Investor Presentaiton

PORTFOLIO MANAGEMENT Bent Tree Fairfax County, VA 2018 & 2019 YTD CAPITAL ALLOCATION Since the beginning of 2018, Aimco has sold ~$1 billion of real estate, generally lower-rated communities in less desirable submarkets. Aimco reinvested the sales proceeds in redevelopment and purchase of communities located in more attractive submarkets and with higher expected FCF IRRS. 777 South Broad Philadelphia, PA Proceeds / Investment NOI Yield FCF Yield FCF IRR Redevelopment Property Share Total Property & Development Acquisitions Buyback Investment Sales $394M $1,394M $1,020M $272M $728M 6.1% 5.5% 5.6% 5.7% 5.3% +40 bps 6.0% 5.0% 5.2% 5.3% 4.7% +60 bps 11.1% 8.5% 8.0% 8.9% 6.3% +260 bps Total investment (Uses) exceed property sales (Sources) in the table above by $374M: $300M funded by the sale of the Asset Management business; and $74M funded temporarily by short-term borrowing, pending completion of the Brickell Bay Drive paired trade. Value creation from investments often shows up in NAV and Economic Income before it adds to earnings. For example, in-process Redevelopments and Developments in 2Q 2019 contributed $5.6M to NOI. Upon stabilization in 4Q 2022, we expect annualized NOI of $63M, prior to funding costs, estimated at $18M annually. While Aimco paired trades increase current NOI and Free Cash Flow, the most important improvement is the increased expected rate of growth. 11

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