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	-	1,036	835.44	776.91	1,333
Depreciation & Amortization	-	966.74	901.5	894.33	851.38
Other Amortization	-	12.99	13.03	13.73	14.04
Gain (Loss) on Sale of Assets	-	-546.8	-282.54	-304.33	-1,072
Gain (Loss) on Sale of Investments	-	-17.89	-14.97	-2.06	-23.43
Asset Writedown	-	-	-	-	16.77
Stock-Based Compensation	-	31.29	31.82	29.51	27.81
Income (Loss) on Equity Investments	-	9.53	5.94	5.43	3.45
Change in Accounts Payable	-	3.25	8.91	-0.27	15.38
Change in Other Net Operating Assets	-	35.89	-6.75	-4.43	14.35
Other Operating Activities	-	42.79	40.42	45.92	79.77
Operating Cash Flow	-	1,574	1,533	1,455	1,260
Operating Cash Flow Growth	-	2.66%	5.37%	15.44%	-0.42%
Acquisition of Real Estate Assets	-	-2,044	-736.23	-454.63	-2,087
Sale of Real Estate Assets	-	960.4	374.02	720.3	1,708
Net Sale / Acq. of Real Estate Assets	-	-1,083	-362.22	265.67	-379.45
Cash Acquisition	-	-	2.11	-	-
Investment in Marketable & Equity Securities	-	-93.27	-49.4	-157.88	-55.17
Investing Cash Flow	-	-1,176	-409.5	107.79	-434.62
Short-Term Debt Issued	-	33,508	6,124	6,036	7,600
Long-Term Debt Issued	-	597.95	572.9	48.05	555.9
Total Debt Issued	-	34,106	6,697	6,084	8,156
Short-Term Debt Repaid	-	-33,374	-5,845	-6,221	-7,700
Long-Term Debt Repaid	-	-8.98	-938.61	-792.32	-164.65
Total Debt Repaid	-	-33,383	-6,784	-7,013	-7,865
Net Debt Issued (Repaid)	-	723.52	-86.54	-929.34	291.45
Issuance of Common Stock	-	26.52	27.15	168.87	89.71
Repurchase of Common Stock	-	-38.47	-49.11	-	-
Preferred Share Repurchases	-	-21.57	-	-	-
Common Dividends Paid	-	-1,019	-990.15	-931.78	-900.47
Preferred Dividends Paid	-	-2.39	-3.09	-2.32	-3.09
Total Dividends Paid	-	-1,021	-993.24	-934.1	-903.56
Other Financing Activities	-	-45.52	-18.74	-91.04	-42.66
Net Cash Flow	-	20.17	2.82	-223.06	260.51
Cash Interest Paid	-	241.03	248.99	267.61	252.84
Cash Income Tax Paid	-	1.34	1.09	0.75	1.18
Levered Free Cash Flow	-	1,385	1,327	1,412	943.92
Unlevered Free Cash Flow	-	1,555	1,488	1,580	1,106
Change in Working Capital	-	39.13	2.16	-4.69	29.73

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