Short answer
Apartment Investment & Management Co (AIV) filed its fiscal 2018 10-K annual report with the SEC on Feb 20, 2019. It reported revenue of $972M (−3.3% year over year) and net income of $666M.
- Top risk flagged: REIT qualification risk: IRS challenge could trigger corporate tax and four-year REIT disqualification
FY2018 key financial metrics · XBRL
- Revenue
- $972M
- −3.3% YoY
- Net income
- $666M
- +111.0% YoY
- EPS (diluted)
- $4.21
- +114.8% YoY
- ROE
- 39.2%
- +20.2 pp YoY
- Operating cash flow
- $396M
- +0.6% YoY
Source: XBRL data from the Apartment Investment & Management Co (AIV) FY2018 10-K on SEC EDGAR. USD.
Apartment Investment & Management Co FY2018 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: 36,549 apartment homes across major U.S. markets, approximately 99% average ownership
- Strategic emphasis: Selling up to 10% of the portfolio annually, redeploying proceeds into redevelopment, enhancements and selective acquisitions
- Customer retention: 54% of expiring leases renewed, the company’s highest result yet
- Capital allocation: Approximately $1.0 billion spent on redevelopment and development over five years, creating estimated value of $400.0 million
Management Discussion & Analysis
- Proportionate property NOI $615.4M, up 10.2% YoY from $558.5M
- Real Estate strongest: Other Real Estate NOI $184.9M, up 31.4%, versus Same Store NOI up 3.1% to $430.5M
- AFFO $337.1M, up 1.6%; AFFO per share $2.16, up 1.9% from $2.12
- Operating cash flow $396.4M; capital expenditures $340.5M; dividends and distributions $275.3M
- Share repurchases $394.1M; 2019 redevelopment spending guidance $225M to $275M, with financing access risk if lending conditions worsen
Risk Factors
- REIT qualification risk: IRS challenge could trigger corporate tax and four-year REIT disqualification
- Interest-rate exposure: $420.5M variable-rate debt, with 100-basis-point LIBOR increase reducing annual net income by $4.2M
- Financing concentration: majority of apartment communities encumbered by debt as of December 31, 2018
- Redevelopment execution risk: $225M-$275M planned 2019 investment exposed to construction delays and cost overruns
- Key-person dependency: loss of CEO Terry Considine could materially impair operations and results
Generated from the filing text; verify against the original. How to read a 10-K
Other Apartment Investment & Management Co annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.