Intrinsic value of Apartment Investment&Management - AIV

Previous Close

$43.91

  Intrinsic Value

$152.16

stock screener

  Rating & Target

str. buy

+247%

Previous close

$43.91

 
Intrinsic value

$152.16

 
Up/down potential

+247%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as AIV.

We calculate the intrinsic value of AIV stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,025
  1,049
  1,076
  1,106
  1,139
  1,176
  1,216
  1,260
  1,306
  1,356
  1,410
  1,467
  1,528
  1,593
  1,662
  1,735
  1,812
  1,893
  1,979
  2,070
  2,166
  2,267
  2,374
  2,486
  2,605
  2,729
  2,861
  2,999
  3,144
  3,297
Variable operating expenses, $m
  771
  789
  809
  832
  857
  885
  915
  947
  982
  1,020
  1,060
  1,103
  1,149
  1,198
  1,250
  1,304
  1,362
  1,424
  1,488
  1,557
  1,629
  1,705
  1,785
  1,870
  1,959
  2,053
  2,151
  2,255
  2,364
  2,479
Fixed operating expenses, $m
  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
  0
  0
  0
  0
  0
Total operating expenses, $m
  771
  789
  809
  832
  857
  885
  915
  947
  982
  1,020
  1,060
  1,103
  1,149
  1,198
  1,250
  1,304
  1,362
  1,424
  1,488
  1,557
  1,629
  1,705
  1,785
  1,870
  1,959
  2,053
  2,151
  2,255
  2,364
  2,479
Operating income, $m
  254
  260
  267
  274
  283
  292
  302
  312
  324
  336
  350
  364
  379
  395
  412
  430
  449
  470
  491
  513
  537
  562
  589
  617
  646
  677
  709
  744
  780
  818
EBITDA, $m
  882
  902
  925
  951
  980
  1,012
  1,046
  1,084
  1,124
  1,167
  1,213
  1,262
  1,315
  1,370
  1,430
  1,492
  1,559
  1,629
  1,703
  1,781
  1,864
  1,951
  2,042
  2,139
  2,241
  2,348
  2,461
  2,580
  2,705
  2,836
Interest expense (income), $m
  200
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Earnings before tax, $m
  254
  260
  267
  275
  283
  292
  302
  313
  324
  337
  350
  364
  379
  395
  413
  431
  450
  470
  491
  514
  538
  563
  589
  617
  647
  678
  710
  744
  780
  818
Tax expense, $m
  69
  70
  72
  74
  76
  79
  82
  84
  88
  91
  95
  98
  102
  107
  111
  116
  121
  127
  133
  139
  145
  152
  159
  167
  175
  183
  192
  201
  211
  221
Net income, $m
  186
  190
  195
  200
  206
  213
  220
  228
  237
  246
  256
  266
  277
  289
  301
  314
  328
  343
  359
  375
  393
  411
  430
  451
  472
  495
  518
  543
  570
  597

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  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
  0
  0
  0
  0
  0
Total assets, $m
  -2,412
  -2,467
  -2,531
  -2,602
  -2,681
  -2,768
  -2,862
  -2,964
  -3,074
  -3,192
  -3,318
  -3,453
  -3,596
  -3,748
  -3,910
  -4,081
  -4,263
  -4,455
  -4,657
  -4,871
  -5,097
  -5,335
  -5,586
  -5,851
  -6,129
  -6,422
  -6,731
  -7,056
  -7,397
  -7,757
Adjusted assets (=assets-cash), $m
  -2,412
  -2,467
  -2,531
  -2,602
  -2,681
  -2,768
  -2,862
  -2,964
  -3,074
  -3,192
  -3,318
  -3,453
  -3,596
  -3,748
  -3,910
  -4,081
  -4,263
  -4,455
  -4,657
  -4,871
  -5,097
  -5,335
  -5,586
  -5,851
  -6,129
  -6,422
  -6,731
  -7,056
  -7,397
  -7,757
Revenue / Adjusted assets
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
  -0.425
Average production assets, $m
  6,277
  6,421
  6,586
  6,771
  6,977
  7,202
  7,447
  7,713
  7,999
  8,306
  8,634
  8,984
  9,358
  9,754
  10,175
  10,621
  11,093
  11,592
  12,119
  12,676
  13,264
  13,883
  14,536
  15,225
  15,949
  16,713
  17,516
  18,361
  19,250
  20,186
Working capital, $m
  -4,406
  -4,507
  -4,623
  -4,753
  -4,897
  -5,055
  -5,227
  -5,414
  -5,615
  -5,830
  -6,061
  -6,307
  -6,568
  -6,847
  -7,142
  -7,455
  -7,786
  -8,137
  -8,507
  -8,898
  -9,310
  -9,745
  -10,204
  -10,687
  -11,196
  -11,731
  -12,295
  -12,888
  -13,513
  -14,169
Total debt, $m
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
Total liabilities, $m
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
Total equity, $m
  -2,407
  -2,463
  -2,526
  -2,597
  -2,676
  -2,762
  -2,856
  -2,958
  -3,068
  -3,185
  -3,311
  -3,446
  -3,589
  -3,741
  -3,902
  -4,073
  -4,254
  -4,446
  -4,648
  -4,861
  -5,087
  -5,324
  -5,575
  -5,839
  -6,117
  -6,409
  -6,717
  -7,042
  -7,383
  -7,741
Total liabilities and equity, $m
  -2,412
  -2,468
  -2,531
  -2,602
  -2,681
  -2,768
  -2,862
  -2,964
  -3,074
  -3,191
  -3,318
  -3,453
  -3,596
  -3,748
  -3,910
  -4,081
  -4,263
  -4,455
  -4,657
  -4,871
  -5,097
  -5,335
  -5,586
  -5,851
  -6,129
  -6,422
  -6,730
  -7,056
  -7,398
  -7,757
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  186
  190
  195
  200
  206
  213
  220
  228
  237
  246
  256
  266
  277
  289
  301
  314
  328
  343
  359
  375
  393
  411
  430
  451
  472
  495
  518
  543
  570
  597
Depreciation, amort., depletion, $m
  628
  642
  659
  677
  698
  720
  745
  771
  800
  831
  863
  898
  936
  975
  1,017
  1,062
  1,109
  1,159
  1,212
  1,268
  1,326
  1,388
  1,454
  1,522
  1,595
  1,671
  1,752
  1,836
  1,925
  2,019
Funds from operations, $m
  813
  832
  854
  878
  904
  933
  965
  1,000
  1,037
  1,076
  1,119
  1,164
  1,213
  1,264
  1,319
  1,376
  1,438
  1,502
  1,571
  1,643
  1,719
  1,799
  1,884
  1,973
  2,067
  2,166
  2,270
  2,380
  2,495
  2,616
Change in working capital, $m
  -86
  -101
  -116
  -130
  -144
  -158
  -172
  -186
  -201
  -215
  -231
  -246
  -262
  -278
  -295
  -313
  -331
  -350
  -370
  -391
  -412
  -435
  -458
  -483
  -509
  -536
  -564
  -593
  -624
  -657
Cash from operations, $m
  900
  933
  969
  1,008
  1,048
  1,091
  1,137
  1,186
  1,237
  1,292
  1,349
  1,410
  1,475
  1,542
  1,614
  1,689
  1,769
  1,853
  1,941
  2,034
  2,131
  2,234
  2,342
  2,456
  2,576
  2,702
  2,834
  2,973
  3,119
  3,273
Maintenance CAPEX, $m
  -616
  -628
  -642
  -659
  -677
  -698
  -720
  -745
  -771
  -800
  -831
  -863
  -898
  -936
  -975
  -1,017
  -1,062
  -1,109
  -1,159
  -1,212
  -1,268
  -1,326
  -1,388
  -1,454
  -1,522
  -1,595
  -1,671
  -1,752
  -1,836
  -1,925
New CAPEX, $m
  -121
  -144
  -165
  -185
  -205
  -225
  -245
  -265
  -286
  -307
  -328
  -350
  -373
  -397
  -421
  -446
  -472
  -499
  -527
  -557
  -588
  -620
  -653
  -688
  -725
  -763
  -803
  -845
  -889
  -935
Cash from investing activities, $m
  -737
  -772
  -807
  -844
  -882
  -923
  -965
  -1,010
  -1,057
  -1,107
  -1,159
  -1,213
  -1,271
  -1,333
  -1,396
  -1,463
  -1,534
  -1,608
  -1,686
  -1,769
  -1,856
  -1,946
  -2,041
  -2,142
  -2,247
  -2,358
  -2,474
  -2,597
  -2,725
  -2,860
Free cash flow, $m
  163
  161
  162
  164
  166
  169
  172
  176
  180
  185
  190
  197
  203
  210
  218
  226
  235
  244
  254
  265
  276
  288
  301
  314
  328
  343
  359
  376
  394
  412
Issuance/(repayment) of debt, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Issuance/(repurchase) of shares, $m
  -44
  -55
  -63
  -71
  -79
  -86
  -94
  -102
  -110
  -118
  -126
  -134
  -143
  -152
  -161
  -171
  -181
  -191
  -202
  -214
  -225
  -238
  -250
  -264
  -278
  -293
  -308
  -324
  -341
  -359
Cash from financing (excl. dividends), $m  
  -45
  -55
  -63
  -71
  -79
  -86
  -94
  -102
  -110
  -118
  -126
  -134
  -143
  -152
  -161
  -171
  -181
  -191
  -202
  -214
  -225
  -238
  -251
  -265
  -279
  -294
  -309
  -325
  -342
  -360
Total cash flow (excl. dividends), $m
  119
  106
  99
  93
  87
  82
  78
  74
  70
  67
  64
  62
  60
  58
  56
  55
  53
  52
  52
  51
  50
  50
  50
  50
  50
  50
  51
  51
  52
  53
Retained Cash Flow (-), $m
  44
  55
  63
  71
  79
  86
  94
  102
  110
  118
  126
  134
  143
  152
  161
  171
  181
  191
  202
  214
  225
  238
  250
  264
  278
  293
  308
  324
  341
  359
Prev. year cash balance distribution, $m
  2,363
  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
  0
  0
  0
  0
Cash flow adjustment, $m
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
Cash available for distribution, $m
  2,526
  161
  162
  164
  166
  168
  172
  175
  180
  185
  190
  196
  203
  210
  217
  226
  234
  244
  254
  264
  276
  288
  300
  314
  328
  343
  359
  375
  393
  411
Discount rate, %
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
  2,526
  161
  162
  164
  166
  168
  172
  175
  180
  185
  190
  196
  203
  210
  217
  226
  234
  244
  254
  264
  276
  288
  300
  314
  328
  343
  359
  375
  393
  411
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Apartment Investment and Management Company (Aimco) is a self-administered and self-managed real estate investment trust (REIT). Aimco, through its subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, holds the ownership interests in the Aimco Operating Partnership. It operates through two segments: conventional real estate and affordable real estate. As of December 31, 2016, its real estate portfolio consisted of 189 apartment communities with 46,311 apartment homes. Aimco Operating Partnership conducts the Company's business, which is focused on the ownership, management, redevelopment and limited development of apartment communities located in the coastal and job growth markets of the United States. Its Conventional segment consists of apartment communities it classifies as Conventional Same Store and Conventional Non-Same Store. Its affordable portfolio consists primarily of apartment communities that it manages that are owned through low-income housing tax credit partnerships.

FINANCIAL RATIOS  of  Apartment Investment&Management (AIV)

Valuation Ratios
P/E Ratio 16
Price to Sales 6.9
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 18.2
Price to Free Cash Flow -25.8
Growth Rates
Sales Growth Rate 1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.8%
Cap. Spend. - 3 Yr. Gr. Rate 9.9%
Financial Strength
Quick Ratio 3
Current Ratio NaN
LT Debt to Equity 215.6%
Total Debt to Equity 216.6%
Interest Coverage 1
Management Effectiveness
Return On Assets 11.5%
Ret/ On Assets - 3 Yr. Avg. 10.3%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 25.2%
Return On Equity - 3 Yr. Avg. 23.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 64.6%
Gross Margin - 3 Yr. Avg. 63.4%
EBITDA Margin 59.9%
EBITDA Margin - 3 Yr. Avg. 58.6%
Operating Margin 24.8%
Oper. Margin - 3 Yr. Avg. 25.8%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 5.9%
Net Profit Margin 43.2%
Net Profit Margin - 3 Yr. Avg. 33.3%
Effective Tax Rate -39.1%
Eff/ Tax Rate - 3 Yr. Avg. -41.3%
Payout Ratio 50.2%

AIV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AIV stock intrinsic value calculation we used $1005 million for the last fiscal year's total revenue generated by Apartment Investment&Management. The default revenue input number comes from 2017 income statement of Apartment Investment&Management. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AIV stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 0%, whose default value for AIV is calculated based on our internal credit rating of Apartment Investment&Management, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Apartment Investment&Management.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AIV stock the variable cost ratio is equal to 75.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AIV stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Apartment Investment&Management.

Corporate tax rate of 27% is the nominal tax rate for Apartment Investment&Management. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AIV stock is equal to 0.8%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AIV are equal to 612.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Apartment Investment&Management operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AIV is equal to -429.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Apartment Investment&Management - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 156 million for Apartment Investment&Management is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Apartment Investment&Management at the current share price and the inputted number of shares is $6.8 billion.

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COMPANY NEWS

▶ Aimco Reports Second Quarter Results   [04:44PM  Business Wire]
▶ Aimco claims Florida court victory against Airbnb, 'transient vacationers'   [Jul-16-18 09:13AM  American City Business Journals]
▶ Aimco Named a Top Workplace in Colorado for Sixth Year   [Jun-07-18 04:30PM  PR Newswire]
▶ Apartment Investment Management: 1Q Earnings Snapshot   [May-07-18 05:02PM  Associated Press]
▶ Aimco Reports First Quarter Results   [04:46PM  Business Wire]
▶ Related takes on Aimco's affordable portfolio: now what?   [Apr-30-18 08:00AM  American City Business Journals]
▶ Aimco to sell portfolio, four communities for $590 million   [Apr-26-18 11:40AM  American City Business Journals]
▶ Aimco Announces Conor Wagner as Vice President   [Apr-23-18 07:12PM  Business Wire]
▶ Dranoff sells apartment portfolio for $445M   [Apr-16-18 04:25PM  American City Business Journals]
▶ Aimco keeping up its fight against Airbnb in Florida   [Apr-06-18 08:52AM  American City Business Journals]
▶ Aimco's Case Against Airbnb Proceeds   [Apr-03-18 07:08PM  PR Newswire]
▶ Aimco Announces Suzanne Sorkin as Vice President   [Mar-12-18 11:54AM  Business Wire]
▶ Aimco Announces Lynn Stanfield Promotion   [Mar-09-18 12:19PM  Business Wire]
▶ Aimco Announces Annual Meeting in Philadelphia   [Mar-08-18 05:00PM  Business Wire]
▶ 8 Stocks NWQ Managers Continues to Buy   [Mar-01-18 02:34PM  GuruFocus.com]
▶ Apartment Investment Management reports 4Q results   [Feb-01-18 04:53PM  Associated Press]
▶ Aimco Reports Fourth Quarter Results   [04:23PM  Business Wire]
▶ Colorado apartment operator Aimco loses 'illicit subletting' court fight with Airbnb   [Jan-03-18 10:58AM  American City Business Journals]
▶ Airbnb says court dismisses Aimco lawsuit   [Jan-02-18 05:04PM  Reuters]
▶ Aimco (AIV) Q3 2017 Earnings Conference Call Transcript   [Nov-06-17 01:14PM  Motley Fool]
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