Revenue contracted 36% from $54.2M in 2024Q4 to $34.6M in 2025Q4 while NOI margin compressed 730 bps from 57.8% to 50.5%, suggesting the retained portfolio carries a structurally higher expense burden than assets sold.
Apartment Investment and Management Company (AIV) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 69.77M | 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 % | -64.15% | -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 | 34.06M | 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) | 35.72M | -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 % | 51.19% | -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 | 73.51M | -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 | -9.28M | 29.04M | 84.86M | 80.42M | 78.88M | 69.07M | 89.56M | 144.05M | 72.84M | 732.37M | 666.13M | 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 % | -13.3% | 20.97% | 40.66% | 43.01% | 41.44% | 40.67% | 59.13% | 99.6% | 55.12% | 72.84% | 66.89% | 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 | 49.49M | 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 |
| D&A / Revenue % | 70.93% | 42.08% | 41.38% | 36.81% | 83.52% | 49.88% | 51.48% | 44.27% | 37.36% | 36.42% | 33.45% | 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 | -58.77M | -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 % | -84.23% | -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 | 0 | 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 | -63.62M | -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 | -18.91M | -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 % | -27.11% | -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 | -68.57M | -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 % | 362.56% | 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 | 554.01M | 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 % | 794.04% | 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 % | 952.62% | 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) | 603.5M | 604.96M | -16.11M | -97.36M | 234.69M | 78.8M | 72.92M | 64.33M | 52.62M | 682.43M | 397.34M | 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 % | 864.97% | 436.84% | -7.72% | -52.07% | 123.3% | 46.4% | 48.15% | 44.48% | 39.81% | 67.87% | 39.9% | 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 % | 7761.33% | 3855.42% | 83.45% | -141.48% | 197.83% | 8.06% | 13.35% | 22.27% | -92.29% | 71.75% | -28.29% | 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 | 4.39 | 4.29 | -0.12 | -0.68 | 1.56 | 0.53 | 0.49 | 0.54 | 0.35 | 4.44 | 2.62 | 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 % | 54.24% | 68.69% | 0% | 0% | 1.3% | 0% | 0% | 0% | 467.71% | 34.29% | 54.44% | 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) | 4.03 | 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 % | 901.24% | 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 | 137.34M | 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 |
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.
Key Metrics
Top Statement Risk
Dividend sustainability unsupported by recurring cash flow
Metrics are mathematically derived from official filings.
Revenue Base Contracted by Dispositions
AIV's quarterly revenue fell from $54.2M in 2024Q4 to $34.6M in 2025Q4, a 36% decline reflecting aggressive portfolio dispositions rather than same-store deterioration, with 2026 periods showing no reported revenue, suggesting further asset base reduction per financial statements.
The revenue trajectory from approximately $50M+ in early 2024 down to $35M by late 2025 appears driven by intentional asset sales rather than organic weakness, as NOI held relatively steady at $17-18M per quarter despite the lower top line. The complete absence of revenue data in both 2026Q1 and 2026Q2 raises serious questions about the remaining operating portfolio's scale — investors should monitor whether retained assets can generate sustainable cash flow or whether the disposition program has materially depleted AIV's income-producing base.
NOI Margin Compression Signals Portfolio Shift
AIV's NOI margin declined from 57.8% in 2024Q1 to 50.5% in 2025Q4, a 730-basis-point compression suggesting the retained assets carry structurally higher operating expense burdens or less favorable reimbursement structures relative to disposed properties, according to recent SEC filings.
The margin compression coincides with the revenue decline, which may indicate that the assets retained through the disposition program have weaker property-level economics — higher property taxes, insurance costs, or less tenant reimbursement recovery. The sharp margin drop in 2024Q3 (50.0%) followed by a rebound and then another decline to ~50-51% in late 2025 suggests the remaining portfolio's cost structure is not yet stabilized, and the absence of 2026 margin data makes the forward trajectory difficult to assess.
FFO Volatility Reflects Disposition Gains
FFO swung from -$38.4M in 2024Q2 to $313.9M in 2025Q4, almost entirely driven by non-recurring disposition gains, while AFFO remained negative in six of eight quarters with available data, making headline FFO figures unreliable as a recurring earnings proxy.
The extraordinary FFO spikes in 2025Q3 ($302.9M) and 2025Q4 ($313.9M) appear to reflect gains on asset sales captured in FFO rather than operating improvement, as the underlying NOI in those quarters was actually lower (~$18M) than in earlier periods. The persistent and large gap between FFO and AFFO — with AFFO deeply negative in most quarters — suggests significant recurring capital expenditures and non-cash adjustments that FFO's broader definition captures but AFFO correctly strips out, pointing to weak underlying cash generation from the operating portfolio.
Depreciation Distortion Compounded by Asset Sales
AIV's $10.2M GAAP net loss in 2024Q1 against $29.0M NOI illustrates how real estate depreciation obscures economic performance, while the massive positive net income swings in 2025Q3/Q4 ($286.7M and $300.5M) reflect accumulated depreciation reversal on disposed assets rather than improved operations.
As properties are sold, their accumulated depreciation is removed from the balance sheet, making year-over-year depreciation comparisons meaningless during a disposition program of this magnitude. The recurring gap between quarterly NOI (~$28-30M in stable quarters) and net income (typically -$10M to -$60M) reflects the depreciation drag that FFO is designed to normalize — but with the portfolio in significant flux, even FFO becomes unreliable as a steady-state earnings measure, and investors should rely primarily on remaining-portfolio NOI trends.
Dividend Distribution Fundamentally Unsupported
With AFFO negative in six of eight reported quarters and dividend yield spiking to 39.1% in 2025Q4, AIV's distribution appears severely unsupported by recurring cash flow, suggesting either a dramatic equity price collapse or a special distribution event that warrants further investigation.
The combination of persistently negative AFFO and an extraordinary dividend yield implies the distribution is either being funded from asset sale proceeds or reflects severe market repricing of the equity — neither scenario is sustainable for a REIT whose operating base has contracted by more than a third. Based on reported figures, the structural gap between NOI and AFFO suggests that even the remaining portfolio's cash generation may not cover the stated distribution, and investors should closely scrutinize management's capital allocation priorities and any disclosed distribution policy changes.