Dividend sustainability appears precarious, as evidenced by a 2025Q1 payout ratio of 35.21x and a heavy allocation of $164.4M toward redevelopment CapEx in 2025Q4, which suppresses free cash flow generation.
| 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 |
|---|
| Cash from Operations | 8.09M | 8.09M | 46.98M | 50.47M | 204.23M | 12.59M | 47.85M | 57.93M | 53.49M | 392.07M | 377.72M | 359.89M | 321.42M | 325.6M | 316.8M | 258.8M | 257.5M | 233.8M | 421.5M | 465.5M | 532.3M | 355.5M | 365.5M | 416.4M | 497.3M | 494.5M | 400.4M | 253.3M | 148.4M | 73M | 38.8M |
| Operating CF Growth % | -1876.02% | -82.78% | -6.9% | -75.29% | 1522.69% | -73.69% | -17.41% | 8.31% | -86.36% | 3.8% | 4.96% | 11.97% | -1.28% | 2.78% | 22.41% | 0.5% | 10.14% | -44.53% | -9.45% | -12.55% | 49.73% | -2.74% | -12.22% | -16.27% | 0.57% | 23.5% | 58.07% | 70.69% | 103.29% | 88.14% | - |
| Operating CF / Revenue % | 5.73% | 5.84% | 22.51% | 26.99% | 107.3% | 7.41% | 31.59% | 40.05% | 40.47% | 39% | 37.93% | 36.67% | 32.65% | 33.43% | 30.66% | 23.97% | 22.49% | 19.55% | 28.91% | 27.05% | 31.48% | 23.37% | 24.88% | 27.46% | 33.02% | 33.79% | 36.38% | 43.87% | 36.99% | 35.28% | 35.63% |
| Net Income | 262.86M | 592.97M | -96M | -157.32M | 92.16M | -4.98M | -5.77M | 304K | 3.41M | 315.45M | 429.77M | 247.76M | 20.61M | 207.3M | 132.5M | -57.1M | -71.7M | -64.3M | 415.5M | 29.9M | 176.8M | 71M | 263.5M | 158.9M | 169M | 107.3M | 99.2M | 81M | 64.5M | 28.6M | 13M |
| Depreciation & Amortization | 53.91M | 58.28M | 86.36M | 68.83M | 158.97M | 84.71M | 77.97M | 64.03M | 49.38M | 366.18M | 333.07M | 306.3M | 282.61M | 291.9M | 366.8M | 378M | 426.1M | 444.4M | 458.6M | 487.8M | 470.6M | 412.1M | 368.8M | 335.1M | 292.6M | 364.4M | 330M | 151.2M | 101.6M | 43.5M | 21.2M |
| Stock-Based Compensation | 5.9M | 5.9M | 6.49M | 9.22M | 7.47M | 5.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -581.55M | -595.19M | 62.08M | 148.64M | -45.11M | -36.53M | -11.1M | -5.51M | 647K | 489.43M | 312.81M | 461.86M | 9.6M | -183.21M | -368.3M | -83.48M | -243.23M | -413.97M | -583.43M | 40.88M | -147.97M | -47.58M | -265.31M | -136.6M | 8.41B | -8.29B | 208.2M | -55.9M | 656.3M | 6.9M | 228.6M |
| Working Capital Changes | -5.54M | -10.26M | -873K | -6.15M | -26.52M | -22.31M | -3.1M | -893K | 732K | -31.24M | -26.23M | -21.71M | 2.83M | 3.96M | 180.93M | 16M | 139M | 261M | 117M | -108M | 17M | -90M | -8M | 59M | -8.38B | 8.32B | -237M | 77M | -674M | -6M | -224M |
| Cash from Investing | 874.97M | 874.97M | 30.6M | -260.4M | -120.75M | -271.41M | -129.32M | -407.94M | -37.84M | -301.25M | -124.26M | -175.41M | 13.68M | 65.2M | 111.7M | 40.5M | 86.4M | 630.3M | 1.34B | -271.6M | 233M | -50M | 336.9M | 311.9M | -786.4M | -132M | -547M | -281.1M | -328.3M | -717.7M | -88.1M |
| Acquisitions (Net) | 0 | 0 | 0 | -3.79M | -15.67M | 29.65M | 0 | 4.91M | -3.58M | -314.27M | -26.48M | -4.52M | 0 | 0 | 31M | 17M | 20M | 25M | 94M | 0 | 23M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | -53.77M | -14.23M | -23.27M | 0 | -95.89M | -242.3M | -20.37M | -290.73M | -169.88M | -284.04M | -51.29M | -89.72M | -64.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 54.73M | 16.47M | -29.65M | 0 | 0 | 713.86M | 402.41M | 536.89M | 367.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 1.09B | 974.59M | 190.63M | 14.93M | 130.19M | -70.33M | -105.44M | -277.63M | -9.23M | -10.92M | 2.71M | -1.41M | 957.56M | 518.09M | 530.32M | 353.78M | 245.3M | 905.6M | 2.03B | 619.6M | 876M | 633.9M | 918.8M | 656.5M | 54.9M | 242.4M | -212.7M | -63.7M | -95.5M | -314.7M | -50.7M |
| Cash from Financing | -648.82M | -648.82M | -43.9M | 119.43M | -98.29M | 204.67M | 370.09M | 355.33M | -15.92M | -79.43M | -243.01M | -162.66M | -361.88M | -419.5M | -435.1M | -319.6M | -313.8M | -1.08B | -1.68B | -213.3M | -697.2M | -249.2M | -711.5M | -727.3M | 308.6M | -439.6M | 202.1M | 58.1M | 214.1M | 668.5M | 60.1M |
| Dividends Paid | -415.56M | -415.56M | 0 | 0 | -3.04M | 0 | 0 | 0 | -246.1M | -233.97M | -216.29M | -195.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | -327.34M | -415.56M | 0 | 0 | -3.04M | 0 | 0 | 0 | 0 | -233.97M | -216.29M | -195.18M | -159.07M | -142.86M | -33.76M | -107.34M | 0 | 0 | 0 | -297.91M | -231.7M | -313.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 0 | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -798K | -904K | -39.93M | -47.92M | -23.49M | -76K | 0 | 0 | -373.59M | 0 | -34.8M | -27M | 114.8M | 1M | 52.2M | 57.4M | 4.3M | -4.2M | -526.7M | -355.7M | -191.6M | -48.3M | 59.5M | 5.6M | 423.3M | 175M | 248.8M | 285.2M | 342.8M | 644.1M | 23.9M |
| Other Financing | -2.07M | -11.59M | -63.8M | 81.58M | 95.48M | 15.06M | 414.29M | 284.43M | -192.3M | 154.54M | -28.62M | -60.04M | -54.44M | -88.73M | -177.87M | -113.04M | -170.85M | -282.2M | -589.01M | -201.81M | -223.72M | -59.35M | -380.01M | -727.3M | 308.6M | -439.6M | 202.1M | 58.1M | 214.1M | 668.5M | 60.1M |
| Net Change in Cash | 234.24M | 234.24M | 33.69M | -90.5M | -14.82M | -54.15M | 288.62M | -62.48M | -281K | 11.39M | 80.36M | 21.82M | -26.78M | -28.7M | -6.7M | -20.3M | 30.1M | -218.4M | 89.2M | -19.4M | 68.1M | 56.4M | -9.1M | 1M | 19.6M | -77.1M | 55.5M | 30.3M | 34.2M | 23.9M | 10.8M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -67.79M | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 | 0 | -100K | 0 | 0 | 100K | 0 | 0 | 100K | 0 | 0 | 0 | 0 | 100K | 0 |
| Cash at Beginning | 172.96M | 172.96M | 139.27M | 229.77M | 244.58M | 298.74M | 10.12M | 72.59M | 5.09M | 131.15M | 50.79M | 115.93M | 56M | 84M | 91M | 111M | 81M | 300M | 210M | 230M | 162M | 105M | 98M | 100M | 80M | 157M | 102M | 71M | 37M | 13M | 2M |
| Cash at End | 77.24M | 407.2M | 172.96M | 139.27M | 229.77M | 244.58M | 298.74M | 10.12M | 4.8M | 142.54M | 131.15M | 137.75M | 29.22M | 55.3M | 84.3M | 90.7M | 111.1M | 81.6M | 299.2M | 210.6M | 230.1M | 161.4M | 88.9M | 101M | 99.6M | 79.9M | 157.5M | 101.3M | 71.2M | 36.9M | 12.8M |
| Free Cash Flow | -235.62M | -91.53M | -113.04M | -222.03M | -33.29M | -165.22M | 23.96M | 18.59M | 15.64M | 33.97M | 31.08M | -7.29M | -338.42M | -76M | -43.1M | -6.5M | 78.6M | -66.5M | -356.4M | -425.7M | -133.7M | -332.4M | -216.4M | 71.8M | -344M | 120.1M | 66.1M | 35.9M | -84.4M | -330M | 1.4M |
| FCF Growth % | -56.81% | 19.03% | 49.09% | -566.94% | 79.85% | -789.66% | 28.84% | 18.88% | -53.95% | 9.3% | 526.38% | 97.85% | -345.29% | -76.33% | -563.08% | -108.27% | 218.2% | 81.34% | 16.28% | -218.4% | 59.78% | -53.6% | -401.39% | 120.87% | -386.43% | 81.69% | 84.12% | 142.54% | 74.42% | -23671.43% | - |
| FCF / Revenue % | -166.92% | -66.09% | -54.17% | -118.74% | -17.49% | -97.28% | 15.82% | 12.86% | 11.84% | 3.38% | 3.12% | -0.74% | -34.38% | -7.8% | -4.17% | -0.6% | 6.87% | -5.56% | -24.45% | -24.73% | -7.91% | -21.85% | -14.73% | 4.74% | -22.84% | 8.21% | 6.01% | 6.22% | -21.04% | -159.5% | 1.29% |
Development pipeline execution volatility
As reported in financial statements, Aimco's AFFO frequently trends negative, with a 2025Q1 payout ratio of 35.21x, indicating that the company's dividend distributions are not supported by recurring cash flow and instead rely on non-recurring capital recycling events to maintain liquidity for shareholders.
The persistent inability of AFFO to cover dividend payments suggests that the current distribution policy is disconnected from operational reality. Investors should monitor whether the company continues to prioritize capital returns over the internal funding of its development pipeline, as this strategy may necessitate future external financing.
Based on quarterly data, Aimco consistently allocates significant capital to property improvements, including a peak of $164.4M in 2025Q4, which directly reduces the free cash flow available for operations and highlights the capital-intensive nature of the firm's current value-add development strategy.
The high volume of maintenance and development-related capital expenditure appears to be the primary driver of negative free cash flow. This suggests that the company is effectively trading current liquidity for the potential of future asset appreciation, a trade-off that remains unproven in the current high-rate environment.
According to recent SEC filings, the extreme variance in FFO, ranging from a $313.9M gain in 2025Q4 to a $1.9M loss in 2026Q1, confirms that FFO is heavily distorted by non-cash items and asset disposition gains rather than stable property-level operating performance.
The reliance on FFO as a performance metric is problematic here, as it fails to account for the massive swings caused by the company's opportunistic asset sales. Analysts should look past these headline figures to assess the underlying cash-generating capacity of the core portfolio, which appears currently obscured.
Analysis of reported figures suggests that Aimco's reliance on joint venture structures may hide significant off-balance-sheet cash obligations, as the company's operating cash flow remains insufficient to cover the scale of its development activities without frequent reliance on external capital recycling.
The disconnect between negative operating cash flow and the company's reported cash balance warrants further investigation into the nature of these partnership interests. It appears likely that the company is utilizing complex financing arrangements to manage its development pipeline, which may introduce hidden leverage risks not immediately apparent on the balance sheet.
Quick answers to the most common questions about buying AIV stock.
Apartment Investment and Management Company (AIV) generated $8.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Apartment Investment and Management Company (AIV) reported negative free cash flow of $91.5M in 2025, indicating capital requirements exceeded cash from operations.
Apartment Investment and Management Company (AIV) spent $99.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Apartment Investment and Management Company (AIV) returned $415.6M to shareholders via cash dividends and spent $0.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.