Apartment Investment and Management (AIV) 8-K Apartment Investment and Management Company Announces Second Quarter 2007 Results

EXHIBIT 99.1

Denver, Colorado- August 2, 2007

Apartment Investment and Management Company
Announces Second Quarter 2007 Results

SUMMARY FINANCIAL RESULTS: Apartment Investment and Management Company (Aimco) (NYSE:AIV) announced second quarter 2007 results including:

►	Net income for the quarter of $19.3 million decreased $15.8 million from $35.1 million in the second quarter 2006. Lower results in the second quarter 2007 are primarily due to lower gains on property sales of $19.3 million, offset by a $4.8 million increase in operating income. Earnings per share (EPS) were $0.03 on a diluted basis, compared with $0.17 in the second quarter 2006.
►	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 $87.3 million, or $0.88 per share, up 22% when compared with $71.4 million, or $0.73 per share, in the second quarter 2006. FFO before impairment and preferred redemption charges was also $0.88 per share, which was $0.08 above the mid-point of guidance. Better than expected results from lower than anticipated casualty losses and stronger Aimco Capital transaction activity contributed to the additional $0.08 per share of FFO outperformance.
►	Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $63.6 million, or $0.64 per share, up 22% when compared with $52.0 million, or $0.53 per share, in the second quarter 2006. AFFO includes deductions of $0.24 and $0.20 per share for capital replacement expenditures in the second quarter 2007 and the second quarter 2006, respectively.

Diluted Per Share Results

	SECOND QUARTER				YEAR-TO-DATE
	2007		2006		2007		2006
Earnings- EPS	$	0.03	$	0.17	$	0.12	$	0.80
Funds from operations- FFO	$	0.88	$	0.73	$	1.62	$	1.41
FFO before impairment and preferred redemption charges	$	0.88	$	0.73	$	1.63	$	1.43
Adjusted funds from operations- AFFO	$	0.64	$	0.53	$	1.22	$	1.08

Contact

Investor Relations 303.691.4350, Investor@Aimco.com
Elizabeth Coalson, Vice President Investor Relations 303.691.4327

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “Apartment fundamentals continued to be positive in the second quarter with conventional same-store revenue growth of 5.2%. We are on track to invest $300 million in conventional redevelopment projects with 48 communities under redevelopment at the end of the quarter. Our asset management and transaction businesses are growing with a year-over-year increase in net income of 59%. We are looking forward to continued positive momentum in the second half of 2007.”

Chief Financial Officer Tom Herzog adds: “Our second quarter FFO of $0.88 per share was $0.08 above the mid-point of guidance. Positive results for the quarter included lower casualty losses and higher Aimco Capital transaction income than was considered in guidance. We are establishing third quarter FFO guidance of $0.80 to $0.84 per share and adjusting our full year FFO guidance to $3.33 to $3.43 per share.”

Property Operations

Conventional Real Estate Operations

Aimco is among the largest owners and operators of market rate properties in the United States. Conventional real estate operations consist of Aimco’s diversified portfolio of market rate apartment communities. At the end of the second quarter 2007, this portfolio included 454 properties with 131,242 units in which Aimco had a weighted average ownership of 86%. During the second quarter 2007, conventional real estate operations generated net operating income of $177.7 million.

“Same Store” Results

The Same Store portfolio is a sub-set of total conventional properties (see the Glossary). In the second quarter 2007, the Same Store portfolio included 376 communities with 95,924 Effective Units based on Aimco’s weighted average ownership of 86% (See Supplemental Schedules 6a through 7).

Comparing Same Store results in the second quarter 2007 with the second quarter 2006, total revenue increased $12.9 million, or 5.2%. The increase in revenue was primarily generated by higher average rent, up $34 per unit, or 4.1%, from $830 per unit to $864 per unit, higher occupancy, which was up 0.3% from 94.4% to 94.7%, and increased utility reimbursements, up $2.1 million. Same Store expenses of $109.2 million increased $6.8 million, or 6.7%, compared with the prior year period as a result of higher taxes, insurance, utilities, marketing and payroll. Full year 2007 Same Store expenses are expected to be up 3.5% to 4.0% when compared to full year 2006. Same Store portfolio net operating income was $154.3 million for the second quarter 2007, up 4.1% from the second quarter 2006.

Same Store Operating Results

	SECOND QUARTER
	Year-over-year									Sequential
	2007			2006			Variance			1st Qtr			Variance
Same Store Operating Measures
Average Physical Occupancy		94.7	%		94.4	%		0.3	%		94.4	%		0.3	%
Average Rent Per Unit	$	864		$	830			4.1	%	$	858			0.7	%
Total Same Store ($mm)
Revenue	$	263.5		$	250.6			5.2	%	$	258.9			1.8	%
Expenses		(109.2	)		(102.4	)		6.7	%		(107.1	)		2.0	%
NOI	$	154.3		$	148.2			4.1	%	$	151.8			1.6	%

Comparing Same Store results on a sequential basis, total revenue increased $4.6 million in the second quarter 2007 compared with the first quarter of 2007, driven by a $6 per unit increase in average rental rates and an increase in occupancy of 0.3%. Expenses increased $2.1 million, or 2.0%, primarily due to higher payroll, repairs and maintenance and training expenses, offset by lower utilities. Net operating income increased $2.5 million, or 1.6%, on a sequential basis.

Affordable Real Estate Operations

Aimco is among the largest owners and operators of affordable properties in the United States. At the end of the second quarter 2007, Aimco’s owned affordable portfolio included 323 properties with 37,457 units in which Aimco had an average ownership of 51%. During the second quarter 2007, affordable property operations generated net operating income of $21.4 million. On a year-over-year basis, second quarter average month-end occupancy for the affordable portfolio decreased 20 basis points from 97.5% to 97.3%, and average rent per unit increased 3.6% from $696 to $721 per unit.

Aimco Capital

Aimco Capital oversees all of Aimco’s asset management, transaction and portfolio management activities, and is led by a management team dedicated to this business.

Asset Management and Transactions

Asset management income is earned from the financial management of partnerships. Transaction income is earned from activities such as dispositions, refinancings, land sales and tax credit syndications. Proceeds received in exchange for the transfer of tax credits are recognized ratably as the tax benefits are delivered, and syndication fees are recognized upon completion of tax credit syndications. Consolidated asset management and transaction net operating income, net of tax, was $8.6 million in the second quarter 2007 up 59% when compared to $5.4 million in the second quarter 2006. See Supplemental Schedule 11 for additional information on asset management and transaction income.

Portfolio Management

ACQUISITIONS — Aimco acquired nine properties in the second quarter 2007 for $112.4 million. Acquisitions included: Leahy Square located in Redwood City, CA with 110 units that Aimco purchased for $23.0 million or $209,091 per unit; Hudson Harbour located in Poughkeepsie, NY with 352 units that Aimco purchased for $37.0 million or $105,114 per unit; 204-206 West 133^rd Street located in New York City with 44 units that Aimco purchased for $4.6 million or $104,545 per unit; 656 St. Nicholas Avenue located in New York City with 30 units that Aimco purchased for $4.3 million or $141,667 per unit; and 181 units located in the 2200-2400 blocks of Adam Clayton Powell Boulevard in New York City for a total of $43.5 million or an average of $240,331 per unit.

During the second quarter 2007, Aimco acquired seven properties owned by VMS National Properties Joint Venture, a consolidated real estate partnership in which Aimco held a 22% interest prior to the transaction. The portion of the Venture’s real estate not owned by Aimco prior to the transaction was acquired in exchange for consideration totaling $179.4 million. Aimco also purchased additional limited partnership interests in 22 partnerships that own 59 properties for an aggregate of $8.9 million.

DISPOSITIONS — Aimco regularly reviews its portfolio to identify properties that do not meet its long-term investment criteria. In the second quarter 2007, Aimco sold 22 conventional properties and six affordable properties with 3,993 and 629 units, respectively, for $201.1 million in gross proceeds (Aimco share $122.4 million). Aimco’s share of net proceeds after repayment of existing property debt and transaction costs was $71.7 million.

Aimco’s property dispositions resulted in gains on dispositions of real estate (including gains on dispositions of unconsolidated real estate and other and gains within discontinued operations), of $24.9 million for the second quarter 2007, compared with gains of $44.2 million for the second quarter 2006.

See Supplemental Schedule 8 for additional information on acquisition and disposition activity.

Redevelopment

Aimco is actively reinvesting in and upgrading its portfolio through property redevelopments. At the end of the second quarter 2007, Aimco had 48 active conventional redevelopment projects and 10 active tax credit redevelopment projects. Aimco’s share of total redevelopment expenditures was $66.6 million during the second quarter 2007. Conventional redevelopment project expenditures totaled $56.8 million and tax credit redevelopment project expenditures totaled $9.8 million for the quarter. Further information on redevelopment projects is provided in Supplemental Schedule 10.

Additional Financial Information

PROPERTY MANAGEMENT INCOME — Income from property management is generated when Aimco provides property management services to properties with unaffiliated partners. Income from consolidated properties is eliminated in Aimco’s consolidated GAAP financial statements and the related economic benefit is reflected in minority interest.

INTEREST INCOME — Consolidated interest income was $9.2 million for the second quarter 2007 compared with $5.4 million for the second quarter 2006. Interest income is earned in part from money market and interest bearing accounts as well as on notes receivable from unconsolidated partnerships and non-affiliates.

DEBT ACTIVITY — During the second quarter 2007, Aimco closed 19 property loans generating gross proceeds of $229.8 million at a weighted average interest rate of 5.53%. This included refinancing $60.8 million in existing mortgage loans, reducing the average interest rate from 5.93% to 5.46%. After repayment of existing property debt, transaction costs and distributions to limited partners, Aimco’s share of net proceeds was $140.3 million.

At quarter-end, Aimco’s corporate debt balance was $554.0 million, up from $540.0 million at year-end 2006, and carried a weighted average interest rate of 6.82%. The balance on Aimco’s revolving credit facility was $154.0 million, leaving $256.2 million (after $39.8 million in outstanding letters of credit) in available capacity.

As of June 30, 2007, Aimco had $7.1 billion of consolidated debt outstanding (excluding other borrowings), of which $5.4 billion was fixed rate mortgage debt and $1.7 billion was floating rate debt. The floating rate debt included $554.0 million of corporate debt, $692.6 million of tax-exempt bonds, and $461.8 million of other property loans. In addition, Aimco had $100.0 million of floating rate preferred stock. Aimco’s FFO exposure to changes in floating interest rates is mitigated by tax-exempt bonds with rates tied to the Bond Market Association Index which moves at approximately 0.68% for a 1.00% change in LIBOR. Exposure is further offset by floating rate assets, such as cash and notes receivable, and interest capitalized on entitlement and redevelopment properties. Based on Aimco’s proportionate share of quarter-end balances (see Supplemental Schedule 3), Aimco estimates its sensitivity to a 100 basis point change in LIBOR to be approximately $0.02 per share per quarter. Other borrowings of $59.8 million at quarter-end consisted primarily of unsecured notes payable and obligations under sale and leaseback arrangements accounted for as financings. As of June 30, 2007, other borrowings included $51.3 million of fixed rate obligations with interest rates ranging from zero to 10.00%, and $8.5 million of variable rate obligations bearing interest at the prime rate plus 1.75%.

See Supplemental Schedule 5 for more detail on debt characteristics and activity.

INTEREST EXPENSE — Consolidated interest expense was $104.9 million for the second quarter 2007 compared with $98.2 million for the second quarter 2006. The $6.7 million increase in interest expense is related to increased rates and higher balances on property debt, net of higher capitalized interest.

STOCKHOLDERS’ EQUITY — During the second quarter 2007, Aimco repurchased 477,300 shares of its Class A Common Stock at an average price of $52.36 per share for a total cost of $25.0 million. On July 31, 2007, our Board of Directors increased our existing share repurchase authorization. We are currently authorized to repurchase approximately 13.5 million shares. These repurchases may be made from time to time in the open market or in privately negotiated transactions.

G&A — General and administrative expenses for the second quarter 2007 of $24.6 million were up $1.4 million or 6.0% when compared with the second quarter 2006. The year-over-year increase in G&A was primarily due to increased compensation costs and related expenses, which were offset by a decrease in professional fees.

Outlook

For the third quarter 2007, FFO is expected to be in a range from $0.80 to $0.84 per share, before impairment and preferred redemption charges, and we are increasing our full year FFO guidance to $3.33 to $3.43 per share. The full year 2007 AFFO outlook of greater than $2.40 per share is unchanged. Please refer to the Outlook Schedule, which follows the Consolidated Financial Statements in this release, for more detail on third quarter and full year 2007 guidance.

Dividends on Common Stock

As announced on August 1, 2007, the Aimco Board of Directors declared a quarterly cash dividend of $0.60 per share of Class A Common Stock for the quarter ended June 30, 2007, payable on August 31, 2007, to stockholders of record on August 17, 2007. The dividend represents 94% of AFFO (diluted) and 68% of FFO (diluted), on a per share basis, and a 4.8% annualized yield based on the $50.42 closing price of Aimco’s Class A Common Stock on June 29, 2007.

Earnings Conference Call

Please join Aimco management for the Second Quarter 2007 earnings conference call to be held Thursday, August 2, 2007, at 1:00 p.m. Eastern time. You may join the conference call through an Internet audiocast by clicking on the Webcast link on Aimco’s Website at http://www.aimco.com/CorporateInformation/About/Financial/2Q2007. Alternatively, you may join the conference call via telephone by dialing 800-798-2801 with passcode 50113575, or dialing 617-614-6205 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 65361235.

Supplemental Information

The Supplemental Information referenced in this release is available on Aimco’s Website at the link http://www.aimco.com/CorporateInformation/About/Financial/2Q2007 or by calling Investor Relations at 303-691-4350.

Forward-looking Statements

This earnings release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of third quarter and full year 2007 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 levels, 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 the markets in which Aimco operates 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, 2006, 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 20 regional operating centers. Aimco, through its subsidiaries and affiliates, is one of the largest owners and operators of apartment communities in the United States with 1,216 properties, including 209,507 apartment units, and serves approximately 750,000 residents each year. Aimco’s properties are located in 47 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our web site at www.aimco.com.

GAAP Income Statements

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
REVENUES:
Rental and other property revenues	$	421,864		$	392,499		$	832,363		$	776,894
Property management revenues, primarily from affiliates		1,271			3,592			3,367			6,622
Activity fees and asset management revenues		15,178			12,133			26,808			21,673
Total revenues		438,313			408,224			862,538			805,189
OPERATING EXPENSES:
Property operating expenses		192,681			173,506			385,924			353,571
Property management expenses		2,072			2,151			3,278			2,643
Activity and asset management expenses		6,076			4,946			11,351			9,134
Depreciation and amortization		121,807			112,272			244,195			219,461
General and administrative expenses		24,606			23,207			46,683			44,236
Other expenses (income), net		(4,272	)		1,615			(2,266	)		1,994
Total operating expenses		342,970			317,697			689,165			631,039
Operating income		95,343			90,527			173,373			174,150
Interest income		9,242			5,437			18,810			12,368
Provision for losses on notes receivable, net		(735	)		(502	)		(2,278	)		(764	)
Interest expense		(104,875	)		(98,157	)		(209,615	)		(193,971	)
Deficit distributions to minority partners		(2,028	)		(3,935	)		(3,221	)		(6,011	)
Equity in earnings (losses) of unconsolidated real estate partnerships		930			(574	)		(2,055	)		(2,436	)
Real estate impairment recoveries (losses), net		—			(15	)		—			971
Gain on dispositions of unconsolidated real estate and other		639			1,059			1,688			10,757
Gain on extinguishment of debt		—			—			19,373			—
Loss before minority interests and discontinued operations		(1,484	)		(6,160	)		(3,925	)		(4,936	)
Minority interests:
Minority interest in consolidated real estate partnerships		(265	)		1,522			(6,182	)		6,636
Minority interest in Aimco Operating Partnership, preferred [a]		(1,782	)		(1,785	)		(3,564	)		(3,583	)
Minority interest in Aimco Operating Partnership, common [a]		1,821			2,238			4,342			4,171
Total minority interests		(226	)		1,975			(5,404	)		7,224
Income (loss) from continuing operations		(1,710	)		(4,185	)		(9,329	)		2,288
Income from discontinued operations, net [b]		21,039			39,277			53,866			116,874
Net income		19,329			35,092			44,537			119,162
Net income attributable to preferred stockholders		16,346			19,034			32,694			43,088
Net income attributable to common stockholders	$	2,983		$	16,058		$	11,843		$	76,074
Weighted average number of common shares outstanding		95,973			96,071			95,972			95,627
Weighted average number of common shares and common share equivalents outstanding		95,973			96,071			95,972			95,627
Earnings (loss) per common share — basic:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.19	)	$	(0.24	)	$	(0.44	)	$	(0.43	)
Income from discontinued operations		0.22			0.41			0.56			1.23
Net income attributable to common stockholders	$	0.03		$	0.17		$	0.12		$	0.80
Earnings (loss) per common share — diluted:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.19	)	$	(0.24	)	$	(0.44	)	$	(0.43	)
Income from discontinued operations		0.22			0.41			0.56			1.23
Net income attributable to common stockholders	$	0.03		$	0.17		$	0.12		$	0.80

GAAP Income Statements (continued)

Notes to Consolidated Statements of Income

[a] The Aimco Operating Partnership is AIMCO Properties, L.P., the operating partnership in Aimco’s UPREIT structure.

[b] Income from discontinued operations of consolidated properties consists of the following (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Rental and other property revenues	$	6,413		$	32,280		$	18,499		$	77,110
Property operating expenses		(3,309	)		(16,459	)		(9,775	)		(40,132	)
Other (expenses) income, net		(269	)		(2,115	)		(1,089	)		(3,154	)
Depreciation and amortization		(1,598	)		(9,214	)		(4,711	)		(22,329	)
Interest expense		(1,018	)		(6,898	)		(4,249	)		(16,530	)
Interest income		32			224			120			537
Gain on extinguishment of debt		—			—			22,852			—
Minority interest in consolidated real estate partnerships		644			1,392			935			2,888
Income (loss) from operations		895			(790	)		22,582			(1,610	)
Gain on dispositions of real estate, net of minority partners’ interest		24,273			43,112			39,906			142,822
Real estate impairment recoveries (losses), net		60			195			(783	)		(8	)
Recovery of deficit distributions to minority partners		555			1,896			418			16,145
Income tax arising from disposals		(2,597	)		(1,044	)		(2,761	)		(27,986	)
Minority interest in Aimco Operating Partnership		(2,147	)		(4,092	)		(5,496	)		(12,489	)
Income from discontinued operations	$	21,039		$	39,277		$	53,866		$	116,874

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)

	June 30, 2007			December 31, 2006
ASSETS
Buildings and improvements	$	9,486,611		$	9,301,769
Land		2,608,316			2,384,926
Accumulated depreciation		(2,905,219	)		(2,778,355	)
NET REAL ESTATE		9,189,708			8,908,340
Cash and cash equivalents		258,027			229,824
Restricted cash		332,955			346,552
Accounts receivable		76,347			85,772
Accounts receivable from affiliates		33,680			20,763
Deferred financing costs		73,136			72,214
Notes receivable from unconsolidated real estate partnerships		43,106			40,641
Notes receivable from non-affiliates		138,678			139,352
Investment in unconsolidated real estate partnerships		37,124			39,000
Other assets		199,321			202,760
Deferred income tax asset, net		5,139			—
Assets held for sale		12,420			204,557
TOTAL ASSETS	$	10,399,641		$	10,289,775
LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	949,692		$	926,952
Property loans payable		5,595,153			5,198,010
Term loans		400,000			400,000
Credit facility		154,000			140,000
Other borrowings		59,786			67,660
TOTAL INDEBTEDNESS		7,158,631			6,732,622
Accounts payable		42,096			54,972
Accrued liabilities and other		300,373			409,991
Deferred income		150,326			142,442
Security deposits		48,038			43,325
Deferred income tax liability, net		—			4,379
Liabilities related to assets held for sale		8,546			164,556
TOTAL LIABILITIES		7,708,010			7,552,287
Minority interest in consolidated real estate partnerships		262,608			212,149
Minority interest in Aimco Operating Partnership		155,564			185,447
STOCKHOLDERS’ EQUITY
Perpetual preferred stock		723,500			723,500
Convertible preferred stock		100,000			100,000
Class A Common Stock		967			968
Additional paid-in capital		3,060,683			3,095,430
Notes due on common stock purchases		(3,760	)		(4,714	)
Distributions in excess of earnings		(1,607,931	)		(1,575,292	)
TOTAL STOCKHOLDERS’ EQUITY		2,273,459			2,339,892
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,399,641		$	10,289,775

GAAP Statements of Cash Flows

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

	Six Months Ended June 30,
	2007			2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	44,537		$	119,162
Depreciation and amortization		244,195			219,461
Adjustments to income from discontinued operations		(53,121	)		(127,029	)
Other adjustments to reconcile net income		(9,103	)		11,527
Changes in operating assets and liabilities		(23,171	)		41,819
Net cash provided by operating activities		203,337			264,940
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(174,991	)		(41,732	)
Capital expenditures		(268,608	)		(236,203	)
Proceeds from dispositions of real estate		259,631			544,815
Change in funds held in escrow from tax-free exchanges		9,975			—
Cash from newly consolidated properties		—			22,432
Purchases of partnership interests		(17,541	)		(10,932	)
Originations of notes receivable		(8,640	)		(7,820	)
Proceeds from repayment of notes receivable		14,152			5,318
Distributions received from investments in unconsolidated real estate partnerships		1,814			11,312
Other investing activities		(2,756	)		(21,255	)
Net cash provided by (used in) investing activities		(186,964	)		265,935
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from property loans		791,330			656,634
Principal repayments on property loans		(528,459	)		(599,870	)
Proceeds from tax-exempt bonds		82,350			—
Principal repayments on tax-exempt bond financing		(58,659	)		(31,690	)
Net borrowings (repayments) on revolving credit facility		14,000			(217,000	)
Proceeds from issuance of preferred stock		—			97,537
Redemption of preferred stock		—			(113,250	)
Repurchase of Class A Common Stock		(136,603	)		—
Proceeds from Class A Common Stock option exercises		53,232			39,459
Principal payments on Class A stock notes		1,605			18,626
Payment of Class A Common Stock dividends		(116,363	)		(115,046	)
Payment of preferred stock dividends		(32,720	)		(41,879	)
Payment of distributions to minority interest		(52,877	)		(61,589	)
Other financing activities		(5,006	)		(1,074	)
Net cash provided by (used in) financing activities		11,830			(369,142	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		28,203			161,733
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		229,824			161,730
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	258,027		$	323,463

Outlook and Forward Looking Statement
Third Quarter and Full Year 2007
(unaudited)

This Earnings Release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of third quarter and full year 2007 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 transactional 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, 2006, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.

	Third Quarter 2007	Full Year 2007
GAAP earnings per share [1]	-$0.25 to -$0.21	-$0.26 to -$0.16
Add: Depreciation and other	$1.05	$3.59
FFO per share [2]	$0.80 to $0.84	$3.33 to $3.43
AFFO per share [3]		greater than $2.40
2007 Same Store operating assumptions:
Weighted average daily occupancy	94% to 95%	94% to 95%
NOI change - sequential	0.8% to 1.8%
NOI change - 2007 vs. 2006	6.0% to 7.0%	5.5% to 6.5%
Gross dispositions [4]		$400M to $600M	(Aimco share $300M - $450M)
Gross acquisitions [5]		$400M to $500M	(100% Aimco share)

[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, (ii) unrecognized gains or losses on early repayment of debt or (iii) redemption related preferred stock issuance costs.

[2] FFO per share represents FFO before impairments.

[3] Outlook for AFFO is provided on an annual basis.

[4] Aimco anticipates gross sales proceeds of $400 to $600 million for 2007 ($340 to $510 million related to conventional properties and $60 to $90 million related to affordable properties). Aimco share of proceeds is expected to be $300 to $450 million ($270 to $405 million related to conventional properties and $30 to $45 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 $150 to $200 million ($135 to $175 million related to conventional properties and $15 to $25 million related to affordable properties). The potential sale of the Flamingo South Beach property North and Central towers is not included in the dispositions total.

[5] Gross acquisitions include property acquisitions, limited partnership acquisitions and repurchase of Aimco stock.

AIMCO 2nd Quarter 2007

SUPPLEMENTAL INFORMATION

Schedule 1	—	Funds From Operations and Adjusted Funds From Operations
Schedule 2	—	Proportionate Operating Results Presentation
Schedule 3	—	Proportionate Balance Sheet Presentation
Schedule 4	—	Share Data
Schedule 5	—	Selected Debt Structure and Maturity Data
Schedule 6a	—	Same Store Operating Results (2Q 2007 v. 2Q 2006)
Schedule 6b	—	Same Store Operating Results (2Q 2007 v. 1Q 2007)
Schedule 6c	—	Same Store Operating Results (YTD 2Q 2007 v. YTD 2Q 2006)
Schedule 7	—	Selected Conventional Portfolio Performance Data
Schedule 8	—	Property Sales and Acquisitions Activity
Schedule 9	—	Capital Expenditures
Schedule 10	—	Summary of Redevelopment Activity
Schedule 11	—	Aimco Capital
Schedule 12	—	Apartment Unit Summary
Glossary

Supplemental Schedule 1

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Net income attributable to common stockholders [1]	$	2,983		$	16,058		$	11,843		$	76,074
Adjustments:
Depreciation and amortization [2]		121,807			112,272			244,195			219,461
Depreciation and amortization related to non-real estate assets		(4,866	)		(7,682	)		(11,480	)		(15,765	)
Depreciation of rental property related to minority partners and unconsolidated entities [3]		(4,434	)		(9,552	)		(18,049	)		(23,043	)
Gain on dispositions of unconsolidated real estate and other		(639	)		(1,059	)		(1,688	)		(10,757	)
Gain on dispositions of non-depreciable assets and other		—			671			—			6,371
Deficit distributions to minority partners [4]		2,028			3,935			3,221			6,011
Discontinued operations:
Gain on dispositions of real estate, net of minority partners’ interest [3]		(24,273	)		(43,112	)		(39,906	)		(142,822	)
Depreciation of rental property, net of minority partners’ interest [3]		1,152			6,724			(13,829	)		16,608
Recovery of deficit distributions to minority partners [4]		(555	)		(1,896	)		(418	)		(16,145	)
Income tax arising from disposals		2,597			1,044			2,761			27,986
Minority interest in Aimco Operating Partnership’s share of above adjustments		(8,525	)		(6,055	)		(15,259	)		(6,699	)
Preferred stock dividends		16,346			19,034			32,694			40,514
Redemption related preferred stock issuance costs		—			—			—			2,574
Funds From Operations	$	103,621		$	90,382		$	194,085		$	180,368
Preferred stock dividends		(16,346	)		(19,034	)		(32,694	)		(40,514	)
Redemption related preferred stock issuance costs		—			—			—			(2,574	)
Dividends/distributions on dilutive preferred securities		58			61			58			123
Funds From Operations Attributable to Common Stockholders — Diluted	$	87,333		$	71,409		$	161,449		$	137,403
Real estate impairment losses (recoveries), continuing operations [5]		—			15			—			(971	)
Real estate impairment losses (recoveries), discontinued operations [5]		(60	)		(195	)		783			8
Redemption related preferred stock issuance costs [6]		—			—			—			2,574
Minority interest in Aimco Operating Partnership’s share of above adjustments		6			18			(73	)		(160	)
Funds From Operations Attributable to Common Stockholders — Diluted (excluding impairment losses and redemption related preferred stock issuance costs)	$	87,279		$	71,247		$	162,159		$	138,854
Capital Replacements		(25,968	)		(21,305	)		(44,653	)		(37,525	)
Minority interest in Aimco Operating Partnership’s share of Capital Replacements		2,386			2,109			4,134			3,702
Dividends/distributions on non-dilutive preferred securities		(58	)		(61	)		(58	)		(123	)
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted	$	63,639		$	51,990		$	121,582		$	104,908
Funds From Operations Attributable to Common Stockholders — Diluted:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [7]		99,128			97,475			99,572			97,007
Dilutive preferred securities		72			91			36			93
		99,200			97,566			99,608			97,100
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 [7]		99,128			97,475			99,572			97,007
Dilutive preferred securities		72			91			36			93
		99,200			97,566			99,608			97,100
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding:
Common shares and equivalents [7]		99,128			97,475			99,572			97,007
Dilutive preferred securities		—			—			—			—
		99,128			97,475			99,572			97,007
Per Share:
Funds From Operations — Diluted	$	0.88		$	0.73		$	1.62		$	1.41
Funds From Operations — Diluted (excluding impairment losses and redemption related preferred stock issuance costs)	$	0.88		$	0.73		$	1.63		$	1.43
Adjusted Funds From Operations — Diluted	$	0.64		$	0.53		$	1.22		$	1.08
Dividends paid	$	0.60		$	0.60		$	1.20		$	1.20

Supplemental Schedule 1 (continued)

Notes to Funds From Operations and Adjusted Funds From Operations

[1] Represents the numerator for calculating basic earnings per common share in accordance with GAAP.

[2] 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.

[3] “Minority partners’ interest” means minority interest in our consolidated real estate partnerships.

[4] 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.

[5] 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 June 30, 2007 and 2006 includes recoveries of impairment losses of $0.1 million and $0.2 million, respectively, and FFO for the six months ended June 30, 2007 and 2006 includes impairment losses of $0.8 million and recoveries of impairment losses of $1.0 million, respectively.

[6] 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 six months ended June 30, 2006 includes issuance costs of $2.6 million.

[7] Represents the denominator for calculating Aimco’s diluted earnings per common share in accordance with GAAP plus additional common share equivalents that are dilutive for FFO or AFFO.

Supplemental Schedule 2

Proportionate Operating Results Presentation	(page 1 of 2)
(in thousands) (unaudited)

	Three Months Ended June 30, 2007												Six Months Ended June 30, 2007
	Aimco			Share of			Minority			Proportionate			Aimco			Share of			Minority			Proportionate
	GAAP Income			Unconsolidated			Partners’			Income			GAAP Income			Unconsolidated			Partners’			Income
	Statement			Partnerships			Interest			Statement			Statement			Partnerships			Interest			Statement
Revenues:
Rental and other property revenues:
Same Store properties [1] [2]	$	300,949		$	454		$	(40,134	)	$	261,269		$	595,288		$	888		$	(81,555	)	$	514,621
Acquisition properties [1]		7,661			—			(1	)		7,660			12,157			—			(1	)		12,156
Redevelopment properties [1]		42,662			—			(4,308	)		38,354			84,792			—			(8,633	)		76,159
Other properties [1]		10,003			548			(798	)		9,753			19,720			707			(1,635	)		18,792
Affordable properties [1]		60,589			5,926			(20,253	)		46,262			120,406			11,615			(38,181	)		93,840
Total rental and other property revenues		421,864			6,928			(65,494	)		363,298			832,363			13,210			(130,005	)		715,568
Property management revenues, primarily from affiliates [3]		1,271			(291	)		3,378			4,358			3,367			(571	)		6,723			9,519
Activity fees and asset management revenues		15,178			—			—			15,178			26,808			—			—			26,808
Total revenues		438,313			6,637			(62,116	)		382,834			862,538			12,639			(123,282	)		751,895
Operating expenses:
Property operating expenses:
Same Store properties [2]		126,437			233			(18,614	)		108,056			250,380			429			(37,819	)		212,990
Acquisition properties		3,242			—			(5	)		3,237			5,304			—			(5	)		5,299
Redevelopment properties		18,374			2			(2,187	)		16,189			37,822			2			(4,416	)		33,408
Other properties		5,536			303			(435	)		5,404			10,952			456			(827	)		10,581
Affordable properties		30,625			3,180			(10,571	)		23,234			62,213			6,419			(19,152	)		49,480
Casualties, Conventional		(566	)		(413	)		652			(327	)		1,502			(412	)		2,077			3,167
Casualties, Affordable		1,108			9			(444	)		673			114			(82	)		701			733
Property management expenses, Conventional [4]		6,300			—			444			6,744			14,912			—			(617	)		14,295
Property management expenses, Affordable [4]		1,625			—			(622	)		1,003			2,725			—			(738	)		1,987
Total property operating expenses		192,681			3,314			(31,782	)		164,213			385,924			6,812			(60,796	)		331,940
Property management expenses [5]		2,072			—			178			2,250			3,278			—			1,355			4,633
Activity and asset management expenses		6,076			—			—			6,076			11,351			—			—			11,351
Depreciation and amortization		121,807			1,151			(5,664	)		117,294			244,195			2,392			(20,600	)		225,987
General and administrative expenses		24,606			22			(1,178	)		23,450			46,683			52			(2,404	)		44,331
Other expenses (income), net		(4,272	)		(149	)		(1,022	)		(5,443	)		(2,266	)		2,888			(4,121	)		(3,499	)
Total operating expenses		342,970			4,338			(39,468	)		307,840			689,165			12,144			(86,566	)		614,743
Operating income		95,343			2,299			(22,648	)		74,994			173,373			495			(36,716	)		137,152
Interest income:
General partner loan interest		2,890			(85	)		9,252			12,057			6,046			(174	)		18,735			24,607
Money market and interest bearing accounts		5,550			211			(849	)		4,912			10,204			360			(1,733	)		8,831
Accretion on discounted notes receivable		802			—			—			802			2,560			—			—			2,560
Total interest income		9,242			126			8,403			17,771			18,810			186			17,002			35,998
Provision for losses on notes receivable		(735	)		—			—			(735	)		(2,278	)		—			—			(2,278	)
Interest expense:
Property debt (primarily non-recourse)		(101,427	)		(1,501	)		14,486			(88,442	)		(201,863	)		(2,745	)		29,522			(175,086	)
Corporate credit facility		(10,831	)		—			—			(10,831	)		(21,667	)		—			—			(21,667	)
Capitalized interest		7,383			6			(506	)		6,883			13,915			9			(889	)		13,035
Total interest expense		(104,875	)		(1,495	)		13,980			(92,390	)		(209,615	)		(2,736	)		28,633			(183,718	)
Deficit distributions to minority partners		(2,028	)		—			—			(2,028	)		(3,221	)		—			—			(3,221	)
Equity in earnings (losses) of unconsolidated real estate partnerships		930			(930	)		—			—			(2,055	)		2,055			—			—
Gain on dispositions of unconsolidated real estate and other		639			—			—			639			1,688			—			—			1,688
Gain on extinguishment of debt		—			—			—			—			19,373			—			(15,101	)		4,272
Loss before minority interests and discontinued operations		(1,484	)		—			(265	)		(1,749	)		(3,925	)		—			(6,182	)		(10,107	)
Minority interest in consolidated real estate partnerships		(265	)		—			265			—			(6,182	)		—			6,182			—
Minority interest in Aimco Operating Partnership		39			—			—			39			778			—			—			778
Loss from continuing operations		(1,710	)		—			—			(1,710	)		(9,329	)		—			—			(9,329	)
Income from discontinued operations, net		21,039			—			—			21,039			53,866			—			—			53,866
Net income		19,329			—			—			19,329			44,537			—			—			44,537
Net income attributable to preferred stockholders		16,346			—			—			16,346			32,694			—			—			32,694
Net income attributable to common stockholders	$	2,983		$	—		$	—		$	2,983		$	11,843		$	—		$	—		$	11,843

(See footnotes on page 2 of 2)

Supplemental Schedule 2

Proportionate Operating Results Presentation	(page 2 of 2)
(in thousands) (unaudited)

	Three Months			Six Months
	Ended			Ended
	June 30, 2007			June 30, 2007
Components of FFO:
Real estate operations:
Rental and other property revenues	$	363,298		$	715,568
Property operating expenses		(164,213	)		(331,940	)
Net real estate operations		199,085			383,628
Property management, net		2,108			4,886
Activity and asset management, net		9,102			15,457
Depreciation and amortization related to non-real estate assets		(4,787	)		(11,321	)
General and administrative expenses		(23,450	)		(44,331	)
Other (expenses) income, net		5,443			3,499
Interest income		17,771			35,998
Provision for losses on notes receivable		(735	)		(2,278	)
Interest expense		(92,390	)		(183,718	)
Gain on extinguishment of debt		—			4,272
Discontinued operations:
Operations and other		2,534			4,970
Interest expense		(427	)		(2,039	)
Gain on extinguishment of debt		—			5,039
Preferred stock dividends		(16,346	)		(32,694	)
Preferred partnership unit distributions		(1,782	)		(3,564	)
Dividends/distributions on dilutive preferred securities		58			58
Subtotal before minority interest in Aimco Operating Partnership	$	96,184		$	177,862
Minority interest in common units of Aimco Operating Partnership		(8,851	)		(16,413	)
FFO Attributable to Common Stockholders — Diluted	$	87,333		$	161,449
Reconciliation of Net Income to FFO and AFFO:
Net income	$	19,329		$	44,537
Real estate depreciation and amortization		117,294			225,987
Depreciation and amortization related to non-real estate assets		(4,787	)		(11,321	)
Deficit distributions to minority partners		2,028			3,221
Gain on dispositions of unconsolidated real estate and other		(639	)		(1,688	)
Gain on dispositions of non-depreciable assets		—			—
Discontinued operations		(21,079	)		(51,392	)
Minority interest in Aimco Operating Partnership’s share of adjustments		(8,525	)		(15,259	)
Preferred stock dividends		(16,346	)		(32,694	)
Redemption related preferred stock issuance costs		—			—
Dividends/distributions on dilutive preferred securities		58			58
FFO Attributable to Common Stockholders — Diluted	$	87,333		$	161,449
Capital Replacements		(25,968	)		(44,653	)
Real estate impairment losses (recoveries), continuing operations		—			—
Real estate impairment losses (recoveries), discontinued operations		(60	)		783
Redemption related preferred stock issuance costs		—			—
Minority interest in Aimco Operating Partnership’s share of adjustments		2,392			4,061
Dividends/distributions on non-dilutive preferred securities		(58	)		(58	)
AFFO Attributable to Common Stockholders — Diluted	$	63,639		$	121,582

Notes to Schedule 2:

[1] See definitions and descriptions in Glossary.

[2] Same store amounts in this schedule may differ from the same store amounts in Schedule 6. 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] Property management revenues reported in Aimco’s GAAP income statement reflect fees charged to unconsolidated properties. Property management revenues reported in the proportionate income statement reflect the minority partners’ share of fees charged to both consolidated and unconsolidated properties.

[4] Property management expenses reported on this line in Aimco’s GAAP income statement reflect expenses related to the management of consolidated properties. Property management expenses reported on this line in the proportionate income statement reflect Aimco’s share of both consolidated and unconsolidated property management expenses.

[5] Property management expenses reported on this line in Aimco’s GAAP income statement reflect expenses related to the management of unconsolidated properties. Property management expenses reported on this line in the proportionate income statement reflect minority partners’ share of both consolidated and unconsolidated property management expenses.

Supplemental Schedule 3

Proportionate Balance Sheet Presentation
As of June 30, 2007
(in thousands) (unaudited)

	Consolidated			Proportionate
	GAAP			Share of			Minority			Proportionate
	Balance Sheet			Unconsolidated			Partners’			Balance
	June 30, 2007			Partnerships [1]			Interest [2]			Sheet [3]
ASSETS
Buildings and improvements	$	9,486,611		$	54,853		$	(1,325,797	)	$	8,215,667
Land		2,608,316			2,163			(101,733	)		2,508,746
Accumulated depreciation		(2,905,219	)		(35,731	)		782,650			(2,158,300	)
NET REAL ESTATE		9,189,708			21,285			(644,880	)		8,566,113
Cash and cash equivalents		258,027			1,569			(81,295	)		178,301
Restricted cash		332,955			5,746			(63,339	)		275,362
Accounts receivable		76,347			692			—			77,039
Accounts receivable from affiliates		33,680			—			—			33,680
Deferred financing costs		73,136			—			—			73,136
Notes receivable from unconsolidated real estate partnerships		43,106			—			—			43,106
Notes receivable from non-affiliates		138,678			—			—			138,678
Investment in unconsolidated real estate partnerships		37,124			20,213			—			57,337
Other assets		199,321 [4]			14,613			—			213,934
Deferred income tax asset, net		5,139			—			—			5,139
Assets held for sale		12,420			—			—			12,420
TOTAL ASSETS	$	10,399,641		$	64,118		$	(789,514	)	$	9,674,245
LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	949,692		$	139		$	(26,292	)	$	923,539
Property loans payable		5,595,153			53,693			(742,317	)		4,906,529
Term loans		400,000			—			—			400,000
Credit facility		154,000			—			—			154,000
Other borrowings		59,786			—			—			59,786
TOTAL INDEBTEDNESS		7,158,631			53,832			(768,609	)		6,443,854
Accounts payable		42,096			10,286			—			52,382
Accrued liabilities and other		300,373			—			—			300,373
Deferred income		150,326			—			—			150,326
Security deposits		48,038			—			—			48,038
Liabilities related to assets held for sale		8,546			—			—			8,546
TOTAL LIABILITIES		7,708,010			64,118			(768,609	)		7,003,519
Minority interest in consolidated real estate partnerships		262,608			—			(20,905	)		241,703
Minority interest in Aimco Operating Partnership		155,564			—			—			155,564
NET OPERATING ASSETS				$	—		$	—		$	2,273,459
STOCKHOLDERS’ EQUITY
Perpetual preferred stock		723,500
Convertible preferred stock		100,000
Class A Common Stock		967
Additional paid-in capital		3,060,683
Notes due on common stock purchases		(3,760	)
Distributions in excess of earnings		(1,607,931	)
TOTAL STOCKHOLDERS’ EQUITY		2,273,459
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,399,641

[1]	Total of Aimco’s proportionate share of selected unconsolidated balance sheet data.
[2]	Total of minority partners’ share of selected balance sheet data. Additionally, Aimco has notes receivable from consolidated partnerships which are eliminated in the GAAP balance sheet. The minority partners’ share of amounts payable to Aimco pursuant to those notes is $49.1 million.
[3]	Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of June 30, 2007, plus Aimco’s proportionate share of selected unconsolidated balance sheet data and less minority partners’ share of selected balance sheet data.
[4]	Other assets includes $81.9 million in goodwill and $2.8 million in investments in management contracts.

Supplemental Schedule 4
Share Data
As of June 30, 2007
(in thousands) (unaudited)

Preferred Securities

	Shares/Units
	Outstanding
	as of			Redemption
	June 30, 2007			Date [1]		Coupon			Amount
Perpetual Preferred Stock [2]:
Class G		4,050			7/15/2008		9.375	%	$	101,000
Class T		6,000			7/31/2008		8.00	%		150,000
Class U		8,000			3/24/2009		7.75	%		200,000
Class V		3,450			9/29/2009		8.00	%		86,250
Class Y		3,450			12/21/2009		7.875	%		86,250
Series A Community Reinvestment Act		0	[3]		6/30/2011		6.610	%[4]		100,000
Total perpetual preferred stock										723,500
Convertible Preferred Stock — Class W [5]		1,905			9/30/2007		8.10	%		100,000
Preferred Partnership Units [6]		3,253					7.99	%		89,107
Total outstanding preferred securities									$	912,607

Common Stock and Equivalents

	Shares/Units Outstanding as of		Weighted Average Shares / Units
			Three Months Ended				Six Months Ended
			June 30, 2007				June 30, 2007
	June 30, 2007		Diluted EPS		Diluted FFO		Diluted EPS		Diluted FFO
Class A Common Stock [7]		95,614		95,973		95,973		95,972		95,972
Dilutive securities:
Options, restricted stock and non-recourse shares [8]		1,835		—		2,297		—		2,742
High Performance Units [9]		858		—		858		—		858
Convertible preferred securities [10]		—		—		72		—		36
Total shares and dilutive share equivalents		98,307		95,973		99,200		95,972		99,608
Class I High Performance Units		2,379		2,379		2,379		2,379		2,379
Common Partnership Units		7,336		7,312		7,312		7,309		7,309
Common Partnership Units and equivalents		9,715		9,691		9,691		9,688		9,688
Total shares, units and dilutive share equivalents		108,022		105,664		108,891		105,660		109,296

Notes:
[1]	The redemption date is the date the securities are first eligible for redemption by Aimco.
[2]	Preferred stock amounts are shown net of any eliminations required by GAAP.
[3]	Represents 200 shares at a liquidation preference per share of $500,000.
[4]	The dividend rate is a variable rate per annum equal to the Three-Month LIBOR Rate plus 1.25%, calculated as of the beginning of each quarterly dividend period.
[5]	Conversion ratio for Class W is 1.0 to 1.0.
[6]	Coupon is based on a weighted average.
[7]	Includes a deduction of 1,104,000 for non-recourse shares and unvested restricted stock as of June 30, 2007.
[8]	Stock options, restricted stock and non-recourse shares are presumed to be dilutive as of June 30, 2007 and reflect the options and shares outstanding at the end of the period and the $50.42 share price at the end of the period. Dilution for the three and six months ended June 30, 2007 reflects the weighted average amounts during the period.
[9]	Represents the number of equivalent common OP units that would be issued if the applicable measurement periods for Class VIII and IX HPUs, which end on December 31, 2007 and 2008, respectively, had ended on June 30, 2007 (if dilutive).
[10]	For the three and six months ended June 30, 2007, represents the number of common shares that would be issued upon conversion, if dilutive, considering the reduction in preferred dividends/distributions that would result from conversion. The dilutive effect of convertible preferred securities is less than $0.001 per share for the three and six months ended June 30, 2007. The potential common shares that would be issued upon conversion is ignored in the determination of shares/units outstanding as of June 30, 2007.

Supplemental Schedule 5
Selected Debt Structure and Maturity Data
As of June 30, 2007
(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	$	4,486,522	$	6,588	$	(480,198	)	$	4,012,912		9.8		6.27	%
Floating rate loans payable [1]		448,184		—		(32,747	)		415,437		1.8		6.47	%
Total property loans payable		4,934,706		6,588		(512,945	)		4,428,349		9.1		6.29	%
Fixed rate tax-exempt bonds		170,872		—		(7,817	)		163,055		15.1		5.82	%
Floating rate tax-exempt bonds [1]		606,460		—		(5,342	)		601,118		13.7		4.05	%
Total property tax-exempt bond financing		777,332		—		(13,159	)		764,173		14.0		4.43	%
Total Conventional portfolio		5,712,038		6,588		(526,104	)		5,192,522		9.8		6.01	%
Affordable Portfolio:
Fixed rate loans payable		646,777		39,133		(229,372	)		456,538		17.6		5.55	%
Floating rate loans payable		13,670		7,972		—			21,642		3.6		5.66	%
Total property loans payable		660,447		47,105		(229,372	)		478,180		16.9		5.55	%
Fixed rate tax-exempt bonds		86,180		139		(10,561	)		75,758		26.6		5.23	%
Floating rate tax-exempt bonds [1]		86,180		—		(2,572	)		83,608		29.7		4.18	%
Total property tax-exempt bond financing		172,360		139		(13,133	)		159,366		28.2		4.68	%
Total Affordable portfolio		832,807		47,244		(242,505	)		637,546		19.8		5.33	%
Total property debt	$	6,544,845	$	53,832	$	(768,609	)	$	5,830,068		10.9		5.94	%
Corporate Debt:
Term Loan	$	400,000	$	—	$	—		$	400,000		—		6.86	%
Credit Facility		154,000		—		—			154,000		—		6.70	%
Total corporate debt	$	554,000	$	—	$	—		$	554,000		—		6.82	%
Other borrowings [2]	$	59,786	$	—	$	—		$	59,786
Total debt	$	7,158,631	$	53,832	$	(768,609	)	$	6,443,854				6.01	%

[1] Floating rate debt presented above includes $409.6 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps.

[2] Other borrowings consists primarily of unsecured notes payable and obligations under sale and leaseback arrangements accounted for as financings. At June 30, 2007, other borrowings includes $51.3 million in fixed rate obligations with interest rates ranging from zero to 10.0% and $8.5 million in variable rate obligations bearing interest at the prime rate plus 1.75%.

II. Debt Maturities

Consolidated Property Debt:

							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
Q3 2007	$	32,778	$	102,689	$	135,467		2.1	%		6.28	%
Q4 2007		33,569		98,816		132,385		2.0	%		7.03	%
Q1 2008		36,064		42,794		78,858		1.2	%		7.00	%
Q2 2008		36,236		58,332		94,568		1.4	%		6.16	%
Q3 2008		34,121		73,791		107,912		1.6	%		5.70	%
Q4 2008		34,397		113,264		147,661		2.3	%		5.80	%
Q1 2009		34,498		129,142		163,640		2.5	%		5.34	%
Q2 2009		35,128		171,097		206,225		3.2	%		5.72	%
2009 remaining		72,699		86,810		159,509		2.4	%		4.66	%
2010		150,801		353,447		504,248		7.7	%		6.27	%
2011		158,831		341,787		500,618		7.7	%		5.71	%
Thereafter						4,313,754		65.9	%
Total property debt					$	6,544,845		100.0	%

Corporate Debt:

							Percent			Average
	Amortization		Maturities		Total		of Total			Rate
2009	$	—	$	154,000	$	154,000		27.8	%		6.70	%
2011		—		400,000		400,000		72.2	%		6.86	%
Total corporate debt	$	—	$	554,000	$	554,000		100.0	%		6.82	%

Supplemental Schedule 5 (continued)
Selected Debt Structure and Maturity Data
As of June 30, 2007
(dollars in millions)
(unaudited)

III. Loan Closings

SECOND QUARTER LOAN CLOSINGS:	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Property Loan Type (all non-recourse)	Amount		Amount		Existing Loan		New Loan		Proceeds [1]		Rate			Rate
Refinancings:
Fixed rate	$	33.7	$	126.4	$	30.5	$	120.8	$	88.4		5.43	%		5.98	%
Floating rate		—		—		—		—		—
Affordable, mark-to-market and other		11.1		47.4		8.0		42.1		12.2		8.45	%		4.08	%
Loans Relating to Acquisitions:
Fixed rate		16.0		56.0		16.0		56.0		39.7		5.25	%		5.75	%
Totals	$	60.8	$	229.8	$	54.5	$	218.9	$	140.3		5.93	%		5.53	%

YEAR-TO-DATE LOAN CLOSINGS:	Original		New		Aimco		Aimco		Aimco
	Loan		Loan		Share		Share		Net		Prior			New
Property Loan Type (all non-recourse)	Amount		Amount		Existing Loan		New Loan		Proceeds [1]		Rate			Rate
Refinancings:
Fixed rate	$	260.6	$	591.8	$	191.6	$	447.6	$	251.3		7.33	%		6.10	%
Floating rate		55.6		56.5		26.5		26.6		0.0		8.59	%		6.23	%
Affordable, mark-to-market and other		21.4		97.9		15.6		88.6		50.1		8.45	%		4.78	%
Loans Relating to Acquisitions:
Fixed rate		16.0		72.1		16.0		72.1		55.6		5.25	%		5.71	%
Totals	$	353.6	$	818.3	$	249.7	$	634.9	$	357.0		7.50	%		5.91	%

[1] Aimco net proceeds is after transaction costs and any release of escrow funds.

IV. Capitalization

	December 31, 2006						March 31, 2007						June 30, 2007
	Amount			Percent			Amount			Percent			Amount			Percent
Corporate debt	$	540			4.3	%	$	530			4.1	%	$	554			4.5	%
Property debt (Aimco’s share)		5,473			43.7	%		5,584			43.6	%		5,830			47.5	%
Other borrowings		68			0.5	%		61			0.5	%		60			0.5	%
Total debt		6,081			48.5	%		6,175			48.2	%		6,444			52.5	%
Less cash and restricted cash (Aimco’s share)		(456	)		-3.6	%		(447	)		-3.5	%		(454	)		-3.7	%
Net debt		5,625			44.9	%		5,728			44.7	%		5,990			48.8	%
Preferred equity		913			7.3	%		913			7.1	%		913			7.4	%
Common equity at market [1]		5,992			47.8	%		6,163			48.1	%		5,366			43.8	%
Total capitalization	$	12,530			100.0	%	$	12,804			100.0	%	$	12,269			100.0	%

[1] Common equity at market at June 30, 2007, March 31, 2007 and December 31, 2006 was calculated using 106.433 million, 106.825 million and 106.956 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $50.42, $57.69, and $56.02 per share/unit on June 29, 2007, March 31, 2007 and December 29, 2006, respectively.

V. Credit Ratings

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

Supplemental Schedule 6(a)

Same Store Operating Results
Second Quarter 2007 Compared to Second Quarter 2006
(unaudited) (in thousands, except site and unit data)

									Three Months Ended									Three Months Ended									Change
									June 30, 2007									June 30, 2006									Revenue						Expenses						NOI
	Sites		Units			Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount			Percent			Amount			Percent			Amount			Percent
California
Bay Area — Sacramento		5		1,291			95	%	$	4,516	$	1,608	$	2,908				$	4,239	$	1,594	$	2,645				$	277			6.5	%	$	14			0.9	%	$	263			9.9	%
Los Angeles — Long Beach — Ventura		12		3,538			100	%	$	21,737	$	7,053	$	14,684					19,919		6,392		13,527					1,818			9.1	%		660			10.3	%		1,158			8.6	%
Orange County — Riverside		8		1,883			87	%		6,415		2,041		4,374					6,119		1,901		4,218					296			4.8	%		140			7.4	%		156			3.7	%
San Diego		4		1,622			96	%		5,246		1,665		3,581					5,141		1,609		3,532					105			2.0	%		56			3.5	%		49			1.4	%
		29		8,334			95.4	%		37,915		12,367		25,548		95.6	%		35,418		11,496		23,922		96.1	%		2,497			7.0	%		871			7.6	%		1,626			6.8	%
Florida
Jacksonville		2		592			100	%		1,276		576		700					1,322		503		819					(46	)		-3.5	%		72			14.4	%		(119	)		-14.6	%
Miami — Fort Lauderdale		10		3,226			85	%		10,391		4,096		6,295					10,247		4,058		6,189					144			1.4	%		38			0.9	%		106			1.7	%
Orlando — Daytona		20		4,790			93	%		10,698		4,938		5,759					10,821		4,318		6,503					(123	)		-1.1	%		621			14.4	%		(744	)		-11.4	%
Tampa — St. Petersburg		16		3,983			73	%		6,895		3,262		3,632					6,883		2,799		4,084					12			0.2	%		464			16.6	%		(452	)		-11.1	%
West Palm Beach — Boca		5		1,505			100	%		4,295		1,735		2,559					4,347		1,750		2,597					(52	)		-1.2	%		(14	)		-0.8	%		(38	)		-1.5	%
		53		14,096			86.5	%		33,554		14,608		18,946		92.3	%		33,620		13,428		20,192		96.3	%		(66	)		-0.2	%		1,180			8.8	%		(1,246	)		-6.2	%
Midwest
Chicago		16		4,248			82	%		11,284		4,579		6,706					10,603		4,649		5,955					681			6.4	%		(70	)		-1.5	%		751			12.6	%
Cincinnati — Dayton		6		1,587			60	%		2,243		996		1,247					2,181		941		1,240					62			2.9	%		55			5.8	%		7			0.6	%
Columbus		9		2,004			73	%		2,876		1,260		1,616					2,698		1,411		1,287					178			6.6	%		(151	)		-10.7	%		329			25.6	%
Detroit — Ann Arbor		4		1,541			97	%		3,252		1,649		1,603					2,994		1,605		1,389					257			8.6	%		43			2.7	%		214			15.4	%
Grand Rapids — Lansing		11		4,403			71	%		6,195		2,958		3,237					5,715		2,890		2,825					480			8.4	%		68			2.4	%		412			14.6	%
Indianapolis		25		9,962			92	%		16,417		8,045		8,372					15,858		7,905		7,953					559			3.5	%		140			1.8	%		419			5.3	%
Minneapolis — St. Paul		4		1,223			83	%		3,568		1,503		2,065					3,310		1,439		1,872					258			7.8	%		65			4.5	%		193			10.3	%
Midwest other		2		704			44	%		639		285		354					641		274		367					(2	)		-0.3	%		11			4.1	%		(13	)		-3.6	%
		77		25,672			81.9	%		46,474		21,274		25,200		94.3	%		44,001		21,114		22,887		93.5	%		2,473			5.6	%		160			0.8	%		2,313			10.1	%
Northeast
Baltimore		9		1,772			87	%		5,208		1,845		3,363					4,843		1,778		3,065					365			7.5	%		67			3.7	%		299			9.8	%
New England		16		5,745			100	%		20,189		7,500		12,688					19,603		6,926		12,677					586			3.0	%		574			8.3	%		12			0.1	%
Philadelphia — New York		13		5,522			86	%		18,181		6,716		11,465					17,097		6,111		10,987					1,084			6.3	%		606			9.9	%		479			4.4	%
Washington		17		8,890			95	%		28,414		10,785		17,629					27,223		9,720		17,503					1,191			4.4	%		1,066			11.0	%		126			0.7	%
		55		21,929			93.3	%		71,993		26,847		45,146		95.8	%		68,766		24,535		44,231		95.4	%		3,227			4.7	%		2,312			9.4	%		915			2.1	%
Southeast
Atlanta		9		2,484			81	%		4,649		2,278		2,371					4,089		1,983		2,106					560			13.7	%		295			14.9	%		265			12.6	%
Savannah — Augusta		2		416			100	%		900		388		512					944		331		613					(44	)		-4.7	%		57			17.1	%		(101	)		-16.4	%
Columbia — Charleston		3		600			76	%		944		411		533					940		412		528					3			0.3	%		(1	)		-0.3	%		5			0.9	%
Nashville		7		2,166			78	%		4,053		1,783		2,270					3,811		1,670		2,141					243			6.4	%		114			6.8	%		129			6.0	%
Norfolk		9		2,747			80	%		6,220		2,154		4,066					6,032		2,091		3,942					188			3.1	%		64			3.0	%		124			3.1	%
Raleigh — Durham — Chapel Hill		8		2,247			77	%		3,454		1,627		1,828					3,043		1,550		1,493					411			13.5	%		77			4.9	%		335			22.4	%
Richmond — Petersburg		3		744			80	%		1,505		563		942					1,338		469		869					166			12.4	%		93			19.9	%		73			8.4	%
		41		11,404			79.8	%		21,725		9,203		12,522		95.2	%		20,199		8,506		11,693		92.5	%		1,526			7.6	%		697			8.2	%		829			7.1	%
Texas
Austin — San Marcos		7		1,497			100	%		3,179		1,652		1,527					2,923		1,475		1,448					255			8.7	%		176			11.9	%		79			5.5	%
Dallas — Fort Worth		17		4,206			82	%		6,902		3,487		3,415					6,497		3,320		3,177					405			6.2	%		167			5.0	%		237			7.5	%
Houston — Galveston		37		9,776			73	%		14,010		7,387		6,623					13,067		6,957		6,111					943			7.2	%		430			6.2	%		513			8.4	%
San Antonio		9		1,951			93	%		3,164		1,659		1,505					3,048		1,536		1,512					117			3.8	%		123			8.0	%		(7	)		-0.5	%
		70		17,430			79.5	%		27,255		14,186		13,069		94.9	%		25,536		13,289		12,247		93.4	%		1,719			6.7	%		897			6.7	%		823			6.7	%
West
Colorado Front Range		23		5,109			83	%		10,173		4,374		5,799					9,435		4,031		5,404					738			7.8	%		343			8.5	%		395			7.3	%
Phoenix — Mesa		16		4,223			94	%		8,162		3,648		4,514					7,677		3,504		4,173					485			6.3	%		144			4.1	%		341			8.2	%
Salt Lake City — Ogden		4		1,511			86	%		2,616		1,022		1,594					2,412		910		1,502					203			8.4	%		111			12.2	%		92			6.1	%
Seattle		3		364			59	%		602		250		351					549		240		308					53			9.6	%		10			4.1	%		43			13.9	%
West other		5		1,621			100	%		3,068		1,453		1,615					2,993		1,327		1,666					75			2.5	%		126			9.5	%		(51	)		-3.1	%
		51		12,828			88.6	%		24,620		10,747		13,873		94.9	%		23,066		10,012		13,054		94.6	%		1,554			6.7	%		735			7.3	%		819			6.3	%
SAME STORE TOTALS		376		111,693	[2]		85.9	%	$	263,536	$	109,232	$	154,304		94.7	%	$	250,606	$	102,380	$	148,226		94.4	%	$	12,930			5.2	%	$	6,852			6.7	%	$	6,078			4.1	%
Reconciliation to total rental and other property revenues and property operating expenses per GAAP income statement [1]										158,328		83,449		74,879					141,893		71,126		70,767
Total rental and other property revenues and property operating expenses per GAAP income statement									$	421,864	$	192,681	$	229,183				$	392,499	$	173,506	$	218,993

[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 95,900 at June 30, 2007.

Supplemental Schedule 6(b)

Same Store Operating Results
Second Quarter 2007 Compared to First Quarter 2007
(unaudited) (in thousands, except site and unit data)

									Three Months Ended									Three Months Ended									Change
									June 30, 2007									March 31, 2007									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			95	%	$	4,516	$	1,608	$	2,908				$	4,508	$	1,667	$	2,841				$	8			0.2	%	$	(58	)		-3.5	%	$	67			2.3	%
Los Angeles — Long Beach — Ventura		12		3,538			100	%		21,737		7,053		14,684					21,224		7,054		14,170					513			2.4	%		(1	)		0.0	%		514			3.6	%
Orange County — Riverside		8		1,883			87	%		6,415		2,041		4,374					6,305		1,965		4,341					110			1.7	%		77			3.9	%		33			0.8	%
San Diego		4		1,622			96	%		5,246		1,665		3,581					5,218		1,645		3,572					28			0.5	%		20			1.2	%		9			0.2	%
		29		8,334			95.4	%		37,915		12,367		25,548		95.6	%		37,255		12,330		24,925		95.9	%		660			1.8	%		37			0.3	%		623			2.5	%
Florida
Jacksonville		2		592			100	%		1,275		576		700					1,278		507		771					(3	)		-0.2	%		69			13.5	%		(71	)		-9.2	%
Miami — Fort Lauderdale		10		3,226			85	%		10,391		4,096		6,295					10,349		4,136		6,213					42			0.4	%		(40	)		-1.0	%		82			1.3	%
Orlando — Daytona		20		4,790			93	%		10,698		4,938		5,759					10,767		4,513		6,254					(69	)		-0.6	%		426			9.4	%		(495	)		-7.9	%
Tampa — St. Petersburg		16		3,983			73	%		6,895		3,262		3,632					6,911		3,014		3,897					(17	)		-0.2	%		248			8.2	%		(265	)		-6.8	%
West Palm Beach — Boca		5		1,505			100	%		4,295		1,735		2,559					4,406		1,775		2,631					(112	)		-2.5	%		(40	)		-2.2	%		(72	)		-2.7	%
		53		14,096			86.5	%		33,554		14,608		18,946		92.3	%		33,711		13,944		19,767		92.5	%		(157	)		-0.5	%		664			4.8	%		(821	)		-4.2	%
Midwest
Chicago		16		4,248			82	%		11,284		4,579		6,706					10,928		4,998		5,931					356			3.3	%		(419	)		-8.4	%		775			13.1	%
Cincinnati — Dayton		6		1,587			60	%		2,243		996		1,247					2,211		876		1,335					32			1.4	%		120			13.6	%		(88	)		-6.6	%
Columbus		9		2,004			73	%		2,876		1,260		1,616					2,767		1,317		1,450					108			3.9	%		(57	)		-4.3	%		166			11.4	%
Detroit — Ann Arbor		4		1,541			97	%		3,252		1,649		1,603					3,269		1,934		1,334					(17	)		-0.5	%		(285	)		-14.8	%		268			20.1	%
Grand Rapids — Lansing		11		4,403			71	%		6,195		2,958		3,237					6,072		3,115		2,957					123			2.0	%		(157	)		-5.0	%		280			9.5	%
Indianapolis		25		9,962			92	%		16,417		8,045		8,372					16,105		7,740		8,365					312			1.9	%		304			3.9	%		7			0.1	%
Minneapolis — St. Paul		4		1,223			83	%		3,568		1,503		2,065					3,386		1,574		1,812					183			5.4	%		(70	)		-4.5	%		253			14.0	%
Midwest other		2		704			44	%		639		285		354					624		273		351					16			2.5	%		12			4.6	%		3			0.9	%
		77		25,672			81.9	%		46,474		21,274		25,200		94.3	%		45,362		21,828		23,534		94.4	%		1,112			2.5	%		(554	)		-2.5	%		1,666			7.1	%
Northeast
Baltimore		9		1,772			87	%		5,208		1,845		3,363					5,132		1,866		3,266					77			1.5	%		(21	)		-1.1	%		97			3.0	%
New England		16		5,745			100	%		20,189		7,500		12,688					19,797		7,619		12,178					391			2.0	%		(119	)		-1.6	%		510			4.2	%
Philadelphia — New York		13		5,522			86	%		18,181		6,716		11,465					17,780		6,618		11,161					402			2.3	%		98			1.5	%		304			2.7	%
Washington		17		8,890			95	%		28,414		10,785		17,629					28,002		11,024		16,978					412			1.5	%		(239	)		-2.2	%		650			3.8	%
		55		21,929			93.3	%		71,993		26,847		45,146		95.8	%		70,711		27,127		43,584		95.5	%		1,282			1.8	%		(280	)		-1.0	%		1,562			3.6	%
Southeast
Atlanta		9		2,484			81	%		4,649		2,278		2,371					4,500		2,007		2,492					149			3.3	%		271			13.5	%		(121	)		-4.9	%
Savannah — Augusta		2		416			100	%		900		388		512					929		333		596					(29	)		-3.1	%		54			16.3	%		(84	)		-14.0	%
Columbia — Charleston		3		600			76	%		944		411		533					945		399		546					(1	)		-0.1	%		12			3.0	%		(13	)		-2.4	%
Nashville		7		2,166			78	%		4,053		1,783		2,270					3,964		1,628		2,336					90			2.3	%		156			9.6	%		(66	)		-2.8	%
Norfolk		9		2,747			80	%		6,220		2,154		4,066					5,886		2,025		3,861					334			5.7	%		129			6.4	%		205			5.3	%
Raleigh — Durham — Chapel Hill		8		2,247			77	%		3,454		1,627		1,828					3,271		1,584		1,687					183			5.6	%		42			2.7	%		141			8.4	%
Richmond — Petersburg		3		744			80	%		1,505		563		942					1,511		504		1,007					(7	)		-0.4	%		59			11.6	%		(65	)		-6.5	%
		41		11,404			79.8	%		21,725		9,203		12,522		95.2	%		21,007		8,481		12,526		93.7	%		718			3.4	%		722			8.5	%		(4	)		0.0	%
Texas
Austin — San Marcos		7		1,497			100	%		3,179		1,652		1,527					3,106		1,545		1,561					73			2.3	%		107			6.9	%		(34	)		-2.2	%
Dallas — Fort Worth		17		4,206			82	%		6,902		3,487		3,415					6,757		3,351		3,406					145			2.1	%		136			4.1	%		8			0.2	%
Houston — Galveston		37		9,776			73	%		14,010		7,387		6,623					13,742		6,934		6,808					269			2.0	%		454			6.5	%		(185	)		-2.7	%
San Antonio		9		1,951			93	%		3,164		1,659		1,505					3,150		1,558		1,591					15			0.5	%		101			6.5	%		(87	)		-5.4	%
		70		17,430			79.5	%		27,255		14,186		13,069		94.9	%		26,755		13,388		13,367		94.3	%		500			1.9	%		798			6.0	%		(298	)		-2.2	%
West
Colorado Front Range		23		5,109			83	%		10,173		4,374		5,799					9,853		3,896		5,957					320			3.2	%		478			12.3	%		(158	)		-2.7	%
Phoenix — Mesa		16		4,223			94	%		8,162		3,648		4,514					8,035		3,512		4,524					127			1.6	%		136			3.9	%		(9	)		-0.2	%
Salt Lake City — Ogden		4		1,511			86	%		2,616		1,022		1,594					2,545		895		1,650					70			2.8	%		126			14.1	%		(56	)		-3.4	%
Seattle		3		364			59	%		602		250		351					580		232		348					21			3.6	%		18			7.9	%		3			0.8	%
West other		5		1,621			100	%		3,068		1,453		1,615					3,048		1,412		1,636					20			0.7	%		41			2.9	%		(21	)		-1.3	%
		51		12,828			88.6	%		24,620		10,747		13,873		94.9	%		24,061		9,947		14,114		94.6	%		559			2.3	%		800			8.0	%		(241	)		-1.7	%
SAME STORE TOTALS		376		111,693	[2]		85.9	%	$	263,536	$	109,232	$	154,304		94.7	%	$	258,862	$	107,045	$	151,817		94.4	%	$	4,674			1.8	%	$	2,187			2.0	%	$	2,487			1.6	%
Reconciliation to total rental and other property revenues and property operating expenses per GAAP income statement [1]										158,328		83,449		74,879					151,636		86,198		65,438
Total rental and other property revenues and property operating expenses per GAAP income statement									$	421,864	$	192,681	$	229,183				$	410,498	$	193,243	$	217,255

[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 95,900 at June 30, 2007.

Supplemental Schedule 6(c)

Same Store Operating Results
Six Months Ended June 30, 2007 Compared to Six Months Ended June 30, 2006
(unaudited) (in thousands, except site and unit data)

								Six Months Ended									Six Months Ended									Change
								June 30, 2007									June 30, 2006									Revenue						Expenses						NOI
	Sites		Units		Ownership			Revenue		Expenses		NOI		Occ %			Revenue		Expenses		NOI		Occ %			Amount			Percent			Amount			Percent			Amount			Percent
California
Bay Area — Sacramento		5		1,291		95	%	$	9,025	$	3,275	$	5,749				$	8,373	$	3,195	$	5,178				$	652			7.8	%	$	80			2.5	%	$	572			11.0	%
Los Angeles — Long Beach — Ventura		11		2,927		100	%		31,842		10,074		21,769					29,585		9,432		20,153					2,257			7.6	%		641			6.8	%		1,616			8.0	%
Orange County — Riverside		8		1,883		87	%		12,721		4,006		8,715					12,134		3,809		8,325					587			4.8	%		197			5.2	%		390			4.7	%
San Diego		4		1,622		96	%		10,463		3,310		7,153					10,171		3,215		6,956					292			2.9	%		95			3.0	%		197			2.8	%
		28		7,723		95.0	%		64,052		20,665		43,387		95.5	%		60,263		19,651		40,612		96.0	%		3,789			6.3	%		1,014			5.2	%		2,775			6.8	%
Florida
Jacksonville		2		592		100	%		2,553		1,083		1,471					2,635		987		1,648					(82	)		-3.1	%		96			9.7	%		(178	)		-10.8	%
Miami — Fort Lauderdale		10		3,226		85	%		20,740		8,232		12,508					20,246		7,987		12,259					494			2.4	%		245			3.1	%		249			2.0	%
Orlando — Daytona		20		4,790		93	%		21,465		9,451		12,013					21,483		8,598		12,884					(18	)		-0.1	%		853			9.9	%		(871	)		-6.8	%
Tampa — St. Petersburg		16		3,983		73	%		13,806		6,276		7,530					13,594		5,558		8,036					212			1.6	%		718			12.9	%		(506	)		-6.3	%
West Palm Beach — Boca		5		1,505		100	%		8,701		3,510		5,190					8,657		3,350		5,307					44			0.5	%		161			4.8	%		(117	)		-2.2	%
		53		14,096		86.5	%		67,264		28,552		38,712		92.4	%		66,615		26,480		40,135		97.0	%		649			1.0	%		2,072			7.8	%		(1,423	)		-3.5	%
Midwest
Chicago		16		4,248		82	%		22,213		9,576		12,636					20,994		9,385		11,609					1,218			5.8	%		191			2.0	%		1,027			8.8	%
Cincinnati — Dayton		6		1,587		60	%		4,454		1,872		2,582					4,260		2,007		2,253					193			4.5	%		(135	)		-6.7	%		328			14.6	%
Columbus		8		1,940		73	%		5,428		2,465		2,963					5,142		2,876		2,265					286			5.6	%		(412	)		-14.3	%		697			30.8	%
Detroit — Ann Arbor		4		1,541		97	%		6,520		3,583		2,937					6,094		3,305		2,789					426			7.0	%		278			8.4	%		148			5.3	%
Grand Rapids — Lansing		11		4,403		71	%		12,267		6,074		6,194					11,430		5,843		5,586					838			7.3	%		230			3.9	%		607			10.9	%
Indianapolis		25		9,962		92	%		32,522		15,785		16,737					31,563		15,187		16,376					959			3.0	%		598			3.9	%		361			2.2	%
Minneapolis — St. Paul		4		1,223		83	%		6,954		3,077		3,877					6,570		3,068		3,502					384			5.8	%		10			0.3	%		375			10.7	%
Midwest other		2		704		44	%		1,263		558		705					1,268		571		697					(5	)		-0.4	%		(13	)		-2.3	%		8			1.2	%
		76		25,608		81.9	%		91,620		42,990		48,630		94.3	%		87,320		42,242		45,078		93.7	%		4,300			4.9	%		748			1.8	%	��	3,552			7.9	%
Northeast
Baltimore		9		1,772		87	%		10,340		3,711		6,630					9,532		3,631		5,902					808			8.5	%		80			2.2	%		728			12.3	%
New England		16		5,745		100	%		39,986		15,119		24,867					38,903		14,557		24,346					1,083			2.8	%		562			3.9	%		521			2.1	%
Philadelphia — New York		13		5,522		86	%		35,961		13,334		22,627					33,836		12,741		21,095					2,125			6.3	%		593			4.7	%		1,532			7.3	%
Washington		17		8,890		95	%		56,417		21,809		34,607					54,083		20,296		33,787					2,334			4.3	%		1,513			7.5	%		820			2.4	%
		55		21,929		93.3	%		142,704		53,973		88,731		95.7	%		136,354		51,225		85,129		95.6	%		6,350			4.7	%		2,748			5.4	%		3,602			4.2	%
Southeast
Atlanta		9		2,484		81	%		9,148		4,285		4,863					8,154		3,986		4,169					994			12.2	%		300			7.5	%		694			16.7	%
Savannah — Augusta		2		416		100	%		1,830		721		1,108					1,835		651		1,184					(5	)		-0.3	%		70			10.8	%		(76	)		-6.4	%
Columbia — Charleston		3		600		76	%		1,889		810		1,079					1,851		838		1,012					38			2.1	%		(28	)		-3.4	%		66			6.6	%
Nashville		7		2,166		78	%		8,017		3,411		4,606					7,544		3,309		4,235					473			6.3	%		102			3.1	%		371			8.8	%
Norfolk		9		2,747		80	%		12,107		4,179		7,927					11,772		3,982		7,790					335			2.8	%		197			5.0	%		137			1.8	%
Raleigh — Durham — Chapel Hill		8		2,247		77	%		6,726		3,211		3,515					5,961		3,153		2,807					765			12.8	%		58			1.8	%		707			25.2	%
Richmond — Petersburg		3		744		80	%		3,016		1,067		1,949					2,677		914		1,763					339			12.7	%		153			16.7	%		186			10.6	%
		41		11,404		79.8	%		42,732		17,685		25,047		94.5	%		39,794		16,833		22,961		92.1	%		2,938			7.4	%		852			5.1	%		2,086			9.1	%
Texas
Austin — San Marcos		7		1,497		100	%		6,285		3,197		3,088					5,808		3,003		2,805					477			8.2	%		194			6.5	%		283			10.1	%
Dallas — Fort Worth		17		4,206		82	%		13,659		6,838		6,821					12,901		6,740		6,161					758			5.9	%		98			1.5	%		660			10.7	%
Houston — Galveston		37		9,776		73	%		27,752		14,321		13,431					25,962		14,060		11,902					1,790			6.9	%		260			1.9	%		1,530			12.9	%
San Antonio		9		1,951		93	%		6,314		3,218		3,096					6,102		2,965		3,138					212			3.5	%		253			8.5	%		(41	)		-1.3	%
		70		17,430		79.5	%		54,010		27,574		26,436		94.6	%		50,773		26,768		24,005		93.5	%		3,237			6.4	%		806			3.0	%		2,431			10.1	%
West
Colorado Front Range		23		5,109		83	%		20,025		8,270		11,755					18,846		8,051		10,795					1,179			6.3	%		219			2.7	%		960			8.9	%
Phoenix — Mesa		16		4,223		94	%		16,197		7,159		9,038					15,257		6,725		8,532					941			6.2	%		435			6.5	%		506			5.9	%
Salt Lake City — Ogden		4		1,511		86	%		5,161		1,917		3,244					4,794		1,845		2,949					367			7.7	%		72			3.9	%		295			10.0	%
Seattle		3		364		59	%		1,182		482		699					1,065		482		582					117			11.0	%		0			0.1	%		117			20.1	%
West other		5		1,621		100	%		6,116		2,865		3,251					5,888		2,632		3,256					227			3.9	%		233			8.9	%		(6	)		-0.2	%
		51		12,828		88.6	%		48,681		20,694		27,987		94.8	%		45,850		19,735		26,115		95.1	%		2,831			6.2	%		959			4.9	%		1,872			7.2	%
SAME STORE TOTALS		374		111,018		85.8	%	$	511,063	$	212,133	$	298,930		94.5	%	$	486,969	$	202,934	$	284,035		94.6	%	$	24,094			4.9	%	$	9,199			4.5	%	$	14,895			5.2	%
Reconciliation to total rental and other property revenues and property operating expenses per GAAP income statement [1]									321,300		173,791		147,508					289,925		150,637		139,288
Total rental and other property revenues and property operating expenses per GAAP income statement								$	832,363	$	385,924	$	446,438				$	776,894	$	353,571	$	423,323

[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 95,900 at June 30, 2007.

Supplemental Schedule 7

Selected Conventional Portfolio Performance Data
(unaudited)

SAME STORE PORTFOLIO PERFORMANCE

	CORE			NON-CORE			TOTAL
Rent, average second quarter 2007	$	1,026		$	638		$	864
Occupancy, average second quarter 2007		94.8	%		94.5	%		94.7	%
Operating margin		61.6	%		51.0	%		58.6	%
Total number of properties		214			162			376
Total number of units		64,661			47,032			111,693
Effective Units		58,378			37,546			95,924
Percent of total Same Store NOI		75.2	%		24.8	%		100.0	%
2nd Quarter 2007 vs. 2nd Quarter 2006 Change
Revenue		4.9	%		5.8	%		5.2	%
Expenses		7.8	%		4.6	%		6.7	%
NOI		3.2	%		7.0	%		4.1	%
Sequential, 2nd Quarter 2007 vs. 1st Quarter 2007 Change
Revenue		1.7	%		2.0	%		1.8	%
Expenses		1.6	%		2.8	%		2.0	%
NOI		1.8	%		1.2	%		1.6	%
YTD June 2007 vs. YTD June 2006 Change
Revenue		4.8	%		5.4	%		4.9	%
Expenses		5.4	%		2.9	%		4.5	%
NOI		4.4	%		7.8	%		5.2	%

TOTAL CONVENTIONAL PORTFOLIO — SUMMARY BY MARKET

	Quarter Ended June 30, 2007									Quarter Ended June 30, 2006
	CORE			NON-CORE			TOTAL			CORE			NON-CORE			TOTAL
Percent of Total Conventional NOI
Top 20 Markets
1 Washington		10.3	%		0.0	%		10.3	%		10.4	%		0.0	%		10.4	%
2 Los Angeles — Long Beach -Ventura		9.4	%		0.0	%		9.4	%		9.0	%		0.0	%		9.0	%
3 New England		6.9	%		0.0	%		6.9	%		7.2	%		0.0	%		7.2	%
4 Philadelphia		6.4	%		0.0	%		6.4	%		6.4	%		0.0	%		6.4	%
5 Miami — Fort Lauderdale		5.8	%		0.0	%		5.8	%		5.2	%		0.0	%		5.2	%
6 Chicago		5.1	%		0.4	%		5.5	%		4.9	%		0.4	%		5.3	%
7 Indianapolis		0.0	%		4.7	%		4.7	%		0.0	%		4.5	%		4.5	%
8 New York		3.8	%		0.0	%		3.8	%		3.0	%		0.0	%		3.0	%
9 Orlando — Daytona		3.5	%		0.3	%		3.8	%		3.9	%		0.3	%		4.2	%
10 Houston — Galveston		0.0	%		3.8	%		3.8	%		0.0	%		3.3	%		3.3	%
11 Colorado Front Range		3.1	%		0.2	%		3.3	%		2.9	%		0.2	%		3.1	%
12 Phoenix — Mesa		2.8	%		0.2	%		3.0	%		2.8	%		0.6	%		3.4	%
13 Tampa — St. Petersburg		2.2	%		0.6	%		2.8	%		2.2	%		0.6	%		2.8	%
14 Norfolk		2.7	%		0.0	%		2.7	%		2.6	%		0.0	%		2.6	%
15 San Diego		2.4	%		0.0	%		2.4	%		2.5	%		0.0	%		2.5	%
16 Orange County — Riverside		2.4	%		0.0	%		2.4	%		2.4	%		0.0	%		2.4	%
17 Dallas — Fort Worth		0.0	%		1.9	%		1.9	%		0.0	%		2.3	%		2.3	%
18 Baltimore		1.8	%		0.0	%		1.8	%		1.7	%		0.0	%		1.7	%
19 Atlanta		1.8	%		0.0	%		1.8	%		1.8	%		0.1	%		1.9	%
20 Grand Rapids — Lansing		0.0	%		1.6	%		1.6	%		0.0	%		1.5	%		1.5	%
Subtotal Top 20 markets		70.4	%		13.7	%		84.1	%		68.9	%		13.8	%		82.7	%
All other markets (22 in 2007 and 39 in 2006)		6.2	%		9.7	%		15.9	%		3.9	%		13.4	%		17.3	%
Total Conventional NOI		76.6	%		23.4	%		100.0	%		72.8	%		27.2	%		100.0	%
Rent, average second quarter	$	1,058		$	642		$	899		$	972		$	617		$	818
Occupancy, average second quarter		92.9	%		94.4	%		93.5	%		93.6	%		93.1	%		93.4	%
Total number of properties		283			171			454			275			228			503
Total number of units		82,163			49,079			131,242			83,089			61,235			144,324
Effective Units		74,209			39,095			113,304			71,720			46,423			118,143
Average home value*	$	343,518		$	173,020		$	279,440
REIS growth rate (4 year weighted average)**		3.4	%		3.1	%		3.3	%
Number of markets		27			15			42

*	ESRI — 2006 demographic data
**	Source: REIS, based on Q2 2007 forecasted data

Supplemental Schedule 8

Property Sales and Acquisition Activity
(unaudited)

SECOND QUARTER 2007 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		22		3,993	$	182.7		5.3	%		$	83.9	$	80.5		$	112.3	$	66.6	$	600
Affordable		6		629		18.4		4.9	%			11.9		7.1			10.1		5.1		533
Total Dispositions		28		4,622	$	201.1		5.3	%		$	95.8	$	87.6		$	122.4	$	71.7	$	591

YEAR-TO-DATE 2007 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		29		5,260	$	237.8		5.4	%		$	114.4	$	92.8		$	129.3	$	78.9	$	603
Affordable [3]		13		1,477		41.5		4.2	%			28.6		10.9			28.6		8.4		544
Total Dispositions		42		6,737	$	279.3		5.2	%		$	143.0	$	103.7		$	157.9	$	87.3	$	555

[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]	Year-to-date property sales includes two unconsolidated properties with 202 units.

SECOND QUARTER 2007 PROPERTY ACQUISITION ACTIVITY (dollars in millions) [1]

Number

Number

Gross

Ownership

of

of

Purchase

Property

Average

Percent

Properties

Units

Price

Debt

Rent

Conventional

100

%

9

717

$

112.4

$

56.0

$

1,249

YEAR-TO-DATE 2007 PROPERTY ACQUISITION ACTIVITY (dollars in millions)

Number

Number

Gross

Ownership

of

of

Purchase

Property

Average

Percent

Properties

Units

Price

Debt

Rent

Conventional [2]

100

%

14

1,187

$

187.5

$

62.1

$

1,120

[1]

In addition to the nine properties acquired from third parties during the three months ended June 30, 2007, Aimco acquired seven properties from VMS National Properties Joint Venture, a consolidated real estate partnership in which Aimco held a 22% interest prior to the transaction. The portion of the Venture’s real estate not owned by Aimco prior to the transaction was acquired in exchange for consideration totaling $179.4 million.

[2]

Properties acquired are located in New York, NY; Park Forest, IL; Daytona Beach, FL; Poughkeepsie, NY; and Redwood City, CA.

Supplemental Schedule 9

Capital Expenditures
Six Months Ended June 30, 2007
(in thousands, except per unit data)
(unaudited)

All capital spending is classified as either Capital Replacements (“CR”), Capital Improvements (“CI”), casualties, redevelopment or entitlement. 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, redevelopment and entitlement for the six months ended June 30, 2007. Per unit numbers are based on approximately 132,088 average units, including 114,057 conventional and 18,031 affordable units. Average units are weighted for the period and represent Effective Units excluding non-managed units. [1]

	Aimco’s Share of			Per Effective
	Expenditures			Unit
Capital Replacements Detail:
Building and grounds	$	18,206		$	138
Turnover related		20,971			159
Capitalized site payroll and indirect costs		5,476			41
Total Aimco’s share of Capital Replacements	$	44,653		$	338
Capital Replacements:
Conventional	$	41,554		$	364
Affordable		3,099			172
Total Aimco’s share of Capital Replacements		44,653		$	338
Capital Improvements:
Conventional		38,634		$	339
Affordable		4,180			232
Total Aimco’s share of Capital Improvements		42,814		$	324
Casualties:
Conventional		6,820
Affordable		1,590
Total Aimco’s share of Casualties [2]		8,410
Redevelopment (see Schedule 10):
Active Conventional projects		105,389
Active Tax Credit projects		10,637
Pre-construction and other activities [3]		12,753
Total Aimco’s share of Redevelopment		128,779
Entitlement [4]		12,560
Total Aimco’s share of capital expenditures		237,216
Plus minority partners’ share of consolidated spending		31,680
Less Aimco’s share of unconsolidated spending		(288	)
Capital expenditures per consolidated statement of cash flows	$	268,608

[1]	Average units calculated pro rata for the period based on acquisition and disposition timing.
[2]	A portion of expenditures related to casualty losses is reimbursed through insurance.
[3]	Includes consulting, legal, and capitalized labor costs, some physical construction work, and trailing expenditures on projects that were substantially completed in prior periods.
[4]	Entitlement projects consist of Lincoln Place (CA), Treetops (CA) and Springhill Lake (MD). Lincoln Place and Treetops are predominantly vacant and have December 31, 2006 net book values of approximately $171 million and $49 million, respectively.

Supplemental Schedule 10

Summary of Redevelopment Activity
Six Months Ended June 30, 2007
(dollars in millions)
(unaudited)

										Actual Expenditures
													Six Months Ended June 30, 2007
	Number of			Number of			Total extimate			Inception to			Actual		Aimco’s
	Properties			Units			Expenditures			Date			Amount		Share
CONVENTIONAL REDEVELOPMENT PROJECTS
Active redevelopment projects at December 31, 2006		45			18,628		$	517.3	[1]	$	299.4		$	101.7	$	88.3
New redevelopment projects started during period		10			3,646			224.0			18.5			18.5		17.1
Changes in project scope and estimated costs								37.3
Redevelopment expenditures during period		55			22,274			778.6			317.9			120.2		105.4
Projects completed during period		(7	)		(3,040	)		(46.2	)		(46.2	)
Active redevelopment projects at June 30, 2007 [2]		48			19,234			732.4			271.7
TAX CREDIT REDEVELOPMENT PROJECTS
Active redevelopment projects at December 31, 2006 [3]		5			706			35.7	[1]		7.9			7.4		6.4
New redevelopment projects started during period		5			754			90.8			4.2			4.2		4.2
Changes in project scope and estimated costs								2.6
Redevelopment expenditures during period		10			1,460			129.1			12.1			11.6		10.6
Projects completed during period		—			—			—			—
Active redevelopment projects at June 30, 2007		10			1,460			129.1			12.1
TOTAL ACTIVE REDEVELOPMENT PROJECTS		58			20,694		$	861.5		$	283.8
YEAR-TO-DATE REDEVELOPMENT EXPENDITURES													$	131.8	$	116.0

[1]	Estimated expenditures for active redevelopment projects at December 31, 2006 reflect adjustments to previously reported amounts to include indirect project costs, consistent with actual spending.
[2]	Targeted return on investment in conventional redevelopment projects is 7.5% — 8.5%.
[3]	Active tax credit redevelopment projects at December 31, 2006 reflect adjustments to previously reported amounts to better reflect the status of active projects and to exclude estimated and actual costs related to projects substantially completed prior to 2007.

Supplemental Schedule 11

Aimco Capital
(in thousands, unaudited)

Asset Management and Transaction Income

	Three Months			Six Months
	Ended			Ended
	June 30, 2007			June 30, 2007
Activity fees and asset management revenues	$	15,178		$	26,808
Accretion on discounted notes receivable		802			2,560
Other income [1]		1,710			2,240
Total asset management and transaction revenue		17,690			31,608
Activity and asset management expenses		(6,076	)		(11,351	)
Net asset management and transaction income (pre-tax) [2]		11,614			20,257
Income taxes [3]		(3,004	)		(5,101	)
Net asset management and transaction income (after tax)	$	8,610		$	15,156

Notes

[1]	Other income consists primarily of consideration received in exchange for the transfer of certain property rights.
[2]	Represents net operating income of Aimco Capital, Aimco’s asset management and transactions business segment.
[3]	Most asset management and transaction income is earned by Aimco’s taxable REIT subsidiaries. The effective tax rate varies from period to period based on the portion of total income earned by taxable REIT subsidiaries.

Summary of Projected Tax Credit Income as of June 30, 2007 [1]

	Remainder			Year Ending December 31,
	of 2007			2008			2009			2010			2011			Thereafter			Total
Amortization of deferred income [2]	$	10,603		$	23,698		$	22,587		$	22,086		$	21,585		$	97,312		$	197,871
Income taxes [3]		(4,135	)		(9,242	)		(8,809	)		(8,614	)		(8,418	)		(37,952	)		(77,170	)
Projected income, net of tax	$	6,468		$	14,656		$	13,778		$	13,472		$	13,167		$	59,360		$	120,701

Notes

[1]	Certain information included in this supplemental schedule contains or may contain information that is forward-looking. Actual results may differ from those described in this schedule and may be affected by factors beyond our control.
[2]	Amortization of deferred income represents the periodic recognition of deferred revenue and costs relating to Aimco’s existing tax credit arrangements. Deferred income is recognized as the related low income housing tax credits and other tax benefits are delivered to tax credit investors. Deferred revenue reflects cash received but not yet recognized as revenue, and cash expected to be received from investors in the future under conditional capital contribution commitments. The amounts to be received in the future are subject to adjustment based on the amounts of tax benefits actually delivered to investors and Aimco’s compliance with applicable regulations and other conditions. Deferred costs reflect costs incurred in structuring these arrangements. The timing of income recognition is subject to change based on the timing of delivery of tax benefits, which timing may be affected by factors related to the development, operations and financing of the related properties.
[3]	An effective income tax rate of 39% is assumed. For GAAP and FFO purposes, income taxes are recognized concurrent with the amortization of deferred income.

Supplemental Schedule 12

Apartment Unit Summary
As of June 30, 2007
(unaudited)

	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Conventional Real Estate Portfolio:
Wholly-owned consolidated properties		287		81,472		81,472		100	%
Partially-owned consolidated properties		165		49,038		31,568		64	%
Partially-owned unconsolidated properties		2		732		264		36	%
Total		454		131,242		113,304		86	%
Affordable Real Estate Portfolio:
Wholly-owned consolidated properties		88		11,818		11,818		100	%
Partially-owned consolidated properties		136		14,630		5,256		36	%
Partially-owned unconsolidated properties		99		11,009		2,012		18	%
Total		323		37,457		19,086		51	%
Total Owned Real Estate Portfolio:
Wholly-owned consolidated properties		375		93,290		93,290		100	%
Partially-owned consolidated properties		301		63,668		36,824		58	%
Partially-owned unconsolidated properties		101		11,741		2,276		19	%
Total		777		168,699		132,390		78	%
Management Contracts:
Property-managed for third parties		40		3,525
Asset-managed		399		37,283
Total		439		40,808
Total Portfolio		1,216		209,507

Glossary

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: Properties that have not reached a stabilized level of occupancy during both the current and comparable prior year period.

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. There can be no assurance that Aimco’s method for computing AFFO is comparable with that of other real estate investment trusts.

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.

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 Statements 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 Supplemental Schedule 9 for further detail. CR expenditures are a component of capital expenditures in the GAAP Statements of Cash Flows.

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

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

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

FREE CASH FLOW (FCF): FCF measures profitability of operations and is prior to the cost of capital. FCF is comprised of AFFO (defined above), with adjustments to add back interest expense, minority interest in Aimco Operating Partnership, and preferred dividends. Because Aimco has unconsolidated real estate interests, it is useful for management and investors to understand, in addition to consolidated cash flows, cash flows related to Aimco’s unconsolidated real estate holdings.

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.)

Glossary (continued)

OTHER PROPERTIES: Conventional properties that have significant rent control restrictions, University Housing properties that have been owned for more than one year and 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.