APARTMENT INVESTMENT & MANAGEMENT CO - FORM 8-K - EX-99.1 - EXHIBIT 99.1

Attached files

file	filename
8-K - FORM 8-K - APARTMENT INVESTMENT & MANAGEMENT CO	c11777e8vk.htm

Exhibit 99.1

Apartment Investment and Management Company
Announces Fourth Quarter 2010 Results

Denver, Colorado — February 4, 2011 — Apartment Investment and Management Company (NYSE: AIV) announced today its fourth quarter 2010 results.

Chairman, Chief Executive Officer and President Terry Considine comments: “Aimco had a solid 2010. Full year Same Store, Conventional Same Store and Total Portfolio net operating income were all up from the prior year. Total Portfolio revenue was up 1.0% and Conventional Same Store revenue was essentially flat, notwithstanding the fragile economy. Aimco upgraded its portfolio with the sale of 51 properties and ended the year with a strong balance sheet and no recourse debt. Looking forward, the Aimco business plan is straightforward and unchanged: own and operate B/B+ quality apartments in the 20 largest U.S. markets to provide predictable returns for shareholders.”

Chief Financial Officer Ernie Freedman adds: “Fourth quarter Pro forma FFO of $0.39 per share exceeded the upper end of our guidance range by $0.01 per share, primarily as a result of better than expected operating results. We expect 2011 FFO to be in a range from $1.46 to $1.56 per share with first quarter 2011 FFO projected to be $0.33 to $0.37 per share. With a solid 2010 behind us, Aimco is looking ahead to 2011 with a quality portfolio, a strong balance sheet and a focus on future growth opportunities.”

Financial Results

Diluted Per Share Results


	FOURTH QUARTER						FULL YEAR
	2010			2009			2010			2009
Earnings (loss) per share	$	(0.33	)	$	(0.06	)	$	(1.08	)	$	(1.00	)
Funds from Operations (FFO)	$	0.31		$	0.14		$	1.38		$	1.09
Add back Aimco’s share of operating real estate impairment losses	$	0.05		$	0.12		$	0.13		$	0.47
Add back / deduct Aimco’s share of preferred equity redemption related amounts	$	0.03			—			—		$	(0.01	)
Pro forma Funds from Operations (Pro forma FFO)	$	0.39		$	0.26		$	1.51		$	1.55
Deduct Aimco’s share of capital replacements	$	(0.14	)	$	(0.13	)	$	(0.51	)	$	(0.56	)
Adjusted Funds From Operations (AFFO)	$	0.25		$	0.13		$	1.00		$	0.99

Net income (loss) — Net loss attributable to Aimco common stockholders for the quarter was $38.4 million, compared to net loss of $6.7 million for fourth quarter 2009. Fourth quarter 2010 net loss increased as compared to fourth quarter 2009 primarily due to a decrease of $60.7 million in income from discontinued operations as a result of 2009 and 2010 property sales, partially offset by lower provision for losses on notes receivable of $20.4 million, lower restructuring costs of $8.7 million and an increase of $9.9 million in net operating income of our properties included in continuing operations.

Funds from Operations — FFO is a non-GAAP financial measure defined in the glossary in Aimco’s Supplemental Information (the Glossary). FFO calculated in accordance with the definition prescribed by the National Association of Real Estate Investment Trusts (NAREIT) was $35.7 million, or $0.31 per share, compared to $16.1 million, or $0.14 per share, in fourth quarter 2009. Pro forma FFO, which represents FFO as prescribed by NAREIT but excludes operating real estate impairment losses and preferred equity redemption related amounts, was $45.3 million, or $0.39 per share, compared to $30.2 million, or $0.26 per share, in fourth quarter 2009. Fourth quarter 2010 Pro forma FFO of $0.39 per share was $0.03 per share above the midpoint of Aimco’s guidance range primarily as a result of higher than expected Conventional Same Store average daily occupancy and a reduction in previously estimated real estate tax obligations due to successful appeals completed during the fourth quarter.



AIMCO 4th Quarter 2010		Page 1

Property Operations

Property operating results discussed below represent Aimco’s Proportionate Share of reported amounts, which reflects property operating results adjusted for Aimco’s ownership in each property. This non-GAAP measure is defined in the Glossary.

Diversified Operating Portfolio — Aimco’s property operations consist primarily of Conventional, with some Affordable, real estate operations. Conventional real estate operations relate to Aimco’s diversified portfolio of market rate apartment communities and include Same Store Properties, Redevelopment Properties, and Other Properties. Conventional Property operations generated 88% of Aimco’s fourth quarter 2010 property net operating income (NOI). See Supplemental Schedules 7a and 7b for detailed information on Aimco’s Conventional real estate portfolio, including selected operating results.

Affordable real estate operations consist of Aimco’s portfolio of properties with rents that are generally paid, in whole or in part, by a government agency. Affordable properties tend to have more stable rents and higher occupancy than Conventional properties due to government rent payments and thus are less affected by market fluctuations. Affordable Property operations generated 12% of Aimco’s fourth quarter 2010 NOI.

Fourth Quarter Portfolio Operating Measures^*


	FOURTH QUARTER 2010
	% Aimco			Year-over-year Variance
	NOI			Revenue			Expenses			NOI
Conventional Same Store		80	%		1.6	%		-3.7	%		5.0	%
Affordable Same Store		11	%		4.9	%		-6.0	%		15.3	%
Total Same Store		91	%		2.1	%		-4.0	%		6.1	%

Conventional Redevelopment and Other		8	%		8.6	%		4.8	%		12.0	%
Affordable Redevelopment		1	%		11.8	%		-3.1	%		24.2	%
Total Portfolio		100	%		2.7	%		-3.2	%		6.8	%

Year-to-Date Portfolio Operating Measures*


	FULL YEAR 2010
	% Aimco			Year-over-year Variance
	NOI			Revenue			Expenses			NOI
Conventional Same Store		80	%		-0.2	%		-1.0	%		0.2	%
Affordable Same Store		11	%		2.6	%		0.1	%		4.8	%
Total Same Store		91	%		0.2	%		-0.8	%		0.8	%

Conventional Redevelopment		1	%		5.4	%		-3.1	%		10.9	%
Other Conventional		6	%		1.9	%		2.1	%		1.8	%
Affordable Redevelopment		2	%		8.0	%		-8.0	%		22.3	%
Total Portfolio		100	%		1.0	%		-0.9	%		2.3	%


*		The information in these tables relates to properties that Aimco owns and manages, and are classified within continuing operations. Results exclude properties that Aimco owns but does not manage and properties classified within discontinued operations. To ensure comparability between periods, the year-over-year change in Revenue, Expenses and NOI in these tables is based on Aimco’s current period ownership. See the Glossary for additional information about the property categories included in these tables and Schedules 1 and 2 in the Supplemental Information for financial and statistical information for these portfolios.



AIMCO 4th Quarter 2010		Page 2

Conventional Same Store Results — In fourth quarter 2010, the Conventional Same Store portfolio included 180 communities with 61,397 units, in which Aimco had a weighted average ownership of 92%.

Conventional Same Store Operating Measures


	FOURTH QUARTER									FOURTH QUARTER						FULL YEAR
	Year-over-year									Sequential						Year-over-year
	2010			2009			Variance			3^rd Qtr			Variance			2010			2009			Variance
$ in millions except rent per unit
Average Daily Occupancy		96.7	%		95.3	%		1.4	%		96.0	%		0.7	%		96.1	%		94.1	%		2.0	%
Average Rent Per Unit	$	1,045		$	1,053			-0.8	%	$	1,044			0.1	%	$	1,021		$	1,055			-3.2	%

Revenue	$	189.4		$	186.4			1.6	%	$	187.9			0.8	%	$	641.3		$	642.8			-0.2	%
Expenses		(69.6	)		(72.3	)		-3.7	%		(70.8	)		-1.7	%		(247.7	)		(250.1	)		-1.0	%
NOI	$	119.8		$	114.1			5.0	%	$	117.1			2.4	%	$	393.6		$	392.7			0.2	%

Comparing Conventional Same Store results in fourth quarter 2010 with fourth quarter 2009, total revenue increased $3.0 million, or 1.6%. The increase in revenue was primarily the result of higher average daily occupancy of 96.7% for fourth quarter 2010 compared to 95.3% for fourth quarter 2009. Higher average daily occupancy was offset by lower average rent per unit, down 0.8% or $8 per unit, from $1,053 per unit to $1,045 per unit.

New and renewal lease rates have steadily improved throughout the year. Rental rates on new leases during the fourth quarter were higher than expiring lease rates each month during the quarter and, on average, fourth quarter new lease rates were 0.9% higher than expiring lease rates. By comparison, new lease rates were 7.0% below expiring lease rates in the first quarter, 2.3% below expiring lease rates in the second quarter, and 1.4% below expiring lease rates in the third quarter. For the full year, new lease rates were on average 2.3% below expiring lease rates.

Fourth quarter renewal rates were 1.6% higher than expiring lease rates. This compares to renewal rates that were 0.1% higher than expiring lease rates in the first quarter, 1.9% higher than expiring lease rates in the second quarter, and 1.5% higher than expiring lease rates in the third quarter. For the full year, renewal rates were on average 1.5% higher than expiring lease rates.

During fourth quarter 2010, Conventional Same Store expenses decreased $2.7 million or 3.7%, primarily as a result of lower real estate taxes, reductions in personnel costs, turnover expenses and marketing costs, partially offset by higher employee-related insurance costs. Refer to Supplemental Schedules 6a through 6c for additional details on Conventional Same Store operating results.

Affordable Same Store Results — In fourth quarter 2010, the Affordable Same Store portfolio included 153 communities with 18,359 units, in which Aimco had a weighted average ownership of 65%. For the fourth quarter 2010, average month-end occupancy for the affordable portfolio was 97.6%, an increase of 0.7% from fourth quarter 2009, while average rent per unit increased 3.8% from $780 to $810 per unit. During the fourth quarter 2010, Affordable Same Store expenses decreased 6.0% primarily as a result of lower contract services and administrative expenses.

Portfolio

Aimco’s portfolio strategy focuses on B/B+ quality Conventional apartment communities located in the 20 largest U.S. markets as measured by total apartment value, with a target capital allocation of 10% to Affordable apartment communities.

Aimco measures Conventional Property asset quality based on average rents compared to local market average rents as reported by REIS, a third-party provider of commercial real estate performance information and analysis. Aimco defines A-quality assets as those with rents greater than 125% of local market average, B-quality assets as those with rents 90% to 125% of local market average and C-quality assets as those with rents less than 90% of local market average. For the third quarter 2010, the most recent period for which REIS information is available, Aimco’s Conventional Property rents averaged 100% of local market average rents.



AIMCO 4th Quarter 2010		Page 3

For the fourth quarter 2010, average rents for the Conventional portfolio were $1,052 per unit, a 1.0% increase compared to fourth quarter 2009, primarily as a result of the sale of Conventional properties during 2010 with rents averaging 25% lower than the retained portfolio.

Aimco’s geographic allocation strategy focuses on the 20 largest U.S. markets. Aimco believes these markets to be deep, relatively liquid and possessing desirable long-term growth characteristics. These target markets are primarily coastal markets, and also include a number of Sun Belt cities and Chicago, Illinois. In executing this strategy, Aimco expects to reduce its investment in markets outside the 20 largest markets and to increase its investment in the 20 largest markets through redevelopment and acquisitions. During fourth quarter 2010, net operating income generated by Conventional properties located in the 20 largest markets accounted for 84.5% of total Conventional Property net operating income, an increase of 1.9% compared to fourth quarter 2009. In fourth quarter 2010, Aimco sold eight Conventional properties and 12 Affordable properties with 1,877 and 1,264 units, respectively, for $117.9 million in gross proceeds. Aimco’s share of net proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $35.8 million.

See Supplemental Schedules 7a and 7b for additional details regarding Aimco’s portfolio quality and capital allocation, and Supplemental Schedule 8 for additional details on disposition activity.

Partnership Transaction Activity — During fourth quarter 2010, Aimco purchased the noncontrolling limited partners’ interests in two properties for a total of $19.9 million. Aimco purchased the noncontrolling limited partners’ 25% interest in a property located in Alexandria, Virginia, for $19.5 million. The property has 1,222 units and is a candidate for redevelopment in the near term.

Balance Sheet and Liquidity


	AS OF DECEMBER 31, 2010
			% of Total			Weighted		Weighted Avg
	Amount		Leverage			Avg Maturity (Yrs)		Rate
Aimco leverage ($ in millions)
Aimco’s share of long-term, non-recourse property debt	$	4,865.5		86	%		7.8		5.52	%
Aimco’s share of other borrowings		34.5		1	%		n/a		5.33	%
Subtotal debt		4,900.0		87	%		7.8		5.52	%

Preferred securities		762.1		13	%	Perpetual			7.41	%

Total leverage	$	5,662.1		100	%		n/a		5.77	%

See Supplemental Schedules 4a and 4b for additional details about Aimco’s non-recourse property debt and Supplemental Schedule 5 for information related to Aimco’s preferred securities.

Aimco’s recourse debt at December 31, 2010, was limited to its revolving credit facility, which Aimco uses for working capital purposes and to secure letters of credit. At the end of fourth quarter, Aimco had no outstanding borrowings on its revolving credit facility and available capacity was $260.3 million, net of $39.7 million of letters of credit backed by the facility.

Aimco’s fourth quarter EBITDA Coverage of Interest and EBITDA Coverage of Interest and Preferred Dividends ratios were 2.07:1 and 1.68:1, compared to third quarter 2010 ratios of 2.05:1 and 1.67:1, respectively. Separately, in connection with its revolving credit facility, Aimco is subject to Debt Service and Fixed Charge Coverage covenants, as defined in the Glossary. For fourth quarter 2010, Aimco’s Debt Service and Fixed Charge Coverage ratios were 1.57:1 and 1.33:1, compared to covenants in place during the quarter of 1.40:1 and 1.20:1, respectively, and third quarter 2010 ratios of 1.58:1 and 1.34:1. Aimco expects to remain in compliance with these covenants.

During fourth quarter 2010, Aimco issued 600,000 shares under its At-the-Market (ATM) offering program at a weighted average price of $24.50 per share, generating $14.4 million in proceeds. The proceeds from the ATM offering were used primarily to fund the cash portion of the acquisition of the noncontrolling limited partners’ 25% interest in the Alexandria, Virginia property described above.

Dividend — Aimco’s Board of Directors declared a cash dividend of $0.12 per share on its Class A Common Stock for the quarter ended December 31, 2010. The dividend is payable February 28, 2011 to shareholders of record on February 18, 2011.



AIMCO 4th Quarter 2010		Page 4

2011 Outlook


	FIRST	FULL
	QUARTER	YEAR

Net loss per share	-$0.36 to -$0.40	-$1.30 to -$1.40
Pro forma FFO per share	$0.33 to $0.37	$1.46 to $1.56

Conventional Same Store Operating Measures
NOI change compared to fourth quarter 2010	-4.0% to -3.0%
NOI change compared to same period 2010	3.5% to 4.5%	2.5% to 4.5%
Average daily occupancy		95.5% - 96.5%
Revenue change compared to 2010		2.0% to 3.0%
Expense change compared to 2010		0.5% to 1.5%

Total Portfolio NOI Change Compared to 2010		2.0% to 4.0%

Asset Management and Tax Credit Activities
Recurring Revenue		$32 million
Recurring Expenses		$8 million

Non-Recurring Revenue		$3 million
Non-Recurring Expenses, including pursuit costs of $2 million		$3 million

Offsite Costs
Property Management Expenses		$43 million
General and Administrative Expenses		$50 million

Capital Expenditures
Conventional Redevelopment		$50 to $75 million
Property Upgrades		$30 to $45 million

Transaction Activities
Gross Acquisitions		None
Gross Dispositions		$350 to $400 million
Gross Partnership Tenders and Mergers		$250 to $300 million

Property Debt Activity
Floating rate property debt to be refinanced at fixed rates*		$170 million
Spread between 2010 in-place floating rates and future fixed rates*		425 basis points


*		As of December 31, 2010, approximately $276.9 million of fixed-rate debt was subject to floating rate total rate of return swaps that mature in 2012. During 2010, Aimco refinanced certain of the loans subject to the swaps, replacing such loans with long-dated, fixed-rate property debt, and expects to do the same in 2011 with certain other loans subject to the swaps. The average interest rate associated with the total rate of return swaps was 1.58% at December 31, 2010. These activities are expected to increase interest expense in 2011 by $0.06 per share when compared to 2010.



AIMCO 4th Quarter 2010		Page 5

Pro forma Funds from Operations Reconciliation

The following table represents a reconciliation of full year 2010 Pro forma FFO to the midpoint of Aimco’s guidance for full year 2011 Pro forma FFO provided in the preceding table.


	$ per Share
	(at the midpoint)

2010 Pro forma FFO	$	1.51
Total portfolio NOI growth		0.13
Offsite costs, including G&A		0.09
Preferred stock dividends		0.02
2010 and 2011 asset sales		(0.12	)
Total return swap refinancings		(0.06	)
Reduction in non-recurring revenues		(0.05	)
Lower interest income due to repayments		(0.03	)
Other		0.02
Midpoint of 2011 Pro forma FFO Guidance	$	1.51

Conventional Same Store Revenue Detail

The following table represents the assumptions used by Aimco in its 2011 guidance for Conventional Same Store revenue growth of 2.0% to 3.0%.


	Conventional Same Store
	Revenue Growth
	(at the midpoint)

Earn in of 2010 leases (New Leases â 2.3%, Renewals á 1.5%)		0.4	%
2011 Projected renewal and new lease rate growth of 3.6%*		1.6	%
Other		0.5	%
Midpoint of 2011 Guidance		2.5	%


*		In establishing guidance, Aimco has taken into consideration 2011 revenue growth in its markets as projected by third party data providers, which estimates currently range from 3.1% to 6.2%. Aimco projects that 2011 revenue growth at the low end of this range would produce 2011 Conventional Same Store revenue growth of approximately 2.3%, or 20 basis points less than the midpoint of Aimco’s guidance of 2.5%. Revenue growth at the high end of the third party estimate range would produce 2011 Conventional Same Store revenue growth of approximately 3.7%, or 120 basis points greater than the midpoint of guidance of 2.5%.

2011 Property Tour Schedule

Management will be hosting property tours in the following cities on the dates indicated. Additional details will be communicated in the coming months.


Markets		Dates

Atlanta/Miami		April 6^th – 7^th
Philadelphia/Washington DC		July 13^th – 14^th
Southern California		October 4^th – 5^th



AIMCO 4th Quarter 2010		Page 6

About Aimco

Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the 20 largest markets in the United States. Aimco is one of the country’s largest owners and operators of both conventional and affordable apartments, with 768 communities serving approximately 500,000 residents in 43 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com.

Supplemental Information

The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco’s website at the link http://www.aimco.com/CorporateInformation/About/Financial/QEarnRelease.aspx.

Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

Financial and operating measures found in this Earnings Release and the Supplemental Information include certain financial measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. These measures are defined in the glossary in the Supplemental Information and, where appropriate, reconciled to the most comparable GAAP measures.

Contact

Investor Relations 303-691-4350, Investor@Aimco.com
Elizabeth Coalson, Vice President Investor Relations 303-691-4327

Earnings Conference Call

Aimco’s fourth quarter 2010 earnings conference call will be held Friday, February 4, 2011, at 1:00 p.m. Eastern time.

Live Conference Call
Domestic Dial-In Number: 1-866-843-0890
International Dial-In Number: 1-412-317-9250
Passcode: 0315855

Conference Call Replay
Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-0088
Passcode: 447230

The conference call replay will be available until 5:00 p.m. Eastern time on February 11, 2011.

Live and Replay Webcast: http://www.aimco.com/CorporateInformation/About/Financial/news.aspx



AIMCO 4th Quarter 2010		Page 7

Forward-looking Statements

This Earnings Release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected results and specifically forecasts of first quarter and full year 2011 results. These forward-looking statements are based on management’s judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to, Aimco’s ability to maintain current or meet projected occupancy, rental rates and property operating results. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond the control of Aimco, including, without limitation: financing risks, including the availability and cost of capital markets financing and the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; earnings may not be sufficient to maintain compliance with debt covenants; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; the timing of acquisitions and dispositions; insurance risk, including the cost of insurance; natural disasters and severe weather such as hurricanes; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; energy costs; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco. In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on our ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership.

Readers should carefully review Aimco’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco’s Annual Report on Form 10-K for the year ended December 31, 2009, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances. This press release does not constitute an offer of securities for sale.



AIMCO 4th Quarter 2010		Page 8

Consolidated Statements of Operations



(in thousands, except per share data) (unaudited)		(page 1 of 2)


	Three Months Ended						Year Ended
	December 31,						December 31,
	2010			2009			2010			2009
REVENUES:
Rental and other property revenues	$	281,474		$	269,362		$	1,109,381		$	1,081,250
Asset management and tax credit revenues		11,994			17,384			35,553			49,853

Total revenues		293,468			286,746			1,144,934			1,131,103


OPERATING EXPENSES:
Property operating expenses		125,004			122,742			510,179			506,803
Investment management expenses		3,508			3,060			14,487			15,779
Depreciation and amortization		108,722			110,746			426,060			427,666
Provision for operating real estate impairment losses		65			694			352			2,329
General and administrative expenses		14,351			13,033			53,365			56,640
Other expenses, net		7,882			5,769			9,982			14,950
Restructuring costs		—			8,661			—			11,241

Total operating expenses		259,532			264,705			1,014,425			1,035,408


Operating income		33,936			22,041			130,509			95,695

Interest income		3,616			1,709			11,131			9,091
Provision for losses on notes receivable		(665	)		(21,097	)		(949	)		(21,549	)
Interest expense		(79,577	)		(78,016	)		(312,576	)		(312,534	)
Equity in losses of unconsolidated real estate partnerships		(11,313	)		(2,983	)		(23,112	)		(11,401	)
Gain on dispositions of unconsolidated real estate and other		5,265			3,754			10,675			21,570


Loss before income taxes and discontinued operations		(48,738	)		(74,592	)		(184,322	)		(219,128	)

Income tax benefit		6,792			11,117			18,433			17,487


Loss from continuing operations		(41,946	)		(63,475	)		(165,889	)		(201,641	)

Income from discontinued operations, net [1]		7,734			68,430			76,265			156,841


Net (loss) income		(34,212	)		4,955			(89,624	)		(44,800	)
Noncontrolling interests:
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships		11,506			2,223			13,301			(22,541	)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership		(1,672	)		(1,730	)		(4,964	)		(6,288	)
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership		2,915			758			9,559			9,355

Total noncontrolling interests		12,749			1,251			17,896			(19,474	)

Net (loss) income attributable to Aimco		(21,463	)		6,206			(71,728	)		(64,274	)
Net income attributable to Aimco preferred stockholders		(16,964	)		(12,935	)		(53,590	)		(50,566	)

Net loss attributable to Aimco common stockholders	$	(38,427	)	$	(6,729	)	$	(125,318	)	$	(114,840	)


Weighted average common shares outstanding — basic and diluted		116,683			115,871			116,369			114,301


Earnings (loss) per common share — basic and diluted:
Loss from continuing operations attributable to Aimco common stockholders	$	(0.36	)	$	(0.57	)	$	(1.48	)	$	(1.78	)
Income from discontinued operations attributable to Aimco stockholders		0.03			0.51			0.40			0.78

Net loss attributable to Aimco common stockholders	$	(0.33	)	$	(0.06	)	$	(1.08	)	$	(1.00	)



AIMCO 4th Quarter 2010		Page 9

Consolidated Statements of Operations (continued)


Notes to Consolidated Statements of Operations		(page 2 of 2)

[1]

Income from discontinued operations consists of the following (in thousands):


	Three Months Ended						Year Ended
	December 31,						December 31,
	2010			2009			2010			2009
Rental and other property revenues	$	4,027		$	31,673		$	42,394		$	217,472
Property operating and other expenses		(2,578	)		(19,365	)		(22,988	)		(120,109	)
Depreciation and amortization		(1,136	)		(10,443	)		(10,773	)		(67,902	)
Provision for operating real estate impairment losses		(3,411	)		(13,817	)		(12,674	)		(54,530	)

Operating loss		(3,098	)		(11,952	)		(4,041	)		(25,069	)
Interest income		57			59			271			362
Interest expense		(815	)		(5,797	)		(7,330	)		(42,220	)
Gain on extinguishment of debt		—			—			—			259

Loss before gain on dispositions of real estate and income taxes		(3,856	)		(17,690	)		(11,100	)		(66,668	)
Gain on dispositions of real estate		20,537			88,365			94,901			221,770
Income tax (expense) benefit		(8,947	)		(2,245	)		(7,536	)		1,739

Income from discontinued operations, net	$	7,734		$	68,430		$	76,265		$	156,841


Income from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships	$	(3,716	)	$	(4,240	)	$	(25,843	)	$	(61,650	)
Noncontrolling interests in Aimco Operating Partnership		(404	)		(4,627	)		(3,518	)		(6,882	)

Total noncontrolling interests		(4,120	)		(8,867	)		(29,361	)		(68,532	)

Aimco	$	3,614		$	59,563		$	46,904		$	88,309



AIMCO 4th Quarter 2010		Page 10

Consolidated Balance Sheets

(in thousands) (unaudited)


	December 31, 2010			December 31, 2009
ASSETS
Buildings and improvements	$	7,328,734		$	7,130,309
Land		2,139,431			2,121,044
Accumulated depreciation		(2,934,912	)		(2,540,026	)

Net real estate		6,533,253			6,711,327
Cash and cash equivalents		111,325			81,260
Restricted cash		201,406			218,660
Accounts receivable		49,855			59,822
Accounts receivable from affiliates		8,392			23,744
Deferred financing costs		48,032			50,282
Notes receivable from unconsolidated real estate partnerships		10,896			14,295
Notes receivable from non-affiliates		126,726			125,269
Investment in unconsolidated real estate partnerships		59,282			105,324
Other assets		170,663			185,890
Deferred income tax asset, net		58,736			42,015
Assets held for sale		—			288,580

Total assets	$	7,378,566		$	7,906,468


LIABILITIES AND EQUITY
Non-recourse property tax-exempt bond financing	$	514,506		$	574,926
Non-recourse property loans payable		4,943,277			4,761,493
Term loan		—			90,000
Other borrowings		47,018			53,057

Total indebtedness		5,504,801			5,479,476
Accounts payable		27,322			29,819
Accrued liabilities and other		250,106			286,328
Deferred income		150,815			178,878
Security deposits		35,322			34,052
Liabilities related to assets held for sale		—			246,556

Total liabilities		5,968,366			6,255,109


Preferred noncontrolling interests in Aimco Operating Partnership		83,428			86,656
Preferred stock subject to repurchase agreement		20,000			30,000

Equity:
Perpetual preferred stock		657,601			660,500
Class A Common Stock		1,176			1,165
Additional paid-in capital		3,070,882			3,072,665
Accumulated other comprehensive loss		(2,076	)		(1,138	)
Notes due on common stock purchases		(586	)		(1,392	)
Distributions in excess of earnings		(2,680,955	)		(2,492,082	)

Total Aimco equity		1,046,042			1,239,718

Noncontrolling interests in consolidated real estate partnerships		291,458			316,177
Common noncontrolling interests in Aimco Operating Partnership		(30,728	)		(21,192	)

Total equity		1,306,772			1,534,703

Total liabilities and equity	$	7,378,566		$	7,906,468



AIMCO 4th Quarter 2010		Page 11


Page

3	Schedule 1a	—	Funds From Operations (4Q 2010 v. 4Q 2009)

5	Schedule 1b	—	Funds From Operations (YTD 4Q 2010 v. YTD 4Q 2009)

7	Schedule 2	—	Portfolio Summary

8	Schedule 3	—	Net Asset Value Supplemental Information

10	Schedule 4	—	Non-recourse Property Debt Information

12	Schedule 5	—	Share Data

13	Schedule 6a	—	Conventional Same Store Operating Results (4Q 2010 v. 4Q 2009)

14	Schedule 6b	—	Conventional Same Store Operating Results (4Q 2010 v. 3Q 2010)

15	Schedule 6c	—	Conventional Same Store Operating Results (YTD 4Q 2010 v. YTD 4Q 2009)

16	Schedule 7a	—	Total Conventional Portfolio Data by Market (4Q 2010 v. 4Q 2009)

17	Schedule 7b	—	Total Conventional Portfolio Data by Market (3Q 2010)

18	Schedule 8	—	Property Sales and Acquisition Activity

19	Schedule 9	—	Capital Additions

20	Glossary and Reconciliations



AIMCO 4th Quarter 2010		Page 2



Supplemental Schedule 1 (a)

Funds From Operations		(page 1 of 2)
Three Months Ended December 31, 2010 Compared to Three Months Ended December 31, 2009
(in thousands) (unaudited)


	Three Months Ended December 31, 2010												Three Months Ended December 31, 2009
				Proportionate												Proportionate
				Share of												Share of
	Consolidated			Unconsolidated			Noncontrolling			Proportionate			Consolidated			Unconsolidated			Noncontrolling			Proportionate
	Amount			Partnerships			Interests			Amount			Amount			Partnerships			Interests			Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	205,997		$	—		$	(16,314	)	$	189,683		$	202,807		$	—		$	(17,392	)	$	185,415
Affordable Same Store		42,628			188			(12,981	)		29,835			37,724			211			(9,548	)		28,387

Total Same Store		248,625			188			(29,295	)		219,518			240,531			211			(26,940	)		213,802
Conventional Redevelopment		1,461			—			—			1,461			1,307			—			—			1,307
Other Conventional		20,261			1,187			(2,003	)		19,445			18,867			1,150			(2,038	)		17,979
Other Affordable		10,963			3,240			(6,781	)		7,422			7,672			1,104			(2,676	)		6,100
Property management revenues, primarily from affiliates, net		164			(215	)		(1,875	)		(1,926	)		985			(140	)		1,514			2,359

Total rental and other property revenues		281,474			4,400			(39,954	)		245,920			269,362			2,325			(30,140	)		241,547

Property operating expenses
Conventional Same Store		75,853			—			(6,428	)		69,425			78,911			—			(7,107	)		71,804
Affordable Same Store		19,683			106			(6,718	)		13,071			18,874			137			(5,163	)		13,848

Total Same Store		95,536			106			(13,146	)		82,496			97,785			137			(12,270	)		85,652
Conventional Redevelopment		1,005			—			—			1,005			495			—			—			495
Other Conventional		8,788			776			(907	)		8,657			9,079			795			(954	)		8,920
Other Affordable		5,808			1,857			(4,006	)		3,659			4,005			608			(1,529	)		3,084
Casualties		1,050			—			(216	)		834			(204	)		(3	)		1,089			882
Property management expenses		12,817			—			—			12,817			11,582			—			—			11,582

Total property operating expenses		125,004			2,739			(18,275	)		109,468			122,742			1,537			(13,664	)		110,615

Net real estate operations		156,470			1,661			(21,679	)		136,452			146,620			788			(16,476	)		130,932


Amortization of deferred tax credit income		8,111			—			—			8,111			12,733			—			—			12,733
Asset management revenues		74			—			620			694			472			—			1,030			1,502
Transaction revenues [1]		3,809			—			1,195			5,004			4,179			—			—			4,179

Total asset management and tax credit revenues		11,994			—			1,815			13,809			17,384			—			1,030			18,414

Investment management expenses		(3,508	)		—			—			(3,508	)		(3,060	)		—			—			(3,060	)
Depreciation and amortization related to non-real estate assets		(3,251	)		(5	)		58			(3,198	)		(4,168	)		(2	)		53			(4,117	)
General and administrative expenses		(14,351	)		(4	)		377			(13,978	)		(13,033	)		(6	)		(33	)		(13,072	)
Other income (expense), net		(7,882	)		(1,007	)		3,382			(5,507	)		(5,769	)		(3,249	)		3,666			(5,352	)
Restructuring costs		—			—			—			—			(8,661	)		—			—			(8,661	)
Interest income		3,616			(56	)		623			4,183			1,709			18			329			2,056
Provision for losses on notes receivable		(665	)		—			(1,227	)		(1,892	)		(21,097	)		—			(207	)		(21,304	)
Interest expense		(79,577	)		(933	)		10,664			(69,846	)		(78,016	)		(435	)		9,004			(69,447	)
Gain on disposition of non-depreciable assets		807			—			—			807			1,000			—			—			1,000
Income tax benefit		6,791			—			—			6,791			13,232			—			—			13,232
Discontinued operations, net of non-FFO items		1,071			—			(1,882	)		(811	)		6,856			—			(309	)		6,547
Preferred dividends and distributions		(14,346	)		—			—			(14,346	)		(14,665	)		—			—			(14,665	)
Preferred equity redemption related amounts		(4,290	)		—			—			(4,290	)		—			—			—			—
Operating real estate impairment losses, net of related income tax benefit		(3,042	)		(10,155	)		7,085			(6,112	)		(13,016	)		911			(3,311	)		(15,416	)
Common noncontrolling interests in Aimco Operating Partnership		(2,716	)		—			—			(2,716	)		(1,002	)		—			—			(1,002	)
Amounts allocated to participating securities		(120	)		—			—			(120	)		(29	)		—			—			(29	)

Funds From Operations		47,001			(10,499	)		(784	)		35,718			24,285			(1,975	)		(6,254	)		16,056

Operating real estate impairment losses, net		3,042			10,155			(7,085	)		6,112			13,016			(911	)		3,311			15,416
Preferred equity redemption related amounts		4,290			—			—			4,290			—			—			—			—
Noncontrolling interests in Aimco Operating Partnership		(727	)		—			—			(727	)		(1,135	)		—			—			(1,135	)
Amounts allocated to participating securities		(48	)		—			—			(48	)		(95	)		—			—			(95	)

Pro forma Funds From Operations	$	53,558		$	(344	)	$	(7,869	)	$	45,345		$	36,071		$	(2,886	)	$	(2,943	)	$	30,242


				Weighted average shares — diluted FFO							117,047					Weighted average shares — diluted FFO							116,072

				Per Share:												Per Share:
				Funds From Operations						$	0.31					Funds From Operations						$	0.14
				Pro forma Funds From Operations						$	0.39					Pro forma Funds From Operations						$	0.26



AIMCO 4th Quarter 2010		Page 3



Supplemental Schedule 1 (a) (continued)

Pro Forma Funds From Operations Reconciliation to GAAP		(page 2 of 2)
Three Months Ended December 31, 2010 Compared to Three Months Ended December 31, 2009
(in thousands) (unaudited)


	Three Months Ended December 31, 2010												Three Months Ended December 31, 2009
				Proportionate												Proportionate
				Share of												Share of
	Consolidated			Unconsolidated			Noncontrolling			Proportionate			Consolidated			Unconsolidated			Noncontrolling			Proportionate
	Amount			Partnerships			Interests			Amount			Amount			Partnerships			Interests			Amount
Pro Forma Funds From Operations	$	53,558		$	(344	)	$	(7,869	)	$	45,345		$	36,071		$	(2,886	)	$	(2,943	)	$	30,242

Adjustments related to continuing operations:
Depreciation and amortization		(108,722	)		(961	)		15,171			(94,512	)		(110,746	)		(1,207	)		10,737			(101,216	)
Depreciation and amortization related to non-real estate assets		3,251			5			(58	)		3,198			4,168			2			(53	)		4,117
Provision for operating real estate impairment losses		(65	)		—			—			(65	)		(694	)		—			—			(694	)
Income tax benefit on real estate impairment losses		434			—			—			434			1,455			—			—			1,455
Gain on dispositions of and impairments related to unconsolidated entities and other		5,265			(10,013	)		6,096			1,348			3,754			1,108			(1,586	)		3,276
Income tax benefit (expense) on gain on dispositions of real estate related to unconsolidated entities		1			—			—			1			(2,035	)		—			—			(2,035	)
Gain on dispositions of non-depreciable assets and other		(807	)		—			—			(807	)		(1,001	)		—			—			(1,001	)

Adjustments related to discontinued operations:
Depreciation and amortization		(1,136	)		—			438			(698	)		(10,443	)		—			1,042			(9,401	)
Depreciation and amortization related to non-real estate assets		6			—			(2	)		4			52			—			16			68
Provision for operating real estate impairment losses		(3,411	)		—			(3,063	)		(6,474	)		(13,817	)		—			(3,039	)		(16,856	)
Gain on dispositions of real estate		20,537			—			793			21,330			88,365			—			(1,951	)		86,414
Income tax expense arising from disposals		(9,767	)		—			—			(9,767	)		(4,116	)		—			—			(4,116	)


Total adjustments	$	(94,414	)	$	(10,969	)	$	19,375		$	(86,008	)	$	(45,058	)	$	(97	)	$	5,166		$	(39,989	)

Noncontrolling interests in Aimco Operating Partnership’s share of adjustments		6,358			—			—			6,358			2,894			—			—			2,894
Amounts allocable to participating securities		168			—			—			168			124			—			—			124
Preferred equity redemption related amounts		(4,290	)		—			—			(4,290	)		—			—			—			—
Equity in losses of unconsolidated real estate partnerships		(11,313	)		11,313			—			—			(2,983	)		2,983			—			—
Net loss attributable to noncontrolling interests in consolidated real estate partnerships		11,506			—			(11,506	)		—			2,223			—			(2,223	)		—


Net loss attributable to Aimco common stockholders	$	(38,427	)	$	—		$	—		$	(38,427	)	$	(6,729	)	$	—		$	—		$	(6,729	)


Notes

[1]		Transaction revenues consisted of the following:


	Three Months		Three Months
	Ended		Ended
	December 31, 2010		December 31, 2009
Transaction revenues
Promotes	$	—	$	2,880
Other GP transactional fees		2,407		1,299
Tax credit syndication fees		1,402		—

Total transaction revenues	$	3,809	$	4,179



AIMCO 4th Quarter 2010		Page 4



Supplemental Schedule 1 (b)

Funds From Operations		(page 1 of 2)
Year Ended December 31, 2010 Compared to Year Ended December 31, 2009
(in thousands) (unaudited)


	Year Ended December 31, 2010												Year Ended December 31, 2009
				Proportionate												Proportionate
				Share of												Share of
	Consolidated			Unconsolidated			Noncontrolling			Proportionate			Consolidated			Unconsolidated			Noncontrolling			Proportionate
	Amount			Partnerships			Interests			Amount			Amount			Partnerships			Interests			Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	816,986		$	—		$	(68,608	)	$	748,378		$	813,853		$	—		$	(69,451	)	$	744,402
Affordable Same Store		167,529			727			(51,404	)		116,852			150,885			842			(38,394	)		113,333

Total Same Store		984,515			727			(120,012	)		865,230			964,738			842			(107,845	)		857,735
Conventional Redevelopment		5,661			—			—			5,661			4,442			—			—			4,442
Other Conventional		77,194			4,730			(8,047	)		73,877			75,758			5,511			(7,981	)		73,288
Other Affordable		39,152			10,082			(22,696	)		26,538			31,230			4,707			(11,339	)		24,598
Property management revenues, primarily from affiliates, net		2,859			(733	)		3,839			5,965			5,082			(610	)		6,391			10,863

Total rental and other property revenues		1,109,381			14,806			(146,916	)		977,271			1,081,250			10,450			(120,774	)		970,926

Property operating expenses
Conventional Same Store		312,904			—			(27,519	)		285,385			318,189			—			(28,536	)		289,653
Affordable Same Store		79,453			501			(26,836	)		53,118			72,116			578			(20,001	)		52,693

Total Same Store		392,357			501			(54,355	)		338,503			390,305			578			(48,537	)		342,346
Conventional Redevelopment		2,532			—			—			2,532			1,967			—			—			1,967
Other Conventional		37,155			3,008			(3,941	)		36,222			36,714			3,643			(3,910	)		36,447
Other Affordable		20,255			5,897			(13,097	)		13,055			16,766			2,479			(6,778	)		12,467
Casualties		9,694			21			510			10,225			9,839			75			336			10,250
Property management expenses		48,186			—			—			48,186			51,212			—			—			51,212

Total property operating expenses		510,179			9,427			(70,883	)		448,723			506,803			6,775			(58,889	)		454,689

Net real estate operations		599,202			5,379			(76,033	)		528,548			574,447			3,675			(61,885	)		516,237


Amortization of deferred tax credit income		28,929			—			—			28,929			36,362			—			—			36,362
Asset management revenues		417			(67	)		3,127			3,477			2,389			—			2,207			4,596
Transaction revenues [1]		6,207			—			1,623			7,830			11,102			—			—			11,102

Total asset management and tax credit revenues		35,553			(67	)		4,750			40,236			49,853			—			2,207			52,060

Investment management expenses		(14,487	)		—			—			(14,487	)		(15,779	)		—			—			(15,779	)
Depreciation and amortization related to non-real estate assets		(14,552	)		(9	)		245			(14,316	)		(16,563	)		(8	)		214			(16,357	)
General and administrative expenses		(53,365	)		(17	)		1,418			(51,964	)		(56,640	)		(7	)		2,315			(54,332	)
Other income (expense), net		(9,982	)		(5,036	)		11,049			(3,969	)		(14,950	)		(8,151	)		17,076			(6,025	)
Restructuring costs		—			—			—			—			(11,241	)		—			—			(11,241	)
Interest income		11,131			(196	)		2,213			13,148			9,091			69			2,301			11,461
Provision for losses on notes receivable		(949	)		—			(2,271	)		(3,220	)		(21,549	)		—			(1,087	)		(22,636	)
Interest expense		(312,576	)		(3,057	)		42,039			(273,594	)		(312,534	)		(2,135	)		35,529			(279,140	)
Gain on disposition of non-depreciable assets		806			—			—			806			7,783			—			—			7,783
Income tax benefit		18,442			—			—			18,442			19,069			—			—			19,069
Discontinued operations, net of non-FFO items		13,137			—			(3,321	)		9,816			58,880			—			(6,963	)		51,917
Preferred dividends and distributions		(58,808	)		—			—			(58,808	)		(58,503	)		—			—			(58,503	)
Preferred equity redemption related amounts		254			—			—			254			1,649			—			—			1,649
Operating real estate impairment losses, net of related income tax benefit		(12,622	)		(21,209	)		16,506			(17,325	)		(53,105	)		—			(6,145	)		(59,250	)
Common noncontrolling interests in Aimco Operating Partnership		(11,962	)		—			—			(11,962	)		(10,154	)		—			—			(10,154	)
Amounts allocated to participating securities		(655	)		—			—			(655	)		(773	)		—			—			(773	)

Funds From Operations		188,567			(24,212	)		(3,405	)		160,950			148,981			(6,557	)		(16,438	)		125,986

Operating real estate impairment losses, net		12,622			21,209			(16,506	)		17,325			53,105			—			6,145			59,250
Preferred equity redemption related amounts		(254	)		—			—			(254	)		(1,649	)		—			—			(1,649	)
Noncontrolling interests in Aimco Operating Partnership		(1,191	)		—			—			(1,191	)		(4,304	)		—			—			(4,304	)
Amounts allocated to participating securities		(82	)		—			—			(82	)		(448	)		—			—			(448	)

Pro forma Funds From Operations	$	199,662		$	(3,003	)	$	(19,911	)	$	176,748		$	195,685		$	(6,557	)	$	(10,293	)	$	178,835


				Weighted average shares — diluted FFO							116,693					Weighted average shares — diluted FFO							115,563

				Per Share:												Per Share:
				Funds From Operations						$	1.38					Funds From Operations						$	1.09
				Pro forma Funds From Operations						$	1.51					Pro forma Funds From Operations						$	1.55



AIMCO 4th Quarter 2010		Page 5


Supplemental Schedule 1 (b) (continued)

Pro Forma Funds From Operations Reconciliation to GAAP		(page 2 of 2)
Year Ended December 31, 2010 Compared to Year Ended December 31, 2009
(in thousands) (unaudited)


	Year Ended December 31, 2010												Year Ended December 31, 2009
				Proportionate												Proportionate
				Share of												Share of
	Consolidated			Unconsolidated			Noncontrolling			Proportionate			Consolidated			Unconsolidated			Noncontrolling			Proportionate
	Amount			Partnerships			Interests			Amount			Amount			Partnerships			Interests			Amount
Pro Forma Funds From Operations	$	199,662		$	(3,003	)	$	(19,911	)	$	176,748		$	195,685		$	(6,557	)	$	(10,293	)	$	178,835

Adjustments related to continuing operations:
Depreciation and amortization		(426,060	)		(5,564	)		52,119			(379,505	)		(427,666	)		(5,476	)		43,903			(389,239	)
Depreciation and amortization related to non-real estate assets		14,552			9			(245	)		14,316			16,563			8			(214	)		16,357
Provision for operating real estate impairment losses		(352	)		—			—			(352	)		(2,329	)		—			—			(2,329	)
Income tax benefit on real estate impairment losses		434			—			—			434			4,075			—			—			4,075
Gain on dispositions of and impairments related to unconsolidated entities and other		10,675			(14,554	)		3,860			(19	)		21,570			624			(1,251	)		20,943
Income tax expense on gain on dispositions of real estate related to unconsolidated entities		(8	)		—			—			(8	)		(1,582	)		—			—			(1,582	)
Gain on dispositions of non-depreciable assets and other		(807	)		—			—			(807	)		(7,783	)		—			—			(7,783	)

Adjustments related to discontinued operations:
Depreciation and amortization		(10,773	)		—			2,726			(8,047	)		(67,902	)		—			7,706			(60,196	)
Depreciation and amortization related to non-real estate assets		59			—			15			74			336			—			15			351
Provision for operating real estate impairment losses		(12,674	)		—			(4,531	)		(17,205	)		(54,530	)		—			(6,783	)		(61,313	)
Gain on dispositions of real estate		94,901			—			(20,732	)		74,169			221,770			—			(55,624	)		166,146
Income tax expense arising from disposals		(8,819	)		—			—			(8,819	)		(5,788	)		—			—			(5,788	)


Total adjustments	$	(338,872	)	$	(20,109	)	$	33,212		$	(325,769	)	$	(303,266	)	$	(4,844	)	$	(12,248	)	$	(320,358	)

Noncontrolling interests in Aimco Operating Partnership’s share of adjustments		22,712			—			—			22,712			23,813			—			—			23,813
Amounts allocable to participating securities		737			—			—			737			1,221			—			—			1,221
Preferred equity redemption related amounts		254			—			—			254			1,649			—			—			1,649
Equity in losses of unconsolidated real estate partnerships		(23,112	)		23,112			—			—			(11,401	)		11,401			—			—
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships		13,301			—			(13,301	)		—			(22,541	)		—			22,541			—


Net loss attributable to Aimco common stockholders	$	(125,318	)	$	—		$	—		$	(125,318	)	$	(114,840	)	$	—		$	—		$	(114,840	)


Notes

[1]		Transaction revenues consisted of the following:


	Year Ended			Year Ended
	December 31, 2010			December 31, 2009
Transaction revenues
Promotes	$	2,727		$	4,428
Other GP transactional fees		4,496			6,492
Tax credit syndication fees		(1,016	)		182

Total transaction revenues	$	6,207		$	11,102



AIMCO 4th Quarter 2010		Page 6

Supplemental Schedule 2

Portfolio Summary
As of December 31, 2010
(unaudited)


	Number of		Number of		Effective		Average
	Properties		Units		Units		Ownership
Owned Real Estate Portfolio:
Conventional Same Store		180		61,397		56,615		92	%
Affordable Same Store		153		18,359		11,985		65	%

Total Same Store		333		79,756		68,600		86	%

Conventional Redevelopment [1]		4		1,555		1,555		100	%
Other Conventional		35		6,020		4,427		74	%
Other Affordable		75		8,181		2,737		33	%


Total owned real estate portfolio		447		95,512		77,319		81	%


Total Conventional owned real estate portfolio		219		68,972		62,597		91	%

Total Affordable owned real estate portfolio		228		26,540		14,722		55	%

Fee-Managed Portfolio:
Property-Managed for third parties		20		2,373
Asset-Managed		301		24,809

Total fee-managed portfolio		321		27,182


Total Portfolio		768		122,694


[1]		At December 31, 2010, Aimco’s Conventional Redevelopment portfolio included four properties. Two of these properties are expected to be stabilized in first quarter 2011, after which point they will be included in Aimco’s Conventional Same Store portfolio. As of first quarter 2011, the only properties that are expected to remain in Aimco’s Conventional Redevelopment portfolio are Lincoln Place and Pacific Bay Vistas (formerly Treetops), which properties are substantially vacant at December 31, 2010.



AIMCO 4th Quarter 2010		Page 7

Supplemental Schedule 3



Net Asset Value Supplemental Information		(page 1 of 2)
(in thousands) (unaudited)

One measure of stockholder value is Net Asset Value (NAV), which is the estimated fair value of assets, net of debt and preferred equity. The information provided below is intended to assist users of Aimco’s financial information in making their own estimates of Aimco’s NAV. See the following page for notes to the supplemental information provided below.

Trailing Twelve Month Net Operating Income Data


	Proportionate Property Net Operating Income
	Conventional Same						Conventional
	Store and Other			Affordable			Redevelopment			Total
Rental and other property revenues	$	822,255		$	143,390		$	5,661		$	971,306
Property operating expenses		(321,607	)		(66,173	)		(2,532	)		(390,312	)

Property NOI		500,648			77,217			3,129			580,994

Assumed property management fee (3.5% of revenues)		(28,779	)		(5,019	)		(198	)		(33,996	)

Property NOI net of assumed property management fee	$	471,869		$	72,198		$	2,931		$	546,998

Proportionate Balance Sheet Data
As of December 31, 2010


				Proportionate
	Consolidated			Share of						Proportionate
	GAAP			Unconsolidated			Noncontrolling			Balance
	Balance Sheet			Partnerships			Interests			Sheet
Assets
Real estate	$	9,468,165		$	73,599		$	(1,027,559	)	$	8,514,205
Accumulated depreciation		(2,934,912	)		(24,979	)		469,268			(2,490,623	)

Net real estate [1]		6,533,253			48,620			(558,291	)		6,023,582

Cash and cash equivalents		111,325			2,998			(31,436	)		82,887
Restricted cash		201,406			6,996			(41,358	)		167,044
Accounts receivable		58,247			479			(8,158	)		50,568
Notes receivable [2]		137,622			—			56,514			194,136
Investment in unconsolidated real estate partnerships [3]		59,282			(9,787	)		(40,052	)		9,443
Deferred financing costs [4]		48,032			338			(7,970	)		40,400
Goodwill [4]		67,094			—			—			67,094
Investment in management contracts [4]		1,005			—			—			1,005
Other assets		161,300			1,040			(6,067	)		156,273

Total assets	$	7,378,566		$	50,684		$	(636,818	)	$	6,792,432


Liabilities and Equity
Non-recourse property debt	$	5,457,783		$	35,187		$	(627,433	)	$	4,865,537
Other borrowings		47,018			2,042			(14,547	)		34,513
Deferred income [5]		150,815			78			—			150,893
Other liabilities		312,750			13,377			(83,465	)		242,662

Total liabilities		5,968,366			50,684			(725,445	)		5,293,605


Preferred noncontrolling interests in Aimco Operating Partnership [6]		83,428			—			—			83,428
Preferred stock subject to repurchase agreement [6]		20,000			—			—			20,000
Perpetual preferred stock [6]		657,601			—			—			657,601
Other Aimco equity		388,441			—			380,085			768,526
Noncontrolling interests in consolidated real estate partnerships		291,458			—			(291,458	)		—
Common noncontrolling interests in Aimco Operating Partnership		(30,728	)		—			—			(30,728	)

Total liabilities and equity	$	7,378,566		$	50,684		$	(636,818	)	$	6,792,432



AIMCO 4th Quarter 2010		Page 8

Supplemental Schedule 3 (continued)



Net Asset Value Supplemental Information		(page 2 of 2)
(in thousands) (unaudited)


[1]		Net real estate includes Lincoln Place and Pacific Bay Vistas (formerly Treetops), which are predominantly vacant and have December 31, 2010 net book values of $152.3 million and $36.8 million, respectively, or $189.1 million in total. Aimco refers to these properties collectively as part of its redevelopment pipeline.

[2]		Aimco has notes receivable from consolidated partnerships that are eliminated in the consolidated balance sheet. The noncontrolling partners’ share of amounts payable to Aimco pursuant to those notes is added to the GAAP-based amounts to arrive at the proportionate balance presented.

[3]		Aimco’s internal NAV estimate is computed based on Aimco’s share of NOI and as such takes into account Aimco’s share of NOI attributable to unconsolidated partnerships. For this reason, investment in unconsolidated real estate partnerships is excluded from non-real estate assets in Aimco’s internal NAV computation.

[4]		Deferred financing costs, goodwill and investment in management contracts represent non-tangible assets for which cash has already been paid by Aimco. As such, these amounts are excluded from Aimco’s internal NAV computation.

[5]		Deferred income consists primarily of cash contributions received in connection with Aimco’s tax credit activities, which are deferred upon receipt and amortized into earnings in future periods as the tax credits and related tax benefits are delivered to the tax credit investors. Certain of Aimco’s tax credit arrangements provide for contributions to be made in installments, which contributions are not reflected in Aimco’s consolidated financial statements until such time as the contributions are received. Deferred income, including deferred tax credit income, represents a non-cash obligation, the amortization of which represents non-cash income in future periods. These non-cash liabilities and related income streams are excluded from Aimco’s internal estimates of NAV. However, amortization of deferred tax credit income is included in net income and, as such, FFO. Projected amortization of deferred tax credit contributions received and to be received is presented below.


	December 31, 2010
Deferred tax credit income balance	$	107,838
Contributions to be received in the future		67,369

Total to be amortized	$	175,207


	Amortization of		Estimated			Projected Income,
	Deferred Income		Income Taxes			net of tax
Year Ending December 31,
2011	$	27,158	$	(10,592	)	$	16,566
2012		26,803		(10,453	)		16,350
2013		26,398		(10,295	)		16,103
2014		25,356		(9,889	)		15,467
2015		21,662		(8,448	)		13,214
Thereafter		47,830		(18,654	)		29,176

Total	$	175,207	$	(68,331	)	$	106,876


[6]		Aimco’s internal NAV computation includes Preferred noncontrolling interests in Aimco Operating Partnership, Preferred stock subject to repurchase agreement and Perpetual preferred stock as a reduction of NAV attributable to Aimco common stockholders. See Schedule 5.



AIMCO 4th Quarter 2010		Page 9

Supplemental Schedule 4

Non-recourse Property Debt Information
As of December 31, 2010
(dollars in thousands) (unaudited)

(page 1 of 2)

Property Debt Balances and Characteristics


			Proportionate
			Share of							Weighted
			Unconsolidated		Noncontrolling			Total Aimco		Average		Weighted
Debt	Consolidated		Partnerships		Interests			Share		Maturity (years)		Average Rate

Conventional Portfolio:
Fixed rate loans payable	$	4,336,711	$	—	$	(369,664	)	$	3,967,047		7.0		6.03	%
Floating rate loans payable [1]		56,521		—		(2,051	)		54,470		2.2		2.13	%

Total property loans payable		4,393,232		—		(371,715	)		4,021,517		7.0		5.98	%

Fixed rate tax-exempt bonds		52,074		—		(3,338	)		48,736		5.8		6.75	%
Floating rate tax-exempt bonds [1]		250,187		—		(5,242	)		244,945		5.9		0.67	%

Total property tax-exempt bond financing		302,261		—		(8,580	)		293,681		5.9		1.71	%

Total Conventional portfolio		4,695,493		—		(380,295	)		4,315,198		6.9		5.70	%


Affordable Portfolio:
Fixed rate loans payable		519,160		33,594		(214,023	)		338,731		13.7		4.82	%
Floating rate loans payable		30,885		9		(17,421	)		13,473		7.7		3.40	%

Total property loans payable		550,045		33,603		(231,444	)		352,204		13.4		4.74	%

Fixed rate tax-exempt bonds		88,037		1,584		(15,694	)		73,927		23.9		5.11	%
Floating rate tax-exempt bonds [1]		124,208		—		—			124,208		4.7		2.54	%

Total property tax-exempt bond financing		212,245		1,584		(15,694	)		198,135		12.7		3.61	%

Total Affordable portfolio		762,290		35,187		(247,138	)		550,339		13.2		4.43	%

Total non-recourse property debt	$	5,457,783	$	35,187	$	(627,433	)	$	4,865,537		7.8		5.52	%


[1]		Floating rate debt presented above includes $276.9 million of fixed rate debt that is effectively converted to floating rates using total rate of return swaps. At December 31, 2010, the carrying amount of this debt totaled $257.4 million, after recognition of changes in the debt’s fair value.

Aimco Share Property Debt


									% of Floating
	Amount		% of Total				Amount		Rate Debt
Fixed rate debt	$	4,428,441		91	%	Floating rate tax-exempt bonds	$	369,153		84	%
Floating rate debt		437,096		9	%	Floating rate loans payable		67,943		16	%

Total	$	4,865,537				Total	$	437,096


							Maturities as
							a Percent			Average Rate on
	Amortization		Maturities		Total		of Total Debt			Maturing Debt
2011 Q1	$	20,133	$	—	$	20,133		—			—
2011 Q2 [2]		20,971		93,736		114,707		1.93	%		5.67	%
2011 Q3		20,387		—		20,387		—			—
2011 Q4		21,545		11,193		32,738		0.23	%		4.87	%

Total 2011		83,036		104,929		187,965		2.16	%		5.58	%

2012 Q1		21,075		17,194		38,269		0.35	%		5.15	%
2012 Q2 [3]		21,828		276,509		298,337		5.68	%		0.86	%
2012 Q3		21,289		80,815		102,104		1.66	%		6.21	%
2012 Q4		21,317		42,663		63,980		0.88	%		3.16	%

Total 2012		85,509		417,181		502,690		8.57	%		2.43	%

2013		81,228		302,986		384,214		6.23	%		5.48	%
2014		78,212		357,052		435,264		7.34	%		5.64	%
2015		74,749		367,094		441,843		7.54	%		5.17	%
2016		67,387		415,406		482,793		8.54	%		5.49	%
2017		59,926		442,198		502,124		9.09	%		5.95	%
2018		56,019		73,383		129,402		1.51	%		6.09	%
2019		46,364		462,200		508,564		9.50	%		5.99	%
2020		37,242		388,360		425,602		7.98	%		6.44	%
Thereafter		297,275		567,801		865,076		11.67	%		5.01	%

Total	$	966,947	$	3,898,590	$	4,865,537


[2]		Q2 2011 maturities include $79.4 million that is rate-locked for refinance.

[3]		Q2 2012 maturities include approximately $247.7 million of debt ($228.7 million at carrying amount) subject to total return swaps for which the swap maturity dates are in 2012 and the related debt maturities are beyond 2012.



AIMCO 4th Quarter 2010		Page 10

Supplemental Schedule 4 (continued)

Non-recourse Property Debt Information
As of December 31, 2010
(in millions) (unaudited)

(page 2 of 2)

Year-to-Date Property Loan Closings


	Original		New				Aimco
	Loan		Loan		Net		Net		Prior			New
Original Loan Maturity Year	Amount		Amount [1]		Proceeds [2]		Proceeds [3]		Rate			Rate

2012 [4]	$	57.0	$	80.8	$	22.9	$	23.0		1.15	%		5.29	%
2013		189.4		245.6		54.7		53.6		6.35	%		5.55	%
2014 [5]		17.3		23.4		6.4		4.8		5.64	%		4.37	%
2017		4.9		16.8		10.8		10.8		7.02	%		5.02	%
2019		1.3		1.7		0.5		0.2		8.45	%		5.84	%
2020 [5]		7.5		16.4		9.9		4.7		7.73	%		5.23	%
2023		3.3		6.9		1.7		2.2		8.82	%		4.76	%
2030 [5]		13.4		18.5		5.2		5.2		5.84	%		4.50	%
New loans		—		39.3		38.7		34.4		—			6.24	%


Totals	$	294.1	$	449.4	$	150.8	$	138.9		5.36	%		5.42	%


[1]		New loans typically have terms ranging from 7 to 10 years.

[2]		Net Proceeds is after transaction costs and prepayment penalties.

[3]		Aimco Net Proceeds is after payment of distributions to noncontrolling partners.

[4]		The Original Loan had a variable interest rate indexed to SIFMA, which was significantly less than the New Loan’s fixed rate.

[5]		Net Proceeds for certain of these loans includes escrowed funds released upon repayment of the original loan.

Debt Ratios


	Amount		Covenant

Debt service coverage ratio		1.57:1		1.40:1
Fixed charge coverage ratio		1.33:1		1.20:1
EBITDA coverage of interest		2.07:1		n/a
EBITDA coverage of interest and preferred dividends		1.68:1		n/a

Credit Ratings


Moody’s Investor Service	Corporate Family Rating	Ba1 (stable outlook)
Standard and Poor’s	Corporate Credit Rating	BB+ (negative)



AIMCO 4th Quarter 2010		Page 11

Supplemental Schedule 5

Share Data
(in thousands) (unaudited)

Preferred Securities


	Shares/Units		Date First
	Outstanding		Available for
	as of		Redemption by
	December 31, 2010		Aimco		Coupon			Amount
Perpetual Preferred Stock:
Class T		6,000		7/31/2008		8.000	%	$	150,000
Class U		12,000		3/24/2009		7.750	%		300,000
Class V		3,450		9/29/2009		8.000	%		86,250
Class Y		3,450		12/21/2009		7.875	%		86,250
Series A Community Reinvestment Act [1]		—		6/30/2011		1.540	%		57,000

Total perpetual preferred stock									679,500
Preferred Partnership Units [2]		3,063				8.095	%		82,554

Total outstanding preferred securities								$	762,054

Common Stock, Partnership Units and Equivalents


			Three Months Ended				Year Ended
	As of		December 31, 2010				December 31, 2010
	December 31, 2010		EPS		FFO		EPS		FFO
Class A Common Stock outstanding		117,063		116,683		116,683		116,369		116,369
Dilutive securities:
Options, restricted stock and officer loan shares		778		—		364		—		324

Total shares and dilutive share equivalents		117,841		116,683		117,047		116,369		116,693


Common Partnership Units and equivalents [3]		8,470

Total shares, units and dilutive share equivalents		126,311

Notes


[1]		Represents 114 shares at a liquidation preference per share of $500,000. The remaining amount at December 31, 2010, includes $20.0 million, which is subject to a repurchase agreement and is classified within temporary equity in the consolidated balance sheet. The dividend rate is a variable rate per annum equal to the Three-Month LIBOR Rate plus 1.25%, calculated as of the beginning of each quarterly period.

[2]		Coupon is based on a weighted average of all outstanding series of Preferred Partnership Units.

[3]		Includes the Aimco Operating Partnership’s common OP Units and Class I High Performance Units, which are included in common noncontrolling interests in Aimco Operating Partnership within Aimco’s consolidated financial statements and on Supplemental Schedule 1.



AIMCO 4th Quarter 2010		Page 12

Supplemental Schedule 6(a)

Conventional Same Store Operating Results
Fourth Quarter 2010 Compared to Fourth Quarter 2009
(in thousands, except site and unit data) (unaudited)


																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		4Q 2010		4Q 2009		Growth			4Q 2010		4Q 2009		Growth			4Q 2010		4Q 2009		Growth			4Q 2010			4Q 2010			4Q 2009			4Q 2010		4Q 2009

Target Markets
Los Angeles		13		3,949		3,297	$	18,848	$	18,661		1.0	%	$	5,946	$	6,293		-5.5	%	$	12,902	$	12,368		4.3	%		68.5	%		97.3	%		95.7	%	$	1,979	$	2,006
Orange County		4		1,213		1,143		5,396		5,245		2.9	%		1,980		1,786		10.9	%		3,416		3,459		-1.2	%		63.3	%		95.7	%		95.9	%		1,517		1,499
San Diego		6		2,143		2,073		8,150		7,670		6.3	%		2,483		2,318		7.1	%		5,667		5,352		5.9	%		69.5	%		96.1	%		95.5	%		1,229		1,199

Southern CA Total		23		7,305		6,513		32,394		31,576		2.6	%		10,409		10,397		0.1	%		21,985		21,179		3.8	%		67.9	%		96.7	%		95.7	%		1,685		1,685
East Bay		2		413		353		1,386		1,360		1.9	%		598		608		-1.6	%		788		752		4.8	%		56.9	%		96.9	%		94.7	%		1,212		1,220
San Jose		1		224		224		1,036		1,046		-1.0	%		423		429		-1.4	%		613		617		-0.6	%		59.2	%		97.7	%		96.2	%		1,456		1,521
San Francisco		4		711		711		3,344		3,296		1.5	%		1,235		1,254		-1.5	%		2,109		2,042		3.3	%		63.1	%		97.6	%		96.5	%		1,458		1,437

Northern CA Total		7		1,348		1,288		5,766		5,702		1.1	%		2,256		2,291		-1.5	%		3,510		3,411		2.9	%		60.9	%		97.6	%		96.5	%		1,383		1,386

Seattle		3		413		310		1,368		1,236		10.7	%		505		488		3.5	%		863		748		15.4	%		63.1	%		97.4	%		97.7	%		1,281		1,197

Pacific Total		33		9,066		8,111		39,528		38,514		2.6	%		13,170		13,176		0.0	%		26,358		25,338		4.0	%		66.7	%		96.8	%		95.8	%		1,621		1,618

Suburban New York — New Jersey		4		1,162		944		3,519		3,635		-3.2	%		1,281		1,130		13.4	%		2,238		2,505		-10.7	%		63.6	%		94.5	%		94.8	%		1,180		1,206
Washington — NoVA — MD		15		6,711		6,592		25,274		24,457		3.3	%		7,664		7,737		-0.9	%		17,610		16,720		5.3	%		69.7	%		97.4	%		96.9	%		1,220		1,197
Boston		11		4,129		4,129		14,622		14,705		-0.6	%		5,249		5,403		-2.9	%		9,373		9,302		0.8	%		64.1	%		96.8	%		96.7	%		1,160		1,175
Philadelphia		6		3,573		3,304		13,498		13,076		3.2	%		5,168		5,399		-4.3	%		8,330		7,677		8.5	%		61.7	%		96.4	%		94.6	%		1,232		1,231

Northeast Total		36		15,575		14,969		56,913		55,873		1.9	%		19,362		19,669		-1.6	%		37,551		36,204		3.7	%		66.0	%		96.8	%		96.2	%		1,204		1,199

Miami		5		2,471		2,359		12,002		11,649		3.0	%		3,705		5,429		-31.8	%		8,297		6,220		33.4	%		69.1	%		98.3	%		97.1	%		1,546		1,532
Palm Beach — Fort Lauderdale		3		893		893		2,349		2,406		-2.4	%		1,203		1,294		-7.0	%		1,146		1,112		3.1	%		48.8	%		95.2	%		95.4	%		814		848
Orlando		8		2,236		2,020		4,649		4,672		-0.5	%		2,127		2,121		0.3	%		2,522		2,551		-1.1	%		54.2	%		95.3	%		94.1	%		712		728
Tampa		6		1,755		1,621		3,837		3,911		-1.9	%		1,684		1,620		4.0	%		2,153		2,291		-6.0	%		56.1	%		96.5	%		96.0	%		710		735
Jacksonville		4		1,643		1,404		3,456		3,491		-1.0	%		1,509		1,605		-6.0	%		1,947		1,886		3.2	%		56.3	%		97.5	%		95.6	%		760		782

Florida Total		26		8,998		8,297		26,293		26,129		0.6	%		10,228		12,069		-15.3	%		16,065		14,060		14.3	%		61.1	%		96.8	%		95.7	%		963		975
Houston		6		2,101		1,780		3,671		3,801		-3.4	%		1,723		1,693		1.8	%		1,948		2,108		-7.6	%		53.1	%		92.1	%		92.2	%		665		698
Denver		9		2,553		1,991		5,746		5,497		4.5	%		1,805		1,898		-4.9	%		3,941		3,599		9.5	%		68.6	%		98.2	%		95.9	%		791		786
Phoenix		16		3,933		3,425		6,904		6,958		-0.8	%		3,077		3,258		-5.6	%		3,827		3,700		3.4	%		55.4	%		97.0	%		93.9	%		591		631
Dallas — Fort Worth		2		569		569		1,319		1,327		-0.6	%		654		629		4.0	%		665		698		-4.7	%		50.4	%		97.4	%		94.3	%		697		715
Atlanta		4		992		738		2,115		2,034		4.0	%		814		822		-1.0	%		1,301		1,212		7.3	%		61.5	%		98.1	%		94.7	%		901		900

Sunbelt Total		63		19,146		16,800		46,048		45,746		0.7	%		18,301		20,369		-10.2	%		27,747		25,377		9.3	%		60.3	%		96.6	%		94.9	%		820		838

Chicago		14		4,444		4,159		14,534		14,413		0.8	%		5,438		5,151		5.6	%		9,096		9,262		-1.8	%		62.6	%		97.2	%		94.7	%		1,063		1,080

Total Target Markets		146		48,231		44,039		157,023		154,546		1.6	%		56,271		58,365		-3.6	%		100,752		96,181		4.8	%		64.2	%		96.7	%		95.5	%		1,117		1,125

Other
Baltimore		3		701		628		2,246		2,146		4.7	%		799		861		-7.2	%		1,447		1,285		12.6	%		64.4	%		97.2	%		95.0	%		1,127		1,098
Indianapolis — Fort Wayne		2		2,316		2,117		4,187		4,044		3.5	%		1,698		1,828		-7.1	%		2,489		2,216		12.3	%		59.4	%		96.8	%		95.5	%		578		573
Nashville		3		764		618		1,825		1,810		0.8	%		680		655		3.8	%		1,145		1,155		-0.9	%		62.7	%		96.2	%		93.3	%		902		923
Norfolk — Richmond		5		1,495		1,403		4,335		4,309		0.6	%		1,263		1,367		-7.6	%		3,072		2,942		4.4	%		70.9	%		96.0	%		95.4	%		951		955
Other Markets		21		7,890		7,809		19,815		19,554		1.3	%		8,895		9,185		-3.2	%		10,920		10,369		5.3	%		55.1	%		96.8	%		94.4	%		760		775

Total Other		34		13,166		12,576		32,408		31,863		1.7	%		13,335		13,896		-4.0	%		19,073		17,967		6.2	%		58.9	%		96.7	%		94.7	%		778		786


CONVENTIONAL SAME STORE SALES TOTALS		180		61,397		56,615	$	189,431	$	186,409		1.6	%	$	69,606	$	72,261		-3.7	%	$	119,825	$	114,148		5.0	%		63.3	%		96.7	%		95.3	%	$	1,045	$	1,053



AIMCO 4th Quarter 2010		Page 13

Supplemental Schedule 6(b)

Conventional Same Store Operating Results
Fourth Quarter 2010 Compared to Third Quarter 2010
(in thousands, except site and unit data) (unaudited)


																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		4Q 2010		3Q 2010		Growth			4Q 2010		3Q 2010		Growth			4Q 2010		3Q 2010		Growth			4Q 2010			4Q 2010			3Q 2010			4Q 2010		3Q 2010

Target Markets
Los Angeles		13		3,949		3,297	$	18,848	$	18,829		0.1	%	$	5,946	$	6,021		-1.2	%	$	12,902	$	12,808		0.7	%		68.5	%		97.3	%		96.5	%	$	1,979	$	1,990
Orange County		4		1,213		1,143		5,396		5,354		0.8	%		1,980		1,887		4.9	%		3,416		3,467		-1.5	%		63.3	%		95.7	%		95.8	%		1,517		1,506
San Diego		6		2,143		2,073		8,150		8,021		1.6	%		2,483		2,353		5.5	%		5,667		5,668		0.0	%		69.5	%		96.1	%		96.3	%		1,229		1,207

Southern CA Total		23		7,305		6,513		32,394		32,204		0.6	%		10,409		10,261		1.4	%		21,985		21,943		0.2	%		67.9	%		96.7	%		96.4	%		1,685		1,681
East Bay		2		413		353		1,386		1,394		-0.6	%		598		585		2.2	%		788		809		-2.6	%		56.9	%		96.9	%		97.3	%		1,212		1,203
San Jose		1		224		224		1,036		1,047		-1.1	%		423		409		3.4	%		613		638		-3.9	%		59.2	%		97.7	%		98.1	%		1,456		1,468
San Francisco		4		711		711		3,344		3,305		1.2	%		1,235		1,250		-1.2	%		2,109		2,055		2.6	%		63.1	%		97.6	%		97.5	%		1,458		1,446

Northern CA Total		7		1,348		1,288		5,766		5,746		0.3	%		2,256		2,244		0.5	%		3,510		3,502		0.2	%		60.9	%		97.6	%		97.5	%		1,383		1,375
Seattle		3		413		310		1,368		1,293		5.8	%		505		520		-2.9	%		863		773		11.6	%		63.1	%		97.4	%		98.0	%		1,281		1,208

Pacific Total		33		9,066		8,111		39,528		39,243		0.7	%		13,170		13,025		1.1	%		26,358		26,218		0.5	%		66.7	%		96.8	%		96.6	%		1,621		1,613

Suburban New York — New Jersey		4		1,162		944		3,519		3,699		-4.9	%		1,281		1,325		-3.3	%		2,238		2,374		-5.7	%		63.6	%		94.5	%		95.0	%		1,180		1,184
Washington — NoVA — MD		15		6,711		6,592		25,274		24,942		1.3	%		7,664		8,199		-6.5	%		17,610		16,743		5.2	%		69.7	%		97.4	%		96.9	%		1,220		1,210
Boston		11		4,129		4,129		14,622		14,479		1.0	%		5,249		5,296		-0.9	%		9,373		9,183		2.1	%		64.1	%		96.8	%		95.4	%		1,160		1,163
Philadelphia		6		3,573		3,304		13,498		13,207		2.2	%		5,168		5,655		-8.6	%		8,330		7,552		10.3	%		61.7	%		96.4	%		95.3	%		1,232		1,231

Northeast Total		36		15,575		14,969		56,913		56,327		1.0	%		19,362		20,475		-5.4	%		37,551		35,852		4.7	%		66.0	%		96.8	%		96.0	%		1,204		1,200

Miami		5		2,471		2,359		12,002		11,700		2.6	%		3,705		4,667		-20.6	%		8,297		7,033		18.0	%		69.1	%		98.3	%		95.8	%		1,546		1,550
Palm Beach — Fort Lauderdale		3		893		893		2,349		2,322		1.2	%		1,203		893		34.7	%		1,146		1,429		-19.8	%		48.8	%		95.2	%		94.1	%		814		826
Orlando		8		2,236		2,020		4,649		4,694		-1.0	%		2,127		2,011		5.8	%		2,522		2,683		-6.0	%		54.2	%		95.3	%		95.3	%		712		715
Tampa		6		1,755		1,621		3,837		3,865		-0.7	%		1,684		1,529		10.1	%		2,153		2,336		-7.8	%		56.1	%		96.5	%		95.1	%		710		719
Jacksonville		4		1,643		1,404		3,456		3,503		-1.3	%		1,509		1,529		-1.3	%		1,947		1,974		-1.4	%		56.3	%		97.5	%		97.3	%		760		761

Florida Total		26		8,998		8,297		26,293		26,084		0.8	%		10,228		10,629		-3.8	%		16,065		15,455		3.9	%		61.1	%		96.8	%		95.7	%		963		965
Houston		6		2,101		1,780		3,671		3,740		-1.8	%		1,723		1,829		-5.8	%		1,948		1,911		1.9	%		53.1	%		92.1	%		94.0	%		665		669
Denver		9		2,553		1,991		5,746		5,652		1.7	%		1,805		1,895		-4.7	%		3,941		3,757		4.9	%		68.6	%		98.2	%		97.8	%		791		786
Phoenix		16		3,933		3,425		6,904		6,868		0.5	%		3,077		3,271		-5.9	%		3,827		3,597		6.4	%		55.4	%		97.0	%		96.0	%		591		597
Dallas — Fort Worth		2		569		569		1,319		1,313		0.5	%		654		675		-3.1	%		665		638		4.2	%		50.4	%		97.4	%		96.5	%		697		698
Atlanta		4		992		738		2,115		2,075		1.9	%		814		761		7.0	%		1,301		1,314		-1.0	%		61.5	%		98.1	%		96.8	%		901		897

Sunbelt Total		63		19,146		16,800		46,048		45,732		0.7	%		18,301		19,060		-4.0	%		27,747		26,672		4.0	%		60.3	%		96.6	%		95.9	%		820		821

Chicago		14		4,444		4,159		14,534		14,400		0.9	%		5,438		4,756		14.3	%		9,096		9,644		-5.7	%		62.6	%		97.2	%		96.7	%		1,063		1,062

Total Target Markets		146		48,231		44,039		157,023		155,702		0.8	%		56,271		57,316		-1.8	%		100,752		98,386		2.4	%		64.2	%		96.7	%		96.1	%		1,117		1,115

Other
Baltimore		3		701		628		2,246		2,251		-0.2	%		799		840		-4.9	%		1,447		1,411		2.6	%		64.4	%		97.2	%		96.4	%		1,127		1,164
Indianapolis — Fort Wayne		2		2,316		2,117		4,187		4,139		1.2	%		1,698		2,031		-16.4	%		2,489		2,108		18.1	%		59.4	%		96.8	%		95.6	%		578		574
Nashville		3		764		618		1,825		1,838		-0.7	%		680		663		2.6	%		1,145		1,175		-2.6	%		62.7	%		96.2	%		97.1	%		902		897
Norfolk — Richmond		5		1,495		1,403		4,335		4,320		0.3	%		1,263		1,403		-10.0	%		3,072		2,917		5.3	%		70.9	%		96.0	%		96.6	%		951		947
Other Markets		21		7,890		7,809		19,815		19,612		1.0	%		8,895		8,537		4.2	%		10,920		11,075		-1.4	%		55.1	%		96.8	%		95.4	%		760		764

Total Other		34		13,166		12,576		32,408		32,160		0.8	%		13,335		13,474		-1.0	%		19,073		18,686		2.1	%		58.9	%		96.7	%		95.7	%		778		781


CONVENTIONAL SAME STORE SALES TOTALS		180		61,397		56,615	$	189,431	$	187,862		0.8	%	$	69,606	$	70,790		-1.7	%	$	119,825	$	117,072		2.4	%		63.3	%		96.7	%		96.0	%	$	1,045	$	1,044



AIMCO 4th Quarter 2010		Page 14

Supplemental Schedule 6(c)

Conventional Same Store Operating Results
Year Ended December 31, 2010 Compared to Year Ended December 31, 2009
(in thousands, except site and unit data) (unaudited)


																												Operating
					Effective		Revenue							Expenses							Net Operating Income							Margin			Occupancy						Rental Rates
	Properties		Units		Units		2010		2009		Growth			2010		2009		Growth			2010		2009		Growth			2010			2010			2009			2010		2009

Target Markets
Los Angeles		9		3,095		2,444	$	52,161	$	52,924		-1.4	%	$	17,046	$	17,689		-3.6	%	$	35,115	$	35,235		-0.3	%		67.3	%		96.5	%		94.5	%	$	1,926	$	2,017
Orange County		3		443		373		5,336		5,397		-1.1	%		1,846		1,811		1.9	%		3,490		3,586		-2.7	%		65.4	%		96.6	%		95.3	%		1,135		1,182
San Diego		4		1,622		1,552		23,070		22,539		2.4	%		6,885		6,457		6.6	%		16,185		16,082		0.6	%		70.2	%		95.8	%		94.7	%		1,169		1,181

Southern CA Total		16		5,160		4,369		80,567		80,860		-0.4	%		25,777		25,957		-0.7	%		54,790		54,903		-0.2	%		68.0	%		96.3	%		94.6	%		1,621		1,682
East Bay		2		413		353		5,563		5,475		1.6	%		2,380		2,432		-2.1	%		3,183		3,043		4.6	%		57.2	%		97.3	%		93.2	%		1,202		1,246
San Francisco		4		711		711		13,094		13,037		0.4	%		4,935		4,922		0.3	%		8,159		8,115		0.5	%		62.3	%		97.2	%		94.3	%		1,440		1,494

Northern CA Total		6		1,124		1,064		18,657		18,512		0.8	%		7,315		7,354		-0.5	%		11,342		11,158		1.6	%		60.8	%		97.2	%		93.9	%		1,353		1,404
Seattle		3		413		310		5,197		5,181		0.3	%		2,012		2,089		-3.7	%		3,185		3,092		3.0	%		61.3	%		97.4	%		94.1	%		1,222		1,267

Pacific Total		25		6,697		5,743		104,421		104,553		-0.1	%		35,104		35,400		-0.8	%		69,317		69,153		0.2	%		66.4	%		96.5	%		94.5	%		1,551		1,610

Suburban New York — New Jersey		4		1,162		944		14,521		14,946		-2.8	%		4,862		4,486		8.4	%		9,659		10,460		-7.7	%		66.5	%		95.3	%		93.5	%		1,185		1,255
Washington — NoVA — MD		15		6,711		6,592		99,539		97,620		2.0	%		32,112		31,661		1.4	%		67,427		65,959		2.2	%		67.7	%		97.0	%		95.8	%		1,205		1,207
Boston		11		4,129		4,129		58,432		59,210		-1.3	%		21,829		21,681		0.7	%		36,603		37,529		-2.5	%		62.6	%		96.2	%		95.5	%		1,162		1,192
Philadelphia		5		2,752		2,483		41,569		40,711		2.1	%		17,312		16,881		2.6	%		24,257		23,830		1.8	%		58.4	%		95.6	%		92.4	%		1,254		1,285

Northeast Total		35		14,754		14,149		214,061		212,487		0.7	%		76,115		74,709		1.9	%		137,946		137,778		0.1	%		64.4	%		96.4	%		94.9	%		1,201		1,221

Miami		5		2,471		2,359		46,925		47,930		-2.1	%		18,704		20,377		-8.2	%		28,221		27,553		2.4	%		60.1	%		96.9	%		94.5	%		1,539		1,604
Palm Beach — Fort Lauderdale		3		893		893		9,427		9,813		-3.9	%		4,343		4,777		-9.1	%		5,084		5,036		1.0	%		53.9	%		94.5	%		95.1	%		827		867
Orlando		7		1,868		1,727		15,486		16,000		-3.2	%		7,065		7,217		-2.1	%		8,421		8,783		-4.1	%		54.4	%		94.7	%		92.9	%		693		736
Tampa		6		1,755		1,621		15,475		15,817		-2.2	%		6,698		6,711		-0.2	%		8,777		9,106		-3.6	%		56.7	%		95.6	%		94.3	%		719		757
Jacksonville		4		1,643		1,404		13,883		14,122		-1.7	%		6,224		6,355		-2.1	%		7,659		7,767		-1.4	%		55.2	%		96.2	%		94.6	%		767		803

Florida Total		25		8,630		8,004		101,196		103,682		-2.4	%		43,034		45,437		-5.3	%		58,162		58,245		-0.1	%		57.5	%		95.8	%		94.2	%		971		1,016
Houston		5		1,775		1,454		12,867		13,125		-2.0	%		5,967		5,694		4.8	%		6,900		7,431		-7.1	%		53.6	%		94.1	%		93.7	%		695		720
Denver		9		2,553		1,991		22,342		21,811		2.4	%		7,534		7,630		-1.3	%		14,808		14,181		4.4	%		66.3	%		97.0	%		94.8	%		787		803
Phoenix		13		3,320		2,924		22,753		24,076		-5.5	%		10,585		10,594		-0.1	%		12,168		13,482		-9.7	%		53.5	%		95.0	%		92.5	%		588		648
Dallas — Fort Worth		2		569		569		5,256		5,208		0.9	%		2,659		2,517		5.6	%		2,597		2,691		-3.5	%		49.4	%		96.5	%		92.5	%		701		735

Sunbelt Total		54		16,847		14,942		164,414		167,902		-2.1	%		69,779		71,872		-2.9	%		94,635		96,030		-1.5	%		57.6	%		95.7	%		93.9	%		830		871

Chicago		9		2,413		2,349		32,209		31,813		1.2	%		12,460		13,051		-4.5	%		19,749		18,762		5.3	%		61.3	%		96.7	%		93.4	%		1,062		1,093

Total Target Markets		123		40,711		37,183		515,105		516,755		-0.3	%		193,458		195,032		-0.8	%		321,647		321,723		0.0	%		62.4	%		96.1	%		94.3	%		1,098		1,134

Other
Baltimore		3		701		628		8,832		8,482		4.1	%		3,600		3,404		5.8	%		5,232		5,078		3.0	%		59.2	%		96.1	%		94.8	%		1,119		1,096
Indianapolis — Fort Wayne		2		2,316		2,117		16,440		16,233		1.3	%		7,339		7,521		-2.4	%		9,101		8,712		4.5	%		55.4	%		95.9	%		93.2	%		572		586
Nashville		2		438		392		4,877		4,967		-1.8	%		1,933		1,963		-1.5	%		2,944		3,004		-2.0	%		60.4	%		97.4	%		94.9	%		936		985
Norfolk — Richmond		5		1,495		1,403		17,273		17,170		0.6	%		5,288		5,393		-1.9	%		11,985		11,777		1.8	%		69.4	%		96.0	%		94.8	%		949		963
Other Markets		21		7,890		7,809		78,755		79,177		-0.5	%		36,040		36,749		-1.9	%		42,715		42,428		0.7	%		54.2	%		95.8	%		92.9	%		763		798

Total Other		33		12,840		12,350		126,177		126,029		0.1	%		54,200		55,030		-1.5	%		71,977		70,999		1.4	%		57.0	%		95.9	%		93.3	%		776		802


CONVENTIONAL SAME STORE SALES TOTALS		156		53,551		49,532	$	641,282	$	642,784		-0.2	%	$	247,658	$	250,062		-1.0	%	$	393,624	$	392,722		0.2	%		61.4	%		96.1	%		94.1	%	$	1,021	$	1,055



AIMCO 4th Quarter 2010		Page 15

Supplemental Schedule 7(a)

Total Conventional Portfolio Data by Market
Fourth Quarter 2010 Compared to Fourth Quarter 2009
(unaudited)


	Quarter Ended December 31, 2010														Quarter Ended December 31, 2009
								Effective														Effective
	Properties		Units		Ownership			Units		% AIV NOI			Average Rent		Properties		Units		Ownership			Units		% AIV NOI			Average Rent
Target Markets
Los Angeles		14		4,645		86	%		3,993		9.7	%	$	1,979		15		4,785		86	%		4,134		9.9	%	$	1,976
Orange County		4		1,213		94	%		1,143		2.6	%		1,517		4		1,213		94	%		1,143		2.7	%		1,499
San Diego		6		2,143		97	%		2,073		4.3	%		1,229		6		2,144		97	%		2,074		4.2	%		1,198

Southern CA Total		24		8,001		90	%		7,209		16.6	%		1,685		25		8,142		90	%		7,351		16.8	%		1,675

East Bay		2		413		86	%		353		0.6	%		1,212		2		413		85	%		353		0.6	%		1,220
San Jose		1		224		100	%		224		0.5	%		1,456		1		224		100	%		224		0.5	%		1,521
San Francisco		6		1,083		100	%		1,083		1.7	%		1,487		6		1,082		100	%		1,082		1.7	%		1,465

Northern CA Total		9		1,720		97	%		1,660		2.8	%		1,402		9		1,719		97	%		1,659		2.8	%		1,403

Seattle		3		413		75	%		310		0.7	%		1,211		3		413		75	%		309		0.6	%		1,197


Pacific Total		36		10,134		91	%		9,179		20.1	%		1,619		37		10,274		91	%		9,319		20.2	%		1,612


Manhattan		22		957		100	%		957		3.8	%		2,441		22		957		100	%		955		2.9	%		2,366
Suburban New York — New Jersey		4		1,162		81	%		944		1.7	%		1,180		4		1,162		81	%		944		1.9	%		1,206

New York Total		26		2,119		90	%		1,901		5.5	%		1,758		26		2,119		90	%		1,899		4.8	%		1,732

Washington — NoVA — MD		17		8,015		88	%		7,048		13.8	%		1,219		17		8,015		84	%		6,744		12.7	%		1,197
Boston		11		4,129		100	%		4,129		7.2	%		1,160		12		4,250		100	%		4,250		7.4	%		1,173
Philadelphia		7		3,888		91	%		3,541		6.9	%		1,227		7		3,886		91	%		3,539		6.4	%		1,229


Northeast Total		61		18,151		92	%		16,619		33.4	%		1,273		62		18,270		90	%		16,432		31.3	%		1,264


Miami		5		2,471		95	%		2,359		6.3	%		1,540		5		2,471		95	%		2,348		4.8	%		1,532
Palm Beach — Fort Lauderdale		4		1,265		93	%		1,179		1.1	%		829		6		1,891		92	%		1,741		2.0	%		902
Orlando		9		2,836		92	%		2,620		2.6	%		727		10		3,000		90	%		2,708		2.8	%		738
Tampa		6		1,755		92	%		1,621		1.7	%		710		7		2,031		88	%		1,793		1.9	%		745
Jacksonville		4		1,643		85	%		1,404		1.5	%		760		4		1,643		85	%		1,404		1.5	%		782

Florida Total		28		9,970		92	%		9,183		13.2	%		949		32		11,036		91	%		9,994		13.0	%		955

Houston		7		2,835		82	%		2,313		2.0	%		671		9		3,140		82	%		2,583		2.3	%		697
Denver		9		2,553		78	%		1,991		3.0	%		791		9		2,553		78	%		1,991		2.8	%		785
Phoenix		17		4,420		89	%		3,912		3.4	%		592		17		4,418		89	%		3,910		3.3	%		632
Dallas — Fort Worth		2		569		100	%		569		0.5	%		697		3		825		89	%		732		0.7	%		713
Atlanta		5		1,295		80	%		1,041		1.3	%		870		7		1,574		77	%		1,214		1.2	%		840


Sunbelt Total		68		21,642		88	%		19,009		23.4	%		809		77		23,546		87	%		20,424		23.3	%		827


Chicago		15		4,633		94	%		4,348		7.6	%		1,098		15		4,633		94	%		4,348		7.8	%		1,112


Total Target Markets		180		54,560		90	%		49,155		84.5	%		1,127		191		56,723		89	%		50,523		82.6	%		1,124


Other [1]
Baltimore		5		1,180		84	%		993		1.7	%		1,045		5		1,180		84	%		993		1.5	%		1,032
Indianapolis — Fort Wayne		2		2,316		91	%		2,117		1.9	%		578		5		3,182		94	%		2,983		2.6	%		595
Inland Empire		2		376		100	%		376		0.4	%		746		3		574		89	%		513		0.6	%		835
Michigan		3		3,303		100	%		3,303		2.5	%		578		6		3,862		94	%		3,643		2.8	%		634
Minneapolis		2		732		89	%		651		1.7	%		1,447		2		732		89	%		651		1.7	%		1,490
Nashville		4		1,114		77	%		861		1.1	%		840		4		1,114		77	%		861		1.1	%		854
Non-Target Florida		9		2,004		100	%		2,004		1.7	%		633		10		2,204		100	%		2,204		1.8	%		657
Norfolk — Richmond		6		1,643		94	%		1,551		2.5	%		937		6		1,643		94	%		1,551		2.5	%		942
Providence, RI		2		708		100	%		708		1.2	%		1,075		2		708		100	%		708		1.0	%		1,089
Other Markets		4		1,036		85	%		878		0.8	%		864		9		2,108		85	%		1,796		1.8	%		805


Total Other		39		14,412		93	%		13,442		15.5	%		778		52		17,307		92	%		15,903		17.4	%		783


Grand Total		219		68,972		91	%		62,597		100.0	%	$	1,052		243		74,030		90	%		66,426		100.0	%	$	1,042


[1]		For the quarters ended December 31, 2010 and 2009, Aimco’s conventional portfolio included assets in 17 and 18 markets, respectively, in which Aimco invests on an opportunistic basis or that Aimco intends to exit.



AIMCO 4th Quarter 2010		Page 16

Supplemental Schedule 7(b)

Total Conventional Portfolio Data by Market
Third Quarter 2010 Market Information
(unaudited)

Aimco’s portfolio strategy focuses on the ownership of a broadly diversified portfolio of B/B+ assets with properties concentrated in the 20 largest U.S. markets as measured by total apartment value, with a target allocation to Conventional Properties of 90%. Aimco measures Conventional Property asset quality based on average rents compared to local market average rents as reported by REIS (a third-party provider of commercial real estate performance and analysis), with A-quality assets earning rents greater than 125% of local market average, B-quality assets earning rents 90% to 125% of local market average and C-quality assets earning rents less than 90% of local market average. Aimco’s geographic allocation strategy focuses on the 20 largest U.S. markets, with market quality measured in part based on long-term growth characteristics.

The following schedule illustrates Aimco’s Conventional Property portfolio quality and market growth projections based on 3Q 2010 data, as this is the most recent period for which third-party data is available.


	Quarter Ended September 30, 2010
																				2011 - 2013
																	+/- Market			Projected
								Effective									Rent			Revenue
	Properties		Units		Ownership			Units		% AIV NOI			Average Rent		Market Rent [1]		Average			Growth [2]
Target Markets
Los Angeles		14		4,645		86	%		3,993		10.1	%	$	1,990	$	1,343		48.2	%		3.2	%
Orange County		4		1,213		94	%		1,143		2.7	%		1,506		1,455		3.5	%		3.9	%
San Diego		6		2,142		97	%		2,072		4.4	%		1,207		1,289		-6.3	%		4.3	%

Southern CA Total		24		8,000		90	%		7,208		17.2	%		1,681		1,346		24.9	%		3.5	%

East Bay		2		413		86	%		353		0.6	%		1,203		1,269		-5.2	%		4.0	%
San Jose		1		224		100	%		224		0.5	%		1,468		1,444		1.6	%		5.0	%
San Francisco		6		1,083		100	%		1,083		1.8	%		1,479		1,752		-15.6	%		3.9	%

Northern CA Total		9		1,720		97	%		1,660		2.9	%		1,397		1,562		-10.6	%		4.1	%

Seattle		3		413		75	%		310		0.6	%		1,208		969		24.7	%		3.9	%


Pacific Total		36		10,133		91	%		9,178		20.7	%		1,615		1,362		18.5	%		3.6	%


Manhattan		22		957		100	%		955		3.2	%		2,423		2,756		-12.1	%		4.4	%
Suburban New York — New Jersey		4		1,162		81	%		944		1.9	%		1,184		1,440		-17.8	%		2.9	%

New York Total		26		2,119		90	%		1,899		5.1	%		1,746		2,034		-14.2	%		3.8	%

Washington — NoVA — MD		17		8,015		84	%		6,744		12.7	%		1,210		1,380		-12.4	%		4.3	%
Boston		11		4,129		100	%		4,129		7.2	%		1,163		1,640		-29.1	%		4.3	%
Philadelphia		7		3,888		91	%		3,541		6.3	%		1,231		997		23.5	%		3.6	%


Northeast Total		61		18,151		90	%		16,313		31.3	%		1,270		1,438		-11.7	%		4.1	%


Miami		5		2,471		95	%		2,359		5.5	%		1,550		1,013		53.0	%		3.1	%
Palm Beach — Fort Lauderdale		4		1,265		93	%		1,179		1.4	%		839		1,042		-19.5	%		4.0	%
Orlando		10		3,000		90	%		2,708		2.9	%		724		803		-9.8	%		3.6	%
Tampa		6		1,755		92	%		1,621		1.8	%		719		784		-8.4	%		3.7	%
Jacksonville		4		1,643		85	%		1,404		1.6	%		763		753		1.4	%		2.8	%

Florida Total		29		10,134		91	%		9,271		13.2	%		946		873		8.4	%		3.3	%

Houston		8		3,027		83	%		2,505		2.0	%		675		723		-6.6	%		5.6	%
Denver		9		2,553		78	%		1,991		2.9	%		786		806		-2.4	%		3.9	%
Phoenix		17		4,418		89	%		3,910		3.2	%		598		679		-11.9	%		4.5	%
Dallas — Fort Worth		2		569		100	%		569		0.5	%		698		744		-6.1	%		4.4	%
Atlanta		5		1,295		80	%		1,041		1.2	%		869		753		15.5	%		4.0	%


Sunbelt Total		70		21,996		88	%		19,287		23.0	%		810		795		1.9	%		3.9	%


Chicago		15		4,633		94	%		4,348		8.0	%		1,093		989		10.5	%		2.7	%


Total Target Markets		182		54,913		89	%		49,126		83.0	%		1,124		1,116		0.7	%		3.8	%


Other
Baltimore		5		1,180		84	%		993		1.5	%		1,075		960		11.9	%		3.3	%
Indianapolis — Fort Wayne		5		3,182		94	%		2,983		2.4	%		594		640		-7.1	%		3.2	%
Inland Empire		2		376		100	%		376		0.4	%		762		990		-23.1	%		4.0	%
Michigan		5		3,688		96	%		3,538		3.0	%		617		757		-18.5	%		2.4	%
Minneapolis		2		732		89	%		651		1.7	%		1,457		897		62.4	%		3.2	%
Nashville		4		1,114		77	%		861		1.2	%		835		704		18.7	%		4.1	%
Non-Target Florida		9		2,004		100	%		2,004		1.8	%		642		883		-27.3	%		3.6	%
Norfolk — Richmond		6		1,643		94	%		1,551		2.5	%		935		796		17.5	%		3.2	%
Providence RI		2		708		100	%		708		1.2	%		1,076		1,156		-6.9	%		3.7	%
Other Markets		5		1,304		88	%		1,146		1.3	%		812		925		-12.1	%		2.7	%


Total Other		45		15,931		93	%		14,811		17.0	%		777		808		-3.9	%		3.2	%


Grand Total		227		70,844		90	%		63,937		100.0	%	$	1,044	$	1,045		-0.1	%		3.7	%


[1]		3Q 2010 REIS

[2]		Represents the average of annual revenue growth projections published by REIS, PPR and Axiometrics, third-party providers of commercial real estate information and analyses.



AIMCO 4th Quarter 2010		Page 17

Supplemental Schedule 8

Property Sales and Acquisition Activity
(dollars in millions, except average rent) (unaudited)

Fourth Quarter 2010 Dispositions


	Number		Number				NOI							Aimco		Aimco
	of		of		Gross		Cap			Property		Net Sales		Gross		Net		Average
	Properties		Units		Proceeds		Rate [1]			Debt		Proceeds [2]		Proceeds		Proceeds		Rent
Conventional		8		1,877	$	85.9		9.0	%	$	50.0	$	30.1	$	74.3	$	30.2	$	715
Affordable		12		1,264		32.0		9.1	%		23.5		7.7		10.5		5.6		618

Total Dispositions		20		3,141	$	117.9		9.0	%	$	73.5	$	37.8	$	84.8	$	35.8	$	676


2010 Dispositions

	Number		Number				NOI							Aimco		Aimco
	of		of		Gross		Cap			Property		Net Sales		Gross		Net		Average
	Properties		Units		Proceeds		Rate [1]			Debt		Proceeds [2]		Proceeds		Proceeds		Rent
Conventional [3]		24		5,062	$	285.3		8.3	%	$	172.4	$	88.9	$	232.8	$	81.8	$	790
Affordable		27		3,127		116.1		8.7	%		77.2		29.5		54.6		23.5		769

Total Dispositions		51		8,189	$	401.4		8.4	%	$	249.6	$	118.4	$	287.4	$	105.3	$	782

2010 Acquisitions

During 2010, Aimco acquired the remaining noncontrolling limited partnership interests in two consolidated real estate partnerships in which Aimco affiliates serve as general partner, for total consideration of $19.9 million.

Notes


[1]		NOI Cap Rate is calculated based on the trailing twelve month NOI prior to sale, less a 3.5% management fee, divided by the gross proceeds. Prior to 1Q 2010, Aimco provided a Free Cash Flow cap rate on this schedule, which represented an NOI cap rate assuming a 5% management fee and an adjustment of $300 per door for capital replacements.

[2]		Net Sales Proceeds are after repayment of existing debt, net working capital settlements, payment of transaction costs and prepayment penalties.

[3]		Year-to-date, Aimco has disposed of Conventional Properties in the following markets:


Market	Properties		Units
Target Markets:
Atlanta		2		279
Boston		1		121
Dallas — Fort Worth		1		256
Houston		2		305
Los Angeles		1		144
Orlando		1		164
Palm Beach — Fort Lauderdale		2		626
Tampa		1		276

Total Target Markets		11		2,171

Other:
Austin		2		432
Cincinnati		1		274
Detroit		1		244
Greenville, NC		2		366
Indianapolis — Fort Wayne		3		866
Inland Empire		1		198
Lansing, MI		2		311
Sarasota, FL		1		200

Total Other		13		2,891

Total Conventional Dispositions		24		5,062



AIMCO 4th Quarter 2010		Page 18

Supplemental Schedule 9

Capital Additions
(in thousands, except per unit data) (unaudited)

All capital additions are classified as either Capital Replacements (“CR”), Capital Improvements (“CI”), Redevelopment or Casualties. Non-redevelopment and non-casualty capital additions are apportioned between CR and CI based on the useful life of the capital item under consideration and the period Aimco has owned the property (i.e., the portion that was consumed during Aimco’s ownership of the item represents CR; the portion of the item that was consumed prior to Aimco’s ownership represents CI). See the Glossary for further descriptions.

Amounts below represent actual additions related to residential properties that are owned and managed by Aimco at the end of the period. These amounts include consolidated and unconsolidated properties and are not adjusted for Aimco’s ownership interest in such properties. Amounts do not include capital additions related to:

	•		properties sold during the period or properties held for sale at the end of the period;

	•		properties that are not multi-family such as commercial properties or fitness facilities; and

	•		properties that Aimco owns but does not manage.

See the Glossary for a reconciliation of these amounts to GAAP capital additions.


	Actual Additions							Actual Additions
	Three Months Ended December 31, 2010							Year Ended December 31, 2010
	Conventional		Affordable			Total		Conventional		Affordable		Total
Capital Additions
Capital Replacements
Buildings and grounds	$	7,106	$	4,209		$	11,315	$	27,950	$	8,827	$	36,777
Turnover capital additions		4,937		1,906			6,843		21,378		6,991		28,369
Capitalized site payroll and indirect costs		1,922		428			2,350		8,185		1,319		9,504

Total Capital Replacements		13,965		6,543			20,508		57,513		17,137		74,650
Capital Improvements		10,861		4,024			14,885		35,495		9,897		45,392
Redevelopment Additions		6,550		1,210			7,760		26,360		3,088		29,448
Casualties		3,433		(349	)		3,084		17,017		4,232		21,249

Total Capital Additions	$	34,809	$	11,428		$	46,237	$	136,385	$	34,354	$	170,739


Capital Replacements and Improvements per Unit
*Total units*		*67,668*		*20,406*			*88,074*		*67,668*		*20,406*		*88,074*

Total Capital Replacements per unit	$	206	$	321		$	233	$	850	$	840	$	848
Capital Improvements per unit		161		197			169		525		485		515

Total Capital Replacements and Improvements per unit	$	367	$	518		$	402	$	1,375	$	1,325	$	1,363



AIMCO 4th Quarter 2010		Page 19

Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

This Earnings Release and Supplemental Information include certain financial measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. Aimco’s definition and calculation of these non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.

ACQUISITION PROPERTIES: Properties that have been acquired during the twelve months prior to the current quarter-end that have not reached a stabilized level of occupancy during the current period and each period for which comparable results are presented.

ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is Pro forma FFO, as defined below, less Capital Replacement additions, also defined below, and adjusted for the Aimco Operating Partnership’s share of such Capital Replacements. Similar to FFO, AFFO 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 AFFO is comparable with that of other real estate investment trusts.

AFFORDABLE PROPERTIES: Affordable Properties benefit from governmental programs intended to provide housing to people with low or moderate incomes. These programs, which are usually administered by the U.S. Department of Housing and Urban Development (HUD) or state housing finance agencies, typically provide mortgage insurance, favorable financing terms, tax credit equity, or rental assistance payments to the property owners. Under these programs, rent adjustments are made in accordance with property-specific contracts between Aimco and HUD, with rent increases generally based on an adjustment factor set by HUD annually. Aimco targets an investment in Affordable Properties of 10% or less of Net Asset Value, which serves to offset the volatility of our Conventional portfolio; provide revenue growth that over time is similar to that of Conventional Properties; expand our investment opportunities; and provide helpful positioning with government bodies, benefiting Aimco’s business overall.

AIMCO OPERATING PARTNERSHIP: AIMCO Properties, L.P., a Delaware limited partnership, is the operating partnership in Aimco’s UPREIT structure. Aimco owns approximately 93% of the common partnership units of the Aimco Operating Partnership.

AIMCO PROPORTIONATE FINANCIAL INFORMATION: Non-GAAP measures representing Aimco’s share of financial information discussed in this Earnings Release and Supplemental Information. Aimco’s proportionate share of financial information includes Aimco’s share of unconsolidated real estate partnerships and excludes noncontrolling interests in consolidated real estate partnerships. Proportionate reporting benefits the users of Aimco’s financial information by providing the amount of revenues, expenses, assets and liabilities attributable only to Aimco stockholders. Aimco also refers to this measure as “Aimco’s Share” of financial information. See Supplemental Schedules 1, 3 and 4 for reconciliation of Aimco’s proportionate share of financial results to Aimco’s consolidated financial statements.



AIMCO 4th Quarter 2010		Page 20

CAPITAL ADDITIONS DEFINITIONS AND RECONCILIATION

CAPITAL IMPROVEMENTS (CI): CI additions include all non-redevelopment capital additions that are made to enhance the value, profitability or useful life of an asset from its original purchase condition.

CAPITAL REPLACEMENTS (CR): Unlike CI additions, CR additions do not increase the useful life of an asset from its original purchase condition. They represent the share of additions that are deemed to replace the consumed portion of acquired capital assets. CR additions are deducted in the calculation of AFFO.

CASUALTY CAPITAL ADDITIONS: Capitalized costs incurred in connection with casualty losses and are associated with the restoration of the asset. A portion of the restoration costs is reimbursed by insurance carriers net of deductibles associated with each loss.

Supplemental Schedule 9 contains capital additions information related to (1) residential properties that Aimco owns and manages at the end of the period, (2) properties that are consolidated in Aimco’s GAAP financial statements, and (3) properties that are accounted for under the equity method of accounting in Aimco’s GAAP financial statements. Amounts do not include capital additions related to:

	•		consolidated properties sold during the period or properties held for sale at the end of the period;

	•		consolidated properties that are not multi-family such as commercial properties or fitness facilities; or

	•		consolidated properties that Aimco owns but does not manage.

Aimco believes the capital addition detail provided in Supplemental Schedule 9 provides an enhanced understanding of capital additions related to our primary business of owning and operating apartment communities. A reconciliation of capital additions presented on Supplemental Schedule 9 to Aimco’s consolidated GAAP information is presented below.


	Three Months Ended			Year Ended
(in thousands) (unaudited)	December 31, 2010			December 31, 2010

Capital Additions per Schedule 9	$	46,237		$	170,739

Capital additions related to:

Unconsolidated real estate partnerships		(280	)		(982	)
Consolidated sold and held for sale properties		373			4,715
Consolidated properties that are not multi-family, such as commercial properties or fitness facilities		89			182
Consolidated properties Aimco owns but does not manage		20			676


Consolidated capital additions	$	46,439		$	175,330

CONVENTIONAL PROPERTIES: Conventional Properties represent Aimco’s portfolio of market-rate apartment communities. Aimco focuses on owning and operating apartment communities with rents that are 100% to 125% of local market average rents and concentrates its investment in the 20 largest apartment markets in the United States, as measured by apartment value. Aimco targets an investment in Conventional Properties of 90% or more of Net Asset Value.

DEBT SERVICE COVERAGE RATIO: As defined in Aimco’s credit agreement, the ratio of (a) Aimco’s adjusted total earnings before interest, taxes, depreciation and amortization (which is reduced by certain capital expenditure reserves) to (b) the actual debt service, for the four fiscal quarters preceding the date of calculation.

EFFECTIVE UNITS: Unit count at 100% ownership multiplied by Aimco’s ownership share. Effective Units may be used to analyze Aimco’s proportionate financial measures on a per-unit basis.



AIMCO 4th Quarter 2010		Page 21

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA): EBITDA is equal to Aimco’s adjusted total earnings before interest, taxes, depreciation and amortization as defined in Aimco’s credit agreement before capital addition reserves provided for in Aimco’s credit agreement. EBITDA is the numerator used in Aimco’s calculation of EBITDA Coverage of Interest Ratio and EBITDA Coverage of Preferred Dividends and Interest Ratio.

EBITDA COVERAGE OF INTEREST RATIO: The ratio of (a) Aimco’s EBITDA to (b) total interest expense charges, as provided for in Aimco’s credit agreement, for the four fiscal quarters preceding the date of calculation. This ratio is similar to Aimco’s Debt Service Coverage Ratio with the exception that Aimco’s EBITDA Coverage of Interest Ratio does not include capital addition reserves in the numerator and does not include debt amortization or capitalized interest in the denominator, while Debt Service Coverage Ratio does include these items. Aimco’s credit agreement does not contain any compliance thresholds for the EBITDA Coverage of Interest Ratio; however, Aimco management uses this ratio as one measure of leverage.

EBITDA COVERAGE OF INTEREST AND PREFERRED DIVIDENDS RATIO: The ratio of (a) Aimco’s EBITDA to (b) the sum of total interest expense and dividends/distributions on preferred shares/units, as provided for in Aimco’s credit agreement, for the four fiscal quarters preceding the date of calculation. This ratio is similar to Aimco’s Fixed Charge Coverage Ratio with the exception that Aimco’s EBITDA Coverage of Interest and Preferred Dividends Ratio does not include capital addition reserves in the numerator and does not include debt amortization or capitalized interest in the denominator, while Fixed Charge Coverage Ratio does include these items. Aimco’s credit agreement does not contain any compliance thresholds for the EBITDA Coverage of Interest and Preferred Dividends Ratio; however, Aimco management uses this ratio as one measure of leverage.

FIXED CHARGE COVERAGE RATIO: As defined in Aimco’s credit agreement, the ratio of (a) Aimco’s adjusted total earnings before interest, taxes, depreciation and amortization (which is reduced by certain capital expenditure reserves) to (b) fixed charges, which represents the sum of total interest expense, debt amortization and dividends/distributions on preferred shares/units, for the four fiscal quarters preceding the date of calculation.

FEE MANAGED PROPERTIES: Aimco provides property management and/or asset management services for a portfolio of properties, primarily pursuant to long-term arrangements with affiliated parties. In certain cases, Aimco may indirectly own generally less than one percent of the operations of such properties through a partnership syndication or other fund.

FUNDS FROM OPERATIONS (FFO): FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (NAREIT) defines as net income, computed in accordance with GAAP, excluding gains from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Aimco computes FFO for all periods presented in accordance with the guidance set forth by NAREIT’s April 1, 2002 White Paper.

In addition to FFO, Aimco uses PRO FORMA FUNDS FROM OPERATIONS (Pro forma FFO) to measure performance. Pro forma FFO represents FFO as defined above, excluding operating real estate impairments and preferred stock redemption related amounts (adjusted for noncontrolling interests). Both operating real estate impairment losses and preferred stock redemption related amounts are recurring items that affect Aimco’s operating results. Operating real estate impairment losses, net of related income tax benefits and noncontrolling interests, are excluded from Pro forma FFO because Aimco believes the inclusion of such losses in FFO is inconsistent with the treatment of gains on the disposition of operating real estate, which are not included in FFO. Aimco excludes preferred redemption related amounts (gains or losses) from Pro forma FFO because such amounts are not representative of operating results.



AIMCO 4th Quarter 2010		Page 22

FFO and Pro forma FFO are helpful to investors in understanding Aimco’s performance because they capture 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. Net income (loss) attributable to Aimco common stockholders as determined in accordance with GAAP is reconciled to FFO and Pro forma FFO as presented on Supplemental Schedule 1 below.


	Three Months Ended						Year Ended
	December 31,						December 31,
(in thousands) (unaudited)	2010			2009			2010			2009
Net loss attributable to Aimco common stockholders	$	(38,427	)	$	(6,729	)	$	(125,318	)	$	(114,840	)
Adjustments:
Depreciation and amortization		108,722			110,746			426,060			427,666
Depreciation and amortization related to non-real estate assets		(3,251	)		(4,168	)		(14,552	)		(16,563	)
Depreciation of rental property related to noncontrolling partners and unconsolidated entities		(14,155	)		(9,479	)		(46,318	)		(38,219	)

(Gain) loss on dispositions of unconsolidated real estate and other, net of noncontrolling partners’ interest		(551	)		440			631			(11,263	)
Discontinued operations:
Gain on dispositions of real estate, net of noncontrolling partners’ interest		(21,330	)		(86,414	)		(74,169	)		(166,146	)
Depreciation of rental property, net of noncontrolling partners’ interest		694			9,333			7,973			59,845
Income tax expense arising from disposals		9,767			4,116			8,819			5,788
Noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(5,631	)		(1,760	)		(21,521	)		(19,509	)
Preferred stock dividends		12,674			12,935			52,079			52,215
Preferred stock redemption related amounts		4,290			—			1,511			(1,649	)

Funds From Operations	$	52,802		$	29,020		$	215,195		$	177,325
Preferred stock dividends		(12,674	)		(12,935	)		(52,079	)		(52,215	)
Preferred stock redemption related amounts		(4,290	)		—			(1,511	)		1,649
Amounts allocable to participating securities		(120	)		(29	)		(655	)		(773	)

Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	35,718		$	16,056		$	160,950		$	125,986

Operating real estate impairment losses, net of noncontrolling partners’ interest and related income tax benefit		6,112			15,416			17,325			59,250
Preferred equity redemption related amounts		4,290			—			(254	)		(1,649	)
Noncontrolling interests in Aimco Operating Partnership’s share of above adjustments		(727	)		(1,135	)		(1,191	)		(4,304	)
Amounts allocable to participating securities		(48	)		(95	)		(82	)		(448	)

Pro Forma Funds From Operations Attributable to Aimco Common Stockholders — Diluted	$	45,345		$	30,242		$	176,748		$	178,835

Capital Replacements, net of noncontrolling interests in Aimco Operating Partnership		(15,802	)		(15,019	)		(60,494	)		(65,001	)
Amounts allocable to participating securities		78			100			313			547

Adjusted Funds From Operations Attributable to Aimco Common Stockholders - Diluted	$	29,621		$	15,323		$	116,567		$	114,381


Weighted average shares — diluted FFO		117,047			116,072			116,693			115,563
Funds From Operations per share (diluted)	$	0.31		$	0.14		$	1.38		$	1.09
Pro forma Funds From Operations per share (diluted)	$	0.39		$	0.26		$	1.51		$	1.55
Adjusted Funds From Operations per share (diluted)	$	0.25		$	0.13		$	1.00		$	0.99

OTHER AFFORDABLE PROPERTIES: Affordable Properties that do not meet the Same Store property definition because (1) the property is under redevelopment, (2) the property is not managed by Aimco, and/or (3) Aimco’s ownership in the property is less than 10%.

OTHER CONVENTIONAL PROPERTIES: Conventional Properties that have significant rent control restrictions, university housing properties and properties that are not multi-family such as commercial properties or fitness facilities.

OTHER EXPENSES, NET: Other expenses, net includes franchise taxes, risk management activities related to our unconsolidated partnerships, certain other corporate expenses and partnership expenses (partnership level expenses incurred directly or indirectly for services such as audit, tax and legal).



AIMCO 4th Quarter 2010		Page 23

PROPERTY NET OPERATING INCOME (NOI): NOI is defined by Aimco as total property rental and other property revenues less direct property operating expenses, including real estate taxes. NOI does not include: property management revenues, primarily from affiliates; casualties; off-site property management expenses; depreciation; or interest expense. NOI is helpful because it helps both investors and management to understand the operating performance of real estate excluding costs associated with decisions about acquisition pricing, overhead allocations and financing arrangements. NOI is considered by many in the real estate industry to be a useful measure for determining the value of real estate. A reconciliation of NOI as presented in this Earnings Release and Supplemental Information to Aimco’s consolidated GAAP amounts is provided below and on the following pages.

Reconciliation of Proportionate Property NOI Amounts in Supplemental Schedule 1(a) to Proportionate Property NOI Amounts Included in Aimco’s Earnings Release and Supplemental Schedule 6(a)
Fourth Quarter 2010 Compared to Fourth Quarter 2009
(in thousands) (unaudited)


	Three Months Ended December 31, 2010												Three Months Ended December 31, 2009
	Proportionate			Properties Owned			Ownership			Proportionate			Proportionate		Properties Owned			Ownership		Proportionate
	Amount			but Not Managed			Adjustments			Property Amount			Amount		but Not Managed			Adjustments		Property Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	189,683		$	—		$	(252	)	$	189,431		$	185,415	$	—		$	994	$	186,409
Affordable Same Store		29,835			—			—			29,835			28,387		—			60		28,447

Total Same Store		219,518			—			(252	)		219,266			213,802		—			1,054		214,856
Conventional Redevelopment		1,461			—			—			1,461			1,307		—			—		1,307
Other Conventional		19,445			(1,189	)		—			18,256			17,979		(1,152	)		29		16,856
Other Affordable		7,422			(3,942	)		—			3,480			6,100		(2,988	)		—		3,112

Total rental and other property revenues		247,846			(5,131	)		(252	)		242,463			239,188		(4,140	)		1,083		236,131

Property operating expenses
Conventional Same Store		69,425			—			181			69,606			71,804		—			457		72,261
Affordable Same Store		13,071			—			—			13,071			13,848		—			57		13,905

Total Same Store		82,496			—			181			82,677			85,652		—			514		86,166
Conventional Redevelopment		1,005			—			—			1,005			495		—			—		495
Other Conventional		8,657			(603	)		—			8,054			8,920		(779	)		12		8,153
Other Affordable		3,659			(2,290	)		—			1,369			3,084		(1,671	)		—		1,413

Total property operating expenses		95,817			(2,893	)		181			93,105			98,151		(2,450	)		526		96,227

Property NOI:
Conventional Same Store		120,258			—			(433	)		119,825			113,611		—			537		114,148
Affordable Same Store		16,764			—			—			16,764			14,539		—			3		14,542

Total Same Store		137,022			—			(433	)		136,589			128,150		—			540		128,690
Conventional Redevelopment		456			—			—			456			812		—			—		812
Other Conventional		10,788			(586	)		—			10,202			9,059		(373	)		17		8,703
Other Affordable		3,763			(1,652	)		—			2,111			3,016		(1,317	)		—		1,699

Net real estate operations	$	152,029		$	(2,238	)	$	(433	)	$	149,358		$	141,037	$	(1,690	)	$	557	$	139,904


	% Aimco
	4Q 2010 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		80	%		1.6	%		-3.7	%		5.0	%
Affordable Same Store		11	%		4.9	%		-6.0	%		15.3	%

Total Same Store		91	%		2.1	%		-4.0	%		6.1	%
Conventional Redevelopment and Other		8	%		8.6	%		4.8	%		12.0	%
Other Affordable		1	%		11.8	%		-3.1	%		24.2	%

Net real estate operations		100	%		2.7	%		-3.2	%		6.8	%



AIMCO 4th Quarter 2010		Page 24

Reconciliation of GAAP to Supplemental Schedule 6(b) Proportionate Conventional Same Store NOI Amounts
(in thousands) (unaudited)


	Three Months Ended September 30, 2010
			Proportionate
			Share of
	Consolidated		Unconsolidated		Noncontrolling			Proportionate		Ownership		Proportionate
	Amounts		Partnerships		Interests			Amount		Adjustments		Property Amount
Conventional Same Store:
Rental and other property revenues	$	204,369	$	—	$	(17,467	)	$	186,902	$	960	$	187,862
Property operating expenses		77,188		—		(6,937	)		70,251		539		70,790

Property NOI	$	127,181	$	—	$	(10,530	)	$	116,651	$	421	$	117,072



AIMCO 4th Quarter 2010		Page 25

Reconciliation of Proportionate Property NOI Amounts in Supplemental Schedule 1(b) to Proportionate Property NOI Amounts Included in Aimco’s Earnings Release and Supplemental Schedule 6(c)
Year Ended December 31, 2010 Compared to Year Ended December 31, 2009
(in thousands) (unaudited)


	Year Ended December 31, 2010														Year Ended December 31, 2009
	Proportionate			Properties Owned			Property			Ownership			Proportionate		Proportionate		Properties Owned			Property			Ownership		Proportionate
	Amount			but Not Managed			Population Changes			Adjustments			Property Amount		Amount		but Not Managed			Population Changes			Adjustments		Property Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	748,378		$	—		$	(109,795	)	$	2,699		$	641,282	$	744,402	$	—		$	(105,157	)	$	3,539	$	642,784
Affordable Same Store		116,852			—			—			—			116,852		113,333		—			—			520		113,853

Total Same Store		865,230			—			(109,795	)		2,699			758,134		857,735		—			(105,157	)		4,059		756,637
Conventional Redevelopment		5,661			—			107,612			—			113,273		4,442		—			103,019			—		107,461
Other Conventional		73,877			(4,736	)		2,183			90			71,414		73,288		(5,542	)		2,138			181		70,065
Other Affordable		26,538			(12,828	)		—			—			13,710		24,598		(11,903	)		—			—		12,695

Total rental and other property revenues		971,306			(17,564	)		—			2,789			956,531		960,063		(17,445	)		—			4,240		946,858

Property operating expenses
Conventional Same Store		285,385			—			(39,613	)		1,886			247,658		289,653		—			(41,276	)		1,685		250,062
Affordable Same Store		53,118			—			—			3			53,121		52,693		—			—			364		53,057

Total Same Store		338,503			—			(39,613	)		1,889			300,779		342,346		—			(41,276	)		2,049		303,119
Conventional Redevelopment		2,532			—			38,383			—			40,915		1,967		—			40,239			—		42,206
Other Conventional		36,222			(2,830	)		1,230			67			34,689		36,447		(3,575	)		1,037			81		33,990
Other Affordable		13,055			(7,536	)		—			—			5,519		12,467		(6,469	)		—			—		5,998

Total property operating expenses		390,312			(10,366	)		—			1,956			381,902		393,227		(10,044	)		—			2,130		385,313


Property NOI:
Conventional Same Store	$	462,993		$	—		$	(70,182	)	$	813		$	393,624	$	454,749	$	—		$	(63,881	)	$	1,854	$	392,722
Affordable Same Store		63,734			—			—			(3	)		63,731		60,640		—			—			156		60,796

Total Same Store		526,727			—			(70,182	)		810			457,355		515,389		—			(63,881	)		2,010		453,518
Conventional Redevelopment		3,129			—			69,229			—			72,358		2,475		—			62,780			—		65,255
Other Conventional		37,655			(1,906	)		953			23			36,725		36,841		(1,967	)		1,101			100		36,075
Other Affordable		13,483			(5,292	)		—			—			8,191		12,131		(5,434	)		—			—		6,697

Net real estate operations	$	580,994		$	(7,198	)	$	—		$	833		$	574,629	$	566,836	$	(7,401	)	$	—		$	2,110	$	561,545


	% Aimco
	2010 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		80	%		-0.2	%		-1.0	%		0.2	%
Affordable Same Store		11	%		2.6	%		0.1	%		4.8	%

Total Same Store		91	%		0.2	%		-0.8	%		0.8	%
Conventional Redevelopment		1	%		5.4	%		-3.1	%		10.9	%
Other Conventional		6	%		1.9	%		2.1	%		1.8	%
Other Affordable		2	%		8.0	%		-8.0	%		22.3	%

Net real estate operations		100	%		1.0	%		-0.9	%		2.3	%



AIMCO 4th Quarter 2010		Page 26

REDEVELOPMENT PROPERTIES: Properties where (1) a substantial number of available units have been vacated for major renovations or have not been stabilized in occupancy for at least one year as of the earliest period presented, or (2) other significant renovation, such as exteriors, common areas or unit improvements (done upon lease expirations), is underway or has been complete for less than one year, as of the earliest period presented. In both cases the properties have been removed from the Same Store portfolio. Redevelopment properties are classified as either Conventional or Affordable. Aimco combines Affordable Redevelopment Properties with Other Affordable Properties for financial reporting purposes within its Supplemental Schedules 1 and 2.

SAME STORE PROPERTIES: Same Store properties are those properties (1) that are managed by Aimco, (2) in which Aimco’s ownership exceeds 10%, and (3) that have reached and maintained a stabilized level of occupancy during the current period and each period for which comparable results are presented. Same Store properties are classified as either Conventional or Affordable and properties classified in the consolidated financial statements as held for sale are not included in Same Store. To ensure comparability between periods, the proportionate Conventional Same Store information shown on Supplemental Schedules 6a through 6c is based on Aimco’s current period ownership.



AIMCO 4th Quarter 2010		Page 27

Attached files

Stock widget

Investing forum

APARTMENT INVESTMENT & MANAGEMENT CO Reports