Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________________________________

FORM 8-K

_____________________________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) July 30, 2015

_____________________________________________

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

(Exact name of registrant as specified in its charter)

_____________________________________________



MARYLAND	1-13232	84-1259577
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation or organization)	File Number)	Identification No.)

4582 SOUTH ULSTER STREET

SUITE 1100, DENVER, CO 80237

_____________________________________________



(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (303) 757-8101

NOT APPLICABLE

(Former name or Former Address, if Changed Since Last Report)

_____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


ITEM 2.02.	Results of Operations and Financial Condition.

The earnings release of Apartment Investment and Management Company (“Aimco”), dated July 30, 2015, attached hereto as Exhibit 99.1 is furnished herewith. Aimco will hold its second quarter 2015 earnings conference call on July 31, 2015, at 1:00 p.m. Eastern time. You may join the conference call through an internet webcast accessed through Aimco's website at http://www.aimco.com/investors/events-presentations/webcasts. Alternatively, you may join the conference call by telephone by dialing 888-317-6003, or 412-317-6061 for international callers, and using passcode 3442231. If you wish to participate, please call approximately five minutes before the conference call is scheduled to begin.

If you are unable to join the live conference call, you may access the replay until 9:00 a.m. Eastern time on August 14, 2015, by dialing 877-344-7529, or 412-317-0088 for international callers, and using passcode 10068515, or you may access the audiocast replay on Aimco's website at http://www.aimco.com/investors/events-presentations/webcasts. Please note that the full text of the earnings release and supplemental schedules are available through Aimco's website at http://www.aimco.com/investors/financial-reports/quarterly-earning-reports. The information contained on Aimco's website is not incorporated by reference herein.

ITEM 9.01. Financial Statements and Exhibits.

The following exhibits are furnished with this report:

Exhibit Number Description

99.1 Second Quarter 2015 Earnings Release dated July 30, 2015

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: July 30, 2015

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

/s/ Ernest M. Freedman

___________________________________________

Ernest M. Freedman

Executive Vice President and Chief Financial Officer

Page



1		Earnings Release

8		Consolidated Statements of Operations

9		Consolidated Balance Sheets

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

11		Schedule 2 – Proportionate Adjusted Funds From Operations Presentation

13		Schedule 3 – Portfolio Summary

14		Schedule 4 – Proportionate Balance Sheet Data

15		Schedule 5 – Capitalization and Financial Metrics

17		Schedule 6 – Conventional Same Store Operating Results

21		Schedule 7 – Conventional Portfolio Data by Market

23		Schedule 8 – Apartment Community Disposition and Acquisition Activity

24		Schedule 9 – Capital Additions

25		Schedule 10 – Summary of Redevelopment and Development Activity

29		Glossary and Reconciliations

Aimco Reports Second Quarter 2015 Results, Raises Guidance

Denver, Colorado, July 30, 2015 - Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today second quarter 2015 results and raised full year 2015 earnings guidance.

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 control, Same Store Net Operating Income was up 6.7% year-over-year. At almost $1,760, average revenue per apartment home was up 14% year-over-year, reflecting rent growth and portfolio improvements. We are making good progress on our redevelopment and development activities. Our balance sheet is strong. Our prospects are good as we enter the second half of the year."

Chief Financial Officer Ernie Freedman adds: "Second quarter Pro forma FFO of $0.56 per share was $0.01 per share above the high end of our guidance range, primarily due to strong property operating results and higher than expected non-recurring income. We are increasing guidance for full year Pro forma FFO, AFFO and operating results, to reflect second quarter outperformance and our expectations for the remainder of the year."

Financial Results: Second Quarter AFFO Up 5% Year-Over-Year



	SECOND QUARTER						YEAR-TO-DATE
(all items per common share - diluted)	2015			2014			2015			2014
Net income	$	0.39		$	0.51		$	0.97		$	0.95
Funds From Operations (FFO)	$	0.56		$	0.52		$	1.07		$	1.02
Add back Aimco's share of preferred equity redemption related amounts	$	—		$	—		$	0.01		$	—
Pro forma Funds From Operations (Pro forma FFO)	$	0.56		$	0.52		$	1.08		$	1.02
Deduct Aimco share of Capital Replacements	$	(0.10	)	$	(0.08	)	$	(0.16	)	$	(0.16	)
Adjusted Funds From Operations (AFFO)	$	0.46		$	0.44		$	0.92		$	0.86

Pro forma FFO (per diluted common share) - Year-over-year, second quarter Pro forma FFO increased 8% as a result of: strong Property Net Operating Income growth; increased contribution from redevelopment and acquisition communities; lower interest expense due to lower debt balances; higher income tax benefit due to recognition of historic tax credits related to Aimco's Park Towne Place redevelopment; and higher non-recurring income. These increases were partially offset by the loss of income from apartment communities that were sold and higher preferred stock dividends attributable to Aimco's second quarter 2014 offering of its Class A Preferred Stock.

Adjusted Funds from Operations (per diluted common share) - Year-over-year, second quarter AFFO increased 5% as a result of higher Pro forma FFO, offset somewhat by the timing of Capital Replacement spending during 2015. As Aimco concentrates its investment capital in higher-quality, higher price point apartment communities, its free cash flow margin is increasing.



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Operating Results: Second Quarter Conventional Same Store NOI Up 6.7%



	SECOND QUARTER										YEAR-TO-DATE
	Year-over-Year						Sequential				Year-over-Year
	2015		2014		Variance		1st Qtr.		Variance		2015		2014		Variance
Average Rent Per Apartment Home	$1,521		$1,458		4.3	%	$1,510		0.7	%	$1,515		$1,453		4.3	%
Other Income Per Apartment Home	182		174		4.6	%	181		0.6	%	182		173		5.2	%
Average Revenue Per Apartment Home	$1,703		$1,632		4.4	%	$1,691		0.7	%	$1,697		$1,626		4.4	%
Average Daily Occupancy	96.3	%	96.2	%	0.1	%	95.8	%	0.5	%	96.1	%	96.0	%	0.1	%

$ in Millions
Revenue	$169.9		$162.7		4.5	%	$167.9		1.2	%	$337.9		$323.5		4.5	%
Expenses	53.1		53.1		(0.1	)%	55.4		(4.2	)%	108.5		107.1		1.3	%
NOI	$116.8		$109.6		6.7	%	$112.5		3.9	%	$229.4		$216.4		6.0	%

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.



2015	1st Qtr.	Apr	May	Jun	2nd Qtr.	Year-to-Date
Renewal rent increases	4.8%	5.3%	4.5%	5.3%	5.1%	4.9%
New lease rent increases	1.2%	4.5%	6.1%	6.4%	5.7%	3.7%
Weighted average rent increases	2.8%	4.9%	5.4%	5.9%	5.4%	4.3%

Portfolio Management: Revenue Per Apartment Home Up 14% to $1,759

Aimco portfolio strategy seeks predictable rent growth from a portfolio of "A," "B" and "C+" quality 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 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 the local market average; "B" quality assets are those with rents between 90% and 125% of the local market average; "C+" quality assets are those with rents greater than $1,100 per month but lower than 90% of the local market average. For first quarter 2015, the most recent period for which REIS information is available, Aimco Conventional apartment rents averaged 110% of local market average rents.

Aimco's portfolio strategy is 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, Aimco has significantly increased the quality of its portfolio. From December 31, 2011 to June 30, 2015, Aimco:


•	Increased its period-end Conventional portfolio average revenue per apartment home by 39% to $1,759. This rate of growth reflects the impact of market rent growth, and more significantly, the impact of portfolio management through dispositions, redevelopment and acquisitions.


•	Increased its Conventional portfolio free cash flow margin by 12% through the sale of lower-rent communities and reinvestment in higher-rent communities;



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•	Disposed entirely its holdings represented by "C" quality apartment communities with rents lower than 90% of local market average and less than $1,100 per month, and increased by 65% the percentage of its portfolio represented by "A" quality apartment communities; and


•	Increased to 92% the percentage of its Conventional Property Net Operating Income earned in Aimco's target markets.

As Aimco executes its portfolio strategy, it expects to increase Conventional portfolio average revenue per apartment home at a rate greater than market rent growth; to increase free cash flow margins; and to increase to 95% or more the percentage of its Conventional Property Net Operating Income earned in target markets.

Second Quarter 2015 Dispositions - In the second quarter, Aimco sold one Conventional Apartment Community and one Affordable Apartment Community for $109.9 million in gross proceeds. Aimco's share of net sales proceeds after distributions to limited partners, repayment of existing property debt, and payment of transaction costs was $59.2 million. The Conventional Apartment Community sold during the quarter, Ramblewood, was Aimco's last Conventional property in the state of Michigan. Revenues per apartment home for Ramblewood averaged $876, half the $1,759 average of the retained portfolio.

Second Quarter 2015 Acquisitions - As previously announced, in the second quarter, Aimco acquired for $63 million Axiom Apartment Homes located near Kendall Square in Cambridge, Massachusetts. Aimco began leasing up the newly constructed six-story building during second quarter, which includes 115 apartment homes and 3,800 square feet of retail space. As of June 30, the apartment homes were 13% occupied. Upon stabilization, revenues per apartment home are expected to average $3,550, making this an "A" quality asset for Aimco.

Also in the second quarter, Aimco acquired 270 on Third, an eight-story, 91-apartment home community currently under construction near Kendall Square in Cambridge, Massachusetts. 270 on Third is located two blocks from Axiom Apartment Homes and is contiguous to a large life science complex now under construction, the completion of which is planned for late spring or early summer 2016. Upon completion in the fourth quarter of 2015, 270 on Third will also contain more than 8,000 square feet of retail space. At closing, Aimco paid $27.9 million and agreed to fund further construction costs up to $15.1 million, for total consideration not to exceed $43 million. Aimco expects to invest an additional $2 million for other improvements and capitalized costs, bringing its total projected investment to $45 million. Upon stabilization, revenues per apartment home are expected to average $2,600, making this an "A" quality asset for Aimco.

Quarter-End Portfolio - Second quarter 2015 Conventional portfolio average monthly revenue per apartment home was $1,759, a 14% increase compared to second quarter 2014, as a result of year-over-year Same Store monthly revenue per apartment home growth of 4.4%, the sale of Conventional Apartment Communities with average monthly revenues per apartment home substantially lower than those of the retained portfolio, and reinvestment of the sales proceeds in higher-rent apartment communities through redevelopment and acquisitions.

Redevelopment: 2900 on First Completed, Lincoln Place Leased

During second quarter, Aimco invested $44.7 million in redevelopment. Construction was completed at 2900 on First in Seattle and, as of June 30, was 97% occupied. Lincoln Place in Venice, California, and The Preserve at Marin in the Bay Area were completed in first quarter and, as of June 30, were 96% and 90% occupied, respectively.

Also during second quarter, Aimco approved a plan to continue redevelopment of The Sterling, located in Center City Philadelphia. Since 2014, Aimco has completed the redevelopment of 121, or approximately



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one-quarter, of the apartment homes as planned, at a cost consistent with underwriting, and at rents in excess of Aimco's underwriting. These results led to Aimco’s decision to redevelop an additional five floors with 103 apartment homes for an additional investment of approximately $13.5 million.

Development: Progressing as Planned

During second quarter, Aimco invested $22.2 million in the development of One Canal Street, located in the historic Bulfinch Triangle neighborhood of Boston’s West End. One Canal Street will include 310 apartment homes and 22,000 square feet of commercial space. Aimco expects completion of construction in second quarter 2016.

Balance Sheet and Liquidity: Leverage on Target and Declining

Components of Aimco Leverage



	AS OF JUNE 30, 2015
$ in Millions	Amount		% of Total		Weighted Avg. Maturity (Yrs.)
Aimco share of long-term, non-recourse property debt	$	3,683.9	93	%	8.4
Outstanding borrowings on revolving credit facility	47.5		1	%	3.3
Preferred securities	247.7		6	%	Perpetual
Total leverage	$	3,979.1	100	%	n/a

Leverage Ratios

Aimco target leverage ratios are: Debt and Preferred Equity to EBITDA below 7.0x; and EBITDA to Interest and Preferred Dividends greater than 2.5x. Aimco also tracks Debt to EBITDA and EBITDA to Interest ratios. See the Glossary for definitions of these metrics.



	TRAILING-TWELVE-MONTHS ENDED JUNE 30,
	2015	2014
Debt to EBITDA	6.5x	6.8x
Debt and Preferred Equity to EBITDA	7.0x	7.3x
EBITDA to Interest	2.9x	2.6x
EBITDA to Interest and Preferred Dividends	2.6x	2.5x

Future leverage reduction is expected both from earnings growth, especially as apartment communities now being redeveloped or developed are completed and leased, and from regularly scheduled property debt amortization funded from retained earnings.

Liquidity

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

At quarter-end, Aimco had outstanding borrowings on its revolving credit facility of $47.5 million and available capacity of $514.9 million, net of $37.6 million of letters of credit backed by the facility. Aimco also held cash and restricted cash on hand of $133.5 million.

Finally, Aimco held 23 apartment communities in its unencumbered asset pool with a total estimated fair market value of approximately $1.5 billion.



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Equity Activity

Dividend - As previously announced, the Aimco Board of Directors declared a quarterly cash dividend of $0.30 per share of Class A Common Stock for the quarter ended June 30, 2015, an increase of 15% compared to the dividend for the second quarter 2014. This dividend is payable on August 31, 2015, to stockholders of record on August 14, 2015.

2015 Outlook: Guidance Raised to Reflect First Half Outperformance



($ Amounts represent Aimco Share)	FULL YEAR 2015	PREVIOUS FULL YEAR 2015	CHANGE AT THE MIDPOINT	FULL YEAR 2014

Net income per share	$1.16 to $1.26	$0.88 to $0.98	+ $0.28	$2.06
Pro forma FFO per share	$2.16 to $2.26	$2.14 to $2.24	+ $0.02	$2.07
AFFO per share	$1.83 to $1.93	$1.82 to $1.92	+ $0.01	$1.68

Conventional Same Store Operating Measures
NOI change compared to prior year	5.00% to 6.00%	4.50% to 5.50%	+ 0.50%	5.5%
Revenue change compared to prior year	4.25% to 4.75%	4.00% to 4.50%	+ 0.25%	4.5%
Expense change compared to prior year	2.00% to 2.50%	2.50% to 3.00%	- 0.50%	2.3%

Investment Management Income
Recurring revenues	$24M	$24M	-	$27.3M
Non-recurring revenues	$4M	$0M	+ $4M	$4.2M

Income Taxes
Historic Tax Credit Benefit	$13M to $14M	$12M to $14M	+ $0.5M	$11.5M
Other Tax Benefits	$13M to $14M	$13M to $15M	- $0.5M	$8.5M

Offsite Costs
Property management expenses	$24M	$24M	-	$24.8M
General and administrative expenses	$43M	$43M	-	$44.1M
Investment management expenses	$6M	$6M	-	$7.3M

Capital Investments
Redevelopment	$120M to $125M	$120M to $130M	- $2.5M	$182.0M
Development	$105M to $115M	$90M to $100M	+ $15M	$46.9M
Property upgrades	$55M	$45M	+ $10M	$49.9M
Capital Replacements ($1,000 per apartment home)	$53M	$51M	+ $2M	$56.1M

Transactions
Real estate value of property dispositions	$400M to $450M	$250M to $300M	+ $150M	$689.5M
Aimco net proceeds from property dispositions	$215M to $225M	$150M to $160M	+ $65M	$435.2M
Real estate value of property acquisitions	$129M	n/a	n/a	$291.9M



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	THIRD QUARTER 2015

Net income per share	$0.11 to $0.15
Pro forma FFO per share	$0.54 to $0.58
AFFO per share	$0.43 to $0.47

Conventional Same Store Operating Measures
NOI change compared to third quarter 2014	4.50% to 5.50%
NOI change compared to second quarter 2015	-1.25% to -0.25%

Earnings Conference Call Information



Live Conference Call:	Conference Call Replay:
Friday, July 31, 2015 at 1:00 p.m. ET	Replay available until 9:00 a.m. ET on August 14, 2015
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: 3442231	Passcode: 10068515
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.

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 199 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



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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 2015 results, including but not limited to: Pro forma FFO and selected components thereof; AFFO; Aimco's redevelopment and development investments, timelines and stabilized rents; and expectations regarding sales of Aimco's apartment communities and the use of proceeds thereof. 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, redevelopments and developments; our ability to meet budgeted costs and timelines, and achieve budgeted rental rates related to our developments and redevelopments; 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, redevelopments and developments; 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 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, 2014, 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)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
REVENUES
Rental and other property revenues	$	238,637		$	239,492		$	476,926		$	479,628
Tax credit and asset management revenues	6,146			6,926			12,122			15,714
Total revenues	244,783			246,418			489,048			495,342

OPERATING EXPENSES
Property operating expenses	87,930			94,500			183,422			193,768
Investment management expenses	1,086			1,021			2,689			2,273
Depreciation and amortization	75,150			71,399			149,582			141,706
General and administrative expenses	12,062			10,119			22,714			20,646
Other expenses, net	2,912			3,582			3,931			5,874
Total operating expenses	179,140			180,621			362,338			364,267
Operating income	65,643			65,797			126,710			131,075
Interest income	1,705			1,671			3,430			3,400
Interest expense	(49,605		)	(55,061		)	(103,125		)	(110,807		)
Other, net	350			189			2,614			(1,790		)
Income before income taxes and gain on dispositions	18,093			12,596			29,629			21,878
Income tax benefit	5,814			5,347			12,735			8,105
Income from continuing operations	23,907			17,943			42,364			29,983
Gain on dispositions of real estate, net of tax	44,781			66,662			130,474			136,154
Net income	68,688			84,605			172,838			166,137
Noncontrolling interests:
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(111		)	(2,226		)	(4,867		)	(13,615		)
Net income attributable to preferred noncontrolling interests in Aimco OP	(1,736		)	(1,602		)	(3,472		)	(3,207		)
Net income attributable to common noncontrolling interests in Aimco OP	(2,972		)	(3,735		)	(7,370		)	(7,346		)
Net income attributable to noncontrolling interests	(4,819		)	(7,563		)	(15,709		)	(24,168		)
Net income attributable to Aimco	63,869			77,042			157,129			141,969
Net income attributable to Aimco preferred stockholders	(2,758		)	(1,758		)	(6,280		)	(2,212		)
Net income attributable to participating securities	(307		)	(274		)	(701		)	(513		)
Net income attributable to Aimco common stockholders	$	60,804		$	75,010		$	150,148		$	139,244
Earnings attributable to Aimco per common share - basic:
Income from continuing operations	$	0.39		$	0.51		$	0.97		$	0.96
Net income	$	0.39		$	0.51		$	0.97		$	0.96
Earnings attributable to Aimco per common share - diluted:
Income from continuing operations	$	0.39		$	0.51		$	0.97		$	0.95
Net income	$	0.39		$	0.51		$	0.97		$	0.95



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Consolidated Balance Sheets
(in thousands) (unaudited)

	June 30, 2015			December 31, 2014
ASSETS
Buildings and improvements	$	6,349,056		$	6,259,318
Land	1,881,739			1,885,640
Total real estate	8,230,795			8,144,958
Accumulated depreciation	(2,666,610		)	(2,672,179		)
Net real estate	5,564,185			5,472,779
Cash and cash equivalents	46,835			28,971
Restricted cash	89,083			91,445
Other assets	457,591			476,727
Assets held for sale	—			27,106
Total assets	$	6,157,694		$	6,097,028

LIABILITIES AND EQUITY
Non-recourse property debt	$	3,818,487		$	4,022,809
Revolving credit facility borrowings	47,520			112,330
Total indebtedness	3,866,007			4,135,139
Accounts payable	35,239			41,919
Accrued liabilities and other	280,118			279,077
Deferred income	70,303			81,882
Liabilities related to assets held for sale	—			28,969
Total liabilities	4,251,667			4,566,986
Preferred noncontrolling interests in Aimco OP	87,942			87,937
Equity:
Perpetual Preferred Stock	159,126			186,126
Class A Common Stock	1,563			1,464
Additional paid-in capital	4,064,959			3,696,143
Accumulated other comprehensive loss	(7,402		)	(6,456		)
Distributions in excess of earnings	(2,589,336		)	(2,649,542		)
Total Aimco equity	1,628,910			1,227,735
Noncontrolling interests in consolidated real estate partnerships	205,123			233,296
Common noncontrolling interests in Aimco OP	(15,948		)	(18,926		)
Total equity	1,818,085			1,442,105
Total liabilities and equity	$	6,157,694		$	6,097,028



	9



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,
	2015			2014			2015			2014
Net income attributable to Aimco common stockholders	$	60,804		$	75,010		$	150,148		$	139,244
Adjustments:
Depreciation and amortization, net of noncontrolling partners' interest	72,997			69,553			145,619			137,983
Depreciation and amortization related to non-real estate assets, net of noncontrolling partners' interest	(2,610		)	(2,384		)	(5,098		)	(4,771		)
Gain on dispositions and other, net of income taxes and noncontrolling partners' interest	(43,304		)	(65,972		)	(124,031		)	(123,018		)
Provision for (recovery of) impairment losses related to depreciable real estate assets, including amounts related to unconsolidated entities and net of noncontrolling partners' interest	655			(163		)	655			377
Common noncontrolling interests in Aimco OP's share of above adjustments	(1,348		)	(45		)	(832		)	(550		)
Amounts allocable to participating securities	(112		)	(2		)	(71		)	(37		)
FFO Attributable to Aimco common stockholders	$	87,082		$	75,997		$	166,390		$	149,228
Preferred equity redemption related amounts, net of common noncontrolling interests in Aimco OP and participating securities	—			—			658			—
Pro forma FFO Attributable to Aimco common stockholders	$	87,082		$	75,997		$	167,048		$	149,228
Capital Replacements, net of common noncontrolling interests in Aimco OP and participating securities	(14,618		)	(12,313		)	(23,748		)	(23,593		)
AFFO Attributable to Aimco common stockholders	$	72,464		$	63,684		$	143,300		$	125,635

Weighted average common shares outstanding	155,524			145,657			154,672			145,565
Dilutive common stock equivalents	430			328			443			268
Total shares and dilutive share equivalents	155,954			145,985			155,115			145,833

FFO per share - diluted	$	0.56		$	0.52		$	1.07		$	1.02
Pro forma FFO per share - diluted	$	0.56		$	0.52		$	1.08		$	1.02
AFFO per share - diluted	$	0.46		$	0.44		$	0.92		$	0.86



	10



Supplemental Schedule 2(a)

Proportionate Adjusted Funds From Operations Presentation
Three Months Ended June 30, 2015 Compared to Three Months Ended June 30, 2014
(in thousands) (unaudited)
	Three Months Ended June 30, 2015												Three Months Ended June 30, 2014
	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	$	177,351		$	—		$	(7,100	)	$	170,251		$	169,611		$	—		$	(6,779	)	$	162,832
Conventional Redevelopment and Development	16,508			—			—			16,508			11,999			—			—			11,999
Conventional Acquisition	6,332			—			—			6,332			183			—			—			183
Other Conventional	10,277			536			—			10,813			8,080			502			—			8,582
Total Conventional	210,468			536			(7,100		)	203,904			189,873			502			(6,779		)	183,596
Affordable Same Store	21,954			—			—			21,954			21,605			—			—			21,605
Other Affordable	2,493			994			(139		)	3,348			2,294			1,009			(136		)	3,167
Total Affordable	24,447			994			(139		)	25,302			23,899			1,009			(136		)	24,772
Property management revenues, primarily from affiliates	3			(60		)	145			88			30			(59		)	139			110
Total rental and other property revenues	234,918			1,470			(7,094		)	229,294			213,802			1,452			(6,776		)	208,478

Property operating expenses
Conventional Same Store	55,223			—			(2,231		)	52,992			55,054			—			(2,213		)	52,841
Conventional Redevelopment and Development	5,670			—			—			5,670			5,150			—			—			5,150
Conventional Acquisition	2,923			—			—			2,923			102			—			—			102
Other Conventional	5,094			194			—			5,288			3,803			164			—			3,967
Total Conventional	68,910			194			(2,231		)	66,873			64,109			164			(2,213		)	62,060
Affordable Same Store	8,256			—			—			8,256			8,424			—			—			8,424
Other Affordable	874			446			(62		)	1,258			1,151			486			(95		)	1,542
Total Affordable	9,130			446			(62		)	9,514			9,575			486			(95		)	9,966
Casualties	1,535			—			8			1,543			2,852			—			(37		)	2,815
Property management expenses	6,101			—			5			6,106			5,944			—			(69		)	5,875
Total property operating expenses	85,676			640			(2,280		)	84,036			82,480			650			(2,414		)	80,716
Net real estate operations	149,242			830			(4,814		)	145,258			131,322			802			(4,362		)	127,762

Amortization of deferred tax credit income	6,112			—			—			6,112			6,833			—			—			6,833
Non-recurring revenues	34			—			200			234			93			—			4			97
Total tax credit and asset management revenues	6,146			—			200			6,346			6,926			—			4			6,930

Investment management expenses	(1,086		)	—			—			(1,086		)	(1,021		)	—			—			(1,021		)
Depreciation and amortization related to non-real estate assets	(2,608		)	—			4			(2,604		)	(2,355		)	—			4			(2,351		)
General and administrative expenses	(12,062		)	—			—			(12,062		)	(10,119		)	—			13			(10,106		)
Other expenses, net	(2,546		)	(133		)	11			(2,668		)	(3,510		)	(55		)	(329		)	(3,894		)
Interest income	1,706			—			7			1,713			1,599			—			9			1,608
Interest expense	(49,116		)	(316		)	1,646			(47,786		)	(50,150		)	(389		)	1,406			(49,133		)
Other, net of non-FFO items	292			394			1,206			1,892			82			371			(512		)	(59		)
Income tax benefit	6,819			—			—			6,819			5,135			—			—			5,135
FFO related to Sold and Held For Sale Apartment Communities	606			—			10			616			8,681			13			(152		)	8,542
Preferred dividends and distributions	(4,494		)	—			—			(4,494		)	(3,360		)	—			—			(3,360		)
Common noncontrolling interests in Aimco OP	(4,443		)	—			—			(4,443		)	(3,780		)	—			—			(3,780		)
Amounts allocated to participating securities	(419		)	—			—			(419		)	(276		)	—			—			(276		)
FFO / Pro forma FFO	$	88,037		$	775		$	(1,730	)	$	87,082		$	79,174		$	742		$	(3,919	)	$	75,997
Capital Replacements	(15,635		)	—			1,017			(14,618		)	(13,321		)	—			1,008			(12,313		)
AFFO	$	72,402		$	775		$	(713	)	$	72,464		$	65,853		$	742		$	(2,911	)	$	63,684



		11



Supplemental Schedule 2(b)

Proportionate Funds From Operations and Adjusted Funds From Operations Presentation
Six Months Ended June 30, 2015 Compared to Six Months Ended June 30, 2014
(in thousands) (unaudited)
	Six Months Ended June 30, 2015												Six Months Ended June 30, 2014
	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	$	352,553		$	—		$	(14,076	)	$	338,477		$	337,271			$	—			$	(13,469	)		$	323,802
Conventional Redevelopment and Development	31,971			—			—			31,971			22,852				—				—				22,852
Conventional Acquisition	11,865			—			—			11,865			295			—				—				295
Other Conventional	19,760			1,068			—			20,828			15,570				964				—				16,534
Total Conventional	416,149			1,068			(14,076		)	403,141			375,988				964				(13,469		)		363,483
Affordable Same Store	43,920			—			—			43,920			42,989				—				—				42,989
Other Affordable	5,049			2,000			(278		)	6,771			4,577				2,008				(273		)		6,312
Total Affordable	48,969			2,000			(278		)	50,691			47,566				2,008				(273		)		49,301
Property management revenues, primarily from affiliates	4			(117		)	288			175			32				(123		)		276				185
Total rental and other property revenues	465,122			2,951			(14,066		)	454,007			423,586				2,849				(13,466		)		412,969

Property operating expenses
Conventional Same Store	112,926			—			(4,593		)	108,333			111,326				—				(4,599		)		106,727
Conventional Redevelopment and Development	11,686			—			—			11,686			9,912				—				—				9,912
Conventional Acquisition	4,884			—			—			4,884			161				—				—				161
Other Conventional	10,259			381			—			10,640			7,890				296				—				8,186
Total Conventional	139,755			381			(4,593		)	135,543			129,289				296				(4,599		)		124,986
Affordable Same Store	17,574			—			—			17,574			17,769				—				—				17,769
Other Affordable	2,056			880			(125		)	2,811			2,211				912				(155		)		2,968
Total Affordable	19,630			880			(125		)	20,385			19,980				912				(155		)		20,737
Casualties	5,619			—			(47		)	5,572			6,942				—				133				7,075
Property management expenses	12,106			—			8			12,114			12,333				—				(101		)		12,232
Total property operating expenses	177,110			1,261			(4,757		)	173,614			168,544				1,208				(4,722		)		165,030
Net real estate operations	288,012			1,690			(9,309		)	280,393			255,042				1,641				(8,744		)		247,939

Amortization of deferred tax credit income	12,051			—			—			12,051			13,667				—				—				13,667
Non-recurring revenues	71			—			473			544			2,047				—				9				2,056
Total tax credit and asset management revenues	12,122			—			473			12,595			15,714				—				9				15,723

Investment management expenses	(2,689		)	—			—			(2,689		)	(2,273		)		—				—				(2,273		)
Depreciation and amortization related to non-real estate assets	(5,093		)	—			8			(5,085		)	(4,708		)		—				9				(4,699		)
General and administrative expenses	(22,714		)	—			—			(22,714		)	(20,646		)		—				32				(20,614		)
Other expenses, net	(3,512		)	(171		)	35			(3,648		)	(5,637		)		(115		)		(134		)		(5,886		)
Interest income	3,438			1			15			3,454			3,330				(12		)		25				3,343
Interest expense	(101,246		)	(622		)	3,275			(98,593		)	(100,214		)		(722		)		3,072				(97,864		)
Other, net of non-FFO items	227			726			2,784			3,737			536				704				(1,102		)		138
Income tax benefit	14,759			—			—			14,759			7,755				—				—				7,755
FFO related to Sold and Held For Sale Apartment Communities	3,172			—			33			3,205			19,983				43				(495		)		19,531
Preferred dividends and distributions	(9,752		)	—			—			(9,752		)	(5,419		)		—				—				(5,419		)
Common noncontrolling interests in Aimco OP	(8,500		)	—			—			(8,500		)	(7,896		)		—				—				(7,896		)
Amounts allocated to participating securities	(772		)	—			—			(772		)	(550		)		—				—				(550		)
FFO	$	167,452		$	1,624		$	(2,686	)	$	166,390		$	155,017			$	1,539			$	(7,328	)		$	149,228
Preferred stock redemption related amounts	658			—			—			658			—				—				—				—
Pro forma FFO	168,110			1,624			(2,686		)	167,048			155,017				1,539				(7,328		)		149,228
Capital Replacements	(25,571		)	—			1,823			(23,748		)	(25,474		)		—				1,881				(23,593		)
AFFO	$	142,539		$	1,624		$	(863	)	$	143,300		$	129,543			$	1,539			$	(5,447	)		$	125,635



		12



Supplemental Schedule 3

Portfolio Summary
As of June 30, 2015
(unaudited)
	Number of Apartment Communities	Number of Apartment Homes	Effective Apartment Homes	Average Ownership
Conventional Same Store	112	35,431	34,530	97	%
Conventional Redevelopment and Development	9	3,308	3,308	100	%
Conventional Acquisition	8	1,391	1,391	100	%
Other Conventional	14	1,295	1,225	95	%
Total Conventional portfolio	143	41,425	40,454	98	%

Affordable Same Store [1]	45	7,311	7,311	100	%
Other Affordable [2]	11	1,374	975	71	%
Total Affordable portfolio	56	8,685	8,286	95	%
Total portfolio	199	50,110	48,740	97	%

[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 delivery or compliance periods
expire, which expirations occur primarily between 2015 to 2023.
[2] Represents Aimco's portfolio of Affordable Apartment Communities that do not meet the Same Store Apartment Community definition.



		13



Supplemental Schedule 4

Proportionate Balance Sheet Data
As of June 30, 2015
(in thousands)(unaudited)
	Consolidated GAAP Balance Sheet			Proportionate Share of Unconsolidated Partnerships			Noncontrolling Interests			Proportionate Balance Sheet
ASSETS
Real estate	$	8,230,795		$	50,712		$	(253,926	)	$	8,027,581
Accumulated depreciation	(2,666,610		)	(10,297		)	81,600			(2,595,307		)
Net real estate	5,564,185			40,415			(172,326		)	5,432,274
Cash and cash equivalents	46,835			352			(2,512		)	44,675
Restricted cash	89,083			1,473			(1,780		)	88,776
Investment in unconsolidated real estate partnerships	16,087			(16,087		)	—			—
Deferred financing costs, net	27,413			203			(298		)	27,318
Goodwill	44,389			—			—			44,389
Other assets	369,702			(1,093		)	(158,001		)	210,608
Total assets	$	6,157,694		$	25,263		$	(334,917	)	$	5,848,040

LIABILITIES AND EQUITY
Non-recourse property debt	$	3,818,487		$	23,908		$	(158,485	)	$	3,683,910
Revolving credit facility borrowings	47,520			—			—			47,520
Deferred income [1]	70,303			18			(226		)	70,095
Other liabilities	315,357			1,337			(124,152		)	192,542
Total liabilities	4,251,667			25,263			(282,863		)	3,994,067
Preferred noncontrolling interests in Aimco OP	87,942			—			—			87,942
Perpetual preferred stock	159,126			—			—			159,126
Other Aimco equity	1,469,784			—			153,069			1,622,853
Noncontrolling interests in consolidated real estate partnerships	205,123			—			(205,123		)	—
Common noncontrolling interests in Aimco OP	(15,948		)	—			—			(15,948		)
Total liabilities and equity	$	6,157,694		$	25,263		$	(334,917	)	$	5,848,040



[1]	Deferred income represents cash received by Aimco and other amounts required by GAAP to be recognized in earnings in future periods as Aimco performs certain responsibilities under tax credit agreements or as other events occur in the future. Because Aimco does not have an obligation to settle these amounts in cash, Aimco does not include deferred income in liabilities for purposes of calculating NAV. Future earnings related to these amounts are also excluded from Aimco's calculations of NAV.



	14



Supplemental Schedule 5

Capitalization and Financial Metrics														(Page 1 of 2)
As of June 30, 2015
(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)
Fixed rate loans payable	$	3,654,525		$	23,908		$	(158,485	)	$	3,519,948			8.1
Floating rate tax-exempt bonds	85,552			—			—			85,552				4.2
Fixed rate tax-exempt bonds	78,410			—			—			78,410				24.3
Total non-recourse property debt	$	3,818,487		$	23,908		$	(158,485	)	$	3,683,910		[1]	8.4
Revolving credit facility borrowings	47,520			—			—			47,520
Cash and restricted cash	(135,918		)	(1,825		)	4,292			(133,451		)
Securitization Trust Assets [2]	(61,949		)	—			—			(61,949		)
Net Debt	$	3,668,140		$	22,083		$	(154,193	)	$	3,536,030




Aimco Share Non-Recourse Property Debt
	Amortization		Maturities			Total		Maturities as a Percent of Total Debt		Average Rate on Maturing Debt
2015 3Q	$	18,814	$	8,332		$	27,146	0.23	%	5.83	%
2015 4Q	19,445		12,344			31,789		0.34	%	5.56	%
Total 2015	38,259		20,676			58,935		0.56	%	5.67	%

2016 1Q	18,902		24,527			43,429		0.67	%	5.74	%
2016 2Q	19,656		1,211			20,867		0.03	%	5.85	%
2016 3Q	19,259		—			19,259		—	%	—	%
2016 4Q	20,043		247,994			268,037		6.73	%	4.67	%
Total 2016	77,860		273,732			351,592		7.43	%	4.77	%

2017	77,953		325,853			403,806		8.85	%	5.92	%
2018	74,419		155,416			229,835		4.22	%	4.33	%
2019	69,022		542,449			611,471		14.72	%	5.54	%
2020	61,614		303,741			365,355		8.25	%	6.12	%
2021	43,134		683,565		[3]	726,699		18.56	%	5.50	%
2022	30,861		233,439			264,300		6.34	%	4.77	%
2023	16,186		91,368			107,554		2.48	%	5.14	%
2024	13,980		36,489			50,469		0.99	%	4.12	%
Thereafter	350,067		163,827			513,894		4.45	%	3.31	%
Total	$	853,355	$	2,830,555		$	3,683,910			4.76	%	[4]



[1]	Represents the carrying amount of Aimco's debt at June 30, 2015, which debt had a mark-to-market liability of $150.8 million at quarter end.
[2]	In 2011, $673.8 million of Aimco's loans payable were securitized in a trust holding only these loans. Aimco purchased for $51.5 million the subordinate positions in the trust that holds these loans. The subordinate positions have a face value of $100.9 million and a carrying amount of $61.9 million, and are included in other assets on Aimco’s Consolidated Balance Sheet at June 30, 2015. The carrying amount of these investments effectively reduces Aimco's June 30, 2015 debt balances.
[3]	2021 maturities include property loans that will repay substantially all of Aimco’s subordinate positions in the securitization trust discussed above.
[4]	Represents the Money-Weighted Average Interest Rate on Aimco’s fixed and floating rate property debt, which takes into account the timing of amortization and maturities. This rate is calculated by Aimco based on the unpaid principal balance as of June 30, 2015, 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.



	15



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, 2015	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
Total perpetual preferred stock			6.902%	159,791

Preferred Partnership Units	3,279		7.895%	87,942
Total preferred securities			7.255%	$	247,733



Common Stock, Partnership Units and Equivalents

		As of
		June 30, 2015
Class A Common Stock outstanding		155,527
Dilutive options and restricted stock		602
Total shares and dilutive share equivalents		156,129
Common Partnership Units and equivalents		7,614
Total shares, units and dilutive share equivalents		163,743



Debt Ratios
		Trailing Twelve Months Ended June 30,
		2015	2014
Debt to EBITDA		6.5x	6.8x
Debt and Preferred Equity to EBITDA		7.0x	7.3x
EBITDA to Interest		2.9x	2.6x
EBITDA to Interest and Preferred Dividends		2.6x	2.5x

Revolving Line of Credit Debt Coverage Covenants
		Amount	Covenant
Debt Service Coverage Ratio		1.92x	1.50x
Fixed Charge Coverage Ratio		1.81x	1.40x

Credit Ratings

Standard and Poor’s	Corporate Credit Rating		BBB- (stable)
Fitch Ratings [5]	Issuer Default Rating		BBB- (stable)

[5] In June 2015, Fitch Ratings upgraded Aimco to BBB- from BB+.



	16



Supplemental Schedule 6(a)

Conventional Same Store Operating Results
Second Quarter 2015 Compared to Second 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 2015		2Q 2014		Growth		2Q 2015		2Q 2014		Growth		2Q 2015		2Q 2014		Growth		2Q 2015	2Q 2015	2Q 2014	2Q 2015		2Q 2014
Target Markets
Los Angeles	12	3,552	2,901	$	21,286	$	20,070	6.1	%	$	5,469	$	5,444	0.5	%	$	15,817	$	14,626	8.1	%	74.3%	96.3%	95.8%	$	2,540	$	2,407
Orange County	1	770	770	5,033		4,825		4.3	%	1,303		1,262		3.2	%	3,730		3,563		4.7	%	74.1%	96.4%	96.3%	2,261		2,169
San Diego	6	2,032	2,032	9,871		9,376		5.3	%	2,527		2,539		(0.5	)%	7,344		6,837		7.4	%	74.4%	96.9%	96.5%	1,672		1,594
Southern CA Total	19	6,354	5,703	36,190		34,271		5.6	%	9,299		9,245		0.6	%	26,891		25,026		7.5	%	74.3%	96.5%	96.1%	2,192		2,084
East Bay	1	246	246	1,696		1,477		14.8	%	508		432		17.6	%	1,188		1,045		13.7	%	70.0%	97.1%	96.6%	2,366		2,072
San Jose	1	224	224	1,402		1,288		8.9	%	371		399		(7.0	)%	1,031		889		16.0	%	73.5%	96.4%	96.9%	2,164		1,978
San Francisco	5	774	774	5,617		5,109		9.9	%	1,374		1,481		(7.2	)%	4,243		3,628		17.0	%	75.5%	97.4%	96.8%	2,483		2,274
Northern CA Total	7	1,244	1,244	8,715		7,874		10.7	%	2,253		2,312		(2.6	)%	6,462		5,562		16.2	%	74.1%	97.2%	96.8%	2,403		2,180

Atlanta	6	1,325	1,311	4,784		4,577		4.5	%	1,845		1,748		5.5	%	2,939		2,829		3.9	%	61.4%	94.4%	95.4%	1,287		1,219
Boston	12	4,173	4,173	18,036		17,162		5.1	%	6,531		6,404		2.0	%	11,505		10,758		6.9	%	63.8%	97.0%	97.1%	1,485		1,411
Chicago	10	3,246	3,246	15,092		14,414		4.7	%	4,987		5,347		(6.7	)%	10,105		9,067		11.4	%	67.0%	96.6%	95.7%	1,605		1,546
Denver	6	1,325	1,286	5,520		5,146		7.3	%	1,433		1,506		(4.8	)%	4,087		3,640		12.3	%	74.0%	96.2%	95.3%	1,487		1,399
Manhattan	8	230	230	2,197		2,018		8.9	%	953		899		6.0	%	1,244		1,119		11.2	%	56.6%	96.8%	96.5%	3,289		3,032
Miami	5	2,471	2,460	16,040		15,153		5.9	%	5,048		4,783		5.5	%	10,992		10,370		6.0	%	68.5%	95.7%	96.4%	2,272		2,129
Philadelphia	4	2,042	1,963	8,588		8,438		1.8	%	2,770		3,022		(8.3	)%	5,818		5,416		7.4	%	67.7%	97.0%	97.4%	1,504		1,471
Phoenix	2	812	812	2,576		2,443		5.4	%	954		906		5.3	%	1,622		1,537		5.5	%	63.0%	94.1%	93.1%	1,124		1,078
Seattle	1	104	104	545		499		9.2	%	208		212		(1.9	)%	337		287		17.4	%	61.8%	98.2%	97.2%	1,777		1,645
Suburban New York - New Jersey	2	1,162	1,162	5,351		5,147		4.0	%	1,706		1,789		(4.6	)%	3,645		3,358		8.5	%	68.1%	96.7%	96.9%	1,587		1,524
Washington - No. Va - MD	14	6,547	6,519	28,773		28,442		1.2	%	8,777		8,846		(0.8	)%	19,996		19,596		2.0	%	69.5%	96.7%	96.3%	1,522		1,510

Total Target Markets	96	31,035	30,213	152,407		145,584		4.7	%	46,764		47,019		(0.5	)%	105,643		98,565		7.2	%	69.3%	96.5%	96.3%	1,743		1,668

Other Markets
Baltimore	4	797	797	3,186		3,147		1.2	%	1,269		1,168		8.6	%	1,917		1,979		(3.1	)%	60.2%	92.7%	95.0%	1,437		1,385
Nashville	3	764	764	2,937		2,708		8.5	%	962		969		(0.7	)%	1,975		1,739		13.6	%	67.2%	96.1%	95.8%	1,333		1,233
Norfolk - Richmond	5	1,487	1,408	4,560		4,527		0.7	%	1,499		1,478		1.4	%	3,061		3,049		0.4	%	67.1%	96.0%	95.7%	1,124		1,119
Other Markets	4	1,348	1,348	6,852		6,696		2.3	%	2,605		2,499		4.2	%	4,247		4,197		1.2	%	62.0%	96.4%	96.9%	1,758		1,709

Total Other Markets	16	4,396	4,317	17,535		17,078		2.7	%	6,335		6,114		3.6	%	11,200		10,964		2.2	%	63.9%	95.5%	96.0%	1,417		1,374

Grand Total	112	35,431	34,530	$	169,942	$	162,662	4.5	%	$	53,099	$	53,133	(0.1	)%	$	116,843	$	109,529	6.7	%	68.8%	96.3%	96.2%	$	1,703	$	1,632



		17



Supplemental Schedule 6(b)

Conventional Same Store Operating Results
Second Quarter 2015 Compared to First Quarter 2015
(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 2015		1Q 2015		Growth		2Q 2015		1Q 2015		Growth		2Q 2015		1Q 2015		Growth		2Q 2015	2Q 2015	1Q 2015	2Q 2015		1Q 2015
Target Markets
Los Angeles	12	3,552	2,901	$	21,286	$	21,118	0.8	%	$	5,469	$	5,755	(5.0	)%	$	15,817	$	15,363	3.0	%	74.3%	96.3%	95.9%	$	2,540	$	2,530
Orange County	1	770	770	5,033		4,956		1.6	%	1,303		1,341		(2.8	)%	3,730		3,615		3.2	%	74.1%	96.4%	95.1%	2,261		2,255
San Diego	6	2,032	2,032	9,871		9,603		2.8	%	2,527		2,610		(3.2	)%	7,344		6,993		5.0	%	74.4%	96.9%	96.0%	1,672		1,641
Southern CA Total	19	6,354	5,703	36,190		35,677		1.4	%	9,299		9,706		(4.2	)%	26,891		25,971		3.5	%	74.3%	96.5%	95.8%	2,192		2,176
East Bay	1	246	246	1,696		1,668		1.7	%	508		526		(3.4	)%	1,188		1,142		4.0	%	70.0%	97.1%	95.9%	2,366		2,357
San Jose	1	224	224	1,402		1,336		4.9	%	371		422		(12.1	)%	1,031		914		12.8	%	73.5%	96.4%	94.7%	2,164		2,099
San Francisco	5	774	774	5,617		5,448		3.1	%	1,374		1,464		(6.1	)%	4,243		3,984		6.5	%	75.5%	97.4%	96.5%	2,483		2,431
Northern CA Total	7	1,244	1,244	8,715		8,452		3.1	%	2,253		2,412		(6.6	)%	6,462		6,040		7.0	%	74.1%	97.2%	96.1%	2,403		2,358

Atlanta	6	1,325	1,311	4,784		4,674		2.4	%	1,845		1,735		6.3	%	2,939		2,939		—	%	61.4%	94.4%	93.6%	1,287		1,269
Boston	12	4,173	4,173	18,036		17,649		2.2	%	6,531		6,834		(4.4	)%	11,505		10,815		6.4	%	63.8%	97.0%	96.7%	1,485		1,458
Chicago	10	3,246	3,246	15,092		14,980		0.7	%	4,987		5,313		(6.1	)%	10,105		9,667		4.5	%	67.0%	96.6%	96.4%	1,605		1,596
Denver	6	1,325	1,286	5,520		5,447		1.3	%	1,433		1,485		(3.5	)%	4,087		3,962		3.2	%	74.0%	96.2%	95.4%	1,487		1,479
Manhattan	8	230	230	2,197		2,174		1.1	%	953		975		(2.3	)%	1,244		1,199		3.8	%	56.6%	96.8%	98.4%	3,289		3,202
Miami	5	2,471	2,460	16,040		16,001		0.2	%	5,048		4,949		2.0	%	10,992		11,052		(0.5	)%	68.5%	95.7%	97.2%	2,272		2,231
Philadelphia	4	2,042	1,963	8,588		8,570		0.2	%	2,770		3,355		(17.4	)%	5,818		5,215		11.6	%	67.7%	97.0%	96.0%	1,504		1,515
Phoenix	2	812	812	2,576		2,517		2.3	%	954		892		7.0	%	1,622		1,625		(0.2	)%	63.0%	94.1%	94.5%	1,124		1,094
Seattle	1	104	104	545		521		4.6	%	208		206		1.0	%	337		315		7.0	%	61.8%	98.2%	98.6%	1,777		1,693
Suburban New York - New Jersey	2	1,162	1,162	5,351		5,292		1.1	%	1,706		1,731		(1.4	)%	3,645		3,561		2.4	%	68.1%	96.7%	96.9%	1,587		1,567
Washington - No. Va - MD	14	6,547	6,519	28,773		28,616		0.5	%	8,777		9,526		(7.9	)%	19,996		19,090		4.7	%	69.5%	96.7%	95.6%	1,522		1,530

Total Target Markets	96	31,035	30,213	152,407		150,570		1.2	%	46,764		49,119		(4.8	)%	105,643		101,451		4.1	%	69.3%	96.5%	96.0%	1,743		1,730

Other Markets
Baltimore	4	797	797	3,186		3,146		1.3	%	1,269		1,225		3.6	%	1,917		1,921		(0.2	)%	60.2%	92.7%	92.5%	1,437		1,422
Nashville	3	764	764	2,937		2,868		2.4	%	962		977		(1.5	)%	1,975		1,891		4.4	%	67.2%	96.1%	96.0%	1,333		1,304
Norfolk - Richmond	5	1,487	1,408	4,560		4,554		0.1	%	1,499		1,506		(0.5	)%	3,061		3,048		0.4	%	67.1%	96.0%	95.5%	1,124		1,129
Other Markets	4	1,348	1,348	6,852		6,791		0.9	%	2,605		2,611		(0.2	)%	4,247		4,180		1.6	%	62.0%	96.4%	94.1%	1,758		1,785

Total Other Markets	16	4,396	4,317	17,535		17,359		1.0	%	6,335		6,319		0.3	%	11,200		11,040		1.4	%	63.9%	95.5%	94.6%	1,417		1,417

Grand Total	112	35,431	34,530	$	169,942	$	167,929	1.2	%	$	53,099	$	55,438	(4.2	)%	$	116,843	$	112,491	3.9	%	68.8%	96.3%	95.8%	$	1,703	$	1,691



		18



Supplemental Schedule 6(c)

Conventional Same Store Operating Results
Six Months Ended June 30, 2015 Compared to Six Months Ended June 30, 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	YTD 2Q 2015		YTD 2Q 2014		Growth		YTD 2Q 2015		YTD 2Q 2014		Growth		YTD 2Q 2015		YTD 2Q 2014		Growth		YTD 2Q 2015	YTD 2Q 2015	YTD 2Q 2014	YTD 2Q 2015		YTD 2Q 2014
Target Markets
Los Angeles	12	3,552	2,901	$	42,404	$	39,995	6.0	%	$	11,224	$	11,203	0.2	%	$	31,180	$	28,792	8.3	%	73.5%	96.1%	95.8%	$	2,535	$	2,399
Orange County	1	770	770	9,990		9,610		4.0	%	2,643		2,589		2.1	%	7,347		7,021		4.6	%	73.5%	95.8%	96.3%	2,258		2,159
San Diego	6	2,032	2,032	19,475		18,418		5.7	%	5,137		5,152		(0.3	)%	14,338		13,266		8.1	%	73.6%	96.4%	96.5%	1,657		1,566
Southern CA Total	19	6,354	5,703	71,869		68,023		5.7	%	19,004		18,944		0.3	%	52,865		49,079		7.7	%	73.6%	96.2%	96.1%	2,184		2,068
East Bay	1	246	246	3,364		2,930		14.8	%	1,034		903		14.5	%	2,330		2,027		14.9	%	69.3%	96.5%	97.4%	2,362		2,039
San Jose	1	224	224	2,738		2,566		6.7	%	794		827		(4.0	)%	1,944		1,739		11.8	%	71.0%	95.6%	96.1%	2,132		1,986
San Francisco	5	774	774	11,065		10,072		9.9	%	2,838		2,977		(4.7	)%	8,227		7,095		16.0	%	74.4%	97.0%	96.4%	2,457		2,250
Northern CA Total	7	1,244	1,244	17,167		15,568		10.3	%	4,666		4,707		(0.9	)%	12,501		10,861		15.1	%	72.8%	96.6%	96.5%	2,380		2,161

Atlanta	6	1,325	1,311	9,458		9,017		4.9	%	3,580		3,423		4.6	%	5,878		5,594		5.1	%	62.1%	94.0%	95.3%	1,278		1,203
Boston	12	4,173	4,173	35,685		33,919		5.2	%	13,365		12,938		3.3	%	22,320		20,981		6.4	%	62.5%	96.9%	96.3%	1,471		1,406
Chicago	10	3,246	3,246	30,073		28,872		4.2	%	10,300		10,629		(3.1	)%	19,773		18,243		8.4	%	65.8%	96.5%	95.6%	1,601		1,550
Denver	6	1,325	1,286	10,967		10,236		7.1	%	2,918		2,998		(2.7	)%	8,049		7,238		11.2	%	73.4%	95.8%	95.6%	1,483		1,387
Manhattan	8	230	230	4,371		4,056		7.8	%	1,928		1,853		4.0	%	2,443		2,203		10.9	%	55.9%	97.6%	97.0%	3,245		3,029
Miami	5	2,471	2,460	32,041		30,171		6.2	%	9,997		9,486		5.4	%	22,044		20,685		6.6	%	68.8%	96.4%	97.0%	2,252		2,107
Philadelphia	4	2,042	1,963	17,158		16,752		2.4	%	6,125		6,378		(4.0	)%	11,033		10,374		6.4	%	64.3%	96.5%	96.8%	1,509		1,469
Phoenix	2	812	812	5,094		4,894		4.1	%	1,845		1,758		4.9	%	3,249		3,136		3.6	%	63.8%	94.3%	92.6%	1,109		1,084
Seattle	1	104	104	1,066		982		8.6	%	414		430		(3.7	)%	652		552		18.1	%	61.2%	98.4%	97.4%	1,735		1,616
Suburban New York - New Jersey	2	1,162	1,162	10,643		10,151		4.8	%	3,437		3,545		(3.0	)%	7,206		6,606		9.1	%	67.7%	96.8%	96.3%	1,577		1,512
Washington - No. Va - MD	14	6,547	6,519	57,389		56,830		1.0	%	18,302		17,796		2.8	%	39,087		39,034		0.1	%	68.1%	96.2%	95.9%	1,526		1,516

Total Target Markets	96	31,035	30,213	302,981		289,471		4.7	%	95,881		94,885		1.0	%	207,100		194,586		6.4	%	68.4%	96.2%	96.0%	1,737		1,663

Other Markets
Baltimore	4	797	797	6,332		6,332		—	%	2,494		2,335		6.8	%	3,838		3,997		(4.0	)%	60.6%	92.6%	95.2%	1,430		1,390
Nashville	3	764	764	5,805		5,360		8.3	%	1,939		1,898		2.2	%	3,866		3,462		11.7	%	66.6%	96.0%	96.0%	1,319		1,218
Norfolk - Richmond	5	1,487	1,408	9,113		9,008		1.2	%	3,005		2,916		3.1	%	6,108		6,092		0.3	%	67.0%	95.7%	95.1%	1,127		1,121
Other Markets	4	1,348	1,348	13,643		13,291		2.6	%	5,216		5,057		3.1	%	8,427		8,234		2.3	%	61.8%	95.2%	96.6%	1,772		1,702

Total Other Markets	16	4,396	4,317	34,893		33,991		2.7	%	12,654		12,206		3.7	%	22,239		21,785		2.1	%	63.7%	95.0%	95.7%	1,417		1,371

Grand Total	112	35,431	34,530	$	337,874	$	323,462	4.5	%	$	108,535	$	107,091	1.3	%	$	229,339	$	216,371	6.0	%	67.9%	96.1%	96.0%	$	1,697	$	1,626



		19



Supplemental Schedule 6(d)

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

Quarterly Comparison

	2Q 2015		% of Total		2Q 2014		$ Change			% Change
Real estate taxes	$	16,293	30.7	%	$	16,051	$	242		1.5	%
Onsite payroll	9,580		18.0	%	9,355		225			2.4	%
Utilities	10,573		19.9	%	10,515		58			0.6	%
Repairs and maintenance	7,565		14.2	%	7,205		360			5.0	%
Software, technology and other	3,640		6.9	%	3,834		(194		)	(5.1	)%
Insurance	1,740		3.3	%	2,212		(472		)	(21.3	)%
Marketing	1,758		3.3	%	2,119		(361		)	(17.0	)%
Expensed turnover costs	1,950		3.7	%	1,842		108			5.9	%
Total	$	53,099	100.0	%	$	53,133	$	(34	)	(0.1	)%

Sequential Comparison

	2Q 2015		% of Total		1Q 2015		$ Change			% Change
Real estate taxes	$	16,293	30.7	%	$	16,750	$	(457	)	(2.7	)%
Onsite payroll	9,580		18.0	%	9,992		(412		)	(4.1	)%
Utilities	10,573		19.9	%	12,081		(1,508		)	(12.5	)%
Repairs and maintenance	7,565		14.2	%	7,149		416			5.8	%
Software, technology and other	3,640		6.9	%	3,525		115			3.3	%
Insurance	1,740		3.3	%	2,546		(806		)	(31.7	)%
Marketing	1,758		3.3	%	1,787		(29		)	(1.6	)%
Expensed turnover costs	1,950		3.7	%	1,608		342			21.3	%
Total	$	53,099	100.0	%	$	55,438	$	(2,339	)	(4.2	)%

Year to Date Comparison

	YTD 2Q 2015		% of Total		YTD 2Q 2014		$ Change			% Change
Real estate taxes	$	33,042	30.4	%	$	32,118	$	924		2.9	%
Onsite payroll	19,572		18.0	%	19,186		386			2.0	%
Utilities	22,653		20.9	%	22,234		419			1.9	%
Repairs and maintenance	14,715		13.6	%	13,772		943			6.8	%
Software, technology and other	7,165		6.6	%	7,431		(266		)	(3.6	)%
Insurance	4,286		3.9	%	4,849		(563		)	(11.6	)%
Marketing	3,545		3.3	%	4,252		(707		)	(16.6	)%
Expensed turnover costs	3,557		3.3	%	3,249		308			9.5	%
Total	$	108,535	100.0	%	$	107,091	$	1,444		1.3	%



	20



Supplemental Schedule 7(a)

Conventional Portfolio Data by Market
Second Quarter 2015 Compared to Second Quarter 2014
(unaudited)

	Quarter Ended June 30, 2015							Quarter Ended June 30, 2014
	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	4,347	3,696	14.9	%	$	2,575	13	4,248	3,597	11.9	%	$	2,389
Orange County	2	966	966	3.1	%	2,047		4	1,213	1,213	3.6	%	1,868
San Diego	12	2,423	2,353	6.2	%	1,618		12	2,430	2,360	5.9	%	1,567
Southern CA Total	27	7,736	7,015	24.2	%	2,187		29	7,891	7,170	21.4	%	2,013
East Bay	2	413	413	1.2	%	1,957		2	413	413	1.1	%	1,753
San Jose	2	548	548	1.6	%	2,152		1	224	224	0.7	%	1,976
San Francisco	7	1,208	1,208	5.0	%	2,717		7	1,208	1,208	3.6	%	2,358
Northern CA Total	11	2,169	2,169	7.8	%	2,425		10	1,845	1,845	5.4	%	2,154

Atlanta	8	1,497	1,483	2.4	%	1,409		6	1,325	1,311	2.1	%	1,218
Boston	15	4,689	4,689	8.3	%	1,485		12	4,173	4,173	8.2	%	1,410
Chicago	10	3,246	3,246	7.4	%	1,605		10	3,245	3,245	6.8	%	1,546
Denver	8	2,065	2,026	4.4	%	1,432		7	1,613	1,540	3.1	%	1,358
Manhattan	17	774	774	3.1	%	3,381		23	999	999	3.4	%	2,949
Miami	5	2,561	2,550	8.1	%	2,272		5	2,516	2,505	7.8	%	2,128
Philadelphia	6	3,532	3,453	6.8	%	1,658		6	3,538	3,459	7.3	%	1,611
Phoenix	2	812	812	1.2	%	1,124		5	1,374	1,230	1.7	%	1,020
Seattle	2	239	239	0.7	%	1,934		2	239	239	0.3	%	1,847
Suburban New York - New Jersey	2	1,162	1,162	2.7	%	1,587		2	1,162	1,162	2.5	%	1,523
Washington - No. Va - MD	14	6,547	6,519	14.7	%	1,522		14	6,547	6,519	14.7	%	1,509

Total Target Markets	127	37,029	36,137	91.8	%	1,801		131	36,467	35,397	84.7	%	1,691

Other Markets
Baltimore	4	797	797	1.4	%	1,437		5	1,180	1,066	1.9	%	1,343
Nashville	3	764	764	1.4	%	1,330		4	1,114	1,114	1.7	%	1,153
Norfolk - Richmond	5	1,487	1,408	2.2	%	1,124		6	1,643	1,564	2.5	%	1,108
Other Markets	4	1,348	1,348	3.2	%	1,758		11	6,898	6,835	9.2	%	1,014

Total Other Markets	16	4,396	4,317	8.2	%	1,417		26	10,835	10,579	15.3	%	1,076

Grand Total	143	41,425	40,454	100.0	%	$	1,759	157	47,302	45,976	100.0	%	$	1,548



		21



Supplemental Schedule 7(b)

Conventional Portfolio Data by Market
First Quarter 2015 Market Information
(unaudited)

Aimco 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 the local market average; "B" quality assets are those with rents 90% to 125% of the local market average; "C+" quality assets are those with rents greater than $1,100 per month but lower than 90% of the local market average; and "C" quality assets are those with rents less than $1,100 per month and lower than 90% of the local market average. The schedule below illustrates Aimco’s Conventional Apartment Community portfolio quality based on 1Q 2015 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 2015. The average age of Aimco's portfolio, adjusted for its sizable investment in redevelopment, is approximately 28 years. See the Glossary for further information.

	Quarter Ended March 31, 2015
	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
Target Markets
Los Angeles	13	4,319	3,668	14.5	%	$	2,351	$	1,503	156.4	%	10
Orange County	2	966	966	3.2	%	1,882		1,661		113.3	%	7
San Diego	12	2,430	2,360	5.9	%	1,432		1,460		98.1	%	28
Southern CA Total	27	7,715	6,994	23.6	%	1,980		1,511		131.0	%	13
East Bay	2	413	413	1.2	%	1,719		1,575		109.1	%	37
San Jose	2	548	548	1.6	%	2,098		1,909		109.9	%	17
San Francisco	7	1,208	1,208	4.8	%	2,363		2,280		103.6	%	18
Northern CA Total	11	2,169	2,169	7.6	%	2,169		2,050		105.8	%	20

Atlanta	8	1,497	1,483	2.6	%	1,156		855		135.2	%	13
Boston	12	4,173	4,173	8.3	%	1,353		1,903		71.1	%	33
Chicago	10	3,245	3,245	7.4	%	1,388		1,121		123.8	%	21
Denver	8	2,057	2,018	4.5	%	1,251		993		126.0	%	20
Manhattan	17	775	775	3.0	%	3,188		3,234		98.6	%	107
Miami	5	2,540	2,529	8.5	%	1,966		1,205		163.2	%	24
Philadelphia	6	3,532	3,453	6.6	%	1,429		1,131		126.3	%	34
Phoenix	2	812	812	1.3	%	977		773		126.4	%	14
Seattle	2	239	239	0.6	%	1,679		1,222		137.4	%	14
Suburban New York - New Jersey	2	1,162	1,162	2.7	%	1,414		1,325		106.7	%	28
Washington - No. Va - MD	14	6,547	6,519	14.7	%	1,370		1,568		87.4	%	42

Total Target Markets	124	36,463	35,571	91.4	%	1,603		1,466		109.3	%	27

Other Markets
Baltimore	4	797	797	1.5	%	1,256		1,114		112.7	%	41
Nashville	3	764	764	1.5	%	1,127		842		133.8	%	22
Norfolk - Richmond	5	1,487	1,408	2.4	%	965		912		105.8	%	25
Other Markets	4	1,348	1,348	3.2	%	1,495		1,209		123.7	%	39

Total Other Markets	16	4,396	4,317	8.6	%	1,211		1,030		117.6	%	34

Grand Total	140	40,859	39,888	100.0	%	$	1,560	$	1,418	110.0	%	28

[1] Represents rents after concessions and vacancy loss, divided by the number of Effective Apartment Homes. Does not include other rental income.
[2] 1Q 2015 effective rents per REIS.



	22



Supplemental Schedule 8

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

Second Quarter 2015 Dispositions

	Apartment Communities	Number of Homes	Weighted Average Ownership	Gross Proceeds		NOI Cap Rate [1]			Free Cash Flow Cap Rate [1]			Property Debt		Net Sales Proceeds [2]		Aimco Gross Proceeds		Aimco Net Proceeds		Average Revenue per Home
Conventional	1	1,707	100%	$	100.4	8.3		%	6.3	%		$	32.6	$	57.4	$	100.4	$	57.4	$	876
Affordable	1	84	80%	9.5		3.9		%	2.8	%		6.7		2.6		7.6		1.8		956
Total Dispositions	2	1,791	99%	$	109.9	8.0		%	6.0	%		$	39.3	$	60.0	$	108.0	$	59.2	$	878

Year-to-Date 2015 Dispositions

	Apartment Communities	Number of Homes	Weighted Average Ownership	Gross Proceeds		NOI Cap Rate [1]			Free Cash Flow Cap Rate [1]			Property Debt		Net Sales Proceeds [2]		Aimco Gross Proceeds		Aimco Net Proceeds		Average Revenue per Home
Conventional	5	2,633	95%	$	244.2	6.7		%	5.4	%		$	88.7	$	129.5	$	230.2	$	128.7	$	1,004
Affordable	3	258	27%	13.5		3.8		%	2.7	%		6.7		6.3		9.6		3.8		951
Total Dispositions	8	2,891	89%	$	257.7	6.6		%	5.3	%		$	95.4	$	135.8	$	239.8	$	132.5	$	1,002


[1] Refer to the Glossary for definitions of NOI Cap Rate and Free Cash Flow Cap Rate. Conventional Apartment Communities sold during 2015 are primarily outside of Aimco's target markets or in less
desirable locations within Aimco's target markets, including Garden Grove, CA, Cypress, CA, Englewood, CO, Towson, MD, and Wyoming, MI, and had average revenues per apartment home
significantly below that of Aimco's retained portfolio. Accordingly, Aimco believes the NOI Cap Rates and Free Cash Flow Cap Rates for Conventional Apartment Communities sold during 2015 are not
indicative of those for Aimco's retained portfolio.
[2] 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 2015 Acquisitions


Apartment Community Name	Location	Month Acquired	Apartment Homes	Purchase Price		Average Revenue Per Apartment Home (At Acquisition)
Mezzo	Atlanta, GA	March	94	$	38.3	$	3,021
Axiom Apartment Homes	Cambridge, MA	April	115	63.0		n/a					[3]
270 on Third	Cambridge, MA	June	91	27.9		n/a					[4]
Total Acquisitions			300	$	129.2


[3] Aimco acquired this community at the completion of construction and began leasing up the six-story building during the second quarter. As of June 30, 2015, the apartment homes were 13% occupied.
Upon stabilization, revenues per apartment home are expected to average $3,550.
[4] Community is currently under construction with completion anticipated in fourth quarter 2015. Upon stabilization, revenues per apartment home are expected to average $2,600. Refer to Schedule 10
for more information about the development.



		23



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, 2015						Six Months Ended June 30, 2015
	Conventional		Affordable		Total		Conventional		Affordable		Total
Capital Additions
Capital Replacements
Buildings and grounds	$	9,046	$	1,230	$	10,276	$	13,215	$	2,006	$	15,221
Turnover capital additions	2,034		233		2,267		3,733		457		4,190
Capitalized site payroll and indirect costs	966		48		1,014		1,723		67		1,790
Capital Replacements	12,046		1,511		13,557		18,671		2,530		21,201
Capital Improvements	4,543		341		4,884		7,221		495		7,716
Property Upgrades	10,429		4		10,433		19,633		56		19,689
Redevelopment	44,681		—		44,681		68,156		—		68,156
Development	22,216		—		22,216		40,054		—		40,054
Casualty	1,231		59		1,290		2,560		1,373		3,933
Total Capital Additions [1]	$	95,146	$	1,915	$	97,061	$	156,295	$	4,454	$	160,749

Total apartment homes	41,425		9,122		50,547		41,425		9,122		50,547
Capital Replacements per apartment home	$	291	$	166	$	268	$	451	$	277	$	419



[1] Total Capital Additions reported above exclude $0.1 million and $0.4 million, respectively, for the three and six months ended June 30, 2015, related to consolidated apartment communities sold or classified as held for sale at the end of the period. For the three and six months ended June 30, 2015, Total Capital Additions include $2.8 million and $5.4 million of capitalized interest costs, respectively.



	24



Supplemental Schedule 10

Summary of Redevelopment and Development Activity																	(Page 1 of 4)
Three Months Ended June 30, 2015
(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 at Completion		Inception-to-Date Net Investment		Construction Start	Initial Occupancy		Construction Complete	Stabilized Occupancy	Rent		Other Income		Total		Incremental Commercial Revenue		Current Residential Occupancy
Redevelopment of Operating Communities
Ocean House on Prospect	53	$	14.8	$	12.1	4Q 2014	3Q 2015		4Q 2015	1Q 2016	$	930	$	80	$	1,010	$	—	n/a
Park Towne	954	60.0		36.0		Multiple	3Q 2015		3Q 2016	2Q 2016	225		80		305		0.1		70	%
The Sterling	535	49.5		34.4		Multiple	Multiple		1Q 2016	2Q 2016	390		20		410		0.6		77	%
Subtotal	1,542	$	124.3	$	82.5

						Schedule					Monthly Revenue per Apartment Home
	Total Number of Apartment Homes at Completion	Estimated Net Investment at Completion		Inception-to-Date Net Investment		Construction Start	Initial Occupancy		Construction Complete	Stabilized Occupancy	Rent		Other Income		Total		Commercial Revenue		Current Residential Occupancy
New Development
270 on Third	91	$	45.0	$	27.9	n/a	4Q 2015		4Q 2015	3Q 2016	$	2,475	$	125	$	2,600	$	0.3	n/a
One Canal Street	310	190.0		102.9		4Q 2013	1Q 2016		2Q 2016	2Q 2017	3,450		415		3,865		1.1		n/a
Subtotal	401	$	235.0	$	130.8


Completed This Quarter
2900 on First Apartments	135	$	15.2	$	14.7	1Q 2014	1Q 2014		2Q 2015	1Q 2015	$	520	$	45	$	565	$	0.1	98	%


Grand Total	2,078	$	374.5	$	228.0


Weighted Average Projected NOI as a % of Estimated Net Investment (Unescalated Rents)							5.6	%

The investment in One Canal Street has been and will be funded in part by a $114.0 million non-recourse property loan, of which $66.4 million was available to draw at June 30, 2015.

See the following pages for Terms and Definitions and a Summary of Redevelopment Projects.



		25

Supplemental Schedule 10 (continued)

Summary of Redevelopment and Development Activity

(Page 2 of 4)

Terms and Definitions

Estimated Net Investment at Completion - 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%.

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.

Commercial Revenue - represents the projected annual revenue, or incremental revenue, contribution from commercial rents attributable to the redevelopment of commercial space.

Current Residential Occupancy - for previously vacant communities and new development, represents physical occupancy as of June 30, 2015. For operating communities, represents second quarter 2015 average daily occupancy.

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.

Weighted Average Projected NOI as a % of Estimated Net Investment (Unescalated Rents) - projected NOI takes into consideration the revenue information provided herein, as well as expectations around 1) operating costs associated with previously vacant communities and new development, and 2) net incremental changes in operating costs, if any, resulting from the redevelopment of operating communities.



		26



Supplemental Schedule 10 (Continued)

Summary of Redevelopment Projects	(Page 3 of 4)



Community	Project Summary
Ocean House on Prospect La Jolla, CA	During 2013, Aimco acquired for $29 million this 60-apartment home community with the intent of redeveloping the community at a future date. The redevelopment of Ocean House includes renovation of all apartment homes, common areas, exteriors and amenities. During construction, Aimco expects to combine some apartment homes so that the community, at completion, will include 53 apartment homes. In order to facilitate the extensive construction activity, Aimco de-leased the building in fourth quarter 2014. Construction is underway and on schedule.
Park Towne Place Philadelphia, PA	In 2014, Aimco completed a multi-phase capital project at this community in anticipation of subsequent redevelopment, which is now underway. Aimco expects to redevelop Park Towne Place in several phases, the first of which includes renovating existing commercial space, upgrading common areas and amenities, and redeveloping one of the four residential towers. During construction, Aimco expects to combine some apartment homes in this 234-apartment home building so that the tower, at completion, will include 229 apartment homes. In order to facilitate the extensive construction activity, Aimco de-leased the tower in fourth quarter 2014. Construction is underway and on schedule. Aimco’s net investment in the first phase of the redevelopment of Park Towne Place is projected to be $60 million, reflecting a gross investment of $71 million, reduced by $11 million of historic tax credits. Depending on the success of this initial phase and other investment alternatives, Aimco may redevelop additional apartment homes at Park Towne Place. Should Aimco elect to redevelop the other three residential towers, its net investment, including the work described above, could be between $148 and $160 million, reflecting a gross investment of $180 to $195 million reduced by $32 to $35 million of historic tax credits.
The Sterling Philadelphia, PA	This redevelopment includes significant renovation of existing commercial space, upgrading common areas, and the phased redevelopment of apartment homes. Since 2014, Aimco has completed the redevelopment of approximately one-third of the apartment homes as planned, at a cost consistent with underwriting and at rents in excess of Aimco's underwriting. Based on the success to date, in the second quarter 2015, Aimco approved a project to redevelop an additional five floors with 103 apartment homes for an additional investment of approximately $13.5 million. Aimco expects this phase of construction to be complete in first quarter 2016, with occupancy stabilized the following quarter. With this new phase and previously announced phases, 279 of the 535 apartment homes have been approved for redevelopment. Renovation of the common areas and commercial space was completed in second quarter 2015, at a cost consistent with underwriting. Depending on the success of this next phase and other investment alternatives, Aimco may continue to redevelop additional apartment homes at The Sterling. Should Aimco elect to redevelop all 535 apartment homes, the total investment, including the work described above, could be between $70 and $80 million over the next several years.



		27



Supplemental Schedule 10 (Continued)

Summary of Redevelopment Projects	(Page 4 of 4)



Community	Project Summary
270 on Third Street, Cambridge, MA	On June 25, 2015, Aimco acquired 270 on Third, an eight-story, 91-apartment home community currently under construction near Kendall Square in Cambridge, Massachusetts. 270 on Third is located two blocks from Axiom Apartment Homes and is contiguous to a large life science complex now under construction, the completion of which is planned for late spring or early summer 2016. Upon completion in the fourth quarter of 2015, 270 on Third will also contain more than 8,000 square feet of retail space. At closing, Aimco paid $27.9 million and agreed to fund further construction costs up $15.1 million, for total consideration not to exceed $43 million. Aimco expects to invest an additional $2 million for other improvements and capitalized costs, bringing its total projected investment to $45 million.
One Canal Street Boston, MA	Aimco expects to invest approximately $190 million in the development of a 12-story building at One Canal Street in the historic Bulfinch Triangle neighborhood of Boston’s West End. Located near the Boston Garden, one block from North Station and adjacent to the historic North End, the site enjoys excellent access to public transit, the Government Center, Financial District, and Massachusetts General Hospital employment centers, as well as the dining, recreation, and shopping amenities of its urban core location. The building will include 310 apartment homes and 22,000 square feet of commercial space. Aimco has partnered with an experienced developer to construct the building, which Aimco will own and operate after its completion.
2900 on First Apartments Seattle, WA	Redevelopment included the renovation of all apartment homes, new and/or enhanced amenities and other building interior and commercial space upgrades. All apartment home renovations were completed in first quarter 2015, and the fitness and amenity building were complete in second quarter 2015.



		28

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, 2014.

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: Calculated by Aimco on a property-by-property basis 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. Portfolio average age is calculated on the basis of investment dollars. Market and portfolio Average Age of Apartment Communities is calculated on the basis of investment value.

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.



	29

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

EBITDA TO 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.



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DEFFERED TAX CREDIT INCOME: Deferred income includes $30.0 million of unamortized cash contributions received by Aimco in exchange for the allocation of tax credits and related tax benefits to 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 additional cash contributions of $22.9 million, of which $2.6 million will be received during the remainder of 2015, and, on average, $5.0 million will be received each year from 2016 through 2019.



(in thousands) (unaudited)
	June 30, 2015
Deferred tax credit income balance	$	29,976
Cash contributions to be received in the future	22,947
Total to be amortized	$	52,923



	Revenue		Expense			Projected Income
2015 3Q - 4Q	$	11,878	$	(796	)	$	11,082
2016	18,236		(1,405		)	16,831
2017	14,375		(1,170		)	13,205
2018	6,879		(681		)	6,198
2019	4,255		(535		)	3,720
Thereafter	7,064		(5,177		)	1,887
Total	$	62,687	$	(9,764	)	$	52,923

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.

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.

FREE CASH FLOW CAP RATE: Free Cash Flow Cap Rate represents the NOI cap rate, adjusted for assumed Capital Replacements spending of $1,200 per apartment home.

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, which takes into account the timing of amortization and maturities. This rate is calculated by Aimco based on the unpaid principal balance as of June 30, 2015, and all contractual debt service payments associated with each of its fixed and floating rate property loans. The Money-



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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.

NET OPERATING INCOME (NOI) CAP RATE: NOI Cap Rate is calculated based on Aimco's share of the trailing twelve month prior to sale proportionate property NOI, less a 3.0% management fee, divided by Aimco gross proceeds.

OTHER AFFORDABLE APARTMENT COMMUNITIES: Affordable Apartment Communities that do not meet the Same Store Apartment Community definition.

OTHER CONVENTIONAL APARTMENT COMMUNITIES: Conventional Apartment Communities that do not meet the Same Store Apartment Community definition because they have significant rent control restrictions or have not reached and/or maintained a stabilized level of occupancy, often due to a casualty event. Results of operations of properties that are not multi-family, such as fitness centers, are included in the operating results of Other Conventional Apartment Communities.

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.



Reconciliation of GAAP to Supplemental Schedule 6(a) Proportionate Conventional Same Store NOI Amounts
(in thousands) (unaudited)
	Three Months Ended June 30, 2015
	Consolidated Amounts		Noncontrolling Interests			Proportionate Amount		Ownership Adjustments			Proportionate Property Amount
Conventional Same Store:
Rental and other property revenues	$	177,351	$	(7,100	)	$	170,251	$	(309	)	$	169,942
Property operating expenses	55,223		(2,231		)	52,992		107			53,099
Property NOI	$	122,128	$	(4,869	)	$	117,259	$	(416	)	$	116,843



	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	$	169,611	$	(6,779	)	$	162,832	$	(170	)	$	162,662
Property operating expenses	55,054		(2,213		)	52,841		292			53,133
Property NOI	$	114,557	$	(4,566	)	$	109,991	$	(462	)	$	109,529



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Reconciliation of GAAP to Supplemental Schedule 6(b) Proportionate Conventional Same Store NOI Amounts
(in thousands) (unaudited)
	Three Months Ended March 31, 2015
	Consolidated Amounts		Noncontrolling Interests			Proportionate Amount		Ownership Adjustments			Proportionate Property Amount
Conventional Same Store:
Rental and other property revenues	$	175,202	$	(6,976	)	$	168,226	$	(297	)	167,929
Property operating expenses	57,703		(2,362		)	55,341		97			55,438
Property NOI	$	117,499	$	(4,614	)	$	112,885	$	(394	)	$	112,491




Reconciliation of GAAP to Supplemental Schedule 6(c) Proportionate Conventional Same Store NOI Amounts
(in thousands) (unaudited)
	Six Months Ended June 30, 2015
	Consolidated Amounts		Noncontrolling Interests			Proportionate Amount		Ownership Adjustments			Proportionate Property Amount
Conventional Same Store:
Rental and other property revenues	$	352,553	$	(14,076	)	$	338,477	$	(603	)	$	337,874
Property operating expenses	112,926		(4,593		)	108,333		202			108,535
Property NOI	$	239,627	$	(9,483	)	$	230,144	$	(805	)	$	229,339




	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	$	337,271	$	(13,469	)	$	323,802	$	(340	)	$	323,462
Property operating expenses	111,326		(4,599		)	106,727		364			107,091
Property NOI	$	225,945	$	(8,870	)	$	217,075	$	(704	)	$	216,371

REDEVELOPMENT AND DEVELOPMENT APARTMENT COMMUNITIES: Communities currently under construction and those previously under construction but had not yet achieved stabilized operations as of January 1, 2014.

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, 2014, 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, or have not reached and/or maintained a stabilized level of occupancy, often due to a casualty event.

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. 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 excluded from Net Real Estate Operations and shown separately on a net basis in Aimco's Proportionate FFO presentation found in Supplemental Schedule 2.



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