Oak Shore

Corte Madera, CA

STRATEGIC OVERVIEW &

INVESTOR PRESENTATION
O C TO BE R 2
021
Hamilton on 2the Bay
Miami,
2 FL
FORWARD LOOKING STATEMENTS
This presentation contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements
regarding: Aimco’s business strategy, pipeline, and targeted opportunities. Forward-looking statements include all statements that are not historical
statements of fact and those regarding our intent, belief, or expectations. We caution investors not to place undue reliance on any such forward-
looking statements.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or
the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current
expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those
projected, forecasted or expected. Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are
not limited to: the effects of the coronavirus pandemic on Aimco’s business and on the global and U.S. economies generally, and the ongoing, dynamic
and uncertain nature and duration of the pandemic, all of which heightens the impact of the other risks and factors described herein, and the impact
on entities in which Aimco holds a partial interest, including its indirect interest in the partnership that owns Parkmerced Apartments, and the impact
of coronavirus related governmental lockdowns on Aimco’s residents, commercial tenants, and operations; real estate and operating risks, including
fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets;
national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of
competitive new housing supply; the timing and effects of acquisitions, dispositions, developments and redevelopments; expectations regarding sales
of apartment communities and the use of proceeds thereof; insurance risks, including the cost of insurance, and natural disasters and severe weather
such as hurricanes; financing risks, including the availability and cost of financing; the risk that cash flows from operations may be insufficient to meet
required payments of principal and interest; the risk that earnings may not be sufficient to maintain compliance with debt covenants, including
financial coverage ratios; legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the
terms of laws and governmental regulations that affect us and interpretations of those laws and regulations; possible environmental liabilities,
including costs, fines or penalties that may be incurred due to necessary remediation of contamination of real estate presently or previously owned by
Aimco; the relationship between Aimco and Separate Entities after the Separation; the ability and willingness of the Separate Entities and their
subsidiaries to meet and/or perform their obligations under the contractual arrangements that were entered into among the parties in connection with
the Separation and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and
liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the Separation; and such other risks and uncertainties
described from time to time in filings by Aimco or the Separate Entities with the Securities and Exchange Commission (“SEC”).Although we believe
that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.

Readers should carefully review Aimco’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Aimco’s
Annual Report on Form 10-K for the year ended December 31, 2020, and subsequent Ǫuarterly Reports on Form 10-Ǫ and other documents Aimco
files from time to time with the SEC. These filings identify and address important risks and uncertainties that could cause actual events and results to
differ materially from those contained in the forward-looking statements.

These forward-looking statements reflect management’s judgment as of this date, and Aimco assumes no (and disclaims any) obligation to revise or
update them to reflect future events or circumstances.

Certain financial and operating measures found herein are used by management and are not defined under accounting principles generally accepted in
the United States, or GAAP. These measures are reconciled to the most comparable GAAP measures at the end of this presentation. Definitions can be
found in Aimco’s Earnings Release and Supplemental Schedules for the quarter ended June 30, 2021.

3
Aimco is a diversified real estate investment company with a 27+ year history of growth and
innovation in the multifamily sector. Since completing a strategic business separation in late
2020 the Aimco platform has been focused on a total return strategy that includes value add,
opportunistic, and alternative investments that offer the prospect of outsized returns on a risk-
adjusted basis, while maintaining an allocation to stabilized properties.

ASSETS UNDER MANAGEMENT & KEY REAL ESTATE

DEVELOPMENT WHERE AIMCO IS TRADED MARKETS

$3.4 billion NYSE: AIV 8+

EXECUTIVE MANAGEMENT AIMCO-CONTROLLED
APARTMENT HOMES AVERAGE TENURE INVESTMENT PIPELINE

6,000+ 18 years >$2 billion

4
Key Takeaways:

1. Aimco has a NEW MISSION AND GROWTH STRATEGY following our recent separation
from AIRC…remaining focused on MULTIFAMILY HOUSING but with an increased
allocation to VALUE-ADD AND OPPORTUNISTIC investments.
2. Aimco has a BEST-IN-CLASS PLATFORM, AN EXISTING PORTFOLIO OF VALUE ADD
AND STABLE CORE PROPERTIES, AND AN INVESTMENT PIPELINE that leads to
superior risk-adjusted returns.
3. Aimco’s financing plan ACCELERATES GROWTH VIA CAPITAL RECYCLING
and
DIVERSIFIED SOURCES, without the need for new equity issuance.
4. Aimco projects annualized NAV growth of ~9% over the next five-year period and
SUSTAINED RETURNS OF 12-16% following our planned transition to an optimal
capital allocation.
5. Aimco maintains RISK-MANAGEMENT GUARDRAILS that define our investment
parameters and protect our downside.
6. Aimco is committed to EXCELLENT CORPORATE CITIZENSHIP (ESG).

5
 OVERVIEW

AIMCO
MISSION
To make real estate investments, primarily focused on the multifamily sector within the
continental United States, where outcomes are enhanced through our human capital and
substantial value is created for investors, teammates, and the communities in which we operate.

WHAT WE INVEST IN:

Real estate assets and related businesses.
Primarily focused on Value-Add investments
in the Multifamily Sector.

WHERE WE INVEST:
U.S. Markets where barriers to entry are high,
where target customers can be clearly defined,
and where Aimco has a Comparative
Advantage over others in the market; which may
include local market knowledge from regional
investment teams.

WHEN WE INVEST:
During the period that produces the Highest
Return on Aimco Capital and then monetize.

HOW WE INVEST:
Primarily through Direct Investment In The
General Partner Position with occasional direct Flamingo Point
limited partner and indirect investments. Miami Beach, FL

6
 OVERVIEW

WHY REAL ESTATE? – Relative Valuation

Real estate is primed for future growth in value.
• Interest rates have trended downward over the last 3+ decades, and relative
spreads for real estate vs. bond alternatives are at or near record levels.

Unleveraged Return Expectations on Real Estate vs. Fixed Income

Real Estate Long-Term Baa-Rated Corporates
High-Yield Bonds
15%

13%

11%

9%

7%
6.2%

5%
4.1%
3.2%
3%
'86 '91 '96 '01 '06 '11 '16 '21

Source: Green Street

7
 OVERVIEW

WHY MULTIFAMILY? – Supply & Demand

Apartments are primed to capture future upside.
• Supply growth in the intermediate-term will be steady. Positive rental market trends should lead to an attractive
development market over the next five years.
• Improvements in the labor market will continue to benefit apartment fundamentals across most markets, as
payrolls exceed pre-Covid levels after ‘22.
• Uncoupling of young adults from parents/roommates will benefit near-term demand.
• Surging home prices will lead to tenants renting longer, pushing vacancy down and rents up.

MULTIFAMILY SUPPLY GROWTH TWELVE-MONTH HOME PRICE CHANGES

Purchase-Only FHFA HPI (Seasonally Adjusted, Nominal)
As % of Inventory (Left Axis) 5-Yr Average ('16-'20)
Price Change: July 2019 - July 2020 Price Change: July 2020 - July
2021

25.6%

22.0%
20.8%
20.2%
19.2%
18.3% 18.0%
17.7%
16.2%
15.6%

8.5%
7.1% 7.4% 7.4% 7.4%
6.9% 6.6% 6.7% 6.3%
5.6%

U.S. Pacific Mountain West West East East

'06 '08 '10 '12 '16 '18 '20 '22E '24E North South North New
Central Central Central Middle
'14 South South
England
Source: Green Street, FHFA Atlantic Atlantic Central

8
OVERVIEW

WHY MULTIFAMILY? – Inflation Hedge

Property values tend to rise with the overall price environment.
• U.S. apartment rents have increased at rates higher than inflation in 20 of the last 25 years.
• Shorter lease durations (e.g., annual apartment leases) have the advantage of repricing and
responding rather quickly to inflationary price appreciation.

U.S. Apartment Rent Equivalents vs. Inflation

$1,000 benchmarked in 1995

Goods & Services Purchasing Power Average U.S. Rent

Equivalents
$2,400

$2,200

$2,000

$1,800

$1,600

$1,400

$1,200

$1,000

Source: Bureau of Labor Statistics

9
OVERVIEW

HOW DOES AIMCO PARTICIPATE?

Aimco couples outsized growth prospects from opportunistic investments
with the safety of a stable multifamily portfolio resulting in a nimble
platform that can move the needle quickly.

InvєsĒTєnĒ in Valuє Add and OpporĒunisĒic ™єal EsĒaĒє

• Provides outsized growth opportunities compared to a

primarily stabilized apartment portfolio

Flє»ibiliĒy Ēo Tafiє AlĒєrnaĒivє InvєsĒTєnĒs

• Provides flexibility to make investments with

asymmetric upside and downside protection

MainĒain a porĒfolio of Corє and Corє Plus ™єal EsĒaĒє

• Provides stability and safety compared to a pure

development portfolio

10
 &
TE A M P R O CES
S

+ + =
P LA T FO R M P OR T F OL I C A PIT A L O U T S IZ E
O& PIPE L R ED EP L O Y M E N T DRISK
IN E & GR O W T H A DJU S T E
D R ET U R
NS

11
A I M C O VAL U E P ROP OS
ITION

12
PLATFORM

TEA
M
Aimco’s greatest asset is its team, the human capital
that drives success.
Aimco is organized around four regional and two satellite offices providing a
national platform with local presence and knowledge.

Aimco Regional Investment

Offices

Satellite Offices

Aimco Investments

13
 PLATFORM

TEAM: EXPERIENCED AND

COHESIVE

PRESIDENT &
EVP, CHIEF ADMINISTRATIVE CHIEF EXECUTIVE OFFICER EVP &
OFFICER, GENERAL COUNSEL CHIEF FINANCIAL OFFICER
Wes Powell
Jennifer Johnson 17 Years w i t h Aimco Lynn Stanfield
17 Years w i t h Aimco 20 Years w i t h Aimco

SENIOR VICE PRESIDENT SVP EASTERN REGION & SENIOR VICE PRESIDENT SENIOR VICE PRESIDENT SENIOR VICE PRESIDENT
SOUTHEAST REGION NATIONAL TRANSACTIONS CENTRAL REGION ACCOUNTING, TAX, & FP& A WESTERN REGION

Lee Hodges Matt Konrad Elizabeth (Tizzie) Tom Marchant Derek Ullian
Likovich
6 Years with Aimco 4 Years with Aimco 1 Year with Aimco 7 Years with Aimco 5 Years with Aimco
Previously with: Previously with: Previously with: Previously with: Previously with
Peebles Development Brandywine Realty UDR Extra Space Storage Benchmark RE Group
The Related Group Akridge Wells Fargo Deloitte Hellmuth, Obata +
Kassabaum

14
PLATFORM

INVESTMENT
PROCESS
Aimco invests where and when we have a Comparative Advantage over
others in the market. That advantage can be realized during the
acquisition, the execution of a unique value-add strategy, or both.

Oak Shore
Corte Madera, CA

15
PLATFORM

INVESTMENT
PROCESS
Aimco will look to monetize investments during various points in their
life-cycle with the goal of producing the Highest Risk Adjusted Returns.

AIMCO TARGET HOLD AIMCO TARGET HOLD

ENTITLEMENT RENOVATION and/or REPOSITIONING
DEVELOPMENT OPERATING UPGRADES
LEASE-UP LOCAL MARKET IMPROVEMENTS
LOCAL
MARKET
IMPROVEMENT
S
PROPERTY VALUE

STABILIZED OPS

TIME

16
INVESTMENT PROCESS

THE
ACǪUISITION
Sourcing and Structuring Prowess
Aimco has executed $7 billion of real estate
transactions, including $2.4 billion of acquisitions
over the past decade and places a high priority on
opportunities where:

Aimco has a
High Ǫuality
Comparative
locations provide
Advantage
downside
over others in
protection.
the market.

17
 RECENT EXAMPLES

ACǪUISITIONS

HAMILTON on the BAY UPTON DRANOFF

M I A M I , FLORIDA
PLACE PORTFOLIO
• 275 apartment homes and an •WASHI NG TO N,ofD.689
Development C. apartment homes •PHILADELPHIA,
5 communities, PENNSYLVANIA
775 apartment homes
adjacent land parcel and commercial uses on the site of a • Acquired in 2018
• Acquired in 2020 1980’s era office building
• Purchased for $373 million
• Purchased for $90 million • Acquired 90% JV Interest in 2020
• Off market transaction leveraging Aimco’s
• Aimco’s local team kept a close eye • Development cost expected to be $290
local presence and relationships
on the deal even after it was first million
• Utilized OP units as partial currency for
awarded to another buyer • Leveraged Aimco’s local presence and
the transaction
• Relationship and certainty of close relationships
returned the opportunity to Aimco
when the first buyer could not
perform

18
INVESTMENT PROCESS

VALUE CREATION
Aimco has successfully executed value-add
strategies on $4.5 billion of real estate over the past
decade. Those strategies are grounded in Aimco’s
focus on customer selection and are realized through
a combination of:

Property
Development Enhanced
and Operations
Redevelopment

19
INVESTMENT PROCESS

CUSTOMER
SELECTION
AN AIMCO DIFFERENTIATOR SAMPLE TARGET RESIDENT PROFILE
An example of profiles developed during project planning
Aimco’s intensely customer-focused
process results in unique design and
product offerings better meeting our target
customers’ needs, translating to improved
investment profitability, and increased
value creation.

INCREASED VALUE CREATION

Starts with identifying the right customers
and then tailoring an offering both
physically and from a service standpoint to
meet their wants and needs.

• Meeting customer needs and wants = Higher

initial rents

• Tailored offering builds a sense of community = Longer

tenure/reduced turnover

20
 RECENT EXAMPLES

DEVELOPMEN
T

PARC MOSAIC ELDRIDGE ONE CANAL

BOULDER, COLORADO ELM HURST, ILLINOIS BOSTON, MASSACHUSETTS

• 226 Apartment Homes • 58 Townhomes • 310 Apartment Homes

• Completed in 2020 • Completed in 2020 • Completed in 2017
• Investment of $125 million • Investment of $34 million • Investment of $195 million
• LEED Gold Certification • Focused development to target three • Collaboration with city and state
• Secured entitlements increasing primary customer market segments governments
density from 140 to 226 units • Reached 100% occupancy six months • Managed complicated
after initial delivery at rates ahead of development site
underwriting

21
 RECENT EXAMPLES

REDEVELOPMEN
T

SAYBROOK POINTE BAY PARC PARK TOWNE

SAN JOSE, CALIFORNIA M I A M I , FLORIDA
PLACE
• 324 Apartment Homes • 474 Apartment Homes •PHILADELPHIA,
940 Apartment Homes
PENNSYLVANIA
• Investment of $18.8 million • Investment of $27.7 million • Investment of $176.5 million
• Targeted tech industry workers • Prioritized healthy living • Emphasized culture and the arts
• Common area/amenity upgrades and • Common area/amenity upgrades, • Common area/amenity/retail upgrades,
unit level renovations on all homes creation of four new rental units, and and unit level renovations
• Phased, building-by-building renovation of 90 existing units • Very large scale and complex
redevelopment, completing units in • Phased, floor-by-floor redevelopment redevelopment with a phased approach
blocks of 12 of units (four towers)

22
 RECENT EXAMPLE

ENHANCED OPERATIONS

BENT TREE Operational turnaround following the acquisition

CENTERVILLE, VIRGINIA of an under-managed apartment community

Acquisition Summary Aimco Ownership Impacts To Bottomline

• 748 Apartment Homes • In approximately two years of ownership, through operational
and physical upgrades, Aimco:
• Considered a ‘sister property’ to Shenandoah Crossing, a then-
owned Aimco community • Invested ~$19M in property upgrades
• Aimco’s experience at Shenandoah Crossing and other nearby • Increased NOI margin from 55% to 71%
communities gave added confidence in underwriting and the
• Increased Revenue by 12%
ability to raise rents on day one.
• Decreased Operating Expenses by 30%
• Knowledge of the local customer also provided Aimco the
ability to underwrite an upgrade program that to increase • Increased NOI by 47%, from $6.9M to $10.1M
returns on acquisition costs.

23
A I M C O VAL U E P ROP OS
ITION

24
PORTFOLIO

AIMCO
PORTFOLIO
The Aimco portfolio can be broadly Upton Place
grouped in three distinct categories.

• Value Add &

Opportunistic
Real Estate
Parkmerced
• Alternative
Investments

• Core & Core Plus

Real Estate
Eldridge Townhomes
25
PORTFOLIO

VALUE ADD & OPPORTUNISTIC REAL ESTATE

Aimco generally seeks Development and Redevelopment
opportunities where:

1 Barriers to entry are high

.
2. Target customers can be clearly defined

3. Aimco has a comparative advantage over

others in the market

Aimco’s Value Add and Opportunistic investments may

also target portfolio acquisitions, operational turnarounds,
and re-entitlements.

26
PORTFOLIO

VALUE ADD & OPPORTUNISTIC REAL ESTATE

707 LEAHY PRISM THE FREMONT

REDWOOD CITY, CA CAMBRIDGE, MA AURORA, CO

OAK SHORE UPTON PLACE

CORTE MADERA, CA WASHINGTON, D.C.

FLAMINGO POINT
NORTH TOWER
THE BENSON MIAMI BEACH, FL
HAMILTON on the BAY
HOTEL & FACULTY CLUB REDEVELOPMENT
AURORA, CO MIAMI, FL

27
PORTFOLIO

VALUE ADD & OPPORTUNISTIC REAL ESTATE

Over $1 billion of active projects expected to produce >$60 million of annual NOI when stabilized
resulting in significant value creation at monetization given a current weighted average market
cap rate of 4.3%.[1]
Aimco Development and Redevelopment Project Summaries
As of 2Ǫ 2021 (dollars in millions) (unaudited)
Direct Investment
Number of units approved for Property Expected NOI
development or Valuation for Stabilization
Aimco Owned Properties redevelopment Leasehold Planned To-Date Remaining [3]
The Benson Hotel and Faculty Club 106 $ - $ 70.0 $ 16.9 $ 53.1 4Ǫ 2026
Upton Place [2] 689 - 260.0 46.9 213.1 4Ǫ 2026
Hamilton on the Bay 276 - 92.4 18.6 73.8 3Ǫ 2024
Subtotal 1,071 - 422.4 82.4 340.0

Leased Properties
Initial 4 Leased Properties 865 469.0 70.8 41.5 29.3 1Ǫ 2023 - 1Ǫ 2024
Oak Shore 24 6.1 47.1 0.6 46.5 2Ǫ 2025
Subtotal 889 475.1 117.9 42.1 75.8
Total 1,960 $ 475.1 $ 540.3 $ 124.5 $ 415.8

[1] Current weighted average cap rate based on 2Ǫ 2021 CBRE cap rates weighted by project level expected NOI at stabilization.

[2] Planned direct investment for Upton Place at Aimco's 90% share is $234 million.

[3] Timing of stabilization is subject to change and is based on the best estimate at this time.

28
 PORTFOLIO

PIPELINE
ASSETS
Brickell Assemblage Pathfinder Village Anschutz Medical Campus

>$2bn
O F PIPE L INE
I NV E S T M E N T
S U ND ER A
IMCO
CO NTR O L

Hamilton on The Bay Land Flying Horse Fort Lauderdale Land

29
 S
↑

PIPELINE ASSET

HAMILTON ON THE BAY

LAND
Project Plan
• Development of two luxury apartment towers
Local Color
• The booming Edgewater / A&E submarket of
on land adjacent to Hamilton on the Bay. Miami has seen explosive growth over the past
• The vision for this new neighborhood entails 20 years.
converting the end of 34th Street into a park • Edgewater / A&E population grew 120% from
and extending the popular public bay walk 10,273 to 22,603 between 2000 and 2020.
through the property. • North Edgewater boasts tremendous access to
downtown with adjacency to Miami’s most up
and coming neighborhoods including
Wynwood, Midtown Miami, and the Miami
Design District.

30
PIPELINE ASSET

ANSCHUTZ
OPTIONS
Project Plan Local Color
• Options to acquire the only residential • The Fitzsimons Innovation Community and
developable land on the the adjacent $5.8 billion Anschutz Medical
Fitzsimons/Anschutz Campus Campus are one of the largest bioscience
• Options are spread across three land developments in the nation, representing the
second-largest economic engine in Colorado
parcels with a total area of 5.2 acres
behind Denver International Airport
• Aimco could build approximately 700
• The Anschutz Medical Campus brings over
apartment homes
2,000,000 patients to the campus along with
25,000 employees, students, and medical
professionals. This number has the potential to
grow to 50,000 in the next 10-15 years.

31
PIPELINE

PURSUIT OF
NEW PORTFOLIOS

OPPORTUNITIES
OPERATIONAL
ASSEMBLAGES
TURNAROUNDS

STRATEGIC
PARTNERSHIPS

MEZZANINE NATIONAL & LOCAL

DEBT LAND DEALS
RELATIONSHIPS

ENTITY DEVELOPMENT
INVESTMENTS & REDEV

32
PIPELINE

TARGET
REGIONS
Aimco generally seeks to make new investments that are physically
located no more than 300 miles or 2.5 hours travel time from a
regional Aimco office.

CHARACTERISTICS:
• High barriers to entry (supply constrained markets)
• Value-add through physical improvements (development or redevelopment)
and
enhanced operations

AIMCO EXPECTS TO TARGET OPPORTUNITIES WITHIN THE FOLLOWING

REGIONS:
• Boston
• New York City
• Washington DC
• Florida
• Rocky Mountain West
• Northern California
• Southern California

Aimco Regional Office

Aimco Satellite Office

33
PIPELINE

NEW BUSINESS
SOURCES
Aimco leverages its longstanding reputation in the industry,
regional investment teams, and strategic relationships to source
new investment opportunities where it has a comparative advantage.

Strategic Relationships:

Deep-Seeded AIR Communities

IǪHǪ
Local Relationships (AIRC)*

Sourcing leads from Regional We are currently exploring Pursuing opportunities for a
investment leaders and their potential development and residential component to
teams’ local relationships. redevelopment opportunities accompany life science
that total more than 3,400 units developments.
in seven markets, which are not
included within our $2bn
controlled pipeline.

* Aimco expects AIRC to remain a source for new business but at a lower proportion of our overall pipeline.

34
PORTFOLIO

ALTERNATIVE INVESTMENTS
Asymmetric Upside with Downside Protection
Aimco explores alternative investment strategies when
it has special knowledge or expertise relevant to the
venture and when the opportunity exists for positive
asymmetric outcomes.

Aimco’s Current Alternative Investments:

PARKMERCED IǪHǪ RETV

Passive Equity in Passive Equity

Mezzanine Loan a privately-held in early-stage
and Option life sciences real estate
developer technology fund

35
PORTFOLIO

ALTERNATIVE INVESTMENTS
Parkmerced Mezzanine Loan1
COMMUNITY DETAILS
• Southwest San Francisco
• 152 acres
• 3,221 Existing Apartment Homes2

In place development agreement with City

of San Francisco to develop 5,679 new
market rate apartment homes and 300,000
sf of neighborhood commercial uses

AIMCO INVESTMENT AIMCO OPTION

• $275M Mezzanine Loan ($320M balance at • 10-year option (expires Nov 2031)
2Ǫ21) • 30% Equity Position in Partnership
• ~71-85% LTV Tranche (at Origination) • Cost: $1 million + 30% of incremental
• 5 - year term (Matures Dec 2024) capital improvements
• 10% Interest (Accruing)

ASYMMETRIC OUTCOMES:
BASE CASE: UPSIDE:
Mezzanine Loan Execute Option
Aimco is repaid its loan to the partnership and Aimco participates as a 30% equity partner in
accrued interest providing an attractive return the future development opportunity at cost.
on investment.
1) For additional information on Parkmerced and Aimco’s mezzanine loan investment please reference the additional slide located in the Appendix of this presentation.
2) Aimco’s mezzanine loan is to the partnership that controls phases 2-9 of development and is collateralized by 3,165 of the existing apartment homes and a post
redevelopment total of 7,092 homes.

36
PORTFOLIO

ALTERNATIVE INVESTMENTS
Parkmerced Mezzanine Loan

ESTIMATED GROWTH Occupancy is expected to return to

NOI Occupancy pre-covid levels from two factors:
Rate
1. Neighboring university returning
to full in-person learning
2. San Francisco workforce returns
to the office

2019 2020 2021 2022 2023 2024 2025

SAN FRANCISCO VS NATIONAL AVERAGE

ESTIMATED VALUATION*
W / RANK VS TOP 50 MARKETS
San Francisco National Average

$0.3bn Borrower 4 of 50 3 of 50 8 of 50 1 of 50
Equity
5.4%
$0.3bn AIV Loan 4.9%
4.3%
Senior 3.2%
2.9%
$1.5bn Loan
2.0%
1.6%
0.5%

Job Growth Supply Growth M-RevPAF Growth Income Growth

*Valuation presented is based on stabilized NOI of $60M at a 3.25% NOI cap rate and
assuming the incremental net present value (NPV) of the phased development rights
at ~$50k per 4,100 net new units.

37
PORTFOLIO

ALTERNATIVE INVESTMENTS
IǪHǪ Private Placement
Aimco has committed to invest $50M in IǪHǪ, a premier life sciences owner and developer, and
simultaneously entered into a strategic partnership whereby Aimco would have the first right to
pursue multifamily development opportunities associated with IǪHǪ life science communities.
The prospects for life sciences is robust – annualized growth in funding from 2015-2020 was
9.1%, up 270 bps from the prior ten-year average
In the first quarter of 2021, venture capital funding for U.S. life sciences surged to a new record.

Invests in life science real estate in three

core U.S. markets: Boston / Cambridge,
San Francisco / Bay Area, and San Diego

ASYMMETRIC OUTCOMES:
BASE CASE: UPSIDE:
IǪHǪ Investment Investment Pipeline
Aimco invests in a proven team and Aimco gains a development pipeline source
sector with strong fundamentals. providing new investment opportunities.

38
PORTFOLIO

ALTERNATIVE INVESTMENTS
RETV – Partnership investment in a real estate technology fund
• Investment has upside to grow as the venture grows and provides early
access to technology to improve real estate operations and property values.
• The Aimco portfolio benefits today from technology funded by RETV in the
areas of smart-home technology, resident screening, and customer
experience.

Keyless Entry Smart Thermostat Water Sensors

Improves security Increases efficiency Early detection
Reduces costs Requested by Higher customer
residents satisfaction

ASYMMETRIC OUTCOMES:
BASE CASE: UPSIDE:
Technology Access Investment Returns
Aimco gains early access to prop tech Aimco may earn a healthy profit
that can drastically improve results. from investment in the fund.

39
 PORTFOLIO

CORE AND CORE PLUS REAL

ESTATE
Select Properties Only

PLANTATION GARDENS ELM CREEK HYDE PARK TOWER HILLMEADE

PLANTATION, FL ELMHURST, IL CHICAGO, IL NASHVILLE, TN

YACHT CLUB THE BLUFFS AT PACIFICA ROYAL CREST ESTATES ROYAL CREST ESTATES
MIAMI, FL PACIFICA, CA NASHUA, NH WARWICK, RI

EVANSTON PLACE 2900 ON FIRST THE MILAN 1045 ON THE PARK

EVANSTON, IL SEATTLE, WA NEW YORK, NY ATLANTA, GA

40
PORTFOLIO

CORE AND CORE PLUS REAL

ESTATE
Balancing Aimco’s Value Add, Opportunistic, and Alternative Investments is a diversified
portfolio of stabilized real estate providing cash flow sufficient to cover core overhead. We
plan to reallocate excess equity currently held in stabilized properties into higher returning
investments over the coming years.

Portfolio Market Allocation

CURRENT ALLOCATION TARGET ALLOCATION

10 U.S. Markets Over time Aimco expects changes to its core and core
Class-B Avg Rent Profile plus market allocation to further improve its
diversification and stability.

Market Maintain Decrease Increase

Over Time Over Time
Atlanta 
Bay Area 
Boston 
Chicago 
Denver 
Manhattan 
Nashville 
San Diego 
SE Florida 
Seattle 

41
 PORTFOLIO

CORE AND CORE

PLUS REAL ESTATE
NOI % BY REGION
West
13.4%
Eldridge Townhomes

Southeast Northeast
17.6% 44.5%

Central
24.5%

Apartment Communities 28 Plantation Gardens

Apartment Homes 6,209
Median Household Income[1] $100 k
Average Rent-to-Income[1] 20.3%

Property Operating Results [1] 1Ǫ 2021 2Ǫ 2021

Average Daily Occupancy 97.6% 97.3%
Average Revenue per Home $1,852 $1,894
Net Operating Income $21.5 M $22.4 M
[1] Stats presented at Aimco share and excluded from the results above is one, 40-unit apartment
community and four unconsolidated properties that Aimco’s ownership includes a partnership share. 2900 on First
42
PORTFOLIO

CORE AND CORE PLUS REAL

ESTATE
Aimco’s Portfolio Proved to be Stable Through the Pandemic
• At current leverage levels, Aimco’s DSCR would have remained ~2x throughout 2020.

Property Results and Comparisons

2Ǫ 2021 vs. 2Ǫ 2020 AIV Comps Variance

Revenue Growth 2.3% - 1.6% +390 bps
NOI Growth 0.7% - 4.1% +480 bps
Occupancy 97.3% 96.6% +70 bps

* Aimco’s portfolio metrics presented exclude four unconsolidated properties and one, 40-unit apartment community that Aimco’s ownership includes a partnership share.
Comparisons provided to the average results of AIRC, AVB, CPT, EǪR, ESS, MAA, and UDR.

43
A I M C O VAL U E P ROP OS
ITION

44
CAPITAL REDEPLOYMENT & GROWTH STRATEGY

CURRENT & TARGET

ALLOCATION
AIMCO TARGET ALLOCATION BY SEGMENT & SECTOR

80%

70% Current Target

60%

50%

40%

30%

20%

10%

0%
Value Add & Core & Core Plus Alternative Investments Cash, Hedges, &
Opportunistic Real Estate Real Estate Other Net Assets

Avg. Annualized
Approximate Project-Level
Current Target Target Return on
Allocation Allocation Leverage Equity [2]

Value Add & Opportunistic Real Estate 10% 40% - 60% 65% ~18%
Core & Core Plus Real Estate [1] 55% 30% - 35% 50% ~ 9%
Alternative Investments 20% 5% - 15% 0% ~15%
Cash, Hedges, & Other Net Assets 15% 5% - 10% 0% 0%

Total Expected Annualized Returns on Equity 12% - 16%

1 Includes covered land, or properties that earn a current return as we wait for the land to appreciate and timing to be right for redevelopment or monetization.
2 Individual project-level return on equity is subject to specific investment risk profiles and market dynamics, a range of outcomes is likely.

45
CAPITAL REDEPLOYMENT & GROWTH STRATEGY

INVESTMENT
CYCLE
• Aimco has over $500M of equity
targeted for redeployment into
AIMCO
higher returning (value-add) $ EǪUITY
3RD PARTY 3RD PARTY
activities over the next 4-5 years CAPITAL CAPITAL
(our growth is not contingent on $ or
new equity issuance). $ or Assets
Partial Interest
$ $
• When coupled with 3rd party
capital (60% debt and 50% of STABLE
total equity) the total MONETIZE PORTFOLIO INVEST
investment capitalization (SAFETY AND
equals $2.5B. G&A)

• Following the value-creation

process Aimco plans to
monetize its investment which $
in turn will provide capital to fuel
new investments. INVESTMENT
MANAGEMENT

46
 CAPITAL REDEPLOYMENT & GROWTH STRATEGY

DIVERSE CAPITAL
SOURCING
Aimco plans to improve risk adjusted returns on
shareholder equity by diversifying capital sources.

PRISM HAMILTON ON THE BAY UPTON PLACE

CAMBRIDGE, MASSACHUSETTS MIAMI, FLORIDA WASHINGTON, D.C.
Leasehold From AIRC Construction Loan Financing Land Lease
Construction Loan Financing
JV Partnership
Preferred Equity

• Aimco uses leaseholds to gain access to a pipeline of projects under

defined terms, taking on development and lease-up risk with potential
for substantial value creation upside.
• Construction loan financing is used to provide an efficient cost of capital
to fund development activities.
• Preferred and limited partner equity provides a diverse source of capital
to increase flexibility and increase Aimco returns on equity invested.

47
CAPITAL REDEPLOYMENT & GROWTH STRATEGY

VALUE ADD & OPPORTUNISTIC REAL ESTATE

As of today, Aimco has made valuable investments or commitments totaling over $800M. These ‘seeds’
are expected to grow substantially in value over the next five-year period and create substantial value
for shareholders. Over the coming years, additional seeds will be planted that will mature and create
substantial value in 2026 and beyond.

YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 YE 2026

$200
PARKMERCED
EXPECTED PROFIT

$150
(millions)

INITIAL LEASED
$100 ASSETS UPTON PLACE

HAMILTON
ON THE BAY
REDEVELOPME
$50 NT OAK
SHORE
THE
BENSON

48
 CAPITAL REDEPLOYMENT & GROWTH STRATEGY

FUTURE GROWTH
TARGETS
Aimco NAV per Share & Estimated Growth

$0.50 $0.00 $15 - $16

$2.25

$2.25

$10 - $11

Current NAV Estimate Value Add & Core & Core Plus Alternative Investments Cash, Hedges & Other Target 2025 NAV
Opportunistic Net Assets Estimate

Target NAV Growth Assumes:

• Stable cap rates • No value creation realized
• Stable interest rates until monetization of
• Optimal capital allocation by POST 2025
investments
end of 2025

Aimco’s target growth plan is not reliant on Expected Sustained Annual

accessing public equity markets. Growth of 12%-16%

49
 CAPITAL REDEPLOYMENT & GROWTH STRATEGY

FUTURE GROWTH
TARGETS
As Aimco monetizes the seeds it is currently planting, growth, lumpy at times, will follow as
proceeds are reinvested. The periodic harvesting of opportunistic value add investments,
combined with the steady growth of core and core plus real estate, results in an
anticipated 12-16% total portfolio growth.

Expected NAV Growth Components 2020 2025 2030 2035 2040

Once Optimal Allocation is Achieved

Value Add, Opportunistic,

and Alternative Investments ~70% GROWTH

Core and Core Plus Optimal Allocation Reached

~20%
Investments Made (Seeds Planted)

CORE & VALUE ADD & TOTAL AIMCO

CORE+ REAL OPPORTUNISTIC PORTFOLIO
ESTATE INVESTMENTS Expected Returns
Expected Expected Returns ~18% 12-16%
Returns
~9%

50
 CULTURE OF RISK MANAGEMENT

BALANCE SHEET &

•FINANCES
Liquidity
Aimco is highly focused on maintaining ample liquidity. As of June 30, 2021, Aimco had access to $445 million,
including $286 million of cash on hand, $9 million of restricted cash, and the capacity to borrow up to $150 million
on our revolving credit facility.

Non-recourse leverage
• Aimco capitalizes its activities through a combination of non-recourse property debt, construction loans, third party
equity, and the recycling of Aimco equity, including retained earnings. Aimco plans to limit the use of recourse
leverage, with a strong preference towards property-level debt in order to limit risk to the Aimco enterprise.

Loan to Value Maturities as a Percent of Total Debt

80% 80%
70% Current Target 70%
72%
60% 65% 60%
50% 50%
51% 50% 51%
40% 48% 40%
30% 30% 36%
20% 20%
10% 10% 14% 16% 13%
10%
0% 0%
Value Add & Opportunistic Core & Core Plus Total Portfolio 2021 2022 2023 2024* 2025 2026 2027 Thereafter
Real Estate*

*Value Add & Opportunistic Real Estate debt includes the leasehold value *Included in 2024 maturities is the $534 million note payable to AIR.
of assets leased from AIR. Aimco plans to replace the note payable to AIR through recapitalization of
the collateral assets, whose values have increased since separation. In
addition, Aimco is partially hedged against exposure to rising interest rates
between now and maturity.

51
 KEEPING SCORE &
ESTABLISHING GUARDRAILS

Tracking Defined Goals… while Being a Responsible Steward of Capital

Maintaining Cash On Hand

to Cover Three Years of
Growing Net Asset Core Overhead
Value (NAV)
Before starting a project, require
cash or committed credit necessary
Increase allocation to to complete developments and
Value Add and redevelopments
Opportunistic Investments
while maintaining a Core Utilizing primarily non-recourse
and Core Plus Allocation property level debt and avoid
cross collateralization

Tracking Project-level Maintaining flexibility in our

IRR and Multiple on capital structure to allow
Invested Capital pursuit of opportunities
throughout the market cycle

52
53
ESG HIGHLIGHTS

GOVERNANC
E
Commitment to Strong Governance
STOCKHOLDER OUTREACH
• Since 2016
We seek investor input and have engaged
80%
with stockholders holding at least 2/3 of our
outstanding shares each of the past 5 years. 73% 73%
66% 66% 66%
• Separate Chairman and CEO 60%

• Aimco has a highly regarded and refreshed

Board including six new independent 40%

directors.
• Aimco has policies in place to ensure the 20%
Board of Directors is aligned with
shareholders, including guidelines for
0%
common share ownership. 2016 2017 2018 2019 2020

54
ESG HIGHLIGHTS

GOVERNANC BOARD OF
DIRECTORS
E

Quincy L. Allen Terry Considine Patricia L. Gibson Jay Paul Leupp Robert A. Miller
CO-FOUNDER AND CEO, APARTMENT INCOME FOUNDING PRINCIPAL AND CEO, MANAGING PARTNER AND CHAIRMAN OF THE BOARD
MANAGING PARTNER, REIT CORP. BANNER OAK CAPITAL PARTNERS SENIOR PORTFOLIO MGR, SINCE 2020
ARC CAPITAL PARTNERS CHAIRMAN AND CEO, Appointed 2020 TERRA FIRMA ASSET Appointed 2007
Appointed 2020 AIMCO 1994-2020 MANAGEMENT
Appointed 1994 Appointed 2020

Wesley Powell Deborah Smith Michael A. Stein R. Dary Stone Kirk A. Sykes
CHIEF EXECUTIVE OFFICER CO-FOUNDER AND FORMER CFO CEO, R. D. STONE CO-MANAGING PARTNER,
Appointed 2020 PRINCIPAL, ICOS CORPORATION, INTERESTS; MANAGING ACCORDIA PARTNERS, LLC
THE CENTERCAP NORDSTROM, INC., & PARTNER, HICKS Appointed 2020
GROUP MARRIOTT HOLDINGS, LLC.
Appointed 2021 INTERNATIONAL, INC. Appointed 2020
Appointed 2004

55
 ESG HIGHLIGHTS

ENVIRONMENTAL
Commitment to Conservation
LED lighting Water sensors
Keyless Entry Resident
Smart recycling
Parc Mosaic, Boulder, CO Thermostats

Building to LEED and Fitwel

Standards
Parc Mosaic Upton Place
LEED Gold Certified Currently building to
Oak Shore LEED Silver standards,
Currently building to Fitwel Wellness;
LEED Gold standards includes a 267kW
Solar Power Farm
Flamingo Point, Miami Beach, FL

56
ESG HIGHLIGHTS

SOCIA
L
Aimco is Committed to Community
• Aimco Cares gives team members 15 paid hours each
year to apply to volunteer activities of their choosing
• In 2021, raised over $400k in the Aimco Cares/AIR
Gives Charity Golf Classic benefitting military
veterans and providing scholarships for students in
affordable housing.

• Provided free use of furnished apartments at our

apartment communities near hospitals to healthcare
providers who worked long hours and felt unable to
go home without risking COVID-19 infection of their
families.

Aimco is Committed to its Teammates

• Provides 16 weeks of paid parental leave
• The only real estate company awarded a 2018, 2019,
and 2020 Association for Talent Development BEST
Award for excellence in talent acquisition, training,
and team development
• Voted ‘Top Workplace’ in Colorado for nine
consecutive years, and in Washington, D.C. in 2021
COVID-19 Response Related to Teammates:
• Formed cross-functional task force that met daily
regarding work redesign and team safety
• Made commitment that any teammate who felt
unsafe at work was free to stay home, with pay and
without penalty
• Committed to keep full team intact, without layoffs
or pay cuts

57
 AIMCO HISTORY
EXECUTIVE & SENIOR LEADERSHIP TEAM BIOS
RECENT BUSINESS SEPARATION
POST SEPARATION RELATIONSHIP DETAIL
LEASE EXIT SCENARIOS
LEASE EXIT EXAMPLE
PROPERTY LIST
NET ASSET VALUE
SELECT INVESTMENT
SUMMARIES BRICKELL
ASSEMBLAGE
FORT LAUDERDALE
LAND UPTON PLACE
PARKMERCED INVESTMENT

58
APPENDIX

AIMCO
HISTORY
M IL E S TO N E
S
1994 IPO
1997 NHP Acquisition

A 27+ year proven track record as a publicly 1998 Insignia Portfolio Acquisition
traded Real Estate Investment Trust. Well- 2000 Oxford Portfolio Acquisition
regarded throughout the industry and
2002 Casden & Flatley Portfolio Acquisitions
known for solutions-oriented deal making.
2003 S&P 500 / 400K units under management
2006 $1B in revenue
2011 Announces Portfolio Simplification
2015 Investment Grade Rating
2018 Sale of Asset Management Business &
Dranoff Portfolio Acquisition
2019 Brickell Assemblage & Parkmerced Acquisitions
2020 AIR spin-off transaction

59
EXECUTIVE LEADERS

COHESIVE EXECUTIVE MANAGEMENT

TEAM • Appointed as a Director and as President and Chief Executive Officer in December 2020.
• From January 2018 to December 2020, Wes served as Aimco’s Executive Vice President,
PRESIDENT & Redevelopment, overseeing Aimco’s redevelopment and development activities
CHIEF EXECUTIVE OFFICER nationally, leading acquisitions in the eastern U.S., and serving as a member of Aimco’s
Investment Committee.
Wes Powell • From August 2013 to January 2018, he served as Aimco’s Senior Vice President,
Redevelopment with responsibility for the eastern region.
• Since joining Aimco in January 2004, Wes has held various positions, including Asset
Manager, Director, and Vice President of Redevelopment.
• Prior to joining Aimco, he was a Staff Architect with Ai Architecture (now Perkins & Will)
in Washington, D.C.
• Wes earned his MBA from Northwestern’s Kellogg School of Management.

• Appointed Executive Vice President and Chief Financial Officer in December 2020.
• From October 2018 to December 2020, Lynn served as Aimco’s Executive Vice
EVP & President, Financial Planning & Analysis and Capital Allocation, with responsibility
CHIEF FINANCIAL OFFICER for various finance functions and corporate and income tax strategy, and serving as
a member of Aimco’s Investment Committee.
Lynn Stanfield • Since joining Aimco in March 1999, she has held various positions with responsibility
for affordable asset management, income tax, and investor relations.
• Prior to joining Aimco, Lynn was engaged in public accounting at Ernst and Young
with a focus on partnership and real estate clients and served as Assistant
Professor of Accounting at Erskine College.
• Lynn holds a Master of Professional Accountancy from Clemson University.

• Appointed Executive Vice President, Chief Administrative Officer and General

EVP, CHIEF ADMINISTRATIVE Counsel in December 2020.
OFFICER, GENERAL COUNSEL • From August 2009 to December 2020, Jennifer served as Senior Vice President,
Human Resources.
Jennifer Johnson • From July 2006 to August 2009, she served as Vice President and Assistant General
Counsel.
• She joined the Company as Senior Counsel in August 2004.
• Prior to joining the Company, Jennifer was in private practice with the law firm of
Faegre & Benson LLP with a focus on labor and employment law and commercial
litigation.
• Jennifer earned her degree from the University of Colorado Law School.

60
SENIOR LEADERS

EXPERIENCED SENIOR
LEADERS • Senior Vice President of the Central Region, responsible for overseeing development, construction, and acquisition
CENTRAL activities within the Central U.S.
• Began her career at Aimco in March 2020 as Vice President, Redevelopment and was instrumental in bringing several
Elizabeth (Tizzie) large projects across the finish line
Likovich • Previously Senior Director of Development at UDR, Inc., where she led development projects across the country and
was instrumental in driving over $1.2bn of new development across the U.S.

• Senior Vice President of the Western Region, responsible for overseeing development, construction, and acquisition
activities on the West Coast
WESTERN • Since joining Aimco in August 2016, Derek has led redevelopments for multiple regions including Chicago, Los Angeles,
Derek Ullian San Francisco, San Diego, and Northern California
• Prior experience as Director of Construction & Design for Benchmark Real Estate Group in New York City and Project
Architect with Hellmuth, Obata + Kassabaum (HOK) in New York / San Francisco / Seattle

• Senior Vice President of the Southeast Region, responsible for overseeing over $500MM of redevelopment and
development planning and construction in South Florida
• Since joining Aimco in June 2015, Lee has the led successful completion of $250M worth of redevelopment. He is
SOUTHEAST
driving the completion of another $100M worth of redevelopment and leading the planning efforts for $1.4bn worth of
Lee Hodges new ground up development
• Over 25 years of experience in real estate, with leadership positions held at Peebles Development, Housing Trust
Group, and The Related Group of Florida. Over his career, Lee has led the successful completion of over $2bn of
development and redevelopment

• Senior Vice President of the Northeast Region and Transactions, responsible for overseeing acquisitions and
NORTHEAST dispositions nationally as well as overseeing development, construction, and acquisition activities within the Northeast
• Began his career at Aimco in 2017 as Vice President of Transactions for the East Coast and from May 2017 to
Matt Konrad December 2020, assisted Aimco’s acquisition of over $900M of property in greater Boston, Philadelphia, Washington
D.C., and Miami (over t w o - thirds of which was o ff - market)
• Prior experience in acquisition and development roles for Brandywine Realty Trust and Akridge

• Senior Vice President of Accounting, Tax, and FP&A, responsible for overseeing Accounting, Tax, and FP&A.
ACCOUNTING, • Began his career at Aimco in 2014 as Vice President of Tax. Six years later, Tom took on oversight of both Tax and
TAX, FP& A FP&A, following the separation from Apartment Income REIT. Nine months later, in August 2021, Tom was promoted to
Senior Vice President, adding the accounting function to his responsibility as well.
Tom • Prior experience as Director of Tax for Extra Space Storage and as Tax Manager for Deloitte. Tom holds a Master of
Marchant Accounting degree and is a licensed CPA.

61
APPENDIX

RECENT BUSINESS SEPARATION

After thoroughly reviewing the company,

Aimco leadership determined that a
corporate business separation would PRIOR TO SEPARATION
allow the company to optimize the ANNOUNCEMENT

inherent value of AIV’s existing platform GAV = $12.6bn1

Stabilized properties =
and portfolio, and that separating the 91%
stabilized assets from the development Opportunistic and Development
and redevelopment platform would be Investments = 9%

most accretive.
The separation was completed as a
reverse spin-off with the majority of the
stabilized apartment communities now
owned and operated by Apartment
Income REIT Corp. (“AIR”). Aimco retained
a portfolio of stabilized communities,
other investments, and the development Stabilized Apartment Opportunistic and Development
Investments as well as a
Communities
and redevelopment platform. Portfolio of Stabilized Properties

1) GAVs as published in the Strategic Transformation presentation on September 14, 2020. GAV was calculated using the valuations published as of March 31, 2020
adjusted for subsequent population changes, primarily the California Joint Venture.

62
POST SEPARATION RELATIONSHIP DETAIL
Relationship Compensation Term

Property Management  Customary management fee ~3% of revenue collected and such other fees  1 year (renews annually unless
mutually agreed upon terminated)
 AIR provides property management and related
services to Aimco’s properties  AIR or Aimco may terminate at any time
on 60 days notice, without any
termination fee or other penalty

Master Services Agreement  At fully-burdened cost, no additional margin  AIR may terminate after December 31,
2023 on 60 days’ notice
 AIR provides Aimco with customary administrative
and support services (e.g. IT services), subject to  Aimco may terminate at any time on 60
certain customary exclusions (e.g., legal, regulatory, days’ notice
tax and financial advice)

Master Leasing Agreement  Purchase Option: Exercisable for fair market value of property  Initial term of 18 months
Services

 Subject to certain exceptions, AIR has purchase  Right of First Offer: If AIR exercises, Aimco receives as a finder’s fee 1% of
option on Aimco stabilized properties and right of aggregate purchase price and expenses
first offer on stabilized properties Aimco is under
contract to purchase from third parties

Master Leases  Initial annual rent based on fair market value and market NOI cap rates,
subject to certain adjustments
 AIR will lease to Aimco, and Aimco has the right to
complete development, redevelopment,
construction and lease-up of properties

– Four properties(1) leased at inception

[See the next slide for lease mination scenarios]
One additional property leased since
–
separation(2) ter
– No obligation on Aimco or AIR to lease
additional properties

Note Payable to AIR  Interest rate of 5.2% per annum  Matures on January 31, 2024
Financial

 Aggregate principal amount of $534 million will be  Customary mandatory prepayments in

only material financial obligation between Aimco connection with asset sales and similar
and AIR transactions, debt issuances and
casualty events, in each case related to
 AIR has a fractional minority interest in the portfolio Levered Portfolio Assets(3)
of assets securing the note.

Note:
1. North Tower at Flamingo Point in Miami Beach, Florida, The Fremont on the Anschutz Medical Campus in Aurora, Colorado, Prism in Cambridge, Massachusetts, and 707 Leahy in
Redwood City, California.
2. Robin Drive Land (Oak Shore) in Corte Madera, California.
3. 16 multifamily communities securing the notes payable to AIR.

63
LEASE EXIT
SCENARIOS Stabilization
(12 months of
AIR Aimco Aimco
Communities Decision Results1
95% occupancy)
Decision

AIR Communities Aimco receives:

retains ownership of
(FMV less LV) x 95%
the land and purchases
improvements Example on Next Slide

Aimco receives:
Owned Assets

Aimco triggers the lease

termination and sends Aimco sells property (FMV after selling costs)
notice to AIR to a third party less LV
Communities Example on Next
Slide

AIR Communities does Aimco purchases the Aimco purchases the

not purchase property from AIR land and property from
improvements Communities AIR Communities for LV

Aimco maintains the lease,

Aimco rescinds the with associated payments
lease termination (subject to escalations) and
receives property cash flows
from AIR
Leased

Note:
1. FMV = Fair Market Value; LV = Initial leasehold Value

64
LEASE EXIT
EXAMPLE
HYPOTHETICAL LEASE EXAMPLE
Aimco receives all economic benefits and carries all burdens of the project
while paying AIRC a market return for use of the existing asset.

Leasehold Value $ A

25,000,000
Lease Payments to AIRC [1] $

4,375,000
Owned Assets

Aimco Construction Investment $

80,000,000
Financing Costs $

7,400,000
Total Development
AIRC RetainsCosts
Property and Buys Improvements $ Property
116,775,000
Sold to 3rd Party B
Stabilized NOI $ X
Incremental Improved Incremental Improved
$ 132,600,000 D = (C-A) $ 132,600,000 D = (C-A)
Value Value
6,700,000
Proceeds
Market Cap[2]Rate $ 126,000,000 (D*95%) Proceeds [3] $
4.25% 129,400,000 Y (C*98%)-A

Fair Market Value (FMV) Proceeds – Aimco $ 157,600,000 C = (X/Y)

Proceeds – Aimco
Net Profit $ 34,225,000 Investment (B-A) Net Profit $ 37,625,000 Investment (B-A)

Levered IRR [4] 22.6% Levered IRR [4] 24.4%

Note:
1. Assumes Aimco holds asset for four years and NOI earned in Year 4 offsets half of the annual lease payment.
2. Assumes 5% discount on the value of improvements, per agreement.
3. Assumes 2% transaction costs.
4. Assumes 40% LTC/TDC at a 4.00% interest rate.

65
PORTFOLIO DETAIL
Asset Location Apartment Homes Asset Type
1 Royal Crest Estates (Warwick) Warwick, RI 492 Stabilized
2 Royal Crest Estates (Nashua) Nashua, NH 902 Stabilized
3 Waterford Village Bridgewater, MA 588 Stabilized
4 Royal Crest Estates (Marlboro) Marlborough, MA 473 Stabilized
5 Wexford Village Worcester, MA 264 Stabilized
6 The Bluffs at Pacifica Pacifica, CA 64 Stabilized
7 Yacht Club at Brickell Miami, FL 357 Stabilized
8 1001 Brickell Bay Tower Miami, FL -- Stabilized / Office
9 St. George Villas (1) St. George, SC 40 Partnership
10 Casa del Hermosa (1) La Jolla, CA 41 Partnership
11 Casa del Sur (1) La Jolla, CA 37 Partnership
12 Casa del Norte (1) La Jolla, CA 34 Partnership
13 Casa del Mar (1) La Jolla, CA 30 Partnership
14 Hamilton on the Bay Miami, FL 275 Redevelopment
15 Parkmerced Loan San Francisco, CA -- Mezz Investment
Owned Assets

16 Upton Place Washington D.C. -- Development

17 AIMCO 118-122 West 23rd Street New York, NY 42 Stabilized
18 Hillmeade Nashville, TN 288 Stabilized
19 1045 on the Park Apartment Homes Atlanta, GA 30 Stabilized
20 Plantation Gardens Plantation, FL 372 Stabilized
21 Elm Creek Elmhurst, IL 400 Stabilized
22 Willow Bend Rolling Meadows, IL 328 Stabilized
23 Evanston Place Evanston, IL 190 Stabilized
24 Yorktown Apartments Lombard, IL 292 Stabilized
25 Hyde Park Tower Chicago, IL 155 Stabilized
26 2200 Grace Lombard, IL 72 Stabilized
27 Bank Lofts Denver, CO 125 Stabilized
28 Cedar Rim Newcastle, WA 104 Stabilized
29 Pathfinder Village Fremont, CA 246 Stabilized
30 2900 on First Apartments Seattle, WA 135 Stabilized
31 AIMCO 173 East 90th Street New York, NY 72 Stabilized
32 AIMCO 237 Ninth Avenue New York, NY 36 Stabilized
33 The Benson Hotel and Faculty Club Aurora, CO -- Development / Hotel
34 Hamilton on the Bay Land Miami, FL -- Development / Land
35 Eldridge Townhomes2 Elmhurst, IL 58 Acquisition
36 Flying Horse Land3 Colorado Springs, CO -- Development / Land
Total 6,542
37 PRISM Cambridge, MA 136 Lease-Up
from AIR

38 The Fremont Aurora, CO 253 Lease-Up

Leased

39 Flamingo Point - North Tower Miami Beach, FL 366 Redevelopment

40 707 Leahy Redwood City, CA 110 Lease-Up
41 Oak Shore Corte Madera, CA 24 Development

Note:
1. Partially owned assets managed by a third-party operator
2. Aimco acquired Eldridge Townhomes in the third quarter for $40 million.
3. Aimco closed the previously announced land purchase in the third quarter for $4 million.

66
NET ASSET
VALUE
Aimco 2Ǫ 2021 NAV per share is estimated at $10 to $11.

Total Portfolio (Aimco Share)

Value Add & Opportunistic Real Estate $0.8
Core & Core Plus Real Estate 1.9 - 2.0
Alternative Investments 0.3
Cash, Hedges, & Other Net Assets 0.3
Total Assets A $3.3 - $3.4
Property Debt (0.5)
Construction Loans (0.1)
Note Payable to AIR (0.5)
Leased Liabilities (0.6)
Leverage B (1.7)

Net Asset Value A B $1.6 - $1.7

Total Shares (Common, Units, and Dilutive Share Equivalents in M) 159
Net Asset Value/ Share $10 - $11

($ in billions expect for per share data)

67
NET ASSET
VALUE
Valuation Methodology and Other Notes
Aimco estimated the value of its investments using methods management believes to be appropriate based on the
characteristics of the associated assets and liabilities.
Value Add & Opportunistic Real Estate – includes eight projects currently in construction and lease-up, as well as a land
assemblage adjacent to Aimco’s Hamilton on the Bay property. These assets are valued at investment to date, including cost
of acquisition.
Core & Core Plus Real Estate – includes 24 consolidated communities plus four unconsolidated real estate investments
valued using a direct capitalization rate ("cap rate") method based on Annualized 2Ǫ 2021 (ACǪ) NOI, less a 3% management
fee, and market cap rates. In addition, 1001 Brickell Bay Drive is included at cost, without consideration for alternative uses,
allowable increases in density or assemblage with our adjacent property.
Alternative Investments - includes the Parkmerced Option and Loan included at GAAP carrying amount as supported by an
appraisal and investments in IǪHǪ and RETV at their estimated fair market value.
Cash, Hedges, & Other Net Assets - consist of cash, restricted cash, hedges, accounts receivable, accounts payable, and
other assets and other liabilities, for which Aimco reasonably expects to receive or pay cash through the normal course of
operations. Current hedges include Aimco’s option to acquire an interest rate swap designed to protect against repricing risk
on maturing Aimco liabilities.
Leverage – includes the fair value of Aimco's debt considering the duration of the property debt as well as the quality of
property pledged as its security, its loan to value, and debt service coverage. Also, includes lease liabilities at inception
leasehold value.

Other Notes:
• Real estate values are based on Aimco’s current uses and most importantly do not include the value of unused or
underused land or air rights.
• Real estate values generally do not take into consideration transaction costs or other items such as real estate tax
adjustments that may impact the value a buyer might ascribe to Aimco’s communities.
• This calculation of Aimco’s Net Asset Value includes the value of assets less liabilities and obligations as of June 30, 2021
and does not include asset acquisitions, dispositions, or leases entered into subsequent to June 30, 2021.
• This calculation of Aimco’s Net Asset Value does not include service income expected to be earned in future periods.
• This calculation of Aimco’s Net Asset Value does not consider enterprise value.
• This calculation of Aimco’s Net Asset Value is presented on a pre-tax basis.

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INVESTMENT SUMMARY

BRICKELL
ASSEMBLAGE
Project Plan
• Aimco owns Yacht Club Apartments and the
Local Color
• Brickell has experienced unprecedented
contiguous 1001 Brickell Bay Drive commercial growth over the past decade, having become
office building. the densest urban core outside of Manhattan.
• Combined the two parcels are 4.25 acres with • 45% of greater Downtown Miami's population
more than 600 linear feet of Biscayne Bay resides in Brickell and the neighborhood
frontage. receives 15 million visitors each year.
• Current zoning allows for 3 million square • Scarcity of land is expected to build up of real
feet on the combined land. estate values as densification continues,
• Likely to include rental apartments, condos, especially at prize locations.
office, retail, and hotel.

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INVESTMENT SUMMARY

FORT LAUDERDALE
LAND
Project Plan
• Aimco entered into a joint venture with
Local Color
• The Fort Lauderdale market dynamics are
Kushner Companies to purchase three appealing due to:
undeveloped land parcels located in
1. 5-year rental growth rate for multifamily
downtown Fort Lauderdale, Florida.
properties in downtown Fort Lauderdale
• The total contract price for the land is $49 exceeding 23%.
million ($25 million at Aimco’s 51% share)
2. Fort Lauderdale recognition as the seventh most
• Entitlements are in place for the development livable downtown in the country, by
of approximately three million square feet of Livability.com.
multifamily homes and commercial space.

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INVESTMENT SUMMARY
New Build Class A+ Asset is an

UPTON A+ Location Being Developed

with a High-Quality Partner

PLACE Structure
• Ground-up development of 689 apartment homes and • 90 / 10 joint Venture with The Donohoe Companies,
approximately 100,000 square feet of retail space at
Description an experienced Washington, DC builder and
4000 Wisconsin Avenue, NW developer who has controlled the Upton site for the
past 30 years
• Located within Washington DC’s affluent, and
historically high barrier-to-entry upper-northwest • Project is meaningfully de-risked through the
neighborhood construction and delivery guarantees being provided
• Washington DC has long been an Aimco target market
due to its stable economy grounded in the federal
government, defense, international affairs and
supporting professional services

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Current Parkmerced Site Parkmerced at Full Buildout
(3,221 Existing Rent Stab ilized Units 1 )

Investment in One of the

INVESTMENT SUMMARY Most Dynamic Multifamily

PARKMERCED INVESTMENT Development

Opportunities in the U.S.

Description Fall 2021 Update

• In 2019, Aimco made a $275mm loan to the partnership that owns
Leased (as of 8/30/21)2 75.9%
Parkmerced, a 3,221-apartment home community1 in San Francisco
with significant incremental developable density Rental Rate $3.88/sf
– Parkmerced is located on a 152-acre site in southwest San Debt Service Coverage Ratio 0.63x
Francisco and represents one of the largest and most dynamic
development opportunities in the country with a significant 1) Aimco’s mezzanine loan is to the partnership that controls
phases 2-9 of development and is collateralized by 3,165 of
multifamily component the existing apartment homes and a post redevelopment
total of 7,092 homes.
• Aimco’s investment is in the form of a subordinated loan with a 10%
2) Neighboring San Francisco State University returned to
interest rate and Aimco also concurrently acquired a 10-year option to partial in-person learning for the fall semester and plans to
purchase 30% of the partnership that owns Parkmerced for $1mm plus increase in-person capacity in the winter semester,
coupled with return to work in the area occupancy is
30% of incremental capital investment expected to steadily increase throughout 2022.
• The partnership is under a development agreement with the City of San
Francisco to develop an incremental 5,679 new market rate apartment
homes and 300,000 square feet of neighborhood commercial uses on
the site

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 NON-GAAP RECONCILIATIONS
This presentation includes certain financial and operating measures used by Aimco management that are not calculated in accordance with accounting principles
generally accepted in the United States, or GAAP. Aimco’s definitions and calculations of these non-GAAP financial and operating measures and other terms may differ
from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These non-GAAP financial and operating measures should not be
considered an alternative to GAAP measurements of performance and should not be considered an alternative measure of liquidity.

NET ASSET VALUE: Net Asset Value is calculated as the market value of a company's assets less its liabilities and obligations. Aimco estimates the value of its portfolio using methods
management believes to be appropriate based on the characteristics of the item being valued, for additional details see slide 68 of this presentation. The following table presents the
reconciliation of GAAP total assets to total assets presented herein and GAAP total liabilities to total liabilities presented herein.

Total Assets (per consolidated balance sheet) $ 2.3 Total Liabilities (per consolidated balance sheet)

Ownership Adjustments (0.1) Included in Other Assets above

Fair Value Adjustments 1.2 – 1.3 Fair Value Adjustments
Other Liabilities (0.1)

Total Assets (per NAV, herein) $ 3.3 - 3.4 Total Leverage (per NAV, herein)

PROPERTY NET OPERATING INCOME (NOI): NOI is defined by Aimco as total property rental and other property revenues less direct property operating expenses, including real estate
taxes. NOI does not include: property management revenues, primarily from affiliates; casualties; property management expenses; depreciation; or interest expense. NOI is helpful
because it helps both investors and management to understand the operating performance of real estate excluding costs associated with decisions about acquisition pricing, overhead
allocations, and financing arrangements. NOI is also considered by many in the real estate industry to be a useful measure for determining the value of real estate. Reconciliations of NOI
as presented in this Earnings Release and Supplemental Information to Aimco’s consolidated GAAP amounts are provided below.

Due to the diversity of its economic ownership interests in its apartment communities in the periods presented, Aimco evaluates the performance of the apartment communities in its
segments using Property NOI, which represents the NOI for the apartment communities that Aimco consolidates and excludes apartment communities that it does not consolidate.
Property NOI is defined as rental and other property revenue less property operating expenses. In its evaluation of community results, Aimco excludes utility cost reimbursement from
rental and other property revenues and reflects such amount as a reduction of the related utility expense within property operating expenses. The following table presents the
reconciliation of GAAP rental and other property revenue to the revenues before utility reimbursements and GAAP property operating expenses to expenses, net of utility
reimbursements as presented herein and on Supplemental Schedule 6 in Aimco’s Earnings Release and Supplemental Schedules.

March 31, 2021 June 30, 2020

June 30, 2021

Revenues, Before Revenues, Before Revenues, Before

Utility Expenses, Net of Utility Expenses, Net of Utility Expenses, Net of
Reimbursements Reimbursements Reimbursements Reimbursements Reimbursements Reimbursements
Total (per consolidated statements of operations) $ 40.4 $ 16.4 $ 39.8 $ 16.9 $ 37.2 $ 15.3
Adjustment: Utilities reimbursement (1.3) (1.3) (1.6) (1.6) (1.3) (1.3)
Adjustment: Non-stabilized and other amounts not allocated (5.8) (4.1) (5.6) (4.2) (3.3) (3.7)
Total Stabilized NOI (presented herein) $ 33.3 $ 11.0 $ 32.7 $ 11.2 $ 32.6 $ 10.4

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