AIMCO Announces Its Same Store Performance

The June same store portfolio has been reduced by 23 properties from a year earlier. Twenty-five properties have been sold or are pending sales and two properties have been added. These net 23 properties had about $3 million in monthly NRI. AIMCO, the largest apartment REIT in the nation by some measures, estimates that the occupancy in June was impacted by approximately 0.2% due to move-outs of student renters.

NRI is an operating measure calculated as the product of rental units multiplied by occupancy and average rent per unit.

The same store portfolio represents stabilized properties owned for the current and preceding 12 months. The composition of this portfolio may change each month with additions from properties held for more than one year and subtractions from properties sold or withdrawn for redevelopment.

The same store portfolio includes 16 conventional properties having 4,767 units in Southern California that were acquired in March 2002. The 11 properties acquired in New England in August 2002 are not part of the same store portfolio. These properties had occupancy of 95.3% and average rent per unit of $1,133 in June 2003 compared with 95.8% and $1,146, respectively, in May 2003.

AIMCO owns and operates a geographically diversified portfolio of apartment communities through 19 regional operating centers. AIMCO, through its subsidiaries, operates about 1,760 properties that include approximately 313,000 apartment units and serves almost one million residents each year. AIMCO's properties are in 47 states, the District of Columbia and Puerto Rico. AIMCO recently was included in the S&P 500.