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Apartment Income REIT Corp AIRC

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Morningstar’s Analysis

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Apartment Income REIT Higher Quality and Less Risky but Sacrifices Some Growth Compared With Aimco

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

We have updated our model for Apartment Income REIT to reflect the impact of the company's separation from Aimco, and as a result, we are reducing our fair value estimate to $44 from $55.72 for the no-moat company. After a reverse stock split and a special dividend, the new company maintains the same number of outstanding shares but has effectively split off the development pipeline and lease-up assets into a new publicly traded Aimco entity while Apartment Income retains 99 of the former company's 126 multifamily asset portfolio. The portfolio that Apartment Income owns is almost fully stabilized and includes most of the high-quality assets from the prior portfolio. Additionally, the new portfolio reduces the company's core markets from 12 to eight, eliminating some markets that management believes to have lower growth prospects.

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Company Profile

Business Description

Apartment Investment and Management Co. owns a portfolio of 99 apartment communities with almost 26,000 units. The company focuses on owning large, high-quality properties in the urban and suburban submarkets of Boston, Denver, Los Angeles, Miami, Philadelphia, San Diego, San Francisco, and Washington, D.C..

4582 South Ulster Street, Suite 1700
Denver, CO, 80237
T +1 303 757-8101
Sector Real Estate
Industry REIT - Residential
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 950

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