EXHIBIT 99.1
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
REPORTS A 21% INCREASE IN FFO, OR 6% ON A PER SHARE BASIS
DENVER, COLORADO, November 8, 2001
THIRD QUARTER
Apartment Investment and Management Company (NYSE:AIV) ("Aimco")
announced that its Funds From Operations ("FFO") for the third quarter
of 2001 equaled $136 million or $1.30 per common share, compared to $112
million or $1.23 per common share for the third quarter of 2000, an
increase of 21.4%, or 5.7% on a per share basis. This is consistent with
Aimco's October 10, 2001 announcement of expected FFO of $1.30 per
share.
Aimco announced that its Adjusted Funds From Operations ("AFFO"),
Aimco's measure of economic profitability, for the third quarter of 2001
equaled $121 million or $1.16 per common share, compared to $103 million
or $1.12 per common share for the third quarter of 2000, an increase of
17.5%, or 3.6% on a per share basis. This is $.01 per share higher than
Aimco's October 10, 2001 announcement of expected AFFO of $1.15 per
share. In the second quarter, Aimco increased its quarterly capital
replacement reserve from $75 to $95 per door. This change reduced AFFO
by $3 million or $.03 per share in the third quarter 2001.
Total consolidated revenues for the third quarter 2001 were $324
million, an increase of 19.6% compared to total consolidated revenues of
$271 million for the same period in 2000. Consolidated revenues have
increased $300 million from $24 million in the third quarter of 1996 to
$324 million in the third quarter of 2001, an increase of 1250%.
Compounded annual growth in consolidated revenues for the last three and
five years have been 46% and 68%, respectively.
YEAR TO DATE
For the nine months of 2001, Funds From Operations ("FFO")
equaled $399 million or $3.91 per common share, compared to $316 million
or $3.53 per common share for the nine months of 2000, an increase of
26.3%, or 10.8% on a per share basis.
For the nine months of 2001, Adjusted Funds From Operations
("AFFO"), Aimco's measure of economic profitability, equaled $357
million or $3.50 per common share, compared to $287 million or $3.20 per
common share for the nine months of 2000, an increase of 24.4%, or 9.4%
on a per share basis. In the second quarter, Aimco increased its
quarterly capital replacement reserve from $75 to $95 per door. This
change reduced AFFO by $6 million or $.06 per share for the nine months
of 2001.
Total consolidated revenues for the nine months of 2001 were $970
million; an increase of 28.7% compared to total consolidated revenues of
$753 million for the same period in 2000. Consolidated revenues have
increased $900 million from $70 million in the nine months of 1996 to
$970 million in the nine months of 2001, an increase of 1286%.
Compounded annual growth in consolidated revenues for the last three and
five years have been 54% and 69%, respectively.
COMMON STOCK DIVIDEND
As previously disclosed, the Board of Directors declared on
October 17, 2001 the regular quarterly cash dividend of $0.78 per common
share for the quarter ended September 30, 2001, payable on November 9,
2001 to shareholders of record on November 2, 2001. The dividend
represents a distribution of 67% of AFFO and 60% of FFO for the quarter
ended September 30, 2001 and a 7.3% yield based on the closing price of
Aimco's Class A Common Stock of $42.80 as of November 7, 2001.
Earnings Conference Call
The third quarter 2001 earnings conference call will be conducted
on Friday, November 9, 2001 at 12:30 p.m. Eastern time. You may
participate in the conference call by dialing 888-228-8198, or
706-634-5947 for international callers, approximately five minutes
before the conference call is scheduled to begin and indicate that you
wish to join the Apartment Investment and Management Company third
quarter 2001 earnings conference call.
Same Store Results
THIRD QUARTER
Third quarter 2001, "same store" sales for the 645 "same
store" apartment communities containing 176,701 units owned
during both 2001 and 2000, adjusted for Aimco's ownership
interest in these communities, showed a 2.8% increase in Net
Operating Income, a 3.1% increase in revenues, and a 3.5%
increase in operating expenses from the third quarter of 2000.
Weighted average physical occupancy for the 645 apartment
communities was 93.6% for the third quarter 2001, compared to
94.7% for the comparable period of 2000. Quarter end physical
occupancy was 94.5% on September 30, 2001 compared to 93.8% on
June 30, 2001.
Average monthly rent per occupied unit was $687 at
September 30, 2001 compared to $670 at September 30, 2000, an
increase of 2.5%.
YEAR TO DATE
Year to date 2001, "same store" sales for the 645 "same
store" apartment communities containing 176,701 units owned
during both 2001 and 2000, adjusted for Aimco's ownership
interest in these communities, showed a 4.0% increase in Net
Operating Income, a 4.2% increase in revenues, and a 4.6%
increase in operating expenses from the third quarter of 2000.
Weighted average physical occupancy for the 645 apartment
communities was 92.2% for year to date 2001, compared to 91.6%
for the comparable period of 2000.
Acquisitions
Aimco purchased $28 million of limited partnership interests in
51 partnerships in the third quarter.
Dispositions
Aimco sold 27 apartment communities containing 4,857 units in the
third quarter for a total of $156 million of which Aimco's ownership
share was $70 million. For the first nine months of 2001, Aimco has sold
51 apartment communities containing 9,235 units for a total of $303
million of which Aimco's ownership share was $130 million.
Aimco ranks its properties by location quality and sells the
lowest rated properties. It is a continual process that prunes the
weakest performers. In addition to upgrading asset quality, sales
generate cash at an attractive cost. In 2001, unlevered free cash flow
yields on apartment sales have averaged 8.8% on a trailing 12 month
basis and AFFO yields have averaged 10.9%. Aimco currently has 79
conventional properties (16,146 units), 99 affordable properties (10,705
units) and 7 senior living properties (1,478 units) in the sales
pipeline and anticipates sales proceeds to exceed $900 million from the
sale of these properties over the next twelve to fifteen months.
REDEVELOPMENT ACTIVITY
As of September 30, 2001, Aimco had 9 properties (3,928 units)
under redevelopment, with an estimated total investment of $371 million
of which approximately $179 million remains to be spent. Aimco's share
of the estimated total investment is $275 million of which approximately
$117 million remains to be spent. The three largest properties currently
under redevelopment include Grand Flamingo, the Village at Venezia, and
Riverloft.
GRAND FLAMINGO - Located in Miami Beach, this 1,688 unit
property is composed of three phases: the South Tower, the North
Tower, and the New Tower.
1. The South Tower is composed of 561 units. Redevelopment
was completed by December 31, 2000. The tower reached
stabilization (90% occupied) during the first quarter of
2001 and continues to be +95% leased. Average unit rents
are in excess of $1,500, which is $200 greater than
originally projected.
2. The North Tower is composed of 614 units. Redevelopment
was completed on 88 of those units in October 2001, 61
of which were occupied by November 1, 2001.
Redevelopment of the remaining 526 units will be
completed in phases by the first quarter of 2002.
3. The New Tower will have 513 units when completed.
Completion is scheduled for the fourth quarter of 2002.
THE VILLAGE AT VENEZIA (formerly Lincoln Place) - Aimco owns a 50% joint
venture interest in this property located in Venice, California. The 795
unit property will be redeveloped in phases over the next 38 months and
will add 44 units, increasing the total number of units to 839. The
initial phase of 28 units was completed in October 2001 (2 leased), and
the second and third phases of 59 and 187 units, respectively, are
scheduled for completion in late 2002.
RIVERLOFT - Located in Philadelphia, this historic 184 unit property is
an urban redevelopment. Redevelopment commenced in the fourth quarter of
2000, and 91 units were complete as of September 30, 2001 (30 leased).
The redevelopment will be completed by the end of this year, with
stabilization expected in the second quarter of 2002.
INVESTMENT MANAGEMENT ACTIVITY
Aimco's owned and managed asset base is $12.5 billion. Aimco
manages $3.3 billion of this amount as general partner ($2.6 billion)
and property manager ($700 million). Aimco generates property
management, asset management, refinancing, disposition, development and
construction supervisory fees from these management activities.
Third quarter 2001 free cash flow contribution from investment
management activity (service business) was $25.6 million compared to
$4.2 million in the third quarter 2000. The significant increase in
third quarter 2001 was due to an increase in sale and financing
transactions and construction management fees from redevelopments,
enhancements and ICE activities. For the nine months 2001 free cash flow
contribution from investment management activity (service business) was
$61.1 million compared to $17.3 million for the nine months of 2000.
FINANCING ACTIVITY
During the third quarter, Aimco refinanced 25 mortgage loans
generating $255 million of proceeds at a weighted average interest rate
of 7.07%. Aimco's share of the mortgage proceeds was $207 million. The
majority of these mortgage loans are conventional and self-amortizing
with 20 year terms. The proceeds from the refinancings were used to pay
off existing mortgage debt and to fund operating activities. Aimco
deducted from income and AFFO $1.7 million in prepayment costs
associated with the refinancings in the third quarter 2001. For the nine
months in 2001, Aimco has deducted from income and AFFO $4.3 million in
prepayment costs associated with refinancings.
At September 30, 2001, Aimco's total mortgage debt (consolidated
and pro rata share of unconsolidated) of $ 5.0 billion had a weighted
average maturity of 14 years and a weighted average interest rate of
7.10%. Less than 12% or $556 million matures before 2005. 87% or $4.3
billion of Aimco's mortgage debt is fixed rate. 13% or $687 million is
variable rate of which $651 million or 95% is tax exempt financing.
During the third quarter, Aimco issued $123.5 million of 10.0%
Class R cumulative preferred stock generating $118.8 million in net
proceeds.
Aimco had $109 million outstanding on its $400 million corporate
line of credit at quarter end with availability of $291 million.
Subsequent to the close of the quarter, Aimco completed a modification
of the credit facility which (1) extends the facility term to July 31,
2004 with an extension option to July 31, 2005 and (2) reduces the LIBOR
spread (beginning in August 2002) by a minimum of 20 basis points from
current spreads.
Liquidity
In the third quarter, internal sources of cash flow, which
include cash cushion (i.e., AFFO less common dividends and scheduled
principal payments on debt) and net proceeds from mortgage refinancings
and property sales, generated $136 million to Aimco. For the nine months
ended September 2001, these internal sources contributed $436 million.
Aimco expects these internal sources to provide in excess of $525
million for all of 2001. Cash requirements from Aimco's redevelopment,
enhancement and initial capital expenditures ("ICE") activities are
anticipated to be $76 million for the balance of 2001 and an additional
estimated $130 million through completion.
OUTLOOK
The estimates presented are forward-looking and are based on
current expectations. Given the weak economy and uncertainty as to the
pace of economic recovery, it is difficult for Aimco to project what
"same store" results will be during the balance of this year and next.
They could recover, decline, or stay the same. For Aimco planning
purposes, it is assumed that the economy will continue to be difficult
but not materially worse than in the third quarter. Therefore, Aimco FFO
for the fourth quarter 2001 is expected to be $1.30 or more per share.
Aimco also expects that quarterly FFO will
continue at that level until there is a material change in the economy.
If, as many economists predict, the economy recovers in the second half
of 2002, Aimco results are expected to benefit accordingly. If Gross
Domestic Product growth in the second half of 2002 is positive 2%, Aimco
quarterly FFO results are expected to be in the range of $1.30 to $1.50
per share and annual FFO would be in the range of $5.22 to $5.45 per
share. For 2001, Aimco continues to assume $500 million in gross
property acquisitions and/or partnership acquisitions and $133 million
in completed redevelopments. As of the third quarter, gross property
acquisitions and/or partnership acquisitions were $429 million and
completed redevelopments were $133 million.
Supplemental Information
Please see the attached Supplemental Information as noted below:
Consolidated Statements of Income Supplemental Schedule I
Balance Sheet Presentation Supplemental Schedule II
FFO and AFFO Supplemental Schedule III
Free Cash Flow from Business Segments Supplemental Schedule IV
Free Cash Flow Narrative Supplemental Schedule V
Proportionate Income Statement Presentation Supplemental Schedule VI
Selected Balance Sheet Information Supplemental Schedule VII
Summary of Redevelopment Activity Supplemental Schedule VIII
Quarter to Date Same Store Sales Supplemental Schedule IX
Year to Date Same Store Sales Supplemental X
Additional disclosures will be available on the Aimco website at
www.aimco.com/about/financial/3Q2001.asp as noted below.
Apartment Unit Summary
Proforma Income Statement
Net Asset Value
Forward-looking Assumptions
This earnings release contains forward-looking statements
including statements regarding 2001 and 2002 results which are subject
to certain risks and uncertainties, including but not limited to; the
Company's ability to maintain current occupancy, rent levels, and "same
store" results. Actual results may differ materially from those
described and could be affected by a variety of factors including
economic conditions; changes in interest rates; terrorism; governmental
regulations; competition; financing risks; variations in real estate
values; the failure of acquisitions to perform in accordance with
expectations; possible environmental liabilities; and other risks
described in our filings with the Securities and Exchange Commission.
These forward-looking statements reflect
management's judgment as of this date, and we assume no obligation to
revise or update them to reflect future events or circumstances.
ABOUT AIMCO
Aimco is a real estate investment trust with headquarters in
Denver, Colorado and 18 regional operating centers, which holds a
geographically diversified portfolio of apartment communities. Aimco,
through its subsidiaries, operates approximately 1,600 properties,
including approximately 304,000 apartment units, and serves
approximately one million residents. Aimco's properties are located in
46 states, the District of Columbia and Puerto Rico. For additional
information on Aimco, please visit our website at www.aimco.com, call
Paul McAuliffe, Executive Vice President and Chief Financial Officer, at
(303) 691-4339 or Katie Murphree, Vice President - Investor Relations,
at (303) 691-4440, or email us at investor@aimco.com.
SUPPLEMENTAL SCHEDULE I
- --------------------------------------------------------------------------------
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
CONSOLIDATED STATEMENTS OF INCOME [A]
(IN THOUSANDS, EXCEPT PER SHARE AND UNIT DATA)
(UNAUDITED)
<Table>
<Caption>
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------------ ------------------------
2001 2000 2001 2000
--------- --------- --------- ---------
RENTAL PROPERTY OPERATIONS:
Rental and other property revenues $ 323,801 $ 271,079 $ 969,805 $ 753,463
Property operating expenses [b] (131,522) (107,031) (384,366) (302,435)
Owned property management expense [c] (2,240) (3,473) (8,458) (9,713)
--------- --------- --------- ---------
Income from property operations 190,039 160,575 576,981 441,315
--------- --------- --------- ---------
SERVICE BUSINESS:
Management fees and other income from affiliates [b] [c] 60,717 14,430 158,715 36,865
Management and other expenses (35,147) (10,220) (97,637) (19,599)
Amortization of intangibles (4,230) (1,898) (13,463) (4,968)
--------- --------- --------- ---------
Income from service business 21,340 2,312 47,615 12,298
--------- --------- --------- ---------
General and administrative expenses (4,319) (4,936) (12,868) (13,613)
Depreciation on rental property (100,127) (76,548) (300,731) (223,128)
Interest expense (81,639) (67,855) (250,022) (190,459)
Interest and other income [d] 15,000 18,841 47,038 47,352
Equity in losses of unconsolidated real estate partnerships [e] (4,861) (8,375) (14,068) (4,489)
Equity in earnings (losses) of unconsolidated subsidiaries [f] -- (1,934) -- 2,538
Minority interest in real estate partnerships (9,126) 2,475 (20,007) (10,977)
--------- --------- --------- ---------
INCOME BEFORE GAIN FROM DISPOSITIONS OF PROPERTIES AND
MINORITY INTEREST IN OPERATING PARTNERSHIP 26,307 24,555 73,938 60,837
Gain on disposition of properties, net 2,847 8,902 4,403 14,234
--------- --------- --------- ---------
INCOME BEFORE MINORITY INTEREST IN OPERATING PARTNERSHIP 29,154 33,457 78,341 75,071
Minority interest in Operating Partnership (3,043) (3,221) (7,777) (7,131)
--------- --------- --------- ---------
NET INCOME $ 26,111 $ 30,236 $ 70,564 $ 67,940
========= ========= ========= =========
Net income attributable to preferred stockholders $ 24,341 $ 15,728 $ 65,444 $ 44,843
========= ========= ========= =========
Net income attributable to common stockholders $ 1,770 $ 14,508 $ 5,120 $ 23,097
========= ========= ========= =========
Weighted average number of common shares outstanding 73,114 67,715 72,150 66,641
========= ========= ========= =========
Weighted average number of common shares and common share
equivalents outstanding 74,520 71,733 73,164 68,478
========= ========= ========= =========
Basic earnings per common share $ 0.02 $ 0.21 $ 0.07 $ 0.35
========= ========= ========= =========
Diluted earnings per common share $ 0.02 $ 0.20 $ 0.07 $ 0.34
========= ========= ========= =========
</Table>
- ----------
[a] See Supplemental IV for Aimco's free cash flow from business segments
from consolidated and unconsolidated entities
[b] In accordance with consolidation accounting principles, $5.9 million and
$13.4 million of reimbursement fee income for the three and nine months
ended September 30, 2001, respectively, were eliminated from the service
business and the associated expense was accordingly eliminated from
rental property operations
[c] In accordance with consolidation accounting principles, $2.6 million and
$17.4 million of management fee income for the three and nine months
ended September 30, 2001, respectively, were eliminated from the service
business and the associated expense was accordingly eliminated from
rental property operations
[d] In third quarter of 2001, interest and other income included $5.8
million of transactional income
[e] In third quarter of 2001, represents Aimco's share of earnings from
97,120 apartment units in which Aimco holds an equity interest
[f] Represents Aimco's share of earnings (losses) from unconsolidated
service business for the three and nine months ended September 30, 2000
(as of January 1, 2001 this business is now consolidated)
SUPPLEMENTAL SCHEDULE II
- --------------------------------------------------------------------------------
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
BALANCE SHEET PRESENTATION
(IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
CONSOLIDATED
PROPORTIONATE GAAP
PROPORTIONATE SHARE OF BALANCE SHEET
CONSOLIDATED UNCONSOLIDATED AS OF
BALANCE SHEET[a] PARTNERSHIPS[b] SEPTEMBER 30, 2001
---------------- --------------- ------------------
ASSETS
Real estate $ 7,766,257 $ 947,885 $ 6,818,372
Land 1,217,657 204,650 1,013,007
Accumulated depreciation (1,517,050) (132,414) (1,384,636)
Cash and cash equivalents 69,186 -- 69,186
Restricted cash 147,604 -- 147,604
Accounts receivable 98,836 -- 98,836
Deferred financing costs 84,428 -- 84,428
Goodwill 106,973 -- 106,973
Notes receivable from unconsolidated real estate partnerships 257,403 -- 257,403
Notes receivable from unconsolidated subsidiaries -- -- --
Investment in unconsolidated real estate partnerships 368,199 (357,598) 725,797
Investment in unconsolidated subsidiaries -- -- --
Other assets 117,815 -- 117,815
-------------- -------------- --------------
TOTAL ASSETS $ 8,717,308 $ 662,523 $ 8,054,785
============== ============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Secured tax-exempt bond financing - long term $ 1,077,155 $ 113,544 963,611
Secured notes payable - long term 3,921,529 548,979 3,372,550
Term loan [e] -- -- --
Credit facility 109,000 -- 109,000
-------------- -------------- --------------
TOTAL INDEBTEDNESS 5,107,684 662,523 4,445,161
Accounts payable 18,240 -- 18,240
Accrued liabilities and other 252,060 -- 252,060
Deferred rental income 8,621 -- 8,621
Security deposits 31,182 -- 31,182
Deferred taxes 33,453 -- 33,453
-------------- -------------- --------------
TOTAL LIABILITIES 5,451,240 662,523 4,788,717
-------------- -------------- --------------
Minority interest in other partnerships 91,336 -- 91,336
Mandatorily redeemable convertible preferred securities 21,347 -- 21,347
Minority interest in Operating Partnership 401,250 -- 401,250
STOCKHOLDERS' EQUITY
Class A Common Stock 742 -- 742
Additional paid - in capital 2,200,249 -- 2,200,249
Perpetual preferred stock 502,520 -- 502,520
Convertible preferred stock 621,947 -- 621,947
Distributions in excess of earnings (526,989) -- (526,989)
Notes due on common stock purchases (46,334) -- (46,334)
-------------- -------------- --------------
2,752,135 -- 2,752,135
-------------- -------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,717,308 $ 662,523 $ 8,054,785
============== ============== ==============
<Caption>
CONSOLIDATED
EFFECT OF COMPARATIVE GAAP
PREFERRED STOCK BALANCE SHEET BALANCE SHEET
SUBSIDIARIES AS OF AS OF
CONSOLIDATION[c] SEPTEMBER 30, 2001[d] DECEMBER 31, 2000
---------------- --------------------- -----------------
ASSETS
Real estate $ (25,982) $ 6,792,390 $ 6,036,031
Land -- 1,013,007 976,421
Accumulated depreciation 5,380 (1,379,256) (913,263)
Cash and cash equivalents (10,676) 58,510 157,115
Restricted cash (929) 146,675 126,914
Accounts receivable (68,270) 30,566 2,873
Deferred financing costs -- 84,428 44,403
Goodwill (12,125) 94,848 100,532
Notes receivable from unconsolidated real estate partnerships (122,213) 135,190 140,860
Notes receivable from unconsolidated subsidiaries 223,198 223,198 190,453
Investment in unconsolidated real estate partnerships (90,406) 635,391 676,188
Investment in unconsolidated subsidiaries 148,462 148,462 107,781
Other assets (109,348) 8,467 53,566
-------------- -------------- --------------
TOTAL ASSETS $ (62,909) $ 7,991,876 $ 7,699,874
============== ============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Secured tax-exempt bond financing - long term $ -- $ 963,611 $ 773,033
Secured notes payable - long term (18,582) 3,353,968 3,258,342
Term loan [e] -- -- 74,040
Credit facility -- 109,000 254,700
-------------- -------------- --------------
TOTAL INDEBTEDNESS (18,582) 4,426,579 4,360,115
Accounts payable (218) 18,022 88,818
Accrued liabilities and other (11,236) 240,824 211,324
Deferred rental income (6,679) 1,942 5,611
Security deposits (407) 30,775 28,332
Deferred taxes (33,453) -- --
-------------- -------------- --------------
TOTAL LIABILITIES (70,575) 4,718,142 4,694,200
-------------- -------------- --------------
Minority interest in other partnerships 7,612 98,948 139,731
Mandatorily redeemable convertible preferred securities -- 21,347 32,330
Minority interest in Operating Partnership 54 401,304 331,956
STOCKHOLDERS' EQUITY
Class A Common Stock -- 742 713
Additional paid - in capital -- 2,200,249 2,072,208
Perpetual preferred stock -- 502,520 315,770
Convertible preferred stock -- 621,947 521,947
Distributions in excess of earnings -- (526,989) (364,679)
Notes due on common stock purchases -- (46,334) (44,302)
-------------- -------------- --------------
-- 2,752,135 2,501,657
-------------- -------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ (62,909) $ 7,991,876 $ 7,699,874
============== ============== ==============
</Table>
- ----------
[a] Aimco's proportionate consolidated balance sheet, which includes the
GAAP balance sheet as of September 30, 2001, plus the proportionate
share of selected historical unconsolidated balance sheet data to
include only real estate, land, accumulated depreciation and secured
debt, as of September 30, 2001
[b] Total of Aimco's proportionate share of selected historical
unconsolidated balance sheet data to include only real estate, land,
accumulated depreciation and secured debt, as of September 30, 2001
[c] The balance sheet of the preferred stock subsidiaries, net of
eliminations, as of September 30, 2001
[d] Aimco's consolidated balance sheet, not including the balance sheet of
the preferred stock subsidiaries, as of September 30, 2001 (for
comparative purposes to December 31, 2000)
[e] The term debt at December 31, 2000 was $137.0 million, of which $63.0
million was recorded on the books of the preferred stock subsidiaries
SUPPLEMENTAL SCHEDULE III
- --------------------------------------------------------------------------------
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<Table>
<Caption>
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------------ ------------------------
2001 2000 2001 2000
--------- --------- --------- ---------
OPERATING ACTIVITIES:
Income before minority interest in Operating Partnership $ 29,154 $ 33,457 $ 78,341 $ 75,071
Gain on disposition of properties (2,847) (8,902) (4,403) (14,234)
Income tax arising from disposition of properties 1,207 -- 1,207 --
Real estate depreciation, net of minority interests 99,251 72,564 290,007 206,298
Real estate depreciation related to unconsolidated entities 14,898 16,672 43,765 51,235
Amortization of intangibles 4,230 2,084 13,463 6,171
Deferred taxes (charged) benefit -- (286) -- 2,675
Preferred stock dividends and distributions (10,170) (6,530) (25,031) (19,590)
Interest expense on mandatorily redeemable convertible
preferred securities 294 3,426 1,308 8,284
--------- --------- --------- ---------
FUNDS FROM OPERATIONS $ 136,017 $ 112,485 $ 398,657 $ 315,910
Recurring capital replacements (15,187) (9,691) (41,449) (29,248)
--------- --------- --------- ---------
ADJUSTED FUNDS FROM OPERATIONS $ 120,830 $ 102,794 $ 357,208 $ 286,662
========= ========= ========= =========
Weighted average common shares, common share equivalents
and Operating
Partnership units outstanding:
Common share and common share equivalents 91,996 83,441 90,191 81,201
Operating Partnership and other units 12,306 8,174 11,864 8,195
--------- --------- --------- ---------
104,302 91,615 102,055 89,396
========= ========= ========= =========
PER COMMON SHARE:
Funds From Operations $ 1.30 $ 1.23 $ 3.91 $ 3.53
Adjusted Funds From Operations $ 1.16 $ 1.12 $ 3.50 $ 3.21
Dividends Declared $ 0.78 $ 0.70 $ 2.34 $ 2.10
</Table>
<Table>
<Caption>
PERCENTAGE
OTHER DATA: SEPTEMBER 30, 2001 SEPTEMBER 30, 2000 INCREASE (DECREASE)
- ----------- ------------------ ------------------ -------------------
Same store:
Weighted average physical occupancy 93.6% 94.7% (1.1)%
Average monthly rent per occupied unit $ 687 $ 670 2.5%
Total portfolio:
Weighted average physical occupancy 92.7% 92.3% 0.4%
Average monthly rent per occupied unit $ 691 $ 669 3.3%
</Table>
SUPPLEMENTAL SCHEDULE IV
- --------------------------------------------------------------------------------
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
FREE CASH FLOW FROM BUSINESS SEGMENTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001
(IN THOUSANDS, EXCEPT PER SHARE AND UNIT DATA)
(UNAUDITED)
<Table>
<Caption>
CONSOLIDATED UNCONSOLIDATED TOTAL %
-------------- -------------- --------- ---------
REAL ESTATE
Conventional
Average monthly rent greater than $1000 per unit
(9,374 equivalent units) $ 19,700 $ 3,319 $ 23,019 10.7%
Average monthly rent $900 to $1000 per unit
(8,684 equivalent units) 18,670 782 19,452 9.0%
Average monthly rent $800 to $900 per unit
(13,050 equivalent units) 23,511 993 24,504 11.4%
Average monthly rent $700 to $800 per unit
(20,353 equivalent units) 24,125 2,814 26,939 12.5%
Average monthly rent $600 to $700 per unit
(34,280 equivalent units) 37,844 3,589 41,433 19.2%
Average monthly rent $500 to $600 per unit
(41,919 equivalent units) 32,406 3,105 35,511 16.4%
Average monthly rent less than $500 per unit
(20,634 equivalent units) 10,174 523 10,697 5.0%
-------------- -------------- --------- ---------
Subtotal conventional real estate
contribution to Free Cash Flow 166,430 15,125 181,555 84.2%
Affordable (12,515 equivalent units) 3,184 6,452 9,636 4.5%
College housing (average rent of $545 per month)
(2,947 equivalent units) 2,600 35 2,635 1.2%
Other real estate 4,838 142 4,980 2.3%
Minority interest (19,170) -- (19,170) (9.0)%
-------------- -------------- --------- ---------
TOTAL REAL ESTATE CONTRIBUTION TO FREE CASH FLOW 157,882 21,754 179,636 83.2%
SERVICE BUSINESS
Management contracts (property and asset management)
Controlled properties 10,694 -- 10,694 4.9%
Third party with terms in excess of one year 400 -- 400 0.2%
Third party cancelable in 30 days 869 -- 869 0.4%
-------------- -------------- --------- ---------
Service business contribution to free cash
flow before fees 11,963 -- 11,963 5.5%
Activity based fees 13,607 -- 13,607 6.3%
-------------- -------------- --------- ---------
TOTAL SERVICE BUSINESS CONTRIBUTION TO FREE CASH FLOW 25,570 -- 25,570 11.8%
INTEREST INCOME
General partner loan interest 8,051 -- 8,051 3.7%
Transactional income 5,831 -- 5,831 2.7%
Money market and interest bearing accounts 1,118 -- 1,118 0.5%
-------------- -------------- --------- ---------
TOTAL INTEREST INCOME CONTRIBUTION TO FREE CASH FLOW 15,000 -- 15,000 6.9%
General and administrative expense (4,319) -- (4,319) (1.9)%
-------------- -------------- --------- ---------
FREE CASH FLOW 194,133 21,754 215,887 100.0%
</Table>
SUPPLEMENTAL SCHEDULE IV (CONTINUED)
- --------------------------------------------------------------------------------
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
FREE CASH FLOW FROM BUSINESS SEGMENTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<Table>
<Caption>
BASIC DILUTED
----------------------------------------- ---------
CONSOLIDATED UNCONSOLIDATED TOTAL TOTAL
------------ -------------- --------- ---------
FREE CASH FLOW 194,133 21,754 215,887 215,887
COST OF SENIOR CAPITAL
Interest expense:
Secured debt
Long-term, fixed rate (69,000) (12,339) (81,339) (81,339)
Long-term, variable rate (7,958) (1,576) (9,534) (9,534)
Short-term (2,251) (2) (2,253) (2,253)
Lines of credit and other unsecured debt (4,204) -- (4,204) (4,204)
Interest expense on convertible preferred securities (294) -- (294) --
Interest capitalized 2,068 -- 2,068 2,068
--------- --------- --------- ---------
Total interest expense before minority interest (81,639) (13,917) (95,556) (95,262)
Minority interest share of interest expense 9,844 -- 9,844 9,844
--------- --------- --------- ---------
Total interest expense after minority interest (71,795) (13,917) (85,712) (85,418)
Distributions on preferred OP units (2,758) -- (2,758)
Distributions on preferred securities owned by minority interest (678) (678)
Distributions on preferred stock (24,341) -- (24,341) (10,848)
--------- --------- --------- ---------
Total distributions on preferred OP units and securities (27,777) -- (27,777) (10,848)
Non-structural depreciation, net of capital replacements (1,105) (278) (1,383) (1,383)
Amortization of intangibles (4,230) -- (4,230) (4,230)
Gain on disposition of properties 2,847 -- 2,847 2,847
--------- --------- --------- ---------
EARNINGS BEFORE STRUCTURAL DEPRECIATION 92,073 7,559 99,632 116,855
Structural depreciation, net of minority interest in other entities (85,157) (12,420) (97,577) (97,577)
Interest expense on convertible preferred securities -- -- -- (294)
Dividends on preferred securities -- -- -- (16,929)
--------- --------- --------- ---------
NET INCOME (LOSS) ATTRIBUTABLE TO OP UNIT AND STOCKHOLDERS 6,916 (4,861) 2,055 2,055
Gain on disposition of properties (2,847) -- (2,847) (2,847)
Income tax arising from disposition of properties 1,207 -- 1,207 1,207
Structural depreciation, net of minority interest in other entities 85,157 12,420 97,577 97,577
Non-structural depreciation, net of minority interest in other entities 14,094 2,478 16,572 16,572
Amortization of intangibles 4,230 -- 4,230 4,230
Interest expense on convertible preferred securities -- -- -- 294
Dividends on preferred securities -- -- -- 16,929
--------- --------- --------- ---------
FUNDS FROM OPERATIONS 108,757 10,037 118,794 136,017
Capital replacement reserve (12,987) (2,200) (15,187) (15,187)
--------- --------- --------- ---------
ADJUSTED FUNDS FROM OPERATIONS $ 95,770 $ 7,837 $ 103,607 $ 120,830
========= ========= ========= =========
</Table>
<Table>
<Caption>
---------------------------------------
EARNINGS SHARES PER SHARE
--------- --------- ---------
EBSD
Basic $ 99,632 85,420
Diluted 116,855 104,302
Net Income
Basic 2,055 85,420 $ 0.02
Diluted 2,055 86,826 $ 0.02
FFO
Basic 118,794 85,420
Diluted 136,017 104,302
AFFO
Basic 103,607 85,420
Diluted 120,830 104,302
</Table>
SUPPLEMENTAL SCHEDULE V
- --------------------------------------------------------------------------------
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
FREE CASH FLOW FROM BUSINESS SEGMENTS NARRATIVE
(IN THOUSANDS)
(UNAUDITED)
Free Cash Flow, Earnings Before Structural Depreciation, Funds From
Operations, and Adjusted Funds From Operations are measurement standards
used by the Company's management. These should not be considered
alternatives to net income or cash flow from operating activities as
determined in accordance with GAAP as an indication of the Company's
performance or as a measure of liquidity.
- "Free Cash Flow" ("FCF") is defined by the Company as net
operating income minus the capital spending required to maintain
the related assets. It measures profitability prior to the cost
of capital.
- "Earnings Before Structural Depreciation" ("EBSD") is defined by
the Company as net income, determined in accordance with GAAP,
plus "Structural Depreciation," i.e. depreciation of buildings
and land improvements whose useful lives exceed 20 years.
- "Funds From Operations" ("FFO") is defined by the Board of
Governors of the National Association of Real Estate Investment
Trusts ("NAREIT") as net income (loss), computed in accordance
with GAAP, excluding gains and losses from debt restructuring
and sales of property, plus real estate related depreciation and
amortization (excluding amortization of financing costs), and
after adjustment for unconsolidated partnerships and joint
ventures. The Company calculates FFO (diluted) based on the
NAREIT definition, as further adjusted for minority interest in
the Aimco Operating Partnership, amortization of intangibles,
interest expense on mandatorily redeemable convertible preferred
securities, the non-cash deferred portion of the income tax
provision and less the payment of dividends on perpetual and
non-dilutive convertible preferred stock. There can be no
assurance that the Company's basis for computing FFO is
comparable with that of other real estate investment trusts.
- "Adjusted Funds From Operations" ("AFFO") is defined by the
Company as FFO less a charge for capital replacements equal to
at least $380 per apartment unit.
RECONCILIATION OF FCF, EBSD, FFO AND AFFO TO NET INCOME:
<Table>
<Caption>
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001
------------------------------------------------------
FCF EBSD FFO AFFO
--------- --------- --------- ---------
Amount per Free Cash Flow Schedule $ 215,887 $ 99,632 $ 118,794 $ 103,607
Total interest expense after minority interest (85,712) -- -- --
Dividends on preferred securities owned by minority interest (676) -- -- --
Dividends on preferred OP Units -- 2,758 2,758 2,758
Dividends on preferred stock -- 24,341 24,341 24,341
Structural depreciation, net of minority interest (97,577) (97,577) (97,577) (97,577)
Non-structural depreciation, net of minority interest (16,572) -- (16,572) (16,572)
Capital replacements 15,187 -- -- 15,187
Amortization of intangibles (4,230) -- (4,230) (4,230)
Income tax arising from disposition of properties -- -- (1,207) (1,207)
Gain on disposition of properties 2,847 -- 2,847 2,847
Minority interest in Operating Partnership (3,043) (3,043) (3,043) (3,043)
--------- --------- --------- ---------
Net Income $ 26,111 $ 26,111 $ 26,111 $ 26,111
========= ========= ========= =========
</Table>
SUPPLEMENTAL SCHEDULE VI
- --------------------------------------------------------------------------------
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
PROPORTIONATE INCOME STATEMENT PRESENTATION (INCLUDING PROPORTIONATE
CONSOLIDATED INCOME STATEMENT)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<Table>
<Caption>
PROPORTIONATE
AIMCO SHARE OF PROPORTIONATE
GAAP INCOME UNCONSOLIDATED CONSOLIDATED
STATEMENT[a] PARTNERSHIPS[b] INCOME STATEMENT[c]
-------------- --------------- -------------------
RENTAL PROPERTY OPERATIONS:
Rental and other property revenues $ 323,801 $ 47,376 $ 371,177
Property operating expenses (131,522) (20,730) (152,252)
Owned property management expense (2,240) (2,692) (4,932)
Minority interest -- -- --
-------------- -------------- --------------
Income from property operations 190,039 23,954 213,993
SERVICE BUSINESS:
Management fees and other income from
affiliates 60,717 -- 60,717
Management and other expenses (35,147) -- (35,147)
Amortization of intangibles (4,230) -- (4,230)
-------------- -------------- --------------
Income from service business 21,340 -- 21,340
General and administrative expenses (4,319) -- (4,319)
Depreciation on rental property (100,127) (14,898) (115,025)
Interest expense (81,639) (13,917) (95,556)
Interest and other income 15,000 -- 15,000
Equity in losses of unconsolidated real
estate partnerships (4,861) 4,861 --
Minority interest in real estate partnerships (9,126) -- (9,126)
Amortization of intangibles -- -- --
-------------- -------------- --------------
INCOME BEFORE GAIN FROM DISPOSITION OF
PROPERTIES AND MINORITY INTEREST IN
OPERATING PARTNERSHIP 26,307 -- 26,307
Gain on disposition of properties, net 2,847 -- 2,847
-------------- -------------- --------------
INCOME BEFORE MINORITY INTEREST IN
OPERATING PARTNERSHIP 29,154 -- 29,154
Minority interest in Operating Partnership,
preferred (2,758) -- (2,758)
Minority interest in Operating Partnership,
common (285) -- (285)
-------------- -------------- --------------
NET INCOME $ 26,111 $ -- $ 26,111
Net income attributable to preferred stockholders $ 24,341 $ 24,341
============== ==============
Net income attributable to common stockholders $ 1,770 $ 1,770
============== ==============
Basic earnings per common share $ 0.02 $ 0.02
============== ==============
Diluted earnings per common share $ 0.02 $ 0.02
============== ==============
Weighted average number of common shares outstanding 73,114
Weighted average number of common shares
and common share equivalents outstanding 74,520
Dividends paid per common share $ 0.78
<Caption>
RECONCILIATION TO FREE CASH FLOW FROM BUSINESS SEGMENTS[d]
------------------------------------------------------------------
AMORTIZATION OF MINORITY CAPITAL FREE CASH
INTANGIBLES INTEREST REPLACEMENTS FLOW
--------------- -------------- -------------- ---------
RENTAL PROPERTY OPERATIONS:
Rental and other property revenues $ -- $ -- $ -- $ 371,177
Property operating expenses -- -- (15,187) (167,439)
Owned property management expense -- -- -- (4,932)
Minority interest -- (19,170) -- (19,170)
-------------- -------------- -------------- ---------
Income from property operations -- (19,170) (15,187) 179,636
SERVICE BUSINESS:
Management fees and other income from
affiliates -- -- -- 60,717
Management and other expenses -- -- -- (35,147)
Amortization of intangibles 4,230 -- -- --
-------------- -------------- -------------- ---------
Income from service business 4,230 -- -- 25,570
General and administrative expenses -- -- -- (4,319)
Depreciation on rental property -- 878 15,187 (98,960)
Interest expense -- 9,844 -- (85,712)
Interest and other income -- -- -- 15,000
Equity in losses of unconsolidated real
estate partnerships -- -- -- --
Minority interest in real estate partnerships -- 8,448 -- (678)
Amortization of intangibles (4,230) -- -- (4,230)
-------------- -------------- -------------- ---------
INCOME BEFORE GAIN FROM DISPOSITION OF
PROPERTIES AND MINORITY INTEREST IN
OPERATING PARTNERSHIP -- -- -- 26,307
Gain on disposition of properties, net -- -- -- 2,847
-------------- -------------- -------------- ---------
INCOME BEFORE MINORITY INTEREST IN
OPERATING PARTNERSHIP -- -- -- 29,154
Minority interest in Operating Partnership,
preferred -- -- -- --
Minority interest in Operating Partnership,
common -- -- -- --
-------------- -------------- -------------- ---------
NET INCOME $ -- $ -- $ -- $ 29,154
Net income attributable to preferred stockholders $ 27,099
=========
Net income attributable to common stockholders $ 2,055
=========
Basic earnings per common share $ 0.02
=========
Diluted earnings per common share $ 0.02
=========
Weighted average number of common shares outstanding
Weighted average number of common shares
and common share equivalents outstanding
Dividends paid per common share
</Table>
- ----------
[a] Aimco's consolidated statement of income on a GAAP basis
[b] Aimco's proportionate share of unconsolidated real estate partnerships
[c] Total of Aimco's proportionate share of unconsolidated real estate
partnerships and consolidated operations
[d] Reconciliation of the proportionate consolidated income statement to the
Free Cash Flow From Business Segments (Supplemental IV)
SUPPLEMENTAL SCHEDULE VII
- --------------------------------------------------------------------------------
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
SELECTED BALANCE SHEET INFORMATION
AS OF SEPTEMBER 30, 2001
(IN THOUSANDS)
(UNAUDITED)
PROPERTY DEBT:
Consolidated vs. Unconsolidated:
<Table>
<Caption>
Weighted Average
Amount Rate
------------ ----------------
Consolidated
Fixed $ 3,736,648 7.46%
Variable 599,513 5.03%
------------ ------------
Sub-Total Consolidated 4,336,161 7.24%
Unconsolidated
Fixed 574,810 7.25%
Variable 87,713 4.95%
------------ ------------
Sub-Total Unconsolidated 662,523
Total Mortgage Debt (Consolidated and Pro
Rata Share Unconsolidated) $ 4,998,684 7.10%
------------ ============
Minority Interest (482,390)
------------
Aimco's Share of Mortgage Debt $ 4,516,295
============
ACQUISITIONS FOR THE QUARTER ENDED
September 30, 2001:
Limited Partner Equity Interests $ 28,000
COMMON SHARES OUTSTANDING AS OF
SEPTEMBER 30, 2001:
Common stock 74,225
OP and other units 12,376
------------
86,601
============
</Table>
PREFERRED STOCK:
<Table>
<Caption>
Amount Coupon
---------- --------
PERPETUAL:
Class C $ 60,000 9.00%
Class D 105,000 8.75%
Class G 101,250 9.38%
Class H 50,000 9.50%
Class Q 63,250 10.10%
Class R 123,500 10.00%
---------
Total $ 503,000
=========
CONVERTIBLE:
Class B $ 41,947 10.25%
Class K 125,000 8.00%
Class L 125,000 8.10%
Class M 30,000 8.50%
Class N 100,000 9.00%
Class O 100,000 9.00%
Class P 100,000 9.00%
---------
621,947
Class B Partnership Preferred OP Units 35,000 7.75%
Preferred OP Units 124,835 8.83%
TOPRs 21,347 6.50%
---------
Total $ 803,129
=========
</Table>
SUPPLEMENTAL SCHEDULE VIII
- --------------------------------------------------------------------------------
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
SUMMARY OF REDEVELOPMENT ACTIVITY
AS OF SEPTEMBER 30, 2001
(IN MILLIONS, EXCEPT UNIT DATA)
(VALUES ARE NOT ADJUSTED FOR AIMCO'S OWNERSHIP)
(UNAUDITED)
<Table>
<Caption>
----------------------------------------
Cost in Millions
Ownership Number ----------------------------------------
% Of Units Notes Market Value (1) Redevelopment Total
--------- -------- ----- ---------------- ------------- -----
Grand Flamingo Miami Beach, FL 77% 1,688 $ 61.9 $ 171.1 $233.0
Village at Venezia Venice, CA 50% 839 2 $118.0 $ 87.1 $205.1
Meadow Creek Boulder, CO 100% 332 $ 16.8 $ 13.9 $ 30.7
Village Brooke II Cincinnati, OH 48.5% 290 3 $ 2.8 $ 24.1 $ 26.9
Ashford Plantation Atlanta, GA 100% 214 $ 8.6 $ 8.9 $ 17.5
Wyntre Brook West Chester, PA 100% 212 $ 7.0 $ 6.1 $ 13.1
Riverloft Philadelphia, PA 100% 184 $ 11.2 $ 24.3 $ 35.5
Stonebrook II Sanford, FL 100% 112 $ 0.5 $ 6.8 $ 7.3
Calhoun Beach Club Minneapolis, MN 100% 57 4 $ 79.5 $ 28.4 $107.9
------- ------ ------- ------
Total 3,928 $306.3 $ 370.7 $677.0
======= ====== ======= ======
<Caption>
------------------------------------------------ -----------------------------------
Schedule Number of Units
------------------------------------------------ -----------------------------------
Acquisition Start Complete Stabilization Completed Leased Out of Service
----------- ------- -------- ------------- --------- ------ --------------
Grand Flamingo Miami Beach, FL Q3 1997 Q3 1997 Q4 2002 Q2 2003 561 530 1,127
Village at Venezia Venice, CA Q2 2001 Q4 2000 Q2 2004 Q1 2005 28 2 82
Meadow Creek Boulder, CO Q3 1994 Q3 1999 Q4 2001 Q1 2002 289 230 43
Village Brooke II Cincinnati, OH Q4 1994 Q3 2001 Q1 2003 Q2 2003 0 0 290
Ashford Plantation Atlanta, GA Q4 1994 Q2 2001 Q3 2002 Q2 2003 0 0 160
Wyntre Brook West Chester, PA Q1 1995 Q2 2001 Q1 2002 Q2 2002 56 40 104
Riverloft Philadelphia, PA Q4 1994 Q4 2000 Q4 2001 Q2 2002 91 30 93
Stonebrook II Sanford, FL Q2 1999 Q1 2001 Q4 2001 Q4 2001 0 0 112
Calhoun Beach Club Minneapolis, MN Q4 1998 Q3 2001 Q4 2002 Q4 2002 0 0 57
-------- ------ -------
Total 1,025 832 2,068
======== ====== =======
</Table>
Notes
1 - Approximate value at start of redevelopment
2 - Previously called Lincoln Place, units reported include 44 new units to be
constructed
3 - Redevelopment due to complete destruction by tornado
4 - Property had 351 units before redevelopment, 76 of the units will be
redeveloped into 57 larger units and commercial/space improvements will be
made
SUPPLEMENTAL SCHEDULE IX
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
SAME STORE SALES
THIRD QUARTER 2001 VERSUS THIRD QUARTER 2000
<Table>
<Caption>
SEP 2001 QTD SEP 2000 QTD
------------------------- -------------------------
SITES UNITS OWN REV EXP NOI REV EXP NOI
----- ----- ------- ------- ------- ------- ------- ------- -------
Northeast
Washington 24 11,555 72.9% 24,606 7,496 17,110 22,600 7,105 15,495
Baltimore 8 1,620 70.3% 3,065 904 2,161 2,838 930 1,908
Philadelphia 6 3,436 88.8% 9,988 3,525 6,463 9,649 3,289 6,360
Middlesex-Somerset-Hunterdon 5 1,960 64.0% 3,681 1,088 2,593 3,342 1,020 2,322
Hartford 2 650 100.0% 1,791 484 1,307 1,753 497 1,256
Other Markets (7) 8 2,080 51.3% 2,439 811 1,628 2,260 771 1,489
------- ------- ------- ------- ------- ------- ------- ------- -------
53 21,301 73.2% 45,570 14,308 31,262 42,442 13,612 28,830
Southeast
Atlanta 25 6,506 73.7% 10,130 4,195 5,935 10,350 4,146 6,204
Norfolk-Virginia Beach-Newport News 13 3,548 82.9% 6,192 2,242 3,950 5,694 2,161 3,533
Raleigh-Durham-Chapel Hill 11 3,022 93.6% 4,317 1,658 2,659 4,159 1,671 2,488
Nashville 11 3,750 71.6% 4,994 1,912 3,082 4,980 1,836 3,144
Charlotte-Gastonia-Rock Hill 11 2,336 74.1% 3,000 1,250 1,750 2,975 1,184 1,791
Montgomery, AL 9 2,338 65.3% 1,995 772 1,223 2,053 732 1,321
Columbia 7 1,670 68.3% 2,146 849 1,297 2,036 827 1,209
Other Markets (20) 52 11,217 66.2% 13,347 5,171 8,176 13,000 5,046 7,954
------- ------- ------- ------- ------- ------- ------- ------- -------
139 34,387 72.9% 46,121 18,049 28,072 45,247 17,603 27,644
Florida
Tampa-St. Petersburg-Clearwater 22 5,933 76.9% 8,104 3,498 4,606 8,236 3,329 4,907
Orlando 18 5,161 77.8% 7,816 3,114 4,702 7,770 3,052 4,718
Miami 9 3,235 82.2% 7,178 2,876 4,302 6,919 2,734 4,185
Jacksonville 7 2,718 76.7% 4,101 1,709 2,392 3,779 1,694 2,085
West Palm Beach-Boca Raton 6 1,727 100.0% 3,859 1,538 2,321 3,743 1,623 2,120
FortLauderdale 6 1,658 86.7% 3,438 1,439 1,999 3,241 1,427 1,814
Other Markets (6) 17 3,859 86.3% 6,335 2,590 3,745 6,105 2,477 3,628
------- ------- ------- ------- ------- ------- ------- ------- -------
85 24,291 81.6% 40,831 16,764 24,067 39,793 16,336 23,457
Midwest
Indianapolis 29 9,122 77.4% 12,000 5,608 6,392 11,544 5,242 6,302
Chicago 20 5,975 88.1% 16,087 5,966 10,121 15,891 5,765 10,126
Lansing-East Lansing 9 2,118 82.6% 3,704 1,334 2,370 3,495 1,356 2,139
Cincinnati 9 2,173 82.8% 4,012 1,601 2,411 3,850 1,467 2,383
Columbus 9 2,080 60.1% 2,196 880 1,316 2,215 859 1,356
Grand Rapids-Muskegon-Holland 4 2,675 100.0% 4,814 2,183 2,631 4,869 2,081 2,788
Fort Wayne 3 2,347 96.6% 4,247 1,663 2,584 4,540 1,613 2,927
Other Markets (24) 57 13,676 59.6% 14,449 6,456 7,993 14,529 6,230 8,299
------- ------- ------- ------- ------- ------- ------- ------- -------
140 40,166 75.2% 61,509 25,691 35,818 60,933 24,613 36,320
Texas
Houston 38 10,263 88.8% 16,140 7,143 8,997 15,446 6,739 8,707
Dallas 21 5,700 64.4% 7,117 3,107 4,010 6,955 2,930 4,025
San Antonio 15 3,384 100.0% 4,953 2,508 2,445 4,949 2,486 2,463
Fort Worth-Arlington 11 2,269 65.2% 2,609 1,214 1,395 2,491 1,137 1,354
Austin-San Marcos 9 1,746 83.8% 3,010 1,222 1,788 3,067 1,192 1,875
Other Markets (11) 28 6,127 82.2% 7,584 3,797 3,787 7,299 3,515 3,784
------- ------- ------- ------- ------- ------- ------- ------- -------
122 29,489 81.9% 41,413 18,991 22,422 40,207 17,999 22,208
West
Phoenix-Mesa 32 8,089 90.4% 13,119 4,877 8,242 12,923 4,957 7,966
Denver 10 2,602 70.0% 4,458 1,295 3,163 4,447 1,325 3,122
Salt Lake City-Ogden 6 2,115 74.2% 2,903 981 1,922 2,860 920 1,940
Tucson 6 1,866 100.0% 2,853 1,118 1,735 2,845 1,080 1,765
Las Vegas 4 1,253 86.0% 1,878 745 1,133 1,770 706 1,064
Other Markets (8) 22 3,903 66.5% 5,465 1,746 3,719 5,244 1,652 3,592
------- ------- ------- ------- ------- ------- ------- ------- -------
80 19,828 81.9% 30,676 10,762 19,914 30,089 10,640 19,449
California
Riverside-San Bernardino 7 1,154 93.9% 1,995 678 1,317 1,810 626 1,184
San Diego 6 1,737 84.3% 3,938 1,183 2,755 3,589 1,159 2,430
Los Angeles-Long Beach 4 1,683 24.4% 1,455 361 1,094 1,437 375 1,062
Oakland 4 935 55.6% 1,485 430 1,055 1,334 418 916
Orange County 2 824 91.1% 2,087 472 1,615 1,951 623 1,328
Other Markets (2) 3 906 28.6% 1,103 245 858 1,032 244 788
------- ------- ------- ------- ------- ------- ------- ------- -------
26 7,239 62.0% 12,063 3,369 8,694 11,153 3,445 7,708
------- ------- ------- ------- ------- ------- ------- ------- -------
Same Store Sales (118) 645 176,701 76.7% 278,183 107,934 170,249 269,864 104,248 165,616
======= ======= ======= ======= ======= ======= ======= ======= =======
<Caption>
CHANGE: SEP 2001 QTD LESS SEP 2000 QTD
---------------------------------------------------
REV EXP NOI
----------------- ---------------- --------------
AMOUNT PCT AMOUNT PCT AMOUNT PCT
------- ----- ------- ----- ------- ----
Northeast
Washington 2,006 8.9% 391 5.5% 1,615 10.4%
Baltimore 227 8.0% (26) (2.8)% 253 13.3%
Philadelphia 339 3.5% 236 7.2% 103 1.6%
Middlesex-Somerset-Hunterdon 339 10.1% 68 6.7% 271 11.7%
Hartford 38 2.2% (13) (2.6)% 51 4.1%
Other Markets (7) 179 7.9% 40 5.2% 139 9.3%
------- ---- ------- ----- ------- ----
3,128 7.4% 696 5.1% 2,432 8.4%
Southeast
Atlanta (220) (2.1)% 49 1.2% (269) (4.3)%
Norfolk-Virginia Beach-Newport News 498 8.7% 81 3.7% 417 11.8%
Raleigh-Durham-Chapel Hill 158 3.8% (13) (0.8)% 171 6.9%
Nashville 14 0.3% 76 4.1% (62) (2.0)%
Charlotte-Gastonia-Rock Hill 25 0.8% 66 5.6% (41) (2.3)%
Montgomery, AL (58) (2.8)% 40 5.5% (98) (7.4)%
Columbia 110 5.4% 22 2.7% 88 7.3%
Other Markets (20) 347 2.7% 125 2.5% 222 2.8%
------- ---- ------- ----- ------- ----
874 1.9% 446 2.5% 428 1.5%
Florida
Tampa-St. Petersburg-Clearwater (132) (1.6)% 169 5.1% (301) (6.1)%
Orlando 46 0.6% 62 2.0% (16) (0.3)%
Miami 259 3.7% 142 5.2% 117 2.8%
Jacksonville 322 8.5% 15 0.9% 307 14.7%
West Palm Beach-Boca Raton 116 3.1% (85) (5.2)% 201 9.5%
FortLauderdale 197 6.1% 12 0.8% 185 10.2%
Other Markets (6) 230 3.8% 113 4.6% 117 3.2%
------- ---- ------- ----- ------- ----
1,038 2.6% 428 2.6% 610 2.6%
Midwest
Indianapolis 456 4.0% 366 7.0% 90 1.4%
Chicago 196 1.2% 201 3.5% (5) 0.0%
Lansing-East Lansing 209 6.0% (22) (1.6)% 231 10.8%
Cincinnati 162 4.2% 134 9.1% 28 1.2%
Columbus (19) (0.9)% 21 2.4% (40) (2.9)%
Grand Rapids-Muskegon-Holland (55) (1.1)% 102 4.9% (157) (5.6)%
Fort Wayne (293) (6.5)% 50 3.1% (343) (11.7)%
Other Markets (24) (80) (0.6)% 226 3.6% (306) (3.7)%
------- ---- ------- ----- ------- ----
576 0.9% 1,078 4.4% (502) (1.4)%
Texas
Houston 694 4.5% 404 6.0% 290 3.3%
Dallas 162 2.3% 177 6.0% (15) (0.4)%
San Antonio 4 0.1% 22 0.9% (18) (0.7)%
Fort Worth-Arlington 118 4.7% 77 6.8% 41 3.0%
Austin-San Marcos (57) (1.9)% 30 2.5% (87) (4.6)%
Other Markets (11) 285 3.9% 282 8.0% 3 0.1%
------- ---- ------- ----- ------- ----
1,206 3.0% 992 5.5% 214 1.0%
West
Phoenix-Mesa 196 1.5% (80) (1.6)% 276 3.5%
Denver 11 0.2% (30) (2.3)% 41 1.3%
Salt Lake City-Ogden 43 1.5% 61 6.6% (18) (0.9)%
Tucson 8 0.3% 38 3.5% (30) (1.7)%
Las Vegas 108 6.1% 39 5.5% 69 6.5%
Other Markets (8) 221 4.2% 94 5.7% 127 3.5%
------- ---- ------- ----- ------- ----
587 2.0% 122 1.1% 465 2.4%
California
Riverside-San Bernardino 185 10.2% 52 8.3% 133 11.2%
San Diego 349 9.7% 24 2.1% 325 13.4%
Los Angeles-Long Beach 18 1.3% (14) (3.7)% 32 3.0%
Oakland 151 11.3% 12 2.9% 139 15.2%
Orange County 136 7.0% (151) (24.2)% 287 21.6%
Other Markets (2) 71 6.9% 1 0.4% 70 8.9%
------- ---- ------- ----- ------- ----
910 8.2% (76) (2.2)% 986 12.8%
------- ---- ------- ----- ------- ----
Same Store Sales (118) 8,319 3.1% 3,686 3.5% 4,633 2.8%
======= ==== ======= ===== ======= ====
</Table>
SUPPLEMENTAL SCHEDULE X
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
SAME STORE SALES
YEAR-TO-DATE 2001 VERSUS YEAR-TO-DATE 2000
<Table>
<Caption>
SEP 2001 YTD SEP 2000 YTD
------------------------- -------------------------
SITES UNITS OWN REV EXP NOI REV EXP NOI
------- ------- ------- ------- ------- ------- ------- ------- -------
NORTHEAST
Washington 24 11,555 72.9% 72,174 21,677 50,497 64,548 20,618 43,930
Baltimore 8 1,620 70.3% 8,870 2,739 6,131 8,282 2,681 5,601
Philadelphia 6 3,436 88.8% 29,086 10,904 18,182 27,576 10,264 17,312
Middlesex-Somerset-Hunterdon 5 1,960 64.0% 10,720 3,683 7,037 9,819 3,154 6,665
Hartford 2 650 100.0% 5,289 1,348 3,941 5,147 1,409 3,738
Other Markets (7) 8 2,080 51.3% 7,040 2,505 4,535 6,611 2,395 4,216
------- ------- ------- ------- ------- ------- ------- ------- -------
53 21,301 73.2% 133,179 42,856 90,323 121,983 40,521 81,462
SOUTHEAST
Atlanta 25 6,506 73.7% 30,800 11,238 19,562 30,436 11,035 19,401
Norfolk-Virginia Beach-Newport News 13 3,548 82.9% 17,755 6,408 11,347 16,779 6,266 10,513
Raleigh-Durham-Chapel Hill 11 3,022 93.6% 12,940 4,550 8,390 12,403 4,551 7,852
Nashville 11 3,750 71.6% 14,557 5,655 8,902 14,910 5,687 9,223
Charlotte-Gastonia-Rock Hill 11 2,336 74.1% 8,717 3,600 5,117 8,755 3,518 5,237
Montgomery, AL 9 2,338 65.3% 5,929 2,103 3,826 6,169 2,094 4,075
Columbia 7 1,670 68.3% 6,280 2,475 3,805 5,914 2,379 3,535
Other Markets (20) 52 11,217 66.2% 39,545 14,837 24,708 38,426 14,352 24,074
------- ------- ------- ------- ------- ------- ------- ------- -------
139 34,387 72.9% 136,523 50,866 85,657 133,792 49,882 83,910
FLORIDA
Tampa-St. Petersburg-Clearwater 22 5,933 76.9% 24,419 10,055 14,364 23,852 9,962 13,890
Orlando 18 5,161 77.8% 23,230 9,082 14,148 22,883 8,835 14,048
Miami 9 3,235 82.2% 21,836 8,459 13,377 20,579 8,087 12,492
Jacksonville 7 2,718 76.7% 11,988 4,973 7,015 11,210 4,828 6,382
West Palm Beach-Boca Raton 6 1,727 100.0% 11,744 4,540 7,204 11,566 4,630 6,936
FortLauderdale 6 1,658 86.7% 10,256 4,034 6,222 9,601 4,065 5,536
Other Markets (6) 17 3,859 86.3% 19,173 7,244 11,929 18,301 7,302 10,999
------- ------- ------- ------- ------- ------- ------- ------- -------
85 24,291 81.6% 122,646 48,387 74,259 117,992 47,709 70,283
MIDWEST
Indianapolis 29 9,122 77.4% 35,514 15,398 20,116 33,945 14,571 19,374
Chicago 20 5,975 88.1% 48,262 17,972 30,290 46,292 16,331 29,961
Lansing-East Lansing 9 2,118 82.6% 10,635 3,825 6,810 10,304 3,959 6,345
Cincinnati 9 2,173 82.8% 11,569 4,637 6,932 11,445 4,366 7,079
Columbus 9 2,080 60.1% 6,372 2,530 3,842 6,521 2,508 4,013
Grand Rapids-Muskegon-Holland 4 2,675 100.0% 14,411 6,324 8,087 13,633 5,698 7,935
Fort Wayne 3 2,347 96.6% 12,133 4,769 7,364 12,654 4,874 7,780
Other Markets (24) 57 13,676 59.6% 44,023 18,782 25,241 43,046 17,227 25,819
------- ------- ------- ------- ------- ------- ------- ------- -------
140 40,166 75.2% 182,919 74,237 108,682 177,840 69,534 108,306
TEXAS
Houston 38 10,263 88.8% 47,273 21,116 26,157 45,372 19,595 25,777
Dallas 21 5,700 64.4% 21,161 8,774 12,387 20,451 8,335 12,116
San Antonio 15 3,384 100.0% 14,642 7,165 7,477 14,875 6,966 7,909
FortWorth-Arlington 11 2,269 65.2% 7,663 3,625 4,038 7,322 3,415 3,907
Austin-San Marcos 9 1,746 83.8% 9,169 3,458 5,711 8,989 3,378 5,611
Other Markets (11) 28 6,127 82.2% 22,180 10,930 11,250 21,555 10,438 11,117
------- ------- ------- ------- ------- ------- ------- ------- -------
122 29,489 81.9% 122,088 55,068 67,020 118,564 52,127 66,437
WEST
Phoenix-Mesa 32 8,089 90.4% 39,486 14,698 24,788 38,525 13,844 24,681
Denver 10 2,602 70.0% 13,701 3,771 9,930 12,966 3,638 9,328
Salt Lake City-Ogden 6 2,115 74.2% 8,600 2,786 5,814 8,445 2,664 5,781
Tucson 6 1,866 100.0% 8,676 3,445 5,231 8,602 3,040 5,562
Las Vegas 4 1,253 86.0% 5,506 2,143 3,363 5,328 1,972 3,356
Other Markets (8) 22 3,903 66.5% 16,036 5,104 10,932 15,238 4,739 10,499
------- ------- ------- ------- ------- ------- ------- ------- -------
80 19,828 81.9% 92,005 31,947 60,058 89,104 29,897 59,207
CALIFORNIA
Riverside-San Bernardino 7 1,154 93.9% 5,789 2,037 3,752 5,325 1,890 3,435
San Diego 6 1,737 84.3% 11,556 3,383 8,173 10,393 3,384 7,009
Los Angeles-Long Beach 4 1,683 24.4% 4,363 1,018 3,345 4,040 1,111 2,929
Oakland 4 935 55.6% 4,323 1,392 2,931 3,829 1,280 2,549
Orange County 2 824 91.1% 6,087 1,545 4,542 5,582 1,716 3,866
Other Markets (2) 3 906 28.6% 3,372 735 2,637 2,989 683 2,306
------- ------- ------- ------- ------- ------- ------- ------- -------
26 7,239 62.0% 35,490 10,110 25,380 32,158 10,064 22,094
------- ------- ------- ------- ------- ------- ------- ------- -------
SAME STORE SALES (118) 645 176,701 76.7% 824,850 313,471 511,379 791,433 299,734 491,699
======= ======= ======= ======= ======= ======= ======= ======= =======
<Caption>
CHANGE: SEP 2001 YTD LESS SEP 2000 YTD
-----------------------------------------------
REV EXP NOI
-------------- ------------- --------------
AMOUNT PCT AMOUNT PCT AMOUNT PCT
------- ------ ------ ----- ------ -----
NORTHEAST
Washington 7,626 11.8% 1,059 5.1% 6,567 14.9%
Baltimore 588 7.1% 58 2.2% 530 9.5%
Philadelphia 1,510 5.5% 640 6.2% 870 5.0%
Middlesex-Somerset-Hunterdon 901 9.2% 529 16.8% 372 5.6%
Hartford 142 2.8% (61) (4.3)% 203 5.4%
Other Markets (7) 429 6.5% 110 4.6% 319 7.6%
------- ------ ------ ----- ------ -----
11,196 9.2% 2,335 5.8% 8,861 10.9%
SOUTHEAST
Atlanta 364 1.2% 203 1.8% 161 0.8%
Norfolk-Virginia Beach-Newport News 976 5.8% 142 2.3% 834 7.9%
Raleigh-Durham-Chapel Hill 537 4.3% (1) 0.0% 538 6.9%
Nashville (353) (2.4)% (32) (0.6)% (321) (3.5)%
Charlotte-Gastonia-Rock Hill (38) (0.4)% 82 2.3% (120) (2.3)%
Montgomery, AL (240) (3.9)% 9 0.4% (249) (6.1)%
Columbia 366 6.2% 96 4.0% 270 7.6%
Other Markets (20) 1,119 2.9% 485 3.4% 634 2.6%
------- ------ ------ ----- ------ -----
2,731 2.0% 984 2.0% 1,747 2.1%
FLORIDA
Tampa-St. Petersburg-Clearwater 567 2.4% 93 0.9% 474 3.4%
Orlando 347 1.5% 247 2.8% 100 0.7%
Miami 1,257 6.1% 372 4.6% 885 7.1%
Jacksonville 778 6.9% 145 3.0% 633 9.9%
West Palm Beach-Boca Raton 178 1.5% (90) (1.9)% 268 3.9%
FortLauderdale 655 6.8% (31) (0.8)% 686 12.4%
Other Markets (6) 872 4.8% (58) (0.8)% 930 8.5%
------- ------ ------ ----- ------ -----
4,654 3.9% 678 1.4% 3,976 5.7%
MIDWEST
Indianapolis 1,569 4.6% 827 5.7% 742 3.8%
Chicago 1,970 4.3% 1,641 10.0% 329 1.1%
Lansing-East Lansing 331 3.2% (134) (3.4)% 465 7.3%
Cincinnati 124 1.1% 271 6.2% (147) (2.1)%
Columbus (149) (2.3)% 22 0.9% (171) (4.3)%
Grand Rapids-Muskegon-Holland 778 5.7% 626 11.0% 152 1.9%
Fort Wayne (521) (4.1)% (105) (2.2)% (416) (5.3)%
Other Markets (24) 977 2.3% 1,555 9.0% (578) (2.2)%
------- ------ ------ ----- ------ -----
5,079 2.9% 4,703 6.8% 376 0.3%
TEXAS
Houston 1,901 4.2% 1,521 7.8% 380 1.5%
Dallas 710 3.5% 439 5.3% 271 2.2%
San Antonio (233) (1.6)% 199 2.9% (432) (5.5)%
FortWorth-Arlington 341 4.7% 210 6.1% 131 3.4%
Austin-San Marcos 180 2.0% 80 2.4% 100 1.8%
Other Markets (11) 625 2.9% 492 4.7% 133 1.2%
------- ------ ------ ----- ------ -----
3,524 3.0% 2,941 5.6% 583 0.9%
WEST
Phoenix-Mesa 961 2.5% 854 6.2% 107 0.4%
Denver 735 5.7% 133 3.7% 602 6.5%
Salt Lake City-Ogden 155 1.8% 122 4.6% 33 0.6%
Tucson 74 0.9% 405 13.3% (331) (6.0)%
Las Vegas 178 3.3% 171 8.7% 7 0.2%
Other Markets (8) 798 5.2% 365 7.7% 433 4.1%
------- ------ ------ ----- ------ -----
2,901 3.3% 2,050 6.9% 851 1.4%
CALIFORNIA
Riverside-San Bernardino 464 8.7% 147 7.8% 317 9.2%
San Diego 1,163 11.2% (1) 0.0% 1,164 16.6%
Los Angeles-Long Beach 323 8.0% (93) (8.4)% 416 14.2%
Oakland 494 12.9% 112 8.8% 382 15.0%
Orange County 505 9.0% (171) (10.0)% 676 17.5%
Other Markets (2) 383 12.8% 52 7.6% 331 14.4%
------- ------ ------ ----- ------ -----
3,332 10.4% 46 0.5% 3,286 14.9%
------- ------ ------ ----- ------ -----
SAME STORE SALES (118) 33,417 4.2% 13,737 4.6% 19,680 4.0%
======= ====== ====== ===== ====== =====
</Table>