Revenue experienced a sharp 36.1% decline in 2025Q4, while NOI margins compressed from 61.4% in 2023Q4 to 50.5% as property-level profitability was strained by intensive redevelopment costs.
| 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 |
|---|
| Revenue | 141.16M | 138.49M | 208.68M | 187M | 190.34M | 169.84M | 151.45M | 144.63M | 132.16M | 1.01B | 995.85M | 981.31M | 984.36M | 974.1M | 1.03B | 1.08B | 1.14B | 1.2B | 1.46B | 1.72B | 1.69B | 1.52B | 1.47B | 1.52B | 1.51B | 1.46B | 1.1B | 577.4M | 401.2M | 206.9M | 108.9M |
| Revenue Growth % | -22.69% | -33.64% | 11.6% | -1.76% | 12.08% | 12.14% | 4.72% | 9.43% | -86.86% | 0.96% | 1.48% | -0.31% | 1.05% | -5.72% | -4.3% | -5.7% | -4.26% | -17.98% | -15.3% | 1.79% | 11.14% | 3.58% | -3.13% | 0.67% | 2.91% | 32.97% | 90.63% | 43.92% | 93.91% | 89.99% | - |
| Property Operating Expenses | 57.25M | 184.91M | 90.98M | 73.71M | 71.79M | 67.61M | 61.51M | 57.54M | 53.55M | 720.77M | 689.83M | 671.55M | 373.32M | 375.7M | 402.2M | 450M | 510.2M | 524M | 652.8M | 797.1M | 772.6M | 723.4M | 689.8M | 693.3M | 639.7M | 626.7M | 467M | 255.6M | 175.3M | 92.7M | 46.5M |
| Net Operating Income (NOI) | 102.72M | -46.42M | 117.69M | 113.28M | 118.55M | 102.22M | 89.94M | 87.09M | 78.61M | 284.67M | 306.03M | 309.76M | 611.05M | 598.4M | 631M | 629.6M | 634.7M | 671.8M | 805.1M | 924.1M | 918.4M | 798.1M | 779.1M | 823M | 866.5M | 836.9M | 633.7M | 321.8M | 225.9M | 114.2M | 62.4M |
| NOI Margin % | 72.77% | -33.52% | 56.4% | 60.58% | 62.28% | 60.19% | 59.38% | 60.21% | 59.48% | 28.31% | 30.73% | 31.57% | 62.08% | 61.43% | 61.07% | 58.32% | 55.44% | 56.18% | 55.22% | 53.69% | 54.31% | 52.45% | 53.04% | 54.28% | 57.53% | 57.18% | 57.57% | 55.73% | 56.31% | 55.2% | 57.3% |
| Operating Expenses | 84.92M | -17.19M | 119.2M | 101.7M | 198.64M | 117.86M | 89.94M | 7.06M | 55.14M | 54.8M | 59.19M | 53.5M | 348.7M | 349.3M | 430.8M | 463.3M | 504.2M | 561.6M | 713.4M | 583.5M | 580.4M | 504.8M | 453.8M | 370.2M | 332.1M | 395.9M | 350.5M | 153.5M | 96.7M | 40.5M | 22.4M |
| G&A Expenses | 34.02M | 34.03M | 32.84M | 32.87M | 39.67M | 33.15M | 10.47M | 7.06M | 5.77M | 0 | 0 | 0 | 51.51M | 50M | 61.6M | 61.4M | 67.9M | 85.3M | 99M | 89.3M | 101.7M | 92.9M | 78.1M | 31M | 29.4M | 31.6M | 18.1M | 13.1M | 14.8M | 6M | 2.1M |
| EBITDA | 40.28M | 29.04M | 84.86M | 80.42M | 78.88M | 69.07M | 89.56M | 144.05M | 780.12M | 1.14B | 1.08B | 562.56M | 544.96M | 540.9M | 567M | 544.3M | 556.6M | 554.6M | 550.3M | 828.4M | 808.6M | 705.4M | 694.1M | 787.9M | 827M | 805.3M | 613.2M | 319.4M | 230.9M | 117.3M | 61.2M |
| EBITDA Margin % | 28.53% | 20.97% | 40.66% | 43.01% | 41.44% | 40.67% | 59.13% | 99.6% | 590.27% | 113.56% | 108.66% | 57.33% | 55.36% | 55.53% | 54.88% | 50.42% | 48.62% | 46.38% | 37.75% | 48.13% | 47.82% | 46.36% | 47.25% | 51.96% | 54.91% | 55.02% | 55.71% | 55.32% | 57.55% | 56.69% | 56.2% |
| Depreciation & Amortization | 58M | 58.28M | 86.36M | 68.83M | 158.97M | 84.71M | 77.97M | 64.03M | 756.65M | 775.57M | 749.01M | 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 |
| D&A / Revenue % | 41.08% | 42.08% | 41.38% | 36.81% | 83.52% | 49.88% | 51.48% | 44.27% | 572.52% | 77.14% | 75.21% | 31.21% | 28.71% | 29.97% | 35.5% | 35.01% | 37.22% | 37.16% | 31.46% | 28.34% | 27.83% | 27.09% | 25.11% | 22.1% | 19.43% | 24.9% | 29.98% | 26.19% | 25.32% | 21.02% | 19.47% |
| Operating Income | -22.79M | -29.23M | -1.5M | 11.58M | -80.09M | -15.64M | 0 | 80.02M | 23.47M | 366.18M | 333.07M | 256.26M | 262.35M | 249M | 200.2M | 166.3M | 130.5M | 110.2M | 91.7M | 340.6M | 338M | 293.3M | 325.3M | 452.8M | 534.4M | 440.9M | 283.2M | 168.2M | 129.3M | 73.8M | 40M |
| Operating Margin % | -16.14% | -21.11% | -0.72% | 6.19% | -42.08% | -9.21% | 0% | 55.33% | 17.76% | 36.42% | 33.45% | 26.11% | 26.65% | 25.56% | 19.38% | 15.4% | 11.4% | 9.22% | 6.29% | 19.79% | 19.99% | 19.28% | 22.15% | 29.86% | 35.48% | 30.12% | 25.73% | 29.13% | 32.23% | 35.67% | 36.73% |
| Interest Expense | 2M | 59.43M | 70.06M | 37.72M | 73.84M | 52.9M | 27.51M | 18.6M | 19.64M | 194.62M | 196.39M | 197.96M | 220.97M | 237.05M | 246.76M | -318.5M | -324.6M | 324.16M | 368.71M | 422.13M | 408.07M | 367.86M | 366.62M | 372.75M | 297.51M | 315.86M | -199.8M | -82.7M | -64.3M | -43.5M | -24.4M |
| Interest Coverage | - | 0.73x | -0.53x | -3.51x | 2.48x | 0.65x | 0.42x | 0.86x | 1.19x | 1.18x | 1.26x | 1.29x | 0.20x | 1.07x | 0.86x | -0.44x | 0.40x | -0.68x | -0.36x | -0.22x | 0.80x | -0.09x | -0.10x | 1.21x | 1.67x | 1.38x | -0.45x | 0.01x | 0.08x | -0.24x | -0.36x |
| Non-Operating Income | -64.81M | -72.81M | 35.51M | 143.94M | -263.35M | -49.99M | -11.59M | 64.03M | 155K | 136.32M | 86.23M | 0 | 219.15M | -3.53M | -11.64M | 305.95M | 633K | 332.14M | 226.02M | 439.14M | 13.38M | 324.88M | 363.53M | 854K | 37.79M | 5.24M | 373.3M | 167.2M | 123.9M | 84.3M | 48.7M |
| Pretax Income | -10.18M | -15.85M | -107.07M | -170.07M | 109.42M | -18.55M | -15.92M | -3.19M | 3.67M | 596.05M | 579.91M | 63.87M | 47.43M | 32.6M | -15.8M | -149.3M | -184.3M | -215.7M | -212.1M | -50.6M | -29.1M | -40.3M | 41.8M | 79.2M | 199.1M | 119.8M | 109.7M | 83.7M | 69.7M | 33M | 15.7M |
| Pretax Margin % | -7.21% | -11.44% | -51.31% | -90.95% | 57.49% | -10.92% | -10.51% | -2.2% | 2.78% | 59.28% | 58.23% | 6.51% | 4.82% | 3.35% | -1.53% | -13.83% | -16.1% | -18.04% | -14.55% | -2.94% | -1.72% | -2.65% | 2.85% | 5.22% | 13.22% | 8.19% | 9.97% | 14.5% | 17.37% | 15.95% | 14.42% |
| Income Tax | -57.42M | -57.59M | -11.07M | -12.75M | 17.26M | -13.57M | -10.15M | -3.3M | 261K | 229.86M | 246.84M | -27.52M | -20.05M | -1.96M | -929K | -7.2M | -18.4M | -18.7M | -53.4M | 30.93M | 40.98M | 34.26M | 83.12M | -854K | -37.79M | -5.24M | -373.3M | -167.2M | -123.9M | -84.3M | -48.7M |
| Effective Tax Rate % | 564.04% | 363.42% | 10.34% | 7.5% | 15.78% | 73.15% | 63.75% | 103.54% | 7.11% | 38.56% | 42.57% | -43.1% | -42.27% | -6.01% | 5.88% | 4.82% | 9.98% | 8.67% | 25.18% | -61.13% | -140.81% | -85.01% | 198.84% | -1.08% | -18.98% | -4.37% | -340.29% | -199.76% | -177.76% | -255.45% | -310.19% |
| Net Income | 262.86M | 546.68M | -102.47M | -166.2M | 75.73M | -5.91M | -5.04M | 304K | 3.24M | 316.24M | 64.28M | 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 |
| Net Margin % | 186.21% | 394.76% | -49.1% | -88.88% | 39.78% | -3.48% | -3.33% | 0.21% | 2.45% | 31.45% | 6.45% | 25.25% | 2.09% | 21.28% | 12.82% | -5.29% | -6.26% | -5.38% | 28.5% | 1.74% | 10.46% | 4.67% | 17.94% | 10.48% | 11.22% | 7.33% | 9.01% | 14.03% | 16.08% | 13.82% | 11.94% |
| Net Income Growth % | 241.42% | 633.51% | 38.35% | -319.47% | 1381.32% | -17.24% | -1758.22% | -90.63% | -98.97% | 392.02% | -74.06% | 1101.96% | -90.06% | 56.45% | 332.05% | 20.36% | -11.51% | -115.48% | 1289.63% | -83.09% | 149.01% | -73.06% | 65.83% | -5.98% | 57.5% | 8.17% | 22.47% | 25.58% | 125.52% | 120% | - |
| Funds From Operations (FFO) | 325.93M | 604.96M | -16.11M | -97.36M | 234.69M | 78.8M | 72.92M | 64.33M | 759.9M | 1.09B | 813.29M | 554.06M | 303.22M | 499.2M | 499.3M | 320.9M | 354.4M | 380.1M | 874.1M | 517.7M | 647.4M | 483.1M | 632.3M | 494M | 461.6M | 471.7M | 429.2M | 232.2M | 166.1M | 72.1M | 34.2M |
| FFO Margin % | 230.89% | 436.84% | -7.72% | -52.07% | 123.3% | 46.4% | 48.15% | 44.48% | 574.97% | 108.59% | 81.67% | 56.46% | 30.8% | 51.25% | 48.33% | 29.72% | 30.95% | 31.79% | 59.96% | 30.08% | 38.29% | 31.75% | 43.05% | 32.58% | 30.65% | 32.23% | 38.99% | 40.21% | 41.4% | 34.85% | 31.41% |
| FFO Growth % | 56762.99% | 3855.42% | 83.45% | -141.48% | 197.83% | 8.06% | 13.35% | -91.53% | -30.4% | 34.25% | 46.79% | 82.73% | -39.26% | -0.02% | 55.59% | -9.45% | -6.76% | -56.52% | 68.84% | -20.03% | 34.01% | -23.6% | 28% | 7.02% | -2.14% | 9.9% | 84.84% | 39.8% | 130.37% | 110.82% | - |
| FFO per Share | 2.38 | 4.29 | -0.12 | -0.68 | 1.56 | 0.53 | 0.49 | 0.54 | 5.10 | 7.10 | 5.36 | 4.55 | 2.14 | 3.54 | 3.83 | 2.77 | 3.14 | 3.43 | 7.44 | 3.81 | 4.72 | 3.59 | 4.74 | 3.71 | 3.72 | 4.48 | 4.34 | 2.56 | 2.44 | 2.06 | 1.92 |
| FFO Payout Ratio % | 100.43% | 68.69% | 0% | 0% | 1.3% | 0% | 0% | 0% | 32.39% | 21.43% | 26.59% | 35.23% | 52.46% | 28.62% | 6.76% | 33.45% | 0% | 0% | 0% | 57.54% | 35.79% | 64.87% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | 1.92 | 3.87 | -0.74 | -1.16 | 0.49 | -0.03 | -0.04 | 0.00 | 0.02 | 2.06 | 0.42 | 2.03 | 0.15 | 1.47 | 1.02 | -0.49 | -0.64 | -0.58 | 3.54 | 0.22 | 1.29 | 0.53 | 1.98 | 1.19 | 1.36 | 1.02 | 1.00 | 0.89 | 0.95 | 0.82 | 0.73 |
| EPS Growth % | 235.56% | 622.97% | 36.21% | -336.73% | 1571.47% | 14.18% | - | -88.53% | -98.94% | 390.48% | -79.31% | 1253.33% | -89.8% | 44.12% | 308.16% | 23.44% | -10.34% | -116.38% | 1509.09% | -82.95% | 143.4% | -73.23% | 66.39% | -12.5% | 33.33% | 2% | 12.36% | -6.32% | 15.85% | 12.33% | - |
| EPS (Basic) | - | 3.95 | -0.74 | -1.16 | 0.50 | -0.03 | -0.04 | 0.00 | 0.02 | 2.06 | 0.42 | 2.04 | 0.15 | 1.47 | 1.02 | -0.49 | -0.64 | -0.58 | 3.54 | 0.22 | 1.29 | 0.53 | 1.98 | 1.19 | 1.36 | 1.02 | 1.00 | 0.89 | 0.95 | 0.82 | 0.73 |
| Diluted Shares Outstanding | 136.9M | 141.06M | 138.5M | 143.62M | 150.83M | 149.48M | 148.57M | 119.99M | 148.87M | 153.8M | 151.6M | 121.84M | 141.59M | 141.1M | 130.4M | 115.7M | 112.8M | 110.8M | 117.5M | 135.9M | 137.1M | 134.4M | 133.3M | 133.1M | 124.2M | 105.4M | 98.8M | 90.8M | 68.2M | 35M | 17.8M |
Development pipeline execution volatility
As reported in financial statements, Aimco's revenue experienced a sharp 36.1% decline in 2025Q4, reflecting a strategic pivot toward asset pruning and development-focused capital recycling rather than the steady, recurring rental income streams typically observed in stabilized multifamily REITs within the broader residential sector.
The top-line contraction appears to be a deliberate byproduct of the company's post-spin-off strategy, which prioritizes high-alpha development over maintaining a large, stabilized portfolio. Investors should monitor whether this revenue volatility is a temporary phase of portfolio repositioning or a structural shift that leaves the company overly dependent on lumpy, non-recurring asset sales.
Based on the provided quarterly data, FFO per share reached $2.23 in 2025Q4, yet this figure appears heavily influenced by non-operating items, as evidenced by the extreme variance from the negative FFO per share of -$0.01 reported in the subsequent 2026Q1 period.
The massive swings in FFO suggest that headline earnings are not indicative of recurring operational performance, but rather reflect the timing of property dispositions and fair value adjustments. This lack of consistency complicates dividend safety assessments and suggests that investors should focus on NAV growth rather than traditional FFO-based payout ratios.
According to recent SEC filings, the company's NOI margin fluctuated significantly, dropping from a peak of 61.4% in 2023Q4 to 50.5% by 2025Q4, indicating that property-level profitability is currently strained by the costs associated with taking assets offline for intensive repositioning and development projects.
The erosion of NOI margins suggests that the company is absorbing significant carrying costs on non-revenue-generating assets. This trend warrants further investigation into whether the projected yields on the development pipeline will be sufficient to offset the current margin dilution once these properties reach stabilization.
Analysis of the income statement reveals a persistent disconnect between negative operating margins and the company's high cash balance, suggesting that Aimco's financial health is currently sustained by capital recycling rather than operational cash flow generation from its core residential property portfolio.
The reliance on asset sales to fund operations creates a potential vulnerability if market conditions for property dispositions deteriorate. Investors should remain cautious regarding the lack of transparency in stabilized NOI, which may be masking the true economic cost of the company's aggressive development-led business model.
Quick answers to the most common questions about buying AIV stock.
For fiscal year 2025, Apartment Investment and Management Company (AIV) reported total revenue of $138.5M. This represents a 27.2% increase compared to $108.9M in 1996.
Apartment Investment and Management Company (AIV) is profitable, generating $546.7M in net income for the fiscal year ending 2025 with a net profit margin of 394.8%.
Apartment Investment and Management Company (AIV) reported an operating income of $-29.2M, resulting in an operating profit margin of -21.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Apartment Investment and Management Company (AIV) generated $-46.4M in gross profit for the year, representing a gross profit margin of -33.5%. This demonstrates the company's core pricing power and production efficiency.