CORRECTING and REPLACING Aimco Reports Fourth Quarter 2012 Results

  CORRECTING and REPLACING Aimco Reports Fourth Quarter 2012 Results

CORRECTION...by Aimco

Business Wire

DENVER -- February 7, 2013

In the January 2013 table under "Rental Rates," the New lease rent increases
should read 2.1% (sted 3.1%). Renewal rent increases and weighted average rent
increases as initially reported are not impacted by this correction. The
correction has also been made to the earnings release and supplemental
schedules available on Aimco’s website at
http://www.aimco.com/investors/financial-reports/quarterly-earning-reports.

The corrected release reads:

AIMCO REPORTS FOURTH QUARTER 2012 RESULTS

Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced
today its fourth quarter 2012 results.

Chairman and Chief Executive Officer Terry Considine comments: “Aimco had a
solid 2012. Profitability is up with Conventional Same Store NOI growth of
6.5%, the highest rate of annual growth in six years. Portfolio quality is
also up with average revenue per unit in our Conventional portfolio increasing
nearly 8% to $1,362. Redevelopment investment tripled to $100 million. But,
leverage is down: the ratio of Debt plus Preferred Equity to annualized fourth
quarter EBITDA declined by about two times from 9.6 times to 7.7 times.”

Considine adds: “We look for 2013 to be another good year with increasing
profitability in operations, disciplined upgrading of our portfolio, increased
investment in redevelopment, lower leverage, and further simplification
leading to lower offsite costs.”

Financial Results

Full Year Pro forma FFO Up 12%, AFFO Up 31%*

                             FOURTH QUARTER         FULL YEAR
(all items per common         2012      2011      2012      2011
share)
Net income (loss)            $ 0.47     $ (0.19)   $ 0.61     $ (0.86)
Funds from Operations        $ 0.52     $ 0.43     $ 1.68     $ 1.52
(FFO)
Add back (deduct)
preferred equity             $ —        $ (0.01)   $ 0.16     $ (0.03)
redemption related amounts
Pro forma Funds from         $ 0.52     $ 0.42     $ 1.84     $ 1.49
Operations (Pro forma FFO)
Deduct Aimco's share of      $ (0.14)   $ (0.22)   $ (0.50)   $ (0.62)
Capital Replacements
Adjusted Funds From          $ 0.38     $ 0.20     $ 1.34     $ 0.87
Operations (AFFO)

* Full year 2011 financial results include a deduction of $0.15 per share
related to debt prepayment penalties and the write-off of deferred loan costs
incurred in connection with a refinancing and securitization transaction
during second quarter 2011. Excluding these charges, comparable full year 2011
Pro forma FFO and AFFO per share were $1.64 and $1.02, respectively. On this
comparable basis, full year 2012 Pro forma FFO and AFFO increased 12% and 31%,
respectively, compared to 2011.

Pro forma FFO - Pro forma FFO increased 24% when compared to fourth quarter
2011 as a result of: improved property operating results; additional income
from increased ownership in our consolidated properties; lower preferred stock
dividends due to $600.9 million of redemptions during 2012; and lower interest
expense. These positive results were somewhat offset by lower income from
discontinued operations. Pro forma FFO was $0.02 per share above the midpoint
of Aimco's guidance range of $0.47 to $0.53 per share.

Adjusted Funds from Operations - AFFO increased 90% when compared to fourth
quarter 2011 as a result of Pro forma FFO growth, the timing of Capital
Replacements spending during 2012, and lower Capital Replacements spending due
to the sale of nearly 11,000 apartment units during 2012. As Aimco's portfolio
is concentrated in fewer properties with higher margins, AFFO is expected to
grow at a faster rate than Pro forma FFO growth.

Property Operations

Aimco's property operations consist primarily of Conventional real estate
operations, which relate to Aimco's diversified portfolio of market-rate
apartment communities. Aimco also operates a portfolio of Affordable
Properties, which consists of properties with rents that are generally paid,
in whole or in part, by a government agency. Over the next four to five years,
Aimco expects to dispose of these Affordable Properties and reinvest capital
in its Conventional portfolio.

2012 Total Same Store NOI Up 6.2%

                     FOURTH QUARTER                  FULL YEAR
                      Year-over-Year                  Year-over-Year
              %     Revenue   Expenses   NOI    Revenue   Expenses   NOI
                 NOI
Conventional   82%   5.1%      3.9%       5.7%   4.7%      1.6%       6.5%
Same Store
Affordable     10%   2.3%      2.1%       2.5%   3.8%      3.9%       3.7%
Same Store
Total Same     92%   4.7%      3.6%       5.3%   4.6%      1.9%       6.2%
Store
                                                                           

Conventional Same Store Results

            FOURTH QUARTER                                                       FULL YEAR
              Year-over-Year                          Sequential                Year-over-Year
           2012        2011        Variance    3rd Qtr     Variance    2012        2011        Variance
Average
Rent Per    $ 1,188    $ 1,142    4.0%        $ 1,177    0.9%        $ 1,167    $ 1,119    4.3%
Unit
Other
Income      142        124        14.5%       141        0.7%        137        124        10.5%
Per Unit
Average
Revenue     $ 1,330    $ 1,266    5.1%        $ 1,318    0.9%        $ 1,304    $ 1,243    4.9%
Per Unit
Average
Daily       95.3    %   95.3    %   —           95.3    %   —           95.5    %   95.7    %   -0.2%
Occupancy
                                                                                        
$ in                                                                                     
Millions
Revenue     $ 184.9    $ 176.0    5.1%        $ 183.2    0.9%        $ 726.5    $ 693.8    4.7%
Expenses    62.8       60.5       3.9%        64.9       (3.1)%      253.4      249.6      1.6%
NOI         $ 122.1    $ 115.5    5.7%        $ 118.3    3.1%        $ 473.1    $ 444.2    6.5%
                                                                                                 

Rental Rates

2012        1st    2nd    3rd    Oct    Nov    Dec    4th    Full
              Qtr      Qtr      Qtr                                 Qtr      Year
Renewal
rent        5.1%   5.7%   6.0%   4.7%   5.6%   5.2%   5.1%   5.5%
increases
New lease
rent        2.0%   4.3%   3.8%   0.5%   0.7%   0.1%   0.4%   3.2%
increases
Weighted
average     3.4%   5.0%   4.8%   2.6%   3.3%   2.2%   2.6%   4.2%
rent
increases
                                                            

2013                              Jan
Renewal rent increases            5.3%
New lease rent increases          2.1%
Weighted average rent increases   3.8%
                                 

Affordable Same Store Results - For fourth quarter 2012, average daily
occupancy for the Affordable portfolio was 98.9%, an increase of 1.2% from
fourth quarter 2011, while average revenue per unit increased 1.1% from $970
to $981 per unit.

Portfolio Management

Aimco's portfolio strategy seeks predictable rent growth from a portfolio of
A, B and C-quality conventional properties, 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 Conventional Property asset quality based on rents compared to
local market average rents as reported by REIS, a third-party provider of
commercial real estate performance information and analysis. Aimco defines
asset quality as follows: A-quality assets are those with rents greater than
125% of local market average; B-quality assets are those with rents 90% to
125% of local market average; and C-quality assets are those with rents less
than 90% of local market average. For third quarter 2012, the most recent
period for which REIS information is available, Aimco's Conventional Property
rents averaged 102% of local market average rents.

Aimco's target markets are primarily coastal markets, and also include several
Sun Belt cities and Chicago, Illinois. In executing its portfolio strategy,
Aimco expects to sell each year the lowest-rated 5% to 10% of its portfolio
and to invest the proceeds from such sales in redevelopment and acquisition of
higher-quality properties. Through this disciplined approach to capital
recycling, from 2007 through 2012, Aimco increased its year-end conventional
portfolio average revenue per unit at a compound annual growth rate of 6.1%,
about three times that of market rent growth during the same period. Aimco's
outsized growth reflects the impact of portfolio improvements through
dispositions, redevelopment and acquisitions.

Conventional Property Revenue per Unit Up 7.9% to $1,362

Fourth quarter 2012 Conventional portfolio average revenue per unit was
$1,362, an 7.9% increase compared to fourth quarter 2011, as a result of
year-over-year revenue growth of 5.1% and the sale of Conventional Properties
during 2011 and 2012 with average revenues per unit substantially lower than
those of the retained portfolio.

Dispositions - In fourth quarter 2012, Aimco sold eight Conventional
Properties and 16 Affordable Properties with 1,865 and 1,417 units,
respectively, for $271.1 million in gross proceeds. Average revenue per unit
for the Conventional Properties sold during the quarter was $1,087, compared
to the retained portfolio average of $1,362 per unit. Aimco's share of net
sales proceeds after distributions to limited partners, repayment of existing
property debt and transaction costs was $123.7 million.

Sale of Asset-Management Business - During the fourth quarter, Aimco closed on
the sale of the NAPICO portfolio, its legacy asset management business. The
transaction was primarily seller financed, and the associated notes will be
repaid over the next six years. Aimco anticipates recognizing between $6 and
$8 million in Funds from Operations over the expected term of the notes.

Redevelopment

During the fourth quarter, Aimco began multi-phase capital projects at Park
Towne Place and The Sterling, both located in Center-City Philadelphia. The
initial phases of these projects consist of Capital Replacement and Capital
Improvement investments, with redevelopment to follow.

Balance Sheet and Liquidity

Components of Aimco Leverage

                          AS OF DECEMBER 31, 2012
                                                       Weighted       Weighted
$ in Millions             Amount        % of     Avg.         Avg
                                            Total      Maturity       Rate
                                                       (Yrs.)
Aimco's share of
long-term, non-recourse   $ 4,481.7    97%      7.9          5.44%
property debt
Outstanding borrowings
on revolving line of      —            —        3.9          n/a
credit
Preferred securities      148.1        3%       Perpetual    6.25%
Total leverage            $ 4,629.8    100%     n/a          5.47%
                                                               

Leverage Ratios

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

                                         Trailing-
                                                       Annualized 4th Qtr
                                         Twelve-Month
                                      2012   2011   2012       2011
Debt to EBITDA                         7.5x   8.2x   7.4x       8.2x
Debt and Preferred Equity to EBITDA    7.8x   9.5x   7.7x       9.6x
EBITDA Coverage of Interest            2.3x   2.1x   2.5x       2.2x
EBITDA Coverage of Interest and        2.2x   1.8x   2.4x       1.8x
Preferred Dividends
                                                                 

EBITDA Coverage of Interest and Preferred Dividends ratios are provided on a
pro forma basis to exclude dividends on preferred stock redeemed during 2012.

Future leverage reduction is expected from earnings growth generated by the
current portfolio and by regularly scheduled property debt amortization funded
from retained earnings.

Liquidity

Aimco's recourse debt at December31, 2012, was limited to its revolving
credit facility, which Aimco uses for working capital purposes and to secure
letters of credit. Borrowings bear interest at a rate set forth on a pricing
grid which rate varies based on Aimco's leverage. The revolving credit
facility matures in December 2014, and may be extended for two additional
one-year periods, subject to certain conditions.

At the end of fourth quarter, Aimco had no outstanding borrowings on its
revolving credit facility and available capacity was $454.6 million, net of
$45.4 million of letters of credit backed by the facility. Also at the end of
the quarter, Aimco had on hand $84.4 million of cash.

Equity Activity

Dividend - As announced on January 31, 2013, Aimco's Board of Directors
declared a quarterly cash dividend of $0.24 per share of Class A Common Stock
for the quarter ended December31, 2012, which, on an annualized basis, is a
26% increase compared to the dividends paid during 2012. The fourth quarter
2012 dividend is payable on February 28, 2013, to stockholders of record on
February 15, 2013.

Earnings Conference Call

Friday, February 8, 2013 at 1:00   Replay available until 9:00 a.m. EST on
p.m. EST                             February 23, 2013
Domestic Dial-In Number:             Domestic Dial-In Number: 1-877-344-7529
1-866-843-0890
International Dial-In Number:        International Dial-In Number:
1-412-317-9250                       1-412-317-0088
Passcode: 9327149                    Passcode: 10007657

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

Supplemental Information

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

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 265 communities in 24 states, the District of Columbia and
Puerto Rico. Aimco common shares are traded on the New York Stock Exchange
under the ticker symbol AIV, and are included in the S&P 500. For more
information about Aimco, please visit our website at www.aimco.com.

2013 Outlook

                                                          FULL
($ Amounts Represent Aimco Share)                      
                                                          YEAR
                                                          
Net income (loss) per share                               -$0.10 to $0.06
Pro forma FFO per share                                   $1.92 to $2.08
AFFO per share                                            $1.44 to $1.62
                                                          
Conventional Same Store Operating Measures
NOI change compared to 2012                               4.50% to 6.75%
Revenue change compared to 2012                           4.25% to 5.25%
Expense change compared to 2012                           2.50% to 4.00%
Average daily occupancy                                   95.2% to 95.8%
                                                          
Tax Credit and Asset Management Revenues
Recurring revenues                                        $30 million
Non-recurring revenues                                    $8 to $12 million
                                                          
Offsite Costs
Property management expenses                              $31 million
General and administrative expenses                       $46 million
Investment management expenses                            $8 million
                                                          
Capital Investments
Conventional redevelopment                                $130 to $160 million
Property upgrades [1]                                     $45 million
Capital Replacements related to multi-phase capital       $18 million
projects [2]
Standard Capital Replacements ($900 per unit)             $54 million
                                                          
Transaction Activities
Real estate value of partnership tenders and mergers      $45 million
[3]
Real estate value of property dispositions [4]            $300 to $350 million
Aimco net proceeds from property dispositions [5]         $90 to $115 million
                                                          
Non-Recourse Property Debt
Amortization, funded by retained earnings                 $81 million
Maturities                                                $172 million
Real estate value of unencumbered properties [6]          $180 million

Please refer to notes below.

2013 Pro forma FFO Reconciliation

                                                          $ Per Share
                                                            (at the mid-point)
                                                            
2012 Pro forma FFO                                          $    1.84
                                                            
Conventional Same Store NOI growth (approximately 5.6%           0.19
at the mid-point)
                                                            
Portfolio management:
Impact of 2012 asset sales                                       (0.14    )
Impact of 2013 asset sales                                       (0.02    )
Impact of 2012 and 2013 partnership transactions (net            0.02
of $0.01 increase in interest expense)
Impact of 2012 property acquisitions (net of $0.01               0.02
increase in interest expense)
Impact of 2012 and 2013 redevelopment activity (net of           (0.01    )
$0.04 increase in interest expense)
Reductions in offsite costs due to change in scale and          0.09     
efficiencies
Subtotal portfolio management                                    (0.04    )
                                                            
Balance sheet:
Interest expense savings due to property debt                    0.07
amortization and refinancing activities
Decrease in preferred stock dividends, net of impact of         0.02     
2012 common share issuances
Subtotal balance sheet                                           0.09
                                                            
Other:
Decrease in tax credit and asset management revenues             (0.05    )
Increased casualty losses [7]                                   (0.03    )
                                                            
2013 Pro forma FFO                                          $    2.00     
                                                            

2013 AFFO Reconciliation

                                                          $ Per Share
                                                            (at the mid-point)
                                                            
2012 AFFO                                                   $    1.35
                                                            
Pro forma FFO growth                                             0.16
Capital Replacement spending related to multi-phase              (0.10    )
capital projects
Impact of 2012 and 2013 asset sales on Capital                   0.08
Replacement spending
Impact of 2012 share issuances                                  0.04     
                                                            
2013 AFFO                                                   $    1.53     
                                                            

First Quarter 2013 Outlook

                                               FIRST
                                            
                                               QUARTER
                                               
Net loss per share                             -$0.08 to -$0.04
Pro forma FFO per share                        $0.42 to $0.46
                                               
Conventional Same Store Operating Measures
NOI change compared to first quarter 2012      3.75% to 4.75%
NOI change compared to fourth quarter 2012     -2.25% to -1.25%
                                               

Notes to 2013 Outlook and 2013 Pro forma FFO Reconciliation

      Property upgrades may include kitchen and bath remodeling; energy
[1]  conservation projects; and investments in longer-lived materials
      designed to reduce turnover costs, such as simulated wood flooring and
      granite countertops.
      During 2012, Aimco began multi-phase capital projects at its 2900 on
      First property, located in Seattle, and two Center-City Philadelphia
      properties, Park Towne Place and The Sterling. The initial phases of
[2]   these projects consist of Capital Replacement and Capital Improvement
      investments, which totaled $4.1 million in 2012. Aimco expects to invest
      an additional $17 million in Capital Replacements related to these
      projects during 2013.
[3]   Partnership transactions are expected to close during the first half of
      2013.
      During 2013, Aimco intends to dispose of that portion of its Affordable
      portfolio not subject to tax credit agreements. If successful, Aimco
      will hold at the end of the year 53 Affordable properties with
[4]   approximately 8,000 units, which were redeveloped with Low Income
      Housing Tax Credits, generally between 2005 and 2009. These properties
      are expected to be sold as the tax credit compliance periods expire with
      the majority of sales expected to occur from 2015 to 2019.
      Aimco intends to use proceeds from asset sales to fund real estate
[5]   investments including redevelopment and other capital investments, and
      partnership transactions.
[6]   Anticipated size of unencumbered pool at December 31, 2013, based on
      December 31, 2012, values.
      Aimco's casualty losses during 2012 were significantly lower than the
[7]   company's historical average, largely due to fewer weather-related
      casualty events. Aimco's Pro forma FFO guidance assumes 2013 loss
      experience returns to historical levels.
      

Forward-looking Statements

This Earnings Release and Supplemental Information contain forward-looking
statements within the meaning of the federal securities laws, including,
without limitation, statements regarding projected results and specifically
forecasts of: first quarter and full year 2013 results, including but not
limited to Pro forma FFO and selected components thereof, Capital Replacements
spending, and AFFO; redevelopment project investments, timelines and
stabilized rents; and timing of other investment activity. 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 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; 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 and
redevelopments; insurance risk, including the cost of insurance; natural
disasters and severe weather such as hurricanes; litigation, including costs
associated with prosecuting or defending claims and any adverse outcomes;
energy costs; and possible environmental liabilities, including costs, fines
or penalties that may be incurred due to necessary remediation of
contamination of properties presently owned or previously owned by Aimco. In
addition, our current and continuing qualification as a real estate investment
trust involves the application of highly technical and complex provisions of
the Internal Revenue Code and depends on our ability to meet the various
requirements imposed by the Internal Revenue Code, through actual operating
results, distribution levels and diversity of stock ownership. Readers should
carefully review Aimco's financial statements and the notes thereto, as well
as the section entitled “Risk Factors” in Item 1A of Aimco's Annual Report on
Form 10-K for the year ended December31, 2011, and the other documents Aimco
files from time to time with the Securities and Exchange Commission. These
forward-looking statements reflect management's judgment as of this date, and
Aimco assumes no obligation to revise or update them to reflect future events
or circumstances. This press release does not constitute an offer of
securities for sale.


Consolidated Statements of Operations
(in thousands, except per share data) (unaudited)
                                                          
                   Three Months Ended              Year Ended
                   December 31,                    December 31,
                   2012            2011            2012            2011
REVENUES:
Rental and
other property     $ 251,907       $ 238,563       $ 991,428       $ 943,258
revenues
Tax credit and
asset              14,088         9,889          41,769         38,661     
management
revenues
Total revenues     265,995        248,452        1,033,197      981,919    
OPERATING
EXPENSES:
Property
operating          100,564         97,127          402,225         405,866
expenses
Investment
management         2,563           3,062           12,008          10,459
expenses
Depreciation
and                85,374          88,713          345,077         342,820
amortization
Provision for
real estate        —               915             8,349           915
impairment
losses
General and
administrative     12,111          14,536          49,602          50,906
expenses
Other expense,     4,526          5,469          15,776         17,796     
net
Total
operating          205,138        209,822        833,037        828,762    
expenses
Operating          60,857          38,630          200,160         153,157
income
Interest           2,484           2,786           9,913           9,681
income, net
Recovery of
losses on
notes              3,943           329             3,375           509
receivable,
net
Interest           (58,226   )     (66,099   )     (246,761  )     (290,168   )
expense
Equity in
losses of
unconsolidated     (1,609    )     (9,288    )     (4,408    )     (17,721    )
real estate
partnerships
Gain (loss) on
dispositions
of interests
in                 1,257          (2,717    )     21,886         2,398      
unconsolidated
real estate
and
other, net
Income (loss)
before income
taxes and          8,706           (36,359   )     (15,835   )     (142,144   )
discontinued
operations
Income tax         354            1,278          929            6,541      
benefit
Income (loss)
from               9,060           (35,081   )     (14,906   )     (135,603   )
continuing
operations
Income from
discontinued       88,188         26,507         210,267        77,439     
operations,
net
Net income         97,248          (8,574    )     195,361         (58,164    )
(loss)
Noncontrolling
interests:
Net (income)
loss
attributable
to
noncontrolling     (22,454   )     (4,355    )     (51,218   )     257
interests in
consolidated
real estate
partnerships
Net income
attributable
to preferred
noncontrolling     (1,606    )     (1,671    )     (6,496    )     (6,683     )
interests in
Aimco
Operating
Partnership
Net (income)
loss
attributable
to common
noncontrolling     (4,262    )     1,665          (5,191    )     7,503      
interests in
Aimco
Operating
Partnership
Total
noncontrolling     (28,322   )     (4,361    )     (62,905   )     1,077      
interests
Net income
(loss)             68,926          (12,935   )     132,456         (57,087    )
attributable
to Aimco
Net income
attributable
to Aimco           (752      )     (10,423   )     (49,888   )     (45,852    )
preferred
stockholders
Net income
attributable
to                 (246      )     (53       )     (422      )     (222       )
participating
securities
Net income
(loss)
attributable       $ 67,928       $ (23,411 )     $ 82,146       $ (103,161 )
to Aimco
common
stockholders
Weighted
average common
shares             145,035        120,433        134,479        119,312    
outstanding -
basic and
diluted
Earnings
(loss) per
common share -
basic and
diluted:
Loss from
continuing
operations
attributable       $ —             $ (0.28   )     $ (0.59   )     $ (1.22    )
to Aimco
common
stockholders
Income from
discontinued
operations
attributable       0.47           0.09           1.20           0.36       
to Aimco
common
stockholders
Net income
(loss)
attributable       $ 0.47         $ (0.19   )     $ 0.61         $ (0.86    )
to Aimco
common
stockholders
                                                                              


Consolidated Statements of Operations (continued)
Income from Discontinued Operations
Income from discontinued operations consists of the following (in thousands):
                                                          
                   Three Months                    Year Ended
                   Ended December 31,              December 31,
                   2012            2011            2012            2011
Rental and
other property     $ 5,852         $ 32,270        $ 65,947        $ 159,058
revenues
Property
operating          (3,954    )     (17,662   )     (31,257   )     (82,353   )
expenses
Depreciation
and                (1,385    )     (11,186   )     (21,674   )     (52,513   )
amortization
Provision for
real estate        (4,049    )     (7,353    )     (15,338   )     (19,331   )
impairment
losses
Operating          (3,536    )     (3,931    )     (2,322    )     4,861
(loss) income
Interest           134             296             545             1,534
income
Interest           (1,144    )     (6,824    )     (12,585   )     (31,175   )
expense
Loss before
gain on
dispositions       (4,546    )     (10,459   )     (14,362   )     (24,780   )
of real estate
and income
taxes
Gain on
dispositions       94,603          43,308          234,533         108,209
of real estate
Income tax         (1,869    )     (6,342    )     (9,904    )     (5,990    )
expense
Income from
discontinued       $ 88,188       $ 26,507       $ 210,267      $ 77,439  
operations,
net
Income from
discontinued
operations
attributable
to:
Noncontrolling
interests in
consolidated       $ (15,276 )     $ (15,024 )     $ (39,019 )     $ (32,218 )
real estate
partnerships
Noncontrolling
interests in
Aimco              (4,142    )     (747      )     (10,153   )     (2,990    )
Operating
Partnership
Total
noncontrolling     (19,418   )     (15,771   )     (49,172   )     (35,208   )
interests
Income from
discontinued
operations         $ 68,770       $ 10,736       $ 161,095      $ 42,231  
attributable
to Aimco





Consolidated Balance Sheets
(in thousands) (unaudited)
                                                          
                                         December 31, 2012   December 31, 2011
ASSETS
Buildings and improvements               $   6,390,253       $   6,223,885
Land                                     1,943,166          1,929,018      
Total real estate                        8,333,419           8,152,903
Accumulated depreciation                 (2,820,765     )    (2,562,574     )
Net real estate                          5,512,654           5,590,329
Cash and cash equivalents                84,413              91,066
Restricted cash                          146,859             183,970
Accounts receivable, net                 34,020              41,796
Notes receivable, net                    102,897             111,205
Other assets                             520,537             382,949
Assets held for sale                     —                  470,547        
Total assets                             $   6,401,380      $   6,871,862  
LIABILITIES AND EQUITY
Non-recourse property debt               $   4,688,447       $   4,772,774
Accounts payable                         30,747              32,607
Accrued liabilities and other            318,669             282,451
Deferred income                          128,577             138,808
Liabilities related to assets held for   —                  417,164        
sale
Total liabilities                        5,166,440          5,643,804      
Preferred noncontrolling interests in    80,046              83,384
Aimco Operating Partnership
Equity:
Perpetual Preferred Stock                68,114              657,114
Class A Common Stock                     1,456               1,209
Additional paid-in capital               3,712,684           3,098,333
Accumulated other comprehensive loss     (3,542         )    (6,860         )
Distributions in excess of earnings      (2,863,287     )    (2,841,467     )
Total Aimco equity                       915,425            908,329        
Noncontrolling interests in              271,065             270,666
consolidated real estate partnerships
Common noncontrolling interests in       (31,596        )    (34,321        )
Aimco Operating Partnership
Total equity                             1,154,894          1,144,674      
Total liabilities and equity             $   6,401,380      $   6,871,862  

Contact:

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