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 28 of 151 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
U96.SISembcorp Industries Ltd5.19%$0.3229.05%
CIN.AXCarlton Investments Limited5.18%$1.7961.04%
MERK.JKPT Merck Tbk5.18%$170.3142.74%
0QQ2.LGeberit AG5.17%$25.4271.02%
2640.TWOTaiwan Taxi Co.,Ltd.5.17%$7.0177.56%
603508.SSHenan Thinker Automatic Equipment Co., Ltd.5.17%$1.4488.86%
RICHT.BDChemical Works5.17%$509.8341.05%
FPT.BKFrasers Property (Thailand) Public Company Limited5.16%$0.3140.49%
YSON.FSonae, SGPS, S.A.5.16%$0.0960.40%
0QS5.LBossard Holding AG5.15%$7.9044.91%
2341.HKEcoGreen International Group Limited5.15%$0.109.70%
4942.TWChia Chang Co., Ltd5.15%$1.9967.15%
601555.SSSoochow Securities Co., Ltd.5.15%$0.4766.76%
601686.SSTianjin You Fa Steel Pipe Group Stock Co., Ltd.5.15%$0.3256.09%
6979.HKZJLD Group Inc5.15%$0.4556.09%
3118.TWOLevel Biotechnology Inc.5.14%$1.7080.08%
ALTOU.PATouax5.14%$0.2220.71%
BE8.BKBeryl 8 Plus Public Company Limited5.14%$0.2475.69%
KEG-UN.TOThe Keg Royalties Income Fund5.14%$0.9684.63%
QEWS.QAQatar Electricity & Water Company Q.P.S.C.5.14%$0.7767.87%
6805.HKKimou Environmental Holding Limited5.13%$0.1360.10%
9521.SRInmar Company for Real Estate Development and Investment5.13%$1.0024.60%
MTI.BKMuang Thai Insurance Public Company Limited5.13%$0.8045.07%
3218.TWOUniversal Vision Biotechnology Co., Ltd.5.12%$7.4771.57%
600694.SSDashang Co., Ltd.5.12%$0.9263.22%
601877.SSZhejiang Chint Electrics Co., Ltd.5.12%$1.4367.03%
GL9.IRGlanbia plc5.12%$0.7450.22%
STBP3.SASantos Brasil Participações S.A.5.12%$0.7478.31%
WSU.DEWashTec AG5.12%$2.4092.47%
0RUJ.LDelta Plus Group5.11%$2.4829.42%
2887.TWTS Financial Holding Co., Ltd.5.11%$1.0493.64%
3003.SRCity Cement Company5.11%$0.6566.06%
ALVU.PAVente-Unique.com S.A.5.11%$0.7945.95%
CAML3.SACamil Alimentos S.A.5.11%$0.2860.82%
RECTRectitude Holdings Ltd Ordinary Shares5.11%$0.0926.70%
603518.SSJinhong Fashion Group Co.,Ltd.5.10%$0.4966.21%
6242.TWOLi Kang Biomedical Co., Ltd.5.10%$2.0077.54%
ECMPA.ASEurocommercial Properties N.V.5.10%$1.3355.30%
NOMDNomad Foods Limited5.09%$0.6246.03%
2249.TWOYoung Shine Electric Co., Ltd.5.08%$4.7121.31%
ARZZ3.SAArezzo Indústria e Comércio S.A.5.08%$2.6767.63%
CMAN.BKChememan Public Company Limited5.08%$0.1231.80%
LST.BKLam Soon (Thailand) Public Company Limited5.08%$0.2436.51%
VEI.OLVeidekke ASA5.08%$8.9090.00%
013570.KSDY Corporation5.07%$230.5420.72%
086790.KSHana Financial Group Inc.5.07%$4,736.7233.98%
129260.KSIntergis Co., Ltd5.07%$121.3822.66%
CUP-U.TOCaribbean Utilities Company, Ltd.5.07%$0.6964.16%
MMAQ3.SAMinasmaquinas S.A.5.07%$129.2112.04%
QATI.QAQatar Insurance Company Q.S.P.C.5.07%$0.1045.46%