SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

CONSIDINE TERRY

(Last)

(First)

(Middle)

4582 S. ULSTER STREET PARKWAY

SUITE 1100

(Street)

DENVER

80237

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
APARTMENT INVESTMENT & MANAGEMENT CO [ AIV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman & CEO

3. Date of Earliest Transaction (Month/Day/Year)
01/29/2009

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	01/29/2009		J	V	30,648⁽¹⁾	A	$0	236,891	D
Class A Common Stock	01/29/2009		J	V	20,957⁽¹⁾	A	$0	161,987	I⁽²⁾	see footnote
Class A Common Stock	01/29/2009		J	V	16,875⁽¹⁾	A	$0	130,431	I⁽³⁾	see footnote
Class A Common Stock	01/29/2009		J	V	14,544⁽¹⁾	A	$0	112,418	I⁽⁴⁾	see footnote
Class A Common Stock	01/29/2009		J	V	28,987⁽¹⁾	A	$0	224,051	I⁽⁵⁾	see footnote

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$30.89⁽⁶⁾							01/29/2009	01/29/2018	Class A Common Stock	178,334⁽⁶⁾		178,334	D
Employee Stock Option (right to buy)	$30.89⁽⁶⁾							⁽⁷⁾	01/29/2018	Class A Common Stock	772,784⁽⁶⁾		772,784	D
Employee Stock Option (right to buy)	$46.11⁽⁶⁾							⁽⁸⁾	02/05/2017	Class A Common Stock	198,320⁽⁶⁾		198,320	D
Employee Stock Option (right to buy)	$46.11⁽⁶⁾							⁽⁹⁾	02/05/2017	Class A Common Stock	120,194⁽⁶⁾		120,194	D
Employee Stock Option (right to buy)	$31.64⁽⁶⁾							⁽¹⁰⁾	02/13/2016	Class A Common Stock	156,715⁽⁶⁾		156,715	D
Employee Stock Option (right to buy)	$31.64⁽⁶⁾							⁽¹¹⁾	02/13/2016	Class A Common Stock	649,231⁽⁶⁾		649,231	D
Employee Stock Option (right to buy)	$28.02⁽⁶⁾							⁽¹²⁾	02/16/2015	Class A Common Stock	407,458⁽⁶⁾		407,458	D
Employee Stock Option (right to buy)	$23.6⁽⁶⁾							⁽¹⁰⁾	02/19/2014	Class A Common Stock	521,699⁽⁶⁾		521,699	D
Employee Stock Option (right to buy)	$23.6⁽⁶⁾							⁽¹³⁾	02/19/2014	Class A Common Stock	521,702⁽⁶⁾		521,702	D
Employee Stock Option (right to buy)	$26.76⁽⁶⁾							⁽¹⁰⁾	02/03/2013	Class A Common Stock	204,329⁽⁶⁾		204,329	I⁽¹⁴⁾	see footnote
Employee Stock Option (right to buy)	$26.76⁽⁶⁾							⁽¹⁰⁾	02/03/2013	Class A Common Stock	631,018⁽⁶⁾		631,018	I⁽¹⁴⁾	see footnote
Employee Stock Option (right to buy)	$32.1⁽⁶⁾							⁽¹⁰⁾	01/28/2012	Class A Common Stock	223,278⁽⁶⁾		223,278	I⁽¹⁴⁾	see footnote
Employee Stock Option (right to buy)	$32.1⁽⁶⁾							⁽¹⁰⁾	01/28/2012	Class A Common Stock	1,028,936⁽⁶⁾		1,028,936	I⁽¹⁴⁾	see footnote
Employee Stock Option (right to buy)	$35.07⁽⁶⁾							⁽¹⁰⁾	01/24/2011	Class A Common Stock	271,639⁽⁶⁾		271,639	I⁽¹⁴⁾	see footnote
Employee Stock Option (right to buy)	$28.35⁽⁶⁾							⁽¹⁰⁾	01/19/2010	Class A Common Stock	523,304⁽⁶⁾		523,304	I⁽¹⁴⁾	see footnote

Explanation of Responses:

1. As a result of the special dividend declared December 18, 2008, and paid January 29, 2009, to all stockholders of record on December 29, 2008, these additional shares were received.

2. Held by an entity in which the reporting person has sole voting and investment power.

3. Held by Titahotwo Limited Partnership RLLLP ("Titahotwo"), a registered limited liability limited partnership for which the reporting person serves as the general partner and holds a 0.5% ownership interest.

4. Held by the reporting person's spouse. The reporting person disclaims beneficial ownership of all securities held by the reporting person's spouse, and this report should not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or any other purpose.

5. Held by a non-profit foundation in which the reporting person has shared voting and investment power. The reporting person disclaims beneficial ownership of all securities held by the non-profit foundation, and this report should not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or any other purpose.

6. Pursuant to the anti-dilution provisions of the plan pursuant to which the option was granted, the number of shares subject to the option and the strike price of the option have been adjusted to reflect the special dividend paid January 29, 2009, to all stockholders of record on December 29, 2008.

7. The option vests 25% on each anniversary of the grant date of January 29, 2008, beginning with the first anniversary.

8. The option vests 25% on each anniversary of the grant date of February 5, 2007, beginning with the first anniversary.

9. The option vests 20% on each anniversary of the grant date of February 5, 2007, beginning with the first anniversary.

10. The option is fully vested.

11. The option vests 20% on each anniversary of the grant date of February 13, 2006, beginning with the first anniversary.

12. The option vests 20% on each anniversary of the grant date of February 16, 2005, beginning with the first anniversary.

13. The option vests 20% on each anniversary of the grant date of February 19, 2004, beginning with the first anniversary.

14. Held by Titaho Limited Partnership RLLLP ("Titaho"), a registered limited liability partnership for which the reporting person's brother is the trustee for the sole general partner. The reporting person disclaims beneficial ownership of all securities held by Titaho, and this report should not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or any other purpose.

Remarks:

	Terry Considine	02/16/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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