Apartment Investment and Management Company
Annual Report 2003

Plain-text annual report

2 0 0 3 AN NUA L R E PO RT TABLE OF CONTENTS Letter to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Aimco: A Decade Strong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Building Excellence: Up to the Challenge . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Commitment to Quality: Upgrading the Portfolio . . . . . . . . . . . . . . . . . . . . . . 12 Customer Focus: Value, Service, Commitment . . . . . . . . . . . . . . . . . . . . . . . 14 Corporate Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Dear Fellow Shareholder: U.S. Apartment Supply and Demand U.S. Occupancy and Effective Rent Per Unit The past three years have been disappointing, and the past 18 months have been particularly challenging. The apartment markets have been weak, and Aimco has been less effective than its peers in meeting these challenges. The disappointments are not hypothetical to Aimco management. Executive officers are substantial shareholders too. Their stake in the enterprise exceeded $200 million at the close of 2003. As managers, every senior officer’s pay was reduced from last year and set below peer levels. My pay was cut too. Aimco is committed to pay for performance, both up and down. Demand for apartments continued to be lower than their supply so that rental rates and occupancies declined again. 2003 saw the highest vacancies recorded during the 25 years of U.S. Census data. of 5.5%. It declined further for Aimco, “Same Store” net operating by 11.3%. Results were further diluted income earned by the public apartment because Aimco was a net seller of REITs declined by a weighted average properties, using sales proceeds to 1 Units Completed (Supply) Units Absorbed (Demand) 1999 2000 2001 2002 2003050,000100,000150,000200,000250,000SOURCE: REIS%Change in EffectiveRent Per Unit Occupancy SOURCE: REIS1999 2000 2001 2002 20030%2%-2%4%6%8%10%92%95%93%91%94%96%97%98%maintain a dividend in excess of customers and properties and the current profitability and to pay down ROC scale is more manageable. debt. Following the third quarter, Even so, it bears mentioning that the the quarterly dividend was reduced largest ROCs are as large as mid-cap to $0.60 per share. apartment REITs, managing prop- In prior years, Aimco had enjoyed erties worth more than $1.5 billion. superior “Same Store” results. When Each smaller ROC is responsible for the shortfall in relative performance more than $400 million in assets and became apparent during the first quarter is larger than was Aimco at its Initial of 2003, I made property operations Public Offering. and financial information systems The ROC management teams my hands-on priority. I am comfort- have been strengthened. Eight of fif- able that the Aimco team is making teen Regional Vice Presidents (RVPs) progress. I expect that it will take the are new. Thirteen Regional Finance balance of this year to implement Officers (RFOs) were added in 2003 the changes we have identified and to provide financial management to achieve the targeted results. expertise. The RFOs have an average Aimco’s Top Five Markets: Contribution to Net Operating Income of 17 years of experience: eight from financial control positions within public companies such as Marriott, Bank of America and Budget Rent-A-Car; and five internal promotions from within Aimco. Five Directors of Human Resources (DHR) joined Aimco from similar positions in such companies as Home Depot and Ritz Carlton and have taken on an enlarged role focused on recruiting, training and retaining Aimco site personnel. This emphasis on ROC manage- The fundamental change has ment teams was accompanied by a been to re-emphasize the Regional change in the corporate role in property Operating Centers (ROCs) as the operations to emphasize corporate “key business units.” Their advantage, systems and standards as well as compared to Aimco as a whole, is that quantitative decision making, for ROC leaders are closer to Aimco’s example, in customer credit and pricing, 2 57%Other MarketsWashington DC 13.5%Los AngelesLong BeachVenturaNew EnglandPhiladelphiaChicago6.4%9.1%7.5%6.5%budgets and forecasting. Jeff Adler Boston Properties and Turner Construc- was made Executive Vice President tion before joining Aimco in 2002. Property Operations, responsible for Another major initiative has been the $10 billion Aimco Conventional port- to strengthen financial information folio. Ron Monson continues to play an and control systems. The previously important role, responsible for ROCs mentioned addition of 13 RFOs was serving the most challenging markets. important; so too was the recruitment Human Resources have received of Tom Herzog from his position as increased priority. Jim Purvis, whose Chief Accounting Officer and Global career has included posts as head of Controller of GE Real Estate to fill HR at Westin Hotels and TCI, joined the role of Aimco Chief Accounting Aimco in February 2003 and has Officer. His responsibilities are broad: made wholesale improvements to he has been charged with streamlin- Aimco recruitment, training, and ing accounting and financial reporting career development. processes and is a full participant in Even as ROC management senior management. teams were strengthened, the ROC The Aimco goal is to be a consis- mission was narrowed to focus on tently effective operator. There’s more sales and service to Aimco residents. to do to meet this goal, but I am con- Construction Services, primarily engi- fident that Aimco is much improved. neers, architects and construction With attention focused on opera- management professionals, was tions, Aimco was less active in doubled in size to 60. Their role is to acquisitions buying $163 million in oversee the more complicated design 2003, as compared to $3 billion dur- and construction projects within capital ing the prior three years. Property replacement spending as well as sales increased to $939 million in redevelopment activities. Construction 2003, as compared to average annual Services is headed by Gary Polodna, who dispositions of $500 million during had more than 25 years of experience the prior three years, as Harry Alcock at firms such as Carr America Realty, actively managed the portfolio, selling 3 outliers in weaker locations. While a busy man, also managed Aimco Aimco was a net seller in 2003, Harry Capital to improved results, including expects sales and new investments higher free cash flow from property to be roughly offsetting in 2004. operations and increased fee income. Rent Per Unit: Aimco Conventional Acquisitions vs. Dispositions Aimco Growth Over Time (Units) Here, his outlook for 2004 is for more of the same. Paul McAuliffe, Aimco Chief Finan- cial Officer, has been a reliable source of good counsel and steady leadership. With Patti Fielding, he has begun to shorten the weighted average duration of Aimco’s property debt while taking advantage of current interest rates to lower Aimco’s weighted average cost by 50 basis points to 6.0%. Preferred stocks, whose yields were set a few years ago when interest rates were higher, have been redeemed with lower cost preferred stock. Paul also negotiated a $300 million investment by GE Real Estate in an Aimco joint venture, providing net cash proceeds to Aimco of more than $100 million. He has my thanks for Aimco’s addition David Robertson is responsible to the S&P 500. for Redevelopment and Construction Leverage remains higher than Services. He plans to use the expand- I prefer. The best solution, I think, is ed capabilities of Construction Services improved property operations. While to redevelop, under Joe DeTuno’s we work on this, Aimco is liquid, direction, a number of Aimco’s older stable, and faces the prospect of a properties in excellent locations. In declining cost of capital from future 2003, Aimco completed more than refinancings of debt and redemptions $70 million in redevelopment projects of preferred stock. that upgraded the Aimco portfolio. In Miles Cortez, Aimco General Coun- 2004, David expects to begin as many sel, has been effective in resolving as 40 redevelopment projects. David, troublesome litigation that accompa- 4 03006009001,2001,5002002 2003$548$1,325$564$1,320Dispositions Acquisitions0100,000200,000300,000400,000 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003nied Aimco’s acquisitions, and has independent directors, and only the been skillful in managing Aimco’s independent directors. At a price of compliance with the very substantial more work, they have an unimpeded increase in governmental regulation. view of the Aimco enterprise. I He is a sage and trusted counselor. appreciate their friendship, numerous As has been the case for the past meetings and reliable judgment. 10 years, Peter Kompaniez has been I recognize, too, the patience and both a friend and partner in the Aimco trust of Aimco shareholders. The past enterprise. He has undertaken the 18 months have been disappointing. most difficult assignments and offered Notwithstanding, I am energized by sound advice. He has decided to the hard work and personal qualities relinquish his title as President to of the Aimco team: senior manage- focus on special projects without ment, corporate staff, and operating incessant travel. I am pleased by his personnel, especially on site where continued help and profoundly grateful Aimco meets and serves its customers. for his numerous contributions. I am optimistic that their efforts will I’d also like to thank Pat Foye be rewarded and that better days lie who left Aimco in January to pursue ahead. I look forward to seeing you at a career of public service. He leaves the Annual Meeting to be held at the many friends who wish him well in corporate offices in Denver on April 30. his new endeavors. In a time of great scrutiny of cor- Sincerely, porate governance, Aimco is fortunate indeed to have Jim Bailey, Dick Ellwood, Lanny Martin and Dusty Rhodes as independent directors. Terry Considine Each has a record of business success Chairman/CEO and personal integrity. The size of the board means that each primary board committee is composed of all the 5 Aimco: A Decade Strong As America’s largest owner, operator and manager of apartment communities, Aimco is a decade strong. Operating over 1,600 proper- ties in 47 states, D.C. and Puerto Rico, Aimco knows the apartment business inside and out. Driven by a mission to provide quality communities, the company’s goal is to create value in everything it does — for residents, employees and shareholders. Founded in 1994 by a group headed by Terry Considine, Aimco is a Real Estate Investment Trust (REIT) with headquarters in Denver, Colorado. The company’s primary business is owning and operating conventional apart- ment properties. Its Aimco Capital division is dedicated to managing Aimco’s affordable housing properties. Nineteen regional operat- ing centers bring local expertise to manage operations nationwide. In 2003 Aimco received two notable honors. Aimco shares were included in the S&P 500, and Fortune Magazine ranked Aimco as one of the five most admired real estate companies in its prestigious annual poll. Over one million residents choose to come home to Aimco. Yet there is much more to achieve in the company’s second decade. Aimco’s dedicated management and employees, community values and resident satisfaction are important building blocks. With that strong foundation, Aimco is well positioned to be successful in the future. The Greens, located in Chandler, Arizona next to the historic San Marcos Golf Course and Hotel, was designed to fit perfectly into the surrounding community. A 1999 redevelopment of 324 apartments in the acclaimed “Big House” design provides a single-family atmosphere while extensive amenities make it the ultimate in apartment living. 6 “You guys are awesome! If I ever know of anyone who needs a great place to live… Foxtree will be my recommendation.” — Resident, Foxtree,Tempe, AZ Conventional Property Portfolio. Aimco’s conventional property portfolio includes 632 Aimco Capital. Established in 2002, Aimco Capital has organized its operations properties and approximately 178,400 apartment and asset management under a single, highly homes located throughout the nation. From qualified management team. As the largest coast to coast, residents have attractive Aimco owner and operator of affordable properties housing options that range from park-like subur- in the U.S., Aimco Capital’s portfolio includes ban settings to urban high-rises. Aimco strives 488 properties with nearly 59,000 apartment to provide superior value and service at any homes. The team also manages the assets price point, and takes particular pride in offering of an additional 500 properties. Affordable an abundance of innovative services to match properties are most often HUD subsidized the lifestyles of its residents. or financed with tax credits. America Comes Home to Aimco Quality Location: Foxchase in Alexandria, Virginia has won numerous awards for both curb appeal, services to residents and partnerships with neighboring communities. Nestled among 88 acres of lush landscaping, the community offers 2,113 apartments on quiet cul-de-sacs surrounded by 100 year-old oak and maple trees. The extensive amenities at Foxchase include a full calendar of social and sporting events and leagues, a media and business center, fitness centers, pools and tennis courts, on-site shopping and Aimco’s signature 24-hour professional maintenance team. Historic Preservation: Formerly a hotel in Dayton, Ohio, the Biltmore is listed on the National Register of Historic Places. Its 230 apartments are occupied primarily by senior citizens. A new $10 million renovation includes replacement of major sys- tems including plumbing, heating and air conditioning, new kitchens, bathrooms and flooring. Construction is being financed with low-income housing tax credits issued by the Ohio Housing Finance Authority. The new renovation will restore the building to its former grandeur and pride of the downtown Dayton community. 7 Building Excellence: Up to the Challenge With strength and size come opportunity, responsibility and chal- lenge. For most of the past decade Aimco doubled its size nearly every 18 months. During the past three years the company’s growth has moderated while a depressed national economy with significant job losses and record low mortgage rates created a difficult market for apartments. But Aimco is up to the challenge. Aimco is adjusting business strategies to compete successfully in challenging times and to be ready to maximize opportunity as the economy improves. Changing demographics, the housing needs of the “echo-boomers” and an improved economy should ensure an enduring market for Aimco apartments in the future. Aimco is focused on having its people and systems finely tuned to optimize success in both the short and long-term. To this end, a number of strategic initiatives are underway. The Palazzo at Park La Brea has 521 newly-constructed apartment homes located in the center of the Mid-Wilshire District of Los Angeles. The property’s prime location, across from The Grove shopping and entertainment complex, combines premium services and spacious apart- ments with state-of-the-art amenities. 8 “I think Aimco deserves two thumbs up for the outstanding customer service and willingness to be flexible for renters like myself.” — Resident, Stonebrook, Sanford, FL t Building the Optimal Portfolio Aimco constantly adjusts its mix of properties mass of properties provides operational effi- with the goal of increasing profitability, while ciency. Aimco continually prunes the portfolio providing the array of apartment options desired by selling assets that are located in less- by customers. The strategy is to expand the desirable locations. In 2003, Aimco sold 110 portfolio and upgrade existing apartment properties for $939 million while acquiring 5 communities in desirable locations. Adding properties for $163 million in top markets such quality holdings in “core areas” with a critical as New York City, Los Angeles and Miami. Miami: With views of Biscayne Bay, Yacht Club at Brickell offers both luxury and a first class Miami location. Aimco acquired this waterfront high-rise in 2003 for $57.5 million. Located in the heart of Brickell Village, the residents of Yacht Club’s 357 apartments enjoy top amenities. A state of the art fitness center, swimming pool, spa and sauna, tennis and racquetball courts provide unlimited opportunities for relaxation and recreation. Concierge services and valet park- ing complement Aimco’s tradition of customer service. New York: The $37.6 million acquisition of five contiguous properties with a prime location near Lincoln Center, Columbus Circle and Central Park sig- naled Aimco’s 2003 expansion into Manhattan, a strong and high quality market. The five-story properties encompass an entire block of Columbus Avenue in New York City. The 1880’s historic properties include 58 residences and 12 commercial spaces. In 2003 Aimco created a new division to own University Communities: and operate properties catering to students. Shadowood is a 336 unit garden-style apartment community within blocks of the University of North Carolina at Chapel Hill. Partnering with the California Teachers Retirement System (CalSTRS), the University Communities division is actively acquiring multi-family and residence hall properties on its own and in partnership with major universities. 9 t Improving Conventional Operations Aimco developed new systems and added systems, standardizing business goals and opera- key analytical resources to its field offices in tional measurements and enhancing financial 2003 to manage its nationwide portfolio more controls. Operations leaders now have consistent efficiently and to increase the benefits from local tools and metrics for pricing, resident selection management expertise. The Regional Operating and customer service. These new data-driven Centers (ROCs) now have specialized and systems provide Aimco’s regional and community improved financial and human resource leader- managers more organizational clarity, more infor- ship. The Denver corporate office improved its mation, and more resources to help them make capabilities by developing better business quicker, better decisions closer to the customer. 10 Selected MarketsROC Locations “You attended to everything with a high degree of professionalism and concern for getting jobs done right as well as on a timely basis.” — Resident, Rivercrest Apartments, Atlanta, GA t Strengthened Financial Control Aimco took major steps to strengthen financial management throughout all levels of its operations t Creating A Culture of Operational Excellence In 2003 Aimco began instituting a new set of in 2003. In addition to new Regional Financial organizational values to further its commitment Officers in all of Aimco’s ROCs, the company to become an exemplary place to work. Local created and staffed similar positions for all other employees ultimately are responsible for making key business units. A new Chief Accounting Aimco apartments high quality places to live. Officer was recruited and the internal audit Aimco employees are among the most commit- function was enhanced. Additional internal and ted and experienced in the business. An Aimco automated controls within the accounting system were implemented. These new initiatives will priority is to provide them new tools to succeed. These include clear performance goals and continue to provide financial integrity, quality and opportunities for employee development, expense control throughout Aimco’s operations. continuous learning and expanded career paths. High Performance — Our People Make the Difference Leasing Star: Laureese Jackson, a sales representative at Springhill Lake in Greenbelt, Maryland, knows her business inside and out. During 2003, Laureese won Aimco’s top honor for leasing excellence and a trip to Hawaii. Her high productivity, exemplary service and extraordinary way with prospective and current residents earned the respect of her peers and community alike. Springhill Lake, a community of over 2,900 units, is the largest apartment community on the east coast.The community caters to professionals, students and singles and is well-located between Washington D.C. and Baltimore. 24-hour Service: Kelly Simpson is community manager for two properties in Fort Collins, Colorado. At Governor’s Park and Scotch Pines East she provides her own brand of simply superior service to residents of nearly 300 apartments. An Aimco employee for 8 years, Kelly has been an area manager for several northern Colorado communities. She is known for her compassion and commitment to residents and employees and leads a dedicated team that makes customer satisfaction its number one priority. 11 Commitment to Quality: Upgrading the Portfolio Aimco builds for the future by continually reinvesting in properties. In addition to being firmly committed to excellent upkeep and maintenance of all apartment communities, Aimco fully redevelops several properties each year. A significant percentage of revenue goes directly back into remodeling, refurbishing and rebuilding. In 2003, Aimco’s specialized redevelopment team was expanded to include a Construction Services group to oversee both maintenance and redevelopment projects. These experts include engineers, construction managers and architects. Last year, approximately $73 million in redevelopment projects were completed, including major projects in Cincinnati, Ohio, Atlanta, Georgia and Indianapolis, Indiana. In 2004, a significant increase in construction is planned to redevelop as many as 40 properties around the country. Glenbridge Manors in Cincinnati, Ohio was designed in the Georgian style to match the surrounding neighborhood of expensive houses. The 290 apartments were con- structed with community input and support. Glenbridge offers one, two and three-bedroom apartments, a gated entrance, fitness center, swimming pool and spa. 12 “Thank you for putting your heart into your work, we can see and feel the changes that have been made.” — Resident, Warner Center, Woodland Hills, CA Building Neighborhoods, Building Communities Midwest Charm: Reflections in Indianapolis, Indiana was the subject of an $18 million redevelopment completed in 2003. The renovation included new kitchens and bathrooms, updated lighting and beautiful landscaping. A remod- eled, full-service club house and exercise room are among the amenities enjoyed by residents in 582 apartments.The construction provided a boost to the surrounding community, which is delighted with its new neighbor. Pennsylvania Perfection: Singles, couples and young professionals are enjoying new improvements at Wynterbrooke in Westchester County, Pennsylvania. The renovation of 212 apartments homes matched the needs of its customers by providing new kitchens, a clubhouse and upgraded landscaping. During 2004, Aimco is planning up to 40 similar redevelop- ments of this scale. Aimco Advancement: Allen Scheller began his career at Aimco 10 years ago as a Service Manager for United House Apartments in Scranton, Pennsylvania. He served as community manager and as director of technical services for the Northeast Regional Operating Center. He is now a Director of Construction Services for Aimco Redevelopment where he manages a variety of construction properties throughout the region. In 2003, Aimco expanded its construction services team providing added expertise and resources for renovation while creating an important new career path for employees. Southern Comfort: The $20 million renovation of The Ashford recreates traditional aspects of Atlanta amidst the city’s most desirable neighborhood. Residents of the 221 apartment homes enjoy proximity to Buckhead, the Galleria and nearby high-tech and medical centers. Reflecting Atlanta’s heritage, the clubhouse, once a plan- tation home, was restored to provide a social gathering place for residents and their guests. 13 Customer Focus: Value, Service, Commitment Aimco prides itself in running a national business with a local touch. The quality of Aimco apartment communities and the satisfaction of residents are top priorities.To bring this commitment to life, Aimco regularly surveys residents to measure satisfaction, quality and time- liness of service, and compensates its employees based on their ability to serve residents. Aimco’s reputation is grounded in providing the best service possible in the most efficient manner. At Your Service • Residents continue to choose Aimco because of the company’s commitment to exceed their expectations by delivering superior service. Everything has the resident in mind. • Residents enjoy an array of amenities such as community centers, swimming pools, fitness centers, golf courses and computer centers. • Aimco wants to be easy to do business with. Instant approvals, electronic payment options and an interactive website to submit service requests are standard features in all Aimco communities. Lawrence Nelson (center) won the Kansas City Apartment Association’s top award for Best Maintenance Supervisor in 2003. As service manager at Four Winds Apartments, he has earned the trust and respect of residents for fast, reliable service and a warm smile. 14 “I seldom find an environment where this type of proactive service is encouraged and where individuals actually go out of their way to help customers.” — Resident, Lighthouse, Beltsville, MD • A Coast-to-Coast Transfer program helps • Aimco guarantees a response to any residents find Aimco apartments in nearly reported maintenance problem within 24 every state. For residents who wish to pur- hours of notifying management. Dedicated chase a home, Aimco’s Homeplanner on-site staff are expert and available to Program offers help with home searches, serve residents around-the-clock. New financing and closing costs. • The Aimco pledge is to provide a perfect move-in experience with personalized service standards have been implemented to ensure on-time completion of repairs and provide resident feedback. from the very first day. The signature Good • “From the very first day you’re at home,” Neighbor Policy, Resident Relations Program is Aimco’s promise. The company works and focus on both resident selection and hard to earn the business of its residents retention foster a respectful atmosphere in and hopes their home will be with Aimco communities across the country. for years to come. Community Values Aimco apartment communities are only as good as the company they keep. That’s why Aimco employees go the extra mile to be part of the neighborhoods in which they live. When a neighboring building in East Lansing, Michigan had a fire, Aimco employees in the region organized a community-wide drive to provide food, clothing and supplies to those in need. Aimco builds partnerships with surrounding businesses, community leaders and non-profit organizations. Aimco employees care and share their time and talent in and around their communities. Aimco communities match amenities and services to their unique residents. Activity and Resident Service Coordinators, like Andrea James (center) at The Parkways in Chicago, Illinois, run computer training programs, summer camps, wellness classes and social events for their residents. Taking pride in building neighborhoods is more than just a slogan. It’s a way of life in Aimco communities around the country. 15 Board of Directors Terry Considine Chairman Chief Executive Officer and President Peter K. Kompaniez Vice Chairman James N. Bailey (1) (2) (3) Chairman, Nominating and Corporate Governance Committee Senior Managing Director Cambridge Associates, LLC Richard S. Ellwood (1) (2) (3) Chairman, Audit Committee President R.S. Ellwood & Co., Inc. J. Landis Martin (1) (2) (3) Chairman, Compensation and Human Resources Committee Chairman & Chief Executive Officer Titanium Metals Corporation Thomas L. Rhodes (1) (2) (3) Director President, National Review (1) Member of the Audit Committee (2) Member of the Compensation and Human Resources Committee (3) Member of the Nominating and Corporate Governance Committee Executive Officers Jeffrey W. Adler Executive Vice President Conventional Property Operations Harry G. Alcock Executive Vice President Chief Investment Officer Miles Cortez Executive Vice President General Counsel and Secretary Joseph DeTuno Executive Vice President Redevelopment Randall J. Fein Executive Vice President University Communities Patti K. Fielding Executive Vice President Securities and Debt Lance J. Graber Executive Vice President Aimco Capital Thomas M. Herzog Senior Vice President Chief Accounting Officer Paul J. McAuliffe Executive Vice President Chief Financial Officer Ronald D. Monson Executive Vice President James G. Purvis Executive Vice President Human Resources David R. Robertson Executive Vice President, President and Chief Executive Officer Aimco Capital 16 Senior and Regional Vice Presidents CORPORATE Stephen D. Crane Senior Vice President Property Tax Patricia K. Heath Senior Vice President Treasurer M. Lou Lavaux Senior Vice President Conventional Operations CFO Martha J. Long Senior Vice President Partnership Transactions J. William Montgomery Senior Vice President Internal Audit Leeann Morein Senior Vice President Procurement and Income Development Patti Shwayder Senior Vice President Government Relations and Communications Patrick F. Slavin Senior Vice President Sales and Dispositions James M. Wallace Senior Vice President Tax R. Scott Wesson Senior Vice President Chief Information Officer CONVENTIONAL PROPERTY OPERATIONS Kenneth B. Bible, Jr. Regional Vice President, Houston Lynn Bora Regional Vice President, Boston Anthony D’Alto Regional Vice President South Florida Melanie French Regional Vice President, Columbia Paul Hemmert Regional Vice President, Dallas Jeffrey Kimes Regional Vice President, Denver Dan J. Kistel Regional Vice President, Tampa James H. Mathes Regional Vice President, Michigan Stephen C. Peters Regional Vice President, Phoenix Warren J. Sander Regional Vice President, Atlanta James D. Shearer Regional Vice President Indianapolis Thomas Seeger Regional Vice President Chicago Michele M. Wilson Regional Vice President Philadelphia David J. Zweig Divisional Vice President Northeast AIMCO CAPITAL Jimmy K. Arnold Regional Vice President Aimco Capital Operations West Michael J. Hornbrook Senior Vice President Aimco Capital Transactions William M. Kozey Regional Vice President Aimco Capital Operations Midwest Charles McKinney Senior Vice President Aimco Capital Asset Management Carl J. Ruff, Sr. Senior Vice President Aimco Capital Operations Southeast Brian Shuman Senior Vice President Aimco Capital CFO Jeffrey Sussman Senior Vice President Charles B. Turner Senior Vice President Aimco Capital O. Cooper Winston Regional Vice President Aimco Capital Operations Northeast REDEVELOPMENT AND CONSTRUCTION SERVICES David Douglas Senior Vice President Redevelopment David Gazek Senior Vice President Redevelopment Brad T. Hodack Senior Vice President Redevelopment Gary A. Marks Senior Vice President Redevelopment Gary Polodna Senior Vice President Redevelopment and Construction Services Alice Rebechini Senior Vice President Redevelopment Advisory Board Roy H. Lambert, Sr. Vero Beach, Florida Richard Morton Miami, Florida Emeritus Charles R. Considine Corporate Information CORPORATE OFFICE Stanford Place 3 4582 S Ulster Street Parkway Suite 1100 Denver, Colorado 80237 Telephone 303.757.8101 Toll Free 888.789.8600 WEBSITE http://www.aimco.com STOCK LISTING New York Stock Exchange Symbols: AIV; AIVPrD; AIVPrG; AIVPrP; AIVPrQ; AIVPrR; AIVPrT COMMON & PREFERRED STOCK INVESTOR RELATIONS Toll Free. 888.789.8600 Telephone 303.691.4350 E-mail investor@aimco.com Jennifer Martin Vice President Investor Relations Telephone 303.691.4440 Fax 303.300.3269 LIMITED PARTNER INVESTOR RELATIONS P.O. Box 2347 Greenville, South Carolina 29602 Telephone 864.239.1029 Fax 864.239.5812 STOCK TRANSFER AGENT AND REGISTRAR EquiServe P.O. Box 43010 Providence, Rhode Island 02940-3010 INDEPENDENT AUDITORS Ernst & Young LLP Denver, Colorado LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP 288,000 Units 1,630 properties 1 million people choose Aimco apartments each year 47 states Diversified by location and price point Stanford Place 3 • 4582 S Ulster Street Parkway • Suite 1100 • Denver, Colorado 80237 Telephone 303.757.8101 • Toll Free 888.789.8600 • www.aimco.com 

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