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Apartment Investment and Management Company Announces Updated Employment Agreement

DENVER, Dec. 29 /PRNewswire-FirstCall/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today that it has updated its 1994 employment agreement with Terry Considine, Aimco Chairman and Chief Executive Officer. The agreement incorporates current practices and does not provide additional compensation to Mr. Considine.

Aimco acted through the Compensation and Human Resources Committee (the "Committee") of Aimco's Board of Directors (the "Board"). The Committee is composed entirely of all of the independent members of Aimco's Board. The Committee acted at this time in order to make various compensation arrangements compliant with certain IRS requirements (primarily Code Section 409A, which requires modifications by December 31, 2008).

Aimco has filed a Current Report on Form 8-K that describes the material terms of the agreement and provides the agreement as an exhibit.

Aimco is a real estate investment trust headquartered in Denver, Colorado that owns and operates a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries and affiliates, is one of the largest owners and operators of apartment communities in the United States with 1,067 properties, including 178,083 apartment units, and serves approximately 750,000 residents each year. Aimco's properties are located in 46 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.

SOURCE Apartment Investment and Management Company

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