Cash Flow Statement

Operating Cash Flow

-96%

-83%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	164	179	199	169	121	134	128	159	151	106	228	264	252	265	128	71	153	161	109	177	118	102	125	126	75	400	640	627	620	268	21	(45)	(29)	(32)	(50)	(90)	(100)	(117)	(84)	(58)	(20)	41	90	195	188	160	187	238	317	394	459	356	379	363	242	272	198	375	381	483	471	246	238	347	426	411	993	717	912	975	375	508	221	154	152	(6)	11	(13)	(19)	(5)	(16)	257	296	92	76	(177)	(209)	(157)	(159)	(220)	(242)	(96)	(101)	(56)	267	593
Depreciation & Amortization	292	258	243	268	285	308	315	308	309	310	314	316	323	329	352	373	385	404	420	369	382	371	353	348	333	330	334	377	378	384	394	402	402	396	385	437	426	410	391	323	316	318	317	325	319	301	302	292	282	284	274	283	287	291	298	306	312	317	325	333	341	349	357	366	372	380	384	378	379	373	374	380	306	233	155	78	79	81	83	85	87	101	165	159	152	134	67	69	72	77	83	86	83	78	66	58
Change in Deffered Taxes	2	2	1	0	(11)	(11)	(15)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	10	66	137	0	16	0	0	0	15	0	0	0	14	0	0	0	7	0	0	0	7	0	0	0	5	0	0	0	5	0	0	0	6	0	0	0	6	0	0	0	0	0	0	0	8	0	0	0	8	0	0	0	9	0	0	0	0	0	0	0	0	1	2	4	5	7	8	8	7	9	9	9	9	6	7	6	6	6	6	6	6
Other Non-Cash Items	60	72	54	149	100	60	54	0	(19)	(8)	(160)	(196)	(190)	(211)	(111)	(53)	(109)	(150)	(77)	(85)	(73)	(9)	(36)	(2)	76	(230)	(463)	(611)	(630)	(336)	(147)	(79)	(114)	(115)	(74)	(63)	(29)	(16)	(41)	11	(17)	(51)	(83)	(167)	(151)	(101)	(116)	(180)	(243)	(327)	(383)	(296)	(325)	(304)	(182)	(197)	(117)	(288)	(297)	(412)	(401)	(186)	(180)	(290)	(374)	(374)	(955)	(672)	(870)	(930)	(340)	(491)	(214)	(159)	(168)	(21)	(50)	(34)	(35)	(45)	(35)	(88)	(207)	(9)	21	61	187	145	144	199	211	57	61	18	(298)	(633)
Cash Taxes Paid	0	0	0	1	0	0	0	4	0	0	0	0	0	0	0	5	0	0	0	10	0	0	0	3	0	0	0	14	0	0	0	5	0	0	0	2	0	0	0	1	0	0	0	1	0	0	0	1	0	0	0	2	0	0	0	2	0	0	0	2	0	0	0	7	0	0	0	12	0	0	0	12	0	0	0	9	0	0	0	3	0	0	0	23	0	0	0	2	0	0	0	1	0	0	0	0
Cash Interest Paid	0	0	0	347	0	0	0	373	0	0	0	373	0	0	0	400	0	0	0	424	0	0	0	452	0	0	0	435	0	0	0	348	0	0	0	311	0	0	0	337	0	0	0	294	0	0	0	274	0	0	0	232	0	0	0	207	0	0	0	200	0	0	0	196	0	0	0	200	0	0	0	161	0	0	0	22	0	0	0	44	0	0	0	45	0	0	0	33	0	0	0	48	0	0	0	61
Change in Working Capital	15	11	21	(78)	15	38	23	(3)	(45)	(75)	(34)	(17)	22	(2)	(30)	(43)	(72)	15	10	59	72	(7)	14	12	(23)	40	4	48	(3)	(66)	(38)	(44)	19	36	25	(26)	(38)	(35)	(23)	(18)	0	7	1	(36)	(38)	(22)	(49)	(24)	(24)	(54)	(39)	(21)	(10)	(15)	(12)	(22)	(23)	(25)	(31)	(28)	(38)	(31)	(18)	(31)	(18)	(17)	(22)	(26)	(25)	(38)	(38)	(23)	(5)	4	(3)	(3)	(6)	1	(0)	(22)	(19)	(249)	(35)	(38)	(46)	178	(26)	(6)	10	7	1	(1)	(15)	(9)	(12)	(10)
Cash from Operating Activities	531 N/A	522 -2%	518 -1%	508 -2%	510 +0%	529 +4%	505 -5%	464 -8%	404 -13%	342 -15%	362 +6%	366 +1%	406 +11%	382 -6%	341 -11%	348 +2%	356 +3%	430 +21%	462 +7%	519 +12%	488 -6%	447 -8%	445 0%	483 +9%	461 -5%	541 +17%	514 -5%	440 -14%	364 -17%	250 -31%	229 -8%	234 +2%	278 +19%	285 +3%	287 +0%	258 -10%	258 +0%	242 -6%	244 +1%	259 +6%	280 +8%	316 +13%	325 +3%	317 -2%	317 +0%	338 +6%	323 -4%	326 +1%	332 +2%	297 -10%	311 +5%	321 +3%	331 +3%	334 +1%	346 +4%	360 +4%	369 +3%	379 +3%	378 0%	377 0%	372 -1%	378 +2%	396 +5%	392 -1%	405 +3%	400 -1%	400 0%	396 -1%	397 +0%	381 -4%	372 -2%	375 +1%	309 -18%	233 -25%	137 -41%	48 -65%	35 -28%	36 +4%	29 -20%	13 -56%	17 +33%	22 +28%	219 +918%	204 -7%	203 0%	197 -3%	19 -91%	50 +173%	67 +32%	62 -6%	54 -14%	47 -13%	29 -38%	31 +6%	23 -24%	8 -65%
Investing Cash Flow
Capital Expenditures	(447)	(504)	(988)	(849)	(952)	(892)	(493)	(372)	(581)	(578)	(615)	(582)	(828)	(907)	(833)	(688)	(578)	(596)	(603)	(666)	(798)	(884)	(958)	(891)	(924)	(892)	(855)	(778)	(717)	(572)	(453)	(300)	(278)	(240)	(223)	(179)	(182)	(197)	(245)	(265)	(330)	(377)	(356)	(360)	(330)	(346)	(410)	(402)	(442)	(414)	(483)	(660)	(666)	(777)	(668)	(543)	(512)	(402)	(673)	(645)	(651)	(659)	(377)	(387)	(539)	(569)	(573)	(591)	(440)	(446)	(559)	(549)	(465)	(333)	(218)	(132)	(163)	(222)	(229)	(247)	(307)	(372)	(357)	(367)	(335)	(275)	(269)	(277)	(253)	(220)	(174)	(160)	(138)	(128)	(120)	(100)
Other Items	(32)	54	33	52	465	462	663	650	671	565	886	919	1 025	1 081	765	638	1 128	1 152	1 019	899	630	664	692	620	649	1 282	1 809	2 123	2 166	1 592	1 247	931	926	777	509	265	259	193	272	306	365	422	451	472	375	220	186	467	534	685	963	674	746	768	350	372	255	161	483	546	533	537	237	400	466	467	1 101	712	986	1 059	425	344	0	(81)	(79)	3	3	1	(10)	(24)	(38)	78	219	246	262	153	(33)	16	14	9	64	191	190	190	667	975
Cash from Investing Activities	(480) N/A	(450) +6%	(955) -112%	(797) +17%	(487) +39%	(430) +12%	170 N/A	278 +64%	90 -68%	(13) N/A	271 N/A	337 +25%	198 -41%	175 -12%	(68) N/A	(50) +27%	550 N/A	556 +1%	416 -25%	233 -44%	(169) N/A	(220) -30%	(266) -21%	(272) -2%	(275) -1%	389 N/A	954 +145%	1 345 +41%	1 450 +8%	1 021 -30%	794 -22%	630 -21%	648 +3%	537 -17%	286 -47%	86 -70%	77 -11%	(4) N/A	27 N/A	41 +52%	35 -15%	45 +30%	95 +112%	112 +18%	45 -60%	(126) N/A	(224) -78%	65 N/A	93 +42%	271 +192%	480 +77%	14 -97%	80 +485%	(9) N/A	(318) -3 510%	(171) +46%	(257) -50%	(242) +6%	(190) +22%	(99) +48%	(118) -19%	(122) -3%	(139) -14%	13 N/A	(72) N/A	(102) -41%	528 N/A	122 -77%	546 +348%	613 +12%	(133) N/A	(205) -54%	(465) -126%	(414) +11%	(297) +28%	(129) +56%	(161) -24%	(221) -37%	(238) -8%	(271) -14%	(345) -27%	(295) +15%	(138) +53%	(121) +12%	(73) +40%	(122) -68%	(302) -147%	(260) +14%	(238) +8%	(211) +11%	(111) +48%	31 N/A	52 +70%	62 +20%	547 +778%	875 +60%
Financing Cash Flow
Net Issuance of Common Stock	150	547	425	423	395	36	1	6	100	61	128	64	(77)	(61)	(108)	(44)	(73)	10	(226)	(192)	(176)	(299)	(97)	(356)	(496)	(625)	(701)	(527)	0	(179)	(54)	(4)	(4)	(5)	91	4	33	65	(23)	37	20	298	25	42	32	(273)	(9)	1	(10)	114	115	115	464	340	340	340	0	0	(35)	(35)	0	0	0	0	0	0	0	(374)	(394)	(519)	(519)	(146)	(125)	(12)	(12)	(12)	(18)	(6)	(6)	(6)	(2)	9	8	(13)	(26)	12	(1)	10	20	(50)	(38)	(34)	(29)	(6)	(4)	0
Net Issuance of Debt	252	(229)	489	363	100	437	(99)	(363)	(241)	21	(378)	(373)	(117)	(147)	123	155	(367)	(453)	(176)	(72)	339	421	454	640	717	328	(268)	(563)	(933)	(744)	(645)	(756)	(719)	(659)	(416)	(134)	(165)	(100)	(110)	(157)	(102)	(153)	(137)	(205)	(185)	(2)	78	(189)	(179)	(446)	(709)	(263)	(535)	(408)	(104)	(247)	55	123	128	37	57	379	335	203	280	4	(661)	95	(181)	(235)	572	369	477	438	209	(44)	(64)	55	171	190	241	47	(236)	(152)	(147)	(94)	165	86	80	126	105	60	41	30	(101)	(222)
Cash Paid for Dividends	(327)	(341)	(357)	(374)	(386)	(394)	(396)	(373)	(350)	(326)	(310)	(310)	(312)	(314)	(311)	(313)	(316)	(314)	(310)	(306)	(301)	(299)	(297)	(298)	(292)	(285)	(276)	(268)	(272)	(230)	(190)	(148)	(99)	(98)	(98)	(100)	(102)	(105)	(107)	(107)	(115)	(129)	(138)	(141)	(143)	(138)	(137)	(143)	(146)	(149)	(153)	(159)	(167)	(178)	(187)	(195)	(203)	(208)	(212)	(216)	(221)	(225)	(229)	(234)	(237)	(241)	(244)	(246)	(254)	(251)	(247)	(245)	0	0	0	0	0	0	0	0	0	0	(3)	(3)	0	0	0	0	0	0	0	0	(88)	(88)	(88)	(416)
Other	(131)	(122)	(97)	(104)	(134)	(133)	(141)	3	(17)	(96)	(81)	(92)	(71)	20	41	(39)	(46)	(54)	(123)	(114)	(148)	(115)	(84)	(218)	(209)	(277)	(343)	(339)	(351)	(335)	(246)	(175)	(120)	(94)	(111)	(84)	(97)	(91)	(100)	(93)	(116)	(149)	(143)	(132)	(100)	(66)	(66)	(89)	(101)	(100)	(82)	(54)	(48)	(67)	(62)	(65)	(65)	(45)	(67)	(70)	(55)	(368)	(347)	(362)	(371)	(56)	(53)	(64)	(55)	(62)	(56)	(43)	(41)	(17)	105	427	433	420	299	21	32	17	113	69	56	109	10	23	23	(11)	(16)	(70)	(68)	(70)	(62)	(12)
Cash from Financing Activities	(56) N/A	(145) -160%	460 N/A	309 -33%	(24) N/A	(54) -121%	(635) -1 084%	(727) -15%	(508) +30%	(341) +33%	(641) -88%	(712) -11%	(577) +19%	(501) +13%	(255) +49%	(241) +5%	(801) -232%	(812) -1%	(835) -3%	(684) +18%	(286) +58%	(292) -2%	(24) +92%	(231) -878%	(280) -21%	(857) -206%	(1 587) -85%	(1 696) -7%	(1 884) -11%	(1 488) +21%	(1 135) +24%	(1 083) +5%	(942) +13%	(857) +9%	(535) +38%	(314) +41%	(331) -6%	(231) +30%	(340) -47%	(320) +6%	(312) +2%	(133) +58%	(393) -196%	(435) -11%	(396) +9%	(478) -21%	(134) +72%	(420) -214%	(435) -4%	(581) -33%	(829) -43%	(362) +56%	(285) +21%	(313) -10%	(13) +96%	(167) -1 206%	(212) -27%	(129) +39%	(186) -44%	(284) -53%	(253) +11%	(248) +2%	(241) +3%	(394) -63%	(329) +17%	(293) +11%	(957) -227%	(588) +39%	(883) -50%	(1 067) -21%	(250) +77%	(64) +74%	135 N/A	293 +116%	244 -17%	370 +52%	351 -5%	470 +34%	463 -1%	205 -56%	271 +32%	72 -73%	(118) N/A	(98) +17%	(120) -22%	24 N/A	174 +640%	119 -31%	123 +3%	66 -47%	51 -22%	(44) N/A	(144) -229%	(134) +7%	(255) -90%	(649) -154%
Change in Cash
Net Change in Cash	(5) N/A	(73) -1 392%	23 N/A	20 -14%	(1) N/A	45 N/A	40 -12%	15 -63%	(13) N/A	(12) +8%	(8) +38%	(9) -20%	27 N/A	55 +106%	17 -69%	56 +230%	105 +86%	175 +67%	43 -76%	68 +60%	33 -52%	(66) N/A	155 N/A	(19) N/A	(94) -385%	72 N/A	(119) N/A	89 N/A	(70) N/A	(218) -212%	(112) +49%	(218) -95%	(15) +93%	(34) -120%	38 N/A	30 -21%	4 -88%	7 +94%	(69) N/A	(20) +71%	2 N/A	228 +12 544%	27 -88%	(7) N/A	(34) -411%	(266) -689%	(35) +87%	(29) +18%	(11) +61%	(13) -17%	(38) -192%	(27) +30%	126 N/A	13 -90%	16 +22%	22 +37%	(100) N/A	8 N/A	3 -68%	(7) N/A	1 N/A	8 +1 267%	16 +91%	11 -27%	4 -65%	6 +38%	(29) N/A	(70) -139%	59 N/A	(73) N/A	(11) +85%	105 N/A	(21) N/A	112 N/A	84 -25%	289 +245%	225 -22%	285 +27%	254 -11%	(54) N/A	(58) -6%	(201) -249%	(37) +81%	(15) +60%	11 N/A	98 +799%	(110) N/A	(90) +17%	(48) +47%	(83) -72%	(6) +93%	34 N/A	(63) N/A	(41) +35%	315 N/A	234 -26%
Free Cash Flow
Free Cash Flow	83 N/A	18 -78%	(470) N/A	(341) +27%	(442) -30%	(363) +18%	12 N/A	92 +689%	(177) N/A	(236) -33%	(253) -7%	(216) +14%	(421) -95%	(525) -25%	(493) +6%	(340) +31%	(222) +35%	(166) +25%	(141) +15%	(147) -4%	(311) -111%	(437) -41%	(514) -17%	(408) +21%	(464) -14%	(352) +24%	(341) +3%	(338) +1%	(352) -4%	(322) +9%	(224) +31%	(67) +70%	1 N/A	46 +6 443%	64 +39%	79 +24%	76 -3%	45 -41%	(1) N/A	(7) -442%	(51) -682%	(61) -20%	(31) +49%	(43) -38%	(13) +71%	(8) +37%	(87) -988%	(76) +13%	(110) -45%	(117) -7%	(172) -47%	(338) -96%	(334) +1%	(443) -32%	(322) +27%	(183) +43%	(143) +22%	(23) +84%	(295) -1 192%	(268) +9%	(279) -4%	(281) -1%	19 N/A	5 -76%	(134) N/A	(169) -26%	(173) -2%	(194) -12%	(44) +77%	(65) -49%	(187) -187%	(175) +6%	(157) +11%	(100) +36%	(81) +19%	(84) -4%	(129) -53%	(186) -45%	(200) -8%	(235) -17%	(290) -23%	(351) -21%	(138) +61%	(163) -18%	(131) +19%	(79) +40%	(250) -218%	(226) +10%	(186) +18%	(158) +15%	(120) +24%	(113) +6%	(109) +3%	(97) +11%	(97) +0%	(92) +5%

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Apartment Investment and Management Co
NYSE:AIV

Cash Flow Statement

Cash Flow Statement
Apartment Investment and Management Co

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Apartment Investment and Management Co NYSE:AIV

Cash Flow Statement

Cash Flow Statement Apartment Investment and Management Co

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Apartment Investment and Management Co
NYSE:AIV

Cash Flow Statement
Apartment Investment and Management Co