APARTMENT INVESTMENT & MANAGEMENT CO
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
AIV$1.57+2.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income (loss) | $592,968 | $(96,000) | $(157,319) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 58,278 | 77,133 | 58,118 |
| Mezzanine investment (income) loss, net | (856) | 2,432 | 155,814 |
| Realized and unrealized (gains) losses on interest rate contracts | 471 | (1,752) | (1,119) |
| Realized and unrealized (gains) losses on equity investments | 5,790 | 49,504 | (700) |
| Income tax expense (benefit) | (57,595) | (11,071) | (12,752) |
| Share-based compensation | 5,897 | 6,494 | 9,221 |
| Loss (income) from unconsolidated real estate partnerships | (1,558) | 1,358 | (875) |
| Impairment on real estate | 147,456 | — | — |
| Loss on extinguishment of debt, net | 1,504 | 947 | 938 |
| Gain on dispositions of real estate | (237,060) | (10,600) | (7,984) |
| Credit loss expense | 22,899 | — | — |
| Other, including amortization of debt issuance costs | 5,569 | 20,059 | 2,440 |
| Discontinued operations: | |||
| Depreciation and amortization | 4,783 | 9,226 | 10,716 |
| Income tax (benefit) expense | 13,995 | — | — |
| Gain on dispositions of real estate | (545,914) | — | — |
| Other adjustments to income (loss) from discontinued operations | 1,726 | 127 | 123 |
| Changes in operating assets and operating liabilities: | |||
| Operating assets, net | (1,985) | (13,355) | 335 |
| Operating liabilities, net | (8,275) | 12,482 | (6,489) |
| Total adjustments | (584,875) | 142,984 | 207,786 |
| Net cash provided by operating activities | 8,093 | 46,984 | 50,467 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of real estate | — | — | (4,108) |
| Capital expenditures | (99,623) | (160,027) | (272,497) |
| Proceeds from dispositions of real estate | 973,460 | 186,203 | 9,254 |
| Distributions received from unconsolidated real estate partnerships | — | — | 4,209 |
| Investment in unconsolidated real estate partnerships | — | (383) | (3,786) |
| 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 | 1,129 | (958) | 5,578 |
| Net cash provided by (used in) investing activities | 874,966 | 30,601 | (260,396) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from non-recourse construction loans and bridge financing | 48,213 | 330,542 | 174,445 |
| Proceeds from revolving credit facility | 43,800 | — | — |
| Proceeds from sale of participation in Mezzanine Investment | — | — | 37,500 |
| Principal repayments on non-recourse property debt | (227,743) | (3,166) | (85,974) |
| Principal repayments on non-recourse construction loans and bridge financing | (42,081) | (267,032) | — |
| Principal repayments on revolving credit facility | (43,800) | — | — |
| Payments of deferred loan costs | (473) | (6,340) | (229) |
| Purchase of interest rate contracts | (666) | (710) | (712) |
| Proceeds from interest rate contracts | 1,579 | 6,526 | 58,906 |
| Payments on finance leases | (75) | (514) | (2,694) |
| Common stock repurchased | (256) | (38,945) | (46,843) |
| Payments related to withholding taxes for share-based compensation | (4,328) | (941) | — |
| Dividends paid on common stock and distributions paid on OP Units | (415,557) | — | — |
| Redemption of redeemable noncontrolling interests | — | (38,473) | — |
| Distributions to redeemable noncontrolling interests | (8,158) | (8,318) | (9,243) |
| Contributions from noncontrolling interests in consolidated real estate partnerships | 585 | 1,056 | 272 |
| Distributions to noncontrolling interests in consolidated real estate partnerships | (1,412) | (1,614) | (1,291) |
| Contributions from redeemable noncontrolling interests | 15,789 | 6,409 | 125 |
| Redemption of OP Units held by third parties | (648) | (983) | (1,081) |
| Purchase of redeemable noncontrolling interests in consolidated real estate partnerships | (5,096) | — | — |
| Purchase of noncontrolling interests in consolidated real estate partnerships | (7,500) | (19,181) | — |
| Other financing activities | (992) | (2,212) | (3,751) |
| Net cash provided by (used in) financing activities | (648,819) | (43,896) | 119,430 |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 234,240 | 33,689 | (90,499) |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | 172,956 | 139,267 | 229,766 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | $407,196 | $172,956 | $139,267 |
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