On January 29, 2009, Apartment Investment and Management Company ("Aimco") paid a special dividend to Aimco's stockholders of record at the close of business on December 29, 2008.

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 December 18, 2008, and paid on January 29, 2009, 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 -
                    February 2009