Loading institutional data...
Loading institutional data...
Insufficient data to determine institutional momentum.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $415.6M dividends + $256K buybacks = $415.8M returned on -$91.5M FCF.
1 consecutive years of dividend increases · 9%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 67%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $138.5M 100.0% | $137.7M 100.0% | $119.9M 100.0% | $190.3M 100.0% | $169.8M 100.0% | $151.5M 100.0% | $143.7M 100.0% | $132.2M 100.0% | $1.01B 100.0% | $995.9M 100.0% |
| Selling, General & Admin | $34.0M 24.6% | $32.8M 23.8% | $32.9M 27.4% | $39.7M 20.8% | $33.2M 19.5% | $10.5M 6.9% | $7.1M 4.9% | $5.8M 4.4% | $43.7M 4.3% | $46.8M 4.7% |
| Total Operating Expenses | $308.1M 222.5% | $178.0M 129.3% | $142.6M 118.9% | $270.4M 142.1% | $185.5M 109.2% | $165.8M 109.5% | $128.6M 89.5% | $108.7M 82.2% | $811.5M 80.7% | $749.1M 75.2% |
| Operating Income | — | $117.7M 85.5% | $113.3M 94.5% | $118.6M 62.3% | -$15.6M -9.2% | -$14.4M -9.5% | $15.1M 10.5% | — | $194.0M 19.3% | $246.8M 24.8% |
| Interest Expense | $59.4M 42.9% | $59.4M 43.1% | $26.9M 22.4% | $73.8M 38.8% | $52.9M 31.1% | $27.5M 18.2% | $18.6M 12.9% | $19.6M 14.9% | $194.6M 19.4% | $196.4M 19.7% |
| Interest & Investment Income | $8.6M 6.2% | $9.6M 7.0% | $9.7M 8.1% | $4.1M 2.1% | $2.3M 1.3% | $110K 0.1% | $26K 0.0% | $8K 0.0% | $8.3M 0.8% | $7.8M 0.8% |
| Other Income (Expense), net | -$4.2M -3.0% | -$5.6M -4.1% | -$7.7M -6.4% | -$12.8M -6.7% | $3.2M 1.9% | -$3.6M -2.4% | -$2.1M -1.5% | $77K 0.1% | $7.7M 0.8% | $6.1M 0.6% |
| Pretax Income | -$15.8M -11.4% | -$135.2M -98.2% | -$193.6M -161.4% | $109.4M 57.5% | -$18.6M -10.9% | -$15.9M -10.5% | -$3.2M -2.2% | $3.7M 2.8% | $316.2M 31.5% | $464.4M 46.6% |
| Income Tax Expense | -$57.6M -41.6% | -$11.1M -8.0% | -$12.8M -10.6% | $17.3M 9.1% | -$13.6M -8.0% | -$10.1M -6.7% | -$3.3M -2.3% | $261K 0.2% | -$30.8M -3.1% | -$18.8M -1.9% |
| Net Income | $547.2M 395.1% | -$104.0M -75.5% | -$166.2M -138.6% | $74.6M 39.2% | -$5.9M -3.5% | -$5.0M -3.3% | $304K 0.2% | $3.2M 2.5% | $315.8M 31.4% | $430.4M 43.2% |
| Per Share | ||||||||||
| EPS (Basic) | $3.95 | -$0.75 | -$1.16 | $0.50 | -$0.04 | -$0.03 | $0.00 | $0.02 | $2.02 | $2.68 |
| EPS (Diluted) | $3.87 | -$0.75 | -$1.16 | $3.87 | -$0.04 | -$0.03 | $0.00 | $0.02 | $2.02 | $2.67 |
| Weighted Avg Shares (Basic) | 138.3M | 138.5M | 143.6M | 138.3M | 149.5M | 148.6M | 148.5M | 148.5M | 151.6M | 156.0M |
| Weighted Avg Shares (Diluted) | 141.1M | 138.5M | 143.6M | 141.1M | 149.5M | 148.6M | 148.6M | 148.6M | 152.1M | 156.4M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-16
Where each multiple sits in its own 14-yr range · 38th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 151% against ROIC 67% — 84% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 225.7% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 4.4 | 4.9 | 6.9 | 19.5 | 20.8 | 27.4 | 23.8 | 24.6 |
| Operating Income | — | 10.5 | -9.5 | -9.2 | 62.3 | 94.5 | 85.5 | — |
| Income Tax | 0.2 | -2.3 | -6.7 | -8.0 | 9.1 | -10.6 | -8.0 | -41.6 |
| Net Income | 2.5 | 0.2 | -3.3 | -3.5 | 39.2 | -138.6 | -75.5 | 395.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AIV: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $233.4M covers the $0 due within a year 233374000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2021-12-31 (10-K).
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~13.0% on $457.3M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ranked against 21 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PSTL | $665M | 46.8× | 17.6× | 6.9× | 25.5% | — | 14.8% | 5.0% | 2.2% | 6.2× | 220 |
| CLDT | $654M | 100.4× | 9.6× | 2.2× | -7.0% | — | 5.1% | 2.0% | 1.4% | 3.1× | 176 |
| JBGS | $653M | — | 3.0× | 1.3× | -8.9% | — | -27.9% | -12.0% | -12.0% | -0.4× | 200 |
| UHT | $530M | 30.0× | 14.1× | 5.3× | 0.2% | — | 17.8% | 11.6% | 3.3% | 5.8× | 182 |
| FBRT | $516M | 9.7× | — | 1.9× | 20.9% | — | 30.5% | 5.7% | 5.7% | — | 240 |
| NXRT | $469M | — | 16.6× | 1.9× | -3.2% | — | -12.7% | -10.8% | -1.7% | 12.8× | 224 |
| BDN | $453M | — | — | 0.9× | -4.2% | 61.8% | -36.8% | -22.5% | -5.3% | — | 231 |
| FPI | $452M | 17.0× | 65.2× | 8.7× | -10.4% | — | 60.5% | 6.7% | 5.0% | 17.2× | 179 |
| TCI | $425M | 30.3× | 98.8× | 8.7× | 4.2% | — | 28.1% | 1.6% | 1.3% | — | 47 |
| FVR | $419M | — | 26.1× | 6.3× | 39.1% | — | -5.7% | -1.0% | -0.5% | 10.9× | 123 |
| LAND | $400M | — | — | 4.5× | 3.7% | 89.1% | 15.3% | 2.0% | 1.2% | — | 178 |
| CHCT | $379M | 165.5× | — | 3.1× | 4.7% | — | 4.2% | 1.2% | 0.5% | — | 169 |
| PINE | $322M | — | 19.6× | 5.3× | 15.9% | 86.0% | -4.4% | -0.9% | -0.4% | 11.7× | 144 |
| NLCP | $283M | 10.8× | 6.1× | 5.5× | 1.9% | — | 51.5% | 6.8% | 6.8% | -0.6× | 3 |
| NXDT | $260M | — | 15.4× | 3.0× | 3.3% | — | -151% | -18.6% | -18.6% | -0.5× | 124 |
| BRT | $255M | — | 16.5× | 2.6× | 1.5% | 99.8% | -12.3% | -6.7% | -6.7% | -1.8× | 112 |
| AIV | $247M | 0.4× | — | 1.8× | 0.6% | — | — | 151% | 66.8% | — | 151 |
| STRW | $182M | 21.4× | 7.9× | 1.2× | 32.4% | — | 4.9% | 62.6% | 0.9% | 6.3× | 77 |
| ACR | $163M | 346.7× | — | 2.0× | -4.2% | — | 35.0% | 6.6% | 1.4% | — | 67 |
| ELME | $156M | — | 1.3× | 0.7× | 6.2% | 63.3% | -5.4% | -1.2% | -1.2% | -0.1× | 157 |
| SEVN | $154M | 6.8× | — | 5.2× | -16.7% | — | 52.5% | 4.7% | 4.7% | — | 93 |
| FREVS | $139M | 39.5× | 13.3× | 4.7× | 2.2% | — | 12.0% | 10.3% | 2.3% | 5.7× | — |
Peers = companies sharing AIV's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 24.8% | 43.2% |
| FY2017 | not reported | 19.3% | 31.4% |
| FY2018 | not reported | not reported | 504.1% |
| FY2019 | not reported | 10.5% | 0.2% |
| FY2020 | not reported | -9.5% | -3.3% |
| FY2021 | not reported | -9.2% | -3.5% |
| FY2022 | not reported | 62.3% | 39.2% |
| FY2023 | not reported | 94.5% | -138.6% |
| FY2024 | not reported | 85.5% | -75.5% |
| FY2025 | not reported | not reported | 395.1% |
Leverage and buybacks account for 84 points of the 151% return on equity in FY2025. The business earns 67% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Accruals are positive and DSO is up +28 days over 3 years — profit is being recognised ahead of collection.
Reported free cash flow is -$92M; after share-based compensation it is -$97M. The difference is a real cost that the cash flow statement adds back.
Leverage is not measurable this way for a reit.
This schedule comes from a filing dated 2021-12-31, 1751 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2021-12-31 (10-K); cash from the 2021-12-31 balance sheet; FCF from FY2021. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2021-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.
| Step | Amount | Running total |
|---|---|---|
| Net income | $547M | $547M |
| Share-based comp | $6M | $553M |
| Other non-cash & working capital | −$545M | $8M |
| Operating cash flow | $8M | $8M |
| Capex | −$100M | −$92M |
| Free cash flow | −$92M | −$92M |
| FCF after SBC | −$97M | −$97M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 5.4% | 15.0% | 9.6 points |
| FY2021 | 12.1% | -7.2% | -19.3 points |
| FY2022 | 12.1% | 65.2% | 53.1 points |
| FY2023 | -37.0% | 26.9% | 63.9 points |
| FY2024 | 14.8% | 51.1% | 36.3 points |
| FY2025 | 0.6% | 76.1% | 75.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 5.9 days | not reported | not reported | not reported |
| FY2020 | 6.4 days | not reported | not reported | not reported |
| FY2021 | 5.3 days | not reported | not reported | not reported |
| FY2022 | 7.8 days | not reported | not reported | not reported |
| FY2023 | 15.8 days | not reported | not reported | not reported |
| FY2024 | 20.7 days | not reported | not reported | not reported |
| FY2025 | 36.3 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.6 percent |
| FY2020 | -2.9 percent |
| FY2021 | -0.8 percent |
| FY2022 | -5.9 percent |
| FY2023 | -10.4 percent |
| FY2024 | -7.7 percent |
| FY2025 | 32.2 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.