DDM Analysis: AIV

Valuation Snapshot

Stable Growth	$12.99 - $18.85	$15.84
Multi-Stage	$22.01 - $24.17	$23.07
Blended Fair Value	$19.45
Current Price	$7.93
Upside	145.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.02	0.00	0.00	0.00	0.00	1.70	1.57	1.42
YoY Growth	-	-	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	8.17%	10.82%	22.70%
Dividend Yield	-	-	0.00%	0.00%	0.29%	0.00%	0.00%	0.00%	0.00%	31.35%	26.62%	25.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	243.67
(-) Cash Dividends Paid (M)	88.21
(=) Cash Retained (M)	155.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.73	30.46	18.28
Cash Retained (M)	155.46	155.46	155.46
(-) Cash Required (M)	-48.73	-30.46	-18.28
(=) Excess Retained (M)	106.72	125.00	137.18
(/) Shares Outstanding (M)	137.46	137.46	137.46
(=) Excess Retained per Share	0.78	0.91	1.00
LTM Dividend per Share	0.64	0.64	0.64
(+) Excess Retained per Share	0.78	0.91	1.00
(=) Adjusted Dividend	1.42	1.55	1.64
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$12.99	$15.84	$18.85
Upside / Downside	63.84%	99.69%	137.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	243.67	241.24	238.82	236.43	234.07	231.73	238.68
Payout Ratio	36.20%	46.96%	57.72%	68.48%	79.24%	90.00%	92.50%
Projected Dividends (M)	88.21	113.29	137.85	161.91	185.48	208.56	220.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	103.17	104.22	105.28
Year 2 PV (M)	114.33	116.67	119.04
Year 3 PV (M)	122.29	126.08	129.93
Year 4 PV (M)	127.58	132.87	138.32
Year 5 PV (M)	130.65	137.45	144.53
PV of Terminal Value (M)	2,427.76	2,554.18	2,685.81
Equity Value (M)	3,025.78	3,171.47	3,322.92
Shares Outstanding (M)	137.46	137.46	137.46
Fair Value	$22.01	$23.07	$24.17
Upside / Downside	177.58%	190.94%	204.83%

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Financial Statements

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Apartment Investment and Management Company (AIV)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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