Apartment Investment and Management Co AIV

Real EstateResidential & Commercial REITsUnited States of America

Last close 1.61 USD on Nov 1, 2026, −50.0% year to date

Quant rating

Quant rating D Rank 171 of 175 in Real Estate

Growth D 149 of 175
Valuation D 153 of 175
Quality D 170 of 175
Revisions D 143 of 175
Momentum D 167 of 175

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 228M
Enterprise value: 667M
52-week range: 1.56 – 6.04
3-year range: 1.56 – 6.53
Dividend yield: –
Beta (5 years): 1.28
Shares outstanding: 145M
Next earnings: –

About the company

Apartment Investment and Management Company is a diversified real estate company primarily focused on value-added and opportunistic investments, targeting the United States multifamily sector. The Company operates through three segments, namely, Development and Redevelopment, Operating, and Other. The Development and Redevelopment segment includes properties that are under construction or have not achieved and maintained stabilization, as well as land assemblages that are held for future development. Its Operating segment includes approximately 15 residential apartment communities that have achieved stabilized levels of operations. The Other segment consists of properties that are not included in its Development and Redevelopment or Operating segments. Its other segment includes The Benson Hotel. The Company's portfolio includes Strathmore Square Phase I, Oak Shore, The Hamilton, The Fremont, Parc Mosaic, and others.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	138	138	187	190	170	–
Revenue growth	0.6%	−26.4%	−1.8%	12.1%	12.1%	−1.8%
EPS (basic, normalized)	–	−0.75	−1.16	–	−0.04	–
EPS growth	–	–	–	–	–	–
Gross margin	50.6%	50.6%	60.6%	62.3%	60.2%	56.9%
Net margin	2.0%	−94.9%	−88.9%	39.2%	−3.5%	−29.2%
ROE	1.2%	−55.3%	−37.0%	14.4%	−1.2%	−15.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	78.7
Current ratio	–
Long-term debt (mil)	441
Net debt (mil)	439
Total equity (mil)	493
Net debt / equity	0.89x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	138	+0.6%	4.8x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	47.7	49.4	50.2	51.1	53.2	54.2	–	–	–	–
Sales mean (mil)	46.6	48.2	49.8	51.2	52.6	–	–	–	–	–
Surprise	+2.4%	+2.4%	+0.8%	−0.1%	+1.1%	–	–	–	–	–
EPS reported	−0.02	−1.07	−0.07	−0.43	−0.16	−0.08	–	–	–	–
EPS mean	−0.05	−0.06	−0.09	−0.10	−0.11	–	–	–	–	–
Surprise	+60.0%	−1,683.3%	+22.2%	−330.0%	−45.5%	–	–	–	–	–

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AIV Apartment Investment and Management Co	228M	–	2.0%	0.46x	–	–	–	–
VMRK Vivmark Residential	47.9B	4.55x	36.2%	2.21x	47.2x	38.9x	21.5x	14.6x
ESS Essex Property Trust, Inc.	17.0B	4.95x	35.5%	3.21x	46.6x	42.1x	18.6x	17.7x
INVH Invitation Homes Inc.	15.3B	5.62x	21.5%	1.75x	26.2x	35.5x	15.4x	15.2x
SUI Sun Communities Inc	13.5B	2.94x	−3.0%	2.51x	132.0x	37.0x	15.5x	16.7x
NLY Annaly Capital Management, Inc.	14.4B	–	26.2%	0.90x	5.8x	5.9x	24.0x	19.4x
Mean		4.52x	19.7%	1.84x	51.5x	31.9x	19.0x	16.7x
Median		4.75x	23.9%	1.98x	46.6x	37.0x	18.6x	16.7x

Technical analysis

1M−26.6%
3M−39.8%
1Y−46.2%
3Y+15.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Apartment Investment and Management Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	138	138	187	190	170	151
Cost of revenue	68.4	68.1	73.7	71.8	67.6	61.5
Gross profit	70.1	69.6	113	119	102	89.9
Selling, general & administrative expenses	34.0	32.8	32.9	39.7	33.2	10.5
Research & development	–	–	–	–	–	–
Depreciation/amortization	58.3	77.1	68.8	159	84.7	78.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	147	–	–	0	0	15.9
Other operating expenses	0	0	0	0	0	0
Operating income	−170	−40.3	11.6	−80.1	−15.6	−14.4
Net interest income (expense)	−56.2	−99.9	−182	−181	−13.7	0.2
Gain (loss) on sale of assets	237	10.6	8.0	176	–	–
Other non-operating income (expense)	−27.1	−5.6	−7.7	194	10.8	−1.7
Net income before taxes	−15.8	−135	−170	109	−18.6	−15.9
Provision for taxes	−57.6	−11.1	−12.8	17.3	−13.6	−10.1
Minority interest	−39.0	−6.5	−8.9	−16.4	−0.9	0.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2.8	−131	−166	75.7	−5.9	−5.0
Extraordinary items	551	28.2	–	–	–	–
Net income	554	−102	−166	75.7	−5.9	−5.0
EBIT, normalized	−22.2	−40.3	11.6	−80.1	−15.6	1.5
EBITDA, normalized	86.1	117	144	78.9	69.1	79.5
Basic EPS, normalized	–	−0.75	−1.16	–	−0.04	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Apartment Investment and Management Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	395	141	123	206	233	290
Receivables	13.8	8.3	5.2	6.0	7.3	7.0
Total inventory	–	–	–	–	–	–
Prepaid expenses	16.1	14.2	13.6	17.4	20.5	10.5
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	1,066	1,365	1,753	1,551	1,670	1,116
Goodwill	–	–	–	–	–	–
Intangibles	12.3	13.2	13.5	14.2	3.3	7.3
Long-term investments	24.7	31.3	88.2	238	396	333
Note receivable	104	58.8	57.6	39.0	38.0	37.0
Other long-term assets	468	488	177	338	327	347
Total assets	1,676	1,957	2,089	2,181	2,434	1,840
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	147	101	90.1	107	81.7	158
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	863	1,193	1,266	1,163	1,616	982
Minority interest	191	189	242	244	95.5	63.6
Other liabilities	259	452	231	226	222	295
Total liabilities	1,314	1,834	1,740	1,633	1,934	1,341
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.4	1.4	1.4	1.5	1.5	1.5
Additional paid-in capital	429	425	465	496	522	515
Retained earnings (accumulated deficit)	−68.7	−303	−116	49.9	−22.8	−16.8
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	362	123	350	548	501	500
Total liabilities & shareholders' equity	1,676	1,957	2,089	2,181	2,434	1,840

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Apartment Investment and Management Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	593	−96.0	−157	92.2	−5.0	−5.8
Depreciation, depletion & amortization	58.3	86.4	68.8	159	84.7	78.0
Deferred taxes	–	–	–	–	–	–
Non-cash items	−633	57.5	145	−9.2	−44.8	−21.2
Changes in working capital	−10.3	−0.9	−6.2	−37.7	−22.3	−3.1
Cash from operations	8.1	47.0	50.5	204	12.6	47.8
Investing activities
Capital expenditures	−99.6	−160	−277	−367	−247	−132
Other investing cash flows	975	191	16.2	246	−24.0	2.5
Cash from investing	875	30.6	−260	−121	−271	−129
Financing activities
Financing cash flow items	−11.6	−69.6	23.4	69.0	20.9	427
Cash dividends paid	−416	–	0	−3.0	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−222	25.7	96.0	−164	184	−56.4
Cash from financing	−649	−43.9	119	−98.3	205	370
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	234	33.7	−90.5	−14.8	−54.2	289
Free cash flow	−91.5	−113	−226	−163	−235	−84.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.