APARTMENT INVESTMENT & MANAGEMENT CO - FORM 8-K - EX-99.1 - FIRST QUARTER 2012 EARNINGS RELEASE DATED MAY 3, 2012

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8-K - FORM 8-K - APARTMENT INVESTMENT & MANAGEMENT CO	d345959d8k.htm

Exhibit 99.1

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Page


1		Earnings Release

8		Consolidated Statements of Operations

10		Consolidated Balance Sheets

11		Schedule 1a – Funds from Operations (1Q 2012 v. 1Q 2011)

13		Schedule 2 – Portfolio Summary

14		Schedule 3 – Net Asset Value Supplemental Information

16		Schedule 4 – Non-Recourse Property Debt Information

18		Schedule 5 – Share Data

19		Schedule 6a – Conventional Same Store Operating Results (1Q 2012 v. 1Q 2011)

20		Schedule 6b – Conventional Same Store Operating Results (1Q 2012 v. 4Q 2011)

21		Schedule 6c – Conventional Same Store Operating Expense Detail

22		Schedule 7a – Total Conventional Portfolio Data by Market (1Q 2012 v. 1Q 2011)

23		Schedule 7b – Total Conventional Portfolio Data by Market (4Q 2011)

24		Schedule 8 – Property Disposition and Acquisition Activity

25		Schedule 9 – Capital Additions

26		Schedule 10 – Summary of Redevelopment Activity

27		Glossary and Reconciliations

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Aimco Reports First Quarter 2012 Results

Denver, Colorado, May 3, 2012 – Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today its first quarter 2012 results.

Chairman and Chief Executive Officer Terry Considine comments: “Business is good! We are on track to meet or beat our guidance for 2012 with FFO expected to be up 9% and AFFO up 22% as compared to 2011. More importantly, we are making steady progress on four long-term goals: upgrading our portfolio; increasing our redevelopment activities; reducing leverage; and simplifying our business.”

Chief Financial Officer Ernie Freedman adds: “First quarter Pro forma FFO of $0.40 per share exceeded the midpoint of our guidance range by $0.05 per share, primarily as a result of better than expected operating results and offsite cost savings, in part due to outperformance and in part due to timing. We are increasing our full year 2012 FFO guidance from a range of $1.72 to $1.82 per share to a range of $1.76 to $1.84 per share and full year 2012 AFFO guidance from a range of $1.17 to $1.29 per share to a range of $1.21 to $1.31 per share.”

Financial Results


	FIRST QUARTER
	2012	2011
Net loss per share	($0.09)	($0.27)
Funds from Operations (FFO)	$0.40	$0.39
Pro forma Funds from Operations (Pro forma FFO)	$0.40	$0.39
Adjusted Funds from Operations (AFFO)	$0.29	$0.29

Net loss – Net loss attributable to Aimco common stockholders for the quarter was $10.6 million, compared to net loss of $31.8 million for first quarter 2011. First quarter 2012 net loss decreased as compared to first quarter 2011 primarily due to: an increase in proportionate net operating income of properties included in continuing operations, reflecting improved operations and partnership tenders and mergers; and an increase in income from discontinued operations, net of noncontrolling interest allocations, primarily due to an increase in gains on dispositions of consolidated real estate.

Funds from Operations – FFO, Pro forma FFO and AFFO are non-GAAP financial measures and are defined in the glossary in Aimco’s Supplemental Information (the Glossary). FFO is computed in accordance with the framework prescribed by the National Association of Real Estate Investment Trusts (NAREIT). In October 2011, NAREIT revised its definition of FFO to exclude operating real estate impairments effective fourth quarter 2011. All prior period FFO results included in this press release have been restated accordingly.

First quarter 2012 FFO was $48.4 million, or $0.40 per share, compared to $45.8 million, or $0.39 per share, in first quarter 2011. Aimco also reports Pro forma FFO, which represents FFO as prescribed by NAREIT but excludes preferred equity redemption related amounts. During first quarter 2012 and first quarter 2011, Pro forma FFO was equal to FFO as Aimco did not redeem any preferred equity during either period. First quarter Pro forma FFO of $0.40 per share exceeded the midpoint of Aimco’s guidance by $0.05 per share, of which $0.03 per share was the result of timing of property operating expenses and offsite costs.

AFFO, which represents Pro forma FFO after the deduction of Capital Replacements, was $35.2 million, or $0.29 per share, compared to $34.3 million, also $0.29 per share, in first quarter 2011.


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Property Operations

Aimco’s property operations consist primarily of Conventional 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, Acquisition Properties and Other Properties.

Aimco also operates a portfolio of Affordable Properties. Aimco’s Affordable real estate operations consist of properties with rents that are generally paid, in whole or in part, by a government agency. Over time, Aimco expects to dispose of these properties and reinvest capital in its Conventional portfolio.

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 ownership interest as of March 31, 2012. See the Glossary for property definitions and reconciliation of non-GAAP measures.

Total Same-Store NOI Up 6.2% Year-Over-Year


	FIRST QUARTER Year-over-Year
	% NOI	Revenue	Expenses	NOI
Conventional Same Store	83%	4.2%	-0.4%	6.8%
Affordable Same Store	12%	2.9%	4.6%	1.8%
Total Same Store	95%	4.0%	0.4%	6.2%

Other Conventional	5%	-1.1%	4.4%	-6.5%
Total Portfolio	100%	3.6%	0.7%	5.5%

Conventional Same Store Results – In first quarter 2012, the Conventional Same Store portfolio included 157 communities with 55,747 units.


		FIRST QUARTER Year-over-year					FIRST QUARTER Sequential
	2012		2011		Variance	4th Qtr 2011		Variance
Average Rent Per Unit		$ 1,132		$ 1,086	4.2%		$ 1,130	0.2%
Other Rental Income Per Unit		118		109	8.3%		114	3.5%
Average Revenue Per Unit		$ 1,250		$ 1,195	4.6%		$ 1,244	0.5%

Average Daily Occupancy		96.0%		96.4%	-0.4%		95.3%	0.7%

$ in Millions
Revenue		$ 193.3		$185.6	4.2%		$ 191.1	1.2%
Expenses		(68.7)		(69.0)	-0.4%		(66.3)	3.6%
NOI		$ 124.6		$116.6	6.8%		$ 124.8	-0.1%


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Rental Rates Rising

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. Rental rates by month for first quarter 2012 and for the prior four quarters are as follows:


2012	Jan	Feb	Mar	1st Qtr
New lease	0.3%	1.4%	4.2%	2.0%
Renewal	4.6%	5.5%	5.3%	5.1%
Weighted average	2.4%	3.4%	4.7%	3.4%


2011	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr
New lease	1.9%	5.1%	6.1%	0.7%
Renewal	3.0%	3.6%	5.6%	5.2%
Weighted average	2.5%	4.3%	5.8%	3.0%

Refer to Supplemental Schedules 6a through 6c for additional details on Conventional Same Store operating results, including a new schedule detailing year-over-year and sequential operating expense results.

Affordable Same Store Results – In first quarter 2012, the Affordable Same Store portfolio included 116 communities with 15,094 units, in which Aimco had a weighted average ownership of 73%. For first quarter 2012, average month-end occupancy for the Affordable portfolio was 98.0%, an increase of 0.1% from first quarter 2011, while average revenue per unit increased 2.8% from $922 to $948 per unit.

Portfolio

Aimco’s portfolio strategy focuses on B/B+ quality conventional apartment communities located in the largest U.S. markets as measured by total apartment value. Aimco believes these markets to be deep, relatively liquid and possessing desirable long-term growth characteristics. These markets are primarily coastal markets, and also include several Sun Belt cities and Chicago, Illinois. In executing Aimco’s portfolio strategy, the company expects to reduce its investment in non-target markets through dispositions and to increase its investment in target markets through redevelopment and acquisitions. During first quarter 2012, net operating income generated by Conventional Properties located in Aimco’s target markets accounted for 85% of total Conventional Property net operating income.

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 asset quality as follows: A-quality assets are those with rents greater than 125% of local market average; B-quality assets are those with rents 90% to 125% of local market average; and C-quality assets are those with rents less than 90% of local market average. For fourth quarter 2011, the most recent period for which REIS information is available, Aimco’s Conventional Property rents averaged approximately 102% of local market average rents, up from 101% in third quarter 2011.

Conventional Property Revenue per Unit Up 7.9% to $1,263

For first quarter 2012, Conventional portfolio average revenue per unit was $1,263, a 7.9% increase compared to first quarter 2011, as a result of year-over-year revenue growth of 3.8% and the sale of Conventional Properties during 2011 and 2012 with average revenues per unit substantially lower than those of the retained portfolio.


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Aimco expects fourth quarter 2012 Conventional portfolio revenue per unit to average approximately $1,370, an increase of 9% compared to fourth quarter 2011, with approximately half of the increase generated by market rent growth and half the result of sales of lower-rent properties. Looking forward, Aimco expects its year-end portfolio average revenue per unit to increase at a rate that is approximately 5% greater than annual market rent growth as a result of the sale of the lowest-rated 5% to 10% of its portfolio each year.

Acquisitions – During the first quarter, Aimco acquired for a total cost of $38.5 million noncontrolling limited partnership interests in seven consolidated real estate partnerships that own 13 properties with average revenues per unit of $975. The gross estimated fair value of the real estate corresponding to the interests Aimco acquired totaled $123.6 million and was encumbered by non-recourse property debt.

During the quarter, Aimco also acquired a 488-unit property located in Phoenix, Arizona for $68.8 million. As part of the transaction, Aimco assumed $29.1 million of non-recourse, fixed rate, amortizing property debt that matures in 2019. Revenues per unit average $1,110, and the property’s average rents are approximately 147% of the local market average.

Dispositions – In first quarter 2012, Aimco sold three Conventional Properties and six Affordable Properties with 908 and 577 units, respectively, for $89.7 million in gross proceeds. Average revenue per unit for the Conventional Properties sold during the quarter was $753, compared to the retained portfolio average of $1,263 per unit. Aimco’s share of net sales proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $35.1 million.

During 2012, Aimco expects to continue to upgrade its portfolio by selling more than 25 Conventional Properties and at least 60 Affordable Properties for $550 to $650 million. Aimco is also considering acceleration of portfolio upgrades by selling in 2012 properties otherwise expected to be sold in 2013 and 2014. If successful, Aimco intends to use the proceeds to redeem high-cost preferred stock and in doing so also accelerate progress to leverage targets. Aimco expects to sell almost all of its Affordable Properties over the next four to five years.

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

Redevelopment – During the first quarter, Aimco continued its $94.1 million redevelopment of Pacific Bay Vistas, a vacant 308-unit property located in San Bruno, California. First occupancy of the redeveloped units is expected to occur during third quarter 2012. During the quarter, Aimco also began a redevelopment project at The Palazzo at Park La Brea, a 521-unit property located in West Los Angeles. Aimco and its joint venture partner will invest $15.3 million in the property (Aimco share $8.1 million) to upgrade the amenities, including the addition of an exclusive roof-top patio and lounge area, and 115 penthouse units, with deliveries beginning in third quarter 2012.

As described in Supplemental Schedule 10, during 2012 Aimco expects to invest $125 to $150 million in redevelopment projects at a total of ten properties. Construction is currently underway at five of these properties including: Pacific Bay Vistas and The Palazzo; Lincoln Place in Venice, California; Flamingo South Beach in Miami; and Plantation Gardens in Plantation, Florida. The projects at Flamingo South Beach and Plantation Gardens are expected to be complete by year-end.

During the balance of the 2012, multi-year redevelopment projects are expected to begin at: 2900 on First in Seattle; Elm Creek in Chicago; Park Towne and The Sterling, both located in Center City Philadelphia; and The Preserve at Marin (formerly Madera Vista) in the San Francisco Bay Area. Over the next few years, Aimco expects to invest a total of $400 million in these ten projects and, based on un-trended rents, generate average current returns greater than 7% and average Free Cash Flow Internal Rates of Return in excess of 10%.


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Balance Sheet and Liquidity

Components of Aimco Leverage


		AS OF MARCH 31, 2012
		Amount	% of Total	Weighted Avg Maturity (Yrs)	Weighted Avg Rate
Aimco leverage ($ in millions)
Aimco’s share of long-term, non-recourse property debt	$	4,787.6	86%	7.9	5.51%
Revolving credit facility		67.4	1%	4.7	3.18%
Subtotal debt	$	4,855.0	87%	7.8	5.48%
Preferred securities		752.3	13%	Perpetual	7.55%
Total leverage	$	5,607.3	100%	n/a	5.76%

Revolving Credit Facility – Aimco’s recourse debt at March 31, 2012, was limited to its revolving credit facility, which Aimco uses for working capital purposes and to secure letters of credit. At the end of first quarter, Aimco had $67.4 million outstanding on its revolving credit facility and available capacity was $402.1 million, net of $30.5 million of letters of credit backed by the facility.

Debt Ratios – In measuring leverage, Aimco focuses on four key metrics: Debt to EBITDA; Debt and Preferred Equity to EBITDA; EBITDA Coverage of Interest; and EBITDA Coverage of Interest and Preferred Dividends. See the Glossary for definitions of these metrics.

Trailing-Twelve-
Month

Annualized

1st Qtr

Projected
Annualized
4th Qtr 2012

2012

2011

2012

2011

Debt to EBITDA

8.4x

8.6x

8.4x

8.6x

7.5x

Debt and Preferred Equity to EBITDA

9.7x

10.0x

9.8x

10.0x

8.7x

EBITDA Coverage of Interest

2.20x

2.11x

2.22x

2.13x

2.5x

EBITDA Coverage of Interest and Preferred Dividends

1.79x

1.72x

1.80x

1.74x

2.0x

Aimco’s leverage targets are: Debt and Preferred Equity to EBITDA of less than 7.0x; and EBITDA Coverage of Interest and Preferred Dividends of greater than 2.5x. Aimco expects to achieve its leverage targets over the next three years through earnings growth generated by the current portfolio, earn-in of income from redevelopment properties and reduction of debt by regularly scheduled property debt amortization. Leverage will continue to be comprised of non-recourse, long-term, fixed rate, amortizing property debt and perpetual preferred stock.

Aimco is also considering acceleration of portfolio upgrades and progress to leverage targets by selling in 2012 properties otherwise expected to be sold in 2013 and 2014, and using the proceeds to redeem high-cost preferred stock.

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 first quarter 2012, Aimco’s Debt Service and Fixed Charge Coverage Ratios were 1.62:1 and 1:38.1, compared to covenants in place during the quarter of 1.50:1 and 1:30.1, respectively, and first quarter 2011 Ratios of 1.58:1 and 1.34:1. Aimco expects to remain in compliance with these covenants.

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.


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Equity Activity – During first quarter 2012, Aimco issued approximately 405,100 shares of Class Z Cumulative Preferred Stock through its Class Z Preferred Stock At-the-Market offering program (Class Z ATM) at $24.78 per share, equating to a yield of 7.06%, for gross proceeds to Aimco of approximately $10.1 million.

2012 Outlook


	SECOND QUARTER	CURRENT FULL YEAR	PREVIOUS FULL YEAR

Net loss per share	-$0.26 to -$0.22	-$0.70 to -$0.62	-$1.00 to -$0.90
FFO per share	$0.40 to $0.44	$1.76 to $1.84	$1.72 to $1.82
AFFO per share		$1.21 to $1.31	$1.17 to $1.29

Conventional Same Store Operating Measures
NOI change compared to first quarter 2012*	0.0% to 1.0%
NOI change compared to same period 2011	4.5% to 5.5%	5.5% to 7.5%	5.25% to 7.25%

Affordable Same Store NOI change compared to 2011		0.5% to 1.5%	0.0% to 1.0%

Total Same Store NOI change compared to 2011		5.00% to 6.75%	4.50% to 6.25%

Transaction Activities
Direct Real Estate Acquisitions (100% Aimco Share)		$130 million	$60 million

*	Revenue is expected to increase approximately 1.5% compared to first quarter 2012.

Earnings Conference Call


Live Conference Call		Conference Call Replay

Friday, May 4, 2012 at 1:00 p.m. EDT		Available until 9:00 a.m. EDT on May 15, 2012
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: 0513860		Passcode: 10012590

Live webcast and replay: http://www.aimco.com/investors/events-presentations/webcasts

Supplemental Information

The full text of this Earnings Release and the Supplemental Information referenced in this release are available on Aimco’s website http://www.aimco.com/investors/financial-reports/quarterly-earning-reports.


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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 second quarter and full year 2012 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, 2011, 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 largest markets in the United States. Aimco is one of the country’s largest owners and operators of apartments, with 361 communities serving approximately 250,000 residents in 30 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


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Consolidated Statements of Operations

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


	Three Months Ended March 31,
	2012			2011
REVENUES:
Rental and other property revenues	$	265,728		$	254,803
Asset management and tax credit revenues		8,071			9,236

Total revenues		273,799			264,039


OPERATING EXPENSES:
Property operating expenses		108,642			115,347
Investment management expenses		3,388			2,976
Depreciation and amortization		94,317			93,967
Provision for real estate impairment losses		6,364			-
General and administrative expenses		11,624			11,181
Other expense, net		6,269			3,897

Total operating expenses		230,604			227,368


Operating income		43,195			36,671

Interest income		2,554			2,037
Interest expense		(71,851	)		(72,355	)
Equity in losses of unconsolidated real estate partnerships		(763	)		(1,648	)
Gain on dispositions of interests in unconsolidated real estate and other, net		2,180			1,212


Loss before income taxes and discontinued operations		(24,685	)		(34,083	)

Income tax benefit		461			2,412


Loss from continuing operations		(24,224	)		(31,671	)

Income from discontinued operations, net		34,871			4,394


Net income (loss)		10,647			(27,277	)
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		(7,765	)		7,305

Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership		(1,670	)		(1,671	)
Net loss attributable to common noncontrolling interests in Aimco Operating Partnership		737			2,383

Total noncontrolling interests		(8,698	)		8,017

Net income (loss) attributable to Aimco		1,949			(19,260	)
Net income attributable to Aimco preferred stockholders		(12,439	)		(12,456	)
Net income attributable to participating securities		(119	)		(57	)

Net loss attributable to Aimco common stockholders	$	(10,609	)	$	(31,773	)


Weighted average common shares outstanding - basic and diluted		120,526			117,320


Earnings (loss) per common share - basic and diluted:
Loss from continuing operations attributable to Aimco common stockholders	$	(0.30	)	$	(0.32	)
Income from discontinued operations attributable to Aimco common stockholders		0.21			0.05

Net loss attributable to Aimco common stockholders	$	(0.09	)	$	(0.27	)


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Consolidated Statements of Operations (continued)

Income from Discontinued Operations

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


	Three Months Ended March 31,
	2012			2011
Rental and other property revenues	$	2,936		$	24,496
Property operating expenses		(1,672	)		(12,326	)
Depreciation and amortization		(1,095	)		(7,483	)
Provision for real estate impairment losses		(321	)		(3,855	)

Operating (loss) income		(152	)		832
Interest income		54			246
Interest expense		(483	)		(4,328	)

Loss before gain on dispositions of real estate and income taxes		(581	)		(3,250	)
Gain on dispositions of real estate		35,692			7,718
Income tax expense		(240	)		(74	)


Income from discontinued operations, net	$	34,871		$	4,394


Income from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships	$	(7,066	)	$	1,272
Noncontrolling interests in Aimco Operating Partnership		(1,828	)		(381	)

Total noncontrolling interests		(8,894	)		891

Income from discontinued operations attributable to Aimco	$	25,977		$	5,285


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Consolidated Balance Sheets

(in thousands) (unaudited)


	March 31, 2012			December 31, 2011
ASSETS
Buildings and improvements	$	6,851,120		$	6,757,384
Land		2,060,726			2,043,106

Total real estate		8,911,846			8,800,490
Accumulated depreciation		(2,907,044	)		(2,818,755	)

Net real estate		6,004,802			5,981,735
Cash and cash equivalents		83,234			91,066
Restricted cash		173,963			186,265
Accounts receivable, net		42,957			41,796
Notes receivable, net		110,259			111,205
Investment in unconsolidated real estate partnerships		38,222			47,790
Other assets		359,442			346,373
Assets held for sale		10,751			65,632

Total assets	$	6,823,630		$	6,871,862


LIABILITIES AND EQUITY
Non-recourse property debt	$	5,133,795		$	5,122,468
Revolving credit facility borrowings		67,400			-

Total indebtedness		5,201,195			5,122,468
Accounts payable		22,822			32,607
Accrued liabilities and other		285,409			284,934
Deferred income		137,892			140,178
Liabilities related to assets held for sale		12,039			63,617

Total liabilities		5,659,357			5,643,804


Preferred noncontrolling interests in Aimco Operating Partnership		83,365			83,384

Equity:
Perpetual Preferred Stock		667,152			657,114
Class A Common Stock		1,214			1,209
Additional paid-in capital		3,071,523			3,098,333
Accumulated other comprehensive loss		(4,191	)		(6,860	)
Distributions in excess of earnings		(2,873,679	)		(2,841,467	)

Total Aimco equity		862,019			908,329

Noncontrolling interests in consolidated real estate partnerships		256,366			270,666
Common noncontrolling interests in Aimco Operating Partnership		(37,477	)		(34,321	)

Total equity		1,080,908			1,144,674

Total liabilities and equity	$	6,823,630		$	6,871,862


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Supplemental Schedule 1 (a)


Funds From Operations		(page 1 of 2)
Three Months Ended March 31, 2012 Compared to Three Months Ended March 31, 2011
(in thousands) (unaudited)


	Three Months Ended March 31, 2012												Three Months Ended March 31, 2011
	Consolidated Amount			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Amount			Consolidated Amount			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	202,742		$	-		$	(11,014	)	$	191,728		$	195,234		$	-		$	(14,882	)	$	180,352
Affordable Same Store		43,554			186			(12,818	)		30,922			39,018			162			(9,143	)		30,037

Total Same Store		246,296			186			(23,832	)		222,650			234,252			162			(24,025	)		210,389
Other Conventional		14,610			1,637			-			16,247			15,217			1,198			(136	)		16,279
Other Affordable		4,685			6,589			(9,379	)		1,895			4,755			10,159			(12,183	)		2,731
Property management revenues, primarily from affiliates		137			(134	)		1,125			1,128			579			(157	)		1,205			1,627

Total rental and other property revenues		265,728			8,278			(32,086	)		241,920			254,803			11,362			(35,139	)		231,026
Property operating expenses
Conventional Same Store		71,980			-			(4,218	)		67,762			72,465			-			(5,886	)		66,579
Affordable Same Store		17,180			133			(4,460	)		12,853			16,515			152			(4,348	)		12,319

Total Same Store		89,160			133			(8,678	)		80,615			88,980			152			(10,234	)		78,898
Other Conventional		7,697			916			-			8,613			7,758			769			(76	)		8,451
Other Affordable		2,659			4,288			(5,969	)		978			2,690			6,497			(7,533	)		1,654
Casualties		131			-			92			223			5,345			(11	)		(59	)		5,275
Property management expenses		8,995			-			-			8,995			10,574			-			-			10,574

Total property operating expenses		108,642			5,337			(14,555	)		99,424			115,347			7,407			(17,902	)		104,852

Net real estate operations		157,086			2,941			(17,531	)		142,496			139,456			3,955			(17,237	)		126,174


Amortization of deferred tax credit income		7,254			-			-			7,254			7,103			-			-			7,103
Asset management revenues		-			-			1,096			1,096			1,254			-			783			2,037
Non-recurring revenues		817			-			2			819			879			-			24			903

Total asset management and tax credit revenues		8,071			-			1,098			9,169			9,236			-			807			10,043

Investment management expenses		(3,388	)		-			-			(3,388	)		(2,976	)		-			-			(2,976	)
Depreciation and amortization related to non-real estate assets		(3,288	)		(1	)		35			(3,254	)		(3,174	)		(1	)		38			(3,137	)
General and administrative expenses		(11,624	)		(2	)		163			(11,463	)		(11,181	)		(1	)		318			(10,864	)
Other expense, net		(6,269	)		(15	)		901			(5,383	)		(3,897	)		35			1,912			(1,950	)
Interest income		2,554			6			(94	)		2,466			2,037			(56	)		(110	)		1,871
Interest expense		(71,851	)		(1,739	)		7,918			(65,672	)		(72,355	)		(2,459	)		9,681			(65,133	)
Gain on disposition of non-depreciable assets and other		1,686			-			(1,683	)		3			-			-			-			-
Income tax benefit		460			-			-			460			2,437			-			-			2,437
Discontinued operations, net of non-FFO items		860			-			(124	)		736			8,145			-			(1,068	)		7,077
Preferred dividends and distributions		(14,109	)		-			-			(14,109	)		(14,127	)		-			-			(14,127	)
Common noncontrolling interests in Aimco Operating Partnership		(3,423	)		-			-			(3,423	)		(3,420	)		-			-			(3,420	)
Amounts allocated to participating securities		(259	)		-			-			(259	)		(240	)		-			-			(240	)

Funds From Operations / Pro Forma Funds From Operations	$	56,506		$	1,190		$	(9,317	)	$	48,379		$	49,941		$	1,473		$	(5,659	)	$	45,755


Weighted average shares - diluted FFO	120,869	Weighted average shares - diluted FFO		117,650

Per Share:		Per Share:
Funds From Operations	$ 0.40	Funds From Operations	$	0.39
Pro Forma Funds From Operations	$ 0.40	Pro Forma Funds From Operations	$	0.39


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Supplemental Schedule 1 (a) (continued)



Pro Forma Funds From Operations Reconciliation to GAAP		(page 2 of 2)
Three Months Ended March 31, 2012 Compared to Three Months Ended March 31, 2011
(in thousands) (unaudited)


	Three Months Ended March 31, 2012												Three Months Ended March 31, 2011
	Consolidated Amount			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Amount			Consolidated Amount			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Amount
Pro Forma Funds From Operations	$	56,506		$	1,190		$	(9,317	)	$	48,379		$	49,941		$	1,473		$	(5,659	)	$	45,755
Adjustments related to continuing operations:
Depreciation and amortization		(94,317	)		(2,261	)		8,572			(88,006	)		(93,967	)		(3,233	)		11,378			(85,822	)
Depreciation and amortization related to non-real estate assets		3,288			1			(35	)		3,254			3,174			1			(38	)		3,137
Provision for impairment losses on depreciable assets		(6,363	)		-			646			(5,717	)		-			-			-			-
Gain on dispositions of and impairments related to unconsolidated entities and other, net of tax		2,180			307			(693	)		1,794			1,153			111			(1,144	)		120
Loss on dispositions of non-depreciable assets and other		(1,686	)		-			-			(1,686	)		-			-			-			-
Adjustments related to discontinued operations:
Depreciation and amortization related to real estate		(1,090	)		-			295			(795	)		(7,435	)		-			1,585			(5,850	)
Provision for operating real estate impairment losses, net of tax		(321	)		-			26			(295	)		(3,822	)		-			2,348			(1,474	)
Gain on dispositions of real estate, net of tax		35,422			-			(7,259	)		28,163			7,540			-			(1,165	)		6,375

Total adjustments	$	(62,887	)	$	(1,953	)	$	1,552		$	(63,288	)	$	(93,357	)	$	(3,121	)	$	12,964		$	(83,514	)
Common noncontrolling interests in Aimco Operating Partnership’s share of adjustments		4,160			-			-			4,160			5,803			-			-			5,803
Amounts allocable to participating securities		140			-			-			140			183			-			-			183
Equity in losses of unconsolidated real estate partnerships		(763	)		763			-			-			(1,648	)		1,648			-			-
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships		(7,765	)		-			7,765			-			7,305			-			(7,305	)		-

Net loss attributable to Aimco common stockholders	$	(10,609	)	$	-		$	-		$	(10,609	)	$	(31,773	)	$	-		$	-		$	(31,773	)


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Supplemental Schedule 2

Portfolio Summary

As of March 31, 2012

(unaudited)


	Number of Properties		Number of Units		Effective Units		Average Ownership
Real Estate Portfolio:
Conventional Same Store		157		55,747		53,694		96	%
Affordable Same Store		116		15,094		11,090		73	%

Total Same Store		273		70,841		64,784		91	%

Conventional Redevelopment		4		1,502		1,502		100	%
Conventional Acquisition		5		630		560		89	%
Other Conventional		28		4,165		3,316		80	%
Other Affordable		49		4,853		766		16	%
Conventional Held for Sale		2		376		376		100	%


Total real estate portfolio		361		82,367		71,304		87	%


Total Conventional portfolio		196		62,420		59,448		95	%

Total Affordable portfolio		165		19,947		11,856		59	%

At December 31, 2011, Aimco asset-managed for a fee 147 properties with 10,184 units. In February 2012, Aimco entered into an agreement to transfer asset management of this portfolio and to sell its interests in these assets to the new asset manager upon satisfaction of certain conditions and regulatory approvals. Under the agreement, Aimco is paying the new manager a fee comparable to its historical cost to manage these properties until such time as regulatory approvals are obtained.


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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 assets, net of debt and preferred equity, at their estimated fair values. 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 Store and Other			Affordable			Total
Rental and other property revenues [1]	$	812,085		$	131,509		$	943,594
Proportionate Property operating expenses [1]		(298,239	)		(55,101	)		(353,340	)

Property NOI [1]		513,846			76,408			590,254

Assumed property management fee (3.0% of revenues)		(24,363	)		(3,945	)		(28,308	)

Proportionate Property NOI net of assumed property management fee	$	489,483		$	72,463		$	561,946

Proportionate Balance Sheet Data

As of March 31, 2012


	Consolidated GAAP Balance Sheet			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Balance Sheet
Assets
Real estate	$	8,911,846		$	81,310		$	(642,737	)	$	8,350,419
Accumulated depreciation		(2,907,044	)		(20,206	)		165,846			(2,761,404	)

Net real estate [2]		6,004,802			61,104			(476,891	)		5,589,015

Cash and cash equivalents		83,234			1,148			(30,015	)		54,367
Restricted cash		173,963			3,734			(20,419	)		157,278
Accounts receivable, net		42,957			142			(7,589	)		35,510
Notes receivable, net		110,259			-			(1,114	)		109,145
Investment in unconsolidated real estate partnerships		38,222			(10,328	)		(26,540	)		1,354
Deferred financing costs, net		46,822			351			(5,105	)		42,068
Goodwill		61,127			-			-			61,127
Investment in management contracts		539			-			-			539
Other assets		250,954			214			12,050			263,218
Assets held for sale		10,751			-			158			10,909

Total assets	$	6,823,630		$	56,365		$	(555,465	)	$	6,324,530


Liabilities and Equity
Non-recourse property debt	$	5,133,795		$	49,222		$	(395,450	)	$	4,787,567
Revolving credit facility borrowings		67,400			-			-			67,400
Deferred income [3]		137,892			70			-			137,962
Other liabilities		308,231			7,073			(58,658	)		256,646
Liabilities related to assets held for sale		12,039			-			-			12,039

Total liabilities		5,659,357			56,365			(454,108	)		5,261,614


Preferred noncontrolling interests in Aimco Operating Partnership		83,365			-			-			83,365
Perpetual preferred stock		667,152			-			-			667,152
Other Aimco equity		194,867			-			155,009			349,876
Noncontrolling interests in consolidated real estate partnerships		256,366			-			(256,366	)		-
Common noncontrolling interests in Aimco Operating Partnership		(37,477	)		-			-			(37,477	)

Total liabilities and equity	$	6,823,630		$	56,365		$	(555,465	)	$	6,324,530


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Supplemental Schedule 3 (continued)


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

[1]

Refer to the Glossary for the definition of Proportionate Property Net Operating Income, as well as a reconciliation of the trailing twelve month amounts of Rental and other property revenues, Property operating expenses and Proportionate Property Net Operating Income to the corresponding amounts computed in accordance with GAAP.

[2]	Net real estate includes three vacant redevelopment properties, Lincoln Place, Pacific Bay Vistas and The Preserve at Marin (formerly Madera Vista), that have March 31, 2012 net book values of $266.0 million in total. These properties are included in Aimco’s redevelopment pipeline.

[3]

Deferred income includes $89.7 million of unamortized cash contributions received by Aimco in exchange for the sale of tax credit and related tax benefits. These cash contributions are deferred upon receipt and amortized into earnings in future periods as Aimco delivers the tax credits and related benefits to the investors.

Deferred income and the future earnings associated with the deferred income 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.


	March 31, 2012
Deferred tax credit income balance	$	89,731
Contributions to be received in the future		57,025

Total to be amortized	$	146,756


	Amortization of Deferred Income		Estimated Income Taxes			Projected Income, net of tax
Year Ending December 31,
2012	$	21,262	$	(8,292	)	$	12,970
2013		27,706		(10,805	)		16,901
2014		26,720		(10,421	)		16,299
2015		22,770		(8,880	)		13,890
2016		17,534		(6,838	)		10,696
Thereafter		30,764		(11,997	)		18,767

Total	$	146,756	$	(57,233	)	$	89,523


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Supplemental Schedule 4


Non-recourse Property Debt Information	(page 1 of 2	)
As of March 31, 2012
(dollars in thousands) (unaudited)

Non-recourse Property Debt Balances and Characteristics


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

Conventional Portfolio:
Fixed rate loans payable [1]	$	4,353,362	$	8,722	$	(196,184	)	$	4,165,900		7.0		5.79	%

Fixed rate tax-exempt bonds		16,580		-		(3,338	)		13,242		2.3		6.32	%
Floating rate tax-exempt bonds		86,715		-		(5,242	)		81,473		7.3		0.30	%
Total property tax-exempt bond financing		103,295		-		(8,580	)		94,715		6.5		1.26	%
Total Conventional portfolio		4,456,657		8,722		(204,764	)		4,260,615		7.0		5.68	%

Affordable Portfolio:
Fixed rate loans payable		435,533		40,500		(145,087	)		330,946		12.7		4.65	%
Floating rate loans payable		41,764		-		(20,638	)		21,126		6.5		3.20	%
Total property loans payable		477,297		40,500		(165,725	)		352,072		12.2		4.53	%

Fixed rate tax-exempt bonds		106,471		-		(24,961	)		81,510		25.7		5.00	%
Floating rate tax-exempt bonds		93,370		-		-			93,370		6.0		2.69	%
Total property tax-exempt bond financing		199,841		-		(24,961	)		174,880		16.5		3.92	%
Total Affordable portfolio		677,138		40,500		(190,686	)		526,952		13.4		4.35	%
Total non-recourse property debt	$	5,133,795	$	49,222	$	(395,450	)		4,787,567		7.9		5.51	%

Aimco Share Property Debt


	Amount		% of Total
Fixed rate property debt	$	4,591,598		95.9	%
Floating rate tax-exempt bonds		174,843		3.7	%
Floating rate loans payable		21,126		0.4	%

Total	$	4,787,567


	Amortization		Maturities		Total		Maturities as a Percent of Total Debt			Average Rate on Maturing Debt
2012 Q2	$	21,167	$	3,341	$	24,508		0.07	%		5.40	%
2012 Q3		21,245		90,183		111,428		1.88	%		6.07	%
2012 Q4		21,344		31		21,375		0.00	%		5.50	%

Total 2012		63,756		93,555		157,311		1.95	%		6.05	%

2013 Q1		21,366		77,256		98,622		1.61	%		5.10	%
2013 Q2		21,420		23,487		44,907		0.49	%		5.36	%
2013 Q3		21,526		124,289		145,815		2.60	%		4.97	%
2013 Q4		21,364		68,921		90,285		1.44	%		6.89	%

Total 2013		85,676		293,953		379,629		6.14	%		5.50	%

2014		85,217		292,686		377,903		6.11	%		4.84	%
2015		85,830		188,398		274,228		3.94	%		4.84	%
2016		83,128		378,789		461,917		7.91	%		5.67	%
2017		77,920		442,481		520,401		9.24	%		5.93	%
2018		72,139		212,071		284,210		4.43	%		4.67	%
2019		66,115		481,565		547,680		10.06	%		5.96	%
2020		57,778		409,311		467,089		8.55	%		6.46	%
2021 [2]		36,295		729,294		765,589		15.23	%		5.72	%
2022		25,134		101,898		127,032		2.13	%		5.70	%
Thereafter		257,809		166,769		424,578		3.48	%		2.15	%
Total	$	996,797	$	3,790,770	$	4,787,567

[1]

In 2011, $673.8 million (original principal amount) of fixed rate loans payable were securitized and Aimco purchased for $51.5 million the first loss and two mezzanine positions in the trust that holds these loans. The investments, which have a face value of $100.9 million, are presented in other assets on Aimco’s consolidated balance sheet. The weighted average interest rate on the securitized loans payable of 5.49% is reflected in the table above. The effective rate, after adjustment for the estimated interest on the investments in the securitization trust, is 5.19%.

[2]

2021 maturities includes property loans that will repay Aimco’s first loss and mezzanine positions in the securitization. After consideration of the repayment of these investments, the net effective maturities exposure for 2021 is $628.4 million, or 13.4% of maturities as a percentage of total debt.


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Supplemental Schedule 4 (continued)


Non-recourse Property Debt Information	(page 2 of 2	)
As of March 31, 2012
(in millions) (unaudited)

Year-to-Date Property Loan Closings (Aimco Share)


Original Loan Maturity Year	Loan Amount Refinanced		New Loan Amount		Net Proceeds [1]		Prior Rate			New Rate
2016	$	0.9	$	6.1	$	5.3		4.75	%		4.72	%
2028		14.3		14.5		0.2		1.50	%		4.16	%
New loans		-		2.6		2.6		-			4.72	%
Acquisition [2]		-		29.1		-		-			5.55	%
Totals	$	15.2	$	52.3	$	8.1		1.67	%		5.03	%

Debt Ratios


	Trailing Twelve Months	Annualized First Quarter

Debt to EBITDA	8.4x	8.4x

Debt and Preferred Equity to EBITDA	9.7x	9.8x

EBITDA Coverage of Interest	2.20x	2.22x

EBITDA Coverage of Interest and Preferred Dividends	1.79x	1.80x

Revolving Line of Credit Debt Coverage Covenants


	Amount	Covenant

Debt Service Coverage Ratio	1.62x	1.50x

Fixed Charge Coverage Ratio	1.38x	1.30x

Credit Ratings


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

Notes

[1]	Net Proceeds is after transaction costs, prepayment penalties and payment of distributions to noncontrolling limited partners.

[2]

Represents the contractual principal and interest of a non-recourse property debt obligation Aimco assumed in connection with a property acquisition during the first quarter (see Supplemental Schedule 8 for further details). At the date of acquisition, the loan had a fair value of $33.3 million and an effective interest rate of 3.41%.


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Supplemental Schedule 5

Share Data

(in thousands) (unaudited)

Preferred Securities



	Shares/Units Outstanding as of March 31, 2012		Date First Available for Redemption by 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		2,588		9/29/2009		8.000	%		64,688
Class Y		3,450		12/21/2009		7.875	%		86,250
Class Z		1,274		7/29/2016		7.000	%		31,856
Series A Community Reinvestment Act		-		6/30/2011		1.830	%		37,000

Total perpetual preferred stock									669,794

Preferred Partnership Units		3,061				8.096	%		82,497

Total outstanding preferred securities								$	752,291

Common Stock, Partnership Units and Equivalents


	As of March 31, 2012		Three Months Ended March 31, 2012
	As of March 31, 2012		EPS		FFO
Class A Common Stock outstanding		120,813		120,526		120,526
Dilutive securities:
Options and restricted stock		502		-		343

Total shares and dilutive share equivalents		121,315		120,526		120,869


Common Partnership Units and equivalents		8,108

Total shares, units and dilutive share equivalents		129,423


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Supplemental Schedule 6(a)

Conventional Same Store Operating Results

First Quarter 2012 Compared to First Quarter 2011

(in thousands, except site, unit and per-unit data) (unaudited)


							Revenue					Expenses					Net Operating Income					Operating Margin	Average Daily Occupancy During Period		Average Revenue per Unit [1]
	Properties		Units		Effective Units		1Q 2012		1Q 2011		Growth	1Q 2012		1Q 2011		Growth	1Q 2012		1Q 2011		Growth	1Q 2012	1Q 2012	1Q 2011	1Q 2012		1Q 2011

Target Markets
Los Angeles		13		3,949		3,297	$	19,458	$	18,781	3.6%	$	5,519	$	5,857	-5.8%	$	13,939	$	12,924	7.9%	71.6%	95.9%	96.6%	$	2,051	$	1,965
Orange County		4		1,213		1,143		5,734		5,404	6.1%		1,631		1,703	-4.2%		4,103		3,701	10.9%	71.6%	96.6%	96.8%		1,732		1,628
San Diego		6		2,144		2,074		8,241		8,003	3.0%		2,346		2,147	9.3%		5,895		5,856	0.7%	71.5%	94.8%	95.7%		1,398		1,344

Southern CA Total		23		7,306		6,514		33,433		32,188	3.9%		9,496		9,707	-2.2%		23,937		22,481	6.5%	71.6%	95.7%	96.4%		1,788		1,709

East Bay		2		413		353		1,560		1,423	9.6%		583		558	4.5%		977		865	12.9%	62.6%	97.6%	97.3%		1,507		1,381
San Jose		1		224		224		1,134		1,064	6.6%		429		420	2.1%		705		644	9.5%	62.2%	97.2%	98.6%		1,736		1,606
San Francisco		5		774		774		4,156		3,713	11.9%		1,377		1,156	19.1%		2,779		2,557	8.7%	66.9%	96.9%	97.0%		1,847		1,648

Northern CA Total		8		1,411		1,351		6,850		6,200	10.5%		2,389		2,134	11.9%		4,461		4,066	9.7%	65.1%	97.2%	97.3%		1,739		1,571

Seattle		2		239		239		1,112		1,068	4.1%		388		389	-0.3%		724		679	6.6%	65.1%	95.5%	96.9%		1,624		1,536

Pacific Total		33		8,956		8,104		41,395		39,456	4.9%		12,273		12,230	0.4%		29,122		27,226	7.0%	70.4%	95.9%	96.6%		1,775		1,681
Suburban New York - New Jersey		2		1,162		1,162		4,686		4,251	10.2%		1,512		1,563	-3.3%		3,174		2,688	18.1%	67.7%	97.2%	94.5%		1,383		1,290
Washington - NoVa - MD		15		6,711		6,616		27,282		26,107	4.5%		8,254		7,798	5.8%		19,028		18,309	3.9%	69.7%	96.6%	96.8%		1,423		1,359
Boston		9		3,068		3,068		11,187		10,695	4.6%		4,291		4,546	-5.6%		6,896		6,149	12.1%	61.6%	95.8%	96.1%		1,269		1,209
Philadelphia		7		3,888		3,809		16,142		15,527	4.0%		6,659		6,798	-2.0%		9,483		8,729	8.6%	58.7%	95.8%	96.2%		1,474		1,412

Northeast Total		33		14,829		14,655		59,297		56,580	4.8%		20,716		20,705	0.1%		38,581		35,875	7.5%	65.1%	96.3%	96.3%		1,401		1,336
Miami		5		2,471		2,460		12,988		12,325	5.4%		4,238		4,620	-8.3%		8,750		7,705	13.6%	67.4%	97.5%	98.1%		1,804		1,702
Palm Beach - Fort Lauderdale		2		704		704		1,830		1,825	0.3%		872		847	3.0%		958		978	-2.0%	52.3%	95.2%	96.4%		910		896
Orlando		5		1,481		1,481		3,596		3,435	4.7%		1,477		1,512	-2.3%		2,119		1,923	10.2%	58.9%	95.5%	94.7%		847		817
Tampa		5		1,455		1,388		3,319		3,258	1.9%		1,378		1,387	-0.6%		1,941		1,871	3.7%	58.5%	95.6%	96.3%		834		812
Jacksonville		4		1,643		1,643		4,276		4,033	6.0%		1,860		1,982	-6.2%		2,416		2,051	17.8%	56.5%	95.7%	94.7%		907		864

Florida Total		21		7,754		7,676		26,009		24,876	4.6%		9,825		10,348	-5.1%		16,184		14,528	11.4%	62.2%	96.2%	96.2%		1,174		1,123
Houston		5		2,237		2,168		4,907		4,839	1.4%		2,188		2,227	-1.8%		2,719		2,612	4.1%	55.4%	93.8%	93.9%		805		793
Denver		8		2,177		2,104		6,537		6,073	7.6%		2,023		2,058	-1.7%		4,514		4,015	12.4%	69.1%	97.3%	98.1%		1,065		981
Phoenix		10		2,409		2,109		4,829		4,541	6.3%		1,691		1,713	-1.3%		3,138		2,828	11.0%	65.0%	96.3%	97.5%		793		736
Dallas - Fort Worth		1		368		368		934		944	-1.1%		416		447	-6.9%		518		497	4.2%	55.5%	96.1%	97.8%		881		874
Atlanta		5		1,295		1,125		3,389		3,194	6.1%		1,308		1,336	-2.1%		2,081		1,858	12.0%	61.4%	97.5%	97.1%		1,030		975

Sunbelt Total		50		16,240		15,550		46,605		44,467	4.8%		17,451		18,129	-3.7%		29,154		26,338	10.7%	62.6%	96.1%	96.4%		1,039		988
Chicago		13		3,993		3,929		14,828		14,607	1.5%		5,658		4,952	14.3%		9,170		9,655	-5.0%	61.8%	95.6%	97.0%		1,315		1,277

Total Target Markets		129		44,018		42,238		162,125		155,110	4.5%		56,098		56,016	0.1%		106,027		99,094	7.0%	65.4%	96.1%	96.5%		1,332		1,269
Other
Baltimore		5		1,180		1,066		3,774		3,826	-1.4%		1,401		1,416	-1.1%		2,373		2,410	-1.5%	62.9%	95.6%	97.4%		1,235		1,228
Nashville		4		1,114		1,114		3,287		3,025	8.7%		1,182		1,187	-0.4%		2,105		1,838	14.5%	64.0%	96.7%	94.4%		1,017		959
Norfolk - Richmond		6		1,643		1,564		4,849		4,826	0.5%		1,424		1,398	1.9%		3,425		3,428	-0.1%	70.6%	95.0%	96.2%		1,088		1,068
Other Markets		13		7,792		7,711		19,248		18,789	2.4%		8,568		8,937	-4.1%		10,680		9,852	8.4%	55.5%	95.9%	96.3%		868		843

Total Other		28		11,729		11,456		31,158		30,466	2.3%		12,575		12,938	-2.8%		18,583		17,528	6.0%	59.6%	95.8%	96.2%		946		921

CONVENTIONAL SAME STORE SALES TOTALS		157		55,747		53,694	$	193,283	$	185,576	4.2%	$	68,673	$	68,954	-0.4%	$	124,610	$	116,622	6.8%	64.5%	96.0%	96.4%	$	1,250	$	1,195

[1]

Prior to first quarter 2012, this and other Supplemental Schedules presented Average Rental Rates, which are based on average rents after concessions and vacancy loss, but do not include other property income such as tenant utility reimbursements, and fees such as parking and storage. Beginning in first quarter 2012, Aimco will report Average Revenue per Unit in this and other Supplemental Schedules in order to allow for more meaningful comparisons to many of its apartment REIT peers. First quarter 2012 and 2011 Conventional Same Store Average Revenue per Unit above of $1,250 and $1,195 compare to Average Rental Rates for the periods of $1,132 and $1,086, respectively.


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Supplemental Schedule 6(b)

Conventional Same Store Operating Results

First Quarter 2012 Compared to Fourth Quarter 2011

(in thousands, except site, unit and per-unit data) (unaudited)


				Revenue					Expenses					Net Operating Income					Operating Margin	Average Daily Occupancy During Period		Average Revenue per Unit [1]
	Properties	Units	Effective Units	1Q 2012		4Q 2011		Growth	1Q 2012		4Q 2011		Growth	1Q 2012		4Q 2011		Growth	1Q 2012	1Q 2012	4Q 2011	1Q 2012		4Q 2011
Target Markets
Los Angeles	13	3,949	3,297	$	19,458	$	19,361	0.5%	$	5,519	$	5,748	-4.0%	$	13,939	$	13,613	2.4%	71.6%	95.9%	95.9%	$	2,051	$	2,042
Orange County	4	1,213	1,143		5,734		5,682	0.9%		1,631		1,772	-8.0%		4,103		3,910	4.9%	71.6%	96.6%	96.9%		1,732		1,710
San Diego	6	2,144	2,074		8,241		8,356	-1.4%		2,346		2,374	-1.2%		5,895		5,982	-1.5%	71.5%	94.8%	94.7%		1,398		1,418

Southern CA Total	23	7,306	6,514		33,433		33,399	0.1%		9,496		9,894	-4.0%		23,937		23,505	1.8%	71.6%	95.7%	95.7%		1,788		1,786
East Bay	2	413	353		1,560		1,501	3.9%		583		574	1.6%		977		927	5.4%	62.6%	97.6%	97.4%		1,507		1,453
San Jose	1	224	224		1,134		1,107	2.4%		429		183	134.4%		705		924	-23.7%	62.2%	97.2%	95.7%		1,736		1,722
San Francisco	5	774	774		4,156		4,038	2.9%		1,377		1,404	-1.9%		2,779		2,634	5.5%	66.9%	96.9%	97.2%		1,847		1,790

Northern CA Total	8	1,411	1,351		6,850		6,646	3.1%		2,389		2,161	10.6%		4,461		4,485	-0.5%	65.1%	97.2%	97.0%		1,739		1,690
Seattle	2	239	239		1,112		1,098	1.3%		388		402	-3.5%		724		696	4.0%	65.1%	95.5%	95.7%		1,624		1,601

Pacific Total	33	8,956	8,104		41,395		41,143	0.6%		12,273		12,457	-1.5%		29,122		28,686	1.5%	70.4%	95.9%	95.9%		1,775		1,765
Suburban New York - New Jersey	2	1,162	1,162		4,686		4,532	3.4%		1,512		1,535	-1.5%		3,174		2,997	5.9%	67.7%	97.2%	96.7%		1,383		1,345
Washington - NoVa - MD	15	6,711	6,616		27,282		26,718	2.1%		8,254		7,916	4.3%		19,028		18,802	1.2%	69.7%	96.6%	96.3%		1,423		1,398
Boston	9	3,068	3,068		11,187		11,100	0.8%		4,291		4,087	5.0%		6,896		7,013	-1.7%	61.6%	95.8%	95.4%		1,269		1,264
Philadelphia	7	3,888	3,809		16,142		16,161	-0.1%		6,659		5,972	11.5%		9,483		10,189	-6.9%	58.7%	95.8%	95.8%		1,474		1,477

Northeast Total	33	14,829	14,655		59,297		58,511	1.3%		20,716		19,510	6.2%		38,581		39,001	-1.1%	65.1%	96.3%	96.0%		1,401		1,386
Miami	5	2,471	2,460		12,988		12,760	1.8%		4,238		4,050	4.6%		8,750		8,710	0.5%	67.4%	97.5%	97.2%		1,804		1,779
Palm Beach - Fort Lauderdale	2	704	704		1,830		1,860	-1.6%		872		898	-2.9%		958		962	-0.4%	52.3%	95.2%	94.6%		910		931
Orlando	5	1,481	1,481		3,596		3,568	0.8%		1,477		1,493	-1.1%		2,119		2,075	2.1%	58.9%	95.5%	94.7%		847		848
Tampa	5	1,455	1,388		3,319		3,288	0.9%		1,378		1,357	1.5%		1,941		1,931	0.5%	58.5%	95.6%	94.7%		834		834
Jacksonville	4	1,643	1,643		4,276		4,215	1.4%		1,860		1,905	-2.4%		2,416		2,310	4.6%	56.5%	95.7%	95.7%		907		894

Florida Total	21	7,754	7,676		26,009		25,691	1.2%		9,825		9,703	1.3%		16,184		15,988	1.2%	62.2%	96.2%	95.7%		1,174		1,166
Houston	5	2,237	2,168		4,907		4,812	2.0%		2,188		2,048	6.8%		2,719		2,764	-1.6%	55.4%	93.8%	91.8%		805		806
Denver	8	2,177	2,104		6,537		6,464	1.1%		2,023		1,989	1.7%		4,514		4,475	0.9%	69.1%	97.3%	96.6%		1,065		1,060
Phoenix	10	2,409	2,109		4,829		4,848	-0.4%		1,691		1,889	-10.5%		3,138		2,959	6.0%	65.0%	96.3%	95.7%		793		800
Dallas - Fort Worth	1	368	368		934		924	1.1%		416		383	8.6%		518		541	-4.3%	55.5%	96.1%	94.1%		881		890
Atlanta	5	1,295	1,125		3,389		3,347	1.3%		1,308		1,344	-2.7%		2,081		2,003	3.9%	61.4%	97.5%	97.3%		1,030		1,019

Sunbelt Total	50	16,240	15,550		46,605		46,086	1.1%		17,451		17,356	0.5%		29,154		28,730	1.5%	62.6%	96.1%	95.4%		1,039		1,036
Chicago	13	3,993	3,929		14,828		14,748	0.5%		5,658		5,026	12.6%		9,170		9,722	-5.7%	61.8%	95.6%	94.3%		1,315		1,327

Total Target Markets	129	44,018	42,238		162,125		160,488	1.0%		56,098		54,349	3.2%		106,027		106,139	-0.1%	65.4%	96.1%	95.6%		1,332		1,325
Other
Baltimore	5	1,180	1,066		3,774		3,741	0.9%		1,401		1,364	2.7%		2,373		2,377	-0.2%	62.9%	95.6%	94.5%		1,235		1,237
Nashville	4	1,114	1,114		3,287		3,156	4.2%		1,182		1,169	1.1%		2,105		1,987	5.9%	64.0%	96.7%	95.4%		1,017		990
Norfolk - Richmond	6	1,643	1,564		4,849		4,787	1.3%		1,424		1,450	-1.8%		3,425		3,337	2.6%	70.6%	95.0%	94.7%		1,088		1,077
Other Markets	13	7,792	7,711		19,248		18,884	1.9%		8,568		7,932	8.0%		10,680		10,952	-2.5%	55.5%	95.9%	93.9%		868		869

Total Other	28	11,729	11,456		31,158		30,568	1.9%		12,575		11,915	5.5%		18,583		18,653	-0.4%	59.6%	95.8%	94.2%		946		944

CONVENTIONAL SAME STORE SALES TOTALS	157	55,747	53,694	$	193,283	$	191,056	1.2%	$	68,673	$	66,264	3.6%	$	124,610	$	124,792	-0.1%	64.5%	96.0%	95.3%	$	1,250	$	1,244

[1]

Prior to first quarter 2012, this and other Supplemental Schedules presented Average Rental Rates, which are based on average rents after concessions and vacancy loss, but do not include other property income such as tenant utility reimbursements, and fees such as parking and storage. Beginning in first quarter 2012, Aimco will report Average Revenue per Unit in this and other Supplemental Schedules in order to allow for more meaningful comparisons to many of its apartment REIT peers. First quarter 2012 and fourth quarter 2011 Conventional Same Store Average Revenue per Unit above of $1,250 and $1,244 compare to Average Rental Rates for the periods of $1,132 and $1,130, respectively.


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Supplemental Schedule 6(c)

Conventional Same Store Operating Expense Detail

First Quarter 2012

(in thousands) (unaudited)

First Quarter 2012 Compared to First Quarter 2011


	1Q 2012		% of Total		1Q 2011		$ Change			% Change

Real estate taxes	$	17,458		25.4%	$	17,045	$	413			2.4%
Onsite payroll		14,728		21.4%		16,107		(1,379	)		-8.6%
Utilities		13,619		19.8%		13,963		(344	)		-2.5%
Repairs and maintenance		10,491		15.3%		10,163		328			3.2%
Software, technology and other		4,516		6.6%		3,791		725			19.1%
Insurance		3,061		4.5%		3,529		(468	)		-13.3%
Marketing		2,436		3.5%		2,142		294			13.7%
Expensed turnover costs		2,364		3.4%		2,214		150			6.8%

Total	$	68,673		100.0%	$	68,954	$	(281	)		-0.4%


First Quarter 2012 Compared to Fourth Quarter 2011

	1Q 2012		% of Total		4Q 2011		$ Change			% Change

Real estate taxes	$	17,458		25.4%	$	16,365	$	1,093			6.7%
Onsite payroll		14,728		21.4%		15,506		(778	)		-5.0%
Utilities		13,619		19.8%		11,440		2,179			19.0%
Repairs and maintenance		10,491		15.3%		10,281		210			2.0%
Software, technology and other		4,516		6.6%		4,743		(227	)		-4.8%
Insurance		3,061		4.5%		2,475		586			23.7%
Marketing		2,436		3.5%		2,376		60			2.5%
Expensed turnover costs		2,364		3.4%		3,078		(714	)		-23.2%

Total	$	68,673		100.0%	$	66,264	$	2,409			3.6%


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Supplemental Schedule 7(a)

Total Conventional Portfolio Data by Market

First Quarter 2012 Compared to First Quarter 2011

(unaudited)


	Quarter Ended March 31, 2012													Quarter Ended March 31, 2011
	Properties		Units		Effective Units		% AIV NOI			Average Revenue per Effective Unit [1]		Properties		Units		Effective Units		% AIV NOI			Average Revenue per Effective Unit [1]
Target Markets
Los Angeles		14		4,645		3,993		10.6	%	$	2,051		14		4,645		3,993		10.0	%	$	1,965
Orange County		4		1,213		1,143		3.1	%		1,732		4		1,213		1,143		2.8	%		1,628
San Diego		10		2,286		2,146		4.7	%		1,398		6		2,144		2,074		4.5	%		1,344

Southern CA Total		28		8,144		7,282		18.4	%		1,788		24		8,002		7,210		17.3	%		1,709
East Bay		2		413		353		0.7	%		1,507		2		413		353		0.7	%		1,381
San Jose		1		224		224		0.5	%		1,736		1		224		224		0.5	%		1,606
San Francisco		7		1,208		1,208		2.1	%		1,847		6		1,084		1,084		2.0	%		1,644

Northern CA Total		10		1,845		1,785		3.3	%		1,739		9		1,721		1,661		3.2	%		1,569
Seattle		2		239		239		0.5	%		1,624		3		413		310		0.6	%		1,418

Pacific Total		40		10,228		9,306		22.2	%		1,775		36		10,136		9,181		21.1	%		1,674

Manhattan		22		957		957		2.4	%		2,596		22		957		957		2.9	%		2,514
Suburban New York - New Jersey		2		1,162		1,162		2.3	%		1,383		4		1,162		944		1.8	%		1,346

New York Total		24		2,119		2,119		4.7	%		1,902		26		2,119		1,901		4.7	%		1,946
Washington - NoVA - MD		17		8,015		7,071		14.8	%		1,423		17		8,015		7,048		14.3	%		1,356
Boston		11		4,129		4,129		6.9	%		1,274		11		4,129		4,129		6.5	%		1,226
Philadelphia		7		3,888		3,809		7.1	%		1,474		7		3,888		3,664		6.5	%		1,424

Northeast Total		59		18,151		17,128		33.5	%		1,457		61		18,151		16,742		32.0	%		1,407

Miami		5		2,480		2,469		6.6	%		1,804		6		2,471		2,359		5.7	%		1,722
Palm Beach - Fort Lauderdale		3		1,076		1,076		1.0	%		937		4		1,265		1,265		1.2	%		917
Orlando		7		2,315		2,315		2.2	%		867		8		2,836		2,774		2.7	%		825
Tampa		5		1,455		1,388		1.5	%		834		6		1,755		1,688		1.8	%		820
Jacksonville		4		1,643		1,643		1.8	%		907		4		1,643		1,643		1.6	%		864

Florida Total		24		8,969		8,891		13.1	%		1,152		28		9,970		9,729		13.0	%		1,067
Houston		5		2,237		2,168		1.9	%		805		7		2,835		2,376		2.1	%		761
Denver		8		2,177		2,104		3.3	%		1,065		9		2,553		1,991		3.0	%		964
Phoenix		11		2,897		2,597		2.5	%		793		17		4,419		3,911		3.5	%		680
Dallas - Fort Worth		1		368		368		0.4	%		881		2		569		569		0.5	%		801
Atlanta		5		1,295		1,125		1.6	%		1,030		5		1,295		1,125		1.4	%		975

Sunbelt Total		54		17,943		17,253		22.8	%		1,034		68		21,641		19,701		23.5	%		928

Chicago		13		3,993		3,929		6.9	%		1,315		15		4,633		4,472		8.1	%		1,237

Total Target Markets		166		50,315		47,616		85.4	%		1,348		180		54,561		50,096		84.7	%		1,244

Other
Baltimore		5		1,180		1,066		1.8	%		1,235		5		1,180		993		1.7	%		1,217
Inland Empire		2		376		376		0.4	%		804		2		376		376		0.4	%		777
Michigan		3		3,306		3,306		2.6	%		728		3		3,303		3,303		2.4	%		699
Minneapolis		2		732		651		1.5	%		1,768		2		732		651		1.6	%		1,817
Nashville		4		1,114		1,114		1.5	%		1,017		4		1,114		861		1.1	%		979
Non-Target Florida		4		906		906		1.0	%		815		9		2,004		2,004		1.8	%		731
Norfolk - Richmond		6		1,643		1,564		2.6	%		1,088		6		1,643		1,551		2.6	%		1,070
Providence RI		2		708		708		1.1	%		1,203		2		708		708		0.9	%		1,192
Other Markets		2		2,140		2,141		2.1	%		727		5		3,024		2,867		2.8	%		789

Total Other		30		12,105		11,832		14.6	%		942		38		14,084		13,314		15.3	%		907

Grand Total		196		62,420		59,448		100.0	%	$	1,263		218		68,645		63,410		100.0	%	$	1,171

[1]

Prior to first quarter 2012, this and other Supplemental Schedules presented Average Rental Rates, which are based on average rents after concessions and vacancy loss, but do not include other property income such as tenant utility reimbursements, and fees such as parking and storage. Beginning in first quarter 2012, Aimco will report Average Revenue per Unit in this and other Supplemental Schedules in order to allow for more meaningful comparisons to many of its apartment REIT peers. First quarter 2012 and 2011 total Conventional Property Average Revenue per Unit above of $1,263 and $1,171 compare to Average Rental Rates for the periods of $1,147 and $1,056, respectively.


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Supplemental Schedule 7(b)

Total Conventional Portfolio Data by Market

Fourth Quarter 2011 Market Information

(unaudited)

Aimco’s portfolio strategy focuses on B/B+ quality apartment communities located in the largest U.S. markets as measured by total apartment value. Aimco measures Conventional Property asset quality based on average rents compared to local market average rents as reported by REIS, 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 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 4Q 2011 data, which is the most recent period for which third-party data is available.


	Quarter Ended December 31, 2011
	Properties		Units		Effective Units		% AIV NOI			Average Rent per Effective Unit [1]		Market Rent [2]		Percentage of Market Rent Average			2012 - 2014 Projected Revenue Growth [3]
Target Markets
Los Angeles		14		4,645		3,993		10.4	%	$	1,920	$	1,366		140.5	%		4.7	%
Orange County		4		1,213		1,143		3.0	%		1,592		1,499		106.2	%		5.6	%
San Diego		10		2,286		2,145		4.8	%		1,289		1,328		97.1	%		3.6	%

Southern CA Total		28		8,144		7,281		18.2	%		1,663		1,377		120.7	%		4.6	%

East Bay		2		413		353		0.7	%		1,338		1,310		102.2	%		6.0	%
San Francisco		7		1,208		1,208		2.0	%		1,613		1,865		86.5	%		4.6	%
San Jose		1		224		224		0.7	%		1,595		1,533		104.0	%		3.6	%

Northern CA Total		10		1,845		1,785		3.4	%		1,538		1,650		93.2	%		4.8	%

Seattle		2		239		200		0.5	%		1,446		1,002		144.3	%		4.8	%


Pacific Total		40		10,228		9,266		22.1	%		1,636		1,410		116.0	%		4.6	%


Manhattan		22		957		957		2.6	%		2,487		2,876		86.5	%		5.3	%
Suburban New York - New Jersey		2		1,162		944		2.0	%		1,279		1,492		85.7	%		4.5	%

New York Total		24		2,119		1,901		4.6	%		1,892		2,117		89.4	%		5.0	%

Washington - NoVA - MD		17		8,015		7,071		14.5	%		1,287		1,440		89.4	%		4.4	%
Boston		11		4,129		4,129		7.3	%		1,197		1,686		71.0	%		4.3	%
Philadelphia		7		3,888		3,664		7.5	%		1,294		1,026		126.1	%		4.0	%


Northeast Total		59		18,151		16,765		33.9	%		1,337		1,490		89.8	%		4.4	%


Miami		5		2,474		2,463		6.5	%		1,598		1,042		153.4	%		4.5	%
Palm Beach - Fort Lauderdale		3		1,076		1,076		1.0	%		842		1,063		79.2	%		4.2	%
Orlando		7		2,315		2,315		2.1	%		760		815		93.3	%		4.6	%
Tampa		6		1,755		1,688		1.7	%		727		801		90.8	%		4.5	%
Jacksonville		4		1,643		1,643		1.8	%		786		759		103.6	%		4.3	%

Florida Total		25		9,263		9,185		13.1	%		1,007		892		112.9	%		4.4	%

Houston		5		2,237		1,873		1.9	%		706		745		94.8	%		4.3	%
Denver		8		2,177		1,775		3.0	%		958		835		114.7	%		5.3	%
Phoenix		12		3,017		2,605		2.7	%		679		696		97.6	%		5.7	%
Dallas - Fort Worth		1		368		368		0.4	%		777		771		100.8	%		3.6	%
Atlanta		5		1,295		1,125		1.5	%		911		767		118.8	%		5.3	%


Sunbelt Total		56		18,357		16,931		22.6	%		903		824		109.6	%		4.8	%


Chicago		13		3,993		3,831		7.2	%		1,181		1,013		116.6	%		5.2	%


Total Target Markets		168		50,729		46,793		85.8	%		1,218		1,182		103.1	%		4.6	%


Other
Baltimore		5		1,180		993		1.7	%		1,114		993		112.2	%		4.3	%
Inland Empire		2		376		376		0.4	%		778		1,016		76.6	%		5.0	%
Michigan		3		3,306		3,306		2.7	%		595		780		76.3	%		3.9	%
Minneapolis		2		732		651		1.7	%		1,467		926		158.5	%		4.4	%
Nashville		4		1,114		865		1.2	%		893		724		123.4	%		3.8	%
Non-Target Florida		4		906		906		1.0	%		704		954		73.8	%		4.1	%
Norfolk - Richmond		6		1,643		1,564		2.5	%		960		848		113.2	%		4.1	%
Providence RI		2		708		708		1.2	%		1,091		1,175		92.9	%		4.6	%
Other Markets		2		2,140		2,142		1.8	%		623		658		94.7	%		4.4	%

Total Other		30		12,105		11,511		14.2	%		813		836		97.3	%		4.2	%

Grand Total		198		62,834		58,304		100.0	%	$	1,136	$	1,112		102.2	%		4.6	%

[1]	Represents rents after concessions and vacancy loss, divided by Effective Units. Does not include other rental income.

[2]	4Q 2011 per REIS

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


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Supplemental Schedule 8

Property Disposition and Acquisition Activity

(dollars in millions, except average revenue) (unaudited)

First Quarter 2012 Dispositions


	Number of Properties		Number of Units		Weighted Average Ownership	Gross Proceeds		NOI Cap Rate [1]			Property Debt		Net Sales Proceeds [2]		Aimco Gross Proceeds		Aimco Net Proceeds		Average Revenue per Unit


Conventional [3]		3		908	88%	$	69.3		6.0	%	$	31.9	$	31.9	$	59.4	$	31.3	$	753

Affordable		6		577	58%	$	20.4		8.4	%	$	11.7	$	8.5	$	10.2	$	3.8	$	604


Total Dispositions		9		1,485	76%	$	89.7		6.3	%	$	43.6	$	40.4	$	69.6	$	35.1	$	709

2012 Acquisitions

Aimco acquired noncontrolling limited partnership interests in seven consolidated real estate partnerships that own 13 properties with average revenues per unit of $975 and in which Aimco affiliates serve as general partner for a total cost of $38.5 million. The gross estimated fair value of the real estate corresponding to the interests Aimco acquired totaled $123.6 million.

During the first quarter, Aimco acquired a 488-unit property located in Phoenix, Arizona for $72.3 million ($68.8 million contract price), which included Aimco’s assumption of nonrecourse property debt with a fair value of $33.3 million ($29.1 million outstanding principal), a 3.41% effective interest rate (5.55% contractual), and a 2019 maturity. The property’s revenue per unit is $1,110, and its average rents are approximatley 47% in excess of local market averages.

Notes

[1]	NOI Cap Rate is calculated based on Aimco’s share of the the trailing twelve month NOI prior to sale, less a 3.0% management fee, divided by the gross proceeds, which excludes prepayment penalties associated with the related property debt.

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

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


Market	Properties		Units
Target:
Tampa		1		300
Phoenix		2		608

Total Target		3		908

Total Sales		3		908


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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 over which 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 Three Months Ended March 31, 2012
	Conventional		Affordable		Total
Capital Additions
Capital Replacements
Buildings and grounds	$	6,785	$	1,414	$	8,199
Turnover capital additions		4,475		920		5,395
Capitalized site payroll and indirect costs		1,120		80		1,200

Total Capital Replacements		12,380		2,414		14,794
Capital Improvements		15,661		527		16,188
Redevelopment		15,667		-		15,667
Casualty		1,629		165		1,794

Total Capital Additions	$	45,337	$	3,106	$	48,443


Capital Replacements and Improvements per Unit
*Total units*		*60,598*		*15,765*		*76,363*

Total Capital Replacements per unit	$	204	$	153	$	194
Capital Improvements per unit		258		33		212

Total Capital Replacements and Improvements per unit	$	462	$	186	$	406


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Supplemental Schedule 10

Summary of Redevelopment Activity

Three Months Ended March 31, 2012

(dollars in millions)

(unaudited)


							Schedule				Average Rents
	Total Number of Units		Total Project Cost		Inception-to-Date Investment [1]		Construction Start	Initial Occupancy	Construction Complete	Stabilized/ Restabilized Operations	Pre- Redevelopment [2]		Stabilized [3]		Occupancy [4]
Held for Redevelopment
Lincoln Place, Venice, CA		696		In planning	$	177.7	In planning	In planning	In planning	In planning		n/a		In planning	Vacant
The Preserve at Marin, Corte Madera, CA		126		In planning		46.1	In planning	In planning	In planning	In planning		n/a		In planning	Vacant

Subtotal		822			$	223.8

Under Redevelopment
Flamingo South Beach, Miami, FL		1,127	$	3.7	$	1.1	3Q 2011	n/a - exterior only	4Q 2012	1Q 2013	$	1,770	$	1,800	97.0%
Pacific Bay Vistas, San Bruno, CA		308		94.1		42.6	4Q 2011	3Q 2012	2Q 2013	3Q 2013		n/a	$	2,200	Vacant
The Palazzo at Park La Brea, Los Angeles, CA [5]		521		15.3		0.4	1Q 2012	3Q 2012	3Q 2014	4Q 2014	$	2,861	$	3,171	95.2%
Plantation Gardens, Plantation, FL		372		6.0		3.2	3Q 2011	2Q 2012	2Q 2012	3Q 2012	$	892	$	977	69.4%

Subtotal		2,328	$	119.1	$	47.3

Grand Total		3,150	$	119.1	$	271.1


	Actual Investment
	First Quarter 2012
Held for Redevelopment	$	10.8
Under Redevelopment		4.6
Other Redevelopment [6]		0.3

Total	$	15.7

[1]	Lincoln Place and Pacific Bay Vistas amounts are net of 4Q 2008 impairment losses of $85.4 million and $5.7 million, respectively.

[2]	Average rents for the quarter preceding redevelopment start.

[3]	Rents based on market rents for comparable product for the quarter preceding redevelopment start. Does not include future market rent growth.

[4]	Represents average daily occupancy during the quarter except as it relates to vacant or previously vacant properties, in which case quarter-end physical occupancy is reported.

As of March 31, 2012, such vacant or previously vacant properties are: Lincoln Place; The Preserve at Marin; and Pacific Bay Vistas.

[5]	The Palazzo is owned in a joint venture in which Aimco has an approximate 53% interest. Aimco’s share of this $15.3 million investment is $8.1 million.

[6]	Amount represents capitalizable costs associated with projects in our redevelopment pipeline that are not listed above. Anticipated 2012 redevelopment starts not listed above include: 2900 on First, Seattle, WA; Elm Creek, Elmhurst, IL; Park Towne, Philadelphia, PA; The Sterling, Philadelphia, PA.


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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 acquired since January 1, 2011.

ADJUSTED INTEREST EXPENSE: Adjusted Interest Expense represents Aimco’s proportionate share of interest expense less (i) prepayment penalties and amortization of deferred financing costs and (ii) the amount of interest income recognized by Aimco related to its investment in the subordinated tranches in a securitization trust holding only Aimco property debt.

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 OPERATING PARTNERSHIP: AIMCO Properties, L.P., a Delaware limited partnership, is the operating partnership in Aimco’s UPREIT structure. Aimco owns approximately 94% 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.

CAPITAL ADDITIONS DEFINITIONS AND RECONCILIATION

CAPITAL IMPROVEMENTS (CI): CI includes 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, CR does not increase the useful life of an asset from its original purchase condition. CR represents the portion of capital additions that are deemed to replace the consumed portion of acquired capital assets. CR is deducted in the calculation of AFFO.


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CASUALTY CAPITAL ADDITIONS: Casualty capital additions represent capitalized costs incurred in connection with the restoration of an asset after a casualty event such as a hurricane, tornado or flood.

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 classified as 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.


(in thousands) (unaudited)	Three Months Ended March 31, 2012
Capital Additions per Schedule 9	$	48,443

Capital additions related to:

Unconsolidated real estate partnerships		(115	)
Consolidated sold and held for sale properties		160
Consolidated properties Aimco owns but does not manage		7


Consolidated capital additions	$	48,495

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 largest apartment markets in the United States, as measured by apartment value.

DEBT TO EBITDA RATIO: The ratio of (a) Aimco’s proportionate share of debt net of Aimco’s proportionate share of cash and restricted cash, and Aimco’s investment in the subordinated tranches in a securitization trust holding only Aimco property debt to (b) EBITDA.

DEBT AND PREFERRED EQUITY TO EBITDA RATIO: The ratio of (a) Aimco’s proportionate share of debt net of Aimco’s proportionate share of cash and restricted cash, and Aimco’s investment in the subordinated tranches in a securitization trust holding only Aimco property debt, plus Aimco’s preferred stock and the preferred units of the Aimco Operating Partnership to (b) EBITDA.

DEBT SERVICE COVERAGE RATIO: As defined in Aimco’s credit agreement, the ratio of (a) Earnings Before Interest, Taxes, Depreciation and Amortization (Compliance EBITDA), reduced by certain capital expenditure reserves, to (b) debt service, which represents the sum of (i) Aimco’s proportionate share of interest expense (excluding prepayment penalties and amortization of deferred financing costs) and (ii) debt amortization, for the four fiscal quarters preceding the date of calculation.


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EFFECTIVE UNITS: The number of actual property units multiplied by Aimco’s ownership interest in the property as of the end of the current period. Effective Units may be used to analyze Aimco’s proportionate financial measures on a per-unit basis.

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA): 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 is computed by adding to Aimco’s Pro forma FFO (a) Aimco’s proportionate share of interest expense, taxes, depreciation and amortization related to non-real estate assets, non-cash stock compensation expense and (b) Preferred Dividends.

EBITDA COVERAGE OF INTEREST RATIO: The ratio of (a) EBITDA to (b) Adjusted Interest Expense . Aimco’s management uses this ratio as one measure of leverage.

EBITDA COVERAGE OF INTEREST AND PREFERRED DIVIDENDS RATIO: The ratio of (a) EBITDA to (b) the sum of Adjusted Interest Expense and Preferred Dividends. Aimco’s management uses this ratio as one measure of leverage.

FIXED CHARGE COVERAGE RATIO: As defined by Aimco’s credit agreement, the ratio of (a) Compliance EBITDA to (b) fixed charges, which represent the sum of (i) Aimco’s proportionate share of interest expense (excluding prepayment penalties and amortization of deferred financing costs), (ii) debt amortization and (iii) Preferred Dividends, for the four fiscal quarters preceding the date of calculation.

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, and impairment losses recognized with respect to, 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 as well as the October 2011 definitional change discussed in the Earnings Release.

In addition to FFO, Aimco uses PRO FORMA FUNDS FROM OPERATIONS (Pro forma FFO) and ADJUSTED FUNDS FROM OPERATIONS (AFFO) to measure performance. Pro forma FFO represents FFO as defined above, excluding preferred equity redemption related amounts (adjusted for noncontrolling interests). Preferred equity redemption related amounts (gains or losses) are items that periodically affect Aimco’s operating results. Aimco excludes preferred equity redemption related amounts (gains or losses) from Pro forma FFO because such amounts are not representative of operating performance. AFFO represents Pro forma FFO reduced by Capital Replacements (also adjusted for noncontrolling interests).

FFO, Pro forma FFO and AFFO 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, Pro forma FFO or AFFO 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 and reconciled to AFFO on the following page.


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Reconciliation of GAAP Earnings to Funds From Operations Amounts


	Three Months Ended
	March 31,
	2012			2011
(in thousands) (unaudited)

Net loss attributable to Aimco common stockholders	$	(10,609	)	$	(31,773	)
Adjustments:
Depreciation and amortization		94,317			93,967
Depreciation and amortization related to non-real estate assets		(3,288	)		(3,174	)
Depreciation of rental property related to noncontrolling partners and unconsolidated entities		(6,277	)		(8,108	)
Gain on dispositions of unconsolidated real estate and other, net of noncontrolling partners' interest		(13	)		(120	)
Provision for impairment losses related to depreciable real estate assets, net of noncontrolling partners' interest		5,511			-
Impairment losses related to depreciable real estate assets held by unconsolidated real estate partnerships, net of noncontrolling partners' interest		111			-
Discontinued operations:
Gain on dispositions of real estate, net of noncontrolling partners' interest		(28,163	)		(6,375	)
Provision for impairment losses related to depreciable real estate assets, net of noncontrolling partners' interest		295			1,474
Depreciation of rental property, net of noncontrolling partners' interest		795			5,850
Income tax expense arising from disposals and impairments, net
Common noncontrolling interests in Aimco Operating Partnership's share of above adjustments		(4,160	)		(5,803	)
Amounts allocable to participating securities		(140	)		(183	)

FFO / Pro Forma FFO Attributable to Aimco Common Stockholders - Diluted	$	48,379		$	45,755

Capital Replacements, net of common noncontrolling interests in Aimco Operating Partnership		(13,296	)		(11,506	)
Amounts allocable to participating securities		69			66


AFFO Attributable to Aimco Common Stockholders - Diluted	$	35,152		$	34,315


Weighted average shares - diluted FFO		120,869			117,650
FFO / Pro forma FFO per share (diluted)	$	0.40		$	0.39
AFFO per share (diluted)	$	0.29		$	0.29

OTHER AFFORDABLE PROPERTIES: Affordable Properties that do not meet the Same Store Property definition because they are not managed by Aimco and/or Aimco’s ownership interest is less than 10%.

OTHER CONVENTIONAL PROPERTIES: Conventional Properties that have significant rent control restrictions, university housing properties, non-multi-family such as commercial properties or fitness facilities and properties that had not reached and maintained a stabilized level of occupancy as of January 1, 2011, often due to a casualty event.

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).


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PREFERRED DIVIDENDS: Preferred dividends include dividends paid with respect to Aimco’s Preferred Stock and the Aimco Operating Partnership Preferred Partnership Units.

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; 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 page.

Reconciliation of Propertionate Property NOI Amounts in Supplemental Schedule 1(a) to Proportionate Property NOI Amounts Included in Aimco's Earnings Release and Supplemental Schedule 6(a)

First Quarter 2012 Compared to First Quarter 2011

(in thousands) (unaudited)


	Three Months Ended March 31, 2012												Three Months Ended March 31, 2011
	Proportionate Amount			Properties Owned but Not Managed			Ownership Adjustments			Proportionate Property Amount			Proportionate Amount		Properties Owned but Not Managed			Ownership Adjustments			Proportionate Property Amount
Real estate operations:
Rental and other property revenues
Conventional Same Store	$	191,728		$	-		$	1,555		$	193,283		$	180,352	$	-		$	5,224		$	185,576
Affordable Same Store		30,922			-			-			30,922			30,037		-			-			30,037

Total Same Store		222,650			-			1,555			224,205			210,389		-			5,224			215,613
Other Conventional		16,247			(1,202	)		-			15,045			16,279		(1,198	)		136			15,217
Other Affordable		1,895			(1,895	)		-			-			2,731		(2,731	)		-			-

Total rental and other property revenues		240,792			(3,097	)		1,555			239,250			229,399		(3,929	)		5,360			230,830
Property operating expenses
Conventional Same Store		67,762			-			911			68,673			66,579		-			2,375			68,954
Affordable Same Store		12,853			-			141			12,994			12,319		-			107			12,426

Total Same Store		80,615			-			1,052			81,667			78,898		-			2,482			81,380
Other Conventional		8,613			(787	)		-			7,826			8,451		(769	)		(188	)		7,494
Other Affordable		978			(978	)		-			-			1,654		(1,654	)		-			-

Total property operating expenses		90,206			(1,765	)		1,052			89,493			89,003		(2,423	)		2,294			88,874

Property NOI:
Conventional Same Store		123,966			-			644			124,610			113,773		-			2,849			116,622
Affordable Same Store		18,069			-			(141	)		17,928			17,718		-			(107	)		17,611

Total Same Store		142,035			-			503			142,538			131,491		-			2,742			134,233
Other Conventional		7,634			(415	)		-			7,219			7,828		(429	)		324			7,723
Other Affordable		917			(917	)		-			-			1,077		(1,077	)		-			-

Net real estate operations	$	150,586		$	(1,332	)	$	503		$	149,757		$	140,396	$	(1,506	)	$	3,066		$	141,956


	% Aimco 1Q 2012 NOI			Revenue			Expenses			NOI
Year-over-Year Change:
Conventional Same Store		83	%		4.2	%		-0.4	%		6.8	%
Affordable Same Store		12	%		2.9	%		4.6	%		1.8	%

Total Same Store		95	%		4.0	%		0.4	%		6.2	%
Other Conventional		5	%		-1.1	%		4.4	%		-6.5	%

Net real estate operations		100	%		3.6	%		0.7	%		5.5	%


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

(in thousands) (unaudited)


	Three Months Ended December 31, 2011
	Consolidated Amounts		Proportionate Share of Unconsolidated Partnerships		Noncontrolling Interests		Proportionate Amount		Ownership Adjustments		Proportionate Property Amount
Conventional Same Store:
Rental and other property revenues	$	200,806	$	-	$	(13,577)	$	187,229	$	3,827	$	191,056
Property operating expenses		68,315		-		(4,985)		63,330		2,934		66,264

Property NOI	$	132,491	$	-	$	(8,592)	$	123,899	$	893	$	124,792


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Reconciliation of GAAP to Supplemental Schedule 3 Trailing Twelve Month (TTM) Proportionate NOI Amounts

(in thousands) (unaudited)


	Year Ended December 31, 2011								Y2011 to Y2012		Subtract Three Months Ended March 31, 2011		Add Three Months Ended March 30, 2012

	Consolidated Amount		Proportionate Share of Unconsolidated Partnerships		Noncontrolling Interests		Proportionate Amount		Property Classification, Discontinued Operations and GAAP Consolidation Accounting Changes		Proportionate Amount		Proportionate Amount		TTM Proportionate Amount
Rental and other property revenues:
Conventional Same Store properties	$	800,269	$	-	$	(56,987)	$	743,282	$	(7,563)	$	180,352	$	191,728	$	747,095
Other Conventional properties		59,414		5,744		(136)		65,022		-		16,279		16,247		64,990
Affordable properties		180,046		39,458		(85,546)		133,958		(2,498)		32,768		32,817		131,509

Total rental and other property revenues		1,039,729		45,202		(142,669)		942,262		(10,061)		229,399		240,792		943,594

Property operating expenses:
Conventional Same Store properties		289,241		-		(21,690)		267,551	$	(3,043)		66,579		67,762		265,691
Other Conventional properties		29,118		3,345		(77)		32,386		-		8,451		8,613		32,548
Affordable properties		78,620		24,641		(46,598)		56,663		(1,420)		13,973		13,831		55,101

Total property operating expenses		396,979		27,986		(68,365)		356,600		(4,463)		89,003		90,206		353,340

Net operating income:
Conventional Same Store properties		511,028		-		(35,297)		475,731		(4,520)		113,773		123,966		481,404
Other Conventional properties		30,296		2,399		(59)		32,636		-		7,828		7,634		32,442
Affordable properties		101,426		14,817		(38,948)		77,295		(1,078)		18,795		18,986		76,408

Total rental and other property revenues	$	642,750	$	17,216	$	(74,304)	$	585,662	$	(5,598)	$	140,396	$	150,586	$	590,254


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REDEVELOPMENT PROPERTIES: Properties where (1) a substantial number of available units have been vacated for major renovations or (2) occupancy was not stabilized as of January 1, 2011 due to ongoing or completed renovations, such as exteriors, common areas or unit improvements.

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 as of January 1, 2011. 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.


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