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Apartment Investment & Management Co (AIV) filed its fiscal 2012 10-K annual report with the SEC on Feb 25, 2013.

Top risk flagged: Government housing-program changes: 2012 subsidies totaled $117.3 million, with 4.8% tied to contracts expiring in 2013

Apartment Investment & Management Co FY2012 10-K analysis

AI summary of each section, grounded in the filing text

REIT owning, managing and redeveloping apartment communities in coastal and job-growth U.S. markets
Affordable portfolio targeted for sale within four to five years, alongside continued conventional portfolio focus
$289.9M property-sale proceeds redeployed into $100.1M redevelopment and $127.8M conventional acquisitions
Portfolio totaled 67,977 units, including 55,879 conventional and 12,098 affordable units
Leverage profile: 97% property-level non-recourse debt, 7.9-year weighted maturity, 97% fixed-rate debt

Property revenue $811.7M, up 5.4% YoY, with conventional segment NOI $517.0M, up 6.5%
Same-store operating margin 64.6% vs 63.6%, with total same-store NOI up 6.2%
Best segment: conventional NOI $517.0M vs affordable NOI $61.6M, up 6.5% and 3.7%
Operating cash flow $316.8M, capex $270.2M, including $100.1M redevelopment spending
Equity issuance $641.4M funded $600.9M preferred-stock redemption, with $104.0M common dividends paid
2013 redevelopment spending outlook $130.0M to $160.0M, with risks from financing availability, interest rates and apartment supply

Government housing-program changes: 2012 subsidies totaled $117.3 million, with 4.8% tied to contracts expiring in 2013
Floating-rate exposure: $154.6 million variable-rate debt, with a 100-basis-point LIBOR increase reducing net income by $1.2 million annually
Redevelopment execution: $130.0 million to $160.0 million planned investment during 2013
Senior-management dependency: CEO Terry Considine and other key executives lacked key-person life insurance
REIT qualification risk: IRS challenge could trigger corporate taxation and default under primary credit facilities

Generated from the filing text; verify against the original. How to read a 10-K

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