Short answer
Apartment Investment & Management Co (AIV) filed its fiscal 2016 10-K annual report with the SEC on Feb 24, 2017. It reported revenue of $996M and net income of $430M.
- Top risk flagged: HUD housing-program exposure: $80.2M of 2016 rental revenue from subsidies, with 13.6% tied to contracts expiring in 2017
FY2016 key financial metrics · XBRL
- Revenue
- $996M
- Net income
- $430M
- Operating margin
- 24.8%
- EPS (diluted)
- $2.67
- ROE
- 24.0%
- Operating cash flow
- $378M
Source: XBRL data from the Apartment Investment & Management Co (AIV) FY2016 10-K on SEC EDGAR. USD.
Apartment Investment & Management Co FY2016 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: Self-managed REIT owning, operating, redeveloping and selectively developing apartment communities in U.S. coastal and job-growth markets
- Portfolio: 46,311 apartment homes across conventional and affordable reportable segments as of December 31, 2016
- Capital recycling strategy: Selling up to 10% annually of lower-return communities, reinvesting proceeds into upgrades, redevelopment, development and acquisitions
- Leverage profile: 94% property-level non-recourse debt, 6% perpetual preferred equity, 9.8-year weighted maturity and 4.90% weighted cost
- 2016 operating emphasis: Technology-enabled resident services, centralized revenue management and disciplined property-quality investment totaling $3,500 per conventional apartment home
Management Discussion & Analysis
- Conventional revenue $804.3M, up $52.2M or 6.9% YoY, driven by same-store growth of 4.7%
- AFFO $1.97 per share, up 5% YoY, with same-store operating margin 68% and FCF margin 62%
- Best segment Conventional NOI $546.4M, up 8.1%; Affordable NOI up 10.9% to $62.0M
- Operating cash flow $377.7M; capital expenditures $346.6M, including redevelopment $155.4M and development $31.8M
- Dividends and distributions $252.0M; 2017 redevelopment and development spending guidance $100M to $200M, with competitive new supply risk
Risk Factors
- HUD housing-program exposure: $80.2M of 2016 rental revenue from subsidies, with 13.6% tied to contracts expiring in 2017
- Variable-rate debt: $101.5M outstanding, with a 100-basis-point LIBOR increase reducing annual net income by approximately $0.9M
- Redevelopment spending: $100M to $200M planned for 2017, exposed to construction-cost overruns and delayed lease-up
- Government housing programs: HUD or state-agency funding changes could reduce rental subsidies and liquidity
- Senior-management dependency: loss of CEO Terry Considine or other executives could materially impair operations
Generated from the filing text; verify against the original. How to read a 10-K
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