Apartment Investment & Management Ratios (2009-2025) | AIV

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Ratios	Jun2009	Sep2009	Dec2009	Mar2010	Jun2010	Sep2010	Dec2010	Mar2011	Jun2011	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Profitability
Gross Margin	98.71%	97.32%	99.07%	99.12%	98.30%	98.33%	97.38%	98.39%	97.97%	98.45%	97.60%	97.52%	99.59%	98.17%	98.92%	99.13%	99.15%	99.12%	99.55%	99.08%	98.55%	99.45%	97.06%	99.58%	98.81%	98.54%	98.84%	99.36%	97.80%	99.38%	97.73%	99.29%	98.94%	99.11%	98.24%	98.81%	98.25%	97.62%	104.24%	85.65%	88.64%	89.42%	83.42%	95.71%	88.59%	52.93%
EBT Margin	-15.90%	-20.21%	-39.53%	-15.74%	-15.83%	-19.47%	-16.70%	-14.04%	-18.70%	-10.15%	-15.96%	-9.84%	-3.27%	2.42%	1.91%	-0.66%	1.09%	2.82%	9.83%	3.73%	5.11%	5.34%	5.11%	4.72%	7.39%	6.29%	7.62%	7.23%	8.87%	4.85%	165.24%	5.10%	6.05%	6.88%	106.22%	24.69%	1.14%	259.86%	-297.59%	822.25%	213.77%	2.31%	-959.42%	6.61%	2.91%	-1.81%	-48.79%	41.04%	-57.27%	-16.01%	-10.43%	12.11%	590.11%	34.83%	-506.12%	-22.47%	-0.60%	-9.51%	-314.67%	-19.77%	-123.74%	-88.20%	9.53%	-22.53%	-21.62%	-226.09%
EBIT Margin	11.29%	6.02%	3.01%	8.25%	12.42%	12.74%	11.78%	13.44%	17.68%	15.72%	15.55%	13.81%	19.38%	18.89%	22.35%	22.16%	24.29%	26.45%	29.16%	26.22%	26.70%	27.33%	26.35%	25.00%	26.82%	25.98%	26.63%	25.80%	25.65%	23.60%	24.09%	23.45%	23.97%	23.25%	6.77%	21.55%	19.73%	19.36%	-54.40%	115.72%	125.76%	102.15%	-275.09%	4.83%	3.20%	3.56%	-48.45%	-10.47%	-9.91%	-13.61%	-3.48%	-3.63%	-25.32%	-138.45%	474.69%	4.72%	4.31%	7.07%	214.54%	57.77%	55.90%	50.02%	61.35%	55.94%	56.04%	51.92%
EBITDA Margin	11.29%	6.02%	3.01%	49.01%	51.49%	51.27%	33.25%	52.15%	53.49%	51.10%	41.37%	51.19%	56.32%	53.23%	51.51%	54.04%	54.83%	55.98%	57.19%	54.47%	55.68%	55.46%	26.35%	25.00%	26.82%	25.98%	26.63%	25.80%	25.65%	23.60%	24.09%	23.45%	23.97%	23.25%	6.77%	21.55%	19.73%	19.36%	-54.40%	115.72%	125.76%	102.15%	-275.09%	4.83%	3.20%	3.56%	-48.45%	-10.47%	-9.91%	-13.61%	-3.48%	-3.63%	2.10%	8.14%	474.69%	4.72%	4.31%	7.07%	214.54%	57.77%	55.90%	50.02%	61.35%	55.94%	56.04%	51.92%
Operating Margin	11.29%	6.02%	3.01%	8.25%	12.42%	12.74%	11.78%	13.44%	17.68%	15.72%	15.55%	13.81%	19.38%	18.89%	22.35%	22.16%	24.29%	26.45%	29.16%	26.22%	26.70%	27.33%	26.35%	25.00%	26.82%	25.98%	26.63%	25.80%	25.65%	23.60%	24.09%	23.45%	23.97%	23.25%	6.77%	21.55%	19.73%	19.36%	-54.40%	115.72%	125.76%	102.15%	-275.09%	4.83%	3.20%	3.56%	-48.45%	-10.47%	-9.91%	-13.61%	-3.48%	-3.63%	-25.32%	-138.45%	474.69%	4.72%	4.31%	7.07%	214.54%	57.77%	55.90%	50.02%	61.35%	55.94%	56.04%	51.92%
Net Margin	-10.26%	-14.19%	-3.58%	-15.69%	-6.84%	-10.80%	-14.18%	-13.09%	-13.66%	-5.97%	-9.42%	-4.58%	0.22%	9.94%	27.42%	2.13%	4.18%	27.17%	48.65%	25.81%	30.44%	50.52%	14.98%	36.58%	24.84%	7.78%	27.10%	9.43%	88.12%	4.49%	64.93%	4.66%	6.36%	6.85%	102.69%	32.91%	1.13%	233.84%	2.25%	3.69%	3.69%	-2.53%	-3.24%	11.56%	8.24%	5.39%	-38.94%	50.78%	-48.72%	-11.69%	-3.04%	16.42%	471.70%	61.81%	-479.14%	-19.92%	-7.89%	-4.74%	-306.98%	-20.29%	-118.34%	-62.09%	-9.17%	-26.58%	-36.59%	816.10%
FCF Margin		2.60%	7.45%	-4.76%	16.80%	10.40%	7.08%	-1.05%	14.79%	9.92%	0.20%	-3.42%	18.01%	7.95%	-2.95%	-7.23%	11.10%	-15.02%	0.90%	-15.84%	0.53%	-2.30%	-0.86%	-2.90%	-3.55%	-1.36%	4.82%	-2.28%	6.51%	-8.93%	16.57%	-3.47%	3.88%	10.76%	2.13%	-33.64%	25.43%	28.65%	-14.71%	-10.98%	-7.90%	-19.97%	-62.73%	23.24%	23.65%	-183.90%	-23.57%	-73.70%	-90.43%	-109.30%	-112.27%	-86.30%	-111.03%	301.24%	-184.65%	-133.76%	-116.08%	-120.35%	-106.15%	-38.29%	-56.54%	-55.40%	-42.35%	-29.35%	-31.77%	-55.03%
Efficiency
Assets Average						7,662.44M	7,497.82M	7,320.20M	7,213.40M	7,103.84M	6,957.28M	6,847.75M	6,885.37M	6,756.25M	6,483.38M	6,385.89M	6,420.55M	6,480.11M	6,284.46M	6,081.28M	6,080.91M	6,008.06M	6,017.25M	6,156.24M	6,186.57M	6,187.68M	6,168.17M	6,130.45M	6,208.22M	6,284.04M	6,263.33M	6,210.13M	6,193.32M	6,184.27M	6,124.19M	6,167.16M	6,399.82M	6,364.69M	6,187.51M	6,236.89M	6,262.29M	6,389.99M	3,899.65M	4,154.19M	7,084.70M	7,081.64M	4,441.31M	2,029.19M	2,265.01M	2,353.17M	2,414.15M	2,513.97M	2,506.63M	2,357.83M	2,238.73M	2,185.20M	2,202.76M	2,233.61M	2,170.17M	2,104.68M	2,088.50M	2,062.34M	2,012.24M	1,914.84M	1,871.29M	1,973.29M
Equity Average						1,458.06M	1,384.79M	1,291.89M	1,259.17M	1,221.22M	1,172.89M	1,112.79M	1,225.07M	1,236.10M	1,128.94M	1,131.75M	1,085.83M	1,079.11M	1,133.95M	1,177.10M	1,265.63M	1,396.68M	1,442.83M	1,638.37M	1,826.36M	1,783.42M	1,756.33M	1,749.48M	1,826.95M	1,873.22M	1,886.29M	1,890.67M	1,665.44M	1,474.34M	1,558.66M	1,666.67M	1,662.49M	1,924.46M	1,978.89M	1,861.96M	1,901.57M	1,814.47M	1,149.82M	1,154.55M	1,784.89M	1,955.52M	1,347.94M	570.22M	571.29M	560.88M	561.38M	572.11M	703.50M	838.89M	739.06M	617.05M	603.75M	592.01M	502.62M	412.70M	361.66M	304.98M	230.71M	162.76M	146.25M	119.97M
Invested Capital			7,014.18M		7,097.23M	7,005.37M	6,598.38M	6,717.58M	6,610.96M	6,460.84M	6,015.10M	6,282.10M	1,369.22M	6,041.16M	5,567.98M	5,822.06M	5,906.60M	5,924.68M	5,560.93M	5,576.27M	5,556.01M	5,405.79M	5,577.24M	5,722.91M	5,684.09M	5,684.66M	5,613.05M	5,652.65M	5,874.48M	5,883.15M	5,593.17M	5,836.38M	5,794.50M	5,654.19M	5,524.91M	5,699.53M	5,954.78M	5,840.92M	5,839.31M	5,889.30M	5,842.87M	6,040.78M	1,072.49M	6,598.08M	6,666.42M	6,543.59M	1,541.18M	1,545.35M	1,637.54M	1,718.21M	1,743.07M	1,808.97M	1,973.21M	1,793.17M	1,673.56M	1,693.73M	1,664.42M	1,705.48M	1,567.72M	1,587.42M	1,529.22M	1,542.67M	999.03M	1,239.16M	1,234.77M	932.12M
Asset Utilization Ratio						0.13	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.15	0.15	0.15	0.15	0.15	0.16	0.16	0.17	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.12	0.09	0.05	0.04	0.04	0.02	0.02	0.03	0.08	0.07	0.07	0.07	0.07	0.08	0.08	0.09	0.08	0.08	0.08	0.09	0.09	0.09	0.09	0.12	0.13	0.13	0.13
Leverage & Solvency
Interest Coverage Ratio	0.40	0.22	0.09	0.27	0.43	0.45	0.62	0.45	0.46	0.57	0.88	0.49	0.76	0.75	1.18	0.90	1.02	1.08	1.19	1.17	1.19	1.17	1.22	1.14	1.32	1.33	1.36	1.33	1.32	1.19	1.19	1.21	1.27	1.17	0.35	1.12	0.99	1.03	1.02	1.00	1.01	0.92	1.01	0.33	0.20	0.19	-2.09	-0.33	-0.32	-0.46	-0.11	-0.12	-0.31	-6.79	24.97	0.21	0.20	0.41	10.50	2.17	1.70	1.08	2.28	1.68	1.64	1.30
Debt to Equity			3.10		3.45	3.38	3.97	3.89	3.93	4.36	4.17	4.75	3.72	4.42	3.82	4.21	4.38	4.14	3.70	3.63	3.08	2.73	2.79	2.12	2.10	2.18	2.17	2.20	1.98	2.06	1.87	2.00	2.42	2.45	2.13	2.22	2.29	1.66	2.22	1.97	2.01	2.38	0.96	2.34	2.56	1.90	0.80	0.74	0.97	1.11	0.86	0.88	0.97	1.01	1.49	1.53	1.45	1.49	2.02	2.09	2.66	2.89	2.62	4.39	5.02	4.29
Debt Ratio			0.60		0.65	0.65	0.70	0.68	0.68	0.74	0.69	0.75	0.73	0.74	0.69	0.73	0.72	0.70	0.71	0.70	0.68	0.66	0.66	0.63	0.62	0.61	0.62	0.62	0.60	0.60	0.58	0.59	0.58	0.58	0.58	0.59	0.58	0.59	0.63	0.61	0.59	0.65	0.39	0.60	0.64	0.58	0.24	0.19	0.23	0.26	0.20	0.20	0.33	0.37	0.43	0.42	0.39	0.39	0.41	0.40	0.41	0.41	0.23	0.37	0.37	0.21
Equity Ratio			0.19		0.19	0.19	0.18	0.18	0.17	0.17	0.17	0.16	0.20	0.17	0.18	0.17	0.16	0.17	0.19	0.19	0.22	0.24	0.24	0.30	0.30	0.28	0.29	0.28	0.31	0.29	0.31	0.30	0.24	0.24	0.27	0.27	0.25	0.35	0.28	0.31	0.30	0.27	0.41	0.25	0.25	0.30	0.30	0.26	0.24	0.23	0.23	0.22	0.34	0.37	0.29	0.28	0.27	0.26	0.20	0.19	0.15	0.14	0.09	0.08	0.07	0.05
Times Interest Earned	0.40	0.22	0.09	0.27	0.43	0.45	0.62	0.45	0.46	0.57	0.88	0.49	0.76	0.75	1.18	0.90	1.02	1.08	1.19	1.17	1.19	1.17	1.22	1.14	1.32	1.33	1.36	1.33	1.32	1.19	1.19	1.21	1.27	1.17	0.35	1.12	0.99	1.03	1.02	1.00	1.01	0.92	1.01	0.33	0.20	0.19	-2.09	-0.33	-0.32	-0.46	-0.11	-0.12	-0.31	-6.79	24.97	0.21	0.20	0.41	10.50	2.17	1.70	1.08	2.28	1.68	1.64	1.30
Dividends & Payouts
FCF Payout Ratio		2.15	1.70	-1.05	0.36	0.60	0.49	-5.57	0.40	0.59	30.92	-2.75	0.56	1.51	-3.98	-2.04	1.31	-0.96	15.56	-0.96	29.35	-6.69	-18.32	-6.17	-5.38	-13.93	3.95	-9.16	3.15	-2.32	1.25	-6.59	5.83	2.06	26.70	-0.72	0.94	0.86	-1.72	-17.16	-22.99	-7.68	-2.42	6.87	6.93	-0.89						-0.12				0.00	-0.01	-0.01	-0.01	-0.02	-0.02	-0.02	-0.82	-5.74
Valuation
Enterprise Value	-112.11M	-107.03M	-51.26M	-77.88M	-106.44M	-177.14M	-142.05M	-119.41M	-113.15M	-106.03M	-7.68M	-120.71M	-350.03M	-22.44M	-4.37M	-82.81M	-82.03M	-100.34M	24.20M	-63.85M	-57.18M	-47.96M	58.97M	-76.55M	41.11M	42.70M	-49.82M	21.75M	30.98M	55.29M	-27.95M	36.53M	37.77M	45.86M	41.04M	49.48M	54.63M	43.29M	64.43M	-61.09M	67.22M	42.45M	-0.68M	-244.43M	-301.96M	-148.92M	-275.46M	-241.77M	-286.85M	-256.44M	-225.24M	-116.19M	-81.27M	-109.68M	-102.02M	-59.53M	-5.34M	65.36M	43.78M	46.27M	82.61M	91.00M	0.97M	96.59M	104.18M	-252.92M
Return Ratios
Return on Sales	0.12%	0.16%	0.35%	0.08%	0.11%	0.07%	0.02%	0.02%	0.07%	0.12%	0.11%	0.16%	0.17%	0.20%	0.36%	0.02%	0.02%	0.30%	0.49%	0.28%	0.27%	0.51%	0.11%	0.35%	0.18%	0.16%	0.20%	0.03%	0.86%	0.06%	0.63%	0.00%	0.01%	0.00%	1.17%	0.21%	0.00%	2.36%	-3.03%	8.14%	2.19%	0.10%	-9.56%	0.12%	0.08%	0.05%	-0.40%	0.54%	-0.50%	-0.11%	-0.03%	0.20%	4.99%	0.72%	-4.92%	-0.13%	0.00%	0.04%	-3.11%	-0.14%	-1.19%	-0.77%	0.12%	-0.22%	-0.32%	-2.26%
Return on Invested Capital						0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.04%	0.04%	0.03%	0.05%	0.04%	0.04%	0.05%	0.05%	0.06%	0.06%	0.07%	0.07%	0.07%	0.07%	0.06%	0.06%	0.06%	0.06%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.01%	-0.01%	-0.01%	0.00%	0.07%	-0.01%	-0.01%	0.00%	0.00%	-0.01%	-0.04%	0.06%	0.06%	0.07%	0.11%	0.06%	0.08%	0.10%	0.11%	0.10%	0.12%	0.11%	0.14%
Return on Assets						0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.03%	0.03%	0.02%	0.03%	0.03%	0.04%	0.05%	0.06%	0.05%	0.05%	0.05%	0.03%	0.03%	0.02%	0.04%	0.05%	0.06%	0.06%	0.03%	0.03%	0.05%	0.06%	0.05%	0.15%	-0.01%	0.03%	0.04%	-0.05%	0.00%	-0.07%	-0.05%	-0.05%	0.00%	0.01%	-0.01%	-0.01%	0.00%	-0.01%	0.10%	0.13%	0.04%	0.03%	-0.08%	-0.09%	-0.07%	-0.08%	-0.11%	-0.12%	-0.04%	-0.05%	-0.02%	-0.05%
Return on Equity						0.09%	0.05%	0.05%	0.04%	0.05%	0.07%	0.10%	0.11%	0.12%	0.19%	0.16%	0.13%	0.16%	0.18%	0.23%	0.26%	0.28%	0.20%	0.19%	0.15%	0.09%	0.10%	0.06%	0.15%	0.15%	0.21%	0.20%	0.10%	0.11%	0.19%	0.21%	0.21%	0.48%	-0.04%	0.09%	0.12%	-0.19%	0.00%	-0.25%	-0.20%	-0.18%	0.00%	0.02%	-0.02%	-0.03%	-0.01%	-0.03%	0.37%	0.35%	0.12%	0.12%	-0.29%	-0.36%	-0.31%	-0.38%	-0.61%	-0.82%	-0.36%	-0.54%	-0.30%	-0.80%

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Apartment Investment & Management Ratios (2009-2025) | AIV

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