For the year ending 2025-12-31, AVB had $86,007K increase in cash & cash equivalents over the period.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 1,056,599 | 1,082,175 | 928,438 | 1,136,438 |
| Depreciation expense | 913,376 | 846,853 | 816,965 | 814,978 |
| Amortization of deferred financing costs | - | - | - | 8,432 |
| Amortization of debt discount | - | - | - | 2,786 |
| Amortization of deferred financing costs and debt discount | 13,685 | 13,280 | 12,732 | - |
| Loss on extinguishment of debt, net | 0 | 0 | -150 | -1,646 |
| Amortization of stock-based compensation | 26,458 | 25,373 | 27,142 | 33,864 |
| Equity in loss (income) of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations | - | - | -5,332 | -5,255 |
| 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 |
| Expensed transaction, development and other pursuit costs, net of recoveries | 10,846 | 18,341 | 33,479 | 5,599 |
| Unrealized gain on terminated cash flow hedges | - | - | 0 | 0 |
| Cash flow hedge (gains) losses reclassified to earnings | 1,292 | 471 | -1,360 | -3,883 |
| Gain on sale of real estate assets, net | 339,954 | 364,159 | 287,987 | 598,741 |
| Gain on sale of for-sale condominiums | - | - | - | 2,217 |
| Increase in accrued interest receivable | 26,124 | - | - | - |
| (increase) decrease in prepaid expenses and other assets | 3,182 | 31,158 | -5,777 | 7,167 |
| Increase in accrued expenses, other liabilities, accrued interest payable and resident security deposits | 43,027 | 37,922 | 12,019 | 17,176 |
| Net cash provided by operating activities | 1,671,105 | 1,607,878 | 1,560,029 | 1,421,932 |
| Development/redevelopment of real estate assets including land acquisitions and deferred development costs | 1,209,454 | 951,101 | 901,847 | 921,203 |
| Acquisition of real estate assets, including partnership interest | 682,163 | 464,419 | 215,889 | 536,838 |
| Capital expenditures - existing real estate assets | 261,769 | 193,348 | 178,312 | 160,313 |
| Capital expenditures - non-real estate assets | 3,173 | 4,678 | 18,962 | 14,392 |
| Increase (decrease) in payables for construction | 6,313 | -1,749 | 14,901 | 9,080 |
| Proceeds from sale of real estate, net of selling costs | 799,419 | 711,279 | 467,096 | 934,117 |
| Proceeds from the sale of for-sale condominiums, net of selling costs | - | - | - | 117,266 |
| Note receivable lending | 24,079 | 90,088 | 82,802 | 29,352 |
| Note receivable payments | 15,048 | 237 | 253 | 4,021 |
| Distributions from unconsolidated entities and investment sale proceeds | 7,500 | 11,178 | 5,468 | 51,464 |
| Unconsolidated investments | 40,009 | 14,175 | 18,861 | 14,269 |
| Net cash used in investing activities | -1,392,367 | -996,864 | -928,955 | -560,419 |
| Issuance of common stock, net | 86,645 | 10,535 | 496,706 | 20,020 |
| Repurchase of common stock, net | 488,115 | 0 | 1,911 | 0 |
| Dividends paid | 992,333 | 961,914 | 922,657 | 889,607 |
| Issuance of mortgage notes payable | - | - | - | 0 |
| 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 |
| Issuance of unsecured debt | 1,347,312 | 398,788 | 399,756 | 348,565 |
| Repayment of unsecured debt | 825,000 | 300,000 | 750,000 | 100,000 |
| Payment of deferred financing costs | 23,147 | 3,763 | 3,964 | 14,301 |
| Receipt for termination of forward interest rate swaps | -4,341 | -16,839 | -8,331 | -26,869 |
| Acquisition of/payments to noncontrolling interest | - | - | - | -997 |
| Payments related to tax withholding for share-based compensation | 16,713 | 16,883 | 10,639 | 16,989 |
| Distributions to downreit partnership unitholders | - | - | - | 48 |
| Distributions to joint venture and profit-sharing partners | - | - | - | 376 |
| Preferred interest obligation redemption and dividends | - | - | - | 860 |
| Noncontrolling interests, joint venture and preferred equity transactions | 13,864 | 8,707 | 2,981 | - |
| Net cash used in financing activities | -192,731 | -874,898 | -834,359 | -671,056 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 86,007 | -263,884 | -203,285 | 190,457 |
| Cash, cash equivalents and restricted cash, beginning of year | 267,076 | 530,960 | 734,245 | 543,788 |
| Cash, cash equivalents and restricted cash, end of year | 353,083 | 267,076 | 530,960 | 734,245 |
AVALONBAY COMMUNITIES INC (AVB)
AVALONBAY COMMUNITIES INC (AVB)