APARTMENT INVESTMENT & MANAGEMENT CO - FORM 8-K - EX-99.1 - SECOND QUARTER EARNINGS RELEASE DATED JULY 31, 2014

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8-K - 8-K - APARTMENT INVESTMENT & MANAGEMENT CO	a8-kq22014earningsrelease.htm

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1		Earnings Release

7		Consolidated Statements of Operations

9		Consolidated Balance Sheets

10		Schedule 1 – Funds From Operations and Adjusted Funds From Operations

11		Schedule 2 – Proportionate Funds From Operations Presentation

13		Schedule 3 – Portfolio Summary

14		Schedule 4 – Net Asset Value Supplemental Information

16		Schedule 5 – Capitalization and Financial Metrics

18		Schedule 6 – Conventional Same Store Operating Results

22		Schedule 7 – Conventional Portfolio Data by Market

24		Schedule 8 – Apartment Community Disposition and Acquisition Activity

25		Schedule 9 – Capital Additions

26		Schedule 10 – Summary of Redevelopment and Development Activity

28		Glossary and Reconciliations

Aimco Reports Second Quarter 2014 Results, Raises Guidance

Denver, Colorado, July 31, 2014 - Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today its second quarter 2014 results.

Chairman and Chief Executive Officer Terry Considine comments: "Aimco enjoyed a solid second quarter with good progress on all fronts. With higher rents and good cost discipline, Same Store Net Operating Income was up 5.9% year-over-year. Conventional community average revenue per apartment home is approaching $1,550, up 11.4% year- over-year, reflecting rent growth and continued portfolio improvements. We completed the redevelopment of our Pacific Bay Vistas community and are making good progress on our other redevelopment activities. Our balance sheet is strong. Our prospects are good as we enter the second half of the year."

Financial Results: Second Quarter AFFO Up 19%, Pro forma FFO Up 6%



	SECOND QUARTER						YEAR-TO-DATE
(all items per common share - diluted)	2014			2013			2014			2013
Net income	$	0.51		$	0.07		$	0.95		$	0.10
Funds From Operations (FFO)/ Pro forma Funds From Operations (Pro forma FFO)	$	0.52		$	0.49		$	1.02		$	0.97
Deduct Aimco share of Capital Replacements	$	(0.08	)	$	(0.12	)	$	(0.16	)	$	(0.23	)
Adjusted Funds From Operations (AFFO)	$	0.44		$	0.37		$	0.86		$	0.74

Chief Financial Officer Ernie Freedman comments: "Second quarter Pro forma FFO of $0.52 per share was equal to the high end of our guidance. We are projecting third quarter Pro forma FFO per share to be in a range from $0.48 to $0.52 and we are increasing our full year 2014 Pro forma FFO per share guidance from a range from $2.02 to $2.12 to a range of $2.04 to $2.12. Our updated guidance includes $0.02 per share of prepayment penalties associated with property debt payoffs anticipated to be completed during the second half of 2014. We continue to expect full year AFFO per share to be between $1.64 and $1.74."

Pro forma FFO - Year-over-year, second quarter Pro forma FFO increased 6% as a result of improved property operating results, lower offsite costs and increased contribution from redevelopment communities. These positive results were somewhat offset by the loss of income from apartment communities that were sold.

Adjusted Funds from Operations - Second quarter AFFO increased 19% when compared to second quarter 2013, as a result of Pro forma FFO growth, lower Capital Replacement spending associated with multi-phase capital projects started in prior years, and lower Capital Replacement spending due to the sale of approximately 7,000 apartment homes during 2013 and an additional 3,700 apartment homes year-to-date. As Aimco concentrates its investment capital in higher quality, higher price point apartment communities, Capital Replacements are declining as a percentage of net operating income. As a result, AFFO is increasing at a faster rate than is Pro forma FFO.



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Operating Results: Second Quarter Conventional Same Store NOI Up 5.9%



	SECOND QUARTER										YEAR-TO-DATE
	Year-over-Year						Sequential				Year-over-Year
	2014		2013		Variance		1st Qtr		Variance		2014		2013		Variance
Average Rent Per Apartment Home	$1,334		$1,294		3.1	%	$1,322		0.9	%	$1,328		$1,288		3.1	%
Other Income Per Apartment Home	167		155		7.7	%	168		(0.6	)%	167		150		11.3	%
Average Revenue Per Apartment Home	$1,501		$1,449		3.7	%	$1,490		0.8	%	$1,495		$1,438		4.1	%
Average Daily Occupancy	96.0	%	95.6	%	0.4	%	95.7	%	0.3	%	95.8	%	95.5	%	0.3	%

$ in Millions
Revenue	$176.9		$169.9		4.1	%	$174.9		1.1	%	$351.8		$337.0		4.4	%
Expenses	58.8		58.4		0.7	%	59.7		(1.6	)%	118.5		116.4		1.8	%
NOI	$118.1		$111.5		5.9	%	$115.2		2.6	%	$233.3		$220.6		5.8	%

Rental Rates - 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 either as a new lease, where a vacant apartment is leased to a new customer, or as a renewal.



2014	1st Qtr	Apr	May	Jun	2nd Qtr	Year-to-Date
Renewal rent increases	4.9%	5.2%	4.7%	5.1%	5.0%	5.0%
New lease rent increases	1.0%	2.6%	5.0%	6.2%	4.7%	3.0%
Weighted average rent increases	2.8%	3.9%	4.9%	5.7%	4.9%	3.9%

Portfolio Management: Revenue Per Apartment Home Up 11.4% to $1,548

Aimco's portfolio strategy seeks predictable rent growth from a portfolio of "A", "B" and "C" quality market-rate apartment communities, averaging "B/B+" in quality, and diversified among the largest coastal and job growth markets in the U.S., as measured by total apartment value. Aimco's target markets are primarily coastal markets, and also include several Sun Belt cities and Chicago, Illinois.

Aimco measures asset quality based on 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 lower than 90% of local market average. For first quarter 2014, the most recent period for which REIS information is available, Aimco Conventional Apartment Community rents averaged 106% of local market average rents.

Aimco expects to sell each year the lowest-rated 5% to 10% of its portfolio and to reinvest the proceeds from such sales in redevelopment and acquisition of higher-quality apartment communities. Through this disciplined approach to capital recycling, from 2010 through 2013, Aimco increased its year-end Conventional portfolio average monthly revenue per apartment home at a compound annual growth rate of more than 8%. This rate of growth reflects the impact of market rent growth, and more significantly, the impact of portfolio management through dispositions, redevelopment and acquisitions.

Second quarter 2014 Conventional portfolio average monthly revenue per apartment home was $1,548, an 11.4% increase compared to second quarter 2013, as a result of year-over-year Same Store monthly revenue per apartment home growth of 3.7% and the sale of Conventional Apartment Communities during 2013 and



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2014 with average monthly revenues per apartment home substantially lower than those of the retained portfolio and reinvestment of the proceeds in higher-rent apartment communities through redevelopment and acquisitions.

Dispositions - In second quarter 2014, Aimco sold four Conventional Apartment Communities and two consolidated Affordable Apartment Communities with 2,016 and 111 apartment homes, respectively, for $156.6 million in gross proceeds. Aimco's share of net sales proceeds after distributions to limited partners, repayment of existing property debt and transaction costs was $120.5 million. In second quarter, Aimco also sold its partnership interests in nine unconsolidated Affordable Apartment Communities with 427 units.

Redevelopment: On Track to Create $1.50 of Net Asset Value per Share

During second quarter 2014, Aimco invested $54.4 million in redevelopment.

Pacific Bay Vistas, in San Bruno, California, was completed in April and was 88% occupied as of July 30. Aimco expects Pacific Bay Vistas to reach stabilized occupancy before the end of summer.

Construction continued at both Lincoln Place, in Venice, California and at Preserve at Marin, in Corte Madera, California. Work at each of these communities is progressing as planned. As of June 30, 2014, 342 of the 391 completed apartment homes at Lincoln Place were occupied and 26 of the 36 completed apartment homes at Preserve at Marin were occupied. In early July, and consistent with Aimco's redevelopment plan, the amenity building and the first of the newly constructed apartment homes at Lincoln Place were delivered. Also, in late July, the third of seven apartment buildings at Preserve at Marin was delivered as planned.

As previously reported, during first quarter 2014, Aimco started the redevelopment of its 2900 on First community in Seattle. This first phase of the redevelopment includes the renovation of all 135 apartment homes, is on time and on budget, and the new product has been well received. In second quarter, Aimco increased the scope of this redevelopment to include amenities such as a new fitness center, a redesigned courtyard to include a dog park, resident lounge and BBQ area, and other building interior and commercial space upgrades. Aimco expects to invest approximately $8.2 million in these additional amenities and upgrades, bringing the total estimated redevelopment investment to $15.2 million. Also as a result of the increased scope of work, Aimco expects to increase average revenue per apartment home at this community by an incremental $245 per month, bringing the project-wide incremental increase in average revenue per apartment home to $525 per month. Additional information may be found on Supplemental Schedule 10.

Development: Progressing as Planned

During second quarter 2014, Aimco invested $8.2 million in the development of its One Canal Street apartment community in Boston. The project is on time and on budget.



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Balance Sheet and Liquidity: Leverage on Target and Declining

Components of Aimco Leverage



	AS OF JUNE 30, 2014
$ in Millions	Amount		% of Total		Weighted Avg. Maturity (Yrs.)	Weighted Avg Rate
Aimco share of long-term, non-recourse property debt	$	4,020.0	93	%	8.2	5.26%
Outstanding borrowings on revolving credit facility	53.4		1	%	4.3	2.78%
Preferred securities	265.7		6	%	Perpetual	6.71%
Total leverage	$	4,339.1	100	%	n/a	5.32%

Leverage Ratios

Aimco leverage targets are: Debt and Preferred Equity to EBITDA less than 7.0x; and EBITDA Coverage of Interest and Preferred Dividends greater than 2.5x. Aimco also focuses on Debt to EBITDA and EBITDA Coverage of Interest ratios. See the Glossary for definitions of these metrics.



	TRAILING-TWELVE-MONTHS ENDED JUNE 30,
	2014	2013
Debt to EBITDA	6.8x	7.8x
Debt and Preferred Equity to EBITDA	7.3x	8.0x
EBITDA Coverage of Interest	2.6x	2.5x
EBITDA Coverage of Interest and Preferred Dividends	2.5x	2.4x

Future leverage reduction is expected both from earnings growth and from regularly scheduled property debt amortization funded from retained earnings.

Liquidity

Aimco recourse debt at June 30, 2014, was limited to its revolving credit facility, which Aimco uses for working capital and other short-term purposes, and to secure letters of credit.

At the end of the second quarter, Aimco had outstanding borrowings on its revolving credit facility of $53.4 million and available capacity of $502.1 million, net of $44.5 million of letters of credit backed by the facility. At the end of the second quarter, Aimco's share of cash and restricted cash on hand was $253.8 million. In addition, Aimco held ten apartment communities in its unencumbered asset pool with a total estimated fair market value of approximately $570.0 million.

Equity Activity

Preferred Equity Issuances - As previously announced, on May 12, 2014, Aimco priced an underwritten public offering of five million shares of its 6.875% Class A Cumulative Preferred Stock. The shares were priced at $25 per share for gross proceeds to Aimco of $125 million. Net proceeds to Aimco were approximately $120.8 million. Also during second quarter 2014, Aimco issued 117,400 shares of its 7.000% Class Z Cumulative Preferred Stock through its Class Z Preferred Stock At-the-Market offering program at $25.65 per share, equating to a yield of 6.823%, for gross proceeds to Aimco of $3 million. A portion of the net proceeds from preferred equity issuances was used by Aimco to repay indebtedness under its revolving credit facility. Aimco intends to use the remainder of the proceeds for the repayment of non-recourse property debt.

Dividend - As previously announced, the Aimco Board of Directors declared a quarterly cash dividend of $0.26 per share of Class A Common Stock for the quarter ended June 30, 2014. The second quarter 2014 dividend is payable on August 29, 2014, to stockholders of record on August 15, 2014.



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Outlook



	THIRD QUARTER	FULL YEAR 2014	PREVIOUS FULL YEAR 2014

Net income per share	$0.05 to $0.09	$1.10 to $1.18	$0.68 to $0.78
Pro forma FFO per share	$0.48 to $0.52	$2.04 to $2.12	$2.02 to $2.12
AFFO per share	$0.34 to $0.38	$1.64 to $1.74	$1.64 to $1.74

Conventional Same Store Operating Measures
NOI change compared to second quarter 2014	-0.25% to 0.75%	n/a	n/a
NOI change compared to same period 2013	3.25% to 4.25%	4.50% to 5.25%	3.00% to 5.00%
Revenue change compared to 2013	n/a	3.90% to 4.20%	3.00% to 4.00%
Expense change compared to 2013	n/a	2.25% to 2.50%	2.00% to 3.00%

Other Guidance Updates
Tax Benefit, Excluding Historic Tax Credit Benefit [1]	n/a	~$3M	~ $0M
Historic Tax Credit Benefit [2]	n/a	$12M to $14M	$10M to $11M
Real estate value of unencumbered properties	n/a	$900M to $950M	$525M to $575M


[1]	Represents revised projection of tax benefit associated with Aimco's Taxable REIT Subsidiary.


[2]	In connection with its first quarter earnings report, Aimco announced additional costs associated with the redevelopment of its Lincoln Place community in Venice, California. A portion of such costs are eligible for Historic Tax Credits, which are recognized by Aimco as apartment homes are delivered.

Earnings Conference Call Information



Live Conference Call:	Conference Call Replay:
Friday, August 1, 2014 at 1:00 p.m. ET	Replay available until 9:00 a.m. ET on August 18, 2014
Domestic Dial-In Number: 1-888-317-6003	Domestic Dial-In Number: 1-877-344-7529
International Dial-In Number: 1-412-317-6061	International Dial-In Number: 1-412-317-0088
Passcode: 6449406	Passcode: 10048938
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 at http://www.aimco.com/investors/financial-reports/quarterly-earning-reports.

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.



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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 218 communities in 23 states and the District of Columbia. 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

Forward-looking Statements

This Earnings Release and Supplemental Information contain forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected results and specifically forecasts of: third quarter and full year 2014 results, including but not limited to Pro forma FFO and selected components thereof; AFFO; and Aimco's development and redevelopment project investments, timelines and stabilized rents. 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; the effect of acquisitions, dispositions, developments and redevelopments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our development and redevelopment projects; and our ability to comply with debt covenants, including financial coverage ratios.

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; the risk that our 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, dispositions, developments and redevelopments; 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 apartment communities presently owned or previously owned by Aimco. In addition, Aimco's 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 its 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, 2013, 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.



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Consolidated Statements of Operations
(in thousands, except per share data) (unaudited)										(Page 1 of 2)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
REVENUES
Rental and other property revenues	$	239,492		$	233,936		$	479,628		$	464,188
Tax credit and asset management revenues	6,926			7,809			15,714			15,061
Total revenues	246,418			241,745			495,342			479,249

OPERATING EXPENSES
Property operating expenses	94,438			94,298			193,643			188,166
Investment management expenses	1,021			1,697			2,273			3,130
Depreciation and amortization	71,399			73,833			141,706			149,548
General and administrative expenses	10,125			11,153			20,657			22,932
Other expense, net	3,638			2,052			5,988			4,121
Total operating expenses	180,621			183,033			364,267			367,897
Operating income	65,797			58,712			131,075			111,352
Interest income, net	1,671			2,651			3,400			9,064
Interest expense	(55,061		)	(57,730		)	(110,807		)	(116,076		)
Other, net	189			(987		)	(1,790		)	(3,251		)
Income before income taxes, discontinued operations and gain on dispositions	12,596			2,646			21,878			1,089
Income tax benefit (expense)	5,347			(169		)	8,105			(274		)
Income from continuing operations	17,943			2,477			29,983			815
Income from discontinued operations, net	—			4,502			—			8,997
Gain on dispositions of real estate, net of tax	66,662			—			136,154			—
Net income	84,605			6,979			166,137			9,812
Noncontrolling interests:
Net (income) loss income attributable to noncontrolling interests in consolidated real estate partnerships	(2,226		)	6,150			(13,615		)	11,112
Net income attributable to preferred noncontrolling interests in Aimco OP	(1,602		)	(1,606		)	(3,207		)	(3,212		)
Net income attributable to common noncontrolling interests in Aimco OP	(3,735		)	(575		)	(7,346		)	(872		)
Net (income) loss attributable to noncontrolling interests	(7,563		)	3,969			(24,168		)	7,028
Net income attributable to Aimco	77,042			10,948			141,969			16,840
Net income attributable to Aimco preferred stockholders	(1,758		)	(701		)	(2,212		)	(1,403		)
Net income attributable to participating securities	(274		)	(140		)	(513		)	(280		)
Net income attributable to Aimco common stockholders	$	75,010		$	10,107		$	139,244		$	15,157
Earnings attributable to Aimco per common share - basic:
Income from continuing operations	$	0.51		$	0.01		$	0.96		$	—
Net income	$	0.51		$	0.07		$	0.96		$	0.10
Earnings attributable to Aimco per common share - diluted:
Income from continuing operations	$	0.51		$	0.01		$	0.95		$	—
Net income	$	0.51		$	0.07		$	0.95		$	0.10



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Consolidated Statements of Operations (continued)
Income from Discontinued Operations				(Page 2 of 2)

In first quarter 2014, Aimco adopted a new accounting standard which generally eliminates, on a prospective basis, the requirement that sales of individual apartment communities be presented within discontinued operations. Under the new standard, the results of operations related to apartment communities sold or classified as held for sale during 2014 or subsequent periods are included in continuing operations for both the current period and prior periods, and any gain or loss on such sales is included as a separate line item below income from discontinued operations within Aimco's Consolidated Statements of Operations.

Income from discontinued operations for apartment communities sold prior to Aimco's January 1, 2014 adoption of the new standard consists of the following (in thousands):

	Three Months Ended June 30, 2013			Six Months Ended June 30, 2013
Rental and other property revenues	$	18,647		$	37,267
Property operating expenses	(8,075		)	(16,628		)
Depreciation and amortization	(4,838		)	(9,718		)
(Provision for) recovery of real estate impairment losses	(103		)	124
Operating income	5,631			11,045
Interest income	115			193
Interest expense	(4,172		)	(8,373		)
Income before gain on dispositions of real estate and income taxes	1,574			2,865
Gain on dispositions of real estate	2,663			5,992
Income tax expense	265			140
Income from discontinued operations, net	$	4,502		$	8,997
Loss (income) from discontinued operations attributable to:
Noncontrolling interests in consolidated real estate partnerships	$	5,313		$	7,530
Noncontrolling interests in Aimco OP	(550		)	(866		)
Total noncontrolling interests	4,763			6,664
Income from discontinued operations attributable to Aimco	$	9,265		$	15,661



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Consolidated Balance Sheets
(in thousands) (unaudited)

	June 30, 2014			December 31, 2013
ASSETS
Buildings and improvements	$	6,169,512		$	6,332,723
Land	1,811,503			1,881,358
Total real estate	7,981,015			8,214,081
Accumulated depreciation	(2,716,076		)	(2,822,872		)
Net real estate	5,264,939			5,391,209
Cash and cash equivalents	33,826			55,751
Restricted cash	223,580			127,037
Other assets	500,877			505,416
Assets held for sale [1]	55,443			—
Total assets	$	6,078,665		$	6,079,413

LIABILITIES AND EQUITY
Non-recourse property debt	$	4,152,802		$	4,337,785
Revolving credit facility borrowings	53,400			50,400
Total indebtedness	4,206,202			4,388,185
Accounts payable	37,158			43,161
Accrued liabilities and other	282,531			287,595
Deferred income	93,294			107,775
Liabilities related to assets held for sale [1]	30,753			—
Total liabilities	4,649,938			4,826,716
Preferred noncontrolling interests in Aimco OP	78,917			79,953
Equity:
Perpetual Preferred Stock	186,126			68,114
Class A Common Stock	1,462			1,459
Additional paid-in capital	3,692,854			3,701,339
Accumulated other comprehensive loss	(5,243		)	(4,602		)
Distributions in excess of earnings	(2,735,097		)	(2,798,853		)
Total Aimco equity	1,140,102			967,457
Noncontrolling interests in consolidated real estate partnerships	233,064			233,008
Common noncontrolling interests in Aimco OP	(23,356		)	(27,721		)
Total equity	1,349,810			1,172,744
Total liabilities and equity	$	6,078,665		$	6,079,413

[1] As of June 30, 2014, Aimco had six properties with an aggregate of 224 units classified as held for sale.



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Supplemental Schedule 1

Funds From Operations and Adjusted Funds From Operations
(in thousands, except per share data) (unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net income attributable to Aimco common stockholders	$	75,010		$	10,107		$	139,244		$	15,157
Adjustments:
Depreciation and amortization, net of noncontrolling partners' interest	69,553			71,558			137,983			144,665
Depreciation and amortization related to non-real estate assets, net of noncontrolling partners' interest	(2,384		)	(2,932		)	(4,771		)	(5,865		)
(Gain) loss on dispositions and other, net of income taxes and noncontrolling partners' interest	(65,972		)	290			(123,018		)	361
(Recovery of) provision for impairment losses related to depreciable real estate assets, net of noncontrolling partners' interest	(163		)	—			377			37
Discontinued operations [1]:
Gain on dispositions of real estate, net of income taxes and noncontrolling partners' interest	—			(7,518		)	—			(12,597		)
Recovery of impairment losses related to depreciable real estate assets, net of noncontrolling partners' interest	—			(729		)	—			(963		)
Depreciation of rental property, net of noncontrolling partners' interest	—			3,933			—			7,949
Common noncontrolling interests in Aimco OP's share of above adjustments	(45		)	(3,478		)	(550		)	(7,224		)
Amounts allocable to participating securities	(2		)	(145		)	(37		)	(293		)
FFO / Pro forma Attributable to Aimco common stockholders	$	75,997		$	71,086		$	149,228		$	141,227
Capital Replacements, net of common noncontrolling interests in Aimco OP and participating securities	(12,313		)	(17,689		)	(23,593		)	(32,813		)
AFFO Attributable to Aimco common stockholders	$	63,684		$	53,397		$	125,635		$	108,414

Weighted average common shares outstanding	145,657			145,321			145,565			145,245
Dilutive common stock equivalents	328			353			268			287
Total shares and dilutive share equivalents	145,985			145,674			145,833			145,532

FFO / Pro forma FFO per share - diluted	$	0.52		$	0.49		$	1.02		$	0.97
AFFO per share - diluted	$	0.44		$	0.37		$	0.86		$	0.74

[1] As discussed in the Consolidated Statements of Operations, Aimco adopted a new accounting standard in first quarter 2014, which generally eliminates, on a prospective basis, the requirement that sales of individual apartment communities be presented within discontinued operations. Details of FFO amounts related to apartment communities sold and held for sale during second quarter and year-to-date 2014 may be found on Supplemental Schedules 2(a) and 2(b), respectively.



	10



Supplemental Schedule 2(a)

Proportionate Funds From Operations Presentation
Three Months Ended June 30, 2014 Compared to Three Months Ended June 30, 2013
(in thousands, except per share data) (unaudited)
	Three Months Ended June 30, 2014												Three Months Ended June 30, 2013
	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	$	184,984		$	—		$	(7,770	)	$	177,214		$	177,490		$	—		$	(7,904	)	$	169,586
Conventional Redevelopment	6,928			—			—			6,928			3,759			—			—			3,759
Other Conventional	17,743			502			—			18,245			16,645			499			—			17,144
Total Conventional	209,655			502			(7,770		)	202,387			197,894			499			(7,904		)	190,489
Affordable Same Store	22,092			—			—			22,092			21,702			—			(501		)	21,201
Other Affordable	3,001			1,009			(625		)	3,385			3,096			1,012			(635		)	3,473
Total Affordable	25,093			1,009			(625		)	25,477			24,798			1,012			(1,136		)	24,674
Sold and Held For Sale Apartment Communities	4,714			29			(35		)	4,708			11,225			86			(745		)	10,566
Property management revenues, primarily from affiliates	30			(59		)	227			198			19			(61		)	330			288
Total rental and other property revenues	239,492			1,481			(8,203		)	232,770			233,936			1,536			(9,455		)	226,017

Property operating expenses
Conventional Same Store	60,979			—			(2,594		)	58,385			60,838			—			(2,775		)	58,063
Conventional Redevelopment	2,620			—			—			2,620			1,788			—			—			1,788
Other Conventional	8,515			164			—			8,679			7,739			119			—			7,858
Total Conventional	72,114			164			(2,594		)	69,684			70,365			119			(2,775		)	67,709
Affordable Same Store	8,580			—			—			8,580			8,560			—			(161		)	8,399
Other Affordable	1,586			486			(434		)	1,638			1,521			443			(376		)	1,588
Total Affordable	10,166			486			(434		)	10,218			10,081			443			(537		)	9,987
Sold and Held For Sale Apartment Communities	3,368			17			(16		)	3,369			4,758			46			(418		)	4,386
Casualties	2,852			—			(37		)	2,815			1,505			—			(61		)	1,444
Property management expenses	5,938			—			(69		)	5,869			7,589			—			99			7,688
Total property operating expenses	94,438			667			(3,150		)	91,955			94,298			608			(3,692		)	91,214
Net real estate operations	145,054			814			(5,053		)	140,815			139,638			928			(5,763		)	134,803

Amortization of deferred tax credit income	6,833			—			—			6,833			7,215			—			—			7,215
Asset management revenues	—			—			4			4			—			—			191			191
Non-recurring revenues	93			—			—			93			594			—			—			594
Total tax credit and asset management revenues	6,926			—			4			6,930			7,809			—			191			8,000

Investment management expenses	(1,021		)	—			—			(1,021		)	(1,697		)	—			—			(1,697		)
Depreciation and amortization related to non-real estate assets	(2,383		)	—			6			(2,377		)	(2,924		)	—			8			(2,916		)
General and administrative expenses	(10,125		)	—			13			(10,112		)	(11,153		)	—			42			(11,111		)
Other expense, net	(3,608		)	(55		)	(316		)	(3,979		)	(2,082		)	(56		)	(26		)	(2,164		)
Interest income	1,603			—			86			1,689			2,648			2			(72		)	2,578
Interest expense	(54,295		)	(389		)	1,715			(52,969		)	(55,816		)	(375		)	2,237			(53,954		)
Other, net of non-FFO items	81			371			(512		)	(60		)	1,255			558			(1,068		)	745
Income tax benefit (expense)	5,135			—			—			5,135			(132		)	—			—			(132		)
Discontinued operations, net of non-FFO items	—			—			—			—			6,323			—			(928		)	5,395
Other FFO items attributable to Sold and Held For Sale Apartment Communities	(777		)	—			139			(638		)	(1,899		)	—			83			(1,816		)
Preferred dividends and distributions	(3,360		)	—			—			(3,360		)	(2,307		)	—			—			(2,307		)
Common noncontrolling interests in Aimco OP	(3,780		)	—			—			(3,780		)	(4,053		)	—			—			(4,053		)
Amounts allocated to participating securities	(276		)	—			—			(276		)	(285		)	—			—			(285		)
FFO / Pro forma FFO	$	79,174		$	741		$	(3,918	)	$	75,997		$	75,325		$	1,057		$	(5,296	)	$	71,086



		11



Supplemental Schedule 2(b)

Proportionate Funds From Operations Presentation
Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013
(in thousands, except per share data) (unaudited)
	Six Months Ended June 30, 2014												Six Months Ended June 30, 2013
	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	$	367,854		$	—		$	(15,444	)	$	352,410		$	352,244		$	—		$	(15,983	)	$	336,261
Conventional Redevelopment	12,837			—			—			12,837			7,526			—			—			7,526
Other Conventional	34,582			964			—			35,546			32,575			959			—			33,534
Total Conventional	415,273			964			(15,444		)	400,793			392,345			959			(15,983		)	377,321
Affordable Same Store	43,979			—			—			43,979			43,390			—			(991		)	42,399
Other Affordable	5,979			2,008			(1,239		)	6,748			6,018			2,022			(1,252		)	6,788
Total Affordable	49,958			2,008			(1,239		)	50,727			49,408			2,022			(2,243		)	49,187
Sold and Held For Sale Apartment Communities	14,365			116			(339		)	14,142			22,392			581			(1,518		)	21,455
Property management revenues, primarily from affiliates	32			(123		)	476			385			43			(143		)	660			560
Total rental and other property revenues	479,628			2,965			(16,546		)	466,047			464,188			3,419			(19,084		)	448,523

Property operating expenses
Conventional Same Store	123,365			—			(5,345		)	118,020			121,449			—			(5,653		)	115,796
Conventional Redevelopment	4,916			—			—			4,916			3,391			—			—			3,391
Other Conventional	17,075			296			—			17,371			15,134			227			—			15,361
Total Conventional	145,356			296			(5,345		)	140,307			139,974			227			(5,653		)	134,548
Affordable Same Store	18,078			—			—			18,078			17,400			—			(328		)	17,072
Other Affordable	3,127			912			(853		)	3,186			2,985			886			(716		)	3,155
Total Affordable	21,205			912			(853		)	21,264			20,385			886			(1,044		)	20,227
Sold and Held For Sale Apartment Communities	7,819			73			(180		)	7,712			9,798			370			(781		)	9,387
Casualties	6,942			—			133			7,075			2,680			(6		)	(25		)	2,649
Property management expenses	12,321			—			(101		)	12,220			15,329			—			(234		)	15,095
Total property operating expenses	193,643			1,281			(6,346		)	188,578			188,166			1,477			(7,737		)	181,906
Net real estate operations	285,985			1,684			(10,200		)	277,469			276,022			1,942			(11,347		)	266,617

Amortization of deferred tax credit income	13,667			—			—			13,667			14,431			—			—			14,431
Asset management revenues	—			—			9			9			—			—			233			233
Non-recurring revenues	2,047			—			—			2,047			630			—			—			630
Total tax credit and asset management revenues	15,714			—			9			15,723			15,061			—			233			15,294

Investment management expenses	(2,273		)	—			—			(2,273		)	(3,130		)	—			—			(3,130		)
Depreciation and amortization related to non-real estate assets	(4,764		)	—			13			(4,751		)	(5,849		)	—			16			(5,833		)
General and administrative expenses	(20,657		)	—			32			(20,625		)	(22,932		)	(1		)	90			(22,843		)
Other expense, net	(5,826		)	(115		)	(109		)	(6,050		)	(4,132		)	(144		)	224			(4,052		)
Interest income	3,331			(12		)	177			3,496			9,060			318			23			9,401
Interest expense	(108,676		)	(722		)	3,661			(105,737		)	(111,860		)	(929		)	4,637			(108,152		)
Other, net of non-FFO items	536			704			(1,102		)	138			985			1,244			(1,129		)	1,100
Income tax benefit (expense)	7,755			—			—			7,755			(242		)	—			—			(242		)
Discontinued operations, net of non-FFO items	—			—			—			—			12,169			—			(1,773		)	10,396
Other FFO items attributable to Sold and Held For Sale Apartment Communities	(2,244		)	—			192			(2,052		)	(4,232		)	—			187			(4,045		)
Preferred dividends and distributions	(5,419		)	—			—			(5,419		)	(4,615		)	—			—			(4,615		)
Common noncontrolling interests in Aimco OP	(7,896		)	—			—			(7,896		)	(8,096		)	—			—			(8,096		)
Amounts allocated to participating securities	(550		)	—			—			(550		)	(573		)	—			—			(573		)
FFO / Pro forma FFO	$	155,016		$	1,539		$	(7,327	)	$	149,228		$	147,636		$	2,430		$	(8,839	)	$	141,227



		12



Supplemental Schedule 3

Portfolio Summary
As of June 30, 2014
(unaudited)
	Number of Apartment Communities	Number of Apartment Homes	Effective Apartment Homes	Average Ownership
Conventional Same Store	117	42,174	40,918	97	%
Conventional Redevelopment	5	1,802	1,802	100	%
Conventional Acquisition	5	174	174	100	%
Other Conventional	24	2,928	2,858	98	%
Conventional Held for Sale	6	224	224	100	%
Total Conventional portfolio	157	47,302	45,976	97	%

Affordable Same Store [1]	46	7,424	7,424	100	%
Other Affordable [2]	15	1,718	1,058	62	%
Total Affordable portfolio	61	9,142	8,482	93	%
Total portfolio	218	56,444	54,458	96	%

[1] Represents Aimco's portfolio of Affordable Apartment Communities redeveloped with Low Income Housing Tax Credits, generally
between 2005 and 2009. Aimco expects to sell these apartment communities as the tax credit compliance periods expire, with
the majority of sales expected to occur from 2015 to 2019.
[2] Represents Aimco's portfolio of Affordable Apartment Communities that are not subject to tax credit agreements and/or are
owned in part by Aimco, but managed by a third party.



		13



Supplemental Schedule 4

Net Asset Value Supplemental Information							(Page 1 of 2)
(in thousands) (unaudited)
One measure of stockholder value is Net Asset Value (NAV), which is the estimated fair value of assets, net of liabilities, noncontrolling interests and preferred equity. The information provided below is intended to assist users of Aimco’s financial information in making their own estimates of Aimco’s NAV. See the following page for notes to the Supplemental Information provided below.

Trailing Twelve Month Net Operating Income Data [1]

	Proportionate Property Net Operating Income
	Conventional			Affordable			Total
Rental and other property revenues	$	788,896		$	100,127		$	889,023
Property operating expenses	(273,675		)	(40,932		)	(314,607		)
Property NOI	$	515,221		$	59,195		$	574,416




Proportionate Balance Sheet Data
As of June 30, 2014
	Consolidated GAAP Balance Sheet			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Balance Sheet
ASSETS
Real estate	$	7,981,015		$	50,625		$	(281,789	)	$	7,749,851
Accumulated depreciation	(2,716,076		)	(9,155		)	96,495			(2,628,736		)
Net real estate [2]	5,264,939			41,470			(185,294		)	5,121,115
Cash and cash equivalents	33,826			271			(2,785		)	31,312
Restricted cash	223,580			1,410			(2,545		)	222,445
Investment in unconsolidated real estate partnerships	16,230			(16,230		)	—			—
Deferred financing costs, net	33,511			207			(516		)	33,202
Goodwill	47,156			—			—			47,156
Other assets	403,980			622			(146,677		)	257,925
Assets held for sale	55,443			—			—			55,443
Total assets	$	6,078,665		$	27,750		$	(337,817	)	$	5,768,598

LIABILITIES AND EQUITY
Non-recourse property debt	4,152,802			$	24,844		$	(157,623	)	$	4,020,023
Revolving credit facility borrowings	53,400			—			—			53,400
Deferred income [3]	93,294			14			—			93,308
Other liabilities	319,689			2,892			(120,182		)	202,399
Liabilities related to assets held for sale	30,753			—			—			30,753
Total liabilities	4,649,938			27,750			(277,805		)	4,399,883
Preferred noncontrolling interests in Aimco OP	78,917			—			—			78,917
Perpetual preferred stock	186,126			—			—			186,126
Other Aimco equity	953,976			—			173,052			1,127,028
Noncontrolling interests in consolidated real estate partnerships	233,064			—			(233,064		)	—
Common noncontrolling interests in Aimco OP	(23,356		)	—			—			(23,356		)
Total liabilities and equity	$	6,078,665		$	27,750		$	(337,817	)	$	5,768,598



	14



Supplemental Schedule 4 (continued)

Net Asset Value Supplemental Information		(Page 2 of 2)


[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 in this table to the corresponding amounts computed in accordance with GAAP.
[2]	Net real estate includes three projects, Lincoln Place, Pacific Bay Vistas and The Preserve at Marin, which are in varying stages of significant redevelopment. Refer to Supplemental Schedule 10 for further information about these three redevelopment projects.
[3]	Deferred income includes $55.0 million of unamortized cash contributions received by Aimco in exchange for the allocation of tax credits and related tax benefits to the investors in tax credit arrangements. 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.
	Under existing tax credit agreements, Aimco will receive in the future additional cash contributions of $28.4 million, which when received will be deferred and amortized into earnings in future periods. Deferred income and the future earnings associated with the deferred income are excluded from Aimco’s internal estimates of NAV.



Income to be recognized in future periods:
			June 30, 2014
Deferred tax credit income balance			$	55,011
Cash contributions to be received in the future			28,390
Total to be amortized			$	83,401


Amortization schedule:
	Revenue		Expense			Projected Income		Estimated Income Taxes			Projected Income, net of tax
2014 3Q - 4Q	$	13,667	$	(677	)	$	12,990	$	(5,066	)	$	7,924
2015	23,759		(1,271		)	22,488		(8,770		)	13,718
2016	18,238		(1,085		)	17,153		(6,690		)	10,463
2017	14,375		(850		)	13,525		(5,275		)	8,250
2018	6,879		(361		)	6,518		(2,542		)	3,976
Thereafter	11,319		(592		)	10,727		(4,184		)	6,543
Total	$	88,237	$	(4,836	)	$	83,401	$	(32,527	)	$	50,874



	15



Supplemental Schedule 5

Capitalization and Financial Metrics													(Page 1 of 2)
As of June 30, 2014
(dollars in thousands) (unaudited)

Non-Recourse Property Debt Balances and Characteristics
Debt	Consolidated			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Balances			Weighted Average Maturity (Years)	Weighted Average Rate
Fixed rate loans payable	$	3,947,218		$	24,844		$	(157,589	)	$	3,814,473		8.0	5.40	%
Floating rate tax-exempt bonds	120,766			—			(34		)	120,732			4.0	1.20	%
Fixed rate tax-exempt bonds	84,818			—			—			84,818			24.5	4.84	%
Total non-recourse property debt	$	4,152,802		$	24,844		$	(157,623	)	$	4,020,023		8.2	5.26	%
Revolving credit facility borrowings	53,400			—			—			53,400
Cash and restricted cash	(257,406		)	(1,681		)	5,330			(253,757		)
Securitization Trust Assets [1]	(60,221		)	—			—			(60,221		)
Net Debt	$	3,888,575		$	23,163		$	(152,293	)	$	3,759,445



[1]	In 2011, $673.8 million of Aimco's loans payable were securitized and Aimco purchased for $51.5 million the subordinate positions in the trust that holds these loans. The investments, which have a face value of $100.9 million and a carrying amount of $60.2 million, are included in Other Assets on Aimco’s Consolidated Balance Sheet at June 30, 2014. The carrying amount of these investments effectively reduces Aimco's June 30, 2014 debt balances.







Aimco Share Non-Recourse Property Debt
	Amortization		Maturities			Total		Maturities as a Percent of Total Debt		Average Rate on Maturing Debt
2014 3Q	$	19,968	$	—		$	19,968	—		—
2014 4Q	20,945		15,793			36,738		0.39	%	4.96	%
Total 2014	40,913		15,793			56,706		0.39	%	4.96	%

2015 1Q	21,171		164			21,335		—		1.00	%
2015 2Q	21,299		3,944			25,243		0.10	%	5.91	%
2015 3Q	21,023		110,168			131,191		2.74	%	4.25	%
2015 4Q	20,772		42,371			63,143		1.05	%	5.72	%
Total 2015	84,265		156,647			240,912		3.90	%	4.69	%

2016	82,085		404,424			486,509		10.06	%	4.98	%
2017	77,636		353,514			431,150		8.79	%	5.91	%
2018	73,556		186,806			260,362		4.65	%	4.35	%
2019	66,604		540,048			606,652		13.43	%	5.62	%
2020	58,578		355,360			413,938		8.84	%	6.35	%
2021	39,359		701,802		[2]	741,161		17.46	%	5.58	%
2022	27,815		175,556			203,371		4.37	%	5.16	%
2023	14,273		54,803			69,076		1.36	%	5.12	%
2024	13,430		39,887			53,317		0.99	%	4.26	%
Thereafter	367,325		89,544			456,869		2.23	%	3.43	%
Total	$	945,839	$	3,074,184		$	4,020,023			5.04	%	[3]



[2]	2021 maturities include property loans that will repay substantially all of Aimco’s subordinate positions in the securitization discussed above.
[3]	Money-Weighted Average Interest Rate represents the weighted average interest rate on Aimco’s fixed and floating rate property debt taking into account the timing of amortization and maturities. This rate is calculated by Aimco based on the unpaid principal balance as of June 30, 2014, and all contractual debt service payments associated with each of its fixed and floating rate property loans. The Money-Weighted Average Interest Rate can be compared to market interest rates to estimate the difference between the book value of Aimco’s fixed and floating rate property debt and the market value of such debt.



	16



Supplemental Schedule 5 (continued)

Capitalization and Financial Metrics				(Page 2 of 2)
(share, unit and dollar amounts in thousands) (unaudited)
Preferred Securities

	Shares/Units Outstanding as of June 30, 2014	Date First Available for Redemption by Aimco	Coupon	Amount
Perpetual Preferred Stock:
Class A	5,000	5/17/2019	6.875%	$	125,000
Class Z	1,392	7/29/2016	7.000%	34,791
Series A Community Reinvestment Act	—	6/30/2011	1.500%	27,000
Total perpetual preferred stock			6.121%	186,791

Preferred Partnership Units	2,918		8.114%	78,917
Total preferred securities			6.713%	$	265,708



Common Stock, Partnership Units and Equivalents

		As of
		June 30, 2014
Class A Common Stock outstanding		145,658
Dilutive securities:
Options and restricted stock		532
Total shares and dilutive share equivalents		146,190
Common Partnership Units and equivalents		7,672
Total shares, units and dilutive share equivalents		153,862



Debt Ratios
		Trailing Twelve Months Ended June 30,
		2014	2013
Debt to EBITDA		6.8x	7.8x
Debt and Preferred Equity to EBITDA		7.3x	8.0x
EBITDA Coverage of Interest		2.6x	2.5x
EBITDA Coverage of Interest and Preferred Dividends		2.5x	2.4x

Revolving Line of Credit Debt Coverage Covenants
		Amount	Covenant
Debt Service Coverage Ratio		1.78x	1.50x
Fixed Charge Coverage Ratio		1.72x	1.30x

Credit Ratings

Fitch Ratings	Issuer Default Rating		BB+ (positive)
Standard and Poor’s	Corporate Credit Rating		BB+ (positive)	[1]

[1] In April 2014, Standard and Poor's upgraded Aimco's credit rating outlook from stable to positive.



	17



Supplemental Schedule 6(a)

Conventional Same Store Operating Results
Second Quarter 2014 Compared to Second Quarter 2013
(in thousands, except community, home and per home data) (unaudited)


				Revenue					Expenses					Net Operating Income					Operating Margin	Average Daily Occupancy During Period		Average Revenue per Effective Apartment Home
	Apartment Communities	Apartment Homes	Effective Apartment Homes	2Q 2014		2Q 2013		Growth	2Q 2014		2Q 2013		Growth	2Q 2014		2Q 2013		Growth	2Q 2014	2Q 2014	2Q 2013	2Q 2014		2Q 2013
Target Markets
Los Angeles	12	3,552	2,901	$	20,055	$	19,176	4.6%	$	5,440	$	5,663	(3.9)%	$	14,615	$	13,513	8.2%	72.9%	95.8%	95.5%	$	2,405	$	2,307
Orange County	3	1,017	1,017	5,905		5,664		4.3%	1,637		1,693		(3.3)%	4,268		3,971		7.5%	72.3%	96.4%	96.1%	2,008		1,933
San Diego	6	2,032	2,032	9,370		8,833		6.1%	2,535		2,593		(2.2)%	6,835		6,240		9.5%	72.9%	96.5%	95.9%	1,593		1,512
Southern CA Total	21	6,601	5,950	35,330		33,673		4.9%	9,612		9,949		(3.4)%	25,718		23,724		8.4%	72.8%	96.2%	95.7%	2,059		1,971
East Bay	1	246	246	1,476		1,319		11.9%	431		481		(10.4)%	1,045		838		24.7%	70.8%	96.6%	96.3%	2,070		1,856
San Jose	1	224	224	1,287		1,222		5.3%	399		419		(4.8)%	888		803		10.6%	69.0%	96.9%	96.3%	1,976		1,888
San Francisco	5	774	774	5,106		4,727		8.0%	1,480		1,410		5.0%	3,626		3,317		9.3%	71.0%	96.8%	96.6%	2,272		2,107
Northern CA Total	7	1,244	1,244	7,869		7,268		8.3%	2,310		2,310		0.0%	5,559		4,958		12.1%	70.6%	96.8%	96.5%	2,179		2,019

Atlanta	5	1,295	1,281	4,349		4,068		6.9%	1,633		1,520		7.4%	2,716		2,548		6.6%	62.5%	95.3%	94.6%	1,187		1,118
Boston	11	4,129	4,129	16,872		16,246		3.9%	6,313		6,191		2.0%	10,559		10,055		5.0%	62.6%	97.2%	95.9%	1,402		1,368
Chicago	10	3,245	3,245	14,404		13,797		4.4%	5,343		5,302		0.8%	9,061		8,495		6.7%	62.9%	95.7%	96.6%	1,546		1,473
Denver	7	1,613	1,540	5,991		5,600		7.0%	1,846		1,623		13.7%	4,145		3,977		4.2%	69.2%	95.5%	95.1%	1,358		1,275
Miami	5	2,471	2,460	15,142		14,362		5.4%	4,779		4,711		1.4%	10,363		9,651		7.4%	68.4%	96.4%	97.3%	2,128		2,001
Philadelphia	4	2,042	1,963	8,433		7,976		5.7%	3,019		2,887		4.6%	5,414		5,089		6.4%	64.2%	97.4%	94.5%	1,470		1,433
Phoenix	4	886	742	1,987		1,912		3.9%	707		697		1.4%	1,280		1,215		5.3%	64.4%	94.5%	94.8%	945		907
Seattle	1	104	104	499		462		8.0%	212		207		2.4%	287		255		12.5%	57.5%	97.2%	96.3%	1,644		1,536
Suburban New York - New Jersey	2	1,162	1,162	5,143		4,973		3.4%	1,787		1,725		3.6%	3,356		3,248		3.3%	65.3%	96.9%	96.0%	1,523		1,485
Washington - NoVa - MD	14	6,547	6,519	28,420		28,241		0.6%	8,837		8,753		1.0%	19,583		19,488		0.5%	68.9%	96.3%	95.7%	1,509		1,509

Total Target Markets	91	31,339	30,339	144,439		138,578		4.2%	46,398		45,875		1.1%	98,041		92,703		5.8%	67.9%	96.3%	95.8%	1,648		1,590

Other Markets
Baltimore	5	1,180	1,066	4,054		3,940		2.9%	1,516		1,441		5.2%	2,538		2,499		1.6%	62.6%	94.4%	94.4%	1,343		1,305
Houston	3	1,143	1,081	3,029		2,851		6.2%	1,167		1,109		5.2%	1,862		1,742		6.9%	61.5%	94.4%	94.9%	990		926
Nashville	4	1,114	1,114	3,640		3,543		2.7%	1,363		1,392		(2.1)%	2,277		2,151		5.9%	62.6%	94.4%	96.1%	1,153		1,103
Norfolk - Richmond	6	1,643	1,564	4,982		4,977		0.1%	1,660		1,679		(1.1)%	3,322		3,298		0.7%	66.7%	95.8%	95.2%	1,108		1,113
Other Markets	8	5,755	5,754	16,783		16,008		4.8%	6,681		6,861		(2.6)%	10,102		9,147		10.4%	60.2%	95.4%	94.4%	1,019		982

Total Other Markets	26	10,835	10,579	32,488		31,319		3.7%	12,387		12,482		(0.8)%	20,101		18,837		6.7%	61.9%	95.2%	94.8%	1,076		1,041

Grand Total	117	42,174	40,918	$	176,927	$	169,897	4.1%	$	58,785	$	58,357	0.7%	$	118,142	$	111,540	5.9%	66.8%	96.0%	95.6%	$	1,501	$	1,449



		18



Supplemental Schedule 6(b)

Conventional Same Store Operating Results
Second Quarter 2014 Compared to First Quarter 2014
(in thousands, except community, home and per home data) (unaudited)


				Revenue					Expenses					Net Operating Income					Operating Margin	Average Daily Occupancy During Period		Average Revenue per Effective Apartment Home
	Apartment Communities	Apartment Homes	Effective Apartment Homes	2Q 2014		1Q 2014		Growth	2Q 2014		1Q 2014		Growth	2Q 2014		1Q 2014		Growth	2Q 2014	2Q 2014	1Q 2014	2Q 2014		1Q 2014
Target Markets
Los Angeles	12	3,552	2,901	$	20,055	$	19,910	0.7%	$	5,440	$	5,754	(5.5)%	$	14,615	$	14,156	3.2%	72.9%	95.8%	95.8%	$	2,405	$	2,389
Orange County	3	1,017	1,017	5,905		5,837		1.2%	1,637		1,698		(3.6)%	4,268		4,139		3.1%	72.3%	96.4%	96.5%	2,008		1,983
San Diego	6	2,032	2,032	9,370		9,036		3.7%	2,535		2,610		(2.9)%	6,835		6,426		6.4%	72.9%	96.5%	96.5%	1,593		1,537
Southern CA Total	21	6,601	5,950	35,330		34,783		1.6%	9,612		10,062		(4.5)%	25,718		24,721		4.0%	72.8%	96.2%	96.1%	2,059		2,027
East Bay	1	246	246	1,476		1,453		1.6%	431		470		(8.3)%	1,045		983		6.3%	70.8%	96.6%	98.1%	2,070		2,006
San Jose	1	224	224	1,287		1,276		0.9%	399		427		(6.6)%	888		849		4.6%	69.0%	96.9%	95.3%	1,976		1,993
San Francisco	5	774	774	5,106		4,959		3.0%	1,480		1,495		(1.0)%	3,626		3,464		4.7%	71.0%	96.8%	96.0%	2,272		2,224
Northern CA Total	7	1,244	1,244	7,869		7,688		2.4%	2,310		2,392		(3.4)%	5,559		5,296		5.0%	70.6%	96.8%	96.3%	2,179		2,139

Atlanta	5	1,295	1,281	4,349		4,238		2.6%	1,633		1,581		3.3%	2,716		2,657		2.2%	62.5%	95.3%	95.2%	1,187		1,158
Boston	11	4,129	4,129	16,872		16,473		2.4%	6,313		6,431		(1.8)%	10,559		10,042		5.1%	62.6%	97.2%	95.6%	1,402		1,391
Chicago	10	3,245	3,245	14,404		14,448		(0.3)%	5,343		5,278		1.2%	9,061		9,170		(1.2)%	62.9%	95.7%	95.5%	1,546		1,554
Denver	7	1,613	1,540	5,991		5,920		1.2%	1,846		1,759		4.9%	4,145		4,161		(0.4)%	69.2%	95.5%	96.1%	1,358		1,333
Miami	5	2,471	2,460	15,142		15,008		0.9%	4,779		4,699		1.7%	10,363		10,309		0.5%	68.4%	96.4%	97.6%	2,128		2,084
Philadelphia	4	2,042	1,963	8,433		8,308		1.5%	3,019		3,354		(10.0)%	5,414		4,954		9.3%	64.2%	97.4%	96.2%	1,470		1,466
Phoenix	4	886	742	1,987		1,989		(0.1)%	707		708		(0.1)%	1,280		1,281		(0.1)%	64.4%	94.5%	96.5%	945		926
Seattle	1	104	104	499		482		3.5%	212		218		(2.8)%	287		264		8.7%	57.5%	97.2%	97.5%	1,644		1,586
Suburban New York - New Jersey	2	1,162	1,162	5,143		5,001		2.8%	1,787		1,755		1.8%	3,356		3,246		3.4%	65.3%	96.9%	95.7%	1,523		1,499
Washington - NoVa - MD	14	6,547	6,519	28,420		28,367		0.2%	8,837		8,941		(1.2)%	19,583		19,426		0.8%	68.9%	96.3%	95.4%	1,509		1,520

Total Target Markets	91	31,339	30,339	144,439		142,705		1.2%	46,398		47,178		(1.7)%	98,041		95,527		2.6%	67.9%	96.3%	95.9%	1,648		1,635

Other Markets
Baltimore	5	1,180	1,066	4,054		4,071		(0.4)%	1,516		1,504		0.8%	2,538		2,567		(1.1)%	62.6%	94.4%	93.9%	1,343		1,355
Houston	3	1,143	1,081	3,029		2,967		2.1%	1,167		1,279		(8.8)%	1,862		1,688		10.3%	61.5%	94.4%	95.3%	990		960
Nashville	4	1,114	1,114	3,640		3,585		1.5%	1,363		1,330		2.5%	2,277		2,255		1.0%	62.6%	94.4%	94.9%	1,153		1,130
Norfolk - Richmond	6	1,643	1,564	4,982		4,922		1.2%	1,660		1,610		3.1%	3,322		3,312		0.3%	66.7%	95.8%	94.5%	1,108		1,109
Other Markets	8	5,755	5,754	16,783		16,664		0.7%	6,681		6,816		(2.0)%	10,102		9,848		2.6%	60.2%	95.4%	95.0%	1,019		1,016

Total Other Markets	26	10,835	10,579	32,488		32,209		0.9%	12,387		12,539		(1.2)%	20,101		19,670		2.2%	61.9%	95.2%	94.9%	1,076		1,070

Grand Total	117	42,174	40,918	$	176,927	$	174,914	1.1%	$	58,785	$	59,717	(1.6)%	$	118,142	$	115,197	2.6%	66.8%	96.0%	95.7%	$	1,501	$	1,490



		19



Supplemental Schedule 6(c)

Conventional Same Store Operating Results
Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013
(in thousands, except community, home and per home data) (unaudited)


				Revenue					Expenses					Net Operating Income					Operating Margin	Average Daily Occupancy During Period		Average Revenue per Effective Apartment Home
	Apartment Communities	Apartment Homes	Effective Apartment Homes	YTD 2Q 2014		YTD 2Q 2013		Growth	YTD 2Q 2014		YTD 2Q 2013		Growth	YTD 2Q 2014		YTD 2Q 2013		Growth	YTD 2Q 2014	YTD 2Q 2014	YTD 2Q 2013	YTD 2Q 2014		YTD 2Q 2013
Target Markets
Los Angeles	12	3,552	2,901	$	39,965	$	38,088	4.9%	$	11,195	$	11,646	(3.9)%	$	28,770	$	26,442	8.8%	72.0%	95.8%	95.6%	$	2,397	$	2,290
Orange County	3	1,017	1,017	11,742		11,233		4.5%	3,335		3,391		(1.7)%	8,407		7,842		7.2%	71.6%	96.4%	95.7%	1,995		1,924
San Diego	6	2,032	2,032	18,406		17,454		5.5%	5,145		5,079		1.3%	13,261		12,375		7.2%	72.0%	96.5%	95.6%	1,565		1,498
Southern CA Total	21	6,601	5,950	70,113		66,775		5.0%	19,675		20,116		(2.2)%	50,438		46,659		8.1%	71.9%	96.2%	95.6%	2,043		1,957
East Bay	1	246	246	2,928		2,626		11.5%	902		940		(4.0)%	2,026		1,686		20.2%	69.2%	97.4%	96.4%	2,038		1,845
San Jose	1	224	224	2,564		2,430		5.5%	826		840		(1.7)%	1,738		1,590		9.3%	67.8%	96.1%	96.1%	1,985		1,881
San Francisco	5	774	774	10,065		9,305		8.2%	2,975		2,837		4.9%	7,090		6,468		9.6%	70.4%	96.4%	96.5%	2,248		2,076
Northern CA Total	7	1,244	1,244	15,557		14,361		8.3%	4,703		4,617		1.9%	10,854		9,744		11.4%	69.8%	96.5%	96.4%	2,159		1,995

Atlanta	5	1,295	1,281	8,588		8,146		5.4%	3,214		3,041		5.7%	5,374		5,105		5.3%	62.6%	95.3%	94.9%	1,172		1,116
Boston	11	4,129	4,129	33,345		32,294		3.3%	12,745		12,557		1.5%	20,600		19,737		4.4%	61.8%	96.4%	95.9%	1,397		1,359
Chicago	10	3,245	3,245	28,852		27,311		5.6%	10,621		10,014		6.1%	18,231		17,297		5.4%	63.2%	95.6%	96.4%	1,550		1,461
Denver	7	1,613	1,540	11,911		11,129		7.0%	3,604		3,224		11.8%	8,307		7,905		5.1%	69.7%	95.8%	95.7%	1,346		1,259
Miami	5	2,471	2,460	30,150		28,270		6.7%	9,477		9,456		0.2%	20,673		18,814		9.9%	68.6%	97.0%	97.0%	2,106		1,975
Philadelphia	4	2,042	1,963	16,741		15,977		4.8%	6,373		6,040		5.5%	10,368		9,937		4.3%	61.9%	96.8%	94.7%	1,468		1,433
Phoenix	4	886	742	3,976		3,790		4.9%	1,415		1,388		1.9%	2,561		2,402		6.6%	64.4%	95.5%	94.9%	936		897
Seattle	1	104	104	981		937		4.7%	430		423		1.7%	551		514		7.2%	56.2%	97.4%	95.8%	1,615		1,567
Suburban New York - New Jersey	2	1,162	1,162	10,144		9,725		4.3%	3,542		3,538		0.1%	6,602		6,187		6.7%	65.1%	96.3%	95.4%	1,511		1,461
Washington - NoVa - MD	14	6,547	6,519	56,787		56,435		0.6%	17,779		17,464		1.8%	39,008		38,971		0.1%	68.7%	95.9%	95.8%	1,515		1,507

Total Target Markets	91	31,339	30,339	287,145		275,150		4.4%	93,578		91,878		1.9%	193,567		183,272		5.6%	67.4%	96.1%	95.8%	1,641		1,578

Other Markets
Baltimore	5	1,180	1,066	8,125		7,934		2.4%	3,020		2,905		4.0%	5,105		5,029		1.5%	62.8%	94.2%	94.6%	1,349		1,310
Houston	3	1,143	1,081	5,996		5,643		6.3%	2,445		2,245		8.9%	3,551		3,398		4.5%	59.2%	94.8%	95.0%	975		916
Nashville	4	1,114	1,114	7,224		6,951		3.9%	2,693		2,749		(2.0)%	4,531		4,202		7.8%	62.7%	94.7%	95.3%	1,142		1,091
Norfolk - Richmond	6	1,643	1,564	9,904		9,933		(0.3)%	3,270		3,190		2.5%	6,634		6,743		(1.6)%	67.0%	95.2%	94.9%	1,108		1,115
Other Markets	8	5,755	5,754	33,447		31,462		6.3%	13,497		13,458		0.3%	19,950		18,004		10.8%	59.6%	95.2%	94.3%	1,017		966

Total Other Markets	26	10,835	10,579	64,696		61,923		4.5%	24,925		24,547		1.5%	39,771		37,376		6.4%	61.5%	95.0%	94.6%	1,073		1,031

Grand Total	117	42,174	40,918	$	351,841	$	337,073	4.4%	$	118,503	$	116,425	1.8%	$	233,338	$	220,648	5.8%	66.3%	95.8%	95.5%	$	1,495	$	1,438



		20



Supplemental Schedule 6(d)

Conventional Same Store Operating Expense Detail
(in thousands) (unaudited)

Quarterly Comparison

	2Q 2014		% of Total		2Q 2013		$ Change			% Change
Real estate taxes	$	16,793	28.6	%	$	16,120	$	673		4.2	%
Onsite payroll	10,624		18.1	%	10,796		(172		)	(1.6	)%
Utilities	11,878		20.2	%	11,116		762			6.9	%
Repairs and maintenance	8,063		13.7	%	8,378		(315		)	(3.8	)%
Software, technology and other	4,303		7.3	%	4,332		(29		)	(0.7	)%
Insurance	2,558		4.4	%	3,187		(629		)	(19.7	)%
Marketing	2,374		4.0	%	2,131		243			11.4	%
Expensed turnover costs	2,192		3.7	%	2,297		(105		)	(4.6	)%
Total	$	58,785	100.0	%	$	58,357	$	428		0.7	%

Sequential Comparison

	2Q 2014		% of Total		1Q 2014		$ Change			% Change
Real estate taxes	$	16,793	28.6	%	$	16,717	$	76		0.5	%
Onsite payroll	10,624		18.1	%	11,254		(630		)	(5.6	)%
Utilities	11,878		20.2	%	13,234		(1,356		)	(10.2	)%
Repairs and maintenance	8,063		13.7	%	7,285		778			10.7	%
Software, technology and other	4,303		7.3	%	4,055		248			6.1	%
Insurance	2,558		4.4	%	3,035		(477		)	(15.7	)%
Marketing	2,374		4.0	%	2,415		(41		)	(1.7	)%
Expensed turnover costs	2,192		3.7	%	1,722		470			27.3	%
Total	$	58,785	100.0	%	$	59,717	$	(932	)	(1.6	)%

Year to Date Comparison

	YTD 2Q 2014		% of Total		YTD 2Q 2013		$ Change			% Change
Real estate taxes	$	33,509	28.3	%	$	32,212	$	1,297		4.0	%
Onsite payroll	21,877		18.5	%	21,846		31			0.1	%
Utilities	25,112		21.2	%	22,898		2,214			9.7	%
Repairs and maintenance	15,348		13.0	%	16,085		(737		)	(4.6	)%
Software, technology and other	8,358		7.1	%	8,168		190			2.3	%
Insurance	5,593		4.7	%	6,820		(1,227		)	(18.0	)%
Marketing	4,789		4.0	%	4,428		361			8.2	%
Expensed turnover costs	3,917		3.2	%	3,968		(51		)	(1.3	)%
Total	$	118,503	100.0	%	$	116,425	$	2,078		1.8	%



	21



Supplemental Schedule 7(a)

Conventional Portfolio Data by Market
Second Quarter 2014 Compared to Second Quarter 2013
(unaudited)

	Quarter Ended June 30, 2014							Quarter Ended June 30, 2013
	Apartment Communities	Apartment Homes	Effective Apartment Homes	% Aimco NOI		Average Revenue per Effective Apartment Home		Apartment Communities	Apartment Homes	Effective Apartment Homes	% Aimco NOI		Average Revenue per Effective Apartment Home
Target Markets
Los Angeles	13	4,248	3,597	11.9	%	$	2,389	13	4,248	3,597	9.9	%	$	2,310
Orange County	4	1,213	1,213	3.6	%	1,868		4	1,213	1,213	3.2	%	1,793
San Diego	12	2,430	2,360	5.9	%	1,567		12	2,430	2,360	5.3	%	1,483
Southern CA Total	29	7,891	7,170	21.4	%	2,013		29	7,891	7,170	18.4	%	1,916
East Bay	2	413	413	1.1	%	1,753		2	413	413	0.9	%	1,559
San Jose	1	224	224	0.7	%	1,976		1	224	224	0.6	%	1,888
San Francisco	7	1,208	1,208	3.6	%	2,358		7	1,208	1,208	2.3	%	2,107
Northern CA Total	10	1,845	1,845	5.4	%	2,154		10	1,845	1,845	3.8	%	1,911

Atlanta	6	1,325	1,311	2.1	%	1,218		5	1,295	1,281	1.7	%	1,118
Boston	12	4,173	4,173	8.2	%	1,410		11	4,129	4,129	7.4	%	1,367
Chicago	10	3,245	3,245	6.8	%	1,546		11	3,407	3,343	6.4	%	1,468
Denver	7	1,613	1,540	3.1	%	1,358		8	2,177	2,104	3.6	%	1,169
Manhattan	23	999	999	3.4	%	2,949		21	959	959	3.4	%	2,933
Miami	5	2,516	2,505	7.8	%	2,128		5	2,494	2,483	7.1	%	2,001
Philadelphia	6	3,538	3,459	7.3	%	1,611		7	3,888	3,809	7.6	%	1,539
Phoenix	5	1,374	1,230	1.7	%	1,020		6	1,806	1,506	1.9	%	957
Seattle	2	239	239	0.3	%	1,847		2	239	239	0.3	%	1,695
Suburban New York - New Jersey	2	1,162	1,162	2.5	%	1,523		2	1,162	1,162	2.4	%	1,448
Washington - NoVa - MD	14	6,547	6,519	14.7	%	1,509		14	6,547	6,467	14.2	%	1,507

Total Target Markets	131	36,467	35,397	84.7	%	1,691		131	37,839	36,497	78.2	%	1,597

Other Markets
Baltimore	5	1,180	1,065	1.9	%	1,343		5	1,180	1,066	1.8	%	1,310
Houston	3	1,143	1,081	1.4	%	990		5	2,237	2,168	2.4	%	879
Nashville	4	1,114	1,114	1.7	%	1,153		4	1,114	1,114	1.6	%	1,099
Norfolk - Richmond	6	1,643	1,564	2.5	%	1,108		6	1,643	1,564	2.4	%	1,113
Other Markets	8	5,755	5,755	7.8	%	1,019		25	11,952	11,952	13.6	%	939

Total Other	26	10,835	10,579	15.3	%	1,076		45	18,126	17,864	21.8	%	979

Grand Total	157	47,302	45,976	100.0	%	$	1,548	176	55,965	54,361	100.0	%	$	1,389



		22



Supplemental Schedule 7(b)

Conventional Portfolio Data by Market
First Quarter 2014 Market Information
(unaudited)

Aimco's portfolio strategy seeks predictable rent growth from a portfolio of "A," "B" and "C" quality market-rate apartment communities, averaging "B/B+" in quality, and diversified among the largest coastal and job growth markets in the U.S., as measured by total apartment value. Aimco measures asset quality based on 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. The schedule below illustrates Aimco’s Conventional Apartment Community portfolio quality based on 1Q 2014 data, the most recent period for which third-party data is available. The portfolio data has been adjusted to remove apartment communities sold through 2Q 2014. Portfolio age is another indicator of quality. The average age of Aimco's portfolio, adjusted for its sizeable investment in redevelopment, is approximately 31 years. See the Glossary for further information.

	Quarter Ended March 31, 2014
	Apartment Communities	Apartment Homes	Effective Apartment Homes	% Aimco NOI		Average Rent per Effective Apartment Home [1]		Market Rent [2]		Percentage of Market Rent Average		Average Age of Apartment Communities [3]
Target Markets
Los Angeles	13	4,248	3,597	11.6	%	$	2,198	$	1,463	150.2	%	13
Orange County	4	1,213	1,213	3.6	%	1,699		1,603		106.0	%	15
San Diego	12	2,430	2,360	5.8	%	1,378		1,426		96.6	%	26
Southern CA Total	29	7,891	7,170	21.0	%	1,821		1,476		123.4	%	18
East Bay	2	413	413	1.1	%	1,538		1,449		106.1	%	34
San Jose	1	224	224	0.7	%	1,808		1,726		104.8	%	13
San Francisco	7	1,208	1,208	3.2	%	2,022		2,102		96.2	%	23
Northern CA Total	10	1,845	1,845	5.0	%	1,862		1,888		98.6	%	24

Atlanta	6	1,325	1,311	2.2	%	1,047		821		127.5	%	17
Boston	12	4,173	4,173	8.0	%	1,296		1,820		71.2	%	40
Chicago	10	3,245	3,245	7.2	%	1,343		1,089		123.3	%	19
Denver	7	1,613	1,540	3.3	%	1,151		918		125.4	%	26
Manhattan	23	999	999	2.8	%	2,824		3,128		90.3	%	106
Miami	5	2,512	2,501	8.1	%	1,823		1,130		161.3	%	24
Philadelphia	6	3,538	3,459	7.2	%	1,373		1,098		125.0	%	33
Phoenix	5	1,374	1,230	1.8	%	890		744		119.6	%	17
Seattle	2	239	239	0.4	%	1,522		1,151		132.2	%	16
Suburban New York - New Jersey	2	1,162	1,162	2.5	%	1,359		1,580		86.0	%	13
Washington - NoVa - MD	14	6,547	6,519	15.2	%	1,361		1,513		90.0	%	43

Total Target Markets	131	36,463	35,393	84.7	%	1,502		1,419		105.9	%	30

Other Markets
Baltimore	5	1,180	1,065	2.0	%	1,197		1,081		110.7	%	43
Houston	3	1,143	1,081	1.3	%	835		824		101.3	%	29
Nashville	4	1,114	1,114	1.8	%	981		801		122.5	%	27
Norfolk - Richmond	6	1,643	1,564	2.6	%	950		895		106.1	%	26
Other Markets	8	5,755	5,755	7.6	%	847		848		99.9	%	37

Total Other	26	10,835	10,579	15.3	%	910		871		104.4	%	34

Grand Total	157	47,298	45,972	100.0	%	$	1,364	$	1,291	105.7	%	31

[1] Represents rents after concessions and vacancy loss, divided by Effective Apartment Homes. Does not include other rental income.
[2] 1Q 2014 effective rents per REIS.
[3] Average Age of Apartment Communities represents the weighted average age of Aimco’s Conventional Apartment Communities as of 2013. Age is calculated by Aimco based on the year the community was originally built, adjusted for redevelopment and/or other major capital improvements that effectively reduce the age of the community. Such investments include construction of new buildings and/or amenities, replacement or modernization of mechanical, plumbing and electrical systems, and other investments that are consequential in nature.



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Supplemental Schedule 8

Apartment Community Disposition and Acquisition Activity
(dollars in millions, except average revenue per home) (unaudited)

Second Quarter 2014 Dispositions

	Apartment Communities	Number of Homes	Weighted Average Ownership	Gross Proceeds		NOI Cap Rate [2]		Free Cash Flow Cap Rate [3]		Property Debt		Net Sales Proceeds [4]		Aimco Gross Proceeds		Aimco Net Proceeds		Average Revenue per Home
Conventional	4	2,016	100%	$	150.0	7.3	%	5.7	%	$	44.9	$	96.0	$	150.0	$	117.8	$	930
Affordable [1]	2	111	55%	6.6		5.9	%	4.8	%	3.1		2.7		6.6		2.7		1,000
Total Dispositions	6	2,127	98%	$	156.6	7.2	%	5.7	%	$	48.0	$	98.7	$	156.6	$	120.5	$	933

Year-to-Date 2014 Dispositions

	Apartment Communities	Number of Homes	Weighted Average Ownership	Gross Proceeds		NOI Cap Rate [2]		Free Cash Flow Cap Rate [3]		Property Debt		Net Sales Proceeds [4]		Aimco Gross Proceeds		Aimco Net Proceeds		Average Revenue per Home
Conventional	7	3,235	100%	$	248.4	7.0	%	5.5	%	$	92.5	$	138.5	$	248.4	$	160.3	$	926
Affordable [1]	4	498	49%	45.1		6.7	%	5.5	%	16.2		26.8		24.1		13.7		1,051
Total Dispositions	11	3,733	93%	$	293.5	7.0	%	5.5	%	$	108.7	$	165.3	$	272.5	$	174.0	$	934


[1] In addition to the sales of consolidated apartment communities above, during the second quarter, Aimco sold its partnership interests in nine unconsolidated Affordable Apartment Communities with 427 apartment homes, for gross proceeds to Aimco of less than $0.1 million.
[2] NOI Cap Rate is calculated based on Aimco's share of the trailing twelve month proportionate property 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, if applicable. Conventional Apartment Communities sold during 2014 are primarily outside of Aimco's target markets or in less desirable
locations within Aimco's target markets, and had average revenues per apartment home approximately 40% below Aimco's retained portfolio. Accordingly, the NOI capitalization rates for Conventional
Apartment Communities sold during 2014 are not representative of those for Aimco's retained portfolio.
[3] Free Cash Flow Cap Rate represents the NOI cap rate, adjusted for assumed Capital Replacements spending of $1,200 per apartment home.
[4] Net Sales Proceeds are after repayment of existing debt, net working capital settlements, payment of transaction costs and debt prepayment penalties, if applicable.


Year-to-Date 2014 Acquisitions
Aimco acquired for $12.0 million two buildings containing a total of 40 units in the Upper East Side of Manhattan. Each of these buildings is contiguous to other buildings owned and operated by Aimco, allowing for operational efficiency, as well as the assemblage of air rights. The apartment communities had average revenues per home of $2,120 at the the date of their acquisition. Aimco intends to add value to the apartment communities through redevelopment of apartment homes and operational improvements.



		24



Supplemental Schedule 9

Capital Additions
(in thousands, except per apartment home data) (unaudited)


Aimco classifies capital additions as Capital Replacements (“CR”), Capital Improvements (“CI”), Property Upgrades, Redevelopment, Development or Casualty. Recurring capital additions are apportioned between CR and CI based on the useful life of the item under consideration and the period over which Aimco has owned the item. Under this method of classification,CR represents the portion of the item consumed during Aimco’s ownership of the item, while CI represents the portion of the item that was consumed prior to Aimco’s ownership. See the Glossary for further descriptions.

	Three Months Ended June 30, 2014						Six Months Ended June 30, 2014
	Conventional		Affordable		Total		Conventional		Affordable		Total
Capital Additions
Capital Replacements
Buildings and grounds	$	6,484	$	859	$	7,343	$	12,369	$	1,412	$	13,781
Turnover capital additions	2,336		304		2,640		4,464		576		5,040
Capitalized site payroll and indirect costs	1,114		59		1,173		2,024		97		2,121
Capital Replacements	9,934		1,222		11,156		18,857		2,085		20,942
Capital Improvements	5,920		218		6,138		11,973		852		12,825
Property Upgrades	10,733		—		10,733		19,201		—		19,201
Redevelopment Additions	54,388		—		54,388		106,107		—		106,107
Development Additions	8,244		—		8,244		17,226		—		17,226
Casualty	1,871		392		2,263		3,407		638		4,045
Total Capital Additions [1]	$	91,090	$	1,832	$	92,922	$	176,771	$	3,575	$	180,346

Total apartment homes	46,936		8,363		55,299		46,936		8,363		55,299
Capital Replacements per apartment home	$	212	$	146	$	202	$	402	$	249	$	379



[1] Total Capital Additions reported above exclude $0.6 million and $1.5 million, respectively, for the three and six months ended June 30, 2014, related to apartment communities sold or classified as held for sale at the end of the period. For the three and six months ended June 30, 2014, Total Capital Additions include $3.7 million and $8.0 million of interest costs, respectively.



	25



Supplemental Schedule 10

Summary of Redevelopment and Development Activity																(Page 1 of 2)
Six Months Ended June 30, 2014
(dollars in millions, except per apartment home data) (unaudited)

						Schedule				Incremental Monthly Revenue per Apartment Home
	Total Number of Apartment Homes at Completion	Estimated Net Investment		Inception-to-Date Net Investment		Construction Start	Initial Occupancy	Construction Complete	Stabilized Occupancy	Rent		Other Income		Total		Commercial Revenue		Occupancy
Redevelopment of Operating Communities
2900 on First Apartments, Seattle, WA [1]	135	$	15.2	$	4.5	1Q 2014	1Q 2014	1Q 2015	1Q 2015	$	485	$	40	$	525	$	0.1	43	%
The Palazzo at Park La Brea, Los Angeles, CA [2]	521	15.7		11.6		1Q 2012	4Q 2012	3Q 2014	4Q 2014	$	370	$	—	$	370	$	—	94	%
The Sterling, Philadelphia, PA [3]	537	25.0		7.1		4Q 2013	3Q 2014	2Q 2015	4Q 2014	$	160	$	20	$	180	$	0.5	87	%
Subtotal	1,193	$	55.9	$	23.2

						Schedule				Monthly Revenue per Apartment Home
	Total Number of Apartment Homes at Completion	Estimated Net Investment		Inception-to-Date Net Investment		Construction Start	Initial Occupancy	Construction Complete	Stabilized Occupancy	Rent		Other Income		Total		Commercial Revenue		Occupancy
Previously Vacant Communities
Lincoln Place, Venice, CA [4]	795	$	365.0	$	341.3	Multiple	Multiple	1Q 2015	2Q 2015	$	2,690	$	130	$	2,820	$	—	43	%
The Preserve at Marin, Corte Madera, CA	126	125.5		101.5		4Q 2012	1Q 2014	1Q 2015	2Q 2015	5,150		150		5,300		—		21	%

New Development
One Canal Street, Boston, MA	310	190.0		33.1		4Q 2013	1Q 2016	2Q 2016	2Q 2017	3,300		400		3,700		1.1		n/a
Subtotal/weighted average	1,231	$	680.5	$	475.9					$	3,095	$	200	$	3,295	$	1.1

Completed This Quarter
Pacific Bay Vistas, San Bruno, CA	308	121.1		119.9		4Q 2011	3Q 2013	2Q 2014	3Q 2014	$	2,390	$	160	$	2,550	—		82	%
Grand Total	2,732	$	857.5	$	619.0


Terms and Definitions
Estimated Net Investment - represents total estimated investment, net of tax and other credits earned by Aimco as a direct result of its redevelopment or development of the community. Total estimated investment includes all capitalized costs projected to be incurred to redevelop or develop the respective community, as determined in accordance with GAAP. Where possible, Aimco makes use of tax and other available credits to reduce its invested capital, thereby maximizing investment returns. Aimco seeks historic tax and other credits related to several other communities in its redevelopment pipeline, which, if successful, Aimco will include in the net estimated investment.
Stabilized Occupancy - period in which Aimco expects to achieve targeted physical occupancy, generally greater than 90%. Prior to first quarter 2014, Aimco reported “Stabilized Operations”, which represented the quarter in which Aimco expected property operations to no longer be impacted by construction activity.
Commercial Revenue - represents the projected annual revenue, or incremental revenue, contribution from commercial rents.
Monthly Revenue per Apartment Home - represents the sum of projected rents and other rental income on a per-apartment home basis. Projections are based on management's judgment and take into consideration factors including but not limited to: current rent and other rental income expectations; current market rents; and rental achievement to date. Aimco expects to update these projections at least annually to reflect changes in market rents and rental rate achievement.
Incremental Monthly Revenue per Apartment Home - represents the sum of the amounts by which rents and other rental income per apartment home are projected to increase compared to pre-redevelopment amounts. Projections are based on management's judgment and take into consideration factors including but not limited to: current rent and other rental income expectations; current market rents; and rental achievement to date. Aimco expects to update its projections at least annually to reflect changes in market rents and rental rate achievement.
Occupancy - for previously vacant communities and new development, represents physical occupancy as of June 30, 2014. For other redevelopment, represents second quarter 2014 average daily occupancy.



		26

Supplemental Schedule 10

Summary of Redevelopment and Development Activity

(Page 2 of 2)

[1] During the second quarter 2014, Aimco increased the scope of this redevelopment to include amenities such as a new fitness center, a redesigned courtyard to include a dog park, resident lounge and BBQ area, and other building interior and commercial space upgrades. Aimco expects to invest approximately $8.2 million in these additional amenities and upgrades, bringing the total estimated redevelopment investment to $15.2 million. As a result of the increased scope of work, Aimco expects to increase average revenue per apartment home at this community by an incremental $245 per month, bringing the project-wide incremental increase in average revenue per apartment home to $525 per month. The expanded scope does not impact the schedule as previously disclosed.

[2] The Palazzo is owned in a joint venture in which Aimco has an approximate 53% interest. Aimco's share of this $15.7 million investment is $8.3 million.

[3] This redevelopment includes significant renovation of existing commercial space, upgrading common areas and the redevelopment of 69 apartment homes. Aimco may redevelop additional apartment homes in the future. Stabilized Occupancy is expected in 4Q 2014, while construction related to the redevelopment of common areas and commercial space will continue into 2Q 2015.

[4] An earlier phase of the Lincoln Place redevelopment began in fourth quarter 2011. During third quarter 2012, redevelopment started on the remaining buildings and construction began on the new apartment and amenity buildings. In addition, Aimco determined in first quarter 2014 the value of historic tax and other credits secured in connection with the redevelopment. Aimco’s net investment is projected to be $365 million, which consists of a gross investment of $390 million, offset by $25 million of historic tax and other credits associated with the redevelopment.



		27

GLOSSARY AND RECONCILIATIONS OF NON-GAAP FINANCIAL AND OPERATING MEASURES

This Earnings Release and Supplemental Information include certain financial and operating measures used by Aimco management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. Aimco's definitions and calculations 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 APARTMENT COMMUNITIES: Apartment communities acquired since January 1, 2013.

AFFORDABLE APARTMENT COMMUNITIES: Affordable Apartment Communities 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 credits, or rental assistance payments to the owners of the communities. 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 OP: AIMCO Properties, L.P., a Delaware limited partnership, is the operating partnership in Aimco's UPREIT structure. Aimco owns approximately 95% of the common partnership units of the Aimco OP.

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 2, 4 and 5 for reconciliation of Aimco's proportionate share of financial results to Aimco's consolidated financial statements.

AVERAGE AGE OF APARTMENT COMMUNITIES: Average Age of Apartment Communities represents the weighted average age of Aimco’s communities as of 2013 and is based on the year the community was originally built, adjusted for redevelopment and/or other major capital improvements that effectively reduce the age of the community. Such investments include construction of new buildings and/or amenities, replacement or modernization of mechanical, plumbing and electrical systems, and other investments that are consequential in nature.

CAPITAL ADDITIONS DEFINITIONS

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.

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.

PROPERTY UPGRADES: Property Upgrades may include kitchen and bath remodeling; energy conservation projects; and investments in longer-lived materials designed to reduce turnover costs, such as simulated wood flooring and granite countertops. Property Upgrades differ from Redevelopment Additions in that they are generally lesser in scope and do not significantly disrupt property operations.



	28

REDEVELOPMENT ADDITIONS: Redevelopment additions represent capital additions intended to enhance the value of the apartment community through the ability to generate higher average rental rates. Redevelopment additions may include costs related to entitlement, which enhance the value of a community through increased density, and costs related to renovation of exteriors, common areas or apartment homes.

CONVENTIONAL APARTMENT COMMUNITIES: Conventional Apartment Communities represent Aimco's portfolio of market-rate apartment communities. Aimco's portfolio strategy seeks predictable rent growth from a portfolio of "A", "B" and "C" quality Conventional Apartment Communities, averaging "B/B+" in quality, and diversified among the largest coastal and job growth markets in the United States, as measured by apartment value.

DEBT RATIO DEFINITIONS

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 primarily Aimco property debt.

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 primarily Aimco property debt to (b) Proportionate 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 primarily Aimco property debt, plus Aimco's preferred stock and the preferred units of the Aimco OP to (b) Proportionate EBITDA.

DEBT SERVICE COVERAGE RATIO: As defined in Aimco's credit agreement, the ratio of (a) Earnings Before Interest, Taxes, Depreciation and Amortization, reduced by certain capital expenditure reserves (which Aimco refers to as "Compliance EBITDA"), 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.

EBITDA COVERAGE OF INTEREST RATIO: The ratio of (a) Proportionate EBITDA to (b) Adjusted Interest Expense.

EBITDA COVERAGE OF INTEREST AND PREFERRED DIVIDENDS RATIO: The ratio of (a) Proportionate EBITDA to (b) the sum of Adjusted Interest Expense and Preferred Dividends.

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.

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

PROPORTIONATE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (PROPORTIONATE EBITDA): Proportionate 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.

EFFECTIVE APARTMENT HOMES: The number of actual apartment homes multiplied by Aimco's ownership interest in the apartment community as of the end of the current period. Effective Apartment Homes may be used to analyze Aimco's proportionate financial measures on a per-home basis.



	29

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.

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.

MONEY-WEIGHTED AVERAGE INTEREST RATE: Money-Weighted Average Interest Rate represents the weighted average interest rate on Aimco’s fixed and floating rate property debt taking into account the timing of amortization and maturities. This rate is calculated by Aimco based on the unpaid principal balance as of June 30, 2014, and all contractual debt service payments associated with each of its fixed and floating rate property loans. The Money-Weighted Average Interest Rate can be compared to market interest rates to estimate the difference between the book value of Aimco’s fixed and floating rate property debt and the market value of such debt.

NEW LEASE AND RENEWAL RATES: 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.

OTHER AFFORDABLE APARTMENT COMMUNITIES: Affordable Apartment Communities that do not meet the Same Store Apartment Community definition because they are not managed by Aimco and/or they are not subject to tax credit agreements.

OTHER CONVENTIONAL APARTMENT COMMUNITIES: Conventional Apartment Communities that have significant rent control restrictions; that had not reached and maintained a stabilized level of occupancy as of January 1, 2013, often due to a casualty event, and the operations of properties that are not multi-family, such as fitness centers.

OTHER EXPENSES, NET: Other expenses, net includes franchise taxes, risk management activities related to our unconsolidated partnerships, certain other corporate expenses and expenses specifically related to Aimco's administration of its real estate partnerships, for example, services such as audit, tax and legal.

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. Reconciliations of NOI as presented in this Earnings Release and Supplemental Information to Aimco's consolidated GAAP amounts are provided on the following pages.



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Reconciliation of GAAP to Supplemental Schedule 6(a) Proportionate Conventional Same Store NOI Amounts
(in thousands) (unaudited)
	Three Months Ended June 30, 2014
	Consolidated Amounts		Noncontrolling Interests			Proportionate Amount		Ownership Adjustments			Proportionate Property Amount
Conventional Same Store:
Rental and other property revenues	$	184,984	$	(7,770	)	$	177,214	$	(287	)	$	176,927
Property operating expenses	60,979		(2,594		)	58,385		400			58,785
Property NOI	$	124,005	$	(5,176	)	$	118,829	$	(687	)	$	118,142



	Three Months Ended June 30, 2013
	Consolidated Amounts		Noncontrolling Interests			Proportionate Amount		Ownership Adjustments		Proportionate Property Amount
Conventional Same Store:
Rental and other property revenues	$	177,490	$	(7,904	)	$	169,586	$	311	$	169,897
Property operating expenses	60,838		(2,775		)	58,063		294		58,357
Property NOI	$	116,652	$	(5,129	)	$	111,523	$	17	$	111,540



Reconciliation of GAAP to Supplemental Schedule 6(b) Proportionate Conventional Same Store NOI Amounts
(in thousands) (unaudited)
	Three Months Ended March 31, 2014
	Consolidated Amounts		Noncontrolling Interests			Proportionate Amount		Ownership Adjustments			Proportionate Property Amount
Conventional Same Store:
Rental and other property revenues	$	182,871	$	(7,674	)	$	175,197	$	(283	)	174,914
Property operating expenses	62,386		(2,751		)	59,635		82			59,717
Property NOI	$	120,485	$	(4,923	)	$	115,562	$	(365	)	$	115,197




Reconciliation of GAAP to Supplemental Schedule 6(c) Proportionate Conventional Same Store NOI Amounts
(in thousands) (unaudited)
	Six Months Ended June 30, 2014
	Consolidated Amounts		Noncontrolling Interests			Proportionate Amount		Ownership Adjustments			Proportionate Property Amount
Conventional Same Store:
Rental and other property revenues	$	367,854	$	(15,444	)	$	352,410	$	(569	)	$	351,841
Property operating expenses	123,365		(5,345		)	118,020		483			118,503
Property NOI	$	244,489	$	(10,099	)	$	234,390	$	(1,052	)	$	233,338




	Six Months Ended June 30, 2013
	Consolidated Amounts		Noncontrolling Interests			Proportionate Amount		Ownership Adjustments		Proportionate Property Amount
Conventional Same Store:
Rental and other property revenues	$	352,244	$	(15,983	)	$	336,261	$	812	$	337,073
Property operating expenses	121,449		(5,653		)	115,796		629		116,425
Property NOI	$	230,795	$	(10,330	)	$	220,465	$	183	$	220,648



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Reconciliation of GAAP to Supplemental Schedule 4 Trailing Twelve Month (TTM) Proportionate NOI Amounts
(in thousands) (unaudited)
													Subtract		Add
	Year Ended December 31, 2013									Y2013 to Y2014			Six Months June 30, 2013		Six Months June 30, 2014
	Consolidated Amount		Proportionate Share of Unconsolidated Partnerships		Noncontrolling Interests			Proportionate Amount		Property Classification and Sales Changes			Proportionate Amount		Proportionate Amount		TTM Proportionate Amount
Rental and other property revenues:
Conventional Same Store	$	747,478	$	—	$	(31,395	)	$	716,083	$	(35,511	)	$	336,261	$	352,410	$	696,721
Conventional Redevelopment	7,149		—		—			7,149		9,276			7,526		12,837		21,736
Other Conventional	79,475		1,896		—			81,371		(12,944		)	33,534		35,546		70,439
Affordable	105,054		4,677		(7,365		)	102,366		(3,779		)	49,187		50,727		100,127
Total rental and other property revenues	939,156		6,573		(38,760		)	906,969		(42,958		)	426,508		451,520		889,023
Property operating expenses:
Conventional Same Store	253,696		—		(11,001		)	242,695		$	(13,671	)	115,796		118,020		231,248
Conventional Redevelopment	1,937		—		—			1,937		5,307			3,391		4,916		8,769
Other Conventional	39,538		525		—			40,063		(8,415		)	15,361		17,371		33,658
Affordable	43,014		2,169		(3,568		)	41,615		(1,720		)	20,227		21,264		40,932
Total property operating expenses	338,185		2,694		(14,569		)	326,310		(18,499		)	154,775		161,571		314,607
Net operating income:
Conventional Same Store	493,782		—		(20,394		)	473,388		(21,840		)	220,465		234,390		465,473
Conventional Redevelopment	5,212		—		—			5,212		3,969			4,135		7,921		12,967
Other Conventional	39,937		1,371		—			41,308		(4,529		)	18,173		18,175		36,781
Affordable	62,040		2,508		(3,797		)	60,751		(2,059		)	28,960		29,463		59,195
Total rental and other property revenues	$	600,971	$	3,879	$	(24,191	)	$	580,659	$	(24,459	)	$	271,733	$	289,949	$	574,416

REDEVELOPMENT APARTMENT COMMUNITIES: Apartment communities where (a) a substantial number of available apartment homes have been vacated for major renovations or (b) occupancy was not stabilized as of January 1, 2013, due to ongoing or completed renovations, such as exteriors, common areas or apartment home improvements.

SAME STORE APARTMENT COMMUNITIES: Same Store apartment communities are those that (a) are managed by Aimco, (b) have reached and maintained a stabilized level of occupancy as of January 1, 2013, and (c) are not expected to be sold within 12 months. Same Store apartment communities are classified as either Conventional or Affordable. Affordable Same Store apartment communities exclude those that are not subject to tax credit agreements.

SOLD AND HELD FOR SALE APARTMENT COMMUNITIES: Apartment communities either sold during the period or classified as held for sale at the end of the period. Beginning in first quarter 2014, results of operations and any gain or loss on sales of these apartment communities are included in continuing operations in Aimco's consolidated income statements. For purposes of highlighting results of operations related to Aimco's retained portfolio, results for Sold and Held For Sale Apartment Communities are detailed separately in Aimco's Proportionate FFO presentation found in Supplemental Schedule 2.



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