Exhibit 99.1

Page
	1			Earnings Release
	8			Consolidated Statements of Operations
	10			Consolidated Balance Sheets
	11			Schedule 1a — Funds From Operations (2Q 2011 v. 2Q 2010)
	13			Schedule 1b — Funds From Operations (YTD 2Q 2011 v. YTD 2Q 2010)
	15			Schedule 2 — Portfolio Summary
	16			Schedule 3 — Net Asset Value Supplemental Information
	18			Schedule 4 — Property Debt Information
	20			Schedule 5 — Share Data
	21			Schedule 6a — Conventional Same Store Operating Results (2Q 2011 v. 2Q 2010)
	22			Schedule 6b — Conventional Same Store Operating Results (2Q 2011 v. 1Q 2010)
	23			Schedule 6c — Conventional Same Store Operating Results (YTD 2Q 2011 v. YTD 2Q 2010)
	24			Schedule 7a — Total Conventional Portfolio Data by Market (2Q 2011 v. 2Q 2010)
	25			Schedule 7b — Total Conventional Portfolio Data by Market (1Q 2011)
	26			Schedule 8 — Property Sales and Acquisition Activity
	27			Schedule 9 — Capital Additions
	28			Glossary and Reconciliations

Aimco Reports Second Quarter 2011 Results: Rental Rates Accelerating,
Pro forma FFO Ex-Items Up 16% Year-to-Date

Denver, Colorado, July 29, 2011 — Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today its second quarter and year-to-date 2011 results.

Chairman and Chief Executive Officer Terry Considine comments: “Aimco’s business improved significantly during the second quarter with rising rental rates, continued high average daily occupancy and sustainable expense reductions. We begin the second half of the year in a strong position to generate competitive earnings growth through solid operating performance, further reductions in off-site costs, lower cost of leverage and accretive investment activities.”

Chief Financial Officer Ernie Freedman adds: “Aimco’s second quarter Pro forma FFO of $0.27 per share exceeded the upper end of Aimco’s guidance range by $0.05 per share, primarily as a result of strong operating results. Total Same Store NOI increased 5.1% compared to second quarter 2010, with revenue growth of 2.6% and sustainable expense reductions of 1.4%. Rental rate increases accelerated during the quarter with 5.1% growth in new lease rates and renewal rate increases of 3.6%. Based on results year-to-date, we expect Total Same Store NOI growth relative to 2010 to be in a range of 5.0% to 6.0% and, accordingly, we are increasing Pro forma FFO guidance to $1.45 to $1.51 per share, or an increase of $0.09 per share at the mid-point.”

Financial Results

Pro forma FFO, Excluding One-Time Items, up 16% Year-to-Date*

		SECOND QUARTER								YEAR TO DATE
		2011				2010				2011				2010
Net loss per share		$	(0.28	)		$	(0.15	)		$	(0.55	)		$	(0.50	)
Funds from Operations (FFO)		$	0.27			$	0.40			$	0.65			$	0.65
Add back Aimco’s share of operating real estate impairment losses		$	0.02			$	0.03			$	0.03			$	0.10
Deduct Aimco’s share of preferred equity redemption related amounts		$	(0.02	)		$	(0.02	)		$	(0.02	)		$	(0.02	)
Pro forma Funds from Operations (Pro forma FFO)		$	0.27			$	0.41			$	0.66			$	0.73
Deduct Aimco’s share of Capital Replacements		$	(0.13	)		$	(0.14	)		$	(0.23	)		$	(0.24	)
Adjusted Funds From Operations (AFFO)		$	0.14			$	0.27			$	0.43			$	0.49

Net loss — Net loss attributable to Aimco common stockholders for the quarter was $33.2 million, compared to net loss of $18.0 million for second quarter 2010. Second quarter 2011 net loss increased as compared to second quarter 2010 primarily due to: an increase of $20.5 million in interest expense, substantially all of which is related to debt prepayment penalties and write-off of deferred loan costs; a decrease of $11.6 million in income from discontinued operations as a result of 2010 and 2011 property sales; and a decrease of $9.7 million in other income, primarily as a result of $7.6 million of legal settlements, net of tax, which occurred during second quarter 2010 that did not recur in second quarter 2011. These decreases in income were offset by an increase of $12.4 million in property net operating income, a decrease of $8.7 million in depreciation and amortization and a decrease of $2.8 million in general and administrative expenses.

		1

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 $32.3 million, or $0.27 per share, compared to $46.9 million, or $0.40 per share, in second quarter 2010. Pro forma FFO, which represents FFO as prescribed by NAREIT but excludes operating real estate impairment losses and preferred equity redemption related amounts, was $32.3 million, or $0.27 per share, compared to $47.8 million, or $0.41 per share, in second quarter 2010. Second quarter 2011 Pro forma FFO of $0.27 per share, including prepayment penalties and write off of deferred loan costs totaling $0.15 per share, was $0.05 per share above the upper end of Aimco’s guidance range, primarily as a result of better than expected property operating results.

Property Operations

Property operating results discussed below, including property net operating income (NOI), relate to properties that Aimco owns and manages, and that are classified within continuing operations. To ensure comparability between periods, results are based on Aimco’s current period ownership. See the Glossary for property definitions and reconciliation of non-GAAP measures and Schedules 1 and 2 in the Supplemental Information for financial and statistical information for these portfolios.

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.

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.

		SECOND QUARTER																YEAR TO DATE
						Year-over-year Variance																Year-over-year Variance
		% NOI				Revenue				Expenses				NOI				% NOI				Revenue				Expenses				NOI
Conventional Same Store			79	%			2.4	%			-1.3	%			4.6	%			79	%			2.0	%			-3.9	%			5.8	%
Affordable Same Store			13	%			3.7	%			-2.3	%			8.4	%			12	%			4.5	%			-6.7	%			14.2	%
Total Same Store			92	%			2.6	%			-1.4	%			5.1	%			91	%			2.3	%			-4.3	%			6.8	%
Other Conventional			8	%			3.0	%			-2.1	%			7.4	%			8	%			1.0	%			-0.2	%			1.9	%
Affordable Redevelopment			—				—				—				—				1	%			6.7	%			9.9	%			4.4	%
Total Portfolio			100	%			2.6	%			-1.5	%			5.3	%			100	%			2.3	%			-3.7	%			6.4	%

During second quarter 2011, total revenue across Aimco’s portfolio increased 2.6% when compared to second quarter 2010 while expenses declined 1.5%. Portfolio-wide expense savings were primarily the result of decreases in insurance expense, personnel expenses, turnover costs and marketing. These decreases were partially offset by an increase in real estate taxes as a result of successful appeals recognized in second quarter 2010 that did not recur in second quarter 2011.

		2

Conventional Same Store Results — In second quarter 2011, the Conventional Same Store portfolio included 171 communities with 58,459 units, in which Aimco had a weighted average ownership of 94%.

Conventional Same Store NOI Growth Exceeds Upper End of Guidance Range

		SECOND QUARTER												SECOND QUARTER								YEAR-TO-DATE
		Year-over-year												Sequential								Year-over-year
		2011				2010				Variance				1st Qtr				Variance				2011				2010				Variance
Average Daily Occupancy			95.9	%			95.7	%			0.2	%			96.4	%			-0.5	%			96.2	%			95.8	%			0.4	%
Average Rent Per Unit		$	1,070			$	1,052				1.7	%		$	1,058				1.1	%		$	1,066			$	1,054				1.1	%
$ in Millions
Revenue		$	187.0			$	182.6				2.4	%		$	185.9				0.6	%		$	371.8			$	364.4				2.0	%
Expenses			(68.0	)			(68.9	)			-1.3	%			(69.1	)			-1.6	%			(136.6	)			(142.1	)			-3.9	%
NOI		$	119.0			$	113.7				4.6	%		$	116.8				1.9	%		$	235.2			$	222.3				5.8	%

Rental Rates Accelerating

Aimco measures changes in rental rates by comparing, on a lease-by-lease basis, the rate on a newly executed lease to the rate on the expiring lease for that same apartment. Newly executed leases are classified as either a new lease, where a vacant apartment is leased to a new customer, or a renewal of an existing lease. Average increases in Conventional Same-Store new lease and renewal rental rates for the first half of 2011 are as follows:

		SECOND QUARTER				FIRST QUARTER				YEAR-TO-DATE
New lease			5.1	%			1.9	%			3.8	%
Renewal			3.6	%			3.0	%			3.4	%

Refer to Supplemental Schedules 6a through 6c for additional details on Conventional Same Store operating results.

Affordable Same Store Results — In second quarter 2011, the Affordable Same Store portfolio included 147 communities with 18,478 units, in which Aimco had a weighted average ownership of 69%. For second quarter 2011, average month-end occupancy for the affordable portfolio was 97.6%, an increase of 0.1% from second quarter 2010, while average rent per unit increased 4.0% from $810 to $842 per unit.

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 first quarter 2011, the most recent period for which REIS information is available, Aimco’s Conventional Property rents averaged 99% of local market average rents.

For second quarter 2011, average rents for the Conventional portfolio were $1,079 per unit, a 3.8% increase compared to second quarter 2010, as a result of year-over-year rent growth and the sale of Conventional properties during 2010 and 2011 with rents substantially lower than those of the retained portfolio.

		3

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, acquisitions and increasing ownership in properties Aimco already owns through limited partnerships. During second quarter 2011, net operating income generated by Conventional properties located in Aimco’s target markets accounted for 85% of total Conventional Property net operating income, an increase of 2% compared to second quarter 2010.

In second quarter 2011, Aimco sold seven Conventional properties and seven Affordable properties with 1,741 and 646 units, respectively, for $109.8 million in gross proceeds. Aimco’s share of net proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $31.3 million.

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

Balance Sheet and Liquidity

Components of Aimco Leverage

		AS OF JUNE 30, 2011
						% of				Weighted Avg				Weighted
Aimco leverage ($ in millions)		Amount				Total				Maturity (Yrs)				Avg Rate
Aimco’s share of long-term, non-recourse property debt		$	4,808.8				86	%			8.1				5.39	%
Aimco’s share of other borrowings			30.9				<1	%			n/a				4.57	%
Revolving credit facility			21.5				<1	%			2.1				6.25	%
Subtotal debt		$	4,861.2				87	%			8.1				5.36	%
Preferred securities			752.0				13	%		Perpetual					7.49	%
Total leverage		$	5,613.2				100	%			n/a				5.67	%

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

Property Debt Refinancing and Securitization — As Aimco announced on May 20, 2011, the company completed a series of financing transactions that repaid 19 non-recourse property loans scheduled to mature between 2012 and 2016 with proceeds from new long-term, fixed-rate, non-recourse property loans (the “new loans”). The new loans, which total $673.8 million, were closed in three parts; $218.6 million closed in December 2010, $120.6 million closed in March 2011, and $334.6 million closed in May 2011. Each of the new loans has a ten-year term, and a 30-year amortization schedule.

In June 2011, Freddie Mac securitized the new loans, creating its first multifamily private label securitization trust. The trust holds only the new Aimco loans referenced above and trades under the label FREMF 2011-KAIV.

As part of the securitization transaction, Aimco purchased for $51.5 million the first loss position and two mezzanine positions from the securitization trust, effectively reducing Aimco’s debt obligation. The face value of the notes is $100.9 million and the $49.4 million discount will be accreted into interest income over the ten-year term of the notes.

The weighted average interest rate on the 19 new loans is 5.49% while the net effective cost of the new loans is 5.19%, taking into account the weighted average interest rate on the new loans, transaction costs and interest income Aimco will earn from the securitization trust notes.

		4

Property Debt Financing Commitments — Aimco’s share of property debt maturities during the balance of 2011 through 2014 totals $883.7 million, or approximately 18% of total property debt outstanding at June 30, 2011. Aimco has secured firm commitments to refinance $151.3 million, or approximately 17%, of maturities through 2014 as follows:

		Aimco’s Share of Property Debt Maturities
		Balance																Total/
($ in millions)		of 2011				2012				2013				2014				Weighted Avg
As of June 30, 2011		$	14.5			$	288.3			$	295.6			$	285.3			$	883.7
Maturing balances with committed financing			—				92.2				—				59.1				151.3
Remaining maturing balances		$	14.5			$	196.1			$	295.6			$	226.2			$	732.4
Weighted average interest rates
Existing loans with committed financing							5.34	%							5.75	%			5.50	%
Committed financing							4.47	%							4.20	%			4.37	%

Revolving Credit Facility — Aimco’s recourse debt at June 30, 2011, was limited to its revolving credit facility, which Aimco uses for working capital purposes and to secure letters of credit. At the end of second quarter, Aimco had $21.5 million outstanding on its revolving credit facility and available capacity was $251.5 million, net of $27.0 million of letters of credit backed by the facility.

Coverage Ratios — Aimco’s second quarter EBITDA Coverage of Interest and EBITDA Coverage of Interest and Preferred Dividends ratios were 2.12:1 and 1.73:1, compared to first quarter 2011 ratios of 2.11:1 and 1.72:1, 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 second quarter 2011, Aimco’s Debt Service and Fixed Charge Coverage ratios were 1.59:1 and 1.35:1, compared to covenants in place during the quarter of 1.40:1 and 1.20:1, respectively, and first quarter 2011 ratios of 1.58:1 and 1.34:1. Aimco expects to remain in compliance with these covenants.

Equity Activity— From April 1, 2011, through the date of this release, Aimco has issued 1.7 million shares under its At-the-Market (ATM) offering program at a weighted average price of $25.62 per share, generating gross proceeds of $42.9 million. The proceeds from the ATM offering were used primarily to match-fund investment activities during the period and to fund prepayment penalties described in this release. From January 1, 2011, through the date of this release, Aimco has issued 2.8 million shares under its ATM offering program at a weighted average price of $24.69 per share, generating gross proceeds of $70.6 million.

As previously announced, on July 26, 2011, Aimco priced an underwritten public offering of 800,000 shares of its 7.00% Class Z Cumulative Preferred Stock at $24.25 per share, equating to a yield of 7.216%, for gross proceeds to Aimco of approximately $19.4 million. Aimco intends to use the net proceeds from the offering of approximately $18.5 million to partially redeem outstanding preferred securities with a higher dividend rate. Aimco expects to close the sale of the Class Z Cumulative Preferred Stock, subject to customary conditions, on or about July 29, 2011.

The shares of Class Z Cumulative Preferred Stock have a liquidation preference of $25 per share, have no stated maturity, are not subject to any sinking fund and are redeemable at par plus accumulated, accrued and unpaid dividends at Aimco’s option at any time after July 29, 2016.

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 June 30, 2011. The dividend is payable August 31, 2011 to shareholders of record on August 19, 2011.

		5

2011 Outlook

CHANGE FROM

THIRD

MIDPOINT OF

QUARTER

FULL YEAR*

PRIOR OUTLOOKS

Net loss per share

-$0.32 to -$0.28

-$1.23 to -$1.17

+$0.05

Pro forma FFO per share [1]

$0.38 to $0.42

$1.45 to $1.51

+$0.09

Conventional Same Store Operating Measures

NOI change compared to prior quarter 2011

-0.5% to 0.5%

NOI change compared to same period 2010

3.0% to 4.0%

4.5% to 5.5%

+1.0%

Average daily occupancy

95.5% - 96.5%

—

Revenue change compared to 2010

2.5% to 3.0%

+0.25%

Expense change compared to 2010

-1.5% to -1.0%

-1.25%

Affordable Same Store NOI change compared to 2010

10.0% to 11.0%

Total Same Store NOI change compared to 2010

5.0% to 6.0%

Total Portfolio NOI change compared to 2010

4.0% to 5.0%

+1.0%

Earnings Conference Call

Live Conference Call		Conference Call Replay
Friday, July 29, 2011, at 1:00 p.m. Eastern time		Available until 9:00 a.m. Eastern time on August 8, 2011
Domestic Dial-In Number: 1-866-843-0890		Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-9250		International Dial-In Number: 1-412-317-0088
Passcode: 8254791		Passcode: 10001841

Live webcast and replay: www.aimco.com/CorporateInformation/About/Financial/news.aspx

Upcoming Property Tours

Management will be hosting property tours in Southern California on October 4th and 5th. Additional details will be communicated in the coming months.

Supplemental Information

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

		6

Glossary & 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.

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 third 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, 2010, 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.

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 607 communities serving approximately 500,000 residents in 38 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.

Contact

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

		7

Consolidated Statements of Operations

(in thousands, except per share data) (unaudited)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
REVENUES:
Rental and other property revenues		$	273,384			$	266,728			$	545,176			$	533,332
Asset management and tax credit revenues			7,651				9,796				16,887				14,497
Total revenues			281,035				276,524				562,063				547,829
OPERATING EXPENSES:
Property operating expenses			117,379				123,126				240,908				250,266
Investment management expenses			2,187				5,141				5,219				8,370
Depreciation and amortization			94,084				102,809				193,117				206,092
General and administrative expenses			12,372				15,184				23,498				26,919
Other expense (income), net			5,222				(4,485	)			9,156				(2,148	)
Total operating expenses			231,244				241,775				471,898				489,499
Operating income			49,791				34,749				90,165				58,330
Interest income			2,254				1,909				4,502				5,080
(Provision for) recovery of losses on notes receivable			(36	)			148				(53	)			(278	)
Interest expense			(96,716	)			(76,203	)			(171,805	)			(152,579	)
Equity in (losses) earnings of unconsolidated real estate partnerships			(1,798	)			(5,295	)			(3,446	)			3,853
Gain on dispositions of unconsolidated real estate and other, net			808				3,041				2,021				4,485
Loss before income taxes and discontinued operations			(45,697	)			(41,651	)			(78,616	)			(81,109	)
Income tax benefit			2,257				3,385				4,765				7,151
Loss from continuing operations			(43,440	)			(38,266	)			(73,851	)			(73,958	)
Income from discontinued operations, net [1]			16,469				28,096				19,603				47,028
Net loss			(26,971	)			(10,170	)			(54,248	)			(26,930	)
Noncontrolling interests:
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships			2,771				2,716				10,076				(9,418	)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership			(1,671	)			(1,683	)			(3,342	)			(3,376	)
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership			2,420				1,312				4,803				4,381
Total noncontrolling interests			3,520				2,345				11,537				(8,413	)
Net loss attributable to Aimco			(23,451	)			(7,825	)			(42,711	)			(35,343	)
Net income attributable to Aimco preferred stockholders			(9,672	)			(10,128	)			(22,128	)			(23,050	)
Net income attributable to participating securities			(54	)			(42	)			(111	)			—
Net loss attributable to Aimco common stockholders		$	(33,177	)		$	(17,995	)		$	(64,950	)		$	(58,393	)
Weighted average common shares outstanding — basic and diluted			119,156				116,323				118,238				116,179
Earnings (loss) per common share — basic and diluted:
Loss from continuing operations attributable to Aimco common stockholders		$	(0.35	)		$	(0.33	)		$	(0.66	)		$	(0.75	)
Income from discontinued operations attributable to Aimco common stockholders			0.07				0.18				0.11				0.25
Net loss attributable to Aimco common stockholders		$	(0.28	)		$	(0.15	)		$	(0.55	)		$	(0.50	)

		8

Consolidated Statements of Operations (continued)

Notes to Consolidated Statements of Operations

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

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
Rental and other property revenues		$	4,019			$	21,695			$	11,538			$	47,639
Property operating expenses			(2,169	)			(9,590	)			(6,288	)			(25,910	)
Depreciation and amortization			(1,647	)			(6,311	)			(4,065	)			(12,839	)
Provision for operating real estate impairment losses			(2,452	)			(895	)			(6,307	)			(8,121	)
Operating (loss) income			(2,249	)			4,899				(5,122	)			769
Interest income			262				101				314				183
Interest expense			(1,009	)			(3,881	)			(2,602	)			(8,308	)
(Loss) income before gain on dispositions of real estate and income taxes			(2,996	)			1,119				(7,410	)			(7,356	)
Gain on dispositions of real estate			19,716				26,982				27,434				53,321
Income tax (expense) benefit			(251	)			(5	)			(421	)			1,063
Income from discontinued operations, net		$	16,469			$	28,096			$	19,603			$	47,028
Income from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships		$	(7,196	)		$	(6,383	)		$	(5,943	)		$	(16,241	)
Noncontrolling interests in Aimco Operating Partnership			(653	)			(1,455	)			(945	)			(2,064	)
Total noncontrolling interests			(7,849	)			(7,838	)			(6,888	)			(18,305	)
Income from discontinued operations attributable to Aimco		$	8,620			$	20,258			$	12,715			$	28,723

		9

Consolidated Balance Sheets

(in thousands) (unaudited)

		June 30, 2011				December 31, 2010
ASSETS
Buildings and improvements		$	6,993,515			$	7,100,012
Land			2,107,082				2,108,349
Total real estate			9,100,597				9,208,361
Accumulated depreciation			(2,837,896	)			(2,821,935	)
Net real estate			6,262,701				6,386,426
Cash and cash equivalents			85,324				111,325
Restricted cash			196,426				200,503
Accounts receivable, net			41,293				49,855
Accounts receivable from affiliates, net			5,179				8,392
Deferred financing costs, net			46,984				46,953
Notes receivable from unconsolidated real estate partnerships, net			10,209				10,896
Notes receivable from non-affiliates, net			117,078				116,726
Investment in unconsolidated real estate partnerships			74,349				59,282
Other assets			239,797				180,596
Deferred income tax asset, net			61,919				58,736
Assets held for sale			23,713				148,876
Total assets		$	7,164,972			$	7,378,566
LIABILITIES AND EQUITY
Non-recourse property tax-exempt bond financing		$	434,536			$	511,811
Non-recourse property loans payable			4,872,614				4,833,938
Revolving credit facility borrowings			21,500				—
Other borrowings			40,974				47,018
Total indebtedness			5,369,624				5,392,767
Accounts payable			25,988				27,322
Accrued liabilities and other			228,396				250,103
Deferred income			147,082				150,577
Security deposits			34,982				34,308
Liabilities related to assets held for sale			24,177				113,289
Total liabilities			5,830,249				5,968,366
Preferred noncontrolling interests in Aimco Operating Partnership			83,387				83,428
Preferred stock subject to repurchase agreement			10,000				20,000
Equity:
Perpetual Preferred Stock			657,601				657,601
Class A Common Stock			1,205				1,176
Additional paid-in capital			3,095,994				3,070,296
Accumulated other comprehensive loss			(1,147	)			(2,076	)
Distributions in excess of earnings			(2,774,353	)			(2,680,955	)
Total Aimco equity			979,300				1,046,042
Noncontrolling interests in consolidated real estate partnerships			289,865				291,458
Common noncontrolling interests in Aimco Operating Partnership			(27,829	)			(30,728	)
Total equity			1,241,336				1,306,772
Total liabilities and equity		$	7,164,972			$	7,378,566

		10

Supplemental Schedule 1 (a)
Funds From Operations		(page 1 of 2)
Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010
(in thousands) (unaudited)

		Three Months Ended June 30, 2011																Three Months Ended June 30, 2010
						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		$	200,391			$	—			$	(13,124	)		$	187,267			$	195,884			$	—			$	(16,785	)		$	179,099
Affordable Same Store			44,755				183				(12,112	)			32,826				43,126				175				(11,645	)			31,656
Total Same Store			245,146				183				(25,236	)			220,093				239,010				175				(28,430	)			210,755
Other Conventional [1]			22,680				1,189				(1,447	)			22,422				21,952				1,181				(1,706	)			21,427
Other Affordable			5,282				16,780				(19,137	)			2,925				5,109				665				(2,911	)			2,863
Property management revenues, primarily from affiliates			276				(158	)			1,651				1,769				657				(122	)			1,553				2,088
Total rental and other property revenues			273,384				17,994				(44,169	)			247,209				266,728				1,899				(31,494	)			237,133
Property operating expenses
Conventional Same Store			72,749				—				(4,917	)			67,832				73,685				—				(6,395	)			67,290
Affordable Same Store			19,149				127				(5,679	)			13,597				19,544				121				(5,749	)			13,916
Total Same Store			91,898				127				(10,596	)			81,429				93,229				121				(12,144	)			81,206
Other Conventional [1]			9,979				777				(664	)			10,092				10,201				781				(884	)			10,098
Other Affordable			2,957				11,200				(12,393	)			1,764				2,868				200				(1,667	)			1,401
Casualties			2,049				—				386				2,435				4,544				(4	)			(84	)			4,456
Property management expenses			10,496				—				—				10,496				12,284				—				—				12,284
Total property operating expenses			117,379				12,104				(23,267	)			106,216				123,126				1,098				(14,779	)			109,445
Net real estate operations			156,005				5,890				(20,902	)			140,993				143,602				801				(16,715	)			127,688
Amortization of deferred tax credit income			7,063				—				—				7,063				7,034				—				—				7,034
Asset management revenues			269				—				415				684				186				—				1,134				1,320
Non-recurring revenues [2]			319				—				(22	)			297				2,576				—				237				2,813
Total asset management and tax credit revenues			7,651				—				393				8,044				9,796				—				1,371				11,167
Depreciation and amortization related to non-real estate assets			(3,265	)			(1	)			46				(3,220	)			(3,814	)			(1	)			58				(3,757	)
Investment management expenses			(2,187	)			—				—				(2,187	)			(5,141	)			—				—				(5,141	)
General and administrative expenses			(12,372	)			(1	)			283				(12,090	)			(15,184	)			(2	)			408				(14,778	)
Other (expense) income, net			(5,222	)			1,816				1,167				(2,239	)			4,485				(6,453	)			7,247				5,279
Interest income			2,254				(59	)			182				2,377				1,909				(39	)			777				2,647
(Provision for) recovery of losses on notes receivable			(36	)			—				(731	)			(767	)			148				—				(1,323	)			(1,175	)
Interest expense			(96,716	)			(4,024	)			15,172				(85,568	)			(76,203	)			(448	)			9,412				(67,239	)
Gain on disposition of non-depreciable assets			(68	)			—				—				(68	)			—				—				—				—
Income tax benefit			2,238				—				—				2,238				3,385				—				—				3,385
Discontinued operations, net of non-FFO items			947				—				438				1,385				8,442				—				(299	)			8,143
Preferred dividends and distributions			(14,092	)			—				—				(14,092	)			(14,590	)			—				—				(14,590	)
Preferred redemption related amounts			2,749				—				—				2,749				2,779				—				—				2,779
Operating real estate impairment losses, net of related income tax benefit			(2,291	)			(1,014	)			599				(2,706	)			(3,701	)			(698	)			698				(3,701	)
Common noncontrolling interests in Aimco Operating Partnership			(2,425	)			—				—				(2,425	)			(3,555	)			—				—				(3,555	)
Amounts allocated to participating securities			(128	)			—				—				(128	)			(234	)			—				—				(234	)
Funds From Operations			33,042				2,607				(3,353	)			32,296				52,124				(6,840	)			1,634				46,918
Operating real estate impairment losses, net			2,291				1,014				(599	)			2,706				3,701				698				(698	)			3,701
Preferred stock redemption related gains			(2,749	)			—				—				(2,749	)			(2,779	)			—				—				(2,779	)
Common noncontrolling interests in Aimco Operating Partnership			3				—				—				3				(64	)			—				—				(64	)
Amounts allocated to participating securities			—				—				—				—				(5	)			—				—				(5	)
Pro Forma Funds From Operations		$	32,587			$	3,621			$	(3,952	)		$	32,256			$	52,977			$	(6,142	)		$	936			$	47,771
						Weighted average shares — diluted FFO									119,484							Weighted average shares — diluted FFO									116,659
						Per Share:																Per Share:
						Funds From Operations								$	0.27							Funds From Operations								$	0.40
						Pro Forma Funds From Operations								$	0.27							Pro Forma Funds From Operations								$	0.41

		11

Supplemental Schedule 1 (a) (continued)
Pro Forma Funds From Operations Reconciliation to GAAP		(page 2 of 2)
Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010
(in thousands) (unaudited)

		Three Months Ended June 30, 2011																Three Months Ended June 30, 2010
						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		$	32,587			$	3,621			$	(3,952	)		$	32,256			$	52,977			$	(6,142	)		$	936			$	47,771
Adjustments related to continuing operations:
Depreciation and amortization			(94,084	)			(5,421	)			13,878				(85,627	)			(102,809	)			(1,082	)			11,920				(91,971	)
Depreciation and amortization related to non-real estate assets			3,265				1				(46	)			3,220				3,814				1				(58	)			3,757
Income tax benefit on real estate impairment losses			(15	)			—				—				(15	)			—				—				—				—
Gain on dispositions of and impairments related to unconsolidated entities and other			874				1				(224	)			651				3,043				1,928				(4,408	)			563
Income tax benefit on gain on dispositions of real estate related to unconsolidated entities			18				—				—				18				—				—				—				—
Adjustments related to discontinued operations:
Depreciation and amortization			(1,647	)			—				226				(1,421	)			(6,311	)			—				1,829				(4,482	)
Depreciation and amortization related to non-real estate assets			5				—				(1	)			4				30				—				9				39
Provision for operating real estate impairment losses			(2,452	)			—				(239	)			(2,691	)			(895	)			—				(2,775	)			(3,670	)
Gain on dispositions of real estate			19,716				—				(6,871	)			12,845				26,982				—				(4,737	)			22,245
Income tax expense arising from disposals			(82	)			—				—				(82	)			(152	)			—				—				(152	)
Total adjustments		$	(74,402	)		$	(5,419	)		$	6,723			$	(73,098	)		$	(76,298	)		$	847			$	1,780			$	(73,671	)
Common noncontrolling interests in Aimco Operating Partnership’s share of adjustments			4,842				—				—				4,842				4,929				—				—				4,929
Amounts allocable to participating securities			74				—				—				74				197				—				—				197
Preferred stock redemption related gains			2,749				—				—				2,749				2,779				—				—				2,779
Equity in losses of unconsolidated real estate partnerships			(1,798	)			1,798				—				—				(5,295	)			5,295				—				—
Net loss attributable to noncontrolling interests in consolidated real estate partnerships			2,771				—				(2,771	)			—				2,716				—				(2,716	)			—
Net loss attributable to Aimco common stockholders		$	(33,177	)		$	—			$	—			$	(33,177	)		$	(17,995	)		$	—			$	—			$	(17,995	)