APARTMENT INVESTMENT & MANAGEMENT CO
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
AIV$1.57+2.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income (loss) | $(96,000) | $(157,319) | $92,158 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 86,359 | 68,834 | 158,967 |
| Mezzanine investment (income) loss, net | 2,432 | 155,814 | 179,239 |
| Realized and unrealized (gains) losses on interest rate contracts | (1,752) | (1,119) | (48,205) |
| Realized and unrealized (gains) losses on equity investments | 49,504 | (700) | (20,302) |
| Income tax expense (benefit) | (11,071) | (12,752) | 17,264 |
| Share-based compensation | 6,494 | 9,221 | 7,471 |
| Loss on extinguishment of debt, net | 947 | 938 | 28,986 |
| Lease modification income | — | — | (206,963) |
| Gain on dispositions of real estate | (10,600) | (7,984) | (175,863) |
| Loss (income) from unconsolidated real estate partnerships | 1,358 | (875) | (579) |
| Other, including amortization of debt issuance costs | 20,186 | 2,563 | 2,787 |
| Changes in operating assets and operating liabilities: | |||
| Operating assets, net | (13,355) | 335 | 1,039 |
| Net cash received from lease incentive | — | — | 195,789 |
| Operating liabilities, net | 12,482 | (6,489) | (27,556) |
| Total adjustments | 142,984 | 207,786 | 112,074 |
| Net cash provided by operating activities | 46,984 | 50,467 | 204,232 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of real estate | — | (4,108) | (129,245) |
| Capital expenditures | (160,027) | (272,497) | (237,523) |
| Proceeds from dispositions of real estate | 186,203 | 9,254 | 259,983 |
| Investment in IQHQ | — | — | (14,227) |
| Redemption of IQHQ investment | — | — | 16,473 |
| Distributions received from unconsolidated real estate partnerships | — | 4,209 | — |
| Investment in unconsolidated real estate partnerships | (383) | (3,786) | (15,668) |
| Proceeds from dispositions of unconsolidated real estate partnerships | 5,766 | — | — |
| Purchase of treasury bill | — | (53,773) | — |
| Proceeds from treasury bill | — | 54,727 | — |
| Other investing activities | (958) | 5,578 | (547) |
| Net cash provided by (used in) investing activities | 30,601 | (260,396) | (120,754) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from non-recourse property debt | — | — | 756,220 |
| Proceeds from non-recourse construction loans | 330,542 | 174,445 | 93,206 |
| Proceeds from sale of participation in Mezzanine Investment | — | 37,500 | — |
| Payments of deferred loan costs | (6,340) | (229) | (15,266) |
| Principal repayments on non-recourse property debt | (3,166) | (85,974) | (302,428) |
| Principal repayments on non-recourse construction loans | (267,032) | — | (138,404) |
| Principal repayments on Notes Payable to AIR | — | — | (534,127) |
| Purchase of interest rate contracts | (710) | (712) | (5,620) |
| Proceeds from interest rate contracts | 6,526 | 58,906 | 16,818 |
| Payments on finance leases | (514) | (2,694) | (26,213) |
| Payments of prepayment premiums | — | — | (25,801) |
| Common stock repurchased | (38,945) | (46,843) | (23,492) |
| Dividends paid on common stock | — | — | (3,043) |
| Redemption of redeemable noncontrolling interests | (38,473) | — | (5,094) |
| Distributions to redeemable noncontrolling interests | (8,318) | (9,243) | (9,365) |
| Contributions from noncontrolling interests | 1,056 | 272 | 10,616 |
| Distributions to noncontrolling interests | (1,614) | (1,291) | (1,362) |
| Contributions from redeemable noncontrolling interests | 6,409 | 125 | 122,571 |
| Redemption of OP Units held by third parties | (983) | (1,081) | (225) |
| Redemption of noncontrolling interest in real estate partnership | — | — | (7,088) |
| Purchase of noncontrolling interests in consolidated real estate partnerships | (19,181) | — | — |
| Other financing activities | (3,153) | (3,751) | (197) |
| Net cash provided by (used in) financing activities | (43,896) | 119,430 | (98,294) |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 33,689 | (90,499) | (14,816) |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | 139,267 | 229,766 | 244,582 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | $172,956 | $139,267 | $229,766 |
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