Apartment Investment & Management (AIV) AI Stock Analysis

• Market Cap: $858.69M
• Dividend Yield: 7.42%
• Average Volume (3M): 1.85M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.51
• Revenue Growth: -4.63%
• EPS Growth: 42.39%
• Country: US
• Employees: 58
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Residential
• EPS (TTM): 2.04
• Shares Outstanding: 144,075,550
• 10 Day Avg. Volume: 1,651,661
• 30 Day Avg. Volume: 1,849,534
• PEG Ratio: 0.28
• Price to Book (P/B): 8.31
• Price to Sales (P/S): 4.90
• P/FCF Ratio: -9.04
• Enterprise Value/Market Cap: 1.63
• Enterprise Value/Revenue: 7.22
• Enterprise Value/Gross Profit: 13.07
• Enterprise Value/Ebitda: 50.21
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $5.50 ▼(-3.68% Downside)

The score is held down primarily by weak financial performance (leveraged balance sheet history, negative free cash flow, and earnings distorted by non-recurring gains). Technical indicators are broadly neutral and provide limited support, while valuation is weakened by a negative P/E and missing dividend yield data. Corporate events add a modest offset due to asset-sale progress and planned returns, but the liquidation plan also raises uncertainty.

Positive Factors

Board-approved liquidation plan

A board-approved Plan of Sale and Liquidation creates a definitive corporate strategy and timeline to monetize assets. That structural clarity reduces strategic drift, prioritizes asset realization and distributions, and lets management focus on execution and maximizing recoveries over the next several months.

Material asset dispositions generating cash

Large, completed property sales have produced meaningful net cash proceeds that materially improve liquidity and enable shareholder distributions. Durable impact: proceeds can fund orderly wind‑down, reduce need for new debt, and lower execution risk versus relying solely on operating cash flow.

Management compensation tied to liquidation

CEO compensation restructured with retention awards and strict clawbacks aligns management incentives to complete the liquidation and maximize returns. This reduces agency risk, supports continuity through disposition activity, and helps maintain execution discipline during the multi‑month wind‑down.

Negative Factors

Historically very high leverage

Extremely high historical leverage elevates refinancing, interest, and covenant risks, pressuring cash flow and sale negotiation leverage. Even with some TTM reduction, a weak equity base means balance sheet fragility remains a durable constraint on strategic optionality and downside protection.

Negative free cash flow

Persistently negative free cash flow and very weak cash conversion signal the company's operations cannot fund corporate needs without asset sales or external financing. Over months, this dependence increases execution risk and could force suboptimal dispositions or limit flexibility for orderly wind‑down.

Declining core revenue and weak operating margins

A 10% TTM revenue decline and low operating margins indicate underlying demand or pricing weakness in core multifamily operations. The inflated net margin from a one‑time gain masks persistent operational underperformance, reducing sustainable cash generation and potentially lowering realizable asset values.

Apartment Investment & Management Business Overview & Revenue Model

Company Description

Aimco is a Real Estate Investment Trust focused on property development, redevelopment, and various other value-creating investment strategies, targeting the U.S. multifamily market. Aimco's mission is to make real estate investments where outcomes are enhanced through human capital and substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit our website www.aimco.com.

How the Company Makes Money

AIV generates revenue primarily through rental income from its multifamily properties. The company leases residential units to tenants, and the rental payments constitute its main revenue stream. Additionally, AIV may realize income from ancillary services offered to residents, such as parking fees, pet fees, and other amenities. The company also engages in property sales and may benefit from capital appreciation as property values increase over time. Partnerships with property management firms and real estate brokers can also enhance AIV's market reach and operational efficiency, contributing to its overall earnings.

Apartment Investment & Management Financial Statement Overview

Summary

Weak fundamentals overall: revenue growth is declining (-10.1% TTM), profitability is distorted by a one-time gain (net margin 152.98% despite low EBIT/EBITDA margins), leverage has been very high historically (debt-to-equity peaked at 9.70), and free cash flow is negative with a very weak FCF-to-net-income ratio (-98.55%).

Income Statement

The income statement shows a mixed performance. The TTM data indicates a decline in revenue growth rate by 10.1%, which is concerning. However, the net profit margin is significantly high at 152.98% due to a one-time gain, which skews the profitability perception. The EBIT and EBITDA margins are low, indicating operational challenges. Historical data shows fluctuating revenue growth and inconsistent profitability, suggesting volatility in earnings.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio in previous years, peaking at 9.70 in 2024, which indicates significant leverage and potential financial risk. The TTM data shows a reduced debt-to-equity ratio, but the equity base is still weak. Return on equity is positive in the TTM period, but historical performance shows negative ROE, indicating past profitability issues. The equity ratio is low, reflecting a heavy reliance on debt financing.

Cash Flow

Cash flow analysis highlights negative free cash flow in the TTM period, with a concerning free cash flow to net income ratio of -98.55%. Operating cash flow is positive but insufficient to cover net income, indicating cash flow management issues. Historical data shows inconsistent free cash flow growth and negative free cash flow, suggesting challenges in generating sustainable cash flows.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	194.41M	208.68M	187.00M	190.34M	169.84M	151.45M
Gross Profit	107.37M	117.69M	113.28M	118.55M	102.22M	89.94M
EBITDA	27.94M	49.34M	-63.52M	342.23M	119.06M	89.56M
Net Income	243.67M	-102.47M	-166.20M	75.73M	-5.91M	-5.04M
Balance Sheet
Total Assets	2.08B	1.96B	2.09B	2.18B	2.43B	1.84B
Cash, Cash Equivalents and Short-Term Investments	404.38M	141.07M	122.60M	206.46M	233.37M	298.74M
Total Debt	952.93M	1.19B	1.27B	1.16B	1.62B	1.17B
Total Liabilities	1.82B	1.64B	1.50B	1.39B	1.84B	1.28B
Stockholders Equity	61.99M	122.96M	349.65M	547.85M	500.56M	499.78M
Cash Flow
Free Cash Flow	-96.78M	-113.04M	-222.03M	-33.29M	-165.22M	23.96M
Operating Cash Flow	23.25M	46.98M	50.47M	204.23M	12.59M	47.85M
Investing Cash Flow	546.77M	30.60M	-260.40M	-120.75M	-271.41M	-129.32M
Financing Cash Flow	-255.06M	-43.90M	119.43M	-98.29M	204.67M	370.09M

Apartment Investment & Management Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.71
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIV, the sentiment is Positive. The current price of 5.71 is below the 20-day moving average (MA) of 5.89, below the 50-day MA of 5.80, and below the 200-day MA of 5.76, indicating a bullish trend. The MACD of 0.01 indicates Positive momentum. The RSI at 59.32 is Neutral, neither overbought nor oversold. The STOCH value of 34.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AIV.

Apartment Investment & Management Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
UMH	71 Outperform	$1.36B	208.66	3.02%	5.66%	8.91%	-39.58%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
VRE	63 Neutral	$1.44B	23.76	5.33%	2.17%	3.37%	―
IRT	60 Neutral	$4.05B	173.06	0.65%	3.88%	0.84%	―
CSR	59 Neutral	$1.13B	48.35	4.30%	4.58%	36.82%	―
NXRT	51 Neutral	$776.50M	-15.81	-12.63%	7.06%	-4.46%	-206.19%
AIV	45 Neutral	$858.69M	-5.92	171.00%	7.42%	-4.63%	42.39%

Apartment Investment & Management Corporate Events

Apartment Investment Advances Liquidation Plan with Morgan Stanley

On November 10, 2025, Apartment Investment and Management Company’s board approved a Plan of Sale and Liquidation to sell or dispose of all company assets, wind down operations and ultimately dissolve the REIT, later filing and mailing proxy materials to shareholders in December 2025 and early January 2026 to seek their approval. In a subsequent update, Aimco detailed that it had engaged Morgan Stanley, originally retained for advisory work in 2022 and formally engaged as lead financial advisor in December 2024, to assist in evaluating strategic transactions and to review the methodology and assumptions behind the company’s estimated total liquidating distributions; Morgan Stanley has received about $5.55 million in fees related to this engagement, underscoring the scale and finality of Aimco’s move toward liquidation and the central role of outside advisors in shaping the wind-down process for shareholders and other stakeholders.

The most recent analyst rating on (AIV) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Apartment Investment & Management stock, see the AIV Stock Forecast page.

Aimco Restructures CEO Pay to Support Liquidation Plan

On December 26, 2025, Aimco Development Company, LLC, an affiliate of Apartment Investment and Management Company, entered into a letter agreement with Chief Executive Officer Wesley Powell that restructures his compensation to support the execution of Aimco’s strategic plans, including the Plan of Sale and Liquidation approved by the board in November 2025, and to mitigate potential adverse tax consequences under Sections 280G and 4999 of the Internal Revenue Code. Under the agreement, Powell receives an accelerated 2025 cash bonus of $1.47 million and a $5.25 million cash retention award, both payable by December 31, 2025, in exchange for giving up future cash severance rights, with strict clawback provisions requiring after-tax repayment if he resigns or is terminated for cause before specified milestones tied to his 2025 bonus payment date, any change in control, completion of stockholder distributions under the Plan of Sale and Liquidation, or, if the plan is not approved, December 31, 2027; retention of the award after the payment date also depends on Powell signing and not revoking a release in favor of Aimco. These terms tighten alignment between Powell’s incentives and the company’s liquidation strategy while reducing traditional severance exposure, signaling to investors and other stakeholders that leadership continuity and careful tax and payout structuring are central to Aimco’s wind-down and asset-disposition process.

The most recent analyst rating on (AIV) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Apartment Investment & Management stock, see the AIV Stock Forecast page.

Aimco Continues Portfolio Recycling With Major Property Sales

On December 23, 2025, Aimco agreed through two subsidiaries to sell two apartment communities totaling 660 units in Plantation, Florida, and Nashville, Tennessee, to HGI Acquisitions for $155 million, with closing targeted for the first quarter of 2026 following the buyer’s completion of due diligence and a $5 million non‑refundable deposit. Separately, the company completed on December 22, 2025, the previously announced $520 million sale of its Brickell Assemblage in Miami, Florida, to an unaffiliated buyer, with $85 million of the price financed through high‑yield, short‑term seller notes and initial net cash proceeds of about $220 million after debt, taxes and costs, which Aimco plans largely to return to shareholders, underscoring an ongoing portfolio recycling strategy and capital return focus that may reshape its asset base and investor profile.

The most recent analyst rating on (AIV) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Apartment Investment & Management stock, see the AIV Stock Forecast page.

Aimco Sells Chicago Properties for $455 Million

On December 10, 2025, Aimco announced an agreement to sell a portfolio of seven apartment properties in the Chicago market for $455 million to LaTerra Capital Management, LLC. The transaction is expected to close in the first quarter of 2026, with net proceeds of approximately $160 million anticipated, most of which Aimco plans to distribute to shareholders.

The most recent analyst rating on (AIV) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Apartment Investment & Management stock, see the AIV Stock Forecast page.

Aimco Amends Agreement for Brickell Assemblage Sale

Aimco has amended its agreement to sell the Brickell Assemblage properties in Miami, Florida, with closing now scheduled for December 2025. The company plans to finance $70 million of the $520 million purchase price through seller financing notes. Additionally, Aimco’s Board has approved a Plan of Sale and Liquidation, aiming for shareholder approval in early 2026, to maximize shareholder value through the orderly sale of remaining assets. This strategic move is expected to result in significant distributions to shareholders, reflecting a substantial return on investment since the company’s 2020 spinoff.

The most recent analyst rating on (AIV) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Apartment Investment & Management stock, see the AIV Stock Forecast page.