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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of
earliest event reported): December 4, 2008</B>

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<P align="center" style="font-size: 18pt"><B>APARTMENT INVESTMENT AND MANAGEMENT COMPANY<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
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    <TD style="border-bottom: 1px solid #000000"><B>MARYLAND</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>01-13232</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>84-1259577</B></TD>
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<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>4582 SOUTH ULSTER STREET PARKWAY<BR>SUITE 1100, DENVER, CO <BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>80237</B></TD>
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<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(303) 757-8101</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
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<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="left" style="font-size: 10pt"><B>ITEM 8.01. Other Events.</B>


<P align="left" style="font-size: 10pt">On December&nbsp;1, 2008, Apartment Investment and Management Company (&#147;Aimco&#148;) paid a special dividend to Aimco&#146;s stockholders of
record at the close of business on October&nbsp;27, 2008. The special
dividend was paid in a combination of cash and Aimco Class&nbsp;A
Common Stock.


<P align="left" style="font-size: 10pt">Accounting principles generally accepted in the United States (GAAP)&nbsp;require that all reported per share data, for
current and prior periods, be adjusted to reflect the issuance of the shares in connection with the special dividend as
if such shares had been issued at the beginning of the earliest period presented.


<P align="left" style="font-size: 10pt">Aimco has furnished the material on Exhibit&nbsp;99.1 to facilitate an understanding of the effect of shares issued in
connection with the special dividend declared on October&nbsp;16, 2008, and paid on December&nbsp;1, 2008, on previously reported
Earnings per share, Funds from Operations per share and Adjusted Funds from Operations per share.


<P align="left" style="font-size: 10pt"><B>ITEM 9.01. Financial Statements and Exhibits.</B>



<P align="left" style="margin-left:4%; font-size: 10pt; text-indent: 3%">The following exhibits are furnished with this report:


<P align="left" style="font-size: 10pt; text-indent: 7%">Exhibit&nbsp;Number&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description


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    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.1</TD>
    <TD width="11%">&nbsp;</TD>
    <TD>Financial and Share Information Adjusted for Special
Dividends &#150; December 2008</TD>
</TR>

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<P align="center" style="font-size: 10pt">SIGNATURE



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.


<P align="left" style="font-size: 10pt; text-indent: 4%">Dated:
December&nbsp;4, 2008



<P align="left" style="margin-left:48%; font-size: 10pt">Apartment Investment and Management
Company



<P align="left" style="margin-left:48%; font-size: 10pt"><u>/s/ Thomas M. Herzog&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Thomas M. Herzog<BR>
Executive Vice President and<BR>Chief
Financial Officer


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<P align="center" style="font-size: 10pt; display: none">3




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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT INDEX
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    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
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<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial and Share Information
Adjusted for Special Dividends &#150; December 2008</TD>
</TR>
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Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported): December 4, 2008
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
(Exact name of registrant as specified in its charter)
MARYLAND
01-13232
84-1259577
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
4582 SOUTH ULSTER STREET PARKWAY
SUITE 1100, DENVER, CO
80237
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(303) 757-8101
NOT APPLICABLE
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01. Other Events.
On December 1, 2008, Apartment Investment and Management Company ("Aimco") paid a special dividend to Aimco's stockholders of
record at the close of business on October 27, 2008. The special
dividend was paid in a combination of cash and Aimco Class A
Common Stock.
Accounting principles generally accepted in the United States (GAAP) require that all reported per share data, for
current and prior periods, be adjusted to reflect the issuance of the shares in connection with the special dividend as
if such shares had been issued at the beginning of the earliest period presented.
Aimco has furnished the material on Exhibit 99.1 to facilitate an understanding of the effect of shares issued in
connection with the special dividend declared on October 16, 2008, and paid on December 1, 2008, on previously reported
Earnings per share, Funds from Operations per share and Adjusted Funds from Operations per share.
ITEM 9.01. Financial Statements and Exhibits.
The following exhibits are furnished with this report:
Exhibit Number     Description
99.1
Financial and Share Information Adjusted for Special
Dividends – December 2008
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated:
December 4, 2008
Apartment Investment and Management
Company
/s/ Thomas M. Herzog
Thomas M. Herzog
Executive Vice President and
Chief
Financial Officer
EXHIBIT INDEX
Exhibit Number
Description
99.1
Financial and Share Information
Adjusted for Special Dividends – December 2008