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AvalonBay Communities Cash Flow Statement

Operating, investing, and financing cash movements

AvalonBay Communities generated $1.7B in operating cash flow over the trailing twelve months. After $272.9M in capital expenditures, free cash flow was $1.4B. Free cash flow decreased 0.0% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.7BNet Cash From Investing (TTM)-$1.0BNet Cash From Financing (TTM)-$830.7MCapital Expenditures (TTM)$272.9MDepreciation And Amortization Cf (TTM)$928.6MNet Change In Cash (TTM)$72.0M
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$26.2B
P/E Ratio22.83
ROE9.79%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$4.8M$2.4M$4.2M$29.3M$4.1M$3.6M
Capital expenditures$56.9M$48.4M$60.7M$74.8M$78M$59.5M
Distributions from unconsolidated entities and investment sale proceeds—$0———$180K
Payments for Capital Improvements$56.9M$48.4M$60.7M$74.8M$78M$59.5M
Payments For Capital Improvements, Non Real Estate$124K$256K$1.6M$634K$664K$514K
Payments to Acquire Businesses and Interest in Affiliates$4.8M$2.4M$4.2M$29.3M$4.1M$3.6M
Payments to notes receivables—$12.6M$3.1M$4.7M—$12M
Payments to Acquire Other Real Estate$186.1M$187.4M$197.1M$259.5M$38.2M$0
Payments To Develop Real Estate Assets$259.4M$237.3M$312.1M$300.4M$359.7M$336.8M
Proceeds From Collection Of Notes Receivable—$109K———$17.6M
Increase (decrease) in payables for construction—-$3.4M$19.1M——$15.3M
Proceeds From Sale Of Real Estate Heldforinvestment$208.5M$63.7M$164.4M$571.2M$172K$330.4M
Net cash from investing activities-$314.3M-$427.9M-$395.3M-$101.9M-$467.3M-$49M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization of debt issuance costs$3.3M$3.2M$3M$3.9M$3.5M$3.6M
Change in accrued investment income$3.6M$5.8M———$7.2M
Change in accrued liabilities—$10.6M-$11.6M$69.6M—$7.4M
Change in other assets—$3.2M$32.7M——-$13.1M
Depreciation and amortization$215.5M$217.9M$231.7M$230.4M$233.4M$233.1M
Gain (loss) on sale of assets$122.1M$56.7M$103.1M$180.4M$0$180M
Net cash from operating activities$328.8M$415.9M$377.8M$477M$400.4M$418.9M
Net income$282.1M$236.6M$269.9M$384.2M$166M$328.3M
Non-cash interest expense$3.3M$3.2M$3M$3.9M$3.5M$3.6M
Casualty and impairment loss—$0$858K$0$418K$2M
Depreciation$215.5M$217.9M$231.7M$230.4M$233.4M$233.1M
Gain (Loss) on Sale of Properties$122.1M$56.7M$103.1M$180.4M$0$180M
Equity in loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations—$3.1M$3.6M-$39.7M—$9.9M
Increase (Decrease) in Accrued Interest Receivable, Net$3.6M$5.8M$6.5M$6.5M$6.5M$7.2M
Increase (Decrease) in Prepaid Expense and Other Assets—$3.2M$32.7M——-$13.1M
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net$274K$273K$570K$69K$380K$388K
Expensed transaction, development and other pursuit costs, net of recoveries$11.1M$4.7M$2.5M$1.4M$2.2M$3.4M
Stock-based compensation$5.1M$5.7M$8.5M$7.1M$5.2M$5.7M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Repayments of debt$662K$1.2M$8.3M$1.1M$973K$982K
Dividends paid$241.8M$243.7M$249M$250.2M$249.5M$249.3M
Payments For Redemption Of Noncontrolling Interests, Distribution To Joint Ventures And Preferred Equity Redemption And Dividends$520K$440K$560K$12.9M$0$0
Payments of Ordinary Dividends$241.8M$243.7M$249M$250.2M$249.5M$249.3M
Net borrowings under unsecured credit facility and commercial paper$0$224.9M$440.1M—$504.6M$30.1M
Repayments Of Notes Payable$662K$1.2M$8.3M$1.1M$973K$982K
Net cash from financing activities-$539.9M-$36M$93.8M-$348.6M—-$431.9M
Payment of debt issuance costs$1K$0$16M$4M$3.1M$224K
Proceeds from issuance of common stock$3.3M$693K$2.7M$0$83.3M$0
Repurchases of common stock$0$0——$336.3M$198.5M
Taxes paid for net share settlement$281K$16.4M$191K$99K$70K$13.1M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$271.9M$367.5M$317.1M$402.2M$322.5M$359.5M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest paid$77.8M$40.2M$90.3M$32.9M$73.2M$60.4M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash-$525.4M-$48M$76.3M$26.5M$31.2M-$62M