Apartment Investment & Management (AIV)
Market Price (11/9/2026): $1.56 | Market Cap: $226.6 MilSector: Real Estate | Industry: Multi-Family Residential REITs
Apartment Investment & Management (AIV)
Market Price (11/9/2026): $1.56Market Cap: $226.6 MilSector: Real EstateIndustry: Multi-Family Residential REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 446%, Dividend Yield is 191%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 441% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -47% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more. | Weak multi-year price returns2Y Excs Rtn is -68%, 3Y Excs Rtn is -86% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -17 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 216% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -16%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.9%, Rev Chg QQuarterly Revenue Change % is -3.9% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -63% Key risksAIV key risks include [1] execution uncertainty and potentially poor returns from its full asset liquidation plan, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 446%, Dividend Yield is 191%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 441% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -47% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -68%, 3Y Excs Rtn is -86% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -17 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 216% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -16%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.9%, Rev Chg QQuarterly Revenue Change % is -3.9% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -63% |
| Key risksAIV key risks include [1] execution uncertainty and potentially poor returns from its full asset liquidation plan, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Apartment Investment & Management (AIV) stock has lost about 40% since 7/31/2026 because of the following key factors:
1. Ongoing execution of the Plan of Sale and Liquidation.
The primary driver of Apartment Investment & Management's (AIV) stock decline of approximately 40% since July 31, 2026, is the continuous execution of its stockholder-approved Plan of Sale and Liquidation. Approved in fiscal Q1 2026 (February 2026), this plan mandates the systematic sale of all remaining company assets and the return of net proceeds to shareholders. As the company progresses with asset dispositions, its underlying asset base shrinks, causing the stock to trade as a liquidating entity whose value is directly tied to the diminishing pool of assets available for distribution, rather than its operational performance.
2. Diminished asset value through liquidating distributions.
AIV has already made substantial liquidating distributions, including $1.45 per share in fiscal Q1 2026 (March 2026) and an additional $1.30 per share in fiscal Q2 2026 (June 2026). While these payments preceded the specified period, they fundamentally reset the stock's valuation by reducing the company's tangible asset value. The market's subsequent pricing of the stock, which was approximately $1.57 as of October 30, 2026, reflects the diminished asset base and continuously adjusts to the anticipated, but decreasing, value of future liquidating distributions. Total estimated liquidating distributions were initially projected between $5.75 and $7.10 per share, indicating that the majority of value is being returned to shareholders as assets are monetized.
Show more
Apartment Investment & Management (AIV) stock has lost about 40% since 7/31/2026 because of the following key factors:
1. Ongoing execution of the Plan of Sale and Liquidation.
The primary driver of Apartment Investment & Management's (AIV) stock decline of approximately 40% since July 31, 2026, is the continuous execution of its stockholder-approved Plan of Sale and Liquidation. Approved in fiscal Q1 2026 (February 2026), this plan mandates the systematic sale of all remaining company assets and the return of net proceeds to shareholders. As the company progresses with asset dispositions, its underlying asset base shrinks, causing the stock to trade as a liquidating entity whose value is directly tied to the diminishing pool of assets available for distribution, rather than its operational performance.
2. Diminished asset value through liquidating distributions.
AIV has already made substantial liquidating distributions, including $1.45 per share in fiscal Q1 2026 (March 2026) and an additional $1.30 per share in fiscal Q2 2026 (June 2026). While these payments preceded the specified period, they fundamentally reset the stock's valuation by reducing the company's tangible asset value. The market's subsequent pricing of the stock, which was approximately $1.57 as of October 30, 2026, reflects the diminished asset base and continuously adjusts to the anticipated, but decreasing, value of future liquidating distributions. Total estimated liquidating distributions were initially projected between $5.75 and $7.10 per share, indicating that the majority of value is being returned to shareholders as assets are monetized.
3. Broader softening in the multifamily real estate market impacting asset sale values.
Despite AIV being in liquidation, the proceeds realized from its ongoing asset sales are influenced by prevailing conditions in the broader multifamily real estate market. During fiscal Q3 2026, other apartment REITs, such as Mid-America Apartment Communities (MAA), reported mixed results including lower-than-forecasted earnings per share and reduced full-year core FFO guidance. This downturn was attributed to weaker new lease pricing, which fell by 6.0%, and increased interest expenses. Such sector-wide challenges likely contribute to lower-than-anticipated proceeds from AIV's remaining property dispositions, thereby further affecting the estimated residual value for shareholders and contributing to the stock's downward trend.
Show less
Stock Movement Drivers
Fundamental Drivers
The -42.4% change in AIV stock from 7/31/2026 to 11/8/2026 was primarily driven by a -42.4% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.69 | 1.55 | -42.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 145 | 145 | 0.0% |
| Net Income Margin (%) | 381.0% | 381.0% | 0.0% |
| P/E Multiple | 0.7 | 0.4 | -42.4% |
| Shares Outstanding (Mil) | 140 | 140 | 0.0% |
| Cumulative Contribution | -42.4% |
Market Drivers
7/31/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| AIV | -42.4% | |
| Market (SPY) | -1.6% | 27.9% |
| Sector (XLRE) | -2.4% | 49.7% |
Fundamental Drivers
The -47.7% change in AIV stock from 4/30/2026 to 11/8/2026 was primarily driven by a -47.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.96 | 1.55 | -47.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 145 | 145 | 0.0% |
| Net Income Margin (%) | 381.0% | 381.0% | 0.0% |
| P/E Multiple | 0.7 | 0.4 | -47.7% |
| Shares Outstanding (Mil) | 140 | 140 | 0.0% |
| Cumulative Contribution | -47.7% |
Market Drivers
4/30/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| AIV | -47.7% | |
| Market (SPY) | 2.6% | -0.8% |
| Sector (XLRE) | -0.0% | 3.9% |
Fundamental Drivers
The -36.2% change in AIV stock from 10/31/2025 to 11/8/2026 was primarily driven by a -34.2% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.43 | 1.55 | -36.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 147 | 145 | -1.1% |
| P/S Multiple | 2.3 | 1.5 | -34.2% |
| Shares Outstanding (Mil) | 137 | 140 | -2.0% |
| Cumulative Contribution | -36.2% |
Market Drivers
10/31/2025 to 11/8/2026| Return | Correlation | |
|---|---|---|
| AIV | -36.2% | |
| Market (SPY) | 8.7% | 1.4% |
| Sector (XLRE) | 10.4% | 7.4% |
Fundamental Drivers
The -13.4% change in AIV stock from 10/31/2023 to 11/8/2026 was primarily driven by a -19.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.79 | 1.55 | -13.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 180 | 145 | -19.0% |
| P/S Multiple | 1.4 | 1.5 | 4.0% |
| Shares Outstanding (Mil) | 144 | 140 | 2.9% |
| Cumulative Contribution | -13.4% |
Market Drivers
10/31/2023 to 11/8/2026| Return | Correlation | |
|---|---|---|
| AIV | -13.4% | |
| Market (SPY) | 81.9% | 14.6% |
| Sector (XLRE) | 46.1% | 24.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AIV Return | 46% | -8% | 10% | 16% | -2% | -43% | -4% |
| Peers Return | 73% | -40% | 4% | 23% | -8% | -8% | 12% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| AIV Win Rate | 67% | 58% | 58% | 50% | 58% | 27% | |
| Peers Win Rate | 77% | 27% | 52% | 63% | 40% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| AIV Max Drawdown | -16% | -30% | -36% | -14% | -21% | -64% | |
| Peers Max Drawdown | -9% | -45% | -29% | -13% | -22% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: UMH, CSR, NXRT, VMRK, ESS. See AIV Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | AIV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.1% | -18.8% |
| % Gain to Breakeven | 23.6% | 23.1% |
| Time to Breakeven | 339 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -35.3% | -9.5% |
| % Gain to Breakeven | 54.6% | 10.5% |
| Time to Breakeven | 259 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.6% | -6.7% |
| % Gain to Breakeven | 11.9% | 7.1% |
| Time to Breakeven | 17 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.0% | -24.5% |
| % Gain to Breakeven | 42.9% | 32.4% |
| Time to Breakeven | 78 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.4% | -33.7% |
| % Gain to Breakeven | 114.6% | 50.9% |
| Time to Breakeven | 399 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -15.1% | -3.7% |
| % Gain to Breakeven | 17.9% | 3.9% |
| Time to Breakeven | 275 days | 6 days |
In The Past
Apartment Investment & Management's stock fell -19.1% during the 2025 US Tariff Shock. Such a loss loss requires a 23.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | AIV | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -35.3% | -9.5% |
| % Gain to Breakeven | 54.6% | 10.5% |
| Time to Breakeven | 259 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.0% | -24.5% |
| % Gain to Breakeven | 42.9% | 32.4% |
| Time to Breakeven | 78 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.4% | -33.7% |
| % Gain to Breakeven | 114.6% | 50.9% |
| Time to Breakeven | 399 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.6% | -17.9% |
| % Gain to Breakeven | 34.4% | 21.8% |
| Time to Breakeven | 217 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -79.6% | -53.4% |
| % Gain to Breakeven | 389.2% | 114.4% |
| Time to Breakeven | 423 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -20.1% | -8.6% |
| % Gain to Breakeven | 25.2% | 9.5% |
| Time to Breakeven | 2016 days | 47 days |
In The Past
Apartment Investment & Management's stock fell -19.1% during the 2025 US Tariff Shock. Such a loss loss requires a 23.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Apartment Investment & Management (AIV)
Apartment Investment & Management (AIV), operating as Aimco, is a Real Estate Investment Trust (REIT) focused on the U.S. multifamily housing market. The company's core business revolves around property development, redevelopment, and implementing various other value-creating investment strategies within this sector. Aimco aims to enhance outcomes and create value through strategic real estate investments.
Aimco's main activities and services involve building new apartment complexes and undertaking significant renovations or improvements to existing properties. Through these development and redevelopment efforts, the company creates and enhances high-quality residential communities. Its "products" are these modern, well-managed apartment units and the improved real estate assets themselves, which ultimately generate rental income and appreciation.
The primary market Aimco serves is the U.S. multifamily housing sector, with its direct customers being individuals and families seeking rental accommodations. By providing desirable apartment homes, Aimco addresses the demand for quality rental living spaces across various communities. The company's overarching mission is to deliver substantial value for its investors, employees, and the communities in which it invests.
AI Analysis | Feedback
Here are 1-3 brief analogies for Apartment Investment & Management (AIV):
- Like a Marriott or Hilton, but for apartment complexes.
- A Public Storage, but for residential apartments instead of storage units.
AI Analysis | Feedback
- Property Development: Creating new multifamily residential properties.
- Property Redevelopment: Renovating and improving existing multifamily residential properties to enhance their value.
- Real Estate Investments: Engaging in various investment strategies within the U.S. multifamily market to create value.
AI Analysis | Feedback
Apartment Investment & Management (AIV), operating as Aimco, is a Real Estate Investment Trust focused on the U.S. multifamily market. As such, Aimco sells primarily to individuals who rent apartment units within their properties. The company's major customers can be categorized as follows:
- Working Professionals and Couples: This segment includes individuals and couples in various stages of their careers who seek convenient, modern living spaces, often prioritizing location, amenities, and community features in urban or suburban settings.
- Families: Households with children who require more living space and often look for apartment communities with family-friendly amenities, good school access, or proximity to parks and other family-oriented services.
- Downsizers and Empty Nesters: Older individuals or couples who are transitioning from larger homes to a more manageable, maintenance-free apartment lifestyle. They often value security, community, and accessible amenities without the burdens of homeownership.
AI Analysis | Feedback
AI Analysis | Feedback
Wes Powell, Director, President, and Chief Executive Officer
Wes Powell has served as President and Chief Executive Officer of Apartment Investment and Management Company ("Aimco") and as a member of the Company's Board of Directors since 2020. He is responsible for executing Aimco's overall business strategy with a special focus on capital allocation, transactions, and development. Mr. Powell joined Aimco in 2004 and has held various leadership roles, including positions within the company's asset management, development, and transactions divisions. During his tenure, he has directly overseen the development, redevelopment, and acquisition of multifamily assets valued at over $6 billion, encompassing more than 16,000 apartment homes across over a dozen U.S. markets. Prior to his time with Aimco, Mr. Powell worked as a Staff Architect in Washington, D.C. He is a graduate of the University of Colorado's School of Architecture and Urban Planning and holds an MBA from Northwestern's Kellogg School of Management.
Lynn Stanfield, EVP & Chief Financial Officer
Lynn Stanfield has over two decades of experience in the real estate industry, primarily with Aimco, and currently serves as EVP & Chief Financial Officer. She held the position of Executive Vice President, Financial Planning & Analysis and Capital Allocation from October 2018 to December 2020, during which she oversaw various finance functions, managed corporate and income tax strategy, and was a member of Aimco's Investment Committee. Before October 2018, Ms. Stanfield held various roles with responsibilities in affordable asset management, income tax, and investor relations. Her career also includes experience in public accounting at Ernst and Young, where she focused on partnership and real estate clients, and she served as an Assistant Professor of Accounting at Erskine College. Ms. Stanfield holds a Master of Professional Accountancy from Clemson University.
Jennifer Johnson, EVP, Chief Administrative Officer, & General Counsel
Jennifer Johnson was appointed Executive Vice President, Chief Administrative Officer, and General Counsel in December 2020, with responsibilities covering legal, human capital, and risk management. She previously served as Senior Vice President, Human Resources from August 2009 to December 2020. Ms. Johnson joined Aimco as Senior Counsel in August 2004. Before joining Aimco, she was in private practice with the law firm of Faegre & Benson LLP (now Faegre Drinker Biddle & Reath LLP), specializing in labor and employment law and commercial litigation. Ms. Johnson graduated first in her class from the University of Colorado Law School.
Kellie Dreyer, SVP, Chief Accounting Officer
Kellie Dreyer serves as Senior Vice President and Chief Accounting Officer. She brings over 13 years of experience in public accounting and finance. Prior to her current role, she was the Vice President of Finance for Aimco from April 2022 until March 2023. Before joining Aimco, Ms. Dreyer held several positions at Ernst & Young, most recently as an Assurance Senior Manager from 2016 to 2022, where she served clients in the real estate industry. She earned a B.S. in Accounting and a Master of Accountancy from the University of Denver and is a licensed CPA.
Kelley Babin, SVP, Chief Information Officer
Kelley Babin holds the title of Senior Vice President and Chief Information Officer.
AI Analysis | Feedback
The key risks to Aimco's business are:
- Uncertainty in Liquidation Value: There is a risk that the actual proceeds from asset sales, after accounting for transaction costs, ongoing operational expenses during the wind-down, and potential liabilities (such as those from development projects or litigation), may be lower than currently estimated. This could lead to a reduction in the final distributions to shareholders.
- Delays in the Liquidation Process: The timeline for selling all remaining assets and completely winding down the company's operations may extend beyond current expectations. Such delays could impact the timing of liquidating distributions to shareholders and potentially increase the overall costs of the liquidation.
- Adverse Real Estate Market Conditions and Interest Rate Fluctuations: The success of the asset sales is highly dependent on prevailing real estate market conditions. An increase in interest rates or unfavorable shifts in market capitalization rates could lead to lower property valuations, directly impacting the sale prices of Aimco's assets and thereby reducing the total liquidation proceeds.
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
Here are 3 expected drivers of future revenue growth for Apartment Investment & Management (AIV) over the next 2-3 years:
- Rental Rate Growth on Stabilized Properties: Aimco continues to experience increases in average monthly revenue per apartment home on its stabilized operating properties. For instance, in the fourth quarter of 2025, there was a 2.8% year-over-year increase in average monthly revenue per apartment home to $2,678. This indicates an ongoing ability to capture higher rental rates from its existing portfolio.
- Lease-up of Development and Redevelopment Projects: The company has a segment dedicated to development and redevelopment, which includes properties under construction, those recently completed and in lease-up, and others stabilizing operations. As these projects are completed and the units are leased, they will contribute to new rental revenue.
- Potential Portfolio Expansion through Partnerships: Aimco is reportedly exploring potential partnerships to expand its portfolio. Should such partnerships materialize, they could lead to new acquisitions or development opportunities that would contribute to the company's revenue base.
AI Analysis | Feedback
Share Repurchases
- In July 2022, Aimco's Board of Directors updated the existing share repurchase authorization from 10 million shares to 15 million shares.
- During 2024, Aimco repurchased 4.9 million shares at an average price of $8.01 per share.
- Since the beginning of 2022, Aimco has repurchased 14.5 million shares at an average cost of $7.53 per share.
Share Issuance
- No significant share issuance events to the public were explicitly identified as major capital-raising activities over the last 3-5 years. The company's shares outstanding decreased to 140 million in Q4 2025, suggesting repurchases have been the dominant activity.
Inbound Investments
- No significant inbound investments made in the company by third-parties, such as strategic partners or private equity firms, were identified over the last 3-5 years.
Outbound Investments
- In 2025, Aimco sold $1.26 billion of real estate assets.
- Specific sales in 2025 included a suburban Boston property for $250 million and the Brickell Assemblage in Miami (The Yacht Club Apartments and an adjacent office building) for $520 million.
- As part of a Plan of Sale and Liquidation adopted in February 2026, Aimco closed on the sale of three properties for approximately $178 million in early 2026 and has ten properties under contract to sell for approximately $510 million.
Capital Expenditures
- Aimco's investment strategy is focused on property development, redevelopment, and other value-creating investments within the U.S. multifamily market.
- As of September 30, 2025, the company had remaining commitments for construction-related contracts totaling $107.6 million, reflecting ongoing development and redevelopment activities.
- In 2024, Aimco completed construction on three multifamily assets, adding 933 residential units and over 100,000 square feet of commercial space, with total direct costs approximately $10 million below original projections.
Peer Outperformance in Multi-Family Residential REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 17.1% | 68.5% | 74.2% | WELL 226% · OHI 145% · CTRE 135% |
| Retail REITs | 23 | 15.7% | 42.6% | 33.4% | SKT 131% · SPG 78% · BRX 52% |
| Other Specialized REITs | 11 | -0.1% | 23.8% | 10.8% | IRM 173% · LAMR 66% · EPR 64% |
| Hotel & Resort REITs | 16 | 48.1% | 51.5% | 9.8% | HST 71% · RHP 69% · APLE 60% |
| Real Estate Development | 6 | -2.9% | 25.7% | 5.2% | JOE 44% |
| Industrial REITs | 11 | 12.7% | 35.3% | -0.7% | EGP 14% · STAG 6% · CUBE 5% |
| Single-Family Residential REITs | 4 | 1.2% | 5.9% | -17.2% | AMH -4% · ELS -14% · INVH -21% |
| Multi-Family Residential REITs ← | 12 | -1.7% | 21.1% | -26.4% | ESS -3% · VMRK -6% · UDR -19% |
| Diversified REITs | 12 | 2.3% | 17.0% | -28.8% | EPRT 17% · WPC 13% |
| Office REITs | 19 | 0.2% | 48.5% | -34.0% | CDP 44% · HIW -4% · CUZ -6% |
| Telecom Tower REITs | 3 | 4.0% | 8.9% | -36.9% | AMT -20% · CCI -37% · SBAC -41% |
| Real Estate Services | 28 | -20.0% | -9.3% | -37.1% | JLL 38% · CBRE 28% · COMP -18% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 36.94 |
| Mkt Cap | 1.1 |
| Rev LTM | 268 |
| Op Inc LTM | 39 |
| FCF LTM | 80 |
| FCF 3Y Avg | 88 |
| CFO LTM | 80 |
| CFO 3Y Avg | 88 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.8% |
| Rev Chg 3Y Avg | 1.8% |
| Rev Chg Q | 1.6% |
| QoQ Delta Rev Chg LTM | 0.4% |
| Op Inc Chg LTM | -1.1% |
| Op Inc Chg 3Y Avg | 6.2% |
| Op Mgn LTM | 14.6% |
| Op Mgn 3Y Avg | 14.9% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 30.0% |
| CFO/Rev 3Y Avg | 33.9% |
| FCF/Rev LTM | 30.0% |
| FCF/Rev 3Y Avg | 33.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating | 73 | 72 | 69 | 124 | 123 |
| Development | 28 | 10 | 0 | 0 | 2 |
| Corporate and Amounts Not Allocated to Segments | 25 | 44 | 43 | 59 | 26 |
| Other | 8 | 7 | 3 | 0 | 14 |
| Adjustments | 6 | 5 | 5 | 7 | 5 |
| Total | 138 | 138 | 120 | 190 | 170 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Operating | 99 | 106 | 87 | 84 | 89 |
| Corporate and Amounts Not Allocated to Segments | 19 | -108 | 33 | -109 | -113 |
| Development | 0 | 5 | -0 | 1 | 1 |
| Adjustments | 0 | -0 | 0 | 0 | 0 |
| Other | -1 | 9 | -0 | 9 | 9 |
| Other operating expenses not allocated to segments | -119 | -199 | |||
| Impairments | 16 | ||||
| Total | -2 | 12 | -80 | -16 | 2 |
Price Behavior
| Market Price | $1.55 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 07/22/1994 | |
| Distance from 52W High | -63.8% | |
| 50 Days | 200 Days | |
| DMA Price | $1.99 | $2.57 |
| DMA Trend | down | down |
| Distance from DMA | -22.0% | -39.6% |
| 3M | 1YR | |
| Volatility | 32.2% | 81.2% |
| Downside Capture | 166.41 | 13.47 |
| Upside Capture | -101.95 | -40.90 |
| Correlation (S&P 500) | 27.7% | 1.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.10 | 0.07 | 0.14 | -0.45 | -0.09 | 0.46 |
| Up Beta | -3.83 | -1.00 | -0.40 | 0.66 | 0.39 | 0.48 |
| Down Beta | 0.51 | -0.15 | 0.11 | -0.56 | 0.12 | 0.60 |
| Up Capture | -182% | -122% | -86% | -88% | -25% | 10% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 8 | 12 | 18 | 39 | 95 | 338 |
| Down Capture | 164% | 219% | 194% | 20% | 9% | 73% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 27 | 38 | 70 | 129 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIV | |
|---|---|---|---|---|
| AIV | -36.3% | 81.2% | -0.25 | - |
| Sector ETF (XLRE) | 10.4% | 14.6% | 0.44 | 7.3% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 1.5% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | -3.4% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -1.7% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 8.0% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 0.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIV | |
|---|---|---|---|---|
| AIV | -7.7% | 45.0% | -0.06 | - |
| Sector ETF (XLRE) | 1.6% | 19.2% | -0.02 | 38.5% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 28.8% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 3.6% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 7.3% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 40.0% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 11.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIV | |
|---|---|---|---|---|
| AIV | 1.0% | 39.8% | 0.14 | - |
| Sector ETF (XLRE) | 7.3% | 20.4% | 0.31 | 54.4% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 39.3% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 3.7% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 13.3% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 56.6% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 8.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 10/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/2/2026 | -1.8% | -2.7% | 41.4% |
| 11/10/2025 | 6.1% | 4.5% | 6.7% |
| 8/11/2025 | -3.8% | -2.9% | -5.3% |
| 5/8/2025 | -1.5% | 2.4% | 5.0% |
| 2/24/2025 | 0.1% | 1.7% | -4.4% |
| 11/7/2024 | -1.7% | -2.6% | -0.1% |
| 8/7/2024 | -1.5% | -0.3% | 0.5% |
| 5/8/2024 | -0.7% | 0.6% | -3.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 15 |
| # Negative | 11 | 9 | 7 |
| Median Positive | 4.2% | 2.6% | 8.9% |
| Median Negative | -1.8% | -2.6% | -4.4% |
| Max Positive | 6.6% | 16.5% | 41.4% |
| Max Negative | -5.4% | -9.3% | -8.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/2/2026 | -1.8% | -2.7% | 41.4% |
| 11/10/2025 | 6.1% | 4.5% | 6.7% |
| 8/11/2025 | -3.8% | -2.9% | -5.3% |
| 5/8/2025 | -1.5% | 2.4% | 5.0% |
| 2/24/2025 | 0.1% | 1.7% | -4.4% |
| 11/7/2024 | -1.7% | -2.6% | -0.1% |
| 8/7/2024 | -1.5% | -0.3% | 0.5% |
| 5/8/2024 | -0.7% | 0.6% | -3.0% |
| 2/22/2024 | -4.6% | -3.5% | 4.4% |
| 11/6/2023 | 4.2% | 2.6% | 15.6% |
| 8/7/2023 | 0.0% | -2.2% | -8.1% |
| 5/4/2023 | 5.0% | 12.5% | 10.4% |
| 2/21/2023 | 0.1% | 1.9% | -5.3% |
| 11/7/2022 | -1.9% | 3.2% | 9.6% |
| 8/4/2022 | 4.8% | 16.5% | 10.9% |
| 5/9/2022 | -5.4% | 1.6% | 8.9% |
| 3/1/2022 | 4.9% | 2.1% | 6.4% |
| 11/9/2021 | -1.9% | -0.2% | -1.2% |
| 8/16/2021 | -1.5% | -0.9% | 4.2% |
| 5/17/2021 | 0.0% | 5.1% | 13.0% |
| 3/12/2021 | 6.6% | 4.5% | 17.6% |
| 10/29/2020 | 3.4% | -9.3% | 3.6% |
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 15 |
| # Negative | 11 | 9 | 7 |
| Median Positive | 4.2% | 2.6% | 8.9% |
| Median Negative | -1.8% | -2.6% | -4.4% |
| Max Positive | 6.6% | 16.5% | 41.4% |
| Max Negative | -5.4% | -9.3% | -8.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/12/2021 | 10-K |
| 09/30/2020 | 11/24/2020 | 10-12B/A |
Investor Activity (13F)
Updated Nov 9, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Multi-Family Residential REITs Resources |
| Multi-Housing News |
| Multifamily Executive |
| National Apartment Association |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.