DDM Analysis: AIRC

Valuation Snapshot

Stable Growth	$27.75 - $39.28	$33.45
Multi-Stage	$53.50 - $58.84	$56.12
Blended Fair Value	$44.78
Current Price	$31.78
Upside	40.91%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	1.58%	6.42%	1.80	1.88	1.83	2.07	1.66	1.67	1.59	1.47	1.32	1.08
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	127.99	79.99	48.00
Cash Retained (M)	375.83	375.83	375.83
(-) Cash Required (M)	-127.99	-79.99	-48.00
(=) Excess Retained (M)	247.84	295.83	327.83
(/) Shares Outstanding (M)	147.48	147.48	147.48
(=) Excess Retained per Share	1.68	2.01	2.22
LTM Dividend per Share	1.79	1.79	1.79
(+) Excess Retained per Share	1.68	2.01	2.22
(=) Adjusted Dividend	3.47	3.80	4.01
WACC / Discount Rate	8.34%	8.34%	8.34%
Growth Rate	-3.71%	-2.71%	-1.71%
Fair Value	$27.75	$33.45	$39.28
Upside / Downside	-12.67%	5.25%	23.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	639.95	622.63	605.78	589.38	573.43	557.91	574.65
Payout Ratio	41.27%	51.02%	60.76%	70.51%	80.25%	90.00%	92.50%
Projected Dividends (M)	264.12	317.65	368.09	415.57	460.21	502.12	531.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.34%	8.34%	8.34%
Growth Rate	-3.71%	-2.71%	-1.71%
Year 1 PV (M)	290.19	293.21	296.22
Year 2 PV (M)	307.20	313.61	320.09
Year 3 PV (M)	316.84	326.81	336.99
Year 4 PV (M)	320.54	334.06	348.01
Year 5 PV (M)	319.50	336.44	354.08
PV of Terminal Value (M)	6,335.99	6,671.89	7,021.88
Equity Value (M)	7,890.26	8,276.02	8,677.28
Shares Outstanding (M)	147.48	147.48	147.48
Fair Value	$53.50	$56.12	$58.84
Upside / Downside	68.35%	76.58%	85.14%

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Apartment Income REIT Corp. (AIRC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener