AVALONBAY COMMUNITIES, INC. AVB Cash Flow

Avalonbay communities, inc. (AVB)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09
Cash flows from operating activities:
Net income
168,006	167,671	279,709	168,305	170,418	385,635	192,407	254,543	141,590	237,486	238,199	165,194	235,781	242,183	356,328	197,320	237,877	155,352	206,075	172,253	208,053	142,526	241,005	172,197	141,599	252,090	-10,889	36,101	75,469	122,384	86,748	156,821	57,609	322,965	44,677	43,191	30,537	26,665	23,982	51,066	72,366	32,350	58,100	16,723	47,101
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation expense
177,911	171,365	165,464	162,692	162,057	158,914	156,539	156,684	159,059	157,100	144,990	141,439	140,621	140,020	131,729	132,469	127,216	122,259	120,184	118,627	116,853	114,084	111,836	110,395	106,367	104,805	159,874	189,977	105,559	59,992	59,551	62,566	61,571	45,775	60,894	60,409	59,650	50,744	56,569	57,278	55,972	50,489	52,745	51,174	50,073
Depreciation expense from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	346	2,535	6,349	4,270	5,773	6,447	2,453	1,741	17,539	1,842	2,511	1,649	9,871	2,184	201	123	6,104	2,571	2,563	2,567
Amortization of deferred financing costs
1,882	1,888	1,893	1,873	1,692	1,873	2,024	2,035	2,007	1,928	1,856	2,047	1,826	1,997	1,837	1,891	1,936	1,754	1,738	1,715	1,664	1,620	1,599	1,646	1,518	1,736	1,409	1,724	1,934	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt discount
411	405	397	395	394	442	410	430	419	339	200	-1,833	-4,621	-4,720	-4,710	-4,657	-4,779	-4,690	-4,756	-6,155	-8,660	-8,690	-8,717	-8,780	-8,774	-8,852	-8,850	-8,510	-3,538	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on extinguishment of debt, net
-9,170	0	-93	-229	-280	-14,775	-1,678	-642	-397	-1,310	0	-24,162	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-602	-1,179	-	-	-	-	-	-	-	-	-26,972	0	2,124	-1,062
Amortization of deferred financing costs and debt (premium) discount
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,082	1,565	1,475	946	1,403	1,667	1,818	1,779	2,036	1,662	2,246	2,717	1,824	1,375	2,223
Amortization of stock-based compensation
5,338	4,811	7,091	8,098	5,621	4,663	5,490	6,098	4,029	3,941	4,321	5,339	4,319	2,979	3,621	4,647	3,835	3,341	3,725	4,217	4,038	3,573	4,164	2,575	3,615	6,440	5,139	1,482	2,099	159	4,280	2,284	1,984	1,854	2,128	1,529	1,733	1,402	1,127	1,183	2,226	1,211	1,249	1,270	2,368
Equity in loss of, and return on, unconsolidated real estate entities and noncontrolling interests, net of eliminations
-1,871	-1,491	-656	-4,614	-5,517	-2,069	-1,371	-1,657	-1,486	-1,829	17,154	-1,295	5,768	2,886	-4,501	-817	-6,438	1,277	-5,070	-4,627	-3,805	-1,995	-4,274	816	547	12,090	-22,905	-5,576	-16,734	4,619	4,302	1,836	1,346	-3,423	1,598	-649	228	-1,000	-732	106	-226	4,802	296	-7	-4,281
Casualty and impairment gain, net
-	-	-	-	-	884	0	0	-58	0	-3,120	0	11,688	0	0	-1,733	-2,202	0	0	-22,298	4,995	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Abandonment of development pursuits
1,988	1,863	-205	1,077	208	-224	0	613	112	0	0	123	265	145	1,598	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash flow hedge losses reclassified to earnings
1,949	1,746	1,746	1,611	1,468	1,464	1,466	1,457	1,756	1,769	1,767	1,782	1,752	1,751	1,747	1,561	1,374	1,440	1,342	1,427	1,565	1,680	1,546	1,438	1,573	1,463	54,948	4,356	-1,391	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of real estate assets
24,479	6,109	130,558	20,563	15,102	244,561	35,891	105,571	-47	81,635	59,031	44,067	97,012	94,241	212,940	54,680	81,055	12,107	55,289	12,423	79,033	26,100	130,386	60,945	37,869	160,058	0	33,922	84,491	-	-	-	-	-	-	-	-	1,854	0	21,929	50,291	-	-	-	-
Gain (Loss) on Sale of Other Investments
4,903	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase in cash in operating escrows
-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,342	5,230	-3,009	-	-948	1,542	7,815	716	2,718	3,342	-6,831	16,077	4,592	1,533	6,758	101	-8,632	763	1,225	5,149	1,409	-3,073	4,217	4,702	1,479	-1,454	269	5,133	-1,924	-609	-166
Increase in resident security deposits, prepaid expenses and other assets
1,239	-10,686	5,563	21,154	3,087	-17,092	634	-2,733	6,608	-36,766	14,210	2,544	10,630	-10,724	6,191	1,377	8,559	-9,797	-6,425	1,088	2,351	-9,367	4,714	21,749	-13,655	-61,337	20,245	23,165	23,299	-16,061	-12,663	12,565	8,167	-13,665	7,740	536	9,407	-9,987	28,230	-7,822	4,813	17,339	-11,868	-3,174	-2,669
Increase in accrued expenses, other liabilities and accrued interest payable
3,799	-48,935	55,932	-30,696	32,320	-22,472	30,400	-11,937	11,677	-38,354	60,304	-17,176	21,674	-7,584	32,371	1,907	-7,308	-3,883	35,895	3,911	-6,734	5,873	13,829	-5,092	-7,651	-4,336	13,145	10,170	-7,982	11,616	-8,202	1,330	-9,481	1,929	-11,452	26,888	-8,320	2,835	5,734	4,748	-9,441	725	7,168	9,290	-5,333
Net cash provided by operating activities
341,704	306,882	376,655	276,481	361,786	320,554	355,260	309,384	315,913	322,479	358,122	275,761	299,895	299,545	307,549	275,396	277,782	280,395	302,370	255,522	236,380	245,212	231,718	189,394	220,317	254,392	202,712	185,823	81,388	165,646	152,705	117,128	105,340	134,342	89,133	132,664	73,215	97,727	62,655	102,841	68,883	103,603	83,250	98,907	90,821
Cash flows from investing activities:
Development/redevelopment of real estate assets including land acquisitions and deferred development costs
245,789	260,460	231,166	282,310	278,075	275,404	260,010	303,241	301,299	236,672	247,407	236,295	259,573	331,684	282,055	320,699	266,588	303,497	400,332	286,865	578,632	380,366	313,666	280,870	266,930	377,500	316,321	370,620	221,274	187,496	226,723	182,053	159,091	183,813	190,591	155,730	110,644	99,602	96,257	115,390	118,604	115,263	133,315	163,244	148,333
Acquisition of real estate assets, including partnership interest
0	133,713	134,544	60,712	91,548	254,532	84,088	0	0	-	-	-	-	-600	223,894	0	170,022	0	0	0	0	-	-	-	-	90,194	0	0	749,275	49,851	68,799	29,663	7,442	-	-	-	-	-	-	-	-	-	-	-	-
Capital expenditures - existing real estate assets
32,922	42,801	44,819	27,937	20,069	23,657	22,869	21,841	15,240	23,372	19,394	14,400	8,015	23,951	18,324	13,078	11,618	7,812	-10,226	42,764	7,820	13,578	12,707	6,908	13,709	13,888	8,541	134	1,852	10,003	6,843	3,860	2,746	27,013	7,073	4,791	2,974	7,089	4,811	3,397	1,475	7,002	2,404	869	839
Capital expenditures - non-real estate assets
10,663	1,043	1	3,734	488	1,183	246	161	1,735	3,501	-1,026	3,905	2,429	368	1,594	655	3,264	2,808	3,455	573	859	147	589	-4,113	9,300	-5,086	4,565	957	1,764	1,982	506	441	147	370	163	4,766	2,982	-97	-7	165	359	135	316	89	294
Mortgage note receivable payments
462	-1,458	-10,952	2,118	5,444	4,660	-475	9,589	-2,168	1,039	-10,197	-2,137	-4,326	885	-763	1,232	842	-4,240	-6,116	15,011	-7,885	3,937	2,074	1,728	-339	3,655	-183	31,667	-360	2,413	21,001	432	-7,014	4,112	-2,382	-1,124	1,736	3,273	5,737	4,925	1,255	29,482	-5,642	-1,972	-7,128
Increase in payables for construction
63,073	306	253,701	96,579	71,455	417,126	166,961	298,623	603	166,497	66,061	110,496	159,985	127,986	287,790	48,232	68,709	49,748	96,574	23,337	112,504	110,815	0	134,504	52,147	487,302	0	104,458	327,922	-	-	-	-	-	-	-	-	7,951	-1,529	106,252	81,335	-	-	-	-
Proceeds from Sale of Other Real Estate
98,790	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase in cash in deposit escrows
-	-	-	-	-	-	-	-	-	-	-	-	-	-	59,263	-69,227	69,227	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Insurance proceeds for property damage claims
-	-	-	-	-	-58	0	0	58	2,965	7,076	2,097	4,095	0	0	8,494	8,702	0	0	44,142	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Insurance proceeds for property damage claims
179	127	58	348	159	819	589	285	2,006	3,346	3,175	6,274	4,795	8,041	11,074	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage note receivable lending
960	1,801	0	0	978	2,207	23,418	22,649	4,862	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in cash in construction escrows
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	120	-15,247	34	-1,731	-688	-2,504	-18,489	7,572	-9,389	-11,716	-18,153	-3,071	-144,246	19,079	23,529	23,884
Distributions from unconsolidated real estate entities
-	-	-	-	-	33,503	0	0	2,013	0	67,453	9,900	11,952	16,850	35,878	218	58,652	61,308	11,015	-3,635	40,493	6,482	142,367	39,902	15,194	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investments in unconsolidated real estate entities
9,799	8,930	35	494	724	3,038	877	2,734	4,368	9,933	4,460	4,326	5,774	7,301	-119,199	120,735	913	5,701	78	803	0	408	2,458	1,369	1,427	-	-	-817	2,978	12,108	10,194	-7,847	5,659	16,771	16,621	-1,233	-1,225	28,062	23,758	-1,537	-1,244	14,269	-1,084	3,731	-3,029
Net cash used in investing activities
-136,067	-436,665	-167,180	-276,838	-313,186	-101,195	-178,775	2,599	-319,280	-340,629	-371,028	-144,844	-108,880	-165,761	-154,100	-327,764	-384,727	-213,002	-292,166	-252,150	-442,199	-320,265	-184,979	-87,152	-224,364	13,837	-310,661	-234,769	-649,581	-140,654	-289,981	-26,411	-166,340	26,341	-176,454	-168,345	-124,683	-120,589	-144,369	2,065	-36,043	-3,881	-53,621	-146,376	-129,681
Cash flows from financing activities:
Issuance of common stock, net
125	201,936	1,596	50,632	155,561	51,037	391	833	0	976	84	53,216	56,817	1,379	1,343	11,702	1,102	15,553	577,305	95,353	1,973	6,043	125,121	207,736	7,234	1,829	269	2,352	253	2,103,537	150,971	166,726	8,956	12,205	773,496	113,977	150,157	59,108	15,440	222,921	83,896	6,418	101,328	1,079	35
Dividends paid
213,671	212,179	212,172	211,796	203,499	203,087	203,082	203,071	195,999	195,972	195,962	195,531	185,192	185,264	185,250	185,084	171,151	170,997	166,011	165,145	153,095	153,011	152,022	150,217	138,393	138,392	138,391	138,376	110,891	94,706	93,544	92,396	84,926	84,804	79,045	77,825	76,557	76,009	75,823	73,655	72,603	72,441	71,341	71,087	68,841
Proceeds from Unsecured Lines of Credit
750,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Finance Lease, Principal Payments
-	-	-	-	-	-	-	268	267	268	261	18,422	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Notes Payable
51,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net repayments under unsecured credit facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	359,000	-235,000
Issuance of mortgage notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-197,000	250,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of mortgage notes payable, including prepayment penalties
51,484	66,861	23,056	135,985	1,668	98,288	97,850	30,730	28,584	23,791	2,186	1,265,143	21,905	6,981	3,543	137,870	19,682	109,951	155,427	584,017	4,209	4,141	3,950	20,936	3,832	320,948	3,269	278,887	1,507,243	3,758	2,634	51,583	52,038	157,518	10,685	1,844	30,119	-	-	-	-	-	-	-	-
Issuance of unsecured notes
699,252	0	1	449,803	0	0	0	0	299,442	748,210	0	948,616	0	-	-	-	-	299,022	0	524,066	50,000	300,000	0	250,000	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of Unsecured Debt
658,655	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	100,000	201,601	0	0	179,400	-	-	-	-	-	-	-	-	447,628	214,763	105,600	100,573
Payment of deferred financing costs
5,988	-1	242	3,827	6,841	12,911	2	101	3,244	5,809	277	9,151	2,315	5,330	896	3,838	6,176	2,602	464	3,699	578	4,406	0	392	3,022	-	-	-	-	8,920	6,621	0	123	-	-	-	-	-	-	-	-	-	-	-	-
Payment for termination of forward interest rate swaps
20,314	0	0	12,309	0	0	0	0	-12,598	0	0	-391	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to Noncontrolling Interests
35	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments related to tax withholding for share-based compensation
14,346	140	1,675	80	14,206	13	19	41	10,483	-10	19	10,441	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of mortgage notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26,465	-	1,742	25,667	2,107
Distributions to DownREIT partnership unitholders
12	12	11	12	11	11	11	11	11	10	11	10	11	11	10	10	10	10	9	10	9	0	9	8	9	8	8	8	8	7	7	8	7	0	7	6	7	19	15	13	14	18	0	14	25
Distributions to joint venture and profit-sharing partners
102	103	109	114	113	103	113	104	104	101	104	109	104	104	100	99	104	98	87	96	91	0	92	88	82	79	79	79	80	52	89	85	73	0	67	65	62	58	64	52	48	-	-	-	-
Contributions from joint venture and profit-sharing partners
-	-	-	-	-	-	-	-	-	0	0	0	1,038	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of joint venture partner equity interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	6,570	-	-	-	-	-	-	-	-
Preferred interest obligation redemption and dividends
600	0	0	920	480	0	640	0	480	0	1,400	0	600	560	1,400	0	0	0	12,080	810	1,520	0	1,500	1,600	3,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
535,170	-77,357	-204,765	135,194	-71,257	-283,086	-244,791	-233,493	72,868	2,945	-63,136	-206,484	-152,272	25,473	-269,856	137,133	-196,021	23,753	243,227	-134,358	-107,529	144,485	-32,452	-62,505	108,696	-99,784	109,712	-287,363	-1,717,969	2,044,493	443,146	19,304	-307,611	-232,642	488,048	33,985	36,842	100,177	-62,896	145,518	-15,234	-549,642	308,946	172,922	63,489
Net increase (decrease) in cash and cash equivalents
740,807	-207,140	4,710	134,837	-22,657	-63,727	-68,306	78,490	69,501	-15,205	-76,042	-75,567	38,743	159,257	-116,407	84,765	-302,966	91,146	253,431	-130,986	-313,348	69,432	14,287	39,737	104,649	168,445	1,763	-336,309	-2,286,162	2,069,485	305,870	110,021	-368,611	-71,959	400,727	-1,696	-14,626	77,315	-144,610	250,424	17,606	-449,920	338,575	125,453	24,629
Cash paid during the period for interest, net of amount capitalized
36,895	73,170	25,452	63,435	25,513	71,298	35,157	61,268	33,936	83,257	21,961	68,121	34,503	56,339	47,365	44,344	46,011	39,685	57,525	31,948	59,624	37,313	60,310	39,203	55,140	42,244	61,433	29,883	45,765	18,147	39,109	19,328	42,684	27,893	52,690	28,853	47,462	31,824	47,181	28,457	49,552	67,592	43,657	23,685	33,717