10 Year Financial Data of Apartment Investment & Management (AIV)

28.89 (1y: +4%)

Market Cap	4.2 B	P/E(ttm)	43.20
Enterprise Value	8.94 B	P/B	4.90

AIV- NYSE (USA)
Apartment Investment & Management

Currently 1/5

Business Predictability Rank: 1-Star (On Watch)
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
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$28.89

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	-8.7	-9.9	-17.6
EBITDA Growth (%)	-8	-6.2	-13.5
Free Cash Flow Growth (%)	0	0	0
Book Value Growth (%)	-21.4	-21.4	248.8

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	16.31	15.77	16.20	17.66	17.28	12.03	10.46	9.84	9.05	7.68	7.42	2.27	2.13	1.84	1.69	1.76
EBITDA per Share	8.52	7.49	7.58	8.65	8.51	5.47	5.30	4.78	4.71	4.22	4.03	1.14	1.09	0.90	1.09	0.95
Free Cashflow per Share	-0.83	-5.94	-6.44	-3.00	-6.29	-2.94	-0.58	0.68	-0.05	-0.32	-0.07	-0.42	0.04	0.06	-0.05	-0.12
Earnings per Share ($)	0.70	1.88	-0.18	1.00	-0.36	2.98	-1.00	-1.08	-0.86	0.61	0.67	-0.09	--	0.17	0.47	0.03
Dividends Per Share	3.06	2.40	3.00	2.40	2.40	2.40	0.40	0.30	0.48	0.76	0.82	0.18	0.18	0.20	0.20	0.24
Book Value per Share	21.57	21.12	18.17	15.84	10.30	5.96	5.07	3.34	2.11	6.30	5.65	1.62	6.13	5.57	5.84	5.65
Month End Stock Price	34.50	38.54	37.87	56.02	34.73	11.55	15.92	25.84	22.91	27.06	30.66	26.41	27.03	25.99	27.06	30.66
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	5.60	8.80	2.60	7.60	1.70	29.30	-5.20	-6.90	-6.30	14.50	2.80	0.80	8.00	17.60	30.00	2.80
Return on Assets %	1.60	2.60	0.70	1.70	0.30	4.40	-0.80	-1.00	-0.80	2.10	0.40	--	1.20	2.40	4.40	0.40
Return on Capital - Joel Greenblatt %	5.30	3.80	3.50	3.80	3.80	2.60	1.60	2.10	2.90	3.80	4.40	2.80	3.20	3.60	4.40	4.40
Debt to Equity	2.17	1.99	2.31	2.94	4.31	0.07	4.59	5.26	5.69	5.12	5.31	6.03	4.44	5.64	5.12	5.31

Gross Margin %	--	--	--	--	--	98.20	54.90	54.20	57.40	59.90	59.60	59.10	59.70	59.10	61.20	59.60
Operating Margin %	30.10	22.40	19.70	19.90	20.20	14.00	9.20	11.40	15.40	19.40	22.60	15.80	17.70	19.00	22.90	22.60
Net Margin %	10.50	17.90	4.70	10.50	1.70	28.50	-5.40	-6.30	-5.30	12.80	2.30	0.70	8.40	14.50	28.10	2.30

Days Sales Outstanding	79.50	77.30	72.30	61.80	22.60	70.60	18.30	18.60	14.10	12.00	12.30	14.30	12.00	12.40	12.60	12.30

Debt to Revenue	4.09	4.08	4.13	4.06	4.38	0.07	4.76	4.81	4.79	4.54	18.45	19.00	18.79	18.46	19.11	18.45
COGS to Revenue	--	--	--	--	--	0.02	0.45	0.46	0.43	0.40	0.40	0.41	0.40	0.41	0.39	0.40
Interest Exp. to Revenue %	-22.93	-22.75	-22.11	-22.22	-22.05	-24.12	-26.33	-26.33	-27.86	-22.92	-21.95	-25.31	-22.81	-23.37	-20.61	-21.95

Asset Turnover	0.15	0.15	0.15	0.16	0.16	0.16	0.15	0.16	0.16	0.16	0.04	0.04	0.04	0.04	0.04	0.04
Buyback Ratio	-1.70	-1.20	-3.50	-60.90	-180	-0.10	--	16.00	124	-304	--	--	-1,637	-67.20	0.10	--
Dividend Payout Ratio	1.79	0.85	3.97	1.30	7.99	0.70	--	--	--	0.77	5.91	11.13	1.01	0.75	0.42	5.91
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue	1,516	1,469	1,522	1,691	1,721	1,458	1,196	1,145	1,080	1,033	1,039	274	271	267	245	255
Cost of Goods Sold	--	--	--	--	--	26.77	540	525	460	414	417	112	109	109	95.27	103
Gross Profit	--	--	--	--	--	1,431	656	620	619	619	622	162	162	158	150	152

Selling, General, &Admin. Expense	28.82	78.09	92.92	102	89.25	99.04	69.57	53.37	50.95	49.60	49.76	11.62	13.56	12.31	12.11	11.78
Earnings Before DDA	792	698	712	828	848	663	606	557	562	567	565	138	139	130	158	138

Depreciation, Depletion and Amortization	335	369	412	491	500	459	496	426	395	367	353	94.32	91.06	79.60	102	80.33

Operating Income	457	329	299	337	347	205	111	131	166	200	213	43.20	48.02	50.73	56.07	57.81
Interest Income/Expense	-348	-334	-336	-376	-380	-352	-315	-301	-301	-237	-231	-69.30	-61.78	-62.51	-50.57	-56.07
Net Income	159	263	70.98	177	29.91	415	-64.27	-71.73	-57.09	132	136	1.95	22.80	38.78	68.93	5.89

Preferred dividends	93.57	88.80	87.95	81.13	66.02	53.71	50.57	53.59	46.07	50.31	38.59	12.56	22.28	14.62	0.86	0.84
Earnings per Share ($)	0.70	1.88	-0.18	1.00	-0.36	2.98	-1.00	-1.08	-0.86	0.61	0.67	-0.09	--	0.17	0.47	0.03
Total Shares Outstanding	92.97	93.12	93.89	95.76	99.63	121	114	116	119	134	145	121	127	145	145	145
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Cash and cash equivalents	98.13	105	162	230	210	300	81.26	111	91.07	84.41	49.56	83.23	313	103	84.41	49.56
Accounts Receivable	330	311	302	287	106	282	59.82	58.25	41.80	34.02	34.48	42.96	35.59	36.54	34.02	34.48
Other Current Assets	-429	-417	-463	-516	-317	-582	220	201	187	147	156	174	169	159	147	156
Total Current Assets	--	--	--	--	--	--	361	371	320	265	240	300	517	298	265	240

Property, Plant and Equipment	8,753	8,785	8,752	9,081	9,349	8,102	6,962	6,533	6,029	5,513	5,498	6,005	5,945	5,751	5,513	5,498
Other Long Term Assets	1,360	1,287	1,265	1,209	1,258	1,301	583	474	524	623	632	519	485	516	623	632
Total Assets	10,113	10,072	10,017	10,290	10,607	9,403	7,906	7,379	6,872	6,401	6,370	6,824	6,947	6,565	6,401	6,370

Accounts Payable	420	436	456	465	506	475	316	277	285	349	345	308	265	264	349	345
Current Portion of Long-Term Debt	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Other Current Liabilities	-420	-436	-456	-465	-506	-475	182	151	140	129	124	138	133	133	129	124
Total Current Liabilities	--	--	--	--	--	--	499	428	425	478	468	446	398	397	478	468

Long-Term Debt	6,198	5,988	6,284	6,873	7,532	95.98	5,690	5,505	5,172	4,688	4,713	5,201	5,090	4,938	4,688	4,713
Other Long-Term Liabilities	1,055	1,076	1,016	1,077	1,325	7,889	478	399	366	320	300	314	311	354	320	300
Total Liabilities	7,253	7,064	7,301	7,950	8,857	7,985	6,667	6,333	5,964	5,486	5,482	5,962	5,799	5,690	5,486	5,482

Common Stock	0.94	0.95	0.96	0.97	0.96	1.16	1.17	1.18	1.21	1.46	1.46	1.21	1.44	1.46	1.46	1.46
Preferred Stock	855	1,042	1,010	824	724	697	661	658	657	68.11	68.11	667	366	68.11	68.11	68.11
Retained Earnings	-998	-1,048	-1,351	-1,575	-2,019	-2,332	-2,492	-2,681	-2,841	-2,863	-2,893	-2,874	-2,897	-2,902	-2,863	-2,893
Additional Paid-In Capital	3,053	3,070	3,106	3,095	3,049	3,057	3,073	3,071	3,098	3,713	3,717	3,072	3,684	3,715	3,713	3,717
Treasury Stock	--	--	--	--	--	--	--	-0.59	--	--	--	--	--	--	--	--
Total Equity	2,861	3,008	2,716	2,340	1,750	1,418	1,240	1,046	908	915	888	862	1,148	876	915	888
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	159	263	70.98	177	29.91	415	-44.80	-89.62	-58.16	195	188	10.65	34.13	53.34	97.25	2.83
Depreciation, Depletion and Amortization	335	369	412	491	500	459	496	426	395	367	353	94.32	91.06	79.60	102	80.33
Cash Flow from Others	-63.68	-267	-128	-135	-64.72	-453	-217	-78.94	-78.35	-245	-223	-56.49	-21.63	-42.67	-124	-34.27
Cash Flow from Operations	430	366	356	532	466	421	234	258	259	317	317	48.47	104	90.27	74.53	48.89

Investment for Property, Plant & Equipement	-507	-918	-961	-819	-1,093	-778	-300	-179	-265	-360	-328	-98.95	-98.22	-80.92	-81.83	-66.96
Cash Flow from Acquisitions	-16.38	-15.86	-6.91	--	--	--	-6.84	-9.40	17.10	-7.82	-9.85	--	-4.85	-1.87	-1.10	-2.03
Cash Flow from Investing	312	337	-49.96	233	-272	1,345	630	86.38	40.49	112	45.06	-6.97	-22.37	65.56	75.45	-73.57

Net Issuance of Stock	2.74	-15.25	-4.50	21.84	-252	-714	--	14.35	71.94	594	594	--	559	35.84	-0.06	--
Net Issuance of Preferred Stock	2.29	74.70	-46.27	-189	-102	-24.84	-4.20	-11.89	-16.37	-591	-601	9.84	-301	-300	0.02	--
Net Issuance of Debt	--	--	--	--	--	-1,459	-756	-147	-157	-205	-185	6.84	-65.13	-34.11	-112	26.68
Cash Flow for Dividends	-373	-310	-313	-306	-298	-55.22	-268	-155	-187	-199	-200	-49.97	-51.76	-47.18	-49.96	-51.40
Other Financing	-360	-461	115	-223	439	576	-54.36	-14.34	-31.88	-34.99	-4.40	-16.04	7.79	-20.80	-5.94	14.55
Cash Flow from Financing	-727	-712	-249	-697	-213	-1,677	-1,082	-314	-320	-435	-396	-49.34	149	-366	-168	-10.18

Net Change in Cash	0.99	-9.09	56.39	68.09	-19.36	89.22	-218	30.07	-20.26	-6.65	-33.68	-7.83	230	-210	-18.10	-34.86

Free Cash Flow	-76.91	-553	-605	-287	-627	-357	-66.53	78.57	-6.53	-43.10	-10.69	-50.48	5.34	9.34	-7.30	-18.07
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score
Beneish M-Score

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AIV Quarterly/Annuals Reports

AIV: 10-Q - APARTMENT INVESTMENT & MANAGEMENT CO (0000922864) (Filer): (10-Q) - 2012-11-02
AIV: 10-Q - APARTMENT INVESTMENT & MANAGEMENT CO (0000922864) (Filer): (10-Q) - 2012-08-03
AIV: 10-Q - APARTMENT INVESTMENT & MANAGEMENT CO (0000922864) (Filer): (10-Q) - 2012-05-04
AIV: 10-K - APARTMENT INVESTMENT & MANAGEMENT CO (0000922864) (Filer): (10-K) - 2012-02-23
AIV: 10-Q - APARTMENT INVESTMENT & MANAGEMENT CO (0000922864) (Filer): (10-Q) - 2011-10-28

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