Aimco Announces Special Dividend

DENVER, Dec. 21 /PRNewswire-FirstCall/ -- Apartment Investment and
Management Company ("Aimco") (NYSE: AIV) announced today that its Board of
Directors has declared a special dividend payable to holders of its
outstanding shares of Class A Common Stock of $2.51 per share, or
approximately $232 million in the aggregate. The dividend will be payable not
later than January 31, 2008, to stockholders of record at the close of
business on December 31, 2007.
The special dividend will be payable in a combination of cash and
additional shares of Class A Common Stock. The aggregate amount of cash
payable to stockholders in the special dividend, other than cash payable in
lieu of fractional shares, will not exceed $55 million. Subject to this
limitation on the aggregate amount of cash payable, stockholders will have the
option to elect to receive payment of the special dividend in cash, shares or
a combination of cash and shares, except that cash will be paid in lieu of
fractional shares.
A portion of the special dividend in the amount of $0.60 per share
represents an accelerated payment of the regular first quarter 2008 quarterly
cash dividend, and a portion represents an additional dividend payment as a
result of the gain arising from the closing of the Palazzo joint venture and
other property dispositions during 2007. Aimco expects the special dividend
to be a taxable dividend to its stockholders, without regard to whether a
particular stockholder receives the dividend in the form of cash or shares.
It therefore allows Aimco to satisfy its REIT distribution requirement while
preserving cash for other corporate purposes, including share repurchases.
This press release does not constitute an offer of any securities for
sale. A prospectus and election form will be mailed to stockholders promptly
after December 31, 2007, and will describe in more detail the special dividend
and the process by which eligible stockholders may elect to receive the
dividend in the form of cash and/or shares of Aimco's Class A Common Stock.
The cash or stock election must be exercised prior to 5:00 p.m. (EST) on
January 22, 2008.
This press release contains certain forward-looking statements. These
forward-looking statements are based on management's judgment as of this date
and include certain risks and uncertainties. Actual results may differ
materially from those described in these forward-looking statements and, in
addition, will be affected by a variety of risks and factors that are beyond
the control of Aimco including, without limitation: national and local
economic conditions; the general level of interest rates; the competitive
environment in which Aimco operates; financing risks; real estate risks,
including fluctuations in real estate values; acquisition and development
risks; and litigation. Readers should carefully review the risk factors
described in Aimco's Annual Report on Form 10-K for the year ended December
31, 2006, and the other documents Aimco files from time to time with the
Securities and Exchange Commission. These forward-looking statements reflect
management's judgment as of this date, and Aimco assumes no obligation to
revise or update them to reflect future events or circumstances.
Aimco is a real estate investment trust headquartered in Denver, Colorado
that owns and operates a geographically diversified portfolio of apartment
communities through 19 regional operating centers. Aimco, through its
subsidiaries and affiliates, is the largest owner and operator of apartment
communities in the United States with 1,194 properties, including 206,217
apartment units, and serves approximately 750,000 residents each year. Aimco's
properties are located in 47 states, the District of Columbia and Puerto Rico.
Aimco common shares are traded on the New York Stock Exchange under the ticker
symbol AIV and are included in the S&P 500. For more information about Aimco,
please visit our web site at http://www.aimco.com.
SOURCE Apartment Investment and Management Company

Cindy Duffy, Communications of Apartment Investment and Management Company,
+1-303-408-5214, Cynthia.duffy@aimco.com