Apartment Investment and Management (AIV) Financials

$8.00 +0.01 (+0.13%)

Closing price 03:59 PM Eastern

Extended Trading

$7.98 -0.01 (-0.19%)

As of 04:21 PM Eastern

Annual Income Statements for Apartment Investment and Management

This table shows Apartment Investment and Management's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Income / (Loss) Attributable to Common Shareholders	-102	-166	76	-5.91	-5.04	0.30	3.24	307	418	236	300
Consolidated Net Income / (Loss)	-96	-157	64	-4.98	-5.77	0.11	3.41	347	483	272	356
Net Income / (Loss) Continuing Operations	-98	-157	64	-4.98	-5.77	0.11	3.41	347	483	398	67
Total Pre-Tax Income	-107	-170	109	-19	-16	-3.19	3.67	316	464	64	47
Total Operating Income	-1.50	12	-80	-16	-14	15	23	194	247	563	262
Total Gross Profit	209	187	190	170	151	144	132	651	641	619	984
Total Revenue	209	187	190	170	151	144	132	1,005	996	981	984
Operating Revenue	209	187	190	170	151	144	132	1,005	996	981	984
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	355	355	362	0.00
Total Operating Expenses	210	175	270	185	166	129	109	457	394	57	722
Selling, General & Admin Expense	33	33	111	33	10	7.06	59	55	61	57	58
Depreciation Expense	86	69	159	85	78	64	49	366	333	-	283
Other Operating Expenses / (Income)	91	74	-	68	62	58	-	-	-	-	381
Total Other Income / (Expense), net	-107	-183	162	-2.91	-1.56	-18	-20	122	218	-192	-215
Interest Expense	70	38	74	53	28	19	20	195	196	200	221
Interest & Investment Income	-40	10	24	8.86	28	1.56	0.01	16	7.80	6.95	6.88
Other Income / (Expense), net	2.59	-155	211	41	-2.55	-1.21	-0.16	301	406	0.39	-0.83
Income Tax Expense	-11	-13	17	-14	-10	-3.30	0.26	-31	-19	-28	-20
Net Income / (Loss) Attributable to Noncontrolling Interest	6.47	8.88	16	0.93	-0.73	-0.19	0.17	40	53	24	48
Basic Earnings per Share	($0.75)	($1.16)	$0.50	($0.04)	($0.03)	$0.00	$0.02	$2.02	$2.68	$1.52	$2.06
Weighted Average Basic Shares Outstanding	138.50M	143.62M	149.40M	149.48M	148.57M	148.55M	148.55M	151.60M	156.00M	155.18M	145.64M
Diluted Earnings per Share	($0.75)	($1.16)	$0.49	($0.04)	($0.03)	$0.00	$0.02	$2.02	$2.67	$1.52	$2.06
Weighted Average Diluted Shares Outstanding	138.50M	143.62M	150.83M	149.48M	148.57M	148.57M	148.57M	152.06M	156.39M	155.57M	146.00M
Weighted Average Basic & Diluted Shares Outstanding	141.97M	144.81M	149.93M	152.56M	149.21M	148.93M	307.26M	156.32M	156.00M	155.18M	320.19M

This table shows Apartment Investment and Management's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-14	-9.82	-22	-61	-10	-152	-2.26	-3.60	-8.82	-201	29
Consolidated Net Income / (Loss)	-12	-7.64	-20	-61	-7.20	-153	1.67	0.14	-5.75	-233	34
Net Income / (Loss) Continuing Operations	-12	-9.39	-20	-61	-7.20	-153	1.67	0.14	-5.75	-233	34
Total Pre-Tax Income	-12	-9.98	-24	-63	-9.93	-155	-4.54	-0.27	-9.95	-212	17
Total Operating Income	4.69	0.08	-1.47	-1.10	0.99	2.28	3.37	3.85	2.09	0.58	-66
Total Gross Profit	52	54	53	51	50	49	48	46	44	42	48
Total Revenue	52	54	53	51	50	49	48	46	44	42	48
Operating Revenue	52	54	53	51	50	49	48	46	44	42	48
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	48	54	55	52	49	47	44	42	42	41	114
Selling, General & Admin Expense	8.18	8.96	7.75	7.58	8.55	8.37	8.20	7.89	8.40	82	11
Depreciation Expense	16	21	24	22	19	18	18	17	16	16	85
Other Operating Expenses / (Income)	23	24	23	23	21	19	18	19	18	-	17
Total Other Income / (Expense), net	-16	-12	-22	-62	-11	-159	-7.91	-4.12	-12	-241	83
Interest Expense	17	21	19	17	13	10	8.25	9.66	9.73	7.98	9.72
Interest & Investment Income	2.09	0.77	1.73	-45	2.38	3.24	1.42	3.57	2.20	-213	0.35
Other Income / (Expense), net	-1.14	8.26	-5.11	-0.65	0.08	-152	-1.08	1.96	-4.51	-19	92
Income Tax Expense	-0.09	-2.34	-3.81	-2.19	-2.73	-1.93	-6.21	-0.42	-4.20	-7.07	-18
Net Income / (Loss) Attributable to Noncontrolling Interest	2.20	2.18	1.87	-0.58	2.99	-1.87	3.93	3.75	3.06	-4.25	4.70
Basic Earnings per Share	($0.10)	($0.09)	($0.16)	($0.43)	($0.07)	($1.06)	($0.02)	($0.02)	($0.06)	($1.35)	$0.19
Weighted Average Basic Shares Outstanding	136.90M	138.50M	136.75M	139.82M	140.59M	143.62M	143.30M	144.20M	145.83M	149.40M	149.61M
Diluted Earnings per Share	($0.10)	($0.09)	($0.16)	($0.43)	($0.07)	($1.06)	($0.02)	($0.02)	($0.06)	($1.35)	$0.19
Weighted Average Diluted Shares Outstanding	136.90M	138.50M	136.75M	139.82M	140.59M	143.62M	143.30M	144.20M	145.83M	150.83M	151.20M
Weighted Average Basic & Diluted Shares Outstanding	141.71M	141.97M	141.27M	141.61M	144.83M	144.81M	145.76M	147.92M	148.62M	149.93M	151.63M

This table details how cash moves in and out of Apartment Investment and Management's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Change in Cash & Equivalents	36	64	164	-54	289	5.32	-0.56	11	-6.60	22	-27
Net Cash From Operating Activities	47	50	204	13	48	58	107	392	377	360	321
Net Cash From Continuing Operating Activities	51	205	383	13	46	58	106	392	377	360	319
Net Income / (Loss) Continuing Operations	-96	-157	92	-4.98	-5.77	0.11	6.82	347	483	272	356
Consolidated Net Income / (Loss)	-96	-157	92	-4.98	-5.77	0.11	6.82	347	483	272	356
Depreciation Expense	86	69	159	85	78	64	99	366	333	306	283
Amortization Expense	20	2.56	2.79	1.38	0.37	0.45	1.29	5.67	5.06	5.19	3.81
Non-Cash Adjustments To Reconcile Net Income	41	297	155	-53	-22	-8.23	-1.88	-296	-417	-201	-303
Changes in Operating Assets and Liabilities, net	-0.87	-6.15	-27	-16	-3.10	1.65	1.46	-31	-27	-22	-21
Net Cash From Investing Activities	31	-260	-121	-271	-129	-413	-76	13	-99	-171	14
Net Cash From Continuing Investing Activities	31	-260	-121	-271	-129	-413	-76	13	-99	-175	14
Purchase of Property, Plant & Equipment	-160	-277	-238	-178	-24	-39	-76	-358	-354	-374	-376
Sale of Property, Plant & Equipment	186	9.25	260	0.00	0.00	-	-	402	536	368	640
Divestitures	5.77	0.00	0.00	-	-	-	-	-	-	-	-
Other Investing Activities, net	-1.34	6.96	-143	-0.73	2.47	0.00	-	-10	10	0.31	33
Net Cash From Financing Activities	-44	119	-98	205	370	360	-32	-394	-284	-167	-362
Net Cash From Continuing Financing Activities	-45	118	-99	205	370	360	-32	-394	-284	-163	-362
Repayment of Debt	51	-90	-923	-32	-99	-59	-241	-417	-379	-517	-509
Repurchase of Common Equity	-39	-47	-31	0.00	0.00	-	-	-14	-13	-	-
Payment of Dividends	-48	-11	-19	-1.16	0.00	-	-	-575	-252	-253	-209
Issuance of Debt	0.00	0.00	756	225	40	62	187	612	409	267	250
Issuance of Common Equity	1.06	0.27	11	0.21	20	4.91	0.00	0.00	-	367	0.00
Other Financing Activities, net	-9.44	265	107	13	409	352	22	-	-14	-	-8.18

This table details how cash moves in and out of Apartment Investment and Management's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-96	65	1.01	-31	0.82	122	-20	3.91	-41	233	81
Net Cash From Operating Activities	3.83	0.83	16	8.01	22	7.92	25	12	5.60	-24	203
Net Cash From Continuing Operating Activities	3.28	5.16	13	11	21	163	22	15	5.43	205	152
Net Income / (Loss) Continuing Operations	-12	-7.64	-20	-61	-7.20	-153	1.66	0.14	-5.75	-205	34
Consolidated Net Income / (Loss)	-12	-7.64	-20	-61	-7.20	-153	1.66	0.14	-5.75	-205	34
Depreciation Expense	16	21	24	22	19	18	18	17	16	16	85
Amortization Expense	2.90	4.01	7.76	5.08	3.34	-0.25	1.44	0.44	0.94	0.64	0.73
Non-Cash Adjustments To Reconcile Net Income	0.62	-3.13	-1.66	49	-3.09	306	-7.99	-1.72	0.90	421	38
Changes in Operating Assets and Liabilities, net	-4.95	-9.33	3.43	-3.86	8.88	-6.94	8.72	-1.01	-6.92	-27	-6.30
Net Cash From Investing Activities	-20	145	-37	-36	-41	3.73	-137	-63	-63	-38	42
Net Cash From Continuing Investing Activities	-20	145	-37	-36	-41	3.73	-133	-68	-63	-38	42
Purchase of Property, Plant & Equipment	-19	-46	-36	-37	-41	-64	-82	-65	-65	-53	-59
Other Investing Activities, net	-0.56	-0.85	-0.91	0.57	-0.15	59	-55	1.60	1.58	-1.17	-130
Net Cash From Financing Activities	-80	-83	21	-2.66	21	12	36	55	17	66	-114
Net Cash From Continuing Financing Activities	-80	-84	21	-2.66	21	-47	93	55	17	66	-114
Repayment of Debt	9.79	-23	24	21	28	-148	51	-28	34	14	-237
Repurchase of Common Equity	-0.26	-4.80	-3.16	-24	-6.56	-10	-14	-7.87	-15	-19	0.16
Payment of Dividends	-91	-41	-2.52	-2.49	-2.44	-2.44	-2.35	-2.37	-3.38	-8.76	-4.41
Issuance of Common Equity	0.17	0.18	0.19	0.19	0.49	0.04	0.07	0.11	0.05	-	0.90
Other Financing Activities, net	1.04	-15	2.48	2.71	0.82	114	59	93	-0.12	-1.54	100

This table presents Apartment Investment and Management's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Total Assets	1,957	2,089	2,181	2,434	1,840	1,260	6,190	6,079	6,233	6,119	6,097
Total Current Assets	141	123	292	233	303	5.40	37	449	539	141	29
Cash & Equivalents	141	123	206	233	290	5.40	37	77	122	51	29
Plant, Property, & Equipment, net	1,248	1,634	1,433	1,230	1,005	936	5,723	5,630	5,755	5,529	5,473
Plant, Property & Equipment, gross	1,747	2,215	1,963	1,791	1,500	1,385	8,309	8,153	8,177	8,307	8,145
Accumulated Depreciation	499	581	531	561	495	449	2,585	2,522	2,421	2,778	2,672
Total Noncurrent Assets	292	333	456	970	532	319	17,047	0.00	0.00	448	595
Noncurrent Note & Lease Receivables	167	167	149	468	130	0.00	-	-	-	-	-
Other Noncurrent Operating Assets	125	167	148	165	95	319	430	0.00	0.00	448	595
Total Liabilities & Shareholders' Equity	1,957	2,089	2,181	2,434	1,840	1,260	6,190	6,079	6,233	6,119	6,097
Total Liabilities	1,645	1,498	1,389	1,838	1,277	742	4,325	4,322	4,185	4,267	4,567
Total Current Liabilities	190	121	107	97	77	0.00	226	550	299	445	321
Accrued Expenses	101	121	107	97	71	-	226	233	282	317	279
Dividends Payable	89	0.00	-	-	-	-	-	-	-	-	-
Other Current Liabilities	0.00	0.00	-	-	5.90	-	-	-	-	-	-
Total Noncurrent Liabilities	1,294	1,377	1,282	1,741	1,205	742	4,099	3,772	3,867	3,822	4,246
Long-Term Debt	1,071	1,148	1,048	1,181	982	559	4,076	3,772	3,867	3,822	4,135
Noncurrent Deferred & Payable Income Tax Liabilities	101	110	120	125	132	148	-	-	-	-	-
Other Noncurrent Operating Liabilities	122	119	115	435	91	35	0.00	-	-	-	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	143	172	167	34	-	-	101	102	103	88	88
Total Equity & Noncontrolling Interests	169	420	625	562	559	514	1,764	1,656	1,945	1,764	1,442
Total Preferred & Common Equity	123	350	548	501	500	513	1,699	1,663	1,794	1,622	1,228
Total Common Equity	123	350	548	501	500	513	5,108	1,538	1,669	1,463	1,042
Common Stock	426	466	498	523	517	0.00	3,392	3,902	4,053	4,066	3,698
Retained Earnings	-303	-116	50	-23	-17	-	-	-	-	-	-
Noncontrolling Interest	46	70	78	62	59	0.30	61	-7.39	151	142	214

This table presents Apartment Investment and Management's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	1,873	2,068	2,057	2,120	2,251	2,216	2,189	2,296
Total Current Assets	77	110	89	140	135	205	166	268
Cash & Equivalents	49	83	89	122	96	165	166	206
Restricted Cash	28	28	-	19	-	-	-	-
Plant, Property, & Equipment, net	1,256	1,688	1,675	1,661	1,620	1,558	1,487	1,370
Plant, Property & Equipment, gross	1,770	2,312	2,278	2,259	2,185	2,106	2,033	1,887
Accumulated Depreciation	514	624	602	597	565	548	546	517
Total Noncurrent Assets	264	269	293	313	486	445	536	658
Noncurrent Note & Lease Receivables	167	166	166	167	109	110	150	96
Other Noncurrent Operating Assets	97	103	127	146	219	177	227	200
Total Liabilities & Shareholders' Equity	1,873	2,068	2,057	2,120	2,251	2,216	2,189	2,296
Total Liabilities	1,570	1,600	1,564	1,541	1,495	1,449	1,413	1,285
Total Current Liabilities	102	125	126	132	111	119	97	125
Accrued Expenses	101	125	126	132	111	119	97	125
Dividends Payable	1.01	-	-	-	-	-	-	-
Other Current Liabilities	0.00	0.00	0.00	-	0.00	-	-	-
Total Noncurrent Liabilities	1,308	1,475	1,438	1,410	1,384	1,330	1,316	1,160
Long-Term Debt	1,083	1,251	1,211	1,182	1,120	1,066	1,085	940
Noncurrent Deferred & Payable Income Tax Liabilities	102	103	107	108	112	114	115	121
Other Noncurrent Operating Liabilities	123	121	120	119	152	151	116	98
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	146	175	175	173	170	169	167	158
Total Equity & Noncontrolling Interests	156	292	318	405	585	599	609	853
Total Preferred & Common Equity	110	230	254	336	509	522	532	767
Total Common Equity	110	230	254	336	509	522	532	767
Common Stock	428	439	441	462	474	485	491	516
Retained Earnings	-317	-209	-187	-126	35	37	41	251
Noncontrolling Interest	46	62	64	70	76	77	77	86

This table displays calculated financial ratios and metrics derived from Apartment Investment and Management's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.60%	-1.76%	12.08%	12.14%	5.40%	8.72%	-86.86%	0.96%	1.48%	-0.31%	1.06%
EBITDA Growth	248.44%	-124.75%	162.52%	81.64%	-21.57%	-36.50%	-85.77%	-12.56%	13.35%	59.58%	-0.11%
EBIT Growth	100.75%	-209.69%	414.66%	250.81%	-222.01%	-40.56%	-95.29%	-24.22%	16.01%	115.24%	3.88%
NOPAT Growth	-112.96%	112.02%	-516.11%	-8.94%	-195.34%	-51.65%	-89.76%	-17.10%	-68.10%	115.66%	41.40%
Net Income Growth	38.98%	-344.16%	1,393.86%	13.71%	-5,207.08%	-96.69%	-99.02%	-28.18%	77.69%	-23.62%	49.74%
EPS Growth	35.34%	-336.73%	1,325.00%	-33.33%	0.00%	-96.69%	-99.02%	-28.18%	75.66%	-26.21%	47.14%
Operating Cash Flow Growth	-6.90%	-75.29%	1,522.69%	-73.69%	-17.41%	-45.85%	-72.72%	4.14%	4.62%	11.97%	-1.28%
Free Cash Flow Firm Growth	355.52%	50.10%	-15.21%	-331.79%	-97.58%	2,515.26%	-161.17%	2,641,572.23%	-100.00%	209.30%	-22.50%
Invested Capital Growth	-24.81%	11.34%	20.43%	27.69%	-11.90%	-81.92%	3.91%	-2.00%	4.62%	-1.80%	1.43%
Revenue Q/Q Growth	2.36%	4.11%	-2.44%	4.99%	135.40%	88.98%	-86.73%	-1.29%	2.31%	0.38%	-0.87%
EBITDA Q/Q Growth	288.99%	40.72%	-15.34%	75.27%	109.85%	133.50%	-91.91%	-13.47%	11.54%	58.21%	-2.27%
EBIT Q/Q Growth	100.70%	25.21%	-26.39%	224.19%	96.34%	104.21%	-97.96%	-23.29%	15.83%	121.27%	-6.32%
NOPAT Q/Q Growth	-316.91%	17.10%	12.33%	52.23%	85.75%	347.80%	-87.32%	-13.36%	-65.27%	112.78%	9.42%
Net Income Q/Q Growth	60.29%	24.83%	-78.25%	74.11%	98.38%	100.03%	-99.66%	45.65%	26.76%	12.36%	-22.46%
EPS Q/Q Growth	56.40%	23.18%	-73.37%	69.23%	98.62%	100.03%	-99.66%	45.65%	28.99%	12.59%	-21.97%
Operating Cash Flow Q/Q Growth	-13.11%	172.34%	-6.64%	-55.99%	126.66%	-30.03%	-73.25%	-0.79%	-0.37%	3.87%	3.40%
Free Cash Flow Firm Q/Q Growth	7,064.45%	45.07%	-19.51%	-105.45%	184.07%	2,049.75%	-241.82%	23.07%	-100.00%	14,160.08%	-66.88%
Invested Capital Q/Q Growth	-24.38%	0.25%	9.95%	6.22%	-84.65%	-82.38%	1.52%	-1.80%	-0.17%	-1.56%	7.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	64.73%	64.36%	63.10%	100.00%
EBITDA Margin	51.58%	-38.77%	153.90%	65.70%	40.56%	54.51%	93.33%	86.20%	99.53%	89.10%	55.66%
Operating Margin	-0.72%	6.19%	-42.08%	-9.21%	-9.48%	10.48%	17.76%	19.29%	24.78%	57.32%	26.65%
EBIT Margin	0.52%	-76.96%	68.92%	15.01%	-11.16%	9.64%	17.64%	49.22%	65.57%	57.36%	26.57%
Profit (Net Income) Margin	-46.00%	-84.13%	33.85%	-2.93%	-3.81%	0.08%	2.58%	34.52%	48.53%	27.72%	36.18%
Tax Burden Percent	89.66%	92.50%	58.89%	26.85%	36.25%	-3.54%	92.89%	109.75%	104.06%	425.87%	750.85%
Interest Burden Percent	-9,859.21%	118.18%	83.41%	-72.77%	94.19%	-23.01%	15.75%	63.91%	71.12%	11.35%	18.14%
Effective Tax Rate	0.00%	0.00%	15.78%	0.00%	0.00%	0.00%	7.11%	-9.75%	-4.06%	-43.10%	-42.27%
Return on Invested Capital (ROIC)	-0.07%	0.53%	-5.08%	-1.02%	-1.00%	0.30%	0.37%	3.69%	4.51%	14.34%	6.64%
ROIC Less NNEP Spread (ROIC-NNEP)	-9.92%	-19.11%	15.70%	0.18%	-0.09%	-0.15%	-0.08%	7.17%	10.56%	0.75%	6.23%
Return on Net Nonoperating Assets (RNNOA)	-21.17%	-23.27%	14.36%	0.16%	-0.08%	-0.29%	-0.19%	14.55%	20.27%	1.75%	18.96%
Return on Equity (ROE)	-21.24%	-22.74%	9.28%	-0.86%	-1.08%	0.01%	0.19%	18.24%	24.78%	16.08%	25.59%
Cash Return on Invested Capital (CROIC)	28.25%	-10.20%	-23.62%	-25.34%	11.66%	139.04%	-3.46%	5.72%	0.00%	16.15%	5.21%
Operating Return on Assets (OROA)	0.05%	-6.74%	5.68%	1.19%	-1.09%	0.37%	0.38%	8.04%	10.57%	9.22%	4.30%
Return on Assets (ROA)	-4.75%	-7.37%	2.79%	-0.23%	-0.37%	0.00%	0.06%	5.64%	7.83%	4.45%	5.85%
Return on Common Equity (ROCE)	-11.11%	-14.75%	7.01%	-0.75%	-1.02%	0.02%	0.35%	15.37%	19.90%	11.91%	17.85%
Return on Equity Simple (ROE_SIMPLE)	-78.08%	-44.99%	11.76%	-0.99%	-1.15%	0.02%	0.20%	20.87%	26.94%	16.76%	29.01%
Net Operating Profit after Tax (NOPAT)	-1.05	8.11	-67	-11	-10	11	22	213	257	805	373
NOPAT Margin	-0.50%	4.34%	-35.44%	-6.45%	-6.64%	7.34%	16.50%	21.17%	25.79%	82.03%	37.92%
Net Nonoperating Expense Percent (NNEP)	9.85%	19.64%	-20.78%	-1.20%	-0.91%	0.45%	0.46%	-3.48%	-6.05%	13.58%	0.40%
Return On Investment Capital (ROIC_SIMPLE)	-0.08%	0.52%	-4.03%	-	-	-	-	-	-	-	-
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	35.27%	35.64%	36.90%	0.00%
SG&A Expenses to Revenue	15.74%	17.58%	58.56%	19.52%	6.91%	4.91%	44.88%	5.45%	6.13%	5.78%	5.94%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	100.72%	93.81%	142.08%	109.21%	109.48%	89.52%	82.24%	45.44%	39.58%	5.78%	73.35%
Earnings before Interest and Taxes (EBIT)	1.09	-144	131	25	-17	14	23	495	653	563	262
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	108	-73	293	112	61	78	123	867	991	874	548
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.75	3.05	1.84	2.34	11.78	28.42	2.37	7.59	7.04	6.82	8.07
Price to Tangible Book Value (P/TBV)	9.75	3.05	1.84	2.34	11.78	28.42	2.37	7.59	7.04	6.82	8.07
Price to Revenue (P/Rev)	5.74	5.70	5.29	6.91	38.87	101.51	91.60	11.60	11.79	10.17	8.54
Price to Earnings (P/E)	0.00	0.00	13.31	0.00	0.00	47,980.94	3,733.00	38.02	28.11	42.29	28.01
Dividend Yield	0.00%	0.00%	0.30%	0.00%	0.00%	5.90%	4.02%	3.97%	3.61%	3.79%	3.71%
Earnings Yield	0.00%	0.00%	7.52%	0.00%	0.00%	0.00%	0.03%	2.63%	3.56%	2.36%	3.57%
Enterprise Value to Invested Capital (EV/IC)	1.91	1.44	1.32	1.56	6.71	14.13	2.77	2.78	2.72	2.53	2.30
Enterprise Value to Revenue (EV/Rev)	11.11	12.47	10.04	11.06	41.81	105.36	124.33	15.75	15.88	14.35	13.21
Enterprise Value to EBITDA (EV/EBITDA)	21.53	0.00	6.53	16.83	103.08	193.29	133.22	18.27	15.95	16.10	23.73
Enterprise Value to EBIT (EV/EBIT)	2,133.94	0.00	14.57	73.67	0.00	1,092.91	705.04	32.00	24.22	25.01	49.72
Enterprise Value to NOPAT (EV/NOPAT)	0.00	287.63	0.00	0.00	0.00	1,436.26	753.72	74.37	61.58	17.49	34.84
Enterprise Value to Operating Cash Flow (EV/OCF)	49.32	46.21	9.36	149.20	132.34	261.35	153.61	40.38	42.00	39.12	40.46
Enterprise Value to Free Cash Flow (EV/FCFF)	5.79	0.00	0.00	0.00	53.88	3.11	0.00	48.07	0.00	15.53	44.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.43	1.94	1.32	1.98	1.76	1.09	2.19	2.33	1.90	2.08	2.70
Long-Term Debt to Equity	3.43	1.94	1.32	1.98	1.76	1.09	2.19	2.15	1.89	2.06	2.70
Financial Leverage	2.13	1.22	0.91	0.86	0.88	1.94	2.21	2.03	1.92	2.32	3.04
Leverage Ratio	4.48	3.09	3.32	3.70	2.89	3.13	3.39	3.24	3.17	3.61	4.38
Compound Leverage Factor	-441.35	3.65	2.77	-2.69	2.72	-0.72	0.53	2.07	2.25	0.41	0.79
Debt to Total Capital	77.42%	65.99%	56.96%	66.46%	63.72%	52.12%	68.61%	69.94%	65.48%	67.52%	72.99%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.42%	0.30%	0.47%	0.00%
Long-Term Debt to Total Capital	77.42%	65.99%	56.96%	66.46%	63.72%	52.12%	68.61%	64.52%	65.18%	67.04%	72.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.10%	2.14%	2.11%	2.79%	3.29%
Noncontrolling Interests to Total Capital	13.69%	13.91%	13.28%	5.37%	3.85%	0.03%	2.74%	1.61%	4.29%	4.02%	5.34%
Common Equity to Total Capital	8.89%	20.10%	29.77%	28.17%	32.43%	47.86%	85.98%	26.31%	28.13%	25.67%	18.39%
Debt to EBITDA	9.95	-15.83	3.58	10.58	15.99	7.14	33.04	4.72	3.92	4.40	7.55
Net Debt to EBITDA	8.64	-14.14	2.25	5.46	6.27	7.07	32.74	4.55	3.73	4.24	7.49
Long-Term Debt to EBITDA	9.95	-15.83	3.58	10.58	15.99	7.14	33.04	4.35	3.90	4.37	7.55
Debt to NOPAT	-1,019.00	141.54	-15.54	-107.86	-97.72	53.02	186.94	19.21	15.13	4.78	11.08
Net Debt to NOPAT	-884.73	126.42	-9.78	-55.69	-38.32	52.51	185.25	18.54	14.38	4.61	11.00
Long-Term Debt to NOPAT	-1,019.00	141.54	-15.54	-107.86	-97.72	53.02	186.94	17.72	15.06	4.75	11.08
Altman Z-Score	0.30	0.21	0.86	0.54	2.95	11.95	1.68	2.03	2.24	1.81	1.35
Noncontrolling Interest Sharing Ratio	47.71%	35.14%	24.48%	13.40%	5.56%	-136.32%	-83.47%	15.73%	19.69%	25.93%	30.25%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.74	1.01	2.74	2.40	3.95	0.00	0.16	0.82	1.80	0.32	0.09
Quick Ratio	0.74	1.01	1.94	2.40	3.78	0.00	0.16	0.14	0.41	0.11	0.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	400	-157	-314	-272	118	4,866	-201	329	-0.01	907	293
Operating Cash Flow to CapEx	0.00%	18.88%	0.00%	7.08%	200.28%	147.27%	141.33%	0.00%	0.00%	5,736.23%	0.00%
Free Cash Flow to Firm to Interest Expense	5.71	-4.15	-4.25	-5.15	4.27	261.62	-10.26	1.69	0.00	4.54	1.33
Operating Cash Flow to Interest Expense	0.67	1.34	2.77	0.24	1.74	3.11	5.45	2.01	1.92	1.80	1.45
Operating Cash Flow Less CapEx to Interest Expense	1.04	-5.75	3.07	-3.12	0.87	1.00	1.59	2.24	2.84	1.77	2.65
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.10	0.09	0.08	0.08	0.10	0.04	0.02	0.16	0.16	0.16	0.16
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.14	0.12	0.14	0.15	0.16	0.04	0.02	0.18	0.18	0.18	0.18
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.28	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	39.33	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-39.33	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,216	1,617	1,452	1,206	944	1,072	5,927	5,704	5,820	5,563	5,665
Invested Capital Turnover	0.15	0.12	0.14	0.16	0.15	0.04	0.02	0.17	0.18	0.17	0.18
Increase / (Decrease) in Invested Capital	-401	165	246	261	-128	-4,855	223	-116	257	-102	80
Enterprise Value (EV)	2,317	2,332	1,912	1,878	6,332	15,140	16,432	15,833	15,814	14,080	13,004
Market Capitalization	1,199	1,065	1,008	1,173	5,888	14,586	12,106	11,667	11,742	9,980	8,409
Book Value per Share	$0.87	$2.40	$3.61	$3.29	$3.36	$1.67	$15.95	$4.78	$5.19	$4.57	$3.47
Tangible Book Value per Share	$0.87	$2.40	$3.61	$3.29	$3.36	$1.67	$15.95	$4.78	$5.19	$4.57	$3.47
Total Capital	1,383	1,739	1,840	1,777	1,541	1,072	5,941	5,846	5,933	5,701	5,665
Total Debt	1,071	1,148	1,048	1,181	982	559	4,076	4,089	3,885	3,849	4,135
Total Long-Term Debt	1,071	1,148	1,048	1,181	982	559	4,076	3,772	3,867	3,822	4,135
Net Debt	930	1,025	660	610	385	554	4,039	3,946	3,692	3,711	4,106
Capital Expenditures (CapEx)	-26	267	-22	178	24	39	76	-44	-181	6.27	-264
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-190	-121	-44	-97	-63	0.00	-226	73	65	-415	-321
Debt-free Net Working Capital (DFNWC)	-49	1.46	186	136	226	5.40	-189	216	257	-277	-292
Net Working Capital (NWC)	-49	1.46	186	136	226	5.40	-189	-101	239	-304	-292
Net Nonoperating Expense (NNE)	95	165	-132	-5.97	-4.28	10	18	-134	-226	533	17
Net Nonoperating Obligations (NNO)	903	1,025	660	610	385	558	4,062	3,946	3,772	3,711	4,135
Total Depreciation and Amortization (D&A)	107	71	162	86	78	64	100	372	338	311	286
Debt-free, Cash-free Net Working Capital to Revenue	-91.06%	-64.78%	-23.23%	-57.35%	-41.85%	0.00%	-171.18%	7.30%	6.50%	-42.25%	-32.61%
Debt-free Net Working Capital to Revenue	-23.46%	0.78%	97.48%	80.06%	149.35%	3.76%	-143.29%	21.48%	25.82%	-28.21%	-29.67%
Net Working Capital to Revenue	-23.46%	0.78%	97.48%	80.06%	149.35%	3.76%	-143.29%	-10.02%	24.02%	-30.96%	-29.67%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.75)	($1.16)	$0.50	($0.04)	($0.03)	$0.42	$0.58	$0.27	$0.37	$0.21	$0.28
Adjusted Weighted Average Basic Shares Outstanding	138.50M	143.62M	149.40M	149.48M	148.57M	1.11B	1.13B	1.14B	1.14B	1.13B	1.06B
Adjusted Diluted Earnings per Share	($0.75)	($1.16)	$0.49	($0.04)	($0.03)	$0.42	$0.58	$0.27	$0.37	$0.21	$0.28
Adjusted Weighted Average Diluted Shares Outstanding	138.50M	143.62M	150.83M	149.48M	148.57M	1.11B	1.14B	1.14B	1.14B	1.13B	1.06B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.21	$0.28
Adjusted Weighted Average Basic & Diluted Shares Outstanding	141.97M	144.81M	149.93M	152.56M	149.21M	1.12B	2.24B	2.35B	2.34B	2.34B	2.33B
Normalized Net Operating Profit after Tax (NOPAT)	-1.05	8.11	-67	-11	1.05	11	22	161	173	394	184
Normalized NOPAT Margin	-0.50%	4.34%	-35.44%	-6.45%	0.69%	7.34%	16.50%	16.00%	17.35%	40.13%	18.66%
Pre Tax Income Margin	-51.31%	-90.95%	57.49%	-10.92%	-10.51%	-2.22%	2.78%	31.45%	46.64%	6.51%	4.82%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.02	-3.82	1.78	0.48	-0.61	0.74	1.19	2.54	3.33	2.82	1.18
NOPAT to Interest Expense	-0.02	0.22	-0.91	-0.21	-0.37	0.57	1.11	1.09	1.31	4.03	1.69
EBIT Less CapEx to Interest Expense	0.39	-10.90	2.08	-2.88	-1.48	-1.37	-2.67	2.77	4.25	2.79	2.38
NOPAT Less CapEx to Interest Expense	0.36	-6.87	-0.61	-3.57	-1.23	-1.55	-2.74	1.32	2.23	4.00	2.88
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-50.42%	-6.70%	29.28%	-23.23%	0.00%	0.00%	0.00%	165.68%	52.14%	92.87%	58.70%
Augmented Payout Ratio	-90.99%	-36.47%	76.74%	-23.23%	0.00%	0.00%	0.00%	169.58%	54.74%	92.87%	58.70%

This table displays calculated financial ratios and metrics derived from Apartment Investment and Management's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.28%	9.76%	11.44%	11.98%	13.41%	17.59%	0.04%	-9.91%	-11.45%	-10.17%	11.17%
EBITDA Growth	-3.10%	125.42%	14.78%	9.31%	61.44%	-4,822.17%	-80.79%	-83.79%	-62.91%	-105.33%	575.03%
EBIT Growth	345.85%	105.58%	-386.63%	-129.98%	144.11%	-692.79%	-91.16%	-94.63%	-115.17%	-166.99%	591.43%
NOPAT Growth	374.77%	-96.40%	-143.73%	-128.48%	-52.78%	290.22%	101.74%	124.80%	148.22%	135.81%	-3,223.12%
Net Income Growth	-62.76%	95.02%	-1,298.63%	-42,532.64%	-25.08%	34.19%	-95.10%	-99.94%	-156.89%	-19,617.60%	805.18%
EPS Growth	-42.86%	91.51%	-700.00%	-2,050.00%	-16.67%	21.48%	-110.53%	-101.27%	-220.00%	-13,400.00%	733.33%
Operating Cash Flow Growth	-82.37%	-89.54%	-33.89%	-33.76%	287.78%	132.96%	-87.74%	-35.94%	-14.01%	-152.87%	3,510.50%
Free Cash Flow Firm Growth	642.85%	345.99%	101.40%	-392.54%	45.61%	33.69%	9.91%	120.05%	-79.48%	6.33%	-106.41%
Invested Capital Growth	-26.06%	-24.81%	-0.32%	7.65%	5.13%	11.34%	22.11%	-2.39%	10.43%	20.43%	16.36%
Revenue Q/Q Growth	-3.36%	1.90%	3.93%	1.88%	1.72%	3.46%	4.44%	3.18%	5.48%	-11.98%	-5.95%
EBITDA Q/Q Growth	-31.91%	35.86%	-2.83%	6.58%	118.37%	-713.33%	-7.46%	57.40%	108.13%	-102.39%	-21.90%
EBIT Q/Q Growth	-57.46%	226.76%	-277.78%	-263.26%	100.72%	-6,615.29%	-60.49%	340.22%	98.78%	-172.62%	-75.97%
NOPAT Q/Q Growth	5,614.63%	105.56%	-34.49%	-211.04%	-56.62%	-32.51%	-12.40%	84.11%	258.49%	100.30%	-1,150.31%
Net Income Q/Q Growth	-53.38%	61.94%	67.16%	-749.12%	95.31%	-9,262.72%	1,062.50%	102.50%	97.20%	-782.01%	-86.50%
EPS Q/Q Growth	-11.11%	43.75%	62.79%	-514.29%	93.40%	-5,200.00%	0.00%	66.67%	95.56%	-810.53%	-87.90%
Operating Cash Flow Q/Q Growth	362.32%	-94.96%	105.32%	-63.13%	174.28%	-68.17%	105.74%	115.86%	123.31%	-111.84%	975.28%
Free Cash Flow Firm Q/Q Growth	5.72%	9,761.84%	103.52%	-47.84%	52.09%	43.68%	-833.42%	127.49%	41.59%	23.49%	-63.21%
Invested Capital Q/Q Growth	-1.76%	-24.38%	-0.49%	0.03%	-0.10%	0.25%	7.46%	-2.31%	5.80%	9.95%	-14.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	43.69%	62.01%	46.51%	49.75%	47.55%	-267.69%	45.16%	50.96%	33.41%	-6.40%	235.20%
Operating Margin	8.95%	0.15%	-2.77%	-2.14%	1.97%	4.61%	7.07%	8.42%	4.72%	1.39%	-138.45%
EBIT Margin	6.78%	15.40%	-12.38%	-3.41%	2.13%	-303.11%	4.81%	12.72%	-5.46%	-44.96%	54.49%
Profit (Net Income) Margin	-22.37%	-14.10%	-37.75%	-119.46%	-14.33%	-310.80%	3.51%	0.32%	-13.00%	-555.31%	71.67%
Tax Burden Percent	99.28%	76.55%	84.03%	96.54%	72.50%	98.76%	-36.90%	-52.75%	57.82%	109.72%	205.74%
Interest Burden Percent	-332.40%	-119.58%	362.85%	3,633.24%	-930.27%	103.83%	-197.56%	-4.70%	411.29%	1,125.72%	63.93%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-105.74%
Return on Invested Capital (ROIC)	0.94%	0.02%	-0.25%	-0.19%	0.17%	0.39%	0.61%	0.70%	0.42%	0.14%	-45.26%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.61%	-0.78%	-2.15%	-6.69%	-0.71%	-18.00%	0.49%	0.33%	-0.53%	-36.64%	-6.81%
Return on Net Nonoperating Assets (RNNOA)	-1.35%	-1.67%	-3.51%	-9.86%	-0.94%	-21.92%	0.32%	0.28%	-0.58%	-33.51%	-3.83%
Return on Equity (ROE)	-0.40%	-1.65%	-3.76%	-10.05%	-0.77%	-21.53%	0.93%	0.98%	-0.16%	-33.37%	-49.09%
Cash Return on Invested Capital (CROIC)	30.07%	28.25%	0.35%	-7.12%	-4.54%	-10.20%	-19.43%	-0.32%	-14.17%	-23.62%	-21.38%
Operating Return on Assets (OROA)	0.72%	1.59%	-1.17%	-0.32%	0.19%	-26.54%	0.38%	0.99%	-0.42%	-3.71%	4.53%
Return on Assets (ROA)	-2.36%	-1.45%	-3.56%	-11.09%	-1.28%	-27.22%	0.28%	0.02%	-1.00%	-45.80%	5.96%
Return on Common Equity (ROCE)	-0.20%	-0.86%	-2.27%	-6.19%	-0.49%	-13.96%	0.67%	0.75%	-0.12%	-25.20%	-39.55%
Return on Equity Simple (ROE_SIMPLE)	-90.98%	0.00%	-105.21%	-86.78%	-47.27%	0.00%	-41.12%	-33.85%	14.35%	0.00%	38.64%
Net Operating Profit after Tax (NOPAT)	3.28	0.06	-1.03	-0.77	0.69	1.59	2.36	2.69	1.46	0.41	-136
NOPAT Margin	6.27%	0.11%	-1.94%	-1.50%	1.38%	3.23%	4.95%	5.90%	3.30%	0.97%	-284.85%
Net Nonoperating Expense Percent (NNEP)	1.56%	0.80%	1.91%	6.50%	0.88%	18.39%	0.12%	0.37%	0.94%	36.78%	-38.45%
Return On Investment Capital (ROIC_SIMPLE)	0.26%	0.00%	-	-	-	0.10%	-	-	-	0.02%	-
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	15.63%	16.54%	14.58%	14.81%	17.03%	16.97%	17.19%	17.27%	18.98%	195.91%	22.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	91.05%	99.85%	102.77%	102.14%	98.03%	95.39%	92.93%	91.58%	95.28%	98.61%	238.45%
Earnings before Interest and Taxes (EBIT)	3.55	8.34	-6.58	-1.74	1.07	-150	2.30	5.81	-2.42	-19	26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	23	34	25	25	24	-132	22	23	15	-2.68	112
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.31	9.75	5.57	4.74	3.55	3.05	1.98	2.42	2.17	1.84	1.45
Price to Tangible Book Value (P/TBV)	11.31	9.75	5.57	4.74	3.55	3.05	1.98	2.42	2.17	1.84	1.45
Price to Revenue (P/Rev)	5.93	5.74	6.28	6.05	6.19	5.70	5.60	7.05	6.24	5.29	5.69
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.64	13.31	4.03
Dividend Yield	6.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.23%	0.26%	0.30%	0.27%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.09%	7.52%	24.80%
Enterprise Value to Invested Capital (EV/IC)	2.05	1.91	1.65	1.59	1.53	1.44	1.31	1.50	1.40	1.32	1.26
Enterprise Value to Revenue (EV/Rev)	11.61	11.11	13.04	12.92	12.84	12.47	11.80	12.55	11.69	10.04	8.53
Enterprise Value to EBITDA (EV/EBITDA)	22.90	21.53	0.00	0.00	0.00	0.00	0.00	0.00	24.35	6.53	4.81
Enterprise Value to EBIT (EV/EBIT)	637.58	2,133.94	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.57	9.34
Enterprise Value to NOPAT (EV/NOPAT)	1,590.83	0.00	5,487.10	661.17	337.77	287.63	305.99	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	84.11	49.32	49.16	41.00	37.22	46.21	114.34	11.47	10.61	9.36	7.61
Enterprise Value to Free Cash Flow (EV/FCFF)	5.79	5.79	475.96	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.58	3.43	2.68	2.46	2.04	1.94	1.48	1.39	1.40	1.32	0.93
Long-Term Debt to Equity	3.58	3.43	2.68	2.46	2.04	1.94	1.48	1.39	1.40	1.32	0.93
Financial Leverage	2.19	2.13	1.63	1.47	1.33	1.22	0.66	0.85	1.10	0.91	0.56
Leverage Ratio	4.53	4.48	3.53	3.39	3.18	3.09	2.57	2.82	3.43	3.32	2.98
Compound Leverage Factor	-15.06	-5.35	12.81	123.21	-29.60	3.20	-5.09	-0.13	14.10	37.43	1.91
Debt to Total Capital	78.16%	77.42%	72.80%	71.08%	67.14%	65.99%	59.72%	58.14%	58.31%	56.96%	48.19%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	78.16%	77.42%	72.80%	71.08%	67.14%	65.99%	59.72%	58.14%	58.31%	56.96%	48.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	13.86%	13.69%	13.83%	14.04%	13.79%	13.91%	13.15%	13.38%	13.11%	13.28%	12.51%
Common Equity to Total Capital	7.97%	8.89%	13.37%	14.88%	19.08%	20.10%	27.13%	28.49%	28.58%	29.77%	39.30%
Debt to EBITDA	10.13	9.95	-21.96	-20.14	-18.97	-15.83	-9.16	-33.61	12.24	3.58	2.72
Net Debt to EBITDA	9.41	8.64	-20.02	-18.67	-16.72	-14.14	-7.08	-23.41	8.58	2.25	0.90
Long-Term Debt to EBITDA	10.13	9.95	-21.96	-20.14	-18.97	-15.83	-9.16	-33.61	12.24	3.58	2.72
Debt to NOPAT	703.88	-1,019.00	2,581.79	312.52	161.11	141.54	161.78	-25.59	-17.44	-15.54	-12.22
Net Debt to NOPAT	654.02	-884.73	2,353.86	289.68	141.97	126.42	125.12	-17.82	-12.22	-9.78	-4.03
Long-Term Debt to NOPAT	703.88	-1,019.00	2,581.79	312.52	161.11	141.54	161.78	-25.59	-17.44	-15.54	-12.22
Altman Z-Score	0.34	0.31	0.42	0.40	0.48	0.20	0.52	0.68	0.63	0.63	0.87
Noncontrolling Interest Sharing Ratio	49.35%	47.71%	39.59%	38.44%	35.94%	35.14%	27.78%	23.17%	25.29%	24.48%	19.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.75	0.74	0.88	0.70	1.07	1.01	1.22	1.72	1.71	2.74	2.14
Quick Ratio	0.48	0.74	0.66	0.70	0.93	1.01	1.22	1.72	1.71	1.94	2.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	424	401	4.07	-116	-78	-163	-290	39	-144	-246	-321
Operating Cash Flow to CapEx	19.95%	1.79%	45.65%	21.68%	53.04%	12.29%	30.22%	18.56%	8.64%	-65.58%	0.00%
Free Cash Flow to Firm to Interest Expense	24.32	19.26	0.21	-6.87	-5.84	-16.17	-35.10	4.09	-14.77	-30.84	-33.08
Operating Cash Flow to Interest Expense	0.22	0.04	0.86	0.48	1.62	0.78	3.01	1.25	0.58	-3.01	20.87
Operating Cash Flow Less CapEx to Interest Expense	-0.88	-2.18	-1.03	-1.72	-1.44	-5.60	-6.96	-5.49	-6.09	-7.60	26.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.10	0.09	0.09	0.09	0.09	0.08	0.08	0.08	0.08	0.08
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.14	0.14	0.12	0.12	0.12	0.12	0.12	0.12	0.13	0.14	0.15
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,194	1,216	1,608	1,616	1,615	1,617	1,613	1,501	1,536	1,452	1,321
Invested Capital Turnover	0.15	0.15	0.13	0.13	0.12	0.12	0.12	0.12	0.13	0.14	0.16
Increase / (Decrease) in Invested Capital	-421	-401	-5.10	115	79	165	292	-37	145	246	186
Enterprise Value (EV)	2,448	2,317	2,658	2,563	2,478	2,332	2,119	2,254	2,157	1,912	1,665
Market Capitalization	1,249	1,199	1,280	1,201	1,194	1,065	1,006	1,266	1,153	1,008	1,111
Book Value per Share	$0.78	$0.87	$1.62	$1.75	$2.39	$2.40	$3.44	$3.51	$3.55	$3.61	$5.04
Tangible Book Value per Share	$0.78	$0.87	$1.62	$1.75	$2.39	$2.40	$3.44	$3.51	$3.55	$3.61	$5.04
Total Capital	1,386	1,383	1,718	1,704	1,761	1,739	1,876	1,833	1,861	1,840	1,951
Total Debt	1,083	1,071	1,251	1,211	1,182	1,148	1,120	1,066	1,085	1,048	940
Total Long-Term Debt	1,083	1,071	1,251	1,211	1,182	1,148	1,120	1,066	1,085	1,048	940
Net Debt	1,006	930	1,140	1,123	1,042	1,025	866	742	760	660	310
Capital Expenditures (CapEx)	19	46	36	37	41	64	82	65	65	37	-57
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-102	-190	-125	-126	-132	-121	-71	-79	-97	-44	-125
Debt-free Net Working Capital (DFNWC)	-26	-49	-15	-38	8.85	1.46	24	86	69	186	143
Net Working Capital (NWC)	-26	-49	-15	-38	8.85	1.46	24	86	69	186	143
Net Nonoperating Expense (NNE)	15	7.69	19	60	7.89	155	0.69	2.55	7.22	233	-170
Net Nonoperating Obligations (NNO)	892	903	1,140	1,123	1,037	1,025	857	733	760	660	310
Total Depreciation and Amortization (D&A)	19	25	31	27	23	17	19	17	17	16	86
Debt-free, Cash-free Net Working Capital to Revenue	-48.51%	-91.06%	-61.39%	-63.58%	-68.19%	-64.78%	-39.67%	-44.11%	-52.66%	-23.23%	-64.14%
Debt-free Net Working Capital to Revenue	-12.12%	-23.46%	-7.23%	-18.96%	4.59%	0.78%	13.60%	47.76%	37.34%	97.48%	73.13%
Net Working Capital to Revenue	-12.12%	-23.46%	-7.23%	-18.96%	4.59%	0.78%	13.60%	47.76%	37.34%	97.48%	73.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.10)	($0.09)	($0.16)	($0.43)	($0.07)	($1.06)	($0.02)	($0.02)	($0.06)	($1.35)	$0.19
Adjusted Weighted Average Basic Shares Outstanding	136.90M	138.50M	136.75M	139.82M	140.59M	143.62M	143.30M	144.20M	145.83M	149.40M	149.61M
Adjusted Diluted Earnings per Share	($0.10)	($0.09)	($0.16)	($0.43)	($0.07)	($1.06)	($0.02)	($0.02)	($0.06)	($1.35)	$0.19
Adjusted Weighted Average Diluted Shares Outstanding	136.90M	138.50M	136.75M	139.82M	140.59M	143.62M	143.30M	144.20M	145.83M	150.83M	151.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($1.35)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	141.71M	141.97M	141.27M	141.61M	144.83M	144.81M	145.76M	147.92M	148.62M	149.93M	151.63M
Normalized Net Operating Profit after Tax (NOPAT)	3.28	0.06	-1.03	-0.77	0.69	1.59	2.36	1.38	1.46	0.41	-46
Normalized NOPAT Margin	6.27%	0.11%	-1.94%	-1.50%	1.38%	3.23%	4.95%	3.02%	3.30%	0.97%	-96.92%
Pre Tax Income Margin	-22.53%	-18.41%	-44.92%	-123.74%	-19.77%	-314.70%	-9.51%	-0.60%	-22.47%	-506.10%	34.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.20	0.40	-0.35	-0.10	0.08	-14.83	0.28	0.60	-0.25	-2.37	2.67
NOPAT to Interest Expense	0.19	0.00	-0.05	-0.05	0.05	0.16	0.29	0.28	0.15	0.05	-13.98
EBIT Less CapEx to Interest Expense	-0.90	-1.81	-2.24	-2.30	-2.98	-21.22	-9.69	-6.14	-6.91	-6.96	8.55
NOPAT Less CapEx to Interest Expense	-0.91	-2.21	-1.95	-2.24	-3.01	-6.23	-9.68	-6.46	-6.51	-4.54	-8.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-135.92%	-50.42%	-4.09%	-4.41%	-6.04%	-6.70%	-8.05%	-10.70%	22.48%	29.28%	3.80%
Augmented Payout Ratio	-168.40%	-90.99%	-22.38%	-29.61%	-30.53%	-36.47%	-34.74%	-34.07%	79.87%	76.74%	7.68%

Frequently Asked Questions About Apartment Investment and Management's Financials

When does Apartment Investment and Management's financial year end?

According to the most recent income statement we have on file, Apartment Investment and Management's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Apartment Investment and Management's net income changed over the last 10 years?

Apartment Investment and Management's net income appears to be on a downward trend, with a most recent value of -$96 million in 2024, falling from $356.11 million in 2014. The previous period was -$157.32 million in 2023.

What is Apartment Investment and Management's operating income?

Apartment Investment and Management's total operating income in 2024 was -$1.50 million, based on the following breakdown:

Total Gross Profit: $208.68 million
Total Operating Expenses: $210.18 million

How has Apartment Investment and Management revenue changed over the last 10 years?

Over the last 10 years, Apartment Investment and Management's total revenue changed from $984.36 million in 2014 to $208.68 million in 2024, a change of -78.8%.

How much debt does Apartment Investment and Management have?

Apartment Investment and Management's total liabilities were at $1.64 billion at the end of 2024, a 9.8% increase from 2023, and a 64.0% decrease since 2014.

How much cash does Apartment Investment and Management have?

In the past 10 years, Apartment Investment and Management's cash and equivalents has ranged from $5.40 million in 2019 to $289.58 million in 2020, and is currently $141.07 million as of their latest financial filing in 2024.

How has Apartment Investment and Management's book value per share changed over the last 10 years?

Over the last 10 years, Apartment Investment and Management's book value per share changed from 3.47 in 2014 to 0.87 in 2024, a change of -74.9%.

Related Companies

This page (NYSE:AIV) was last updated on 5/30/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Apartment Investment and Management (AIV) Financials

Frequently Asked Questions About Apartment Investment and Management's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Apartment Investment and Management (AIV) Financials

Annual Income Statements for Apartment Investment and Management

Quarterly Income Statements for Apartment Investment and Management

Annual Cash Flow Statements for Apartment Investment and Management

Quarterly Cash Flow Statements for Apartment Investment and Management

Annual Balance Sheets for Apartment Investment and Management

Quarterly Balance Sheets for Apartment Investment and Management

Annual Metrics And Ratios for Apartment Investment and Management

Quarterly Metrics And Ratios for Apartment Investment and Management

Frequently Asked Questions About Apartment Investment and Management's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools