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

Denver, Colorado- May 5, 2005

Apartment Investment and Management Company

Announces First Quarter 2005 Results

SUMMARY FINANCIAL RESULTS: Apartment Investment and Management Company (Aimco)
(NYSE:AIV) announced first quarter 2005 results including:

•   Net income was $2.0 million, compared with $14.0 million in the first quarter 2004. The $12.0 million decrease in net income is primarily a result of a $10.7 million improvement in operating income before depreciation and a $1.9 million gain on dispositions of real estate related to unconsolidated entities, which was more than offset by an $18.3 million increase in depreciation and a $6.1 million increase in interest expense. Earnings (loss) per share (EPS) was ($0.22) on a diluted basis, compared with a loss of ($0.06) in the first quarter 2004, based on net loss attributable to common shareholders.

•   Funds from operations (FFO) is a non-GAAP financial measure defined in the glossary in the Supplemental Information (the Glossary). FFO (diluted) before impairment and preferred redemption charges was $62.5 million, or $0.67 per share, within Aimco guidance and unchanged compared with the first quarter 2004. FFO results as calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts (NAREIT) was $59.5 million, or $0.63 per share, compared with $62.5 million or $0.67 per share, in the first quarter 2004. Under the NAREIT definition, first quarter 2005 FFO deducts $3.0 million related to impairment losses from real estate assets sold or held for sale and preferred redemption charges (adjusted for minority interest in Aimco operating partnership).

•   Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $47.8 million, or $0.51 per share, compared with $51.0 million, or $0.55 per share, in the first quarter 2004. AFFO includes deductions of $0.16 and $0.12 per share for capital replacement expenditures in the first quarter 2005 and first quarter 2004, respectively. AFFO per share was within Aimco guidance.

Diluted Per Share Results

	FIRST QUARTER
	2005			2004
Earnings- EPS		($0.22	)		($0.06	)
FFO before impairment and preferred redemption charges	$	0.67		$	0.67
FFO — NAREIT	$	0.63		$	0.67
Adjusted funds from operations- AFFO	$	0.51		$	0.55

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

AIMCO 1st Quarter 2005 Page 1

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “Aimco operations are on track with our expectations for 2005. We have plenty of work ahead but believe we have a good plan and considerable momentum.”

Chief Financial Officer Paul McAuliffe adds: “Same Store revenue improved 4.3% and Same Store NOI improved 3.1%, on a year-over-year basis. This marks the first positive year-over-year Same Store NOI change since the second quarter of 2003, and it marks the third consecutive quarter of sequential NOI improvement. Operating results supported FFO per share of $0.67 (before impairments and preferred redemption charges), consistent with our first quarter outlook. FFO results in the quarter were negatively affected by $0.02 per share from additional costs associated with the 2004 hurricanes and the early acquisition of Palazzo East in Los Angeles. With Aimco’s operations turnaround on course, our FFO outlook for 2005 has been tightened within our previously stated range to $2.82 to $3.00 per share.“

Business Components — Conventional Operations and Aimco Capital

CONVENTIONAL REAL ESTATE OPERATIONS — Conventional real estate operations include Aimco’s diversified portfolio of market rate apartment communities. At the end of the first quarter 2005, this portfolio had 595 properties with 165,618 units in which Aimco had a weighted average ownership of 81%. During the first quarter 2005, conventional real estate operations generated free cash flow (FCF; a non-GAAP financial measure defined in the Glossary and presented and reconciled to GAAP on Supplemental Schedule 2) of $145.9 million.

“Same Store” Results

The “Same Store” portfolio is a sub-set of total conventional properties. In the first quarter 2005, the “Same Store” portfolio included 531 communities with approximately 120,700 effective units based on Aimco’s weighted average ownership of 82% (see Supplemental Schedules 6a through 7).

Comparing “Same Store” results in the first quarter 2005 with the first quarter 2004, total revenue increased $11.0 million, or 4.3%. The increase in revenue was generated by: higher occupancy, up 1.6% from 88.6% to 90.2%; higher average rent, up $12 per unit, or 1.6%, from $728 per unit to $740 per unit; and lower bad debt, down $1.1 million. “Same Store” expenses of $117.7 million increased by $6.5 million, or 5.9%, compared with the first quarter 2004. Increased expenses included: $2.8 million due to increased staffing in support of initiatives to improve customer service and asset appearance; $1.7 million for repairs and maintenance; $1.5 million higher utilities expense due to increased natural gas rates; and $0.5 million primarily due to higher marketing and turnover expenses. “Same Store” portfolio net operating income was $146.4 million for the first quarter 2005, up 3.1% from the first quarter 2004.

AIMCO 1st Quarter 2005 Page 2

Same Store Operating Results

				FIRST QUARTER
	Year-over-year									Sequential
	2005			2004			Variance			4th Qtr 2004			Variance
Same Store Operating Measures
Average Physical Occupancy (1)		90.2	%		88.6	%	+160 bp				90.9	%	-70 bp
Average Rent Per Unit	$	740		$	728			1.6	%	$	740			0.0	%
Total Same Store
Revenue	$	264.1		$	253.1			+4.3	%	$	264.8			-0.3	%
Expenses		(117.7	)		(111.2	)		+5.9	%		(118.6	)		-0.8	%
NOI ($mm)	$	146.4		$	141.9			+3.1	%	$	146.3			+0.1	%

(1) As of the first quarter 2005, Aimco’s reported occupancy represents the daily weighted average for the quarter. Comparable prior periods have been calculated accordingly. Previously, reported occupancy was as of the end of the month and average occupancy for a quarter was the arithmetic average of the three, month-end occupancies.

Comparing “Same Store” results on a sequential basis, total revenue declined $0.8 million in the first quarter 2005 compared with the fourth quarter 2004, caused by the 70 basis point decline in occupancy, partially offset by lower bad debt. Expenses declined $0.9 million, primarily due to lower turnover expense. Net operating income increased $0.1 million, or 0.1%, on a sequential basis.

AIMCO CAPITAL — Aimco Capital oversees affordable property operations, asset management and transactional activities, and is led by a management team dedicated to this sector. Aimco is among the largest owners and operators of affordable properties in the United States. During the first quarter 2005, affordable property operations included 398 properties with 48,029 units. Aimco has a weighted average 41% ownership in its affordable properties. Occupancy and rents in the affordable sector increased sequentially, ending the quarter at 95.9% and $655, respectively, from 95.1% and $651, respectively, at the end of 2004. In the first quarter, Aimco Capital generated net operating income of $16.9 million from property operations.

Portfolio Management and Redevelopment Activity

Acquisitions — Aimco completed five acquisitions during the first quarter 2005 for a total purchase price of $227 million. The 100% owned properties include The Palazzo East, a 610-unit luxury, garden-style complex located in the center of the Mid-Wilshire District in Los Angeles that was purchased for $199 million. The Palazzo East is the last of three newly developed properties that Aimco agreed to acquire under the terms of the March 2002 acquisition of Casden Properties, Inc. The property was acquired in March 2005 at attainment of 60% occupancy. Aimco also acquired four properties in Manhattan comprised of seven buildings with 129 apartments and six retail spaces for $28 million. During the first quarter 2005, Aimco also purchased for an aggregate of $24.1 million additional limited partnership interests in 42 partnerships that own 111 properties. 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. Aimco considers these properties as “non-core” (defined in the Glossary) and seeks to hold them over the intermediate term.

AIMCO 1st Quarter 2005 Page 3

In the first quarter 2005, Aimco sold one non-core conventional property and 13 affordable properties with 152 and 1,155 units, respectively, for $52 million in gross proceeds (Aimco share $23 million). Aimco’s share of net proceeds after repayment of existing property debt and transaction costs was $12 million. See Supplemental Schedule 8 for additional information on disposition activity.

Gain on Dispositions — Aimco’s property dispositions resulted in total gains on dispositions of real estate (including gains related to sales of unconsolidated entities and other and net gains within discontinued operations), net of related taxes, of $8.9 million for the first quarter 2005, compared with a gain of $10.6 million for the first quarter 2004.

REDEVELOPMENT ACTIVITY — At quarter-end, Aimco’s Redevelopment and Construction Services groups had 33 projects at various stages of redevelopment, including 23 conventional projects and 10 affordable projects. During the first quarter 2005, redevelopment expenditures totaled $37.8 million (Aimco share $21.3 million) and Aimco initiated six new moderate projects and completed three moderate projects. Aimco’s Flamingo South Beach redevelopment project is on schedule to reach stabilization during the second quarter 2005 with occupied and pre-leased units at 86.6% as of the end of March. Further information on redevelopment projects is provided in Supplemental Schedule 10.

ENTITLEMENT ACTIVITY — During the first quarter, Aimco continued to work on improving the permitted density and zoning use for several properties including: Springhill Lake in Greenbelt, Maryland; Orchidtree in Scottsdale, Arizona; and Treetops in San Bruno, California.

Additional Financial Information

PROPERTY MANAGEMENT INCOME — Income from property management is generated from management of properties in which Aimco has unconsolidated interests. Property management net operating income was $4.1 million in the first quarter 2005 compared with $5.9 million in the first quarter 2004. Property management net operating income declined due to increased Aimco ownership and sales of unconsolidated properties that generated management income.

ACTIVITY FEE AND ASSET MANAGEMENT INCOME — Activity fees are generated from transactional activities including dispositions, refinancings, tax credit syndications and redevelopment, and are earned primarily by Aimco Capital. Asset management income is earned by Aimco Capital from the financial management of properties, rather than property management of day-to-day operations. Activity fee and asset management net operating income from both conventional and Aimco Capital operations was $5.4 million in the first quarter 2005 compared with $6.0 million in the first quarter 2004. The amount of this net operating income may vary each quarter depending upon the nature and timing of transactional activity.

INTEREST INCOME — Interest income (which includes transactional accretion income of $1.4 million) was $7.5 million for the first quarter 2005, an increase of $0.1 million compared with the first quarter 2004. Interest income was generated primarily from notes receivable totaling $200.3 million at March 31, 2005.

DEBT ACTIVITY — During the first quarter 2005, Aimco closed 22 mortgage loans, including 17 refinancings of existing mortgage debt and five new mortgage loans on newly acquired properties. Total proceeds were $259 million at a weighted average interest rate of 3.82%. After repayment of existing property debt, transaction costs, distributions to limited partners and acquisition costs totaling $174 million, Aimco’s share of net proceeds was $85 million.

At the end of the first quarter 2005, Aimco’s corporate debt balance was $576.0 million at an average rate of 4.71%. The balance on Aimco’s revolving credit facility totaled $276.0 million, leaving $153.0 million (after $21.1 million in outstanding letters of credit) in available capacity. Please refer to Schedule 5 of the Supplemental Information for more detail on debt activity.

AIMCO 1st Quarter 2005 Page 4

As of March 31, 2005, Aimco had $6,359 million total debt outstanding of which $1,784 million was floating rate. The floating rate debt included $576 million corporate debt, $505 million floating rate secured notes and $703 million of tax-exempt bonds.

INTEREST EXPENSE — Consolidated interest expense was $94.2 million for the first quarter 2005, an increase of $6.1 million from $88.1 million in the first quarter 2004. The increase in interest expense was primarily the result of: (i) $6.1 million due to increased property debt associated with acquisitions and increased ownership; (ii) $1.3 million due to increased corporate borrowings and increased interest rates on corporate and other variable rate debt; (iii)$1.4 million due to increased loan fees and a non-recurring benefit in the first quarter 2004; all partially offset by (iv) $3.0 million in lower expense due to redemption of mandatorily redeemable securities and higher capitalized interest due to redevelopment.

PREFERRED STOCK ACTIVITY — As previously announced, Aimco completed the redemption on January 11, 2005 of the remaining Trust Based Convertible Preferred Securities, or TOPRS, and on January 21, 2005 of the remaining shares of its 8.75% Class D Cumulative Preferred Stock.

G&A — General and administrative expenses for the first quarter 2005 of $20.9 million were up $2.6 million compared with $18.3 million in the first quarter 2004. The year-over-year increase is primarily due to increased compensation related to increased staffing levels and higher health care costs, partially offset by lower legal and consulting fees.

Outlook

For the second quarter 2005, FFO is forecast in a range from $0.65 to $0.72 per share, before impairment and preferred redemption charges, and AFFO is forecast in a range from $0.42 to $0.49 per share.

For the full year 2005, FFO is forecast in a range from $2.82 to $3.00 per share, before impairment and preferred redemption charges, and AFFO is forecast in a range from $2.05 to $2.20 per share. Please refer to the Outlook Schedule for more detail on the first quarter and full year 2005, which follows the Consolidated Financial Statements in this release.

Dividends on Common Stock

As announced on April 28, 2005, the Aimco Board of Directors declared a quarterly cash dividend of $0.60 per share of Class A Common Stock for the quarter ended March 31, 2005, payable on May 31, 2005 to stockholders of record on May 20, 2005. The dividend represents 118% of AFFO (diluted) and 95% of FFO (diluted), on a per share basis, for the quarter ended March 31, 2005 and a 6.3% annualized yield based on the $37.89 closing price of Aimco’s Class A Common Stock on April 27, 2005.

Earnings Conference Call

Please join Aimco management for the First Quarter 2005 earnings conference call to be held Thursday, May 5, 2005 at 1:00 p.m. Eastern Time. You may join the conference call through an Internet audiocast via Aimco’s Website atwww.aimco.com/about/financial/1Q2005.asp, then click on the Webcast link. Alternatively, you may join the conference call by telephone by dialing 800-257-1836, or 303-275-2170 for international callers. Please call approximately five minutes before the conference call is scheduled to begin and indicate that you wish to join the Apartment Investment and Management Company First Quarter 2005 earnings conference call. If you are unable to join the live conference call, you may access the replay for 30 days on Aimco’s Website or by dialing 800-405-2236 (303-590-3000 for international callers) and using access code 11028501#.

AIMCO 1st Quarter 2005 Page 5

Supplemental Information

The Supplemental Information referenced in this release is available at Aimco’s Website at the link www.aimco.com/about/financial/1Q2005.asp or by calling Investor Relations at 303-691-4350.

Forward-looking Statements

This earnings release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of second quarter and full year 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 improve upon current 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: national and local economic conditions; the general level of interest rates; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including variations of real estate values and the general economic climate in local markets and competition for tenants in such markets; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; 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, 2004 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 22 regional operating centers. Aimco, through its subsidiaries, operates approximately 1,475 properties, including approximately 260,000 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.

AIMCO 1st Quarter 2005 Page 6

GAAP Income Statements

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

	For the Three Months Ended March 31,
	2005			2004
REVENUES:
Rental and other property revenues	$	376,334		$	338,532
Property management revenues, primarily from affiliates		6,664			8,256
Activity fees and asset management revenues, primarily from affiliates		8,017			8,268
Total revenues		391,015			355,056
EXPENSES:
Property operating expenses		182,481			160,569
Property management expenses		2,521			2,342
Activity and asset management expenses		2,608			2,311
Depreciation and amortization		104,541			86,216
General and administrative expenses		20,873			18,262
Other expenses (income), net		(717	)		(1,023	)
Total expenses		312,307			268,677
Operating income		78,708			86,379
Interest income		7,518			7,433
Recovery of (provision for) losses on notes receivable		1,592			79
Interest expense		(94,211	)		(88,135	)
Deficit distributions to minority partners		(1,472	)		(4,447	)
Equity in losses of unconsolidated real estate partnerships		(902	)		(1,434	)
(Impairment losses) recoveries related to unconsolidated real estate partnerships		(256	)		148
Gain on dispositions of real estate related to unconsolidated entities and other		1,858			—
Income (loss) before minority interests, discontinued operations and cumulative effect of change in accounting principle		(7,165	)		23
Minority interests:
Minority interest in consolidated real estate partnerships		3,490			1,499
Minority interest in Aimco Operating Partnership, preferred [a]		(1,812	)		(1,969	)
Minority interest in Aimco Operating Partnership, common [a]		2,946			2,649
Total minority interests		4,624			2,179
Income (loss) from continuing operations		(2,541	)		2,202
Income from discontinued operations, net [b]		4,573			15,783
Income before cumulative effect of change in accounting principle		2,032			17,985
Cumulative effect of change in accounting principle		—			(3,957	)
Net income		2,032			14,028
Net income attributable to preferred stockholders		22,869			19,867
Net loss attributable to common stockholders	$	(20,837	)	$	(5,839	)
Weighted average number of common shares outstanding		93,448			92,811
Weighted average number of common shares and common share equivalents outstanding		93,448			92,811
Earnings (loss) per common share – basic:
Income (loss) from continuing operations (net of income attributable to preferred stockholders)	$	(0.27	)	$	(0.19	)
Income from discontinued operations		0.05			0.17
Cumulative effect of change in accounting principle		—			(0.04	)
Net loss attributable to common stockholders	$	(0.22	)	$	(0.06	)
Earnings (loss) per common share – diluted:
Income (loss) from continuing operations (net of income attributable to preferred stockholders)	$	(0.27	)	$	(0.19	)
Income from discontinued operations		0.05			0.17
Cumulative effect of change in accounting principle		—			(0.04	)
Net loss attributable to common stockholders	$	(0.22	)	$	(0.06	)

GAAP Income Statements

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):

	Quarter Ended			Quarter Ended
	31-Mar-05			31-Mar-04
Rental and other property revenue		3,837			29,798
Property operating expense		(1,886	)		(12,912	)
Other (expenses) income, net		(584	)		(273	)
Depreciation and amortization		(95	)		(5,062	)
Interest expense		(924	)		(7,603	)
Interest income		37			46
Minority interest in consolidated real estate partnerships		54			(261	)
Income from operations		439			3,733
Gain on dispositions of real estate, net of minority partners’ interest		7,098			11,327
Impairment losses on real estate assets sold or held for sale, net of minority partners’ interest		(1,956	)		(14	)
(Deficit distributions) recovery of deficit distributions to minority partners		(465	)		3,322
Income tax arising from disposals		(13	)		(697	)
Minority interest in Aimco Operating Partnership		(530	)		(1,888	)
Income from discontinued operations	$	4,573		$	15,783

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)

	As of			As of
	March 31, 2005			December 31, 2004
ASSETS
Buildings and improvements	$	8,852,661		$	8,579,573
Land		2,321,226			2,210,550
Accumulated depreciation		(2,112,891	)		(2,010,772	)
TOTAL REAL ESTATE		9,060,996			8,779,351
Cash and cash equivalents		119,629			105,343
Restricted cash		270,012			269,258
Accounts receivable		73,060			75,044
Accounts receivable from affiliates		53,107			39,216
Deferred financing costs		71,416			72,351
Notes receivable from unconsolidated real estate partnerships		170,352			165,289
Notes receivable from non-affiliates		29,987			31,716
Investment in unconsolidated real estate partnerships		174,460			208,658
Other assets		263,912			267,101
Assets held for sale		43,563			58,914
TOTAL ASSETS	$	10,330,494		$	10,072,241
LIABILITIES AND STOCKHOLDERS’ EQUITY
Secured tax-exempt bond financing	$	1,110,270		$	1,133,794
Secured notes payable		4,672,936			4,466,964
Mandatorily redeemable preferred securities		—			15,019
Term loans		300,000			300,000
Credit facility		276,000			68,700
TOTAL INDEBTEDNESS		6,359,206			5,984,477
Accounts payable		40,663			34,663
Accrued liabilities and other		403,324			400,971
Deferred income		47,563			47,064
Security deposits		39,375			37,953
Deferred income taxes payable, net		20,770			20,139
Liabilities related to assets held for sale		44,224			54,973
TOTAL LIABILITIES		6,955,125			6,580,240
Minority interest in consolidated real estate partnerships		205,929			211,804
Minority interest in Aimco Operating Partnership		260,831			272,037
STOCKHOLDERS’ EQUITY
Class A Common Stock		953			949
Additional paid-in capital		3,085,341			3,070,073
Perpetual preferred stock		860,250			891,500
Convertible preferred stock		150,000			150,000
Distributions in excess of earnings		(1,124,556	)		(1,047,897	)
Unvested restricted stock		(30,503	)		(19,740	)
Notes due on common stock purchases		(32,876	)		(36,725	)
TOTAL STOCKHOLDERS’ EQUITY		2,908,609			3,008,160
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,330,494		$	10,072,241

GAAP Statements of Cash Flows

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

	Three Months Ended			Three Months Ended
	March 31, 2005			March 31, 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	2,032		$	14,028
Depreciation and amortization		104,541			86,216
Adjustments to net income from discontinued operations		(4,106	)		(7,424	)
Other adjustments to reconcile net income		(1,107	)		7,918
Changes in operating assets and liabilities		701			(38,574	)
Net cash provided by operating activities		102,061			62,164
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(228,775	)		(175,521	)
Capital expenditures		(90,779	)		(38,036	)
Proceeds from dispositions of real estate		20,889			83,354
Purchases of general and limited partnership interests and other assets		(33,500	)		(26,750	)
Originations of notes receivable from unconsolidated real estate partnerships		(5,810	)		(11,935	)
Distributions received from investments in unconsolidated real estate partnerships		24,811			25,153
Other investing activities		6,216			(25,184	)
Net cash used by investing activities		(306,948	)		(168,919	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from secured notes payable borrowings		227,200			126,882
Principal repayments on secured notes payable		(60,491	)		(95,178	)
Proceeds from tax-exempt bond financing		—			50,772
Principal repayments on tax-exempt bond financing		(23,531	)		(23,697	)
Net borrowings on term loans and revolving credit facility		207,300			35,113
Redemption of mandatorily redeemable preferred securities		(15,019	)		(98,875	)
Proceeds from issuance of preferred stock		—			193,700
Redemption of preferred stock		(31,250	)		—
Repurchase of Class A Common Stock, redemption of OP Units and warrant purchase		(1,584	)		(12,889	)
Payment of Class A Common Stock dividends		(56,518	)		(55,980	)
Payment of preferred stock dividends		(21,050	)		(19,534	)
Contributions from minority interest		5,859			12,930
Payment of distributions to minority interest		(13,210	)		(25,294	)
Other financing activities		1,467			(2,971	)
Net cash provided by financing activities		219,173			84,979
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		14,286			(21,776	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		105,343			114,432
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	119,629		$	92,656

     

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

The Outlook information provided on this Schedule contains information that is forward-looking, including statements concerning projected second quarter and full year 2005 results. These forward-looking statements are based on current expectations, estimates, and projections about the markets and the industry in which Aimco operates as well as management’s beliefs and assumptions. These forward-looking statements are also based on certain risks and uncertainties, including but not limited to Aimco’s ability to improve upon current occupancy, rent levels and “same store” results and the economic environment in which Aimco operates. Actual results may differ materially from those described in these forward-looking statements and will be affected by a variety of risks and factors including, without limitation: national and local economic conditions; the general level of interest rates; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that Aimco’s cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including variations of real estate values and the general economic climate in local markets and competition for tenants in such markets; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2004 and the other documents Aimco files from time to time with the Securities and Exchange Commission.

	Second Quarter 2005	Full Year 2005
GAAP Earnings per share (1)	-$0.31 to -$0.24	-$0.97 to -$0.79
Add: Depreciation and other	$0.96	$3.75
FFO per share (NAREIT)	$0.65 to $0.72	$2.78 to $2.96
FFO per share before adjustments (2)	$0.65 to $0.72	$2.82 to $3.00
AFFO per share	$0.42 to $0.49	$2.05 to $2.20
2005 Same Store Operating Assumptions
Expected physical occupancy (weighted average) (3)	90.5% to 91.5%	91.2% to 92.5%
NOI change — sequential	1.0% to 2.3%	—
NOI change—2005 vs. 2004	6.0% to 7.5%	4.5% to 6.5%
Gross dispositions (4)		$500M to $550M	(Aimco Share $325M - $375M)
Gross acquisitions (5)		$450M to $500M	(Aimco Share $450M - $500M)

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

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

(3) The expected occupancy above is based on a daily weighted average calculation.

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

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

PAGE
3	Schedule 1	—	Funds From Operations and Adjusted Funds From Operations
5	Schedule 2	—	Business Component Proportionate Income Statement Presentation, Q1
7	Schedule 3	—	Business Component Proportionate Balance Sheet Presentation
8	Schedule 4	—	Share Data
9	Schedule 5	—	Selected Debt Information
11	Schedule 6a	—	Same Store Sales (Q1 2005 v. Q1 2004)
12	Schedule 6b	—	Same Store Sales (Q1 2005 v. Q4 2004)
13	Schedule 7	—	Selected Portfolio Performance Data
14	Schedule 8	—	Property Sales Activity
15	Schedule 9	—	Capital Expenditures
16	Schedule 10	—	Summary of 2005 Redevelopment Activity
17	Schedule 11	—	Apartment Unit Summary
18	Glossary

AIMCO 1st Quarter 2005 Page 2

Supplemental Schedule 1
Funds From Operations and Adjusted Funds From Operations
(in thousands, except per share data)(unaudited)

	For the Three Months Ended March 31,
	2005			2004
Net income attributable to common stockholders [a]	$	(20,837	)	$	(5,839	)
Adjustments:
Depreciation and amortization [b]		104,541			86,216
Depreciation and amortization related to non-real estate assets		(3,791	)		(4,920	)
Depreciation of rental property related to minority partners’ interest [c]		(10,866	)		(10,336	)
Depreciation of rental property related to unconsolidated entities		5,958			6,070
Gain on dispositions of real estate related to unconsolidated entities and other		(1,858	)		—
Gain on dispositions of non-depreciable assets		675			—
Deficit distributions to minority partners [d]		1,472			4,447
Cumulative effect of change in accounting principle		—			3,957
Discontinued operations:
Gain on dispositions of real estate, net of minority partners’ interest [c]		(7,098	)		(11,327	)
Depreciation of rental property, net of minority partners’ interest [c]		61			4,698
Deficit distributions (recovery of deficit distributions) to minority partners [d]		465			(3,322	)
Income tax arising from disposals		13			697
Minority interest in Aimco Operating Partnership’s share of above adjustments		(9,300	)		(8,422	)
Preferred stock dividends		21,746			19,867
Redemption related preferred stock issuance costs		1,123			—
Funds From Operations		82,304			81,786
Preferred stock dividends		(21,746	)		(19,867	)
Redemption related preferred stock issuance costs		(1,123	)		—
Dividends/distributions on dilutive preferred securities		41			629
Funds From Operations Attributable to Common Stockholders — Diluted	$	59,476		$	62,548
Capital Replacements		(16,369	)		(12,200	)
Impairment losses (recoveries) related to unconsolidated real estate partnerships		256			(148	)
Impairment losses on real estate assets sold or held for sale, net of minority partners’ interest		1,956			14
Redemption related preferred stock issuance costs		1,123			—
Minority interest in Aimco Operating Partnership’s share of above adjustments		1,353			1,363
Dividends/distributions on non-dilutive preferred securities		(41	)		(587	)
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted	$	47,754		$	50,990
Funds From Operations:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [e]		93,782			92,856
Dilutive preferred securities		74			967
		93,856			93,823
Adjusted Funds From Operations:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [e]		93,782			92,856
Dilutive preferred securities		—			82
		93,782			92,938
Per Share:
Funds From Operations — Diluted	$	0.63		$	0.67
Funds From Operations — Diluted (excluding impairment losses/recoveries and redemption related preferred stock issuance costs) [f] [g]	$	0.67		$	0.67
Adjusted Funds From Operations — Diluted	$	0.51		$	0.55
Dividends Declared	$	0.60		$	0.60

AIMCO 1st Quarter 2005 Page 3

Supplemental Schedule 1 (continued)

Notes to Funds From Operations and Adjusted Funds From Operations

[a] Represents Aimco’s numerator for 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] 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.

[f] On October 1, 2003, NAREIT clarified its definition of FFO to include impairment losses, which previously had been added back to calculate FFO. Although Aimco’s presentation conforms with the NAREIT definition, Aimco considers such approach to be inconsistent with the treatment of gains on dispositions of real estate, which are not included in FFO. Aimco no longer adds back impairment losses when computing FFO in accordance with this clarification. As a result, FFO for the quarter ended March 31, 2005 includes impairment losses of $2.2 million and FFO for the quarter ended March 31, 2004 includes a net recovery of impairment losses of $0.1 million.

[g] 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 quarter ended March 31, 2005 includes issuance costs of $1.1 million.

AIMCO 1st Quarter 2005 Page 4

Supplemental Schedule 2

Business Component Proportionate Income Statement Presentation
For the Three Months Ended March 31, 2005
(in thousands)
(unaudited)

										Total												Total
				Proportionate						Proportionate												Proportionate
	Aimco			Share of			Minority			Consolidated												Consolidated
	GAAP Income			Unconsolidated			Partners'			Income						Aimco						Income
	Statement			Partnerships			Interest			Statement			Conventional			Capital			Corporate			Statement
Revenue:
Rental and other property revenues:
Same store properties (1) (2)	$	298,410		$	7,216		$	(41,350	)	$	264,276		$	264,276		$	—		$	—		$	264,276
Acquisition properties (1)		11,962			661			—			12,623			12,623			—			—			12,623
Redevelopment properties (1)		22,678			407			(5,567	)		17,518			17,518			—			—			17,518
Disposition properties (3)		—			57			—			57			57			—			—			57
Other properties (1)		7,487			524			(803	)		7,208			7,208			—			—			7,208
Affordable properties (1)		35,797			12,933			(7,319	)		41,411			—			41,411			—			41,411
Total rental and other property revenues		376,334			21,798			(55,039	)		343,093			301,682			41,411			—			343,093
Property management revenues, primarily from affiliates		6,664			—			—			6,664			2,071			4,593			—			6,664
Activity fees and asset management revenues, primarily from affiliates		8,017			—			—			8,017			74			7,943			—			8,017
Total revenues		391,015			21,798			(55,039	)		357,774			303,827			53,947			—			357,774
Expense:
Property operating expenses:
Same store properties (2)		134,378			3,542			(21,073	)		116,847			116,847			—			—			116,847
Acquisition properties		5,140			266			—			5,406			5,406			—			—			5,406
Redevelopment properties		10,130			211			(2,589	)		7,752			7,752			—			—			7,752
Disposition properties		62			57			(8	)		111			111			—			—			111
Other properties		4,704			704			(408	)		5,000			5,000			—			—			5,000
Affordable properties		20,283			6,884			(3,682	)		23,485			—			23,485			—			23,485
Casualties		1,363			79			150			1,592			1,418			174			—			1,592
Property management expenses (consolidated properties)		6,421			1,118			(2,614	)		4,925			4,059			866			—			4,925
Total property operating expenses		182,481			12,861			(30,224	)		165,118			140,593			24,525			—			165,118
Property management expenses (unconsolidated and third party properties)		2,521			—			—			2,521			1,560			961			—			2,521
Activity and asset management expenses		2,608			—			—			2,608			—			2,608			—			2,608
Depreciation and amortization		104,541			5,958			(10,866	)		99,633			85,970			13,663			—			99,633
General and administrative expenses		20,873			—			—			20,873			8,704			5,991			6,178			20,873
Other expenses (income), net		(717	)		626			(2,244	)		(2,335	)		(206	)		(2,129	)		—			(2,335	)
Total expenses		312,307			19,445			(43,334	)		288,418			236,621			45,619			6,178			288,418
Operating income		78,708			2,353			(11,705	)		69,356			67,206			8,328			(6,178	)		69,356
Interest income:
General partner loan interest		4,172			—			—			4,172			3,293			879			—			4,172
Money market and interest bearing accounts		1,985			346			(112	)		2,219			1,019			1,200			—			2,219
Accretion on discounted notes receivable		1,361			—			—			1,361			912			449			—			1,361
Total interest income		7,518			346			(112	)		7,752			5,224			2,528			—			7,752
Recovery of (provision for) losses on notes receivable, net		1,592			—			—			1,592			50			1,542			—			1,592
Interest expense:
Property debt (primarily non-recourse)		(88,945	)		(3,705	)		15,596			(77,054	)		(70,110	)		(6,944	)		—			(77,054	)
Lines of credit		(7,830	)		—			—			(7,830	)		—			—			(7,830	)		(7,830	)
Interest expense on mandatorily redeemable convertible preferred securities		(30	)		—			—			(30	)		—			—			(30	)		(30	)
Capitalized interest		2,594			104			(289	)		2,409			2,032			377			—			2,409
Total interest expense		(94,211	)		(3,601	)		15,307			(82,505	)		(68,078	)		(6,567	)		(7,860	)		(82,505	)
Deficit distributions to minority partners		(1,472	)		—			—			(1,472	)		(1,442	)		(30	)		—			(1,472	)
Equity in losses of unconsolidated real estate partnerships		(902	)		902			—			—			—			—			—			—
Impairment losses related to unconsolidated real estate partnerships		(256	)		—			—			(256	)		—			(256	)		—			(256	)
Gain on dispositions of real estate related to unconsolidated entities and other		1,858			—			—			1,858			139			1,719			—			1,858
Income (loss) before minority interests, discontinued operations and cumulative effect of change in accounting principle		(7,165	)		—			3,490			(3,675	)		3,099			7,264			(14,038	)		(3,675	)
Minority interests:
Minority interest in consolidated real estate partnerships		3,490			—			(3,490	)		—			—			—			—			—
Minority interest in Aimco Operating Partnership		1,134			—			—			1,134			—			—			1,134			1,134
Total minority interests		4,624			—			(3,490	)		1,134			—			—			1,134			1,134
Income (loss) from continuing operations		(2,541	)		—			—			(2,541	)		3,099			7,264			(12,904	)		(2,541	)
Income from discontinued operations, net		4,573			—			—			4,573			1,448			3,655			(530	)		4,573
Net income	$	2,032		$	—		$	—		$	2,032		$	4,547		$	10,919		$	(13,434	)	$	2,032

(1)	See definitions and descriptions in Glossary
(2)	Same store amounts in this schedule may differ from the same store amounts in Schedules 6a-6c. Any such differences are the result of (a) certain variations in the treatment of intercompany eliminations in GAAP versus non-GAAP measures and (b) the effect of changing ownership percentages over time due to Aimco’s acquisition of additional partnership interests.
(3)	Includes unconsolidated properties that were sold during the period. Consolidated properties that have sold or have been classified as held for sale are included within income from discontinued operations.

AIMCO 1st Quarter 2005 Page 5

Supplemental Schedule 2

Business Component Proportionate Income Statement Presentation
For the Three Months Ended March 31, 2005
(in thousands)
(unaudited)

	Total												Total
	Proportionate												Proportionate
	Consolidated												Consolidated
	Income						Aimco						Income
Reconciliation of Net Income to FFO, AFFO and FCF:	Statement			Conventional			Capital			Corporate			Statement
Net income (see above)	$	2,032		$	4,547		$	10,919		$	(13,434	)	$	2,032
Proportionate share of depreciation and amortization		99,633			85,970			13,663			—			99,633
Depreciation and amortization related to non-real estate assets		(3,791	)		(3,791	)		—			—			(3,791	)
Deficit distributions to minority partners		1,472			1,442			30			—			1,472
Gain on dispositions of real estate related to unconsolidated entities and other		(1,858	)		(139	)		(1,719	)		—			(1,858	)
Gain on dispositions of non-depreciable assets		675			675			—			—			675
Discontinued operations		(6,559	)		(1,469	)		(5,090	)		—			(6,559	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(9,300	)		—			—			(9,300	)		(9,300	)
Preferred stock dividends		(21,746	)		—			—			(21,746	)		(21,746	)
Redemption related preferred stock issuance costs		(1,123	)		—			—			(1,123	)		(1,123	)
Dividends/distributions on dilutive preferred securities		41			—			—			41			41
FFO Attributable to Common Stockholders — Diluted		59,476			87,235			17,803			(45,562	)		59,476
Capital Replacements		(16,369	)		(15,152	)		(1,217	)		—			(16,369	)
Impairment losses related to unconsolidated real estate partnerships		256			—			256			—			256
Impairment losses on real estate assets sold or held for sale, net of minority partners’ interest		1,956			552			1,404			—			1,956
Redemption related preferred stock issuance costs		1,123			—			—			1,123			1,123
Minority interest in Aimco Operating Partnership’s share of adjustments		1,353			—			—			1,353			1,353
Dividends/distributions on non-dilutive preferred securities		(41	)		—			—			(41	)		(41	)
AFFO Attributable to Common Stockholders — Diluted		47,754			72,635			18,246			(43,127	)		47,754
Interest expense		82,505			68,078			6,567			7,860			82,505
Discontinued operations		30			(531	)		31			530			30
Gain on dispositions of non-depreciable assets		(675	)		(675	)		—			—			(675	)
Preferred stock dividends		21,746			—			—			21,746			21,746
Depreciation and amortization related to non-real estate assets		3,791			3,791			—			—			3,791
Dividends/distributions on non-dilutive preferred securities		—			—			—			—			—
Minority interest in Aimco Operating Partnership		(1,134	)		—			—			(1,134	)		(1,134	)
Minority interest in Aimco Operating Partnership’s share of adjustments		7,947			—			—			7,947			7,947
FCF	$	161,964		$	143,298		$	24,844		$	(6,178	)	$	161,964
FCF Breakdown:
Real estate		161,606
Property management		4,143
Activity and asset management		5,409
Interest income		7,752
Recovery of (provision for) losses on notes receivable, net		1,592
General and administrative expenses		(20,873	)
Other (expenses) income, net		2,335
Total FCF	$	161,964

	For the Three Months Ended March 31, 2005
Reconciliation of Net Income to FFO, AFFO and FCF:	FFO			AFFO			FCF
Net income	$	2,032		$	2,032		$	2,032
Total interest expense after minority partners’ share		—			—			82,505
Preferred stock dividends		(21,746	)		(21,746	)		—
Redemption related preferred stock issuance costs		(1,123	)		—			—
Proportionate share of depreciation and amortization		99,633			99,633			99,633
Depreciation and amortization related to non-real estate assets		(3,791	)		(3,791	)		—
Gain on dispositions of real estate related to unconsolidated entities and other		(1,858	)		(1,858	)		(1,858	)
Gain on dispositions of non-depreciable assets		675			675			—
Impairment losses related to unconsolidated real estate partnerships		—			256			256
Discontinued operations:
Income from discontinued operations, net		—			—			(4,573	)
Depreciation of rental property, net of minority partners’ interest		61			61			—
Gain on dispositions of real estate, net of minority partners’ interest		(7,098	)		(7,098	)		—
Impairment losses on real estate assets sold or held for sale, net of minority partners’ interest		—			1,956			—
Deficit distributions to minority partners		465			465			—
Income tax arising from disposals		13			13			—
Deficit distributions to minority partners		1,472			1,472			1,472
Capital Replacements		—			(16,369	)		(16,369	)
Dividends/distributions on dilutive preferred securities		41			—			—
Minority interest in Aimco Operating Partnership’s share of above adjustments		(9,300	)		(7,947	)		—
Minority interest in Aimco Operating Partnership		—			—			(1,134	)
Total	$	59,476		$	47,754		$	161,964

AIMCO 1st Quarter 2005 Page 6

Supplemental Schedule 3

Business Component Proportionate Balance Sheet Presentation
As of March 31, 2005
(unaudited)

	Consolidated			Total																			Total
	GAAP			Proportionate							Proportionate												Proportionate
	Balance Sheet			Share of			Minority				Consolidated												Consolidated
	as of			Unconsolidated			Partners’				Balance						Aimco							Balance
	March 31, 2005			Partnerships [a]			Interest [b]			Sheet [c]				Conventional				Capital		Corporate			Sheet [c]
ASSETS
Buildings and improvements	$	8,852,661		$	436,979		$	(1,333,961	)		$	7,955,679		$	7,228,570		$	727,109		$	—		$	7,955,679
Land		2,321,226			58,690			(124,334	)			2,255,582			2,139,053			116,529			—			2,255,582
Accumulated depreciation		(2,112,891	)		(100,156	)		579,709				(1,633,338	)		(1,473,604	)		(159,734	)		—			(1,633,338	)
TOTAL REAL ESTATE		9,060,996			395,513			(878,586	)			8,577,923			7,894,019			683,904			—			8,577,923
Cash and cash equivalents		119,629			9,077			(25,951	)			102,755			67,827			34,928			—			102,755
Restricted cash		270,012			33,627			(42,033	)			261,606			174,942			86,664			—			261,606
Accounts receivable		73,060			2,432			—				75,492			47,980			27,512			—			75,492
Accounts receivable from affiliates		53,107			—			—				53,107			20,624			32,483			—			53,107
Deferred financing costs		71,416			—			—				71,416			63,836			7,580			—			71,416
Notes receivable from unconsolidated real estate partnerships		170,352			—			—				170,352			104,516			65,836			—			170,352
Notes receivable from non-affiliates		29,987			—			—				29,987			18,223			11,764			—			29,987
Investment in unconsolidated real estate partnerships		174,460			(119,578	)		—				54,882			42,863			12,019			—			54,882
Other assets		263,912	[d]		24,120			—				288,032			230,353			57,679			—			288,032
Assets held for sale		43,563			—			—				43,563			34,708			8,855			—			43,563
TOTAL ASSETS	$	10,330,494		$	345,191		$	(946,570	)		$	9,729,115		$	8,699,891		$	1,029,224		$	—		$	9,729,115
LIABILITIES AND STOCKHOLDERS’ EQUITY
Secured tax-exempt bond financing	$	1,110,270		$	23,079		$	(62,814	)		$	1,070,535		$	1,048,483		$	22,052		$	—		$	1,070,535
Secured notes payable		4,672,936			257,916			(702,823	)			4,228,029			3,733,163			494,866			—			4,228,029
Term loans		300,000			—			—				300,000			—			—			300,000			300,000
Credit facility		276,000			—			—				276,000			—			—			276,000			276,000
TOTAL INDEBTEDNESS		6,359,206			280,995			(765,637	)			5,874,564			4,781,646			516,918			576,000			5,874,564
Accounts payable		40,663			64,196			—				104,859			75,484			29,375			—			104,859
Accrued liabilities and other		403,324			—			—				403,324			328,440			74,884			—			403,324
Deferred income		47,563			—			—				47,563			44,627			2,936			—			47,563
Security deposits		39,375			—			—				39,375			35,569			3,806			—			39,375
Deferred income taxes payable		20,770			—			—				20,770			20,770			—			—			20,770
Liabilities related to assets held for sale		44,224			—			—				44,424			36,066			8,158			—			44,224
TOTAL LIABILITIES		6,955,125			345,191			(765,637	)			6,534,679			5,322,602			636,077			576,000			6,534,679
Minority interest in consolidated real estate partnerships		205,929			—			(180,933	)			24,996			53,782			(28,786	)		—			24,996
Minority interest in Aimco Operating Partnership		260,831			—			—				260,831			—			—			260,831			260,831
NET OPERATING ASSETS				$	—		$	—			$	2,908,609		$	3,323,507		$	421,933		$	(836,831	)	$	2,908,609
STOCKHOLDERS’ EQUITY
Class A Common Stock		953
Additional paid-in capital		3,085,341
Perpetual preferred stock		860,250
Convertible preferred stock		150,000
Distributions in excess of earnings		(1,124,556	)
Unvested restricted stock		(30,503	)
Notes due on common stock purchases		(32,876	)
TOTAL STOCKHOLDERS’ EQUITY		2,908,609
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,330,494

[a]	Total of Aimco’s proportionate share of selected unconsolidated balance sheet data.
[b]	Total of minority partners’share of selected balance sheet data. Additionally, minority partners’ share of notes receivable is $113.9 million.
[c]	Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of March 31, 2005, plus Aimco’s proportionate share of selected unconsolidated and less minority partners’ share of selected balance sheet data.
[d]	Other assets includes $88.1 million related to goodwill and $17.4 million related to investment in management contracts.

AIMCO 1st Quarter 2005 Page 7

Supplemental Schedule 4

Share Data
As of March 31, 2005
(in thousands)
(unaudited)

								Shares/Units		Current Quarter			Current Quarter			Current Quarter
								Outstanding		Weighted Average			Weighted Average			Weighted Average
	Redemption							At March 31,		Outstanding Shares			Outstanding Shares			Outstanding Shares
	Date (1)		Coupon			Amount		2005		(EPS)			(FFO)			(AFFO)
Class A Common Stock									95,250		93,448	(2)		93,448	(2)		93,448	(2)
Common stock equivalents									—		—			334			334
Common Partnership Units and equivalents									10,797		—			—			—
Total									106,047		93,448			93,782			93,782
Perpetual Preferred Stock (3):
Class G		7/15/2008		9.375	%	$	101,250		4,050		—			—			—
Class Q		3/19/2006		10.10	%		63,250		2,530		—			—			—
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
Total perpetual preferred stock						$	860,500		34,420		—			—			—
Convertible Preferred Stock:
Class W (4)		9/30/2007		8.10	%		100,000		1,905		—			—			—
Class X (4)		3/31/2006		8.50	%		50,000		2,000		—			—			—
Total convertible preferred stock						$	150,000		3,905		—			—			—
Preferred Partnership Units (5)				8.05	%	$	90,537		3,310		—			74			—
Total preferred securities						$	1,101,037		41,635		—			74			—
Total common, common equivalents and dilutive securities											93,448			93,856			93,782

(1)	The redemption date is the date the securities are first eligible for redemption by Aimco.
(2)	Includes a deduction of 1,586 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 and for Class X is 0.4762.
(5)	Coupon is based on a weighted average.

AIMCO 1st Quarter 2005 Page 8

Supplemental Schedule 5

Selected Debt Structure and Maturity Data
As of March 31, 2005
(dollars in thousands)
(unaudited)

I.   Debt Balances and Data

			Proportionate					Total		Weighted		Weighted
			Share of		Minority			Aimco		Average		Average
Debt	Consolidated		Unconsolidated		Interest			Share		Maturity		Rate
Property Debt:
Conventional Portfolio:
Fixed rate secured notes payable	$	3,722,775	$	113,804	$	(550,363	)	$	3,286,216		12.3		6.92	%
Floating rate secured notes payable		496,084		4,204		(53,341	)		446,947		4.1		4.04	%
Total secured notes payable:		4,218,859		118,008		(603,704	)		3,733,163		11.3		6.58	%
Fixed rate tax-exempt bonds		362,111		—		(14,293	)		347,818		17.8		6.07	%
Floating rate tax-exempt bonds		702,888		3,041		(5,264	)		700,665		12.2		2.52	%
Total tax-exempt bonds:		1,064,999		3,041		(19,557	)		1,048,483		14.0		3.70	%
Total Property Debt on Conventional Portfolio		5,283,858		121,049		(623,261	)		4,781,646		11.9		5.95	%
Affordable Portfolio:
Fixed rate secured notes payable		445,252		131,575		(99,119	)		477,708		18.4		5.87	%
Floating rate secured notes payable		8,825		8,333		—			17,158		3.9		3.67	%
Total secured notes payable:		454,077		139,908		(99,119	)		494,866		17.9		5.79	%
Fixed rate tax-exempt bonds		45,271		18,559		(43,257	)		20,573		25.3		4.23	%
Floating rate tax-exempt bonds		—		1,479		—			1,479		9.5		5.80	%
Total tax-exempt bonds:		45,271		20,038		(43,257	)		22,052		24.2		4.33	%
Total Property Debt on Affordable Portfolio		499,348		159,946		(142,376	)		516,918		18.2		5.73	%
Total Property Debt(1)	$	5,783,206	$	280,995	$	(765,637	)	$	5,298,564		12.5		5.92	%
Corporate Debt:
Term Loan	$	300,000	$	—	$	—		$	300,000		—		4.75	%
Credit Facility		276,000		—		—			276,000		—		4.66	%
Total Corporate Debt	$	576,000	$	—	$	—		$	576,000		—		4.71	%
Total Debt	$	6,359,206	$	280,995	$	(765,637	)	$	5,874,564		—		5.81	%

(1) The total consolidated property debt shown above excludes $43.4 million of consolidated property debt, with a weighted average interest rate of 6.7%, 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
Q2 2005	$	32,893	$	30,085	$	62,978		1.1	%		8.58	%
Q3 2005		33,456		18,932		52,388		0.9	%		2.88	%
Q4 2005		33,869		76,775		110,644		1.9	%		6.07	%
Q1 2006		34,025		72,759		106,784		1.9	%		7.73	%
Q2 2006		34,228		59,849		94,077		1.6	%		7.61	%
Q3 2006		34,634		70,829		105,463		1.8	%		8.07	%
Q4 2006		34,906		286,041		320,947		5.6	%		4.71	%
2007		143,286		253,382		396,668		6.9	%		4.26	%
2008		149,285		309,880		459,165		7.9	%		5.30	%
2009		156,385		123,785		280,170		4.8	%		4.27	%
Thereafter						3,793,922		65.6	%
Total Property Debt:					$	5,783,206		100.0	%

Corporate Debt							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
2007	$	—	$	276,000	$	276,000		47.9	%		4.66	%
2009		—		300,000		300,000		52.1	%		4.75	%
Total Corporate Debt:	$	—	$	576,000	$	576,000		100.0	%		4.71	%

AIMCO 1st Quarter 2005 Page 9

Supplemental Schedule 5 (Continued)

Selected Debt Structure and Maturity Data
As of March 31, 2005
(in millions)
(unaudited)

III. Loan Closings

FIRST QUARTER LOAN CLOSINGS	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Mortgage Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds (1)		Rate			Rate
Refinancings:
Fixed Rate	$	4.6	$	76.9	$	4.6	$	76.8	$	71.3		7.50	%		4.45	%
Floating Rate		9.0		17.8		8.5		17.0		7.8		7.10	%		3.50	%
Affordable Mark-to-Market and other		12.6		33.6		3.5		9.4		6.2		8.47	%		4.71	%
Loans relating to acquisitions:
Fixed Rate		—		17.8		—		17.8		17.5		—			5.00	%
Floating Rate		—		112.5		—		112.5		111.6		—			3.00	%
Totals	$	26.2	$	258.6	$	16.6	$	233.5	$	214.4		7.83	%		3.82	%

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

IV. Capitalization

	At						At						At
	September 30,			Percent			December 31,			Percent			March 31,			Percent
	2004			of Total			2004			of Total			2005			of Total
Corporate debt	$	418			4	%	$	369			4	%	$	576			6	%
Property debt (Aimco’s share)		5,129			52	%		5,104			49	%		5,299			50	%
Mandatorily redeemable securities		15			0	%		15			0	%		—			—
Total Debt		5,562						5,488						5,875
Less: Cash and restricted cash		(391	)		-4	%		(337	)		-3	%		(364	)		-3	%
Net Debt		5,171			52	%		5,151			50	%		5,511			53	%
Preferred equity		1,082			11	%		1,132			11	%		1,101			10	%
Common equity at market (1)		3,673			37	%		4,074			39	%		3,943			37	%
Total Capitalization	$	9,926			100	%	$	10,357			100	%	$	10,555			100	%

(1) Common equity at market at March 31, 2005 was calculated using 106.0 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $37.20 per share/unit on March 31, 2005.

V. Ratings on Preferred Securities

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

AIMCO 1st Quarter 2005 Page 10

Supplemental Schedule 6(a)

Same Store Sales
First Quarter 2005 versus First Quarter 2004
(unaudited) (in thousands, except site and unit data)

																												Change Three Months Ended March 31, 2005
										Three Months Ended									Three Months Ended									From March 31, 2004
										March 31, 2005									March 31, 2004									Revenue						Expenses						NOI
		Sites		Units			Owner%			REV		EXP		NOI		Occ %			REV		EXP		NOI		Occ %			Amt			%			Amt			%			Amt			%
Northeast
	Baltimore		11		2,711			91	%		6,948		2,984		3,964					6,704		2,865		3,839					244			3.6	%		119			4.2	%		125			3.3	%
	New England		14		5,384			97	%		16,771		6,758		10,013					16,334		6,090		10,244					437			2.7	%		668			11.0	%		(231	)		-2.3	%
	Philadelphia		11		5,198			83	%		13,210		5,561		7,649					13,230		5,357		7,873					(20	)		-0.2	%		204			3.8	%		(224	)		-2.8	%
	Washington		26		10,830			88	%		28,059		11,045		17,014					26,764		10,129		16,635					1,295			4.8	%		916			9.0	%		379			2.3	%
			62		24,123			89	%		64,988		26,348		38,640		92.7	%		63,032		24,441		38,591		92.0	%		1,956			3.1	%		1,907			7.8	%		49			0.1	%
Southeast
	Atlanta		21		5,933			86	%		9,260		4,838		4,422					8,888		5,132		3,756					372			4.2	%		(294	)		-5.7	%		666			17.7	%
	Savannah - Augusta		5		1,004			87	%		1,580		642		938					1,529		597		932					51			3.3	%		45			7.5	%		6			0.6	%
	Charlotte-Gastonia		6		1,398			90	%		1,924		1,014		910					1,931		1,092		839					(7	)		-0.4	%		(78	)		-7.1	%		71			8.5	%
	Columbia-Charleston		9		2,118			74	%		2,787		1,348		1,439					2,767		1,239		1,528					20			0.7	%		109			8.8	%		(89	)		-5.8	%
	Nashville		8		2,492			74	%		3,737		1,523		2,214					3,634		1,385		2,249					103			2.8	%		138			10.0	%		(35	)		-1.6	%
	Norfolk		12		3,565			76	%		6,598		2,372		4,226					6,486		2,122		4,364					112			1.7	%		250			11.8	%		(138	)		-3.2	%
	Raleigh-Durham-Chapel Hill		8		2,430			74	%		3,038		1,500		1,538					2,837		1,260		1,577					201			7.1	%		240			19.0	%		(39	)		-2.5	%
	Richmond-Petersburg		5		1,208			79	%		2,063		764		1,299					2,098		731		1,367					(35	)		-1.7	%		33			4.5	%		(68	)		-5.0	%
	Southeast Other		23		4,920			80	%		6,573		3,253		3,320					6,163		3,016		3,147					410			6.7	%		237			7.9	%		173			5.5	%
			97		25,068			80	%		37,560		17,254		20,306		89.2	%		36,333		16,574		19,759		88.7	%		1,227			3.4	%		680			4.1	%		547			2.8	%
Florida
	Jacksonville		5		1,340			85	%		2,313		925		1,388					2,202		871		1,331					111			5.0	%		54			6.2	%		57			4.3	%
	Miami-Fort Lauderdale		8		2,397			78	%		5,134		1,962		3,172					4,598		1,885		2,713					536			11.7	%		77			4.1	%		459			16.9	%
	Orlando-Daytona		24		6,076			91	%		11,776		5,095		6,681					10,392		4,788		5,604					1,384			13.3	%		307			6.4	%		1,077			19.2	%
	Tampa-St. Petersburg		21		5,637			72	%		8,376		3,777		4,599					7,475		3,357		4,118					901			12.1	%		420			12.5	%		481			11.7	%
	West Palm Beach-Boca		5		1,505			100	%		3,910		1,626		2,284					3,534		1,356		2,178					376			10.6	%		270			19.9	%		106			4.9	%
			63		16,955			83	%		31,509		13,385		18,124		96.1	%		28,201		12,257		15,944		92.3	%		3,308			11.7	%		1,128			9.2	%		2,180			13.7	%
Midwest
	Chicago		22		6,320			83	%		14,418		6,604		7,814					14,215		6,381		7,834					203			1.4	%		223			3.5	%		(20	)		-0.3	%
	Cincinnati-Dayton		19		3,734			71	%		5,115		2,272		2,843					4,901		2,215		2,686					214			4.4	%		57			2.6	%		157			5.8	%
	Columbus		9		2,012			71	%		2,237		1,114		1,123					2,495		1,055		1,440					(258	)		-10.3	%		59			5.6	%		(317	)		-22.0	%
	Detroit-Ann Arbor		6		1,665			62	%		1,924		1,123		801					2,152		989		1,163					(228	)		-10.6	%		134			13.5	%		(362	)		-31.1	%
	Grand Rapids-Lansing		13		4,734			65	%		5,445		2,885		2,560					5,319		2,783		2,536					126			2.4	%		102			3.7	%		24			0.9	%
	Indianapolis-Fort Wayne		36		12,479			90	%		17,373		8,904		8,469					17,520		8,154		9,366					(147	)		-0.8	%		750			9.2	%		(897	)		-9.6	%
	Minneapolis-St Paul		5		1,430			82	%		3,312		1,659		1,653					3,357		1,787		1,570					(45	)		-1.3	%		(128	)		-7.2	%		83			5.3	%
	Midwest Other		13		2,891			59	%		3,126		1,392		1,734					3,029		1,767		1,262					97			3.2	%		(375	)		-21.2	%		472			37.4	%
			123		35,265			78	%		52,950		25,953		26,997		87.7	%		52,988		25,131		27,857		88.6	%		(38	)		-0.1	%		822			3.3	%		(860	)		-3.1	%
Texas
	Austin-San Marcos		10		2,217			93	%		3,681		1,905		1,776					3,527		1,899		1,628					154			4.4	%		6			0.3	%		148			9.1	%
	Dallas-Fort Worth		23		6,007			77	%		7,675		4,272		3,403					7,226		3,915		3,311					449			6.2	%		357			9.1	%		92			2.8	%
	Houston-Galveston		36		9,570			67	%		10,471		6,113		4,358					10,279		5,420		4,859					192			1.9	%		693			12.8	%		(501	)		-10.3	%
	San Antonio		11		2,647			94	%		3,923		1,920		2,003					3,866		1,823		2,043					57			1.5	%		97			5.3	%		(40	)		-2.0	%
	Texas Other		7		1,499			74	%		1,762		843		919					1,635		751		884					127			7.8	%		92			12.3	%		35			4.0	%
			87		21,940			76	%		27,512		15,053		12,459		87.3	%		26,533		13,808		12,725		83.0	%		979			3.7	%		1,245			9.0	%		(266	)		-2.1	%
West
	Denver		22		4,813			84	%		8,174		3,723		4,451					7,857		3,636		4,221					317			4.0	%		87			2.4	%		230			5.4	%
	Phoenix-Mesa		27		7,361			92	%		11,633		5,699		5,934					10,427		5,338		5,089					1,206			11.6	%		361			6.8	%		845			16.6	%
	Salt Lake City-Ogden		4		1,511			86	%		2,193		979		1,214					2,069		809		1,260					124			6.0	%		170			21.0	%		(46	)		-3.7	%
	Seattle		4		468			59	%		629		323		306					590		297		293					39			6.6	%		26			8.8	%		13			4.4	%
	West Other		9		2,381			84	%		3,337		1,554		1,783					3,062		1,406		1,656					275			9.0	%		148			10.5	%		127			7.7	%
			66		16,534			87	%		25,966		12,278		13,688		89.4	%		24,005		11,486		12,519		85.3	%		1,961			8.2	%		792			6.9	%		1,169			9.3	%
California
	Bay Area & Sacramento		6		1,533			45	%		2,003		815		1,188					1,918		811		1,107					85			4.4	%		4			0.5	%		81			7.3	%
	Los Angeles-Long Beach-Ventura		12		2,429			87	%		9,630		2,834		6,796					9,168		3,030		6,138					462			5.0	%		(196	)		-6.5	%		658			10.7	%
	Orange County-Riverside		8		1,755			83	%		5,270		1,672		3,598					4,822		1,786		3,036					448			9.3	%		(114	)		-6.4	%		562			18.5	%
	San Diego		7		2,237			94	%		6,685		2,088		4,597					6,104		1,849		4,255					581			9.5	%		239			12.9	%		342			8.0	%
			33		7,954			80	%		23,588		7,409		16,179		94.5	%		22,012		7,476		14,536		91.8	%		1,576			7.2	%		(67	)		-0.9	%		1,643			11.3	%
	SAME STORE SALES TOTALS		531		147,839	(2)		82	%		264,073		117,680		146,393		90.2	%		253,104		111,173		141,931		88.6	%		10,969			4.3	%		6,507			5.9	%		4,462			3.1	%
Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1)											112,261		64,801		47,460					85,428		49,396		36,032
Total Rental and other property revenues and property operating expense per GAAP Income Statement											376,334		182,481		193,853					338,532		160,569		177,963

(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 Sales effective units were approximately 120,700 at March 31, 2005.

AIMCO 1st Quarter 2005 Page 11

Supplemental Schedule 6(b)

Same Store Sales
First Quarter 2005 versus Fourth Quarter 2004
(unaudited) (in thousands, except site and unit data)

																													Change Three Months Ended March 31, 2005
										Three Months Ended									Three Months Ended										From December 31, 2004
										March 31, 2005									December 31, 2004										Revenue						Expenses							NOI
		Sites		Units			Owner%			REV		EXP		NOI		Occ %			REV		EXP			NOI		Occ %			Amt			%			Amt			%			Amt			%
Northeast
	Baltimore		11		2,711			91	%		6,948		2,984		3,964					6,930		3,089			3,841					18			0.3	%		(105	)		-3.4	%		123			3.2	%
	New England		14		5,384			97	%		16,771		6,758		10,013					16,942		6,255	��		10,687					(171	)		-1.0	%		503			8.0	%		(674	)		-6.3	%
	Philadelphia		11		5,198			83	%		13,210		5,561		7,649					13,261		5,181			8,080					(51	)		-0.4	%		380			7.3	%		(431	)		-5.3	%
	Washington		26		10,830			88	%		28,059		11,045		17,014					28,147		10,843			17,304					(88	)		-0.3	%		202			1.9	%		(290	)		-1.7	%
			62		24,123			89	%		64,988		26,348		38,640		92.7	%		65,280		25,368			39,912		93.2	%		(292	)		-0.4	%		980			3.9	%		(1,272	)		-3.2	%
Southeast
	Atlanta		21		5,933			86	%		9,260		4,838		4,422					9,429		5,669			3,760					(169	)		-1.8	%		(831	)		-14.7	%		662			17.6	%
	Savannah - Augusta		5		1,004			87	%		1,580		642		938					1,653		688			965					(73	)		-4.4	%		(46	)		-6.7	%		(27	)		-2.8	%
	Charlotte-Gastonia		6		1,398			90	%		1,924		1,014		910					1,931		1,257			674					(7	)		-0.4	%		(243	)		-19.3	%		236			35.0	%
	Columbia-Charleston		9		2,118			74	%		2,787		1,348		1,439					2,895		1,419			1,476					(108	)		-3.7	%		(71	)		-5.0	%		(37	)		-2.5	%
	Nashville		8		2,492			74	%		3,737		1,523		2,214					3,851		1,541			2,310					(114	)		-3.0	%		(18	)		-1.2	%		(96	)		-4.2	%
	Norfolk		12		3,565			76	%		6,598		2,372		4,226					6,629		2,482			4,147					(31	)		-0.5	%		(110	)		-4.4	%		79			1.9	%
	Raleigh-Durham-Chapel Hill		8		2,430			74	%		3,038		1,500		1,538					2,999		1,573			1,426					39			1.3	%		(73	)		-4.6	%		112			7.9	%
	Richmond-Petersburg		5		1,208			79	%		2,063		764		1,299					2,074		648			1,426					(11	)		-0.5	%		116			17.9	%		(127	)		-8.9	%
	Southeast Other		23		4,920			80	%		6,573		3,253		3,320					6,515		3,345			3,170					58			0.9	%		(92	)		-2.8	%		150			4.7	%
			97		25,068			80	%		37,560		17,254		20,306		89.2	%		37,976		18,622			19,354		90.4	%		(416	)		-1.1	%		(1,368	)		-7.3	%		952			4.9	%
Florida
	Jacksonville		5		1,340			85	%		2,313		925		1,388					2,293		903			1,390					20			0.9	%		22			2.4	%		(2	)		-0.1	%
	Miami-Fort Lauderdale		8		2,397			78	%		5,134		1,962		3,172					5,023		1,768			3,255					111			2.2	%		194			11.0	%		(83	)		-2.5	%
	Orlando-Daytona		24		6,076			91	%		11,776		5,095		6,681					11,586		4,547			7,039					190			1.6	%		548			12.1	%		(358	)		-5.1	%
	Tampa-St. Petersburg		21		5,637			72	%		8,376		3,777		4,599					8,225		3,851			4,374					151			1.8	%		(74	)		-1.9	%		225			5.1	%
	West Palm Beach-Boca		5		1,505			100	%		3,910		1,626		2,284					3,829		1,642			2,187					81			2.1	%		(16	)		-1.0	%		97			4.4	%
			63		16,955			83	%		31,509		13,385		18,124		96.1	%		30,956		12,711			18,245		95.4	%		553			1.8	%		674			5.3	%		(121	)		-0.7	%
Midwest
	Chicago		22		6,320			83	%		14,418		6,604		7,814					14,369		6,136			8,233					49			0.3	%		468			7.6	%		(419	)		-5.1	%
	Cincinnati-Dayton		19		3,734			71	%		5,115		2,272		2,843					5,048		2,188			2,860					67			1.3	%		84			3.8	%		(17	)		-0.6	%
	Columbus		9		2,012			71	%		2,237		1,114		1,123					2,252		1,102			1,150					(15	)		-0.7	%		12			1.1	%		(27	)		-2.3	%
	Detroit-Ann Arbor		6		1,665			62	%		1,924		1,123		801					1,922		1,165			757					2			0.1	%		(42	)		-3.6	%		44			5.8	%
	Grand Rapids-Lansing		13		4,734			65	%		5,445		2,885		2,560					5,490		2,818			2,672					(45	)		-0.8	%		67			2.4	%		(112	)		-4.2	%
	Indianapolis-Fort Wayne		36		12,479			90	%		17,373		8,904		8,469					17,579		8,276			9,303					(206	)		-1.2	%		628			7.6	%		(834	)		-9.0	%
	Minneapolis-St Paul		5		1,430			82	%		3,312		1,659		1,653					3,439		1,919			1,520					(127	)		-3.7	%		(260	)		-13.5	%		133			8.8	%
	Midwest Other		13		2,891			59	%		3,126		1,392		1,734					3,109		1,317			1,792					17			0.5	%		75			5.7	%		(58	)		-3.2	%
			123		35,265			78	%		52,950		25,953		26,997		87.7	%		53,208		24,921			28,287		87.7	%		(258	)		-0.5	%		1,032			4.1	%		(1,290	)		-4.6	%
Texas
	Austin-San Marcos		10		2,217			93	%		3,681		1,905		1,776					3,607		2,157			1,450					74			2.1	%		(252	)		-11.7	%		326			22.5	%
	Dallas-Fort Worth		23		6,007			77	%		7,675		4,272		3,403					7,554		4,403			3,151					121			1.6	%		(131	)		-3.0	%		252			8.0	%
	Houston-Galveston		36		9,570			67	%		10,471		6,113		4,358					10,832		6,634			4,198					(361	)		-3.3	%		(521	)		-7.9	%		160			3.8	%
	San Antonio		11		2,647			94	%		3,923		1,920		2,003					4,052		2,145			1,907					(129	)		-3.2	%		(225	)		-10.5	%		96			5.0	%
	Texas Other		7		1,499			74	%		1,762		843		919					1,774		883			891					(12	)		-0.7	%		(40	)		-4.5	%		28			3.1	%
			87		21,940			76	%		27,512		15,053		12,459		87.3	%		27,819		16,222			11,597		88.8	%		(307	)		-1.1	%		(1,169	)		-7.2	%		862			7.4	%
West
	Denver		22		4,813			84	%		8,174		3,723		4,451					8,307		3,975			4,332					(133	)		-1.6	%		(252	)		-6.3	%		119			2.7	%
	Phoenix-Mesa		27		7,361			92	%		11,633		5,699		5,934					11,504		5,550			5,954					129			1.1	%		149			2.7	%		(20	)		-0.3	%
	Salt Lake City-Ogden		4		1,511			86	%		2,193		979		1,214					2,205		977			1,228					(12	)		-0.5	%		2			0.2	%		(14	)		-1.1	%
	Seattle		4		468			59	%		629		323		306					621		344			277					8			1.3	%		(21	)		-6.1	%		29			10.5	%
	West Other		9		2,381			84	%		3,337		1,554		1,783					3,309		1,545			1,764					28			0.8	%		9			0.6	%		19			1.1	%
			66		16,534			87	%		25,966		12,278		13,688		89.4	%		25,946		12,391			13,555		90.8	%		20			0.1	%		(113	)		-0.9	%		133			1.0	%
California
	Bay Area & Sacramento		6		1,533			45	%		2,003		815		1,188					2,057		866			1,191					(54	)		-2.6	%		(51	)		-5.9	%		(3	)		-0.3	%
	Los Angeles-Long Beach-Ventura		12		2,429			87	%		9,630		2,834		6,796					9,722		3,688			6,034					(92	)		-0.9	%		(854	)		-23.2	%		762			12.6	%
	Orange County-Riverside		8		1,755			83	%		5,270		1,672		3,598					5,206		1,710			3,496					64			1.2	%		(38	)		-2.2	%		102			2.9	%
	San Diego		7		2,237			94	%		6,685		2,088		4,597					6,677		2,081			4,596					8			0.1	%		7			0.3	%		1			0.0	%
			33		7,954			80	%		23,588		7,409		16,179		94.5	%		23,662		8,345			15,317		95.6	%		(74	)		-0.3	%		(936	)		-11.2	%		862			5.6	%
	SAME STORE SALES TOTALS		531		147,839	(2)		82	%		264,073		117,680		146,393		90.2	%		264,847		118,580			146,267		90.9	%		(774	)		-0.3	%		(900	)		-0.8	%		126			0.1	%
Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1)											112,261		64,801		47,460					106,282		63,535			42,747
Total Rental and other property revenues and property operating expense per GAAP Income Statement											376,334		182,481		193,853					371,129		182,115			189,014

(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 Sales effective units were approximately 120,700 at March 31, 2005.

AIMCO 1st Quarter 2005 Page 12

Supplemental Schedule 7

Selected Portfolio Performance Data
(unaudited)

PORTFOLIO SUMMARY
SAME STORE PERFORMANCE

	SAME STORE PORTFOLIO
	CORE			NON-CORE			TOTAL
Rent, average first quarter 2005	$	809		$	585		$	740
Occupancy, average first quarter 2005		91.3	%		87.9	%		90.2	%
Total # of Properties		336			195			531
Total # of Units		101,192			46,647			147,839
Proportionate Owned Units		82,593			38,073			120,666
1st Quarter 2005 vs 1st Quarter 2004
Revenue		3.9	%		5.6	%		4.3	%
Expenses		6.3	%		4.8	%		5.9	%
NOI		2.3	%		6.4	%		3.1	%
Sequential, 1st Quarter 2005 vs 4th Quarter 2004
Revenue		-0.3	%		-0.2	%		-0.3	%
Expenses		-0.1	%		-2.4	%		-0.8	%
NOI		-0.5	%		2.3	%		0.1	%

TOTAL CONVENTIONAL PORTFOLIO: SUMMARY BY MARKET
SELECTED MARKETS

	Quarter Ended March 31, 2005									Quarter Ended March 31, 2004
% of Total Conventional NOI	TOTAL CONVENTIONAL PORTFOLIO									TOTAL CONVENTIONAL PORTFOLIO
Top 20 Markets	CORE			NON-CORE			TOTAL			CORE			NON-CORE			TOTAL
1 Washington, D.C.		10.1	%		1.1	%		11.2	%		10.5	%		0.6	%		11.1	%
2 Los Angeles-Long Beach-Ventura		6.9	%		0.0	%		6.9	%		7.4	%		0.0	%		7.4	%
3 New England		6.4	%		0.0	%		6.4	%		5.3	%		0.0	%		5.3	%
4 Philadelphia		5.5	%		0.0	%		5.5	%		5.5	%		0.0	%		5.5	%
5 Indianapolis-Fort Wayne		3.6	%		1.8	%		5.4	%		3.8	%		1.4	%		5.2	%
6 Chicago		4.7	%		0.1	%		4.8	%		4.2	%		0.3	%		4.5	%
7 Miami-Fort Lauderdale		4.7	%		0.0	%		4.7	%		3.8	%		0.0	%		3.8	%
8 Orlando-Daytona		3.4	%		0.6	%		4.0	%		1.2	%		1.8	%		3.0	%
9 Phoenix-Mesa		1.9	%		1.7	%		3.6	%		1.6	%		1.2	%		2.8	%
10 Denver-Front Range		2.6	%		0.2	%		2.8	%		2.4	%		0.2	%		2.6	%
11 Tampa-St. Petersburg		2.2	%		0.6	%		2.8	%		2.0	%		0.8	%		2.8	%
12 San Diego		2.7	%		0.0	%		2.7	%		2.2	%		0.0	%		2.2	%
13 Norfolk		2.4	%		0.3	%		2.7	%		2.6	%		0.2	%		2.8	%
14 Atlanta		1.8	%		0.9	%		2.7	%		1.7	%		0.7	%		2.4	%
15 Houston-Galveston		1.8	%		0.8	%		2.6	%		2.8	%		0.8	%		3.6	%
16 Orange County-Riverside		2.3	%		0.0	%		2.3	%		1.8	%		0.0	%		1.8	%
17 New York		2.3	%		0.0	%		2.3	%		0.6	%		0.0	%		0.6	%
18 Dallas-Fort Worth		1.1	%		1.0	%		2.1	%		1.3	%		0.9	%		2.2	%
19 Cincinnati-Dayton		0.9	%		1.0	%		1.9	%		1.2	%		0.9	%		2.1	%
20 Baltimore		1.6	%		0.1	%		1.7	%		1.4	%		0.2	%		1.6	%
Subtotal Top 20 Markets		68.9	%		10.2	%		79.1	%		63.3	%		10.0	%		73.3	%
All Other Markets (50)		11.0	%		9.9	%		20.9	%		13.8	%		12.9	%		26.7	%
Total Conventional NOI		79.9	%		20.1	%		100.0	%		77.1	%		22.9	%		100.0	%
Rent, average first quarter	$	828		$	582		$	754		$	814		$	568		$	732
Occupancy, average first quarter		90.4	%		87.7	%		89.6	%		88.3	%		87.4	%		87.9	%
Total # of Properties		381			214			595			374			252			626
Total # of Units		114,792			50,826			165,618			115,265			60,425			175,690
Proportionate Owned Units		92,554			42,082			134,636			90,114			47,969			138,083

AIMCO 1st Quarter 2005 Page 8

Supplemental Schedule 8

Property Sales and Acquisition Activity
(unaudited)

FIRST QUARTER 2005 PROPERTY SALES ACTIVITY

	Number		Number		Gross					Property		Net Sales		Aimco Net		Average
	of		of		Proceeds		FCF (1)			Debt		Proceeds(2)		Proceeds		Rent
	Properties		Units		($mm)		Yield			($mm)		($mm)		($mm)		($/unit)
Conventional Non-Core		1		152	$	5		2.5	%	$	2	$	3	$	3	$	575
Affordable		13		1,155		47		6.3	%		27		15		9		669
Total Dispositions		14		1,307	$	52		5.9	%	$	29	$	18	$	12	$	658

(1)	Free Cash Flow (FCF) includes a $525 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

FIRST QUARTER 2005 PROPERTY ACQUISITION ACTIVITY

						Number		Number		Gross		Property		Average
			Ownership			of		of		Purchase		Debt		Rent
			Percent			Properties		Units		Price ($mm)		($mm)		($/unit)
Conventional	(1	)		100	%		5		746	$	227	$	130	$	2,763
Total Acquisitions							5		746	$	227	$	130	$	2,763

(1) Properties acquired are located in New York City (4 properties) and in Los Angeles, CA.

AIMCO 1st Quarter 2005 Page 14

Supplemental Schedule 9

Capital Expenditures
For the Three Months Ended March 31, 2005
(in thousands, except per unit)
(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 three months ended March 31, 2005 (per unit is based on approximately 152,600 units which represent effective units (excluding non-managed units) weighted for the period):

Capital Replacements Detail:	Actual Amount			Per Unit
Building Interiors	$	2,228		$	15
Includes: Hot water heaters, kitchen/bath
Building Exteriors		2,380			16
Includes: Roofs, exterior painting, electrical, plumbing
Landscaping and Grounds		1,396			9
Includes: Parking lot improvements, pool improvements
Turnover Related		7,199			47
Includes: Carpet, vinyl, tile, appliance and fixture replacements
Capitalized site payroll and indirect costs		3,166			21
Total Aimco’s share of Capital Replacements	$	16,369		$	108
Capital Replacements:
Conventional		15,152
Affordable		1,217
Total Aimco’s share of Capital Replacements	$	16,369
Capital Improvements:
Conventional		19,371
Affordable		4,271
Total Aimco’s share of Capital Improvements	$	23,642
Casualties:
Conventional		8,200
Affordable		288
Total Aimco’s share of Casualties	$	8,488
Redevelopment (see Schedule 10 for further project details):
Conventional		20,680
Affordable		861
Total Aimco’s share of Redevelopment	$	21,541
Total Aimco’s share of Capital Expenditures	$	70,040
Plus minority partners’ share of consolidated spending		23,086
Less Aimco’s share of unconsolidated spending		(2,347	)
Total Spending per Consolidated Statement of Cash Flows	$	90,779

AIMCO 1st Quarter 2005 Page 15

Supplemental Schedule 10

Summary of 2005 Redevelopment Activity
As of March 31, 2005
(in millions, except unit data)
(values are not adjusted for Aimco’s ownership unless indicated)
(unaudited)

							Cost in Millions											Redevelopment Timeline								Number of Units
Property	City, State	Ownership %			Number of Units		Total Expected Spend at 100%		Inception to Date Spend at 100%		Year to Date Spend at 100%		Year to Date Spend at AIV%		Expected Yield			Acquisition		Construction Start		Construction Complete		Stabilization		Completed		Leased (1)		Out of Service
Redevelopment — Major Project Detail
Flamingo South Beach	Miami Beach, FL		77.0	%		1,688	$	283.6	$	283.4	$	2.8	$	2.2		5	%		Q3 1997		Q3 1997		Q1 2004		Q2 2005		1,688		1,461		—
Belmont Place	Marietta, GA		63.0	%		326		33.7		27.1		6.2		3.9		9	%		Q2 1998		Q4 2003		Q2 2005		Q2 2006		222		123		104
		Subtotal				2,014	$	317.3	$	310.5	$	9.0	$	6.1													1,910		1,584		104
Redevelopment — Other Projects
Conventional	21 properties					9,674	$	141.1	$	35.2	$	9.7	$	7.9
Affordable	10 properties					2,008		110.2		64.1		11.8		0.9
Other Redevelopment												7.3		6.4
		Subtotal				11,682	$	251.3	$	99.3	$	28.8	$	15.2
		Total				13,696	$	568.6	$	409.8	$	37.8	$	21.3

(1) Leased units include pre-leased.

AIMCO 1st Quarter 2005 Page 16

Supplemental Schedule 11

Apartment Unit Summary
As of March 31, 2005
(unaudited)

						Aimco's		Aimco's
		Total		Total		Effective		Average
		# Properties		# Units		# Units		Ownership %
Conventional Real Estate Portfolio:
	Wholly-owned Consolidated Core Properties		211		61,474		61,474		100	%
	Partially-owned Consolidated Core Properties		141		46,676		28,691		61	%
	Partially-owned Unconsolidated Core Properties		29		6,642		2,389		36	%
	Sub-total Core Properties		381		114,792		92,554		81	%
	Wholly-owned Consolidated Non-Core Properties		129		31,754		31,754		100	%
	Partially-owned Consolidated Non-Core Properties		57		13,620		8,518		63	%
	Partially-owned Unconsolidated Non-Core Properties		28		5,452		1,810		33	%
	Sub-total Non-Core Properties		214		50,826		42,082		83	%
	Total		595		165,618		134,636		81	%
Aimco Capital Real Estate Portfolio:
	Wholly-owned Consolidated Properties		80		10,643		10,643		100	%
	Partially-owned Consolidated Properties		62		7,540		3,683		49	%
	Partially-owned Unconsolidated Properties		256		29,846		5,367		18	%
	Total		398		48,029		19,693		41	%
Total Owned Real Estate Portfolio:
	Wholly-owned Consolidated Properties		420		103,871		103,871		100	%
	Partially-owned Consolidated Properties		260		67,836		40,892		60	%
	Partially-owned Unconsolidated Properties		313		41,940		9,566		23	%
	Total		993		213,647		154,329		72	%
Management Contracts:
	Property Managed for Third Parties		66		6,472
	Asset-Managed for Third Parties		31		4,843
	Asset-Managed (indirect ownership)		387		36,396
	Total		484		47,711
Total Portfolio			1,477		261,358

AIMCO 1st Quarter 2005 Page 17

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

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

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

ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is FFO (diluted) less Capital Replacement expenditures, plus non-cash charges for redemption related preferred stock issuance costs and impairment losses, all of which are adjusted for the Aimco operating partnership’s share (AIMCO Properties, L.P.). Similar to FFO, AFFO is helpful to investors in understanding Aimco’s performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. From the second quarter 2002 through the fourth quarter 2003, the calculation of AFFO also deducted Capital Enhancements (CE) expenditures. CE was Aimco’s categorization of expenditures made to improve Aimco’s assets by adding a new feature or revenue source; however, as part of changes effective as of the first quarter 2004, these expenditures are included within the capital improvements category. Capital improvement expenditures are not deducted in the calculation of AFFO and FCF. Please see Supplemental Schedule I for AFFO data reconciled to net income as determined in accordance with GAAP.

CAPITAL IMPROVEMENTS (CI): 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 is net operating income from real estate minus CR spending. FCF also includes cash flows generated from the investment management business, interest income, general and administrative expenses, provision for or recovery of losses on notes receivable and other expenses (income), net incurred by Aimco. FCF measures profitability of operations and is prior to the cost of capital. Because Aimco has substantial unconsolidated real estate interests, it is useful for management and investors to understand, in addition to consolidated cash flows, cash flows related to Aimco’s unconsolidated real estate holdings. Please see Supplemental Schedule 2 for FCF data reconciled to net income as determined in accordance with GAAP.

FUNDS FROM OPERATIONS (FFO): FFO is a commonly used measure of REIT performance defined by the National Association of Real Estate Investment Trusts (NAREIT) as net income, computed in accordance with GAAP, excluding gains 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 in which Aimco’s ownership exceeds 10% and that have reached a stabilized level of occupancy during both the current and comparable prior year period. These results measure operating performance without variations caused by investment transactions.

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

AIMCO 1st Quarter 2005 Page 18