Walker, 39, is a certified public accountant. Since June 2002, Walker has been senior vice president and chief financial officer at Miller Global Properties LLC, and a Denver-based private equity, real estate fund manager. Through its six real estate funds, Miller Global Properties LLC has acquired or developed more than 70 office and hotel investments in the US and Europe. From May 1997 to June 2002, Walker was employed by GE Capital Real Estate, serving as global controller in Stamford, CT from May 2000 to June 2002.

Aimco has agreed to pay Walker a base salary of $250,000 per year and a performance bonus, which is guaranteed to be at least $250,000 in 2005 and 2006. On the date Walker begins employment with Aimco, he will receive two grants of restricted stock. The first grant will be a number of shares equal to $250,000 divided by the average closing price of Aimco common stock on the New York Stock Exchange over the 30 trading days immediately prior to his start date.

The first grant of restricted shares will vest on the one-year anniversary of the start date. The second grant will be a number of shares equal to $500,000 divided by the Average Price. The restricted shares will vest annually over five years--20% on each anniversary of the grant date, beginning with the first anniversary.