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General information

Country: UNITED STATES

Sector: REIT — Residential

Apartment Income REIT Corp. invests in and owns apartment communities. The company focuses on garden style, mid-rise, and high-rise apartment communities. Its portfolio would include 98 apartment communities with 26,599 apartment homes. The company is based in Denver, Colorado.
Website: aircommunities.com



Growth: Bad revenue growth rate -6.1%, there is slowdown compared to average historical growth rates 17.0%. The revenue growth dynamics is unstable

Profitability: LTM EBITDA margin is positive, +96.2%. On average the margin is improving unsteadily. Gross margin is normal, +25.8%. In the last quarter the company did not beat the estimated EPS. The company was ahead of estimated EPS in 60% of quarters (showing a gain of +$0.95 per share on average)

Cash Flow Generation: Dividend yield for the last twelve months 0.0%. Free cash flow yield -0.7% (LTM)

Undervaluation: Fundamental value created in LTM (estimate)


Entry Point: Share price is 36.9% higher than minimum and 2.8% lower than maximum for the last 3 years

AI Insight: the companies with similar growth trajectories, EBITDA margin, industries and geography on average are valued 6.7x by EV / Sales multiple , the company can be 40.7% overvalued

Key Financials (Download financials)

Ticker: AIRC
Share price, USD:  (0.0%)39.08
year average price 39.08  


year start price 39.08 2025-02-08

max close price 39.08 2025-02-08

min close price 39.08 2025-02-08

current price 39.08 2026-02-07
Common stocks: 147 474 000

Dividend Yield:  0.0%
FCF Yield LTM: -0.7%
EV / LTM EBITDA: 11.7x
EV / EBITDA annualized: 18.9x
Last revenue growth (y/y):  -6.1%
Last growth of EBITDA (y/y):  -4.0%
Historical revenue growth:  +17.0%
Historical growth of EBITDA:  +38.8%
EV / Sales: 11.3x
Margin (EBITDA LTM / Revenue): 96.2%
Fundamental value created in LTM:
Market Cap ($m): 5 763
Net Debt ($m): 3 234
EV (Enterprise Value): 8 997
Price to Book: 2.5x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / Sales

Potential dynamics

News


2024-06-12investorplace.com

7 Small-Cap Value Stocks Leaving the S&P 500 in the Dust

2024-06-03seekingalpha.com

Why I Buy Rental Property REITs Instead Of Rental Properties

2024-05-20seekingalpha.com

The State Of REITs: May 2024 Edition

2024-05-13InvestorPlace

Pocket-Sized Powerhouses: 7 Small-Cap Value Stocks Ready to Roar

2024-05-04Seeking Alpha

Billionaire Investors Say 'Buy REITs'

2024-04-08Yahoo Finance

Blackstone to take Apartment Income REIT private in $10B deal

2024-04-08InvestorPlace

AIRC Stock Alert: Blackstone Is Taking Apartment Income REIT Private

2024-04-08Market Watch

Apartment Income REIT stock rallies on Blackstone buyout

2024-03-22Zacks Investment Research

Apartment Income (AIRC) Adds 4 New Retailers to Anschutz Campus

2024-03-11InvestorPlace

7 Small-Cap Value Stocks to Buy Before the Tech Bubble Bursts
More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2024 q1 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3 2021 q4 2020 q4 2019 q4
date 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2021-12-31 2020-12-31 2019-12-31
symbol AIRC AIRC AIRC AIRC AIRC AIRC AIRC AIRC AIRC AIRC
reportedCurrency USD USD USD USD USD USD USD USD USD USD
cik 2M 2M 2M 2M 2M 2M 2M 2M 2M 2M
fillingDate 2024-05-08 2023-11-06 2023-07-31 2023-05-02 2022-11-07
acceptedDate 2024-05-08 16:12:14 2024-02-16 13:32:18 2023-11-03 18:30:59 2023-07-28 19:08:03 2023-05-02 17:04:16 2023-02-28 18:30:36 2022-11-04 18:17:47 2022-03-01 12:50:38 2021-03-12 20:15:29 2019-12-31 00:00:00
calendarYear 2024 2023 2023 2023 2022
period Q1 FY Q3 Q2 Q1 FY Q3 FY FY FY
revenue 199M 820M 197M 215M 212M 774M 201M 741M 720M 914M
costOfRevenue 147M 618M 66M 72M 75M 261M 71M 268M 255M 311M
grossProfit 51M 202M 131M 143M 137M 512M 130M 473M 465M 603M
grossProfitRatio 0.258 0.666 0.664 0.644 0.645
researchAndDevelopmentExpenses 0 0 0 0 0 0 0 0 0 0
generalAndAdministrativeExpenses 10M 25M 6M 6M 7M 25M 8M 19M 40M 47M
sellingAndMarketingExpenses 0 0 0 0 0 0 0 0 0 0
sellingGeneralAndAdministrativeExpenses 10M 25M 6M 6M 7M 25M 8M 19M 40M 47M
otherExpenses -12M -35M 52M 66M 101M 360M 90M 347M 395M 399M
operatingExpenses 12M 35M 93M 98M 109M 385M 98M 366M 435M 446M
costAndExpenses 160M 653M 159M 170M 184M 646M 169M 634M 690M 758M
interestIncome 2M 8M 3M 2M 2M 50M 10M 59M 12M 11M
interestExpense 35M 130M 23M 38M 36M 116M 33M 129M 160M 169M
depreciationAndAmortization 80M 343M 79M 89M 96M 351M 90M 320M 321M 380M
ebitda 119M 510M 110M 135M 124M 525M 125M 485M 363M 1 054M
ebitdaratio 0.599 0.558 0.628 0.585 0.622
operatingIncome 39M 167M -2M -36M 28M 174M 34M 165M 42M 169M
operatingIncomeRatio 0.197 -0.008 -0.167 0.134 0.172
totalOtherIncomeExpensesNet -24M 571M 697M -7M -38M 850M -31M -5M 272M 336M
incomeBeforeTax -4M 692M 715M 2M -10M 974M 3M 474M -19M 505M
incomeBeforeTaxRatio -0.02 3.624 0.008 -0.046 0.017
incomeTaxExpense 319 000 2M 5M 1M 139 000 4M 46 000 -5M 95M -3M
netIncome -7M 635M 664M -1M -10M 904M 3M 448M -115M 474M
netIncomeRatio -0.033 3.365 -0.006 -0.047 0.017
eps -0.045 4.29 4.5 -0.009 -0.067 5.86 0.022 2.9 -0.94 3.91
epsdiluted -0.045 4.43 -0.009 -0.067 0.022
weightedAverageShsOut 145M 148M 147M 149M 149M 154M 154M 154M 122M 119M
weightedAverageShsOutDil 145M 150M 150M 149M 149M 157M 154M 155M 122M 120M
link Link Link Link Link Link
finalLink Link Link Link Link Link
filingDate 2024-02-16 2023-03-01 2022-03-01 2021-03-15 2019-12-31
fiscalYear 2023 2022 2021 2020 2019
netInterestIncome -121M -66M -71M -148M -157M
ebit 821M 1 090M 603M -192M 674M
nonOperatingIncomeExcludingInterest -701M -966M -124M -100M -505M
netIncomeFromContinuingOperations 635M 904M 448M -115M 474M
netIncomeFromDiscontinuedOperations 0 0 0 0 0
otherAdjustmentsToNetIncome 0 0 0 0 0
netIncomeDeductions 0 0 0 0 0
bottomLineNetIncome 635M 904M 448M -115M 474M
epsDiluted 4.27 5.81 2.89 -0.94 3.9

Balance Sheet Statement

Property 2024 q1 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3 2021 q4 2020 q4 2019 q4
date 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2021-12-31 2020-12-31 2019-12-31
symbol AIRC AIRC AIRC AIRC AIRC AIRC AIRC AIRC AIRC AIRC
reportedCurrency USD USD USD USD USD USD USD USD USD USD
cik 2M 2M 2M 2M 2M 2M 2M 2M 2M 2M
fillingDate 2024-05-08 2023-11-06 2023-07-31 2023-05-02 2022-11-07
acceptedDate 2024-05-08 16:12:14 2024-02-16 13:32:18 2023-11-03 18:30:59 2023-07-28 19:08:03 2023-05-02 17:04:16 2023-02-28 18:30:36 2022-11-04 18:17:47 2022-03-01 12:50:38 2021-03-12 20:15:29 2019-12-31 00:00:00
calendarYear 2024 2023 2023 2023 2022
period Q1 FY Q3 Q2 Q1 FY Q3 FY FY FY
cashAndCashEquivalents 115M 117M 107M 106M 90M 96M 88M 67M 44M 143M
shortTermInvestments 0 0 33M 0 0 0 0 0 0 0
cashAndShortTermInvestments 115M 117M 107M 106M 90M 96M 88M 67M 44M 143M
netReceivables 0 70M 0 0 0 70M 0 534M 534M 62M
inventory 0 0 0 0 0 -70M 0 799M 658M 158M
otherCurrentAssets -115M -187M -134M 0 0 206M 155M -627M -629M -185M
totalCurrentAssets 115M 187M 134M 130M 115M 301M 243M 773M 608M 178M
propertyPlantEquipmentNet 2 217M 115M 2 231M 2 197M 2 299M 10M 2 019M 466M 63M 88M
goodwill 32M 32M 32M 32M 32M 32M 32M 32M 32M 38M
intangibleAssets 0 0 0 0 0 0 0 0 4M 6M
goodwillAndIntangibleAssets 32M 32M 32M 32M 32M 32M 32M 32M 37M 44M
longTermInvestments 341M 351M 352M 0 0 159M 0 338M 408M 280M
taxAssets 3 190M 5 365M 3 172M 0 0 6 552M 0 4 262M 4 543M 5 932M
otherNonCurrentAssets 304M 85M 478M 4 047M 4 126M -503M 4 428M 568M 576M 318M
totalNonCurrentAssets 6 084M 5 948M 6 265M 6 277M 6 457M 6 250M 6 479M 5 667M 5 622M 6 655M
otherAssets 0 0 0 0 0 0 0 0 0 0
totalAssets 6 198M 6 135M 6 399M 6 407M 6 572M 6 552M 6 722M 6 440M 6 229M 6 833M
accountPayables 0 0 0 0 0 0 0 0 0 0
shortTermDebt 260M 32M 26M 292M 245M 462M 1 275M 304M 266M 275M
taxPayables 0 0 0 0 0 0 0 0 0 0
deferredRevenue 0 0 0 0 0 0 0 0 0 0
otherCurrentLiabilities 303M 318M 483M 476M 521M 514M 759M 679M 599M 365M
totalCurrentLiabilities 563M 350M 509M 768M 766M 976M 2 034M 983M 864M 640M
longTermDebt 3 349M 3 179M 3 102M 3 393M 3 494M 3 180M 2 417M 3 439M 3 977M 4 231M
deferredRevenueNonCurrent 0 3 507M 0 0 0 4 155M 0 4 422M 4 842M 4 947M
deferredTaxLiabilitiesNonCurrent 0 136M 0 0 0 135M 0 -3 795M -4 213M -4 761M
otherNonCurrentLiabilities -260M -3 664M 0 0 0 -4 290M 1 142M -627M -629M -185M
totalNonCurrentLiabilities 3 089M 3 158M 3 102M 3 393M 3 494M 3 180M 2 417M 3 439M 3 977M 4 231M
otherLiabilities 0 0 0 0 0 0 0 0 0 0
capitalLeaseObligations 0 0 0 0 0 0 0 0 0 0
totalLiabilities 3 652M 3 507M 3 611M 4 161M 4 260M 4 155M 4 451M 4 422M 4 842M 4 870M
preferredStock 2M 2M 2M 2M 2M 2M 2M 2M 2M 0
commonStock 1M 1M 1M 1M 1M 1M 2M 2M 1M 1M
retainedEarnings -1 030M -959M -876M -1 474M -1 406M -1 327M -1 589M -1 954M -2 132M -1 722M
accumulatedOtherComprehensiveIncomeLoss 20M 22M 25M 39M 29M 44M 46M -1 954M 3M 4M
othertotalStockholdersEquity 3 285M 3 355M 3 431M 3 433M 3 583M
totalStockholdersEquity 2 279M 2 352M 2 507M 1 999M 2 060M 2 156M 2 043M 1 813M 1 307M 1 781M
totalEquity 2 546M 2 628M 2 788M 2 246M 2 312M 2 396M 2 043M 2 019M 1 388M 1 963M
totalLiabilitiesAndStockholdersEquity 6 198M 6 399M 6 407M 6 572M 6 494M
minorityInterest 267M 276M 280M 247M 252M 240M 0 206M 81M 182M
totalLiabilitiesAndTotalEquity 6 198M 6 135M 6 399M 6 407M 6 572M 6 552M 6 494M 6 440M 6 229M 6 833M
totalInvestments 341M 351M 352M 0 0 159M 0 338M 408M 280M
totalDebt 3 349M 3 346M 3 128M 3 685M 3 739M 3 642M 3 692M 3 743M 4 243M 4 506M
netDebt 3 234M 3 228M 3 022M 3 578M 3 649M 3 546M 3 604M 3 676M 4 199M 4 363M
link Link Link Link Link Link
finalLink Link Link Link Link Link
filingDate 2024-02-16 2023-03-01 2022-03-01 2021-03-15 2019-12-31
fiscalYear 2023 2022 2021 2020 2019
accountsReceivables 0 0 0 0 0
otherReceivables 70M 70M 534M 534M 62M
prepaids 0 0 0 0 0
totalPayables 0 0 0 0 0
otherPayables 0 0 0 0 0
accruedExpenses 0 0 0 0 0
capitalLeaseObligationsCurrent 0 0 0 0 0
capitalLeaseObligationsNonCurrent 0 0 0 0 0
treasuryStock 0 0 0 0 0
additionalPaidInCapital 0 0 0 0 0
otherTotalStockholdersEquity 3 285M 3 437M 5 717M 3 432M 3 497M

Cash Flow Statement

Property 2024 q1 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3 2021 q4 2020 q4 2019 q4
date 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2021-12-31 2020-12-31 2019-12-31
symbol AIRC AIRC AIRC AIRC AIRC AIRC AIRC AIRC AIRC AIRC
reportedCurrency USD USD USD USD USD USD USD USD USD USD
cik 2M 2M 2M 2M 2M 2M 2M 2M 2M 2M
fillingDate 2024-05-08 2023-11-06 2023-07-31 2023-05-02 2022-11-07
acceptedDate 2024-05-08 16:12:14 2024-02-16 13:32:18 2023-11-03 18:30:59 2023-07-28 19:08:03 2023-05-02 17:04:16 2023-02-28 18:30:36 2022-11-04 18:17:47 2022-03-01 12:50:38 2021-03-12 20:15:29 2019-12-31 00:00:00
calendarYear 2024 2023 2023 2023 2022
period Q1 FY Q3 Q2 Q1 FY Q3 FY FY FY
netIncome -7M 635M 711M 598 000 -10M 970M 3M 479M -103M 508M
depreciationAndAmortization 80M 343M 79M 89M 96M 351M 90M 320M 321M 380M
deferredIncomeTax 319 000 2M 0 0 139 000 4M 0 -5M 95M -3M
stockBasedCompensation 0 9M 0 0 0 7M 0 7M 8M 8M
changeInWorkingCapital -13M -26M 14M -9M -5M 1M 52M -37M -45M -23M
accountsReceivables 0 5M 0 0 0 28M 0 -20M -58M -26M
inventory 0 -5M 0 0 0 -28M 0 20M 58M 26M
accountsPayables 0 -32M 0 0 0 -27M 0 -18M 13M 3M
otherWorkingCapital -13M 5M 14M 0 0 28M 0 -20M -58M -26M
otherNonCashItems 176M -385M -685M 13M 8M -913M 4M -431M 527 000 -496M
netCashProvidedByOperatingActivities 77M 578M 119M 94M 89M 421M 150M 333M 277M 374M
investmentsInPropertyPlantAndEquipment -20M -190M -51M -55M -34M -192M -61M -174M -347M -393M
acquisitionsNet 0 6M 16M 0 0 -4M 0 -10M 436M -10M
purchasesOfInvestments -90M -347M -157M 0 0 -861M 0 -364M -108M -278M
salesMaturitiesOfInvestments 0 52M 18M 0 0 1 743M 0 101M 159M 629M
otherInvestingActivites -3M 133M 18M -157M -322M
netCashUsedForInvestingActivites -113M -42M -37M -191M -322M
debtRepayment 0 -333M -209M -313M -148M
commonStockIssued 0 677M 0 0 0
commonStockRepurchased -28M -124M -78M 0 0 -317M -47M 1 187M -10M -146M
dividendsPaid -65M -66M -67M -67M -69M
otherFinancingActivites 99M -273M 235M 296M 154M
netCashUsedProvidedByFinancingActivities 34M -73M -42M -84M 186M
effectOfForexChangesOnCash 0 1 175M -1 75M 0 0 0 0 6M 0
netChangeInCash -3M -184M 4M 15M -186M 209M 14M 19M -93M 105M
cashAtEndOfPeriod 115M 117M 134M 130M 115M 301M 115M 93M 73M 178M
cashAtBeginningOfPeriod 117M 301M 130M 115M 301M 93M 101M 73M 167M 73M
operatingCashFlow 77M 578M 119M 94M 89M 421M 150M 333M 277M 374M
capitalExpenditure -20M -190M -51M -55M -34M -192M -61M -174M -347M -393M
freeCashFlow 57M 388M 68M 39M 55M 228M 89M 158M -70M -19M
link Link Link Link Link Link
finalLink Link Link Link Link Link
filingDate 2024-02-16 2023-03-01 2022-03-01 2021-03-15 2019-12-31
fiscalYear 2023 2022 2021 2020 2019
otherInvestingActivities -36M -35M 926M -490M -154M
netCashProvidedByInvestingActivities -514M 650M 478M -350M -205M
netDebtIssuance 0 0 0 0 0
longTermNetDebtIssuance 0 0 0 0 0
shortTermNetDebtIssuance 0 0 0 0 0
netStockIssuance 0 0 0 0 0
netCommonStockIssuance 0 0 0 0 0
commonStockIssuance 429M 0 342M 950M 374M
netPreferredStockIssuance 0 0 0 0 0
netDividendsPaid -266M -278M -270M -305M -245M
commonDividendsPaid -266M -278M -270M -305M -245M
preferredDividendsPaid 0 0 0 0 0
otherFinancingActivities 25M -585M -522M 279M 181M
netCashProvidedByFinancingActivities -247M -862M -792M -26M -64M
incomeTaxesPaid 0 0 0 0 0
interestPaid 0 0 0 0 0

Earning call transcript

2023 q4
2024-02-09 ET (fiscal 2023 q4)
2023 q3
2023-11-03 ET (fiscal 2023 q3)
2023 q2
2023-07-28 ET (fiscal 2023 q2)
2023 q1
2023-05-02 ET (fiscal 2023 q1)
2022 q4
2023-02-10 ET (fiscal 2022 q4)
2022 q3
2022-11-04 ET (fiscal 2022 q3)
2022 q2
2022-07-29 ET (fiscal 2022 q2)
2022 q1
2022-05-03 ET (fiscal 2022 q1)

SEC forms

Show financial reports only

SEC form 10
2024-05-08 16:12 ET
Apartment Income REIT published news for 2024 q1
SEC form 10
2024-05-08 00:00 ET
Apartment Income REIT published news for 2024 q1
SEC form 10
2024-02-16 00:00 ET
Apartment Income REIT published news for 2023 q4
SEC form 8
2024-02-08 00:00 ET
Apartment Income REIT reported for 2023 q4
SEC form 8
2024-02-08 00:00 ET
Apartment Income REIT published news for 2023 q4
SEC form 10
2023-11-06 00:00 ET
Apartment Income REIT reported for 2023 q3
SEC form 8
2023-11-02 16:42 ET
Apartment Income REIT reported for 2023 q3
SEC form 10
2023-07-31 00:00 ET
Apartment Income REIT reported for 2023 q2
SEC form 6
2023-07-27 17:09 ET
Apartment Income REIT reported for 2023 q2
SEC form 8
2023-07-27 00:00 ET
Apartment Income REIT reported for 2023 q2
SEC form 6
2023-07-21 17:11 ET
Apartment Income REIT published news for 2023 q2
SEC form 6
2023-06-13 21:06 ET
Apartment Income REIT published news for 2023 q1
SEC form 6
2023-06-06 09:02 ET
Apartment Income REIT published news for 2023 q1
SEC form 8
2023-05-02 00:00 ET
Apartment Income REIT published news for 2023 q1
SEC form 10
2023-05-02 00:00 ET
Apartment Income REIT published news for 2023 q1
SEC form 10
2023-03-01 00:00 ET
Apartment Income REIT reported for 2022 q4
SEC form 8
2023-02-09 00:00 ET
Apartment Income REIT reported for 2022 q4
SEC form 10
2022-11-07 00:00 ET
Apartment Income REIT reported for 2022 q3
SEC form 8
2022-11-04 00:00 ET
Apartment Income REIT reported for 2022 q3
SEC form 10
2022-08-01 00:00 ET
Apartment Income REIT reported for 2022 q2
SEC form 8
2022-07-29 00:00 ET
Apartment Income REIT reported for 2022 q2
SEC form 10
2022-05-04 00:00 ET
Apartment Income REIT reported for 2022 q1
SEC form 8
2022-05-02 00:00 ET
Apartment Income REIT reported for 2022 q1
SEC form 10
2022-03-01 00:00 ET
Apartment Income REIT published news for 2021 q4
SEC form 8
2022-02-09 00:00 ET
Apartment Income REIT published news for 2021 q4
SEC form 10
2021-11-02 00:00 ET
Apartment Income REIT published news for 2021 q3
SEC form 8
2021-10-28 00:00 ET
Apartment Income REIT published news for 2021 q3
SEC form 10
2021-08-05 00:00 ET
Apartment Income REIT published news for 2021 q2
SEC form 8
2021-07-29 00:00 ET
Apartment Income REIT published news for 2021 q2
SEC form 10
2021-05-07 00:00 ET
Apartment Income REIT published news for 2021 q1
SEC form 8
2021-04-29 00:00 ET
Apartment Income REIT published news for 2021 q1