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DENVER--([ BUSINESS WIRE ])--Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today the completion of its previously announced public offering of 11,000,000 shares of its common stock, plus an additional 794,200 shares of common stock sold pursuant to the underwriteras partial exercise of its option to purchase additional shares, raising approximately $318 million of net proceeds after deducting offering expenses. Citigroup acted as sole book-running manager for the offering.

Aimco intends to use approximately $150 million of the net proceeds to redeem all outstanding shares of its Class T Cumulative Preferred Stock, approximately $65 million of net proceeds to redeem all outstanding shares of its Class V Cumulative Preferred Stock, approximately $86 million of net proceeds to redeem all outstanding shares of its Class Y Cumulative Preferred Stock, and the remaining net proceeds for general corporate purposes.

A prospectus supplement and accompanying prospectus relating to the offering was filed with the Securities and Exchange Commission.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The offering will be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained from Citigroup, Brooklyn Army Terminal, 140 58th Street, Brooklyn, NY 11220, (Tel: 800-831-9146).

Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the largest markets in the United States. Aimco is one of the countryas largest owners and operators of apartments, with 361 communities serving approximately 250,000 residents in 30 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 website at [ www.aimco.com ].

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements relating to the use of net proceeds from the offering of securities by Aimco. These forward-looking statements are based on managementas judgment as of this date and include certain risks and uncertainties. Risks and uncertainties include, but are not limited to, Aimcoas ability to maintain current or meet projected occupancy, rental rates and property operating results. 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, some of which are beyond the control of Aimco, including, without limitation: financing risks, including the availability and cost of capital markets financing and the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest; earnings may not be sufficient to maintain compliance with debt covenants; real estate risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the terms of governmental regulations that affect Aimco and interpretations of those regulations; the competitive environment in which Aimco operates; the timing of acquisitions and dispositions; insurance risk, including the cost of insurance; natural disasters and severe weather such as hurricanes; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; energy costs; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by Aimco.

In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code and depends on our ability to meet the various requirements imposed by the Internal Revenue Code, through actual operating results, distribution levels and diversity of stock ownership.

Readers should carefully review Aimcoas financial statements and notes thereto, as well as the risk factors described in Aimcoas Annual Report on Form 10-K for the year ended December 31, 2011, and the other documents Aimco files from time to time with the Securities and Exchange Commission. These forward-looking statements reflect managementas judgment as of this date, and Aimco assumes no obligation to revise or update them to reflect future events or circumstances.