Apartment Investment and Management Co Stock Research

Market Summary

USD7.09-0.04

Market Closed

-0.56%

AIV Alerts

Big fall in Revenue (Y/Y)
Big fall in earnings (Y/Y)
Losses in recent quarter

AIV Stock Price

AIV RSI Chart

AIV Valuation

Market Cap

1.0B

Price/Earnings (Trailing)

11.27

Price/Sales (Trailing)

5.46

EV/EBITDA

5.5

Price/Free Cashflow

5.09

AIV Price/Sales (Trailing)

AIV Profitability

EBT Margin

57.49%

Return on Equity

16.82%

Return on Assets

4.23%

Free Cashflow Yield

19.66%

AIV Fundamentals

AIV Revenue

Revenue (TTM)

190.3M

Revenue Y/Y

-10.17%

Revenue Q/Q

-11.98%

AIV Earnings

Earnings (TTM)

92.2M

Earnings Y/Y

-17.3K%

Earnings Q/Q

-700.88%

Price Action

52 Week Range

5.229.79

(Low)(High)

Last 7 days

-8.7%

Last 30 days

-7.8%

Last 90 days

-10.2%

Trailing 12 Months

-1.9%

AIV Financial Health

Debt/Equity

1.91

Debt/Cashflow

0.19

AIV Investor Care

Buy Backs (1Y)

2.20%

Diluted EPS (TTM)

0.49

Peers (Alternatives to Apartment Investment and Management)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	51.7B	4.2B	-4.61%	-14.88%	11.88	12.36	22.43%	122.66%
DLR	30.0B	4.7B	-6.82%	-21.36%	79.47	6.4	5.96%	-77.90%
EQR	22.3B	2.7B	-9.31%	-29.65%	28.69	8.21	11.91%	-41.71%
ARE	21.2B	2.6B	-23.98%	-31.95%	40.62	8.18	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-13.87%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	7.7B	1.1B	-13.38%	-14.77%	20.08	7.2	12.95%	47.42%
KRG	4.3B	802.0M	-9.03%	-5.22%	-341.02	5.37	114.83%	84.36%
VNO	2.9B	1.8B	-31.59%	-62.57%	-8.47	1.63	13.26%	-296.88%
MAC	2.1B	859.2M	-25.44%	-29.31%	-31.63	2.43	1.38%	-563.21%
SMALL-CAP
SKT	1.9B	421.4M	-3.41%	12.84%	22.56	4.55	3.35%	1705.32%
SLG	1.7B	826.7M	-30.54%	-63.53%	-22.04	2.08	-2.04%	-117.36%
AIV	1.0B	190.3M	-7.76%	-1.93%	11.27	5.46	12.08%	1950.56%
PGRE	983.2M	740.4M	-22.73%	-54.50%	-27.01	1.33	1.87%	-78.85%

Financials for Apartment Investment and Management

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-2.4%	190	195	190	180	170
Operating Expenses	-2.5%	270	277	212	193	185
S&GA Expenses	-0.4%	40.00	40.00	38.00	36.00	33.00
EBITDA	-39.2%	342	563	479	113	-
EBITDA Margin	-37.7%	1.80*	2.88*	2.51*	0.63*	-
Earnings Before Taxes	-65.5%	109	317	293	-28.83	-18.55
EBT Margin	-64.6%	0.57*	1.62*	1.54*	-0.16*	-
Interest Expenses	-8.6%	74.00	81.00	84.00	55.00	53.00
Net Income	-68.9%	92.00	296	257	-16.30	-4.98
Net Income Margin	-68.1%	0.48*	1.52*	1.35*	-0.10*	-
Free Cahsflow	-6.6%	204	219	21.00	17.00	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-5.0%	2,181	2,296	2,419	2,594	2,434
Cash Equivalents	0.0%	206	206	82.00	109	233
Liabilities	8.1%	1,389	1,285	1,543	1,975	1,838
Long Term Debt	11.5%	1,048	940	1,148	1,227	1,181
Shareholder's Equity	-28.6%	548	767	825	582	501
Retained Earnings	-80.1%	50.00	251	225	-14.57	-22.77
Additional Paid-In Capital	-3.5%	496	514	515	523	522
Shares Outstanding	-1.7%	147	149	149	150	150

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-6.6%	204	219	21.00	17.00	13.00
Share Based Compensation	-6.4%	7.00	8.00	8.00	7.00	5.00
Cashflow From Investing	12.3%	-120	-137	-294	-344	-271
Cashflow From Financing	16.9%	-98.29	-118	72.00	270	205
Dividend Payments	-25.0%	3.00	4.00	-	-	-
Buy Backs	256.3%	23.00	7.00	9.00	5.00	-

Risks for AIV

What is the probability of a big loss on AIV?

49.6%

Probability that Apartment Investment and Management stock will be more than 20% underwater in next one year

33.5%

Probability that Apartment Investment and Management stock will be more than 30% underwater in next one year.

19.2%

Probability that Apartment Investment and Management stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does AIV drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Apartment Investment and Management was unfortunately bought at previous high price.

Drawdowns

Returns for AIV

Cumulative Returns on AIV

9.0%

10-Year Cumulative Returns

7.5%

7-Year Cumulative Returns

8.7%

5-Year Cumulative Returns

7.8%

3-Year Cumulative Returns

What are the long-term rolling returns for AIV?

FIve years rolling returns for Apartment Investment and Management.

Annualized Returns

Which funds bought or sold AIV recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	285	1,029,180	1,403,180	-%
2023-03-10	MATHER GROUP, LLC.	added	6.32	20,586	569,586	0.01%
2023-03-06	Rockefeller Capital Management L.P.	unchanged	-	-	2,000	-%
2023-02-28	Voya Investment Management LLC	added	12.82	224,496	2,464,500	-%
2023-02-21	MACQUARIE GROUP LTD	added	10.43	-40,046	218,954	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	added	0.08	-24,928	1,012,070	-%
2023-02-21	CENTERSQUARE INVESTMENT MANAGEMENT LLC	reduced	-93.84	-8,669,350	554,648	0.01%
2023-02-17	TRUIST FINANCIAL CORP	added	1.05	-2,846	156,154	-%
2023-02-16	HARBOUR INVESTMENTS, INC.	sold off	-100	-	-	-%
2023-02-15	Metropolitan Life Insurance Co/NY	reduced	-0.28	-3,136	97,864	-%

Latest Funds Activity

Are funds buying AIV calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own AIV

No. of Funds

Apartment Investment and Management News

Schedule 13G FIlings of Apartment Investment and Management

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	price t rowe associates inc /md/	11.5%	17,439,376	SC 13G/A
Feb 14, 2023	sessa capital special opportunity fund ii, l.p.	6.5%	9,932,043	SC 13G
Feb 13, 2023	long pond capital, lp	3.8%	5,810,366	SC 13G/A
Feb 09, 2023	vanguard group inc	14.40%	21,828,329	SC 13G/A
Jan 24, 2023	blackrock inc.	9.2%	13,949,317	SC 13G/A
Dec 19, 2022	land & buildings investment management, llc	5.8%	1,511,803	SC 13D/A
Nov 18, 2022	beard joseph g	5.18%	7,857,295	SC 13D/A
Oct 28, 2022	land & buildings investment management, llc	5.8%	1,511,803	SC 13D
Jul 07, 2022	jpmorgan chase & co	0.3%	581,555	SC 13G/A
Feb 14, 2022	price t rowe associates inc /md/	14.3%	21,863,039	SC 13G/A

AIV Fair Value

Apartment Investment and Management fair value in different scenarios

The table shows the Fair Value estimates for Apartment Investment and Management for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	3.12 -55.99%	5.00 -29.48%	6.34 -10.58%	8.70 22.71%	10.33 45.70%
Current Inflation	3.04 -57.12%	4.79 -32.44%	6.01 -15.23%	8.11 14.39%	9.25 30.47%
Very High Inflation	2.94 -58.53%	4.51 -36.39%	5.59 -21.16%	7.37 3.95%	7.98 12.55%

Historical Apartment Investment and Management Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Apartment Investment and Management

View All Filings

Date Filed	Form Type	Document
Mar 09, 2023	3	Insider Trading
Mar 09, 2023	8-K	Current Report
Feb 27, 2023	10-K	Annual Report
Feb 22, 2023	8-K	Current Report
Feb 21, 2023	8-K	Current Report
Feb 14, 2023	SC 13G	Major Ownership Report
Feb 14, 2023	SC 13G/A	Major Ownership Report
Feb 13, 2023	SC 13G/A	Major Ownership Report
Feb 13, 2023	8-K	Current Report
Feb 09, 2023	SC 13G/A	Major Ownership Report

Latest Insider Trading transactions for AIV

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-01	Sullivan James Patrick	acquired	-	-	18,618	-
2023-02-01	Sykes Kirk	acquired	-	-	13,298	-
2023-02-01	Powell Wesley William	acquired	-	-	5,125	president and ceo
2023-02-01	Gibson Patricia L	acquired	-	-	26,596	-
2023-02-01	Leupp Jay P	acquired	-	-	26,596	-
2023-02-01	Allen Quincy	acquired	-	-	19,947	-
2023-02-01	STONE R DARY	acquired	-	-	26,596	-
2023-02-01	Smith Deborah	acquired	-	-	13,298	-
2023-02-01	Stanfield Lynn	acquired	-	-	37,678	evp and cfo
2023-02-01	Johnson Jennifer	acquired	-	-	27,704	evp, cao, and general counsel

About Apartment Investment and Management

Wesley W. Powell

www.aimco.com

Aimco is a Real Estate Investment Trust focused on property development, redevelopment, and various other value-creating investment strategies, targeting the U.S. multifamily market. Aimco's mission is to make real estate investments where outcomes are enhanced through human capital and substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit our website www.aimco.com.

AIV Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES:
Rental and other property revenues	$ 190,344	$ 169,836	$ 151,451
OPERATING EXPENSES:
Property operating expenses	71,792	67,613	61,514
Depreciation and amortization	158,967	84,712	77,965
Impairment			15,860
General and administrative expenses	39,673	33,151	10,469
Total operating expenses	270,432	185,476	165,808
Interest income	4,052	2,277	110
Interest expense	(73,842)	(52,902)	(27,512)
Realized and unrealized gains (losses) on interest rate options	48,205	6,509	1,058
Realized and unrealized gains (losses) on equity investments	20,302	6,585
Gain on dispositions of real estate	175,863
Lease modification income	206,963
Other income (expenses), net	(13,373)	3,212	(3,603)
Income (loss) before income tax	109,422	(18,550)	(15,920)
Income tax benefit (expense)	(17,264)	13,570	10,149
Net income (loss)	92,158	(4,980)	(5,771)
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(8,829)	(91)	457
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(3,672)	(1,136)	4
Net loss (income) attributable to common noncontrolling interests in Aimco Operating Partnership	(3,931)	297	269
Net (loss) income attributable to Aimco	$ 75,726	$ (5,910)	$ (5,041)
Net income (loss) attributable to Aimco Operating Partnership per common unit - basic (Note 6)	$ 0.50	$ (0.04)	$ (0.03)
Net income (loss) attributable to Aimco Operating Partnership per common unit - diluted (Note 6)	$ 0.49	$ (0.04)	$ (0.03)
Weighted-average common shares/units outstanding - basic	149,395	149,480	148,569
Weighted-average common shares/units outstanding - diluted	150,834	149,480	148,569
Aimco OP L.P. [Member]
REVENUES:
Rental and other property revenues	$ 190,344	$ 169,836	$ 151,451
OPERATING EXPENSES:
Property operating expenses	71,792	67,613	61,514
Depreciation and amortization	158,967	84,712	77,965
Impairment			15,860
General and administrative expenses	39,673	33,151	10,469
Total operating expenses	270,432	185,476	165,808
Interest income	4,052	2,277	110
Interest expense	(73,842)	(52,902)	(27,512)
Realized and unrealized gains (losses) on interest rate options	48,205	6,509	1,058
Realized and unrealized gains (losses) on equity investments	20,302	6,585
Gain on dispositions of real estate	175,863
Lease modification income	206,963
Other income (expenses), net	(13,373)	3,212	(3,603)
Income (loss) before income tax	109,422	(18,550)	(15,920)
Income tax benefit (expense)	(17,264)	13,570	10,149
Net income (loss)	92,158	(4,980)	(5,771)
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(8,829)	(91)	457
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(3,672)	(1,136)	4
Net (loss) income attributable to Aimco	$ 79,657	$ (6,207)	$ (5,310)
Net income (loss) attributable to Aimco Operating Partnership per common unit - basic (Note 6)	$ 0.50	$ (0.04)	$ (0.03)
Net income (loss) attributable to Aimco Operating Partnership per common unit - diluted (Note 6)	$ 0.49	$ (0.04)	$ (0.03)
Weighted-average common shares/units outstanding - basic	157,317	157,701	156,500
Weighted-average common shares/units outstanding - diluted	158,774	157,701	156,500
Mezzanine Investment [Member]
OPERATING EXPENSES:
Mezzanine / Unconsolidated partnerships investment income (loss), net	$ (179,239)	$ 30,436	$ 27,576
Mezzanine Investment [Member] \| Aimco OP L.P. [Member]
OPERATING EXPENSES:
Mezzanine / Unconsolidated partnerships investment income (loss), net	(179,239)	30,436	27,576
Unconsolidated Real Estate Partnerships [Member]
OPERATING EXPENSES:
Mezzanine / Unconsolidated partnerships investment income (loss), net	579	973	808
Unconsolidated Real Estate Partnerships [Member] \| Aimco OP L.P. [Member]
OPERATING EXPENSES:
Mezzanine / Unconsolidated partnerships investment income (loss), net	$ 579	$ 973	$ 808

AIV Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Buildings and improvements	$ 1,322,381	$ 1,257,214
Land	641,102	534,285
Total real estate	1,963,483	1,791,499
Accumulated depreciation	(530,722)	(561,115)
Net real estate	1,432,761	1,230,384
Cash and cash equivalents	206,460	233,374
Restricted cash	23,306	11,208
Mezzanine investment	158,558	337,797
Unconsolidated real estate partnerships	15,789	13,025
Notes receivable	39,014	38,029
Right-of-use lease assets- finance leases	110,269	429,768
Other assets, net	132,679	114,859
Total assets	2,181,223	2,434,101
LIABILITIES AND EQUITY
Non-recourse property debt, net	929,501	483,137
Construction loans, net	118,698	163,570
Notes payable to AIR		534,127
Total indebtedness	1,048,199	1,180,834
Deferred tax liabilities	119,615	124,747
Lease liabilities - finance leases	114,625	435,093
Accrued liabilities and other	106,600	97,400
Total liabilities	1,389,039	1,838,074
Redeemable noncontrolling interests in consolidated real estate partnerships	166,826	33,794
Commitments and contingencies (Note 14)
Equity (510,587,500 shares authorized at both December 31, 2022 and 2021):
Common Stock, $0.01 par value, 146,524,941 and 149,818,021 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	1,466	1,498
Additional paid-in capital	496,482	521,842
Retained Earnings (accumulated deficit)	49,904	(22,775)
Total Aimco equity	547,852	500,565
Noncontrolling interests in consolidated real estate partnerships	48,294	35,213
Common noncontrolling interests in Aimco Operating Partnership	29,212	26,455
Total equity	625,358	562,233
Total liabilities and equity	2,181,223	2,434,101
Aimco OP L.P. [Member]
ASSETS
Buildings and improvements	1,322,381	1,257,214
Land	641,102	534,285
Total real estate	1,963,483	1,791,499
Accumulated depreciation	(530,722)	(561,115)
Net real estate	1,432,761	1,230,384
Cash and cash equivalents	206,460	233,374
Restricted cash	23,306	11,208
Mezzanine investment	158,558	337,797
Unconsolidated real estate partnerships	15,789	13,025
Notes receivable	39,014	38,029
Right-of-use lease assets- finance leases	110,269	429,768
Other assets, net	132,679	114,859
Total assets	2,181,223	2,434,101
LIABILITIES AND EQUITY
Non-recourse property debt, net	929,501	483,137
Construction loans, net	118,698	163,570
Notes payable to AIR		534,127
Total indebtedness	1,048,199	1,180,834
Deferred tax liabilities	119,615	124,747
Lease liabilities - finance leases	114,625	435,093
Accrued liabilities and other	106,600	97,400
Total liabilities	1,389,039	1,838,074
Redeemable noncontrolling interests in consolidated real estate partnerships	166,826	33,794
Commitments and contingencies (Note 14)
Equity (510,587,500 shares authorized at both December 31, 2022 and 2021):
General Partner and Special Limited Partner	547,852	500,565
Limited Partners	29,212	26,455
Partners' capital attributable to Aimco Operating Partnership	577,064	527,020
Noncontrolling interests in consolidated real estate partnerships	48,294	35,213
Total partners' capital	625,358	562,233
Total liabilities and equity	2,181,223	2,434,101
Interest Rate Options
ASSETS
Interest rate options	62,387	25,657
Interest Rate Options \| Aimco OP L.P. [Member]
ASSETS
Interest rate options	$ 62,387	$ 25,657