Apartment Investment and Management : First Quarter 2023 Earnings Release & Supplemental Information

Table of Contents

Page

3 Earnings Release

8 2023 Outlook

1. Consolidated Statements of Operations
2. Consolidated Balance Sheets
3. Schedule 1 - EBITDAre and Adjusted EBITDAre
4. Schedule 2 - Aimco Leverage and Maturities
5. Schedule 3 - Aimco Portfolio
6. Schedule 4 - Aimco Capital Additions
7. Schedule 5 - Aimco Development and Redevelopment Project Summaries

1. Schedule 6 - Stabilized Operating Properties
2. Schedule 7 - Acquisitions, Dispositions, and Leased Communities
3. Schedule 8 - Net Asset Value Components
4. Glossary and Reconciliations of Non-GAAP Financial and Operating Measures

2

Aimco Reports First Quarter Results and Provides Recent Highlights

- Apartment Investment and Management Company ("Aimco") (NYSE: AIV)

announcedDenver, Coltodayr do,firstMayquarter4, 2023results for 2023 and provided highlights on recent activities.

Wes Powell, Aimco President and Chief Executive Officer, comments: "The fundamentals of the U.S. apartment market in general, and Aimco's business in particular, remain strong. Demand for living space continues to outpace supply in most markets and that trend is evident across the Aimco portfolio as Net Operating Income ("NOI") for our stabilized properties has grown by 10% or more, year-over-year, for six consecutive quarters. In the first quarter of 2023, revenue and NOI were up 11.4% and 13.1% respectively over the prior year. Leasing activity for the month of April proved promising with double digit blended lease to lease growth.

"The Aimco team continues its track record of adding value through our development program. Active projects remain on budget and on track to produce more than $55 million of annual NOI upon their stabilization. At The Hamilton, in Miami, Florida, construction was completed in April and the property is now 90% leased at rental rates well ahead of initial projections.

"We are also adding value through the planning and entitlement of our future development opportunities having invested approximately $6 million in those activities during the first quarter. Aimco maintains considerable optionality in regard to its development pipeline given the ability to extract value, and maximize risk adjusted returns, at various points in the pre-development process.

"The previously announced sale of our Parkmerced mezzanine loan investment remains on track. The buyer's deposit became non-refundable in April and closing is scheduled for the second quarter. Together with the monetization of the swaption purchased to hedge against interest rate increases, we expect the sale to result in gross proceeds of approximately $220 million and the further simplification of the Aimco business.

"Our balance sheet remains safe and benefits from attractive, primarily assumable, in place financing. Including extensions, we have only $75 million of debt coming due over the next 36 months, the majority of which we plan to opportunistically retire when the loans are open for repayment, without penalty, later in 2023.

"The Aimco board and management team remain committed to maximizing and unlocking value for Aimco shareholders. Year-to-date, through April 30, we acquired more than 2.4 million shares of Aimco common stock at an average price of $7.36 per share.

"I offer my thanks to the Aimco team for their hard work and continued good results."

FinancialNet lossResultsattributableand Recentto commonHighligstockholdersts per share, on a fully dilutive basis, was $0.06 for the

• quarter ended March 31, 2023, compared to net income per share of $0.05 for the same period in 2022, due primarily to a reduction in accrued mezzanine loan income recognition and fair value adjustments on Aimco's interest hedging instruments.

First Quarter 2023 Earnings Release and Supplemental Schedules | 3

• First Quarter 2023 Revenue, Expenses, and NOI from Aimco's Stabilized Operating Properties were up
	11.4%, 7.6%, and 13.1%, respectively, year over year, with average revenue per apartment home of
•	$2,227, up $238 year over year.
	Construction has been completed at The Hamilton, in Miami, Florida, where, as of April 30, 2023, the
	building's 276 apartment homes were 90% leased at rental rates well ahead of underwritten
•	estimates.
	As of April 30, 2023, total shareholder return ("TSR") since the December 15, 2020 spin-off of AIR
	Communities was 43.2% and year-to-date was 9.8%.

Value Add, Opportunistic & Alternative Investments

Aimco generally seeksdevelopment and redevelopment opportunities where barriers to entry are high, target
Development and Re	ent
customers can be clearly defined, and 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.
As of March 31, 2023, Aimco had five active development and redevelopment projects located in four U.S.
markets, in varying phases of construction and lease-up. These projects remain on track, as measured by
construction budget and lease-up metrics. Additionally, Aimco has a pipeline of future value-add opportunities
totaling approximately 14 million gross square feet of development in Aimco's target markets of Southeast
Florida, the Washington D.C. Metro, and Colorado's Front Range. During the first quarter, Aimco invested $64.8
million in development and redevelopment activities. Updates include:
	In Miami, Florida, construction and repositioning of The Hamilton is now complete. Demand for rental
•	housing in Southeast Florida remains robust, especially for unique waterfront properties. As of April
	30, 2023, 90% of the building's 276 units were leased or pre-leased at rates well ahead of underwritten
•	rents.
	In Bethesda, Maryland, construction is progressing on plan at the first phase of Strathmore Square,
	which will contain 220 highly tailored apartment homes when complete in 2025. This suburban infill
	project is located adjacent to the Grosvenor-Strathmore Metro station and the Strathmore Performing
	Arts Campus, and is 1.5 miles from The National Institutes of Health main campus. Funding for the
	$164.0 million project is fully secured with Aimco having a remaining equity commitment, as of April
•	30, 2023, of $7.4 million.
	In upper northwest Washington D.C., construction at Upton Place continues on schedule and on
	budget. Aimco plans to start pre-leasing Upton's 689 apartment homes during the summer of 2023 in
	anticipation of initial delivery in the fourth quarter of 2023. To date, 80% of the project's 105K square
	feet of retail space has been leased and Aimco has received letters of intent from retailers on another
•	16%.
	In Corte Madera, California, construction is ongoing at Oak Shore where 16 luxury single family rental
	homes and eight accessory dwelling units are being developed. Aimco expects to deliver the first
•	homes in the third quarter with pre-leasing efforts having begun in the first quarter of 2023.
	In Aurora, Colorado, The Benson Hotel and Faculty Club, a 106-key boutique hotel and event center
	with 18K square feet of event space, is complete and open to guests. As the only 'on campus'
	accommodations, The Benson is garnering strong interest from the many departments and offices

First Quarter 2023 Earnings Release and Supplemental Schedules | 4

	located on the surrounding Anschutz Medical Campus, which includes The University of Colorado
	Medical School, UC Health Hospital, Children's Hospital Colorado, The Rocky Mountain VA Medical
•	Center and the burgeoning Fitzsimons Innovation Community.
	In the first quarter 2023, Aimco invested $5.7 million into future development pipeline projects located
	in Southeast Florida, the Washington D.C. Metro, and Colorado's Front Range. Programming, design,
	documentation and entitlement efforts continue with projected unit counts and rentable square
	footage on track to meet or exceed initial projections. Aimco has received Urban Development Review
	Board approvals related to its 34th Street and Biscayne Boulevard properties in Miami's Edgewater
	neighborhood, conditional approvals on its Broward Boulevard sites in Fort Lauderdale, and earlier
	this month submitted a major amendment to the existing approval for the first phase of development
	at its site in Fort Lauderdale's Flagler Village neighborhood. As part of Aimco's capital allocation
	strategy, it may choose to monetize certain pipeline assets prior to vertical construction in an effort to
	maximize value add and risk adjusted returns.

Aimco's current alternative investments are primarily those investments originated prior to the separation
lternative Inves men s
from AIR Communities and include a mezzanine loan secured by a stabilized multifamily property with an
option to participate in future multifamily development, as well as three passive equity investments. Over
time, we plan to significantly reduce capital allocated to these investments. Updates include:
	In February 2023, Aimco entered into an agreement to sell the Parkmerced mezzanine loan for $167.5
•	million. The initial $5 million deposit received by the purchaser became nonrefundable in April 2023
	when various conditions, including transfer consents, were cleared. The sale is scheduled to close in
	the second quarter of 2023. Together with the monetization of the $1.5 billion notional swaption,
	purchased in conjunction with the mezzanine loan investment to protect against future interest rate
	increases, Aimco expects gross proceeds from these transactions to be approximately $220 million.

Aimco is focused on growing the business, and delivering strong investment returns, through development
Investment Activity
and redevelopment activities, funded primarily through third-party capital. Updates include:
	In February 2023, Aimco entered into an option agreement with the Fitzsimons Redevelopment
•	Authority. If exercised, the option allows for the long-term lease of 4.8 acres of land located on the
	Anschutz Medical Campus in Aurora, Colorado that can accommodate approximately 850K square feet
	of commercial life science development built out over multiple phases. The option's annual cost is
	approximately $0.5 million.

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