AvalonBay Communities (AVB) 10-K 19 Feb 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Jan. 30, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	AVALONBAY COMMUNITIES INC
Entity Central Index Key	915912
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		132,049,857
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$18,601,181,331

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real estate:
Land and improvements	$3,465,650	$3,251,780
Buildings and improvements	12,317,304	11,007,775
Furniture, fixtures and equipment	404,103	338,813
Total Capitalized Cost	16,187,057	14,598,368
Less accumulated depreciation	-2,891,254	-2,455,790
Net operating real estate	13,295,803	12,142,578
Construction in progress, including land	1,417,246	1,582,876
Land held for development	180,516	300,364
Operating real estate assets held for sale, net	42,175	258,391
Total real estate, net	14,935,740	14,284,209
Cash and cash equivalents	509,460	281,355
Cash in escrow	95,625	98,564
Resident security deposits	29,617	26,672
Investments in unconsolidated real estate entities	298,315	367,866
Deferred financing costs, net	39,728	40,460
Deferred development costs	67,029	31,592
Prepaid expenses and other assets	201,209	197,425
Total assets	16,176,723	15,328,143
LIABILITIES AND EQUITY
Unsecured notes, net	2,993,265	2,594,709
Variable rate unsecured credit facility	0	0
Mortgage notes payable	3,532,587	3,539,642
Dividends payable	153,207	138,476
Payables for construction	101,946	94,632
Accrued expenses and other liabilities	244,821	240,337
Accrued interest payable	41,318	42,854
Resident security deposits	49,502	44,594
Liabilities related to real estate assets held for sale	907	15,852
Total liabilities	7,117,553	6,711,096
Redeemable noncontrolling interests	12,765	17,320
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2014 and 2013; zero shares issued and outstanding at December 31, 2014 and 2013	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2014 and 2013; 132,050,382 and 129,416,695 shares issued and outstanding at December 31, 2014 and 2013, respectively	1,320	1,294
Additional paid-in capital	9,354,685	8,988,723
Accumulated earnings less dividends	-267,085	-345,254
Accumulated other comprehensive loss	-42,515	-48,631
Total stockholders' equity	9,046,405	8,596,132
Noncontrolling interest	0	3,595
Total equity	9,046,405	8,599,727
Total liabilities and equity	$16,176,723	$15,328,143

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, liquidation preference (in dollars per share)	$25	$25
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	280,000,000	280,000,000
Common stock, shares issued	132,050,382	129,416,695
Common stock, shares outstanding	132,050,382	129,416,695

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue:
Rental and other income	$1,674,011	$1,451,419	$990,370
Management, development and other fees	11,050	11,502	10,257
Total revenue	1,685,061	1,462,921	1,000,627
Expenses:
Operating expenses, excluding property taxes	410,672	352,245	259,350
Property taxes	178,634	158,774	97,555
Interest expense, net	180,618	172,402	136,920
Loss on extinguishment of debt, net	412	14,921	1,179
Loss on interest rate contract	0	51,000	0
Depreciation expense	442,682	560,215	243,680
General and administrative expense	41,425	39,573	34,101
Expensed acquisition, development and other pursuit costs, net of recoveries	-3,717	45,050	11,350
Casualty and impairment loss	0	0	1,449
Total expenses	1,250,726	1,394,180	785,584
Equity in income (loss) of unconsolidated entities	148,766	-11,154	20,914
Gain on sale of land	490	240	280
Gain on sale of communities	84,925	0	0
Gain on acquisition of unconsolidated entity	0	0	14,194
Income from continuing operations before taxes	668,516	57,827	250,431
Income tax expense	9,368	0	0
Income from continuing operations	659,148	57,827	250,431
Discontinued operations:
Income from discontinued operations	310	16,713	26,820
Gain on sale of real estate assets	37,869	278,231	146,311
Total discontinued operations	38,179	294,944	173,131
Net income	697,327	352,771	423,562
Net (income) loss attributable to noncontrolling interests	-13,760	370	307
Net income attributable to common stockholders	683,567	353,141	423,869
Other comprehensive income:
Unrealized loss on cash flow hedges	-121	0	-22,876
Cash flow hedge losses reclassified to earnings	6,237	59,376	1,889
Comprehensive income	$689,683	$412,517	$402,882
Earnings per common sharebbasic:
Income (loss) from continuing operations attributable to common stockholders (in dollars per share)	$4.93	$0.46	$2.57
Discontinued operations attributable to common stockholders (in dollars per share)	$0.29	$2.32	$1.77
Net income attributable to common stockholders (in dollars per share)	$5.22	$2.78	$4.34
Earnings per common sharebdiluted:
Income (loss) from continuing operations attributable to common stockholders (in dollars per share)	$4.92	$0.46	$2.55
Discontinued operations attributable to common stockholders (in dollars per share)	$0.29	$2.32	$1.77
Net income attributable to common stockholders (in dollars per share)	$5.21	$2.78	$4.32

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Total AvalonBay stockholders' equity	Common stock	Additional paid-in capital	Accumulated earnings less dividends	Accumulated other comprehensive loss	Noncontrolling interests
In Thousands, except Share data, unless otherwise specified
Beginning Balance at Dec. 31, 2011	$4,401,892	$4,394,741	$952	$4,652,457	($171,648)	($87,020)	$7,151
Beginning Balance (in shares) at Dec. 31, 2011			95,175,677
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	423,869	423,869			423,869		0
Unrealized loss on cash flow hedges	-22,876	-22,876				-22,876
Cash flow hedge losses reclassified to earnings	1,889	1,889				1,889
Change in redemption value of redeemable noncontrolling interest	-375	-375			-375
Noncontrolling Interest, Period Increase (Decrease)	-3,573						-3,573
Dividends declared to common stockholders	-391,906	-391,906			-391,906
Issuance of common stock, net of withholdings	2,414,775	2,414,775	192	2,416,852	-2,269
Issuance of common stock, net of withholdings (in shares)			19,227,795
Amortization of deferred compensation	17,098	17,098		17,098
Ending Balance at Dec. 31, 2012	6,840,793	6,837,215	1,144	7,086,407	-142,329	-108,007	3,578
Ending Balance (in shares) at Dec. 31, 2012			114,403,472
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	353,141	353,141			353,141
Unrealized loss on cash flow hedges	0
Cash flow hedge losses reclassified to earnings	59,376	59,376				59,376
Change in redemption value of redeemable noncontrolling interest	-1,246	-1,246			-1,246
Noncontrolling Interest, Period Increase (Decrease)	1,532	1,515		1,515			17
Dividends declared to common stockholders	-553,829	-553,829			-553,829
Issuance of common stock, net of withholdings	1,872,951	1,872,951	150	1,873,792	-991
Issuance of common stock, net of withholdings (in shares)			15,013,223
Amortization of deferred compensation	27,009	27,009		27,009
Ending Balance at Dec. 31, 2013	8,599,727	8,596,132	1,294	8,988,723	-345,254	-48,631	3,595
Ending Balance (in shares) at Dec. 31, 2013			129,416,695
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	683,567	683,567			683,567
Unrealized loss on cash flow hedges	-121	-121				-121
Cash flow hedge losses reclassified to earnings	6,237	6,237				6,237
Change in redemption value of redeemable noncontrolling interest	3,709	3,709			3,709
Noncontrolling Interest, Period Increase (Decrease)	14,221						14,221
Noncontrolling interests derecognition	-17,816						-17,816
Dividends declared to common stockholders	-608,709	-608,709			-608,709		0
Issuance of common stock, net of withholdings	338,814	338,814	26	339,186	-398
Issuance of common stock, net of withholdings (in shares)			2,633,687
Amortization of deferred compensation	26,776	26,776		26,776
Ending Balance at Dec. 31, 2014	$9,046,405	$9,046,405	$1,320	$9,354,685	($267,085)	($42,515)	$0
Ending Balance (in shares) at Dec. 31, 2014			132,050,382

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$697,327	$352,771	$423,562
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation expense	442,682	560,215	243,680
Depreciation expense from discontinued operations	0	13,500	16,414
Amortization of deferred financing costs	6,383	6,803	6,427
Amortization of debt (premium) discount	-34,961	-29,750	0
Amortization of stock-based compensation	13,927	15,160	8,707
Equity in loss (income) of, and return on, unconsolidated entities and noncontrolling interests, net of eliminations	4,906	33,125	-12,103
Cash flow hedge losses reclassified to earnings	6,237	59,376	1,889
Casualty and impairment loss	0	0	1,449
Abandonment of development pursuits	1,455	0	0
Loss on extinguishment of debt, net	412	14,921	1,781
Gain on sale of real estate assets	-255,300	-278,471	-146,591
Gain on acquisition of unconsolidated entity	0	0	-14,194
Decrease (increase) in cash in operating escrows	55	-28,960	6,543
(Increase) decrease in resident security deposits, prepaid expenses and other assets	-3,441	-5,372	7,992
Decrease (increase) in accrued expenses, other liabilities and accrued interest payable	6,959	10,997	-4,737
Net cash provided by operating activities	886,641	724,315	540,819
Cash flows from investing activities:
Development/redevelopment of real estate assets including land acquisitions and deferred development costs	-1,241,832	-1,285,715	-755,363
Acquisition of real estate assets, including partnership interest	-47,000	-839,469	-155,755
Capital expendituresbexisting real estate assets	-46,902	-24,415	-23,452
Capital expendituresbnon-real estate assets	-5,923	-2,200	-3,076
Proceeds from sale of communities, net of selling costs	297,466	919,682	274,018
Mortgage note receivable repayment	21,748	0	0
Increase in payables for construction	7,400	34,779	16,832
Decrease in cash in construction escrows	0	0	16,824
Distributions from unconsolidated real estate entities	203,945	42,955	26,700
Investments in unconsolidated real estate entities	-5,662	-26,791	-20,114
Net cash used in investing activities	-816,760	-1,181,174	-623,386
Cash flows from financing activities:
Issuance of common stock	346,134	4,703	2,430,190
Dividends paid	-593,643	-526,050	-365,572
Issuance of mortgage notes payable	53,000	84,928	0
Repayments of mortgage notes payable, including prepayment penalties	-32,859	-2,110,347	-110,013
Issuance of unsecured notes	550,000	750,000	700,000
Settlement of interest rate contract	0	-51,000	-54,930
Repayment of unsecured notes	-150,000	-100,000	-381,001
Payment of deferred financing costs and issuance discounts	-7,820	-10,100	-15,664
Redemption of units for cash by minority partners	0	-1,965	0
Acquisition of joint venture partner equity interest	0	0	-3,350
Distributions to DownREIT partnership unitholders	-26	-32	-29
Distributions to joint venture and profit-sharing partners	-262	-317	-299
Redemption of preferred interest obligation	-6,300	-35,224	0
Net cash provided by (used in) financing activities	158,224	-1,995,404	2,199,332
Net increase (decrease) in cash and cash equivalents	228,105	-2,452,263	2,116,765
Cash and cash equivalents, beginning of year	281,355	2,733,618	616,853
Cash and cash equivalents, end of year	509,460	281,355	2,733,618
Cash paid during the year for interest, net of amount capitalized	$191,966	$179,325	$119,268

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Supplemental disclosures of non-cash investing and financing activities
Stock issued in connection with stock grants (in shares)	115,163	123,977	96,592
Common stock issued through the dividend reinvestment plan (in shares)	2,434	2,002	2,331
Common stock issued through the dividend reinvestment plan	$335	$269	$321
Number of shares withheld to satisfy employees' tax withholding and other liabilities	55,523	48,310	121,351
Shares withheld to satisfy employees' tax withholding and other liabilities, value	4,746	6,127	15,543
Number of shares forfeited	7,970	7,653	7,558
Shares cancelled upon forfeiture	2,938	1,105	393
Common stock dividends declared but not paid	153,207	138,476	110,966
Change in redemption value of redeemable noncontrolling interest	-3,709	1,246	375
Unrealized loss on cash flow hedges	-121	0	-22,876
Cash flow hedge losses reclassified to earnings	6,237	59,376	1,889
Noncontrolling interests derecognition	-17,816
Stock issued in connection with stock grants, value		16,019	12,883
Number of options granted for common stock		215,230	115,303
Options granted for common stock, value		5,768	3,357
Cash flow hedge losses reclassified to interest expense, net		5,892	1,889
Reclassification adjustment on derivatives to loss on interest rate contract		53,484
Decrease in other comprehensive income due to a change in other liabilities			-22,876
Unsecured notes basis adjustment qualifying as hedges before tax prepaid expenses and other assets			-11
(Decrease) increase in redeemable noncontrolling interests			375
Restricted stock
Supplemental disclosures of non-cash investing and financing activities
Conversion of restricted stock units (in shares)	16,209
Restricted stock granted (in shares)	98,954
Fair value of shares issued	12,799
Archstone Enterprise LP
Supplemental disclosures of non-cash investing and financing activities
Number of shares of common stock issued as partial consideration for acquisition		14,889,706
Value of shares of common stock issued as partial consideration for acquisition		1,875,210
Increase in redeemable noncontrolling interests associated with business acquisition		13,262
Assumed principal amount of indebtedness		3,512,202
Obligation related to outstanding preferred interests		67,500
Fixed Rate Mortgage Loan 4.61 Percent
Supplemental disclosures of non-cash investing and financing activities
Stated interest rate (as a percent)			4.61%
Mortgage notes assumed			11,958
Accumulated earnings less dividends
Supplemental disclosures of non-cash investing and financing activities
Change in redemption value of redeemable noncontrolling interest	-3,709	1,246	375
Accumulated other comprehensive loss
Supplemental disclosures of non-cash investing and financing activities
Unrealized loss on cash flow hedges	-121		-22,876
Cash flow hedge losses reclassified to earnings	6,237	59,376	1,889
Noncontrolling interests
Supplemental disclosures of non-cash investing and financing activities
Noncontrolling interests derecognition	($17,816)

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation
	Organization
	AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986 (the “Code”). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California.
	At December 31, 2014, the Company owned or held a direct or indirect ownership interest in 251 operating apartment communities containing 73,963 apartment homes in 11 states and the District of Columbia, of which eight communities containing 2,938 apartment homes were under reconstruction. In addition, the Company owned or held a direct or indirect ownership interest in 26 communities under construction that are expected to contain an aggregate of 8,524 apartment homes when completed. The Company also owned or held a direct or indirect ownership interest in land or rights to land in which the Company expects to develop an additional 37 communities that, if developed as expected, will contain an estimated 10,384 apartment homes.
	Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K.
	Principles of Consolidation
	The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualified for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation.
	The Company accounts for joint venture entities and subsidiary partnerships that are not variable interest entities in accordance with the guidance applicable to limited partnerships or similar entities. The Company evaluates the partnership of each joint venture entity and determines whether control over the partnership lies with the general partner or, when the limited partners have certain rights, with the limited partners. The Company consolidates an investment when both (i) the Company is the general partner and (ii) the limited partner interests do not overcome the Company's presumption of control by having either substantive participating rights, the ability to remove the Company as the general partner or the ability to dissolve the partnership.
	The Company generally uses the equity method under all other potential scenarios, including where (i) the Company holds a general partner interest but the presumption of control by the Company is overcome by the limited partner interests as described in the preceding paragraph or (ii) the Company holds a noncontrolling limited partner interest in a joint venture. Investments in which the Company has little or no influence are accounted for using the cost method.
	Revenue and Gain Recognition
	Rental income related to leases is recognized on an accrual basis when due from residents as required by the accounting guidance applicable to leases, which provides guidance on classification and recognition. In accordance with the Company's standard lease terms, rental payments are generally due on a monthly basis. Any cash concessions given at the inception of the lease are amortized over the approximate life of the lease, which is generally one year. The Company records a charge to income for outstanding receivables greater than 90 days past due as a component of operating expenses, excluding property taxes on the accompanying Consolidated Statements of Comprehensive Income.
	The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete and the Company is not obligated to perform significant activities after the sale.
	Real Estate
	Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an asset are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.
	Improvements and upgrades are generally capitalized only if the item exceeds $15,000, extends the useful life of the asset and is not related to making an apartment home ready for the next resident. Purchases of personal property, such as computers and furniture, are generally capitalized only if the item is a new addition and exceeds $2,500. The Company generally expenses purchases of personal property made for replacement purposes.
	Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is delivered and is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate. For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings as incurred. The Company defers costs associated with originating new leases, recognizing the impact of these costs in earnings over the term of the lease.
	The Company acquired as a Development Right one land parcel partially improved with office buildings, industrial space and other commercial and residential ventures occupied by unrelated third parties. As of December 31, 2014, the Company is actively pursuing development of this parcel. For the land parcel for which the Company intends to pursue development, the Company will manage the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on these land parcels in excess of any incremental costs are being recorded as a reduction of total capitalized costs of the Development Right and not as part of net income.
	In connection with the acquisition of an operating community, the Company identifies and records each asset acquired and liability assumed in such transaction at its estimated fair value at the date of acquisition. The purchase price allocations to tangible assets, such as land, buildings and improvements, and furniture, fixtures and equipment, and the in-place lease intangible assets, are reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company expenses all costs incurred related to acquisitions of operating communities. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities. The approach applies industry standard replacement costs adjusted for geographic specific considerations, and reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of the acquired lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. The lease-up period for an apartment community is assumed to be 12 months to achieve stabilized occupancy. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market rents obtained for market comparables, and considered a market derived discount rate. Given the significance of unobservable inputs used in the value of real estate assets acquired, it classifies them as Level 3 prices in the fair value hierarchy.
	Depreciation is calculated on buildings and improvements using the straight-line method over their estimated useful lives, which range from seven to 30 years. Furniture, fixtures and equipment are generally depreciated using the straight-line method over their estimated useful lives, which range from three years (primarily computer-related equipment) to seven years.
	Income Taxes
	As of December 31, 2014 and 2013, the Company did not have any unrecognized tax benefits. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next 12 months. The Company is subject to examination by the respective taxing authorities for the tax years 2011 through 2013.
	The Company elected to be taxed as a REIT under the Code for its tax year ended December 31, 1994 and has not revoked such election. A corporate REIT is a legal entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT the Company generally will not be subject to corporate level federal income tax on taxable income if it distributes 100% of its taxable income over the time period allowed under the Code to its stockholders. The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the avoidance of income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2014, 2013 and 2012. In addition, taxable income from non-REIT activities performed through taxable REIT subsidiaries ("TRS") is subject to federal, state and local income taxes. The Company incurred income tax expense of $9,368,000 in 2014 associated with disposition activities transacted through a TRS. See Note 6, "Investments in Real Estate Entities" and Note 7, "Real Estate Disposition Activities," for further discussion. No taxes were incurred during 2013 or 2012.
	The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		2014 Estimate				2013 Actual				2012 Actual
	Net income attributable to common stockholders	$	683,567			$	353,141			$	423,869
	GAAP gain on sale of communities (in excess of) less than tax gain	17,688				29,388				37,525
	Depreciation/amortization timing differences on real estate	42,195				180,293				9,572
	Deductible acquisition costs	(7,681		)		(26,427		)		—
	Amortization of debt/mark to market interest	(38,202		)		(31,965		)		—
	Tax compensation expense less than (in excess of) GAAP	(6,789		)		12,886				(26,314		)
	Casualty and impairment loss	—				—				1,449
	Other adjustments	(39,726		)		1,018				(9,034		)
	Taxable net income	$	651,052			$	518,334			$	437,067
	The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2014, 2013 and 2012:
		2014			2013			2012
	Ordinary income	62	%		42	%		47	%
	20% capital gain (15% for 2012)	29	%		40	%		33	%
	Unrecaptured §1250 gain	9	%		18	%		20	%
	Deferred Financing Costs
	Deferred financing costs include fees and other expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the term of the loan or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs was $24,444,000 as of December 31, 2014 and $19,719,000 as of December 31, 2013.
	Cash, Cash Equivalents and Cash in Escrow
	Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes principal reserve funds that are restricted for the repayment of specified secured financing. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks.
	Comprehensive Income
	Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships.
	Earnings per Common Share
	Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share ("EPS"). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):
		For the year ended
		12/31/14				12/31/13				12/31/12
	Basic and diluted shares outstanding
	Weighted average common shares—basic	130,586,718				126,855,754				97,416,401
	Weighted average DownREIT units outstanding	7,500				7,500				7,500
	Effect of dilutive securities	643,284				402,649				601,251
	Weighted average common shares—diluted	131,237,502				127,265,903				98,025,152
	Calculation of Earnings per Share—basic
	Net income attributable to common stockholders	$	683,567			$	353,141			$	423,869
	Net income allocated to unvested restricted shares	(1,523		)		(563		)		(1,264		)
	Net income attributable to common stockholders, adjusted	$	682,044			$	352,578			$	422,605
	Weighted average common shares—basic	130,586,718				126,855,754				97,416,401
	Earnings per common share—basic	$	5.22			$	2.78			$	4.34
	Calculation of Earnings per Share—diluted
	Net income attributable to common stockholders	$	683,567			$	353,141			$	423,869
	Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	35				32				28
	Adjusted net income attributable to common stockholders	$	683,602			$	353,173			$	423,897
	Weighted average common shares—diluted	131,237,502				127,265,903				98,025,152
Earnings per common share—diluted	$	5.21			$	2.78			$	4.32
Dividends per common share	$	4.64			$	4.28			$	3.88
Certain options to purchase shares of common stock in the amount of 605,899 and 396,346 were outstanding as of December 31, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per share because such options were anti-dilutive for the period. All options to purchase shares of common stock outstanding as of December 31, 2014 are included in the computation of diluted earnings per share.
The Company is required to estimate the forfeiture of stock options and recognize compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost are adjusted to reflect actual forfeitures at the end of the vesting period. The forfeiture rate at December 31, 2014 was 1.4% and is based on the average forfeiture activity over a period equal to the estimated life of the stock options. The application of estimated forfeitures did not materially impact compensation expense for the years ended December 31, 2014, 2013 and 2012.
Abandoned Pursuit Costs, Impairment of Long-Lived Assets and Casualty Loss
The Company evaluates its real estate and other long-lived assets for impairment when potential indicators of impairment exist. Such assets are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of a property may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the property to its estimated undiscounted future cash flows. If the carrying amount exceeds the aggregate undiscounted future cash flows, the Company recognizes an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2014, 2013 and 2012, the Company did not recognize any impairment losses for wholly-owned operating real estate assets.
The Company capitalizes pre-development costs incurred in pursuit of new development opportunities for which the Company currently believes future development is probable ("Development Rights"). Future development of these Development Rights is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and the availability of capital. Initial pre-development costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the status of a Development Right changes, making future development by the Company no longer probable, any capitalized pre-development costs are written off with a charge to expense. The Company expensed costs related to the abandonment of Development Rights as well as costs incurred in pursuing the acquisition of assets or costs incurred pursuing the disposition of assets for which such acquisition and disposition activity did not occur, in the amounts of $3,964,000, $998,000 and $1,757,000 during the years ended December 31, 2014, 2013 and 2012, respectively. These costs are included in expensed acquisition, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods.
The Company evaluates its real estate and other long-lived assets for impairment if the intent of the Company changes with respect to either the development of, or the expected hold period for, the land. The Company did not recognize any impairment charges for land holdings in 2014, 2013 or 2012.
The Company also evaluates its unconsolidated investments for other than temporary impairment, considering both the extent and amount by which the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. There were no other than temporary impairment losses recognized by any of the Company's investments in unconsolidated entities during the years ended December 31, 2014, 2013 or 2012.
During the year ended December 31, 2012 the Company incurred damages related to Superstorm Sandy at certain of its communities on the East Coast, and recognized a charge of $1,449,000 for the casualty loss associated with this damage on the accompanying Consolidated Statements of Comprehensive Income. The Company did not incur a casualty loss in 2014 or 2013. A casualty loss may also result in lost operating income from one or more communities that is covered by the Company’s business interruption insurance policies. The Company recognizes income for amounts received under its business interruption insurance policies as a component of rental and other income in the Consolidated Statements of Comprehensive Income. Revenue is recognized upon resolution of all contingencies related to the receipt, typically upon written confirmation by the insurer or receipt of the actual proceeds. The Company recognized $2,494,000 and $299,000 in income related business interruption insurance proceeds for the years ended December 31, 2014 and 2013, respectively. There were no business interruption insurance proceeds received in 2012.
See Note 14, "Subsequent Events," for discussion of the fire at Avalon at Edgewater.
Assets Held for Sale and Discontinued Operations
The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the Company's Consolidated Statements of Comprehensive Income. Held for sale and discontinued operations classifications are provided in both the current and prior periods presented. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Both the real estate assets and corresponding liabilities are presented separately in the accompanying Consolidated Balance Sheets. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. For those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations will not have any impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had one operating community that qualified for held for sale presentation at December 31, 2014.
Redeemable Noncontrolling Interests
Redeemable noncontrolling interests are comprised of potential future obligations of the Company, which allow the investors holding the noncontrolling interest to require the Company to purchase their interest. The Company classifies obligations under the redeemable noncontrolling interests at fair value, with a corresponding offset for changes in the fair value recorded in accumulated earnings less dividends. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interest's initial basis. The redeemable noncontrolling interests are presented outside of permanent equity as settlement in shares of the Company's common stock shares, where permitted, may not be within the Company's control. The nature and valuation of the Company's redeemable noncontrolling interests are discussed further in Note 12, "Fair Value."
Derivative Instruments and Hedging Activities
The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an on-going basis. Hedge ineffectiveness is reported as a component of general and administrative expenses. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. Other than the $51,000,000 loss on interest rate contract recorded during 2013, fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivative positions that the Company has determined qualify as effective cash flow hedges, the Company has recorded the effective portion of cumulative changes in the fair value of the Hedging Derivatives in other comprehensive income. Amounts recorded in other comprehensive income will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that the Company has determined qualified as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding debt being hedged. See Note 12, "Fair Value," for further discussion of derivative financial instruments.
Noncontrolling Interests
Noncontrolling interests represent our joint venture partners' claims on consolidated investments where the Company owns less than a 100% interest. The Company records these interests at their initial fair value, adjusting the basis prospectively for the joint venture partners' share of the respective consolidated investments' results of operations and applicable changes in ownership.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Reclassifications
Certain reclassifications have been made to amounts in prior years' financial statements to conform to current year presentations as a result of discontinued operations and changes in held for sale classification as described in Note 7, “Real Estate Disposition Activities.”
Recently Adopted Accounting Standards
In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("FASB") (ASU) 2014-08, guidance updating the accounting and reporting for discontinued operations. Under the recently issued guidance, only disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations. Additionally, the final standard requires expanded disclosures about dispositions that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations, as well as disposals of a significant part of an entity that does not qualify for discontinued operations reporting. The final standard is effective in the first quarter of 2015 and allows for early adoption. The Company adopted the guidance as of January 1, 2014, as discussed in Note 7, “Real Estate Disposition Activities.”
In May 2014, the FASB issued a revenue recognition standard that will result in companies recognizing revenue from contracts when control for the service or product that is the subject of the contract is transferred from the seller to the buyer. The Company will be required to apply the new standard in the first quarter of 2017 and is assessing whether the new standard will have a material effect on its financial position or results of operations.

Interest_Capitalized

Interest Capitalized	12 Months Ended
	Dec. 31, 2014
Interest Capitalized
Interest Capitalized	Interest Capitalized
	The Company capitalizes interest during the development and redevelopment of real estate assets. Capitalized interest associated with the Company's development or redevelopment activities totaled $69,961,000, $66,838,000 and $49,556,000 for years ended December 31, 2014, 2013 and 2012, respectively.

Notes_Payable_Unsecured_Notes_

Notes Payable, Unsecured Notes and Credit Facility	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Notes Payable, Unsecured Notes and Credit Facility	Notes Payable, Unsecured Notes and Credit Facility
	The Company's mortgage notes payable, unsecured notes, Term Loan and Credit Facility, both as defined below, as of December 31, 2014 and December 31, 2013 are summarized below. The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2014 and December 31, 2013, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 7, "Real Estate Disposition Activities").
		12/31/14		12/31/13
	Fixed rate unsecured notes (1)	$	2,750,000	$	2,600,000
	Term Loan	250,000		—
	Fixed rate mortgage notes payable—conventional and tax-exempt (2)	2,400,677		2,407,962
	Variable rate mortgage notes payable—conventional and tax-exempt	1,047,461		1,011,609
	Total notes payable and unsecured notes	6,448,138		6,019,571
	Credit Facility	—		—
	Total mortgage notes payable, unsecured notes and Credit Facility	$	6,448,138	$	6,019,571
	_________________________________
	-1	Balances at December 31, 2014 and December 31, 2013 exclude $6,735 and $5,291, respectively, of debt discount as reflected in unsecured notes, net on the Company's Consolidated Balance Sheets.
	-2	Balances at December 31, 2014 and December 31, 2013 exclude $84,449 and $120,071, respectively, of debt premium as reflected in mortgage notes payable on the Company's Consolidated Balance Sheets.
	The following debt activity occurred during the year ended December 31, 2014:
	•	In March 2014, the Company entered into a $300,000,000 variable rate unsecured term loan that matures in March 2021 (the “Term Loan”). At December 31, 2014, the Company had drawn $250,000,000 of the available $300,000,000, with the option to draw the additional $50,000,000 until March 2015.
	•	In April 2014, in conjunction with certain requirements associated with the development of an apartment community, the Company entered into a $53,000,000 secured mortgage loan maturing in 2019, with an option to extend the maturity to 2024. The mortgage is comprised of a $15,000,000 fixed rate note with an interest rate of 2.99% and a $38,000,000 variable rate note at the London Interbank Offered Rate ("LIBOR") plus 2.00%.
	•	Pursuant to its scheduled maturity in April 2014, the Company repaid $150,000,000 principal amount of unsecured notes with a stated coupon of 5.375%.
	•	In June 2014, in conjunction with the disposition of an operating community, the Company repaid a fixed rate secured mortgage loan in the amount of $10,427,000 with an interest rate of 6.19% in advance of its November 2015 maturity date. In accordance with the requirements of the master credit agreement governing this and certain other secured borrowings, the Company repaid an additional $5,914,000 principal amount of secured borrowings for eight other operating communities. The Company incurred a charge for early debt extinguishment of $412,000.
	•	In November 2014, the Company issued $300,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $295,803,000. The notes mature in November 2024 and were issued at a stated coupon of 3.50%.
	The Company has a $1,300,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the "Credit Facility") which matures in April 2017. The Company has the option to extend the maturity by up to one year under two, six month extension options for an aggregate fee of $1,950,000. The Credit Facility bears interest at varying levels based on LIBOR, rating levels achieved on the unsecured notes and on a maturity schedule selected by the Company. The current stated pricing is LIBOR plus 1.05% (1.22% at December 31, 2014), assuming a one month borrowing rate. The annual facility fee is approximately $1,950,000 based on the $1,300,000,000 facility size and based on the Company's current credit rating.
	The Company had no borrowings outstanding under the Credit Facility and had $49,407,000 and $65,018,000 outstanding in letters of credit that reduced the borrowing capacity as of December 31, 2014 and December 31, 2013, respectively.
	In the aggregate, secured notes payable mature at various dates from November 2015 through July 2066, and are secured by certain apartment communities (with a net carrying value of $4,413,855,000, excluding communities classified as held for sale, as of December 31, 2014).
	As of December 31, 2014, the Company has guaranteed approximately $257,917,000 of mortgage notes payable held by wholly-owned subsidiaries; all such mortgage notes payable are consolidated for financial reporting purposes. The weighted average interest rate of the Company's fixed rate mortgage notes payable (conventional and tax-exempt) was 4.5% at both December 31, 2014 and December 31, 2013. The weighted average interest rate of the Company's variable rate mortgage notes payable (conventional and tax exempt), the Term Loan and its Credit Facility, including the effect of certain financing related fees, was 1.8% at both December 31, 2014 and December 31, 2013.
	Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at December 31, 2014 are as follows (dollars in thousands):
	Year	Secured		Secured		Unsecured		Stated interest
		notes		notes		notes		rate of
		payments		maturities		maturities		unsecured notes
	2015	$	17,873	$	586,705	$	—	—	%
	2016	19,037		16,255		250,000		5.75	%
	2017	20,255		710,291		250,000		5.7	%
	2018	19,649		76,937		—		—	%
	2019	7,141		658,447		—		—	%
	2020	6,209		50,824		250,000		6.1	%
						400,000		3.625	%
	2021	5,984		27,844		250,000		3.95	%
						250,000		LIBOR + 1.450%
	2022	6,351		—		450,000		2.95	%
	2023	6,742		—		350,000		4.2	%
						250,000		2.85	%
	2024	4,858		—		300,000		3.5	%
	Thereafter	—		1,206,736		—		—	%
		$	114,099	$	3,334,039	$	3,000,000
	The Company's unsecured notes are redeemable at our option, in whole or in part, generally at a redemption price equal to the greater of (i) 100% of their principal amount or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted at a rate equal to the yield on U.S. Treasury securities with a comparable maturity plus a spread between 25 and 45 basis points depending on the specific series of unsecured notes, plus accrued and unpaid interest to the redemption date. The indenture under which the Company's unsecured notes were issued contains limitations on the amount of debt the Company can incur or the amount of assets that can be used to secure other financing transactions, and other customary financial and other covenants, with which the Company was in compliance at December 31, 2014.

Equity

Equity	12 Months Ended
	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Equity	Equity
	As of December 31, 2014 and 2013, the Company's charter had authorized for issuance a total of 280,000,000 shares of common stock and 50,000,000 shares of preferred stock.
	During the year ended December 31, 2014, the Company:
	(i)	issued 2,069,538 common shares through public offerings under CEP III, discussed below;
	(ii)	issued 500,197 shares of common stock in connection with stock options exercised;
	(iii)	issued 2,434 common shares through the Company's dividend reinvestment plan;
	(iv)	issued 115,163 common shares in connection with stock grants and the conversion of restricted stock units to restricted shares;
	(v)	withheld 55,523 common shares to satisfy employees' tax withholding and other liabilities;
	(vi)	canceled 7,970 shares of restricted stock upon forfeiture; and
	(vii)	issued 9,848 shares through the Employee Stock Purchase Plan.
	Any deferred compensation related to the Company’s stock option and restricted stock grants during the year ended December 31, 2014 is not reflected on the Company’s Consolidated Balance Sheet as of December 31, 2014, and will not be reflected until earned as compensation cost.
	In August 2012, the Company commenced a third continuous equity program ("CEP III"), under which the Company is authorized by its Board of Directors to sell up to $750,000,000 of shares of its common stock from time to time during a 36-month period. Actual sales will depend on a variety of factors to be determined by the Company, including market conditions, the trading price of the Company's common stock and determinations by the Company of the appropriate sources of funding for the Company. In conjunction with CEP III, the Company engaged sales agents who receive compensation of approximately 1.5% of the gross sales price for shares sold. During the year ended December 31, 2014, the Company sold 2,069,538 shares at an average sales price of $144.95 per share, for net proceeds of $295,465,000. As of December 31, 2014, the Company had $346,304,000 of shares remaining authorized for issuance under this program.
	On September 9, 2014, based on a market closing price of $155.83 per share on that date, the Company entered into a forward contract to sell 4,500,000 shares of common stock for an initial forward price of $151.74 per share, net of offering fees and discounts (the "Forward"). The sales price and proceeds achieved by the Company will be determined on the date or dates of settlement, with adjustments during the term of the contract for the Company’s dividends as well as for a daily interest factor that varies with changes in the Fed Funds rate. The Company generally has the ability to determine the date(s) and method of settlement, subject to certain conditions and the right of the Forward counterparty to accelerate settlement under certain circumstances. Settlement may be (i) physical sale of shares of our common stock for cash, (ii) net cash settlement, whereby the Company will either pay or receive the difference between the forward contract price and the weighted average market price for its common stock at the time of settlement, or (iii) net share settlement, whereby the Company will either receive or issue shares of its common stock, with the number of shares issued or received determined by the difference between the Forward price and the weighted average market price for its common stock at the time of settlement. The Forward price and the weighted average market price would in both cases by determined under the applicable terms of the Forward. Under either of the net settlement provisions, the Company will pay to the counterparty either cash or shares of its common stock when the weighted average market price of its common stock at the time of settlement exceeds the Forward price, and will receive either cash or issue shares of its common stock to the extent that the weighted average market price of its common stock at the time of settlement is less than the price under the Forward. Settlement of the Forward will occur on one or more dates not later than September 8, 2015. The Company accounts for the Forward as equity. Before the issuance of shares of the Company’s common stock, if any, upon physical or net share settlement of the Forward, the Company expects that the shares issuable upon settlement of the Forward will be reflected in its diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of the Company’s common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the Forward over the number of shares of common stock that could be purchased by the Company in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). If and when the Company physically or net share settles the Forward, the delivery of shares of our common stock would result in an increase in the number of shares outstanding and dilution to our earnings per share.

Archstone_Acquisition

Archstone Acquisition	12 Months Ended
	Dec. 31, 2014
Business Combinations [Abstract]
Archstone Acquisition	Archstone Acquisition
	On February 27, 2013, pursuant to an asset purchase agreement (the “Purchase Agreement”) dated November 26, 2012, by and among the Company, Equity Residential and its operating partnership, ERP Operating Limited Partnership (together, “Equity Residential”), Lehman Brothers Holdings, Inc. (“Lehman,” which term is sometimes used in this report to refer to Lehman Brothers Holdings, Inc., and/or its relevant subsidiary or subsidiaries), and Archstone Enterprise LP (“Archstone,” which has since changed its name to Jupiter Enterprise LP), the Company, together with Equity Residential, acquired, directly or indirectly, all of Archstone’s assets, including all of the ownership interests in joint ventures and other entities owned by Archstone, and assumed Archstone’s liabilities, both known and unknown, with certain limited exceptions.
	Under the terms of the Purchase Agreement, the Company acquired approximately 40.0% of Archstone's assets and liabilities and Equity Residential acquired approximately 60.0% of Archstone’s assets and liabilities (the “Archstone Acquisition”). The Company accounted for the acquisition as a business combination and recorded the purchase price to acquired tangible assets consisting primarily of direct and indirect interests in land and related improvements, buildings and improvements and construction in progress and identified intangible assets and liabilities, consisting primarily of the value of above and below market leases, the value of in-places leases and acquired management fees, at their fair values. The following table summarizes the Company's final purchase price allocation:
		Acquisition Date
		Fair Value
		(dollars in thousands)
	Land and land improvements	$	1,745,520
	Buildings and improvements	3,711,853
	FF&E	52,290
	Construction-in-progress, including land and land held for development (1)	401,747
	In-place lease intangibles	182,467
	Other assets	109,717
	Total consolidated assets	6,203,594
	Interest in unconsolidated real estate entities	276,954
	Total assets	6,480,548
	Fair value of assumed mortgage notes payable	3,732,980
	Liability for preferred obligations	67,493
	Other liabilities	31,984
	Noncontrolling interest	13,262
	Net assets acquired	2,634,829
	Common shares issued	1,875,210
	Cash consideration	$	759,619
	_________________________________
	-1	Includes amounts for in-place leases for development communities.
	During the year ended December 31, 2013, the Company recognized $83,594,000 in acquisition related expenses associated with the Archstone Acquisition, with $39,543,000 reported as a component of equity in income (loss) of unconsolidated entities, and the balance in expensed acquisition, development and other pursuit costs, net of recoveries, on the accompanying Consolidated Statements of Comprehensive Income.
	Consideration
	Pursuant to the Purchase Agreement and separate arrangements between the Company and Equity Residential governing the allocation of liabilities assumed under the Purchase Agreement, the Company's portion of consideration under the Purchase Agreement consisted of the following:
	•	the issuance of 14,889,706 shares of the Company's common stock, valued at $1,875,210,000 as of the market's close on the closing date, February 27, 2013;
	•	cash payment of approximately $760,000,000;
	•	the assumption of consolidated indebtedness with a fair value of approximately $3,732,980,000, as of February 27, 2013, consisting of $3,512,202,000 principal amount of consolidated indebtedness and $220,777,000 representing the amount by which fair value of the aforementioned debt exceeds the principal face value, $70,479,000 of which excess related to debt the Company repaid concurrent with the Archstone Acquisition;
	•	the acquisition with Equity Residential of interests in entities that have preferred units outstanding, some of which may be presented for redemption from time to time. The Company's 40% share of the fair value of the collective obligations, including accrued dividends on these outstanding Archstone preferred units as of February 27, 2013, was approximately $67,500,000; and
	•	the assumption with Equity Residential of all other liabilities, known or unknown, of Archstone, other than certain excluded liabilities. The Company shares 40% of the responsibility for these liabilities.
	The following table presents information for assets acquired in the Archstone Acquisition that is included in the Company's Consolidated Statement of Comprehensive Income from the closing date of the acquisition, February 27, 2013, through December 31, 2013 (in thousands).
		For the period including
		February 28, 2013 through
		December 31, 2013
	Revenues	$	353,427
	Loss attributable to common shareholders (1)	$	(105,589	)
	_________________________________
	-1	Amounts exclude acquisition costs for the Archstone Acquisition.
	Pro Forma Information
	The following table presents the Company's supplemental consolidated pro forma information as if the acquisition had occurred on January 1, 2012 (in thousands, except per share amounts):
		For the year ended			For the year ended
		December 31, 2013			December 31, 2012
	Revenues	$	1,534,868		$	1,411,504
	Income from continuing operations	$	348,160		$	158,738
	Earnings per common share—diluted (from continuing operations)	$	2.67		$	1.22
	The pro forma consolidated results are prepared for informational purposes only, and are based on assumptions and estimates considered appropriate by the Company's management. However, they are not necessarily indicative of what the Company's consolidated financial condition or results of operations actually would have been assuming the Archstone Acquisition had occurred on January 1, 2012, nor do they purport to represent the consolidated financial position or results of operations for future periods.

Investments_in_Real_Estate_Ent

Investments in Real Estate Entities	12 Months Ended
	Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Investments in Real Estate Entities	Investments in Real Estate Entities
	Investments in Unconsolidated Real Estate Entities
	The Company accounts for its investments in unconsolidated real estate entities under the equity method of accounting, except as otherwise noted below, as discussed in Note 1, "Organization and Basis of Presentation," under Principles of Consolidation. The significant accounting policies of the Company's unconsolidated real estate entities are consistent with those of the Company in all material respects.
	As of December 31, 2014, the Company had investments in the following real estate entities:
	•	AvalonBay Value Added Fund, LP ("Fund I")—In March 2005, the Company formed Fund I, a private, discretionary real estate investment vehicle, which acquired and operated communities in the Company's markets. Fund I served as the principal vehicle through which the Company acquired investments in apartment communities, subject to certain exceptions, until March 2008. Fund I has a term that expires in March 2015, after having exercised two one-year extension options. During 2014, Fund I sold its final four apartment communities. Fund I has nine institutional investors, including the Company. A significant portion of the investments made in Fund I by its investors were made through AvalonBay Value Added Fund, Inc., a Maryland corporation that qualifies as a REIT under the Code (the "Fund I REIT"). A wholly-owned subsidiary of the Company is the general partner of Fund I, has a 15.2% combined general partner and limited partner equity interest, and has fully recovered its basis as of December 31, 2014, with any additional liquidation proceeds to be recognized in earnings as received. During the period which Fund I was invested in apartment communities, the Company received asset management fees, property management fees and redevelopment fees.
	During 2014, Fund I sold its final four communities:
	•	Weymouth Place, located in Weymouth, MA, for $25,750,000;
	•	South Hills Apartments, located in West Covina, CA, for $21,800,000;
	•	The Springs, located in Corona, CA, for $43,200,000; and
	•	Avalon Rutherford Station, located in East Rutherford, NJ, for $34,250,000.
	The Company's proportionate share of the gain in accordance with GAAP recognized on the sale of these four communities was $3,317,000.
	The net assets and results of operations of The Springs were consolidated for financial reporting purposes. As a result, 100% of the gain recognized of $16,656,000 is included in gain on sale of communities in the Consolidated Statements of Comprehensive Income, and the Company's joint venture partners' 84.8% interest in this gain of $14,132,000 is reported as a component of net (income) loss attributable to noncontrolling interests. Concurrent with the disposition of The Springs, Fund I repaid its obligation to the Company under a fixed rate secured mortgage loan in the amount of $21,748,000 with an interest rate of 6.06% in advance of its October 2014 maturity date. Upon repayment the Company deconsolidated the net assets of The Springs.
	In conjunction with the disposition of these communities, Fund I repaid $43,771,000 of related secured indebtedness in advance of the scheduled maturity dates. This resulted in a charge for a prepayment penalty, of which the Company’s portion was $328,000 and was reported as a reduction of equity in income (loss) of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income.
	•	AvalonBay Value Added Fund II, LP ("Fund II")—In September 2008, the Company formed Fund II, a private, discretionary real estate investment vehicle which acquired and operates communities in the Company's markets. Fund II served as the exclusive vehicle through which the Company acquired investment interests in apartment communities, subject to certain exceptions, through the close of its investment period in August 2011. Fund II has six institutional investors, including the Company. One of the Company's wholly owned subsidiaries is the general partner of Fund II and at December 31, 2014, excluding costs incurred in excess of equity in the underlying net assets of Fund II, the Company has an equity investment of $92,162,000 (net of distributions), representing a 31.3% combined general partner and limited partner equity interest.
	During 2014, Fund II sold two communities:
	•	Avalon Fair Oaks, located in Fairfax, VA, for $108,200,000 and
	•	Avalon Bellevue Park, located in Bellevue, WA, for $58,750,000.
	The Company's proportionate share of the gain in accordance with GAAP for the two dispositions was $21,624,000.
	In conjunction with the disposition of these communities, Fund II repaid $63,407,000 of related secured indebtedness in advance of the scheduled maturity dates. This resulted in charges for prepayment penalties, of which the Company’s portion was $1,364,000 and was reported as a reduction of equity in income (loss) of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. In addition, during 2014, Fund II repaid an outstanding mortgage note at par in the amount of $42,023,000.
	Subsidiaries of Fund II have 10 loans secured by individual assets with aggregate amounts outstanding of $358,811,000, with maturity dates that vary from January 2016 to September 2019. The mortgage loans are payable by the subsidiaries of Fund II from operating cash flow or disposition proceeds from the underlying real estate. The Company has not guaranteed repayment of this debt, nor does the Company have any obligation to fund this debt should Fund II be unable to do so.
	In addition, as part of the formation of Fund II, the Company provided to one of the limited partners a guarantee. The guarantee provides that if, upon final liquidation of Fund II, the total amount of all distributions to that partner during the life of Fund II (whether from operating cash flow or property sales) does not equal a minimum of the total capital contributions made by that partner, then the Company will pay the partner an amount equal to the shortfall, but in no event more than 10% of the total capital contributions made by the partner (maximum of approximately $8,910,000 as of December 31, 2014). Under the expected Fund II liquidation scenario, as of December 31, 2014 the expected realizable value of the real estate assets owned by Fund II is considered adequate to avoid payment under such guarantee to that partner. The estimated fair value of, and the Company's obligation under, this guarantee, both at inception and as of December 31, 2014, was not significant and therefore the Company has not recorded any obligation for this guarantee as of December 31, 2014.
	•	Archstone Multifamily Partners AC LP (the "U.S. Fund")—The U.S. Fund was formed in July 2011 and is fully invested. The U.S. Fund has a term that expires in July 2023, assuming the exercise of two, one-year extension options. The U.S. Fund has six institutional investors, including the Company. The Company is the general partner of the U.S. Fund and, at December 31, 2014 excluding costs incurred in excess of equity in the underlying net assets of the U.S. Fund, the Company has an equity investment of $88,220,000 (net of distributions), representing a 28.6% combined general partner and limited partner equity interest. The Company acquired its interest in the U.S. Fund as part of the Archstone Acquisition.
	Subsidiaries of the U.S. Fund have nine loans secured by individual assets with amounts outstanding in the aggregate of $327,880,000 with varying maturity dates, ranging from January 2019 to November 2022. The mortgage loans are payable by the subsidiaries of the U.S. Fund with operating cash flow or disposition proceeds from the underlying real estate. The Company has not guaranteed the debt of the U.S. Fund, nor does the Company have any obligation to fund this debt should the U.S. Fund be unable to do so.
	•	Multifamily Partners AC JV LP (the "AC JV")—The AC JV is a joint venture that was formed in 2011 and has four institutional investors, including the Company. Excluding costs incurred in excess of equity in the underlying net assets of the AC JV, at December 31, 2014 the Company has an equity investment of $69,633,000 (net of distributions), representing a 20.0% equity interest. The Company acquired its interest in the AC JV as part of the Archstone Acquisition.
	The AC JV partnership agreement contains provisions that require the Company to provide a right of first offer ("ROFO") to the AC JV in connection with additional opportunities to acquire or develop additional interests in multifamily real estate assets within a specified geographic radius of the existing assets, generally one mile or less. During the year ended December 31, 2013, the Company provided the AC JV with the opportunity to acquire a parcel of land owned by the Company as required in the right of first offer provisions for the joint venture. The AC JV exercised its right to acquire the land parcel for development and during the year ended December 31, 2014, completed construction of an additional apartment community located in Cambridge, MA, containing 103 apartment homes. The Company sold the parcel of land to the AC JV in exchange for a cash payment and a capital account credit, and it supervised the development in exchange for a developer fee. The Company owns one additional land parcel for the development of 301 apartment homes, classified as a Development Right in Cambridge, MA, acquired as part of the Archstone Acquisition, that is subject to ROFO restrictions. The ROFO restriction expires in 2019.
	As of December 31, 2014, subsidiaries of the AC JV have eight unsecured loans outstanding in the aggregate of $162,300,000 which mature in August 2021, and which were made by the investors in the venture, including the Company, in proportion to the investors' respective equity ownership interest. The unsecured loans are payable by the subsidiaries of the AC JV with operating cash flow from the venture. The Company has not guaranteed the debt of the AC JV, nor does the Company have any obligation to fund this debt should the AC JV be unable to do so.
	•	CVP I, LLC—In February 2004, the Company entered into a joint venture agreement with an unrelated third-party for the development of Avalon Chrystie Place, a 361 apartment home community located in New York, New York, for which construction was completed in 2005. The Company holds a 20.0% equity interest in the venture (with a right to 50.0% of distributions after achievement of a threshold return, which was achieved in 2013 and 2014). The Company is the managing member of CVP I, LLC, however, property management services at the community were performed by an unrelated third party.
	During the year ended December 31, 2014, CVP I, LLC sold Avalon Chrystie Place for $365,000,000. The Company's share of the gain in accordance with GAAP for the disposition was $50,478,000. In addition, the Company earned $58,128,000 for its promoted interest in CVP I, LLC, reported in equity in income (loss) of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income.
	In conjunction with the disposition of Chrystie Place, CVP I, LLC repaid $117,000,000 of related secured indebtedness in advance of the scheduled maturity date. This resulted in a charge for a prepayment penalty and a write off of deferred financing costs, of which the Company’s portion was $647,000 and was reported as a reduction of equity in income (loss) of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income.
	•	MVP I, LLC—In December 2004, the Company entered into a joint venture agreement with an unrelated third-party for the development of Avalon at Mission Bay North II. Construction of Avalon at Mission Bay North II, a 313 apartment-home community located in San Francisco, California, was completed in December 2006. The Company holds a 25.0% equity interest in the venture (with a right to 45.0% of distributions after achievement of a threshold return, which was achieved in 2014 and 2013). See Note 14, "Subsequent Events," for further discussion of the Company's promoted interest. The Company is responsible for the day-to-day operations of the community and is the management agent subject to the terms of a management agreement. In December 2007, MVP I, LLC executed a fixed rate conventional loan which is secured by the underlying real estate assets of the community, for $105,000,000. In December 2014, the loan converted to a variable rate, interest-only loan through the final maturity in December 2015, bearing interest at LIBOR plus 2.50%. The Company has not guaranteed the debt of MVP I, LLC, nor does the Company have any obligation to fund this debt should MVP I, LLC be unable to do so.
	•	Brandywine Apartments of Maryland, LLC ("Brandywine")—Brandywine owns a 305 apartment home community located in Washington, DC. The community is managed by a third party. Brandywine is comprised of five members who hold various interests in the joint venture. In conjunction with the Archstone Acquisition, the Company acquired a 26.1% equity interest in the venture, and subsequently purchased an additional 2.6% interest, and as of December 31, 2014, holds a 28.7% equity interest in the venture.
	Brandywine has an outstanding $24,346,000 fixed rate mortgage loan that is payable by the venture. The Company has not guaranteed the debt of Brandywine, nor does the Company have any obligation to fund this debt should Brandywine be unable to do so.
	•	Arna Valley View LP—In connection with the municipal approval process to develop a consolidated community, the Company entered into a limited partnership in February 1999 to develop, finance, own and operate Arna Valley View, a 101 apartment-home community in Arlington, Virginia. During the year ended December 31, 2014, the limited partnership that owned Arna Valley View sold the apartment community. In conjunction with the sale of Arna Valley View, the Company received amounts due for its residual ownership interest of approximately $2,406,000, reported as a component of equity in income (loss) of unconsolidated entities on its Consolidated Statements of Comprehensive Income. In conjunction with the disposition of the community, the venture repaid $8,934,000 of related secured indebtedness in advance of the scheduled maturity date.
	•	Residual JV—Through subsidiaries, the Company and Equity Residential entered into three limited liability company agreements (collectively, the “Residual JV”) through which the Company and Equity Residential acquired (i) certain assets of Archstone that the Company and Equity Residential plan to divest (to third parties or to the Company or Equity Residential) over time (the “Residual Assets”), and (ii) various liabilities of Archstone that the Company and Equity Residential agreed to assume in conjunction with the Archstone Acquisition (the “Residual Liabilities”).  The Residual Assets currently include a 20.0% interest in Lake Mendota Investments, LLC and Subsidiaries ("SWIB"), a joint venture which currently owns and manages four apartment communities with 1,410 apartment homes in the United States, which is secured by outstanding borrowings in the amount of $148,866,000 with varying maturity dates, ranging from December 2015 to December 2029; two land parcels; and various licenses, insurance policies, contracts, office leases and other miscellaneous assets. The Residual Liabilities include most existing or future litigation and claims related to Archstone’s operations for periods before the close of the Archstone Acquisition, except for (i) claims that principally relate to the physical condition of the assets acquired directly by the Company or Equity Residential, which generally remain the sole responsibility of the Company or Equity Residential, as applicable, and (ii) certain tax and other litigation between Archstone and various equity holders in Archstone related to periods before the close of the Archstone Acquisition, and claims which may arise due to changes in the capital structure of Archstone that occurred prior to closing, for which Lehman has agreed to indemnify the Company and Equity Residential. The Company and Equity Residential jointly control the Residual JV and the Company holds a 40.0% economic interest in the assets and liabilities of the Residual JV. The Company has not guaranteed the debt of SWIB, nor does the Company have any obligation to fund this debt should SWIB be unable to do so.
	During 2014, SWIB sold two communities containing 492 apartment homes, for an aggregate sales price of $76,250,000. The Company's proportionate share of the gain in accordance with GAAP for the two dispositions was $779,000. In conjunction with the disposition of these communities, SWIB repaid $38,155,000 of related indebtedness on its credit facility in advance of the scheduled maturity dates.
	As of December 31, 2014, the Residual JV completed the disposition of substantially all of its direct and indirect interests in German multifamily real estate assets and the associated property management company. The Company’s proportionate share of income from the Residual JV (including from gains from dispositions) from its interests in German multifamily real estate assets, which were owned through a TRS, was $8,510,000 for the year ended December 31, 2014, recorded as a component of equity in income (loss) of unconsolidated real estate entities in the Consolidated Statements of Comprehensive Income. The Company incurred income taxes related to these dispositions. The Company received proceeds of $53,052,000 during the year ended December 31, 2014 from the Residual JV, for its proportionate share of the proceeds from operations and the dispositions of the venture's interest in German multifamily real estate assets.
	The following is a combined summary of the financial position of the entities accounted for using the equity method as of the dates presented, excluding amounts associated with the Residual JV (dollars in thousands):
		12/31/14			12/31/13
	Assets:
	Real estate, net	$	1,617,627		$	1,905,005
	Other assets	72,290			164,183
	Total assets	$	1,689,917		$	2,069,188
	Liabilities and partners' capital:
	Mortgage notes payable and credit facility	$	980,128		$	1,251,067
	Other liabilities	24,884			32,257
	Partners' capital	684,905			785,864
	Total liabilities and partners' capital	$	1,689,917		$	2,069,188
	The following is a combined summary of the operating results of the entities accounted for using the equity method, for the years presented, excluding amounts associated with the Residual JV (dollars in thousands):
		For the year ended
		12/31/14			12/31/13			12/31/12
	Rental and other income	$	198,939		$	212,994		$	172,076
	Operating and other expenses	(80,301		)	(86,434		)	(73,955		)
	Gain on sale of real estate (1)	333,221			96,152			106,195
	Interest expense, net	(61,458		)	(61,404		)	(53,904		)
	Depreciation expense	(52,116		)	(61,002		)	(47,748		)
	Net income	$	338,285		$	100,306		$	102,664
	_________________________________
	-1	Amount for the year ended December 31, 2012 includes $44,700 of gain recognized by the joint venture associated with the Company's acquisition of Avalon Del Rey from its joint venture partner.
	In conjunction with the formation of Fund I and Fund II, the Company incurred costs in excess of its equity in the underlying net assets of the respective investments. These costs represent $3,880,000 at December 31, 2014 and $5,439,000 at December 31, 2013 of the respective investment balances.
	The following is a summary of the Company's equity in income (loss) of unconsolidated entities for the years presented (dollars in thousands):
		For the year ended
		12/31/14			12/31/13			12/31/12
	Fund I (1)	$	475		$	10,924		$	7,041
	Fund II (2)	24,808			6,206			2,130
U.S. Fund (3)	342			(661		)	—
AC JV (3)	1,579			2,569			—
CVP I, LLC (4)	113,127			5,783			5,394
MVP I, LLC (5)	1,651			1,137			493
Brandywine (3)	828			661			—
Arna Valley View LP (6)	2,406			—			—
Residual JV (3) (7)	3,547			(38,332		)	—
Avalon Del Rey, LLC (8)	—			181			4,000
Juanita Village (6)	3			378			1,856
Total	$	148,766		$	(11,154	)	$	20,914
_________________________________
-1	Equity in income for the years ended December 31, 2014, 2013 and 2012 includes the Company's proportionate share of the gain on the sale of Fund I assets of $944, $11,484 and $7,971, respectively.
-2	Equity in income for the years ended December 31, 2014 and 2013 includes the Company's proportionate share of the gain on the sale of Fund II assets of $21,624 and $2,790, respectively.
-3	The Company's joint venture partner's interest was acquired in conjunction with the Archstone Acquisition.
-4	Equity in income for the years ended December 31, 2014, 2013 and 2012 includes $61,218, $5,527 and $5,260, respectively, relating to the Company's recognition of its promoted interest. Amount for 2014 also includes $50,478 related to the disposition of Avalon Chrystie Place.
-5	Equity in income for the years ended December 31, 2014 and 2013 includes $930 and $516 relating to the Company's recognition of its promoted interest.
-6	The Company's equity in income for this entity represents its residual profits from the sale of the community.
-7	Equity in income from this entity for 2013 includes certain expensed Archstone Acquisition costs borne by the venture.
-8	During 2012, the Company purchased its joint venture partner's interest in this venture.
Investments in Consolidated Real Estate Entities
In December 2014, the Company acquired Avalon Mission Oaks, located in Camarillo, CA. Avalon Mission Oaks contains 160 apartment homes and was acquired for a purchase price of $47,000,000. The Company accounted for this acquisition as a business combination and recorded the acquired assets and assumed liabilities, including identifiable intangibles, at their fair values. The Company looked to third party pricing or internal models for the values of the land, and an internal model to determine the fair values of the real estate assets and in-place leases. Given the heterogeneous nature of multifamily real estate, the fair values for the land, real estate assets and in-place leases incorporated significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy.
The Company expenses transaction costs associated with acquisition activity as they are incurred. To the extent the Company receives amounts related to acquired communities for periods prior to their acquisition, the Company reports these receipts, net with expensed acquisition costs. In 2014, the Company received amounts related to communities acquired in the Archstone Acquisition, for periods prior to the Company’s ownership, in excess of acquisition costs incurred, resulting in a net recovery of $7,681,000. These amounts are primarily comprised of property tax and mortgage insurance refunds. Expensed transaction costs associated with the acquisitions made by the Company in 2013 and 2012, including those for the Archstone Acquisition, totaled $44,052,000 and $9,593,000, respectively. These amounts are reported as a component of expensed acquisition, development and other pursuit costs on the accompanying Consolidated Statements of Comprehensive Income.
During the year ended December 31, 2014, the Company entered into a joint venture to acquire a land parcel and construct a mixed use building that will contain rental apartments, for-sale residential condominium units and related common elements. The Company will own a 70% interest in the venture and have all of the rights and obligations associated with the rental apartments, and the venture partner will own the remaining 30% interest and have all of the rights and obligations associated with the for-sale condominium units. The Company will share responsibility for the development and oversee construction of the structure. Upon formation of the venture, the Company and its venture partner made capital contributions, with costs incurred subsequent to the initial contributions to be funded through a loan provided by the Company. As of December 31, 2014, the Company's aggregate investment in the venture is $11,161,000 and is reported as a component of land held for development on the Consolidated Balance Sheets. The Company had provided funding for the venture partner’s share of costs in the amount of $5,354,000 reported as a component of prepaid expenses and other assets on the Consolidated Balance Sheets, recognizing interest income as earned as a component of interest expense, net on the Consolidated Statements of Comprehensive Income. The loan provided to the venture partner will be repaid with the proceeds received from the sale of the residential condominium units. The venture is considered a variable interest entity, and the Company will consolidate its interest in the rental apartments and common areas, and account for the for-sale component of the venture as an unconsolidated investment.

Real_Estate_Disposition_Activi

Real Estate Disposition Activities	12 Months Ended
	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Disposition Activities	Real Estate Disposition Activities
	During 2014, the Company sold four wholly-owned communities, containing an aggregate of 1,337 apartment homes for an aggregate gross sales price of $296,200,000 and an aggregate pre-tax gain in accordance with GAAP of $106,138,000. One of the communities sold in 2014 was owned through a TRS, resulting in the Company incurring income taxes related to this disposition. In addition, during 2014, the Company sold a land parcel in Huntington Station, NY for $8,050,000, resulting in a gain in accordance with GAAP of $490,000.
	Details regarding the real estate sales are summarized in the following table (dollars in thousands):
	Community Name	Location		Period	Apartment			Debt				Gross		Net
				of sale	homes							sales price		proceeds
	Avalon Valley	Danbury, CT		Q114	268			$	—			$	53,325	$	52,147
	Oakwood Philadelphia	Philadelphia, PA		Q214	80			16,341			-1	28,875		10,932
	Avalon Danvers	Danvers, MA		Q214	433			—				108,500		107,231
	Archstone Memorial Heights	Houston, TX		Q414	556			—				105,500		103,182
	Huntington Station Land	Huntington Station, NY		Q414	—			—				8,050		7,633
	Total of 2014 asset sales				1,337			$	16,341			$	304,250	$	281,125
	Total of 2013 asset sales (2)				3,299			$	—			$	932,800	$	919,442
	Total of 2012 asset sales				1,578			$	—			$	280,550	$	274,018
	_________________________________
	-1	Amount includes $10,427 principal amount secured by Oakwood Philadelphia and $5,914 principal amount of secured borrowings repaid by the Company for eight other operating communities, the aggregate of which is included in determining net proceeds.
	-2	Total of 2013 asset sales excludes the disposition of development rights located in Hingham, MA and Brooklyn, NY, for total net proceeds of $1,313.
	During the year ended December 31, 2014, Fund I sold The Springs, which was consolidated for financial reporting purposes, as discussed in Note 6, "Investments in Real Estate Entities."
	As of December 31, 2014, the Company had one community that qualified as held for sale.
	The results of operations for Oakwood Philadelphia, Avalon Danvers and Archstone Memorial Heights are included in income from continuing operations on the accompanying Consolidated Statements of Comprehensive Income.
	The operations for any real estate assets sold from January 1, 2012 through December 31, 2014 (which includes Avalon Valley) and which were classified as held for sale and discontinued operations as of and for periods prior to December 31, 2013, and thus not subject to the new guidance for discontinued operations presentation and disclosure, as discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” have been presented as income from discontinued operations in the accompanying Consolidated Statements of Comprehensive Income. Accordingly, certain reclassifications have been made to prior years to reflect discontinued operations consistent with current year presentation.
	The following is a summary of income from discontinued operations for the periods presented (dollars in thousands):
		For the year ended
		12/31/14			12/31/13				12/31/12
	Rental income	$	579		$	42,874			$	63,406
	Operating and other expenses	(269		)	(12,661		)		(19,437		)
	Interest expense, net	—			—				(133		)
	Loss on extinguishment of debt	—			—				(602		)
	Depreciation expense	—			(13,500		)		(16,414		)
	Income (loss) from discontinued operations	$	310		$	16,713			$	26,820

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure	Commitments and Contingencies
	Employment Agreements and Arrangements
	As of December 31, 2014, the Company has employment agreements with two executive officers which expire on December 31, 2015. Under the employment agreements, if the Company terminates the executive without cause the executive will be entitled to a multiple of his covered compensation, which is defined as base salary plus annual cash bonus. For one of the executives, the multiple is two times (three if the termination is in connection with a sale of the Company) and for the other executive the multiple is one time (two if the termination is in connection with a sale of the Company). The employment agreements generally provide that it would be considered a termination without cause if the executive's title or role is reduced except as permitted by the agreement. The agreements provide, as do the standard restricted stock and option agreements used by the Company for its compensation programs, that upon a termination without cause the executive's restricted stock and options will vest.
	The standard restricted stock and option agreements used by the Company in its compensation program provide that upon an employee's termination without cause or the employee's Retirement (as defined in the agreement), all outstanding stock options and restricted shares of stock held by the employee will vest, and the employee will have up to 12 months to exercise any options then held. Under the agreements, Retirement generally means a termination of employment and other business relationships, other than for cause, after attainment of age 50, provided that (i) the employee has worked for the Company for at least 10 years, (ii) the employee's age at Retirement plus years of employment with the Company equals at least 70, (iii) the employee provides at least six months written notice of his intent to retire, and (iv) the employee enters into a one year non-compete and employee non-solicitation agreement.
	The Company also has an Officer Severance Program (the "Program"), which applies only in connection with a sale of the Company for the benefit of those officers of the Company who do not have employment agreements. Under the Program, in the event an officer who is not otherwise covered by a severance arrangement is terminated (other than for cause), or the officer chooses to terminate his or her employment for good reason (as defined), in either case within 18 months following a sale event (as defined) of the Company, such officer will generally receive a cash lump sum payment equal to a multiple of the officer's covered compensation (base salary plus annual cash bonus). The multiple is one times for vice presidents and senior vice presidents, and two times for executive vice presidents. The officer's restricted stock and options would also vest. Costs related to the Company's employment agreements and the Program are deferred and recognized over the requisite service period when considered by management to be probable and estimable.
	Legal Contingencies
	The Company accounts for recoveries from legal matters as a reduction in the legal and related costs incurred associated with the matter, with recoveries in excess of these costs reported as a gain or, where appropriate, a reduction in the basis of a community to which the suit related. During the years ended December 31, 2014 and 2012, the Company received $1,933,000 and $775,000, respectively, in legal recoveries. There were no material receipts during the year ended December 31, 2013.
	See Note 14, "Subsequent Events," for a discussion of the Edgewater fire that occurred in January 2015 and related lawsuits and contingencies. In addition, the Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. These matters are frequently covered by insurance. If it has been determined that a loss is probable to occur and can be reasonably estimated, the estimated amount of the loss is recorded in the financial statements. While the resolution of these other matters cannot be predicted with certainty, management currently believes the final outcome of such matters will not have a material adverse effect on the financial position or results of operations of the Company. In instances where the Company has a gain contingency associated with legal proceedings, the Company records a gain in the financial statements, to the extent of a loss recovery, when it is deemed probable to occur, can be reasonably estimated and is considered to be collectible.
	Lease Obligations
	The Company owns 12 apartment communities, two communities under development and two commercial properties, which are located on land subject to land leases expiring between October 2026 and March 2142, of which 14 are accounted for as operating leases recognizing rental expense on a straight-line basis over the lease term. These leases have varying escalation terms, and four of these leases have purchase options exercisable through 2095. The Company incurred costs of $21,664,000, $17,996,000 and $17,604,000 in the years ended December 31, 2014, 2013 and 2012, respectively, related to operating leases. One Development Community and one apartment community that completed construction during 2014 are located on land subject to a land lease, which are accounted for as capital leases, with a lease obligation of $34,268,000 reported as a component of accrued expenses and other liabilities. Each of these leases have options for the Company to purchase the land at some point during the lease terms which expire in 2046 and 2086.
	The following table details the future minimum lease payments under the Company's current leases (dollars in thousands):
		Payments due by period
		2015		2016		2017		2018		2019		Thereafter
	Operating Lease Obligations	$	20,337	$	20,933	$	20,531	$	22,339	$	20,717	$	1,227,854
	Capital Lease Obligations (1) (2)	1,885		19,083		848		848		848		39,087
		$	22,222	$	40,016	$	21,379	$	23,187	$	21,565	$	1,266,941
	_________________________________
	-1	Aggregate capital lease payments include $28,318 in interest costs.
	-2	At December 31, 2014, capital lease assets of $31,784 are included as a component of land and improvements on the accompanying Consolidated Balance Sheets.

Segment_Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting
	The Company's reportable operating segments include Established Communities, Other Stabilized Communities and Development/Redevelopment Communities. Annually as of January 1st, the Company determines which of its communities fall into each of these categories and generally maintains that classification throughout the year for the purpose of reporting segment operations, unless disposition or redevelopment plans regarding a community change.
	•	Established Communities (also known as Same Store Communities) are consolidated communities where a comparison of operating results from the prior year to the current year period is meaningful, as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year period. The Established Communities for the year ended December 31, 2014, are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2013, are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year period. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 95% physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment.
	•	Other Stabilized Communities includes all other completed communities that have stabilized occupancy, as defined above. Other Stabilized Communities do not include communities that are conducting or planning to conduct substantial redevelopment activities within the current year. Other Stabilized Communities for the year ended December 31, 2014 include the stabilized operating communities acquired as part of the Archstone Acquisition.
	•	Development/Redevelopment Communities consists of communities that are under construction and have not received a certificate of occupancy for the entire community, and where substantial redevelopment is in progress or is planned to begin during the current year and communities under lease-up that had not reached stabilized occupancy, as defined above, as of January 1, 2014.
	In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment.
	The Company's segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing each segment's performance. The Company's chief operating decision maker is comprised of several members of its executive management team who use net operating income ("NOI") as the primary financial measure for Established Communities and Other Stabilized Communities. NOI is defined by the Company as total revenue less direct property operating expenses. Although the Company considers NOI a useful measure of a community's or communities' operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP. NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income.
	A reconciliation of NOI to net income for years ended December 31, 2014, 2013 and 2012 is as follows (dollars in thousands):
		For the year ended
		12/31/14			12/31/13			12/31/12
	Net income	$	697,327		$	352,771		$	423,562
	Indirect operating expenses, net of corporate income	49,055			41,554			31,911
	Investments and investment management expense	4,485			3,990			6,071
	Expensed acquisition, development and other pursuit costs, net of recoveries	(3,717		)	45,050			11,350
	Interest expense, net (1)	180,618			172,402			136,920
	Loss on extinguishment of debt, net	412			14,921			1,179
	Loss on interest rate contract	—			51,000			—
	General and administrative expense	41,425			39,573			34,101
	Equity in loss (income) of unconsolidated entities	(148,766		)	11,154			(20,914		)
	Depreciation expense (1)	442,682			560,215			243,680
	Income tax expense	9,368			—			—
	Casualty and impairment loss	—			—			1,449
	Gain on acquisition of unconsolidated real estate entity	—			—			(14,194		)
	Gain on sale of real estate assets	(85,415		)	(240		)	(280		)
	Gain on sale of discontinued operations	(37,869		)	(278,231		)	(146,311		)
	Income from discontinued operations	(310		)	(16,713		)	(26,820		)
	Net operating income from real estate assets sold or held for sale, not classified as discontinued operations	(15,199		)	(19,448		)	(13,776		)
	Net operating income	$	1,134,096		$	977,998		$	667,928
	_________________________________
	-1	Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.
	The following is a summary of NOI from real estate assets sold or held for sale, not classified as discontinued operations, for the periods presented (dollars in thousands):
		For the year ended
		12/31/14			12/31/13			12/31/12
	Rental income from real estate assets sold or held for sale, not classified as discontinued operations	$	24,389		$	30,867		$	21,463
	Operating expenses real estate assets sold or held for sale, not classified as discontinued operations	(9,190		)	(11,419		)	(7,687		)
	Net operating income from real estate assets sold or held for sale, not classified as discontinued operations	$	15,199		$	19,448		$	13,776
	The primary performance measure for communities under development or redevelopment depends on the stage of completion. While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget.
	The following table provides details of the Company's segment information as of the dates specified (dollars in thousands). The segments are classified based on the individual community's status as of the beginning of the given calendar year. Therefore, each year the composition of communities within each business segment is adjusted. Accordingly, the amounts between years are not directly comparable. Segment information for the years ended December 31, 2014, 2013 and 2012 have been adjusted for the real estate assets that were sold from January 1, 2012 through December 31, 2014, or otherwise qualify as held for sale and/or discontinued operations as of December 31, 2014, as described in Note 7, "Real Estate Disposition Activities."
		Total			NOI			% NOI change			Gross
		revenue						from prior year			real estate (1)
	For the year ended December 31, 2014 (2)
	Established
	New England	$	179,116		$	113,905		0.8	%		$	1,373,065
	Metro NY/NJ	318,710			223,591			3.1	%		2,379,178
	Mid-Atlantic	98,590			69,498			(2.5	)%		647,374
	Pacific Northwest	54,230			37,637			7	%		500,247
	Northern California	174,527			132,899			8.2	%		1,402,444
	Southern California	139,841			95,626			5.2	%		1,225,328
	Total Established (3)	965,014			673,156			3.5	%		7,527,636
	Other Stabilized	497,756			343,061			N/A			6,062,844
	Development / Redevelopment	186,852			117,879			N/A			3,972,180
	Land Held for Future Development	N/A			N/A			N/A			180,516
	Non-allocated (4)	11,050			N/A			N/A			41,643
	Total	$	1,660,672		$	1,134,096		16	%		$	17,784,819
	For the year ended December 31, 2013
	Established
	New England	$	159,670		$	103,679		2.3	%		$	1,227,582
	Metro NY/NJ	249,742			172,912			4.4	%		1,921,307
	Mid-Atlantic	100,548			71,851			0.1	%		633,598
	Pacific Northwest	46,564			31,283			5.3	%		444,825
	Northern California	141,038			106,745			11.7	%		1,233,851
	Southern California	119,024			81,182			5.1	%		1,058,883
	Total Established (3)	816,586			567,652			4.9	%		6,520,046
	Other Stabilized	486,780			330,998			N/A			6,626,884
Development / Redevelopment	117,186			79,348			N/A			3,024,035
Land Held for Future Development	N/A			N/A			N/A			300,364
Non-allocated (4)	11,502			N/A			N/A			10,279
Total	$	1,432,054		$	977,998		46.4	%		$	16,481,608
For the year ended December 31, 2012
Established
New England	$	145,629		$	94,481		5.1	%		$	1,115,098
Metro NY/NJ	213,360			148,441			7.4	%		1,760,429
Mid-Atlantic	103,784			75,313			3.2	%		591,669
Pacific Northwest	32,942			23,433			15	%		306,289
Northern California	112,875			83,091			14.1	%		1,015,947
Southern California	99,302			68,880			7	%		947,723
Total Established (3)	707,892			493,639			7.6	%		5,737,155
Other Stabilized	131,248			84,504			N/A			1,284,666
Development / Redevelopment	129,767			89,785			N/A			2,032,277
Land Held for Future Development	N/A			N/A			N/A			316,037
Non-allocated (4)	10,257			N/A			N/A			73,724
Total	$	979,164		$	667,928		14.6	%		$	9,443,859
_________________________________
-1	Does not include gross real estate assets held for sale of $64,497, $318,713 and $627,483 as of December 31, 2014, 2013 and 2012, respectively.
-2	Results for the year ended December 31, 2014 reflect the operating segments determined as of January 1, 2014, which include stabilized communities acquired as part of the Archstone Acquisition in the Other Stabilized segment.
-3	Gross real estate for the Company's Established Communities includes capitalized additions of approximately $52,635, $33,553 and $25,448 in 2014, 2013 and 2012, respectively.
-4	Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment.

StockBased_Compensation_Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans
	The Company has a stock incentive plan, the 2009 Stock Option and Incentive Plan (the "2009 Plan"). The 2009 Plan includes an authorization to issue shares of the Company's common stock, par value $0.01 per share. At December 31, 2014, the Company has 1,673,193 shares remaining available to issue under the 2009 Plan, exclusive of shares that may be issued to satisfy currently outstanding awards such as stock options or performance awards. In addition, any awards that were outstanding under the Company's1994 Stock Option and Incentive Plan (the "1994 Plan") on May 21, 2009, the date the Company adopted the 2009 Plan, that are subsequently forfeited, canceled, surrendered or terminated (other than by exercise) will become available for awards under the 2009 Plan. The 2009 Plan provides for various types of equity awards to associates, officers, non-employee directors and other key personnel of the Company and its subsidiaries. The types of awards that may be granted under the 2009 Plan include restricted and deferred stock, stock options that qualify as incentive stock options ("ISOs") under Section 422 of the Code, non-qualified stock options and stock appreciation rights. The 2009 Plan will expire on May 21, 2019.
	Information with respect to stock options granted under the 2009 and 1994 Plans is as follows:
		2009 Plan			Weighted				1994 Plan		Weighted
		shares			average				shares		average
					exercise price						exercise price
					per share						per share
	Options Outstanding, December 31, 2011	247,403			$	98.42			1,112,959		$	94.1
	Exercised	(43,265	)		85.09				(364,519	)	68.21
	Granted	115,303			133.16				—		—
	Forfeited	(11,887	)		115.15				(28,610	)	139.58
	Options Outstanding, December 31, 2012	307,554			$	112.67			719,830		$	105.4
	Exercised	(19,949	)		84.43				(24,292	)	79.42
	Granted	215,230			129.03				—		—
	Forfeited	(1,267	)		131.56				(4,012	)	127.56
	Options Outstanding, December 31, 2013	501,568			$	120.77			691,526		$	106.19
	Exercised	(157,454	)		116.4				(342,743	)	99.03
	Granted	—			—				—		—
	Forfeited	(4,052	)		131.05				(76,381	)	142.66
	Options Outstanding, December 31, 2014	340,062			$	122.67			272,402		$	104.96
	Options Exercisable:
	December 31, 2012	74,618			$	97.46			719,830		$	105.4
	December 31, 2013	184,167			$	107.18			691,526		$	106.19
	December 31, 2014	185,227			$	116.71			272,402		$	104.96
	The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2014:
	2009 Plan		Range—Exercise Price					Weighted Average
	Number of Options							Remaining Contractual Term
								(in years)
	32,821		$70.00	-		$79.99		5.1
	51,808		110	-		119.99		6.1
	63,961		120	-		129.99		8.2
	189,973		130	-		139.99		7.6
	1,499		140	-		149.99		7.5
	340,062
	1994 Plan		Range—Exercise Price					Weighted Average
	Number of Options							Remaining Contractual Term
								(in years)
	43,806		$40.00	-		$49.99		4.1
	92		60	-		69.99		0.1
	730		70	-		79.99		0.5
	66,101		80	-		89.99		3.1
	52,720		90	-		99.99		1.1
	108,953		140	-		149.99		2.1
	272,402
	Options outstanding under the 2009 and 1994 Plans at December 31, 2014 had an intrinsic value of $13,849,000 and $15,915,000, respectively. Options exercisable under the 2009 and 1994 Plans at December 31, 2014 had an intrinsic value of $8,647,000 and $15,915,000, respectively. Options exercisable under the 2009 and 1994 Plans had a weighted average contractual life of 7.3 years and 2.5 years, respectively. The intrinsic value of options exercised during 2014, 2013 and 2012 was $20,028,000, $2,395,000 and $26,746,000, respectively.
	The cost related to stock-based employee compensation for employee stock options included in the determination of net income is based on estimated forfeitures for the given year. Estimated forfeitures are adjusted to reflect actual forfeitures at the end of the vesting period. The following table summarizes the weighted average fair value of employee stock options for 2013 and 2012 and the associated assumptions used to calculate the value. There were no stock options granted in 2014.
			2013				2012
	Weighted average fair value per share		$	26.78			$	29.11
	Life of options (in years)		5				5
	Dividend yield		3.7		%		3.5		%
	Volatility		34		%		35		%
	Risk-free interest rate		0.91		%		0.87		%
	During 2013, the Company adopted a revised compensation framework under which share-based compensation will be granted, composed of annual awards and multiyear long term incentive performance awards. Annual awards will include restricted stock awards for which one third of the award will vest annually over a three year period following the measurement period. Under the multiyear long term incentive component of the revised framework, the Company will grant a target number of restricted stock units, with the ultimate award determined by the total shareholder return of the Company's common stock and/or operating performance metrics, measured in each case over a measurement period of up to three years. The share-based compensation earned will be in the form of restricted stock, or upon election of the recipient, up to 25% in the form of stock options, for which one third of the award will vest annually over a three year period following the measurement period.
	The Company granted 131,980 restricted stock units net of forfeitures, with an estimated aggregate compensation cost of $15,522,000, as part of its stock-based compensation plan during the year ended December 31, 2014. The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock for 58,206 restricted stock units and financial metrics related to operating performance and leverage metrics of the Company for 73,774 restricted stock units. For the portion of the grant for which the award is determined by the total shareholder return of the Company’s common stock, the Company used a Monte Carlo model to assess the compensation cost associated with the restricted stock units.  The estimated compensation cost was derived using the following assumptions: baseline share value of $128.97; dividend yield of approximately 3.6%; estimated volatility figures ranging from 17.6% to 18.6% over the life of the plan for the Company using 50% historical volatility and 50% implied volatility; and risk free rates over the life of the plan ranging from 0.04% to 0.72%; resulting in an average estimated fair value per restricted stock unit of $103.20. For the portion of the grant for which the award is determined by financial metrics, the estimated compensation cost was based on the baseline share value of $128.97 and the Company's estimate of corporate achievement for the financial metrics.
	During the year ended December 31, 2014, the Company also issued 115,163 shares of restricted stock, of which 16,209 shares related to the conversion of restricted stock units to restricted shares, and the remaining 98,954 shares were new grants with a fair value of $12,799,000. The compensation cost was based on the share price at the grant date.
	At December 31, 2014 and 2013, the Company had 190,240 and 182,083, respectively, outstanding unvested restricted shares granted under restricted stock awards. Restricted stock vesting during the year ended December 31, 2014 totaled 99,036 shares, of which 5,073 shares related to the conversion of restricted stock units and 93,963 shares related to restricted stock awards, which had fair values at the grant date ranging from $74.20 to $163.39 per share. The total fair value of shares vested under restricted stock awards was $11,352,000, $14,832,000 and $36,337,000 for the years ended December 31, 2014, 2013 and 2012, respectively.
	Total employee stock-based compensation cost recognized in income was $13,314,000, $17,775,000 and $9,961,000 for the years ended December 31, 2014, 2013 and 2012, respectively, and total capitalized stock-based compensation cost was $5,457,000, $8,379,000 and $5,140,000 for the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014, there was a total unrecognized compensation cost of $1,058,000 for unvested stock options and $19,559,000 for unvested restricted stock and restricted stock units, which does not include estimated forfeitures. The unrecognized compensation cost for unvested stock options and restricted stock and restricted stock units is expected to be recognized over a weighted average period of 1.1 and 3.6 years, respectively.
	The Company estimates the forfeiture of stock options and recognizes compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost are adjusted to reflect actual forfeitures at the end of the vesting period. The forfeiture rate at December 31, 2014 was 1.4%. The application of estimated forfeitures did not materially impact compensation expense for the years ended December 31, 2014, 2013 and 2012.
	Employee Stock Purchase Plan
	In October 1996, the Company adopted the 1996 Non-Qualified Employee Stock Purchase Plan (as amended, the "ESPP"). Initially 1,000,000 shares of common stock were reserved for issuance under this plan. There are currently 714,827 shares remaining available for issuance under the ESPP. Full-time employees of the Company generally are eligible to participate in the ESPP if, as of the last day of the applicable election period, they have been employed by the Company for at least one month. All other employees of the Company are eligible to participate provided that, as of the applicable election period, they have been employed by the Company for 12 months. Under the ESPP, eligible employees are permitted to acquire shares of the Company's common stock through payroll deductions, subject to maximum purchase limitations. During 2013, the purchase period was a period of seven months beginning April 1 and ending October 30. The Company modified the ESPP beginning in 2014, establishing two purchase periods of approximately six months each. The first purchase period begins January 1 and ends June 10, and the second purchase period begins July 1 and ends December 10. The purchase price for common stock purchased under the plan is 85% of the lesser of the fair market value of the Company's common stock on the first day of the applicable purchase period or the last day of the applicable purchase period. The offering dates, purchase dates and duration of purchase periods may be changed, if the change is announced prior to the beginning of the affected date or purchase period. The Company issued 9,848, 9,260 and 6,260 shares and recognized compensation expense of $407,000, $174,000 and $127,000 under the ESPP for the years ended December 31, 2014, 2013 and 2012, respectively. The Company accounts for transactions under the ESPP using the fair value method prescribed by accounting guidance applicable to entities that use employee share purchase plans.

Related_Party_Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements
	Unconsolidated Entities
	The Company manages unconsolidated real estate entities for which it receives asset management, property management, development and redevelopment fee revenue. From these entities, the Company received fees of $11,050,000, $11,502,000 and $10,257,000 in the years ended December 31, 2014, 2013 and 2012, respectively. These fees are included in management, development and other fees on the accompanying Consolidated Statements of Comprehensive Income. In addition, the Company has outstanding receivables associated with its management role of $6,868,000 and $7,004,000 as of December 31, 2014 and 2013, respectively.
	Director Compensation
	Directors of the Company who are also employees receive no additional compensation for their services as a director. Following each annual meeting of stockholders, non-employee directors receive (i) a number of shares of restricted stock (or deferred stock awards) having a value of $125,000 and (ii) a cash payment of $60,000, payable in quarterly installments of $15,000. The number of shares of restricted stock (or deferred stock awards) is calculated based on the closing price on the day of the award. Non-employee directors may elect to receive all or a portion of cash payments in the form of a deferred stock award. In addition, beginning in May 2014, the Lead Independent Director receives an annual fee of $25,000 payable in equal quarterly installments of $6,250, and non-employee directors serving as the chairperson of the Audit, Compensation and Nominating Committees receive additional cash compensation of $10,000 per year payable in quarterly installments of $2,500.
	The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock awards in the amount of $1,049,000, $992,000 and $880,000 for the years ended December 31, 2014, 2013 and 2012, respectively, as a component of general and administrative expense. Deferred compensation relating to these restricted stock grants and deferred stock awards was $452,000, $417,000 and $364,000 on December 31, 2014, 2013 and 2012, respectively.

Fair_Value

Fair Value	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value	Fair Value
	Financial Instruments Carried at Fair Value
	Derivative Financial Instruments
	Currently, the Company uses interest rate cap agreements to manage its interest rate risk. These instruments are carried at fair value in the Company's financial statements. In adjusting the fair value of its derivative contracts for the effect of counterparty nonperformance risk, the Company has considered the impact of its net position with a given counterparty, as well as any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. The Company minimizes its credit risk on these transactions by dealing with major, creditworthy financial institutions which have an A or better credit rating by the Standard & Poor's Ratings Group. As part of its on-going control procedures, the Company monitors the credit ratings of counterparties and the exposure of the Company to any single entity, thus reducing credit risk concentration. The Company believes the likelihood of realizing losses from counterparty nonperformance is remote. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of December 31, 2014, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined it is not significant. As a result, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy.
	Hedge ineffectiveness did not have a material impact on earnings of the Company for 2014 or any prior period, and the Company does not anticipate that it will have a material effect in the future.
	The following table summarizes the consolidated Hedging Derivatives at December 31, 2014, excluding derivatives executed to hedge debt on communities classified as held for sale (dollars in thousands):
			Non-designated				Cash Flow
			Hedges				Hedges
	Notional balance		$	605,515			$	170,909
	Weighted average interest rate (1)		1.7		%		2.5		%
	Weighted average capped interest rate		6		%		5.1		%
	Earliest maturity date		Feb-16				Apr-15
	Latest maturity date		Aug-18				Apr-19
	_________________________________
	-1	Represents the weighted average interest rate on the hedged debt.
	Excluding derivatives executed to hedge secured debt on communities classified as held for sale, the Company had four derivatives designated as cash flow hedges and 12 derivatives not designated as hedges at December 31, 2014. Fair value changes for derivatives not in qualifying hedge relationships for the years ended December 31, 2014 and 2012, were not material. Excluding the forward interest rate protection agreement discussed further below, fair value changes for derivatives not in qualifying hedge relationships for the year ended December 31, 2013 were not material. To adjust the Hedging Derivatives in qualifying cash flow hedges to their fair value and recognize the impact of hedge accounting, the Company recorded a decrease to accumulated other comprehensive loss of $6,116,000 and $5,892,000 during the years ended December 31, 2014 and 2013, respectively, and recorded an increase to accumulated other comprehensive loss of $20,987,000 during the year ended December 31, 2012. During the year ended December 31, 2013, the Company reclassified $59,376,000 of deferred losses from accumulated other comprehensive loss with $51,000,000 recognized as loss on interest rate contract as discussed below, and the balance recorded as a component of interest expense, net. The Company anticipates reclassifying approximately $5,493,000 of hedging losses from accumulated other comprehensive loss into earnings within the next 12 months to offset the variability of cash flows of the hedged item during this period. The Company did not have any derivatives designated as fair value hedges as of December 31, 2014 and 2013.
	In 2013, the Company was party to a $215,000,000 forward interest rate protection agreement, which was entered into in 2011 to reduce the impact of variability in interest rates on a portion of its expected debt issuance activity in 2013. The Company settled this position at its maturity in May 2013 with a payment to the counterparty of $51,000,000, the fair value at the time of settlement. Based on changes in the Company's capital requirements for 2013, the Company deemed it was probable that it would not issue the anticipated debt for which the interest rate protection agreement was transacted. During the year ended December 31, 2013, the Company recognized a loss of $51,000,000 for the forward interest rate protection agreement in loss on interest rate contract on the accompanying Consolidated Statements of Comprehensive Income.
	Redeemable Noncontrolling Interests
	The Company provided redemption options (the "Puts") that allow joint venture partners of the Company to require the Company to purchase their interests in the investment at a guaranteed minimum amount related to three ventures. The Puts are payable in cash. The Company determines the fair value of the Puts based on unobservable inputs considering the assumptions that market participants would make in pricing the obligations, applying a guaranteed rate of return to the joint venture partners' net capital contribution balances as of period end. Given the significance of the unobservable inputs, the valuations are classified in Level 3 of the fair value hierarchy.
	The Company issued units of limited partnership interest in DownREITs which provide the DownREIT limited partners the ability to present all or some of their units for redemption for cash as determined by the partnership agreement. Under the DownREIT agreements, for each limited partnership unit, the limited partner is entitled to receive cash in the amount equal to the fair value of the Company's common stock on or about the date of redemption. In lieu of cash redemption, the Company may elect to exchange such units for an equal number of shares of the Company's common stock. The limited partnership units in the DownREITs are valued using the market price of the Company's common stock, a Level 1 price under the fair value hierarchy.
	Financial Instruments Not Carried at Fair Value
	Cash and Cash Equivalents
	Cash and cash equivalent balances are held with various financial institutions, within principal protected accounts. The Company monitors credit ratings of these financial institutions and the concentration of cash and cash equivalent balances with any one financial institution and believes the likelihood of realizing material losses related to cash and cash equivalent balances is remote. Cash and cash equivalents are carried at their face amounts, which reasonably approximate their fair values and are Level 1 within the fair value hierarchy.
	Other Financial Instruments
	Rents receivable, accounts and construction payable and accrued expenses and other liabilities are carried at their face amounts, which reasonably approximate their fair values.
	The Company values its unsecured notes using quoted market prices, a Level 1 price within the fair value hierarchy. The Company values its notes payable and outstanding amounts under the Credit Facility and Term Loan using a discounted cash flow analysis on the expected cash flows of each instrument. This analysis reflects the contractual terms of the instrument, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The process also considers credit valuation adjustments to appropriately reflect the Company’s nonperformance risk. The Company has concluded that the value of its notes payable and amounts outstanding under its Credit Facility and Term Loan are Level 2 prices as the majority of the inputs used to value its positions fall within Level 2 of the fair value hierarchy.
	Financial Instruments Measured/Disclosed at Fair Value on a Recurring Basis
	The following table summarizes the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands):
	Description	Total Fair				Quoted Prices				Significant			Significant
		Value				in Active				Other			Unobservable
						Markets for				Observable			Inputs
						Identical Assets				Inputs			(Level 3)
						(Level 1)				(Level 2)
		12/31/14
	Non Designated Hedges
	Interest Rate Caps	$	50			$	—			$	50		$	—
	Cash Flow Hedges
	Interest Rate Caps	58				—				58			—
	Put(s)	(11,104		)		—				—			(11,104		)
	DownREIT units	(1,226		)		(1,226		)		—			—
	Indebtedness	(6,558,022		)		(2,874,147		)		(3,683,875		)	—
	Total	$	(6,570,244	)		$	(2,875,373	)		$	(3,683,767	)	$	(11,104	)
		12/31/13
	Non Designated Hedges
	Interest Rate Caps	$	106			$	—			$	106		$	—
	Put(s)	(15,998		)		—				—			(15,998		)
	DownREIT units	(887		)		(887		)		—			—
	Indebtedness	(6,294,848		)		(2,657,143		)		(3,637,705		)	—
	Total	$	(6,311,627	)		$	(2,658,030	)		$	(3,637,599	)	$	(15,998	)

Quarterly_Financial_Informatio

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	Quarterly Financial Information
	The following summary represents the unaudited quarterly results of operations for the years ended December 31, 2014 and 2013 (dollars in thousands, except per share amounts):
		For the three months ended (1)
		3/31/14			6/30/14		9/30/14			12/31/14
	Total revenue	$	400,075		$	413,806	$	430,525		$	440,656
	Income from continuing operations	$	103,420		$	172,197	$	241,001		$	142,530
	Total discontinued operations	$	38,179		$	—	$	—		$	—
	Net income attributable to common stockholders	$	141,739		$	158,086	$	241,100		$	142,642
	Net income per common share—basic	$	1.09		$	1.22	$	1.83		$	1.08
	Net income per common share—diluted	$	1.09		$	1.21	$	1.83		$	1.08
		For the three months ended (1)
		3/31/13			6/30/13		9/30/13			12/31/13
	Total revenue	$	301,356		$	378,207	$	389,189		$	394,169
	Income (loss) from continuing operations	$	(14,767	)	$	334	$	(15,949	)	$	88,209
	Total discontinued operations	$	90,237		$	35,763	$	5,063		$	163,881
	Net income (loss) attributable to common stockholders	$	75,427		$	36,218	$	(10,715	)	$	252,212
	Net income (loss) per common share—basic	$	0.63		$	0.28	$	(0.08	)	$	1.95
	Net income (loss) per common share—diluted	$	0.63		$	0.28	$	(0.08	)	$	1.95
	_________________________________
	-1	Amounts may not equal full year results due to rounding.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	The Company has evaluated subsequent events through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion.
	In January 2015:
	The Company sold Avalon on Stamford Harbor, located in Stamford, CT. Avalon on Stamford Harbor contains 323 homes and a working marina containing 74 boat slips and was sold for $115,500,000.
	The Company acquired land for $325,000,000 associated with three Development Rights located in New York, NY and Bellevue, WA. If developed as expected, the development rights related to this land will contain 910 apartment homes for a projected total capital cost of $509,717,000.
	A fire occurred at the Company's Avalon at Edgewater apartment community located in Edgewater, New Jersey ("Edgewater"). Edgewater consisted of two residential buildings. One building, which contained 240 apartment homes, was destroyed and is uninhabitable. The second building, which contains 168 apartment homes, has been reoccupied and the Company currently believes it only suffered minimal damage. The Company is currently assessing its direct losses resulting from the fire, which could vary based on costs and time to rebuild, as well its liability to third parties who incurred damages on account of the fire. To date, a number of lawsuits on behalf of former residents have been filed against the Company, including three purported class actions. While the Company currently believes that its direct losses and its liability to third parties will be substantially covered by its insurance policies, including coverage for the replacement cost of the building, third party claims, and business interruption loss, subject to deductibles as well as a self-insured portion of the property insurance for which the Company is obligated for 12% of the first $50,000,000 in losses, the Company can give no assurances in this regard and continues to evaluate this matter. As of December 31, 2014, Edgewater was encumbered with a fixed-rate secured mortgage note with an effective interest rate of 5.95%, and an outstanding principal balance of $75,012,000, due in May 2019 (the “Edgewater Mortgage”). The Edgewater Mortgage stipulates that in the event of a casualty loss such as the Edgewater fire, the lender has absolute discretion to determine the disposition of the insurance proceeds, and can compel the Company (i) to direct the insurance proceeds to be used for the restoration of Edgewater, or (ii) to apply the insurance proceeds to repay the outstanding loan balance, at par. As of the date of this Form 10-K, the Company is complying with all lender requirements and continues to work with the lender to resolve open issues related to the Edgewater Mortgage.
	The Company received $20,700,000 from the joint venture partner associated with MVP I, LLC, the entity that owns Avalon at Mission Bay North II, upon agreement with the partner to modify the joint venture agreement to eliminate the Company's promoted interest for future return calculations and associated distributions. Prospectively, earnings and distributions will be based on the Company's 25.0% equity interest in the venture.

REAL_ESTATE_AND_ACCUMULATED_DE

REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION
					Initial Cost										Total Cost
	Community		City and state		Land and improvements				Building /				Costs		Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
									Construction in				Subsequent to				Construction in				Depreciation		Net of				Completion/
									Progress &				Acquisition /				Progress &						Accumulated				Acquisition
									Improvements				Construction				Improvements						Depreciation
	NEW ENGLAND
	Boston, MA
	Avalon at Lexington		Lexington, MA		$	2,124			$	12,599			$	9,199	$	2,124	$	21,798	$	23,922	$	11,484	$	12,438	$	—	1994
	Avalon Oaks		Wilmington, MA		2,129				18,676				2,038		2,129		20,714		22,843		11,094		11,749		15,887		1999
	Eaves Quincy		Quincy, MA		1,743				14,662				9,283		1,743		23,945		25,688		11,805		13,883		—		1986/1995
	Avalon Essex		Peabody, MA		5,184				16,320				1,821		5,184		18,141		23,325		9,289		14,036		—		2000
	Avalon Oaks West		Wilmington, MA		3,318				13,467				746		3,318		14,213		17,531		6,376		11,155		15,847		2002
	Avalon Orchards		Marlborough, MA		2,983				18,037				1,943		2,983		19,980		22,963		8,902		14,061		17,091		2002
	Avalon at Newton Highlands		Newton, MA		11,039				45,590				3,423		11,039		49,013		60,052		19,353		40,699		—		2003
	Avalon at The Pinehills		Plymouth, MA		6,876				30,401				183		6,876		30,584		37,460		7,836		29,624		—		2004
	Eaves Peabody		Peabody, MA		4,645				19,007				12,019		4,645		31,026		35,671		9,746		25,925		—		1962/2004
	Avalon at Bedford Center		Bedford, MA		4,258				20,569				316		4,258		20,885		25,143		6,630		18,513		—		2006
	Avalon Chestnut Hill		Chestnut Hill, MA		14,572				45,911				1,899		14,572		47,810		62,382		13,588		48,794		39,545		2007
	Avalon Shrewsbury		Shrewsbury, MA		5,152				30,608				757		5,152		31,365		36,517		9,062		27,455		20,174		2007
	Avalon at Lexington Hills		Lexington, MA		8,691				79,153				1,112		8,691		80,265		88,956		19,446		69,510		—		2008
	Avalon Acton		Acton, MA		13,124				49,905				276		13,124		50,181		63,305		12,089		51,216		45,000		2008
	Avalon Sharon		Sharon, MA		4,719				25,522				269		4,719		25,791		30,510		6,030		24,480		—		2008
	Avalon at Center Place		Providence, RI		—				26,816				10,230		—		37,046		37,046		19,919		17,127		—		1991/1997
	Avalon at Hingham Shipyard		Hingham, MA		12,218				41,725				339		12,218		42,064		54,282		9,089		45,193		—		2009
	Avalon Northborough		Northborough, MA		8,144				52,454				16		8,144		52,470		60,614		9,170		51,444		—		2009
	Avalon Blue Hills		Randolph, MA		11,110				34,736				80		11,110		34,816		45,926		6,856		39,070		—		2009
	Avalon Cohasset		Cohasset, MA		8,802				46,233				16		8,802		46,249		55,051		4,910		50,141		—		2012
	Avalon Andover		Andover, MA		4,276				21,903				—		4,276		21,903		26,179		2,114		24,065		14,505		2012
	Eaves Burlington		Burlington, MA		7,714				32,536				5,080		7,714		37,616		45,330		2,383		42,947		—		1988/2012
	AVA Back Bay		Boston, MA		9,034				36,540				36,364		9,034		72,904		81,938		26,205		55,733		—		1968/1998
	Avalon at Prudential Center II		Boston, MA		8,776				35,496				31,783		8,776		67,279		76,055		25,100		50,955		—		1968/1998
	Avalon at Prudential Center I		Boston, MA		8,002				32,370				19,773		8,002		52,143		60,145		22,772		37,373		—		1968/1998
	Avalon Burlington		Burlington, MA		15,600				59,200				6,943		15,600		66,143		81,743		5,334		76,409		—		1989/2013
	Avalon Bear Hill		Waltham, MA		27,350				96,999				5,110		27,350		102,109		129,459		11,304		118,155		—		1999/2013
	Eaves North Quincy		Quincy, MA		11,940				39,400				2,491		11,940		41,891		53,831		4,784		49,047		36,761		1977/2013
	Avalon Natick		Natick, MA		15,645				64,585				—		15,645		64,585		80,230		3,476		76,754		52,357		2013
	Avalon Canton at Blue Hills		Canton, MA		6,562				33,191				—		6,562		33,191		39,753		769		38,984		—		2014
	Avalon Exeter		Andover, MA		16,304				108,126				—		16,304		108,126		124,430		1,842		122,588		—		2014
	Fairfield-New Haven, CT
					Initial Cost										Total Cost
	Community		City and state		Land and improvements				Building /				Costs		Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
									Construction in				Subsequent to				Construction in				Depreciation		Net of				Completion/
									Progress &				Acquisition /				Progress &						Accumulated				Acquisition
									Improvements				Construction				Improvements						Depreciation
	Eaves Trumbull		Trumbull, CT		4,414				31,268				3,529		4,414		34,797		39,211		20,696		18,515		39,452		1997
	Eaves Stamford		Stamford, CT		5,956				23,993				12,748		5,956		36,741		42,697		20,049		22,648		—		1991
	Avalon Wilton I		Wilton, CT		2,116				14,664				5,841		2,116		20,505		22,621		9,855		12,766		—		1997
	Avalon on Stamford Harbor		Stamford, CT		10,836				51,883				1,778		10,836		53,661		64,497		22,322		42,175		62,724		2003
	Avalon New Canaan		New Canaan, CT		4,834				19,485				1,559		4,834		21,044		25,878		8,672		17,206		—		2002
	AVA Stamford		Stamford, CT		13,819				56,499				4,602		13,819		61,101		74,920		25,069		49,851		57,423		2002/2002
	Avalon Danbury		Danbury, CT		4,933				30,638				670		4,933		31,308		36,241		10,352		25,889		—		2005
	Avalon Darien		Darien, CT		6,926				34,659				1,689		6,926		36,348		43,274		13,817		29,457		47,700		2004
	Avalon Milford I		Milford, CT		8,746				22,699				725		8,746		23,424		32,170		8,493		23,677		—		2004
	Avalon Huntington		Shelton, CT		5,277				20,029				100		5,277		20,129		25,406		4,406		21,000		—		2008
	Avalon Norwalk		Norwalk, CT		11,320				62,910				25		11,320		62,935		74,255		9,372		64,883		—		2011
	Avalon Wilton II		Wilton, CT		6,604				23,758				6		6,604		23,764		30,368		2,997		27,371		—		2011
	Avalon Shelton III		Shelton, CT		7,853				40,866				—		7,853		40,866		48,719		2,279		46,440		—		2013
	Avalon East Norwalk		Norwalk, CT		10,394				36,126				—		10,394		36,126		46,520		1,645		44,875		—		2013
	Avalon at Stratford		Stratford, CT		2,564				26,884				—		2,564		26,884		29,448		341		29,107		—		2014
	TOTAL NEW ENGLAND				$	368,626			$	1,699,098			$	196,781	$	368,626	$	1,895,879	$	2,264,505	$	479,122	$	1,785,383	$	464,466
	METRO NY/NJ
	New York Suburban, NY
	Avalon Commons		Smithtown, NY		$	4,679			$	28,286			$	5,660	$	4,679	$	33,946	$	38,625	$	18,664	$	19,961	$	—	1997
Eaves Nanuet		Nanuet, NY		8,428				45,660				3,903		8,428		49,563		57,991		28,325		29,666		63,242		1998
Avalon Green		Elmsford, NY		1,820				10,525				1,675		1,820		12,200		14,020		8,031		5,989		—		1995
Avalon Towers		Long Beach, NY		3,118				11,973				10,260		3,118		22,233		25,351		11,437		13,914		—		1990/1995
Avalon Willow		Mamaroneck, NY		6,207				40,791				1,423		6,207		42,214		48,421		21,846		26,575		—		2000
Avalon Court		Melville, NY		9,228				50,063				2,908		9,228		52,971		62,199		28,734		33,465		—		1997
The Avalon		Bronxville, NY		2,889				28,324				7,993		2,889		36,317		39,206		15,882		23,324		—		1999
Avalon at Glen Cove		Glen Cove, NY		7,871				59,969				1,097		7,871		61,066		68,937		21,970		46,967		—		2004
Avalon Pines		Coram, NY		8,700				62,931				621		8,700		63,552		72,252		20,828		51,424		—		2005
Avalon Glen Cove North		Glen Cove, NY		2,577				37,336				232		2,577		37,568		40,145		10,016		30,129		—		2007
Avalon White Plains		White Plains, NY		15,391				137,353				46		15,391		137,399		152,790		27,434		125,356		—		2009
Avalon Charles Pond		Coram, NY		14,715				33,640				48		14,715		33,688		48,403		6,824		41,579		—		2009
Avalon Rockville Centre		Rockville Centre, NY		32,212				78,807				—		32,212		78,807		111,019		8,480		102,539		—		2012
Avalon Green II		Elmsford, NY		27,765				77,560				—		27,765		77,560		105,325		7,330		97,995		—		2012
Avalon Garden City		Garden City, NY		18,205				49,372				—		18,205		49,372		67,577		3,999		63,578		—		2013
Avalon Westbury		Westbury, NY		69,620				43,781				7,410		69,620		51,191		120,811		8,720		112,091		82,345		2006/2013
				Initial Cost										Total Cost
Community		City and state		Land and improvements				Building /				Costs		Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
								Construction in				Subsequent to				Construction in				Depreciation		Net of				Completion/
								Progress &				Acquisition /				Progress &						Accumulated				Acquisition
								Improvements				Construction				Improvements						Depreciation
Avalon Ossining		Ossining, NY		6,385				30,099				—		6,385		30,099		36,484		762		35,722		—		2014
Avalon Huntington Station		Huntington Station, NY		21,870				57,545				—		21,870		57,545		79,415		844		78,571		—		2014
New Jersey
Avalon Cove		Jersey City, NJ		8,760				82,422				21,060		8,760		103,482		112,242		54,057		58,185		—		1997
Avalon Run		Lawrenceville, NJ		14,650				60,486				5,526		14,650		66,012		80,662		23,905		56,757		—		1994
Avalon Princeton Junction		West Windsor, NJ		5,585				22,382				20,791		5,585		43,173		48,758		21,392		27,366		—		1988/1993
Avalon at Edgewater (1)		Edgewater, NJ		14,528				60,240				4,302		14,528		64,542		79,070		28,885		50,185		75,012		2002
Avalon at Florham Park		Florham Park, NJ		6,647				34,906				2,179		6,647		37,085		43,732		18,009		25,723		—		2001
Avalon at Freehold		Freehold, NJ		4,119				30,514				900		4,119		31,414		35,533		13,959		21,574		34,973		2002
Avalon Run East		Lawrenceville, NJ		6,766				45,366				919		6,766		46,285		53,051		16,286		36,765		37,475		2005
Avalon Lyndhurst		Lyndhurst, NJ		18,620				59,879				579		18,620		60,458		79,078		16,676		62,402		—		2007
Avalon at Tinton Falls		Tinton Falls, NJ		7,939				33,173				96		7,939		33,269		41,208		7,755		33,453		—		2008
Avalon at West Long Branch		West Long Branch, NJ		2,721				22,940				—		2,721		22,940		25,661		3,479		22,182		—		2011
Avalon North Bergen		North Bergen, NJ		8,984				31,015				514		8,984		31,529		40,513		2,819		37,694		—		2012
Avalon at Wesmont Station		Wood-Ridge, NJ		14,682				41,635				875		14,682		42,510		57,192		3,860		53,332		—		2012
Avalon Hackensack at Riverside		Hackensack, NJ		—				44,530				—		—		44,530		44,530		2,312		42,218		—		2013
Avalon Somerset		Somerset, NJ		18,241				58,326				—		18,241		58,326		76,567		3,366		73,201		—		2013
Avalon at Wesmont Station II		Wood-Ridge, NJ		6,502				16,862				—		6,502		16,862		23,364		992		22,372		—		2013
Avalon Bloomingdale		Bloomingdale, NJ		3,005				27,721				—		3,005		27,721		30,726		1,098		29,628		—		2014
New York, NY
Avalon Riverview I		Long Island City, NY		—				94,061				4,894		—		98,955		98,955		41,548		57,407		—		2002
Avalon Bowery Place		New York, NY		18,575				75,009				1,992		18,575		77,001		95,576		22,047		73,529		93,800		2006
Avalon Riverview North		Long Island City, NY		—				164,808				2,404		—		167,212		167,212		41,970		125,242		—		2008
Avalon Bowery Place II		New York, NY		9,106				47,199				1,633		9,106		48,832		57,938		11,904		46,034		—		2007
Avalon Morningside Park		New York, NY		—				114,327				870		—		115,197		115,197		24,642		90,555		100,000		2009
Avalon Fort Greene		Brooklyn, NY		83,038				218,444				642		83,038		219,086		302,124		35,170		266,954		—		2010
Avalon Midtown West		New York, NY		154,730				180,253				12,012		154,730		192,265		346,995		23,002		323,993		100,500		1998/2013
Avalon Clinton North		New York, NY		84,069				105,821				6,352		84,069		112,173		196,242		12,558		183,684		147,000		2008/2013
Avalon Clinton South		New York, NY		71,421				89,851				5,175		71,421		95,026		166,447		10,732		155,715		121,500		2007/2013
TOTAL METRO NY/NJ				$	824,368			$	2,646,185			$	136,991	$	824,368	$	2,783,176	$	3,607,544	$	692,549	$	2,914,995	$	855,847
MID-ATLANTIC
Washington Metro
				Initial Cost										Total Cost
Community		City and state		Land and improvements				Building /				Costs		Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
								Construction in				Subsequent to				Construction in				Depreciation		Net of				Completion/
								Progress &				Acquisition /				Progress &						Accumulated				Acquisition
								Improvements				Construction				Improvements						Depreciation
Avalon at Foxhall		Washington, DC		$	6,848			$	27,614			$	11,671	$	6,848	$	39,285	$	46,133	$	24,950	$	21,183	$	56,341	1982/1994
Avalon at Gallery Place		Washington, DC		8,800				39,658				1,557		8,800		41,215		50,015		16,412		33,603		43,776		2003
Avalon at Fairway Hills		Columbia, MD		8,603				34,432				16,036		8,603		50,468		59,071		28,397		30,674		—		1987/1996
Eaves Washingtonian Center I		North Potomac, MD		2,608				11,707				629		2,608		12,336		14,944		7,913		7,031		8,011		1996
Eaves Washingtonian Center II		North Potomac, MD		1,439				6,846				180		1,439		7,026		8,465		3,970		4,495		—		1998
Eaves Columbia Town Center		Columbia, MD		8,802				35,536				11,429		8,802		46,965		55,767		16,273		39,494		—		1986/1993
Avalon at Grosvenor Station		Bethesda, MD		29,159				53,001				2,002		29,159		55,003		84,162		21,020		63,142		—		2004
Avalon at Traville		Rockville, MD		14,365				55,398				863		14,365		56,261		70,626		21,385		49,241		74,186		2004
Avalon Russett		Laurel, MD		10,200				47,524				2,659		10,200		50,183		60,383		5,547		54,836		39,972		1999/2013
Eaves Fair Lakes		Fairfax, VA		6,096				24,400				8,246		6,096		32,646		38,742		17,777		20,965		—		1989/1996
AVA Ballston		Arlington, VA		7,291				29,177				16,117		7,291		45,294		52,585		24,294		28,291		—		1990
Eaves Fairfax City		Fairfax, VA		2,152				8,907				5,390		2,152		14,297		16,449		6,624		9,825		—		1988/1997
Avalon Tysons Corner		Tysons Corner, VA		13,851				43,397				12,106		13,851		55,503		69,354		26,784		42,570		—		1996
Avalon at Arlington Square		Arlington, VA		22,041				90,296				2,818		22,041		93,114		115,155		42,880		72,275		—		2001
Avalon Park Crest		Tysons Corner, VA		13,554				63,527				—		13,554		63,527		77,081		4,886		72,195		—		2013
Eaves Fairfax Towers		Falls Church, VA		17,889				74,727				1,718		17,889		76,445		94,334		9,782		84,552		—		1978/2011
AVA H Street		Washington, DC		7,425				25,282				—		7,425		25,282		32,707		1,782		30,925		—		2013
Avalon First and M		Washington, DC		43,700				153,950				2,411		43,700		156,361		200,061		12,255		187,806		140,964		2012/2013
Avalon The Albemarle		Washington, DC		25,140				52,459				3,717		25,140		56,176		81,316		6,980		74,336		—		1966/2013
Eaves Tunlaw Gardens		Washington, DC		16,430				22,902				2,025		16,430		24,927		41,357		3,162		38,195		28,494		1944/2013
The Statesman		Washington, DC		38,140				35,352				3,453		38,140		38,805		76,945		5,815		71,130		—		1961/2013
Eaves Glover Park		Washington, DC		9,580				26,532				1,954		9,580		28,486		38,066		3,385		34,681		23,569		1953/2013
AVA Van Ness		Washington, DC		22,890				58,691				3,455		22,890		62,146		85,036		6,844		78,192		—		1978/2013
Avalon Ballston Place		Arlington, VA		38,490				123,645				3,768		38,490		127,413		165,903		11,532		154,371		—		2001/2013
Eaves Tysons Corner		Vienna, VA		16,030				45,420				2,554		16,030		47,974		64,004		5,509		58,495		—		1980/2013
Avalon Ballston Square		Arlington, VA		71,640				215,937				10,200		71,640		226,137		297,777		23,372		274,405		—		1992/2013
Avalon Courthouse Place		Arlington, VA		56,550				178,032				8,131		56,550		186,163		242,713		18,921		223,792		140,332		1999/2013
Avalon Reston Landing		Reston, VA		26,710				83,084				4,354		26,710		87,438		114,148		9,863		104,285		—		2000/2013
Oakwood Arlington		Arlington, VA		18,850				38,545				1,856		18,850		40,401		59,251		4,324		54,927		42,185		1987/2013
Avalon Mosaic		Merrifield, VA		33,483				75,081				—		33,483		75,081		108,564		2,108		106,456		—		2014
Avalon Arlington North		Arlington, VA		21,600				58,763				—		21,600		58,763		80,363		1,468		78,895		—		2014
TOTAL MID-ATLANTIC				$	620,356			$	1,839,822			$	141,299	$	620,356	$	1,981,121	$	2,601,477	$	396,214	$	2,205,263	$	597,830
PACIFIC NORTHWEST
Seattle, WA
				Initial Cost										Total Cost
Community		City and state		Land and improvements				Building /				Costs		Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
								Construction in				Subsequent to				Construction in				Depreciation		Net of				Completion/
								Progress &				Acquisition /				Progress &						Accumulated				Acquisition
								Improvements				Construction				Improvements						Depreciation
Avalon Redmond Place		Redmond, WA		$	4,558			$	18,368			$	9,879	$	4,558	$	28,247	$	32,805	$	14,541	$	18,264	$	—	1991/1997
Avalon at Bear Creek		Redmond, WA		6,786				27,641				3,427		6,786		31,068		37,854		17,457		20,397		—		1998/1998
Avalon Bellevue		Bellevue, WA		6,664				24,119				1,685		6,664		25,804		32,468		12,245		20,223		25,491		2001
Avalon RockMeadow		Bothell, WA		4,777				19,765				1,901		4,777		21,666		26,443		10,695		15,748		—		2000/2000
Avalon ParcSquare		Redmond, WA		3,789				15,139				2,630		3,789		17,769		21,558		8,587		12,971		—		2000/2000
Avalon Brandemoor		Lynnwood, WA		8,608				36,679				1,656		8,608		38,335		46,943		18,143		28,800		—		2001/2001
AVA Belltown		Seattle, WA		5,644				12,733				830		5,644		13,563		19,207		6,330		12,877		—		2001
Avalon Meydenbauer		Bellevue, WA		12,697				77,451				936		12,697		78,387		91,084		18,053		73,031		—		2008
Avalon Towers Bellevue		Bellevue, WA		—				123,030				811		—		123,841		123,841		19,003		104,838		—		2011
AVA Queen Anne		Seattle, WA		12,081				41,618				347		12,081		41,965		54,046		4,357		49,689		—		2012
Avalon Brandemoor II		Lynnwood, WA		2,655				11,343				—		2,655		11,343		13,998		1,435		12,563		—		2011
AVA Ballard		Seattle, WA		16,460				46,885				6		16,460		46,891		63,351		2,811		60,540		—		2013
Eaves Redmond Campus		Redmond, WA		22,580				88,001				5,248		22,580		93,249		115,829		10,158		105,671		—		1991/2013
Archstone Redmond Lakeview		Redmond, WA		10,250				26,842				1,831		10,250		28,673		38,923		3,302		35,621		—		1987/2013
AVA University District		Seattle, WA		12,594				60,566				294		12,594		60,860		73,454		2,087		71,367		—		2014
TOTAL PACIFIC NORTHWEST				$	130,143			$	630,180			$	31,481	$	130,143	$	661,661	$	791,804	$	149,204	$	642,600	$	25,491
NORTHERN CALIFORNIA
Oakland-East Bay, CA
Avalon Fremont		Fremont, CA		$	10,746			$	43,399			$	5,059	$	10,746	$	48,458	$	59,204	$	28,083	$	31,121	$	—	1992/1994
Eaves Dublin		Dublin, CA		5,276				19,642				9,167		5,276		28,809		34,085		14,183		19,902		—		1989/1997
Eaves Pleasanton		Pleasanton, CA		11,610				46,552				21,254		11,610		67,806		79,416		33,374		46,042		—		1988/1994
Eaves Union City		Union City, CA		4,249				16,820				2,832		4,249		19,652		23,901		11,402		12,499		—		1973/1996
Eaves Fremont		Fremont, CA		6,581				26,583				9,730		6,581		36,313		42,894		19,198		23,696		—		1985/1994
Avalon Union City		Union City, CA		14,732				104,025				294		14,732		104,319		119,051		19,722		99,329		—		2009
Avalon Walnut Creek		Walnut Creek, CA		—				145,906				1,643		—		147,549		147,549		22,354		125,195		137,542		2010
Eaves Walnut Creek		Walnut Creek, CA		30,320				82,375				5,597		30,320		87,972		118,292		9,646		108,646		—		1987/2013
Avalon Walnut Ridge I		Walnut Creek, CA		9,860				19,850				878		9,860		20,728		30,588		2,159		28,429		20,754		2000/2013
Avalon Walnut Ridge II		Walnut Creek, CA		27,190				57,041				3,299		27,190		60,340		87,530		6,990		80,540		—		1989/2013
Avalon Berkeley		Berkeley, CA		4,500				28,646				—		4,500		28,646		33,146		467		32,679		—		2014
Avalon Dublin Station		Dublin, CA		7,771				71,026				—		7,771		71,026		78,797		1,782		77,015		—		2014
San Francisco, CA
Eaves Daly City		Daly City, CA		4,230				9,659				18,662		4,230		28,321		32,551		14,804		17,747		—		1972/1997
AVA Nob Hill		San Francisco, CA		5,403				21,567				6,888		5,403		28,455		33,858		14,033		19,825		20,800		1990/1995
				Initial Cost										Total Cost
Community		City and state		Land and improvements				Building /				Costs		Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
								Construction in				Subsequent to				Construction in				Depreciation		Net of				Completion/
								Progress &				Acquisition /				Progress &						Accumulated				Acquisition
								Improvements				Construction				Improvements						Depreciation
Eaves San Rafael		San Rafael, CA		5,982				16,885				24,197		5,982		41,082		47,064		17,997		29,067		—		1973/1996
Eaves Foster City		Foster City, CA		7,852				31,445				11,207		7,852		42,652		50,504		21,206		29,298		—		1973/1994
Eaves Pacifica		Pacifica, CA		6,125				24,796				2,541		6,125		27,337		33,462		15,595		17,867		17,600		1971/1995
Avalon Sunset Towers		San Francisco, CA		3,561				21,321				14,894		3,561		36,215		39,776		16,136		23,640		—		1961/1996
Eaves Diamond Heights		San Francisco, CA		4,726				19,130				5,790		4,726		24,920		29,646		12,976		16,670		—		1972/1994
Avalon at Mission Bay North		San Francisco, CA		14,029				78,452				2,482		14,029		80,934		94,963		33,067		61,896		69,955		2003
Avalon at Mission Bay III		San Francisco, CA		28,687				119,156				74		28,687		119,230		147,917		22,702		125,215		—		2009
Avalon Ocean Avenue		San Francisco, CA		5,544				50,883				1,740		5,544		52,623		58,167		4,827		53,340		—		2012
Avalon San Bruno		San Bruno, CA		40,780				68,684				2,891		40,780		71,575		112,355		7,423		104,932		64,450		2004/2013
Avalon San Bruno II		San Bruno, CA		23,787				44,934				1,668		23,787		46,602		70,389		4,527		65,862		30,968		2007/2013
Avalon San Bruno III		San Bruno, CA		33,303				62,910				2,349		33,303		65,259		98,562		6,340		92,222		56,210		2010/2013
AVA 55 Ninth		San Francisco, CA		20,267				96,291				—		20,267		96,291		116,558		2,022		114,536		—		2014
San Jose, CA
Avalon Campbell		Campbell, CA		11,830				47,828				13,431		11,830		61,259		73,089		28,671		44,418		38,800		1995
Eaves San Jose		San Jose, CA		12,920				53,047				18,810		12,920		71,857		84,777		28,688		56,089		—		1985/1996
Avalon on the Alameda		San Jose, CA		6,119				50,225				1,644		6,119		51,869		57,988		28,035		29,953		51,539		1999
Avalon Silicon Valley		Sunnyvale, CA		20,713				99,573				4,987		20,713		104,560		125,273		59,276		65,997		—		1998
Avalon Mountain View		Mountain View, CA		9,755				39,393				9,511		9,755		48,904		58,659		25,542		33,117		18,100		1986
Eaves Creekside		Mountain View, CA		6,546				26,263				20,984		6,546		47,247		53,793		20,739		33,054		—		1962/1997
Avalon at Cahill Park		San Jose, CA		4,765				47,600				1,433		4,765		49,033		53,798		20,749		33,049		—		2002
Avalon Towers on the Peninsula		Mountain View, CA		9,560				56,136				1,103		9,560		57,239		66,799		25,115		41,684		—		2002
Avalon Willow Glen		San Jose, CA		46,060				81,957				4,034		46,060		85,991		132,051		9,780		122,271		—		2002/2013
Eaves West Valley		San Jose, CA		90,890				113,628				7,019		90,890		120,647		211,537		14,646		196,891		83,087		1970/2013
Eaves Mountain View at Middlefield		Mountain View, CA		64,070				69,018				4,847		64,070		73,865		137,935		9,416		128,519		71,496		1969/2013
Eaves West Valley II		San Jose, CA		—				18,411				—		—		18,411		18,411		735		17,676		—		2013
Avalon Morrison Park		San Jose, CA		13,837				64,337				—		13,837		64,337		78,174		1,756		76,418		—		2014
TOTAL NORTHERN CALIFORNIA				$	634,176			$	2,095,394			$	242,939	$	634,176	$	2,338,333	$	2,972,509	$	636,163	$	2,336,346	$	681,301
SOUTHERN CALIFORNIA
Orange County, CA
AVA Newport		Costa Mesa, CA		$	1,975			$	3,814			$	9,802	$	1,975	$	13,616	$	15,591	$	5,491	$	10,100	$	—	1956/1996
Avalon Mission Viejo		Mission Viejo, CA		2,517				9,257				2,783		2,517		12,040		14,557		7,157		7,400		7,635		1984/1996
Eaves South Coast		Costa Mesa, CA		4,709				16,063				12,772		4,709		28,835		33,544		13,887		19,657		—		1973/1996
				Initial Cost										Total Cost
Community		City and state		Land and improvements				Building /				Costs		Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
								Construction in				Subsequent to				Construction in				Depreciation		Net of				Completion/
								Progress &				Acquisition /				Progress &						Accumulated				Acquisition
								Improvements				Construction				Improvements						Depreciation
Eaves Santa Margarita		Rancho Santa Margarita, CA		4,607				16,911				10,247		4,607		27,158		31,765		12,753		19,012		—		1990/1997
Eaves Huntington Beach		Huntington Beach, CA		4,871				19,745				9,530		4,871		29,275		34,146		16,657		17,489		—		1971/1997
Avalon Anaheim Stadium		Anaheim, CA		27,874				69,156				645		27,874		69,801		97,675		14,359		83,316		—		2009
Avalon Irvine		Irvine, CA		9,911				67,524				69		9,911		67,593		77,504		12,521		64,983		—		2010
Eaves Lake Forest		Lake Forest, CA		5,199				21,134				2,114		5,199		23,248		28,447		3,006		25,441		—		1975/2011
Avalon Irvine II		Irvine, CA		4,358				40,906				—		4,358		40,906		45,264		2,753		42,511		—		2013
Eaves Seal Beach		Seal Beach, CA		46,790				99,999				4,635		46,790		104,634		151,424		11,178		140,246		85,122		1971/2013
San Diego, CA
AVA Pacific Beach		San Diego, CA		9,922				40,580				30,927		9,922		71,507		81,429		32,316		49,113		—		1969/1997
Eaves Mission Ridge		San Diego, CA		2,710				10,924				11,263		2,710		22,187		24,897		12,213		12,684		—		1960/1997
AVA Cortez Hill		San Diego, CA		2,768				20,134				23,464		2,768		43,598		46,366		18,853		27,513		—		1973/1998
Avalon Fashion Valley		San Diego, CA		19,627				44,972				290		19,627		45,262		64,889		9,860		55,029		—		2008
Eaves San Marcos		San Marcos, CA		3,277				13,385				860		3,277		14,245		17,522		1,869		15,653		—		1988/2011
Eaves Rancho Penasquitos		San Diego, CA		6,692				27,143				1,834		6,692		28,977		35,669		3,697		31,972		—		1986/2011
Avalon La Jolla Colony		San Diego, CA		16,760				27,694				2,099		16,760		29,793		46,553		3,665		42,888		27,176		1987/2013
Eaves La Mesa		La Mesa, CA		9,490				28,482				1,335		9,490		29,817		39,307		3,230		36,077		—		1989/2013
Los Angeles, CA
AVA Burbank		Burbank, CA		22,483				28,104				48,076		22,483		76,180		98,663		32,069		66,594		—		1961/1997
Avalon Woodland Hills		Woodland Hills, CA		23,828				40,372				46,946		23,828		87,318		111,146		36,446		74,700		—		1989/1997
Eaves Warner Center		Woodland Hills, CA		7,045				12,986				9,304		7,045		22,290		29,335		13,017		16,318		—		1979/1998
Avalon at Glendale		Glendale, CA		—				42,564				1,155		—		43,719		43,719		16,923		26,796		—		2003
Avalon Burbank		Burbank, CA		14,053				56,827				23,842		14,053		80,669		94,722		29,268		65,454		—		1988/2002
Avalon Camarillo		Camarillo , CA		8,446				40,290				142		8,446		40,432		48,878		12,232		36,646		—		2006
Avalon Wilshire		Los Angeles, CA		5,459				41,182				1,045		5,459		42,227		47,686		11,268		36,418		—		2007
Avalon Encino		Encino, CA		12,789				49,073				395		12,789		49,468		62,257		10,812		51,445		—		2008
Avalon Warner Place		Canoga Park, CA		7,920				44,848				183		7,920		45,031		52,951		10,522		42,429		—		2008
Eaves Phillips Ranch		Pomona, CA		9,796				41,740				246		9,796		41,986		51,782		5,516		46,266		—		1989/2011
Eaves San Dimas		San Dimas, CA		1,916				7,819				519		1,916		8,338		10,254		1,089		9,165		—		1978/2011
Eaves San Dimas Canyon		San Dimas, CA		2,953				12,428				191		2,953		12,619		15,572		1,663		13,909		—		1981/2011
AVA Pasadena		Pasadena, CA		8,400				11,547				5,388		8,400		16,935		25,335		1,319		24,016		11,683		1973/2012
Eaves Cerritos		Artesia, CA		8,305				21,195				1,392		8,305		22,587		30,892		1,991		28,901		—		1973/2012
Avalon Del Rey		Los Angeles, CA		30,900				72,008				654		30,900		72,662		103,562		5,978		97,584		—		2006/2012
				Initial Cost										Total Cost
Community		City and state		Land and improvements				Building /				Costs		Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
								Construction in				Subsequent to				Construction in				Depreciation		Net of				Completion/
								Progress &				Acquisition /				Progress &						Accumulated				Acquisition
								Improvements				Construction				Improvements						Depreciation
Avalon Simi Valley		Simi Valley, CA		42,020				73,361				4,411		42,020		77,772		119,792		9,158		110,634		—		2007/2013
Avalon Studio City II		Studio City, CA		4,626				22,954				1,210		4,626		24,164		28,790		2,484		26,306		—		1991/2013
Avalon Studio City III		Studio City, CA		15,756				78,178				3,418		15,756		81,596		97,352		8,428		88,924		—		2002/2013
Avalon Calabasas		Calabasas, CA		42,720				107,642				6,649		42,720		114,291		157,011		13,810		143,201		100,237		1988/2013
Avalon Oak Creek		Agoura Hills, CA		43,540				79,974				4,277		43,540		84,251		127,791		10,304		117,487		85,288		2004/2013
Avalon Santa Monica on Main		Santa Monica, CA		32,000				60,770				3,359		32,000		64,129		96,129		6,720		89,409		—		2007/2013
Avalon Del Mar Station		Pasadena, CA		20,560				106,556				3,277		20,560		109,833		130,393		9,650		120,743		76,471		2006/2013
Eaves Old Town Pasadena		Pasadena, CA		9,110				15,371				1,188		9,110		16,559		25,669		2,053		23,616		15,669		1972/2013
Eaves Thousand Oaks		Thousand Oaks, CA		13,950				20,211				2,053		13,950		22,264		36,214		3,208		33,006		27,411		1992/2013
Eaves Los Feliz		Los Angeles, CA		18,940				43,661				3,160		18,940		46,821		65,761		5,463		60,298		43,258		1989/2013
Oakwood Toluca Hills		Los Angeles, CA		85,450				161,256				9,933		85,450		171,189		256,639		20,490		236,149		165,561		1973/2013
Eaves Woodland Hills		Woodland Hills, CA		68,940				90,549				9,014		68,940		99,563		168,503		13,226		155,277		104,694		1971/2013
Avalon Thousand Oaks Plaza		Thousand Oaks, CA		12,810				22,581				1,807		12,810		24,388		37,198		3,226		33,972		28,394		2002/2013
Avalon Pasadena		Pasadena, CA		10,240				31,558				1,808		10,240		33,366		43,606		3,503		40,103		28,079		2004/2013
Avalon Studio City		Studio City, CA		17,658				90,715				4,094		17,658		94,809		112,467		9,702		102,765		—		1987/2013
Avalon San Dimas		San Dimas, CA		9,140				30,445				—		9,140		30,445		39,585		313		39,272		—		2014
Avalon Mission Oaks		Camarillo, CA		9,600				34,540				2,860		9,600		37,400		47,000		93		46,907		—		2014
TOTAL SOUTHERN CALIFORNIA				$	805,410			$	2,171,128			$	326,665	$	805,410	$	2,497,793	$	3,303,203	$	497,409	$	2,805,794	$	806,678
Non-Core
Archstone Lexington		Flower Mound, TX		$	4,540			$	25,946			$	1,823	$	4,540	$	27,769	$	32,309	$	3,551	$	28,758	$	16,525	2000/2013
Archstone Toscano		Houston, TX		15,607				72,154				5		15,607		72,159		87,766		3,324		84,442		—		2014
Memorial Heights Villages		Houston, TX		9,607				42,164				—		9,607		42,164		51,771		724		51,047		—		2014
TOTAL NON-CORE				$	29,754			$	140,264			$	1,828	$	29,754	$	142,092	$	171,846	$	7,599	$	164,247	$	16,525
TOTAL CURRENT COMMUNITIES				$	3,412,833			$	11,222,071			$	1,077,984	$	3,412,833	$	12,300,055	$	15,712,888	$	2,858,260	$	12,854,628	$	3,448,138
DEVELOPMENT COMMUNITIES
Avalon West Chelsea/AVA High Line		New York, NY		$	—			$	260,762			$	11,823	$	—	$	272,585	$	272,585	$	4,302	$	268,283	$	—	N/A
Avalon North Station		Boston, MA		—				—				46,268		—		46,268		46,268		—		46,268		—		N/A
Avalon at Assembly Row/AVA Somerville		Somerville, MA		15,239				80,685				33,327		15,239		114,012		129,251		1,095		128,156		—		N/A
Avalon Framingham		Framingham, MA		—				—				18,335		—		18,335		18,335		—		18,335		—		N/A
Avalon West Hollywood		West Hollywood, CA		—				233				57,895		—		58,128		58,128		—		58,128		—		N/A
Avalon Dublin Station II		Dublin, CA		—				84				43,338		—		43,422		43,422		—		43,422		—		N/A
Avalon Wharton		Wharton, NJ		874				20,455				27,318		874		47,773		48,647		116		48,531		—		N/A
				Initial Cost										Total Cost
Community		City and state		Land and improvements				Building /				Costs		Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
								Construction in				Subsequent to				Construction in				Depreciation		Net of				Completion/
								Progress &				Acquisition /				Progress &						Accumulated				Acquisition
								Improvements				Construction				Improvements						Depreciation
Avalon Green III		New York, NY		—				4				1,443		—		1,447		1,447		—		1,447		—		N/A
AVA Little Tokyo		Los Angeles, CA		5,479				35,923				64,425		5,479		100,348		105,827		423		105,404		—		N/A
AVA Theater District		Boston, MA		—				315				132,767		—		133,082		133,082		—		133,082		—		N/A
Avalon Marlborough		Boston, MA		—				95				46,808		—		46,903		46,903		—		46,903		—		N/A
Avalon Vista		Vista, CA		—				292				36,338		—		36,630		36,630		—		36,630		—		N/A
Avalon Bloomfield Station		Bloomfield, NJ		—				56				29,624		—		29,680		29,680		—		29,680		—		N/A
Avalon Willoughby Square/AVA DoBro		Brooklyn, NY		—				80				266,238		—		266,318		266,318		—		266,318		—		N/A
Avalon Alderwood I		Lynnwood, WA		7,033				32,783				26,290		7,033		59,073		66,106		492		65,614		—		N/A
AVA Capitol Hill		Seattle, WA		—				—				39,870		—		39,870		39,870		—		39,870		—		N/A
Avalon Esterra Park		Redmond, WA		—				8				33,515		—		33,523		33,523		—		33,523		—		N/A
Avalon Hayes Valley		San Francisco, CA		—				887				78,685		—		79,572		79,572		—		79,572		—		N/A
Avalon Baker Ranch		Lake Forest, CA		3,684				12,815				94,303		3,684		107,118		110,802		54		110,748		—		N/A
Avalon Irvine III		Irvine, CA		—				50				26,253		—		26,303		26,303		—		26,303		—		N/A
Avalon Huntington Beach		Huntington Beach, CA		—				78				40,661		—		40,739		40,739		—		40,739		—		N/A
Avalon Glendora		Glendora, CA		—				55				52,091		—		52,146		52,146		—		52,146		—		N/A
Avalon Falls Church		Falls Church, VA		—				240				69,391		—		69,631		69,631		—		69,631		—		N/A
Avalon Roseland		Roseland, NJ		—				372				32,771		—		33,143		33,143		—		33,143		—		N/A
Avalon Princeton		Princeton, NJ		—				70				35,386		—		35,456		35,456		—		35,456		—		N/A
Avalon Union		Union, NJ		—				—				12,717		—		12,717		12,717		—		12,717		—		N/A
TOTAL DEVELOPMENT COMMUNITIES				$	32,309			$	446,342			$	1,357,880	$	32,309	$	1,804,222	$	1,836,531	$	6,482	$	1,830,049	$	—
Land Held for Development				$	180,516			$	—			$	—	$	180,516	$	—	$	180,516	$	—	$	180,516	$	—
Corporate Overhead				31,344				31,699				56,338		31,344		88,037		119,381		48,834		70,547		3,000,000
TOTAL				$	3,657,002			$	11,700,112			$	2,492,202	$	3,657,002	$	14,192,314	$	17,849,316	$	2,913,576	$	14,935,740	$	6,448,138
_________________________________
-1	Includes 240 apartment homes which were destroyed and are uninhabitable as a result of the fire at Avalon at Edgewater in January 2015.
Amounts include real estate assets held for sale.
Depreciation of AvalonBay Communities, Inc. building, improvements, upgrades and furniture, fixtures and equipment (FF&E) is calculated over the following useful lives, on a straight line basis:
Building—30 years
Improvements, upgrades and FF&E—not to exceed 7 years
The aggregate cost of total real estate for federal income tax purposes was approximately $17,561,706 at December 31, 2014.
The changes in total real estate assets for the years ended December 31, 2014, 2013 and 2012 are as follows:
	For the year ended
	12/31/14				12/31/13				12/31/12
Balance, beginning of period	$	16,800,321			$	10,071,342			$	9,288,496
Acquisitions, construction costs and improvements	1,311,003				7,157,639				934,935
Dispositions, including impairment loss on planned dispositions	(262,008		)		(428,660		)		(152,089		)
Balance, end of period	$	17,849,316			$	16,800,321			$	10,071,342
The changes in accumulated depreciation for the years ended December 31, 2014, 2013 and 2012, are as follows:
	For the year ended
	12/31/14				12/31/13				12/31/12
Balance, beginning of period	$	2,516,112			$	2,056,222			$	1,863,466
Depreciation, including discontinued operations	442,682				573,715				260,094
Dispositions	(45,218		)		(113,825		)		(67,338		)
Balance, end of period	$	2,913,576			$	2,516,112			$	2,056,222

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Organization	Organization
	AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986 (the “Code”). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California.
	At December 31, 2014, the Company owned or held a direct or indirect ownership interest in 251 operating apartment communities containing 73,963 apartment homes in 11 states and the District of Columbia, of which eight communities containing 2,938 apartment homes were under reconstruction. In addition, the Company owned or held a direct or indirect ownership interest in 26 communities under construction that are expected to contain an aggregate of 8,524 apartment homes when completed. The Company also owned or held a direct or indirect ownership interest in land or rights to land in which the Company expects to develop an additional 37 communities that, if developed as expected, will contain an estimated 10,384 apartment homes.
	Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K.
Principles of Consolidation	Principles of Consolidation
	The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualified for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation.
	The Company accounts for joint venture entities and subsidiary partnerships that are not variable interest entities in accordance with the guidance applicable to limited partnerships or similar entities. The Company evaluates the partnership of each joint venture entity and determines whether control over the partnership lies with the general partner or, when the limited partners have certain rights, with the limited partners. The Company consolidates an investment when both (i) the Company is the general partner and (ii) the limited partner interests do not overcome the Company's presumption of control by having either substantive participating rights, the ability to remove the Company as the general partner or the ability to dissolve the partnership.
	The Company generally uses the equity method under all other potential scenarios, including where (i) the Company holds a general partner interest but the presumption of control by the Company is overcome by the limited partner interests as described in the preceding paragraph or (ii) the Company holds a noncontrolling limited partner interest in a joint venture. Investments in which the Company has little or no influence are accounted for using the cost method.
Revenue and Gain Recognition	Revenue and Gain Recognition
	Rental income related to leases is recognized on an accrual basis when due from residents as required by the accounting guidance applicable to leases, which provides guidance on classification and recognition. In accordance with the Company's standard lease terms, rental payments are generally due on a monthly basis. Any cash concessions given at the inception of the lease are amortized over the approximate life of the lease, which is generally one year. The Company records a charge to income for outstanding receivables greater than 90 days past due as a component of operating expenses, excluding property taxes on the accompanying Consolidated Statements of Comprehensive Income.
	The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete and the Company is not obligated to perform significant activities after the sale.
Real Estate	Real Estate
	Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an asset are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.
	Improvements and upgrades are generally capitalized only if the item exceeds $15,000, extends the useful life of the asset and is not related to making an apartment home ready for the next resident. Purchases of personal property, such as computers and furniture, are generally capitalized only if the item is a new addition and exceeds $2,500. The Company generally expenses purchases of personal property made for replacement purposes.
	Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is delivered and is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate. For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings as incurred. The Company defers costs associated with originating new leases, recognizing the impact of these costs in earnings over the term of the lease.
	The Company acquired as a Development Right one land parcel partially improved with office buildings, industrial space and other commercial and residential ventures occupied by unrelated third parties. As of December 31, 2014, the Company is actively pursuing development of this parcel. For the land parcel for which the Company intends to pursue development, the Company will manage the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on these land parcels in excess of any incremental costs are being recorded as a reduction of total capitalized costs of the Development Right and not as part of net income.
	In connection with the acquisition of an operating community, the Company identifies and records each asset acquired and liability assumed in such transaction at its estimated fair value at the date of acquisition. The purchase price allocations to tangible assets, such as land, buildings and improvements, and furniture, fixtures and equipment, and the in-place lease intangible assets, are reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company expenses all costs incurred related to acquisitions of operating communities. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities. The approach applies industry standard replacement costs adjusted for geographic specific considerations, and reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of the acquired lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. The lease-up period for an apartment community is assumed to be 12 months to achieve stabilized occupancy. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market rents obtained for market comparables, and considered a market derived discount rate. Given the significance of unobservable inputs used in the value of real estate assets acquired, it classifies them as Level 3 prices in the fair value hierarchy.
	Depreciation is calculated on buildings and improvements using the straight-line method over their estimated useful lives, which range from seven to 30 years. Furniture, fixtures and equipment are generally depreciated using the straight-line method over their estimated useful lives, which range from three years (primarily computer-related equipment) to seven years.
Income Taxes	Income Taxes
	As of December 31, 2014 and 2013, the Company did not have any unrecognized tax benefits. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next 12 months. The Company is subject to examination by the respective taxing authorities for the tax years 2011 through 2013.
	The Company elected to be taxed as a REIT under the Code for its tax year ended December 31, 1994 and has not revoked such election. A corporate REIT is a legal entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT the Company generally will not be subject to corporate level federal income tax on taxable income if it distributes 100% of its taxable income over the time period allowed under the Code to its stockholders. The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the avoidance of income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2014, 2013 and 2012. In addition, taxable income from non-REIT activities performed through taxable REIT subsidiaries ("TRS") is subject to federal, state and local income taxes. The Company incurred income tax expense of $9,368,000 in 2014 associated with disposition activities transacted through a TRS. See Note 6, "Investments in Real Estate Entities" and Note 7, "Real Estate Disposition Activities," for further discussion.
Deferred Financing Costs	Deferred Financing Costs
	Deferred financing costs include fees and other expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the term of the loan or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date.
Cash, Cash Equivalents and Cash in Escrow	Cash, Cash Equivalents and Cash in Escrow
	Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes principal reserve funds that are restricted for the repayment of specified secured financing. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks.
Comprehensive Income	Comprehensive Income
	Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships.
Earnings per Common Share	Earnings per Common Share
	Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share ("EPS"). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):
		For the year ended
		12/31/14			12/31/13			12/31/12
	Basic and diluted shares outstanding
	Weighted average common shares—basic	130,586,718			126,855,754			97,416,401
	Weighted average DownREIT units outstanding	7,500			7,500			7,500
	Effect of dilutive securities	643,284			402,649			601,251
	Weighted average common shares—diluted	131,237,502			127,265,903			98,025,152
	Calculation of Earnings per Share—basic
	Net income attributable to common stockholders	$	683,567		$	353,141		$	423,869
	Net income allocated to unvested restricted shares	(1,523		)	(563		)	(1,264		)
	Net income attributable to common stockholders, adjusted	$	682,044		$	352,578		$	422,605
	Weighted average common shares—basic	130,586,718			126,855,754			97,416,401
	Earnings per common share—basic	$	5.22		$	2.78		$	4.34
	Calculation of Earnings per Share—diluted
	Net income attributable to common stockholders	$	683,567		$	353,141		$	423,869
	Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	35			32			28
	Adjusted net income attributable to common stockholders	$	683,602		$	353,173		$	423,897
	Weighted average common shares—diluted	131,237,502			127,265,903			98,025,152
	Earnings per common share—diluted	$	5.21		$	2.78		$	4.32
	Dividends per common share	$	4.64		$	4.28		$	3.88
	Certain options to purchase shares of common stock in the amount of 605,899 and 396,346 were outstanding as of December 31, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per share because such options were anti-dilutive for the period. All options to purchase shares of common stock outstanding as of December 31, 2014 are included in the computation of diluted earnings per share.
	The Company is required to estimate the forfeiture of stock options and recognize compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost are adjusted to reflect actual forfeitures at the end of the vesting period. The forfeiture rate at December 31, 2014 was 1.4% and is based on the average forfeiture activity over a period equal to the estimated life of the stock options. The application of estimated forfeitures did not materially impact compensation expense for the years ended December 31, 2014, 2013 and 2012.
Abandoned Pursuit Costs, Impairment of Long-Lived Assets and Casualty Loss	Abandoned Pursuit Costs, Impairment of Long-Lived Assets and Casualty Loss
	The Company evaluates its real estate and other long-lived assets for impairment when potential indicators of impairment exist. Such assets are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of a property may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the property to its estimated undiscounted future cash flows. If the carrying amount exceeds the aggregate undiscounted future cash flows, the Company recognizes an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2014, 2013 and 2012, the Company did not recognize any impairment losses for wholly-owned operating real estate assets.
	The Company capitalizes pre-development costs incurred in pursuit of new development opportunities for which the Company currently believes future development is probable ("Development Rights"). Future development of these Development Rights is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and the availability of capital. Initial pre-development costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the status of a Development Right changes, making future development by the Company no longer probable, any capitalized pre-development costs are written off with a charge to expense. The Company expensed costs related to the abandonment of Development Rights as well as costs incurred in pursuing the acquisition of assets or costs incurred pursuing the disposition of assets for which such acquisition and disposition activity did not occur, in the amounts of $3,964,000, $998,000 and $1,757,000 during the years ended December 31, 2014, 2013 and 2012, respectively. These costs are included in expensed acquisition, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods.
	The Company evaluates its real estate and other long-lived assets for impairment if the intent of the Company changes with respect to either the development of, or the expected hold period for, the land. The Company did not recognize any impairment charges for land holdings in 2014, 2013 or 2012.
	The Company also evaluates its unconsolidated investments for other than temporary impairment, considering both the extent and amount by which the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. There were no other than temporary impairment losses recognized by any of the Company's investments in unconsolidated entities during the years ended December 31, 2014, 2013 or 2012.
	During the year ended December 31, 2012 the Company incurred damages related to Superstorm Sandy at certain of its communities on the East Coast, and recognized a charge of $1,449,000 for the casualty loss associated with this damage on the accompanying Consolidated Statements of Comprehensive Income. The Company did not incur a casualty loss in 2014 or 2013. A casualty loss may also result in lost operating income from one or more communities that is covered by the Company’s business interruption insurance policies. The Company recognizes income for amounts received under its business interruption insurance policies as a component of rental and other income in the Consolidated Statements of Comprehensive Income. Revenue is recognized upon resolution of all contingencies related to the receipt, typically upon written confirmation by the insurer or receipt of the actual proceeds. The Company recognized $2,494,000 and $299,000 in income related business interruption insurance proceeds for the years ended December 31, 2014 and 2013, respectively. There were no business interruption insurance proceeds received in 2012.
	See Note 14, "Subsequent Events," for discussion of the fire at Avalon at Edgewater.
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations
	The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the Company's Consolidated Statements of Comprehensive Income. Held for sale and discontinued operations classifications are provided in both the current and prior periods presented. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Both the real estate assets and corresponding liabilities are presented separately in the accompanying Consolidated Balance Sheets. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. For those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations will not have any impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests
	Redeemable noncontrolling interests are comprised of potential future obligations of the Company, which allow the investors holding the noncontrolling interest to require the Company to purchase their interest. The Company classifies obligations under the redeemable noncontrolling interests at fair value, with a corresponding offset for changes in the fair value recorded in accumulated earnings less dividends. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interest's initial basis. The redeemable noncontrolling interests are presented outside of permanent equity as settlement in shares of the Company's common stock shares, where permitted, may not be within the Company's control. The nature and valuation of the Company's redeemable noncontrolling interests are discussed further in Note 12, "Fair Value."
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities
	The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an on-going basis. Hedge ineffectiveness is reported as a component of general and administrative expenses. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. Other than the $51,000,000 loss on interest rate contract recorded during 2013, fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivative positions that the Company has determined qualify as effective cash flow hedges, the Company has recorded the effective portion of cumulative changes in the fair value of the Hedging Derivatives in other comprehensive income. Amounts recorded in other comprehensive income will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that the Company has determined qualified as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding debt being hedged. See Note 12, "Fair Value," for further discussion of derivative financial instruments.
Noncontrolling Interests	Noncontrolling Interests
	Noncontrolling interests represent our joint venture partners' claims on consolidated investments where the Company owns less than a 100% interest. The Company records these interests at their initial fair value, adjusting the basis prospectively for the joint venture partners' share of the respective consolidated investments' results of operations and applicable changes in ownership.
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Reclassifications	Reclassifications
	Certain reclassifications have been made to amounts in prior years' financial statements to conform to current year presentations as a result of discontinued operations and changes in held for sale classification as described in Note 7, “Real Estate Disposition Activities.”
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards
	In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("FASB") (ASU) 2014-08, guidance updating the accounting and reporting for discontinued operations. Under the recently issued guidance, only disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations. Additionally, the final standard requires expanded disclosures about dispositions that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations, as well as disposals of a significant part of an entity that does not qualify for discontinued operations reporting. The final standard is effective in the first quarter of 2015 and allows for early adoption. The Company adopted the guidance as of January 1, 2014, as discussed in Note 7, “Real Estate Disposition Activities.”
	In May 2014, the FASB issued a revenue recognition standard that will result in companies recognizing revenue from contracts when control for the service or product that is the subject of the contract is transferred from the seller to the buyer. The Company will be required to apply the new standard in the first quarter of 2017 and is assessing whether the new standard will have a material effect on its financial position or results of operations.

Organization_and_Basis_of_Pres2

Organization and Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Schedule of reconciliation of income from book basis to tax basis	The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):
		2014 Estimate				2013 Actual				2012 Actual
	Net income attributable to common stockholders	$	683,567			$	353,141			$	423,869
	GAAP gain on sale of communities (in excess of) less than tax gain	17,688				29,388				37,525
	Depreciation/amortization timing differences on real estate	42,195				180,293				9,572
	Deductible acquisition costs	(7,681		)		(26,427		)		—
	Amortization of debt/mark to market interest	(38,202		)		(31,965		)		—
	Tax compensation expense less than (in excess of) GAAP	(6,789		)		12,886				(26,314		)
	Casualty and impairment loss	—				—				1,449
	Other adjustments	(39,726		)		1,018				(9,034		)
	Taxable net income	$	651,052			$	518,334			$	437,067
Schedule of tax components of the entity's common dividends declared	The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2014, 2013 and 2012:
		2014			2013			2012
	Ordinary income	62	%		42	%		47	%
	20% capital gain (15% for 2012)	29	%		40	%		33	%
	Unrecaptured §1250 gain	9	%		18	%		20	%
Schedule of earnings per common share	The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):
		For the year ended
		12/31/14				12/31/13				12/31/12
	Basic and diluted shares outstanding
	Weighted average common shares—basic	130,586,718				126,855,754				97,416,401
	Weighted average DownREIT units outstanding	7,500				7,500				7,500
	Effect of dilutive securities	643,284				402,649				601,251
	Weighted average common shares—diluted	131,237,502				127,265,903				98,025,152
	Calculation of Earnings per Share—basic
	Net income attributable to common stockholders	$	683,567			$	353,141			$	423,869
	Net income allocated to unvested restricted shares	(1,523		)		(563		)		(1,264		)
	Net income attributable to common stockholders, adjusted	$	682,044			$	352,578			$	422,605
	Weighted average common shares—basic	130,586,718				126,855,754				97,416,401
	Earnings per common share—basic	$	5.22			$	2.78			$	4.34
	Calculation of Earnings per Share—diluted
	Net income attributable to common stockholders	$	683,567			$	353,141			$	423,869
	Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	35				32				28
	Adjusted net income attributable to common stockholders	$	683,602			$	353,173			$	423,897
	Weighted average common shares—diluted	131,237,502				127,265,903				98,025,152
	Earnings per common share—diluted	$	5.21			$	2.78			$	4.32
	Dividends per common share	$	4.64			$	4.28			$	3.88

Notes_Payable_Unsecured_Notes_1

Notes Payable, Unsecured Notes and Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Summary of company's mortgage notes payable, unsecured notes, term loan and credit facility	The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2014 and December 31, 2013, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 7, "Real Estate Disposition Activities").
		12/31/14		12/31/13
	Fixed rate unsecured notes (1)	$	2,750,000	$	2,600,000
	Term Loan	250,000		—
	Fixed rate mortgage notes payable—conventional and tax-exempt (2)	2,400,677		2,407,962
	Variable rate mortgage notes payable—conventional and tax-exempt	1,047,461		1,011,609
	Total notes payable and unsecured notes	6,448,138		6,019,571
	Credit Facility	—		—
	Total mortgage notes payable, unsecured notes and Credit Facility	$	6,448,138	$	6,019,571
	_________________________________
	-1	Balances at December 31, 2014 and December 31, 2013 exclude $6,735 and $5,291, respectively, of debt discount as reflected in unsecured notes, net on the Company's Consolidated Balance Sheets.
	-2	Balances at December 31, 2014 and December 31, 2013 exclude $84,449 and $120,071, respectively, of debt premium as reflected in mortgage notes payable on the Company's Consolidated Balance Sheets.
Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding	Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at December 31, 2014 are as follows (dollars in thousands):
	Year	Secured		Secured		Unsecured		Stated interest
		notes		notes		notes		rate of
		payments		maturities		maturities		unsecured notes
	2015	$	17,873	$	586,705	$	—	—	%
	2016	19,037		16,255		250,000		5.75	%
	2017	20,255		710,291		250,000		5.7	%
	2018	19,649		76,937		—		—	%
	2019	7,141		658,447		—		—	%
	2020	6,209		50,824		250,000		6.1	%
						400,000		3.625	%
	2021	5,984		27,844		250,000		3.95	%
						250,000		LIBOR + 1.450%
	2022	6,351		—		450,000		2.95	%
	2023	6,742		—		350,000		4.2	%
						250,000		2.85	%
	2024	4,858		—		300,000		3.5	%
	Thereafter	—		1,206,736		—		—	%
		$	114,099	$	3,334,039	$	3,000,000

Archstone_Acquisition_Tables

Archstone Acquisition (Tables)	12 Months Ended
	Dec. 31, 2014
Business Combinations [Abstract]
Summary of final purchase price allocation	The following table summarizes the Company's final purchase price allocation:
		Acquisition Date
		Fair Value
		(dollars in thousands)
	Land and land improvements	$	1,745,520
	Buildings and improvements	3,711,853
	FF&E	52,290
	Construction-in-progress, including land and land held for development (1)	401,747
	In-place lease intangibles	182,467
	Other assets	109,717
	Total consolidated assets	6,203,594
	Interest in unconsolidated real estate entities	276,954
	Total assets	6,480,548
	Fair value of assumed mortgage notes payable	3,732,980
	Liability for preferred obligations	67,493
	Other liabilities	31,984
	Noncontrolling interest	13,262
	Net assets acquired	2,634,829
	Common shares issued	1,875,210
	Cash consideration	$	759,619
	_________________________________
	-1	Includes amounts for in-place leases for development communities.
Schedule of information for assets acquired in the acquisition that is included in the consolidated statement of comprehensive income from the closing date of the acquisition	The following table presents information for assets acquired in the Archstone Acquisition that is included in the Company's Consolidated Statement of Comprehensive Income from the closing date of the acquisition, February 27, 2013, through December 31, 2013 (in thousands).
		For the period including
		February 28, 2013 through
		December 31, 2013
	Revenues	$	353,427
	Loss attributable to common shareholders (1)	$	(105,589	)
	_________________________________
	-1	Amounts exclude acquisition costs for the Archstone Acquisition.
Schedule of company's supplemental consolidated pro forma information	The following table presents the Company's supplemental consolidated pro forma information as if the acquisition had occurred on January 1, 2012 (in thousands, except per share amounts):
		For the year ended			For the year ended
		December 31, 2013			December 31, 2012
	Revenues	$	1,534,868		$	1,411,504
	Income from continuing operations	$	348,160		$	158,738
	Earnings per common share—diluted (from continuing operations)	$	2.67		$	1.22

Investments_in_Real_Estate_Ent1

Investments in Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Combined summary of the financial position of the entities accounted for using the equity method	The following is a combined summary of the financial position of the entities accounted for using the equity method as of the dates presented, excluding amounts associated with the Residual JV (dollars in thousands):
		12/31/14			12/31/13
	Assets:
	Real estate, net	$	1,617,627		$	1,905,005
	Other assets	72,290			164,183
	Total assets	$	1,689,917		$	2,069,188
	Liabilities and partners' capital:
	Mortgage notes payable and credit facility	$	980,128		$	1,251,067
	Other liabilities	24,884			32,257
	Partners' capital	684,905			785,864
	Total liabilities and partners' capital	$	1,689,917		$	2,069,188
Combined summary of the operating results of the entities accounted for using the equity method	The following is a combined summary of the operating results of the entities accounted for using the equity method, for the years presented, excluding amounts associated with the Residual JV (dollars in thousands):
		For the year ended
		12/31/14			12/31/13			12/31/12
	Rental and other income	$	198,939		$	212,994		$	172,076
	Operating and other expenses	(80,301		)	(86,434		)	(73,955		)
	Gain on sale of real estate (1)	333,221			96,152			106,195
	Interest expense, net	(61,458		)	(61,404		)	(53,904		)
	Depreciation expense	(52,116		)	(61,002		)	(47,748		)
	Net income	$	338,285		$	100,306		$	102,664
	_________________________________
	-1	Amount for the year ended December 31, 2012 includes $44,700 of gain recognized by the joint venture associated with the Company's acquisition of Avalon Del Rey from its joint venture partner.
Equity in income of unconsolidated entities	The following is a summary of the Company's equity in income (loss) of unconsolidated entities for the years presented (dollars in thousands):
		For the year ended
		12/31/14			12/31/13			12/31/12
	Fund I (1)	$	475		$	10,924		$	7,041
	Fund II (2)	24,808			6,206			2,130
	U.S. Fund (3)	342			(661		)	—
	AC JV (3)	1,579			2,569			—
	CVP I, LLC (4)	113,127			5,783			5,394
	MVP I, LLC (5)	1,651			1,137			493
	Brandywine (3)	828			661			—
	Arna Valley View LP (6)	2,406			—			—
	Residual JV (3) (7)	3,547			(38,332		)	—
	Avalon Del Rey, LLC (8)	—			181			4,000
	Juanita Village (6)	3			378			1,856
	Total	$	148,766		$	(11,154	)	$	20,914
	_________________________________
	-1	Equity in income for the years ended December 31, 2014, 2013 and 2012 includes the Company's proportionate share of the gain on the sale of Fund I assets of $944, $11,484 and $7,971, respectively.
	-2	Equity in income for the years ended December 31, 2014 and 2013 includes the Company's proportionate share of the gain on the sale of Fund II assets of $21,624 and $2,790, respectively.
	-3	The Company's joint venture partner's interest was acquired in conjunction with the Archstone Acquisition.
	-4	Equity in income for the years ended December 31, 2014, 2013 and 2012 includes $61,218, $5,527 and $5,260, respectively, relating to the Company's recognition of its promoted interest. Amount for 2014 also includes $50,478 related to the disposition of Avalon Chrystie Place.
	-5	Equity in income for the years ended December 31, 2014 and 2013 includes $930 and $516 relating to the Company's recognition of its promoted interest.
	-6	The Company's equity in income for this entity represents its residual profits from the sale of the community.
	-7	Equity in income from this entity for 2013 includes certain expensed Archstone Acquisition costs borne by the venture.
	-8	During 2012, the Company purchased its joint venture partner's interest in this venture.

Real_Estate_Disposition_Activi1

Real Estate Disposition Activities (Tables)	12 Months Ended
	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Details regarding the real estate sales	Details regarding the real estate sales are summarized in the following table (dollars in thousands):
	Community Name	Location		Period	Apartment			Debt				Gross		Net
				of sale	homes							sales price		proceeds
	Avalon Valley	Danbury, CT		Q114	268			$	—			$	53,325	$	52,147
	Oakwood Philadelphia	Philadelphia, PA		Q214	80			16,341			-1	28,875		10,932
	Avalon Danvers	Danvers, MA		Q214	433			—				108,500		107,231
	Archstone Memorial Heights	Houston, TX		Q414	556			—				105,500		103,182
	Huntington Station Land	Huntington Station, NY		Q414	—			—				8,050		7,633
	Total of 2014 asset sales				1,337			$	16,341			$	304,250	$	281,125
	Total of 2013 asset sales (2)				3,299			$	—			$	932,800	$	919,442
	Total of 2012 asset sales				1,578			$	—			$	280,550	$	274,018
	_________________________________
	-1	Amount includes $10,427 principal amount secured by Oakwood Philadelphia and $5,914 principal amount of secured borrowings repaid by the Company for eight other operating communities, the aggregate of which is included in determining net proceeds.
	-2	Total of 2013 asset sales excludes the disposition of development rights located in Hingham, MA and Brooklyn, NY, for total net proceeds of $1,313.
Summary of income from discontinued operations	The following is a summary of income from discontinued operations for the periods presented (dollars in thousands):
		For the year ended
		12/31/14			12/31/13				12/31/12
	Rental income	$	579		$	42,874			$	63,406
	Operating and other expenses	(269		)	(12,661		)		(19,437		)
	Interest expense, net	—			—				(133		)
	Loss on extinguishment of debt	—			—				(602		)
	Depreciation expense	—			(13,500		)		(16,414		)
	Income (loss) from discontinued operations	$	310		$	16,713			$	26,820

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Payments Under Current Leases	The following table details the future minimum lease payments under the Company's current leases (dollars in thousands):
		Payments due by period
		2015		2016		2017		2018		2019		Thereafter
	Operating Lease Obligations	$	20,337	$	20,933	$	20,531	$	22,339	$	20,717	$	1,227,854
	Capital Lease Obligations (1) (2)	1,885		19,083		848		848		848		39,087
		$	22,222	$	40,016	$	21,379	$	23,187	$	21,565	$	1,266,941
	_________________________________
	-1	Aggregate capital lease payments include $28,318 in interest costs.
	-2	At December 31, 2014, capital lease assets of $31,784 are included as a component of land and improvements on the accompanying Consolidated Balance Sheets.

Segment_Reporting_Tables

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Schedule of reconciliation of NOI to net income	A reconciliation of NOI to net income for years ended December 31, 2014, 2013 and 2012 is as follows (dollars in thousands):
		For the year ended
		12/31/14			12/31/13			12/31/12
	Net income	$	697,327		$	352,771		$	423,562
	Indirect operating expenses, net of corporate income	49,055			41,554			31,911
	Investments and investment management expense	4,485			3,990			6,071
	Expensed acquisition, development and other pursuit costs, net of recoveries	(3,717		)	45,050			11,350
	Interest expense, net (1)	180,618			172,402			136,920
	Loss on extinguishment of debt, net	412			14,921			1,179
	Loss on interest rate contract	—			51,000			—
	General and administrative expense	41,425			39,573			34,101
	Equity in loss (income) of unconsolidated entities	(148,766		)	11,154			(20,914		)
	Depreciation expense (1)	442,682			560,215			243,680
	Income tax expense	9,368			—			—
	Casualty and impairment loss	—			—			1,449
	Gain on acquisition of unconsolidated real estate entity	—			—			(14,194		)
	Gain on sale of real estate assets	(85,415		)	(240		)	(280		)
	Gain on sale of discontinued operations	(37,869		)	(278,231		)	(146,311		)
	Income from discontinued operations	(310		)	(16,713		)	(26,820		)
	Net operating income from real estate assets sold or held for sale, not classified as discontinued operations	(15,199		)	(19,448		)	(13,776		)
	Net operating income	$	1,134,096		$	977,998		$	667,928
	_________________________________
	-1	Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.
Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations	The following is a summary of NOI from real estate assets sold or held for sale, not classified as discontinued operations, for the periods presented (dollars in thousands):
		For the year ended
		12/31/14			12/31/13			12/31/12
	Rental income from real estate assets sold or held for sale, not classified as discontinued operations	$	24,389		$	30,867		$	21,463
	Operating expenses real estate assets sold or held for sale, not classified as discontinued operations	(9,190		)	(11,419		)	(7,687		)
	Net operating income from real estate assets sold or held for sale, not classified as discontinued operations	$	15,199		$	19,448		$	13,776
Schedule of details of segment information
		Total			NOI			% NOI change			Gross
		revenue						from prior year			real estate (1)
	For the year ended December 31, 2014 (2)
	Established
	New England	$	179,116		$	113,905		0.8	%		$	1,373,065
	Metro NY/NJ	318,710			223,591			3.1	%		2,379,178
	Mid-Atlantic	98,590			69,498			(2.5	)%		647,374
	Pacific Northwest	54,230			37,637			7	%		500,247
	Northern California	174,527			132,899			8.2	%		1,402,444
	Southern California	139,841			95,626			5.2	%		1,225,328
	Total Established (3)	965,014			673,156			3.5	%		7,527,636
	Other Stabilized	497,756			343,061			N/A			6,062,844
	Development / Redevelopment	186,852			117,879			N/A			3,972,180
	Land Held for Future Development	N/A			N/A			N/A			180,516
	Non-allocated (4)	11,050			N/A			N/A			41,643
	Total	$	1,660,672		$	1,134,096		16	%		$	17,784,819
	For the year ended December 31, 2013
	Established
	New England	$	159,670		$	103,679		2.3	%		$	1,227,582
	Metro NY/NJ	249,742			172,912			4.4	%		1,921,307
	Mid-Atlantic	100,548			71,851			0.1	%		633,598
	Pacific Northwest	46,564			31,283			5.3	%		444,825
	Northern California	141,038			106,745			11.7	%		1,233,851
	Southern California	119,024			81,182			5.1	%		1,058,883
	Total Established (3)	816,586			567,652			4.9	%		6,520,046
	Other Stabilized	486,780			330,998			N/A			6,626,884
	Development / Redevelopment	117,186			79,348			N/A			3,024,035
	Land Held for Future Development	N/A			N/A			N/A			300,364
	Non-allocated (4)	11,502			N/A			N/A			10,279
	Total	$	1,432,054		$	977,998		46.4	%		$	16,481,608
	For the year ended December 31, 2012
	Established
	New England	$	145,629		$	94,481		5.1	%		$	1,115,098
	Metro NY/NJ	213,360			148,441			7.4	%		1,760,429
	Mid-Atlantic	103,784			75,313			3.2	%		591,669
	Pacific Northwest	32,942			23,433			15	%		306,289
	Northern California	112,875			83,091			14.1	%		1,015,947
	Southern California	99,302			68,880			7	%		947,723
	Total Established (3)	707,892			493,639			7.6	%		5,737,155
	Other Stabilized	131,248			84,504			N/A			1,284,666
	Development / Redevelopment	129,767			89,785			N/A			2,032,277
	Land Held for Future Development	N/A			N/A			N/A			316,037
	Non-allocated (4)	10,257			N/A			N/A			73,724
	Total	$	979,164		$	667,928		14.6	%		$	9,443,859
	_________________________________
	-1	Does not include gross real estate assets held for sale of $64,497, $318,713 and $627,483 as of December 31, 2014, 2013 and 2012, respectively.
	-2	Results for the year ended December 31, 2014 reflect the operating segments determined as of January 1, 2014, which include stabilized communities acquired as part of the Archstone Acquisition in the Other Stabilized segment.
	-3	Gross real estate for the Company's Established Communities includes capitalized additions of approximately $52,635, $33,553 and $25,448 in 2014, 2013 and 2012, respectively.
	-4	Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment.

StockBased_Compensation_Plans_

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of information with respect to stock options granted	Information with respect to stock options granted under the 2009 and 1994 Plans is as follows:
		2009 Plan			Weighted				1994 Plan		Weighted
		shares			average				shares		average
					exercise price						exercise price
					per share						per share
	Options Outstanding, December 31, 2011	247,403			$	98.42			1,112,959		$	94.1
	Exercised	(43,265	)		85.09				(364,519	)	68.21
	Granted	115,303			133.16				—		—
	Forfeited	(11,887	)		115.15				(28,610	)	139.58
	Options Outstanding, December 31, 2012	307,554			$	112.67			719,830		$	105.4
	Exercised	(19,949	)		84.43				(24,292	)	79.42
	Granted	215,230			129.03				—		—
	Forfeited	(1,267	)		131.56				(4,012	)	127.56
	Options Outstanding, December 31, 2013	501,568			$	120.77			691,526		$	106.19
	Exercised	(157,454	)		116.4				(342,743	)	99.03
	Granted	—			—				—		—
	Forfeited	(4,052	)		131.05				(76,381	)	142.66
	Options Outstanding, December 31, 2014	340,062			$	122.67			272,402		$	104.96
	Options Exercisable:
	December 31, 2012	74,618			$	97.46			719,830		$	105.4
	December 31, 2013	184,167			$	107.18			691,526		$	106.19
	December 31, 2014	185,227			$	116.71			272,402		$	104.96
Summary of exercise prices and contractual lives of options outstanding	The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2014:
	2009 Plan		Range—Exercise Price					Weighted Average
	Number of Options							Remaining Contractual Term
								(in years)
	32,821		$70.00	-		$79.99		5.1
	51,808		110	-		119.99		6.1
	63,961		120	-		129.99		8.2
	189,973		130	-		139.99		7.6
	1,499		140	-		149.99		7.5
	340,062
	1994 Plan		Range—Exercise Price					Weighted Average
	Number of Options							Remaining Contractual Term
								(in years)
	43,806		$40.00	-		$49.99		4.1
	92		60	-		69.99		0.1
	730		70	-		79.99		0.5
	66,101		80	-		89.99		3.1
	52,720		90	-		99.99		1.1
	108,953		140	-		149.99		2.1
	272,402
Summary of weighted average fair value of employee stock options and associated assumptions used to calculate the value	The following table summarizes the weighted average fair value of employee stock options for 2013 and 2012 and the associated assumptions used to calculate the value. There were no stock options granted in 2014.
			2013				2012
	Weighted average fair value per share		$	26.78			$	29.11
	Life of options (in years)		5				5
	Dividend yield		3.7		%		3.5		%
	Volatility		34		%		35		%
	Risk-free interest rate		0.91		%		0.87		%

Fair_Value_Tables

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Schedule of summary of consolidated hedging derivatives, excluding derivatives executed to hedge debt on communities classified as held for sale	The following table summarizes the consolidated Hedging Derivatives at December 31, 2014, excluding derivatives executed to hedge debt on communities classified as held for sale (dollars in thousands):
			Non-designated				Cash Flow
			Hedges				Hedges
	Notional balance		$	605,515			$	170,909
	Weighted average interest rate (1)		1.7		%		2.5		%
	Weighted average capped interest rate		6		%		5.1		%
	Earliest maturity date		Feb-16				Apr-15
	Latest maturity date		Aug-18				Apr-19
	_________________________________
	-1	Represents the weighted average interest rate on the hedged debt.
Schedule of summary of classification between the three levels of the fair value hierarchy of the Company's financial instruments measured at fair value on a recurring basis	The following table summarizes the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands):
	Description	Total Fair				Quoted Prices				Significant			Significant
		Value				in Active				Other			Unobservable
						Markets for				Observable			Inputs
						Identical Assets				Inputs			(Level 3)
						(Level 1)				(Level 2)
		12/31/14
	Non Designated Hedges
	Interest Rate Caps	$	50			$	—			$	50		$	—
	Cash Flow Hedges
	Interest Rate Caps	58				—				58			—
	Put(s)	(11,104		)		—				—			(11,104		)
	DownREIT units	(1,226		)		(1,226		)		—			—
	Indebtedness	(6,558,022		)		(2,874,147		)		(3,683,875		)	—
	Total	$	(6,570,244	)		$	(2,875,373	)		$	(3,683,767	)	$	(11,104	)
		12/31/13
	Non Designated Hedges
	Interest Rate Caps	$	106			$	—			$	106		$	—
	Put(s)	(15,998		)		—				—			(15,998		)
	DownREIT units	(887		)		(887		)		—			—
	Indebtedness	(6,294,848		)		(2,657,143		)		(3,637,705		)	—
	Total	$	(6,311,627	)		$	(2,658,030	)		$	(3,637,599	)	$	(15,998	)

Quarterly_Financial_Informatio1

Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following summary represents the unaudited quarterly results of operations for the years ended December 31, 2014 and 2013 (dollars in thousands, except per share amounts):
		For the three months ended (1)
		3/31/14			6/30/14		9/30/14			12/31/14
	Total revenue	$	400,075		$	413,806	$	430,525		$	440,656
	Income from continuing operations	$	103,420		$	172,197	$	241,001		$	142,530
	Total discontinued operations	$	38,179		$	—	$	—		$	—
	Net income attributable to common stockholders	$	141,739		$	158,086	$	241,100		$	142,642
	Net income per common share—basic	$	1.09		$	1.22	$	1.83		$	1.08
	Net income per common share—diluted	$	1.09		$	1.21	$	1.83		$	1.08
		For the three months ended (1)
		3/31/13			6/30/13		9/30/13			12/31/13
	Total revenue	$	301,356		$	378,207	$	389,189		$	394,169
	Income (loss) from continuing operations	$	(14,767	)	$	334	$	(15,949	)	$	88,209
	Total discontinued operations	$	90,237		$	35,763	$	5,063		$	163,881
	Net income (loss) attributable to common stockholders	$	75,427		$	36,218	$	(10,715	)	$	252,212
	Net income (loss) per common share—basic	$	0.63		$	0.28	$	(0.08	)	$	1.95
	Net income (loss) per common share—diluted	$	0.63		$	0.28	$	(0.08	)	$	1.95
	_________________________________
	-1	Amounts may not equal full year results due to rounding.

Organization_and_Basis_of_Pres3

Organization and Basis of Presentation (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
	community
	property
	home
	state
Organization and Basis of Presentation
Number of operating apartment communities owned	251
Number of apartment homes included in operating apartment communities owned	73,963
Number of states where operating apartment communities owned are located	11
Number of communities with apartments under reconstruction	8
Number of apartment homes under reconstruction	2,938
Number of owned communities under construction	26
Expected number of apartment homes under construction	8,524
Communities under development rights	37
Estimated number of apartment homes in communities to be developed	10,384
Period of lease (in years)	1 year
Real Estate
Number of land parcels acquired under development rights	1
Buildings and Building Improvements
Real Estate
Capitalization of minimum improvements and upgrades	15,000
Buildings and Building Improvements | Minimum
Real Estate
Estimated useful life of buildings and improvements (in years)	7 years
Buildings and Building Improvements | Maximum
Real Estate
Estimated useful life of buildings and improvements (in years)	30 years
Computers and furniture
Real Estate
Capitalization of minimum improvements and upgrades	2,500
Computers and furniture | Minimum
Real Estate
Estimated useful life of buildings and improvements (in years)	3 years
Computers and furniture | Maximum
Real Estate
Estimated useful life of buildings and improvements (in years)	7 years

Organization_and_Basis_of_Pres4

Organization and Basis of Presentation (Details 2) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Minimum distribution of adjusted taxable income for deducting dividends from federally taxable income (as a percent)									90.00%
Minimum distribution of REIT taxable income for federal income tax exemption (as a percent)									100.00%
Income Taxes [Line Items]
Unrecognized tax benefits	$0				$0				$0	$0
Excise and Sales Taxes									0	0	0
Excise Tax Refund	0				0				0	0	0
Income tax expense									9,368,000	0	0
Reconciliation of Income from Book Basis to Tax Basis Adjustment
Net income attributable to common stockholders	142,642,000	241,100,000	158,086,000	141,739,000	252,212,000	-10,715,000	36,218,000	75,427,000	683,567,000	353,141,000	423,869,000
GAAP gain on sale of communities (in excess of) less than tax gain									17,688,000	29,388,000	37,525,000
Depreciation/amortization timing differences on real estate									42,195,000	180,293,000	9,572,000
Deductible acquisition costs									-7,681,000	-26,427,000	0
Amortization of debt/mark to market interest									-38,202,000	-31,965,000	0
Tax compensation expense less than (in excess of) GAAP									-6,789,000	12,886,000	-26,314,000
Casualty and impairment loss									0	0	1,449,000
Other adjustments									-39,726,000	1,018,000	-9,034,000
Taxable net income									651,052,000	518,334,000	437,067,000
Tax components of common stock dividends declared
Ordinary income (as a percent)									62.00%	42.00%	47.00%
15% capital gain (20% for 2013) (as a percent)									29.00%	40.00%	33.00%
Capital gain tax rate (as a percent)									20.00%	20.00%	15.00%
Unrecaptured 1250 gain (as a percent)									9.00%	18.00%	20.00%
Deferred Financing Costs
Accumulated amortization of deferred finance costs	$24,444,000				$19,719,000				$24,444,000	$19,719,000

Organization_and_Basis_of_Pres5

Organization and Basis of Presentation (Details 3) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	home								home
Basic and diluted shares outstanding
Weighted average common sharesbbasic									130,586,718	126,855,754	97,416,401
Weighted average DownREIT units outstanding (in shares)									7,500	7,500	7,500
Effect of dilutive securities (in shares)									643,284	402,649	601,251
Weighted average common shares - diluted (in shares)									131,237,502	127,265,903	98,025,152
Calculation of Earnings per Sharebbasic
Net income attributable to common stockholders	$142,642,000	$241,100,000	$158,086,000	$141,739,000	$252,212,000	($10,715,000)	$36,218,000	$75,427,000	$683,567,000	$353,141,000	$423,869,000
Net income allocated to unvested restricted shares									-1,523,000	-563,000	-1,264,000
Net income attributable to common stockholders, adjusted									682,044,000	352,578,000	422,605,000
Weighted average common sharesbbasic									130,586,718	126,855,754	97,416,401
Earnings per common share - basic (in dollars per share)	$1.08	$1.83	$1.22	$1.09	$1.95	($0.08)	$0.28	$0.63	$5.22	$2.78	$4.34
Calculation of Earnings per Sharebdiluted
Net income attributable to common stockholders	142,642,000	241,100,000	158,086,000	141,739,000	252,212,000	-10,715,000	36,218,000	75,427,000	683,567,000	353,141,000	423,869,000
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations									35,000	32,000	28,000
Adjusted net income attributable to common stockholders									683,602,000	353,173,000	423,897,000
Weighted average common sharesbdiluted									131,237,502	127,265,903	98,025,152
Earnings per common share - diluted (in dollars per share)	$1.08	$1.83	$1.21	$1.09	$1.95	($0.08)	$0.28	$0.63	$5.21	$2.78	$4.32
Dividends per common share: (in dollars per share)									$4.64	$4.28	$3.88
Options to purchase shares of common stock excluded from computation of earnings per share amount (in shares)										605,899	396,346
Estimated forfeiture rate of stock options (as a percent)									1.40%
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Impairment of wholly-owned operating real estate assets									0	0	0
Abandoned pursuits costs									3,964,000	998,000	1,757,000
Impairment of Real Estate									0	0	0
Impairment of investment in unconsolidated entities									0	0	0
Casualty and impairment loss									0	0	1,449,000
Gain on business interruption insurance recovery									2,494,000	299,000	0
Number of communities held for sale	1								1
Derivative Instruments and Hedging Activities
Loss on interest rate contract									$0	$51,000,000	$0
Noncontrolling interests
Maximum Ownership Interest Percentage in Joint Venture	100.00%								100.00%

Interest_Capitalized_Details

Interest Capitalized (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest Capitalized
Capitalized interest during the development and redevelopment of real estate assets	$69,961	$66,838	$49,556

Notes_Payable_Unsecured_Notes_2

Notes Payable, Unsecured Notes and Credit Facility (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Notes Payable, Unsecured Notes and Credit Facility
Total notes payable and unsecured notes	$6,448,138,000	$6,019,571,000
Variable rate unsecured credit facility	0	0
Total mortgage notes payable, unsecured notes and Credit Facility	6,448,138,000	6,019,571,000
Unsecured notes
Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	2,750,000,000	2,600,000,000
Total notes payable and unsecured notes	3,000,000,000
Amount of debt discount	6,735,000	5,291,000
Term loan
Notes Payable, Unsecured Notes and Credit Facility
Variable rate notes	250,000,000	0
Mortgage notes payable
Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	2,400,677,000	2,407,962,000
Variable rate notes	1,047,461,000	1,011,609,000
Total notes payable and unsecured notes	3,334,039,000
Amount of debt premium	84,449,000	120,071,000
Variable rate unsecured credit facility
Notes Payable, Unsecured Notes and Credit Facility
Variable rate unsecured credit facility	$0	$0

Notes_Payable_Unsecured_Notes_3

Notes Payable, Unsecured Notes and Credit Facility (Details 2) (USD $)	1 Months Ended	12 Months Ended			1 Months Ended
	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Apr. 30, 2014	Nov. 30, 2014	Mar. 31, 2014
Notes Payable, Unsecured Notes and Credit Facility
Repayment of unsecured notes		$150,000,000	$100,000,000	$381,001,000
Repayments of secured mortgages		16,341,000	0	0
Gains (losses) on extinguishment of debt	-412,000	-412,000	-14,921,000	-1,179,000
Term loan
Notes Payable, Unsecured Notes and Credit Facility
Principal amount of notes issued							300,000,000
Amount drawn		250,000,000
Unused borrowing capacity		50,000,000
Secured mortgage loan maturing in 2019
Notes Payable, Unsecured Notes and Credit Facility
Principal amount of notes issued					53,000,000
Amount drawn					38,000,000
Fixed rate notes					15,000,000
Fixed rate (as a percent)					2.99%
Secured mortgage loan maturing in 2019 | LIBOR
Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)		2.00%
Variable rate unsecured credit facility
Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)		1.05%
Unsecured notes
Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes		2,750,000,000	2,600,000,000
Fixed rate (as a percent)					5.38%
Repayment of unsecured notes					150,000,000
Unsecured notes | Term loan | LIBOR
Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)		1.45%
Mortgage notes payable
Notes Payable, Unsecured Notes and Credit Facility
Amount drawn		1,047,461,000	1,011,609,000
Fixed rate notes		2,400,677,000	2,407,962,000
Repayments of secured mortgages	5,914,000
Mortgage notes payable | Notes payable maturing in 2015
Notes Payable, Unsecured Notes and Credit Facility
Fixed rate (as a percent)	6.19%
Repayments of secured mortgages	10,427,000
Unsecured notes 3.50 percent
Notes Payable, Unsecured Notes and Credit Facility
Principal amount of notes issued						300,000,000
Net proceeds from issuance of debt						$295,803,000
Stated interest rate (as a percent)						3.50%

Notes_Payable_Unsecured_Notes_4

Notes Payable, Unsecured Notes and Credit Facility (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
	item
Notes Payable, Unsecured Notes and Credit Facility
Variable rate unsecured credit facility	$0	$0
Mortgage notes payable
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable held by wholly owned subsidiaries guaranteed by the Company	257,917,000
Variable rate unsecured credit facility
Notes Payable, Unsecured Notes and Credit Facility
Available borrowing capacity	1,300,000,000
Line of credit facility, extension period	1 year
Number of extension options	2
Extension period under each option	6 months
Extension fee	1,950,000
Debt instrument, basis spread on variable rate (as a percent)	1.05%
Current interest rate (as a percent)	1.22%
Period of borrowing rate assumed	1 month
Annual facility fee	1,950,000
Outstanding balance of letters of credit	49,407,000	65,018,000
Variable rate unsecured credit facility	0	0
Net carrying value of apartment communities and improved land parcels securing debt	$4,413,855,000
Fixed rate mortgage notes payable
Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)	4.50%	4.50%
Variable rate mortgage notes payable, unsecured term loan and Credit Facility
Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)	1.80%	1.80%
LIBOR | Term loan | Unsecured notes
Notes Payable, Unsecured Notes and Credit Facility
Debt instrument variable rate (as a percent)	LIBOR
Debt instrument, basis spread on variable rate (as a percent)	1.45%
LIBOR | Secured Mortgage
Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	2.00%
MVPI LLC | Mortgage notes payable
Notes Payable, Unsecured Notes and Credit Facility
Debt instrument variable rate (as a percent)	LIBOR
Debt instrument, basis spread on variable rate (as a percent)	2.50%

Notes_Payable_Unsecured_Notes_5

Notes Payable, Unsecured Notes and Credit Facility (Details 4) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$6,448,138	$6,019,571
Percentage of principle amount at which the entity may redeem some or all of the notes	100.00%
Unsecured notes
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	3,000,000
Unsecured notes | Minimum
Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.25%
Unsecured notes | Maximum
Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.45%
Unsecured notes | Notes payable maturing in 2016
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	250,000
Stated interest rate of unsecured notes (as a percent)	5.75%
Unsecured notes | Notes payable maturing in 2017
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	250,000
Stated interest rate of unsecured notes (as a percent)	5.70%
Unsecured notes | Notes Payable 6.100 Percent Maturities 2020
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	250,000
Stated interest rate of unsecured notes (as a percent)	6.10%
Unsecured notes | Notes Payable 3.625 Percent Maturities 2020
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	400,000
Stated interest rate of unsecured notes (as a percent)	3.63%
Unsecured notes | Notes payable maturing in 2021
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	250,000
Stated interest rate of unsecured notes (as a percent)	3.95%
Unsecured notes | Term loan
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	250,000
Unsecured notes | Term loan | LIBOR
Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	1.45%
Unsecured notes | Notes payable maturing in 2022
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	450,000
Stated interest rate of unsecured notes (as a percent)	2.95%
Unsecured notes | Notes Payable 4.200 Maturities 2023
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	350,000
Stated interest rate of unsecured notes (as a percent)	4.20%
Unsecured notes | Notes Payable 2.850 Maturities 2023
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	250,000
Stated interest rate of unsecured notes (as a percent)	2.85%
Unsecured notes | Notes Payable 2024
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	300,000
Stated interest rate of unsecured notes (as a percent)	3.50%
Secured notes
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	114,099
Mortgage notes payable and unsecured notes	3,334,039
Secured notes | Notes payable maturing in 2015
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	17,873
Mortgage notes payable and unsecured notes	586,705
Secured notes | Notes payable maturing in 2016
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	19,037
Mortgage notes payable and unsecured notes	16,255
Secured notes | Notes payable maturing in 2017
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	20,255
Mortgage notes payable and unsecured notes	710,291
Secured notes | Notes payable maturing in 2018
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	19,649
Mortgage notes payable and unsecured notes	76,937
Secured notes | Notes payable maturing in 2019
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	7,141
Mortgage notes payable and unsecured notes	658,447
Secured notes | Notes Payable 6.100 Percent Maturities 2020
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	6,209
Mortgage notes payable and unsecured notes	50,824
Secured notes | Notes payable maturing in 2021
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	5,984
Mortgage notes payable and unsecured notes	27,844
Secured notes | Notes payable maturing in 2022
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	6,351
Mortgage notes payable and unsecured notes	0
Secured notes | Notes Payable 4.200 Maturities 2023
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	6,742
Secured notes | Notes Payable 2024
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	4,858
Mortgage notes payable and unsecured notes	0
Secured notes | Notes payable with maturities after 2024
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	0
Mortgage notes payable and unsecured notes	$1,206,736

Equity_Details

Equity (Details) (USD $)	0 Months Ended	12 Months Ended
	Sep. 09, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 31, 2012
Class of Stock [Line Items]
Common stock, shares authorized		280,000,000	280,000,000
Preferred stock, shares authorized		50,000,000	50,000,000
Common stock shares issued in connection with stock options exercised		500,197
Common stock shares issued through dividend reinvestment plan		2,434	2,002	2,331
Common stock shares issued in connection with stock grants		115,163	123,977	96,592
Number of shares of stock grants withheld		55,523	48,310	121,351
Number of shares forfeited		7,970	7,653	7,558
Common shares issued under Employee Stock Purchase Plan		9,848
Proceeds from issuance of common stock		$346,134,000	$4,703,000	$2,430,190,000
Market closing price (in dollars per share)	$155.83
Option Indexed to Issuer's Equity, Shares	4,500,000
Forward rate (in dollars per share)	$151.74
CEP III
Class of Stock [Line Items]
Common stock shares issued		2,069,538
Maximum value of shares of common stock that can be sold					750,000,000
Period during which common stock can be sold (in months)		36 months
Percentage of compensation received by sales agent		1.50%
Value of additional shares authorized for issuance		346,304,000
Average sales price of shares issued (in dollars per share)		$144.95
Proceeds from issuance of common stock		$295,465,000

Archstone_Acquisition_Details

Archstone Acquisition (Details) (USD $)	3 Months Ended								12 Months Ended			0 Months Ended	10 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Feb. 27, 2013	Dec. 31, 2013
Business Acquisition Additional Disclosure
Acquisition related expenses recognized									($7,681)	$44,052	$9,593
Equity in income (loss) of unconsolidated entities									148,766	-11,154	20,914
Information for acquisition that is included in condensed consolidated statement of operations comprehensive income from the acquisition date
Revenues	440,656	430,525	413,806	400,075	394,169	389,189	378,207	301,356	1,685,061	1,462,921	1,000,627
Net income attributable to common stockholders	142,642	241,100	158,086	141,739	252,212	-10,715	36,218	75,427	683,567	353,141	423,869
Supplemental consolidated pro forma information
Revenues										1,534,868	1,411,504
Income from continuing operations										348,160	158,738
Earnings per common share - diluted (from continuing operations) (in dollars per share)										$2.67	$1.22
Archstone
Archstone acquisition
Percentage of assets and liabilities acquired												40.00%
Land and land improvements												1,745,520
Buildings and improvements												3,711,853
FF&E												52,290
Construction-in-progress, including land and land held for development (1)												401,747
In-place lease intangibles												182,467
Other assets												109,717
Total consolidated assets												6,203,594
Interest in unconsolidated real estate entities												276,954
Total assets												6,480,548
Fair value of assumed mortgage notes payable												3,732,980
Liability for preferred obligations												67,493
Other liabilities												31,984
Noncontrolling interest												13,262
Net assets acquired												2,634,829
Common shares issued												1,875,210
Cash consideration												759,619
Business Acquisition Additional Disclosure
Acquisition related expenses recognized										83,594
Equity in income (loss) of unconsolidated entities										39,543
Consideration
Number of shares issued										14,889,706		14,889,706
Common shares issued												1,875,210
Cash consideration												759,619
Fair value of indebtedness assumed												3,732,980
Principal amount of consolidated indebtedness					3,512,202					3,512,202		3,512,202	3,512,202
Debt fair value exceeds the principal face value												220,777
Debt fair value exceeds the principal face value relating to debt repaid												70,479
Redemption value of preferred equity					67,500					67,500		67,500	67,500
Information for acquisition that is included in condensed consolidated statement of operations comprehensive income from the acquisition date
Revenues													353,427
Net income attributable to common stockholders													($105,589)
Archstone | Equity
Archstone acquisition
Percentage of assets and liabilities acquired												60.00%

Archstone_Acquisition_Details_

Archstone Acquisition (Details 2) (Archstone)	Feb. 27, 2013
Archstone
Business Acquisition Investment in Consolidated Entities [Abstract]
Percentage of assets and liabilities acquired	40.00%

Investments_in_Real_Estate_Ent2

Investments in Real Estate Entities (Details) (USD $)	1 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	community	community
Investment in Real Estate Entities
Number of apartment communities sold	8	4
Proceeds from sale of real estate		$281,125	$919,442	$274,018
Gain on sale of communities		333,221	96,152	106,195
Gain on sale of land		490	240	280
Repayments of secured mortgages		16,341	0	0
Loss on extinguishment of debt, net	412	412	14,921	1,179
Fund I
Investment in Real Estate Entities
Number of extension options		2
Period of extension (in years)		1 year
Number of apartment communities sold		4
Number of Institutional Investors		9
Combined general partner and limited partner equity interest (as a percent)		15.20%
Percentage of gain (loss) from sale of real estate recognized in income		100.00%
Repayments of secured mortgages		43,771
Loss on extinguishment of debt, net		-328
Fund I | Weymouth Place
Investment in Real Estate Entities
Proceeds from sale of real estate		25,750
Fund I | South Hills
Investment in Real Estate Entities
Proceeds from sale of real estate		21,800
Fund I | Avalon at Cedar Place
Investment in Real Estate Entities
Proceeds from sale of real estate		43,200
Fund I | Avalon Sunset Towers
Investment in Real Estate Entities
Proceeds from sale of real estate		34,250
Fund I | The Springs
Investment in Real Estate Entities
Gain on sale of land		16,656
Joint Venture Partners | The Springs
Investment in Real Estate Entities
Gain on sale of communities		14,132
Noncontrolling interest, ownership percentage by noncontrolling owners		84.80%
Fund II
Investment in Real Estate Entities
Number of apartment communities sold		2
Number of Institutional Investors		6
Combined general partner and limited partner equity interest (as a percent)		31.30%
Repayments of secured mortgages		63,407
Loss on extinguishment of debt, net		1,364
Real Estate Investments, Joint Ventures		92,162
Number of loans secured by individual assets		10
Debt outstanding		358,811
Maximum amount that will be paid for capital contributions made by partners (as a percent)		10.00%
Maximum amount that will be paid for capital contributions made by partners		8,910
Fund II | Avalon Bellevue Park
Investment in Real Estate Entities
Proceeds from sale of real estate		58,750
Fund II | Avalon Fair Oaks
Investment in Real Estate Entities
Proceeds from sale of real estate		108,200
Fund II
Investment in Real Estate Entities
Gain on sale of communities		21,624	2,790
Eaves Plainsboro | Fund II
Investment in Real Estate Entities
Repayments of secured mortgages		42,023
Secured notes
Investment in Real Estate Entities
Repayments of secured mortgages	5,914
Secured notes | Notes payable maturing in 2014 | Fund I | The Springs
Investment in Real Estate Entities
Repayments of secured mortgages		$21,748
Fixed rate (as a percent)		6.06%

Investments_in_Real_Estate_Ent3

Investments in Real Estate Entities (Details 2) (USD $)	1 Months Ended	12 Months Ended			1 Months Ended
	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Feb. 29, 2004	Dec. 31, 2004	Feb. 27, 2013
	community	community	home	home	home	home
		home
		property
Investment in Real Estate Entities
Number of Apartment Homes Sold		1,337	3,299	1,578
Proceeds from Sale of Real Estate		$281,125,000	$919,442,000	$274,018,000
Gain on sale of communities		333,221,000	96,152,000	106,195,000
Repayments of secured mortgages		16,341,000	0	0
Gains (Losses) on Extinguishment of Debt	-412,000	-412,000	-14,921,000	-1,179,000
Number of land parcels		1
Number of apartment communities sold	8	4
Income tax expense		9,368,000	0	0
CVP I, LLC
Investment in Real Estate Entities
Number of Apartment Homes Sold					361
Combined general partner and limited partner equity interest (as a percent)		20.00%
Distribution percentage after achievement of a threshold return		50.00%
Proceeds from Sale of Real Estate		365,000,000
Gain on sale of communities		50,478,000
Income (Loss) from Equity Method Investments Due to Recognition of Promoted Interest from Disposition		58,128,000
Repayments of secured mortgages		117,000,000
Gains (Losses) on Extinguishment of Debt		647,000
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest		61,218,000	5,527,000	5,260,000
Residual JV
Investment in Real Estate Entities
Proceeds from Sale of Real Estate		53,052,000
Gain on sale of communities		8,510,000
MVPI LLC
Investment in Real Estate Entities
Combined general partner and limited partner equity interest (as a percent)		25.00%
Distribution percentage after achievement of a threshold return		45.00%
Number of apartment homes						313
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest		930,000	516,000
SWIB Dispositions
Investment in Real Estate Entities
Number of Apartment Homes Sold		492
Proceeds from Sale of Real Estate		76,250,000
US Fund
Investment in Real Estate Entities
Number of extension options		2
Period of extension (in years)		1 year
Number of Institutional Investors		6
Equity investment		88,220,000
Equity interest held (as a percent)		28.60%
Number of loans secured by individual assets		9
Debt outstanding		327,880,000
ACJV
Investment in Real Estate Entities
Number of Institutional Investors		4
Equity investment		69,633,000
Equity interest held (as a percent)		20.00%
Number of loans secured by individual assets		8
Debt outstanding		162,300,000
Maximum geographic radius for existing assets within considered for right of first offer		1
Number of Apartment Homes Sold		103
Number of Apartment Homes in Communities for Development		301
Brandywine
Investment in Real Estate Entities
Equity interest held (as a percent)		28.70%					26.10%
Debt outstanding		24,346,000
Number of Apartment Homes in Communities Owned		305
Number of members who hold various interests in the joint venture		5
Additional interest purchased		2.60%
SWIB
Investment in Real Estate Entities
Equity interest held (as a percent)		20.00%
Debt outstanding		148,866,000
Gain on sale of communities		779,000
Repayments of secured mortgages		38,155,000
Number of Communities Owned		4
Number of Apartment Homes in Communities Owned		1,410
Number of land parcels		2
Ownership interest held by subsidiaries of the entity (as a percent)		40.00%
Number of apartment communities sold		2
Arna Valley View LP
Investment in Real Estate Entities
Number of Apartment Homes Sold		101
Repayments of secured mortgages		8,934,000
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest		2,406,000
Secured notes
Investment in Real Estate Entities
Repayments of secured mortgages	5,914,000
Variable rate notes		1,047,461,000	1,011,609,000
Secured notes | MVPI LLC
Investment in Real Estate Entities
Variable rate notes		$105,000,000
Debt instrument, basis spread on variable rate (as a percent)		2.50%
Debt instrument variable rate (as a percent)		LIBOR

Investments_in_Real_Estate_Ent4

Investments in Real Estate Entities (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets:
Real estate, net	$1,617,627	$1,905,005
Other assets	72,290	164,183
Total assets	1,689,917	2,069,188
Liabilities and partners' capital:
Mortgage notes payable and credit facility	980,128	1,251,067
Other liabilities	24,884	32,257
Partners' capital	684,905	785,864
Total liabilities and partners' capital	1,689,917	2,069,188
Combined summary of the operating results of the accounted for using the equity method
Rental and other income	198,939	212,994	172,076
Operating and other expenses	-80,301	-86,434	-73,955
Gain on sale of real estate	333,221	96,152	106,195
Interest expense, net	-61,458	-61,404	-53,904
Depreciation expense	-52,116	-61,002	-47,748
Net income	338,285	100,306	102,664
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	148,766	-11,154	20,914
Business acquisition transaction costs expensed	-7,681	44,052	9,593
Land held for development	180,516	300,364
Fund I
Combined summary of the operating results of the accounted for using the equity method
Gain on sale of real estate	3,317
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	475	10,924	7,041
Fund II
Combined summary of the operating results of the accounted for using the equity method
Gain on sale of real estate	21,624	2,790
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	24,808	6,206	2,130
US Fund
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	342	-661	0
ACJV
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	1,579	2,569	0
CVP I, LLC
Combined summary of the operating results of the accounted for using the equity method
Gain on sale of real estate	50,478
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	113,127	5,783	5,394
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest	61,218	5,527	5,260
MVPI LLC
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	1,651	1,137	493
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest	930	516
Brandywine
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	828	661	0
Arna Valley View LP
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	2,406	0	0
Residual JV
Combined summary of the operating results of the accounted for using the equity method
Gain on sale of real estate	8,510
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	3,547	-38,332	0
Avalon Del Rey LLC
Combined summary of the operating results of the accounted for using the equity method
Gain on sale of real estate			45
Costs in excess of equity in underlying net assets of the respective investments	3,880	5,439
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	0	181	4,000
Juanita Village
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	3	378	1,856
Joint Venture
Summary of the Company's equity in income of unconsolidated entities
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	70.00%
Variable Interest Entity, Ownership Interest by Noncontrolling Interest	30.00%
Land held for development	11,161
Avalon Mission Oaks
Summary of the Company's equity in income of unconsolidated entities
Number of apartment homes acquired	160
Purchase price	47,000
Prepaid Expenses and Other Assets
Summary of the Company's equity in income of unconsolidated entities
Due from Related Parties	5,354
Unconsolidated Properties [Member] | Fund I
Combined summary of the operating results of the accounted for using the equity method
Gain on sale of real estate	$944	$11,484	$7,971

Real_Estate_Disposition_Activi2

Real Estate Disposition Activities (Details) (USD $)	1 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	community	home	home	home
		community
Summary of income from discontinued operations
Number of communities sold	8	4
Apartment homes		1,337	3,299	1,578
Sale of Communities Gross Sales Price		$296,200
Gain (loss) on sale of real estate assets		255,300	278,471	146,591
Number of apartment communities sold that were owned through a TRS		1
Income tax expense		9,368	0	0
Repayments of secured mortgages		16,341	0	0
Gross sales price		304,250	932,800	280,550
Net proceeds		281,125	919,442	274,018
Number of communities held for sale		1
Avalon Valley
Summary of income from discontinued operations
Apartment homes		268
Gross sales price		53,325
Net proceeds		52,147
Oakwood Philadelphia
Summary of income from discontinued operations
Apartment homes		80
Repayments of secured mortgages		16,341
Gross sales price		28,875
Net proceeds		10,932
Avalon Danvers
Summary of income from discontinued operations
Apartment homes		433
Gross sales price		108,500
Net proceeds		107,231
Archstone Memorial Heights
Summary of income from discontinued operations
Apartment homes		556
Gross sales price		105,500
Net proceeds		103,182
Avalon Hingham MA and Brooklyn NY
Summary of income from discontinued operations
Net proceeds			1,313
Huntington Station Land
Summary of income from discontinued operations
Gain (loss) on sale of real estate assets		490
Gross sales price		8,050
Net proceeds		7,633
Mortgage notes payable
Summary of income from discontinued operations
Repayments of secured mortgages	5,914
Mortgage notes payable | Notes payable maturing in 2015
Summary of income from discontinued operations
Repayments of secured mortgages	10,427
Wholly Owned Properties
Summary of income from discontinued operations
Gain (loss) on sale of real estate assets		$106,138

Real_Estate_Disposition_Activi3

Real Estate Disposition Activities (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of income from discontinued operations
Rental income	$579	$42,874	$63,406
Operating and other expenses	-269	-12,661	-19,437
Interest expense, net	0	0	-133
Loss on extinguishment of debt	0	0	-602
Depreciation expense	0	-13,500	-16,414
Income (loss) from discontinued operations	$310	$16,713	$26,820

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	multiplier
	person
Employment Agreements and Arrangements [Abstract]
Number of executive officers under agreement	2
Number of executives, case one	1
Compensation multiplier, case one	2
Compensation multiplier, if the termination is in connection with a sale of the company, case one	3
Compensation multiplier, case two	1
Compensation multiplier, if the termination is in connection with a sale of the company, case two	2
Proceeds from legal recoveries	$1,933	$0	$775
Lease Obligations [Abstract]
Cost related to operating lease	21,664	17,996	17,604
Properties on Land Subject to Land Leases
Lease Obligations [Abstract]
Number of apartment communities	12
Number of communities under construction	2
Number of commercial properties owned	2
Number of leased properties accounted for as operating leases	14
Number of leased properties with purchase options	4
Assets Held under Capital Leases
Lease Obligations [Abstract]
Number of apartment communities	1
Number of development rights owned	1
Capital lease obligations	$34,268
Restricted stock and stock options
Employment Agreements and Arrangements [Abstract]
Retirement age (in years)	50 years
Period of the non-compete agreement (in years)	1 year
Restricted stock and stock options | Minimum
Employment Agreements and Arrangements [Abstract]
Service period (in years)	10 years
Employee's age at retirement plus years of employment (in years)	70 years
Written notice period (in years)	6 months
Restricted stock and stock options | Maximum
Employment Agreements and Arrangements [Abstract]
Options exercise period upon termination without cause or retirement (in months)	12 months
Officer Severance Program | Vice President and Senior Vice President
Employment Agreements and Arrangements [Abstract]
Compensation multiplier	1
Officer Severance Program | Executive Vice Presidents
Employment Agreements and Arrangements [Abstract]
Compensation multiplier	2
Officer Severance Program | Maximum
Employment Agreements and Arrangements [Abstract]
Termination period following a sale event (in years)	18 months

Commitments_and_Contingencies_2

Commitments and Contingencies (Details 2) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Future minimum lease payments under the Company's current leases
2015	$22,222
2016	40,016
2017	21,379
2018	23,187
2019	21,565
Thereafter	1,266,941
Operating Lease Obligations
2015	20,337
2016	20,933
2017	20,531
2018	22,339
2019	20,717
Thereafter	1,227,854
Capital lease obligations
2015	1,885
2016	19,083
2017	848
2018	848
2019	848
Thereafter	39,087
Imputed interest on capital leases	28,318
Capital Leased Assets, Gross	$31,784

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Percentage of physical occupancy	95.00%
Anniversary of Completion of Development or Redevelopment (in years)	1 year
Reconciliation of NOI to net income
Net income	$697,327	$352,771	$423,562
Indirect operating expenses, net of corporate income	49,055	41,554	31,911
Investments and investment management expense	4,485	3,990	6,071
Expensed acquisition, development and other pursuit costs, net of recoveries	-3,717	45,050	11,350
Interest expense, net	180,618	172,402	136,920
Loss on extinguishment of debt, net	412	14,921	1,179
Loss on interest rate contract	0	51,000	0
General and administrative expense	41,425	39,573	34,101
Equity in loss (income) of unconsolidated entities	-148,766	11,154	-20,914
Depreciation expense	442,682	560,215	243,680
Income tax expense	9,368	0	0
Casualty and impairment loss	0	0	1,449
Gain on acquisition of unconsolidated real estate entity	0	0	-14,194
Gain on sale of real estate assets	-85,415	-240	-280
Gain on sale of discontinued operations	-37,869	-278,231	-146,311
Income from discontinued operations	-310	-16,713	-26,820
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations	-15,199	-19,448	-13,776
Net operating income	$1,134,096	$977,998	$667,928

Segment_Reporting_Segment_Repo

Segment Reporting Segment Reporting (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting [Abstract]
Rental income from real estate assets sold or held for sale, not classified as discontinued operations	$24,389	$30,867	$21,463
Operating expenses real estate assets sold or held for sale, not classified as discontinued operations	-9,190	-11,419	-7,687
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations	$15,199	$19,448	$13,776

Segment_Reporting_Details_3

Segment Reporting (Details 3) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting
Total revenue	$440,656	$430,525	$413,806	$400,075	$394,169	$389,189	$378,207	$301,356	$1,685,061	$1,462,921	$1,000,627
NOI									1,134,096	977,998	667,928
% NOI change from prior year (percent)									16.00%	46.40%	14.60%
Gross real estate	17,784,819				16,481,608				17,784,819	16,481,608	9,443,859
Gross real estate assets held for sale	64,497				318,713				64,497	318,713	627,483
Established
Segment Reporting
Real estate capitalized additions	52,635				33,553				52,635	33,553	25,448
Operating segment | Established
Segment Reporting
Total revenue									965,014	816,586	707,892
NOI									673,156	567,652	493,639
% NOI change from prior year (percent)									3.50%	4.90%	7.60%
Gross real estate	7,527,636				6,520,046				7,527,636	6,520,046	5,737,155
Operating segment | Established | New England
Segment Reporting
Total revenue									179,116	159,670	145,629
NOI									113,905	103,679	94,481
% NOI change from prior year (percent)									0.80%	2.30%	5.10%
Gross real estate	1,373,065				1,227,582				1,373,065	1,227,582	1,115,098
Operating segment | Established | Metro NY/NJ
Segment Reporting
Total revenue									318,710	249,742	213,360
NOI									223,591	172,912	148,441
% NOI change from prior year (percent)									3.10%	4.40%	7.40%
Gross real estate	2,379,178				1,921,307				2,379,178	1,921,307	1,760,429
Operating segment | Established | Mid-Atlantic
Segment Reporting
Total revenue									98,590	100,548	103,784
NOI									69,498	71,851	75,313
% NOI change from prior year (percent)									-2.50%	0.10%	3.20%
Gross real estate	647,374				633,598				647,374	633,598	591,669
Operating segment | Established | Pacific Northwest
Segment Reporting
Total revenue									54,230	46,564	32,942
NOI									37,637	31,283	23,433
% NOI change from prior year (percent)									7.00%	5.30%	15.00%
Gross real estate	500,247				444,825				500,247	444,825	306,289
Operating segment | Established | Northern California
Segment Reporting
Total revenue									174,527	141,038	112,875
NOI									132,899	106,745	83,091
% NOI change from prior year (percent)									8.20%	11.70%	14.10%
Gross real estate	1,402,444				1,233,851				1,402,444	1,233,851	1,015,947
Operating segment | Established | Southern California
Segment Reporting
Total revenue									139,841	119,024	99,302
NOI									95,626	81,182	68,880
% NOI change from prior year (percent)									5.20%	5.10%	7.00%
Gross real estate	1,225,328				1,058,883				1,225,328	1,058,883	947,723
Operating segment | Other Stabilized
Segment Reporting
Total revenue									497,756	486,780	131,248
NOI									343,061	330,998	84,504
Gross real estate	6,062,844				6,626,884				6,062,844	6,626,884	1,284,666
Operating segment | Development / Redevelopment
Segment Reporting
Total revenue									186,852	117,186	129,767
NOI									117,879	79,348	89,785
Gross real estate	3,972,180				3,024,035				3,972,180	3,024,035	2,032,277
Land Held for Development
Segment Reporting
Gross real estate	180,516				300,364				180,516	300,364	316,037
Non-allocated
Segment Reporting
Total revenue									11,050	11,502	10,257
Gross real estate	41,643				10,279				41,643	10,279	73,724
Continuing Operations
Segment Reporting
Total revenue									$1,660,672	$1,432,054	$979,164

StockBased_Compensation_Plans_1

Stock-Based Compensation Plans (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stock-Based Compensation Plans
Common stock, par value (in dollars per share)	$0.01	$0.01
Shares
Exercised (in shares)	-500,197
Granted (in shares)		215,230	115,303
2009 Plan
Stock-Based Compensation Plans
Common stock, par value (in dollars per share)	$0.01
Common stock shares available for grant	1,673,193
2009 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	501,568	307,554	247,403
Exercised (in shares)	-157,454	-19,949	-43,265
Granted (in shares)	0	215,230	115,303
Forfeited (in shares)	-4,052	-1,267	-11,887
Options outstanding at the end of the period (in shares)	340,062	501,568	307,554
Options exercisable at the end of the period (in shares)	185,227	184,167	74,618
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$120.77	$112.67	98.42
Exercised (in dollars per share)	$116.40	$84.43	85.09
Granted (in dollars per share)	$0	$129.03	133.16
Forfeited (in dollars per share)	$131.05	$131.56	115.15
Options outstanding at the end of the period (in dollars per share)	$122.67	$120.77	112.67
Options exercisable at the end of the period (in dollars per share)	$116.71	$107.18	97.46
1994 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	691,526	719,830	1,112,959
Exercised (in shares)	-342,743	-24,292	-364,519
Granted (in shares)	0	0	0
Forfeited (in shares)	-76,381	-4,012	-28,610
Options outstanding at the end of the period (in shares)	272,402	691,526	719,830
Options exercisable at the end of the period (in shares)	272,402	691,526	719,830
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$106.19	$105.40	94.1
Exercised (in dollars per share)	$99.03	$79.42	68.21
Granted (in dollars per share)	$0	$0	0
Forfeited (in dollars per share)	$142.66	$127.56	139.58
Options outstanding at the end of the period (in dollars per share)	$104.96	$106.19	105.4
Options exercisable at the end of the period (in dollars per share)	$104.96	$106.19	105.4

StockBased_Compensation_Plans_2

Stock-Based Compensation Plans (Details 2) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Intrinsic value of options exercised	$20,028	$2,395	$26,746
2009 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	340,062
Options outstanding intrinsic value	13,849
Options exercisable intrinsic value	8,647
Options exercisable weighted average contractual life (in years)	7 years 3 months 18 days
1994 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	272,402
Options outstanding intrinsic value	15,915
Options exercisable intrinsic value	$15,915
Options exercisable weighted average contractual life (in years)	2 years 6 months
40.00 - 49.99 | 1994 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	43,806
Exercise Price, lower limit (in dollars per share)	$40
Exercise Price, upper limit (in dollars per share)	$49.99
Weighted Average Remaining Contractual Term	4 years 1 month 6 days
60.00 - 69.99 | 1994 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	92
Exercise Price, lower limit (in dollars per share)	$60
Exercise Price, upper limit (in dollars per share)	$69.99
Weighted Average Remaining Contractual Term	0 years 1 month 6 days
70.00 - 79.99 | 2009 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	32,821
Exercise Price, lower limit (in dollars per share)	$70
Exercise Price, upper limit (in dollars per share)	$79.99
Weighted Average Remaining Contractual Term	5 years 1 month 6 days
70.00 - 79.99 | 1994 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	730
Exercise Price, lower limit (in dollars per share)	$70
Exercise Price, upper limit (in dollars per share)	$79.99
Weighted Average Remaining Contractual Term	0 years 6 months
80.00 - 89.99 | 1994 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	66,101
Exercise Price, lower limit (in dollars per share)	$80
Exercise Price, upper limit (in dollars per share)	$89.99
Weighted Average Remaining Contractual Term	3 years 1 month 6 days
90.00 - 99.99 | 1994 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	52,720
Exercise Price, lower limit (in dollars per share)	$90
Exercise Price, upper limit (in dollars per share)	$99.99
Weighted Average Remaining Contractual Term	1 year 1 month 6 days
110.00 - 119.99 | 2009 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	51,808
Exercise Price, lower limit (in dollars per share)	$110
Exercise Price, upper limit (in dollars per share)	$119.99
Weighted Average Remaining Contractual Term	6 years 1 month 6 days
120.00 - 129.99 | 2009 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	63,961
Exercise Price, lower limit (in dollars per share)	$120
Exercise Price, upper limit (in dollars per share)	$129.99
Weighted Average Remaining Contractual Term	8 years 2 months 12 days
130.00 - 139.99 | 2009 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	189,973
Exercise Price, lower limit (in dollars per share)	$130
Exercise Price, upper limit (in dollars per share)	$139.99
Weighted Average Remaining Contractual Term	7 years 7 months 6 days
140.00 - 149.99 | 2009 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	1,499
Exercise Price, lower limit (in dollars per share)	$140
Exercise Price, upper limit (in dollars per share)	$149.99
Weighted Average Remaining Contractual Term	7 years 6 months
140.00 - 149.99 | 1994 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	108,953
Exercise Price, lower limit (in dollars per share)	$140
Exercise Price, upper limit (in dollars per share)	$149.99
Weighted Average Remaining Contractual Term	2 years 1 month 6 days

StockBased_Compensation_Plans_3

Stock-Based Compensation Plans (Details 3) (USD $)	12 Months Ended			0 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 01, 2014	Sep. 09, 2014	Oct. 31, 1996
				item
Additional disclosures
Baseline share value (in dollars per share)					$155.83
Stock-based compensation expense	$13,314	$17,775	$9,961
Capitalized stock-based compensation cost	5,457	8,379	5,140
Forfeiture rate (as a percent)	1.40%
Employee Stock Purchase Plan [Abstract]
Shares issued under Employee Stock Purchase Plan	9,848
Stock-based compensation expense	13,314	17,775	9,961
Stock Options
Weighted average assumptions
Weighted average fair value per share (in dollars per share)		$26.78	$29.11
Life of options (in years)		5 years	5 years
Dividend yield (as a percent)		3.70%	3.50%
Volatility (as a percent)		34.00%	35.00%
Risk-free interest rate (as a percent)		0.91%	0.87%
Additional disclosures
Unrecognized compensation cost for unvested stock options	1,058
Weighted average period for recognition of unrecognized compensation cost	1 year 1 month 6 days
Forfeiture rate (as a percent)	1.40%
Restricted stock
Additional disclosures
Restricted stock granted (in shares)	98,954
Number of shares issued during period for new grants and conversion of units	115,163
Number of shares issued due to conversion of units	16,209
Number of shares issued due to new awards	98,954
Fair value of shares issued for new awards	12,799
Outstanding unvested shares granted	190,240	182,083
Number of shares vested during period related to new grants and conversion of units	99,036
Number of shares vested during period related to conversion of units	5,073
Number of shares vested during period related to new awards	93,963
Total fair value of shares vested	11,352	14,832	36,337
Unrecognized compensation cost for unvested stock options	19,559
Weighted average period for recognition of unrecognized compensation cost	3 years 7 months 6 days
Restricted stock | Minimum
Additional disclosures
Grant date fair value per share (in dollars per share)	$74.20
Restricted stock | Maximum
Additional disclosures
Grant date fair value per share (in dollars per share)	$163.39
Restricted stock units
Weighted average assumptions
Dividend yield (as a percent)	3.60%
Maximum Measurement Period (in years)	3 years
Award vesting period (in years)	3 years
Additional disclosures
Restricted stock granted (in shares)	131,980
Unrecognized compensation cost for unvested restricted stock	15,522
Restricted stock granted based on total shareholder metrics (in shares)	58,206
Restricted stock granted based on financial metrics (in shares)	73,774
Baseline share value (in dollars per share)	$128.97
Estimated volatility, Minimum (as a percent)	17.60%
Estimated volatility, Maximum (as a percent)	18.60%
Historical volatility (as a percent)	50.00%
Implied volatility (as a percent)	50.00%
Risk-free interest rate, minimum (as a percent)	0.04%
Risk-free interest rate, maximum (as a percent)	0.72%
Average estimated fair value (in dollars per share)	$103.20
Restricted stock units | Maximum
Weighted average assumptions
Percentage of stock based compensation elected to be received in the form of stock options upon the election of the recipient	25.00%
Non Qualified Employee Stock Purchase Plan [Member]
Additional disclosures
Stock-based compensation expense	407	174	127
Employee Stock Purchase Plan [Abstract]
Employee stock purchase plan, shares of common stock reserved for issuance						1,000,000
Employee stock purchase plan, remaining shares of common stock available for issuance	714,827
Employment period of full-time employees for becoming eligible to participate in the plan (in months)	1 month
Employment period of other employees for becoming eligible to participate in the plan (in months)	12 months
Purchase period (in months)		7 months		6 months
Number of purchase periods				2
Employee stock purchase plan, discounted stock price percentage	85.00%
Shares issued under Employee Stock Purchase Plan	9,848	9,260	6,260
Stock-based compensation expense	$407	$174	$127

Related_Party_Arrangements_Det

Related Party Arrangements (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Arrangements
Management fees revenue	$11,050,000	$11,502,000	$10,257,000
Compensation expense	13,314,000	17,775,000	9,961,000
Unconsolidated real estate entities
Related Party Arrangements
Outstanding receivables	6,868,000	7,004,000
Non-employee directors
Related Party Arrangements
Payable to related parties	60,000
Payable to related parties in quarterly installments	15,000
Non-employee directors | Restricted stock and deferred stock awards
Related Party Arrangements
Payable to related parties	125,000
Compensation expense	1,049,000	992,000	880,000
Amount of deferred compensation	452,000	417,000	364,000
Lead Independent Director
Related Party Arrangements
Payable to related parties	25,000
Payable to related parties in quarterly installments	6,250
Non-employees directors serving as a chairperson
Related Party Arrangements
Payable to related parties	10,000
Payable to related parties in quarterly installments	$2,500

Fair_Value_Details

Fair Value (Details) (USD $)	1 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	31-May-13	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative instruments and Hedging Activities
Notional balance			$215,000
Hedging losses reclassified from accumulated other comprehensive income into earnings		6,237	59,376	1,889
Charge for the reversal of the deferred loss			51,000
Estimated hedging losses to be reclassified from accumulated other comprehensive loss into earnings within the next twelve months		-5,493
Payment for settlement of forward starting interest rate swap agreement	51,000
Cash Flow Hedges
Derivative instruments and Hedging Activities
Number of derivative instruments held		4
Amount of (decrease) increase in comprehensive loss to adjust hedging derivatives		-6,116	-5,892	20,987
Cash Flow Hedges | Interest Rate Caps
Derivative instruments and Hedging Activities
Notional balance		170,909
Weighted average interest rate (as a percent)		2.50%
Weighted average capped interest rate (as a percent)		5.10%
Puts
Derivative instruments and Hedging Activities
Number of ventures in which entity is required to purchase interest in investment at guaranteed minimum amount			3
Non-designated Hedges
Derivative instruments and Hedging Activities
Number of derivative instruments held		12
Non-designated Hedges | Interest Rate Caps
Derivative instruments and Hedging Activities
Notional balance		$605,515
Weighted average interest rate (as a percent)		1.70%
Weighted average capped interest rate (as a percent)		6.00%

Fair_Value_Details_2

Fair Value (Details 2) (Recurring basis, USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	($1,226)	($887)
Indebtedness	-2,874,147	-2,657,143
Total	-2,875,373	-2,658,030
Significant Other Observable Inputs (Level 2)
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	-3,683,875	-3,637,705
Total	-3,683,767	-3,637,599
Significant Unobservable Inputs (Level 3)
Financial Instruments Measured/Discussed at Fair Value
Total	-11,104	-15,998
Significant Unobservable Inputs (Level 3) | Puts
Financial Instruments Measured/Discussed at Fair Value
Fair value of remaining outstanding Puts	-11,104	-15,998
Cash Flow Hedges | Significant Other Observable Inputs (Level 2) | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	58
Total Fair Value
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	-1,226	-887
Indebtedness	-6,558,022	-6,294,848
Total	-6,570,244	-6,311,627
Total Fair Value | Puts
Financial Instruments Measured/Discussed at Fair Value
Fair value of remaining outstanding Puts	-11,104	-15,998
Total Fair Value | Cash Flow Hedges | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	58
Non-designated Hedges | Significant Other Observable Inputs (Level 2) | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	50	106
Non-designated Hedges | Total Fair Value | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	$50	$106

Quarterly_Financial_Informatio2

Quarterly Financial Information (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$440,656	$430,525	$413,806	$400,075	$394,169	$389,189	$378,207	$301,356	$1,685,061	$1,462,921	$1,000,627
Income from continuing operations	142,530	241,001	172,197	103,420	88,209	-15,949	334	-14,767	659,148	57,827	250,431
Total discontinued operations	0	0	0	38,179	163,881	5,063	35,763	90,237	38,179	294,944	173,131
Net income attributable to common stockholders	$142,642	$241,100	$158,086	$141,739	$252,212	($10,715)	$36,218	$75,427	$683,567	$353,141	$423,869
Net income (loss) per common share - basic (in dollars per share)	$1.08	$1.83	$1.22	$1.09	$1.95	($0.08)	$0.28	$0.63	$5.22	$2.78	$4.34
Net income (loss) per common share - diluted (in dollars per share)	$1.08	$1.83	$1.21	$1.09	$1.95	($0.08)	$0.28	$0.63	$5.21	$2.78	$4.32

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	12 Months Ended			1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 31, 2015
	home	home	home
	community
Subsequent events
Number of apartment homes sold	1,337	3,299	1,578
Proceeds from sale of real estate	$281,125,000	$919,442,000	$274,018,000
Estimated number of apartment homes in communities to be developed	10,384
Number of residential buildings	251
Number of apartment homes included in operating apartment communities owned	73,963
MVPI LLC
Subsequent events
Combined general partner and limited partner equity interest (as a percent)	25.00%
Subsequent event | MVPI LLC
Subsequent events
Receipts from a joint venture partner for modification of agreement				20,700,000
Subsequent event | Avalon on Stamford Harbor
Subsequent events
Number of apartment homes sold				323
Number of boat slips				74
Proceeds from sale of real estate				115,500,000
Subsequent event | Development Rights In New York, NY And Bellevue, WA
Subsequent events
Payments to acquire land				325,000,000
Number of Development Rights				3
Estimated number of apartment homes in communities to be developed				910
Projected capital cost to develop apartment homes				509,717,000
Subsequent event | Avalon at Edgewater
Subsequent events
Number of residential buildings				2
Number of uninhabitable residential buildings due to fire damage				1
Number of uninhabitable homes				240
Number of apartment homes included in operating apartment communities owned				168
Loss Contingency New Class Action Claims Filed Number				3
Percentage of the first $50,000,000 of losses for which the Company is liable				12.00%
Amount of losses for determination of Company's self-insurance liability				50,000,000
Fixed Rate Secured Mortgage Note 5.95% Interest Rate Due In May 2019 | Secured notes | Avalon at Edgewater
Subsequent events
Effective interest rate (as a percent)	5.95%
Debt outstanding	$75,012,000

REAL_ESTATE_AND_ACCUMULATED_DE1

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Jan. 31, 2015
In Thousands, unless otherwise specified					home
Initial Cost
Land and improvements	$3,657,002
Building / Construction in Progress & Improvements	11,700,112
Costs Subsequent to Acquisition / Construction	2,492,202
Total Cost
Land	3,657,002
Building / Construction in Progress & Improvements	14,192,314
Total	17,849,316	16,800,321	10,071,342	9,288,496
Accumulated Depreciation	2,913,576	2,516,112	2,056,222	1,863,466
Total Cost, Net of Accumulated Depreciation	14,935,740
Encumbrances	6,448,138
New England
Initial Cost
Land and improvements	368,626
Building / Construction in Progress & Improvements	1,699,098
Costs Subsequent to Acquisition / Construction	196,781
Total Cost
Land	368,626
Building / Construction in Progress & Improvements	1,895,879
Total	2,264,505
Accumulated Depreciation	479,122
Total Cost, Net of Accumulated Depreciation	1,785,383
Encumbrances	464,466
Metro NY/NJ
Initial Cost
Land and improvements	824,368
Building / Construction in Progress & Improvements	2,646,185
Costs Subsequent to Acquisition / Construction	136,991
Total Cost
Land	824,368
Building / Construction in Progress & Improvements	2,783,176
Total	3,607,544
Accumulated Depreciation	692,549
Total Cost, Net of Accumulated Depreciation	2,914,995
Encumbrances	855,847
Mid-Atlantic
Initial Cost
Land and improvements	620,356
Building / Construction in Progress & Improvements	1,839,822
Costs Subsequent to Acquisition / Construction	141,299
Total Cost
Land	620,356
Building / Construction in Progress & Improvements	1,981,121
Total	2,601,477
Accumulated Depreciation	396,214
Total Cost, Net of Accumulated Depreciation	2,205,263
Encumbrances	597,830
Pacific Northwest
Initial Cost
Land and improvements	130,143
Building / Construction in Progress & Improvements	630,180
Costs Subsequent to Acquisition / Construction	31,481
Total Cost
Land	130,143
Building / Construction in Progress & Improvements	661,661
Total	791,804
Accumulated Depreciation	149,204
Total Cost, Net of Accumulated Depreciation	642,600
Encumbrances	25,491
Northern California
Initial Cost
Land and improvements	634,176
Building / Construction in Progress & Improvements	2,095,394
Costs Subsequent to Acquisition / Construction	242,939
Total Cost
Land	634,176
Building / Construction in Progress & Improvements	2,338,333
Total	2,972,509
Accumulated Depreciation	636,163
Total Cost, Net of Accumulated Depreciation	2,336,346
Encumbrances	681,301
Southern California
Initial Cost
Land and improvements	805,410
Building / Construction in Progress & Improvements	2,171,128
Costs Subsequent to Acquisition / Construction	326,665
Total Cost
Land	805,410
Building / Construction in Progress & Improvements	2,497,793
Total	3,303,203
Accumulated Depreciation	497,409
Total Cost, Net of Accumulated Depreciation	2,805,794
Encumbrances	806,678
Non-core
Initial Cost
Land and improvements	29,754
Building / Construction in Progress & Improvements	140,264
Costs Subsequent to Acquisition / Construction	1,828
Total Cost
Land	29,754
Building / Construction in Progress & Improvements	142,092
Total	171,846
Accumulated Depreciation	7,599
Total Cost, Net of Accumulated Depreciation	164,247
Encumbrances	16,525
Current Communities
Initial Cost
Land and improvements	3,412,833
Building / Construction in Progress & Improvements	11,222,071
Costs Subsequent to Acquisition / Construction	1,077,984
Total Cost
Land	3,412,833
Building / Construction in Progress & Improvements	12,300,055
Total	15,712,888
Accumulated Depreciation	2,858,260
Total Cost, Net of Accumulated Depreciation	12,854,628
Encumbrances	3,448,138
Current Communities | Avalon at Lexington
Initial Cost
Land and improvements	2,124
Building / Construction in Progress & Improvements	12,599
Costs Subsequent to Acquisition / Construction	9,199
Total Cost
Land	2,124
Building / Construction in Progress & Improvements	21,798
Total	23,922
Accumulated Depreciation	11,484
Total Cost, Net of Accumulated Depreciation	12,438
Current Communities | Avalon Oaks
Initial Cost
Land and improvements	2,129
Building / Construction in Progress & Improvements	18,676
Costs Subsequent to Acquisition / Construction	2,038
Total Cost
Land	2,129
Building / Construction in Progress & Improvements	20,714
Total	22,843
Accumulated Depreciation	11,094
Total Cost, Net of Accumulated Depreciation	11,749
Encumbrances	15,887
Current Communities | Eaves Quincy
Initial Cost
Land and improvements	1,743
Building / Construction in Progress & Improvements	14,662
Costs Subsequent to Acquisition / Construction	9,283
Total Cost
Land	1,743
Building / Construction in Progress & Improvements	23,945
Total	25,688
Accumulated Depreciation	11,805
Total Cost, Net of Accumulated Depreciation	13,883
Current Communities | Avalon Essex
Initial Cost
Land and improvements	5,184
Building / Construction in Progress & Improvements	16,320
Costs Subsequent to Acquisition / Construction	1,821
Total Cost
Land	5,184
Building / Construction in Progress & Improvements	18,141
Total	23,325
Accumulated Depreciation	9,289
Total Cost, Net of Accumulated Depreciation	14,036
Current Communities | Avalon Oaks West
Initial Cost
Land and improvements	3,318
Building / Construction in Progress & Improvements	13,467
Costs Subsequent to Acquisition / Construction	746
Total Cost
Land	3,318
Building / Construction in Progress & Improvements	14,213
Total	17,531
Accumulated Depreciation	6,376
Total Cost, Net of Accumulated Depreciation	11,155
Encumbrances	15,847
Current Communities | Avalon Orchards
Initial Cost
Land and improvements	2,983
Building / Construction in Progress & Improvements	18,037
Costs Subsequent to Acquisition / Construction	1,943
Total Cost
Land	2,983
Building / Construction in Progress & Improvements	19,980
Total	22,963
Accumulated Depreciation	8,902
Total Cost, Net of Accumulated Depreciation	14,061
Encumbrances	17,091
Current Communities | Avalon at Newton Highlands
Initial Cost
Land and improvements	11,039
Building / Construction in Progress & Improvements	45,590
Costs Subsequent to Acquisition / Construction	3,423
Total Cost
Land	11,039
Building / Construction in Progress & Improvements	49,013
Total	60,052
Accumulated Depreciation	19,353
Total Cost, Net of Accumulated Depreciation	40,699
Current Communities | Avalon at the Pinehills
Initial Cost
Land and improvements	6,876
Building / Construction in Progress & Improvements	30,401
Costs Subsequent to Acquisition / Construction	183
Total Cost
Land	6,876
Building / Construction in Progress & Improvements	30,584
Total	37,460
Accumulated Depreciation	7,836
Total Cost, Net of Accumulated Depreciation	29,624
Current Communities | Eaves Peabody
Initial Cost
Land and improvements	4,645
Building / Construction in Progress & Improvements	19,007
Costs Subsequent to Acquisition / Construction	12,019
Total Cost
Land	4,645
Building / Construction in Progress & Improvements	31,026
Total	35,671
Accumulated Depreciation	9,746
Total Cost, Net of Accumulated Depreciation	25,925
Current Communities | Avalon at Bedford Center
Initial Cost
Land and improvements	4,258
Building / Construction in Progress & Improvements	20,569
Costs Subsequent to Acquisition / Construction	316
Total Cost
Land	4,258
Building / Construction in Progress & Improvements	20,885
Total	25,143
Accumulated Depreciation	6,630
Total Cost, Net of Accumulated Depreciation	18,513
Current Communities | Avalon Chestnut Hill
Initial Cost
Land and improvements	14,572
Building / Construction in Progress & Improvements	45,911
Costs Subsequent to Acquisition / Construction	1,899
Total Cost
Land	14,572
Building / Construction in Progress & Improvements	47,810
Total	62,382
Accumulated Depreciation	13,588
Total Cost, Net of Accumulated Depreciation	48,794
Encumbrances	39,545
Current Communities | Avalon Shrewsbury
Initial Cost
Land and improvements	5,152
Building / Construction in Progress & Improvements	30,608
Costs Subsequent to Acquisition / Construction	757
Total Cost
Land	5,152
Building / Construction in Progress & Improvements	31,365
Total	36,517
Accumulated Depreciation	9,062
Total Cost, Net of Accumulated Depreciation	27,455
Encumbrances	20,174
Current Communities | Avalon at Lexington Hills
Initial Cost
Land and improvements	8,691
Building / Construction in Progress & Improvements	79,153
Costs Subsequent to Acquisition / Construction	1,112
Total Cost
Land	8,691
Building / Construction in Progress & Improvements	80,265
Total	88,956
Accumulated Depreciation	19,446
Total Cost, Net of Accumulated Depreciation	69,510
Current Communities | Avalon Acton
Initial Cost
Land and improvements	13,124
Building / Construction in Progress & Improvements	49,905
Costs Subsequent to Acquisition / Construction	276
Total Cost
Land	13,124
Building / Construction in Progress & Improvements	50,181
Total	63,305
Accumulated Depreciation	12,089
Total Cost, Net of Accumulated Depreciation	51,216
Encumbrances	45,000
Current Communities | Avalon Sharon
Initial Cost
Land and improvements	4,719
Building / Construction in Progress & Improvements	25,522
Costs Subsequent to Acquisition / Construction	269
Total Cost
Land	4,719
Building / Construction in Progress & Improvements	25,791
Total	30,510
Accumulated Depreciation	6,030
Total Cost, Net of Accumulated Depreciation	24,480
Current Communities | Avalon at Center Place
Initial Cost
Building / Construction in Progress & Improvements	26,816
Costs Subsequent to Acquisition / Construction	10,230
Total Cost
Building / Construction in Progress & Improvements	37,046
Total	37,046
Accumulated Depreciation	19,919
Total Cost, Net of Accumulated Depreciation	17,127
Current Communities | Avalon at Hingham Shipyard
Initial Cost
Land and improvements	12,218
Building / Construction in Progress & Improvements	41,725
Costs Subsequent to Acquisition / Construction	339
Total Cost
Land	12,218
Building / Construction in Progress & Improvements	42,064
Total	54,282
Accumulated Depreciation	9,089
Total Cost, Net of Accumulated Depreciation	45,193
Current Communities | Avalon Northborough
Initial Cost
Land and improvements	8,144
Building / Construction in Progress & Improvements	52,454
Costs Subsequent to Acquisition / Construction	16
Total Cost
Land	8,144
Building / Construction in Progress & Improvements	52,470
Total	60,614
Accumulated Depreciation	9,170
Total Cost, Net of Accumulated Depreciation	51,444
Current Communities | Avalon Blue Hills
Initial Cost
Land and improvements	11,110
Building / Construction in Progress & Improvements	34,736
Costs Subsequent to Acquisition / Construction	80
Total Cost
Land	11,110
Building / Construction in Progress & Improvements	34,816
Total	45,926
Accumulated Depreciation	6,856
Total Cost, Net of Accumulated Depreciation	39,070
Current Communities | Avalon Cohasset
Initial Cost
Land and improvements	8,802
Building / Construction in Progress & Improvements	46,233
Costs Subsequent to Acquisition / Construction	16
Total Cost
Land	8,802
Building / Construction in Progress & Improvements	46,249
Total	55,051
Accumulated Depreciation	4,910
Total Cost, Net of Accumulated Depreciation	50,141
Current Communities | Avalon Andover
Initial Cost
Land and improvements	4,276
Building / Construction in Progress & Improvements	21,903
Total Cost
Land	4,276
Building / Construction in Progress & Improvements	21,903
Total	26,179
Accumulated Depreciation	2,114
Total Cost, Net of Accumulated Depreciation	24,065
Encumbrances	14,505
Current Communities | Eaves Burlington
Initial Cost
Land and improvements	7,714
Building / Construction in Progress & Improvements	32,536
Costs Subsequent to Acquisition / Construction	5,080
Total Cost
Land	7,714
Building / Construction in Progress & Improvements	37,616
Total	45,330
Accumulated Depreciation	2,383
Total Cost, Net of Accumulated Depreciation	42,947
Current Communities | AVA Back Bay
Initial Cost
Land and improvements	9,034
Building / Construction in Progress & Improvements	36,540
Costs Subsequent to Acquisition / Construction	36,364
Total Cost
Land	9,034
Building / Construction in Progress & Improvements	72,904
Total	81,938
Accumulated Depreciation	26,205
Total Cost, Net of Accumulated Depreciation	55,733
Current Communities | Avalon at Prudential Center II
Initial Cost
Land and improvements	8,776
Building / Construction in Progress & Improvements	35,496
Costs Subsequent to Acquisition / Construction	31,783
Total Cost
Land	8,776
Building / Construction in Progress & Improvements	67,279
Total	76,055
Accumulated Depreciation	25,100
Total Cost, Net of Accumulated Depreciation	50,955
Current Communities | Avalon at Prudential Center I
Initial Cost
Land and improvements	8,002
Building / Construction in Progress & Improvements	32,370
Costs Subsequent to Acquisition / Construction	19,773
Total Cost
Land	8,002
Building / Construction in Progress & Improvements	52,143
Total	60,145
Accumulated Depreciation	22,772
Total Cost, Net of Accumulated Depreciation	37,373
Current Communities | Avalon Burlington
Initial Cost
Land and improvements	15,600
Building / Construction in Progress & Improvements	59,200
Costs Subsequent to Acquisition / Construction	6,943
Total Cost
Land	15,600
Building / Construction in Progress & Improvements	66,143
Total	81,743
Accumulated Depreciation	5,334
Total Cost, Net of Accumulated Depreciation	76,409
Current Communities | Avalon Bear Hill
Initial Cost
Land and improvements	27,350
Building / Construction in Progress & Improvements	96,999
Costs Subsequent to Acquisition / Construction	5,110
Total Cost
Land	27,350
Building / Construction in Progress & Improvements	102,109
Total	129,459
Accumulated Depreciation	11,304
Total Cost, Net of Accumulated Depreciation	118,155
Current Communities | Eaves North Quincy
Initial Cost
Land and improvements	11,940
Building / Construction in Progress & Improvements	39,400
Costs Subsequent to Acquisition / Construction	2,491
Total Cost
Land	11,940
Building / Construction in Progress & Improvements	41,891
Total	53,831
Accumulated Depreciation	4,784
Total Cost, Net of Accumulated Depreciation	49,047
Encumbrances	36,761
Current Communities | Avalon Natick
Initial Cost
Land and improvements	15,645
Building / Construction in Progress & Improvements	64,585
Total Cost
Land	15,645
Building / Construction in Progress & Improvements	64,585
Total	80,230
Accumulated Depreciation	3,476
Total Cost, Net of Accumulated Depreciation	76,754
Encumbrances	52,357
Current Communities | Avalon Canton at Blue Hills
Initial Cost
Land and improvements	6,562
Building / Construction in Progress & Improvements	33,191
Total Cost
Land	6,562
Building / Construction in Progress & Improvements	33,191
Total	39,753
Accumulated Depreciation	769
Total Cost, Net of Accumulated Depreciation	38,984
Current Communities | Avalon Exeter
Initial Cost
Land and improvements	16,304
Building / Construction in Progress & Improvements	108,126
Total Cost
Land	16,304
Building / Construction in Progress & Improvements	108,126
Total	124,430
Accumulated Depreciation	1,842
Total Cost, Net of Accumulated Depreciation	122,588
Current Communities | Eaves Trumbull
Initial Cost
Land and improvements	4,414
Building / Construction in Progress & Improvements	31,268
Costs Subsequent to Acquisition / Construction	3,529
Total Cost
Land	4,414
Building / Construction in Progress & Improvements	34,797
Total	39,211
Accumulated Depreciation	20,696
Total Cost, Net of Accumulated Depreciation	18,515
Encumbrances	39,452
Current Communities | Eaves Stamford
Initial Cost
Land and improvements	5,956
Building / Construction in Progress & Improvements	23,993
Costs Subsequent to Acquisition / Construction	12,748
Total Cost
Land	5,956
Building / Construction in Progress & Improvements	36,741
Total	42,697
Accumulated Depreciation	20,049
Total Cost, Net of Accumulated Depreciation	22,648
Current Communities | Avalon Wilton I
Initial Cost
Land and improvements	2,116
Building / Construction in Progress & Improvements	14,664
Costs Subsequent to Acquisition / Construction	5,841
Total Cost
Land	2,116
Building / Construction in Progress & Improvements	20,505
Total	22,621
Accumulated Depreciation	9,855
Total Cost, Net of Accumulated Depreciation	12,766
Current Communities | Avalon on Stamford Harbor
Initial Cost
Land and improvements	10,836
Building / Construction in Progress & Improvements	51,883
Costs Subsequent to Acquisition / Construction	1,778
Total Cost
Land	10,836
Building / Construction in Progress & Improvements	53,661
Total	64,497
Accumulated Depreciation	22,322
Total Cost, Net of Accumulated Depreciation	42,175
Encumbrances	62,724
Current Communities | Avalon New Canaan
Initial Cost
Land and improvements	4,834
Building / Construction in Progress & Improvements	19,485
Costs Subsequent to Acquisition / Construction	1,559
Total Cost
Land	4,834
Building / Construction in Progress & Improvements	21,044
Total	25,878
Accumulated Depreciation	8,672
Total Cost, Net of Accumulated Depreciation	17,206
Current Communities | AVA Stamford
Initial Cost
Land and improvements	13,819
Building / Construction in Progress & Improvements	56,499
Costs Subsequent to Acquisition / Construction	4,602
Total Cost
Land	13,819
Building / Construction in Progress & Improvements	61,101
Total	74,920
Accumulated Depreciation	25,069
Total Cost, Net of Accumulated Depreciation	49,851
Encumbrances	57,423
Current Communities | Avalon Danbury
Initial Cost
Land and improvements	4,933
Building / Construction in Progress & Improvements	30,638
Costs Subsequent to Acquisition / Construction	670
Total Cost
Land	4,933
Building / Construction in Progress & Improvements	31,308
Total	36,241
Accumulated Depreciation	10,352
Total Cost, Net of Accumulated Depreciation	25,889
Current Communities | Avalon Darien
Initial Cost
Land and improvements	6,926
Building / Construction in Progress & Improvements	34,659
Costs Subsequent to Acquisition / Construction	1,689
Total Cost
Land	6,926
Building / Construction in Progress & Improvements	36,348
Total	43,274
Accumulated Depreciation	13,817
Total Cost, Net of Accumulated Depreciation	29,457
Encumbrances	47,700
Current Communities | Avalon Milford I
Initial Cost
Land and improvements	8,746
Building / Construction in Progress & Improvements	22,699
Costs Subsequent to Acquisition / Construction	725
Total Cost
Land	8,746
Building / Construction in Progress & Improvements	23,424
Total	32,170
Accumulated Depreciation	8,493
Total Cost, Net of Accumulated Depreciation	23,677
Current Communities | Avalon Huntington
Initial Cost
Land and improvements	5,277
Building / Construction in Progress & Improvements	20,029
Costs Subsequent to Acquisition / Construction	100
Total Cost
Land	5,277
Building / Construction in Progress & Improvements	20,129
Total	25,406
Accumulated Depreciation	4,406
Total Cost, Net of Accumulated Depreciation	21,000
Current Communities | Avalon Norwalk
Initial Cost
Land and improvements	11,320
Building / Construction in Progress & Improvements	62,910
Costs Subsequent to Acquisition / Construction	25
Total Cost
Land	11,320
Building / Construction in Progress & Improvements	62,935
Total	74,255
Accumulated Depreciation	9,372
Total Cost, Net of Accumulated Depreciation	64,883
Current Communities | Avalon Wilton II
Initial Cost
Land and improvements	6,604
Building / Construction in Progress & Improvements	23,758
Costs Subsequent to Acquisition / Construction	6
Total Cost
Land	6,604
Building / Construction in Progress & Improvements	23,764
Total	30,368
Accumulated Depreciation	2,997
Total Cost, Net of Accumulated Depreciation	27,371
Current Communities | Avalon Shelton III
Initial Cost
Land and improvements	7,853
Building / Construction in Progress & Improvements	40,866
Total Cost
Land	7,853
Building / Construction in Progress & Improvements	40,866
Total	48,719
Accumulated Depreciation	2,279
Total Cost, Net of Accumulated Depreciation	46,440
Current Communities | Avalon East Norwalk
Initial Cost
Land and improvements	10,394
Building / Construction in Progress & Improvements	36,126
Total Cost
Land	10,394
Building / Construction in Progress & Improvements	36,126
Total	46,520
Accumulated Depreciation	1,645
Total Cost, Net of Accumulated Depreciation	44,875
Current Communities | Avalon at Stratford
Initial Cost
Land and improvements	2,564
Building / Construction in Progress & Improvements	26,884
Total Cost
Land	2,564
Building / Construction in Progress & Improvements	26,884
Total	29,448
Accumulated Depreciation	341
Total Cost, Net of Accumulated Depreciation	29,107
Current Communities | Avalon Commons
Initial Cost
Land and improvements	4,679
Building / Construction in Progress & Improvements	28,286
Costs Subsequent to Acquisition / Construction	5,660
Total Cost
Land	4,679
Building / Construction in Progress & Improvements	33,946
Total	38,625
Accumulated Depreciation	18,664
Total Cost, Net of Accumulated Depreciation	19,961
Current Communities | Eaves Nanuet
Initial Cost
Land and improvements	8,428
Building / Construction in Progress & Improvements	45,660
Costs Subsequent to Acquisition / Construction	3,903
Total Cost
Land	8,428
Building / Construction in Progress & Improvements	49,563
Total	57,991
Accumulated Depreciation	28,325
Total Cost, Net of Accumulated Depreciation	29,666
Encumbrances	63,242
Current Communities | Avalon Green
Initial Cost
Land and improvements	1,820
Building / Construction in Progress & Improvements	10,525
Costs Subsequent to Acquisition / Construction	1,675
Total Cost
Land	1,820
Building / Construction in Progress & Improvements	12,200
Total	14,020
Accumulated Depreciation	8,031
Total Cost, Net of Accumulated Depreciation	5,989
Current Communities | Avalon Towers
Initial Cost
Land and improvements	3,118
Building / Construction in Progress & Improvements	11,973
Costs Subsequent to Acquisition / Construction	10,260
Total Cost
Land	3,118
Building / Construction in Progress & Improvements	22,233
Total	25,351
Accumulated Depreciation	11,437
Total Cost, Net of Accumulated Depreciation	13,914
Current Communities | Avalon Willow
Initial Cost
Land and improvements	6,207
Building / Construction in Progress & Improvements	40,791
Costs Subsequent to Acquisition / Construction	1,423
Total Cost
Land	6,207
Building / Construction in Progress & Improvements	42,214
Total	48,421
Accumulated Depreciation	21,846
Total Cost, Net of Accumulated Depreciation	26,575
Current Communities | Avalon Court
Initial Cost
Land and improvements	9,228
Building / Construction in Progress & Improvements	50,063
Costs Subsequent to Acquisition / Construction	2,908
Total Cost
Land	9,228
Building / Construction in Progress & Improvements	52,971
Total	62,199
Accumulated Depreciation	28,734
Total Cost, Net of Accumulated Depreciation	33,465
Current Communities | The Avalon
Initial Cost
Land and improvements	2,889
Building / Construction in Progress & Improvements	28,324
Costs Subsequent to Acquisition / Construction	7,993
Total Cost
Land	2,889
Building / Construction in Progress & Improvements	36,317
Total	39,206
Accumulated Depreciation	15,882
Total Cost, Net of Accumulated Depreciation	23,324
Current Communities | Avalon at Glen Cove
Initial Cost
Land and improvements	7,871
Building / Construction in Progress & Improvements	59,969
Costs Subsequent to Acquisition / Construction	1,097
Total Cost
Land	7,871
Building / Construction in Progress & Improvements	61,066
Total	68,937
Accumulated Depreciation	21,970
Total Cost, Net of Accumulated Depreciation	46,967
Current Communities | Avalon Pines
Initial Cost
Land and improvements	8,700
Building / Construction in Progress & Improvements	62,931
Costs Subsequent to Acquisition / Construction	621
Total Cost
Land	8,700
Building / Construction in Progress & Improvements	63,552
Total	72,252
Accumulated Depreciation	20,828
Total Cost, Net of Accumulated Depreciation	51,424
Current Communities | Avalon Glen Cove North
Initial Cost
Land and improvements	2,577
Building / Construction in Progress & Improvements	37,336
Costs Subsequent to Acquisition / Construction	232
Total Cost
Land	2,577
Building / Construction in Progress & Improvements	37,568
Total	40,145
Accumulated Depreciation	10,016
Total Cost, Net of Accumulated Depreciation	30,129
Current Communities | Avalon White Plains
Initial Cost
Land and improvements	15,391
Building / Construction in Progress & Improvements	137,353
Costs Subsequent to Acquisition / Construction	46
Total Cost
Land	15,391
Building / Construction in Progress & Improvements	137,399
Total	152,790
Accumulated Depreciation	27,434
Total Cost, Net of Accumulated Depreciation	125,356
Current Communities | Avalon Charles Pond
Initial Cost
Land and improvements	14,715
Building / Construction in Progress & Improvements	33,640
Costs Subsequent to Acquisition / Construction	48
Total Cost
Land	14,715
Building / Construction in Progress & Improvements	33,688
Total	48,403
Accumulated Depreciation	6,824
Total Cost, Net of Accumulated Depreciation	41,579
Current Communities | Avalon Rockville Centre
Initial Cost
Land and improvements	32,212
Building / Construction in Progress & Improvements	78,807
Total Cost
Land	32,212
Building / Construction in Progress & Improvements	78,807
Total	111,019
Accumulated Depreciation	8,480
Total Cost, Net of Accumulated Depreciation	102,539
Current Communities | Avalon Green II
Initial Cost
Land and improvements	27,765
Building / Construction in Progress & Improvements	77,560
Total Cost
Land	27,765
Building / Construction in Progress & Improvements	77,560
Total	105,325
Accumulated Depreciation	7,330
Total Cost, Net of Accumulated Depreciation	97,995
Current Communities | Avalon Garden City
Initial Cost
Land and improvements	18,205
Building / Construction in Progress & Improvements	49,372
Total Cost
Land	18,205
Building / Construction in Progress & Improvements	49,372
Total	67,577
Accumulated Depreciation	3,999
Total Cost, Net of Accumulated Depreciation	63,578
Current Communities | Avalon Westbury
Initial Cost
Land and improvements	69,620
Building / Construction in Progress & Improvements	43,781
Costs Subsequent to Acquisition / Construction	7,410
Total Cost
Land	69,620
Building / Construction in Progress & Improvements	51,191
Total	120,811
Accumulated Depreciation	8,720
Total Cost, Net of Accumulated Depreciation	112,091
Encumbrances	82,345
Current Communities | Avalon Ossining
Initial Cost
Land and improvements	6,385
Building / Construction in Progress & Improvements	30,099
Total Cost
Land	6,385
Building / Construction in Progress & Improvements	30,099
Total	36,484
Accumulated Depreciation	762
Total Cost, Net of Accumulated Depreciation	35,722
Current Communities | Avalon Huntington Station
Initial Cost
Land and improvements	21,870
Building / Construction in Progress & Improvements	57,545
Total Cost
Land	21,870
Building / Construction in Progress & Improvements	57,545
Total	79,415
Accumulated Depreciation	844
Total Cost, Net of Accumulated Depreciation	78,571
Current Communities | Avalon Cove
Initial Cost
Land and improvements	8,760
Building / Construction in Progress & Improvements	82,422
Costs Subsequent to Acquisition / Construction	21,060
Total Cost
Land	8,760
Building / Construction in Progress & Improvements	103,482
Total	112,242
Accumulated Depreciation	54,057
Total Cost, Net of Accumulated Depreciation	58,185
Current Communities | Avalon Run
Initial Cost
Land and improvements	14,650
Building / Construction in Progress & Improvements	60,486
Costs Subsequent to Acquisition / Construction	5,526
Total Cost
Land	14,650
Building / Construction in Progress & Improvements	66,012
Total	80,662
Accumulated Depreciation	23,905
Total Cost, Net of Accumulated Depreciation	56,757
Current Communities | Avalon Princeton Junction
Initial Cost
Land and improvements	5,585
Building / Construction in Progress & Improvements	22,382
Costs Subsequent to Acquisition / Construction	20,791
Total Cost
Land	5,585
Building / Construction in Progress & Improvements	43,173
Total	48,758
Accumulated Depreciation	21,392
Total Cost, Net of Accumulated Depreciation	27,366
Current Communities | Avalon at Edgewater
Initial Cost
Land and improvements	14,528
Building / Construction in Progress & Improvements	60,240
Costs Subsequent to Acquisition / Construction	4,302
Total Cost
Land	14,528
Building / Construction in Progress & Improvements	64,542
Total	79,070
Accumulated Depreciation	28,885
Total Cost, Net of Accumulated Depreciation	50,185
Encumbrances	75,012
Current Communities | Avalon at Florham Park
Initial Cost
Land and improvements	6,647
Building / Construction in Progress & Improvements	34,906
Costs Subsequent to Acquisition / Construction	2,179
Total Cost
Land	6,647
Building / Construction in Progress & Improvements	37,085
Total	43,732
Accumulated Depreciation	18,009
Total Cost, Net of Accumulated Depreciation	25,723
Current Communities | Avalon at Freehold
Initial Cost
Land and improvements	4,119
Building / Construction in Progress & Improvements	30,514
Costs Subsequent to Acquisition / Construction	900
Total Cost
Land	4,119
Building / Construction in Progress & Improvements	31,414
Total	35,533
Accumulated Depreciation	13,959
Total Cost, Net of Accumulated Depreciation	21,574
Encumbrances	34,973
Current Communities | Avalon Run East
Initial Cost
Land and improvements	6,766
Building / Construction in Progress & Improvements	45,366
Costs Subsequent to Acquisition / Construction	919
Total Cost
Land	6,766
Building / Construction in Progress & Improvements	46,285
Total	53,051
Accumulated Depreciation	16,286
Total Cost, Net of Accumulated Depreciation	36,765
Encumbrances	37,475
Current Communities | Avalon Lyndhurst
Initial Cost
Land and improvements	18,620
Building / Construction in Progress & Improvements	59,879
Costs Subsequent to Acquisition / Construction	579
Total Cost
Land	18,620
Building / Construction in Progress & Improvements	60,458
Total	79,078
Accumulated Depreciation	16,676
Total Cost, Net of Accumulated Depreciation	62,402
Current Communities | Avalon at Tinton Falls
Initial Cost
Land and improvements	7,939
Building / Construction in Progress & Improvements	33,173
Costs Subsequent to Acquisition / Construction	96
Total Cost
Land	7,939
Building / Construction in Progress & Improvements	33,269
Total	41,208
Accumulated Depreciation	7,755
Total Cost, Net of Accumulated Depreciation	33,453
Current Communities | Avalon at West Long Branch
Initial Cost
Land and improvements	2,721
Building / Construction in Progress & Improvements	22,940
Total Cost
Land	2,721
Building / Construction in Progress & Improvements	22,940
Total	25,661
Accumulated Depreciation	3,479
Total Cost, Net of Accumulated Depreciation	22,182
Current Communities | Avalon North Bergen
Initial Cost
Land and improvements	8,984
Building / Construction in Progress & Improvements	31,015
Costs Subsequent to Acquisition / Construction	514
Total Cost
Land	8,984
Building / Construction in Progress & Improvements	31,529
Total	40,513
Accumulated Depreciation	2,819
Total Cost, Net of Accumulated Depreciation	37,694
Current Communities | Avalon at Wesmont Station
Initial Cost
Land and improvements	14,682
Building / Construction in Progress & Improvements	41,635
Costs Subsequent to Acquisition / Construction	875
Total Cost
Land	14,682
Building / Construction in Progress & Improvements	42,510
Total	57,192
Accumulated Depreciation	3,860
Total Cost, Net of Accumulated Depreciation	53,332
Current Communities | Avalon Hackensack at Riverside
Initial Cost
Building / Construction in Progress & Improvements	44,530
Total Cost
Building / Construction in Progress & Improvements	44,530
Total	44,530
Accumulated Depreciation	2,312
Total Cost, Net of Accumulated Depreciation	42,218
Current Communities | Avalon Somerset
Initial Cost
Land and improvements	18,241
Building / Construction in Progress & Improvements	58,326
Total Cost
Land	18,241
Building / Construction in Progress & Improvements	58,326
Total	76,567
Accumulated Depreciation	3,366
Total Cost, Net of Accumulated Depreciation	73,201
Current Communities | Avalon at Wesmont Station II
Initial Cost
Land and improvements	6,502
Building / Construction in Progress & Improvements	16,862
Total Cost
Land	6,502
Building / Construction in Progress & Improvements	16,862
Total	23,364
Accumulated Depreciation	992
Total Cost, Net of Accumulated Depreciation	22,372
Current Communities | Avalon Bloomingdale
Initial Cost
Land and improvements	3,005
Building / Construction in Progress & Improvements	27,721
Total Cost
Land	3,005
Building / Construction in Progress & Improvements	27,721
Total	30,726
Accumulated Depreciation	1,098
Total Cost, Net of Accumulated Depreciation	29,628
Current Communities | Avalon Riverview I
Initial Cost
Building / Construction in Progress & Improvements	94,061
Costs Subsequent to Acquisition / Construction	4,894
Total Cost
Building / Construction in Progress & Improvements	98,955
Total	98,955
Accumulated Depreciation	41,548
Total Cost, Net of Accumulated Depreciation	57,407
Current Communities | Avalon Bowery Place
Initial Cost
Land and improvements	18,575
Building / Construction in Progress & Improvements	75,009
Costs Subsequent to Acquisition / Construction	1,992
Total Cost
Land	18,575
Building / Construction in Progress & Improvements	77,001
Total	95,576
Accumulated Depreciation	22,047
Total Cost, Net of Accumulated Depreciation	73,529
Encumbrances	93,800
Current Communities | Avalon Riverview North
Initial Cost
Building / Construction in Progress & Improvements	164,808
Costs Subsequent to Acquisition / Construction	2,404
Total Cost
Building / Construction in Progress & Improvements	167,212
Total	167,212
Accumulated Depreciation	41,970
Total Cost, Net of Accumulated Depreciation	125,242
Current Communities | Avalon Bowery Place II
Initial Cost
Land and improvements	9,106
Building / Construction in Progress & Improvements	47,199
Costs Subsequent to Acquisition / Construction	1,633
Total Cost
Land	9,106
Building / Construction in Progress & Improvements	48,832
Total	57,938
Accumulated Depreciation	11,904
Total Cost, Net of Accumulated Depreciation	46,034
Current Communities | Avalon Morningside Park
Initial Cost
Building / Construction in Progress & Improvements	114,327
Costs Subsequent to Acquisition / Construction	870
Total Cost
Building / Construction in Progress & Improvements	115,197
Total	115,197
Accumulated Depreciation	24,642
Total Cost, Net of Accumulated Depreciation	90,555
Encumbrances	100,000
Current Communities | Avalon Fort Greene
Initial Cost
Land and improvements	83,038
Building / Construction in Progress & Improvements	218,444
Costs Subsequent to Acquisition / Construction	642
Total Cost
Land	83,038
Building / Construction in Progress & Improvements	219,086
Total	302,124
Accumulated Depreciation	35,170
Total Cost, Net of Accumulated Depreciation	266,954
Current Communities | Avalon Midtown West
Initial Cost
Land and improvements	154,730
Building / Construction in Progress & Improvements	180,253
Costs Subsequent to Acquisition / Construction	12,012
Total Cost
Land	154,730
Building / Construction in Progress & Improvements	192,265
Total	346,995
Accumulated Depreciation	23,002
Total Cost, Net of Accumulated Depreciation	323,993
Encumbrances	100,500
Current Communities | Avalon Clinton North
Initial Cost
Land and improvements	84,069
Building / Construction in Progress & Improvements	105,821
Costs Subsequent to Acquisition / Construction	6,352
Total Cost
Land	84,069
Building / Construction in Progress & Improvements	112,173
Total	196,242
Accumulated Depreciation	12,558
Total Cost, Net of Accumulated Depreciation	183,684
Encumbrances	147,000
Current Communities | Avalon Clinton South
Initial Cost
Land and improvements	71,421
Building / Construction in Progress & Improvements	89,851
Costs Subsequent to Acquisition / Construction	5,175
Total Cost
Land	71,421
Building / Construction in Progress & Improvements	95,026
Total	166,447
Accumulated Depreciation	10,732
Total Cost, Net of Accumulated Depreciation	155,715
Encumbrances	121,500
Current Communities | Avalon at Foxhall
Initial Cost
Land and improvements	6,848
Building / Construction in Progress & Improvements	27,614
Costs Subsequent to Acquisition / Construction	11,671
Total Cost
Land	6,848
Building / Construction in Progress & Improvements	39,285
Total	46,133
Accumulated Depreciation	24,950
Total Cost, Net of Accumulated Depreciation	21,183
Encumbrances	56,341
Current Communities | Avalon at Gallery Place
Initial Cost
Land and improvements	8,800
Building / Construction in Progress & Improvements	39,658
Costs Subsequent to Acquisition / Construction	1,557
Total Cost
Land	8,800
Building / Construction in Progress & Improvements	41,215
Total	50,015
Accumulated Depreciation	16,412
Total Cost, Net of Accumulated Depreciation	33,603
Encumbrances	43,776
Current Communities | Avalon at Fairway Hills
Initial Cost
Land and improvements	8,603
Building / Construction in Progress & Improvements	34,432
Costs Subsequent to Acquisition / Construction	16,036
Total Cost
Land	8,603
Building / Construction in Progress & Improvements	50,468
Total	59,071
Accumulated Depreciation	28,397
Total Cost, Net of Accumulated Depreciation	30,674
Current Communities | Eaves Washingtonian Center I
Initial Cost
Land and improvements	2,608
Building / Construction in Progress & Improvements	11,707
Costs Subsequent to Acquisition / Construction	629
Total Cost
Land	2,608
Building / Construction in Progress & Improvements	12,336
Total	14,944
Accumulated Depreciation	7,913
Total Cost, Net of Accumulated Depreciation	7,031
Encumbrances	8,011
Current Communities | Eaves Washingtonian Center II
Initial Cost
Land and improvements	1,439
Building / Construction in Progress & Improvements	6,846
Costs Subsequent to Acquisition / Construction	180
Total Cost
Land	1,439
Building / Construction in Progress & Improvements	7,026
Total	8,465
Accumulated Depreciation	3,970
Total Cost, Net of Accumulated Depreciation	4,495
Current Communities | Eaves Columbia Town Center
Initial Cost
Land and improvements	8,802
Building / Construction in Progress & Improvements	35,536
Costs Subsequent to Acquisition / Construction	11,429
Total Cost
Land	8,802
Building / Construction in Progress & Improvements	46,965
Total	55,767
Accumulated Depreciation	16,273
Total Cost, Net of Accumulated Depreciation	39,494
Current Communities | Avalon at Grosvenor Station
Initial Cost
Land and improvements	29,159
Building / Construction in Progress & Improvements	53,001
Costs Subsequent to Acquisition / Construction	2,002
Total Cost
Land	29,159
Building / Construction in Progress & Improvements	55,003
Total	84,162
Accumulated Depreciation	21,020
Total Cost, Net of Accumulated Depreciation	63,142
Current Communities | Avalon at Traville
Initial Cost
Land and improvements	14,365
Building / Construction in Progress & Improvements	55,398
Costs Subsequent to Acquisition / Construction	863
Total Cost
Land	14,365
Building / Construction in Progress & Improvements	56,261
Total	70,626
Accumulated Depreciation	21,385
Total Cost, Net of Accumulated Depreciation	49,241
Encumbrances	74,186
Current Communities | Avalon Russett
Initial Cost
Land and improvements	10,200
Building / Construction in Progress & Improvements	47,524
Costs Subsequent to Acquisition / Construction	2,659
Total Cost
Land	10,200
Building / Construction in Progress & Improvements	50,183
Total	60,383
Accumulated Depreciation	5,547
Total Cost, Net of Accumulated Depreciation	54,836
Encumbrances	39,972
Current Communities | Eaves Fair Lakes
Initial Cost
Land and improvements	6,096
Building / Construction in Progress & Improvements	24,400
Costs Subsequent to Acquisition / Construction	8,246
Total Cost
Land	6,096
Building / Construction in Progress & Improvements	32,646
Total	38,742
Accumulated Depreciation	17,777
Total Cost, Net of Accumulated Depreciation	20,965
Current Communities | AVA Ballston
Initial Cost
Land and improvements	7,291
Building / Construction in Progress & Improvements	29,177
Costs Subsequent to Acquisition / Construction	16,117
Total Cost
Land	7,291
Building / Construction in Progress & Improvements	45,294
Total	52,585
Accumulated Depreciation	24,294
Total Cost, Net of Accumulated Depreciation	28,291
Current Communities | Eaves Fairfax City
Initial Cost
Land and improvements	2,152
Building / Construction in Progress & Improvements	8,907
Costs Subsequent to Acquisition / Construction	5,390
Total Cost
Land	2,152
Building / Construction in Progress & Improvements	14,297
Total	16,449
Accumulated Depreciation	6,624
Total Cost, Net of Accumulated Depreciation	9,825
Current Communities | Avalon Tysons Corner
Initial Cost
Land and improvements	13,851
Building / Construction in Progress & Improvements	43,397
Costs Subsequent to Acquisition / Construction	12,106
Total Cost
Land	13,851
Building / Construction in Progress & Improvements	55,503
Total	69,354
Accumulated Depreciation	26,784
Total Cost, Net of Accumulated Depreciation	42,570
Current Communities | Avalon at Arlington Square
Initial Cost
Land and improvements	22,041
Building / Construction in Progress & Improvements	90,296
Costs Subsequent to Acquisition / Construction	2,818
Total Cost
Land	22,041
Building / Construction in Progress & Improvements	93,114
Total	115,155
Accumulated Depreciation	42,880
Total Cost, Net of Accumulated Depreciation	72,275
Current Communities | Avalon Park Crest
Initial Cost
Land and improvements	13,554
Building / Construction in Progress & Improvements	63,527
Total Cost
Land	13,554
Building / Construction in Progress & Improvements	63,527
Total	77,081
Accumulated Depreciation	4,886
Total Cost, Net of Accumulated Depreciation	72,195
Current Communities | Eaves Fairfax Towers
Initial Cost
Land and improvements	17,889
Building / Construction in Progress & Improvements	74,727
Costs Subsequent to Acquisition / Construction	1,718
Total Cost
Land	17,889
Building / Construction in Progress & Improvements	76,445
Total	94,334
Accumulated Depreciation	9,782
Total Cost, Net of Accumulated Depreciation	84,552
Current Communities | AVA H Street
Initial Cost
Land and improvements	7,425
Building / Construction in Progress & Improvements	25,282
Total Cost
Land	7,425
Building / Construction in Progress & Improvements	25,282
Total	32,707
Accumulated Depreciation	1,782
Total Cost, Net of Accumulated Depreciation	30,925
Current Communities | Avalon First & M
Initial Cost
Land and improvements	43,700
Building / Construction in Progress & Improvements	153,950
Costs Subsequent to Acquisition / Construction	2,411
Total Cost
Land	43,700
Building / Construction in Progress & Improvements	156,361
Total	200,061
Accumulated Depreciation	12,255
Total Cost, Net of Accumulated Depreciation	187,806
Encumbrances	140,964
Current Communities | The Albemarle
Initial Cost
Land and improvements	25,140
Building / Construction in Progress & Improvements	52,459
Costs Subsequent to Acquisition / Construction	3,717
Total Cost
Land	25,140
Building / Construction in Progress & Improvements	56,176
Total	81,316
Accumulated Depreciation	6,980
Total Cost, Net of Accumulated Depreciation	74,336
Current Communities | Eaves Tunlaw Gardens
Initial Cost
Land and improvements	16,430
Building / Construction in Progress & Improvements	22,902
Costs Subsequent to Acquisition / Construction	2,025
Total Cost
Land	16,430
Building / Construction in Progress & Improvements	24,927
Total	41,357
Accumulated Depreciation	3,162
Total Cost, Net of Accumulated Depreciation	38,195
Encumbrances	28,494
Current Communities | The Statesman
Initial Cost
Land and improvements	38,140
Building / Construction in Progress & Improvements	35,352
Costs Subsequent to Acquisition / Construction	3,453
Total Cost
Land	38,140
Building / Construction in Progress & Improvements	38,805
Total	76,945
Accumulated Depreciation	5,815
Total Cost, Net of Accumulated Depreciation	71,130
Current Communities | Eaves Glover Park
Initial Cost
Land and improvements	9,580
Building / Construction in Progress & Improvements	26,532
Costs Subsequent to Acquisition / Construction	1,954
Total Cost
Land	9,580
Building / Construction in Progress & Improvements	28,486
Total	38,066
Accumulated Depreciation	3,385
Total Cost, Net of Accumulated Depreciation	34,681
Encumbrances	23,569
Current Communities | AVA Van Ness
Initial Cost
Land and improvements	22,890
Building / Construction in Progress & Improvements	58,691
Costs Subsequent to Acquisition / Construction	3,455
Total Cost
Land	22,890
Building / Construction in Progress & Improvements	62,146
Total	85,036
Accumulated Depreciation	6,844
Total Cost, Net of Accumulated Depreciation	78,192
Current Communities | Avalon Ballston Place
Initial Cost
Land and improvements	38,490
Building / Construction in Progress & Improvements	123,645
Costs Subsequent to Acquisition / Construction	3,768
Total Cost
Land	38,490
Building / Construction in Progress & Improvements	127,413
Total	165,903
Accumulated Depreciation	11,532
Total Cost, Net of Accumulated Depreciation	154,371
Current Communities | Eaves Tysons Corner
Initial Cost
Land and improvements	16,030
Building / Construction in Progress & Improvements	45,420
Costs Subsequent to Acquisition / Construction	2,554
Total Cost
Land	16,030
Building / Construction in Progress & Improvements	47,974
Total	64,004
Accumulated Depreciation	5,509
Total Cost, Net of Accumulated Depreciation	58,495
Current Communities | Avalon Ballston Square
Initial Cost
Land and improvements	71,640
Building / Construction in Progress & Improvements	215,937
Costs Subsequent to Acquisition / Construction	10,200
Total Cost
Land	71,640
Building / Construction in Progress & Improvements	226,137
Total	297,777
Accumulated Depreciation	23,372
Total Cost, Net of Accumulated Depreciation	274,405
Current Communities | Archstone Courthouse Place
Initial Cost
Land and improvements	56,550
Building / Construction in Progress & Improvements	178,032
Costs Subsequent to Acquisition / Construction	8,131
Total Cost
Land	56,550
Building / Construction in Progress & Improvements	186,163
Total	242,713
Accumulated Depreciation	18,921
Total Cost, Net of Accumulated Depreciation	223,792
Encumbrances	140,332
Current Communities | Avalon Reston Landing
Initial Cost
Land and improvements	26,710
Building / Construction in Progress & Improvements	83,084
Costs Subsequent to Acquisition / Construction	4,354
Total Cost
Land	26,710
Building / Construction in Progress & Improvements	87,438
Total	114,148
Accumulated Depreciation	9,863
Total Cost, Net of Accumulated Depreciation	104,285
Current Communities | Oakwood Arlington
Initial Cost
Land and improvements	18,850
Building / Construction in Progress & Improvements	38,545
Costs Subsequent to Acquisition / Construction	1,856
Total Cost
Land	18,850
Building / Construction in Progress & Improvements	40,401
Total	59,251
Accumulated Depreciation	4,324
Total Cost, Net of Accumulated Depreciation	54,927
Encumbrances	42,185
Current Communities | Avalon Mosaic
Initial Cost
Land and improvements	33,483
Building / Construction in Progress & Improvements	75,081
Total Cost
Land	33,483
Building / Construction in Progress & Improvements	75,081
Total	108,564
Accumulated Depreciation	2,108
Total Cost, Net of Accumulated Depreciation	106,456
Current Communities | Avalon Arlington North
Initial Cost
Land and improvements	21,600
Building / Construction in Progress & Improvements	58,763
Total Cost
Land	21,600
Building / Construction in Progress & Improvements	58,763
Total	80,363
Accumulated Depreciation	1,468
Total Cost, Net of Accumulated Depreciation	78,895
Current Communities | Avalon Redmond Place
Initial Cost
Land and improvements	4,558
Building / Construction in Progress & Improvements	18,368
Costs Subsequent to Acquisition / Construction	9,879
Total Cost
Land	4,558
Building / Construction in Progress & Improvements	28,247
Total	32,805
Accumulated Depreciation	14,541
Total Cost, Net of Accumulated Depreciation	18,264
Current Communities | Avalon at Bear Creek
Initial Cost
Land and improvements	6,786
Building / Construction in Progress & Improvements	27,641
Costs Subsequent to Acquisition / Construction	3,427
Total Cost
Land	6,786
Building / Construction in Progress & Improvements	31,068
Total	37,854
Accumulated Depreciation	17,457
Total Cost, Net of Accumulated Depreciation	20,397
Current Communities | Avalon Bellevue
Initial Cost
Land and improvements	6,664
Building / Construction in Progress & Improvements	24,119
Costs Subsequent to Acquisition / Construction	1,685
Total Cost
Land	6,664
Building / Construction in Progress & Improvements	25,804
Total	32,468
Accumulated Depreciation	12,245
Total Cost, Net of Accumulated Depreciation	20,223
Encumbrances	25,491
Current Communities | Avalon RockMeadow
Initial Cost
Land and improvements	4,777
Building / Construction in Progress & Improvements	19,765
Costs Subsequent to Acquisition / Construction	1,901
Total Cost
Land	4,777
Building / Construction in Progress & Improvements	21,666
Total	26,443
Accumulated Depreciation	10,695
Total Cost, Net of Accumulated Depreciation	15,748
Current Communities | Avalon ParcSquare
Initial Cost
Land and improvements	3,789
Building / Construction in Progress & Improvements	15,139
Costs Subsequent to Acquisition / Construction	2,630
Total Cost
Land	3,789
Building / Construction in Progress & Improvements	17,769
Total	21,558
Accumulated Depreciation	8,587
Total Cost, Net of Accumulated Depreciation	12,971
Current Communities | Avalon Brandemoor
Initial Cost
Land and improvements	8,608
Building / Construction in Progress & Improvements	36,679
Costs Subsequent to Acquisition / Construction	1,656
Total Cost
Land	8,608
Building / Construction in Progress & Improvements	38,335
Total	46,943
Accumulated Depreciation	18,143
Total Cost, Net of Accumulated Depreciation	28,800
Current Communities | AVA Belltown
Initial Cost
Land and improvements	5,644
Building / Construction in Progress & Improvements	12,733
Costs Subsequent to Acquisition / Construction	830
Total Cost
Land	5,644
Building / Construction in Progress & Improvements	13,563
Total	19,207
Accumulated Depreciation	6,330
Total Cost, Net of Accumulated Depreciation	12,877
Current Communities | Avalon Meydenbauer
Initial Cost
Land and improvements	12,697
Building / Construction in Progress & Improvements	77,451
Costs Subsequent to Acquisition / Construction	936
Total Cost
Land	12,697
Building / Construction in Progress & Improvements	78,387
Total	91,084
Accumulated Depreciation	18,053
Total Cost, Net of Accumulated Depreciation	73,031
Current Communities | Avalon Towers Bellevue
Initial Cost
Building / Construction in Progress & Improvements	123,030
Costs Subsequent to Acquisition / Construction	811
Total Cost
Building / Construction in Progress & Improvements	123,841
Total	123,841
Accumulated Depreciation	19,003
Total Cost, Net of Accumulated Depreciation	104,838
Current Communities | AVA Queen Anne
Initial Cost
Land and improvements	12,081
Building / Construction in Progress & Improvements	41,618
Costs Subsequent to Acquisition / Construction	347
Total Cost
Land	12,081
Building / Construction in Progress & Improvements	41,965
Total	54,046
Accumulated Depreciation	4,357
Total Cost, Net of Accumulated Depreciation	49,689
Current Communities | Avalon Brandemoor II
Initial Cost
Land and improvements	2,655
Building / Construction in Progress & Improvements	11,343
Total Cost
Land	2,655
Building / Construction in Progress & Improvements	11,343
Total	13,998
Accumulated Depreciation	1,435
Total Cost, Net of Accumulated Depreciation	12,563
Current Communities | Avalon Ballard
Initial Cost
Land and improvements	16,460
Building / Construction in Progress & Improvements	46,885
Costs Subsequent to Acquisition / Construction	6
Total Cost
Land	16,460
Building / Construction in Progress & Improvements	46,891
Total	63,351
Accumulated Depreciation	2,811
Total Cost, Net of Accumulated Depreciation	60,540
Current Communities | Eaves Redmond Campus
Initial Cost
Land and improvements	22,580
Building / Construction in Progress & Improvements	88,001
Costs Subsequent to Acquisition / Construction	5,248
Total Cost
Land	22,580
Building / Construction in Progress & Improvements	93,249
Total	115,829
Accumulated Depreciation	10,158
Total Cost, Net of Accumulated Depreciation	105,671
Current Communities | Archstone Redmond Lakeview
Initial Cost
Land and improvements	10,250
Building / Construction in Progress & Improvements	26,842
Costs Subsequent to Acquisition / Construction	1,831
Total Cost
Land	10,250
Building / Construction in Progress & Improvements	28,673
Total	38,923
Accumulated Depreciation	3,302
Total Cost, Net of Accumulated Depreciation	35,621
Current Communities | AVA University District
Initial Cost
Land and improvements	12,594
Building / Construction in Progress & Improvements	60,566
Costs Subsequent to Acquisition / Construction	294
Total Cost
Land	12,594
Building / Construction in Progress & Improvements	60,860
Total	73,454
Accumulated Depreciation	2,087
Total Cost, Net of Accumulated Depreciation	71,367
Current Communities | Avalon Fremont
Initial Cost
Land and improvements	10,746
Building / Construction in Progress & Improvements	43,399
Costs Subsequent to Acquisition / Construction	5,059
Total Cost
Land	10,746
Building / Construction in Progress & Improvements	48,458
Total	59,204
Accumulated Depreciation	28,083
Total Cost, Net of Accumulated Depreciation	31,121
Current Communities | Eaves Dublin
Initial Cost
Land and improvements	5,276
Building / Construction in Progress & Improvements	19,642
Costs Subsequent to Acquisition / Construction	9,167
Total Cost
Land	5,276
Building / Construction in Progress & Improvements	28,809
Total	34,085
Accumulated Depreciation	14,183
Total Cost, Net of Accumulated Depreciation	19,902
Current Communities | Eaves Pleasanton
Initial Cost
Land and improvements	11,610
Building / Construction in Progress & Improvements	46,552
Costs Subsequent to Acquisition / Construction	21,254
Total Cost
Land	11,610
Building / Construction in Progress & Improvements	67,806
Total	79,416
Accumulated Depreciation	33,374
Total Cost, Net of Accumulated Depreciation	46,042
Current Communities | Eaves Union City
Initial Cost
Land and improvements	4,249
Building / Construction in Progress & Improvements	16,820
Costs Subsequent to Acquisition / Construction	2,832
Total Cost
Land	4,249
Building / Construction in Progress & Improvements	19,652
Total	23,901
Accumulated Depreciation	11,402
Total Cost, Net of Accumulated Depreciation	12,499
Current Communities | Eaves Fremont
Initial Cost
Land and improvements	6,581
Building / Construction in Progress & Improvements	26,583
Costs Subsequent to Acquisition / Construction	9,730
Total Cost
Land	6,581
Building / Construction in Progress & Improvements	36,313
Total	42,894
Accumulated Depreciation	19,198
Total Cost, Net of Accumulated Depreciation	23,696
Current Communities | Avalon Union City
Initial Cost
Land and improvements	14,732
Building / Construction in Progress & Improvements	104,025
Costs Subsequent to Acquisition / Construction	294
Total Cost
Land	14,732
Building / Construction in Progress & Improvements	104,319
Total	119,051
Accumulated Depreciation	19,722
Total Cost, Net of Accumulated Depreciation	99,329
Current Communities | Avalon Walnut Creek
Initial Cost
Building / Construction in Progress & Improvements	145,906
Costs Subsequent to Acquisition / Construction	1,643
Total Cost
Building / Construction in Progress & Improvements	147,549
Total	147,549
Accumulated Depreciation	22,354
Total Cost, Net of Accumulated Depreciation	125,195
Encumbrances	137,542
Current Communities | Eaves Walnut Creek
Initial Cost
Land and improvements	30,320
Building / Construction in Progress & Improvements	82,375
Costs Subsequent to Acquisition / Construction	5,597
Total Cost
Land	30,320
Building / Construction in Progress & Improvements	87,972
Total	118,292
Accumulated Depreciation	9,646
Total Cost, Net of Accumulated Depreciation	108,646
Current Communities | Avalon Walnut Ridge I
Initial Cost
Land and improvements	9,860
Building / Construction in Progress & Improvements	19,850
Costs Subsequent to Acquisition / Construction	878
Total Cost
Land	9,860
Building / Construction in Progress & Improvements	20,728
Total	30,588
Accumulated Depreciation	2,159
Total Cost, Net of Accumulated Depreciation	28,429
Encumbrances	20,754
Current Communities | Avalon Walnut Ridge II
Initial Cost
Land and improvements	27,190
Building / Construction in Progress & Improvements	57,041
Costs Subsequent to Acquisition / Construction	3,299
Total Cost
Land	27,190
Building / Construction in Progress & Improvements	60,340
Total	87,530
Accumulated Depreciation	6,990
Total Cost, Net of Accumulated Depreciation	80,540
Current Communities | Avalon Berkeley
Initial Cost
Land and improvements	4,500
Building / Construction in Progress & Improvements	28,646
Total Cost
Land	4,500
Building / Construction in Progress & Improvements	28,646
Total	33,146
Accumulated Depreciation	467
Total Cost, Net of Accumulated Depreciation	32,679
Current Communities | Avalon Dublin Station
Initial Cost
Land and improvements	7,771
Building / Construction in Progress & Improvements	71,026
Total Cost
Land	7,771
Building / Construction in Progress & Improvements	71,026
Total	78,797
Accumulated Depreciation	1,782
Total Cost, Net of Accumulated Depreciation	77,015
Current Communities | Eaves Daly City
Initial Cost
Land and improvements	4,230
Building / Construction in Progress & Improvements	9,659
Costs Subsequent to Acquisition / Construction	18,662
Total Cost
Land	4,230
Building / Construction in Progress & Improvements	28,321
Total	32,551
Accumulated Depreciation	14,804
Total Cost, Net of Accumulated Depreciation	17,747
Current Communities | AVA Nob Hill
Initial Cost
Land and improvements	5,403
Building / Construction in Progress & Improvements	21,567
Costs Subsequent to Acquisition / Construction	6,888
Total Cost
Land	5,403
Building / Construction in Progress & Improvements	28,455
Total	33,858
Accumulated Depreciation	14,033
Total Cost, Net of Accumulated Depreciation	19,825
Encumbrances	20,800
Current Communities | Eaves San Rafael
Initial Cost
Land and improvements	5,982
Building / Construction in Progress & Improvements	16,885
Costs Subsequent to Acquisition / Construction	24,197
Total Cost
Land	5,982
Building / Construction in Progress & Improvements	41,082
Total	47,064
Accumulated Depreciation	17,997
Total Cost, Net of Accumulated Depreciation	29,067
Current Communities | Eaves Foster City
Initial Cost
Land and improvements	7,852
Building / Construction in Progress & Improvements	31,445
Costs Subsequent to Acquisition / Construction	11,207
Total Cost
Land	7,852
Building / Construction in Progress & Improvements	42,652
Total	50,504
Accumulated Depreciation	21,206
Total Cost, Net of Accumulated Depreciation	29,298
Current Communities | Eaves Pacifica
Initial Cost
Land and improvements	6,125
Building / Construction in Progress & Improvements	24,796
Costs Subsequent to Acquisition / Construction	2,541
Total Cost
Land	6,125
Building / Construction in Progress & Improvements	27,337
Total	33,462
Accumulated Depreciation	15,595
Total Cost, Net of Accumulated Depreciation	17,867
Encumbrances	17,600
Current Communities | Avalon Sunset Towers
Initial Cost
Land and improvements	3,561
Building / Construction in Progress & Improvements	21,321
Costs Subsequent to Acquisition / Construction	14,894
Total Cost
Land	3,561
Building / Construction in Progress & Improvements	36,215
Total	39,776
Accumulated Depreciation	16,136
Total Cost, Net of Accumulated Depreciation	23,640
Current Communities | Eaves Diamond Heights
Initial Cost
Land and improvements	4,726
Building / Construction in Progress & Improvements	19,130
Costs Subsequent to Acquisition / Construction	5,790
Total Cost
Land	4,726
Building / Construction in Progress & Improvements	24,920
Total	29,646
Accumulated Depreciation	12,976
Total Cost, Net of Accumulated Depreciation	16,670
Current Communities | Avalon at Mission Bay North
Initial Cost
Land and improvements	14,029
Building / Construction in Progress & Improvements	78,452
Costs Subsequent to Acquisition / Construction	2,482
Total Cost
Land	14,029
Building / Construction in Progress & Improvements	80,934
Total	94,963
Accumulated Depreciation	33,067
Total Cost, Net of Accumulated Depreciation	61,896
Encumbrances	69,955
Current Communities | Avalon at Mission Bay III
Initial Cost
Land and improvements	28,687
Building / Construction in Progress & Improvements	119,156
Costs Subsequent to Acquisition / Construction	74
Total Cost
Land	28,687
Building / Construction in Progress & Improvements	119,230
Total	147,917
Accumulated Depreciation	22,702
Total Cost, Net of Accumulated Depreciation	125,215
Current Communities | Avalon Ocean Avenue
Initial Cost
Land and improvements	5,544
Building / Construction in Progress & Improvements	50,883
Costs Subsequent to Acquisition / Construction	1,740
Total Cost
Land	5,544
Building / Construction in Progress & Improvements	52,623
Total	58,167
Accumulated Depreciation	4,827
Total Cost, Net of Accumulated Depreciation	53,340
Current Communities | Archstone San Bruno
Initial Cost
Land and improvements	40,780
Building / Construction in Progress & Improvements	68,684
Costs Subsequent to Acquisition / Construction	2,891
Total Cost
Land	40,780
Building / Construction in Progress & Improvements	71,575
Total	112,355
Accumulated Depreciation	7,423
Total Cost, Net of Accumulated Depreciation	104,932
Encumbrances	64,450
Current Communities | Archstone San Bruno II
Initial Cost
Land and improvements	23,787
Building / Construction in Progress & Improvements	44,934
Costs Subsequent to Acquisition / Construction	1,668
Total Cost
Land	23,787
Building / Construction in Progress & Improvements	46,602
Total	70,389
Accumulated Depreciation	4,527
Total Cost, Net of Accumulated Depreciation	65,862
Encumbrances	30,968
Current Communities | Archstone San Bruno III
Initial Cost
Land and improvements	33,303
Building / Construction in Progress & Improvements	62,910
Costs Subsequent to Acquisition / Construction	2,349
Total Cost
Land	33,303
Building / Construction in Progress & Improvements	65,259
Total	98,562
Accumulated Depreciation	6,340
Total Cost, Net of Accumulated Depreciation	92,222
Encumbrances	56,210
Current Communities | AVA 55 Ninth
Initial Cost
Land and improvements	20,267
Building / Construction in Progress & Improvements	96,291
Total Cost
Land	20,267
Building / Construction in Progress & Improvements	96,291
Total	116,558
Accumulated Depreciation	2,022
Total Cost, Net of Accumulated Depreciation	114,536
Current Communities | Avalon Campbell
Initial Cost
Land and improvements	11,830
Building / Construction in Progress & Improvements	47,828
Costs Subsequent to Acquisition / Construction	13,431
Total Cost
Land	11,830
Building / Construction in Progress & Improvements	61,259
Total	73,089
Accumulated Depreciation	28,671
Total Cost, Net of Accumulated Depreciation	44,418
Encumbrances	38,800
Current Communities | Eaves San Jose
Initial Cost
Land and improvements	12,920
Building / Construction in Progress & Improvements	53,047
Costs Subsequent to Acquisition / Construction	18,810
Total Cost
Land	12,920
Building / Construction in Progress & Improvements	71,857
Total	84,777
Accumulated Depreciation	28,688
Total Cost, Net of Accumulated Depreciation	56,089
Current Communities | Avalon on the Alameda
Initial Cost
Land and improvements	6,119
Building / Construction in Progress & Improvements	50,225
Costs Subsequent to Acquisition / Construction	1,644
Total Cost
Land	6,119
Building / Construction in Progress & Improvements	51,869
Total	57,988
Accumulated Depreciation	28,035
Total Cost, Net of Accumulated Depreciation	29,953
Encumbrances	51,539
Current Communities | Avalon Silicon Valley
Initial Cost
Land and improvements	20,713
Building / Construction in Progress & Improvements	99,573
Costs Subsequent to Acquisition / Construction	4,987
Total Cost
Land	20,713
Building / Construction in Progress & Improvements	104,560
Total	125,273
Accumulated Depreciation	59,276
Total Cost, Net of Accumulated Depreciation	65,997
Current Communities | Avalon Mountain View
Initial Cost
Land and improvements	9,755
Building / Construction in Progress & Improvements	39,393
Costs Subsequent to Acquisition / Construction	9,511
Total Cost
Land	9,755
Building / Construction in Progress & Improvements	48,904
Total	58,659
Accumulated Depreciation	25,542
Total Cost, Net of Accumulated Depreciation	33,117
Encumbrances	18,100
Current Communities | Eaves Creekside
Initial Cost
Land and improvements	6,546
Building / Construction in Progress & Improvements	26,263
Costs Subsequent to Acquisition / Construction	20,984
Total Cost
Land	6,546
Building / Construction in Progress & Improvements	47,247
Total	53,793
Accumulated Depreciation	20,739
Total Cost, Net of Accumulated Depreciation	33,054
Current Communities | Avalon at Cahill Park
Initial Cost
Land and improvements	4,765
Building / Construction in Progress & Improvements	47,600
Costs Subsequent to Acquisition / Construction	1,433
Total Cost
Land	4,765
Building / Construction in Progress & Improvements	49,033
Total	53,798
Accumulated Depreciation	20,749
Total Cost, Net of Accumulated Depreciation	33,049
Current Communities | Avalon Towers on the Peninsula
Initial Cost
Land and improvements	9,560
Building / Construction in Progress & Improvements	56,136
Costs Subsequent to Acquisition / Construction	1,103
Total Cost
Land	9,560
Building / Construction in Progress & Improvements	57,239
Total	66,799
Accumulated Depreciation	25,115
Total Cost, Net of Accumulated Depreciation	41,684
Current Communities | Avalon Willow Glen
Initial Cost
Land and improvements	46,060
Building / Construction in Progress & Improvements	81,957
Costs Subsequent to Acquisition / Construction	4,034
Total Cost
Land	46,060
Building / Construction in Progress & Improvements	85,991
Total	132,051
Accumulated Depreciation	9,780
Total Cost, Net of Accumulated Depreciation	122,271
Current Communities | Eaves West Valley
Initial Cost
Land and improvements	90,890
Building / Construction in Progress & Improvements	113,628
Costs Subsequent to Acquisition / Construction	7,019
Total Cost
Land	90,890
Building / Construction in Progress & Improvements	120,647
Total	211,537
Accumulated Depreciation	14,646
Total Cost, Net of Accumulated Depreciation	196,891
Encumbrances	83,087
Current Communities | Eaves Mountain View at Middlefield
Initial Cost
Land and improvements	64,070
Building / Construction in Progress & Improvements	69,018
Costs Subsequent to Acquisition / Construction	4,847
Total Cost
Land	64,070
Building / Construction in Progress & Improvements	73,865
Total	137,935
Accumulated Depreciation	9,416
Total Cost, Net of Accumulated Depreciation	128,519
Encumbrances	71,496
Current Communities | Eaves West Valley II
Initial Cost
Building / Construction in Progress & Improvements	18,411
Total Cost
Building / Construction in Progress & Improvements	18,411
Total	18,411
Accumulated Depreciation	735
Total Cost, Net of Accumulated Depreciation	17,676
Current Communities | Avalon Morrison Park
Initial Cost
Land and improvements	13,837
Building / Construction in Progress & Improvements	64,337
Total Cost
Land	13,837
Building / Construction in Progress & Improvements	64,337
Total	78,174
Accumulated Depreciation	1,756
Total Cost, Net of Accumulated Depreciation	76,418
Current Communities | AVA Newport
Initial Cost
Land and improvements	1,975
Building / Construction in Progress & Improvements	3,814
Costs Subsequent to Acquisition / Construction	9,802
Total Cost
Land	1,975
Building / Construction in Progress & Improvements	13,616
Total	15,591
Accumulated Depreciation	5,491
Total Cost, Net of Accumulated Depreciation	10,100
Current Communities | Avalon Mission Viejo
Initial Cost
Land and improvements	2,517
Building / Construction in Progress & Improvements	9,257
Costs Subsequent to Acquisition / Construction	2,783
Total Cost
Land	2,517
Building / Construction in Progress & Improvements	12,040
Total	14,557
Accumulated Depreciation	7,157
Total Cost, Net of Accumulated Depreciation	7,400
Encumbrances	7,635
Current Communities | Eaves South Coast
Initial Cost
Land and improvements	4,709
Building / Construction in Progress & Improvements	16,063
Costs Subsequent to Acquisition / Construction	12,772
Total Cost
Land	4,709
Building / Construction in Progress & Improvements	28,835
Total	33,544
Accumulated Depreciation	13,887
Total Cost, Net of Accumulated Depreciation	19,657
Current Communities | Eaves Santa Margarita
Initial Cost
Land and improvements	4,607
Building / Construction in Progress & Improvements	16,911
Costs Subsequent to Acquisition / Construction	10,247
Total Cost
Land	4,607
Building / Construction in Progress & Improvements	27,158
Total	31,765
Accumulated Depreciation	12,753
Total Cost, Net of Accumulated Depreciation	19,012
Current Communities | Eaves Huntington Beach
Initial Cost
Land and improvements	4,871
Building / Construction in Progress & Improvements	19,745
Costs Subsequent to Acquisition / Construction	9,530
Total Cost
Land	4,871
Building / Construction in Progress & Improvements	29,275
Total	34,146
Accumulated Depreciation	16,657
Total Cost, Net of Accumulated Depreciation	17,489
Current Communities | Avalon Anaheim Stadium
Initial Cost
Land and improvements	27,874
Building / Construction in Progress & Improvements	69,156
Costs Subsequent to Acquisition / Construction	645
Total Cost
Land	27,874
Building / Construction in Progress & Improvements	69,801
Total	97,675
Accumulated Depreciation	14,359
Total Cost, Net of Accumulated Depreciation	83,316
Current Communities | Avalon Irvine
Initial Cost
Land and improvements	9,911
Building / Construction in Progress & Improvements	67,524
Costs Subsequent to Acquisition / Construction	69
Total Cost
Land	9,911
Building / Construction in Progress & Improvements	67,593
Total	77,504
Accumulated Depreciation	12,521
Total Cost, Net of Accumulated Depreciation	64,983
Current Communities | Eaves Lake Forest
Initial Cost
Land and improvements	5,199
Building / Construction in Progress & Improvements	21,134
Costs Subsequent to Acquisition / Construction	2,114
Total Cost
Land	5,199
Building / Construction in Progress & Improvements	23,248
Total	28,447
Accumulated Depreciation	3,006
Total Cost, Net of Accumulated Depreciation	25,441
Current Communities | Avalon Irvine II
Initial Cost
Land and improvements	4,358
Building / Construction in Progress & Improvements	40,906
Total Cost
Land	4,358
Building / Construction in Progress & Improvements	40,906
Total	45,264
Accumulated Depreciation	2,753
Total Cost, Net of Accumulated Depreciation	42,511
Current Communities | Eaves Seal Beach
Initial Cost
Land and improvements	46,790
Building / Construction in Progress & Improvements	99,999
Costs Subsequent to Acquisition / Construction	4,635
Total Cost
Land	46,790
Building / Construction in Progress & Improvements	104,634
Total	151,424
Accumulated Depreciation	11,178
Total Cost, Net of Accumulated Depreciation	140,246
Encumbrances	85,122
Current Communities | AVA Pacific Beach
Initial Cost
Land and improvements	9,922
Building / Construction in Progress & Improvements	40,580
Costs Subsequent to Acquisition / Construction	30,927
Total Cost
Land	9,922
Building / Construction in Progress & Improvements	71,507
Total	81,429
Accumulated Depreciation	32,316
Total Cost, Net of Accumulated Depreciation	49,113
Current Communities | Eaves Mission Ridge
Initial Cost
Land and improvements	2,710
Building / Construction in Progress & Improvements	10,924
Costs Subsequent to Acquisition / Construction	11,263
Total Cost
Land	2,710
Building / Construction in Progress & Improvements	22,187
Total	24,897
Accumulated Depreciation	12,213
Total Cost, Net of Accumulated Depreciation	12,684
Current Communities | AVA Cortez Hill
Initial Cost
Land and improvements	2,768
Building / Construction in Progress & Improvements	20,134
Costs Subsequent to Acquisition / Construction	23,464
Total Cost
Land	2,768
Building / Construction in Progress & Improvements	43,598
Total	46,366
Accumulated Depreciation	18,853
Total Cost, Net of Accumulated Depreciation	27,513
Current Communities | Avalon Fashion Valley
Initial Cost
Land and improvements	19,627
Building / Construction in Progress & Improvements	44,972
Costs Subsequent to Acquisition / Construction	290
Total Cost
Land	19,627
Building / Construction in Progress & Improvements	45,262
Total	64,889
Accumulated Depreciation	9,860
Total Cost, Net of Accumulated Depreciation	55,029
Current Communities | Eaves San Marcos
Initial Cost
Land and improvements	3,277
Building / Construction in Progress & Improvements	13,385
Costs Subsequent to Acquisition / Construction	860
Total Cost
Land	3,277
Building / Construction in Progress & Improvements	14,245
Total	17,522
Accumulated Depreciation	1,869
Total Cost, Net of Accumulated Depreciation	15,653
Current Communities | Eaves Rancho Penasquitos
Initial Cost
Land and improvements	6,692
Building / Construction in Progress & Improvements	27,143
Costs Subsequent to Acquisition / Construction	1,834
Total Cost
Land	6,692
Building / Construction in Progress & Improvements	28,977
Total	35,669
Accumulated Depreciation	3,697
Total Cost, Net of Accumulated Depreciation	31,972
Current Communities | Avalon La Jolla Colony
Initial Cost
Land and improvements	16,760
Building / Construction in Progress & Improvements	27,694
Costs Subsequent to Acquisition / Construction	2,099
Total Cost
Land	16,760
Building / Construction in Progress & Improvements	29,793
Total	46,553
Accumulated Depreciation	3,665
Total Cost, Net of Accumulated Depreciation	42,888
Encumbrances	27,176
Current Communities | Eaves La Mesa
Initial Cost
Land and improvements	9,490
Building / Construction in Progress & Improvements	28,482
Costs Subsequent to Acquisition / Construction	1,335
Total Cost
Land	9,490
Building / Construction in Progress & Improvements	29,817
Total	39,307
Accumulated Depreciation	3,230
Total Cost, Net of Accumulated Depreciation	36,077
Current Communities | AVA Burbank
Initial Cost
Land and improvements	22,483
Building / Construction in Progress & Improvements	28,104
Costs Subsequent to Acquisition / Construction	48,076
Total Cost
Land	22,483
Building / Construction in Progress & Improvements	76,180
Total	98,663
Accumulated Depreciation	32,069
Total Cost, Net of Accumulated Depreciation	66,594
Current Communities | Avalon Woodland Hills
Initial Cost
Land and improvements	23,828
Building / Construction in Progress & Improvements	40,372
Costs Subsequent to Acquisition / Construction	46,946
Total Cost
Land	23,828
Building / Construction in Progress & Improvements	87,318
Total	111,146
Accumulated Depreciation	36,446
Total Cost, Net of Accumulated Depreciation	74,700
Current Communities | Eaves Warner Center
Initial Cost
Land and improvements	7,045
Building / Construction in Progress & Improvements	12,986
Costs Subsequent to Acquisition / Construction	9,304
Total Cost
Land	7,045
Building / Construction in Progress & Improvements	22,290
Total	29,335
Accumulated Depreciation	13,017
Total Cost, Net of Accumulated Depreciation	16,318
Current Communities | Avalon at Glendale
Initial Cost
Building / Construction in Progress & Improvements	42,564
Costs Subsequent to Acquisition / Construction	1,155
Total Cost
Building / Construction in Progress & Improvements	43,719
Total	43,719
Accumulated Depreciation	16,923
Total Cost, Net of Accumulated Depreciation	26,796
Current Communities | Avalon Burbank
Initial Cost
Land and improvements	14,053
Building / Construction in Progress & Improvements	56,827
Costs Subsequent to Acquisition / Construction	23,842
Total Cost
Land	14,053
Building / Construction in Progress & Improvements	80,669
Total	94,722
Accumulated Depreciation	29,268
Total Cost, Net of Accumulated Depreciation	65,454
Current Communities | Avalon Camarillo
Initial Cost
Land and improvements	8,446
Building / Construction in Progress & Improvements	40,290
Costs Subsequent to Acquisition / Construction	142
Total Cost
Land	8,446
Building / Construction in Progress & Improvements	40,432
Total	48,878
Accumulated Depreciation	12,232
Total Cost, Net of Accumulated Depreciation	36,646
Current Communities | Avalon Wilshire
Initial Cost
Land and improvements	5,459
Building / Construction in Progress & Improvements	41,182
Costs Subsequent to Acquisition / Construction	1,045
Total Cost
Land	5,459
Building / Construction in Progress & Improvements	42,227
Total	47,686
Accumulated Depreciation	11,268
Total Cost, Net of Accumulated Depreciation	36,418
Current Communities | Avalon Encino
Initial Cost
Land and improvements	12,789
Building / Construction in Progress & Improvements	49,073
Costs Subsequent to Acquisition / Construction	395
Total Cost
Land	12,789
Building / Construction in Progress & Improvements	49,468
Total	62,257
Accumulated Depreciation	10,812
Total Cost, Net of Accumulated Depreciation	51,445
Current Communities | Avalon Warner Place
Initial Cost
Land and improvements	7,920
Building / Construction in Progress & Improvements	44,848
Costs Subsequent to Acquisition / Construction	183
Total Cost
Land	7,920
Building / Construction in Progress & Improvements	45,031
Total	52,951
Accumulated Depreciation	10,522
Total Cost, Net of Accumulated Depreciation	42,429
Current Communities | Eaves Phillips Ranch
Initial Cost
Land and improvements	9,796
Building / Construction in Progress & Improvements	41,740
Costs Subsequent to Acquisition / Construction	246
Total Cost
Land	9,796
Building / Construction in Progress & Improvements	41,986
Total	51,782
Accumulated Depreciation	5,516
Total Cost, Net of Accumulated Depreciation	46,266
Current Communities | Eaves San Dimas
Initial Cost
Land and improvements	1,916
Building / Construction in Progress & Improvements	7,819
Costs Subsequent to Acquisition / Construction	519
Total Cost
Land	1,916
Building / Construction in Progress & Improvements	8,338
Total	10,254
Accumulated Depreciation	1,089
Total Cost, Net of Accumulated Depreciation	9,165
Current Communities | Eaves San Dimas Canyon
Initial Cost
Land and improvements	2,953
Building / Construction in Progress & Improvements	12,428
Costs Subsequent to Acquisition / Construction	191
Total Cost
Land	2,953
Building / Construction in Progress & Improvements	12,619
Total	15,572
Accumulated Depreciation	1,663
Total Cost, Net of Accumulated Depreciation	13,909
Current Communities | AVA Pasadena
Initial Cost
Land and improvements	8,400
Building / Construction in Progress & Improvements	11,547
Costs Subsequent to Acquisition / Construction	5,388
Total Cost
Land	8,400
Building / Construction in Progress & Improvements	16,935
Total	25,335
Accumulated Depreciation	1,319
Total Cost, Net of Accumulated Depreciation	24,016
Encumbrances	11,683
Current Communities | Eaves Cerritos
Initial Cost
Land and improvements	8,305
Building / Construction in Progress & Improvements	21,195
Costs Subsequent to Acquisition / Construction	1,392
Total Cost
Land	8,305
Building / Construction in Progress & Improvements	22,587
Total	30,892
Accumulated Depreciation	1,991
Total Cost, Net of Accumulated Depreciation	28,901
Current Communities | Avalon Del Rey
Initial Cost
Land and improvements	30,900
Building / Construction in Progress & Improvements	72,008
Costs Subsequent to Acquisition / Construction	654
Total Cost
Land	30,900
Building / Construction in Progress & Improvements	72,662
Total	103,562
Accumulated Depreciation	5,978
Total Cost, Net of Accumulated Depreciation	97,584
Current Communities | Avalon Simi Valley
Initial Cost
Land and improvements	42,020
Building / Construction in Progress & Improvements	73,361
Costs Subsequent to Acquisition / Construction	4,411
Total Cost
Land	42,020
Building / Construction in Progress & Improvements	77,772
Total	119,792
Accumulated Depreciation	9,158
Total Cost, Net of Accumulated Depreciation	110,634
Current Communities | Avalon Studio City II
Initial Cost
Land and improvements	4,626
Building / Construction in Progress & Improvements	22,954
Costs Subsequent to Acquisition / Construction	1,210
Total Cost
Land	4,626
Building / Construction in Progress & Improvements	24,164
Total	28,790
Accumulated Depreciation	2,484
Total Cost, Net of Accumulated Depreciation	26,306
Current Communities | Avalon Studio City III
Initial Cost
Land and improvements	15,756
Building / Construction in Progress & Improvements	78,178
Costs Subsequent to Acquisition / Construction	3,418
Total Cost
Land	15,756
Building / Construction in Progress & Improvements	81,596
Total	97,352
Accumulated Depreciation	8,428
Total Cost, Net of Accumulated Depreciation	88,924
Current Communities | Avalon Calabasas
Initial Cost
Land and improvements	42,720
Building / Construction in Progress & Improvements	107,642
Costs Subsequent to Acquisition / Construction	6,649
Total Cost
Land	42,720
Building / Construction in Progress & Improvements	114,291
Total	157,011
Accumulated Depreciation	13,810
Total Cost, Net of Accumulated Depreciation	143,201
Encumbrances	100,237
Current Communities | Avalon Oak Creek
Initial Cost
Land and improvements	43,540
Building / Construction in Progress & Improvements	79,974
Costs Subsequent to Acquisition / Construction	4,277
Total Cost
Land	43,540
Building / Construction in Progress & Improvements	84,251
Total	127,791
Accumulated Depreciation	10,304
Total Cost, Net of Accumulated Depreciation	117,487
Encumbrances	85,288
Current Communities | Avalon Santa Monica on Main
Initial Cost
Land and improvements	32,000
Building / Construction in Progress & Improvements	60,770
Costs Subsequent to Acquisition / Construction	3,359
Total Cost
Land	32,000
Building / Construction in Progress & Improvements	64,129
Total	96,129
Accumulated Depreciation	6,720
Total Cost, Net of Accumulated Depreciation	89,409
Current Communities | Avalon Del Mar Station
Initial Cost
Land and improvements	20,560
Building / Construction in Progress & Improvements	106,556
Costs Subsequent to Acquisition / Construction	3,277
Total Cost
Land	20,560
Building / Construction in Progress & Improvements	109,833
Total	130,393
Accumulated Depreciation	9,650
Total Cost, Net of Accumulated Depreciation	120,743
Encumbrances	76,471
Current Communities | Eaves Old Town Pasadena
Initial Cost
Land and improvements	9,110
Building / Construction in Progress & Improvements	15,371
Costs Subsequent to Acquisition / Construction	1,188
Total Cost
Land	9,110
Building / Construction in Progress & Improvements	16,559
Total	25,669
Accumulated Depreciation	2,053
Total Cost, Net of Accumulated Depreciation	23,616
Encumbrances	15,669
Current Communities | Eaves Thousand Oaks
Initial Cost
Land and improvements	13,950
Building / Construction in Progress & Improvements	20,211
Costs Subsequent to Acquisition / Construction	2,053
Total Cost
Land	13,950
Building / Construction in Progress & Improvements	22,264
Total	36,214
Accumulated Depreciation	3,208
Total Cost, Net of Accumulated Depreciation	33,006
Encumbrances	27,411
Current Communities | Eaves Los Feliz
Initial Cost
Land and improvements	18,940
Building / Construction in Progress & Improvements	43,661
Costs Subsequent to Acquisition / Construction	3,160
Total Cost
Land	18,940
Building / Construction in Progress & Improvements	46,821
Total	65,761
Accumulated Depreciation	5,463
Total Cost, Net of Accumulated Depreciation	60,298
Encumbrances	43,258
Current Communities | Oakwood Toluca Hills
Initial Cost
Land and improvements	85,450
Building / Construction in Progress & Improvements	161,256
Costs Subsequent to Acquisition / Construction	9,933
Total Cost
Land	85,450
Building / Construction in Progress & Improvements	171,189
Total	256,639
Accumulated Depreciation	20,490
Total Cost, Net of Accumulated Depreciation	236,149
Encumbrances	165,561
Current Communities | Eaves Woodland Hills
Initial Cost
Land and improvements	68,940
Building / Construction in Progress & Improvements	90,549
Costs Subsequent to Acquisition / Construction	9,014
Total Cost
Land	68,940
Building / Construction in Progress & Improvements	99,563
Total	168,503
Accumulated Depreciation	13,226
Total Cost, Net of Accumulated Depreciation	155,277
Encumbrances	104,694
Current Communities | Avalon Thousand Oaks Plaza
Initial Cost
Land and improvements	12,810
Building / Construction in Progress & Improvements	22,581
Costs Subsequent to Acquisition / Construction	1,807
Total Cost
Land	12,810
Building / Construction in Progress & Improvements	24,388
Total	37,198
Accumulated Depreciation	3,226
Total Cost, Net of Accumulated Depreciation	33,972
Encumbrances	28,394
Current Communities | Avalon Pasadena
Initial Cost
Land and improvements	10,240
Building / Construction in Progress & Improvements	31,558
Costs Subsequent to Acquisition / Construction	1,808
Total Cost
Land	10,240
Building / Construction in Progress & Improvements	33,366
Total	43,606
Accumulated Depreciation	3,503
Total Cost, Net of Accumulated Depreciation	40,103
Encumbrances	28,079
Current Communities | Avalon Studio City
Initial Cost
Land and improvements	17,658
Building / Construction in Progress & Improvements	90,715
Costs Subsequent to Acquisition / Construction	4,094
Total Cost
Land	17,658
Building / Construction in Progress & Improvements	94,809
Total	112,467
Accumulated Depreciation	9,702
Total Cost, Net of Accumulated Depreciation	102,765
Current Communities | Avalon San Dimas
Initial Cost
Land and improvements	9,140
Building / Construction in Progress & Improvements	30,445
Total Cost
Land	9,140
Building / Construction in Progress & Improvements	30,445
Total	39,585
Accumulated Depreciation	313
Total Cost, Net of Accumulated Depreciation	39,272
Current Communities | Avalon Mission Oaks
Initial Cost
Land and improvements	9,600
Building / Construction in Progress & Improvements	34,540
Costs Subsequent to Acquisition / Construction	2,860
Total Cost
Land	9,600
Building / Construction in Progress & Improvements	37,400
Total	47,000
Accumulated Depreciation	93
Total Cost, Net of Accumulated Depreciation	46,907
Current Communities | Archstone Lexington
Initial Cost
Land and improvements	4,540
Building / Construction in Progress & Improvements	25,946
Costs Subsequent to Acquisition / Construction	1,823
Total Cost
Land	4,540
Building / Construction in Progress & Improvements	27,769
Total	32,309
Accumulated Depreciation	3,551
Total Cost, Net of Accumulated Depreciation	28,758
Encumbrances	16,525
Current Communities | Archstone Toscano
Initial Cost
Land and improvements	15,607
Building / Construction in Progress & Improvements	72,154
Costs Subsequent to Acquisition / Construction	5
Total Cost
Land	15,607
Building / Construction in Progress & Improvements	72,159
Total	87,766
Accumulated Depreciation	3,324
Total Cost, Net of Accumulated Depreciation	84,442
Current Communities | Memorial Heights Villages
Initial Cost
Land and improvements	9,607
Building / Construction in Progress & Improvements	42,164
Total Cost
Land	9,607
Building / Construction in Progress & Improvements	42,164
Total	51,771
Accumulated Depreciation	724
Total Cost, Net of Accumulated Depreciation	51,047
Development Communities
Initial Cost
Land and improvements	32,309
Building / Construction in Progress & Improvements	446,342
Costs Subsequent to Acquisition / Construction	1,357,880
Total Cost
Land	32,309
Building / Construction in Progress & Improvements	1,804,222
Total	1,836,531
Accumulated Depreciation	6,482
Total Cost, Net of Accumulated Depreciation	1,830,049
Encumbrances	0
Development Communities | Avalon West Chelsea/AVA High Line
Initial Cost
Building / Construction in Progress & Improvements	260,762
Costs Subsequent to Acquisition / Construction	11,823
Total Cost
Building / Construction in Progress & Improvements	272,585
Total	272,585
Accumulated Depreciation	4,302
Total Cost, Net of Accumulated Depreciation	268,283
Development Communities | Avalon North Station
Initial Cost
Costs Subsequent to Acquisition / Construction	46,268
Total Cost
Building / Construction in Progress & Improvements	46,268
Total	46,268
Total Cost, Net of Accumulated Depreciation	46,268
Development Communities | Avalon AVA Assembly Row/AVA Somerville
Initial Cost
Land and improvements	15,239
Building / Construction in Progress & Improvements	80,685
Costs Subsequent to Acquisition / Construction	33,327
Total Cost
Land	15,239
Building / Construction in Progress & Improvements	114,012
Total	129,251
Accumulated Depreciation	1,095
Total Cost, Net of Accumulated Depreciation	128,156
Development Communities | Avalon Framingham
Initial Cost
Costs Subsequent to Acquisition / Construction	18,335
Total Cost
Building / Construction in Progress & Improvements	18,335
Total	18,335
Total Cost, Net of Accumulated Depreciation	18,335
Development Communities | Avalon West Hollywood
Initial Cost
Building / Construction in Progress & Improvements	233
Costs Subsequent to Acquisition / Construction	57,895
Total Cost
Building / Construction in Progress & Improvements	58,128
Total	58,128
Total Cost, Net of Accumulated Depreciation	58,128
Development Communities | Avalon Dublin Station II
Initial Cost
Building / Construction in Progress & Improvements	84
Costs Subsequent to Acquisition / Construction	43,338
Total Cost
Building / Construction in Progress & Improvements	43,422
Total	43,422
Total Cost, Net of Accumulated Depreciation	43,422
Development Communities | Avalon Wharton
Initial Cost
Land and improvements	874
Building / Construction in Progress & Improvements	20,455
Costs Subsequent to Acquisition / Construction	27,318
Total Cost
Land	874
Building / Construction in Progress & Improvements	47,773
Total	48,647
Accumulated Depreciation	116
Total Cost, Net of Accumulated Depreciation	48,531
Development Communities | Avalon Green III
Initial Cost
Building / Construction in Progress & Improvements	4
Costs Subsequent to Acquisition / Construction	1,443
Total Cost
Building / Construction in Progress & Improvements	1,447
Total	1,447
Total Cost, Net of Accumulated Depreciation	1,447
Development Communities | AVA Little Tokyo
Initial Cost
Land and improvements	5,479
Building / Construction in Progress & Improvements	35,923
Costs Subsequent to Acquisition / Construction	64,425
Total Cost
Land	5,479
Building / Construction in Progress & Improvements	100,348
Total	105,827
Accumulated Depreciation	423
Total Cost, Net of Accumulated Depreciation	105,404
Development Communities | AVA Theater District
Initial Cost
Building / Construction in Progress & Improvements	315
Costs Subsequent to Acquisition / Construction	132,767
Total Cost
Building / Construction in Progress & Improvements	133,082
Total	133,082
Total Cost, Net of Accumulated Depreciation	133,082
Development Communities | Avalon Marlborough
Initial Cost
Building / Construction in Progress & Improvements	95
Costs Subsequent to Acquisition / Construction	46,808
Total Cost
Building / Construction in Progress & Improvements	46,903
Total	46,903
Total Cost, Net of Accumulated Depreciation	46,903
Development Communities | Avalon Vista
Initial Cost
Building / Construction in Progress & Improvements	292
Costs Subsequent to Acquisition / Construction	36,338
Total Cost
Building / Construction in Progress & Improvements	36,630
Total	36,630
Total Cost, Net of Accumulated Depreciation	36,630
Development Communities | Avalon Bloomfield Station
Initial Cost
Building / Construction in Progress & Improvements	56
Costs Subsequent to Acquisition / Construction	29,624
Total Cost
Building / Construction in Progress & Improvements	29,680
Total	29,680
Total Cost, Net of Accumulated Depreciation	29,680
Development Communities | Avalon Willoughby Square/AVA DoBro
Initial Cost
Building / Construction in Progress & Improvements	80
Costs Subsequent to Acquisition / Construction	266,238
Total Cost
Building / Construction in Progress & Improvements	266,318
Total	266,318
Total Cost, Net of Accumulated Depreciation	266,318
Development Communities | Avalon Alderwood I
Initial Cost
Land and improvements	7,033
Building / Construction in Progress & Improvements	32,783
Costs Subsequent to Acquisition / Construction	26,290
Total Cost
Land	7,033
Building / Construction in Progress & Improvements	59,073
Total	66,106
Accumulated Depreciation	492
Total Cost, Net of Accumulated Depreciation	65,614
Development Communities | AVA Capitol Hill
Initial Cost
Costs Subsequent to Acquisition / Construction	39,870
Total Cost
Building / Construction in Progress & Improvements	39,870
Total	39,870
Total Cost, Net of Accumulated Depreciation	39,870
Development Communities | Avalon Esterra Park
Initial Cost
Building / Construction in Progress & Improvements	8
Costs Subsequent to Acquisition / Construction	33,515
Total Cost
Building / Construction in Progress & Improvements	33,523
Total	33,523
Total Cost, Net of Accumulated Depreciation	33,523
Development Communities | Avalon Hayes Valley
Initial Cost
Building / Construction in Progress & Improvements	887
Costs Subsequent to Acquisition / Construction	78,685
Total Cost
Building / Construction in Progress & Improvements	79,572
Total	79,572
Total Cost, Net of Accumulated Depreciation	79,572
Development Communities | Avalon Baker Ranch
Initial Cost
Land and improvements	3,684
Building / Construction in Progress & Improvements	12,815
Costs Subsequent to Acquisition / Construction	94,303
Total Cost
Land	3,684
Building / Construction in Progress & Improvements	107,118
Total	110,802
Accumulated Depreciation	54
Total Cost, Net of Accumulated Depreciation	110,748
Development Communities | Avalon Irvine III
Initial Cost
Building / Construction in Progress & Improvements	50
Costs Subsequent to Acquisition / Construction	26,253
Total Cost
Building / Construction in Progress & Improvements	26,303
Total	26,303
Total Cost, Net of Accumulated Depreciation	26,303
Development Communities | Avalon Huntington Beach
Initial Cost
Building / Construction in Progress & Improvements	78
Costs Subsequent to Acquisition / Construction	40,661
Total Cost
Building / Construction in Progress & Improvements	40,739
Total	40,739
Total Cost, Net of Accumulated Depreciation	40,739
Development Communities | Avalon Glendora
Initial Cost
Building / Construction in Progress & Improvements	55
Costs Subsequent to Acquisition / Construction	52,091
Total Cost
Building / Construction in Progress & Improvements	52,146
Total	52,146
Total Cost, Net of Accumulated Depreciation	52,146
Development Communities | Avalon Falls Church
Initial Cost
Building / Construction in Progress & Improvements	240
Costs Subsequent to Acquisition / Construction	69,391
Total Cost
Building / Construction in Progress & Improvements	69,631
Total	69,631
Total Cost, Net of Accumulated Depreciation	69,631
Development Communities | Avalon Roseland
Initial Cost
Building / Construction in Progress & Improvements	372
Costs Subsequent to Acquisition / Construction	32,771
Total Cost
Building / Construction in Progress & Improvements	33,143
Total	33,143
Total Cost, Net of Accumulated Depreciation	33,143
Development Communities | Avalon Princeton
Initial Cost
Building / Construction in Progress & Improvements	70
Costs Subsequent to Acquisition / Construction	35,386
Total Cost
Building / Construction in Progress & Improvements	35,456
Total	35,456
Total Cost, Net of Accumulated Depreciation	35,456
Development Communities | Avalon Union
Initial Cost
Costs Subsequent to Acquisition / Construction	12,717
Total Cost
Building / Construction in Progress & Improvements	12,717
Total	12,717
Total Cost, Net of Accumulated Depreciation	12,717
Land Held for Development
Initial Cost
Land and improvements	180,516
Total Cost
Land	180,516
Total	180,516
Total Cost, Net of Accumulated Depreciation	180,516
Corporate overhead
Initial Cost
Land and improvements	31,344
Building / Construction in Progress & Improvements	31,699
Costs Subsequent to Acquisition / Construction	56,338
Total Cost
Land	31,344
Building / Construction in Progress & Improvements	88,037
Total	119,381
Accumulated Depreciation	48,834
Total Cost, Net of Accumulated Depreciation	70,547
Encumbrances	$3,000,000
Subsequent event | Avalon at Edgewater
Total Cost
Number of uninhabitable homes					240

REAL_ESTATE_AND_ACCUMULATED_DE2

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Estimated useful lives
Aggregate cost of total real estate for federal income tax purposes	$17,561,706
Changes in total real estate assets
Balance, beginning of period	16,800,321	10,071,342	9,288,496
Acquisitions, construction costs and improvements	1,311,003	7,157,639	934,935
Dispositions, including impairment loss on planned dispositions	-262,008	-428,660	-152,089
Balance, end of period	17,849,316	16,800,321	10,071,342
Changes in accumulated depreciation
Balance, beginning of period	2,516,112	2,056,222	1,863,466
Depreciation, including discontinued operations	442,682	573,715	260,094
Dispositions	-45,218	-113,825	-67,338
Balance, end of period	$2,913,576	$2,516,112	$2,056,222
Building
Estimated useful lives
Estimated useful lives of assets (in years)	30 years
Improvements, upgrades and FF&E
Estimated useful lives
Estimated useful lives of assets (in years)	7 years