922864--2/27/2009--APARTMENT_INVESTMENT_&_MANAGEMENT

related topics

{tax, income, asset}

{provision, law, control}

{investment, property, distribution}

{debt, indebtedness, cash}

{cost, contract, operation}

{cost, regulation, environmental}

{acquisition, growth, future}

{loan, real, estate}

{capital, credit, financial}

{regulation, government, change}

{operation, natural, condition}

{personnel, key, retain}

Disruptions in the financial markets could affect our ability to obtain financing and the cost of available financing and could adversely affect our liquidity. Increases in interest rates would increase our interest expense and reduce our profitability. Failure to generate sufficient net operating income may limit our ability to fund necessary capital expenditures or adversely affect our ability to pay dividends. Covenant restrictions may limit our ability to make payments to our investors. Because real estate investments are relatively illiquid, we may not be able to sell properties when appropriate. Competition could limit our ability to lease apartments or increase or maintain rents. Our subsidiaries may be prohibited from making distributions and other payments to us. Redevelopment and construction risks could affect our profitability. If we are not successful in our acquisition of properties, our results of operations could be adversely affected. We may be subject to litigation associated with partnership acquisitions that could increase our expenses and prevent completion of beneficial transactions. We are self-insured for certain risks, and the cost of insurance, increased claims activity or losses resulting from catastrophic events may affect our operating results and financial condition. We depend on our senior management. Government housing regulations may limit the opportunities at some of our properties and failure to comply with resident qualification requirements may result in financial penalties and/or loss of benefits, such as rental revenues paid by government agencies. Laws benefiting disabled persons may result in our incurrence of unanticipated expenses. Potential liability or other expenditures associated with potential environmental contamination may be costly. Moisture infiltration and resulting mold remediation may be costly. We may fail to qualify as a REIT. REIT distribution requirements limit our available cash. We have in the past chosen, and may in the future choose, to pay dividends in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive. Limits on ownership of shares in our charter may result in the loss of economic and voting rights by purchasers that violate those limits. Our charter may limit the ability of a third party to acquire control of us. Maryland business statutes may limit the ability of a third party to acquire control of us.

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922864--2/27/2009--APARTMENT_INVESTMENT_&_MANAGEMENT_CO