Aimco Will Have To Rely on Internal Growth as Development Pipeline Shrinks
Apartment Investment & Management Company produced a mixed quarter, leading us to maintain our $47 fair value estimate for the no-moat company. Fourth-quarter fundamentals were in line with our expectations. Same-store occupancy improved 60 basis points sequentially to 96.9%, above our assumption of flat occupancy, but annual rate growth was only 2.7% compared with our 3.4% growth assumption so same-store revenue growth was in line with our 3.4% estimate. Expense growth was also in line with...Apartment Investment and Management is a self-administered and self-managed real estate investment trust, focused on the ownership, management, redevelopment and limited development of apartment communities in the U.S. The company, through its wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, owns a majority of the ownership interests in AIMCO Properties, L.P. (the Aimco Operating Partnership). The company conducts all of its business and owns all of its assets through the Aimco Operating Partnership. The company's Real Estate portfolio includes garden style, apartment communities. In addition, the company held nominal ownership positions in partnerships that own low-income housing tax credit communities.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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