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DENVER-Denver-based Apartment Investment and Management Co. says that in September its “same store” properties had an average occupancy of 92.8% and average monthly rents per unit of $713.

The same store portfolio includes 598 communities with a total of 164,578 units, in which AIMCO has a weighted average ownership of 82.3%.Total net rental income from the portfolio was $89.6 million, the same level as September 2002, when the average rent per unit was $708 and the average occupancy rate was 93.5%.

The portfolio had a net reduction of 12 properties, with an aggregate of 3,285 units compared with August.

Net rental income, or NRI, is an operating measure calculated as the product of rental units multiplied by occupancy multiplied by average rent per unit, net of concessions. NRI does not reflect income from all sources and does not reflect operating expenses. Therefore, NRI is not a measure of net operating income or earnings.

The same store portfolio represents conventional communities in which AIMCO’s ownership exceeds 10% and that have reached a stabilized level of occupancy during both the current and comparable prior year period.

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change each month with additions from properties held for more than one year and subtractions from properties sold or withdrawn for redevelopment.

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