Exhibit 99.1
Apartment Investment and Management Company
Financial and Share Information Adjusted for Special Dividends – February 2009
In December 2007, July 2008, October 2008, and December 2008, Aimco declared special dividends, which were paid in a combination of cash and stock. Accounting principles generally accepted in the United States (GAAP) require that all reported per share data, for current and prior periods, be adjusted to reflect the issuance of the shares in connection with these special dividends as if such shares had been issued at the beginning of the earliest period presented.
The purpose of this document is to provide additional information to users of Aimco’s financial information to facilitate an understanding of the effect of shares issued in connection with the special dividends on previously reported Earnings per share, Funds from Operations per share and Adjusted Funds from Operations per share. The analyses that follow this summary represent the detailed computations of the adjustments to these metrics resulting from the retroactive adjustments to reported weighted average shares and share equivalents as required by GAAP on a quarterly and annual basis for the years 2008, 2007 and 2006.
The number of shares issued and the percentage increase in shares outstanding on the record dates as a result of the special dividends were as follows:
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| Dividend payment date | | January 30, 2008 | | | August 29, 2008 | | | December 1, 2008 | | | January 29, 2009 | |
| Shares issued | | | 4,594,074 | | | | 5,731,310 | | | | 12,572,267 | | | | 15,627,330 | |
| Percentage increase in shares outstanding on record date | | | 4.95 | % | | | 6.70 | % | | | 14.18 | % | | | 15.45 | % |
Apartment Investment and Management Company
Financial Results
(per share) (unaudited)
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| | | 4Q 2008 | | | 3Q 2008 | | | 2Q 2008 | | | 1Q 2008 | | | 4Q 2007 | | | 3Q 2007 | | | 2Q 2007 | | | 1Q 2007 | | | 4Q 2006 | | | 3Q 2006 | | | 2Q 2006 | | | 1Q 2006 | |
Earnings — EPS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before effect of special dividends | | $ | (0.05 | ) | | $ | 1.81 | | | $ | 2.76 | | | $ | (0.43 | ) | | $ | (0.28 | ) | | $ | (0.22 | ) | | $ | 0.03 | | | $ | 0.09 | | | $ | 0.69 | | | $ | (0.48 | ) | | $ | 0.17 | | | $ | 0.63 | |
| Effect of December 2007 special dividend | | | — | | | | — | | | | — | | | | — | | | | 0.01 | | | | 0.01 | | | | (0.00 | ) | | | (0.00 | ) | | | (0.03 | ) | | | 0.01 | | | | (0.01 | ) | | | (0.03 | ) |
| Effect of July 2008 special dividend | | | — | | | | — | | | | (0.17 | ) | | | 0.03 | | | | 0.02 | | | | 0.01 | | | | (0.00 | ) | | | (0.01 | ) | | | (0.04 | ) | | | 0.04 | | | | (0.01 | ) | | | (0.04 | ) |
| Effect of October 2008 special dividend | | | — | | | | (0.22 | ) | | | (0.32 | ) | | | 0.05 | | | | 0.03 | | | | 0.02 | | | | (0.01 | ) | | | (0.01 | ) | | | (0.08 | ) | | | 0.05 | | | | (0.02 | ) | | | (0.07 | ) |
| Effect of December 2008 special dividend | | | — | | | | (0.21 | ) | | | (0.31 | ) | | | 0.05 | | | | 0.03 | | | | 0.03 | | | | (0.00 | ) | | | (0.01 | ) | | | (0.07 | ) | | | 0.05 | | | | (0.02 | ) | | | (0.06 | ) |
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| Adjusted EPS | | $ | (0.05 | ) | | $ | 1.38 | | | $ | 1.96 | | | $ | (0.30 | ) | | $ | (0.19 | ) | | $ | (0.15 | ) | | $ | 0.02 | | | $ | 0.06 | | | $ | 0.47 | | | $ | (0.33 | ) | | $ | 0.11 | | | $ | 0.43 | |
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Funds from operations — FFO | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before effect of special dividends | | $ | (0.39 | ) | | $ | 0.82 | | | $ | 0.83 | | | $ | 0.72 | | | $ | 0.87 | | | $ | 0.83 | | | $ | 0.88 | | | $ | 0.74 | | | $ | 0.88 | | | $ | 0.74 | | | $ | 0.73 | | | $ | 0.68 | |
| Effect of December 2007 special dividend | | | — | | | | — | | | | — | | | | — | | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) |
| Effect of July 2008 special dividend | | | — | | | | — | | | | (0.05 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) |
| Effect of October 2008 special dividend | | | — | | | | (0.10 | ) | | | (0.10 | ) | | | (0.09 | ) | | | (0.10 | ) | | | (0.09 | ) | | | (0.10 | ) | | | (0.08 | ) | | | (0.10 | ) | | | (0.09 | ) | | | (0.09 | ) | | | (0.07 | ) |
| Effect of December 2008 special dividend | | | 0.05 | | | | (0.10 | ) | | | (0.09 | ) | | | (0.08 | ) | | | (0.09 | ) | | | (0.08 | ) | | | (0.09 | ) | | | (0.08 | ) | | | (0.09 | ) | | | (0.07 | ) | | | (0.07 | ) | | | (0.08 | ) |
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| Adjusted FFO | | $ | (0.34 | ) | | $ | 0.62 | | | $ | 0.59 | | | $ | 0.51 | | | $ | 0.59 | | | $ | 0.57 | | | $ | 0.60 | | | $ | 0.50 | | | $ | 0.60 | | | $ | 0.51 | | | $ | 0.50 | | | $ | 0.46 | |
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FFO before impairment and preferred redemption charges | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before effect of special dividends | | $ | (0.24 | ) | | $ | 0.84 | | | $ | 0.90 | | | $ | 0.72 | | | $ | 0.92 | | | $ | 0.86 | | | $ | 0.88 | | | $ | 0.75 | | | $ | 0.88 | | | $ | 0.78 | | | $ | 0.73 | | | $ | 0.70 | |
| Effect of December 2007 special dividend | | | — | | | | — | | | | — | | | | — | | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.04 | ) | | | (0.03 | ) |
| Effect of July 2008 special dividend | | | — | | | | — | | | | (0.06 | ) | | | (0.04 | ) | | | (0.06 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) |
| Effect of October 2008 special dividend | | | — | | | | (0.10 | ) | | | (0.10 | ) | | | (0.09 | ) | | | (0.10 | ) | | | (0.10 | ) | | | (0.10 | ) | | | (0.08 | ) | | | (0.10 | ) | | | (0.09 | ) | | | (0.08 | ) | | | (0.08 | ) |
| Effect of December 2008 special dividend | | | 0.03 | | | | (0.10 | ) | | | (0.10 | ) | | | (0.08 | ) | | | (0.09 | ) | | | (0.09 | ) | | | (0.09 | ) | | | (0.08 | ) | | | (0.09 | ) | | | (0.08 | ) | | | (0.07 | ) | | | (0.07 | ) |
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| Adjusted FFO before impairment and preferred redemption charges | | $ | (0.21 | ) | | $ | 0.64 | | | $ | 0.64 | | | $ | 0.51 | | | $ | 0.63 | | | $ | 0.58 | | | $ | 0.60 | | | $ | 0.51 | | | $ | 0.60 | | | $ | 0.53 | | | $ | 0.50 | | | $ | 0.48 | |
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Adjusted funds from operations — AFFO | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before effect of special dividends | | $ | (0.52 | ) | | $ | 0.57 | | | $ | 0.66 | | | $ | 0.51 | | | $ | 0.65 | | | $ | 0.58 | | | $ | 0.64 | | | $ | 0.58 | | | $ | 0.73 | | | $ | 0.58 | | | $ | 0.53 | | | $ | 0.55 | |
| Effect of December 2007 special dividend | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.02 | ) | | | (0.03 | ) |
| Effect of July 2008 special dividend | | | — | | | | — | | | | (0.04 | ) | | | (0.03 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) |
| Effect of October 2008 special dividend | | | — | | | | (0.07 | ) | | | (0.08 | ) | | | (0.06 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.08 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.06 | ) |
| Effect of December 2008 special dividend | | | 0.07 | | | | (0.07 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.07 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.07 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.06 | ) | | | (0.06 | ) |
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| Adjusted AFFO | | $ | (0.45 | ) | | $ | 0.43 | | | $ | 0.47 | | | $ | 0.36 | | | $ | 0.44 | | | $ | 0.39 | | | $ | 0.44 | | | $ | 0.39 | | | $ | 0.50 | | | $ | 0.39 | | | $ | 0.36 | | | $ | 0.37 | |
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Apartment Investment and Management Company
Financial Results
(per share) (unaudited)
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| | | 2008 | | | 2007 | | | 2006 | |
Earnings — EPS | | | | | | | | | | | | |
| Before effect of special dividends | | $ | 3.45 | | | $ | (0.38 | ) | | $ | 1.00 | |
| Effect of December 2007 special dividend | | | — | | | | 0.02 | | | | (0.05 | ) |
| Effect of July 2008 special dividend | | | — | | | | 0.02 | | | | (0.06 | ) |
| Effect of October 2008 special dividend | | | — | | | | 0.04 | | | | (0.11 | ) |
| Effect of December 2008 special dividend | | | (0.47 | ) | | | 0.04 | | | | (0.10 | ) |
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| Adjusted EPS | | $ | 2.98 | | | $ | (0.26 | ) | | $ | 0.68 | |
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Funds from operations — FFO | | | | | | | | | | | | |
| Before effect of special dividends | | $ | 1.67 | | | $ | 3.32 | | | $ | 3.04 | |
| Effect of December 2007 special dividend | | | — | | | | (0.15 | ) | | | (0.14 | ) |
| Effect of July 2008 special dividend | | | — | | | | (0.20 | ) | | | (0.18 | ) |
| Effect of October 2008 special dividend | | | — | | | | (0.36 | ) | | | (0.33 | ) |
| Effect of December 2008 special dividend | | | (0.22 | ) | | | (0.35 | ) | | | (0.32 | ) |
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| Adjusted FFO | | $ | 1.45 | | | $ | 2.26 | | | $ | 2.07 | |
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FFO before impairment and preferred redemption charges | | | | | | | | | | | | |
| Before effect of special dividends | | $ | 1.89 | | | $ | 3.41 | | | $ | 3.09 | |
| Effect of December 2007 special dividend | | | — | | | | (0.16 | ) | | | (0.14 | ) |
| Effect of July 2008 special dividend | | | — | | | | (0.20 | ) | | | (0.18 | ) |
| Effect of October 2008 special dividend | | | — | | | | (0.38 | ) | | | (0.34 | ) |
| Effect of December 2008 special dividend | | | (0.25 | ) | | | (0.36 | ) | | | (0.33 | ) |
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| Adjusted FFO before impairment and preferred redemption charges | | $ | 1.64 | | | $ | 2.31 | | | $ | 2.10 | |
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Adjusted funds from operations — AFFO | | | | | | | | | | | | |
| Before effect of special dividends | | $ | 1.00 | | | $ | 2.45 | | | $ | 2.39 | |
| Effect of December 2007 special dividend | | | — | | | | (0.11 | ) | | | (0.11 | ) |
| Effect of July 2008 special dividend | | | — | | | | (0.15 | ) | | | (0.14 | ) |
| Effect of October 2008 special dividend | | | — | | | | (0.27 | ) | | | (0.26 | ) |
| Effect of December 2008 special dividend | | | (0.14 | ) | | | (0.25 | ) | | | (0.26 | ) |
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| Adjusted AFFO | | $ | 0.86 | | | $ | 1.67 | | | $ | 1.62 | |
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Apartment Investment and Management Company
Calculation of Weighted Average Common Shares Outstanding
(in thousands) (unaudited)
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| | | 4Q 2008 | | | 3Q 2008 | | | 2Q 2008 | | | 1Q 2008 | | | 4Q 2007 | | | 3Q 2007 | | | 2Q 2007 | | | 1Q 2007 | | | 4Q 2006 | | | 3Q 2006 | | | 2Q 2006 | | | 1Q 2006 | |
Earnings — EPS weighted average common shares outstanding, diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before effect of special dividends | | | 99,805 | | | | 90,266 | | | | 87,790 | | | | 90,973 | | | | 93,463 | | | | 95,017 | | | | 95,973 | | | | 95,971 | | | | 95,715 | | | | 96,061 | | | | 96,071 | | | | 95,183 | |
| Effect of December 2007 special dividend | | | — | | | | — | | | | — | | | | — | | | | 4,523 | | | | 4,522 | | | | 4,521 | | | | 4,523 | | | | 4,530 | | | | 4,525 | | | | 4,519 | | | | 4,516 | |
| Effect of July 2008 special dividend | | | — | | | | — | | | | 5,882 | | | | 6,095 | | | | 6,565 | | | | 6,669 | | | | 6,733 | | | | 6,733 | | | | 6,716 | | | | 6,739 | | | | 6,740 | | | | 6,680 | |
| Effect of October 2008 special dividend | | | — | | | | 12,783 | | | | 13,287 | | | | 13,769 | | | | 14,830 | | | | 15,065 | | | | 15,210 | | | | 15,210 | | | | 15,172 | | | | 15,223 | | | | 15,224 | | | | 15,089 | |
| Effect of December 2008 special dividend | | | 15,420 | | | | 15,913 | | | | 16,525 | | | | 17,124 | | | | 18,444 | | | | 18,737 | | | | 18,917 | | | | 18,916 | | | | 18,870 | | | | 18,934 | | | | 18,935 | | | | 18,767 | |
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| Adjusted EPS weighted average common shares outstanding, diluted | | | 115,225 | | | | 118,962 | | | | 123,484 | | | | 127,961 | | | | 137,825 | | | | 140,010 | | | | 141,354 | | | | 141,353 | | | | 141,003 | | | | 141,482 | | | | 141,489 | | | | 140,235 | |
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Funds from operations — FFO weighted average common shares outstanding, diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before effect of special dividends | | | 99,805 | | | | 92,772 | | | | 90,618 | | | | 93,168 | | | | 96,437 | | | | 96,287 | | | | 99,200 | | | | 99,981 | | | | 99,906 | | | | 99,984 | | | | 97,566 | | | | 96,635 | |
| Effect of December 2007 special dividend | | | — | | | | — | | | | — | | | | — | | | | 4,672 | | | | 4,587 | | | | 4,646 | | | | 4,690 | | | | 4,704 | | | | 4,655 | | | | 4,598 | | | | 4,592 | |
| Effect of July 2008 special dividend | | | — | | | | — | | | | 6,070 | | | | 6,241 | | | | 6,772 | | | | 6,755 | | | | 6,949 | | | | 7,001 | | | | 6,997 | | | | 7,002 | | | | 6,839 | | | | 6,778 | |
| Effect of October 2008 special dividend | | | — | | | | 13,138 | | | | 13,692 | | | | 14,088 | | | | 15,266 | | | | 15,200 | | | | 15,565 | | | | 15,626 | | | | 15,621 | | | | 15,673 | | | | 15,365 | | | | 15,232 | |
| Effect of December 2008 special dividend | | | 15,420 | | | | 16,355 | | | | 17,045 | | | | 17,530 | | | | 19,014 | | | | 18,951 | | | | 19,465 | | | | 19,586 | | | | 19,576 | | | | 19,608 | | �� | | 19,178 | | | | 19,006 | |
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| Adjusted FFO weighted average common shares outstanding, diluted | | | 115,225 | | | | 122,265 | | | | 127,425 | | | | 131,027 | | | | 142,161 | | | | 141,780 | | | | 145,825 | | | | 146,884 | | | | 146,804 | | | | 146,922 | | | | 143,546 | | | | 142,243 | |
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FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before effect of special dividends | | | 99,805 | | | | 92,792 | | | | 90,637 | | | | 93,168 | | | | 96,437 | | | | 96,287 | | | | 99,200 | | | | 99,981 | | | | 99,906 | | | | 100,038 | | | | 97,566 | | | | 96,635 | |
| Effect of December 2007 special dividend | | | — | | | | — | | | | — | | | | — | | | | 4,672 | | | | 4,587 | | | | 4,646 | | | | 4,690 | | | | 4,704 | | | | 4,658 | | | | 4,598 | | | | 4,592 | |
| Effect of July 2008 special dividend | | | — | | | | — | | | | 6,072 | | | | 6,241 | | | | 6,772 | | | | 6,755 | | | | 6,949 | | | | 7,001 | | | | 6,997 | | | | 7,006 | | | | 6,839 | | | | 6,778 | |
| Effect of October 2008 special dividend | | | — | | | | 13,141 | | | | 13,695 | | | | 14,088 | | | | 15,266 | | | | 15,200 | | | | 15,565 | | | | 15,626 | | | | 15,621 | | | | 15,682 | | | | 15,365 | | | | 15,232 | |
| Effect of December 2008 special dividend | | | 15,420 | | | | 16,359 | | | | 17,049 | | | | 17,530 | | | | 19,014 | | | | 18,951 | | | | 19,465 | | | | 19,586 | | | | 19,576 | | | | 19,619 | | | | 19,178 | | | | 19,006 | |
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| Adjusted FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted | | | 115,225 | | | | 122,292 | | | | 127,453 | | | | 131,027 | | | | 142,161 | | | | 141,780 | | | | 145,825 | | | | 146,884 | | | | 146,804 | | | | 147,003 | | | | 143,546 | | | | 142,243 | |
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Adjusted funds from operations — AFFO
weighted average common shares outstanding, diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before effect of special dividends | | | 99,805 | | | | 90,376 | | | | 88,389 | | | | 91,267 | | | | 94,371 | | | | 96,201 | | | | 99,128 | | | | 99,981 | | | | 99,834 | | | | 99,957 | | | | 97,475 | | | | 96,539 | |
| Effect of December 2007 special dividend | | | — | | | | — | | | | — | | | | — | | | | 4,570 | | | | 4,583 | | | | 4,642 | | | | 4,690 | | | | 4,700 | | | | 4,654 | | | | 4,593 | | | | 4,587 | |
| Effect of July 2008 special dividend | | | — | | | | — | | | | 5,921 | | | | 6,114 | | | | 6,627 | | | | 6,749 | | | | 6,944 | | | | 7,001 | | | | 6,992 | | | | 7,000 | | | | 6,833 | | | | 6,771 | |
| Effect of October 2008 special dividend | | | — | | | | 12,799 | | | | 13,355 | | | | 13,800 | | | | 14,938 | | | | 15,186 | | | | 15,554 | | | | 15,626 | | | | 15,610 | | | | 15,669 | | | | 15,351 | | | | 15,217 | |
| Effect of December 2008 special dividend | | | 15,420 | | | | 15,932 | | | | 16,625 | | | | 17,172 | | | | 18,606 | | | | 18,934 | | | | 19,451 | | | | 19,586 | | | | 19,562 | | | | 19,603 | | | | 19,160 | | | | 18,987 | |
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| Adjusted AFFO weighted average common shares outstanding, diluted | | | 115,225 | | | | 119,107 | | | | 124,290 | | | | 128,353 | | | | 139,112 | | | | 141,653 | | | | 145,719 | | | | 146,884 | | | | 146,698 | | | | 146,883 | | | | 143,412 | | | | 142,101 | |
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Apartment Investment and Management Company
Calculation of Weighted Average Common Shares Outstanding
(in thousands) (unaudited)
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| | | 2008 | | | 2007 | | | 2006 | |
Earnings — EPS weighted average common shares outstanding, diluted | | | | | | | | | | | | |
| Before effect of special dividends | | | 104,992 | | | | 95,106 | | | | 95,758 | |
| Effect of December 2007 special dividend | | | — | | | | 4,523 | | | | 4,522 | |
| Effect of July 2008 special dividend | | | — | | | | 6,675 | | | | 6,719 | |
| Effect of October 2008 special dividend | | | — | | | | 15,079 | | | | 15,177 | |
| Effect of December 2008 special dividend | | | 16,221 | | | | 18,754 | | | | 18,877 | |
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| Adjusted EPS weighted average common shares outstanding, diluted | | | 121,213 | | | | 140,137 | | | | 141,053 | |
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Funds from operations — FFO weighted average common shares outstanding, diluted | | | | | | | | | | | | |
| Before effect of special dividends | | | 107,398 | | | | 97,983 | | | | 98,522 | |
| Effect of December 2007 special dividend | | | — | | | | 4,643 | | | | 4,714 | |
| Effect of July 2008 special dividend | | | — | | | | 6,869 | | | | 6,904 | |
| Effect of October 2008 special dividend | | | — | | | | 15,414 | | | | 15,473 | |
| Effect of December 2008 special dividend | | | 16,588 | | | | 19,254 | | | | 19,342 | |
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| Adjusted FFO weighted average common shares outstanding, diluted | | | 123,986 | | | | 144,163 | | | | 144,955 | |
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FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted | | | | | | | | | | | | |
| Before effect of special dividends | | | 107,409 | | | | 97,983 | | | | 98,536 | |
| Effect of December 2007 special dividend | | | — | | | | 4,643 | | | | 4,714 | |
| Effect of July 2008 special dividend | | | — | | | | 6,869 | | | | 6,905 | |
| Effect of October 2008 special dividend | | | — | | | | 15,414 | | | | 15,475 | |
| Effect of December 2008 special dividend | | | 16,590 | | | | 19,254 | | | | 19,345 | |
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| Adjusted FFO before impairment and preferred redemption charges weighted average common shares outstanding, diluted | | | 123,999 | | | | 144,163 | | | | 144,975 | |
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Adjusted funds from operations — AFFO weighted average common shares outstanding, diluted | | | | | | | | | | | | |
| Before effect of special dividends | | | 105,457 | | | | 97,421 | | | | 98,451 | |
| Effect of December 2007 special dividend | | | — | | | | 4,621 | | | | 4,710 | |
| Effect of July 2008 special dividend | | | — | | | | 6,830 | | | | 6,899 | |
| Effect of October 2008 special dividend | | | — | | | | 15,326 | | | | 15,462 | |
| Effect of December 2008 special dividend | | | 16,287 | | | | 19,144 | | | | 19,328 | |
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| Adjusted AFFO weighted average common shares outstanding, diluted | | | 121,744 | | | | 143,342 | | | | 144,850 | |
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