AVB · As filed with the SEC
Avalonbay Communities cash flow statement, by fiscal year
The statement as Avalonbay Communities presents it in its 10-Q and 10-K: its own lines, labels and order. Tables over time lines up standardized figures across every filing.
CONSOLIDATED STATEMENTS OF CASH FLOWS · USD thousands
| USD thousands | FY2025 Year ended Dec 31, 2025 | FY2024 Year ended Dec 31, 2024 | FY2023 Year ended Dec 31, 2023 | FY2022 Year ended Dec 31, 2022 | FY2021 Year ended Dec 31, 2021 | FY2020 Year ended Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||
| Net income | 1,056,599 | 1,082,175 | 928,438 | 1,136,438 | 1,004,356 | 827,706 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation expense | 913,376 | 846,853 | 816,965 | 814,978 | 758,596 | 707,331 |
| Amortization of deferred financing costs | — | — | — | 8,432 | 7,462 | 7,454 |
| Amortization of debt discount | — | — | — | 2,786 | 2,681 | 1,880 |
| Amortization of deferred financing costs and debt discount | 13,685 | 13,280 | 12,732 | — | 10,143 | — |
| Loss on extinguishment of debt, net | 0 | 0 | 150 | 1,646 | 17,787 | 9,333 |
| Amortization of stock-based compensation | 26,458 | 25,373 | 27,142 | 33,864 | 25,505 | 21,603 |
| Equity in loss (income) of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations | — | — | 5,332 | 5,255 | (108) | 8,673 |
| Equity in (income) loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations | (23,610) | (21,693) | — | — | — | — |
| Casualty and impairment loss | 1,276 | 1,415 | 4,622 | 0 | 1,723 | 0 |
| Expensed transaction, development and other pursuit costs, net of recoveries | 10,846 | 18,341 | 33,479 | 5,599 | 685 | 9,262 |
| Unrealized gain on terminated cash flow hedges | — | — | 0 | 0 | (2,654) | (2,894) |
| Cash flow hedge (gains) losses reclassified to earnings | (1,292) | (471) | 1,360 | 3,883 | 7,887 | 8,984 |
| Gain on sale of real estate assets, net | (339,954) | (364,159) | (287,987) | (598,741) | (630,747) | (346,041) |
| Gain on sale of for-sale condominiums | — | — | — | (2,217) | (3,110) | (8,213) |
| Increase in accrued interest receivable | (26,124) | — | — | — | — | — |
| (Increase) decrease in prepaid expenses and other assets | (3,182) | (31,158) | 5,777 | (7,167) | 5,505 | (28,675) |
| Increase in accrued expenses, other liabilities, accrued interest payable and resident security deposits | 43,027 | 37,922 | 12,019 | 17,176 | 4,492 | 3,212 |
| Net cash provided by operating activities | 1,671,105 | 1,607,878 | 1,560,029 | 1,421,932 | 1,203,170 | 1,219,615 |
| Cash flows from investing activities: | ||||||
| Development/redevelopment of real estate assets including land acquisitions and deferred development costs | (1,209,454) | (951,101) | (901,847) | (921,203) | (654,861) | (843,907) |
| Acquisition of real estate assets, including partnership interest | (682,163) | (464,419) | (215,889) | (536,838) | (771,692) | 0 |
| Capital expenditures - existing real estate assets | (261,769) | (193,348) | (178,312) | (160,313) | (142,688) | (108,531) |
| Capital expenditures - non-real estate assets | (3,173) | (4,678) | (18,962) | (14,392) | (10,547) | (28,505) |
| Increase (decrease) in payables for construction | — | — | — | 9,080 | (29,887) | 1,474 |
| Increase (decrease) in payables for construction | 6,313 | (1,749) | 14,901 | — | (29,887) | — |
| Proceeds from sale of real estate, net of selling costs | 799,419 | 711,279 | 467,096 | 934,117 | 974,762 | 619,773 |
| Proceeds from the sale of for-sale condominiums, net of selling costs | — | — | — | 117,266 | 124,532 | 202,033 |
| Note receivable lending | (24,079) | (90,088) | (82,802) | (29,352) | (1,210) | (258) |
| Note receivable payments | 15,048 | 237 | 253 | 4,021 | 2,435 | 3,419 |
| Distributions from unconsolidated entities and investment sale proceeds | — | 11,178 | 5,468 | 51,464 | 63,171 | 11,157 |
| Distributions from unconsolidated entities and investment sale proceeds | 7,500 | — | — | — | — | — |
| Unconsolidated investments | (40,009) | (14,175) | (18,861) | (14,269) | (53,536) | (36,088) |
| Net cash used in investing activities | (1,392,367) | (996,864) | (928,955) | (560,419) | (624,053) | (179,433) |
| Cash flows from financing activities: | ||||||
| Issuance of common stock, net | 86,645 | 10,535 | 496,706 | 20,020 | 31,874 | 3,464 |
| Repurchase of common stock, net | (488,115) | 0 | (1,911) | 0 | 0 | (183,876) |
| Dividends paid | (992,333) | (961,914) | (922,657) | (889,607) | (888,344) | (883,212) |
| Issuance of mortgage notes payable | — | — | — | 0 | 0 | 51,000 |
| Net borrowings under unsecured credit facility and commercial paper | 739,608 | — | — | — | — | — |
| Repayments of mortgage notes payable, including prepayment penalties | (11,465) | (9,793) | (47,000) | (43,332) | (109,562) | (126,712) |
| Issuance of unsecured debt | 1,347,312 | 398,788 | 399,756 | 348,565 | 1,098,643 | 1,296,581 |
| Repayment of unsecured debt | (825,000) | (300,000) | (750,000) | (100,000) | (462,147) | (958,680) |
| Payment of deferred financing costs | (23,147) | (3,763) | (3,964) | (14,301) | (8,864) | (11,277) |
| Receipt for termination of forward interest rate swaps | 4,341 | 16,839 | 8,331 | 26,869 | 4,751 | (25,135) |
| Acquisition of/payments to noncontrolling interest | — | — | — | (997) | (55) | (68) |
| Payments related to tax withholding for share-based compensation | (16,713) | (16,883) | (10,639) | (16,989) | (13,463) | (14,917) |
| Distributions to DownREIT partnership unitholders | — | — | — | (48) | (48) | (48) |
| Distributions to joint venture and profit-sharing partners | — | — | — | (376) | (306) | (384) |
| Preferred interest obligation redemption and dividends | — | — | — | (860) | (1,340) | (1,000) |
| Noncontrolling interests, joint venture and preferred equity transactions | (13,864) | (8,707) | (2,981) | — | (1,749) | — |
| Net cash used in financing activities | (192,731) | (874,898) | (834,359) | (671,056) | (348,861) | (854,264) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 86,007 | (263,884) | (203,285) | 190,457 | 230,256 | 185,918 |
| Cash, cash equivalents and restricted cash, beginning of year | 267,076 | 530,960 | 734,245 | 543,788 | 313,532 | 127,614 |
| Cash, cash equivalents and restricted cash, end of year | 353,083 | 267,076 | 530,960 | 734,245 | 543,788 | 313,532 |
| Cash paid during the year for interest, net of amount capitalized | 236,549 | 213,253 | 187,523 | 212,241 | 203,773 | 196,848 |
As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.