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): $1.56
Market Cap: $226.6 Mil
Sector: Real Estate
Industry: Multi-Family Residential REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total 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 expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -47%

Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more.

Weak multi-year price returns
2Y Excs Rtn is -68%, 3Y Excs Rtn is -86%

Not profitable at operating income level
Op 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 significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 216%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x

Weak revenue growth
Rev 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 generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -63%

Key risks
AIV key risks include [1] execution uncertainty and potentially poor returns from its full asset liquidation plan, Show more.

0 Attractive yield
Total 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%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -47%
2 Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -68%, 3Y Excs Rtn is -86%
4 Not profitable at operating income level
Op 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%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 216%
6 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x
7 Weak revenue growth
Rev 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%
8 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -63%
9 Key risks
AIV key risks include [1] execution uncertainty and potentially poor returns from its full asset liquidation plan, Show more.

AIV in ETFs

Weight = AIV's share of each fund

VTI0.00%
VNQ0.02%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

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
Updated on 11/1/2026

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.

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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)731202611082026Change
Stock Price ($)2.691.55-42.4%
Change Contribution By: 
Total Revenues ($ Mil)1451450.0%
Net Income Margin (%)381.0%381.0%0.0%
P/E Multiple0.70.4-42.4%
Shares Outstanding (Mil)1401400.0%
Cumulative Contribution-42.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/8/2026
ReturnCorrelation
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)430202611082026Change
Stock Price ($)2.961.55-47.7%
Change Contribution By: 
Total Revenues ($ Mil)1451450.0%
Net Income Margin (%)381.0%381.0%0.0%
P/E Multiple0.70.4-47.7%
Shares Outstanding (Mil)1401400.0%
Cumulative Contribution-47.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/8/2026
ReturnCorrelation
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)1031202511082026Change
Stock Price ($)2.431.55-36.2%
Change Contribution By: 
Total Revenues ($ Mil)147145-1.1%
P/S Multiple2.31.5-34.2%
Shares Outstanding (Mil)137140-2.0%
Cumulative Contribution-36.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/8/2026
ReturnCorrelation
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)1031202311082026Change
Stock Price ($)1.791.55-13.4%
Change Contribution By: 
Total Revenues ($ Mil)180145-19.0%
P/S Multiple1.41.54.0%
Shares Outstanding (Mil)1441402.9%
Cumulative Contribution-13.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/8/2026
ReturnCorrelation
AIV-13.4% 
Market (SPY)81.9%14.6%
Sector (XLRE)46.1%24.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AIV Return46%-8%10%16%-2%-43%-4%
Peers Return73%-40%4%23%-8%-8%12%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
AIV Win Rate67%58%58%50%58%27% 
Peers Win Rate77%27%52%63%40%36% 
S&P 500 Win Rate75%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

EventAIVS&P 500
2025 US Tariff Shock
  % Loss-19.1%-18.8%
  % Gain to Breakeven23.6%23.1%
  Time to Breakeven339 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-35.3%-9.5%
  % Gain to Breakeven54.6%10.5%
  Time to Breakeven259 days24 days
2023 SVB Regional Banking Crisis
  % Loss-10.6%-6.7%
  % Gain to Breakeven11.9%7.1%
  Time to Breakeven17 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-30.0%-24.5%
  % Gain to Breakeven42.9%32.4%
  Time to Breakeven78 days427 days
2020 COVID-19 Crash
  % Loss-53.4%-33.7%
  % Gain to Breakeven114.6%50.9%
  Time to Breakeven399 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-15.1%-3.7%
  % Gain to Breakeven17.9%3.9%
  Time to Breakeven275 days6 days

Compare to UMH, CSR, NXRT, VMRK, ESS

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.

EventAIVS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-35.3%-9.5%
  % Gain to Breakeven54.6%10.5%
  Time to Breakeven259 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-30.0%-24.5%
  % Gain to Breakeven42.9%32.4%
  Time to Breakeven78 days427 days
2020 COVID-19 Crash
  % Loss-53.4%-33.7%
  % Gain to Breakeven114.6%50.9%
  Time to Breakeven399 days140 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-25.6%-17.9%
  % Gain to Breakeven34.4%21.8%
  Time to Breakeven217 days123 days
2008-2009 Global Financial Crisis
  % Loss-79.6%-53.4%
  % Gain to Breakeven389.2%114.4%
  Time to Breakeven423 days1085 days
Summer 2007 Credit Crunch
  % Loss-20.1%-8.6%
  % Gain to Breakeven25.2%9.5%
  Time to Breakeven2016 days47 days

Compare to UMH, CSR, NXRT, VMRK, ESS

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.

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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

Apartment Investment & Management (AIV), operating as Aimco, is currently undergoing a significant strategic shift with a shareholder-approved Plan of Sale and Liquidation. Consequently, the key risks to the business are primarily associated with the execution and outcome of this liquidation process, rather than traditional operational risks of a real estate investment trust.

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

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AI Analysis | Feedback

Apartment Investment & Management (AIV) operates within the U.S. multifamily real estate sector, focusing on property development, redevelopment, and various investment strategies. The addressable market for these services is the U.S. multifamily market. The U.S. multifamily market size was valued at approximately USD 265 billion in 2022. This market is projected to grow to about USD 466 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 7.31% between 2023 and 2030.

AI Analysis | Feedback

Here are 3 expected drivers of future revenue growth for Apartment Investment & Management (AIV) over the next 2-3 years:

  1. 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.
  2. 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.
  3. 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.

Better Bets vs. Apartment Investment & Management (AIV)

Peer Outperformance in Multi-Family Residential REITs

AIV has trailed 82% of its 11 Multi-Family Residential REITs peers over 5Y. Multi-Family Residential REITs ranks 8th of 12 industries in Real Estate by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Multi-Family Residential REITs constituents that AIV has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
8%
of 12 industry peers · -36.9% return
3Y
17%
of 12 industry peers · -18.8% return
5Y
18%
of 11 industry peers · -35.7% return
No Multi-Family Residential REITs peer with a comparable growth profile has beaten AIV by more than 20pp over 5Y.
Median price return by industry across the Real Estate sector, ranked by 5Y. Multi-Family Residential REITs is AIV's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y 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%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

AIVUMHCSRNXRTVMRKESSMedian
NameApartmen.UMH Prop.Centersp.NexPoint.Vivmark .Essex Pr. 
Mkt Price1.5614.9357.6016.2765.51272.3036.94
Mkt Cap0.21.31.00.425.717.51.1
Rev LTM1452792572543,0831,946268
Op Inc LTM-1751222791057239
FCF LTM-928377741,36998280
FCF 3Y Avg-1428591801,38893788
CFO LTM88377741,6601,10980
CFO 3Y Avg358591801,6271,07488

Growth & Margins

AIVUMHCSRNXRTVMRKESSMedian
NameApartmen.UMH Prop.Centersp.NexPoint.Vivmark .Essex Pr. 
Rev Chg LTM-15.8%8.5%-6.0%2.1%3.4%4.5%2.8%
Rev Chg 3Y Avg-2.9%9.4%-0.9%-2.8%4.5%5.4%1.8%
Rev Chg Q-3.9%10.8%-16.6%0.8%2.3%4.1%1.6%
QoQ Delta Rev Chg LTM-1.0%2.7%-4.4%0.2%0.6%1.0%0.4%
Op Inc Chg LTM23.3%13.1%-12.4%-10.8%-1.1%-1.1%-1.1%
Op Inc Chg 3Y Avg32.4%17.5%-5.2%-14.8%2.2%10.3%6.2%
Op Mgn LTM-11.7%18.4%8.6%10.7%29.5%29.4%14.6%
Op Mgn 3Y Avg-14.5%18.0%9.1%11.9%30.8%27.5%14.9%
QoQ Delta Op Mgn LTM2.7%-0.2%0.1%-0.4%-0.1%0.3%0.0%
CFO/Rev LTM5.6%29.9%30.2%29.2%53.9%57.0%30.0%
CFO/Rev 3Y Avg24.9%33.2%34.6%31.4%54.8%58.1%33.9%
FCF/Rev LTM-62.9%29.9%30.2%29.2%44.4%50.5%30.0%
FCF/Rev 3Y Avg-104.5%33.2%34.6%31.4%46.8%50.7%33.9%

Valuation

AIVUMHCSRNXRTVMRKESSMedian
NameApartmen.UMH Prop.Centersp.NexPoint.Vivmark .Essex Pr. 
Mkt Cap0.21.31.00.425.717.51.1
P/S1.54.63.81.68.39.04.2
P/Op Inc-12.924.843.915.328.330.626.5
P/EBIT4.520.86.69.919.627.714.8
P/E0.450.610.6-11.225.050.417.8
P/CFO27.015.312.55.615.515.815.4
Total Yield446.2%7.7%14.9%4.3%7.9%5.8%7.8%
Dividend Yield191.3%5.7%5.4%13.3%3.9%3.8%5.5%
FCF Yield 3Y Avg-20.3%6.3%9.2%10.8%5.1%5.3%5.8%
D/E3.90.70.83.80.40.40.8
Net D/E2.10.60.73.80.40.40.7

Returns

AIVUMHCSRNXRTVMRKESSMedian
NameApartmen.UMH Prop.Centersp.NexPoint.Vivmark .Essex Pr. 
1M Rtn-11.9%-1.6%3.1%-15.9%7.1%0.3%-0.7%
3M Rtn-41.4%-4.8%3.0%-34.8%-1.2%-4.6%-4.7%
6M Rtn-47.2%-2.9%-12.5%-43.3%2.2%5.2%-7.7%
12M Rtn-36.5%4.1%1.5%-43.9%14.8%8.7%2.8%
3Y Rtn-18.2%21.1%30.9%-33.3%38.2%46.7%26.0%
1M Excs Rtn-7.3%3.8%9.9%-12.2%14.2%6.4%5.1%
3M Excs Rtn-35.6%1.4%10.8%-28.8%5.5%1.9%1.6%
6M Excs Rtn-46.9%-2.6%-12.2%-43.0%2.5%5.5%-7.4%
12M Excs Rtn-44.4%-2.0%-7.2%-52.2%6.1%0.2%-4.6%
3Y Excs Rtn-86.1%-47.7%-35.5%-101.3%-34.5%-27.6%-41.6%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Operating737269124123
Development2810002
Corporate and Amounts Not Allocated to Segments2544435926
Other873014
Adjustments65575
Total138138120190170


Operating Income by Segment
$ Mil20242023202220212020
Operating99106878489
Corporate and Amounts Not Allocated to Segments19-10833-109-113
Development05-011
Adjustments0-0000
Other-19-099
Other operating expenses not allocated to segments-119 -199  
Impairments    16
Total-212-80-162


Price Behavior

Price Behavior
Market Price$1.55 
Market Cap ($ Bil)0.2 
First Trading Date07/22/1994 
Distance from 52W High-63.8% 
   50 Days200 Days
DMA Price$1.99$2.57
DMA Trenddowndown
Distance from DMA-22.0%-39.6%
 3M1YR
Volatility32.2%81.2%
Downside Capture166.4113.47
Upside Capture-101.95-40.90
Correlation (S&P 500)27.7%1.1%
AIV Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.100.070.14-0.45-0.090.46
Up Beta-3.83-1.00-0.400.660.390.48
Down Beta0.51-0.150.11-0.560.120.60
Up Capture-182%-122%-86%-88%-25%10%
Bmk +ve Days12182862130427
Stock +ve Days812183995338
Down Capture164%219%194%20%9%73%
Bmk -ve Days10253664121325
Stock -ve Days12273870129360

[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%0.447.3%
Equity (SPY)9.5%13.6%0.401.5%
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%0.518.0%
Bitcoin (BTCUSD)-27.2%43.6%-0.610.1%

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%-0.0238.5%
Equity (SPY)11.3%17.3%0.4828.8%
Gold (GLD)17.5%19.1%0.743.6%
Commodities (DBC)8.1%19.6%0.307.3%
Real Estate (VNQ)1.3%18.9%-0.0440.0%
Bitcoin (BTCUSD)4.0%51.6%0.2611.9%

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
AIV1.0%39.8%0.14-
Sector ETF (XLRE)7.3%20.4%0.3154.4%
Equity (SPY)15.0%18.0%0.7039.3%
Gold (GLD)11.9%16.5%0.593.7%
Commodities (DBC)7.5%18.1%0.3313.3%
Real Estate (VNQ)5.9%20.7%0.2456.6%
Bitcoin (BTCUSD)60.0%66.3%1.008.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity1.9 Mil
Short Interest: % Change Since 9302026-2.8%
Average Daily Volume2.7 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity140.2 Mil
Short % of Basic Shares1.3%

Earnings Returns History

Updated 10/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/2/2026-1.8%-2.7%41.4%
11/10/20256.1%4.5%6.7%
8/11/2025-3.8%-2.9%-5.3%
5/8/2025-1.5%2.4%5.0%
2/24/20250.1%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   
# Positive111315
# Negative1197
Median Positive4.2%2.6%8.9%
Median Negative-1.8%-2.6%-4.4%
Max Positive6.6%16.5%41.4%
Max Negative-5.4%-9.3%-8.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/2/2026-1.8%-2.7%41.4%
11/10/20256.1%4.5%6.7%
8/11/2025-3.8%-2.9%-5.3%
5/8/2025-1.5%2.4%5.0%
2/24/20250.1%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%
11/6/20234.2%2.6%15.6%
8/7/20230.0%-2.2%-8.1%
5/4/20235.0%12.5%10.4%
2/21/20230.1%1.9%-5.3%
11/7/2022-1.9%3.2%9.6%
8/4/20224.8%16.5%10.9%
5/9/2022-5.4%1.6%8.9%
3/1/20224.9%2.1%6.4%
11/9/2021-1.9%-0.2%-1.2%
8/16/2021-1.5%-0.9%4.2%
5/17/20210.0%5.1%13.0%
3/12/20216.6%4.5%17.6%
10/29/20203.4%-9.3%3.6%
SUMMARY STATS   
# Positive111315
# Negative1197
Median Positive4.2%2.6%8.9%
Median Negative-1.8%-2.6%-4.4%
Max Positive6.6%16.5%41.4%
Max Negative-5.4%-9.3%-8.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202503/02/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/08/202510-Q
12/31/202402/24/202510-K
09/30/202411/07/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/26/202410-K
09/30/202311/06/202310-Q
06/30/202308/07/202310-Q
03/31/202305/04/202310-Q
12/31/202202/27/202310-K
09/30/202211/07/202210-Q
06/30/202208/04/202210-Q
03/31/202205/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
12/31/202503/02/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/08/202510-Q
12/31/202402/24/202510-K
09/30/202411/07/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/26/202410-K
09/30/202311/06/202310-Q
06/30/202308/07/202310-Q
03/31/202305/04/202310-Q
12/31/202202/27/202310-K
09/30/202211/07/202210-Q
06/30/202208/04/202210-Q
03/31/202205/09/202210-Q
12/31/202103/01/202210-K
09/30/202111/09/202110-Q
06/30/202108/16/202110-Q
03/31/202105/17/202110-Q
12/31/202003/12/202110-K
09/30/202011/24/202010-12B/A

Investor Activity (13F)

Updated Nov 9, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Newtyn Management, LLC$49.7 Mil5.3%33ADD +32.6%13F
Owl Creek Asset Management, L.P.$12.3 Mil2.4%21New13F
Madison Avenue Partners, LP$50.4 Mil2.2%27New13F
Irenic Capital Management LP$20.5 Mil1.9%42ADD +29.3%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Madison Avenue Partners, LP$50.4 Mil2.2%27New13F
Owl Creek Asset Management, L.P.$12.3 Mil2.4%21New13F
Newtyn Management, LLC$49.7 Mil5.3%33ADD +32.6%13F
Irenic Capital Management LP$20.5 Mil1.9%42ADD +29.3%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Silver Point Capital L.P.$44.0 Mil2.0%21Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Madison Avenue Partners, LP$50.4 Mil2.2%27New13F
Newtyn Management, LLC$49.7 Mil5.3%33ADD +32.6%13F
Irenic Capital Management LP$20.5 Mil1.9%42ADD +29.3%13F
Owl Creek Asset Management, L.P.$12.3 Mil2.4%21New13F
Core Cache Last Updated: 11/8/2026