AimcoCORPORATE CITIZENSHIP

REPORT 2011

Delivering Value

rate property loans and preferred securities, andproactively refinanced near-term property debtmaturities to lock in attractive interest rates.

In 2011, we reduced our total leverage, includingpreferred stock, by $84 million through amortization,loan pay-downs and purchase of $52 million ofnotes from a Freddie Mac securitization trust thatholds only Aimco property loans. We’re on coursefor continued de-leveraging through property debtamortization and refinancing property loans at orbelow maturing balances.

We are also working to simplify our business. By reducing the complexity of our business model,Aimco has improved the quality of earnings,increased transparency and lowered off-site costs.We are focused on acquiring limited partnershipinterests at fair value to increase our weightedaverage ownership interest in our conventionalportfolio to 96% at the end of 2012. This eliminatesthe costs associated with the administration ofmultiple partnerships and gives us a higher stake inour portfolio. We’re also liquidating our legacy asset

management business, eliminating administrativecosts and overhead, while increasing our bottomline.

Redevelopment is a key component of the Aimcogrowth strategy. Rehabilitating older properties inprime locations has long been a means of addingvalue to the Aimco portfolio.

We have a deep redevelopment pipeline that shouldenable us to realize strong financial returns byredeveloping properties we already own. Thesereturns are typically higher than can be achievedfrom acquiring properties in similar locations, andare less risky than ground-up development.Redevelopment is an economic contributor to thecommunities we serve, and we work extensivelywith local governments and other stakeholders to be a partner in stimulating the revitalization ofneighborhoods across the country.

As Aimco continues to grow value, we will be guidedby the principles of good citizenship. Achieving our financial goals is only part of the Aimco story.We believe that the true measure of Aimco’s successwill be to provide value to our shareholders, and alsoto our residents, teammates and the communities inwhich we live and work. This is the essence of ourcommitment to “Building Community.”

All across America, people comehome to Aimco. As one of the largestproviders of apartment homes in theUnited States, Aimco is a majordriver of economic development inthe communities it serves.

We provide much needed housing and jobs and wedo so with a genuine sense of accountability to ourresidents, teammates, shareholders and communitypartners. Our results come from the focused, steadyimplementation of simple strategies: be an excellentoperator, upgrade our portfolio, strengthen ourbalance sheet and simplify our business.

We place a premium on providing outstandingcustomer service. Aimco residents appreciate theresponsive service they receive from our teams inthe field, and they repay that commitment by beingloyal customers.

We’re pleased that so many residents have madeAimco their home for years. They’ve told us what

they want and we’velistened, as reflected inour consistently strongand improving customersatisfaction scores.

Aimco hassystematically andsubstantially improvedthe quality of ourportfolio over the lastsix years, with $6.5 billion of sales of lower-rentproperties in lower growth markets. We’vereinvested the sales proceeds in strategicacquisitions of higher-rent properties in highergrowth markets. We’ve also re-invested in ourexisting properties, making capital improvements to increase the value of our assets and provide anoutstanding living experience for our residents.

The foundation for Aimco’s growth and continuedsuccess is a healthy balance sheet. We have steadilylowered our leverage, resulting in the substantialelimination of recourse debt. We’ve also used fixed

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“2011 was a good year, and we expect 2012 will be even better.” TERRY CONSIDINE, AIMCO CHAIRMAN AND CEO

Contents· CEO Message ... 6· Portfolio Report ... 8· Partnerships ... 10· Customer Focus ... 14· Conservation ... 16· Teamwork ... 18· Volunteer Service ... 20· Leadership ... 22

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LOOKING AHEAD TO 2012, WE AIM TO • Provide outstanding customer service

• Realize steady growth in renewal lease rates

• Upgrade the portfolio

• Keep a strong balance sheet with reducedleverage

• Maximize opportunities for revenue growthand expense reductions

• Continue a robust redevelopment program

• Be an exemplary corporate citizen

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FLAMINGO SOUTH BEACH, MIAMI BEACH, FLORIDA

As part of Aimco’s reinvigoratedredevelopment program, work isunderway to upgrade Flamingo SouthBeach overlooking Biscayne Bay inMiami. The project will create anexpanded public baywalk — providingresidents with pedestrian access to therestaurants and shops of South Beachand upgraded grounds, includingtropical landscaping, outdoor kitchensand dining area, and an elevated pooldeck with wood cabanas.

THE VALUE OF Results

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Average Daily Occupancy 95.8%Increase in Average Rents Conventional Property 41%Since 2005

New Revolving Line $500 Millionof Credit

Increase in Class ACommon Stock Dividend 50%

Delivering value to ourcustomers, team members,shareholders and neighbors is a key principle that definesAimco’s business strategy andour identity as a responsiblecorporate citizen. How weconduct ourselves is asimportant as the results weachieve. This year, we

increased the value of our portfolio, furtherconcentrating resources in high-performing targetmarkets, selling lower-rated properties andsimplifying our business model. Our redevelopmentefforts ramped up with significant starts in California,Illinois and Florida, and planning was completed fora robust 2012 program in our Seattle, Los Angeles,Northern California, Manhattan, Chicago andPhiladelphia markets.

In property operations, our team worked hard to deliver outstanding customer service whiletrimming costs and increasing revenue. Wecontinued to intensify the focus on resident service,launched new property and corporate websites,simplified the leasing process, and enhanced our online resident portal, all resulting in strongcustomer satisfaction scores, healthy retention rates, and a year-end occupancy rate of more than 95 percent.

Across the board, our Aimco team is working well together – the spirit of collaboration that existsamong our team members fosters creativity,increases productivity and makes us more nimble and efficient. For our team, we providecomprehensive training opportunities, offer full payand benefits to team members called to militaryservice, lend a hand to teammates in need through the Aimco Cares 4U Program, and offerscholarships to children of our team members. We are developing an important bench of talent, with a priority of promoting from within Aimco.

Our multidisciplinary Corporate Citizenship Councilis an excellent example of team work – businessleaders coming together to build a better Aimco. The Council, established to develop and coordinateAimco’s corporate social responsibility initiative,keeps us on track by setting goals and charting our progress in the areas of resident satisfaction,team engagement, environmental stewardship,community service, stakeholder involvement andcorporate governance.

Building team and doing the right thing are the core of our Aimco Cares philanthropic program. This year we continued our two Aimco Caresnational days of community service with hundreds of team events addressing local priorities around the country. We achieved a record 84% participationcompanywide, with four regional teams reaching100% participation levels. I’m proud of the men andwomen of Aimco who respond to the call to servetheir neighbors.

Achieving all that we have this year would not havebeen possible without the foundation of strongcorporate governance. I am honored to work with an exceptional Board of Directors, which valuesintegrity above all. Their guidance and insight areinstrumental and they are our leadership partners inmoving Aimco forward.

As I look ahead to 2012, our prospects areencouraging. Aimco will strive to meet the objectivesof providing premium customer service, improvingportfolio quality, maximizing the talents of anexceptional team, delivering solid financial results for our shareholders, and fostering meaningfulpartnerships within the community. As you reviewthis year’s report, I hope you will agree that we havemade much progress in these areas, and have laid the foundation for an even better 2012. The opportunities are great, and Aimco is ready to deliver.

Terry Considine, Chairman and CEOApartment Investment and Management Company

from its legacy assetmanagement business. Meetingthis strategic objective willenable Aimco to focus resourceson being a superior owner andoperator of properties where ithas a direct investment.

A key component of Aimco’scommitment to being anoutstanding operator is regularinvestment in the ongoingmaintenance and improvementof its properties. In 2011, Aimco launched several capitalenhancement programsincluding the installation ofattractive and environmentallyfriendly vinyl plank flooring inmore than 5,000 apartments.Aimco also installed granitecountertops in kitchens at 14communities. These initiativesutilize durable, long-lastingproducts and generate substantial value to Aimco

through increased rents andmaintenance cost savings.

AIMCO’S TARGET MARKETS• Southern CA – Los Angeles,

Orange County, San Diego• San Francisco Bay Area – San

Francisco, East Bay, San Jose• Seattle• Boston• Manhattan and Suburban

New York / New Jersey• Philadelphia• Washington, D.C, Northern

Virginia, Maryland• Florida – Miami, Palm Beach-

Fort Lauderdale • Sunbelt – Denver, Phoenix,

Atlanta• Chicago

Aimco’s business investmentstrategy is to own and managea high performing portfolio ofapartment communities in targetmarkets that have the greatestpotential for growth.The teammade significant progresstoward this objective, ending2011 with a same-store netoperating income increase of5.9 percent.

In 2011, Aimco made severalstrategic investments includingMadera Vista, a 126-unitproperty in Marin County,California with outstandingviews overlooking SanFrancisco Bay. In San Diego,Aimco increased its holdings by acquiring approximately one-half ownership of fourcontiguous properties in

La Jolla, California, with 142total units. OverlookingTourmaline Beach, thesecommunities are in a primelocation, offer an upscale livingexperience, and promise todeliver solid financial returns.Aimco also increased itsownership in 15 properties,acquiring partnership interestswhile reducing the cost of doingbusiness.

Aimco has continued to align itsholdings with its strategic visionby selling lower performingproperties. In 2011, Aimco’stransactions team sold 151

properties, including 25conventional properties withaverage rents of $649,compared to the retainedportfolio with average rents of$1,143. Aimco’s affordableportfolio became moreconcentrated in our targetmarkets with the sale of 45lower-performing properties.

Business simplification isanother Aimco goal. Last year,Aimco sold 81 properties that it had asset-managed for third parties. This representssignificant progress towardAimco’s complete departure

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ADDING VALUE TO THE Portfolio

MADERA VISTAIn 2011, Aimco acquired Madera Vista,located in San Francisco’s attractiveMarin County submarket. Theproperty offers unobstructed views ofSan Francisco Bay and MountTamalpais, and access to nearbynature preserves. Aimco will investapproximately $25 million to redevelopthe property in 2012. According toCEO Terry Considine, “Madera Vistahas an irreplaceable location in atarget market where we are workingto increase our capital allocation.”

$156,050,000TOTAL CAPITAL SPEND

$33,187,000TOTAL REDEVELOPMENT SPEND

146,748 120,042

156,050

2009 2010 2011

THE SAN FRANCISCO BAY AREA IS AN ATTRACTIVE MARKET FOR AIMCO ACQUISITIONS AND FUTUREREDEVELOPMENT PROJECTS

CAPITAL INVESTMENT (IN MILLIONS)

Aimco acquired 100% ownership ofBoston Lofts in Aimco’s Denvermarket, offering residents apartmentswith historic features, modernamenities and all the conveniences of a vibrant city location.

Aimco boosted its ownership in theSouthern California target market byacquiring approximately 50% of fourbeach front properties in La Jolla,California.

160,000

150,000

140,000

130,000

120,000

110,000

100,000

District and the San MateoCounty Peninsula. Dubbed “thegateway to San Bruno,” PacificBay Vistas will bring much-needed housing, and serve as an anchor for neighborhoodrevitalization. In SouthernCalifornia, Aimco began therenovation of Lincoln Place, aproject designed to be a model of sustainable redevelopment.Listed on the National Register ofHistoric Places, the $150 millionrenovation will provide 795apartments one mile from trendyVenice Beach.

In Miami, work is underway on Flamingo South Beach,overlooking Biscayne Bay. Theproject includes construction of a section of the public baywalk,an attractive promenade alongthe water providing pedestrianaccess to the shops and nightlifeof South Beach. The focal pointof the redevelopment is thecreation of an outdoor experiencefor Flamingo residents fashionedafter a high-end Caribbeanresort. Tropical landscaping,outdoor kitchens, an outdoordining area and tiki bar, and anelevated pool deck with woodcabanas are just some of theamenities Aimco is bringing toresidents of the baysidecommunity.

Other phased redevelopmentprojects that moved forward in2011 were the building of a

parking structure and outdooramenities at YorktownApartments in a suburb ofChicago, and extensive exteriorupgrades and new landscapingat Plantation Gardens in BrowardCounty, Florida.

With its deep pipeline of well-located communities with

redevelopment potential, theAimco team has identified anumber of redevelopmentopportunities and has completedplans to launch an even morerobust program for 2012, with at least eight projectsunderway in Philadelphia, Seattle,Los Angeles, Marin County, San Bruno and Chicago.

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COMMUNITY IMPACT“We look forward to Aimco being part of the San Bruno community for decades to come.”

SAN BRUNO MAYOR JIM RUANE

VALUABLE Partnerships

Aimco works in partnership withlocal elected officials, governmentagencies and resident groups tomeet housing needs andenhance the economic vitality ofneighborhoods across thecountry.

“You and your team memberstruly made the neighborhoodand surrounding community aneven better place for ourconstituents.”

WILLIAM GREENLEE, COUNCILMAN AT LARGE, CITY OF PHILADELPHIA

Through its business model ofredeveloping and repurposingolder buildings in premierlocations rather than engaging inground-up development, Aimco

realizes greater returns on itsinvestments while preservinglocal infrastructure and resources.

This year marked the re-invigoration of Aimco’sredevelopment program followingits wind down during therecession. Because Aimcoredevelops properties it alreadyowns, activity can be suspendedor re-started as economicconditions change. In California,Aimco broke ground on the majorredevelopment of Pacific BayVistas, a vacant property locatedon a 13-acre hilltop withoutstanding views of the PacificOcean and San Francisco Bay.The location offers proximity tothe BART transportation system,San Francisco InternationalAirport, San Francisco’s Financial

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AIMCO HOUSING IMPACT AWARDPatti Shwayder, Senior Vice Presidentof Government Relations andCommunications, presented the AimcoHousing Impact Award to LA CityCouncilman Herb Wesson, Jr., for hisleadership of the Council’s Housing,Community and EconomicDevelopment Committee and supportfor sustainable quality housing, duringthe LA Business Council’s MayoralHousing, Transportation and JobsSummit in November.

PARK TOWNE PLACE, PHILADELPHIA, PENNSYLVANIA

PACIFIC BAY VISTAS, SAN BRUNO, CALIFORNIA San Bruno Director of Community Development AaronAknin, Aimco EVP of Redevelopment and ConstructionServices Dan Matula, Aimco Vice President forRedevelopment West Sean Finnegan, San Bruno MayorJim Ruane, Former Mayor Larry Franzella, Vice MayorKen Ibarra, and City Councilwoman Irene O’Connellbroke ground on Aimco’s $93 million investment inPacific Bay Vistas.

Project Highlights:

• Rehabilitation of 308 apartments

• Construction of a resident clubhouse, with businesscenter, lounge and movie theater

• New 4,600 square foot fitness center featuring an indoor salt water lap pool, state-of-the-art equipment, and Wi-Fi access

• Covered outdoor fireplace/barbeque area and a fenced dog park.

“Pacific BayVistas willundoubtedlybecome one of Aimco’ssignatureproperties.” TERRY CONSIDINE,AIMCO CHAIRMANAND CEO

Aimco is investing in upgrades toimprove the residential experience,including expanded fitness centers at anumber of communities across thecountry. Residents are able to work outin state-of-the-art fitness centers, fullyequipped with cardio machines, weightmachines, spin bikes, free weights,medicine balls, big screen TVs andpersonal monitors.

Aimco’s mission is to be the best owner and operator ofapartment homes across thecountry. That means listening to residents, deliveringextraordinary customer service,and maintaining communitiesthat are not just a place to live,but a place to call home.

The Aimco team measures itssuccess by the satisfaction of itsresidents. Aimco set out toimprove the experience forcurrent and potential residentsthis year with the launch of new,customized property websites, an enhanced corporate website,aimco.com, an expanded socialmedia presence, and astreamlined leasing process.Current residents took advantageof more “self-service” options asthey paid rent, submitted servicerequests, and handled utilitycharges online using anupgraded resident portal. Mostimportantly, the onsitemanagement teams continued ahigh level of service, respondingto maintenance requests within a guaranteed 24 hours, solicitingresident feedback through move-in, 120-day and service

satisfaction surveys, and bykeeping their doors open toaddress resident concerns.

Aimco promotes peace of mindamong residents by making theirsafety and security top priorities.Service teams ensure thatbuildings, entryways and parkingareas are well lit and theenvironment is clean and wellmaintained. Upon move-in,Aimco and new residents sign a

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mutual Good NeighborCommitment to promote arespectful and positive livingexperience.

This year, several Aimcoproperties garnered recognition forproviding outstanding residentservice. Denver’s Bank Lofts andBoston Lofts received honors fromthe Apartment Association ofMetro Denver for best Internetpresence and most outstandingregional maintenance director, Jim Macias. Center SquareApartments in Doylestown, PA,was recognized with a “Best ofBucks County” honor for being an outstanding apartmentcommunity. Underwood Elderlyand Family in Hartford, CT was inthe spotlight with the grandopening of its NeighborhoodNetwork Center. Representatives

from the Hartford Regional Officeof the Department of Housing andUrban Development, state andlocal elected officials, and Aimcoteam members gathered to openthe Center, which will providemuch-needed computer accessand educational opportunities toresidents of this affordablecommunity. And, for the fourthconsecutive year, the NationalAffordable Housing andManagement Associationrecognized Aimco for having thehighest number of affordablecommunities in its portfolio thathave earned the “Community ofQuality” distinction. This coveteddesignation is based onoutstanding physicalsurroundings, resident service,and management practices.

VALUING Customers

IMPROVING THE ONLINEEXPERIENCE Aimco unveiled a brand newinteractive website to provideenhanced service to customers,investors, employees andcommunity partners. The newwww.aimco.com representedanother phase of the company’sre-branding initiative that wasintroduced in 2011.

PROPERTY WEBSITES Driven by data and with thecustomer foremost in mind, Aimcocompleted the redesign andlaunch of new property websites.Potential residents can customizesearches based on what is mostimportant to them – from thenumber of bedrooms they seek totheir desired rent. Visitors alsocan view the apartmentcommunity’s proximity to schools,transportation and culturalactivities.

FEELINGAT HOME

“I moved about 4 monthsago. My experience hasbeen nothing but GREAT.

The office staff andmaintenance team are veryfriendly and professional.The other tenants in thebuilding are friendly andcourteous. I hope to stay

here for a long time.” A RESIDENT OF 2900

ON FIRST APARTMENTS SEATTLE,WASHINGTON

Residents at Riverside in Alexandria,Virginia can enjoy a movie in theprivate screening room located in the community’s well-appointedclubhouse.

Aimco Vice President for NortheastOperations Scott Marino, residentAngela Bridges, Community ManagerCynthia Shelton, NAHMA representativeElizabeth Tucker, and resident CherylJohnson mark the Community of Qualitydesignation earned by Portner Place in Washington, D.C.

Stafford Apartments in Baltimore is in a superior location close to Johns Hopkins University, theUniversity of Maryland MedicalSchool, and just blocks from the City’s famous Inner Harbor.

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Aimco’s conservation programsstrive to achieve a healthybalance between sustainabilityand smart investment. Adedicated Energy Team identifiesopportunities to achieve greaterefficiencies while maintaining acomfortable environment forresidents and preservingresources. Aimco searches fornew opportunities to improvelighting efficiency and reduceenergy consumption. In 2011,Aimco began a major initiative tointegrate leading-edge LEDtechnology at propertiesnationwide. LED projects atPathfinder Village in Fremont, CAand Riverloft Apartments inPhiladelphia, PA resulted in a68% reduction in lighting energyusage while enhancing thesurroundings for residents andimproving safety. Additionally, theextended life of LED lighting

technology will provide long termrepair and maintenance savings.

Conserving water is also apriority and the Energy Team hasimplemented state-of-the-arttechnology to provide optimalcontrol of irrigation systems. Theprogram has been particularlyeffective in Southern Californiawhere better management ofwatering cycles has resulted in anaverage 30% reduction in watercosts and a 60% decrease insewer charges.

360O MAINTENANCE PROGRAMAimco’s implementation of 360°Preventive Maintenance enablesservice teams to work smarter,not harder. Nearly two thirds ofAimco properties have begun touse the “cloud” based program,which retains audit histories onequipment maintenance and

construction activities, handlesasset inventories and is aninvaluable tool for capitalplanning and budgeting. Serviceteams are migrating to electronicrecords that include detailedmaintenance plans andinspections that are automaticallyscheduled by the system.

The system will save time andincrease productivity when fullyimplemented.

ConservationBY THE NUMBERS: Savings from Aimco’sConservation Programs from 2006-2011

Gallons of Water Conserved 356,000,000Metric Tons of GreenhouseGas Emissions Eliminated 26,000Natural Gas Therms Conserved 1,749,000kwh Electricity Saved 28,360,000

SolarThermalProject

In 2011, Aimco piloted a program using solarthermal energy to heat pools at seven Californiaapartment communities, including HillCreste,pictured above. The results show that the initiativenot only reduced energy usage by 55,893 therms,but that it also yielded an average return oninvestment of 21 percent.

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BAYBERRY HILL ESTATES, FRAMINGHAM, MASSACHUSETTS

discussion. The Aimco seniorleadership team, representingbusiness units nationwide,gathers quarterly forprogrammatic briefings andstrategic discussions regardinghow best to meet Aimco’sobjective of continuousimprovement. The “AimcoLive!”program was strengthened asregional teams planned specialevents outside the office topromote camaraderie andcohesiveness. The OperationsTeam introduced semi-weekly“stand-up” meetings to report onprogress in areas such asapartment rentals and renewals,revenue management, andcustomer service, and to motivateteam members to reach andexceed their performance goals.

AIMING FOR THE STARSPromoting team success alsomeans recognizing a job welldone. Each quarter, Aimco teammembers honor their colleaguesthrough the Aiming for the Starsprogram. In 2011, the programrecognition categories werealigned to mirror companyvalues. Awards are given to team members whose workexemplifies collaboration,integrity, customer focus, topsales, and overall communityperformance. In addition, Aimcorewards and celebrates teammembers for their years ofdedicated and loyal service.

SUPPORTING FAMILY NEEDS Several Aimco initiatives supportteam members in their day-to-day lives outside of the office.Aimco offers team members atuition reimbursement programfor career-related classes, and a scholarship program fortheir college-bound children.

The scholarship program has awarded 364grants since itsinception six yearsago. Aimco alsolends a hand when a team memberfaces an unexpectedemergency. TheAimco Cares 4Uprogram providesteam members with

short-term financial assistance tohelp them during tough times.

A talented team of men andwomen with expertise in theirfields and dedication to servingcustomers is Aimco’s greatestresource. The team definesAimco’s success and strives toexceed expectations ofcustomers, shareholders andpartners. Collaboration is the keyto high performance and it hasnever been stronger than in 2011.

A broad-based team workedtogether to refresh Aimco’smission, vision, and valuesstatements. The updated visionreflects Aimco’s commitment tobeing the best owner andoperator of apartment homes,delivering outstanding customerservice, and achieving financialresults.

The Aimco values of integrity,respect, collaboration, customer

focus and performance remainedunchanged as they continue tobe foundational to the way thecompany does business.

THE AIMCO LOGOIn concert with reaffirmingAimco’s corporate identity, amultidisciplinary team led by theMarketing Department embarkedupon the design and rollout of anew company logo and tagline.The mission of providing qualityapartment homes to a broadbase of residents across thecountry is reflected in Aimco’snew key-shaped logo and thebuildings represented within it.The tagline “Building Community”describes Aimco’s objectives ofcreating communities for

residents, a sense of communityamong its team members, andthe goal of having a positiveimpact on the community atlarge. In addition to ongoing fieldoperations team meetings, Aimcoleaders sponsored 12 local “townhalls” across the country topromote collegiality and open

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A VALUABLE Team

Aimco Mission, Vision, Values OUR MISSIONTo consistently provide quality apartment homes in a respectful environmentdelivered by a team of people who care.

OUR VISIONTo be the best owner and operator of apartment communities, inspired by a talented team committed to exceptional customer service, strong financialperformance, and outstanding corporate citizenship.

OUR VALUESIntegrity: Do the right thing always.

Respect: Appreciate others and treat them as you would want to be treated.

Collaboration: Work together. Seek and value the perspectives of others.

Customer Focus: Provide exceptional service to our customers andcommunities.

Performance: Demonstrate pride and passion for our work. Deliverconsistent and measurable results. Reward success.

“The day-to-day challengesof the job are what keeps

me excited about coming towork. I also attribute much

of my success to a widerange of support that Ireceive from teams like

construction services andlearning and organizational

development.” JIMMIE FRIERSON,

AREA SERVICE MANAGER,ROCKVILLE, MARYLAND

ZUMALI DIXON,DAUGHTER OF JED DIXON,LEASINGCONSULTANT

UNIVERSITY OFFLORIDA

JESSE CANNON, SON OF LESLEYCANNON,GREENVILLE SERVICECENTER

SPARTANBURGMETHODIST COLLEGE

ARIAN KOHI,DAUGHTER OFHASINA KOHI,RESIDENT RELATIONSSPECIALIST

GEORGE MASONUNIVERSITY

Executive Vice President forOperations, Keith Kimmel, leads asemi-weekly stand-up meeting ofa cross-functional team focused

on operational excellence.

“Thank you so very much for theassistance that I so desperatelyneeded. Words cannot say howmuch I appreciate it.”

AIMCO TEAM MEMBER, STATESBORO, GA

Aimco demonstrates the value of giving back through itsphilanthropic arm, Aimco Cares.To promote communityinvolvement, Aimco offers 10paid hours of time to each teammember for volunteer service. A full schedule of events acrossthe country in 2011 reflectedAimco’s commitment tocorporate citizenship and Aimcoteam members’ compassion fortheir neighbors.

In 2011, the Aimco Cares CharityGolf Classic raised more than$340,000 to benefit militaryfamilies and students. Sponsoredby Aimco and presented byRE/MAX, the annual eventgarners support from individualgolfers and companiesnationwide. Due to the generosityof more than 120 golfers and 60sponsors, Aimco made sizable

donations to two beneficiaries:TAPS, the Tragedy Assistance

Program for Survivors, whichhelps families cope with the lossof a loved one in service to ourcountry, and the Education Fundof the National Leased HousingAssociation, which administersthe Aimco Cares OpportunityScholarship Fund for college-bound students in affordablehousing.

Again in 2011, Aimco Caressponsored two national days ofservice involving more than 130projects in partnership withnonprofit agencies. The Aimcoteam truly made a difference:

AIMCO CARES OPPORTUNITY SCHOLARSHIP Aimco established the Aimco CaresOpportunity ScholarshipFund to providefinancial assistance tocollege-bound studentswho live in subsidizedrental housing. Inpartnership with theNational LeasedHousing Association, 46deserving students havereceived grants towardtheir college pursuits.

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in Denver, with the help of CEOTerry Considine, team memberswere “Yard Angels,” working onmaintenance of yards at homesowned by senior citizens; inVentura County, California, theAimco team made a strongshowing for Habitat for Humanity;and in Philadelphia, Aimcopartnered with City CouncilmanBill Greenlee’s office tolandscape the Veterans MemorialPark in the City’s FairmountDistrict.

Aimco Cares hit a high mark in2011, with 84 percentparticipation and team memberslogging more than 10,000 hours.Special recognition went to theMid Atlantic, Phoenix, Tampa and Denver Corporate teams, all of which achieved 100%participation.

VALUING Community

VOLUNTEERISM10,000+ HOURS

84% PARTICIPATION

Aimco Chief Administrative OfficerMiles Cortez presents a ceremonialcheck to Bonnie Carroll, founder and president of TAPS, along withmembers of the Aimco D.C. team andgolf tournament lead sponsors.

AIMCO CARES COMMUNITYSERVICE DAYSTop: Chairman and CEO TerryConsidine takes a break from raking to visit with a homeowner whose yardwas being cleaned by a team in Denver.

Left Center: Ben Egge gets to work ona home for Habitat for Humanity inCalifornia.

Left Bottom: Danielle Stanek helps tosort food donations for the Food Bankof the Rockies in Denver.

Right Center: George Garceau repairsa window at Champa House, atransitional home for women andchildren in Denver.

Right Bottom: The Aimco Philadelphiateam poses for a quick picture afterworking on the Veterans’ MemorialPark in Center City.

Rick Garcia, HUD Region VIIIAdministrator, (left) is joined by AimcoSenior Vice President Patti Shwayder

and Aimco Chief AdministrativeOfficer Miles Cortez. Garcia spoke about HUD programs

at a dinner following the Charity Golf Classic.

KATELYNN SIMS TRI-COUNTYTECHNICALCOLLEGE ANDERSON, SOUTHCAROLINA

ASHLEY TAYLOR FLORIDA STATECOLLEGE OFJACKSONVILLE JACKSONVILLE,FLORIDA

TINA LIU UNIVERSITY OF HAWAII ATMANOA

Aimco’s value of integrityunderlies all of our businessactivities and leadershipdecisions. Maintaining highethical standards and honoringour core values have definedAimco’s corporate practices andculture since the company’sinception.

Aimco’s Board of Directors hasled the industry in establishinggood governance practices andadopting policies and proceduresto reflect the highest standards.The Board of Directors is electedby majority voting annually andall, save Mr. Considine, areindependent members.

Every Aimco team membercertifies compliance withgovernment regulations andindustry benchmarks and mustpass annual courses such as FairHousing, Fair Labor StandardsAct, REIT requirements, andAimco’s Code of BusinessConduct and Ethics.

Being an effective leader alsomeans getting involved incommunity and industry groupsacross the country. Aimco holdsleadership positions and activelyparticipates in the NationalAssociation of Real EstateInvestment Trusts, National Multi Housing Council, NationalLeased Housing Association,National Affordable HousingManagement Association, andthe Real Estate Roundtable.

AIMCO CODE OF ETHICSAimco’s corporate philosophy is founded upon high ethicalstandards and professionalresponsibility. Each and everyindividual within our organizationmust observe these principles.Aimco is committed toconducting its business inaccordance with applicable laws, rules and regulations andthe highest standards ofbusiness ethics so as to earn the public trust.

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AIMCO BOARD OF DIRECTORS Terry ConsidineFounder, Chairman of the Board and CEO, Aimco

James N. BaileyChairman, Nominating and Corporate Governance Committee; Co-Founder,Senior Managing Director and Treasurer, Cambridge Associates, LLC

Thomas L. KeltnerServed as Executive Vice President and CEO, Americas and Global Brands, Hilton Hotels Corporation

J. Landis MartinLead Independent Director; Chairman, Compensation and HumanResources Committee; Founder and Managing Director, Platte RiverVentures, LLC; Served as CEO of four NYSE companies

Robert A. MillerExecutive Vice President and Chief Operating Officer, International ofMarriott Vacations Worldwide Corporation; Co-Founder and President ofAmerican Resorts, which was sold to Marriott International, Inc. to form its timeshare division and now spun off as a NYSE-listed company

Kathleen M. Nelson Founder and President, KMN Associates, LLC and Co-Founder andManaging Principal of Bay Hallow Associates, LLC; Served as managingdirector/group leader and chief administrative officer for TIAA-CREF’smortgage and real estate division

Michael A. Stein Chairman, Audit Committee; Served as CFO of ICOS Corporation, Nordstrom, Inc. and MarriottInternational, Inc.

LED BY OUR Values ELM CREEK APARTMENTS ELMHURST, ILLINOIS

IN MEMORIAMRichard S.Ellwood The Aimco familylost one of itsdear members in 2011, Richard S. Ellwood. A member of the Board of Directorssince 1994, Mr. Ellwood served onthe Audit, Compensation andHuman Resources, and Nominatingand Corporate Governancecommittees. He was the founderand President of R.S. Ellwood &Co., Incorporated, and enjoyed anational reputation for his judgment,character and knowledge of realestate investment. DirectorEllwood will long be rememberedby the Aimco team.

4582 S. ULSTER STREET, SUITE 1100DENVER, COLORADO 80237

WWW.AIMCO.COM