Seeking Alpha
 

Apartment Investment & Management Company (AIV)

- NYSE
  • Fri, May 1, 10:18 AM
    • Q1 pro forma FFO of $0.52 up from $0.50 one year ago. Adjusted FFO of $0.46 vs. $0.43. Adjusted FFO takes out capital replacement spending and it's lower this year thanks to the sale of about 9K apartments last year. The concentration of capital on higher-quality units mean cap replacements decline as a percentage of NOI.
    • Average revenue per apartment of $1,652 up 4.3% Y/Y. Average daily occupancy of 95.9% up 10 basis points. Expenses of $57.3M up 2.9%. NOI of $114.8M up 5.2%.
    • Weighted average rent increases in Q1 of 2.8%.
    • Full-year pro forma FFO guidance is boosted to by $0.02 on both ends to $2.14-$2.24. AFFO guidance is lifted by $0.02 to $1.82-$1.92. NOI growth is upped to 4.5-5.5% from 4-5.5%. Q2 pro forma FFO guidance of $0.51-$0.55. AFFO of $0.42-$0.46.
    • Earnings call at 1 ET
    • Previously: Apartment Investment beats by $0.01, beats on revenue (April 30)
    • AIV +2.5%
    | Fri, May 1, 10:18 AM | Comment!
  • Wed, Apr. 22, 10:02 AM
    • Deals in the REIT space are picking up steam, with the latest being today's sale of Associated Estates to a Brookfield fund for $2.5B. Associated Estates has been under activist pressure for a number of months, and one wonders if any other apartment names might be next in line.
    • Sector giants Equity Residential (EQR +1.3%), AvalonBay (AVB +1.2%), and Essex Property (ESS +1.2%) don't seem like likely targets, but are nicely higher on the session.
    • Others: Post Properties (PPS +1.7%), UDR (UDR +1.6%), Aimco (AIV +1.3%), Camden Property (CPT +1.2%), Home Properties (HME +1.4%), Mid-America Apartments (MAA +1.1%), Investors Real Estate (IRET +0.8%).
    • ETFs: IYR, VNQ, DRN, URE, SCHH, ICF, SRS, RWR, KBWY, DRV, REK, FRI, FTY, PSR, FREL, WREI
    | Wed, Apr. 22, 10:02 AM | Comment!
  • Thu, Apr. 9, 3:24 PM
    • A weak 30-year bond auction has long-term Treasury yields on the move higher, with the 10-year up five basis points to 1.96%. One also can't help but notice a recent uptick in capital raising among the equity REITs.
    • Realty Income (O -2.2%), Agree Realty (ADC -2.2%), Omega Healthcare (OHI -4%), Medical Properties Trust (MPW -2.5%), W.P. Carey (WPC -2.2%), Duke Realty (DRE -2.5%), Essex Property (ESS -2.9%), Aimco (AIV -3%), Simon Property (SPG -2.4%), Kimco (KIM -2.9%), Inland Real Estate (IRC -3%), DDR Corp (DDR -2.3%), Sovran Self Storage (SSS -2.2%), Washington Real Estate (WRE -4%), Digital Realty Trust (DLR -2%), Hospitality Properties (HPT -2.6%), Ashford Hospitality (AHT -2.4%), Stag Industrial (STAG -4.6%), American Campus (ACC -2.3%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    • Previously: Treasury yields on the rise after weak 30-year auction (April 9)
    | Thu, Apr. 9, 3:24 PM | 37 Comments
  • Wed, Mar. 18, 3:28 PM
    • The Fed earlier cuts its forecasts for GDP growth, inflation, and the pace of rate hikes. Alongside, it also lowered NAIRU - the level at which unemployment threatens accelerating inflation.
    • The 10-year Treasury yield is lower by 13 basis points to 1.92% following the news, sending the board averages to near-1.5% gains, but the strongest names are the equity REITs.
    • IYR +2.3%
    • National Retail Properties (NNN +3%), Spirit Realty (SRC +3.1%), Senior Housing Properties (SNH +2.1%), Healthcare Trust of America (HTA +2.9%), Equity Commonwealth (EQC +2.7%), Gramercy Property (GPT +3.2%), Post Properties (PPS +3.9%), Aimco (AIV +2.6%), Kimco (KIM +2.8%), DDR Corp (DDR +2.4%), Public Storage (PSA +2%), Government Properties (GOV +1.9%), First Potomac Realty (FPO +3%), Digital Realty Trust (DLR +1.5%), Sunstone Hotel (SHO +2%), Liberty Property (LPT +2.4%), American Campus (ACC +2.5%)
    • Previously: Day's biggest news: Fed sharply cuts "normal" unemployment rate (March 18)
    • Previously: FOMC drops "patient," but sends dovish signal (March 18)
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    | Wed, Mar. 18, 3:28 PM | Comment!
  • Mon, Jan. 12, 4:25 PM
    • Apartment Investment Management (NYSE:AIV) is selling 8.2M shares, with an underwriter greenshoe of another 1.23M shares.
    • Helped along by an upgrade this morning, the stock gained 1.9% in the regular session, and is lower by 2.5% after hours.
    • Press release
    | Mon, Jan. 12, 4:25 PM | Comment!
  • Mon, Jan. 12, 9:39 AM
    • Apartment Investment Management (AIV +1%) continues a big move higher as Wells Fargo upgrades to Outperform, with the price target range lifted to $43-$44 from $36-$37.
    | Mon, Jan. 12, 9:39 AM | Comment!
  • Dec. 11, 2014, 8:02 AM
    • KeyBanc rings the register on its Buy call on Aimco (NYSE:AIV), downgrading to Hold from Buy. The stock's higher by more than 40% this year. Mid-America Apartment (NYSE:MAA), however, rates an upgrade to Buy from Hold after a 20%+ run higher year-to-date.
    • AIV -1.5% premarket
    | Dec. 11, 2014, 8:02 AM | Comment!
  • Jul. 24, 2014, 10:40 AM
    • The apartment building owner last night beat estimates on the top and bottom lines and raised full-year guidance.
    • This morning, ISI Group chimes in with an upgrade to Buy and $156 price target, citing expected contribution from AvalonBay's (AVB +2.2%) $3.2B development pipeline.
    • AVB results aren't necessarily filtering through to the rest of the apartment sector, which is mixed. Equity Residential (EQR +0.3%), Essex Property (ESS), Aimco (AIV -0.2%), Camden Properties (CPT -0.1%).
    | Jul. 24, 2014, 10:40 AM | Comment!
  • Jul. 8, 2014, 2:53 PM
    • Despite a big run this year, Apartment Investment Management's (AIV +1%) valuation "still does not reflect the attractive portfolio upgrades that AIV has completed since 2009," says analyst Nick Yulico, boosting to a Buy with $36 price target (from $32).
    • By his team's figures, AIV is trading at a 15% discount to its 1-year forward NAV as the market is pricing the company as if it still owned its lesser-quality 2008-era portfolio.
    • Yulico also suggests the possibility of a guidance hike this quarter thanks to industry data showing improving rent growth in the company's markets.
    • Previously: Apartment Investment Management boosted by upgrade
    | Jul. 8, 2014, 2:53 PM | Comment!
  • Jul. 8, 2014, 9:40 AM
    • AIV continues a big move this year, up another 1.5% in early action after an upgrade to Buy at UBS.
    | Jul. 8, 2014, 9:40 AM | Comment!
  • Jan. 10, 2014, 2:44 PM
    • The broad averages are struggling following the jobs number, but the big decline in interest rates (the 10-year Treasury is now off 10 bps to 2.87%) has the equity REIT sector lit up bright green.
    • Ventas (VTR +4.4%) is having the biggest day, continuing to cruise through a couple of early-year downgrades (latest was Barclays on Wednesday). Among those also higher: National Retail Properties (NNN +3.1%), Realty Income (O +1.6%), Health Care REIT (HCN +2.5%), HCP (HCP +3.8%), RAIT Finanical (RAS +1.4%), Apartment Investment (AIV +2.9%), General Growth (GGP +1.6%), Inland Real Estate (IRC +1.5%), Government Properties (GOV +1.6%), American Campus (ACC +1.7%).
    • Relevant ETFs: IYR, VNQ, REM, DRN, REZ, URE, SRS, RWR, ICF, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, PSR, FNIO, WREI
    | Jan. 10, 2014, 2:44 PM | 3 Comments
  • Dec. 4, 2013, 10:17 AM
    • A check of other multi-family REITs amid news of a $5B bid for BRE Properties (BRE +12.8%) by Essex (ESS -1.8%).
    • Equity Residential (EQR +2.2%), AvalonBay (AVB +2.5%), UDR (UDR +2.5%), Apartment Investment and Management (AIV +4%), Camden (CPT +3.2%), Home Properties (HME +3.3%), Mid-America (MAA +1.7%), Post (PPS +4.7%).
    | Dec. 4, 2013, 10:17 AM | Comment!
Visit Seeking Alpha's
AIV vs. ETF Alternatives
Company Description
Apartment Investment & Management Company is a self-administered and self-managed real estate investment trust, or REIT, engaged in the ownership and operation of a diversified portfolio of apartment properties.
Sector: Financial
Country: United States