AvalonBay Communities Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,051	1,082	928.83	1,137	1,004
Depreciation & Amortization	913.38	846.85	816.97	814.98	758.6
Other Amortization	13.69	13.28	12.73	11.22	10.14
Gain (Loss) on Sale of Assets	-339.95	-364.16	-287.99	-600.96	-630.75
Gain (Loss) on Sale of Investments	-	-	-	-38.14	-
Asset Writedown	10.85	18.34	33.48	5.6	0.69
Stock-Based Compensation	26.46	25.37	27.14	33.86	25.51
Income (Loss) on Equity Investments	-23.61	-21.69	5.33	43.4	-0.11
Change in Other Net Operating Assets	13.72	6.76	17.8	10.01	10
Other Operating Activities	5.28	1.13	5.75	5.19	24.8
Operating Cash Flow	1,671	1,608	1,560	1,422	1,203
Operating Cash Flow Growth	3.93%	3.07%	9.71%	18.18%	-1.35%
Acquisition of Real Estate Assets	-1,474	-1,149	-1,099	-1,096	-808.1
Sale of Real Estate Assets	799.42	711.28	467.1	1,051	974.76
Net Sale / Acq. of Real Estate Assets	-674.98	-437.85	-632.03	-44.53	166.67
Cash Acquisition	-682.16	-464.42	-215.89	-536.84	-771.69
Investment in Marketable & Equity Securities	-32.51	-3	-13.39	37.2	9.64
Other Investing Activities	-2.72	-91.6	-67.65	-16.25	-28.66
Investing Cash Flow	-1,392	-996.86	-928.96	-560.42	-624.05
Short-Term Debt Issued	739.61	-	-	-	-
Long-Term Debt Issued	1,347	398.79	399.76	348.57	1,099
Total Debt Issued	2,087	398.79	399.76	348.57	1,099
Long-Term Debt Repaid	-836.47	-309.79	-797	-143.33	-571.71
Net Debt Issued (Repaid)	1,250	89	-397.24	205.23	526.93
Issuance of Common Stock	86.65	10.54	496.71	20.02	31.87
Repurchase of Common Stock	-504.83	-16.88	-12.55	-16.99	-13.46
Common Dividends Paid	-992.33	-961.91	-922.66	-889.61	-888.34
Other Financing Activities	-32.67	4.37	1.39	10.29	-5.86
Net Cash Flow	86.01	-263.88	-203.29	190.46	230.26
Cash Interest Paid	236.55	213.25	187.52	212.24	203.77
Levered Free Cash Flow	1,342	1,209	1,213	1,149	1,016
Unlevered Free Cash Flow	1,490	1,337	1,329	1,282	1,144
Change in Working Capital	13.72	6.76	17.8	10.01	10

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.