Loading...

Apartment Investment and Management

DB:AIV1
Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AIV1
DB
$8B
Imp Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

Aimco is a real estate investment trust focused on the ownership and management of quality apartment communities located in select markets in the United States. The last earnings update was 64 days ago. More info.


Add to Portfolio Compare Print
AIV1 Share Price and Events
7 Day Returns
2.2%
DB:AIV1
0.9%
Europe REITs
0.8%
DE Market
1 Year Returns
28.7%
DB:AIV1
-1.2%
Europe REITs
-4.5%
DE Market
AIV1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Apartment Investment and Management (AIV1) 2.2% -0.3% 2.8% 28.7% 21.4% 93.8%
Europe REITs 0.9% 2.6% 6.6% -1.2% 2% 16%
DE Market 0.8% 6.9% 8.1% -4.5% 10.4% 13.9%
1 Year Return vs Industry and Market
  • AIV1 outperformed the REITs industry which returned -1.2% over the past year.
  • AIV1 outperformed the Market in Germany which returned -4.5% over the past year.
Price Volatility
AIV1
Industry
5yr Volatility vs Market

AIV1 Value

 Is Apartment Investment and Management undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Apartment Investment and Management to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Apartment Investment and Management.

DB:AIV1 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.3%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:AIV1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.537 (1 + (1- 21%) (53.87%))
0.843
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.843 * 5.96%)
5.25%

Discounted Cash Flow Calculation for DB:AIV1 using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Apartment Investment and Management is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Apartment Investment and Management is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

DB:AIV1 DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 5.25%)
2019 328.62 Analyst x6 312.21
2020 346.02 Analyst x6 312.34
2021 362.20 Analyst x2 310.62
2022 372.88 Analyst x1 303.81
2023 391.24 Analyst x1 302.86
2024 402.40 Est @ 2.85% 295.95
2025 410.71 Est @ 2.07% 286.98
2026 416.93 Est @ 1.51% 276.78
2027 421.63 Est @ 1.13% 265.93
2028 425.25 Est @ 0.86% 254.82
Present value of next 10 years cash flows $2,922.29
DB:AIV1 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $425.25 × (1 + 0.23%) ÷ (5.25% – 0.23%)
$8,479.38
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $8,479.38 ÷ (1 + 5.25%)10
$5,081.06
DB:AIV1 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,922.29 + $5,081.06
$8,003.34
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $8,003.34 / 153.70
$52.1
DB:AIV1 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:AIV1 represents 0.89831x of NYSE:AIV
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.89831x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 52.10 x 0.89831
€46.80
Value per share (EUR) From above. €46.80
Current discount Discount to share price of €44.22
= -1 x (€44.22 - €46.80) / €46.80
5.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Apartment Investment and Management is available for.
Intrinsic value
6%
Share price is €44.22 vs Future cash flow value of €46.8
Current Discount Checks
For Apartment Investment and Management to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Apartment Investment and Management's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Apartment Investment and Management's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Apartment Investment and Management's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Apartment Investment and Management's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:AIV1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $4.34
NYSE:AIV Share Price ** NYSE (2019-04-25) in USD $49.22
Europe REITs Industry PE Ratio Median Figure of 125 Publicly-Listed REITs Companies 12.34x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 20.1x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Apartment Investment and Management.

DB:AIV1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:AIV Share Price ÷ EPS (both in USD)

= 49.22 ÷ 4.34

11.33x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Apartment Investment and Management is good value based on earnings compared to the Europe REITs industry average.
  • Apartment Investment and Management is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Apartment Investment and Management's expected growth come at a high price?
Raw Data
DB:AIV1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.33x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
-71.6%per year
Europe REITs Industry PEG Ratio Median Figure of 61 Publicly-Listed REITs Companies 0.57x
Germany Market PEG Ratio Median Figure of 268 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

DB:AIV1 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.33x ÷ -71.6%

-0.16x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Apartment Investment and Management earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Apartment Investment and Management's assets?
Raw Data
DB:AIV1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $10.89
NYSE:AIV Share Price * NYSE (2019-04-25) in USD $49.22
Europe REITs Industry PB Ratio Median Figure of 149 Publicly-Listed REITs Companies 0.99x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.87x
DB:AIV1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:AIV Share Price ÷ Book Value per Share (both in USD)

= 49.22 ÷ 10.89

4.52x

* Primary Listing of Apartment Investment and Management.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Apartment Investment and Management is overvalued based on assets compared to the Europe REITs industry average.
X
Value checks
We assess Apartment Investment and Management's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Apartment Investment and Management has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

AIV1 Future Performance

 How is Apartment Investment and Management expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-71.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Apartment Investment and Management expected to grow at an attractive rate?
  • Apartment Investment and Management's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Apartment Investment and Management's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Apartment Investment and Management's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:AIV1 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:AIV1 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts -71.6%
DB:AIV1 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 1%
Europe REITs Industry Earnings Growth Rate Market Cap Weighted Average 7.2%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.6%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:AIV1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:AIV1 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,042 1
2022-12-31 994 1
2021-12-31 957 3
2020-12-31 928 436 45 8
2019-12-31 910 419 523 8
DB:AIV1 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 965 396 657
2018-09-30 984 402 913
2018-06-30 996 402 364
2018-03-31 993 402 377
2017-12-31 992 392 307
2017-09-30 988 396 207
2017-06-30 980 378 201
2017-03-31 977 377 406
2016-12-31 975 377 418
2016-09-30 968 378 322
2016-06-30 964 379 330
2016-03-31 960 369 170

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Apartment Investment and Management's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Apartment Investment and Management's revenue is expected to grow by 1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:AIV1 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Apartment Investment and Management Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AIV1 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.30 0.34 0.27 3.00
2019-12-31 3.44 3.48 3.39 2.00
DB:AIV1 Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 4.34
2018-09-30 6.01
2018-06-30 2.40
2018-03-31 2.48
2017-12-31 2.02
2017-09-30 1.36
2017-06-30 1.32
2017-03-31 2.68
2016-12-31 2.76
2016-09-30 2.13
2016-06-30 2.19
2016-03-31 1.13

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Apartment Investment and Management is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Apartment Investment and Management's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Apartment Investment and Management has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

AIV1 Past Performance

  How has Apartment Investment and Management performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Apartment Investment and Management's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Apartment Investment and Management has delivered over 20% year on year earnings growth in the past 5 years.
  • Apartment Investment and Management's 1-year earnings growth exceeds its 5-year average (114% vs 28.4%)
  • Apartment Investment and Management's earnings growth has exceeded the Europe REITs industry average in the past year (114% vs 4.8%).
Earnings and Revenue History
Apartment Investment and Management's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Apartment Investment and Management Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AIV1 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 965.42 656.60 46.27
2018-09-30 983.63 913.47 49.25
2018-06-30 996.50 363.87 47.82
2018-03-31 992.61 376.90 44.05
2017-12-31 992.19 306.86 43.66
2017-09-30 988.03 206.76 42.85
2017-06-30 980.21 200.51 43.94
2017-03-31 976.84 406.05 45.81
2016-12-31 974.53 417.78 46.78
2016-09-30 968.11 322.42 44.98
2016-06-30 964.38 330.42 44.38
2016-03-31 960.15 169.85 44.46
2015-12-31 956.95 235.97 46.31
2015-09-30 950.64 205.60 46.52
2015-06-30 950.13 311.12 46.16
2015-03-31 950.98 325.33 44.22
2014-12-31 952.83 300.22 44.09
2014-09-30 958.00 264.27 43.12
2014-06-30 954.67 133.53 43.42
2014-03-31 949.12 64.12 44.46
2013-12-31 939.23 0.44 45.67
2013-09-30 899.56 -23.83 46.01
2013-06-30 905.37 -41.03 47.35
2013-03-31 899.10 -87.58 49.76
2012-12-31 916.74 -131.97 49.60
2012-09-30 922.39 -160.86 52.03
2012-06-30 917.62 -181.34 52.46

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Apartment Investment and Management has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Apartment Investment and Management used its assets more efficiently than the Europe REITs industry average last year based on Return on Assets.
  • Apartment Investment and Management's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Apartment Investment and Management's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Apartment Investment and Management has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

AIV1 Health

 How is Apartment Investment and Management's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Apartment Investment and Management's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Apartment Investment and Management's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Apartment Investment and Management's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Apartment Investment and Management's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Apartment Investment and Management Company Filings, last reported 3 months ago.

DB:AIV1 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,864.93 4,075.67 36.86
2018-09-30 2,295.45 3,646.79 58.03
2018-06-30 1,756.12 4,261.21 46.70
2018-03-31 1,764.03 4,256.10 70.27
2017-12-31 1,757.29 4,088.91 76.79
2017-09-30 1,537.23 4,392.56 55.68
2017-06-30 1,579.64 4,344.37 63.76
2017-03-31 1,937.98 3,973.85 65.07
2016-12-31 2,048.17 3,887.81 61.24
2016-09-30 1,930.81 4,060.05 47.91
2016-06-30 2,005.04 3,960.87 55.23
2016-03-31 1,821.27 3,922.79 64.45
2015-12-31 1,851.83 3,854.08 50.79
2015-09-30 1,836.70 3,941.47 45.24
2015-06-30 1,906.03 3,871.09 46.84
2015-03-31 1,922.57 3,893.93 164.49
2014-12-31 1,530.04 4,140.41 28.97
2014-09-30 1,522.46 3,967.56 29.19
2014-06-30 1,428.73 4,211.41 33.83
2014-03-31 1,260.57 4,399.77 38.40
2013-12-31 1,252.70 4,392.79 55.75
2013-09-30 1,175.13 4,834.82 67.62
2013-06-30 1,143.04 4,849.05 46.92
2013-03-31 1,188.63 4,720.86 49.56
2012-12-31 1,234.94 4,421.05 84.41
2012-09-30 1,183.06 4,946.48 102.52
2012-06-30 1,449.62 5,098.44 312.96
  • Apartment Investment and Management's level of debt (218.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (350.6% vs 218.5% today).
  • Debt is not well covered by operating cash flow (9.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.1x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Apartment Investment and Management's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Apartment Investment and Management has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

AIV1 Dividends

 What is Apartment Investment and Management's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.27%
Current annual income from Apartment Investment and Management dividends. Estimated to be 3.69% next year.
If you bought €2,000 of Apartment Investment and Management shares you are expected to receive €65 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Apartment Investment and Management's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • Apartment Investment and Management's dividend is below the markets top 25% of dividend payers in Germany (3.67%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:AIV1 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Europe REITs Industry Average Dividend Yield Market Cap Weighted Average of 119 Stocks 4.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:AIV1 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.00 2.00
2022-12-31 1.91 2.00
2021-12-31 1.74 5.00
2020-12-31 1.66 11.00
2019-12-31 1.96 11.00
DB:AIV1 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-05 1.609 3.213
2018-10-31 1.567 3.323
2018-08-01 1.567 3.493
2018-05-02 1.567 3.679
2018-02-01 1.567 3.819
2017-10-25 1.485 3.324
2017-07-27 1.485 3.195
2017-04-25 1.485 3.310
2017-01-31 1.485 3.222
2016-10-26 1.361 3.049
2016-07-29 1.361 2.965
2016-07-28 1.361 2.927
2016-04-28 1.361 3.091
2016-01-26 1.361 3.381
2015-10-27 1.237 3.122
2015-07-28 1.237 3.162
2015-04-29 1.237 3.146
2015-01-27 1.155 2.893
2014-10-29 1.072 2.773
2014-07-30 1.072 3.109
2014-04-30 1.072 3.236
2014-01-29 1.072 3.487
2013-10-31 0.990 3.666
2013-07-30 0.990 3.371
2013-05-02 0.990 3.149
2013-01-31 0.990 3.190
2012-11-02 0.825 3.050
2012-10-31 0.825 3.008
2012-08-03 0.825 3.039
2012-08-01 0.825 2.975
2012-05-07 0.743 2.658
2012-05-03 0.742 2.641
2012-02-23 0.743 2.782
2012-02-08 0.742 2.880
2011-10-28 0.495 2.110
2011-10-27 0.495 1.854
2011-07-28 0.495 1.954
2011-04-29 0.495 1.831
2011-02-04 0.495 1.935
2011-02-02 0.495 1.907
2010-10-29 0.412 1.609
2010-07-30 0.412 1.843
2010-04-30 0.413 1.909
2010-04-29 0.412 1.757
2009-12-18 0.412 2.300
2009-10-29 0.412 2.913
2009-07-29 0.412 3.137
2009-05-01 0.412 4.525

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Apartment Investment and Management's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (234.2x coverage).
X
Income/ dividend checks
We assess Apartment Investment and Management's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Apartment Investment and Management afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Apartment Investment and Management has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

AIV1 Management

 What is the CEO of Apartment Investment and Management's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Terry Considine
COMPENSATION $6,350,609
AGE 70
TENURE AS CEO 24.8 years
CEO Bio

Mr. Terry Considine, J.D., serves as the Chairman of the Board and Chief Executive Officer at Apartment Investment and Management Company. Mr. Considine has been at Apartment Investment and Management Company since July 1994and has several years of experience in real estate. He also serves as the Chief Executive Officer and Chairman of the Board at Considine Investment Co. Mr. Considine has been involved as a principal in a variety of real estate activities, including the acquisition, renovation, development and disposition of properties. Previously, he served as the Chief Executive Officer and Chairman of the Board of Commercial Assets, Inc. since April 1998, as the Chief Executive Officer and Chairman of American Land Lease Inc. He serves as the Chairman of the Lynde and Harry Bradley Foundation, WRC-87A Corporation and Real Estate Equity Partners Inc. Mr. Considine has been an Independent Director of Intrepid Potash, Inc. since April 2008. He served as a Director of Commercial Assets Inc. He served as a Colorado State Senator from 1987 to 1992. He is a graduated with a Juris Doctor degree in 1971 and with a Bachelor of Arts degree in 1968, both from Harvard University.

CEO Compensation
  • Terry's compensation has been consistent with company performance over the past year.
  • Terry's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Apartment Investment and Management management team in years:

10.5
Average Tenure
54
Average Age
  • The average tenure for the Apartment Investment and Management management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Terry Considine

TITLE
Chairman & CEO
COMPENSATION
$6M
AGE
70
TENURE
24.8 yrs

Paul Beldin

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
44
TENURE
3.6 yrs

Lisa Cohn

TITLE
Executive VP
COMPENSATION
$2M
AGE
49
TENURE
11.3 yrs

Keith Kimmel

TITLE
Executive Vice President of Property Operations
COMPENSATION
$2M
AGE
46
TENURE
8.3 yrs

Patti Fielding

TITLE
Executive VP of Debt & Treasurer
COMPENSATION
$1M
AGE
54
TENURE
14.3 yrs

John Bezzant

TITLE
Executive VP & Chief Investment Officer
COMPENSATION
$2M
AGE
55
TENURE
5.7 yrs

Miles Cortez

TITLE
Chief Administrative Officer & Executive VP
COMPENSATION
$1M
AGE
74
TENURE
11.3 yrs

Suzie Sorkin

TITLE
Vice President of Investor Relations/FP&A
TENURE
1.1 yrs

Patti Shwayder

TITLE
Senior Vice President of Government Relations & Communications
TENURE
16.5 yrs

Jennifer Johnson

TITLE
Senior Vice President of Human Resources
TENURE
9.7 yrs
Board of Directors Tenure

Average tenure and age of the Apartment Investment and Management board of directors in years:

12
Average Tenure
70.5
Average Age
  • The average tenure for the Apartment Investment and Management board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Terry Considine

TITLE
Chairman & CEO
COMPENSATION
$6M
AGE
70
TENURE
24.8 yrs

Mike Stein

TITLE
Independent Director
COMPENSATION
$222K
AGE
68
TENURE
14.5 yrs

Tom Keltner

TITLE
Independent Director
COMPENSATION
$222K
AGE
71
TENURE
12 yrs

Kathleen Nelson

TITLE
Independent Director
COMPENSATION
$222K
AGE
72
TENURE
9 yrs

Lanny Martin

TITLE
Lead Independent Director
COMPENSATION
$222K
AGE
72

Bob Miller

TITLE
Independent Director
COMPENSATION
$222K
AGE
72
TENURE
12 yrs

Nina Tran

TITLE
Independent Director
COMPENSATION
$222K
AGE
50
TENURE
3.1 yrs

Ann Sperling

TITLE
Independent Director
AGE
62
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • Apartment Investment and Management insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
11. Mar 19 Sell Patti Fielding Individual 07. Mar 19 07. Mar 19 -20,272 €44.22 €-896,483
19. Feb 19 Sell Miles Cortez Individual 19. Feb 19 19. Feb 19 -9,213 €45.05 €-414,996
19. Feb 19 Sell Keith Kimmel Individual 19. Feb 19 19. Feb 19 -24,244 €45.09 €-1,093,197
13. Feb 19 Sell Terry Considine Individual 11. Feb 19 11. Feb 19 -96,975 €45.05 €-4,368,823
17. Dec 18 Sell Thomas Keltner Individual 17. Dec 18 17. Dec 18 -3,394 €42.43 €-144,003
13. Nov 18 Sell Lisa Cohn Individual 09. Nov 18 09. Nov 18 -4,849 €41.49 €-201,159
10. Aug 18 Sell Keith Kimmel Individual 08. Aug 18 08. Aug 18 -24,244 €38.40 €-930,856
14. May 18 Sell Kathleen Nelson Individual 11. May 18 11. May 18 -1,278 €35.53 €-45,406
X
Management checks
We assess Apartment Investment and Management's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Apartment Investment and Management has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

AIV1 News

Simply Wall St News

AIV1 Company Info

Description

Aimco is a real estate investment trust focused on the ownership and management of quality apartment communities located in select markets in the United States. Aimco is one of the country’s largest owners and operators of apartments, with ownership interests in 132 communities in 17 states and the District of Columbia. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV, and are included in the S&P 500.

Details
Name: Apartment Investment and Management Company
AIV1
Exchange: DB
Founded: 1994
$6,791,976,848
$6,375,064,333
153,700,396
Website: http://www.aimco.com
Address: Apartment Investment and Management Company
4582 South Ulster Street,
Suite 1100,
Denver,
Colorado, 80237,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE AIV Class A Common Stock New York Stock Exchange US USD 22. Jul 1994
DB AIV1 Class A Common Stock Deutsche Boerse AG DE EUR 22. Jul 1994
NYSE AIV.PRA PFD CL A 6.875% New York Stock Exchange US USD 14. May 2014
Number of employees
Current staff
Staff numbers
1,050
Apartment Investment and Management employees.
Industry
Residential REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 20:35
End of day share price update: 2019/04/25 00:00
Last estimates confirmation: 2019/04/19
Last earnings filing: 2019/02/20
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.