Apartment Investment and Management 8K Announces Fourth Quarter 2005 Results | AIV 9 Feb 06

Exhibit 99.1

Denver, Colorado — February 9, 2006

Apartment Investment and Management Company
Announces Fourth Quarter 2005 Results

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

	•		Net income was $15.0 million, compared with $72.3 million in the fourth quarter 2004. The $57.3 million decrease in net income was primarily a result of $53.4 million higher gains on property sales in 2004, related to both consolidated and unconsolidated properties. Earnings per share (EPS) was a loss of $0.07 on a diluted basis, compared with earnings of $0.53 in the fourth quarter 2004.

	•		Funds from operations (diluted) (FFO) is a non-GAAP financial measure defined in the glossary in the Supplemental Information (the Glossary). FFO calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts (NAREIT) was $57.3 million, or $0.60 per share, compared with $67.6 million, or $0.72 per share, in the fourth quarter 2004. FFO before impairment and preferred redemption charges was $57.2 million, also $0.60 per share. FFO includes a charge of $0.09 per share related to damage caused by Hurricane Wilma, which increased from the November 2005 estimate of $0.08 per share.

	•		Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $38.8 million, or $0.41 per share, compared with $47.0 million, or $0.50 per share, in the fourth quarter 2004. AFFO includes deductions of $0.19 and $0.22 per share for capital replacement expenditures in the fourth quarter 2005 and fourth quarter 2004, respectively.

Diluted Per Share Results


	FOURTH QUARTER					FULL YEAR
	2005			2004		2005			2004
Earnings (loss) — EPS		($0.07	)	$	0.53		($0.18	)	$	1.88

Funds from operations — FFO		$0.60		$	0.72		$2.48		$	2.79

FFO before impairment and preferred redemption charges		$0.60		$	0.72		$2.59		$	2.93

Adjusted funds from operations — AFFO		$0.41		$	0.50		$1.74		$	2.19

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

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “Aimco enjoyed a successful fourth quarter on several fronts:

	•		We served more customers, enjoying 94.6% occupancy for the quarter and realizing higher rents, which together produced a “Same Store” growth rate of 8.7%;

	•		We received final approval to increase the density at Springhill Lake by 2,901 units, an increase from 2,899 to 5,800;

	•		Aimco Capital earned record revenues and income;

	•		We are delighted to have successfully resolved the SEC investigation.

We have a lot of momentum as we begin 2006, and I look forward to the year ahead.”

Chief Financial Officer Tom Herzog adds: “Our mid-point 2006 FFO projection of $2.89 is up 7% over 2005, after adjusting 2005 by $0.22 for impairment, preferred redemption and hurricane charges. Same Store NOI is projected to increase 7%, which assumes a 5.5% increase in revenue and a 3.5% increase in expenses. Projected revenue growth is driven primarily by (i) higher average occupancy, up 2.3% from the 2005 average; and (ii) rental rate increases, up 3.5% from 2005. Expenses are expected to rise with inflationary effects on salaries and services as well as higher rates for utilities, taxes & insurance, partially offset by lower year-over-year unit turnover costs.” Please refer to the 2006 Outlook on page 12 for further details.

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 fourth quarter 2005, this portfolio had 526 properties with 151,613 units in which Aimco had a weighted average ownership of 81%. During the fourth quarter 2005, conventional real estate operations generated net operating income of $159.9 million.

“Same Store” Results

The Same Store portfolio is a sub-set of total conventional properties (see the Glossary). In the fourth quarter 2005, the Same Store portfolio included 464 communities with 109,136 effective units based on Aimco’s weighted average ownership of 82% (see Supplemental Schedules 6a through 7).

Comparing Same Store results in the fourth quarter 2005 with the fourth quarter 2004, total revenue increased $17.2 million, or 7.0%. The increase in revenue was generated by: higher occupancy, up 370 basis points from 90.9% to 94.6%; higher average rent, up $17 per unit, or 2.3%, from $752 per unit to $769 per unit; and lower bad debt, down $1.9 million. Same Store expenses of $114.1 million increased by $5.4 million, or 5.0%, compared with the fourth quarter 2004. Increased expenses were primarily due to: $3.4 million increased utility costs driven by higher natural gas rates up 45%, as well as higher water and electricity rates; $1.4 million increased payroll and benefits; and $0.8 million increased turnover costs related to a greater number of turned units; all partially offset by lower repairs and maintenance. Same Store portfolio net operating income was $147.5 million for the fourth quarter 2005, up 8.7% from the fourth quarter 2004.

Same Store Operating Results


	FOURTH QUARTER															FULL YEAR
	Year-over-year									Sequential
	2005			2004			Variance			3rd Qtr			Variance			2005			2004			Variance
Same Store Operating Measures

(1) Average Physical Occupancy		94.6	%		90.9	%	370 bp				93.3	%	130 bp				92.2	%		89.3	%	290 bp

Average Rent Per Unit	$	769		$	752			2.3	%	$	767			0.3	%	$	762		$	746			2.1	%

Total Same Store

Revenue	$	261.6		$	244.4			7.0	%	$	258.2			1.3	%	$	999.4		$	941.7			6.1	%

(2) Expenses		(114.1	)		(108.7	)		5.0	%		(117.0	)		-2.4	%		(443.1	)		(418.2	)		6.0	%

NOI ($mm)	$	147.5		$	135.7			8.7	%	$	141.2			4.5	%	$	556.3		$	523.5			6.3	%

(1)

As of the first quarter 2005, Aimco’s reported occupancy represents the weighted average daily occupancy 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.

(2)

In the fourth quarter 2005, Same Store expenses included a $367,000 charge related to Hurricane Wilma. Deducting the effect of this charge, Same Store expenses and NOI would have shown a variance 4Q05 versus 4Q04 of 4.7% and 8.9%, respectively.

Comparing Same Store results on a sequential basis, total revenue increased $3.4 million in the fourth quarter 2005 compared with the third quarter 2005, driven primarily by a 130 basis point increase in occupancy and a 0.3% increase in rental rate. Expenses decreased $2.9 million, primarily due to lower unit turnover costs due to stable occupancy, lower marketing costs and lower property taxes, all partially offset by higher utilities costs. Net operating income increased $6.3 million, or 4.5%, on a sequential basis.

Comparing the full year 2005 with 2004, Same Store revenue increased $57.7 million, or 6.1%, from $941.7 million to $999.4 million reflecting a 290 basis point increase in occupancy and a 2.1% increase in rental rates. Same Store expenses increased $24.9 million or 6.0% primarily due to higher personnel, utilities and property tax expenses. Same Store NOI increased $32.8 million, or 6.3%.

CORE PROPERTIES — Core properties (defined in the Glossary) offer the potential for long-term growth at higher rates of return. In the fourth quarter 2005, Aimco reduced its core markets from 38 to 27, with core operations focused in markets located predominantly in coastal states as well as the Rocky Mountain region and Chicago. Markets moved from core to non-core include certain Texas and Midwest markets where the average four-year growth rate is projected below the core average of 3.3%. In the fourth quarter 2005, core properties accounted for 72% of conventional operations net operating income. The core properties portfolio had better operating characteristics than non-core properties (defined in the Glossary). Core property average rent was $974 per month and average occupancy was 94.1% compared with non-core, which had average monthly rent of $612 and average occupancy of 93.2%.

UNIVERSITY COMMUNITIES — Aimco’s University Communities portfolio includes 15 properties with 4,443 units after completing the sale of five properties in the fourth quarter. Aimco seeks to own properties in close proximity to major universities. In the fourth quarter 2005, University Communities had average occupancy of 95.7% and average rent of $733.

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

Affordable Property Operations

At the end of the fourth quarter 2005, Aimco’s owned affordable portfolio included 357 properties with 42,204 units in which Aimco had an average ownership of 40%. During the fourth quarter 2005, affordable property operations generated net operating income of $18.2 million and property management net operating income of $2.0 million. On a year-over-year

basis, fourth quarter average month-end occupancy for the owned and managed portfolio increased 170 basis points from 94.8% to 96.5%, and average rent per unit increased 4.1% from $655 to $682 per unit.

Affordable Asset Management and Transactional Activity

Aimco Capital generates activity fees from transactions (including tax credit redevelopments, syndications, dispositions, refinancings and partnership promotes), and asset management income from the financial management of affordable real estate partnerships. Aimco Capital activity fee and asset management net operating income was $8.3 million in the fourth quarter 2005 compared with $3.9 million in the fourth quarter 2004. For the full year 2005, Aimco Capital generated net operating income of $72.2 million from property operations, $10.3 million from property management and $22.6 from activity and asset management compared with $81.1 million, $16.3 million and $18.9 million, respectively, in 2004. Lower net operating income from property operations and property management in 2005 compared with 2004 is primarily due to the sale of 47 affordable properties during 2005.

Portfolio Management and Redevelopment Activity

Acquisitions — Aimco did not acquire any properties in the fourth quarter 2005. For the full year 2005, Aimco purchased seven properties including 1,526 units for a total purchase price of $352 million, plus one property for which the purchase price was not disclosed. Acquired properties are located in New York, New Jersey and California and have average rents of $2,068 per month. The Palazzo East property located in the Mid-Wilshire area of Los Angeles continues to lease-up and reached 79% occupancy at the end of January. See Supplemental Schedule 8 for additional information on acquisition activity.

During the fourth quarter 2005, Aimco also purchased for an aggregate of $3.6 million additional limited partnership interests in 30 partnerships that own 91 properties. For 2005, Aimco purchased for an aggregate of $52.7 million limited partnership interests in 84 partnerships that own 153 properties.

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

In the fourth quarter 2005, Aimco sold 39 non-core conventional properties and 14 affordable properties with 8,618 and 2,146 units, respectively, for $437 million in gross proceeds (Aimco share $323 million). Aimco’s share of net proceeds after repayment of existing property debt and transaction costs was $131 million. For the year 2005, Aimco sold 71 conventional properties and 47 affordable properties for gross proceeds of $960 million (Aimco share $726 million) and exited nine markets. Since identifying non-core properties in January 2003, Aimco has sold 190 non-core conventional properties for $1.9 billion in gross proceeds and reduced the number of conventional markets from nearly 100 to 59, and Aimco Capital has sold 140 non-core affordable properties for gross proceeds of $608 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 gains within discontinued operations net of related taxes), of $26.3 million for the fourth quarter 2005, compared with gains of $78.6 million for the fourth quarter 2004. For the year 2005, net gains totaled $117.4 million compared with 2004 at $302.6 million.

REDEVELOPMENT ACTIVITY — Aimco continues to expand its redevelopment activity. At year-end, Aimco’s Redevelopment and Construction Services groups had 59 projects in various stages of redevelopment, including 37 conventional projects and 22 affordable projects. During the fourth quarter 2005, redevelopment expenditures totaled $63.0 million (Aimco share $41.8 million) as Aimco completed nine new conventional projects and initiated four new conventional projects. During 2005, Aimco’s redevelopment program included the completion of interior upgrades or new construction on 2,188 conventional units of which 1,687 were leased at year-end for an estimated 33% increase in rent from prior rates. Further information on redevelopment projects is provided in Supplemental Schedule 10.

ENTITLEMENT ACTIVITY — Aimco has additional development opportunities tied to successful property re-entitlement activity. During the fourth quarter, Aimco received final approval for the Springhill Lake conceptual site plan, including increasing the density of the property from 2,899 to 5,800 units. Aimco currently has 27 active entitlement projects.

Additional Financial Information

PROPERTY MANAGEMENT INCOME — Income from property management is generated from the management of properties in which Aimco has unconsolidated interests. Property management net operating income was $4.2 million in the fourth quarter 2005 compared with $4.0 million in the fourth quarter 2004. For the year 2005 property management income was $17.2 million compared with $22.7 million in 2004. Property management net operating income declined due to sales of unconsolidated properties and increased ownership resulting in consolidation.

ACTIVITY FEE AND ASSET MANAGEMENT INCOME — Activity fees are generated from transactional activities (including tax credit redevelopments, syndications, dispositions, refinancings and partnership promotes) and are earned primarily by Aimco Capital. Asset management income is earned by Aimco Capital from the financial management of partnerships, rather than property management of day-to-day operations. Activity fee and asset management net operating income from both conventional and Aimco Capital operations was $11.7 million in the fourth quarter 2005 compared with $7.9 million in the fourth quarter 2004. For the year 2005, fee and asset management income was $26.7 million compared with $23.0 million in 2004. The amount of this net operating income may vary each quarter depending upon the nature and timing of transactional activity.

Aimco received $3.1 million in “promote distributions” from an unconsolidated partnership. This income reflects provisions within the partnership agreement that reward the general partner for achieving financial returns to the limited partners in excess of established targets.

INTEREST INCOME — Interest income was $9.3 million for the fourth quarter 2005, an increase of $2.0 million compared with the fourth quarter 2004 primarily due to increased interest rates received on general partner loans and cash balances. Interest income in the fourth quarter 2005 benefited from transaction related accretion income of $0.7 million versus $1.6 million in the fourth quarter 2004. Interest income was generated primarily from notes receivable totaling $201.0 million at December 31, 2005 and from interest-bearing accounts.

DEBT ACTIVITY — During the fourth quarter 2005, Aimco closed 31 mortgage loans. Total proceeds were $290.3 million at a weighted average interest rate of 5.97%. After repayment of existing property debt, transaction costs and distributions to limited partners totaling $224.8 million, Aimco’s share of net proceeds was $65.5 million. For the year 2005, Aimco closed 91 mortgage loans totaling $971.5 million at an average rate of 5.06%. This included the refinancing of loans totaling $415.2 with prior rates averaging 7.33%.

At year-end 2005, Aimco’s corporate debt balance was $617.0 million at an average interest rate of 6.21%. The balance on Aimco’s revolving credit facility totaled $217 million, leaving $208.3 million (after $24.7 million in outstanding letters of credit) in available capacity. Please refer to Schedule 5 of the Supplemental Information for more detail on debt activity.

As of December 31, 2005, Aimco had $6.3 billion total consolidated debt outstanding of which $2.0 billion was floating rate. The floating rate debt included $617 million corporate debt, $668 million floating rate secured notes and $726 million of tax-exempt bonds.

INTEREST EXPENSE — Consolidated interest expense was $95.0 million for the fourth quarter 2005, an increase of $10.5 million from $84.5 million in the fourth quarter 2004. The increase in interest expense was primarily the result of: (i) $8.0 million due to increased interest rates on variable rate debt and increased debt balances; and (ii) $2.5 million due to increased debt balances primarily associated with acquisition and newly consolidated properties. For the year 2005, consolidated interest expense was $367.9 million, up $25.8 million from 2004. The increase was primarily the result of (i) $21.0 million due to increased debt balances (ii) $12.3 million due to increased rates on variable rate debt and other items; partially offset by (iii) $8.5 million higher capitalized interest due to increased redevelopment activity.

G&A — General and administrative expenses for the fourth quarter 2005 of $27.2 million were up $3.7 million compared with $23.5 million in the fourth quarter 2004. The year-over-year increase is primarily due to increased compensation related to increased staffing levels, recruiting fees and higher health care costs. For the year 2005, general and administrative expenses were $92.9 million compared with $77.5 million in 2004, with the increase similarly the result of increased compensation and benefits.

Outlook

For the first quarter 2006, FFO is forecast in a range from $0.64 to $0.68 per share, before impairment and preferred redemption charges, and AFFO is forecast in a range from $0.47 to $0.51 per share.

For the full year 2006, FFO is forecast in a range from $2.81 to $2.97 per share, before impairment and preferred redemption charges, and AFFO is forecast in a range from $2.18 to $2.34 per share. Please refer to the Outlook Schedule for more detail on the first quarter and full year 2006, which follows the Consolidated Financial Statements in this release.

Dividends on Common Stock

As announced on December 28, 2005, the Aimco Board of Directors declared a quarterly cash dividend of $0.60 per share of Class A Common Stock for the quarter ended December 31, 2005, payable on January 31, 2006 to stockholders of record on December 31, 2005. The dividend represents 146% of AFFO (diluted) and 100% of FFO (diluted), on a per share basis, and a 6.3% annualized yield based on the $37.87 closing price of Aimco’s Class A Common Stock on December 30, 2005.

Earnings Conference Call

Please join Aimco management for the Fourth Quarter 2005 earnings conference call to be held Thursday, February 9, 2006 at 2:00 p.m. Eastern Time. You may join the conference call through an Internet audiocast via Aimco’s Website at http://www.aimco.com/CorporateInformation/About/Financial/4Q2005 then click on the Webcast link. Alternatively, you may join the conference call via telephone by dialing 800-510-9834, or 617-614-3669 for international callers. Please call approximately five minutes before the conference call is scheduled to begin and indicate that you wish to join the Apartment Investment and Management Company Fourth Quarter 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 888-286-8010 (617-801-6888 for international callers) and using pass-code 89550417.

Supplemental Information

The Supplemental Information referenced in this release is available at Aimco’s Website at the link http://www.aimco.com/CorporateInformation/About/Financial/4Q2005 or by calling Investor Relations at 303-691-4350.

Forward-looking Statements

risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 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 21 regional operating centers. Aimco, through its subsidiaries, operates 1,370 properties, including approximately 240,000 apartment units, and serves approximately one million residents each year. Aimco’s properties are located in 47 states, the District of Columbia and Puerto Rico. Aimco common shares are included in the S&P 500.

GAAP Income Statements

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


	For the Three Months Ended						For the Year Ended
	December 31,						December 31,
	2005			2004			2005			2004
REVENUES:
Rental and other property revenues	$	380,382		$	343,120		$	1,459,646		$	1,308,815
Property management revenues, primarily from affiliates		5,844			6,429			24,528			32,461
Activity fees and asset management revenues, primarily from affiliates		14,634			10,420			37,349			34,801

Total revenues		400,860			359,969			1,521,523			1,376,077


EXPENSES:
Property operating expenses		187,527			167,874			705,505			632,512
Property management expenses		1,629			2,462			7,292			9,789
Activity and asset management expenses		2,932			2,503			10,606			11,802
Depreciation and amortization		105,678			94,556			412,075			340,536
General and administrative expenses		27,221			23,481			92,918			77,501
Other expenses (income), net		(816	)		4,071			(6,314	)		1,870

Total expenses		324,171			294,947			1,222,082			1,074,010


Operating income		76,689			65,022			299,441			302,067

Interest income		9,284			7,268			31,451			32,310
Recovery of losses on notes receivable		13			3,538			1,365			1,765
Interest expense		(94,993	)		(84,514	)		(367,860	)		(342,059	)
Deficit distributions to minority partners		(5,942	)		(3,201	)		(11,952	)		(17,865	)
Equity in earnings (losses) of unconsolidated real estate partnerships		(1,267	)		1,901			(3,139	)		(1,768	)
Impairment losses related to real estate partnerships		(4,411	)		(1,110	)		(6,120	)		(3,426	)
Gain on dispositions of real estate related to unconsolidated entities and other		3,176			27,863			16,489			69,241


Income (loss) before minority interests, discontinued operations and cumulative effect of change in accounting principle		(17,451	)		16,767			(40,325	)		40,265

Minority interests:
Minority interest in consolidated real estate partnerships		(1,505	)		9,304			6,581			16,922
Minority interest in Aimco Operating Partnership, preferred [a]		(1,802	)		(1,950	)		(7,226	)		(7,858	)
Minority interest in Aimco Operating Partnership, common [a]		4,240			167			13,073			4,646

Total minority interests		933			7,521			12,428			13,710


Income (loss) from continuing operations		(16,518	)		24,288			(27,897	)		53,975
Income from discontinued operations, net [b]		31,550			47,987			98,879			213,479


Income before cumulative effect of change in accounting principle		15,032			72,275			70,982			267,454

Cumulative effect of change in accounting principle		—			—			—			(3,957	)

Net income		15,032			72,275			70,982			263,497

Net income attributable to preferred stockholders		21,693			22,497			87,948			88,804

Net income (loss) attributable to common stockholders	$	(6,661	)	$	49,778		$	(16,966	)	$	174,693


Weighted average number of common shares outstanding		94,282			93,347			93,894			93,118

Weighted average number of common shares and common share equivalents outstanding		94,282			93,678			93,894			93,118


Earnings (loss) per common share — basic:
Income (loss) from continuing operations (net of income attributable to preferred stockholders)	$	(0.41	)	$	0.02		$	(1.23	)	$	(0.37	)
Income from discontinued operations		0.34			0.51			1.05			2.29
Cumulative effect of change in accounting principle		—			—			—			(0.04	)

Net income (loss) attributable to common stockholders	$	(0.07	)	$	0.53		$	(0.18	)	$	1.88

Earnings (loss) per common share — diluted:
Income (loss) from continuing operations (net of income attributable to preferred stockholders)	$	(0.41	)	$	0.02		$	(1.23	)	$	(0.37	)
Income from discontinued operations		0.34			0.51			1.05			2.29
Cumulative effect of change in accounting principle		—			—			—			(0.04	)

Net income (loss) attributable to common stockholders	$	(0.07	)	$	0.53		$	(0.18	)	$	1.88

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):


	Three Months Ended						Year Ended
	December 31,						December 31,
	2005			2004			2005			2004
Rental and other property revenue	$	11,417		$	39,142		$	99,332		$	199,722
Property operating expense		(8,279	)		(22,059	)		(56,263	)		(98,637	)
Other (expenses) income, net		(506	)		(1,044	)		(1,703	)		(1,788	)
Depreciation and amortization		(3,605	)		(8,785	)		(22,789	)		(42,194	)
Interest expense		(2,909	)		(8,973	)		(22,371	)		(48,119	)
Interest income		44			77			292			315
Minority interest in consolidated real estate partnerships		457			1,365			1,499			(102	)

Income (loss) from operations		(3,381	)		(277	)		(2,003	)		9,197

Gain on dispositions of real estate, net of minority partners’ interest		24,758			53,470			105,417			249,376
Recovery of impairment losses (impairment losses) on real estate assets sold or held for sale		4,559			2,653			(3,836	)		(7,289	)
Recovery of deficit distributions to minority partners		10,746			656			14,941			3,722
Income tax arising from disposals		(1,632	)		(2,780	)		(4,481	)		(16,015	)
Minority interest in Aimco Operating Partnership		(3,500	)		(5,735	)		(11,159	)		(25,512	)

Income from discontinued operations	$	31,550		$	47,987		$	98,879		$	213,479

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)


	As of			As of
	December 31, 2005			December 31, 2004
ASSETS
Buildings and improvements	$	8,690,782		$	7,984,874
Land		2,299,039			2,090,737
Accumulated depreciation		(2,238,114	)		(1,847,160	)

TOTAL REAL ESTATE		8,751,707			8,228,451
Cash and cash equivalents		161,730			105,343
Restricted cash		284,834			289,135
Accounts receivable		57,479			75,044
Accounts receivable from affiliates		43,070			39,216
Deferred financing costs		67,498			68,175
Notes receivable from unconsolidated real estate partnerships		177,218			165,289
Notes receivable from non-affiliates		23,760			31,716
Investment in unconsolidated real estate partnerships		167,799			207,839
Other assets		216,863			243,317
Deferred tax asset, net		9,835			—
Assets held for sale		54,958			618,716

TOTAL ASSETS	$	10,016,751		$	10,072,241


LIABILITIES AND STOCKHOLDERS’ EQUITY
Secured tax-exempt bond financing	$	1,076,569		$	1,101,225
Secured notes payable		4,590,674			4,133,887
Mandatorily redeemable preferred securities		—			15,019
Term loans		400,000			300,000
Credit facility		217,000			68,700

TOTAL INDEBTEDNESS		6,284,243			5,618,831
Accounts payable		34,381			34,663
Accrued liabilities and other		421,225			400,974
Deferred income		47,138			43,808
Security deposits		38,789			35,070
Deferred income taxes payable, net		—			20,139
Liabilities related to assets held for sale		39,464			426,755

TOTAL LIABILITIES		6,865,240			6,580,240


Minority interest in consolidated real estate partnerships		217,679			211,804
Minority interest in Aimco Operating Partnership		217,729			272,037

STOCKHOLDERS’ EQUITY Class A Common Stock		957			949
Additional paid-in capital		3,105,961			3,070,073
Perpetual preferred stock		860,250			891,500
Convertible preferred stock		150,000			150,000
Distributions in excess of earnings		(1,350,899	)		(1,047,897	)
Unearned restricted stock		(24,255	)		(19,740	)
Notes due on common stock purchases		(25,911	)		(36,725	)

TOTAL STOCKHOLDERS’ EQUITY		2,716,103			3,008,160

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,016,751		$	10,072,241

GAAP Statements of Cash Flows

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


	Year Ended			Year Ended
	December 31, 2005			December 31, 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	70,982		$	263,497
Depreciation and amortization		412,075			340,536
Adjustments to net income from discontinued operations		(84,073	)		(178,001	)
Other adjustments to reconcile net income		(15,177	)		(43,239	)
Changes in operating assets and liabilities		(28,258	)		(17,270	)

Net cash provided by operating activities		355,549			365,523


CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(243,996	)		(280,002	)
Capital expenditures		(443,882	)		(301,937	)
Proceeds from dispositions of real estate		718,434			971,568
Change in funds held in escrow from tax-free exchanges		(4,571	)		5,489
Cash from newly consolidated properties		4,186			14,765
Purchases of non-real estate related corporate assets		(14,405	)		(28,270	)
Purchases of general and limited partnership interests and other assets		(111,372	)		(104,441	)
Originations of notes receivable from unconsolidated real estate partnerships		(38,336	)		(76,157	)
Proceeds from repayment of notes receivable		28,556			79,599
Cash paid in connection with merger and acquisition related costs		(6,910	)		(15,861	)
Distributions received from investments in unconsolidated real estate partnerships		57,706			72,160
Other investing activities		4,629			—

Net cash (used in) provided by investing activities		(49,961	)		336,913


CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from secured notes payable borrowings		721,414			501,611
Principal repayments on secured notes payable		(735,816	)		(728,084	)
Proceeds from tax-exempt bond financing		—			69,471
Principal repayments on tax-exempt bond financing		(78,648	)		(188,577	)
Net borrowings on term loans and revolving credit facility		248,300			(66,687	)
Proceeds from other borrowings		—			38,871
Redemption of mandatorily redeemable preferred securities		(15,019	)		(98,875	)
Proceeds from issuance of preferred stock		—			359,672
Redemption of preferred stock		(31,250	)		(186,093	)
Repurchase of Class A Common Stock, redemption of OP Units and warrant purchase		(4,503	)		(18,410	)
Payment of Class A Common Stock dividends		(226,815	)		(225,903	)
Payment of preferred stock dividends		(86,582	)		(83,984	)
Contributions from minority interest		34,990			44,292
Payment of distributions to minority interest		(78,739	)		(119,056	)
Other financing activities		3,467			(9,773	)


Net cash used in financing activities		(249,201	)		(711,525	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		56,387			(9,089	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		105,343			114,432

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	161,730		$	105,343

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

This earnings release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of first quarter and full year 2006 results. These forward-looking statements are based on management’s judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to, Aimco’s ability to maintain current or meet projected occupancy, rent levels and Same Store results and Aimco’s ability to close transactions necessary to generate fee income as anticipated. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors that are beyond the control of Aimco including, without limitation: natural disasters such as hurricanes; national and local economic conditions; the general level of interest rates; energy costs; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 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.


	First Quarter 2006	Full Year 2006
GAAP Earnings per share (1)	-$0.33 to -$0.29	-$1.01 to -$0.85
Add: Depreciation and other	$0.97	$3.82
FFO per share (2)	$0.64 to $0.68	$2.81 to $2.97
AFFO per share	$0.47 to $0.51	$2.18 to $2.34

2006 Same Store Operating Assumptions:

Weighted average daily occupancy	94% to 95%	94% to 95%
NOI change — sequential	-3% to -2%
NOI change — 2006 vs. 2005		6.5% to 7.5%

Gross dispositions (3)		$750M to $950M	(Aimco Share $575M — $700M)

Gross acquisitions (4)		$20M to $30M


(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 represents FFO before impairments and redemption related preferred stock issuance charges.

(3)		Aimco anticipates gross sales proceeds of $750 to $950 million for 2006 ($565 to $675 million related to conventional properties and $185 to $275 million related to affordable properties). Aimco share of proceeds is expected to be $575 to $700 million ($499 to $586 million related to conventional properties and $76 to $114 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 $300 to $400 million ($250 to $325 million related to conventional properties and $50 to $75 million related to affordable properties).

(4)		Gross acquisitions include property acquisitions and limited partnership acquisitions.

Supplemental Schedule 1

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


	For the Three Months Ended						For the Year Ended
	December 31,						December 31,
	2005			2004			2005			2004
Net income (loss) attributable to common stockholders [a]	$	(6,661	)	$	49,778		$	(16,966	)	$	174,693
Adjustments:
Depreciation and amortization [b]		105,678			94,556			412,075			340,536
Depreciation and amortization related to non-real estate assets		(5,109	)		(4,868	)		(17,700	)		(18,349	)
Depreciation of rental property related to minority partners’ interest [c]		(7,012	)		(10,616	)		(37,389	)		(40,581	)
Depreciation of rental property related to unconsolidated entities		5,034			5,244			20,661			22,360
Gain on dispositions of real estate related to unconsolidated entities and other		(3,176	)		(27,863	)		(16,489	)		(69,241	)
Gain on dispositions of non-depreciable assets		31			3,522			2,481			38,977
Deficit distributions to minority partners [d]		5,942			3,201			11,952			17,865
Cumulative effect of change in accounting principle		—			—			—			3,957
Discontinued operations:
Gain on dispositions of real estate, net of minority partners’ interest [c]		(24,758	)		(53,470	)		(105,417	)		(249,376	)
Depreciation of rental property, net of minority partners’ interest [c]		3,429			8,036			20,280			37,946
Recovery of deficit distributions to minority partners [d]		(10,746	)		(656	)		(14,941	)		(3,722	)
Income tax arising from disposals		1,632			2,780			4,481			16,015
Minority interest in Aimco Operating Partnership’s share of above adjustments		(7,004	)		(2,054	)		(28,381	)		(10,289	)
Preferred stock dividends		21,693			21,194			86,825			85,315
Redemption related preferred stock issuance costs		—			1,303			1,123			3,489

Funds From Operations		78,973			90,087			322,595			349,595
Preferred stock dividends		(21,693	)		(21,194	)		(86,825	)		(85,315	)
Redemption related preferred stock issuance costs		—			(1,303	)		(1,123	)		(3,489	)
Dividends/distributions on dilutive preferred securities		64			41			168			2,798

Funds From Operations Attributable to Common Stockholders — Diluted	$	57,344		$	67,631		$	234,815		$	263,589
Impairment losses related to real estate partnerships [e]		4,411			1,110			6,120			3,426
(Recovery of impairment losses) impairment losses on real estate assets sold or held for sale [e]		(4,559	)		(2,653	)		3,836			7,289
Redemption related preferred stock issuance costs [f]		—			1,303			1,123			3,489
Minority interest in Aimco Operating Partnership’s share of above adjustments		26			38			(1,123	)		(1,516	)
Dividends/distributions on non-dilutive preferred securities		—			—			64			1,158

Funds From Operations Attributable to Common Stockholders — Diluted (excluding impairment losses and redemption related preferred stock issuance costs):		57,222			67,429			244,835			277,435
Capital Replacements		(20,320	)		(22,824	)		(89,660	)		(77,241	)
Minority interest in Aimco Operating Partnership’s share of above adjustments		1,997			2,389			9,092			8,244
Dividends/distributions on non-dilutive preferred securities		(64	)		(41	)		(232	)		(3,820	)

Adjusted Funds From Operations Attributable to Common Stockholders — Diluted	$	38,835		$	46,953		$	164,035		$	204,618

Funds From Operations:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [g]		94,729			93,678			94,465			93,252
Dilutive preferred securities		111			74			74			1,106

		94,840			93,752			94,539			94,358

Funds From Operations (excluding impairment losses and redemption related preferred stock issuance costs):
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [g]		94,729			93,678			94,465			93,252
Dilutive preferred securities		111			74			100			1,468

		94,840			93,752			94,565			94,720

Adjusted Funds From Operations:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [g]		94,729			93,678			94,465			93,252
Dilutive preferred securities		—			—			—			72

		94,729			93,678			94,465			93,324

*Per Share:*
Funds From Operations — Diluted	$	0.60		$	0.72		$	2.48		$	2.79
Funds From Operations — Diluted (excluding impairment losses and redemption related preferred stock issuance costs)	$	0.60		$	0.72		$	2.59		$	2.93
Adjusted Funds From Operations — Diluted	$	0.41		$	0.50		$	1.74		$	2.19
Dividends Declared [h]	$	1.20		$	0.60		$	3.00		$	2.40

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]		On October 1, 2003, NAREIT clarified its definition of FFO to include impairment losses, which previously had been added back to calculate FFO. Although Aimco’s presentation conforms with the NAREIT definition, Aimco considers such approach to be inconsistent with the treatment of gains on dispositions of real estate, which are not included in FFO. Aimco no longer adds back impairment losses when computing FFO in accordance with this clarification. As a result, FFO for the three months ended December 31, 2005 includes $0.1 million of net impairment recoveries and the year ended December 31, 2005 includes $10.0 million of net impairment losses. FFO for the three months ended December 31, 2004 includes $1.5 million of net impairment recoveries and the year ended December 31, 2004 includes $10.7 million of net impairment losses.

[f]		In accordance with the Securities and Exchange Commission’s July 31, 2003 interpretation of the Emerging Issues Task Force Topic D-42, Aimco includes redemption related preferred stock issuance costs in FFO. As a result, FFO for the three months and year ended December 31, 2005 includes issuance costs of zero and $1.1 million, respectively, and FFO for the three months and year ended December 31, 2004 includes issuance costs of $1.3 million and $3.5 million, respectively.

[g]		Represents Aimco’s denominator for earnings per common share — diluted calculated in accordance with GAAP plus additional common share equivalents that are dilutive for FFO/AFFO.

[h]		On December 28, 2005 Aimco’s Board of Directors declared a quarterly dividend of $0.60 per share for the quarter ended December 31, 2005. The dividend was paid on January 31, 2006 to shareholders of record on December 31, 2005. Aimco’s Board of Directors declared the dividend a month early in order to offset gains from 2005 property sales otherwise subject to REIT excise tax. Dividends paid in the quarter ended December 31, 2005 were $0.60 per share and in the year ended December 31, 2005 were $2.40 per share.

Supplemental Schedule 2(a)

Business Component Proportionate Income Statement Presentation
For the Three Months Ended December 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)	$	295,812		$	5,700		$	(39,901	)	$	261,611		$	261,611		$	—		$	—		$	261,611
Acquisition properties (1)		13,012			1,396			—			14,408			14,408			—			—			14,408
Redevelopment properties (1)		28,092			—			(3,804	)		24,288			24,288			—			—			24,288
Disposition properties (3)		—			371			—			371			371			—			—			371
Other properties (1)		8,047			1,169			(1,062	)		8,154			8,154			—			—			8,154
Affordable properties (1)		35,419			10,884			(9,021	)		37,282			—			37,282			—			37,282

Total rental and other property revenues		380,382			19,520			(53,788	)		346,114			308,832			37,282			—			346,114
Property management revenues, primarily from affiliates		5,844			(987	)		—			4,857			1,616			3,241			—			4,857
Activity fees and asset management revenues, primarily from affiliates		14,634			—			—			14,634			3,419			11,215			—			14,634


Total revenues		400,860			18,533			(53,788	)		365,605			313,867			51,738			—			365,605

Expense:
Property operating expenses:
Same store properties (2)		130,761			2,712			(19,899	)		113,574			113,574			—			—			113,574
Acquisition properties		,447			573			—			7,020			7,020			—			—			7,020
Redevelopment properties		12,795			—			(1,995	)		10,800			10,800			—			—			10,800
Disposition properties		—			296			—			296			296			—			—			296
Other properties		5,214			984			(483	)		5,715			5,715			—			—			5,715
Affordable properties		18,067			5,247			(4,200	)		19,114			��			19,114			—			19,114
Casualties		6,401			(84	)		23			6,340			6,398			(58	)		—			6,340
Property management expenses (consolidated properties)		7,842			—			(2,674	)		5,168			5,167			1			—			5,168

Total property operating expenses		187,527			9,728			(29,228	)		168,027			148,970			19,057			—			168,027
Property management expenses (unconsolidated and third party properties)		1,629			—			—			1,629			398			1,231			—			1,629
Activity and asset management expenses		2,932			—			—			2,932			—			2,932			—			2,932
Depreciation and amortization		105,678			5,034			(7,012	)		103,700			90,935			12,765			—			103,700
General and administrative expenses		27,221			—			—			27,221			12,467			4,471			10,283			27,221
Other expenses (income), net		(816	)		424			(2,300	)		(2,692	)		(1,021	)		(1,671	)		—			(2,692	)

Total expenses		324,171			15,186			(38,540	)		300,817			251,749			38,785			10,283			300,817

Operating income		76,689			3,347			(15,248	)		64,788			62,118			12,953			(10,283	)		64,788
Interest income:
General partner loan interest		5,444			—			—			5,444			3,962			1,482			—			5,444
Money market and interest bearing accounts		3,132			372			(591	)		2,913			1,040			754			1,119			2,913
Accretion on discounted notes receivable		708			—			—			708			49			659			—			708

Total interest income		9,284			372			(591	)		9,065			5,051			2,895			1,119			9,065
Recovery of losses on notes receivable		13			—			—			13			12			1			—			13
Interest expense:
Property debt (primarily non-recourse)		(88,949	)		(5,016	)		14,826			(79,139	)		(72,791	)		(6,348	)		—			(79,139	)
Lines of credit		(11,527	)		—			—			(11,527	)		—			—			(11,527	)		(11,527	)
Capitalized interest		5,483			30			(492	)		5,021			4,684			337			—			5,021

Total interest expense		(94,993	)		(4,986	)		14,334			(85,645	)		(68,107	)		(6,011	)		(11,527	)		(85,645	)
Deficit distributions to minority partners		(5,942	)		—			—			(5,942	)		(5,859	)		(83	)		—			(5,942	)
Equity in losses of unconsolidated real estate partnerships		(1,267	)		1,267			—			—			—			—			—			—
Impairment losses related to real estate partnerships		(4,411	)		—			—			(4,411	)		(2,270	)	��	(2,141	)		—			(4,411	)
Gain on dispositions of real estate related to unconsolidated entities and other		3,176			—			—			3,176			2,212			964			—			3,176

Income (loss) before minority interests, discontinued operations and cumulative effect of change in accounting principle		(17,451	)		—			(1,505	)		(18,956	)		(6,843	)		8,578			(20,691	)		(18,956	)
Minority interests:
Minority interest in consolidated real estate partnerships		(1,505	)		—			1,505			—			—			—			—			—
Minority interest in Aimco Operating Partnership		2,438			—			—			2,438			1,531			(1,919	)		2,826			2,438

Total minority interests		933			—			1,505			2,438			1,531			(1,919	)		2,826			2,438

Income (loss) from continuing operations		(16,518	)		—			—			(16,518	)		(5,312	)		6,659			(17,865	)		(16,518	)
Income from discontinued operations, net		31,550			—			—			31,550			31,471			79			—			31,550


Net income	$	15,032		$	—		$	—		$	15,032		$	26,159		$	6,738		$	(17,865	)	$	15,032


(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.

Supplemental Schedule 2(a)

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


	Total												Total
	Proportionate												Proportionate
	Consolidated												Consolidated
	Income						Aimco						Income
	Statement			Conventional			Capital			Corporate			Statement
Reconciliation of Net Income to FFO, AFFO and FCF:

Net income (see above)	$	15,032		$	26,159		$	6,738		$	(17,865	)	$	15,032

Proportionate share of depreciation and amortization		103,700			90,935			12,765			—			103,700
Depreciation and amortization related to non-real estate assets		(5,109	)		(3,416	)		(1,693	)		—			(5,109	)
Deficit distributions to minority partners		5,942			5,859			83			—			5,942
Gain on dispositions of real estate related to unconsolidated entities and other		(3,176	)		(2,212	)		(964	)		—			(3,176	)
Gain on dispositions of non-depreciable assets		31			31			—			—			31
Discontinued operations		(30,443	)		(29,399	)		(1,044	)		—			(30,443	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(7,004	)		(6,101	)		(903	)		—			(7,004	)
Preferred stock dividends		(21,693	)		—			—			(21,693	)		(21,693	)
Dividends/distributions on dilutive preferred securities		64			—			—			64			64

FFO Attributable to Common Stockholders — Diluted		57,344			81,856			14,982			(39,494	)		57,344


Capital Replacements		(20,320	)		(17,980	)		(2,340	)		—			(20,320	)
Impairment losses related to real estate partnerships		4,411			2,270			2,141			—			4,411
(Recovery of impairment losses) impairment losses on real estate assets sold or held for sale		(4,559	)		(5,507	)		948			—			(4,559	)
Minority interest in Aimco Operating Partnership’s share of adjustments		2,023			2,097			(74	)		—			2,023
Dividends/distributions on non-dilutive preferred securities		(64	)		—			—			(64	)		(64	)

AFFO Attributable to Common Stockholders — Diluted		38,835			62,736			15,657			(39,558	)		38,835


Interest expense		85,645			68,107			6,011			11,527			85,645
Discontinued operations		3,452			3,435			17			—			3,452
Gain on dispositions of non-depreciable assets		(31	)		(31	)		—			—			(31	)
Preferred stock dividends		21,693			—			—			21,693			21,693
Depreciation and amortization related to non-real estate assets		5,109			3,416			1,693			—			5,109
Minority interest in Aimco Operating Partnership		(2,438	)		(1,531	)		1,919			(2,826	)		(2,438	)
Minority interest in Aimco Operating Partnership’s share of adjustments		4,981			4,004			977			—			4,981

FCF	$	157,246		$	140,136		$	26,274		$	(9,164	)	$	157,246

FCF Breakdown:
Real estate		157,767
Property management		3,228
Activity and asset management		11,702
Interest income		9,065
Recovery of losses on notes receivable		13
General and administrative expenses		(27,221	)
Other (expenses) income, net		2,692

Total FCF	$	157,246


Reconciliation of Net Income to FFO, AFFO and FCF:	For the Three Months Ended December 31, 2005
	FFO			AFFO			FCF
Net income	$	15,032		$	15,032		$	15,032
Total interest expense after minority partners’ share		—			—			85,645
Preferred stock dividends		(21,693	)		(21,693	)		—
Proportionate share of depreciation and amortization		103,700			103,700			103,700
Depreciation and amortization related to non-real estate assets		(5,109	)		(5,109	)		—
Gain on dispositions of real estate related to unconsolidated entities and other		(3,176	)		(3,176	)		(3,176	)
Gain on dispositions of non-depreciable assets		31			31			—
Impairment losses related to real estate partnerships		—			4,411			4,411
Discontinued operations:
Income from discontinued operations, net		—			—			(31,550	)
Depreciation of rental property, net of minority partners’ interest		3,429			3,429			—
Gain on dispositions of real estate, net of minority partners’ interest		(24,758	)		(24,758	)		—
Recovery of impairment losses on real estate assets sold or held for sale		—			(4,559	)		—
Recovery of deficit distributions to minority partners		(10,746	)		(10,746	)		—
Income tax arising from disposals		1,632			1,632			—
Deficit distributions to minority partners		5,942			5,942			5,942
Capital Replacements		—			(20,320	)		(20,320	)
Dividends/distributions on dilutive preferred securities		64			—			—
Minority interest in Aimco Operating Partnership’s share of above adjustments		(7,004	)		(4,981	)		—
Minority interest in Aimco Operating Partnership		—			—			(2,438	)

Total	$	57,344		$	38,835		$	157,246

Supplemental Schedule 2(b)

Business Component Proportionate Income Statement Presentation
For the Year Ended December 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)	$	1,126,359		$	22,110		$	(151,779	)	$	996,690		$	996,690		$	—		$	—		$	996,690
Acquisition properties (1)		48,385			3,291			—			51,676			51,676			—			—			51,676
Redevelopment properties (1)		116,905			1,632			(19,920	)		98,617			98,617			—			—			98,617
Disposition properties (3)		—			3,582			—			3,582			3,582			—			—			3,582
Other properties (1)		35,932			3,974			(3,487	)		36,419			36,419			—			—			36,419
Affordable properties (1)		132,065			51,571			(31,862	)		151,774			—			151,774			—			151,774

Total rental and other property revenues		1,459,646			86,160			(207,048	)		1,338,758			1,186,984			151,774			—			1,338,758
Property management revenues, primarily from affiliates		24,528			(4,391	)		—			20,137			5,334			14,803			—			20,137
Activity fees and asset management revenues, primarily from affiliates		37,349			—			—			37,349			4,094			33,255			—			37,349

Total revenues		1,521,523			81,769			(207,048	)		1,396,244			1,196,412			199,832			—			1,396,244


Expense:
Property operating expenses:
Same store properties (2)		504,881			10,977			(76,352	)		439,506			439,506			—			—			439,506
Acquisition properties		21,512			1,366			—			22,878			22,878			—			—			22,878
Redevelopment properties		51,884			788			(9,571	)		43,101			43,101			—			—			43,101
Disposition properties		—			1,890			—			1,890			1,890			—			—			1,890
Other properties		21,462			2,565			(1,472	)		22,555			22,555			—			—			22,555
Affordable properties		68,420			26,534			(15,634	)		79,320			—			79,320			—			79,320
Casualties		8,031			135			495			8,661			8,788			(127	)		—			8,661
Property management expenses (consolidated properties)		29,315			—			(9,757	)		19,558			19,128			430			—			19,558

Total property operating expenses		705,505			44,255			(112,291	)		637,469			557,846			79,623			—			637,469
Property management expenses (unconsolidated and third party properties)		7,292			—			—			7,292			2,807			4,485			—			7,292
Activity and asset management expenses		10,606			—			—			10,606			—			10,606			—			10,606
Depreciation and amortization		412,075			20,659			(37,387	)		395,347			347,626			47,721			—			395,347
General and administrative expenses		92,918			—			—			92,918			41,921			20,097			30,900			92,918
Other expenses (income), net		(6,314	)		2,778			(9,411	)		(12,947	)		(6,381	)		(6,566	)		—			(12,947	)

Total expenses		1,222,082			67,692			(159,089	)		1,130,685			943,819			155,966			30,900			1,130,685


Operating income		299,441			14,077			(47,959	)		265,559			252,593			43,866			(30,900	)		265,559

Interest income:
General partner loan interest		19,167			—			—			19,167			14,531			4,636			—			19,167
Money market and interest bearing accounts		9,812			1,692			(1,173	)		10,331			3,303			2,769			4,259			10,331
Accretion on discounted notes receivable		2,472			—			—			2,472			1,357			1,115			—			2,472

Total interest income		31,451			1,692			(1,173	)		31,970			19,191			8,520			4,259			31,970
Recovery of losses on notes receivable		1,365			—			—			1,365			14			1,351			—			1,365

Interest expense:
Property debt (primarily non-recourse)		(345,467	)		(19,063	)		57,122			(307,408	)		(281,601	)		(25,807	)		—			(307,408	)
Lines of credit		(40,261	)		—			—			(40,261	)		—			—			(40,261	)		(40,261	)
Interest expense on mandatorily redeemable convertible preferred securities		(30	)		—			—			(30	)		—			—			(30	)		(30	)
Capitalized interest		17,898			155			(1,409	)		16,644			15,048			1,596			—			16,644

Total interest expense		(367,860	)		(18,908	)		55,713			(331,055	)		(266,553	)		(24,211	)		(40,291	)		(331,055	)

Deficit distributions to minority partners		(11,952	)		—			—			(11,952	)		(11,750	)		(202	)		—			(11,952	)
Equity in losses of unconsolidated real estate partnerships		(3,139	)		3,139			—			—			—			—			—			—
Impairment losses related to real estate partnerships		(6,120	)		—			—			(6,120	)		(3,555	)		(2,565	)		—			(6,120	)
Gain on dispositions of real estate related to unconsolidated entities and other		16,489			—			—			16,489			9,869			6,620			—			16,489


Income (loss) before minority interests, discontinued operations and cumulative effect of change in accounting principle		(40,325	)		—			6,581			(33,744	)		(191	)		33,379			(66,932	)		(33,744	)

Minority interests:
Minority interest in consolidated real estate partnerships		6,581			—			(6,581	)		—			—			—			—			—
Minority interest in Aimco Operating Partnership		5,847			—			—			5,847			74			(12,932	)		18,705			5,847


Total minority interests		12,428			—			(6,581	)		5,847			74			(12,932	)		18,705			5,847


Income (loss) from continuing operations		(27,897	)		—			—			(27,897	)		(117	)		20,447			(48,227	)		(27,897	)
Income from discontinued operations, net		98,879			—			—			98,879			88,504			10,375			—			98,879


Net income	$	70,982		$	—		$	—		$	70,982		$	88,387		$	30,822		$	(48,227	)	$	70,982


(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.

Supplemental Schedule 2(b)

Business Component Proportionate Income Statement Presentation
For the Year Ended December 31, 2005
(in thousands)
(unaudited)


	Total												Total
	Proportionate												Proportionate
	Consolidated												Consolidated
	Income						Aimco						Income
	Statement			Conventional			Capital			Corporate			Statement
Reconciliation of Net Income to FFO, AFFO and FCF:

Net income (see above)	$	70,982		$	88,387		$	30,822		$	(48,227	)	$	70,982

Proportionate share of depreciation and amortization		395,347			347,626			47,721			—			395,347
Depreciation and amortization related to non-real estate assets		(17,700	)		(11,728	)		(5,972	)		—			(17,700	)
Deficit distributions to minority partners		11,952			11,750			202			—			11,952
Gain on dispositions of real estate related to unconsolidated entities and other		(16,489	)		(9,869	)		(6,620	)		—			(16,489	)
Gain on dispositions of non-depreciable assets		2,481			617			1,864			—			2,481
Discontinued operations		(95,597	)		(83,767	)		(11,830	)		—			(95,597	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(28,381	)		(25,810	)		(2,571	)		—			(28,381	)
Preferred stock dividends		(86,825	)		—			—			(86,825	)		(86,825	)
Redemption related preferred stock issuance costs		(1,123	)		—			—			(1,123	)		(1,123	)
Dividends/distributions on dilutive preferred securities		168			—			—			168			168

FFO Attributable to Common Stockholders — Diluted		234,815			317,206			53,616			(136,007	)		234,815


Capital Replacements		(89,660	)		(83,197	)		(6,463	)		—			(89,660	)
Impairment losses related to real estate partnerships		6,120			3,555			2,565			—			6,120
Impairment losses on real estate assets sold or held for sale		3,836			1,014			2,822			—			3,836
Redemption related preferred stock issuance costs		1,123			—			—			1,123			1,123
Minority interest in Aimco Operating Partnership’s share of adjustments		7,969			7,974			109			(114	)		7,969
Dividends/distributions on non-dilutive preferred securities		(168	)		—			—			(168	)		(168	)

AFFO Attributable to Common Stockholders — Diluted		164,035			246,552			52,649			(135,166	)		164,035


Interest expense		331,055			266,553			24,211			40,291			331,055
Discontinued operations		(7,118	)		(5,751	)		(1,367	)		—			(7,118	)
Gain on dispositions of non-depreciable assets		(2,481	)		(617	)		(1,864	)		—			(2,481	)
Preferred stock dividends		86,825			—			—			86,825			86,825
Depreciation and amortization related to non-real estate assets		17,700			11,728			5,972			—			17,700
Minority interest in Aimco Operating Partnership		(5,847	)		(74	)		12,932			(18,705	)		(5,847	)
Minority interest in Aimco Operating Partnership’s share of adjustments		20,412			17,836			2,462			114			20,412

FCF	$	604,581		$	536,227		$	94,995		$	(26,641	)	$	604,581

FCF Breakdown:
Real estate		611,629
Property management		12,845
Activity and asset management		26,743
Interest income		31,970
Recovery of losses on notes receivable		1,365
General and administrative expenses		(92,918	)
Other (expenses) income, net		12,947

Total FCF	$	604,581


Reconciliation of Net Income to FFO, AFFO and FCF:	For the Twelve Months Ended December 31, 2005
	FFO			AFFO			FCF

Net income	$	70,982		$	70,982		$	70,982
Total interest expense after minority partners’ share		—			—			331,055
Preferred stock dividends		(86,825	)		(86,825	)		—
Redemption related preferred stock issuance costs		(1,123	)		—			—
Proportionate share of depreciation and amortization		395,347			395,347			395,347
Depreciation and amortization related to non-real estate assets		(17,700	)		(17,700	)		—
Gain on dispositions of real estate related to unconsolidated entities and other		(16,489	)		(16,489	)		(16,489	)
Gain on dispositions of non-depreciable assets		2,481			2,481			—
Impairment losses related to real estate partnerships		—			6,120			6,120
Discontinued operations:
Income from discontinued operations, net		—			—			(98,879	)
Depreciation of rental property, net of minority partners’ interest		20,280			20,280			—
Gain on dispositions of real estate, net of minority partners’ interest		(105,417	)		(105,417	)		—
Impairment losses on real estate assets sold or held for sale		—			3,836			—
Recovery of deficit distributions to minority partners		(14,941	)		(14,941	)		—
Income tax arising from disposals		4,481			4,481			—
Deficit distributions to minority partners		11,952			11,952			11,952
Capital Replacements		—			(89,660	)		(89,660	)
Dividends/distributions on dilutive preferred securities		168			—			—
Minority interest in Aimco Operating Partnership’s share of above adjustments		(28,381	)		(20,412	)		—
Minority interest in Aimco Operating Partnership		—			—			(5,847	)

Total	$	234,815		$	164,035		$	604,581

Supplemental Schedule 3

Business Component Proportionate Balance Sheet Presentation
As of December 31, 2005
(in thousands)
(unaudited)


	Consolidated			Total																		Total
	GAAP			Proportionate						Proportionate												Proportionate
	Balance Sheet			Share of			Minority			Consolidated												Consolidated
	as of			Unconsolidated			Partners'			Balance						Aimco						Balance
	December 31, 2005			Partnerships [a]			Interest [b]			Sheet [c]			Conventional			Capital			Corporate			Sheet [c]
ASSETS
Buildings and improvements	$	8,690,782		$	358,669		$	(1,214,050	)	$	7,835,401		$	7,188,129		$	647,272		$	—		$	7,835,401
Land		2,299,039			56,067			(124,611	)		2,230,495			2,133,937			96,558			—			2,230,495
Accumulated depreciation		(2,238,114	)		(84,757	)		585,381			(1,737,490	)		(1,586,899	)		(150,591	)		—			(1,737,490	)

TOTAL REAL ESTATE		8,751,707			329,979			(753,280	)		8,328,406			7,735,167			593,239			—			8,328,406
Cash and cash equivalents		161,730			13,709			(59,020	)		116,419			79,902			36,517			—			116,419
Restricted cash		284,834			28,931			(51,127	)		262,638			173,582			89,056			—			262,638
Accounts receivable		57,479			3,654			—			61,133			48,288			12,845			—			61,133
Accounts receivable from affiliates		43,070			—			—			43,070			11,644			31,426			—			43,070
Deferred financing costs		67,498			—			—			67,498			58,717			8,781			—			67,498
Notes receivable from unconsolidated real estate partnerships		177,218			—			—			177,218			110,979			66,239			—			177,218
Notes receivable from non-affiliates		23,760			—			—			23,760			18,646			5,114			—			23,760
Investment in unconsolidated real estate partnerships		167,799			(100,568	)		—			67,231			60,269			6,962			—			67,231
Other assets		216,863[d]			26,514			—			243,377			137,916			105,461			—			243,377
Deferred tax asset, net		9,835			—			—			9,835			9,835			—			—			9,835
Assets held for sale		54,958			—			—			54,958			48,419			6,539			—			54,958

TOTAL ASSETS	$	10,016,751		$	302,219		$	(863,427	)	$	9,455,543		$	8,493,364		$	962,179		$	—		$	9,455,543

LIABILITIES AND STOCKHOLDERS’ EQUITY
Secured tax-exempt bond financing	$	1,076,569		$	2,584		$	(65,275	)	$	1,013,878		$	991,396		$	22,482		$	—		$	1,013,878
Secured notes payable		4,590,674			239,577			(688,420	)		4,141,831			3,688,384			453,447			—			4,141,831
Term loans		400,000			—			—			400,000			—			—			400,000			400,000
Credit facility		217,000			—			—			217,000			—			—			217,000			217,000

TOTAL INDEBTEDNESS		6,284,243			242,161			(753,695	)		5,772,709			4,679,780			475,929			617,000			5,772,709
Accounts payable		34,381			60,058			—			94,439			70,341			24,098			—			94,439
Accrued liabilities and other		421,225			—			—			421,225			333,678			87,547			—			421,225
Deferred income		47,138			—			—			47,138			42,978			4,160			—			47,138
Security deposits		38,789			—			—			38,789			35,119			3,670			—			38,789
Liabilities related to assets held for sale		39,464			—			—			39,464			32,652			6,812			—			39,464

TOTAL LIABILITIES		6,865,240			302,219			(753,695	)		6,413,764			5,194,548			602,216			617,000			6,413,764

Minority interest in consolidated real estate partnerships		217,679			—			(109,732	)		107,947			194,349			(86,402	)		—			107,947
Minority interest in Aimco Operating Partnership		217,729			—			—			217,729			—			—			217,729			217,729

NET OPERATING ASSETS				$	—		$	—		$	2,716,103		$	3,104,467		$	446,365		$	(834,729	)	$	2,716,103

STOCKHOLDERS’ EQUITY
Class A Common Stock		957
Additional paid-in capital		3,105,961
Perpetual preferred stock		860,250
Convertible preferred stock		150,000
Distributions in excess of earnings		(1,350,899	)
Unearned restricted stock		(24,255	)
Notes due on common stock purchases		(25,911	)
TOTAL STOCKHOLDERS’ EQUITY		2,716,103

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,016,751


[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 $118.8 million.

[c]		Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of December 31, 2005, plus Aimco’s proportionate share of selected unconsolidated and less minority partners’ share of selected balance sheet data.

[d]		Other assets includes $81.9 million related to goodwill and $13.0 million related to investment in management contracts.

Supplemental Schedule 4

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


									Shares/Units		Current Quarter				Current Quarter				Current Quarter
									Outstanding		Weighted Average				Weighted Average				Weighted Average
	Redemption								At December 31,		Outstanding Shares				Outstanding Shares				Outstanding Shares
	Date		(1)	Coupon			Amount		2005		(EPS)				(FFO)				(AFFO)
Class A Common Stock										95,732		94,282	(2	)		94,282	(2	)		94,282	(2	)
Common stock equivalents										—		—				447				447
Common Partnership Units and equivalents										10,339		—				—				—

Total										106,071		94,282				94,729				94,729


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	%		90,176		3,296		—				111				—


Total preferred securities							$	1,100,676		41,621		—				111				—


Total common, common equivalents and dilutive securities												94,282				94,840				94,729


(1)		The redemption date is the date the securities are first eligible for redemption by Aimco.

(2)		Includes a deduction of 1,435 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.

Supplemental Schedule 5

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

I. Debt Balances and Data


					Proportionate
					Share of		Minority			Total Aimco		Weighted Average		Weighted
Debt			Consolidated		Unconsolidated		Interest			Share		Maturity		Average Rate
Property Debt:
Conventional Portfolio:
Fixed rate secured notes payable			$	3,498,989	$	108,359	$	(517,805	)	$	3,089,543		12.1		6.78	%
Floating rate secured notes payable				656,844		2,640		(60,643	)		598,841		2.5		5.19	%

Total secured notes payable:				4,155,833		110,999		(578,448	)		3,688,384		10.5		6.52	%
Fixed rate tax-exempt bonds				280,771		—		(10,199	)		270,572		17.5		5.88	%
Floating rate tax-exempt bonds				726,050		—		(5,226	)		720,824		11.7		3.55	%

Total tax-exempt bonds:				1,006,821		—		(15,425	)		991,396		13.3		4.19	%


Total Property Debt on Conventional Portfolio				5,162,654		110,999		(593,873	)		4,679,780		11.1		6.02	%


Affordable Portfolio:
Fixed rate secured notes payable				424,189		120,453		(107,991	)		436,651		18.3		5.51	%
Floating rate secured notes payable				10,652		8,125		(1,981	)		16,796		3.2		4.22	%

Total secured notes payable:				434,841		128,578		(109,972	)		453,447		17.7		5.46	%
Fixed rate tax-exempt bonds				69,748		1,157		(49,850	)		21,055		26.9		3.78	%
Floating rate tax-exempt bonds				—		1,427		—			1,427		8.7		5.80	%

Total tax-exempt bonds:				69,748		2,584		(49,850	)		22,482		25.8		3.91	%

Total Property Debt on Affordable Portfolio				504,589		131,162		(159,822	)		475,929		18.1		5.39	%

Total Property Debt	(1	)	$	5,667,243	$	242,161	$	(753,695	)	$	5,155,709		11.7		5.97	%


Corporate Debt:

Term Loan			$	400,000	$	—	$	—		$	400,000		—		6.18	%
Credit Facility				217,000		—		—			217,000		—		6.26	%

Total Corporate Debt			$	617,000	$	—	$	—		$	617,000		—		6.21	%



Total Debt			$	6,284,243	$	242,161	$	(753,695	)	$	5,772,709		—		5.99	%


(1)		The total consolidated property debt shown above excludes $33.7 million of consolidated property debt, with a weighted average interest rate of 7.4%, 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

Q1 2006		32,559		22,523		55,082		1.0	%		6.35	%
Q2 2006		32,803		46,420		79,223		1.4	%		7.71	%
Q3 2006		33,205		33,601		66,806		1.2	%		8.57	%
Q4 2006		33,340		306,994		340,334		6.0	%		5.65	%
Q1 2007		33,721		21,511		55,232		1.0	%		6.61	%
Q2 2007		34,288		21,750		56,038		1.0	%		4.54	%
Q3 2007		34,534		112,625		147,159		2.6	%		6.29	%
Q4 2007		35,116		119,116		154,232		2.7	%		5.60	%
2008		142,996		377,668		520,664		9.2	%		4.83	%
2009		148,938		113,265		262,203		4.6	%		4.16	%
2010		153,173		183,729		336,902		5.9	%		6.27	%
Thereafter						3,593,368		63.4	%

Total Property Debt:					$	5,667,243		100.0	%


Corporate Debt							Percent			Average
	Amortization		Maturities		Total		of Total			Rate

2007	$	—	$	217,000	$	217,000		35.2	%		6.26	%
2009		—		400,000		400,000		64.8	%		6.18	%

Total Corporate Debt:	$	—	$	617,000	$	617,000		100.0	%		6.21	%

Supplemental Schedule 5 (Continued)

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

III. Loan Closings


FOURTH QUARTER LOAN CLOSINGS	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net			Prior			New
Mortgage Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds (1)			Rate			Rate
Refinancings:
Fixed Rate	$	135.1	$	230.9	$	111.8	$	178.9	$	65.6			7.15	%		6.15	%
Floating Rate		42.6		41.9		32.4		31.5		(1.6	)		7.18	%		5.19	%
Affordable, Mark-to-Market and Other		8.0		17.5		2.9		4.7		1.5			8.73	%		5.43	%

Totals	$	185.7	$	290.3	$	147.1	$	215.1	$	65.5			7.22	%		5.97	%


YEAR-TO-DATE LOAN CLOSINGS	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Mortgage Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds (1)		Rate			Rate
Refinancings:
Fixed Rate	$	276.3	$	561.7	$	226.6	$	459.8	$	228.5		7.04	%		5.58	%
Floating Rate		99.3		141.8		75.2		116.8		39.6		7.63	%		4.52	%
Affordable, Mark-to-Market and Other		39.6		92.7		9.4		18.7		11.5		8.56	%		5.14	%

Loans Relating to Acquisitions:
Fixed Rate		—		62.8		—		32.8		32.2		—			5.19	%

Floating Rate		—		112.5		—		112.5		111.6		—			3.00	%

Totals	$	415.2	$	971.5	$	311.2	$	740.6	$	423.4		7.33	%		5.06	%


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

IV. Capitalization


	At						At						At
	June 30,			Percent			September 30,			Percent			December 31,			Percent
	2005			of Total			2005			of Total			2005			of Total
Corporate debt	$	675			6	%	$	632			6	%	$	617			6	%

Property debt (Aimco’s share)		5,361			48	%		5,195			49	%		5,156			49	%

Total Debt		6,036			54	%		5,827			55	%		5,773			55	%

Less: Cash and restricted cash		(388	)		-3	%		(405	)		-4	%		(379	)		-4	%

Net Debt		5,648			51	%		5,422			51	%		5,394			51	%
Preferred equity		1,101			10	%		1,101			10	%		1,101			10	%
Common equity at market (1)		4,340			39	%		4,113			39	%		4,017			39	%

Total Capitalization	$	11,089			100	%	$	10,636			100	%	$	10,512			100	%


(1)		Common equity at market at December 31, 2005 was calculated using 106.071 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $37.87 per share/unit on December 30, 2005.

V. Ratings on Senior Unsecured Shelf


		Moody’s Investor Service				Ba1 (stable outlook)
		Standard and Poors				BB+ (negative outlook)
		Fitch				BBB- (negative outlook)

Supplemental Schedule 6(a)

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


																											Change Three Months Ended December 31, 2005
									Three Months Ended									Three Months Ended									From December 31, 2004
									December 31, 2005									December 31, 2004									Revenue						Expenses						NOI
	Sites		Units			Owner%			REV		EXP		NOI		Occ %			REV		EXP		NOI		Occ %			Amt			%			Amt			%			Amt			%
Northeast
Baltimore		10		2,607			92	%		7,279		3,032		4,247					6,814		3,029		3,785					465			6.8	%		3			0.1	%		462			12.2	%
New England		15		5,505			100	%		18,594		6,480		12,114					17,773		6,532		11,241					821			4.6	%		(52	)		-0.8	%		873			7.8	%
Philadelphia		12		5,543			87	%		15,754		6,438		9,316					14,768		5,898		8,870					986			6.7	%		540			9.2	%		446			5.0	%
Washington		18		9,066			90	%		26,042		9,315		16,727					24,766		9,336		15,430					1,276			5.2	%		(21	)		-0.2	%		1,297			8.4	%

		55		22,721			92	%		67,669		25,265		42,404		96.0	%		64,121		24,795		39,326		93.2	%		3,548			5.5	%		470			1.9	%		3,078			7.8	%
Southeast
Atlanta		15		4,158			82	%		6,669		3,763		2,906					6,577		3,863		2,714					92			1.4	%		(100	)		-2.6	%		192			7.1	%
Savannah-Augusta		5		1,004			87	%		1,552		724		828					1,653		688		965					(101	)		-6.1	%		36			5.2	%		(137	)		-14.2	%
Charlotte-Gastonia		3		772			86	%		1,062		562		500					1,088		549		539					(26	)		-2.4	%		13			2.4	%		(39	)		-7.2	%
Columbia-Charleston		9		2,118			75	%		3,068		1,386		1,682					2,913		1,427		1,486					155			5.3	%		(41	)		-2.9	%		196			13.2	%
Nashville		8		2,492			74	%		4,015		1,909		2,106					3,853		1,542		2,311					162			4.2	%		367			23.8	%		(205	)		-8.9	%
Norfolk		10		3,161			79	%		6,507		2,327		4,180					6,251		2,268		3,983					256			4.1	%		59			2.6	%		197			4.9	%
Raleigh-Durham-Chapel Hill		7		2,170			71	%		2,493		1,257		1,236					2,493		1,343		1,150					—			0.0	%		(86	)		-6.4	%		86			7.5	%
Richmond-Petersburg		3		744			80	%		1,327		506		821					1,284		389		895					43			3.3	%		117			30.1	%		(74	)		-8.3	%
Southeast Other		14		3,041			80	%		4,603		2,238		2,365					4,042		2,165		1,877					561			13.9	%		73			3.4	%		488			26.0	%

		74		19,660			79	%		31,296		14,672		16,624		92.3	%		30,154		14,234		15,920		90.5	%		1,142			3.8	%		438			3.1	%		704			4.4	%
Florida
Jacksonville		4		1,204			86	%		2,260		874		1,386					2,080		815		1,265					180			8.7	%		59			7.2	%		121			9.6	%
Miami-Fort Lauderdale		9		2,754			81	%		7,837		3,097		4,740					6,905		2,605		4,300					932			13.5	%		492			18.9	%		440			10.2	%
Orlando-Daytona		24		6,076			91	%		12,925		5,476		7,449					11,589		4,549		7,040					1,336			11.5	%		927			20.4	%		409			5.8	%
Tampa-St. Petersburg		19		5,094			72	%		8,233		3,665		4,568					7,440		3,441		3,999					793			10.7	%		224			6.5	%		569			14.2	%
West Palm Beach-Boca		5		1,505			100	%		4,211		1,855		2,356					3,829		1,642		2,187					382			10.0	%		213			13.0	%		169			7.7	%

		61		16,633			84	%		35,466		14,967		20,499		97.5	%		31,843		13,052		18,791		95.4	%		3,623			11.4	%		1,915			14.7	%		1,708			9.1	%
Midwest
Chicago		20		5,708			81	%		12,955		5,821		7,134					12,271		5,371		6,900					684			5.6	%		450			8.4	%		234			3.4	%
Cincinnati-Dayton		8		1,659			53	%		1,918		991		927					1,882		719		1,163					36			1.9	%		272			37.8	%		(236	)		-20.3	%
Columbus		9		2,012			72	%		2,390		1,360		1,030					2,261		1,106		1,155					129			5.7	%		254			23.0	%		(125	)		-10.8	%
Detroit-Ann Arbor		6		1,665			62	%		2,242		1,352		890					1,923		1,165		758					319			16.6	%		187			16.1	%		132			17.4	%
Grand Rapids-Lansing		13		4,734			66	%		5,765		3,190		2,575					5,491		2,818		2,673					274			5.0	%		372			13.2	%		(98	)		-3.7	%
Indianapolis		21		7,047			89	%		10,459		5,192		5,267					9,702		4,519		5,183					757			7.8	%		673			14.9	%		84			1.6	%
Minneapolis-St Paul		5		1,430			83	%		3,570		1,244		2,326					3,466		1,933		1,533					104			3.0	%		(689	)		-35.6	%		793			51.7	%
Midwest Other		15		5,360			75	%		7,215		3,472		3,743					6,684		3,144		3,540					531			7.9	%		328			10.4	%		203			5.7	%

		97		29,615			76	%		46,514		22,622		23,892		93.7	%		43,680		20,775		22,905		87.5	%		2,834			6.5	%		1,847			8.9	%		987			4.3	%
Texas
Austin-San Marcos		11		2,417			94	%		4,344		2,312		2,032					3,925		2,390		1,535					419			10.7	%		(78	)		-3.3	%		497			32.4	%
Dallas-Fort Worth		22		5,847			77	%		8,152		4,459		3,693					7,325		4,257		3,068					827			11.3	%		202			4.7	%		625			20.4	%
Houston-Galveston		36		9,570			68	%		11,654		6,629		5,025					10,864		6,650		4,214					790			7.3	%		(21	)		-0.3	%		811			19.2	%
San Antonio		11		2,647			94	%		4,340		2,260		2,080					4,052		2,145		1,907					288			7.1	%		115			5.4	%		173			9.1	%
Texas Other		4		911			57	%		908		451		457					874		453		421					34			3.9	%		(2	)		-0.4	%		36			8.6	%

		84		21,392			76	%		29,398		16,111		13,287		93.3	%		27,040		15,895		11,145		88.6	%		2,358			8.7	%		216			1.4	%		2,142			19.2	%
West
Denver		22		4,813			84	%		8,839		4,196		4,643					8,313		3,979		4,334					526			6.3	%		217			5.5	%		309			7.1	%
Phoenix-Mesa		25		6,908			92	%		11,859		5,538		6,321					10,575		5,178		5,397					1,284			12.1	%		360			7.0	%		924			17.1	%
Salt Lake City-Ogden		4		1,511			86	%		2,335		1,082		1,253					2,208		978		1,230					127			5.8	%		104			10.6	%		23			1.9	%
Seattle		4		468			59	%		686		271		415					625		346		279					61			9.8	%		(75	)		-21.7	%		136			48.7	%
West Other		8		2,296			86	%		3,461		1,781		1,680					3,243		1,513		1,730					218			6.7	%		268			17.7	%		(50	)		-2.9	%

		63		15,996			87	%		27,180		12,868		14,312		95.0	%		24,964		11,994		12,970		90.8	%		2,216			8.9	%		874			7.3	%		1,342			10.3	%
California
Bay Area & Sacramento		5		1,291			45	%		1,762		711		1,051					1,704		710		994					58			3.4	%		1			0.1	%		57			5.7	%
Los Angeles-Long Beach-Ventura		12		2,432			87	%		10,304		3,189		7,115					9,722		3,688		6,034					582			6.0	%		(499	)		-13.5	%		1,081			17.9	%
Orange County-Riverside		7		1,651			83	%		5,336		1,666		3,670					4,889		1,584		3,305					447			9.1	%		82			5.2	%		365			11.0	%
San Diego		6		2,123			93	%		6,686		2,047		4,639					6,305		1,958		4,347					381			6.0	%		89			4.5	%		292			6.7	%

		30		7,497			81	%		24,088		7,613		16,475		95.7	%		22,620		7,940		14,680		95.6	%		1,468			6.5	%		(327	)		-4.1	%		1,795			12.2	%

SAME STORE SALES TOTALS		464		133,514	(2)		82	%		261,611		114,118		147,493		94.6	%		244,422		108,685		135,737		90.9	%		17,189			7.0	%		5,433			5.0	%(3)		11,756			8.7%	(3)

Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1)										118,771		73,409		45,362					98,698		59,189		39,509

Total Rental and other property revenues and property operating expense per GAAP Income Statement										380,382		187,527		192,855					343,120		167,874		175,246


(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 109,000 at December 31, 2005.

(3)		Excluding the $0.4 million impact related to uninsured hurricane and storm damages that occurred in Q4 2005, same store sales expenses would have increased 4.7% and NOI would have increased 8.9%.

Supplemental Schedule 6(b)

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


																											Change Three Months Ended December 31, 2005
									Three Months Ended									Three Months Ended									From September 30, 2005
									December 31, 2005									September 30, 2005									Revenue						Expenses						NOI
	Sites		Units			Owner%			REV		EXP		NOI		Occ %			REV		EXP		NOI		Occ %			Amt			%			Amt			%			Amt			%
Northeast
Baltimore		10		2,607			92	%		7,279		3,032		4,247					7,246		2,845		4,401					33			0.5	%		187			6.6	%		(154	)		-3.5	%
New England		15		5,505			100	%		18,594		6,480		12,114					18,640		6,707		11,933					(46	)		-0.2	%		(227	)		-3.4	%		181			1.5	%
Philadelphia		12		5,543			87	%		15,754		6,438		9,316					15,586		6,106		9,480					168			1.1	%		332			5.4	%		(164	)		-1.7	%
Washington		18		9,066			90	%		26,042		9,315		16,727					25,982		9,340		16,642					60			0.2	%		(25	)		-0.3	%		85			0.5	%

		55		22,721			92	%		67,669		25,265		42,404		96.0	%		67,454		24,998		42,456		95.9	%		215			0.3	%		267			1.1	%		(52	)		-0.1	%
Southeast
Atlanta		15		4,158			82	%		6,669		3,763		2,906					6,867		3,680		3,187					(198	)		-2.9	%		83			2.3	%		(281	)		-8.8	%
Savannah-Augusta		5		1,004			87	%		1,552		724		828					1,671		807		864					(119	)		-7.1	%		(83	)		-10.3	%		(36	)		-4.2	%
Charlotte-Gastonia		3		772			86	%		1,062		562		500					1,077		580		497					(15	)		-1.4	%		(18	)		-3.1	%		3			0.6	%
Columbia-Charleston		9		2,118			75	%		3,068		1,386		1,682					3,046		1,618		1,428					22			0.7	%		(232	)		-14.3	%		254			17.8	%
Nashville		8		2,492			74	%		4,015		1,909		2,106					4,003		1,923		2,080					12			0.3	%		(14	)		-0.7	%		26			1.3	%
Norfolk		10		3,161			79	%		6,507		2,327		4,180					6,654		2,381		4,273					(147	)		-2.2	%		(54	)		-2.3	%		(93	)		-2.2	%
Raleigh-Durham-Chapel Hill		7		2,170			71	%		2,493		1,257		1,236					2,488		1,521		967					5			0.2	%		(264	)		-17.4	%		269			27.8	%
Richmond-Petersburg		3		744			80	%		1,327		506		821					1,289		491		798					38			2.9	%		15			3.1	%		23			2.9	%
Southeast Other		14		3,041			80	%		4,603		2,238		2,365					4,344		2,372		1,972					259			6.0	%		(134	)		-5.6	%		393			19.9	%

		74		19,660			79	%		31,296		14,672		16,624		92.3	%		31,439		15,373		16,066		91.9	%		(143	)		-0.5	%		(701	)		-4.6	%		558			3.5	%
Florida
Jacksonville		4		1,204			86	%		2,260		874		1,386					2,220		870		1,350					40			1.8	%		4			0.5	%		36			2.7	%
Miami-Fort Lauderdale		9		2,754			81	%		7,837		3,097		4,740					7,609		3,220		4,389					228			3.0	%		(123	)		-3.8	%		351			8.0	%
Orlando-Daytona		24		6,076			91	%		12,925		5,476		7,449					12,359		5,458		6,901					566			4.6	%		18			0.3	%		548			7.9	%
Tampa-St. Petersburg		19		5,094			72	%		8,233		3,665		4,568					7,984		3,528		4,456					249			3.1	%		137			3.9	%		112			2.5	%
West Palm Beach-Boca		5		1,505			100	%		4,211		1,855		2,356					4,045		1,631		2,414					166			4.1	%		224			13.7	%		(58	)		-2.4	%

		61		16,633			84	%		35,466		14,967		20,499		97.5	%		34,217		14,707		19,510		97.1	%		1,249			3.7	%		260			1.8	%		989			5.1	%
Midwest
Chicago		20		5,708			81	%		12,955		5,821		7,134					12,828		5,976		6,852					127			1.0	%		(155	)		-2.6	%		282			4.1	%
Cincinnati-Dayton		8		1,659			53	%		1,918		991		927					1,987		855		1,132					(69	)		-3.5	%		136			15.9	%		(205	)		-18.1	%
Columbus		9		2,012			72	%		2,390		1,360		1,030					2,340		1,329		1,011					50			2.1	%		31			2.3	%		19			1.9	%
Detroit-Ann Arbor		6		1,665			62	%		2,242		1,352		890					2,166		1,112		1,054					76			3.5	%		240			21.6	%		(164	)		-15.6	%
Grand Rapids-Lansing		13		4,734			66	%		5,765		3,190		2,575					5,741		3,142		2,599					24			0.4	%		48			1.5	%		(24	)		-0.9	%
Indianapolis		21		7,047			89	%		10,459		5,192		5,267					10,423		5,547		4,876					36			0.3	%		(355	)		-6.4	%		391			8.0	%
Minneapolis-St Paul		5		1,430			83	%		3,570		1,244		2,326					3,517		1,770		1,747					53			1.5	%		(526	)		-29.7	%		579			33.1	%
Midwest Other		15		5,360			75	%		7,215		3,472		3,743					6,988		3,846		3,142					227			3.2	%		(374	)		-9.7	%		601			19.1	%

		97		29,615			76	%		46,514		22,622		23,892		93.7	%		45,990		23,577		22,413		92.2	%		524			1.1	%		(955	)		-4.1	%		1,479			6.6	%
Texas
Austin-San Marcos		11		2,417			94	%		4,344		2,312		2,032					4,209		2,497		1,712					135			3.2	%		(185	)		-7.4	%		320			18.7	%
Dallas-Fort Worth		22		5,847			77	%		8,152		4,459		3,693					7,873		5,132		2,741					279			3.5	%		(673	)		-13.1	%		952			34.7	%
Houston-Galveston		36		9,570			68	%		11,654		6,629		5,025					10,828		7,019		3,809					826			7.6	%		(390	)		-5.6	%		1,216			31.9	%
San Antonio		11		2,647			94	%		4,340		2,260		2,080					4,159		2,386		1,773					181			4.4	%		(126	)		-5.3	%		307			17.3	%
Texas Other		4		911			57	%		908		451		457					898		486		412					10			1.1	%		(35	)		-7.2	%		45			10.9	%

		84		21,392			76	%		29,398		16,111		13,287		93.3	%		27,967		17,520		10,447		89.2	%		1,431			5.1	%		(1,409	)		-8.0	%		2,840			27.2	%
West
Denver		22		4,813			84	%		8,839		4,196		4,643					9,020		4,145		4,875					(181	)		-2.0	%		51			1.2	%		(232	)		-4.8	%
Phoenix-Mesa		25		6,908			92	%		11,859		5,538		6,321					11,684		5,909		5,775					175			1.5	%		(371	)		-6.3	%		546			9.5	%
Salt Lake City-Ogden		4		1,511			86	%		2,335		1,082		1,253					2,304		1,050		1,254					31			1.3	%		32			3.0	%		(1	)		-0.1	%
Seattle		4		468			59	%		686		271		415					674		327		347					12			1.8	%		(56	)		-17.1	%		68			19.6	%
West Other		8		2,296			86	%		3,461		1,781		1,680					3,482		1,742		1,740					(21	)		-0.6	%		39			2.2	%		(60	)		-3.4	%

		63		15,996			87	%		27,180		12,868		14,312		95.0	%		27,164		13,173		13,991		93.8	%		16			0.1	%		(305	)		-2.3	%		321			2.3	%
California
Bay Area & Sacramento		5		1,291			45	%		1,762		711		1,051					1,705		700		1,005					57			3.3	%		11			1.6	%		46			4.6	%
Los Angeles-Long Beach-Ventura		12		2,432			87	%		10,304		3,189		7,115					10,321		3,135		7,186					(17	)		-0.2	%		54			1.7	%		(71	)		-1.0	%
Orange County-Riverside		7		1,651			83	%		5,336		1,666		3,670					5,251		1,677		3,574					85			1.6	%		(11	)		-0.7	%		96			2.7	%
San Diego		6		2,123			93	%		6,686		2,047		4,639					6,650		2,100		4,550					36			0.5	%		(53	)		-2.5	%		89			2.0	%

		30		7,497			81	%		24,088		7,613		16,475		95.7	%		23,927		7,612		16,315		96.3	%		161			0.7	%		1			0.0	%		160			1.0	%

SAME STORE SALES TOTALS		464		133,514	(2)		82	%		261,611		114,118		147,493		94.6	%		258,158		116,960		141,198		93.3	%		3,453			1.3	%		(2,842	)		-2.4	%(3)		6,295			4.5%	(3)

Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1)										118,771		73,409		45,362					114,488		64,509		49,979

Total Rental and other property revenues and property operating expense per GAAP Income Statement										380,382		187,527		192,855					372,646		181,469		191,177




(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 109,000 at December 31, 2005.

(3)		Excluding the $0.4 million impact related to uninsured hurricane and storm damages that occurred in Q4 2005, same store sales expenses would have decreased 2.7% and NOI would have increased 4.7%.

Supplemental Schedule 6(c)

Same Store Sales
Twelve Months Ended 2005 versus Twelve Months Ended 2004
(unaudited) (in thousands, except site and unit data)


																				Change Twelve Months Ended December 31, 2005
								Twelve Months Ended						Twelve Months Ended						From December 31, 2004
								December 31, 2005						December 31, 2004						Revenue						Expenses						NOI
	Sites		Units		Owner%			REV		EXP		NOI		REV		EXP		NOI		Amt			%			Amt			%			Amt			%
Northeast
Baltimore		10		2,607		92	%		28,369		11,465		16,904		26,746		10,606		16,140		1,623			6.1	%		859			8.1	%		764			4.7	%
New England		14		5,384		100	%		71,835		26,462		45,373		68,451		25,062		43,389		3,384			4.9	%		1,400			5.6	%		1,984			4.6	%
Philadelphia		11		5,193		87	%		57,394		23,023		34,371		55,103		21,610		33,493		2,291			4.2	%		1,413			6.5	%		878			2.6	%
Washington		18		9,066		90	%		102,031		37,381		64,650		97,403		35,563		61,840		4,628			4.8	%		1,818			5.1	%		2,810			4.5	%

		53		22,250		92	%		259,629		98,331		161,298		247,703		92,841		154,862		11,926			4.8	%		5,490			5.9	%		6,436			4.2	%
Southeast
Atlanta		15		4,158		82	%		26,490		14,377		12,113		25,795		13,419		12,376		695			2.7	%		958			7.1	%		(263	)		-2.1	%
Savannah-Augusta		5		1,004		87	%		6,476		2,918		3,558		6,391		2,633		3,758		85			1.3	%		285			10.8	%		(200	)		-5.3	%
Charlotte-Gastonia		3		772		86	%		4,305		2,270		2,035		4,336		1,975		2,361		(31	)		-0.7	%		295			14.9	%		(326	)		-13.8	%
Columbia-Charleston		9		2,118		75	%		11,809		5,855		5,954		11,395		5,500		5,895		414			3.6	%		355			6.5	%		59			1.0	%
Nashville		8		2,492		74	%		15,549		7,046		8,503		14,960		5,983		8,977		589			3.9	%		1,063			17.8	%		(474	)		-5.3	%
Norfolk		10		3,161		79	%		25,862		9,188		16,674		25,167		8,397		16,770		695			2.8	%		791			9.4	%		(96	)		-0.6	%
Raleigh-Durham-Chapel Hill		7		2,170		71	%		9,963		5,449		4,514		9,681		5,203		4,478		282			2.9	%		246			4.7	%		36			0.8	%
Richmond-Petersburg		3		744		80	%		5,096		1,899		3,197		5,195		1,629		3,566		(99	)		-1.9	%		270			16.6	%		(369	)		-10.3	%
Southeast Other		14		3,041		80	%		17,256		8,821		8,435		15,500		8,844		6,656		1,756			11.3	%		(23	)		-0.3	%		1,779			26.7	%

		74		19,660		79	%		122,806		57,823		64,983		118,420		53,583		64,837		4,386			3.7	%		4,240			7.9	%		146			0.2	%
Florida
Jacksonville		4		1,204		86	%		8,716		3,414		5,302		8,053		3,331		4,722		663			8.2	%		83			2.5	%		580			12.3	%
Miami-Fort Lauderdale		9		2,754		81	%		29,785		11,994		17,791		26,918		11,126		15,792		2,867			10.7	%		868			7.8	%		1,999			12.7	%
Orlando-Daytona		24		6,076		91	%		49,128		21,122		28,006		43,304		19,858		23,446		5,824			13.4	%		1,264			6.4	%		4,560			19.4	%
Tampa-St. Petersburg		19		5,094		72	%		31,482		13,849		17,633		28,238		13,106		15,132		3,244			11.5	%		743			5.7	%		2,501			16.5	%
West Palm Beach-Boca		5		1,505		100	%		16,080		6,644		9,436		14,419		6,315		8,104		1,661			11.5	%		329			5.2	%		1,332			16.4	%

		61		16,633		84	%		135,191		57,023		78,168		120,932		53,736		67,196		14,259			11.8	%		3,287			6.1	%		10,972			16.3	%
Midwest
Chicago		20		5,708		81	%		50,703		23,242		27,461		48,489		22,677		25,812		2,214			4.6	%		565			2.5	%		1,649			6.4	%
Cincinnati-Dayton		7		1,369		52	%		5,547		2,616		2,931		5,149		2,337		2,812		398			7.7	%		279			11.9	%		119			4.2	%
Columbus		9		2,012		72	%		9,254		5,264		3,990		9,599		4,428		5,171		(345	)		-3.6	%		836			18.9	%		(1,181	)		-22.8	%
Detroit-Ann Arbor		6		1,665		62	%		8,362		4,655		3,707		8,185		3,793		4,392		177			2.2	%		862			22.7	%		(685	)		-15.6	%
Grand Rapids-Lansing		13		4,734		66	%		22,363		12,384		9,979		21,733		11,684		10,049		630			2.9	%		700			6.0	%		(70	)		-0.7	%
Indianapolis		20		6,465		92	%		38,447		20,722		17,725		36,425		17,809		18,616		2,022			5.6	%		2,913			16.4	%		(891	)		-4.8	%
Minneapolis-St Paul		5		1,430		83	%		13,607		6,307		7,300		13,349		6,953		6,396		258			1.9	%		(646	)		-9.3	%		904			14.1	%
Midwest Other		14		4,880		78	%		25,796		13,293		12,503		24,944		12,222		12,722		852			3.4	%		1,071			8.8	%		(219	)		-1.7	%

		94		28,263		77	%		174,079		88,483		85,596		167,873		81,903		85,970		6,206			3.7	%		6,580			8.0	%		(374	)		-0.4	%
Texas
Austin-San Marcos		10		2,217		93	%		15,341		8,284		7,057		13,974		7,878		6,096		1,367			9.8	%		406			5.2	%		961			15.8	%
Dallas-Fort Worth		22		5,847		77	%		30,963		17,703		13,260		28,305		16,847		11,458		2,658			9.4	%		856			5.1	%		1,802			15.7	%
Houston-Galveston		36		9,570		68	%		43,375		25,729		17,646		41,987		24,633		17,354		1,388			3.3	%		1,096			4.4	%		292			1.7	%
San Antonio		11		2,647		94	%		16,361		8,557		7,804		15,733		8,210		7,523		628			4.0	%		347			4.2	%		281			3.7	%
Texas Other		4		911		57	%		3,535		1,759		1,776		3,372		1,670		1,702		163			4.8	%		89			5.3	%		74			4.3	%

		83		21,192		76	%		109,575		62,032		47,543		103,371		59,238		44,133		6,204			6.0	%		2,794			4.7	%		3,410			7.7	%
West
Denver		22		4,813		84	%		34,225		15,889		18,336		32,676		15,603		17,073		1,549			4.7	%		286			1.8	%		1,263			7.4	%
Phoenix-Mesa		25		6,908		92	%		45,291		22,173		23,118		39,873		21,170		18,703		5,418			13.6	%		1,003			4.7	%		4,415			23.6	%
Salt Lake City-Ogden		4		1,511		86	%		9,013		4,031		4,982		8,545		3,631		4,914		468			5.5	%		400			11.0	%		68			1.4	%
Seattle		4		468		59	%		2,639		1,230		1,409		2,454		1,297		1,157		185			7.5	%		(67	)		-5.2	%		252			21.8	%
West Other		8		2,296		86	%		13,562		6,593		6,969		12,557		5,930		6,627		1,005			8.0	%		663			11.2	%		342			5.2	%

		63		15,996		87	%		104,730		49,916		54,814		96,105		47,631		48,474		8,625			9.0	%		2,285			4.8	%		6,340			13.1	%
California
Bay Area & Sacramento		5		1,291		45	%		6,798		2,807		3,991		6,542		2,786		3,756		256			3.9	%		21			0.8	%		235			6.3	%
Los Angeles-Long Beach-Ventura		12		2,432		87	%		39,993		12,176		27,817		37,724		12,709		25,015		2,269			6.0	%		(533	)		-4.2	%		2,802			11.2	%
Orange County-Riverside		7		1,651		83	%		20,536		6,402		14,134		18,851		6,424		12,427		1,685			8.9	%		(22	)		-0.3	%		1,707			13.7	%
San Diego		6		2,123		93	%		26,046		8,119		17,927		24,210		7,370		16,840		1,836			7.6	%		749			10.2	%		1,087			6.5	%

		30		7,497		81	%		93,373		29,504		63,869		87,327		29,289		58,038		6,046			6.9	%		215			0.7	%		5,831			10.0	%

SAME STORE SALES TOTALS		458		131,491		82	%		999,383		443,112		556,271		941,731		418,221		523,510		57,652			6.1	%		24,891			6.0%	(2)		32,761			6.3%	(2)

Reconciliation to Total Rental and other property revenues and property operating expense per GAAP Income Statement (1)									460,263		262,393		197,870		367,084		214,291		152,793

Total Rental and other property revenues and property operating expense per GAAP Income Statement									1,459,646		705,505		754,141		1,308,815		632,512		676,303




(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)		Excluding the $0.4 million and the $1.2 million impact related to uninsured hurricane and storm damages that occurred in Q4 2005 and Q3 2004, respectively, same store sales expenses would have increased 6.2% and NOI would have increased 6.1%.

Supplemental Schedule 7

Selected Portfolio Performance Data
(unaudited)

PORTFOLIO SUMMARY
SAME STORE PERFORMANCE


	SAME STORE PORTFOLIO
	CORE			NON-CORE			TOTAL
Rent, average fourth quarter 2005	$	914		$	609		$	769
Occupancy, average fourth quarter 2005		95.8	%		93.3	%		94.6	%
Operating Margin		60.4	%		48.6	%		56.4	%
Total # of Properties		227			237			464
Total # of Units		68,891			64,623			133,514
Proportionate Owned Units		60,476			48,660			109,136
% of Total Same Store NOI		70.5	%		29.5	%		100.0	%

4th Quarter 2005 vs 4th Quarter 2004 Variance
Revenue		6.8	%		7.6	%		7.0	%
Expenses		4.9	%		5.2	%		5.0	%
NOI		8.0	%		10.2	%		8.7	%

Sequential, 4th Quarter 2005 vs 3rd Quarter 2005 Variance
Revenue		0.7	%		2.5	%		1.3	%
Expenses		0.0	%		-5.8	%		-2.4	%
NOI		1.3	%		12.9	%		4.5	%

YTD December 2005 vs. YTD December 2004 Variance
Revenue		6.4	%		5.5	%		6.1	%
Expenses		5.1	%		7.3	%		6.0	%
NOI		7.4	%		3.6	%		6.3	%

TOTAL CONVENTIONAL PORTFOLIO: SUMMARY BY MARKET
SELECTED MARKETS


	Quarter Ended December 31, 2005									Quarter Ended December 31, 2004
	TOTAL CONVENTIONAL PORTFOLIO									TOTAL CONVENTIONAL PORTFOLIO
% of Total Conventional NOI	CORE			NON-CORE			TOTAL			CORE			NON-CORE			TOTAL
Top 20 Markets
1 Washington, D.C.		10.2	%		0.0	%		10.2	%		10.3	%		1.1	%		11.4	%
2 Los Angeles-Long Beach-Ventura		7.4	%		0.0	%		7.4	%		6.3	%		0.0	%		6.3	%
3 New England		7.1	%		0.0	%		7.1	%		6.5	%		0.0	%		6.5	%
4 Philadelphia		6.5	%		0.0	%		6.5	%		5.7	%		0.0	%		5.7	%
5 Miami-Fort Lauderdale		6.3	%		0.0	%		6.3	%		4.4	%		0.0	%		4.4	%
6 Chicago		4.8	%		0.3	%		5.1	%		4.7	%		0.2	%		4.9	%
7 Orlando-Daytona		3.6	%		0.6	%		4.2	%		2.5	%		0.6	%		3.1	%
8 Indianapolis		0.0	%		3.9	%		3.9	%		2.1	%		2.4	%		4.5	%
9 Phoenix-Mesa		2.5	%		1.1	%		3.6	%		1.8	%		1.6	%		3.4	%
10 Houston-Galveston		0.0	%		3.0	%		3.0	%		1.9	%		0.5	%		2.4	%
11 Denver		2.7	%		0.2	%		2.9	%		2.3	%		0.2	%		2.5	%
12 Tampa-St. Petersburg		2.0	%		0.7	%		2.7	%		2.2	%		0.5	%		2.7	%
13 San Diego		2.6	%		0.0	%		2.6	%		2.7	%		0.0	%		2.7	%
14 Baltimore		2.4	%		0.0	%		2.4	%		2.3	%		0.1	%		2.4	%
15 Norfolk		2.4	%		0.0	%		2.4	%		2.1	%		0.3	%		2.4	%
16 Dallas-Fort Worth		0.0	%		2.2	%		2.2	%		1.2	%		0.9	%		2.1	%
17 Orange County-Riverside		2.2	%		0.0	%		2.2	%		2.2	%		0.0	%		2.2	%
18 Atlanta		1.6	%		0.5	%		2.1	%		1.4	%		0.7	%		2.1	%
19 Grand Rapid-Lansing		0.0	%		1.5	%		1.5	%		0.7	%		0.9	%		1.6	%
20 New York		1.3	%		0.0	%		1.3	%		1.4	%		0.0	%		1.4	%

Subtotal Top 20 Markets		65.6	%		14.0	%		79.6	%		64.7	%		10.0	%		74.7	%

All Other Markets (39 in 2005 and 50 in 2004)		6.3	%		14.1	%		20.4	%		13.8	%		11.5	%		25.3	%


Total Conventional NOI		71.9	%		28.1	%		100.0	%		78.5	%		21.5	%		100.0	%



Rent, average fourth quarter	$	974		$	612		$	811		$	818		$	568		$	741
Occupancy, average fourth quarter		94.1	%		93.2	%		93.7	%		91.4	%		89.1	%		90.7	%
Total # of Properties		272			254			526			377			214			591
Total # of Units		83,349			68,264			151,613			114,156			50,651			164,807
Proportionate Owned Units		71,848			51,477			123,325			91,228			41,737			132,965
Average Home Value*	$	222,184		$	147,465		$	185,961
REIS Growth Rate (4 year weighted average)**		3.3	%		2.6	%		2.9	%


*		Source: Claritas, based on 2004 data

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

NOTE: In fourth quarter 2005, Aimco reduced its core markets from 38 to 27

Supplemental Schedule 8

Property Sales and Acquisition Activity
(unaudited)

FOURTH QUARTER 2005 PROPERTY SALES ACTIVITY


	Number		Number		Gross						Property		Net Sales			Aimco Gross		Aimco Net		Average
	of		of		Proceeds		FCF			(1)	Debt		Proceeds		(2)	Proceeds		Proceeds		Rent
	Properties		Units		($mm)		Yield				($mm)		($mm)			($mm)		($mm)		($/unit)

Conventional Non-Core (3)		39		8,618	$	356		6.0	%		$	199	$	124		$	277	$	102	$	588
Affordable		14		2,146		81		3.1	%			37		36			46		29		555

Total Dispositions		53		10,764	$	437		5.5	%		$	236	$	160		$	323	$	131	$	582

YEAR-TO-DATE 2005 PROPERTY SALES ACTIVITY


		Number		Number		Gross						Property		Net Sales			Aimco Gross		Aimco Net		Average
		of		of		Proceeds		FCF			(1)	Debt		Proceeds		(2)	Proceeds		Proceeds		Rent
	��	Properties		Units		($mm)		Yield				($mm)		($mm)			($mm)		($mm)		($/unit)

Conventional Non-Core (3)			71		15,177	$	735		5.5	%		$	370	$	307		$	607	$	262	$	642
Affordable			47		6,004		225		5.3	%			110		98			119		70		608

Total Dispositions (4)(5)			118		21,181	$	960		5.5	%		$	480	$	405		$	726	$	332	$	632


(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

(3)		Includes the sale of five university communities with 1,153 units

(4)		Activity provided in the table above does not include sales of certain general partner interests that generated net proceeds to Aimco of $1.9 million to date in 2005

(5)		Activity provided in the table above does not include certain affiliate sales associated with tax credit transactions that generated net proceeds to Aimco of $5.0 million in 2005

YEAR-TO-DATE 2005 PROPERTY AND LIMITED PARTNERSHIP INTEREST ACQUISITION ACTIVITY


				Number		Number		Gross		Property		Average
	Ownership			of		of		Purchase		Debt		Rent
	Percent			Properties		Units		Price ($mm)		($mm)		($/unit)

Conventional (2)		100	%		6		1,012	$	281	$	169	$	2,532
University communities (1)(3)		33	%		1		514		71		45		1,156
Limited partnership interests									53

Total Acquisitions					7		1,526	$	405	$	214	$	2,068


(1)		Year-to-date acquisition activity does not include Chestnut Hall, a 315-unit property, acquired through Aimco’s joint venture with CalSTRS and under a confidential partnership agreement with the University of Pennsylvania.

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

(3)		Property acquired is located near the California Polytechnic State University in San Luis Obispo, CA

Supplemental Schedule 9

Capital Expenditures
For the Year Ended December 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 year ended December 31, 2005 (per unit is based on approximately 150,200 units which represent effective units (excluding non-managed units) weighted for the period):


Capital Replacements Detail:	Actual Amount			Per Unit

Building Interiors	$	14,453		$	96
Includes: Hot water heaters, kitchen/bath

Building Exteriors		13,932			93
Includes: Roofs, exterior painting, electrical, plumbing

Landscaping and Grounds		7,509			50
Includes: Parking lot improvements, pool improvements

Turnover Related		38,047			253
Includes: Carpet, vinyl, tile, appliance and fixture replacements

Capitalized site payroll and indirect costs		15,719			105


Total Aimco’s share of Capital Replacements	$	89,660		$	597


Capital Replacements:
Conventional		83,197
Affordable		6,463

Total Aimco’s share of Capital Replacements	$	89,660


Capital Improvements:
Conventional		91,228
Affordable		20,736

Total Aimco’s share of Capital Improvements	$	111,964


Casualties:
Conventional		22,537
Affordable		1,380

Total Aimco’s share of Casualties	$	23,917


Redevelopment (see Schedule 10 for further project details):
Conventional		137,311
Affordable		3,021

Total Aimco’s share of Redevelopment	$	140,332



Total Aimco’s share of Capital Expenditures	$	365,873


Plus minority partners’ share of consolidated spending		90,113
Less Aimco’s share of unconsolidated spending		(12,104	)


Total Spending per Consolidated Statement of Cash Flows	$	443,882

Supplemental Schedule 10

Summary of 2005 Redevelopment Activity
As of December 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
							Total
							Expected		Inception to		Year to		Year to
					Number		Spend at		Date Spend at		Date Spend		Date Spend		Expected					Construction		Construction								Out of
Property (2)	City, State	Ownership %			of Units		100%		100%		at 100%		at AIV%		NOI Yield			Acquisition		Start		Complete		Stabilization		Completed		Leased (1)		Service


Redevelopment — Major Project Detail

Flamingo South Beach	Miami Beach, FL		99.1	%		1,688	$	288.8	$	288.8	$	8.2	$	7.1		6	%		Q3 1997		Q3 1997		Q1 2004		Q3 2005		1,688		1,601		—
Belmont Place	Marietta, GA		63.1	%		326		31.3		31.3		10.3		6.5		9	%		Q2 1998		Q4 2003		Q3 2005		Q3 2005		326		289		—

		Subtotal				2,014	$	320.1	$	320.1	$	18.5	$	13.6													2,014		1,890		—

Redevelopment — Other Projects

Conventional		35 properties				15,955	$	228.9	$	120.5	$	94.6	$	79.4
Affordable / Tax Credit		22 properties				3,584		142.0		89.5		38.0		2.5
Other Redevelopment												52.4		44.8

		Subtotal				19,539	$	370.9	$	210.0	$	185.0	$	126.7

		Total				21,553	$	691.0	$	530.1	$	203.5	$	140.3


(1)		Leased units include pre-leased.

(2)		Excludes approved projects for which construction budgets and scopes are not finalized.

Supplemental Schedule 11

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


					Aimco's		Aimco's
	Total		Total		Effective		Average
	# Properties		# Units		# Units		Ownership %
Conventional Real Estate Portfolio:
Wholly-owned Consolidated Core Properties		162		46,670		46,670		100	%
Partially-owned Consolidated Core Properties		91		31,784		23,686		75	%
Partially-owned Unconsolidated Core Properties		19		4,895		1,492		30	%

Sub-total Core Properties		272		83,349		71,848		86	%


Wholly-owned Consolidated Non-Core Properties		129		36,358		36,358		100	%
Partially-owned Consolidated Non-Core Properties		99		26,306		13,181		50	%
Partially-owned Unconsolidated Non-Core Properties		26		5,600		1,938		35	%

Sub-total Non-Core Properties		254		68,264		51,477		75	%

Total		526		151,613		123,325		81	%


Aimco Capital Real Estate Portfolio:
Wholly-owned Consolidated Properties		70		8,900		8,900		100	%
Partially-owned Consolidated Properties		68		8,530		3,277		38	%
Partially-owned Unconsolidated Properties		219		24,774		4,525		18	%

Total		357		42,204		16,702		40	%


Total Owned Real Estate Portfolio:
Wholly-owned Consolidated Properties		361		91,928		91,928		100	%
Partially-owned Consolidated Properties		258		66,620		40,144		60	%
Partially-owned Unconsolidated Properties		264		35,269		7,955		23	%

Total		883		193,817		140,027		72	%


Management Contracts:
Property Managed for Third Parties		52		5,246
Asset-managed		435		41,421

Total		487		46,667


Total Portfolio		1,370		240,484

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

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

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

ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is FFO (diluted) less Capital Replacement expenditures, plus non-cash charges for redemption related preferred stock issuance costs and impairment losses, all of which are adjusted for the Aimco operating partnership’s share (AIMCO Properties, L.P.). Similar to FFO, AFFO is helpful to investors in understanding Aimco’s performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. Please see Supplemental Schedule 1 for AFFO data reconciled to net income as determined in accordance with GAAP.

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

CAPITAL REPLACEMENTS (CR): CR expenditures do not increase the value, profitability or useful life of an asset from its original purchase condition. They represent the share of expenditures that are deemed to replace the consumed portion of acquired capital assets. CR expenditures are deducted in the calculation of AFFO and FCF. Please refer to Schedule 9 for further detail. CR expenditures are a component of Capital expenditures in the GAAP Statement of Cash Flows.

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

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

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

FREE CASH FLOW (FCF): FCF 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 managed by Aimco, in which Aimco’s ownership exceeds 10% and that have reached a stabilized level of occupancy during both the current and comparable prior year period. Properties classified as held for sale are not included in Same Store. These results measure operating performance without variations caused by investment transactions. Aimco provides data for consolidated Same Store properties as well as its proportionate share of consolidated and unconsolidated Same Store properties. To ensure comparability, the information for all periods shown is based on current period ownership. Please see Supplemental Schedules 6a through 6c for Same Store data reconciled to rental and other property revenues and property operating expense as determined in accordance with GAAP.

Apartment Investment and Management (AIV) 8-KApartment Investment and Management Company Announces Fourth Quarter 2005 Results