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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) November 10, 2003

APARTMENT INVESTMENT AND MANAGEMENT COMPANY
(Exact name of registrant as specified in its charter)

MARYLAND (State or other jurisdiction of incorporation or organization)		1-13232 (Commission File Number)		84-1259577 (I.R.S. Employer Identification No.)
4582 SOUTH ULSTER STREET PARKWAY SUITE 1100, DENVER, CO 80237 (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (303) 757-8101

NOT APPLICABLE
(Former name or Former Address, if Changed Since Last Report)

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ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

        The press release of Apartment Investment and Management Company ("Aimco"), dated November 10, 2003, attached hereto as Exhibit 99.1 is furnished herewith. Aimco will hold its third quarter 2003 earnings conference call on November 10, 2003 at 1:30 p.m. eastern time. You may join the conference call through an Internet audiocast via Aimco's Website at www.aimco.com/about/financial/3Q2003.asp and click on the Webcast link, or by dialing 800-218-0204, or 303-262-2192 for international callers. If you wish to participate, please call approximately five minutes before the conference call is scheduled to begin.

        If you are unable to join the live conference call, you may access the replay on Aimco's Website or by dialing 800-405-2236 (303-590-3000 for international callers) and using access code 545741#. Both replays will be available for 30 days. Please note that the full text of the press release and supplemental schedules are available through Aimco's website at www.aimco.com/about/financial/3Q2003.asp. The information contained on Aimco's website is not incorporated by reference herein.

        The following exhibits are furnished with this report:

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SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

        Dated: November 10, 2003

	APARTMENT INVESTMENT AND MANAGEMENT COMPANY
	/s/  PAUL J. MCAULIFFE       Paul J. McAuliffe Executive Vice President and Chief Financial Officer

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AIMCO 3rd Quarter 2003

Denver, Colorado—November 10, 2003

Apartment Investment and Management Company Announces Third Quarter 2003 Results

SUMMARY FINANCIAL RESULTS Apartment Investment and Management Company ("Aimco") (NYSE:AIV) announced third quarter 2003 results including:

Net Income was $40.6 million, compared with $46.3 million in the third quarter 2002. Earnings per share (EPS) were $0.15 on a diluted basis, compared with $0.26 in the same period last year, based on Net Income attributable to common stockholders.

Funds from Operations (diluted) (FFO; a non-GAAP financial measure defined in the Glossary in Supplemental Information (the "Glossary")) were $86.4 million, or $0.80 per share, compared with $121.9 million, or $1.06 per share in the third quarter 2002.

Adjusted Funds from Operations (diluted) (AFFO; a non-GAAP financial measure defined in the Glossary) were $71.3 million, or $0.66 per share, compared with $92.4 million, or $0.85 per share, in the third quarter 2002.

DILUTED PER SHARE RESULTS

		Third Quarter						First Nine Months
		2003			2002			2003			2002
Earnings—EPS		$	0.15		$	0.26		$	0.51		$	1.07
Funds from Operations—FFO		$	0.80		$	1.06		$	2.52		$	3.55
Adjusted Funds from Operations—AFFO		$	0.66		$	0.85		$	2.01		$	2.95

Third quarter and first nine months 2003 results include non-cash charges of $5.5 million and $7.7 million, respectively, for the treatment of issuance costs associated with preferred share redemptions in the second and third quarters. This treatment of issuance costs is in accordance with the Securities and Exchange Commission's ("SEC") July 31, 2003 interpretation of the Emerging Issues Task Force Topic D-42 ("Topic D-42"). In addition, third quarter and first nine months results include non-cash impairment losses on real estate assets sold

Contact: Investor Relations 303.691.4350, Investor@Aimco.com
Jennifer Martin, Vice President—Investor Relations 303.691.4440

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Apartment Investment and Management Company
Third Quarter 2003

or held for sale of $0.6 million and $8.6 million, respectively, that were historically added back in the calculation of FFO. The National Association of Real Estate Investment Trusts ("NAREIT") indicated, as of October 1, 2003, that impairment losses should be subtracted in the calculation of FFO. These non-recurring, non-cash charges have been added back in the calculation of AFFO.

As a result, these non-cash charges reduced diluted FFO per share by $0.06 and $0.16 for the third quarter and first nine months, respectively.

PER SHARE IMPACT OF REPORTING CHANGES ON DILUTED FFO

		As Reported			Adjusted for Non-Cash Charges
		Third Quarter
					Third Quarter
FFO		$	0.80		$	0.80
Redemption related preferred stock issuance costs (Topic D-42)						0.05
Impairment loss on real estate assets sold or held for sale (NAREIT definition)						0.01
FFO before non-cash charges					$	0.86
Capital Replacment and Capital Enhancements			(0.20	)		(0.20	)
Redemption related preferred stock issuance costs (Topic D-42)			0.05
Impairment loss on real estate assets sold or held for sale (NAREIT definition)			0.01
AFFO		$	0.66		$	0.66

Management Comments

Comments from Chairman and Chief Executive Officer, Terry Considine:

"Year to date, net operating income has increased by $42.4 million (7.3%) primarily due to a net increase in real estate investments. On a per share basis, FFO and AFFO are lower year to date, primarily because the apartment recession has resulted in lower rents and occupancies which, in turn, have driven higher marketing, turnover and Capital Replacement spending."

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Apartment Investment and Management Company
Third Quarter 2003

"It also bears noting, year to date, that transaction income is substantially lower, whether from Aimco Capital development and equity placement fees, or from accretion, net of provisions relating to Aimco's large portfolio of Notes Receivable."

"Another burden on current period results is an increased level of G&A spending for automation as well as high costs of compliance with increasing and changing government and accounting requirements."

"It is encouraging that the decline in revenue as compared to the prior year abated during the quarter but it is premature to know if this improvement will be sustained."

"Today's release also introduces more detailed reporting allocating Aimco financial results among its Core, Non-core, and Aimco Capital portfolios."

Dividends on Common Stock

The Aimco Board of Directors declared a quarterly cash dividend of $0.60 per share of Class A Common Stock for the quarter ended September 30, 2003, payable on November 28, 2003 to stockholders of record on November 20, 2003. The Board of Directors reduced the quarterly cash dividend from $0.82 to $0.60 to align the amount with Aimco's current level of profitability. The dividend represents 91% of diluted AFFO and 70% of diluted FFO (before deducting non-cash, redemption related preferred stock issuance costs under Topic D-42 totaling $0.05 per share) for the quarter ended September 30, 2003 and a 6.6% yield based on the $36.23 closing price of Aimco's Class A Common Stock on November 5, 2003.

"Same Store" Results

"SAME STORE" RESULTS The "Same Store" portfolio includes 589 communities with a total of 164,578 apartment units in which Aimco has a weighted average ownership of 82.5% (see Supplemental Schedule IX). Revenue from the "Same Store" portfolio was $284.8 million compared with $288.7 million in the third quarter 2002. The decrease in revenue of $3.9 million, or 1.3%, is due primarily to (i) a decline in occupancy by 50 basis points to 93.0%, and (ii) lower rents, as the average "Same Store" rent declined by 1.4%, from $712 to $702 per apartment, as a result of competitive leasing environments in certain markets, particularly Denver, Texas and parts of the Midwest. "Same Store"

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Third Quarter 2003

expenses of $118.8 million increased by $9.0 million, or 8.2%, compared with the third quarter 2002. Increased expenses were primarily due to: (i) $3.0 million in expenses related to increasing occupancy, including marketing, turnover, and administrative; (ii) $2.9 million in higher repairs and maintenance and landscaping services, in support of efforts to improve the physical appearance and condition of properties; and (iii) $1.5 million in higher utility expenses due to higher natural gas and water prices. "Same Store" portfolio net operating income was $166.0 million for the third quarter 2003, down 7.2% from the third quarter 2002.

SAME STORE OPERATING RESULTS

			Third Quarter								Sequential
			2003			2002			Variance		2nd Qtr 03			Variance
Same Store Operating Measures:
	Average Physical Occupancy			93.0	%		93.5	%	-50bp			92.6	%	+40bp
	Average Rent/unit		$	702		$	712		-1.4	%	$	703		-0.1	%
Total Same Store
	Revenue		$	284.8		$	288.7		-1.3	%	$	282.9		0.7	%
	Expenses			(118.8	)		(109.8	)	8.2	%		(113.5	)	4.7	%
	NOI ($mm)		$	166.0		$	178.9		-7.2	%	$	169.4		-2.0	%

Comparing "Same Store" results on a sequential basis, Aimco's "Same Store" portfolio realized a $0.9 million increase in Net Rental Income (as defined in the Glossary) in the third quarter compared with the second quarter driven by a 40 basis point increase in average occupancy from 92.6% to 93.0%. Total revenue increased $1.9 million. Expenses increased $5.3 million due primarily to (i) a $1.9 million increase in expenses related to increasing occupancy (marketing, turnover and administrative); (ii) $0.8 million increase in expenses related to improving the physical appearance of properties; (iii) $1.1 million increase for increased personnel expenses; and (iv) a $1.5 million increase in property taxes. Net Operating Income decreased $3.4 million, or 2.0%, on a sequential basis. During the quarter, the "Same Store" portfolio was reduced by 19 properties or 4,778 units due to property sales.

For the third quarter 2003, "Same Store" resident turnover was 16%, compared with 17% in the third quarter 2002.

"Same Store" results reflect the performance of conventional communities in which Aimco's ownership exceeds 10% and that have reached a stabilized level of occupancy during both

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Apartment Investment and Management Company
Third Quarter 2003

the current and comparable prior year period. These results measure operating performance without variations caused by investment transactions.

Aimco's "Same Store" results measure Aimco's effective ownership in "Same Store" communities and include both Aimco's ownership interest in unconsolidated "Same Store" properties and subtract the minority interest share of consolidated properties (see reconciliation on Supplemental Schedule VIII). In keeping with this definition, the "Same Store" portfolio accounted for 78.1% of Real Estate Free Cash Flow (Free Cash Flow ("FCF") is a non-GAAP financial measure defined in the Glossary and presented and reconciled to GAAP income on Supplemental Schedule II).

CAPITAL REPLACEMENTS AND CAPITAL ENHANCEMENTS Capital Replacements (as defined in the Glossary) were $21.0 million and Capital Enhancements (as defined in the Glossary) were $0.2 million in the quarter, which totals are deducted in calculating AFFO. These totals compare with $24.5 million and $1.2 million, respectively, in the third quarter 2002. Capital Replacement and Capital Enhancement spending together are expected to total approximately $560 per unit for the full year 2003. Beginning in the second quarter 2003, capital expenditures made for properties sold, held for sale or identified to be sold within one year are classified as Disposition Capital Expenditures (as defined in the Glossary). Beginning in the third quarter 2003, Aimco began to include in Disposition Capital Expenditures certain Affordable properties that are expected to be sold upon satisfaction of regulatory requirements. Disposition Capital Expenditures totaled $10.6 million in the quarter.

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Third Quarter 2003

CAPITAL REPLACEMENT & CAPITAL ENHANCEMENT EXPENDITURES

			Third Quarter						First Nine Months
			2003			2002			2003			2002
Capital Replacements			$	21		$	25		$	68		$	61
Capital Enhancements				0			1			2			6
	Total ($mm)		$	21		$	26		$	70		$	67
Capital Replacements per unit			$	135		$	150		$	434		$	364
Capital Enhancements per unit				1			9			15			37
	Total ($/unit) (1)		$	136		$	159		$	449		$	401
Capital Replacements per share			$	0.20		$	0.23		$	0.63		$	0.58
Capital Enhancements per share				—			0.01			0.02			0.06
	Total ($/share)		$	0.20		$	0.24		$	0.65		$	0.64

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(1)

based on 157,000 units in third quarter 2003, representing Aimco's weighted average ownership in conventional and affordable properties.

Reporting by Business Component

Starting in the third quarter 2003, Aimco has introduced business component reporting for Aimco Conventional operations and Aimco Capital with the addition of Supplemental Schedules XVI through XXVIII. These schedules present select, non-GAAP information related to income statement, free cash flow, balance sheet and operating measures. They are intended to present results of Aimco's distinct operating portfolios. Aimco's strategy is to expand and upgrade its Core real estate portfolio and, over time, to sell its Non-core and Affordable portfolios reinvesting the proceeds in acquisitions for the Core portfolio and in debt reduction or share repurchases. Core properties are those properties that are located in selected markets and which Aimco intends to hold and improve over the long-term. Non-core properties are located in other markets or in less favored locations within the selected markets, which Aimco intends to hold for an intermediate term. Affordable properties are typically those which have rent subsidies provided by HUD and other government agencies.

CONVENTIONAL OPERATIONS Conventional real estate operations include Aimco's diversified portfolio of market-rate apartment communities and associated property management and other income. During the third quarter, conventional real estate operations generated FCF of $164.7 million from 669 properties with 187,000 units and an average 80% ownership. Conventional real estate assets have been further allocated between Core and Non-core, with performance results presented on Schedules XXII through XXVIII. "Same Store" Core properties include 331 communities with 102,971 units and accounted for 75% of real estate FCF "Same Store" Non-

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Third Quarter 2003

core properties include 258 communities with 61,607 units and accounted for 25% of real estate FCF. Conventional operations also generated Free Cash Flow from property management and other fees (associated with asset management, construction management, refinancing, dispositions, development and other services to affiliated partnerships), net of expenses and insurance losses, of $(0.4) million.

AIMCO CAPITAL Aimco Capital was established in 2002 to organize affordable property operations and asset management under a single management team dedicated to this sector. The management of affordable housing requires specialized property management, accounting and legal expertise to comply with the regulatory framework that affects affordable properties. Aimco is among the largest owners and operators of affordable properties in the United States. During the third quarter 2003, Affordable property operations included 495 properties with 59,064 units. Aimco has an average 38% ownership in its Affordable properties. Occupancy and average rents in the affordable sector were stable and averaged 95.2% and $645, respectively in the third quarter, consistent with the second quarter 2003.

Aimco Capital also generates income from asset management (from the above holdings as well as two other large portfolios that are asset managed only), property management, and transactional activity including dispositions, tax credit redevelopment and refinancings. Aimco Capital has completed 57 transactions year-to-date. Although, negotiated rent increases are reflected in increased affordable revenue, other fees and transactions are recorded as investment management income. During the third quarter 2003, Aimco Capital generated FCF of $18.1 million from property operations and asset management and transaction activity.

Additional Income Information

INTEREST INCOME FROM GENERAL PARTNER LOANS Interest and Other Income was $5.1 million, a decrease of $8.1 million from the third quarter of 2002, primarily due to lower outstanding balances on general partner notes and also lower transactional income.

Notes receivable primarily from affiliated partnerships were $184.3 million ($253.0 million face value) at quarter-end versus $247.5 million ($337.4 million face value) at September 30, 2002, a reduction of $63.2 million, or 26%, due primarily to collections of the notes

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receivable and GAAP required eliminations on newly consolidated partnerships. Aimco recognized in the third quarter 2003 total transactional income of $0.05 million and made no provisions for loan losses, compared with $3.8 million in transactional income and $1.7 million of provisions in the third quarter 2002.

INTEREST EXPENSE Consolidated interest expense was $95.2 million for the quarter, an increase of $18.4 million when compared with $76.8 million in the third quarter 2002. The increase in interest expense is primarily a result of an increase in debt associated with newly consolidated and acquired properties.

G&A General and Administrative expenses for the quarter were $7.6 million, up from $4.4 million in the third quarter 2002. The $3.2 million increase is primarily due to: (i) $1.4 million for increased employee compensation and benefits; and (ii) $1.7 million for increased professional fees for compliance with increasing and changing government and accounting requirements.

GAIN ON DISPOSITIONS AND INCOME FROM DISCONTINUED OPERATIONS Gain on Dispositions of Real Estate of $1.5 million and Income from Discontinued Operations of $27.5 million in third quarter 2003 compared with a loss of $7.9 million and income of $4.3 million, respectively, in the third quarter 2002. Income from Discontinued Operations in the third quarter 2003 included a net gain on sales of $22.9 million, somewhat offset by impairment losses on real estate assets sold or held for sale and income taxes on dispositions.

SUMMARY OF THIRD QUARTER PERFORMANCE Diluted EPS of $0.15 was higher than the projected range of ($0.08) to ($0.04) due primarily to the Gain on Dispositions of Real Estate of $22.9 million, which is recorded in Discontinued Operations.

Diluted FFO per share of $0.80 was below Aimco estimates provided August 13, 2003. Comparing diluted FFO on a sequential basis, per share diluted FFO decreased $0.06 from the $0.86 (after required adjustments) earned in the second quarter due to:

FFO PER SHARE—THIRD QUARTER COMPARED WITH SECOND QUARTER

			FFO/Share
Second quarter 2003 diluted FFO per share including new rules			$	0.86
Second quarter non-cash adjustments for:
	Topic D-42 redemption related preferred stock issuance costs			0.02
	Impairment loss on real estate assets sold or held for sale			0.03
	Second quarter 2003 before required adjustments		$	0.91
Third quarter incremental results:
	Income from property operations			0.01
	Investment Management, including fees and insurance claims			(0.04	)
	Interest expense			(0.02	)
	Third quarter before required adjustments		$	0.86
Third quarter non-cash adjustments for:
	Topic D-42 redemption related preferred stock issuance costs			(0.05	)
	Impairment loss on real estate assets sold or held for sale			(0.01	)
Third quarter diluted FFO per share			$	0.80

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Apartment Investment and Management Company
Third Quarter 2003

Transaction and Redevelopment Activity

ACQUISITIONS During the third quarter, Aimco purchased one property with 58 apartment units and 12 commercial spaces in five, contiguous, five-story buildings that occupy a full block-front on the east side of Columbus Avenue from 68^th to 69^th Streets in Manhattan. Aimco funded the $37.6 million purchase through a new $20 million loan and 1031 proceeds from the sale of Non-core properties. Year-to-date Aimco has purchased three properties for $105.6 million. During the third quarter, Aimco also purchased for an aggregate of $0.4 million limited and general partnership interests in 16 partnerships that own 50 properties. Year to date 2003, Aimco has purchased for an aggregate of $10.5 million limited and general partnership interests in 122 partnerships that own 325 properties.

Park La Brea Phase II (The Palazzo at Park La Brea), a development property in the mid-Wilshire area of Los Angeles, is on track for its scheduled purchase at year-end. In connection with Aimco's March 2002 acquisition of Casden Properties Inc., Aimco agreed to purchase the 521-unit property, which has average rents per unit of more than $2,500 per month, for approximately $163 million after its attainment of 60% occupancy.

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Apartment Investment and Management Company
Third Quarter 2003

DISPOSITIONS Aimco regularly reviews its portfolio to identify properties that do not meet long-term investment criteria. Aimco considers these properties Non-core and seeks to sell them over the intermediate term.

During the third quarter, Aimco sold 34 properties including 7,231 apartment units for $263 million in gross proceeds, generating net cash proceeds to Aimco of $89 million after payment of mortgage debt and limited partner interests. Of the properties sold, 26 were conventional and eight were affordable. Year-to-date, Aimco has sold 74 properties including 17,351 apartment units for $638 million in gross proceeds. See the chart below for additional information on disposition activity. The FCF Yield is calculated as the FCF earned by the properties during the 12 months prior to their sale divided by the sales price. FCF includes a $525 per unit deduction for Capital Replacements and is before debt service.

THIRD QUARTER PROPERTY SALES ACTIVITY

			Number of Units		Gross Proceeds ($mm)			FCF Yield		Property Debt ($mm)			Net Sales Proceeds ($mm)			Aimco Net Proceeds ($mm)			Average Rent ($/unit)
Conventional			6,335		$	234		7.7	%	$	132		$	91		$	82		$	572
Affordable			896			29		8.9	%		18			8			7			678
	Total Dispositions		7,231		$	263		7.8	%	$	150		$	99		$	89		$	585

FIRST NINE MONTHS 2003 PROPERTY SALES ACTIVITY

			Number of Units		Gross Proceeds ($mm)			FCF Yield		Property Debt ($mm)			Net Sales Proceeds ($mm)			Aimco Net Proceeds ($mm)			Average Rent ($/unit)
Conventional			15,016		$	567		7.6	%	$	318		$	224		$	202		$	558
Affordable			2,335			71		7.5	%		37			17			14			631
	Total Dispositions		17,351		$	638		7.6	%	$	355		$	241		$	216		$	568

Aimco is currently marketing for sale 125 conventional properties (approximately 26,000 units) and 180 affordable properties (approximately 20,000 units). Aimco anticipates gross sales proceeds of approximately $250 to $300 million through the remainder of 2003. Aimco expects that its share of cash from these dispositions, net of limited partner interests and

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Apartment Investment and Management Company
Third Quarter 2003

after repayment of mortgage debt, will be approximately $70 to $80 million. Under SFAS 144, these properties being marketed for sale are not all classified as assets held for sale as they do not meet specified criteria.

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Apartment Investment and Management Company
Third Quarter 2003

REDEVELOPMENT ACTIVITY At quarter-end, Aimco had ten conventional properties with 5,327 units, and two affordable properties with 467 units, being redeveloped. Redevelopment expenditures in the quarter for the ten conventional properties were $23.3 million, of which Aimco's share was $15.9 million. The ten projects include three new projects: Cherry Creek Gardens located in Denver, Colorado; Westlake Arms located in Indianapolis, Indiana; and Chimney Hill, located in Marietta, Georgia, which is a 326-unit ground up development project that is being managed by Casden Development Company, LLC. Redevelopment expenditures for these ten conventional projects are expected to total $428.0 million, of which approximately $51.7 million remains to be spent. Aimco's share of this total redevelopment spending is $324.0 million, of which approximately $32.9 million remains to be spent.

Aimco's largest redevelopment project is Flamingo South Beach with 1,685 apartments located in Miami Beach, Florida. During the quarter, 237 additional units were completed for a total of 1,298 completed units and 387 units under redevelopment. At quarter-end, occupied and pre-leased units totaled 942.

Balance Sheet and Liquidity

FINANCING ACTIVITY During the third quarter, Aimco closed 19 mortgage loans generating $89.2 million of total proceeds at a weighted average interest rate of 4.39%. After repayment of existing debt, transaction costs and distributions to limited partners totaling $60.7 million, Aimco's share of net proceeds was $28.5 million.

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Apartment Investment and Management Company
Third Quarter 2003

THIRD QUARTER MORTGAGE REFINANCINGS ($mm) Mortgage Type (all non-recourse)		Original Loan Amount			New Loan Amount			Aimco Share Original Loan			Aimco Net Proceeds			Prior Rate		New Rate
Conventional Fixed Rate—15-year plus, partially to fully amortizing		$	—		$	14.0		$	—		$	13.9		n/a		5.23	%
Conventional Fixed Rate—5-15 year, partially amortizing			22.5			34.4			16.0			9.5		8.78	%	5.52	%
Affordable Mark-to-Market and other			15.6			17.2			7.7			(0.1	)	7.50	%	2.76	%
Tax Exempt Bonds			14.5			23.6			9.2			5.2		3.59	%	3.44	%
Totals		$	52.6		$	89.2		$	32.9		$	28.5		6.97	%	4.39	%

YEAR-TO-DATE MORTGAGE REFINANCINGS ($mm) Mortgage Type (all non-recourse)		Original Loan Amount			New Loan Amount			Aimco Share Original Loan			Aimco Net Proceeds			Prior Rate		New Rate
Conventional Fixed Rate—15-year plus, fully amortizing		$	16.4		$	43.3		$	9.3		$	20.3		7.95	%	5.52	%
Conventional Fixed Rate—5-15 year, partially amortizing			141.3			242.7			102.3			78.3		7.97	%	4.76	%
Conventional Floating Rate			55.9			66.5			33.5			7.6		7.58	%	3.00	%
Affordable Mark-to-Market and other			49.2			56.7			34.7			3.7		7.71	%	3.05	%
Tax Exempt Bonds			41.7			50.8			9.2			5.2		3.20	%	3.51	%
Totals		$	304.5		$	460.0		$	189.0		$	115.1		7.47	%	4.23	%

At quarter-end, Aimco's consolidated mortgage debt was $5,707 million. Aimco's pro rata share of mortgage debt (including total consolidated debt, less the minority interest portion plus Aimco's share of unconsolidated debt) was $5,536 million at quarter-end (see Supplemental Schedule V for detail). Mortgage debt had a weighted average maturity of 15 years and weighted average interest rate of 6.1%, down from 6.5% at year-end 2002; 82% was fixed rate debt and 18% was floating rate debt. Seventy-four percent of the floating rate mortgage debt was tax-exempt mortgage debt.

In addition to mortgage debt, at quarter end, Aimco had short-term debt of $514 million, including a $250 million term loan, $160 million drawn on the revolving credit facility, and $104 remaining on the term loan entered into in connection with the March 2002 acquisition of Casden Properties Inc. Total debt increased by $201 million during the quarter due primarily to: (i) reclassification as debt of mandatorily redeemable securities (primarily the Class S Cumulative Redeemable Preferred Stock) due to the adoption of SFAS 150; (ii) acquisition of a partnership interest in Lincoln Place in Southern California and the Manhattan property; (iii) and funding the NAPICO litigation settlement; all partially offset by reduced mortgage debt due to property sales.

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CAPITAL STRUCTURE AT SEPTEMBER 30, 2003

				At Dec. 31, 02			Percent of Total		At Mar. 31, 03			Percent of Total		At Jun. 30, 03			Percent of Total		At Sep. 30, 03			Percent of Total
		Short-term debt		$	406		4	%	$	471		4	%	$	354		3	%	$	514		5	%
(1)		Long-term debt			5,715		53	%		5,667		53	%		5,608		54	%		5,536		51	%
		Mandatorily Redeemable
(2)		Preferreds			—		—			—		—			—		—			113		1	%
		Total Debt			6,121					6,139					5,962					6,163
		Less: Cash and restricted cash			376		-3	%		319		-3	%		337		-3	%		355		-3	%
		Net Debt			5,745		53	%		5,819		54	%		5,626		54	%		5,808		53	%
		Preferred equity			1,080		10	%		1,079		10	%		1,044		10	%		947		9	%
		Common equity at market			3,967		37	%		3,860		36	%		3,668		35	%		4,168	(3)	38	%
		Total Capitalization		$	10,792		100	%	$	10,759		100	%	$	10,338		100	%	$	10,923		100	%

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(1)

Aimco share of debt excluding the minority interest in consolidated debt, see Supplemental Schedule V

(2)

Certain preferred securities are considered debt under SFAS 150 that were previously classified as preferred equity for purposes of this chart

(3)

105.9 million shares and OP units outstanding at September 30, 2003 times the closing price of $39.36 per share/unit

As previously announced, during the quarter Aimco issued $150 million of 8.0% Class T Cumulative Preferred Stock in a public offering, applying the proceeds to redeem higher cost preferred securities including redemption of: all outstanding shares of its 9.5% Class H Cumulative Preferred Stock, 10% Class L Convertible Cumulative Preferred Stock and 9.25% Class M Convertible Cumulative Preferred Stock; and 1.5 million shares in a pro rata redemption of its 8.75% Class D Cumulative Preferred Stock. These redemptions were completed for cash on August 18, 2003.

LIQUIDITY During the quarter Aimco drew $160 million on its revolving credit facility, leaving $285 million in available funds.

Subsequent to quarter-end, Aimco completed modifications of its credit facility and term loans. Modifications included: (i) reduction of the minimum fixed charge coverage ratio from 1.50:1 to 1.40:1; (ii) reduction of the minimum interest coverage ratio from 2.25:1 to 2.00:1; (iii) increasing to 90% the percentage of FFO permitted to be distributed, based on trailing 12-months; and (iv) permitting the exclusion of redemption related preferred stock issuance costs (under Topic D-42) from interest expense and dividends when calculating coverage ratios. In conjunction with the modifications and based on current coverage ratios, the applicable margin on the revolving credit facility LIBOR-based loans increased from 2.65% to 2.85% and base rate loan margins increased from 1.15% to 1.35%.

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Apartment Investment and Management Company
Third Quarter 2003

Outlook

Please see Supplemental Schedule XIV for Aimco's updated Outlook for the fourth quarter and full year 2003.

Earnings Conference Call

Please join Aimco management on the Third Quarter 2003 earnings conference call to be held Monday, November 10, 2003 at 1:30 p.m. eastern standard time. You may join the conference call through an Internet audiocast via Aimco's Website at www.aimco.com/about/financial/3Q2003.asp by clicking on the Webcast link, or by dialing 800-218-8862, or 303-262-2143 for international callers. Please call approximately five minutes before the conference call is scheduled to begin and indicate that you wish to join the Apartment Investment and Management Company Third Quarter 2003 earnings conference call. If you are unable to join the live conference call, you may access the replay for 30 days on the Website or by dialing 800-405-2236 (303-590-3000 for international callers) and using access code 555574#.

Forward-looking Statements

This earnings release and Supplemental Information contain forward-looking statements including statements regarding 2003 results that are subject to certain risks and uncertainties, including but not limited to Aimco's ability to maintain current occupancy, rent levels, and "same store" results. Actual results may differ materially from those described and could be affected by a variety of factors including economic conditions; changes in interest rates; governmental regulations; competition; financing risks; variations in real estate values; the failure of acquisitions to perform in accordance with expectations; litigation; possible environmental liabilities; and other risks described in our filings with the Securities and Exchange Commission. These forward-looking statements reflect management's judgment as of this date, and we assume no obligation to revise or update them to reflect future events or circumstances.

About Aimco

Aimco is a real estate investment trust headquartered in Denver, Colorado owning and operating a geographically diversified portfolio of apartment communities through 19 regional operating centers. Aimco, through its subsidiaries, operates approximately 1,685

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Apartment Investment and Management Company
Third Quarter 2003

properties, including approximately 300,000 apartment units, and serves approximately one million residents each year. Aimco's properties are located in 47 states, the District of Columbia and Puerto Rico. Aimco common shares are included in the S&P 500.

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GAAP Income Statements

Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)

				For the Three Months Ended September 30,						For the Nine Months Ended September 30,
				2003			2002			2003			2002
RENTAL PROPERTY OPERATIONS:
	Rental and other property revenues			$	377,403		$	335,729		$	1,111,036		$	960,998
	Property operating expenses				(166,400	)		(137,292	)		(485,993	)		(378,327	)
		Income from property operations			211,003			198,437			625,043			582,671
INVESTMENT MANAGEMENT BUSINESS:
	Management fees and other income primarily from affiliates				14,930			22,135			47,577			66,850
	Management and other expenses				(13,400	)		(18,642	)		(31,633	)		(48,304	)
	Amortization of intangibles				(1,276	)		(1,154	)		(4,716	)		(3,194	)
		Income from investment management business			254			2,339			11,228			15,352
General and administrative expenses					(7,638	)		(4,360	)		(19,538	)		(12,377	)
Other expenses					-			-			-			(5,000	)
Provision for losses on notes receivable					-			(1,682	)		(1,488	)		(4,838	)
Depreciation of rental property					(82,840	)		(67,639	)		(247,682	)		(195,127	)
Interest expense					(95,239	)		(76,810	)		(283,487	)		(234,922	)
Interest and other income					5,140			13,259			18,404			56,034
Equity in earnings (losses) of unconsolidated real estate partnerships [a]					(1,767	)		(254	)		(6,581	)		2,357
Minority interest in consolidated real estate partnerships					(1,697	)		(2,129	)		(4,676	)		(5,730	)
Income from operations					27,216			61,161			91,223			198,420
Gain (loss) on dispositions of real estate					1,462			(4,307	)		2,738			4,467
Impairment loss on investment in unconsolidated real estate partnerships					-			(3,564	)		-			(3,816	)
Distributions to minority partners in excess of income					(11,861	)		(4,302	)		(21,503	)		(15,274	)
Income before minority interest in Aimco Operating Partnership and discontinued operations					16,817			48,988			72,458			183,797
Minority interest in Aimco Operating Partnership					(3,665	)		(6,979	)		(13,444	)		(23,644	)
Income from continuing operations					13,152			42,009			59,014			160,153
Discontinued operations:
	Income from discontinued operations, net of tax of $806 and ($127) for the three months ended September 30, 2003 and 2002, respectively [b]				27,483			4,336			62,674			2,284
Net income				$	40,635		$	46,345		$	121,688		$	162,437
Net income attributable to preferred stockholders				$	26,930		$	22,092		$	74,032		$	71,466
Net income attributable to common stockholders				$	13,705		$	24,253		$	47,656		$	90,971
Weighted average number of common shares outstanding					92,839			91,831			92,759			83,443
Weighted average number of common shares and common share equivalents outstanding					93,049			92,735			92,889			84,842
Earnings (loss) per common share - basic:
	Income (loss) from continuing operations (net of preferred dividends)			$	(0.15	)	$	0.21		$	(0.16	)	$	1.06
	Net income attributable to common stockholders			$	0.15		$	0.26		$	0.51		$	1.09
Earnings (loss) per common share - diluted:
	Income (loss) from continuing operations (net of preferred dividends)			$	(0.15	)	$	0.21		$	(0.16	)	$	1.04
	Net income attributable to common stockholders			$	0.15		$	0.26		$	0.51		$	1.07

[a]

Represents Aimco's share of earnings (losses) from apartment units in which Aimco holds an equity interest.

[b]

Income from discontinued operations of consolidated properties is broken down as follows (in thousands):

			Quarter Ended 30-Sep-03			Quarter Ended 30-Sep-02			Nine Months Ended 30-Sep-03			Nine Months Ended 30-Sep-02
	Income from operations		$	2,387		$	4,338		$	4,766		$	14,799
	Gain (loss) on dispositions of real estate, net			22,908			(129	)		66,930			(10,432	)
	Impairment loss on real estate assets sold or held for sale			(619	)		-			(8,560	)		(210	)
	Distributions to minority partners in excess of income			3,613			-			4,650			(1,321	)
	Income tax arising from disposals (primarily deferred)			(806	)		127			(5,112	)		(552	)
	Income from discontinued operations			27,483			4,336			62,674			2,284

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GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)

				As of September 30, 2003			As of December 31, 2002
ASSETS
Buildings and improvements				$	8,556,905		$	8,474,525
Land					2,136,397			1,962,356
Accumulated depreciation					(1,806,667	)		(1,657,046	)
Cash and cash equivalents					126,680			98,567
Restricted cash					211,200			220,164
Accounts receivable					62,380			84,967
Accounts receivable from affiliates					46,812			47,060
Deferred financing costs					74,434			69,862
Notes receivable, primarily from unconsolidated real estate partnerships					184,267			169,238
Investment in unconsolidated real estate partnerships					233,781			367,851
Other assets					286,188			258,953
Assets held for sale					70,552			220,104
	TOTAL ASSETS			$	10,182,929		$	10,316,601
LIABILITIES AND STOCKHOLDERS' EQUITY
Secured tax-exempt bond financing				$	1,201,572		$	1,171,557
Secured notes payable					4,505,657			4,543,566
Mandatorily redeemable preferred securities					113,169			15,169
Term loans					354,387			115,011
Credit facility					160,000			291,000
	TOTAL INDEBTEDNESS				6,334,785			6,136,303
Accounts payable					15,874			11,150
Accrued liabilities and other					386,494			294,769
Deferred income					24,129			15,283
Security deposits					41,967			39,903
Deferred income taxes payable					23,947			36,680
Liabilities related to assets held for sale					53,919			168,654
	TOTAL LIABILITIES				6,881,115			6,702,742
Minority interest in consolidated real estate partnerships					78,113			75,535
Minority interest in Aimco Operating Partnership					316,906			374,937
STOCKHOLDERS' EQUITY
	Class A Common Stock				941			938
	Additional paid-in capital				3,066,172			3,050,057
	Perpetual preferred stock				555,250			552,520
	Convertible preferred stock				299,992			392,492
	Distributions in excess of earnings				(959,975	)		(776,577	)
	Unvested restricted stock				(11,744	)		(7,079	)
	Notes due on common stock purchases				(43,841	)		(48,964	)
					2,906,795			3,163,387
		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	10,182,929		$	10,316,601

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GAAP Statements of Cash Flows

Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

			Nine Months Ended September 30, 2003			Nine Months Ended September 30, 2002
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income			$	121,688		$	162,437
Total adjustments to reconcile net income				259,449			241,806
	Net cash provided by operating activities			381,137			404,243
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of and additions to real estate				(117,907	)		(519,143	)
Initial capital expenditures				(18,594	)		(23,165	)
Capital Replacements				(70,620	)		(60,726	)
Capital Enhancements				(2,765	)		(5,632	)
Redevelopment additions to real estate				(79,785	)		(118,505	)
Proceeds from dispositions of real estate				479,220			194,441
Disposition capital expenditures				(15,991	)		-
Purchase of general and limited partnership interests and other assets				(32,457	)		(52,347	)
Originations of notes receivable from unconsolidated real estate partnerships				(47,833	)		(74,547	)
Proceeds from repayment of notes receivable				40,894			53,017
Cash paid in connection with merger/acquisition related costs				(13,983	)		(249,220	)
Distributions received from investments in unconsolidated real estate partnerships				51,106			15,662
Other investing activities				8,326			30,256
	Net cash provided by (used in) investing activities			179,611			(809,909	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from secured notes payable borrowings				351,964			651,824
Principal repayments on secured notes payable				(553,020	)		(412,196	)
Proceeds from tax-exempt bond financing				14,505			287,551
Principal repayments on tax-exempt bond financing				(62,774	)		(395,271	)
Net borrowings on term loans and revolving credit facility				108,376			206,492
Redemption of preferred stock				(239,770	)		-
Proceeds from issuance of mandatorily redeemable preferred securities				97,250			-
Proceeds from issuance of Class A common and preferred stock, exercise of options/warrants				145,248			425,730
Payment of Class A common stock dividends				(228,933	)		(202,706	)
Payment of preferred stock dividends				(68,509	)		(72,499	)
Payment of distributions to minority interest				(87,161	)		(72,236	)
Other financing activities				(7,394	)		(3,548	)
	Net cash (used in) provided by financing activities			(530,218	)		413,141
NET INCREASE IN CASH AND CASH EQUIVALENTS				30,530			7,475
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD				98,567			75,456
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS INCLUDED WITHIN ASSETS HELD FOR SALE FROM BEGINNING TO END OF PERIOD				(2,417	)		2,960
CASH AND CASH EQUIVALENTS AT END OF PERIOD			$	126,680		$	85,891

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GLOSSARY

GLOSSARY OF NON-GAAP FINANCIAL AND OPERATING MEASURES: Financial and operating measures found in the Earnings Release and Supplemental Information include certain financial measures used by Aimco management that are not calculated in accordance with generally accepted accounting principles, or GAAP. These measures are defined below and, where appropriate, reconciled on the accompanying Supplemental Schedules to the most comparable GAAP measures.

ADJUSTED FUNDS FROM OPERATIONS (AFFO): AFFO is FFO (diluted) less both Capital Replacement expenditures and Capital Enhancement expenditures, plus non-cash charges for redemption related preferred stock issuance costs and impairment losses. Similar to FFO, AFFO captures real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. AFFO also reflects that Capital Replacements are necessary to maintain, and Capital Enhancements are made to improve, the associated real estate assets.

Please see Supplemental Schedules I and II for AFFO data reconciled to Net Income as determined in accordance with GAAP.

CAPITAL REPLACEMENTS AND CAPITAL ENHANCEMENTS (CR AND CE): CR and CE are components of total capital expenditures. CR expenditures are required to maintain Aimco's assets and CE expenditures are made to improve Aimco's assets by adding a new feature or revenue source.

CR and CE spending are components of capital expenditures denoted as line items in the GAAP Statement of Cash Flows.

DISPOSITION CAPITAL EXPENDITURES: Disposition Capital Expenditures are capital expenditures made on properties sold, held for sale or identified as to be sold within one year. Disposition capital expenditures are incurred to support the sale of these properties and are not part of Aimco's ongoing Capital Replacements. In the third quarter 2003, Aimco included capital expenditures made for affordable properties that are expected to be sold upon completion of regulatory requirements. These expenditures are included in this classification as Aimco is limited in the amount of proceeds that it can receive in distribution from the properties' operations, and amounts in excess must be reinvested in the property or forfeited to the applicable government agency. Aimco expects to recover these expenditures upon sale of the property. Prior to establishing this category of capital expenditures, these expenditures were accounted for as Capital Replacements and deducted in calculating

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AFFO. Aimco will review this allocation each quarter and will re-allocate to Capital Replacements any items for those properties not sold or no longer identified as to be sold.

FREE CASH FLOW (FCF): FCF, as defined by Aimco, is net operating income from real estate minus Capital Replacement spending required to maintain, and Capital Enhancement spending made to improve, the related assets. FCF also includes cash flows generated from the Investment Management Business, Interest and Other Income, General and Administrative expenses, Provision for losses on notes receivable and other expenses incurred by Aimco. FCF measures profitability of operations and is prior to the cost of capital. Because Aimco has substantial unconsolidated real estate interests, it is useful for management and investors to understand, in addition to consolidated cash flows, cash flows as related to Aimco's unconsolidated real estate holdings.

Please see Supplemental Schedule II for FCF data reconciled to Net Income as determined in accordance with GAAP.

FUNDS FROM OPERATIONS (FFO): FFO is a commonly used measure of REIT performance defined by the National Association of Real Estate Investment Trusts, or NAREIT, as net income (loss), computed in accordance with GAAP, excluding gains and losses from extraordinary items, dispositions of depreciable real estate property, dispositions of real estate from discontinued operations, net of related income taxes, plus real estate related depreciation and amortization (excluding amortization of financing costs), including depreciation for unconsolidated real estate partnerships, joint ventures and discontinued operations. Aimco calculates FFO based on the NAREIT definition, as further adjusted for the minority interest in Aimco's operating partnership (AIMCO Properties, L.P.), plus amortization of intangibles and distributions to minority partners in excess of income. Aimco calculates FFO (diluted) by subtracting redemption related preferred stock issuance costs and dividends/distributions on preferred stock/partnership units (net of preferred dividends/distributions relating to convertible securities the conversion of which is dilutive to FFO) and adding back the interest expense on mandatorily redeemable convertible preferred securities the conversion of which is dilutive to FFO. FFO is helpful to investors in understanding Aimco's performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciating assets such as machinery, computers or other personal property. There can be no assurance that Aimco's method for computing FFO is comparable with that of other real estate investment trusts.

Please see Supplemental Schedules I and II for FFO data reconciled to Net Income as determined in accordance with GAAP.

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NET RENTAL INCOME (NRI): NRI is an operating measure calculated as the product of the number of rental units in Aimco's "Same Store" portfolio multiplied by occupancy multiplied by average effective rent per unit. NRI does not reflect income from all sources and does not reflect operating expenses.

SAME STORE: Same Store is used commonly to describe conventional properties in which Aimco's ownership exceeds 10% and that have reached a stabilized level of occupancy during both the current and comparable prior year period. These results measure operating performance without variations caused by investment transactions.

Aimco provides data for consolidated Same Store properties as well as its proportionate share of consolidated and unconsolidated Same Store properties. To ensure comparability, the information for all periods shown is based on current period ownership.

Please see Supplemental Schedules VIII through XIII for Same Store data reconciled to Income from Property Operations as determined in accordance with GAAP.

UNCONSOLIDATED BALANCE SHEET ITEMS: Unconsolidated balance sheet items such as Aimco's share of unconsolidated cash, unconsolidated restricted cash, unconsolidated accounts receivable, unconsolidated current liabilities and unconsolidated debt are components of Balance Sheet line items on the GAAP Financial Statements that are useful in understanding Aimco's proportionate share of assets and liabilities, prior to consolidation in GAAP financial statements.

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Supplemental Schedule I

Funds From Operations and Adjusted Funds From Operations
(in thousands, except per share data)
(unaudited)

				For the Three Months Ended September 30,						For the Nine Months Ended September 30,
				2003			2002			2003			2002
Operating Activities:
Net Income				$	40,635		$	46,345		$	121,688		$	162,437
Minority interest in Aimco Operating Partnership					3,665			6,979			13,444			23,644
Real estate depreciation, net of minority interest					75,294			59,519			223,733			172,225
Real estate depreciation related to unconsolidated entities					6,289			8,815			19,331			26,022
(Gain) loss on dispositions of real estate					(1,462	)		4,307			(2,738	)		(4,467	)
Distributions to minority partners in excess of income					11,861			4,302			21,503			15,274
Amortization of intangibles					1,276			1,154			4,716			3,194
Discontinued operations:
	(Gain) loss on dispositions of real estate, net of minority interest				(22,908	)		129			(66,930	)		10,432
	Real estate depreciation, net of minority interest				1,208			5,530			9,712			18,642
	Distributions to minority partners in excess of income				(3,613	)		-			(4,650	)		1,321
	Income tax arising from disposals				806			(127	)		5,112			552
Funds From Operations					113,051			136,953			344,921			429,276
Preferred stock dividends and distributions					(21,445	)		(15,397	)		(63,459	)		(40,376	)
Redemption related preferred stock issuance costs					(5,490	)		-			(7,645	)		-
Interest expense on mandatorily redeemable convertible preferred securities					247			365			741			882
Diluted Funds From Operations				$	86,363		$	121,921		$	274,558		$	389,782
Capital Replacements					(20,957	)		(24,478	)		(67,929	)		(61,001	)
Capital Enhancements [a]					(213	)		(1,208	)		(2,377	)		(6,150	)
Impairment loss on investment in unconsolidated real estate partnerships					-			3,564			-			3,816
Impairment loss on real estate assets sold or held for sale, net of minority interest					619			-			8,560			210
Redemption related preferred stock issuance costs					5,490			-			7,645			-
Non-dilutive preferred stock dividends and distributions					-			(7,356	)		(4,065	)		(17,973	)
Diluted Adjusted Funds From Operations				$	71,302		$	92,443		$	216,392		$	308,684
Funds From Operations:
Weighted average common shares, common share equivalents and Operating Partnership units outstanding:
		Common shares and equivalents			96,044			101,760			97,162			97,393
		Operating Partnership units and equivalents			11,845			12,758			11,955			12,463
					107,889			114,518			109,117			109,856
Adjusted Funds From Operations:
Weighted average common shares, common share equivalents and Operating Partnership units outstanding:
		Common shares and equivalents			96,044			95,374			95,768			92,296
		Operating Partnership units and equivalents			11,845			12,758			11,955			12,463
					107,889			108,132			107,723			104,759
Per Share:
Diluted Funds From Operations				$	0.80		$	1.06		$	2.52		$	3.55
Diluted Funds From Operations (excluding impairment losses and redemption related preferred stock issuance costs) [b]				$	0.86		$	1.09		$	2.68		$	3.59
Diluted Adjusted Funds From Operations				$	0.66		$	0.85		$	2.01		$	2.95
Dividends Declared				$	0.60		$	0.82		$	2.24		$	2.46

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[a]    In second quarter 2002, Aimco began deducting, on a prospective basis, Capital Enhancements, as well as Capital Replacements, to calculate Free Cash Flow and Adjusted Funds From Operations.

[b]    On October 1, 2003, NAREIT clarified its definition of Funds From Operations (FFO) to include impairment losses, which previously had been added back to calculate FFO. Although Aimco's presentation conforms with the NAREIT definition, Aimco considers such approach to be inconsistent with the treatment of gains on dispositions of real estate, which are not included in the calculation of FFO. In the three months ended September 30, 2003, and effective for all prior periods presented, Aimco no longer adds back impairment losses when computing FFO in accordance with this clarification. As a result, FFO for the three months ended September 30, 2003 includes impairment losses of $0.6 million, and for the nine months ended September 30, 2003, includes an adjustment of $7.9 million to reflect this change. FFO for the three and nine months ended September 30, 2002 includes an adjustment of $3.6 million and $4.0 million, respectively, to reflect this change. As a result of the Securities and Exchange Commission's interpretation of Emerging Issues Task Force Topic D-42, Aimco has complied with the clarification of including redemption related preferred stock issuance costs in the three months ended September 30, 2003, and effective for all prior periods presented, in FFO. Therefore, FFO for the three months ended September 30, 2003 includes issuance costs of $5.5 million and FFO for the nine months ended September 30, 2003 includes an adjustment of $2.2 million to reflect this change.

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Supplemental Schedule II

Free Cash Flow from Business Segments
For the Three Months Ended September 30, 2003
(in thousands, except unit and monthly rent data)
(unaudited)

					Consolidated			Unconsolidated			Total			%
Real Estate
	Conventional Apartments
		Average monthly rent greater than $1,200 per unit (11,429 equivalent units)			$	26,958		$	727		$	27,685		15.1	%
		Average monthly rent $1,000 to $1,200 per unit (10,167 equivalent units)				20,446			448			20,894		11.4	%
		Average monthly rent $900 to $1,000 per unit (14,439 equivalent units)				26,871			461			27,332		15.0	%
		Average monthly rent $800 to $900 per unit (6,636 equivalent units)				12,105			339			12,444		6.8	%
		Average monthly rent $700 to $800 per unit (15,712 equivalent units)				20,474			610			21,084		11.5	%
		Average monthly rent $600 to $700 per unit (33,582 equivalent units)				33,684			952			34,636		19.0	%
		Average monthly rent $500 to $600 per unit (37,159 equivalent units)				27,055			1,173			28,228		15.4	%
		Average monthly rent less than $500 per unit (15,134 equivalent units)				6,636			412			7,048		3.9	%
			Subtotal conventional real estate contribution to Free Cash Flow (144,258 equivalent units)			174,229			5,122			179,351		98.1	%
	Affordable Apartments (22,538 equivalent units)					13,857			5,662			19,519		10.7	%
	College housing (2,403 equivalent units)					1,827			35			1,862		1.0	%
	Other real estate					736			1			737		0.4	%
	Minority interest					(17,737	)		-			(17,737	)	-9.7	%
		Total real estate contribution to Free Cash Flow				172,912			10,820			183,732		100.5	%
Investment Management Business
	Management contracts (property, risk and asset management)
		Controlled properties				690			-			690		0.4	%
		Third party with terms in excess of one year				466			-			466		0.3	%
		Third party cancelable in 30 days				299			-			299		0.2	%
	Insurance claim losses					(793	)		-			(793	)	-0.5	%
			Investment management business contribution to Free Cash Flow before activity based fees			662			-			662		0.4	%
	Activity based fees					868			-			868		0.5	%
		Total investment management business contribution to Free Cash Flow				1,530			-			1,530		0.9	%
Interest and other income
	General partner loan interest					3,507			-			3,507		1.9	%
	Money market and interest bearing accounts					1,587			-			1,587		0.9	%
	Transactional income					46			-			46		0.0	%
		Total interest and other income contribution to Free Cash Flow				5,140			-			5,140		2.8	%
General and administrative expenses						(7,638	)		-			(7,638	)	-4.2	%
Free Cash Flow					$	171,944		$	10,820		$	182,764		100.0	%

---

Supplemental Schedule II (continued)

Free Cash Flow from Business Segments
For the Three Months Ended September 30, 2003
(in thousands, except per share/unit data)
(unaudited)

						Basic									Diluted
						Consolidated			Unconsolidated			Total			Total
Free Cash Flow						$	171,944		$	10,820		$	182,764		$	182,764
Cost of Senior Capital
	Interest expense:
			Secured debt:
				Long-term, fixed rate			(80,054	)		(7,132	)		(87,186	)		(87,186	)
				Long-term, floating rate			(8,577	)		(73	)		(8,650	)		(8,650	)
				Short-term			(2,845	)		(11	)		(2,856	)		(2,856	)
			Lines of credit and other unsecured debt				(6,168	)		-			(6,168	)		(6,168	)
			Interest expense on mandatorily redeemable preferred securities				(1,288	)		-			(1,288	)		(1,288	)
			Interest expense on mandatorily redeemable convertible preferred securities				(247	)		-			(247	)		-
			Interest capitalized				3,940			102			4,042			4,042
				Total interest expense before minority interest			(95,239	)		(7,114	)		(102,353	)		(102,106	)
			Minority interest share of interest expense				8,494			-			8,494			8,494
				Total interest expense after minority interest			(86,745	)		(7,114	)		(93,859	)		(93,612	)
	Distributions on preferred OP units						(2,102	)		-			(2,102	)		-
	Dividends on preferred stock						(26,930	)		-			(26,930	)		(26,935	)
		Total distributions/dividends on preferred OP units and stock					(29,032	)		-			(29,032	)		(26,935	)
	Capital Replacements/Enhancements						20,354			816			21,170			21,170
	Amortization of intangibles						(1,276	)		-			(1,276	)		(1,276	)
	Gain on dispositions of real estate						1,462			-			1,462			1,462
	Income from discontinued operations						27,483			-			27,483			27,483
	Real estate depreciation, net of minority interest						(75,294	)		(6,289	)		(81,583	)		(81,583	)
	Distributions to minority partners in excess of income						(11,861	)		-			(11,861	)		(11,861	)
	Interest expense on mandatorily redeemable convertible preferred securities						-			-			-			(247	)
	Preferred equity dividends						-			-			-			(2,097	)
		Net income (loss) attributable to common OP unitholders and stockholders					17,035			(1,767	)		15,268			15,268
	Gain on dispositions of real estate						(1,462	)		-			(1,462	)		(1,462	)
	Discontinued operations:
		Gain on dispositions of real estate, net of minority interest					(22,908	)		-			(22,908	)		(22,908	)
		Real estate depreciation, net of minority interest					1,208			-			1,208			1,208
		Distributions to minority partners in excess of income					(3,613	)		-			(3,613	)		(3,613	)
		Income tax arising from disposals					806			-			806			806
	Real estate depreciation, net of minority interest						75,294			6,289			81,583			81,583
	Distributions to minority partners in excess of income						11,861			-			11,861			11,861
	Amortization of intangibles						1,276			-			1,276			1,276
	Interest expense on mandatorily redeemable convertible preferred securities						-			-			-			247
	Preferred equity dividends						-			-			-			2,097
		Funds From Operations attributable to common OP unitholders and stockholders					79,497			4,522			84,019			86,363
	Capital Replacements						(20,141	)		(816	)		(20,957	)		(20,957	)
	Capital Enhancements						(213	)		-			(213	)		(213	)
	Impairment loss on real estate assets sold or held for sale, net of minority interest						619			-			619			619
	Redemption related preferred stock issuance costs						5,490			-			5,490			5,490
		Adjusted Funds From Operations attributable to common OP unitholders and stockholders				$	65,252		$	3,706		$	68,958		$	71,302
						Earnings			Shares/Units			Earnings Per Share/Unit
	Net Income
		Basic					15,268			104,684		$	0.15
		Diluted					15,268			104,894		$	0.15
	FFO
		Basic					84,019			104,684
		Diluted					86,363			107,889
	AFFO
		Basic					68,958			104,684
		Diluted					71,302			107,889

---

Reconciliation of FCF, FFO and AFFO to Net Income:

---

Supplemental Schedule III

Free Cash Flow from Business Segments and Reconciliation to Income from Property Operations
(in thousands)
(unaudited)

								See Supplemental Schedule II
						Equivalent Units		Total FCF			CR and CE Expenditures			FCF before CR and CE
Real Estate
	Conventional : with average monthly rent
		Greater than $1,200 per unit				11,429		$	27,685		$	1,703		$	29,388
		$1,000 to $1,200 per unit				10,167			20,894			1,467			22,361
		$900 to $1000 per unit				14,439			27,332			2,064			29,396
		$800 to $900 per unit				6,636			12,444			898			13,342
		$700 to $800 per unit				15,712			21,084			1,376			22,460
		$600 to $700 per unit				33,582			34,636			4,014			38,650
		$500 to $600 per unit				37,159			28,228			5,083			33,311
		Less than $500 per unit				15,134			7,048			1,699			8,747
			Subtotal conventional real estate contribution to Free Cash Flow			144,258			179,351			18,304			197,655
	Affordable					22,538			19,519			2,574			22,093
	College housing					2,403			1,862			193			2,055
	Other real estate								737			99			836
	Minority interest								(17,737	)					(17,737	)
		Total real estate contribution to free cash flow				169,199		$	183,732		$	21,170		$	204,902
			Add Minority interest												17,737
			Less unconsolidated contribution to free cash flow												(10,820	)
			Less unconsolidated CR/CE spending												(816	)
				Income from property operations										$	211,003

---

Supplemental Schedule IV

Proportionate Income Statement Presentation (Including Proportionate Consolidated Income Statement)
For the Three Months Ended September 30, 2003
(in thousands, except per share data)
(unaudited)

																Reconciliation to Free Cash Flow From Business Segments [e]
							Proportionate Share of Unconsolidated Partnerships [b]						Proportionate Consolidated Income Statement [d]
				Aimco GAAP Income Statement [a]						Minority Interest [c]						Amortization of Intangibles			Capital Replacements/ Enhancements			Free Cash Flow
RENTAL PROPERTY OPERATIONS:
	Rental and other property revenues			$	377,403		$	27,672		$	(37,373	)	$	367,702		$	-		$	-		$	367,702
	Property operating expenses				(166,400	)		(16,036	)		19,636			(162,800	)		-			(21,170	)		(183,970	)
		Income from property operations			211,003			11,636			(17,737	)		204,902			-			(21,170	)		183,732
INVESTMENT MANAGEMENT BUSINESS:
	Management fees and other income primarily from affiliates				14,930			-			-			14,930			-			-			14,930
	Management and other expenses				(13,400	)		-			-			(13,400	)		-			-			(13,400	)
	Amortization of intangibles				(1,276	)		-			-			(1,276	)		1,276			-			-
		Income from investment management business			254			-			-			254			1,276			-			1,530
General and administrative expenses					(7,638	)		-			-			(7,638	)		-			-			(7,638	)
Depreciation of rental property					(82,840	)		(6,289	)		7,546			(81,583	)		-			21,170			(60,413	)
Interest expense					(95,239	)		(7,114	)		8,494			(93,859	)		-			-			(93,859	)
Interest and other income					5,140			-			-			5,140			-			-			5,140
Equity in losses of unconsolidated real estate partnerships					(1,767	)		1,767			-			-			-			-			-
Minority interest in consolidated real estate partnerships					(1,697	)		-			1,697			-			-			-			-
Amortization of intangibles					-			-			-			-			(1,276	)		-			(1,276	)
Income from operations					27,216			-			-			27,216			-			-			27,216
Gain on dispositions of real estate					1,462			-			-			1,462			-			-			1,462
Distributions to minority partners in excess of income					(11,861	)		-			-			(11,861	)		-			-			(11,861	)
Income before minority interest in Aimco Operating Partnership and discontinued operations					16,817			-			-			16,817			-			-			16,817
Minority interest in Aimco Operating Partnership, preferred					(2,102	)		-			-			(2,102	)		-			-			-
Minority interest in Aimco Operating Partnership, common					(1,563	)		-			-			(1,563	)		-			-			-
Income from continuing operations					13,152			-			-			13,152			-			-			16,817
Discontinued operations:
	Net income from discontinued operations (including net gain on dispositions of $22,908 and tax of $806)				27,483			-			-			27,483			-			-			27,483
Net income					40,635			-			-			40,635			-			-			44,300
Net income attributable to preferred stockholders				$	26,930								$	26,930								$	29,032
Net income attributable to common stockholders				$	13,705								$	13,705								$	15,268
Basic earnings per common share				$	0.15								$	0.15								$	0.15
Diluted earnings per common share				$	0.15								$	0.15								$	0.15
Weighted average number of common shares outstanding					92,839
Weighted average number of common shares and common share equivalents outstanding					93,049
Dividends paid per common share				$	0.60

[a]

Aimco's consolidated statement of income on a GAAP basis

[b]

Aimco's proportionate share of unconsolidated real estate partnerships

[c]

Aimco's proportionate share of minority interest in consolidated real estate partnerships

[d]

Total of Aimco's proportionate share of unconsolidated real estate partnerships, minority interest share of consolidated real estate partnerships and consolidated operations

[e]

Reconciliation of the proportionate consolidated income statement to the Free Cash Flow from Business Segments (Supplemental Schedule II)

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Supplemental Schedule V

Selected Statistical and Balance Sheet Information
As of September 30, 2003
(in thousands, except Other data)
(unaudited)

I.		Property Debt
		A.		Property Debt Detail
						Amount			Weighted Rate
				Consolidated
				Fixed		$	4,687,509			6.94	%
				Floating			1,069,286			2.59	%
				Sub-Total Consolidated			5,756,795	(1)		6.13	%
				Unconsolidated (Aimco's share)
				Fixed			353,866			6.80	%
				Floating			19,768			3.45	%
				Sub-Total Unconsolidated			373,634	(2)		6.67	%
				Total Mortgage Debt (Consolidated and Pro Rata Share Unconsolidated)			6,130,429			6.16	%
				Minority Interest			(594,003	)(3)		6.53	%
				Aimco's Share of Mortgage Debt		$	5,536,426			6.12	%
II.		Asset and Liability Detail
		A.		Assets
				Unconsolidated cash		$	11,458	(2)
				Unconsolidated restricted cash			36,607	(2)
				Unconsolidated accounts receivable			969	(2)
				Unconsolidated other assets			8,262	(2)
				Minority interest share of cash/restricted cash			30,731	(3)
				Minority interest share of notes receivable			63,944	(3)
				Goodwill			101,176	(4)
				Land held for future development			10,000	(5)
				Construction in progress			184,767	(6)
		B.		Current Liabilities
				Unconsolidated current liabilities			(79,226	)(2)
III.		Acquisitions for the Quarter Ended September 30, 2003:
				Lincoln Place		$	63,000
				New York Property Acquisition			37,600
				Limited Partner Equity Interests			400
IV.		Common Shares Outstanding as of September 30, 2003:
				Class A Common Stock			94,098
				Common OP and other units			11,791
							105,889
V.		Preferred Securities:
						Coupon			Amount			Shares/Units Outstanding		Common Share Equivalents
				Perpetual:
				Class D			8.75%		$	67,500		2,700,000		-
				Class G			9.375%			101,250		4,050,000		-
				Class Q			10.10%			63,250		2,530,000		-
				Class R			10.00%			173,500		6,940,000		-
				Class T			8.00%			150,000		6,000,000		-
				Total perpetual					$	555,500		22,220,000		-
				Convertible:
				Class N			9.00%			100,000		4,000,000		1,904,762
				Class O			9.00%			100,000		1,904,762		1,904,762
				Class P			9.00%			99,992		3,999,662		1,785,563
										299,992		9,904,424		5,595,087
				Preferred OP units			8.76%			91,346		3,342,633		2,457,913
				Total convertible					$	391,338		13,247,057		8,053,000
				Mandatorily Redeemable Preferred Securities:
				Class S mandatorily redeemable preferred securities			Libor + 2.75%			98,000		4,000,000		-
				Convertible debt securities			6.50%			15,169		303,385		305,782
				Total mandatorily redeemable preferred securities					$	113,169		4,303,385		305,782
				Total preferred securities					$	1,060,007		39,770,442		8,358,782
VI.		Other Data:
						3Q03			3Q02
				Conventional same store:
				Weighted average physical occupancy			93.0	%		93.5	%
				Average monthly rent per occupied unit		$	702		$	712
				Conventional total portfolio:
				Weighted average physical occupancy			91.3	%		91.0	%
				Average monthly rent per occupied unit		$	727		$	728

---

Notes:

(1)

Includes $49,566 of liabilities related to assets held for sale

(2)

These amounts are included in Investment in unconsolidated real estate partnerships on the GAAP Balance Sheet

(3)

These amounts are included in Minority interest in consolidated real estate partnerships on the GAAP Balance Sheet
Minority interest share of mortgage debt includes $3,388 of minority interest related to liabilities related to assets held for sale.

(4)

This amount is included in Other assets on the GAAP Balance Sheet

(5)

This amount is included in Land on the GAAP Balance Sheet

(6)

This amount is included in Buildings and improvements on the GAAP Balance Sheet

---

Supplemental Schedule VI

Capital Expenditures
As of September 30, 2003
(in thousands)
(unaudited)

For the nine months ended September 30, 2003, Aimco spent a total of $67.9 million and $2.4 million, respectively, for Capital Replacements (expenditures required to maintain the related asset) and Capital Enhancements (expenditures that add a new feature or revenue source at a property). These amounts represent Aimco's share of the total spending on both consolidated and unconsolidated partnerships.

The table below details Aimco's actual spending based on a per unit and total dollar basis (based on approximately 157,000 units) for the nine months ended September 30, 2003:

		Capital Replacements Actual Cost Per Unit			Capital Enhancements Actual Cost Per Unit			Total CR/CE Actual Cost Per Unit			Capital Replacements Actual Cost (in thousands)			Capital Enhancements Actual Cost (in thousands)			Total CR/CE Actual Cost (in thousands)
Carpets		$	92		$	-		$	92		$	14,356		$	11		$	14,367
Flooring			23			-			23			3,650			-			3,650
Appliances			27			1			28			4,161			151			4,312
Blinds/shades			4			-			4			658			-			658
Furnace/air			28			-			28			4,328			11			4,339
Hot Water Heaters			6			-			6			993			-			993
Kitchen/bath			9			-			9			1,340			3			1,343
Exterior painting			20			-			20			3,213			9			3,222
Landscaping			16			1			17			2,550			144			2,694
Pool/exercise facilities			13			-			13			2,048			50			2,098
Computers, miscellaneous			19			3			22			3,038			370			3,408
Roofs			13			-			13			1,964			2			1,966
Parking lot			9			-			9			1,381			6			1,387
Building (electrical,elevator, plumbing)			55			-			55			8,643			-			8,643
Submetering			-			7			7			-			1,109			1,109
Capitalized payroll and other indirect costs			100			3			103			15,606			511			16,117
Total Aimco's share		$	434		$	15		$	449		$	67,929		$	2,377		$	70,306
Plus minority partners' share of consolidated spending												7,832			425			8,257
Less Aimco's share of unconsolidated spending												(5,141	)		(37	)		(5,178	)
Total spending per Consolidated Statement of Cash Flows											$	70,620		$	2,765		$	73,385

For the nine months ended September 30, 2003, Aimco spent a total of $18.6 million for Initial Capital Expenditures or "ICE", which are expenditures at a property that have been identified at the time the property is acquired, as expenditures to be incurred within a specified period of time of the acquisition, typically one year.
For the nine months ended September 30, 2003, Aimco spent $16.0 million for Disposition Capital Expenditures, which reports those capital expenditures made on properties sold, held for sale, or identified as to be sold within one year. In third quarter 2003, Aimco began to include in Disposition Capital Expenditures capital expenditures on certain of Aimco's affordable properties that are expected to be sold upon completion of regulatory requirements. Although the sales will not necessarily occur within a year period, Aimco believes that capital expenditures on such properties are appropriately included in Disposition Capital Expenditures because of the regulatory framework under which these properties are financed or operated. Specifically, Aimco is limited in the amount of proceeds that it is permitted to receive in distribution from the properties' operations. Amounts in excess of that limitation must be reinvested in the property or forfeited to the applicable government agency. Aimco typically elects to spend amounts in excess of the distribution limit on property improvements, and Aimco expects that upon a sale of the property that the expenditures will be recovered.
For the nine months ended September 30, 2003, Aimco spent a total of $66.3 million for redevelopment, which are expenditures that substantially upgrade the related property.

Aimco's share of the total spending on both consolidated and unconsolidated partnerships are as follows (in millions):

		Nine Months Ended September 30, 2003
		ICE			Disposition Capital Expenditures			Redevelopment			Totals
Conventional Assets		$	10.4		$	11.4		$	59.7		$	81.5
Affordable Assets			8.2			4.6			6.6			19.4
Total Aimco's share		$	18.6		$	16.0		$	66.3		$	100.9
Plus minority partners' share of consolidated spending			0.2			2.0			19.8			22.0
Less Aimco's share of unconsolidated spending			(0.2	)		(2.0	)		(6.3	)		(8.5	)
Total spending per Consolidated Statement of Cash Flows		$	18.6		$	16.0		$	79.8		$	114.4

The expenditures were funded by net cash provided by operating activities, working capital reserves and borrowings under Aimco's credit facility.

---

Supplemental Schedule VII

Apartment Investment and Management Company

Summary of 2003 Redevelopment Activity
As of September 30, 2003
(in millions, except unit data)
(values are not adjusted for Aimco's ownership)
(unaudited)

										Cost in Millions						Redevelopment Timing								Number of Units
				Ownership %		Number of Units		Notes		Total Spending			Spent to Date			Acquisition (1)		Start		Complete		Stabilization		Completed		Leased		Out of Service
Flamingo South Beach		Miami Beach, FL		77.0	%	1,685				$	268.6		$	259.6		Q3 1997		Q3 1997		Q4 2003		Q3 2004		1,298		942		387
Reflections		Indianapolis, IN		51.6	%	582				$	17.5		$	16.1		Q4 1998		Q2 2001		Q4 2003		Q4 2003		582		467		0
Meadow Creek		Boulder, CO		100.0	%	332				$	15.7		$	15.7		Q2 1985		Q3 1999		Q3 2002		Q3 2003		332		312		0
Glenbridge Manors		Cincinnati, OH		50.8	%	290				$	29.2		$	28.6		Q4 1998		Q3 2001		Q4 2003		Q4 2003		245		240		45
The Ashford		Atlanta, GA		100.0	%	221				$	20.0		$	18.4		Q4 1995		Q2 2001		Q2 2003		Q4 2003		221		187		0
Calhoun Beach Club		Minneapolis, MN		100.0	%	57		(2)		$	31.4		$	31.4		Q4 1998		Q4 2001		Q4 2002		Q3 2003		57		56		0
Plainview		Louisville,KY		42.2	%	157		(3)		$	5.8		$	5.3		Q4 1991		Q1 2003		Q3 2003		Q4 2003		157		111		0
Cherry Creek Gardens		Denver, CO		61.1	%	296				$	4.0		$	-		Q1 1996		Q3 2003		Q1 2005		Q1 2005		0		0		0
Westlake Arms		Indianapolis, IN		100.0	%	1,381				$	2.6		$	-		Q1 1995		Q3 2003		Q3 2004		Q3 2004		0		0		0
Chimney Hill		Marietta, GA		56.5	%	326				$	33.2		$	1.2		Q4 1994		Q3 2003		Q2 2005		Q2 2006		0		0		326
		Total				5,327				$	428.0		$	376.3										2,892		2,315		758

Notes

1

-    Acquisition date denotes date Aimco acquired the property.

2

-    Property had 351 units before redevelopment, 76 of the units were redeveloped into 57 larger units and commercial space improvements made.

3

-    Property has 480 units with 157 units being redeveloped due to fire and mold issues.

---

Supplemental Schedule VIII

Income Statement Information
Q3 2003 compared to Q3 2002
(in thousands)
(unaudited)

				Three Months Ended September 30, 2003			Three Months Ended September 30, 2002			Change Q3 2003 vs Q3 2002			% Change Q3 2003 vs Q3 2002
Revenues:
	Consolidated same store properties			$	286,420		$	291,227		$	(4,807	)	-1.7	%
	Acquisition properties				16,700			4,924			11,776		239.2	%
	Newly consolidated properties				30,547			—			30,547		—
	Affordable properties				27,252			27,879			(627	)	-2.2	%
	Redevelopment properties				11,652			8,093			3,559		44.0	%
	Other properties				4,832			3,606			1,226		34.0	%
		Total rental and other property revenues		$	377,403		$	335,729		$	41,674		12.4	%
Expenses:
	Consolidated same store properties			$	119,303		$	110,002		$	9,301		8.5	%
	Acquisition properties				5,239			1,464			3,775		257.9	%
	Newly consolidated properties				14,284			—			14,284		—
	Affordable properties				13,608			12,112			1,496		12.4	%
	Redevelopment properties				5,717			3,769			1,948		51.7	%
	Partnership expenses				751			3,217			(2,466	)	-76.7	%
	Property management expense				4,091			4,261			(170	)	-4.0	%
	Other properties				3,407			2,467			940		38.1	%
		Total property operating expense		$	166,400		$	137,292		$	29,108		21.2	%
Net Operating Income:
	Consolidated same store properties			$	167,117		$	181,225		$	(14,108	)	-7.8	%
	Acquisition properties				11,461			3,460			8,001		231.2	%
	Newly consolidated properties				16,263			—			16,263		—
	Affordable properties				13,644			15,767			(2,123	)	-13.5	%
	Redevelopment properties				5,935			4,324			1,611		37.3	%
	Partnership expenses				(751	)		(3,217	)		2,466		-76.7	%
	Property management expense				(4,091	)		(4,261	)		170		-4.0	%
	Other properties				1,425			1,139			286		25.1	%
		Total income from property operations		$	211,003		$	198,437		$	12,566		6.3	%
Reconciliation of consolidated same store properties to Aimco's share of same store sales:
Revenues:
	Consolidated same store properties			$	286,420		$	291,227		$	(4,807	)
	Plus: Newly consolidated properties				16,395			—			16,395
	Less: Minority partners' share of consolidated same store				(30,143	)		(31,226	)		1,083
	Plus: Aimco's share of unconsolidated same store				12,121			28,672			(16,551	)
		Aimco's share of same store sales		$	284,793		$	288,673		$	(3,880	)	-1.3	%
Expenses:
	Consolidated same store properties			$	119,303		$	110,002		$	9,301
	Plus: Newly consolidated properties				7,130			—			7,130
	Less: Minority partners' share of consolidated same store				(12,637	)		(11,923	)		(714	)
	Plus: Aimco's share of unconsolidated same store				5,050			11,734			(6,684	)
		Aimco's share of same store sales		$	118,846		$	109,813		$	9,033		8.2	%
Net Operating Income:
	Consolidated same store properties			$	167,117		$	181,225		$	(14,108	)
	Plus: Newly consolidated properties				9,265			—			9,265
	Less: Minority partners' share of consolidated same store				(17,506	)		(19,303	)		1,797
	Plus: Aimco's share of unconsolidated same store				7,071			16,938			(9,867	)
		Aimco's share of same store sales		$	165,947		$	178,860		$	(12,913	)	-7.2	%

DEFINITIONS:

Consolidated same store properties - consist of all conventional properties owned, stabilized and consolidated for at least one year as of the beginning of the most recent quarter and for the relevant comparable period.

Acquisition properties - consist of all consolidated properties owned less than one year as of the beginning of the most recent quarter.

Newly consolidated properties - consist of all properties consolidated for less than one year as of the beginning of the most recent quarter.

Affordable properties - consist of all affordable properties (which are properties that benefit from governmental programs designed to provide housing for people with low or moderate incomes) owned, stabilized and consolidated for at least one year as of the beginning of the most recent quarter.

Redevelopment properties - consist of all consolidated properties where a substantial number of available units have been vacated for major renovations and have not been stabilized for at least one year as of the beginning of the most recent quarter.

Other properties - consist of all consolidated properties that are not multifamily (such as commercial, college housing, etc).

Partnership expenses - consist of expenses incurred at the partnership level either directly or indirectly (such as partnership audit, tax and trustee expenses).

Property management expenses - consist of off-site expenses associated with the self-management of consolidated properties.

---

Supplemental Schedule IX

Same Store Sales
Third Quarter 2003 versus Third Quarter 2002
(unaudited) (in thousands, except site and unit data)

																					Change Three Months Ended September 30, 2003 Less September 30, 2002
									Three Months Ended September 30, 2003						Three Months Ended September 30, 2002
																					Revenue				Expenses				NOI
			Sites		Units		Owner%		REV		EXP		NOI		REV		EXP		NOI		Amt		%		Amt		%		Amt		%
Northeast
	Washington		28		12,458		79.94	%	29,037		9,413		19,624		28,860		8,951		19,909		177		0.6	%	462		5.2	%	(285	)	-1.4	%
	Philadelphia		10		5,338		77.38	%	12,439		4,615		7,824		12,454		4,153		8,301		(15	)	-0.1	%	462		11.1	%	(477	)	-5.7	%
	Baltimore		11		2,044		78.45	%	4,277		1,497		2,780		4,094		1,262		2,832		183		4.5	%	235		18.6	%	(52	)	-1.8	%
	Dutchess County		1		835		100.00	%	2,392		691		1,701		2,243		717		1,526		149		6.6	%	(26	)	-3.6	%	175		11.5	%
	Hartford		2		650		100.00	%	1,853		511		1,342		1,874		479		1,395		(21	)	-1.1	%	32		6.7	%	(53	)	-3.8	%
	Other Markets		2		554		82.14	%	1,000		392		608		993		353		640		7		0.7	%	39		11.0	%	(32	)	-5.0	%
	New England		1		412		56.71	%	753		220		533		787		226		561		(34	)	-4.3	%	(6	)	-2.7	%	(28	)	-5.0	%
			55		22,291		80.15	%	51,751		17,339		34,412		51,305		16,141		35,164		446		0.9	%	1,198		7.4	%	(752	)	-2.1	%
Southeast
	Atlanta		21		5,931		81.39	%	8,986		4,487		4,499		9,077		3,921		5,156		(91	)	-1.0	%	566		14.4	%	(657	)	-12.7	%
	Other Markets		33		6,865		75.27	%	8,215		3,915		4,300		8,395		3,637		4,758		(180	)	-2.1	%	278		7.6	%	(458	)	-9.6	%
	Norfolk		13		3,865		85.13	%	7,679		2,513		5,166		7,238		2,380		4,858		441		6.1	%	133		5.6	%	308		6.3	%
	Nashville		11		3,752		79.35	%	5,554		2,244		3,310		5,510		2,084		3,426		44		0.8	%	160		7.7	%	(116	)	-3.4	%
	Raleigh-Durham-Chapel Hill		11		3,022		74.44	%	3,819		1,765		2,054		4,027		1,524		2,503		(208	)	-5.2	%	241		15.8	%	(449	)	-17.9	%
	Charlotte-Gastonia-Rock Hill		11		2,336		84.65	%	2,913		1,494		1,419		3,034		1,467		1,567		(121	)	-4.0	%	27		1.8	%	(148	)	-9.4	%
	Richmond - Petersburg		7		1,513		75.34	%	2,472		862		1,610		2,514		751		1,763		(42	)	-1.7	%	111		14.8	%	(153	)	-8.7	%
	Columbia		6		1,438		65.24	%	1,614		775		839		1,637		664		973		(23	)	-1.4	%	111		16.7	%	(134	)	-13.8	%
	Charleston		3		680		85.54	%	1,136		446		690		1,069		366		703		67		6.3	%	80		21.9	%	(13	)	-1.8	%
	Savannah		2		416		100.00	%	792		295		497		781		267		514		11		1.4	%	28		10.5	%	(17	)	-3.3	%
			118		29,818		79.03	%	43,180		18,796		24,384		43,282		17,061		26,221		(102	)	-0.2	%	1,735		10.2	%	(1,837	)	-7.0	%
Florida
	Orlando - Daytona		25		6,438		85.67	%	10,583		4,736		5,847		10,367		4,524		5,843		216		2.1	%	212		4.7	%	4		0.1	%
	Tampa-St. Petersburg		23		6,037		85.65	%	9,536		4,291		5,245		9,964		3,957		6,007		(428	)	-4.3	%	334		8.4	%	(762	)	-12.7	%
	Miami		6		2,171		81.86	%	5,423		2,120		3,303		5,476		1,987		3,489		(53	)	-1.0	%	133		6.7	%	(186	)	-5.3	%
	Jacksonville		7		2,766		79.01	%	4,422		1,839		2,583		4,428		1,714		2,714		(6	)	-0.1	%	125		7.3	%	(131	)	-4.8	%
	West Palm Beach-Boca		6		1,727		100.00	%	4,061		1,454		2,607		4,097		1,511		2,586		(36	)	-0.9	%	(57	)	-3.8	%	21		0.8	%
	FortLauderdale		4		1,122		88.71	%	2,474		1,045		1,429		2,356		921		1,435		118		5.0	%	124		13.5	%	(6	)	-0.4	%
	Other Markets		2		456		70.29	%	590		202		388		578		197		381		12		2.1	%	5		2.5	%	7		1.8	%
			73		20,717		85.39	%	37,089		15,687		21,402		37,266		14,811		22,455		(177	)	-0.5	%	876		5.9	%	(1,053	)	-4.7	%
Midwest
	Chicago		22		6,323		90.61	%	15,966		6,610		9,356		16,321		6,430		9,891		(355	)	-2.2	%	180		2.8	%	(535	)	-5.4	%
	Indianapolis		33		10,039		86.40	%	13,496		7,389		6,107		13,996		6,149		7,847		(500	)	-3.6	%	1,240		20.2	%	(1,740	)	-22.2	%
	Grand Rapids-Lansing		15		5,757		93.35	%	9,636		4,233		5,403		10,085		4,219		5,866		(449	)	-4.5	%	14		0.3	%	(463	)	-7.9	%
	Cincinnati - Dayton		19		3,733		75.65	%	5,436		2,310		3,126		5,501		2,138		3,363		(65	)	-1.2	%	172		8.0	%	(237	)	-7.0	%
	Fort Wayne		3		2,440		97.13	%	3,785		2,067		1,718		4,243		1,684		2,559		(458	)	-10.8	%	383		22.7	%	(841	)	-32.9	%
	Other Markets		17		3,735		58.36	%	3,638		1,664		1,974		3,744		1,630		2,114		(106	)	-2.8	%	34		2.1	%	(140	)	-6.6	%
	Detroit - Ann Arbor		7		2,074		66.43	%	2,772		1,325		1,447		2,963		1,166		1,797		(191	)	-6.4	%	159		13.6	%	(350	)	-19.5	%
	Columbus		9		2,012		68.24	%	2,374		981		1,393		2,398		925		1,473		(24	)	-1.0	%	56		6.1	%	(80	)	-5.4	%
	Minneapolis - St.Paul		4		1,098		64.91	%	1,432		743		689		1,469		622		847		(37	)	-2.5	%	121		19.5	%	(158	)	-18.7	%
	Kansas City		5		1,222		58.58	%	1,365		583		782		1,395		584		811		(30	)	-2.2	%	(1	)	-0.2	%	(29	)	-3.6	%
			134		38,433		81.52	%	59,900		27,905		31,995		62,115		25,547		36,568		(2,215	)	-3.6	%	2,358		9.2	%	(4,573	)	-12.5	%
Texas
	Houston - Galveston		37		9,723		91.25	%	14,747		7,602		7,145		15,730		7,038		8,692		(983	)	-6.2	%	564		8.0	%	(1,547	)	-17.8	%
	Dallas-Fort Worth		30		7,437		73.88	%	9,123		4,831		4,292		9,518		4,953		4,565		(395	)	-4.2	%	(122	)	-2.5	%	(273	)	-6.0	%
	San Antonio		14		3,269		100.00	%	5,042		2,469		2,573		4,997		2,457		2,540		45		0.9	%	12		0.5	%	33		1.3	%
	Austin-San Marcos		11		2,417		92.08	%	3,930		2,189		1,741		4,242		2,188		2,054		(312	)	-7.4	%	1		0.0	%	(313	)	-15.2	%
	Other Markets		8		1,747		71.69	%	1,860		898		962		1,822		805		1,017		38		2.1	%	93		11.6	%	(55	)	-5.4	%
			100		24,593		85.85	%	34,702		17,989		16,713		36,309		17,441		18,868		(1,607	)	-4.4	%	548		3.1	%	(2,155	)	-11.4	%
West
	Phoenix-Mesa		28		7,447		90.82	%	10,737		5,526		5,211		10,780		4,960		5,820		(43	)	-0.4	%	566		11.4	%	(609	)	-10.5	%
	Denver - Front Range, CO		22		4,743		78.32	%	7,409		2,785		4,624		8,664		2,520		6,144		(1,255	)	-14.5	%	265		10.5	%	(1,520	)	-24.7	%
	Salt Lake City-Ogden		6		2,115		75.02	%	2,813		960		1,853		2,571		918		1,653		242		9.4	%	42		4.6	%	200		12.1	%
	Las Vegas		4		1,253		86.62	%	1,837		858		979		1,861		715		1,146		(24	)	-1.3	%	143		20.0	%	(167	)	-14.6	%
	Tucson		4		1,157		100.00	%	1,550		738		812		1,724		711		1,013		(174	)	-10.1	%	27		3.8	%	(201	)	-19.8	%
	Other Markets		5		1,024		62.83	%	1,052		511		541		1,024		498		526		28		2.7	%	13		2.6	%	15		2.9	%
	Seattle		4		468		52.88	%	542		277		265		502		208		294		40		8.0	%	69		33.2	%	(29	)	-9.9	%
			73		18,207		83.47	%	25,940		11,655		14,285		27,126		10,530		16,596		(1,186	)	-4.4	%	1,125		10.7	%	(2,311	)	-13.9	%
California
	Los Angeles-Long Beach - Ventura		15		4,830		88.48	%	17,233		4,603		12,630		16,368		4,148		12,220		865		5.3	%	455		11.0	%	410		3.4	%
	San Diego		7		2,237		98.14	%	6,583		1,988		4,595		6,421		1,652		4,769		162		2.5	%	336		20.3	%	(174	)	-3.6	%
	Orange County - Riverside		7		1,611		97.40	%	5,253		1,798		3,455		5,176		1,450		3,726		77		1.5	%	348		24.0	%	(271	)	-7.3	%
	Bay Area		6		1,661		58.64	%	3,069		1,047		2,022		3,208		1,004		2,204		(139	)	-4.3	%	43		4.3	%	(182	)	-8.3	%
	Sacramento		1		180		20.25	%	93		39		54		97		28		69		(4	)	-4.1	%	11		39.3	%	(15	)	-21.7	%
			36		10,519		86.02	%	32,231		9,475		22,756		31,270		8,282		22,988		961		3.1	%	1,193		14.4	%	(232	)	-1.0	%
	SAME STORE SALES TOTALS		589		164,578		82.52	%	284,793		118,846		165,947		288,673		109,813		178,860		(3,880	)	-1.3	%	9,033		8.2	%	(12,913	)	-7.2	%
Plus: Minority share of consolidated same store sales									30,143		12,637		17,506		31,226		11,923		19,303
Less: Aimco's share of unconsolidated same store sales									(12,121	)	(5,050	)	(7,071	)	(28,672	)	(11,734	)	(16,938	)
Less: Newly consolidated									(16,395	)	(7,130	)	(9,265	)	-		-		-
Consolidated same store sales									286,420		119,303		167,117		291,227		110,002		181,225

---

Supplemental Schedule X

Income Statement Information
YTD 2003 compared to YTD 2002
(in thousands)
(unaudited)

				Nine Months Ended September 30, 2003			Nine Months Ended September 30, 2002			Change 2003 vs 2002			% Change 2003 vs 2002
Revenues:
	Consolidated same store properties			$	778,905		$	815,966		$	(37,061	)	-4.5	%
	Acquisition properties				165,918			91,232			74,686		81.9	%
	Newly consolidated properties				112,036			9,896			102,140		1032.1	%
	Affordable properties				13,113			13,039			74		0.6	%
	Redevelopment properties				28,490			20,082			8,408		41.9	%
	Other properties				12,574			10,783			1,791		16.6	%
		Total rental and other property revenues		$	1,111,036		$	960,998		$	150,038		15.6	%
Expenses:
	Consolidated same store properties			$	320,903		$	295,715		$	25,188		8.5	%
	Acquisition properties				61,750			34,192			27,558		80.6	%
	Newly consolidated properties				54,393			4,932			49,461		1002.9	%
	Affordable properties				6,505			6,770			(265	)	-3.9	%
	Redevelopment properties				13,397			9,522			3,875		40.7	%
	Partnership expenses				5,986			8,653			(2,667	)	-30.8	%
	Property management expense				13,311			11,492			1,819		15.8	%
	Other properties				9,748			7,051			2,697		38.2	%
		Total property operating expense		$	485,993		$	378,327		$	107,666		28.5	%
Net Operating Income:
	Consolidated same store properties			$	458,002		$	520,251		$	(62,249	)	-12.0	%
	Acquisition properties				104,168			57,040			47,128		82.6	%
	Newly consolidated properties				57,643			4,964			52,679		1061.2	%
	Affordable properties				6,608			6,269			339		5.4	%
	Redevelopment properties				15,093			10,560			4,533		42.9	%
	Partnership expenses				(5,986	)		(8,653	)		2,667		-30.8	%
	Property management expense				(13,311	)		(11,492	)		(1,819	)	15.8	%
	Other properties				2,826			3,732			(906	)	-24.3	%
		Total income from property operations		$	625,043		$	582,671		$	42,372		7.3	%
Reconciliation of consolidated same store properties to Aimco's share of same store sales:
Revenues:
	Consolidated same store properties			$	778,905		$	815,966		$	(37,061	)
	Plus: Newly consolidated properties				59,547			12,638			46,909
	Less: Minority partners' share of consolidated same store				(83,874	)		(89,237	)		5,363
	Plus: Aimco's share of unconsolidated same store				35,954			84,334			(48,380	)
		Aimco's share of same store sales		$	790,532		$	823,701		$	(33,169	)	-4.0	%
Expenses:
	Consolidated same store properties			$	320,903		$	295,715		$	25,188
	Plus: Newly consolidated properties				26,019			4,799			21,220
	Less: Minority partners' share of consolidated same store				(33,823	)		(32,294	)		(1,529	)
	Plus: Aimco's share of unconsolidated same store				16,058			34,527			(18,469	)
		Aimco's share of same store sales		$	329,157		$	302,747		$	26,410		8.7	%
Net Operating Income:
	Consolidated same store properties			$	458,002		$	520,251		$	(62,249	)
	Plus: Newly consolidated properties				33,528			7,839			25,689
	Less: Minority partners' share of consolidated same store				(50,051	)		(56,943	)		6,892
	Plus: Aimco's share of unconsolidated same store				19,896			49,807			(29,911	)
		Aimco's share of same store sales		$	461,375		$	520,954		$	(59,579	)	-11.4	%

DEFINITIONS:

Consolidated same store properties - consist of all conventional properties owned, stabilized and consolidated for at least one year as of the beginning of the most recent quarter and for the relevant comparable period.

Acquisition properties - consist of all consolidated properties owned less than one year as of the beginning of the most recent quarter.

Newly consolidated properties - consist of all properties consolidated for less than one year as of the beginning of the most recent quarter.

Affordable properties - consist of all affordable properties (which are properties that benefit from governmental programs designed to provide housing for people with low or moderate incomes) owned, stabilized and consolidated for at least one year as of the beginning of the most recent quarter.

Redevelopment properties - consist of all consolidated properties where a substantial number of available units have been vacated for major renovations and have not been stabilized for at least one year as of the beginning of the most recent quarter.

Other properties - consist of all consolidated properties that are not multifamily (such as commercial, college housing, etc).

Partnership expenses - consist of expenses incurred at the partnership level either directly or indirectly (such as partnership audit, tax and trustee expenses).

Property management expenses - consist of off-site expenses associated with the self-management of consolidated properties.

---

Supplemental Schedule XI

Same Store Sales
Year to Date 2003 versus Year to Date 2002
(unaudited) (in thousands, except site and unit data)

																					Change Nine Months Ended September 30, 2003 Less September 30, 2002
									Nine Months Ended September 30, 2003						Nine Months Ended September 30, 2002
																					Revenue				Expenses				NOI
			Sites		Units		Owner%		REV		EXP		NOI		REV		EXP		NOI		Amt		%		Amt		%		Amt		%
Northeast
	Washington		28		12,458		79.94	%	86,294		28,303		57,991		86,080		25,699		60,381		214		0.2	%	2,604		10.1	%	(2,390	)	-4.0	%
	Philadelphia		10		5,338		77.38	%	36,458		13,929		22,529		37,771		12,237		25,534		(1,313	)	-3.5	%	1,692		13.8	%	(3,005	)	-11.8	%
	Baltimore		11		2,044		78.45	%	12,421		4,792		7,629		12,115		3,584		8,531		306		2.5	%	1,208		33.7	%	(902	)	-10.6	%
	Dutchess County		1		835		100.00	%	6,793		2,680		4,113		6,700		2,255		4,445		93		1.4	%	425		18.8	%	(332	)	-7.5	%
	Hartford		2		650		100.00	%	5,443		1,492		3,951		5,460		1,380		4,080		(17	)	-0.3	%	112		8.1	%	(129	)	-3.2	%
	Other Markets		2		554		82.14	%	2,909		1,265		1,644		2,891		1,098		1,793		18		0.6	%	167		15.2	%	(149	)	-8.3	%
	New England		1		412		56.71	%	2,262		702		1,560		2,313		615		1,698		(51	)	-2.2	%	87		14.1	%	(138	)	-8.1	%
			55		22,291		80.15	%	152,580		53,163		99,417		153,330		46,868		106,462		(750	)	-0.5	%	6,295		13.4	%	(7,045	)	-6.6	%
Southeast
	Atlanta		21		5,931		81.39	%	25,339		12,713		12,626		28,500		11,190		17,310		(3,161	)	-11.1	%	1,523		13.6	%	(4,684	)	-27.1	%
	Other Markets		33		6,865		75.27	%	24,478		11,193		13,285		25,554		10,028		15,526		(1,076	)	-4.2	%	1,165		11.6	%	(2,241	)	-14.4	%
	Norfolk		13		3,865		85.13	%	22,563		7,478		15,085		21,420		6,848		14,572		1,143		5.3	%	630		9.2	%	513		3.5	%
	Nashville		11		3,752		79.35	%	16,404		6,532		9,872		16,720		5,887		10,833		(316	)	-1.9	%	645		11.0	%	(961	)	-8.9	%
	Raleigh-Durham-Chapel Hill		11		3,022		74.44	%	11,509		4,959		6,550		12,679		4,530		8,149		(1,170	)	-9.2	%	429		9.5	%	(1,599	)	-19.6	%
	Charlotte-Gastonia-Rock Hill		11		2,336		84.65	%	8,560		4,351		4,209		9,315		4,203		5,112		(755	)	-8.1	%	148		3.5	%	(903	)	-17.7	%
	Richmond - Petersburg		7		1,513		75.34	%	7,372		2,441		4,931		7,577		2,170		5,407		(205	)	-2.7	%	271		12.5	%	(476	)	-8.8	%
	Columbia		6		1,438		65.24	%	4,771		2,165		2,606		4,890		1,939		2,951		(119	)	-2.4	%	226		11.7	%	(345	)	-11.7	%
	Charleston		3		680		85.54	%	3,347		1,249		2,098		3,263		1,116		2,147		84		2.6	%	133		11.9	%	(49	)	-2.3	%
	Savannah		2		416		100.00	%	2,352		892		1,460		2,340		789		1,551		12		0.5	%	103		13.1	%	(91	)	-5.9	%
			118		29,818		79.03	%	126,695		53,973		72,722		132,258		48,700		83,558		(5,563	)	-4.2	%	5,273		10.8	%	(10,836	)	-13.0	%
Florida
	Orlando - Daytona		25		6,438		85.67	%	31,074		13,877		17,197		31,805		13,246		18,559		(731	)	-2.3	%	631		4.8	%	(1,362	)	-7.3	%
	Tampa-St. Petersburg		23		6,037		85.65	%	28,480		12,397		16,083		29,656		11,860		17,796		(1,176	)	-4.0	%	537		4.5	%	(1,713	)	-9.6	%
	Miami		6		2,171		81.86	%	16,183		6,665		9,518		16,926		6,075		10,851		(743	)	-4.4	%	590		9.7	%	(1,333	)	-12.3	%
	Jacksonville		7		2,766		79.01	%	13,173		5,268		7,905		13,141		4,823		8,318		32		0.2	%	445		9.2	%	(413	)	-5.0	%
	West Palm Beach-Boca		6		1,727		100.00	%	12,031		4,621		7,410		12,535		4,549		7,986		(504	)	-4.0	%	72		1.6	%	(576	)	-7.2	%
	FortLauderdale		4		1,122		88.71	%	7,234		3,098		4,136		7,439		2,646		4,793		(205	)	-2.8	%	452		17.1	%	(657	)	-13.7	%
	Other Markets		2		456		70.29	%	1,727		593		1,134		1,756		559		1,197		(29	)	-1.7	%	34		6.1	%	(63	)	-5.3	%
			73		20,717		85.39	%	109,902		46,519		63,383		113,258		43,758		69,500		(3,356	)	-3.0	%	2,761		6.3	%	(6,117	)	-8.8	%
Midwest
	Chicago		22		6,323		90.61	%	47,677		20,144		27,533		50,144		18,308		31,836		(2,467	)	-4.9	%	1,836		10.0	%	(4,303	)	-13.5	%
	Indianapolis		33		10,039		86.40	%	40,918		19,673		21,245		42,926		18,094		24,832		(2,008	)	-4.7	%	1,579		8.7	%	(3,587	)	-14.4	%
	Grand Rapids-Lansing		15		5,757		93.35	%	29,062		12,774		16,288		30,159		11,849		18,310		(1,097	)	-3.6	%	925		7.8	%	(2,022	)	-11.0	%
	Cincinnati - Dayton		19		3,733		75.65	%	16,311		7,011		9,300		16,376		6,291		10,085		(65	)	-0.4	%	720		11.4	%	(785	)	-7.8	%
	Fort Wayne		3		2,440		97.13	%	11,475		5,389		6,086		12,861		4,744		8,117		(1,386	)	-10.8	%	645		13.6	%	(2,031	)	-25.0	%
	Other Markets		17		3,735		58.36	%	10,927		4,897		6,030		11,256		4,707		6,549		(329	)	-2.9	%	190		4.0	%	(519	)	-7.9	%
	Detroit - Ann Arbor		7		2,074		66.43	%	8,460		4,030		4,430		9,053		3,473		5,580		(593	)	-6.6	%	557		16.0	%	(1,150	)	-20.6	%
	Columbus		9		2,012		68.24	%	7,144		2,930		4,214		7,321		2,525		4,796		(177	)	-2.4	%	405		16.0	%	(582	)	-12.1	%
	Minneapolis - St.Paul		4		1,098		64.91	%	4,489		2,158		2,331		4,680		1,931		2,749		(191	)	-4.1	%	227		11.8	%	(418	)	-15.2	%
	Kansas City		5		1,222		58.58	%	4,125		1,501		2,624		4,250		1,510		2,740		(125	)	-2.9	%	(9	)	-0.6	%	(116	)	-4.2	%
			134		38,433		81.52	%	180,588		80,507		100,081		189,026		73,432		115,594		(8,438	)	-4.5	%	7,075		9.6	%	(15,513	)	-13.4	%
Texas
	Houston - Galveston		37		9,723		91.25	%	44,383		20,953		23,430		47,754		20,330		27,424		(3,371	)	-7.1	%	623		3.1	%	(3,994	)	-14.6	%
	Dallas-Fort Worth		30		7,437		73.88	%	27,547		13,649		13,898		29,539		14,538		15,001		(1,992	)	-6.7	%	(889	)	-6.1	%	(1,103	)	-7.4	%
	San Antonio		14		3,269		100.00	%	14,680		7,083		7,597		15,035		6,852		8,183		(355	)	-2.4	%	231		3.4	%	(586	)	-7.2	%
	Austin-San Marcos		11		2,417		92.08	%	11,588		5,998		5,590		12,785		6,198		6,587		(1,197	)	-9.4	%	(200	)	-3.2	%	(997	)	-15.1	%
	Other Markets		8		1,747		71.69	%	5,624		2,502		3,122		5,640		2,288		3,352		(16	)	-0.3	%	214		9.4	%	(230	)	-6.9	%
			100		24,593		85.85	%	103,822		50,185		53,637		110,753		50,206		60,547		(6,931	)	-6.3	%	(21	)	0.0	%	(6,910	)	-11.4	%
West
	Phoenix-Mesa		28		7,447		90.82	%	31,188		15,725		15,463		34,882		13,616		21,266		(3,694	)	-10.6	%	2,109		15.5	%	(5,803	)	-27.3	%
	Denver - Front Range, CO		22		4,743		78.32	%	22,285		7,899		14,386		26,296		6,852		19,444		(4,011	)	-15.3	%	1,047		15.3	%	(5,058	)	-26.0	%
	Salt Lake City-Ogden		6		2,115		75.02	%	8,021		2,808		5,213		8,469		2,559		5,910		(448	)	-5.3	%	249		9.7	%	(697	)	-11.8	%
	Las Vegas		4		1,253		86.62	%	5,450		2,331		3,119		5,620		2,004		3,616		(170	)	-3.0	%	327		16.3	%	(497	)	-13.7	%
	Tucson		4		1,157		100.00	%	4,737		2,067		2,670		5,005		2,008		2,997		(268	)	-5.4	%	59		2.9	%	(327	)	-10.9	%
	Other Markets		5		1,024		62.83	%	3,147		1,412		1,735		3,006		1,272		1,734		141		4.7	%	140		11.0	%	1		0.1	%
	Seattle		4		468		52.88	%	1,588		757		831		1,614		609		1,005		(26	)	-1.6	%	148		24.3	%	(174	)	-17.3	%
			73		18,207		83.47	%	76,416		32,999		43,417		84,892		28,920		55,972		(8,476	)	-10.0	%	4,079		14.1	%	(12,555	)	-22.4	%
California
	San Diego		6		1,737		97.63	%	14,802		4,203		10,599		14,346		3,866		10,480		456		3.2	%	337		8.7	%	119		1.1	%
	Los Angeles-Long Beach - Ventura		4		1,683		67.04	%	12,733		3,470		9,263		12,605		3,154		9,451		128		1.0	%	316		10.0	%	(188	)	-2.0	%
	Bay Area		6		1,661		58.64	%	9,420		3,058		6,362		9,808		2,832		6,976		(388	)	-4.0	%	226		8.0	%	(614	)	-8.8	%
	Orange County - Riverside		3		490		91.61	%	3,287		964		2,323		3,148		908		2,240		139		4.4	%	56		6.2	%	83		3.7	%
	Sacramento		1		180		20.25	%	287		116		171		277		103		174		10		3.6	%	13		12.6	%	(3	)	-1.7	%
			20		5,751		74.48	%	40,529		11,811		28,718		40,184		10,863		29,321		345		0.9	%	948		8.7	%	(603	)	-2.1	%
	SAME STORE SALES TOTALS		573		159,810		82.00	%	790,532		329,157		461,375		823,701		302,747		520,954		(33,169	)	-4.0	%	26,410		8.7	%	(59,579	)	-11.4	%
Plus: Minority share of consolidated same store sales									83,874		33,823		50,051		89,237		32,294		56,943
Less: Aimco's share of unconsolidated same store sales									(35,954	)	(16,058	)	(19,896	)	(84,334	)	(34,527	)	(49,807	)
Less: Newly consolidated									(59,547	)	(26,019	)	(33,528	)	(12,638	)	(4,799	)	(7,839	)
Consolidated same store sales									778,905		320,903		458,002		815,966		295,715		520,251

---

Supplemental Schedule XII

Income Statement Information
Q3 2003 compared to Q2 2003
(in thousands)
(unaudited)

				Three Months Ended September 30, 2003			Three Months Ended June 30, 2003			Change Q3 2003 vs Q2 2003			% Change Q3 2003 vs Q2 2003
Revenues:
	Consolidated same store properties			$	286,420		$	285,847		$	573		0.2	%
	Acquisition properties				16,700			16,212			488		3.0	%
	Newly consolidated properties				30,547			26,882			3,665		13.6	%
	Affordable properties				27,252			28,617			(1,365	)	-4.8	%
	Redevelopment properties				11,652			9,420			2,232		23.7	%
	Other properties				4,832			4,239			593		14.0	%
		Total rental and other property revenues		$	377,403		$	371,217		$	6,186		1.7	%
Expenses:
	Consolidated same store properties			$	119,303		$	112,811		$	6,492		5.8	%
	Acquisition properties				5,239			4,881			358		7.3	%
	Newly consolidated properties				14,284			12,727			1,557		12.2	%
	Affordable properties				13,608			13,663			(55	)	-0.4	%
	Redevelopment properties				5,717			4,866			851		17.5	%
	Partnership expenses				751			2,859			(2,108	)	-73.7	%
	Property management expense				4,091			3,841			250		6.5	%
	Other properties				3,407			3,018			389		12.9	%
		Total property operating expense		$	166,400		$	158,666		$	7,734		4.9	%
Net Operating Income:
	Consolidated same store properties			$	167,117		$	173,036		$	(5,919	)	-3.4	%
	Acquisition properties				11,461			11,331			130		1.1	%
	Newly consolidated properties				16,263			14,155			2,108		14.9	%
	Affordable properties				13,644			14,954			(1,310	)	-8.8	%
	Redevelopment properties				5,935			4,554			1,381		30.3	%
	Partnership expenses				(751	)		(2,859	)		2,108		-73.7	%
	Property management expense				(4,091	)		(3,841	)		(250	)	6.5	%
	Other properties				1,425			1,221			204		16.7	%
		Total income from property operations		$	211,003		$	212,551		$	(1,548	)	-0.7	%
Reconciliation of Consolidated same store properties to Aimco's share of same store sales:
Revenues:
	Consolidated same store properties			$	286,420		$	285,847		$	573
	Plus: Newly consolidated properties				16,395			15,487			908
	Less: Minority partners' share of consolidated same store				(30,143	)		(30,235	)		92
	Plus: Aimco's share of unconsolidated same store				12,121			11,812			309
		Aimco's share of same store sales		$	284,793		$	282,911		$	1,882		0.7	%
Expenses:
	Consolidated same store properties			$	119,303		$	112,811		$	6,492
	Plus: Newly consolidated properties				7,130			7,437			(307	)
	Less: Minority partners' share of consolidated same store				(12,637	)		(11,981	)		(656	)
	Plus: Aimco's share of unconsolidated same store				5,050			5,266			(216	)
		Aimco's share of same store sales		$	118,846		$	113,533		$	5,313		4.7	%
Net Operating Income:
	Consolidated same store properties			$	167,117		$	173,036		$	(5,919	)
	Plus: Newly consolidated properties				9,265			8,050			1,215
	Less: Minority partners' share of consolidated same store				(17,506	)		(18,254	)		748
	Plus: Aimco's share of unconsolidated same store				7,071			6,546			525
		Aimco's share of same store sales		$	165,947		$	169,378		$	(3,431	)	-2.0	%

DEFINITIONS:

Consolidated same store properties - consist of all conventional properties owned, stabilized and consolidated for at least one year as of the beginning of the most recent quarter and for the relevant comparable period.

Acquisition properties - consist of all consolidated properties owned less than one year as of the beginning of the most recent quarter.

Newly consolidated properties - consist of all properties consolidated for less than one year as of the beginning of the most recent quarter.

Affordable properties - consist of all affordable properties (which are properties that benefit from governmental programs designed to provide housing for people with low or moderate incomes) owned, stabilized and consolidated for at least one year as of the beginning of the most recent quarter.

Redevelopment properties - consist of all consolidated properties where a substantial number of available units have been vacated for major renovations and have not been stabilized for at least one year as of the beginning of the most recent quarter.

Other properties - consist of all consolidated properties that are not multifamily (such as commercial, college housing, etc).

Partnership expenses - consist of expenses incurred at the partnership level either directly or indirectly (such as partnership audit, tax and trustee expenses).

Property management expenses - consist of off-site expenses associated with the self-management of consolidated properties.

---

Supplemental Schedule XIII

Same Store Sales
Third Quarter 2003 versus Second Quarter 2003
(unaudited) (in thousands, except site and unit data)

																								Change Three Months Ended September 30, 2003 Less June 30, 2003
												Three Months Ended September 30, 2003						Three Months Ended June 30, 2003
																								Revenue				Expenses				NOI
						Sites		Units		Owner%		REV		EXP		NOI		REV		EXP		NOI		Amt		%		Amt		%		Amt		%
Northeast
				Washington		28		12,458		79.94	%	29,037		9,413		19,624		29,057		8,971		20,086		(20	)	-0.1	%	442		4.9	%	(462	)	-2.3	%
				Philadelphia		10		5,338		77.38	%	12,439		4,615		7,824		12,099		4,551		7,548		340		2.8	%	64		1.4	%	276		3.7	%
				Baltimore		11		2,044		78.45	%	4,277		1,497		2,780		4,185		1,433		2,752		92		2.2	%	64		4.5	%	28		1.0	%
				Dutchess County		1		835		100.00	%	2,392		691		1,701		2,228		885		1,343		164		7.4	%	(194	)	-21.9	%	358		26.7	%
				Hartford		2		650		100.00	%	1,853		511		1,342		1,828		476		1,352		25		1.4	%	35		7.4	%	(10	)	-0.7	%
				Other Markets		2		554		82.14	%	1,000		392		608		998		454		544		2		0.2	%	(62	)	-13.7	%	64		11.8	%
				New England		1		412		56.71	%	753		220		533		755		239		516		(2	)	-0.3	%	(19	)	-7.9	%	17		3.3	%
						55		22,291		80.15	%	51,751		17,339		34,412		51,150		17,009		34,141		601		1.2	%	330		1.9	%	271		0.8	%
Southeast
				Atlanta		21		5,931		81.39	%	8,986		4,487		4,499		7,859		4,158		3,701		1,127		14.3	%	329		7.9	%	798		21.6	%
				Other Markets		33		6,865		75.27	%	8,215		3,915		4,300		8,185		3,557		4,628		30		0.4	%	358		10.1	%	(328	)	-7.1	%
				Norfolk		13		3,865		85.13	%	7,679		2,513		5,166		7,587		2,443		5,144		92		1.2	%	70		2.9	%	22		0.4	%
				Nashville		11		3,752		79.35	%	5,554		2,244		3,310		5,451		2,091		3,360		103		1.9	%	153		7.3	%	(50	)	-1.5	%
				Raleigh-Durham-Chapel Hill		11		3,022		74.44	%	3,819		1,765		2,054		3,836		1,563		2,273		(17	)	-0.4	%	202		12.9	%	(219	)	-9.6	%
				Charlotte-Gastonia-Rock Hill		11		2,336		84.65	%	2,913		1,494		1,419		2,957		1,510		1,447		(44	)	-1.5	%	(16	)	-1.1	%	(28	)	-1.9	%
				Richmond - Petersburg		7		1,513		75.34	%	2,472		862		1,610		2,484		776		1,708		(12	)	-0.5	%	86		11.1	%	(98	)	-5.7	%
				Columbia		6		1,438		65.24	%	1,614		775		839		1,601		709		892		13		0.8	%	66		9.3	%	(53	)	-5.9	%
				Charleston		3		680		85.54	%	1,136		446		690		1,122		412		710		14		1.2	%	34		8.3	%	(20	)	-2.8	%
				Savannah		2		416		100.00	%	792		295		497		788		312		476		4		0.5	%	(17	)	-5.4	%	21		4.4	%
						118		29,818		79.03	%	43,180		18,796		24,384		41,870		17,531		24,339		1,310		3.1	%	1,265		7.2	%	45		0.2	%
Florida
				Orlando - Daytona		25		6,438		85.67	%	10,583		4,736		5,847		10,384		4,692		5,692		199		1.9	%	44		0.9	%	155		2.7	%
				Tampa-St. Petersburg		23		6,037		85.65	%	9,536		4,291		5,245		9,544		3,997		5,547		(8	)	-0.1	%	294		7.4	%	(302	)	-5.4	%
				Miami		6		2,171		81.86	%	5,423		2,120		3,303		5,486		2,281		3,205		(63	)	-1.1	%	(161	)	-7.1	%	98		3.1	%
				Jacksonville		7		2,766		79.01	%	4,422		1,839		2,583		4,405		1,736		2,669		17		0.4	%	103		5.9	%	(86	)	-3.2	%
				West Palm Beach-Boca		6		1,727		100.00	%	4,061		1,454		2,607		4,049		1,584		2,465		12		0.3	%	(130	)	-8.2	%	142		5.8	%
				FortLauderdale		4		1,122		88.71	%	2,474		1,045		1,429		2,382		972		1,410		92		3.9	%	73		7.5	%	19		1.3	%
				Other Markets		2		456		70.29	%	590		202		388		566		208		358		24		4.2	%	(6	)	-2.9	%	30		8.4	%
						73		20,717		85.39	%	37,089		15,687		21,402		36,816		15,470		21,346		273		0.7	%	217		1.4	%	56		0.3	%
Midwest
				Chicago		22		6,323		90.61	%	15,966		6,610		9,356		16,040		7,053		8,987		(74	)	-0.5	%	(443	)	-6.3	%	369		4.1	%
				Indianapolis		33		10,039		86.40	%	13,496		7,389		6,107		13,766		6,373		7,393		(270	)	-2.0	%	1,016		15.9	%	(1,286	)	-17.4	%
				Grand Rapids-Lansing		15		5,757		93.35	%	9,636		4,233		5,403		9,716		4,214		5,502		(80	)	-0.8	%	19		0.5	%	(99	)	-1.8	%
				Cincinnati - Dayton		19		3,733		75.65	%	5,436		2,310		3,126		5,516		2,248		3,268		(80	)	-1.5	%	62		2.8	%	(142	)	-4.3	%
				Fort Wayne		3		2,440		97.13	%	3,785		2,067		1,718		3,768		1,760		2,008		17		0.5	%	307		17.4	%	(290	)	-14.4	%
				Other Markets		17		3,735		58.36	%	3,638		1,664		1,974		3,694		1,636		2,058		(56	)	-1.5	%	28		1.7	%	(84	)	-4.1	%
				Detroit - Ann Arbor		7		2,074		66.43	%	2,772		1,325		1,447		2,909		1,305		1,604		(137	)	-4.7	%	20		1.5	%	(157	)	-9.8	%
				Columbus		9		2,012		68.24	%	2,374		981		1,393		2,384		971		1,413		(10	)	-0.4	%	10		1.0	%	(20	)	-1.4	%
				Minneapolis - St.Paul		4		1,098		64.91	%	1,432		743		689		1,513		774		739		(81	)	-5.4	%	(31	)	-4.0	%	(50	)	-6.8	%
				Kansas City		5		1,222		58.58	%	1,365		583		782		1,389		522		867		(24	)	-1.7	%	61		11.7	%	(85	)	-9.8	%
						134		38,433		81.52	%	59,900		27,905		31,995		60,695		26,856		33,839		(795	)	-1.3	%	1,049		3.9	%	(1,844	)	-5.4	%
Texas
				Houston - Galveston		37		9,723		91.25	%	14,747		7,602		7,145		15,136		6,796		8,340		(389	)	-2.6	%	806		11.9	%	(1,195	)	-14.3	%
				Dallas-Fort Worth		30		7,437		73.88	%	9,123		4,831		4,292		9,223		4,549		4,674		(100	)	-1.1	%	282		6.2	%	(382	)	-8.2	%
				San Antonio		14		3,269		100.00	%	5,042		2,469		2,573		4,957		2,341		2,616		85		1.7	%	128		5.5	%	(43	)	-1.6	%
				Austin-San Marcos		11		2,417		92.08	%	3,930		2,189		1,741		3,794		1,838		1,956		136		3.6	%	351		19.1	%	(215	)	-11.0	%
				Other Markets		8		1,747		71.69	%	1,860		898		962		1,865		816		1,049		(5	)	-0.3	%	82		10.0	%	(87	)	-8.3	%
						100		24,593		85.85	%	34,702		17,989		16,713		34,975		16,340		18,635		(273	)	-0.8	%	1,649		10.1	%	(1,922	)	-10.3	%
West
				Phoenix-Mesa		28		7,447		90.82	%	10,737		5,526		5,211		10,418		5,267		5,151		319		3.1	%	259		4.9	%	60		1.2	%
				Denver - Front Range, CO		22		4,743		78.32	%	7,409		2,785		4,624		7,319		2,758		4,561		90		1.2	%	27		1.0	%	63		1.4	%
				Salt Lake City-Ogden		6		2,115		75.02	%	2,813		960		1,853		2,719		897		1,822		94		3.5	%	63		7.0	%	31		1.7	%
				Las Vegas		4		1,253		86.62	%	1,837		858		979		1,836		748		1,088		1		0.1	%	110		14.7	%	(109	)	-10.0	%
				Tucson		4		1,157		100.00	%	1,550		738		812		1,582		635		947		(32	)	-2.0	%	103		16.2	%	(135	)	-14.3	%
				Other Markets		5		1,024		62.83	%	1,052		511		541		1,062		460		602		(10	)	-0.9	%	51		11.1	%	(61	)	-10.1	%
				Seattle		4		468		52.88	%	542		277		265		501		271		230		41		8.2	%	6		2.2	%	35		15.2	%
						73		18,207		83.47	%	25,940		11,655		14,285		25,437		11,036		14,401		503		2.0	%	619		5.6	%	(116	)	-0.8	%
California
				Los Angeles-Long Beach - Ventura		15		4,830		88.48	%	17,233		4,603		12,630		17,200		5,319		11,881		33		0.2	%	(716	)	-13.5	%	749		6.3	%
				San Diego		7		2,237		98.14	%	6,583		1,988		4,595		6,391		1,679		4,712		192		3.0	%	309		18.4	%	(117	)	-2.5	%
				Orange County - Riverside		7		1,611		97.40	%	5,253		1,798		3,455		5,117		1,245		3,872		136		2.7	%	553		44.4	%	(417	)	-10.8	%
				Bay Area		6		1,661		58.64	%	3,069		1,047		2,022		3,164		1,007		2,157		(95	)	-3.0	%	40		4.0	%	(135	)	-6.3	%
				Sacramento		1		180		20.25	%	93		39		54		96		41		55		(3	)	-3.1	%	(2	)	-4.9	%	(1	)	-1.8	%
						36		10,519		86.02	%	32,231		9,475		22,756		31,968		9,291		22,677		263		0.8	%	184		2.0	%	79		0.3	%
	SAME STORE SALES TOTALS					589		164,578		82.52	%	284,793		118,846		165,947		282,911		113,533		169,378		1,882		0.7	%	5,313		4.7	%	(3,431	)	-2.0	%
Plus: Minority share of consolidated same store sales												30,143		12,637		17,506		30,235		11,981		18,254
Less: Aimco's share of unconsolidated same store sales												(12,121	)	(5,050	)	(7,071	)	(11,812	)	(5,266	)	(6,546	)
Less: Newly consolidated												(16,395	)	(7,130	)	(9,265	)	(15,487	)	(7,437	)	(8,050	)
Consolidated same store sales												286,420		119,303		167,117		285,847		112,811		173,036

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Supplemental Schedule XIV

Outlook and Forward Looking Statement
Fourth Quarter 2003 and YTD 2003
(unaudited)

The Outlook information provided on this Supplemental Schedule XIV contains information that is forward-looking, including, statements concerning projected fourth quarter and full year 2003 results. These forward-looking statements are based on current expectations, estimates, and projections about the markets and the industry in which Aimco operates as well as management's beliefs and assumptions. These forward-looking statements are also based on certain risks and uncertainties, including but not limited to Aimco's ability to maintain and improve upon current occupancy, rent levels and "same store" results and the economic environment in which Aimco operates. Actual results may differ materially from those described in these forward-looking statements and will be affected by a variety of risks and factors including, without limitation: national and local economic conditions; the general level of interest rates; the terms of governmental regulations that affect us and interpretations of those regulations; the competitive environment in which we operate; financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including variations of real estate values and the general economic climate in local markets and competition for tenants in such markets; acquisition and development risks, including failure of such acquisitions to perform in accordance with projections; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us. Readers should carefully review Aimco's financial statements and notes thereto, as well as the risk factors described in Aimco's Annual Report on Form 10-K for the year ended December 31, 2002 and the other documents Aimco files from time to time with the Securities and Exchange Commission.

			Fourth Quarter			Full Year
GAAP Earnings per share (1)				(0.25)-(0.19)			0.25-0.31
Add: Depreciation and other				0.99			3.01
FFO per share(2)				0.74-0.80			3.26-3.32
AFFO per share(2)				0.56-0.62			2.49-2.55
2003 Same Store Operating Assumptions
	Q4 2003 expected Physical occupancy (average)			92%
	Q4 2003 vs Q3 2003 NOI change—sequential			(1%)-(3%)
Gross dispositions			$	250MM-$300MM		$	888MM-$938MM

(1)

Earnings per share does not include an estimate for gain/loss on dispositions given the unpredictable timing of transactions.

(2)

Aimco's diluted FFO per share and diluted AFFO per share guidance does not include any projection for impairment losses associated with properties that may be sold in fourth quarter 2003. No guidance for impairment losses has been assumed due to the unpredictable timing of transactions.

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Supplemental Schedule XV

Apartment Unit Summary
As of September 30, 2003
(unaudited)

Ownership %			Total # Properties		Total # Units		Aimco's Effective # Properties		Aimco's Effective # Units		Aimco's Average Ownership %
Consolidated Real Estate:
100%			430		108,315		430		108,315		100	%
51.00% to 99.99%			252		67,116		182		48,041		72	%
25.00% to 50.99%			15		3,482		7		1,608		46	%
5.00% to 24.99%			-		-		-		-		0	%
< 4.99%			-		-		-		-		0	%
Total			697		178,913		619		157,964		88	%
Unconsolidated Real Estate:
100%			-		-		-		-		0	%
51.00% to 99.99%			3		698		2		381		55	%
25.00% to 50.99%			153		28,760		56		10,589		37	%
5.00% to 24.99%			183		21,815		22		2,590		12	%
< 4.99%			128		15,884		3		211		1	%
Total			467		67,157		83		13,771		21	%
Total Owned Portfolio:
100%			430		108,315		430		108,315		100	%
51.00% to 99.99%			255		67,814		184		48,422		71	%
25.00% to 50.99%			168		32,242		63		12,197		38	%
5.00% to 24.99%			183		21,815		22		2,590		12	%
< 4.99%			128		15,884		3		211		1	%
Total			1,164		246,070		702		171,735		70	%
Conventional Real Estate:
100%			344		97,216		344		97,216		100	%
51.00% to 99.99%			202		61,808		142		43,704		71	%
25.00% to 50.99%			87		20,670		33		8,000		39	%
5.00% to 24.99%			21		4,398		2		494		11	%
< 4.99%			15		2,914		-		36		1	%
Total			669		187,006		521		149,450		80	%
Government Assisted Real Estate:
100%			86		11,099		86		11,099		100	%
51.00% to 99.99%			53		6,006		42		4,718		79	%
25.00% to 50.99%			81		11,572		30		4,197		36	%
5.00% to 24.99%			162		17,417		20		2,096		12	%
< 4.99%			113		12,970		3		175		1	%
Total			495		59,064		181		22,285		38	%
Total Owned Portfolio:
100%			430		108,315		430		108,315		100	%
51.00% to 99.99%			255		67,814		184		48,422		71	%
25.00% to 50.99%			168		32,242		63		12,197		38	%
5.00% to 24.99%			183		21,815		22		2,590		12	%
< 4.99%			128		15,884		3		211		1	%
Total			1,164		246,070		702		171,735		70	%
Management Contracts:
	Long Term Contractual		74		7,530
	Short Term Third Party		28		4,191
	Third Party Asset-Managed		418		40,126
Total			520		51,847
Total Portfolio			1,684		297,917

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REPORTING BY BUSINESS COMPONENT

INTRODUCTION    Starting in the third quarter 2003, Aimco is providing business component reporting for Aimco Conventional operations and Aimco Capital with the addition of Supplemental Schedules XVI through XXVIII. These schedules present select, non-GAAP information related to income statement, free cash flow, balance sheet and operating measures. The Conventional and Aimco Capital business components are differentiated primarily in that Conventional rents are set in the market and paid by the consumer and Affordable rents, i.e., those earned by properties operated by Aimco Capital, are set pursuant to government regulations and paid, in large part, by the government.

CONVENTIONAL    The Conventional property portfolio includes both high-rise and garden style properties offering a wide range of rents and located to provide Aimco geographic diversification in its portfolio. The principal activities of Conventional operations are:

1.

ownership, both outright and in partnership, on a long-term basis of properties whose locations are regarded as enduring. Conventional property operations are concentrated in 45 markets, which Aimco describes as its "Selected" markets (the "Core Portfolio");

2.

ownership, both outright and in partnership, of properties that Aimco intends to hold for an intermediate term and that are located outside the Selected markets or which are located in less favored locations within the Selected markets (the "Non-core Portfolio");

3.

redevelopment of conventional properties, generally within the Core Portfolio.

AIMCO CAPITAL    Aimco Capital oversees the Affordable property operations, the management of which requires specialized accounting and legal expertise to comply with the regulatory framework that affects Affordable property ownership and management. The principal activities of Aimco Capital operations are:

1.

ownership, both outright and in partnership, of approximately 500 properties including 60,000 units located in 47 states;

2.

asset management of the above as well as two other large portfolios that are asset managed only which include an additional 400 properties with 40,000 units;

3.

oversight of related transactional activity that can generate fees for asset management, disposition activity, refinancing, syndication of tax credits and redevelopment.

The Conventional and Aimco Capital business components have different operating managements and share corporate services such as accounting, purchasing, debt placement, legal, human resources, information technology and partner relations.

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Supplemental Schedule XVI

Business Components Income Statement Presentation
For the Three Months Ended September 30, 2003
(in thousands)
(unaudited)

				Consolidated GAAP Statement of Income			Conventional			Aimco Capital			Corporate
RENTAL PROPERTY OPERATIONS:
	Rental and other property revenues			$	377,403		$	343,873		$	33,530		$	-
	Property operating expenses				(166,400	)		(149,073	)		(17,327	)		-
		Income from property operations			211,003			194,800			16,203			-
INVESTMENT MANAGEMENT BUSINESS:
	Management fees and other income primarily from affiliates				14,930			6,441			8,489			-
	Management and other expenses				(13,400	)		(6,851	)		(6,549	)		-
	Amortization of intangibles				(1,276	)		(1,276	)		-			-
		Income from investment management business			254			(1,686	)		1,940			-
General and administrative expenses					(7,638	)		(4,681	)		(2,957	)		-
Depreciation of rental property					(82,840	)		(76,456	)		(6,384	)		-
Interest expense					(95,239	)		(80,562	)		(6,974	)		(7,703	)
Interest and other income					5,140			4,574			566			-
Equity in losses of unconsolidated real estate partnerships					(1,767	)		(1,465	)		(302	)		-
Minority interest in consolidated real estate partnerships					(1,697	)		(1,532	)		(165	)		-
Income from operations					27,216			32,992			1,927			(7,703	)
Gain on dispositions of real estate					1,462			1,208			254			-
Distributions to minority partners in excess of income					(11,861	)		(10,860	)		(1,001	)		-
Income before minority interest in Aimco Operating Partnership and discontinued operations					16,817			23,340			1,180			(7,703	)
Minority interest in Aimco Operating Partnership					(3,665	)		-			-			(3,665	)
Income from continuing operations					13,152			23,340			1,180			(11,368	)
Discontinued operations:
	Income (loss) from discontinued operations				27,483			28,661			(1,178	)		-
Net income				$	40,635		$	52,001		$	2		$	(11,368	)
Reconciliation to Free Cash Flow (see Supplemental Schedule II):
	Minority interest in Aimco Operating Partnership				3,665			-			-			3,665
	Interest expense (see Supplemental Schedule II)
		Interest expense, related to consolidated entities - secured debt			87,536			80,562			6,974			-
		Minority interest share of interest expense - secured debt			(8,494	)		(8,167	)		(327	)		-
		Interest expense, related to unconsolidated entities			7,114			4,070			3,044			-
		Lines of credit and other unsecured debt			6,168			-			-			6,168
		Interest expense on mandatorily redeemable preferred securities			1,288			-			-			1,288
		Interest expense on mandatorily redeemable convertible preferred securities			247			-			-			247
	Amortization of intangibles				1,276			1,276			-			-
	Gain on dispositions of real estate				(1,462	)		(1,208	)		(254	)		-
	(Income) loss from discontinued operations				(27,483	)		(28,661	)		1,178			-
	Real estate depreciation, net of minority interest (see Supplemental Schedule II)				75,294			69,163			6,131			-
	Real estate depreciation related to unconsolidated entities (see Supplemental Schedule II)				6,289			3,384			2,905			-
	Distributions to minority partners in excess of income				11,861			10,860			1,001			-
	Capital Replacements				(20,957	)		(18,292	)		(2,665	)		-
	Capital Enhancements				(213	)		(304	)		91			-
Free Cash Flow					182,764			164,684			18,080			-
	Interest expense, related to consolidated entities - secured debt				(87,536	)		(80,562	)		(6,974	)		-
	Minority interest share of interest expense - secured debt				8,494			8,167			327			-
	Interest expense, related to unconsolidated entities				(7,114	)		(4,070	)		(3,044	)		-
Free Cash Flow less property interest expense				$	96,608		$	88,219		$	8,389		$	-

---

Supplemental Schedule XVII

Business Component Proportionate Income Statement Presentation
For the Three Months Ended September 30, 2003
(in thousands)
(unaudited)

				Proportionate Consolidated Income Statement [a]			Conventional			Aimco Capital			Corporate
RENTAL PROPERTY OPERATIONS:
	Rental and other property revenues			$	367,702		$	322,098		$	45,604		$	-
	Property operating expenses				(162,800	)		(138,301	)		(24,499	)		-
		Income from property operations			204,902			183,797			21,105			-
INVESTMENT MANAGEMENT BUSINESS:
	Management fees and other income primarily from affiliates				14,930			6,441			8,489			-
	Management and other expenses				(13,400	)		(6,851	)		(6,549	)		-
	Amortization of intangibles				(1,276	)		(1,276	)		-			-
		Income from investment management business			254			(1,686	)		1,940			-
General and administrative expenses					(7,638	)		(4,681	)		(2,957	)		-
Depreciation of rental property					(81,583	)		(72,547	)		(9,036	)		-
Interest expense					(93,859	)		(76,465	)		(9,691	)		(7,703	)
Interest and other income					5,140			4,574			566			-
Income from operations					27,216			32,992			1,927			(7,703	)
Gain on dispositions of real estate					1,462			1,208			254			-
Distributions to minority partners in excess of income					(11,861	)		(10,860	)		(1,001	)		-
Income before minority interest in Aimco Operating Partnership and discontinued operations					16,817			23,340			1,180			(7,703	)
Minority interest in Aimco Operating Partnership					(3,665	)		-			-			(3,665	)
Income from continuing operations					13,152			23,340			1,180			(11,368	)
Discontinued operations:
	Income (loss) from discontinued operations				27,483			28,661			(1,178	)		-
Net income				$	40,635		$	52,001		$	2		$	(11,368	)
Reconciliation to Free Cash Flow (see Supplemental Schedules II and IV):
	Minority interest in Aimco Operating Partnership				3,665			-			-			3,665
	Interest expense - secured debt				86,156			76,465			9,691			-
	Lines of credit and other unsecured debt				6,168			-			-			6,168
	Interest expense on mandatorily redeemable preferred securities				1,288			-			-			1,288
	Interest expense on mandatorily redeemable convertible preferred securities				247			-			-			247
	Amortization of intangibles				1,276			1,276			-			-
	Gain on dispositions of real estate				(1,462	)		(1,208	)		(254	)		-
	(Income) loss from discontinued operations				(27,483	)		(28,661	)		1,178			-
	Real estate depreciation, net of minority interest				81,583			72,547			9,036			-
	Distributions to minority partners in excess of income				11,861			10,860			1,001			-
	Capital Replacements				(20,957	)		(18,292	)		(2,665	)		-
	Capital Enhancements				(213	)		(304	)		91			-
Free Cash Flow					182,764			164,684			18,080			-
	Interest expense - secured debt				(86,156	)		(76,465	)		(9,691	)		-
Free Cash Flow less property interest expense				$	96,608		$	88,219		$	8,389		$	-

[a]

Total of Aimco's proportionate share of unconsolidated real estate partnerships, minority interest share of consolidated real estate partnerships and consolidated operations. See Supplemental Schedule IV

---

Supplemental Schedule XVIII

Business Component Balance Sheet Presentation
As of September 30, 2003 (in thousands)
(unaudited)

			Consolidated GAAP Balance Sheet As of September 30, 2003			Conventional			Aimco Capital			Corporate
ASSETS
Buildings and improvements			$	8,556,905		$	8,029,311		$	527,594		$	-
Land				2,136,397			2,034,369			102,028			-
Accumulated depreciation				(1,806,667	)		(1,735,939	)		(70,728	)		-
Cash and cash equivalents				126,680			101,460			25,220			-
Restricted cash				211,200			149,051			62,149			-
Accounts receivable				62,380			36,187			26,193			-
Accounts receivable from affiliates				46,812			16,746			30,066			-
Deferred financing costs				74,434			71,697			2,737			-
Notes receivable, primarily from unconsolidated real estate partnerships				184,267			108,548			75,719			-
Investment in unconsolidated real estate partnerships				233,781			142,247			91,534			-
Other assets				286,188			183,288			102,900			-
Assets held for sale				70,552			61,598			8,954			-
	TOTAL ASSETS		$	10,182,929		$	9,198,563		$	984,366		$	-
LIABILITIES AND STOCKHOLDERS' EQUITY
Secured tax-exempt bond financing			$	1,201,572		$	1,199,307		$	2,265		$	-
Secured notes payable				4,505,657			4,088,875			416,782			-
Mandatorily redeemable preferred securities				113,169			-			-			113,169
Term loans				354,387			-			-			354,387
Credit facility				160,000			-			-			160,000
	TOTAL INDEBTEDNESS			6,334,785			5,288,182			419,047			627,556
Accounts payable				15,874			8,897			6,977			-
Accrued liabilities and other				386,494			288,985			97,509			-
Deferred income				24,129			19,316			4,813			-
Security deposits				41,967			38,603			3,364			-
Deferred income taxes payable				23,947			23,947			-			-
Liabilities related to assets held for sale				53,919			49,805			4,114			-
	TOTAL LIABILITIES			6,881,115			5,717,735			535,824			627,556
Minority interest in consolidated real estate partnerships				78,113			76,207			1,906			-
Minority interest in Aimco Operating Partnership				316,906			-			-			316,906
	NET OPERATING ASSETS					$	3,404,621		$	446,636		$	(944,462	)
STOCKHOLDERS' EQUITY
	Class A Common Stock			941
	Additional paid-in capital			3,066,172
	Perpetual preferred stock			555,250
	Convertible preferred stock			299,992
	Distributions in excess of earnings			(959,975	)
	Unvested restricted stock			(11,744	)
	Notes due on common stock purchases			(43,841	)
				2,906,795
	TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	10,182,929

---

Supplemental Schedule XIX

Business Component Proportionate Balance Sheet Presentation
As of September 30, 2003 (in thousands)
(unaudited)

			Consolidated GAAP Balance Sheet As of September 30, 2003			Proportionate Share of Unconsolidated Partnerships [a]			Proportionate Share of Minority Interest [b]			Proportionate Consolidated Balance Sheet [c]			Conventional			Aimco Capital			Corporate
ASSETS
Buildings and improvements			$	8,556,905		$	560,301		$	(757,686	)	$	8,359,520		$	7,586,634		$	772,886		$	-
Land				2,136,397			73,923			(97,331	)		2,112,989			1,982,582			130,407			-
Accumulated depreciation				(1,806,667	)		(143,592	)		458,341			(1,491,918	)		(1,361,003	)		(130,915	)		-
Cash and cash equivalents				126,680			-			-			126,680			101,460			25,220			-
Restricted cash				211,200			-			-			211,200			149,051			62,149			-
Accounts receivable				62,380			-			-			62,380			36,187			26,193			-
Accounts receivable from affiliates				46,812			-			-			46,812			16,746			30,066			-
Deferred financing costs				74,434			-			-			74,434			71,697			2,737			-
Notes receivable, primarily from unconsolidated real estate partnerships				184,267			-			-			184,267			108,548			75,719			-
Investment in unconsolidated real estate partnerships				233,781			(151,477	)		-			82,304			60,788			21,516			-
Other assets				286,188			-			-			286,188			183,288			102,900			-
Assets held for sale				70,552			-			-			70,552			61,598			8,954			-
	TOTAL ASSETS		$	10,182,929		$	339,155		$	(396,676	)	$	10,125,408		$	8,997,576		$	1,127,832		$	-
LIABILITIES AND STOCKHOLDERS' EQUITY
Secured tax-exempt bond financing			$	1,201,572		$	31,688		$	(37,079	)	$	1,196,181		$	1,186,394		$	9,787		$	-
Secured notes payable				4,505,657			307,467			(553,548	)		4,259,576			3,719,974			539,602			-
Mandatorily redeemable preferred securities				113,169			-			-			113,169			-			-			113,169
Term loans				354,387			-			-			354,387			-			-			354,387
Credit facility				160,000			-			-			160,000			-			-			160,000
	TOTAL INDEBTEDNESS			6,334,785			339,155			(590,627	)		6,083,313			4,906,368			549,389			627,556
Accounts payable				15,874			-			-			15,874			8,897			6,977			-
Accrued liabilities and other				386,494			-			-			386,494			288,985			97,509			-
Deferred income				24,129			-			-			24,129			19,316			4,813			-
Security deposits				41,967			-			-			41,967			38,603			3,364			-
Deferred income taxes payable				23,947			-			-			23,947			23,947			-			-
Liabilities related to assets held for sale				53,919			-			-			53,919			49,805			4,114			-
	TOTAL LIABILITIES			6,881,115			339,155			(590,627	)		6,629,643			5,335,921			666,166			627,556
Minority interest in consolidated real estate partnerships				78,113			-			193,951			272,064			257,034			15,030			-
Minority interest in Aimco Operating Partnership				316,906			-			-			316,906			-			-			316,906
	NET OPERATING ASSETS					$	-		$	-		$	2,906,795		$	3,404,621		$	446,636		$	(944,462	)
STOCKHOLDERS' EQUITY
	Class A Common Stock			941
	Additional paid-in capital			3,066,172
	Perpetual preferred stock			555,250
	Convertible preferred stock			299,992
	Distributions in excess of earnings			(959,975	)
	Unvested restricted stock			(11,744	)
	Notes due on common stock purchases			(43,841	)
				2,906,795
	TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	10,182,929

[a]

Total of Aimco's proportionate share of selected unconsolidated balance sheet data, which includes only buildings and improvements, land, accumulated depreciation and secured debt, as of September 30, 2003.

[b]

Total of Aimco's proportionate share of selected minority interest balance sheet data, which includes only buildings and improvements, land, accumulated depreciation and secured debt, as of September 30, 2003.

[c]

Aimco's proportionate consolidated balance sheet, which includes the GAAP balance sheet as of September 30, 2003, plus the proportionate share of selected unconsolidated and minority interest balance sheet data, which includes only buildings and improvements, land, accumulated depreciation and secured debt, as of September 30, 2003.

---

Supplemental Schedule XX

CONVENTIONAL PORTFOLIO: SUMMARY BY MARKET
SELECTED MARKETS

% of Conventional FCF			CORE PROPERTIES		NON-CORE PROPERTIES
1 Washington			10.3	%	0.6	%
2 Los Angeles-Long Beach - Ventura			7.9	%	0.0	%
3 New England			6.1	%	0.0	%
4 Philadelphia			5.6	%	0.0	%
5 Chicago			5.3	%	0.3	%
6 Houston - Galveston			2.8	%	1.1	%
7 Denver - Front Range, CO			2.6	%	0.1	%
8 San Diego			2.5	%	0.0	%
9 Norfolk			2.5	%	0.4	%
10 Miami			2.5	%	0.0	%
11 Indianapolis			2.1	%	0.9	%
12 Grand Rapids-Lansing			2.0	%	0.9	%
13 Orange County - Riverside			1.9	%	0.0	%
14 Tampa-St. Petersburg			1.7	%	1.0	%
15 Atlanta			1.3	%	0.9	%
16 Phoenix-Mesa			1.3	%	0.7	%
17 West Palm Beach-Boca			1.3	%	0.2	%
18 Minneapolis - St. Paul			1.3	%	0.0	%
19 Baltimore			1.2	%	0.5	%
20 Bay Area			1.1	%	0.0	%
21 Orlando - Daytona			1.1	%	2.1	%
22 Dutchess County			1.0	%	0.0	%
23 Cincinnati - Dayton			1.0	%	0.7	%
24 Nashville			1.0	%	0.8	%
25 Jacksonville			1.0	%	0.5	%
26 Dallas-Fort Worth			0.9	%	1.1	%
27 Fort Wayne			0.8	%	0.0	%
28 Detroit - Ann Arbor			0.8	%	0.1	%
29 Hartford			0.8	%	0.0	%
30 Richmond - Petersburg			0.7	%	0.2	%
31 FortLauderdale			0.7	%	0.0	%
32 Austin-San Marcos			0.7	%	0.8	%
33 Raleigh-Durham-Chapel Hill			0.6	%	0.4	%
34 Columbus			0.6	%	0.1	%
35 Charleston			0.4	%	0.0	%
36 Kansas City			0.3	%	0.1	%
37 Savannah			0.3	%	0.0	%
38 Charlotte-Gastonia-Rock Hill			0.3	%	0.3	%
39 Salt Lake City-Ogden			0.2	%	0.8	%
40 Columbia			0.2	%	0.3	%
41 New York - Manhattan			0.1	%	0.0	%
42 Seattle			0.1	%	0.0	%
43 San Antonio			0.1	%	1.2	%
44 Sacramento			0.0	%	0.0	%
45 Las Vegas			0.0	%	0.5	%
46 Tucson			0.0	%	0.4	%
			77.1	%	18.1	%	95.2	%
OTHER MARKETS
	Midwest other		0.0	%	1.1	%
	Southeast other		0.0	%	2.1	%
	Florida other		0.0	%	0.2	%
	Texas other		0.0	%	0.5	%
	West other		0.0	%	0.3	%
	Northeast other		0.0	%	0.5	%
			0.0	%	4.8	%	4.8	%
TOTAL			77.1	%	22.9	%	100.0	%

---

Supplemental Schedule XXI

PORTFOLIO SUMMARY
ALL CONVENTIONAL PROPERTIES

			CORE PROPERTIES								NON-CORE PROPERTIES								TOTAL CONVENTIONAL
			Total Properties		Total Units		Effective Units		% Conventional Real Estate FCF		Total Properties		Total Units		Effective Units		% Conventional Real Estate FCF		Total Properties		Total Units		Effective Units		% Conventional Real Estate FCF
Selected Markets			371		115,833		96,680		77	%	207		51,173		41,121		18	%	578		167,006		137,801		95	%
Other Markets			-		-		-		0	%	91		20,000		11,649		5	%	91		20,000		11,649		5	%
	Total		371		115,833		96,680		77	%	298		71,173		52,770		23	%	669		187,006		149,450		100	%

PORTFOLIO SUMMARY
SAME STORE SALES (SSS) CONVENTIONAL PROPERTIES

			CORE PROPERTIES								NON-CORE PROPERTIES								TOTAL SAME STORE CONVENTIONAL
			Total Properties		Total Units		Effective Units		% SSS Real Estate FCF		Total Properties		Total Units		Effective Units		% SSS Real Estate FCF		Total Properties		Total Units		Effective Units		% SSS Real Estate FCF
Selected Markets			331		102,971		86,630		75	%	191		47,301		39,409		20	%	522		150,272		126,039		95	%
Other Markets			-		-		-		0	%	67		14,306		10,179		5	%	67		14,306		10,179		5	%
	Total		331		102,971		86,630		75	%	258		61,607		49,588		25	%	589		164,578		136,218		100	%

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Supplemental Schedule XXII

PORTFOLIO SUMMARY
SAME STORE PERFORMANCE

			SAME STORE PORTFOLIO
			CORE (1)			NON-CORE (2)			TOTAL (3)
Rent, average third quarter			$	778		$	565		$	702
Occupancy, average third quarter				93.8	%		91.6	%		93.0	%
Change Three Months Ended September 30, 2003 less September 30, 2002
	Revenue			-1.2%			-1.7%			-1.3%
	Expenses			8.7%			7.2%			8.2%
	NOI			-6.7%			-8.7%			-7.2%
Change Nine Months Ended September 30, 2003 less September 30, 2002
	Revenue			-3.5%			-5.2%			-4.0%
	Expenses			8.7%			8.7%			8.7%
	NOI			-10.1%			-14.8%			-11.4%
Change Three Months Ended September 30, 2003 less June 30, 2003
	Revenue			0.5%			1.2%			0.7%
	Expenses			4.7%			4.5%			4.7%
	NOI			-2.1%			-1.8%			-2.0%

(1)

See Supplementals XXIII, XXV, and XXVII for Same Store Sales - Core Properties

(2)

See Supplementals XXIV, XXVI, and XXVIII for Same Store Sales - Non-Core Properties

(3)

See Supplementals VIII - XIII for Total Same Store Sales

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Supplemental Schedule XXIII

Same Store Sales - Core Properties
Third Quarter 2003 versus Third Quarter 2002
(unaudited) (in thousands, except site and unit data)

																					Change Three Months Ended September 30, 2003 Less September 30, 2002
									Three Months Ended September 30, 2003						Three Months Ended September 30, 2002
																					Revenue				Expenses				NOI
			Sites		Units		Owner%		REV		EXP		NOI		REV		EXP		NOI		Amt		%		Amt		%		Amt		%
Northeast
	Washington		23		11,448		80.18	%	27,174		8,657		18,517		26,907		8,277		18,630		267		1.0	%	380		4.6	%	(113	)	-0.6	%
	Philadelphia		10		5,338		77.38	%	12,439		4,615		7,824		12,454		4,153		8,301		(15	)	-0.1	%	462		11.1	%	(477	)	-5.7	%
	Baltimore		9		1,551		71.60	%	3,112		1,059		2,053		3,014		918		2,096		98		3.3	%	141		15.4	%	(43	)	-2.1	%
	Dutchess County		1		835		100.00	%	2,392		691		1,701		2,243		717		1,526		149		6.6	%	(26	)	-3.6	%	175		11.5	%
	Hartford		2		650		100.00	%	1,853		511		1,342		1,874		479		1,395		(21	)	-1.1	%	32		6.7	%	(53	)	-3.8	%
	New England		1		412		56.71	%	753		220		533		787		226		561		(34	)	-4.3	%	(6	)	-2.7	%	(28	)	-5.0	%
			46		20,234		79.76	%	47,723		15,753		31,970		47,279		14,770		32,509		444		0.9	%	983		6.7	%	(539	)	-1.7	%
Southeast
	Norfolk		10		3,161		83.22	%	6,383		1,994		4,389		6,029		1,925		4,104		354		5.9	%	69		3.6	%	285		6.9	%
	Atlanta		14		3,948		73.98	%	5,310		2,822		2,488		5,591		2,341		3,250		(281	)	-5.0	%	481		20.5	%	(762	)	-23.4	%
	Nashville		5		1,532		86.59	%	2,860		1,067		1,793		2,864		1,025		1,839		(4	)	-0.1	%	42		4.1	%	(46	)	-2.5	%
	Raleigh-Durham-Chapel Hill		7		1,976		69.22	%	2,317		1,072		1,245		2,449		909		1,540		(132	)	-5.4	%	163		17.9	%	(295	)	-19.2	%
	Richmond - Petersburg		5		1,208		73.17	%	1,960		665		1,295		1,991		565		1,426		(31	)	-1.6	%	100		17.7	%	(131	)	-9.2	%
	Charleston		3		680		85.54	%	1,136		446		690		1,069		366		703		67		6.3	%	80		21.9	%	(13	)	-1.8	%
	Charlotte-Gastonia-Rock Hill		2		556		91.57	%	841		341		500		869		353		516		(28	)	-3.2	%	(12	)	-3.4	%	(16	)	-3.1	%
	Savannah		2		416		100.00	%	792		295		497		781		267		514		11		1.4	%	28		10.5	%	(17	)	-3.3	%
	Columbia		2		432		57.66	%	477		204		273		483		184		299		(6	)	-1.2	%	20		10.9	%	(26	)	-8.7	%
			50		13,909		78.26	%	22,076		8,906		13,170		22,126		7,935		14,191		(50	)	-0.2	%	971		12.2	%	(1,021	)	-7.2	%
Florida
	Tampa-St. Petersburg		15		3,965		91.02	%	6,600		2,985		3,615		6,919		2,744		4,175		(319	)	-4.6	%	241		8.8	%	(560	)	-13.4	%
	Miami		6		2,171		81.86	%	5,423		2,120		3,303		5,476		1,987		3,489		(53	)	-1.0	%	133		6.7	%	(186	)	-5.3	%
	Orlando - Daytona		8		2,329		87.98	%	4,016		1,831		2,185		4,124		1,836		2,288		(108	)	-2.6	%	(5	)	-0.3	%	(103	)	-4.5	%
	West Palm Beach-Boca		5		1,505		100.00	%	3,554		1,284		2,270		3,631		1,300		2,331		(77	)	-2.1	%	(16	)	-1.2	%	(61	)	-2.6	%
	Jacksonville		4		1,794		79.03	%	2,966		1,259		1,707		2,980		1,179		1,801		(14	)	-0.5	%	80		6.8	%	(94	)	-5.2	%
	FortLauderdale		4		1,122		88.71	%	2,474		1,045		1,429		2,356		921		1,435		118		5.0	%	124		13.5	%	(6	)	-0.4	%
			42		12,886		88.11	%	25,033		10,524		14,509		25,486		9,967		15,519		(453	)	-1.8	%	557		5.6	%	(1,010	)	-6.5	%
Midwest
	Chicago		19		5,644		90.96	%	14,603		5,847		8,756		14,803		5,710		9,093		(200	)	-1.4	%	137		2.4	%	(337	)	-3.7	%
	Indianapolis		19		6,713		92.50	%	9,798		5,277		4,521		10,126		4,201		5,925		(328	)	-3.2	%	1,076		25.6	%	(1,404	)	-23.7	%
	Grand Rapids-Lansing		6		3,176		95.23	%	5,949		2,570		3,379		6,099		2,347		3,752		(150	)	-2.5	%	223		9.5	%	(373	)	-9.9	%
	Fort Wayne		2		2,284		100.00	%	3,658		2,000		1,658		4,112		1,617		2,495		(454	)	-11.0	%	383		23.7	%	(837	)	-33.5	%
	Cincinnati - Dayton		10		1,792		83.03	%	3,125		1,318		1,807		3,143		1,248		1,895		(18	)	-0.6	%	70		5.6	%	(88	)	-4.6	%
	Detroit - Ann Arbor		5		1,721		62.75	%	2,382		1,130		1,252		2,560		960		1,600		(178	)	-7.0	%	170		17.7	%	(348	)	-21.8	%
	Columbus		6		1,304		64.26	%	1,597		592		1,005		1,592		565		1,027		5		0.3	%	27		4.8	%	(22	)	-2.1	%
	Minneapolis - St.Paul		4		1,098		64.91	%	1,432		743		689		1,469		622		847		(37	)	-2.5	%	121		19.5	%	(158	)	-18.7	%
	Kansas City		3		795		66.05	%	1,000		445		555		1,045		437		608		(45	)	-4.3	%	8		1.8	%	(53	)	-8.7	%
			74		24,527		86.83	%	43,544		19,922		23,622		44,949		17,707		27,242		(1,405	)	-3.1	%	2,215		12.5	%	(3,620	)	-13.3	%
Texas
	Houston - Galveston		25		6,863		90.92	%	10,858		5,391		5,467		11,497		5,009		6,488		(639	)	-5.6	%	382		7.6	%	(1,021	)	-15.7	%
	Dallas-Fort Worth		13		3,621		70.25	%	4,291		2,224		2,067		4,441		2,621		1,820		(150	)	-3.4	%	(397	)	-15.1	%	247		13.6	%
	Austin-San Marcos		8		1,697		96.22	%	2,952		1,703		1,249		3,208		1,696		1,512		(256	)	-8.0	%	7		0.4	%	(263	)	-17.4	%
	San Antonio		1		224		100.00	%	317		148		169		327		133		194		(10	)	-3.1	%	15		11.3	%	(25	)	-12.9	%
			47		12,405		85.77	%	18,418		9,466		8,952		19,473		9,459		10,014		(1,055	)	-5.4	%	7		0.1	%	(1,062	)	-10.6	%
West
	Denver - Front Range, CO		17		3,892		80.82	%	6,582		2,263		4,319		7,560		2,143		5,417		(978	)	-12.9	%	120		5.6	%	(1,098	)	-20.3	%
	Phoenix-Mesa		14		3,681		92.82	%	5,883		2,828		3,055		5,908		2,572		3,336		(25	)	-0.4	%	256		10.0	%	(281	)	-8.4	%
	Seattle		4		468		52.88	%	542		277		265		502		208		294		40		8.0	%	69		33.2	%	(29	)	-9.9	%
	Salt Lake City-Ogden		1		450		56.84	%	524		187		337		449		171		278		75		16.7	%	16		9.4	%	59		21.2	%
			36		8,491		83.21	%	13,531		5,555		7,976		14,419		5,094		9,325		(888	)	-6.2	%	461		9.0	%	(1,349	)	-14.5	%
California
	Los Angeles-Long Beach - Ventura		15		4,830		88.48	%	17,233		4,603		12,630		16,368		4,148		12,220		865		5.3	%	455		11.0	%	410		3.4	%
	San Diego		7		2,237		98.14	%	6,583		1,988		4,595		6,421		1,652		4,769		162		2.5	%	336		20.3	%	(174	)	-3.6	%
	Orange County - Riverside		7		1,611		97.40	%	5,253		1,798		3,455		5,176		1,450		3,726		77		1.5	%	348		24.0	%	(271	)	-7.3	%
	Bay Area		6		1,661		58.64	%	3,069		1,047		2,022		3,208		1,004		2,204		(139	)	-4.3	%	43		4.3	%	(182	)	-8.3	%
	Sacramento		1		180		20.25	%	93		39		54		97		28		69		(4	)	-4.1	%	11		39.3	%	(15	)	-21.7	%
			36		10,519		86.02	%	32,231		9,475		22,756		31,270		8,282		22,988		961		3.1	%	1,193		14.4	%	(232	)	-1.0	%
SAME STORE SALES - CORE PROPERTIES TOTALS			331		102,971		83.93	%	202,556		79,601		122,955		205,002		73,214		131,788		(2,446	)	-1.2	%	6,387		8.7	%	(8,833	)	-6.7	%
Plus: Same Store Sales - Non-Core Properties (see Supplemental Schedule XXIV)									82,237		39,245		42,992		83,671		36,599		47,072
Total Same Store Sales (see Supplemental Schedule IX)									284,793		118,846		165,947		288,673		109,813		178,860

---

Supplemental Schedule XXIV

Same Store Sales - Non-Core Properties
Third Quarter 2003 versus Third Quarter 2002
(unaudited) (in thousands, except site and unit data)

																					Change Three Months Ended September 30, 2003 Less September 30, 2002
									Three Months Ended September 30, 2003						Three Months Ended September 30, 2002
																					Revenue				Expenses				NOI
			Sites		Units		Owner%		REV		EXP		NOI		REV		EXP		NOI		Amt		%		Amt		%		Amt		%
Northeast
	Washington		5		1,010		77.25	%	1,863		756		1,107		1,953		674		1,279		(90	)	-4.6	%	82		12.2	%	(172	)	-13.4	%
	Baltimore		2		493		100.00	%	1,165		438		727		1,080		344		736		85		7.9	%	94		27.3	%	(9	)	-1.2	%
	Other Markets		2		554		82.14	%	1,000		392		608		993		353		640		7		0.7	%	39		11.0	%	(32	)	-5.0	%
			9		2,057		84.02	%	4,028		1,586		2,442		4,026		1,371		2,655		2		0.0	%	215		15.7	%	(213	)	-8.0	%
Southeast
	Other Markets		33		6,865		75.27	%	8,215		3,915		4,300		8,395		3,637		4,758		(180	)	-2.1	%	278		7.6	%	(458	)	-9.6	%
	Atlanta		7		1,983		96.15	%	3,676		1,665		2,011		3,486		1,580		1,906		190		5.5	%	85		5.4	%	105		5.5	%
	Nashville		6		2,220		74.36	%	2,694		1,177		1,517		2,646		1,059		1,587		48		1.8	%	118		11.1	%	(70	)	-4.4	%
	Charlotte-Gastonia-Rock Hill		9		1,780		82.48	%	2,072		1,153		919		2,165		1,114		1,051		(93	)	-4.3	%	39		3.5	%	(132	)	-12.6	%
	Raleigh-Durham-Chapel Hill		4		1,046		84.32	%	1,502		693		809		1,578		615		963		(76	)	-4.8	%	78		12.7	%	(154	)	-16.0	%
	Norfolk		3		704		93.73	%	1,296		519		777		1,209		455		754		87		7.2	%	64		14.1	%	23		3.1	%
	Columbia		4		1,006		68.49	%	1,137		571		566		1,154		480		674		(17	)	-1.5	%	91		19.0	%	(108	)	-16.0	%
	Richmond - Petersburg		2		305		83.90	%	512		197		315		523		186		337		(11	)	-2.1	%	11		5.9	%	(22	)	-6.5	%
			68		15,909		79.70	%	21,104		9,890		11,214		21,156		9,126		12,030		(52	)	-0.2	%	764		8.4	%	(816	)	-6.8	%
Florida
	Orlando - Daytona		17		4,109		84.35	%	6,567		2,905		3,662		6,243		2,688		3,555		324		5.2	%	217		8.1	%	107		3.0	%
	Tampa-St. Petersburg		8		2,072		75.37	%	2,936		1,306		1,630		3,045		1,213		1,832		(109	)	-3.6	%	93		7.7	%	(202	)	-11.0	%
	Jacksonville		3		972		78.97	%	1,456		580		876		1,448		535		913		8		0.6	%	45		8.4	%	(37	)	-4.1	%
	Other Markets		2		456		70.29	%	590		202		388		578		197		381		12		2.1	%	5		2.5	%	7		1.8	%
	West Palm Beach-Boca		1		222		100.00	%	507		170		337		466		211		255		41		8.8	%	(41	)	-19.4	%	82		32.2	%
			31		7,831		80.93	%	12,056		5,163		6,893		11,780		4,844		6,936		276		2.3	%	319		6.6	%	(43	)	-0.6	%
Midwest
	Indianapolis		14		3,326		74.07	%	3,698		2,112		1,586		3,870		1,948		1,922		(172	)	-4.4	%	164		8.4	%	(336	)	-17.5	%
	Grand Rapids-Lansing		9		2,581		91.04	%	3,687		1,663		2,024		3,986		1,872		2,114		(299	)	-7.5	%	(209	)	-11.2	%	(90	)	-4.3	%
	Other Markets		17		3,735		58.36	%	3,638		1,664		1,974		3,744		1,630		2,114		(106	)	-2.8	%	34		2.1	%	(140	)	-6.6	%
	Cincinnati - Dayton		9		1,941		68.84	%	2,311		992		1,319		2,358		890		1,468		(47	)	-2.0	%	102		11.5	%	(149	)	-10.1	%
	Chicago		3		679		87.67	%	1,363		763		600		1,518		720		798		(155	)	-10.2	%	43		6.0	%	(198	)	-24.8	%
	Columbus		3		708		75.59	%	777		389		388		806		360		446		(29	)	-3.6	%	29		8.1	%	(58	)	-13.0	%
	Detroit - Ann Arbor		2		353		84.37	%	390		195		195		403		206		197		(13	)	-3.2	%	(11	)	-5.3	%	(2	)	-1.0	%
	Kansas City		2		427		44.67	%	365		138		227		350		147		203		15		4.3	%	(9	)	-6.1	%	24		11.8	%
	Fort Wayne		1		156		55.15	%	127		67		60		131		67		64		(4	)	-3.1	%	0		0.0	%	(4	)	-6.3	%
			60		13,906		72.16	%	16,356		7,983		8,373		17,166		7,840		9,326		(810	)	-4.7	%	143		1.8	%	(953	)	-10.2	%
Texas
	Dallas-Fort Worth		17		3,816		77.32	%	4,832		2,607		2,225		5,077		2,332		2,745		(245	)	-4.8	%	275		11.8	%	(520	)	-18.9	%
	San Antonio		13		3,045		100.00	%	4,725		2,321		2,404		4,670		2,324		2,346		55		1.2	%	(3	)	-0.1	%	58		2.5	%
	Houston - Galveston		12		2,860		92.05	%	3,889		2,211		1,678		4,233		2,029		2,204		(344	)	-8.1	%	182		9.0	%	(526	)	-23.9	%
	Other Markets		8		1,747		71.69	%	1,860		898		962		1,822		805		1,017		38		2.1	%	93		11.6	%	(55	)	-5.4	%
	Austin-San Marcos		3		720		82.31	%	978		486		492		1,034		492		542		(56	)	-5.4	%	(6	)	-1.2	%	(50	)	-9.2	%
			53		12,188		85.93	%	16,284		8,523		7,761		16,836		7,982		8,854		(552	)	-3.3	%	541		6.8	%	(1,093	)	-12.3	%
West
	Phoenix-Mesa		14		3,766		88.88	%	4,854		2,698		2,156		4,872		2,388		2,484		(18	)	-0.4	%	310		13.0	%	(328	)	-13.2	%
	Salt Lake City-Ogden		5		1,665		79.93	%	2,289		773		1,516		2,122		747		1,375		167		7.9	%	26		3.5	%	141		10.3	%
	Las Vegas		4		1,253		86.62	%	1,837		858		979		1,861		715		1,146		(24	)	-1.3	%	143		20.0	%	(167	)	-14.6	%
	Tucson		4		1,157		100.00	%	1,550		738		812		1,724		711		1,013		(174	)	-10.1	%	27		3.8	%	(201	)	-19.8	%
	Other Markets		5		1,024		62.83	%	1,052		511		541		1,024		498		526		28		2.7	%	13		2.6	%	15		2.9	%
	Denver - Front Range, CO		5		851		66.88	%	827		522		305		1,104		377		727		(277	)	-25.1	%	145		38.5	%	(422	)	-58.0	%
			37		9,716		83.71	%	12,409		6,100		6,309		12,707		5,436		7,271		(298	)	-2.3	%	664		12.2	%	(962	)	-13.2	%
SAME STORE SALES - NON-CORE PROPERTIES TOTALS			258		61,607		80.16	%	82,237		39,245		42,992		83,671		36,599		47,072		(1,434	)	-1.7	%	2,646		7.2	%	(4,080	)	-8.7	%
Plus: Same Store Sales - Core Properties (see Supplemental Schedule XXIII)									202,556		79,601		122,955		205,002		73,214		131,788
Total Same Store Sales (see Supplemental Schedule IX)									284,793		118,846		165,947		288,673		109,813		178,860

---

Supplemental Schedule XXV

Same Store Sales - Core Properties
Year to Date 2003 versus Year to Date 2002
(unaudited) (in thousands, except site and unit data)

																					Change Nine Months Ended September 30, 2003 Less September 30, 2002
									Nine Months Ended September 30, 2003						Nine Months Ended September 30, 2002
																					Revenue				Expenses				NOI
			Sites		Units		Owner%		REV		EXP		NOI		REV		EXP		NOI		Amt		%		Amt		%		Amt		%
Northeast
	Washington		23		11,448		80.18	%	80,532		26,007		54,525		80,316		23,864		56,452		216		0.3	%	2,143		9.0	%	(1,927	)	-3.4	%
	Philadelphia		10		5,338		77.38	%	36,458		13,929		22,529		37,771		12,237		25,534		(1,313	)	-3.5	%	1,692		13.8	%	(3,005	)	-11.8	%
	Baltimore		9		1,551		71.60	%	9,003		3,125		5,878		8,714		2,485		6,229		289		3.3	%	640		25.8	%	(351	)	-5.6	%
	Dutchess County		1		835		100.00	%	6,793		2,680		4,113		6,700		2,255		4,445		93		1.4	%	425		18.8	%	(332	)	-7.5	%
	Hartford		2		650		100.00	%	5,443		1,492		3,951		5,460		1,380		4,080		(17	)	-0.3	%	112		8.1	%	(129	)	-3.2	%
	New England		1		412		56.71	%	2,262		702		1,560		2,313		615		1,698		(51	)	-2.2	%	87		14.1	%	(138	)	-8.1	%
			46		20,234		79.76	%	140,491		47,935		92,556		141,274		42,836		98,438		(783	)	-0.6	%	5,099		11.9	%	(5,882	)	-6.0	%
Southeast
	Norfolk		10		3,161		83.22	%	18,760		6,042		12,718		17,840		5,541		12,299		920		5.2	%	501		9.0	%	419		3.4	%
	Atlanta		14		3,948		73.98	%	15,436		7,739		7,697		17,608		6,685		10,923		(2,172	)	-12.3	%	1,054		15.8	%	(3,226	)	-29.5	%
	Nashville		5		1,532		86.59	%	8,563		3,107		5,456		8,623		2,795		5,828		(60	)	-0.7	%	312		11.2	%	(372	)	-6.4	%
	Raleigh-Durham-Chapel Hill		7		1,976		69.22	%	7,022		3,019		4,003		7,667		2,705		4,962		(645	)	-8.4	%	314		11.6	%	(959	)	-19.3	%
	Richmond - Petersburg		5		1,208		73.17	%	5,889		1,888		4,001		6,040		1,661		4,379		(151	)	-2.5	%	227		13.7	%	(378	)	-8.6	%
	Charleston		3		680		85.54	%	3,347		1,249		2,098		3,263		1,116		2,147		84		2.6	%	133		11.9	%	(49	)	-2.3	%
	Charlotte-Gastonia-Rock Hill		2		556		91.57	%	2,540		1,010		1,530		2,724		1,005		1,719		(184	)	-6.8	%	5		0.5	%	(189	)	-11.0	%
	Savannah		2		416		100.00	%	2,352		892		1,460		2,340		789		1,551		12		0.5	%	103		13.1	%	(91	)	-5.9	%
	Columbia		2		432		57.66	%	1,400		579		821		1,437		542		895		(37	)	-2.6	%	37		6.8	%	(74	)	-8.3	%
			50		13,909		78.26	%	65,309		25,525		39,784		67,542		22,839		44,703		(2,233	)	-3.3	%	2,686		11.8	%	(4,919	)	-11.0	%
Florida
	Tampa-St. Petersburg		15		3,965		91.02	%	19,778		8,610		11,168		20,655		8,135		12,520		(877	)	-4.2	%	475		5.8	%	(1,352	)	-10.8	%
	Miami		6		2,171		81.86	%	16,183		6,665		9,518		16,926		6,075		10,851		(743	)	-4.4	%	590		9.7	%	(1,333	)	-12.3	%
	Orlando - Daytona		8		2,329		87.98	%	11,946		5,418		6,528		12,318		5,192		7,126		(372	)	-3.0	%	226		4.4	%	(598	)	-8.4	%
	West Palm Beach-Boca		5		1,505		100.00	%	10,582		4,044		6,538		11,061		3,939		7,122		(479	)	-4.3	%	105		2.7	%	(584	)	-8.2	%
	Jacksonville		4		1,794		79.03	%	8,812		3,607		5,205		8,838		3,289		5,549		(26	)	-0.3	%	318		9.7	%	(344	)	-6.2	%
	FortLauderdale		4		1,122		88.71	%	7,234		3,098		4,136		7,439		2,646		4,793		(205	)	-2.8	%	452		17.1	%	(657	)	-13.7	%
			42		12,886		88.11	%	74,535		31,442		43,093		77,237		29,276		47,961		(2,702	)	-3.5	%	2,166		7.4	%	(4,868	)	-10.1	%
Midwest
	Chicago		19		5,644		90.96	%	43,678		17,712		25,966		45,524		16,365		29,159		(1,846	)	-4.1	%	1,347		8.2	%	(3,193	)	-11.0	%
	Indianapolis		19		6,713		92.50	%	29,600		13,617		15,983		31,150		12,411		18,739		(1,550	)	-5.0	%	1,206		9.7	%	(2,756	)	-14.7	%
	Grand Rapids-Lansing		6		3,176		95.23	%	17,910		7,942		9,968		18,305		6,849		11,456		(395	)	-2.2	%	1,093		16.0	%	(1,488	)	-13.0	%
	Fort Wayne		2		2,284		100.00	%	11,083		5,178		5,905		12,459		4,552		7,907		(1,376	)	-11.0	%	626		13.8	%	(2,002	)	-25.3	%
	Cincinnati - Dayton		10		1,792		83.03	%	9,416		4,005		5,411		9,325		3,589		5,736		91		1.0	%	416		11.6	%	(325	)	-5.7	%
	Detroit - Ann Arbor		5		1,721		62.75	%	7,268		3,445		3,823		7,823		2,888		4,935		(555	)	-7.1	%	557		19.3	%	(1,112	)	-22.5	%
	Columbus		6		1,304		64.26	%	4,843		1,750		3,093		4,821		1,560		3,261		22		0.5	%	190		12.2	%	(168	)	-5.2	%
	Minneapolis - St.Paul		4		1,098		64.91	%	4,489		2,158		2,331		4,680		1,931		2,749		(191	)	-4.1	%	227		11.8	%	(418	)	-15.2	%
	Kansas City		3		795		66.05	%	3,047		1,122		1,925		3,197		1,142		2,055		(150	)	-4.7	%	(20	)	-1.8	%	(130	)	-6.3	%
			74		24,527		86.83	%	131,334		56,929		74,405		137,284		51,287		85,997		(5,950	)	-4.3	%	5,642		11.0	%	(11,592	)	-13.5	%
Texas
	Houston - Galveston		25		6,863		90.92	%	32,671		14,732		17,939		34,996		14,333		20,663		(2,325	)	-6.6	%	399		2.8	%	(2,724	)	-13.2	%
	Dallas-Fort Worth		13		3,621		70.25	%	13,051		6,176		6,875		13,613		7,546		6,067		(562	)	-4.1	%	(1,370	)	-18.2	%	808		13.3	%
	Austin-San Marcos		8		1,697		96.22	%	8,650		4,676		3,974		9,579		4,813		4,766		(929	)	-9.7	%	(137	)	-2.8	%	(792	)	-16.6	%
	San Antonio		1		224		100.00	%	951		447		504		954		441		513		(3	)	-0.3	%	6		1.4	%	(9	)	-1.8	%
			47		12,405		85.77	%	55,323		26,031		29,292		59,142		27,133		32,009		(3,819	)	-6.5	%	(1,102	)	-4.1	%	(2,717	)	-8.5	%
West
	Denver - Front Range, CO		17		3,892		80.82	%	19,860		6,457		13,403		22,791		5,745		17,046		(2,931	)	-12.9	%	712		12.4	%	(3,643	)	-21.4	%
	Phoenix-Mesa		14		3,681		92.82	%	17,175		7,902		9,273		18,850		6,945		11,905		(1,675	)	-8.9	%	957		13.8	%	(2,632	)	-22.1	%
	Seattle		4		468		52.88	%	1,588		757		831		1,614		609		1,005		(26	)	-1.6	%	148		24.3	%	(174	)	-17.3	%
	Salt Lake City-Ogden		1		450		56.84	%	1,471		503		968		1,519		449		1,070		(48	)	-3.2	%	54		12.0	%	(102	)	-9.5	%
			36		8,491		83.21	%	40,094		15,619		24,475		44,774		13,748		31,026		(4,680	)	-10.5	%	1,871		13.6	%	(6,551	)	-21.1	%
California
	San Diego		6		1,737		97.63	%	14,802		4,203		10,599		14,346		3,866		10,480		456		3.2	%	337		8.7	%	119		1.1	%
	Los Angeles-Long Beach - Ventura		4		1,683		67.04	%	12,733		3,470		9,263		12,605		3,154		9,451		128		1.0	%	316		10.0	%	(188	)	-2.0	%
	Bay Area		6		1,661		58.64	%	9,420		3,058		6,362		9,808		2,832		6,976		(388	)	-4.0	%	226		8.0	%	(614	)	-8.8	%
	Orange County - Riverside		3		490		91.61	%	3,287		964		2,323		3,148		908		2,240		139		4.4	%	56		6.2	%	83		3.7	%
	Sacramento		1		180		20.25	%	287		116		171		277		103		174		10		3.6	%	13		12.6	%	(3	)	-1.7	%
			20		5,751		74.48	%	40,529		11,811		28,718		40,184		10,863		29,321		345		0.9	%	948		8.7	%	(603	)	-2.1	%
SAME STORE SALES - CORE PROPERTIES TOTALS			315		98,203		83.16	%	547,615		215,292		332,323		567,437		197,982		369,455		(19,822	)	-3.5	%	17,310		8.7	%	(37,132	)	-10.1	%
Plus: Same Store Sales - Non-Core Properties (see Supplemental Schedule XXVI)									242,917		113,865		129,052		256,264		104,765		151,499
Total Same Store Sales (see Supplemental Schedule XI)									790,532		329,157		461,375		823,701		302,747		520,954

---

Supplemental Schedule XXVI

Same Store Sales - Non-Core Properties
Year to Date 2003 versus Year to Date 2002
(unaudited) (in thousands, except site and unit data)

																					Change Nine Months Ended September 30, 2003 Less September 30, 2002
									Nine Months Ended September 30, 2003						NIne Months Ended September 30, 2002
																					Revenue				Expenses				NOI
			Sites		Units		Owner%		REV		EXP		NOI		REV		EXP		NOI		Amt		%		Amt		%		Amt		%
Northeast
	Washington		5		1,010		77.25	%	5,762		2,296		3,466		5,766		1,835		3,931		(4	)	-0.1	%	461		25.1	%	(465	)	-11.8	%
	Baltimore		2		493		100.00	%	3,418		1,667		1,751		3,400		1,099		2,301		18		0.5	%	568		51.7	%	(550	)	-23.9	%
	Other Markets		2		554		82.14	%	2,909		1,265		1,644		2,891		1,098		1,793		18		0.6	%	167		15.2	%	(149	)	-8.3	%
			9		2,057		84.02	%	12,089		5,228		6,861		12,057		4,032		8,025		32		0.3	%	1,196		29.7	%	(1,164	)	-14.5	%
Southeast
	Other Markets		33		6,865		75.27	%	24,478		11,193		13,285		25,554		10,028		15,526		(1,076	)	-4.2	%	1,165		11.6	%	(2,241	)	-14.4	%
	Atlanta		7		1,983		96.15	%	9,903		4,974		4,929		10,892		4,505		6,387		(989	)	-9.1	%	469		10.4	%	(1,458	)	-22.8	%
	Nashville		6		2,220		74.36	%	7,841		3,425		4,416		8,097		3,092		5,005		(256	)	-3.2	%	333		10.8	%	(589	)	-11.8	%
	Charlotte-Gastonia-Rock Hill		9		1,780		82.48	%	6,020		3,341		2,679		6,591		3,198		3,393		(571	)	-8.7	%	143		4.5	%	(714	)	-21.0	%
	Raleigh-Durham-Chapel Hill		4		1,046		84.32	%	4,487		1,940		2,547		5,012		1,825		3,187		(525	)	-10.5	%	115		6.3	%	(640	)	-20.1	%
	Norfolk		3		704		93.73	%	3,803		1,436		2,367		3,579		1,307		2,272		224		6.3	%	129		9.9	%	95		4.2	%
	Columbia		4		1,006		68.49	%	3,371		1,586		1,785		3,453		1,397		2,056		(82	)	-2.4	%	189		13.5	%	(271	)	-13.2	%
	Richmond - Petersburg		2		305		83.90	%	1,483		553		930		1,537		509		1,028		(54	)	-3.5	%	44		8.6	%	(98	)	-9.5	%
			68		15,909		79.70	%	61,386		28,448		32,938		64,715		25,861		38,854		(3,329	)	-5.1	%	2,587		10.0	%	(5,916	)	-15.2	%
Florida
	Orlando - Daytona		17		4,109		84.35	%	19,128		8,459		10,669		19,487		8,054		11,433		(359	)	-1.8	%	405		5.0	%	(764	)	-6.7	%
	Tampa-St. Petersburg		8		2,072		75.37	%	8,702		3,787		4,915		9,002		3,725		5,277		(300	)	-3.3	%	62		1.7	%	(362	)	-6.9	%
	Jacksonville		3		972		78.97	%	4,361		1,661		2,700		4,303		1,534		2,769		58		1.3	%	127		8.3	%	(69	)	-2.5	%
	Other Markets		2		456		70.29	%	1,727		593		1,134		1,756		559		1,197		(29	)	-1.7	%	34		6.1	%	(63	)	-5.3	%
	West Palm Beach-Boca		1		222		100.00	%	1,449		577		872		1,474		610		864		(25	)	-1.7	%	(33	)	-5.4	%	8		0.9	%
			31		7,831		80.93	%	35,367		15,077		20,290		36,022		14,482		21,540		(655	)	-1.8	%	595		4.1	%	(1,250	)	-5.8	%
Midwest
	Indianapolis		14		3,326		74.07	%	11,318		6,056		5,262		11,776		5,683		6,093		(458	)	-3.9	%	373		6.6	%	(831	)	-13.6	%
	Grand Rapids-Lansing		9		2,581		91.04	%	11,152		4,832		6,320		11,854		5,000		6,854		(702	)	-5.9	%	(168	)	-3.4	%	(534	)	-7.8	%
	Other Markets		17		3,735		58.36	%	10,927		4,897		6,030		11,256		4,707		6,549		(329	)	-2.9	%	190		4.0	%	(519	)	-7.9	%
	Cincinnati - Dayton		9		1,941		68.84	%	6,895		3,006		3,889		7,050		2,703		4,347		(155	)	-2.2	%	303		11.2	%	(458	)	-10.5	%
	Chicago		3		679		87.67	%	3,999		2,432		1,567		4,621		1,943		2,678		(622	)	-13.5	%	489		25.2	%	(1,111	)	-41.5	%
	Columbus		3		708		75.59	%	2,301		1,180		1,121		2,500		965		1,535		(199	)	-8.0	%	215		22.3	%	(414	)	-27.0	%
	Detroit - Ann Arbor		2		353		84.37	%	1,192		585		607		1,230		585		645		(38	)	-3.1	%	0		0.0	%	(38	)	-5.9	%
	Kansas City		2		427		44.67	%	1,078		379		699		1,053		368		685		25		2.4	%	11		3.0	%	14		2.0	%
	Fort Wayne		1		156		55.15	%	392		211		181		401		191		210		(9	)	-2.2	%	20		10.5	%	(29	)	-13.8	%
			60		13,906		72.16	%	49,254		23,578		25,676		51,741		22,145		29,596		(2,487	)	-4.8	%	1,433		6.5	%	(3,920	)	-13.2	%
Texas
	Dallas-Fort Worth		17		3,816		77.32	%	14,496		7,473		7,023		15,926		6,992		8,934		(1,430	)	-9.0	%	481		6.9	%	(1,911	)	-21.4	%
	San Antonio		13		3,045		100.00	%	13,729		6,636		7,093		14,081		6,411		7,670		(352	)	-2.5	%	225		3.5	%	(577	)	-7.5	%
	Houston - Galveston		12		2,860		92.05	%	11,712		6,221		5,491		12,758		5,997		6,761		(1,046	)	-8.2	%	224		3.7	%	(1,270	)	-18.8	%
	Other Markets		8		1,747		71.69	%	5,624		2,502		3,122		5,640		2,288		3,352		(16	)	-0.3	%	214		9.4	%	(230	)	-6.9	%
	Austin-San Marcos		3		720		82.31	%	2,938		1,322		1,616		3,206		1,385		1,821		(268	)	-8.4	%	(63	)	-4.5	%	(205	)	-11.3	%
			53		12,188		85.93	%	48,499		24,154		24,345		51,611		23,073		28,538		(3,112	)	-6.0	%	1,081		4.7	%	(4,193	)	-14.7	%
West
	Phoenix-Mesa		14		3,766		88.88	%	14,013		7,823		6,190		16,032		6,671		9,361		(2,019	)	-12.6	%	1,152		17.3	%	(3,171	)	-33.9	%
	Salt Lake City-Ogden		5		1,665		79.93	%	6,550		2,305		4,245		6,950		2,110		4,840		(400	)	-5.8	%	195		9.2	%	(595	)	-12.3	%
	Las Vegas		4		1,253		86.62	%	5,450		2,331		3,119		5,620		2,004		3,616		(170	)	-3.0	%	327		16.3	%	(497	)	-13.7	%
	Tucson		4		1,157		100.00	%	4,737		2,067		2,670		5,005		2,008		2,997		(268	)	-5.4	%	59		2.9	%	(327	)	-10.9	%
	Other Markets		5		1,024		62.83	%	3,147		1,412		1,735		3,006		1,272		1,734		141		4.7	%	140		11.0	%	1		0.1	%
	Denver - Front Range, CO		5		851		66.88	%	2,425		1,442		983		3,505		1,107		2,398		(1,080	)	-30.8	%	335		30.3	%	(1,415	)	-59.0	%
			37		9,716		83.71	%	36,322		17,380		18,942		40,118		15,172		24,946		(3,796	)	-9.5	%	2,208		14.6	%	(6,004	)	-24.1	%
SAME STORE SALES - NON-CORE PROPERTIES TOTALS			258		61,607		80.16	%	242,917		113,865		129,052		256,264		104,765		151,499		(13,347	)	-5.2	%	9,100		8.7	%	(22,447	)	-14.8	%
Plus: Same Store Sales - Core Properties (see Supplemental Schedule XXV)									547,615		215,292		332,323		567,437		197,982		369,455
Total Same Store Sales (see Supplemental Schedule XI)									790,532		329,157		461,375		823,701		302,747		520,954

---

Supplemental Schedule XXVII

Same Store Sales - Core Properties
Third Quarter 2003 versus Second Quarter 2003
(unaudited) (in thousands, except site and unit data)

																					Change Three Months Ended September 30, 2003 Less June 30, 2003
									Three Months Ended September 30, 2003						Three Months Ended June 30, 2003
																					Revenue				Expenses				NOI
			Sites		Units		Owner%		REV		EXP		NOI		REV		EXP		NOI		Amt		%		Amt		%		Amt		%
Northeast
	Washington		23		11,448		80.18	%	27,174		8,657		18,517		27,101		8,321		18,780		73		0.3	%	336		4.0	%	(263	)	-1.4	%
	Philadelphia		10		5,338		77.38	%	12,439		4,615		7,824		12,099		4,551		7,548		340		2.8	%	64		1.4	%	276		3.7	%
	Baltimore		9		1,551		71.60	%	3,112		1,059		2,053		3,036		938		2,098		76		2.5	%	121		12.9	%	(45	)	-2.1	%
	Dutchess County		1		835		100.00	%	2,392		691		1,701		2,228		885		1,343		164		7.4	%	(194	)	-21.9	%	358		26.7	%
	Hartford		2		650		100.00	%	1,853		511		1,342		1,828		476		1,352		25		1.4	%	35		7.4	%	(10	)	-0.7	%
	New England		1		412		56.71	%	753		220		533		755		239		516		(2	)	-0.3	%	(19	)	-7.9	%	17		3.3	%
			46		20,234		79.76	%	47,723		15,753		31,970		47,047		15,410		31,637		676		1.4	%	343		2.2	%	333		1.1	%
Southeast
	Norfolk		10		3,161		83.22	%	6,383		1,994		4,389		6,313		1,984		4,329		70		1.1	%	10		0.5	%	60		1.4	%
	Atlanta		14		3,948		73.98	%	5,310		2,822		2,488		4,800		2,511		2,289		510		10.6	%	311		12.4	%	199		8.7	%
	Nashville		5		1,532		86.59	%	2,860		1,067		1,793		2,836		995		1,841		24		0.8	%	72		7.2	%	(48	)	-2.6	%
	Raleigh-Durham-Chapel Hill		7		1,976		69.22	%	2,317		1,072		1,245		2,328		967		1,361		(11	)	-0.5	%	105		10.9	%	(116	)	-8.5	%
	Richmond - Petersburg		5		1,208		73.17	%	1,960		665		1,295		1,995		597		1,398		(35	)	-1.8	%	68		11.4	%	(103	)	-7.4	%
	Charleston		3		680		85.54	%	1,136		446		690		1,122		412		710		14		1.2	%	34		8.3	%	(20	)	-2.8	%
	Charlotte-Gastonia-Rock Hill		2		556		91.57	%	841		341		500		880		347		533		(39	)	-4.4	%	(6	)	-1.7	%	(33	)	-6.2	%
	Savannah		2		416		100.00	%	792		295		497		788		312		476		4		0.5	%	(17	)	-5.4	%	21		4.4	%
	Columbia		2		432		57.66	%	477		204		273		484		198		286		(7	)	-1.4	%	6		3.0	%	(13	)	-4.5	%
			50		13,909		78.26	%	22,076		8,906		13,170		21,546		8,323		13,223		530		2.5	%	583		7.0	%	(53	)	-0.4	%
Florida
	Tampa-St. Petersburg		15		3,965		91.02	%	6,600		2,985		3,615		6,633		2,812		3,821		(33	)	-0.5	%	173		6.2	%	(206	)	-5.4	%
	Miami		6		2,171		81.86	%	5,423		2,120		3,303		5,486		2,281		3,205		(63	)	-1.1	%	(161	)	-7.1	%	98		3.1	%
	Orlando - Daytona		8		2,329		87.98	%	4,016		1,831		2,185		4,013		1,826		2,187		3		0.1	%	5		0.3	%	(2	)	-0.1	%
	West Palm Beach-Boca		5		1,505		100.00	%	3,554		1,284		2,270		3,564		1,377		2,187		(10	)	-0.3	%	(93	)	-6.8	%	83		3.8	%
	Jacksonville		4		1,794		79.03	%	2,966		1,259		1,707		2,940		1,183		1,757		26		0.9	%	76		6.4	%	(50	)	-2.8	%
	FortLauderdale		4		1,122		88.71	%	2,474		1,045		1,429		2,382		972		1,410		92		3.9	%	73		7.5	%	19		1.3	%
			42		12,886		88.11	%	25,033		10,524		14,509		25,018		10,451		14,567		15		0.1	%	73		0.7	%	(58	)	-0.4	%
Midwest
	Chicago		19		5,644		90.96	%	14,603		5,847		8,756		14,754		6,125		8,629		(151	)	-1.0	%	(278	)	-4.5	%	127		1.5	%
	Indianapolis		19		6,713		92.50	%	9,798		5,277		4,521		9,898		4,305		5,593		(100	)	-1.0	%	972		22.6	%	(1,072	)	-19.2	%
	Grand Rapids-Lansing		6		3,176		95.23	%	5,949		2,570		3,379		5,961		2,582		3,379		(12	)	-0.2	%	(12	)	-0.5	%	0		0.0	%
	Fort Wayne		2		2,284		100.00	%	3,658		2,000		1,658		3,636		1,692		1,944		22		0.6	%	308		18.2	%	(286	)	-14.7	%
	Cincinnati - Dayton		10		1,792		83.03	%	3,125		1,318		1,807		3,205		1,296		1,909		(80	)	-2.5	%	22		1.7	%	(102	)	-5.3	%
	Detroit - Ann Arbor		5		1,721		62.75	%	2,382		1,130		1,252		2,509		1,109		1,400		(127	)	-5.1	%	21		1.9	%	(148	)	-10.6	%
	Columbus		6		1,304		64.26	%	1,597		592		1,005		1,632		574		1,058		(35	)	-2.1	%	18		3.1	%	(53	)	-5.0	%
	Minneapolis - St.Paul		4		1,098		64.91	%	1,432		743		689		1,513		774		739		(81	)	-5.4	%	(31	)	-4.0	%	(50	)	-6.8	%
	Kansas City		3		795		66.05	%	1,000		445		555		1,039		402		637		(39	)	-3.8	%	43		10.7	%	(82	)	-12.9	%
			74		24,527		86.83	%	43,544		19,922		23,622		44,147		18,859		25,288		(603	)	-1.4	%	1,063		5.6	%	(1,666	)	-6.6	%
Texas
	Houston - Galveston		25		6,863		90.92	%	10,858		5,391		5,467		11,112		4,789		6,323		(254	)	-2.3	%	602		12.6	%	(856	)	-13.5	%
	Dallas-Fort Worth		13		3,621		70.25	%	4,291		2,224		2,067		4,370		2,050		2,320		(79	)	-1.8	%	174		8.5	%	(253	)	-10.9	%
	Austin-San Marcos		8		1,697		96.22	%	2,952		1,703		1,249		2,830		1,423		1,407		122		4.3	%	280		19.7	%	(158	)	-11.2	%
	San Antonio		1		224		100.00	%	317		148		169		325		155		170		(8	)	-2.5	%	(7	)	-4.5	%	(1	)	-0.6	%
			47		12,405		85.77	%	18,418		9,466		8,952		18,637		8,417		10,220		(219	)	-1.2	%	1,049		12.5	%	(1,268	)	-12.4	%
West
	Denver - Front Range, CO		17		3,892		80.82	%	6,582		2,263		4,319		6,514		2,228		4,286		68		1.0	%	35		1.6	%	33		0.8	%
	Phoenix-Mesa		14		3,681		92.82	%	5,883		2,828		3,055		5,738		2,588		3,150		145		2.5	%	240		9.3	%	(95	)	-3.0	%
	Seattle		4		468		52.88	%	542		277		265		501		271		230		41		8.2	%	6		2.2	%	35		15.2	%
	Salt Lake City-Ogden		1		450		56.84	%	524		187		337		493		156		337		31		6.3	%	31		19.9	%	0		0.0	%
			36		8,491		83.21	%	13,531		5,555		7,976		13,246		5,243		8,003		285		2.2	%	312		6.0	%	(27	)	-0.3	%
California
	Los Angeles-Long Beach - Ventura		15		4,830		88.48	%	17,233		4,603		12,630		17,200		5,319		11,881		33		0.2	%	(716	)	-13.5	%	749		6.3	%
	San Diego		7		2,237		98.14	%	6,583		1,988		4,595		6,391		1,679		4,712		192		3.0	%	309		18.4	%	(117	)	-2.5	%
	Orange County - Riverside		7		1,611		97.40	%	5,253		1,798		3,455		5,117		1,245		3,872		136		2.7	%	553		44.4	%	(417	)	-10.8	%
	Bay Area		6		1,661		58.64	%	3,069		1,047		2,022		3,164		1,007		2,157		(95	)	-3.0	%	40		4.0	%	(135	)	-6.3	%
	Sacramento		1		180		20.25	%	93		39		54		96		41		55		(3	)	-3.1	%	(2	)	-4.9	%	(1	)	-1.8	%
			36		10,519		86.02	%	32,231		9,475		22,756		31,968		9,291		22,677		263		0.8	%	184		2.0	%	79		0.3	%
SAME STORE SALES - CORE PROPERTIES TOTALS			331		102,971		83.93	%	202,556		79,601		122,955		201,609		75,994		125,615		947		0.5	%	3,607		4.7	%	(2,660	)	-2.1	%
Plus: Same Store Sales - Non-Core Properties (see Supplemental Schedule XXVIII)									82,237		39,245		42,992		81,302		37,539		43,763
Total Same Store Sales (see Supplemental Schedule XIII)									284,793		118,846		165,947		282,911		113,533		169,378

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Supplemental Schedule XXVIII

Same Store Sales - Non-Core Properties
Third Quarter 2003 versus Second Quarter 2003
(unaudited) (in thousands, except site and unit data)

																					Change Three Months Ended September 30, 2003 Less June 30, 2003
									Three Months Ended September 30, 2003						Three Months Ended June 30, 2003
																					Revenue				Expenses				NOI
			Sites		Units		Owner%		REV		EXP		NOI		REV		EXP		NOI		Amt		%		Amt		%		Amt		%
Northeast
	Washington		5		1,010		77.25	%	1,863		756		1,107		1,956		650		1,306		(93	)	-4.8	%	106		16.3	%	(199	)	-15.2	%
	Baltimore		2		493		100.00	%	1,165		438		727		1,149		495		654		16		1.4	%	(57	)	-11.5	%	73		11.2	%
	Other Markets		2		554		82.14	%	1,000		392		608		998		454		544		2		0.2	%	(62	)	-13.7	%	64		11.8	%
			9		2,057		84.02	%	4,028		1,586		2,442		4,103		1,599		2,504		(75	)	-1.8	%	(13	)	-0.8	%	(62	)	-2.5	%
Southeast
	Other Markets		33		6,865		75.27	%	8,215		3,915		4,300		8,185		3,557		4,628		30		0.4	%	358		10.1	%	(328	)	-7.1	%
	Atlanta		7		1,983		96.15	%	3,676		1,665		2,011		3,059		1,647		1,412		617		20.2	%	18		1.1	%	599		42.4	%
	Nashville		6		2,220		74.36	%	2,694		1,177		1,517		2,615		1,096		1,519		79		3.0	%	81		7.4	%	(2	)	-0.1	%
	Charlotte-Gastonia-Rock Hill		9		1,780		82.48	%	2,072		1,153		919		2,077		1,163		914		(5	)	-0.2	%	(10	)	-0.9	%	5		0.5	%
	Raleigh-Durham-Chapel Hill		4		1,046		84.32	%	1,502		693		809		1,508		596		912		(6	)	-0.4	%	97		16.3	%	(103	)	-11.3	%
	Norfolk		3		704		93.73	%	1,296		519		777		1,274		459		815		22		1.7	%	60		13.1	%	(38	)	-4.7	%
	Columbia		4		1,006		68.49	%	1,137		571		566		1,117		511		606		20		1.8	%	60		11.7	%	(40	)	-6.6	%
	Richmond - Petersburg		2		305		83.90	%	512		197		315		489		179		310		23		4.7	%	18		10.1	%	5		1.6	%
			68		15,909		79.70	%	21,104		9,890		11,214		20,324		9,208		11,116		780		3.8	%	682		7.4	%	98		0.9	%
Florida
	Orlando - Daytona		17		4,109		84.35	%	6,567		2,905		3,662		6,371		2,866		3,505		196		3.1	%	39		1.4	%	157		4.5	%
	Tampa-St. Petersburg		8		2,072		75.37	%	2,936		1,306		1,630		2,911		1,185		1,726		25		0.9	%	121		10.2	%	(96	)	-5.6	%
	Jacksonville		3		972		78.97	%	1,456		580		876		1,465		553		912		(9	)	-0.6	%	27		4.9	%	(36	)	-3.9	%
	Other Markets		2		456		70.29	%	590		202		388		566		208		358		24		4.2	%	(6	)	-2.9	%	30		8.4	%
	West Palm Beach-Boca		1		222		100.00	%	507		170		337		485		207		278		22		4.5	%	(37	)	-17.9	%	59		21.2	%
			31		7,831		80.93	%	12,056		5,163		6,893		11,798		5,019		6,779		258		2.2	%	144		2.9	%	114		1.7	%
Midwest
	Indianapolis		14		3,326		74.07	%	3,698		2,112		1,586		3,868		2,068		1,800		(170	)	-4.4	%	44		2.1	%	(214	)	-11.9	%
	Grand Rapids-Lansing		9		2,581		91.04	%	3,687		1,663		2,024		3,755		1,632		2,123		(68	)	-1.8	%	31		1.9	%	(99	)	-4.7	%
	Other Markets		17		3,735		58.36	%	3,638		1,664		1,974		3,694		1,636		2,058		(56	)	-1.5	%	28		1.7	%	(84	)	-4.1	%
	Cincinnati - Dayton		9		1,941		68.84	%	2,311		992		1,319		2,311		952		1,359		0		0.0	%	40		4.2	%	(40	)	-2.9	%
	Chicago		3		679		87.67	%	1,363		763		600		1,286		928		358		77		6.0	%	(165	)	-17.8	%	242		67.6	%
	Columbus		3		708		75.59	%	777		389		388		752		397		355		25		3.3	%	(8	)	-2.0	%	33		9.3	%
	Detroit - Ann Arbor		2		353		84.37	%	390		195		195		400		196		204		(10	)	-2.5	%	(1	)	-0.5	%	(9	)	-4.4	%
	Kansas City		2		427		44.67	%	365		138		227		350		120		230		15		4.3	%	18		15.0	%	(3	)	-1.3	%
	Fort Wayne		1		156		55.15	%	127		67		60		132		68		64		(5	)	-3.8	%	(1	)	-1.5	%	(4	)	-6.3	%
			60		13,906		72.16	%	16,356		7,983		8,373		16,548		7,997		8,551		(192	)	-1.2	%	(14	)	-0.2	%	(178	)	-2.1	%
Texas
	Dallas-Fort Worth		17		3,816		77.32	%	4,832		2,607		2,225		4,853		2,499		2,354		(21	)	-0.4	%	108		4.3	%	(129	)	-5.5	%
	San Antonio		13		3,045		100.00	%	4,725		2,321		2,404		4,632		2,186		2,446		93		2.0	%	135		6.2	%	(42	)	-1.7	%
	Houston - Galveston		12		2,860		92.05	%	3,889		2,211		1,678		4,024		2,007		2,017		(135	)	-3.4	%	204		10.2	%	(339	)	-16.8	%
	Other Markets		8		1,747		71.69	%	1,860		898		962		1,865		816		1,049		(5	)	-0.3	%	82		10.0	%	(87	)	-8.3	%
	Austin-San Marcos		3		720		82.31	%	978		486		492		964		415		549		14		1.5	%	71		17.1	%	(57	)	-10.4	%
			53		12,188		85.93	%	16,284		8,523		7,761		16,338		7,923		8,415		(54	)	-0.3	%	600		7.6	%	(654	)	-7.8	%
West
	Phoenix-Mesa		14		3,766		88.88	%	4,854		2,698		2,156		4,680		2,679		2,001		174		3.7	%	19		0.7	%	155		7.7	%
	Salt Lake City-Ogden		5		1,665		79.93	%	2,289		773		1,516		2,226		741		1,485		63		2.8	%	32		4.3	%	31		2.1	%
	Las Vegas		4		1,253		86.62	%	1,837		858		979		1,836		748		1,088		1		0.1	%	110		14.7	%	(109	)	-10.0	%
	Tucson		4		1,157		100.00	%	1,550		738		812		1,582		635		947		(32	)	-2.0	%	103		16.2	%	(135	)	-14.3	%
	Other Markets		5		1,024		62.83	%	1,052		511		541		1,062		460		602		(10	)	-0.9	%	51		11.1	%	(61	)	-10.1	%
	Denver - Front Range, CO		5		851		66.88	%	827		522		305		805		530		275		22		2.7	%	(8	)	-1.5	%	30		10.9	%
			37		9,716		83.71	%	12,409		6,100		6,309		12,191		5,793		6,398		218		1.8	%	307		5.3	%	(89	)	-1.4	%
SAME STORE SALES - NON-CORE PROPERTIES TOTALS			258		61,607		80.16	%	82,237		39,245		42,992		81,302		37,539		43,763		935		1.2	%	1,706		4.5	%	(771	)	-1.8	%
Plus: Same Store Sales - Core Properties (see Supplemental Schedule XXVII)									202,556		79,601		122,955		201,609		75,994		125,615
Total Same Store Sales (see Supplemental Schedule XIII)									284,793		118,846		165,947		282,911		113,533		169,378

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QuickLinks

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

SIGNATURE

Consolidated Statements of Income (in thousands, except per share data) (unaudited)
Consolidated Balance Sheets (in thousands) (unaudited)

Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)
Funds From Operations and Adjusted Funds From Operations (in thousands, except per share data) (unaudited)

Free Cash Flow from Business Segments For the Three Months Ended September 30, 2003 (in thousands, except unit and monthly rent data) (unaudited)
Free Cash Flow from Business Segments For the Three Months Ended September 30, 2003 (in thousands, except per share/unit data) (unaudited)

Free Cash Flow from Business Segments and Reconciliation to Income from Property Operations (in thousands) (unaudited)
Proportionate Income Statement Presentation (Including Proportionate Consolidated Income Statement) For the Three Months Ended September 30, 2003 (in thousands, except per share data) (unaudited)

Selected Statistical and Balance Sheet Information As of September 30, 2003 (in thousands, except Other data) (unaudited)
Capital Expenditures As of September 30, 2003 (in thousands) (unaudited)

Summary of 2003 Redevelopment Activity As of September 30, 2003 (in millions, except unit data) (values are not adjusted for Aimco's ownership) (unaudited)

Income Statement Information Q3 2003 compared to Q3 2002 (in thousands) (unaudited)

Same Store Sales Third Quarter 2003 versus Third Quarter 2002 (unaudited) (in thousands, except site and unit data)
Income Statement Information YTD 2003 compared to YTD 2002 (in thousands) (unaudited)

Same Store Sales Year to Date 2003 versus Year to Date 2002 (unaudited) (in thousands, except site and unit data)
Income Statement Information Q3 2003 compared to Q2 2003 (in thousands) (unaudited)

Same Store Sales Third Quarter 2003 versus Second Quarter 2003 (unaudited) (in thousands, except site and unit data)

Outlook and Forward Looking Statement Fourth Quarter 2003 and YTD 2003 (unaudited)
Apartment Unit Summary As of September 30, 2003 (unaudited)

REPORTING BY BUSINESS COMPONENT
Business Components Income Statement Presentation For the Three Months Ended September 30, 2003 (in thousands) (unaudited)

Business Component Proportionate Income Statement Presentation For the Three Months Ended September 30, 2003 (in thousands) (unaudited)
Business Component Balance Sheet Presentation As of September 30, 2003 (in thousands) (unaudited)

Business Component Proportionate Balance Sheet Presentation As of September 30, 2003 (in thousands) (unaudited)
CONVENTIONAL PORTFOLIO: SUMMARY BY MARKET SELECTED MARKETS

PORTFOLIO SUMMARY ALL CONVENTIONAL PROPERTIES
PORTFOLIO SUMMARY SAME STORE SALES (SSS) CONVENTIONAL PROPERTIES

PORTFOLIO SUMMARY SAME STORE PERFORMANCE

Same Store Sales - Core Properties Third Quarter 2003 versus Third Quarter 2002 (unaudited) (in thousands, except site and unit data)
Same Store Sales - Non-Core Properties Third Quarter 2003 versus Third Quarter 2002 (unaudited) (in thousands, except site and unit data)
Same Store Sales - Core Properties Year to Date 2003 versus Year to Date 2002 (unaudited) (in thousands, except site and unit data)
Same Store Sales - Non-Core Properties Year to Date 2003 versus Year to Date 2002 (unaudited) (in thousands, except site and unit data)
Same Store Sales - Core Properties Third Quarter 2003 versus Second Quarter 2003 (unaudited) (in thousands, except site and unit data)
Same Store Sales - Non-Core Properties Third Quarter 2003 versus Second Quarter 2003 (unaudited) (in thousands, except site and unit data)