Equity Residential (EQR)

Equity Residential Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	1,157	1,036	835.44	776.91	1,333	913.64
Depreciation & Amortization	1,029	966.74	901.5	894.33	851.38	832.44
Other Amortization	13.7	12.99	13.03	13.73	14.04	14.17
Gain (Loss) on Sale of Assets	-674.01	-546.8	-282.54	-304.33	-1,072	-566.04
Gain (Loss) on Sale of Investments	-24.67	-17.89	-14.97	-2.06	-23.43	-
Asset Writedown	-	-	-	-	16.77	-
Stock-Based Compensation	31.47	31.29	31.82	29.51	27.81	23.17
Income (Loss) on Equity Investments	22.31	9.53	5.94	5.43	3.45	3.38
Change in Accounts Payable	-12.34	3.25	8.91	-0.27	15.38	0.47
Change in Other Net Operating Assets	24.66	35.89	-6.75	-4.43	14.35	-74.51
Other Operating Activities	48.48	42.79	40.42	45.92	79.77	118.81
Operating Cash Flow	1,616	1,574	1,533	1,455	1,260	1,266
Operating Cash Flow Growth	3.35%	2.66%	5.37%	15.44%	-0.42%	-13.14%
Acquisition of Real Estate Assets	-1,364	-2,044	-736.23	-454.63	-2,087	-445.47
Sale of Real Estate Assets	1,189	960.4	374.02	720.3	1,708	1,114
Net Sale / Acq. of Real Estate Assets	-175.6	-1,083	-362.22	265.67	-379.45	668.5
Cash Acquisition	-54.08	-	2.11	-	-	-
Investment in Marketable & Equity Securities	-103.99	-93.27	-49.4	-157.88	-55.17	-4.91
Investing Cash Flow	-435.97	-1,176	-409.5	107.79	-434.62	663.59
Short-Term Debt Issued	-	33,508	6,124	6,036	7,600	7,451
Long-Term Debt Issued	-	597.95	572.9	48.05	555.9	2,389
Total Debt Issued	58,641	34,106	6,697	6,084	8,156	9,840
Short-Term Debt Repaid	-	-33,374	-5,845	-6,221	-7,700	-8,034
Long-Term Debt Repaid	-	-8.98	-938.61	-792.32	-164.65	-2,808
Total Debt Repaid	-58,581	-33,383	-6,784	-7,013	-7,865	-10,842
Net Debt Issued (Repaid)	60.82	723.52	-86.54	-929.34	291.45	-1,002
Issuance of Common Stock	13.7	26.52	27.15	168.87	89.71	16.78
Repurchase of Common Stock	-94.29	-38.47	-49.11	-	-	-
Preferred Share Repurchases	-	-21.57	-	-	-	-
Common Dividends Paid	-1,039	-1,019	-990.15	-931.78	-900.47	-883.94
Preferred Dividends Paid	-1.42	-2.39	-3.09	-2.32	-3.09	-3.09
Total Dividends Paid	-1,040	-1,021	-993.24	-934.1	-903.56	-887.03
Other Financing Activities	-47.22	-45.52	-18.74	-91.04	-42.66	-74.07
Net Cash Flow	72.94	20.17	2.82	-223.06	260.51	-17.27
Cash Interest Paid	267.5	241.03	248.99	267.61	252.84	320.85
Cash Income Tax Paid	1.31	1.34	1.09	0.75	1.18	-1.04
Levered Free Cash Flow	1,398	1,385	1,327	1,412	943.92	1,138
Unlevered Free Cash Flow	1,582	1,555	1,488	1,580	1,106	1,357
Change in Working Capital	12.32	39.13	2.16	-4.69	29.73	-74.04

Updated Oct 28, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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