Definitive Analysis
Definitive Analysis

Financial Statements

Fundamentals

Valuations

Miscellaneous

Analysis Mode

Search

Apartment Income REIT Corp. (AIRC)

Company Dividend Discount ModelIndustry: REIT - ResidentialSector: Real Estate

Valuation Snapshot

Stable Growth$26.11 - $36.52$31.29
Multi-Stage$46.64 - $51.23$48.89
Blended Fair Value$40.09
Current Price$31.78
Upside26.16%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS1.58%6.42%1.801.881.832.071.661.671.591.471.321.08
YoY Growth---4.11%2.95%-11.60%24.72%-0.64%5.18%8.17%10.82%22.70%11.35%
Dividend Yield--5.68%5.26%3.42%4.84%4.37%4.40%4.18%3.86%3.49%2.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)639.95
(-) Cash Dividends Paid (M)264.12
(=) Cash Retained (M)375.83
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)127.9979.9948.00
Cash Retained (M)375.83375.83375.83
(-) Cash Required (M)-127.99-79.99-48.00
(=) Excess Retained (M)247.84295.83327.83
(/) Shares Outstanding (M)147.48147.48147.48
(=) Excess Retained per Share1.682.012.22
LTM Dividend per Share1.791.791.79
(+) Excess Retained per Share1.682.012.22
(=) Adjusted Dividend3.473.804.01
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-3.71%-2.71%-1.71%
Fair Value$26.11$31.29$36.52
Upside / Downside-17.85%-1.53%14.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)639.95622.63605.78589.38573.43557.91574.65
Payout Ratio41.27%51.02%60.76%70.51%80.25%90.00%92.50%
Projected Dividends (M)264.12317.65368.09415.57460.21502.12531.55

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-3.71%-2.71%-1.71%
Year 1 PV (M)288.17291.16294.16
Year 2 PV (M)302.94309.26315.65
Year 3 PV (M)310.26320.03330.00
Year 4 PV (M)311.70324.85338.41
Year 5 PV (M)308.53324.88341.92
PV of Terminal Value (M)5,356.005,639.945,935.80
Equity Value (M)6,877.607,210.137,555.95
Shares Outstanding (M)147.48147.48147.48
Fair Value$46.64$48.89$51.23
Upside / Downside46.74%53.84%61.22%

High-Yield Dividend Screener

« Prev Page 21 of 151 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
SFLEX.BKStarflex Public Company Limited6.18%$0.1957.09%
SSP-R.BKSermsang Power Corporation Public Company Limited6.18%$0.2038.47%
002960.KSHankook Shell Oil Co.,Ltd.6.17%$27,000.0086.18%
ANHYT.ISAnadolu Hayat Emeklilik Anonim Sirketi6.17%$6.0047.92%
ARCAD.ASArcadis N.V.6.17%$2.2052.16%
BPFI.JKPT Woori Finance Indonesia Tbk6.17%$19.6167.05%
CSW-A.TOCorby Spirit and Wine Limited6.17%$0.9191.53%
2357.HKAviChina Industry & Technology Company Limited6.16%$0.2650.61%
5465.TWOLoyalty Founder Enterprise Co.,Ltd.6.16%$1.8096.24%
600873.SSMeiHua Holdings Group Co.,Ltd6.16%$0.6246.40%
REACH.OLReach Subsea ASA6.16%$0.4257.18%
600982.SSNingbo Energy Group Co.,Ltd.6.15%$0.2790.53%
AXIO.JKPT Tera Data Indonusa Tbk6.15%$8.0082.23%
HARN.BKHarn Engineering Solutions Public Company Limited6.15%$0.1286.99%
NET-UN.VCanadian Net Real Estate Investment Trust6.15%$0.3552.87%
PARKEN.COPARKEN Sport & Entertainment A/S6.15%$9.2387.46%
300720.KSHanil Cement Co., Ltd.6.14%$1,056.6378.51%
N0Z.SICombine Will International Holdings Limited6.14%$0.086.18%
WHAUP-R.BKWHA Utilities and Power Public Company Limited6.14%$0.2688.80%
007340.KSDN Automotive Corporation6.13%$1,446.0030.12%
0RGB.LInvestment AB Öresund (publ)6.13%$7.2483.15%
1604.TWSampo Corporation6.13%$1.4985.47%
2850.TWShinkong Insurance Co., Ltd.6.13%$7.1464.89%
5520.TWOLih Tai Construction Enterprise Co., Ltd.6.13%$5.4754.22%
600000.SSShanghai Pudong Development Bank Co., Ltd.6.13%$0.7647.27%
CMOCTEZ.MXCorporación Moctezuma, S.A.B. de C.V.6.13%$5.0369.41%
GPROFUT.MXGrupo Profuturo, S.A.B. de C.V.6.13%$7.3555.28%
006060.KSHWASEUNG Industries Co.,Ltd.6.12%$220.7748.43%
ALUCON.BKAlucon Public Company Limited6.12%$12.0049.20%
TLKM.JKPerusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk6.12%$212.4696.73%
5863.TWOTaipei Star Bank6.11%$0.7350.01%
6959.HKChangjiu Holdings Limited6.11%$0.3926.88%
AMUN.PAAmundi S.A.6.11%$4.3532.56%
OEWA.DEVerbund AG6.11%$3.8378.19%
9951.TWOMacauto Industrial Co., Ltd.6.10%$3.3982.90%
0QOQ.LPartners Group Holding AG6.09%$59.8683.68%
1086.HKGoodbaby International Holdings Limited6.09%$0.0718.25%
2161.HKJBM (Healthcare) Limited6.09%$0.1634.56%
600866.SSStar Lake Bioscience Co., Inc.Zhaoqing Guangdong6.08%$0.4254.80%
6419.TMars Group Holdings Corporation6.08%$194.7249.68%
BNSThe Bank of Nova Scotia6.08%$4.5372.38%
0101.HKHang Lung Properties Limited6.07%$0.5354.73%
3295.THulic Reit, Inc.6.07%$10,716.7069.01%
TGKA.JKPT Tigaraksa Satria Tbk6.07%$300.0071.55%
2836.KLCarlsberg Brewery Malaysia Berhad6.06%$1.0186.19%
002966.SZBank of Suzhou Co., Ltd.6.05%$0.5041.79%
019440.KSSeAH SPECIALSTEEL Co. Ltd.6.05%$1,001.3064.69%
2832.TWTaiwan Fire & Marine Insurance Co., Ltd.6.05%$3.0565.35%
BHP.AXBHP Group Limited6.05%$2.7783.22%
PGF.AXPM Capital Global Opportunities Fund Limited6.05%$0.1837.96%