Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-13232 (Apartment Investment and Management Company) Commission File Number 0-24497 (AIMCO Properties, L.P.) ...

Apartment Investment and Management Company (NYSE:AIV) Q3 2019 Results Conference Call November 1, 2019 1:00 PM ET Company Participants Lisa Cohn - Executive Vice President and General Counsel Terry Considine - Chairman and CEO Keith Kimmel - Executive Vice President, Property Operations Wes Powell - Executive Vice President, Redevelopment Paul Beldin - Chief Financial Officer Conference Call Participants John Kim - BMO Capital Markets Shirley Wu - Bank of America Merrill Lynch Trent Trujillo - Scotiabank N ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) Unaudited condensed consolidated financial statements for Aimco and its operating partnership for the quarterly period ended June 30, 2019 [Apartment Investment and Management Company (Aimco) Financial Statements](index=4&type=section&id=Apartment%20Investment%20and%20Management%20Company%20Financial%20Statements) Aimco's total assets grew to $6.24 billion, with H1 net income rising to $330.8 million due to gains on real estate dispositions Aimco Condensed Consolidated Balance Sheet Data (in thousands) | Balance Sheet Item | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | Total Assets | $6,240,804 | $6,190,004 | | Total Liabilities | $4,296,760 | $4,325,072 | | Total Aimco Equity | $1,763,218 | $1,699,419 | Aimco Condensed Consolidated Statement of Operations Data (in thousands, except per share data) | Income Statement Item | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | | Total Revenues | $454,435 | $497,907 | | Gain on dispositions of real estate | $355,783 | $53,505 | | Net Income Attributable to Aimco | $338,592 | $88,829 | | Net Income per Common Share - Diluted | $2.25 | $0.55 | - Net cash from operating activities was **$170.0 million** for H1 2019, while net cash from investing activities was **$197.5 million**[19](index=19&type=chunk) [AIMCO Properties, L.P. Financial Statements](index=11&type=section&id=AIMCO%20Properties%2C%20L.P.%20Financial%20Statements) The operating partnership's financials mirror Aimco's, with H1 net income reaching $361.1 million driven by disposition gains AIMCO Properties, L.P. Condensed Consolidated Balance Sheet Data (in thousands) | Balance Sheet Item | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | Total Assets | $6,240,804 | $6,190,004 | | Total Liabilities | $4,296,760 | $4,325,072 | | Total Partners' Capital | $1,842,866 | $1,763,641 | AIMCO Properties, L.P. Condensed Consolidated Statement of Operations Data (in thousands) | Income Statement Item | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | | Total Revenues | $454,435 | $497,907 | | Gain on dispositions of real estate | $355,783 | $53,505 | | Net Income Attributable to the Aimco Operating Partnership | $361,130 | $96,595 | [Notes to the Condensed Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment reporting, and significant H1 2019 transactions including acquisitions and dispositions - As of June 30, 2019, Aimco owned an equity interest in **128 apartment communities** with 33,820 apartment homes[27](index=27&type=chunk)[29](index=29&type=chunk) - The company has four reportable segments: **Same Store (95 communities)**, Redevelopment and Development (7 communities), Acquisition (7 communities), and Other Real Estate (15 communities)[73](index=73&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk) - As of June 30, 2019, the company had commitments of approximately **$235.9 million** related to redevelopment and development activities[53](index=53&type=chunk) Significant Transactions - H1 2019 (dollars in thousands) | Transaction Type | Details | | :--- | :--- | | **Acquisition** | Acquired 1 apartment community (110 homes) in Ardmore, PA for a purchase price of $66,725 | | **Disposition** | Sold 8 apartment communities (2,605 homes) for a total gain of $355,783 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=28&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2019 performance, including a 4.6% Same Store NOI increase and strategic capital recycling initiatives [Executive Overview](index=28&type=section&id=Executive%20Overview) Q2 2019 Same Store NOI grew 4.6% amid ongoing capital recycling, with leverage slightly above the target of 7.0x - The company invested **$51.7 million** in redevelopment and development during Q2 2019, with ongoing projects in multiple cities[108](index=108&type=chunk) - Average revenue per apartment home increased **6% YoY to $2,218** in Q2 2019, driven by Same Store growth and portfolio recycling[114](index=114&type=chunk)[116](index=116&type=chunk) Q2 2019 Same Store Portfolio Performance | Metric | Q2 2019 | Change vs. Q2 2018 | | :--- | :--- | :--- | | Average Daily Occupancy | 96.9% | +60 bps | | Net Operating Income (NOI) | - | +4.6% | | NOI Margin | 73.3% | +60 bps | | Weighted Avg. Rent Increase | 3.6% | - | Leverage Ratios as of Q2 2019 | Ratio | Value | Target | | :--- | :--- | :--- | | Proportionate Debt and Preferred Equity to Adjusted EBITDAre | 7.4x | < 7.0x | | Adjusted EBITDAre to Adjusted Interest Expense and Preferred Dividends | 3.3x | > 2.5x | [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q2 2019 net income rose due to disposition gains, while Pro forma FFO per share slightly decreased by $0.01 - **Pro forma FFO per share decreased $0.01** in Q2 2019 vs Q2 2018, as Same Store NOI growth was offset by prior-year asset sales[139](index=139&type=chunk) - General and administrative expenses **decreased 12.7% in Q2 2019** and 10.9% in H1 2019 compared to prior year periods[166](index=166&type=chunk) Proportionate Property NOI by Segment - Q2 2019 vs Q2 2018 (in thousands) | Segment | Q2 2019 NOI | Q2 2018 NOI | % Change | | :--- | :--- | :--- | :--- | | Same Store | $129,206 | $123,550 | 4.6% | | Redevelopment & Development | $12,136 | $11,546 | 5.1% | | Acquisition | $7,263 | $4,483 | 62.0% | | Other Real Estate | $5,371 | $5,699 | (5.8%) | Proportionate Property NOI by Segment - H1 2019 vs H1 2018 (in thousands) | Segment | H1 2019 NOI | H1 2018 NOI | % Change | | :--- | :--- | :--- | :--- | | Same Store | $256,590 | $244,272 | 5.0% | | Redevelopment & Development | $25,199 | $23,124 | 9.0% | | Acquisition | $14,403 | $5,539 | 160.0% | | Other Real Estate | $10,951 | $11,164 | (1.9%) | [Non-GAAP Measures](index=38&type=section&id=Non-GAAP%20Measures) This section defines and reconciles key non-GAAP metrics like FFO, AFFO, and Adjusted EBITDAre to GAAP Net Income FFO and AFFO Reconciliation per Share (Diluted) | Per Share Data | Q2 2019 | Q2 2018 | H1 2019 | H1 2018 | | :--- | :--- | :--- | :--- | :--- | | Net Income Attributable to Aimco | $0.40 | $0.02 | $2.25 | $0.55 | | Nareit FFO | $0.56 | $0.61 | $1.17 | $1.23 | | Pro forma FFO | $0.60 | $0.61 | $1.21 | $1.20 | | AFFO | $0.51 | $0.54 | $1.06 | $1.07 | Reconciliation to Proportionate Debt and Preferred Equity (in thousands) | Item | June 30, 2019 | | :--- | :--- | | Total Indebtedness | $3,997,447 | | Adjustments | ($144,909) | | **Proportionate Debt** | **$3,852,538** | | Preferred Equity | $101,178 | | **Proportionate Debt and Preferred Equity** | **$3,953,716** | Reconciliation to Annualized Adjusted EBITDAre (in thousands) | Item | Q2 2019 (Annualized) | | :--- | :--- | | Net Income | $69,996 | | Adjustments to EBITDAre | $65,538 | | **EBITDAre** | **$135,534** | | Adjustments to Adjusted EBITDAre | ($1,899) | | **Adjusted EBITDAre** | **$133,635** | | **Annualized Adjusted EBITDAre** | **$534,540** | [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains ample liquidity through cash, a credit facility, and unencumbered assets to fund capital commitments - As of June 30, 2019, primary liquidity sources included **$34.0 million in cash** and **$498.1 million of borrowing capacity** on the revolving credit facility[213](index=213&type=chunk) - Subsequent to quarter-end, the company rate-locked **$587.0 million of new non-recourse property debt** at a weighted average rate of 3.37%[126](index=126&type=chunk)[218](index=218&type=chunk) - The total estimated net investment in ongoing redevelopment and development projects is **$573.3 million**, with $206.1 million funded to date[240](index=240&type=chunk) Capital Additions - H1 2019 vs H1 2018 (in thousands) | Category | H1 2019 | H1 2018 | | :--- | :--- | :--- | | Capital replacements | $19,777 | $13,526 | | Capital enhancements | $41,487 | $44,064 | | Redevelopment additions | $41,267 | $70,778 | | Development additions | $55,611 | $17,416 | | **Total Capital Additions** | **$179,143** | **$156,053** | [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes were reported from the market risk disclosures in the 2018 Annual Report on Form 10-K - There have been **no material changes** from the market risk disclosures in the 2018 Form 10-K[249](index=249&type=chunk) [Controls and Procedures](index=49&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - Management concluded that the disclosure controls and procedures for both Aimco and the Aimco Operating Partnership were **effective** as of June 30, 2019[249](index=249&type=chunk)[251](index=251&type=chunk) - **No material changes** to internal control over financial reporting occurred during the second quarter of 2019[250](index=250&type=chunk)[252](index=252&type=chunk) [PART II. OTHER INFORMATION](index=50&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Risk Factors](index=50&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes were reported from the risk factors disclosed in the 2018 Annual Report on Form 10-K - There have been **no material changes** from the risk factors disclosed in the 2018 Form 10-K[254](index=254&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details Q2 2019 equity issuances for acquisitions and redemptions, with no common stock repurchases - Aimco issued approximately **70,000 shares of Common Stock** in exchange for common OP Units tendered for redemption during Q2 2019[255](index=255&type=chunk) - The Aimco Operating Partnership issued **59,761 common OP Units** as partial consideration for the acquisition of the One Ardmore apartment community[257](index=257&type=chunk) - Aimco made **no repurchases of its common stock** in Q2 2019, with authorization remaining to repurchase approximately 10.6 million shares[256](index=256&type=chunk) - The Aimco Operating Partnership repurchased **31,552 units for cash** at an average price of $49.94 per unit during Q2 2019[259](index=259&type=chunk) [Exhibits](index=52&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the report, including governance documents and Sarbanes-Oxley certifications - The report includes standard exhibits such as the company charter, bylaws, and **CEO/CFO certifications under Sarbanes-Oxley**[263](index=263&type=chunk) [Signatures](index=53&type=section&id=Signatures) The report is duly signed and authorized by the Executive Vice President and Chief Financial Officer on August 9, 2019 - The report was signed on **August 9, 2019**, by Paul Beldin, EVP and CFO[266](index=266&type=chunk)[267](index=267&type=chunk)

Apartment Investment and Management Co (NYSE:AIV) Q2 2019 Earnings Conference Call August 2, 2019 1:00 PM ET Company Participants Lisa Cohn - EVP, General Counsel & Secretary Terry Considine - Chairman & CEO Keith Kimmel - EVP, Property Operations Wesley Powell - EVP, Redevelopment Paul Beldin - CFO John Bezzant - EVP & CIO Conference Call Participants Nicholas Joseph - Citigroup Piljung Kim - BMO Capital Markets Trent Trujillo - Scotiabank Shirley Wu - Bank of America Merrill Lynch Austin Wurschmidt - KeyB ...

Net Asset Value Overview - As of March 31, 2019, Aimco's estimated Net Asset Value (NAV) was $56 per share[15] - The fair value of real estate was estimated at $80 per share[17] - The fair value of leverage was a negative $26 per share[15] - The fair value of other tangible assets and liabilities was $2 per share[15] Valuation Methodology - The stabilized portfolio, consisting of 119 communities, was valued using a direct capitalization rate (cap rate) method, representing approximately 88% of the real estate fair value[10] - Redevelopment and development communities under construction, comprising four communities, were valued based on discounting projected future cash flows, accounting for approximately 9% of the real estate fair value[10] - Other real estate, including five recently acquired communities, two ground-up development communities, and certain land investments, were valued at Aimco's cost, representing approximately 3% of the real estate fair value[11] Portfolio Composition - The stabilized portfolio was valued at $11102 million, based on an NOI of $544 million and a cap rate of 49%[21] - The non-stabilized portfolio included redevelopment communities under construction valued at $1133 million and other real estate valued at $380 million, totaling $1513 million[20] Assets and Liabilities - The fair value of other tangible assets was $485 million, while the fair value of other tangible liabilities was $179 million, resulting in a net value of $306 million[22,23] - The fair value of leverage was $4177 million[24] - The fair value of preferred equity was $226 million[22]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________________________________ Form 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-13232 (Apartment Investment and Mana ...

Financial Data and Key Metrics Changes - Aimco reported a solid first quarter with AFFO of $0.55 per share, which was $0.02 ahead of the midpoint of guidance due to better-than-expected operating results [19] - The company ended the first quarter with $198 million in cash and the capacity to borrow $723 million on its revolving credit facility, indicating a strong balance sheet [18] - Net operating income (NOI) was up 5.5% for the quarter, reflecting effective revenue and expense management [11] Business Line Data and Key Metrics Changes - Same-store revenues increased by 4.2% for the quarter, with top markets like Washington DC, The Bay Area, Boston, Los Angeles, and Philadelphia showing growth over 4.5% [11] - Daily occupancy averaged 97%, which is 90 basis points better than the first quarter of 2018, indicating strong operational performance [10] - New leases were up 80 basis points, renewals increased by 5.2%, and same-store blended lease rates rose by 2.9% [12] Market Data and Key Metrics Changes - The company experienced solid performances in markets such as San Diego, Seattle, and Chicago, with growth rates of 3% [11] - Preliminary April same-store results showed continued momentum with blended lease rates up 3.4% and new lease rates up 1.6% [12] Company Strategy and Development Direction - Aimco's strategy focuses on creating net asset value per share through operational excellence, accretive redevelopment, and disciplined capital allocation [7] - The company is maintaining its target investment range for redevelopment and development at between $225 million and $275 million for the year [13] - Aimco is actively pursuing acquisitions that offer high free cash flow IRRs on a risk-adjusted basis, with a focus on unique opportunities rather than specific asset classes [79] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the U.S. economy and strong consumer demand, expecting 2019 to be another good year [8] - The company is cautious about raising guidance due to being only a third of the way through its leasing activities for the year [25] - Management highlighted the importance of culture and teamwork in driving operational improvements and achieving strategic goals [75] Other Important Information - Aimco declared a quarterly cash dividend of $0.39 per share, a 3% increase over the quarterly dividend paid in 2018 [21] - The company adopted a new accounting standard affecting how indirect costs related to resident leases are recognized, which has been reflected in the financial results [20] Q&A Session Summary Question: Why is there hesitation to raise guidance despite strong results? - Management believes the current guidance range is appropriate as they are only a third of the way through leasing activities for the year [25] Question: What are the latest thoughts on rent control and affordability initiatives? - Management expressed concern over the political discussions surrounding rent control, noting recent developments in states like Oregon and California [27] Question: Can you provide details on the 707 Leahy redevelopment? - The redevelopment is expected to yield a cash-on-cash return of about 5% and is positioned to attract higher-income residents [33] Question: What is the impact of turnover on NOI? - A lease that renews is 20% to 30% more profitable than a new lease, indicating significant savings from reduced turnover [38] Question: What is the rationale for maintaining a 16% weighting in C properties? - These properties serve primarily as a land bank for future redevelopment opportunities [42] Question: What are the leasing trends in the Los Angeles market? - The Los Angeles market, particularly in Mid-Wilshire, has shown strong performance with occupancy rates above 97% [51] Question: What is the cap rate for recent asset sales? - The sales achieved an NOI cap rate of 5.6% and a free cash flow cap rate of 5% [62] Question: What is the outlook for acquisitions? - The company is looking for opportunities that provide above-average growth potential, regardless of asset class [79]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________________ Form 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-13232 (Apartment Investment and ...

Financial Data and Key Metrics Changes - The company increased net asset value by almost 6% and economic income by more than 8% in 2018 [7] - Fourth quarter pro forma FFO and AFFO per share met the midpoint of guidance at $0.63 and $0.53 respectively [20] - Full year pro forma FFO per share was $2.47 and AFFO per share was $2.16, exceeding original guidance [20] Business Line Data and Key Metrics Changes - Same-store revenues were up 3.4% for the fourth quarter, with a full year increase of 3.1% [11][21] - Fourth quarter NOI margin was 75.6%, the highest performance on record, with a full year result of 74.2% [10][11] - New leases were up 20 basis points, renewals were up 4.3%, and same-store blended lease rates were up 2% [12] Market Data and Key Metrics Changes - Top revenue performers included Boston, the Bay Area, San Diego, and Seattle with increases over 4% [11] - Revenue growth in Los Angeles, Washington D.C., Miami, and Denver was around 3% [11] - Atlanta, Chicago, New York, and Philadelphia had the lowest revenue growth, ranging from flat to 2.5% [11] Company Strategy and Development Direction - The company exited the affordable business and made accretive acquisitions in Philadelphia and Northern Virginia [7] - Plans to increase redevelopment and development spending to between $225 million and $275 million in 2019, a 40% increase over 2018 [15] - The company aims to reduce total leverage by about 10% during the coming year [8] Management's Comments on Operating Environment and Future Outlook - Management expects 2019 market conditions to be the same as or better than last year, despite competitive new building challenges [8] - Economic income growth is expected to be similar to that achieved in 2018, with same-store revenue growth projected between 2.8% and 3.8% [21] - The company anticipates a stable and cohesive team, recognized as a best workplace in Colorado for six consecutive years [8] Other Important Information - The company repurchased 6% of its shares at about a 20% discount to net asset value per share [7] - A special dividend was declared, consisting of a regular quarterly revenue of $0.39 per share plus $1.54 per share of additional consideration [19] - The company improved its balance sheet by reducing 2019 to 2021 maturities by more than one-half [8] Q&A Session Summary Question: What is the appetite for executing on larger transactions in selling the company? - Management will consider any such transaction as fiduciaries and what's best for shareholders [26] Question: Will the share repurchase program continue? - Management views share buybacks as a tool to create value and will compare opportunities on a risk-adjusted basis [28] Question: What is the investment thesis on Atlanta? - Atlanta is a competitive real estate market prone to oversupply, and management prefers to redeploy capital to areas with better risk-adjusted growth [31] Question: How is revenue growth expected in Seattle? - Revenue growth in Seattle was strong, but the impact is minimal due to the limited number of buildings [35] Question: What are the expected same-store revenue outcomes for 2019? - The top markets with the most positive outlook are Boston, D.C., and LA [39] Question: What is the timing of the expected dispositions? - About half of the dispositions are expected to occur in the first quarter, with the remainder spread throughout the year [68] Question: What is the expected blended cap rate for dispositions in 2019? - The blended cap rate is expected to be in the mid-5s [71] Question: Will there be any tax benefits post-2019? - The company expects about $8 million of tax benefit in 2019, with a similar run rate going forward [73]