AvalonBay Communities (AVB) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information
Entity Registrant Name	AVALONBAY COMMUNITIES INC
Entity Central Index Key	915,912
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		132,902,193

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Land and Land Improvements	$ 3,524,350	$ 3,432,769
Real estate:
Buildings and improvements	12,634,057	12,258,009
Furniture, fixtures and equipment	429,308	402,940
Total Capitalized Cost	16,587,715	16,093,718
Less accumulated depreciation	(3,092,205)	(2,874,578)
Net operating real estate	13,495,510	13,219,140
Construction in progress, including land	1,536,368	1,417,246
Land held for development	487,205	180,516
Operating real estate assets held for sale, net	61,939	118,838
Real Estate Investments, Net	15,581,022	14,935,740
Cash and cash equivalents	65,126	509,460
Cash in escrow	103,679	95,625
Resident security deposits	31,290	29,617
Investments in unconsolidated real estate entities	264,616	298,315
Deferred financing costs, net	40,108	39,728
Deferred development costs	28,103	67,029
Prepaid expenses and other assets	206,532	201,209
Total assets	16,320,476	16,176,723
LIABILITIES AND EQUITY
Unsecured notes, net	3,567,831	2,993,265
Variable rate unsecured credit facility	0	0
Mortgage notes payable	2,919,299	3,532,587
Dividends payable	166,113	153,207
Payables for construction	109,158	101,946
Accrued expenses and other liabilities	242,133	244,549
Accrued interest payable	40,809	41,318
Resident security deposits	53,403	49,189
Liabilities related to real estate assets held for sale	657	1,492
Total liabilities	7,099,403	7,117,553
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount	10,588	12,765
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at June 30, 2015 and December 31, 2014; zero shares issued and outstanding at June 30, 2015 and December 31, 2014	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at June 30, 2015 and December 31, 2014; 132,888,167 and 132,050,382 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	1,329	1,320
Additional paid-in capital	9,466,120	9,354,685
Accumulated earnings less dividends	(217,441)	(267,085)
Accumulated other comprehensive loss	(39,523)	(42,515)
Total equity	9,210,485	9,046,405
Total liabilities and equity	$ 16,320,476	$ 16,176,723

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
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	132,888,167	132,050,382
Common stock, shares outstanding	132,888,167	132,050,382

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Rental and other income		$ 454,517	$ 411,134	$ 894,273	$ 808,131
Management, development and other fees		2,942	2,672	5,553	5,750
Total revenue		457,459	413,806	899,826	813,881
Expenses:
Operating expenses, excluding property taxes		112,069	101,059	224,845	199,601
Property taxes		45,913	42,439	93,089	86,924
Interest expense, net	[1]	44,590	43,722	90,164	86,255
Gains (Losses) on Extinguishment of Debt		(7,749)	412	(7,749)	412
Depreciation expense	[1]	118,627	110,395	235,480	216,762
General and administrative expense		11,628	10,220	22,111	19,456
Expensed Acquisition, Development And Other Pursuit Costs, Net of Recoveries		673	2,017	1,860	2,732
Casualty and Impairment (Gain) Loss		(17,114)	0	(11,326)	0
Total expenses		308,637	310,264	648,474	612,142
Equity in income of unconsolidated real estate entities		13,806	7,710	48,371	12,933
Gain on sale of real estate		9,625	0	9,647	0
Gain on sale of communities		0	60,945	70,936	60,945
Income (loss) from continuing operations		172,253	172,197	380,306	275,617
Discontinued operations:
Income from discontinued operations		0	0	0	310
Gain on sale of discontinued operations		0	0	0	37,869
Total discontinued operations		0	0	0	38,179
Net income		172,253	172,197	380,306	313,796
Net loss (income) attributable to noncontrolling interests		71	(14,111)	163	(13,971)
Net income attributable to common stockholders		172,324	158,086	380,469	299,825
Other comprehensive income:
Cash flow hedge losses reclassified to earnings		1,427	1,438	2,992	3,011
Comprehensive income		$ 173,751	$ 159,524	$ 383,461	$ 302,836
Earnings per common share - basic:
Income (loss) from continuing operations attributable to common stockholders (in dollars per share)		$ 1.30	$ 1.22	$ 2.88	$ 2.02
Discontinued operations attributable to common stockholders (in dollars per share)		0	0	0	0.29
Net income attributable to common stockholders (in dollars per share)		1.30	1.22	2.88	2.31
Earnings per common share - diluted:
Income (loss) from continuing operations attributable to common stockholders (in dollars per share)		1.29	1.21	2.86	2.02
Discontinued operations attributable to common stockholders (in dollars per share)		0	0	0	0.29
Net income attributable to common stockholders (in dollars per share)		1.29	1.21	2.86	2.31
Dividends per common share: (in dollars per share)		$ 1.25	$ 1.16	$ 2.50	$ 2.32
[1]	Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income		$ 380,306	$ 313,796
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation expense	[1]	235,480	216,762
Amortization of deferred financing costs		3,379	3,164
Amortization of debt premium		(14,815)	(17,554)
Gains (Losses) on Extinguishment of Debt		(7,749)	412
Amortization of stock-based compensation		8,255	6,190
Equity in loss (income) of, and return on, unconsolidated entities and noncontrolling interests, net of eliminations		8,432	(1,363)
Casualty and Impairment Loss, Noncash		(17,303)	0
Noncash Project Abandonment Costs		0	1,455
Repayments of Unsecured Debt		0	(150,000)
Cash flow hedge losses reclassified to earnings		2,992	3,011
Gain on sale of real estate assets		(91,456)	(98,814)
(Increase) decrease in cash in operating escrows		(9,357)	3,489
Increase in resident security deposits, prepaid expenses and other assets		(3,439)	(8,094)
Decrease in accrued expenses, other liabilities and accrued interest payable		(2,823)	(12,743)
Net cash provided by operating activities		491,902	409,711
Cash flows from investing activities:
Development/redevelopment of real estate assets including land acquisitions and deferred development costs		(865,497)	(547,800)
Capital expenditures - existing real estate assets		(50,584)	(20,617)
Capital expenditures - non-real estate assets		(1,432)	(5,187)
Proceeds from sale of real estate, net of selling costs		135,841	186,651
Proceeds from Sale and Collection of Notes Receivable		0	21,748
Increase in payables for construction		7,126	1,389
Proceeds from Sale of Equity Method Investments		36,858	55,096
Payments to Acquire Businesses and Interest in Affiliates		(803)	(2,796)
Net cash used in investing activities		(694,349)	(311,516)
Proceeds from Insurance Settlement, Investing Activities		44,142	0
Cash flows from financing activities:
Issuance of common stock		97,326	214,970
Dividends paid		(318,240)	(288,610)
Issuance of mortgage notes payable		0	53,000
Repayments of mortgage notes payable, including prepayment penalties		(588,226)	(24,768)
Issuance of unsecured notes		574,066	250,000
Payment of deferred financing costs		(4,277)	(3,414)
Distributions to DownREIT partnership unitholders		(19)	(17)
Distributions to joint venture and profit-sharing partners		(187)	(170)
Redemption of preferred interest obligation		(2,330)	(4,800)
Net cash provided by (used in) financing activities		(241,887)	46,191
Net increase (decrease) in cash and cash equivalents		(444,334)	144,386
Cash and cash equivalents, beginning of period		509,460	281,355
Cash and cash equivalents, end of period		65,126	425,741
Cash paid during the period for interest, net of amount capitalized		$ 91,572	$ 94,343
[1]	Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental disclosures of non-cash investing and financing activities
Stock issued in connection with stock grants (in shares)	157,779	113,822
Common stock issued through the dividend reinvestment plan (in shares)	1,028	1,286
Common stock issued through the dividend reinvestment plan	$ 177,000	$ 165,000
Number of shares withheld to satisfy employees' tax withholding and other liabilities	36,104	50,105
Shares withheld to satisfy employees' tax withholding and other liabilities, value	$ 5,793,000	$ 4,689,000
Stock Issued During Period, Shares, Share-based Compensation, Forfeited	2,011
Forward Contract Indexed to Issuer's Equity, Shares	609,275
Stock Issued During Period, Value, Share-based Compensation, Forfeited	$ 226,000	1,284,000
Casualty Loss	13,495,510,000
Dividends declared but not paid	166,113,000	152,113,000
(Decrease) increase in redeemable noncontrolling interests	(1,807,000)	626,000
Cash flow hedge losses reclassified to earnings	$ 2,992,000	3,011,000
Noncontrolling Interest, Decrease from Deconsolidation		$ 17,816,000
Restricted stock
Supplemental disclosures of non-cash investing and financing activities
Conversion of restricted stock units (in shares)	95,826	16,193
Restricted stock granted (in shares)	61,953	97,629
Fair value of shares issued	$ 10,721,000	$ 12,607,000
Avalon at Edgewater [Member]
Supplemental disclosures of non-cash investing and financing activities
Insurance Proceeds	44,142,000
Casualty Loss	$ 21,844,000
Deferred Compensation, Share-based Payments [Member] | Non Employee Director [Member]
Supplemental disclosures of non-cash investing and financing activities
Conversion of restricted stock units (in shares)	46,589
Fair value of shares issued	$ 3,552,000

Organization, Basis of Presenta

Organization, Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Organization, Basis of Presentation and Significant Accounting Policies	Organization, Basis of Presentation and Significant Accounting Policies Organization and Basis of Presentation 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 June 30, 2015 , the Company owned or held a direct or indirect ownership interest in 257 operating apartment communities containing 74,857 apartment homes in 11 states and the District of Columbia, of which seven communities containing 2,787 apartment homes were under reconstruction. In addition, the Company has 26 communities under construction that are expected to contain an aggregate of 8,117 apartment homes when completed. The Company also owned or held a direct or indirect ownership interest in land or rights to land on which the Company expects to develop an additional 34 communities that, if developed as expected, will contain an estimated 10,080 apartment homes. The interim unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements required by GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements should be read in conjunction with the financial statements and notes included in the Company’s 2014 Annual Report on Form 10-K. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the operating results for the full year. Management believes the disclosures are adequate to ensure the information presented is not misleading. In the opinion of management, all adjustments and eliminations, consisting only of normal, recurring adjustments necessary for a fair presentation of the financial statements for the interim periods, have been included. Capitalized terms used without definition have meanings provided elsewhere in this Form 10-Q. 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 three months ended For the six months ended 6/30/2015 6/30/2014 6/30/2015 6/30/2014 Basic and diluted shares outstanding Weighted average common shares - basic 131,977,578 129,856,335 131,930,916 129,574,118 Weighted average DownREIT units outstanding 7,500 7,500 7,500 7,500 Effect of dilutive securities 1,101,361 384,486 1,192,947 356,614 Weighted average common shares - diluted 133,086,439 130,248,321 133,131,363 129,938,232 Calculation of Earnings per Share - basic Net income attributable to common stockholders $ 172,324 $ 158,086 $ 380,469 $ 299,825 Net income allocated to unvested restricted shares (445 ) (254 ) (975 ) (487 ) Net income attributable to common stockholders, adjusted $ 171,879 $ 157,832 $ 379,494 $ 299,338 Weighted average common shares - basic 131,977,578 129,856,335 131,930,916 129,574,118 Earnings per common share - basic $ 1.30 $ 1.22 $ 2.88 $ 2.31 Calculation of Earnings per Share - diluted Net income attributable to common stockholders $ 172,324 $ 158,086 $ 380,469 $ 299,825 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 9 9 19 17 Adjusted net income available to common stockholders $ 172,333 $ 158,095 $ 380,488 $ 299,842 Weighted average common shares - diluted 133,086,439 130,248,321 133,131,363 129,938,232 Earnings per common share - diluted $ 1.29 $ 1.21 $ 2.86 $ 2.31 All options to purchase shares of common stock outstanding as of June 30, 2015 are included in the computation of diluted earnings per share. Certain options to purchase shares of common stock in the amount of 243,326 were outstanding at June 30, 2014 , but were not included in the computation of diluted earnings per share because such options were anti-dilutive for the quarter. 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 June 30, 2015 was 1.0% 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 three and six months ended June 30, 2015 or 2014 . 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 Derivatives 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. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivatives 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 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 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 10, "Fair Value," for further discussion of derivative financial instruments. Legal and Other Contingencies In January 2015, 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, containing 240 apartment homes, was destroyed. The second building, containing 168 apartment homes, suffered minimal damage and has been repaired. The Company is still assessing the direct losses resulting from the fire as well as its potential liability to third parties who incurred damages as a result of the fire. The Company is also evaluating whether to rebuild and replace the building that was destroyed and does not believe that the outcome of this decision will have a material impact on the Company’s financial condition or results of operations. The Company believes that the fire was caused by sparks from a torch used during repairs being performed by a Company employee who was not a licensed plumber. The Company’s insurers have begun to negotiate and settle claims made by third parties who incurred property damage and other losses. Four putative class action lawsuits have been filed on behalf of Edgewater residents and others who may have been harmed by the fire. In addition, 15 lawsuits representing over 120 individual plaintiffs have been filed against the Company. The Company believes that it has meritorious defenses to the extent of damages claimed. Additional lawsuits arising from the fire may be filed. Following the fire, the Company received a civil citation for “failure to notify Fire Department of an active fire” from Bergen County, New Jersey. The Company has decided not to appeal this citation. The Company has also received two citations that were deemed serious by the Occupational Safety and Health Administration ("OSHA"); the Company has informed OSHA that it plans to appeal these citations. It is possible that additional governmental investigations are or may be ongoing. The Company is unable to evaluate the nature and potential materiality of any such investigations or actions. Having incurred applicable deductibles and a self-insured amount equal to 12% of the first $50,000,000 of property damage, the Company currently believes that all of its remaining liability to third parties and all of the Company's additional cost for replacement cost coverage for property damage resulting from the fire will be substantially covered by its insurance policies. However, the Company can give no assurances in this regard and continues to evaluate this matter. See Note 5, "Investments in Real Estate Entities," and Part II, Item 1, "Legal Proceedings," for further discussion of the casualty gains and losses and lawsuits associated with the Edgewater fire. The Company is involved in various other claims and/or administrative proceedings unrelated to the Edgewater fire that arise in the ordinary course of its business. While no assurances can be given, the Company does not currently believe that any of these other outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations. Acquisitions of Investments in Real Estate The Company accounts for acquisitions of investments in real estate in accordance with the authoritative guidance for the initial measurement, which requires the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree to be recognized at fair value. Typical assets and liabilities acquired include land, building, furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of above or below market leases and in-place leases. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes various sources, including its own analysis of recently acquired and existing comparable properties in its portfolio and other market data. 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 changes in held for sale classification as described in Note 6, “Real Estate Disposition Activities.” Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, 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 guidance is effective in the first quarter of 2018, and the Company is assessing whether the new standard will have a material effect on its financial position or results of operations. In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis, which amends the criteria for determining variable interest entities (“VIEs”), amends the criteria for determining if a service provider possesses a variable interest in a VIE, and eliminates the presumption that a general partner should consolidate a limited partnership. The guidance is effective in the first quarter of 2016 and allows for early adoption. The Company is currently assessing the effect of adoption on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. The guidance requires debt issuance costs related to a recognized debt liability to be presented as a direct deduction from the carrying amount of that debt liability. The new guidance will only impact financial statement presentation. The guidance is effective in the first quarter of 2016 and allows for early adoption. The Company does not expect the adoption of this standard to materially impact its consolidated financial statements.

Interest Capitalized

Interest Capitalized	6 Months Ended
	Jun. 30, 2015
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 $19,800,000 and $18,626,000 for the three months ended June 30, 2015 and 2014 , respectively, and $38,830,000 and $38,305,000 for the six months ended June 30, 2015 and 2014 , respectively.

Notes Payable, Unsecured Notes

Notes Payable, Unsecured Notes and Credit Facility	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 , are summarized below (dollars in thousands). The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of June 30, 2015 and December 31, 2014 , as shown in the Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). 6/30/2015 12/31/2014 Fixed rate unsecured notes (1) $ 3,275,000 $ 2,750,000 Term Loan 300,000 250,000 Fixed rate mortgage notes payable - conventional and tax-exempt (2) 1,812,557 2,400,677 Variable rate mortgage notes payable - conventional and tax-exempt (2) 1,046,332 1,047,461 Total mortgage notes payable and unsecured notes 6,433,889 6,448,138 Credit Facility — — Total mortgage notes payable, unsecured notes and Credit Facility $ 6,433,889 $ 6,448,138 _____________________________________ (1) Balances at June 30, 2015 and December 31, 2014 exclude $7,169 and $6,735 of debt discount, respectively, as reflected in unsecured notes, net on the Company’s Condensed Consolidated Balance Sheets. (2) Balances at June 30, 2015 and December 31, 2014 exclude $60,410 and $84,449 of debt premium, respectively, as reflected in mortgage notes payable on the Company’s Condensed Consolidated Balance Sheets. The following debt activity occurred during the six months ended June 30, 2015 : • In January 2015, in conjunction with the disposition of Avalon on Stamford Harbor, another operating community, AVA Belltown, was substituted as collateral for the disposed community's outstanding fixed rate secured mortgage loan. • In March 2015, the Company borrowed the final $50,000,000 available under the $300,000,000 variable rate unsecured term loan (the “Term Loan”), maturing in March 2021. • In April 2015, the Company repaid an aggregate of $481,582,000 principal amount of secured indebtedness, which includes eight fixed rate mortgage loans secured by eight wholly-owned operating communities, at par. The indebtedness had an aggregate effective interest rate of 3.12% , and a stated maturity date of November 2015 . The Company incurred a gain on the early debt extinguishment of $8,724,000 , representing the excess of the write-off of unamortized premium resulting from the debt assumed in the Archstone Acquisition, as defined in our Form 10-K for the year ended December 31, 2014. • In May 2015, the Company issued $525,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $520,653,000 . The notes mature in June 2025 and were issued at a 3.45% coupon interest rate. • In June 2015, the Company repaid a $15,778,000 fixed rate secured mortgage note with an effective interest rate of 7.50% at par in advance of its February 2041 maturity date, recognizing a charge of $455,000 for a prepayment penalty and write-off of deferred financing costs. • In June 2015, the Company repaid a $7,805,000 fixed rate secured mortgage note with an effective interest rate of 7.84% at par and without penalty in advance of its May 2027 maturity date, recognizing a charge of $263,000 for the write-off of deferred financing costs. • In June 2015, the Company repaid the $74,531,000 fixed rate secured mortgage note secured by Edgewater with an effective interest rate of 5.95% at par and without penalty in advance of its May 2019 maturity date, recognizing a charge of $259,000 for the write-off of deferred financing costs. 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 the LIBOR rating levels achieved on the unsecured notes and on a maturity schedule selected by the Company. The current stated pricing is LIBOR plus 0.95% ( 1.14% at June 30, 2015 ), 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 $46,119,000 and $49,407,000 outstanding in letters of credit that reduced the borrowing capacity as of June 30, 2015 and December 31, 2014 , respectively. In the aggregate, secured notes payable mature at various dates from December 2015 through July 2066, and are secured by certain apartment communities (with a net carrying value of $3,549,533,000 , excluding communities classified as held for sale, as of June 30, 2015 ). As of June 30, 2015 , the Company has guaranteed approximately $234,500,000 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 4.7% and 4.5% at June 30, 2015 and December 31, 2014 , respectively. 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 June 30, 2015 and December 31, 2014 . Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at June 30, 2015 are as follows (dollars in thousands): Year Secured notes payments Secured notes maturities Unsecured notes maturities Stated interest rate of unsecured notes 2015 $ 8,443 $ 104,198 $ — — % 2016 17,298 16,256 250,000 5.750 % 2017 18,365 710,091 250,000 5.700 % 2018 17,632 76,940 — — % 2019 6,440 588,428 — — % 2020 5,475 50,825 250,000 6.100 % 400,000 3.625 % 2021 5,516 27,844 250,000 3.950 % 300,000 LIBOR + 1.450% 2022 5,881 — 450,000 2.950 % 2023 6,255 — 350,000 4.200 % 250,000 2.850 % 2024 5,567 — 300,000 3.500 % Thereafter — 1,187,435 525,000 3.450 % $ 96,872 $ 2,762,017 $ 3,575,000 The Company was in compliance at June 30, 2015 with customary financial and other covenants under the Credit Facility, the Term Loan, and the Company’s fixed rate unsecured notes.

Equity

Equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Equity	Equity The following summarizes the changes in equity for the six months ended June 30, 2015 (dollars in thousands): Common stock Additional paid-in capital Accumulated earnings less dividends Accumulated other comprehensive loss Total equity Balance at December 31, 2014 $ 1,320 $ 9,354,685 $ (267,085 ) $ (42,515 ) $ 9,046,405 Net income attributable to common stockholders — — 380,469 — 380,469 Cash flow hedge loss reclassified to earnings — — — 2,992 2,992 Change in redemption value of redeemable noncontrolling interest — — 1,807 — 1,807 Dividends declared to common stockholders — — (331,323 ) — (331,323 ) Issuance of common stock, net of withholdings 9 96,337 (1,309 ) — 95,037 Amortization of deferred compensation — 15,098 — — 15,098 Balance at June 30, 2015 $ 1,329 $ 9,466,120 $ (217,441 ) $ (39,523 ) $ 9,210,485 As of June 30, 2015 and December 31, 2014 , 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 six months ended June 30, 2015 , the Company: i. issued 54,196 shares of common stock in connection with stock options exercised; ii. issued 1,028 common shares through the Company’s dividend reinvestment plan; iii. issued 157,779 common shares in connection with stock grants and the conversion of restricted stock units to restricted shares; iv. issued 46,589 common shares in conjunction with the conversion of deferred stock awards; v. withheld 36,104 common shares to satisfy employees’ tax withholding and other liabilities; vi. issued 5,022 common shares through the Employee Stock Purchase Program; and vii. issued 609,275 shares of common stock in partial settlement of the Forward. Any deferred compensation related to the Company’s stock option, restricted stock and restricted stock unit grants during the six months ended June 30, 2015 is not reflected on the Company’s Condensed Consolidated Balance Sheet as of June 30, 2015 , 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 was 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, which expired on August 3, 2015. Actual sales depended on a variety of factors 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 three and six months ended June 30, 2015 , the Company had no sales under CEP III and had $346,304,000 authorized for common stock issuance remaining under this program as of June 30, 2015 . 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 are 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 be 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 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. During the three months ended June 30, 2015 , the Company issued 609,275 shares of common stock at a sales price of $147.72 per share, for net proceeds of $90,000,000 , in partial settlement of the Forward.

Investments in Real Estate Enti

Investments in Real Estate Entities	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in Real Estate Entities	Investments in Real Estate Entities Investment in Unconsolidated Real Estate Entities As of June 30, 2015 , the Company had investments in five unconsolidated real estate entities, excluding an interest in the Residual JV (as defined in this Form 10-Q), with ownership interest percentages ranging from 20.0% to 31.3% . The Company accounts for its investments in unconsolidated real estate entities under the equity method of accounting. The significant accounting policies of the Company’s unconsolidated real estate entities are consistent with those of the Company in all material respects. During the six months ended June 30, 2015 , AvalonBay Value Added Fund II, L.P. ("Fund II") sold Eaves Plainsboro, located in Plainsboro, NJ, containing 776 apartment homes. Eaves Plainsboro was sold for $117,000,000 , and the Company's share of the gain for the disposition was $9,660,000 . In conjunction with the disposition, during the six months ended June 30, 2015 , Fund II repaid $9,395,000 of related secured indebtedness in advance of the scheduled maturity date. During the six months ended June 30, 2015 , the Company received $20,680,000 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. In addition, MVP I, LLC obtained a $103,000,000 , 3.24% fixed rate loan, with a maturity date of July 2025, and used the proceeds and cash on hand to repay its existing $105,000,000 , variable rate loan which was scheduled to mature in December 2015, at par. 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): 6/30/2015 12/31/2014 (unaudited) (unaudited) Assets: Real estate, net $ 1,513,850 $ 1,617,627 Other assets 60,793 72,290 Total assets $ 1,574,643 $ 1,689,917 Liabilities and partners’ capital: Mortgage notes payable and credit facility $ 964,246 $ 980,128 Other liabilities 21,232 24,884 Partners’ capital 589,165 684,905 Total liabilities and partners’ capital $ 1,574,643 $ 1,689,917 The following is a combined summary of the operating results of the entities accounted for using the equity method for the periods presented, excluding amounts associated with the Residual JV (dollars in thousands): For the three months ended For the six months ended 6/30/2015 6/30/2014 6/30/2015 6/30/2014 (unaudited) (unaudited) Rental and other income $ 43,395 $ 52,270 $ 88,650 $ 104,646 Operating and other expenses (17,375 ) (20,483 ) (34,712 ) (41,691 ) Gain on sale of communities — 5,682 32,490 5,682 Interest expense, net (10,334 ) (13,523 ) (20,811 ) (27,413 ) Depreciation expense (11,942 ) (13,863 ) (23,845 ) (28,280 ) Net income $ 3,744 $ 10,083 $ 41,772 $ 12,944 In conjunction with the formation of Fund II, the Company incurred costs in excess of its equity in the underlying net assets of the respective investments. These costs represent $3,312,000 at June 30, 2015 and $3,880,000 at December 31, 2014 of the respective investment balances. As part of the formation of Fund II, the Company provided a guarantee to one of the limited partners that provides if, upon final liquidation of Fund II, the total amount of all distributions to the guaranteed partner during the life of Fund II (whether from operating cash flow or property sales) does not equal the total capital contributions made by that partner, then the Company will pay the guaranteed partner an amount equal to the shortfall, but in no event more than 10% of the total capital contributions made by the guaranteed partner (maximum of approximately $8,910,000 for Fund II as of June 30, 2015 ). As of June 30, 2015 , the expected realizable value of the real estate assets owned by Fund II is considered adequate to cover the guaranteed distribution amount under a liquidation scenario. The estimated fair value of, and the Company’s obligation under, this guarantee, both at inception and as of June 30, 2015 , was not significant and therefore the Company has not recorded any obligation for this guarantee as of June 30, 2015 . In addition, through subsidiaries, the Company and Equity Residential are members in three limited liability company agreements (collectively, the “Residual JV”). 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. During the three and six months ended June 30, 2015 , the Company recognized equity in income of unconsolidated real estate entities of $9,549,000 and $11,464,000 , respectively, associated with the settlement of outstanding legal claims against third parties and planned and executed disposition activity in the Residual JV. Expensed Acquisition, Development and Other Pursuit Costs and Impairment of Long-Lived 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 disposition activity did not occur, in the amounts of $673,000 and $2,017,000 for the three months ended June 30, 2015 and 2014 , respectively, and $1,860,000 and $2,732,000 for the six months ended June 30, 2015 and 2014 , respectively. These costs are included in expensed acquisition, development, and other pursuit costs, net of recoveries on the accompanying Condensed Consolidated Statements of Comprehensive Income. These 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 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 long-lived asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the long-lived asset 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 long-lived asset. Based on periodic tests of recoverability of long-lived assets, the Company did not record any impairment losses for the three and six months ended June 30, 2015 and 2014 , other than related to the casualty gains and losses from property damage discussed below. The Company assesses its portfolio of land held for both development and investment for impairment if the intent of the Company changes with respect to either the development of, or the expected holding period for, the land. The Company did not recognize any impairment charges on its investment in land during the three months ended June 30, 2015 . During the six months ended June 30, 2015 , the Company recognized an impairment charge of $800,000 relating to a parcel of land to reduce the Company's basis to the contracted sales price less expected costs to sell. This charge is included in casualty and impairment gain, net on the accompanying Condensed Consolidated Statements of Comprehensive Income. The Company did not recognize any impairment charges on its investment in land for the three and six months ended June 30, 2014 . 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. Excluding amounts associated with the Residual JV, there was no impairment loss recognized by any of the Company’s investments in unconsolidated entities during the three and six months ended June 30, 2015 and 2014 . Casualty Gains and Losses The Company recorded net casualty gains related to Edgewater of $17,114,000 and $16,321,000 for the three and six months ended June 30, 2015 , respectively, which are included in casualty and impairment gain, net on the accompanying Condensed Consolidated Statements of Comprehensive Income. During the three months ended June 30, 2015 , the Company received $22,000,000 in insurance proceeds, which were partially offset by casualty charges of $4,886,000 relating to demolition and additional incident expenses. During the six months ended June 30, 2015 , the Company received $44,142,000 in insurance proceeds, which were partially offset by casualty charges of $21,844,000 to write off the net book value of the building destroyed by the fire at Edgewater, and $5,977,000 to record demolition and additional incident expenses. See discussion in Note 1, "Organization, Basis of Presentation and Significant Accounting Policies, Legal and Other Contingencies," and Part II, Item 1, "Legal Proceedings," for further discussion of the Edgewater fire. During the six months ended June 30, 2015 , several of the Company's communities in its Northeast markets incurred property and casualty damages from severe winter storms experienced during this time. The Company has recorded an impairment due to a casualty loss of $4,195,000 to recognize the damages from the storms, included in casualty and impairment gain, net on the accompanying Condensed Consolidated Statements of Comprehensive Income.

Real Estate Disposition Activit

Real Estate Disposition Activities	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Disposition Activities	Real Estate Disposition Activities During the six months ended June 30, 2015 , the Company sold one wholly-owned operating community, two land parcels and air rights. • Avalon on Stamford Harbor, located in Stamford, CT, containing 323 homes and a marina with 74 boat slips, was sold for $115,500,000 . The Company’s gain on the disposition was $70,936,000 , reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income. • Two undeveloped land parcels and air rights, representing the right to increase density for future residential development, in the New York Metro region were sold for an aggregate sales price of $23,820,000 , resulting in an aggregate gain of $9,626,000 , reported in gain on sale of real estate on the accompanying Condensed Consolidated Statements of Comprehensive Income. The Company had previously recognized impairment charges of $800,000 during the three months ended March 31, 2015, and $5,933,000 in 2008 for the land parcels. The results of operations for Avalon on Stamford Harbor are included in income from continuing operations on the accompanying Condensed Consolidated Statements of Comprehensive Income. The operations for any real estate assets sold from January 1, 2014 through June 30, 2015 and which were classified as held for sale and discontinued operations as of and for the period ended December 31, 2013, have been presented as income from discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income. The following is a summary of income from discontinued operations for the periods presented (dollars in thousands): For the three months ended For the six months ended 6/30/2015 6/30/2014 6/30/2015 6/30/2014 (unaudited) (unaudited) Rental income $ — $ — $ — $ 579 Operating and other expenses — — — (269 ) Depreciation expense — — — — Income from discontinued operations $ — $ — $ — $ 310 At June 30, 2015 , the Company had one operating community that qualified as held for sale.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2015
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 1 st , 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. 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 property revenue less direct property operating expenses, including property taxes, and excluding corporate-level income (including management, development and other fees), corporate-level property management and other indirect operating expenses, investments and investment management expenses, expensed acquisition, development and other pursuit costs, net interest expense, gain (loss) on extinguishment of debt, general and administrative expense, joint venture income (loss), depreciation expense, casualty and impairment gain, net, gain on sale of real estate assets, income from discontinued operations and net operating income from real estate assets sold or held for sale, not classified as discontinued operations. 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 the three and six months ended June 30, 2015 and 2014 is as follows (dollars in thousands): For the three months ended For the six months ended 6/30/2015 6/30/2014 6/30/2015 6/30/2014 Net income $ 172,253 $ 172,197 $ 380,306 $ 313,796 Indirect operating expenses, net of corporate income 14,817 12,343 30,215 23,161 Investments and investment management expense 1,073 1,137 2,107 2,116 Expensed acquisition, development and other pursuit costs, net of recoveries 673 2,017 1,860 2,732 Interest expense, net (1) 44,590 43,722 90,164 86,255 (Gain) loss on extinguishment of debt, net (7,749 ) 412 (7,749 ) 412 General and administrative expense 11,628 10,220 22,111 19,456 Equity in income of unconsolidated real estate entities (13,806 ) (7,710 ) (48,371 ) (12,933 ) Depreciation expense (1) 118,627 110,395 235,480 216,762 Casualty and impairment gain, net (17,114 ) — (11,326 ) — Gain on sale of real estate assets (9,625 ) (60,945 ) (80,583 ) (60,945 ) Gain on sale of discontinued operations — — — (37,869 ) Income from discontinued operations — — — (310 ) Net operating income from real estate assets sold or held for sale, not classified as discontinued operations (1,353 ) (6,240 ) (2,791 ) (12,522 ) Net operating income $ 314,014 $ 277,548 $ 611,423 $ 540,111 __________________________________ (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 three months ended For the six months ended 6/30/2015 6/30/2014 6/30/2015 6/30/2014 Rental income from real estate assets sold or held for sale, not classified as discontinued operations $ 2,285 $ 10,226 $ 4,809 $ 20,595 Operating expenses from real estate assets sold or held for sale, not classified as discontinued operations (932 ) (3,986 ) (2,018 ) (8,073 ) Net operating income from real estate assets sold or held for sale, not classified as discontinued operations $ 1,353 $ 6,240 $ 2,791 $ 12,522 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 at the beginning of the given calendar year, or April 1, 2014, when the Company updated its operating segments, primarily to include communities acquired as part of the Archstone Acquisition in its Established Community portfolio. 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 three and six months ended June 30, 2015 and 2014 has been adjusted for the real estate assets that were sold from January 1, 2014 through June 30, 2015 , or otherwise qualify as held for sale and/or discontinued operations as of June 30, 2015 , as described in Note 6, “Real Estate Disposition Activities.” For the three months ended For the six months ended Total revenue NOI % NOI change from prior year Total NOI % NOI change from prior year Gross real estate (1) For the period ended June 30, 2015 Established New England $ 49,000 $ 30,985 2.3 % $ 96,760 $ 58,823 (0.7 )% $ 1,477,145 Metro NY/NJ 96,372 67,880 2.9 % 190,704 132,989 2.9 % 3,191,141 Mid-Atlantic 52,263 35,938 (0.9 )% 103,967 71,969 (0.8 )% 2,170,822 Pacific Northwest 19,047 13,657 7.9 % 37,536 27,030 8.4 % 719,366 Northern California 67,144 52,635 11.7 % 132,658 102,369 11.6 % 2,409,781 Southern California 63,169 43,046 6.7 % 125,493 86,564 9.8 % 2,503,327 Total Established 346,995 244,141 5.0 % 687,118 479,744 5.1 % 12,471,582 Other Stabilized 54,681 36,536 N/A 108,764 71,353 N/A 2,028,096 Development / Redevelopment 50,556 33,337 N/A 93,582 60,326 N/A 3,581,408 Land Held for Future Development N/A N/A N/A N/A N/A N/A 487,205 Non-allocated (2) 2,942 N/A N/A 5,553 N/A N/A 42,997 Total $ 455,174 $ 314,014 13.1 % $ 895,017 $ 611,423 13.2 % $ 18,611,288 For the period ended June 30, 2014 (3) Established New England $ 45,523 $ 29,179 (0.9 )% $ 88,125 $ 55,620 (1.0 )% $ 1,356,000 Metro NY/NJ 92,325 64,724 0.9 % 152,906 106,780 1.7 % 2,294,169 Mid-Atlantic 46,990 32,531 (6.7 )% 49,260 34,784 (3.9 )% 645,172 Pacific Northwest 16,458 11,554 5.9 % 26,683 18,591 4.8 % 499,383 Northern California 62,319 47,498 13.7 % 85,305 65,364 9.6 % 1,400,573 Southern California 61,852 41,607 5.0 % 68,658 47,198 4.5 % 1,218,170 Total Established 325,467 227,093 2.9 % 470,937 328,337 2.6 % 7,413,467 Other Stabilized 43,701 31,289 N/A 244,289 167,494 N/A 5,998,737 Development / Redevelopment 31,740 19,166 N/A 72,310 44,280 N/A 3,318,362 Land Held for Future Development N/A N/A N/A N/A N/A N/A 195,673 Non-allocated (2) 2,672 N/A N/A 5,750 N/A N/A 34,187 Total $ 403,580 $ 277,548 8.9 % $ 793,286 $ 540,111 18.1 % $ 16,960,426 __________________________________ (1) Does not include gross real estate assets held for sale of $79,128 and $244,805 as of June 30, 2015 and 2014 , respectively. (2) Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment. (3) Results for the three months ended June 30, 2014 reflect the operating segments updated as of April 1, 2014, which include most stabilized communities acquired as part of the Archstone Acquisition in the Established Communities segment. Results for the six months ended June 30, 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.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans Information with respect to stock options granted under the Company’s 1994 Stock Option and Incentive Plan (the “1994 Plan”) and its 2009 Stock Option and Incentive Plan (the “2009 Plan”) is as follows (dollars in thousands, other than per share amounts): 2009 Plan shares Weighted average exercise price per share 1994 Plan shares Weighted average exercise price per share Options Outstanding, December 31, 2014 340,062 $ 122.67 272,402 $ 104.96 Exercised (42,268 ) 124.52 (11,928 ) 138.82 Forfeited — — — — Options Outstanding, June 30, 2015 297,794 $ 122.40 260,474 $ 103.41 Options Exercisable June 30, 2015 236,380 $ 120.70 260,474 $ 103.41 The Company granted 82,812 restricted stock units with an estimated aggregate compensation cost of $12,340,000 , as part of its stock-based compensation plan, during the six months ended June 30, 2015 . The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock for 53,164 restricted stock units and financial metrics related to operating performance and leverage metrics of the Company for 29,648 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 $166.23 ; dividend yield of approximately 3.0% ; estimated volatility figures ranging from 14.7% to 17.4% 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 0.07% to 1.09% , resulting in an average estimated fair value per restricted stock unit of $139.18 . 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 $166.23 and the Company's estimate of corporate achievement for the financial metrics. During the six months ended June 30, 2015 , the Company also issued 157,779 shares of restricted stock, of which 95,826 shares related to the conversion of restricted stock units to restricted shares, and the remaining 61,953 shares were new grants with a fair value of $10,721,000 . The compensation cost was based on the share price at the grant date. At June 30, 2015 , the Company had 251,231 outstanding unvested restricted shares granted under the Company's restricted stock awards. Restricted stock vesting during the six months ended June 30, 2015 totaled 95,573 shares, of which 7,389 shares related to the conversion of restricted stock units and 88,184 shares related to restricted stock awards, which had fair values at the grant date ranging from $115.83 to $173.39 per share. The total grant date fair value of shares vested under restricted stock awards was $11,431,000 and $10,712,000 for the six months ended June 30, 2015 and 2014 , respectively. Total employee stock-based compensation cost recognized in income was $7,777,000 and $5,890,000 for the six months ended June 30, 2015 and 2014 , respectively, and total capitalized stock-based compensation cost was $6,071,000 and $3,247,000 for the six months ended June 30, 2015 and 2014 , respectively. At June 30, 2015 , there was a total unrecognized compensation cost of $558,000 for unvested stock options and $29,554,000 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 0.6 years and 3.8 years, respectively.

Related Party Arrangements

Related Party Arrangements	6 Months Ended
	Jun. 30, 2015
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 earned fees of $2,942,000 and $2,672,000 during the three months ended June 30, 2015 and 2014 , respectively and $5,553,000 and $5,750,000 during the six months ended June 30, 2015 and 2014 , respectively. These fees are included in management, development and other fees on the accompanying Condensed Consolidated Statements of Comprehensive Income. In addition, the Company has outstanding receivables associated with its management role of $5,088,000 and $6,868,000 as of June 30, 2015 and December 31, 2014 , respectively. Director Compensation The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock awards in the amount of $278,000 and $250,000 in the three months ended June 30, 2015 and 2014 , respectively, and $550,000 and $500,000 in the six months ended June 30, 2015 and 2014 , respectively, as a component of general and administrative expense. Deferred compensation relating to these restricted stock grants and deferred stock awards to non-employee directors was $1,073,000 and $452,000 on June 30, 2015 and December 31, 2014 , respectively. During the six months ended June 30, 2015 , the Company issued 46,589 shares in conjunction with the conversion of deferred stock awards.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2015
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, such as interest rate, term to maturity and volatility, 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 June 30, 2015 , 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 the three and six months ended June 30, 2015 , 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 June 30, 2015 (dollars in thousands): Non-designated Hedges Cash Flow Hedges Notional balance $ 727,474 $ 37,138 Weighted average interest rate (1) 1.9 % 2.3 % Weighted average capped interest rate 5.8 % 5.9 % Earliest maturity date Feb 2016 Apr 2019 Latest maturity date Jun 2020 Apr 2019 ____________________________________ (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 one derivative designated as a cash flow hedge and 15 derivatives not designated as hedges at June 30, 2015 . Fair value changes for derivatives not in qualifying hedge relationships for the three and six months ended June 30, 2015 and 2014 were not material. The Company reclassified $1,427,000 and $2,992,000 of deferred losses from accumulated other comprehensive income as a component of interest expense, net, for the three and six months ended June 30, 2015 , respectively. The Company reclassified $1,438,000 and $3,011,000 of deferred losses from accumulated other comprehensive income as a component of interest expense, net, for the three and six months ended June 30, 2014 , respectively. 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. 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. Due to their short-term nature, this reasonably approximates 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): Total Fair Value Quoted Prices in Active Markets for Significant Other Observable Significant Unobservable Identical Assets Inputs Inputs Description 6/30/2015 (Level 1) (Level 2) (Level 3) Non-Designated Hedges Interest Rate Caps $ 25 $ — $ 25 $ — Cash Flow Hedges Interest Rate Caps 17 — 17 — Puts (8,954 ) — — (8,954 ) DownREIT units (1,199 ) (1,199 ) — — Indebtedness Unsecured notes (3,353,009 ) (3,353,009 ) — — Mortgage notes payable and unsecured term loan (3,022,147 ) — (3,022,147 ) — Total $ (6,385,267 ) $ (3,354,208 ) $ (3,022,105 ) $ (8,954 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date on which this Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion. In July 2015: The Company acquired one land parcel for development located in Los Angeles, CA for $99,000,000 . If developed as expected, the development right related to this land will contain 695 apartment homes for a projected total capital cost of $374,727,000 . Using available capacity on its Credit Facility, the Company repaid a $140,346,000 fixed rate secured mortgage note with an effective interest rate of 5.56% in advance of its May 2053 maturity date, resulting in a recognized gain of $18,987,000 , consisting of the write off of unamortized premium net of deferred financing costs of $30,215,000 , partially offset by a prepayment penalty of $11,228,000 .

Organization, Basis of Presen18

Organization, Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation 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 June 30, 2015 , the Company owned or held a direct or indirect ownership interest in 257 operating apartment communities containing 74,857 apartment homes in 11 states and the District of Columbia, of which seven communities containing 2,787 apartment homes were under reconstruction. In addition, the Company has 26 communities under construction that are expected to contain an aggregate of 8,117 apartment homes when completed. The Company also owned or held a direct or indirect ownership interest in land or rights to land on which the Company expects to develop an additional 34 communities that, if developed as expected, will contain an estimated 10,080 apartment homes. The interim unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements required by GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements should be read in conjunction with the financial statements and notes included in the Company’s 2014 Annual Report on Form 10-K. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the operating results for the full year. Management believes the disclosures are adequate to ensure the information presented is not misleading. In the opinion of management, all adjustments and eliminations, consisting only of normal, recurring adjustments necessary for a fair presentation of the financial statements for the interim periods, have been included. Capitalized terms used without definition have meanings provided elsewhere in this Form 10-Q.
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.
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 Derivatives 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. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivatives 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 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 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.
Legal and Other Contingencies	Legal and Other Contingencies In January 2015, 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, containing 240 apartment homes, was destroyed. The second building, containing 168 apartment homes, suffered minimal damage and has been repaired. The Company is still assessing the direct losses resulting from the fire as well as its potential liability to third parties who incurred damages as a result of the fire. The Company is also evaluating whether to rebuild and replace the building that was destroyed and does not believe that the outcome of this decision will have a material impact on the Company’s financial condition or results of operations. The Company believes that the fire was caused by sparks from a torch used during repairs being performed by a Company employee who was not a licensed plumber. The Company’s insurers have begun to negotiate and settle claims made by third parties who incurred property damage and other losses. Four putative class action lawsuits have been filed on behalf of Edgewater residents and others who may have been harmed by the fire. In addition, 15 lawsuits representing over 120 individual plaintiffs have been filed against the Company. The Company believes that it has meritorious defenses to the extent of damages claimed. Additional lawsuits arising from the fire may be filed. Following the fire, the Company received a civil citation for “failure to notify Fire Department of an active fire” from Bergen County, New Jersey. The Company has decided not to appeal this citation. The Company has also received two citations that were deemed serious by the Occupational Safety and Health Administration ("OSHA"); the Company has informed OSHA that it plans to appeal these citations. It is possible that additional governmental investigations are or may be ongoing. The Company is unable to evaluate the nature and potential materiality of any such investigations or actions. Having incurred applicable deductibles and a self-insured amount equal to 12% of the first $50,000,000 of property damage, the Company currently believes that all of its remaining liability to third parties and all of the Company's additional cost for replacement cost coverage for property damage resulting from the fire will be substantially covered by its insurance policies. However, the Company can give no assurances in this regard and continues to evaluate this matter. See Note 5, "Investments in Real Estate Entities," and Part II, Item 1, "Legal Proceedings," for further discussion of the casualty gains and losses and lawsuits associated with the Edgewater fire. The Company is involved in various other claims and/or administrative proceedings unrelated to the Edgewater fire that arise in the ordinary course of its business. While no assurances can be given, the Company does not currently believe that any of these other outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations.
Use of Estimates	se 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	eclassifications Certain reclassifications have been made to amounts in prior years’ financial statements to conform to current year presentations as a result of changes in held for sale classification as described in Note 6, “Real Estate Disposition Activities.”
Recently Adopted Accounting Standards	ecently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, 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 guidance is effective in the first quarter of 2018, and the Company is assessing whether the new standard will have a material effect on its financial position or results of operations. In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis, which amends the criteria for determining variable interest entities (“VIEs”), amends the criteria for determining if a service provider possesses a variable interest in a VIE, and eliminates the presumption that a general partner should consolidate a limited partnership. The guidance is effective in the first quarter of 2016 and allows for early adoption. The Company is currently assessing the effect of adoption on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. The guidance requires debt issuance costs related to a recognized debt liability to be presented as a direct deduction from the carrying amount of that debt liability. The new guidance will only impact financial statement presentation. The guidance is effective in the first quarter of 2016 and allows for early adoption. The Company does not expect the adoption of this standard to materially impact its consolidated financial statements.

Organization, Basis of Presen19

Organization, Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
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 three months ended For the six months ended 6/30/2015 6/30/2014 6/30/2015 6/30/2014 Basic and diluted shares outstanding Weighted average common shares - basic 131,977,578 129,856,335 131,930,916 129,574,118 Weighted average DownREIT units outstanding 7,500 7,500 7,500 7,500 Effect of dilutive securities 1,101,361 384,486 1,192,947 356,614 Weighted average common shares - diluted 133,086,439 130,248,321 133,131,363 129,938,232 Calculation of Earnings per Share - basic Net income attributable to common stockholders $ 172,324 $ 158,086 $ 380,469 $ 299,825 Net income allocated to unvested restricted shares (445 ) (254 ) (975 ) (487 ) Net income attributable to common stockholders, adjusted $ 171,879 $ 157,832 $ 379,494 $ 299,338 Weighted average common shares - basic 131,977,578 129,856,335 131,930,916 129,574,118 Earnings per common share - basic $ 1.30 $ 1.22 $ 2.88 $ 2.31 Calculation of Earnings per Share - diluted Net income attributable to common stockholders $ 172,324 $ 158,086 $ 380,469 $ 299,825 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 9 9 19 17 Adjusted net income available to common stockholders $ 172,333 $ 158,095 $ 380,488 $ 299,842 Weighted average common shares - diluted 133,086,439 130,248,321 133,131,363 129,938,232 Earnings per common share - diluted $ 1.29 $ 1.21 $ 2.86 $ 2.31

Notes Payable, Unsecured Note20

Notes Payable, Unsecured Notes and Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Summary of company's mortgage notes payable, unsecured notes and Credit Facility excluding mortgage notes secured by communities classified as held for sale	The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of June 30, 2015 and December 31, 2014 , as shown in the Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). 6/30/2015 12/31/2014 Fixed rate unsecured notes (1) $ 3,275,000 $ 2,750,000 Term Loan 300,000 250,000 Fixed rate mortgage notes payable - conventional and tax-exempt (2) 1,812,557 2,400,677 Variable rate mortgage notes payable - conventional and tax-exempt (2) 1,046,332 1,047,461 Total mortgage notes payable and unsecured notes 6,433,889 6,448,138 Credit Facility — — Total mortgage notes payable, unsecured notes and Credit Facility $ 6,433,889 $ 6,448,138 _____________________________________ (1) Balances at June 30, 2015 and December 31, 2014 exclude $7,169 and $6,735 of debt discount, respectively, as reflected in unsecured notes, net on the Company’s Condensed Consolidated Balance Sheets. (2) Balances at June 30, 2015 and December 31, 2014 exclude $60,410 and $84,449 of debt premium, respectively, as reflected in mortgage notes payable on the Company’s Condensed 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 June 30, 2015 are as follows (dollars in thousands): Year Secured notes payments Secured notes maturities Unsecured notes maturities Stated interest rate of unsecured notes 2015 $ 8,443 $ 104,198 $ — — % 2016 17,298 16,256 250,000 5.750 % 2017 18,365 710,091 250,000 5.700 % 2018 17,632 76,940 — — % 2019 6,440 588,428 — — % 2020 5,475 50,825 250,000 6.100 % 400,000 3.625 % 2021 5,516 27,844 250,000 3.950 % 300,000 LIBOR + 1.450% 2022 5,881 — 450,000 2.950 % 2023 6,255 — 350,000 4.200 % 250,000 2.850 % 2024 5,567 — 300,000 3.500 % Thereafter — 1,187,435 525,000 3.450 % $ 96,872 $ 2,762,017 $ 3,575,000

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Summary of changes in equity	The following summarizes the changes in equity for the six months ended June 30, 2015 (dollars in thousands): Common stock Additional paid-in capital Accumulated earnings less dividends Accumulated other comprehensive loss Total equity Balance at December 31, 2014 $ 1,320 $ 9,354,685 $ (267,085 ) $ (42,515 ) $ 9,046,405 Net income attributable to common stockholders — — 380,469 — 380,469 Cash flow hedge loss reclassified to earnings — — — 2,992 2,992 Change in redemption value of redeemable noncontrolling interest — — 1,807 — 1,807 Dividends declared to common stockholders — — (331,323 ) — (331,323 ) Issuance of common stock, net of withholdings 9 96,337 (1,309 ) — 95,037 Amortization of deferred compensation — 15,098 — — 15,098 Balance at June 30, 2015 $ 1,329 $ 9,466,120 $ (217,441 ) $ (39,523 ) $ 9,210,485

Investments in Real Estate En22

Investments in Real Estate Entities (Tables)	6 Months Ended
	Jun. 30, 2015
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): 6/30/2015 12/31/2014 (unaudited) (unaudited) Assets: Real estate, net $ 1,513,850 $ 1,617,627 Other assets 60,793 72,290 Total assets $ 1,574,643 $ 1,689,917 Liabilities and partners’ capital: Mortgage notes payable and credit facility $ 964,246 $ 980,128 Other liabilities 21,232 24,884 Partners’ capital 589,165 684,905 Total liabilities and partners’ capital $ 1,574,643 $ 1,689,917
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 periods presented, excluding amounts associated with the Residual JV (dollars in thousands): For the three months ended For the six months ended 6/30/2015 6/30/2014 6/30/2015 6/30/2014 (unaudited) (unaudited) Rental and other income $ 43,395 $ 52,270 $ 88,650 $ 104,646 Operating and other expenses (17,375 ) (20,483 ) (34,712 ) (41,691 ) Gain on sale of communities — 5,682 32,490 5,682 Interest expense, net (10,334 ) (13,523 ) (20,811 ) (27,413 ) Depreciation expense (11,942 ) (13,863 ) (23,845 ) (28,280 ) Net income $ 3,744 $ 10,083 $ 41,772 $ 12,944

Real Estate Disposition Activ23

Real Estate Disposition Activities (Tables)	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
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 three months ended For the six months ended 6/30/2015 6/30/2014 6/30/2015 6/30/2014 (unaudited) (unaudited) Rental income $ — $ — $ — $ 579 Operating and other expenses — — — (269 ) Depreciation expense — — — — Income from discontinued operations $ — $ — $ — $ 310

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of reconciliation of NOI to net income	A reconciliation of NOI to net income for the three and six months ended June 30, 2015 and 2014 is as follows (dollars in thousands): For the three months ended For the six months ended 6/30/2015 6/30/2014 6/30/2015 6/30/2014 Net income $ 172,253 $ 172,197 $ 380,306 $ 313,796 Indirect operating expenses, net of corporate income 14,817 12,343 30,215 23,161 Investments and investment management expense 1,073 1,137 2,107 2,116 Expensed acquisition, development and other pursuit costs, net of recoveries 673 2,017 1,860 2,732 Interest expense, net (1) 44,590 43,722 90,164 86,255 (Gain) loss on extinguishment of debt, net (7,749 ) 412 (7,749 ) 412 General and administrative expense 11,628 10,220 22,111 19,456 Equity in income of unconsolidated real estate entities (13,806 ) (7,710 ) (48,371 ) (12,933 ) Depreciation expense (1) 118,627 110,395 235,480 216,762 Casualty and impairment gain, net (17,114 ) — (11,326 ) — Gain on sale of real estate assets (9,625 ) (60,945 ) (80,583 ) (60,945 ) Gain on sale of discontinued operations — — — (37,869 ) Income from discontinued operations — — — (310 ) Net operating income from real estate assets sold or held for sale, not classified as discontinued operations (1,353 ) (6,240 ) (2,791 ) (12,522 ) Net operating income $ 314,014 $ 277,548 $ 611,423 $ 540,111 __________________________________ (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 three months ended For the six months ended 6/30/2015 6/30/2014 6/30/2015 6/30/2014 Rental income from real estate assets sold or held for sale, not classified as discontinued operations $ 2,285 $ 10,226 $ 4,809 $ 20,595 Operating expenses from real estate assets sold or held for sale, not classified as discontinued operations (932 ) (3,986 ) (2,018 ) (8,073 ) Net operating income from real estate assets sold or held for sale, not classified as discontinued operations $ 1,353 $ 6,240 $ 2,791 $ 12,522
Schedule of details of segment information	For the three months ended For the six months ended Total revenue NOI % NOI change from prior year Total NOI % NOI change from prior year Gross real estate (1) For the period ended June 30, 2015 Established New England $ 49,000 $ 30,985 2.3 % $ 96,760 $ 58,823 (0.7 )% $ 1,477,145 Metro NY/NJ 96,372 67,880 2.9 % 190,704 132,989 2.9 % 3,191,141 Mid-Atlantic 52,263 35,938 (0.9 )% 103,967 71,969 (0.8 )% 2,170,822 Pacific Northwest 19,047 13,657 7.9 % 37,536 27,030 8.4 % 719,366 Northern California 67,144 52,635 11.7 % 132,658 102,369 11.6 % 2,409,781 Southern California 63,169 43,046 6.7 % 125,493 86,564 9.8 % 2,503,327 Total Established 346,995 244,141 5.0 % 687,118 479,744 5.1 % 12,471,582 Other Stabilized 54,681 36,536 N/A 108,764 71,353 N/A 2,028,096 Development / Redevelopment 50,556 33,337 N/A 93,582 60,326 N/A 3,581,408 Land Held for Future Development N/A N/A N/A N/A N/A N/A 487,205 Non-allocated (2) 2,942 N/A N/A 5,553 N/A N/A 42,997 Total $ 455,174 $ 314,014 13.1 % $ 895,017 $ 611,423 13.2 % $ 18,611,288 For the period ended June 30, 2014 (3) Established New England $ 45,523 $ 29,179 (0.9 )% $ 88,125 $ 55,620 (1.0 )% $ 1,356,000 Metro NY/NJ 92,325 64,724 0.9 % 152,906 106,780 1.7 % 2,294,169 Mid-Atlantic 46,990 32,531 (6.7 )% 49,260 34,784 (3.9 )% 645,172 Pacific Northwest 16,458 11,554 5.9 % 26,683 18,591 4.8 % 499,383 Northern California 62,319 47,498 13.7 % 85,305 65,364 9.6 % 1,400,573 Southern California 61,852 41,607 5.0 % 68,658 47,198 4.5 % 1,218,170 Total Established 325,467 227,093 2.9 % 470,937 328,337 2.6 % 7,413,467 Other Stabilized 43,701 31,289 N/A 244,289 167,494 N/A 5,998,737 Development / Redevelopment 31,740 19,166 N/A 72,310 44,280 N/A 3,318,362 Land Held for Future Development N/A N/A N/A N/A N/A N/A 195,673 Non-allocated (2) 2,672 N/A N/A 5,750 N/A N/A 34,187 Total $ 403,580 $ 277,548 8.9 % $ 793,286 $ 540,111 18.1 % $ 16,960,426 __________________________________ (1) Does not include gross real estate assets held for sale of $79,128 and $244,805 as of June 30, 2015 and 2014 , respectively. (2) Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment.

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2015
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 Company’s 1994 Stock Option and Incentive Plan (the “1994 Plan”) and its 2009 Stock Option and Incentive Plan (the “2009 Plan”) is as follows (dollars in thousands, other than per share amounts): 2009 Plan shares Weighted average exercise price per share 1994 Plan shares Weighted average exercise price per share Options Outstanding, December 31, 2014 340,062 $ 122.67 272,402 $ 104.96 Exercised (42,268 ) 124.52 (11,928 ) 138.82 Forfeited — — — — Options Outstanding, June 30, 2015 297,794 $ 122.40 260,474 $ 103.41 Options Exercisable June 30, 2015 236,380 $ 120.70 260,474 $ 103.41

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 (dollars in thousands): Non-designated Hedges Cash Flow Hedges Notional balance $ 727,474 $ 37,138 Weighted average interest rate (1) 1.9 % 2.3 % Weighted average capped interest rate 5.8 % 5.9 % Earliest maturity date Feb 2016 Apr 2019 Latest maturity date Jun 2020 Apr 2019 ____________________________________ (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): Total Fair Value Quoted Prices in Active Markets for Significant Other Observable Significant Unobservable Identical Assets Inputs Inputs Description 6/30/2015 (Level 1) (Level 2) (Level 3) Non-Designated Hedges Interest Rate Caps $ 25 $ — $ 25 $ — Cash Flow Hedges Interest Rate Caps 17 — 17 — Puts (8,954 ) — — (8,954 ) DownREIT units (1,199 ) (1,199 ) — — Indebtedness Unsecured notes (3,353,009 ) (3,353,009 ) — — Mortgage notes payable and unsecured term loan (3,022,147 ) — (3,022,147 ) — Total $ (6,385,267 ) $ (3,354,208 ) $ (3,022,105 ) $ (8,954 )

Organization, Basis of Presen27

Organization, Basis of Presentation and Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)statecommunityhome$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares	Jun. 30, 2015USD ($)statecommunityhome$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares
Organization and Basis of Presentation
Number of operating apartment communities | community	257		257
Number of apartment homes included in operating apartment communities owned | home	74,857		74,857
Number of states where operating apartment communities owned are located | state	11		11
Number of communities with apartments under reconstruction | community	7		7
Number of apartment homes under reconstruction | home	2,787		2,787
Number of owned communities under construction | community	26		26
Expected number of apartment homes under construction | home	8,117		8,117
Communities under development rights | community	34		34
Estimated number of apartment homes in communities to be developed | home	10,080		10,080
Weighted Average Number of Shares Outstanding, Basic | shares	131,977,578	129,856,335	131,930,916	129,574,118
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | shares	7,500	7,500	7,500	7,500
Weighted Average Number Diluted Shares Outstanding Adjustment | shares	1,101,361	384,486	1,192,947	356,614
Earnings Per Share, Basic | $ / shares	$ 1.30	$ 1.22	$ 2.88	$ 2.31
Weighted Average Number of Shares Outstanding, Diluted | shares	133,086,439	130,248,321	133,131,363	129,938,232
Net Income (Loss) Available to Common Stockholders, Basic	$ 172,324	$ 158,086	$ 380,469	$ 299,825
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic	445	254	975	487
Undistributed Earnings, Basic	171,879	157,832	379,494	299,338
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(9)	(9)	(19)	(17)
Net Income (Loss) Available to Common Stockholders, Diluted	$ 172,333	$ 158,095	$ 380,488	$ 299,842
Earnings Per Share, Diluted | $ / shares	$ 1.29	$ 1.21	$ 2.86	$ 2.31

Organization, Basis of Presen28

Organization, Basis of Presentation and Significant Accounting Policies (Details 2) - Long-term Debt, Type [Domain] $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)communityhomebuilding$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares	Jun. 30, 2015USD ($)communityClaimhomeCitationplaintiffbuilding$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares
Loss Contingencies [Line Items]
Number of Real Estate Properties | community	257		257
Number of apartment homes included in operating apartment communities owned | home	74,857		74,857
Basic and diluted shares outstanding
Weighted average common shares - basic | shares	131,977,578	129,856,335	131,930,916	129,574,118
Weighted average DownREIT units outstanding (in shares) | shares	7,500	7,500	7,500	7,500
Effect of dilutive securities (in shares) | shares	1,101,361	384,486	1,192,947	356,614
Weighted average common shares - diluted | shares	133,086,439	130,248,321	133,131,363	129,938,232
Calculation of Earnings per Share - basic
Net income attributable to common stockholders	$ 172,324	$ 158,086	$ 380,469	$ 299,825
Net income allocated to unvested restricted shares	(445)	(254)	(975)	(487)
Net income attributable to common stockholders, adjusted	$ 171,879	$ 157,832	$ 379,494	$ 299,338
Weighted average common shares - basic | shares	131,977,578	129,856,335	131,930,916	129,574,118
Earnings per common share - basic (in dollars per share) | $ / shares	$ 1.30	$ 1.22	$ 2.88	$ 2.31
Calculation of Earnings per Share - diluted
Net income attributable to common stockholders	$ 172,324	$ 158,086	$ 380,469	$ 299,825
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	9	9	19	17
Adjusted net income available to common stockholders	$ 172,333	$ 158,095	$ 380,488	$ 299,842
Weighted average common shares - diluted | shares	133,086,439	130,248,321	133,131,363	129,938,232
Earnings per common share - diluted (in dollars per share) | $ / shares	$ 1.29	$ 1.21	$ 2.86	$ 2.31
Options to purchase shares of common stock excluded from computation of earnings per share amount (in shares) | shares				243,326
Estimated forfeiture rate of stock options (as a percent)			1.00%
Avalon at Edgewater [Member]
Loss Contingencies [Line Items]
Number of Real Estate Properties | building	2		2
Number Of Real Estate Properties, Uninhabitable | building	1		1
Number Of Units In Real Estate Property, Uninhabitable | home	240		240
Number of apartment homes included in operating apartment communities owned | home	168		168
Loss Contingency New Class Action Claims Filed Number | Claim			4
Loss Contingency, Number of Plaintiffs | plaintiff			120
Loss Contingency, OSHA Citations | Citation			2
Loss Contingency, Insurance, Percentage Of Policy Amount Company Is Obligated To Fund	12.00%		12.00%
Loss Contingency, Insurance, Policy Amount For Calculating Self-Insurance Liability	$ 50,000		$ 50,000

Interest Capitalized (Details)

Interest Capitalized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest Capitalized
Capitalized interest during the development and redevelopment of real estate assets	$ 19,800	$ 18,626	$ 38,830	$ 38,305

Notes Payable, Unsecured Note30

Notes Payable, Unsecured Notes and Credit Facility (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Notes Payable, Unsecured Notes and Credit Facility
Total notes payable and unsecured notes		$ 6,433,889	$ 6,448,138
Credit Facility		0	0
Total mortgage notes payable, unsecured notes and Credit Facility		6,433,889	6,448,138
Unsecured notes
Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	[1]	3,275,000	2,750,000
Total notes payable and unsecured notes		3,575,000
Amount of debt discount		7,169	6,735
Term Loan
Notes Payable, Unsecured Notes and Credit Facility
Variable rate notes		300,000	250,000
Secured notes
Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	[2]	1,812,557	2,400,677
Variable rate notes		1,046,332	1,047,461
Total notes payable and unsecured notes		2,762,017
Amount of debt premium		60,410	84,449
Credit Facility
Notes Payable, Unsecured Notes and Credit Facility
Credit Facility		$ 0	$ 0
[1]	Balances at June 30, 2015 and December 31, 2014 exclude $7,169 and $6,735 of debt discount, respectively, as reflected in unsecured notes, net on the Company’s Condensed Consolidated Balance Sheets.
[2]	Balances at June 30, 2015 and December 31, 2014 exclude $60,410 and $84,449 of debt premium, respectively, as reflected in mortgage notes payable on the Company’s Condensed Consolidated Balance Sheets.

Notes Payable, Unsecured Note31

Notes Payable, Unsecured Notes and Credit Facility (Details 2)		1 Months Ended			3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)community	May. 31, 2015USD ($)	Apr. 30, 2015USD ($)communityloan	Jun. 30, 2015USD ($)community	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)communityextension	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2014USD ($)
Notes Payable, Unsecured Notes and Credit Facility
Debt Instrument, Interest Rate, Stated Percentage			3.45%
Gains (Losses) on Extinguishment of Debt					$ 7,749,000	$ (412,000)	$ 7,749,000	$ (412,000)
Number of operating apartment communities | community		257			257		257
Variable rate unsecured credit facility		$ 0			$ 0		$ 0		$ 0
Mortgage notes payable
Notes Payable, Unsecured Notes and Credit Facility
Amount drawn		1,046,332,000			1,046,332,000		1,046,332,000		1,047,461,000
Fixed rate notes	[1]	1,812,557,000			1,812,557,000		1,812,557,000		2,400,677,000
Mortgage notes payable held by wholly owned subsidiaries guaranteed by the Company		234,500,000			234,500,000		234,500,000
Unsecured Notes 3.45 Percent [Member]
Notes Payable, Unsecured Notes and Credit Facility
Principal amount of notes issued			$ 525,000,000
Proceeds from Issuance of Debt			$ 520,653,000
Variable Rate Unsecured Term Loan [Member]
Notes Payable, Unsecured Notes and Credit Facility
Amount drawn		300,000,000			300,000,000		300,000,000		250,000,000
Unsecured notes
Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	[2]	3,275,000,000			$ 3,275,000,000		$ 3,275,000,000		2,750,000,000
Variable Rate Unsecured Term Loan [Member]
Notes Payable, Unsecured Notes and Credit Facility
Principal amount of notes issued										$ 300,000,000
Additional amount with option to draw										$ 50,000,000
Notes payable maturing in 2015 | Mortgage notes payable
Notes Payable, Unsecured Notes and Credit Facility
Fixed rate (as a percent)				3.12%
Gains (Losses) on Extinguishment of Debt				$ 8,724,000
Repayments of secured mortgages				$ 481,582,000
Mortgage Loans on Real Estate, Number of Loans | loan				8
Number of operating apartment communities | community				8
Notes Payable Maturities 2041 [Member] | Mortgage notes payable
Notes Payable, Unsecured Notes and Credit Facility
Repayments of Debt		$ 15,778,000
Fixed rate (as a percent)		7.50%			7.50%		7.50%
Gains (Losses) on Extinguishment of Debt		$ (455,000)
Notes Payable Maturities 2027 [Member] | Mortgage notes payable
Notes Payable, Unsecured Notes and Credit Facility
Repayments of Debt		$ 7,805,000
Fixed rate (as a percent)		7.84%			7.84%		7.84%
Gains (Losses) on Extinguishment of Debt		$ (263,000)
Notes payable maturing in 2019 | Mortgage notes payable
Notes Payable, Unsecured Notes and Credit Facility
Repayments of Debt		$ 74,531,000
Fixed rate (as a percent)		5.95%			5.95%		5.95%
Gains (Losses) on Extinguishment of Debt		$ (259,000)
Variable rate unsecured credit facility
Notes Payable, Unsecured Notes and Credit Facility
Available borrowing capacity		1,300,000,000			$ 1,300,000,000		$ 1,300,000,000
Line of credit facility, extension period							1 year
Number of extension options | extension							2
Extension period under each option							6 months
Extension fee							$ 1,950,000
Period of borrowing rate assumed							1 month
Annual facility fee							$ 1,950,000
Variable rate unsecured credit facility		0			0		0		0
Outstanding balance of letters of credit		46,119,000			46,119,000		46,119,000		$ 49,407,000
Net carrying value of apartment communities and improved land parcels securing debt		$ 3,549,533,000			$ 3,549,533,000		$ 3,549,533,000
Fixed rate mortgage notes payable
Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)		4.70%			4.70%		4.70%		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%		1.80%		1.80%
LIBOR | Variable Rate Unsecured Term Loan [Member] | Unsecured notes
Notes Payable, Unsecured Notes and Credit Facility
Debt instrument variable rate							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 variable rate							LIBOR
LIBOR | Variable rate unsecured credit facility
Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)							0.95%
Current interest rate (as a percent)		1.14%			1.14%		1.14%
[1]	Balances at June 30, 2015 and December 31, 2014 exclude $60,410 and $84,449 of debt premium, respectively, as reflected in mortgage notes payable on the Company’s Condensed Consolidated Balance Sheets.
[2]	Balances at June 30, 2015 and December 31, 2014 exclude $7,169 and $6,735 of debt discount, respectively, as reflected in unsecured notes, net on the Company’s Condensed Consolidated Balance Sheets.

Notes Payable, Unsecured Note32

Notes Payable, Unsecured Notes and Credit Facility (Details 3) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2015	Apr. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	May. 31, 2015	Dec. 31, 2014
Notes Payable, Unsecured Notes and Credit Facility
Gains (Losses) on Extinguishment of Debt			$ 7,749	$ (412)	$ 7,749	$ (412)
Mortgage notes payable and unsecured notes	$ 6,433,889		6,433,889		6,433,889			$ 6,448,138
Stated interest rate of unsecured notes (as a percent)							3.45%
Secured notes
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	96,872		96,872		96,872
Mortgage notes payable and unsecured notes	2,762,017		2,762,017		2,762,017
Secured notes | Notes payable maturing in 2015
Notes Payable, Unsecured Notes and Credit Facility
Gains (Losses) on Extinguishment of Debt		$ 8,724
Secured notes payments	8,443		8,443		8,443
Mortgage notes payable and unsecured notes	104,198		104,198		104,198
Secured notes | Notes Payable Maturities 2016 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	17,298		17,298		17,298
Mortgage notes payable and unsecured notes	16,256		16,256		16,256
Secured notes | Notes Payable Maturities 2017 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	18,365		18,365		18,365
Mortgage notes payable and unsecured notes	710,091		710,091		710,091
Secured notes | Notes Payable Maturities 2018 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	17,632		17,632		17,632
Mortgage notes payable and unsecured notes	76,940		76,940		76,940
Secured notes | Notes payable maturing in 2019
Notes Payable, Unsecured Notes and Credit Facility
Gains (Losses) on Extinguishment of Debt	(259)
Secured notes payments	6,440		6,440		6,440
Mortgage notes payable and unsecured notes	588,428		588,428		588,428
Secured notes | Notes Payable Maturities 2020 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	5,475		5,475		5,475
Mortgage notes payable and unsecured notes	50,825		50,825		50,825
Secured notes | Notes Payable Maturities 2021 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	5,516		5,516		5,516
Mortgage notes payable and unsecured notes	27,844		27,844		27,844
Secured notes | Notes payable maturing in 2022
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	5,881		5,881		5,881
Secured notes | Notes payable maturing in 2023
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	6,255		6,255		6,255
Secured notes | Notes Payable Maturities 2024 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	5,567		5,567		5,567
Secured notes | Notes payable with maturities after 2023
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	1,187,435		1,187,435		1,187,435
Secured notes | Notes Payable Maturities 2027 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Gains (Losses) on Extinguishment of Debt	(263)
Unsecured notes
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	3,575,000		3,575,000		3,575,000
Unsecured notes | Notes Payable Maturities 2016 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 250,000		$ 250,000		$ 250,000
Stated interest rate of unsecured notes (as a percent)	5.75%		5.75%		5.75%
Unsecured notes | Notes Payable Maturities 2017 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 250,000		$ 250,000		$ 250,000
Stated interest rate of unsecured notes (as a percent)	5.70%		5.70%		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		$ 250,000		$ 250,000
Stated interest rate of unsecured notes (as a percent)	6.10%		6.10%		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		$ 400,000		$ 400,000
Stated interest rate of unsecured notes (as a percent)	3.625%		3.625%		3.625%
Unsecured notes | Notes payable maturing in 2021
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 250,000		$ 250,000		$ 250,000
Stated interest rate of unsecured notes (as a percent)	3.95%		3.95%		3.95%
Unsecured notes | Term Loan
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000		$ 300,000		$ 300,000
Unsecured notes | Term Loan | LIBOR
Notes Payable, Unsecured Notes and Credit Facility
Debt instrument variable rate					LIBOR
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		$ 450,000		$ 450,000
Stated interest rate of unsecured notes (as a percent)	2.95%		2.95%		2.95%
Unsecured notes | Notes payable maturing in 2023
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 350,000		$ 350,000		$ 350,000
Stated interest rate of unsecured notes (as a percent)	4.20%		4.20%		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		$ 250,000		$ 250,000
Stated interest rate of unsecured notes (as a percent)	2.85%		2.85%		2.85%
Unsecured notes | Notes Payable Maturities 2024 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000		$ 300,000		$ 300,000
Stated interest rate of unsecured notes (as a percent)	3.50%		3.50%		3.50%
Unsecured notes | Notes payable with maturities after 2023
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 525,000		$ 525,000		$ 525,000
Stated interest rate of unsecured notes (as a percent)	3.45%		3.45%		3.45%

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Changes in equity
Beginning Balance			$ 9,046,405
Net income attributable to common stockholders	$ 172,324	$ 158,086	380,469	$ 299,825
Cash flow hedge loss reclassified to earnings	1,427	$ 1,438	2,992	$ 3,011
Change in redemption value of redeemable noncontrolling interest			1,807
Dividends declared to common stockholders			(331,323)
Issuance of common stock, net of withholdings			95,037
Amortization of deferred compensation			15,098
Ending Balance	9,210,485		9,210,485
Common stock
Changes in equity
Beginning Balance			1,320
Issuance of common stock, net of withholdings			9
Ending Balance	1,329		1,329
Additional paid-in capital
Changes in equity
Beginning Balance			9,354,685
Issuance of common stock, net of withholdings			96,337
Amortization of deferred compensation			15,098
Ending Balance	9,466,120		9,466,120
Accumulated earnings less dividends
Changes in equity
Beginning Balance			(267,085)
Net income attributable to common stockholders			380,469
Change in redemption value of redeemable noncontrolling interest			1,807
Dividends declared to common stockholders			(331,323)
Issuance of common stock, net of withholdings			(1,309)
Ending Balance	(217,441)		(217,441)
Accumulated other comprehensive loss
Changes in equity
Beginning Balance			(42,515)
Cash flow hedge loss reclassified to earnings			2,992
Ending Balance	$ (39,523)		$ (39,523)

Equity (Details 2)

Equity (Details 2) - USD ($)	Sep. 09, 2014	Aug. 31, 2012	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Common stock, shares authorized			280,000,000	280,000,000		280,000,000
Preferred stock, shares authorized			50,000,000	50,000,000		50,000,000
Common stock shares issued in connection with stock options exercised				54,196
Common stock issued through the dividend reinvestment plan (in shares)				1,028	1,286
Stock issued in connection with stock grants (in shares)				157,779	113,822
Number of shares of stock grants withheld				36,104	50,105
Stock Issued During Period, Shares, Employee Stock Purchase Plans				5,022
Issuance of common stock				$ 97,326,000	$ 214,970,000
Share Price	$ 155.83
Forward Contract Indexed to Issuer's Equity, Shares	4,500,000			609,275
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share	$ 151.74		$ 147.72
CEP III
Class of Stock [Line Items]
Common stock shares issued			0	0
Maximum value of shares of common stock that can be sold (in dollars)		$ 750,000,000
Period during which common stock can be sold		36 months
Percentage of compensation received by sales agent				1.50%
Value of additional shares authorized for issuance			$ 346,304,000	$ 346,304,000
Forward Equity Contract [Member]
Class of Stock [Line Items]
Issuance of common stock			$ 90,000,000
Non Employee Director [Member] | Deferred Compensation, Share-based Payments [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Conversion of Shares				46,589

Investments in Real Estate En35

Investments in Real Estate Entities (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)entityagreement	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)entityhomeagreement	Jun. 30, 2014USD ($)
Investment in Real Estate Entities
Impairment of Real Estate	$ 0	$ 0		$ 0
Equity Method Investment, Summarized Financial Information, Revenue	43,395	52,270	$ 88,650	104,646
Equity Method Investment, Summarized Financial Information, Operating and Other Expenses	17,375	20,483	34,712	41,691
Equity in income of unconsolidated real estate entities	13,806	7,710	48,371	12,933
Gain on sale of communities	0	5,682	32,490	5,682
Equity Method Investment, Summarized Financial Information Interest Expense	10,334	13,523	20,811	27,413
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization	11,942	13,863	23,845	28,280
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	$ 3,744	$ 10,083	41,772	$ 12,944
Avalon Mills [Member]
Investment in Real Estate Entities
Impairment of Real Estate			800
Fund II
Investment in Real Estate Entities
Repayments of secured mortgages			$ 9,395
Fund II | Eaves Plainsboro [Member]
Investment in Real Estate Entities
Number of apartment homes sold | home			776
Proceeds from sale of real estate			$ 117,000
Gain on sale of communities			$ 9,660
Unconsolidated real estate entities
Investment in Real Estate Entities
Number of unconsolidated real estate entities | entity	5		5
Unconsolidated real estate entities | Minimum
Investment in Real Estate Entities
Ownership interest percentage	20.00%		20.00%
Unconsolidated real estate entities | Maximum
Investment in Real Estate Entities
Ownership interest percentage	31.30%		31.30%
MVPI LLC [Member]
Investment in Real Estate Entities
Fixed rate (as a percent)	3.24%		3.24%
Payments for (Proceeds from) Other Real Estate Partnerships			$ 20,680
Noncontrolling Interest, Ownership Percentage by Parent	25.00%		25.00%
Secured notes | MVPI LLC [Member]
Investment in Real Estate Entities
Repayments of secured mortgages	$ 105,000
Residual Joint Venture [Member]
Investment in Real Estate Entities
Equity in income of unconsolidated real estate entities	$ 9,549		$ 11,464
Number of Limited Liability Company Agreements | agreement	3		3
Ownership Interest Held by Subsidiaries	40.00%		40.00%

Investments in Real Estate En36

Investments in Real Estate Entities (Details 2) - Subsequent Event Type [Domain]	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2015USD ($)community	Jun. 30, 2015USD ($)communityhomebuilding	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)communityClaimhomeplaintiffbuilding	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Equity method investment
Long-term Debt		$ 6,433,889,000		$ 6,433,889,000		$ 6,448,138,000
Real Estate Investment Property, Net		13,495,510,000		13,495,510,000		13,219,140,000
Impairment of Real Estate		0	$ 0		$ 0
Casualty and Impairment (Gain) Loss		(17,114,000)	0	(11,326,000)	0
Assets:
Real estate, net		1,513,850,000		1,513,850,000		1,617,627,000
Other assets		60,793,000		60,793,000		72,290,000
Total assets		1,574,643,000		1,574,643,000		1,689,917,000
Liabilities and partners' capital:
Mortgage notes payable and credit facility		964,246,000		964,246,000		980,128,000
Other liabilities		21,232,000		21,232,000		24,884,000
Partners' capital		589,165,000		589,165,000		684,905,000
Total liabilities and partners' capital		1,574,643,000		1,574,643,000		1,689,917,000
Combined summary of the operating results of the accounted for using the equity method
Rental and other income		43,395,000	52,270,000	88,650,000	104,646,000
Operating and other expenses		(17,375,000)	(20,483,000)	(34,712,000)	(41,691,000)
Gain on sale of communities		0	5,682,000	32,490,000	5,682,000
Interest expense, net		(10,334,000)	(13,523,000)	(20,811,000)	(27,413,000)
Depreciation expense		(11,942,000)	(13,863,000)	(23,845,000)	(28,280,000)
Net income		3,744,000	10,083,000	41,772,000	12,944,000
Impairment of investment in unconsolidated entities		0	0	0	0
Expensed Acquisition, Development And Other Pursuit Costs, Net of Recoveries		$ 673,000	$ 2,017,000	$ 1,860,000	$ 2,732,000
Number of Real Estate Properties | community		257		257
Number of apartment homes included in operating apartment communities owned | home		74,857		74,857
MVPI LLC [Member]
Equity method investment
Long-term Debt		$ 103,000,000		$ 103,000,000
Fixed rate (as a percent)		3.24%		3.24%
Fund I and II
Combined summary of the operating results of the accounted for using the equity method
Costs in excess of equity in underlying net assets of the respective investments		$ 3,312,000		$ 3,312,000		$ 3,880,000
Fund II
Combined summary of the operating results of the accounted for using the equity method
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		8,910,000		$ 8,910,000
Avalon Mills [Member]
Equity method investment
Impairment of Real Estate				800,000
Avalon at Edgewater [Member]
Equity method investment
Casualty Loss		4,886,000		5,977,000
Insurance Proceeds		22,000,000		44,142,000
Real Estate Investment Property, Net		21,844,000		21,844,000
Casualty and Impairment (Gain) Loss		$ (17,114,000)		$ (16,321,000)
Combined summary of the operating results of the accounted for using the equity method
Number of Real Estate Properties | building		2		2
Number of apartment homes included in operating apartment communities owned | home		168		168
Loss Contingency, New Claims Filed, Number | Claim				15
Loss Contingency, Number of Plaintiffs | plaintiff				120
New England [Member]
Equity method investment
Impairment of Real Estate				$ 4,195,000
Mortgage notes payable | MVPI LLC [Member]
Combined summary of the operating results of the accounted for using the equity method
Repayments of secured debt		$ 105,000,000
Notes payable maturing in 2015 | Mortgage notes payable
Equity method investment
Fixed rate (as a percent)	3.12%
Combined summary of the operating results of the accounted for using the equity method
Number of Real Estate Properties | community	8
Repayments of secured debt	$ 481,582,000

Real Estate Disposition Activ37

Real Estate Disposition Activities (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)communityitem	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)communityland_parcelitemhome	Jun. 30, 2014USD ($)	Dec. 31, 2008USD ($)
Summary of income from discontinued operations
Number of Apartment Communities Sold | community			1
Number of Land Parcels Sold | land_parcel			2
Proceeds from Sale of Real Estate			$ 135,841	$ 186,651
Gain on sale of real estate	$ 9,625	$ 0	9,647	0
Gain on sale of discontinued operations	$ 0	0	0	37,869
Gain on sale of communities			$ 91,456	98,814
Number Of Communities Held For Sale | community	1		1
Impairment of Real Estate	$ 0	$ 0		$ 0
Other Real Estate Sales [Member]
Summary of income from discontinued operations
Proceeds from Sale of Real Estate			$ 23,820
Gain on sale of real estate			$ 9,626
Avalon on Stamford Harbor [Member]
Summary of income from discontinued operations
Apartment homes | home			323
Number of Boat Slips in Marina Communities | item	74		74
Proceeds from Sale of Real Estate			$ 115,500
Gain on sale of communities			70,936
Other Real Estate Sales [Member]
Summary of income from discontinued operations
Impairment of Real Estate					$ 5,933
Avalon Mills [Member]
Summary of income from discontinued operations
Impairment of Real Estate			$ 800

Real Estate Disposition Activ38

Real Estate Disposition Activities (Details 2) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)community	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)community	Jun. 30, 2014USD ($)
Summary of income from discontinued operations
Rental income	$ 0	$ 0	$ 0	$ 579
Operating and other expenses	0	0	0	(269)
Depreciation expense	0	0	0	0
Income from discontinued operations	$ 0	$ 0	$ 0	$ 310
Number Of Communities Held For Sale | community	1		1

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reconciliation of NOI to net income
Net income		$ 172,253	$ 172,197	$ 380,306	$ 313,796
Indirect operating expenses, net of corporate income		14,817	12,343	30,215	23,161
Investments and investment management expense		1,073	1,137	2,107	2,116
Expensed acquisition, development and other pursuit costs		673	2,017	1,860	2,732
Gains (Losses) on Extinguishment of Debt		(7,749)	412	(7,749)	412
Interest expense, net	[1]	44,590	43,722	90,164	86,255
General and administrative expense		11,628	10,220	22,111	19,456
Equity in (income) loss of unconsolidated real estate entities		(13,806)	(7,710)	(48,371)	(12,933)
Depreciation expense	[1]	118,627	110,395	235,480	216,762
Casualty and Impairment (Gain) Loss		(17,114)	0	(11,326)	0
Gain on sale of real estate assets		(9,625)	(60,945)	(80,583)	(60,945)
Gain on sale of discontinued operations		0	0	0	(37,869)
Income from discontinued operations		0	0	0	(310)
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations		(1,353)	(6,240)	(2,791)	(12,522)
Net operating income		314,014	277,548	611,423	540,111
Continuing Operations
Reconciliation of NOI to net income
Net operating income		$ 314,014	$ 277,548	$ 611,423	$ 540,111
[1]	Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.

Segment Reporting (Details 3)

Segment Reporting (Details 3) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting
Total revenue		$ 457,459	$ 413,806	$ 899,826	$ 813,881
NOI		314,014	277,548	611,423	540,111
Gross real estate assets held for sale		79,128	244,805	79,128	244,805
Continuing Operations
Segment Reporting
Total revenue		455,174	403,580	895,017	793,286
NOI		$ 314,014	$ 277,548	$ 611,423	$ 540,111
% NOI change from prior year		13.10%	8.90%	13.20%	18.10%
Gross real estate	[1]	$ 18,611,288	$ 16,960,426	$ 18,611,288	$ 16,960,426
Continuing Operations | Operating Segments | Established
Segment Reporting
Total revenue		346,995	325,467	687,118	470,937
NOI		$ 244,141	$ 227,093	$ 479,744	$ 328,337
% NOI change from prior year		5.00%	2.90%	5.10%	2.60%
Gross real estate		$ 12,471,582	$ 7,413,467	$ 12,471,582	$ 7,413,467
Continuing Operations | Operating Segments | Established | New England [Member]
Segment Reporting
Total revenue		49,000	45,523	96,760	88,125
NOI		$ 30,985	$ 29,179	$ 58,823	$ 55,620
% NOI change from prior year		2.30%	(0.90%)	(0.70%)	(1.00%)
Gross real estate		$ 1,477,145	$ 1,356,000	$ 1,477,145	$ 1,356,000
Continuing Operations | Operating Segments | Established | Metro NY/NJ
Segment Reporting
Total revenue		96,372	92,325	190,704	152,906
NOI		$ 67,880	$ 64,724	$ 132,989	$ 106,780
% NOI change from prior year		2.90%	0.90%	2.90%	1.70%
Gross real estate		$ 3,191,141	$ 2,294,169	$ 3,191,141	$ 2,294,169
Continuing Operations | Operating Segments | Established | Mid-Atlantic
Segment Reporting
Total revenue		52,263	46,990	103,967	49,260
NOI		$ 35,938	$ 32,531	$ 71,969	$ 34,784
% NOI change from prior year		(0.90%)	(6.70%)	(0.80%)	(3.90%)
Gross real estate		$ 2,170,822	$ 645,172	$ 2,170,822	$ 645,172
Continuing Operations | Operating Segments | Established | Pacific Northwest
Segment Reporting
Total revenue		19,047	16,458	37,536	26,683
NOI		$ 13,657	$ 11,554	$ 27,030	$ 18,591
% NOI change from prior year		7.90%	5.90%	8.40%	4.80%
Gross real estate		$ 719,366	$ 499,383	$ 719,366	$ 499,383
Continuing Operations | Operating Segments | Established | Northern California
Segment Reporting
Total revenue		67,144	62,319	132,658	85,305
NOI		$ 52,635	$ 47,498	$ 102,369	$ 65,364
% NOI change from prior year		11.70%	13.70%	11.60%	9.60%
Gross real estate		$ 2,409,781	$ 1,400,573	$ 2,409,781	$ 1,400,573
Continuing Operations | Operating Segments | Established | Southern California
Segment Reporting
Total revenue		63,169	61,852	125,493	68,658
NOI		$ 43,046	$ 41,607	$ 86,564	$ 47,198
% NOI change from prior year		6.70%	5.00%	9.80%	4.50%
Gross real estate		$ 2,503,327	$ 1,218,170	$ 2,503,327	$ 1,218,170
Continuing Operations | Operating Segments | Other Stabilized
Segment Reporting
Total revenue		54,681	43,701	108,764	244,289
NOI		36,536	31,289	71,353	167,494
Gross real estate		2,028,096	5,998,737	2,028,096	5,998,737
Continuing Operations | Operating Segments | Development / Redevelopment
Segment Reporting
Total revenue		50,556	31,740	93,582	72,310
NOI		33,337	19,166	60,326	44,280
Gross real estate		3,581,408	3,318,362	3,581,408	3,318,362
Continuing Operations | Land Held for Future Development
Segment Reporting
Gross real estate		487,205	195,673	487,205	195,673
Continuing Operations | Non-allocated
Segment Reporting
Total revenue	[2]	2,942	2,672	5,553	5,750
Gross real estate		$ 42,997	$ 34,187	$ 42,997	$ 34,187
[1]	Does not include gross real estate assets held for sale of $79,128 and $244,805 as of June 30, 2015 and 2014, respectively.
[2]	(2)Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment.

Segment Reporting (Details 2)

Segment Reporting (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting [Abstract]
Rental income from real estate assets sold or held for sale, not classified as discontinued operations	$ 2,285	$ 10,226	$ 4,809	$ 20,595
Operating expenses from real estate assets sold or held for sale, not classified as discontinued operations	(932)	(3,986)	(2,018)	(8,073)
Income (Loss) From Assets Held for Sale, Not Classified as Discontinued Operations	$ 1,353	$ 6,240	$ 2,791	$ 12,522

Stock-Based Compensation Plan42

Stock-Based Compensation Plans (Details) - Jun. 30, 2015 - $ / shares	Total
Shares
Exercised (in shares)	(54,196)
2009 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	340,062
Exercised (in shares)	(42,268)
Forfeited (in shares)	0
Options outstanding at the end of the period (in shares)	297,794
Options exercisable at the end of the period (in shares)	236,380
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$ 122.67
Exercised (in dollars per share)	124.52
Forfeited (in dollars per share)	0
Options outstanding at the end of the period (in dollars per share)	122.40
Options exercisable at the end of the period (in dollars per share)	$ 120.70
1994 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	272,402
Exercised (in shares)	(11,928)
Forfeited (in shares)	0
Options outstanding at the end of the period (in shares)	260,474
Options exercisable at the end of the period (in shares)	260,474
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$ 104.96
Exercised (in dollars per share)	138.82
Forfeited (in dollars per share)	0
Options outstanding at the end of the period (in dollars per share)	103.41
Options exercisable at the end of the period (in dollars per share)	$ 103.41

Stock-Based Compensation Plan43

Stock-Based Compensation Plans (Details 2) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Sep. 09, 2014
Additional disclosures
Stock issued in connection with stock grants (in shares)	157,779	113,822
Baseline share value (in dollars per share)			$ 155.83
Stock-based compensation expense	$ 7,777	$ 5,890
Capitalized stock-based compensation cost	$ 6,071	$ 3,247
Restricted stock
Additional disclosures
Conversion of restricted stock units (in shares)	95,826	16,193
Restricted stock granted (in shares)	61,953	97,629
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options Issued in Period Fair Value	$ 10,721	$ 12,607
Outstanding unvested shares granted	251,231
Shares vested	95,573
Conversion of restricted units	7,389
Restricted stock awards	88,184
Total fair value of shares vested	$ 11,431	$ 10,712
Restricted stock | Minimum
Additional disclosures
Grant date fair value per share (in dollars per share)	$ 115.83
Restricted stock | Maximum
Additional disclosures
Grant date fair value per share (in dollars per share)	$ 173.39
Restricted stock units
Additional disclosures
Restricted stock granted (in shares)	82,812
Restricted stock earned based on total shareholder return metrics related to common stock (in units)	53,164
Restricted stock earned based on operating performance and leverage metrics	29,648
Baseline share value (in dollars per share)	$ 166.23
Dividend yield (as a percent)	3.00%
Estimated volatility, Minimum (as a percent)	14.70%
Estimated volatility, Maximum (as a percent)	17.40%
Historical volatility (as a percent)	50.00%
Implied volatility (as a percent)	50.00%
Risk-free interest rate, minimum (as a percent)	0.07%
Risk-free interest rate, maximum (as a percent)	1.09%
Average estimated fair value (in dollars per share)	$ 139.18
Unrecognized compensation cost for unvested restricted stock	$ 12,340
Stock Options
Additional disclosures
Unrecognized compensation cost for unvested stock options	$ 558
Weighted average period for recognition of unrecognized compensation cost	7 months 6 days
Restricted stock and restricted stock units
Additional disclosures
Unrecognized compensation cost for unvested restricted stock	$ 29,554
Weighted average period for recognition of unrecognized compensation cost	3 years 9 months 18 days

Related Party Arrangements (Det

Related Party Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Arrangements
Management Fees Revenue	$ 2,942	$ 2,672	$ 5,553	$ 5,750
Compensation expense			7,777	5,890
Unconsolidated real estate entities
Related Party Arrangements
Outstanding receivables	5,088		5,088		$ 6,868
Non Employee Director [Member] | Restricted stock and deferred stock awards
Related Party Arrangements
Compensation expense	278	$ 250	550	$ 500
Amount of deferred compensation	$ 1,073		$ 1,073		$ 452
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Conversion of Shares			46,589

Fair Value (Details)

Fair Value (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)derivative	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)derivative	Jun. 30, 2014USD ($)
Derivative instruments and Hedging Activities
Hedging losses reclassified from accumulated other comprehensive income into earnings		$ 1,427	$ 1,438	$ 2,992	$ 3,011
Estimated hedging losses to be reclassified from accumulated other comprehensive loss into earnings within the next twelve months		$ 5,493
Cash Flow Hedges
Derivative instruments and Hedging Activities
Weighted average interest rate (as a percent)	[1]	2.30%		2.30%
Number of derivative instruments held | derivative		1		1
Interest Rate Cap [Member] | Cash Flow Hedges
Derivative instruments and Hedging Activities
Notional balance		$ 37,138		$ 37,138
Weighted average capped interest rate (as a percent)		5.90%		5.90%
Not Designated as Hedging Instrument [Member]
Derivative instruments and Hedging Activities
Number of derivative instruments held | derivative		15		15
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member]
Derivative instruments and Hedging Activities
Notional balance		$ 727,474		$ 727,474
Weighted average interest rate (as a percent)	[1]	1.90%		1.90%
Weighted average capped interest rate (as a percent)		5.80%		5.80%
[1]	Represents the weighted average interest rate on the hedged debt.

Fair Value (Details 2)

Fair Value (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Financial Instruments Measured/Discussed at Fair Value
Hedging losses reclassified from accumulated other comprehensive income into earnings	$ 1,427	$ 1,438	$ 2,992	$ 3,011
Recurring basis | Fair Value, Inputs, Level 1 [Member]
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	(1,199)		(1,199)
Total	(3,354,208)		(3,354,208)
Recurring basis | Fair Value, Inputs, Level 2 [Member]
Financial Instruments Measured/Discussed at Fair Value
Total	(3,022,105)		(3,022,105)
Recurring basis | Fair Value, Inputs, Level 3 [Member]
Financial Instruments Measured/Discussed at Fair Value
Total	(8,954)		(8,954)
Recurring basis | Fair Value, Inputs, Level 3 [Member] | Puts
Financial Instruments Measured/Discussed at Fair Value
Fair value of remaining outstanding Puts	(8,954)		(8,954)
Cash Flow Hedges | Recurring basis | Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member]
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	17		17
Unsecured notes | Recurring basis | Fair Value, Inputs, Level 1 [Member]
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(3,353,009)		(3,353,009)
Secured Debt and Variable Rate Unsecured Term Loan [Member] | Recurring basis | Fair Value, Inputs, Level 2 [Member]
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(3,022,147)		(3,022,147)
Not Designated as Hedging Instrument [Member] | Recurring basis | Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member]
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	25		25
Estimate of Fair Value Measurement [Member] | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	(1,199)		(1,199)
Total	(6,385,267)		(6,385,267)
Estimate of Fair Value Measurement [Member] | Recurring basis | Puts
Financial Instruments Measured/Discussed at Fair Value
Fair value of remaining outstanding Puts	(8,954)		(8,954)
Estimate of Fair Value Measurement [Member] | Cash Flow Hedges | Recurring basis | Interest Rate Cap [Member]
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	17		17
Estimate of Fair Value Measurement [Member] | Unsecured notes | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(3,353,009)		(3,353,009)
Estimate of Fair Value Measurement [Member] | Secured Debt and Variable Rate Unsecured Term Loan [Member] | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(3,022,147)		(3,022,147)
Estimate of Fair Value Measurement [Member] | Not Designated as Hedging Instrument [Member] | Recurring basis | Interest Rate Cap [Member]
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	$ 25		$ 25

Subsequent Events (Details)

Subsequent Events (Details) - Investment, Name [Domain] $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2015USD ($)land_parcelhome	Jun. 30, 2015USD ($)communityhome	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)communityhome	Jun. 30, 2014USD ($)
Subsequent events
Number of Real Estate Properties | community		257		257
Estimated number of apartment homes in communities to be developed | home		10,080		10,080
Gains (Losses) on Extinguishment of Debt		$ 7,749	$ (412)	$ 7,749	$ (412)
Subsequent event
Subsequent events
Number Of Land Parcels Acquired | land_parcel	1
Payments to Acquire Land	$ 99,000
Estimated number of apartment homes in communities to be developed | home	695
avb_RealEstateInvestmentPropertyProjectedCapitalCostToDevelopRealEstate	$ 374,727
Secured notes | Notes payable maturing in 2015 | Subsequent event
Subsequent events
Repayments of secured debt	$ 140,346
Fixed rate (as a percent)	5.56%
Prepayment Penalty	$ 11,228
Gains (Losses) on Extinguishment of Debt	18,987
Debt Instrument, Unamortized Premium, Write-off	$ 30,215