On December 1, 2008, Apartment Investment and Management Company ("Aimco") paid a special dividend to Aimco's stockholders of record at the close of business on October 27, 2008. The special dividend was paid in a combination of cash and Aimco Class A Common Stock.

Accounting principles generally accepted in the United States (GAAP) require that all reported per share data, for current and prior periods, be adjusted to reflect the issuance of the shares in connection with the special dividend as if such shares had been issued at the beginning of the earliest period presented.

Aimco has furnished the material on Exhibit 99.1 to facilitate an understanding of the effect of shares issued in connection with the special dividend declared on October 16, 2008, and paid on December 1, 2008, on previously reported Earnings per share, Funds from Operations per share and Adjusted Funds from Operations per share.

The following exhibits are furnished with this report:

Exhibit Number   Description

      99.1          Financial and Share Information Adjusted for Special Dividends
                    - December 2008