#1The Hamilton & Hamilton House Current Redevelopment and Potential Future Development Miami, Florida Aimco CREATING VALUE Investor Presentation May 2022#2FORWARD 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, 2021, and subsequent Quarterly Reports on Form 10-Q 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 March 31, 2022. Aimco CREATING VALUE 2#3AIMCO OVERVIEW 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 & DEVELOPMENT $3.4 billion WHERE AIMCO IS TRADED NYSE: AIV KEY REAL ESTATE MARKETS 8+ APARTMENT HOMES 6,000+ EXECUTIVE MANAGEMENT AVERAGE TENURE 18 years AIMCO-CONTROLLED INVESTMENT PIPELINE >$2.5 billion 3#4AIMCO 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 limited partner and indirect investments. Aimco CREATING 4 VALUE Flamingo Point Miami Beach, FL#5TEAM 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 Aimco CREATING VALUE LO 5#6TEAM: EXPERIENCED AND COHESIVE EVP, CHIEF ADMINISTRATIVE OFFICER, GENERAL COUNSEL Jennifer Johnson 17 Years with Aimco PRESIDENT & CHIEF EXECUTIVE OFFICER Wes Powell 18 Years with Aimco EVP & CHIEF FINANCIAL OFFICER Lynn Stanfield 20 Years with Aimco SENIOR VICE PRESIDENT SOUTHEAST REGION Lee Hodges 6 Years with Aimco Previously with: Peebles Development The Related Group SVP EASTERN REGION & NATIONAL TRANSACTIONS Matt Konrad 4 Years with Aimco Previously with: Brandywine Realty Akridge SENIOR VICE PRESIDENT CENTRAL REGION Elizabeth (Tizzie) Likovich 1 Year with Aimco Previously with: UDR Wells Fargo Aimco CREATING VALUE SENIOR VICE PRESIDENT ACCOUNTING, TAX, & FP&A Tom Marchant SENIOR VICE PRESIDENT WESTERN REGION Derek Ullian 7 Years with Aimco Previously with: Extra Space Storage Deloitte 5 Years with Aimco Previously with Benchmark RE Group Hellmuth, Obata + Kassabaum 6#7AIMCO PORTFOLIO Value Add & Opportunistic Real Estate Alternative Investments Core & Core Plus Real Estate#8AIMCO PORTFOLIO The Aimco portfolio can be broadly grouped in three distinct categories. Upton Place Value Add & Opportunistic Real Estate Developments Redevelopments Portfolio Acquisitions Operational Turnarounds Re-entitlements Parkmerced Alternative Investments Mezzanine Loan with Option to Participate in Development Passive Equity Investments Eldridge Townhomes Core & Core Plus Real Estate 30 Stabilized Apartment Communities in Ten major U.S. markets One Commercial Office Building Aimco CREATING VALUE 00 8#9VALUE ADD & OPPORTUNISTIC REAL ESTATE 707 LEAHY REDWOOD CITY, CA PRISM CAMBRIDGE, MA OAK SHORE CORTE MADERA, CA THE FREMONT AURORA, CO UPTON PLACE WASHINGTON, D.C. THE BENSON HOTEL & FACULTY CLUB AURORA, CO FLAMINGO POINT NORTH TOWER MIAMI BEACH, FL Aimco CREATING VALUE THE HAMILTON REDEVELOPMENT MIAMI, FL 9#10ACTIVE DEVELOPMENTS AND REDEVELOPMENTS 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 1Q 2022 (dollars in millions) (unaudited) Aimco Owned Properties The Benson Hotel and Faculty Club Upton Place [2] Hamilton on the Bay Subtotal Leased Properties Initial 4 Leased Properties Oak Shore Subtotal Total Direct Investment Number of units approved for development or redevelopment Property Valuation for Leasehold Expected NOI Stabilization Planned 106 $ 689 $ 70.0 260.0 276 95.0 To-Date $ 39.7 87.3 65.1 Remaining $ 30.4 [3] 4Q 2026 172.7 4Q 2026 29.9 3Q 2024 1,071 425.0 192.1 233.0 865 24 469.0 6.1 64.5 58.2 6.3 4Q 2022 4Q 2023 47.1 8.3 38.8 2Q 2025 889 475.1 111.6 66.5 42.1 1,960 $ 475.1 $ 536.6 $ 258.6 $ 278.1 [1] Current weighted average cap rate based on 2H 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. Aimco CREATING 10 VALUE#11PIPELINE ASSETS Brickell Assemblage Edgewater Land Anschutz Medical Campus FLYING HORSE >$2.5bn OF PIPELINE INVESTMENTS UNDER AIMCO CONTROL Flying Horse Aimco CREATING VALUE Fort Lauderdale Land 11#12REAL ESTATE 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 Aimco CREATING VALUE 12#13ALTERNATIVE 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 IQHQ RETV Mezzanine Loan and Option Passive Equity in a privately-held life sciences developer Passive Equity in early-stage real estate technology fund Aimco CREATING VALUE 13#14CORE 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. Select Properties Only YACHT CLUB MIAMI, FL HYDE PARK TOWER CHICAGO, IL HILLMEADE NASHVILLE, TN ROYAL CREST ESTATES WARWICK, RI The Blas EVANSTON PLACE EVANSTON, IL THE BLUFFS AT PACIFICA PACIFICA, CA PLANTATION GARDENS PLANTATION, FL 1045 ON THE PARK ATLANTA, GA Aimco CREATING VALUE 14#15STABILIZED MARKET ALLOCATION Portfolio Market Allocation CURRENT ALLOCATION 10 U.S. Markets Class-B Avg Rent Profile TARGET ALLOCATION Over time Aimco expects changes to its core and core plus market allocation to further improve its diversification and stability. San Diego, 2% Denver, 1% Nashville, 4% Atlanta, 1% Manhattan, 5%. Seattle, 5% Bay Area, 2% Chicago, 23% SE Florida, 23% Boston, 33% Market Atlanta Bay Area Boston Chicago Denver Manhattan Nashville San Diego SE Florida Seattle Aimco CREATING VALUE Maintain Decrease Increase Over Time Over Time 15#16INVESTMENTS Investment Process Current and Future Growth Targets#17INVESTMENT PROCESS Aimco will look to monetize investments during various points in their life-cycle with the goal of producing the Highest Risk Adjusted Returns. PROPERTY VALUE AIMCO TARGET HOLD ENTITLEMENT DEVELOPMENT LEASE-UP LOCAL MARKET IMPROVEMENTS TIME STABILIZED OPS Aimco CREATING VALUE AIMCO TARGET HOLD RENOVATION and/or REPOSITIONING OPERATING UPGRADES LOCAL MARKET IMPROVEMENTS 17#18VALUE 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. EXPECTED PROFIT (millions) $200 $150 $100 $50 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 YE 2026 INITIAL LEASED ASSETS PARKMERCED HAMILTON'S ON THE BAY REDEVELOPMENT THE BENSON OAK SHORE Aimco CREATING VALUE UPTON PLACE 18#19FUTURE 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. Once Optimal Allocation is Achieved 2020 2025 2030 2035 2040 Expected NAV Growth Components Value Add, Opportunistic, and Alternative Investments ~70% Core and Core Plus ~20% GROWTH Aimco CREATING VALUE - Optimal Allocation Reached Investments Made (Seeds Planted) CORE & CORE+ REAL ESTATE Expected Returns -9% VALUE ADD & OPPORTUNISTIC INVESTMENTS Expected Returns ~18% TOTAL AIMCO PORTFOLIO Expected Returns 12-16% 19#20CURRENT & TARGET ALLOCATION 70% 60% 50% 40% 30% 20% 10% 0% AIMCO TARGET ALLOCATION BY SEGMENT & SECTOR Current Target Value Add & Opportunistic Real Estate Core & Core Plus Alternative Investments Real Estate Cash, Hedges, & Other Net Assets Value Add & Opportunistic Real Estate [1] Core & Core Plus Real Estate [2] Alternative Investments Cash, Hedges, & Other Net Assets Total Expected Annualized Returns on Equity Approximate Current Target Target Allocation Allocation Leverage 34% 40% - 60% 65% 51% 30% - 35% 50% 9% 6% 5%-15% 5%-10% 0% Avg. Annualized Project-Level Return on Equity [3] ~18% ~ 9% ~15% 0% 0% 12% -16% [1] Includes management's value creation for ongoing development and redevelopment projects. [2] 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. [3] Individual project-level return on equity is subject to specific investment risk profiles and market dynamics, a range of outcomes is likely. Aimco CREATING VALUE 20 20#21FINANCE Liquidity and Capitalization Reducing Near-term Repricing Risk Risk Management#22BALANCE SHEET & FINANCES Liquidity • Aimco is highly focused on maintaining a strong balance sheet, including having at all times ample liquidity. As of March 31, 2022, Aimco had access to $298 million, including $109 million of cash on hand, $69 million of restricted cash, and the capacity to borrow up to $120 million on our revolving credit facility. Capitalization Aimco capitalizes its activities through a combination of debt and equity sources, with a strong preference towards property-level debt in order to limit risk to the Aimco enterprise. • Property Debt Non-recourse Long dated • Prefer fixed rate Construction Loans Non-recourse Aimco targets ~60% LTC Significantly hedged to interest rate exposure • 3rd Party Equity JV Partners Preferred Equity Financing Aimco CREATING VALUE Retained Earnings Recycle income generated from stabilized portfolio 242 22#23• BALANCE SHEET & FINANCES Reducing near-term repricing risk Aimco made significant progress on its efforts to reduce repricing and refunding risk associated with approximately $1 billion of near-term debt obligations. Recent Aimco Progress $555 million Weighted average term 9.4 years Rate-locked property loans • Effective weighted average fixed interest rate 4.37%[1] • $320 million of proceeds, net of the repayment of existing debt balances and prepayment penalties Sales Price: $127 million (~8% more than carried value) Sold Pathfinder Village • Net Proceeds: $70 million • Eliminated $55 million of floating rate debt due 2023 . Early Repayment of $534 million in notes • Agreement with AIR Maturing in January 2024 5.2% interest rate Estimated $24 million in spread maintenance Per agreement, if stabilized occupancy is maintained for 12 months the lease can be terminated Stabilized Occupancy at Flamingo Point North Tower • Upon termination and sale, either to AIR or an outside buyer, Aimco will satisfy the $150 million construction loan [1] Effective weighted average interest rate is presented net of monetized swaption proceeds. Aimco CREATING VALUE 23 23#24KEEPING SCORE & ESTABLISHING GUARDRAILS Tracking Defined Goals... while Being a Responsible Steward of Capital Growing Net Asset Value (NAV) Increase allocation to Value Add and Opportunistic Investments while maintaining a Core and Core Plus Allocation Tracking Project-level IRR and Multiple on Invested Capital T Maintaining Cash On Hand to Cover Three Years of Core Overhead Before starting a project, require cash or committed credit necessary to complete developments and redevelopments Utilizing primarily non- recourse property level debt and avoid cross collateralization Maintaining flexibility in our capital structure to allow pursuit of opportunities throughout the market cycle Aimco CREATING VALUE 24#25ESG HIGHLIGHTS Environmental Stewardship Strong Governance Social Responsibility#26ENVIRONMENTAL Parc Mosaic, Boulder, CO Commitment to Conservation LED lighting Keyless Entry Smart Thermostats Water sensors Resident recycling Flamingo Point, Miami Beach, FL GREEN U.S. BUILDING LEED GOLD USGBC COUNCIL ifitwel Aimco CREATING VALUE Building to LEED and Fitwel Standards Parc Mosaic LEED Gold Certified Oak Shore Currently building to LEED Gold standards 26 Upton Place Currently building to LEED Silver standards, Fitwel Wellness; includes a 267kW Solar Power Farm#27GOVERNANCE • Aimco has a highly • BOARD OF DIRECTORS regarded and refreshed Board including six new independent directors. Quincy L. Allen CO-FOUNDER AND MANAGING PARTNER, ARC CAPITAL PARTNERS Appointed 2020 Terry Considine CEO, APARTMENT INCOME REIT CORP. CHAIRMAN AND CEO, AIMCO 1994-2020 Appointed 1994 Patricia L. Gibson FOUNDING PRINCIPAL AND CEO, BANNER OAK CAPITAL PARTNERS Appointed 2020 Jay Paul Leupp MANAGING PARTNER AND SENIOR PORTFOLIO MGR, TERRA FIRMA ASSET MANAGEMENT Appointed 2020 Robert A. Miller CHAIRMAN OF THE BOARD SINCE 2020 Appointed 2007 Aimco has policies in place to ensure the Board of Directors is aligned with shareholders, including guidelines for common share ownership. Wesley Powell CHIEF EXECUTIVE OFFICER Appointed 2020 Deborah Smith CO-FOUNDER AND PRINCIPAL, THE CENTERCAP GROUP Appointed 2021 Michael A. Stein FORMER CFO ICOS CORPORATION, NORDSTROM, INC., & MARRIOTT INTERNATIONAL, INC. Appointed 2004 R. Dary Stone CEO, R. D. STONE INTERESTS; MANAGING PARTNER, HICKS HOLDINGS, LLC. Appointed 2020 Kirk A. Sykes CO-MANAGING PARTNER, ACCORDIA PARTNERS, LLC Appointed 2020 Aimco CREATING VALUE 27 27#28SOCIAL 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 and team development Voted 'Top Workplace' in Colorado for nine consecutive years, and in Washington, D.C. in 2021 2018, 2019, & 2020 BE ST 3355 AWARD WINNER GIVING BACK IS PAR FOR THE COURSE CHARITY Golf Tournament Aimco Cares AIRgives TOP WORK PLACES 2021 TOP TOP TOP WORK WORK WORK WORK PLACES PLACES PLACES PLACES 2020 2019 2018 2017 TOP TOP TOP TOP TOP WORK WORK WORK WORK PLACES PLACES PLACES PLACES 2016 2015 2014 2013 Aimco CREATING VALUE 28#29SELECTED INVESTMENT DETAILS Flamingo Point North Tower The Hamilton & Edgewater Assemblage Brickell Assemblage Fort Lauderdale JV Upton Place Anschutz Options Parkmerced Investment#30FLAMINGO POINT NORTH TOWER Overview The North Tower is all new, save the concrete structure and the elevator system installed in 2017. All floors were fully reimagined, focusing on prime view corridors and resulting in fewer but larger floor plans throughout the building. In total, we have 366 apartments (down from 614) 195 apartments with a central corridor overlooking the Courtyard and Bay 149 flow-through apartments to capitalize on Courtyard and direct Bay views 16 loft style flow through apartment homes with Bay views 6 two-story luxury end cap residences with 360-degree garden and Bay views Aimco CREATING VALUE Lease . Aimco leased the North Tower at Flamingo Point from AIR Communities upon separation of the two companies. Per agreement, if stabilized occupancy is maintained for 12 months the lease can be terminated Project Update • 100% construction complete • 98% occupied at rents on average 25% above UW Occupancy stabilized in April 2022 30#31St MIAMI DESIGN DISTRICT 1 BEVERLY TERRACE WYNWOOD EDGEWATER छ Miami Airport (6 miles west) Edgewater Assemblage TOWN SQUARE B MacArthur Ca WATSON ISLAND OVERTOWN 3 SPRING GARDEN W7 NW S EAST LITTLE HAVANA 198 Allan Ad BAYSH VENETIAN CITY CENTI ISLANDS South Miami Beach STAR, PALM AND HIBISCUS ISLANDS (6 miles east) WEST AVENUE Miami SOUTH BEAC FLAMINGO LUMMUS (968) " DOWNTOWN MIAMI 4 Dodge Island SOUTH OF FIFTH THE HAMILTON & EDGEWATER ASSEMBLAGE The Hamilton In 2020, Aimco closed on the acquisition of Hamilton on the Bay, a 271-unit apartment building fronting Biscayne Bay including additional unused density rights and an adjacent 0.6-acre waterfront parcel in the Edgewater submarket of Miami. Aimco began the redevelopment in 2Q 2021 and is rebranding the community as The Hamilton. Aimco expects to invest $95 million to transform the community and deliver premium amenities attractive to empty-nesters, snowbirds, and semi- retirees. Aimco CREATING VALUE Edgewater Assemblage Aimco purchased the lots immediately south of The Hamilton in the summer of 2021. Aimco is in planning for the potential development of two apartment towers The waterfront tower is expected to be 60 floors with large units attracting executives and affluent Gen X residents. As part of the project, Aimco will also develop the end of 34th street, creating a passive park and activating the waterfront. The west tower is being planned to be approximately 42 floors with targeted offerings geared toward households with and without children. Unit sizes will average 1,193 square feet and offer open floorplans with water and skyline view corridors. 31#32BRICKELL ASSEMBLAGE Project Plan • • . • Aimco owns Yacht Club Apartments and the contiguous 1001 Brickell Bay Drive commercial office building. Combined the two parcels are 4.25 acres with more than 600 linear feet of Biscayne Bay frontage. Current zoning allows for 3 million square feet on the combined land. Likely to include rental apartments, condos, office, retail, and hotel. Local Color Brickell has experienced unprecedented growth over the past decade, having become the densest urban core outside of Manhattan. 45% of greater Downtown Miami's population resides in Brickell and the neighborhood receives 15 million visitors each year. Scarcity of land is expected to build up of real estate values as densification continues, especially at prize locations. Aimco CREATING VALUE 32 32#33Site C W Broward Blvd Proposed Development Site B Site A FORT LAUDERDALE LAND • Project Plan Aimco entered into a joint venture with Kushner Companies to purchase three undeveloped land parcels located in downtown Fort Lauderdale, Florida. ⚫The total contract price for the land is $49 million ($25 million at Aimco's 51% share) Entitlements are in place for the development of approximately three million square feet of multifamily homes and commercial space. • Local Color 1. 2. The Fort Lauderdale market dynamics are appealing due to: 5-year rental growth rate for multifamily properties in downtown Fort Lauderdale exceeding 23%. Fort Lauderdale recognition as the seventh most livable downtown in the country, by Livability.com. Aimco CREATING VALUE 33 33#34tomac River (123) Little Falls Park Upton Place Sibley Memorial Hospital American University Pasodo Spray Park Glow Archbold Paris Back C Park William HG Fitzgerald Tonnis Center Washington, D.C. DISTRICT OF COLUMBIA Smithsonian National Catholic University of America Old Soldiers Home US Naval Observatory Zoological 120 Clabe d Washington Golf & Country Chub Marymount University Potumas Overlook Regionai GWU Mt Vernon MedStar Georgetown University Hospital Georgetown GEORGE WASHINGTON PKWY University GEORGETOWN Rosslyn Georgetown Shops Kennedy, Center GW Univeristy SINIA ia Hospital ar Arlington Barcroft Ballston Common illston intre il Crossroads Center ppes at ssroads Crossroads M FORT MYER Arington National Cemetery Colamber Gardens Cemetery Arlington Pentagon W Golf C H VA Medical Trinity Center College Howard University Howard Univeristy Hospital M CBD The White WEST END House: Lincol Washington Memorial Monument Thomas Jefferson Memorial Verizon Contor H Provi Hosp Gallaude Universi M Newseum 395 A Itac US Capitol M N East Patemae Golf Course Nationals Park FORT LESLEY Army Navy Fashioni Centre NATIONAL Virginia LANDING Highlande Crystal City J MCNAIR RONALD REAGAN WASHINGTON NATIONAL AIRPORT NAVY YARD UPTON PLACE • Description Ground-up development of 689 apartment homes and approximately 100,000 square feet of retail space at 4000 Wisconsin Avenue, NW Located within Washington DC's affluent, and historically high barrier-to-entry upper-northwest neighborhood 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 New Build Class A+ Asset is an A+ Location Being Developed with a High-Quality Partner Structure • 90/10 joint Venture with The Donohoe Companies, an experienced Washington, DC builder and developer who has controlled the Upton site for the past 30 years Project is meaningfully de-risked through the construction and delivery guarantees being provided Aimco CREATING VALUE 34 4 SUI#35SCRANTON BLVD OPTION 3 OPTION 2 Bioscience 2 MONTVIEW BLVD Henderson Parking Garage School of Pharmacy & Pharmaceutical Sciences URSULA ST OPTION 1 21 FITZSIMONS THE FREMONT THE BENSON CENTRAL GREEN CU FUTURE DEVELOPMENT SITE University of Colorado Health Sciences Library ANSCHUTZ OPTIONS MONTVIEW BLVD Future CU Build Out Future CU Build Out Project Plan Options to acquire the only residential developable land on the Fitzsimons/Anschutz Campus Options are spread across three land parcels with a total area of 5.2 acres Aimco could build approximately 700 apartment homes Local Color The Fitzsimons Innovation Community and the adjacent $5.8 billion Anschutz Medical Campus are one of the largest bioscience developments in the nation, representing the second-largest economic engine in Colorado behind Denver International Airport The Anschutz Medical Campus brings over 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. Aimco CREATING VALUE 35#361) Current Parkmerced Site (3,221 Existing Rent Stabilized Units¹) Parkmerced at Full Buildout PARKMERCED INVESTMENT Community Details • . Investment in One of the Most Dynamic Multifamily Development Opportunities in the U.S. Parkmerced is located on a 152-acre site in southwest San Francisco and represents one of the largest and most dynamic development opportunities in the country with a significant multifamily component 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 • $275M Mezzanine Loan ($346M balance at 1Q22) • AIMCO OPTION 10-year option (expires Nov 2031) • ~71-85% LTV Tranche (at Origination) 5-year term (Matures Dec 2024) 10% Interest (Accruing) ASYMMETRIC OUTCOMES: BASE CASE: Mezzanine Loan Aimco is repaid its loan to the partnership and accrued interest providing an attractive return on investment. 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. Aimco CREATING VALUE 30% Equity Position in Partnership Cost: $1 million + 30% of incremental capital improvements UPSIDE: Execute Option Aimco participates as a 30% equity partner in the future development opportunity at cost. 36