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EXHIBIT 99.1
AIMCO 2ND QUARTER 2003
Denver, Colorado - August 6, 2003
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
ANNOUNCES SECOND QUARTER 2003 RESULTS
Occupancy Gains Drive $3.3 Million Increase in Quarterly "Same Store"
Net Rental Income. Transactions Reduce Cost of Preferred Capital.
SUMMARY FINANCIAL RESULTS Apartment Investment and Management Company
(NYSE:AIV) ("Aimco") announced second quarter 2003 results including:
- Net Income was $59.2 million, compared with $46.0 million in the
second quarter 2002. Earnings per share (EPS) was $0.39 on a diluted
basis, compared with $0.26 in the same period last year, based on Net
Income attributable to common stockholders.
- Funds from Operations (FFO; a non-GAAP financial measure defined in
the Glossary in Supplemental Information (the "Glossary")) was $100.6
million, or $0.91 per diluted common share, compared with $133.1
million, or $1.20 per share in the second quarter 2002.
- Adjusted Funds from Operations (AFFO; a non-GAAP financial measure
defined in the Glossary) was $76.6 million, or $0.70 per diluted
common share, compared with $99.2 million, or $0.97 per share, in the
second quarter 2002.
PER SHARE RESULTS
<Table>
<Caption>
SECOND QUARTER FIRST HALF
--------------------------------------------------------------------------------------------
2003 2002 2003 2002
--------------------------------------------------------------------------------------------
Earnings - EPS $ 0.39 $ 0.26 $ 0.39 $ 0.84
Funds from Operations - FFO $ 0.91 $ 1.20 $ 1.81 $ 2.50
Adjusted Funds from Operations - AFFO $ 0.70 $ 0.97 $ 1.35 $ 2.10
============================================================================================
</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
Second Quarter 2003 - Page 2
MANAGEMENT COMMENTS
"The economy is 18 months into recovery. Leading indicators are up for the
third straight month. Tax, fiscal and monetary stimulus is substantial.
BUT: it remains very tough in the apartment business to raise rents and
increase occupancy," said Terry Considine, Aimco's chairman and chief
executive officer. "At the same time, operating expenses have increased at
rates above inflation."
"In this environment, Aimco is focused on improving cost controls and
lowering its cost of capital by refinancing property debt and refunding
preferred stocks."
DIVIDENDS ON COMMON STOCK
As previously announced, the Aimco Board of Directors declared the
quarterly cash dividend of $0.82 per share of Class A Common Stock for
the quarter ended June 30, 2003, payable on August 21, 2003 to
stockholders of record on August 14, 2003. The dividend represents 114%
of AFFO (before deducting Capital Enhancements) and 90% of FFO for the
quarter ended June 30, 2003 and an 8.3% yield based on the $39.55
closing price of Aimco's Class A Common Stock on August 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.
OPERATIONAL RESULTS
PROPERTY OPERATIONS Second quarter revenue from property operations
(which includes all real estate as reported on the GAAP Income
Statements: consolidated conventional and affordable, as segmented on
Schedules VIII, X and XII of Supplemental Information) of $378.4 million
was up $44.0 million, or 13%, compared with the second quarter 2002
primarily due to revenue from acquisition properties, newly consolidated
properties and redevelopment properties totaling $56.0 million, somewhat
offset by the effects of a weaker economy including a $10.1 million
reduction in consolidated "Same Store" revenue.
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Second Quarter 2003 - Page 3
Second quarter expenses from property operations of $165.4 million were
up $30.9 million, or 23%, compared with the second quarter 2002
primarily due to expenses from acquisition properties, newly
consolidated properties and redevelopment properties totaling $24.2
million. In addition, consolidated "Same Store" expenses were up $8.3
million, including higher expenses related to utilities, turnover and
landscaping as described under "Same Store" Property Results.
PROPERTY OPERATIONS
<Table>
<Caption>
SECOND QUARTER FIRST HALF
- -------------------------------------------------------------------------- --------------------------------
2003 2002 Variance 2003 2002 Variance
- -------------------------------------------------------------------------- --------------------------------
Consolidated Property Operations:
Revenue $ 378.4 $ 334.4 13.2% $ 748.2 $ 639.7 17.0%
Expenses (165.4) (134.5) 23.0% (332.8) (249.8) 33.2%
- -------------------------------------------------------------------------- --------------------------------
NOI ($mm) $ 213.0 $ 199.9 6.5% $ 415.4 $ 389.9 6.5%
========================================================================== ================================
</Table>
Total income from property operations was $213.0 million, up $13.1 million,
or 7%, compared with the second quarter 2002. This included Net Operating
Income of $10.7 million from acquisitions made in the second half of 2002:
- The New England area properties enjoyed a 4.1% increase in Net Rental
Income during the quarter and a 438 basis point increase in occupancy
to 95.5%; and
- The Villas at Park La Brea, located in Los Angeles, ended the quarter
at 95% occupancy, up from 80% at the beginning of the quarter,
reaching stabilization earlier than projected.
"SAME STORE" PROPERTY RESULTS The "Same Store" portfolio includes 608
communities with a total of 169,355 apartment units in which Aimco has a
weighted average ownership of 82.5% (see Supplemental Schedule IX). Revenue
from the "Same Store" portfolio was $288.2 million compared with $299.4
million in the second quarter 2002. The decrease in revenue of $11.2
million, or 3.7%, is due primarily to (i) a decline in occupancy by 90
basis points to 92.6%, and (ii) a 2% decrease in the average "Same Store"
rent from $716 to $699 per apartment as a result of competitive leasing
environments in certain markets, particularly Atlanta, Phoenix, Denver,
Houston and Austin. "Same Store" expenses of $116.3 million increased by
$7.9 million, or 7.3%, compared with the second quarter 2002. Increased
expenses were primarily due to: (i) $2.1 million in higher utility
expenses; (ii) $2.4 million in higher expenses related to increasing
occupancy, including turnover, marketing and administration; (iii) $2.5
million in higher repairs and maintenance and
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Apartment Investment and Management Company
Second Quarter 2003 - Page 4
landscaping services, in support of efforts to improve the physical
appearance and condition of properties; and (iv) $0.8 million in increased
insurance expenses. "Same Store" portfolio net operating income was $171.9
million for the quarter, down 10% from the second quarter 2002.
SAME STORE OPERATING RESULTS
<Table>
<Caption>
SECOND QUARTER SEQUENTIAL
- -----------------------------------------------------------------------------------------------------
2003 2002 Variance 1st Qtr 03 Variance
- -----------------------------------------------------------------------------------------------------
Same Store Operating Measures:
Average Physical Occupancy 92.6% 93.5% -90bp 90.6% +200bp
Average Rent/unit $ 699 $ 716 -2.4% $ 706 -1.0%
Total Same Store
Revenue $ 288.2 $ 299.4 -3.7% $ 284.2 1.4%
Expenses (116.3) (108.4) 7.3% (114.9) 1.2%
- -----------------------------------------------------------------------------------------------------
NOI ($mm) $ 171.9 $ 191.0 -10.0% $ 169.2 1.6%
=====================================================================================================
</Table>
Comparing "Same Store" results on a sequential basis, Aimco's "Same
Store" portfolio realized a $3.3 million increase in Net Rental Income
(as defined in the Glossary) in the second quarter compared with the
first quarter driven by a 200 basis point increase in average occupancy
from 90.6% to 92.6%, somewhat offset by a 1% decline in average rent
from $706 to $699. "Same Store" portfolio Net Operating Income increased
$2.7 million, or 1.6%, on a sequential basis.
For the second quarter, other "Same Store" operating measures included
turnover of 15%, compared with 16% in the second quarter 2002, and average
concessions of $22 per unit, compared with $12 in the second quarter 2002.
Concessions are considered in calculating average monthly rent.
"Same Store" results reflect the performance of conventional communities
in which Aimco's ownership exceeds 10% and that have reached a
stabilized level of occupancy during both the current and comparable
prior year period. These results measure operating performance without
variations caused by investment transactions. The 16 conventional
properties acquired in March 2002 are included in the "Same Store"
portfolio for the second quarter 2003.
Aimco's "Same Store" results measure Aimco's effective ownership in "Same
Store" communities and include Aimco's ownership interest in unconsolidated
"Same Store" properties and subtract the minority interest share of
consolidated properties (see reconciliation on Supplemental Schedule VIII).
In keeping with this definition, the "Same Store" portfolio accounted for
85% of Real Estate Free Cash Flow (Free Cash Flow, "FCF",
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Second Quarter 2003 - Page 5
is a non-GAAP financial measure defined in the Glossary and presented and
reconciled to GAAP income on Supplemental Schedule II).
CAPITAL REPLACEMENTS AND CAPITAL ENHANCEMENTS Capital Replacements
(as defined in the Glossary) were $20.9 million and Capital Enhancements
(as defined in the Glossary) were $1.5 million in the quarter, which
totals are deducted in calculating AFFO. This compares with $18.4
million and $4.9 million, respectively in the second quarter 2002.
Capital Replacement and Capital Enhancement spending together are
expected to total between $525 and $550 per unit for the full year 2003.
Beginning in the second quarter 2003, capital expenditures made on
properties sold, held for sale or identified to be sold within one year
are classified as Disposition Capital Expenditures (as defined in the
Glossary). Disposition Capital Expenditures totaled $5.4 million in the
quarter.
CAPITAL REPLACEMENT & CAPITAL ENHANCEMENT EXPENDITURES
<Table>
<Caption>
SECOND QUARTER FIRST HALF
--------------------------------------------------------------------------------------------
2003 2002 2003 2002
--------------------------------------------------------------------------------------------
Capital Replacements $ 21 $ 18 $ 47 $ 36
Capital Enhancements 1 5 2 5
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Total ($mm) $ 22 $ 23 $ 49 $ 41
Capital Replacements per unit $ 153 $ 104 $ 299 $ 214
Capital Enhancements per unit 10 28 14 28
--------------------------------------------------------------------------------------------
Total ($/unit) $ 163 $ 132 $ 313 $ 242
Capital Replacements per share $ 0.19 $ 0.18 $ 0.44 $ 0.35
Capital Enhancements per share 0.02 0.05 0.02 0.05
--------------------------------------------------------------------------------------------
Total ($/share) $ 0.21 $ 0.23 $ 0.46 $ 0.40
============================================================================================
</Table>
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Apartment Investment and Management Company
Second Quarter 2003 - Page 6
INVESTMENT MANAGEMENT ACTIVITY
Income from Investment Management was $3.0 million, down from $7.3
million in the second 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 $5.4 million in the quarter compared with
$10.9 million in the prior year period. As Aimco increases its ownership
of partnership properties, the portion of property management fees
eliminated by GAAP as "self charged" also increases and realized
management fees decline. Fees earned primarily from Aimco Capital
activities declined from $4.0 million in the second quarter 2002 to $1.9
million in the second quarter 2003, primarily due to deferred asset
management fees that were higher in 2002 than 2003.
In the second quarter 2002, income earned from property management and fees
was somewhat offset by insurance claims losses of $3.5 million. There were
no such losses in the second quarter 2003.
Income from Investment Management also includes $0.2 million from providing
property management to third parties owning 104 properties with 11,951
units.
ADDITIONAL INCOME INFORMATION
INTEREST INCOME AND GENERAL PARTNER LOANS Interest and Other Income was
$5.9 million, a decrease of $16.7 million from the second quarter of 2002,
primarily due to lower transactional income in 2003. Total Interest and
Other Income included interest income from General Partner loans of $3.2
million, a decrease of $5.6 million compared with the second quarter 2002
due to collection of notes receivable.
Notes receivable primarily from affiliated partnerships were $174.9 million
($254.3 million face value) at quarter-end versus $290.6 million ($434.0
million face value) at June 30, 2002, a reduction of $115.7 million, or
40%, primarily due to collections of the notes receivable and GAAP required
eliminations on newly consolidated partnerships. Aimco recognized in the
quarter total transactional income of $1.5 million and impairments of $0.8
million, compared with $13.2 million in transactional income and $3.2
million of impairments in the second quarter 2002.
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Apartment Investment and Management Company
Second Quarter 2003 - Page 7
INTEREST EXPENSE Consolidated interest expense was $92.8 million for the
quarter, an increase of $11.8 million compared with $81.0 million in the
second quarter 2002. The increase in interest expense is primarily a result
of an increase in debt associated with newly consolidated and acquisition
properties.
G&A General and Administrative expenses for the quarter were $6.5 million,
up from $4.9 million in the second quarter 2002. The $1.6 million increase
is primarily due to: (i) $0.5 million for increased compensation related to
additional employees; and (ii) $1.0 million for increased costs associated
with regulatory compliance (primarily the Sarbanes Oxley Act of 2002).
GAIN ON DISPOSITIONS AND INCOME (LOSS) FROM DISCONTINUED OPERATIONS Gain
on Dispositions of Real Estate of $1.0 million and Income from
Discontinued Operations of $37.0 million in second quarter 2003 compared
with $12.5 million and a loss of $16.6 million, respectively, in the
second quarter 2002. Income from Discontinued Operations in the second
quarter 2003 included a net gain on sales of $38.3 million, somewhat
offset by income taxes on dispositions.
SUMMARY OF SECOND QUARTER PERFORMANCE EPS of $0.39 was significantly
higher than the projected range of ($0.01) to $0.02 due primarily to the
Gain on Dispositions of Real Estate of $38.3 million, which is recorded
in Discontinued Operations.
FFO per share of $0.91 was in line with the estimates provided May 6, 2003.
Comparing FFO on a sequential basis, per share FFO increased $0.01 from the
$0.90 earned in the first quarter due to:
<Table>
First quarter 2003 FFO per share $ 0.900
First quarter 2003 non-recurring tax benefit (0.080)
Income from property operations 0.080
Investment Management, net 0.050
Deferred financing costs (0.015)
Interest expense, due to lower capitalized interest (0.015)
G&A (0.010)
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Second quarter 2003 FFO per share $ 0.910
==========
</Table>
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Apartment Investment and Management Company
Second Quarter 2003 - Page 8
TRANSACTION AND REDEVELOPMENT ACTIVITY
ACQUISITIONS During the second quarter, the Aimco-CalSTRS joint venture
acquired two student properties for a total of $15.9 million, or $5.3
million for Aimco's one-third interest. The properties are located in
Hayward, California and Lawrence, Kansas and have 152 and 254 units,
respectively. In addition, the joint venture acquired from Aimco a student
property located in Chapel Hill, North Carolina with 336 units for $16.3
million. Aimco also purchased interests in 56 partnerships owning 179
properties for an aggregate of $3.7 million.
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 second quarter, Aimco sold 23 properties including 6,211
apartment units for $249 million in gross proceeds, generating net cash
proceeds to Aimco of $89 million after payment of mortgage debt and
limited partner interests. Of the properties sold, 18 were conventional
and five were affordable. Year-to-date, Aimco has sold 41 properties
including 10,120 apartment units for $376 million in gross proceeds. 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
$525 per unit deduction for Capital Replacements and is before debt
service.
SECOND QUARTER PROPERTY SALES ACTIVITY
<Table>
<Caption>
NUMBER GROSS PROPERTY NET SALES AIMCO NET AVERAGE
OF PROCEEDS FCF DEBT PROCEEDS PROCEEDS RENT
UNITS ($mm) YIELD ($mm) ($mm) ($mm) ($/UNIT)
------------------------------------------------------------------------------------------------------------
Conventional 5,518 $ 228 6.9% $ 124 $ 97 $ 86 $ 566
Affordable 693 21 8.1% 15 4 3 719
------------------------------------------------------------------------------------------------------------
Total Dispositions 6,211 $ 249 7.0% $ 139 $ 101 $ 89 $ 584
============================================================================================================
</Table>
Aimco is currently marketing for sale 107 conventional properties
(approximately 26,500 units) and 134 affordable properties (approximately
12,000 units). Aimco anticipates gross sales proceeds of approximately $525
to $625 million through the remainder of 2003. Aimco expects that its share
of cash from these dispositions, net of limited partner interests and after
repayment of mortgage debt, will be approximately $120 to $160 million.
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Apartment Investment and Management Company
Second Quarter 2003 - Page 9
REDEVELOPMENT ACTIVITY At quarter-end, Aimco had seven conventional
redevelopment properties with 3,326 units, and two affordable properties
with 467 units, undergoing redevelopment. Redevelopment expenditures in the
quarter were $24 million, of which Aimco's share was $16 million.
Redevelopment expenditures for these seven conventional projects are
expected to total $374 million, including unconsolidated interests, of
which approximately $21 million remains to be spent. Aimco's share of total
redevelopment spending is $289 million, of which approximately $14 million
remains to be spent.
Aimco's largest redevelopment project is Flamingo Resort Residences with
1,687 apartments located in Miami Beach, Florida. During the quarter,
246 additional units were completed for a total of 1,061 completed units
and 626 units under redevelopment. Final completion, including all
units, commercial areas, north pool and fitness center, is expected by
year-end 2003. At quarter-end, occupied and pre-leased units totaled
839. Calhoun Beach Club, located in Minneapolis, Minnesota, reached
stabilization in May and had occupancy of 92% at quarter-end. Meadow
Creek, located in Boulder, Colorado, had occupancy of 86% in June and
has since reached stabilization.
BALANCE SHEET AND LIQUIDITY
FINANCING ACTIVITY During the second quarter, Aimco closed 34 conventional
property mortgage loans generating $272.3 million of total proceeds at a
weighted average interest rate of 4.17%. After repayment of existing debt,
transaction costs and distributions to limited partners totaling $204.7
million, Aimco's share of net proceeds was $67.6 million.
SECOND QUARTER MORTGAGE REFINANCINGS
($mm)
<Table>
<Caption>
ORIGINAL NEW AIMCO AIMCO
LOAN LOAN SHARE NET PRIOR NEW
MORTGAGE TYPE (ALL NON-RECOURSE) AMOUNT AMOUNT ORIGINAL LOAN PROCEEDS RATE RATE
- ---------------------------------------------------------------------------------------------------------------
Conventional Fixed Rate - 15-year plus,
fully amortizing $ 7.9 $ 13.6 $ 5.5 $ 3.4 8.43% 5.29%
Conventional Fixed Rate - 5-15 year,
partially amortizing 105.3 172.6 76.6 57.6 7.83% 4.56%
Conventional Floating Rate 49.4 58.9 29.4 6.6 7.55% 3.03%
Tax Exempt Bonds 27.2 27.2 - - 3.00% 3.58%
- ---------------------------------------------------------------------------------------------------------------
Totals $ 189.8 $ 272.3 $ 111.5 $ 67.6 6.66% 4.17%
===============================================================================================================
</Table>
At quarter-end, Aimco's consolidated mortgage debt was $5,716 million.
During the quarter Aimco closed on a $250 million five-year term loan.
Proceeds were applied to pay down the
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Second Quarter 2003 - Page 10
outstanding balance on Aimco's $445 million revolving credit facility.
Aimco's revolving credit facility had a zero balance at quarter-end.
Aimco's pro rata share of mortgage debt (including total consolidated debt,
less the minority interest portion and its share of unconsolidated debt)
was $5,608 million at quarter-end (see Supplemental Schedule V for detail).
This total had a weighted average maturity of 15 years and weighted average
interest rate of 6.2%, down from 6.5% at year-end 2002. Further, 83% was
fixed rate debt and 17% was floating rate debt. Seventy-eight percent of
floating rate debt was tax-exempt mortgage debt. Total debt was reduced by
$176 million during the quarter.
CAPITAL STRUCTURE AT JUNE 30, 2003
<Table>
<Caption>
AT PERCENT AT PERCENT AT PERCENT AT PERCENT
SEPT. 30, 02 OF TOTAL DEC. 31, 02 OF TOTAL MAR. 31, 03 OF TOTAL JUN. 30, 03 OF TOTAL
-------------------------------------------------- ---------------------- ---------------------- -----------------------
Short-term debt $ 420 4% $ 406 4% $ 471 4% $ 354 3%
(1) Long-term debt 5,522 49% 5,715 51% 5,667 51% 5,608 53%
Preferred equity 1,083 10% 1,080 10% 1,079 10% 1,044 10%
Common equity
at market 4,104 37% 3,967 35% 3,860 35% 3,668(2) 34%
-------------------------------------------------- ---------------------- ---------------------- -----------------------
Total Capitalization $ 11,129 100% $ 11,168 100% $ 11,077 100% $ 10,674 100%
================================================== ====================== ====================== =======================
</Table>
(1) Aimco share of debt excluding the minority interest in
consolidated debt, see Supplemental Schedule V
(2) 106.022 million shares and units outstanding at June 30, 2003
times the closing price of $34.60 per share
On June 30, 2003 Aimco redeemed all outstanding shares of its Class C
Cumulative Preferred Stock, payable in cash, for $60.0 million.
Subsequent to quarter-end and announced on July 17, 2003, Aimco issued
$150 million of 8.0% Class T Cumulative Preferred Stock in a public
offering. This transaction closed July 31, 2003. Aimco will apply the
proceeds to redeem higher cost preferred securities. Aimco announced
that it will redeem all outstanding shares of its 9.5% Class H
Cumulative Preferred Stock, 10% Class L Convertible Cumulative Preferred
Stock and 9.25% Class M Convertible Cumulative Preferred Stock, and
redeem 1.5 million shares in a pro rata redemption of its 8.75% Class D
Cumulative Preferred Stock. These redemptions will be made for cash on
August 18, 2003. Aimco estimates the annualized savings from these
transactions is $2.3 million.
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LIQUIDITY During the quarter the total lender commitment on Aimco's
revolving credit facility increased from $400 million to $445 million.
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OUTLOOK
Please see Supplemental Schedule XIV for Aimco's updated Outlook for the
third quarter and full year 2003.
EARNINGS CONFERENCE CALL
Please join Aimco management for the Second Quarter 2003 earnings
conference call to be held tomorrow, Thursday, August 7, 2003 at 2:00 p.m.
eastern time. You may join the conference call through an Internet
audiocast via Aimco's Website at www.aimco.com/about/financial/2Q2003.asp
and clicking on the Webcast link, or by dialing 800-218-0204, or
303-262-2192 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 Second
Quarter 2003 earnings conference call. If you are unable to join the live
conference call, you may access the replay on the Website or by dialing
800-405-2236 (303-590-3000 for international callers) and using access code
545741#.
FORWARD-LOOKING STATEMENTS
This earnings release and Supplemental Information 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.
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Apartment Investment and Management Company
Second Quarter 2003 - Page 13
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 1,725 properties, including
approximately 306,000 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 shares are included in the
S&P 500.
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GAAP INCOME STATEMENTS
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<Table>
<Caption>
FOR THE THREE MONTHS FOR THE SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
2003 2002 2003 2002
---------- ---------- ---------- ----------
RENTAL PROPERTY OPERATIONS:
Rental and other property revenues $ 378,408 $ 334,422 $ 748,152 $ 639,659
Property operating expenses (165,416) (134,507) (332,815) (249,757)
---------- ---------- ---------- ----------
Income from property operations 212,992 199,915 415,337 389,902
---------- ---------- ---------- ----------
INVESTMENT MANAGEMENT BUSINESS:
Management fees and other income primarily from affiliates 16,129 23,885 32,647 44,715
Management and other expenses (10,497) (15,685) (18,233) (29,662)
Amortization of intangibles (2,603) (916) (3,440) (2,040)
---------- ---------- ---------- ----------
Income from investment management business 3,029 7,284 10,974 13,013
---------- ---------- ---------- ----------
General and administrative expenses (6,455) (4,921) (11,900) (8,017)
Other expenses - (5,000) - (5,000)
Provision for losses on notes receivable (791) (3,156) (1,488) (3,156)
Depreciation of rental property (84,729) (64,641) (168,209) (129,682)
Interest expense (92,829) (81,008) (183,796) (157,232)
Interest and other income 5,893 22,628 11,464 41,347
Equity in earnings (losses) of unconsolidated real estate partnerships [a] (2,857) (870) (4,539) 2,611
Minority interest in consolidated real estate partnerships (1,680) (603) (2,813) (3,789)
---------- ---------- ---------- ----------
INCOME FROM OPERATIONS 32,573 69,628 65,030 139,997
Gain on dispositions of real estate 959 12,484 1,276 8,522
Distributions to minority partners in excess of income (4,171) (12,558) (9,642) (10,972)
---------- ---------- ---------- ----------
INCOME BEFORE MINORITY INTEREST IN AIMCO OPERATING PARTNERSHIP
AND DISCONTINUED OPERATIONS 29,361 69,554 56,664 137,547
Minority interest in Aimco Operating Partnership (7,176) (6,951) (9,779) (16,665)
---------- ---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS 22,185 62,603 46,885 120,882
Discontinued operations:
Income (loss) from discontinued operations, net of tax of $2,978 and
($89) for the three months ended June 30, 2003 and 2002,
respectively [b] 37,045 (16,570) 34,168 (4,790)
---------- ---------- ---------- ----------
NET INCOME $ 59,230 $ 46,033 $ 81,053 $ 116,092
========== ========== ========== ==========
Net income attributable to preferred stockholders $ 22,806 $ 23,895 $ 44,947 $ 49,374
---------- ---------- ---------- ----------
Net income attributable to common stockholders $ 36,424 $ 22,138 $ 36,106 $ 66,718
========== ========== ========== ==========
Weighted average number of common shares outstanding 92,747 83,655 92,720 79,250
========== ========== ========== ==========
Weighted average number of common shares and common share
equivalents outstanding 92,832 85,552 92,809 80,896
========== ========== ========== ==========
Earnings (loss) per common share - basic:
Income (loss) from continuing operations (net of preferred dividends) $ (0.01) $ 0.46 $ 0.02 $ 0.90
========== ========== ========== ==========
Net income attributable to common stockholders $ 0.39 $ 0.26 $ 0.39 $ 0.84
========== ========== ========== ==========
Earnings (loss) per common share - diluted:
Income (loss) from continuing operations (net of preferred dividends) $ (0.01) $ 0.45 $ 0.02 $ 0.88
========== ========== ========== ==========
Net income attributable to common stockholders $ 0.39 $ 0.26 $ 0.39 $ 0.82
========== ========== ========== ==========
</Table>
[a] Represents Aimco's share of earnings (losses) from apartment units in which
Aimco holds an equity interest.
[b] Income (loss) from discontinued operations of consolidated properties is
broken down as follows (in thousands):
<Table>
<Caption>
QUARTER ENDED QUARTER ENDED SIX MONTHS ENDED SIX MONTHS ENDED
30-JUN-03 30-JUN-02 30-JUN-03 30-JUN-02
------------- ------------- ---------------- ----------------
Income from operations $ 935 $ 3,093 $ 1,356 $ 7,723
Gain (loss) on dispositions of real estate, net 38,276 (18,431) 36,081 (10,513)
Distributions to minority partners in excess of income 812 (1,321) 1,037 (1,321)
Income tax arising from disposals (primarily deferred) (2,978) 89 (4,306) (679)
------------- ------------- ---------------- ----------------
Income (loss) from discontinued operations 37,045 (16,570) 34,168 (4,790)
============= ============= ================ ================
</Table>
<Page>
GAAP BALANCE SHEET
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
AS OF AS OF
JUNE 30, 2003 DECEMBER 31, 2002
--------------- -----------------
ASSETS
Real estate, net of accumulated depreciation $ 8,840,650 $ 8,808,054
Cash and cash equivalents 105,915 99,553
Restricted cash 198,428 224,884
Accounts receivable 86,167 85,553
Accounts receivable from affiliates 46,743 47,060
Deferred financing costs 82,512 73,168
Notes receivable, primarily from unconsolidated real estate partnerships 174,870 169,238
Investment in unconsolidated real estate partnerships 293,885 367,851
Other assets 290,559 260,717
Assets held for sale 115,059 180,523
--------------- -----------------
TOTAL ASSETS $ 10,234,788 $ 10,316,601
=============== =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Secured tax-exempt bond financing $ 1,199,605 $ 1,205,554
Secured notes payable 4,516,112 4,532,406
Term loans 354,387 115,011
Credit facility - 291,000
--------------- -----------------
TOTAL INDEBTEDNESS 6,070,104 6,143,971
Accounts payable 20,203 12,136
Accrued liabilities and other 402,900 297,575
Deferred income 30,193 15,445
Security deposits 42,900 41,065
Deferred taxes 28,071 36,680
Liabilities related to assets held for sale 97,800 140,701
--------------- -----------------
TOTAL LIABILITIES 6,692,171 6,687,573
--------------- -----------------
Minority interest in consolidated real estate partnerships 78,010 75,535
Mandatorily redeemable preferred securities 115,169 15,169
Minority interest in Aimco Operating Partnership 356,467 374,937
STOCKHOLDERS' EQUITY
Class A Common Stock 940 938
Additional paid-in capital 3,058,736 3,050,057
Perpetual preferred stock 492,675 552,520
Convertible preferred stock 392,492 392,492
Distributions in excess of earnings (893,577) (776,577)
Unvested restricted stock (12,865) (7,079)
Notes due on common stock purchases (45,430) (48,964)
--------------- -----------------
2,992,971 3,163,387
--------------- -----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,234,788 $ 10,316,601
=============== =================
</Table>
<Page>
GAAP STATEMENTS OF CASH FLOWS
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
SIX MONTHS ENDED SIX MONTHS ENDED
JUNE 30, 2003 JUNE 30, 2002
---------------- ----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 81,053 $ 116,092
Total adjustments to reconcile net income 190,588 150,800
---------------- ----------------
Net cash provided by operating activities 271,641 266,892
---------------- ----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Initial capital expenditures (13,706) (13,649)
Capital Replacements (48,483) (35,514)
Capital Enhancements (2,524) (4,545)
Redevelopment (51,600) (84,910)
Proceeds from sales of property 243,916 175,692
Disposition capital expenditures (6,041) -
Purchase of general and limited partnership interests and other assets (28,023) (37,421)
Origination of notes receivable from unconsolidated real estate partnerships (20,631) (59,610)
Proceeds from repayment of notes receivable 18,880 25,013
Proceeds from sales of investments and other assets 3,281 22,747
Cash paid in connection with merger/acquisitions and related costs (11,341) (231,803)
Distributions received from investments in
unconsolidated real estate partnerships 46,422 12,058
Other investing activities (558) (21,520)
---------------- ----------------
Net cash provided by (used in) investing activities 129,592 (253,462)
---------------- ----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from secured notes payable borrowings 266,999 136,975
Principal repayments on secured notes payable (377,379) (199,324)
Proceeds from secured tax-exempt bond financing - 130,719
Principal repayments on tax-exempt bond financing (12,689) (236,554)
Net borrowings on term loans and revolving credit facility (51,624) (63,500)
Redemption of preferred stock (59,845) -
Proceeds from issuance of mandatorily redeemable preferred securities 97,250 -
Proceeds from issuance of common and preferred stock,
exercise of options/warrants 256 425,500
Payment of common stock dividends (152,425) (128,300)
Payment of preferred stock dividends (45,630) (49,278)
Payment of distributions to minority interest (52,006) (50,849)
Other financing activities (7,778) 1,920
---------------- ----------------
Net cash used in financing activities (394,871) (32,691)
---------------- ----------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 6,362 (19,261)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 99,553 80,000
---------------- ----------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 105,915 $ 60,739
================ ================
</Table>
<Page>
GLOSSARY
GLOSSARY OF NON-GAAP FINANCIAL AND OPERATING MEASURES Financial and operating
measures found in the Earnings Release and Supplemental Information include
certain financial measures standardly used by Aimco management that are not
calculated in accordance with generally accepted accounting principles, or GAAP.
These measures are defined below and, where appropriate, reconciled on the
accompanying Supplemental Schedules to the most comparable GAAP financial
measures.
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.
AFFO also reflects that Capital Replacements are necessary to maintain, and
Capital Enhancements are made to improve, the associated real estate assets.
Please see Supplemental Schedules I and II for AFFO data reconciled to Net
Income as determined in accordance with GAAP.
CAPITAL REPLACEMENTS AND CAPITAL ENHANCEMENTS (CR & CE): are components of total
capital expenditures. CR expenditures are required to maintain Aimco's assets
and CE expenditures are made to improve Aimco's assets by adding a new feature
or revenue source.
CR and CE spending are components of capital expenditures denoted as line items
in the GAAP Statement of Cash Flows.
DISPOSITION CAPITAL EXPENDITURES: are capital expenditures made on properties
sold, held for sale or identified as to be sold within one year. Disposition
capital expenditures are incurred to support the sale of these properties and
are not part of Aimco's ongoing Capital Replacements. Prior to establishing this
category of capital expenditures, these expenditures were accounted for as
Capital Replacements and deducted in calculating AFFO. Aimco will review this
allocation each quarter and will re-allocate to Capital Replacements any items
for those properties not sold or no longer identified as to be sold.
FREE CASH FLOW (FCF): FCF, as defined by Aimco, is net operating income from
real estate minus Capital Replacement spending required to maintain, and Capital
Enhancement spending made to improve, the related assets. FCF also includes cash
flows generated from the Investment Management Business, Interest and Other
Income, General and Administrative expenses and other expenses incurred by
Aimco. FCF measures profitability of operations and is prior to the cost of
capital. Because Aimco has substantial
<Page>
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.
Please see Supplemental Schedule II for FCF data reconciled to Net Income as
determined in accordance with GAAP.
FUNDS FROM OPERATIONS (FFO): is a commonly used measure of REIT performance
defined by the National Association of Real Estate Investment Trusts, or NAREIT,
as net income (loss), computed in accordance with GAAP, excluding gains and
losses from extraordinary items, dispositions of depreciable real estate
property, dispositions of real estate from 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 Aimco's operating partnership (AIMCO
Properties, L.P.), plus amortization of intangibles, plus distributions to
minority partners in excess of income and less dividends/distributions on
preferred stock/partnership units. Aimco calculates FFO (diluted) by adding back
the interest expense and preferred dividends/distributions relating to
convertible securities the conversion of which is dilutive to FFO. FFO is
helpful to investors in understanding Aimco's performance because it captures
features particular to real estate performance by recognizing that real estate
generally appreciates over time or maintains residual value to a much greater
extent than do other depreciating assets such as machinery, computers or other
personal property. There can be no assurance that Aimco's method for computing
FFO is comparable with that of other real estate investment trusts.
Please see Supplemental Schedules I and II for FFO data reconciled to Net Income
as determined in accordance with GAAP.
NET RENTAL INCOME: is an operating measure calculated as the product of rental
units in Aimco's "Same Store" portfolio multiplied by occupancy and average rent
per unit.
SAME STORE: is used commonly to describe conventional properties in which
Aimco's ownership exceeds 10% and that have reached a stabilized level of
occupancy during both the current and comparable prior year period. Aimco
provides data for consolidated Same Store properties as well as its
proportionate share of consolidated and unconsolidated Same Store properties. To
ensure comparability, the information for all periods shown is based on current
period ownership.
Please see Supplemental Schedules VIII through XIII for Same Store data
reconciled to Net Operating Income as determined in accordance with GAAP.
<Page>
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.
<Page>
SUPPLEMENTAL SCHEDULE I
FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<Table>
<Caption>
FOR THE THREE MONTHS FOR THE SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
------------------------ ------------------------
2003 2002 2003 2002
---------- ---------- ---------- ----------
OPERATING ACTIVITIES:
Net Income $ 59,230 $ 46,033 $ 81,053 $ 116,092
Minority interest in Aimco Operating Partnership 7,176 6,951 9,779 16,665
Real estate depreciation, net of minority interest 75,794 57,120 151,246 114,297
Real estate depreciation related to unconsolidated entities 6,539 9,241 13,042 17,207
Gain on dispositions of real estate (959) (12,484) (1,276) (8,522)
Distributions to minority partners in excess of income 4,171 12,558 9,642 10,972
Amortization of intangibles 2,603 916 3,440 2,040
Discontinued operations:
(Gain) loss on dispositions of real estate, net of minority interest (38,276) 18,431 (36,081) 10,513
Real estate depreciation, net of minority interest 2,449 5,973 5,697 11,521
Distributions to minority partners in excess of income (812) 1,321 (1,037) 1,321
Income tax arising from disposals 2,978 (89) 4,306 679
Preferred stock dividends and distributions (20,554) (13,143) (38,201) (24,979)
Interest expense on mandatorily redeemable convertible
preferred securities 247 257 494 517
---------- ---------- ---------- ----------
FUNDS FROM OPERATIONS $ 100,586 $ 133,085 $ 202,104 $ 268,323
Capital Replacements (20,890) (18,356) (46,972) (36,523)
Capital Enhancements [a] (1,501) (4,942) (2,164) (4,942)
Non-dilutive preferred stock dividends and distributions (1,563) (10,617) (7,878) (10,617)
---------- ---------- ---------- ----------
ADJUSTED FUNDS FROM OPERATIONS $ 76,632 $ 99,170 $ 145,090 $ 216,241
========== ========== ========== ==========
FUNDS FROM OPERATIONS:
Weighted average common shares, common share equivalents and Operating
Partnership units outstanding:
Common shares and equivalents 98,426 98,021 99,346 95,210
Operating Partnership units and equivalents 11,997 12,621 12,010 12,316
---------- ---------- ---------- ----------
110,423 110,642 111,356 107,526
========== ========== ========== ==========
ADJUSTED FUNDS FROM OPERATIONS:
Weighted average common shares, common share equivalents and Operating
Partnership units outstanding:
Common shares and equivalents 97,081 89,116 95,630 90,757
Operating Partnership units and equivalents 11,997 12,621 12,010 12,316
---------- ---------- ---------- ----------
109,078 101,737 107,640 103,073
========== ========== ========== ==========
PER COMMON SHARE:
Funds From Operations $ 0.91 $ 1.20 $ 1.81 $ 2.50
Adjusted Funds From Operations $ 0.70 $ 0.97 $ 1.35 $ 2.10
Dividends Declared $ 0.82 $ 0.82 $ 1.64 $ 1.64
</Table>
[a] In second quarter 2002, Aimco began deducting, on a prospective basis,
Capital Enhancements, as well as Capital Replacements, to calculate Free Cash
Flow and Adjusted Funds From Operations.
<Page>
SUPPLEMENTAL SCHEDULE II
FREE CASH FLOW FROM BUSINESS SEGMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 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 (9,319 equivalent units) $ 22,476 $ 1,041 $ 23,517 12.7%
Average monthly rent $1,000 to $1,200 per unit (8,426 equivalent units) 18,052 331 18,383 9.9%
Average monthly rent $900 to $1,000 per unit (11,887 equivalent units) 22,216 474 22,690 12.2%
Average monthly rent $800 to $900 per unit (10,336 equivalent units) 15,426 341 15,767 8.5%
Average monthly rent $700 to $800 per unit (14,160 equivalent units) 18,484 781 19,265 10.4%
Average monthly rent $600 to $700 per unit (32,044 equivalent units) 33,379 1,259 34,638 18.6%
Average monthly rent $500 to $600 per unit (37,818 equivalent units) 31,619 968 32,587 17.5%
Average monthly rent less than $500 per unit (23,041 equivalent units) 13,193 549 13,742 7.4%
--------- --------- --------- -----
Subtotal conventional real estate contribution to Free Cash Flow 174,845 5,744 180,589 97.3%
Affordable Apartments (22,596 equivalent units) 14,604 4,499 19,103 10.3%
College housing (2,469 equivalent units) 2,274 60 2,334 1.3%
Other real estate 729 (2) 727 0.4%
Minority interest (21,159) -- (21,159) -11.4%
--------- --------- --------- -----
TOTAL REAL ESTATE CONTRIBUTION TO FREE CASH FLOW 171,293 10,301 181,594 97.8%
INVESTMENT MANAGEMENT BUSINESS
Management contracts (property, risk and asset management)
Controlled properties 3,452 -- 3,452 1.9%
Third party with terms in excess of one year 147 -- 147 0.1%
Third party cancelable in 30 days 91 -- 91 0.0%
Insurance claim losses -- -- -- 0.0%
--------- --------- --------- -----
Investment management business contribution to Free Cash Flow 3,690 -- 3,690 2.0%
before activity based fees
Activity based fees 1,942 -- 1,942 1.0%
--------- --------- --------- -----
TOTAL INVESTMENT MANAGEMENT BUSINESS CONTRIBUTION TO FREE CASH FLOW 5,632 -- 5,632 3.0%
INTEREST AND OTHER INCOME
General partner loan interest 3,220 -- 3,220 1.7%
Transactional income 1,486 -- 1,486 0.8%
Money market and interest bearing accounts 1,187 -- 1,187 0.6%
--------- --------- --------- -----
TOTAL INTEREST AND OTHER INCOME CONTRIBUTION TO FREE CASH FLOW 5,893 -- 5,893 3.1%
General and administrative expenses (6,455) -- (6,455) -3.5%
Provision for losses on notes receivable (791) -- (791) -0.4%
--------- --------- --------- -----
FREE CASH FLOW $ 175,572 $ 10,301 $ 185,873 100.0%
========= ========= ========= =====
</Table>
<Page>
Supplemental Schedule II (continued)
FREE CASH FLOW FROM BUSINESS SEGMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2003
(IN THOUSANDS, EXCEPT PER SHARE/UNIT DATA)
(UNAUDITED)
<Table>
<Caption>
BASIC DILUTED
--------------------------------------- ----------
CONSOLIDATED UNCONSOLIDATED TOTAL TOTAL
------------ -------------- --------- ---------
FREE CASH FLOW $ 175,572 $ 10,301 $ 185,873 $ 185,873
Cost of Senior Capital
Interest expense:
Secured debt:
Long-term, fixed rate (79,645) (7,666) (87,311) (87,311)
Long-term, floating rate (principally tax-exempt) (5,254) (459) (5,713) (5,713)
Short-term (5,446) (57) (5,503) (5,503)
Lines of credit and other unsecured debt (5,972) -- (5,972) (5,972)
Interest expense on mandatorily redeemable convertible preferred securities (247) -- (247) --
Interest capitalized 3,735 (288) 3,447 3,447
--------- --------- --------- ---------
Total interest expense before minority interest (92,829) (8,470) (101,299) (101,052)
Minority interest share of interest expense 10,544 -- 10,544 10,544
--------- --------- --------- ---------
Total interest expense after minority interest (82,285) (8,470) (90,755) (90,508)
Distributions on preferred OP units (2,604) -- (2,604) --
Dividends on preferred stock (22,806) -- (22,806) (20,554)
--------- --------- --------- ---------
Total distributions/dividends on preferred OP units and stock (25,410) -- (25,410) (20,554)
Capital Replacements/Enhancements 20,540 1,851 22,391 22,391
Amortization of intangibles (2,603) -- (2,603) (2,603)
Gain on dispositions of real estate 959 -- 959 959
Income from discontinued operations 37,045 -- 37,045 37,045
Real estate depreciation, net of minority interest (75,794) (6,539) (82,333) (82,333)
Distributions to minority partners in excess of income (4,171) -- (4,171) (4,171)
Interest expense on mandatorily redeemable convertible preferred securities -- -- -- (247)
Preferred equity dividends -- -- -- (4,856)
--------- --------- --------- ---------
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON OP UNITHOLDERS AND STOCKHOLDERS 43,853 (2,857) 40,996 40,996
Gain on dispositions of real estate (959) -- (959) (959)
Discontinued operations:
Gain on dispositions of real estate, net of minority interest (38,276) -- (38,276) (38,276)
Real estate depreciation, net of minority interest 2,449 -- 2,449 2,449
Distributions to minority partners in excess of income (812) -- (812) (812)
Income tax arising from disposals 2,978 -- 2,978 2,978
Real estate depreciation, net of minority interest 75,794 6,539 82,333 82,333
Distributions to minority partners in excess of income 4,171 -- 4,171 4,171
Amortization of intangibles 2,603 -- 2,603 2,603
Interest expense on mandatorily redeemable convertible preferred securities -- -- -- 247
Preferred equity dividends -- -- -- 4,856
--------- --------- --------- ---------
FUNDS FROM OPERATIONS 91,801 3,682 95,483 100,586
Capital Replacements (19,063) (1,827) (20,890) (20,890)
Capital Enhancements (1,477) (24) (1,501) (1,501)
Non-dilutive preferred stock dividends and distributions -- -- -- (1,563)
--------- --------- --------- ---------
ADJUSTED FUNDS FROM OPERATIONS $ 71,261 $ 1,831 $ 73,092 $ 76,632
========= ========= ========= =========
</Table>
<Table>
<Caption>
EARNINGS SHARES/UNITS PER SHARE/UNITS
--------- ------------ ---------------
Net Income
Basic 40,996 104,744 $ 0.39
Diluted 40,996 104,829 $ 0.39
FFO
Basic 95,483 104,744
Diluted 100,586 110,423
AFFO
Basic 73,092 104,744
Diluted 76,632 109,078
</Table>
RECONCILIATION OF FCF, FFO AND AFFO TO NET INCOME:
<Table>
<Caption>
FOR THE THREE MONTHS ENDED JUNE 30, 2003
-----------------------------------------
FCF FFO AFFO
--------- --------- ---------
Amount per Free Cash Flow Schedule $ 185,873 $ 95,483 $ 73,092
Total interest expense after minority interest (90,755) -- --
Distributions on preferred OP units -- 2,604 2,604
Dividends on preferred stock -- 22,806 22,806
Real estate depreciation, net of minority interest (82,333) (82,333) (82,333)
Gain on dispositions of real estate 959 959 959
Discontinued operations:
Income from operations 37,045 -- --
Real estate depreciation, net of minority interest -- (2,449) (2,449)
Gain on dispositions of real estate, net of minority interest -- 38,276 38,276
Distributions to minority partners in excess of income -- 812 812
Income tax arising from disposals -- (2,978) (2,978)
Distributions to minority partners in excess of income (4,171) (4,171) (4,171)
Capital Replacements 20,890 -- 20,890
Capital Enhancements 1,501 -- 1,501
Amortization of intangibles (2,603) (2,603) (2,603)
Minority interest in Aimco Operating Partnership (7,176) (7,176) (7,176)
--------- --------- ---------
Net income $ 59,230 $ 59,230 $ 59,230
========= ========= =========
</Table>
<Page>
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
------------------------------------------------------
EQUIVALENT 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 9,319 $ 23,517 $ 1,760 $ 25,277
$1,000 to $1,200 per unit 8,426 18,383 590 18,973
$900 to $1000 per unit 11,887 22,690 1,764 24,454
$800 to $900 per unit 10,336 15,767 2,004 17,771
$700 to $800 per unit 14,160 19,265 1,783 21,048
$600 to $700 per unit 32,044 34,638 4,462 39,100
$500 to $600 per unit 37,818 32,587 4,937 37,524
Less than $500 per unit 23,041 13,742 2,218 15,960
------------ ------------ ------------
SUBTOTAL CONVENTIONAL REAL ESTATE
CONTRIBUTION TO FREE CASH FLOW 180,589 19,518 200,107
Affordable 22,596 19,103 2,457 21,560
College housing 2,469 2,334 278 2,612
Other real estate 727 138 865
Minority interest (21,159) (21,159)
------------ ------------ ------------
TOTAL REAL ESTATE CONTRIBUTION TO FREE CASH FLOW 172,096 $ 181,594 $ 22,391 $ 203,985
============ ============ ============
Add Minority interest 21,159
Less unconsolidated contribution to free cash flow (10,301)
Less unconsolidated CR/CE spending (1,851)
------------
INCOME FROM PROPERTY OPERATIONS $ 212,992
============
</Table>
<Page>
SUPPLEMENTAL SCHEDULE IV
PROPORTIONATE INCOME STATEMENT PRESENTATION (INCLUDING PROPORTIONATE
CONSOLIDATED INCOME STATEMENT)
FOR THE THREE MONTHS ENDED JUNE 30, 2003
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<Table>
<Caption>
PROPORTIONATE PROPORTIONATE
AIMCO SHARE OF CONSOLIDATED
GAAP INCOME UNCONSOLIDATED INCOME
STATEMENT [a] PARTNERSHIPS [b] STATEMENT [c]
--------------- --------------- ---------------
RENTAL PROPERTY OPERATIONS:
Rental and other property revenues $ 378,408 $ 29,697 $ 408,105
Property operating expenses (165,416) (17,545) (182,961)
Minority interest - - -
--------------- --------------- ---------------
Income from property operations 212,992 12,152 225,144
INVESTMENT MANAGEMENT BUSINESS:
Management fees and other income primarily from affiliates 16,129 - 16,129
Management and other expenses (10,497) - (10,497)
Amortization of intangibles (2,603) - (2,603)
--------------- --------------- ---------------
Income from investment management business 3,029 - 3,029
General and administrative expenses (6,455) - (6,455)
Provision for losses on notes receivable (791) - (791)
Depreciation of rental property (84,729) (6,539) (91,268)
Interest expense (92,829) (8,470) (101,299)
Interest and other income 5,893 - 5,893
Equity in earnings (losses) of unconsolidated real
estate partnerships (2,857) 2,857 -
Minority interest in consolidated real estate partnerships (1,680) - (1,680)
Amortization of intangibles - - -
--------------- --------------- ---------------
INCOME FROM OPERATIONS 32,573 - 32,573
Gain on dispositions of real estate 959 - 959
Distributions to minority partners in excess of income (4,171) - (4,171)
--------------- --------------- ---------------
INCOME BEFORE MINORITY INTEREST IN AIMCO OPERATING PARTNERSHIP
AND DISCONTINUED OPERATIONS 29,361 - 29,361
Minority interest in Aimco Operating Partnership, preferred (2,604) - (2,604)
Minority interest in Aimco Operating Partnership, common (4,572) - (4,572)
--------------- --------------- ---------------
INCOME FROM CONTINUING OPERATIONS 22,185 - 22,185
Discontinued operations:
Net income from discontinued operations (including net
gain on dispositions of $38,276 and tax of $2,978) 37,045 - 37,045
--------------- --------------- ---------------
NET INCOME 59,230 - 59,230
Net income attributable to preferred stockholders $ 22,806 $ 22,806
--------------- ---------------
Net income attributable to common stockholders $ 36,424 $ 36,424
=============== ===============
Basic earnings per common share $ 0.39 $ 0.39
=============== ===============
Diluted earnings per common share $ 0.39 $ 0.39
=============== ===============
Weighted average number of common shares outstanding 92,747
Weighted average number of common shares and common
share equivalents outstanding 92,832
Dividends paid per common share $ 0.82
<Caption>
RECONCILIATION TO FREE CASH FLOW FROM BUSINESS SEGMENTS [d]
----------------------------------------------------------------
AMORTIZATION CAPITAL FREE
OF MINORITY REPLACEMENTS/ CASH
INTANGIBLES INTEREST ENHANCEMENTS FLOW
--------------- --------------- --------------- ----------
RENTAL PROPERTY OPERATIONS:
Rental and other property revenues $ - $ - $ - $ 408,105
Property operating expenses - - (22,391) (205,352)
Minority interest - (21,159) - (21,159)
--------------- --------------- --------------- ----------
Income from property operations - (21,159) (22,391) 181,594
INVESTMENT MANAGEMENT BUSINESS:
Management fees and other income primarily from affiliates - - - 16,129
Management and other expenses - - - (10,497)
Amortization of intangibles 2,603 - - -
--------------- --------------- --------------- ----------
Income from investment management business 2,603 - - 5,632
General and administrative expenses - - - (6,455)
Provision for losses on notes receivable - - - (791)
Depreciation of rental property - 8,935 22,391 (59,942)
Interest expense - 10,544 - (90,755)
Interest and other income - - - 5,893
Equity in earnings (losses) of unconsolidated real
estate partnerships - - - -
Minority interest in consolidated real estate partnerships - 1,680 - -
Amortization of intangibles (2,603) - - (2,603)
--------------- --------------- --------------- ----------
INCOME FROM OPERATIONS - - - 32,573
Gain on dispositions of real estate - - - 959
Distributions to minority partners in excess of income - - - (4,171)
--------------- --------------- --------------- ----------
INCOME BEFORE MINORITY INTEREST IN AIMCO OPERATING
PARTNERSHIP AND DISCONTINUED OPERATIONS - - - 29,361
Minority interest in Aimco Operating Partnership, preferred - - - -
Minority interest in Aimco Operating Partnership, common - - - -
--------------- --------------- --------------- ----------
INCOME FROM CONTINUING OPERATIONS - - - 29,361
Discontinued operations:
Net income from discontinued operations (including net
gain on dispositions of $38,276 and tax of $2,978) - - - 37,045
--------------- --------------- --------------- ----------
NET INCOME - - - 66,406
--------------- --------------- ---------------
Net income attributable to preferred stockholders $ 25,410
----------
Net income attributable to common stockholders $ 40,996
==========
Basic earnings per common share $ 0.39
==========
Diluted earnings per common share $ 0.39
==========
Weighted average number of common shares outstanding
Weighted average number of common shares and common
share equivalents outstanding
Dividends paid per common share
</Table>
[a] Aimco's consolidated statement of income on a GAAP basis
[b] Aimco's proportionate share of unconsolidated real estate partnerships
[c] Total of Aimco's proportionate share of unconsolidated real estate
partnerships and consolidated operations
[d] Reconciliation of the proportionate consolidated income statement to the
Free Cash Flow from Business Segments (Supplemental Schedule II)
<Page>
SUPPLEMENTAL SCHEDULE V
SELECTED STATISTICAL AND BALANCE SHEET INFORMATION
AS OF JUNE 30, 2003
(IN THOUSANDS, EXCEPT SHARE AND PER UNIT DATA)
(UNAUDITED)
I. PROPERTY DEBT:
A. PROPERTY DEBT DETAIL
<Table>
<Caption>
WEIGHTED
AMOUNT RATE
----------- --------
Consolidated
Fixed $ 4,770,321 6.98%
Floating (primarily tax-exempt) 1,043,196 2.63%
-----------
Sub-Total Consolidated 5,813,517(1) 6.17%
Unconsolidated (Aimco's share)
Fixed 384,755 6.91%
Floating (primarily tax-exempt) 16,103 3.21%
-----------
Sub-Total Unconsolidated 400,858(2) 6.76%
-----------
Total Mortgage Debt (Consolidated and Pro Rata
Share Unconsolidated) $ 6,214,375 6.24%
----------- --------
Minority Interest (606,267)(3) 6.53%
-----------
Aimco's Share of Mortgage Debt $ 5,608,108 6.20%
=========== ========
</Table>
<Table>
II. ASSET AND LIABILITY DETAIL
A. ASSETS
Unconsolidated cash $ 15,023(2)
Unconsolidated restricted cash 40,902(2)
Unconsolidated accounts receivable 10,916(2)
Unconsolidated other assets 11,117(2)
Minority interest share of cash/restricted cash 23,275(3)
Minority interest share of notes receivable 65,929(3)
Goodwill 102,231(4)
Land held for future development 10,000(5)
Construction in progress 178,624(5)
B. CURRENT LIABILITIES
Unconsolidated current liabilities (80,284)(2)
III. ACQUISITIONS FOR THE QUARTER ENDED JUNE 30, 2003:
Limited Partner Equity Interests $ 3,700
IV. COMMON SHARES OUTSTANDING AS OF JUNE 30, 2003:
Class A Common Stock 94,044
Common OP and other units 11,976
-----------
106,020
===========
</Table>
V. PREFERRED SECURITIES:
<Table>
<Caption>
SHARES/UNITS COMMON SHARE
COUPON AMOUNT OUTSTANDING EQUIVALENTS
------------ ----------- ------------ ------------
PERPETUAL:
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 $ 493,000 19,720,000 -
=========== ============ ============
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% 118,579 4,431,951 3,265,992
----------- ------------ ------------
Total convertible $ 511,071 18,036,375 10,887,561
----------- ------------ ------------
MANDATORILY REDEEMABLE PREFERRED SECURITIES:
Class S mandatorily redeemable preferred
securities Libor + 2.75% 100,000 4,000,000 -
Convertible debt securities 6.50% 15,169 303,385 305,782
----------- ------------ ------------
Total mandatorily redeemable preferred
securities $ 115,169 4,303,385 305,782
----------- ------------ ------------
Total preferred securities $ 1,119,240 42,059,760 11,193,343
=========== ============ ============
</Table>
VI. OTHER DATA:
<Table>
<Caption>
2Q03 2Q02
-------- --------
Conventional same store:
Weighted average physical occupancy 92.6% 93.5%
Average monthly rent per occupied unit $ 699 $ 716
Conventional total portfolio:
Weighted average physical occupancy 91.3% 90.0%
Average monthly rent per occupied unit $ 708 $ 715
</Table>
- ----------
Notes:
(1) Includes $97,800 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
<Page>
SUPPLEMENTAL SCHEDULE VI
CAPITAL EXPENDITURES
AS OF JUNE 30, 2003
(IN THOUSANDS)
(UNAUDITED)
For the six months ended June 30, 2003, Aimco spent a total of $47.0
million and $2.2 million, respectively, for Capital Replacements
(expenditures required to maintain the related asset) and 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 157,000 units) for the six
months ended June 30, 2003:
<Table>
<Caption>
CAPITAL CAPITAL CAPITAL
REPLACEMENTS ENHANCEMENTS TOTAL CR/CE
ACTUAL COST ACTUAL COST ACTUAL COST
PER UNIT PER UNIT PER UNIT
------------ ------------ -----------
Carpets $ 67 $ - $ 67
Flooring 17 - 17
Appliances 19 1 20
Blinds/shades 3 - 3
Furnace/air 18 - 18
Hot Water Heaters 5 - 5
Kitchen/bath 6 - 6
Exterior painting 13 - 13
Landscaping 11 - 11
Pool/exercise facilities 9 - 9
Computers, miscellaneous 15 - 15
Roofs 7 - 7
Parking lot 6 - 6
Building (electrical,elevator, plumbing) 42 3 45
Submetering -- 7 7
Capitalized payroll and other indirect costs 61 3 64
------------ ------------ -----------
TOTAL AIMCO'S SHARE $ 299 $ 14 $ 313
------------ ------------ -----------
Plus minority partners' share of consolidated
spending
Less Aimco's share of unconsolidated spending
Total spending per Consolidated Statement of
Cash Flows
<Caption>
CAPITAL CAPITAL
REPLACEMENTS ENHANCEMENTS TOTAL CR/CE
ACTUAL COST ACTUAL COST ACTUAL COST
(IN THOUSANDS) (IN THOUSANDS) (IN THOUSANDS)
-------------- -------------- --------------
Carpets $ 10,574 $ 10 $ 10,584
Flooring 2,616 - 2,616
Appliances 3,061 101 3,162
Blinds/shades 499 - 499
Furnace/air 2,791 10 2,801
Hot Water Heaters 762 - 762
Kitchen/bath 938 2 940
Exterior painting 2,032 8 2,040
Landscaping 1,748 51 1,799
Pool/exercise facilities 1,447 26 1,473
Computers, miscellaneous 2,370 53 2,423
Roofs 1,137 1 1,138
Parking lot 867 3 870
Building (electrical,elevator, plumbing) 6,528 421 6,949
Submetering - 1,002 1,002
Capitalized payroll and other indirect costs 9,602 476 10,078
-------------- -------------- --------------
TOTAL AIMCO'S SHARE $ 46,972 $ 2,164 $ 49,136
-------------- -------------- --------------
Plus minority partners' share of consolidated
spending 5,836 397 6,233
Less Aimco's share of unconsolidated spending (4,325) (37) (4,362)
-------------- -------------- --------------
Total spending per Consolidated Statement of
Cash Flows $ 48,483 $ 2,524 $ 51,007
============== ============== ==============
</Table>
For the six months ended June 30, 2003, Aimco spent a total of $13.7
million, $5.4 million and $40.8 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), Disposition Capital Expenditures (expenditures made on
properties sold, held for sale, or identified as to be sold within one
year) and redevelopment (expenditures that substantially upgrade the
related property).
Aimco's share of those expenditures are as follows (in millions):
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30, 2003
---------------------------------------------------------
DISPOSITION
ICE CAPITAL EXPENDITURES REDEVELOPMENT TOTALS
------- -------------------- ------------- ------
Conventional Assets $ 6.5 $ 5.4 $ 36.8 $ 48.7
Affordable Assets 7.2 - 4.0 11.2
---------------------------------------------------------
Total Aimco's share $ 13.7 $ 5.4 $ 40.8 $ 59.9
---------------------------------------------------------
Plus minority partners' share of consolidated spending - 0.8 13.8 14.6
Less Aimco's share of unconsolidated spending - (0.2) (3.0) (3.2)
---------------------------------------------------------
Total spending per Consolidated Statement of Cash Flows $ 13.7 $ 6.0 $ 51.6 $ 71.3
=========================================================
</Table>
The expenditures were funded by net cash provided by operating activities,
working capital reserves and borrowings under Aimco's credit facility.
<Page>
SUPPLEMENTAL SCHEDULE VII
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
SUMMARY OF 2003 REDEVELOPMENT ACTIVITY
AS OF JUNE 30, 2003
(IN MILLIONS, EXCEPT UNIT DATA)
(VALUES ARE NOT ADJUSTED FOR AIMCO'S OWNERSHIP)
(UNAUDITED)
<Table>
<Caption>
COST IN MILLIONS
OWNERSHIP NUMBER -----------------------------
% OF UNITS NOTES TOTAL SPENDING SPENT TO DATE
---------- -------- ----- -------------- -------------
FLAMINGO RESORT RESIDENCES MIAMI BEACH, FL 77% 1,687 $ 256.7 $ 246.0
REFLECTIONS INDIANAPOLIS, IN 51.6% 582 $ 17.9 $ 14.2
MEADOW CREEK BOULDER, CO 100% 332 $ 15.7 $ 15.7
GLENBRIDGE MANORS CINCINNATI, OH 50.8% 290 $ 28.0 $ 25.6
THE ASHFORD ATLANTA, GA 100% 221 $ 18.6 $ 18.2
CALHOUN BEACH CLUB MINNEAPOLIS, MN 100% 57 (1) $ 31.3 $ 30.3
PLAINVIEW LOUISVILLE,KY 42.2% 157 (2) $ 5.6 $ 3.0
-------- -----------------------------
TOTAL 3,326 $ 373.8 $ 353.0
======== =============================
<Caption>
REDEVELOPMENT TIMING NUMBER OF UNITS
---------------------------------------------- -----------------------------------
ACQUISITION START COMPLETE STABILIZATION COMPLETED LEASED OUT OF SERVICE
------------ ------- -------- ------------- ---------- ------- --------------
FLAMINGO RESORT RESIDENCES Q3 1997 Q3 1997 Q4 2003 Q2 2004 1,061 839 626
REFLECTIONS Q4 1998 Q2 2001 Q3 2003 Q4 2003 462 403 120
MEADOW CREEK Q2 1985 Q3 1999 Q3 2002 Q3 2003 332 285 0
GLENBRIDGE MANORS Q4 1998 Q3 2001 Q4 2003 Q4 2003 175 199 115
THE ASHFORD Q4 1995 Q2 2001 Q2 2003 Q4 2003 221 137 0
CALHOUN BEACH CLUB Q4 1998 Q4 2001 Q4 2002 Q3 2003 57 53 0
PLAINVIEW Q4 1991 Q1 2003 Q3 2003 Q4 2003 147 85 10
-----------------------------------
2,455 2,001 871
===================================
</Table>
- ----------
NOTES
(1) - PROPERTY HAD 351 UNITS BEFORE REDEVELOPMENT, 76 OF THE UNITS WERE
REDEVELOPED INTO 57 LARGER UNITS AND COMMERCIAL SPACE IMPROVEMENTS
MADE.
(2) - PROPERTY HAS 480 UNITS WITH 157 UNITS BEING REDEVELOPED DUE TO FIRE
AND MOLD ISSUES.
<Page>
SUPPLEMENTAL SCHEDULE VIII
INCOME STATEMENT INFORMATION
Q2 2003 COMPARED TO Q2 2002
(IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
THREE MONTHS ENDED THREE MONTHS ENDED CHANGE
JUNE 30, 2003 JUNE 30, 2002 Q2 2003 vs Q2 2002
------------------ ------------------ ------------------
REVENUES:
Consolidated same store properties $ 288,535 $ 298,585 $ (10,050)
Acquisition properties 16,213 - 16,213
Newly consolidated properties 36,148 - 36,148
Affordable properties 26,076 27,810 (1,734)
Redevelopment properties 10,046 6,373 3,673
Other properties 1,390 1,654 (264)
------------------ ------------------ ------------------
Total rental and other property revenues $ 378,408 $ 334,422 $ 43,986
================== ================== ==================
EXPENSES:
Consolidated same store properties $ 114,592 $ 106,284 $ 8,308
Acquisition properties 5,493 - 5,493
Newly consolidated properties 17,395 - 17,395
Affordable properties 12,280 12,900 (620)
Redevelopment properties 4,341 3,003 1,338
Partnership expenses 5,887 6,942 (1,055)
Property management expense 3,855 3,391 464
Other properties 1,573 1,987 (414)
------------------ ------------------ ------------------
Total property operating expense $ 165,416 $ 134,507 $ 30,909
================== ================== ==================
NET OPERATING INCOME:
Consolidated same store properties $ 173,943 $ 192,301 $ (18,358)
Acquisition properties 10,720 - 10,720
Newly consolidated properties 18,753 - 18,753
Affordable properties 13,796 14,910 (1,114)
Redevelopment properties 5,705 3,370 2,335
Partnership expenses (5,887) (6,942) 1,055
Property management expense (3,855) (3,391) (464)
Other properties (183) (333) 150
------------------ ------------------ ------------------
Total income from property operations $ 212,992 $ 199,915 $ 13,077
================== ================== ==================
RECONCILIATION OF CONSOLIDATED SAME STORE PROPERTIES
TO AIMCO'S SHARE OF SAME STORE SALES:
REVENUES:
Consolidated same store properties $ 288,535 $ 298,585 $ (10,050)
Plus: Newly consolidated properties 27,989 - 27,989
Less: Minority partners' share of consolidated same store (39,866) (31,767) (8,099)
Plus: Aimco's share of unconsolidated same store 11,563 32,568 (21,005)
------------------ ------------------ ------------------
Aimco's share of same store sales $ 288,221 $ 299,386 $ (11,165)
================== ================== ==================
EXPENSES:
Consolidated same store properties $ 114,592 $ 106,284 $ 8,308
Plus: Newly consolidated properties 12,516 - 12,516
Less: Minority partners' share of consolidated same store (15,697) (10,697) (5,000)
Plus: Aimco's share of unconsolidated same store 4,907 12,813 (7,906)
------------------ ------------------ ------------------
Aimco's share of same store sales $ 116,318 $ 108,400 $ 7,918
================== ================== ==================
NET OPERATING INCOME:
Consolidated same store properties $ 173,943 $ 192,301 $ (18,358)
Plus: Newly consolidated properties 15,473 - 15,473
Less: Minority partners' share of consolidated same store (24,169) (21,070) (3,099)
Plus: Aimco's share of unconsolidated same store 6,656 19,755 (13,099)
------------------ ------------------ ------------------
Aimco's share of same store sales $ 171,903 $ 190,986 $ (19,083)
================== ================== ==================
<Caption>
%
CHANGE
Q2 2003 vs Q2 2002
------------------
REVENUES:
Consolidated same store properties -3.4%
Acquisition properties
Newly consolidated properties
Affordable properties -6.2%
Redevelopment properties 57.6%
Other properties -16.0%
------------------
Total rental and other property revenues 13.2%
==================
EXPENSES:
Consolidated same store properties 7.8%
Acquisition properties
Newly consolidated properties
Affordable properties -4.8%
Redevelopment properties 44.6%
Partnership expenses -15.2%
Property management expense 13.7%
Other properties -20.8%
------------------
Total property operating expense 23.0%
==================
NET OPERATING INCOME:
Consolidated same store properties -9.5%
Acquisition properties
Newly consolidated properties
Affordable properties -7.5%
Redevelopment properties 69.3%
Partnership expenses -15.2%
Property management expense 13.7%
Other properties -45.0%
------------------
Total income from property operations 6.5%
==================
RECONCILIATION OF CONSOLIDATED SAME STORE PROPERTIES
TO AIMCO'S SHARE OF SAME STORE SALES:
REVENUES:
Consolidated same store properties
Plus: Newly consolidated properties
Less: Minority partners' share of consolidated same store
Plus: Aimco's share of unconsolidated same store
------------------
Aimco's share of same store sales -3.7%
==================
EXPENSES:
Consolidated same store properties
Plus: Newly consolidated properties
Less: Minority partners' share of consolidated same store
Plus: Aimco's share of unconsolidated same store
------------------
Aimco's share of same store sales 7.3%
==================
NET OPERATING INCOME:
Consolidated same store properties
Plus: Newly consolidated properties
Less: Minority partners' share of consolidated same store
Plus: Aimco's share of unconsolidated same store
------------------
Aimco's share of same store sales -10.0%
==================
</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 (which are
properties that benefit from governmental programs designed to provide housing
for people with low or moderate incomes) 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).
PROPERTY MANAGEMENT EXPENSES - consist of off-site expenses associated with the
self-management of consolidated properties.
<Page>
SUPPLEMENTAL SCHEDULE IX
SAME STORE SALES
SECOND QUARTER 2003 VERSUS SECOND QUARTER 2002
(UNAUDITED) (IN THOUSANDS, EXCEPT SITE AND UNIT DATA)
<Table>
<Caption>
THREE MONTHS ENDED JUNE 30, 2003
--------------------------------
SITES UNITS OWNER% REV EXP NOI
-------------------------------------------------------------
NORTHEAST
Washington 28 12,464 79.72% 28,925 8,951 19,974
Philadelphia 5 3,392 82.34% 8,529 3,205 5,324
Baltimore 9 1,788 74.70% 3,504 1,222 2,282
Middlesex-Somerset-Hunterdon 5 1,960 66.17% 3,369 1,271 2,098
Dutchess County 1 835 100.00% 2,224 886 1,338
Hartford 2 650 100.00% 1,825 477 1,348
Other Markets (5) 5 1,222 77.31% 2,389 895 1,494
-------------------------------------------------------------
55 22,311 79.74% 50,765 16,907 33,858
SOUTHEAST
Atlanta 21 5,931 81.33% 7,832 4,158 3,674
Norfolk-Virginia Beach 13 3,865 84.78% 7,542 2,435 5,107
Nashville 11 3,750 79.36% 5,438 2,093 3,345
Raleigh-Durham-Chapel Hill 11 3,023 78.16% 4,027 1,639 2,388
Charlotte-Gastonia-Rock Hill 11 2,336 84.65% 2,948 1,511 1,437
Columbia 7 1,670 69.94% 2,012 869 1,143
Other Markets (23) 51 11,007 77.27% 14,344 5,678 8,666
-------------------------------------------------------------
125 31,582 79.44% 44,143 18,383 25,760
FLORIDA
Tampa-St.Petersburg 21 5,604 85.88% 8,696 3,739 4,957
Orlando 17 4,712 82.18% 7,333 3,332 4,001
Miami 6 1,983 73.04% 4,694 2,098 2,596
Jacksonville 7 2,766 78.76% 4,383 1,733 2,650
West Palm Beach-Boca 6 1,727 100.00% 4,041 1,586 2,455
FortLauderdale 4 1,122 88.72% 2,377 972 1,405
Other Markets (6) 14 3,371 91.69% 6,043 2,490 3,553
-------------------------------------------------------------
75 21,285 85.15% 37,567 15,950 21,617
MIDWEST
Chicago 21 6,215 91.79% 15,968 7,039 8,929
Indianapolis 29 9,122 85.38% 12,381 5,892 6,489
Grand Rapids-Muskegon 4 2,723 100.00% 4,751 2,046 2,705
Lansing-East Lansing 8 2,118 87.24% 3,896 1,604 2,292
Cincinnati 11 2,245 82.75% 3,814 1,612 2,202
Fort Wayne 3 2,441 97.13% 3,758 1,761 1,997
Columbus 7 1,822 73.48% 2,364 958 1,406
Other Markets (25) 54 12,656 66.52% 14,705 6,589 8,116
-------------------------------------------------------------
137 39,342 81.47% 61,637 27,501 34,136
TEXAS
Houston 29 8,083 89.48% 12,241 5,542 6,699
Dallas 21 5,700 70.04% 6,683 3,244 3,439
San Antonio 16 3,620 100.00% 5,374 2,553 2,821
Austin-San Marcos 11 2,417 92.05% 3,784 1,839 1,945
FortWorth-Arlington 10 2,139 79.49% 2,816 1,458 1,358
Galveston-Texas City 6 1,176 100.00% 2,227 973 1,254
Other Markets (7) 11 2,363 79.07% 2,741 1,208 1,533
-------------------------------------------------------------
104 25,498 85.55% 35,866 16,817 19,049
WEST
Phoenix-Mesa 29 7,579 90.98% 10,572 5,369 5,203
Denver 11 2,582 74.23% 3,868 1,605 2,263
Salt Lake City-Ogden 6 2,115 75.02% 2,712 898 1,814
Tucson 5 1,536 100.00% 2,261 900 1,361
Las Vegas 4 1,253 86.62% 1,832 748 1,084
Other Markets (10) 21 3,754 74.22% 5,247 1,996 3,251
-------------------------------------------------------------
76 18,819 83.99% 26,492 11,516 14,976
CALIFORNIA
Los Angeles-Long Beach 12 4,029 86.11% 14,654 4,762 9,892
San Diego 7 2,237 97.18% 6,336 1,666 4,670
Orange County 4 1,213 94.77% 4,012 908 3,104
Ventura 3 801 99.92% 2,513 557 1,956
Other Markets (3) 10 2,238 61.82% 4,236 1,351 2,885
-------------------------------------------------------------
36 10,518 85.34% 31,751 9,244 22,507
- ------------------------------------------------------------------------------------------------------
SAME STORE SALES TOTALS 608 169,355 82.46% 288,221 116,318 171,903
======================================================================================================
Plus: Minority share of consolidated
same store sales 39,866 15,697 24,169
Less: Aimco's share of unconsolidated
same store sales (11,563) (4,907) (6,656)
Less: Newly consolidated (27,989) (12,516) (15,473)
--------------------------------
Consolidated same store sales 288,535 114,592 173,943
================================
<Caption>
THREE MONTHS ENDED JUNE 30, 2002
--------------------------------
REV EXP NOI
--------------------------------
NORTHEAST
Washington 28,456 8,578 19,878
Philadelphia 8,689 2,778 5,911
Baltimore 3,399 1,056 2,343
Middlesex-Somerset-Hunterdon 3,681 1,070 2,611
Dutchess County 2,239 766 1,473
Hartford 1,817 449 1,368
Other Markets (5) 2,347 696 1,651
--------------------------------
50,628 15,393 35,235
SOUTHEAST
Atlanta 9,586 3,805 5,781
Norfolk-Virginia Beach 7,154 2,289 4,865
Nashville 5,530 1,882 3,648
Raleigh-Durham-Chapel Hill 4,505 1,647 2,858
Charlotte-Gastonia-Rock Hill 3,137 1,332 1,805
Columbia 2,048 769 1,279
Other Markets (23) 14,945 5,189 9,756
--------------------------------
46,905 16,913 29,992
FLORIDA
Tampa-St.Petersburg 8,939 3,600 5,339
Orlando 7,665 3,298 4,367
Miami 4,798 1,920 2,878
Jacksonville 4,345 1,502 2,843
West Palm Beach-Boca 4,246 1,574 2,672
FortLauderdale 2,545 870 1,675
Other Markets (6) 6,290 2,361 3,929
--------------------------------
38,828 15,125 23,703
MIDWEST
Chicago 16,838 6,036 10,802
Indianapolis 13,203 5,704 7,499
Grand Rapids-Muskegon 4,945 2,048 2,897
Lansing-East Lansing 4,028 1,359 2,669
Cincinnati 3,725 1,549 2,176
Fort Wayne 4,289 1,677 2,612
Columbus 2,427 785 1,642
Other Markets (25) 15,316 6,103 9,213
--------------------------------
64,771 25,261 39,510
TEXAS
Houston 13,123 5,537 7,586
Dallas 7,316 3,733 3,583
San Antonio 5,490 2,412 3,078
Austin-San Marcos 4,230 2,087 2,143
FortWorth-Arlington 2,836 1,410 1,426
Galveston-Texas City 2,242 1,012 1,230
Other Markets (7) 2,788 1,231 1,557
--------------------------------
38,025 17,422 20,603
WEST
Phoenix-Mesa 12,132 4,462 7,670
Denver 4,727 1,233 3,494
Salt Lake City-Ogden 2,926 809 2,117
Tucson 2,343 899 1,444
Las Vegas 1,886 630 1,256
Other Markets (10) 5,793 1,688 4,105
--------------------------------
29,807 9,721 20,086
CALIFORNIA
Los Angeles-Long Beach 13,701 3,627 10,074
San Diego 6,160 1,760 4,400
Orange County 3,914 1,273 2,641
Ventura 2,353 559 1,794
Other Markets (3) 4,294 1,346 2,948
--------------------------------
30,422 8,565 21,857
- -------------------------------------------------------------------------
SAME STORE SALES TOTALS 299,386 108,400 190,986
=========================================================================
Plus: Minority share of consolidated
same store sales 31,767 10,697 21,070
Less: Aimco's share of unconsolidated
same store sales (32,568) (12,813) (19,755)
Less: Newly consolidated - - -
--------------------------------
Consolidated same store sales 298,585 106,284 192,301
================================
<Caption>
CHANGE THREE MONTHS ENDED JUNE 30, 2003 LESS JUNE 30, 2002
----------------------------------------------------------
REVENUE EXPENSES NOI
----------------- ----------------- -----------------
AMT % AMT % AMT %
----------------- ----------------- -----------------
NORTHEAST
Washington 469 1.6% 373 4.3% 96 0.5%
Philadelphia (160) -1.8% 427 15.4% (587) -9.9%
Baltimore 105 3.1% 166 15.7% (61) -2.6%
Middlesex-Somerset-Hunterdon (312) -8.5% 201 18.8% (513) -19.6%
Dutchess County (15) -0.7% 120 15.7% (135) -9.2%
Hartford 8 0.4% 28 6.2% (20) -1.5%
Other Markets (5) 42 1.8% 199 28.6% (157) -9.5%
----------------------------------------------------------
137 0.3% 1,514 9.8% (1,377) -3.9%
SOUTHEAST
Atlanta (1,754) -18.3% 353 9.3% (2,107) -36.4%
Norfolk-Virginia Beach 388 5.4% 146 6.4% 242 5.0%
Nashville (92) -1.7% 211 11.2% (303) -8.3%
Raleigh-Durham-Chapel Hill (478) -10.6% (8) -0.5% (470) -16.4%
Charlotte-Gastonia-Rock Hill (189) -6.0% 179 13.4% (368) -20.4%
Columbia (36) -1.8% 100 13.0% (136) -10.6%
Other Markets (23) (601) -4.0% 489 9.4% (1,090) -11.2%
----------------------------------------------------------
(2,762) -5.9% 1,470 8.7% (4,232) -14.1%
FLORIDA
Tampa-St.Petersburg (243) -2.7% 139 3.9% (382) -7.2%
Orlando (332) -4.3% 34 1.0% (366) -8.4%
Miami (104) -2.2% 178 9.3% (282) -9.8%
Jacksonville 38 0.9% 231 15.4% (193) -6.8%
West Palm Beach-Boca (205) -4.8% 12 0.8% (217) -8.1%
FortLauderdale (168) -6.6% 102 11.7% (270) -16.1%
Other Markets (6) (247) -3.9% 129 5.5% (376) -9.6%
----------------------------------------------------------
(1,261) -3.2% 825 5.5% (2,086) -8.8%
MIDWEST
Chicago (870) -5.2% 1,003 16.6% (1,873) -17.3%
Indianapolis (822) -6.2% 188 3.3% (1,010) -13.5%
Grand Rapids-Muskegon (194) -3.9% (2) -0.1% (192) -6.6%
Lansing-East Lansing (132) -3.3% 245 18.0% (377) -14.1%
Cincinnati 89 2.4% 63 4.1% 26 1.2%
Fort Wayne (531) -12.4% 84 5.0% (615) -23.5%
Columbus (63) -2.6% 173 22.0% (236) -14.4%
Other Markets (25) (611) -4.0% 486 8.0% (1,097) -11.9%
----------------------------------------------------------
(3,134) -4.8% 2,240 8.9% (5,374) -13.6%
TEXAS
Houston (882) -6.7% 5 0.1% (887) -11.7%
Dallas (633) -8.7% (489) -13.1% (144) -4.0%
San Antonio (116) -2.1% 141 5.8% (257) -8.3%
Austin-San Marcos (446) -10.5% (248) -11.9% (198) -9.2%
FortWorth-Arlington (20) -0.7% 48 3.4% (68) -4.8%
Galveston-Texas City (15) -0.7% (39) -3.9% 24 2.0%
Other Markets (7) (47) -1.7% (23) -1.9% (24) -1.5%
----------------------------------------------------------
(2,159) -5.7% (605) -3.5% (1,554) -7.5%
WEST
Phoenix-Mesa (1,560) -12.9% 907 20.3% (2,467) -32.2%
Denver (859) -18.2% 372 30.2% (1,231) -35.2%
Salt Lake City-Ogden (214) -7.3% 89 11.0% (303) -14.3%
Tucson (82) -3.5% 1 0.1% (83) -5.7%
Las Vegas (54) -2.9% 118 18.7% (172) -13.7%
Other Markets (10) (546) -9.4% 308 18.2% (854) -20.8%
----------------------------------------------------------
(3,315) -11.1% 1,795 18.5% (5,110) -25.4%
CALIFORNIA
Los Angeles-Long Beach 953 7.0% 1,135 31.3% (182) -1.8%
San Diego 176 2.9% (94) -5.3% 270 6.1%
Orange County 98 2.5% (365) -28.7% 463 17.5%
Ventura 160 6.8% (2) -0.4% 162 9.0%
Other Markets (3) (58) -1.4% 5 0.4% (63) -2.1%
----------------------------------------------------------
1,329 4.4% 679 7.9% 650 3.0%
- ---------------------------------------------------------------------------------------------------
SAME STORE SALES TOTALS (11,165) -3.7% 7,918 7.3% (19,083) -10.0%
===================================================================================================
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>
<Page>
SUPPLEMENTAL SCHEDULE X
INCOME STATEMENT INFORMATION
YTD 2003 COMPARED TO YTD 2002
(IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
%
SIX MONTHS ENDED SIX MONTHS ENDED CHANGE CHANGE
JUNE 30, 2003 JUNE 30, 2002 2003 vs 2002 2003 vs 2002
---------------- ---------------- ------------ ------------
REVENUES:
Consolidated same store properties $ 535,545 $ 564,604 $ (29,059) -5.1%
Acquisition properties 112,810 47,552 65,258 137.2%
Newly consolidated properties 71,601 - 71,601
Affordable properties 9,159 11,530 (2,371) -20.6%
Redevelopment properties 16,153 12,306 3,847 31.3%
Other properties 2,884 3,667 (783) -21.4%
---------------- ---------------- ------------ ------------
Total rental and other property revenues $ 748,152 $ 639,659 $ 108,493 17.0%
================ ================ ============ ============
EXPENSES:
Consolidated same store properties $ 218,096 $ 199,499 $ 18,597 9.3%
Acquisition properties 41,058 19,162 21,896 114.3%
Newly consolidated properties 35,206 - 35,206
Affordable properties 6,225 5,527 698 12.6%
Redevelopment properties 6,842 5,617 1,225 21.8%
Partnership expenses 12,527 9,232 3,295 35.7%
Property management expense 9,252 7,232 2,020 27.9%
Other properties 3,609 3,488 121 3.5%
---------------- ---------------- ------------ ------------
Total property operating expense $ 332,815 $ 249,757 $ 83,058 33.3%
================ ================ ============ ============
NET OPERATING INCOME:
Consolidated same store properties $ 317,449 $ 365,105 $ (47,656) -13.1%
Acquisition properties 71,752 28,390 43,362 152.7%
Newly consolidated properties 36,395 - 36,395
Affordable properties 2,934 6,003 (3,069) -51.1%
Redevelopment properties 9,311 6,689 2,622 39.2%
Partnership expenses (12,527) (9,232) (3,295) 35.7%
Property management expense (9,252) (7,232) (2,020) 27.9%
Other properties (725) 179 (904) -505.0%
---------------- ---------------- ------------ ------------
Total income from property operations $ 415,337 $ 389,902 $ 25,435 6.5%
================ ================ ============ ============
RECONCILIATION OF CONSOLIDATED SAME STORE PROPERTIES
TO AIMCO'S SHARE OF SAME STORE SALES:
REVENUES:
Consolidated same store properties $ 535,545 $ 564,604 $ (29,059)
Plus: Newly consolidated properties 55,558 - 55,558
Less: Minority partners' share of consolidated same store (78,282) (64,255) (14,027)
Plus: Aimco's share of unconsolidated same store 22,909 64,585 (41,676)
---------------- ---------------- ------------ ------------
Aimco's share of same store sales $ 535,730 $ 564,934 $ (29,204) -5.2%
================ ================ ============ ============
EXPENSES:
Consolidated same store properties $ 218,096 $ 199,499 $ 18,597
Plus: Newly consolidated properties 24,802 - 24,802
Less: Minority partners' share of consolidated same store (31,527) (21,588) (9,939)
Plus: Aimco's share of unconsolidated same store 9,873 24,765 (14,892)
---------------- ---------------- ------------ ------------
Aimco's share of same store sales $ 221,244 $ 202,676 $ 18,568 9.2%
================ ================ ============ ============
NET OPERATING INCOME:
Consolidated same store properties $ 317,449 $ 365,105 $ (47,656)
Plus: Newly consolidated properties 30,756 - 30,756
Less: Minority partners' share of consolidated same store (46,755) (42,667) (4,088)
Plus: Aimco's share of unconsolidated same store 13,036 39,820 (26,784)
---------------- ---------------- ------------
Aimco's share of same store sales $ 314,486 $ 362,258 $ (47,772) -13.2%
================ ================ ============ ============
</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 (which are
properties that benefit from governmental programs designed to provide housing
for people with low or moderate incomes) 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).
PROPERTY MANAGEMENT EXPENSES - consist of off-site expenses associated with the
self-management of consolidated properties.
<Page>
SUPPLEMENTAL SCHEDULE XI
SAME STORE SALES
YEAR TO DATE 2003 VERSUS YEAR TO DATE 2002
(UNAUDITED) (IN THOUSANDS, EXCEPT SITE AND UNIT DATA)
<Table>
<Caption>
SIX MONTHS ENDED JUNE 30, 2003
--------------------------------
SITES UNITS OWNER% REV EXP NOI
--------------------------------------------------------------------
NORTHEAST
Washington 28 12,464 79.72% 57,052 18,855 38,197
Philadelphia 5 3,392 82.34% 16,981 6,672 10,309
Baltimore 9 1,788 74.70% 6,830 2,881 3,949
Middlesex-Somerset-Hunterdon 5 1,960 66.17% 6,665 2,492 4,173
Dutchess County 1 835 100.00% 4,400 1,991 2,409
Hartford 2 650 100.00% 3,588 982 2,606
Other Markets (5) 5 1,222 77.31% 4,654 1,750 2,904
--------------------------------------------------------------------
55 22,311 79.74% 100,170 35,623 64,547
SOUTHEAST
Atlanta 21 5,931 81.33% 16,326 8,230 8,096
Norfolk-Virginia Beach 13 3,865 84.78% 14,814 4,953 9,861
Nashville 11 3,750 79.36% 10,842 4,295 6,547
Raleigh-Durham-Chapel Hill 11 3,023 78.16% 8,115 3,339 4,776
Charlotte-Gastonia-Rock Hill 11 2,336 84.65% 5,641 2,862 2,779
Columbia 7 1,670 69.94% 3,993 1,704 2,289
Other Markets (23) 51 11,007 77.27% 28,432 11,510 16,922
--------------------------------------------------------------------
125 31,582 79.44% 88,163 36,893 51,270
FLORIDA
Tampa-St. Petersburg 21 5,604 85.88% 17,285 7,513 9,772
Orlando 17 4,712 82.18% 14,432 6,480 7,952
Miami 6 1,983 73.04% 9,155 4,160 4,995
Jacksonville 7 2,766 78.76% 8,719 3,424 5,295
West Palm Beach-Boca 6 1,727 100.00% 7,966 3,172 4,794
FortLauderdale 4 1,122 88.72% 4,758 2,055 2,703
Other Markets (6) 14 3,371 91.69% 12,078 4,901 7,177
--------------------------------------------------------------------
75 21,285 85.15% 74,393 31,705 42,688
MIDWEST
Chicago 21 6,215 91.79% 31,605 13,504 18,101
Indianapolis 29 9,122 85.38% 24,531 11,392 13,139
Grand Rapids-Muskegon 4 2,723 100.00% 9,562 4,168 5,394
Lansing-East Lansing 8 2,118 87.24% 7,723 3,298 4,425
Cincinnati 11 2,245 82.75% 7,501 3,391 4,110
Fort Wayne 3 2,441 97.13% 7,683 3,327 4,356
Columbus 7 1,822 73.48% 4,722 1,931 2,791
Other Markets (25) 54 12,656 66.52% 29,474 12,855 16,619
--------------------------------------------------------------------
137 39,342 81.47% 122,801 53,866 68,935
TEXAS
Houston 29 8,083 89.48% 24,070 10,830 13,240
Dallas 21 5,700 70.04% 13,424 6,305 7,119
San Antonio 16 3,620 100.00% 10,485 5,015 5,470
Austin-San Marcos 11 2,417 92.05% 7,650 3,813 3,837
FortWorth-Arlington 10 2,139 79.49% 5,581 2,815 2,766
Galveston-Texas City 6 1,176 100.00% 4,300 1,943 2,357
Other Markets (7) 11 2,363 79.07% 5,505 2,424 3,081
--------------------------------------------------------------------
104 25,498 85.55% 71,015 33,145 37,870
WEST
Phoenix-Mesa 29 7,579 90.98% 20,794 10,407 10,387
Denver 11 2,582 74.23% 7,865 2,925 4,940
Salt Lake City-Ogden 6 2,115 75.02% 5,204 1,852 3,352
Tucson 5 1,536 100.00% 4,550 1,851 2,699
Las Vegas 4 1,253 86.62% 3,610 1,476 2,134
Other Markets (10) 21 3,754 74.22% 10,638 3,800 6,838
--------------------------------------------------------------------
76 18,819 83.99% 52,661 22,311 30,350
CALIFORNIA
Los Angeles-Long Beach 4 1,683 66.84% 8,407 2,286 6,121
San Diego 6 1,737 96.39% 9,646 2,758 6,888
Orange County 1 196 68.02% 592 198 394
Other Markets (3) 9 2,135 59.96% 7,882 2,459 5,423
--------------------------------------------------------------------
20 5,751 73.25% 26,527 7,701 18,826
- ---------------------------------------------------------------------------------------------------------------------------------
SAME STORE SALES TOTALS 592 164,588 81.96% 535,730 221,244 314,486
=================================================================================================================================
Plus: Minority share of consolidated same store sales 78,282 31,527 46,755
Less: Aimco's share of unconsolidated same store sales (22,909) (9,873) (13,036)
Less: Newly consolidated (55,558) (24,802) (30,756)
------------------------------
Consolidated same store sales 535,545 218,096 317,449
==============================
<Caption>
SIX MONTHS ENDED JUNE 30, 2002
---------------------------------------
REV EXP NOI
---------------------------------------
NORTHEAST
Washington 57,033 16,737 40,296
Philadelphia 17,512 5,705 11,807
Baltimore 6,739 1,989 4,750
Middlesex-Somerset-Hunterdon 7,440 2,265 5,175
Dutchess County 4,457 1,541 2,916
Hartford 3,586 904 2,682
Other Markets (5) 4,634 1,453 3,181
---------------------------------------
101,401 30,594 70,807
SOUTHEAST
Atlanta 19,405 7,282 12,123
Norfolk-Virginia Beach 14,122 4,464 9,658
Nashville 11,208 3,816 7,392
Raleigh-Durham-Chapel Hill 9,101 3,146 5,955
Charlotte-Gastonia-Rock Hill 6,280 2,744 3,536
Columbia 4,162 1,566 2,596
Other Markets (23) 29,658 10,216 19,442
---------------------------------------
93,936 33,234 60,702
FLORIDA
Tampa-St. Petersburg 17,916 7,308 10,608
Orlando 15,211 6,273 8,938
Miami 9,731 3,631 6,100
Jacksonville 8,687 3,109 5,578
West Palm Beach-Boca 8,437 3,045 5,392
FortLauderdale 5,082 1,728 3,354
Other Markets (6) 12,628 4,601 8,027
---------------------------------------
77,692 29,695 47,997
MIDWEST
Chicago 33,724 11,865 21,859
Indianapolis 26,094 10,874 15,220
Grand Rapids-Muskegon 9,823 3,892 5,931
Lansing-East Lansing 7,966 2,649 5,317
Cincinnati 7,459 2,917 4,542
Fort Wayne 8,617 3,069 5,548
Columbus 4,866 1,600 3,266
Other Markets (25) 30,470 12,204 18,266
---------------------------------------
129,019 49,070 79,949
TEXAS
Houston 26,419 10,789 15,630
Dallas 14,877 7,143 7,734
San Antonio 10,931 4,783 6,148
Austin-San Marcos 8,540 4,018 4,522
FortWorth-Arlington 5,823 2,737 3,086
Galveston-Texas City 4,386 1,901 2,485
Other Markets (7) 5,554 2,358 3,196
---------------------------------------
76,530 33,729 42,801
WEST
Phoenix-Mesa 24,508 8,862 15,646
Denver 9,517 2,391 7,126
Salt Lake City-Ogden 5,897 1,647 4,250
Tucson 4,636 1,775 2,861
Las Vegas 3,758 1,294 2,464
Other Markets (10) 11,694 3,316 8,378
---------------------------------------
60,010 19,285 40,725
CALIFORNIA
Los Angeles-Long Beach 8,336 2,064 6,272
San Diego 9,386 2,553 6,833
Orange County 596 148 448
Other Markets (3) 8,028 2,304 5,724
---------------------------------------
26,346 7,069 19,277
- -------------------------------------------------------------------------------------------------------
SAME STORE SALES TOTALS 564,934 202,676 362,258
=======================================================================================================
Plus: Minority share of consolidated same store sales 64,255 21,588 42,667
Less: Aimco's share of unconsolidated same store sales (64,585) (24,765) (39,820)
Less: Newly consolidated - - -
---------------------------------------
Consolidated same store sales 564,604 199,499 365,105
=======================================
<Caption>
CHANGE SIX MONTHS ENDED JUNE 30, 2003 LESS JUNE 30, 2002
-----------------------------------------------------------------
REVENUE EXPENSES NOI
-------------------- -------------------- ------------------
AMT % AMT % AMT %
-------------------- -------------------- ------------------
NORTHEAST
Washington 19 0.0% 2,118 12.7% (2,099) -5.2%
Philadelphia (531) -3.0% 967 17.0% (1,498) -12.7%
Baltimore 91 1.4% 892 44.8% (801) -16.9%
Middlesex-Somerset-Hunterdon (775) -10.4% 227 10.0% (1,002) -19.4%
Dutchess County (57) -1.3% 450 29.2% (507) -17.4%
Hartford 2 0.1% 78 8.6% (76) -2.8%
Other Markets (5) 20 0.4% 297 20.4% (277) -8.7%
-----------------------------------------------------------------
(1,231) -1.2% 5,029 16.4% (6,260) -8.8%
SOUTHEAST
Atlanta (3,079) -15.9% 948 13.0% (4,027) -33.2%
Norfolk-Virginia Beach 692 4.9% 489 11.0% 203 2.1%
Nashville (366) -3.3% 479 12.6% (845) -11.4%
Raleigh-Durham-Chapel Hill (986) -10.8% 193 6.1% (1,179) -19.8%
Charlotte-Gastonia-Rock Hill (639) -10.2% 118 4.3% (757) -21.4%
Columbia (169) -4.1% 138 8.8% (307) -11.8%
Other Markets (23) (1,226) -4.1% 1,294 12.7% (2,520) -13.0%
-----------------------------------------------------------------
(5,773) -6.1% 3,659 11.0% (9,432) -15.5%
FLORIDA
Tampa-St. Petersburg (631) -3.5% 205 2.8% (836) -7.9%
Orlando (779) -5.1% 207 3.3% (986) -11.0%
Miami (576) -5.9% 529 14.6% (1,105) -18.1%
Jacksonville 32 0.4% 315 10.1% (283) -5.1%
West Palm Beach-Boca (471) -5.6% 127 4.2% (598) -11.1%
FortLauderdale (324) -6.4% 327 18.9% (651) -19.4%
Other Markets (6) (550) -4.4% 300 6.5% (850) -10.6%
-----------------------------------------------------------------
(3,299) -4.2% 2,010 6.8% (5,309) -11.1%
MIDWEST
Chicago (2,119) -6.3% 1,639 13.8% (3,758) -17.2%
Indianapolis (1,563) -6.0% 518 4.8% (2,081) -13.7%
Grand Rapids-Muskegon (261) -2.7% 276 7.1% (537) -9.1%
Lansing-East Lansing (243) -3.1% 649 24.5% (892) -16.8%
Cincinnati 42 0.6% 474 16.2% (432) -9.5%
Fort Wayne (934) -10.8% 258 8.4% (1,192) -21.5%
Columbus (144) -3.0% 331 20.7% (475) -14.5%
Other Markets (25) (996) -3.3% 651 5.3% (1,647) -9.0%
-----------------------------------------------------------------
(6,218) -4.8% 4,796 9.8% (11,014) -13.8%
TEXAS
Houston (2,349) -8.9% 41 0.4% (2,390) -15.3%
Dallas (1,453) -9.8% (838) -11.7% (615) -8.0%
San Antonio (446) -4.1% 232 4.9% (678) -11.0%
Austin-San Marcos (890) -10.4% (205) -5.1% (685) -15.1%
FortWorth-Arlington (242) -4.2% 78 2.8% (320) -10.4%
Galveston-Texas City (86) -2.0% 42 2.2% (128) -5.2%
Other Markets (7) (49) -0.9% 66 2.8% (115) -3.6%
-----------------------------------------------------------------
(5,515) -7.2% (584) -1.7% (4,931) -11.5%
WEST
Phoenix-Mesa (3,714) -15.2% 1,545 17.4% (5,259) -33.6%
Denver (1,652) -17.4% 534 22.3% (2,186) -30.7%
Salt Lake City-Ogden (693) -11.8% 205 12.4% (898) -21.1%
Tucson (86) -1.9% 76 4.3% (162) -5.7%
Las Vegas (148) -3.9% 182 14.1% (330) -13.4%
Other Markets (10) (1,056) -9.0% 484 14.6% (1,540) -18.4%
-----------------------------------------------------------------
(7,349) -12.2% 3,026 15.7% (10,375) -25.5%
CALIFORNIA
Los Angeles-Long Beach 71 0.9% 222 10.8% (151) -2.4%
San Diego 260 2.8% 205 8.0% 55 0.8%
Orange County (4) -0.7% 50 33.8% (54) -12.1%
Other Markets (3) (146) -1.8% 155 6.7% (301) -5.3%
-----------------------------------------------------------------
181 0.7% 632 8.9% (451) -2.3%
- ---------------------------------------------------------------------------------------------------------------------------------
SAME STORE SALES TOTALS (29,204) -5.2% 18,568 9.2% (47,772) -13.2%
=================================================================================================================================
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>
<Page>
SUPPLEMENTAL SCHEDULE XII
INCOME STATEMENT INFORMATION
Q2 2003 COMPARED TO Q1 2003
(IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
THREE MONTHS ENDED THREE MONTHS ENDED CHANGE
JUNE 30, 2003 MARCH 31, 2003 Q2 2003 vs Q1 2003
------------------ ------------------ ------------------
REVENUES:
Consolidated same store properties $ 288,535 $ 283,440 $ 5,095
Acquisition properties 16,213 13,924 2,289
Newly consolidated properties 36,148 35,602 546
Affordable properties 26,076 26,968 (892)
Redevelopment properties 10,046 8,972 1,074
Other properties 1,390 838 552
------------------ ------------------ ------------------
Total rental and other property revenues $ 378,408 $ 369,744 $ 8,664
================== ================== ==================
EXPENSES:
Consolidated same store properties $ 114,592 $ 113,470 $ 1,122
Acquisition properties 5,493 5,422 71
Newly consolidated properties 17,395 18,023 (628)
Affordable properties 12,280 12,666 (386)
Redevelopment properties 4,341 3,981 360
Partnership expenses 5,887 6,487 (600)
Property management expense 3,855 5,315 (1,460)
Other properties 1,573 2,035 (462)
------------------ ------------------ ------------------
Total property operating expense $ 165,416 $ 167,399 $ (1,983)
================== ================== ==================
NET OPERATING INCOME:
Consolidated same store properties $ 173,943 $ 169,970 $ 3,973
Acquisition properties 10,720 8,502 2,218
Newly consolidated properties 18,753 17,579 1,174
Affordable properties 13,796 14,302 (506)
Redevelopment properties 5,705 4,991 714
Partnership expenses (5,887) (6,487) 600
Property management expense (3,855) (5,315) 1,460
Other properties (183) (1,197) 1,014
------------------ ------------------ ------------------
Total income from property operations $ 212,992 $ 202,345 $ 10,647
================== ================== ==================
RECONCILIATION OF CONSOLIDATED SAME STORE PROPERTIES TO
AIMCO'S SHARE OF SAME STORE SALES:
REVENUES:
Consolidated same store properties $ 288,535 $ 283,440 $ 5,095
Plus: Newly consolidated properties 27,989 27,717 272
Less: Minority partners' share of consolidated same store (39,866) (38,337) (1,529)
Plus: Aimco's share of unconsolidated same store 11,563 11,346 217
------------------ ------------------ ------------------
Aimco's share of same store sales $ 288,221 $ 284,166 $ 4,055
================== ================== ==================
EXPENSES:
Consolidated same store properties $ 114,592 $ 113,470 $ 1,122
Plus: Newly consolidated properties 12,516 12,500 16
Less: Minority partners' share of consolidated same store (15,697) (16,017) 320
Plus: Aimco's share of unconsolidated same store 4,907 4,966 (59)
------------------ ------------------ ------------------
Aimco's share of same store sales $ 116,318 $ 114,919 $ 1,399
================== ================== ==================
NET OPERATING INCOME:
Consolidated same store properties $ 173,943 $ 169,970 $ 3,973
Plus: Newly consolidated properties 15,473 15,217 256
Less: Minority partners' share of consolidated same store (24,169) (22,320) (1,849)
Plus: Aimco's share of unconsolidated same store 6,656 6,380 276
------------------ ------------------ ------------------
Aimco's share of same store sales $ 171,903 $ 169,247 $ 2,656
================== ================== ==================
<Caption>
%
CHANGE
Q2 2003 vs Q1 2003
------------------
REVENUES:
Consolidated same store properties 1.8%
Acquisition properties 16.4%
Newly consolidated properties 1.5%
Affordable properties -3.3%
Redevelopment properties 12.0%
Other properties 65.9%
------------------
Total rental and other property revenues 2.3%
==================
EXPENSES:
Consolidated same store properties 1.0%
Acquisition properties 1.3%
Newly consolidated properties -3.5%
Affordable properties -3.0%
Redevelopment properties 9.0%
Partnership expenses -9.2%
Property management expense -27.5%
Other properties -22.7%
------------------
Total property operating expense -1.2%
==================
NET OPERATING INCOME:
Consolidated same store properties 2.3%
Acquisition properties 26.1%
Newly consolidated properties 6.7%
Affordable properties -3.5%
Redevelopment properties 14.3%
Partnership expenses -9.2%
Property management expense -27.5%
Other properties -84.7%
------------------
Total income from property operations 5.3%
==================
RECONCILIATION OF CONSOLIDATED SAME STORE PROPERTIES TO
AIMCO'S SHARE OF SAME STORE SALES:
REVENUES:
Consolidated same store properties
Plus: Newly consolidated properties
Less: Minority partners' share of consolidated same store
Plus: Aimco's share of unconsolidated same store
------------------
Aimco's share of same store sales 1.4%
==================
EXPENSES:
Consolidated same store properties
Plus: Newly consolidated properties
Less: Minority partners' share of consolidated same store
Plus: Aimco's share of unconsolidated same store
------------------
Aimco's share of same store sales 1.2%
==================
NET OPERATING INCOME:
Consolidated same store properties
Plus: Newly consolidated properties
Less: Minority partners' share of consolidated same store
Plus: Aimco's share of unconsolidated same store
------------------
Aimco's share of same store sales 1.6%
==================
</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 (which are
properties that benefit from governmental programs designed to provide housing
for people with low or moderate incomes) 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).
PROPERTY MANAGEMENT EXPENSES - consist of off-site expenses associated with the
self-management of consolidated properties.
<Page>
SUPPLEMENTAL SCHEDULE XIII
SAME STORE SALES
SECOND QUARTER 2003 VERSUS FIRST QUARTER 2003
(UNAUDITED) (IN THOUSANDS, EXCEPT SITE AND UNIT DATA)
<Table>
<Caption>
THREE MONTHS ENDED JUNE 30, 2003
------------------------------------
SITES UNITS OWNER% REV EXP NOI
-------------------------------------------------------------------
NORTHEAST
Washington 28 12,464 79.72% 28,925 8,951 19,974
Philadelphia 5 3,392 82.34% 8,529 3,205 5,324
Baltimore 9 1,788 74.70% 3,504 1,222 2,282
Middlesex-Somerset-Hunterdon 5 1,960 66.17% 3,369 1,271 2,098
Dutchess County 1 835 100.00% 2,224 886 1,338
Hartford 2 650 100.00% 1,825 477 1,348
Other Markets (5) 5 1,222 77.31% 2,389 895 1,494
-------------------------------------------------------------------
55 22,311 79.74% 50,765 16,907 33,858
SOUTHEAST
Atlanta 21 5,931 81.33% 7,832 4,158 3,674
Norfolk-Virginia Beach 13 3,865 84.78% 7,542 2,435 5,107
Nashville 11 3,750 79.36% 5,438 2,093 3,345
Raleigh-Durham-Chapel Hill 11 3,023 78.16% 4,027 1,639 2,388
Charlotte-Gastonia-Rock Hill 11 2,336 84.65% 2,948 1,511 1,437
Columbia 7 1,670 69.94% 2,012 869 1,143
Other Markets (23) 51 11,007 77.27% 14,344 5,678 8,666
-------------------------------------------------------------------
125 31,582 79.44% 44,143 18,383 25,760
FLORIDA
Tampa-St. Petersburg 21 5,604 85.88% 8,696 3,739 4,957
Orlando 17 4,712 82.18% 7,333 3,332 4,001
Miami 6 1,983 73.04% 4,694 2,098 2,596
Jacksonville 7 2,766 78.76% 4,383 1,733 2,650
West Palm Beach-Boca 6 1,727 100.00% 4,041 1,586 2,455
FortLauderdale 4 1,122 88.72% 2,377 972 1,405
Other Markets (6) 14 3,371 91.69% 6,043 2,490 3,553
-------------------------------------------------------------------
75 21,285 85.15% 37,567 15,950 21,617
MIDWEST
Chicago 21 6,215 91.79% 15,968 7,039 8,929
Indianapolis 29 9,122 85.38% 12,381 5,892 6,489
Grand Rapids-Muskegon 4 2,723 100.00% 4,751 2,046 2,705
Lansing-East Lansing 8 2,118 87.24% 3,896 1,604 2,292
Cincinnati 11 2,245 82.75% 3,814 1,612 2,202
Fort Wayne 3 2,441 97.13% 3,758 1,761 1,997
Columbus 7 1,822 73.48% 2,364 958 1,406
Other Markets (25) 54 12,656 66.52% 14,705 6,589 8,116
-------------------------------------------------------------------
137 39,342 81.47% 61,637 27,501 34,136
TEXAS
Houston 29 8,083 89.48% 12,241 5,542 6,699
Dallas 21 5,700 70.04% 6,683 3,244 3,439
San Antonio 16 3,620 100.00% 5,374 2,553 2,821
Austin-San Marcos 11 2,417 92.05% 3,784 1,839 1,945
FortWorth-Arlington 10 2,139 79.49% 2,816 1,458 1,358
Galveston-Texas City 6 1,176 100.00% 2,227 973 1,254
Other Markets (7) 11 2,363 79.07% 2,741 1,208 1,533
-------------------------------------------------------------------
104 25,498 85.55% 35,866 16,817 19,049
WEST
Phoenix-Mesa 29 7,579 90.98% 10,572 5,369 5,203
Denver 11 2,582 74.23% 3,868 1,605 2,263
Salt Lake City-Ogden 6 2,115 75.02% 2,712 898 1,814
Tucson 5 1,536 100.00% 2,261 900 1,361
Las Vegas 4 1,253 86.62% 1,832 748 1,084
Other Markets (10) 21 3,754 74.22% 5,247 1,996 3,251
-------------------------------------------------------------------
76 18,819 83.99% 26,492 11,516 14,976
CALIFORNIA
Los Angeles-Long Beach 12 4,029 86.11% 14,654 4,762 9,892
San Diego 7 2,237 97.18% 6,336 1,666 4,670
Orange County 4 1,213 94.77% 4,012 908 3,104
Ventura 3 801 99.92% 2,513 557 1,956
Other Markets (3) 10 2,238 61.82% 4,236 1,351 2,885
-------------------------------------------------------------------
36 10,518 85.34% 31,751 9,244 22,507
- ----------------------------------------------------------------------------------------------------------------------
SAME STORE SALES TOTALS 608 169,355 82.46% 288,221 116,318 171,903
======================================================================================================================
Plus: Minority share of consolidated same store sales 39,866 15,697 24,169
Less: Aimco's share of unconsolidated same store sales (11,563) (4,907) (6,656)
Less: Newly consolidated (27,989) (12,516) (15,473)
-------------------------------------
Consolidated same store sales 288,535 114,592 173,943
=====================================
<Caption>
THREE MONTHS ENDED MARCH 31, 2003
--------------------------------------
REV EXP NOI
--------------------------------------
NORTHEAST
Washington 28,127 9,886 18,241
Philadelphia 8,452 3,463 4,989
Baltimore 3,326 1,657 1,669
Middlesex-Somerset-Hunterdon 3,297 1,218 2,079
Dutchess County 2,175 1,104 1,071
Hartford 1,763 505 1,258
Other Markets (5) 2,265 851 1,414
--------------------------------------
49,405 18,684 30,721
SOUTHEAST
Atlanta 8,495 4,064 4,431
Norfolk-Virginia Beach 7,273 2,512 4,761
Nashville 5,404 2,196 3,208
Raleigh-Durham-Chapel Hill 4,088 1,695 2,393
Charlotte-Gastonia-Rock Hill 2,693 1,347 1,346
Columbia 1,981 833 1,148
Other Markets (23) 14,086 5,817 8,269
--------------------------------------
44,020 18,464 25,556
FLORIDA
Tampa-St. Petersburg 8,590 3,765 4,825
Orlando 7,099 3,141 3,958
Miami 4,461 2,059 2,402
Jacksonville 4,336 1,687 2,649
West Palm Beach-Boca 3,924 1,583 2,341
FortLauderdale 2,380 1,081 1,299
Other Markets (6) 6,036 2,406 3,630
--------------------------------------
36,826 15,722 21,104
MIDWEST
Chicago 15,636 6,454 9,182
Indianapolis 12,150 5,486 6,664
Grand Rapids-Muskegon 4,811 2,117 2,694
Lansing-East Lansing 3,827 1,690 2,137
Cincinnati 3,687 1,776 1,911
Fort Wayne 3,925 1,562 2,363
Columbus 2,358 971 1,387
Other Markets (25) 14,770 6,251 8,519
--------------------------------------
61,164 26,307 34,857
TEXAS
Houston 11,829 5,274 6,555
Dallas 6,740 3,054 3,686
San Antonio 5,112 2,455 2,657
Austin-San Marcos 3,866 1,970 1,896
FortWorth-Arlington 2,764 1,355 1,409
Galveston-Texas City 2,072 967 1,105
Other Markets (7) 2,766 1,213 1,553
--------------------------------------
35,149 16,288 18,861
WEST
Phoenix-Mesa 10,222 5,025 5,197
Denver 3,997 1,317 2,680
Salt Lake City-Ogden 2,492 951 1,541
Tucson 2,290 948 1,342
Las Vegas 1,778 725 1,053
Other Markets (10) 5,390 1,800 3,590
--------------------------------------
26,169 10,766 15,403
CALIFORNIA
Los Angeles-Long Beach 14,288 3,905 10,383
San Diego 6,324 1,729 4,595
Orange County 4,143 1,182 2,961
Ventura 2,450 548 1,902
Other Markets (3) 4,228 1,324 2,904
--------------------------------------
31,433 8,688 22,745
- ----------------------------------------------------------------------------------------------------
SAME STORE SALES TOTALS 284,166 114,919 169,247
====================================================================================================
Plus: Minority share of consolidated same store sales 38,337 16,017 22,320
Less: Aimco's share of unconsolidated same store sales (11,346) (4,966) (6,380)
Less: Newly consolidated (27,717) (12,500) (15,217)
--------------------------------------
Consolidated same store sales 283,440 113,470 169,970
======================================
<Caption>
CHANGE THREE MONTHS ENDED JUNE 30, 2003 LESS MARCH 31, 2003
------------------------------------------------------------------------
REVENUE EXPENSES NOI
------------------- ------------------ ------------------------
AMT % AMT % AMT %
------------------- ------------------ ------------------------
NORTHEAST
Washington 798 2.8% (935) -9.5% 1,733 9.5%
Philadelphia 77 0.9% (258) -7.5% 335 6.7%
Baltimore 178 5.4% (435) -26.3% 613 36.7%
Middlesex-Somerset-Hunterdon 72 2.2% 53 4.4% 19 0.9%
Dutchess County 49 2.3% (218) -19.7% 267 24.9%
Hartford 62 3.5% (28) -5.5% 90 7.2%
Other Markets (5) 124 5.5% 44 5.2% 80 5.7%
------------------------------------------------------------------------
1,360 2.8% (1,777) -9.5% 3,137 10.2%
SOUTHEAST
Atlanta (663) -7.8% 94 2.3% (757) -17.1%
Norfolk-Virginia Beach 269 3.7% (77) -3.1% 346 7.3%
Nashville 34 0.6% (103) -4.7% 137 4.3%
Raleigh-Durham-Chapel Hill (61) -1.5% (56) -3.3% (5) -0.2%
Charlotte-Gastonia-Rock Hill 255 9.5% 164 12.2% 91 6.8%
Columbia 31 1.6% 36 4.3% (5) -0.4%
Other Markets (23) 258 1.8% (139) -2.4% 397 4.8%
------------------------------------------------------------------------
123 0.3% (81) -0.4% 204 0.8%
FLORIDA
Tampa-St. Petersburg 106 1.2% (26) -0.7% 132 2.7%
Orlando 234 3.3% 191 6.1% 43 1.1%
Miami 233 5.2% 39 1.9% 194 8.1%
Jacksonville 47 1.1% 46 2.7% 1 0.0%
West Palm Beach-Boca 117 3.0% 3 0.2% 114 4.9%
FortLauderdale (3) -0.1% (109) -10.1% 106 8.2%
Other Markets (6) 7 0.1% 84 3.5% (77) -2.1%
------------------------------------------------------------------------
741 2.0% 228 1.5% 513 2.4%
MIDWEST
Chicago 332 2.1% 585 9.1% (253) -2.8%
Indianapolis 231 1.9% 406 7.4% (175) -2.6%
Grand Rapids-Muskegon (60) -1.2% (71) -3.4% 11 0.4%
Lansing-East Lansing 69 1.8% (86) -5.1% 155 7.3%
Cincinnati 127 3.4% (164) -9.2% 291 15.2%
Fort Wayne (167) -4.3% 199 12.7% (366) -15.5%
Columbus 6 0.3% (13) -1.3% 19 1.4%
Other Markets (25) (65) -0.4% 338 5.4% (403) -4.7%
------------------------------------------------------------------------
473 0.8% 1,194 4.5% (721) -2.1%
TEXAS
Houston 412 3.5% 268 5.1% 144 2.2%
Dallas (57) -0.8% 190 6.2% (247) -6.7%
San Antonio 262 5.1% 98 4.0% 164 6.2%
Austin-San Marcos (82) -2.1% (131) -6.6% 49 2.6%
FortWorth-Arlington 52 1.9% 103 7.6% (51) -3.6%
Galveston-Texas City 155 7.5% 6 0.6% 149 13.5%
Other Markets (7) (25) -0.9% (5) -0.4% (20) -1.3%
------------------------------------------------------------------------
717 2.0% 529 3.2% 188 1.0%
WEST
Phoenix-Mesa 350 3.4% 344 6.8% 6 0.1%
Denver (129) -3.2% 288 21.9% (417) -15.6%
Salt Lake City-Ogden 220 8.8% (53) -5.6% 273 17.7%
Tucson (29) -1.3% (48) -5.1% 19 1.4%
Las Vegas 54 3.0% 23 3.2% 31 2.9%
Other Markets (10) (143) -2.7% 196 10.9% (339) -9.4%
------------------------------------------------------------------------
323 1.2% 750 7.0% (427) -2.8%
CALIFORNIA
Los Angeles-Long Beach 366 2.6% 857 21.9% (491) -4.7%
San Diego 12 0.2% (63) -3.6% 75 1.6%
Orange County (131) -3.2% (274) -23.2% 143 4.8%
Ventura 63 2.6% 9 1.6% 54 2.8%
Other Markets (3) 8 0.2% 27 2.0% (19) -0.7%
------------------------------------------------------------------------
318 1.0% 556 6.4% (238) -1.0%
- -------------------------------------------------------------------------------------------------------------------------------
SAME STORE SALES TOTALS 4,055 1.4% 1,399 1.2% 2,656 1.6%
===============================================================================================================================
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>
<Page>
SUPPLEMENTAL SCHEDULE XIV
OUTLOOK AND FORWARD LOOKING STATEMENT
THIRD QUARTER 2003 AND YTD 2003
(UNAUDITED)
THE OUTLOOK INFORMATION PROVIDED ON THIS SUPPLEMENTAL SCHEDULE XIV CONTAINS
INFORMATION THAT IS FORWARD-LOOKING, INCLUDING, STATEMENTS CONCERNING PROJECTED
THIRD QUARTER AND FULL YEAR 2003 RESULTS. THESE FORWARD-LOOKING STATEMENTS ARE
BASED ON CURRENT EXPECTATIONS, ESTIMATES, AND PROJECTIONS ABOUT THE MARKETS AND
THE INDUSTRY IN WHICH AIMCO OPERATES AS WELL AS MANAGEMENT'S BELIEFS AND
ASSUMPTIONS. THESE FORWARD-LOOKING STATEMENTS ARE ALSO BASED ON CERTAIN RISKS
AND UNCERTAINTIES, INCLUDING BUT NOT LIMITED TO AIMCO'S ABILITY TO MAINTAIN AND
IMPROVE UPON CURRENT OCCUPANCY, RENT LEVELS AND "SAME STORE" RESULTS AND THE
ECONOMIC ENVIRONMENT IN WHICH AIMCO OPERATES. ACTUAL RESULTS MAY DIFFER
MATERIALLY FROM THOSE DESCRIBED IN THESE FORWARD-LOOKING STATEMENTS AND WILL BE
AFFECTED BY A VARIETY OF RISKS AND FACTORS INCLUDING, WITHOUT LIMITATION:
NATIONAL AND LOCAL ECONOMIC CONDITIONS; THE GENERAL LEVEL OF INTEREST RATES; THE
TERMS OF GOVERNMENTAL REGULATIONS THAT AFFECT US AND INTERPRETATIONS OF THOSE
REGULATIONS; THE COMPETITIVE ENVIRONMENT IN WHICH WE OPERATE; FINANCING RISKS,
INCLUDING THE RISK THAT OUR CASH FLOWS FROM OPERATIONS MAY BE INSUFFICIENT TO
MEET REQUIRED PAYMENTS OF PRINCIPAL AND INTEREST; REAL ESTATE RISKS, INCLUDING
VARIATIONS OF REAL ESTATE VALUES AND THE GENERAL ECONOMIC CLIMATE IN LOCAL
MARKETS AND COMPETITION FOR TENANTS IN SUCH MARKETS; ACQUISITION AND DEVELOPMENT
RISKS, INCLUDING FAILURE OF SUCH ACQUISITIONS TO PERFORM IN ACCORDANCE WITH
PROJECTIONS; LITIGATION, INCLUDING COSTS ASSOCIATED WITH PROSECUTING OR
DEFENDING CLAIMS AND ANY ADVERSE OUTCOMES; AND POSSIBLE ENVIRONMENTAL
LIABILITIES, INCLUDING COSTS THAT MAY BE INCURRED DUE TO NECESSARY REMEDIATION
OF CONTAMINATION OF PROPERTIES PRESENTLY OWNED OR PREVIOUSLY OWNED BY US.
READERS SHOULD CAREFULLY REVIEW AIMCO'S FINANCIAL STATEMENTS AND NOTES THERETO,
AS WELL AS THE RISK FACTORS DESCRIBED IN AIMCO'S ANNUAL REPORT ON FORM 10-K FOR
THE YEAR ENDED DECEMBER 31, 2002 AND THE OTHER DOCUMENTS AIMCO FILES FROM TIME
TO TIME WITH THE SECURITIES AND EXCHANGE COMMISSION.
<Table>
<Caption>
THIRD QUARTER FULL YEAR
------------- ---------
GAAP Earnings per share (1) (0.03)-0.01 0.46-0.55
Add: Depreciation and other 0.94 3.28
FFO per share 0.91-0.95 3.74-3.83
AFFO per share 0.73-0.77 2.91-3.00
2003 Same Store Operating Assumptions
Physical occupancy (average) 92%
NOI change (8.5)%-(10.5)%
Gross dispositions $900mm-$1.0B
</Table>
(1) Earnings per share does not include an estimate for gain/loss on
dispositions given the unpredictable timing of transactions.
<Page>
SUPPLEMENTAL SCHEDULE XV
APARTMENT UNIT SUMMARY
AS OF JUNE 30, 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% 447 112,598 447 112,598 100%
51.00% to 99.99% 248 64,943 179 46,263 71%
25.00% to 50.99% 17 4,868 8 2,346 48%
5.00% to 24.99% 1 157 - 8 5%
< 4.99% - - - 0%
------------ ------------ ------------ ------------ ------------
Total 713 182,566 634 161,215 88%
------------ ------------ ------------ ------------ ------------
UNCONSOLIDATED REAL ESTATE:
100% - - - - 0%
51.00% to 99.99% 6 1,149 3 625 54%
25.00% to 50.99% 146 28,411 56 10,938 38%
5.00% to 24.99% 199 24,595 25 3,124 13%
< 4.99% 126 15,806 2 214 1%
------------ ------------ ------------ ------------ ------------
Total 477 69,961 86 14,901 21%
------------ ------------ ------------ ------------ ------------
TOTAL OWNED PORTFOLIO:
100% 447 112,598 447 112,598 100%
51.00% to 99.99% 254 66,092 182 46,888 71%
25.00% to 50.99% 163 33,279 64 13,284 40%
5.00% to 24.99% 200 24,752 25 3,132 13%
< 4.99% 126 15,806 2 214 1%
------------ ------------ ------------ ------------ ------------
Total 1,190 252,527 720 176,116 70%
------------ ------------ ------------ ------------ ------------
CONVENTIONAL REAL ESTATE:
100% 360 101,413 360 101,413 100%
51.00% to 99.99% 200 60,351 139 42,186 70%
25.00% to 50.99% 77 20,474 33 8,606 42%
5.00% to 24.99% 33 6,783 5 1,017 15%
< 4.99% 14 2,694 - 30 1%
------------ ------------ ------------ ------------ ------------
Total 684 191,715 537 153,252 80%
------------ ------------ ------------ ------------ ------------
GOVERNMENT ASSISTED REAL ESTATE:
100% 87 11,185 87 11,185 100%
51.00% to 99.99% 54 5,741 43 4,702 82%
25.00% to 50.99% 86 12,805 31 4,678 37%
5.00% to 24.99% 167 17,969 20 2,115 12%
< 4.99% 112 13,112 2 184 1%
------------ ------------ ------------ ------------ ------------
Total 506 60,812 183 22,864 38%
------------ ------------ ------------ ------------ ------------
TOTAL OWNED PORTFOLIO:
100% 447 112,598 447 112,598 100%
51.00% to 99.99% 254 66,092 182 46,888 71%
25.00% to 50.99% 163 33,279 64 13,284 40%
5.00% to 24.99% 200 24,752 25 3,132 13%
< 4.99% 126 15,806 2 214 1%
------------ ------------ ------------ ------------ ------------
Total 1,190 252,527 720 176,116 70%
------------ ------------ ============ ============ ============
MANAGEMENT CONTRACTS:
Long Term Contractual 76 7,759
Short Term Third Party 28 4,192
Third Party Asset-Managed 433 41,625
------------ ------------
Total 537 53,576
------------ ------------
TOTAL PORTFOLIO 1,727 306,103
============ ============
</Table>