2016 Aimco Corporate Citizenship Report

A Message At Aimco team comes first. who consistently provide outstanding from the CEO As you read this year’s service to Aimco residents from coast to report highlighting our coast. Our property teams work hard to Terry Considine accomplishments in make each resident feel welcome while Chairman and CEO operations, redevelopment, portfolio creating unique communities that they Apartment Investment and management, financial performance are proud to call home. Aimco puts Management Company and workplace culture, it becomes clear residents in charge by giving them the that our successes result from the hard opportunity to rate our team membersPAGE 1 work and dedication of our talented on every interaction. Our team members team. In 2016 Aimco was recognized continue to earn high marks and I am for our high performing, collaborative proud that our average overall customer and fun work environment when we satisfaction score has steadily increased earned a Top Workplace in Colorado over each of the last four years. designation for the fourth consecutive year. I thank my teammates for making To meet the needs of our residents and this achievement possible and for deliver value to our shareholders, the coming to work each day motivated to Aimco investment team acquires well serve our customers and each other. located properties in high performing markets and maximizes their potential The most important part of our mission is through redevelopment and capital carried out by our onsite team members upgrades. During 2016 Aimco achieved

Contents Teambuilding: A Great Place to Work . . . 3 Teamwork: Adding Value to the Portfolio . . . 7 Team Dedication: Great Places to Live . . . 11 Team Spirit: Giving Back . . . 13 Teaming Up: Community Partnerships . . . 17 Team Leaders: Value for Shareholders . . . 21Net Operating Income (NOI) stabilization Our team members take pride in giving where our public-private partnershipsat three redeveloped communities in back to their communities. The team- contribute to economic growth incoastal California: Lincoln Place in driven Aimco Cares philanthropic these cities.Venice; Ocean House on Prospect in program continues to make a positive I am privileged to serve with myLa Jolla; and Preserve at Marin in difference in the lives of individuals and colleagues on the Aimco Board ofCorte Madera. These redevelopments nonprofits across the country. Teammates Directors, an experienced and highlyresulted in $170 million of value participated in a national community respected team guiding us with theircreation – an amount equal to 30 service week, supported veterans’ business acumen and good governancepercent of Aimco’s investment – and a causes, and donated to nonprofits of policies. We work together to ensurefavorable outcome for our shareholders! their choosing through a new Give with transparency and predictability for ourIn 2016 Aimco completed the lease-up Gusto initiative that provides a financial shareholders. Our Directors along withof Vivo in Cambridge, Massachusetts match for team volunteer hours. our entire Aimco team foster a businessahead of plan, and significantly culture characterized by integrity,outperformed its expectations for the Aimco team members also form collegiality, innovation, trust, accountabilitylease-ups of One Canal in Boston, and alliances with our business and industry and, most importantly, Team First.Indigo in Redwood City, California. partners and elected officials to pursueThe projected contribution to 2017 NOI our common goal of providing homes PAGE 2from these lease-up communities is and improving neighborhoods. We were$0.13 per share, $0.01 per share greater honored to host civic leaders andthan we had forecasted one year ago. business colleagues at grand opening ceremonies in Boston and Philadelphia

TEAMBUILDINGA Great Place to Work We Live with Gusto! The Aimco culture promotes team related to the business. Hearing Aimco team members engagement, champions professional from small groups of team members give 100% each day – growth, applauds innovation and regarding their work environment is creates a sense of family – all reasons important to Aimco, too. Think-tank to residents and that make Aimco a Great Place to Work. discussions with leasing consultants, teammates – while service managers, and other teams TEAM ENGAGEMENT encourage frank discussion on how having fun, too! Aimco maintains a workplace we can help team members be characterized by team engagement successful while working togetherPAGE 3 and transparency. From daily team to improve Aimco. meetings at each community to semi- weekly national Stand-Ups, team AVENUES FOR INTERACTION members gather together for ready In 2016 the company launched a new access to updates and conversations avenue for engagement – The Aimco on Aimco’s business operations. Connection – an interactive Intranet platform. The site features stories On a quarterly basis, Aimco’s CEO on team members and communities, and leadership host national team and highlights news contributed by conference calls, where they share correspondents representing a variety successes and opportunities and of Aimco locations and business areas. encourage questions on all topics

sInvesting in Aimco FamiliesWhen it comes to choosing whichcharitable causes to support on the $1,060,500local level, the decision making is in thehands of Aimco team members. Total amount given throughTeam members determine where they the Aimco Caresspend their 15 hours of paid volunteer Scholarshiptime given annually through Aimco Program (2006-2016)Cares. They also engage in fundraisingfor locally selected nonprofits and team 540members turned their volunteer hoursinto donations for worthwhile causes Aimco Caresin 2016. scholarships awarded to childrenPromoting collegiality and fostering a of team memberssense of family are integral to the since 2006Aimco culture. AimcoLive! gives teammembers informal opportunities to BELOW: Aimco leaders frombuild relationships outside of the office across the nation participated induring Aimco-sponsored events the Operations Kick-Off in Phoenix,including sports, theater, art exhibits, Arizona. This annual strategic planning event includes discussions on customer service, leasing, and community maintenance and encourages the sharing of best practices. PAGE 4

Top family outings and social events. Teams ss ABOVE: Denver teammates celebrate Place from across the country participated in Aimco’s fourth consecutive Top Workplace to Work 57 AimcoLive! activities in 2016. in Colorado honor. Aimco is part INVESTING IN TEAM MEMBERS RIGHT: Service Technician Hicham of a high Aimco believes the most valuable Rouchi poses a question to CEO Terry performing investment is in our team. To help grow Considine during Aimco’s All-Team Call: group of only careers, Aimco invests in team member Live from Boston. The town hall-style three midsized companies to training and professional development, event included more than 60 team receive a Denver Post Top allocating substantial resources to members from across the Northeast and Workplace designation for four job-specific and leadership trainings was linked by live audio to a national consecutive years. The each year. When opportunities for Aimco audience. recognition comes from surveys promotions and job growth become of employees, and team available, Aimco considers its team first. FAMILY MATTERS members again gave Aimco More than two-thirds of all open At Aimco, family matters. Aimco is high marks on work-life balance, management positions were filled a strong proponent of a healthy work- collaboration and career from within Aimco in 2016. When jobs life balance: it is important for team advancement. opened at the Vice President level members to feel fulfilled in their jobs or above, Aimco looked to its strong while also making time to addressPAGE 5 bench, filling 86% of those available family priorities. Team members can positions with internal talent. exercise flexibility in their work schedules to take care of an ailing family member For children of team members, or attend a child’s school activity. Aimco provides scholarships to help When team members are faced with with the costs of higher education. an emergency or life-changing More than $1 million has been granted situation, Aimco Cares 4U extends to 540 students to help them achieve a compassionate hand by offering their educational goals. short-term financial assistance. In 2016 Aimco Cares 4U gave more

than $34,000 to team members who Robert “Doc” Brownlee, a 20-year Aimco veteran and Service Technicianexperienced hard times. at Peachtree Park in Atlanta, GA, was nominated by his entire regional team to receive the 2016 Humberto Award. Created in 2015 to commemorateRECOGNIZING A JOB the untimely passing of an outstanding and beloved Aimco team member,WELL DONE the Humberto Award is presented to an Aimco team member who providesAimco believes team members who exceptional customer service and exemplifies Aimco’s cultural attributes.go above and beyond deserve The recipient receives $10,000 along with the distinct honor of having beenappreciation for a job well done. nominated by Aimco peers.Whether giving a well-earned thank-youin front of their colleagues or extending “Aimco has givena more formal acknowledgment of their me all the toolsaccomplishments, Aimco frequently I need to advancecelebrates team member achievements. my career in a work environment that isSeveral performance-based welcoming, rewardingincentives recognize individuals and and challenging all atteams for meeting and exceeding their the same time. I’vegoals. Team members who are top been amazed at theperformers for the quarter earn level of collaborationrecognition as outstanding sales or between teamcustomer service stars. Each quarter members – whether itcolleagues nominate their inspirational be at a regional level orteammates for Aiming for the Stars all the way up to the topAwards which celebrate team level executives. Mymembers’ contributions to promoting opinions, efforts andAimco’s cultural attributes. work truly matter here.” – Aimco team member Glassdoor.com review PAGE 6

TEAMWORKAdding Value to the Portfolio Managing a Through strategic acquisitions, a Aimco Investment geographically dynamic redevelopment program in Redevelopment and diversified portfolio of and ongoing investment in property Development in 2016: high quality apartment upgrades, the Aimco team delivers homes well located an exceptional value for our residents $183M near job centers, transit and shareholders. and services is a key and a yoga/spin studio. Developed by component of Aimco’s EXCEEDING EXPECTATIONS IN BOSTON Aimco's local partner Trinity Financial, business model. With 360-degree rooftop views of this ground up project was completed Boston, easy walks to the Charles River, in 2016. Aimco has welcomed residentsPAGE 7 TD Garden sports arena and Quincy at a pace well ahead of expectations Market, and only a few steps from which has contributed to healthy results public transit, One Canal puts residents for our shareholders. at the hub of a vibrant city while offering resort-style living. Its 266 luxury A STUNNING BAY AREA ACQUISITION apartment homes and 44 penthouses Indigo Apartment Homes in Redwood are complemented by a rooftop pool, City, California is an exceptional sundeck and outdoor theater, a posh example of how the Aimco team Canal Club for resident gatherings, identifies and acquires properties with a fireplace lounge, a fitness center,

ss ABOVE: One Canal Apartment Homes, Boston, MA RIGHT: Indigo Apartment Homes, Redwood City, CA outstanding potential. Indigo offers urban luxury living, world-class amenities and 463 upscale apartments ranging from studios to penthouses, close to major employers such as Facebook and Stanford University. Indigo beckons residents to take full advantage of outdoor living with its saltwater pool, open-air cabana lounge, poolside workout area and outdoor theater. Residents can maintain a healthy lifestyle while enjoying the fitness center with modern equipment and virtual workouts and the spin PAGE 8

Target Markets and yoga studios. Many choose to s ss ABOVE: With the Philadelphia skyline bike to their destination with the setting the scene, Aimco Senior Vice • Atlanta convenience of secure bike storage, President of Redevelopment Wes Powell • Bay Area a bike maintenance station and shares highlights of the progress achieved • Boston complimentary bike rentals. on the $200 million plus, multi-phase • Chicago redevelopment of Park Towne Place • Denver PRESERVATION AND PROGRESS Museum District Residences during its • Greater DC IN PHILADELPHIA grand opening ceremony. • Los Angeles Aimco’s two multi-phase • Miami redevelopments in Center City OPPOSITE TOP: The Sterling Apartment • New York City Philadelphia – Park Towne Place Homes, Philadelphia, PA • Philadelphia Museum District Residences and • San Diego The Sterling Apartment Homes – RIGHT: Yorktown Apartment Homes, • Seattle took major steps forward this year, Chicago, IL becoming home to hundreds of newPAGE 9 residents. At Park Towne Place, the superior location, incomparable, Aimco redevelopment team completed panoramic views from the rooftop pool the rehabilitation of two of the four and Skyline Lounge and some of the residential towers and repositioned largest apartment homes in Center City. 20,000 square feet of retail space featuring onsite resident amenities PREMIER LIVING CLOSE TO CHICAGO including a gourmet market/café, Yorktown, a redevelopment property dry cleaner, beauty salon, package close to the job centers, culture and center and working art studio. attractions of Chicago offers upscale living in the nearby suburb of Lombard. An outstanding example of mid-20th The community’s apartment homes century modern design, Park Towne feature vinyl plank floors, modern Place is honored with a designation on kitchens with high end finishes and a the National Register of Historic Places, host of attractive amenities. Residents the first mid-century modern multifamily enjoy an abundance of outdoor spaces residential complex to be listed in the including a rooftop pool and social deck Commonwealth of Pennsylvania. and a beautifully designed open air lounge with multiple stone fireplaces. As The Sterling redevelopment nears Yorktown offers both outdoor and indoor completion, residents are drawn to its fitness areas and a game room with a fully equipped kitchen, televisions and a pool table perfect for recreation.

Aimco’s Commitmentto ConservationIn 2016 the Aimco team strategicallyinvested $3.5 million in energyconservation. Over the last ten years,Aimco has achieved the following: 2,020,000 Therms of Natural Gas Conserved 47,275,000 kWh of Electricity Saved Through Efficient Fixtures 412,000,000 Gallons of Water Saved Through Efficiency 38,200 Metric Tons of Greenhouse Gas Emissions Eliminated PAGE 10

TEAM DEDICATIONGreat Places to Live Aimco’s customer Whether responding to a service “Royal Crest is the service philosophy of request, conducting a tour, or best community “Whatever it takes to welcoming a new pet, Aimco’s I have ever lived in.make you feel at home” onsite teams dedicate themselves The landscaping is to making residents feel part of a beautiful, the property motivates team caring community. is well-maintained, and members to deliver the office staff is always best-in-class service to GOOD NEIGHBORS friendly and helpful. residents each day. Residents who choose to make I’ve made friends with their home at an Aimco community neighbors and thePAGE 11 can expect to live in a respectful location is very environment surrounded by good convenient. All in all, it’s neighbors. In turn, all new Aimco nice to call it home!” residents sign a Good Neighbor Policy as part of their lease agreement – —A resident of Royal Crest Estates a pledge to join us in maintaining a in Warwick, RI welcoming, positive and relaxing experience for the entire community. This mutual arrangement gives residents peace of mind that their home is their respite from daily concerns.

A HEALTHY HOME Filling the 5th StarAimco residents have a strong desireto live in communities with amenities Aimco receives and publishes nearly 85,000to support a healthy lifestyle. Aimco Customer Satisfaction (CSAT) survey responsesfulfills resident needs by providing each year rating community teams on friendliness,contemporary fitness centers, walkable responsiveness and overall satisfaction.communities, pool areas and bikestorage rooms, all in a 100% smoke-free BEST OF AIMCO:environment. 4.71 One Canal – Boston, MAResidents embrace the opportunitiesto meet each other and to entertain DIAMOND PROPERTIES:guests at Aimco communities takingfull advantage of outdoor lounges, fire 4.59 Milan Apartments – New York City, NYpits, barbeque areas and open space. 4.58 2900 on First – Seattle, WAAimco is pet friendly and has 4.58 Pacifica Park – Pacifica, CAintroduced amenities for four-legged 4.52 Burke Shire Commons – Burke, VAfamily members including dog parks, 4.51 Cedar Rim Apartments – Newcastle, WAand onsite washing and groomingareas. Promoting a healthy career-life 106 Aimco communities with a CSAT of 4 out of 5 stars or higherbalance extends to our residents as Customer Satisfaction Scores Average across all Aimco communities (on a scale of 1 to 5) 3.99 4.10 4.15 4.18 2013 2014 2015 2016 well. Aimco communities offer onsite at any time by accessing a customized business centers, Wi-Fi and fiber optic web portal. The team reviews all connectivity to make it easy to work service needs on a daily basis and from home. guarantees a response to residents within 24 hours – just another way OPEN 24/7 Aimco strives to be a leader in Residents can review their accounts, customer service. pay their rent or log service requests PAGE 12

TEAM SPIRITGiving Back Team members Spearheaded by Aimco team GIVING WITH GUSTO nationwide turn their members, the Aimco Cares volunteer In 2016 Aimco Cares launched Give passion for community movement has cultivated hundreds with Gusto, which provides a financial of partnerships with local nonprofits match for each hour volunteered by a service into action and touched thousands of lives. team member, and which empowers through Aimco Cares, local Aimco teams to give “gusto bucks” which gives teammates GALVANIZING THE TEAM to their favorite causes. Teammates 15 paid hours to apply FOR GOOD WORKS converted their sweat equity into dollars to a volunteer activity Whether visiting children at a local resulting in more than $35,000 in hospital, serving meals at the Ronald donations to more than 100 nonprofits. of their choosing. McDonald House, building homes Aimco Cares teams made a significant with Habitat for Humanity, visiting a impact throughout the year engagingPAGE 13 veterans nursing home or beautifying in a National Week of Community Service a local park, Aimco Cares teams make in the Spring and in the 50 Days of lasting contributions to people and Service campaign in the Fall to support neighborhoods. Teammates appreciate veterans causes across the country. the personal rewards of giving back, too, as they create stronger relationships LEADING BY EXAMPLE with their colleagues working side-by- Aimco leaders across the company side to help those in need. embrace the mission of Aimco Cares, creating long-standing partnerships with

A Classic Aimco Cares Cause Charity Golf With the help of Classic its business partners across the country, Aimco raised $483,000 during the 13th annual Aimco Cares Charity Golf Classic held in Sedalia, CO. Since its inception, the tournament has grossed nearly $4 million to benefit military support organizations and scholarships for students in affordable housing.s RIGHT: Aimco teammates are strongchampions in the fight against hunger,volunteering at food banks andsoup kitchens in locations such asNew York City, Boston, Denver andGreenville, S.C.beneficiaries and volunteering alongsidetheir teammates on projects that meetvital community needs. Aimco ChiefAdministrative Officer Miles Cortez leadsthe way in supporting military familiesby cultivating partnerships and volunteeropportunities with the TragedyAssistance Program for Survivors andProject Sanctuary. Executive VicePresident Patti Fielding captains a teamof Aimco riders in the annual MS 150bike event to raise funds for individualsbattling Multiple Sclerosis. ChiefAccounting Officer Andrew Higdon PAGE 14

recruits team members to take to the s 4,553 slopes in the yearly Invest in Kids ABOVE: Aimco team members from Hours volunteered Jane-a-Thon ski and snowboard across the country rallied to raise more by team members fundraiser to benefit child wellness. than $44,000 for Bike MS. This year through Aimco Among the many leaders who stepped Aimco rode with special inspiration and to Cares up to serve in 2016 were Chief support a member of the Aimco family – Investment Officer John Bezzant who the husband of a team leader in 154 worked side by side with an Aimco team California – who was recently diagnosed Aimco Cares on a home for a Vietnam Veteran, and with MS. activities Aimco’s CEO Terry Considine who joined teammates for a visit to a veterans example for the team, and in turn, are 92 nursing home. Our leaders set a great inspired by the men and women of Unique nonprofits Aimco who open their hearts in service served through to others. volunteerism and donations Topping $1 Million Aimco’s partnership with Tragedy for TAPS Assistance Program for Survivors (TAPS) reached new heights in 2016 when the Aimco team in Washington, D.C. presented Aimco’s millionth dollar to the nonprofit military support organization. “The Tragedy Assistance Program for Survivors is so grateful for the steadfast support received from Aimco and their partners,” said TAPS President and Presidential Medal of Freedom recipient Bonnie Carroll. “This heartfelt effort has had a profound impact on the way the families of America's fallen heroes are able to find hope and healing.”PAGE 15

ssHonoring Our Veteranss Aimco team members cherish the opportunity to support our nation’s heroess through Aimco Cares. In 2016 Aimco expanded its national veterans volunteer opportunities, encouraging teams across the country to work together on behalf of our service men and women. TOP RIGHT: An enthusiastic group of Aimco teammates marched in the annual New York City Veterans Day parade. MIDDLE RIGHT: Denver team members were joined by Aimco CEO Terry Considine to distribute gift bags to residents of the Colorado Veterans Home at Fitzsimons. BOTTOM RIGHT: Teammates in Greenville, SC rolled up their sleeves to serve and support our nation’s heroes by assisting with the annual Greenville Memorial Hospital Veterans Day Ceremony. BELOW: Team members from across the Chicago metro area partnered with Operation Support our Troops to fill 250 holiday stockings for active duty soldiers. PAGE 16

TEAMING UPCommunity Partnerships Aimco works hand in hand with s ABOVE: Highlighting the work of both community partners to provide high established and new artists, Constructing The Aimco team quality homes, create jobs, and Organics was one of three rotational art engages business and enhance neighborhoods. exhibits featured in Park Towne Place’s industry leaders, civic South Tower Gallery. A PRESENCE ON organizations and THE PARKWAY “Icommend Aimco for elected officials in Aimco’s Park Towne Place its continued investment collaborations that Museum District Residences has in Philadelphia and for this become a presence along project which is providing bring vitality and Philadelphia’s Benjamin Franklin between 400 and 500 economic growth to Parkway. New residents are drawn construction jobs while cities and towns across to the wholly transformed apartments adding vibrancy to the with exceptional city and river views Parkway and vitality to our the country. and to the beautifully designed City.” —Mayor Jim Kenney amenity spaces that include aPAGE 17 state-of-the-art fitness center, the Park Towne also is gaining recognition custom-designed Oar Pub, and the as a focal point for the arts. Thousands Skyline Lounge complete with its of residents and community members demonstration kitchens, large screen televisions, pool tables and fireplaces and outdoor fire pits.

ss TOP RIGHT: Park Towne Place sponsored the Association for Public Art (aPa) Publics Art in Focus, a month of photography workshops and competitions including a VIP closing reception. MIDDLE RIGHT: Park Towne Place was a featured stop during two city-wide art events – Design Philadelphia and Philadelphia Open Studio Tours – which showcase select creative workspaces and galleries. BOTTOM: Philadelphia Parks and Recreation Commissioner Kathryn Ott Lovell and Pennsylvania State Senator Larry Farnese were on hand to join the Aimco team including Senior Vice President Patti Shwayder and Executive Vice President Patti Fielding at the grand opening celebration of Park Towne Place. PAGE 18

senjoy the community’s permanent art by their neighbors – the Philadelphia ABOVE: Massachusetts Governor Charliecollection featuring 100 works by local, Museum of Art and The Barnes Baker and Mayor Martin J. Walsh joinednational and internationally known artists Foundation – and collaborations state and city officials, community leadersand ever-changing exhibits. Through between Aimco and the Association and Aimco team members includingAimco’s collaboration with curator for Public Art. Executive Vice President John Bezzant toInLiquid, Park Towne Place premieres welcome the newly developed One Canalrotating exhibits throughout the year MAKING HISTORY IN BOSTON Apartment Homes to the Bulfinch Trianglewith opening receptions that give visitors Massachusetts Governor Charlie Baker neighborhood at a ribbon-cuttinga chance to interact with the featured and Boston Mayor Martin J. Walsh were ceremony in July.artists. An onsite art studio offering among the honored guests joininghands-on workshops has attracted Aimco representatives for this year’s Homes, a ground-up developmentresidents and community members grand opening of One Canal Apartment in the City’s historic Bullfincheager to tap into their creativity. Triangle. Aimco’s partnerships with “One Canal is the the Massachusetts Department ofAs residents walk to their apartment result of a Transportation, The Bostonhomes, they are surrounded by art successful public private Redevelopment Authority, thein the corridors. Through a partnership partnership between the Middlesex Canal Association andwith the Moore College of Art and Commonwealth, the City developer Trinity Financial wereDesign, students in the Curatorial of Boston, and private instrumental in making One Canal aStudies class choose a theme for each industry to transfer unused success. This unique collaborationcorridor based on a particular art state assets into positive brought to life exceptional apartmentmovement and grace the walls with economic growth.” living and premier amenities in thecorresponding art to create a gallery hub of the City’s North End. A state-experience for residents. Park Towne —Massachusetts Governor Charlie Baker of-the-art community, One Canal alsoPlace residents take advantage of celebrates its heritage with a lobbyspecially arranged art events hosted mural paying tribute to the Middlesex Canal which once bisected the site.PAGE 19

WORKING SIDE BY SIDE WITH Aimco Cares Opportunity ScholarsCITY OFFICIALSAimco creates alliances with local In 2016 the KIMBERLY CRUZ DERRICK ARTHUR JANEISE DAVISgovernments to pursue the common Aimco Cares Studying Pre-Law CUDJOE Earning agoal of providing quality housing Opportunity at Notre Dame Pursuing a Computeracross the country. Scholarship School of Nursing Degree Engineering empowered Manhattan in New at Georgetown Degree at SouthernTeams are working with local planning 29 students in York City, NY University in Illinois University inagencies, city councils and chambers affordable Washington, DC Edwardsville, ILof commerce to spur economic housing todevelopment in cities such as Miami, achieve theirFlorida; Falls Church, Virginia; Chicago, dreams of higherIllinois; Boulder, Colorado; and Los education.Angeles, California. In Los Angeles, Here are three of“Thanks to Aimco our outstanding Cares, I am able winners:help pay college costswhich will allow me to Aimco is an active member of the sHousing Council, and as a lead partnergraduate from college Los Angeles Business Council and of the National Leased Housingdebt free. I’m truly presents an annual award to an Association Education Foundationgrateful and blessed to individual who has made a significant (NLHA). In partnership with the NLHA,receive this award and impact in housing leadership. Aimco has established the Aimco Caresmake my dream of going Opportunity Scholarship which hasto college become a On the national level, Aimco is a provided more than $935,000 toreality.” thought leader on issues impacting aspiring students who live in affordable the apartment industry through housing nationwide.– Kimberly Cruz, Aimco Cares participation in the NationalOpportunity Scholarship Recipient Association of Real Estate Investment BELOW: Aimco’s Southern California team Trusts and Real Estate Roundtable, and Senior Vice President Patti Shwayder representation on the executive present the Aimco Housing Impact Award committee of the National Multifamily to Los Angeles Mayor Eric Garcetti. PAGE 20

TEAM LEADERSValue for Shareholders Aimco creates Led by a highly respected Board of proceeds from lower performing properties shareholder value Directors, our team emphasizes workplace in weaker markets and invests them in through operational culture and a commitment to communities with higher prospects. This excellence, managing accountability, responsiveness and plan has resulted in continued increases integrity in all our interactions. in revenues per apartment home to $1,978 a high quality in 2016. Repositioning properties through portfolio, investing STEADY EXECUTION OF A redevelopment, development and property SOUND STRATEGY upgrades has enabled Aimco to maximize in advantageous The Aimco business strategy is built to its investments. Value creation from redevelopment, and deliver solid, predictable results insulated our redevelopment program in 2016 is maintaining a healthy from fluctuations in economic conditions. expected to exceed 30 cents on each In property operations, Aimco has lower dollar invested. balance sheet. resident turnover than our peers as a result of high customer satisfaction. Over the past A HEALTHY BALANCE SHEETPAGE 21 decade, Aimco has achieved peer-leading Aimco’s balance sheet provides a strong expense control as our team identifies foundation for current and long-term innovative ways to achieve efficiencies financial stability. In 2016 Aimco while delivering excellent service. Our restructured its bank line to extend its portfolio is diversified by geography and maturity to 2022 and lower borrowing price point to minimize Aimco’s reliance on costs. The line is largely unused and the performance of a few markets. Aimco’s provides up to $600 million of liquidity. paired-trade strategy takes the disposition Aimco’s unencumbered pool of

Aimco Board of Directors TERRY CONSIDINE – Founder, Chairman of the Board and CEO, Aimco THOMAS L. KELTNER – Chairman, Compensation and Human Resources Committee; Served as Executive Vice President and CEO, Americas and Global Brands, Hilton Hotels Corporation J. LANDIS MARTIN – Lead Independent Director; Founder and Managing Director, Platte River Equity, LLC; Served as CEO of four NYSE companies ROBERT A. MILLER – Chairman, Redevelopment and Construction Committee; Served as Executive Vice President and Chief Operating Officer, International of Marriott Vacations Worldwide Corporation; Co-Founder and President of American Resorts, which was sold to Marriott International, Inc. to form its timeshare division and now spun off as a NYSE-listed company. Mr. Miller is also a director of Welk Hospitality Group, Inc. KATHLEEN M. NELSON – Chairman, Nominating and Corporate Governance Committee; Founder and President, KMN Associates, LLC and Co-Founder and Managing Principal of Bay Hallow Associates, LLC; Served as managing director/group leader and chief administrative officer for TIAA-CREF’s mortgage and real estate division MICHAEL A. STEIN – Chairman, Audit Committee; Served as CFO of ICOS Corporation, Nordstrom, Inc. and Marriott International, Inc; Serves on the board of InvenTrust Properties Corp., an open-air shopping center REIT. NINA A. TRAN – Currently CFO of Veritas Investments Inc., and previously served as CFO of Starwood Waypoint Residential Trust and as Chief Global Process Officer and Chief Accounting Officer of AMB Property Corporation/Prologis, Inc.communities has an estimated fair market Delivering Shareholder 6.21%7.3%value of $1.6 billion providing additional Value in 2016 5%financial flexibility. Both Standard and Poor’s 12%and Fitch have rated the Aimco balance sheet NOI Growth“investment grade.” 17.3% AFFO IncreaseRESPECTED LEADERSOur Board of Directors brings a depth of Increase in Dividends Per Shareexperience and sound decision making toAimco. The Directors have led the industry in Total Shareholder Returnestablishing good governance policies thatpromote transparency, high ethical standardsand careful stewardship of shareholderinvestments. Aimco’s CEO Terry Considine wasrecognized for his inspirational leadership,business accomplishments and philanthropyas a 2017 inductee into the Colorado BusinessHall of Fame. This honor was shared by theentire Aimco team, an exceptional group ofprofessionals motivated to deliver positiveresults for residents, shareholders andcommunities in a spirit of corporate citizenship. PAGE 22