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

Exhibit 99.1

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

Aimco Reports Third Quarter 2011 Results

Denver, Colorado, October 28, 2011— Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today its third quarter and year-to-date 2011 results.

Chairman and Chief Executive Officer Terry Considine comments: “Aimco’s business was good during the third quarter with strong rental rate growth and real estate investments in both Northern and Southern California. Going into the fourth quarter, we remain focused on operating our properties well, reducing off-site costs, lowering our cost of leverage and making accretive investments.”

Chief Financial Officer Ernie Freedman adds: “Year-to-date, Aimco’s Pro forma FFO of $1.22 per share, excluding one-time items, is up 11% compared to last year. Rental rate growth and diligent operating cost management have provided for Total Same Store NOI growth of 5.8% and off-site costs are down approximately 10% year-to-date. We are establishing fourth quarter guidance of $0.39 to $0.43 per share and narrowing our full year guidance range from $1.45 to $1.51 per share to $1.46 to $1.50 per share.”

Financial Results

Pro forma FFO, Excluding One-Time Items, Up 11% Year-to-Date*

	THIRD QUARTER						YEAR-TO-DATE
	2011			2010			2011			2010
Net loss per share	$	(0.12	)	$	(0.25	)	$	(0.67	)	$	(0.75	)
Funds from Operations (FFO)	$	0.36		$	0.42		$	1.01		$	1.07
Add back (deduct) Aimco’s share of operating real estate impairment losses (recoveries)	$	0.04		$	(0.01	)	$	0.08		$	0.09
Add back (deduct) Aimco’s share of preferred equity redemption related amounts	$	0.01		$	(0.01	)	$	(0.02	)	$	(0.03	)
Pro forma Funds from Operations (Pro forma FFO)	$	0.41		$	0.40		$	1.07		$	1.13
Deduct Aimco’s share of Capital Replacements	$	(0.17	)	$	(0.14	)	$	(0.40	)	$	(0.38	)
Adjusted Funds from Operations (AFFO)	$	0.24		$	0.26		$	0.67		$	0.75

* Year-to-date 2011 Pro forma FFO of $1.07 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 second quarter. Year-to-date 2010 Pro forma FFO of $1.13 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 11% when compared to the same period last year.

Net loss— Net loss attributable to Aimco common stockholders for the quarter was $14.8 million, compared to net loss of $28.5 million for third quarter 2010. Third quarter 2011 net loss decreased as compared to third quarter 2010 primarily due to: an increase in net operating income of our properties included in continuing operations, reflecting improved operations; an increase in income from discontinued operations, net of noncontrolling interest allocations, primarily due to an increase in gains on dispositions of real estate; and a decrease in depreciation and amortization expense.

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 $43.6 million, or $0.36 per share, compared to $48.9 million, or $0.42 per share, in third 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 $49.7 million, or $0.41 per share, compared to $46.7 million, or $0.40 per share, in third quarter 2010.

1

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, Acquisition 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 5.8% Year-to-Date

	THIRD QUARTER												YEAR-TO-DATE
				Year-over-year Variance									Year-over-year Variance
	% NOI			Revenue			Expenses			NOI			% NOI			Revenue			Expenses			NOI
Conventional Same Store		80	%		3.5	%		4.3	%		3.0	%		79	%		2.5	%		-1.3	%		4.9	%
Affordable Same Store		13	%		3.6	%		-2.8	%		8.6	%		12	%		4.2	%		-5.5	%		12.4	%
Total Same Store		93	%		3.5	%		3.1	%		3.8	%		91	%		2.7	%		-2.0	%		5.8	%
Other Conventional		7	%		-4.2	%		1.7	%		-9.1	%		8	%		-0.6	%		0.8	%		-1.7	%
Affordable Redevelopment		—			—			—			—			1	%		5.7	%		6.3	%		5.4	%
Total Portfolio		100	%		2.8	%		2.9	%		2.8	%		100	%		2.5	%		-1.6	%		5.2	%

Conventional Same Store Results— In third quarter 2011, the Conventional Same Store portfolio included 162 communities with 57,209 units, in which Aimco had a weighted average ownership of 94%.

	THIRD QUARTER									THIRD QUARTER						YEAR-TO-DATE
	Year-over-year									Sequential						Year-over-year
	2011			2010			Variance			2nd Qtr			Variance			2011			2010			Variance
Average Daily Occupancy		95.2	%		96.0	%		-0.8	%		95.9	%		-0.7	%		95.9	%		95.9	%		—
Average Rent Per Unit	$	1,094		$	1,061			3.1	%	$	1,078			1.5	%	$	1,086		$	1,067			1.8	%
$ in Millions
Revenue	$	186.7		$	180.4			3.5	%	$	183.8			1.6	%	$	548.0		$	534.6			2.5	%
Expenses		(70.1	)		(67.2	)		4.3	%		(66.6	)		5.3	%		(202.0	)		(204.7	)		-1.3	%
NOI	$	116.6		$	113.2			3.0	%	$	117.2			-0.6	%	$	346.0		$	329.9			4.9	%

2

Rental Rates Accelerating

	THIRD			SECOND			FIRST
	QUARTER			QUARTER			QUARTER			YEAR-TO-DATE
New lease		6.1	%		5.1	%		1.9	%		4.7	%
Renewal		5.6	%		3.6	%		3.0	%		4.4	%
Weighted average		5.8	%		4.3	%		2.5	%		4.6	%

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.

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

Affordable Same Store Results— In third quarter 2011, the Affordable Same Store portfolio included 144 communities with 18,212 units, in which Aimco had a weighted average ownership of 70%. For third quarter 2011, average month-end occupancy for the affordable portfolio was 97.6%, a decrease of 0.2% from third quarter 2010, while average rent per unit increased 3.4% from $814 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 second quarter 2011, the most recent period for which REIS information is available, Aimco’s Conventional Property rents averaged approximately 100% of local market average rents.

For third quarter 2011, average rents for the Conventional portfolio were $1,112 per unit, a 6.9% increase compared to third 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.

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 third 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 third quarter 2010.

Acquisitions— As previously announced, during third quarter 2011, Aimco acquired a vacant, 126-unit property located in San Francisco’s Marin County submarket. Aimco intends to redevelop the property, increasing its total investment in the property to approximately $65.0 million. Additionally, Aimco also increased its investment in San Diego, another target market, by acquiring approximately one half of the ownership of four entities owning four contiguous properties with 142 units located in La Jolla, California and overlooking Tourmaline Beach.

3

Dispositions— In third quarter 2011, Aimco sold nine Conventional properties and three Affordable properties with 2,395 and 266 units, respectively, for $154.5 million in gross proceeds. Aimco’s share of net proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $60.4 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 acquisition and disposition activity.

Balance Sheet and Liquidity

Components of Aimco Leverage

	AS OF SEPTEMBER 30, 2011
						Weighted Avg		Weighted Avg
	Amount		% of Total			Maturity (Yrs)		Rate
Aimco leverage ($ in millions)
Aimco’s share of long-term, non-recourse property debt	$	4,746.2		86	%		8.2		5.47	%
Revolving credit facility		26.2		<1	%		1.6		5.87	%
Subtotal debt	$	4,772.4		86	%		8.2		5.48	%
Preferred securities		751.0		14	%	Perpetual			7.46	%
Total leverage	$	5,523.4		100	%		n/a		5.75	%

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.

Revolving Credit Facility— Aimco’s recourse debt at September 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 third quarter, Aimco had $26.2 million outstanding on its revolving credit facility and available capacity was $247.8 million, net of $26.0 million of letters of credit backed by the facility.

Coverage Ratios— Aimco’s third quarter EBITDA Coverage of Interest and EBITDA Coverage of Interest and Preferred Dividends ratios were 2.14:1 and 1.75:1, compared to third quarter 2010 ratios of 2.05:1 and 1.67:1, 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 third quarter 2011, Aimco’s Debt Service and Fixed Charge Coverage ratios were 1.60:1 and 1:36.1, compared to covenants in place during the quarter of 1.40:1 and 1:20.1, respectively, and third quarter 2010 ratios of 1.58:1 and 1.34:1. Aimco expects to remain in compliance with these covenants.

Equity Activity— During third quarter 2011, Aimco issued 0.1 million shares under its Common Stock At-the-Market (Common Stock ATM) offering program at a weighted average price of $26.33 per share, generating gross proceeds of $3.0 million. Year-to-date, Aimco has issued 2.9 million shares under its Common Stock ATM offering program at a weighted average price of $25.27 per share, generating gross proceeds of $73.6 million, which were used to match-fund investment activity including partnership transactions, acquisitions, redevelopment and other capital investment activities.

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. During third quarter 2011, Aimco also issued approximately 23,800 shares of Class Z Cumulative Preferred Stock through its Class Z Preferred Stock At-the-Market offering program (Class Z ATM) at $24.21 per share, equating to a yield of 7.228%, for gross proceeds to Aimco of approximately $0.6 million. We intend to accumulate the proceeds from further ATM issuances of our Class Z Preferred Stock and use them for further redemptions of outstanding preferred securities with higher rates.

4

Also during third quarter 2011, Aimco redeemed 862,500 shares, or 25% of the amount outstanding, of its Class V Cumulative Preferred Stock. This redemption was for cash at a price equal to $25.00 per share, or $21.6 million in aggregate, plus accumulated and unpaid dividends of approximately $0.2 million.

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 September 30, 2011. The dividend is payable November 30, 2011 to shareholders of record on November 18, 2011.

2011 Outlook

	FOURTH
	QUARTER	FULL YEAR *
Net loss per share	-$0.28 to -$0.24	-$0.95 to -$0.91
Pro forma FFO per share	$0.39 to $0.43	$1.46 to $1.50
Conventional Same Store Operating Measures
NOI change compared to prior quarter 2011	3.0% to 4.0%
NOI change compared to same period 2010	4.0% to 5.0%	5.0%
Average daily occupancy		95.7%
Revenue change compared to 2010		2.7%
Expense change compared to 2010		-1.0%
Affordable Same Store NOI change compared to 2010		11.0%
Total Same Store NOI change compared to 2010	4.5% to 5.5%	5.5%
Total Portfolio NOI change compared to 2010		4.5%

* 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.

Earnings Conference Call

Live Conference Call

Friday, October 28, 2011 at 1:00 p.m. EDT
Domestic Dial-In Number: 1-866-843-0890
International Dial-In Number: 1-412-317-9250
Passcode: 4623268

Conference Call Replay

Available until 9:00 a.m. EDT on November 7, 2011
Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-0088
Passcode: 10004851

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

Supplemental Information

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

5

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 fourth 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 565 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

6

Consolidated Statements of Operations

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
REVENUES:
Rental and other property revenues	$	269,525		$	263,481		$	805,749		$	788,057
Asset management and tax credit revenues		11,885			9,711			28,772			24,208
Total revenues		281,410			273,192			834,521			812,265
OPERATING EXPENSES:
Property operating expenses		119,903			116,786			356,634			362,784
Investment management expenses		2,386			2,609			7,604			10,979
Depreciation and amortization		97,321			101,704			287,739			305,066
Provision for operating real estate impairment losses		149			—			149			—
General and administrative expenses		12,664			12,096			36,162			39,015
Other expense, net		4,870			4,416			13,952			2,173
Total operating expenses		237,293			237,611			702,240			720,017
Operating income		44,117			35,581			132,281			92,248
Interest income		3,273			2,362			7,771			7,437
Recovery of (provision for) losses on notes receivable		233			(6	)		180			(284	)
Interest expense		(73,152	)		(74,544	)		(243,169	)		(225,305	)
Equity in losses of unconsolidated real estate partnerships		(4,987	)		(15,653	)		(8,432	)		(11,799	)
Gain on dispositions of unconsolidated real estate and other, net		3,095			883			5,115			5,368
Loss before income taxes and discontinued operations		(27,421	)		(51,377	)		(106,254	)		(132,335	)
Income tax benefit		1,110			4,385			5,704			11,042
Loss from continuing operations		(26,311	)		(46,992	)		(100,550	)		(121,293	)
Income from discontinued operations, net [1]		30,968			18,510			50,959			65,881
Net income (loss)		4,657			(28,482	)		(49,591	)		(55,412	)
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		(5,464	)		11,213			4,612			1,795
Net (income) loss attributable to preferred noncontrolling interests in Aimco Operating Partnership		(1,670	)		84			(5,012	)		(3,292	)
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership		1,035			2,263			5,838			6,644
Total noncontrolling interests		(6,099	)		13,560			5,438			5,147
Net loss attributable to Aimco		(1,442	)		(14,922	)		(44,153	)		(50,265	)
Net income attributable to Aimco preferred stockholders		(13,301	)		(13,576	)		(35,429	)		(36,626	)
Net income attributable to participating securities		(58	)		(2	)		(169	)		—
Net loss attributable to Aimco common stockholders	$	(14,801	)	$	(28,500	)	$	(79,751	)	$	(86,891	)
Weighted average common shares outstanding — basic and diluted		120,339			116,434			118,939			116,264
Earnings (loss) per common share — basic and diluted:
Loss from continuing operations attributable to Aimco common stockholders	$	(0.26	)	$	(0.35	)	$	(0.92	)	$	(1.10	)
Income from discontinued operations attributable to Aimco common stockholders		0.14			0.10			0.25			0.35
Net loss attributable to Aimco common stockholders	$	(0.12	)	$	(0.25	)	$	(0.67	)	$	(0.75	)

7

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						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Rental and other property revenues	$	3,428		$	21,202		$	23,917		$	77,596
Property operating expenses		(2,816	)		(12,489	)		(13,355	)		(42,761	)
Depreciation and amortization		(931	)		(6,340	)		(7,695	)		(21,909	)
Provision for operating real estate impairment losses		(5,522	)		(1,429	)		(11,829	)		(9,550	)
Operating (loss) income		(5,841	)		944			(8,962	)		3,376
Interest income		44			111			361			298
Interest expense		(862	)		(4,082	)		(5,252	)		(14,209	)
Loss before gain on dispositions of real estate and income taxes		(6,659	)		(3,027	)		(13,853	)		(10,535	)
Gain on dispositions of real estate		37,467			21,084			64,901			74,406
Income tax benefit (expense)		160			453			(89	)		2,010
Income from discontinued operations, net	$	30,968		$	18,510		$	50,959		$	65,881
Income from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships	$	(12,734	)	$	(5,205	)	$	(18,689	)	$	(21,372	)
Noncontrolling interests in Aimco Operating Partnership		(1,274	)		(890	)		(2,211	)		(2,983	)
Total noncontrolling interests		(14,008	)		(6,095	)		(20,900	)		(24,355	)
Income from discontinued operations attributable to Aimco	$	16,960		$	12,415		$	30,059		$	41,526

8

Consolidated Balance Sheets

(in thousands) (unaudited)

	September 30, 2011			December 31, 2010
ASSETS
Buildings and improvements	$	6,959,172		$	6,979,467
Land		2,097,137			2,084,987
Total real estate		9,056,309			9,064,454
Accumulated depreciation		(2,876,894	)		(2,766,897	)
Net real estate		6,179,415			6,297,557
Cash and cash equivalents		75,831			111,325
Restricted cash		209,481			200,025
Accounts receivable, net		40,848			49,855
Deferred financing costs, net		46,670			46,454
Notes receivable, net		114,630			116,726
Investment in unconsolidated real estate partnerships		63,942			59,282
Other assets		250,296			199,886
Deferred income tax assets, net		61,589			58,736
Assets held for sale		—			238,720
Total assets	$	7,042,702		$	7,378,566
LIABILITIES AND EQUITY
Non-recourse property debt	$	5,233,525		$	5,291,612
Revolving credit facility borrowings		26,200			—
Total indebtedness		5,259,725			5,291,612
Accounts payable		24,999			27,322
Accrued liabilities and other		278,606			297,121
Deferred income		150,357			150,453
Security deposits		34,516			33,829
Liabilities related to assets held for sale		—			168,029
Total liabilities		5,748,203			5,968,366
Preferred noncontrolling interests in Aimco Operating Partnership		83,385			83,428
Preferred stock subject to repurchase agreement		10,000			20,000
Equity:
Perpetual Preferred Stock		656,015			657,601
Class A Common Stock		1,209			1,176
Additional paid-in capital		3,106,079			3,070,296
Accumulated other comprehensive loss		(8,312	)		(2,076	)
Distributions in excess of earnings		(2,803,679	)		(2,680,955	)
Total Aimco equity		951,312			1,046,042
Noncontrolling interests in consolidated real estate partnerships		279,997			291,458
Common noncontrolling interests in Aimco Operating Partnership		(30,195	)		(30,728	)
Total equity		1,201,114			1,306,772
Total liabilities and equity	$	7,042,702		$	7,378,566

9

Supplemental Schedule 1 (a)

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

	Three Months Ended September 30, 2011												Three Months Ended September 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	$	200,556		$	—		$	(13,591	)	$	186,965		$	193,974		$	—		$	(17,086	)	$	176,888
Affordable Same Store		44,132			174			(11,591	)		32,715			42,686			183			(11,301	)		31,568
Total Same Store		244,688			174			(25,182	)		219,680			236,660			183			(28,387	)		208,456
Other Conventional [1]		19,954			1,739			(977	)		20,716			21,236			1,196			(1,340	)		21,092
Other Affordable		4,689			12,370			(14,078	)		2,981			4,935			2,180			(3,726	)		3,389
Property management revenues, primarily from affiliates		194			(176	)		1,850			1,868			650			(151	)		1,717			2,216
Total rental and other property revenues		269,525			14,107			(38,387	)		245,245			263,481			3,408			(31,736	)		235,153
Property operating expenses
Conventional Same Store		75,058			—			(5,144	)		69,914			72,372			—			(6,707	)		65,665
Affordable Same Store		18,856			115			(5,594	)		13,377			19,084			121			(5,447	)		13,758
Total Same Store		93,914			115			(10,738	)		83,291			91,456			121			(12,154	)		79,423
Other Conventional [1]		9,833			867			(578	)		10,122			9,675			655			(627	)		9,703
Other Affordable		2,635			7,024			(8,062	)		1,597			2,663			1,228			(1,987	)		1,904
Casualties		2,782			—			(315	)		2,467			1,781			(5	)		305			2,081
Property management expenses		10,739			—			—			10,739			11,211			—			—			11,211
Total property operating expenses		119,903			8,006			(19,693	)		108,216			116,786			1,999			(14,463	)		104,322
Net real estate operations		149,622			6,101			(18,694	)		137,029			146,695			1,409			(17,273	)		130,831
Amortization of deferred tax credit income		7,038			—			—			7,038			7,129			—			—			7,129
Asset management revenues		(19	)		—			1,363			1,344			75			(67	)		866			874
Non-recurring revenues [2]		4,866			—			489			5,355			2,507			—			10			2,517
Total asset management and tax credit revenues		11,885			—			1,852			13,737			9,711			(67	)		876			10,520
Investment management expenses		(2,386	)		—			—			(2,386	)		(2,609	)		—			—			(2,609	)
Depreciation and amortization related to non-real estate assets		(3,372	)		(1	)		48			(3,325	)		(3,498	)		(1	)		54			(3,445	)
General and administrative expenses		(12,664	)		(6	)		229			(12,441	)		(12,096	)		(7	)		154			(11,949	)
Other (expense) income, net		(4,870	)		(253	)		1,164			(3,959	)		(4,416	)		(6,070	)		6,913			(3,573	)
Interest income		3,273			10			187			3,470			2,362			(55	)		725			3,032
Recovery of (provision for) losses on notes receivable		233			—			32			265			(6	)		—			244			238
Interest expense		(73,152	)		(2,942	)		10,005			(66,089	)		(74,544	)		(702	)		9,522			(65,724	)
Income tax benefit		1,115			—			—			1,115			4,390			—			—			4,390
Discontinued operations, net of non-FFO items		(74	)		—			382			308			5,109			—			(1,364	)		3,745
Preferred dividends and distributions		(14,183	)		—			—			(14,183	)		(15,257	)		—			—			(15,257	)
Preferred redemption related amounts		(788	)		—			—			(788	)		1,765			—			—			1,765
Operating real estate impairment (losses) recoveries, net		(5,722	)		(4,523	)		4,475			(5,770	)		(41	)		(9,958	)		10,696			697
Common noncontrolling interests in Aimco Operating Partnership		(3,163	)		—			—			(3,163	)		(3,525	)		—			—			(3,525	)
Amounts allocated to participating securities		(175	)		—			—			(175	)		(193	)		—			—			(193	)
Funds From Operations		45,579			(1,614	)		(320	)		43,645			53,847			(15,451	)		10,547			48,943
Operating real estate impairment losses (recoveries), net		5,722			4,523			(4,475	)		5,770			41			9,958			(10,696	)		(697	)
Preferred stock redemption related gains		788			—			—			788			(1,765	)		—			—			(1,765	)
Common noncontrolling interests in Aimco Operating Partnership		(448	)		—			—			(448	)		172			—			—			172
Amounts allocated to participating securities		(24	)		—			—			(24	)		12			—			—			12
Pro Forma Funds From Operations	$	51,617		$	2,909		$	(4,795	)	$	49,731		$	52,307		$	(5,493	)	$	(149	)	$	46,665
				Weighted average shares — diluted FFO							120,670					Weighted average shares — diluted FFO							116,730
				Per Share:												Per Share:
				Funds From Operations						$	0.36					Funds From Operations						$	0.42
				Pro Forma Funds From Operations						$	0.41					Pro Forma Funds From Operations						$	0.40

10

Supplemental Schedule 1 (a) (continued)

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

	Three Months Ended September 30, 2011												Three Months Ended September 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	$	51,617		$	2,909		$	(4,795	)	$	49,731		$	52,307		$	(5,493	)	$	(149	)	$	46,665
Adjustments related to continuing operations:
Depreciation and amortization		(97,321	)		(3,725	)		11,325			(89,721	)		(101,704	)		(2,492	)		11,251			(92,945	)
Depreciation and amortization related to non-real estate assets		3,372			1			(48	)		3,325			3,498			1			(54	)		3,445
Provision for operating real estate impairment losses		(149	)		—			—			(149	)		—			—			—			—
Income tax benefit on real estate impairment losses		(14	)		—			—			(14	)		—			—			—			—
Gain on dispositions of and impairments related to unconsolidated entities and other		3,095			(4,172	)		1,242			165			882			(7,669	)		4,332			(2,455	)
Income tax benefit on gain on dispositions of real estate related to unconsolidated entities		(6	)		—			—			(6	)		(2	)		—			—			(2	)
Adjustments related to discontinued operations:
Depreciation and amortization		(931	)		—			80			(851	)		(6,340	)		—			1,264			(5,076	)
Depreciation and amortization related to non-real estate assets		5			—			(1	)		4			34			—			(9	)		25
Provision for operating real estate impairment losses		(5,522	)		—			—			(5,522	)		(1,429	)		—			2,287			858
Gain on dispositions of real estate		37,467			—			(13,267	)		24,200			21,084			—			(7,709	)		13,375
Income tax expense arising from disposals		37			—			—			37			48			—			—			48
Total adjustments	$	(59,967	)	$	(7,896	)	$	(669	)	$	(68,532	)	$	(83,929	)	$	(10,160	)	$	11,362		$	(82,727	)
Common noncontrolling interests in Aimco Operating Partnership’s share of adjustments		4,646			—			—			4,646			5,616			—			—			5,616
Amounts allocable to participating securities		142			—			—			142			181			—			—			181
Preferred stock redemption related gains		(788	)		—			—			(788	)		1,765			—			—			1,765
Equity in losses of unconsolidated real estate partnerships		(4,987	)		4,987			—			—			(15,653	)		15,653			—			—
Net loss attributable to noncontrolling interests in consolidated real estate partnerships		(5,464	)		—			5,464			—			11,213			—			(11,213	)		—
Net loss attributable to Aimco common stockholders	$	(14,801	)	$	—		$	—		$	(14,801	)	$	(28,500	)	$	—		$	—		$	(28,500	)

Notes

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

	Three Months		Three Months
	Ended		Ended
	September 30,		September 30,
	2011		2010
Promotes	$	—	$	2,376
Other GP transactional fees		3,611		76
Tax credit syndication fees		1,255		55
Total non-recurring revenues	$	4,866	$	2,507

11

Supplemental Schedule 1 (b)

Funds From Operations	(page 1 of 2)
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010
(in thousands) (unaudited)

	Nine Months Ended September 30, 2011												Nine Months Ended September 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	$	594,431		$	—		$	(41,699	)	$	552,732		$	580,197		$	—		$	(51,180	)	$	529,017
Affordable Same Store		132,077			531			(34,661	)		97,947			126,827			539			(33,535	)		93,831
Total Same Store		726,508			531			(76,360	)		650,679			707,024			539			(84,715	)		622,848
Other Conventional [1]		62,933			4,126			(3,110	)		63,949			63,847			3,543			(4,007	)		63,383
Other Affordable		15,259			31,148			(37,887	)		8,520			15,146			6,842			(13,355	)		8,633
Property management revenues, primarily from affiliates		1,049			(490	)		4,926			5,485			2,040			(518	)		5,088			6,610
Total rental and other property revenues		805,749			35,315			(112,431	)		728,633			788,057			10,406			(96,989	)		701,474
Property operating expenses
Conventional Same Store		219,363			—			(16,038	)		203,325			222,737			—			(20,586	)		202,151
Affordable Same Store		56,751			401			(16,613	)		40,539			58,830			395			(16,914	)		42,311
Total Same Store		276,114			401			(32,651	)		243,864			281,567			395			(37,500	)		244,462
Other Conventional [1]		29,964			2,413			(1,541	)		30,836			29,845			2,232			(1,981	)		30,096
Other Affordable		8,611			19,397			(23,070	)		4,938			8,351			4,039			(7,362	)		5,028
Casualties		10,136			(11	)		24			10,149			7,653			21			642			8,316
Property management expenses		31,809			—			—			31,809			35,368			—			—			35,368
Total property operating expenses		356,634			22,200			(57,238	)		321,596			362,784			6,687			(46,201	)		323,270
Net real estate operations		449,115			13,115			(55,193	)		407,037			425,273			3,719			(50,788	)		378,204
Amortization of deferred tax credit income		21,204			—			—			21,204			20,741			—			—			20,741
Asset management revenues		1,504			—			2,561			4,065			422			(67	)		2,771			3,126
Non-recurring revenues [2]		6,064			—			491			6,555			3,045			—			247			3,292
Total asset management and tax credit revenues		28,772			—			3,052			31,824			24,208			(67	)		3,018			27,159
Investment management expenses		(7,604	)		—			—			(7,604	)		(10,979	)		—			—			(10,979	)
Depreciation and amortization related to non-real estate assets		(9,833	)		(3	)		142			(9,694	)		(11,238	)		(4	)		169			(11,073	)
General and administrative expenses		(36,162	)		(8	)		830			(35,340	)		(39,015	)		(14	)		1,040			(37,989	)
Other (expense) income, net		(13,952	)		(116	)		5,990			(8,078	)		(2,173	)		(4,029	)		7,402			1,200
Interest income		7,771			(105	)		739			8,405			7,437			(140	)		1,928			9,225
Recovery of (provision for) losses on notes receivable		180			—			(1,286	)		(1,106	)		(284	)		—			(1,721	)		(2,005	)
Interest expense		(243,169	)		(7,476	)		33,302			(217,343	)		(225,305	)		(2,124	)		29,248			(198,181	)
Gain on disposition of non-depreciable assets		(69	)		—			—			(69	)		—			—			—			—
Income tax benefit		5,749			—			—			5,749			11,051			—			—			11,051
Discontinued operations, net of non-FFO items		5,766			—			611			6,377			21,871			—			(2,338	)		19,533
Preferred dividends and distributions		(42,401	)		—			—			(42,401	)		(44,462	)		—			—			(44,462	)
Preferred redemption related amounts		1,961			—			—			1,961			4,544			—			—			4,544
Operating real estate impairment losses, net		(12,472	)		(5,536	)		8,058			(9,950	)		(11,947	)		(11,055	)		11,788			(11,214	)
Common noncontrolling interests in Aimco Operating Partnership		(8,905	)		—			—			(8,905	)		(9,247	)		—			—			(9,247	)
Amounts allocated to participating securities		(527	)		—			—			(527	)		(537	)		—			—			(537	)
Funds From Operations		124,220			(129	)		(3,755	)		120,336			139,197			(13,714	)		(254	)		125,229
Operating real estate impairment losses, net		12,472			5,536			(8,058	)		9,950			11,947			11,055			(11,788	)		11,214
Preferred stock redemption related gains		(1,961	)		—			—			(1,961	)		(4,544	)		—			—			(4,544	)
Common noncontrolling interests in Aimco Operating Partnership		(547	)		—			—			(547	)		(464	)		—			—			(464	)
Amounts allocated to participating securities		(34	)		—			—			(34	)		(33	)		—			—			(33	)
Pro Forma Funds From Operations	$	134,150		$	5,407		$	(11,813	)	$	127,744		$	146,103		$	(2,659	)	$	(12,042	)	$	131,402
				Weighted average shares — diluted FFO							119,269					Weighted average shares — diluted FFO							116,574
				Per Share:												Per Share:
				Funds From Operations						$	1.01					Funds From Operations						$	1.07
				Pro Forma Funds From Operations						$	1.07					Pro Forma Funds From Operations						$	1.13

12

Supplemental Schedule 1 (b) (continued)

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

	Nine Months Ended September 30, 2011												Nine Months Ended September 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	$	134,150		$	5,407		$	(11,813	)	$	127,744		$	146,103		$	(2,659	)	$	(12,042	)	$	131,402
Adjustments related to continuing operations:
Depreciation and amortization		(287,739	)		(9,782	)		34,878			(262,643	)		(305,066	)		(4,603	)		34,536			(275,133	)
Depreciation and amortization related to non-real estate assets		9,833			3			(142	)		9,694			11,238			4			(169	)		11,073
Provision for operating real estate impairment losses		(149	)		—			—			(149	)		—			—			—			—
Income tax benefit on real estate impairment losses		4			—			—			4			—			—			—			—
Gain on dispositions of and impairments related to unconsolidated entities and other		5,182			(4,060	)		(124	)		998			5,368			(4,541	)		(2,209	)		(1,382	)
Income tax benefit on gain on dispositions of real estate related to unconsolidated entities		(45	)		—			—			(45	)		(10	)		—			—			(10	)
Adjustments related to discontinued operations:
Depreciation and amortization		(7,695	)		—			1,013			(6,682	)		(21,909	)		—			4,701			(17,208	)
Depreciation and amortization related to non-real estate assets		35			—			(6	)		29			116			—			(1	)		115
Provision for operating real estate impairment losses		(11,829	)		—			2,109			(9,720	)		(9,551	)		—			(1,468	)		(11,019	)
Gain on dispositions of real estate		64,901			—			(21,303	)		43,598			74,406			—			(21,553	)		52,853
Income tax (expense) benefit arising from disposals		(223	)		—			—			(223	)		948			—			—			948
Total adjustments	$	(227,725	)	$	(13,839	)	$	16,425		$	(225,139	)	$	(244,460	)	$	(9,140	)	$	13,837		$	(239,763	)
Common noncontrolling interests in Aimco Operating Partnership’s share of adjustments		15,291			—			—			15,291			16,355			—			—			16,355
Amounts allocable to participating securities		392			—			—			392			571			—			—			571
Preferred stock redemption related gains		1,961			—			—			1,961			4,544			—			—			4,544
Equity in (losses) income of unconsolidated real estate partnerships		(8,432	)		8,432			—			—			(11,799	)		11,799			—			—
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships		4,612			—			(4,612	)		—			1,795			—			(1,795	)		—
Net loss attributable to Aimco common stockholders	$	(79,751	)	$	—		$	—		$	(79,751	)	$	(86,891	)	$	—		$	—		$	(86,891	)

Notes

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

	Nine Months		Nine Months
	Ended		Ended
	September 30,		September 30,
	2011		2010
Promotes	$	—	$	2,727
Other GP transactional fees		4,775		2,492
Tax credit syndication fees		1,289		(2,174	)
Total non-recurring revenues	$	6,064	$	3,045

13

Supplemental Schedule 2

Portfolio Summary
As of September 30, 2011
(unaudited)

	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Owned Real Estate Portfolio:
Conventional Same Store		162		57,209		53,518		94	%
Affordable Same Store		144		18,212		12,709		70	%
Total Same Store		306		75,421		66,227		88	%
Conventional Redevelopment [1]		3		1,130		1,130		100	%
Conventional Acquisition		4		142		72		51	%
Other Conventional		36		6,300		5,100		81	%
Other Affordable		57		5,828		1,088		19	%
Total owned real estate portfolio		406		88,821		73,617		83	%
Total Conventional owned real estate portfolio		205		64,781		59,820		92	%
Total Affordable owned real estate portfolio		201		24,040		13,797		57	%
Fee-Managed Portfolio:
Property-Managed for third parties		1		64
Asset-Managed		158		11,169
Total fee-managed portfolio		159		11,233
Total Portfolio		565		100,054

[1] At September 30, 2011 Aimco’s Conventional Redevelopment portfolio included three vacant properties, Lincoln Place, Pacific Bay Vistas (formerly Treetops) and Madera Vista.

14

Supplemental Schedule 3

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

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	$	818,935		$	142,467		$	961,402
Property operating expenses		(309,201	)		(61,519	)		(370,720	)
Property NOI		509,734			80,948			590,682
Assumed property management fee (3.5% of revenues)		(28,663	)		(4,986	)		(33,649	)
Property NOI net of assumed property management fee	$	481,071		$	75,962		$	557,033

Proportionate Balance Sheet Data As of September 30, 2011

				Proportionate
	Consolidated			Share of						Proportionate
	GAAP			Unconsolidated			Noncontrolling			Balance
	Balance Sheet			Partnerships			Interests			Sheet
Assets
Real estate	$	9,056,309		$	96,350		$	(787,999	)	$	8,364,660
Accumulated depreciation		(2,876,894	)		(27,544	)		246,588			(2,657,850	)
Net real estate [2]		6,179,415			68,806			(541,411	)		5,706,810
Cash and cash equivalents		75,831			1,305			(31,293	)		45,843
Restricted cash		209,481			7,136			(32,377	)		184,240
Accounts receivable, net		40,848			133			(3,822	)		37,159
Notes receivable, net		114,630			—			(1,355	)		113,275
Investment in unconsolidated real estate partnerships [3]		63,942			(24,726	)		(25,460	)		13,756
Deferred financing costs, net [4]		46,670			526			(6,863	)		40,333
Goodwill [4]		64,416			—			—			64,416
Investment in management contracts [4]		636			—			—			636
Other assets [5]		246,833			454			19,576			266,863
Total assets	$	7,042,702		$	53,634		$	(623,005	)	$	6,473,331
Liabilities and Equity
Non-recourse property debt	$	5,233,525		$	33,456		$	(520,752	)	$	4,746,229
Revolving credit facility borrowings		26,200			—			—			26,200
Deferred income [6]		150,357			78			—			150,435
Other liabilities		338,121			20,100			(72,585	)		285,636
Total liabilities		5,748,203			53,634			(593,337	)		5,208,500
Preferred noncontrolling interests in Aimco Operating Partnership [7]		83,385			—			—			83,385
Preferred stock subject to repurchase agreement [7]		10,000			—			—			10,000
Perpetual preferred stock [7]		656,015			—			—			656,015
Other Aimco equity		295,297			—			250,329			545,626
Noncontrolling interests in consolidated real estate partnerships		279,997			—			(279,997	)		—
Common noncontrolling interests in Aimco Operating Partnership		(30,195	)		—			—			(30,195	)
Total liabilities and equity	$	7,042,702		$	53,634		$	(623,005	)	$	6,473,331

15

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 vacant during the period presented, and the results of Madera Vista, a vacant redevelopment property acquired during the third quarter 2011.
[2]	Net real estate includes three redevelopment properties that have September 30, 2011 net book values of $246.2 million in total. Aimco refers to these properties collectively as part of its redevelopment pipeline.
[3]	Aimco’s internal NAV estimate is computed based on Aimco’s share of NOI and as such takes into account Aimco’s share of NOI attributable to unconsolidated partnerships. For this reason, investment in unconsolidated real estate partnerships is excluded from non-real estate assets in Aimco’s internal NAV computation.
[4]	Deferred financing costs, goodwill and investment in management contracts represent non-tangible assets for which cash has already been paid by Aimco. As such, these amounts are excluded from Aimco’s internal NAV computation.
[5]	Includes 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.
[6]	Deferred income includes $95.7 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.

	September 30, 2011
Deferred tax credit income balance	$	95,711
Contributions to be received in the future		64,204
Total to be amortized	$	159,915

	Amortization of		Estimated Income			Projected Income,
	Deferred Income		Taxes			net of tax
Year Ending December 31,
2011	$	6,840	$	(2,668	)	$	4,172
2012		27,341		(10,663	)		16,678
2013		27,089		(10,565	)		16,524
2014		26,215		(10,224	)		15,991
2015		22,061		(8,604	)		13,457
Thereafter		50,369		(19,643	)		30,726
Total	$	159,915	$	(62,367	)	$	97,548

[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.

16

Supplemental Schedule 4

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

Property Debt Balances and Characteristics

			Proportionate							Weighted
			Share of							Average
			Unconsolidated		Noncontrolling			Total Aimco		Maturity		Weighted
Debt	Consolidated		Partnerships		Interests			Share		(years)		AverageRate
Conventional Portfolio:
Fixed rate loans payable [1]	$	4,290,261	$	—	$	(289,520	)	$	4,000,741		7.4		5.83	%
Floating rate loans payable [2]		22,279		—		(2,050	)		20,229		1.5		1.57	%
Total property loans payable		4,312,540		—		(291,570	)		4,020,970		7.3		5.81	%
Fixed rate tax-exempt bonds		52,075		—		(3,338	)		48,737		5.1		6.75	%
Floating rate tax-exempt bonds [2]		138,233		—		(5,278	)		132,955		8.9		0.60	%
Total property tax-exempt bond financing		190,308		—		(8,616	)		181,692		7.9		2.28	%
Total Conventional portfolio		4,502,848		—		(300,186	)		4,202,662		7.4		5.66	%
Affordable Portfolio:
Fixed rate loans payable		475,076		31,810		(190,521	)		316,365		13.5		4.83	%
Floating rate loans payable		30,472		8		(17,143	)		13,337		7.0		3.28	%
Total property loans payable		505,548		31,818		(207,664	)		329,702		13.1		4.74	%
Fixed rate tax-exempt bonds		95,321		1,638		(12,902	)		84,057		26.9		4.95	%
Floating rate tax-exempt bonds [2]		129,808		—		—			129,808		3.8		2.35	%
Total property tax-exempt bond financing		225,129		1,638		(12,902	)		213,865		13.6		3.45	%
Total Affordable portfolio		730,677		33,456		(220,566	)		543,567		13.3		4.34	%
Total non-recourse property debt	$	5,233,525	$	33,456	$	(520,752	)	$	4,746,229		8.2		5.47	%

[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 $144.3 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At September 30, 2011, the carrying amount of this debt totaled $136.5 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	$	4,449,900		94	%	Floating rate tax-exempt bonds	$	262,763		89	%
Floating rate debt		296,329		6	%	Floating rate loans payable		33,566		11	%
Total	$	4,746,229				Total	$	296,329

							Maturities as
							a Percent			Average Rate on
	Amortization		Maturities		Total		of Total Debt			Maturing Debt
2011 Q4	$	20,649	$	6,285	$	26,934		0.13	%		2.87	%
2012 Q1		21,076		—		21,076		—			—
2012 Q2 [3]		21,543		140,960		162,503		2.97	%		2.28	%
2012 Q3		20,999		90,183		111,182		1.90	%		6.16	%
2012 Q4		20,891		18,978		39,869		0.40	%		1.58	%
Total 2012		84,509		250,121		334,630		5.27	%		3.57	%
2013		84,594		295,765		380,359		6.23	%		5.49	%
2014		84,152		228,786		312,938		4.82	%		5.59	%
2015		83,382		185,737		269,119		3.91	%		4.84	%
2016		80,563		381,295		461,858		8.03	%		5.63	%
2017		74,133		442,527		516,660		9.32	%		5.93	%
2018		68,241		233,736		301,977		4.92	%		4.64	%
2019		60,605		451,441		512,046		9.51	%		5.98	%
2020		52,792		388,330		441,122		8.18	%		6.33	%
2021 [4]		31,970		672,178		704,148		14.16	%		5.74	%
Thereafter		284,113		200,325		484,438		4.22	%		4.46	%
Total	$	1,009,703	$	3,736,526	$	4,746,229

[3]

Q2 2012 maturities include approximately $130.1 million of debt ($122.4 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 $7.7 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 $571.3 million, or 12.3% of maturities as a percentage of total debt.

17

Supplemental Schedule 4 (continued)

Non-recourse Property Debt Information	(page 2 of 2)
As of September 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]	$	98.7		$	89.3	$	(9.8	)		5.76	%		3.75	%
2012 [4][5][6]		166.1			164.8		(3.5	)		1.90	%		5.20	%
2013 [6]		13.1			23.7		13.4			4.98	%		5.54	%
2014 [4][6]		124.4			121.5		(7.9	)		5.74	%		4.83	%
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	$	650.8		$	656.1	$	(13.9	)		4.89	%		4.93	%
Net Change in Leverage from Refinancings	$	5.3
Non-refinancing Loan Repayments		(8.4	)
Aimco’s FREMF 2011 K-AIV Investments [6]		(51.5	)
Net Change in Leverage After Loan Repayments and Trust Investment but Before Amortization	$	(54.6	)

[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]	$132.0 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]	In 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 nine months ended September 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		2.14:1		n/a
EBITDA coverage of interest and preferred dividends		1.75:1		n/a
Debt service coverage ratio		1.60:1		1.40:1
Fixed charge coverage ratio		1.36:1		1.20:1

Credit Ratings

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

18

Supplemental Schedule 5

Share Data
(in thousands) (unaudited)

Preferred Securities

	Shares/Units
	Outstanding		Date First
	as of		Available for
	September 30,		Redemption by
	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 [1]		2,588		9/29/2009		8.000	%		64,688
Class Y		3,450		12/21/2009		7.875	%		86,250
Class Z [2]		824		7/29/2016		7.000	%		20,595
Series A Community Reinvestment Act [3]		—		6/30/2011		1.500	%		47,000
Total perpetual preferred stock									668,533
Preferred Partnership Units [4]		3,061				8.096	%		82,515
Total outstanding preferred securities								$	751,048

Common Stock, Partnership Units and Equivalents

	As of		Three Months Ended				Nine Months Ended
	September 30,		September 30, 2011				September 30, 2011
	2011		EPS		FFO		EPS		FFO
Class A Common Stock outstanding		120,433		120,339		120,339		118,939		118,939
Dilutive securities:
Options and restricted stock		373		—		331		—		330
Total shares and dilutive share equivalents		120,806		120,339		120,670		118,939		119,269
Common Partnership Units and equivalents [5]		8,290
Total shares, units and dilutive share equivalents		129,096

Notes

[1]	During the third quarter, primarily using proceeds from the issuance of Class Z Preferred Stock, Aimco redeemed 862,500 shares (25% of the amount outstanding) of the Class V Preferred Stock for a redemption price of $25.00 per share, or $21.6 million in aggregate.
[2]	During the third quarter, Aimco issued approximately 823,800 shares of Class Z Preferred Stock for an average price of $24.21 per share. After underwriting discounts, commissions and transaction costs, these issuances generated net proceeds of approximately $19.0 million.
[3]	Represents 94 shares at a liquidation preference per share of $500,000. The remaining amount at September 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.
[4]	Coupon is based on a weighted average of all outstanding series of Preferred Partnership Units.
[5]	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.

19

Supplemental Schedule 6(a)
Conventional Same Store Operating Results
Third Quarter 2011 Compared to Third Quarter 2010
(in thousands, except site and unit data) (unaudited)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		3Q 2011		3Q 2010		Growth			3Q 2011		3Q 2010		Growth			3Q 2011		3Q 2010		Growth			3Q 2011			3Q 2011			3Q 2010			3Q 2011		3Q 2010
Target Markets
Los Angeles		13		3,949		3,297	$	19,343	$	18,829		2.7	%	$	5,493	$	6,014		-8.7	%	$	13,850	$	12,815		8.1	%		71.6	%		96.5	%		96.5	%	$	2,030	$	1,983
Orange County		4		1,213		1,143		5,636		5,352		5.3	%		1,797		1,885		-4.7	%		3,839		3,467		10.7	%		68.1	%		97.0	%		95.8	%		1,550		1,504
San Diego		6		2,144		2,073		8,346		8,020		4.1	%		2,518		2,349		7.2	%		5,828		5,671		2.8	%		69.8	%		95.6	%		96.3	%		1,247		1,206
Southern CA Total		23		7,306		6,513		33,325		32,201		3.5	%		9,808		10,248		-4.3	%		23,517		21,953		7.1	%		70.6	%		96.3	%		96.3	%		1,721		1,676
East Bay		2		413		353		1,470		1,393		5.5	%		504		583		-13.6	%		966		810		19.3	%		65.7	%		97.3	%		97.3	%		1,264		1,201
San Jose		1		224		224		1,078		1,047		3.0	%		249		408		-39.0	%		829		639		29.7	%		76.9	%		95.5	%		98.1	%		1,540		1,466
San Francisco		5		774		774		3,964		3,672		8.0	%		1,314		1,412		-6.9	%		2,650		2,260		17.3	%		66.9	%		96.5	%		97.4	%		1,574		1,478
Northern CA Total		8		1,411		1,351		6,512		6,112		6.5	%		2,067		2,403		-14.0	%		4,445		3,709		19.8	%		68.3	%		96.6	%		97.5	%		1,477		1,395
Seattle		2		239		200		958		930		3.0	%		366		347		5.5	%		592		583		1.5	%		61.8	%		94.7	%		97.9	%		1,415		1,357
Pacific Total		33		8,956		8,064		40,795		39,243		4.0	%		12,241		12,998		-5.8	%		28,554		26,245		8.8	%		70.0	%		96.3	%		96.6	%		1,675		1,623
Suburban New York — New Jersey		2		1,162		944		3,687		3,699		-0.3	%		1,398		1,324		5.6	%		2,289		2,375		-3.6	%		62.1	%		95.3	%		95.0	%		1,188		1,180
Washington — NoVa — MD		15		6,711		6,592		26,449		24,942		6.0	%		9,236		8,192		12.7	%		17,213		16,750		2.8	%		65.1	%		96.2	%		96.9	%		1,276		1,206
Boston		9		3,068		3,068		11,082		10,587		4.7	%		4,228		3,988		6.0	%		6,854		6,599		3.9	%		61.8	%		96.8	%		95.5	%		1,156		1,139
Philadelphia		6		3,573		3,428		14,304		13,802		3.6	%		6,124		5,863		4.5	%		8,180		7,939		3.0	%		57.2	%		94.7	%		95.3	%		1,255		1,223
Northeast Total		32		14,514		14,032		55,522		53,030		4.7	%		20,986		19,367		8.4	%		34,536		33,663		2.6	%		62.2	%		95.9	%		96.0	%		1,238		1,194
Miami		5		2,471		2,359		12,209		11,701		4.3	%		4,796		4,663		2.9	%		7,413		7,038		5.3	%		60.7	%		96.1	%		95.8	%		1,579		1,546
Palm Beach — Fort Lauderdale		3		893		893		2,343		2,322		0.9	%		1,159		893		29.8	%		1,184		1,429		-17.1	%		50.5	%		94.7	%		94.1	%		807		826
Orlando		7		2,051		2,051		4,899		4,799		2.1	%		2,187		2,060		6.2	%		2,712		2,739		-1.0	%		55.4	%		95.6	%		95.4	%		720		720
Tampa		5		1,455		1,388		3,277		3,253		0.7	%		1,453		1,283		13.3	%		1,824		1,970		-7.4	%		55.7	%		94.7	%		94.7	%		707		710
Jacksonville		4		1,643		1,643		4,207		4,146		1.5	%		2,034		1,809		12.4	%		2,173		2,337		-7.0	%		51.7	%		95.0	%		97.3	%		772		761
Florida Total		24		8,513		8,334		26,935		26,221		2.7	%		11,629		10,708		8.6	%		15,306		15,513		-1.3	%		56.8	%		95.4	%		95.6	%		988		978
Houston		6		2,509		2,050		4,498		4,536		-0.8	%		2,027		2,091		-3.1	%		2,471		2,445		1.1	%		54.9	%		91.3	%		93.7	%		687		693
Denver		8		2,177		1,731		5,515		5,151		7.1	%		1,678		1,668		0.6	%		3,837		3,483		10.2	%		69.6	%		97.1	%		97.8	%		875		822
Phoenix		12		3,017		2,605		5,865		5,558		5.5	%		2,464		2,390		3.1	%		3,401		3,168		7.4	%		58.0	%		95.2	%		96.3	%		663		637
Dallas — Fort Worth		2		569		569		1,322		1,313		0.7	%		666		674		-1.2	%		656		639		2.7	%		49.6	%		93.6	%		96.5	%		716		695
Atlanta		4		992		822		2,439		2,323		5.0	%		775		836		-7.3	%		1,664		1,487		11.9	%		68.2	%		96.5	%		96.8	%		926		893
Sunbelt Total		56		17,777		16,111		46,574		45,102		3.3	%		19,239		18,367		4.7	%		27,335		26,735		2.2	%		58.7	%		95.0	%		95.8	%		866		847
Chicago		12		3,804		3,643		13,158		12,967		1.5	%		5,024		4,174		20.4	%		8,134		8,793		-7.5	%		61.8	%		94.2	%		96.7	%		1,121		1,088
Total Target Markets		133		45,051		41,850		156,049		150,342		3.8	%		57,490		54,906		4.7	%		98,559		95,436		3.3	%		63.2	%		95.5	%		96.1	%		1,170		1,134
Other
Baltimore		3		701		628		2,261		2,251		0.4	%		857		839		2.1	%		1,404		1,412		-0.6	%		62.1	%		95.7	%		96.4	%		1,176		1,162
Nashville		4		1,114		865		2,484		2,405		3.3	%		1,017		897		13.4	%		1,467		1,508		-2.7	%		59.1	%		95.8	%		95.7	%		863		840
Norfolk — Richmond		5		1,495		1,406		4,409		4,329		1.8	%		1,424		1,405		1.4	%		2,985		2,924		2.1	%		67.7	%		96.6	%		96.6	%		955		946
Other Markets		17		8,848		8,769		21,507		21,093		2.0	%		9,343		9,198		1.6	%		12,164		11,895		2.3	%		56.6	%		93.6	%		95.6	%		745		726
Total Other		29		12,158		11,668		30,661		30,078		1.9	%		12,641		12,339		2.4	%		18,020		17,739		1.6	%		58.8	%		94.3	%		95.8	%		808		789
CONVENTIONAL SAME STORE SALES TOTALS		162		57,209		53,518	$	186,710	$	180,420		3.5	%	$	70,131	$	67,245		4.3	%	$	116,579	$	113,175		3.0	%		62.4	%		95.2	%		96.0	%	$	1,094	$	1,061

20

Supplemental Schedule 6(b)
Conventional Same Store Operating Results
Third Quarter 2011 Compared to Second Quarter 2011
(in thousands, except site and unit data) (unaudited)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		3Q 2011		2Q 2011		Growth			3Q 2011		2Q 2011		Growth			3Q 2011		2Q 2011		Growth			3Q 2011			3Q 2011			2Q 2011			3Q 2011		2Q 2011
Target Markets
Los Angeles		13		3,949		3,297	$	19,343	$	18,952		2.1	%	$	5,493	$	5,532		-0.7	%	$	13,850	$	13,420		3.2	%		71.6	%		96.5	%		96.6	%	$	2,030	$	1,992
Orange County		4		1,213		1,143		5,636		5,576		1.1	%		1,797		1,620		10.9	%		3,839		3,956		-3.0	%		68.1	%		97.0	%		97.9	%		1,550		1,522
San Diego		6		2,144		2,073		8,346		8,166		2.2	%		2,518		2,351		7.1	%		5,828		5,815		0.2	%		69.8	%		95.6	%		95.7	%		1,247		1,229
Southern CA Total		23		7,306		6,513		33,325		32,694		1.9	%		9,808		9,503		3.2	%		23,517		23,191		1.4	%		70.6	%		96.3	%		96.5	%		1,721		1,691
East Bay		2		413		353		1,470		1,443		1.9	%		504		538		-6.3	%		966		905		6.7	%		65.7	%		97.3	%		98.5	%		1,264		1,233
San Jose		1		224		224		1,078		1,071		0.7	%		249		395		-37.0	%		829		676		22.6	%		76.9	%		95.5	%		97.1	%		1,540		1,494
San Francisco		5		774		774		3,964		3,817		3.9	%		1,314		1,361		-3.5	%		2,650		2,456		7.9	%		66.9	%		96.5	%		97.3	%		1,574		1,526
Northern CA Total		8		1,411		1,351		6,512		6,331		2.9	%		2,067		2,294		-9.9	%		4,445		4,037		10.1	%		68.3	%		96.6	%		97.6	%		1,477		1,435
Seattle		2		239		200		958		963		-0.5	%		366		318		15.1	%		592		645		-8.2	%		61.8	%		94.7	%		97.4	%		1,415		1,388
Pacific Total		33		8,956		8,064		40,795		39,988		2.0	%		12,241		12,115		1.0	%		28,554		27,873		2.4	%		70.0	%		96.3	%		96.7	%		1,675		1,642
Suburban New York — New Jersey		2		1,162		944		3,687		3,687		0.0	%		1,398		1,298		7.7	%		2,289		2,389		-4.2	%		62.1	%		95.3	%		95.1	%		1,188		1,183
Washington — NoVa — MD		15		6,711		6,592		26,449		25,945		1.9	%		9,236		7,851		17.6	%		17,213		18,094		-4.9	%		65.1	%		96.2	%		96.5	%		1,276		1,256
Boston		9		3,068		3,068		11,082		10,877		1.9	%		4,228		4,230		0.0	%		6,854		6,647		3.1	%		61.8	%		96.8	%		96.3	%		1,156		1,149
Philadelphia		6		3,573		3,428		14,304		13,938		2.6	%		6,124		6,019		1.7	%		8,180		7,919		3.3	%		57.2	%		94.7	%		95.2	%		1,255		1,236
Northeast Total		32		14,514		14,032		55,522		54,447		2.0	%		20,986		19,398		8.2	%		34,536		35,049		-1.5	%		62.2	%		95.9	%		96.0	%		1,238		1,223
Miami		5		2,471		2,359		12,209		11,991		1.8	%		4,796		4,483		7.0	%		7,413		7,508		-1.3	%		60.7	%		96.1	%		96.4	%		1,579		1,556
Palm Beach — Fort Lauderdale		3		893		893		2,343		2,332		0.5	%		1,159		1,073		8.0	%		1,184		1,259		-6.0	%		50.5	%		94.7	%		96.5	%		807		798
Orlando		7		2,051		2,051		4,899		4,837		1.3	%		2,187		2,013		8.6	%		2,712		2,824		-4.0	%		55.4	%		95.6	%		95.2	%		720		721
Tampa		5		1,455		1,388		3,277		3,239		1.2	%		1,453		1,388		4.7	%		1,824		1,851		-1.5	%		55.7	%		94.7	%		94.5	%		707		706
Jacksonville		4		1,643		1,643		4,207		4,069		3.4	%		2,034		1,868		8.9	%		2,173		2,201		-1.3	%		51.7	%		95.0	%		94.9	%		772		762
Florida Total		24		8,513		8,334		26,935		26,468		1.8	%		11,629		10,825		7.4	%		15,306		15,643		-2.2	%		56.8	%		95.4	%		95.5	%		988		979
Houston		6		2,509		2,050		4,498		4,562		-1.4	%		2,027		1,998		1.5	%		2,471		2,564		-3.6	%		54.9	%		91.3	%		93.1	%		687		693
Denver		8		2,177		1,731		5,515		5,241		5.2	%		1,678		1,685		-0.4	%		3,837		3,556		7.9	%		69.6	%		97.1	%		97.4	%		875		847
Phoenix		12		3,017		2,605		5,865		5,634		4.1	%		2,464		2,194		12.3	%		3,401		3,440		-1.1	%		58.0	%		95.2	%		95.9	%		663		648
Dallas — Fort Worth		2		569		569		1,322		1,325		-0.2	%		666		574		16.0	%		656		751		-12.6	%		49.6	%		93.6	%		95.6	%		716		705
Atlanta		4		992		822		2,439		2,419		0.8	%		775		794		-2.4	%		1,664		1,625		2.4	%		68.2	%		96.5	%		97.9	%		926		908
Sunbelt Total		56		17,777		16,111		46,574		45,649		2.0	%		19,239		18,070		6.5	%		27,335		27,579		-0.9	%		58.7	%		95.0	%		95.6	%		866		854
Chicago		12		3,804		3,643		13,158		13,162		0.0	%		5,024		4,915		2.2	%		8,134		8,247		-1.4	%		61.8	%		94.2	%		97.0	%		1,121		1,104
Total Target Markets		133		45,051		41,850		156,049		153,246		1.8	%		57,490		54,498		5.5	%		98,559		98,748		-0.2	%		63.2	%		95.5	%		96.1	%		1,170		1,152
Other
Baltimore		3		701		628		2,261		2,201		2.7	%		857		787		8.9	%		1,404		1,414		-0.7	%		62.1	%		95.7	%		95.4	%		1,176		1,160
Nashville		4		1,114		865		2,484		2,461		0.9	%		1,017		867		17.3	%		1,467		1,594		-8.0	%		59.1	%		95.8	%		95.0	%		863		869
Norfolk — Richmond		5		1,495		1,406		4,409		4,458		-1.1	%		1,424		1,352		5.3	%		2,985		3,106		-3.9	%		67.7	%		96.6	%		94.9	%		955		968
Other Markets		17		8,848		8,769		21,507		21,469		0.2	%		9,343		9,100		2.7	%		12,164		12,369		-1.7	%		56.6	%		93.6	%		95.2	%		745		737
Total Other		29		12,158		11,668		30,661		30,589		0.2	%		12,641		12,106		4.4	%		18,020		18,483		-2.5	%		58.8	%		94.3	%		95.2	%		808		802
CONVENTIONAL SAME STORE SALES TOTALS		162		57,209		53,518	$	186,710	$	183,835		1.6	%	$	70,131	$	66,604		5.3	%	$	116,579	$	117,231		-0.6	%		62.4	%		95.2	%		95.9	%	$	1,094	$	1,078

21

Supplemental Schedule 6(c)
Conventional Same Store Operating Results
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010
(in thousands, except site and unit data) (unaudited)

																												Operating
							Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
					Effective		YTD 3Q		YTD 3Q					YTD 3Q		YTD 3Q					YTD 3Q		YTD 3Q					YTD 3Q			YTD 3Q			YTD 3Q			YTD 3Q		YTD 3Q
	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	$	57,078	$	56,544		0.9	%	$	16,881	$	17,832		-5.3	%	$	40,197	$	38,712		3.8	%		70.4	%		96.5	%		96.4	%	$	2,000	$	1,992
Orange County		4		1,213		1,143		16,614		16,077		3.3	%		5,119		5,390		-5.0	%		11,495		10,687		7.6	%		69.2	%		97.2	%		96.3	%		1,527		1,503
San Diego		6		2,144		2,073		24,514		23,501		4.3	%		7,015		7,164		-2.1	%		17,499		16,337		7.1	%		71.4	%		95.7	%		95.6	%		1,231		1,195
Southern CA Total		23		7,306		6,513		98,206		96,122		2.2	%		29,015		30,386		-4.5	%		69,191		65,736		5.3	%		70.5	%		96.4	%		96.1	%		1,697		1,678
East Bay		2		413		353		4,335		4,174		3.9	%		1,600		1,777		-10.0	%		2,735		2,397		14.1	%		63.1	%		97.7	%		97.4	%		1,241		1,196
San Jose		1		224		224		3,213		3,119		3.0	%		1,064		1,274		-16.5	%		2,149		1,845		16.5	%		66.9	%		97.0	%		97.5	%		1,501		1,478
San Francisco		5		774		774		11,494		10,836		6.1	%		3,830		4,146		-7.6	%		7,664		6,690		14.6	%		66.7	%		97.0	%		97.2	%		1,531		1,465
Northern CA Total		8		1,411		1,351		19,042		18,129		5.0	%		6,494		7,197		-9.8	%		12,548		10,932		14.8	%		65.9	%		97.2	%		97.3	%		1,441		1,388
Seattle		2		239		200		2,841		2,751		3.3	%		1,012		1,024		-1.2	%		1,829		1,727		5.9	%		64.4	%		96.3	%		97.3	%		1,389		1,355
Pacific Total		33		8,956		8,064		120,089		117,002		2.6	%		36,521		38,607		-5.4	%		83,568		78,395		6.6	%		69.6	%		96.5	%		96.3	%		1,648		1,623
Suburban New York — New Jersey		2		1,162		944		10,981		11,003		-0.2	%		3,994		3,578		11.6	%		6,987		7,425		-5.9	%		63.6	%		95.3	%		95.6	%		1,180		1,185
Washington — NoVa — MD		15		6,711		6,592		78,357		74,267		5.5	%		24,842		24,429		1.7	%		53,515		49,838		7.4	%		68.3	%		96.5	%		96.8	%		1,259		1,197
Boston		9		3,068		3,068		32,654		32,138		1.6	%		13,003		12,470		4.3	%		19,651		19,668		-0.1	%		60.2	%		96.4	%		96.0	%		1,147		1,141
Philadelphia		6		3,573		3,428		42,390		41,564		2.0	%		18,287		17,810		2.7	%		24,103		23,754		1.5	%		56.9	%		95.3	%		95.3	%		1,239		1,218
Northeast Total		32		14,514		14,032		164,382		158,972		3.4	%		60,126		58,287		3.2	%		104,256		100,685		3.5	%		63.4	%		96.1	%		96.2	%		1,224		1,189
Miami		5		2,471		2,359		36,155		34,925		3.5	%		13,760		14,989		-8.2	%		22,395		19,936		12.3	%		61.9	%		96.9	%		96.5	%		1,558		1,533
Palm Beach — Fort Lauderdale		3		893		893		7,012		7,078		-0.9	%		3,335		3,139		6.2	%		3,677		3,939		-6.7	%		52.4	%		95.8	%		94.3	%		802		831
Orlando		7		2,051		2,051		14,530		14,306		1.6	%		6,269		6,214		0.9	%		8,261		8,092		2.1	%		56.9	%		95.4	%		94.8	%		720		721
Tampa		5		1,455		1,388		9,773		9,858		-0.9	%		4,227		4,200		0.6	%		5,546		5,658		-2.0	%		56.7	%		95.2	%		95.1	%		704		715
Jacksonville		4		1,643		1,643		12,309		12,358		-0.4	%		5,884		5,617		4.8	%		6,425		6,741		-4.7	%		52.2	%		94.8	%		95.8	%		764		768
Florida Total		24		8,513		8,334		79,779		78,525		1.6	%		33,475		34,159		-2.0	%		46,304		44,366		4.4	%		58.0	%		95.7	%		95.5	%		981		979
Houston		5		1,775		1,516		10,005		10,294		-2.8	%		4,459		4,794		-7.0	%		5,546		5,500		0.8	%		55.4	%		92.2	%		94.9	%		684		696
Denver		8		2,177		1,731		15,903		15,123		5.2	%		4,915		5,081		-3.3	%		10,988		10,042		9.4	%		69.1	%		97.5	%		96.7	%		853		821
Phoenix		12		3,017		2,605		17,045		16,461		3.5	%		6,762		7,039		-3.9	%		10,283		9,422		9.1	%		60.3	%		96.3	%		95.2	%		649		645
Dallas — Fort Worth		2		569		569		3,973		3,937		0.9	%		1,880		2,003		-6.1	%		2,093		1,934		8.2	%		52.7	%		95.4	%		96.2	%		707		697
Atlanta		4		992		822		7,218		6,955		3.8	%		2,447		2,582		-5.2	%		4,771		4,373		9.1	%		66.1	%		97.4	%		96.3	%		911		890
Sunbelt Total		55		17,043		15,577		133,923		131,295	��	2.0	%		53,938		55,658		-3.1	%		79,985		75,637		5.7	%		59.7	%		95.8	%		95.6	%		862		856
Chicago		12		3,804		3,643		39,465		38,898		1.5	%		14,437		14,797		-2.4	%		25,028		24,101		3.8	%		63.4	%		96.1	%		96.3	%		1,106		1,091
Total Target Markets		132		44,317		41,316		457,859		446,167		2.6	%		165,022		167,349		-1.4	%		292,837		278,818		5.0	%		64.0	%		96.1	%		96.0	%		1,161		1,141
Other
Baltimore		3		701		628		6,873		6,585		4.4	%		2,517		2,799		-10.1	%		4,356		3,786		15.1	%		63.4	%		96.0	%		95.8	%		1,163		1,113
Nashville		3		764		620		5,618		5,566		0.9	%		2,065		2,202		-6.2	%		3,553		3,364		5.6	%		63.2	%		95.7	%		97.2	%		915		895
Norfolk — Richmond		5		1,495		1,406		13,260		12,965		2.3	%		4,014		4,031		-0.4	%		9,246		8,934		3.5	%		69.7	%		95.9	%		96.0	%		958		947
Other Markets		17		8,848		8,770		64,374		63,280		1.7	%		28,397		28,354		0.2	%		35,977		34,926		3.0	%		55.9	%		95.1	%		95.6	%		736		725
Total Other		28		11,808		11,424		90,125		88,396		2.0	%		36,993		37,386		-1.1	%		53,132		51,010		4.2	%		59.0	%		95.3	%		95.7	%		801		788
CONVENTIONAL SAME STORE SALES TOTALS		160		56,125		52,740	$	547,984	$	534,563		2.5	%	$	202,015	$	204,735		-1.3	%	$	345,969	$	329,828		4.9	%		63.1	%		95.9	%		95.9	%	$	1,086	$	1,067

22

Supplemental Schedule 7(a)
Total Conventional Portfolio Data by Market
Third Quarter 2011 Compared to Third Quarter 2010
(unaudited)

	Quarter Ended September 30, 2011														Quarter Ended September 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		11.0	%	$	2,030		14		4,645		86	%		3,993		10.1	%	$	1,983
Orange County		4		1,213		94	%		1,143		3.0	%		1,550		4		1,213		94	%		1,143		2.7	%		1,504
San Diego		10		2,286		94	%		2,145		4.8	%		1,247		6		2,142		97	%		2,072		4.4	%		1,207
Southern CA Total		28		8,144		89	%		7,281		18.8	%		1,721		24		8,000		90	%		7,208		17.2	%		1,676
East Bay		2		413		85	%		353		0.8	%		1,264		2		413		85	%		353		0.6	%		1,201
San Francisco		7		1,208		100	%		1,208		2.1	%		1,574		6		1,083		100	%		1,083		1.8	%		1,476
San Jose		1		224		100	%		224		0.7	%		1,540		1		224		100	%		224		0.5	%		1,466
Northern CA Total		10		1,845		97	%		1,785		3.6	%		1,477		9		1,720		97	%		1,660		2.9	%		1,394
Seattle		2		239		84	%		200		0.5	%		1,415		3		413		75	%		310		0.6	%		1,206
Pacific Total		40		10,228		91	%		9,266		22.9	%		1,675		36		10,133		91	%		9,178		20.7	%		1,611
Manhattan		22		957		100	%		957		2.6	%		2,461		22		957		100	%		955		3.2	%		2,419
Suburban New York — New Jersey		2		1,162		81	%		944		1.8	%		1,188		4		1,162		81	%		944		1.9	%		1,180
New York Total		24		2,119		90	%		1,901		4.4	%		1,766		26		2,119		90	%		1,899		5.1	%		1,742
Washington — NoVA — MD		17		8,015		88	%		7,048		13.9	%		1,276		17		8,015		84	%		6,744		12.9	%		1,206
Boston		11		4,129		100	%		4,129		7.3	%		1,174		11		4,129		100	%		4,129		7.2	%		1,158
Philadelphia		7		3,888		94	%		3,664		6.9	%		1,260		7		3,888		91	%		3,541		6.3	%		1,224
Northeast Total		59		18,151		92	%		16,742		32.5	%		1,309		61		18,151		90	%		16,313		31.5	%		1,266
Miami		5		2,474		95	%		2,362		5.8	%		1,579		5		2,471		95	%		2,359		5.5	%		1,546
Palm Beach — Fort Lauderdale		4		1,265		100	%		1,265		1.3	%		827		4		1,265		93	%		1,179		1.4	%		838
Orlando		8		2,651		100	%		2,651		2.4	%		726		10		3,000		90	%		2,708		2.9	%		723
Tampa		6		1,755		96	%		1,688		1.7	%		713		6		1,755		92	%		1,621		1.8	%		718
Jacksonville		4		1,643		100	%		1,643		1.7	%		772		4		1,643		85	%		1,404		1.5	%		763
Florida Total		27		9,788		98	%		9,609		12.9	%		970		29		10,134		91	%		9,271		13.1	%		945
Houston		6		2,509		82	%		2,050		2.0	%		687		8		3,027		83	%		2,505		2.0	%		673
Denver		8		2,177		80	%		1,731		3.0	%		875		9		2,553		78	%		1,991		2.9	%		783
Phoenix		12		3,017		86	%		2,605		2.7	%		663		17		4,418		89	%		3,910		3.2	%		594
Dallas — Fort Worth		2		569		100	%		569		0.5	%		716		2		569		100	%		569		0.5	%		695
Atlanta		5		1,295		87	%		1,125		1.8	%		894		5		1,295		80	%		1,041		1.2	%		865
Sunbelt Total		60		19,355		91	%		17,689		22.9	%		861		70		21,996		88	%		19,287		22.9	%		808
Chicago		13		3,993		96	%		3,832		6.9	%		1,156		15		4,633		94	%		4,348		8.0	%		1,087
Total Target Markets		172		51,727		92	%		47,529		85.2	%		1,191		182		54,913		89	%		49,126		83.1	%		1,120
Other [1]
Baltimore		5		1,180		84	%		993		1.5	%		1,091		5		1,180		84	%		993		1.5	%		1,072
Inland Empire		2		376		100	%		376		0.4	%		763		2		376		100	%		376		0.4	%		762
Michigan		3		3,306		100	%		3,306		3.0	%		598		5		3,688		96	%		3,538		3.0	%		614
Minneapolis		2		732		89	%		651		1.7	%		1,516		2		732		89	%		651		1.7	%		1,453
Nashville		4		1,114		78	%		865		1.2	%		863		4		1,114		77	%		861		1.2	%		834
Non-Target Florida		5		1,202		100	%		1,202		1.2	%		675		9		2,004		100	%		2,004		1.8	%		641
Norfolk — Richmond		6		1,643		95	%		1,554		2.5	%		940		6		1,643		94	%		1,551		2.5	%		934
Providence RI		2		708		100	%		708		1.2	%		1,087		2		708		100	%		708		1.2	%		1,073
Other Markets		4		2,793		94	%		2,636		2.1	%		643		10		4,486		92	%		4,128		3.6	%		654
Total Other		33		13,054		94	%		12,291		14.8	%		810		45		15,931		93	%		14,810		16.9	%		774
Grand Total		205		64,781		92	%		59,820		100.0	%	$	1,112		227		70,844		90	%		63,936		100.0	%	$	1,040

[1] For the quarters ended September 30, 2011 and 2010, Aimco’s conventional portfolio included assets in 15 and 17 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit.

23

Supplemental Schedule 7(b)
Total Conventional Portfolio Data by Market
Second 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 2Q 2011 data, as this is the most recent period for which third-party data is available.

		Quarter Ended June 30, 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		10.3	%	$	1,992	$	1,353		47.3	%			4.6	%
Orange County			4		1,213		94	%		1,143		3.0	%		1,522		1,478		3.0	%			5.4	%
San Diego			10		2,286		94	%		2,144		4.4	%		1,229		1,309		-6.1	%			5.0	%
	��
Southern CA Total			28		8,144		89	%		7,280		17.7	%		1,691		1,361		24.3	%			4.8	%
East Bay			2		413		85	%		353		0.7	%		1,233		1,290		-4.4	%			5.4	%
San Francisco			6		1,084		100	%		1,084		1.9	%		1,522		1,807		-15.8	%			6.4	%
San Jose			1		224		100	%		224		0.5	%		1,494		1,501		-0.5	%			8.6	%
Northern CA Total			9		1,721		97	%		1,661		3.1	%		1,433		1,607		-10.9	%			6.5	%
Seattle			2		239		84	%		200		0.5	%		1,388		987		40.7	%			5.1	%
Pacific Total			39		10,104		90	%		9,141		21.2	%		1,642		1,390		18.1	%			5.1	%
Manhattan			22		957		100	%		957		3.6	%		2,434		2,826		-13.9	%			5.6	%
Suburban New York — New Jersey			4		1,162		81	%		944		1.8	%		1,183		1,464		-19.2	%			3.7	%
New York Total			26		2,119		90	%		1,901		5.4	%		1,755		2,079		-15.6	%			4.9	%
Washington — NoVA — MD			17		8,015		88	%		7,048		14.1	%		1,256		1,414		-11.2	%			4.5	%
Boston			11		4,129		100	%		4,129		7.0	%		1,171		1,665		-29.7	%			5.2	%
Philadelphia			7		3,888		94	%		3,664		6.5	%		1,235		1,014		21.8	%			4.0	%
Northeast Total			61		18,151		92	%		16,742		32.9	%		1,293		1,467		-11.8	%			4.6	%
Miami			5		2,474		95	%		2,362		5.7	%		1,554		1,033		50.4	%			4.1	%
Palm Beach — Fort Lauderdale			4		1,265		100	%		1,265		1.2	%		817		1,053		-22.4	%			4.2	%
Orlando			9		2,836		98	%		2,774		2.6	%		723		814		-11.2	%			5.2	%
Tampa			6		1,755		96	%		1,688		1.7	%		713		797		-10.6	%			4.9	%
Jacksonville			4		1,643		100	%		1,643		1.7	%		762		759		0.4	%			4.5	%
Florida Total			28		9,973		98	%		9,732		13.0	%		953		887		7.5	%			4.5	%
Houston			6		2,509		82	%		2,050		2.0	%		691		737		-6.3	%			5.5	%
Denver			9		2,553		78	%		1,991		2.9	%		808		823		-1.9	%			5.3	%
Phoenix			14		3,617		86	%		3,109		3.0	%		632		689		-8.2	%			5.7	%
Dallas — Fort Worth			2		569		100	%		569		0.6	%		705		758		-6.9	%			5.2	%
Atlanta			5		1,295		87	%		1,125		1.5	%		875		762		14.8	%			4.7	%
Sunbelt Total			64		20,516		91	%		18,576		22.9	%		833		814		2.4	%			4.9	%
Chicago			15		4,633		97	%		4,472		7.7	%		1,107		1,003		10.4	%			4.6	%
Total Target Markets			179		53,404		92	%		48,931		84.8	%		1,155		1,148		0.6	%			4.8	%
Other
Baltimore			5		1,180		84	%		993		1.6	%		1,084		981		10.5	%			4.2	%
Inland Empire			2		376		100	%		376		0.4	%		753		1,007		-25.2	%			4.8	%
Michigan			3		3,303		100	%		3,303		2.8	%		588		770		-23.6	%			3.7	%
Minneapolis			2		732		89	%		651		1.7	%		1,476		916		61.1	%			4.3	%
Nashville			4		1,114		78	%		865		1.2	%		848		716		18.4	%			4.1	%
Non-Target Florida			8		1,796		100	%		1,796		1.6	%		640		882		-27.5	%			4.8	%
Norfolk — Richmond			6		1,643		95	%		1,554		2.5	%		953		839		13.6	%			3.2	%
Providence RI			2		708		100	%		708		1.1	%		1,081		1,159		-6.7	%			5.4	%
Other Markets			4		2,793		94	%		2,634		2.4	%		651		708		-8.1	%			4.4	%
Total Other			36		13,645		94	%		12,880		15.2	%		794		829		-4.2	%			4.1	%
Grand Total			215		67,049		92	%		61,811		100.0	%	$	1,079	$	1,081		-0.2	%			4.7	%

[1]	2Q 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.

24

Supplemental Schedule 8
Property Disposition and Acquisition Activity
(dollars in millions, except average rent) (unaudited)

Third 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		9		2,395		89	%	$	136.7		7.4	%	$	71.1	$	53.8	$	121.5	$	54.3	$	659
Affordable		3		266		43	%	$	17.8		8.3	%	$	6.4	$	10.1	$	4.5	$	6.1	$	953
Total Dispositions		12		2,661		84	%	$	154.5		7.4	%	$	77.5	$	63.9	$	126.0	$	60.4	$	690

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]		18		4,614		88	%	$	241.0		7.2	%	$	129.4	$	84.0	$	211.4	$	86.3	$	637
Affordable		15		1,559		34	%	$	52.2		8.4	%	$	27.1	$	21.6	$	19.7	$	14.6	$	674
Total Dispositions		33		6,173		75	%	$	293.2		7.3	%	$	156.5	$	105.6	$	231.1	$	100.9	$	646

[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 debt prepayment penalties.
[3]	Year-to-date, Aimco has disposed of Conventional Properties in the following markets:

Market	Properties		Units
Target:
Chicago		2		640
Denver		1		376
Houston		1		326
Orlando		1		185
Phoenix		5		1,402
Seattle		1		174
Total Target		11		3,103
Other:
Cincinnati		1		231
Daytona Beach FL		1		208
Indianapolis — Fort Wayne		1		328
Lima, OH		1		150
Melbourne FL		3		594
Total Other		7		1,511
Total Sales		18		4,614

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 estimated fair value of the real estate corresponding to the interests Aimco acquired totaled $84.9 million.

During 2011, Aimco acquired a vacant, 126-unit property located in San Francisco’s Marin County submarket. Aimco intends to redevelop the property, increasing its total investment in the property to approximately $65.0 million upon completion. Additionally, during 2011, Aimco acquired noncontrolling interests (approximately 50%) in entities that own four contigous properties with 142 units located in La Jolla, California (near San Diego).

25

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 September 30, 2011							Nine Months Ended September 30, 2011
	Conventional		Affordable			Total		Conventional		Affordable			Total
Capital Additions
Capital Replacements
Buildings and grounds	$	12,949	$	1,363		$	14,312	$	25,777	$	4,052		$	29,829
Turnover capital additions		5,807		1,096			6,903		13,646		3,200			16,846
Capitalized site payroll and indirect costs		1,480		170			1,650		6,328		934			7,262
Total Capital Replacements		20,236		2,629			22,865		45,751		8,186			53,937
Capital Improvements		20,811		827			21,638		35,522		3,113			38,635
Redevelopment Additions		7,553		(33	)		7,520		19,679		(224	)		19,455
Casualties		3,089		572			3,661		8,300		1,141			9,441
Total Capital Additions	$	51,689	$	3,995		$	55,684	$	109,252	$	12,216		$	121,468
Capital Replacements and Improvements per Unit
Total units		63,335		18,864			82,199		63,335		18,864			82,199
Total Capital Replacements per unit	$	320	$	139		$	278	$	722	$	434		$	656
Capital Improvements per unit		329		44			263		561		165			470
Total Capital Replacements and Improvements per unit	$	649	$	183		$	541	$	1,283	$	599		$	1,126

26

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.

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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			Nine Months Ended
(in thousands) (unaudited)	September 30, 2011			September 30, 2011
Capital Additions per Schedule 9	$	55,684		$	121,468
Capital additions related to:
Unconsolidated real estate partnerships		(117	)		(243	)
Consolidated sold and held for sale properties		257			1,709
Consolidated properties Aimco owns but does not manage		309			472
Consolidated capital additions	$	56,133		$	123,406

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.

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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.

29

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						Nine Months Ended
	September 30,						September 30,
(in thousands) (unaudited)	2011			2010			2011			2010
Net loss attributable to Aimco common stockholders	$	(14,801	)	$	(28,500	)	$	(79,751	)	$	(86,891	)
Adjustments:
Depreciation and amortization		97,321			101,704			287,739			305,066
Depreciation and amortization related to non-real estate assets		(3,372	)		(3,498	)		(9,833	)		(11,238	)
Depreciation of rental property related to noncontrolling partners and unconsolidated entities		(7,553	)		(8,706	)		(24,957	)		(29,768	)
(Gain) loss on dispositions of unconsolidated real estate and other, net of noncontrolling partners’ interest		(245	)		2,294			(1,038	)		1,196
Discontinued operations:
Gain on dispositions of real estate, net of noncontrolling partners’ interest		(24,200	)		(13,375	)		(43,598	)		(52,853	)
Depreciation of rental property, net of noncontrolling partners’ interest		847			5,051			6,653			17,093
Income tax expense (benefit) arising from disposals		(37	)		(48	)		223			(948	)
Common noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(4,198	)		(5,788	)		(14,744	)		(15,891	)
Preferred stock dividends		12,513			13,576			37,390			39,405
Preferred stock redemption related amounts		788			—			(1,961	)		(2,779	)
Amounts allocable to partcipating securities		58			2			169			—
Funds From Operations	$	57,121		$	62,712		$	156,292		$	162,392
Preferred stock dividends		(12,513	)		(13,576	)		(37,390	)		(39,405	)
Preferred stock redemption related amounts		(788	)		—			1,961			2,779
Amounts allocable to participating securities		(175	)		(193	)		(527	)		(537	)
Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	43,645		$	48,943		$	120,336		$	125,229
Operating real estate impairment losses, net of noncontrolling partners’ interest and related income tax benefit		5,770			(697	)		9,950			11,214
Preferred equity redemption related amounts		788			(1,765	)		(1,961	)		(4,544	)
Common noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(448	)		172			(547	)		(464	)
Amounts allocable to participating securities		(24	)		12			(34	)		(33	)
Pro Forma Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	49,731		$	46,665		$	127,744		$	131,402
Capital Replacements, net of common noncontrolling interests in Aimco Operating Partnership		(20,416	)		(16,866	)		(48,111	)		(44,692	)
Amounts allocable to participating securities		142			86			392			234
Adjusted Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	29,457		$	29,885		$	80,025		$	86,944
Weighted average shares — diluted FFO		120,670			116,730			119,269			116,574
Funds From Operations per share (diluted)	$	0.36		$	0.42		$	1.01		$	1.07
Pro forma Funds From Operations per share (diluted)	$	0.41		$	0.40		$	1.07		$	1.13
Adjusted Funds From Operations per share (diluted)	$	0.24		$	0.26		$	0.67		$	0.75

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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, non-multi-family such as commercial properties or fitness facilities and properties that have not reached and maintained a stabilized level of occupancy during the reporting periods, often due to a casualty event.

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 below and on the following page.

31

Reconciliation of Propertionate Property NOI Amounts in SupplementalSchedule 1(a) to Proportionate Property NOI Amounts Included in Aimco’sEarnings Release and Supplemental Schedule 6(a)
Third Quarter 2011 Compared to Third Quarter 2010
(in thousands) (unaudited)

	Three Months Ended September 30, 2011												Three Months Ended September 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	$	186,965		$	—		$	(255	)	$	186,710		$	176,888	$	—		$	3,532		$	180,420
Affordable Same Store		32,715			—			—			32,715			31,568		—			5			31,573
Total Same Store		219,680			—			(255	)		219,425			208,456		—			3,537			211,993
Other Conventional		20,716			(1,309	)		(2	)		19,405			21,092		(1,196	)		351			20,247
Other Affordable		2,981			(2,981	)		—			—			3,389		(3,389	)		—			—
Total rental and other property revenues		243,377			(4,290	)		(257	)		238,830			232,937		(4,585	)		3,888			232,240
Property operating expenses
Conventional Same Store		69,914			—			217			70,131			65,665		—			1,580			67,245
Affordable Same Store		13,377			—			(4	)		13,373			13,758		—			7			13,765
Total Same Store		83,291			—			213			83,504			79,423		—			1,587			81,010
Other Conventional		10,122			(747	)		8			9,383			9,703		(655	)		174			9,222
Other Affordable		1,597			(1,597	)		—			—			1,904		(1,904	)		—			—
Total property operating expenses		95,010			(2,344	)		221			92,887			91,030		(2,559	)		1,761			90,232
Property NOI:
Conventional Same Store		117,051			—			(472	)		116,579			111,223		—			1,952			113,175
Affordable Same Store		19,338			—			4			19,342			17,810		—			(2	)		17,808
Total Same Store		136,389			—			(468	)		135,921			129,033		—			1,950			130,983
Other Conventional		10,594			(562	)		(10	)		10,022			11,389		(541	)		177			11,025
Other Affordable		1,384			(1,384	)		—			—			1,485		(1,485	)		—			—
Net real estate operations	$	148,367		$	(1,946	)	$	(478	)	$	145,943		$	141,907	$	(2,026	)	$	2,127		$	142,008
	% Aimco
	3Q 2011 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		80	%		3.5	%		4.3	%		3.0	%
Affordable Same Store		13	%		3.6	%		-2.8	%		8.6	%
Total Same Store		93	%		3.5	%		3.1	%		3.8	%
Other Conventional		7	%		-4.2	%		1.7	%		-9.1	%
Net real estate operations		100	%		2.8	%		2.9	%		2.8	%

32

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

	Three Months Ended June 30, 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	$	197,529	$	—	$	(13,445	)	$	184,084	$	(249	)	$	183,835
Property operating expenses		71,486		—		(5,084	)		66,402		202			66,604
Property NOI	$	126,043	$	—	$	(8,361	)	$	117,682	$	(451	)	$	117,231

33

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)
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010
(in thousands) (unaudited)

	Nine Months Ended September 30, 2011														Nine Months Ended September 30, 2010
	Proportionate			Properties Owned			Population			Ownership			Proportionate		Proportionate		Properties Owned			Population			Ownership			Proportionate
	Amount			but Not Managed			Changes			Adjustments			Property Amount		Amount		but Not Managed			Changes			Adjustments			Property Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	552,732		$	—		$	(5,314	)	$	566		$	547,984	$	529,017	$	—		$	(5,148	)	$	10,694		$	534,563
Affordable Same Store		97,947			—			(10,817	)		—			87,130		93,831		—			(10,229	)		16			83,618
Total Same Store		650,679			—			(16,131	)		566			635,114		622,848		—			(15,377	)		10,710			618,181
Other Conventional		63,949			(3,696	)		5,314			137			65,704		63,383		(3,543	)		5,148			1,089			66,077
Other Affordable		8,520			(8,520	)		10,817			—			10,817		8,633		(8,633	)		10,229			—			10,229
Total rental and other property revenues		723,148			(12,216	)		—			703			711,635		694,864		(12,176	)		—			11,799			694,487
Property operating expenses
Conventional Same Store		203,325			—			(2,456	)		1,146			202,015		202,151		—			(2,432	)		5,016			204,735
Affordable Same Store		40,539			—			(4,401	)		(52	)		36,086		42,311		—			(4,142	)		21			38,190
Total Same Store		243,864			—			(6,857	)		1,094			238,101		244,462		—			(6,574	)		5,037			242,925
Other Conventional		30,836			(2,293	)		2,456			112			31,111		30,096		(2,232	)		2,432			581			30,877
Other Affordable		4,938			(4,937	)		4,401			—			4,402		5,028		(5,029	)		4,142			—			4,141
Total property operating expenses		279,638			(7,230	)		—			1,206			273,614		279,586		(7,261	)		—			5,618			277,943
Property NOI:
Conventional Same Store		349,407			—			(2,858	)		(580	)		345,969		326,866		—			(2,716	)		5,678			329,828
Affordable Same Store		57,408			—			(6,416	)		52			51,044		51,520		—			(6,087	)		(5	)		45,428
Total Same Store		406,815			—			(9,274	)		(528	)		397,013		378,386		—			(8,803	)		5,673			375,256
Other Conventional		33,113			(1,403	)		2,858			25			34,593		33,287		(1,311	)		2,716			508			35,200
Other Affordable		3,582			(3,583	)		6,416			—			6,415		3,605		(3,604	)		6,087			—			6,088
Net real estate operations	$	443,510		$	(4,986	)	$	—		$	(503	)	$	438,021	$	415,278	$	(4,915	)	$	—		$	6,181		$	416,544
	% Aimco
	YTD 2011 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		79	%		2.5	%		-1.3	%		4.9	%
Affordable Same Store		12	%		4.2	%		-5.5	%		12.4	%
Total Same Store		91	%		2.7	%		-2.0	%		5.8	%
Other Conventional		8	%		-0.6	%		0.8	%		-1.7	%
Other Affordable		1	%		5.7	%		6.3	%		5.4	%
Net real estate operations		100	%		2.5	%		-1.6	%		5.2	%

34

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

										Y2010 to Y2011			Subtract			Add
										Property			Nine Months			Nine Months
	Year Ended December 31, 2010									Classification,			Ended			Ended
			Proportionate							Discontinued			September 30,			September 30,
			Share of							Operations and GAAP			2010			2011		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	$	(39,733	)	$	(529,017	)	$	552,732	$	732,360
Other Conventional properties		82,855		4,730		(8,047	)		79,538		6,471			(63,383	)		63,949		86,575
Affordable properties		206,681		10,809		(74,100	)		143,390		(4,926	)		(102,464	)		106,467		142,467
Total rental and other property revenues		1,106,522		15,539		(150,755	)		971,306		(38,188	)		(694,864	)		723,148		961,402
Property operating expenses:
Conventional Same Store properties		312,904		—		(27,519	)		285,385		(18,381	)		(202,151	)		203,325		268,178
Other Conventional properties		39,687		3,008		(3,941	)		38,754		1,529			(30,096	)		30,836		41,023
Affordable properties		99,708		6,398		(39,933	)		66,173		(2,792	)		(47,339	)		45,477		61,519
Total property operating expenses		452,299		9,406		(71,393	)		390,312		(19,644	)		(279,586	)		279,638		370,720
Net operating income:
Conventional Same Store properties		504,082		—		(41,089	)		462,993		(21,352	)		(326,866	)		349,407		464,182
Other Conventional properties		43,168		1,722		(4,106	)		40,784		4,942			(33,287	)		33,113		45,552
Affordable properties		106,973		4,411		(34,167	)		77,217		(2,134	)		(55,125	)		60,990		80,948
Total rental and other property revenues	$	654,223	$	6,133	$	(79,362	)	$	580,994	$	(18,544	)	$	(415,278	)	$	443,510	$	590,682

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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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