Equity Residential Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,120	1,036	835.44	776.91	1,333
Depreciation & Amortization	1,023	966.74	901.5	894.33	851.38
Other Amortization	14.04	12.99	13.03	13.73	14.04
Gain (Loss) on Sale of Assets	-626.31	-546.8	-282.54	-304.33	-1,072
Gain (Loss) on Sale of Investments	-25.35	-17.89	-14.97	-2.06	-23.43
Asset Writedown	-	-	-	-	16.77
Stock-Based Compensation	32.21	31.29	31.82	29.51	27.81
Income (Loss) on Equity Investments	23.46	9.53	5.94	5.43	3.45
Change in Accounts Payable	15.37	3.25	8.91	-0.27	15.38
Change in Other Net Operating Assets	30.93	35.89	-6.75	-4.43	14.35
Other Operating Activities	41.09	42.79	40.42	45.92	79.77
Operating Cash Flow	1,649	1,574	1,533	1,455	1,260
Operating Cash Flow Growth	4.78%	2.66%	5.37%	15.44%	-0.42%
Acquisition of Real Estate Assets	-1,132	-2,044	-736.23	-454.63	-2,087
Sale of Real Estate Assets	1,107	960.4	374.02	720.3	1,708
Net Sale / Acq. of Real Estate Assets	-25.2	-1,083	-362.22	265.67	-379.45
Cash Acquisition	-168.29	-	2.11	-	-
Investment in Marketable & Equity Securities	-71.12	-93.27	-49.4	-157.88	-55.17
Investing Cash Flow	-321.36	-1,176	-409.5	107.79	-434.62
Short-Term Debt Issued	47,905	33,508	6,124	6,036	7,600
Long-Term Debt Issued	498.58	597.95	572.9	48.05	555.9
Total Debt Issued	48,404	34,106	6,697	6,084	8,156
Short-Term Debt Repaid	-47,862	-33,374	-5,845	-6,221	-7,700
Long-Term Debt Repaid	-497.69	-8.98	-938.61	-792.32	-164.65
Total Debt Repaid	-48,360	-33,383	-6,784	-7,013	-7,865
Net Debt Issued (Repaid)	43.86	723.52	-86.54	-929.34	291.45
Issuance of Common Stock	8.22	26.52	27.15	168.87	89.71
Repurchase of Common Stock	-280.72	-38.47	-49.11	-	-
Preferred Share Repurchases	-	-21.57	-	-	-
Common Dividends Paid	-1,046	-1,019	-990.15	-931.78	-900.47
Preferred Dividends Paid	-1.42	-2.39	-3.09	-2.32	-3.09
Total Dividends Paid	-1,048	-1,021	-993.24	-934.1	-903.56
Other Financing Activities	-52.41	-45.52	-18.74	-91.04	-42.66
Net Cash Flow	-1.31	20.17	2.82	-223.06	260.51
Cash Interest Paid	274.15	241.03	248.99	267.61	252.84
Cash Income Tax Paid	1.12	1.34	1.09	0.75	1.18
Levered Free Cash Flow	1,416	1,385	1,327	1,412	943.92
Unlevered Free Cash Flow	1,600	1,555	1,488	1,580	1,106
Change in Working Capital	46.3	39.13	2.16	-4.69	29.73

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.