Investor Presentaiton

HIGH QUALITY BALANCE SHEET Debt and Preferred Equity to Adjusted EBITDA 6.9x Guided 2019 5.4x Based on Balances Due at Maturity Refunding risk is lower than total leverage due to principal amortization paid from retained earnings. $600.0M $400.0M $200.0M (1) $.OM 2019 2020 2021 2022 Maturity Ladder Pro forma Refinancing Activities ulm 2023 2024 2025 2026 2027 2028 Thereafter 20% 15% 10% 5% 0% (1) $247M of property debt is payable at par in 2020 but does not mature until 2021; Aimco intends to repay this debt in 2020. Refinancing & Leverage Decisions Impact on Interest Rates 4.60% 4.07% 3Q 2018 Aug 2019 Since September 2018, through net leverage decisions, such as property debt refinancing and redeeming Aimco preferred stock, Aimco has reduced its weighted average cost of leverage by more than 50 bps (>$20M annually) and extended its duration. Unencumbered Properties $0.4B 1Q 2014 $2.3B August 2019 By growing the value of its unencumbered properties, Aimco has improved the safety and flexibility of its balance sheet. 14

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