Apartment Investment and Management (AIV) 8-K Apartment Investment and Management Company Announces Fourth Quarter 2004 Results

AIMCO 4th Quarter 2004

 

Denver, Colorado — February 9, 2005

Apartment Investment and Management Company Announces Fourth Quarter 2004 Results

SUMMARY FINANCIAL RESULTS Apartment Investment and Management Company (Aimco) (NYSE:AIV) announced fourth quarter 2004 results including:

Net income was $72.3 million, compared with $37.2 million in the fourth quarter 2003. The $35.1 million increase in net income is primarily a result of an increase in net gains on dispositions of real estate (net of impairment losses, income tax and minority interests and including dispositions of real estate related to unconsolidated entities) totaling $45.0 million, somewhat offset by $16.9 million higher depreciation. Earnings per share (EPS) was $0.53 on a diluted basis, compared with $0.19 in the fourth quarter 2003, based on net income attributable to common shareholders.

Funds from operations (diluted) (FFO; a non-GAAP financial measure defined in the glossary in the Supplemental Information (the Glossary)) was $67.6 million, or $0.72 per share, compared with $67.9 million, or $0.72 per share, in the fourth quarter 2003. These FFO results were calculated in accordance with the definition of FFO prescribed by the National Association of Real Estate Investment Trusts (NAREIT).

Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $47.0 million, or $0.50 per share, compared with $56.0 million, or $0.58 per share, in the fourth quarter 2003. AFFO includes deductions of $0.22 and $0.18 per share for capital replacement expenditures in the fourth quarter 2004 and fourth quarter 2003, respectively.

DILUTED PER SHARE RESULTS
	Fourth Quarter				Full Year
	2004		2003		2004		2003
Earnings — EPS	$	0.53	$	0.19	$	1.88	$	0.70
Funds from operations — FFO	$	0.72	$	0.72	$	2.79	$	3.23
FFO before impairment and preferred redemption charges	$	0.72	$	0.76	$	2.93	$	3.44
Adjusted funds from operations — AFFO	$	0.50	$	0.58	$	2.19	$	2.59

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Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “Aimco had a good quarter. Its ‘Same Store’ rental revenue continued its recovery and equaled the level achieved in the fourth quarter 2002. Aimco Capital continued to build its business of owning affordable properties and developing them with tax credit equity. Aimco strengthened its balance sheet, increased its liquidity, and lowered its weighted average cost of capital.”

Mr. Considine adds: “We look for further progress in 2005 with a strengthening economy and further refinement and experience with our business plans and objectives.”

Chief Financial Officer Paul McAuliffe comments: “Fourth quarter FFO of $0.72 per share met the high end of guidance, while AFFO per share was lower than expected due to higher capital replacement expenditures. Results for the quarter included a net benefit of less than one cent per share for items not considered in guidance. With regard to 2005, FFO guidance is $2.80 to $3.05 per share with ‘Same Store’ NOI projected to increase 4.0% to 6.5%.” For further details, please refer to Aimco’s Outlook for 2005 on page 11.

Business Components – Conventional Operations and Aimco Capital

CONVENTIONAL REAL ESTATE OPERATIONS — Conventional real estate operations include Aimco’s diversified portfolio of market rate apartment communities. At year-end, this portfolio had 591 properties with 164,807 units in which Aimco had a weighted average 81% ownership. During the fourth quarter 2004, conventional real estate operations generated free cash flow (FCF; a non-GAAP financial measure defined in the Glossary and presented and reconciled to GAAP on Supplemental Schedule 2) of $142.4 million. Conventional operations also generated property management income of $1.3 million, principally from unconsolidated partnerships, and $4.0 million from activity and asset management income.

“Same Store” Results

The “Same Store” portfolio is a sub-set of total conventional properties. In the fourth quarter 2004, the “Same Store” portfolio included 532 communities with 121,149 effective units based on Aimco’s weighted average ownership of 81.4% (see Supplemental Schedules 6a through 7).

Comparing “Same Store” results in the fourth quarter 2004 with the fourth quarter 2003, total revenue increased $6.3 million or 2.5%. The increase in revenue was generated by higher average rent, up $13 per unit or 2%, from $717 per unit to $730 per unit and from lower bad debt, down $1.8 million. Occupancy was comparable at 91.5% in the fourth quarter 2004 and 91.6% in the fourth quarter 2003. “Same Store” expenses of $115.9 million increased by $10.1 million, or 9.5%, compared with the fourth quarter 2003. Increased expenses included: $6.0 million primarily due to increased staffing and compensation to support leasing and maintenance activities; $1.2 million higher utilities expense due to increased natural gas rates; $0.8 million higher marketing expenses; and $1.5 million higher insurance expense. “Same Store” portfolio net operating income was $147.4 million for the fourth quarter 2004, down 2.5% from the fourth quarter 2003.

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SAME STORE OPERATING RESULTS
	Fourth Quarter															Full Year
	Year-over-year									Sequential
	2004			2003			Variance			3rd Qtr			Variance			2004			2003			Variance
Same Store Operating Measures:
Average Physical Occupancy		91.5	%		91.6	%	-10 bp				92.9	%	-140 bp				90.3	%		91.9	%	-160 bp
Average Rent/unit	$	730		$	717			1.8	%	$	712			2.5	%	$	721		$	721			—
Total Same Store
Revenue	$	263.3		$	257.0			2.5	%	$	260.9			0.9	%	$	1,005		$	1,011			-0.6	%
Expenses		(115.9	)		(105.8	)		9.5	%		(117.6	)		-1.4	%		(441	)		(417	)		5.8	%
NOI ($mm)	$	147.4		$	151.2			-2.5	%	$	143.3			2.8	%	$	564		$	594			-5.1	%

(1) Aimco reports occupancy as of the end of the month. Average occupancy for a quarter is the arithmetic average of the three month end occupancies. Average rent per unit is calculated based on average occupancy for the quarter. If average occupancy had been calculated on a daily average, fourth quarter occupancy would have been 91.3% and average rent per unit $732.

Comparing “Same Store” results on a sequential basis, total revenue increased $2.4 million in the fourth quarter 2004 compared with the third quarter 2004, driven primarily by a 2.5% increase in average rent per unit from $712 to $730 partially offset by a 140 basis point decline in average occupancy. Expenses decreased $1.6 million and included a reduction in controllable operating expenses of $4.8 million, primarily from lower resident turnover, lower seasonal maintenance and lower utilities expense. The lower controllable expenses were largely offset by higher property taxes. Net operating income increased $4.1 million, or 2.8%, on a sequential basis.

Comparing the full year 2004 with 2003, “Same Store” revenue declined $6 million, or 0.6%, to $1,005 million from $1,011 million. “Same Store” expenses increased $24 million, or 5.8%, from $417 million to $441 million and NOI declined $30 million, or 5.1%.

AIMCO CAPITAL — Aimco Capital oversees affordable property operations, asset management and transactional activities, and is led by a management team dedicated to this sector. Aimco is among the largest owners and operators of affordable properties in the United States. During the fourth quarter 2004, affordable property operations included 415 properties with 49,853 units. Aimco has a weighted average 40% ownership in its affordable properties. Occupancy and rents in the affordable sector were stable and ended the fourth quarter 2004 at 95.1% and $651, respectively, up slightly from the first nine months of 2004. In the fourth quarter, Aimco Capital generated net operating income of $20.7 million from property operations, $2.7 million from property management income and $3.9 million from activity and asset management income. For the full year, Aimco Capital generated net operating income of $81.1 million from property operations, $16.3 million from property management and $18.5 million from activity and asset management.

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Portfolio Management and Redevelopment Activity

ACQUISITIONS — Aimco made three acquisitions during the fourth quarter 2004 for a total purchase price of $62 million (Aimco share $33 million). The properties include: Hyde Park, a 155-unit high-rise located in Chicago, Illinois purchased for $19 million; and two university communities, one located at Duke University in Durham, North Carolina and the second located at The University of Notre Dame in South Bend, Indiana. The university community acquisitions were purchased under Aimco’s joint venture with CalSTRS (California State Teachers’ Retirement System) in which Aimco has a one-third interest. During the fourth quarter, Aimco also purchased for an aggregate of $19 million additional limited partnership interests in 54 partnerships that own 129 properties. For the full year 2004, Aimco acquired 13 properties for $404 million (Aimco share $375 million) and purchased additional limited partnership interests for $39 million. See Supplemental Schedule 8 for additional information on acquisition activity.

DISPOSITIONS – Strategic sales: Aimco completed four strategic property sales for gross proceeds of $279 million (Aimco share $191 million) at an average 4.3% cap rate and $219,000 per unit. Aimco’s share of net proceeds from strategic property sales after payment of property debt and transaction costs was $99 million. “Strategic sales” include sales of properties suitable for conversion to condominiums or other properties that allow Aimco to take advantage of current market conditions and obtain favorable pricing. These sales included: Grosvenor House, a 405-unit high-rise located in Rockville, Maryland; Briar Bay Racquet Club, a 194-unit mid-rise located in Miami, Florida; Villa Azure, a 624-unit high-end community located in Los Angeles, California; and Topanga 49, a 49-unit townhome community located in Chatsworth, California. For the full year 2004, Aimco sold seven core properties and sold one land parcel for gross proceeds of $751 million (Aimco share $605 million) at an average cap rate of 4.2% and $212,000 per unit.

Non-core sales: Aimco regularly reviews its portfolio to identify properties that do not meet its long-term investment criteria. Aimco considers these properties as “Non-Core” (defined in the Glossary) and seeks to hold them over the intermediate term.

In addition to strategic sales discussed above, in the fourth quarter 2004, Aimco sold 14 non-core conventional properties and 21 affordable properties with 3,376 and 2,484 units, respectively, for $220 million in gross proceeds (Aimco share $141 million). Aimco’s share of net proceeds after payment of property debt and transaction costs was $61 million. For the full year 2004, Aimco sold 40 non-core conventional properties for gross proceeds of $358 million (Aimco share $265 million) and 60 affordable properties for gross proceeds of $248 million (Aimco share $99 million). See Supplemental Schedule 8 for additional information on disposition activity.

GAIN ON DISPOSITIONS — Aimco’s property dispositions resulted in total gains on dispositions of real estate (including gains from sales of unconsolidated entities, land sale gains and discontinued operations), net of related taxes, of $78.5 million for the fourth quarter 2004, compared with a gain of $28.3 million for the fourth quarter 2003. Total gains for the fourth quarter 2004 included $54.5 million from strategic property sales and $24.0 million from non-core property sales. For the full year 2004, total gains on dispositions of real estate, net of related taxes, was $302.6 million ($240.8 million from strategic property sales and $61.8 million from non-core property sales) compared with $92.9 million in 2003.

REDEVELOPMENT ACTIVITY — At year-end, Aimco’s Redevelopment and Construction Services groups had 34 projects at various stages of redevelopment, including 22 conventional

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projects and 12 affordable projects. During 2004, redevelopment expenditures totaled $137 million (Aimco share $89 million) and one major project and three moderate projects were completed. Further information on redevelopment projects is provided in Supplemental Schedule 10.

ENTITLEMENT ACTIVITY – During the fourth quarter, among other projects, Aimco continued to work on rezoning the Lincoln Place property located in Venice Beach, California and the Spring Hill Lake property located in Greenbelt, Maryland.

Additional Financial Information

PROPERTY MANAGEMENT INCOME — Income from property management is generated from management of properties in which Aimco has unconsolidated interests. Property management income was $4.0 million in the fourth quarter 2004 compared with $7.4 million in the fourth quarter 2003. Property management income declined due to newly consolidated properties and sales of unconsolidated properties that generated management income as well as due to a $0.9 million year-end management fee true-up. For the full year 2004, property management income totaled $23.3 million compared with $29.9 million in 2003.

ACTIVITY FEE AND ASSET MANAGEMENT INCOME — Activity fees are generated from transactional activities including dispositions, refinancings, tax credit syndications and redevelopment, and are earned primarily by Aimco Capital. Asset management income is earned by Aimco Capital from the financial management of properties, rather than management of day-to-day operations. Activity fee and asset management income from both conventional and Aimco Capital operations was $7.9 million in the fourth quarter 2004 compared with $5.5 million in the fourth quarter 2003. For the full year 2004, activity fee and asset management income totaled $23.0 million compared with $11.8 million in 2003. The amount of this income may vary each quarter depending upon the nature and timing of transactional activity.

INTEREST INCOME — Interest income (which includes transactional accretion income of $1.6 million) was $7.3 million for the fourth quarter, an increase of $0.6 million compared with the fourth quarter 2003. The increase is primarily due to accretion income in the fourth quarter 2004 compared with the fourth quarter 2003. Interest income is generated from notes receivable totaling $197.0 million at December 31, 2004. For the full year, interest income totaled $32.5 million compared with $24.8 million in 2003.

DEBT ACTIVITY — During the fourth quarter 2004, Aimco closed 21 mortgage loans, including 20 refinancings of existing mortgage debt and one new mortgage on a newly acquired property. Total proceeds were $132.5 million at a weighted average interest rate of 5.27%. After repayment of existing debt, transaction costs, distributions to limited partners and funding the acquisition totaling $118.7 million, Aimco’s share of net proceeds was $13.8 million.

During the fourth quarter 2004, Aimco reduced its variable rate corporate debt by $49.7 million from $418.4 million to $368.7 million. At year-end Aimco’s revolving credit facility was reduced to $68.7 million, leaving $381.3 million (less $23.1 million in outstanding letters of credit) in available capacity. Please refer to Schedule 5 of the Supplemental Information for more detail on debt activity.

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INTEREST EXPENSE — Consolidated interest expense was $90.9 million for the fourth quarter 2004, an increase of $3.4 million from $87.5 million in the fourth quarter 2003. The increase in interest expense is primarily the result of: (i) $5.1 million due to increased property debt balances, partially offset by a lower weighted average interest rate on property debt; and (ii) $1.4 million in non-recurring charges in connection with the November 2004 corporate debt modification; partially offset by (iii) $3.1 million in higher capitalized interest due to redevelopment. Interest expense for the full year was $366.6 million compared with $341.8 million in 2003.

PREFERRED STOCK ACTIVITY — As previously announced on December 22, 2004, Aimco completed the public offering of 3.45 million shares of its 7.875% Class Y Cumulative Preferred Stock for gross proceeds of $86.25 million as well as the redemption of the remaining shares of its 8.75% Class D Cumulative Preferred Stock (Class D), which was completed on January 21, 2005. The Class D redemptions made in November and January had redemption prices (including accrued and unpaid dividends) of $36.25 million and $31.25 million, respectively. In January 2005, Aimco also redeemed the remaining Trust Based Convertible Preferred Securities, or TOPRS, for $15.02 million.

G&A – General and administrative expenses for the fourth quarter 2004 of $23.5 million were up compared with $20.9 million in the fourth quarter 2003. The year-over-year increase is primarily due to higher year-end variable compensation. For the full year 2004, general and administrative expenses were $78.1 million compared with $48.7 million in 2003, with the increase primarily due to increased staffing levels, higher variable compensation, a new health care plan, and legal and compliance costs.

Outlook

For the first quarter 2005, FFO is forecast to range from $0.65 to $0.70 per share, and AFFO is forecast to range from $0.47 to $0.53 per share. The first quarter FFO forecast includes $0.01 per share charge for Topic D-42 preferred stock issuance costs for the Class D redemption. Before this charge, the FFO forecast would be $0.66 to $0.71 per share

For the full year 2005, FFO is forecast to range from $2.80 to $3.05 per share and AFFO is forecast to range from $2.05 to $2.25 per share. Please refer to the Outlook Schedule for more detail on the first quarter and full year 2005, which follows the Consolidated Financial Statements in this release.

Dividends on Common Stock

As announced on January 28, 2005, the Aimco Board of Directors declared a quarterly cash dividend of $0.60 per share of Class A Common Stock for the quarter ended December 31, 2004, payable on February 28, 2005 to stockholders of record on February 18, 2005. The dividend represents 120% of AFFO (diluted) and 83% of FFO (diluted), on a per share basis, for the quarter ended December 31, 2004 and a 6.75% annualized yield based on the $35.55 closing price of Aimco’s Class A Common Stock on January 27, 2005.

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Earnings Conference Call

Please join Aimco management for the Fourth Quarter 2004 earnings conference call to be held Wednesday, February 9, 2005 at 3:00 p.m. Eastern Time. You may join the conference call through an Internet audiocast via Aimco’s Website at www.aimco.com/about/financial/4Q2004.asp, then click on the Webcast link. Alternatively, you may join the conference call by telephone by dialing 800-218-0204, or 303-262-2130 for international callers. Please call approximately five minutes before the conference call is scheduled to begin and indicate that you wish to join the Apartment Investment and Management Company Fourth Quarter 2004 earnings conference call. If you are unable to join the live conference call, you may access the replay for 30 days on Aimco’s Website or by dialing 800-405-2236 (303-590-3000 for international callers) and using access code 11021235#.

Supplemental Information

The Supplemental Information referenced in this release is available at Aimco’s Website at the link www.aimco.com/about/financial/4Q2004.asp or by calling Investor Relations at 303-691-4350.

Forward-looking Statements

This earnings release and Supplemental Information contain forward-looking statements, including statements regarding projected results. These forward-looking statements are based on certain risks and uncertainties, including but not limited to Aimco’s ability to improve upon current occupancy, rent levels and “Same Store” results and the economic environment in which Aimco operates. Actual results may differ materially from those described in these forward-looking statements and will be affected by a variety of risks and factors including, without limitation: national and local economic conditions; the general level of interest rates; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financial risks, including the risk that Aimco’s cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including variations of real estate values and the general economic climate in local markets and competition for tenants in such markets; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs that may be incurred due to necessary remediation of contamination or properties presently owned or previously owned by Aimco. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.

About Aimco

Aimco is a real estate investment trust headquartered in Denver, Colorado that owns and operates a geographically diversified portfolio of apartment communities through 21 regional operating centers. Aimco, through its subsidiaries, operates nearly 1,500 properties, including approximately 264,000 apartment units, and serves approximately one million residents each year. Aimco’s properties are located in 47 states, the District of Columbia and Puerto Rico. Aimco common shares are included in the S&P 500.

GAAP Income Statements

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

	For the Three Months Ended						For the Year Ended
	December 31,						December 31,
	2004			2003			2004			2003
REVENUES:
Rental and other property revenues	$	367,545		$	335,193		$	1,401,653		$	1,336,515
Property management revenues, primarily from affiliates		6,429			9,494			32,461			37,992
Activity fees and asset management revenues, primarily from affiliates		10,420			8,014			34,801			20,198
Total revenues		384,394			352,701			1,468,915			1,394,705
EXPENSES:
Property operating expenses		178,468			146,259			668,807			585,185
Property management expenses		2,462			2,103			9,199			8,106
Activity and asset management expenses		2,503			2,557			11,802			8,367
Depreciation and amortization		103,295			86,350			368,844			331,609
General and administrative expenses		23,481			20,868			78,093			48,670
Other expenses (income), net		4,702			2,910			3,412			(6,251	)
Total expenses		314,911			261,047			1,140,157			975,686
Operating income		69,483			91,654			328,758			419,019
Interest income		7,307			6,704			32,470			24,824
Recovery of (provision for) losses on notes receivable		3,538			(718	)		1,765			(2,183	)
Interest expense		(90,856	)		(87,515	)		(366,617	)		(341,771	)
Deficit distributions to minority partners		(3,170	)		(1,744	)		(18,007	)		(22,629	)
Equity in earnings (losses) of unconsolidated real estate partnerships		1,901			156			(1,768	)		(6,428	)
Impairment loss on investment in unconsolidated real estate partnerships		(1,110	)		(4,122	)		(3,426	)		(4,122	)
Gain on dispositions of real estate related to unconsolidated entities and other		27,400			969			68,634			3,178
Income before minority interests, discontinued operations and cumulative effect of change in accounting principle		14,493			5,384			41,809			69,888
Minority interests:
Minority interest in consolidated real estate partnerships		10,347			3,070			17,304			(147	)
Minority interest in Aimco Operating Partnership, preferred [a]		(1,950	)		(1,985	)		(7,858	)		(9,312	)
Minority interest in Aimco Operating Partnership, common [a]		298			1,499			4,441			3,719
Total minority interests		8,695			2,584			13,887			(5,740	)
Income from continuing operations		23,188			7,968			55,696			64,148
Income from discontinued operations, net [b]		49,087			29,201			211,758			94,709
Income before cumulative effect of change in accounting principle		72,275			37,169			267,454			158,857
Cumulative effect of change in accounting principle		—			—			(3,957	)		—
Net income		72,275			37,169			263,497			158,857
Net income attributable to preferred stockholders		22,497			19,533			88,804			93,565
Net income attributable to common stockholders	$	49,778		$	17,636		$	174,693		$	65,292
Weighted average number of common shares outstanding		93,347			93,122			93,118			92,850
Weighted average number of common shares and common share equivalents outstanding		93,678			93,122			93,118			92,850
Earnings (loss) per common share — basic:
Income (loss) from continuing operations (net of preferred dividends)	$	0.01		$	(0.12	)	$	(0.36	)	$	(0.32	)
Income from discontinued operations		0.52			0.31			2.28			1.02
Cumulative effect of change in accounting principle		—			—			(0.04	)		—
Net income attributable to common stockholders	$	0.53		$	0.19		$	1.88		$	0.70
Earnings (loss) per common share — diluted:
Income (loss) from continuing operations (net of preferred dividends)	$	0.01		$	(0.12	)	$	(0.36	)	$	(0.32	)
Income from discontinued operations		0.52			0.31			2.28			1.02
Cumulative effect of change in accounting principle		—			—			(0.04	)		—
Net income attributable to common stockholders	$	0.53		$	0.19		$	1.88		$	0.70

[a]	The Aimco Operating Partnership is AIMCO Properties, L.P., the operating partnership in Aimco’s UPREIT structure
[b]	Income from discontinued operations of consolidated properties is broken down as follows (in thousands):

	Quarter Ended			Quarter Ended			Year Ended			Year Ended
	31-Dec-04			31-Dec-03			31-Dec-04			31-Dec-03
Income (loss) from operations	$	561		$	(646	)	$	6,562		$	15,373
Gain on dispositions of real estate, net of minority partners’ interest		53,894			34,390			249,944			101,849
Recovery of impairment (impairment loss) on real estate assets sold or held for sale, net of minority partners’ interest		2,653			(431	)		(7,289	)		(8,991	)
Recovery of deficit distributions to minority partners		625			6,647			3,863			10,686
Income tax arising from disposals		(2,780	)		(7,022	)		(16,015	)		(12,134	)
Minority interest in Aimco Operating Partnership		(5,866	)		(3,737	)		(25,307	)		(12,074	)
Income from discontinued operations	$	49,087		$	29,201		$	211,758		$	94,709

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)

	As of			As of
	December 31, 2004			December 31, 2003
ASSETS
Buildings and improvements	$	8,588,649		$	7,887,573
Land		2,211,109			1,959,382
Accumulated depreciation		(2,014,712	)		(1,701,512	)
TOTAL REAL ESTATE		8,785,046			8,145,443
Cash and cash equivalents		105,343			114,432
Restricted cash		269,368			242,066
Accounts receivable		75,044			64,341
Accounts receivable from affiliates		39,216			55,003
Deferred financing costs		72,426			69,402
Notes receivable from unconsolidated real estate partnerships		165,289			139,930
Notes receivable from non-affiliates		31,716			68,771
Investment in unconsolidated real estate partnerships		188,137			230,054
Other assets		287,381			266,685
Assets held for sale		53,275			691,267
TOTAL ASSETS	$	10,072,241		$	10,087,394
LIABILITIES AND STOCKHOLDERS’ EQUITY
Secured tax-exempt bond financing	$	1,133,794		$	1,064,250
Secured notes payable		4,470,859			4,118,445
Mandatorily redeemable preferred securities		15,019			113,619
Term loans		300,000			354,387
Credit facility		68,700			81,000
TOTAL INDEBTEDNESS		5,988,372			5,731,701
Accounts payable		34,663			30,765
Accrued liabilities and other		400,971			366,644
Deferred income		47,203			25,573
Security deposits		38,063			38,099
Deferred income taxes payable, net		20,139			19,993
Liabilities related to assets held for sale		50,829			515,595
TOTAL LIABILITIES		6,580,240			6,728,370
Minority interest in consolidated real estate partnerships		211,804			194,462
Minority interest in Aimco Operating Partnership		272,037			303,905
STOCKHOLDERS’ EQUITY
Class A Common Stock		949			939
Additional paid-in capital		3,070,073			3,053,312
Perpetual preferred stock		891,500			555,250
Convertible preferred stock		150,000			299,992
Distributions in excess of earnings		(1,047,897	)		(998,018	)
Unvested restricted stock		(19,740	)		(10,772	)
Notes due on common stock purchases		(36,725	)		(40,046	)
TOTAL STOCKHOLDERS’ EQUITY		3,008,160			2,860,657
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,072,241		$	10,087,394

GAAP Statements of Cash Flows

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

	Year Ended			Year Ended
	December 31, 2004			December 31, 2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	263,497		$	158,857
Depreciation and amortization		368,844			331,609
Adjustments to net income from discontinued operations		(206,883	)		(47,660	)
Other adjustments to reconcile net income		(43,374	)		35,719
Changes in operating assets and liabilities		(16,561	)		(14,646	)
Net cash provided by operating activities		365,523			463,879
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(228,381	)		(126,046	)
Capital expenditures		(301,937	)		(245,528	)
Proceeds from dispositions of real estate		925,436			675,999
Purchases of general and limited partnership interests and other assets		(104,441	)		(51,356	)
Originations of notes receivable from unconsolidated real estate partnerships		(76,157	)		(71,969	)
Proceeds from repayment of notes receivable		79,599			60,576
Distributions received from investments in unconsolidated real estate partnerships		72,160			64,046
Other investing activities		(29,366	)		(27,439	)
Net cash provided by investing activities		336,913			278,283
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from secured notes payable borrowings		501,611			445,793
Principal repayments on secured notes payable		(728,084	)		(755,786	)
Proceeds from tax-exempt bond financing		69,471			14,505
Principal repayments on tax-exempt bond financing		(188,577	)		(77,793	)
Net borrowings (paydowns) on term loans and revolving credit facility		(66,687	)		29,376
Proceeds from other borrowings		38,871			—
Proceeds from issuance (redemption) of mandatorily redeemable preferred securities		(98,875	)		97,250
Proceeds from issuance of preferred stock		359,672			144,808
Redemption of preferred stock		(186,093	)		(239,770	)
Payment of Class A Common Stock dividends		(225,902	)		(285,054	)
Payment of preferred stock dividends		(83,984	)		(87,599	)
Contributions from minority interest		44,292			100,684
Payment of distributions to minority interest		(119,056	)		(107,964	)
Other financing activities		(28,184	)		(5,733	)
Net cash used in financing activities		(711,525	)		(727,283	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(9,089	)		14,879
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		114,432			99,553
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	105,343		$	114,432

Outlook and Forward
Looking Statement
First Quarter and Full Year 2005
(unaudited)

The Outlook information provided on this Schedule contains information that is forward-looking, including statements concerning projected first quarter and full year 2005 results. These forward-looking statements are based on current expectations, estimates, and projections about the markets and the industry in which Aimco operates as well as management’s beliefs and assumptions. These forward-looking statements are also based on certain risks and uncertainties, including but not limited to Aimco’s ability to improve upon current occupancy, rent levels and “same store” results and the economic environment in which Aimco operates. Actual results may differ materially from those described in these forward-looking statements and will be affected by a variety of risks and factors including, without limitation: national and local economic conditions; the general level of interest rates; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that Aimco’s cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including variations of real estate values and the general economic climate in local markets and competition for tenants in such markets; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2003 and the other documents Aimco files from time to time with the Securities and Exchange Commission.

	First Quarter 2005		Full Year 2005
GAAP Earnings per share (1)	-$0.21 to -$0.16		-$0.63 to -$0.38
Add: Depreciation and other		$0.86		$3.43
FFO per share (2)	$0.65 to $0.70		$2.80 to $3.05
FFO per share before adjustments (3)	$0.66 to $0.71		$2.81 to $3.06
AFFO per share	$0.47 to $0.53		$2.05 to $2.25
2005 Same Store Operating Assumptions
Expected physical occupancy (weighted average) (4)	90.5% to 91.5%		91.5% to 93.0%
NOI change — sequential and 2005 vs. 2004	0% to -2.5%		4.0% to 6.5%
Gross dispositions (5)			$500M to $550M		(Aimco Share $325M - $375M)
Gross acquisitions (6)			$450M to $500M		(Aimco Share $450M - $500M)

(1) Aimco’s earnings per share guidance does not include estimates for (i) gain on dispositions or impairment losses due to the unpredictable timing of transactions or (ii) deferred costs recognized on early repayment of debt or redemption related preferred stock issuance charges.

(2) FFO per share (based on the NAREIT definition) includes redemption related preferred stock issuance charges of $1.1 million for the Preferred Class D redemption.

(3) FFO per share before adjustments represents FFO before impairments and redemption related preferred stock issuance charges.

(4) The expected occupancy above is based on a daily weighted average calculation. Previously, Aimco had calculated weighted average occupancy for a quarter by the arithmetic average of the three month-end occupancies.

(5) Aimco anticipates gross sales proceeds of $500 to $550 million for 2005 ($325 to $350 million related to conventional properties and $175 to $200 million related to affordable properties). Aimco share of proceeds is expected to be $325 to $375 million ($275 to $315 million related to conventional properties and $50 to $60 million related to affordable properties). Aimco estimates that its share of cash from these dispositions, net of mortgage debt and third-party equity interests, will be $120 to $150 million ($100 to $125 million related to conventional properties and $20 to $25 million related to affordable properties).

(6) Gross acquisitions include property acquisitions, limited partnership acquisitions, preferred stock redemptions and common stock repurchases.

AIMCO 4th Quarter 2004
Financial Statements and Supplemental Information

TABLE OF CONTENTS

Glossary

Schedule 1 – Funds From Operations and Adjusted Funds From Operations

Schedule 2a – Business Component Proportionate Income Statement Presentation, Q4

Schedule 2b – Business Component Proportionate Income Statement, Year-to-date

Schedule 3 – Business Component Proportionate Balance Sheet Presentation

Schedule 4 – Share Data

Schedule 5 – Selected Debt Information

Schedule 6a – Same Store Sales (Q4 2004 v. Q4 2003)

Schedule 6b – Same Store Sales (Q4 2004 v. Q3 2004)

Schedule 6c – Same Store Sales (2004 v. 2003)

Schedule 7 – Selected Portfolio Performance Data

Schedule 8 – Property Sales Activity

Schedule 9 – Capital Expenditures

Schedule 10 – Summary of 2004 Redevelopment Activity

Schedule 11 – Apartment Unit Summary

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

ACQUISITION PROPERTIES: Consolidated properties owned less than one year as of the beginning of the most recent quarter.

AFFORDABLE PROPERTIES: Affordable properties benefit from government programs designed to pay rental income on behalf of people with low or moderate incomes and includes properties that were owned for all periods presented.

ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is FFO (diluted) less Capital Replacement expenditures, plus non-cash charges for redemption related preferred stock issuance costs and impairment losses, all of which are adjusted for the Aimco operating partnership’s share (AIMCO Properties, L.P.). 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. From the second quarter 2002 through the fourth quarter 2003, the calculation of AFFO also deducted Capital Enhancements (CE) expenditures. CE was Aimco’s categorization of expenditures made to improve Aimco’s assets by adding a new feature or revenue source; however, as part of changes effective as of the first quarter 2004, these expenditures are included within the capital improvements category. Capital improvement expenditures are not deducted in the calculation of AFFO and FCF.

Please see Supplemental Schedule I for AFFO data reconciled to net income as determined in accordance with GAAP.

CAPITAL IMPROVEMENTS (CI): As of the first quarter 2004, CI expenditures include all non-redevelopment capital expenditures that are made to enhance the value, profitability or useful life of an asset from its original purchase condition. This category combines certain of Aimco’s prior capital expenditure categories. This new classification, along with Capital Replacements, is intended to be simpler to apply, allow more discrete differentiation between categories, facilitate sound economic decisions, and assist investors and analysts in better understanding capital spending.

CI expenditures are a component of capital expenditures in the GAAP Statement of Cash Flows.

CAPITAL REPLACEMENTS (CR): CR expenditures do not increase the value, profitability or useful life of an asset from its original purchase condition. They represent the share of expenditures that are deemed to replace the consumed portion of acquired capital assets. CR expenditures are deducted in the calculation of AFFO and FCF. Effective January 1, 2004 Aimco refined its methodology in calculating CR. Please refer to Schedule 9 for further detail.

CR expenditures are a component of Capital expenditures in the GAAP Statement of Cash Flows.

CORE PROPERTIES: Conventional properties located in selected markets that Aimco intends to hold and improve over the long-term.

EFFECTIVE UNITS: Unit count at 100% ownership multiplied by Aimco’s ownership share.

FREE CASH FLOW (FCF): FCF, as defined by Aimco, is net operating income from real estate minus CR spending. FCF also includes cash flows generated from the investment management business, interest income, general and administrative expenses, provision for or recovery of losses on notes receivable and other expenses (income), net incurred by Aimco. FCF measures profitability of operations and is prior to the cost of capital. Because Aimco has substantial unconsolidated real estate interests, it is useful for management and investors to understand, in addition to consolidated cash flows, cash flows related to Aimco’s unconsolidated real estate holdings.

Please see Supplemental Schedule 2 for FCF data reconciled to net income as determined in accordance with GAAP.

FUNDS FROM OPERATIONS (FFO): FFO is a commonly used measure of REIT performance defined by the National Association of Real Estate Investment Trusts (NAREIT) as net income, computed in accordance with GAAP, excluding gains (or losses) from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Aimco computes FFO in accordance with the guidance set forth by NAREIT’s April 1, 2002 White Paper. Aimco calculates FFO (diluted) by subtracting redemption related preferred stock issuance costs and dividends on preferred stock, adding back dividends/distributions on dilutive preferred securities and adding back the interest expense on dilutive mandatorily redeemable convertible preferred securities. FFO is helpful to investors in understanding Aimco’s performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. There can be no assurance that Aimco’s method for computing FFO is comparable with that of other real estate investment trusts.

Please see Supplemental Schedule 1 for FFO data reconciled to net income as determined in accordance with GAAP.

NON-CORE PROPERTIES: Properties located in markets that are not considered selected markets or in less favored locations within selected markets, which Aimco intends to hold for the intermediate term.

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

OTHER PROPERTIES: Properties that are not multi-family such as commercial properties or fitness facilities.

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

SAME STORE: Same Store is used commonly to describe conventional properties in which Aimco’s ownership exceeds 10% and that have reached a stabilized level of occupancy during both the current and comparable prior year period. These results measure operating performance without variations caused by investment transactions.

Aimco provides data for consolidated Same Store properties as well as its proportionate share of consolidated and unconsolidated Same Store properties. To ensure comparability, the information for all periods shown is based on current period ownership.

Please see Supplemental Schedules 6a through 6c for Same Store data reconciled to rental and other property revenues and property operating expense as determined in accordance with GAAP.

Supplemental Schedule 1

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

	For the Three Months						For the Year Ended
	Ended December 31,						December 31,
	2004			2003			2004			2003
Net income attributable to common stockholders	$	49,778		$	17,636		$	174,693		$	65,292
Adjustments:
Depreciation and amortization [b]		103,295			86,350			368,844			331,609
Depreciation and amortization related to non-real estate assets		(4,868	)		(4,731	)		(18,349	)		(20,370	)
Depreciation of rental property related to minority partners’ interest		(11,320	)		(7,564	)		(43,387	)		(28,714	)
Depreciation of rental property related to unconsolidated entities		5,244			6,486			22,360			25,817
Gain on dispositions of real estate related to unconsolidated entities and other		(27,400	)		(969	)		(68,634	)		(3,178	)
Gain on dispositions of non-depreciable assets		3,522			—			38,977			—
Deficit distributions to minority partners [c]		3,170			1,744			18,007			22,629
Cumulative effect of change in accounting principle		—			—			3,957			—
Discontinued operations:
Gain on dispositions of real estate, net of minority partners’ interest		(53,894	)		(34,390	)		(249,944	)		(101,849	)
Depreciation of rental property, net of minority partners’ interest		(38	)		7,654			12,404			37,349
Recovery of deficit distributions to minority partners		(625	)		(6,647	)		(3,863	)		(10,686	)
Income tax arising from disposals		2,780			7,022			16,015			12,134
Minority interest in Aimco Operating Partnership’s share of above adjustments		(2,054	)		(6,029	)		(10,289	)		(29,910	)
Preferred stock dividends		21,194			19,533			85,315			85,920
Redemption related preferred stock issuance costs		1,303			—			3,489			7,645
Funds From Operations		90,087			86,095			349,595			393,688
Preferred stock dividends		(21,194	)		(19,533	)		(85,315	)		(85,920	)
Redemption related preferred stock issuance costs		(1,303	)		—			(3,489	)		(7,645	)
Dividends/distributions on dilutive preferred securities		41			1,077			2,798			11,330
Interest expense on dilutive mandatorily redeemable convertible preferred securities		—			246			—			987
Funds From Operations Attributable to Common Stockholders — Diluted	$	67,631		$	67,885		$	263,589		$	312,440
Capital Replacements		(22,824	)		(18,751	)		(77,241	)		(86,680	)
Capital Enhancements [d]		—			(232	)		—			(2,609	)
Impairment loss on investment in unconsolidated real estate partnerships		1,110			4,122			3,426			4,122
(Recovery of impairment) impairment loss on real estate assets sold or held for sale, net of minority partners’ interest		(2,653	)		431			7,289			8,991
Redemption related preferred stock issuance costs		1,303			—			3,489			7,645
Minority interest in Aimco Operating Partnership’s share of above adjustments		2,427			1,587			6,728			7,741
Dividends/distributions on non-dilutive preferred securities		(41	)		908			(2,662	)		(3,157	)
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted	$	46,953		$	55,950		$	204,618		$	248,493
Funds From Operations:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents		93,678			93,206			93,252			92,968
Dilutive preferred securities		74			1,737			1,106			3,639
		93,752			94,943			94,358			96,607
Adjusted Funds From Operations:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents		93,678			93,206			93,252			92,968
Dilutive preferred securities		—			2,758			72			2,849
		93,678			95,964			93,324			95,817
Per Share:
Funds From Operations — Diluted	$	0.72		$	0.72		$	2.79		$	3.23
Funds From Operations — Diluted (excluding impairment losses/recoveries and redemption related preferred stock issuance costs) [e] [f]	$	0.72		$	0.76		$	2.93		$	3.44
Adjusted Funds From Operations — Diluted	$	0.50		$	0.58		$	2.19		$	2.59
Dividends Declared	$	0.60		$	0.60		$	2.40		$	2.84

[a] Effective with the fourth quarter 2003 and for all periods presented, Aimco has adjusted its presentation of Funds From Operations (FFO) to conform to the NAREIT definition to deduct the Aimco Operating Partnership’s share of all adjustments and remove the common partnership units in the Aimco Operating Partnership, which had previously been assumed to have been redeemed in exchange for Aimco’s Class A Common Stock.

[b] Includes amortization of management contracts where Aimco is the general partner. Such management contracts were established in certain instances where Aimco acquired a general partner interest in either a consolidated or an unconsolidated partnership. Because the recoverability of these management contracts depends primarily on the operations of the real estate owned by the limited partnerships, Aimco believes it is consistent with the White Paper to add back such amortization, as the White Paper directs the add back of amortization of assets uniquely significant to the real estate industry.

[c] In accordance with GAAP, deficit distributions to minority partners are charges recognized in Aimco’s income statement when cash is distributed to a non-controlling partner in a consolidated real estate partnership in excess of the positive balance in such partner’s capital account, which is classified as minority interest on the balance sheet. Aimco records these charges for GAAP purposes even though there is no economic effect or cost. Deficit distributions to minority partners occur when the fair value of the underlying real estate exceeds its depreciated net book value because the underlying real estate has appreciated or maintained its value. As a result, the recognition of expense for deficit distributions to minority partners represents, in substance, either (1) recognition of depreciation previously allocated to the non-controlling partner or (2) a cost related to the non-controlling partner’s share of real estate appreciation. Based on White Paper guidance that requires real estate depreciation and gains to be excluded from FFO, Aimco adds back deficit distributions and subtracts related recoveries in its reconciliation of net income to FFO.

[d] Effective January 1, 2004 and on a prospective basis, Capital Enhancements are now included as part of Capital Improvements (See Supplemental Schedule 9 for further details).

[e] On October 1, 2003, NAREIT clarified its definition of FFO to include impairment losses, which previously had been added back to calculate FFO. Although Aimco’s presentation conforms with the NAREIT definition, Aimco considers such approach to be inconsistent with the treatment of gains on dispositions of real estate, which are not included in FFO. Aimco no longer adds back impairment losses when computing FFO in accordance with this clarification. As a result, FFO for the quarter ended December 31, 2004 includes $1.5 million of impairment recoveries and the year ended December 31, 2004 includes impairment losses of $10.7 million. FFO for the quarter and year ended December 31, 2003 includes impairment losses of $4.6 million and $13.1 million, respectively.

[f] In accordance with the Securities and Exchange Commission’s July 31, 2003 interpretation of the Emerging Issues Task Force Topic D-42, Aimco now includes redemption related preferred stock issuance costs in FFO. As a result, FFO for the quarter and year ended December 31, 2004 includes issuance costs of $1.3 million and $3.5 million, respectively. FFO for the quarter and year ended December 31, 2003 includes no issuance costs and issuance costs of $7.6 million, respectively.

Supplemental Schedule 2(a)

Business Component Proportionate Income Statement Presentation
For the Three Months Ended December 31, 2004
(in thousands)
(unaudited)

										Total												Total
				Proportionate						Proportionate												Proportionate
	Aimco			Share of			Minority			Consolidated												Consolidated
	GAAP Income			Unconsolidated			Partners'			Income						Aimco						Income
	Statement			Partnerships			Interest			Statement			Conventional			Capital			Corporate			Statement
Revenue:
Rental and other property revenues:
Same store properties (1) (2)	$	297,233		$	7,623		$	(37,990	)	$	266,866		$	266,866		$	—		$	—		$	266,866
Acquisition properties (1)		10,258			708			—			10,966			10,966			—			—			10,966
Redevelopment properties (1)		18,932			379			(4,274	)		15,037			15,037			—			—			15,037
Disposition properties		—			636			—			636			636			—			—			636
Other properties (1)		6,616			855			(731	)		6,740			6,740			—			—			6,740
Affordable properties (1)		34,506			13,297			(5,902	)		41,901			—			41,901			—			41,901
Total rental and other property revenues		367,545			23,498			(48,897	)		342,146			300,245			41,901			—			342,146
Property management revenues, primarily from affiliates		6,429			—			—			6,429			2,079			4,350						6,429
Activity fees and asset management revenues, primarily from affiliates		10,420			—			—			10,420			4,017			6,403			—			10,420
Total revenues		384,394			23,498			(48,897	)		358,995			306,341			52,654			—			358,995
Expense:
Property operating expenses:
Same store properties (2)		136,111			3,184			(22,560	)		116,735			116,735			—			—			116,735
Acquisition properties		4,337			366			(137	)		4,566			4,566			—			—			4,566
Redevelopment properties		7,814			205			(2,078	)		5,941			5,941			—			—			5,941
Disposition properties		—			273			—			273			273			—			—			273
Other properties		4,576			723			(516	)		4,783			4,783			—			—			4,783
Affordable properties		18,100			5,200			(2,995	)		20,305			—			20,305			—			20,305
Casualties		701			86			(63	)		724			773			(49	)		—			724
Property management expenses (consolidated properties)		6,829			1,308			(2,256	)		5,881			4,904			977			—			5,881
Total property operating expenses		178,468			11,345			(30,605	)		159,208			137,975			21,233			—			159,208
Property management expenses (unconsolidated and third party properties)		2,462			—			—			2,462			825			1,637			—			2,462
Activity and asset management expenses		2,503			—			—			2,503			—			2,503			—			2,503
Depreciation and amortization		103,295			5,244			(11,320	)		97,219			89,601			7,618			—			97,219
General and administrative expenses		23,481			—			—			23,481			14,793			8,688			—			23,481
Other expenses (income), net		4,702			684			(5,096	)		290			924			(634	)		—			290
Total expenses		314,911			17,273			(47,021	)		285,163			244,118			41,045			—			285,163
Operating income		69,483			6,225			(1,876	)		73,832			62,223			11,609			—			73,832
Interest income:
General partner loan interest		4,175			—			—			4,175			3,498			677			—			4,175
Money market and interest bearing accounts		1,572			1,558			(68	)		3,062			1,629			1,433			—			3,062
Accretion on discounted notes receivable		1,560			—			—			1,560			1,520			40			—			1,560
Total interest income		7,307			1,558			(68	)		8,797			6,647			2,150			—			8,797
Recovery of losses on notes receivable, net		3,538			—			—			3,538			140			3,398			—			3,538
Interest expense:
Property debt (primarily non-recourse)		(86,878	)		(5,974	)		12,803			(80,049	)		(71,723	)		(8,326	)		—			(80,049	)
Lines of credit		(8,887	)		—			—			(8,887	)		—			—			(8,887	)		(8,887	)
Interest expense on mandatorily redeemable convertible preferred securities		(242	)		—			—			(242	)		—			—			(242	)		(242	)
Capitalized interest		5,151			92			(512	)		4,731			4,028			703			—			4,731
Total interest expense		(90,856	)		(5,882	)		12,291			(84,447	)		(67,695	)		(7,623	)		(9,129	)		(84,447	)
Deficit distributions to minority partners		(3,170	)		—			—			(3,170	)		(2,152	)		(1,018	)		—			(3,170	)
Equity in earnings of unconsolidated real estate partnerships		1,901			(1,901	)		—			—			—			—			—			—
Impairment loss on investment in unconsolidated real estate partnerships		(1,110	)		—			—			(1,110	)		(37	)		(1,073	)		—			(1,110	)
Gain on dispositions of real estate related to unconsolidated entities and other		27,400			—			—			27,400			19,961			7,439			—			27,400
Income before minority interests, discontinued operations and cumulative effect of change in accounting principle		14,493			—			10,347			24,840			19,087			14,882			(9,129	)		24,840
Minority interests:
Minority interest in consolidated real estate partnerships		10,347			—			(10,347	)		—			—			—			—			—
Minority interest in Aimco Operating Partnership		(1,652	)		—			—			(1,652	)		—			—			(1,652	)		(1,652	)
Total minority interests		8,695			—			(10,347	)		(1,652	)		—			—			(1,652	)		(1,652	)
Income from continuing operations		23,188			—			—			23,188			19,087			14,882			(10,781	)		23,188
Income from discontinued operations, net		49,087			—			—			49,087			45,700			9,253			(5,866	)		49,087
Net income	$	72,275		$	—		$	—		$	72,275		$	64,787		$	24,135		$	(16,647	)	$	72,275

(1)	See definitions and descriptions in Glossary
(2)	Same store amounts in this schedule may differ from the same store amounts in Schedules 6a-6c. Any such differences are the result of (a) certain variations in the treatment of intercompany eliminations in GAAP versus non-GAAP measures and (b) the effect of changing ownership percentages over time due to Aimco’s acquisition of additional partnership interests.

Supplemental Schedule 2(a)

Business Component Proportionate Income Statement Presentation
For the Three Months Ended December 31, 2004
(in thousands)
(unaudited)

	Total												Total
	Proportionate												Proportionate
	Consolidated												Consolidated
	Income						Aimco						Income
	Statement			Conventional			Capital			Corporate			Statement
Reconciliation of Net Income to FFO, AFFO and FCF:
Net income (see above)		72,275			64,787			24,135			(16,647	)		72,275
Proportionate share of depreciation and amortization		97,219			89,601			7,618			—			97,219
Depreciation and amortization related to non-real estate assets		(4,868	)		(4,868	)		—			—			(4,868	)
Deficit distributions to minority partners		3,170			2,152			1,018			—			3,170
Gain on dispositions of real estate related to unconsolidated entities and other		(27,400	)		(19,961	)		(7,439	)		—			(27,400	)
Gain on dispositions of non-depreciable assets		3,522			3,522			—			—			3,522
Discontinued operations		(51,777	)		(43,294	)		(8,483	)		—			(51,777	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(2,054	)		—			—			(2,054	)		(2,054	)
Preferred stock dividends		(21,194	)		—			—			(21,194	)		(21,194	)
Redemption related preferred stock issuance costs		(1,303	)		—			—			(1,303	)		(1,303	)
Dividends/distributions on dilutive preferred securities		41			—			—			41			41
FFO Attributable to Common Stockholders — Diluted		67,631			91,939			16,849			(41,157	)		67,631
Capital Replacements		(22,824	)		(19,856	)		(2,968	)		—			(22,824	)
Impairment loss on investment in unconsolidated real estate partnerships		1,110			37			1,073			—			1,110
Recovery of impairment on real estate assets sold or held for sale, net of minority partners’ interest		(2,653	)		(2,981	)		328			—			(2,653	)
Redemption related preferred stock issuance costs		1,303			—			—			1,303			1,303
Minority interest in Aimco Operating Partnership’s share of adjustments		2,427			—			—			2,427			2,427
Dividends/distributions on non-dilutive preferred securities		(41	)		—			—			(41	)		(41	)
AFFO Attributable to Common Stockholders — Diluted		46,953			69,139			15,282			(37,468	)		46,953
Interest expense		84,447			67,695			7,623			9,129			84,447
Discontinued operations		5,343			575			(1,098	)		5,866			5,343
Gain on dispositions of non-depreciable assets		(3,522	)		(3,522	)		—			—			(3,522	)
Preferred stock dividends		21,194			—			—			21,194			21,194
Depreciation and amortization related to non-real estate assets		4,868			4,868			—			—			4,868
Dividends/distributions on non-dilutive preferred securities		—			—			—			—			—
Minority interest in Aimco Operating Partnership		1,652			—			—			1,652			1,652
Minority interest in Aimco Operating Partnership’s share of adjustments		(373	)		—			—			(373	)		(373	)
FCF	$	160,562		$	138,755		$	21,807		$	—		$	160,562
FCF Breakdown:
Real estate		160,114
Property management		3,967
Activity and asset management		7,917
Interest income		8,797
Recovery of losses on notes receivable, net		3,538
General and administrative expenses		(23,481	)
Other income (expenses), net		(290	)
Total FCF	$	160,562

Reconciliation of Net Income to FFO, AFFO and FCF:	For the Three Months Ended December 31, 2004
	FFO			AFFO			FCF
Net income	$	72,275		$	72,275		$	72,275
Total interest expense after minority partners’ share		—			—			84,447
Preferred stock dividends		(21,194	)		(21,194	)		—
Redemption related preferred stock issuance costs		(1,303	)		—			—
Proportionate share of depreciation and amortization		97,219			97,219			97,219
Depreciation and amortization related to non-real estate assets		(4,868	)		(4,868	)		—
Gain on dispositions of real estate related to unconsolidated entities and other		(27,400	)		(27,400	)		(27,400	)
Gain on dispositions of non-depreciable assets		3,522			3,522			—
Impairment loss on investment in unconsolidated real estate partnerships		—			1,110			1,110
Discontinued operations:
Income from discontinued operations, net		—			—			(49,087	)
Depreciation of rental property, net of minority partners’ interest		(38	)		(38	)		—
Gain on dispositions of real estate, net of minority partners’ interest		(53,894	)		(53,894	)		—
Recovery of impairment on real estate assets sold or held for sale, net of minority partners’ interest		—			(2,653	)		—
Recovery of deficit distributions to minority partners		(625	)		(625	)		—
Income tax arising from disposals		2,780			2,780			—
Deficit distributions to minority partners		3,170			3,170			3,170
Capital Replacements		—			(22,824	)		(22,824	)
Dividends/distributions on dilutive preferred securities		41			—			—
Minority interest in Aimco Operating Partnership’s share of above adjustments		(2,054	)		373			—
Minority interest in Aimco Operating Partnership		—			—			1,652
Total	$	67,631		$	46,953		$	160,562

Supplemental Schedule 2(b)

Business Component Proportionate Income Statement Presentation
For the Year Ended December 31, 2004
(in thousands)
(unaudited)

										Total												Total
				Proportionate						Proportionate												Proportionate
	Aimco			Share of			Minority			Consolidated												Consolidated
	GAAP Income			Unconsolidated			Partners'			Income						Aimco						Income
	Statement			Partnerships			Interest			Statement			Conventional			Capital			Corporate			Statement
Revenue:
Rental and other property revenues:
Same store properties (1) (2)	$	1,126,089			34,126		$	(162,795	)	$	997,420		$	997,420		$	—		$	—		$	997,420
Acquisition properties (1)		26,184			2,036			(87	)		28,133			28,133			—			—			28,133
Redevelopment properties (1)		93,478			1,407			(18,039	)		76,846			76,846			—			—			76,846
Disposition properties		—			4,172			—			4,172			4,172			—			—			4,172
Other properties (1)		29,248			3,229			(4,323	)		28,154			28,154			—			—			28,154
Affordable properties (1)		126,654			59,313			(16,845	)		169,122			—			169,122			—			169,122
Total rental and other property revenues		1,401,653			104,283			(202,089	)		1,303,847			1,134,725			169,122			—			1,303,847
Property management revenues, primarily from affiliates		32,461			—			—			32,461			10,076			22,385			—			32,461
Activity fees and asset management revenues, primarily from affiliates		34,801			—			—			34,801			4,455			30,346			—			34,801
Total revenues		1,468,915			104,283			(202,089	)		1,371,109			1,149,256			221,853			—			1,371,109
Expense:
Property operating expenses:
Same store properties (2)		503,242			15,110			(81,292	)		437,060			437,060			—			—			437,060
Acquisition properties		11,742			1,397			(178	)		12,961			12,961			—			—			12,961
Redevelopment properties		43,493			787			(8,650	)		35,630			35,630			—			—			35,630
Disposition properties		—			2,011			—			2,011			2,011			—			—			2,011
Other properties		19,268			3,289			(3,831	)		18,726			18,726			—			—			18,726
Affordable properties		64,873			26,632			(8,741	)		82,764			—			82,764			—			82,764
Casualties		3,309			172			(73	)		3,408			3,607			(199	)		—			3,408
Property management expenses (consolidated properties)		22,880			5,866			(9,342	)		19,404			13,972			5,432			—			19,404
Total property operating expenses		668,807			55,264			(112,107	)		611,964			523,967			87,997			—			611,964
Property management expenses (unconsolidated and third party properties)		9,199			—			—			9,199			3,083			6,116			—			9,199
Activity and asset management expenses		11,802			—			—			11,802			—			11,802			—			11,802
Depreciation and amortization		368,844			22,360			(43,387	)		347,817			309,590			38,227			—			347,817
General and administrative expenses		78,093			—			—			78,093			48,883			29,210			—			78,093
Other expenses (income), net		3,412			3,244			(10,297	)		(3,641	)		5,769			(9,410	)		—			(3,641	)
Total expenses		1,140,157			80,868			(165,791	)		1,055,234			891,292			163,942			��			1,055,234
Operating income		328,758			23,415			(36,298	)		315,875			257,964			57,911			—			315,875
Interest income:
General partner loan interest		20,537			—			—			20,537			17,290			3,247			—			20,537
Money market and interest bearing accounts		5,660			2,653			(207	)		8,106			3,624			4,482			—			8,106
Accretion on discounted notes receivable		6,273			—			—			6,273			4,849			1,424			—			6,273
Total interest income		32,470			2,653			(207	)		34,916			25,763			9,153			—			34,916
Recovery of losses on notes receivable, net		1,765			—			—			1,765			217			1,548			—			1,765
Interest expense:
Property debt (primarily non-recourse)		(338,672	)		(27,984	)		54,759			(311,897	)		(276,722	)		(35,175	)		—			(311,897	)
Lines of credit		(35,315	)		—			—			(35,315	)		—			—			(35,315	)		(35,315	)
Interest expense on mandatorily redeemable preferred securities		(1,161	)		—			—			(1,161	)		—			—			(1,161	)		(1,161	)
Interest expense on mandatorily redeemable convertible preferred securities		(978	)		—			—			(978	)		—			—			(978	)		(978	)
Capitalized interest		9,509			148			(950	)		8,707			6,499			2,208			—			8,707
Total interest expense		(366,617	)		(27,836	)		53,809			(340,644	)		(270,223	)		(32,967	)		(37,454	)		(340,644	)
Deficit distributions to minority partners		(18,007	)		—			—			(18,007	)		(16,066	)		(1,941	)		—			(18,007	)
Equity in losses of unconsolidated real estate partnerships		(1,768	)		1,768			—			—			—			—			—			—
Impairment loss on investment in unconsolidated real estate partnerships		(3,426	)		—			—			(3,426	)		359			(3,785	)		—			(3,426	)
Gain on dispositions of real estate related to unconsolidated entities and other		68,634			—			—			68,634			53,122			15,512			—			68,634
Income before minority interests, discontinued operations and cumulative effect of change in accounting principle		41,809			—			17,304			59,113			51,136			45,431			(37,454	)		59,113
Minority interests:
Minority interest in consolidated real estate partnerships		17,304			—			(17,304	)		—			—			—			—			—
Minority interest in Aimco Operating Partnership		(3,417	)		—			—			(3,417	)		—			—			(3,417	)		(3,417	)
Total minority interests		13,887			—			(17,304	)		(3,417	)		—			—			(3,417	)		(3,417	)
Income from continuing operations		55,696			—			—			55,696			51,136			45,431			(40,871	)		55,696
Income from discontinued operations, net		211,758			—			—			211,758			237,079			(14	)		(25,307	)		211,758
Income before cumulative effect of change in accounting principle		267,454			—			—			267,454			288,215			45,417			(66,178	)		267,454
Cumulative effect of change in accounting principle		(3,957	)		—			—			(3,957	)		(512	)		(3,445	)		—			(3,957	)
Net income	$	263,497		$	—		$	—		$	263,497		$	287,703		$	41,972		$	(66,178	)	$	263,497

(1)	See definitions and descriptions in Glossary
(2)	Same store amounts in this schedule may differ from the same store amounts in Schedules 6a-6c. Any such differences are the result of (a) certain variations in the treatment of intercompany eliminations in GAAP versus non-GAAP measures and (b) the effect of changing ownership percentages over time due to Aimco’s acquisition of additional partnership interests.

Supplemental Schedule 2(b)

Business Component Proportionate Income Statement Presentation
For the Year Ended December 31, 2004
(in thousands)
(unaudited)

	Total												Total
	Proportionate												Proportionate
	Consolidated												Consolidated
	Income						Aimco						Income
	Statement			Conventional			Capital			Corporate			Statement
Reconciliation of Net Income to FFO, AFFO and FCF:
Net income (see above)		263,497			287,703			41,972			(66,178	)		263,497
Proportionate share of depreciation and amortization		347,817			309,590			38,227			—			347,817
Depreciation and amortization related to non-real estate assets		(18,349	)		(18,349	)		—			—			(18,349	)
Deficit distributions to minority partners		18,007			16,066			1,941			—			18,007
Gain on dispositions of real estate related to unconsolidated entities and other		(68,634	)		(53,122	)		(15,512	)		—			(68,634	)
Gain on dispositions of non-depreciable assets		38,977			38,977			—			—			38,977
Cumulative effect of change in accounting principle		3,957			512			3,445			—			3,957
Discontinued operations		(225,388	)		(214,116	)		(11,272	)		—			(225,388	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(10,289	)		—			—			(10,289	)		(10,289	)
Preferred stock dividends		(85,315	)		—			—			(85,315	)		(85,315	)
Redemption related preferred stock issuance costs		(3,489	)		—			—			(3,489	)		(3,489	)
Dividends/distributions on dilutive preferred securities		2,798			—			—			2,798			2,798
FFO Attributable to Common Stockholders — Diluted		263,589			367,261			58,801			(162,473	)		263,589
Capital Replacements		(77,241	)		(67,491	)		(9,750	)		—			(77,241	)
Impairment loss on investment in unconsolidated real estate partnerships		3,426			(359	)		3,785			—			3,426
Impairment loss on real estate assets sold or held for sale, net of minority partners’ interest		7,289			5,470			1,819			—			7,289
Redemption related preferred stock issuance costs		3,489			—			—			3,489			3,489
Minority interest in Aimco Operating Partnership’s share of adjustments		6,728			—			—			6,728			6,728
Dividends/distributions on non-dilutive preferred securities		(2,662	)		—			—			(2,662	)		(2,662	)
AFFO Attributable to Common Stockholders — Diluted		204,618			304,881			54,655			(154,918	)		204,618
Interest expense		340,644			270,223			32,967			37,454			340,644
Discontinued operations		6,341			(28,433	)		9,467			25,307			6,341
Gain on dispositions of non-depreciable assets		(38,977	)		(38,977	)		—			—			(38,977	)
Preferred stock dividends		85,315			—			—			85,315			85,315
Depreciation and amortization related to non-real estate assets		18,349			18,349			—			—			18,349
Dividends/distributions on non-dilutive preferred securities		(136	)		—			—			(136	)		(136	)
Minority interest in Aimco Operating Partnership		3,417			—			—			3,417			3,417
Minority interest in Aimco Operating Partnership’s share of adjustments		3,561			—			—			3,561			3,561
FCF	$	623,132		$	526,043		$	97,089		$	—		$	623,132
FCF Breakdown:
Real estate		614,642
Property management		23,262
Activity and asset management		22,999
Interest income		34,916
Recovery of losses on notes receivable, net		1,765
General and administrative expenses		(78,093	)
Other income (expenses), net		3,641
Total FCF	$	623,132

Reconciliation of Net Income to FFO, AFFO and FCF:	For the Twelve Months Ended December 31, 2004
	FFO			AFFO			FCF
Net income	$	263,497		$	263,497		$	263,497
Total interest expense after minority partners’ share		—			—			340,644
Preferred stock dividends		(85,315	)		(85,315	)		—
Redemption related preferred stock issuance costs		(3,489	)		—			—
Proportionate share of depreciation and amortization		347,817			347,817			347,817
Depreciation and amortization related to non-real estate assets		(18,349	)		(18,349	)		—
Gain on dispositions of real estate related to unconsolidated entities and other		(68,634	)		(68,634	)		(68,634	)
Gain on dispositions of non-depreciable assets		38,977			38,977			—
Impairment loss on investment in unconsolidated real estate partnerships		—			3,426			3,426
Cumulative effect of change in accounting principle		3,957			3,957			3,957
Discontinued operations:
Income from discontinued operations, net		—			—			(211,758	)
Depreciation of rental property, net of minority partners’ interest		12,404			12,404			—
Gain on dispositions of real estate, net of minority partners’ interest		(249,944	)		(249,944	)		—
Impairment loss on real estate assets sold or held for sale, net of minority partners’ interest		—			7,289			—
Recovery of deficit distributions to minority partners		(3,863	)		(3,863	)		—
Income tax arising from disposals		16,015			16,015			—
Deficit distributions to minority partners		18,007			18,007			18,007
Capital Replacements		—			(77,241	)		(77,241	)
Dividends/distributions on dilutive preferred securities		2,798			136			—
Minority interest in Aimco Operating Partnership’s share of above adjustments		(10,289	)		(3,561	)		—
Minority interest in Aimco Operating Partnership		—			—			3,417
Total	$	263,589		$	204,618		$	623,132

Supplemental Schedule 3

Business Component Proportionate Balance Sheet Presentation
As of December 31, 2004 (in thousands)
(unaudited)

	Consolidated			Total																		Total
	GAAP			Proportionate						Proportionate												Proportionate
	Balance Sheet			Share of			Minority			Consolidated												Consolidated
	as of			Unconsolidated			Partners’			Balance						Aimco						Balance
	December 31, 2004			Partnerships [a]			Interest [b]			Sheet [c]			Conventional			Capital			Corporate			Sheet [c]
ASSETS
Buildings and improvements	$	8,588,649		$	458,961		$	(1,353,047	)	$	7,694,563		$	6,976,503		$	718,060		$	—		$	7,694,563
Land		2,211,109			59,942			(129,366	)		2,141,685			2,025,050			116,635			—			2,141,685
Accumulated depreciation		(2,014,712	)		(107,065	)		586,592			(1,535,185	)		(1,381,652	)		(153,533	)		—			(1,535,185	)
TOTAL REAL ESTATE		8,785,046			411,838			(895,821	)		8,301,063			7,619,901			681,162			—			8,301,063
Cash and cash equivalents		105,343			10,456			(33,589	)		82,210			60,188			22,022						82,210
Restricted cash		269,368			35,602			(50,497	)		254,473			171,300			83,173			—			254,473
Accounts receivable		75,044			2,995			—			78,039			43,529			34,510			—			78,039
Accounts receivable from affiliates		39,216			—			—			39,216			6,284			32,932			—			39,216
Deferred financing costs		72,426			—			—			72,426			64,654			7,772			—			72,426
Notes receivable from unconsolidated real estate partnerships		165,289			—			—			165,289			100,771			64,518			—			165,289
Notes receivable from non-affiliates		31,716			—			—			31,716			21,158			10,558			—			31,716
Investment in unconsolidated real estate partnerships		188,137			(129,669	)		—			58,468			71,205			(12,737	)		—			58,468
Other assets		287,381	[d]		22,892			—			310,273			235,744			74,529			—			310,273
Assets held for sale		53,275			—			—			53,275			38,980			14,295			—			53,275
TOTAL ASSETS	$	10,072,241		$	354,114		$	(979,907	)	$	9,446,448		$	8,433,714		$	1,012,734		$	—		$	9,446,448
LIABILITIES AND STOCKHOLDERS’ EQUITY
Secured tax-exempt bond financing	$	1,133,794		$	20,676		$	(71,355	)	$	1,083,115		$	1,063,456		$	19,659		$	—		$	1,083,115
Secured notes payable		4,470,859			269,393			(719,456	)		4,020,796			3,522,954			497,842			—			4,020,796
Mandatorily redeemable preferred securities		15,019			—			—			15,019			—			—			15,019			15,019
Term loans		300,000			—			—			300,000			—			—			300,000			300,000
Credit facility		68,700			—			—			68,700			—			—			68,700			68,700
TOTAL INDEBTEDNESS		5,988,372			290,069			(790,811	)		5,487,630			4,586,410			517,501			383,719			5,487,630
Accounts payable		34,663			64,045			—			98,708			68,154			30,554			—			98,708
Accrued liabilities and other		400,971			—			—			400,971			301,279			99,692			—			400,971
Deferred income		47,203			—			—			47,203			44,588			2,615			—			47,203
Security deposits		38,063			—			—			38,063			34,315			3,748			—			38,063
Deferred income taxes payable		20,139			—			—			20,139			20,139			—			—			20,139
Liabilities related to assets held for sale		50,829			—			—			50,829			38,051			12,778			—			50,829
TOTAL LIABILITIES		6,580,240			354,114			(790,811	)		6,143,543			5,092,936			666,888			383,719			6,143,543
Minority interest in consolidated real estate partnerships		211,804			—			(189,096	)		22,708			46,738			(24,030	)		—			22,708
Minority interest in Aimco Operating Partnership		272,037			—			—			272,037			—			—			272,037			272,037
NET OPERATING ASSETS				$	—		$	—		$	3,008,160		$	3,294,040		$	369,876		$	(655,756	)	$	3,008,160
STOCKHOLDERS’ EQUITY
Class A Common Stock		949
Additional paid-in capital		3,070,073
Perpetual preferred stock		891,500
Convertible preferred stock		150,000
Distributions in excess of earnings		(1,047,897	)
Unvested restricted stock		(19,740	)
Notes due on common stock purchases		(36,725	)
TOTAL STOCKHOLDERS’ EQUITY		3,008,160
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,072,241

[a]	Total of Aimco’s proportionate share of selected unconsolidated balance sheet data.
[b]	Total of minority partners’ share of selected balance sheet data. Additionally, minority partners’ share of notes receivable is $108.0 million.
[c]	Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of December 31, 2004, plus Aimco’s proportionate share of selected unconsolidated and less minority partners’ share of selected balance sheet data.
[d]	Other assets includes $88.1 million related to goodwill and $18.5 million related to investment in management contracts.

Supplemental Schedule 4

Share Data
As of December 31, 2004
(in thousands)
(unaudited)

						Shares/Units		Current Quarter		Current Quarter		Current Quarter
						Outstanding		Weighted Average		Weighted Average		Weighted Average
						at December 31,		Outstanding Shares		Outstanding Shares		Outstanding Shares
	Coupon			Amount		2004		(EPS)		(FFO)		(AFFO)
Class A Common Stock (1)							94,854		93,347		93,347		93,347
Common stock equivalents							—		331		331		331
Common Partnership Units and equivalents							10,841		—		—		—
Total							105,695		93,678		93,678		93,678
Perpetual Preferred Stock (2):
Class D (3)		8.75	%	$	31,250		1,250		—		—		—
Class G		9.375	%		101,250		4,050		—		—		—
Class Q		10.10	%		63,250		2,530		—		—		—
Class R		10.00	%		173,500		6,940		—		—		—
Class T		8.00	%		150,000		6,000		—		—		—
Class U		7.75	%		200,000		8,000		—		—		—
Class V		8.00	%		86,250		3,450		—		—		—
Class Y (4)		7.875	%		86,250		3,450
Total perpetual preferred stock				$	891,750		35,670		—		—		—
Convertible Preferred Stock:
Class W (5)		8.10	%		100,000		1,905		—		—		—
Class X (5)		8.50	%		50,000		2,000		—		—		—
Total convertible preferred stock				$	150,000		3,905		—		—		—
Preferred Partnership Units (6)		8.76	%	$	90,537		3,310		—		74		—
Total preferred securities				$	1,132,287		42,885		—		74		—
Mandatorily redeemable convertible securities (7)		6.50	%	$	15,019		300		—		—		—
Total common, common equivalents and dilutive securities									93,678		93,752		93,678

(1) Includes a deduction of 1,440 for non-recourse shares and unvested restricted stock.

(2) Preferred stock amounts are shown gross of any eliminations necessary for the GAAP Consolidated Balance Sheet.

(3) On January 21, 2005, all remaining Class D shares were redeemed.

(4) Class Y was issued on December 21, 2004.

(5) Conversion ratio for Class W is 1.0 and for Class X is 0.4762.

(6) Coupon is based on a weighted average.

(7) On January 11, 2005, all mandatorily redeemable convertible securities were redeemed.

Supplemental Schedule 5

Selected Debt Structure and Maturity Data
As of December 31, 2004
(dollars in thousands)
(unaudited)

I. Debt Balances and Data

			Proportionate Share					Total Aimco		Weighted Average		Weighted
Debt	Consolidated		of Unconsolidated		Minority Interest			Share		Maturity		Average Rate
Property Debt:
Conventional Portfolio:
Fixed rate secured notes payable	$	3,609,311	$	114,463	$	(568,794	)	$	3,154,980		13.0		7.00	%
Floating rate secured notes payable		413,823		4,184		(50,033	)		367,974		3.8		3.57	%
Total secured notes payable:		4,023,134		118,647		(618,827	)		3,522,954		12.1		6.64	%
Fixed rate tax-exempt bonds		346,504		—		(17,289	)		329,215		17.8		6.07	%
Floating rate tax-exempt bonds		741,815		3,041		(10,615	)		734,241		12.3		2.19	%
Total tax-exempt bonds:		1,088,319		3,041		(27,904	)		1,063,456		14.0		3.39	%
Total Property Debt on Conventional Portfolio		5,111,453		121,688		(646,731	)		4,586,410		12.5		5.89	%
Affordable Portfolio:
Fixed rate secured notes payable		438,846		142,426		(100,629	)		480,643		18.4		5.99	%
Floating rate secured notes payable		8,879		8,320		—			17,199		4.3		3.34	%
Total secured notes payable:		447,725		150,746		(100,629	)		497,842		17.9		5.90	%
Fixed rate tax-exempt bonds		45,475		16,103		(43,451	)		18,127		25.2		4.32	%
Floating rate tax-exempt bonds		—		1,532		—			1,532		9.9		5.70	%
Total tax-exempt bonds:		45,475		17,635		(43,451	)		19,659		24.0		4.43	%
Total Property Debt on Affordable Portfolio		493,200		168,381		(144,080	)		517,501		18.1		5.84	%
Total Property Debt(1)	$	5,604,653	$	290,069	$	(790,811	)	$	5,103,911		13.1		5.88	%
Corporate Debt:
Term Loan (2)	$	300,000	$	—	$	—		$	300,000		—		4.18	%
Credit Facility (2)		68,700		—		—			68,700		—		4.64	%
Total Corporate Debt	$	368,700	$	—	$	—		$	368,700		—		4.27	%
Mandatorily Redeemable Securities	$	15,019	$	—	$	—		$	15,019		—		6.50	%
Total Debt	$	5,988,372	$	290,069	$	(790,811	)	$	5,487,630		—		5.78	%

(1)	The total consolidated property debt shown above excludes $50.2 million of consolidated property debt, with a weighted average interest rate of 7.01%, classified as liabilities related to assets held for sale on Aimco’s consolidated balance sheet.
(2)	On November 2, 2004, Aimco completed a modification of its credit facility and term loan, reducing the interest rate spread on the term loan to 200 basis points over LIBOR and the credit facility to 175 basis points over LIBOR from 310 over LIBOR on both.

II. Debt Maturities

Consolidated Property Debt
							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
2005	$	128,720	$	126,120	$	254,840		4.5	%		5.85	%
2006		133,238		495,054		628,292		11.2	%		5.65	%
2007		140,490		237,468		377,958		6.7	%		3.97	%
2008		145,163		178,215		323,378		5.8	%		5.22	%
2009		152,794		124,639		277,433		5.0	%		4.01	%
Thereafter						3,742,752		66.8	%
Total Property Debt:	$	700,405	$	1,161,496	$	5,604,653		100.0	%

Corporate Debt
							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
2007	$	—	$	68,700	$	68,700		18.6	%		4.64	%
2009		—		300,000		300,000		81.4	%		4.18	%
Total Corporate Debt:	$	—	$	368,700	$	368,700		100.0	%

Supplemental Schedule 5 (Continued)

Selected Debt Structure and Maturity Data
As of December 31, 2004
(in millions)
(unaudited)

III. Loan Closings

FOURTH QUARTER LOAN CLOSINGS

	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net			Prior			New
Mortgage Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds (1)			Rate			Rate
Refinancings:
Fixed Rate	$	2.6	$	17.6	$	1.5	$	12.5	$	10.7			7.34	%		5.12	%
Floating Rate		40.4		37.4		33.2		30.8		(3.2	)		6.37	%		4.46	%
Affordable Mark-to-Market and other		52.4		58.0		17.3		17.5		(0.1	)		8.83	%		6.00	%
Loans relating to acquisitions:
Fixed Rate		—		19.5		—		6.4		6.4			—			4.78	%
Totals	$	95.4	$	132.5	$	52.0	$	67.2	$	13.8			7.74	%		5.27	%

YEAR-TO-DATE LOAN CLOSINGS	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Mortgage Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds (1)		Rate			Rate
Refinancings:
Fixed Rate	$	132.4	$	201.0	$	120.5	$	180.9	$	59.4		7.02	%		6.52	%
Floating Rate		192.2		242.9		162.0		208.8		51.1		4.33	%		3.12	%
Tax-Exempt Bonds		75.8		97.5		62.6		62.5		5.8		6.97	%		3.82	%
Affordable Mark-to-Market and other		133.5		193.0		52.1		79.6		23.6		9.45	%		4.41	%
Loans relating to acquisitions:
Fixed Rate		—		58.2		—		45.1		44.8		—			5.06	%
Floating Rate		—		88.1		—		88.1		87.4		—			2.60	%
Totals	$	533.9	$	880.7	$	397.2	$	665.0	$	272.1		6.65	%		4.33	%

(1) Aimco net proceeds is after transaction costs and any release of escrow funds.

IV. Capitalization

	At			Percent			At			Percent			At			Percent
	June 30, 2004			of Total			September 30, 2004			of Total			December 31, 2004			of Total
Corporate debt	$	629			6	%	$	418			4	%	$	369			4	%
Property debt (Aimco’s share)		5,294			54	%		5,129			52	%		5,104			49	%
Mandatorily redeemable securities		15			0	%		15			0	%		15			0	%
Total Debt		5,938						5,562						5,488
Less: Cash and restricted cash		(367	)		-4	%		(391	)		-4	%		(337	)		-3	%
Net Debt		5,571			56	%		5,171			52	%		5,151			50	%
Preferred equity		1,046			11	%		1,082			11	%		1,132			11	%
Common equity at market (2)		3,287			33	%		3,673			37	%		4,074			39	%
Total Capitalization	$	9,904			100	%	$	9,926			100	%	$	10,357			100	%

(2) Common equity at market at December 31, 2004 was calculated using 105.7 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $38.54 per share/unit on December 31, 2004

V. Ratings on Preferred Securities

Moody’s Investor Service	Ba3 (negative outlook)
Standard and Poors	B+ (negative outlook)
Fitch	BB+ (negative outlook)

Supplemental Schedule 6(a)

Same Store Sales
Fourth Quarter 2004 versus Fourth Quarter 2003
(unaudited) (in thousands, except site and unit data)

																					Change Three Months Ended December 31, 2004
									Three Months Ended						Three Months Ended						From December 31, 2003
									December 31, 2004						December 31, 2003						Revenue						Expenses						NOI
		Sites		Units		Owner%			REV		EXP		NOI		REV		EXP		NOI		Amt			%			Amt			%			Amt			%
Northeast
	Baltimore		11		2,711		90.50	%		6,844		3,019		3,825		6,754		2,309		4,445		90			1.3	%		710			30.7	%		(620	)		-13.9	%
	New England		14		5,384		97.29	%		16,740		6,057		10,683		16,388		5,304		11,084		352			2.1	%		753			14.2	%		(401	)		-3.6	%
	Philadelphia		11		5,198		83.32	%		13,121		5,052		8,069		13,186		4,571		8,615		(65	)		-0.5	%		481			10.5	%		(546	)		-6.3	%
	Washington		27		12,052		86.04	%		30,465		11,579		18,886		29,476		10,112		19,364		989			3.4	%		1,467			14.5	%		(478	)		-2.5	%
			63		25,345		88.35	%		67,170		25,707		41,463		65,804		22,296		43,508		1,366			2.1	%		3,411			15.3	%		(2,045	)		-4.7	%
Southeast
	Atlanta		20		5,712		87.25	%		8,559		5,150		3,409		8,141		4,349		3,792		418			5.1	%		801			18.4	%		(383	)		-10.1	%
	Augusta-Savannah		5		1,004		87.19	%		1,634		668		966		1,514		610		904		120			7.9	%		58			9.5	%		62			6.9	%
	Charlotte-Gastonia-Rock Hill		6		1,398		89.52	%		1,910		1,239		671		1,933		990		943		(23	)		-1.2	%		249			25.2	%		(272	)		-28.8	%
	Columbia-Charleston		9		2,118		73.59	%		2,845		1,378		1,467		2,788		1,138		1,650		57			2.0	%		240			21.1	%		(183	)		-11.1	%
	Nashville		8		2,492		73.91	%		3,794		1,487		2,307		3,768		1,379		2,389		26			0.7	%		108			7.8	%		(82	)		-3.4	%
	Norfolk		12		3,565		75.97	%		6,588		2,441		4,147		6,308		2,151		4,157		280			4.4	%		290			13.5	%		(10	)		-0.2	%
	Raleigh-Durham-Chapel Hill		8		2,430		73.21	%		2,953		1,535		1,418		2,905		1,372		1,533		48			1.7	%		163			11.9	%		(115	)		-7.5	%
	Richmond-Petersburg		6		1,284		76.44	%		2,113		658		1,455		2,168		724		1,444		(55	)		-2.5	%		(66	)		-9.1	%		11			0.8	%
	Other Markets		23		4,920		80.09	%		6,427		3,257		3,170		6,162		2,958		3,204		265			4.3	%		299			10.1	%		(34	)		-1.1	%
			97		24,923		79.24	%		36,823		17,813		19,010		35,687		15,671		20,016		1,136			3.2	%		2,142			13.7	%		(1,006	)		-5.0	%
Florida
	Jacksonville		4		1,204		86.00	%		2,055		791		1,264		1,997		812		1,185		58			2.9	%		(21	)		-2.6	%		79			6.7	%
	Miami-Fort Lauderdale		8		2,397		77.46	%		4,954		1,710		3,244		4,399		1,809		2,590		555			12.6	%		(99	)		-5.5	%		654			25.3	%
	Orlando-Daytona		24		6,076		90.85	%		11,342		4,306		7,036		10,315		4,600		5,715		1,027			10.0	%		(294	)		-6.4	%		1,321			23.1	%
	Tampa-St. Petersburg		21		5,637		71.22	%		8,087		3,732		4,355		7,475		3,235		4,240		612			8.2	%		497			15.4	%		115			2.7	%
	West Palm Beach-Boca		5		1,505		100.00	%		3,772		1,585		2,187		3,513		1,301		2,212		259			7.4	%		284			21.8	%		(25	)		-1.1	%
	Other Markets		1		136		74.73	%		210		84		126		214		81		133		(4	)		-1.9	%		3			3.7	%		(7	)		-5.3	%
			63		16,955		82.77	%		30,420		12,208		18,212		27,913		11,838		16,075		2,507			9.0	%		370			3.1	%		2,137			13.3	%
Midwest
	Chicago		22		6,320		82.22	%		14,208		6,004		8,204		14,259		5,907		8,352		(51	)		-0.4	%		97			1.6	%		(148	)		-1.8	%
	Cincinnati-Dayton		19		3,737		70.88	%		4,977		2,130		2,847		4,960		2,103		2,857		17			0.3	%		27			1.3	%		(10	)		-0.4	%
	Columbus		9		2,012		77.70	%		2,452		1,173		1,279		2,719		1,060		1,659		(267	)		-9.8	%		113			10.7	%		(380	)		-22.9	%
	Detroit-Ann Arbor		6		1,665		61.54	%		1,894		1,140		754		2,196		1,008		1,188		(302	)		-13.8	%		132			13.1	%		(434	)		-36.5	%
	Grand Rapids-Lansing		13		4,734		65.48	%		5,410		2,739		2,671		5,550		2,671		2,879		(140	)		-2.5	%		68			2.5	%		(208	)		-7.2	%
	Indianapolis-Fort Wayne		36		12,479		89.53	%		17,303		8,000		9,303		17,443		7,938		9,505		(140	)		-0.8	%		62			0.8	%		(202	)		-2.1	%
	Kansas City		4		953		69.52	%		1,215		511		704		1,227		419		808		(12	)		-1.0	%		92			22.0	%		(104	)		-12.9	%
	Minneapolis-St Paul		5		1,430		82.25	%		3,408		1,887		1,521		4,063		1,861		2,202		(655	)		-16.1	%		26			1.4	%		(681	)		-30.9	%
	Other Markets		9		1,938		53.47	%		1,825		753		1,072		1,811		715		1,096		14			0.8	%		38			5.3	%		(24	)		-2.2	%
			123		35,268		78.20	%		52,692		24,337		28,355		54,228		23,682		30,546		(1,536	)		-2.8	%		655			2.8	%		(2,191	)		-7.2	%
Texas
	Austin-San Marcos		10		2,217		92.38	%		3,553		2,107		1,446		3,658		1,742		1,916		(105	)		-2.9	%		365			21.0	%		(470	)		-24.5	%
	Dallas-Fort Worth		23		6,007		77.02	%		7,436		4,294		3,142		7,303		4,026		3,277		133			1.8	%		268			6.7	%		(135	)		-4.1	%
	Houston-Galveston		36		9,570		67.23	%		10,672		6,495		4,177		10,336		5,392		4,944		336			3.3	%		1,103			20.5	%		(767	)		-15.5	%
	San Antonio		11		2,647		93.65	%		4,011		2,104		1,907		3,892		1,969		1,923		119			3.1	%		135			6.9	%		(16	)		-0.8	%
	Other Markets		7		1,499		73.91	%		1,757		867		890		1,668		723		945		89			5.3	%		144			19.9	%		(55	)		-5.8	%
			87		21,940		76.10	%		27,429		15,867		11,562		26,857		13,852		13,005		572			2.1	%		2,015			14.5	%		(1,443	)		-11.1	%
West
	Denver - Front Range		22		4,813		83.35	%		8,129		3,817		4,312		7,704		3,152		4,552		425			5.5	%		665			21.1	%		(240	)		-5.3	%
	Las Vegas		2		734		100.00	%		1,323		589		734		1,187		496		691		136			11.5	%		93			18.8	%		43			6.2	%
	Phoenix-Mesa		27		7,361		91.80	%		11,276		5,355		5,921		10,414		5,624		4,790		862			8.3	%		(269	)		-4.8	%		1,131			23.6	%
	Salt Lake City-Ogden		4		1,511		85.10	%		2,166		944		1,222		2,139		810		1,329		27			1.3	%		134			16.5	%		(107	)		-8.1	%
	Seattle		4		468		56.63	%		588		322		266		619		264		355		(31	)		-5.0	%		58			22.0	%		(89	)		-25.1	%
	Tucson		3		887		100.00	%		1,250		589		661		1,226		579		647		24			2.0	%		10			1.7	%		14			2.2	%
	Other Markets		4		760		50.97	%		684		314		370		644		305		339		40			6.2	%		9			3.0	%		31			9.1	%
			66		16,534		86.66	%		25,416		11,930		13,486		23,933		11,230		12,703		1,483			6.2	%		700			6.2	%		783			6.2	%
California
	Bay Area		5		1,353		48.49	%		1,923		776		1,147		1,843		724		1,119		80			4.3	%		52			7.2	%		28			2.5	%
	Los Angeles-Long Beach-Ventura		12		2,429		86.99	%		9,610		3,576		6,034		9,231		2,921		6,310		379			4.1	%		655			22.4	%		(276	)		-4.4	%
	Orange County-Riverside		8		1,755		83.49	%		5,131		1,635		3,496		4,893		1,492		3,401		238			4.9	%		143			9.6	%		95			2.8	%
	Sacramento		1		180		22.05	%		102		58		44		106		52		54		(4	)		-3.8	%		6			11.5	%		(10	)		-18.5	%
	San Diego		7		2,237		93.67	%		6,608		2,011		4,597		6,515		2,076		4,439		93			1.4	%		(65	)		-3.1	%		158			3.6	%
			33		7,954		80.08	%		23,374		8,056		15,318		22,588		7,265		15,323		786			3.5	%		791			10.9	%		(5	)		0.0	%
	SAME STORE SALES TOTALS		532		148,919		81.35	%		263,324		115,918		147,406		257,010		105,834		151,176		6,314			2.5	%		10,084			9.5	%		(3,770	)		-2.5	%
Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1)										104,221		62,550		41,671		78,183		40,425		37,758
Total Rental and other property revenues and property operating expense per GAAP Income Statement										367,545		178,468		189,077		335,193		146,259		188,934

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

Supplemental Schedule 6(b)

Same Store Sales
Fourth Quarter 2004 versus Third Quarter 2004
(unaudited) (in thousands, except site and unit data)

																					Change Three Months Ended December 31, 2004
									Three Months Ended						Three Months Ended						From September 30, 2004
									December 31, 2004						September 30, 2004						Revenue						Expenses						NOI
		Sites		Units		Owner%			REV		EXP		NOI		REV		EXP		NOI		Amt			%			Amt			%			Amt			%
Northeast
	Baltimore		11		2,711		90.50	%		6,844		3,019		3,825		6,807		2,316		4,491		37			0.5	%		703			30.4	%		(666	)		-14.8	%
	New England		14		5,384		97.29	%		16,740		6,057		10,683		16,559		5,647		10,912		181			1.1	%		410			7.3	%		(229	)		-2.1	%
	Philadelphia		11		5,198		83.32	%		13,121		5,052		8,069		13,056		4,988		8,068		65			0.5	%		64			1.3	%		1			0.0	%
	Washington		27		12,052		86.04	%		30,465		11,579		18,886		30,563		11,157		19,406		(98	)		-0.3	%		422			3.8	%		(520	)		-2.7	%
			63		25,345		88.35	%		67,170		25,707		41,463		66,985		24,108		42,877		185			0.3	%		1,599			6.6	%		(1,414	)		-3.3	%
Southeast
	Atlanta		20		5,712		84.25	%		8,559		5,150		3,409		8,460		4,488		3,972		99			1.2	%		662			14.8	%		(563	)		-14.2	%
	Augusta-Savannah		5		1,004		87.19	%		1,634		668		966		1,612		688		924		22			1.4	%		(20	)		-2.9	%		42			4.5	%
	Charlotte-Gastonia-Rock Hill		6		1,398		89.52	%		1,910		1,239		671		1,920		671		1,249		(10	)		-0.5	%		568			84.6	%		(578	)		-46.3	%
	Columbia-Charleston		9		2,118		73.59	%		2,845		1,378		1,467		2,843		1,421		1,422		2			0.1	%		(43	)		-3.0	%		45			3.2	%
	Nashville		8		2,492		73.91	%		3,794		1,487		2,307		3,773		1,533		2,240		21			0.6	%		(46	)		-3.0	%		67			3.0	%
	Norfolk		12		3,565		75.97	%		6,588		2,441		4,147		6,773		2,208		4,565		(185	)		-2.7	%		233			10.6	%		(418	)		-9.2	%
	Raleigh-Durham-Chapel Hill		8		2,430		73.21	%		2,953		1,535		1,418		2,909		1,734		1,175		44			1.5	%		(199	)		-11.5	%		243			20.7	%
	Richmond-Petersburg		6		1,284		76.44	%		2,113		658		1,455		2,203		754		1,449		(90	)		-4.1	%		(96	)		-12.7	%		6			0.4	%
	Other Markets		23		4,920		80.09	%		6,427		3,257		3,170		6,228		3,739		2,489		199			3.2	%		(482	)		-12.9	%		681			27.4	%
			97		24,923		79.24	%		36,823		17,813		19,010		36,721		17,236		19,485		102			0.3	%		577			3.3	%		(475	)		-2.4	%
Florida
	Jacksonville		4		1,204		86.00	%		2,055		791		1,264		1,994		881		1,113		61			3.1	%		(90	)		-10.2	%		151			13.6	%
	Miami-Fort Lauderdale		8		2,397		77.46	%		4,954		1,710		3,244		4,847		2,076		2,771		107			2.2	%		(366	)		-17.6	%		473			17.1	%
	Orlando-Daytona		24		6,076		90.85	%		11,342		4,306		7,036		10,748		5,264		5,484		594			5.5	%		(958	)		-18.2	%		1,552			28.3	%
	Tampa-St. Petersburg		21		5,637		71.22	%		8,087		3,732		4,355		7,836		3,784		4,052		251			3.2	%		(52	)		-1.4	%		303			7.5	%
	West Palm Beach-Boca Raton		5		1,505		100.00	%		3,772		1,585		2,187		3,586		1,723		1,863		186			5.2	%		(138	)		-8.0	%		324			17.4	%
	Other Markets		1		136		74.73	%		210		84		126		211		95		116		(1	)		-0.5	%		(11	)		-11.6	%		10			8.6	%
			63		16,955		82.77	%		30,420		12,208		18,212		29,222		13,823		15,399		1,198			4.1	%		(1,615	)		-11.7	%		2,813			18.3	%
Midwest
	Chicago		22		6,320		82.22	%		14,208		6,004		8,204		14,038		6,644		7,394		170			1.2	%		(640	)		-9.6	%		810			11.0	%
	Cincinnati-Dayton		19		3,737		70.88	%		4,977		2,130		2,847		5,117		2,489		2,628		(140	)		-2.7	%		(359	)		-14.4	%		219			8.3	%
	Columbus		9		2,012		77.70	%		2,452		1,173		1,279		2,608		1,252		1,356		(156	)		-6.0	%		(79	)		-6.3	%		(77	)		-5.7	%
	Detroit-Ann Arbor		6		1,665		61.54	%		1,894		1,140		754		1,963		680		1,283		(69	)		-3.5	%		460			67.6	%		(529	)		-41.2	%
	Grand Rapids-Lansing		13		4,734		65.48	%		5,410		2,739		2,671		5,490		3,134		2,356		(80	)		-1.5	%		(395	)		-12.6	%		315			13.4	%
	Indianapolis-Fort Wayne		36		12,479		89.53	%		17,303		8,000		9,303		17,350		8,172		9,178		(47	)		-0.3	%		(172	)		-2.1	%		125			1.4	%
	Kansas City		4		953		69.52	%		1,215		511		704		1,253		533		720		(38	)		-3.0	%		(22	)		-4.1	%		(16	)		-2.2	%
	Minneapolis-St Paul		5		1,430		82.25	%		3,408		1,887		1,521		3,210		1,632		1,578		198			6.2	%		255			15.6	%		(57	)		-3.6	%
	Other Markets		9		1,938		53.47	%		1,825		753		1,072		1,828		878		950		(3	)		-0.2	%		(125	)		-14.2	%		122			12.8	%
			123		35,268		78.20	%		52,692		24,337		28,355		52,857		25,414		27,443		(165	)		-0.3	%		(1,077	)		-4.2	%		912			3.3	%
Texas
	Austin-San Marcos		10		2,217		92.38	%		3,553		2,107		1,446		3,397		1,887		1,510		156			4.6	%		220			11.7	%		(64	)		-4.2	%
	Dallas-Fort Worth		23		6,007		77.02	%		7,436		4,294		3,142		7,299		4,697		2,602		137			1.9	%		(403	)		-8.6	%		540			20.8	%
	Houston-Galveston		36		9,570		67.23	%		10,672		6,495		4,177		10,583		6,712		3,871		89			0.8	%		(217	)		-3.2	%		306			7.9	%
	San Antonio		11		2,647		93.65	%		4,011		2,104		1,907		3,991		2,248		1,743		20			0.5	%		(144	)		-6.4	%		164			9.4	%
	Other Markets		7		1,499		73.91	%		1,757		867		890		1,672		916		756		85			5.1	%		(49	)		-5.3	%		134			17.7	%
			87		21,940		76.10	%		27,429		15,867		11,562		26,942		16,460		10,482		487			1.8	%		(593	)		-3.6	%		1,080			10.3	%
West
	Denver-Front Range		22		4,813		83.35	%		8,129		3,817		4,312		8,265		4,052		4,213		(136	)		-1.6	%		(235	)		-5.8	%		99			2.3	%
	Las Vegas		2		734		100.00	%		1,323		589		734		1,343		567		776		(20	)		-1.5	%		22			3.9	%		(42	)		-5.4	%
	Phoenix-Mesa		27		7,361		91.80	%		11,276		5,355		5,921		10,909		6,160		4,749		367			3.4	%		(805	)		-13.1	%		1,172			24.7	%
	Salt Lake City-Ogden		4		1,511		85.10	%		2,166		944		1,222		2,172		920		1,252		(6	)		-0.3	%		24			2.6	%		(30	)		-2.4	%
	Seattle		4		468		56.63	%		588		322		266		591		321		270		(3	)		-0.5	%		1			0.3	%		(4	)		-1.5	%
	Tucson		3		887		100.00	%		1,250		589		661		1,274		657		617		(24	)		-1.9	%		(68	)		-10.4	%		44			7.1	%
	Other Markets		4		760		50.97	%		684		314		370		677		341		336		7			1.0	%		(27	)		-7.9	%		34			10.1	%
			66		16,534		86.66	%		25,416		11,930		13,486		25,231		13,018		12,213		185			0.7	%		(1,088	)		-8.4	%		1,273			10.4	%
California
	Bay Area		5		1,353		48.49	%		1,923		776		1,147		1,825		851		974		98			5.4	%		(75	)		-8.8	%		173			17.8	%
	Los Angeles-Long Beach-Ventura		12		2,429		86.99	%		9,610		3,576		6,034		9,524		2,960		6,564		86			0.9	%		616			20.8	%		(530	)		-8.1	%
	Orange County - Riverside		8		1,755		83.49	%		5,131		1,635		3,496		5,045		1,658		3,387		86			1.7	%		(23	)		-1.4	%		109			3.2	%
	Sacramento		1		180		22.05	%		102		58		44		99		54		45		3			3.0	%		4			7.4	%		(1	)		-2.2	%
	San Diego		7		2,237		93.67	%		6,608		2,011		4,597		6,456		1,977		4,479		152			2.4	%		34			1.7	%		118			2.6	%
			33		7,954		80.08	%		23,374		8,056		15,318		22,949		7,500		15,449		425			1.9	%		556			7.4	%		(131	)		-0.8	%
	SAME STORE SALES TOTALS		532		148,919		81.35	%		263,324		115,918		147,406		260,907		117,559		143,348		2,417			0.9	%		(1,641	)		-1.4	%		4,058			2.8	%
Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1)										104,221		62,550		41,671		97,366		57,952		39,414
Total Rental and other property revenues and property operating expense per GAAP Income Statement										367,545		178,468		189,077		358,273		175,511		182,762

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

Supplemental Schedule 6(c)

Same Store Sales
Twelve Months Ended 2004 versus Twelve Months Ended 2003
(unaudited) (in thousands, except site and unit data)

																					Change Twelve Months Ended December 31, 2004
									Twelve Months Ended						Twelve Months Ended						From December 31, 2003
									December 31, 2004						December 31, 2003						Revenue						Expenses						NOI
		Sites		Units		Owner%			REV		EXP		NOI		REV		EXP		NOI		Amt			%			Amt			%			Amt			%
Northeast
	Baltimore		11		2,711		90.50	%		26,918		10,629		16,289		26,600		10,285		16,315		318			1.2	%		344			3.3	%		(26	)		-0.2	%
	New England		14		5,384		97.29	%		65,592		23,447		42,145		67,199		22,247		44,952		(1,607	)		-2.4	%		1,200			5.4	%		(2,807	)		-6.2	%
	Philadelphia		9		4,802		75.70	%		45,674		17,630		28,044		45,189		16,833		28,356		485			1.1	%		797			4.7	%		(312	)		-1.1	%
	Washington		27		12,052		86.04	%		119,693		44,265		75,428		118,529		40,286		78,243		1,164			1.0	%		3,979			9.9	%		(2,815	)		-3.6	%
			61		24,949		88.16	%		257,877		95,971		161,906		257,517		89,651		167,866		360			0.1	%		6,320			7.0	%		(5,960	)		-3.6	%
Southeast
	Atlanta		20		5,712		84.25	%		33,073		18,475		14,598		33,752		17,315		16,437		(679	)		-2.0	%		1,160			6.7	%		(1,839	)		-11.2	%
	Augusta-Savannah		5		1,004		87.19	%		6,320		2,561		3,759		5,967		2,490		3,477		353			5.9	%		71			2.9	%		282			8.1	%
	Charlotte-Gastonia-Rock Hill		6		1,398		89.52	%		7,652		4,003		3,649		7,631		3,627		4,004		21			0.3	%		376			10.4	%		(355	)		-8.9	%
	Columbia-Charleston		9		2,118		73.59	%		11,131		5,314		5,817		11,111		4,648		6,463		20			0.2	%		666			14.3	%		(646	)		-10.0	%
	Nashville		8		2,492		73.91	%		14,733		5,772		8,961		14,971		5,627		9,344		(238	)		-1.6	%		145			2.6	%		(383	)		-4.1	%
	Norfolk		12		3,565		75.97	%		26,351		8,966		17,385		24,970		8,382		16,588		1,381			5.5	%		584			7.0	%		797			4.8	%
	Raleigh-Durham-Chapel Hill		8		2,430		68.60	%		11,420		5,955		5,465		11,779		5,358		6,421		(359	)		-3.0	%		597			11.1	%		(956	)		-14.9	%
	Richmond-Petersburg		6		1,284		76.44	%		8,631		2,909		5,722		8,650		2,886		5,764		(19	)		-0.2	%		23			0.8	%		(42	)		-0.7	%
	Other Markets		23		4,920		80.09	%		24,661		13,118		11,543		25,138		12,191		12,947		(477	)		-1.9	%		927			7.6	%		(1,404	)		-10.8	%
			97		24,923		78.79	%		143,972		67,073		76,899		143,969		62,524		81,445		3			0.0	%		4,549			7.3	%		(4,546	)		-5.6	%
Florida
	Jacksonville		4		1,204		86.00	%		7,964		3,244		4,720		7,909		3,164		4,745		55			0.7	%		80			2.5	%		(25	)		-0.5	%
	Miami-Fort Lauderdale		8		2,397		77.46	%		18,945		7,701		11,244		18,206		7,380		10,826		739			4.1	%		321			4.3	%		418			3.9	%
	Orlando-Daytona		23		5,964		89.01	%		41,615		18,551		23,064		40,543		18,158		22,385		1,072			2.6	%		393			2.2	%		679			3.0	%
	Tampa-St. Petersburg		21		5,637		71.22	%		30,698		14,120		16,578		29,830		13,160		16,670		868			2.9	%		960			7.3	%		(92	)		-0.6	%
	West Palm Beach-Boca Raton		5		1,505		100.00	%		14,247		6,143		8,104		14,106		5,378		8,728		141			1.0	%		765			14.2	%		(624	)		-7.1	%
	Other Markets		1		136		74.73	%		823		333		490		857		328		529		(34	)		-4.0	%		5			1.5	%		(39	)		-7.4	%
			62		16,843		82.65	%		114,292		50,092		64,200		111,451		47,568		63,883		2,841			2.5	%		2,524			5.3	%		317			0.5	%
Midwest
	Chicago		22		6,320		82.22	%		56,024		25,038		30,986		58,397		25,241		33,156		(2,373	)		-4.1	%		(203	)		-0.8	%		(2,170	)		-6.5	%
	Cincinnati-Dayton		18		3,713		70.55	%		19,527		8,944		10,583		19,900		8,644		11,256		(373	)		-1.9	%		300			3.5	%		(673	)		-6.0	%
	Columbus		9		2,012		77.70	%		10,405		4,694		5,711		10,999		4,500		6,499		(594	)		-5.4	%		194			4.3	%		(788	)		-12.1	%
	Detroit-Ann Arbor		6		1,665		61.54	%		8,044		3,672		4,372		8,784		4,104		4,680		(740	)		-8.4	%		(432	)		-10.5	%		(308	)		-6.6	%
	Grand Rapids-Lansing		13		4,734		65.48	%		21,411		11,365		10,046		23,069		10,804		12,265		(1,658	)		-7.2	%		561			5.2	%		(2,219	)		-18.1	%
	Indianapolis-Fort Wayne		36		12,479		88.96	%		68,554		32,399		36,155		70,419		33,979		36,440		(1,865	)		-2.6	%		(1,580	)		-4.6	%		(285	)		-0.8	%
	Kansas City		4		953		69.52	%		4,834		2,340		2,494		5,061		1,847		3,214		(227	)		-4.5	%		493			26.7	%		(720	)		-22.4	%
	Minneapolis-St Paul		4		1,098		59.03	%		6,806		3,333		3,473		7,224		3,364		3,860		(418	)		-5.8	%		(31	)		-0.9	%		(387	)		-10.0	%
	Other Markets		9		1,938		53.47	%		7,202		3,342		3,860		7,226		3,175		4,051		(24	)		-0.3	%		167			5.3	%		(191	)		-4.7	%
			121		34,912		77.81	%		202,807		95,127		107,680		211,079		95,658		115,421		(8,272	)		-3.9	%	��	(531	)		-0.6	%		(7,741	)		-6.7	%
Texas
	Austin-San Marcos		9		1,873		76.86	%		11,304		6,253		5,051		11,955		5,891		6,064		(651	)		-5.4	%		362			6.1	%		(1,013	)		-16.7	%
	Dallas-Fort Worth		23		6,007		77.02	%		28,727		16,913		11,814		30,208		15,631		14,577		(1,481	)		-4.9	%		1,282			8.2	%		(2,763	)		-19.0	%
	Houston-Galveston		35		9,261		64.75	%		39,291		22,943		16,348		40,891		20,264		20,627		(1,600	)		-3.9	%		2,679			13.2	%		(4,279	)		-20.7	%
	San Antonio		11		2,647		93.65	%		15,556		8,033		7,523		15,143		7,495		7,648		413			2.7	%		538			7.2	%		(125	)		-1.6	%
	Other Markets		7		1,499		73.91	%		6,592		3,311		3,281		6,688		2,928		3,760		(96	)		-1.4	%		383			13.1	%		(479	)		-12.7	%
			85		21,287		75.70	%		101,470		57,453		44,017		104,885		52,209		52,676		(3,415	)		-3.3	%		5,244			10.0	%		(8,659	)		-16.4	%
West
	Denver - Front Range		21		4,481		76.45	%		28,923		13,597		15,326		28,960		10,927		18,033		(37	)		-0.1	%		2,670			24.4	%		(2,707	)		-15.0	%
	Las Vegas		2		734		100.00	%		5,123		2,160		2,963		4,797		2,013		2,784		326			6.8	%		147			7.3	%		179			6.4	%
	Phoenix-Mesa		27		7,361		91.80	%		42,296		21,845		20,451		41,637		22,089		19,548		659			1.6	%		(244	)		-1.1	%		903			4.6	%
	Salt Lake City-Ogden		4		1,511		85.10	%		8,385		3,508		4,877		8,558		3,178		5,380		(173	)		-2.0	%		330			10.4	%		(503	)		-9.3	%
	Seattle		4		468		56.63	%		2,304		1,194		1,110		2,301		1,078		1,223		3			0.1	%		116			10.8	%		(113	)		-9.2	%
	Tucson		3		887		100.00	%		4,887		2,410		2,477		4,875		2,278		2,597		12			0.2	%		132			5.8	%		(120	)		-4.6	%
	Other Markets		4		760		50.97	%		2,623		1,283		1,340		2,664		1,244		1,420		(41	)		-1.5	%		39			3.1	%		(80	)		-5.6	%
			65		16,202		86.39	%		94,541		45,997		48,544		93,792		42,807		50,985		749			0.8	%		3,190			7.5	%		(2,441	)		-4.8	%
California
	Bay Area		5		1,353		48.49	%		7,276		3,074		4,202		7,634		2,681		4,953		(358	)		-4.7	%		393			14.7	%		(751	)		-15.2	%
	Los Angeles-Long Beach-Ventura		12		2,429		86.99	%		37,261		12,246		25,015		36,156		10,895		25,261		1,105			3.1	%		1,351			12.4	%		(246	)		-1.0	%
	Orange County - Riverside		8		1,755		83.49	%		19,778		6,634		13,144		19,315		5,802		13,513		463			2.4	%		832			14.3	%		(369	)		-2.7	%
	Sacramento		1		180		22.05	%		400		192		208		417		181		236		(17	)		-4.1	%		11			6.1	%		(28	)		-11.9	%
	San Diego		7		2,237		93.67	%		25,421		7,554		17,867		25,108		7,305		17,803		313			1.2	%		249			3.4	%		64			0.4	%
			33		7,954		80.08	%		90,136		29,700		60,436		88,630		26,864		61,766		1,506			1.7	%		2,836			10.6	%		(1,330	)		-2.2	%
	SAME STORE SALES TOTALS		524		147,070		81.05	%		1,005,095		441,413		563,682		1,011,323		417,281		594,042		(6,228	)		-0.6	%		24,132			5.8	%		(30,360	)		-5.1	%
Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1)										396,558		227,394		169,164		325,192		167,904		157,288
Total Rental and other property revenues and property operating expense per GAAP Income Statement										1,401,653		668,807		732,846		1,336,515		585,185		751,330

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

Supplemental Schedule 7

Selected Portfolio Performance Data
(unaudited)

PORTFOLIO SUMMARY
SAME STORE PERFORMANCE

	SAME STORE PORTFOLIO
	CORE			NON-CORE			TOTAL
Rent, average fourth quarter 2004	$	797		$	577		$	730
Occupancy, average fourth quarter 2004		92.6	%		89.1	%		91.5	%
Total # of Properties		337			195			532
Total # of Units		102,522			46,397			148,919
Proportionate Owned Units		82,631			38,518			121,149
4th Quarter 2004 vs. 4th Quarter 2003
Revenue		2.2	%		3.3	%		2.5	%
Expenses		9.6	%		9.3	%		9.5	%
NOI		-2.5	%		-2.6	%		-2.5	%
Sequential, 4th Quarter 2004 vs 3rd Quarter 2004
Revenue		1.0	%		0.7	%		0.9	%
Expenses		-0.5	%		-3.6	%		-1.4	%
NOI		2.1	%		5.9	%		2.8	%
YTD December 2004 vs. YTD December 2003
Revenue		-0.4	%		-1.2	%		-0.6	%
Expenses		5.6	%		6.1	%		5.8	%
NOI		-4.3	%		-8.2	%		-5.1	%

CONVENTIONAL PORTFOLIO: SUMMARY BY MARKET
SELECTED MARKETS

	Quarter Ended December 31, 2004									Quarter Ended December 31, 2003
	TOTAL CONVENTIONAL PORTFOLIO									TOTAL CONVENTIONAL PORTFOLIO
	CORE			NON-CORE			TOTAL			CORE			NON-CORE			TOTAL
% of Conventional NOI
Top 10 Markets
1 Washington, D.C.		10.5	%		1.1	%		11.6	%		11.2	%		1.0	%		12.2	%
2 Los Angeles-Long Beach-Ventura		6.4	%		0.0	%		6.4	%		4.6	%		0.0	%		4.6	%
3 Indianapolis		3.9	%		2.5	%		6.4	%		3.8	%		2.0	%		5.8	%
4 Philadelphia		5.8	%		0.0	%		5.8	%		5.9	%		0.0	%		5.9	%
5 Chicago		4.9	%		0.2	%		5.1	%		4.5	%		0.3	%		4.8	%
6 Miami-Fort Lauderdale		4.5	%		0.0	%		4.5	%		1.9	%		0.0	%		1.9	%
7 New England		4.2	%		0.0	%		4.2	%		6.4	%		0.0	%		6.4	%
8 Phoenix-Mesa		1.8	%		1.6	%		3.4	%		1.6	%		1.3	%		2.9	%
9 Orlando-Daytona		2.6	%		0.7	%		3.3	%		2.7	%		0.6	%		3.3	%
10 Tampa-St. Petersburg		2.3	%		0.5	%		2.8	%		2.7	%		0.5	%		3.2	%
All Other Markets		31.1	%		15.4	%		46.5	%		33.7	%		15.3	%		49.0	%
Total Conventional NOI		78.0	%		22.0	%		100.0	%		79.0	%		21.0	%		100.0	%
Rent, average fourth quarter	$	818		$	568		$	741		$	809		$	559		$	725
Occupancy, average fourth quarter		91.4	%		89.1	%		90.7	%		91.9	%		89.6	%		91.1	%
Total # of Properties		377			214			591			374			258			632
Total # of Units		114,156			50,651			164,807			116,597			61,800			178,397
Proportionate Owned Units		91,228			41,737			132,965			90,781			47,813			138,594

Supplemental Schedule 8

Property Sales and Acquisition Activity
(unaudited)

FOURTH QUARTER 2004 PROPERTY SALES ACTIVITY

	Number		Number		Gross					Property		Net Sales		Aimco Net		Average
	of		of		Proceeds		FCF(1)			Debt		Proceeds(2)		Proceeds		Rent
	Properties		Units		($mm)		Yield			($mm)		($mm)		($mm)		($/unit)
Conventional Core		4		1,272	$	279		4.3	%	$	113	$	153	$	99	$	1,398
Conventional Non-Core		14		3,376		131		6.8	%		64		61		43		549
Affordable		21		2,484		89		8.1	%		53		25		18		707
Total Dispositions		39		7,132	$	499		5.6	%	$	230	$	239	$	160	$	756

YEAR TO DATE 2004 PROPERTY SALES ACTIVITY

			Number		Number		Gross					Property		Net Sales		Aimco Net		Average
			of		of		Proceeds		FCF (1)			Debt		Proceeds(2)		Proceeds		Rent
			Properties		Units		($mm)		Yield			($mm)		($mm)		($mm)		($/unit)
Conventional Core	(3	)		7		3,551	$	751		4.2	%	$	302	$	421	$	338	$	1,289
Conventional Non-Core	(4	)		40		9,966		358		6.5	%		162		177		147		532
Affordable	(5	)		60		7,347		248		7.1	%		144		82		45		627
Total Dispositions				107		20,864	$	1,357		5.3	%	$	608	$	680	$	530	$	694

(1)	FCF Yield is calculated as the Free Cash Flow earned by the properties during the 12 months prior to their sale divided by the sales price
(2)	Net Sales Proceeds are after repayment of existing debt and payment of transaction costs
(3)	Includes sale of land parcel suitable for development associated with the Bay Club property in Aventura, Florida.
(4)	Sales activity provided in the table above does not include sales of certain general partner interests that generated net proceeds to Aimco of $3.2 million to date in 2004
(5)	Sales activity provided in the table above does not include sales of certain NAPICO properties that generated net proceeds to Aimco of $5.1 million to date in 2004

YEAR TO DATE 2004 PROPERTY ACQUISITION ACTIVITY

						Number		Number		Gross		Property		Average
			Ownership			of		of		Purchase		Debt		Rent
			Percent			Properties		Units		Price ($mm)		($mm)		($/unit)
Conventional	(1	)		100	%		11		1,880	$	361	$	229	$	1,755
University communities	(2	)		33	%		2		505		43		27		944
Total Acquisitions							13		2,385	$	404	$	256	$	1,583

(1)	Properties acquired are located in Los Angeles, Ca., the New York City area, Florida, Massachusetts and the Chicago area.
(2)	Properties acquired are located near the University of Notre Dame in Indiana and Duke University in North Carolina.

Supplemental Schedule 9

Capital Expenditures
For the Twelve Months Ended December 31, 2004
(in thousands, except per unit)
(unaudited)

Effective January 1, 2004, all capital spending is classified as either Capital Replacements (“CR”), Capital Improvements (“CI”) or Redevelopment. These categories replace Aimco’s prior capital spending categories — capital replacements, capital enhancements, redevelopment, initial capital expenditures, and disposition capital expenditures. Aimco believes CR, CI and Redevelopment will be simpler to apply, allow more discrete differentiation between categories, facilitate sound economic decisions, and assist investors and analysts in better understanding its capital spending.

Non-redevelopment capitalizable expenditures are apportioned between CR and CI based on the useful life of the capital item under consideration and the period Aimco has owned the property (i.e., the portion that was consumed during Aimco’s ownership of the item represents CR; the portion of the item that was consumed prior to Aimco’s ownership represents CI). See the Glossary for further descriptions.

The table below details Aimco’s share of actual spending, on both consolidated and unconsolidated real estate partnerships, for Capital Replacements, Capital Improvements and Redevelopment for the twelve months ended December 31, 2004 (per unit is based on approximately 160,000 units):

Capital Replacements Detail:	Actual Amount			Per Unit
Building Interiors	$	14,839		$	93
Includes: Hot water heaters, kitchen/bath
Building Exteriors		12,011			75
Includes: Roofs, exterior painting, electrical, plumbing
Landscaping and Grounds		7,928			50
Includes: Parking lot improvements, pool improvements
Turnover Related		29,311			183
Includes: Carpet, vinyl, tile, appliance and fixture replacements
Capitalized payroll and other indirect costs		13,152			82
Total Aimco’s share of Capital Replacements	$	77,241		$	483
Capital Replacements:
Conventional		67,491
Affordable		9,750
Total Aimco’s share of Capital Replacements	$	77,241
Capital Improvements:
Conventional		62,339
Affordable		20,030
Total Aimco’s share of Capital Improvements	$	82,369
Redevelopment (see Schedule 10 for further project details):
Conventional		75,259
Affordable		13,550
Total Aimco’s share of Redevelopment	$	88,809
Total Aimco’s share of Capital Expenditures	$	248,419
Plus minority partners’ share of consolidated spending		68,027
Less Aimco’s share of unconsolidated spending		(14,509	)
Total Spending per Consolidated Statement of Cash Flows	$	301,937

Supplemental Schedule 10

Summary of 2004 Redevelopment Activity
As of December 31, 2004
(in millions, except unit data)
(values are not adjusted for Aimco’s ownership unless indicated)
(unaudited)

							Cost in Millions											Redevelopment Timeline								Number of Units
							Total		Inception		Year to		Year to
							Expected		to Date		Date		Date
		Ownership			Number of		Spend at		Spend at		Spend at		Spend at		Expected					Construction		Construction									Out of
Property	City, State	%			Units		100%		100%		100%		AIV%		FCF Yield			Acquisition		Start		Complete		Stabilization		Completed		Leased (1)			Service (2)
Redevelopment — Major Project Detail
Flamingo South Beach	Miami Beach, FL		77.0	%		1,688	$	283.4	$	280.7	$	10.9	$	8.5		5	%		Q3 1997		Q3 1997		Q1 2004		Q2 2005		1,682		1,344			6
Belmont Place	Marietta, GA		62.7	%		326		32.2		20.9		18.7		11.2		9	%		Q2 1998		Q4 2003		Q2 2005		Q2 2006		-		80			326
		Subtotal				2,014	$	315.6	$	301.6	$	29.6	$	19.7													1,682		1,424			332
Redevelopment — Other Projects
Conventional	20 properties					9,988	$	186.9	$	104.2	$	29.1	$	25.8
Affordable	12 properties					2,504		114.7		60.7		42.1		11.7
Other Redevelopment												36.1		31.6
		Subtotal				12,492	$	301.6	$	164.9	$	107.3	$	69.1																��
		Total				14,506	$	617.2	$	466.5	$	136.9	$	88.8

(1)	Leased units include pre-leased (80 units at Belmont Place are pre-leased and not occupied).
(2)	Out of service units include those units that have not been turned over to property operations by the redevelopment group.

Supplemental Schedule 11

Apartment Unit Summary
As of December 31, 2004
(unaudited)

					Aimco's		Aimco's
	Total		Total		Effective		Average
	# Properties		# Units		# Units		Ownership %
Conventional Real Estate Portfolio:
Wholly-owned Consolidated Core Properties		204		60,083		60,083		100	%
Partially-owned Consolidated Core Properties		144		47,428		28,812		61	%
Partially-owned Unconsolidated Core Properties		29		6,645		2,333		35	%
Sub-total Core Properties		377		114,156		91,228		79	%
Wholly-owned Consolidated Non-Core Properties		128		31,427		31,427		100	%
Partially-owned Consolidated Non-Core Properties		56		13,066		8,130		62	%
Partially-owned Unconsolidated Non-Core Properties		30		6,158		2,180		35	%
Sub-total Non-Core Properties		214		50,651		41,737		82	%
Total		591		164,807		132,965		81	%
Aimco Capital Real Estate Portfolio:
Wholly-owned Consolidated Properties		77		9,995		9,995		100	%
Partially-owned Consolidated Properties		67		7,933		4,059		51	%
Partially-owned Unconsolidated Properties		271		31,925		5,722		18	%
Total		415		49,853		19,776		40	%
Total Owned Real Estate Portfolio:
Wholly-owned Consolidated Properties		409		101,505		101,505		100	%
Partially-owned Consolidated Properties		267		68,427		41,001		60	%
Partially-owned Unconsolidated Properties		330		44,728		10,235		23	%
Total		1,006		214,660		152,741		71	%
Management Contracts:
Property Managed for Third Parties		72		7,841
Asset-Managed for Third Parties		33		5,042
Asset-Managed (indirect ownership)		388		36,191
Total		493		49,074
Total Portfolio		1,499		263,734