Short answer
Apartment Investment & Management Co (AIV) filed its fiscal 2017 10-K annual report with the SEC on Mar 1, 2018. It reported revenue of $1.0B (+1.0% year over year) and net income of $316M.
- Top risk flagged: Tax Cuts and Jobs Act changes create uncertainty around REIT taxation, including interest-deduction limits and Treasury guidance
FY2017 key financial metrics · XBRL
- Revenue
- $1.0B
- +1.0% YoY
- Net income
- $316M
- −26.6% YoY
- Operating margin
- 19.3%
- −5.5 pp YoY
- EPS (diluted)
- $1.96
- −26.6% YoY
- ROE
- 19.0%
- −5.0 pp YoY
- Operating cash flow
- $394M
- +4.3% YoY
Source: XBRL data from the Apartment Investment & Management Co (AIV) FY2017 10-K on SEC EDGAR. USD.
Apartment Investment & Management Co FY2017 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 U.S. apartment communities
- Portfolio totaled 43,802 apartment homes, including 36,904 Real Estate homes and 6,898 low-income housing tax credit homes
- Strategic emphasis: Capital recycling, selling up to 10% annually and reinvesting in higher-growth redevelopments and selective acquisitions
- 2017 customer satisfaction: 84,000 grades averaging 4.25 out of five, with 53% of expiring leases renewed
- Distinctive fact: Unencumbered apartment communities reached approximately $1.8 billion, up 12.5% year over year
Management Discussion & Analysis
- Proportionate property revenue $854.5M, up 7.9% YoY; Same Store revenue $587.6M, up 3.2%
- AFFO per share $2.12, up 7.6%; Pro forma FFO per share $2.45, up from $2.32
- Best segment: Other Real Estate NOI $169.1M, up 23.8%; Asset Management contribution $40.0M, down from $48.8M
- Operating cash flow $394.1M; capital expenditures $358.1M, including $172.4M redevelopment and development investment
- Common dividends and distributions $260.8M; 2018 redevelopment spending guidance $120M to $200M, with Asset Management contribution expected to decline
Risk Factors
- Tax Cuts and Jobs Act changes create uncertainty around REIT taxation, including interest-deduction limits and Treasury guidance
- Government housing subsidy exposure: $7.1 million tied to contracts expiring in 2018
- Redevelopment spending $120 million to $200 million in 2018, exposed to construction cost overruns and delayed lease-up
- Variable-rate debt $399.8 million, with a 100-basis-point LIBOR increase reducing annual net income by approximately $3.8 million
- Senior-management concentration: loss of CEO Terry Considine could materially harm operations and results
Generated from the filing text; verify against the original. How to read a 10-K
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