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Apartment Investment & Management Co (AIV) filed its fiscal 2014 10-K annual report with the SEC on Feb 27, 2015.

Top risk flagged: HUD housing-program changes: $74.6 million of 2014 rental revenue came from government subsidies

Apartment Investment & Management Co FY2014 10-K analysis

AI summary of each section, grounded in the filing text

Core model: Self-managed REIT owning, operating and redeveloping quality apartments in coastal and job-growth U.S. markets
Affordable portfolio transition: Expected sales of tax-credit communities from 2015 to 2023, with proceeds reinvested into conventional apartments
Portfolio strategy: Annual disposition of 5% to 10% lower-return assets, funding upgrades, redevelopment and higher-quality acquisitions
Portfolio scale: Apartment communities totaling 52,336 homes, with conventional and affordable operations contributing 90% and 10% of proportionate property NOI
Leverage profile: 91% property-level non-recourse debt, 97% fixed-rate, with weighted average maturity of 8.1 years

Revenue $861.9M, up 6.1% YoY, combining conventional $767.4M and affordable $94.5M property revenues
Operating profitability: conventional NOI $507.0M, up 8.5%; affordable NOI $56.1M, up 0.9%
Best segment conventional redevelopment: NOI $30.9M, up 60.1%; worst affordable segment: NOI up 0.9% to $56.1M
Operating cash flow $321.4M; capital expenditures $367.3M, including $182.0M redevelopment and $46.9M development
Dividends and distributions $209.0M; outlook focused on leverage reduction, with financing availability and adverse lending conditions as risks

HUD housing-program changes: $74.6 million of 2014 rental revenue came from government subsidies
Boston 12-story development and $210 million to $230 million planned 2015 investment exposed to permitting and construction delays
Majority of apartment communities encumbered by debt, creating foreclosure risk if refinancing or debt service fails
$232.5 million variable-rate debt, with a 100-basis-point LIBOR increase reducing annual net income approximately $2.0 million
Senior-management dependence: loss of CEO Terry Considine could materially affect operations

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

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