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EXHIBIT 99.1

[LOGO]

Contact: Investor Relations (303) 691-4350
Investor@aimco.com
Jennifer Martin
Vice President--Investor Relations
(303) 691-4440

APARTMENT INVESTMENT AND MANAGEMENT COMPANY
ANNOUNCES 2003 OUTLOOK

DENVER, COLORADO, December 19, 2002

Apartment Investment and Management Company (NYSE: AIV) ("Aimco") announced
today its Outlook for the fourth quarter and full year 2002 and full year 2003.
Aimco will host a live Webcast on January 9, 2003 at noon EST, at which time
management will provide further details of Aimco's 2003 operating plan. The
Webcast will be available live and for replay through Aimco's Website at:
Aimco.com/about/03Outlook.asp.

FOURTH QUARTER AND FULL YEAR 2002

Aimco expects fourth quarter and full year 2002 financial results to be
within the range of results projected in the Outlook Summary dated November 4,
2002 (Schedule XII of the Earnings Release Supplement). The high end of expected
results has been reduced by $0.04 per share due principally to lower net
transaction income. With this adjustment, Aimco expects:

- Funds From Operations ("FFO") for the fourth quarter and full year 2002 to
be $1.04 to $1.10 and $4.63 to $4.69 per share, respectively.

- Adjusted Funds From Operations ("AFFO") for the fourth quarter and full
year 2002 to be $0.86 to $0.92, and $3.80 to $3.86 per share,
respectively.

- "Same Store" net operating income to decline 5% to 6% in the fourth
quarter compared with the same period last year, and "Same Store" net
operating income to decline 2.0% to 2.5% for 2002 compared with 2001.

2003 OUTLOOK

Aimco has assumed a range of results for its 2003 Outlook. The range is
based on the uncertain timing of an economic recovery and, specifically,
associated apartment demand. The lower end of Aimco's Outlook assumes economic
conditions unchanged from the fourth quarter of 2002. In this scenario, "Same
Store" revenue remains flat with no assumed changes in occupancy and rent from
the fourth quarter 2002, and results in a decline in net operating income (NOI)
of approximately 4% for 2003 compared with 2002. The upper end of Aimco's
Outlook also assumes no economic recovery but does include seasonal increases in
"Same Store" occupancy, which ranges from 91% to 93% during the year and
averages 92%, and results in a 1% decline in NOI for 2003 compared with 2002.
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2003 OUTLOOK SUMMARY (PER SHARE)

<Table>
<Caption>
2003 OUTLOOK 2002 OUTLOOK 2003 V. 2002
PER SHARE RANGE(1) PER SHARE RANGE(1) VARIANCE
------------------------------ ------------------------------ ------------------------------

Operating FFO(2)............... $ 3.96 to $ 4.12 $ 4.22 to $ 4.24 $(0.26) to $(0.12)
Transaction FFO(3)............. 0.24 to 0.30 0.41 to 0.45 (0.17) to (0.15)
------ ------ ------ ------ ------ ------
Total FFO.................... $ 4.20 to $ 4.42 $ 4.63 to $ 4.69 $(0.43) to $(0.27)
Capital replacements(4)........ (0.78) to (0.76) (0.76) to (0.76) (0.02) to --
------ ------ ------ ------ ------ ------
AFFO before capital
enhancements............... $ 3.42 to $ 3.66 $ 3.87 to $ 3.93 $(0.45) to $(0.27)
Capital enhancements (CE)...... (0.06) to (0.04) (0.07) to (0.07) 0.01 to 0.03
------ ------ ------ ------ ------ ------
AFFO......................... $ 3.36 to $ 3.62 $ 3.80 to $ 3.86 $(0.44) to $(0.24)
Dividend(5).................... $ 3.28 $ 3.28 $ 3.28 $ 3.28
Dividend payout ratio (before
CE)(6)....................... 96% to 90% 85% to 83%
Share count (mm):
FFO.......................... 112 113
AFFO(4)...................... 108 108
</Table>

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(1) Per share data are non-GAAP measures commonly used in addition to EPS, which
is a financial reporting measure under GAAP. FFO and AFFO per share should
not be considered substitutes to GAAP measures as indicators of Aimco's
performance. GAAP EPS projections will be available in the first quarter
2003.

(2) See 2003 Outlook Assumptions schedule under Operating FFO Assumptions for
detail.

(3) See 2003 Outlook Assumptions schedule under Transaction FFO Assumptions for
detail.

(4) Due to anti-dilutive adjustments, the share count used for AFFO is lower
than for FFO.

(5) Dividends are determined and declared by the Board of Directors on a
quarterly basis. For purposes of this 2003 Outlook Summary, we have assumed
no change in the common share dividend.

(6) The payout ratio is based on AFFO before capital enhancements, which are
discretionary expenditures.

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2003 OUTLOOK ASSUMPTIONS

<Table>
<Caption>
OUTLOOK RANGE
---------------------------------
LOW HIGH
----------- --------

OPERATING FFO ASSUMPTIONS
REAL ESTATE OPERATIONS
Conventional
Same Store
Occupancy rate (2002 average 93%)................... 91% to 92%
NOI (rate of growth v. 2002)........................ -4.0% to -1.0%
Acquisitions 2002 NOI (incremental contribution, $mm)
(1)................................................. $ 5 to $ 6
INVESTMENT MANAGEMENT ($MM)
Property Management..................................... $ 22 to $ 27
INTEREST INCOME ($MM)
GP Loan Interest and interest bearing accounts.......... $ 25 to $ 27
GENERAL AND ADMINISTRATIVE ($MM).......................... $ 18 to $ 20
TRANSACTION FFO ASSUMPTIONS
INVESTMENT MANAGEMENT ($MM)
Activity Based Fees..................................... $ 20 to $ 25
INTEREST INCOME ($MM)
Transactional Income.................................... $ 7 to $ 9
CAPITAL EXPENDITURES, INVESTING AND FINANCING
CAPITAL EXPENDITURES
Capital Replacements/unit............................... $ 475 to $ 485
Capital Enhancements/unit............................... $ 25 to $ 40
INVESTING AND FINANCING ACTIVITIES ($MM)
Redevelopment (2003 expenditures; expected NOI yield
%).................................................... $75 to $100 ; 9%-10%
Acquisitions............................................ $ 200
Dispositions
Aimco share........................................... $ 400
Aimco share of net cash (net of mortgage debt)........ $ 200
Refinancing
Aimco share........................................... $ 288
Aimco share of net cash (net of existing mortgage
debt)............................................... $ 75
Tenders (Equity component).............................. $ 40
</Table>

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(1) Increase is compared to fourth quarter 2002 annualized.

FORWARD LOOKING STATEMENTS

Aimco has prepared this press release in an effort to provide investors with
information regarding Aimco's expected results for 2002 and outlook for 2003.
This press release contains forward-looking information under the Federal
securities laws. Actual results may differ materially from those presented. In
order to develop its 2003 Outlook, Aimco has made assumptions relating to many
factors including, but not limited to, occupancy, rent revenue, estimates of
ongoing costs and capital expenditures as set forth in the "2003 Outlook
Assumptions". Although Aimco management believes the assumptions underlying its
forward-looking statements are reasonable, such information is necessarily
subject to uncertainties and involves certain risks, many of which are difficult
to predict and are beyond management's control. As such, these statements and
information are not guarantees of future performance, and actual results may
differ materially from what is expressed or forecast in this press release.
Actual results could be affected by a variety of factors including: changes in
economic

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conditions, including changes in employment rates and interest rates; government
regulations; litigation; competition from other providers of multi-family
housing; possible environmental liabilities; insurance losses; failure to meet
estimates for property sales; timely completion of development projects;
completing the expected transactional activity; and other risks as described in
Aimco's 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.

Aimco is a real estate investment trust headquartered in Denver, Colorado
owning and operating a geographically diversified portfolio of apartment
communities through 19 regional operating centers. Aimco, through its
subsidiaries, operates approximately 1,800 properties, including approximately
327,000 apartment units, and serves approximately one million residents each
year. Aimco's properties are located in 47 states, the District of Columbia and
Puerto Rico.