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Apartment Income REIT, L.P. cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.8M in Q2 2026 · $42.7M over twelve months

Operating cash flow$24.5M
Capital spending−$22.7M
Free cash flow+$1.8M

Analysis

In Q2 2026, Apartment Income REIT, L.P. generated $24.5M of operating cash flow and spent $22.7M on capital projects, leaving free cash flow of $1.8M. That is $22.6M less than in Q2 2025 ($24.4M).

Over the twelve months to Jun 30, 2026, operating cash flow was $139M; the largest uses were dividends ($316M), net borrowing (+) / repaid (−) ($258M), capital spending ($96.5M); besides operations, cash came from asset & business sales ($400M), other investing ($7.6M); the cash balance fell by $209M.

Operating cash flow was $24.5M against net income of −$40.1M. The largest differences: depreciation & amortization +$76.0M, impairments +$6.1M, other non-cash +$188K.

Free cash flow

Apartment Income REIT, L.P.: free cash flow by quarterApartment Income REIT, L.P.: free cash flow by quarter−$2.9MQ3 2024$9.5MQ4 2024−$16.4MQ1 2025$24.4MQ2 2025$6.8MQ3 2025$7.3MQ4 2025$26.8MQ1 2026$1.8MQ2 2026
Operating cash flow less capital spending.
Apartment Income REIT, L.P.: operating cash flow against capital spendingApartment Income REIT, L.P.: operating cash flow against capital spendingOperating cash flowCapital spending$48.4M$51.3MQ3 2024$46.2M$36.7MQ4 2024$8.3M$24.7MQ1 2025$58.5M$34.2MQ2 2025$41.0M$34.2MQ3 2025$34.1M$26.8MQ4 2025$39.6M$12.8MQ1 2026$24.5M$22.7MQ2 2026
Latest (Q2 2026): Operating cash flow $24.5M, Capital spending $22.7M.

Capital allocation, year by year

Apartment Income REIT, L.P.: where the cash came from (up) and went (down), by fiscal yearApartment Income REIT, L.P.: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2014: Operating cash flow $321MFY2014: Net borrowing −$263MFY2014: Shares issued $124MFY2014: Asset sales $640MFY2014: Capital spending −$367MFY2014: Dividends −$152M$1.1BFY2014FY2022: Operating cash flow $421MFY2022: Net borrowing −$137MFY2022: Asset sales $1.2BFY2022: Capital spending −$192MFY2022: Buybacks −$317MFY2022: Dividends −$278M$1.6BFY2022FY2023: Operating cash flow $370MFY2023: Net borrowing $334MFY2023: Asset sales $52.1MFY2023: Capital spending −$174MFY2023: Buybacks −$124MFY2023: Dividends −$266M$756MFY2023FY2024: Operating cash flow $111MFY2024: Net borrowing $5.9BFY2024: Shares issued −$2.0MFY2024: Asset sales $1.2MFY2024: Capital spending −$147MFY2024: Buybacks −$24.6MFY2024: Dividends −$64.6M$6.0BFY2024FY2025: Operating cash flow $142MFY2025: Net borrowing $345MFY2025: Asset sales $590MFY2025: Capital spending −$120MFY2025: Dividends −$332M$1.1BFY2025
Over these 5 years operating cash flow totalled $1.4B; the largest uses were dividends ($1.1B) and capital spending ($1.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$216M
Debtnone
Net cash$216M
Due within a year$162M

Apartment Income REIT, L.P. funds itself: free cash flow was $42.7M over the last twelve months, with $216M of cash and investments and no debt on the balance sheet ($162M due within a year, 1.3× covered by cash).

Apartment Income REIT, L.P.: debt maturities by year (FY2025)Apartment Income REIT, L.P.: debt maturities by year (FY2025)$162MYear 1$37.3MYear 2$190MYear 3$4.1BYear 4$796MYear 5$205MAfter year 5
Principal due in each year as disclosed in the annual report, against $216M of cash and investments now.

Where the cash came from and went

Apartment Income REIT, L.P.: sources (+) and uses (−) of cash, Q2 2026Apartment Income REIT, L.P.: sources (+) and uses (−) of cash, Q2 2026Asset & business sales$73.2MNet borrowing (+) / repaid (−)−$54.2MDividends−$28.6MOperating cash flow$24.5MCapital spending−$22.7MOther investing$9.5MOther financing−$3.7MCash drawn (+) / kept (−)$2.0M
Apartment Income REIT, L.P.: sources (+) and uses (−) of cash, TTM to Q2 2026Apartment Income REIT, L.P.: sources (+) and uses (−) of cash, TTM to Q2 2026Asset & business sales$400MDividends−$316MNet borrowing (+) / repaid (−)−$258MCash drawn (+) / kept (−)$209MOperating cash flow$139MCapital spending−$96.5MPartners−$60.7MOther financing−$24.9MOther investing$7.6M

From profit to cash

Apartment Income REIT, L.P.: net income to operating cash flow, Q2 2026Apartment Income REIT, L.P.: net income to operating cash flow, Q2 2026Net income−$40.1MDepreciation & amortization$76.0MImpairments$6.1MOther non-cash$188KOperating cash flow$24.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$24.5M−$22.7M—−$28.6M−$54.2M$2.0M$1.8M
Q1 2026$39.6M−$12.8M—−$144M−$5.5M$127M$26.8M
Q4 2025$34.1M−$26.8M—−$143M$31.8M$68.3M$7.3M
Q3 2025$41.0M−$34.2M——$36.1M$11.5M$6.8M
Q2 2025$58.5M−$34.2M—−$189M−$180M$121M$24.4M
Q1 2025$8.3M−$24.7M——−$136M$71.3M−$16.4M
Q4 2024$46.2M−$36.7M———$24.1M$9.5M
Q3 2024$48.4M−$51.3M−$1K$456K$4.4B−$338M−$2.9M

Apartment Income REIT, L.P.: income statement and cash flow

Apartment Income REIT, L.P., Q2 2026: revenue $194M (-3% year over year), operating margin 8.2%. The chart follows the revenue to costs, profit and cash.

Apartment Income REIT, L.P.: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.