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EXHIBIT 99.1
AIMCO 1st Quarter 2003
Denver, Colorado - May 6, 2003
Apartment Investment and Management Company Announces First Quarter
2003 Results
Economy, Weather and Pricing Strategy Impact Results
Focus on Occupancy Results in Steady Monthly Increases
SUMMARY FINANCIAL RESULTS Apartment Investment and Management Company
(NYSE:AIV) ("Aimco") announced first quarter 2003 results including:
- Net Income was $21.8 million compared with $70.1 million in the first
quarter 2002. Earnings per share (EPS) were $0.00 on a diluted basis
compared with $0.58 in the same period last year, based on Net Income
attributable to common stockholders.
- Funds from Operations (FFO; a non-GAAP measure defined in the
Glossary in Supplemental Information (the "Glossary")) were $101.5
million, or $0.90 per diluted common share compared with $135.2
million, or $1.30 per share in the first quarter 2002.
- Adjusted Funds from Operations (AFFO; a non-GAAP measure defined in
the Glossary) were $68.5 million or $0.64 per diluted common share
compared with $117.1 million, or $1.12 per share in the first
quarter 2002.
<Table>
<Caption>
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PER SHARE RESULTS
FIRST QUARTER
- ---------------------------------------------------------------------------
2003 2002
- ---------------------------------------------------------------------------
Earnings (loss) - EPS $0.00 $0.58
Funds from Operations - FFO $0.90 $1.30
Adjusted Funds from Operations - AFFO $0.64 $1.12
- ---------------------------------------------------------------------------
</Table>
Contact: Investor Relations 303.691.4350, Investor@Aimco.com
Jennifer Martin, Vice President - Investor Relations 303.691.4440
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Apartment Investment and Management Company
First Quarter 2003 - Page 2
Management Comments
"On a positive note, the Aimco team was delighted that the company was
included in the S&P 500. The selection of Aimco is testament to its
successful past, expresses confidence in its future and recognizes that
Aimco shares provide an effective way for investors to participate in
America's multi-family sector," said Terry Considine, Aimco's chairman and
chief executive officer. "We welcome the many new investors."
"On a different note," added Mr. Considine, "first quarter results did
not meet earlier expectations. As we announced in March, first quarter
results were burdened by continued weakness in the economy as well as
by costs related to severe cold and snow. While there is no doubt that
business conditions for apartments were quite poor during the quarter,
it also seems to me that Aimco did not address these conditions with
satisfactory focus and effectiveness. Looking back, I can see that we
were slow to respond to the increased use of upfront rent concessions
and that we were distracted by the work of implementing a new site
operating software. While these are explanations, they are not excuses
and I accept responsibility for the disappointing results."
"Together with my colleagues, I am committed to restore Aimco's historic
profitability. The Aimco specific shortfall to market occupancies peaked
in January and has been largely eliminated. The industry experience of
lower effective rents and increased expenses continues."
Dividends on Common Stock
The Aimco Board of Directors declared the quarterly cash dividend of $0.82
per share of Class A Common Stock for the quarter ended March 31, 2003,
payable on May 22, 2003 to stock-holders of record on May 15, 2003. The
dividend represents 126% of AFFO (before deducting Capital Enhancements)
and 91% of FFO for the quarter ended March 31, 2003 and an 8.4% yield
based on the $39.21 closing price of Aimco's Class A Common Stock on May
5, 2003. The Board of Directors reviews and declares the dividend each
quarter. If the payout ratio were, or were expected, to exceed 100% for a
sustained period, the Board of Directors will consider a change in the
dividend to match operating profitability.
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Apartment Investment and Management Company
First Quarter 2003 - Page 3
Operational Results
PROPERTY OPERATIONS First quarter revenue from property operations of
$378.8 million was up $64.3 million or 20% compared with the first quarter
2002 primarily due to increased revenue from acquisitions and newly
consolidated properties totaling $81.8 million, somewhat offset by a $17.1
million reduction in consolidated "Same Store" revenue (See Supplemental
Schedule VIII). The average conventional property monthly rent per unit
was $720 compared with $731 in the same period last year.
First quarter expenses from property operations of $168.0 million were up
$51.9 million or 45% compared with the first quarter 2002 primarily due to
expenses associated with acquisitions and newly consolidated properties
totaling $36.5 million. In addition, consolidated "Same Store" expenses
were up $13.2 million including higher expenses related to unusually
severe weather, turnover, marketing and other as described under "Same
Store" Property Results.
Total income from property operations was $210.8 million, up $12.4 million
or 6.3% compared with the first quarter 2002. This included net operating
income of $33.9 million from acquisitions made during 2002, including:
- Properties acquired in the Casden merger, which have performed in-line
with pro forma expectations and enjoyed a 90 basis point increase in
occupancy during the quarter;
- New England area properties, whose operating results were adversely
affected by increased vacancy due to job losses in the local economy
and increased expenses due to snow and cold weather. Occupancy averaged
91.1% for the quarter and had recovered to 94.8% at the end of April;
- The Villas at Park La Brea, the first phase of a three-phase project
currently in lease-up, enjoyed an increase in leased units from
approximately 70% at the beginning of the quarter to approximately 80%
at quarter-end. Aimco expects this property to reach stabilization in
the third quarter, ahead of projections.
For the first quarter, occupancy averaged 89.6% on the conventional
portfolio compared with 91.3% in the first quarter 2002, turnover of 12%
compared with 14% in the first quarter 2002, and average concessions of
$17 per unit compared with $10 in the first quarter 2002. Concessions are
considered in the calculation of average monthly rent.
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Apartment Investment and Management Company
First Quarter 2003 - Page 4
<Table>
<Caption>
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PROPERTY OPERATING METRICS
First Quarter Sequential
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2003 2002 Variance 4th Qtr 02 Variance
- -----------------------------------------------------------------------------------------------------------------------
Average Physical Occupancy 89.6% 91.3% -170bp 90.3% -70bp
Average Rent/unit $ 720 $ 731 -1.5% $ 725 -0.7%
Revenue $ 378.8 $ 314.5 20.4% $ 379.4 -0.2%
Expenses (168.0) (116.1) 44.7% (154.2) 8.9%
- -----------------------------------------------------------------------------------------------------------------------
NOI ($mm) $ 210.8 $ 198.4 6.2% $ 225.2 -6.4%
- -----------------------------------------------------------------------------------------------------------------------
</Table>
Capital Replacements were $26.1 million and Capital Enhancements were $0.7
million in the quarter, which totals are deducted in calculating AFFO.
This compares with $18.2 million in Capital Replacements in the first
quarter 2002. Aimco did not deduct Capital Enhancements in calculating
AFFO prior to the second quarter 2002. Capital Replacement and Capital
Enhancement spending is expected to total between $500 and $525 per unit
for the full year 2003, although first quarter spending was ratably
higher.
<Table>
<Caption>
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CAPITAL REPLACEMENT & CAPITAL ENHANCEMENT EXPENDITURES
2003 2002
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First Quarter First Quarter
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Capital Replacements $ 26 $ 18
Capital Enhancements 1 -
- -----------------------------------------------------------------------------------------------
Total ($mm) $ 27 $ 18
Capital Replacements per unit $ 146 $ 110
Capital Enhancements per unit 4 -
- -----------------------------------------------------------------------------------------------
Total ($/unit) $ 150 $ 110
</Table>
"SAME STORE" PROPERTY RESULTS "Same Store" results reflect the performance
of conventional communities whose ownership exceeds 10% and are stabilized
within Aimco's portfolio during both the current and comparable prior year
period. These results measure operating performance without variations
caused by investment transactions. "Same Store" consolidated properties
accounted for 75% of Income from Property Operations in the first quarter
2003. "Same Store" consolidated properties include 537 properties and
153,415 units.
Historically, Aimco's "Same Store" results have measured Aimco's effective
ownership in "Same Store" communities and have included Aimco's ownership
interest in unconsolidated "Same Store" properties as well as subtracted
the minority interest share of consolidated
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Apartment Investment and Management Company
First Quarter 2003 - Page 5
properties (see reconciliation on Supplemental Schedule VIII). In keeping
with this definition, the "Same Store" portfolio accounted for 76% of Real
Estate Free Cash Flow (Free Cash Flow, "FCF", is a non-GAAP measure
defined in the Glossary and presented and reconciled to GAAP income on
Supplemental Schedule II). "Same Store" Free Cash Flow is generated from
618 "Same Store" communities with a total of 170,693 apartment units in
which Aimco has a weighted average 81.6% ownership (see Supplemental
Schedule IX).
Revenue from the "Same Store" portfolio was $273.9 million compared
with $291.2 million in the first quarter 2002. The decrease in revenue
of $17.3 million or 6.0% is due primarily to (i) a decline in occupancy
by 230 basis points to 90.3%, and (ii) a 2.7% decrease in the average
"Same Store" rent from $701 to $682 per apartment. "Same Store" expenses
of $113.8 million increased by $12.5 million or 12.3% compared with the
first quarter 2002. Increased expenses were primarily due to: (i) weather
related increases estimated at $4.3 million, due to increased utility
expenses and snow removal; (ii) expenses related to making apartments
ready for spring leasing of approximately $2.9 million, including turnover
and marketing; (iii) reduced payroll capitalized in connection with
capitalized costs of $2.1 million; (iv) increased property taxes of $1.0
million; and, (v) increased other expenses of $2.2 million, including
contract services, repairs and maintenance and administration. "Same
Store" portfolio net operating income was $160.0 million for the quarter,
down 15.7% from the first quarter 2002.
Comparing "Same Store" results on a sequential basis, Aimco's "Same Store"
portfolio experienced a decline in occupancy from 91.1% in the fourth
quarter 2002 to 90.3% in the first quarter 2003. "Same Store" average rent
declined from $691 in the fourth quarter 2002 to $682 in the first quarter
2003. "Same Store" portfolio net operating income declined $14.5 million,
or 8.3% on a sequential basis.
<Table>
<Caption>
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SAME STORE OPERATING RESULTS
First Quarter Sequential
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2003 2002 Variance 4th Qtr 02 Variance
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Average Physical Occupancy 90.3% 92.6% -230bp 91.1% -80bp
Average Rent/unit $ 682 $ 701 -2.7% $ 691 -1.3%
Revenue $ 273.88 $ 291.23 -6.0% $ 280.41 -2.3%
Expenses (113.8) (101.4) 12.3% (105.9) 7.5%
- -----------------------------------------------------------------------------------------------------------------------
NOI ($mm) $ 160.00 $ 189.86 -15.7% $ 174.50 -8.3%
- -----------------------------------------------------------------------------------------------------------------------
</Table>
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Apartment Investment and Management Company
First Quarter 2003 - Page 6
During the first quarter, Aimco operations worked to reverse this decline
in Same Store revenue, notwithstanding the highly competitive conditions
in certain markets. Occupancy increased each month during the quarter,
ending March at approximately 91.0%. As of the end of April, average Same
Store occupancy was 92.3% and average rent was $682.
Investment Management Activity
Income from Investment Management was $4.7 million, up from $3.3 million
in the first quarter of 2002. Income earned from property management and
fees associated with asset management, construction management,
refinancing, dispositions, development and other services to affiliated
partnerships was $7.7 million in the quarter compared with $5.9 million in
the prior year period, primarily due to higher fees earned from Aimco
Capital activities. Income earned from property management and fees in the
first quarter 2003 was somewhat offset by insurance expenses of $2.5
million and a $0.9 million charge for the relocation of corporate
headquarters. In addition, Management expenses were reduced by $8.0
million by the reversal of a valuation reserve on deferred tax assets
resulting in a tax benefit.
Income from Investment Management also includes $0.3 million from
providing property management to unrelated third parties owning 98
properties with 11,180 units and expenses of $0.8 million from
amortization of management contracts.
INTEREST INCOME AND GENERAL PARTNER LOANS Interest and Other Income was
$6.5 million, a decrease of $12.2 million from the first quarter of
2002, primarily due to lower accretion recorded in 2003. Total Interest
and Other Income included interest income from General Partner loans of
$4.8 million, a decrease of $3.3 million compared with the first
quarter 2002 due to collection of notes receivable.
Notes receivable from affiliated partnerships were $158.3 million ($241.8
million face value) at quarter-end versus $249.1 million at March 31,
2002, a reduction of $90.8 million or 36%. Aimco recognized transactional
income (accretion) of $1.1 million, and impairments of $0.7 million, in
the quarter compared with $10.1 million in accretion and no impairments in
the first quarter 2002.
G&A General and Administrative expenses for the quarter were $5.4 million,
up from $3.1 million in the first quarter 2002. The $2.3 million increase
is primarily due to: (i) $0.5 million for increased compensation related
to additional employees in corporate legal, dispositions and accounting;
(ii) $0.3 million in increased compensation due to promotions; (iii) $0.2
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Apartment Investment and Management Company
First Quarter 2003 - Page 7
million for increased accounting and legal fees related to compliance; and
(iv) $0.8 million in higher amortization of stock compensation, including
$0.2 million for expensing stock options.
GAIN (LOSS) ON DISPOSITIONS AND INCOME (LOSS) FROM DISCONTINUED OPERATIONS
Aimco recognized a gain on dispositions of $0.3 million compared with a
loss of $4.0 million in the first quarter 2002. In addition, Loss From
Discontinued Operations includes an impairment charge of $5.3 million
relating to the carrying value of certain properties held for sale.
SUMMARY OF FIRST QUARTER PERFORMANCE EPS of $0.00 was less than the
projected range of $0.06 to $0.12 due primarily to the shortfall in income
from property operations.
FFO per share of $0.90 was in line with estimates as revised on March 14,
2003. Comparing FFO on a sequential basis, per share FFO declined $0.15
from the $1.05 earned in the fourth quarter 2002 due to:
<Table>
<Caption>
Fourth quarter 2002 FFO per share $1.05
Fourth quarter 2002 Other Expenses of $5.2mm and Loan Losses of $4.2mm
non-recurring in 1Q03 0.08
Income from property operations (0.10)
Interest and Other Income, primarily due to reduced accretion (0.12)
Investment Management Income, impacted by casualty loss, offset by tax benefit (0.01)
------
First quarter 2003 FFO per share $0.90
</Table>
Transaction and Redevelopment Activity
ACQUISITIONS During the first quarter, Aimco purchased interests in 25
partnerships owning 31 properties for an aggregate of $6.4 million. Aimco
also purchased for $5 million a 34 unit conventional property located on
East 73rd Street in Manhattan.
DISPOSITIONS Aimco regularly reviews its portfolio to identify properties
that do not meet long-term investment criteria and seeks to sell these
properties.
During the first quarter, Aimco sold 18 properties including 3,909
apartment units for $128 million in gross proceeds, generating net cash
proceeds to Aimco of $38 million after
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Apartment Investment and Management Company
First Quarter 2003 - Page 8
payment of mortgage debt and limited partner interests. Of the properties
sold, eleven were conventional, six were affordable and one was
commercial. See the chart below for additional information on disposition
activity. The FCF Yield is calculated as the FCF earned by the properties
during the 12 months prior to their sale divided by the sales price. FCF
includes a $525 per unit deduction for Capital Replacements and is before
debt service.
<Table>
<Caption>
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FIRST QUARTER PROPERTY SALES ACTIVITY
Number Gross Property Net Sales Aimco Net Average
of Proceeds FCF Debt Proceeds Proceeds Rent
Units ($mm) Yield ($mm) ($mm) ($mm) ($/unit)
- --------------------------------------------------------------------------------------------------------------------
Conventional 3,163 $ 105 8.8% $ 63 $ 39 $ 35 $ 514
Affordable 746 $ 22 6.5% $ 15 $ 6 $ 3 $ 493
Commercial na $ 1 na $ - $ 1 $ - na
- --------------------------------------------------------------------------------------------------------------------
Total Dispositions 3,909 $ 128 8.4% $ 78 $ 46 $ 38 $ 510
- --------------------------------------------------------------------------------------------------------------------
</Table>
Aimco currently has 125 conventional properties (approximately 32,000
units with average rents of $510 per unit) and 140 affordable
properties (approximately 13,000 units with average rents of
approximately $485 per unit) being marketed for sale and anticipates
gross sales proceeds of approximately $800 to $900 million through the
remainder of 2003. Aimco expects that its share of cash from these
dispositions, net of partner interests and after mortgage debt, will be
approximately $210 to $250 million.
REDEVELOPMENT ACTIVITY At quarter-end, Aimco had seven conventional
redevelopment properties with 3,327 units and two affordable properties
with 467 units undergoing redevelopment. Redevelopment expenditures in the
quarter were $24.2 million of which Aimco's share was $19.0 million.
Redevelopment expenditures for the seven conventional projects is expected
to total $374 million, including unconsolidated interests, of which
approximately $43 million remains to be spent. Aimco's share of total
redevelopment spending is $289 million, of which approximately $28 million
remains to be spent.
Aimco's largest redevelopment, Flamingo Resort Residences with 1,688
apartments located in Miami Beach, Florida, has 815 completed units and
873 units under redevelopment. Final completion, including all units,
commercial areas and the north pool and fitness center, is expected by
year-end. Of the 815 completed units 786, or 96%, were occupied in
March with rent levels well ahead of projections. Calhoun Beach Club,
located in Minneapolis, Minnesota in which Aimco invested $32 million
in redevelopment spending, was completed
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Apartment Investment and Management Company
First Quarter 2003 - Page 9
last fall and is expected to reach stabilization in the third quarter with
occupancy at 89% at the end of April.
Balance Sheet and Liquidity
FINANCING ACTIVITY During the first quarter, Aimco closed seven
conventional property mortgage loans generating $49.9 million of total
proceeds at a weighted average interest rate of 4.93%. After repayment of
existing debt, transaction costs and distributions to limited partners
totaling $20.4 million, Aimco's share of net proceeds was $13.3 million.
<Table>
<Caption>
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FIRST QUARTER MORTGAGE REFINANCINGS
Mortgage Type (all non-recourse) Loan Amount Net Proceeds Rate
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Conventional Fixed Rate - 18-20 year fully amortizing $ 15.7 $ 3.7 5.99%
Conventional Fixed Rate - 10 year, 30 year amortization 26.6 8.6 4.90%
Conventional Variable Rate 7.6 1.0 2.84%
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Totals $ 49.9 $ 13.3 4.93%
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</Table>
At quarter-end, Aimco's consolidated mortgage debt was $5,809 million. In
addition, Aimco had $471 million in short-term debt, including $104
million on the Casden term loan and $367 million borrowed on its line of
credit.
Aimco's pro rata share of mortgage debt (including total consolidated debt
and its share of unconsolidated debt) was $6,271 million at quarter-end
(see Supplemental Schedule V for detail). This total had a weighted
average maturity of 14 years and weighted average interest rate of 6.58%.
Further, 84% was fixed rate debt and 16% was variable rate debt.
Seventy-eight percent of variable rate debt is tax exempt.
<Table>
<Caption>
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CAPITAL STRUCTURE AT MARCH 31, 2003
At Percent At Percent At Percent At Percent
June 30, 02 of Total Sept. 30, 02 of Total Dec. 31, 02 of Total Mar. 31, 03 of Total
- ---------------------------------------------------------------------------------------------------------------------------------
Short-term debt $ 150 1% $ 420 4% $ 406 4% $ 471 4%
(1) Long-term debt 5,198 45% 5,522 49% 5,715 51% 5,667 51%
Preferred equity 1,131 10% 1,083 10% 1,080 10% 1,079 10%
Common equity
at market 5,113 44% 4,104 37% 3,967 35% 3,860 (2) 35%
- ---------------------------------------------------------------------------------------------------------------------------------
Total Capitalization $ 11,592 100% $ 11,129 100% $ 11,168 100% $ 11,077 100%
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</Table>
(1) Aimco share of debt excluding the minority interest in consolidated debt,
see Supplemental Schedule V
(2) 105.813 million shares outstanding at March 31, 2003 times the closing
price of $36.48 per share
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Apartment Investment and Management Company
First Quarter 2003 - Page 10
Subsequent to quarter-end and announced on May 1, Aimco sold $100 million
of newly issued Class S Cumulative Redeemable Preferred Stock through a
private placement to an institutional investor. The initial dividend rate
will be based on three month LIBOR plus 275 basis points. Aimco intends to
use the proceeds from the sale to redeem certain preferred securities,
which have dividend rates ranging from 8.75% to 10%. Prior to the
redemption date of those preferred securities, Aimco will use the
proceeds to pay down the credit facility.
LIQUIDITY As of May 5, 2003 Aimco's line of credit had a balance
outstanding of $222 million and availability of $178 million, before
letters of credit of $12 million.
Outlook
Please see Supplemental Schedule XII in the full-text release for
Aimco's updated Outlook for the second quarter and full year 2003.
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Apartment Investment and Management Company
First Quarter 2003 - Page 11
Earnings Conference Call
Please join Aimco management for First Quarter 2003 earnings conference
call to be held tomorrow, Wednesday, May 7, 2003 at 2:00 p.m. eastern
time. You may participate in the conference call by dialing 888-228-8198,
or 706-634-5947 for international callers. Please call approximately five
minutes before the conference call is scheduled to begin and indicate that
you wish to join the Apartment Investment and Management Company First
Quarter 2003 earnings conference call. The live conference call can also
be accessed through the Internet via Aimco's website at
www.aimco.com/about.asp and clicking on the webcast link.
Forward-looking Assumptions
This earnings release and supplemental schedules contain forward-looking
statements including statements regarding 2003 results that are subject to
certain risks and uncertainties, including but not limited to Aimco'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; governmental regulations; competition;
financing risks; variations in real estate values; the failure of
acquisitions to perform in accordance with expectations; litigation;
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 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 1,760 properties, including
approximately 313,000 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. Aimco has been recently included
in the S&P 500.
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AIMCO 1ST QUARTER 2003
Financial Statements and Supplemental Information
[PHOTO OF APARTMENT BUILDING] [PHOTO OF APARTMENT BUILDING]
Calhoun Beach Club - Minneapolis, Township at Highlands - Littleton,
Minnesota 230 apartments Colorado 161 apartments and
townhomes
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Apartment Investment and Management Company
First Quarter 2003 - Page 2
GAAP INCOME STATEMENTS
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CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<Table>
<Caption>
For the Three Months Ended March 31,
2003 2002
----------- -----------
RENTAL PROPERTY OPERATIONS:
Rental and other property revenues $ 378,815 $ 314,454
Property operating expenses [a] [b] (168,033) (116,095)
----------- -----------
Income from property operations 210,782 198,359
----------- -----------
INVESTMENT MANAGEMENT BUSINESS:
Management fees and other income primarily from affiliates [a] 18,633 22,617
Management and other expenses [a] (13,051) (18,231)
Amortization of intangibles (837) (1,124)
----------- -----------
Income from investment management business 4,745 3,262
----------- -----------
General and administrative expenses (5,445) (3,096)
Provision for losses on notes receivable (697) -
Depreciation of rental property (85,343) (67,080)
Interest expense (94,444) (78,774)
Interest and other income 6,513 18,719
Equity in earnings (losses) of unconsolidated real estate (1,682) 3,481
partnerships [c]
Minority interest in consolidated real estate partnerships (1,142) (3,193)
----------- -----------
INCOME FROM OPERATIONS 33,287 71,678
Gain (loss) on dispositions of real estate 317 (3,962)
Distributions to minority partners in excess of income (5,471) 1,586
----------- -----------
INCOME BEFORE MINORITY INTEREST IN AIMCO OPERATING PARTNERSHIP
AND DISCONTINUED OPERATIONS 28,133 69,302
Minority interest in Aimco Operating Partnership (2,603) (9,714)
----------- -----------
INCOME FROM CONTINUING OPERATIONS 25,530 59,588
Discontinued operations:
Income (loss) from discontinued operations, net of tax of $1,328
and $768 for the three months ended March 31, 2003 and 2002,
respectively [d] (3,707) 10,471
----------- -----------
NET INCOME $ 21,823 $ 70,059
----------- -----------
Net income attributable to preferred stockholders $ 22,141 $ 25,479
----------- -----------
Net income (loss) attributable to common stockholders $ (318) $ 44,580
=========== ===========
Weighted average number of common shares outstanding 92,692 74,845
=========== ===========
Weighted average number of common shares and common share
equivalents outstanding 92,692 76,240
=========== ===========
- ------------------------------------------------------------------------------------------------------
Earnings per common share - basic:
Income from continuing operations (net of preferred dividends) $ 0.04 $ 0.45
=========== ===========
Net income (loss) attributable to common stockholders $ 0.00 $ 0.59
=========== ===========
Earnings per common share - diluted:
Income from continuing operations (net of preferred dividends) $ 0.04 $ 0.44
=========== ===========
Net income (loss) attributable to common stockholders $ 0.00 $ 0.58
=========== ===========
[a] In accordance with consolidation accounting principles the following fees
were eliminated from investment management income and the associated expense
was accordingly eliminated from rental property operations (in thousands):
<Caption>
Quarter Ended Quarter Ended
31-Mar-03 31-Mar-02
----------- -----------
Management fee income $ 21,895 $ 9,395
Reimbursement fee income 4,023 5,470
[b] Includes $2.2 million and $1.4 million of third party property management
expense for the three months ended March 31, 2003 and 2002, respectively.
[c] In first quarter 2003, represents Aimco's share of losses from 74,444
apartment units in which Aimco holds an equity interest.
[d] Income (loss) from discontinued operations of consolidated properties is
broken down as follows (in thousands):
<Caption>
Quarter Ended Quarter Ended
31-Mar-03 31-Mar-02
----------- -----------
Income (loss) from operations $ (409) $ 3,321
Gain (loss) on dispositions of real estate, net (2,195) 7,918
Distributions to minority partners in excess of income 225 -
Income tax arising from disposals (primarily deferred) (1,328) (768)
----------- -----------
Income (loss) from discontinued operations (3,707) 10,471
----------- -----------
</Table>
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Apartment Investment and Management Company
First Quarter 2003 - Page 3
GAAP BALANCE SHEET
- --------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
AS OF AS OF
MARCH 31, 2003 DECEMBER 31, 2002
----------------- -----------------
ASSETS
Real estate, net of accumulated depreciation $ 9,020,486 $ 8,895,302
Cash and cash equivalents 106,917 99,553
Restricted cash 212,453 224,884
Accounts receivable 78,389 85,553
Accounts receivable from affiliates 56,694 47,060
Deferred financing costs 73,605 73,168
Notes receivable, primarily from unconsolidated real estate partnerships 158,250 169,238
Investment in unconsolidated real estate partnerships 332,054 367,851
Other assets 262,085 260,717
Assets held for sale 69,649 93,275
----------------- -----------------
TOTAL ASSETS $ 10,370,582 $ 10,316,601
================= =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Secured tax-exempt bond financing $ 1,237,874 $ 1,239,572
Secured notes payable 4,571,523 4,566,788
Term loan 104,387 115,011
Credit facility 367,000 291,000
----------------- -----------------
TOTAL INDEBTEDNESS 6,280,784 6,212,371
Accounts payable 16,031 12,136
Accrued liabilities and other 369,792 297,575
Deferred income 30,060 15,445
Security deposits 42,206 41,065
Deferred taxes 28,451 36,680
Liabilities related to assets held for sale 52,999 72,301
----------------- -----------------
TOTAL LIABILITIES 6,820,323 6,687,573
----------------- -----------------
Minority interest in consolidated real estate partnerships 78,193 75,535
Mandatorily redeemable convertible preferred securities 15,169 15,169
Minority interest in Aimco Operating Partnership 362,395 374,937
STOCKHOLDERS' EQUITY
Class A Common Stock 938 938
Additional paid-in capital 3,053,033 3,050,057
Perpetual preferred stock 552,520 552,520
Convertible preferred stock 392,492 392,492
Distributions in excess of earnings (852,846) (776,577)
Unvested restricted stock (6,125) (7,079)
Notes due on common stock purchases (45,510) (48,964)
----------------- -----------------
3,094,502 3,163,387
----------------- -----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,370,582 $ 10,316,601
================= =================
</Table>
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 4
GAAP STATEMENTS OF CASH FLOWS
- --------------------------------------------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
THREE MONTHS ENDED THREE MONTHS ENDED
MARCH 31, 2003 MARCH 31, 2002
-------------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 21,823 $ 70,059
Total adjustments to reconcile net income 94,829 49,785
-------------- --------------
Net cash provided by operating activities 116,652 119,844
-------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Initial capital expenditures (6,609) (2,294)
Capital Replacements (26,879) (20,412)
Capital Enhancements (663) (2,028)
Redevelopment (24,199) (45,395)
Proceeds from sales of property 79,766 30,304
Purchase of general and limited partnership interests and other assets (12,773) (25,639)
Purchase of notes receivable (9,645) (24,432)
Proceeds from repayment of notes receivable 9,452 14,106
Cash paid in connection with merger/acquisitions and related costs (3,406) (210,819)
Distributions received from investments in
unconsolidated real estate partnerships 20,859 2,729
Other investing activities (558) (6,910)
-------------- --------------
Net cash provided by (used in) investing activities 25,345 (290,790)
-------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from secured notes payable borrowings 24,120 29,944
Principal repayments on secured notes payable (96,852) (51,736)
Net borrowings on term loan and revolving credit facilities 65,376 296,501
Proceeds from issuance of common and preferred stock,
exercise of options/warrants 332 28,713
Payment of common stock dividends (76,001) (60,764)
Payment of preferred stock dividends (22,092) (25,384)
Payment of distributions to minority interest (29,376) (16,493)
Other financing activities (140) (2,503)
-------------- --------------
Net cash (used in) provided by financing activities (134,633) 198,278
-------------- --------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 7,364 27,332
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 99,553 80,000
-------------- --------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 106,917 $ 107,332
============== ==============
</Table>
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 5
GLOSSARY
GLOSSARY OF NON-GAAP FINANCIAL AND OPERATING MEASUREMENTS Financial and
operational measurements found in the Earnings Release and Supplemental
Information include certain non-GAAP financial measurements standardly used by
Aimco management. Measurements include FFO, which is an industry-accepted
measurement as based on the definition of the National Association of Real
Estate Investment Trusts (NAREIT). These terms are defined below and, where
appropriate, reconciled to the most comparable Generally Accepted Accounting
Principles (GAAP) measurements on the accompanying Supplemental Schedules.
FUNDS FROM OPERATIONS (FFO): is a commonly used term defined by NAREIT as net
income (loss), computed in accordance with GAAP, excluding gains and losses from
extraordinary items, dispositions of depreciable real estate property, disposals
of discontinued operations, net of related income taxes, plus real estate
related depreciation and amortization (excluding amortization of financing
costs), including depreciation for unconsolidated real estate partnerships,
joint ventures and discontinued operations. Aimco calculates FFO based on the
NAREIT definition, as further adjusted for the minority interest in the Aimco's
operating partnership (Aimco Properties, L.P.), plus amortization of
intangibles, plus distributions to minority partners in excess of income and
less dividends on preferred stock. Aimco calculates FFO (diluted) by adding back
the interest expense and preferred dividends relating to convertible securities
the conversion of which is dilutive to FFO. This supplemental measure captures
real estate performance by recognizing that real estate generally appreciates
over time or maintains residual value to a much greater extent than do other
depreciable assets such as machinery, computers or other personal property.
There can be no assurance that Aimco's method for computing FFO is comparable
with that of other real estate investment trusts.
Please see Schedules I and II for FFO data reconciled to Net Income as
determined in accordance with GAAP.
ADJUSTED FUNDS FROM OPERATIONS (AFFO): is FFO less both Capital Replacement
expenditures and Capital Enhancement expenditures. Similar to FFO, AFFO captures
real estate performance by recognizing that real estate generally appreciates
over time or maintains residual value to a much greater extent than do other
depreciating assets such as machinery, computers or other personal property, and
AFFO also reflects that Capital Replacements are necessary to maintain the
associated real estate assets.
Please see Schedules I and II for AFFO data reconciled to Net Income as
determined in accordance with GAAP.
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 6
FREE CASH FLOW (FCF): Because Aimco has substantial unconsolidated real estate
interests, it is useful for management and investors to understand, in addition
to consolidated cash flows, cash flows as related to Aimco's unconsolidated real
estate holdings. FCF, as defined by Aimco includes net operating income from
real estate minus Capital Replacement and Capital Enhancement spending. FCF also
includes cash flows generated from the Investment Management Business, General
and Administrative expenses and other expenses incurred by the company. FCF
measures profitability of operations and is prior to the cost of capital.
Please see Schedule II for FCF data reconciled to Net Income as determined in
accordance with GAAP.
UNCONSOLIDATED BALANCE SHEET ITEMS: such as Aimco's share of unconsolidated
cash, unconsolidated restricted cash, unconsolidated accounts receivable and
unconsolidated debt are components of Balance Sheet line items on the GAAP
Financial Statements that are useful in understanding Aimco's proportionate
share of assets and liabilities, prior to consolidation in GAAP financial
statements.
SAME STORE SALES: represents an operating measure that is used commonly to
describe properties that have been in the portfolio for a period of time and
therefore serve as a good basis upon which to review comparative performance
data. Aimco's definition of Same Store communities are conventional communities
that are owned and have reached a stabilized level of occupancy during both the
current and comparable prior year period. Aimco provides data for consolidated
Same Store properties as well as its proportionate share of consolidated and
unconsolidated Same Store properties.
Please see Schedules VIII through XI for Same Store data reconciled to Net
Operating Income as determined in accordance with GAAP.
CAPITAL REPLACEMENT AND CAPITAL ENHANCEMENTS (CR & CE): are operating measures
and components of total capital expenditures. CR spending can be equated with
maintenance capital in other industries and is spending invested to maintain
Aimco's assets. CE spending is spending to improve Aimco's assets.
CR and CE spending are components of capital expenditures denoted as line items
in the GAAP Statement of Cash Flows.
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 7
SUPPLEMENTAL SCHEDULE I
- --------------------------------------------------------------------------------
FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<Table>
<Caption>
FOR THE THREE MONTHS
ENDED MARCH 31,
----------------------------
2003 2002
----------- -----------
OPERATING ACTIVITIES:
Net Income $ 21,823 $ 70,059
Minority interest in Aimco Operating Partnership 2,603 9,714
Real estate depreciation, net of minority interest 77,302 59,186
Real estate depreciation related to unconsolidated entities 6,503 7,966
(Gain) loss on dispositions of real estate (317) 3,962
Distributions to minority partners in excess of income 5,471 (1,586)
Amortization of intangibles 837 1,124
Discontinued operations:
(Gain) loss on dispositions of real estate, net of minority interest 2,195 (7,918)
Real estate depreciation, net of minority interest 1,398 3,539
Distributions to minority partners in excess of income (225) -
Income tax arising from disposals 1,328 768
Preferred stock dividends and distributions (17,647) (11,836)
Interest expense on mandatorily redeemable convertible
preferred securities 247 260
----------- -----------
FUNDS FROM OPERATIONS $ 101,518 $ 135,238
Capital Replacements (26,082) (18,167)
Capital Enhancements [a] (663) -
Non-dilutive preferred stock dividends and distributions (6,315) -
----------- -----------
ADJUSTED FUNDS FROM OPERATIONS $ 68,458 $ 117,071
=========== ===========
FUNDS FROM OPERATIONS:
Weighted average common shares, common share equivalents and Operating
Partnership units outstanding:
Common shares and equivalents 100,265 92,398
Operating Partnership units and equivalents 12,023 12,011
----------- -----------
112,288 104,409
=========== ===========
ADJUSTED FUNDS FROM OPERATIONS:
Weighted average common shares, common share equivalents and Operating
Partnership units outstanding:
Common shares and equivalents 94,179 92,398
Operating Partnership units and equivalents 12,023 12,011
----------- -----------
106,202 104,409
=========== ===========
PER COMMON SHARE:
Funds From Operations $ 0.90 $ 1.30
Adjusted Funds From Operations $ 0.64 $ 1.12
Dividends Declared $ 0.82 $ 0.82
</Table>
- --------------------------------------------------------------------------------
[a] In second quarter of 2002, Aimco determined to deduct Capital Enhancements,
as well as Capital Replacements, to calculate Free Cash Flow and Adjusted Funds
From Operations on a prospective basis.
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 8
SUPPLEMENTAL SCHEDULE II
- --------------------------------------------------------------------------------
FREE CASH FLOW FROM BUSINESS SEGMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2003
(IN THOUSANDS, EXCEPT UNIT DATA)
(UNAUDITED)
<Table>
<Caption>
CONSOLIDATED UNCONSOLIDATED TOTAL %
------------ -------------- ---------- --------
REAL ESTATE
Conventional Apartments
Average monthly rent greater than $1,200 per unit (10,273 equivalent units) $ 23,073 $ 970 $ 24,043 13.2%
Average monthly rent $1,000 to $1,200 per unit (9,771 equivalent units) 18,772 314 19,086 10.4%
Average monthly rent $900 to $1,000 per unit (14,436 equivalent units) 21,465 546 22,011 12.0%
Average monthly rent $800 to $900 per unit (8,687 equivalent units) 12,966 317 13,283 7.3%
Average monthly rent $700 to $800 per unit (18,155 equivalent units) 18,677 683 19,360 10.6%
Average monthly rent $600 to $700 per unit (33,587 equivalent units) 35,193 979 36,172 19.8%
Average monthly rent $500 to $600 per unit (41,270 equivalent units) 30,850 1,121 31,971 17.5%
Average monthly rent less than $500 per unit (22,684 equivalent units) 10,297 337 10,634 5.8%
----------- -------------- ---------- --------
Subtotal conventional real estate contribution to Free Cash Flow 171,293 5,267 176,560 96.6%
Affordable Apartments (25,454 equivalent units) 11,883 4,113 15,996 8.8%
College housing (2,825 equivalent units) 2,724 95 2,819 1.5%
Other real estate 648 - 648 0.4%
Minority interest (19,184) - (19,184) -10.6%
----------- -------------- ---------- --------
TOTAL REAL ESTATE CONTRIBUTION TO FREE CASH FLOW 167,364 9,475 176,839 96.7%
INVESTMENT MANAGEMENT BUSINESS
Management contracts (property and asset management)
Controlled properties 3,366 - 3,366 1.8%
Third party with terms in excess of one year 231 - 231 0.1%
Third party cancelable in 30 days 85 - 85 0.0%
Insurance operations (2,471) - (2,471) -1.1%
----------- -------------- ---------- --------
Investment management business contribution to Free Cash Flow 1,211 - 1,211 0.7%
before activity based fees
Activity based fees 4,371 - 4,371 2.4%
----------- -------------- ---------- --------
TOTAL INVESTMENT MANAGEMENT BUSINESS CONTRIBUTION TO FREE CASH FLOW 5,582 - 5,582 3.1%
INTEREST AND OTHER INCOME
General partner loan interest 4,756 - 4,756 2.6%
Transactional income 1,053 - 1,053 0.6%
Money market and interest bearing accounts 704 - 704 0.4%
----------- -------------- ---------- --------
TOTAL INTEREST AND OTHER INCOME CONTRIBUTION TO FREE CASH FLOW 6,513 - 6,513 3.6%
General and administrative expenses (5,445) - (5,445) -3.0%
Provision for losses on notes receivable (697) - (697) -0.4%
----------- -------------- ---------- --------
FREE CASH FLOW $ 173,317 $ 9,475 $ 182,792 100.0%
----------- -------------- ---------- --------
</Table>
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 9
SUPPLEMENTAL SCHEDULE II (CONTINUED)
- --------------------------------------------------------------------------------
FREE CASH FLOW FROM BUSINESS SEGMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2003
(IN THOUSANDS, EXCEPT PER SHARE/UNIT DATA)
(UNAUDITED)
<Table>
<Caption>
BASIC DILUTED
--------------------------------------- ----------
CONSOLIDATED UNCONSOLIDATED TOTAL TOTAL
------------ ------------ --------- ----------
FREE CASH FLOW $ 173,317 $ 9,475 $ 182,792 $ 182,792
Cost of Senior Capital
Interest expense:
Secured debt:
Long-term, fixed rate (83,221) (6,898) (90,119) (90,119)
Long-term, variable rate (principally tax-exempt) (4,892) (449) (5,341) (5,341)
Short-term (5,761) (58) (5,819) (5,819)
Lines of credit and other unsecured debt (5,293) - (5,293) (5,293)
Interest expense on mandatorily redeemable convertible
preferred securities (247) - (247) -
Interest capitalized 4,970 240 5,210 5,210
------------ ------------ ---------- ----------
Total interest expense before minority interest (94,444) (7,165) (101,609) (101,362)
Minority interest share of interest expense 10,001 - 10,001 10,001
------------ ------------ ---------- ----------
Total interest expense after minority interest (84,443) (7,165) (91,608) (91,361)
Distributions on preferred OP units (2,621) - (2,621) -
Dividends on preferred stock (22,141) - (22,141) (17,647)
------------ ------------ ---------- ----------
Total distributions/dividends on preferred OP units and stock (24,762) - (24,762) (17,647)
Capital Replacements/Enhancements 24,234 2,511 26,745 26,745
Amortization of intangibles (837) - (837) (837)
Gain on dispositions of real estate 317 - 317 317
Loss from discontinued operations (3,707) - (3,707) (3,707)
Depreciation, net of minority interest (77,302) (6,503) (83,805) (83,805)
Distributions to minority partners in excess of income (5,471) (5,471) (5,471)
Interest expense on mandatorily redeemable convertible
preferred securities - - - (247)
Preferred equity dividends - - - (7,115)
------------ ------------ ---------- ----------
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON OP UNITHOLDERS AND STOCKHOLDERS 1,346 (1,682) (336) (336)
Gain on dispositions of real estate (317) - (317) (317)
Discontinued operations:
Loss on dispositions of real estate, net of minority interest 2,195 - 2,195 2,195
Real estate depreciation, net of minority interest 1,398 - 1,398 1,398
Distributions to minority partners in excess of income (225) - (225) (225)
Income tax arising from disposals 1,328 - 1,328 1,328
Depreciation, net of minority interest 77,302 6,503 83,805 83,805
Distributions to minority partners in excess of income 5,471 - 5,471 5,471
Amortization of intangibles 837 - 837 837
Interest expense on mandatorily redeemable convertible preferred securities - - - 247
Preferred equity dividends - - - 7,115
------------ ------------ ---------- ----------
FUNDS FROM OPERATIONS 89,335 4,821 94,156 101,518
Capital Replacements (23,584) (2,498) (26,082) (26,082)
Capital Enhancements (650) (13) (663) (663)
Non-dilutive preferred stock dividends and distributions - - - (6,315)
------------ ------------ ---------- ----------
ADJUSTED FUNDS FROM OPERATIONS $ 65,101 $ 2,310 $ 67,411 $ 68,458
============ ============ ========== ==========
</Table>
<Table>
<Caption>
EARNINGS (LOSS) SHARES/UNITS PER SHARE/UNITS
------------ ------------ ----------
Net Income (Loss)
Basic (336) 104,715 $ 0.00
Diluted (336) 104,715 $ 0.00
FFO
Basic 94,156 104,715
Diluted 101,518 112,288
AFFO
Basic 67,411 104,715
Diluted 68,458 106,202
- --------------------------------------------------------------------------------
RECONCILIATION OF FCF, FFO AND AFFO TO NET INCOME:
<Caption>
FOR THE THREE MONTHS ENDED MARCH 31, 2003
FCF FFO AFFO
------------ ------------ ---------
Amount per Free Cash Flow Schedule $ 182,792 $ 94,156 $ 67,411
Total interest expense after minority interest (91,608) - -
Distributions on preferred OP units - 2,621 2,621
Dividends on preferred stock - 22,141 22,141
Depreciation, net of minority interest (83,805) (83,805) (83,805)
Loss on dispositions of real estate 317 317 317
Discontinued operations:
Loss from operations (3,707) - -
Real estate depreciation, net of minority interest - (1,398) (1,398)
Loss on dispositions of real estate, net of minority interest - (2,195) (2,195)
Distributions to minority partners in excess of income - 225 225
Income tax arising from disposals - (1,328) (1,328)
Distributions to minority partners in excess of income (5,471) (5,471) (5,471)
Capital Replacements 26,082 - 26,082
Capital Enhancements 663 - 663
Amortization of intangibles (837) (837) (837)
Minority interest in Aimco Operating Partnership (2,603) (2,603) (2,603)
------------ ------------ ---------
Net income $ 21,823 $ 21,823 $ 21,823
============ ============ =========
</Table>
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 10
SUPPLEMENTAL SCHEDULE III
- --------------------------------------------------------------------------------
FREE CASH FLOW FROM BUSINESS SEGMENTS AND RECONCILIATION TO INCOME FROM PROPERTY
OPERATIONS
(IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
SEE SUPPLEMENTAL SCHEDULE II
----------------------------
EQUIV CR AND CE FCF BEFORE
UNITS TOTAL FCF EXPENDITURES CR AND CE
REAL ESTATE
CONVENTIONAL : WITH AVERAGE MONTHLY RENT
Greater than $1,200 per unit 10,273 $ 24,043 $ 1,038 $ 25,081
$1,000 to $1,200 per unit 9,771 19,086 1,033 20,119
$900 to $1000 per unit 14,436 22,011 2,839 24,850
$800 to $900 per unit 8,687 13,283 1,536 14,819
$700 to $800 per unit 18,155 19,360 2,756 22,116
$600 to $700 per unit 33,587 36,172 5,738 41,910
$500 to $600 per unit 41,270 31,971 5,963 37,934
Less than $500 per unit 22,684 10,634 2,102 12,736
---------- ----------- ----------
SUBTOTAL CONVENTIONAL REAL ESTATE
CONTRIBUTION TO FREE CASH FLOW 176,560 23,005 199,565
Affordable 25,454 15,996 3,238 19,234
College housing 2,825 2,819 332 3,151
Other real estate 648 170 818
Minority interest (19,184) (19,184)
---------- ----------- ----------
TOTAL REAL ESTATE CONTRIBUTION TO FREE CASH FLOW 187,142 $ 176,839 $ 26,745 $ 203,584
========== =========== ==========
Add Minority interest 19,184
Less unconsolidated contribution to free cash flow (9,475)
Less unconsolidated CR/CE spending (2,511)
----------
INCOME FROM PROPERTY OPERATIONS $ 210,782
==========
</Table>
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 11
<Table>
<Caption>
Supplemental Schedule IV
- ------------------------------------------------------------------------------------------------------------------------------------
PROPORTIONATE INCOME STATEMENT PRESENTATION (INCLUDING PROPORTIONATE
CONSOLIDATED INCOME STATEMENT)
FOR THE THREE MONTHS ENDED MARCH 31, 2003
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
RECONCILIATION TO
PROPORTIONATE PROPORTIONATE FREE CASH FLOW FROM BUSINESS SEGMENTS [d]
AIMCO SHARE OF CONSOLIDATED -------------------------------------------------
GAAP INCOME UNCONSOLIDATED INCOME AMORTIZATION CAPITAL FREE
STATEMENT PARTNERSHIPS STATEMENT OF MINORITY REPLACEMENTS/ CASH
[a] [b] [c] INTANGIBLES INTEREST ENHANCEMENTS FLOW
----------- ----------- ---------- ------------ --------- ------------ ----------
RENTAL PROPERTY OPERATIONS:
Rental and other property revenues $ 378,815 $ 29,121 $ 407,936 $ - $ - $ - $ 407,936
Property operating expenses (168,033) (17,135) (185,168) - - (26,745) (211,913)
Minority interest - - - - (19,184) - (19,184)
----------- ----------- ---------- ------------ --------- ------------ ----------
Income from property operations 210,782 11,986 222,768 - 19,184) (26,745) 176,839
INVESTMENT MANAGEMENT BUSINESS:
Management fees and other income
primarily from affiliates 18,633 - 18,633 - - - 18,633
Management and other expenses (13,051) - (13,051) - - - (13,051)
Amortization of intangibles (837) - (837) 837 - - -
----------- ----------- ---------- ------------ --------- ------------ ----------
Income from investment management
business 4,745 - 4,745 837 - - 5,582
General and administrative expenses (5,445) - (5,445) - - - (5,445)
Provision for losses on notes receivable (697) - (697) - - - (697)
Depreciation of rental property (85,343) (6,503) (91,846) - 8,041 26,745 (57,060)
Interest expense (94,444) (7,165) (101,609) - 10,001 - (91,608)
Interest and other income 6,513 - 6,513 - - - 6,513
Equity in earnings (losses) of
unconsolidated real estate partnerships (1,682) 1,682 - - - - -
Minority interest in consolidated real
estate partnerships (1,142) - (1,142) - 1,142 - -
Amortization of intangibles - - - (837) - - (837)
----------- ----------- ---------- ------------ --------- ------------ ----------
INCOME FROM OPERATIONS 33,287 (0) 33,287 - 0 - 33,287
Gain on dispositions of real estate 317 - 317 - - - 317
Distributions to minority partners in
excess of income (5,471) - (5,471) - - - (5,471)
----------- ----------- ---------- ------------ --------- ------------ ----------
INCOME BEFORE MINORITY INTEREST IN AIMCO
OPERATING PARTNERSHIP
AND DISCONTINUED OPERATIONS 28,133 - 28,133 - - - 28,132
Minority interest in Aimco Operating
Partnership, preferred (2,621) - (2,621) - - - -
Minority interest in Aimco Operating
Partnership, common 18 - 18 - - - -
----------- ----------- ---------- ------------ --------- ------------ ----------
INCOME FROM CONTINUING OPERATIONS 25,530 - 25,530 - - - 28,132
Discontinued operations:
Net loss from discontinued operations
(including net loss on disposals of
$2,195 and tax of $1,328) (3,707) - (3,707) - - - (3,707)
----------- ----------- ---------- ------------ --------- ------------ ----------
NET INCOME 21,823 - 21,823 - - - 24,426
Net income attributable to preferred
stockholders $ 22,141 $ 22,141 $ 24,762
----------- ---------- ----------
Net loss attributable to common
stockholders (318) $ (318) $ (336)
----------- ---------- ----------
- ------------------------------------------------------------------------------------------------------------------------- ----------
Basic earnings per common share $ 0.00 $ 0.00 $ 0.00
----------- ---------- ----------
Diluted earnings per common share $ 0.00 $ 0.00 $ 0.00
----------- ---------- ----------
Weighted average number of common
shares outstanding 92,692
Weighted average number of common
shares and common share equivalents
outstanding 92,692
Dividends paid per common share $ 0.82
</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 Schedule II)
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 12
SUPPLEMENTAL SCHEDULE V
- --------------------------------------------------------------------------------
SELECTED STATISTICAL AND BALANCE SHEET INFORMATION
AS OF MARCH 31, 2003
(IN THOUSANDS, EXCEPT SHARE DATA)
(UNAUDITED)
I. PROPERTY DEBT:
A. PROPERTY DEBT DETAIL
<Table>
<Caption>
Weighted
Amount Rate
------------ ----------
Consolidated
Fixed $ 4,854,866 7.12%
Variable (primarily tax-exempt) 1,007,530 3.68%
------------
Sub-Total Consolidated 5,862,396 (1) 6.52%
Unconsolidated (Aimco's share)
Fixed 386,763 7.57%
Variable (primarily tax-exempt) 21,879 3.21%
------------
Sub-Total Unconsolidated 408,642 (2) 7.32%
------------
Total Mortgage Debt (Consolidated and
Pro Rata Share Unconsolidated) $ 6,271,038 6.58%
------------ =========
Minority Interest (603,694)(3)
-----------
Aimco's Share of Mortgage Debt $ 5,667,344
===========
II. ASSET AND LIABILITY DETAIL
A. ASSETS
Unconsolidated cash $ 15,820 (2)
Unconsolidated restricted cash 41,788 (2)
Unconsolidated accounts receivable 8,151 (2)
Unconsolidated other assets 9,861 (2)
Minority interest share of cash and restricted cash 57,529 (3)
Minority interest share of notes receivable 57,483 (3)
Goodwill 102,120 (4)
Land held for future 10,000 (5)
development
Construction in progress 168,480 (5)
B. CURRENT LIABILITIES
Unconsolidated current liabilities (76,433)(2)
III. ACQUISITIONS FOR THE QUARTER ENDED MARCH 31, 2003:
Acquisitions $ 5,000
Limited Partner Equity $ 6,400
Interests
IV. COMMON SHARES OUTSTANDING AS OF MARCH 31,
2003:
Class A Common Stock 93,815
Common OP and other units 11,998
------------
105,813
============
V. PREFERRED SECURITIES:
Shares Common Share
Coupon Amount Outstanding Equivalents
------------- ----------- ----------- ------------
PERPETUAL:
Class C 9.00% $ 60,000 2,400,000 -
Class D 8.75% 105,000 4,200,000 -
Class G 9.375% 101,250 4,050,000 -
Class H 9.50% 50,000 2,000,000 -
Class Q 10.10% 63,250 2,530,000 -
Class R 10.00% 173,500 6,940,000 -
----------- ----------- ------------
Total perpetual $ 553,000 22,120,000 -
=========== =========== ============
CONVERTIBLE:
Class L 10.00% $ 62,500 2,500,000 1,344,664
Class M 9.25% 30,000 1,200,000 681,818
Class N 9.00% 100,000 4,000,000 1,904,762
Class O 9.00% 100,000 1,904,762 1,904,762
Class P 9.00% 99,992 3,999,662 1,785,563
----------- ----------- ------------
392,492 13,604,424 7,621,569
Preferred OP units 8.82% 118,594 4,432,551 3,246,206
Convertible debt securities 6.50% 15,169 303,385 305,782
----------- ----------- ------------
Total convertible $ 526,255 18,340,360 11,173,557
----------- ----------- ------------
Total preferred securities $ 1,079,255 40,460,360 11,173,557
=========== =========== ============
VI. Other Data:
1Q03 1Q02
------ ------
Conventional same store:
Weighted average physical 90.3% 92.6%
occupancy
Average monthly rent per $682 $701
occupied unit
Conventional total portfolio:
Weighted average physical occupancy 89.6% 91.3%
Average monthly rent per occupied unit $720 $731
- ---------------------------------------------------------------------------------------------------------------------
</Table>
Notes:
(1) Includes $52,999 of liabilities related to assets held for sale
(2) These amounts are included in Investment in unconsolidated real
estate partnerships on the GAAP Balance Sheet
(3) These amounts are included in Minority interest in consolidated
real estate partnerships on the GAAP Balance Sheet
(4) This amount is included in Other assets on the GAAP Balance Sheet
(5) These amounts are included in Real estate, net of accumulated
depreciation on the GAAP Balance Sheet
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 13
SUPPLEMENTAL SCHEDULE VI
- --------------------------------------------------------------------------------
CAPITAL EXPENDITURES
AS OF MARCH 31, 2003
(IN THOUSANDS)
(UNAUDITED)
For the three months ended March 31, 2003, Aimco spent a total of $26.1
million and $0.7 million, respectively, for Capital Replacements
(expenditures required to maintain the related asset) and on Capital
Enhancements (expenditures that add a new feature or revenue source at a
property).
The table below details Aimco's actual spending based on a per unit and total
dollar basis (based on approximately 179,000 units) for the three months ended
March 31, 2003:
<Table>
<Caption>
- --------------------------------------------------------------------------------- ------------------------------------------------
Estimated Capital Capital Capital Capital
Useful Replacement Enhancements Total CR/CE Replacement Enhancements Total CR/CE
Life Actual Cost Actual Cost Actual Cost Actual Cost Actual Cost Actual Cost
in Years Per Unit Per Unit Per Unit (in thousands) (in thousands) (in thousands)
- --------------------------------------------------------------------------------- ------------------------------------------------
Carpets 5 $ 30 $ - $ 30 $ 5,400 $ 9 $ 5,409
Flooring 5 7 - 7 1,197 - 1,197
Appliances 5 9 - 9 1,523 22 1,545
Blinds/shades 5 1 - 1 219 1 220
Furnace/air 5 7 - 7 1,308 2 1,310
Hot Water Heaters 5 3 - 3 480 - 480
Kitchen/bath 5 2 - 2 329 1 330
Exterior painting 5 6 - 6 1,105 7 1,112
Landscaping 5 5 - 5 857 15 872
Pool/exercise facilities 5 3 - 3 555 24 579
Computers, miscellaneous 5 9 - 9 1,608 31 1,639
Roofs 15 4 - 4 777 - 777
Parking lot 15 3 - 3 495 2 497
Building (electrical,
elevator, plumbing) 15 21 2 23 3,738 273 4,011
Submetering 15 - 1 1 - 188 188
Capitalized payroll and
other indirect costs 5 36 1 37 6,491 88 6,579
------------------------------------------------------ ------------------------------------------------
TOTAL AIMCO'S SHARE $ 146 $ 4 $ 150 $ 26,082 $ 663 $ 26,745
------------------------------------------------------ ------------------------------------------------
Plus minority partners'
share of consolidated
spending 3,295 13 3,308
Less Aimco's share of
unconsolidated spending (2,498) (13) (2,511)
------------------------------------------------
Total spending per
Consolidated Statement
of Cash Flows $ 26,879 $ 663 $ 27,542
------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</Table>
For the three months ended March 31, 2003, Aimco spent a total of $6.6
million and $19.0 million, respectively, for Initial Capital Expenditures
or "ICE" (expenditures at a property that have been identified at the time
the property is acquired, as expenditures to be incurred within one year,
or a specified period of time, of the acquisition) and redevelopment
(expenditures that substantially upgrade the related property).
[AIMCO LOGO]
<Page>
Aimco's share of those expenditures are as follows (in millions):
<Table>
<Caption>
Three Months Ended
March 31, 2003
----------------------------------
ICE Redevelopment Totals
----------------------------------
Conventional Assets $ 2.5 $ 17.5 $ 20.0
Affordable Assets 4.1 1.5 5.6
----------------------------------
Total Aimco's share $ 6.6 $ 19.0 $ 25.6
----------------------------------
Plus minority partners' share of consolidated spending - 6.1 6.1
Less Aimco's share of unconsolidated spending - (0.9) (0.9)
----------------------------------
Total spending per Consolidated Statement of Cash Flows $ 6.6 $ 24.2 $ 30.8
----------------------------------
</Table>
The expenditures were funded by net cash provided by operating activities,
working capital reserves and borrowings under the Company's credit facility.
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 14
SUPPLEMENTAL SCHEDULE VII
- --------------------------------------------------------------------------------
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
SUMMARY OF 2003 REDEVELOPMENT ACTIVITY
AS OF MARCH 31, 2003
(IN MILLIONS, EXCEPT UNIT DATA)
(VALUES ARE NOT ADJUSTED FOR AIMCO'S OWNERSHIP)
(UNAUDITED)
<Table>
<Caption>
----------------------- ---------------------------------------------
COST IN MILLIONS REDEVELOPMENT TIMING
----------------------- ---------------------------------------------
Total
Ownership Number Redevelopment Spent to
% of Units Spending Date Acquisition Start Complete Stabilization
FLAMINGO
RESORT
RESIDENCES MIAMI BEACH, FL 77% 1,688 $ 254.4 $ 230.1 Q3 1997 Q3 1997 Q4 2003 Q2 2004
REFLECTIONS INDIANAPOLIS, IN 51.6% 582 $ 19.3 $ 12.5 Q4 1998 Q2 2001 Q3 2003 Q3 2003
MEADOW CREEK BOULDER, CO 100% 332 $ 15.7 $ 15.7 Q2 1985 Q3 1999 Q3 2002 Q3 2003
GLENBRIDGE
MANORS CINCINNATI, OH 50.8% 290 $ 28.8 $ 21.0 Q4 1998 Q3 2001 Q4 2003 Q4 2003
THE ASHFORD ATLANTA, GA 100% 221 $ 19.1 $ 18.5 Q4 1995 Q2 2001 Q2 2003 Q4 2003
CALHOUN BEACH
CLUB MINNEAPOLIS, MN 100% 57(2) $ 32.0 $ 31.7 Q4 1998 Q4 2001 Q4 2002 Q3 2003
PLAINVIEW LOUISVILLE,KY 42.2% 157 $ 5.0 $ 1.8 Q4 1991 Q1 2003 Q3 2003 Q3 2003
---------------------------------
TOTAL 3,327 $ 374.3 $ 331.3
=================================
<Caption>
----------------------------------
Number of Units
----------------------------------
Out of
Completed Leased (1) Service
FLAMINGO
RESORT
RESIDENCES MIAMI BEACH, FL 815 855 873
REFLECTIONS INDIANAPOLIS, IN 399 371 183
MEADOW CREEK BOULDER, CO 332 208 0
GLENBRIDGE
MANORS CINCINNATI, OH 106 163 184
THE ASHFORD ATLANTA, GA 198 90 23
CALHOUN BEACH
CLUB MINNEAPOLIS, MN 57 47 0
PLAINVIEW LOUISVILLE,KY 40 64 117
---------------------------------
TOTAL 1,947 1,798 1,380
=================================
</Table>
NOTES
(1) - INCLUDES PRE-LEASED UNITS
(2) - 230 TOTAL UNITS, 57 RENOVATED
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 15
Supplemental Schedule VIII
- --------------------------------------------------------------------------------
INCOME STATEMENT INFORMATION
Q1 2003 COMPARED TO Q1 2002
(IN THOUSANDS)
(UNAUDITED)
%
THREE MONTHS ENDED THREE MONTHS ENDED CHANGE CHANGE
MARCH 31, 2003 MARCH 31, 2002 Q1 2003 VS Q1 2002 Q1 2003 VS Q1 2002
-------------- -------------- ------------------ ------------------
REVENUES:
Consolidated same store properties $ 273,228 $ 290,340 $ (17,112) -5.9%
Acquisition properties 54,689 8,519 46,170 542.0%
Newly consolidated properties 35,602 - 35,602 -
Affordable properties 4,919 5,692 (773) -13.6%
Redevelopment properties 9,578 7,183 2,395 33.3%
Other properties 799 2,720 (1,921) -70.6%
-------------- -------------- ------------------ ------------------
Total rental and other property revenues $ 378,815 $ 314,454 $ 64,361 20.5%
============== ============== ================== ==================
EXPENSES:
Consolidated same store properties $ 114,960 $ 101,774 $ 13,186 13.0%
Acquisition properties 20,784 2,634 18,150 689.1%
Newly consolidated properties 18,312 - 18,312 -
Affordable properties 1,844 2,929 (1,085) -37.0%
Redevelopment properties 4,529 3,275 1,254 38.3%
Partnership expenses 6,018 3,104 2,914 93.9%
Other properties 1,586 2,379 (793) -33.3%
-------------- -------------- ------------------ ------------------
Total property operating expense $ 168,033 $ 116,095 $ 51,938 44.7%
============== ============== ================== ==================
NET OPERATING INCOME:
Consolidated same store properties $ 158,268 $ 188,566 $ (30,298) -16.1%
Acquisition properties 33,905 5,885 28,020 476.1%
Newly consolidated properties 17,290 - 17,290 -
Affordable properties 3,075 2,763 312 11.3%
Redevelopment properties 5,049 3,908 1,141 29.2%
Partnership expenses (6,018) (3,104) (2,914) 93.9%
Other properties (787) 341 (1,128) -330.8%
-------------- -------------- ------------------ ------------------
Total income from property operations $ 210,782 $ 198,359 $ 12,423 6.3%
============== ============== ================== ==================
RECONCILIATION OF CONSOLIDATED SAME STORE PROPERTIES TO AIMCO'S SHARE OF SAME STORE SALES:
REVENUES:
Consolidated same store properties $ 273,228 $ 290,340 $ (17,112)
Plus: Newly consolidated properties 27,717 - 27,717
Less: Minority partners' share of
consolidated same store (39,135) (31,948) (7,187)
Plus: Aimco's share of unconsolidated same
store 12,070 32,841 (20,771)
-------------- -------------- ------------------ ------------------
Aimco's share of same store sales $ 273,880 $ 291,233 $ (17,353) -6.0%
============== ============== ================== ==================
EXPENSES:
Consolidated same store properties $ 114,960 $ 101,774 $ 13,186
Plus: Newly consolidated properties 12,500 - 12,500
Less: Minority partners' share of (18,976) (12,789) (6,187)
consolidated same store
Plus: Aimco's share of unconsolidated same
store 5,350 12,387 (7,037)
-------------- -------------- ------------------ ------------------
Aimco's share of same store sales $ 113,834 $ 101,372 $ 12,462 12.3%
============== ============== ================== ==================
NET OPERATING INCOME:
Consolidated same store properties $ 158,268 $ 188,566 $ (30,298)
Plus: Newly consolidated properties 15,217 - 15,217
Less: Minority partners' share of
consolidated same store (20,159) (19,159) (1,000)
Plus: Aimco's share of unconsolidated same
store 6,720 20,454 (13,734)
-------------- -------------- ------------------ ------------------
Aimco's share of same store sales $ 160,046 $ 189,861 $ (29,815) -15.7%
============== ============== ================== ==================
</Table>
DEFINITIONS:
CONSOLIDATED SAME STORE PROPERTIES - consist of all conventional properties
owned, stabilized and consolidated for at least one year as of the beginning of
the most recent quarter and for the relevant comparable period.
ACQUISITION PROPERTIES - consist of all consolidated properties owned less than
one year as of the beginning of the most recent quarter.
NEWLY CONSOLIDATED PROPERTIES - consist of all properties consolidated for less
than one year as of the beginning of the most recent quarter.
AFFORDABLE PROPERTIES - consist of all affordable properties owned, stabilized
and consolidated for at least one year as of the beginning of the most recent
quarter.
REDEVELOPMENT PROPERTIES - consist of all consolidated properties where a
substantial number of available units have been vacated for major renovations
and have not been stabilized for at least one year as of the beginning of the
most recent quarter.
OTHER PROPERTIES - consist of all consolidated properties that are not
multifamily (such as commercial, college housing, etc).
PARTNERSHIP EXPENSES - consist of expenses incurred at the partnership level
either directly or indirectly (such as partnership audit, tax and trustee
expenses).
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 16
SUPPLEMENTAL SCHEDULE IX
SAME STORE SALES
FIRST QUARTER 2003 VERSUS FIRST QUARTER 2002
(UNAUDITED) (IN THOUSANDS, EXCEPT SITE AND UNIT DATA)
<Table>
<Caption>
MAR 03 QTD MAR 02 QTD
------------------------------ --------------------------------
SITES UNITS OWNER% REV EXP NOI REV EXP NOI
--------------------------------- ----------------------------- ---------------------------------
NORTHEAST
Washington 28 12,464 79.65% 28,114 10,060 18,054 28,581 8,109 20,472
Philadelphia 5 3,392 82.52% 8,475 3,482 4,993 8,852 2,924 5,928
Middlesex-Somerset-Hunterdon 5 1,960 65.91% 3,288 1,194 2,094 3,754 1,179 2,575
Baltimore 9 1,788 74.66% 3,327 1,934 1,393 3,344 924 2,420
Hartford 2 650 100.00% 1,763 524 1,239 1,769 455 1,314
Dutchess County 1 835 100.00% 2,175 1,131 1,044 2,218 775 1,443
Other Markets (5) 6 1,552 80.73% 2,676 1,129 1,547 2,699 951 1,748
-------------------------------------------------------------------------------------------------
56 22,641 79.90% 49,818 19,454 30,364 51,217 15,317 35,900
SOUTHEAST
Norfolk-Virginia Beach 13 3,865 84.22% 7,229 2,320 4,909 6,931 2,152 4,779
Atlanta 23 6,171 80.95% 8,855 4,019 4,836 10,262 3,660 6,602
Nashville 11 3,750 79.36% 5,408 2,191 3,217 5,688 1,921 3,767
Raleigh-Durham-Chapel Hill 11 3,023 78.11% 4,089 1,724 2,365 4,601 1,486 3,115
Charlotte-Gastonia-Rock Hill 11 2,336 84.63% 2,694 1,436 1,258 3,146 1,405 1,741
Columbia 7 1,670 69.91% 1,983 815 1,168 2,120 788 1,332
Other Markets (23) 55 11,798 76.05% 14,617 6,519 8,098 15,301 5,191 10,110
-------------------------------------------------------------------------------------------------
131 32,613 78.82% 44,875 19,024 25,851 48,049 16,603 31,446
FLORIDA
Tampa-St. Petersburg 23 6,281 87.38% 9,729 4,352 5,377 10,229 4,167 6,062
Orlando 19 5,332 84.23% 8,145 3,308 4,837 8,658 3,353 5,305
Jacksonville 7 2,766 78.74% 4,338 1,612 2,726 4,349 1,596 2,753
Miami 6 1,983 73.04% 4,464 1,921 2,543 4,940 1,702 3,238
West Palm Beach-Boca 6 1,727 100.00% 3,924 1,501 2,423 4,191 1,470 2,721
FortLauderdale 5 1,413 91.04% 3,026 1,266 1,760 3,223 1,106 2,117
Other Markets (6) 17 3,859 92.73% 6,874 2,613 4,261 7,207 2,529 4,678
-------------------------------------------------------------------------------------------------
83 23,361 86.46% 40,500 16,573 23,927 42,797 15,923 26,874
MIDWEST
Chicago 21 6,215 88.82% 15,258 6,302 8,956 16,478 5,667 10,811
Indianapolis 29 9,122 85.30% 12,145 5,481 6,664 12,894 5,140 7,754
Grand Rapids-Muskegon 4 2,735 100.00% 4,811 2,171 2,640 4,878 1,843 3,035
Fort Wayne 3 2,461 97.13% 3,925 1,587 2,338 4,328 1,390 2,938
Lansing-East Lansing 9 2,118 87.20% 3,827 1,706 2,121 3,940 1,285 2,655
Cincinnati 11 2,245 82.21% 3,663 1,763 1,900 3,717 1,354 2,363
Columbus 8 1,886 71.54% 2,432 1,042 1,390 2,508 837 1,671
Lafayette 5 1,170 97.21% 1,833 602 1,231 1,758 744 1,014
Other Markets (25) 52 12,275 61.13% 13,359 6,239 7,120 13,846 5,399 8,447
-------------------------------------------------------------------------------------------------
142 40,227 79.82% 61,253 26,893 34,360 64,347 23,659 40,688
TEXAS
Houston 29 8,083 89.49% 11,835 5,909 5,926 13,307 5,236 8,071
Dallas 21 5,700 70.02% 6,746 2,963 3,783 7,581 3,379 4,202
San Antonio 16 3,620 100.00% 5,111 2,364 2,747 5,440 2,370 3,070
Austin-San Marcos 10 2,073 90.67% 3,278 1,552 1,726 3,675 1,561 2,114
FortWorth-Arlington 10 2,139 79.63% 2,771 1,340 1,431 2,997 1,321 1,676
Galveston-Texas City 6 1,176 100.00% 2,072 919 1,153 2,144 888 1,256
Other Markets (7) 12 2,547 74.62% 2,810 1,280 1,530 2,827 1,140 1,687
-------------------------------------------------------------------------------------------------
104 25,338 84.87% 34,623 16,327 18,296 37,971 15,895 22,076
WEST
Phoenix-Mesa 30 7,978 91.44% 10,789 5,083 5,706 13,027 4,612 8,415
Denver 12 2,878 72.24% 4,240 1,441 2,799 5,122 1,248 3,874
Tucson 6 1,866 100.00% 2,827 1,150 1,677 2,898 1,070 1,828
Salt Lake City-Ogden 6 2,115 75.00% 2,494 951 1,543 2,978 829 2,149
Other Markets (10) 27 5,297 77.60% 7,539 2,826 4,713 8,124 2,441 5,683
-------------------------------------------------------------------------------------------------
81 20,134 84.12% 27,889 11,451 16,438 32,149 10,200 21,949
CALIFORNIA
San Diego 6 1,737 95.73% 4,794 1,339 3,455 4,642 1,235 3,407
Los Angeles-Long Beach 4 1,683 65.87% 4,100 962 3,138 3,988 1,007 2,981
Orange County 2 824 91.00% 2,114 595 1,519 2,095 500 1,595
San Francisco 2 726 54.08% 1,555 510 1,045 1,640 348 1,292
Other Markets (3) 7 1,409 62.08% 2,359 706 1,653 2,338 685 1,653
-------------------------------------------------------------------------------------------------
21 6,379 75.07% 14,922 4,112 10,810 14,703 3,775 10,928
- -------------------------------------------------------------------------------------------------------------------------------
SAME STORE SALES TOTALS 618 170,693 81.63% 273,880 113,834 160,046 291,233 101,372 189,861
===============================================================================================================================
Plus: Minority share of consolidated same store sales 39,135 18,976 20,159 31,948 12,789 19,159
Less: Aimco's share of unconsolidated same store sales (12,070) (5,350) (6,720) (32,841) (12,387) (20,454)
Less: Newly consolidated (27,717) (12,500) (15,217) - - -
------------------------------ -----------------------------
Consolidated same store sales 273,228 114,960 158,268 290,340 101,774 188,566
============================== =============================
</Table>
<Table>
<Caption>
CHANGE MAR 03 QTD LESS MAR 02 QTD
-----------------------------------------------------------------------
REVENUE EXPENSES NOI
-------------------------- ----------------------- -------------------
AMT % AMT % AMT %
-------------------------- ----------------------- -------------------
NORTHEAST
Washington (467) -1.6% 1,951 24.1% (2,418) -11.8%
Philadelphia (377) -4.3% 558 19.1% (935) -15.8%
Middlesex-Somerset-Hunterdon (466) -12.4% 15 1.3% (481) -18.7%
Baltimore (17) -0.5% 1,010 109.3% (1,027) -42.4%
Hartford (6) -0.3% 69 15.2% (75) -5.7%
Dutchess County (43) -1.9% 356 45.9% (399) -27.7%
Other Markets (5) (23) -0.9% 178 18.7% (201) -11.5%
-----------------------------------------------------------------------
(1,399) -2.7% 4,137 27.0% (5,536) -15.4%
SOUTHEAST
Norfolk-Virginia Beach 298 4.3% 168 7.8% 130 2.7%
Atlanta (1,407) -13.7% 359 9.8% (1,766) -26.7%
Nashville (280) -4.9% 270 14.1% (550) -14.6%
Raleigh-Durham-Chapel Hill (512) -11.1% 238 16.0% (750) -24.1%
Charlotte-Gastonia-Rock Hill (452) -14.4% 31 2.2% (483) -27.7%
Columbia (137) -6.5% 27 3.4% (164) -12.3%
Other Markets (23) (684) -4.5% 1,328 25.6% (2,012) -19.9%
-----------------------------------------------------------------------
(3,174) -6.6% 2,421 14.6% (5,595) -17.8%
FLORIDA
Tampa-St. Petersburg (500) -4.9% 185 4.4% (685) -11.3%
Orlando (513) -5.9% (45) -1.3% (468) -8.8%
Jacksonville (11) -0.3% 16 1.0% (27) -1.0%
Miami (476) -9.6% 219 12.9% (695) -21.5%
West Palm Beach-Boca (267) -6.4% 31 2.1% (298) -11.0%
FortLauderdale (197) -6.1% 160 14.5% (357) -16.9%
Other Markets (6) (333) -4.6% 84 3.3% (417) -8.9%
-----------------------------------------------------------------------
(2,297) -5.4% 650 4.1% (2,947) -11.0%
MIDWEST
Chicago (1,220) -7.4% 635 11.2% (1,855) -17.2%
Indianapolis (749) -5.8% 341 6.6% (1,090) -14.1%
Grand Rapids-Muskegon (67) -1.4% 328 17.8% (395) -13.0%
Fort Wayne (403) -9.3% 197 14.2% (600) -20.4%
Lansing-East Lansing (113) -2.9% 421 32.8% (534) -20.1%
Cincinnati (54) -1.5% 409 30.2% (463) -19.6%
Columbus (76) -3.0% 205 24.5% (281) -16.8%
Lafayette 75 4.3% (142) -19.1% 217 21.4%
Other Markets (25) (487) -3.5% 840 15.6% (1,327) -15.7%
-----------------------------------------------------------------------
(3,094) -4.8% 3,234 13.7% (6,328) -15.6%
TEXAS
Houston (1,472) -11.1% 673 12.9% (2,145) -26.6%
Dallas (835) -11.0% (416) -12.3% (419) -10.0%
San Antonio (329) -6.0% (6) -0.3% (323) -10.5%
Austin-San Marcos (397) -10.8% (9) -0.6% (388) -18.4%
FortWorth-Arlington (226) -7.5% 19 1.4% (245) -14.6%
Galveston-Texas City (72) -3.4% 31 3.5% (103) -8.2%
Other Markets (7) (17) -0.6% 140 12.3% (157) -9.3%
-----------------------------------------------------------------------
(3,348) -8.8% 432 2.7% (3,780) -17.1%
WEST
Phoenix-Mesa (2,238) -17.2% 471 10.2% (2,709) -32.2%
Denver (882) -17.2% 193 15.5% (1,075) -27.7%
Tucson (71) -2.4% 80 7.5% (151) -8.3%
Salt Lake City-Ogden (484) -16.3% 122 14.7% (606) -28.2%
Other Markets (10) (585) -7.2% 385 15.8% (970) -17.1%
-----------------------------------------------------------------------
(4,260) -13.3% 1,251 12.3% (5,511) -25.1%
CALIFORNIA
San Diego 152 3.3% 104 8.4% 48 1.4%
Los Angeles-Long Beach 112 2.8% (45) -4.5% 157 5.3%
Orange County 19 0.9% 95 19.0% (76) -4.8%
San Francisco (85) -5.2% 162 46.6% (247) -19.1%
Other Markets (3) 21 0.9% 21 3.1% 0 0.0%
-----------------------------------------------------------------------
219 1.5% 337 8.9% (118) -1.1%
- -----------------------------------------------------------------------------------------------------
SAME STORE SALES TOTALS (17,353) -6.0% 12,462 12.3% (29,815) -15.7%
=====================================================================================================
Plus: Minority share of
consolidated same store
sales
Less: Aimco's share of
unconsolidated same
store sales
Less: Newly consolidated
Consolidated same store
sales
</Table>
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 17
SUPPLEMENTAL SCHEDULE X
- --------------------------------------------------------------------------------
INCOME STATEMENT INFORMATION
Q1 2003 COMPARED TO Q4 2002
(IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
%
THREE MONTHS ENDED THREE MONTHS ENDED CHANGE CHANGE
MARCH 31, 2003 DECEMBER 31, 2002 Q1 2003 VS Q4 2002 Q1 2003 VS Q4 2002
--------------- ----------------- --------------------- ------------------
REVENUES:
Consolidated same store properties $ 297,285 $ 304,487 $ (7,202) -2.4%
Acquisition properties 54,689 53,311 1,378 2.6%
Newly consolidated properties 3,862 - 3,862 -
Affordable properties 10,913 10,891 22 0.2%
Redevelopment properties 10,133 9,266 867 9.4%
Other properties 1,933 1,425 508 35.6%
--------------- ------------- --------------------- ------------------
Total rental and other property revenues $ 378,815 $ 379,380 $ (565) -0.1%
=============== ============= ===================== ==================
EXPENSES:
Consolidated same store properties $ 126,259 $ 117,405 $ 8,854 7.5%
Acquisition properties 20,784 17,992 2,792 15.5%
Newly consolidated properties 1,512 - 1,512 -
Affordable properties 6,032 6,793 (761) -11.2%
Redevelopment properties 4,926 4,500 426 9.5%
Partnership expenses 6,018 5,188 830 16.0%
Other properties 2,502 2,284 218 9.5%
--------------- ------------- --------------------- ------------------
Total property operating expense $ 168,033 $ 154,162 $ 13,871 9.0%
=============== ============= ===================== ==================
NET OPERATING INCOME:
Consolidated same store properties $ 171,026 $ 187,082 $ (16,056) -8.6%
Acquisition properties 33,905 35,319 (1,414) -4.0%
Newly consolidated properties 2,350 - 2,350 -
Affordable properties 4,881 4,098 783 19.1%
Redevelopment properties 5,207 4,766 441 9.3%
Partnership expenses (6,018) (5,188) (830) 16.0%
Other properties (569) (859) 290 -33.8%
--------------- ------------- --------------------- ------------------
Total income from property operations $ 210,782 $ 225,218 $ (14,436) -6.4%
=============== ============= ===================== ==================
RECONCILIATION OF CONSOLIDATED SAME STORE PROPERTIES TO AIMCO'S SHARE OF SAME STORE SALES:
REVENUES:
Consolidated same store properties $ 297,285 $ 304,487 $ (7,202)
Plus: Newly consolidated properties 3,660 - 3,660
Less: Minority partners' share of
consolidated same store (39,135) (38,195) (940)
Plus: Aimco's share of unconsolidated same
store 12,070 14,119 (2,049)
--------------- ------------- --------------------- ------------------
Aimco's share of same store sales $ 273,880 $ 280,411 $ (6,531) -2.3%
=============== ============= ===================== ==================
Expenses:
Consolidated same store properties $ 126,259 $ 117,405 $ 8,854
Plus: Newly consolidated properties 1,378 - 1,378
Less: Minority partners' share of
consolidated same store (19,153) (16,721) (2,432)
Plus: Aimco's share of unconsolidated same
store 5,350 5,190 160
--------------- ------------- --------------------- ------------------
Aimco's share of same store sales $ 113,834 $ 105,874 $ 7,960 7.5%
=============== ============= ===================== ==================
Net Operating Income:
Consolidated same store properties $ 171,026 $ 187,082 $ (16,056)
Plus: Newly consolidated properties 2,282 - 2,282
Less: Minority partners' share of
consolidated same store (19,982) (21,474) 1,492
Plus: Aimco's share of unconsolidated same
store 6,720 8,929 (2,209)
--------------- ------------- --------------------- ------------------
Aimco's share of same store sales $ 160,046 $ 174,537 $ (14,491) -8.3%
=============== ============= ===================== ==================
</Table>
DEFINITIONS:
CONSOLIDATED SAME STORE PROPERTIES - consist of all conventional properties
owned, stabilized and consolidated for at least one year as of the beginning of
the most recent quarter and for the relevant comparable period.
ACQUISITION PROPERTIES - consist of all consolidated properties owned less than
one year as of the beginning of the most recent quarter.
NEWLY CONSOLIDATED PROPERTIES - consist of all properties consolidated for less
than one year as of the beginning of the most recent quarter.
AFFORDABLE PROPERTIES - consist of all affordable properties owned, stabilized
and consolidated for at least one year as of the beginning of the most recent
quarter.
REDEVELOPMENT PROPERTIES - consist of all consolidated properties where a
substantial number of available units have been vacated for major renovations
and have not been stabilized for at least one year as of the beginning of the
most recent quarter.
OTHER PROPERTIES - consist of all consolidated y (such as commercial, properties
that are not multifamil college housing, etc).
PARTNERSHIP EXPENSES - consist of expenses incurred at the partnership level
either directly or indirectly (such as partnership audit, tax and trustee
expenses).
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 18
SUPPLEMENTAL SCHEDULE XI
- -------------------------------------------------------------------------------
SAME STORE SALES
FIRST QUARTER 2003 VERSUS FOURTH QUARTER 2002
(UNAUDITED) (IN THOUSANDS, EXCEPT SITE AND UNIT DATA)
<Table>
<Caption>
MAR 03 QTD DEC 02 QTD
-------------------------- ---------------------------
SITES UNITS OWNER% REV EXP NOI REV EXP NOI
-------------------------- ---------------------------
NORTHEAST
Washington 28 12,464 79.65% 28,114 10,060 18,054 28,129 8,062 20,067
Philadelphia 5 3,392 82.52% 8,475 3,482 4,993 8,685 2,692 5,993
Middlesex-Somerset-Hunterdon 5 1,960 65.91% 3,288 1,194 2,094 3,507 992 2,515
Baltimore 9 1,788 74.66% 3,327 1,934 1,393 3,396 1,036 2,360
Hartford 2 650 100.00% 1,763 524 1,239 1,791 476 1,315
Dutchess County 1 835 100.00% 2,175 1,131 1,044 2,255 653 1,602
Other Markets (5) 6 1,552 80.73% 2,676 1,129 1,547 2,779 888 1,891
-----------------------------------------------------------------------------------
56 22,641 79.90% 49,818 19,454 30,364 50,542 14,799 35,743
SOUTHEAST
Norfolk-Virginia Beach 13 3,865 84.22% 7,229 2,320 4,909 7,228 2,451 4,777
Atlanta 23 6,171 80.95% 8,855 4,019 4,836 9,120 4,617 4,503
Nashville 11 3,750 79.36% 5,408 2,191 3,217 5,364 1,791 3,573
Raleigh-Durham-Chapel Hill 11 3,023 78.11% 4,089 1,724 2,365 4,256 1,690 2,566
Charlotte-Gastonia-Rock Hill 11 2,336 84.63% 2,694 1,436 1,258 2,816 1,511 1,305
Columbia 7 1,670 69.91% 1,983 815 1,168 1,953 839 1,114
Other Markets (23) 55 11,798 76.05% 14,617 6,519 8,098 14,729 5,723 9,006
-----------------------------------------------------------------------------------
131 32,613 78.82% 44,875 19,024 25,851 45,466 18,622 26,844
FLORIDA
Tampa-St. Petersburg 23 6,281 87.38% 9,729 4,352 5,377 9,987 4,179 5,808
Orlando 19 5,332 84.23% 8,145 3,308 4,837 8,380 3,473 4,907
Jacksonville 7 2,766 78.74% 4,338 1,612 2,726 4,415 1,550 2,865
Miami 6 1,983 73.04% 4,464 1,921 2,543 4,558 1,835 2,723
West Palm Beach-Boca 6 1,727 100.00% 3,924 1,501 2,423 4,053 1,342 2,711
FortLauderdale 5 1,413 91.04% 3,026 1,266 1,760 3,044 1,339 1,705
Other Markets (6) 17 3,859 92.73% 6,874 2,613 4,261 6,927 2,516 4,411
-----------------------------------------------------------------------------------
83 23,361 86.46% 40,500 16,573 23,927 41,364 16,234 25,130
MIDWEST
Chicago 21 6,215 88.82% 15,258 6,302 8,956 15,693 5,899 9,794
Indianapolis 29 9,122 85.30% 12,145 5,481 6,664 12,560 5,528 7,032
Grand Rapids-Muskegon 4 2,735 100.00% 4,811 2,171 2,640 4,825 1,854 2,971
Fort Wayne 3 2,461 97.13% 3,925 1,587 2,338 4,116 1,745 2,371
Lansing-East Lansing 9 2,118 87.20% 3,827 1,706 2,121 3,955 1,314 2,641
Cincinnati 11 2,245 82.21% 3,663 1,763 1,900 3,747 1,472 2,275
Columbus 8 1,886 71.54% 2,432 1,042 1,390 2,374 1,038 1,336
Lafayette 5 1,170 97.21% 1,833 602 1,231 1,889 760 1,129
Other Markets (25) 52 12,275 61.13% 13,359 6,239 7,120 13,598 5,795 7,803
-----------------------------------------------------------------------------------
142 40,227 79.82% 61,253 26,893 34,360 62,757 25,405 37,352
TEXAS
Houston 29 8,083 89.49% 11,835 5,909 5,926 12,356 5,069 7,287
Dallas 21 5,700 70.02% 6,746 2,963 3,783 7,013 3,365 3,648
San Antonio 16 3,620 100.00% 5,111 2,364 2,747 5,287 2,336 2,951
Austin-San Marcos 10 2,073 90.67% 3,278 1,552 1,726 3,453 1,583 1,870
FortWorth-Arlington 10 2,139 79.63% 2,771 1,340 1,431 2,806 1,338 1,468
Galveston-Texas City 6 1,176 100.00% 2,072 919 1,153 2,165 950 1,215
Other Markets (7) 12 2,547 74.62% 2,810 1,280 1,530 2,875 1,278 1,597
-----------------------------------------------------------------------------------
104 25,338 84.87% 34,623 16,327 18,296 35,955 15,919 20,036
WEST
Phoenix-Mesa 30 7,978 91.44% 10,789 5,083 5,706 11,382 5,265 6,117
Denver 12 2,878 72.24% 4,240 1,441 2,799 4,667 1,245 3,422
Tucson 6 1,866 100.00% 2,827 1,150 1,677 3,000 1,121 1,879
Salt Lake City-Ogden 6 2,115 75.00% 2,494 951 1,543 2,594 792 1,802
Other Markets (10) 27 5,297 77.60% 7,539 2,826 4,713 7,782 2,608 5,174
-----------------------------------------------------------------------------------
81 20,134 84.12% 27,889 11,451 16,438 29,425 11,031 18,394
CALIFORNIA
San Diego 6 1,737 95.73% 4,794 1,339 3,455 4,810 1,183 3,627
Los Angeles-Long Beach 4 1,683 65.87% 4,100 962 3,138 4,021 916 3,105
Orange County 2 824 91.00% 2,114 595 1,519 2,153 431 1,722
San Francisco 2 726 54.08% 1,555 510 1,045 1,519 649 870
Other Markets (3) 7 1,409 62.08% 2,359 706 1,653 2,399 685 1,714
-----------------------------------------------------------------------------------
21 6,379 75.07% 14,922 4,112 10,810 14,902 3,864 11,038
-----------------------------------------------------------------------------------
SAME STORE SALES TOTALS 618 170,693 81.63% 273,880 113,834 160,046 280,411 105,874 174,537
===================================================================================
Plus: Minority share of consolidated 39,135 19,153 19,982 38,195 16,721 21,474
same store sales
Less: Aimco's share of unconsolidated (12,070) (5,350) (6,720) (14,119) (5,190) (8,929)
same store sales
Less: Newly consolidated (3,660) (1,378) (2,282) - - -
---------------------------- ----------------------------
Consolidated same store sales 297,285 126,259 171,026 304,487 117,405 187,082
============================ ============================
</Table>
<Table>
<Caption>
CHANGE MAR 03 QTD LESS DEC 02 QTD
--------------------------------------------------
REVENUE EXPENSES NOI
-------------- ------------- -----------------
AMT % AMT % AMT %
-------------- ------------- -----------------
NORTHEAST
Washington (15) -0.1% 1,998 24.8% (2,013) -10.0%
Philadelphia (210) -2.4% 790 29.3% (1,000) -16.7%
Middlesex-Somerset-Hunterdon (219) -6.2% 202 20.4% (421) -16.7%
Baltimore (69) -2.0% 898 86.7% (967) -41.0%
Hartford (28) -1.6% 48 10.1% (76) -5.8%
Dutchess County (80) -3.5% 478 73.2% (558) -34.8%
Other Markets (5) (103) -3.7% 241 27.1% (344) -18.2%
----------------------------------------------------
(724) -1.4% 4,655 31.5% (5,379) -15.0%
SOUTHEAST
Norfolk-Virginia Beach 1 0.0% (131) -5.3% 132 2.8%
Atlanta (265) -2.9% (598) -13.0% 333 7.4%
Nashville 44 0.8% 400 22.3% (356) -10.0%
Raleigh-Durham-Chapel Hill (167) -3.9% 34 2.0% (201) -7.8%
Charlotte-Gastonia-Rock Hill (122) -4.3% (75) -5.0% (47) -3.6%
Columbia 30 1.5% (24) -2.9% 54 4.8%
Other Markets (23) (112) -0.8% 796 13.9% (908) -10.1%
----------------------------------------------------
(591) -1.3% 402 2.2% (993) -3.7%
FLORIDA
Tampa-St. Petersburg (258) -2.6% 173 4.1% (431) -7.4%
Orlando (235) -2.8% (165) -4.8% (70) -1.4%
Jacksonville (77) -1.7% 62 4.0% (139) -4.9%
Miami (94) -2.1% 86 4.7% (180) -6.6%
West Palm Beach-Boca (129) -3.2% 159 11.8% (288) -10.6%
FortLauderdale (18) -0.6% (73) -5.5% 55 3.2%
Other Markets (6) (53) -0.8% 97 3.9% (150) -3.4%
----------------------------------------------------
(864) -2.1% 339 2.1% (1,203) -4.8%
MIDWEST
Chicago (435) -2.8% 403 6.8% (838) -8.6%
Indianapolis (415) -3.3% (47) -0.9% (368) -5.2%
Grand Rapids-Muskegon (14) -0.3% 317 17.1% (331) -11.1%
Fort Wayne (191) -4.6% (158) -9.1% (33) -1.4%
Lansing-East Lansing (128) -3.2% 392 29.8% (520) -19.7%
Cincinnati (84) -2.2% 291 19.8% (375) -16.5%
Columbus 58 2.4% 4 0.4% 54 4.0%
Lafayette (56) -3.0% (158) -20.8% 102 9.0%
Other Markets (25) (239) -1.8% 444 7.7% (683) -8.8%
----------------------------------------------------
(1,504) -2.4% 1,488 5.9% (2,992) -8.0%
TEXAS
Houston (521) -4.2% 840 16.6% (1,361) -18.7%
Dallas (267) -3.8% (402) -11.9% 135 3.7%
San Antonio (176) -3.3% 28 1.2% (204) -6.9%
Austin-San Marcos (175) -5.1% (31) -2.0% (144) -7.7%
FortWorth-Arlington (35) -1.2% 2 0.1% (37) -2.5%
Galveston-Texas City (93) -4.3% (31) -3.3% (62) -5.1%
Other Markets (7) (65) -2.3% 2 0.2% (67) -4.2%
----------------------------------------------------
(1,332) -3.7% 408 2.6% (1,740) -8.7%
WEST
Phoenix-Mesa (593) -5.2% (182) -3.5% (411) -6.7%
Denver (427) -9.1% 196 15.7% (623) -18.2%
Tucson (173) -5.8% 29 2.6% (202) -10.8%
Salt Lake City-Ogden (100) -3.9% 159 20.1% (259) -14.4%
Other Markets (10) (243) -3.1% 218 8.4% (461) -8.9%
----------------------------------------------------
(1,536) -5.2% 420 3.8% (1,956) -10.6%
CALIFORNIA
San Diego (16) -0.3% 156 13.2% (172) -4.7%
Los Angeles-Long Beach 79 2.0% 46 5.0% 33 1.1%
Orange County (39) -1.8% 164 38.1% (203) -11.8%
San Francisco 36 2.4% (139) -21.4% 175 20.1%
Other Markets (3) (40) -1.7% 21 3.1% (61) -3.6%
----------------------------------------------------
20 0.1% 248 6.4% (228) -2.1%
----------------------------------------------------
SAME STORE SALES TOTALS (6,531) -2.3% 7,960 7.5% (14,491) -8.3%
====================================================
Plus: Minority share of consolidated
same store sales
Less: Aimco's share of unconsolidated
same store sales
Less: Newly consolidated
Consolidated same store sales
</Table>
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 19
SUPPLEMENTAL SCHEDULE XII
- --------------------------------------------------------------------------------
OUTLOOK AND FORWARD LOOKING STATEMENT
SECOND QUARTER 2003 AND YTD 2003
(UNAUDITED)
<Table>
<Caption>
SECOND QUARTER FULL YEAR
-------------- ---------
GAAP Earnings per share (1) ($0.01) - $0.02 $0.31 - $0.39
Add: Depreciation and other $0.88 - $0.91 $3.48 - $3.61
FFO per share $0.87 - $0.93 $3.79 - $4.00
AFFO per share $0.68 - $0.72 $2.95 - $3.16
2003 Same Store Operating Assumptions
Physical occupancy (average) 93%
NOI change (9.5%) to (6.5%)
Gross dispositions $900mm to $1,050mm
</Table>
(1) Earnings per share does not include an estimate for gain/loss on
dispositions given the unpredictable timing of transactions.
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 20
SUPPLEMENTAL SCHEDULE XIII
- --------------------------------------------------------------------------------
APARTMENT UNIT SUMMARY
AS OF MARCH 31, 2003
(UNAUDITED)
<Table>
<Caption>
AIMCO'S AIMCO'S AIMCO'S
TOTAL TOTAL EFFECTIVE EFFECTIVE AVERAGE
OWNERSHIP % # PROPERTIES # UNITS # PROPERTIES # UNITS OWNERSHIP %
- ---------------------------------- ------------ -------- ------------ --------- -----------
CONSOLIDATED REAL ESTATE:
100% 457 115,367 457 115,367 100%
51.00% to 99.99% 253 66,679 182 47,359 71%
25.00% to 50.99% 16 4,588 8 2,214 48%
5.00% to 24.99% 1 157 - 8 5%
< 4.99% - - - 0%
------------ -------- ------------ --------- -----------
Total 727 186,791 647 164,949 88%
------------ -------- ------------ --------- -----------
UNCONSOLIDATED REAL ESTATE:
100% - - - - 0%
51.00% to 99.99% - - - - 0%
25.00% to 50.99% 146 28,291 56 11,026 39%
5.00% to 24.99% 217 27,721 29 3,664 13%
< 4.99% 150 18,432 2 240 1%
------------ -------- ------------ --------- -----------
Total 513 74,444 87 14,930 20%
------------ -------- ------------ --------- -----------
TOTAL OWNED PORTFOLIO:
100% 457 115,367 457 115,367 100%
51.00% to 99.99% 253 66,679 182 47,359 71%
25.00% to 50.99% 162 32,879 64 13,240 40%
5.00% to 24.99% 218 27,878 29 3,672 13%
< 4.99% 150 18,432 2 240 1%
------------ -------- ------------ --------- -----------
Total 1,240 261,235 734 179,879 69%
------------ -------- ------------ --------- -----------
CONVENTIONAL REAL ESTATE:
100% 370 104,182 370 104,182 100%
51.00% to 99.99% 203 61,607 140 42,967 87%
25.00% to 50.99% 75 19,602 32 8,290 37%
5.00% to 24.99% 40 7,524 7 1,250 12%
< 4.99% 13 2,693 - 30 1%
------------ -------- ------------ --------- -----------
Total 701 195,608 548 156,718 80%
------------ -------- ------------ --------- -----------
GOVERNMENT ASSISTED REAL ESTATE:
100% 87 11,185 87 11,185 100%
51.00% to 99.99% 50 5,072 42 4,392 71%
25.00% to 50.99% 87 13,277 32 4,951 40%
5.00% to 24.99% 178 20,354 22 2,422 13%
< 4.99% 137 15,739 2 210 1%
------------ -------- ------------ --------- -----------
Total 539 65,627 186 23,161 35%
------------ -------- ------------ --------- -----------
TOTAL OWNED PORTFOLIO:
100% 457 115,367 457 115,367 100%
51.00% to 99.99% 253 66,679 182 47,359 71%
25.00% to 50.99% 162 32,879 64 13,241 40%
5.00% to 24.99% 218 27,878 29 3,672 13%
< 4.99% 150 18,432 2 240 1%
------------ -------- ------------ --------- -----------
Total 1,240 261,235 734 179,879 69%
------------ -------- ============ ========= ===========
MANAGEMENT CONTRACTS:
Long Term Contractual 78 7,955
Short Term Third Party 20 3,225
Third Party Asset-Managed 418 40,112
------------ --------
Total 516 51,292
------------ --------
TOTAL PORTFOLIO 1,756 312,527
============ ========
</Table>
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 21
SUPPLEMENTAL SCHEDULE XIV
- --------------------------------------------------------------------------------
SAME STORE SALES DATA CHARTS
The charts below depict Aimco's "Same Store" operational metrics: Occupancy,
Rent and Net Rental Income by month from January 2002 through April 2003. Pro
Forma Casden assumes that the Casden conventional properties are in the "Same
Store" portfolio.
SAME STORE OCCUPANCY JANUARY 2002 - APRIL 2003
[GRAPH]
[PLOT POINTS]
<Table>
<Caption>
Jan Feb Mar Apr May Jun Jul Aug
Occupancy 92.0% 92.7% 93.0% 93.9% 93.2% 93.2% 92.8% 93.8%
Occupancy including Casden 93.9% 93.4% 93.4% 92.9% 94.0%
</Table>
<Table>
<Caption>
Sep Oct Nov Dec Jan Feb Mar Apr
Occupancy 93.4% 92.1% 91.1% 90.2% 89.8% 90.1% 91.0% 92.3%
Occupancy including Casden 93.5% 92.2% 91.3% 90.5% 90.1% 90.4% 91.3% 92.3%
</Table>
[AIMCO LOGO]
<Page>
Apartment Investment and Management Company
First Quarter 2003 - Page 22
SUPPLEMENTAL SCHEDULE XIV
- --------------------------------------------------------------------------------
SAME STORE RENTAL RATES JANUARY 2002 - APRIL 2003
[GRAPH]
[PLOT POINTS]
<Table>
<Caption>
Jan Feb Mar Apr May Jun Jul Aug
Rent Rate 705 699 701 696 704 696 692 690
Rent rate including Casden 710 719 712 709 706
</Table>
<Table>
<Caption>
Sep Oct Nov Dec Jan Feb Mar Apr
Rent Rate 684 689 691 692 689 681 677 682
Rent rate including Casden 701 706 708 709 706 701 693 693
</Table>
SAME STORE NET RENTAL INCOME JANUARY 2002 - APRIL 2003
[GRAPH]
[PLOT POINTS]
<Table>
<Caption>
Jan Feb Mar Apr May Jun Jul Aug
Net Rental Income 90,370 90,283 90,834 91,059 91,419 90,380 89,475 90,178
Net Rental Income including Casden 96,067 96,766 95,824 94,910 95,627
</Table>
<Table>
<Caption>
Sep Oct Nov Dec Jan Feb Mar Apr
Net Rental Income 89,012 88,415 87,709 86,968 86,207 85,491 85,838 87,707
Net Rental Income including Casden 94,445 93,796 93,144 92,458 91,660 91,314 91,170 92,169
</Table>
[AIMCO LOGO]