''The weak economy and the impact of the Sept. 11 attacks create uncertaintyfor the remainder of 2001 and for 2002,'' says Terry Considine, chairman and chief executive officer for the Denver-based real estate investment trust,one of the nation's largest apartments REITs. ''That said, AIMCO benefits from geographic and price point diversification, substantial liquidity, a strong balance sheet and ongoing operational initiatives to reduce costs.''

AIMCO will address its outlook for fourth quarter 2001 and 2002 in its third quarter earnings release and conference call on Nov. 8. It also will host a third quarter earnings conference call on Nov. 9.

UBS Warburg LLC REIT Research notes the $1.30 FFO is $0.02 belowits estimates and $0.04 below consensus estimates.

''The reduction is not unexpected,'' UBS Warburg says. ''In conjunction with our (earlier) sector report in which we made across-the-board revisions, we reduced our 2001 estimates for AIMCO from $5.35 to $5.30 and our 2002 estimates from $5.84 to $5.60. Last week, we also lowered our third quarterestimates from $1.34 to $1.32.''

Since AIMCO released its new guidance, UBS Warburg is lowering its thirdquarter estimates to $1.30 and 2001 estimates to $5.23. Warburg, however, still likes AIMCO.'' AIMCO is one of two remaining ''buys'' in the apartment sector,'' according to UBS Warburg. ''AIV has a highly diversified portfolio that will insulate it from regional specific risks, and a strong management team. Having said that, the company will be impacted by the slowing economy, as reflected by the earnings revisions. Nonetheless, given its steep 16% 2002 FFO multiple discount relative to the apartment sector as a whole, we believe AIV continues to be a good risk-adjusted investment, particularly over the long term.''

UBS Warburg's price target is $51 per share.