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

Exhibit 99.1

Page
1	Earnings Release
8	Consolidated Statements of Operations
10	Consolidated Balance Sheets
11	Schedule 1a – Funds from Operations (4Q 2011 v. 4Q 2010)
13	Schedule 1b – Funds from Operations (YTD 4Q 2011 v. YTD 4Q 2010)
15	Schedule 2 – Portfolio Summary
16	Schedule 3 – Net Asset Value Supplemental Information
18	Schedule 4 – Property Debt Information
20	Schedule 5 – Share Data
21	Schedule 6a – Conventional Same Store Operating Results (4Q 2011 v. 4Q 2010)
22	Schedule 6b – Conventional Same Store Operating Results (4Q 2011 v. 3Q 2011)
23	Schedule 6c – Conventional Same Store Operating Results (YTD 4Q 2011 v. YTD 4Q 2010)
24	Schedule 7a – Total Conventional Portfolio Data by Market (4Q 2011 v. 4Q 2010)
25	Schedule 7b – Total Conventional Portfolio Data by Market (3Q 2011)
26	Schedule 8 – Property Disposition and Acquisition Activity
27	Schedule 9 – Capital Additions
28	Glossary and Reconciliations

Aimco Reports Fourth Quarter 2011 Results, 50% Increase in Dividend

Denver, Colorado, February 8, 2012 — Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today its fourth quarter and full year 2011 results.

Chairman and Chief Executive Officer Terry Considine comments: “2011 was a good year, and we expect 2012 will be even better. Aimco starts the year with high occupancy, low turnover and steady renewal lease rate growth. Our portfolio is increasingly concentrated in better markets, with higher rents and superior growth rates. In the coming twenty-four months, through redevelopment of three currently vacant properties, we will deliver more than 1,200 A-quality units in Coastal California. Our balance sheet is strong and we continue to reduce leverage and our cost of capital. We are off to a good start in 2012.”

Chief Financial Officer Ernie Freedman adds: “Fourth quarter Pro forma FFO of $0.42 per share exceeded the midpoint of our guidance range by $0.01 per share, primarily as a result of better than expected operating results. We expect 2012 FFO to be in a range from $1.72 to $1.82 per share, or approximately 8% higher than 2011, and we expect AFFO to increase even more, up 21%. First quarter 2012 FFO is projected to be $0.33 to $0.37 per share.”

Financial Results

2011 Pro forma FFO, Excluding One-Time Items, Up 11%, AFFO Up 5%*

		September 30,			September 30,			September 30,			September 30,
	FOURTH QUARTER						FULL YEAR
	2011			2010			2011			2010
Net loss per share	$	(0.19	)	$	(0.33	)	$	(0.86	)	$	(1.08	)
Funds from Operations (FFO)	$	0.43		$	0.35		$	1.52		$	1.52
Add back (deduct) Aimco’s share of preferred equity redemption related amounts	$	(0.01	)	$	0.04		$	(0.03	)	$	(0.01	)
Pro forma Funds from Operations (Pro forma FFO)	$	0.42		$	0.39		$	1.49		$	1.51
Deduct Aimco’s share of Capital Replacements	$	(0.22	)	$	(0.14	)	$	(0.62	)	$	(0.51	)
Adjusted Funds from Operations (AFFO)	$	0.20		$	0.25		$	0.87		$	1.00

* 2011 Pro forma FFO and AFFO of $1.49 per share and $0.87 per share, respectively, include a one-time charge of $0.15 per share related to debt prepayment penalties and write-off of deferred loan costs incurred in connection with a refinancing and securitization transaction completed during the second quarter. 2010 Pro forma FFO and AFFO of $1.51 per share and $1.00, respectively, include a net benefit of $0.03 per share related to several, mostly offsetting, one-time items during second quarter 2010. Excluding these one-time items from each period, 2011 Pro forma FFO increased 11% and AFFO increased 5% when compared to 2010. Pro forma FFO growth exceeds AFFO growth due to higher capital replacements spending in 2011.

Net loss— Net loss attributable to Aimco common stockholders for the quarter was $23.4 million, compared to net loss of $38.4 million for fourth quarter 2010. Fourth quarter 2011 net loss decreased as compared to fourth quarter 2010 primarily due to: an increase in net operating income of our properties included in continuing operations, reflecting improved operations; an increase in income from discontinued operations, net of noncontrolling interest allocations, primarily due to an increase in gains on dispositions of consolidated real estate partially offset by losses on dispositions of unconsolidated real estate; and a decrease in interest expense.

Funds from Operations — FFO and AFFO are non-GAAP financial measures and are defined in the glossary in Aimco’s Supplemental Information (the Glossary). FFO is computed in accordance with the framework prescribed by the National Association of Real Estate Investment Trusts (NAREIT). In October 2011, NAREIT revised its definition of FFO to exclude operating real estate impairments effective fourth quarter 2011. All prior period FFO results included in this press release have been restated accordingly. Fourth quarter 2011 FFO was $52.2 million, or $0.43 per share, compared to $41.4 million, or $0.35 per share, in fourth quarter 2010. Pro forma FFO, which represents FFO as prescribed by NAREIT but excludes preferred equity redemption related amounts, was $50.4 million, or $0.42 per share, compared to $45.3 million, or $0.39 per share, in fourth quarter 2010, an increase of 8%. AFFO, which represents Pro forma FFO after the deduction of Capital Replacements, was $24.3 million, or $0.20 per share, compared to $29.6 million, or $0.25 per share, in fourth quarter 2010.

1

Property Operations

Property operating results discussed below, including property net operating income (NOI), relate to properties that Aimco owns and manages, and that are classified within continuing operations. To ensure comparability between periods, results are based on Aimco’s current period ownership. See the Glossary for property definitions and reconciliation of non-GAAP measures and Schedules 1 and 2 in the Supplemental Information for financial and statistical information for these portfolios.

Diversified Operating Portfolio — Aimco’s property operations consist primarily of Conventional, with some Affordable, real estate operations. Conventional real estate operations relate to Aimco’s diversified portfolio of market rate apartment communities and include Same Store Properties, Redevelopment Properties, Acquisition Properties and Other Properties.

Affordable real estate operations consist of Aimco’s portfolio of properties with rents that are generally paid, in whole or in part, by a government agency. Affordable properties tend to have more stable rents and higher occupancy than Conventional properties due to government rent payments and thus are less affected by market fluctuations.

2011 Total Same-Store NOI Up 5.9%

		xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx
	FOURTH QUARTER												FULL YEAR
	Year-over-year Variance												Year-over-year Variance
	% NOI			Revenue			Expenses			NOI			% NOI			Revenue			Expenses			NOI
Conventional Same Store		83	%		3.3	%		-1.0	%		5.8	%		81	%		2.8	%		-1.5	%		5.3	%
Affordable Same Store		12	%		3.2	%		-0.7	%		6.2	%		11	%		4.0	%		-3.8	%		10.4	%
Total Same Store		95	%		3.3	%		-1.0	%		5.9	%		92	%		2.9	%		-1.8	%		5.9	%
Other Conventional*		5	%		-11.5	%		-2.4	%		-18.9	%		6	%		-3.3	%		1.8	%		-7.7	%
Affordable Redevelopment		—			—			—			—			2	%		5.8	%		3.9	%		7.1	%
Total Portfolio		100	%		2.3	%		-1.1	%		4.3	%		100	%		2.4	%		-1.4	%		4.9	%

* Negative results are due primarily to lost revenue related to properties undergoing repairs from casualty events and retail vacancy in Manhattan.

Conventional Same Store Results — In fourth quarter 2011, the Conventional Same Store portfolio included 161 communities with 56,731 units, in which Aimco had a weighted average ownership of 94%.

		xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx
	FOURTH QUARTER									FOURTH QUARTER						FULL YEAR
	Year-over-year									Sequential						Year-over-year
	2011			2010			Variance			3rd Qtr			Variance			2011			2010			Variance
Average Daily Occupancy		95.3	%		96.8	%		-1.5	%		95.2	%		0.1	%		95.8	%		96.2	%		-0.4	%
Average Rent Per Unit	$	1,124		$	1,076			4.5	%	$	1,108			1.4	%	$	1,111		$	1,084			2.5	%
$ in Millions
Revenue	$	189.3		$	183.1			3.3	%	$	187.7			0.8	%	$	734.3		$	714.6			2.8	%
Expenses		(65.6	)		(66.2	)		-1.0	%		(70.2	)		-6.6	%		(265.5	)		(269.4	)		-1.5	%
NOI	$	123.7		$	116.9			5.8	%	$	117.5			5.3	%	$	468.8		$	445.2			5.3	%

2

Rental Rates Rising

Aimco measures changes in rental rates by comparing, on a lease-by-lease basis, the rate on a newly executed lease to the rate on the expiring lease for that same apartment. Newly executed leases are classified as either a new lease, where a vacant apartment is leased to a new customer, or a renewal of an existing lease. Full year 2011 results by quarter are as follows:

		September 30,			September 30,			September 30,			September 30,			September 30,
	FOURTH QUARTER			THIRD QUARTER			SECOND QUARTER			FIRST QUARTER			FULL YEAR
New lease		0.7	%		6.1	%		5.1	%		1.9	%		3.8	%
Renewal		5.2	%		5.6	%		3.6	%		3.0	%		4.6	%
Weighted average		3.0	%		5.8	%		4.3	%		2.5	%		4.2	%

Refer to Supplemental Schedules 6a through 6c for additional details on Conventional Same Store operating results.

Affordable Same Store Results — In fourth quarter 2011, the Affordable Same Store portfolio included 122 communities with 15,639 units, in which Aimco had a weighted average ownership of 73%. For fourth quarter 2011, average month-end occupancy for the Affordable portfolio was 97.7%, a decrease of 0.2% from fourth quarter 2010, while average rent per unit increased 3.0% from $862 to $888 per unit.

Portfolio

Aimco’s portfolio strategy focuses on B/B+ quality Conventional apartment communities located in the largest U.S. markets as measured by total apartment value. Aimco believes these markets to be deep, relatively liquid and possessing desirable long-term growth characteristics. These markets are primarily coastal markets, and also include several Sun Belt cities and Chicago, Illinois. In executing Aimco’s portfolio strategy, the company expects to reduce its investment in non-target markets and to increase its investment in target markets through redevelopment, acquisitions and increasing ownership in properties Aimco already owns through limited partnerships.

During fourth quarter 2011, net operating income generated by Conventional properties located in Aimco’s target markets accounted for 86% of total Conventional Property net operating income, an increase of 2% compared to fourth quarter 2010.

Conventional Property Rents Up 9% to $1,143

Aimco measures Conventional Property asset quality based on average rents compared to local market average rents as reported by REIS, a third-party provider of commercial real estate performance information and analysis. Aimco defines A-quality assets as those with rents greater than 125% of local market average, B-quality assets as those with rents 90% to 125% of local market average and C-quality assets as those with rents less than 90% of local market average. For third quarter 2011, the most recent period for which REIS information is available, Aimco’s Conventional Property rents averaged approximately 101% of local market average rents.

For fourth quarter 2011, average rents for the Conventional portfolio were $1,143 per unit, a 9.0% increase compared to fourth quarter 2010, as a result of year-over-year rent growth and the sale of Conventional properties during 2010 and 2011 with rents substantially lower than those of the retained portfolio.

Dispositions — In fourth quarter 2011, Aimco sold seven Conventional properties and 20 Affordable properties with 1,947 and 2,185 units, respectively, for $180.3 million in gross proceeds. Aimco’s share of net proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $71.9 million.

3

See Supplemental Schedules 7a and 7b for additional details regarding Aimco’s Conventional portfolio quality and capital allocation, and Supplemental Schedule 8 for information related to acquisition and disposition activity.

Agreement to Sell Asset-Managed Portfolio — As of December 31, 2011, Aimco asset managed for a fee a portfolio of 147 properties with 10,184 units. During first quarter 2012, Aimco entered into an agreement to transfer asset management of this portfolio effective February 6, 2012, and to sell its minority interest in the portfolio to the new asset manager upon satisfaction of certain conditions and regulatory approvals. Aimco expects the sale of the asset-managed portfolio to close later this year, at which time Aimco will have liquidated all of its legacy asset management business.

Balance Sheet and Liquidity

Components of Aimco Leverage

		September 30,		September 30,			September 30,		September 30,
	AS OF DECEMBER 31, 2011
	Amount		% of Total			Weighted Avg Maturity (Yrs)		Weighted Avg Rate
Aimco leverage ($ in millions)
Aimco’s share of long-term, non-recourse property debt	$	4,730.1		86	%		8.0		5.50	%
Revolving credit facility		—		0	%		5.0		n/a
Subtotal debt	$	4,730.1		86	%		8.0		5.50	%
Preferred securities		742.2		14	%		Perpetual		7.55	%
Total leverage	$	5,472.3		100	%		n/a		5.78	%

See Supplemental Schedule 4 for additional details about Aimco’s non-recourse property debt and Supplemental Schedule 5 for information related to Aimco’s preferred securities.

Revolving Credit Facility — Aimco’s recourse debt at December 31, 2011, was limited to its revolving credit facility, which Aimco uses for working capital purposes and to secure letters of credit. As announced in fourth quarter 2011, Aimco closed on a new $500 million revolving credit facility to replace its then-existing $300 million facility. Borrowings under the revolving credit facility bear interest based on a pricing grid determined by leverage (currently either LIBOR plus 2.75% or, at Aimco’s option, a base rate equal to the Prime rate plus a spread of 1.50%). The facility matures in December 2016, inclusive of two-one-year extension options and the Debt Service and Fixed Charge Coverage covenants are unchanged from those associated with the previous facility. At the end of fourth quarter, Aimco had no outstanding borrowings on its revolving credit facility and available capacity was $469.5 million, net of $30.5 million of letters of credit backed by the facility.

Coverage Ratios— Aimco’s fourth quarter EBITDA Coverage of Interest and EBITDA Coverage of Interest and Preferred Dividends ratios were 2.18:1 and 1.78:1, compared to fourth quarter 2010 ratios of 2.07:1 and 1.68:1, respectively. Separately, in connection with its revolving credit facility, Aimco is subject to Debt Service and Fixed Charge Coverage covenants, as defined in the Glossary. For fourth quarter 2011, Aimco’s Debt Service and Fixed Charge Coverage ratios were 1.61:1 and 1:37.1, compared to covenants in place during the quarter of 1.40:1 and 1:20.1, respectively, and fourth quarter 2010 ratios of 1.57:1 and 1.33:1. In first quarter 2012, the Debt Service Coverage and Fixed Charge Coverage covenants increase to 1.50:1 and 1.30:1, respectively. Aimco expects to remain in compliance with these covenants.

Based on annualized projected fourth quarter 2012 EBITDA, Aimco expects its EBITDA Coverage of Interest and EBITDA Coverage of Interest and Preferred Dividends ratios to be approximately 2.50:1 and 2.00:1, respectively. Year-end Debt to EBITDA and Debt & Preferred Equity to EBITDA ratios are projected to be approximately 7.5:1 and 9:1, respectively.

4

Equity Activity— During fourth quarter 2011, Aimco issued approximately 45,000 shares of Class Z Cumulative Preferred Stock through its Class Z Preferred Stock At-the-Market offering program (Class Z ATM) at $24.24 per share, equating to a yield of 7.22%, for gross proceeds to Aimco of approximately $1.1 million. We intend to accumulate the proceeds from further ATM issuances of our Class Z Preferred Stock and use them for further redemptions of outstanding preferred securities with higher rates.

Dividend — Aimco’s Board of Directors declared a cash dividend of $0.18 per share on its Class A Common Stock for the quarter ended December 31, 2011, which is a 50% increase compared to the $0.12 per share dividend paid for the prior four quarters. The dividend is payable February 29, 2012 to shareholders of record on February 21, 2012. Aimco expects to pay quarterly dividends at the increased rate during 2012.

2012 Outlook

	September 30,	September 30,
	FIRST QUARTER	FULL YEAR
Net loss per share	-$0.35 to -$0.31	-$1.00 to -$0.90
FFO per share	$0.33 to $0.37	$1.72 to $1.82
AFFO per share		$1.17 to $1.29
Conventional Same Store Operating Measures
NOI change compared to fourth quarter 2011	-3.5% to -2.5%
NOI change compared to same period 2011	3.0% to 4.0%	5.25% to 7.25%
Average daily occupancy		95.5% to 96.0%
Revenue change compared to 2011		4.5% to 5.5%
Expense change compared to 2011		2.5% to 3.0%
Affordable Same Store NOI change compared to 2011		0.0% to 1.0%
Total Same Store NOI change compared to 2011		4.50% - 6.25%
Asset Management and Tax Credit Activities
Recurring Revenues		$30 million
Recurring Expenses		$5 million
Non-Recurring Revenues		$6 million
Non-Recurring Expenses, including pursuit costs of $1.5 million		$3 million
Offsite Costs
Property Management Expenses		$35 million
General and Administrative Expenses		$47 million
Capital Expenditures
Conventional Redevelopment		$125 - $150 million
Property Upgrades		$30 - $40 million
Transaction Activities
Direct Real Estate Acquisitions (100% Aimco Share)		$60 million
Aimco Share of Real Estate Value of Partnership Tenders and Mergers		$160 million
Aimco Share of Gross Real Estate Dispositions		$550 to $650 million

5

Pro forma FFO Reconciliation

		September 30,
	$ per Share (at the  midpoint)
2011 Pro forma FFO	$	1.49
Total Same Store NOI growth		0.24
Debt prepayment penalties and write-off of deferred loan costs incurred in connection with a refinancing and securitization transaction in 2011		0.15
Offsite costs, including G&A		0.09
Reduction in asset management and non-recurring revenues		(0.05	)
2011 and 2012 asset sales, net of reinvestment		(0.13	)
Impact of 2011 share issuances		(0.02	)
2012 Pro forma FFO	$	1.77

Earnings Conference Call

Live Conference Call	Conference Call Replay
Wednesday, February 8, 2012 at 1:00 p.m. EDT	Available until 9:00 a.m. EST on February 23, 2012
Domestic Dial-In Number: 1-866-843-0890	Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-9250	International Dial-In Number: 1-412-317-0088
Passcode: 9327149	Passcode: 10007657

Live webcast and replay:www.aimco.com/investors/events-presentations/webcasts

Supplemental Information

The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco’s websitewww.aimco.com/investors/financial-reports/quarterly-earning-reports.

Glossary & Reconciliations of Non-GAAP Financial and Operating Measures

Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. These measures are defined in the glossary in the Supplemental Information and, where appropriate, reconciled to the most comparable GAAP measures.

6

Forward-looking Statements

This Earnings Release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected results and specifically forecasts of first quarter and full year 2012 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, rental rates and property operating results. 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, some of which are beyond the control of Aimco, including, without limitation: financing risks, including the availability and cost of capital markets financing and the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; earnings may not be sufficient to maintain compliance with debt covenants; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; the timing of acquisitions and dispositions; insurance risk, including the cost of insurance; natural disasters and severe weather such as hurricanes; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; energy costs; 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. In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on our ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership. Readers should carefully review Aimco’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco’s Annual Report on Form 10-K for the year ended December 31, 2010, 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. This press release does not constitute an offer of securities for sale.

About Aimco

Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the largest markets in the United States. Aimco is one of the country’s largest owners and operators of both conventional and affordable apartments, with 518 communities serving approximately 250,000 residents in 36 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 website atwww.aimco.com.

Contact

Elizabeth Coalson, Vice President Investor Relations

Investor Relations 303-691-4350,Investor@Aimco.com

7

Consolidated Statements of Operations

(in thousands, except per share data) (unaudited)

		September 30,			September 30,			September 30,			September 30,
	Three Months Ended						Year Ended
	December 31,						December 31,
	2011			2010			2011			2010
REVENUES:
Rental and other property revenues	$	263,035		$	259,651		$	1,040,923		$	1,020,231
Asset management and tax credit revenues		9,889			11,422			38,661			35,630
Total revenues		272,924			271,073			1,079,584			1,055,861
OPERATING EXPENSES:
Property operating expenses		107,785			112,999			449,982			460,995
Investment management expenses		3,053			3,508			10,415			14,487
Depreciation and amortization		97,606			100,452			378,043			397,740
Provision for operating real estate impairment losses		4,182			65			4,331			65
General and administrative expenses		14,544			14,351			50,950			53,365
Other expense, net		6,082			7,760			19,576			9,697
Total operating expenses		233,252			239,135			913,297			936,349
Operating income		39,672			31,938			166,287			119,512
Interest income		2,861			3,405			10,041			10,306
Recovery of (provision for) losses on notes receivable		329			(665	)		509			(949	)
Interest expense		(71,596	)		(75,679	)		(310,780	)		(297,019	)
Equity in losses of unconsolidated real estate partnerships		(9,288	)		(11,313	)		(17,721	)		(23,112	)
(Loss) gain on dispositions of unconsolidated real estate and other, net		(2,717	)		5,265			2,398			10,631
Loss before income taxes and discontinued operations		(40,739	)		(47,049	)		(149,266	)		(180,631	)
Income tax benefit		1,509			6,255			7,166			17,101
Loss from continuing operations		(39,230	)		(40,794	)		(142,100	)		(163,530	)
Income from discontinued operations, net [1]		30,656			6,582			83,936			73,906
Net loss		(8,574	)		(34,212	)		(58,164	)		(89,624	)
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		(4,355	)		11,506			257			13,301
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership		(1,671	)		(1,672	)		(6,683	)		(4,964	)
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership		1,665			2,915			7,503			9,559
Total noncontrolling interests		(4,361	)		12,749			1,077			17,896
Net loss attributable to Aimco		(12,935	)		(21,463	)		(57,087	)		(71,728	)
Net income attributable to Aimco preferred stockholders		(10,423	)		(16,964	)		(45,852	)		(53,590	)
Net income attributable to participating securities		(53	)		—			(222	)		—
Net loss attributable to Aimco common stockholders	$	(23,411	)	$	(38,427	)	$	(103,161	)	$	(125,318	)
Weighted average common shares outstanding — basic and diluted		120,433			116,683			119,312			116,369
Earnings (loss) per common share — basic and diluted:
Loss from continuing operations attributable to Aimco common stockholders	$	(0.31	)	$	(0.35	)	$	(1.25	)	$	(1.46	)
Income from discontinued operations attributable to Aimco common stockholders		0.12			0.02			0.39			0.38
Net loss attributable to Aimco common stockholders	$	(0.19	)	$	(0.33	)	$	(0.86	)	$	(1.08	)

8

Consolidated Statements of Operations (continued)

Notes to Consolidated Statements of Operations

[1] Income from discontinued operations consists of the following (in thousands):

		September 30,			September 30,			September 30,			September 30,
	Three Months Ended						Year Ended
	December 31,						December 31,
	2011			2010			2011			2010
Rental and other property revenues	$	7,172		$	26,604		$	58,925		$	131,677
Property operating expenses		(5,768	)		(14,887	)		(33,987	)		(72,676	)
Depreciation and amortization		(2,293	)		(9,407	)		(17,290	)		(39,093	)
Provision for operating real estate impairment losses		(4,086	)		(3,411	)		(15,915	)		(12,961	)
Operating (loss) income		(4,975	)		(1,101	)		(8,267	)		6,947
Interest income		222			269			1,174			1,104
Interest expense		(1,327	)		(4,713	)		(10,565	)		(22,886	)
Loss before gain on dispositions of real estate and income taxes		(6,080	)		(5,545	)		(17,658	)		(14,835	)
Gain on dispositions of real estate		43,308			20,537			108,209			94,945
Income tax expense		(6,572	)		(8,410	)		(6,615	)		(6,204	)
Income from discontinued operations, net	$	30,656		$	6,582		$	83,936		$	73,906
Income from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships	$	(15,968	)	$	(4,608	)	$	(34,727	)	$	(26,061	)
Noncontrolling interests in Aimco Operating Partnership		(1,060	)		(133	)		(3,351	)		(3,207	)
Total noncontrolling interests		(17,028	)		(4,741	)		(38,078	)		(29,268	)
Income from discontinued operations attributable to Aimco	$	13,628		$	1,841		$	45,858		$	44,638

9

Consolidated Balance Sheets

(in thousands) (unaudited)

		September 30,			September 30,
	December 31, 2011			December 31, 2010
ASSETS
Buildings and improvements	$	6,839,678		$	6,772,272
Land		2,053,975			2,040,719
Total real estate		8,893,653			8,812,991
Accumulated depreciation		(2,864,873	)		(2,659,320	)
Net real estate		6,028,780			6,153,671
Cash and cash equivalents		91,066			111,325
Restricted cash		186,717			199,190
Accounts receivable, net		41,796			49,855
Deferred financing costs, net		49,486			45,387
Notes receivable, net		111,205			116,726
Investment in unconsolidated real estate partnerships		47,790			59,282
Other assets		246,195			194,740
Deferred income tax assets, net		51,933			58,736
Assets held for sale		16,894			389,654
Total assets	$	6,871,862		$	7,378,566
LIABILITIES AND EQUITY
Non-recourse property debt	$	5,172,320		$	5,181,538
Accounts payable		32,607			27,323
Accrued liabilities and other		251,933			297,121
Deferred income		140,293			150,199
Security deposits		33,484			32,876
Liabilities related to assets held for sale		13,167			279,309
Total liabilities		5,643,804			5,968,366
Preferred noncontrolling interests in Aimco Operating Partnership		83,384			83,428
Preferred stock subject to repurchase agreement		—			20,000
Equity:
Perpetual Preferred Stock		657,114			657,601
Class A Common Stock		1,209			1,176
Additional paid-in capital		3,098,333			3,070,296
Accumulated other comprehensive loss		(6,860	)		(2,076	)
Distributions in excess of earnings		(2,841,467	)		(2,680,955	)
Total Aimco equity		908,329			1,046,042
Noncontrolling interests in consolidated real estate partnerships		270,666			291,458
Common noncontrolling interests in Aimco Operating Partnership		(34,321	)		(30,728	)
Total equity		1,144,674			1,306,772
Total liabilities and equity	$	6,871,862		$	7,378,566

10

Supplemental Schedule 1 (a)

Funds From Operations (page 1 of 2)

Three Months Ended December 31, 2011 Compared to Three Months Ended December 31, 2010

(in thousands) (unaudited)

		0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000
	Three Months Ended December 31, 2011												Three Months Ended December 31, 2010
	Consolidated Amount			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Amount			Consolidated Amount			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	203,015		$	—		$	(13,846	)	$	189,169		$	196,521		$	—		$	(16,412	)	$	180,109
Affordable Same Store		40,753			168			(9,833	)		31,088			39,415			175			(9,484	)		30,106
Total Same Store		243,768			168			(23,679	)		220,257			235,936			175			(25,896	)		210,215
Other Conventional [1]		14,278			1,617			—			15,895			16,790			1,187			(312	)		17,665
Other Affordable		4,843			7,611			(9,948	)		2,506			6,191			3,253			(5,576	)		3,868
Property management revenues, primarily from affiliates		146			(154	)		1,289			1,281			734			(215	)		(971	)		(452	)
Total rental and other property revenues		263,035			9,242			(32,338	)		239,939			259,651			4,400			(32,755	)		231,296
Property operating expenses
Conventional Same Store		69,169			—			(5,093	)		64,076			71,194			—			(6,380	)		64,814
Affordable Same Store		17,324			120			(4,706	)		12,738			17,228			99			(4,540	)		12,787
Total Same Store		86,493			120			(9,799	)		76,814			88,422			99			(10,920	)		77,601
Other Conventional [1]		7,135			931			(1	)		8,065			7,443			776			(190	)		8,029
Other Affordable		2,609			4,724			(6,050	)		1,283			3,801			1,864			(3,443	)		2,222
Casualties		1,928			—			70			1,998			516			—			(99	)		417
Property management expenses		9,620			—			—			9,620			12,817			—			—			12,817
Total property operating expenses		107,785			5,775			(15,780	)		97,780			112,999			2,739			(14,652	)		101,086
Net real estate operations		155,250			3,467			(16,558	)		142,159			146,652			1,661			(18,103	)		130,210
Amortization of deferred tax credit income		7,876			—			—			7,876			8,078			—			—			8,078
Asset management revenues		2			—			769			771			107			—			1,747			1,854
Non-recurring revenues [2]		2,011			—			4			2,015			3,237			—			90			3,327
Total asset management and tax credit revenues		9,889			—			773			10,662			11,422			—			1,837			13,259
Investment management expenses		(3,053	)		—			—			(3,053	)		(3,508	)		—			—			(3,508	)
Depreciation and amortization related to non-real estate assets		(3,182	)		(1	)		41			(3,142	)		(3,208	)		(5	)		44			(3,169	)
General and administrative expenses		(14,544	)		(3	)		237			(14,310	)		(14,351	)		(4	)		377			(13,978	)
Other expense, net		(6,082	)		(301	)		2,059			(4,324	)		(7,760	)		(1,007	)		3,377			(5,390	)
Interest income		2,861			18			145			3,024			3,405			(56	)		626			3,975
Recovery of (provision for) losses on notes receivable		329			—			664			993			(665	)		—			(1,697	)		(2,362	)
Interest expense		(71,596	)		(2,903	)		9,010			(65,489	)		(75,679	)		(933	)		9,544			(67,068	)
Gain on disposition of non-depreciable assets		—			—			—			—			807			—			—			807
Income tax benefit		1,113			—			—			1,113			6,253			—			—			6,253
Discontinued operations, net of non-FFO items		424			—			269			693			8,147			—			(3,874	)		4,273
Preferred dividends and distributions		(14,037	)		—			—			(14,037	)		(14,346	)		—			—			(14,346	)
Preferred redemption related amounts		1,943			—			—			1,943			(4,290	)		—			—			(4,290	)
Common noncontrolling interests in Aimco Operating Partnership		(3,778	)		—			—			(3,778	)		(3,144	)		—			—			(3,144	)
Amounts allocated to participating securities		(205	)		—			—			(205	)		(148	)		—			—			(148	)
Funds From Operations		55,332			277			(3,360	)		52,249			49,587			(344	)		(7,869	)		41,374
Preferred stock redemption related amounts		(1,943	)		—			—			(1,943	)		4,290			—			—			4,290
Common noncontrolling interests in Aimco Operating Partnership		132			—			—			132			(299	)		—			—			(299	)
Amounts allocated to participating securities		7			—			—			7			(20	)		—			—			(20	)
Pro Forma Funds From Operations	$	53,528		$	277		$	(3,360	)	$	50,445		$	53,558		$	(344	)	$	(7,869	)	$	45,345
		Weighted average shares — diluted FFO									120,700			Weighted average shares — diluted FFO									117,047
		Per Share:												Per Share:
		Funds From Operations								$	0.43			Funds From Operations								$	0.35
		Pro Forma Funds From Operations								$	0.42			Pro Forma Funds From Operations								$	0.39

11

Supplemental Schedule 1 (a) (continued)

Pro Forma Funds From Operations Reconciliation to GAAP (page 2 of 2)

Three Months Ended December 31, 2011 Compared to Three Months Ended December 31, 2010

(in thousands) (unaudited)

		0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000
	Three Months Ended December 31, 2011												Three Months Ended December 31, 2010
	Consolidated Amount			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Amount			Consolidated Amount			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Amount
Pro Forma Funds From Operations	$	53,528		$	277		$	(3,360	)	$	50,445		$	53,558		$	(344	)	$	(7,869	)	$	45,345
Adjustments related to continuing operations:
Depreciation and amortization		(97,606	)		(3,224	)		9,988			(90,842	)		(100,452	)		(961	)		12,222			(89,191	)
Depreciation and amortization related to non-real estate assets		3,182			1			(41	)		3,142			3,208			5			(44	)		3,169
Provision for operating real estate impairment losses		(4,182	)		—			463			(3,719	)		(65	)		—			—			(65	)
(Loss) gain on dispositions of and impairments related to unconsolidated entities and other, net		(2,718	)		(6,342	)		5,828			(3,232	)		4,458			(10,013	)		6,097			542
Income tax benefit on impairments related to unconsolidated entities and other		396			—			—			396			1			—			—			1
Adjustments related to discontinued operations:
Depreciation and amortization		(2,293	)		—			511			(1,782	)		(9,407	)		—			3,385			(6,022	)
Depreciation and amortization related to non-real estate assets		70			—			(6	)		64			50			—			(15	)		35
Provision for operating real estate impairment losses		(4,086	)		—			985			(3,101	)		(3,411	)		—			211			(3,200	)
Gain on dispositions of real estate		43,308			—			(18,723	)		24,585			20,537			—			(2,481	)		18,056
Income tax expense arising from disposals and impairments		(6,767	)		—			—			(6,767	)		(9,333	)		—			—			(9,333	)
Total adjustments	$	(70,696	)	$	(9,565	)	$	(995	)	$	(81,256	)	$	(94,414	)	$	(10,969	)	$	19,375		$	(86,008	)
Common noncontrolling interests in Aimco Operating Partnership's share of adjustments		5,312			—			—			5,312			6,358			—			—			6,358
Amounts allocable to participating securities		145			—			—			145			168			—			—			168
Preferred stock redemption related gains		1,943			—			—			1,943			(4,290	)		—			—			(4,290	)
Equity in losses of unconsolidated real estate partnerships		(9,288	)		9,288			—			—			(11,313	)		11,313			—			—
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		(4,355	)		—			4,355			—			11,506			—			(11,506	)		—
Net loss attributable to Aimco common stockholders	$	(23,411	)	$	—		$	—		$	(23,411	)	$	(38,427	)	$	—		$	—		$	(38,427	)

Notes

[1] The results for Other Conventional include four acquisition properties and three vacant properties, Lincoln Place, Pacific Bay Vistas (formerly Treetops), and Madera Vista for the periods presented.

[2] Non-recurring revenues consisted of the following:

		September 30,		September 30,
	Three Months Ended December 31, 2011		Three Months Ended December 31, 2010
Promotes	$	577	$	—
Other general partner transactional fees		1,298		1,275
Tax credit syndication fees		136		1,962
Total non-recurring revenues	$	2,011	$	3,237

12

Supplemental Schedule 1 (b)

Funds From Operations	(page 1 of 2)
Year Ended December 31, 2011 Compared to Year Ended December 31, 2010
(in thousands) (unaudited)

		0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000
	Year Ended December 31, 2011												Year Ended December 31, 2010
	Consolidated Amount			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Amount			Consolidated Amount			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	800,269		$	—		$	(56,987	)	$	743,282		$	778,806		$	—		$	(68,977	)	$	709,829
Affordable Same Store		161,070			661			(38,833	)		122,898			154,696			678			(37,463	)		117,911
Total Same Store		961,339			661			(95,820	)		866,180			933,502			678			(106,440	)		827,740
Other Conventional [1]		59,414			5,744			(136	)		65,022			63,715			4,730			(1,408	)		67,037
Other Affordable		18,976			38,797			(46,713	)		11,060			20,239			10,131			(17,838	)		12,532
Property management revenues, primarily from affiliates		1,194			(644	)		5,613			6,163			2,775			(733	)		3,532			5,574
Total rental and other property revenues		1,040,923			44,558			(137,056	)		948,425			1,020,231			14,806			(122,154	)		912,883
Property operating expenses
Conventional Same Store		289,241			—			(21,690	)		267,551			295,079			—			(27,485	)		267,594
Affordable Same Store		68,118			498			(18,202	)		50,414			69,798			470			(18,250	)		52,018
Total Same Store		357,359			498			(39,892	)		317,965			364,877			470			(45,735	)		319,612
Other Conventional [1]		29,118			3,345			(77	)		32,386			28,803			3,008			(736	)		31,075
Other Affordable		10,502			24,143			(28,396	)		6,249			11,444			5,928			(10,094	)		7,278
Casualties		11,601			(11	)		(24	)		11,566			7,687			21			526			8,234
Property management expenses		41,402			—			—			41,402			48,184			—			—			48,184
Total property operating expenses		449,982			27,975			(68,389	)		409,568			460,995			9,427			(56,039	)		414,383
Net real estate operations		590,941			16,583			(68,667	)		538,857			559,236			5,379			(66,115	)		498,500
Amortization of deferred tax credit income		29,080			—			—			29,080			28,819			—			—			28,819
Asset management revenues		1,507			—			3,330			4,837			528			(67	)		4,518			4,979
Non-recurring revenues [2]		8,074			—			495			8,569			6,283			—			336			6,619
Total asset management and tax credit revenues		38,661			—			3,825			42,486			35,630			(67	)		4,854			40,417
Investment management expenses		(10,415	)		—			—			(10,415	)		(14,487	)		—			—			(14,487	)
Depreciation and amortization related to non-real estate assets		(12,942	)		(4	)		159			(12,787	)		(14,380	)		(9	)		187			(14,202	)
General and administrative expenses		(50,950	)		(10	)		1,067			(49,893	)		(53,365	)		(17	)		1,418			(51,964	)
Other expense, net		(19,576	)		(417	)		7,826			(12,167	)		(9,697	)		(5,036	)		10,725			(4,008	)
Interest income		10,041			(87	)		1,182			11,136			10,306			(196	)		2,826			12,936
Recovery of (provision for) losses on notes receivable		509			—			(623	)		(114	)		(949	)		—			(3,418	)		(4,367	)
Interest expense		(310,780	)		(10,378	)		41,312			(279,846	)		(297,019	)		(3,057	)		37,752			(262,324	)
Gain on disposition of non-depreciable assets		(68	)		—			—			(68	)		806			—			—			806
Income tax benefit		6,815			—			—			6,815			17,109			—			—			17,109
Discontinued operations, net of non-FFO items		15,744			—			(1,257	)		14,487			39,170			—			(8,140	)		31,030
Preferred dividends and distributions		(56,439	)		—			—			(56,439	)		(58,808	)		—			—			(58,808	)
Preferred redemption related amounts		3,904			—			—			3,904			254			—			—			254
Common noncontrolling interests in Aimco Operating Partnership		(13,364	)		—			—			(13,364	)		(13,171	)		—			—			(13,171	)
Amounts allocated to participating securities		(778	)		—			—			(778	)		(738	)		—			—			(738	)
Funds From Operations		191,303			5,687			(15,176	)		181,814			199,897			(3,003	)		(19,911	)		176,983
Preferred stock redemption related amounts		(3,904	)		—			—			(3,904	)		(254	)		—			—			(254	)
Common noncontrolling interests in Aimco Operating Partnership		266			—			—			266			18			—			—			18
Amounts allocated to participating securities		16			—			—			16			1			—			—			1
Pro Forma Funds From Operations	$	187,681		$	5,687		$	(15,176	)	$	178,192		$	199,662		$	(3,003	)	$	(19,911	)	$	176,748
		Weighted average shares — diluted FFO									119,626			Weighted average shares — diluted FFO									116,693
		Per Share:												Per Share:
		Funds From Operations								$	1.52			Funds From Operations								$	1.52
		Pro Forma Funds From Operations								$	1.49			Pro Forma Funds From Operations								$	1.51

13

Supplemental Schedule 1 (b) (continued)

Pro Forma Funds From Operations Reconciliation to GAAP	(page 2 of 2)
Year Ended December 31, 2011 Compared to Year Ended December 31, 2010
(in thousands) (unaudited)

		0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000			0000000000000000
	Year Ended December 31, 2011												Year Ended December 31, 2010
	Consolidated Amount			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Amount			Consolidated Amount			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Amount
Pro Forma Funds From Operations	$	187,681		$	5,687		$	(15,176	)	$	178,192		$	199,662		$	(3,003	)	$	(19,911	)	$	176,748
Adjustments related to continuing operations:
Depreciation and amortization		(378,043	)		(13,006	)		42,799			(348,250	)		(397,740	)		(5,564	)		44,897			(358,407	)
Depreciation and amortization related to non-real estate assets		12,942			4			(159	)		12,787			14,380			9			(187	)		14,202
Provision for operating real estate impairment losses		(4,331	)		—			463			(3,868	)		(65	)		—			—			(65	)
Gain on dispositions of and impairments related to unconsolidated entities and other, net		2,465			(10,406	)		5,706			(2,235	)		9,825			(14,554	)		3,887			(842	)
Income tax benefit (expense) on impairments or gains related to unconsolidated entities and other		351			—			—			351			(8	)		—			—			(8	)
Adjustments related to discontinued operations:
Depreciation and amortization		(17,290	)		—			3,591			(13,699	)		(39,093	)		—			9,948			(29,145	)
Depreciation and amortization related to non-real estate assets		178			—			(36	)		142			229			—			(43	)		186
Provision for operating real estate impairment losses		(15,915	)		—			3,555			(12,360	)		(12,961	)		—			1,110			(11,851	)
Gain on dispositions of real estate		108,209			—			(40,486	)		67,723			94,945			—			(26,400	)		68,545
Income tax expense arising from disposals and impairments		(6,990	)		—			—			(6,990	)		(8,385	)		—			—			(8,385	)
Total adjustments	$	(298,424	)	$	(23,408	)	$	15,433		$	(306,399	)	$	(338,873	)	$	(20,109	)	$	33,212		$	(325,770	)
Common noncontrolling interests in Aimco Operating Partnership’s share of adjustments		20,602			—			—			20,602			22,713			—			—			22,713
Amounts allocable to participating securities		540			—			—			540			737			—			—			737
Preferred stock redemption related gains		3,904			—			—			3,904			254			—			—			254
Equity in losses of unconsolidated real estate partnerships		(17,721	)		17,721			—			—			(23,112	)		23,112			—			—
Net loss attributable to noncontrolling interests in consolidated real estate partnerships		257			—			(257	)		—			13,301			—			(13,301	)		—
Net loss attributable to Aimco common stockholders	$	(103,161	)	$	—		$	—		$	(103,161	)	$	(125,318	)	$	—		$	—		$	(125,318	)

Notes

[1] The results for Other Conventional include four acquisition properties and three vacant properties, Lincoln Place, Pacific Bay Vistas (formerly Treetops), and Madera Vista for the periods presented.

[2] Non-recurring revenues consisted of the following:

		September 30,		September 30,
	Year Ended December 31, 2011		Year Ended December 31, 2010
Promotes	$	577	$	2,727
Other general partner transactional fees		6,073		3,767
Tax credit syndication fees		1,424		(211	)
Total non-recurring revenues	$	8,074	$	6,283

14

Supplemental Schedule 2

Portfolio Summary

As of December 31, 2011

(unaudited)

		0000000000000000		0000000000000000		0000000000000000		0000000000000000
	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Owned Real Estate Portfolio:
Conventional Same Store		161		56,731		53,120		94	%
Affordable Same Store		122		15,639		11,431		73	%
Total Same Store		283		72,370		64,551		89	%
Conventional Redevelopment [1]		4		1,502		1,502		100	%
Conventional Acquisition		4		142		72		51	%
Other Conventional		28		4,159		3,310		80	%
Other Affordable		50		4,973		808		16	%
Conventional Held for Sale		1		300		300		100	%
Total owned real estate portfolio		370		83,446		70,543		85	%
Total Conventional owned real estate portfolio		198		62,834		58,304		93	%
Total Affordable owned real estate portfolio		172		20,612		12,239		59	%
Fee-Managed Portfolio:
Property-Managed for third parties		1		64
Asset-Managed		147		10,184
Total fee-managed portfolio		148		10,248
Total Portfolio		518		93,694

[1] At December 31, 2011 Aimco's Conventional Redevelopment portfolio included three vacant properties, Lincoln Place, Pacific Bay Vistas (formerly Treetops) and Madera Vista, and one partially occupied property, Plantation Gardens.

15

Supplemental Schedule 3

Net Asset Value Supplemental Information	(page 1 of 2)
(in thousands) (unaudited)

One measure of stockholder value is Net Asset Value (NAV), which is the estimated fair value of assets, net of debt and preferred equity. The information provided below is intended to assist users of Aimco's financial information in making their own estimates of Aimco's NAV. See the following page for notes to the supplemental information provided below.

Trailing Twelve Month Net Operating Income Data

		September 30,			September 30,			September 30,
	Proportionate Property Net Operating Income
	Conventional Same Store and Other [1]			Affordable			Total
Rental and other property revenues	$	808,304		$	133,958		$	942,262
Property operating expenses		(299,937	)		(56,663	)		(356,600	)
Property NOI		508,367			77,295			585,662
Assumed property management fee (3.0% of revenues)		(24,249	)		(4,019	)		(28,268	)
Property NOI net of assumed property management fee	$	484,118		$	73,276		$	557,394

Proportionate Balance Sheet Data

As of December 31, 2011

		XXXXXX			XXXXXX			XXXXXX			XXXXXX
	Consolidated GAAP Balance Sheet			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Balance Sheet
Assets
Real estate	$	8,893,653		$	79,397		$	(745,900	)	$	8,227,150
Accumulated depreciation		(2,864,873	)		(18,529	)		238,514			(2,644,888	)
Net real estate [2]		6,028,780			60,868			(507,386	)		5,582,262
Cash and cash equivalents		91,066			1,025			(36,973	)		55,118
Restricted cash		186,717			3,501			(22,645	)		167,573
Accounts receivable, net		41,796			130			(5,028	)		36,898
Notes receivable, net		111,205			—			(1,367	)		109,838
Investment in unconsolidated real estate partnerships [3]		47,790			(11,829	)		(33,123	)		2,838
Deferred financing costs, net [4]		49,486			440			(6,273	)		43,653
Goodwill [4]		61,948			—			—			61,948
Investment in management contracts [4]		566			—			—			566
Other assets [5]		235,614			200			18,406			254,220
Assets held for sale		16,894			—			844			17,738
Total assets	$	6,871,862		$	54,335		$	(593,545	)	$	6,332,652
Liabilities and Equity
Non-recourse property debt	$	5,172,320		$	40,378		$	(482,582	)	$	4,730,116
Deferred income [6]		140,293			72			—			140,365
Other liabilities		318,024			13,885			(66,946	)		264,963
Liabilities related to assets held for sale		13,167			—			—			13,167
Total liabilities		5,643,804			54,335			(549,528	)		5,148,611
Preferred noncontrolling interests in Aimco Operating Partnership [7]		83,384			—			—			83,384
Perpetual preferred stock [7]		657,114			—			—			657,114
Other Aimco equity		251,215			—			226,650			477,865
Noncontrolling interests in consolidated real estate partnerships		270,666			—			(270,666	)		—
Common noncontrolling interests in Aimco Operating Partnership		(34,321	)		—			—			(34,321	)
Total liabilities and equity	$	6,871,862		$	54,335		$	(593,545	)	$	6,332,652

16

Supplemental Schedule 3 (continued) (page 2 of 2)

Net Asset Value Supplemental Information

(in thousands) (unaudited)

[1] Proportionate Property Net Operating amounts for Other Conventional include the results of Lincoln Place and Pacific Bay Vistas, two redevelopment properties that were vacant during the period presented, and the results of Madera Vista, a vacant redevelopment property acquired during the third quarter 2011.

[2] Net real estate includes three vacant redevelopment properties, Lincoln Place, Pacific Bay Vistas and Madera Vista, that have December 31, 2011 net book values of $253.1 million in total. Aimco refers to these properties collectively as part of its redevelopment pipeline.

[3] Aimco’s internal NAV estimate is computed based on Aimco’s share of NOI and as such takes into account Aimco’s share of NOI attributable to unconsolidated partnerships. For this reason, investment in unconsolidated real estate partnerships is excluded from non-real estate assets in Aimco’s internal NAV computation.

[4] Deferred financing costs, goodwill and investment in management contracts represent non-tangible assets for which cash has already been paid by Aimco. As such, these amounts are excluded from Aimco’s internal NAV computation.

[5] Includes notes receivable from consolidated partnerships that are eliminated in the consolidated balance sheet. The noncontrolling partners’ share of amounts payable to Aimco pursuant to those notes is added to the GAAP-based amounts to arrive at the proportionate balance presented.

[6] Deferred income includes $91.5 million of unamortized cash contributions received by Aimco in exchange for the sale of tax credit and related tax benefits. These cash contributions are deferred upon receipt and amortized into earnings in future periods as Aimco delivers the tax credits and related benefits to the investors. Certain of Aimco’s tax credit arrangements provide for contributions to be made in installments, which contributions are not reflected in Aimco’s consolidated financial statements until such time as the contributions are received.

Deferred income and the future earnings associated with the deferred income are excluded from Aimco’s internal estimates of NAV. However, amortization of deferred tax credit income is included in net income and, as such, FFO. Projected amortization of deferred tax credit contributions received and to be received is presented below.

		September 30,
	December 31, 2011
Deferred tax credit income balance	$	91,485
Contributions to be received in the future		62,172
Total to be amortized	$	153,657

		September 30,		September 30,			September 30,
	Amortization of Deferred Income		Estimated Income Taxes			Projected Income, net of tax
Year Ending December 31,
2012	$	28,176	$	(10,989	)	$	17,187
2013		27,710		(10,807	)		16,903
2014		26,718		(10,420	)		16,298
2015		22,753		(8,874	)		13,879
2016		17,518		(6,832	)		10,686
Thereafter		30,782		(12,004	)		18,778
Total	$	153,657	$	(59,926	)	$	93,731

[7] Aimco’s internal NAV computation includes Preferred noncontrolling interests in Aimco Operating Partnership and Perpetual preferred stock as a reduction of NAV attributable to Aimco common stockholders. See Schedule 5.

17

Supplemental Schedule 4

Non-recourse Property Debt Information	(page 1 of 2)
As of December 31, 2011
(dollars in thousands) (unaudited)

Property Debt Balances and Characteristics

		XXXXXXXX		XXXXXXXX		XXXXXXXX			XXXXXXXX		XXXXXXXX		XXXXXXXX
Debt	Consolidated		Proportionate Share of Unconsolidated Partnerships		Noncontrolling Interests			Total Aimco Share		Weighted Average Maturity (years)		Weighted Average Rate
Conventional Portfolio:
Fixed rate loans payable [1]	$	4,341,566	$	—	$	(275,302	)	$	4,066,264		7.2		5.80	%
Fixed rate tax-exempt bonds		24,080		—		(3,338	)		20,742		2.5		6.14	%
Floating rate tax-exempt bonds		109,814		—		(5,278	)		104,536		8.9		0.65	%
Total property tax-exempt bond financing		133,894		—		(8,616	)		125,278		7.8		1.63	%
Total Conventional portfolio		4,475,460		—		(283,918	)		4,191,542		7.2		5.68	%
Affordable Portfolio:
Fixed rate loans payable		454,485		40,378		(153,031	)		341,832		12.5		4.67	%
Floating rate loans payable		41,136		—		(20,573	)		20,563		6.8		3.21	%
Total property loans payable		495,621		40,378		(173,604	)		362,395		12.0		4.55	%
Fixed rate tax-exempt bonds		132,033		—		(25,060	)		106,973		24.2		4.54	%
Floating rate tax-exempt bonds [2]		69,206		—		—			69,206		0.3		2.61	%
Total property tax-exempt bond financing		201,239		—		(25,060	)		176,179		16.0		3.87	%
Total Affordable portfolio		696,860		40,378		(198,664	)		538,574		13.2		4.36	%
Total non-recourse property debt	$	5,172,320	$	40,378	$	(482,582	)		4,730,116		8.0		5.50	%

[1] During June 2011, $673.8 million (original principal amount) of fixed rate loans payable were securitized and Aimco purchased for $51.5 million the first loss and two mezzanine positions in the trust that holds these loans. The investments, which have a face value of $100.9 million, are presented in other assets on Aimco’s consolidated balance sheet. The weighted average interest rate on the securitized loans payable of 5.49% is reflected in the table above. The effective rate, after adjustment for the estimated interest on the investments in the securitization trust, is 5.19%.

[2] Floating rate debt presented above includes $75.0 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At December 31, 2011, the carrying amount of this debt totaled $69.2 million, after recognition of changes in the debt’s fair value.

Aimco Share Property Debt

		September 30,		September 30,
	Amount		% of Total
Fixed rate property debt	$	4,535,811		95.9	%
Floating rate tax-exempt bonds		173,742		3.7	%
Floating rate loans payable		20,563		0.4	%
Total	$	4,730,116

		September 30,		September 30,		September 30,		September 30,			September 30,
							Maturities as a Percent			Average Rate on
	Amortization		Maturities		Total		of Total Debt			Maturing Debt
2012 Q1	$	19,643	$	2,944	$	22,587		0.06	%
2012 Q2 [3]		21,114		79,409		100,523		1.68	%		2.73	%
2012 Q3		20,635		90,183		110,818		1.91	%		6.07	%
2012 Q4		21,209		951		22,160		0.02	%		0.18	%
Total 2012		82,601		173,487		256,088		3.67	%		4.37	%
2013 Q1	$	20,664	$	77,256	$	97,920		1.63	%		5.10	%
2013 Q2		21,280		23,487		44,767		0.50	%		5.36	%
2013 Q3		20,824		124,289		145,113		2.63	%		4.96	%
2013 Q4		21,213		68,921		90,134		1.46	%		6.89	%
Total 2013		83,981		293,953		377,934		6.21	%		5.49	%
2014		83,241		222,624		305,865		4.71	%		5.50	%
2015		83,775		185,713		269,488		3.93	%		4.83	%
2016		80,974		379,250		460,224		8.02	%		5.65	%
2017		73,939		452,681		526,620		9.57	%		5.92	%
2018		68,898		210,849		279,747		4.46	%		4.67	%
2019		64,217		451,441		515,658		9.54	%		5.98	%
2020		55,783		388,266		444,049		8.21	%		6.44	%
2021 [4]		35,952		698,192		734,144		14.76	%		5.69	%
Thereafter		271,423		288,876		560,299		6.11	%		4.38	%
Total	$	984,784	$	3,745,332	$	4,730,116

[3] Q2 2012 maturities include approximately $75.0 million of debt ($69.2 million at carrying amount) subject to total return swaps for which the swap maturity dates are in 2012 and the related debt maturities are beyond 2012. In the event Aimco is unable refinance the debt to which these swaps relate prior to the swap maturity dates, Aimco would have to pay a termination payment (currently $5.8 million) to the counterparties.

[4] 2021 maturities include $100.9 million that will effectively repay Aimco’s first loss and mezzanine positions in the securitization discussed in Note 1 above. After consideration of the repayment of these investments, Aimco’s net effective maturities exposure for 2021 is $597.3 million, or 12.9% of maturities as a percentage of total debt.

18

Supplemental Schedule 4 (continued)

Non-recourse Property Debt Information	(page 2 of 2)
As of December 31, 2011
(in millions) (unaudited)

Year-to-Date Property Loan Closings (Aimco Share)

		September 30,		September 30,			September 30,			September 30,			September 30,
	Loan		New			Net
	Amount		Loan			(Repayment)			Prior			New
Original Loan Maturity Year	Refinanced		Amount [1]			Proceeds [2]			Rate			Rate [3]
2011 [4]	$	98.7	$	89.3		$	(9.8	)		5.76	%		3.75	%
2012 [5][6]		234.6		246.0			9.0			1.94	%		4.92	%
2013 [6]		13.1		23.7			13.4			4.98	%		5.54	%
2014 [4][6]		124.4		121.5			(7.9	)		5.74	%		4.83	%
2015 [4][6]		172.7		166.4			(18.7	)		5.94	%		5.44	%
2016 [6]		35.5		47.1			10.6			5.57	%		4.94	%
2018		1.3		7.3			5.8			7.00	%		2.97	%
2020		4.3		7.3			2.0			7.90	%		4.99	%
2036		7.1		12.0			5.3			6.48	%		4.47	%
2038		14.4		17.5			3.1			5.98	%		4.47	%
2040		45.7		46.5			0.2			6.88	%		4.15	%
New loans		—		42.1			35.2			—			4.37	%
Totals	$	751.8	$	826.7		$	48.2			4.67	%		4.80	%
Net Change in Leverage from Refinancings			$	74.9
Non-refinancing Loan Repayments				(8.6	)
Principal Amortization				(78.4	)
Aimco’s FREMF 2011 K-AIV Investments [6]				(51.5	)
Repurchase of Series A Community Investment Act Preferred Stock				(20.0	)
Net Decrease in Leverage After Trust Investments and Preferred Stock Repurchase			$	(83.6	)

[1] New loans typically have terms ranging from 7 to 10 years.

[2] Net (Repayment) Proceeds is (inclusive of) after transaction costs, prepayment penalties and payment of distributions to noncontrolling partners.

[3] The interest rates on all New Loans closed during the period are fixed.

[4] As part of Aimco’s leverage strategy, Aimco reduced the sizing of these loans, resulting in net repayments in connection with the refinancing transactions.

[5] $186.3 million of the Original Loans had a variable interest rate indexed to SIFMA, which was significantly less than the corresponding New Loans’ fixed rates.

[6] In June 2011, Freddie Mac securitized $673.8 million (original principal amount) of Aimco’s fixed rate loans payable and Aimco purchased for $51.5 million the first loss and two mezzanine positions in the FREMF 2011 K-AIV securitization trust that holds these loans. The investments, which have a face value of $100.9 million, are presented in other assets on Aimco’s consolidated balance sheet. The effective deleveraging during the year ended December 31, 2011 resulting from these investments is reflected in the Net Decrease in Leverage shown above. The weighted average interest rate on the securitized loans payable of 5.49% is reflected in the table above. The effective rate, after adjustment for the estimated interest on the investments in the securitization trust, is 5.19%.

Debt Ratios

		September 30,		September 30,
	Amount		Covenant
EBITDA coverage of interest		2.18:1		n/a
EBITDA coverage of interest and preferred dividends		1.78:1		n/a
Debt service coverage ratio [1]		1.61:1		1.40:1
Fixed charge coverage ratio [1]		1.37:1		1.20:1

[1] The Debt service and fixed charge coverage ratio covenants will increase to 1.50:1 and 1.30:1, respectively, for the first quarter 2012.

Credit Ratings

Moody’s Investor Service	Corporate Family Rating	Ba1 (stable outlook)
Standard and Poor's	Corporate Credit Rating	BB+ (stable)

19

Supplemental Schedule 5

Share Data

(in thousands) (unaudited)

Preferred Securities

		September 30,		September 30,		September 30,			September 30,
	Shares/Units Outstanding as of December 31, 2011		Date First Available for Redemption by Aimco		Coupon			Amount
Perpetual Preferred Stock:
Class T		6,000		7/31/2008		8.000	%	$	150,000
Class U		12,000		3/24/2009		7.750	%		300,000
Class V		2,588		9/29/2009		8.000	%		64,688
Class Y		3,450		12/21/2009		7.875	%		86,250
Class Z		869		7/29/2016		7.000	%		21,729
Series A Community Reinvestment Act [1]		—		6/30/2011		1.620	%		37,000
Total perpetual preferred stock									659,667
Preferred Partnership Units [2]		3,061				8.096	%		82,515
Total outstanding preferred securities								$	742,182

Common Stock, Partnership Units and Equivalents

		September 30,		September 30,		September 30,		September 30,		September 30,
	As of December 31, 2011		Three Months Ended December 31, 2011				Year Ended December 31, 2011
			EPS		FFO		EPS		FFO
Class A Common Stock outstanding		120,433		120,433		120,433		119,312		119,312
Dilutive securities:
Options and restricted stock		481		—		267		—		314
Total shares and dilutive share equivalents		120,914		120,433		120,700		119,312		119,626
Common Partnership Units and equivalents [3]		8,237
Total shares, units and dilutive share equivalents		129,151

Notes

[1] Represents 74 shares at a liquidation preference per share of $500,000. The dividend rate is a variable rate per annum equal to the Three-Month LIBOR Rate plus 1.25%, calculated as of the beginning of each quarterly period.

[2] Coupon is based on a weighted average of all outstanding series of Preferred Partnership Units.

[3] Includes the Aimco Operating Partnership’s common OP Units and Class I High Performance Units, which are included in noncontrolling interests in Aimco Operating Partnership in our consolidated financial statements and Schedule 1.

20

Supplemental Schedule 6(a)

Conventional Same Store Operating Results

Fourth Quarter 2011 Compared to Fourth Quarter 2010

(in thousands, except site and unit data) (unaudited)

		00000000		00000000		00000000		00000000		00000000		00000000			00000000		00000000		00000000			00000000		00000000		00000000			00000000			00000000			00000000			00000000		00000000
					Effective		Revenue							Expenses							Net Operating Income							Operating Margin			Average Daily Occupancy During Period						Average Rental Rates During Period
	Properties		Units		Units		4Q 2011		4Q 2010		Growth			4Q 2011		4Q 2010		Growth			4Q 2011		4Q 2010		Growth			4Q 2011			4Q 2011			4Q 2010			4Q 2011		4Q 2010
Target Markets
Los Angeles		13		3,949		3,297	$	19,361	$	18,849		2.7	%	$	5,748	$	5,940		-3.2	%	$	13,613	$	12,909		5.5	%		70.3	%		95.9	%		97.3	%	$	2,050	$	1,974
Orange County		4		1,213		1,143		5,681		5,395		5.3	%		1,772		1,978		-10.4	%		3,909		3,417		14.4	%		68.8	%		96.9	%		95.7	%		1,562		1,517
San Diego		6		2,144		2,073		8,355		8,149		2.5	%		2,373		2,479		-4.3	%		5,982		5,670		5.5	%		71.6	%		94.7	%		96.1	%		1,275		1,229
Southern CA Total		23		7,306		6,513		33,397		32,393		3.1	%		9,893		10,397		-4.8	%		23,504		21,996		6.9	%		70.4	%		95.7	%		96.7	%		1,743		1,682
East Bay		2		413		353		1,500		1,385		8.3	%		574		597		-3.9	%		926		788		17.5	%		61.7	%		97.4	%		96.9	%		1,297		1,211
San Jose		1		224		224		1,107		1,036		6.9	%		183		422		-56.6	%		924		614		50.5	%		83.5	%		95.7	%		97.7	%		1,595		1,451
San Francisco		5		774		774		4,038		3,715		8.7	%		1,404		1,436		-2.2	%		2,634		2,279		15.6	%		65.2	%		97.2	%		97.6	%		1,613		1,487
Northern CA Total		8		1,411		1,351		6,645		6,136		8.3	%		2,161		2,455		-12.0	%		4,484		3,681		21.8	%		67.5	%		97.0	%		97.4	%		1,517		1,401
Seattle		2		239		200		940		1,005		-6.5	%		335		345		-2.9	%		605		660		-8.3	%		64.4	%		95.7	%		96.5	%		1,417		1,478
Pacific Total		33		8,956		8,064		40,982		39,534		3.7	%		12,389		13,197		-6.1	%		28,593		26,337		8.6	%		69.8	%		95.9	%		96.8	%		1,698		1,632
Suburban New York — New Jersey		2		1,162		944		3,854		3,519		9.5	%		1,282		1,280		0.2	%		2,572		2,239		14.9	%		66.7	%		96.7	%		94.5	%		1,224		1,179
Washington — NoVa — MD		15		6,711		6,616		26,718		25,417		5.1	%		7,916		7,702		2.8	%		18,802		17,715		6.1	%		70.4	%		96.3	%		97.4	%		1,293		1,216
Boston		9		3,068		3,068		11,100		10,699		3.7	%		4,087		3,915		4.4	%		7,013		6,784		3.4	%		63.2	%		95.4	%		96.6	%		1,180		1,135
Philadelphia		7		3,888		3,664		15,689		15,077		4.1	%		5,804		5,653		2.7	%		9,885		9,424		4.9	%		63.0	%		95.8	%		96.7	%		1,284		1,226
Northeast Total		33		14,829		14,292		57,361		54,712		4.8	%		19,089		18,550		2.9	%		38,272		36,162		5.8	%		66.7	%		96.0	%		96.8	%		1,262		1,199
Miami		5		2,471		2,460		12,760		12,381		3.1	%		4,050		3,838		5.5	%		8,710		8,543		2.0	%		68.3	%		97.2	%		98.3	%		1,599		1,544
Palm Beach — Fort Lauderdale		2		704		704		1,860		1,817		2.4	%		898		898		0.0	%		962		919		4.7	%		51.7	%		94.6	%		95.1	%		819		812
Orlando		5		1,481		1,481		3,568		3,383		5.5	%		1,493		1,592		-6.2	%		2,075		1,791		15.9	%		58.2	%		94.7	%		94.7	%		745		714
Tampa		5		1,455		1,388		3,288		3,259		0.9	%		1,357		1,383		-1.9	%		1,931		1,876		2.9	%		58.7	%		94.7	%		96.9	%		716		701
Jacksonville		4		1,643		1,643		4,215		4,093		3.0	%		1,905		1,805		5.5	%		2,310		2,288		1.0	%		54.8	%		95.7	%		97.5	%		786		759
Florida Total		21		7,754		7,676		25,691		24,933		3.0	%		9,703		9,516		2.0	%		15,988		15,417		3.7	%		62.2	%		95.7	%		96.9	%		1,031		998
Houston		5		2,237		1,873		4,170		4,124		1.1	%		1,772		1,825		-2.9	%		2,398		2,299		4.3	%		57.5	%		91.8	%		92.4	%		701		701
Denver		8		2,177		1,775		5,728		5,649		1.4	%		1,762		2,043		-13.8	%		3,966		3,606		10.0	%		69.2	%		96.6	%		98.2	%		911		851
Phoenix		12		3,017		2,605		5,910		5,597		5.6	%		2,319		2,285		1.5	%		3,591		3,312		8.4	%		60.8	%		95.9	%		97.6	%		677		633
Dallas — Fort Worth		1		368		368		924		922		0.2	%		383		442		-13.3	%		541		480		12.7	%		58.5	%		94.1	%		97.6	%		777		746
Atlanta		5		1,295		1,125		3,347		3,093		8.2	%		1,344		1,218		10.3	%		2,003		1,875		6.8	%		59.8	%		97.3	%		97.3	%		916		864
Sunbelt Total		52		16,848		15,421		45,770		44,318		3.3	%		17,283		17,329		-0.3	%		28,487		26,989		5.6	%		62.2	%		95.4	%		96.6	%		895		859
Chicago		13		3,993		3,832		14,434		14,268		1.2	%		4,914		5,262		-6.6	%		9,520		9,006		5.7	%		66.0	%		94.3	%		97.3	%		1,174		1,126
Total Target Markets		131		44,626		41,609		158,547		152,832		3.7	%		53,675		54,338		-1.2	%		104,872		98,494		6.5	%		66.1	%		95.6	%		96.8	%		1,204		1,151
Other
Baltimore		5		1,180		993		3,444		3,351		2.8	%		1,271		1,189		6.9	%		2,173		2,162		0.5	%		63.1	%		94.5	%		97.9	%		1,112		1,042
Nashville		4		1,114		865		2,504		2,379		5.3	%		921		926		-0.5	%		1,583		1,453		8.9	%		63.2	%		95.4	%		95.4	%		875		840
Norfolk — Richmond		6		1,643		1,564		4,787		4,769		0.4	%		1,450		1,414		2.5	%		3,337		3,355		-0.5	%		69.7	%		94.7	%		95.9	%		953		937
Other Markets		15		8,168		8,088		20,007		19,841		0.8	%		8,248		8,378		-1.6	%		11,759		11,463		2.6	%		58.8	%		94.1	%		96.8	%		750		730
Total Other		30		12,105		11,511		30,742		30,340		1.3	%		11,890		11,907		-0.1	%		18,852		18,433		2.3	%		61.3	%		94.3	%		96.7	%		825		799
CONVENTIONAL SAME STORE SALES TOTALS		161		56,731		53,120	$	189,289	$	183,172		3.3	%	$	65,565	$	66,245		-1.0	%	$	123,724	$	116,927		5.8	%		65.4	%		95.3	%		96.8	%	$	1,124	$	1,076

21

Supplemental Schedule 6(b)

Conventional Same Store Operating Results

Fourth Quarter 2011 Compared to Third Quarter 2011

(in thousands, except site and unit data) (unaudited)

		000000		000000		000000		000000		000000		000000			000000		000000		000000			000000		000000		000000			000000			000000			000000			000000		000000
					Effective		Revenue							Expenses							Net Operating Income							Operating Margin			Average Daily Occupancy During Period						Average Rental Rates During Period
	Properties		Units		Units		4Q 2011		3Q 2011		Growth			4Q 2011		3Q 2011		Growth			4Q 2011		3Q 2011		Growth			3Q 2011			4Q 2011			3Q 2011			4Q 2011		3Q 2011
Target Markets
Los Angeles		13		3,949		3,297	$	19,361	$	19,341		0.1	%	$	5,748	$	5,493		4.6	%	$	13,613	$	13,848		-1.7	%		70.3	%		95.9	%		96.5	%	$	2,050	$	2,030
Orange County		4		1,213		1,143		5,681		5,636		0.8	%		1,772		1,797		-1.4	%		3,909		3,839		1.8	%		68.8	%		96.9	%		97.0	%		1,562		1,550
San Diego		6		2,144		2,073		8,355		8,346		0.1	%		2,373		2,518		-5.8	%		5,982		5,828		2.6	%		71.6	%		94.7	%		95.6	%		1,275		1,247
Southern CA Total		23		7,306		6,513		33,397		33,323		0.2	%		9,893		9,808		0.9	%		23,504		23,515		0.0	%		70.4	%		95.7	%		96.3	%		1,743		1,721
East Bay		2		413		353		1,500		1,470		2.0	%		574		504		13.9	%		926		966		-4.1	%		61.7	%		97.4	%		97.3	%		1,297		1,264
San Jose		1		224		224		1,107		1,078		2.7	%		183		249		-26.5	%		924		829		11.5	%		83.5	%		95.7	%		95.5	%		1,595		1,540
San Francisco		5		774		774		4,038		3,964		1.9	%		1,404		1,314		6.8	%		2,634		2,650		-0.6	%		65.2	%		97.2	%		96.5	%		1,613		1,574
Northern CA Total		8		1,411		1,351		6,645		6,512		2.0	%		2,161		2,067		4.5	%		4,484		4,445		0.9	%		67.5	%		97.0	%		96.6	%		1,517		1,477
Seattle		2		239		200		940		958		-1.9	%		335		366		-8.5	%		605		592		2.2	%		64.4	%		95.7	%		94.7	%		1,417		1,415
Pacific Total		33		8,956		8,064		40,982		40,793		0.5	%		12,389		12,241		1.2	%		28,593		28,552		0.1	%		69.8	%		95.9	%		96.3	%		1,698		1,675
Suburban New York — New Jersey		2		1,162		944		3,854		3,687		4.5	%		1,282		1,398		-8.3	%		2,572		2,289		12.4	%		66.7	%		96.7	%		95.3	%		1,224		1,188
Washington — NoVa — MD		15		6,711		6,616		26,718		26,603		0.4	%		7,916		9,282		-14.7	%		18,802		17,321		8.6	%		70.4	%		96.3	%		96.2	%		1,293		1,276
Boston		9		3,068		3,068		11,100		11,081		0.2	%		4,087		4,228		-3.3	%		7,013		6,853		2.3	%		63.2	%		95.4	%		96.8	%		1,180		1,156
Philadelphia		7		3,888		3,664		15,689		15,254		2.9	%		5,804		6,509		-10.8	%		9,885		8,745		13.0	%		63.0	%		95.8	%		94.5	%		1,284		1,260
Northeast Total		33		14,829		14,292		57,361		56,625		1.3	%		19,089		21,417		-10.9	%		38,272		35,208		8.7	%		66.7	%		96.0	%		95.8	%		1,262		1,240
Miami		5		2,471		2,460		12,760		12,595		1.3	%		4,050		4,920		-17.7	%		8,710		7,675		13.5	%		68.3	%		97.2	%		96.1	%		1,599		1,579
Palm Beach — Fort Lauderdale		2		704		704		1,860		1,820		2.2	%		898		854		5.2	%		962		966		-0.4	%		51.7	%		94.6	%		94.9	%		819		806
Orlando		5		1,481		1,481		3,568		3,531		1.0	%		1,493		1,605		-7.0	%		2,075		1,926		7.7	%		58.2	%		94.7	%		95.7	%		745		713
Tampa		5		1,455		1,388		3,288		3,277		0.3	%		1,357		1,452		-6.5	%		1,931		1,825		5.8	%		58.7	%		94.7	%		94.7	%		716		707
Jacksonville		4		1,643		1,643		4,215		4,207		0.2	%		1,905		2,033		-6.3	%		2,310		2,174		6.3	%		54.8	%		95.7	%		95.0	%		786		772
Florida Total		21		7,754		7,676		25,691		25,430		1.0	%		9,703		10,864		-10.7	%		15,988		14,566		9.8	%		62.2	%		95.7	%		95.4	%		1,031		1,011
Houston		5		2,237		1,873		4,170		4,179		-0.2	%		1,772		1,878		-5.6	%		2,398		2,301		4.2	%		57.5	%		91.8	%		92.0	%		701		696
Denver		8		2,177		1,775		5,728		5,859		-2.2	%		1,762		1,967		-10.4	%		3,966		3,892		1.9	%		69.2	%		96.6	%		97.1	%		911		894
Phoenix		12		3,017		2,605		5,910		5,865		0.8	%		2,319		2,464		-5.9	%		3,591		3,401		5.6	%		60.8	%		95.9	%		95.2	%		677		663
Dallas — Fort Worth		1		368		368		924		917		0.8	%		383		458		-16.4	%		541		459		17.9	%		58.5	%		94.1	%		93.0	%		777		771
Atlanta		5		1,295		1,125		3,347		3,226		3.8	%		1,344		899		49.5	%		2,003		2,327		-13.9	%		59.8	%		97.3	%		96.0	%		916		894
Sunbelt Total		52		16,848		15,421		45,770		45,476		0.6	%		17,283		18,530		-6.7	%		28,487		26,946		5.7	%		62.2	%		95.4	%		95.1	%		895		879
Chicago		13		3,993		3,832		14,434		14,207		1.6	%		4,914		5,391		-8.8	%		9,520		8,816		8.0	%		66.0	%		94.3	%		93.8	%		1,174		1,156
Total Target Markets		131		44,626		41,609		158,547		157,101		0.9	%		53,675		57,579		-6.8	%		104,872		99,522		5.4	%		66.1	%		95.6	%		95.5	%		1,204		1,184
Other
Baltimore		5		1,180		993		3,444		3,309		4.1	%		1,271		1,398		-9.1	%		2,173		1,911		13.7	%		63.1	%		94.5	%		92.4	%		1,112		1,091
Nashville		4		1,114		865		2,504		2,483		0.8	%		921		1,017		-9.4	%		1,583		1,466		8.0	%		63.2	%		95.4	%		95.8	%		875		863
Norfolk — Richmond		6		1,643		1,564		4,787		4,821		-0.7	%		1,450		1,586		-8.6	%		3,337		3,235		3.2	%		69.7	%		94.7	%		96.5	%		953		940
Other Markets		15		8,168		8,088		20,007		19,992		0.1	%		8,248		8,581		-3.9	%		11,759		11,411		3.0	%		58.8	%		94.1	%		93.6	%		750		752
Total Other		30		12,105		11,511		30,742		30,605		0.4	%		11,890		12,582		-5.5	%		18,852		18,023		4.6	%		61.3	%		94.3	%		94.1	%		825		821
CONVENTIONAL SAME STORE SALES TOTALS		161		56,731		53,120	$	189,289	$	187,706		0.8	%	$	65,565	$	70,161		-6.6	%	$	123,724	$	117,545		5.3	%		65.4	%		95.3	%		95.2	%	$	1,124	$	1,108
																															��

22

Supplemental Schedule 6(c)

Conventional Same Store Operating Results

Year Ended December 31, 2011 Compared to Year Ended December 31, 2010

(in thousands, except site and unit data) (unaudited)

		00000		00000		00000		00000		00000		00000			00000		00000		00000			00000		00000		00000			00000			00000			00000			00000		00000
					Effective		Revenue							Expenses							Net Operating Income							Operating Margin			Average Daily Occupancy During Period						Average Rental Rates During Period
	Properties		Units		Units		2011		2010		Growth			2011		2010		Growth			2011		2010		Growth			2011			2011			2010			2011		2010
Target Markets
Los Angeles		13		3,949		3,297	$	76,434	$	75,392		1.4	%	$	22,629	$	23,772		-4.8	%	$	53,805	$	51,620		4.2	%		70.4	%		96.4	%		96.6	%	$	2,012	$	1,987
Orange County		4		1,213		1,143		22,295		21,472		3.8	%		6,891		7,368		-6.5	%		15,404		14,104		9.2	%		69.1	%		97.1	%		96.1	%		1,536		1,506
San Diego		6		2,144		2,073		32,868		31,650		3.8	%		9,389		9,643		-2.6	%		23,479		22,007		6.7	%		71.4	%		95.4	%		95.7	%		1,242		1,204
Southern CA Total		23		7,306		6,513		131,597		128,514		2.4	%		38,909		40,783		-4.6	%		92,688		87,731		5.7	%		70.4	%		96.2	%		96.3	%		1,708		1,679
East Bay		2		413		353		5,835		5,558		5.0	%		2,174		2,375		-8.5	%		3,661		3,183		15.0	%		62.7	%		97.6	%		97.3	%		1,255		1,200
San Jose		1		224		224		4,321		4,155		4.0	%		1,247		1,697		-26.5	%		3,074		2,458		25.1	%		71.1	%		96.7	%		97.6	%		1,524		1,472
San Francisco		5		774		774		15,532		14,551		6.7	%		5,235		5,583		-6.2	%		10,297		8,968		14.8	%		66.3	%		97.0	%		97.3	%		1,551		1,471
Northern CA Total		8		1,411		1,351		25,688		24,264		5.9	%		8,656		9,655		-10.3	%		17,032		14,609		16.6	%		66.3	%		97.1	%		97.3	%		1,460		1,392
Seattle		2		239		200		3,781		3,757		0.6	%		1,347		1,369		-1.6	%		2,434		2,388		1.9	%		64.4	%		96.2	%		97.1	%		1,396		1,385
Pacific Total		33		8,956		8,064		161,066		156,535		2.9	%		48,912		51,807		-5.6	%		112,154		104,728		7.1	%		69.6	%		96.4	%		96.4	%		1,660		1,625
Suburban New York — New Jersey		2		1,162		944		14,833		14,522		2.1	%		5,276		4,858		8.6	%		9,557		9,664		-1.1	%		64.4	%		95.9	%		95.3	%		1,191		1,184
Washington — NoVa — MD		15		6,711		6,616		105,520		100,107		5.4	%		32,889		32,260		1.9	%		72,631		67,847		7.1	%		68.8	%		96.5	%		97.0	%		1,267		1,202
Boston		9		3,068		3,068		43,752		42,838		2.1	%		17,090		16,385		4.3	%		26,662		26,453		0.8	%		60.9	%		96.2	%		96.2	%		1,155		1,139
Philadelphia		7		3,888		3,664		60,874		59,341		2.6	%		25,283		24,662		2.5	%		35,591		34,679		2.6	%		58.5	%		95.4	%		95.7	%		1,252		1,220
Northeast Total		33		14,829		14,293		224,979		216,808		3.8	%		80,538		78,165		3.0	%		144,441		138,643		4.2	%		64.2	%		96.1	%		96.3	%		1,234		1,192
Miami		5		2,471		2,460		50,052		48,416		3.4	%		18,207		19,237		-5.4	%		31,845		29,179		9.1	%		63.6	%		97.0	%		96.9	%		1,568		1,536
Palm Beach — Fort Lauderdale		2		704		704		7,316		7,308		0.1	%		3,426		3,298		3.9	%		3,890		4,010		-3.0	%		53.2	%		95.5	%		94.3	%		804		825
Orlando		5		1,481		1,481		13,988		13,650		2.5	%		6,060		6,112		-0.9	%		7,928		7,538		5.2	%		56.7	%		94.9	%		94.5	%		722		714
Tampa		5		1,455		1,388		13,060		13,117		-0.4	%		5,583		5,582		0.0	%		7,477		7,535		-0.8	%		57.3	%		95.1	%		95.6	%		707		712
Jacksonville		4		1,643		1,643		16,523		16,450		0.4	%		7,788		7,421		4.9	%		8,735		9,029		-3.3	%		52.9	%		95.0	%		96.2	%		770		766
Florida Total		21		7,754		7,676		100,939		98,941		2.0	%		41,064		41,650		-1.4	%		59,875		57,291		4.5	%		59.3	%		95.7	%		95.8	%		1,010		1,000
Houston		4		1,503		1,339		12,003		12,204		-1.6	%		5,164		5,501		-6.1	%		6,839		6,703		2.0	%		57.0	%		92.7	%		94.5	%		697		706
Denver		8		2,177		1,775		22,894		21,809		5.0	%		7,505		8,125		-7.6	%		15,389		13,684		12.5	%		67.2	%		97.3	%		97.1	%		881		842
Phoenix		12		3,017		2,605		22,954		22,058		4.1	%		9,081		9,324		-2.6	%		13,873		12,734		8.9	%		60.4	%		96.2	%		95.8	%		656		642
Dallas — Fort Worth		1		368		368		3,713		3,676		1.0	%		1,686		1,797		-6.2	%		2,027		1,879		7.9	%		54.6	%		95.1	%		96.7	%		764		746
Atlanta		4		992		822		9,740		9,323		4.5	%		3,279		3,463		-5.3	%		6,461		5,860		10.3	%		66.3	%		97.4	%		96.8	%		920		891
Sunbelt Total		50		15,811		14,584		172,243		168,011		2.5	%		67,779		69,860		-3.0	%		104,464		98,151		6.4	%		60.6	%		95.8	%		95.9	%		884		869
Chicago		13		3,993		3,832		57,234		56,462		1.4	%		20,405		21,320		-4.3	%		36,829		35,142		4.8	%		64.3	%		95.5	%		96.5	%		1,150		1,126
Total Target Markets		129		43,589		40,773		615,522		597,816		3.0	%		217,634		221,152		-1.6	%		397,888		376,664		5.6	%		64.6	%		96.0	%		96.2	%		1,188		1,158
Other
Baltimore		5		1,180		993		13,589		13,195		3.0	%		5,214		5,440		-4.2	%		8,375		7,755		8.0	%		61.6	%		94.8	%		95.9	%		1,086		1,042
Nashville		3		764		620		7,539		7,397		1.9	%		2,743		2,884		-4.9	%		4,796		4,513		6.3	%		63.6	%		95.8	%		97.0	%		921		896
Norfolk — Richmond		5		1,495		1,416		17,736		17,415		1.8	%		5,363		5,339		0.4	%		12,373		12,076		2.5	%		69.8	%		95.7	%		96.0	%		960		948
Other Markets		15		8,168		8,087		79,901		78,788		1.4	%		34,541		34,621		-0.2	%		45,360		44,167		2.7	%		56.8	%		94.8	%		96.0	%		745		731
Total Other		28		11,607		11,117		118,765		116,795		1.7	%		47,861		48,284		-0.9	%		70,904		68,511		3.5	%		59.7	%		95.0	%		96.1	%		819		802
CONVENTIONAL SAME STORE SALES TOTALS		157		55,196		51,890	$	734,287	$	714,611		2.8	%	$	265,495	$	269,436		-1.5	%	$	468,792	$	445,175		5.3	%		63.8	%		95.8	%		96.2	%	$	1,111	$	1,084

23

Supplemental Schedule 7(a)

Total Conventional Portfolio Data by Market

Fourth Quarter 2011 Compared to Fourth Quarter 2010

(unaudited)

		September 30,0		September 30,0		September 30,0			September 30,0		September 30,0			September 30,0		September 30,0		September 30,0		September 30,0			September 30,0		September 30,0			September 30,0
	Quarter Ended December 31, 2011														Quarter Ended December 31, 2010
	Properties		Units		Ownership			Effective Units		% AIV NOI			Average Rent		Properties		Units		Ownership			Effective Units		% AIV NOI			Average Rent
Target Markets
Los Angeles		14		4,645		86	%		3,993		10.4	%	$	2,050		14		4,645		86	%		3,993		9.7	%	$	1,974
Orange County		4		1,213		94	%		1,143		3.0	%		1,562		4		1,213		94	%		1,143		2.6	%		1,517
San Diego		10		2,286		94	%		2,145		4.8	%		1,275		6		2,143		97	%		2,073		4.3	%		1,229
Southern CA Total		28		8,144		89	%		7,281		18.2	%		1,743		24		8,001		90	%		7,209		16.6	%		1,682
East Bay		2		413		85	%		353		0.7	%		1,297		2		413		85	%		353		0.6	%		1,211
San Francisco		7		1,208		100	%		1,208		2.0	%		1,613		6		1,083		100	%		1,083		1.7	%		1,485
San Jose		1		224		100	%		224		0.7	%		1,595		1		224		100	%		224		0.5	%		1,451
Northern CA Total		10		1,845		97	%		1,785		3.4	%		1,517		9		1,720		97	%		1,660		2.8	%		1,400
Seattle		2		239		84	%		200		0.5	%		1,417		3		413		75	%		310		0.7	%		1,206
Pacific Total		40		10,228		91	%		9,266		22.1	%		1,698		36		10,134		91	%		9,179		20.1	%		1,616
Manhattan		22		957		100	%		957		2.6	%		2,487		22		957		100	%		957		3.8	%		2,439
Suburban New York — New Jersey		2		1,162		81	%		944		2.0	%		1,224		4		1,162		81	%		944		1.7	%		1,179
New York Total		24		2,119		90	%		1,901		4.6	%		1,798		26		2,119		90	%		1,901		5.5	%		1,756
Washington — NoVA — MD		17		8,015		88	%		7,071		14.5	%		1,293		17		8,015		88	%		7,048		13.8	%		1,215
Boston		11		4,129		100	%		4,129		7.3	%		1,197		11		4,129		100	%		4,129		7.2	%		1,154
Philadelphia		7		3,888		94	%		3,664		7.5	%		1,284		7		3,888		91	%		3,541		6.9	%		1,222
Northeast Total		59		18,151		92	%		16,765		33.9	%		1,332		61		18,151		92	%		16,619		33.4	%		1,269
Miami		5		2,474		100	%		2,463		6.5	%		1,599		5		2,471		95	%		2,359		6.3	%		1,538
Palm Beach - Fort Lauderdale		3		1,076		100	%		1,076		1.0	%		842		4		1,265		93	%		1,179		1.1	%		828
Orlando		7		2,315		100	%		2,315		2.1	%		760		9		2,836		92	%		2,620		2.6	%		726
Tampa		6		1,755		96	%		1,688		1.7	%		724		6		1,755		92	%		1,621		1.7	%		709
Jacksonville		4		1,643		100	%		1,643		1.8	%		786		4		1,643		85	%		1,404		1.5	%		759
Florida Total		25		9,263		99	%		9,185		13.1	%		1,006		28		9,970		92	%		9,183		13.2	%		948
Houston		5		2,237		84	%		1,873		1.9	%		704		7		2,835		82	%		2,313		2.0	%		669
Denver		8		2,177		82	%		1,775		3.0	%		911		9		2,553		78	%		1,991		3.0	%		789
Phoenix		12		3,017		86	%		2,605		2.7	%		677		17		4,420		89	%		3,912		3.4	%		589
Dallas — Fort Worth		1		368		100	%		368		0.4	%		777		2		569		100	%		569		0.5	%		695
Atlanta		5		1,295		87	%		1,125		1.5	%		916		5		1,295		80	%		1,041		1.3	%		864
Sunbelt Total		56		18,357		92	%		16,931		22.6	%		891		68		21,642		88	%		19,009		23.4	%		807
Chicago		13		3,993		96	%		3,831		7.2	%		1,174		15		4,633		94	%		4,348		7.5	%		1,094
Total Target Markets		168		50,729		92	%		46,793		85.8	%		1,223		180		54,560		90	%		49,155		84.4	%		1,124
Other [1]
Baltimore		5		1,180		84	%		993		1.7	%		1,112		5		1,180		84	%		993		1.7	%		1,042
Inland Empire		2		376		100	%		376		0.4	%		778		2		376		100	%		376		0.4	%		746
Michigan		3		3,306		100	%		3,306		2.7	%		595		3		3,303		100	%		3,303		2.5	%		575
Minneapolis		2		732		89	%		651		1.7	%		1,509		2		732		89	%		651		1.7	%		1,442
Nashville		4		1,114		78	%		865		1.2	%		875		4		1,114		77	%		861		1.1	%		837
Non-Target Florida		4		906		100	%		906		1.0	%		704		9		2,004		100	%		2,004		1.7	%		632
Norfolk — Richmond		6		1,643		95	%		1,564		2.5	%		953		6		1,643		94	%		1,551		2.5	%		936
Providence RI		2		708		100	%		708		1.2	%		1,091		2		708		100	%		708		1.2	%		1,070
Other Markets		2		2,140		100	%		2,142		1.8	%		623		6		3,352		89	%		2,995		2.8	%		664
Total Other		30		12,105		95	%		11,511		14.2	%		825		39		14,412		93	%		13,442		15.6	%		776
Grand Total		198		62,834		93	%		58,304		100.0	%	$	1,143		219		68,972		91	%		62,597		100.0	%	$	1,049

[1] For the quarters ended December 31, 2011 and 2010, Aimco's conventional portfolio included assets in 13 and 17 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit.

24

Supplemental Schedule 7(b)

Total Conventional Portfolio Data by Market

Third Quarter 2011 Market Information

(unaudited)

Aimco’s portfolio strategy focuses on B/B+ quality apartment communities located in the largest U.S. markets as measured by total apartment value. Aimco measures Conventional Property asset quality based on average rents compared to local market average rents as reported by REIS, with A-quality assets earning rents greater than 125% of local market average, B-quality assets earning rents 90% to 125% of local market average and C-quality assets earning rents less than 90% of local market average. Aimco’s geographic allocation strategy focuses on the largest U.S. markets, with market quality measured in part based on long-term growth characteristics.

The following schedule illustrates Aimco’s Conventional Property portfolio quality and market growth projections based on 3Q 2011 data, as this is the most recent period for which third-party data is available.

	Quarter Ended September 30, 2011
	Properties		Units		Ownership			Effective Units		% AIV NOI			Average Rent		Market Rent [1]		+/- Market Rent Average			2012 - 2014 Projected Revenue Growth [2]
Target Markets
Los Angeles		14		4,645		86	%		3,993		11.0	%	$	2,030	$	1,361		49.1	%		4.8	%
Orange County		4		1,213		94	%		1,143		3.0	%		1,550		1,488		4.1	%		5.1	%
San Diego		10		2,286		94	%		2,145		4.8	%		1,247		1,318		-5.4	%		4.3	%
Southern CA Total		28		8,144		89	%		7,281		18.8	%		1,721		1,369		25.7	%		4.7	%
East Bay		2		413		85	%		353		0.8	%		1,264		1,302		-2.9	%		4.7	%
San Francisco		7		1,208		100	%		1,208		2.1	%		1,574		1,834		-14.2	%		4.3	%
San Jose		1		224		100	%		224		0.7	%		1,540		1,524		1.1	%		4.8	%
Northern CA Total		10		1,845		97	%		1,785		3.6	%		1,477		1,629		-9.3	%		4.5	%
Seattle		2		239		84	%		200		0.5	%		1,415		996		42.0	%		3.1	%
Pacific Total		40		10,228		91	%		9,266		22.9	%		1,675		1,400		19.6	%		4.6	%
Manhattan		22		957		100	%		957		2.6	%		2,461		2,859		-13.9	%		4.3	%
Suburban New York — New Jersey		2		1,162		81	%		944		1.8	%		1,188		1,474		-19.4	%		3.2	%
New York Total		24		2,119		90	%		1,901		4.4	%		1,766		2,100		-15.9	%		3.9	%
Washington — NoVA — MD		17		8,015		88	%		7,048		13.9	%		1,276		1,423		-10.3	%		4.0	%
Boston		11		4,129		100	%		4,129		7.3	%		1,174		1,685		-30.3	%		5.0	%
Philadelphia		7		3,888		94	%		3,664		6.9	%		1,260		1,021		23.4	%		3.8	%
Northeast Total		59		18,151		92	%		16,742		32.5	%		1,309		1,480		-11.5	%		4.2	%
Miami		5		2,474		95	%		2,362		5.8	%		1,579		1,037		52.2	%		3.6	%
Palm Beach — Fort Lauderdale		4		1,265		100	%		1,265		1.3	%		827		1,061		-22.1	%		3.7	%
Orlando		8		2,651		100	%		2,651		2.4	%		726		817		-11.2	%		4.1	%
Tampa		6		1,755		96	%		1,688		1.7	%		713		803		-11.2	%		3.8	%
Jacksonville		4		1,643		100	%		1,643		1.7	%		772		765		1.0	%		3.6	%
Florida Total		27		9,788		98	%		9,609		12.9	%		970		893		8.6	%		3.7	%
Houston		6		2,509		82	%		2,050		2.0	%		687		742		-7.3	%		3.7	%
Denver		8		2,177		80	%		1,731		3.0	%		875		830		5.4	%		4.8	%
Phoenix		12		3,017		86	%		2,605		2.7	%		663		692		-4.2	%		5.1	%
Dallas — Fort Worth		2		569		100	%		569		0.5	%		716		765		-6.5	%		4.2	%
Atlanta		5		1,295		87	%		1,125		1.8	%		894		767		16.6	%		4.1	%
Sunbelt Total		60		19,355		91	%		17,689		22.9	%		861		823		4.6	%		4.1	%
Chicago		13		3,993		96	%		3,832		6.9	%		1,156		1,010		14.4	%		3.6	%
Total Target Markets		172		51,727		92	%		47,529		85.2	%		1,191		1,168		2.0	%		4.2	%
Other
Baltimore		5		1,180		84	%		993		1.5	%		1,091		988		10.4	%		4.1	%
Inland Empire		2		376		100	%		376		0.4	%		763		1,012		-24.6	%		4.5	%
Michigan		3		3,306		100	%		3,306		3.0	%		598		774		-22.7	%		3.7	%
Minneapolis		2		732		89	%		651		1.7	%		1,516		921		64.6	%		4.2	%
Nashville		4		1,114		78	%		865		1.2	%		863		719		20.0	%		3.0	%
Non-Target Florida		5		1,202		100	%		1,202		1.2	%		675		919		-26.5	%		3.9	%
Norfolk — Richmond		6		1,643		95	%		1,554		2.5	%		940		845		11.2	%		3.3	%
Providence RI		2		708		100	%		708		1.2	%		1,087		1,169		-7.0	%		5.0	%
Other Markets		4		2,793		94	%		2,636		2.1	%		643		712		-9.7	%		3.8	%
Total Other		33		13,054		94	%		12,291		14.8	%		810		834		-2.8	%		3.8	%
Grand Total		205		64,781		92	%		59,820		100.0	%	$	1,112	$	1,098		1.2	%		4.2	%

[1] 3Q 2011 REIS

[2] Represents the average of annual revenue growth projections published by REIS, PPR and Axiometrics, third-party providers of commercial real estate information and analyses.

25

Supplemental Schedule 8

Property Disposition and Acquisition Activity

(dollars in millions, except average rent) (unaudited)

Fourth Quarter 2011 Dispositions

	Number		Number		Weighted										Net Sales		Aimco		Aimco
	of Properties		of Units		Average Ownership			Gross Proceeds		NOI Cap Rate [1]			Property Debt		Proceeds [2]		Gross Proceeds		Net Proceeds		Average Rent
Conventional		7		1,947		87	%	$	106.0		6.9	%	$	45.8	$	46.5	$	96.8	$	47.2	$	677
Affordable		20		2,185		50	%	$	74.3		9.2	%	$	36.2	$	33.5	$	39.4	$	24.7	$	639
Total Dispositions		27		4,132		67	%	$	180.3		7.5	%	$	82.0	$	80.0	$	136.2	$	71.9	$	657

2011 Dispositions

	Number		Number		Weighted										Net Sales		Aimco		Aimco
	of Properties		of Units		Average Ownership			Gross Proceeds		NOI Cap Rate [1]			Property Debt		Proceeds [2]		Gross Proceeds		Net Proceeds		Average Rent
Conventional [3]		25		6,561		88	%	$	347.0		7.1	%	$	175.2	$	130.5	$	308.2	$	133.5	$	649
Affordable		35		3,744		43	%	$	126.5		8.9	%	$	63.3	$	55.1	$	59.1	$	39.3	$	653
Total Dispositions		60		10,305		72	%	$	473.5		7.4	%	$	238.5	$	185.6	$	367.3	$	172.8	$	651

[1] NOI Cap Rate is calculated based on Aimco’s share of the the trailing twelve month NOI prior to sale, less a 3.5% management fee, divided by the gross proceeds, which excludes prepayment penalties associated with the related property debt.

[2] Net Sales Proceeds are after repayment of existing debt, net working capital settlements, payment of transaction costs and debt prepayment penalties.

[3] Year-to-date, Aimco has disposed of Conventional Properties in the following markets:

		September 30,		September 30,
Market	Properties		Units
Target:
Chicago		2		640
Dallas — Fort Worth		1		201
Denver		1		376
Houston		2		598
Orlando		2		521
Palm Beach — Fort Lauderdale		1		189
Phoenix		5		1,402
Seattle		1		174
Total Target		15		4,101
Other:
Austin		1		384
Carbondale IL		1		269
Cincinnati		1		231
Daytona Beach FL		2		504
Indianapolis — Fort Wayne		1		328
Lima OH		1		150
Melbourne FL		3		594
Total Other		10		2,460
Total Sales		25		6,561

2011 Acquisitions

Aimco acquired noncontrolling limited partnership interests in 12 consolidated real estate partnerships that own 15 properties and in which Aimco affiliates serve as general partner for a total cost of $22.3 million. The gross estimated fair value of the real estate corresponding to the interests Aimco acquired totaled $112.9 million.

Aimco acquired a vacant, 126-unit property located in San Francisco’s Marin County submarket. Aimco intends to redevelop the property, increasing its total investment in the property to approximately $65.0 million upon completion. Additionally, during 2011, Aimco acquired noncontrolling interests (approximately 50%) in entities that own four contigous properties with 142 units located in La Jolla, California (near San Diego).

26

Supplemental Schedule 9

Capital Additions

(in thousands, except per unit data) (unaudited)

All capital additions are classified as either Capital Replacements (“CR”), Capital Improvements (“CI”), property upgrades, redevelopment or casualties. Non-redevelopment and non-casualty capital additions 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.

Amounts below represent actual additions related to residential properties that are owned and managed by Aimco at the end of the period. These amounts include consolidated and unconsolidated properties and are not adjusted for Aimco’s ownership interest in such properties. Amounts do not include capital additions related to:

• properties sold during the period or properties held for sale at the end of the period;

• properties that are not multi-family such as commercial properties or fitness facilities; and

• properties that Aimco owns but does not manage.

See the Glossary for a reconciliation of these amounts to GAAP capital additions.

		September 30,		September 30,			September 30,		September 30,		September 30,			September 30,
	Actual Additions							Actual Additions
	Three Months Ended December 31, 2011							Year Ended December 31, 2011
	Conventional		Affordable			Total		Conventional		Affordable			Total
Capital Additions
Capital Replacements
Buildings and grounds	$	19,900	$	1,870		$	21,770	$	45,384	$	5,960		$	51,344
Turnover capital additions		7,463		919			8,382		20,671		3,737			24,408
Capitalized site payroll and indirect costs		1,042		(229	)		813		7,272		317			7,589
Total Capital Replacements		28,405		2,560			30,965		73,327		10,014			83,341
Capital Improvements		34,234		674			34,908		69,399		3,310			72,709
Redevelopment Additions		13,668		63			13,731		33,348		(161	)		33,187
Casualties		2,849		286			3,135		11,117		1,165			12,282
Total Capital Additions	$	79,156	$	3,583		$	82,739	$	187,191	$	14,328		$	201,519
Capital Replacements and Improvements per Unit
Total units		61,088		16,310			77,398		61,088		16,310			77,398
Total Capital Replacements per unit	$	465	$	157		$	400	$	1,200	$	614		$	1,077
Capital Improvements per unit		560		41			451		1,136		203			939
Total Capital Replacements and Improvements per unit	$	1,025	$	198		$	851	$	2,336	$	817		$	2,016

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GLOSSARY AND RECONCILIATIONS OF NON-GAAP FINANCIAL and OPERATING MEASURES

This Earnings Release and Supplemental Information include certain financial measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. Aimco’s definition and calculation of these non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.

ACQUISITION PROPERTIES: Properties that have been acquired during the twelve months prior to the current quarter-end that have not reached a stabilized level of occupancy during the current period and each period for which comparable results are presented.

ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is Pro forma FFO, as defined below, less Capital Replacement additions, also defined below, and adjusted for the Aimco Operating Partnership’s share of such Capital Replacements. 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. There can be no assurance that Aimco’s method for computing AFFO is comparable with that of other real estate investment trusts.

ADJUSTED INTEREST EXPENSE:Adjusted Interest Expense represents Aimco’s proportionate share of interest expense less (i) prepayment penalties and amortization of deferred financing costs and (ii) the amount of interest income recognized by Aimco related to its investment in the subordinated tranches in the securitization trust holding only Aimco property debt.

AFFORDABLE PROPERTIES: Affordable Properties benefit from governmental programs intended to provide housing to people with low or moderate incomes. These programs, which are usually administered by the U.S. Department of Housing and Urban Development (HUD) or state housing finance agencies, typically provide mortgage insurance, favorable financing terms, tax credit equity, or rental assistance payments to the property owners. Under these programs, rent adjustments are made in accordance with property-specific contracts between Aimco and HUD, with rent increases generally based on an adjustment factor set by HUD annually. Aimco targets an investment in Affordable Properties of 10% or less of Net Asset Value, which serves to offset the volatility of our Conventional portfolio; provide revenue growth that over time is similar to that of Conventional Properties; expand our investment opportunities; and provide helpful positioning with government bodies, benefiting Aimco’s business overall.

AIMCO OPERATING PARTNERSHIP: AIMCO Properties, L.P., a Delaware limited partnership, is the operating partnership in Aimco’s UPREIT structure. Aimco owns approximately 94% of the common partnership units of the Aimco Operating Partnership.

AIMCO PROPORTIONATE FINANCIAL INFORMATION: Non-GAAP measures representing Aimco’s share of financial information discussed in this Earnings Release and Supplemental Information. Aimco’s proportionate share of financial information includes Aimco’s share of unconsolidated real estate partnerships and excludes noncontrolling interests in consolidated real estate partnerships. Proportionate reporting benefits the users of Aimco’s financial information by providing the amount of revenues, expenses, assets and liabilities attributable only to Aimco stockholders. Aimco also refers to this measure as “Aimco’s Share” of financial information. See Supplemental Schedules 1, 3 and 4 for reconciliation of Aimco’s proportionate share of financial results to Aimco’s consolidated financial statements.

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CAPITAL ADDITIONS DEFINITIONS AND RECONCILIATION

CAPITAL IMPROVEMENTS (CI): CI additions include all non-redevelopment capital additions that are made to enhance the value, profitability or useful life of an asset from its original purchase condition.

CAPITAL REPLACEMENTS (CR): Unlike CI additions, CR additions do not increase the useful life of an asset from its original purchase condition. They represent the share of additions that are deemed to replace the consumed portion of acquired capital assets. CR additions are deducted in the calculation of AFFO.

CASUALTY CAPITAL ADDITIONS: 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 net of deductibles associated with each loss.

Supplemental Schedule 9 contains capital additions information related to (1) residential properties that Aimco owns and manages at the end of the period, (2) properties that are consolidated in Aimco’s GAAP financial statements, and (3) properties that are accounted for under the equity method of accounting in Aimco’s GAAP financial statements. Amounts do not include capital additions related to:

• consolidated properties sold during the period or properties held for sale at the end of the period;

• consolidated properties that are not multi-family such as commercial properties or fitness facilities; or

• consolidated properties that Aimco owns but does not manage.

Aimco believes the capital addition detail provided in Supplemental Schedule 9 provides an enhanced understanding of capital additions related to our primary business of owning and operating apartment communities. A reconciliation of capital additions presented on Supplemental Schedule 9 to Aimco’s consolidated GAAP information is presented below.

		September 30,			September 30,
(in thousands) (unaudited)	Three Months Ended December 31, 2011			Year Ended December 31, 2011
Capital Additions per Schedule 9	$	82,739		$	201,519
Capital additions related to:
Unconsolidated real estate partnerships		(218	)		(461	)
Consolidated sold and held for sale properties		1,275			5,673
Consolidated properties Aimco owns but does not manage		61			533
Consolidated capital additions	$	83,857		$	207,264

CONVENTIONAL PROPERTIES: Conventional Properties represent Aimco’s portfolio of market-rate apartment communities. Aimco focuses on owning and operating apartment communities with rents that are 100% to 125% of local market average rents and concentrates its investment in the 20 largest apartment markets in the United States, as measured by apartment value. Aimco targets an investment in Conventional Properties of 90% or more of Net Asset Value.

DEBT SERVICE COVERAGE RATIO: As defined in Aimco’s credit agreement, the ratio of (a) EBITDA, reduced by certain capital expenditure reserves, to (b) debt service, which represents the sum of (i) Aimco’s proportionate share of interest expense (excluding prepayment penalties and amortization of deferred financing costs) and (ii) debt amortization, for the four fiscal quarters preceding the date of calculation.

EFFECTIVE UNITS: Unit count at 100% ownership multiplied by Aimco’s ownership share. Effective Units may be used to analyze Aimco’s proportionate financial measures on a per-unit basis.

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EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA): EBITDA is the numerator used in Aimco’s calculation of EBITDA Coverage of Interest Ratio and EBITDA Coverage of Preferred Dividends and Interest Ratio. EBITDA is computed by adding to Aimco’s Pro forma FFO (a) Aimco’s proportionate share of interest expense, taxes, depreciation and amortization related to non-real estate assets, non-cash stock compensation expense and (b) Preferred Dividends.

EBITDA COVERAGE OF INTEREST RATIO: The ratio of (a) EBITDA to (b) Adjusted Interest Expense for the four fiscal quarters preceding the date of calculation. Aimco’s management uses this ratio as one measure of leverage.

EBITDA COVERAGE OF INTEREST AND PREFERRED DIVIDENDS RATIO: The ratio of (a) EBITDA to (b) the sum of Adjusted Interest Expense and Preferred Dividends for the four fiscal quarters preceding the date of calculation. Aimco’s management uses this ratio as one measure of leverage.

FIXED CHARGE COVERAGE RATIO: As defined in Aimco’s credit agreement, the ratio of (a) EBITDA, reduced by certain capital expenditure reserves, to (b) fixed charges, which represents the sum of (i) Aimco’s proportionate share of interest expense (excluding prepayment penalties and amortization of deferred financing costs), (ii) debt amortization and (iii) Preferred Dividends, for the four fiscal quarters preceding the date of calculation.

FEE MANAGED PROPERTIES: Aimco provides property management and/or asset management services for a portfolio of properties, primarily pursuant to long-term arrangements with affiliated parties. In certain cases, Aimco may indirectly own generally less than one percent of the operations of such properties through a partnership syndication or other fund.

FUNDS FROM OPERATIONS (FFO):FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (NAREIT) defines 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. In October 2011, NAREIT revised its definition of FFO to exclude operating real estate impairments. Aimco computes FFO for all periods presented in accordance with the guidance set forth by NAREIT’s April 1, 2002 White Paper as well as the October 2011 definitional change.

In addition to FFO, Aimco usesPRO FORMA FUNDS FROM OPERATIONS (Pro forma FFO)to measure performance. Pro forma FFO represents FFO as defined above, excluding preferred stock redemption related amounts (adjusted for noncontrolling interests). Preferred stock redemption related amounts are recurring items that affect Aimco’s operating results. Aimco excludes preferred redemption related amounts (gains or losses) from Pro forma FFO because such amounts are not representative of operating results.

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FFO and Pro forma FFO are helpful to investors in understanding Aimco’s performance because they capture 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. Net income (loss) attributable to Aimco common stockholders as determined in accordance with GAAP is reconciled to FFO and Pro forma FFO as presented on Supplemental Schedule 1 below.

		September 30,			September 30,			September 30,			September 30,
	Three Months Ended						Year Ended
	December 31,						December 31,
	2011			2010			2011			2010
(in thousands) (unaudited)
Net loss attributable to Aimco common stockholders	$	(23,411	)	$	(38,427	)	$	(103,161	)	$	(125,318	)
Adjustments:
Depreciation and amortization		97,606			100,452			378,043			397,740
Depreciation and amortization related to non-real estate assets		(3,182	)		(3,208	)		(12,942	)		(14,380	)
Depreciation of rental property related to noncontrolling partners and unconsolidated entities		(6,724	)		(11,222	)		(29,638	)		(39,155	)
(Gain) loss on dispositions of unconsolidated real estate and other, net of noncontrolling partners’ interest		(1,120	)		(550	)		(2,158	)		647
Operating real estate impairment losses, net of noncontrolling partners’ interest		3,719			65			3,868			65
Impairment losses related to unconsolidated real estate partnerships, net		3,956			7			4,042			203
Discontinued operations:
Gain on dispositions of real estate, net of noncontrolling partners’ interest		(24,585	)		(18,056	)		(67,723	)		(68,545	)
Operating real estate impairment losses, net of noncontrolling partners’ interest		3,101			3,200			12,360			11,851
Depreciation of rental property, net of noncontrolling partners’ interest		1,718			5,987			13,557			28,959
Income tax expense arising from disposals and impairments, net		6,767			9,333			6,990			8,385
Common noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(5,444	)		(6,059	)		(20,868	)		(22,731	)
Amounts allocable to participating securities		(152	)		(148	)		(556	)		(738	)
Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	52,249		$	41,374		$	181,814		$	176,983
Preferred equity redemption related amounts		(1,943	)		4,290			(3,904	)		(254	)
Common noncontrolling interests in Aimco Operating Partnership’s share of preferred redemption related amounts		132			(299	)		266			18
Amounts allocable to participating securities		7			(20	)		16			1
Pro Forma Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	50,445		$	45,345		$	178,192		$	176,748
Capital Replacements, net of common noncontrolling interests in Aimco Operating Partnership		(26,231	)		(15,802	)		(74,342	)		(60,494	)
Amounts allocable to participating securities		144			78			540			313
Adjusted Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	24,358		$	29,621		$	104,390		$	116,567
Weighted average shares — diluted FFO		120,700			117,047			119,626			116,693
Funds From Operations per share (diluted)	$	0.43		$	0.35		$	1.52		$	1.52
Pro forma Funds From Operations per share (diluted)	$	0.42		$	0.39		$	1.49		$	1.51
Adjusted Funds From Operations per share (diluted)	$	0.20		$	0.25		$	0.87		$	1.00

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OTHER AFFORDABLE PROPERTIES: Affordable Properties that do not meet the Same Store property definition because (1) the property is under redevelopment, (2) the property is not managed by Aimco, and/or (3) Aimco’s ownership in the property is less than 10%.

OTHER CONVENTIONAL PROPERTIES: Conventional Properties that have significant rent control restrictions, university housing properties, non-multi-family such as commercial properties or fitness facilities and properties that have not reached and maintained a stabilized level of occupancy during the reporting periods, often due to a casualty event.

OTHER EXPENSES, NET: Other expenses, net includes franchise taxes, risk management activities related to our unconsolidated partnerships, certain other corporate expenses and partnership expenses (partnership level expenses incurred directly or indirectly for services such as audit, tax and legal).

PREFERRED DIVIDENDS:Preferred dividends include dividends paid with respect to Aimco’s Preferred Stock and the Aimco Operating Partnership Preferred Partnership Units for any fiscal period.

PROPERTY NET OPERATING INCOME (NOI): NOI is defined by Aimco as total property rental and other property revenues less direct property operating expenses, including real estate taxes. NOI does not include: property management revenues, primarily from affiliates; casualties; off-site property management expenses; depreciation; or interest expense. NOI is helpful because it helps both investors and management to understand the operating performance of real estate excluding costs associated with decisions about acquisition pricing, overhead allocations and financing arrangements. NOI is considered by many in the real estate industry to be a useful measure for determining the value of real estate. A reconciliation of NOI as presented in this Earnings Release and Supplemental Information to Aimco’s consolidated GAAP amounts is provided below and on the following page.

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Reconciliation of Propertionate Property NOI Amounts in Supplemental Schedule 1(a) to Proportionate Property NOI Amounts Included in Aimco’s

Earnings Release and Supplemental Schedule 6(a)

Fourth Quarter 2011 Compared to Fourth Quarter 2010

(in thousands) (unaudited)

		September 30,00000			September 30,00000			September 30,00000			September 30,00000			September 30,00000		September 30,00000			September 30,00000			September 30,00000
	Three Months Ended December 31, 2011												Three Months Ended December 31, 2010
	Proportionate Amount			Properties Owned but Not Managed			Ownership Adjustments			Proportionate Property Amount			Proportionate Amount		Properties Owned but Not Managed			Ownership Adjustments			Proportionate Property Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	189,169		$	—		$	120		$	189,289		$	180,109	$	—		$	3,063		$	183,172
Affordable Same Store		31,088			—			—			31,088			30,106		—			5			30,111
Total Same Store		220,257			—			120			220,377			210,215		—			3,068			213,283
Other Conventional		15,895			(1,196	)		—			14,699			17,665		(1,187	)		139			16,617
Other Affordable		2,506			(2,506	)		—			—			3,868		(3,868	)		—			—
Total rental and other property revenues		238,658			(3,702	)		120			235,076			231,748		(5,055	)		3,207			229,900
Property operating expenses
Conventional Same Store		64,076			—			1,489			65,565			64,814		—			1,431			66,245
Affordable Same Store		12,738			—			170			12,908			12,787		—			206			12,993
Total Same Store		76,814			—			1,659			78,473			77,601		—			1,637			79,238
Other Conventional		8,065			(802	)		—			7,263			8,029		(780	)		194			7,443
Other Affordable		1,283			(1,283	)		—			—			2,222		(2,222	)		—			—
Total property operating expenses		86,162			(2,085	)		1,659			85,736			87,852		(3,002	)		1,831			86,681
Property NOI:
Conventional Same Store		125,093			—			(1,369	)		123,724			115,295		—			1,632			116,927
Affordable Same Store		18,350			—			(170	)		18,180			17,319		—			(201	)		17,118
Total Same Store		143,443			—			(1,539	)		141,904			132,614		—			1,431			134,045
Other Conventional		7,830			(394	)		—			7,436			9,636		(407	)		(55	)		9,174
Other Affordable		1,223			(1,223	)		—			—			1,646		(1,646	)		—			—
Net real estate operations	$	152,496		$	(1,617	)	$	(1,539	)	$	149,340		$	143,896	$	(2,053	)	$	1,376		$	143,219
	% Aimco 4Q 2011 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		83	%		3.3	%		-1.0	%		5.8	%
Affordable Same Store		12	%		3.2	%		-0.7	%		6.2	%
Total Same Store		95	%		3.3	%		-1.0	%		5.9	%
Other Conventional		5	%		-11.5	%		-2.4	%		-18.9	%
Net real estate operations		100	%		2.3	%		-1.1	%		4.3	%

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Reconciliation of GAAP to Supplemental Schedule 6(b) Proportionate Conventional Same Store NOI Amounts

(in thousands) (unaudited)

		September 30,000000		September 30,000000		September 30,000000			September 30,000000		September 30,000000		September 30,000000
	Three Months Ended September 30, 2011
	Consolidated Amounts		Proportionate Share of Unconsolidated Partnerships		Noncontrolling Interests			Proportionate Amount		Ownership Adjustments		Proportionate Property Amount
Conventional Same Store:
Rental and other property revenues	$	201,289	$	—	$	(14,071	)	$	187,218	$	488	$	187,706
Property operating expenses		75,089		—		(5,365	)		69,724		437		70,161
Property NOI	$	126,200	$	—	$	(8,706	)	$	117,494	$	51	$	117,545

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Reconciliation of Propertionate Property NOI Amounts in Supplemental Schedule 1(b) to Proportionate Property NOI Amounts Included in Aimco’s Earnings Release and Supplemental Schedule 6(c)

Year Ended December 31, 2011 Compared to Year Ended December 31, 2010

(in thousands) (unaudited)

		00000000000			00000000000			00000000000			00000000000			00000000000		00000000000		00000000000			00000000000			00000000000			00000000000
	Year Ended December 31, 2011														Year Ended December 31, 2010
	Proportionate Amount			Properties Owned but Not Managed			Population Changes			Ownership Adjustments			Proportionate Property Amount		Proportionate Amount		Properties Owned but Not Managed			Population Changes			Ownership Adjustments			Proportionate Property Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	743,282		$	—		$	(11,856	)	$	2,861		$	734,287	$	709,829	$	—		$	(11,064	)	$	15,846		$	714,611
Affordable Same Store		122,898			—			(14,511	)		—			108,387		117,911		—			(13,710	)		21			104,222
Total Same Store		866,180			—			(26,367	)		2,861			842,674		827,740		—			(24,774	)		15,867			818,833
Other Conventional		65,022			(4,892	)		11,856			136			72,122		67,037		(4,730	)		11,064			1,228			74,599
Other Affordable		11,060			(11,060	)		14,511			—			14,511		12,532		(12,532	)		13,710			—			13,710
Total rental and other property revenues		942,262			(15,952	)		—			2,997			929,307		907,309		(17,262	)		—			17,095			907,142
Property operating expenses
Conventional Same Store		267,551			—			(5,396	)		3,340			265,495		267,594		—			(5,332	)		7,174			269,436
Affordable Same Store		50,414			—			(5,725	)		611			45,300		52,018		—			(5,509	)		593			47,102
Total Same Store		317,965			—			(11,121	)		3,951			310,795		319,612		—			(10,841	)		7,767			316,538
Other Conventional		32,386			(3,095	)		5,396			76			34,763		31,075		(3,008	)		5,332			737			34,136
Other Affordable		6,249			(6,249	)		5,725			—			5,725		7,278		(7,277	)		5,509			—			5,510
Total property operating expenses		356,600			(9,344	)		—	��		4,027			351,283		357,965		(10,285	)		—			8,504			356,184
Property NOI:
Conventional Same Store		475,731			—			(6,460	)		(479	)		468,792		442,235		—			(5,732	)		8,672			445,175
Affordable Same Store		72,484			—			(8,786	)		(611	)		63,087		65,893		—			(8,201	)		(572	)		57,120
Total Same Store		548,215			—			(15,246	)		(1,090	)		531,879		508,128		—			(13,933	)		8,100			502,295
Other Conventional		32,636			(1,797	)		6,460			60			37,359		35,962		(1,722	)		5,732			491			40,463
Other Affordable		4,811			(4,811	)		8,786			—			8,786		5,254		(5,255	)		8,201			—			8,200
Net real estate operations	$	585,662		$	(6,608	)	$	—		$	(1,030	)	$	578,024	$	549,344	$	(6,977	)	$	—		$	8,591		$	550,958
	% Aimco YTD 2011 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		81	%		2.8	%		-1.5	%		5.3	%
Affordable Same Store		11	%		4.0	%		-3.8	%		10.4	%
Total Same Store		92	%		2.9	%		-1.8	%		5.9	%
Other Conventional		6	%		-3.3	%		1.8	%		-7.7	%
Other Affordable		2	%		5.8	%		3.9	%		7.1	%
Net real estate operations		100	%		2.4	%		-1.4	%		4.9	%

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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. Redevelopment properties are classified as either Conventional or Affordable. Aimco combines Affordable Redevelopment Properties with Other Affordable Properties for financial reporting purposes within its Supplemental Schedules 1 and 2.

SAME STORE PROPERTIES:Same Store properties are those properties (1) that are managed by Aimco, (2) in which Aimco’s ownership exceeds 10%, and (3) that have reached and maintained a stabilized level of occupancy during the current period and each period for which comparable results are presented. Same Store properties are classified as either Conventional or Affordable and properties classified in the consolidated financial statements as held for sale are not included in Same Store. To ensure comparability between periods, the proportionate Conventional Same Store information shown on Supplemental Schedules 6a through 6c is based on Aimco’s current period ownership.

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