Apartment Investment and Management Company (AIV) Balance Sheet
AIV balance sheet, 2025
December 31, 2025 · U.S. dollars$1.68B assets = $1.12B liabilities + $552.9M equity
Both columns are drawn to the same scale: what AIV owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AIV financial health
Descriptive bands, not a rating. Fiscal 2025.
AIV balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.23B2016 | $1.68B2025 | −13.6%/yr | |
| Total liabilities | $4.18B2016 | $1.12B2025 | −13.6%/yr | |
| Shareholders’ equity | $2.05B2016 | $361.9M2025 | −17.5%/yr | |
| Cash & short-term investments | $131.2M2016 | $394.9M2025 | +13.0%/yr | |
| Total debt | $4.23B2016 | $870.7M2025 | −16.1%/yr | |
| Net cash (debt) | −$4.10B2016 | −$475.8M2025 | +$3.6B | |
| Working capital | −$392.1M2016 | $271.9M2025 | +$664.1M | |
| Book value per share | $16.722016 | $2.572025 | −18.8%/yr | |
| Current ratio | 0.292016 | 3.212025 | +2.92 | |
| Debt / equity | 2.072016 | 2.412025 | +0.34 | |
| Shares outstanding | 122.5M2016 | 141.1M2025 | +1.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AIV assets
AIV liabilities and equity
AIV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AIV balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $394.9M | $141.1M | $141.1M | $206.5M | $233.4M | $233.4M | $5.4M | $72.6M | $142.5M | $131.2M |
| Cash & equivalents | $394.9M | $141.1M | $141.1M | $206.5M | $233.4M | $233.4M | $5.4M | $72.6M | $142.5M | $131.2M |
| Short-term investments | — | — | $5.3M | $64.0M | $25.7M | $13.3M | — | — | $0 | $0 |
| Receivables | $133.7M | $81.3M | $81.3M | $39.0M | $45.3M | $65.9M | $2.3M | $55.6M | $17.0M | $13.0M |
| Inventory | $0 | $0 | −$5.3M | −$17.4M | −$25.7M | −$13.3M | $20.1M | $42.4M | $18.0M | $149.1M |
| Other current assets | $0 | $307.4M | $312.7M | $40.7M | $0 | $24.5M | $0 | $0 | $11.6M | $0 |
| Total current assets | $394.9M | $529.8M | $529.8M | $268.8M | $244.6M | $310.4M | $15.4M | $139.2M | $189.1M | $162.1M |
| Property, plant & equipment (net) | $106.4M | $122.3M | $117.6M | $110.3M | $429.8M | $439.6M | $936.0M | $18.3M | $20.0M | $5.76B |
| Goodwill & intangible assets | $12.3M | $13.2M | $13.2M | $14.2M | $3.3M | $3.3M | $51.2M | $61.7M | $58.7M | $62.8M |
| Long-term investments | $24.7M | $31.3M | $88.2M | $174.3M | $337.8M | $26.1M | $280.3M | $96.2M | $95.4M | $91.0M |
| Other non-current assets | $1.14B | $1.26B | $1.21B | $1.61B | $1.42B | $1.65B | $0 | $5.87B | $5.72B | $161.4M |
| Total assets | $1.68B | $1.96B | $1.96B | $2.18B | $2.43B | $2.43B | $1.26B | $6.19B | $6.08B | $6.23B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | — | $97.4M | $63.0M | $360.6M | $226.2M | $2.5M | $36.7M |
| Short-term debt | $123.0M | $155.3M | $161.7M | $2.9M | $534.1M | $9.8M | $0 | $246.3M | $249.5M | $346.5M |
| Deferred revenue | — | — | — | — | — | — | — | — | $12.5M | $49.4M |
| Total current liabilities | $123.0M | $350.7M | $350.7M | $106.6M | $97.4M | $97.4M | $34.7M | $414.9M | $576.5M | $554.3M |
| Long-term debt | $863.4M | $1.19B | $1.27B | $1.16B | $1.18B | $982.1M | $4.51B | $7.99B | $7.63B | $3.88B |
| Lease obligations | $124.8M | $121.8M | $118.7M | $114.6M | $435.1M | $100.5M | $0 | — | — | — |
| Other long-term liabilities | $136.5M | $101.5M | $27.5M | $119.6M | $559.8M | $758.6M | $0 | $0 | $0 | $0 |
| Total liabilities | $1.12B | $1.64B | $1.64B | $1.39B | $1.84B | $1.84B | $741.8M | $4.33B | $4.32B | $4.18B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.4M | $1.4M | $1.4M | $1.5M | $1.5M | $1.5M | $1.5M | $1.5M | $3.90B | $4.05B |
| Retained earnings (deficit) | −$68.7M | −$303.4M | −$303.4M | $49.9M | −$22.8M | −$22.8M | $513.3M | −$1.95B | −$2.37B | −$2.39B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $4.2M | $5.0M | $4.0M | $1.0M |
| Minority interest | $191.0M | $189.3M | $242.0M | $244.3M | $61.7M | $59.3M | $80.1M | $64.2M | −$5.7M | $151.1M |
| Total shareholders' equity | $361.9M | $312.3M | $123.0M | $792.2M | $596.0M | $500.6M | $518.3M | $1.86B | $1.76B | $2.05B |
| Key figures | ||||||||||
| Total debt | $870.7M | $1.19B | $1.20B | $1.17B | $1.71B | $1.62B | $4.51B | $8.24B | $7.88B | $4.23B |
| Net cash (debt) | −$475.8M | −$1.05B | −$1.06B | −$959.3M | −$1.48B | −$1.38B | −$4.50B | −$8.16B | −$7.74B | −$4.10B |
| Working capital | $271.9M | $179.2M | $179.2M | $162.2M | $147.2M | $213.0M | −$19.3M | −$275.7M | −$387.4M | −$392.1M |
| Tangible book value | $349.6M | $299.1M | $109.8M | $778.0M | $592.8M | $497.3M | $467.1M | $1.80B | $1.70B | $1.99B |
| Book value per share | $2.57 | $2.25 | $0.86 | $5.25 | $3.99 | $3.37 | $4.32 | $12.53 | $14.31 | $16.72 |
| Shares outstanding | 141.1M | 138.5M | 143.6M | 150.8M | 149.5M | 148.6M | 120.0M | 148.9M | 122.8M | 122.5M |
| Current ratio | 3.21 | 1.51 | 1.51 | 2.52 | 2.51 | 3.19 | 0.44 | 0.34 | 0.33 | 0.29 |
| Quick ratio | 4.30 | 0.63 | 0.63 | 2.30 | 2.86 | 3.07 | 0.22 | 0.31 | 0.28 | 0.26 |
| Debt / equity | 2.41 | 3.82 | 9.77 | 1.47 | 2.88 | 3.23 | 8.69 | 4.42 | 4.49 | 2.07 |
| Equity / assets | 21.6% | 16.0% | 6.3% | 36.3% | 24.5% | 20.6% | 41.1% | 30.1% | 28.9% | 32.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $78.7M | $224.3M | $394.9M | $404.4M | $41.4M | $49.1M | $404.4M | $82.6M | $49.1M | $121.8M | $141.1M | $95.7M |
| Cash & equivalents | $78.7M | $224.3M | $394.9M | $404.4M | $41.4M | $49.1M | $404.4M | $82.6M | $49.1M | $121.8M | $141.1M | $95.7M |
| Short-term investments | — | — | — | — | — | — | — | — | $3.7M | $5.1M | $5.3M | $9.2M |
| Receivables | $105.4M | $103.0M | $133.7M | $85.7M | $83.1M | $83.9M | $85.7M | $77.3M | $83.9M | $10.4M | $81.3M | $39.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$3.7M | −$5.1M | −$5.3M | −$9.2M |
| Other current assets | $0 | $0 | $0 | $372.4M | $302.3M | $303.5M | $372.4M | $27.8M | $307.2M | $90.6M | $312.7M | $29.4M |
| Total current assets | $184.1M | $327.3M | $394.9M | $862.5M | $426.8M | $436.6M | $862.5M | $187.7M | $436.6M | $217.8M | $529.8M | $155.7M |
| Property, plant & equipment (net) | $0 | $0 | $106.4M | $113.2M | $115.8M | $116.7M | $113.2M | $118.6M | $116.7M | $120.0M | $117.6M | $109.3M |
| Goodwill & intangible assets | $0 | $0 | $12.3M | $12.5M | $12.7M | $12.9M | $12.5M | $13.4M | $12.9M | $13.4M | $13.2M | $13.6M |
| Long-term investments | $0 | $44.7M | $24.7M | $25.0M | $31.1M | $31.1M | $31.3M | $38.4M | $41.4M | $88.2M | $88.2M | $180.8M |
| Other non-current assets | $1.06B | $1.06B | $1.14B | $1.06B | $1.28B | $1.28B | $1.06B | $1.71B | $1.27B | $1.68B | $1.21B | $1.79B |
| Total assets | $1.24B | $1.43B | $1.68B | $2.08B | $1.87B | $1.87B | $2.08B | $2.07B | $1.87B | $2.12B | $1.96B | $2.25B |
| Liabilities | ||||||||||||
| Accounts payable | $46.2M | $66.3M | — | — | — | — | — | — | — | — | — | — |
| Short-term debt | $440.9M | $470.5M | $123.0M | $0 | $42.8M | $4.9M | $1.5M | $1.5M | $4.9M | $4.5M | $161.7M | $1.2M |
| Total current liabilities | $440.9M | $470.5M | $123.0M | $765.8M | $305.9M | $262.6M | $765.8M | $1.5M | $262.6M | $125.2M | $350.7M | $111.0M |
| Long-term debt | $430.1M | $458.8M | $863.4M | $952.9M | $1.22B | $1.21B | $1.19B | $1.37B | $1.21B | $1.18B | $1.15B | $1.24B |
| Lease obligations | $10.7M | $11.7M | $124.8M | $124.4M | $123.7M | $122.9M | $121.8M | $121.3M | $120.4M | $119.3M | $118.7M | $117.7M |
| Other long-term liabilities | $244.8M | $199.4M | $136.5M | $102.8M | $59.4M | $101.7M | $0 | $226.8M | $96.3M | $227.8M | $146.2M | $146.5M |
| Total liabilities | $725.0M | $727.9M | $1.12B | $1.82B | $1.59B | $1.57B | $1.82B | $1.60B | $1.57B | $1.54B | $1.64B | $1.50B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M |
| Retained earnings (deficit) | — | — | −$68.7M | −$371.0M | −$336.5M | −$317.2M | −$371.0M | −$208.9M | −$317.2M | −$126.5M | −$303.4M | $35.2M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Minority interest | $21.6M | — | $191.0M | $193.3M | $190.8M | — | — | — | — | — | — | — |
| Total shareholders' equity | $514.6M | $705.9M | $361.9M | $62.0M | $91.7M | $110.5M | $62.0M | $229.8M | $110.5M | $335.8M | $123.0M | $508.9M |
| Key figures | ||||||||||||
| Total debt | $440.9M | $470.5M | $870.7M | $952.9M | $1.22B | $1.21B | $952.9M | $1.38B | $1.21B | $1.31B | $1.19B | $1.24B |
| Net cash (debt) | −$362.2M | −$246.1M | −$475.8M | −$548.6M | −$1.18B | −$1.16B | −$548.6M | −$1.30B | −$1.16B | −$1.19B | −$1.05B | −$1.14B |
| Working capital | −$256.8M | −$143.2M | $271.9M | $96.7M | $120.9M | $174.0M | $96.7M | $186.2M | $174.0M | $92.6M | $179.2M | $44.6M |
| Tangible book value | $514.6M | $705.9M | $349.6M | $49.5M | $78.9M | $97.6M | $49.5M | $216.4M | $97.6M | $322.4M | $109.8M | $495.3M |
| Book value per share | $3.75 | $5.16 | $2.57 | $0.45 | $0.67 | $0.81 | $0.45 | $1.68 | $0.79 | $2.39 | $0.87 | $3.55 |
| Shares outstanding | 137.3M | 136.9M | 141.1M | 138.9M | 137.3M | 136.9M | 136.7M | 136.7M | 139.8M | 140.6M | 141.2M | 143.3M |
| Current ratio | 0.42 | 0.70 | 3.21 | 1.13 | 1.40 | 1.66 | 1.13 | 125.96 | 1.66 | 1.74 | 1.51 | 1.40 |
| Quick ratio | 0.42 | 0.70 | 4.30 | 0.64 | 0.41 | 0.51 | 0.64 | 107.31 | 0.51 | 1.06 | 0.63 | 1.22 |
| Debt / equity | 0.86 | 0.67 | 2.41 | 15.37 | 13.33 | 10.91 | 15.37 | 6.01 | 10.91 | 3.91 | 9.70 | 2.43 |
| Equity / assets | 41.5% | 49.2% | 21.6% | 3.0% | 4.9% | 5.9% | 3.0% | 11.1% | 5.9% | 15.8% | 6.3% | 22.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
AIV financial position
At the end of fiscal 2025 (December 31, 2025), Apartment Investment and Management had total assets of $1.7 billion (down 14.4% from a year earlier), total liabilities of $1.1 billion and shareholders' equity of $361.9 million. It held $394.9 million in cash and short-term investments against $870.7 million of debt, net debt of $475.8 million. Its current ratio was 3.21. In the latest quarter (ended June 30, 2026) total assets were $1.2 billion and equity $514.6 million.
Related: AIV income statement, AIV cash flow statement, AIV key metrics. See the AIV stock overview for the latest quote and news.
AIV balance sheet FAQ
What are Apartment Investment and Management's total assets?
Apartment Investment and Management reported total assets of $1.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.0 billion a year earlier.
How much debt does Apartment Investment and Management have?
Apartment Investment and Management had $870.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.41.
How much cash does Apartment Investment and Management have?
Apartment Investment and Management held $394.9 million in cash and short-term investments at the end of fiscal 2025; with $870.7 million of debt that is net debt of $475.8 million.
What is Apartment Investment and Management's book value?
Apartment Investment and Management's shareholders' equity (book value) was $361.9 million at the end of fiscal 2025, or $2.57 per share.
What is Apartment Investment and Management's current ratio?
Apartment Investment and Management had current assets of $394.9 million and current liabilities of $123.0 million, a current ratio of 3.21 (it can cover its short-term obligations).
How much goodwill does Apartment Investment and Management have?
Apartment Investment and Management carried $12.3 million of goodwill and intangible assets, 0.7% of total assets, at the end of fiscal 2025.