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

Denver, Colorado — May 4, 2006

Apartment Investment and Management Company
Announces First Quarter 2006 Results

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

u	Net income of $84.1 million was up $82.1 million from $2.0 million in the first quarter 2005. Higher net income primarily reflects improved property operations of $21.7 million and includes higher gains on property sales, net of taxes, of $73.7 million. Earnings per share (EPS) was $0.63 on a diluted basis, compared with a loss of ($0.22) in the first quarter 2005.
u	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 $66.0 million, or $0.68 per share, compared with $59.5 million, or $0.63 per share, in the first quarter 2005. FFO before impairment and preferred redemption charges was $67.6 million, or $0.70 per share, exceeding the mid-point of guidance by $0.04 per share.
u	Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $52.9 million, or $0.55 per share, compared with $47.8 million, or $0.51 per share, in the first quarter 2005. AFFO includes deductions of $0.15 and $0.16 per share for capital replacement expenditures in the first quarter 2006 and first quarter 2005, respectively.
u	In the first quarter 2006, Aimco adopted the accounting requirement EITF 04-5. As a result, an additional 149 properties were consolidated in the GAAP financial statements for the first quarter 2006 that are not reflected in the first quarter 2005. Therefore, certain categories of revenues and expenses, as well as the minority interest in consolidated real estate partnerships, are higher in the first quarter 2006 in comparison with the first quarter 2005, due in part to the accounting change.

Diluted Per Share Results

	FIRST QUARTER
	2006		2005
Earnings (loss) — EPS	$	0.63		($0.22	)
Funds from operations — FFO	$	0.68	$	0.63
FFO before impairment and preferred redemption charges	$	0.70	$	0.67
Adjusted funds from operations — AFFO	$	0.55	$	0.51

Contact

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

AIMCO 1st Quarter 2006 Page 1

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “It was a solid quarter: Property operations are improving and NOI has increased in each of the past seven quarters. We realized substantial profit from the sale of the South Tower at Flamingo South Beach. G&A is down from the fourth quarter and our balance sheet is stronger.”

Chief Financial Officer Tom Herzog adds: “Our first quarter FFO was $0.04 per share higher than the mid-point of guidance, which reflects continued strength and improvement in conventional property operations. Same store net operating income was $0.04 per share above the mid-point of guidance, driven by better than expected first quarter revenue and lower than expected expenses. We are establishing second quarter FFO guidance of $0.69 to $0.73 per share.”

Property Operations

CONVENTIONAL REAL ESTATE OPERATIONS — Conventional real estate operations include Aimco’s diversified portfolio of market rate apartment communities. At the end of the first quarter 2006, this portfolio had 509 properties with 145,851 units in which Aimco had a weighted average ownership of 82%. During the first quarter 2006, conventional real estate operations generated net operating income of $165.1 million.

“Same Store” Results

The Same Store portfolio is a sub-set of total conventional properties (see the Glossary). In the first quarter 2006, the Same Store portfolio included 448 communities with 106,327 effective units based on Aimco’s weighted average ownership of 82% (see Supplemental Schedules 6a through 7).

Comparing Same Store results in the first quarter 2006 with the first quarter 2005, total revenue increased $20.5 million, or 8.5%. The increase in revenue was generated by: higher occupancy, up 420 basis points from 90.3% to 94.5%; higher average rent, up $24 per unit, or 3.1%, from $765 per unit to $789 per unit; and lower bad debt, down $0.5 million to 0.7% of revenue. Same Store expenses of $114.8 million increased by $7.8 million, or 7.3%, compared with the first quarter 2005. Increased expenses were predominantly due to: higher utilities expense, due mostly to a 35% increase in natural gas cost; higher insurance expense; and higher property tax expense; all partially offset by lower contract services expenses. Same Store portfolio net operating income was $147.9 million for the first quarter 2006, up 9.4% from the first quarter 2005.

Same Store Operating Results

	FIRST QUARTER
	Year-over-year									Sequential
	2006			2005			Variance			4th Qtr			Variance
Same Store Operating Measures
Average Physical Occupancy		94.5	%		90.3	%	420 bp				94.5	%		—
Average Rent Per Unit	$	789		$	765			3.1	%	$	784			0.6	%
Total Same Store ($mm)
Revenue	$	262.7		$	242.2			8.5	%	$	259.9			1.1	%
(1) Expenses		(114.8	)		(107.0)			7.3	%		(113.2	)		1.5	%
NOI ($mm)	$	147.9		$	135.2			9.4	%	$	146.7			0.8	%

(1) In the fourth quarter 2005, Same Store expenses included a $367,000 charge related to Hurricane Wilma. Excluding the effect of this charge, Same Store expenses and NOI would have shown a variance 1Q06 versus 4Q05 of 1.6% and 0.6%, respectively.

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Comparing Same Store results on a sequential basis, total revenue increased $2.9 million in the first quarter 2006 compared with the fourth quarter 2005, driven primarily by a $5 per unit increase in average rental rates, lower bad debt and higher utility reimbursement revenue. Expenses increased $1.7 million, primarily due to higher utilities expenses and property taxes, partially offset by lower unit turnover costs and lower repairs and maintenance expenses. Net operating income increased $1.2 million, or 0.8%, on a sequential basis.

Core Properties

Core properties (defined in the Glossary) offer the potential for higher long-term growth. Core operations are focused in 27 markets located predominantly in coastal states as well as the Rocky Mountain region and Chicago. In the first quarter 2006, core properties within the “Same Store” portfolio accounted for 57% of effective units, yet accounted for 72% of net operating income. The core “Same Store” properties had the following operating characteristics compared with non-core properties (defined in the Glossary): average rents of $944 per month versus $607 per month; average occupancy of 95.5% versus 93.5%; and an average operating margin of 59.7% versus 49.0%. The average rental rate growth for “Same Store” core versus non-core properties in the first quarter 2006 compared with the first quarter 2005 was 4.8% and 1.2%, respectively. See Supplemental Schedule 7 for additional information on core and non-core property operations.

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

At the end of the first quarter 2006, Aimco’s owned affordable portfolio included 350 properties with 41,375 units in which Aimco had an average ownership of 39%. During the first quarter 2006, affordable property operations including property management generated net operating income of $18.3 million. On a year-over-year basis, first quarter average month-end occupancy for the owned and managed portfolio increased 140 basis points from 95.9% to 97.3%, and average rent per unit increased 4.8% from $666 to $698 per unit.

Portfolio Management and Redevelopment Activity

Acquisitions — Aimco did not acquire any properties in the first quarter 2006.

During the first quarter 2006, Aimco purchased additional limited partnership interests in 18 partnerships that own 68 properties for an aggregate of $0.4 million. See Supplemental Schedule 8 for additional information on acquisition activity.

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

In the first quarter 2006, Aimco sold 17 non-core conventional properties and five affordable properties with 4,792 and 668 units, respectively. In addition, as announced February 18, 2006, Aimco sold the South Tower at its Flamingo South Beach property, a core property located in South Beach, Florida. The $151 million transaction included 562 residential units and rights to the property’s marina. The buyer also paid Aimco $5 million for the option to purchase the North and Central Towers at future dates. Gross proceeds from all property sales were $414 million (Aimco share $349 million). Aimco’s share of net proceeds after repayment of existing property debt and transaction costs was $172 million. See Supplemental Schedule 8 for additional information on disposition activity.

Gain on Dispositions — Aimco’s property dispositions resulted in gross gains on dispositions of real estate (including gains related to sales of unconsolidated entities and other and gains within discontinued operations), of $109.6 million for the first quarter 2006, compared with gains of $9.0 million for the first quarter 2005.

REDEVELOPMENT ACTIVITY — Aimco is actively reinvesting in and upgrading its portfolio through property redevelopments. At the end of the first quarter, Aimco had 22 active conventional projects and 22 active affordable projects. Aimco invested $34.4 million in conventional redevelopment during the first quarter and expects to invest $150 million to $200 million in conventional redevelopment projects during 2006. Affordable redevelopment project expenditures totaled

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$18.1 million in the first quarter, with these projects predominantly funded by third parties. Further information on redevelopment projects is provided in Supplemental Schedule 10.

ENTITLEMENT ACTIVITY — Aimco has additional development opportunities tied to successful property re-entitlement activity. During the first quarter entitlements progressed for several properties. In addition, plans were submitted to the City of Denver for three potential projects.

Additional Financial Information

PROPERTY MANAGEMENT INCOME — Income from property management is generated from the management of properties in which Aimco has unconsolidated interests. Income from consolidated properties is eliminated in Aimco’s consolidated GAAP financial statements. Property management net operating income was $2.5 million in the first quarter 2006 compared with $4.7 million in the first quarter 2005. As discussed on page one, as a result of adopting accounting requirement EITF 04-5, Aimco consolidated an additional 149 properties in the first quarter 2006, which reduced the reported amounts of property management revenues from unconsolidated properties. The economic benefit of the fees charged to consolidated properties is reflected in minority interest in consolidated real estate partnerships.

ACTIVITY FEE AND ASSET MANAGEMENT INCOME — Activity fees are generated from transactions (including tax credit redevelopments, syndications, dispositions, refinancings and partnership promotes) and are earned primarily by Aimco Capital. Aimco Capital earns asset management income from the financial management of partnerships, rather than property management of day-to-day operations. Activity fee and asset management net operating income from both conventional and Aimco Capital operations was $7.1 million in the first quarter 2006 compared with $5.4 million in the first quarter 2005, or $5.0 and $3.2 million net of the effective tax rate, respectively.

Included in activity fee and asset management income, Aimco received $1.9 million in “promote income” from an unconsolidated partnership. This income reflects provisions within the partnership agreement that reward the general partner for achieving financial returns to the limited partners in excess of established targets.

INTEREST INCOME — Interest income was $7.1 million for the first quarter 2006 compared with $7.4 million for the first quarter 2005. Interest income is earned in part from money market and interest bearing accounts as well as notes receivable from unconsolidated partnerships.

DEBT ACTIVITY — During the first quarter 2006, Aimco closed 11 property loans. Total proceeds were $371.7 million at a weighted average interest rate of 5.53%. After repayment of existing property debt, transaction costs and distributions to limited partners totaling $153.4 million, Aimco’s share of net proceeds was $218.3 million.

At quarter-end, Aimco’s corporate debt balance was reduced to $442.0 million from $617.0 million at year-end 2005 and carried an average interest rate of 6.33%. The balance on Aimco’s revolving credit facility totaled $42.0 million, leaving $380.5 million (after $27.5 million in outstanding letters of credit) in available capacity. Please refer to Schedule 5 of the Supplemental Information for more detail on debt activity.

As of March 31, 2006, Aimco had $6.7 billion total consolidated debt outstanding of which $1.85 billion was floating rate. The floating rate debt included $442 million corporate debt, $683 million floating rate property loans and $726 million of tax-exempt bonds. Aimco’s floating rate debt exposure to changes in interest rates is mitigated by: tax-exempt bonds, which move at approximately 0.68% for a 1.00% change in interest rates; the offsetting effect of floating rate assets such as cash and notes receivable; and interest capitalized on redevelopment properties. Based on Aimco’s proportionate share of quarter-end balances (see Supplemental Schedule 3), Aimco estimates its sensitivity to a 1% change in LIBOR to be $0.014 per share per quarter.

On March 22, 2006, Aimco amended its revolving line of credit and corporate term loan. Amendments: reduced the variable interest rate on the term loan to LIBOR plus 1.5%, an average reduction of 37.5 basis points; reduced the variable interest rate on the revolver by an expected 50 to 75 basis points, depending on Aimco’s leverage; and extended the maturities of the term loan to March 22, 2011 and the revolver to May 1, 2009.

AIMCO 1st Quarter 2006 Page 4

INTEREST EXPENSE — Consolidated interest expense was $102.3 million for the first quarter 2006 compared with $84.4 million for the first quarter 2005. The $17.9 million increase in interest expense was due primarily to: $11.2 million representing interest on property loans that were consolidated in 2006 as a result of adopting accounting requirement EITF 04-5; $3.7 million as a result of an increase in the average rates and balances on the corporate debt; and $3.0 million related to increased rates and balances on property debt net of higher capitalized interest.

STOCKHOLDERS’ EQUITY — As previously announced, Aimco redeemed all 2.53 million outstanding shares of its 10.1% Class Q Preferred Stock on March 19, 2006 for a redemption price per share of $25 plus unpaid dividends of $0.035 per share, for a total of $63.34 million. Aimco also redeemed all 2 million outstanding shares of its 8.5% Class X Preferred Stock on March 31, 2006 for a redemption price per share of $25 plus unpaid dividends of $0.53125 per share, for a total of $51.06 million.

As a result of adopting accounting requirement EITF 04-5, Aimco recorded a charge of $73.5 million in distributions in excess of earnings, a component of stockholders’ equity. The charge reflects cumulative net losses of certain properties that would have been recognized if the newly consolidated properties had been consolidated in prior periods. Substantially all of those losses are attributable to real estate depreciation.

G&A — General and administrative expenses for the first quarter 2006 of $22.7 million were up $1.8 million compared with $20.9 million in the first quarter 2005. The year-over-year increase is primarily due to accruals for incentive compensation based on first quarter results above the prior year.

Outlook

For the second quarter 2006, FFO is forecast in a range from $0.69 to $0.73 per share, before impairment and preferred redemption charges, and AFFO is forecast in a range from $0.45 to $0.49 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, unchanged from the estimate provided in February 2006. Please refer to the Outlook Schedule, which follows the Consolidated Financial Statements in this release, for more detail on the second quarter and full year 2006.

Dividends on Common Stock

As announced on May 2, 2006, the Aimco Board of Directors declared a quarterly cash dividend of $0.60 per share of Class A Common Stock for the quarter ended March 31, 2006, payable on May 31, 2006, to stockholders of record on May 19, 2006. The dividend represents 109% of AFFO (diluted) and 88% of FFO (diluted), on a per share basis, and a 5.1% annualized yield based on the $46.90 closing price of Aimco’s Class A Common Stock on March 31, 2006.

Earnings Conference Call

Please join Aimco management for the First Quarter 2006 earnings conference call to be held Thursday, May 4, 2006, at 1:00 p.m. Eastern time. You may join the conference call through an Internet audiocast via Aimco’s Website athttp://www.aimco.com/CorporateInformation/About/Financial/1Q02006 then click on the Webcast link. Alternatively, you may join the conference call via telephone by dialing 866-510-0708 with passcode 43902495, or dialing 617-597-5377 for international callers. Please call approximately five minutes before the conference call is scheduled to begin. If you are unable to join the live conference call, you may access the replay for 30 days on Aimco’s Website or by dialing 888-286-8010 (617-801-6888 for international callers) and using passcode 60651958.

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Supplemental Information

The Supplemental Information referenced in this release is available at Aimco’s Website at the linkhttp://www.aimco.com/CorporateInformation/About/Financial/1Q2006 or by calling Investor Relations at 303-691-4350.

Forward-looking Statements

This earnings release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of second quarter and full year 2006 results. These forward-looking statements are based on management’s judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to, Aimco’s ability to maintain current or meet projected occupancy, rent levels and Same Store results and Aimco’s ability to close transactions necessary to generate fee income as anticipated. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors that are beyond the control of Aimco including, without limitation: natural disasters such as hurricanes; national and local economic conditions; the general level of interest rates; energy costs; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2005, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.

About Aimco

Aimco is a real estate investment trust headquartered in Denver, Colorado that owns and operates a geographically diversified portfolio of apartment communities through 19 regional operating centers. Aimco, through its subsidiaries, operates 1,337 properties, including approximately 234,000 apartment units, and serves approximately one million residents each year. Aimco’s properties are located in 47 states, the District of Columbia and Puerto Rico. Aimco common shares are included in the S&P 500.

AIMCO 1st Quarter 2006 Page 6

GAAP Income Statements

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

	Three Months Ended
	March 31,
	2006			2005
REVENUES:
Rental and other property revenues	$	417,488		$	337,864
Property management revenues, primarily from affiliates		3,030			6,664
Activity fees and asset management revenues, primarily from affiliates		9,539			8,017
Total revenues		430,057			352,545
EXPENSES:
Property operating expenses		200,858			163,746
Property management expenses		492			1,916
Activity and asset management expenses		2,432			2,608
Depreciation and amortization		113,940			93,277
General and administrative expenses		22,702			20,851
Other expenses (income), net		666			(633	)
Total expenses		341,090			281,765
Operating income		88,967			70,780
Interest income		7,135			7,415
Recovery of (provision for) losses on notes receivable		(262	)		1,592
Interest expense		(102,275	)		(84,351	)
Deficit distributions to minority partners		(2,251	)		(1,406	)
Equity in losses of unconsolidated real estate partnerships		(1,863	)		(902	)
Impairment losses related to real estate partnerships		(71	)		(256	)
Gain on dispositions of real estate related to unconsolidated entities and other		9,696			1,994
Loss before minority interests and discontinued operations		(924	)		(5,134	)
Minority interests:
Minority interest in consolidated real estate partnerships		6,326			3,146
Minority interest in Aimco Operating Partnership, preferred [a]		(1,798	)		(1,812	)
Minority interest in Aimco Operating Partnership, common [a]		1,988			2,765
Total minority interests		6,516			4,099
Income (loss) from continuing operations		5,592			(1,035	)
Income from discontinued operations, net [b]		78,479			3,067
Net income		84,071			2,032
Net income attributable to preferred stockholders		24,054			22,869
Net income (loss) attributable to common stockholders	$	60,017		$	(20,837	)
Weighted average number of common shares outstanding		95,183			93,448
Weighted average number of common shares and common share equivalents outstanding		95,183			93,448
Earnings (loss) per common share — basic:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.19	)	$	(0.26	)
Income from discontinued operations		0.82			0.04
Net income (loss) attributable to common stockholders	$	0.63		$	(0.22	)
Earnings (loss) per common share — diluted:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.19	)	$	(0.26	)
Income from discontinued operations		0.82			0.04
Net income (loss) attributable to common stockholders	$	0.63		$	(0.22	)

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
	March 31,
	2006			2005
Rental and other property revenues	$	11,735		$	42,307
Property operating expense		(6,981	)		(21,694	)
Other (expenses) income, net		(952	)		(116	)
Depreciation and amortization		(2,261	)		(11,359	)
Interest expense		(3,054	)		(10,721	)
Interest income		111			140
Minority interest in consolidated real estate partnerships		71			385
Loss from operations		(1,331	)		(1,058	)
Gain on dispositions of real estate, net of minority partners’ interest		99,925			6,974
Recovery of impairment losses (impairment losses) on real estate assets sold or held for sale		855			(1,956	)
Recovery of deficit distributions (deficit distributions) to minority partners		14,424			(531	)
Income tax arising from dispositions		(26,943	)		(13	)
Minority interest in Aimco Operating Partnership		(8,451	)		(349	)
Income from discontinued operations	$	78,479		$	3,067

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)

	March 31, 2006			December 31, 2005
ASSETS
Buildings and improvements	$	9,668,850		$	8,533,651
Land		2,356,444			2,277,385
Accumulated depreciation		(2,769,591	)		(2,174,351	)
NET REAL ESTATE		9,255,703			8,636,685
Cash and cash equivalents		224,327			161,730
Restricted cash		355,175			284,424
Accounts receivable		61,319			57,479
Accounts receivable from affiliates		21,953			43,070
Deferred financing costs		76,242			65,981
Notes receivable from unconsolidated real estate partnerships		39,832			177,218
Notes receivable from non-affiliates		52,847			23,760
Investment in unconsolidated real estate partnerships		59,554			167,799
Other assets		214,076			216,863
Deferred income tax asset, net		—			9,835
Assets held for sale		4,752			171,907
TOTAL ASSETS	$	10,365,780		$	10,016,751
LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	1,057,066		$	1,050,509
Property loans payable		5,155,218			4,523,905
Term loans		400,000			400,000
Credit facility		42,000			217,000
TOTAL INDEBTEDNESS		6,654,284			6,191,414
Accounts payable		28,201			34,381
Accrued liabilities and other		384,516			421,225
Deferred income		99,213			46,996
Security deposits		42,914			38,269
Deferred income tax liability, net		9,432			—
Liabilities related to assets held for sale		5,779			132,955
TOTAL LIABILITIES		7,224,339			6,865,240
Minority interest in consolidated real estate partnerships		275,614			217,679
Minority interest in Aimco Operating Partnership		212,153			217,729
STOCKHOLDERS’ EQUITY
Class A Common Stock		972			957
Additional paid-in capital		3,128,531			3,081,706
Perpetual preferred stock		797,000			860,250
Convertible preferred stock		100,000			150,000
Distributions in excess of earnings		(1,363,546	)		(1,350,899	)
Notes due on common stock purchases		(9,283	)		(25,911	)
TOTAL STOCKHOLDERS’ EQUITY		2,653,674			2,716,103
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,365,780		$	10,016,751

GAAP Statements of Cash Flows

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

	Three Months			Three Months
	Ended			Ended
	March 31, 2006			March 31, 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	84,071		$	2,032
Depreciation and amortization		113,940			93,277
Adjustments to income from discontinued operations		(104,563	)		6,836
Other adjustments to reconcile net income		10,023			271
Changes in operating assets and liabilities		8,455			699
Net cash provided by operating activities		111,926			103,115
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		—			(228,775	)
Capital expenditures		(112,603	)		(90,779	)
Proceeds from dispositions of real estate		382,741			20,889
Cash from newly consolidated properties		22,432			1,067
Purchases of non-real estate related corporate assets		(1,826	)		(1,705	)
Purchases of partnership interests and other assets		(5,170	)		(33,500	)
Originations of notes receivable from unconsolidated real estate partnerships		(209	)		(5,810	)
Proceeds from repayment of notes receivable		1,662			5,346
Distributions received from investments in unconsolidated real estate partnerships		4,509			23,757
Other investing activities		(69	)		1,508
Net cash provided (used in) by investing activities		291,467			(308,002	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from property loans		361,073			227,200
Principal repayments on property loans		(339,275	)		(60,491	)
Principal repayments on tax-exempt bond financing		(18,610	)		(23,531	)
Net borrowings (repayments) on term loans and revolving credit facility		(175,000	)		207,300
Redemption of mandatorily redeemable preferred securities		—			(15,019	)
Redemption of preferred stock		(113,250	)		(31,250	)
Proceeds from Class A Common Stock option exercises		38,867			451
Principal repayments received on notes due on Class A Common Stock purchases		16,450			3,989
Payment of Class A Common Stock dividends		(57,260	)		(56,518	)
Payment of preferred stock dividends		(22,844	)		(21,050	)
Contributions from minority interest		2,305			5,859
Payment of distributions to minority interest		(28,281	)		(13,210	)
Other financing activities		(4,971	)		(4,557	)
Net cash provided by (used in) financing activities		(340,796	)		219,173
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		62,597			14,286
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		161,730			105,343
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	224,327		$	119,629

Outlook and Forward Looking Statement
Second 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 second quarter and full year 2006 results. These forward-looking statements are based on management’s judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to, Aimco’s ability to maintain current or meet projected occupancy, rent levels and Same Store results and Aimco’s ability to close transactions necessary to generate fee income as anticipated. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors that are beyond the control of Aimco including, without limitation: natural disasters such as hurricanes; national and local economic conditions; the general level of interest rates; energy costs; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2005 and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.

	Second Quarter 2006	Full Year 2006
GAAP Earnings per share (1)	-$0.21 to -$0.17	$0.06 to $0.22
Add: Depreciation and other	$0.90	$2.75
FFO per share (2)	$0.69 to $0.73	$2.81 to $2.97	(5)
AFFO per share	$0.45 to $0.49	$2.18 to $2.34	(5)
2006 Same Store Operating Assumptions:
Weighted average daily occupancy	94% to 95%	94% to 95%	(5)
NOI change — sequential	0.6% to 1.0%
NOI change — 2006 vs. 2005	7.0% to 8.0%	6.5% to 7.5%	(5)
Gross dispositions (3)		$850M to $1,050M	(Aimco share $675M - $800M)
Gross acquisitions (4)		$70M to $80M

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

(2) FFO per share represents FFO before impairments and redemption related preferred stock issuance charges. Redemption related preferred stock issuance charges were $0.02 per share in the first quarter of 2006 and are expected to be $0.04 per share in the third quarter.

(3) Aimco anticipates gross sales proceeds of $850 to $1,050 million for 2006 ($665 to $775 million related to conventional properties and $185 to $275 million related to affordable properties). Aimco share of proceeds is expected to be $675 to $800 million ($600 to $685 million related to conventional properties and $75 to $115 million related to affordable properties). Aimco estimates that its share of cash from these dispositions, net of mortgage debt and third-party equity interests, will be $350 to $450 million ($300 to $375 million related to conventional properties and $50 to $75 million related to affordable properties).

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

(5) As provided on February 9, 2006.

PAGE
3	Schedule 1	—	Funds From Operations and Adjusted Funds From Operations
5	Schedule 2a	—	Business Component Proportionate Income Statement Presentation, 1Q
7	Schedule 3	—	Business Component Proportionate Balance Sheet Presentation
8	Schedule 4	—	Share Data
9	Schedule 5	—	Selected Debt Information
11	Schedule 6a	—	Same Store Sales (1Q 2006 v. 1Q 2005)
12	Schedule 6b	—	Same Store Sales (1Q 2006 v. 4Q 2005)
13	Schedule 7	—	Selected Portfolio Performance Data
14	Schedule 8	—	Property Sales and Acquisitions Activity
15	Schedule 9	—	Capital Expenditures
16	Schedule 10	—	Summary of Redevelopment Activity
17	Schedule 11	—	Apartment Unit Summary
18	Glossary

Supplemental Schedule 1

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

	Three Months Ended
	March 31,
	2006			2005
Net income (loss) attributable to common stockholders [a]	$	60,017		$	(20,837	)
Adjustments:
Depreciation and amortization [b]		113,940			93,277
Depreciation and amortization related to non-real estate assets		(4,730	)		(3,791	)
Depreciation of rental property related to minority partners’ interest [c]		(16,161	)		(9,516	)
Depreciation of rental property related to unconsolidated entities		668			5,958
Gain on dispositions of real estate related to unconsolidated entities and other		(9,696	)		(1,994	)
Gain on dispositions of non-depreciable assets		5,700			675
Deficit distributions to minority partners [d]		2,251			1,406
Discontinued operations:
Gain on dispositions of real estate, net of minority partners’ interest [c]		(99,925	)		(6,974	)
Depreciation of rental property, net of minority partners’ interest [c]		1,994			9,987
Recovery of deficit distributions (deficit distributions) to minority partners [d]		(14,424	)		531
Income tax arising from disposals		26,943			13
Minority interest in Aimco Operating Partnership’s share of above adjustments		(646	)		(9,300	)
Preferred stock dividends		21,480			21,746
Redemption related preferred stock issuance costs		2,574			1,123
Funds From Operations		89,985			82,304
Preferred stock dividends		(21,480	)		(21,746	)
Redemption related preferred stock issuance costs		(2,574	)		(1,123	)
Dividends/distributions on dilutive preferred securities		62			41
Funds From Operations Attributable to Common Stockholders — Diluted	$	65,993		$	59,476
Impairment losses related to real estate partnerships [e]		71			256
(Recovery of impairment losses) impairment losses on real estate assets sold or held for sale [e]		(855	)		1,956
Redemption related preferred stock issuance costs [f]		2,574			1,123
Minority interest in Aimco Operating Partnership’s share of above adjustments		(176	)		(346	)
Funds From Operations Attributable to Common Stockholders — Diluted (excluding impairment losses and redemption related preferred stock issuance costs)		67,607			62,465
Capital Replacements		(16,220	)		(16,369	)
Minority interest in Aimco Operating Partnership’s share of Capital Replacements		1,593			1,699
Dividends/distributions on non-dilutive preferred securities		(62	)		(41	)
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted	$	52,918		$	47,754
Funds From Operations:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [g]		96,539			93,782
Dilutive preferred securities		96			74
		96,635			93,856
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]		96,539			93,782
Dilutive preferred securities		96			74
		96,635			93,856
Adjusted Funds From Operations:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [g]		96,539			93,782
Dilutive preferred securities		—			—
		96,539			93,782
Per Share:
Funds From Operations — Diluted	$	0.68		$	0.63
Funds From Operations — Diluted (excluding impairment losses and redemption related preferred stock issuance costs)	$	0.70		$	0.67
Adjusted Funds From Operations — Diluted	$	0.55		$	0.51
Dividends Declared	$	0.60		$	0.60

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 March 31, 2006 includes $0.8 million of net impairment recoveries. FFO for the three months ended March 31, 2005 includes $2.2 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 ended March 31, 2006 and 2005 includes issuance costs of $2.6 million and $1.1 million, respectively.

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

Supplemental Schedule 2

Business Component Proportionate Income Statement Presentation
For the Three Months Ended March 31, 2006
(in thousands) (unaudited)

				Proportionate						Proportionate												Proportionate
	Aimco			Share of			Minority			Consolidated												Consolidated
	GAAP Income			Unconsolidated			Partners'			Income						Aimco						Income
	Statement			Partnerships			Interest			Statement			Conventional			Capital			Corporate			Statement
Revenues:
Rental and other property revenues:
Same Store properties (1) (2)	$	311,308		$	470		$	(49,058	)	$	262,720		$	262,720		$	—		$	—		$	262,720
Acquisition properties (1)		6,490			1,324			(146	)		7,668			7,668			—			—			7,668
Redevelopment properties (1)		26,013			—			(3,954	)		22,059			22,059			—			—			22,059
Disposition properties (3)		—			44			—			44			44			—			—			44
Other properties (1)		10,899			1,188			(1,621	)		10,466			10,466			—			—			10,466
Affordable properties (1)		62,778			4,559			(31,297	)		36,040			—			36,040			—			36,040
Total rental and other property revenues		417,488			7,585			(86,076	)		338,997			302,957			36,040			—			338,997
Property management revenues, primarily from affiliates		3,030			(319	)		—			2,711			1,232			1,479			—			2,711
Activity fees and asset management revenues, primarily from affiliates		9,539			—			—			9,539			2,159			7,380			—			9,539
Total revenues		430,057			7,266			(86,076	)		351,247			306,348			44,899			—			351,247
Expenses:
Property operating expenses:
Same Store properties (2)		139,480			224			(24,910	)		114,794			114,794			—			—			114,794
Acquisition properties		2,828			483			(81	)		3,230			3,230			—			—			3,230
Redevelopment properties		12,106			—			(2,080	)		10,026			10,026			—			—			10,026
Disposition properties		—			27			—			27			27			—			—			27
Other properties		6,043			584			(771	)		5,856			5,856			—			—			5,856
Affordable properties		33,925			2,407			(16,556	)		19,776			—			19,776			—			19,776
Casualties		(2,008	)		12			1,005			(991	)		(1,061	)		70			—			(991	)
Property management expenses (consolidated properties)		8,484			—			(4,378	)		4,106			4,979			(873	)		—			4,106
Total property operating expenses		200,858			3,737			(47,771	)		156,824			137,851			18,973			—			156,824
Property management expenses (unconsolidated and third party properties)		492			—			—			492			234			258			—			492
Activity and asset management expenses		2,432			—			—			2,432			—			2,432			—			2,432
Depreciation and amortization		113,940			668			(16,161	)		98,447			87,186			11,261			—			98,447
General and administrative expenses		22,702			38			(1,342	)		21,398			8,188			4,115			9,095			21,398
Other expenses (income), net		666			3,041			(4,522	)		(815	)		317			(1,132	)		—			(815	)
Total expenses		341,090			7,484			(69,796	)		278,778			233,776			35,907			9,095			278,778
Operating income		88,967			(218	)		(16,280	)		72,469			72,572			8,992			(9,095	)		72,469
Interest income:
General partner loan interest		1,628			(70	)		5,258			6,816			4,415			2,401			—			6,816
Money market and interest bearing accounts		5,368			168			(1,207	)		4,329			1,397			778			2,154			4,329
Accretion on discounted notes receivable		139			—			—			139			—			139			—			139
Total interest income		7,135			98			4,051			11,284			5,812			3,318			2,154			11,284
Provision for losses on notes receivable		(262	)		—			—			(262	)		(91	)		(171	)		—			(262	)
Interest expense:
Property debt (primarily non-recourse)		(96,872	)		(1,760	)		19,114			(79,518	)		(72,575	)		(6,943	)		—			(79,518	)
Lines of credit		(11,558	)		—			—			(11,558	)		—			—			(11,558	)		(11,558	)
Capitalized interest		6,155			17			(559	)		5,613			5,356			257			—			5,613
Total interest expense		(102,275	)		(1,743	)		18,555			(85,463	)		(67,219	)		(6,686	)		(11,558	)		(85,463	)
Deficit distributions to minority partners		(2,251	)		—			—			(2,251	)		(1,050	)		(1,201	)		—			(2,251	)
Equity in losses of unconsolidated real estate partnerships		(1,863	)		1,863			—			—			—			—			—			—
Impairment losses related to real estate partnerships		(71	)		—			—			(71	)		—			(71	)		—			(71	)
Gain on dispositions of real estate related to unconsolidated entities and other		9,696			—			—			9,696			6,494			3,202			—			9,696
Income before minority interests and discontinued operations		(924	)		—			6,326			5,402			16,518			7,383			(18,499	)		5,402
Minority interests:
Minority interest in consolidated real estate partnerships		6,326			—			(6,326	)		—			—			—			—			—
Minority interest in Aimco Operating Partnership		190			—			—			190			6,079			2,717			(8,606	)		190
Total minority interests		6,516			—			(6,326	)		190			6,079			2,717			(8,606	)		190
Income from continuing operations		5,592			—			—			5,592			22,597			10,100			(27,105	)		5,592
Income (loss) from discontinued operations, net		78,479			—			—			78,479			78,068			411			—			78,479
Net income	$	84,071		$	—		$	—		$	84,071		$	100,665		$	10,511		$	(27,105	)	$	84,071

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

Business Component Proportionate Income Statement Presentation
For the Three Months Ended March 31, 2006
(in thousands) (unaudited)

	Proportionate												Proportionate
	Consolidated												Consolidated
	Income						Aimco						Income
	Statement			Conventional			Capital			Corporate			Statement
Reconciliation of Net Income to FFO, AFFO and FCF:
Net income (see above)	$	84,071		$	100,665		$	10,511		$	(27,105	)	$	84,071
Proportionate share of depreciation and amortization		98,447			87,186			11,261			—			98,447
Depreciation and amortization related to non-real estate assets		(4,730	)		(3,415	)		(1,315	)		—			(4,730	)
Deficit distributions to minority partners		2,251			1,050			1,201			—			2,251
Gain on dispositions of real estate related to unconsolidated entities and other		(9,696	)		(6,494	)		(3,202	)		—			(9,696	)
Gain on dispositions of non-depreciable assets		5,700			5,700			—			—			5,700
Discontinued operations		(85,412	)		(84,171	)		(1,241	)		—			(85,412	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(646	)		14			(660	)		—			(646	)
Preferred stock dividends		(21,480	)		—			—			(21,480	)		(21,480	)
Redemption related preferred stock issuance costs		(2,574	)		—			—			(2,574	)		(2,574	)
Dividends/distributions on dilutive preferred securities		62			—			—			62			62
FFO Attributable to Common Stockholders — Diluted		65,993			100,535			16,555			(51,097	)		65,993
Capital Replacements		(16,220	)		(14,682	)		(1,538	)		—			(16,220	)
Impairment losses related to real estate partnerships		71			—			71			—			71
(Recovery of impairment losses) impairment losses on real estate assets sold or held for sale		(855	)		(1,058	)		203			—			(855	)
Redemption related preferred stock issuance costs		2,574			—			—			2,574			2,574
Minority interest in Aimco Operating Partnership’s share of adjustments		1,417			1,312			105			—			1,417
Dividends/distributions on non-dilutive preferred securities		(62	)		—			—			(62	)		(62	)
AFFO Attributable to Common Stockholders — Diluted		52,918			86,107			15,396			(48,585	)		52,918
Interest expense		85,463			67,219			6,686			11,558			85,463
Discontinued operations		11,117			10,903			214			—			11,117
Gain on dispositions of non-depreciable assets		(5,700	)		(5,700	)		—			—			(5,700	)
Preferred stock dividends		21,480			—			—			21,480			21,480
Depreciation and amortization related to non-real estate assets		4,730			3,415			1,315			—			4,730
Minority interest in Aimco Operating Partnership		(190	)		(6,079	)		(2,717	)		8,606			(190	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(771	)		(1,326	)		555			—			(771	)
FCF	$	169,047		$	154,539		$	21,449		$	(6,941	)	$	169,047
FCF Breakdown:
Real estate		165,953
Property management		2,219
Activity and asset management		7,107
Interest income		11,284
Provision for losses on notes receivable		(262	)
General and administrative expenses		(21,398	)
Other (expenses) income, net		815
Discontinued operations		3,329
Total FCF	$	169,047

Reconciliation of Net Income to FFO, AFFO and FCF:

	For the Three Months Ended March 31, 2006
	FFO			AFFO			FCF
Net income	$	84,071		$	84,071		$	84,071
Total interest expense after minority partners’ share		—			—			85,463
Preferred stock dividends		(21,480	)		(21,480	)		—
Redemption related preferred stock issuance costs		(2,574	)		—			—
Proportionate share of depreciation and amortization		98,447			98,447			98,447
Depreciation and amortization related to non-real estate assets		(4,730	)		(4,730	)		—
Gain on dispositions of real estate related to unconsolidated entities and other		(9,696	)		(9,696	)		(9,696	)
Gain on dispositions of non-depreciable assets		5,700			5,700			—
Impairment losses related to real estate partnerships		—			71			71
Discontinued operations:
Minority interest in Aimco operating partnership and interest expense, net of minority partners’ interest		—			—			11,117
Depreciation of rental property, net of minority partners’ interest		1,994			1,994			1,994
Gain on dispositions of real estate, net of minority partners’ interest		(99,925	)		(99,925	)		(99,925	)
Recovery of impairment losses on real estate assets sold or held for sale		—			(855	)		(855	)
Recovery of deficit distributions to minority partners		(14,424	)		(14,424	)		(14,424	)
Income tax arising from dispositions		26,943			26,943			26,943
Deficit distributions to minority partners		2,251			2,251			2,251
Capital Replacements		—			(16,220	)		(16,220	)
Dividends/distributions on dilutive preferred securities		62			—			—
Minority interest in Aimco Operating Partnership’s share of above adjustments		(646	)		771			—
Minority interest in Aimco Operating Partnership		—			—			(190	)
Total	$	65,993		$	52,918		$	169,047

Supplemental Schedule 3

Business Component Proportionate Balance Sheet Presentation
As of March 31, 2006
(in thousands) (unaudited)

	Consolidated			Total																		Total
	GAAP			Proportionate						Proportionate												Proportionate
	Balance Sheet			Share of			Minority			Consolidated												Consolidated
	as of			Unconsolidated			Partners'			Balance						Aimco						Balance
	March 31, 2006			Partnerships [a]			Interest [b]			Sheet [c]			Conventional			Capital			Corporate			Sheet [c]
ASSETS
Buildings and improvements	$	9,668,850		$	92,142		$	(1,900,584	)	$	7,860,408		$	7,194,200		$	666,208		$	—		$	7,860,408
Land		2,356,444			20,315			(155,520	)		2,221,239			2,129,491			91,748			—			2,221,239
Accumulated depreciation		(2,769,591	)		(35,007	)		1,034,597			(1,770,001	)		(1,605,309	)		(164,692	)		—			(1,770,001	)
NET REAL ESTATE		9,255,703			77,450			(1,021,507	)		8,311,646			7,718,382			593,264			—			8,311,646
Cash and cash equivalents		224,327			4,733			(80,087	)		148,973			107,127			41,846			—			148,973
Restricted cash		355,175			6,424			(105,023	)		256,576			169,237			87,339			—			256,576
Accounts receivable		61,319			462			—			61,781			41,211			20,570			—			61,781
Accounts receivable from affiliates		21,953			—			—			21,953			1,972			19,981			—			21,953
Deferred financing costs		76,242			—			—			76,242			59,970			16,272			—			76,242
Notes receivable from unconsolidated real estate partnerships		39,832			—			—			39,832			7,145			32,687			—			39,832
Notes receivable from non-affiliates		52,847			—			—			52,847			18,094			34,753			—			52,847
Investment in unconsolidated real estate partnerships		59,554			(2,841	)		—			56,713			18,253			38,460			—			56,713
Other assets		214,076	[d]		14,943			—			229,019			116,012			113,007			—			229,019
Assets held for sale		4,752			—			—			4,752			155			4,597			—			4,752
TOTAL ASSETS	$	10,365,780		$	101,171		$	(1,206,617	)	$	9,260,334		$	8,257,558		$	1,002,776		$	—		$	9,260,334
LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	1,057,066		$	151		$	(70,018	)	$	987,199		$	964,796		$	22,403		$	—		$	987,199
Property loans payable		5,155,218			90,136			(1,044,639	)		4,200,715			3,766,578			434,137			—			4,200,715
Term loans		400,000			—			—			400,000			—			—			400,000			400,000
Credit facility		42,000			—			—			42,000			—			—			42,000			42,000
TOTAL INDEBTEDNESS		6,654,284			90,287			(1,114,657	)		5,629,914			4,731,374			456,540			442,000			5,629,914
Accounts payable		28,201			10,884			—			39,085			28,746			10,339			—			39,085
Accrued liabilities and other		384,516			—			—			384,516			216,562			167,954			—			384,516
Deferred income		99,213			—			—			99,213			94,779			4,434			—			99,213
Security deposits		42,914			—			—			42,914			36,810			6,104			—			42,914
Deferred income tax liability, net		9,432			—			—			9,432			9,432			—			—			9,432
Liabilities related to assets held for sale		5,779			—			—			5,779			40			5,739			—			5,779
TOTAL LIABILITIES		7,224,339			101,171			(1,114,657	)		6,210,853			5,117,743			651,110			442,000			6,210,853
Minority interest in consolidated real estate partnerships		275,614			—			(91,960	)		183,654			249,759			(66,105	)		—			183,654
Minority interest in Aimco Operating Partnership		212,153			—			—			212,153			—			—			212,153			212,153
NET OPERATING ASSETS				$	—		$	—		$	2,653,674		$	2,890,056		$	417,771		$	(654,153	)	$	2,653,674
STOCKHOLDERS’ EQUITY
Class A Common Stock		972
Additional paid-in capital		3,128,531
Perpetual preferred stock		797,000
Convertible preferred stock		100,000
Distributions in excess of earnings		(1,363,546	)
Notes due on common stock purchases		(9,283	)
TOTAL STOCKHOLDERS’ EQUITY		2,653,674
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,365,780

[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 $230.4 million.
[c]	Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of March 31, 2006, 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 $12.2 million related to investment in management contracts.

Supplemental Schedule 4

Share Data
As of March 31, 2006
(in thousands)
(unaudited)

								Shares/Units		Current Quarter			Current Quarter			Current Quarter
								Outstanding		Weighted Average			Weighted Average			Weighted Average
	Redemption							At March 31,		Outstanding Shares			Outstanding Shares			Outstanding Shares
	Date (1)		Coupon			Amount		2006		(EPS)			(FFO)			(AFFO)
Class A Common Stock									97,191		95,183	(2)		95,183	(2)		95,183	(2)
Common stock equivalents									—		—			1,356			1,356
Common Partnership Units and equivalents									10,287		—			—			—
Total									107,478		95,183			96,539			96,539
Perpetual Preferred Stock (3):
Class G		7/15/2008		9.375	%	$	101,250		4,050		—			—			—
Class R		7/20/2006		10.00	%		173,500		6,940		—			—			—
Class T		7/31/2008		8.00	%		150,000		6,000		—			—			—
Class U		3/24/2009		7.75	%		200,000		8,000		—			—			—
Class V		9/29/2009		8.00	%		86,250		3,450		—			—			—
Class Y		12/21/2009		7.875	%		86,250		3,450		—			—			—
Total perpetual preferred stock							797,250		31,890		—			—			—
Convertible Preferred Stock:
Class W (4)		9/30/2007		8.10	%		100,000		1,905		—			—			—
Total convertible preferred stock							100,000		1,905		—			—			—
Preferred Partnership Units (5)				8.05	%		89,922		3,286		—			96			—
Total preferred securities						$	987,172		37,081		—			96			—
Total common, common equivalents and dilutive securities											95,183			96,635			96,539

(1)	The redemption date is the date the securities are first eligible for redemption by Aimco.
(2)	Includes a deduction of 1,210 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.
(5)	Coupon is based on a weighted average.

Supplemental Schedule 5

Selected Debt Structure and Maturity Data
As of March 31, 2006
(dollars in thousands)
(unaudited)

I. Debt Balances and Data

										Weighted
			Proportionate							Average
			Share of		Minority			Total Aimco		Maturity		Weighted
Debt	Consolidated		Unconsolidated		Interest			Share		(years)		Average Rate
Property Debt (primarily non-recourse):
Conventional Portfolio:
Fixed rate loans payable	$	3,747,311	$	39,915	$	(625,840	)	$	3,161,386		11.3		6.64	%
Floating rate loans payable		672,290		—		(67,098	)		605,192		2.5		5.45	%
Total property loans payable:		4,419,601		39,915		(692,938	)		3,766,578		9.9		6.45	%
Fixed rate tax-exempt bonds		254,227		—		(10,094	)		244,133		17.5		5.93	%
Floating rate tax-exempt bonds		726,081		—		(5,418	)		720,663		11.4		3.70	%
Total property tax-exempt bond financing:		980,308		—		(15,512	)		964,796		13.0		4.26	%
Total Property Debt on Conventional Portfolio		5,399,909		39,915		(708,450	)		4,731,374		10.5		6.00	%
Affordable Portfolio:
Fixed rate loans payable		725,008		42,094		(349,720	)		417,382		17.7		5.54	%
Floating rate loans payable		10,609		8,127		(1,981	)		16,755		2.9		4.70	%
Total property loans payable:		735,617		50,221		(351,701	)		434,137		17.1		5.50	%
Fixed rate tax-exempt bonds		76,758		151		(54,506	)		22,403		25.6		3.93	%
Floating rate tax-exempt bonds		—		—		—			—		—
Total property tax-exempt bond financing:		76,758		151		(54,506	)		22,403		25.6		3.93	%
Total Property Debt on Affordable Portfolio		812,375		50,372		(406,207	)		456,540		17.6		5.43	%
Total Property Debt (1)	$	6,212,284	$	90,287	$	(1,114,657	)	$	5,187,914		11.1		5.95	%
Corporate Debt:
Term Loan	$	400,000	$	—	$	—		$	400,000		—		6.36	%
Credit Facility		42,000		—		—			42,000		—		6.04	%
Total Corporate Debt	$	442,000	$	—	$	—		$	442,000		—		6.33	%
Total Debt	$	6,654,284	$	90,287	$	(1,114,657	)	$	5,629,914		—		5.98	%

(1) The total consolidated property debt shown above excludes $5.7 million of consolidated property debt, with a weighted average interest rate of 7.65%, classified as liabilities related to assets held for sale on Aimco’s consolidated balance sheet.

II. Debt Maturities
Consolidated Property Debt

							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
Q2 2006	$	56,323	$	20,328	$	76,651		1.2	%		7.56	%
Q3 2006		57,208		36,347		93,555		1.5	%		8.57	%
Q4 2006		53,400		224,445		277,845		4.5	%		5.95	%
Q1 2007		56,359		21,466		77,825		1.3	%		6.61	%
Q2 2007		57,383		26,100		83,483		1.3	%		5.05	%
Q3 2007		57,992		141,627		199,619		3.2	%		5.68	%
Q4 2007		59,050		119,116		178,166		2.9	%		6.02	%
Q1 2008		42,834		162,564		205,398		3.3	%		4.66	%
2008 remaining		121,351		224,160		345,511		5.6	%		5.35	%
2009		160,094		372,053		532,147		8.6	%		5.09	%
2010		163,642		177,254		340,896		5.5	%		6.24	%
Thereafter						3,801,188		61.2	%
Total Property Debt:					$	6,212,284		100.0	%

Corporate Debt

							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
2009	$	—	$	42,000	$	42,000		9.5	%		6.04	%
2011		—		400,000		400,000		90.5	%		6.36	%
Total Corporate Debt:	$	—	$	442,000	$	442,000		100.0	%		6.33	%

Supplemental Schedule 5 (Continued)

Selected Debt Structure and Maturity Data
As of March 31, 2006
(in millions)
(unaudited)

III. Loan Closings
FIRST QUARTER LOAN CLOSINGS

	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Property Loan Type (all non-recourse)	Amount		Amount		Original Loan		New Loan		Proceeds (1)		Rate			Rate
Refinancings:
Fixed Rate	$	107.3	$	268.5	$	103.4	$	261.8	$	156.5		5.89	%		5.56	%
Floating Rate		40.1		100.6		35.2		97.9		61.8		7.86	%		5.50	%
Affordable, Mark-to-Market and Other		2.0		2.6		0.5		0.5		—		7.50	%		2.37	%
Totals	$	149.4	$	371.7	$	139.1	$	360.2	$	218.3		6.44	%		5.53	%

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

IV. Capitalization

	September 30, 2005						December 31, 2005						March 31, 2006
	Amount			Percent			Amount			Percent			Amount			Percent
Corporate debt	$	632			6	%	$	617			6	%	$	442			4	%
Property debt (Aimco’s share)		5,195			49	%		5,156			49	%		5,188			46	%
Total Debt		5,827			55	%		5,773			55	%		5,630			50	%
Less: Cash and restricted cash		(405	)		-4	%		(379	)		-4	%		(406	)		-4	%
Net Debt		5,422			51	%		5,394			51	%		5,224			46	%
Preferred equity		1,101			10	%		1,101			10	%		987			9	%
Common equity at market (1)		4,113			39	%		4,017			39	%		5,041			45	%
Total Capitalization	$	10,636			100	%	$	10,512			100	%	$	11,252			100	%

(1) Common equity at market at March 31, 2006 was calculated using 107.478 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $46.90 per share/unit on March 31, 2006.

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
First Quarter 2006 Compared to First Quarter 2005
(unaudited) (in thousands, except site and unit data)

									Three Months Ended									Three Months Ended									Change
									March 31, 2006									March 31, 2005									Revenue						Expenses						NOI
	Sites		Units			Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount			Percent			Amount			Percent			Amount			Percent
California
Bay Area & Sacramento		5		1,291			44	%	$	1,767	$	690	$	1,077				$	1,655	$	677	$	978				$	112			6.8	%	$	14			2.0	%	$	99			10.1	%
Los Angeles — Long Beach — Ventura		13		2,953			89	%		14,996		4,884		10,113					13,524		4,385		9,138					1,473			10.9	%		498			11.4	%		974			10.7	%
Orange County — Riverside		7		1,651			82	%		5,365		1,630		3,734					4,941		1,529		3,412					424			8.6	%		102			6.6	%		322			9.4	%
San Diego		6		2,123			93	%		6,491		2,093		4,397					6,292		1,957		4,336					198			3.2	%		137			7.0	%		61			1.4	%
		31		8,018			81.7	%		28,619		9,298		19,321		95.8	%		26,411		8,547		17,865		94.5	%		2,208			8.4	%		751			8.8	%		1,457			8.2	%
Florida
Jacksonville		2		592			100	%		1,313		498		815					1,229		467		762					84			6.8	%		31			6.6	%		53			6.9	%
Miami/Fort Lauderdale		10		3,225			84	%		9,899		3,950		5,949					8,746		3,721		5,026					1,153			13.2	%		229			6.2	%		924			18.4	%
Orlando — Daytona		21		5,390			93	%		12,074		4,949		7,125					10,762		4,640		6,123					1,311			12.2	%		309			6.7	%		1,002			16.4	%
Tampa — St. Petersburg		16		3,983			68	%		6,255		2,613		3,642					5,620		2,420		3,200					635			11.3	%		193			8.0	%		442			13.8	%
West Palm Beach — Boca		5		1,505			100	%		4,310		1,641		2,669					3,910		1,631		2,279					400			10.2	%		11			0.7	%		389			17.1	%
		54		14,695			85.3	%		33,850		13,651		20,200		97.8	%		30,268		12,878		17,390		96.6	%		3,582			11.8	%		772			6.0	%		2,810			16.2	%
Midwest
Chicago		20		5,708			81	%		13,210		6,463		6,748					12,354		5,801		6,553					856			6.9	%		661			11.4	%		195			3.0	%
Cincinnati — Dayton		8		1,659			53	%		1,957		1,016		941					1,923		820		1,103					33			1.7	%		195			23.8	%		(162	)		-14.7	%
Columbus		9		2,012			72	%		2,562		1,571		991					2,247		1,098		1,149					315			14.0	%		473			43.0	%		(158	)		-13.7	%
Detroit — Ann Arbor		6		1,665			62	%		2,179		1,097		1,082					1,925		1,119		806					254			13.2	%		(22	)		-2.0	%		276			34.3	%
Grand Rapids — Lansing		13		4,734			66	%		5,700		2,908		2,792					5,447		2,849		2,598					253			4.7	%		60			2.1	%		194			7.5	%
Indianapolis		21		7,047			89	%		10,561		4,984		5,577					9,691		5,024		4,667					869			9.0	%		(40	)		-0.8	%		909			19.5	%
Minneapolis — St. Paul		4		1,222			80	%		3,184		1,603		1,580					3,036		1,507		1,529					147			4.8	%		96			6.4	%		51			3.3	%
Midwest other		12		4,566			76	%		6,234		3,002		3,232					5,557		2,834		2,723					677			12.2	%		168			5.9	%		509			18.7	%
		93		28,613			76.2	%		45,586		22,643		22,943		94.0	%		42,181		21,053		21,128		87.2	%		3,405			8.1	%		1,591			7.6	%		1,814			8.6	%
Northeast
Baltimore		10		2,607			92	%		7,302		3,232		4,070					6,833		2,923		3,910					469			6.9	%		309			10.6	%		160			4.1	%
New England		16		5,745			100	%		19,300		7,712		11,588					18,157		7,372		10,784					1,143			6.3	%		339			4.6	%		804			7.5	%
Philadelphia		12		5,542			87	%		15,954		6,791		9,163					14,786		6,340		8,446					1,168			7.9	%		451			7.1	%		717			8.5	%
Washington		18		9,066			90	%		26,022		10,143		15,879					24,702		9,484		15,218					1,320			5.3	%		659			6.9	%		661			4.3	%
		56		22,960			92.2	%		68,578		27,877		40,700		95.5	%		64,477		26,119		38,358		92.9	%		4,100			6.4	%		1,758			6.7	%		2,342			6.1	%
Southeast
Atlanta		14		3,994			84	%		6,553		3,464		3,089					6,271		3,141		3,131					282			4.5	%		323			10.3	%		(41	)		-1.3	%
Savannah/Augusta		5		1,004			87	%		1,519		647		871					1,580		634		946					(61	)		-3.9	%		13			2.1	%		(74	)		-7.9	%
Charlotte — Gastonia		5		1,100			90	%		1,472		950		522					1,518		839		679					(46	)		-3.1	%		111			13.2	%		(157	)		-23.1	%
Columbia/Charleston		7		1,478			75	%		2,157		1,078		1,079					1,885		919		966					272			14.4	%		159			17.3	%		113			11.7	%
Nashville		8		2,492			74	%		4,042		1,869		2,173					3,739		1,510		2,229					302			8.1	%		359			23.8	%		(56	)		-2.5	%
Norfolk		10		3,161			79	%		6,695		2,342		4,353					6,205		2,138		4,067					490			7.9	%		204			9.5	%		286			7.0	%
Raleigh — Durham — Chapel Hill		6		1,834			77	%		2,353		1,355		997					2,294		1,186	��	1,108					59			2.6	%		169			14.2	%		(110	)		-10.0	%
Richmond — Petersburg		3		744			80	%		1,339		463		876					1,236		426		810					103			8.3	%		37			8.6	%		66			8.2	%
Southeast other		12		2,617			81	%		3,983		1,944		2,038					3,569		1,841		1,729					413			11.6	%		103			5.6	%		310			17.9	%
		70		18,424			80.2	%		30,112		14,112		16,000		90.6	%		28,299		12,634		15,664		89.3	%		1,813			6.4	%		1,478			11.7	%		335			2.1	%
Texas
Austin — San Marcos		11		2,417			94	%		4,271		2,293		1,978					4,013		2,103		1,910					258			6.4	%		189			9.0	%		69			3.6	%
Dallas — Fort Worth		22		5,847			77	%		8,243		4,451		3,792					7,435		4,121		3,314					808			10.9	%		330			8.0	%		478			14.4	%
Houston — Galveston		36		9,570			68	%		11,786		6,453		5,333					10,502		6,054		4,448					1,284			12.2	%		399			6.6	%		885			19.9	%
San Antonio		9		1,951			91	%		3,006		1,445		1,561					2,789		1,400		1,389					217			7.8	%		46			3.3	%		171			12.3	%
Texas other		3		763			65	%		885		432		453					819		401		418					66			8.1	%		31			7.6	%		35			8.5	%
		81		20,548			75.6	%		28,191		15,073		13,118		94.0	%		25,558		14,079		11,479		87.3	%		2,633			10.3	%		994			7.1	%		1,639			14.3	%
West
Denver		22		4,813			84	%		8,941		3,933		5,008					8,182		3,681		4,501					759			9.3	%		252			6.8	%		507			11.3	%
Phoenix — Mesa		25		6,908			92	%		12,231		5,305		6,926					10,728		5,261		5,467					1,503			14.0	%		43			0.8	%		1,459			26.7	%
Salt Lake City — Ogden		4		1,511			86	%		2,364		978		1,386					2,195		926		1,269					169			7.7	%		52			5.7	%		116			9.2	%
Seattle		4		468			59	%		684		328		356					633		312		321					51			8.0	%		17			5.3	%		34			10.6	%
West other		8		2,296			86	%		3,565		1,647		1,917					3,273		1,525		1,748					292			8.9	%		122			8.0	%		170			9.7	%
		63		15,996			87.3	%		27,784		12,192		15,593		95.7	%		25,012		11,706		13,306		89.0	%		2,773			11.1	%		486			4.2	%		2,287			17.2	%
SAME STORE SALES TOTALS		448		129,254	(2)		82.3	%	$	262,720	$	114,846	$	147,875		94.5	%	$	242,206	$	107,016	$	135,190		90.3	%	$	20,514			8.5	%	$	7,830			7.3	%	$	12,684			9.4	%
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement (1)										154,768		86,012		68,755					95,658		56,730		38,928
Total rental and other property revenues and property operating expense per GAAP income statement									$	417,488	$	200,858	$	216,630				$	337,864	$	163,746	$	174,118

(1)	Includes: (i) minority partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.
(2)	Same Store Effective Units were approximately 106,000 at March 31, 2006.

Supplemental Schedule 6(b)

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

									Three Months Ended									Three Months Ended									Change
									March 31, 2006									December 31, 2005									Revenue						Expenses						NOI
	Sites		Units			Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount			Percent			Amount			Percent			Amount			Percent
California
Bay Area & Sacramento		5		1,291			44	%	$	1,767	$	690	$	1,077				$	1,756	$	714	$	1,042				$	11			0.6	%	$	(24	)		-3.3	%	$	34			3.3	%
Los Angeles — Long Beach — Ventura		13		2,953			89	%		14,996		4,884		10,113					14,450		5,094		9,356					546			3.8	%		(210	)		-4.1	%		757			8.1	%
Orange County — Riverside		7		1,651			82	%		5,365		1,630		3,734					5,329		1,653		3,676					35			0.7	%		(23	)		-1.4	%		59			1.6	%
San Diego		6		2,123			93	%		6,491		2,093		4,397					6,680		2,040		4,640					(189	)		-2.8	%		53			2.6	%		(243	)		-5.2	%
		31		8,018			81.7	%		28,619		9,298		19,321		95.8	%		28,216		9,501		18,714		95.5	%		403			1.4	%		(204	)		-2.1	%		607			3.2	%
Florida
Jacksonville		2		592			100	%		1,313		498		815					1,323		523		800					(10	)		-0.7	%		(25	)		-4.7	%		15			1.9	%
Miami/Fort Lauderdale		10		3,225			84	%		9,899		3,950		5,949					9,719		3,873		5,846					180			1.8	%		76			2.0	%		103			1.8	%
Orlando — Daytona		21		5,390			93	%		12,074		4,949		7,125					11,791		4,986		6,805					282			2.4	%		(37	)		-0.7	%		319			4.7	%
Tampa — St. Petersburg		16		3,983			68	%		6,255		2,613		3,642					6,126		2,658		3,467					129			2.1	%		(46	)		-1.7	%		175			5.1	%
West Palm Beach — Boca		5		1,505			100	%		4,310		1,641		2,669					4,211		1,855		2,356					99			2.4	%		(213	)		-11.5	%		313			13.3	%
		54		14,695			85.3	%		33,850		13,651		20,200		97.8	%		33,169		13,895		19,274		97.7	%		681			2.1	%		(245	)		-1.8	%		926			4.8	%
Midwest
Chicago		20		5,708			81	%		13,210		6,463		6,748					12,956		5,814		7,143					254			2.0	%		649			11.2	%		(395	)		-5.5	%
Cincinnati — Dayton		8		1,659			53	%		1,957		1,016		941					1,918		988		930					38			2.0	%		28			2.8	%		11			1.2	%
Columbus		9		2,012			72	%		2,562		1,571		991					2,391		1,359		1,032					171			7.1	%		211			15.5	%		(41	)		-3.9	%
Detroit — Ann Arbor		6		1,665			62	%		2,179		1,097		1,082					2,242		1,371		871					(64	)		-2.8	%		(274	)		-20.0	%		211			24.2	%
Grand Rapids — Lansing		13		4,734			66	%		5,700		2,908		2,792					5,765		3,180		2,586					(65	)		-1.1	%		(271	)		-8.5	%		206			8.0	%
Indianapolis		21		7,047			89	%		10,561		4,984		5,577					10,465		5,193		5,271					96			0.9	%		(209	)		-4.0	%		305			5.8	%
Minneapolis — St. Paul		4		1,222			80	%		3,184		1,603		1,580					3,204		1,105		2,099					(20	)		-0.6	%		498			45.1	%		(519	)		-24.7	%
Midwest other		12		4,566			76	%		6,234		3,002		3,232					6,186		3,046		3,140					48			0.8	%		(44	)		-1.4	%		92			2.9	%
		93		28,613			76.2	%		45,586		22,643		22,943		94.0	%		45,127		22,056		23,072		93.5	%		458			1.0	%		588			2.7	%		(129	)		-0.6	%
Northeast
Baltimore		10		2,607			92	%		7,302		3,232		4,070					7,279		3,030		4,249					23			0.3	%		202			6.7	%		(179	)		-4.2	%
New England		16		5,745			100	%		19,300		7,712		11,588					19,273		6,775		12,498					27			0.1	%		937			13.8	%		(909	)		-7.3	%
Philadelphia		12		5,542			87	%		15,954		6,791		9,163					15,754		6,431		9,323					200			1.3	%		360			5.6	%		(160	)		-1.7	%
Washington		18		9,066			90	%		26,022		10,143		15,879					26,042		9,310		16,732					(20	)		-0.1	%		833			8.9	%		(853	)		-5.1	%
																		��
		56		22,960			92.2	%		68,578		27,877		40,700		95.5	%		68,348		25,547		42,801		96.0	%		230			0.3	%		2,331			9.1	%		(2,101	)		-4.9	%
Southeast
Atlanta		14		3,994			84	%		6,553		3,464		3,089					6,489		3,638		2,851					65			1.0	%		(174	)		-4.8	%		239			8.4	%
Savannah/Augusta		5		1,004			87	%		1,519		647		871					1,552		718		834					(34	)		-2.2	%		(71	)		-9.8	%		37			4.4	%
Charlotte — Gastonia		5		1,100			90	%		1,472		950		522					1,473		901		572					(1	)		-0.1	%		49			5.4	%		(50	)		-8.7	%
Columbia/Charleston		7		1,478			75	%		2,157		1,078		1,079					2,141		924		1,217					16			0.8	%		155			16.8	%		(139	)		-11.4	%
Nashville		8		2,492			74	%		4,042		1,869		2,173					4,015		1,906		2,109					27			0.7	%		(37	)		-1.9	%		63			3.0	%
Norfolk		10		3,161			79	%		6,695		2,342		4,353					6,507		2,322		4,186					187			2.9	%		20			0.9	%		167			4.0	%
Raleigh — Durham — Chapel Hill		6		1,834			77	%		2,353		1,355		997					2,279		1,174		1,105					74			3.2	%		181			15.4	%		(107	)		-9.7	%
Richmond — Petersburg		3		744			80	%		1,339		463		876					1,327		504		823					12			0.9	%		(41	)		-8.2	%		53			6.4	%
Southeast other		12		2,617			81	%		3,983		1,944		2,038					4,006		1,975		2,031					(23	)		-0.6	%		(31	)		-1.5	%		7			0.3	%
		70		18,424			80.2	%		30,112		14,112		16,000		90.6	%		29,789		14,061		15,729		92.1	%		322			1.1	%		51			0.4	%		271			1.7	%
Texas
Austin — San Marcos		11		2,417			94	%		4,271		2,293		1,978					4,344		2,308		2,036					(73	)		-1.7	%		(15	)		-0.7	%		(58	)		-2.8	%
Dallas — Fort Worth		22		5,847			77	%		8,243		4,451		3,792					8,153		4,423		3,729					90			1.1	%		28			0.6	%		63			1.7	%
Houston — Galveston		36		9,570			68	%		11,786		6,453		5,333					11,654		6,543		5,111					132			1.1	%		(91	)		-1.4	%		222			4.4	%
San Antonio		9		1,951			91	%		3,006		1,445		1,561					3,019		1,569		1,451					(13	)		-0.4	%		(123	)		-7.9	%		110			7.6	%
Texas other		3		763			65	%		885		432		453					862		426		435					24			2.8	%		6			1.4	%		18			4.1	%
		81		20,548			75.6	%		28,191		15,073		13,118		94.0	%		28,032		15,269		12,762		93.3	%		160			0.6	%		(196	)		-1.3	%		356			2.8	%
West
Denver		22		4,813			84	%		8,941		3,933		5,008					8,840		4,193		4,647					101			1.1	%		(259	)		-6.2	%		361			7.8	%
Phoenix — Mesa		25		6,908			92	%		12,231		5,305		6,926					11,861		5,526		6,335					370			3.1	%		(221	)		-4.0	%		591			9.3	%
Salt Lake City — Ogden		4		1,511			86	%		2,364		978		1,386					2,335		1,080		1,256					28			1.2	%		(102	)		-9.4	%		130			10.4	%
Seattle		4		468			59	%		684		328		356					687		270		416					(2	)		-0.4	%		58			21.5	%		(61	)		-14.6	%
West other		8		2,296			86	%		3,565		1,647		1,917					3,461		1,783		1,678					104			3.0	%		(136	)		-7.6	%		240			14.3	%
		63		15,996			87.3	%		27,784		12,192		15,593		95.7	%		27,184		12,852		14,332		95.0	%		601			2.2	%		(660	)		-5.1	%		1,261			8.8	%
SAME STORE SALES TOTALS		448		129,254	(2)		82.3	%	$	262,720	$	114,846	$	147,875		94.5	%	$	259,865	$	113,181	$	146,684		94.5	%	$	2,855			1.1	%	$	1,665			1.5	%	$	1,191			0.8	%
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement (1)										154,768		86,012		68,755					110,326		69,523		40,803
Total rental and other property revenues and property operating expense per GAAP Income Statement									$	417,488	$	200,858	$	216,630				$	370,191	$	182,704	$	187,487

(1)	Includes: (i) minority partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.
(2)	Same Store Effective Units were approximately 106,000 at March 31, 2006.

Supplemental Schedule 7

Selected Portfolio Performance Data
For the Three Months Ended March 31, 2006
(unaudited)

PORTFOLIO SUMMARY
SAME STORE PERFORMANCE

	SAME STORE PORTFOLIO
	CORE			NON-CORE			TOTAL
Rent, average first quarter 2006	$	944		$	607		$	789
Occupancy, average first quarter 2006		95.5	%		93.5	%		94.5	%
Operating Margin		59.7	%		49.0	%		56.3	%
Total number of properties		226			222			448
Total number of units		68,974			60,280			129,254
Effective Units		60,858			45,469			106,327
Percent of total Same Store NOI		72.2	%		27.8	%		100.0	%
1st Quarter 2006 vs 1st Quarter 2005 Change
Revenue		8.1	%		9.3	%		8.5	%
Expenses		7.6	%		6.9	%		7.3	%
NOI		8.4	%		11.9	%		9.4	%
Sequential, 1st Quarter 2006 vs 4th Quarter 2005 Change
Revenue		1.2	%		1.0	%		1.1	%
Expenses		2.9	%		-0.9	%		1.5	%
NOI		0.0	%		2.9	%		0.8	%

TOTAL CONVENTIONAL PORTFOLIO: SUMMARY BY MARKET
SELECTED MARKETS

			For the Three Months Ended March 31, 2006									For the Three Months Ended March 31, 2005
			TOTAL CONVENTIONAL PORTFOLIO									TOTAL CONVENTIONAL PORTFOLIO
Percent of Total Conventional NOI			CORE			NON-CORE			TOTAL			CORE			NON-CORE			TOTAL
Top 20 Markets
	1	Washington, D.C.		10.1	%		0.0	%		10.1	%		10.0	%		1.2	%		11.2	%
	2	Los Angeles-Long Beach-Ventura		8.9	%		0.0	%		8.9	%		6.9	%		0.0	%		6.9	%
	3	New England		6.9	%		0.0	%		6.9	%		6.4	%		0.0	%		6.4	%
	4	Philadelphia		6.7	%		0.0	%		6.7	%		5.5	%		0.0	%		5.5	%
	5	Miami-Fort Lauderdale		5.2	%		0.0	%		5.2	%		4.7	%		0.0	%		4.7	%
	6	Chicago		4.7	%		0.3	%		5.0	%		4.5	%		0.3	%		4.8	%
	7	Orlando-Daytona		4.0	%		0.3	%		4.3	%		3.4	%		0.6	%		4.0	%
	8	Phoenix-Mesa		2.9	%		1.1	%		4.0	%		2.6	%		0.9	%		3.5	%
	9	Indianapolis		0.1	%		3.7	%		3.8	%		0.0	%		4.1	%		4.1	%
	10	Houston-Galveston		0.0	%		3.2	%		3.2	%		0.0	%		2.6	%		2.6	%
	11	Denver		3.0	%		0.2	%		3.2	%		2.7	%		0.1	%		2.8	%
	12	Tampa-St. Petersburg		2.2	%		0.6	%		2.8	%		2.0	%		0.8	%		2.8	%
	13	San Diego		2.6	%		0.0	%		2.6	%		2.7	%		0.0	%		2.7	%
	14	Norfolk		2.6	%		0.0	%		2.6	%		2.4	%		0.3	%		2.7	%
	15	Baltimore		2.4	%		0.0	%		2.4	%		2.3	%		0.1	%		2.4	%
	16	Orange County-Riverside		2.4	%		0.0	%		2.4	%		2.3	%		0.0	%		2.3	%
	17	Dallas-Fort Worth		0.0	%		2.3	%		2.3	%		0.0	%		2.1	%		2.1	%
	18	Atlanta		1.8	%		0.2	%		2.0	%		1.7	%		1.0	%		2.7	%
	19	Grand Rapids-Lansing		0.0	%		1.7	%		1.7	%		0.0	%		1.5	%		1.5	%
	20	West Palm Beach-Boca Raton		1.6	%		0.0	%		1.6	%		1.4	%		0.0	%		1.4	%
Subtotal Top 20 Markets				68.1	%		13.6	%		81.7	%		61.5	%		15.6	%		77.1	%
All Other Markets (38 in 2006 and 50 in 2005)				6.2	%		12.1	%		18.3	%		6.9	%		16.0	%		22.9	%
Total Conventional NOI				74.3	%		25.7	%		100.0	%		68.4	%		31.6	%		100.0	%
Rent, average first quarter			$	975		$	609		$	813		$	882		$	624		$	754
Occupancy, average first quarter				93.0	%		93.5	%		93.2	%		91.5	%		87.7	%		89.6	%
Total number of properties				272			237			509			271			324			595
Total number of units				82,379			63,472			145,851			82,399			83,219			165,618
Effective Units				71,151			47,859			119,010			70,928			63,708			134,636
Average Home Value*			$	289,135		$	159,391		$	228,469
REIS Growth Rate (4 year weighted average)**				3.4	%		2.9	%		3.3	%
Number of markets				27			31			58

*	Source: Claritas, based on 2005 data
**	Source: REIS, based on Q4 2005 forecasted data

Supplemental Schedule 8

Property Sales and Acquisition Activity
(unaudited)

FIRST QUARTER 2006 PROPERTY SALES ACTIVITY (dollars in millions)

	Number		Number											Aimco		Aimco
	of		of		Gross		FCF (1)			Property		Net Sales (2)		Gross		Net		Average
	Properties		Units		Proceeds		Yield			Debt		Proceeds		Proceeds		Proceeds		Rent
Conventional (non-core) (3)		17		4,792	$	243		6.5	%	$	112	$	113	$	186	$	92	$	646
Conventional (core) (4)		—		562		151		3.8	%		76		71		149		76		1,668
Affordable		5		668		20		7.7	%		15		4		14		4		551
Total Dispositions		22		6,022	$	414		6.6	%	$	203	$	188	$	349	$	172	$	634

(1)	Free Cash Flow (FCF) includes a $500 per unit deduction for capital replacements and is before debt service. FCF Yield is calculated as the FCF earned by the properties during the 12 months prior to their sale divided by the sales price
(2)	Net Sales Proceeds are after repayment of existing debt, net working capital settlements and payment of transaction costs
(3)	Includes the sale of three university communities with 810 units
(4)	Represents the sale of the South Tower of the Flamingo South Beach property with 562 units; Aimco net proceeds include a $5 million for a non-refundable option to purchase the North and Central Towers

FIRST QUARTER 2006 ACQUISITION ACTIVITY

During the three months ended March 31, 2006, we acquired additional partnership interests for $0.4 million.

Supplemental Schedule 9

Capital Expenditures
For the Three Months Ended March 31, 2006
(in thousands, except per unit data)
(unaudited)

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

     The table below details Aimco’s share of actual spending, on both consolidated and unconsolidated real estate partnerships, for Capital Replacements, Capital Improvements, casualties and redevelopment for the three months ended March 31,2006. Per unit numbers are based on approximately 139,191 average units in the quarter including 123,897 conventional and 15,294 affordable units. Average units are weighted for the period and represent Effective Units excluding non-managed units. (1)

Capital Replacements Detail:	Actual Amount			Per Unit
Building and grounds	$	4,874		$	35
Turnover related		8,284			60
Capitalized site payroll and indirect costs		3,062			22
Total Aimco’s share of Capital Replacements	$	16,220		$	117
Capital Replacements:
Conventional	$	14,682		$	119
Affordable		1,538			101
Total Aimco’s share of Capital Replacements		16,220		$	117
Capital Improvements:
Conventional		17,814		$	144
Affordable		3,937			257
Total Aimco’s share of Capital Improvements		21,751		$	156
Casualties:
Conventional		12,096
Affordable		457
Total Aimco’s share of Casualties		12,553
Redevelopment (see Schedule 10 for further project details):
Conventional		29,782
Affordable		1,099
Total Aimco’s share of Redevelopment		30,881
Total Aimco’s share of Capital Expenditures		81,405
Plus minority partners’ share of consolidated spending		31,885
Less Aimco’s share of unconsolidated spending		(687	)
Capital expenditures per Consolidated Statement of Cash Flows	$	112,603

(1) Average units calculated pro rata for the quarter based on acquisition and disposition timing

Supplemental Schedule 10

Summary of Redevelopment Activity
For the Three MonthsEnded March 31, 2006
(dollars in millions)
(unaudited)

					Project Expenditures
			Total		Total								Targeted			Aimco
	Number of		Property		Projected		Inception to		Year to Date		Year to Date		Return on			Average
	Properties		Units		100%		Date 100%		100%		AIV%		Investment			Ownership (3)
CONVENTIONAL REDEVELOPMENT PROPERTIES
ACTIVE REDEVELOPMENT PROJECTS (2)
Active redevelopment projects at 1/1/06		21		10,276	$	144.9	$	86.6	$	21.2	$	18.8		7	%		89	%
Projects completed during the period		—		—		—		—		—		—		n/a			n/a
New redevelopment projects started during period		1		1,222		91.8		4.9		1.4		0.9		8	%		69	%
Active redevelopment projects at 3/31/06		22		11,498		236.7		91.5		22.6		19.7		7	%		88	%
Entitlement projects (1)		3		3,940		—		47.1		6.4		6.3		n/a			99	%
Pre-construction and other activities (2)										5.4		3.8		n/a			68	%
TOTAL CONVENTIONAL										34.4		29.8		n/a			87	%
AFFORDABLE REDEVELOPMENT PROPERTIES
ACTIVE REDEVELOPMENT PROJECTS
Affordable projects (4)		22		3,488		148.5		104.6		17.2		0.4		n/a			2	%
Pre-construction and other activities (2)										0.9		0.7		n/a			83	%
TOTAL AFFORDABLE										18.1		1.1		n/a			6	%
TOTAL REDEVELOPMENT EXPENDITURES									$	52.5	$	30.9		n/a			59	%

(1)	Entitlement projects consist of Lincoln Place (CA), Treetops (CA) and Springhill Lake (MD). Lincoln Place and Treetops are predominantly vacant and have December 31, 2005 book values of approximately $161 million and $73 million, respectively.
(2)	Pre-construction and other activities include consulting, legal, and capitalized labor costs, as well as some physical construction work.
(3)	Weighted average ownership at the time of the expenditures.
(4)	Low-income housing tax credit projects account for approximately 97% of first quarter 2006 Affordable project expenditures.

Supplemental Schedule 11

Apartment Unit Summary
As of March 31, 2006
(unaudited)

	Number of		Number of		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		102		33,473		23,778		71	%
Partially-owned Unconsolidated Core Properties		8		2,236		703		31	%
Sub-total Core Properties		272		82,379		71,151		86	%
Wholly-owned Consolidated Non-Core Properties		124		35,082		35,082		100	%
Partially-owned Consolidated Non-Core Properties		110		27,590		12,501		45	%
Partially-owned Unconsolidated Non-Core Properties		3		800		276		35	%
Sub-total Non-Core Properties		237		63,472		47,859		75	%
Total		509		145,851		119,010		82	%
Aimco Capital Real Estate Portfolio:
Wholly-owned Consolidated Properties		67		8,265		8,265		100	%
Partially-owned Consolidated Properties		183		21,233		6,213		29	%
Partially-owned Unconsolidated Properties		100		11,877		1,575		13	%
Total		350		41,375		16,053		39	%
Total Owned Real Estate Portfolio:
Wholly-owned Consolidated Properties		353		90,017		90,017		100	%
Partially-owned Consolidated Properties		395		82,296		42,492		52	%
Partially-owned Unconsolidated Properties		111		14,913		2,554		17	%
Total		859		187,226		135,063		72	%
Management Contracts:
Property Managed for Third Parties		51		5,607
Asset-managed		427		41,065
Total		478		46,672
Total Portfolio		1,337		233,898

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.