NA · Apartment Income REIT, L.P. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q4 '21 | Q4 '14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $193.68M | - | $193.55M | $200.48M | $195.62M | - | $197.31M | $200.37M | - | - |
| Cost of Revenue | $70.43M | - | $71.89M | $67.60M | - | - | - | - | - | - |
| Gross Profit | $123.26M | - | $121.67M | $132.88M | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $8.04M | - | $8.99M | $8.83M | $10.34M | - | $6.42M | $6.02M | - | - |
| Total Operating Expenses | $166.99M | - | $170.51M | $165.03M | $165.88M | - | $158.77M | $166.08M | - | - |
| D&A | $75.80M | - | $78.88M | $77.19M | $79.75M | - | $79.02M | $82.38M | - | - |
| Operating Income | ($28.94M) | - | ($61.86M) | $80.30M | ($3.96M) | - | ($170.35M) | $1.77M | - | - |
| Interest Expense | $81.24M | - | $93.07M | $92.25M | $35.28M | - | $22.89M | $31.23M | - | - |
| Income Tax | $15.0K | - | ($277.0K) | $244.0K | $319.0K | - | ($581.0K) | $1.18M | - | - |
| Net Income | ($29.54M) | - | ($62.05M) | $50.31M | ($5.38M) | - | ($171.43M) | ($183.07M) | - | - |
| EPS - Basic | ($0.20) | - | ($0.42) | $0.33 | ($0.04) | - | $4.49 | ($1.20) | - | - |
| EPS - Diluted | ($0.20) | - | ($0.42) | $0.33 | ($0.04) | - | ($1.12) | ($1.20) | - | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q4 '21 | Q4 '14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $217.68M | $346.31M | $413.01M | $427.91M | $545.42M | $616.45M | $640.44M | $303.10M | $92.76M | $28.97M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $5.57B | $5.76B | $6.02B | $6.08B | $6.41B | $6.58B | $6.66B | $6.39B | - | $6.10B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | $6.24B | $6.24B | $4.91B | - | $4.14B |
| Total Liabilities | $6.01B | $6.01B | $6.27B | $6.22B | $6.42B | $6.55B | $6.62B | $3.51B | - | $4.57B |
| Stockholders' Equity | ($492.06M) | ($309.43M) | ($302.87M) | ($189.96M) | ($65.94M) | ($32.29M) | ($19.30M) | $1.06B | - | $1.23B |
| Retained Earnings | - | - | - | - | - | - | - | - | - | - |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q4 '21 | Q4 '14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $39.60M | - | - | - | $76.90M | - | - | - | - | - |
| Investing Cash Flow | ($8.76M) | - | - | - | ($113.39M) | - | - | - | - | - |
| Financing Cash Flow | ($158.13M) | - | - | - | $33.73M | - | - | - | - | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q4 '21 | Q4 '14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 63.6% | - | 62.9% | 66.3% | - | - | - | - | - | - |
| Operating margin | -14.9% | - | -32.0% | 40.1% | -2.0% | - | -86.3% | 0.9% | - | - |
| EBITDA margin | 24.2% | - | 8.8% | 78.6% | 38.7% | - | -46.3% | 42.0% | - | - |
| Net margin | -15.3% | - | -32.1% | 25.1% | -2.7% | - | -86.9% | -91.4% | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 4.2% | - | 4.6% | 4.4% | 5.3% | - | 3.3% | 3.0% | - | - |
| Effective tax rate | - | - | - | 0.5% | - | - | - | - | - | - |
| Return on assets | -0.5% | - | -1.0% | 0.8% | -0.1% | - | -2.6% | -2.9% | - | - |
| Return on equity | 6.0% | - | 20.5% | -26.5% | 8.2% | - | 888.5% | -17.2% | - | - |
| Return on invested capital | - | - | - | - | - | - | -2.2% | 0.0% | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | -193.30 | -323.51 | 4.62 | - | 3.37 |
| Debt / Assets | - | - | - | - | - | 0.95 | 0.94 | 0.77 | - | 0.68 |
| Debt / EBITDA | - | - | - | - | - | - | - | 58.36 | - | - |
| Interest coverage | -0.4x | - | -0.7x | 0.9x | -0.1x | - | -7.4x | 0.1x | - | - |
| Equity multiplier | -11.33 | -18.60 | -19.89 | -32.02 | -97.21 | -203.63 | -345.27 | 6.01 | - | 4.97 |
| Liabilities / Assets | 1.08 | 1.04 | 1.04 | 1.02 | 1.00 | 1.00 | 0.99 | 0.55 | - | 0.75 |
| Efficiency | ||||||||||
| Asset turnover | 0.03 | - | 0.03 | 0.03 | 0.03 | - | 0.03 | 0.03 | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | 28.1x | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | 0.6x | - | - |
| P / S | 2.3x | - | 4.2x | 7.1x | 3.5x | - | 6.0x | 3.4x | - | - |
| EV / EBITDA | 4.9x | - | 23.7x | 6.3x | 2.0x | - | - | 62.9x | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -1.0% | - | -1.9% | 0.1% | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -631.1% | - | 63.7% | 4424.2% | - | - | - | - | - | - |
| Net income growth (YoY) | -449.1% | - | 63.8% | - | - | - | - | - | - | - |
| EPS growth (YoY) | -400.0% | - | 62.5% | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -646.2% | -858.3% | -1469.7% | - | - | - | - | - | - | 26.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$793.17M totalRental And Other Property Revenues$773.85M · 97.6%
Other Revenues$19.32M · 2.4%
Peer comparison
Same SIC group: Operators of Apartment Buildings
Comparing Apartment Income REIT against the 2 most active filers in the same SIC group.