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Actionable news in AIV: APARTMENT INVESTMENT AND MANAGEMENT COMPANY,

Apartment Investment and Management: Citi 2016 Global Property Ceo Conference

The following excerpt is from the company's SEC filing.

2 STRATEGIC AREAS OF FOCUS REDEVELOPMENT • Redevelopment is a core business activity • Robust pipeline of redevelopment opportunities within existing portfolio • Occasional development when warranted by risk-adjusted returns • Above-average property operating results over cycle • Above-average resident retention • Peer-leading expense control PROPERTY OPERATIONS • Diversified across markets and price points to reduce volatility in revenue • Disciplined capital recycling to upgrade portfolio • Peer-leading growth in average revenue per apartment home PORTFOLIO MANAGEMENT • Quantity of leverage in line with peers and declining • Quality of leverage superior to peers • Growing unencumbered pool adding financial flexibility • Rated investment grade by S&P and by Fitch BALANCE SHEET • Focus on ownership and operation of apartment communities • Add value through operational excellence and redevelopment • Live our values, foster a culture of success and work collaboratively every day to achieve our goals BUSINESS & CULTURE

3 AIMCO VALUE CREATION ECONOMIC INCOME: year-over-year NAV growth plus annual dividend 2015 Economic Income: $5.28 per share* 14% Return on Beginning-of-Year NAV $3.10 Property Operations Aimco’s 2015 Same Store NOI growth of 5.6% created ~$3.00 of NAV per share. $0.50 Redevelopment Annual investment of $200 - $300M, at value creation averaging 25 - 35% of investment. Adds $0.50 to NAV per share annually. $0.50 Balance Sheet Each year, Aimco funds from retained earnings ~$80M of property debt amortization, adding $0.50 to NAV per share. $1.18 Annual Dividend Cash dividends per share up 13% to $1.18. * Represents the sum of a) the year-over-year change in consensus NAV as reported by KeyBanc Capital Markets and b) cash dividends per share paid by Aimco during 2015.

PROPERTY OPERATIONS STRATEGY 4 STRATEGY PROVIDES FOR • Greater NOI contribution: Renewal lease rate increases are generally higher than new lease rate increases; renewals avoid costs associated with turnover: higher vacancy, refurbishment, and marketing. • More predictable operating results: Renewal lease rate increases are less volatile; operating costs more predictable. PRODUCE ABOVE- AVERAGE OPERATING RESULTS • Focus on customer satisfaction, resident retention, and superior cost control

• Focus on customer satisfaction and resident retention: from 2011 through 2015, Aimco turnover averaged 47% compared to the peer average of 53%*. • Continued strong demand: Aimco lease rate increases in 2015 were greater than in 2014, and to date, 2016 lease rate increases have accelerated. SAME STORE RENTAL RATES 5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% Same Store Rental Rates 2014 Wt. Avg. 2015 Wt. Avg. 2016 Wt. Avg. * Peer group consists of AvalonBay, Camden, Equity Residential, Essex, MAA, Post Properties and UDR. Source: Bank of America Merrill Lynch.

1.2% CPI 2.5% Aimco 3.4% Peer Avg (1) 1.0% Aimco COE (2) 95 100 105 110 115 2012 2013 2014 2015 2016E Same Store Expense Growth 2013 - 2016E PEER-LEADING EXPENSE CONTROL 6 (1) For Aimco and peers, results include all property operating costs, which is comprised of COE, taxes, insurance and utilities. Peer group consists of AvalonBay, Camden, Equity Residential, Essex, MAA, Post Properties and UDR. Data Sources: SNL Financial, company reports. (2) Controllable Property Operating Expenses (“COE”) represent property operating expenses before taxes, insurance and utilities. • Focus on efficient operations: Over the past three years, the compound annual growth rate for Aimco’s property operating expenses before taxes, insurance, and utilities (“COE”) is 0.8%. In 2016, Aimco expects COE to be up approximately 1.5%. • Centralize: moving administrative tasks to Shared Service Center reduces cost and allows site teams to focus on sales and service. • Standardize: reduce complexity, increase purchasing volume discounts. • Invest: focus on total lifecycle costs and invest in more durable materials such has plank flooring instead of carpet, granite countertops instead of laminate. CAGR

Looking ahead: Aimco expects same-store NOI growth above trend due to solid demand for apartments and our continued focus on cost control. Our 2017 Forecast assumes: • Renewal rents increases at 4.5% and New Lease rents increase at 3.9%, the average of submarket growth rates projected by REIS and AXIOMetrics as of 3Q 2015. • Operating expenses increase at a market-weighted inflation rate as projected by Moody's Economy.com. Sensitivity to assumptions: • $0.025 impact to 2017 AFFO per share for each 50 basis point change in the assumed rate of 2017 revenue growth. • $0.01 impact to 2017 AFFO per share for each 50 basis point change in the assumed rate of expense growth. PROPERTY OPERATIONS FORECAST 7 4.75% 2.75% 5.75% 4.25% 2.75% 4.75% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% Revenue Expense NOI Projected Same Store Growth Rates 2016 Outlook 2017 Forecast

• During 2016 and 2017, Aimco expects to lease-up three newly-constructed communities, which communities are projected to make a neutral contribution to NOI in 2016, and to contribute $0.12 per share to 2017 NOI. Sensitivity to assumptions: • If the lease-up of these communities is six months faster or slower, the contribution to NOI would be plus or minus $0.02 per share in 2016, and plus or minus $0.03 per share in 2017. • If the lease-up of these communities is achieved at rents 10% higher or lower, the contribution to NOI would be plus or minus $0.01 per share in 2016, and plus or minus $0.02 per share in 2017. LEASE-UP COMMUNITIES 8 Schedule Total Apt. Homes Apt. Homes Leased as of 3/10/2016 Initial Occupancy Stabilized Occupancy Stabilized NOI Stabilized Revenue per Apt. Home Commercial Revenue ONE CANAL, BOSTON 310 14 2Q 2016 3Q 2017 4Q 2018 $ 3,865 $1.1M VIVO, CAMBRIDGE 91 55 4Q 2015 3Q 2016 4Q 2017 $ 2,600 $0.3M 2016 ACQUISITION, BAY AREA 463 16 2Q 2016 3Q 2017 4Q 2018 $ 4,130 -

REDEVELOPMENT STRATEGY 9 BUY RIGHT • Own and operate real estate in special locations where land value appreciates faster than buildings depreciate • Higher-growth markets support strategic redevelopment opportunities REDEVELOP WITHIN PORTFOLIO • Reposition existing operating properties through phased redevelopment • Vacate smaller properties on a select basis • Take advantage of opportunities to increase density through development of existing vacant land or zoning modifications Lincoln Place, Venice, CA

10 REDEVELOPMENT VALUE CREATION NOI STABILIZED Communities Net Investment 4 $167M OCCUPANCY STABILIZED Communities Net investment 3 $583M UNDER CONSTRUCTION Communities Estimated net investment 2 $160M TOTAL / WEIGHTED AVERAGE Communities Net Investment Actual / projected value creation as a % of net investment 9 $910M 33% • During the last three years, Aimco completed seven redevelopments located in high-quality locations in: the Bay Area; La Jolla, CA; west Los Angeles; downtown Seattle; and suburban Chicago.

11 2016 REDEVELOPMENT FOCUS NOI...


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