Added to YB: 2026-01-08
Pitch date: 2026-01-08
AIV [bullish]
Apartment Investment and Management Company
-4.79%
current return
Author Info
Under the Hood is a private investor (ex-NYSE, Bridgewater, Alliance Bernstein) writing about stocks. Sign up for their newsletter.
Company Info
Apartment Investment and Management Company is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.
Market Cap
$607.1M
Pitch Price
$4.43
Price Target
N/A
Dividend
N/A
EV/EBITDA
94.95
P/E
-111.67
EV/Sales
9.20
Sector
Residential REITs
Category
special_situation
Aimco's 20% NAV discount isn't Boring
AIV: Liquidating apt REIT at $5.85/sh, 20% discount to $7.3 NAV. Board approved orderly sale plan Nov '25; ~60% assets sold. $3/sh div expected 1H26 lifts upside to 48% ex-div. 15-22% annualized IRR over 2-3yr. $2.6B assets: $970M sold/contract, $480M cash, $775M dev props (DC/CA/FL), $190M land. $1.5B liabilities incl $825M debt, $150M prefs. Conservative NAV uses 5.75% DC cap rate vs 4.75-5.25% mkt. 60% assets fixed value limits downside.
Read full article (5 min)