NYSE:AIV

Stock Analysis Report

Apartment Investment and Management

Executive Summary

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.


Snowflake Analysis

Established dividend payer and fair value.


Similar Companies

Share Price & News

How has Apartment Investment and Management's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: AIV has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.4%

AIV

1.5%

US REITs

0.06%

US Market


1 Year Return

6.7%

AIV

16.6%

US REITs

19.4%

US Market

Return vs Industry: AIV underperformed the US REITs industry which returned 16.6% over the past year.

Return vs Market: AIV underperformed the US Market which returned 19.4% over the past year.


Shareholder returns

AIVIndustryMarket
7 Day1.4%1.5%0.06%
30 Day4.0%4.4%1.1%
90 Day0.5%7.5%8.9%
1 Year14.8%6.7%21.4%16.6%21.9%19.4%
3 Year32.9%16.2%39.0%21.6%48.9%39.3%
5 Year72.0%41.1%59.5%26.7%71.9%53.1%

Price Volatility Vs. Market

How volatile is Apartment Investment and Management's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Apartment Investment and Management undervalued compared to its fair value and its price relative to the market?

10.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: AIV ($54.87) is trading below our estimate of fair value ($61.1)

Significantly Below Fair Value: AIV is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: AIV is good value based on its PE Ratio (17.4x) compared to the REITs industry average (36.6x).

PE vs Market: AIV is good value based on its PE Ratio (17.4x) compared to the US market (18.3x).


Price to Earnings Growth Ratio

PEG Ratio: AIV's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: AIV is overvalued based on its PB Ratio (4.6x) compared to the US REITs industry average (2.1x).


Next Steps

Future Growth

How is Apartment Investment and Management forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

-24.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AIV's earnings are forecast to decline over the next 3 years (-24.1% per year).

Earnings vs Market: AIV's earnings are forecast to decline over the next 3 years (-24.1% per year).

High Growth Earnings: AIV's earnings are forecast to decline over the next 3 years.

Revenue vs Market: AIV's revenue (1.8% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: AIV's revenue (1.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AIV's Return on Equity is forecast to be high in 3 years time (32.5%)


Next Steps

Past Performance

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

21.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AIV has a large one-off gain of $503.2M impacting its December 31 2019 financial results.

Growing Profit Margin: AIV's current net profit margins (50.9%) are lower than last year (68%).


Past Earnings Growth Analysis

Earnings Trend: AIV's earnings have grown significantly by 21.7% per year over the past 5 years.

Accelerating Growth: AIV's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: AIV had negative earnings growth (-29%) over the past year, making it difficult to compare to the REITs industry average (8.2%).


Return on Equity

High ROE: Whilst AIV's Return on Equity (25.89%) is high, this metric is skewed due to their high level of debt.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Apartment Investment and Management's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: AIV has a high level of physical assets or inventory.

Debt Coverage by Assets: AIV's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

Asset Level: AIV's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if AIV has a sufficient allowance for bad loans.

Low Risk Liabilities: AIV reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if AIV has an acceptable proportion of non-loan assets held.

Low Risk Deposits: AIV has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if AIV has an appropriate level of bad loans.


Next Steps

Dividend

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

2.99%

Current Dividend Yield


Dividend Yield vs Market

company3.0%marketbottom25%1.4%markettop25%3.7%industryaverage3.5%forecastin3Years3.2%

Current dividend yield vs market & industry

Notable Dividend: AIV's dividend (2.99%) is higher than the bottom 25% of dividend payers in the US market (1.43%).

High Dividend: AIV's dividend (2.99%) is low compared to the top 25% of dividend payers in the US market (3.7%).


Stability and Growth of Payments

Stable Dividend: AIV's dividends per share have been stable in the past 10 years.

Growing Dividend: AIV's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (51.4%), AIV's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: AIV's dividends in 3 years are forecast to be thoroughly covered by earnings (0.4% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

10.0yrs

Average management tenure


CEO

Terry Considine (71yo)

25.6yrs

Tenure

US$6,773,403

Compensation

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 Com ...


CEO Compensation Analysis

Compensation vs Market: Terry's total compensation ($USD6.77M) is about average for companies of similar size in the US market ($USD6.27M).

Compensation vs Earnings: Terry's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Terry Considine
Chairman & CEO25.6yrsUS$6.77m0.26% $22.3m
Paul Beldin
Executive VP & CFO4.4yrsUS$1.77m0.047% $4.1m
John Bezzant
Executive VP & Chief Investment Officer6.5yrsUS$2.38m0.056% $4.9m
Lisa Cohn
Executive VP12.2yrsUS$2.17m0.063% $5.5m
Keith Kimmel
Executive Vice President of Property Operations9.1yrsUS$1.63m0.028% $2.5m
Miles Cortez
Executive VP & Chief Administrative Officer12.2yrsUS$947.55k0.097% $8.4m
Suzanne Sorkin
Vice President of Investor Relations/FP&A1.9yrsno datano data
Patti Shwayder
Senior Vice President of Government Relations & Communications17.3yrsno datano data
Jennifer Johnson
Senior Vice President of Human Resources10.5yrsno datano data
H. Lynn Stanfield
Executive Vice President of Financial Planning & Analysis and Capital Allocation9.6yrsno data0.014% $1.2m

10.0yrs

Average Tenure

50yo

Average Age

Experienced Management: AIV's management team is seasoned and experienced (10 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Terry Considine
Chairman & CEO25.6yrsUS$6.77m0.26% $22.3m
Thomas Keltner
Independent Director12.8yrsUS$221.04k0.030% $2.6m
Michael Stein
Independent Director15.3yrsUS$221.04k0.032% $2.8m
J. Martin
Lead Independent Director0yrsUS$221.04k0.041% $3.6m
Kathleen Nelson
Independent Director9.8yrsUS$221.04k0.030% $2.6m
Robert Miller
Independent Director12.8yrsUS$221.04k0.057% $4.9m
Nina Tran
Independent Director3.9yrsUS$221.04k0.011% $935.9k
Ann Sperling
Independent Director1.8yrsUS$166.09k0.0061% $526.1k

12.8yrs

Average Tenure

71.5yo

Average Age

Experienced Board: AIV's board of directors are seasoned and experienced ( 12.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: AIV insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Apartment Investment and Management Company's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Apartment Investment and Management Company
  • Ticker: AIV
  • Exchange: NYSE
  • Founded: 1994
  • Industry: Residential REITs
  • Sector: Real Estate
  • Implied Market Cap: US$8.682b
  • Market Cap: US$8.159b
  • Shares outstanding: 158.43m
  • Website: https://www.aimco.com

Number of Employees


Location

  • Apartment Investment and Management Company
  • 4582 South Ulster Street
  • Suite 1100
  • Denver
  • Colorado
  • 80237
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AIVNYSE (New York Stock Exchange)YesClass A Common StockUSUSDJul 1994
AIV1DB (Deutsche Boerse AG)YesClass A Common StockDEEURJul 1994
A1IV34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 1 REPR 1 COMBRBRLJan 2020

Biography

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 124 apartment 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/18 23:43
End of Day Share Price2020/02/18 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.