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 38 of 151 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
INDF.JKPT Indofood Sukses Makmur Tbk4.19%$280.0031.67%
RBD.AXRestaurant Brands New Zealand Limited4.19%$0.1842.75%
002091.SZJiangsu Guotai International Group Co., Ltd.4.18%$0.3863.98%
017390.KSSeoul City Gas Co., Ltd.4.18%$2,547.5926.43%
ALITL.PAIT Link S.A.4.18%$0.9222.65%
P9D.SICivmec Limited4.18%$0.0538.60%
PJW.BKPanjawattana Plastic Public Company Limited4.18%$0.0933.50%
123890.KSKorea Asset In Trust Co., Ltd.4.17%$100.0820.69%
2729.TWOTTFB Company Limited4.17%$7.3393.07%
6599.KLAeon Co. (M) Bhd.4.17%$0.0553.15%
6967.TWOTrans-Sun Materials Technology Company Limited4.17%$2.8579.87%
9619.SRMulti Business Group Co.4.17%$0.4315.41%
AMAR.JKPT Bank Amar Indonesia Tbk4.17%$9.1671.61%
OLVAS.HEOlvi Oyj4.17%$1.2949.21%
003570.KSSnt Dynamics Co.,Ltd.4.16%$1,868.8054.81%
090350.KSNOROO PAINT & COATINGS Co., Ltd.4.16%$349.9536.31%
3613.HKBeijing Tong Ren Tang Chinese Medicine Company Limited4.16%$0.3556.85%
ALVIV.PAVisiativ S.A.4.16%$1.5433.81%
BCH-R.BKBangkok Chain Hospital Public Company Limited4.16%$0.4383.13%
CMRECostamare Inc.4.16%$0.6524.42%
601336.SSNew China Life Insurance Company Ltd.4.15%$2.9023.52%
005500.KSSamjin Pharmaceuticals Co., Ltd.4.14%$800.5749.67%
600710.SSSumec Corporation Limited4.14%$0.4546.72%
603611.SSNoblelift Intelligent Equipment Co.,Ltd.4.14%$1.0152.65%
8463.TWRuentex Materials Co.,Ltd.4.14%$1.1051.49%
CEYE.BKChamni's Eye Public Company Limited4.14%$0.0864.18%
ORIA.PAFiducial Real Estate S.A.4.14%$6.9628.28%
SWA.DESchloss Wachenheim AG4.14%$0.6050.24%
000686.SZNortheast Securities Co., Ltd.4.13%$0.3861.41%
001680.KSDaesang Corporation4.13%$850.3931.24%
1931.HKIVD Medical Holding Limited4.13%$0.1038.64%
6183.TBELLSYSTEM24 Holdings, Inc.4.13%$59.5554.01%
PSI.AXPSC Insurance Group Limited4.13%$0.2683.22%
0QOL.LKardex Holding AG4.12%$11.3958.10%
600284.SSShanghai Pudong Construction Co.,Ltd.4.12%$0.3590.03%
004450.KSSamhwa Crown & Closure Co., Ltd4.11%$1,204.0140.73%
0KGY.LBTS Group AB (publ)4.11%$5.9033.91%
3406.TWGenius Electronic Optical Co., Ltd4.11%$17.9859.96%
ABS2.DEPORR AG4.11%$1.3446.75%
CCU.SNCompañía Cervecerías Unidas S.A.4.11%$238.7464.77%
2858.HKYixin Group Limited4.10%$0.1043.79%
4081.SRNayifat Finance Company4.10%$0.5062.31%
688628.SSUni-Trend Technology (China) Co., Ltd.4.10%$1.3187.50%
7994.TOkamura Corporation4.10%$94.0341.44%
PKN.WAPolski Koncern Naftowy ORLEN Spólka Akcyjna4.10%$4.1544.90%
TRSB.OLTrøndelag Sparebank4.10%$4.7931.67%
1409.TWShinkong Synthetic Fibers Corporation4.09%$0.6050.43%
4904.TWFar EasTone Telecommunications Co., Ltd.4.09%$3.6495.25%
601872.SSChina Merchants Energy Shipping Co., Ltd.4.09%$0.3758.88%
UGPA3.SAUltrapar Participações S.A.4.09%$0.8632.00%