The company significantly improved its financial position by reducing the debt-to-equity ratio from 4.33 in 2025Q2 to 0.62 by 2026Q1 through disciplined strategic asset sales.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 1.43B | 1.68B | 1.96B | 2.09B | 2.18B | 2.43B | 1.84B | 1.26B | 246.34M | 6.08B | 346.52M | 6.12B | 6.1B | 6.08B | 6.4B | 6.87B | 7.38B | 7.91B | 9.4B | 10.61B | 10.29B | 10.02B | 10.07B | 10.11B | 10.32B | 8.32B | 7.7B | 5.68B | 4.27B | 2.1B | 835M |
| Asset Growth % | -46.47% | -14.37% | -6.34% | -4.21% | -10.39% | 32.25% | 46.06% | 411.53% | -95.95% | 1654.32% | -94.34% | 0.36% | 0.3% | -5.03% | -6.85% | -6.87% | -6.68% | -15.91% | -11.35% | 3.08% | 2.73% | -0.55% | -0.42% | -1.96% | 23.95% | 8.09% | 35.44% | 33.17% | 103.29% | 151.5% | - |
| Real Estate & Other Assets | 1.06B | -986.96M | 1.26B | 1.65B | 1.52B | 1.28B | 1.04B | 938.32M | -320.82M | -336.81M | -6.01B | 282.61M | 412.95M | 495.11M | 701.07M | 305M | 308M | 349M | 413M | 438M | 421M | 417M | 395M | 409M | 363M | -7.43B | -7.29B | -5.03B | -3.84B | -1.83B | -745M |
| PP&E (Net) | 0 | 106.44M | 117.56M | 119.66M | 118.64M | 439.62M | 105.57M | 0 | 18.31M | 20.05M | 5.76B | 0 | 5.47B | 5.39B | 5.51B | 6.03B | 6.53B | 6.96B | 8.1B | 9.35B | 9.08B | 8.75B | 8.79B | 8.75B | 8.92B | 6.8B | 6.1B | 4.1B | 2.6B | 1.51B | 745M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Total Current Assets | 327.29M | 394.89M | 529.8M | 217.29M | 290.5M | 310.44M | 356.12M | 15.42M | 139.22M | 189.1M | 162.14M | 50.79M | 129.87M | 116.89M | 186.93M | 132.86M | 161.18M | 141.08M | 388.81M | 281.92M | 315.6M | 219.21M | 180.39M | 165.51M | 185.11M | 8.22B | 157M | 102M | 71M | 66M | 17M |
| Cash & Equivalents | 224.33M | 394.89M | 141.07M | 122.6M | 206.46M | 233.37M | 289.58M | 5.4M | 72.59M | 142.54M | 131.15M | 137.75M | 28.97M | 56M | 84M | 91M | 111M | 81M | 300M | 210M | 230M | 162M | 105M | 98M | 100M | 80M | 157M | 102M | 71M | 37M | 13M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 1000K | 1000K |
| Other Current Assets | 0 | -133.72M | 307.45M | 16.67M | 5.94M | -9.31M | -4.19M | 4.72M | 6.29B | 6.08B | 6.33B | 0 | 73.79M | 60.89M | 68.93M | -138K | 325K | -23.92M | -37.47M | -34.08M | -21.4M | -43.79M | 343K | -51.49M | -42.89M | 8.03B | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 12.26M | 13.15M | 13.49M | 14.16M | 3.27M | 7.26M | 13.38M | 23.93M | 0 | 23.45M | 0 | 4.34M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 727.94M | 1.12B | 1.64B | 1.5B | 1.39B | 1.84B | 1.28B | 741.85M | 4.49B | 4.32B | 1.57M | 4.29B | 4.87B | 5.11B | 5.17B | 5.96B | 6.01B | 6.31B | 7.99B | 8.86B | 7.95B | 7.3B | 7.06B | 7.25B | 7.15B | 5.61B | 5.2B | 3.42B | 2.37B | 1.05B | 612M |
| Total Debt | 470.45M | 870.67M | 1.2B | 1.27B | 1.16B | 1.62B | 1.07B | 558.93M | 87.62M | 302.52M | 191.62M | 3.85B | 4.14B | 4.39B | 4.69B | 5.17B | 5.5B | 5.69B | 6.78B | 7.53B | 6.87B | 6.28B | 5.99B | 6.2B | 6.25B | 4.78B | 4.39B | 2.73B | 1.81B | 808M | 523M |
| Net Debt | 246.12M | 475.78M | 1.05B | 1.14B | 956.36M | 1.38B | 779.29M | 553.53M | 15.02M | 159.98M | 60.47M | 3.71B | 4.11B | 4.33B | 4.6B | 5.08B | 5.39B | 5.61B | 6.48B | 7.32B | 6.64B | 6.12B | 5.88B | 6.1B | 6.15B | 4.7B | 4.24B | 2.63B | 1.74B | 771M | 510M |
| Long-Term Debt | 458.77M | 502.28M | 1.07B | 1.15B | 1.05B | 1.18B | 982.09M | 558.93M | 3.83B | 3.84B | 49.37M | 3.85B | 4.14B | 4.39B | 4.69B | 5.17B | 5.5B | 5.69B | 6.78B | 7.53B | 6.73B | 6.07B | 5.92B | 6.12B | 5.96B | 4.57B | 4.06B | 2.52B | 1.39B | 755M | 318M |
| Short-Term Borrowings | 470.45M | 122.95M | 161.66M | 3.92M | 2.9M | 0 | 9.85M | 0 | 246.34M | 250M | 346.52M | 64.05M | 215.94M | 170.2M | 268.6M | 267.28M | 288.99M | 105.29M | 407.89M | 455.78M | 140M | 217M | 69M | 81M | 291M | 214M | 329M | 209M | 418M | 53M | 205M |
| Capital Lease Obligations | 505.18M | 245.43M | 121.84M | 118.7M | 114.63M | 435.09M | 86.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 470.45M | 122.95M | 350.65M | 121.14M | 106.6M | 97.4M | 76.7M | 34.69M | 414.92M | 576.49M | 554.28M | 100.17M | 734.15M | 724M | 798M | 792M | 808M | 947M | 1.21B | 1.32B | 1.22B | 1.23B | 1.14B | 1.14B | 1.2B | 1.04B | 1.13B | 897M | 974M | 300M | 294M |
| Accounts Payable | 66.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.12M | 42M | 43M | 31M | 33M | 27M | 30M | 64M | 65M | 55M | 34M | 35M | 31M | 11M | 11M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.49M | 49.37M | 64.05M | 81.88M | 107.78M | 128.58M | 51.93M | 58.74M | 182.49M | 28.33M | 14.43M | 165.68M | 9.84M | 47.2M | 26.02M | 15.45M | 9.07M | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 187.74M | 252.18M | 0 | 0 | 0 | 0 | 0 | 0 | -67.06M | -527.05M | -354.46M | -3.94B | -38.23M | -87.36M | -69.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 756.09M | 552.88M | 312.3M | 591.61M | 792.18M | 596.03M | 563.35M | 518.28M | 10.19B | 10.03B | 9.99B | 2B | 1.32B | 1.05B | 995.05M | 991.38M | 1.15B | 1.36B | 1.42B | 1.75B | 2.34B | 2.72B | 3.01B | 2.86B | 3.16B | 2.72B | 2.5B | 2.26B | 1.9B | 1.04B | 223M |
| Equity Growth % | 138.88% | 77.04% | -47.21% | -25.32% | 32.91% | 5.8% | 8.7% | -94.92% | 1.67% | 0.39% | 398.52% | 52.26% | 25.67% | 5.22% | 0.37% | -13.75% | -15.27% | -4.33% | -18.97% | -25.21% | -13.84% | -9.71% | 5.14% | -9.55% | 16.46% | 8.55% | 10.56% | 18.92% | 82.11% | 368.61% | - |
| Shareholders Equity | 705.9M | 361.85M | 122.96M | 349.65M | 547.85M | 500.56M | 499.78M | 513.26M | 6.19B | 6.08B | 6.23B | 1.62B | 1.23B | 967M | 915M | 908M | 1.07B | 1.27B | 1.42B | 1.75B | 2.34B | 2.72B | 3.01B | 2.86B | 3.16B | 2.72B | 2.5B | 2.26B | 1.9B | 1.04B | 223M |
| Minority Interest | 50.19M | 191.03M | 189.34M | 241.96M | 244.33M | 95.46M | 63.58M | 5.02M | 4B | 3.95B | 3.75B | 380.81M | 87.94M | 79.95M | 80.05M | 83.38M | 83.43M | 86.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 0 | 1.4M | 1.36M | 1.41M | 1.47M | 1.5M | 1.49M | 513.26M | 1.49M | 1.57M | 1.57M | 1.56M | 1.46M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 429.14M | 425M | 464.54M | 496.48M | 521.84M | 515.13M | 0 | 0 | 0 | 0 | 4.06B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 0 | -68.69M | -303.41M | -116.29M | 49.9M | -22.77M | -16.84M | 0 | 1.7B | 1.66B | 1.79B | -2.6B | -2.65B | -2.8B | -2.86B | -2.84B | -2.68B | -2.49B | -2.33B | -2.02B | -1.57B | -1.35B | -1.05B | -998M | -777M | -572M | -365M | -213M | -88M | -31M | -14M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 159.13M | 186.13M | 68.11M | 68.11M | 657.11M | 20M | 30M | 696.5M | 723.5M | 723.5M | 860.25M | 891.5M | 555.25M | 552.52M | 502.52M | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 15.15% | 30.1% | -5.06% | -7.78% | 3.28% | -0.28% | -0.33% | 0.04% | 0.1% | 9.84% | 1.99% | 4.06% | 0.34% | 3.32% | 2% | -0.8% | -0.94% | -0.74% | 4.15% | 0.29% | 1.74% | 0.71% | 2.61% | 1.56% | 1.81% | 1.34% | 1.48% | 1.63% | 2.03% | 1.95% | 1.56% |
| Return on Equity (ROE) | 54.65% | 126.37% | -22.67% | -24.02% | 10.91% | -1.02% | -0.93% | 0.01% | 0.03% | 3.16% | 1.07% | 14.93% | 1.74% | 20.3% | 13.34% | -5.33% | -5.72% | -4.63% | 26.23% | 1.46% | 6.99% | 2.48% | 8.98% | 5.28% | 5.75% | 4.11% | 4.16% | 3.89% | 4.38% | 4.51% | 5.83% |
| Debt / Assets | 32.81% | 51.96% | 61.41% | 60.61% | 53.31% | 66.39% | 58.08% | 44.36% | 35.57% | 4.98% | 55.3% | 62.91% | 67.82% | 72.18% | 73.24% | 75.26% | 74.6% | 71.96% | 72.07% | 71.01% | 66.79% | 62.73% | 59.46% | 61.28% | 60.58% | 57.46% | 57.05% | 48.09% | 42.4% | 38.48% | 62.63% |
| Debt / Equity | 0.62x | 1.57x | 3.85x | 2.14x | 1.47x | 2.71x | 1.90x | 1.08x | 0.01x | 0.03x | 0.02x | 1.92x | 3.14x | 4.19x | 4.71x | 5.22x | 4.79x | 4.19x | 4.78x | 4.30x | 2.94x | 2.31x | 1.99x | 2.17x | 1.98x | 1.76x | 1.76x | 1.21x | 0.95x | 0.77x | 2.35x |
| Net Debt / EBITDA | 6.11x | 16.38x | 12.39x | 14.22x | 12.12x | 20.02x | 8.70x | 3.84x | 0.02x | 0.14x | 0.06x | 6.60x | 7.53x | 8.01x | 8.12x | 9.33x | 9.69x | 10.11x | 11.77x | 8.84x | 8.22x | 8.68x | 8.48x | 7.74x | 7.44x | 5.84x | 6.91x | 8.24x | 7.53x | 6.57x | 8.33x |
| Book Value per Share | 5.52 | 3.92 | 2.25 | 4.12 | 5.25 | 3.99 | 3.79 | 4.32 | 68.47 | 65.18 | 65.87 | 16.44 | 9.29 | 7.42 | 7.63 | 8.57 | 10.19 | 12.24 | 12.07 | 12.88 | 17.07 | 20.21 | 22.57 | 21.50 | 25.47 | 25.77 | 25.32 | 24.92 | 27.90 | 29.86 | 12.53 |
Development pipeline execution volatility
Based on reported financial statements, Aimco successfully reduced its debt-to-equity ratio from a peak of 4.33 in 2025Q2 to 0.62 by 2026Q1, reflecting a disciplined approach to balance sheet management during a period of significant portfolio transformation and asset recycling.
The sharp reduction in leverage suggests that management is prioritizing the preservation of capital over aggressive debt-funded expansion. This deleveraging appears to be a direct result of monetizing non-core assets, which provides a necessary buffer against the inherent volatility of the firm's current development-heavy business model.
As indicated by the 2025Q4 data, the company maintained a substantial cash position of $394.9M, which serves as a critical liquidity cushion for funding ongoing development projects while navigating the current high-interest-rate environment that has constrained traditional construction financing.
This elevated cash balance appears to be a strategic choice to avoid reliance on volatile capital markets for project funding. Investors should monitor whether this liquidity is sufficient to reach stabilization on key assets without requiring further equity dilution or additional debt issuance.
According to recent SEC filings, the net property, plant, and equipment (PPE) balance has effectively been reduced to zero as of 2026Q1, signaling a fundamental shift away from stabilized income-producing assets toward a portfolio dominated by active development and repositioning projects.
The disappearance of traditional PPE on the balance sheet implies that the company is no longer holding stabilized multifamily assets in the same capacity as its peers. This transition suggests that the firm's value is increasingly tied to the successful execution of its development pipeline rather than recurring rental yields.
Analysis of the balance sheet suggests that the company's reliance on joint venture structures may obscure the true extent of its leverage, as off-balance-sheet obligations are not fully captured in the reported debt-to-equity figures of 0.62 as of 2026Q1.
While the headline leverage appears conservative, the use of unconsolidated affiliates warrants further investigation to determine if there are contingent liabilities or capital calls that could impact liquidity. The lack of transparency regarding these partnership interests makes it difficult to assess the true risk profile of the development portfolio.
Quick answers to the most common questions about buying AIV stock.
As of 2025, Apartment Investment and Management Company (AIV) had total assets of $1.68B including $394.9M in current assets.
Apartment Investment and Management Company (AIV) carries total debt of $870.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Apartment Investment and Management Company (AIV) has total shareholders' equity (book value) of $361.9M ($3.92 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Apartment Investment and Management Company (AIV) reported a current ratio of 3.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.