APARTMENT INVESTMENT & MANAGEMENT CO
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
AIV$1.57+2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income (loss) | $(157,319) | $92,158 | $(4,980) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 68,834 | 158,967 | 84,712 |
| Mezzanine investment (income) loss, net | 155,814 | 179,239 | (30,436) |
| Realized and unrealized (gains) losses on interest rate options | (1,119) | (48,205) | (6,509) |
| Realized and unrealized (gains) losses on equity investments | (700) | (20,302) | (6,585) |
| Income tax expense (benefit) | (12,752) | 17,264 | (13,570) |
| Share-based compensation | 9,221 | 7,471 | 5,271 |
| Loss on extinguishment of debt, net | 938 | 28,986 | — |
| Lease modification income | — | (206,963) | — |
| Gain on dispositions of real estate | (7,984) | (175,863) | — |
| Income from unconsolidated real estate partnerships | (875) | (579) | (973) |
| Amortization of debt issuance costs and other | 2,563 | 2,787 | 1,384 |
| Changes in operating assets and operating liabilities: | |||
| Other assets, net | 335 | 1,039 | (11,826) |
| Net cash received from lease incentive | — | 195,789 | — |
| Accrued liabilities and other | (6,489) | (27,556) | (3,902) |
| Total adjustments | 207,786 | 112,074 | 17,566 |
| Net cash provided by operating activities | 50,467 | 204,232 | 12,586 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of real estate | (4,108) | (129,245) | (69,601) |
| Capital expenditures | (272,497) | (237,523) | (177,809) |
| Proceeds from disposition of real estate | 9,254 | 259,983 | — |
| Investment in IQHQ | — | (14,227) | (23,273) |
| Redemption of IQHQ investment | — | 16,473 | — |
| Distributions received from unconsolidated real estate partnerships | 4,209 | — | — |
| Investment in unconsolidated real estate partnerships | (3,786) | (15,668) | — |
| Purchase of treasury bill | (53,773) | — | — |
| Proceeds from treasury bill | 54,727 | — | — |
| Other investing activities | 5,578 | (547) | (727) |
| Net cash used in investing activities | (260,396) | (120,754) | (271,410) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from non-recourse property debt | — | 756,220 | 59,757 |
| Proceeds from construction loans | 174,445 | 93,206 | 165,170 |
| Proceeds from sale of participation in Mezzanine Investment | 37,500 | — | — |
| Payments of deferred loan costs | (229) | (15,266) | (6,437) |
| Principal repayments on non-recourse property debt | (85,974) | (302,428) | (24,383) |
| Principal repayments on construction loans | — | (138,404) | — |
| Principal repayments on Notes Payable to AIR | — | (534,127) | — |
| Purchase of interest rate options | (712) | (5,620) | (5,905) |
| Proceeds from interest rate options | 58,906 | 16,818 | — |
| Payments on finance leases | (2,694) | (26,213) | (10,855) |
| Payments of prepayment premiums | — | (25,801) | — |
| Common stock repurchased | (46,843) | (23,492) | — |
| Dividends paid on common stock | — | (3,043) | — |
| Redemption of redeemable noncontrolling interests | — | (5,094) | — |
| Distributions to redeemable noncontrolling interests | (9,243) | (9,365) | — |
| Contributions from noncontrolling interests | 272 | 10,616 | 212 |
| Distributions to noncontrolling interests | (1,291) | (1,362) | (1,157) |
| Contributions from redeemable noncontrolling interests | 125 | 122,571 | 29,440 |
| Redemption of OP Units | (1,081) | (225) | (76) |
| Redemption of noncontrolling interest in real estate partnership | — | (7,088) | — |
| Other financing activities | (3,751) | (197) | (1,095) |
| Net cash provided by (used in) financing activities | 119,430 | (98,294) | 204,671 |
| NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (90,499) | (14,816) | (54,153) |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | 229,766 | 244,582 | 298,735 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | $139,267 | $229,766 | $244,582 |
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