AVALONBAY COMMUNITIES, INC. AVB Cash Flow

Avalonbay communities, inc. (AVB)

CashFlow / TTM

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
783,691	786,103	1,004,067	916,765	1,003,003	974,175	826,026	871,818	782,469	876,660	881,357	999,486	1,031,612	1,033,708	946,877	796,624	771,557	741,733	728,907	763,837	763,781	697,327	806,891	554,997	418,901	352,771	223,065	320,702	441,422	423,562	624,143	582,072	468,442	441,370	145,070	124,375	132,250	174,079	179,764	213,882	179,539	154,274	0	0	0
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation expense
677,432	661,578	649,127	640,202	634,194	631,196	629,382	617,833	602,588	584,150	567,070	553,809	544,839	531,434	513,673	502,128	488,286	477,923	469,748	461,400	453,168	442,682	433,403	481,441	561,023	560,215	515,402	415,079	287,668	243,680	229,463	230,806	228,649	226,728	231,697	227,372	224,241	220,563	220,308	216,484	210,380	204,481	0	0	0
Depreciation expense from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13,500	18,927	22,839	18,943	16,414	28,180	23,575	23,633	23,541	15,873	16,215	13,905	12,379	8,612	8,999	11,361	13,805	0	0	0
Amortization of deferred financing costs
7,536	7,346	7,331	7,462	7,624	7,939	7,994	7,826	7,838	7,657	7,726	7,707	7,551	7,661	7,418	7,319	7,143	6,871	6,737	6,598	6,529	6,383	6,499	6,309	6,387	6,803	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt discount
1,608	1,591	1,628	1,641	1,676	1,701	1,598	1,388	-875	-5,915	-10,974	-15,884	-18,708	-18,866	-18,836	-18,882	-20,380	-24,261	-28,261	-32,222	-34,847	-34,961	-35,123	-35,256	-34,986	-29,750	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on extinguishment of debt, net
-9,492	-602	-15,377	-16,962	-17,375	-17,492	-4,027	-2,349	-25,869	-25,472	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,781	0	0	0	-	-	-	-	-	-	-	-	-25,910	0	0	0
Amortization of deferred financing costs and debt (premium) discount
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,068	5,389	5,491	5,834	6,667	7,300	7,295	7,723	8,661	8,449	8,162	8,139	0	0	0
Amortization of stock-based compensation
25,338	25,621	25,473	23,872	21,872	20,280	19,558	18,389	17,630	17,920	16,958	16,258	15,566	15,082	15,444	15,548	15,118	15,321	15,553	15,992	14,350	13,927	16,794	17,769	16,676	15,160	8,879	8,020	8,822	8,707	10,402	8,250	7,495	7,244	6,792	5,791	5,445	5,938	5,747	5,869	5,956	6,098	0	0	0
Equity in loss of, and return on, unconsolidated real estate entities and noncontrolling interests, net of eliminations
-8,632	-12,278	-12,856	-13,571	-10,614	-6,583	-6,343	12,182	12,544	19,798	24,513	2,858	3,336	-8,870	-10,479	-11,048	-14,858	-12,225	-15,497	-14,701	-9,258	-4,906	9,179	-9,452	-15,844	-33,125	-40,596	-13,389	-5,977	12,103	4,061	1,357	-1,128	-2,246	177	-2,153	-1,398	-1,852	3,950	4,978	4,865	810	0	0	0
Casualty and impairment gain, net
-	-	-	-	-	826	-58	-3,178	-3,178	8,568	8,568	11,688	9,955	-3,935	-3,935	-3,935	-24,500	-17,303	-17,303	-17,303	4,995	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Abandonment of development pursuits
4,723	2,943	856	1,061	597	501	725	725	235	388	533	2,131	2,008	1,743	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash flow hedge losses reclassified to earnings
7,052	6,571	6,289	6,009	5,855	6,143	6,448	6,749	7,074	7,070	7,052	7,032	6,811	6,433	6,122	5,717	5,583	5,774	6,014	6,218	6,229	6,237	6,020	59,422	62,340	59,376	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of real estate assets
181,709	172,332	410,784	316,117	401,125	385,976	223,050	246,190	184,686	281,745	294,351	448,260	458,873	442,916	360,782	203,131	160,874	158,852	172,845	247,942	296,464	255,300	389,258	258,872	231,849	278,471	0	0	0	-	-	-	-	-	-	-	-	74,074	0	0	0	-	-	-	-
Gain (Loss) on Sale of Other Investments
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase in cash in operating escrows
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1,013	-	9,125	12,791	14,591	-55	15,306	17,180	15,371	28,960	12,984	-240	-1,010	-6,543	-1,495	8,546	4,710	7,702	7,255	7,325	8,944	4,996	5,427	2,024	2,869	2,434	0	0	0
Increase in resident security deposits, prepaid expenses and other assets
17,270	19,118	12,712	7,783	-16,104	-12,583	-32,257	-18,681	-13,404	-9,382	16,660	8,641	7,474	5,403	6,330	-6,286	-6,575	-12,783	-12,353	-1,214	19,447	3,441	-48,529	-32,998	-31,582	5,372	50,648	17,740	7,140	-7,992	-5,596	14,807	2,778	4,018	7,696	28,186	19,828	15,234	42,560	2,462	7,110	-372	0	0	0
Increase in accrued expenses, other liabilities and accrued interest payable
-19,900	8,621	35,084	9,552	28,311	7,668	-8,214	21,690	16,451	26,448	57,218	29,285	48,368	19,386	23,087	26,611	28,615	29,189	38,945	16,879	7,876	6,959	-3,250	-3,934	11,328	10,997	26,949	5,602	-3,238	-4,737	-14,424	-17,674	7,884	9,045	9,951	27,137	4,997	3,876	1,766	3,200	7,742	11,850	0	0	0
Net cash provided by operating activities
1,301,722	1,321,804	1,335,476	1,314,081	1,346,984	1,301,111	1,303,036	1,305,898	1,272,275	1,256,257	1,233,323	1,182,750	1,182,385	1,160,272	1,141,122	1,135,943	1,116,069	1,074,667	1,039,484	968,832	902,704	886,641	895,821	866,815	863,244	724,315	635,569	585,562	516,867	540,819	509,515	445,943	461,479	429,354	392,739	366,261	336,438	332,106	337,982	358,577	354,643	376,581	0	0	0
Cash flows from investing activities:
Development/redevelopment of real estate assets including land acquisitions and deferred development costs
1,019,725	1,052,011	1,066,955	1,095,799	1,116,730	1,139,954	1,101,222	1,088,619	1,021,673	979,947	1,074,959	1,109,607	1,194,011	1,201,026	1,172,839	1,291,116	1,257,282	1,569,326	1,646,195	1,559,529	1,553,534	1,241,832	1,238,966	1,241,621	1,331,371	1,285,715	1,095,711	1,006,113	817,546	755,363	751,680	715,548	689,225	640,778	556,567	462,233	421,893	429,853	445,514	482,572	530,426	560,155	0	0	0
Acquisition of real estate assets, including partnership interest
328,969	420,517	541,336	490,880	430,168	338,620	0	0	0	-	-	-	-	393,316	393,916	170,022	170,022	0	0	0	0	-	-	-	-	839,469	799,126	867,925	897,588	155,755	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Capital expenditures - existing real estate assets
148,479	135,626	116,482	94,532	88,436	83,607	83,322	79,847	72,406	65,181	65,760	64,690	63,368	66,971	50,832	22,282	51,968	48,170	53,936	76,869	41,013	46,902	47,212	43,046	36,272	24,415	20,530	18,832	22,558	23,452	40,462	40,692	41,623	41,851	21,927	19,665	18,271	16,772	16,685	14,278	11,750	11,114	0	0	0
Capital expenditures - non-real estate assets
15,441	5,266	5,406	5,651	2,078	3,325	5,643	4,371	8,115	8,809	5,676	8,296	5,046	5,881	8,321	10,182	10,100	7,695	5,034	2,168	-2,518	5,923	690	4,666	9,736	2,200	9,268	5,209	4,693	3,076	1,464	1,121	5,446	8,281	7,814	7,644	3,043	420	652	975	899	834	0	0	0
Mortgage note receivable payments
-9,830	-4,848	1,270	11,747	19,218	11,606	7,985	-1,737	-13,463	-15,621	-15,775	-6,341	-2,972	2,196	-2,929	-8,282	5,497	-3,230	4,947	13,137	-146	7,400	7,118	4,861	34,800	34,779	33,537	54,721	23,486	16,832	18,531	-4,852	-6,408	2,342	1,503	9,622	15,671	15,190	41,399	30,020	23,123	14,740	0	0	0
Increase in payables for construction
413,659	422,041	838,861	752,121	954,165	883,313	632,684	531,784	343,657	503,039	464,528	686,257	623,993	532,717	454,479	263,263	238,368	282,163	343,230	246,656	357,823	297,466	673,953	673,953	643,907	919,682	0	0	0	-	-	-	-	-	-	-	-	194,009	0	0	0	-	-	-	-
Proceeds from Sale of Other Real Estate
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase in cash in deposit escrows
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Insurance proceeds for property damage claims
-	-	-	-	-	0	3,023	10,099	12,196	16,233	13,268	6,192	12,589	17,196	17,196	17,196	52,844	44,142	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Insurance proceeds for property damage claims
712	692	1,384	1,915	1,852	3,699	6,226	8,812	14,801	17,590	22,285	30,184	23,910	19,115	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage note receivable lending
2,761	2,779	3,185	26,603	49,252	53,136	50,929	27,511	4,862	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in cash in construction escrows
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-16,824	-17,632	-4,889	-23,412	-14,109	-22,810	-32,022	-31,686	-42,329	-177,186	-146,391	-104,709	-77,754	0	0	0
Distributions from unconsolidated real estate entities
-	-	-	-	-	35,516	2,013	69,466	79,366	89,305	106,155	74,580	64,898	111,598	156,056	131,193	127,340	109,181	54,355	185,707	229,244	203,945	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investments in unconsolidated real estate entities
19,258	10,183	4,291	5,133	7,373	11,017	17,912	21,495	23,087	24,493	21,861	-101,798	14,611	9,750	8,150	127,427	7,495	6,582	1,289	3,669	4,235	5,662	0	0	0	-	-	24,463	17,433	20,114	24,777	31,204	37,818	30,934	42,225	49,362	49,058	49,039	35,246	10,404	15,672	13,887	0	0	0
Net cash used in investing activities
-1,016,750	-1,193,869	-858,399	-869,994	-590,557	-596,651	-836,085	-1,028,338	-1,175,781	-965,381	-790,513	-573,585	-756,505	-1,032,352	-1,079,593	-1,217,659	-1,142,045	-1,199,517	-1,306,780	-1,199,593	-1,034,595	-816,760	-482,658	-608,340	-755,957	-1,181,174	-1,335,665	-1,314,985	-1,106,627	-623,386	-456,391	-342,864	-484,798	-443,141	-590,071	-557,986	-387,576	-298,936	-182,228	-91,480	-239,921	-333,559	0	0	0
Cash flows from financing activities:
Issuance of common stock, net
254,289	409,725	258,826	257,621	207,822	52,261	2,200	1,893	54,276	111,093	111,496	112,755	71,241	15,526	29,700	605,662	689,313	690,184	680,674	228,490	340,873	346,134	341,920	217,068	11,684	4,703	2,106,411	2,257,113	2,421,487	2,430,190	338,858	961,383	908,634	1,049,835	1,096,738	338,682	447,626	381,365	328,675	414,563	192,721	108,860	0	0	0
Dividends paid
849,818	839,646	830,554	821,464	812,739	805,239	798,124	791,004	783,464	772,657	761,949	751,237	740,790	726,749	712,482	693,243	673,304	655,248	637,262	623,273	608,345	593,643	579,024	565,393	553,552	526,050	482,364	437,517	391,537	365,572	355,670	341,171	326,600	318,231	309,436	306,214	302,044	298,090	294,522	290,040	287,472	283,710	0	0	0
Proceeds from Unsecured Lines of Credit
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Finance Lease, Principal Payments
-	-	-	-	-	-	-	1,064	19,218	18,951	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Notes Payable
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net repayments under unsecured credit facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	124,000	0	0	0
Issuance of mortgage notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	53,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of mortgage notes payable, including prepayment penalties
277,386	227,570	258,997	333,791	228,536	255,452	180,955	85,291	1,319,704	1,313,025	1,296,215	1,297,572	170,299	168,076	271,046	422,930	869,077	853,604	747,794	596,317	33,236	32,859	349,666	348,985	606,936	2,110,347	1,793,157	1,792,522	1,565,218	110,013	263,773	271,824	222,085	200,166	0	0	0	-	-	-	-	-	-	-	-
Issuance of unsecured notes
1,149,056	449,804	449,804	449,803	0	299,442	1,047,652	1,047,652	1,996,268	1,696,826	0	0	0	-	-	-	-	873,088	874,066	874,066	600,000	550,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of Unsecured Debt
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	100,000	301,601	301,601	301,601	381,001	0	0	0	-	-	-	-	-	-	-	-	868,564	0	0	0
Payment of deferred financing costs
10,056	10,909	23,821	23,581	19,855	16,258	9,156	9,431	18,481	17,552	17,073	17,692	12,379	16,240	13,512	13,080	12,941	7,343	9,147	8,683	5,376	7,820	0	0	0	-	-	-	-	15,664	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payment for termination of forward interest rate swaps
32,623	12,309	12,309	12,309	0	-12,598	-12,598	-12,598	-12,989	-391	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to Noncontrolling Interests
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments related to tax withholding for share-based compensation
16,241	16,101	15,974	14,318	14,279	10,556	10,533	10,533	20,933	10,450	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of mortgage notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0
Distributions to DownREIT partnership unitholders
47	46	45	45	44	44	43	43	42	42	43	42	42	41	40	39	39	38	28	28	26	26	34	33	33	32	31	30	30	29	22	22	20	20	39	47	54	61	60	45	46	57	0	0	0
Distributions to joint venture and profit-sharing partners
428	439	439	443	433	424	422	413	418	418	421	417	407	407	401	388	385	372	274	279	271	262	341	328	319	317	290	300	306	299	247	225	205	194	252	249	236	222	0	0	0	-	-	-	-
Contributions from joint venture and profit-sharing partners
-	-	-	-	-	-	-	-	-	1,038	1,038	1,038	1,038	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of joint venture partner equity interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Preferred interest obligation redemption and dividends
1,520	1,400	1,400	2,040	1,120	1,120	1,120	1,880	1,880	2,000	2,560	2,560	2,560	1,960	1,400	12,080	12,890	14,410	14,410	3,830	4,620	6,300	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
388,242	-218,185	-423,914	-463,940	-832,627	-688,502	-402,471	-220,816	-193,807	-418,947	-396,419	-603,139	-259,522	-303,271	-304,991	208,092	-63,399	25,093	145,825	-129,854	-58,001	158,224	-86,045	56,119	-168,739	-1,995,404	148,873	482,307	788,974	2,199,332	-77,803	-32,901	-18,220	326,233	659,052	108,108	219,641	167,565	-482,254	-110,412	-83,008	-4,285	0	0	0
Net increase (decrease) in cash and cash equivalents
673,214	-90,250	53,163	-19,853	-76,200	15,958	64,480	56,744	-97,313	-128,071	46,391	6,026	166,358	-175,351	-243,462	126,376	-89,375	-99,757	-121,471	-360,615	-189,892	228,105	327,118	314,594	-61,452	-2,452,263	-551,223	-247,116	199,214	2,116,765	-24,679	70,178	-41,539	312,446	461,720	-83,617	168,503	200,735	-326,500	156,685	31,714	38,737	0	0	0
Cash paid during the period for interest, net of amount capitalized
198,952	187,570	185,698	195,403	193,236	201,659	213,618	200,422	207,275	207,842	180,924	206,328	182,551	194,059	177,405	187,565	175,169	188,782	186,410	189,195	196,450	191,966	196,897	198,020	188,700	179,325	155,228	132,904	122,349	119,268	129,014	142,595	152,120	156,898	160,829	155,320	154,924	157,014	192,782	189,258	184,486	168,651	0	0	0