,672	)		(10,128	)		(22,128	)		(23,050	)
Net income attributable to participating securities		(54	)		(42	)		(111	)		—
Net loss attributable to Aimco common stockholders	$	(33,177	)	$	(17,995	)	$	(64,950	)	$	(58,393	)
Weighted average common shares outstanding — basic and diluted		119,156			116,323			118,238			116,179
Earnings (loss) per common share — basic and diluted:
Loss from continuing operations attributable to Aimco common stockholders	$	(0.35	)	$	(0.33	)	$	(0.66	)	$	(0.75	)
Income from discontinued operations attributable to Aimco common stockholders		0.07			0.18			0.11			0.25
Net loss attributable to Aimco common stockholders	$	(0.28	)	$	(0.15	)	$	(0.55	)	$	(0.50	)

8

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						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Rental and other property revenues	$	4,019		$	21,695		$	11,538		$	47,639
Property operating expenses		(2,169	)		(9,590	)		(6,288	)		(25,910	)
Depreciation and amortization		(1,647	)		(6,311	)		(4,065	)		(12,839	)
Provision for operating real estate impairment losses		(2,452	)		(895	)		(6,307	)		(8,121	)
Operating (loss) income		(2,249	)		4,899			(5,122	)		769
Interest income		262			101			314			183
Interest expense		(1,009	)		(3,881	)		(2,602	)		(8,308	)
(Loss) income before gain on dispositions of real estate and income taxes		(2,996	)		1,119			(7,410	)		(7,356	)
Gain on dispositions of real estate		19,716			26,982			27,434			53,321
Income tax (expense) benefit		(251	)		(5	)		(421	)		1,063
Income from discontinued operations, net	$	16,469		$	28,096		$	19,603		$	47,028
Income from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships	$	(7,196	)	$	(6,383	)	$	(5,943	)	$	(16,241	)
Noncontrolling interests in Aimco Operating Partnership		(653	)		(1,455	)		(945	)		(2,064	)
Total noncontrolling interests		(7,849	)		(7,838	)		(6,888	)		(18,305	)
Income from discontinued operations attributable to Aimco	$	8,620		$	20,258		$	12,715		$	28,723

9

Consolidated Balance Sheets

(in thousands) (unaudited)

	June 30, 2011			December 31, 2010
ASSETS
Buildings and improvements	$	6,993,515		$	7,100,012
Land		2,107,082			2,108,349
Total real estate		9,100,597			9,208,361
Accumulated depreciation		(2,837,896	)		(2,821,935	)
Net real estate		6,262,701			6,386,426
Cash and cash equivalents		85,324			111,325
Restricted cash		196,426			200,503
Accounts receivable, net		41,293			49,855
Accounts receivable from affiliates, net		5,179			8,392
Deferred financing costs, net		46,984			46,953
Notes receivable from unconsolidated real estate partnerships, net		10,209			10,896
Notes receivable from non-affiliates, net		117,078			116,726
Investment in unconsolidated real estate partnerships		74,349			59,282
Other assets		239,797			180,596
Deferred income tax asset, net		61,919			58,736
Assets held for sale		23,713			148,876
Total assets	$	7,164,972		$	7,378,566
LIABILITIES AND EQUITY
Non-recourse property tax-exempt bond financing	$	434,536		$	511,811
Non-recourse property loans payable		4,872,614			4,833,938
Revolving credit facility borrowings		21,500			—
Other borrowings		40,974			47,018
Total indebtedness		5,369,624			5,392,767
Accounts payable		25,988			27,322
Accrued liabilities and other		228,396			250,103
Deferred income		147,082			150,577
Security deposits		34,982			34,308
Liabilities related to assets held for sale		24,177			113,289
Total liabilities		5,830,249			5,968,366
Preferred noncontrolling interests in Aimco Operating Partnership		83,387			83,428
Preferred stock subject to repurchase agreement		10,000			20,000
Equity:
Perpetual Preferred Stock		657,601			657,601
Class A Common Stock		1,205			1,176
Additional paid-in capital		3,095,994			3,070,296
Accumulated other comprehensive loss		(1,147	)		(2,076	)
Distributions in excess of earnings		(2,774,353	)		(2,680,955	)
Total Aimco equity		979,300			1,046,042
Noncontrolling interests in consolidated real estate partnerships		289,865			291,458
Common noncontrolling interests in Aimco Operating Partnership		(27,829	)		(30,728	)
Total equity		1,241,336			1,306,772
Total liabilities and equity	$	7,164,972		$	7,378,566

10

Supplemental Schedule 1 (a)
Funds From Operations	(page 1 of 2)
Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010
(in thousands) (unaudited)

	Three Months Ended June 30, 2011												Three Months Ended June 30, 2010
				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	$	200,391		$	—		$	(13,124	)	$	187,267		$	195,884		$	—		$	(16,785	)	$	179,099
Affordable Same Store		44,755			183			(12,112	)		32,826			43,126			175			(11,645	)		31,656
Total Same Store		245,146			183			(25,236	)		220,093			239,010			175			(28,430	)		210,755
Other Conventional [1]		22,680			1,189			(1,447	)		22,422			21,952			1,181			(1,706	)		21,427
Other Affordable		5,282			16,780			(19,137	)		2,925			5,109			665			(2,911	)		2,863
Property management revenues, primarily from affiliates		276			(158	)		1,651			1,769			657			(122	)		1,553			2,088
Total rental and other property revenues		273,384			17,994			(44,169	)		247,209			266,728			1,899			(31,494	)		237,133
Property operating expenses
Conventional Same Store		72,749			—			(4,917	)		67,832			73,685			—			(6,395	)		67,290
Affordable Same Store		19,149			127			(5,679	)		13,597			19,544			121			(5,749	)		13,916
Total Same Store		91,898			127			(10,596	)		81,429			93,229			121			(12,144	)		81,206
Other Conventional [1]		9,979			777			(664	)		10,092			10,201			781			(884	)		10,098
Other Affordable		2,957			11,200			(12,393	)		1,764			2,868			200			(1,667	)		1,401
Casualties		2,049			—			386			2,435			4,544			(4	)		(84	)		4,456
Property management expenses		10,496			—			—			10,496			12,284			—			—			12,284
Total property operating expenses		117,379			12,104			(23,267	)		106,216			123,126			1,098			(14,779	)		109,445
Net real estate operations		156,005			5,890			(20,902	)		140,993			143,602			801			(16,715	)		127,688
Amortization of deferred tax credit income		7,063			—			—			7,063			7,034			—			—			7,034
Asset management revenues		269			—			415			684			186			—			1,134			1,320
Non-recurring revenues [2]		319			—			(22	)		297			2,576			—			237			2,813
Total asset management and tax credit revenues		7,651			—			393			8,044			9,796			—			1,371			11,167
Depreciation and amortization related to non-real estate assets		(3,265	)		(1	)		46			(3,220	)		(3,814	)		(1	)		58			(3,757	)
Investment management expenses		(2,187	)		—			—			(2,187	)		(5,141	)		—			—			(5,141	)
General and administrative expenses		(12,372	)		(1	)		283			(12,090	)		(15,184	)		(2	)		408			(14,778	)
Other (expense) income, net		(5,222	)		1,816			1,167			(2,239	)		4,485			(6,453	)		7,247			5,279
Interest income		2,254			(59	)		182			2,377			1,909			(39	)		777			2,647
(Provision for) recovery of losses on notes receivable		(36	)		—			(731	)		(767	)		148			—			(1,323	)		(1,175	)
Interest expense		(96,716	)		(4,024	)		15,172			(85,568	)		(76,203	)		(448	)		9,412			(67,239	)
Gain on disposition of non-depreciable assets		(68	)		—			—			(68	)		—			—			—			—
Income tax benefit		2,238			—			—			2,238			3,385			—			—			3,385
Discontinued operations, net of non-FFO items		947			—			438			1,385			8,442			—			(299	)		8,143
Preferred dividends and distributions		(14,092	)		—			—			(14,092	)		(14,590	)		—			—			(14,590	)
Preferred redemption related amounts		2,749			—			—			2,749			2,779			—			—			2,779
Operating real estate impairment losses, net of related income tax benefit		(2,291	)		(1,014	)		599			(2,706	)		(3,701	)		(698	)		698			(3,701	)
Common noncontrolling interests in Aimco Operating Partnership		(2,425	)		—			—			(2,425	)		(3,555	)		—			—			(3,555	)
Amounts allocated to participating securities		(128	)		—			—			(128	)		(234	)		—			—			(234	)
Funds From Operations		33,042			2,607			(3,353	)		32,296			52,124			(6,840	)		1,634			46,918
Operating real estate impairment losses, net		2,291			1,014			(599	)		2,706			3,701			698			(698	)		3,701
Preferred stock redemption related gains		(2,749	)		—			—			(2,749	)		(2,779	)		—			—			(2,779	)
Common noncontrolling interests in Aimco Operating Partnership		3			—			—			3			(64	)		—			—			(64	)
Amounts allocated to participating securities		—			—			—			—			(5	)		—			—			(5	)
Pro Forma Funds From Operations	$	32,587		$	3,621		$	(3,952	)	$	32,256		$	52,977		$	(6,142	)	$	936		$	47,771
				Weighted average shares — diluted FFO							119,484					Weighted average shares — diluted FFO							116,659
				Per Share:												Per Share:
				Funds From Operations						$	0.27					Funds From Operations						$	0.40
				Pro Forma Funds From Operations						$	0.27					Pro Forma Funds From Operations						$	0.41

11

Supplemental Schedule 1 (a) (continued)
Pro Forma Funds From Operations Reconciliation to GAAP	(page 2 of 2)
Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010
(in thousands) (unaudited)

	Three Months Ended June 30, 2011												Three Months Ended June 30, 2010
				Proportionate											��	Proportionate
				Share of												Share of
	Consolidated			Unconsolidated			Noncontrolling			Proportionate			Consolidated			Unconsolidated			Noncontrolling			Proportionate
	Amount			Partnerships			Interests			Amount			Amount			Partnerships			Interests			Amount
Pro Forma Funds From Operations	$	32,587		$	3,621		$	(3,952	)	$	32,256		$	52,977		$	(6,142	)	$	936		$	47,771
Adjustments related to continuing operations:
Depreciation and amortization		(94,084	)		(5,421	)		13,878			(85,627	)		(102,809	)		(1,082	)		11,920			(91,971	)
Depreciation and amortization related to non-real estate assets		3,265			1			(46	)		3,220			3,814			1			(58	)		3,757
Income tax benefit on real estate impairment losses		(15	)		—			—			(15	)		—			—			—			—
Gain on dispositions of and impairments related to unconsolidated entities and other		874			1			(224	)		651			3,043			1,928			(4,408	)		563
Income tax benefit on gain on dispositions of real estate related to unconsolidated entities		18			—			—			18			—			—			—			—
Adjustments related to discontinued operations:
Depreciation and amortization		(1,647	)		—			226			(1,421	)		(6,311	)		—			1,829			(4,482	)
Depreciation and amortization related to non-real estate assets		5			—			(1	)		4			30			—			9			39
Provision for operating real estate impairment losses		(2,452	)		—			(239	)		(2,691	)		(895	)		—			(2,775	)		(3,670	)
Gain on dispositions of real estate		19,716			—			(6,871	)		12,845			26,982			—			(4,737	)		22,245
Income tax expense arising from disposals		(82	)		—			—			(82	)		(152	)		—			—			(152	)
Total adjustments	$	(74,402	)	$	(5,419	)	$	6,723		$	(73,098	)	$	(76,298	)	$	847		$	1,780		$	(73,671	)
Common noncontrolling interests in Aimco Operating Partnership’s share of adjustments		4,842			—			—			4,842			4,929			—			—			4,929
Amounts allocable to participating securities		74			—			—			74			197			—			—			197
Preferred stock redemption related gains		2,749			—			—			2,749			2,779			—			—			2,779
Equity in losses of unconsolidated real estate partnerships		(1,798	)		1,798			—			—			(5,295	)		5,295			—			—
Net loss attributable to noncontrolling interests in consolidated real estate partnerships		2,771			—			(2,771	)		—			2,716			—			(2,716	)		—
Net loss attributable to Aimco common stockholders	$	(33,177	)	$	—		$	—		$	(33,177	)	$	(17,995	)	$	—		$	—		$	(17,995	)

Notes

[1]	The results for Other Conventional include two substantially vacant properties, Lincoln Place and Pacific Bay Vistas (formerly Treetops), for the periods presented.
[2]	Non-recurring revenues consisted of the following:

	Three Months		Three Months
	Ended		Ended
	June 30, 2011		June 30, 2010
Promotes	$	—	$	1,241
Other GP transactional fees		319		1,335
Total non-recurring revenues	$	319	$	2,576

12

Supplemental Schedule 1 (b)
Funds From Operations
Six Months Ended June 30, 2011 Compared to Six Months Ended June 30, 2010	(page 1 of 2)
(in thousands) (unaudited)

	Six Months Ended June 30, 2011												Six Months Ended June 30, 2010
				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	$	399,553		$	—		$	(27,472	)	$	372,081		$	391,892		$	—		$	(33,480	)	$	358,412
Affordable Same Store		89,409			357			(24,062	)		65,704			85,538			356			(23,183	)		62,711
Total Same Store		488,962			357			(51,534	)		437,785			477,430			356			(56,663	)		421,123
Other Conventional [1]		44,788			2,387			(3,028	)		44,147			44,301			2,347			(3,536	)		43,112
Other Affordable		10,570			18,779			(23,809	)		5,540			10,211			4,663			(9,629	)		5,245
Property management revenues, primarily from affiliates		856			(315	)		3,146			3,687			1,390			(367	)		3,437			4,460
Total rental and other property revenues		545,176			21,208			(75,225	)		491,159			533,332			6,999			(66,391	)		473,940
Property operating expenses
Conventional Same Store		146,784			—			(10,558	)		136,226			152,816			—			(13,527	)		139,289
Affordable Same Store		38,667			286			(11,560	)		27,393			40,558			274			(12,041	)		28,791
Total Same Store		185,451			286			(22,118	)		163,619			193,374			274			(25,568	)		168,080
Other Conventional [1]		21,004			1,546			(1,428	)		21,122			21,068			1,578			(1,834	)		20,812
Other Affordable		5,975			12,373			(15,008	)		3,340			5,688			2,812			(5,375	)		3,125
Casualties		7,407			(11	)		337			7,733			5,980			26			337			6,343
Property management expenses		21,071			—			—			21,071			24,156			—			—			24,156
Total property operating expenses		240,908			14,194			(38,217	)		216,885			250,266			4,690			(32,440	)		222,516
Net real estate operations		304,268			7,014			(37,008	)		274,274			283,066			2,309			(33,951	)		251,424
Amortization of deferred tax credit income		14,166			—			—			14,166			13,611			—			—			13,611
Asset management revenues		1,523			—			1,198			2,721			347			—			1,905			2,252
Non-recurring revenues [2]		1,198			—			3			1,201			539			—			237			776
Total asset management and tax credit revenues		16,887			—			1,201			18,088			14,497			—			2,142			16,639
Depreciation and amortization related to non-real estate assets		(6,474	)		(2	)		96			(6,380	)		(7,752	)		(3	)		117			(7,638	)
Investment management expenses		(5,219	)		—			—			(5,219	)		(8,370	)		—			—			(8,370	)
General and administrative expenses		(23,498	)		(2	)		601			(22,899	)		(26,919	)		(6	)		887			(26,038	)
Other (expense) income, net		(9,156	)		137			4,838			(4,181	)		2,148			2,042			513			4,703
Interest income		4,502			(115	)		557			4,944			5,080			(85	)		1,205			6,200
Provision for losses on notes receivable		(53	)		—			(1,318	)		(1,371	)		(278	)		—			(1,965	)		(2,243	)
Interest expense		(171,805	)		(4,534	)		23,545			(152,794	)		(152,579	)		(1,422	)		19,979			(134,022	)
Gain on disposition of non-depreciable assets		(68	)		—			—			(68	)		—			—			—			—
Income tax benefit		4,805			—			—			4,805			7,159			—			—			7,159
Discontinued operations, net of non-FFO items		2,766			—			472			3,238			13,695			—			(822	)		12,873
Preferred dividends and distributions		(28,219	)		—			—			(28,219	)		(29,205	)		—			—			(29,205	)
Preferred redemption related amounts		2,749			—			—			2,749			2,779			—			—			2,779
Operating real estate impairment losses, net of related income tax benefit		(6,750	)		(1,014	)		3,583			(4,181	)		(11,906	)		(1,097	)		1,093			(11,910	)
Common noncontrolling interests in Aimco Operating Partnership		(5,743	)		—			—			(5,743	)		(5,721	)		—			—			(5,721	)
Amounts allocated to participating securities		(349	)		—			—			(349	)		(345	)		—			—			(345	)
Funds From Operations		78,643			1,484			(3,433	)		76,694			85,349			1,738			(10,802	)		76,285
Operating real estate impairment losses, net		6,750			1,014			(3,583	)		4,181			11,906			1,097			(1,093	)		11,910
Preferred stock redemption related gains		(2,749	)		—			—			(2,749	)		(2,779	)		—			—			(2,779	)
Common noncontrolling interests in Aimco Operating Partnership		(99	)		—			—			(99	)		(636	)		—			—			(636	)
Amounts allocated to participating securities		(7	)		—			—			(7	)		(45	)		—			—			(45	)
Pro Forma Funds From Operations	$	82,538		$	2,498		$	(7,016	)	$	78,020		$	93,795		$	2,835		$	(11,895	)	$	84,735
				Weighted average shares — diluted FFO							118,567					Weighted average shares — diluted FFO							116,496
				Per Share:												Per Share:
				Funds From Operations						$	0.65					Funds From Operations						$	0.65
				Pro Forma Funds From Operations						$	0.66					Pro Forma Funds From Operations						$	0.73

13

Supplemental Schedule 1 (b) (continued)

Pro Forma Funds From Operations Reconciliation to GAAP	(page 2 of 2)
Six Months Ended June 30, 2011 Compared to Six Months Ended June 30, 2010
(in thousands) (unaudited)

	Six Months Ended June 30, 2011												Six Months Ended June 30, 2010
				Proportionate												Proportionate
				Share of												Share of
	Consolidated			Unconsolidated			Noncontrolling			Proportionate			Consolidated			Unconsolidated			Noncontrolling			Proportionate
	Amount			Partnerships			Interests			Amount			Amount			Partnerships			Interests			Amount
Pro Forma Funds From Operations	$	82,538		$	2,498		$	(7,016	)	$	78,020		$	93,795		$	2,835		$	(11,895	)	$	84,735
Adjustments related to continuing operations:										��
Depreciation and amortization		(193,117	)		(6,057	)		23,786			(175,388	)		(206,092	)		(2,110	)		23,513			(184,689	)
Depreciation and amortization related to non-real estate assets		6,474			2			(96	)		6,380			7,752			3			(117	)		7,638
Income tax benefit on real estate impairment losses		17			—			—			17			—			—			—			—
Gain on dispositions of and impairments related to unconsolidated entities and other		2,090			111			(1,367	)		834			4,487			3,125			(6,538	)		1,074
Income tax benefit on gain on dispositions of real estate related to unconsolidated entities		(40	)		—			—			(40	)		(8	)		—			—			(8	)
Adjustments related to discontinued operations:
Depreciation and amortization		(4,065	)		—			701			(3,364	)		(12,839	)		—			3,208			(9,631	)
Depreciation and amortization related to non-real estate assets		17			—			(4	)		13			70			—			9			79
Provision for operating real estate impairment losses		(6,307	)		—			2,109			(4,198	)		(8,121	)		—			(3,755	)		(11,876	)
Gain on dispositions of real estate		27,434			—			(8,037	)		19,397			53,321			—			(13,843	)		39,478
Income tax (expense) benefit arising from disposals		(260	)		—			—			(260	)		900			—			—			900
Total adjustments	$	(167,757	)	$	(5,944	)	$	17,092		$	(156,609	)	$	(160,530	)	$	1,018		$	2,477		$	(157,035	)
Common noncontrolling interests in Aimco Operating Partnership’s share of adjustments		10,645			—			—			10,645			10,738			—			—			10,738
Amounts allocable to participating securities		245			—			—			245			390			—			—			390
Preferred stock redemption related gains		2,749			—			—			2,749			2,779			—			—			2,779
Equity in (losses) income of unconsolidated real estate partnerships		(3,446	)		3,446			—			—			3,853			(3,853	)		—			—
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships		10,076			—			(10,076	)		—			(9,418	)		—			9,418			—
Net loss attributable to Aimco common stockholders	$	(64,950	)	$	—		$	—		$	(64,950	)	$	(58,393	)	$	—		$	—		$	(58,393	)

Notes

[1]	The results for Other Conventional include two substantially vacant properties, Lincoln Place and Pacific Bay Vistas (formerly Treetops), for the periods presented.
[2]	Non-recurring revenues consisted of the following:

	Six Months		Six Months
	Ended		Ended
	June 30, 2011		June 30, 2010
Promotes	$	—	$	351
Other GP transactional fees		1,165		2,416
Tax credit syndication fees		33		(2,228	)
Total non-recurring revenues	$	1,198	$	539

14

Supplemental Schedule 2

Portfolio Summary
As of June 30, 2011
(unaudited)

	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Owned Real Estate Portfolio:
Conventional Same Store		171		58,459		54,906		94	%
Affordable Same Store		147		18,478		12,825		69	%
Total Same Store		318		76,937		67,731		88	%
Conventional Redevelopment [1]		2		1,004		1,004		100	%
Other Conventional		40		6,876		5,403		79	%
Other Affordable		58		5,928		1,100		19	%
Conventional Held for Sale		2		710		498		70	%
Total owned real estate portfolio		420		91,455		75,736		83	%
Total Conventional owned real estate portfolio		215		67,049		61,811		92	%
Total Affordable owned real estate portfolio		205		24,406		13,925		57	%
Fee-Managed Portfolio:
Property-Managed for third parties		1		64
Asset-Managed		186		13,857
Total fee-managed portfolio		187		13,921
Total Portfolio		607		105,376

[1] At June 30, 2011, Aimco’s Conventional Redevelopment portfolio included two substantially vacant properties, Lincoln Place and Pacific Bay Vistas (formerly Treetops).

15

Supplemental Schedule 3

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

One measure of stockholder value 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 Property Net Operating Income
	Conventional Same
	Store and Other [1]			Affordable			Total
Rental and other property revenues	$	823,624		$	142,666		$	966,290
Property operating expenses		(310,950	)		(62,647	)		(373,597	)
Property NOI		512,674			80,019			592,693
Assumed property management fee (3.5% of revenues)		(28,827	)		(4,993	)		(33,820	)
Property NOI net of assumed property management fee	$	483,847		$	75,026		$	558,873

Proportionate Balance Sheet Data
As of June 30, 2011

				Proportionate
	Consolidated			Share of						Proportionate
	GAAP			Unconsolidated			Noncontrolling			Balance
	Balance Sheet			Partnerships			Interests			Sheet
Assets
Real estate	$	9,100,597		$	96,514		$	(798,227	)	$	8,398,884
Accumulated depreciation		(2,837,896	)		(27,548	)		251,234			(2,614,210	)
Net real estate [2]		6,262,701			68,966			(546,993	)		5,784,674
Cash and cash equivalents		85,324			1,275			(32,583	)		54,016
Restricted cash		196,426			7,136			(34,274	)		169,288
Accounts receivable		46,472			155			(8,275	)		38,352
Notes receivable [3]		127,287			—			34,804			162,091
Investment in unconsolidated real estate partnerships [4]		74,349			(24,828	)		(37,035	)		12,486
Deferred financing costs [5]		46,984			527			(7,659	)		39,852
Goodwill [5]		65,402			—			—			65,402
Investment in management contracts [5]		663			—			—			663
Other assets		235,651			478			(7,573	)		228,556
Assets held for sale		23,713			—			(2,776	)		20,937
Total assets	$	7,164,972		$	53,709		$	(642,364	)	$	6,576,317
Liabilities and Equity
Non-recourse property debt	$	5,307,150		$	32,939		$	(531,329	)	$	4,808,760
Revolving credit facility borrowings		21,500			—			—			21,500
Other borrowings		40,974			2,018			(12,130	)		30,862
Deferred income [6]		147,082			80			11			147,173
Other liabilities		289,366			18,672			(88,172	)		219,866
Liabilities related to assets held for sale		24,177			—			(7,232	)		16,945
Total liabilities		5,830,249			53,709			(638,852	)		5,245,106
Preferred noncontrolling interests in Aimco Operating Partnership [7]		83,387			—			—			83,387
Preferred stock subject to repurchase agreement [7]		10,000			—			—			10,000
Perpetual preferred stock [7]		657,601			—			—			657,601
Other Aimco equity		321,699			—			286,353			608,052
Noncontrolling interests in consolidated real estate partnerships		289,865			—			(289,865	)		—
Common noncontrolling interests in Aimco Operating Partnership		(27,829	)		—			—			(27,829	)
Total liabilities and equity	$	7,164,972		$	53,709		$	(642,364	)	$	6,576,317

16

Supplemental Schedule 3 (continued)

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

[1]	Proportionate Property Net Operating amounts for Other Conventional include the results of Lincoln Place and Pacific Bay Vistas, two redevelopment properties that were substantially vacant during the period presented.
[2]	Net real estate includes Lincoln Place and Pacific Bay Vistas, which have June 30, 2011 net book values of $158.8 million and $38.6 million, respectively, or $197.4 million in total. Aimco refers to these properties collectively as part of its redevelopment pipeline.
[3]	Aimco has notes receivable from consolidated partnerships that are eliminated in the consolidated 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.
[4]	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.
[5]	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.
[6]	Deferred income includes $97.7 million of unamortized cash contributions received by Aimco in exchange for the sale of tax credit and related tax benefits. These cash contributions are deferred upon receipt and amortized into earnings in future periods as Aimco delivers the tax credits and related benefits to the 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 and the future earnings associated with the deferred income 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.

	June 30, 2011
Deferred tax credit income balance	$	97,720
Contributions to be received in the future		63,944
Total to be amortized	$	161,664

	Amortization of		Estimated Income			Projected
	Deferred Income		Taxes			Income, net of tax
Year Ending December 31,
2011	$	13,433	$	(5,239	)	$	8,194
2012		26,844		(10,469	)		16,375
2013		26,592		(10,371	)		16,221
2014		25,718		(10,030	)		15,688
2015		21,564		(8,410	)		13,154
Thereafter		47,513		(18,529	)		28,984
Total	$	161,664	$	(63,048	)	$	98,616

[7] Aimco’s internal NAV computation includes Preferred noncontrolling interests in Aimco Operating Partnership, Preferred stock subject to repurchase agreement and Perpetual preferred stock as a reduction of NAV attributable to Aimco common stockholders. See Schedule 5.

17

Supplemental Schedule 4

Non-recourse Property Debt Information	(page 1 of 2)
As of June 30, 2011
(dollars in thousands) (unaudited)

Property Debt Balances and Characteristics

			Proportionate
			Share of							Weighted
			Unconsolidated		Noncontrolling			Total Aimco		Average		Weighted
Debt	Consolidated		Partnerships		Interests			Share		Maturity (years)		Average Rate
Conventional Portfolio:
Fixed rate loans payable [1]	$	4,335,647	$	—	$	(293,112	)	$	4,042,535		7.3		5.74	%
Floating rate loans payable [2]		22,212		—		(2,050	)		20,162		1.4		1.52	%
Total property loans payable		4,357,859		—		(295,162	)		4,062,697		7.2		5.72	%
Fixed rate tax-exempt bonds		52,075		—		(3,338	)		48,737		5.4		6.75	%
Floating rate tax-exempt bonds [2]		156,624		—		(5,278	)		151,346		8.2		0.58	%
Total property tax-exempt bond financing		208,699		—		(8,616	)		200,083		7.5		2.12	%
Total Conventional portfolio		4,566,558		—		(303,778	)		4,262,780		7.2		5.56	%
Affordable Portfolio:
Fixed rate loans payable		484,143		31,306		(195,703	)		319,746		13.5		4.82	%
Floating rate loans payable		30,612		9		(17,225	)		13,396		7.2		3.43	%
Total property loans payable		514,755		31,315		(212,928	)		333,142		13.1		4.74	%
Fixed rate tax-exempt bonds		97,590		1,624		(14,623	)		84,591		25.6		4.96	%
Floating rate tax-exempt bonds [2]		128,247		—		—			128,247		4.1		2.34	%
Total property tax-exempt bond financing		225,837		1,624		(14,623	)		212,838		13.4		3.48	%
Total Affordable portfolio		740,592		32,939		(227,551	)		545,980		13.2		4.35	%
Total non-recourse property debt	$	5,307,150	$	32,939	$	(531,329	)	$	4,808,760		8.1		5.39	%

[1]

During June 2011, $673.8 million (original principal amount) of fixed rate loans payable were securitized and Aimco purchased for $51.5 million the first loss and two mezzanine positions in the trust that holds these loans. The investments, which have a face value of $100.9 million, are presented in other assets on Aimco’s consolidated balance sheet. The weighted average interest rate on the securitized loans payable of 5.49% is reflected in the table above. The effective rate, after adjustment for the estimated interest on the investments in the securitization trust, is 5.19%.

[2]

Floating rate debt presented above includes $164.3 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At June 30, 2011, the carrying amount of this debt totaled $153.3 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	$	4,495,609		93	%	Floating rate tax-exempt bonds	$	279,593		89	%
Floating rate debt		313,151		7	%	Floating rate loans payable		33,558		11	%
Total	$	4,808,760				Total	$	313,151

							Maturities as
							a Percent			Average Rate on
	Amortization		Maturities		Total		of Total Debt			Maturing Debt
2011 Q3	$	20,356	$	—	$	20,356		—			—
2011 Q4		21,382		14,534		35,916		0.30	%		4.99	%
Total 2011		41,738		14,534		56,272		0.30	%		4.99	%
2012 Q1		21,004		14,696		35,700		0.31	%		5.02	%
2012 Q2 [3]		21,488		164,437		185,925		3.42	%		2.11	%
2012 Q3		21,052		90,183		111,235		1.88	%		6.07	%
2012 Q4		21,601		18,978		40,579		0.39	%		1.52	%
Total 2012		85,145		288,294		373,439		6.00	%		3.43	%
2013		85,644		295,597		381,241		6.15	%		5.51	%
2014		85,251		285,287		370,538		5.93	%		5.64	%
2015		83,082		202,370		285,452		4.21	%		5.06	%
2016		80,503		391,516		472,019		8.14	%		5.63	%
2017		74,028		450,168		524,196		9.36	%		5.94	%
2018		69,753		143,287		213,040		2.98	%		4.95	%
2019		63,898		455,527		519,425		9.47	%		5.98	%
2020		51,230		388,367		439,597		8.08	%		6.44	%
2021 [4]		32,647		679,191		711,838		14.12	%		5.75	%
Thereafter		261,011		200,692		461,703		4.17	%		4.39	%
Total	$	1,013,930	$	3,794,830	$	4,808,760

[3]

Q2 2012 maturities include approximately $150.1 million of debt ($139.2 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. In the event Aimco is unable refinance the debt to which these swaps relate prior to the swap maturity dates, Aimco would have to pay a termination payment (currently $10.9 million) to the counterparties.

[4]

2021 maturities include $100.9 million that will effectively repay Aimco’s first loss and mezzanine positions in the securitization discussed in Note 1 above. After consideration of the repayment of these investments, Aimco’s net effective maturities exposure for 2021 is $578.3 million, or 12.3% of maturities as a percentage of total debt.

18

Supplemental Schedule 4 (continued)

Non-recourse Property Debt Information	(page 2 of 2)
As of June 30, 2011
(in millions) (unaudited)

Year-to-Date Property Loan Closings

	Aimco
	Original			Aimco New		Aimco Net
	Loan			Loan		(Repayment)			Prior			New
Original Loan Maturity Year	Amount			Amount [1]		Proceeds [2]			Rate			Rate [3]
2011 [4]	$	90.4		$	81.5	$	(9.1	)		5.68	%		3.76	%
2012 [5][6]		128.5			128.2		(1.6	)		1.63	%		5.46	%
2013 [6]		13.1			23.7		13.4			4.98	%		5.54	%
2014 [4][6]		65.5			60.9		(8.5	)		5.73	%		5.53	%
2015 [4][6]		172.7			166.4		(18.7	)		5.94	%		5.44	%
2016 [6]		25.8			32.5		6.5			5.57	%		5.38	%
2020		4.3			7.3		2.0			7.90	%		4.99	%
2040		45.7			46.5		0.2			6.88	%		4.15	%
New loans		—			4.1		3.9			—			3.45	%
Totals	$	546.0		$	551.1	$	(11.9	)		4.91	%		5.08	%
Net Change in Leverage from Refinancings	$	5.1
Non-refinancing Loan Repayments		(8.4	)
Aimco’s FREMF 2011 K-AIV Investments [7]		(51.5	)
Net Change in Leverage After Loan Repayments and Trust Investment but Before Amortization	$	(54.8	)

[1]	New loans typically have terms ranging from 7 to 10 years.
[2]	Aimco Net (Repayment) Proceeds is (inclusive of) after transaction costs, prepayment penalties and payment of distributions to noncontrolling partners.
[3]	The interest rates on all New Loans closed during the period are fixed.
[4]	As part of Aimco’s leverage strategy, Aimco reduced the sizing of these loans, resulting in net repayments in connection with the refinancing transactions.
[5]	$112.0 million of the Original Loans had a variable interest rate indexed to SIFMA, which was significantly less than the corresponding New Loans’ fixed rates.
[6]	During June 2011, Freddie Mac securitized $673.8 million (original principal amount) of Aimco’s fixed rate loans payable and Aimco purchased for $51.5 million the first loss and two mezzanine positions in the FREMF 2011 K-AIV securitization trust that holds these loans. The investments, which have a face value of $100.9 million, are presented in other assets on Aimco’s consolidated balance sheet. The effective deleveraging during the six months ended June 30, 2011 resulting from these investments is reflected in the Net Change in Leverage shown above. The weighted average interest rate on the securitized loans payable of 5.49% is reflected in the table above. The effective rate, after adjustment for the estimated interest on the investments in the securitization trust, is 5.19%.

Debt Ratios

	Amount		Covenant
EBITDA coverage of interest		2.12:1		n/a
EBITDA coverage of interest and preferred dividends		1.73:1		n/a
Debt service coverage ratio		1.59:1		1.40:1
Fixed charge coverage ratio		1.35:1		1.20:1

Credit Ratings

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

19

Supplemental Schedule 5

Share Data
(in thousands) (unaudited)

Preferred Securities

	Shares/Units		Date First
	Outstanding		Available for
	as of		Redemption by
	June 30, 2011		Aimco		Coupon			Amount
Perpetual Preferred Stock:
Class T		6,000		7/31/2008		8.000	%		150,000
Class U		12,000		3/24/2009		7.750	%		300,000
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]		—		6/30/2011		1.560	%		47,000
Total perpetual preferred stock [2]									669,500
Preferred Partnership Units [3]		3,062				8.096	%		82,516
Total outstanding preferred securities								$	752,016

Common Stock, Partnership Units and Equivalents

			Three Months Ended				Six Months Ended
	As of		June 30, 2011				June 30, 2011
	June 30, 2011		EPS		FFO		EPS		FFO
Class A Common Stock outstanding		119,992		119,156		119,156		118,238		118,238
Dilutive securities:
Options, restricted stock and officer loan shares		462		—		328		—		329
Total shares and dilutive share equivalents		120,454		119,156		119,484		118,238		118,567
Common Partnership Units and equivalents [4]		8,347
Total shares, units and dilutive share equivalents		128,801

Notes

[1]	Represents 94 shares at a liquidation preference per share of $500,000. The remaining amount at June 30, 2011, includes $10.0 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]	During July 2011, Aimco issued 800,000 shares of 7.00% Class Z Cumulative Preferred Stock in an underwritten public offering at a price to the public of $24.25 per share, equating to a yield of 7.216%. The offering generated gross proceeds of $19.4 million and estimated net proceeds of $18.5 million (after deducting underwriting discounts, commissions and estimated transaction costs). Aimco intends to use the net proceeds to partially redeem outstanding preferred securities with a higher dividend rate.
[3]	Coupon is based on a weighted average of all outstanding series of Preferred Partnership Units.
[4]	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.

20

Supplemental Schedule 6(a)

Conventional Same Store Operating Results
Second Quarter 2011 Compared to Second Quarter 2010
(in thousands, except site and unit data) (unaudited)

																													Operating
					Effective		Revenue								Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		2Q 2011			2Q 2010		Growth			2Q 2011		2Q 2010		Growth			2Q 2011		2Q 2010		Growth			2Q 2011			2Q 2011			2Q 2010			2Q 2011		2Q 2010
Target Markets
Los Angeles		13		3,949		3,297	$	18,952		$	18,876		0.4	%	$	5,532	$	5,742		-3.7	%	$	13,420	$	13,134		2.2	%		70.8	%		96.6	%		96.2	%	$	1,992	$	1,996
Orange County		4		1,213		1,143		5,576			5,370		3.8	%		1,620		1,761		-8.0	%		3,956		3,609		9.6	%		70.9	%		97.9	%		96.2	%		1,522		1,508
San Diego		6		2,144		2,073		8,166			7,781		4.9	%		2,351		2,404		-2.2	%		5,815		5,377		8.1	%		71.2	%		95.7	%		95.3	%		1,229		1,190
Southern CA Total		23		7,306		6,513		32,694			32,027		2.1	%		9,503		9,907		-4.1	%		23,191		22,120		4.8	%		70.9	%		96.5	%		95.9	%		1,691		1,680
East Bay		2		413		353		1,443			1,392		3.7	%		538		583		-7.7	%		905		809		11.9	%		62.7	%		98.5	%		97.6	%		1,233		1,194
San Jose		1		224		224		1,071			1,053		1.7	%		395		443		-10.8	%		676		610		10.8	%		63.1	%		97.1	%		97.7	%		1,494		1,490
San Francisco		5		774		774		3,817			3,580		6.6	%		1,361		1,376		-1.1	%		2,456		2,204		11.4	%		64.3	%		97.3	%		96.5	%		1,526		1,462
Northern CA Total		8		1,411		1,351		6,331			6,025		5.1	%		2,294		2,402		-4.5	%		4,037		3,623		11.4	%		63.8	%		97.6	%		97.0	%		1,435		1,387
Seattle		2		239		200		963			923		4.3	%		318		336		-5.4	%		645		587		9.9	%		67.0	%		97.4	%		97.6	%		1,388		1,355
Pacific Total		33		8,956		8,064		39,988			38,975		2.6	%		12,115		12,645		-4.2	%		27,873		26,330		5.9	%		69.7	%		96.7	%		96.2	%		1,642		1,625
Suburban New York — New Jersey		4		1,162		944		3,687			3,708		-0.6	%		1,298		1,143		13.6	%		2,389		2,565		-6.9	%		64.8	%		95.1	%		96.5	%		1,183		1,187
Washington — NoVa — MD		15		6,711		6,592		25,945			24,629		5.3	%		7,851		7,578		3.6	%		18,094		17,051		6.1	%		69.7	%		96.5	%		96.9	%		1,256		1,195
Boston		9		3,068		3,068		10,877			10,682		1.8	%		4,230		4,112		2.9	%		6,647		6,570		1.2	%		61.1	%		96.3	%		96.2	%		1,149		1,138
Philadelphia		6		3,573		3,428		13,938			13,727		1.5	%		6,019		5,805		3.7	%		7,919		7,922		0.0	%		56.8	%		95.2	%		95.1	%		1,236		1,214
Northeast Total		34		14,514		14,032		54,447			52,746		3.2	%		19,398		18,638		4.1	%		35,049		34,108		2.8	%		64.4	%		96.0	%		96.3	%		1,223		1,187
Miami		5		2,471		2,359		11,991			11,689		2.6	%		4,483		5,121		-12.5	%		7,508		6,568		14.3	%		62.6	%		96.4	%		96.6	%		1,556		1,531
Palm Beach — Fort Lauderdale		3		893		893		2,332			2,364		-1.4	%		1,073		1,056		1.6	%		1,259		1,308		-3.7	%		54.0	%		96.5	%		93.4	%		798		833
Orlando		8		2,236		2,174		5,091			4,985		2.1	%		2,126		2,207		-3.7	%		2,965		2,778		6.7	%		58.2	%		95.3	%		94.7	%		714		714
Tampa		6		1,755		1,688		3,966			4,051		-2.1	%		1,697		1,811		-6.3	%		2,269		2,240		1.3	%		57.2	%		94.3	%		94.8	%		716		724
Jacksonville		4		1,643		1,643		4,069			4,109		-1.0	%		1,868		1,889		-1.1	%		2,201		2,220		-0.9	%		54.1	%		94.9	%		94.6	%		762		771
Florida Total		26		8,998		8,757		27,449			27,198		0.9	%		11,247		12,084		-6.9	%		16,202		15,114		7.2	%		59.0	%		95.4	%		95.1	%		965		966
Houston		5		1,775		1,516		3,367			3,408		-1.2	%		1,471		1,493		-1.5	%		1,896		1,915		-1.0	%		56.3	%		92.6	%		95.0	%		690		696
Denver		8		2,177		1,731		5,241			5,002		4.8	%		1,685		1,713		-1.6	%		3,556		3,289		8.1	%		67.8	%		97.4	%		96.1	%		847		821
Phoenix		13		3,283		2,871		6,112			5,913		3.4	%		2,415		2,462		-1.9	%		3,697		3,451		7.1	%		60.5	%		95.9	%		94.2	%		638		637
Dallas — Fort Worth		2		569		569		1,325	��		1,296		2.2	%		574		656		-12.5	%		751		640		17.3	%		56.7	%		95.6	%		95.0	%		705		695
Atlanta		4		992		822		2,419			2,335		3.6	%		794		835		-4.9	%		1,625		1,500		8.3	%		67.2	%		97.9	%		96.1	%		908		892
Sunbelt Total		58		17,794		16,266		45,913			45,152		1.7	%		18,186		19,243		-5.5	%		27,727		25,909		7.0	%		60.4	%		95.6	%		95.1	%		852		848
Chicago		14		4,444		4,283		14,979			14,694		1.9	%		5,627		5,480		2.7	%		9,352		9,214		1.5	%		62.4	%		96.9	%		95.8	%		1,074		1,061
Total Target Markets		139		45,708		42,645		155,327			151,567		2.5	%		55,326		56,006		-1.2	%		100,001		95,561		4.6	%		64.4	%		96.1	%		95.7	%		1,147		1,130
Other
Baltimore		3		701		628		2,201			2,108		4.4	%		787		855		-8.0	%		1,414		1,253		12.8	%		64.2	%		95.4	%		95.9	%		1,160		1,090
Nashville		4		1,114		865		2,461			2,444		0.7	%		867		990		-12.4	%		1,594		1,454		9.6	%		64.8	%		95.0	%		96.3	%		869		839
Norfolk — Richmond		5		1,495		1,406		4,458			4,347		2.6	%		1,352		1,338		1.0	%		3,106		3,009		3.2	%		69.7	%		94.9	%		95.6	%		968		949
Other Markets		20		9,441		9,362		22,570			22,171		1.8	%		9,678		9,695		-0.2	%		12,892		12,476		3.3	%		57.1	%		95.2	%		95.3	%		726		716
Total Other		32		12,751		12,261		31,690			31,070		2.0	%		12,684		12,878		-1.5	%		19,006		18,192		4.5	%		60.0	%		95.1	%		95.4	%		791		775
CONVENTIONAL SAME STORE SALES TOTALS		171		58,459		54,906	$	187,017		$	182,637		2.4	%	$	68,010	$	68,884		-1.3	%	$	119,007	$	113,753		4.6	%		63.6	%		95.9	%		95.7	%	$	1,070	$	1,052

21

Supplemental Schedule 6(b)

Conventional Same Store Operating Results
Second Quarter 2011 Compared to First Quarter 2011
(in thousands, except site and unit data) (unaudited)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		2Q 2011		1Q 2011		Growth			2Q 2011		1Q 2011		Growth			2Q 2011		1Q 2011		Growth			2Q 2011			2Q 2011			1Q 2011			2Q 2011		1Q 2011
Target Markets
Los Angeles		13		3,949		3,297	$	18,952	$	18,782		0.9	%	$	5,532	$	5,857		-5.5	%	$	13,420	$	12,925		3.8	%		70.8	%		96.6	%		96.7	%	$	1,992	$	1,977
Orange County		4		1,213		1,143		5,576		5,403		3.2	%		1,620		1,702		-4.8	%		3,956		3,701		6.9	%		70.9	%		97.9	%		96.8	%		1,522		1,508
San Diego		6		2,144		2,073		8,166		8,002		2.0	%		2,351		2,146		9.6	%		5,815		5,856		-0.7	%		71.2	%		95.7	%		95.7	%		1,229		1,218
Southern CA Total		23		7,306		6,513		32,694		32,187		1.6	%		9,503		9,705		-2.1	%		23,191		22,482		3.2	%		70.9	%		96.5	%		96.4	%		1,691		1,678
East Bay		2		413		353		1,443		1,422		1.5	%		538		558		-3.6	%		905		864		4.7	%		62.7	%		98.5	%		97.3	%		1,233		1,225
San Jose		1		224		224		1,071		1,064		0.7	%		395		420		-6.0	%		676		644		5.0	%		63.1	%		97.1	%		98.6	%		1,494		1,469
San Francisco		5		774		774		3,817		3,713		2.8	%		1,361		1,156		17.7	%		2,456		2,557		-3.9	%		64.3	%		97.3	%		97.3	%		1,526		1,493
Northern CA Total		8		1,411		1,351		6,331		6,199		2.1	%		2,294		2,134		7.5	%		4,037		4,065		-0.7	%		63.8	%		97.6	%		97.5	%		1,435		1,411
Seattle		2		239		200		963		921		4.6	%		318		328		-3.0	%		645		593		8.8	%		67.0	%		97.4	%		96.9	%		1,388		1,364
Pacific Total		33		8,956		8,064		39,988		39,307		1.7	%		12,115		12,167		-0.4	%		27,873		27,140		2.7	%		69.7	%		96.7	%		96.6	%		1,642		1,627
Suburban New York — New Jersey		4		1,162		944		3,687		3,606		2.2	%		1,298		1,299		-0.1	%		2,389		2,307		3.6	%		64.8	%		95.1	%		94.5	%		1,183		1,168
Washington — NoVa — MD		15		6,711		6,592		25,945		25,963		-0.1	%		7,851		7,755		1.2	%		18,094		18,208		-0.6	%		69.7	%		96.5	%		96.8	%		1,256		1,244
Boston		9		3,068		3,068		10,877		10,695		1.7	%		4,230		4,546		-7.0	%		6,647		6,149		8.1	%		61.1	%		96.3	%		96.1	%		1,149		1,137
Philadelphia		6		3,573		3,428		13,938		14,147		-1.5	%		6,019		6,144		-2.0	%		7,919		8,003		-1.0	%		56.8	%		95.2	%		95.9	%		1,236		1,228
Northeast Total		34		14,514		14,032		54,447		54,411		0.1	%		19,398		19,744		-1.8	%		35,049		34,667		1.1	%		64.4	%		96.0	%		96.3	%		1,223		1,212
Miami		5		2,471		2,359		11,991		11,955		0.3	%		4,483		4,482		0.0	%		7,508		7,473		0.5	%		62.6	%		96.4	%		98.2	%		1,556		1,540
Palm Beach — Fort Lauderdale		3		893		893		2,332		2,337		-0.2	%		1,073		1,104		-2.8	%		1,259		1,233		2.1	%		54.0	%		96.5	%		96.3	%		798		800
Orlando		8		2,236		2,174		5,091		5,050		0.8	%		2,126		2,199		-3.3	%		2,965		2,851		4.0	%		58.2	%		95.3	%		95.5	%		714		711
Tampa		6		1,755		1,688		3,966		4,000		-0.8	%		1,697		1,712		-0.9	%		2,269		2,288		-0.8	%		57.2	%		94.3	%		96.4	%		716		707
Jacksonville		4		1,643		1,643		4,069		4,033		0.9	%		1,868		1,982		-5.8	%		2,201		2,051		7.3	%		54.1	%		94.9	%		94.7	%		762		759
Florida Total		26		8,998		8,757		27,449		27,375		0.3	%		11,247		11,479		-2.0	%		16,202		15,896		1.9	%		59.0	%		95.4	%		96.3	%		965		960
Houston		5		1,775		1,516		3,367		3,348		0.6	%		1,471		1,572		-6.4	%		1,896		1,776		6.8	%		56.3	%		92.6	%		93.4	%		690		685
Denver		8		2,177		1,731		5,241		5,147		1.8	%		1,685		1,552		8.6	%		3,556		3,595		-1.1	%		67.8	%		97.4	%		98.1	%		847		838
Phoenix		13		3,283		2,871		6,112		6,013		1.6	%		2,415		2,314		4.4	%		3,697		3,699		-0.1	%		60.5	%		95.9	%		97.6	%		638		626
Dallas — Fort Worth		2		569		569		1,325		1,326		-0.1	%		574		640		-10.3	%		751		686		9.5	%		56.7	%		95.6	%		97.0	%		705		700
Atlanta		4		992		822		2,419		2,360		2.5	%		794		879		-9.7	%		1,625		1,481		9.7	%		67.2	%		97.9	%		97.8	%		908		898
Sunbelt Total		58		17,794		16,266		45,913		45,569		0.8	%		18,186		18,436		-1.4	%		27,727		27,133		2.2	%		60.4	%		95.6	%		96.6	%		852		844
Chicago		14		4,444		4,283		14,979		14,937		0.3	%		5,627		5,148		9.3	%		9,352		9,789		-4.5	%		62.4	%		96.9	%		96.9	%		1,074		1,064
Total Target Markets		139		45,708		42,645		155,327		154,224		0.7	%		55,326		55,495		-0.3	%		100,001		98,729		1.3	%		64.4	%		96.1	%		96.5	%		1,147		1,135
Other
Baltimore		3		701		628		2,201		2,411		-8.7	%		787		873		-9.9	%		1,414		1,538		-8.1	%		64.2	%		95.4	%		96.9	%		1,160		1,153
Nashville		4		1,114		865		2,461		2,397		2.7	%		867		948		-8.5	%		1,594		1,449		10.0	%		64.8	%		95.0	%		94.4	%		869		842
Norfolk — Richmond		5		1,495		1,406		4,458		4,394		1.5	%		1,352		1,239		9.1	%		3,106		3,155		-1.6	%		69.7	%		94.9	%		96.3	%		968		950
Other Markets		20		9,441		9,362		22,570		22,459		0.5	%		9,678		10,568		-8.4	%		12,892		11,891		8.4	%		57.1	%		95.2	%		96.2	%		726		715
Total Other		32		12,751		12,261		31,690		31,661		0.1	%		12,684		13,628		-6.9	%		19,006		18,033		5.4	%		60.0	%		95.1	%		96.1	%		791		778
CONVENTIONAL SAME STORE SALES TOTALS		171		58,459		54,906	$	187,017	$	185,885		0.6	%	$	68,010	$	69,123		-1.6	%	$	119,007	$	116,762		1.9	%		63.6	%		95.9	%		96.4	%	$	1,070	$	1,058

22

Supplemental Schedule 6(c)

Conventional Same Store Operating Results
Six Months Ended June 30, 2011 Compared to Six Months Ended June 30, 2010
(in thousands, except site and unit data) (unaudited)

																												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		2011		2010		Growth			2011		2010		Growth			2011		2010		Growth			2011			2011			2010			2011		2010
Target Markets
Los Angeles		13		3,949		3,297	$	37,734	$	37,714		0.1	%	$	11,388	$	11,818		-3.6	%	$	26,346	$	25,896		1.7	%		69.8	%		96.6	%		96.3	%	$	1,985	$	1,996
Orange County		4		1,213		1,143		10,979		10,725		2.4	%		3,323		3,505		-5.2	%		7,656		7,220		6.0	%		69.7	%		97.3	%		96.5	%		1,515		1,502
San Diego		6		2,144		2,073		16,168		15,481		4.4	%		4,497		4,815		-6.6	%		11,671		10,666		9.4	%		72.2	%		95.7	%		95.3	%		1,224		1,190
Southern CA Total		23		7,306		6,513		64,881		63,920		1.5	%		19,208		20,138		-4.6	%		45,673		43,782		4.3	%		70.4	%		96.5	%		96.0	%		1,684		1,679
East Bay		2		413		353		2,866		2,781		3.1	%		1,096		1,194		-8.2	%		1,770		1,587		11.5	%		61.8	%		97.9	%		97.4	%		1,229		1,194
San Jose		1		224		224		2,135		2,072		3.0	%		815		866		-5.9	%		1,320		1,206		9.5	%		61.8	%		97.8	%		97.2	%		1,482		1,485
San Francisco		5		774		774		7,530		7,164		5.1	%		2,517		2,734		-7.9	%		5,013		4,430		13.2	%		66.6	%		97.2	%		96.9	%		1,510		1,459
Northern CA Total		8		1,411		1,351		12,531		12,017		4.3	%		4,428		4,794		-7.6	%		8,103		7,223		12.2	%		64.7	%		97.5	%		97.1	%		1,423		1,385
Seattle		2		239		200		1,884		1,821		3.5	%		646		677		-4.6	%		1,238		1,144		8.2	%		65.7	%		97.2	%		97.0	%		1,376		1,354
Pacific Total		33		8,956		8,064		79,296		77,758		2.0	%		24,282		25,609		-5.2	%		55,014		52,149		5.5	%		69.4	%		96.6	%		96.2	%		1,635		1,623
Suburban New York — New Jersey		4		1,162		944		7,294		7,304		-0.1	%		2,597		2,254		15.2	%		4,697		5,050		-7.0	%		64.4	%		94.8	%		95.8	%		1,176		1,187
Washington — NoVa — MD		15		6,711		6,592		51,908		49,325		5.2	%		15,606		16,237		-3.9	%		36,302		33,088		9.7	%		69.9	%		96.7	%		96.8	%		1,250		1,193
Boston		9		3,068		3,068		21,572		21,551		0.1	%		8,775		8,482		3.5	%		12,797		13,069		-2.1	%		59.3	%		96.2	%		96.3	%		1,143		1,142
Philadelphia		6		3,573		3,428		28,085		27,762		1.2	%		12,163		11,947		1.8	%		15,922		15,815		0.7	%		56.7	%		95.5	%		95.3	%		1,232		1,215
Northeast Total		34		14,514		14,032		108,859		105,942		2.8	%		39,141		38,920		0.6	%		69,718		67,022		4.0	%		64.0	%		96.1	%		96.2	%		1,217		1,187
Miami		5		2,471		2,359		23,946		23,225		3.1	%		8,965		10,326		-13.2	%		14,981		12,899		16.1	%		62.6	%		97.3	%		96.8	%		1,548		1,526
Palm Beach — Fort Lauderdale		3		893		893		4,669		4,756		-1.8	%		2,176		2,246		-3.1	%		2,493		2,510		-0.7	%		53.4	%		96.4	%		94.4	%		799		834
Orlando		8		2,236		2,174		10,142		10,011		1.3	%		4,324		4,397		-1.7	%		5,818		5,614		3.6	%		57.4	%		95.4	%		94.6	%		712		715
Tampa		6		1,755		1,688		7,967		8,101		-1.7	%		3,409		3,622		-5.9	%		4,558		4,479		1.8	%		57.2	%		95.3	%		95.5	%		712		724
Jacksonville		4		1,643		1,643		8,102		8,212		-1.3	%		3,850		3,808		1.1	%		4,252		4,404		-3.5	%		52.5	%		94.8	%		95.0	%		760		772
Florida Total		26		8,998		8,757		54,826		54,305		1.0	%		22,724		24,399		-6.9	%		32,102		29,906		7.3	%		58.6	%		95.9	%		95.4	%		962		965
Houston		5		1,775		1,516		6,714		6,915		-2.9	%		3,029		3,185		-4.9	%		3,685		3,730		-1.2	%		54.9	%		93.0	%		95.3	%		687		698
Denver		8		2,177		1,731		10,388		9,972		4.2	%		3,237		3,413		-5.2	%		7,151		6,559		9.0	%		68.8	%		97.7	%		96.1	%		842		820
Phoenix		13		3,283		2,871		12,125		11,826		2.5	%		4,729		5,081		-6.9	%		7,396		6,745		9.7	%		61.0	%		96.8	%		94.7	%		632		640
Dallas — Fort Worth		2		569		569		2,651		2,625		1.0	%		1,214		1,329		-8.7	%		1,437		1,296		10.9	%		54.2	%		96.3	%		96.0	%		702		698
Atlanta		4		992		822		4,779		4,631		3.2	%		1,673		1,746		-4.2	%		3,106		2,885		7.7	%		65.0	%		97.9	%		96.1	%		903		888
Sunbelt Total		58		17,794		16,266		91,483		90,274		1.3	%		36,606		39,153		-6.5	%		54,877		51,121		7.3	%		60.0	%		96.1	%		95.4	%		848		848
Chicago		14		4,444		4,283		29,916		29,505		1.4	%		10,774		12,004		-10.2	%		19,142		17,501		9.4	%		64.0	%		96.9	%		96.1	%		1,069		1,063
Total Target Markets		139		45,708		42,645		309,554		303,479		2.0	%		110,803		115,686		-4.2	%		198,751		187,793		5.8	%		64.2	%		96.3	%		95.9	%		1,141		1,129
Other
Other
Baltimore		3		701		628		4,612		4,334		6.4	%		1,661		1,960		-15.3	%		2,951		2,374		24.3	%		64.0	%		96.1	%		95.5	%		1,156		1,089
Nashville		3		764		620		3,726		3,722		0.1	%		1,317		1,538		-14.4	%		2,409		2,184		10.3	%		64.7	%		95.6	%		97.3	%		910		895
Norfolk — Richmond		5		1,495		1,406		8,852		8,636		2.5	%		2,590		2,626		-1.4	%		6,262		6,010		4.2	%		70.7	%		95.6	%		95.6	%		959		948
Other Markets		20		9,442		9,361		45,029		44,290		1.7	%		20,246		20,324		-0.4	%		24,783		23,966		3.4	%		55.0	%		95.7	%		95.5	%		721		715
Total Other		31		12,402		12,015		62,219		60,982		2.0	%		25,814		26,448		-2.4	%		36,405		34,534		5.4	%		58.5	%		95.7	%		95.6	%		786		775
CONVENTIONAL SAME STORE SALES TOTALS		170		58,110		54,660	$	371,773	$	364,461		2.0	%	$	136,617	$	142,134		-3.9	%	$	235,156	$	222,327		5.8	%		63.3	%		96.2	%		95.8	%	$	1,066	$	1,054

23

Supplemental Schedule 7(a)

Total Conventional Portfolio Data by Market
Second Quarter 2011 Compared to Second Quarter 2010
(unaudited)

	Quarter Ended June 30, 2011														Quarter Ended June 30, 2010
								Effective														Effective
	Properties		Units		Ownership			Units		% AIV NOI			Average Rent		Properties		Units		Ownership			Units		% AIV NOI			Average Rent
Target Markets
Los Angeles		14		4,645		86	%		3,993		10	%	$	1,992		14		4,641		86	%		3,989		10	%	$	1,995
Orange County		4		1,213		94	%		1,143		3	%		1,522		4		1,213		94	%		1,143		3	%		1,508
San Diego		10		2,286		94	%		2,144		4	%		1,229		6		2,144		97	%		2,074		4	%		1,190
Southern CA Total		28		8,144		89	%		7,280		18	%		1,691		24		7,998		90	%		7,206		17	%		1,680
East Bay		2		413		85	%		353		1	%		1,233		2		413		85	%		353		1	%		1,194
San Francisco		6		1,084		100	%		1,084		2	%		1,522		6		1,083		100	%		1,083		2	%		1,460
San Jose		1		224		100	%		224		1	%		1,494		1		224		100	%		224		0	%		1,490
Northern CA Total		9		1,721		97	%		1,661		3	%		1,433		9		1,720		97	%		1,660		3	%		1,386
Seattle		2		239		84	%		200		0	%		1,388		3		413		75	%		310		1	%		1,200
Pacific Total		39		10,104		90	%		9,141		21	%		1,642		36		10,131		91	%		9,176		21	%		1,612
Manhattan		22		957		100	%		957		4	%		2,434		22		957		100	%		955		3	%		2,368
Suburban New York — New Jersey		4		1,162		81	%		944		2	%		1,183		4		1,162		81	%		944		2	%		1,187
New York Total		26		2,119		90	%		1,901		5	%		1,755		26		2,119		90	%		1,899		5	%		1,717
Washington — NoVA — MD		17		8,015		88	%		7,048		14	%		1,256		17		8,015		84	%		6,744		13	%		1,195
Boston		11		4,129		100	%		4,129		7	%		1,171		12		4,250		100	%		4,250		7	%		1,155
Philadelphia		7		3,888		94	%		3,664		6	%		1,235		7		3,886		91	%		3,539		6	%		1,214
Northeast Total		61		18,151		92	%		16,742		33	%		1,293		62		18,270		90	%		16,432		31	%		1,254
Miami		5		2,474		95	%		2,362		6	%		1,554		5		2,471		95	%		2,348		5	%		1,531
Palm Beach — Ft Lauderdale		4		1,265		100	%		1,265		1	%		817		5		1,681		95	%		1,595		2	%		863
Orlando		9		2,836		98	%		2,774		3	%		723		10		3,000		90	%		2,708		3	%		724
Tampa		6		1,755		96	%		1,688		2	%		713		6		1,755		92	%		1,621		2	%		724
Jacksonville		4		1,643		100	%		1,643		2	%		762		4		1,643		85	%		1,404		1	%		769
Florida Total		28		9,973		98	%		9,732		13	%		953		30		10,550		92	%		9,676		13	%		945
Houston		6		2,509		82	%		2,050		2	%		691		8		3,027		83	%		2,505		2	%		675
Denver		9		2,553		78	%		1,991		3	%		808		9		2,553		78	%		1,991		3	%		781
Phoenix		14		3,617		86	%		3,109		3	%		632		17		4,418		89	%		3,910		3	%		604
Dallas — Fort Worth		2		569		100	%		569		1	%		705		2		569		100	%		569		0	%		695
Atlanta		5		1,295		87	%		1,125		1	%		875		6		1,355		79	%		1,065		1	%		865
Sunbelt Total		64		20,516		91	%		18,576		23	%		833		72		22,472		88	%		19,716		23	%		813
Chicago		15		4,633		97	%		4,472		8	%		1,107		15		4,633		94	%		4,348		8	%		1,094
Total Target Markets		179		53,404		92	%		48,931		85	%		1,155		185		55,506		89	%		49,672		83	%		1,119
Other [1]
Baltimore		5		1,180		84	%		993		2	%		1,084		5		1,180		84	%		993		1	%		1,028
Inland Empire		2		376		100	%		376		0	%		753		3		574		90	%		514		1	%		818
Michigan		3		3,303		100	%		3,303		3	%		588		5		3,688		96	%		3,538		3	%		616
Minneapolis		2		732		89	%		651		2	%		1,476		2		732		89	%		651		2	%		1,476
Nashville		4		1,114		78	%		865		1	%		848		4		1,114		77	%		861		1	%		831
Non-Target Florida		8		1,796		100	%		1,796		2	%		640		9		2,004		100	%		2,004		2	%		641
Norfolk — Richmond		6		1,643		95	%		1,554		3	%		953		6		1,643		94	%		1,551		3	%		936
Providence RI		2		708		100	%		708		1	%		1,081		2		708		100	%		708		1	%		1,067
Other Markets		4		2,793		94	%		2,634		2	%		651		11		4,760		90	%		4,302		4	%		675
Total Other		36		13,645		94	%		12,880		15	%		794		47		16,403		92	%		15,122		17	%		778
Grand Total		215		67,049		92	%		61,811		100	%	$	1,079		232		71,909		90	%		64,794		100	%	$	1,039

[1] For the quarters ended June 30, 2011 and 2010, Aimco’s conventional portfolio included assets in 16 and 17 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit.

24

Supplemental Schedule 7(b)

Total Conventional Portfolio Data by Market
First Quarter 2011 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 1Q 2011 data, as this is the most recent period for which third-party data is available.

	Quarter Ended March 31, 2011
																				2011 - 2013
																	+/- Market			Projected
								Effective					Average		Market		Rent			Revenue
	Properties		Units		Ownership			Units		% AIV NOI			Rent		Rent [1]		Average			Growth [2]
Target Markets
Los Angeles		14		4,645		86	%		3,993		10.0	%	$	1,981	$	1,350		46.7	%		4.3	%
Orange County		4		1,213		94	%		1,143		2.9	%		1,509		1,468		2.8	%		5.2	%
San Diego		6		2,144		97	%		2,074		4.5	%		1,219		1,303		-6.4	%		5.0	%
Southern CA Total		24		8,002		90	%		7,210		17.4	%		1,680		1,356		23.9	%		4.6	%
East Bay		2		413		86	%		353		0.7	%		1,226		1,281		-4.3	%		5.4	%
San Francisco		1		224		100	%		224		0.5	%		1,470		1,783		-17.6	%		5.9	%
San Jose		6		1,084		100	%		1,084		2.0	%		1,491		1,473		1.2	%		7.5	%
Northern CA Total		9		1,721		97	%		1,661		3.2	%		1,410		1,587		-11.2	%		6.0	%
Seattle		3		413		75	%		310		0.6	%		1,217		981		24.1	%		4.8	%
Pacific Total		36		10,136		91	%		9,181		21.2	%		1,617		1,375		17.6	%		4.8	%
Manhattan		22		957		100	%		957		2.9	%		2,523		2,794		-9.7	%		5.5	%
Suburban New York — New Jersey		4		1,162		81	%		944		1.8	%		1,172		1,456		-19.5	%		4.0	%
New York Total		26		2,119		90	%		1,901		4.7	%		1,793		2,060		-13.0	%		5.0	%
Washington — NoVA — MD		17		8,015		88	%		7,048		14.4	%		1,247		1,407		-11.4	%		5.5	%
Boston		11		4,129		100	%		4,129		6.6	%		1,162		1,653		-29.7	%		5.3	%
Philadelphia		7		3,888		94	%		3,664		6.4	%		1,231		1,008		22.1	%		3.9	%
Northeast Total		61		18,151		92	%		16,742		32.1	%		1,291		1,457		-11.4	%		5.0	%
Miami		5		2,471		95	%		2,359		5.8	%		1,541		1,032		49.3	%		3.9	%
Palm Beach — Ft Lauderdale		4		1,265		100	%		1,265		1.2	%		818		1,053		-22.3	%		4.4	%
Orlando		9		2,836		98	%		2,774		2.7	%		724		809		-10.5	%		4.6	%
Tampa		6		1,755		96	%		1,688		1.7	%		707		796		-11.2	%		4.9	%
Jacksonville		4		1,643		100	%		1,643		1.5	%		760		759		0.1	%		4.3	%
Florida Total		28		9,970		98	%		9,729		12.9	%		948		885		7.2	%		4.3	%
Houston		7		2,835		84	%		2,376		2.0	%		669		733		-8.7	%		5.6	%
Denver		9		2,553		78	%		1,991		3.0	%		800		819		-2.3	%		5.0	%
Phoenix		17		4,419		89	%		3,911		3.5	%		595		685		-13.1	%		5.5	%
Dallas — Fort Worth		2		569		100	%		569		0.5	%		702		753		-6.8	%		4.6	%
Atlanta		5		1,295		87	%		1,125		1.4	%		871		758		14.9	%		4.7	%
Sunbelt Total		68		21,641		91	%		19,701		23.3	%		810		805		0.6	%		4.7	%
Chicago		15		4,633		97	%		4,472		8.1	%		1,101		999		10.2	%		4.3	%
Total Target Markets		180		54,561		92	%		50,096		84.7	%		1,133		1,132		0.1	%		4.8	%
Other
Baltimore		5		1,180		84	%		993		1.7	%		1,064		976		9.0	%		4.1	%
Inland Empire		2		376		100	%		376		0.4	%		753		1,001		-24.8	%		4.8	%
Michigan		3		3,303		100	%		3,303		2.4	%		581		766		-24.2	%		3.5	%
Minneapolis		2		732		89	%		651		1.6	%		1,448		909		59.3	%		4.3	%
Nashville		4		1,114		77	%		861		1.1	%		845		711		18.8	%		3.9	%
Non-Target Florida		9		2,004		100	%		2,004		1.8	%		635		892		-28.8	%		4.7	%
Norfolk — Richmond		6		1,643		94	%		1,551		2.6	%		938		803		16.8	%		3.1	%
Providence RI		2		708		100	%		708		0.9	%		1,076		1,157		-7.0	%		4.7	%
Other Markets		5		3,024		95	%		2,867		2.8	%		694		721		-3.7	%		4.3	%
Total Other		38		14,084		95	%		13,314		15.3	%		791		825		-4.1	%		4.0	%
Grand Total		218		68,645		92	%		63,410		100.0	%	$	1,060	$	1,067		-0.7	%		4.7	%

[1]	1Q 2011 REIS
[2]	Represents the average of annual revenue growth projections published by REIS, PPR and Axiometrics, third-party providers of commercial real estate information and analyses.

25

Supplemental Schedule 8

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

Second Quarter 2011 Dispositions

	Number		Number		Weighted					NOI							Aimco		Aimco
	of		of		Average			Gross		Cap			Property		Net Sales		Gross		Net		Average
	Properties		Units		Ownership			Proceeds		Rate [1]			Debt		Proceeds [2]		Proceeds		Proceeds		Rent
Conventional		7		1,741		96	%	$	93.8		6.9	%	$	51.9	$	27.2	$	84.4	$	28.8	$	658
Affordable		7		646		23	%	$	16.0		6.2	%	$	11.4	$	3.2	$	6.5	$	2.5	$	570
Total Dispositions		14		2,387		77	%	$	109.8		6.8	%	$	63.3	$	30.4	$	90.9	$	31.3	$	635

2011 Year-to-Date Dispositions

	Number		Number		Weighted					NOI							Aimco		Aimco
	of		of		Average			Gross		Cap			Property		Net Sales		Gross		Net		Average
	Properties		Units		Ownership			Proceeds		Rate [1]			Debt		Proceeds [2]		Proceeds		Proceeds		Rent
Conventional [3]		9		2,219		88	%	$	104.2		7.0	%	$	58.3	$	30.3	$	89.9	$	32.0	$	614
Affordable		12		1,293		32	%	$	34.4		8.4	%	$	20.7	$	11.5	$	15.1	$	8.5	$	612
Total Dispositions		21		3,512		67	%	$	138.6		7.2	%	$	79.0	$	41.8	$	105.0	$	40.5	$	613

[1]	NOI Cap Rate is calculated based on Aimco’s share of the the trailing twelve month NOI prior to sale, less a 3.5% management fee, divided by the gross proceeds, which excludes prepayment penalties associated with the related property debt.
[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:
Houston		1		326
Phoenix		3		802
Seattle		1		174
Total Target		5		1,302
Other:
Non-Target Florida		1		208
Indianapolis — Fort Wayne		1		328
Other Markets		2		381
Total Other		4		917
Total Sales		9		2,219

2011 Year-to-Date Acquisitions

During 2011, Aimco acquired the remaining noncontrolling limited partnership interests in six consolidated real estate partnerships that own nine properties and in which Aimco affiliates serve as general partner for a total cost of $13.6 million. The gross real estate value of the properties corresponding to the interests Aimco acquired totaled $84.9 million.

26

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”), property upgrades, 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						Actual Additions
	Three Months Ended June 30, 2011						Six Months Ended June 30, 2011
	Conventional		Affordable		Total		Conventional		Affordable			Total
Capital Additions
Capital Replacements
Buildings and grounds	$	9,162	$	1,332	$	10,494	$	12,949	$	2,710		$	15,659
Turnover capital additions		4,272		1,129		5,401		7,994		2,105			10,099
Capitalized site payroll and indirect costs		2,484		323		2,807		4,912		776			5,688
Total Capital Replacements		15,918		2,784		18,702		25,855		5,591			31,446
Capital Improvements		10,565		924		11,489		14,783		2,298			17,081
Redevelopment Additions		7,242		34		7,276		12,127		(191	)		11,936
Casualties		2,050		377		2,427		5,223		629			5,852
Total Capital Additions	$	35,775	$	4,119	$	39,894	$	57,988	$	8,327		$	66,315
Capital Replacements and Improvements per Unit
Total units		64,893		19,130		84,023		64,893		19,130			84,023
Total Capital Replacements per unit	$	245	$	146	$	223	$	398	$	292		$	374
Capital Improvements per unit		163		48		137		228		120			203
Total Capital Replacements and Improvements per unit	$	408	$	194	$	360	$	626	$	412		$	577

27

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, 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, and 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 (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.

28

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 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.

Supplemental Schedule 9 contains capital additions information related to (1) residential properties that Aimco owns and manages 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			Six Months Ended
(in thousands) (unaudited)	June 30, 2011			June 30, 2011
Capital Additions per Schedule 9	$	39,894		$	66,315
Capital additions related to:
Unconsolidated real estate partnerships		(88	)		(126	)
Consolidated sold and held for sale properties		245			921
Consolidated properties Aimco owns but does not manage		63			162
Consolidated capital additions	$	40,114		$	67,272

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’s proportionate financial measures on a per-unit basis.

29

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 (b) 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.

EBITDA COVERAGE OF INTEREST AND PREFERRED DIVIDENDS RATIO:The ratio of (a) Aimco’s EBITDA to (b) 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 usesPRO 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.

30

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 and Pro forma FFO as presented on Supplemental Schedule 1 below.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands) (unaudited)	2011			2010			2011			2010
Net loss attributable to Aimco common stockholders	$	(33,177)		$	(17,995	)	$	(64,950	)	$	(58,393	)
Adjustments:
Depreciation and amortization		94,084			102,809			193,117			206,092
Depreciation and amortization related to non-real estate assets		(3,265	)		(3,814	)		(6,474	)		(7,752	)
Depreciation of rental property related to noncontrolling partners and unconsolidated entities		(8,412	)		(10,781	)		(17,635	)		(21,289	)
Gain on dispositions of unconsolidated real estate and other, net of noncontrolling partners’ interest		(669	)		(594	)		(794	)		(1,100	)
Discontinued operations:
Gain on dispositions of real estate, net of noncontrolling partners’ interest		(12,845	)		(22,245	)		(19,397	)		(39,478	)
Depreciation of rental property, net of noncontrolling partners’ interest		1,417			4,443			3,351			9,552
Income tax expense (benefit) arising from disposals		82			152			260			(900	)
Common noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(4,845	)		(4,865	)		(10,546	)		(10,102	)
Preferred stock dividends		12,421			12,907			24,877			25,829
Preferred stock redemption related amounts		(2,749	)		(2,779	)		(2,749	)		(2,779	)
Amounts allocable to partcipating securities		54			42			111			—
Funds From Operations	$	42,096		$	57,280		$	99,171		$	99,680
Preferred stock dividends		(12,421	)		(12,907	)		(24,877	)		(25,829	)
Preferred stock redemption related amounts		2,749			2,779			2,749			2,779
Amounts allocable to participating securities		(128	)		(234	)		(349	)		(345	)
Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	32,296		$	46,918		$	76,694		$	76,285
Operating real estate impairment losses, net of noncontrolling partners’ interest and related income tax benefit		2,706			3,701			4,181			11,910
Preferred equity redemption related amounts		(2,749	)		(2,779	)		(2,749	)		(2,779	)
Common noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		3			(64	)		(99	)		(636	)
Amounts allocable to participating securities		—			(5	)		(7	)		(45	)
Pro Forma Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	32,256		$	47,771		$	78,020		$	84,735
Capital Replacements, net of common noncontrolling interests in Aimco Operating Partnership		(16,188	)		(16,310	)		(27,695	)		(27,826	)
Amounts allocable to participating securities		74			88			245			148
Adjusted Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	16,142		$	31,549		$	50,570		$	57,057
Weighted average shares — diluted FFO		119,484			116,659			118,567			116,496
Funds From Operations per share (diluted)	$	0.27		$	0.40		$	0.65		$	0.65
Pro forma Funds From Operations per share (diluted)	$	0.27		$	0.41		$	0.66		$	0.73
Adjusted Funds From Operations per share (diluted)	$	0.14		$	0.27		$	0.43		$	0.49

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 pages.

31

Reconciliation of Propertionate Property NOI Amounts in Supplemental Schedule 1(a) to Proportionate Property NOI Amounts Included in Aimco’s
Earnings Release and Supplemental Schedule 6(a)

Second Quarter 2011 Compared to Second Quarter 2010
(in thousands) (unaudited)

	Three Months Ended June 30, 2011										Three Months Ended June 30, 2010
	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	$	187,267	$	—		$	(250	)	$	187,017	$	179,099	$	—		$	3,538		$	182,637
Affordable Same Store		32,826		—			—			32,826		31,656		—			5			31,661
Total Same Store		220,093		—			(250	)		219,843		210,755		—			3,543			214,298
Other Conventional		22,422		(1,190	)		4			21,236		21,427		(1,181	)		368			20,614
Other Affordable		2,925		(2,925	)		—			—		2,863		(2,863	)		—			—
Total rental and other property revenues		245,440		(4,115	)		(246	)		241,079		235,045		(4,044	)		3,911			234,912
Property operating expenses
Conventional Same Store		67,832		—			178			68,010		67,290		—			1,594			68,884
Affordable Same Store		13,597		—			2			13,599		13,916		—			8			13,924
Total Same Store		81,429		—			180			81,609		81,206		—			1,602			82,808
Other Conventional		10,092		(779	)		—			9,313		10,098		(781	)		195			9,512
Other Affordable		1,764		(1,764	)		—			—		1,401		(1,401	)		—			—
Total property operating expenses		93,285		(2,543	)		180			90,922		92,705		(2,182	)		1,797			92,320
Property NOI:
Conventional Same Store		119,435		—			(428	)		119,007		111,809		—			1,944			113,753
Affordable Same Store		19,229		—			(2	)		19,227		17,740		—			(3	)		17,737
Total Same Store		138,664		—			(430	)		138,234		129,549		—			1,941			131,490
Other Conventional		12,330		(411	)		4			11,923		11,329		(400	)		173			11,102
Other Affordable		1,161		(1,161	)		—			—		1,462		(1,462	)		—			—
Net real estate operations	$	152,155	$	(1,572	)	$	(426	)	$	150,157	$	142,340	$	(1,862	)	$	2,114		$	142,592

	% Aimco
	2Q 2011 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		79	%		2.4	%		-1.3	%		4.6	%
Affordable Same Store		13	%		3.7	%		-2.3	%		8.4	%
Total Same Store		92	%		2.6	%		-1.4	%		5.1	%
Other Conventional		8	%		3.0	%		-2.1	%		7.4	%
Net real estate operations		100	%		2.6	%		-1.5	%		5.3	%

Reconciliation of GAAP to Supplemental Schedule 6(b) Proportionate Conventional Same Store NOI Amounts
Second Quarter 2011
(in thousands) (unaudited)

	Three Months Ended March 31, 2011
			Proportionate
			Share of
	Consolidated		Unconsolidated		Noncontrolling			Proportionate		Ownership		Proportionate
	Amounts		Partnerships		Interests			Amount		Adjustments		Property Amount
Conventional Same Store:
Rental and other property revenues	$	199,162	$	—	$	(14,347	)	$	184,815	$	1,070	$	185,885
Property operating expenses		74,035		—		(5,641	)		68,394		729		69,123
Property NOI	$	125,127	$	—	$	(8,706	)	$	116,421	$	341	$	116,762

32

Reconciliation of Propertionate Property NOI Amounts in Supplemental Schedule 1(b) to Proportionate Property NOI Amounts Included in Aimco’s
Earnings Release and Supplemental Schedule 6(c)

Six Months Ended June 30, 2011 Compared to Six Months Ended June 30, 2010
(in thousands) (unaudited)

	Six Months Ended June 30, 2011													Six Months Ended June 30, 2010
			Properties									Proportionate				Properties									Proportionate
	Proportionate		Owned but			Population			Ownership			Property		Proportionate		Owned but			Population			Ownership			Property
	Amount		Not Managed			Changes			Adjustments			Amount		Amount		Not Managed			Changes			Adjustments			Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	372,081	$	—		$	(1,132	)	$	824		$	371,773	$	358,412	$	—		$	(1,114	)	$	7,163		$	364,461
Affordable Same Store		65,704		—			(7,193	)		—			58,511		62,711		—			(6,742	)		11			55,980
Total Same Store		437,785		—			(8,325	)		824			430,284		421,123		—			(7,856	)		7,174			420,441
Other Conventional		44,147		(2,388	)		1,132			136			43,027		43,112		(2,347	)		1,114			742			42,621
Other Affordable		5,540		(5,540	)		7,193			—			7,193		5,245		(5,244	)		6,742			—			6,743
Total rental and other property revenues		487,472		(7,928	)		—			960			480,504		469,480		(7,591	)		—			7,916			469,805
Property operating expenses
Conventional Same Store		136,226		—			(483	)		874			136,617		139,289		—			(546	)		3,391			142,134
Affordable Same Store		27,393		—			(3,046	)		(47	)		24,300		28,791		—			(2,773	)		15			26,033
Total Same Store		163,619		—			(3,529	)		827			160,917		168,080		—			(3,319	)		3,406			168,167
Other Conventional		21,122		(1,548	)		483			78			20,135		20,812		(1,578	)		546			386			20,166
Other Affordable		3,340		(3,340	)		3,046			—			3,046		3,125		(3,126	)		2,773			—			2,772
Total property operating expenses		188,081		(4,888	)		—			905			184,098		192,017		(4,704	)		—			3,792			191,105
Property NOI:
Conventional Same Store	$	235,855	$	—		$	(649	)	$	(50	)	$	235,156	$	219,123	$	—		$	(568	)	$	3,772		$	222,327
Affordable Same Store		38,311		—			(4,147	)		47			34,211		33,920		—			(3,969	)		(4	)		29,947
Total Same Store		274,166		—			(4,796	)		(3	)		269,367		253,043		—			(4,537	)		3,768			252,274
Other Conventional		23,025		(840	)		649			58			22,892		22,300		(769	)		568			356			22,455
Other Affordable		2,200		(2,200	)		4,147			—			4,147		2,120		(2,118	)		3,969			—			3,971
Net real estate operations	$	299,391	$	(3,040	)	$	—		$	55		$	296,406	$	277,463	$	(2,887	)	$	—		$	4,124		$	278,700

	% Aimco
	YTD 2011 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		79	%		2.0	%		-3.9	%		5.8	%
Affordable Same Store		12	%		4.5	%		-6.7	%		14.2	%
Total Same Store		91	%		2.3	%		-4.3	%		6.8	%
Other Conventional		8	%		1.0	%		-0.2	%		1.9	%
Other Affordable		1	%		6.7	%		9.9	%		4.4	%
Net real estate operations		100	%		2.3	%		-3.7	%		6.4	%

Reconciliation of GAAP to Supplemental Schedule 3 Trailing Twelve Month (TTM) Proportionate NOI Amounts
(in thousands) (unaudited)

													Subtract			Add
													Six Months Ended			Six Months Ended
	Year Ended December 31, 2010									Y2010 to Y2011			June 30, 2010			June 30, 2011
										Property
										Classification,
			Proportionate							Discontinued
			Share of							Operations and GAAP								TTM
	Consolidated		Unconsolidated		Noncontrolling			Proportionate		Consolidation			Proportionate			Proportionate		Proportionate
	Amount		Partnerships		Interests			Amount		Accounting Changes			Amount			Amount		Amount
Rental and other property revenues:
Conventional Same Store properties	$	816,986	$	—	$	(68,608	)	$	748,378	$	(27,086	)	$	(358,412	)	$	372,081	$	734,961
Other Conventional properties		82,855		4,730		(8,047	)		79,538		8,090			(43,112	)		44,147		88,663
Affordable properties		206,681		10,809		(74,100	)		143,390		(4,012	)		(67,956	)		71,244		142,666
Total rental and other property revenues		1,106,522		15,539		(150,755	)		971,306		(23,008	)		(469,480	)		487,472		966,290
Property operating expenses:
Conventional Same Store properties		312,904		—		(27,519	)		285,385		(12,643	)		(139,289	)		136,226		269,679
Other Conventional properties		39,687		3,008		(3,941	)		38,754		2,207			(20,812	)		21,122		41,271
Affordable properties		99,708		6,398		(39,933	)		66,173		(2,343	)		(31,916	)		30,733		62,647
Total property operating expenses		452,299		9,406		(71,393	)		390,312		(12,779	)		(192,017	)		188,081		373,597
Net operating income:
Conventional Same Store properties		504,082		—		(41,089	)		462,993		(14,443	)		(219,123	)		235,855		465,282
Other Conventional properties		43,168		1,722		(4,106	)		40,784		5,883			(22,300	)		23,025		47,392
Affordable properties		106,973		4,411		(34,167	)		77,217		(1,669	)		(36,040	)		40,511		80,019
Total rental and other property revenues	$	654,223	$	6,133	$	(79,362	)	$	580,994	$	(10,229	)	$	(277,463	)	$	299,391	$	592,693

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 through 6c is based on Aimco’s current period ownership.

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