2004

Annual Report

Letter to Shareholders 1Building the Foundation 5Building Performance 6Building the Portfolio 9Our People 12Corporate Information 16

Table of Contents

2004

Letter to Shareholders

Executive Vice President Jeff Adler deservescredit for his leadership of conventional propertyoperations. He has been ably assisted by DivisionVice Presidents Tony D’Alto, Peter Kompaniez,Ron Monson and David Zweig. They and theirteams have my thanks.

The Aimco portfolio also includes 16 properties whose primary customers are graduate andundergraduate students. During 2004, ExecutiveVice President Randy Fein was successful inbuilding University Communities as anautonomous team dedicated to the specialrequirements of students.

A second focus for Aimco was its portfolio ofaffordable properties. During the year, there wasa continuation of the past several years’ efforts to improve operations and to sell properties thatare inconsistent with our long-term investmentstrategy. In addition, we also expanded efforts to build this business by redeveloping propertieswith tax credit equity.

Tax credits are a big business. They provide theequity capital to fund the development of anestimated 100,000 rental units each year. Taxcredits are awarded by governmental entities to encourage the development of properties

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Dear Fellow Shareholders,

2004 was a year of recovery and substantialimprovement for Aimco. Shareholder results aresummarized below:Total ReturnsAimco + 20.3%S&P 500 + 10.9%Morgan Stanley REIT Index + 31.5%

Per Share Performance2003 2004

Earnings 0.70 1.88 + 169%FFO 3.23 2.79 – 14%AFFO 2.59 2.19 – 15%

The context for these results was an easing, but not ending, of the apartment recession as job growth in the national economy translatedinto improved demand for rental apartments. At the same time, low interest rates fueledstrong demand by apartment investors, creating the paradox of high investment valuesnotwithstanding generally weak operating results.

The most important focus for Aimco was toimprove conventional property operations with an emphasis on the consistent execution ofcareful processes for customer acquisition,customer selection and customer service. Theseefforts were supported by a high rate of spendingto upgrade the physical condition of Aimcoproperties and by increased attention to therecruitment, training and compensation of Aimco team members.

In the first half of the year, these initiativesdepressed occupancy levels, increased expensesand lowered Aimco profitability. By year’s end,the same efforts were producing more positiveresults; for example, internal measures ofcustomer satisfaction improved significantly andthird-party reports showed Aimco leading its peersin increasing both rental rates and occupancies.

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newer properties. Over a longer term, we seeopportunities to create value by upgrading andredeveloping such properties to benefit from theunderlying land values. These efforts range fromcapital improvements such as upgradingapartment finishes with crown molding and tilefloors to more thoroughgoing renovations whererooms are reconfigured, windows are replaced,kitchens remodeled and building systemsupgraded. Where appropriate, Aimco will evenincrease the use of the property beyond itscurrent density and build totally new buildings.

Belmont Place in Atlanta is an example wherethe land value supported demolition of existingbuildings and the construction of newapartments. We expect such activities to play an increasing role in Aimco during 2005 and theyears ahead.

These efforts have been led by Executive VicePresident Joe DeTuno, overseeing redevelopmentplanning, and by Senior Vice President GaryPolodna, who heads Construction Services.Considerable progress was made during 2004,and I am grateful to them and their teams fortheir hard work. Joe has decided for familyreasons to return to California where he willcontinue with Aimco as a redevelopment leader;we will miss him in Denver. Gary and his teamhad numerous accomplishments during 2004, but perhaps none was more dramatic thanpreparing for, and cleaning up after, the fourhurricanes that struck Florida within 44 days.Their work was remarkable.

We call the ongoing acquisitions and dispositionsof Aimco properties Portfolio Management.Currently, Aimco has identified 377 conventionalproperties and 38 markets as “core” and 214conventional properties and 32 markets as “non-core”. The decisions about what is core and whatis not are based on numerous factors including

for middle and lower income residents.Tax credits are purchased by large corporationsfor use in reduction of federal taxes.

Aimco has a number of advantages in buildingthis business: a national operating platform,redevelopment expertise and the interest of largecorporations to purchase tax credit positions inAimco-sponsored properties. Aimco earnsincome from providing services, such as propertymanagement, redevelopment and tax creditplacement, and retains an equity interest in thelong-term ownership of the properties fundedwith tax credit equity.

During 2004, Aimco Capital secured and placed$58.6 million in tax credits to fund the acquisitionand redevelopment of seven Aimco propertieswith 1,610 units. We expect these totals to growunder the leadership of David Robertson,President of Aimco Capital, and his lieutenants,Executive Vice President Lance Graber and Senior Vice Presidents Michael Hornbrook, BrianShuman and Derik Hart. I thank them and theirteams for the excellent results achieved last year.

Redevelopment is an important part of the Aimcoplan for value creation. Aimco has consistentlyinvested in older properties where land values area high percentage of investment value, say 40 to60%, as opposed to the 10 to 20% typical in

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Aimco Tax Credit Activity

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the size and growth prospects of the market,location values and the number of Aimcoproperties within the market.

In the past four years, 53 new investments havebeen made in core markets and 229 non-coreproperties have been sold with Aimco exiting 28markets. We expect this process to be largelycompleted during the next two or three years.We measure progress, in part, by the expectedrental rate growth of the Aimco portfolio. During 2004, more than three quarters of Aimco conventional rents were earned at core properties and, at year’s end, their expected annual rental rate growth was about 80 basis points higher than that expected for non-core properties.

During 2004, the demand for condominiumsproduced the opportunity to sell certain coreproperties at attractive prices…generally higherthan the cost of their replacement. Aimco soldseven such properties and redeployed the capital,often within the same market, to acquire newer and better-located properties with superior prospects.

Aimco Chief Investment Officer Harry Alcockoversees these efforts. Assisted by a team ofprofessionals including Senior Vice PresidentPatrick Slavin, Harry oversaw the sale of $1.4billion of real estate and the purchase of $400million during 2004. He was busy and deservesour thanks.

The historically low interest rates of the past fewyears have permitted Aimco to lower its cost ofcapital while increasing financial liquidity.

Over the past two years, Aimco has lowered itsweighted average cost of capital by 104 basispoints. At year’s end, Aimco enjoyed ampleliquidity with $105 million in cash and $358million available on its line of credit.

As Aimco began 2005, it faced relatively modestnear-term debt maturities, but owed $1.5 billionwith interest rates that fluctuate with short-terminterest rates, which seem on the rise. Aboutone-half of this floating rate debt is tax exemptwith interest rate fluctuations that tend to besubstantially more muted than are taxableinterest rates. If short-term interest rates rise as expected, Aimco will face higher interestexpense but will also receive higher interestincome on its cash balances and loans receivable.The net effect is expected to be negative but notunduly so.

Aimco finances…and much of all Aimcoactivities…are overseen by Chief Financial OfficerPaul McAuliffe, assisted in the capital markets bya team led by Executive Vice President PattiFielding. They have enjoyed considerable successas measured by Aimco’s cost of capital, the longduration and limited maturities of its borrowings,and the reduced risk that results from thesensible use of non-recourse debt and preferredequities. Their contribution is much appreciated.

Pat Heath has been a key member of this team,serving as Aimco Treasurer. Pat is an Aimco“original”, having worked with Peter Kompaniez atone of the Aimco predecessor companies prior tothe Aimco IPO in 1994. She has chosen to retirefrom Aimco to open a woodworking businesswith her husband Dave and will be sorely missed.We wish them all good fortune and expect theirnew undertaking will be well known for the qualityof its products and the character of its proprietors.

Aimco provides accounting, informationtechnology, human resources and legal servicesto support its business teams. Tom Herzog,Aimco Chief Accounting Officer, has had a largeimpact during his first year with Aimco byworking to improve the clarity and timeliness ofAimco financial reporting. Tom also works with

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and Chad oversees both the documentation ofreal estate transactions and the protection ofAimco’s property rights. Patti has a far-rangingportfolio, including the important relationship with the Department of Housing and UrbanDevelopment as well as working with local land use authorities.

As we begin 2005, the Aimco team is upbeatabout our prospects for the New Year. Theeconomy continues to produce jobs and weexpect increasing demand for apartments. Wehave a good plan for meeting our corporate visionto “consistently provide quality apartment homesin a respectful environment delivered by a teamof people who care.” We are optimistic about thegrowth prospects for Aimco Capital. We can seethe tangible work done to upgrade our propertieseven as we work to upgrade the resourcesavailable to our team.

As we face these opportunities, I am grateful forthe advice and friendship provided by my fellowdirectors: Jim Bailey, Dick Ellwood, Lanny Martin(our lead independent director), Dusty Rhodesand Mike Stein, who joined the Board in Octoberand who holds the important position ofChairman of the Audit Committee.

I appreciate your interest in Aimco and lookforward to seeing you at our Annual Meeting tobe held at the corporate offices in Denver on April 29, 2005.

Sincerely,

Terry Considine, Chairman/CEO

Senior Vice President Scott Wesson to overseesubstantial and continuing efforts to digitizeAimco business processes where appropriate. I thank them both.

Human Resources were a priority for Aimcoduring 2004. We recruited a number of new andpromising leaders while also working to improvethe training of Aimco team members. This will bea continuing priority as we see clearly that Aimcosuccess turns on the quality and motivation ofthe Aimco team members. Executive VicePresident Jim Purvis has led these efforts and I thank him and his colleagues.

Aimco legal efforts have been focused oncompliance with the numerous laws andregulations that govern our business. In everyinstance, Aimco seeks to be an exemplarycorporate citizen, meeting the spirit as well asthe letter of the law.

The legal matter that received the most attentionduring 2004 was the ongoing review of Aimcofinancial statements by the staff of the Securitiesand Exchange Commission. We have cooperatedfully and worked diligently for its resolution. We treat this as of the utmost importancebecause, both as a company and as individuals,we value our good name and the quality of ourfinancial reporting.

In these sensitive and important areas, Aimcohas been well served by Miles Cortez, its GeneralCounsel, whose reputation for integrity, intellectand civility is well founded. Miles has been ablyassisted by his legal team including, in particular,Lisa Cohn and Chad Asarch, Senior VicePresidents and Assistant General Counsels, and by Patti Shwayder, Senior Vice President forGovernment Relations and Communications. Lisahas overseen all matters of corporate governance

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Building the FoundationA Vision for Aimco’s Second Decade

As America’s largest owner and operator ofapartment communities, Aimco reached amilestone in 2004: the company celebratedits 10-year anniversary as a public companyand began its second decade with renewedfocus, vigor and vision.

Founded in 1994 by a group headed by Terry Considine, Aimco is a Real EstateInvestment Trust (REIT) with headquarters in Denver, Colorado. The Aimco vision is toconsistently provide quality apartmenthomes in a respectful environmentdelivered by a team of people who care.Twenty-two regional operating centers bring local management, financial andcommunity expertise to Aimco’s portfoliodiversified in 47 states, the District ofColumbia and Puerto Rico. The Aimco teamof nearly 7,000 colleagues conducts thecompany business with a passion for hardwork, innovation and sincere caring for thepeople and communities they serve.

For much of the past decade, Aimcodoubled its size every 18 months.Following its initial public offering(IPO) in 1994, Aimco grew from 132properties with 29,343 apartmenthomes to more than 379,000 units in2,100 properties before paring back to1,500 properties with approximately264,000 units at year’s end. Aimcomanaged assets have grown from $315million to more than $13 billion today.

An investment in Aimco has yielded results:a $10,000 investment at the IPO was worthmore than $43,000 at year’s end – for atotal return of nearly 336% and an annualreturn of 15.1%. Aimco shares are includedin the S&P 500 index of America’s largestcompanies and Aimco is ranked as one ofthe most admired real estate companies inFortune Magazine’s annual poll.

Aimco prepared for its second decade byrenewing and refining the company visionand goals. The “New Aimco” renewed itscommitment to the shared values ofintegrity, collaboration, respect, customerservice and a culture of performance.Brought to life, these values lay thefoundation for future profitability throughincreased focus on, and investment in,operating results, an improved portfolio and motivated people.

Core Markets

Conventional ROC Locations

Aimco Capital ROC Locations

Building Performance

California Chic – The Lakes at SouthCoast, in Costa Mesa, is California living atits best. Exotic landscaping, crystal-clearlakes, tumbling waterfalls and resort-stylepools and spas characterize this upscalecommunity located just seconds from theworld-renowned Performing Arts Center andSouth Coast Plaza. Residents enjoy countryclub amenities including a fitness center,clubhouse and lighted tennis andracquetball courts. Aimco offers more than 70 properties in California, one of the company’s growing core markets.

Aimco StyleLofty Ideas –

With 12-foot-highwindows and 16-footceilings, Riverloft nearCenter City Philadelphiaprovides the finest in loft living. The 184-unitcommunity, redevelopedthree years ago, won five awards from theApartment Association of Greater Philadelphia in 2004 – for overallcommunity excellence,curb appeal/mid-rise,leasing excellence,maintenance excellenceand marketing brochure.

Conventional Real Estate Operations

Aimco’s primary business is owning andoperating rental apartment communities. At year-end 2004, the Aimco conventionalportfolio included 591 properties with164,807 units in prime locations throughoutthe nation. Providing quality, service andvalue at every price point, Aimcocommunities range from urban high-rises to park-like suburban settings.

During 2004, Aimco refined its businessstrategies, implementing new pricing,resident quality and customer serviceinitiatives to compete successfully in thechallenging apartment market. Improvedrental rates were achieved by a newsystematized pricing process that uses

real-time information to price each unit,floor plan by floor plan. Greater selectivity in choosing residents lowered bad debt and improved the quality and stability ofAimco communities.

Aimco focuses its passion for excellentcustomer service through numerous andregular measurements of customersatisfaction. Service quality, timeliness and overall resident satisfaction improvedsignificantly during 2004. To attract newresidents, Aimco developed new teamtraining, repositioned media and marketing,and standardized leasing practices. A newcustomer contact center helps prospectiveresidents make appointments to viewapartments where they want to live.

“Aimco consistently provides...”

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Award-winning Affordable –The renovation of the Pavilion inPhiladelphia is a winner by allaccounts. The $3.3 millionrenovation, completed in 2004,preserved the 296-unit high-riseas affordable housing and nowoffers senior residents a newlobby and entry, new elevatorsand a new office. Pavilion wonawards for curb appeal,maintenance and overallexcellence from the ApartmentAssociation of Philadelphia.

Michigan Milestone –Ramblewood Apartments inGrand Rapids won the topprize – best overall starcommunity – in the 2004GLAStar Awards competitionsponsored by the PropertyManager Association ofMichigan. One of the city’s premier apartmentcommunities, Ramblewoodfeatures 185 wooded acres,two swimming pools, atennis and health club and its own shopping center.Winding trails throughout theproperty provide opportunitiesto get exercise or just enjoythe scenery.

During 2004, these new tools increasedinquiries, property visits, rental applicationsand occupancy rates. Resident retention,product quality and cost management willcontinue to be high priorities in 2005.

Aimco Capital Affordable Housing

Established in 2002, Aimco Capital is one of the largest owners and operators ofaffordable properties in the United States.Led by a management team dedicated tothe unique facets of affordable multi-familyhousing, Aimco Capital at year’s endincluded 415 properties with 49,853apartment homes. The Aimco Capital teamalso provides asset management servicesto affiliated partnerships owning an

additional 41,233 units. Aimco Capitalproperties are most often subsidized by HUD or financed with tax credits. Affordablecommunities are managed with the specialneeds of residents as a priority: AimcoCapital is a leader in providing NeighborhoodNetworks computer centers as well asResident Service Coordinators committed to helping senior residents – often inpartnership with HUD, local businesses and non-profit organizations.

Aimco Capital had a strong performance in 2004. At year’s end, average occupancyimproved to 95.1% with average rent of$651 per unit. Aimco Capital’s Transactionand Asset Management teams completedmore than 150 transactions during 2004,

“Your staff at Lazy Hollow is the best, and I so appreciate their efforts to keep theseapartments comfortable, clean, safe and beautiful. It is a wonderful place to call home.”– Resident, Lazy Hollow, Columbia, MD.

Student Center – The Belmont (above) wasacquired by Aimco inpartnership with CalSTRSfor $31.4 million. The 312apartments are withinwalking distance of the

fast-growing Duke University Medical Center.Students enjoy the widescreen TV at NaismithHall, a student housing facility at the Universityof Kansas in Lawrence (left).

Aimco Additions

generating transaction revenue of morethan $30 million – an increase of 60% over2003. Aimco Capital’s syndication groupplaced approximately $60 million of taxcredit equity, which funded redevelopmentof properties with more than 1,600apartment homes. Aimco Capital will focus on growing and diversifying itsbusiness during 2005.

University Communities

Aimco established the UniversityCommunities division in 2003 with the goalof becoming the most significant operator

in the student housing sector. In 2004, thedivision managed 16 properties with 4,277apartments. Partnering with the CaliforniaState Teachers’ Retirement System(CalSTRS), the division is actively acquiringmulti-family properties both on its own andin partnership with major universities. Twowell-located properties with 504 units wereadded to this portfolio in 2004 – one next toDuke University in Durham, North Carolina,and one adjoining the campus of theUniversity of Notre Dame in South Bend,Indiana. A dedicated property managementand acquisition team guides operations and future growth.

Building the Portfolio

The Benefits of Size and Scale

Aimco’s vast portfolio of propertiespresents opportunities to leverage scaleand gain operating efficiencies. Aimco hasdetermined that its core business shouldbe located in 38 target markets throughoutthe United States. Concentration in these“core markets” will provide economies ofscale, pricing and marketing power. To thatend, Aimco has exited 28 markets since2001 and plans to exit an additional 32markets over the next three years. In 2004,Aimco sold 107 properties for gross

Manhattan Expansion – The Tempo is one of 20apartment buildings acquired byAimco during the last two yearsin New York City. The $51 million, 16-story high-rise boasts 200apartments and ground-floorretail space located on NewYork’s Upper West Side. Built in 1928, the former hotel has been substantially renovated and features a dramatic lobbyand atrium, and modern athletic facility.

Great Lake Location –Hyde Park Tower is located in Chicago withunobstructed views ofLake Michigan. Residentsof this 155-unit high-riseenjoy proximity to theUniversity of Chicago. This$19 million acquisitionprovides the best of urbanliving in one of Aimco’score markets.

“Quality apartment homes...”

Resort Living – Bay Parc Plaza, withstunning views of BiscayneBay and beautiful beachfrontage, was purchased in 2004, adding to Aimco’supscale portfolio in South

Florida. The 38-story, 471-unit community islocated in Miami’s rapidly growing BiscayneCorridor. Built in 2000, the $64 millioncommunity features 24-hour conciergeservice and a fitness center, as well as easyaccess to Miami’s entertainment district.

proceeds of $1.36 billion and acquired 13properties for a gross purchase price of$404 million. The acquired properties arenewer, better-located and command higherrents than the properties sold. Propertiespurchased in 2004 are well-located in majormarkets such as New York City, Miami, LosAngeles and Chicago, and several occupyprime waterfront locations.

“We love it here. We feel like we are in a fine resort.Whenever we need anything, the staff are eager andhappy to help.” – Resident, Stonybrook, Tucson, AZ.

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Southern Belle – BelmontPlace, an upscale 326-unitapartment community in theAtlanta suburb of Marietta,Georgia, was redeveloped in2004. Scheduled for completionin 2005, the $32 millionredevelopment features aresort-style pool with extensivetanning decks, a state-of-the-artbusiness center, and aclubhouse with a grand pianofor evening entertainment.

Investing in Communities

Aimco improves the quality of itscommunities by strategic remodeling andredevelopment. Aimco investment policytargets older properties in superior locationswhere enduring land values hold thepotential for redevelopment. During 2004,Aimco invested $137 million in theredevelopment of 34 properties, including22 conventional and 12 affordablecommunities. Aimco targets 30-40 well-located properties each year for

redevelopment. Investments of $2 million to$10 million per property are guided by adedicated construction services group,based in regional offices. Typical renovationsinclude remodeled kitchens and bathrooms,fitness and community centers andimproved landscaping to increase curbappeal. Aimco plans nearly $225 million ingross redevelopment expenditures in 2005to improve communities and offer more to residents.

The Sound of Music –Franklin Oaks is located in theheart of Nashville’s countrymusic scene – home to industryexecutives, stars and those who would like to be! The $4.4million renovation of the 468-unit community added asoundproof music rehearsalroom and studio featuring thelatest recording technology. Thestudio has attracted local talentwho stop by to jam or just relax and enjoy.

Texas Transformation – The Arbors on Westheimer inHouston was remodeled toprovide enhanced curb appealand new recreationalopportunities for residents.The $4.2 million renovationincludes new siding,sidewalks, front doors,exterior lighting and parkingimprovements. An olderrestaurant was transformedinto a new leasing office andclubhouse, enjoyed by residentsand the Aimco team alike.

Colorado Construction –The newly remodeled,296-unit Peakview Placeapartments in a suburb ofDenver offer residents anew modern clubhouse andfitness center, as wellinterior upgrades featuringnew berber carpet, and newcountertops and cabinetry.The $4 million redevelopmentincludes landscaping andsafety lighting – a benefit tothe entire neighborhood.

Aimco Quality

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as

The Best Amenities

Aimco prides itself on catering to residentsin every walk of life – with amenities thatrange from state-of-the-art fitness andbusiness centers, and community socialclubs and events, to specialized servicesfor seniors and children. A community thatis right for everyone is just a click away byvisiting www.aimco.com. Aimco’s 24-hourservice guarantee is standard, as well asits Good Neighbor Policy and no-hassleCoast-to-Coast transfer program. Aimco

rewards loyalty with a dedicatedHomePlanner option that offers specialbenefits for those wishing to purchase ahome. Many apartment homes can becustomized by adding designer paint,carpet and other upgrades. Aimcoresidents can choose from an array ofcommunities with options that makerenting an apartment a convenient andsensible lifestyle choice.

Miami to the Max – The Flamingo South Beach is the ultimate inapartment living. A world-class high-rise thatoccupies the site of the historic FlamingoHotel, this premier community boasts cuttingedge amenities including boat slips and a14,000-square-foot athletic club – completewith smoothie bar and separate mind andbody studio. Spectacular views of the bayand ocean complement spacious interiors,tropical gardens, dog parks and, of course,concierge services and valet parking.

Cyber Café – An indoor pool with a retractable roof, a newfitness center, gourmet coffee bar, cyber caféand on-site store are some of the amenitiesthat won Elm Creek in Elmhurst, Illinois,several prestigious awards from theChicagoland Apartment Association in 2004.Elm Creek was recognized for best communityamenities, and for best floor plan for itspenthouse apartments.

Custom Design – Paint your wall? Choose thecarpet? Customizing anapartment is a reality atSteeplechase, in Plano, Texas.In fact, most Aimco Dallasproperties offer upgrades tofit a myriad of tastes. Thedesigner paint, berber carpetand wood-look flooring areoptions that complementAimco’s accent wall program,introduced in 2004.

“The peace of mind I have knowing that someone as competent as you is in charge of the community I live in is invaluable. I hope this note helps give you a small sense of satisfaction knowing that your work is excellent.” – Resident, Malibu Canyon, Calabasas, CA.

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Our People

Serving Residents –Sandra Pinal Del Rio isresident services coordinatorat Villa De Guadalupe in SanJose, California. She washonored by Aimco in 2004 asone of the company’s mostoutstanding coordinators forher work in opening aNeighborhood Networkscomputer center, whichprovides on-site computerresources to senior residents.

Aimco Builds Community

Aimco knows that buildings and land are only part of a winning formula: it’s our team of dedicated people and ourresidents who make every Aimcoapartment a home. Service is top priorityat every Aimco community. Our award-winning communities have dedicatedmanagers, sales professionals and serviceexperts available around the clock. NewDirectors of Service Quality are focusedon providing a quality experience for allAimco residents in communities across

the country. Aimco team members arecompensated based on their success inmeeting resident needs linked to overallcommunity performance. “America ComesHome to Aimco” is more than a slogan –it’s a way of life for nearly a million peopleeach year who enjoy Aimco’s commitmentto quality and exceptional service.

Trained for Service – The "Top Gun" program inIndianapolis trains Aimco's maintenance team inleadership skills, teamwork and an emphasis on customerservice. The brainchild of Andy Bohr (above right), directorof construction services for the Indianapolis ROC, theprogram offers maintenance personnel not only a job, butalso a career path. Specialized instruction in electrical,plumbing, heating and drywall help enhance technicalskills. New classes are added each year.

Aimco Dedication

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Higher Calling – A new centralized customer contact center in Denver handles inquiries from acrossthe country. Same-day scheduling and follow-up isdone efficiently from the center, freeing communitysales professionals to spend quality time withprospective residents.

“Since I moved in, I have been so happy withboth the apartment and the customer serviceby the office staff, as well as the all importantmaintenance men.”– Resident, Harbor Town at Jacaranda, Plantation, FL.

the country to log hundreds of servicehours in partnership with local non-profitand community organizations such as theRed Cross, Habitat for Humanity and localfood banks, shelters and health organizations.Aimco teams are involved in a myriad ofactivities to better their communities, theirneighborhoods and those who needassistance. This personal and companycommitment to community has won praisefrom the Aimco team, residents and thosewho have received a helping hand.

Aimco In Action

During 2004, Aimco launched a newphilanthropic initiative to commemoratethe company’s 10th anniversary. To giveback to communities, Aimco Caresencourages each and every Aimco teammember to donate 10 hours of serviceannually to the cause of his or her choice,while being paid by Aimco. This amountsto over $1 million worth of donated time.Designed to make us better partners,better neighbors and a better place to work,Aimco Cares has inspired teams across

“In a respectful environment...”

Star Performers – Aimco’sculture of performance rewardscommitment to excellence andstellar results. Top-performingsales professionals won a cruiseto the Caribbean. They celebratedtheir achievements with JeffAdler (center), EVP ConventionalOperations, and Victoria Blanton(second from left), VP Sales.

Super Job – The 21 top service managers wererecognized by their peers and treated to an all-expensepaid trip to Super Bowl XXXIX in Jacksonville, Florida.They enjoyed the game with Chairman and CEO TerryConsidine (bottom center), Aimco Capital Senior VicePresident Brian Shuman (bottom left) and Jeff Adler(bottom right).

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that were without electricity, bringing food,ice and compassion to residents.

This generosity of spirit also extended toforeign shores as team members set up adedicated fund to contribute to victims ofthe Christmas tsunami in Southeast Asia.

Passion, performance and pride. Nearly7,000 Aimco team members are inspired toserve residents and improve communitieseach and every day. Aimco values arecommunity values. That’s why Aimco isAmerica’s choice for apartment living.

But the Aimco team’s passion for servicedoes not stop there. When four hurricanesdevastated the southeastern United Stateswithin six weeks, the Aimco team riskedtheir lives to ensure the safety of residentsin harm’s way – while leaving their ownfamilies to do so. At Peachtree Park inAtlanta, Aimco team members used theproperty sign that was upended in thehurricane as a raft to reach and rescueresidents in flooded apartments. In WestPalm Beach, Florida, the entire Aimco teamworked long hours to restore communities

Aimco Pride

Showing Aimco Cares –

Partnering with Habitat for Humanity,South Florida team members helpedbuild a house for low-income families.

“We pride ourselves on being good neighbors, attracting quality residents and beinggood corporate citizens. Our residents and employees are more important to oursuccess than the bricks and mortar of our many buildings.” – Terry Considine, Chairman and CEO.

The Aimco Philadelphia team collectedtruckloads of cans and donated the proceedsfrom recycling to Habitat for Humanity,showing that "Aimco CAN Care."

The team at Royal CrestEstates in Fall River,Massachusetts, helpedspruce up a building usedby seniors and foster grandparents.

“Delivered by a team of people who care.”

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The Denver corporate team held a food drive to aidthe homeless.

Team Houston walkedto raise money for juvenilediabetes research inpartnership with a local hospital.

The Aimco team inWinston-Salem, NorthCarolina, prepared foodfor local residents tobenefit Meals on Wheels.

“Maggie’s Place exists to help expectant mothers in need, and we always welcomethe involvement of companies like Aimco whose employees so generously chooseto give their time to help our guests. Aimco Cares is a wonderful program and wewish Aimco employees all the best on their efforts in the Phoenix area and acrossthe country.” – Mary Peterson, co-founder of Maggie’s Place in Phoenix, AZ.

Aimco recognizes a special debt to members of the United States armed forcesserving in Afghanistan and Iraq. Aimco pays its team members called to active dutytheir full pay, as well as continued health and life insurance benefits and vacationaccrual, recognizing that they are serving us even while away. Extra efforts aremade to support military families, especially during holiday times.

”Thanks so much for your gracious generosity. I am so grateful that my husband works for a company (Aimco) that cares for itsemployees and their families. God Bless”.– The Lee Family, Rachel, Jonathon, Terence and Ratara.

Army sergeant Terry Lee is serving in Iraq with the 980th Engineering Battalion.

Board of Directors

Terry ConsidineChairman of the Board andChief Executive Officer

James N. BaileyChairman of the Nominating andCorporate Governance Committee (1) (2)

Senior Managing Director, CambridgeAssociates, LLC

Richard S. Ellwood (1) (2) (3)

J. Landis MartinChairman of the Compensation andHuman Resources Committee and Lead Independent Director (1) (3)

Chairman and Chief Executive Officer,Titanium Metals Corporation

Thomas L. Rhodes (1) (2) (3)

Chairman and President, National Review

Michael A. SteinChairman of the Audit Committee (2) (3)

Vice President and Chief FinancialOfficer, ICOS Corporation(1) Member of the Audit Committee

(2) Member of the Compensation and Human Resources Committee

(3) Member of the Nominating and Corporate Governance Committee

Advisory BoardRoy H. Lambert, Sr.Vero Beach, Florida

Richard MortonMiami, Florida

Emeritus

Charles R. Considine

Executive Officers

Jeffrey W. AdlerExecutive Vice President Property Operations

Harry G. AlcockExecutive Vice President andChief Investment Officer

Miles CortezExecutive Vice President, General Counsel and Secretary

Randall J. FeinExecutive Vice President University Communities

Patti K. FieldingExecutive Vice President Securities & Debt; Treasurer

Lance J. GraberExecutive Vice President Aimco Capital Transactions, East

Thomas M. HerzogSenior Vice President and Chief Accounting Officer

Paul J. McAuliffeExecutive Vice President and Chief Financial Officer

James G. PurvisExecutive Vice President Human Resources

David R. RobertsonExecutive Vice President, President and Chief Executive Officer, Aimco Capital

Senior, Divisional and Regional Vice Presidents

CORPORATE

Chad G. AsarchSenior Vice President,Assistant General Counsel and Assistant Secretary

Lisa R. CohnSenior Vice President,Assistant General Counsel andAssistant Secretary

Steven CordesSenior Vice PresidentCapital Markets

Stephen D. CraneSenior Vice PresidentProperty Tax

Melanie FrenchSenior Vice PresidentLearning and Development

Patricia K. HeathSenior Vice President

Becky HolemanSenior Vice President

Martha L. Long Senior Vice PresidentPartnership Transactions

Dennis MartinSenior Vice PresidentFinancial Planning and Analysis

J. William MontgomerySenior Vice PresidentInternal Audit

Patti ShwayderSenior Vice PresidentGovernment Relations andCommunications

Patrick F. SlavinSenior Vice PresidentSales and Dispositions

James M. WallaceSenior Vice PresidentTax

R. Scott WessonSenior Vice PresidentChief Information Officer

CONVENTIONAL PROPERTY OPERATIONS

Michael KarsnerSenior Vice PresidentConventional Operations

Lou LavauxSenior Vice PresidentConventional Operations

Leeann MoreinSenior Vice PresidentProcurement and IncomeDevelopment

Division Vice Presidents

Anthony D’AltoDivision Vice President, Gulf

Peter K. KompaniezDivision Vice President, Pacific

Ronald D. MonsonDivision Vice President, Midwest

David J. ZweigDivision Vice President, East

Regional Vice Presidents

John AngeloRegional Vice President, Orlando

Lynn BoraRegional Vice President, Boston

Keith DoddsRegional Vice President, Raleigh

Paul HemmertRegional Vice President, Dallas

Jeffrey KimesRegional Vice President, Denver

Dan J. KistelRegional Vice President, Tampa

Dawn LawlessRegional Vice President, Michigan

V. Larry MillerRegional Vice President, Houston

Stephen C. PetersRegional Vice President, Phoenix

Warren J. SanderRegional Vice President, Atlanta

Kevin SheehanRegional Vice President, Rockville

Thomas SeegerRegional Vice President, Chicago

Charles VialeRegional Vice President, Indianapolis

Michele M. WilsonRegional Vice President, Philadelphia

AIMCO CAPITAL

Jimmy K. ArnoldRegional Vice PresidentAimco Capital Operations, West

William M. KozeyRegional Vice PresidentAimco Capital Operations, Midwest

Carl J. Ruff, Sr.Senior Vice PresidentAimco Capital Operations, Southeast

O. Cooper WinstonRegional Vice PresidentAimco Capital Operations, Northeast

Derik HartSenior Vice President Aimco Capital Transactions, West

Michael J. Hornbrook Senior Vice PresidentAimco Capital Syndication and TaxCredit Placement

Charles McKinneySenior Vice PresidentAimco Capital Asset Management

Brian ShumanSenior Vice PresidentAimco Capital Finance and Operations

Jeffrey SussmanSenior Vice President Legal

REDEVELOPMENT

David DouglasSenior Vice President, Redevelopment

Joseph DeTunoSenior Vice President, Redevelopment

David GazekSenior Vice President, Redevelopment

Alice RebechiniSenior Vice President, Redevelopment

CONSTRUCTION SERVICES

Gary HoltSenior Vice PresidentConstruction Services, West andSouth Central

Brad T. HodackSenior Vice PresidentConstruction Services, Midwest,Southeast and South Atlantic

Randall J. MullenSenior Vice PresidentConstruction Services, Northeast

Gary PolodnaSenior Vice PresidentHead of Construction Services

Corporate Information

CORPORATE OFFICE

Stanford Place 34582 South Ulster Street ParkwaySuite 1100Denver, CO 80237Telephone 303.757.8101Toll Free 888.789.8600

WEBSITE

http://www.aimco.com

STOCK LISTING

New York Stock Exchange Symbols:AIV, AIVPRG, AIVPRQ, AIVPRR,AIVPRT, AIVPRU, AIVPRV, AIVPRY

COMMON & PREFERRED STOCKINVESTOR RELATIONS

Toll Free 888.789.8600Telephone 303.691.4350Email investor@aimco.com

Jennifer MartinVice President, Investor RelationsTelephone 303.691.4440Fax 303.300.3269

LIMITED PARTNER INVESTORRELATIONS

P.O. Box 2347 Greenville, South CarolinaTelephone 864.239.1029Fax 864.239.5812Email partners@aimco.com

STOCK TRANSER AGENT AND REGISTRAR

EquiServe Trust Company, N.A.P.O. Box 43010Providence, RI 02940-3010Tel: 800.730.6001www.equiserve.com

INDEPENDENT AUDITORS

Ernst & Young LLP Denver, Colorado

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher & Flom LLP

16

Aimco consistently provides

quality apartment homes

in a respectful environment

delivered by a team of people who care.

Stanford Place 3 n 4582 South Ulster Street Parkway n Suite 1100 n Denver, Colorado 80237

Telephone 303.757.8101 n Toll Free 888.789.8600 n www.aimco.com

2004

Aimco consistently provides

quality apartment homes

in a respectful environment

delivered by a team of people who care.

Stanford Place 3 n 4582 South Ulster Street Parkway n Suite 1100 n Denver, Colorado 80237

Telephone 303.757.8101 n Toll Free 888.789.8600 n www.aimco.com

2004