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AIV – Market expectations are for Uniform ROA to expand to all-time highs, but management appears concerned about retention, customer satisfaction, and growth

January 15, 2020

  • Apartment Investment and Management Company (AIV:USA) currently trades at historical highs relative to Uniform Assets, with a 1.8x Uniform P/B. At these levels, markets are pricing in bullish expectations for the firm, but management appears concerned about retention rates, customer satisfaction, and their growth outlook for 2020
  • Specifically, management may lack confidence in their ability to sustain productivity and high retention rates, and they may be exaggerating their focus on improving customer satisfaction. Furthermore, they may be downplaying concerns about their debt levels and their outlook for 2020. Finally, they may be concerned about their redevelopment and capital enhancement, and they may lack confidence in their ability to meet net asset value expectations.

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