Apartment Investment and Management (AIV) Financials

$1.70 +0.04 (+2.11%)

As of 09:47 AM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	236	418	307	3.24	0.30	-5.04	-5.91	76	-166	-102	554
Consolidated Net Income / (Loss)	272	483	347	3.41	0.11	-5.77	-4.98	64	-157	-96	593
Net Income / (Loss) Continuing Operations	398	483	347	3.41	0.11	-5.77	-4.98	64	-181	-124	42
Total Pre-Tax Income	64	464	316	3.67	-3.19	-16	-19	109	-194	-135	-16
Total Operating Income	563	247	194	23	15	-14	-16	-80	-23	-40	67
Total Gross Profit	619	641	651	132	144	151	170	190	120	138	138
Total Revenue	981	996	1,005	132	144	151	170	190	120	138	138
Operating Revenue	981	996	1,005	132	144	151	170	190	120	138	138
Total Cost of Revenue	362	355	355	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	57	394	457	109	129	166	185	270	143	178	71
Selling, General & Admin Expense	57	61	55	59	7.06	10	33	111	33	101	34
Depreciation Expense	-	333	366	49	64	78	85	159	58	77	58
Other Operating Expenses / (Income)	-	-	-	-	58	62	68	-	52	-	68
Impairment Charge	0.00	0.00	36	0.00	0.00	16	-	-	0.00	0.00	147
Other Special Charges / (Income)	-	-	-	-	-	0.00	-	-	-	-	-237
Total Other Income / (Expense), net	-192	218	122	-20	-18	-1.56	-2.91	162	-172	-97	-82
Interest Expense	200	196	195	20	19	28	53	74	27	59	82
Interest & Investment Income	6.95	7.80	16	0.01	1.56	28	8.86	24	10	-45	4.57
Other Income / (Expense), net	0.39	406	301	-0.16	-1.21	-2.55	41	211	-155	6.77	-4.66
Income Tax Expense	-28	-19	-31	0.26	-3.30	-10	-14	17	-13	-11	-58
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	-	-	551
Net Income / (Loss) Attributable to Noncontrolling Interest	24	53	40	0.17	-0.19	-0.73	0.93	16	8.88	6.47	39
Basic Earnings per Share	$1.52	$2.68	$2.02	$0.02	$0.00	($0.03)	($0.04)	$0.50	($1.16)	($0.75)	$3.95
Weighted Average Basic Shares Outstanding	155.18M	156.00M	151.60M	148.55M	148.55M	148.57M	149.48M	149.40M	143.62M	138.50M	138.35M
Diluted Earnings per Share	$1.52	$2.67	$2.02	$0.02	$0.00	($0.03)	($0.04)	$0.49	($1.16)	($0.75)	$3.87
Weighted Average Diluted Shares Outstanding	155.57M	156.39M	152.06M	148.57M	148.57M	148.57M	149.48M	150.83M	143.62M	138.50M	141.06M
Weighted Average Basic & Diluted Shares Outstanding	155.18M	156.00M	156.32M	307.26M	148.93M	149.21M	152.56M	149.93M	144.81M	141.97M	143.87M

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-3.60	-2.26	-152	-10	-61	-22	-9.82	-14	-19	287	301
Consolidated Net Income / (Loss)	0.14	1.67	-153	-7.20	-61	-20	-7.64	-12	-17	303	319
Net Income / (Loss) Continuing Operations	0.14	1.67	-153	-7.20	-61	-27	-9.39	-21	-26	-79	150
Total Pre-Tax Income	-0.27	-4.54	-155	-9.93	-63	-31	-9.98	-21	-20	-79	87
Total Operating Income	3.85	3.37	2.28	0.99	-1.10	-11	0.08	-10	-9.13	-63	120
Total Gross Profit	46	48	49	50	51	35	54	23	23	35	-1.76
Total Revenue	46	48	49	50	51	35	54	23	23	35	-1.76
Operating Revenue	46	48	49	50	51	35	54	23	23	35	-1.76
Total Operating Expenses	42	44	47	49	52	47	54	33	32	98	-122
Selling, General & Admin Expense	7.89	8.20	8.37	8.55	30	7.75	8.96	21	21	7.52	11
Depreciation Expense	17	18	18	19	22	21	21	12	12	16	9.27
Other Operating Expenses / (Income)	19	18	19	21	-	18	24	-	-	17	5.21
Total Other Income / (Expense), net	-4.12	-7.91	-159	-11	-62	-20	-12	-11	-11	-17	-33
Interest Expense	9.66	8.25	10	13	17	16	21	12	12	14	33
Interest & Investment Income	3.57	1.42	3.24	2.65	-45	2.29	0.77	1.69	1.34	-3.34	4.48
Other Income / (Expense), net	1.96	-1.08	-152	-0.19	-0.65	-5.67	8.26	-0.74	-0.14	0.82	-4.28
Income Tax Expense	-0.42	-6.21	-1.93	-2.73	-2.19	-3.81	-2.34	-0.09	5.57	-0.12	-63
Net Income / (Loss) Attributable to Noncontrolling Interest	3.75	3.93	-1.87	2.99	-0.58	1.87	2.18	2.20	2.33	16	18
Basic Earnings per Share	($0.02)	($0.02)	($1.06)	($0.07)	($0.43)	($0.16)	($0.09)	($0.10)	($0.14)	$2.04	$2.15
Weighted Average Basic Shares Outstanding	144.20M	143.30M	143.62M	140.59M	139.82M	136.75M	138.50M	136.90M	137.34M	138.95M	138.35M
Diluted Earnings per Share	($0.02)	($0.02)	($1.06)	($0.07)	($0.43)	($0.16)	($0.09)	($0.10)	($0.14)	$2.04	$2.07
Weighted Average Diluted Shares Outstanding	144.20M	143.30M	143.62M	140.59M	139.82M	136.75M	138.50M	136.90M	137.34M	138.95M	141.06M
Weighted Average Basic & Diluted Shares Outstanding	147.92M	145.76M	144.81M	144.83M	141.61M	141.27M	141.97M	141.71M	142.33M	144.08M	143.87M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	22	-6.60	11	-0.56	5.32	289	-54	164	64	34	232
Net Cash From Operating Activities	360	377	392	107	58	48	13	204	50	47	8.09
Net Cash From Continuing Operating Activities	360	377	392	106	58	46	13	383	205	43	5.68
Net Income / (Loss) Continuing Operations	272	483	347	6.82	0.11	-5.77	-4.98	92	-157	-96	593
Consolidated Net Income / (Loss)	272	483	347	6.82	0.11	-5.77	-4.98	92	-157	-96	593
Depreciation Expense	306	333	366	99	64	78	85	159	69	86	63
Amortization Expense	5.19	5.06	5.67	1.29	0.45	0.37	1.38	2.79	2.44	20	5.57
Non-Cash Adjustments To Reconcile Net Income	-201	-417	-296	-1.88	-8.23	-22	-53	155	298	34	-646
Changes in Operating Assets and Liabilities, net	-22	-27	-31	1.46	1.65	-3.10	-16	-27	-6.15	-0.87	-10
Net Cash From Investing Activities	-171	-99	13	-76	-413	-129	-271	-121	-260	31	875
Net Cash From Continuing Investing Activities	-175	-99	13	-76	-413	-129	-271	-121	-260	31	875
Purchase of Property, Plant & Equipment	-374	-354	-358	-76	-39	-24	-178	-238	-272	-160	-100
Sale of Property, Plant & Equipment	368	536	402	-	-	0.00	0.00	260	9.25	186	973
Divestitures	-	-	-	-	-	-	-	0.00	0.00	5.77	0.00
Other Investing Activities, net	0.31	10	-10	-	0.00	2.47	-0.73	-143	2.85	-1.34	1.13
Net Cash From Financing Activities	-167	-284	-394	-32	360	370	205	-98	119	-44	-649
Net Cash From Continuing Financing Activities	-163	-284	-394	-32	360	370	205	-99	118	-44	-649
Repayment of Debt	-517	-379	-417	-241	-59	-99	-32	-923	-90	-279	-315
Repurchase of Common Equity	-	-13	-14	-	-	0.00	0.00	-31	-47	-39	-0.26
Payment of Dividends	-253	-252	-575	-	-	0.00	-1.16	-19	-11	-48	-425
Issuance of Debt	267	409	612	187	62	40	225	756	0.00	0.00	44
Issuance of Common Equity	367	-	0.00	0.00	4.91	20	0.21	11	0.27	1.06	0.59
Other Financing Activities, net	-	-14	-	22	352	409	13	107	265	321	47

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	3.91	-20	122	1.14	-31	1.01	65	-96	-9.35	357	-19
Net Cash From Operating Activities	12	25	7.92	22	8.01	16	0.83	3.83	9.67	8.93	-14
Net Cash From Continuing Operating Activities	15	22	163	22	11	13	5.16	3.28	9.29	8.50	-15
Net Income / (Loss) Continuing Operations	0.14	1.66	-153	-7.20	-61	-20	-7.64	-12	-17	303	319
Consolidated Net Income / (Loss)	0.14	1.66	-153	-7.20	-61	-20	-7.64	-12	-17	303	319
Depreciation Expense	17	18	18	19	22	24	21	16	16	17	13
Amortization Expense	0.44	1.44	-0.25	3.34	5.08	7.76	4.01	2.80	1.38	0.97	0.32
Non-Cash Adjustments To Reconcile Net Income	-1.72	-7.99	306	-2.47	49	-1.66	-3.13	0.72	6.50	-313	-340
Changes in Operating Assets and Liabilities, net	-1.01	8.72	-6.94	8.88	-3.86	3.43	-9.33	-4.95	2.02	0.32	-7.65
Net Cash From Investing Activities	-63	-137	3.73	-41	-36	-37	145	-20	-26	448	473
Net Cash From Continuing Investing Activities	-68	-133	3.73	-41	-36	-37	145	-20	-26	448	473
Purchase of Property, Plant & Equipment	-65	-82	-64	-41	-37	-36	-46	-19	-26	-28	-26
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	0.00	-	-	500
Other Investing Activities, net	1.60	-55	59	-0.15	0.57	-0.91	-0.85	-0.56	0.44	2.21	-0.96
Net Cash From Financing Activities	55	36	12	21	-2.66	21	-83	-80	7.35	-99	-477
Net Cash From Continuing Financing Activities	55	93	-47	21	-2.66	21	-84	-80	7.28	-99	-478
Repayment of Debt	-28	51	-148	28	21	24	-23	0.21	-31	-136	-158
Payment of Dividends	-2.37	-2.35	-2.44	-2.44	-2.49	-2.52	-41	-91	-2.40	-2.45	-330
Issuance of Common Equity	0.11	0.07	0.04	0.49	0.19	0.19	0.18	0.17	0.18	0.18	0.06
Other Financing Activities, net	93	59	114	1.00	2.71	2.48	-15	11	-2.58	38	10

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	6,119	6,233	6,079	6,190	1,260	1,840	2,434	2,181	2,089	1,957	1,676
Total Current Assets	141	539	449	37	5.40	303	233	292	123	171	395
Cash & Equivalents	51	122	77	37	5.40	290	233	206	123	141	395
Accounts Receivable	-	-	-	-	-	-	-	-	-	-	0.00
Plant, Property, & Equipment, net	5,529	5,755	5,630	5,723	936	1,005	1,230	1,433	1,634	1,070	833
Plant, Property & Equipment, gross	8,307	8,177	8,153	8,309	1,385	1,500	1,791	1,963	2,215	1,392	944
Accumulated Depreciation	2,778	2,421	2,522	2,585	449	495	561	531	581	323	112
Total Noncurrent Assets	448	0.00	0.00	17,047	319	532	970	456	333	259	302
Noncurrent Note & Lease Receivables	-	-	-	-	0.00	130	468	149	167	167	210
Other Noncurrent Operating Assets	448	0.00	0.00	430	319	95	165	148	167	93	92
Total Liabilities & Shareholders' Equity	6,119	6,233	6,079	6,190	1,260	1,840	2,434	2,181	2,089	1,957	1,676
Total Liabilities	4,267	4,185	4,322	4,325	742	1,277	1,838	1,389	1,498	1,645	1,123
Total Current Liabilities	445	299	550	226	0.00	77	97	107	121	185	141
Accounts Payable	36	-	-	-	-	-	-	-	-	-	0.00
Accrued Expenses	317	282	233	226	-	71	97	107	121	96	136
Dividends Payable	-	-	-	-	-	-	-	-	0.00	89	4.32
Other Current Liabilities	-	-	-	-	-	5.90	-	-	0.00	0.00	0.00
Total Noncurrent Liabilities	3,822	3,867	3,772	4,099	742	1,205	1,741	1,282	1,377	1,053	582
Long-Term Debt	3,822	3,867	3,772	4,076	559	982	1,181	1,048	1,148	830	457
Other Noncurrent Operating Liabilities	-	-	-	0.00	35	91	435	115	119	122	125
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	88	103	102	101	-	-	34	167	172	143	158
Total Equity & Noncontrolling Interests	1,764	1,945	1,656	1,764	514	559	562	625	420	169	395
Total Preferred & Common Equity	1,622	1,794	1,663	1,699	513	500	501	548	350	123	362
Total Common Equity	1,463	1,669	1,538	5,108	513	500	501	548	350	123	362
Common Stock	4,066	4,053	3,902	3,392	0.00	517	523	498	466	426	431
Retained Earnings	-	-	-	-	-	-17	-23	50	-116	-303	-69
Noncontrolling Interest	142	151	-7.39	61	0.30	59	62	78	70	46	33

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 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	2,189	2,216	2,251	2,120	2,057	2,068	1,873	1,870	2,077	1,434	1,240
Total Current Assets	166	205	135	140	89	110	77	68	425	238	93
Cash & Equivalents	166	165	96	122	89	83	49	41	404	216	70
Restricted Cash	-	-	-	19	-	28	28	26	21	8.30	8.90
Note & Lease Receivable	-	40	40	-	-	-	-	-	-	0.00	0.00
Accounts Receivable	-	-	-	-	-	-	-	-	-	13	14
Plant, Property, & Equipment, net	1,487	1,558	1,620	1,661	1,675	1,688	1,256	1,270	1,050	0.00	0.00
Plant, Property & Equipment, gross	2,033	2,106	2,185	2,259	2,278	2,312	1,770	1,778	1,387	0.00	0.00
Accumulated Depreciation	546	548	565	597	602	624	514	508	337	0.00	0.00
Total Noncurrent Assets	536	445	486	313	293	269	264	257	250	1,420	1,226
Long-Term Investments	158	158	158	0.00	-	-	-	-	-	90	91
Noncurrent Note & Lease Receivables	150	110	109	167	166	166	167	167	167	0.00	0.00
Other Noncurrent Operating Assets	227	177	219	146	127	103	97	90	83	1,331	1,134
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	0.00
Total Liabilities & Shareholders' Equity	2,189	2,216	2,251	2,120	2,057	2,068	1,873	1,870	2,077	0.00	0.00
Total Liabilities	1,413	1,449	1,495	1,541	1,564	1,600	1,570	1,587	1,822	728	725
Total Current Liabilities	97	119	111	132	126	125	102	146	431	66	46
Accounts Payable	-	-	-	-	-	-	-	-	-	66	46
Accrued Expenses	97	119	111	132	126	125	101	102	98	0.00	0.00
Total Noncurrent Liabilities	1,316	1,330	1,384	1,410	1,438	1,475	1,308	1,281	1,056	1,120	1,109
Long-Term Debt	1,085	1,066	1,120	1,182	1,211	1,251	1,083	1,056	829	918	860
Capital Lease Obligations	-	-	-	-	-	-	-	-	-	12	11
Other Noncurrent Operating Liabilities	116	151	152	119	120	121	123	124	124	191	238
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	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	167	169	170	173	175	175	146	146	152	0.00	0.00
Total Equity & Noncontrolling Interests	609	599	585	405	318	292	156	136	104	0.00	0.00
Total Preferred & Common Equity	532	522	509	336	254	230	110	92	62	0.00	0.00
Total Common Equity	532	522	509	336	254	230	110	92	62	0.00	0.00
Common Stock	491	485	474	462	441	439	428	428	433	0.00	0.00
Retained Earnings	41	37	35	-126	-187	-209	-317	-336	-371	0.00	0.00
Noncontrolling Interest	77	77	76	70	64	62	46	45	42	0.00	0.00

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	144,075,540.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	144,075,540.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3.85
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.31%	1.48%	0.96%	-86.86%	8.72%	5.40%	12.14%	12.08%	-1.76%	11.60%	0.57%
EBITDA Growth	59.58%	13.35%	-12.56%	-85.77%	-36.50%	-21.57%	81.64%	162.52%	-124.75%	248.44%	80.39%
EBIT Growth	115.24%	16.01%	-24.22%	-95.29%	-40.56%	-222.01%	250.81%	414.66%	-209.69%	100.75%	286.94%
NOPAT Growth	115.66%	-68.10%	-17.10%	-89.76%	-51.65%	-195.34%	-8.94%	-516.11%	112.02%	-112.96%	267.13%
Net Income Growth	-23.62%	77.69%	-28.18%	-99.02%	-96.69%	-5,207.08%	13.71%	1,393.86%	-344.16%	38.98%	717.68%
EPS Growth	-26.21%	75.66%	-28.18%	-99.02%	-96.69%	0.00%	-33.33%	1,325.00%	-336.73%	35.34%	616.00%
Operating Cash Flow Growth	11.97%	4.62%	4.14%	-72.72%	-45.85%	-17.41%	-73.69%	1,522.69%	-75.29%	-6.90%	-82.78%
Free Cash Flow Firm Growth	209.30%	-100.00%	2,641,572.23%	-161.17%	2,515.26%	-97.58%	-331.79%	-15.21%	50.10%	355.52%	-71.01%
Invested Capital Growth	-1.80%	4.62%	-2.00%	3.91%	-81.92%	-11.90%	27.69%	20.43%	11.34%	-24.81%	-11.96%
Revenue Q/Q Growth	0.38%	2.31%	-1.29%	-86.73%	88.98%	135.40%	4.99%	-2.44%	4.11%	2.36%	-34.75%
EBITDA Q/Q Growth	58.21%	11.54%	-13.47%	-91.91%	133.50%	109.85%	75.27%	-15.34%	40.72%	288.99%	183.81%
EBIT Q/Q Growth	121.27%	15.83%	-23.29%	-97.96%	104.21%	96.34%	224.19%	-26.39%	25.21%	100.70%	284.53%
NOPAT Q/Q Growth	112.78%	-65.27%	-13.36%	-87.32%	347.80%	85.75%	52.23%	12.33%	17.10%	-316.91%	257.83%
Net Income Q/Q Growth	12.36%	26.76%	45.65%	-99.66%	100.03%	98.38%	74.11%	-78.25%	24.83%	60.29%	122.36%
EPS Q/Q Growth	12.59%	28.99%	45.65%	-99.66%	100.03%	98.62%	69.23%	-73.37%	23.18%	56.40%	126.32%
Operating Cash Flow Q/Q Growth	3.87%	-0.37%	-0.79%	-73.25%	-30.03%	126.66%	-55.99%	-6.64%	172.34%	-13.11%	-65.19%
Free Cash Flow Firm Q/Q Growth	14,160.08%	-100.00%	23.07%	-241.82%	2,049.75%	184.07%	-105.45%	-19.51%	45.07%	7,064.45%	-72.14%
Invested Capital Q/Q Growth	-1.56%	-0.17%	-1.80%	1.52%	-82.38%	-84.65%	6.22%	9.95%	0.25%	-24.38%	-8.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.10%	64.36%	64.73%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	89.10%	99.53%	86.20%	93.33%	54.51%	40.56%	65.70%	153.90%	-38.77%	51.58%	94.88%
Operating Margin	57.32%	24.78%	19.29%	17.76%	10.48%	-9.48%	-9.21%	-42.08%	6.19%	-0.72%	48.69%
EBIT Margin	57.36%	65.57%	49.22%	17.64%	9.64%	-11.16%	15.01%	68.92%	-76.96%	0.52%	45.32%
Profit (Net Income) Margin	27.72%	48.53%	34.52%	2.58%	0.08%	-3.81%	-2.93%	33.85%	-84.13%	-46.00%	428.18%
Tax Burden Percent	425.87%	104.06%	109.75%	92.89%	-3.54%	36.25%	26.85%	58.89%	92.50%	89.66%	-3,741.60%
Interest Burden Percent	11.35%	71.12%	63.91%	15.75%	-23.01%	94.19%	-72.77%	83.41%	118.18%	-9,859.21%	-25.25%
Effective Tax Rate	-43.10%	-4.06%	-9.75%	7.11%	0.00%	0.00%	0.00%	15.78%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	14.34%	4.51%	3.69%	0.37%	0.30%	-1.00%	-1.02%	-5.08%	0.53%	-0.07%	4.97%
ROIC Less NNEP Spread (ROIC-NNEP)	0.75%	10.56%	7.17%	-0.08%	-0.15%	-0.09%	0.18%	15.70%	-19.11%	-9.92%	110.65%
Return on Net Nonoperating Assets (RNNOA)	1.75%	20.27%	14.55%	-0.19%	-0.29%	-0.08%	0.16%	14.36%	-23.27%	-21.17%	132.10%
Return on Equity (ROE)	16.08%	24.78%	18.24%	0.19%	0.01%	-1.08%	-0.86%	9.28%	-22.74%	-21.24%	137.07%
Cash Return on Invested Capital (CROIC)	16.15%	0.00%	5.72%	-3.46%	139.04%	11.66%	-25.34%	-23.62%	-10.20%	28.25%	17.69%
Operating Return on Assets (OROA)	9.22%	10.57%	8.04%	0.38%	0.37%	-1.09%	1.19%	5.68%	-6.74%	0.05%	3.46%
Return on Assets (ROA)	4.45%	7.83%	5.64%	0.06%	0.00%	-0.37%	-0.23%	2.79%	-7.37%	-4.75%	32.65%
Return on Common Equity (ROCE)	11.91%	19.90%	15.37%	0.35%	0.02%	-1.02%	-0.75%	7.01%	-14.75%	-11.11%	76.81%
Return on Equity Simple (ROE_SIMPLE)	16.76%	26.94%	20.87%	0.20%	0.02%	-1.15%	-0.99%	11.76%	-44.99%	-78.08%	0.00%
Net Operating Profit after Tax (NOPAT)	805	257	213	22	11	-10	-11	-67	8.11	-1.05	47
NOPAT Margin	82.03%	25.79%	21.17%	16.50%	7.34%	-6.64%	-6.45%	-35.44%	4.34%	-0.50%	34.08%
Net Nonoperating Expense Percent (NNEP)	13.58%	-6.05%	-3.48%	0.46%	0.45%	-0.91%	-1.20%	-20.78%	19.64%	9.85%	-105.67%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-4.03%	0.52%	-0.08%	5.54%
Cost of Revenue to Revenue	36.90%	35.64%	35.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	5.78%	6.13%	5.45%	44.88%	4.91%	6.91%	19.52%	58.56%	17.58%	15.74%	24.57%
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	5.78%	39.58%	45.44%	82.24%	89.52%	109.48%	109.21%	142.08%	93.81%	100.72%	51.31%
Earnings before Interest and Taxes (EBIT)	563	653	495	23	14	-17	25	131	-144	1.09	63
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	874	991	867	123	78	61	112	293	-73	108	131
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.82	7.04	7.59	2.37	28.42	11.78	2.34	1.84	3.05	9.75	1.55
Price to Tangible Book Value (P/TBV)	6.82	7.04	7.59	2.37	28.42	11.78	2.34	1.84	3.05	9.75	1.55
Price to Revenue (P/Rev)	10.17	11.79	11.60	91.60	101.51	38.87	6.91	5.29	5.70	5.74	4.05
Price to Earnings (P/E)	42.29	28.11	38.02	3,733.00	47,980.94	0.00	0.00	13.31	0.00	0.00	1.01
Dividend Yield	3.79%	3.61%	3.97%	4.02%	5.90%	0.00%	0.00%	0.30%	0.00%	0.00%	72.67%
Earnings Yield	2.36%	3.56%	2.63%	0.03%	0.00%	0.00%	0.00%	7.52%	0.00%	0.00%	98.74%
Enterprise Value to Invested Capital (EV/IC)	2.53	2.72	2.78	2.77	14.13	6.71	1.56	1.32	1.44	1.91	0.92
Enterprise Value to Revenue (EV/Rev)	14.35	15.88	15.75	124.33	105.36	41.81	11.06	10.04	12.47	11.11	5.88
Enterprise Value to EBITDA (EV/EBITDA)	16.10	15.95	18.27	133.22	193.29	103.08	16.83	6.53	0.00	21.53	6.20
Enterprise Value to EBIT (EV/EBIT)	25.01	24.22	32.00	705.04	1,092.91	0.00	73.67	14.57	0.00	2,133.94	12.98
Enterprise Value to NOPAT (EV/NOPAT)	17.49	61.58	74.37	753.72	1,436.26	0.00	0.00	0.00	287.63	0.00	17.26
Enterprise Value to Operating Cash Flow (EV/OCF)	39.12	42.00	40.38	153.61	261.35	132.34	149.20	9.36	46.21	49.32	100.65
Enterprise Value to Free Cash Flow (EV/FCFF)	15.53	0.00	48.07	0.00	3.11	53.88	0.00	0.00	0.00	5.79	4.85
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.08	1.90	2.33	2.19	1.09	1.76	1.98	1.32	1.94	3.43	0.83
Long-Term Debt to Equity	2.06	1.89	2.15	2.19	1.09	1.76	1.98	1.32	1.94	3.43	0.83
Financial Leverage	2.32	1.92	2.03	2.21	1.94	0.88	0.86	0.91	1.22	2.13	1.19
Leverage Ratio	3.61	3.17	3.24	3.39	3.13	2.89	3.70	3.32	3.09	4.48	4.20
Compound Leverage Factor	0.41	2.25	2.07	0.53	-0.72	2.72	-2.69	2.77	3.65	-441.35	-1.06
Debt to Total Capital	67.52%	65.48%	69.94%	68.61%	52.12%	63.72%	66.46%	56.96%	65.99%	77.42%	45.27%
Short-Term Debt to Total Capital	0.47%	0.30%	5.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	67.04%	65.18%	64.52%	68.61%	52.12%	63.72%	66.46%	56.96%	65.99%	77.42%	45.27%
Preferred Equity to Total Capital	2.79%	2.11%	2.14%	2.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.02%	4.29%	1.61%	2.74%	0.03%	3.85%	5.37%	13.28%	13.91%	13.69%	18.91%
Common Equity to Total Capital	25.67%	28.13%	26.31%	85.98%	47.86%	32.43%	28.17%	29.77%	20.10%	8.89%	35.82%
Debt to EBITDA	4.40	3.92	4.72	33.04	7.14	15.99	10.58	3.58	-15.83	9.95	3.48
Net Debt to EBITDA	4.24	3.73	4.55	32.74	7.07	6.27	5.46	2.25	-14.14	8.64	0.48
Long-Term Debt to EBITDA	4.37	3.90	4.35	33.04	7.14	15.99	10.58	3.58	-15.83	9.95	3.48
Debt to NOPAT	4.78	15.13	19.21	186.94	53.02	-97.72	-107.86	-15.54	141.54	-1,019.00	9.69
Net Debt to NOPAT	4.61	14.38	18.54	185.25	52.51	-38.32	-55.69	-9.78	126.42	-884.73	1.32
Long-Term Debt to NOPAT	4.75	15.06	17.72	186.94	53.02	-97.72	-107.86	-15.54	141.54	-1,019.00	9.69
Altman Z-Score	1.81	2.24	2.03	1.68	11.95	2.95	0.54	0.86	0.21	0.30	0.63
Noncontrolling Interest Sharing Ratio	25.93%	19.69%	15.73%	-83.47%	-136.32%	5.56%	13.40%	24.48%	35.14%	47.71%	43.96%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.32	1.80	0.82	0.16	0.00	3.95	2.40	2.74	1.01	0.74	2.81
Quick Ratio	0.11	0.41	0.14	0.16	0.00	3.78	2.40	1.94	1.01	0.74	2.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	907	-0.01	329	-201	4,866	118	-272	-314	-157	400	168
Operating Cash Flow to CapEx	5,736.23%	0.00%	0.00%	141.33%	147.27%	200.28%	7.08%	0.00%	18.88%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	4.54	0.00	1.69	-10.26	261.62	4.27	-5.15	-4.25	-4.15	5.71	2.04
Operating Cash Flow to Interest Expense	1.80	1.92	2.01	5.45	3.11	1.74	0.24	2.77	1.34	0.67	0.10
Operating Cash Flow Less CapEx to Interest Expense	1.77	2.84	2.24	1.59	1.00	0.87	-3.12	3.07	-5.75	1.04	10.71
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.16	0.16	0.02	0.04	0.10	0.08	0.08	0.09	0.10	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	0.18	0.18	0.18	0.02	0.04	0.16	0.15	0.14	0.12	0.14	0.15
Accounts Payable Turnover	9.28	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)	39.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-39.33	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	5,563	5,820	5,704	5,927	1,072	944	1,206	1,452	1,617	1,216	889
Invested Capital Turnover	0.17	0.18	0.17	0.02	0.04	0.15	0.16	0.14	0.12	0.15	0.15
Increase / (Decrease) in Invested Capital	-102	257	-116	223	-4,855	-128	261	246	165	-401	-121
Enterprise Value (EV)	14,080	15,814	15,833	16,432	15,140	6,332	1,878	1,912	2,332	2,317	815
Market Capitalization	9,980	11,742	11,667	12,106	14,586	5,888	1,173	1,008	1,065	1,199	561
Book Value per Share	$4.57	$5.19	$4.78	$15.95	$1.67	$3.36	$3.29	$3.61	$2.40	$0.87	$2.51
Tangible Book Value per Share	$4.57	$5.19	$4.78	$15.95	$1.67	$3.36	$3.29	$3.61	$2.40	$0.87	$2.51
Total Capital	5,701	5,933	5,846	5,941	1,072	1,541	1,777	1,840	1,739	1,383	1,010
Total Debt	3,849	3,885	4,089	4,076	559	982	1,181	1,048	1,148	1,071	457
Total Long-Term Debt	3,822	3,867	3,772	4,076	559	982	1,181	1,048	1,148	1,071	457
Net Debt	3,711	3,692	3,946	4,039	554	385	610	660	1,025	930	62
Capital Expenditures (CapEx)	6.27	-181	-44	76	39	24	178	-22	267	-26	-874
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-415	65	73	-226	0.00	-63	-97	-44	-121	-190	-141
Debt-free Net Working Capital (DFNWC)	-277	257	216	-189	5.40	226	136	186	1.46	-49	254
Net Working Capital (NWC)	-304	239	-101	-189	5.40	226	136	186	1.46	-49	254
Net Nonoperating Expense (NNE)	533	-226	-134	18	10	-4.28	-5.97	-132	165	95	-546
Net Nonoperating Obligations (NNO)	3,711	3,772	3,946	4,062	558	385	610	660	1,025	903	336
Total Depreciation and Amortization (D&A)	311	338	372	100	64	78	86	162	71	107	69
Debt-free, Cash-free Net Working Capital to Revenue	-42.25%	6.50%	7.30%	-171.18%	0.00%	-41.85%	-57.35%	-23.23%	-64.78%	-91.06%	-101.66%
Debt-free Net Working Capital to Revenue	-28.21%	25.82%	21.48%	-143.29%	3.76%	149.35%	80.06%	97.48%	0.78%	-23.46%	183.49%
Net Working Capital to Revenue	-30.96%	24.02%	-10.02%	-143.29%	3.76%	149.35%	80.06%	97.48%	0.78%	-23.46%	183.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.21	$0.37	$0.27	$0.58	$0.42	($0.03)	($0.04)	$0.50	($1.16)	($0.75)	$3.95
Adjusted Weighted Average Basic Shares Outstanding	1.13B	1.14B	1.14B	1.13B	1.11B	148.57M	149.48M	149.40M	143.62M	138.50M	138.35M
Adjusted Diluted Earnings per Share	$0.21	$0.37	$0.27	$0.58	$0.42	($0.03)	($0.04)	$0.49	($1.16)	($0.75)	$3.87
Adjusted Weighted Average Diluted Shares Outstanding	1.13B	1.14B	1.14B	1.14B	1.11B	148.57M	149.48M	150.83M	143.62M	138.50M	141.06M
Adjusted Basic & Diluted Earnings per Share	$0.21	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.34B	2.34B	2.35B	2.24B	1.12B	149.21M	152.56M	149.93M	144.81M	141.97M	143.87M
Normalized Net Operating Profit after Tax (NOPAT)	394	173	161	22	11	1.05	-11	-67	8.11	-1.05	-16
Normalized NOPAT Margin	40.13%	17.35%	16.00%	16.50%	7.34%	0.69%	-6.45%	-35.44%	4.34%	-0.50%	-11.21%
Pre Tax Income Margin	6.51%	46.64%	31.45%	2.78%	-2.22%	-10.51%	-10.92%	57.49%	-90.95%	-51.31%	-11.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.82	3.33	2.54	1.19	0.74	-0.61	0.48	1.78	-3.82	0.02	0.76
NOPAT to Interest Expense	4.03	1.31	1.09	1.11	0.57	-0.37	-0.21	-0.91	0.22	-0.02	0.57
EBIT Less CapEx to Interest Expense	2.79	4.25	2.77	-2.67	-1.37	-1.48	-2.88	2.08	-10.90	0.39	11.38
NOPAT Less CapEx to Interest Expense	4.00	2.23	1.32	-2.74	-1.55	-1.23	-3.57	-0.61	-6.87	0.36	11.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	92.87%	52.14%	165.68%	0.00%	0.00%	0.00%	-23.23%	29.28%	-6.70%	-50.42%	71.69%
Augmented Payout Ratio	92.87%	54.74%	169.58%	0.00%	0.00%	0.00%	-23.23%	76.74%	-36.47%	-90.99%	71.74%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	144,075,540.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	144,075,540.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.09
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.91%	0.04%	17.59%	13.41%	11.98%	11.44%	9.76%	4.28%	3.15%	-0.55%	-271.99%
EBITDA Growth	-83.79%	-80.79%	-4,822.17%	59.61%	9.31%	14.78%	125.42%	-3.10%	-9.31%	-413.58%	1,234.06%
EBIT Growth	-94.63%	-91.16%	-692.79%	132.91%	-129.98%	-386.63%	105.58%	345.85%	406.14%	-262.30%	847.98%
NOPAT Growth	124.80%	101.74%	290.22%	-52.78%	-128.48%	-143.73%	-96.40%	374.77%	593.16%	-448.87%	1,129.62%
Net Income Growth	-99.94%	-95.10%	34.19%	-25.08%	-42,532.64%	-1,298.63%	95.02%	-62.76%	72.22%	1,610.05%	4,273.18%
EPS Growth	-101.27%	-110.53%	21.48%	-16.67%	-2,050.00%	-700.00%	91.51%	-42.86%	67.44%	1,375.00%	2,400.00%
Operating Cash Flow Growth	-35.94%	-87.74%	132.96%	287.78%	-33.76%	-33.89%	-89.54%	-82.37%	20.73%	-45.71%	-1,830.19%
Free Cash Flow Firm Growth	120.05%	9.91%	33.69%	45.61%	-392.54%	101.40%	345.99%	642.85%	464.71%	20,259.01%	-44.12%
Invested Capital Growth	-2.39%	22.11%	11.34%	5.13%	7.65%	-0.32%	-24.81%	-26.06%	-25.84%	-39.35%	-11.96%
Revenue Q/Q Growth	3.18%	4.44%	3.46%	1.72%	1.88%	3.93%	1.90%	-3.36%	0.78%	-33.41%	-105.00%
EBITDA Q/Q Growth	57.40%	-7.46%	-713.33%	117.87%	6.58%	-2.83%	35.86%	-31.91%	0.89%	-291.34%	393.54%
EBIT Q/Q Growth	340.22%	-60.49%	-6,615.29%	100.53%	-263.26%	-277.78%	226.76%	-57.46%	50.27%	-1,263.66%	286.83%
NOPAT Q/Q Growth	84.11%	-12.40%	-32.51%	-56.62%	-211.04%	-34.49%	105.56%	5,614.63%	15.34%	-1,263.35%	571.30%
Net Income Q/Q Growth	102.50%	1,062.50%	-9,262.72%	95.31%	-749.12%	67.16%	61.94%	-53.38%	-44.95%	1,884.83%	5.17%
EPS Q/Q Growth	66.67%	0.00%	-5,200.00%	93.40%	-514.29%	62.79%	43.75%	-11.11%	-40.00%	1,557.14%	1.47%
Operating Cash Flow Q/Q Growth	115.86%	105.74%	-68.17%	174.28%	-63.13%	105.32%	-94.96%	362.32%	152.51%	-7.67%	-260.52%
Free Cash Flow Firm Q/Q Growth	127.49%	-833.42%	43.68%	52.09%	-47.84%	103.52%	9,761.84%	5.72%	-0.67%	39.68%	-44.24%
Invested Capital Q/Q Growth	-2.31%	7.46%	0.25%	-0.10%	0.03%	-0.49%	-24.38%	-1.76%	0.32%	-18.61%	-8.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	0.00%
EBITDA Margin	50.96%	45.16%	-267.69%	47.02%	49.75%	46.51%	62.01%	43.69%	43.74%	-125.67%	0.00%
Operating Margin	8.42%	7.07%	4.61%	1.97%	-2.14%	-2.77%	0.15%	8.95%	10.24%	-178.98%	0.00%
EBIT Margin	12.72%	4.81%	-303.11%	1.59%	-3.41%	-12.38%	15.40%	6.78%	10.11%	-176.64%	0.00%
Profit (Net Income) Margin	0.32%	3.51%	-310.80%	-14.33%	-119.46%	-37.75%	-14.10%	-22.37%	-32.18%	862.44%	0.00%
Tax Burden Percent	-52.75%	-36.90%	98.76%	72.50%	96.54%	84.03%	76.55%	99.28%	148.85%	-381.46%	367.19%
Interest Burden Percent	-4.70%	-197.56%	103.83%	-1,246.98%	3,633.24%	362.85%	-119.58%	-332.40%	-213.86%	127.99%	74.85%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-72.55%
Return on Invested Capital (ROIC)	0.70%	0.61%	0.39%	0.17%	-0.19%	-0.25%	0.02%	0.94%	1.08%	-20.59%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.33%	0.49%	-18.00%	-0.71%	-6.69%	-2.15%	-0.78%	-0.61%	-0.95%	16.72%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.28%	0.32%	-21.92%	-0.94%	-9.86%	-3.51%	-1.67%	-1.35%	-2.51%	43.04%	0.00%
Return on Equity (ROE)	0.98%	0.93%	-21.53%	-0.77%	-10.05%	-3.76%	-1.65%	-0.40%	-1.43%	22.45%	0.00%
Cash Return on Invested Capital (CROIC)	-0.32%	-19.43%	-10.20%	-4.54%	-7.12%	0.35%	28.25%	30.07%	30.11%	46.66%	17.69%
Operating Return on Assets (OROA)	0.99%	0.38%	-26.54%	0.14%	-0.32%	-1.17%	1.59%	0.72%	1.09%	-18.09%	0.00%
Return on Assets (ROA)	0.02%	0.28%	-27.22%	-1.28%	-11.09%	-3.56%	-1.45%	-2.36%	-3.48%	88.34%	0.00%
Return on Common Equity (ROCE)	0.75%	0.67%	-13.96%	-0.49%	-6.19%	-2.27%	-0.86%	-0.20%	-0.63%	9.06%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-33.85%	-41.12%	0.00%	-47.27%	-86.78%	-105.21%	0.00%	-90.98%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	2.69	2.36	1.59	0.69	-0.77	-1.03	0.06	3.28	3.78	-44	207
NOPAT Margin	5.90%	4.95%	3.23%	1.38%	-1.50%	-1.94%	0.11%	6.27%	7.17%	-125.29%	0.00%
Net Nonoperating Expense Percent (NNEP)	0.37%	0.12%	18.39%	0.88%	6.50%	1.91%	0.80%	1.56%	2.04%	-37.31%	-21.54%
Return On Investment Capital (ROIC_SIMPLE)	-	-	0.10%	0.04%	-	-	0.00%	0.26%	0.31%	-4.72%	24.35%
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	17.27%	17.19%	16.97%	17.03%	14.81%	14.58%	16.54%	15.63%	14.78%	21.41%	0.00%
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	91.58%	92.93%	95.39%	98.03%	102.14%	102.77%	99.85%	91.05%	89.76%	278.98%	0.00%
Earnings before Interest and Taxes (EBIT)	5.81	2.30	-150	0.80	-1.74	-6.58	8.34	3.55	5.33	-62	116
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	23	22	-132	24	25	25	34	23	23	-44	130
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.42	1.98	3.05	3.32	4.74	5.57	9.75	11.31	13.37	13.04	1.55
Price to Tangible Book Value (P/TBV)	2.42	1.98	3.05	3.32	4.74	5.57	9.75	11.31	13.37	13.04	1.55
Price to Revenue (P/Rev)	7.05	5.60	5.70	5.78	6.05	6.28	5.74	5.93	5.77	3.81	4.05
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.32	1.01
Dividend Yield	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.82%	6.94%	10.57%	72.67%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	30.16%	98.74%
Enterprise Value to Invested Capital (EV/IC)	1.50	1.31	1.44	1.49	1.59	1.65	1.91	2.05	2.04	1.44	0.92
Enterprise Value to Revenue (EV/Rev)	12.55	11.80	12.47	12.43	12.92	13.04	11.11	11.61	11.52	6.62	5.88
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	21.53	22.90	23.41	30.34	6.20
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	2,133.94	637.58	224.22	0.00	12.98
Enterprise Value to NOPAT (EV/NOPAT)	0.00	305.99	287.63	326.92	661.17	5,487.10	0.00	1,590.83	401.88	0.00	17.26
Enterprise Value to Operating Cash Flow (EV/OCF)	11.47	114.34	46.21	36.02	41.00	49.16	49.32	84.11	79.56	60.43	100.65
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	475.96	5.79	5.79	5.78	2.33	4.85
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.39	1.48	1.94	2.04	2.46	2.68	3.43	3.58	3.89	3.25	0.83
Long-Term Debt to Equity	1.39	1.48	1.94	2.04	2.46	2.68	3.43	3.58	3.74	3.25	0.83
Financial Leverage	0.85	0.66	1.22	1.33	1.47	1.63	2.13	2.19	2.63	2.57	1.19
Leverage Ratio	2.82	2.57	3.09	3.18	3.39	3.53	4.48	4.53	5.07	5.74	4.20
Compound Leverage Factor	-0.13	-5.09	3.20	-39.67	123.21	12.81	-5.35	-15.06	-10.83	7.34	3.14
Debt to Total Capital	58.14%	59.72%	65.99%	67.14%	71.08%	72.80%	77.42%	78.16%	79.55%	76.45%	45.27%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.10%	0.00%	0.00%
Long-Term Debt to Total Capital	58.14%	59.72%	65.99%	67.14%	71.08%	72.80%	77.42%	78.16%	76.45%	76.45%	45.27%
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	13.38%	13.15%	13.91%	13.79%	14.04%	13.83%	13.69%	13.86%	13.82%	17.83%	18.91%
Common Equity to Total Capital	28.49%	27.13%	20.10%	19.08%	14.88%	13.37%	8.89%	7.97%	6.64%	5.72%	35.82%
Debt to EBITDA	-33.61	-9.16	-15.83	-18.56	-20.14	-21.96	9.95	10.13	10.51	17.90	3.48
Net Debt to EBITDA	-23.41	-7.08	-14.14	-16.35	-18.67	-20.02	8.64	9.41	9.86	8.71	0.48
Long-Term Debt to EBITDA	-33.61	-9.16	-15.83	-18.56	-20.14	-21.96	9.95	10.13	10.10	17.90	3.48
Debt to NOPAT	-25.59	161.78	141.54	161.11	312.52	2,581.79	-1,019.00	703.88	180.39	-27.70	9.69
Net Debt to NOPAT	-17.82	125.12	126.42	141.97	289.68	2,353.86	-884.73	654.02	169.25	-13.49	1.32
Long-Term Debt to NOPAT	-25.59	161.78	141.54	161.11	312.52	2,581.79	-1,019.00	703.88	173.36	-27.70	9.69
Altman Z-Score	0.68	0.52	0.20	0.45	0.40	0.42	0.31	0.34	0.28	0.02	0.74
Noncontrolling Interest Sharing Ratio	23.17%	27.78%	35.14%	35.94%	38.44%	39.59%	47.71%	49.35%	55.47%	59.63%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.72	1.22	1.01	1.07	0.70	0.88	0.74	0.75	0.46	0.99	2.81
Quick Ratio	1.72	1.22	1.01	0.93	0.70	0.66	0.74	0.48	0.28	0.94	2.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	39	-290	-163	-78	-116	4.07	401	424	421	588	328
Operating Cash Flow to CapEx	18.56%	30.22%	12.29%	53.04%	21.68%	45.65%	1.79%	19.95%	36.58%	31.59%	0.00%
Free Cash Flow to Firm to Interest Expense	4.09	-35.10	-16.17	-5.84	-6.87	0.21	19.26	24.32	23.40	41.94	9.99
Operating Cash Flow to Interest Expense	1.25	3.01	0.78	1.62	0.48	0.86	0.04	0.22	0.54	0.64	-0.44
Operating Cash Flow Less CapEx to Interest Expense	-5.49	-6.96	-5.60	-1.44	-1.72	-1.03	-2.18	-0.88	-0.93	-1.38	13.99
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.08	0.08	0.09	0.09	0.09	0.09	0.10	0.11	0.11	0.10	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	0.12	0.12	0.12	0.12	0.12	0.12	0.14	0.14	0.14	0.16	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	1,501	1,613	1,617	1,615	1,616	1,608	1,216	1,194	1,198	975	889
Invested Capital Turnover	0.12	0.12	0.12	0.12	0.13	0.13	0.15	0.15	0.15	0.16	0.15
Increase / (Decrease) in Invested Capital	-37	292	165	79	115	-5.10	-401	-421	-418	-632	-121
Enterprise Value (EV)	2,254	2,119	2,332	2,399	2,563	2,658	2,317	2,448	2,447	1,405	815
Market Capitalization	1,266	1,006	1,065	1,114	1,201	1,280	1,199	1,249	1,226	808	561
Book Value per Share	$3.51	$3.44	$2.40	$2.39	$1.75	$1.62	$0.87	$0.78	$0.65	$0.44	$2.51
Tangible Book Value per Share	$3.51	$3.44	$2.40	$2.39	$1.75	$1.62	$0.87	$0.78	$0.65	$0.44	$2.51
Total Capital	1,833	1,876	1,739	1,761	1,704	1,718	1,383	1,386	1,381	1,084	1,010
Total Debt	1,066	1,120	1,148	1,182	1,211	1,251	1,071	1,083	1,098	829	457
Total Long-Term Debt	1,066	1,120	1,148	1,182	1,211	1,251	1,071	1,083	1,056	829	457
Net Debt	742	866	1,025	1,042	1,123	1,140	930	1,006	1,031	403	62
Capital Expenditures (CapEx)	65	82	64	41	37	36	46	19	26	28	-474
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-79	-71	-121	-132	-126	-125	-190	-102	-103	-431	-141
Debt-free Net Working Capital (DFNWC)	86	24	1.46	8.85	-38	-15	-49	-26	-35	-6.13	254
Net Working Capital (NWC)	86	24	1.46	8.85	-38	-15	-49	-26	-78	-6.13	254
Net Nonoperating Expense (NNE)	2.55	0.69	155	7.89	60	19	7.69	15	21	-347	-111
Net Nonoperating Obligations (NNO)	733	857	1,025	1,037	1,123	1,140	903	892	916	720	336
Total Depreciation and Amortization (D&A)	17	19	17	23	27	31	25	19	18	18	14
Debt-free, Cash-free Net Working Capital to Revenue	-44.11%	-39.67%	-64.78%	-68.19%	-63.58%	-61.39%	-91.06%	-48.51%	-48.60%	-203.16%	-101.66%
Debt-free Net Working Capital to Revenue	47.76%	13.60%	0.78%	4.59%	-18.96%	-7.23%	-23.46%	-12.12%	-16.68%	-2.89%	183.49%
Net Working Capital to Revenue	47.76%	13.60%	0.78%	4.59%	-18.96%	-7.23%	-23.46%	-12.12%	-36.82%	-2.89%	183.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.02)	($0.02)	($1.06)	($0.07)	($0.43)	($0.16)	($0.09)	($0.10)	($0.14)	$2.04	$2.15
Adjusted Weighted Average Basic Shares Outstanding	144.20M	143.30M	143.62M	140.59M	139.82M	136.75M	138.50M	136.90M	137.34M	138.95M	138.35M
Adjusted Diluted Earnings per Share	($0.02)	($0.02)	($1.06)	($0.07)	($0.43)	($0.16)	($0.09)	($0.10)	($0.14)	$2.04	$2.07
Adjusted Weighted Average Diluted Shares Outstanding	144.20M	143.30M	143.62M	140.59M	139.82M	136.75M	138.50M	136.90M	137.34M	138.95M	141.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	147.92M	145.76M	144.81M	144.83M	141.61M	141.27M	141.97M	141.71M	142.33M	144.08M	143.87M
Normalized Net Operating Profit after Tax (NOPAT)	1.38	2.36	1.59	0.69	-0.77	-1.03	0.06	3.28	3.78	-3.85	84
Normalized NOPAT Margin	3.02%	4.95%	3.23%	1.38%	-1.50%	-1.94%	0.11%	6.27%	7.17%	-10.97%	0.00%
Pre Tax Income Margin	-0.60%	-9.51%	-314.70%	-19.77%	-123.74%	-44.92%	-18.41%	-22.53%	-21.62%	-226.09%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.60	0.28	-14.83	0.06	-0.10	-0.35	0.40	0.20	0.30	-4.42	3.53
NOPAT to Interest Expense	0.28	0.29	0.16	0.05	-0.05	-0.05	0.00	0.19	0.21	-3.14	6.31
EBIT Less CapEx to Interest Expense	-6.14	-9.69	-21.22	-3.00	-2.30	-2.24	-1.81	-0.90	-1.17	-6.44	17.96
NOPAT Less CapEx to Interest Expense	-6.46	-9.68	-6.23	-3.01	-2.24	-1.95	-2.21	-0.91	-1.26	-5.15	20.74
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-10.70%	-8.05%	-6.70%	-6.04%	-4.41%	-4.09%	-50.42%	-135.92%	-242.12%	51.17%	71.69%
Augmented Payout Ratio	-34.07%	-34.74%	-36.47%	-30.53%	-29.61%	-22.38%	-90.99%	-168.40%	-256.69%	53.07%	71.74%

Financials Breakdown Chart

Key Financial Trends

Apartment Investment and Management’s (NYSE:AIV) financial statements show a major balance-sheet contraction and a shift away from its earlier operating profile. Revenue from continuing operations declined from $50.7 million in Q2 2022 to $22.9 million in Q1 2025, while operating losses were reported in most 2024 and 2025 quarters provided. The large profits reported in Q3 and Q4 2025 were primarily associated with discontinued operations, noncash adjustments and asset transactions rather than recurring operating growth.

Liquidity improved temporarily in late 2025 but weakened sharply in Q2 2026. Cash and equivalents increased from $41.4 million in Q2 2025 to $404.4 million in Q3 2025 after substantial asset-sale proceeds, before falling to $216.0 million in Q1 2026 and $69.8 million in Q2 2026. Restricted cash was relatively modest at $8.9 million in Q2 2026. Investors should therefore focus on recurring operating cash flow rather than temporary cash increases generated by property sales.

Debt has declined over the period, but leverage remains significant. Long-term debt fell from approximately $1.15 billion in Q2 2022 to $860.3 million in Q2 2026. However, interest expense remained material, reaching $32.9 million in Q4 2025 compared with $10.1 million in Q4 2023. The company’s ability to continue reducing debt will depend heavily on asset-sale proceeds and operating cash generation.

Debt reduction: Long-term debt decreased by roughly $287 million from Q2 2022 to Q2 2026, potentially reducing future refinancing and interest-rate pressure.
Asset monetization generated cash: Property sales produced approximately $500.0 million in Q4 2025 and $447.5 million of net investing cash flow in both Q3 2025 and Q4 2025, providing funds for debt repayment and other obligations.
Operating cash flow remained positive in the quarters supplied: Net cash from operating activities was positive in every reported quarter from Q1 2023 through Q4 2025, although the amounts were generally modest and volatile.
Accounts receivable were stable: Accounts receivable stood at $13.4 million in Q1 2026 and $14.0 million in Q2 2026, suggesting no major deterioration in this reported working-capital category.
Business scale has changed materially: Total assets declined from approximately $2.42 billion in Q2 2022 to $1.24 billion in Q2 2026, reflecting significant asset sales, reclassification or disposition activity rather than normal organic expansion.
Reported earnings are difficult to compare: Several periods were restated, and Q3 and Q4 2025 included substantial discontinued-operations income. These items make headline net income a poor measure of recurring performance.
Q2 2026 balance-sheet data appears incomplete or internally inconsistent: Several equity accounts are reported as zero, and the listed liability subtotals do not reconcile cleanly with total liabilities. Investors should verify the company’s filing before relying on these figures.
Recurring revenue has weakened: Operating revenue fell from $50.7 million in Q2 2022 to $35.1 million in Q3 2024, $23.4 million in Q2 2025 and $22.9 million in Q1 2025. Q4 2025 revenue was reported as negative $1.8 million, further highlighting the impact of dispositions and reporting changes.
Continuing operations generally produced losses: AIV reported continuing-operations losses of $61.1 million in Q2 2024, $27.3 million in Q3 2024, $21.2 million in Q1 2025 and $25.7 million in Q2 2025. This indicates that the remaining operating business has not consistently covered expenses and interest costs.
Cash declined sharply in Q2 2026: Cash and equivalents dropped by $146.2 million, or about 68%, from Q1 2026 to Q2 2026. With only $69.8 million of unrestricted cash reported, liquidity deserves close monitoring, particularly relative to debt and other obligations.

Overall, AIV appears to be managing a smaller and less asset-intensive portfolio while using dispositions to reduce debt and fund distributions. The lower debt balance is constructive, but weak recurring revenue, repeated operating losses, substantial interest expense and the recent cash decline create meaningful risks. Because the Q2 2026 balance sheet contains apparent data-quality and reconciliation issues, investors should place greater weight on the company’s filed financial statements and recurring operating metrics than on the standardized figures alone.

10/15/26 07:22 AM ETAI Generated. May Contain Errors.

Apartment Investment and Management Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Apartment Investment and Management's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Apartment Investment and Management's net income appears to be on a downward trend, with a most recent value of $592.97 million in 2025, rising from $271.98 million in 2015. The previous period was -$96 million in 2024. Find out what analysts predict for Apartment Investment and Management in the coming months.

Apartment Investment and Management's total operating income in 2025 was $67.43 million, based on the following breakdown:

Total Gross Profit: $138.49 million
Total Operating Expenses: $71.06 million

Over the last 10 years, Apartment Investment and Management's total revenue changed from $981.31 million in 2015 to $138.49 million in 2025, a change of -85.9%.

In the past 13 quarters, Apartment Investment and Management's cash and equivalents has ranged from $41.39 million in Q2 2025 to $404.38 million in Q3 2025, and is currently $69.80 million as of their latest financial filing in Q2 2026.

Apartment Investment and Management had total debt of $457.32 million at the end of 2025, a 57.3% decrease from 2024, and a 88.1% decrease since 2015.

Over the last 10 years, Apartment Investment and Management's book value per share changed from 4.57 in 2015 to 2.51 in 2025, a change of -45.0%.

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Financial statements for NYSE:AIV last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Apartment Investment and Management (AIV) Financials

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Apartment Investment and Management (AIV) Financials

Annual Income Statements for Apartment Investment and Management

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Quarterly Balance Sheets for Apartment Investment and Management

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Financials Breakdown Chart

Key Financial Trends

Apartment Investment and Management Financials - Frequently Asked Questions

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

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

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