Apartment Investment and Management (AIV) Financials

$7.72 +0.03 (+0.32%)

Closing price 03:59 PM Eastern

Extended Trading

$7.74 +0.01 (+0.13%)

As of 04:05 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	300	236	418	307	3.24	0.30	-5.04	-5.91	76	-166	-102
Consolidated Net Income / (Loss)	356	272	483	347	3.41	0.11	-5.77	-4.98	64	-157	-96
Net Income / (Loss) Continuing Operations	67	398	483	347	3.41	0.11	-5.77	-4.98	64	-157	-98
Total Pre-Tax Income	47	64	464	316	3.67	-3.19	-16	-19	109	-170	-107
Total Operating Income	262	563	247	194	23	15	-14	-16	-80	12	-1.50
Total Gross Profit	984	619	641	651	132	144	151	170	190	187	209
Total Revenue	984	981	996	1,005	132	144	151	170	190	187	209
Operating Revenue	984	981	996	1,005	132	144	151	170	190	187	209
Total Cost of Revenue	0.00	362	355	355	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	722	57	394	457	109	129	166	185	270	175	210
Selling, General & Admin Expense	58	57	61	55	59	7.06	10	33	111	33	33
Depreciation Expense	283	-	333	366	49	64	78	85	159	69	86
Other Operating Expenses / (Income)	381	-	-	-	-	58	62	68	-	74	91
Total Other Income / (Expense), net	-215	-192	218	122	-20	-18	-1.56	-2.91	162	-183	-107
Interest Expense	221	200	196	195	20	19	28	53	74	38	70
Interest & Investment Income	6.88	6.95	7.80	16	0.01	1.56	28	8.86	24	10	-40
Other Income / (Expense), net	-0.83	0.39	406	301	-0.16	-1.21	-2.55	41	211	-155	2.59
Income Tax Expense	-20	-28	-19	-31	0.26	-3.30	-10	-14	17	-13	-11
Net Income / (Loss) Attributable to Noncontrolling Interest	48	24	53	40	0.17	-0.19	-0.73	0.93	16	8.88	6.47
Basic Earnings per Share	$2.06	$1.52	$2.68	$2.02	$0.02	$0.00	($0.03)	($0.04)	$0.50	($1.16)	($0.75)
Weighted Average Basic Shares Outstanding	145.64M	155.18M	156.00M	151.60M	148.55M	148.55M	148.57M	149.48M	149.40M	143.62M	138.50M
Diluted Earnings per Share	$2.06	$1.52	$2.67	$2.02	$0.02	$0.00	($0.03)	($0.04)	$0.49	($1.16)	($0.75)
Weighted Average Diluted Shares Outstanding	146.00M	155.57M	156.39M	152.06M	148.57M	148.57M	148.57M	149.48M	150.83M	143.62M	138.50M
Weighted Average Basic & Diluted Shares Outstanding	320.19M	155.18M	156.00M	156.32M	307.26M	148.93M	149.21M	152.56M	149.93M	144.81M	141.97M

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

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

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

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

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

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

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

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

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

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%.

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This page (NYSE:AIV) was last updated on 4/15/2025 by MarketBeat.com Staff

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Apartment Investment and Management (AIV) Financials

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Apartment Investment and Management (AIV) Financials

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