AVALONBAY COMMUNITIES INC Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated statements of cash flows

In millions of USD, except per-share amounts

	FY2025 12 months to Dec 31, 2025	FY2024 12 months to Dec 31, 2024	FY2023 12 months to Dec 31, 2023	FY2022 12 months to Dec 31, 2022	FY2021 12 months to Dec 31, 2021
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense
Amortization of deferred financing costs
Amortization of debt discount
Amortization of deferred financing costs and debt discount
Loss on extinguishment of debt, net
Amortization of stock-based compensation
Equity in (income) loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations
Casualty and impairment loss
Expensed transaction, development and other pursuit costs, net of recoveries
Unrealized gain on terminated cash flow hedges
Cash flow hedge losses reclassified to earnings
Cash flow hedge (gains) losses reclassified to earnings
Gain on sale of real estate assets, net
Gain on sale of for-sale condominiums
Increase in accrued interest receivable
(Increase) decrease in prepaid expenses and other assets
Increase in accrued expenses, other liabilities, accrued interest payable and resident security deposits

Net cash provided by operating activities
Cash flows from investing activities:
Development/redevelopment of real estate assets including land acquisitions and deferred development costs
Acquisition of real estate assets, including partnership interest
Capital expenditures - existing real estate assets
Capital expenditures - non-real estate assets
Increase (decrease) in payables for construction
Proceeds from sale of real estate, net of selling costs
Proceeds from the sale of for-sale condominiums, net of selling costs
Note receivable lending
Note receivable payments
Distributions from unconsolidated entities and investment sale proceeds
Unconsolidated investments
Net cash used in investing activities

Cash flows from financing activities:
Issuance of common stock, net
Repurchase of common stock, net
Dividends paid
Issuance of mortgage notes payable
Net borrowings under unsecured credit facility and commercial paper
Repayments of mortgage notes payable, including prepayment penalties
Issuance of unsecured debt
Repayment of unsecured debt
Payment of deferred financing costs
Receipt for termination of forward interest rate swaps
Acquisition of/payments to noncontrolling interest
Payments related to tax withholding for share-based compensation
Distributions to DownREIT partnership unitholders
Distributions to joint venture and profit-sharing partners
Preferred interest obligation redemption and dividends
Noncontrolling interests, joint venture and preferred equity transactions
Net cash used in financing activities

Net increase (decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, beginning of year
Cash, cash equivalents and restricted cash, end of year
Cash paid during the year for interest, net of amount capitalized
Supplemental Cash Flow Information
Cash and cash equivalents
Restricted cash

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