Apartment Investment and Management (AIV) 8-K Apartment Investment and Management Company Announces Second Quarter 2006 Results

AIMCO

Apartment Investment and Management CompanyBalaye

Tampa, FL

2nd Quarter 2006

Denver, Colorado- August 3, 2006

Apartment Investment and Management Company
Announces Second Quarter 2006 Results

SUMMARY FINANCIAL RESULTS: Apartment Investment and Management Company (Aimco) (NYSE:AIV) announced second quarter 2006 results including:

• Net income of $35.1 million was up $7.5 million from $27.6 million in the second quarter 2005. Higher net income primarily reflects improved property operations and includes higher gains on property sales, net of taxes. Earnings per share (EPS) was $0.17 on a diluted basis, compared with $0.06 in the second quarter 2005.

• Funds from operations (diluted) (FFO) is a non-GAAP financial measure defined in the glossary in the Supplemental Information (the Glossary). FFO calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts (NAREIT) was $71.4 million, or $0.73 per share, compared with $62.8 million, or $0.67 per share, in the second quarter 2005. FFO before impairment (including recovery of impairment charges) and preferred redemption charges was $71.2 million, also $0.73 per share, meeting the high end of guidance.

• Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $52.0 million, or $0.53 per share, compared with $39.9 million, or $0.42 per share, in the second quarter 2005. AFFO includes deductions of $0.20 and $0.25 per share for capital replacement expenditures in the second quarter 2006 and second quarter 2005, respectively.

• In the first quarter 2006, Aimco adopted the accounting requirement EITF 04-5 that resulted in the consolidation of an additional 149 properties, eight of which were sold as of June 30, 2006. These properties are consolidated in the 2006 GAAP financial statements but not the prior year period. In comparing the second quarter 2006 with the second quarter 2005 certain categories of revenues and expenses are higher in the second quarter 2006 in comparison with the second quarter 2005, due in part to the accounting change.

Diluted Per Share Results

	SECOND QUARTER				YEAR-TO-DATE
	2006		2005		2006		2005
Earnings (loss) — EPS	$	0.17	$	0.06	$	0.80		($0.16	)
Funds from operations — FFO	$	0.73	$	0.67	$	1.41	$	1.30
FFO before impairment and preferred redemption charges	$	0.73	$	0.67	$	1.43	$	1.34
Adjusted funds from operations — AFFO	$	0.53	$	0.42	$	1.08	$	0.93

Contact
Investor Relations 303.691.4350, Investor@Aimco.com
Jennifer Martin, Vice President-Investor Relations 303.691.4440

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “Aimco enjoyed an excellent quarter. Rebounding property operations, boosted by a rising market, have produced eight consecutive quarters of increasing NOI and have outperformed industry peers for the past six quarters. Our focus on capital structure led to a zero balance on our line of credit, redemption of 10% preferred stock and issuance of Community Reinvestment Act Preferred Stock at an initial rate of 6.75%. And, we continue to further our systems and process improvements to realize the efficiencies offered by our scale. “

Chief Financial Officer Tom Herzog adds: “Strong second quarter performance driven by ‘Same Store’ operations resulted in FFO per share $0.02 above the mid-point of guidance. Due to higher than expected operating results we are raising our full year FFO guidance to $2.93 to $3.03 per share from $2.81 to $2.97 per share.”

Property Operations

CONVENTIONAL REAL ESTATE OPERATIONS — Conventional real estate operations include Aimco’s diversified portfolio of market rate apartment communities. At the end of the second quarter 2006, this portfolio had 503 properties with 144,324 units in which Aimco had a weighted average ownership of 82%. During the second quarter 2006, conventional real estate operations generated net operating income of $174.7 million.

“Same Store” Results

The Same Store portfolio is a sub-set of total conventional properties (see the Glossary). In the second quarter 2006, the Same Store portfolio included 434 communities with 102,995 effective units based on Aimco’s weighted average ownership of 82% (see Supplemental Schedules 6a through 7).

Comparing Same Store results in the second quarter 2006 with the second quarter 2005, total revenue increased $19.5 million, or 8.2%. The increase in revenue was generated by: higher occupancy, up 320 basis points from 91.1% to 94.3%; higher average rent, up $26 per unit, or 3.4%, from $771 per unit to $797 per unit; and higher utility reimbursements, up $2.0 million. Same Store expenses of $108.8 million increased by $4.3 million, or 4.1%, compared with the second quarter 2005. Increased expenses were predominantly due to: higher utilities expense (mostly offset by higher utility reimbursement revenue); and higher property tax expense. Same Store portfolio net operating income was $148.8 million for the second quarter 2006, up 11.3% from the second quarter 2005.

Same Store Operating Results

				SECOND QUARTER
	Year-over-year									Sequential
	2006			2005			Variance			1st Qtr			Variance
Same Store Operating Measures
Average Physical Occupancy		94.3	%		91.1	%		3.2	%		94.7	%		-0.4	%
Average Rent Per Unit	$	797		$	771			3.4	%	$	786			1.4	%
Total Same Store ($mm)
Revenue	$	257.6		$	238.1			8.2	%	$	253.4			1.6	%
Expenses		(108.8	)		(104.5	)		4.1	%		(110.9	)		-1.9	%
NOI ($mm)	$	148.8		$	133.7			11.3	%	$	142.5			4.4	%

Comparing Same Store results on a sequential basis, total revenue increased $4.2 million in the second quarter 2006 compared with the first quarter 2006, driven primarily by an $11 per unit increase in average rental rates. Expenses decreased $2.1 million, primarily due to lower utilities expense. Net operating income increased $6.3 million, or 4.4%, on a sequential basis.

Core Properties

Core properties (defined in the Glossary) offer the potential for higher long-term growth. Core operations are focused in 27 markets located predominantly in coastal states as well as the Rocky Mountain region and Chicago. In the second quarter 2006, core properties within the “Same Store” portfolio accounted for 58% of effective units, yet accounted for 72% of net operating income. The core “Same Store” properties had the following operating characteristics compared with non-core properties (defined in the Glossary): average rents of $951 per month versus $614 per month; average occupancy of 95.1% versus 93.4%; and an average operating margin of 61.5% versus 49.8%. The average rental rate growth for “Same Store” core versus non-core properties in the second quarter 2006 compared with the second quarter 2005 was 5.1% and 1.7%, respectively. See Supplemental Schedule 7 for additional information on core and non-core property operations.

AIMCO CAPITAL PROPERTY OPERATIONS — Aimco is among the largest owners and operators of affordable properties in the United States. Aimco Capital has been organized to oversee Aimco’s affordable property operations, asset management and transactional activities, and is led by a management team dedicated to this sector.

At the end of the second quarter 2006, Aimco’s owned affordable portfolio included 338 properties with 39,777 units in which Aimco had an average ownership of 38%. During the second quarter 2006, affordable property operations including property management generated net operating income of $20.4 million. On a year-over-year basis, second quarter average month-end occupancy for the owned and managed portfolio increased 130 basis points from 95.9% to 97.2%, and average rent per unit increased 6.1% from $671 to $712 per unit.

Portfolio Management and Redevelopment Activity

Acquisitions — Aimco acquired three properties in the second quarter 2006 for $61 million. Acquisitions included: the Balaye Apartments, a 324-unit garden style property located in Tampa, Florida, for $38.5 million; Westpark Plaza, a 240-unit student housing property located less than one-half mile from California State University at Chico, purchased by Aimco’s joint venture with CalSTRS; and Wilson Acres Apartments, a 146-unit student housing property located in Greenville, North Carolina less than one-half mile from East Carolina University.

During the second quarter 2006, Aimco purchased additional limited partnership interests in 17 partnerships that own 43 properties for an aggregate of $1.8 million. See Supplemental Schedule 8 for additional information on acquisition activity.

Dispositions — Non-core sales: Aimco regularly reviews its portfolio to identify properties that do not meet its long-term investment criteria and are typically located in markets that Aimco seeks to exit. These properties are considered non-core and Aimco seeks to hold them over the intermediate term.

In the second quarter 2006, Aimco sold nine non-core conventional properties and ten affordable properties with 2,237 and 1,279 units, respectively, for $186 million in gross proceeds (Aimco share $138 million). Aimco’s share of net proceeds after repayment of existing property debt and transaction costs was $73 million. Year-to-date Aimco has sold 26 non-core conventional properties, the South Tower at its Flamingo South Beach property and 15 affordable properties for gross proceeds of $600 million (Aimco share $487 million) and exited one market. See Supplemental Schedule 8 for additional information on disposition activity.

Gain on Dispositions — Aimco’s property dispositions resulted in gross gains on dispositions of real estate (including gains related to sales of unconsolidated entities and other and gains within discontinued operations), of $46.7 million for the second quarter 2006, compared with gains of $32.9 million for the second quarter 2005.

REDEVELOPMENT ACTIVITY — Aimco is reinvesting in and upgrading its portfolio through property redevelopments. At the end of the second quarter, Aimco had 28 active conventional projects and 14 active affordable projects. Aimco invested

$40.0 million in conventional redevelopment during the second quarter and $74.4 million year-to-date, with an average ownership of approximately 87%. Aimco expects to invest $150 million to $200 million in conventional redevelopment projects during 2006. Affordable redevelopment project expenditures totaled $14.3 million in the second quarter and $32.4 million year-to-date, with these projects predominantly funded by third parties. Further information on redevelopment projects is provided in Supplemental Schedule 10.

ENTITLEMENT ACTIVITY — Aimco has additional development opportunities tied to successful property re-entitlement activity. In July, Aimco received final approval to increase the density at Highland Ridge, an older and well located property and typical of Aimco’s entitlement opportunities. The 22 year old, garden style property is located in Atlanta, Georgia, near the $1 billion Atlantic Station project and within one-half mile of I-75. Density will be increased 59% from 219 to 348 units. Plans for three properties located in Denver were submitted for approval to the City of Denver in the first quarter and received the first level of approval in the second quarter. These Denver properties will progress to the next phase of City approvals. Orchidtree, an active project located in Scottsdale, Arizona was sold for a gain of $21 million.

Additional Financial Information

PROPERTY MANAGEMENT INCOME — Income from property management is generated from the management of properties in which Aimco has unconsolidated interests. Income from consolidated properties is eliminated in Aimco’s consolidated GAAP financial statements. Property management net operating income was $1.4 million in the second quarter 2006 compared with $4.1 million in the second quarter 2005. As discussed on page one, as a result of adopting accounting requirement EITF 04-5, Aimco consolidated an additional 149 properties in the first quarter 2006, which reduced the reported amounts of property management revenues from previously unconsolidated properties. The economic benefit of the fees charged to consolidated properties is reflected in minority interest in consolidated real estate partnerships.

ACTIVITY FEE AND ASSET MANAGEMENT INCOME — Activity fees are generated from transactions (including tax credit redevelopments, syndications, dispositions, refinancings and partnership promotes) and are earned primarily by Aimco Capital. Aimco Capital earns asset management income from the financial management of partnerships, rather than property management of day-to-day operations. Activity fee and asset management net operating income from both conventional and Aimco Capital operations was $8.9 million in the second quarter 2006 compared with $4.4 million in the second quarter 2005, or $6.4 and $2.4 million net of the effective tax rate, respectively.

Included in activity fee and asset management income, Aimco received $0.9 million in “promote income” from an unconsolidated partnership. This income reflects provisions within the partnership agreement that reward the general partner for achieving financial returns to the limited partners in excess of established targets.

INTEREST INCOME — Interest income was $5.6 million for the second quarter 2006 compared with $7.3 million for the second quarter 2005. Interest income is earned in part from money market and interest bearing accounts as well as notes receivable from unconsolidated partnerships.

DEBT ACTIVITY — During the second quarter 2006, Aimco closed 22 property loans generating total proceeds of $309 million at a weighted average interest rate of 5.70%. This included refinancing $158.6 million in existing mortgage loans, reducing the average rate from 6.03% to 5.70%. After repayment of existing property debt, transaction costs and distributions to limited partners, Aimco’s share of net proceeds was $128.3 million.

At quarter-end, Aimco’s corporate debt balance was reduced to $400.0 million from $617.0 million at year-end 2005 and carried an average interest rate of 6.64%. The balance on Aimco’s revolving credit facility was reduced to zero, leaving $422.5 million (after $27.5 million in outstanding letters of credit) in available capacity. Please refer to Schedule 5 of the Supplemental Information for more detail on debt activity.

As of June 30, 2006, Aimco had $6.6 billion total consolidated debt outstanding of which $1.68 billion was floating rate. The floating rate debt included $400 million corporate debt, $558 million floating rate property loans and $726 million of tax-exempt bonds. Aimco’s floating rate debt exposure to changes in interest rates is mitigated by: tax-exempt bonds, which move at approximately 0.68% for a 1.00% change in interest rates; the offsetting effect of floating rate assets such as cash

and notes receivable; and interest capitalized on redevelopment properties. Based on Aimco’s proportionate share of quarter-end balances (see Supplemental Schedule 3), Aimco estimates its sensitivity to a 1% change in LIBOR to be less than $0.01 per share per quarter.

INTEREST EXPENSE — Consolidated interest expense was $103.5 million for the second quarter 2006 compared with $86.3 million for the second quarter 2005. The $17.2 million increase in interest expense was due to: $14.6 million representing interest on property loans that were consolidated in 2006 primarily as a result of adopting accounting requirement EITF 04-5; and $3.4 million related to increased rates and balances on property debt net of higher capitalized interest; partially offset by a ($0.8) million improvement in interest expense related to corporate debt due to lower balances net of increased rates.

STOCKHOLDERS’ EQUITY — As previously announced, on June 29, 2006, Aimco completed the private placement of 200 shares of newly issued, variable rate Series A Community Reinvestment Act Perpetual Preferred Stock (“CRA Preferred Stock”). Each share has a liquidation preference of $500,000. Net proceeds from the offering, after offering expenses, were $98 million. The dividend rate is equal to the three-month LIBOR rate plus 1.25%, calculated as of the beginning of each quarterly dividend period. The dividend rate from the period of original issuance through September 30, 2006 is 6.75% per annum. Aimco believes the CRA Preferred Stock will allow the financial institution purchasers to receive positive consideration under the Community Reinvestment Act (“CRA”). Through an allocation methodology, investing institutions are able to allocate their investment to specific affordable properties owned by Aimco that are located in the financial institutions’ self-delineated geographic CRA assessment area.

Also previously announced, Aimco redeemed all 6.94 million outstanding shares of its 10.0% Class R Preferred Stock on July 20, 2006, for a redemption price of $25 per share plus unpaid dividends of $0.243 per share, for a total of $175.2 million. Year-to-date, Aimco has redeemed $287 million in preferred stock that carried a weighted average dividend rate of 9.8%.

G&A — General and administrative expenses for the second quarter 2006 of $24.8 million were up $3.1 million compared with $21.7 million in the second quarter 2005. The year-over-year increase is due to accruals for incentive compensation based on year-to-date results above the prior year.

Outlook

For the third quarter 2006, FFO is forecast in a range from $0.73 to $0.77 per share, before impairment and preferred redemption charges, and AFFO is forecast in a range from $0.54 to $0.58 per share.

For the full year 2006, FFO is forecast in a range from $2.93 to $3.03 per share, before impairment and preferred redemption charges, and AFFO is forecast in a range from $2.30 to $2.40 per share, increased from estimate ranges provided in February 2006 of $2.81 to $2.97 per share FFO and $2.18 to $2.34 per share AFFO. Please refer to the Outlook Schedule, which follows the Consolidated Financial Statements in this release, for more detail on the third quarter and full year 2006.

Dividends on Common Stock

As announced on August 1, 2006, the Aimco Board of Directors declared a quarterly cash dividend of $0.60 per share of Class A Common Stock for the quarter ended June 30, 2006, payable on August 31, 2006, to stockholders of record on August 18, 2006. The dividend represents 113% of AFFO (diluted) and 82% of FFO (diluted), on a per share basis, and a 5.5% annualized yield based on the $43.45 closing price of Aimco’s Class A Common Stock on June 30, 2006.

Earnings Conference Call

Please join Aimco management for the Second Quarter 2006 earnings conference call to be held Thursday, August 3, 2006, at 1:00 p.m. Eastern time. You may join the conference call through an Internet audiocast via Aimco’s Website at http://www.aimco.com/CorporateInformation/About/Financial/2Q2006 then click on the Webcast link. Alternatively, you

may join the conference call via telephone by dialing 866-713-8567 with passcode 75196624, or dialing 617-597-5326 for international callers. Please call approximately five minutes before the conference call is scheduled to begin. If you are unable to join the live conference call, you may access the replay for 30 days on Aimco’s Website or by dialing 888-286-8010 (617-801-6888 for international callers) and using passcode 43515539.

Supplemental Information

The Supplemental Information referenced in this release is available at Aimco’s Website at the linkhttp://www.aimco.com/CorporateInformation/About/Financial/2Q2006 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 and specifically forecasts of third quarter and full year 2006 results. These forward-looking statements are based on management’s judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to, Aimco’s ability to maintain current or meet projected occupancy, rent levels and Same Store results and Aimco’s ability to close transactions necessary to generate fee income as anticipated. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors that are beyond the control of Aimco including, without limitation: natural disasters such as hurricanes; national and local economic conditions; the general level of interest rates; energy costs; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. 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, 2005, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.

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 19 regional operating centers. Aimco, through its subsidiaries, operates 1,320 properties, including approximately 230,000 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)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
REVENUES:
Rental and other property revenues	$	419,234		$	344,659		$	830,126		$	677,223
Property management revenues, primarily from affiliates		3,592			5,926			6,622			12,590
Activity fees and asset management revenues, primarily from affiliates		12,133			6,680			21,673			14,697
Total revenues		434,959			357,265			858,421			704,510
EXPENSES:
Property operating expenses		190,485			160,707			388,540			321,552
Property management expenses		2,151			1,829			2,643			3,745
Activity and asset management expenses		3,239			2,305			5,671			4,913
Depreciation and amortization		116,412			95,923			228,236			187,612
General and administrative expenses		24,805			21,723			47,508			42,567
Other expenses (income), net		2,279			(999	)		2,874			(1,754	)
Total expenses		339,371			281,488			675,472			558,635
Operating income		95,588			75,777			182,949			145,875
Interest income		5,600			7,344			12,692			14,750
Recovery of (provision for) losses on notes receivable		(502	)		(34	)		(764	)		1,558
Interest expense		(103,518	)		(86,328	)		(204,289	)		(169,364	)
Deficit distributions to minority partners		(4,096	)		(1,654	)		(6,282	)		(3,047	)
Equity in losses of unconsolidated real estate partnerships		(574	)		(418	)		(2,436	)		(1,319	)
Recovery of impairment losses (impairment losses) related to real estate		(15	)		(275	)		971			(531	)
Gain on dispositions of real estate related to unconsolidated entities and other		4,060			3,154			13,756			5,161
Loss before minority interests and discontinued operations		(3,457	)		(2,434	)		(3,403	)		(6,917	)
Minority interests:
Minority interest in consolidated real estate partnerships		(351	)		985			5,718			3,563
Minority interest in Aimco Operating Partnership, preferred [a]		(1,785	)		(1,806	)		(3,583	)		(3,618	)
Minority interest in Aimco Operating Partnership, common [a]		2,559			2,501			4,318			5,255
Total minority interests		423			1,680			6,453			5,200
Income (loss) from continuing operations		(3,034	)		(754	)		3,050			(1,717	)
Income from discontinued operations, net [b]		38,126			28,320			116,112			31,315
Net income		35,092			27,566			119,162			29,598
Net income attributable to preferred stockholders		19,034			21,693			43,088			44,562
Net income (loss) attributable to common stockholders	$	16,058		$	5,873		$	76,074		$	(14,964	)
Weighted average number of common shares outstanding		96,071			93,807			95,627			93,627
Weighted average number of common shares and common share equivalents outstanding		96,071			93,807			95,627			93,627
Earnings (loss) per common share — basic:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.23	)	$	(0.24	)	$	(0.42	)	$	(0.49	)
Income from discontinued operations		0.40			0.30			1.22			0.33
Net income (loss) attributable to common stockholders	$	0.17		$	0.06		$	0.80		$	(0.16	)
Earnings (loss) per common share — diluted:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.23	)	$	(0.24	)	$	(0.42	)	$	(0.49	)
Income from discontinued operations		0.40			0.30			1.22			0.33
Net income (loss) attributable to common stockholders	$	0.17		$	0.06		$	0.80		$	(0.16	)

GAAP Income Statements (continued)

Notes to Consolidated Statements of Income

[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):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Rental and other property revenues	$	5,546		$	45,467		$	23,876		$	93,074
Property operating expenses		(3,116	)		(23,533	)		(12,900	)		(48,127	)
Other (expenses) income, net		(1,634	)		(302	)		(2,657	)		(549	)
Depreciation and amortization		(1,438	)		(12,021	)		(5,815	)		(24,969	)
Interest expense		(1,464	)		(11,309	)		(6,021	)		(23,346	)
Interest income		62			109			215			259
Minority interest in consolidated real estate partnerships		729			738			1,058			1,693
Loss from operations		(1,315	)		(851	)		(2,244	)		(1,965	)
Gain on dispositions of real estate, net of minority partners’ interest		42,646			29,719			142,571			36,680
Recovery of impairment losses (impairment losses) on real estate assets sold or held for sale		195			(231	)		(8	)		(2,186	)
Recovery of deficit distributions to minority partners		2,057			4,084			16,415			3,539
Income tax arising from disposals		(1,044	)		(1,205	)		(27,986	)		(1,219	)
Minority interest in Aimco Operating Partnership		(4,413	)		(3,196	)		(12,636	)		(3,534	)
Income from discontinued operations	$	38,126		$	28,320		$	116,112		$	31,315

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)

	June 30, 2006			December 31, 2005
ASSETS
Buildings and improvements	$	9,621,985		$	8,314,585
Land		2,337,304			2,241,907
Accumulated depreciation		(2,807,340	)		(2,116,548	)
NET REAL ESTATE		9,151,949			8,439,944
Cash and cash equivalents		323,463			161,730
Restricted cash		341,267			284,068
Accounts receivable		65,830			59,888
Accounts receivable from affiliates		24,984			43,070
Deferred financing costs		74,529			65,188
Notes receivable from unconsolidated real estate partnerships		45,705			177,218
Notes receivable from non-affiliates		51,497			23,760
Investment in unconsolidated real estate partnerships		59,036			167,799
Other assets		221,155			216,863
Deferred income tax asset, net		—			9,835
Assets held for sale		32,981			369,797
TOTAL ASSETS	$	10,392,396		$	10,019,160
LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	1,043,755		$	1,040,549
Property loans payable		5,163,064			4,438,542
Term loans		400,000			400,000
Credit facility		—			217,000
TOTAL INDEBTEDNESS		6,606,819			6,096,091
Accounts payable		30,460			34,381
Accrued liabilities and other		396,474			423,633
Deferred income		98,814			46,872
Security deposits		43,851			37,800
Deferred income tax liability, net		6,219			—
Liabilities related to assets held for sale		18,135			228,871
TOTAL LIABILITIES		7,200,772			6,867,648
Minority interest in consolidated real estate partnerships		268,629			217,679
Minority interest in Aimco Operating Partnership		206,255			217,729
STOCKHOLDERS’ EQUITY
Class A Common Stock		972			957
Additional paid-in capital		3,131,677			3,081,707
Perpetual preferred stock		897,000			860,250
Convertible preferred stock		100,000			150,000
Distributions in excess of earnings		(1,405,277	)		(1,350,899	)
Notes due on common stock purchases		(7,632	)		(25,911	)
TOTAL STOCKHOLDERS’ EQUITY		2,716,740			2,716,104
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,392,396		$	10,019,160

GAAP Statements of Cash Flows

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

	Six Months			Six Months
	Ended			Ended
	June 30, 2006			June 30, 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	119,162		$	29,598
Depreciation and amortization		228,236			187,612
Adjustments to income from discontinued operations		(141,586	)		(11,219	)
Other adjustments to reconcile net income		17,309			(6,812	)
Changes in operating assets and liabilities		41,819			(16,806	)
Net cash provided by operating activities		264,940			182,373
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(41,732	)		(243,996	)
Capital expenditures		(236,203	)		(201,401	)
Proceeds from dispositions of real estate		544,815			140,160
Cash from newly consolidated properties		22,432			1,623
Purchases of non-real estate related corporate assets		(3,697	)		(7,218	)
Purchases of partnership interests and other assets		(10,932	)		(61,547	)
Originations of notes receivable from unconsolidated real estate partnerships		(7,820	)		(15,125	)
Proceeds from repayment of notes receivable		5,318			13,043
Distributions received from investments in unconsolidated real estate partnerships		11,312			33,589
Other investing activities		(17,558	)		361
Net cash provided by (used in) investing activities		265,935			(340,511	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from property loans		656,634			328,543
Principal repayments on property loans		(599,870	)		(191,093	)
Principal repayments on tax-exempt bond financing		(31,690	)		(26,740	)
Net borrowings (repayments) on term loans and revolving credit facility		(217,000	)		305,900
Redemption of mandatorily redeemable preferred securities		—			(15,019	)
Redemption of preferred stock		(113,250	)		(31,250	)
Proceeds from Class A Common Stock option exercises		39,459			1,186
Proceeds from issuance of preferred stock, net		97,537			—
Principal repayments received on notes due on Class A Common Stock purchases		18,626			8,557
Payment of Class A Common Stock dividends		(115,046	)		(112,961	)
Payment of preferred stock dividends		(41,879	)		(43,196	)
Contributions from minority interest		11,529			17,403
Payment of distributions to minority interest		(61,589	)		(32,002	)
Other financing activities		(12,603	)		(7,754	)
Net cash provided by (used in) financing activities		(369,142	)		201,574
NET INCREASE IN CASH AND CASH EQUIVALENTS		161,733			43,436
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		161,730			105,343
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	323,463		$	148,779

Outlook and Forward Looking Statement
Third Quarter and Full Year 2006
(unaudited)

This earnings release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of third quarter and full year 2006 results. These forward-looking statements are based on management’s judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to, Aimco’s ability to maintain current or meet projected occupancy, rent levels and Same Store results and Aimco’s ability to close transactions necessary to generate fee income as anticipated. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors that are beyond the control of Aimco including, without limitation: natural disasters such as hurricanes; national and local economic conditions; the general level of interest rates; energy costs; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. 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, 2005 and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.

	Third Quarter 2006	Full Year 2006
GAAP Earnings per share (1)	-$0.28 to -$0.24	$0.38 to $0.48
Add: Depreciation and other	$1.01	$2.55
FFO per share (2)	$0.73 to $0.77	$2.93 to $3.03
AFFO per share	$0.54 to $0.58	$2.30 to $2.40
2006 Same Store Operating Assumptions:
Weighted average daily occupancy	94% to 95%	94% to 95%
NOI change — sequential	-1.0% to 0.5%
NOI change - 2006 vs. 2005	8.5% to 10.0%	8.5% to 9.5%
Gross dispositions (3)		$850M to $1,050M	(Aimco share $675M - $800M)
Gross acquisitions (4)		$70M to $80M

(1)	Aimco’s earnings per share guidance does not include estimates for (i) unrecognized gains on dispositions or impairment losses due to the unpredictable timing of transactions or (ii) unrecognized deferred costs on early repayment of debt or redemption related preferred stock issuance charges.
(2)	FFO per share represents FFO before impairments and redemption related preferred stock issuance charges. Impairments and redemption related preferred stock issuance charges were $0.02 per share year to date 2006 and preferred stock issuance charges are expected to be $0.04 per share in the third quarter.
(3)	Aimco anticipates gross sales proceeds of $850 to $1,050 million for 2006 ($665 to $775 million related to conventional properties and $185 to $275 million related to affordable properties). Aimco share of proceeds is expected to be $675 to $800 million ($600 to $685 million related to conventional properties and $75 to $115 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 $350 to $450 million ($300 to $375 million related to conventional properties and $50 to $75 million related to affordable properties).
(4)	Gross acquisitions include property acquisitions and limited partnership acquisitions.

Schedule 1	—  Funds From Operations and Adjusted Funds From Operations
Schedule 2a	—  Business Component Proportionate Income Statement Presentation, 2Q
Schedule 2b	—  Business Component Proportionate Income Statement Presentation, 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 (2Q 2006 v. 2Q 2005)
Schedule 6b	—  Same Store Sales (2Q 2006 v. 1Q 2006)
Schedule 6c	—  Same Store Sales (Year-to-Date 2006 v. 2005)
Schedule 7	—  Selected Portfolio Performance Data
Schedule 8	—  Property Sales and Acquisitions Activity
Schedule 9	—  Capital Expenditures
Schedule 10	—  Summary of Redevelopment Activity
Schedule 11	—  Apartment Unit Summary
Glossary

Supplemental Schedule 1

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Net income (loss) attributable to common stockholders [a]	$	16,058		$	5,873		$	76,074		$	(14,964	)
Adjustments:
Depreciation and amortization [b]		116,412			95,923			228,236			187,612
Depreciation and amortization related to non-real estate assets		(4,538	)		(4,524	)		(9,268	)		(8,315	)
Depreciation of rental property related to minority partners’ interest [c]		(9,724	)		(9,022	)		(25,217	)		(18,069	)
Depreciation of rental property related to unconsolidated entities		1,186			4,631			1,854			10,589
Gain on dispositions of real estate related to unconsolidated entities and other		(4,060	)		(3,154	)		(13,756	)		(5,161	)
Gain on dispositions of non-depreciable assets		671			118			6,371			793
Deficit distributions to minority partners [d]		4,096			1,654			6,282			3,047
Discontinued operations:
Gain on dispositions of real estate, net of minority partners’ interest [c]		(42,646	)		(29,719	)		(142,571	)		(36,680	)
Depreciation of rental property, net of minority partners’ interest [c]		961			10,323			4,403			21,428
Recovery of deficit distributions to minority partners [d]		(2,057	)		(4,084	)		(16,415	)		(3,539	)
Income tax arising from disposals		1,044			1,205			27,986			1,219
Minority interest in Aimco Operating Partnership’s share of above adjustments		(6,055	)		(6,461	)		(6,699	)		(15,762	)
Preferred stock dividends		19,034			21,693			40,514			43,439
Redemption related preferred stock issuance costs		—			—			2,574			1,123
Funds From Operations		90,382			84,456			180,368			166,760
Preferred stock dividends		(19,034	)		(21,693	)		(40,514	)		(43,439	)
Redemption related preferred stock issuance costs		—			—			(2,574	)		(1,123	)
Dividends/distributions on dilutive preferred securities		61			63			123			104
Funds From Operations Attributable to Common Stockholders — Diluted	$	71,409		$	62,826		$	137,403		$	122,302
Impairment losses (recovery of impairments losses) related to real estate [e]		15			275			(971	)		531
(Recovery of impairment losses) impairment losses on real estate assets sold or held for sale [e]		(195	)		231			8			2,187
Redemption related preferred stock issuance costs [f]		—			—			2,574			1,123
Minority interest in Aimco Operating Partnership’s share of above adjustments		18			(49	)		(160	)		(396	)
Funds From Operations Attributable to Common Stockholders — Diluted (excluding impairment losses and redemption related preferred stock issuance costs)		71,247			63,283			138,854			125,747
Capital Replacements		(21,305	)		(25,987	)		(37,525	)		(42,356	)
Minority interest in Aimco Operating Partnership’s share of Capital Replacements		2,109			2,669			3,702			4,369
Dividends/distributions on non-dilutive preferred securities		(61	)		(63	)		(123	)		(104	)
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted	$	51,990		$	39,902		$	104,908		$	87,656
Funds From Operations:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [g]		97,475			94,336			97,007			94,059
Dilutive preferred securities		91			110			93			92
		97,566			94,446			97,100			94,151
Funds From Operations (excluding impairment losses and redemption related preferred stock issuance costs):
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [g]		97,475			94,336			97,007			94,059
Dilutive preferred securities		91			110			93			92
		97,566			94,446			97,100			94,151
Adjusted Funds From Operations:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [g]		97,475			94,336			97,007			94,059
Dilutive preferred securities		—			—			—			—
		97,475			94,336			97,007			94,059
Per Share:
Funds From Operations — Diluted	$	0.73		$	0.67		$	1.41		$	1.30
Funds From Operations — Diluted (excluding impairment losses and redemption related preferred stock issuance costs)	$	0.73		$	0.67		$	1.43		$	1.34
Adjusted Funds From Operations — Diluted	$	0.53		$	0.42		$	1.08		$	0.93
Dividends declared	$	0.60		$	0.60		$	1.20		$	1.20

Supplemental Schedule 1 (continued)

Notes to Funds From Operations and Adjusted Funds From Operations

[a]	Represents Aimco’s numerator for basic earnings per common share calculated in accordance with GAAP.
[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 NAREIT’s April 1, 2002 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]	“Minority partners’ interest” means minority interest in our consolidated real estate partnerships.
[d]	In accordance with GAAP, deficit distributions to minority partners are charges recognized in Aimco’s income statement when cash is distributed to a non-controlling partner in a consolidated real estate partnership in excess of the positive balance in such partner’s capital account, which is classified as minority interest on the balance sheet. Aimco records these charges for GAAP purposes even though there is no economic effect or cost. Deficit distributions to minority partners occur when the fair value of the underlying real estate exceeds its depreciated net book value because the underlying real estate has appreciated or maintained its value. As a result, the recognition of expense for deficit distributions to minority partners represents, in substance, either (1) recognition of depreciation previously allocated to the non-controlling partner or (2) a payment related to the non-controlling partner’s share of real estate appreciation. Based on 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.
[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 three and six months ended June 30, 2006 includes $0.2 million and $1.0 million of net impairment recoveries, respectively. FFO for the three and six months ended June 30, 2005 includes $0.5 million and $2.7 million of net impairment losses, 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 includes redemption related preferred stock issuance costs in FFO. As a result, FFO for the three and six months ended June 30, 2006 includes issuance costs of zero and $2.6 million, respectively. FFO for the three and six months ended June 30, 2005 includes issuance costs of zero and $1.1 million, respectively.
[g]	Represents Aimco’s denominator for earnings per common share — diluted calculated in accordance with GAAP plus additional common share equivalents that are dilutive for FFO/AFFO.

Supplemental Schedule 2(a)

Business Component Proportionate Income Statement Presentation
Three Months Ended June 30, 2006
(in thousands) (unaudited)

				Proportionate						Proportionate												Proportionate
	Aimco			Share of			Minority			Consolidated												Consolidated
	GAAP Income			Unconsolidated			Partners’			Income						Aimco						Income
	Statement			Partnerships			Interest			Statement			Conventional			Capital			Corporate			Statement
Revenues:
Rental and other property revenues:
Same Store properties (1) (2)	$	305,842		$	475		$	(43,923	)	$	262,394		$	262,394		$	—		$	—		$	262,394
Acquisition properties (1)		7,356			1,185			(142	)		8,399			8,399			—			—			8,399
Redevelopment properties (1)		34,875			—			(3,990	)		30,885			30,885			—			—			30,885
Other properties (1)		9,765			1,384			(755	)		10,394			10,394			—			—			10,394
Affordable properties (1)		61,396			4,571			(29,740	)		36,227			—			36,227			—			36,227
Total rental and other property revenues		419,234			7,615			(78,550	)		348,299			312,072			36,227			—			348,299
Property management revenues, primarily from affiliates		3,592			(332	)		—			3,260			852			2,408			—			3,260
Activity fees and asset management revenues, primarily from affiliates		12,133			—			—			12,133			552			11,581			—			12,133
Total revenues		434,959			7,283			(78,550	)		363,692			313,476			50,216			—			363,692
Expenses:
Property operating expenses:
Same Store properties (2)		130,007			195			(19,075	)		111,127			111,127			—			—			111,127
Acquisition properties		2,800			423			(88	)		3,135			3,135			—			—			3,135
Redevelopment properties		15,689			—			(2,078	)		13,611			13,611			—			—			13,611
Other properties		5,397			679			(412	)		5,664			5,664			—			—			5,664
Affordable properties		30,463			3,203			(14,819	)		18,847			—			18,847			—			18,847
Casualties		(1,202	)		4			323			(875	)		(669	)		(206	)		—			(875	)
Property management expenses (consolidated properties)		7,331			—			(4,084	)		3,247			4,495			(1,248	)		—			3,247
Total property operating expenses		190,485			4,504			(40,233	)		154,756			137,363			17,393			—			154,756
Property management expenses (unconsolidated and third party properties)		2,151			—			—			2,151			1,277			874			—			2,151
Activity and asset management expenses		3,239			—			—			3,239			—			3,239			—			3,239
Depreciation and amortization		116,412			1,186			(9,724	)		107,874			94,357			13,517			—			107,874
General and administrative expenses		24,805			22			(1,131	)		23,696			7,350			3,038			13,308			23,696
Other expenses (income), net		2,279			958			(3,002	)		235			(2,278	)		2,513			—			235
Total expenses		339,371			6,670			(54,090	)		291,951			238,069			40,574			13,308			291,951
Operating income		95,588			613			(24,460	)		71,741			75,407			9,642			(13,308	)		71,741
Interest income:
General partner loan interest		930			(64	)		8,496			9,362			6,258			3,104			—			9,362
Money market and interest bearing accounts		4,754			334			(1,116	)		3,972			1,312			971			1,689			3,972
Accretion on discounted notes receivable		(84	)		—			—			(84	)		44			(128	)		—			(84	)
Total interest income		5,600			270			7,380			13,250			7,614			3,947			1,689			13,250
Provision for losses on notes receivable		(502	)		—			—			(502	)		—			(502	)		—			(502	)
Interest expense:
Property debt (primarily non-recourse)		(100,623	)		(1,476	)		17,140			(84,959	)		(78,177	)		(6,782	)		—			(84,959	)
Lines of credit		(8,743	)		—			—			(8,743	)		—			—			(8,743	)		(8,743	)
Capitalized interest		5,848			19			(411	)		5,456			5,165			291			—			5,456
Total interest expense		(103,518	)		(1,457	)		16,729			(88,246	)		(73,012	)		(6,491	)		(8,743	)		(88,246	)
Deficit distributions to minority partners		(4,096	)		—			—			(4,096	)		(4,634	)		538			—			(4,096	)
Equity in losses of unconsolidated real estate partnerships		(574	)		574			—			—			—			—			—			—
Impairment losses related to real estate partnerships		(15	)		—			—			(15	)		(15	)		—			—			(15	)
Gain on dispositions of real estate related to unconsolidated entities and other		4,060			—			—			4,060			855			3,205			—			4,060
Income before minority interests and discontinued operations		(3,457	)		—			(351	)		(3,808	)		6,215			10,339			(20,362	)		(3,808	)
Minority interests:
Minority interest in consolidated real estate partnerships		(351	)		—			351			—			—			—			—			—
Minority interest in Aimco Operating Partnership		774			—			—			774			(613	)		(1,020	)		2,407			774
Total minority interests		423			—			351			774			(613	)		(1,020	)		2,407			774
Income from continuing operations		(3,034	)		—			—			(3,034	)		5,602			9,319			(17,955	)		(3,034	)
Income from discontinued operations, net		38,126			—			—			38,126			33,194			4,932			—			38,126
Net income	$	35,092		$	—		$	—		$	35,092		$	38,796		$	14,251		$	(17,955	)	$	35,092

(1)	See definitions and descriptions in Glossary
(2)	Same store amounts in this schedule may differ from the same store amounts in Schedules 6a-6b. 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) (continued)

Business Component Proportionate Income Statement Presentation
Three Months Ended June 30, 2006
(in thousands) (unaudited)

	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)	$	35,092		$	38,796		$	14,251		$	(17,955	)	$	35,092
Proportionate share of depreciation and amortization		107,874			94,357			13,517			—			107,874
Depreciation and amortization related to non-real estate assets		(4,538	)		(3,267	)		(1,271	)		—			(4,538	)
Deficit distributions to minority partners		4,096			4,634			(538	)		—			4,096
Gain on dispositions of real estate related to unconsolidated entities and other		(4,060	)		(855	)		(3,205	)		—			(4,060	)
Gain on dispositions of non-depreciable assets		671			671			—			—			671
Discontinued operations		(42,698	)		(37,641	)		(5,057	)		—			(42,698	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(6,055	)		(5,715	)		(340	)		—			(6,055	)
Preferred stock dividends		(19,034	)		—			—			(19,034	)		(19,034	)
Redemption related preferred stock issuance costs		—			—			—			—			—
Dividends/distributions on dilutive preferred securities		61			—			—			61			61
FFO Attributable to Common Stockholders — Diluted	$	71,409		$	90,980		$	17,357		$	(36,928	)	$	71,409
Capital Replacements		(21,305	)		(19,727	)		(1,578	)		—			(21,305	)
Impairment losses related to real estate partnerships		15			15			—			—			15
(Recovery of impairment losses) impairment losses on real estate assets sold or held for sale		(195	)		418			(613	)		—			(195	)
Redemption related preferred stock issuance costs		—			—			—			—			—
Minority interest in Aimco Operating Partnership’s share of adjustments		2,127			1,910			217			—			2,127
Dividends/distributions on non-dilutive preferred securities		(61	)		—			—			(61	)		(61	)
AFFO Attributable to Common Stockholders — Diluted	$	51,990		$	73,596		$	15,383		$	(36,989	)	$	51,990
Interest expense		88,246			73,012			6,491			8,743			88,246
Discontinued operations		5,362			730			219			4,413			5,362
Preferred stock dividends		19,034			—			—			19,034			19,034
Minority interest in Aimco Operating Partnership		(774	)		613			1,020			(2,407	)		(774	)
Minority interest in Aimco Operating Partnership’s share of adjustments		3,928			3,805			123			—			3,928
Free Cash Flow (FCF, see Glossary for updated definition)	$	167,786		$	151,756		$	23,236		$	(7,206	)	$	167,786
FCF Breakdown:
Real estate		172,238
Property management		1,109
Activity and asset management		8,894
Interest income		13,250
Provision for losses on notes receivable		(502	)
General and administrative expenses		(23,696	)
Other (expenses) income, net		(235	)
Discontinued operations		595
Gain on dispositions of non-depreciable assets		671
Depreciation and amortization related to non-real estate assets		(4,538	)
Total FCF	$	167,786

	For the Three Months Ended June 30, 2006
	FFO			AFFO			FCF
Reconciliation of Net Income to FFO, AFFO and FCF:
Net income	$	35,092		$	35,092		$	35,092
Total interest expense after minority partners’ share		—			—			88,246
Preferred stock dividends		(19,034	)		(19,034	)		—
Redemption related preferred stock issuance costs		—			—			—
Proportionate share of depreciation and amortization		107,874			107,874			107,874
Depreciation and amortization related to non-real estate assets		(4,538	)		(4,538	)		(4,538	)
Gain on dispositions of real estate related to unconsolidated entities and other		(4,060	)		(4,060	)		(4,060	)
Gain on dispositions of non-depreciable assets		671			671			671
Impairment losses related to real estate partnerships		—			15			15
Discontinued operations:
Minority interest in Aimco Operating Partnership and interest expense, net of minority partners’ interest		—			—			5,362
Depreciation of rental property, net of minority partners’ interest		961			961			961
Gain on dispositions of real estate, net of minority partners’ interest		(42,646	)		(42,646	)		(42,646	)
Recovery of impairment losses on real estate assets sold or held for sale		—			(195	)		(195	)
Recovery of deficit distributions to minority partners		(2,057	)		(2,057	)		(2,057	)
Income tax arising from dispositions		1,044			1,044			1,044
Deficit distributions to minority partners		4,096			4,096			4,096
Capital Replacements		—			(21,305	)		(21,305	)
Dividends/distributions on dilutive preferred securities		61			—			—
Minority interest in Aimco Operating Partnership’s share of above adjustments		(6,055	)		(3,928	)		—
Minority interest in Aimco Operating Partnership		—			—			(774	)
Total	$	71,409		$	51,990		$	167,786

Supplemental Schedule 2(b)

Business Component Proportionate Income Statement Presentation
Six Months Ended June 30, 2006
(in thousands) (unaudited)

				Proportionate						Proportionate												Proportionate
	Aimco			Share of			Minority			Consolidated												Consolidated
	GAAP Income			Unconsolidated			Partners’			Income						Aimco						Income
	Statement			Partnerships			Interest			Statement			Conventional			Capital			Corporate			Statement
Revenues:
Rental and other property revenues:
Same Store properties (1) (2)	$	606,747		$	945		$	(92,787	)	$	514,905		$	514,905		$	—		$	—		$	514,905
Acquisition properties (1)		13,846			2,200			(288	)		15,758			15,758			—			—			15,758
Redevelopment properties (1)		68,354			—			(7,818	)		60,536			60,536			—			—			60,536
Other properties (1)		19,217			2,926			(1,535	)		20,608			20,608			—			—			20,608
Affordable properties (1)		121,962			9,130			(59,725	)		71,367			—			71,367			—			71,367
Total rental and other property revenues		830,126			15,201			(162,153	)		683,174			611,807			71,367			—			683,174
Property management revenues, primarily from affiliates		6,622			(651	)		—			5,971			2,084			3,887			—			5,971
Activity fees and asset management revenues, primarily from affiliates		21,673			—			—			21,673			2,711			18,962			—			21,673
Total revenues		858,421			14,550			(162,153	)		710,818			616,602			94,216			—			710,818
Expenses:
Property operating expenses:
Same Store properties (2)		264,830			419			(43,780	)		221,469			221,469			—			—			221,469
Acquisition properties		5,628			816			(169	)		6,275			6,275			—			—			6,275
Redevelopment properties		31,415			—			(4,102	)		27,313			27,313			—			—			27,313
Other properties		10,772			1,380			(786	)		11,366			11,366			—			—			11,366
Affordable properties		63,295			5,610			(30,740	)		38,165			—			38,165			—			38,165
Casualties		(3,215	)		16			1,333			(1,866	)		(1,729	)		(137	)		—			(1,866	)
Property management expenses (consolidated properties)		15,815			—			(8,309	)		7,506			9,534			(2,028	)		—			7,506
Total property operating expenses		388,540			8,241			(86,553	)		310,228			274,228			36,000			—			310,228
Property management expenses (unconsolidated and third party properties)		2,643			—			—			2,643			1,511			1,132			—			2,643
Activity and asset management expenses		5,671			—			—			5,671			—			5,671			—			5,671
Depreciation and amortization		228,236			1,854			(25,218	)		204,872			180,174			24,698			—			204,872
General and administrative expenses		47,508			60			(2,473	)		45,095			15,538			7,155			22,402			45,095
Other expenses (income), net		2,874			4,000			(7,465	)		(591	)		(1,919	)		1,328			—			(591	)
Total expenses		675,472			14,155			(121,709	)		567,918			469,532			75,984			22,402			567,918
Operating income		182,949			395			(40,444	)		142,900			147,070			18,232			(22,402	)		142,900
Interest income:
General partner loan interest		2,558			(133	)		13,738			16,163			10,474			5,689			—			16,163
Money market and interest bearing accounts		10,080			503			(2,300	)		8,283			2,701			1,739			3,843			8,283
Accretion on discounted notes receivable		54			—			—			54			43			11			—			54
Total interest income		12,692			370			11,438			24,500			13,218			7,439			3,843			24,500
Provision for losses on notes receivable		(764	)		—			—			(764	)		(91	)		(673	)		—			(764	)
Interest expense:
Property debt (primarily non-recourse)		(195,956	)		(3,236	)		35,691			(163,501	)		(149,992	)		(13,509	)		—			(163,501	)
Lines of credit		(20,301	)		—			—			(20,301	)		—			—			(20,301	)		(20,301	)
Capitalized interest		11,968			35			(967	)		11,036			10,488			548			—			11,036
Total interest expense		(204,289	)		(3,201	)		34,724			(172,766	)		(139,504	)		(12,961	)		(20,301	)		(172,766	)
Deficit distributions to minority partners		(6,282	)		—			—			(6,282	)		(5,619	)		(663	)		—			(6,282	)
Equity in losses of unconsolidated real estate partnerships		(2,436	)		2,436			—			—			—			—			—			—
Impairment losses related to real estate partnerships		971			—			—			971			1,042			(71	)		—			971
Gain on dispositions of real estate related to unconsolidated entities and other		13,756			—			—			13,756			7,353			6,403			—			13,756
Income before minority interests and discontinued operations		(3,403	)		—			5,718			2,315			23,469			17,706			(38,860	)		2,315
Minority interests:
Minority interest in consolidated real estate partnerships		5,718			—			(5,718	)		—			—			—			—			—
Minority interest in Aimco Operating Partnership		735			—			—			735			(2,316	)		(1,748	)		4,799			735
Total minority interests		6,453			—			(5,718	)		735			(2,316	)		(1,748	)		4,799			735
Income from continuing operations		3,050			—			—			3,050			21,153			15,958			(34,061	)		3,050
Income (loss) from discontinued operations, net		116,112			—			—			116,112			110,560			5,552			—			116,112
Net income	$	119,162		$	—		$	—		$	119,162		$	131,713		$	21,510		$	(34,061	)	$	119,162

(1)	See definitions and descriptions in Glossary
(2)	Same store amounts in this schedule may differ from the same store amounts in Schedules 6a-6b. 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) (continued)

Business Component Proportionate Income Statement Presentation
Six Months Ended June 30, 2006
(in thousands) (unaudited)

	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)	$	119,162		$	131,713		$	21,510		$	(34,061	)	$	119,162
Proportionate share of depreciation and amortization		204,872			180,174			24,698			—			204,872
Depreciation and amortization related to non-real estate assets		(9,268	)		(6,682	)		(2,586	)		—			(9,268	)
Deficit distributions to minority partners		6,282			5,619			663			—			6,282
Gain on dispositions of real estate related to unconsolidated entities and other		(13,756	)		(7,353	)		(6,403	)		—			(13,756	)
Gain on dispositions of non-depreciable assets		6,371			6,371			—			—			6,371
Discontinued operations		(126,596	)		(120,379	)		(6,217	)		—			(126,596	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(6,699	)		(5,697	)		(1,002	)		—			(6,699	)
Preferred stock dividends		(40,514	)		—			—			(40,514	)		(40,514	)
Redemption related preferred stock issuance costs		(2,574	)		—			—			(2,574	)		(2,574	)
Dividends/distributions on dilutive preferred securities		123			—			—			123			123
FFO Attributable to Common Stockholders - Diluted	$	137,403		$	183,766		$	30,663		$	(77,026	)	$	137,403
Capital Replacements		(37,525	)		(34,409	)		(3,116	)		—			(37,525	)
Impairment losses related to real estate partnerships		(971	)		(1,042	)		71			—			(971	)
(Recovery of impairment losses) impairment losses on real estate assets sold or held for sale		8			418			(410	)		—			8
Redemption related preferred stock issuance costs		2,574			—			—			2,574			2,574
Minority interest in Aimco Operating Partnership’s share of adjustments		3,542			3,224			318			—			3,542
Dividends/distributions on non-dilutive preferred securities		(123	)		—			—			(123	)		(123	)
AFFO Attributable to Common Stockholders - Diluted	$	104,908		$	151,957		$	27,526		$	(74,575	)	$	104,908
Interest expense		172,766			139,504			12,961			20,301			172,766
Discontinued operations		17,177			14,944			2,233			—			17,177
Preferred stock dividends		40,514			—			—			40,514			40,514
Minority interest in Aimco Operating Partnership		(735	)		2,316			1,748			(4,799	)		(735	)
Minority interest in Aimco Operating Partnership’s share of adjustments		3,157			2,473			684			—			3,157
Free Cash Flow (FCF, see Glossary for updated definition)	$	337,786		$	311,194		$	45,152		$	(18,559	)	$	337,786
FCF Breakdown:
Real estate		335,420
Property management		3,328
Activity and asset management		16,002
Interest income		24,500
Provision for losses on notes receivable		(764	)
General and administrative expenses		(45,095	)
Other (expenses) income, net		591
Discontinued operations		6,700
Gain on dispositions of non-depreciable assets		6,371
Depreciation and amortization related to non-real estate assets		(9,268	)
Total FCF	$	337,786

	For the Six Months Ended June 30, 2006
	FFO			AFFO			FCF
Reconciliation of Net Income to FFO, AFFO and FCF:
Net income	$	119,162		$	119,162		$	119,162
Total interest expense after minority partners’ share		—			—			172,766
Preferred stock dividends		(40,514	)		(40,514	)		—
Redemption related preferred stock issuance costs		(2,574	)		—			—
Proportionate share of depreciation and amortization		204,872			204,872			204,872
Depreciation and amortization related to non-real estate assets		(9,268	)		(9,268	)		(9,268	)
Gain on dispositions of real estate related to unconsolidated entities and other		(13,756	)		(13,756	)		(13,756	)
Gain on dispositions of non-depreciable assets		6,371			6,371			6,371
Impairment losses related to real estate partnerships		—			(971	)		(971	)
Discontinued operations:
Minority interest in Aimco operating partnership and interest expense, net of minority partners’ interest		—			—			17,177
Depreciation of rental property, net of minority partners’ interest		4,403			4,403			4,403
Gain on dispositions of real estate, net of minority partners’ interest		(142,571	)		(142,571	)		(142,571	)
Recovery of impairment losses on real estate assets sold or held for sale		—			8			8
Recovery of deficit distributions to minority partners		(16,415	)		(16,415	)		(16,415	)
Income tax arising from dispositions		27,986			27,986			27,986
Deficit distributions to minority partners		6,282			6,282			6,282
Capital Replacements		—			(37,525	)		(37,525	)
Dividends/distributions on dilutive preferred securities		123			—			—
Minority interest in Aimco Operating Partnership’s share of above adjustments		(6,699	)		(3,157	)		—
Minority interest in Aimco Operating Partnership		—			—			(735	)
Total	$	137,403		$	104,908		$	337,786

Supplemental Schedule 3

Business Component Proportionate Balance Sheet Presentation
As of June 30, 2006
(in thousands) (unaudited)

	Consolidated			Total																		Total
	GAAP			Proportionate						Proportionate												Proportionate
	Balance Sheet			Share of			Minority			Consolidated												Consolidated
	as of			Unconsolidated			Partners’			Balance						Aimco						Balance
	June 30, 2006			Partnerships [a]			Interest [b]			Sheet [c]			Conventional			Capital			Corporate			Sheet [c]
ASSETS
Buildings and improvements	$	9,621,985		$	101,446		$	(1,851,394	)	$	7,872,037		$	7,228,765		$	643,272		$	—		$	7,872,037
Land		2,337,304			19,401			(152,933	)		2,203,772			2,121,744			82,028			—			2,203,772
Accumulated depreciation		(2,807,340	)		(36,168	)		999,259			(1,844,249	)		(1,671,688	)		(172,561	)		—			(1,844,249	)
NET REAL ESTATE		9,151,949			84,679			(1,005,068	)		8,231,560			7,678,821			552,739			—			8,231,560
Cash and cash equivalents		323,463			3,742			(78,921	)		248,284			203,951			44,333			—			248,284
Restricted cash		341,267			6,423			(104,052	)		243,638			160,078			83,560			—			243,638
Accounts receivable		65,830			824			—			66,654			42,952			23,702			—			66,654
Accounts receivable from affiliates		24,984			—			—			24,984			1,839			23,145			—			24,984
Deferred financing costs		74,529			—			—			74,529			58,757			15,772			—			74,529
Notes receivable from unconsolidated real estate partnerships		45,705			—			—			45,705			7,023			38,682			—			45,705
Notes receivable from non-affiliates		51,497			—			—			51,497			17,337			34,160			—			51,497
Investment in unconsolidated real estate partnerships		59,036			(5,891	)		—			53,145			16,144			37,001			—			53,145
Other assets		221,155	[d]		14,764			—			235,919			111,513			124,406			—			235,919
Assets held for sale		32,981			—			—			32,981			32,825			156			—			32,981
TOTAL ASSETS	$	10,392,396		$	104,541		$	(1,188,041	)	$	9,308,896		$	8,331,240		$	977,656		$	—		$	9,308,896
LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	1,043,755		$	151		$	(69,314	)	$	974,592		$	952,211		$	22,381		$	—		$	974,592
Property loans payable		5,163,064			93,333			(1,009,220	)		4,247,177			3,824,977			422,200			—			4,247,177
Term loans		400,000			—			—			400,000			—			—			400,000			400,000
Credit facility		—			—			—			—			—			—			—			—
TOTAL INDEBTEDNESS		6,606,819			93,484			(1,078,534	)		5,621,769			4,777,188			444,581			400,000			5,621,769
Accounts payable		30,460			11,057			—			41,517			36,102			5,415			—			41,517
Accrued liabilities and other		396,474			—			—			396,474			213,115			183,359			—			396,474
Deferred income		98,814			—			—			98,814			93,878			4,936			—			98,814
Security deposits		43,851			—			—			43,851			37,972			5,879			—			43,851
Deferred income tax liability, net		6,219			—			—			6,219			6,219			—			—			6,219
Liabilities related to assets held for sale		18,135			—			—			18,135			18,135			—			—			18,135
TOTAL LIABILITIES		7,200,772			104,541			(1,078,534	)		6,226,779			5,182,609			644,170			400,000			6,226,779
Minority interest in consolidated real estate partnerships		268,629			—			(109,507	)		159,122			255,820			(96,698	)		—			159,122
Minority interest in Aimco Operating Partnership		206,255			—			—			206,255			—			—			206,255			206,255
NET OPERATING ASSETS				$	—		$	—			2,716,740			2,892,811			430,184			(606,255	)		2,716,740
STOCKHOLDERS’ EQUITY
Class A Common Stock		972
Additional paid-in capital		3,131,677
Perpetual preferred stock		897,000
Convertible preferred stock		100,000
Distributions in excess of earnings		(1,405,277	)
Notes due on common stock purchases		(7,632	)
TOTAL STOCKHOLDERS’ EQUITY		2,716,740
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,392,396

[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, Aimco has notes receivable from consolidated partnerships which are eliminated in the GAAP balance sheet. The minority partners’ share of amounts payable to Aimco pursuant those notes is $249.9 million.
[c]	Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of June 30, 2006, plus Aimco’s proportionate share of selected unconsolidated balance sheet data and less minority partners’ share of selected balance sheet data.
[d]	Other assets includes $81.9 million related to goodwill and $11.5 million related to investment in management contracts.

Supplemental Schedule 4

Share Data
As of June 30, 2006
(in thousands)
(unaudited)

											Current Quarter			Current Quarter			Current Quarter
								Shares/Units			Weighted Average			Weighted Average			Weighted Average
	Redemption							Outstanding			Outstanding Shares			Outstanding Shares			Outstanding Shares
	Date (1)		Coupon			Amount		As of June 30, 2006			(EPS)			(FFO)			(AFFO)
Class A Common Stock									97,171			96,071	(2)		96,071	(2)		96,071	(2)
Common Partnership Units and equivalents									10,253	(7)		—			—			—
Other dilutive common stock equivalents									—			—			1,404			1,404
Total									107,424			96,071			97,475			97,475
Perpetual Preferred Stock (3):
Class G		7/15/2008		9.375	%	$	101,250		4,050			—			—			—
Class R		7/20/2006		10.00	%		173,500		6,940			—			—			—
Class T		7/31/2008		8.00	%		150,000		6,000			—			—			—
Class U		3/24/2009		7.75	%		200,000		8,000			—			—			—
Class V		9/29/2009		8.00	%		86,250		3,450			—			—			—
Class Y		12/21/2009		7.875	%		86,250		3,450			—			—			—
Series A Community Reinvestment Act		6/30/2011		6.750	%		100,000		—	(5)
Total perpetual preferred stock							897,250		31,890			—			—			—
Convertible Preferred Stock:
Class W (4)		9/30/2007		8.10	%		100,000		1,905			—			—			—
Total convertible preferred stock							100,000		1,905			—			—			—
Preferred Partnership Units (6)				8.05	%		89,486		3,268			—			91			—
Total preferred securities						$	1,086,736		37,063			—			91			—
Total common, common equivalents and dilutive securities												96,071			97,566			97,475

(1)	The redemption date is the date the securities are first eligible for redemption by Aimco.
(2)	Includes a deduction of 1,140 for non-recourse shares and unvested restricted stock.
(3)	Preferred stock amounts are shown gross of any eliminations necessary for the GAAP Consolidated Balance Sheet.
(4)	Conversion ratio for Class W is 1.0 to 1.0.
(5)	Represents 200 shares at a liquidation preference per share of $500,000. The dividend rate is a variable rate per annum equal to the Three-Month LIBOR Rate plus 1.25%, calculated as of the beginning of each quarterly dividend period.
(6)	Coupon is based on a weighted average.
(7)	Consists of 7,874,000 Common Partnership Units and 2,379,000 Class I High Performance Partnership Units.

Supplemental Schedule 5

Selected Debt Structure and Maturity Data
As of June 30, 2006
(dollars in thousands)
(unaudited)

I. Debt Balances and Data

										Weighted
			Proportionate							Average
			Share of		Minority			Total Aimco		Maturity		Weighted
Debt	Consolidated		Unconsolidated		Interest			Share		(years)		Average Rate
Property Debt (primarily non-recourse):
Conventional Portfolio:
Fixed rate loans payable	$	3,906,885	$	43,264	$	(610,749	)	$	3,339,400		10.9		6.55	%
Floating rate loans payable		543,977		—		(58,400	)		485,577		2.4		6.33	%
Total property loans payable:		4,450,862		43,264		(669,149	)		3,824,977		9.8		6.52	%
Fixed rate tax-exempt bonds		241,304		—		(9,753	)		231,551		17.3		5.98	%
Floating rate tax-exempt bonds		726,077		—		(5,418	)		720,659		11.2		4.24	%
Total property tax-exempt bond financing:		967,381		—		(15,171	)		952,210		12.7		4.66	%
Total Property Debt on Conventional Portfolio		5,418,243		43,264		(684,320	)		4,777,187		10.4		6.15	%
Affordable Portfolio:
Fixed rate loans payable		698,378		41,941		(334,836	)		405,483		17.1		5.51	%
Floating rate loans payable		13,824		8,128		(5,235	)		16,717		2.7		4.98	%
Total property loans payable:		712,202		50,069		(340,071	)		422,200		16.6		5.49	%
Fixed rate tax-exempt bonds		76,374		151		(54,143	)		22,382		25.3		3.92	%
Floating rate tax-exempt bonds		—		—		—			—		—
Total property tax-exempt bond financing:		76,374		151		(54,143	)		22,382		25.3		3.92	%
Total Property Debt on Affordable Portfolio		788,576		50,220		(394,214	)		444,582		17.0		5.41	%
Total Property Debt (1)	$	6,206,819	$	93,484	$	(1,078,534	)	$	5,221,769		10.9		6.09	%
Corporate Debt:
Term Loan	$	400,000	$	—	$	—		$	400,000		—		6.64	%
Credit Facility		—		—		—			—		—
Total Corporate Debt	$	400,000	$	—	$	—		$	400,000		—		6.64	%
Total Debt	$	6,606,819	$	93,484	$	(1,078,534	)	$	5,621,769		—		6.13	%

(1) The total consolidated property debt shown above excludes $18.0 million of consolidated property debt, with a weighted average interest rate of 6.98%, classified as liabilities related to assets held for sale on Aimco’s consolidated balance sheet.

II. Debt Maturities

Consolidated Property Debt							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
Q3 2006	$	48,177	$	21,412	$	69,589		1.1	%		8.43	%
Q4 2006		44,215		228,456		272,671		4.4	%		6.35	%
Q1 2007		47,117		21,418		68,535		1.1	%		6.60	%
Q2 2007		47,946		15,294		63,240		1.0	%		4.80	%
Q3 2007		48,369		147,328		195,697		3.2	%		6.26	%
Q4 2007		49,221		119,116		168,337		2.7	%		6.57	%
Q1 2008		42,370		103,860		146,230		2.4	%		7.88	%
Q2 2008		42,687		68,273		110,960		1.8	%		5.96	%
2008 remaining		76,311		153,481		229,792		3.7	%		5.69	%
2009		156,916		375,787		532,703		8.6	%		5.27	%
2010		162,138		177,039		339,177		5.5	%		6.43	%
Thereafter						4,009,888		64.6	%
Total Property Debt:					$	6,206,819		100.0	%

Corporate Debt							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
2011	$	—	$	400,000	$	400,000		100.0	%		6.64	%
Total Corporate Debt:	$	—	$	400,000	$	400,000		100.0	%		6.64	%

Supplemental Schedule 5 (continued)

Selected Debt Structure and Maturity Data
As of June 30, 2006
(in millions)
(unaudited)

III. Loan Closings

SECOND QUARTER LOAN CLOSINGS	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Property Loan Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds (1)		Rate			Rate
Refinancings:
Fixed Rate	$	149.8	$	270.0	$	146.2	$	257.1	$	107.6		5.95	%		5.69	%
Floating Rate		5.1		8.0		5.1		8.0		2.8		8.50	%		5.84	%
Affordable, Mark-to-Market and Other		3.7		17.8		3.1		13.5		11.5		6.00	%		5.49	%
Loans Relating to Acquisitions:
Fixed Rate		—		13.4		—		6.6		6.4		—			5.95	%
Floating Rate		—		—		—		—		—		—			—
Totals	$	158.6	$	309.2	$	154.4	$	285.2	$	128.3		6.03	%		5.70	%

YEAR-TO-DATE LOAN CLOSINGS	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Property Loan Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds (1)		Rate			Rate
Refinancings:
Fixed Rate	$	257.1	$	538.5	$	249.5	$	518.9	$	264.1		5.92	%		5.63	%
Floating Rate		45.2		108.6		40.3		105.9		64.6		7.93	%		5.53	%
Affordable, Mark-to-Market and Other		5.7		20.4		3.6		14.0		11.5		6.39	%		5.10	%
Loans Relating to Acquisitions:
Fixed Rate		—		13.4		—		6.6		6.4		—			5.95	%
Floating Rate		—		—		—		—		—		—			—
Totals	$	308.0	$	680.9	$	293.4	$	645.4	$	346.6		6.23	%		5.60	%

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

IV. Capitalization

	December 31, 2005						March 31, 2006						June 30, 2006
	Amount			Percent			Amount			Percent			Amount			Percent
Corporate debt	$	617			6	%	$	442			4	%	$	400			4	%
Property debt (Aimco’s share)		5,156			49	%		5,188			46	%		5,222			48	%
Total Debt		5,773			55	%		5,630			50	%		5,622			52	%
Less: Cash and restricted cash		(379	)		-4	%		(406	)		-4	%		(492	)		-5	%
Net Debt		5,394			51	%		5,224			46	%		5,130			47	%
Preferred equity		1,101			10	%		987			9	%		1,087			10	%
Common equity at market (1)		4,017			39	%		5,041			45	%		4,668			43	%
Total Capitalization	$	10,512			100	%	$	11,252			100	%	$	10,885			100	%

(1) Common equity at market at June 30, 2006 was calculated using 107.424 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $43.45 per share/unit on June 30, 2006.

V. Credit Ratings

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

Supplemental Schedule 6(a)

Same Store Sales
Second Quarter 2006 Compared to Second Quarter 2005
(unaudited) (in thousands, except site and unit data)

																											Change
									Three Months Ended									Three Months Ended
									June 30, 2006									June 30, 2005									Revenue					Expenses						NOI
	Sites		Units			Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount		Percent			Amount			Percent			Amount		Percent
California
Bay Area & Sacramento		5		1,291			44	%	$	1,815	$	650	$	1,165				$	1,663	$	711	$	952				$	152		9.1	%	$	(61	)		-8.6	%	$	213		22.4	%
Los Angeles-Long Beach — Ventura		12		2,638			88	%		13,017		4,082		8,935					11,713		3,913		7,800					1,304		11.1	%		169			4.3	%		1,135		14.6	%
Orange County — Riverside		7		1,651			83	%		5,487		1,625		3,862					5,037		1,525		3,512					450		8.9	%		100			6.6	%		350		10.0	%
San Diego		5		1,719			92	%		5,221		1,688		3,533					5,006		1,610		3,396					215		4.3	%		78			4.8	%		137		4.0	%
		29		7,299			80.1	%		25,540		8,045		17,495		96.2	%		23,419		7,759		15,660		95.0	%		2,121		9.1	%		286			3.7	%		1,835		11.7	%
Florida
Jacksonville		2		592			100	%		1,322		521		801					1,255		476		779					67		5.3	%		45			9.5	%		22		2.8	%
Miami/Fort Lauderdale		10		3,225			84	%		10,170		4,086		6,084					9,066		3,650		5,416					1,104		12.2	%		436			11.9	%		668		12.3	%
Orlando — Daytona		21		5,390			93	%		12,227		4,974		7,253					11,004		4,638		6,366					1,223		11.1	%		336			7.2	%		887		13.9	%
Tampa-St. Petersburg		16		3,983			70	%		6,574		2,706		3,868					5,861		2,430		3,431					713		12.2	%		276			11.4	%		437		12.7	%
West Palm Beach-Boca		5		1,505			100	%		4,347		1,785		2,562					3,914		1,525		2,389					433		11.1	%		260			17.0	%		173		7.2	%
		54		14,695			85.8	%		34,640		14,072		20,568		96.3	%		31,100		12,719		18,381		96.3	%		3,540		11.4	%		1,353			10.6	%		2,187		11.9	%
Midwest
Chicago		20		5,708			82	%		13,592		6,045		7,547					12,659		5,647		7,012					933		7.4	%		398			7.0	%		535		7.6	%
Cincinnati — Dayton		8		1,659			55	%		2,115		928		1,187					2,027		915		1,112					88		4.3	%		13			1.4	%		75		6.7	%
Columbus		9		2,012			72	%		2,628		1,365		1,263					2,281		1,457		824					347		15.2	%		(92	)		-6.3	%		439		53.3	%
Detroit — Ann Arbor		6		1,665			62	%		2,093		1,089		1,004					2,030		1,063		967					63		3.1	%		26			2.4	%		37		3.8	%
Grand Rapids-Lansing		11		4,402			67	%		5,437		2,752		2,685					5,158		2,981		2,177					279		5.4	%		(229	)		-7.7	%		508		23.3	%
Indianapolis		24		9,518			92	%		14,920		7,620		7,300					13,820		7,885		5,935					1,100		8.0	%		(265	)		-3.4	%		1,365		23.0	%
Minneapolis — St. Paul		4		1,222			80	%		3,234		1,412		1,822					2,896		1,432		1,464					338		11.7	%		(20	)		-1.4	%		358		24.5	%
Midwest other		8		1,945			48	%		1,828		832		996					1,709		798		911					119		7.0	%		34			4.3	%		85		9.3	%
		90		28,131			77.0	%		45,847		22,043		23,804		93.7	%		42,580		22,178		20,402		89.3	%		3,267		7.7	%		(135	)		-0.6	%		3,402		16.7	%
Northeast
Baltimore		10		2,607			90	%		7,336		2,985		4,351					6,841		2,597		4,244					495		7.2	%		388			14.9	%		107		2.5	%
New England		16		5,745			100	%		19,603		7,001		12,602					19,112		7,211		11,901					491		2.6	%		(210	)		-2.9	%		701		5.9	%
Philadelphia		11		4,721			85	%		13,745		5,037		8,708					12,812		4,882		7,930					933		7.3	%		155			3.2	%		778		9.8	%
Washington		18		9,066			90	%		26,367		9,364		17,003					25,313		9,213		16,100					1,054		4.2	%		151			1.6	%		903		5.6	%
		55		22,139			91.7	%		67,051		24,387		42,664		95.3	%		64,078		23,903		40,175		94.8	%		2,973		4.6	%		484			2.0	%		2,489		6.2	%
Southeast
Atlanta		13		3,510			86	%		6,018		3,090		2,928					5,798		3,187		2,611					220		3.8	%		(97	)		-3.0	%		317		12.1	%
Savannah/Augusta		2		416			100	%		944		337		607					863		340		523					81		9.4	%		(3	)		-0.9	%		84		16.1	%
Charlotte-Gastonia		5		1,100			90	%		1,559		949		610					1,504		907		597					55		3.7	%		42			4.6	%		13		2.2	%
Columbia/Charleston		6		1,238			70	%		1,638		816		822					1,433		809		624					205		14.3	%		7			0.9	%		198		31.7	%
Nashville		8		2,492			75	%		4,131		1,886		2,245					3,822		1,692		2,130					309		8.1	%		194			11.5	%		115		5.4	%
Norfolk		10		3,161			81	%		7,129		2,484		4,645					6,599		2,362		4,237					530		8.0	%		122			5.2	%		408		9.6	%
Raleigh-Durham-Chapel Hill		7		2,046			76	%		2,719		1,415		1,304					2,524		1,390		1,134					195		7.7	%		25			1.8	%		170		15.0	%
Richmond — Petersburg		3		744			80	%		1,338		483		855					1,244		471		773					94		7.6	%		12			2.5	%		82		10.6	%
Southeast other		12		2,617			81	%		4,065		1,957		2,108					3,656		1,857		1,799					409		11.2	%		100			5.4	%		309		17.2	%
		66		17,324			80.6	%		29,541		13,417		16,124		92.1	%		27,443		13,015		14,428		89.6	%		2,098		7.6	%		402			3.1	%		1,696		11.8	%
Texas
Austin-San Marcos		11		2,417			94	%		4,331		2,280		2,051					4,074		2,104		1,970					257		6.3	%		176			8.4	%		81		4.1	%
Dallas-Fort Worth		22		5,847			78	%		8,402		4,451		3,951					7,583		3,947		3,636					819		10.8	%		504			12.8	%		315		8.7	%
Houston — Galveston		36		9,570			69	%		12,202		6,487		5,715					10,637		5,947		4,690					1,565		14.7	%		540			9.1	%		1,025		21.9	%
San Antonio		9		1,951			92	%		3,019		1,559		1,460					2,800		1,376		1,424					219		7.8	%		183			13.3	%		36		2.5	%
Texas other		3		763			65	%		905		408		497					825		369		456					80		9.7	%		39			10.6	%		41		9.0	%
		81		20,548			76.6	%		28,859		15,185		13,674		93.5	%		25,919		13,743		12,176		86.6	%		2,940		11.3	%		1,442			10.5	%		1,498		12.3	%
West
Denver		22		4,813			84	%		8,965		3,903		5,062					8,188		3,836		4,352					777		9.5	%		67			1.7	%		710		16.3	%
Phoenix-Mesa		21		5,671			93	%		10,376		4,792		5,584					9,234		4,495		4,739					1,142		12.4	%		297			6.6	%		845		17.8	%
Salt Lake City-Ogden		4		1,511			86	%		2,394		940		1,454					2,180		966		1,214					214		9.8	%		(26	)		-2.7	%		240		19.8	%
Seattle		4		468			59	%		723		336		387					648		316		332					75		11.5	%		20			6.3	%		55		16.5	%
West other		8		2,296			86	%		3,649		1,655		1,994					3,346		1,541		1,805					303		9.1	%		114			7.4	%		189		10.5	%
		59		14,759			87.3	%		26,107		11,626		14,481		94.6	%		23,596		11,154		12,442		89.9	%		2,511		10.6	%		472			4.2	%		2,039		16.4	%
SAME STORE SALES TOTALS		434		124,895	(2)		82.5	%	$	257,585	$	108,775	$	148,810		94.3	%	$	238,135	$	104,471	$	133,664		91.1	%	$	19,450		8.2	%	$	4,304			4.1	%	$	15,146		11.3	%
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement (1)										161,649		81,710		79,939					106,524		56,236		50,288
Total rental and other property revenues and property operating expense per GAAP income statement									$	419,234	$	190,485	$	228,749				$	344,659	$	160,707	$	183,952

(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.
(2)	Same Store Effective Units were approximately 103,000 at June 30, 2006.

Supplemental Schedule 6(b)

Same Store Sales
Second Quarter 2006 Compared to First Quarter 2006
(unaudited) (in thousands, except site and unit data)

																											Change
									Three Months Ended									Three Months Ended
									June 30, 2006									March 31, 2006									Revenue						Expenses						NOI
	Sites		Units			Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount			Percent			Amount			Percent			Amount			Percent
California
Bay Area & Sacramento		5		1,291			44	%	$	1,815	$	650	$	1,165				$	1,767	$	690	$	1,077				$	48			2.7	%	$	(40	)		-5.8	%	$	88			8.2	%
Los Angeles-Long Beach — Ventura		12		2,638			88	%		13,017		4,082		8,935					12,645		4,209		8,436					372			2.9	%		(127	)		-3.0	%		499			5.9	%
Orange County — Riverside		7		1,651			83	%		5,487		1,625		3,862					5,407		1,646		3,761					80			1.5	%		(21	)		-1.3	%		101			2.7	%
San Diego		5		1,719			92	%		5,221		1,688		3,533					5,112		1,686		3,426					109			2.1	%		2			0.1	%		107			3.1	%
		29		7,299			80.1	%		25,540		8,045		17,495		96.2	%		24,931		8,231		16,700		95.9	%		609			2.4	%		(186	)		-2.3	%		795			4.8	%
Florida
Jacksonville		2		592			100	%		1,322		521		801					1,313		498		815					9			0.7	%		23			4.6	%		(14	)		-1.7	%
Miami/Fort Lauderdale		10		3,225			84	%		10,170		4,086		6,084					9,925		3,963		5,962					245			2.5	%		123			3.1	%		122			2.0	%
Orlando — Daytona		21		5,390			93	%		12,227		4,974		7,253					12,074		4,949		7,125					153			1.3	%		25			0.5	%		128			1.8	%
Tampa-St. Petersburg		16		3,983			70	%		6,574		2,706		3,868					6,409		2,679		3,730					165			2.6	%		27			1.0	%		138			3.7	%
West Palm Beach-Boca		5		1,505			100	%		4,347		1,785		2,562					4,310		1,641		2,669					37			0.9	%		144			8.8	%		(107	)		-4.0	%
		54		14,695			85.8	%		34,640		14,072		20,568		96.3	%		34,031		13,730		20,301		97.8	%		609			1.8	%		342			2.5	%		267			1.3	%
Midwest
Chicago		20		5,708			82	%		13,592		6,045		7,547					13,308		6,510		6,798					284			2.1	%		(465	)		-7.1	%		749			11.0	%
Cincinnati — Dayton		8		1,659			55	%		2,115		928		1,187					2,018		1,054		964					97			4.8	%		(126	)		-12.0	%		223			23.1	%
Columbus		9		2,012			72	%		2,628		1,365		1,263					2,562		1,571		991					66			2.6	%		(206	)		-13.1	%		272			27.4	%
Detroit — Ann Arbor		6		1,665			62	%		2,093		1,089		1,004					2,179		1,097		1,082					(86	)		-3.9	%		(8	)		-0.7	%		(78	)		-7.2	%
Grand Rapids-Lansing		11		4,402			67	%		5,437		2,752		2,685					5,434		2,807		2,627					3			0.1	%		(55	)		-2.0	%		58			2.2	%
Indianapolis		24		9,518			92	%		14,920		7,620		7,300					14,819		7,009		7,810					101			0.7	%		611			8.7	%		(510	)		-6.5	%
Minneapolis — St. Paul		4		1,222			80	%		3,234		1,412		1,822					3,184		1,603		1,581					50			1.6	%		(191	)		-11.9	%		241			15.2	%
Midwest other		8		1,945			48	%		1,828		832		996					1,822		887		935					6			0.3	%		(55	)		-6.2	%		61			6.5	%
		90		28,131			77.0	%		45,847		22,043		23,804		93.7	%		45,326		22,538		22,788		94.1	%		521			1.1	%		(495	)		-2.2	%		1,016			4.5	%
Northeast
Baltimore		10		2,607			90	%		7,336		2,985		4,351					7,126		3,175		3,951					210			2.9	%		(190	)		-6.0	%		400			10.1	%
New England		16		5,745			100	%		19,603		7,001		12,602					19,300		7,712		11,588					303			1.6	%		(711	)		-9.2	%		1,014			8.8	%
Philadelphia		11		4,721			85	%		13,745		5,037		8,708					13,521		5,478		8,043					224			1.7	%		(441	)		-8.1	%		665			8.3	%
Washington		18		9,066			90	%		26,367		9,364		17,003					26,030		10,149		15,881					337			1.3	%		(785	)		-7.7	%		1,122			7.1	%
		55		22,139			91.7	%		67,051		24,387		42,664		95.3	%		65,977		26,514		39,463		95.7	%		1,074			1.6	%		(2,127	)		-8.0	%		3,201			8.1	%
Southeast
Atlanta		13		3,510			86	%		6,018		3,090		2,928					6,029		3,109		2,920					(11	)		-0.2	%		(19	)		-0.6	%		8			0.3	%
Savannah/Augusta		2		416			100	%		944		337		607					891		324		567					53			5.9	%		13			4.0	%		40			7.1	%
Charlotte-Gastonia		5		1,100			90	%		1,559		949		610					1,472		950		522					87			5.9	%		(1	)		-0.1	%		88			16.9	%
Columbia/Charleston		6		1,238			70	%		1,638		816		822					1,593		845		748					45			2.8	%		(29	)		-3.4	%		74			9.9	%
Nashville		8		2,492			75	%		4,131		1,886		2,245					4,073		1,883		2,190					58			1.4	%		3			0.2	%		55			2.5	%
Norfolk		10		3,161			81	%		7,129		2,484		4,645					6,799		2,383		4,416					330			4.9	%		101			4.2	%		229			5.2	%
Raleigh-Durham-Chapel Hill		7		2,046			76	%		2,719		1,415		1,304					2,600		1,468		1,132					119			4.6	%		(53	)		-3.6	%		172			15.2	%
Richmond — Petersburg		3		744			80	%		1,338		483		855					1,339		463		876					(1	)		-0.1	%		20			4.3	%		(21	)		-2.4	%
Southeast other		12		2,617			81	%		4,065		1,957		2,108					3,983		1,944		2,039					82			2.1	%		13			0.7	%		69			3.4	%
		66		17,324			80.6	%		29,541		13,417		16,124		92.1	%		28,779		13,369		15,410		91.4	%		762			2.6	%		48			0.4	%		714			4.6	%
Texas
Austin-San Marcos		11		2,417			94	%		4,331		2,280		2,051					4,271		2,292		1,979					60			1.4	%		(12	)		-0.5	%		72			3.6	%
Dallas-Fort Worth		22		5,847			78	%		8,402		4,451		3,951					8,329		4,499		3,830					73			0.9	%		(48	)		-1.1	%		121			3.2	%
Houston — Galveston		36		9,570			69	%		12,202		6,487		5,715					12,060		6,611		5,449					142			1.2	%		(124	)		-1.9	%		266			4.9	%
San Antonio		9		1,951			92	%		3,019		1,559		1,460					3,025		1,454		1,571					(6	)		-0.2	%		105			7.2	%		(111	)		-7.1	%
Texas other		3		763			65	%		905		408		497					885		432		453					20			2.3	%		(24	)		-5.6	%		44			9.7	%
		81		20,548			76.6	%		28,859		15,185		13,674		93.5	%		28,570		15,288		13,282		94.0	%		289			1.0	%		(103	)		-0.7	%		392			3.0	%
West
Denver		22		4,813			84	%		8,965		3,903		5,062					8,943		3,934		5,009					22			0.2	%		(31	)		-0.8	%		53			1.1	%
Phoenix-Mesa		21		5,671			93	%		10,376		4,792		5,584					10,244		4,342		5,902					132			1.3	%		450			10.4	%		(318	)		-5.4	%
Salt Lake City-Ogden		4		1,511			86	%		2,394		940		1,454					2,365		979		1,386					29			1.2	%		(39	)		-4.0	%		68			4.9	%
Seattle		4		468			59	%		723		336		387					685		329		356					38			5.5	%		7			2.1	%		31			8.7	%
West other		8		2,296			86	%		3,649		1,655		1,994					3,565		1,650		1,915					84			2.4	%		5			0.3	%		79			4.1	%
		59		14,759			87.3	%		26,107		11,626		14,481		94.6	%		25,802		11,234		14,568		95.7	%		305			1.2	%		392			3.5	%		(87	)		-0.6	%
SAME STORE SALES TOTALS		434		124,895	(2)		82.5	%	$	257,585	$	108,775	$	148,810		94.3	%	$	253,416	$	110,904	$	142,512		94.7	%	$	4,169			1.6	%	$	(2,129	)		-1.9	%	$	6,298			4.4	%
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement (1)										161,649		81,710		79,939					157,476		87,151		70,325
Total rental and other property revenues and property operating expense per GAAP Income Statement									$	419,234	$	190,485	$	228,749				$	410,892	$	198,055	$	212,837

(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.
(2)	Same Store Effective Units were approximately 103,000 at June 30, 2006.

Supplemental Schedule 6(c)

Same Store Sales
Six Months Ended 2006 Compared to Six Months Ended 2005
(unaudited) (in thousands, except site and unit data)

																											Change
									Six Months Ended									Six Months Ended
									June 30, 2006									June 30, 2005									Revenue					Expenses						NOI
	Sites		Units			Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount		Percent			Amount			Percent			Amount			Percent
California
Bay Area & Sacramento		5		1,291			44	%	$	3,583	$	1,340	$	2,243				$	3,318	$	1,388	$	1,930				$	265		8.0	%	$	(48	)		-3.5	%	$	313			16.2	%
Los Angeles-Long Beach — Ventura		12		2,638			88	%		25,663		8,291		17,372					23,135		7,622		15,513					2,528		10.9	%		669			8.8	%		1,859			12.0	%
Orange County — Riverside		7		1,651			83	%		10,894		3,271		7,623					10,019		3,069		6,950					875		8.7	%		202			6.6	%		673			9.7	%
San Diego		5		1,719			92	%		10,333		3,375		6,958					9,959		3,164		6,795					374		3.8	%		211			6.7	%		163			2.4	%
		29		7,299			80.1	%		50,473		16,277		34,196		96.1	%		46,431		15,243		31,188		95.0	%		4,042		8.7	%		1,034			6.8	%		3,008			9.6	%
Florida
Jacksonville		2		592			100	%		2,635		1,019		1,616					2,484		943		1,541					151		6.1	%		76			8.1	%		75			4.9	%
Miami/Fort Lauderdale		10		3,225			84	%		20,095		8,049		12,046					17,835		7,381		10,454					2,260		12.7	%		668			9.1	%		1,592			15.2	%
Orlando — Daytona		21		5,390			93	%		24,301		9,923		14,378					21,766		9,277		12,489					2,535		11.6	%		646			7.0	%		1,889			15.1	%
Tampa-St. Petersburg		16		3,983			70	%		12,983		5,385		7,598					11,619		4,908		6,711					1,364		11.7	%		477			9.7	%		887			13.2	%
West Palm Beach-Boca		5		1,505			100	%		8,657		3,427		5,230					7,824		3,156		4,668					833		10.6	%		271			8.6	%		562			12.0	%
		54		14,695			85.8	%		68,671		27,803		40,868		97.0	%		61,528		25,665		35,863		96.3	%		7,143		11.6	%		2,138			8.3	%		5,005			14.0	%
Midwest
Chicago		20		5,708			82	%		26,900		12,555		14,345					25,100		11,496		13,604					1,800		7.2	%		1,059			9.2	%		741			5.4	%
Cincinnati — Dayton		8		1,659			55	%		4,132		1,983		2,149					4,014		1,766		2,248					118		2.9	%		217			12.3	%		(99	)		-4.4	%
Columbus		9		2,012			72	%		5,190		2,935		2,255					4,528		2,555		1,973					662		14.6	%		380			14.9	%		282			14.3	%
Detroit — Ann Arbor		6		1,665			62	%		4,272		2,186		2,086					3,956		2,182		1,774					316		8.0	%		4			0.2	%		312			17.6	%
Grand Rapids-Lansing		11		4,402			67	%		10,871		5,559		5,312					10,344		5,697		4,647					527		5.1	%		(138	)		-2.4	%		665			14.3	%
Indianapolis		24		9,518			92	%		29,739		14,628		15,111					27,215		14,841		12,374					2,524		9.3	%		(213	)		-1.4	%		2,737			22.1	%
Minneapolis — St. Paul		4		1,222			80	%		6,418		3,015		3,403					5,932		2,939		2,993					486		8.2	%		76			2.6	%		410			13.7	%
Midwest other		8		1,945			48	%		3,650		1,719		1,931					3,408		1,596		1,812					242		7.1	%		123			7.7	%		119			6.6	%
		90		28,131			77.0	%		91,172		44,580		46,592		93.7	%		84,497		43,072		41,425		89.2	%		6,675		7.9	%		1,508			3.5	%		5,167			12.5	%
Northeast
Baltimore		10		2,607			90	%		14,462		6,160		8,302					13,516		5,466		8,050					946		7.0	%		694			12.7	%		252			3.1	%
New England		15		5,505			100	%		37,603		14,099		23,504					36,079		14,092		21,987					1,524		4.2	%		7			0.0	%		1,517			6.9	%
Philadelphia		11		4,721			85	%		27,266		10,514		16,752					25,340		10,061		15,279					1,926		7.6	%		453			4.5	%		1,473			9.6	%
Washington		18		9,066			90	%		52,398		19,513		32,885					50,023		18,703		31,320					2,375		4.7	%		810			4.3	%		1,565			5.0	%
		54		21,899			91.6	%		131,729		50,286		81,443		95.5	%		124,958		48,322		76,636		94.7	%		6,771		5.4	%		1,964			4.1	%		4,807			6.3	%
Southeast
Atlanta		13		3,510			86	%		12,048		6,198		5,850					11,541		6,033		5,508					507		4.4	%		165			2.7	%		342			6.2	%
Savannah/Augusta		2		416			100	%		1,835		662		1,173					1,705		643		1,062					130		7.6	%		19			3.0	%		111			10.5	%
Charlotte-Gastonia		5		1,100			90	%		3,031		1,899		1,132					3,023		1,745		1,278					8		0.3	%		154			8.8	%		(146	)		-11.4	%
Columbia/Charleston		6		1,238			70	%		3,231		1,661		1,570					2,835		1,538		1,297					396		14.0	%		123			8.0	%		273			21.0	%
Nashville		8		2,492			75	%		8,204		3,769		4,435					7,589		3,215		4,374					615		8.1	%		554			17.2	%		61			1.4	%
Norfolk		10		3,161			81	%		13,928		4,867		9,061					12,903		4,538		8,365					1,025		7.9	%		329			7.2	%		696			8.3	%
Raleigh-Durham-Chapel Hill		7		2,046			76	%		5,319		2,883		2,436					5,065		2,679		2,386					254		5.0	%		204			7.6	%		50			2.1	%
Richmond — Petersburg		3		744			80	%		2,677		945		1,732					2,480		897		1,583					197		7.9	%		48			5.4	%		149			9.4	%
Southeast other		12		2,617			81	%		8,047		3,901		4,146					7,225		3,698		3,527					822		11.4	%		203			5.5	%		619			17.6	%
		66		17,324			80.6	%		58,320		26,785		31,535		91.7	%		54,366		24,986		29,380		89.6	%		3,954		7.3	%		1,799			7.2	%		2,155			7.3	%
Texas
Austin-San Marcos		11		2,417			94	%		8,601		4,573		4,028					8,087		4,207		3,880					514		6.4	%		366			8.7	%		148			3.8	%
Dallas-Fort Worth		22		5,847			78	%		16,730		8,949		7,781					15,100		8,114		6,986					1,630		10.8	%		835			10.3	%		795			11.4	%
Houston — Galveston		36		9,570			69	%		24,263		13,098		11,165					21,388		12,147		9,241					2,875		13.4	%		951			7.8	%		1,924			20.8	%
San Antonio		9		1,951			92	%		6,043		3,013		3,030					5,606		2,783		2,823					437		7.8	%		230			8.3	%		207			7.3	%
Texas other		3		763			65	%		1,790		840		950					1,644		771		873					146		8.9	%		69			8.9	%		77			8.8	%
		81		20,548			76.6	%		57,427		30,473		26,954		93.7	%		51,825		28,022		23,803		86.6	%		5,602		10.8	%		2,451			8.7	%		3,151			13.2	%
West
Denver		22		4,813			84	%		17,908		7,838		10,070					16,372		7,518		8,854					1,536		9.4	%		320			4.3	%		1,216			13.7	%
Phoenix-Mesa		21		5,671			93	%		20,620		9,134		11,486					18,278		8,814		9,464					2,342		12.8	%		320			3.6	%		2,022			21.4	%
Salt Lake City-Ogden		4		1,511			86	%		4,759		1,918		2,841					4,376		1,892		2,484					383		8.8	%		26			1.4	%		357			14.4	%
Seattle		4		468			59	%		1,408		665		743					1,283		628		655					125		9.7	%		37			5.9	%		88			13.4	%
West other		8		2,296			86	%		7,214		3,307		3,907					6,615		3,067		3,548					599		9.1	%		240			7.8	%		359			10.1	%
		59		14,759			87.3	%		51,909		22,862		29,047		95.2	%		46,924		21,919		25,005		89.9	%		4,985		10.6	%		943			4.3	%		4,042			16.2	%
SAME STORE SALES TOTALS		433		124,655	(2)		82.4	%	$	509,701	$	219,066	$	290,635		94.5	%	$	470,529	$	207,229	$	263,300		91.0	%	$	39,172		8.3	%	$	11,837			5.7	%	$	27,335			10.4	%
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement (1)										320,425		169,474		150,951					206,694		114,323		92,371
Total rental and other property revenues and property operating expense per GAAP Income Statement									$	830,126	$	388,540	$	441,586				$	677,223	$	321,552	$	355,671

(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.
(2)	Same Store Effective Units were approximately 103,000 at June 30, 2006.

Supplemental Schedule 7

Selected Portfolio Performance Data
(unaudited)

PORTFOLIO SUMMARY
SAME STORE PERFORMANCE

	SAME STORE PORTFOLIO
	CORE			NON-CORE			TOTAL
Rent, average second quarter 2006	$	951		$	614		$	797
Occupancy, average second quarter 2006		95.1	%		93.4	%		94.3	%
Operating Margin		61.5	%		49.8	%		57.7	%
Total number of properties		223			211			434
Total number of units		67,406			57,489			124,895
Effective Units		59,236			43,759			102,995
Percent of total Same Store NOI		72.4	%		27.6	%		100.0	%
2nd Quarter 2006 vs. 2nd Quarter 2005 Change
Revenue		7.5	%		8.6	%		8.2	%
Expenses		4.6	%		3.0	%		4.1	%
NOI		9.4	%		15.0	%		11.3	%
Sequential, 2nd Quarter 2006 vs. 1st Quarter 2006 Change
Revenue		1.9	%		1.1	%		1.6	%
Expenses		-2.8	%		-0.3	%		-1.9	%
NOI		5.1	%		2.5	%		4.4	%
YTD June 2006 vs. YTD June 2005 Change
Revenue		7.8	%		9.3	%		8.3	%
Expenses		6.0	%		5.3	%		5.7	%
NOI		9.0	%		13.8	%		10.4	%

TOTAL CONVENTIONAL PORTFOLIO: SUMMARY BY MARKET
SELECTED MARKETS

	Three Months Ended June 30, 2006									Three Months Ended June 30, 2005
	TOTAL CONVENTIONAL PORTFOLIO									TOTAL CONVENTIONAL PORTFOLIO
	CORE			NON-CORE			TOTAL			CORE			NON-CORE			TOTAL
Percent of Total Conventional NOI
Top 20 Markets
1 Washington, D.C.		10.4	%		0.0	%		10.4	%		10.0	%		1.0	%		11.0	%
2 Los Angeles-Long Beach-Ventura		9.0	%		0.0	%		9.0	%		7.2	%		0.0	%		7.2	%
3 New England		7.2	%		0.0	%		7.2	%		6.8	%		0.0	%		6.8	%
4 Philadelphia		6.4	%		0.0	%		6.4	%		6.0	%		0.0	%		6.0	%
5 Chicago		4.9	%		0.4	%		5.3	%		4.5	%		0.3	%		4.8	%
6 Miami-Fort Lauderdale		5.2	%		0.0	%		5.2	%		5.4	%		0.0	%		5.4	%
7 Indianapolis		0.0	%		4.5	%		4.5	%		0.0	%		4.4	%		4.4	%
8 Orlando — Daytona		3.9	%		0.3	%		4.2	%		3.4	%		0.6	%		4.0	%
9 Phoenix		2.8	%		0.6	%		3.4	%		2.5	%		0.9	%		3.4	%
10 Houston-Galveston		0.0	%		3.3	%		3.3	%		0.0	%		2.6	%		2.6	%
11 Denver		2.9	%		0.2	%		3.1	%		2.5	%		0.1	%		2.6	%
12 New York		3.0	%		0.0	%		3.0	%		3.6	%		0.0	%		3.6	%
13 Tampa — St Petersburg		2.2	%		0.6	%		2.8	%		2.0	%		0.7	%		2.7	%
14 Norfolk		2.6	%		0.0	%		2.6	%		2.4	%		0.3	%		2.7	%
15 San Diego		2.5	%		0.0	%		2.5	%		2.5	%		0.2	%		2.7	%
16 Orange County-Riverside		2.4	%		0.0	%		2.4	%		2.1	%		0.1	%		2.2	%
17 Dallas-Fort Worth		0.0	%		2.3	%		2.3	%		0.0	%		2.2	%		2.2	%
18 Atlanta		1.8	%		0.1	%		1.9	%		1.5	%		0.8	%		2.3	%
19 Baltimore		1.7	%		0.0	%		1.7	%		1.6	%		0.1	%		1.7	%
20 Grand Rapids — Lansing		0.0	%		1.5	%		1.5	%		0.0	%		1.3	%		1.3	%
Subtotal Top 20 Markets		68.9	%		13.8	%		82.7	%		64.0	%		15.6	%		79.6	%
All Other Markets (38 in 2006 and 50 in 2005)		6.7	%		10.6	%		17.3	%		15.9	%		4.5	%		20.4	%
Total Conventional NOI		75.6	%		24.4	%		100.0	%		79.9	%		20.1	%		100.0	%
Rent, average second quarter	$	972		$	617		$	818		$	836		$	584		$	760
Occupancy, average second quarter		93.6	%		93.1	%		93.4	%		90.5	%		88.4	%		89.9	%
Total number of properties		275			228			503			271			319			590
Total number of units		83,089			61,235			144,324			82,868			81,895			164,763
Effective Units		71,720			46,423			118,143			71,751			62,841			134,592
Average Home Value*	$	288,097		$	159,922		$	229,849
REIS Growth Rate (4 year weighted average)**		3.5	%		2.9	%		3.3	%
Number of markets		27			31			58

*	Source: Claritas, based on 2005 data
**	Source: REIS, based on Q1 2006 forecasted data

Supplemental Schedule 8

Property Sales and Acquisition Activity
(unaudited)

SECOND QUARTER 2006 PROPERTY SALES ACTIVITY (dollars in millions)

	Number		Number													Aimco		Aimco
	of		of		Gross		FCF				Property		Net Sales			Gross		Net		Average
	Properties		Units		Proceeds		Yield			(1)	Debt		Proceeds		(2)	Proceeds		Proceeds		Rent
Conventional Non-Core		9		2,237	$	124		4.3	%		$	44	$	71		$	108	$	65	$	585
Conventional Core		—		—		—		—				—		—			—		—		—
Affordable		10		1,279		62		5.4	%			44		13			30		8		649
Total Dispositions		19		3,516	$	186		4.7	%		$	88	$	84		$	138	$	73	$	606

YEAR-TO-DATE 2006 PROPERTY SALES ACTIVITY (dollars in millions)

			Number		Number													Aimco		Aimco
			of		of		Gross		FCF				Property		Net Sales			Gross		Net		Average
			Properties		Units		Proceeds		Yield			(1)	Debt		Proceeds		(2)	Proceeds		Proceeds		Rent
Conventional Non-Core	(3	)		26		7,029	$	367		5.7	%		$	156	$	184		$	295	$	157	$	626
Conventional Core	(4	)		—		562		151		3.8	%			76		71			149		76		1,668
Affordable				15		1,947		82		5.9	%			59		17			43		11		615
Total Dispositions				41		9,538	$	600		5.3	%		$	291	$	272		$	487	$	244	$	684

(1)	Free Cash Flow (FCF) includes a $500 per unit deduction for capital replacements and is before debt service. FCF Yield is calculated as the FCF earned by the properties during the 12 months prior to their sale divided by the sales price.
(2)	Net Sales Proceeds are after repayment of existing debt, net working capital settlements and payment of transaction costs.
(3)	Includes the sale of two student housing properties with 412 units for the three months ended June 30, 2006. Includes the sale of five student housing properties with 1,222 units for the six months ended June 30, 2006.
(4)	Represents the sale of the South Tower of the Flamingo South Beach property with 562 units; Aimo net proceeds include $5 million for a non-refundable option to purchase the North and Central Towers.

YEAR-TO-DATE 2006 PROPERTY ACQUISITION ACTIVITY (dollars in millions) (1)

						Number		Number		Gross
			Ownership			of		of		Purchase		Property		Average
			Percent			Properties		Units		Price		Debt		Rent
Conventional	(2	)		100	%		1		324	$	39	$	—	$	943
Student Housing	(3	)					2		386		22		14		632
Total Acquisitions	(4	)					3		710	$	61	$	14	$	774

(1)	All property acquisitions occurred during the second quarter of 2006.
(2)	A property loan of approximately $22 million is expected to close in August 2006 for this acquisition.
(3)	One of the student housing properties was acquired at 100% ownership. The other student housing property was acquired at 33% through Aimco’s joint venture with CalSTRS.
(4)	Properties acquired are located in Tampa, Florida, Greenville, North Carolina, and Chico, California (through the CalSTRS joint venture).

Supplemental Schedule 9

Capital Expenditures
Six Months Ended June 30, 2006
(in thousands, except per unit data)
(unaudited)

All capital spending is classified as either Capital Replacements (“CR”), Capital Improvements (“CI”), casualties or redevelopment. Non-redevelopment and non-casualty capitalizable expenditures are apportioned between CR and CI based on the useful life of the capital item under consideration and the period Aimco has owned the property (i.e., the portion that was consumed during Aimco’s ownership of the item represents CR; the portion of the item that was consumed prior to Aimco’s ownership represents CI). See the Glossary for further descriptions.

The table below details Aimco’s share of actual spending, on both consolidated and unconsolidated real estate partnerships, for Capital Replacements, Capital Improvements, casualties and redevelopment for the six months ended June 30, 2006. Per unit numbers are based on approximately 137,767 average units in the quarter including 122,738 conventional and 15,029 affordable units. Average units are weighted for the period and represent Effective Units excluding non-managed units. (1)

	Actual Amount			Per Unit
Capital Replacements Detail:
Building and grounds	$	13,693		$	99
Turnover related		17,263			125
Capitalized site payroll and indirect costs		6,569			48
Total Aimco’s share of Capital Replacements	$	37,525		$	272
Capital Replacements:
Conventional	$	34,409		$	280
Affordable		3,116			207
Total Aimco’s share of Capital Replacements		37,525		$	272
Capital Improvements:
Conventional		42,024		$	342
Affordable		9,259			616
Total Aimco’s share of Capital Improvements		51,283		$	372
Casualties:
Conventional		19,470
Affordable		741
Total Aimco’s share of Casualties		20,211
Redevelopment (see Schedule 10 for further project details):
Conventional		64,915
Affordable		3,626
Total Aimco’s share of Redevelopment		68,541
Total Aimco’s share of Capital Expenditures		177,560
Plus minority partners’ share of consolidated spending		60,147
Less Aimco’s share of unconsolidated spending		(1,504	)
Capital expenditures per Consolidated Statement of Cash Flows	$	236,203

(1)	Average units calculated pro rata for the quarter based on acquisition and disposition timing.
(2)	A portion of expenditures related to casualty losses is reimbursed through insurance.

Supplemental Schedule 10

Summary of Redevelopment Activity
Six Months Ended June 30, 2006
(dollars in millions)
(unaudited)

							Project Expenditures
				Total			Total												Targeted			Aimco
	Number of			Property			Projected			Inception to			Year to Date			Year to Date			Return on			Average
	Properties			Units			100%			Date 100%			100%			AIV%			Investment			Ownership (3)
CONVENTIONAL REDEVELOPMENT PROPERTIES
ACTIVE REDEVELOPMENT PROJECTS
Active redevelopment projects at 3/31/06		22			11,498		$	236.7		$	116.8		$	47.9		$	41.5			7	%		87	%
Planned adjustments to approved projects		—			—			20.2			—			—			—			8	%		95	%
Projects completed during the period		(1	)		(414	)		(4.1	)		(4.1	)		(0.7	)		(0.7	)		9	%		100	%
New redevelopment projects started during period		7			2,776			38.8			3.5			3.4			3.2			9	%		94	%
Active redevelopment projects at 6/30/06		28			13,860			291.6			116.2			50.6			44.0			8	%		87	%
Entitlement projects (1)		3			3,940			—			53.2			12.5			12.4			n/a			99	%
Costs on projects completed year to date														0.7			0.7			9	%		100	%
Pre-construction and other activities (2)														10.6			7.8			n/a			73	%
TOTAL CONVENTIONAL														74.4			64.9			n/a			87	%
AFFORDABLE REDEVELOPMENT PROPERTIES
ACTIVE REDEVELOPMENT PROJECTS
Active redevelopment projects at 3/31/06		22			3,488		$	148.5		$	115.5		$	28.1		$	0.2			n/a			1	%
Planned adjustments to approved projects		—			—			—			—			—			—			n/a			n/a
Projects completed during the period		(9	)		(1,704	)		(67.4	)		(62.4	)		(13.5	)		—			n/a			0	%
New redevelopment projects started during period		1			300			11.2			0.2			0.2			0.1			n/a			45	%
Active redevelopment projects at 6/30/06		14			2,084			92.3			53.3			14.8			0.3			n/a			2	%
Costs on projects completed year to date														13.5			—			n/a			0	%
Pre-construction and other activities (2)														4.1			3.3			n/a			80	%
TOTAL AFFORDABLE														32.4			3.6			n/a			11	%
TOTAL REDEVELOPMENT EXPENDITURES													$	106.8		$	68.5			n/a			n/a

(1)	Entitlement projects consist of Lincoln Place (CA), Treetops (CA) and Springhill Lake (MD). Lincoln Place and Treetops are predominantly vacant and have December 31, 2005 book values of approximately $161 million and $73 million, respectively.
(2)	Pre-construction and other activities include consulting, legal, and capitalized labor costs, as well as some physical construction work.
(3)	Weighted average ownership at the time of the expenditures.
(4)	Low-income housing tax credit projects account for approximately 86% of year to date 2006 Affordable project expenditures.

Supplemental Schedule 11

Apartment Unit Summary
As of June 30, 2006
(unaudited)

	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Conventional Real Estate Portfolio:
Wholly-owned Consolidated Core Properties		163		46,972		46,972		100	%
Partially-owned Consolidated Core Properties		103		33,641		23,965		71	%
Partially-owned Unconsolidated Core Properties		9		2,476		783		32	%
Sub-total Core Properties		275		83,089		71,720		86	%
Wholly-owned Consolidated Non-Core Properties		119		33,825		33,825		100	%
Partially-owned Consolidated Non-Core Properties		106		26,610		12,323		46	%
Partially-owned Unconsolidated Non-Core Properties		3		800		275		34	%
Sub-total Non-Core Properties		228		61,235		46,423		76	%
Total		503		144,324		118,143		82	%
Aimco Capital Real Estate Portfolio:
Wholly-owned Consolidated Properties		65		7,955		7,955		100	%
Partially-owned Consolidated Properties		175		20,264		5,670		28	%
Partially-owned Unconsolidated Properties		98		11,558		1,552		13	%
Total		338		39,777		15,177		38	%
Total Owned Real Estate Portfolio:
Wholly-owned Consolidated Properties		347		88,752		88,752		100	%
Partially-owned Consolidated Properties		384		80,515		41,958		52	%
Partially-owned Unconsolidated Properties		110		14,834		2,610		18	%
Total		841		184,101		133,320		72	%
Management Contracts:
Property Managed for Third Parties		54		6,586
Asset-managed		425		39,751
Total		479		46,337
Total Portfolio		1,320		230,438

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

CAPITAL IMPROVEMENTS (CI): CI expenditures include all non-redevelopment capital expenditures that are made to enhance the value, profitability or useful life of an asset from its original purchase condition. 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. Please refer to Schedule 9 for further detail. CR expenditures are a component of Capital expenditures in the GAAP Statement of Cash Flows.

CASUALTY CAPITAL EXPENDITURES: Casualty capital expenditures represent capitalized costs incurred in connection with casualty losses and are associated with the restoration of the asset. A portion of the restoration costs is reimbursed by insurance carriers based on deductibles associated with each loss.

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 measures profitability of operations and is prior to the cost of capital. FCF is comprised of AFFO (defined above), with adjustments to add back interest expense, minority interest in Aimco Operating Partnership, and preferred dividends. Because Aimco has unconsolidated real estate interests, it is useful for management and investors to understand, in addition to consolidated cash flows, cash flows related to Aimco’s unconsolidated real estate holdings. Please see Supplemental Schedule 2 for FCF data reconciled to net income as determined in accordance with GAAP. 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 from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. Aimco computes FFO for all periods presented in accordance with the guidance set forth by NAREIT’s April 1, 2002 White Paper. Aimco calculates FFO (diluted) by subtracting redemption related preferred stock issuance costs and dividends on preferred stock and adding back dividends/ distributions on dilutive preferred securities. FFO is helpful to investors in understanding Aimco’s performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. There can be no assurance that Aimco’s method for computing FFO is comparable with that of other real estate investment trusts. Please see Supplemental Schedule 1 for FFO data reconciled to net income as determined in accordance with GAAP.

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 managed by Aimco, in which Aimco’s ownership exceeds 10% and that have reached a stabilized level of occupancy during both the current and comparable prior year period. Properties classified as held for sale are not included in Same Store. These results measure operating performance without variations caused by investment transactions.

Aimco provides data for consolidated Same Store properties as well as its proportionate share of consolidated and unconsolidated Same Store properties. To ensure comparability, the information for all periods shown is based on current period ownership. Please see Supplemental Schedules 6a through 6c for Same Store data reconciled to rental and other property revenues and property operating expense as determined in accordance with GAAP.