fwp
Filed Pursuant to Rule 433
Issuer Free Writing Prospectus
Dated September 1, 2010
Registration Statement
No. 333-150341-01
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
4,000,000 Shares of 7.75% Class U Cumulative Preferred Stock
(Liquidation Preference $25.00 per share)
FINAL PRICING TERMS
     
Issuer:
  Apartment Investment and Management Company
 
    
Title of Shares:
  7.75% Class U Cumulative Preferred Stock
 
    
Number of Shares:
  4,000,000 
 
    
Maturity:
  Perpetual
 
    
Trade Date:
  September 1, 2010
 
    
Settlement Date:
  September 7, 2010 (T+3)
 
    
Dividend Rate:
  7.75% 
 
    
Dividend Payment Dates:
  January 15, April 15, July 15 and October 15, commencing October 15, 2010 and will be for a full quarter in the amount of $0.484375
 
    
Optional Redemption:
  Redeemable, at any time, in whole or from time to time in part, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date
 
    
Yield (including accrued dividend):
  7.7940% 
 
    
Yield (excluding accrued dividend):
  7.9000% 
 
    
Public Offering Price:
  $24.8590 
 
    
Net Proceeds (before expenses):
  $96,346,000 
 
    
Joint Book-Running Managers:
  Morgan Stanley & Co. Incorporated
Wells Fargo Securities, LLC
 
    
Lead Manager:
  Raymond James & Associates, Inc.
 
    
Listing/Symbol:
  NYSE/“AIVPrU”
 
    
CUSIP:
  03748R820 
The issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and preliminary prospectus supplement if you request it by calling Morgan Stanley & Co. Incorporated toll-free at 1-866-718-1649 or Wells Fargo Securities, LLC toll-free at 1-800-326-5897.