Apartment Investment and Management (AIV) 8-K Apartment Investment and Management Company Announces First Quarter 2008 Results

Exhibit 99.1

Denver, Colorado – May 2, 2008

Apartment Investment and Management Company
Announces First Quarter 2008 Results

SUMMARY FINANCIAL RESULTS: Apartment Investment and Management Company (Aimco) (NYSE:AIV) today announced results for the first quarter 2008. In accordance with Generally Accepted Accounting Principles (GAAP), all previously reported share and per share data has been adjusted to take into account the special dividend declared on December 21, 2007, and paid on January 30, 2008, which resulted in the issuance of approximately 4.6 million additional shares of Aimco’s Class A Common Stock.

• Net loss attributable to common stockholders for the quarter was $38.8 million, compared with net income of $8.9 million for the first quarter 2007. Lower results were due to a number of items, including $15.4 million of lower gains on dispositions of real estate and other and a $42.2 million nonrecurring gain on extinguishment of debt in the first quarter 2007. These items were partially offset by higher property net operating income of $3.8 million, higher investment management income, net of tax, of $2.2 million and lower dividends on preferred stock due to the redemption of the Class W Cumulative Convertible Preferred Stock on September 30, 2007. Earnings per share (EPS) attributable to common stockholders was a loss of $0.43 on a diluted basis, compared with income of $0.09 per share in the first quarter 2007.

• Funds from operations (diluted) (FFO) is a non-GAAP financial measure defined in the glossary in the Supplemental Information (the Glossary). FFO calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts (NAREIT) was $67.4 million, or $0.72 per share, compared with $74.1 million, or $0.71 per share, in the first quarter 2007. FFO before impairment losses was also $0.72 per share, which was $0.02 per share higher than the mid-point of guidance for the quarter. Strong Same Store operating results contributed $0.03 per share to the FFO outperformance and lower than anticipated interest rates contributed an additional $0.04 per share while casualty losses were $0.05 per share higher than expected.

• Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) was $46.8 million, or $0.51 per share, compared with $57.9 million, or $0.55 per share, in the first quarter 2007. AFFO includes deductions of $0.21 and $0.16 per share for capital replacement expenditures in the first quarter 2008 and the first quarter 2007, respectively.

Diluted Per Share Results

	FIRST QUARTER
				2007
	2008			Restated*
Earnings (loss)- EPS	$	(0.43	)	$	0.09
Funds from operations- FFO	$	0.72		$	0.71
FFO before impairment losses	$	0.72		$	0.71
Adjusted funds from operations- AFFO	$	0.51		$	0.55

^* Adjusted to reflect January 30, 2008, special dividend, see Special Supplement following the Outlook schedule in this earnings release for additional details

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

AIMCO 1st Quarter 2008 Page 1

Management Comments

Chairman and Chief Executive Officer Terry Considine comments: “Property operations had a good quarter with conventional same-store revenue growth of 3.6%, driven by both rate and occupancy gains. Redevelopment activities are robust with work underway at 46 conventional properties. Our investment management business remains solid and we continue to focus on improving portfolio quality. We are cautiously optimistic as we look forward to the balance of 2008.”

Chief Financial Officer Tom Herzog adds:  “First quarter FFO of $0.72 per share was $0.02 above the mid-point of guidance. Positive results for the quarter included higher same-store operating results and lower interest expense than were considered in guidance, partially offset by higher than anticipated casualty losses. During the first quarter, Aimco repurchased approximately 5.1 million shares of its Common Stock for approximately $171 million, or an average price of $33.67 per share. We are establishing second quarter FFO guidance of $0.79 to $0.83 per share and maintaining our full year FFO guidance of $3.22 to $3.38 per share.”

Property Operations

Conventional Real Estate Operations

Aimco is among the nation’s largest owners and operators of market rate apartment communities. Conventional real estate operations consist of Aimco’s diversified portfolio of market rate apartment communities. At the end of the first quarter 2008, this portfolio included 436 properties with 127,116 units in which Aimco had a weighted average ownership of 89%. During the first quarter 2008, conventional real estate operations generated net operating income of $169.7 million.

“Same Store” Results

In the first quarter 2008, the Same Store portfolio included 349 communities with 92,503 Effective Units (see the Glossary) based on Aimco’s weighted average ownership of 89% (See Supplemental Schedules 6a and 6b).

Comparing Same Store results in the first quarter 2008 with the first quarter 2007, total revenue increased $9.0 million, or 3.6%. The increase in revenue was primarily generated by higher average rent, up $22 per unit, or 2.5%, from $871 per unit to $893 per unit, higher occupancy, which was up 0.4% from 94.4% to 94.8%, and increased utility reimbursements, up $1.7 million. Same Store expenses of $106.4 million increased $4.1 million, or 4.0%, compared with the prior year period primarily due to increases in payroll, marketing, administrative costs, real estate taxes and insurance. Same Store portfolio net operating income was $149.2 million for the first quarter 2008, up 3.4% from the first quarter 2007.

Same Store Operating Results

	FIRST QUARTER
	Year-over-year									Sequential
	2008			2007			Variance			4th Qtr			Variance
Same Store Operating Measures
Average Physical Occupancy		94.8	%		94.4	%		0.4	%		94.7	%		0.1	%
Average Rent Per Unit	$	893		$	871			2.5	%	$	891			0.2	%
Total Same Store ($mm)
Revenue	$	255.6		$	246.6			3.6	%	$	255.0			0.2	%
Expenses		(106.4	)		(102.3	)		4.0	%		(105.0	)		1.3	%
NOI ($mm)	$	149.2		$	144.3			3.4	%	$	150.0			-0.5	%

AIMCO 1st Quarter 2008 Page 2

Comparing Same Store results on a sequential basis, total revenue increased $0.6 million in the first quarter 2008 compared with the fourth quarter of 2007, driven by a $2 per unit increase in average rental rates and an increase in occupancy of 10 basis points. Expenses increased $1.4 million, or 1.3%, primarily due to higher utilities, real estate taxes and insurance, partially offset by lower turnover, repairs and maintenance costs, marketing, administrative expenses and payroll. Net operating income decreased $0.8 million, or 0.5%, on a sequential basis.

Affordable Real Estate Operations

Aimco is among the nation’s largest owners and operators of affordable apartment communities. At the end of the first quarter 2008, Aimco’s owned affordable portfolio included 310 properties with 37,061 units in which Aimco had an average ownership of 50%. During the first quarter 2008, affordable property operations generated net operating income of $20.0 million. Average month-end occupancy for the affordable portfolio increased 30 basis points from 97.5% for the first quarter 2007 to 97.8% for the first quarter 2008, while average rent per unit increased 3.1% from $735 to $758 per unit.

Investment Management

Investment management includes portfolio strategy, capital allocation, joint ventures, tax credit syndication, acquisitions, dispositions and other transaction activities. Within our owned portfolio, we refer to these activities as Portfolio Management and their benefit is seen in property operating results and in investment gains. For affiliated partnerships, we refer to these activities as Asset Management for which we are separately compensated through fees paid by third party investors.

Investment management income includes the fees earned for providing asset management services to third party investors, syndication fees and deferred income related to tax credit activities, and portfolio management income earned through investment gains on our owned assets. Consolidated investment management income, net of tax, was $9.4 million in the first quarter 2008 compared to $7.2 million in the first quarter 2007. See Supplemental Schedule 11 for additional information on investment management income.

Portfolio Management

Portfolio management includes the ongoing allocation of investment capital to meet our geographic and product type goals. Our geographic allocation strategy focuses on the top 20 U.S. markets as measured by total market capitalization. We believe these markets to be deep, relatively liquid and possessing desirable long-term growth characteristics. They are primarily coastal markets, and also include a number of Sun Belt cities and Chicago, Illinois. We may also invest in other markets on an opportunistic basis. As we implement this strategy, we expect to reduce our investment in markets outside the top 20 markets and to increase our investment in the top 20 markets both by making acquisitions and through redevelopment spending.

See Supplemental Schedules 6 and 7 for additional details regarding Aimco’s portfolio allocation.

ACQUISITIONS – During the first quarter 2008, Aimco had no acquisition activity.

DISPOSITIONS – Aimco regularly reviews its portfolio to identify properties that do not meet its long-term investment criteria. In the first quarter 2008, Aimco sold one conventional property and three affordable properties with 416 and 215 units, respectively, for $36.0 million in gross proceeds (Aimco share $20.4 million). Aimco’s share of net proceeds after repayment of existing property debt and transaction costs was $7.9 million.

Aimco’s property dispositions resulted in gains on dispositions of real estate (including gains on dispositions of unconsolidated real estate and other and gains within discontinued operations) of $1.3 million for the first quarter 2008, compared with gains of $16.7 million for the first quarter 2007.

See Supplemental Schedule 8 for additional information on disposition activity.

AIMCO 1st Quarter 2008 Page 3

Redevelopment

Aimco actively reinvests in and upgrades its portfolio through property redevelopments. At the end of the first quarter 2008, Aimco had 46 active conventional redevelopment projects and 15 active tax credit redevelopment projects in process. Aimco’s share of total redevelopment expenditures was $79.6 million during the first quarter 2008. Conventional redevelopment project expenditures totaled $62.1 million and tax credit redevelopment project expenditures totaled $17.5 million for the quarter. Further information on redevelopment projects is provided in Supplemental Schedule 10.

Additional Financial Information

INTEREST INCOME – Consolidated interest income was $8.6 million for the first quarter 2008 compared with $10.2 million for the first quarter 2007. Interest income is earned in part from money market and interest bearing accounts as well as on notes receivable from unconsolidated partnerships and non-affiliates.

DEBT ACTIVITY – During the first quarter 2008, Aimco closed loans on 21 properties generating gross proceeds of $236.7 million at a weighted average interest rate of 5.20%. This included refinancing $98.4 million in existing mortgage loans. After repayment of existing property debt, transaction costs and distributions to limited partners, Aimco’s share of net proceeds was $125.9 million.

As of March 31, 2008, Aimco had $7.8 billion of consolidated debt outstanding, which consisted of: $5.7 billion of fixed rate mortgage debt, which is primarily non-recourse; $2.0 billion of floating rate property and corporate debt; and $74.5 million of other borrowings. In addition, Aimco had $100.0 million of floating rate preferred stock outstanding. Aimco’s FFO exposure to changes in floating interest rates is mitigated by $696.5 million of tax-exempt bonds with rates tied to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA) (previously named the Bond Market Association Index), which moves at approximately 0.67% for a 1.00% change in LIBOR. Aimco’s exposure is further offset by floating rate assets, such as cash and notes receivable, and interest capitalized on entitlement and redevelopment properties. Based on Aimco’s proportionate share of quarter-end balances (see Supplemental Schedule 3), Aimco estimates its sensitivity to a 100 basis point change in LIBOR to be approximately $0.025 per share per quarter.

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

INTEREST EXPENSE – Consolidated interest expense was $107.4 million for the first quarter 2008 compared with $101.5 million for the first quarter 2007. The $5.9 million increase in interest expense is the result of higher balances on property debt, partially offset by lower weighted average interest rates.

STOCKHOLDERS’ EQUITY – During the first quarter 2008, Aimco repurchased approximately 5.1 million shares of its Class A Common Stock at an average price of $33.67 per share for a total cost of $170.6 million.

During the month of April 2008, Aimco repurchased approximately 1.6 million shares of its Class A Common Stock at an average price of $38.46 per share for a total cost of $63.2 million. Since Aimco began repurchasing shares during the third quarter 2006, the company has repurchased approximately 16.5 million shares, or approximately 17% of shares outstanding on July 31, 2006, at an average price of $41.29 per share for a total cost of $679.9 million.

Although for financial statement purposes GAAP requires that historical share repurchases be restated to reflect shares issued in connection with the special dividend paid on January 30, 2008, the number of shares repurchased as described above have not been adjusted.

We are currently authorized to repurchase approximately 26.5 million additional shares. Repurchases may be made from time to time in the open market or in privately negotiated transactions.

G&A – General and administrative expenses for the first quarter 2008 of $21.4 million decreased $0.7 million or 3.0% when compared with the first quarter 2007.

AIMCO 1st Quarter 2008 Page 4

Outlook

For the second quarter 2008, FFO, before impairment losses and preferred redemption charges, is expected to be in a range from $0.79 to $0.83 per share.

The full year 2008 outlook is unchanged with FFO, before impairment losses and preferred redemption charges, in a range from $3.22 to $3.38 per share. Please refer to the Outlook Schedule, which follows the Consolidated Financial Statements in this release, for more detail on second quarter and full year 2008 guidance.

Dividends on Common Stock

As announced on April 30, 2008, the Aimco Board of Directors declared a quarterly cash dividend of $0.60 per share of Class A Common Stock for the quarter ended March 31, 2008, payable on May 30, 2008, to shareholders of record on May 16, 2008. The dividend represents 118% of AFFO (undiluted) and 83% of FFO (diluted), on a per share basis and a 6.7% annualized yield based on the $35.81 closing price of Aimco’s Class A Common Stock on March 31, 2008.

Earnings Conference Call

Please join Aimco management for the First Quarter 2008 earnings conference call to be held Friday, May 2, 2008, at 1:00 p.m. Eastern time. You may join the conference call through an Internet audiocast by clicking on the Webcast link on Aimco’s Website athttp://www.aimco.com/CorporateInformation/Overview.aspx. Alternatively, you may join the conference call via telephone by dialing 800-561-2731 with passcode 24494399, or dialing 617-614-3528 for international callers. Please call approximately five minutes before the conference call is scheduled to begin. If you are unable to join the live conference call, you may access the conference call replay for seven days by dialing 888-286-8010, or 617-801-6888 for international callers, passcode 23338752, or you may access the audiocast replay for 90 days by clicking on the Webcast link on Aimco’s Website at
http://www.aimco.com/CorporateInformation/Overview.aspx ..

Supplemental Information

The full text of this release and the Supplemental Information referenced in this release is available on Aimco’s Website at the linkhttp://www.aimco.com/CorporateInformation/About/Financial/QuarterlyEarningsReleases.aspx.

AIMCO 1st Quarter 2008 Page 5

Forward-looking Statements

This earnings release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of second quarter and full year 2008 results. These forward-looking statements are based on management’s judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to, Aimco’s ability to maintain current or meet projected occupancy, rent levels and Same Store results and Aimco’s ability to close transactions necessary to generate fee income as anticipated. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors that are beyond the control of Aimco including, without limitation: natural disasters and severe weather such as hurricanes; national and local economic conditions; the general level of interest rates; energy costs; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which Aimco operates and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report on Form 10-K for the year ended December 31, 2007, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.

About Aimco

Aimco is a real estate investment trust headquartered in Denver, Colorado that owns and operates a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries and affiliates, is the largest owner and operator of apartment communities in the United States with 1,163 properties, including 202,337 apartment units, and serves approximately 750,000 residents each year. Aimco’s properties are located in 46 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our web site atwww.aimco.com.

AIMCO 1st Quarter 2008 Page 6

GAAP Income Statements

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

	Three Months Ended
	March 31,
	2008			2007
REVENUES:
Rental and other property revenues	$	417,646		$	394,348
Property management revenues, primarily from affiliates		2,104			2,096
Asset management and tax credit revenues		12,852			11,630
Total revenues		432,602			408,074
OPERATING EXPENSES:
Property operating expenses		204,485			184,978
Property management expenses		1,271			1,483
Investment management expenses		4,289			4,466
Depreciation and amortization		126,524			118,525
General and administrative expenses		21,424			22,077
Other expenses, net		5,061			2,970
Total operating expenses		363,054			334,499
Operating income		69,548			73,575
Interest income		8,583			10,154
Provision for losses on notes receivable		(1,159	)		(1,543	)
Interest expense		(107,436	)		(101,548	)
Deficit distributions to minority partners		(4,148	)		(1,097	)
Equity in losses of unconsolidated real estate partnerships		(1,029	)		(2,986	)
Gain (loss) on dispositions of unconsolidated real estate and other		(44	)		1,089
Gain on extinguishment of debt		—			19,373
Loss before minority interests and discontinued operations		(35,685	)		(2,983	)
Minority interests:
Minority interest in consolidated real estate partnerships		6,969			(3,763	)
Minority interest in Aimco Operating Partnership, preferred [1]		(1,782	)		(1,782	)
Minority interest in Aimco Operating Partnership, common [1]		4,285			2,483
Total minority interests		9,472			(3,062	)
Loss from continuing operations		(26,213	)		(6,045	)
Income from discontinued operations, net [3]		1,667			31,253
Net (loss) income		(24,546	)		25,208
Net income attributable to preferred stockholders		14,208			16,348
Net (loss) income attributable to common stockholders	$	(38,754	)	$	8,860
Weighted average common shares outstanding [2]		90,973			100,494
Weighted average common shares and common share equivalents outstanding [2]		90,973			100,494
Earnings (loss) per common share — basic [2]:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.44	)	$	(0.22	)
Income from discontinued operations		0.01			0.31
Net (loss) income attributable to common stockholders	$	(0.43	)	$	0.09
Earnings (loss) per common share — diluted [2]:
Loss from continuing operations (net of income attributable to preferred stockholders)	$	(0.44	)	$	(0.22	)
Income from discontinued operations		0.01			0.31
Net (loss) income attributable to common stockholders	$	(0.43	)	$	0.09

AIMCO 1st Quarter 2008 Page 7

GAAP Income Statements (continued)

Notes to Consolidated Statements of Income

[1]	The Aimco Operating Partnership is AIMCO Properties, L.P., the operating partnership in Aimco’s UPREIT structure.
[2]	Weighted average share, common share equivalent and earnings per share amounts for each of the periods presented above have been retroactively adjusted for the effect of shares of common stock issued January 30, 2008, pursuant to the special dividend declared by Aimco’s Board of Directors on December 21, 2007.
[3]	Income from discontinued operations of consolidated properties consists of the following (in thousands):

	Three Months Ended
	March 31,
	2008			2007
Rental and other property revenues	$	6,970		$	27,172
Property operating expenses		(3,405	)		(13,864	)
Depreciation and amortization		(1,925	)		(6,978	)
Other expenses, net		(5	)		(1,013	)
Operating Income		1,635			5,317
Interest income		118			307
Interest expense		(1,188	)		(6,225	)
Gain on extinguishment of debt		—			22,852
Minority interest in consolidated real estate partnerships		(110	)		(2,043	)
Income before gain on dispositions of real estate, impairment losses, deficit distributions to minority partners, income taxes and minority interest in Aimco Operating Partnership		455			20,208
Gain on dispositions of real estate, net of minority partners’ interest		1,359			15,595
Real estate impairment losses, net		—			(843	)
Deficit distributions to minority partners		(56	)		(232	)
Income tax arising from disposals		86			(164	)
Minority interest in Aimco Operating Partnership		(177	)		(3,311	)
Income from discontinued operations	$	1,667		$	31,253

AIMCO 1st Quarter 2008 Page 8

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)

	March 31, 2008			December 31, 2007
ASSETS
Buildings and improvements	$	9,740,883		$	9,589,478
Land		2,642,050			2,642,521
Accumulated depreciation		(3,097,465	)		(2,978,973	)
NET REAL ESTATE		9,285,468			9,253,026
Cash and cash equivalents		163,083			210,461
Restricted cash		302,015			318,371
Accounts receivable		71,938			71,463
Accounts receivable from affiliates		35,072			34,958
Deferred financing costs		73,589			78,984
Notes receivable from unconsolidated real estate partnerships		35,441			35,186
Notes receivable from non-affiliates		144,977			143,054
Investment in unconsolidated real estate partnerships		120,982			117,217
Other assets		205,181			207,857
Deferred income tax asset, net		15,256			14,426
Assets held for sale		98,761			121,529
TOTAL ASSETS	$	10,551,763		$	10,606,532
LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	942,316		$	941,555
Property loans payable		6,070,356			5,966,240
Term loans		475,000			475,000
Credit facility		218,800			—
Other borrowings		74,492			75,057
TOTAL INDEBTEDNESS		7,780,964			7,457,852
Accounts payable		31,775			56,792
Accrued liabilities and other		333,929			449,485
Deferred income		201,966			202,289
Security deposits		50,600			48,876
Liabilities related to assets held for sale		72,544			86,493
TOTAL LIABILITIES		8,471,778			8,301,787
Minority interest in consolidated real estate partnerships		424,363			441,778
Minority interest in Aimco Operating Partnership		104,768			113,263
STOCKHOLDERS’ EQUITY
Perpetual preferred stock		723,500			723,500
Class A Common Stock		914			961
Additional paid-in capital		2,888,707			3,049,417
Notes due on common stock purchases		(4,780	)		(5,441	)
Distributions in excess of earnings		(2,057,487	)		(2,018,733	)
TOTAL STOCKHOLDERS’ EQUITY		1,550,854			1,749,704
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,551,763		$	10,606,532

AIMCO 1st Quarter 2008 Page 9

Outlook and Forward Looking Statement
Second Quarter and Full Year 2008
(unaudited)

This Earnings Release and Supplemental Information contain forward-looking statements, including statements regarding projected results and specifically forecasts of second quarter and full year 2008 results. These forward-looking statements are based on management’s judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to, Aimco’s ability to maintain current or meet projected occupancy, rent levels and Same Store results and Aimco’s ability to close transactions necessary to generate transactional income as anticipated.

Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors that are beyond the control of Aimco including, without limitation: natural disasters and severe weather such as hurricanes; national and local economic conditions; the general level of interest rates; energy costs; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; insurance risk; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; the timing of acquisitions and dispositions; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco.

Readers should carefully review Aimco’s financial statements and notes thereto, as well as the risk factors described in Aimco’s Annual Report onForm 10-K for the year ended December 31, 2007, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.

	Second Quarter 2008	Full Year 2008
GAAP earnings per share [1][4]	-$0.38 to -$0.34	-$1.78 to -$1.62
Add: Depreciation and other	$1.17	$5.00
FFO per share [2][5]	$0.79 to $0.83	$3.22 to $3.38
AFFO per share [5]	[3]	greater than $2.40
2008 Same Store operating assumptions:
Weighted average daily occupancy	94% to 95%	94% to 95%
NOI change — sequential	0.5% to 1.5%
NOI change — 2008 vs. 2007	2.5% to 3.5%	2.5% to 4.5%

[1]	Aimco’s earnings per share guidance does not include estimates for (i) gains on dispositions or impairment losses due to the unpredictable timing of transactions, (ii) gains or losses on early repayment of debt, (iii) preferred stock redemption related costs or (iv) potential future share repurchases.
[2]	FFO per share represents FFO before impairment and preferred redemption related charges.
[3]	Outlook for AFFO is provided on an annual basis.
[4]	The GAAP earnings per share is calculated based on 88.8 million and 89.3 million weighted average common shares (diluted) for second quarter 2008 and full year 2008, respectively.
[5]	FFO per share and AFFO per share are calculated based on 89.4 million and 90.7 million weighted average common shares (diluted) for the second quarter 2008 and full year 2008, respectively.

AIMCO 1st Quarter 2008 Page 10

Special Supplement to First Quarter 2008 Earnings Release

2007 Special Dividend

As announced on December 21, 2007, the Aimco Board of Directors declared a special dividend of $2.51 per share of Class A Common Stock, paid on January 30, 2008, to stockholders of record on December 31, 2007. The special dividend was paid in a combination of approximately $55.0 million of cash and 4.6 million additional shares of Class A Common Stock based on stockholder elections, subject to certain limitations.

Generally Accepted Accounting Principles require that all reported per share data, for current and prior periods, be adjusted to reflect the issuance of the shares described above. The following table provides Aimco’s first quarter 2007 results as reported in 2007, prior to the special dividend, and as currently reported, after the effect of the special dividend:

		Three Months Ended
Financial Results	March 31, 2007
Earnings — EPS, excluding special dividend		$	0.09
Earnings — EPS, including special dividend		$	0.09
Funds from operations — FFO, excluding special dividend		$	0.74
Funds from operations — FFO, including special dividend		$	0.71
FFO before impairment and preferred redemption charges, excluding special dividend		$	0.75
FFO before impairment and preferred redemption charges, including special dividend		$	0.71
Adjusted funds from operations — AFFO, excluding special dividend		$	0.58
Adjusted funds from operations — AFFO, including special dividend		$	0.55
Calculation of Weighted Average Shares
Earnings — EPS
Weighted average common shares — diluted, excluding the special dividend			95,971
Weighted average common shares — diluted attributable to the special dividend			4,523
Weighted average common shares — diluted, including the special dividend			100,494
Funds from operations — FFO
Weighted average common shares — diluted, excluding the special dividend			99,981
Weighted average common shares — diluted attributable to the special dividend			4,690
Weighted average common shares — diluted, including the special dividend			104,671
FFO before impairment and preferred redemption charges
Weighted average common shares — diluted, excluding the special dividend			99,981
Weighted average common shares — diluted attributable to the special dividend			4,690
Weighted average common shares — diluted, including the special dividend			104,671
Adjusted funds from operations — AFFO
Weighted average common shares — diluted, excluding the special dividend			99,981
Weighted average common shares — diluted attributable to the special dividend			4,690
Weighted average common shares — diluted, including the special dividend			104,671

AIMCO 1st Quarter 2008 Page 11

Page
3	Schedule 1	–	Funds From Operations and Adjusted Funds From Operations
5	Schedule 2	–	Proportionate Operating Results Presentation
7	Schedule 3	–	Proportionate Balance Sheet Presentation
8	Schedule 4	–	Share Data
9	Schedule 5	–	Selected Debt Structure and Maturity Data
11	Schedule 6a	–	Same Store Operating Results (1Q 2008 v. 1Q 2007)
12	Schedule 6b	–	Same Store Operating Results (1Q 2008 v. 4Q 2007)
13	Schedule 7	–	Total Conventional Portfolio Data by Market
14	Schedule 8	–	Property Sales and Acquisition Activity
15	Schedule 9	–	Capital Expenditures
16	Schedule 10	–	Summary of Redevelopment Activity
17	Schedule 11	–	Aimco Capital
18	Schedule 12	–	Apartment Unit Summary
19	Glossary

AIMCO 1st Quarter 2008 Page 2

Supplemental Schedule 1

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

	Three Months Ended
	March 31,
	2008			2007
Net (loss) income attributable to common stockholders [1]	$	(38,754	)	$	8,860
Adjustments:
Depreciation and amortization [2]		126,524			118,525
Depreciation and amortization related to non-real estate assets		(3,949	)		(6,595	)
Depreciation of rental property related to minority partners and unconsolidated entities [3] [4]		(11,040	)		(13,045	)
Loss (gain) on dispositions of unconsolidated real estate and other		44			(1,089	)
Deficit distributions to minority partners [5]		4,148			1,097
Discontinued operations:
Gain on dispositions of real estate, net of minority partners’ interest [3]		(1,359	)		(15,595	)
Depreciation of rental property, net of minority partners’ interest [3] [4]		1,605			(11,706	)
Deficit distributions to minority partners [5]		56			232
Income tax arising from disposals		(86	)		164
Minority interests in Aimco Operating Partnership’s share of above adjustments		(11,114	)		(6,732	)
Preferred stock dividends		14,208			16,348
Funds From Operations	$	80,283		$	90,464
Preferred stock dividends		(14,208	)		(16,348	)
Dividends/distributions on dilutive preferred securities		1,333			—
Funds From Operations Attributable to Common Stockholders — Diluted	$	67,408		$	74,116
Real estate impairment losses, discontinued operations [6]		—			843
Minority interests in Aimco Operating Partnership’s share of above adjustments		—			(79	)
Funds From Operations Attributable to Common Stockholders — Diluted (excluding impairment losses)	$	67,408		$	74,880
Capital Replacements		(21,358	)		(18,685	)
Minority interest in Aimco Operating Partnership’s share of Capital Replacements		2,047			1,748
Dividends/distributions on non-dilutive preferred securities		(1,333	)		—
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted	$	46,764		$	57,943
Funds From Operations Attributable to Common Stockholders — Diluted:
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding [7][8]:
Common shares and equivalents		91,267			104,671
Dilutive preferred securities		1,901			—
		93,168			104,671
Funds From Operations (excluding impairment losses)
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding [7][8]:
Common shares and equivalents		91,267			104,671
Dilutive preferred securities		1,901			—
		93,168			104,671
Adjusted Funds From Operations Attributable to Common Stockholders — Diluted
Weighted average common shares, common share equivalents and dilutive preferred securities outstanding [7][8]:
Common shares and equivalents		91,267			104,671
Dilutive preferred securities		—			—
		91,267			104,671
Per Share [7]:
Funds From Operations — Diluted	$	0.72		$	0.71
Funds From Operations — Diluted (excluding impairment losses)	$	0.72		$	0.71
Adjusted Funds From Operations — Diluted	$	0.51		$	0.55
Dividends paid [9]	$	2.51		$	0.60

AIMCO 1st Quarter 2008 Page 3

Supplemental Schedule 1 (continued)

Notes to Funds From Operations and Adjusted Funds From Operations

[1]	Represents the numerator for calculating basic earnings per common share in accordance with GAAP.
[2]	Includes amortization of management contracts where Aimco is the general partner. Such management contracts were established in certain instances where Aimco acquired a general partner interest in either a consolidated or an unconsolidated partnership. Because the recoverability of these management contracts depends primarily on the operations of the real estate owned by the limited partnerships, Aimco believes it is consistent with NAREIT’s April 1, 2002 White Paper to add back such amortization, as the White Paper directs the add back of amortization of assets uniquely significant to the real estate industry.
[3]	“Minority partners’ interest” means minority interest in our consolidated real estate partnerships.
[4]	Adjustments related to minority partners’ share of depreciation of rental property for the three months ended March 31, 2007, include the subtraction of $15.1 million and $17.8 million for continuing operations and discontinued operations, respectively, related to the VMS debt extinguishment gains. These subtractions are required because we added back the minority partners’ share of depreciation related to rental property in determining FFO in prior periods. Accordingly, the net effect of the VMS debt extinguishment gains on FFO for the three months ended March 31, 2007, was an increase of $9.3 million ($8.4 million after minority interest in Aimco Operating Partnership).
[5]	In accordance with GAAP, deficit distributions to minority partners are charges recognized in Aimco’s income statement when cash is distributed to a non-controlling partner in a consolidated real estate partnership in excess of the positive balance in such partner’s capital account, which is classified as minority interest on the balance sheet. Aimco records these charges for GAAP purposes even though there is no economic effect or cost. Deficit distributions to minority partners occur when the fair value of the underlying real estate exceeds its depreciated net book value because the underlying real estate has appreciated or maintained its value. As a result, the recognition of expense for deficit distributions to minority partners represents, in substance, either (1) recognition of depreciation previously allocated to the non-controlling partner or (2) a payment related to the non-controlling partner’s share of real estate appreciation. Based on NAREIT’s White Paper guidance that requires real estate depreciation and gains to be excluded from FFO, Aimco adds back deficit distributions and subtracts related recoveries in its reconciliation of net income to FFO.
[6]	On October 1, 2003, NAREIT clarified its definition of FFO to include impairment losses, which previously had been added back to calculate FFO. Although Aimco’s presentation conforms with the NAREIT definition, Aimco considers such approach to be inconsistent with the treatment of gains on dispositions of real estate, which are not included in FFO. Aimco no longer adds back impairment losses when computing FFO in accordance with this clarification. FFO for the three months ended March 31, 2007, includes net impairment losses of $0.8 million.
[7]	Weighted average common shares, common share equivalents, dilutive preferred securities and per share funds from operations and adjusted funds from operations amounts for each of the periods presented above have been retroactively adjusted for the effect of shares of Common Stock issued on January 30, 2008 pursuant to the special dividend declared by Aimco’s Board of Directors on December 21, 2007.
[8]	Represents the denominator for calculating Aimco’s diluted earnings per common share in accordance with GAAP plus additional common share equivalents that are dilutive for FFO or AFFO.
[9]	Dividends paid per share for the periods presented have not been adjusted to give effect to shares of Common Stock issued on January 30, 2008, pursuant to the special dividend declared by Aimco’s Board of Directors on December 21, 2007. The dividend paid in 2008 was paid in a combination of cash and shares of Common Stock.

AIMCO 1st Quarter 2008 Page 4

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

	Three Months Ended March 31, 2008
				Proportionate
	Aimco			Share of			Minority			Proportionate
	GAAP Income			Unconsolidated			Partners’			Income
	Statement			Partnerships			Interest			Statement
Revenues:
Rental and other property revenues:
Same Store properties [1] [2]	$	288,503		$	426		$	(29,679	)	$	259,250
Acquisition properties [1]		7,589			—			—			7,589
Redevelopment properties [1]		43,372			—			(4,432	)		38,940
Other properties [1]		16,090			162			(942	)		15,310
Affordable properties [1]		62,092			5,707			(20,993	)		46,806
Total rental and other property revenues		417,646			6,295			(56,046	)		367,895
Property management revenues, primarily from affiliates [3]		2,104			(276	)		2,730			4,558
Asset management and tax credit revenues		12,852			—			—			12,852
Total revenues		432,602			6,019			(53,316	)		385,305
Operating expenses:
Property operating expenses:
Same Store properties [2]		120,937			239			(13,050	)		108,126
Acquisition properties		3,904			—			—			3,904
Redevelopment properties		18,822			—			(2,166	)		16,656
Other properties		7,965			81			(466	)		7,580
Affordable properties		33,738			2,667			(12,268	)		24,137
Casualties, Conventional		6,060			150			250			6,460
Casualties, Affordable		1,959			(54	)		(514	)		1,391
Property management expenses, Conventional [4]		9,324			—			(632	)		8,692
Property management expenses, Affordable [4]		1,776			—			(495	)		1,281
Total property operating expenses		204,485			3,083			(29,341	)		178,227
Property management expenses [5]		1,271			—			1,127			2,398
Investment management expenses		4,289			—			—			4,289
Depreciation and amortization		126,524			1,189			(12,310	)		115,403
General and administrative expenses		21,424			21			(976	)		20,469
Other expenses (income), net		5,061			1,597			(3,728	)		2,930
Total operating expenses		363,054			5,890			(45,228	)		323,716
Operating income		69,548			129			(8,088	)		61,589
Interest income:
General partner loan interest		2,187			(128	)		2,268			4,327
Money market and interest bearing accounts		4,731			204			(703	)		4,232
Accretion on discounted notes receivable		1,665			—			—			1,665
Total interest income		8,583			76			1,565			10,224
Provision for losses on notes receivable		(1,159	)		—			—			(1,159	)
Interest expense:
Property debt (primarily non-recourse)		(104,662	)		(1,236	)		13,819			(92,079	)
Lines of credit		(10,214	)		—			—			(10,214	)
Capitalized interest		7,440			2			(327	)		7,115
Total interest expense		(107,436	)		(1,234	)		13,492			(95,178	)
Deficit distributions to minority partners		(4,148	)		—			—			(4,148	)
Equity in losses of unconsolidated real estate partnerships		(1,029	)		1,029			—			—
Loss on dispositions of unconsolidated real estate and other		(44	)		—			—			(44	)
Loss before minority interests and discontinued operations		(35,685	)		—			6,969			(28,716	)
Minority interests:
Minority interest in consolidated real estate partnerships		6,969			—			(6,969	)		—
Minority interest in Aimco Operating Partnership		2,503			—			—			2,503
Total minority interests		9,472			—			(6,969	)		2,503
Loss from continuing operations		(26,213	)		—			—			(26,213	)
Income from discontinued operations, net		1,667			—			—			1,667
Net loss		(24,546	)		—			—			(24,546	)
Net income attributable to preferred stockholders		14,208			—			—			14,208
Net loss attributable to common stockholders	$	(38,754	)	$	—		$	—		$	(38,754	)

(See footnotes on page 2 of 2)

AIMCO 1st Quarter 2008 Page 5

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

	Three Months
	Ended
	March 31, 2008
Components of FFO:
Real estate operations:
Rental and other property revenues	$	367,895
Property operating expenses		(178,227	)
Net real estate operations		189,668
Property management, net		2,160
Asset management and tax credit revenues, net of investment management expenses		8,563
Depreciation and amortization related to non-real estate assets		(3,868	)
General and administrative expenses		(20,469	)
Other expenses, net		(2,930	)
Interest income		10,224
Provision for losses on notes receivable		(1,159	)
Interest expense		(95,178	)
Discontinued operations:
Operations and other		3,017
Interest expense		(957	)
Preferred stock dividends		(14,208	)
Preferred partnership unit distributions		(1,782	)
Dividends/distributions on dilutive preferred securities		1,333
Subtotal before minority interest in Aimco Operating Partnership	$	74,414
Minority interest in common units of Aimco Operating Partnership		(7,006	)
FFO Attributable to Common Stockholders — Diluted (excluding impairment losses)	$	67,408
Reconciliation of Net Income to FFO and AFFO:
Net loss	$	(24,546	)
Depreciation and amortization		115,403
Depreciation and amortization related to non-real estate assets		(3,868	)
Deficit distributions to minority partners		4,148
Loss on dispositions of unconsolidated real estate and other		44
Discontinued operations		216
Minority interest in Aimco Operating Partnership’s share of adjustments		(11,114	)
Preferred stock dividends		(14,208	)
Dividends/distributions on dilutive preferred securities		1,333
FFO Attributable to Common Stockholders — Diluted (excluding impairment losses)	$	67,408
Capital Replacements		(21,358	)
Minority interest in Aimco Operating Partnership’s share of Capital Replacements		2,047
Dividends/distributions on non-dilutive preferred securities		(1,333	)
AFFO Attributable to Common Stockholders — Diluted	$	46,764

Notes to Schedule 2:

[1]	See definitions and descriptions in Glossary.
[2]	Same store amounts in this schedule differ from the same store amounts in Schedule 6. Any such differences are the result of (a) certain variations in the treatment of intercompany eliminations in GAAP versus non-GAAP measures; (b) the effect of changing ownership percentages over time due to Aimco’s acquisition of additional partnership interests and (c) the elimination of non-recurring items that if included in Schedule 6 would distort Schedule 6 same store results.
[3]	Property management revenues reported in Aimco’s GAAP income statement reflect fees charged to unconsolidated properties. Property management revenues reported in the proportionate income statement reflect the minority partners’ share of fees charged to both consolidated and unconsolidated properties.
[4]	Property management expenses reported on this line in Aimco’s GAAP income statement reflect expenses related to the management of consolidated properties. Property management expenses reported on this line in the proportionate income statement reflect Aimco’s share of both consolidated and unconsolidated property management expenses.
[5]	Property management expenses reported on this line in Aimco’s GAAP income statement reflect expenses related to the management of unconsolidated properties. Property management expenses reported on this line in the proportionate income statement reflect minority partners’ share of both consolidated and unconsolidated property management expenses.

AIMCO 1st Quarter 2008 Page 6

Supplemental Schedule 3

Proportionate Balance Sheet Presentation
As of March 31, 2008
(in thousands) (unaudited)

				Proportionate
	Consolidated			Share of			Minority			Proportionate
	GAAP			Unconsolidated			Partners ’			Balance
	Balance Sheet			Partnerships [1]			Interest [2]			Sheet [3]
ASSETS
Buildings and improvements	$	9,740,883		$	51,092		$	(1,380,472	)	$	8,411,503
Land		2,642,050			2,055			(146,234	)		2,497,871
Accumulated depreciation		(3,097,465	)		(34,077	)		747,674			(2,383,868	)
NET REAL ESTATE		9,285,468			19,070			(779,032	)		8,525,506
Cash and cash equivalents		163,083			1,233			(43,377	)		120,939
Restricted cash		302,015			4,863			(62,528	)		244,350
Accounts receivable		71,938			122			—			72,060
Accounts receivable from affiliates		35,072			—			—			35,072
Deferred financing costs		73,589			—			—			73,589
Notes receivable from unconsolidated real estate partnerships		35,441			—			—			35,441
Notes receivable from non-affiliates		144,977			—			—			144,977
Investment in unconsolidated real estate partnerships		120,982			22,445			—			143,427
Other assets		205,181	[4]		14,713			—			219,894
Deferred income tax asset, net		15,256			—			—			15,256
Assets held for sale		98,761			—			—			98,761
TOTAL ASSETS	$	10,551,763		$	62,446		$	(884,937	)	$	9,729,272
LIABILITIES AND STOCKHOLDERS’ EQUITY
Property tax-exempt bond financing	$	942,316		$	121		$	(28,423	)	$	914,014
Property loans payable		6,070,356			52,269			(851,124	)		5,271,501
Term loans		475,000			—			—			475,000
Credit facility		218,800			—			—			218,800
Other borrowings		74,492			—			—			74,492
TOTAL INDEBTEDNESS		7,780,964			52,390			(879,547	)		6,953,807
Accounts payable		31,775			10,056			—			41,831
Accrued liabilities and other		333,929			—			—			333,929
Deferred income		201,966	[5]		—			—			201,966
Security deposits		50,600			—			—			50,600
Liabilities related to assets held for sale		72,544			—			—			72,544
TOTAL LIABILITIES		8,471,778			62,446			(879,547	)		7,654,677
Minority interest in consolidated real estate partnerships		424,363			—			(5,390	)		418,973
Minority interest in Aimco Operating Partnership		104,768			—			—			104,768
NET OPERATING ASSETS				$	—		$	—		$	1,550,854
STOCKHOLDERS’ EQUITY
Perpetual preferred stock		723,500
Class A Common Stock		914
Additional paid-in capital		2,888,707
Notes due on common stock purchases		(4,780	)
Distributions in excess of earnings		(2,057,487	)
TOTAL STOCKHOLDERS’ EQUITY		1,550,854
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,551,763

[1]	Total of Aimco’s proportionate share of selected unconsolidated balance sheet data.
[2]	Total of minority partners’ share of selected balance sheet data. Additionally, Aimco has notes receivable from consolidated partnerships which are eliminated in the GAAP balance sheet. The minority partners’ share of amounts payable to Aimco pursuant to those notes is $79.0 million.
[3]	Aimco’s proportionate consolidated balance sheet, which includes the GAAP balance sheet as of March 31, 2008, plus Aimco’s proportionate share of selected unconsolidated balance sheet data and less minority partners’ share of selected balance sheet data.
[4]	Other assets includes $81.9 million in goodwill and $2.1 million in investments in management contracts.
[5]	Deferred income includes $143.0 million of tax credit equity received that will be recognized in earnings as the related low income housing tax credits and other tax benefits are delivered to the tax credit investors.

AIMCO 1st Quarter 2008 Page 7

Supplemental Schedule 4

Share Data
(in thousands) (unaudited)

Preferred Securities

	Shares/Units
	Outstanding
	as of			Redemption
	March 31, 2008			Date [1]		Coupon			Amount
Perpetual Preferred Stock [2]:
Class G		4,050			7/15/2008		9.375	%		101,000
Class T		6,000			7/31/2008		8.000	%		150,000
Class U		8,000			3/24/2009		7.750	%		200,000
Class V		3,450			9/29/2009		8.000	%		86,250
Class Y		3,450			12/21/2009		7.875	%		86,250
Series A Community Reinvestment Act		0	[3]		6/30/2011		6.080	% [4]		100,000
Total perpetual preferred stock										723,500
Preferred Partnership Units [5]		3,253					7.988	%		89,104
Total outstanding preferred securities										812,604

Common Stock and Equivalents

	Shares/Units
	Outstanding		Weighted Average Shares/Units
	as of		Three Months Ended March 31, 2008
	March 31, 2008		Diluted EPS		Diluted FFO
Class A Common Stock [6] [11]		90,305		90,973		90,973
Dilutive securities:
Options, restricted stock and non-recourse shares [7] [11]		291		—		294
High Performance Units [8]		—		—		—
Convertible preferred securities [9] [11]		—		—		1,901
Total shares and dilutive share equivalents		90,596		90,973		93,168
Common Partnership Units and equivalents [10]		9,572		9,670		9,670
Total shares, units and dilutive share equivalents		100,168		100,643		102,838

Notes:

[1]	The redemption date is the date the securities are first eligible for redemption by Aimco.
[2]	Preferred stock amounts are shown net of any eliminations required by GAAP.
[3]	Represents 200 shares at a liquidation preference per share of $500,000.
[4]	The dividend rate is a variable rate per annum equal to the Three-Month LIBOR Rate plus 1.25%, calculated as of the beginning of each quarterly dividend period.
[5]	Coupon is based on a weighted average.
[6]	Includes a deduction of 1,095,000 for non-recourse shares and unvested restricted stock.
[7]	Stock options, restricted stock and non-recourse shares are presumed to be dilutive as of March 31, 2008, and reflect the options and shares outstanding at the end of the period and the $35.81 share price at the end of the period. Dilution for the three months ended March 31, 2008, reflects the weighted average amounts during the period.
[8]	No equivalent common OP units would have been issued if the applicable measurement period for Class IX HPUs, which ends on December 31, 2008, had ended on March 31, 2008 (if dilutive). Accordingly no dilutive equivalents have been included in the calculation of dilutive securities.
[9]	Represents the number of common shares that would be issued upon conversion, if dilutive, considering the reduction preferred dividends/distributions that would result from conversion. The potential common shares that would be issued upon conversion is ignored in the determination of shares/units outstanding as of March 31, 2008.
[10]	Includes common OP Units and Class I High Performance Units.
[11]	Class A Common Stock, options, restricted stock and non-recourse shares and convertible preferred securities amounts for the period presented have been retroactively adjusted for the effect of the shares of Common Stock issued on January 30, 2008, pursuant to the special dividend declared by Aimco’s Board of Directors on December 21, 2007.

AIMCO 1st Quarter 2008 Page 8

Supplemental Schedule 5
Selected Debt Structure and Maturity Data As of March 31, 2008 (dollars in thousands) (unaudited)	(page 1 of 2)

I. Debt Balances and Data

			Proportionate							Weighted
			Share of					Total Aimco		Average		Weighted
Debt	Consolidated		Unconsolidated		Minority Interest			Share		Maturity (years)		Average Rate
Property Debt (primarily non-recourse):
Conventional Portfolio:	��
Fixed rate loans payable	$	4,858,388	$	6,659	$	(568,646	)	$	4,296,401		8.9		6.20	%
Floating rate loans payable [1]		561,636		—		(37,005	)		524,631		2.4		5.03	%
Total property loans payable		5,420,024		6,659		(605,651	)		4,821,032		8.2		6.07	%
Fixed rate tax-exempt bonds		168,425		—		(5,905	)		162,520		14.2		5.83	%
Floating rate tax-exempt bonds [1]		592,852		—		(5,343	)		587,509		13.8		2.69	%
Total property tax-exempt bond financing		761,277		—		(11,248	)		750,029		13.9		3.37	%
Total Conventional portfolio		6,181,301		6,659		(616,899	)		5,571,061		8.9		5.71	%
Affordable Portfolio:
Fixed rate loans payable		636,799		37,638		(245,473	)		428,964		16.6		5.52	%
Floating rate loans payable		13,533		7,972		—			21,505		2.7		4.58	%
Total property loans payable		650,332		45,610		(245,473	)		450,469		16.0		5.48	%
Fixed rate tax-exempt bonds		77,371		121		(14,855	)		62,637		27.8		5.04	%
Floating rate tax-exempt bonds [1]		103,668		—		(2,320	)		101,348		27.0		3.43	%
Total property tax-exempt bond financing		181,039		121		(17,175	)		163,985		27.3		4.04	%
Total Affordable portfolio		831,371		45,731		(262,648	)		614,454		19.0		5.10	%
Total property debt	$	7,012,672	$	52,390	$	(879,547	)	$	6,185,515		9.9		5.65	%
Corporate Debt:
Term Loans	$	475,000	$	—	$	—		$	475,000		—		4.21	%
Credit Facility		218,800		—		—			218,800		—		4.01	%
Total corporate debt	$	693,800	$	—	$	—		$	693,800		—		4.15	%
Other borrowings [2]	$	74,492	$	—	$	—		$	74,492
Total Debt	$	7,780,964	$	52,390	$	(879,547	)	$	6,953,807				5.50	%

[1]	Floating rate debt presented above includes $512.2 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At March 31, 2008, the carrying amount of this debt totaled $489.3 million, after recognition of changes in the debt’s fair value in accordance with fair value hedge accounting under SFAS 133.
[2]	Other borrowings consists primarily of unsecured notes payable and obligations under sale and leaseback arrangements accounted for as financings. At March 31, 2008, other borrowings includes $66.0 million in fixed rate obligations with interest rates ranging from zero to 10.0% and $8.5 million in variable rate obligations bearing interest at the prime rate plus 1.75%.

II. Debt Maturities

							Percent			Average
Consolidated Property Debt:	Amortization		Maturities		Total		of Total			Rate
Q2 2008	$	29,282	$	20,712	$	49,994		0.7	%		5.26	%
Q3 2008		29,487		58,360		87,847		1.3	%		6.10	%
Q4 2008		29,720		165,681		195,401		2.8	%		5.10	%
Q1 2009		30,286		144,560		174,846		2.5	%		5.14	%
Q2 2009		30,833		171,107		201,940		2.9	%		5.63	%
Q3 2009		31,672		—		31,672		0.4	%		—
Q4 2009		32,436		91,010		123,446		1.8	%		4.02	%
Q1 2010		33,344		235,951		269,295		3.8	%		6.56	%
2010 Remaining		103,500		249,707		353,207		5.0	%		3.98	%
2011		143,880		366,722		510,602		7.3	%		4.85	%
2012		148,167		299,932		448,099		6.4	%		6.19	%
Thereafter						4,566,323		65.1	%
Total property debt:					$	7,012,672		100.0	%

							Percent			Average
Corporate Debt:	Amortization		Maturities		Total		of Total			Rate
2009 [1]	$	—	$	75,000	$	75,000		10.8	%		4.24	%
2010 [2]		—		218,800		218,800		31.5	%		4.01	%
2011		—		400,000		400,000		57.7	%		4.20	%
Total corporate debt:	$	—	$	693,800	$	693,800		100.0	%		4.15	%

[1]	The $75.0 million term loan that matures September 14, 2008 is included in 2009 due to the one-year extension option.
[2]	The $218.8 million credit facility that matures May 1, 2009 is included in 2010 due to the one-year extension option.

AIMCO 1st Quarter 2008 Page 9

Supplemental Schedule 5 (continued)
Selected Debt Structure and Maturity Data As of March 31, 2008 (in millions) (unaudited)	(page 2 of 2)

III. Loan Closings

	Original		New				Aimco
FIRST QUARTER LOAN CLOSINGS	Loan		Loan		Net		Net		Prior			New
Property Loan Type (all non-recourse)	Amount [1]		Amount		Proceeds [2]		Proceeds [3]		Rate			Rate
Consolidated Loan Closings:
Fixed Rate	$	75.6	$	201.2	$	123.8	$	116.7		7.29	%		5.58	%
Floating Rate		22.8		35.5		9.2		9.2		5.33	%		3.04	%
Totals	$	98.4	$	236.7	$	133.0	$	125.9		6.84	%		5.20	%

[1]	Original Loan Amount represents the principal balance outstanding at the time of the refinance.
[2]	Net Proceeds is after transaction costs and prepayment penalties.
[3]	Aimco Net Proceeds is after payment of distributions to minority partners and any release of escrow funds.

IV. Capitalization

	September 30, 2007						December 31, 2007						March 31, 2008
	Amount			Percent			Amount			Percent			Amount			Percent
Corporate debt	$	550			4.7	%	$	475			4.4	%	$	694			6.3	%
Property debt (Aimco’s share)		6,068			51.5	%		6,144			57.1	%		6,186			56.1	%
Other borrowings		65			0.6	%		75			0.7	%		74			0.7	%
Total debt		6,683			56.8	%		6,694			62.2	%		6,954			63.1	%
Less cash and restricted cash (Aimco’s share)		(485	)		-4.1	%		(425	)		-3.9	%		(365	)		-3.3	%
Net debt		6,198			52.7	%		6,269			58.3	%		6,589			59.8	%
Preferred equity		813			6.9	%		813			7.6	%		813			7.4	%
Common equity at market [1]		4,752			40.4	%		3,675			34.2	%		3,616			32.8	%
Total capitalization	$	11,763			100.0	%	$	10,757			100.0	%	$	11,018			100.0	%

[1] Common equity at market at March 31, 2008, December 31, 2007 and September 30, 2007 was calculated using 100.972 million, 105.810 million, and 105.285 million shares of Class A Common Stock and common partnership units outstanding multiplied by the closing price of $35.81, $34.73 and $45.13 per share/unit as of March 31, 2008, December 31, 2007 and September 28, 2007, respectively.

V. Credit Ratings

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

AIMCO 1st Quarter 2008 Page 10

Supplemental Schedule 6(a)

Same Store Operating Results
First Quarter 2008 Compared to First Quarter 2007
(unaudited) (in thousands, except site and unit data)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Sites		Units		Units		1Q 2008		1Q 2007		Growth			1Q 2008		1Q 2007		Growth			1Q 2008		1Q 2007		Growth			1Q 2008			1Q 2008			1Q 2007			1Q 2008		1Q 2007
Target Markets
Los Angeles		11		3,408		2,757	$	15,689	$	14,995		4.6	%	$	4,970	$	4,652		6.8	%	$	10,719	$	10,343		3.6	%
Orange County		6		1,017		865		2,693		2,583		4.3	%		1,013		932		8.7	%		1,680		1,651		1.8	%
San Diego		4		1,622		1,551		5,530		5,215		6.0	%		1,667		1,643		1.5	%		3,863		3,572		8.1	%
Southern CA Total		21		6,047		5,173		23,912		22,793		4.9	%		7,650		7,227		5.9	%		16,262		15,566		4.5	%		68.0	%		96.0	%		95.7	%	$	1,658	$	1,601
East Bay		3		693		633		2,294		2,168		5.8	%		902		839		7.5	%		1,392		1,329		4.7	%
San Francisco		2		522		522		2,474		2,217		11.6	%		815		767		6.3	%		1,659		1,450		14.4	%
Northern CA Total		5		1,215		1,155		4,768		4,385		8.7	%		1,717		1,606		6.9	%		3,051		2,779		9.8	%		64.0	%		98.0	%		97.0	%		1,307		1,220
Seattle		3		364		218		658		585		12.5	%		230		234		-1.7	%		428		351		21.9	%
Pacific Total		29		7,626		6,546		29,338		27,763		5.7	%		9,597		9,067		5.8	%		19,741		18,696		5.6	%		67.3	%		96.5	%		96.0	%		1,566		1,503
Suburban New York — New Jersey		6		2,226		1,791		6,886		6,259		10.0	%		2,247		2,088		7.6	%		4,639		4,171		11.2	%
Washington — NoVA — MD		15		8,891		8,532		29,405		28,167		4.4	%		11,944		11,084		7.8	%		17,461		17,083		2.2	%
Boston		11		4,147		4,147		14,752		14,529		1.5	%		5,689		5,385		5.6	%		9,063		9,144		-0.9	%
Philadelphia		7		3,296		3,028		12,310		11,740		4.9	%		4,889		4,567		7.1	%		7,421		7,173		3.5	%
Northeast Total		39		18,560		17,498		63,353		60,695		4.4	%		24,769		23,124		7.1	%		38,584		37,571		2.7	%		60.9	%		96.5	%		95.5	%		1,154		1,130
Miami		5		1,548		1,344		6,174		6,082		1.5	%		2,624		2,614		0.4	%		3,550		3,468		2.4	%
Orlando		12		2,920		2,703		6,475		6,841		-5.4	%		3,142		2,812		11.7	%		3,333		4,029		-17.3	%
Tampa		12		3,170		2,708		6,666		6,604		0.9	%		2,997		2,780		7.8	%		3,669		3,824		-4.1	%
Other Florida		12		3,419		3,247		8,948		9,210		-2.8	%		3,881		3,667		5.8	%		5,067		5,543		-8.6	%
Florida Total		41		11,057		10,002		28,263		28,737		-1.6	%		12,644		11,873		6.5	%		15,619		16,864		-7.4	%		55.3	%		92.6	%		93.2	%		940		946
Houston		30		8,008		6,722		13,885		13,130		5.8	%		7,023		6,550		7.2	%		6,862		6,580		4.3	%
Denver		12		2,878		2,283		5,722		5,323		7.5	%		2,185		2,148		1.7	%		3,537		3,175		11.4	%
Phoenix		16		4,065		3,817		8,138		7,931		2.6	%		3,726		3,489		6.8	%		4,412		4,442		-0.7	%
Dallas — Fort Worth		16		3,710		3,257		6,735		6,413		5.0	%		3,467		3,148		10.1	%		3,268		3,265		0.1	%
Atlanta		9		2,513		2,070		4,965		4,866		2.0	%		2,179		2,176		0.1	%		2,786		2,690		3.6	%
Sunbelt Total		124		32,231		28,151		67,708		66,400		2.0	%		31,224		29,384		6.3	%		36,484		37,016		-1.4	%		53.9	%		94.3	%		93.6	%		772		763
Chicago		15		3,849		3,349		11,251		10,545		6.7	%		4,454		4,764		-6.5	%		6,797		5,781		17.6	%
Total Target Markets		207		62,266		55,544		171,650		165,403		3.8	%		70,044		66,339		5.6	%		101,606		99,064		2.6	%		59.2	%		95.3	%		94.6	%		1,002		979
Opportunistic and Other Markets
Austin		7		1,497		1,497		3,349		3,103		7.9	%		1,470		1,542		-4.7	%		1,879		1,561		20.4	%
Baltimore		8		1,620		1,382		4,815		4,666		3.2	%		1,803		1,723		4.6	%		3,012		2,943		2.3	%
Columbus		8		1,884		1,479		3,027		2,826		7.1	%		1,448		1,339		8.1	%		1,579		1,487		6.2	%
Detroit		2		1,225		1,129		2,345		2,525		-7.1	%		1,449		1,489		-2.7	%		896		1,036		-13.5	%
Grand Rapids		11		4,411		3,474		6,842		6,711		2.0	%		3,432		3,491		-1.7	%		3,410		3,220		5.9	%
Indianapolis		21		7,341		6,651		11,926		11,553		3.2	%		5,581		5,643		-1.1	%		6,345		5,910		7.4	%
Minneapolis		4		1,223		1,023		3,614		3,390		6.6	%		1,486		1,566		-5.1	%		2,128		1,824		16.7	%
Nashville		7		2,166		1,770		4,370		4,118		6.1	%		1,712		1,687		1.5	%		2,658		2,431		9.3	%
Norfolk		9		2,747		2,348		6,602		6,332		4.3	%		2,140		2,204		-2.9	%		4,462		4,128		8.1	%
Raleigh		6		1,463		1,184		2,408		2,302		4.6	%		1,080		1,125		-4.0	%		1,328		1,177		12.8	%
Richmond		3		744		676		1,775		1,708		3.9	%		597		580		2.9	%		1,178		1,128		4.4	%
San Antonio		8		1,727		1,727		3,160		2,998		5.4	%		1,682		1,481		13.6	%		1,478		1,517		-2.6	%
Other Markets		48		13,887		12,619		29,690		29,011		2.3	%		12,466		12,092		3.1	%		17,224		16,919		1.8	%
Total Opportunistic and Other Markets		142		41,935		36,959		83,923		81,243		3.3	%		36,346		35,962		1.1	%		47,577		45,281		5.1	%		56.7	%		94.1	%		94.2	%		728		710
SAME STORE SALES TOTALS		349		104,201		92,503		255,573		246,646		3.6	%		106,390		102,301		4.0	%		149,183		144,345		3.4	%		58.4	%		94.8	%		94.4	%	$	893	$	871
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement [1]								162,073		147,702					98,095		82,677					63,978		65,025
Total rental and other property revenues and property operating expense per GAAP Income Statement							$	417,646	$	394,348				$	204,485	$	184,978				$	213,161	$	209,370

[1] Includes: (i) minority partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.

AIMCO 1st Quarter 2008 Page 11

Supplemental Schedule 6(b)

Same Store Operating Results
First Quarter 2008 Compared to Fourth Quarter 2007
(unaudited) (in thousands, except site and unit data)

																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Sites		Units		Units		1Q 2008		4Q 2007		Growth			1Q 2008		4Q 2007		Growth			1Q 2008		4Q 2007		Growth			1Q 2008			1Q 2008			4Q 2007			1Q 2008		4Q 2007
Target Markets
Los Angeles		11		3,408		2,757	$	15,689	$	15,611		0.5	%	$	4,970	$	4,780		4.0	%	$	10,719	$	10,831		-1.0	%
Orange County		6		1,017		865		2,693		2,626		2.6	%		1,013		998		1.5	%		1,680		1,628		3.2	%
San Diego		4		1,622		1,551		5,530		5,483		0.9	%		1,667		1,752		-4.9	%		3,863		3,731		3.5	%
Southern CA Total		21		6,047		5,173		23,912		23,720		0.8	%		7,650		7,530		1.6	%		16,262		16,190		0.4	%		68.0	%		96.0	%		95.4	%	$	1,658	$	1,659
East Bay		3		693		633		2,294		2,253		1.8	%		902		899		0.3	%		1,392		1,354		2.8	%
San Francisco		2		522		522		2,474		2,412		2.6	%		815		945		-13.8	%		1,659		1,467		13.1	%
Northern CA Total		5		1,215		1,155		4,768		4,665		2.2	%		1,717		1,844		-6.9	%		3,051		2,821		8.2	%		64.0	%		98.0	%		96.1	%		1,307		1,299
Seattle		3		364		218		658		654		0.6	%		230		255		-9.8	%		428		399		7.3	%
Pacific Total		29		7,626		6,546		29,338		29,039		1.0	%		9,597		9,629		-0.3	%		19,741		19,410		1.7	%		67.3	%		96.5	%		95.6	%		1,566		1,565
Suburban New York — New Jersey		6		2,226		1,791		6,886		6,592		4.5	%		2,247		2,178		3.2	%		4,639		4,414		5.1	%
Washington — NoVA — MD		15		8,891		8,532		29,405		29,483		-0.3	%		11,944		10,604		12.6	%		17,461		18,879		-7.5	%
Boston		11		4,147		4,147		14,752		14,598		1.1	%		5,689		4,991		14.0	%		9,063		9,607		-5.7	%
Philadelphia		7		3,296		3,028		12,310		12,008		2.5	%		4,889		4,568		7.0	%		7,421		7,440		-0.3	%
Northeast Total		39		18,560		17,498		63,353		62,681		1.1	%		24,769		22,341		10.9	%		38,584		40,340		-4.4	%		60.9	%		96.5	%		96.0	%		1,154		1,154
Miami		5		1,548		1,344		6,174		6,239		-1.0	%		2,624		2,560		2.5	%		3,550		3,679		-3.5	%
Orlando		12		2,920		2,703		6,475		6,613		-2.1	%		3,142		3,580		-12.2	%		3,333		3,033		9.9	%
Tampa		12		3,170		2,708		6,666		6,531		2.1	%		2,997		3,285		-8.8	%		3,669		3,246		13.0	%
Other Florida		12		3,419		3,247		8,948		9,075		-1.4	%		3,881		3,960		-2.0	%		5,067		5,115		-0.9	%
Florida Total		41		11,057		10,002		28,263		28,458		-0.7	%		12,644		13,385		-5.5	%		15,619		15,073		3.6	%		55.3	%		92.6	%		92.4	%		940		944
Houston		30		8,008		6,722		13,885		14,003		-0.8	%		7,023		7,353		-4.5	%		6,862		6,650		3.2	%
Denver		12		2,878		2,283		5,722		5,598		2.2	%		2,185		2,259		-3.3	%		3,537		3,339		5.9	%
Phoenix		16		4,065		3,817		8,138		8,336		-2.4	%		3,726		3,596		3.6	%		4,412		4,740		-6.9	%
Dallas — Fort Worth		16		3,710		3,257		6,735		6,659		1.1	%		3,467		3,385		2.4	%		3,268		3,274		-0.2	%
Atlanta		9		2,513		2,070		4,965		5,033		-1.4	%		2,179		2,209		-1.4	%		2,786		2,824		-1.3	%
Sunbelt Total		124		32,231		28,151		67,708		68,087		-0.6	%		31,224		32,187		-3.0	%		36,484		35,900		1.6	%		53.9	%		94.3	%		94.0	%		772		771
Chicago		15		3,849		3,349		11,251		11,206		0.4	%		4,454		4,135		7.7	%		6,797		7,071		-3.9	%
Total Target Markets		207		62,266		55,544		171,650		171,013		0.4	%		70,044		68,292		2.6	%		101,606		102,721		-1.1	%		59.2	%		95.3	%		94.9	%		1,002		1,001
Opportunistic and Other Markets
Austin		7		1,497		1,497		3,349		3,261		2.7	%		1,470		1,619		-9.2	%		1,879		1,642		14.4	%
Baltimore		8		1,620		1,382		4,815		4,682		2.8	%		1,803		1,710		5.4	%		3,012		2,972		1.3	%
Columbus		8		1,884		1,479		3,027		3,044		-0.6	%		1,448		1,387		4.4	%		1,579		1,657		-4.7	%
Detroit		2		1,225		1,129		2,345		2,575		-8.9	%		1,449		1,380		5.0	%		896		1,195		-25.0	%
Grand Rapids — Lansing		11		4,411		3,474		6,842		7,167		-4.5	%		3,432		3,263		5.2	%		3,410		3,904		-12.7	%
Indianapolis		21		7,341		6,651		11,926		11,960		-0.3	%		5,581		5,573		0.1	%		6,345		6,387		-0.7	%
Minneapolis		4		1,223		1,023		3,614		3,537		2.2	%		1,486		1,534		-3.1	%		2,128		2,003		6.2	%
Nashville		7		2,166		1,770		4,370		4,325		1.0	%		1,712		1,712		0.0	%		2,658		2,613		1.7	%
Norfolk		9		2,747		2,348		6,602		6,509		1.4	%		2,140		2,074		3.2	%		4,462		4,435		0.6	%
Raleigh		6		1,463		1,184		2,408		2,409		0.0	%		1,080		1,152		-6.3	%		1,328		1,257		5.6	%
Richmond		3		744		676		1,775		1,736		2.2	%		597		564		5.9	%		1,178		1,172		0.5	%
San Antonio		8		1,727		1,727		3,160		3,145		0.5	%		1,682		1,700		-1.1	%		1,478		1,445		2.3	%
Other Markets		48		13,887		12,619		29,690		29,614		0.3	%		12,466		13,038		-4.4	%		17,224		16,576		3.9	%
Total Opportunistic and Other Markets		142		41,935		36,959		83,923		83,964		0.0	%		36,346		36,706		-1.0	%		47,577		47,258		0.7	%		56.7	%		94.1	%		94.3	%		728		727
SAME STORE SALES TOTALS		349		104,201		92,503		255,573		254,977		0.2	%		106,390		104,998		1.3	%		149,183		149,979		-0.5	%		58.4	%		94.8	%		94.7	%	$	893	$	891
Reconciliation to total rental and other property revenues and property operating expense per GAAP Income Statement [1]								162,073		158,697					98,095		91,779					63,978		66,918
Total rental and other property revenues and property operating expense per GAAP Income Statement							$	417,646	$	413,674				$	204,485	$	196,777				$	213,161	$	216,897

[1] Includes: (i) minority partners’ share of consolidated less Aimco’s share of unconsolidated property revenues and property operating expenses (at current period ownership); (ii) property revenues and property operating expenses related to other consolidated entities; (iii) and elimination and other adjustments made in accordance with GAAP.

AIMCO 1st Quarter 2008 Page 12

Supplemental Schedule 7

Total Conventional Portfolio Data by Market
(unaudited)

	Quarter Ended March 31, 2008
	Properties		Units		Effective Units		% AIV NOI			Average Rent
Target Markets
Los Angeles		16		4,262		3,611		7.8	%	$	2,145
Orange County		4		1,213		1,143		1.6	%		1,499
San Diego		6		2,144		2,074		2.8	%		1,193
Southern CA Total		26		7,619		6,828		12.2	%		1,779
East Bay		3		693		633		0.7	%		1,135
San Francisco		6		773		773		1.2	%		1,485
Northern CA Total		9		1,466		1,406		1.9	%		1,319
Seattle		4		468		283		0.2	%		958
Pacific Total		39		9,553		8,517		14.3	%		1,668
Manhattan		23		1,222		1,220		3.0	%		2,479
Suburban New York — New Jersey		7		3,147		2,712		2.8	%		1,083
New York Total		30		4,369		3,932		5.8	%		1,491
Washington — NoVA — MD		17		9,067		8,643		10.5	%		1,120
Boston		11		4,147		4,147		4.9	%		1,175
Philadelphia		9		4,432		4,084		5.0	%		1,222
Northeast Total		67		22,015		20,806		26.2	%		1,223
Miami		7		2,674		2,448		4.0	%		1,686
Other Florida Markets		47		13,399		11,985		8.8	%		851
Florida Total		54		16,073		14,433		12.8	%		992
Houston		30		8,008		6,722		3.7	%		655
Denver		12		2,878		2,283		1.9	%		727
Phoenix		20		5,164		4,804		2.8	%		689
Dallas — Fort Worth		16		3,710		3,256		1.8	%		661
Atlanta		13		3,505		2,808		1.8	%		814
Sunbelt Total		145		39,338		34,306		24.8	%		815
Chicago		22		6,344		5,622		5.8	%		1,044
Total Target Markets		273		77,250		69,251		71.1	%		1,057
Opportunistic and other markets [1]		163		47,328		41,356		28.9	%		732
Grand Total		436		124,578		110,607		100.0	%	$	934

	Quarter Ended March 31, 2007
	Properties		Units		Effective Units		% AIV NOI			Average Rent
Target Markets
Los Angeles		16		4,262		3,946		9.4	%	$	2,037
Orange County		4		1,213		1,143		2.1	%		1,446
San Diego		6		2,123		1,988		2.4	%		1,132
Southern CA Total		26		7,598		7,077		13.9	%		1,697
East Bay		3		693		441		0.5	%		1,088
San Francisco		5		663		337		0.5	%		1,397
Northern CA Total		8		1,356		778		1.0	%		1,237
Seattle		4		468		281		0.2	%		857
Pacific Total		38		9,422		8,136		15.1	%		1,588
Manhattan		15		959		958		2.5	%		2,242
Suburban New York — New Jersey		6		2,795		2,268		2.4	%		1,021
New York Total		21		3,754		3,226		4.9	%		1,338
Washington — NoVA — MD		17		9,067		8,316		10.1	%		1,098
Boston		11		4,147		4,147		5.1	%		1,174
Philadelphia		9		4,432		4,070		4.8	%		1,164
Northeast Total		58		21,400		19,759		24.9	%		1,169
Miami		7		2,674		2,388		4.0	%		1,649
Other Florida Markets		49		13,977		11,942		9.5	%		850
Florida Total		56		16,651		14,330		13.5	%		985
Houston		37		9,776		6,932		3.8	%		625
Denver		12		2,878		2,266		1.8	%		691
Phoenix		21		5,442		4,861		3.2	%		671
Dallas — Fort Worth		17		4,206		3,403		1.9	%		630
Atlanta		13		3,505		2,740		1.9	%		761
Sunbelt Total		156		42,458		34,532		26.1	%		786
Chicago		23		6,590		5,656		4.8	%		958
Total Target Markets		275		79,870		68,083		70.9	%		1,000
Opportunistic and other markets [1]		190		52,084		43,165		29.1	%		696
Grand Total		465		131,954		111,248		100.0	%	$	879

[1] For the three months ended March 31, 2007 and 2008, Aimco’s conventional portfolio included assets in 29 and 26 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit.

AIMCO 1st Quarter 2008 Page 13

Supplemental Schedule 8

Property Sales and Acquisition Activity
(unaudited)

FIRST QUARTER 2008 PROPERTY SALES ACTIVITY (dollars in millions, except average rent)

	Number		Number											Aimco		Aimco
	of		of		Gross		FCF [1]			Property		Net Sales [2]		Gross		Net		Average
	Properties		Units		Proceeds		Yield			Debt		Proceeds		Proceeds		Proceeds		Rent
Conventional		1		416	$	23.0		8.6	%	$	5.7	$	15.4	$	12.9	$	6.2	$	645
Affordable		3		215	$	13.0		-2.4	%		8.0		2.1		7.5		1.7		1,138
Total Dispositions		4		631	$	36.0		4.4	%	$	13.7	$	17.5	$	20.4	$	7.9	$	821

[1]	Free Cash Flow (FCF) includes a $500 per unit deduction for capital replacements and is before debt service. FCF Yield is calculated as the FCF earned by the properties during the 12 months prior to their sale divided by the sales price.
[2]	Net Sales Proceeds are after repayment of existing debt, net working capital settlements and payment of transaction costs.

FIRST QUARTER 2008 PROPERTY ACQUISITION ACTIVITY

There were no property acquisitions during the first quarter of 2008.

	��
AIMCO 1st Quarter 2008		Page 14

Supplemental Schedule 9

Capital Expenditures
Three Months Ended March 31, 2008
(in thousands, except per unit data)
(unaudited)

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

The table below details Aimco’s share of actual spending, on both consolidated and unconsolidated real estate partnerships, for Capital Replacements, Capital Improvements, casualties, redevelopment and entitlement for the three months ended March 31, 2008. Per unit numbers are based on approximately 129,642 average units, including 112,857 conventional and 16,785 affordable units. Average units are weighted for the period and represent Effective Units excluding non-managed units. [1]

	Aimco’s Share of			Per Effective
	Expenditures			Unit
Capital Replacements Detail:
Building and grounds	$	6,334		$	49
Turnover related		11,129			86
Capitalized site payroll and indirect costs		3,895			30
Total Aimco’s share of Capital Replacements	$	21,358		$	165
Capital Replacements:
Conventional	$	20,183		$	179
Affordable		1,175		$	70
Total Aimco’s share of Capital Replacements		21,358		$	165
Capital Improvements:
Conventional		24,455		$	217
Affordable		1,617		$	96
Total Aimco’s share of Capital Improvements		26,072		$	201
Casualties:
Conventional		2,681
Affordable		619
Total Aimco’s share of Casualties [2]		3,300
Redevelopment (see Schedule 10) [3]:
Conventional projects		64,244
Tax Credit projects		17,735
Total Aimco’s share of Redevelopment		81,979
Entitlement [4]		6,198
Total Aimco’s share of capital expenditures		138,907
Plus minority partners’ share of consolidated spending		12,106
Less Aimco’s share of unconsolidated spending		(190	)
Capital expenditures per consolidated statement of cash flows	$	150,823

[1]	Average units calculated pro rata for the period based on acquisition and disposition timing.
[2]	A portion of expenditures related to casualty losses is reimbursed through insurance.
[3]	Redevelopment expenditures for conventional and tax credit projects may include costs related to pre-construction or other activities on projects other than those included as active on Schedule 10. Therefore the total costs presented on this schedule may exceed those included as AIV share on Schedule 10.
[4]	Entitlement projects consist of Lincoln Place (CA), Pacific Bay Vistas (formerly Treetops) (CA) and Springhill Lake (MD). Lincoln Place and Pacific Bay Vistas are predominantly vacant and have March 31, 2008 net book values of approximately $194 million and $31 million, respectively.

AIMCO 1st Quarter 2008 Page 15

Supplemental Schedule 10

Summary of Redevelopment Activity
Three Months Ended March 31, 2008
(dollars in millions)
(unaudited)

										Actual Expenditures
	Number of			Number of			Total Estimated			Inception to			Three Months Ended March 31, 2008
	Properties			Units			Expenditures			Date			Actual Amount		Aimco’s Share
CONVENTIONAL REDEVELOPMENT PROJECTS
Active redevelopment projects at December 31, 2007		48			19,441		$	756.3		$	467.3		$	68.5	$	62.1
Changes in project scope and estimated costs								17.6			—
Redevelopment expenditures during period		48			19,441			773.9			467.3			68.5		62.1
Projects completed during period		(2	)		(2,228	)		(14.0	)		(14.1	)
Active redevelopment projects at March 31, 2008 [1]		46			17,213			759.9			453.2
TAX CREDIT REDEVELOPMENT PROJECTS
Active redevelopment projects at December 31, 2007		11			1,715			113.0			67.4			15.9		15.9
New redevelopment projects started during period		4			486			23.3			1.6			1.6		1.6
Redevelopment expenditures during period		15			2,201			136.3			69.0			17.5		17.5
Projects completed during period								—			—
Active redevelopment projects at March 31, 2008		15			2,201			136.3			69.0
TOTAL ACTIVE REDEVELOPMENT PROJECTS		61			19,414		$	896.2		$	522.2
YEAR-TO-DATE REDEVELOPMENT EXPENDITURES													$	86.0	$	79.6

[1] Targeted return on investment in Conventional Redevelopment projects is 7.5% – 8.5%.

AIMCO 1st Quarter 2008 Page 16

Supplemental Schedule 11

Aimco Capital
(in thousands, unaudited)

Investment Management Income

	Three Months Ended
	March 31,
	2008			2007
Current asset management fees [1]	$	878		$	614
Deferred asset management fees [2]		512			2,694
Promotes		4,152			178
Other GP transactional fees		444			1,507
Total asset management revenues		5,986			4,993
Tax credit syndication fees [3]		—			717
Deferred tax credit income [4]		6,866			5,920
Total tax credit revenues		6,866			6,637
Total asset management and tax credit revenues		12,852			11,630
Accretion on discounted notes receivable [5]		1,665			1,758
Other portfolio management income [6]		1,334			530
Total portfolio management income		2,999			2,288
Total investment management revenues		15,851			13,918
Investment management expenses		(4,289	)		(4,466	)
Net investment management income (pre-tax)		11,562			9,452
Income taxes [7]		(2,206	)		(2,250	)
Net investment management income (after tax)	$	9,356		$	7,202

Summary of Projected Tax Credit Income

	Remainder			Year Ending December 31,
	2008			2009			2010			2011			2012			Thereafter			Total
Amortization of deferred income [8]	$	19,806		$	27,013		$	26,492		$	25,907		$	25,650		$	102,383		$	227,251
Income taxes [9]		(7,724	)		(10,535	)		(10,332	)		(10,104	)		(10,004	)		(39,929	)		(88,628	)
Projected income, net of tax	$	12,082		$	16,478		$	16,160		$	15,803		$	15,646		$	62,454		$	138,623

[1]	Current asset management fees represent income earned in exchange for asset management services provided to third parties.
[2]	Deferred asset management fees represent asset management fees earned in prior periods, the collectibility of which was deemed uncertain, and such fees were therefore deferred. Fees are recognized in income when collectibility is probable and reasonably estimable as a result of a completed or pending transaction which generates a reliable source of payment.
[3]	Aimco receives a fee for the syndication of tax credit partnerships which is earned and paid upon completion of the syndication.
[4]	Aimco earns tax credit income in connection with the transfer of tax credits to tax credit investors, a significant portion of which is paid simultaneously with the completion of the syndication. The balance is generally paid within 12 to 24 months. Tax credit income is recognized as tax credits are delivered to the investors, generally over a period of ten years. See Summary of Projected Tax Credit Income.
[5]	Aimco holds certain loans extended by predecessors whose positions we generally acquired at a discount. Interest income on these discounted notes is recognized at such time when the collectibility of the income is probable and reasonably estimable as a result of a completed or pending transaction which generates a reliable source of repayment. Accretion on discounted notes receivable is included in interest income in Aimco’s consolidated statements of income.
[6]	Other portfolio management income during 2008 consists primarily of interest income received under total rate of return swaps, which is included in interest expense in Aimco’s consolidated statements of income for 2008. During 2007, other portfolio management income consists of consideration received in exchange for the transfer of certain property rights, which is included in other expense, net in Aimco’s consolidated statement of income during 2007.
[7]	Investment management income is earned in part by Aimco’s taxable REIT subsidiaries. The effective tax rate varies from period to period based on the portion of total income earned by taxable REIT subsidiaries.
[8]	Amortization of deferred income represents the periodic recognition of deferred revenue and costs relating to Aimco’s existing tax credit arrangements. Deferred income is recognized as the related low income housing tax credits and other tax benefits are delivered to tax credit investors. Deferred revenue reflects cash received but not yet recognized as revenue, and cash expected to be received from investors in the future under conditional capital contribution commitments. The amounts to be received in the future are subject to adjustment based on the amounts of tax benefits actually delivered to investors and Aimco’s compliance with applicable regulations and other conditions. Deferred costs reflect costs incurred in structuring these arrangements. The timing of income recognition is subject to change based on the timing of delivery of tax benefits, which timing may be affected by factors related to the development, operations and financing of the related properties.
[9]	An effective income tax rate of 39% is assumed. For GAAP and FFO purposes, income taxes are recognized concurrent with the amortization of deferred income.

AIMCO 1st Quarter 2008 Page 17

Supplemental Schedule 12

Apartment Unit Summary
As of March 31, 2008
(unaudited)

	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Conventional Real Estate Portfolio:
Wholly-owned consolidated properties		286		80,719		80,719		100	%
Partially-owned consolidated properties		148		45,665		31,665		69	%
Partially-owned unconsolidated properties		2		732		264		36	%
Total		436		127,116		112,648		89	%
Affordable Real Estate Portfolio:
Wholly-owned consolidated properties		85		12,021		12,021		100	%
Partially-owned consolidated properties		136		15,110		4,554		30	%
Partially-owned unconsolidated properties		89		9,930		1,918		19	%
Total		310		37,061		18,493		50	%
Total Owned Real Estate Portfolio:
Wholly-owned consolidated properties		371		92,740		92,740		100	%
Partially-owned consolidated properties		284		60,775		36,219		60	%
Partially-owned unconsolidated properties		91		10,662		2,182		20	%
Total		746		164,177		131,141		80	%
Management Contracts:
Property-managed for third parties		36		3,228
Asset-managed		381		34,932
Total		417		38,160
Total Portfolio		1,163		202,337

AIMCO 1st Quarter 2008 Page 18

Glossary

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

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

ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is FFO (diluted) less Capital Replacement expenditures, plus non-cash charges for preferred stock redemption related costs and impairment losses, all of which are adjusted for the Aimco Operating Partnership’s share. Similar to FFO, AFFO is helpful to investors in understanding Aimco’s performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. Please see Supplemental Schedule 1 for AFFO data reconciled to net income as determined in accordance with GAAP. There can be no assurance that Aimco’s method for computing AFFO is comparable with that of other real estate investment trusts.

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

CAPITAL IMPROVEMENTS (CI): CI expenditures include all non-redevelopment capital expenditures that are made to enhance the value, profitability or useful life of an asset from its original purchase condition. CI expenditures are a component of capital expenditures in the GAAP Statements of Cash Flows.

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

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

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

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

FUNDS FROM OPERATIONS (FFO): FFO is a commonly used measure of REIT performance defined by the National Association of Real Estate Investment Trusts (NAREIT) as net income, computed in accordance with GAAP, excluding gains from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. Aimco computes FFO for all periods presented in accordance with the guidance set forth by NAREIT’s April 1, 2002 White Paper. Aimco calculates FFO (diluted) by subtracting preferred stock redemption related redemption related costs and dividends on preferred stock and adding back dividends/ distributions on dilutive preferred securities. FFO is helpful to investors in understanding Aimco’s performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. There can be no assurance that Aimco’s method for computing FFO is comparable with that of other real estate investment trusts. Please see Supplemental Schedule 1 for FFO data reconciled to net income as determined in accordance with GAAP.

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

OTHER PROPERTIES: Conventional properties that have significant rent control restrictions, university housing properties that have been owned for more than one year and properties that are not multi-family such as commercial properties or fitness facilities.

REDEVELOPMENT PROPERTIES: Properties where (1) a substantial number of available units have been vacated for major renovations or have not been stabilized in occupancy for at least one year as of the earliest period presented, or (2) other significant renovation, such as exteriors, common areas or unit improvements (done upon lease expirations), is underway or has been complete for less than one year, as of the earliest period presented. In both cases the properties have been removed from the Same Store portfolio.

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

AIMCO 1st Quarter 2008 Page 19