AvalonBay Communities (AVB) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Jan. 29, 2016	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		137,002,607
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 21,847,735,762

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real estate:
Land and improvements	$ 3,636,761	$ 3,413,641
Buildings and improvements	13,056,292	12,191,883
Furniture, fixtures and equipment	458,224	400,720
Total Capitalized Cost	17,151,277	16,006,244
Less accumulated depreciation	(3,303,751)	(2,847,058)
Net operating real estate	13,847,526	13,159,186
Construction in progress, including land	1,592,917	1,417,107
Land held for development	484,377	180,516
Operating real estate assets held for sale, net	17,489	178,931
Total real estate, net	15,942,309	14,935,740
Cash and cash equivalents	400,507	509,460
Cash in escrow	104,821	95,625
Resident security deposits	30,077	29,617
Investments in unconsolidated real estate entities	216,919	298,315
Deferred development costs	37,577	67,029
Prepaid expenses and other assets	199,095	204,792
Total assets	16,931,305	16,140,578
LIABILITIES AND EQUITY
Unsecured notes, net	3,845,674	2,975,533
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	2,611,274	3,514,174
Dividends payable	171,257	153,207
Construction payables	98,802	101,916
Accrued expenses and other liabilities	260,005	244,117
Accrued interest payable	40,085	41,635
Resident security deposits	53,132	48,826
Liabilities related to real estate assets held for sale	553	2,000
Total liabilities	$ 7,080,782	$ 7,081,408
Commitments and Contingencies
Redeemable noncontrolling interests	$ 9,997	$ 12,765
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2015 and 2014; zero shares issued and outstanding at December 31, 2015 and 2014	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2015 and 2014; 137,002,031 and 132,050,382 shares issued and outstanding at December 31, 2015 and 2014, respectively	1,370	1,320
Additional paid-in capital	10,068,532	9,354,685
Accumulated earnings less dividends	(197,989)	(267,085)
Accumulated other comprehensive loss	(31,387)	(42,515)
Total equity	9,840,526	9,046,405
Total liabilities and equity	$ 16,931,305	$ 16,140,578

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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	137,002,031	132,050,382
Common stock, shares outstanding	137,002,031	132,050,382

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Rental and other income	$ 1,846,081	$ 1,674,011	$ 1,451,419
Management, development and other fees	9,947	11,050	11,502
Total revenue	1,856,028	1,685,061	1,462,921
Expenses:
Operating expenses, excluding property taxes	448,747	410,672	352,245
Property taxes	193,499	178,634	158,774
Interest expense, net	175,615	180,618	172,402
(Gain) loss on extinguishment of debt, net	(26,736)	412	14,921
Loss on interest rate contract	0	0	51,000
Depreciation expense	477,923	442,682	560,215
General and administrative expense	42,396	41,425	39,573
Expensed acquisition, development and other pursuit costs, net of recoveries	6,822	(3,717)	45,050
Casualty (gain) loss and impairment loss, net	(10,542)	0	0
Total expenses	1,307,724	1,250,726	1,394,180
Equity in income (loss) of unconsolidated entities	70,018	148,766	(11,154)
Gain on sale of real estate	9,647	490	240
Gain on sale of communities	115,625	84,925	0
Income from continuing operations before taxes	743,594	668,516	57,827
Income tax expense	1,861	9,368	0
Income from continuing operations	741,733	659,148	57,827
Discontinued operations:
Income from discontinued operations	0	310	16,713
Gain on sale of discontinued operations	0	37,869	278,231
Total discontinued operations	0	38,179	294,944
Net income	741,733	697,327	352,771
Net loss (income) attributable to noncontrolling interests	305	(13,760)	370
Net income attributable to common stockholders	742,038	683,567	353,141
Other comprehensive income:
Unrealized gain (loss) on cash flow hedges	5,354	(121)	0
Cash flow hedge losses reclassified to earnings	5,774	6,237	59,376
Comprehensive income	$ 753,166	$ 689,683	$ 412,517
Earnings per common share—basic:
Income (loss) from continuing operations attributable to common stockholders (in dollars per share)	$ 5.54	$ 4.93	$ 0.46
Discontinued operations attributable to common stockholders (in dollars per share)	0	0.29	2.32
Net income attributable to common stockholders (in dollars per share)	5.54	5.22	2.78
Earnings per common share—diluted:
Income (loss) from continuing operations attributable to common stockholders (in dollars per share)	5.51	4.92	0.46
Discontinued operations attributable to common stockholders (in dollars per share)	0	0.29	2.32
Net income attributable to common stockholders (in dollars per share)	$ 5.51	$ 5.21	$ 2.78

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	Total	Total AvalonBay stockholders' equity	Common stock	Additional paid-in capital	Accumulated earnings less dividends	Accumulated other comprehensive loss	Noncontrolling interests
Beginning Balance (in shares) at Dec. 31, 2012			114,403,472
Beginning Balance at Dec. 31, 2012	$ 6,840,793,000	$ 6,837,215,000	$ 1,144,000	$ 7,086,407,000	$ (142,329,000)	$ (108,007,000)	$ 3,578,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	353,141,000	353,141,000			353,141,000
Unrealized loss on cash flow hedges	0
Cash flow hedge losses reclassified to earnings	59,376,000	59,376,000				59,376,000
Change in redemption value of redeemable noncontrolling interest	(1,246,000)	(1,246,000)			(1,246,000)
Noncontrolling Interest, Period Increase (Decrease)	1,532,000	1,515,000		1,515,000			17,000
Dividends declared to common stockholders	(553,829,000)	(553,829,000)			(553,829,000)
Issuance of common stock, net of withholdings	1,872,951,000	1,872,951,000	$ 150,000	1,873,792,000	(991,000)
Issuance of common stock, net of withholdings (in shares)			15,013,223
Amortization of deferred compensation	27,009,000	27,009,000		27,009,000
Ending Balance (in shares) at Dec. 31, 2013			129,416,695
Ending Balance at Dec. 31, 2013	8,599,727,000	8,596,132,000	$ 1,294,000	8,988,723,000	(345,254,000)	(48,631,000)	3,595,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	683,567,000	683,567,000			683,567,000
Unrealized loss on cash flow hedges	(121,000)	(121,000)				(121,000)
Cash flow hedge losses reclassified to earnings	6,237,000	6,237,000				6,237,000
Minority Interest Increase (Decrease) from Put Option Redemption Value Adjustment	3,709,000
Change in redemption value of redeemable noncontrolling interest	3,709,000	3,709,000
Noncontrolling Interest, Period Increase (Decrease)	14,221,000						14,221,000
Noncontrolling interests derecognition	(17,816,000)
Dividends declared to common stockholders	(608,709,000)	(608,709,000)			(608,709,000)
Issuance of common stock, net of withholdings	338,814,000	338,814,000	$ 26,000	339,186,000	(398,000)
Issuance of common stock, net of withholdings (in shares)			2,633,687
Amortization of deferred compensation	26,776,000	26,776,000		26,776,000
Ending Balance (in shares) at Dec. 31, 2014			132,050,382
Ending Balance at Dec. 31, 2014	9,046,405,000	9,046,405,000	$ 1,320,000	9,354,685,000	(267,085,000)	(42,515,000)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	742,038,000	742,038,000			742,038,000
Unrealized loss on cash flow hedges	5,354,000	5,354,000				5,354,000
Cash flow hedge losses reclassified to earnings	5,774,000	5,774,000				5,774,000
Minority Interest Increase (Decrease) from Put Option Redemption Value Adjustment	2,053,000
Change in redemption value of redeemable noncontrolling interest	965,000	965,000		(1,088,000)
Dividends declared to common stockholders	(673,670,000)	(673,670,000)			(673,670,000)		0
Issuance of common stock, net of withholdings	687,402,000	687,402,000	$ 50,000	688,677,000	(1,325,000)
Issuance of common stock, net of withholdings (in shares)			4,951,649
Amortization of deferred compensation	26,258,000	26,258,000		26,258,000
Ending Balance (in shares) at Dec. 31, 2015			137,002,031
Ending Balance at Dec. 31, 2015	$ 9,840,526,000	$ 9,840,526,000	$ 1,370,000	$ 10,068,532,000	$ (197,989,000)	$ (31,387,000)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 741,733	$ 697,327	$ 352,771
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation expense	477,923	442,682	560,215
Depreciation expense from discontinued operations	0	0	13,500
Amortization of deferred financing costs	6,871	6,383	6,803
Amortization of debt premium	(24,261)	(34,961)	(29,750)
(Gain) loss on extinguishment of debt, net	(26,736)	412	14,921
Amortization of stock-based compensation	15,321	13,927	15,160
Equity in loss of, and return on, unconsolidated entities and noncontrolling interests, net of eliminations	12,225	4,906	33,125
Casualty (gain) loss and impairment loss, net	(17,303)	0	0
Cash flow hedge losses reclassified to earnings	5,774	6,237	59,376
Abandonment of development pursuits	0	1,455	0
Gain on sale of real estate assets	(158,852)	(255,300)	(278,471)
(Increase) decrease in cash in operating escrows	(11,837)	55	(28,960)
Decrease (increase) in resident security deposits, prepaid expenses and other assets	12,783	(3,441)	(5,372)
Increase in accrued expenses, other liabilities and accrued interest payable	23,113	6,959	10,997
Net cash provided by operating activities	1,056,754	886,641	724,315
Cash flows from investing activities:
Development/redevelopment of real estate assets including land acquisitions and deferred development costs	(1,569,326)	(1,241,832)	(1,285,715)
Acquisition of real estate assets, including partnership interest	0	(47,000)	(839,469)
Capital expenditures - existing real estate assets	(48,170)	(46,902)	(24,415)
Capital expenditures - non-real estate assets	(7,695)	(5,923)	(2,200)
Proceeds from sale of real estate, net of selling costs	282,163	297,466	919,682
Insurance recoveries for property damage claims	44,142	0	0
Mortgage note receivable payment	0	21,748	0
(Decrease) increase in payables for construction	(3,230)	7,400	34,779
Distributions from unconsolidated real estate entities	109,181	203,945	42,955
Investments in unconsolidated real estate entities	(6,582)	(5,662)	(26,791)
Net cash used in investing activities	(1,199,517)	(816,760)	(1,181,174)
Cash flows from financing activities:
Issuance of common stock, net	690,184	346,134	4,703
Dividends paid	(655,248)	(593,643)	(526,050)
Issuance of mortgage notes payable	0	53,000	84,928
Repayments of mortgage notes payable, including prepayment penalties	(850,963)	(32,859)	(2,110,347)
Settlement of interest rate contract	0	0	(51,000)
Issuance of unsecured notes	873,088	550,000	750,000
Repayment of unsecured notes	0	(150,000)	(100,000)
Payment of deferred financing costs	(7,343)	(7,820)	(10,100)
Redemption of units for cash by minority partners	(1,088)	0	(1,965)
Distributions to DownREIT partnership unitholders	(38)	(26)	(32)
Distributions to joint venture and profit-sharing partners	(372)	(262)	(317)
Redemption of preferred interest obligation	(14,410)	(6,300)	(35,224)
Net cash provided by (used in) financing activities	33,810	158,224	(1,995,404)
Net (decrease) increase in cash and cash equivalents	(108,953)	228,105	(2,452,263)
Cash and cash equivalents, beginning of year	509,460	281,355	2,733,618
Cash and cash equivalents, end of year	400,507	509,460	281,355
Cash paid during the year for interest, net of amount capitalized	$ 188,782	$ 191,966	$ 179,325

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental disclosures of non-cash investing and financing activities
Stock issued in connection with stock grants (in shares)	157,779	115,163
Common stock issued through the dividend reinvestment plan (in shares)	2,142	2,434	2,002
Common stock issued through the dividend reinvestment plan	$ 372,000	$ 335,000	$ 269,000
Number of shares withheld to satisfy employees' tax withholding and other liabilities	45,090	55,523	48,310
Shares withheld to satisfy employees' tax withholding and other liabilities, value	$ 5,979,000	$ 4,746,000	$ 6,127,000
Number of shares forfeited	1,529	7,970	7,653
Shares cancelled upon forfeiture	$ 726,000	$ 2,938,000	$ 1,105,000
Common stock dividends declared but not paid	171,257,000	153,207,000	138,476,000
Change in redemption value of redeemable noncontrolling interest	(965,000)	(3,709,000)	1,246,000
Unrealized loss on cash flow hedges	5,354,000	(121,000)	0
Cash flow hedge losses reclassified to earnings	5,774,000	6,237,000	59,376,000
Casualty (gain) loss and impairment loss, net	(10,542,000)	0	0
Capital Leased Assets, Gross	39,019,000	31,784,000
Noncontrolling interests derecognition		(17,816,000)
Stock issued in connection with stock grants, value			$ 16,019,000
Number of options granted for common stock			215,230
Options granted for common stock, value			$ 5,768,000
Cash flow hedge losses reclassified to interest expense, net			5,892,000
Reclassification adjustment on derivatives to loss on interest rate contract			$ 53,484,000
(Decrease) increase in redeemable noncontrolling interests	$ 2,053,000	$ 3,709,000
Restricted Stock Converted From Performance Shares [Member]
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares)	95,826	16,209
Restricted stock
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares)	61,953	98,954	123,977
Fair value of shares issued	$ 10,720,000	$ 12,799,000
Archstone Enterprise LP
Supplemental disclosures of non-cash investing and financing activities
Number of shares of common stock issued as partial consideration for acquisition			14,889,706
Value of shares of common stock issued as partial consideration for acquisition			$ 1,875,210,000
Increase in redeemable noncontrolling interests associated with business acquisition			13,262,000
Assumed principal amount of indebtedness			3,512,202,000
Obligation related to outstanding preferred interests			67,500,000
Accumulated earnings less dividends
Supplemental disclosures of non-cash investing and financing activities
Change in redemption value of redeemable noncontrolling interest			1,246,000
Accumulated other comprehensive loss
Supplemental disclosures of non-cash investing and financing activities
Unrealized loss on cash flow hedges	5,354,000	(121,000)
Cash flow hedge losses reclassified to earnings	$ 5,774,000	$ 6,237,000	$ 59,376,000
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
Avalon at Edgewater [Member]
Supplemental disclosures of non-cash investing and financing activities
Casualty (gain) loss and impairment loss, net	(15,538,000)
Avalon Bloomfield Station
Supplemental disclosures of non-cash investing and financing activities
Capital Leased Assets, Gross	3,299,000
New England [Member]
Supplemental disclosures of non-cash investing and financing activities
Casualty (gain) loss and impairment loss, net	4,195,000
New England [Member] | Avalon at Edgewater [Member]
Supplemental disclosures of non-cash investing and financing activities
Casualty (gain) loss and impairment loss, net	$ 26,039,000

Organization, Basis of Presenta

Organization, Basis of Presentation, and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Organization, Basis of Presentation, and Significant Accounting Policies	Organization, Basis of Presentation and Significant Accounting Policies Organization AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986 (the “Code”). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. At December 31, 2015 , the Company owned or held a direct or indirect ownership interest in 259 operating apartment communities containing 75,584 apartment homes in 11 states and the District of Columbia, of which nine communities containing 2,795 apartment homes were under reconstruction. In addition, the Company owned or held a direct or indirect ownership interest in 26 communities under construction that are expected to contain an aggregate of 8,112 apartment homes when completed. The Company also owned or held a direct or indirect ownership interest in land or rights to land in which the Company expects to develop an additional 32 communities that, if developed as expected, will contain an estimated 9,634 apartment homes. Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K. Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualify for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. As of December 31, 2015, the Company has adopted ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis. See discussion under "Recently Issued and Adopted Accounting Standards" for further details. The Company accounts for joint venture entities and subsidiary partnerships in accordance with the consolidation guidance. The Company evaluates the partnership of each joint venture entity and determines first whether to follow the variable interest (“VIE”) or the voting interest (“VOE”) model. Once the appropriate consolidation model is identified, the Company then evaluates whether it should consolidate the venture. Under the VIE model, the Company consolidates an investment when it has control to direct the activities of the venture and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, the Company consolidates an investment when 1) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or 2) it controls the investment through its ability to remove the other partners in the investment, at its discretion, when the investment is a limited partnership. The Company generally uses the equity method of accounting for its investment in joint ventures, under all other potential scenarios, including where the Company holds a noncontrolling limited partner interest in a joint venture. Any investment in excess of the Company's cost basis at acquisition or formation of an equity method venture, will be recorded as a component of the Company's investment in the joint venture and recognized over the life of the underlying fixed assets of the venture as a reduction to its equity in income (loss) from the venture. Investments in which the Company has little or no influence are accounted for using the cost method. Revenue and Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents as required by the accounting guidance applicable to leases, which provides guidance on classification and recognition. In accordance with the Company's standard lease terms, rental payments are generally due on a monthly basis. Any cash concessions given at the inception of the lease are amortized over the approximate life of the lease, which is generally one year. The Company records a charge to income for outstanding receivables greater than 90 days past due as a component of operating expenses, excluding property taxes on the accompanying Consolidated Statements of Comprehensive Income. The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete and the Company does not have significant continuing involvement. Real Estate Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an asset are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Improvements and upgrades are generally capitalized only if the item exceeds $15,000 , extends the useful life of the asset and is not related to making an apartment home ready for the next resident. Purchases of personal property, such as computers and furniture, are generally capitalized only if the item is a new addition and exceeds $2,500 . The Company generally expenses purchases of personal property made for replacement purposes. Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is delivered and is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate. For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings as incurred. The Company defers external costs associated with originating new leases, recognizing the impact of these costs in earnings over the term of the lease. The Company has previously acquired as a Development Right three land parcels partially improved with office buildings, industrial space and other commercial and residential ventures occupied by unrelated third parties. As of December 31, 2015 , the Company is actively pursuing development of these parcels. The Company expenses all costs incurred related to acquisitions of land parcels improved with commercial and/or residential ventures occupied by unrelated third parties. For land parcels for which the Company intends to pursue development, the Company will manage the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on these land parcels in excess of any incremental costs are being recorded as a reduction of total capitalized costs of the Development Right and not as part of net income. In connection with the acquisition of an operating community, the Company identifies and records each asset acquired and liability assumed in such transaction at its estimated fair value at the date of acquisition. The purchase price allocations to tangible assets, such as land and improvements, buildings and improvements, and furniture, fixtures and equipment, and the in-place lease intangible assets, are reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company expenses all costs incurred related to acquisitions of operating communities. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities. The approach applies industry standard replacement costs adjusted for geographic specific considerations, and reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of the acquired lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. The lease-up period for an apartment community is assumed to be 12 months to achieve stabilized occupancy. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market rents obtained for market comparables, and considered a market derived discount rate. Given the significance of unobservable inputs used in the value of real estate assets acquired, the Company classifies them as Level 3 prices in the fair value hierarchy. Depreciation is calculated on buildings and improvements using the straight-line method over their estimated useful lives, which range from seven to 30 years. Furniture, fixtures and equipment are generally depreciated using the straight-line method over their estimated useful lives, which range from three years (primarily computer-related equipment) to seven years. Income Taxes As of December 31, 2015 and 2014 , the Company did not have any unrecognized tax benefits. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next 12 months. The Company is subject to examination by the respective taxing authorities for the tax years 2012 through 2014 . The Company elected to be taxed as a REIT under the Code for its tax year ended December 31, 1994 and has not revoked such election. A corporate REIT is a legal entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT the Company generally will not be subject to corporate level federal income tax on taxable income if it distributes 100% of its taxable income over the time period allowed under the Code to its stockholders. The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2015 , 2014 and 2013 . In addition, taxable income from non-REIT activities performed through taxable REIT subsidiaries ("TRS") is subject to federal, state and local income taxes. The Company incurred income tax expense of $1,861,000 and $9,368,000 in 2015 and 2014, respectively, associated primarily with disposition activities transacted through a TRS. No taxes were incurred during 2013 . The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): 2015 Estimate 2014 Actual 2013 Actual Net income attributable to common stockholders $ 742,038 $ 683,567 $ 353,141 GAAP gain on sale of communities (in excess of) less than tax gain (43,873 ) 22,127 29,388 Depreciation/amortization timing differences on real estate (3,105 ) (10,735 ) 180,293 Deductible acquisition costs — — (26,427 ) Amortization of debt/mark to market interest (64,676 ) (38,202 ) (31,965 ) Tax compensation expense less than (in excess of) GAAP (5,696 ) (5,252 ) 12,886 Casualty (gain) loss and impairment loss, net (10,542 ) — — Other adjustments (38,553 ) 14,323 1,018 Taxable net income $ 575,593 $ 665,828 $ 518,334 The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2015 , 2014 and 2013 (unaudited): 2015 2014 2013 Ordinary income 83 % 62 % 42 % 20% capital gain 12 % 29 % 40 % Unrecaptured §1250 gain 5 % 9 % 18 % Deferred Financing Costs Deferred financing costs include fees and other expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the term of the loan or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs related to unsecured notes was $11,995,000 and $8,833,000 as of December 31, 2015 and 2014 , respectively, and related to mortgage notes payable was $12,315,000 and $12,255,000 as of December 31, 2015 and 2014 , respectively. In accordance with the new debt issuance costs guidance, deferred financing costs, except for costs associated with line-of-credit arrangements, are presented as a direct deduction from the related debt liability. See "Change in Accounting Principle" for discussion. Accumulated amortization of deferred financing costs related to the Company's Credit Facility was $4,967,000 and $3,356,000 as of December 31, 2015 and 2014 , respectively, and was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Cash, Cash Equivalents and Cash in Escrow Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes principal reserve funds that are restricted for the repayment of specified secured financing. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks. Comprehensive Income Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships. Earnings per Common Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share ("EPS"). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the year ended 12/31/15 12/31/14 12/31/13 Basic and diluted shares outstanding Weighted average common shares—basic 133,565,711 130,586,718 126,855,754 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 1,019,966 643,284 402,649 Weighted average common shares—diluted 134,593,177 131,237,502 127,265,903 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 742,038 $ 683,567 $ 353,141 Net income allocated to unvested restricted shares (1,774 ) (1,523 ) (563 ) Net income attributable to common stockholders, adjusted $ 740,264 $ 682,044 $ 352,578 Weighted average common shares—basic 133,565,711 130,586,718 126,855,754 Earnings per common share—basic $ 5.54 $ 5.22 $ 2.78 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 742,038 $ 683,567 $ 353,141 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 38 35 32 Adjusted net income attributable to common stockholders $ 742,076 $ 683,602 $ 353,173 Weighted average common shares—diluted 134,593,177 131,237,502 127,265,903 Earnings per common share—diluted $ 5.51 $ 5.21 $ 2.78 Dividends per common share $ 5.00 $ 4.64 $ 4.28 Certain options to purchase shares of common stock in the amount of 605,899 were outstanding as of December 31, 2013 , but were not included in the computation of diluted earnings per share because such options were anti-dilutive for the period. All options to purchase shares of common stock outstanding as of December 31, 2015 and 2014 are included in the computation of diluted earnings per share. The Company is required to estimate the forfeiture of stock options and recognize compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost are adjusted to reflect actual forfeitures at the end of the vesting period. The forfeiture rate at December 31, 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 years ended December 31, 2015 , 2014 and 2013 . Abandoned 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 acquisition and disposition activity did not occur, in the amounts of $3,016,000 , $3,964,000 and $998,000 during the years ended December 31, 2015 , 2014 and 2013 , respectively. These costs are included in expensed acquisition, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. The Company evaluates its real estate and other long-lived assets for impairment when potential indicators of impairment exist. Such assets are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of a property or long-lived asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the property or 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 property or long-lived asset. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2015 , 2014 and 2013 , the Company did not recognize any impairment losses for wholly-owned operating real estate assets, and did not record any impairment losses other than those related to the impairment on land held for investment and casualty gains and losses from property damage in 2015 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 material impairment charges on its investment in land during the years ended December 31, 2015 , 2014 and 2013 . The Company also evaluates its unconsolidated investments for other than temporary impairment, considering both the extent and amount by which the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. There were no material other than temporary impairment losses recognized by any of the Company's investments in unconsolidated entities during the years ended December 31, 2015 , 2014 or 2013 . Casualty Gains and Losses The Company recorded a net casualty gain of $15,538,000 associated with the fire at Edgewater for the year ended December 31, 2015 , which is included in casualty (gain) loss and impairment loss, net, on the accompanying Consolidated Statements of Comprehensive Income. The net casualty gain is comprised of $44,142,000 in third-party insurance proceeds received by the Company, 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 $6,760,000 to record demolition and additional incident expenses. See Note 7, "Commitments and Contingencies, Legal Contingencies," for further discussion of the Edgewater fire. During the year ended December 31, 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 (gain) loss and impairment loss, net on the accompanying Consolidated Statements of Comprehensive Income. The Company did not incur a casualty loss in 2014 or 2013 . A casualty loss may also result in lost operating income from one or more communities that is covered by the Company’s business interruption insurance policies. The Company recognizes income for amounts received under its business interruption insurance policies as a component of rental and other income in the Consolidated Statements of Comprehensive Income. Revenue is recognized upon resolution of all contingencies related to the receipt, typically upon written confirmation by the insurer or receipt of the actual proceeds. The Company recognized $1,509,000 , $2,494,000 and $299,000 in income related business interruption insurance proceeds for the years ended December 31, 2015 , 2014 and 2013 , respectively. Assets Held for Sale and Discontinued Operations The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the Company's Consolidated Statements of Comprehensive Income. Held for sale and discontinued operations classifications are provided in both the current and prior periods presented. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Both the real estate assets and corresponding liabilities are presented separately in the accompanying Consolidated Balance Sheets. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations, and for those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations will not have any impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had one operating community that qualified for held for sale presentation at December 31, 2015 . Redeemable Noncontrolling Interests Redeemable noncontrolling interests are comprised of potential future obligations of the Company, which allow the investors holding the noncontrolling interest to require the Company to purchase their interest. The Company classifies obligations under the redeemable noncontrolling interests at fair value, with a corresponding offset for changes in the fair value recorded in accumulated earnings less dividends. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interest's initial basis. The redeemable noncontrolling interests are presented outside of permanent equity as settlement in shares of the Company's common stock, where permitted, may not be within the Company's control. The nature and valuation of the Company's redeemable noncontrolling interests are discussed further in Note 11, "Fair Value." Derivative Instruments and Hedging Activities The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an on-going basis. Hedge ineffectiveness is reported as a component of general and administrative expenses. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. Other than the $51,000,000 loss on interest rate contract recorded during 2013, fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivative positions that the Company has determined qualify as effective cash flow hedges, the Company has recorded the effective portion of cumulative changes in the fair value of the Hedging Derivatives in other comprehensive income. Amounts recorded in other comprehensive income will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that the Company has determined qualified as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding debt being hedged. See Note 11, "Fair Value," for further discussion of derivative financial instruments. Noncontrolling Interests Noncontrolling interests represent our joint venture partners' claims on consolidated investments where the Company owns less than a 100% interest. The Company records these interests at their initial fair value, adjusting the basis prospectively for the joint venture partners' share of the respective consolidated investments' results of operations and applicable changes in ownership. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to amounts in prior years' financial statements to conform to current year presentations as a result of changes in held for sale classification as described in Note 6, “Real Estate Disposition Activities.” Recently Issued and Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases, amending the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The Company is assessing whether the new standard will have a material effect on its financial position or results of operations. In April 2015, the FASB issued ASU 2015-03, Interest - Impu

Interest Capitalized

Interest Capitalized	12 Months Ended
	Dec. 31, 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 $79,834,000 , $69,961,000 and $66,838,000 for years ended December 31, 2015 , 2014 and 2013 , respectively.

Mortgage Notes Payable, Unsecur

Mortgage Notes Payable, Unsecured Notes and Credit Facility	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Mortgage Notes Payable, Unsecured Notes and Credit Facility	Mortgage Notes Payable, Unsecured Notes and Credit Facility The Company's mortgage notes payable, unsecured notes, Term Loan and Credit Facility, both as defined below, as of December 31, 2015 and December 31, 2014 are summarized below. The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2015 and December 31, 2014 , as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 6, "Real Estate Disposition Activities"). 12/31/15 12/31/14 Fixed rate unsecured notes (1) $ 3,575,000 $ 2,750,000 Term Loan 300,000 250,000 Fixed rate mortgage notes payable—conventional and tax-exempt (2) 1,561,109 2,400,677 Variable rate mortgage notes payable—conventional and tax-exempt (2) 1,045,182 1,047,461 Total notes payable and unsecured notes 6,481,291 6,448,138 Credit Facility — — Total mortgage notes payable, unsecured notes and Credit Facility $ 6,481,291 $ 6,448,138 _________________________________ (1) Balances at December 31, 2015 and December 31, 2014 exclude $7,601 and $6,735 , respectively, of debt discount, and $21,725 and $17,732 , respectively, of deferred financing costs, as reflected in unsecured notes, net on the Company's Consolidated Balance Sheets. (2) Balances at December 31, 2015 and December 31, 2014 exclude $19,686 and $84,449 , respectively, of debt premium, and $14,703 and $18,413 , respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the Company's Consolidated Balance Sheets. The following debt activity occurred during the year ended December 31, 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. • 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 unamortized 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 unamortized 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 unamortized deferred financing costs. • In July 2015, 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 unamortized deferred financing costs of $30,215,000 , partially offset by a prepayment penalty of $11,228,000 . • In November 2015, the Company issued $300,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $297,072,000 . The notes mature in November 2025 and were issued at a 3.5% coupon interest rate. • In December 2015, the Company repaid a $46,938,000 fixed rate secured mortgage note with an effective interest rate of 6.23% , at par, pursuant to its scheduled maturity date. • In December 2015, the Company repaid a $56,492,000 fixed rate secured mortgage note with an effective interest rate of 6.13% , at par, pursuant to its scheduled maturity date. At December 31, 2015, the Company had a $1,300,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the "Credit Facility") which was scheduled to mature in April 2017. The annual facility fee was approximately $1,950,000 based on the $1,300,000,000 facility size and based on the Company's current credit rating. The Company increased the Credit Facility in January 2016, see Note 13, "Subsequent Events," for further discussion. The Company had no borrowings outstanding under the Credit Facility and had $43,049,000 and $49,407,000 outstanding in letters of credit that reduced the borrowing capacity as of December 31, 2015 and December 31, 2014 , respectively. In the aggregate, secured notes payable mature at various dates from March 2016 through July 2066, and are secured by certain apartment communities (with a net carrying value of $3,253,350,000 , excluding communities classified as held for sale, as of December 31, 2015 ). As of December 31, 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 4.6% and 4.5% at December 31, 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 December 31, 2015 and December 31, 2014 . Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at December 31, 2015 are as follows (dollars in thousands): Year Secured notes payments Secured notes maturities Unsecured notes maturities Stated interest rate of unsecured notes 2016 $ 16,164 $ 16,255 $ 250,000 5.750 % 2017 17,166 709,891 250,000 5.700 % 2018 16,236 76,950 — — % 2019 4,696 588,429 — — % 2020 3,624 50,825 250,000 6.100 % 400,000 3.625 % 2021 3,551 27,844 250,000 3.950 % 300,000 LIBOR + 1.450% 2022 3,795 — 450,000 2.950 % 2023 4,040 — 350,000 4.200 % 250,000 2.850 % 2024 4,310 — 300,000 3.500 % 2025 4,553 84,835 525,000 3.450 % 300,000 3.500 % Thereafter 218,678 754,449 — — % $ 296,813 $ 2,309,478 $ 3,875,000 The Company's unsecured notes are redeemable at the Company's option, in whole or in part, generally at a redemption price equal to the greater of (i) 100% of their principal amount or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted at a rate equal to the yield on U.S. Treasury securities with a comparable maturity plus a spread between 25 and 45 basis points depending on the specific series of unsecured notes, plus accrued and unpaid interest to the redemption date. The indenture under which the Company's unsecured notes were issued and the Company's Credit Facility agreement contain limitations on the amount of debt the Company can incur or the amount of assets that can be used to secure other financing transactions, and other customary financial and other covenants, with which the Company was in compliance at December 31, 2015 .

Equity

Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Equity	Equity As of December 31, 2015 and 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 year ended December 31, 2015 , the Company: i. issued 281,091 shares of common stock in connection with stock options exercised; ii. issued 2,142 common shares through the Company's dividend reinvestment plan; iii. issued 157,779 common shares in connection with restricted stock grants and the conversion of performance awards to restricted shares; iv. issued 46,589 common shares in conjunction with the conversion of deferred stock awards; v. withheld 45,090 common shares to satisfy employees' tax withholding and other liabilities; vi. canceled 1,529 shares of restricted stock upon forfeiture; vii. issued 10,667 shares through the Employee Stock Purchase Plan; and viii. issued 4,500,000 shares of common stock in settlement of the Forward. Any deferred compensation related to the Company’s stock option and restricted stock grants during the year ended December 31, 2015 is not reflected on the Company’s Consolidated Balance Sheet as of December 31, 2015 , and will not be reflected until recognized 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. CEP III expired in August 2015, and the Company had no sales under the program during the year ended December 31, 2015 . In December 2015, the Company commenced a fourth continuous equity program ("CEP IV") under which the Company may sell up to $1,000,000,000 of its common stock from time to time. Actual sales will depend on a variety of factors to be determined by the Company, including market conditions, the trading price of the Company's common stock and determinations by the Company of the appropriate sources of funding for the Company. In conjunction with CEP IV, the Company engaged sales agents who will receive compensation of up to 2.0% of the gross sales price for shares sold. CEP IV also allows the Company to enter into forward sale agreements up to $1,000,000,000 in aggregate sales price of its common stock. The Company will physically settle each forward sale agreement on one or more dates specified by the Company on or prior to the maturity date of that particular forward sale agreement, in which case the Company will expect to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a forward sale agreement. In connection with each forward sale agreement, the Company will pay the relevant forward seller, in the form of a reduced initial forward sale price, commission of up to 2.0% of the sales prices of all borrowed shares of common stock sold. In 2015 , the Company had no sales under the program and did not enter into any forward sale agreements. 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 were determined on the 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 varied with changes in the Fed Funds rate. During the year ended December 31, 2015 , the Company issued 4,500,000 shares of common stock at a weighted average sales price of $146.54 per share, for net proceeds of $659,423,000 , in settlement of the Forward.

Investments in Real Estate Enti

Investments in Real Estate Entities	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in Real Estate Entities	Investments in Real Estate Entities Investments in Unconsolidated Real Estate Entities The Company accounts for its investments in unconsolidated real estate entities under the equity method of accounting, as discussed in Note 1, "Organization and Basis of Presentation," under Principles of Consolidation . The significant accounting policies of the Company's unconsolidated real estate entities are consistent with those of the Company in all material respects. As of December 31, 2015 , the Company had investments in the following real estate entities: • AvalonBay Value Added Fund II, LP ("Fund II") —In September 2008, the Company formed Fund II, a private, discretionary real estate investment vehicle which acquired and operates communities in the Company's markets. Fund II served as the exclusive vehicle through which the Company acquired investment interests in apartment communities, subject to certain exceptions, through the close of its investment period in August 2011. Fund II has six institutional investors, including the Company. One of the Company's wholly owned subsidiaries is the general partner of Fund II and at December 31, 2015 , excluding costs incurred in excess of equity in the underlying net assets of Fund II, the Company has an equity investment of $50,443,000 (net of distributions), representing a 31.3% combined general partner and limited partner equity interest. During 2015 , Fund II sold four communities: • Eaves Plainsboro, located in Plainsboro, NJ, for $117,000,000 , • Eaves Los Alisos, located in Lake Forest, CA, for $39,500,000 , • Captain Parker Arms, located in Lexington, MA,for $31,600,000 , and • Eaves Carlsbad, located in Carlsbad, CA, for $112,000,000 . The Company's proportionate share of the gain in accordance with GAAP for the four dispositions was $29,726,000 . In conjunction with the disposition of these communities, Fund II repaid $69,036,000 of related secured indebtedness in advance of the scheduled maturity dates. This resulted in charges for prepayment penalties, of which the Company’s portion was $1,400,000 and was reported as a reduction of equity in income (loss) of unconsolidated entities on the accompanying Consolidated Statements of Comprehensive Income. Subsidiaries of Fund II have seven loans secured by individual assets with aggregate amounts outstanding of $286,543,000 , with maturity dates that vary from October 2017 to August 2019 . The mortgage loans are payable by the subsidiaries of Fund II from operating cash flow or disposition proceeds from the underlying real estate. The Company has not guaranteed repayment of this debt, nor does the Company have any obligation to fund this debt should Fund II be unable to do so. In addition, as part of the formation of Fund II, the Company provided to one of the limited partners a guarantee. The guarantee provided that if, upon final liquidation of Fund II, the total amount of all distributions to that partner during the life of Fund II (whether from operating cash flow or property sales) did not equal a minimum of the total capital contributions made by that partner, then the Company would pay the partner an amount equal to the shortfall, but in no event more than 10% of the total capital contributions made by the partner. During the year ended December 31, 2015 , the limited partner transferred its investment interest to an unrelated third party. The guarantee was not transferred with the investment interest, so the Company has no further obligation under the guarantee. • Archstone Multifamily Partners AC LP (the "U.S. Fund") —The U.S. Fund was formed in July 2011 and is fully invested. The U.S. Fund has a term that expires in July 2023, assuming the exercise of two , one -year extension options. The U.S. Fund has six institutional investors, including the Company. The Company is the general partner of the U.S. Fund and, at December 31, 2015 excluding costs incurred in excess of equity in the underlying net assets of the U.S. Fund, the Company has an equity investment of $68,683,000 (net of distributions), representing a 28.6% combined general partner and limited partner equity interest. The Company acquired its interest in the U.S. Fund as part of the Archstone Acquisition. Subsidiaries of the U.S. Fund have 10 loans secured by individual assets with aggregate amounts outstanding of $373,863,000 , with maturity dates that vary from January 2019 to November 2022 . In December 2015, a subsidiary of the U.S. fund obtained a $51,300,000 variable rate, interest only, mortgage note maturing in December 2020, which has been converted to an effective fixed rate borrowing with an interest rate swap. The mortgage loans are payable by the subsidiaries of the U.S. Fund with operating cash flow or disposition proceeds from the underlying real estate. The Company has not guaranteed the debt of the U.S. Fund, nor does the Company have any obligation to fund this debt should the U.S. Fund be unable to do so. • Multifamily Partners AC JV LP (the "AC JV") —The AC JV is a joint venture that was formed in 2011 and has four institutional investors, including the Company. Excluding costs incurred in excess of equity in the underlying net assets of the AC JV, at December 31, 2015 the Company has an equity investment of $52,148,000 (net of distributions), representing a 20.0% equity interest. The Company acquired its interest in the AC JV as part of the Archstone Acquisition. The AC JV partnership agreement contains provisions that require the Company to provide a right of first offer ("ROFO") to the AC JV in connection with additional opportunities to acquire or develop additional interests in multifamily real estate assets within a specified geographic radius of the existing assets, generally one mile or less. The Company owns a land parcel for the development of 265 apartment homes, classified as a Development Right in Cambridge, MA, acquired as part of the Archstone Acquisition, that is subject to ROFO restrictions. The ROFO restriction expires in 2019. As of December 31, 2015 , subsidiaries of the AC JV have eight unsecured loans outstanding in the aggregate of $162,300,000 which mature in August 2021, and which were made by the investors in the venture, including the Company, in proportion to the investors' respective equity ownership interest. The unsecured loans are payable by the subsidiaries of the AC JV with operating cash flow from the venture. The Company has not guaranteed the debt of the AC JV, nor does the Company have any obligation to fund this debt should the AC JV be unable to do so. • MVP I, LLC —In December 2004, the Company entered into a joint venture agreement with an unrelated third-party for the development of Avalon at Mission Bay North II. Construction of Avalon at Mission Bay North II, a 313 apartment-home community located in San Francisco, California, was completed in December 2006. The Company holds a 25.0% equity interest in the venture. The Company is responsible for the day-to-day operations of the community and is the management agent subject to the terms of a management agreement. During 2015 , the Company received $20,680,000 from the joint venture partner associated with MVP I, LLC, upon agreement with the partner to modify the joint venture agreement to eliminate the Company's promoted interest from associated distributions for future return calculations. Prospectively, earnings and distributions will be based on the Company's 25.0% equity interest in the venture. Before this modification to the joint venture agreement, the Company had the right to 45.0% of distributions after achievement of a threshold return, which was achieved in 2015, up to the date the joint venture agreement was modified, as well as in 2014 and 2013. During 2015 , 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. • Brandywine Apartments of Maryland, LLC ("Brandywine") —Brandywine owns a 305 apartment home community located in Washington, DC. The community is managed by a third party. Brandywine is comprised of five members who hold various interests in the joint venture. In conjunction with the Archstone Acquisition, the Company acquired a 26.1% equity interest in the venture, and subsequently purchased an additional 2.6% interest, and as of December 31, 2015 , holds a 28.7% equity interest in the venture. Brandywine has an outstanding $23,835,000 fixed rate mortgage loan that is payable by the venture. The Company has not guaranteed the debt of Brandywine, nor does the Company have any obligation to fund this debt should Brandywine be unable to do so. • Residual JV —Through subsidiaries, the Company and Equity Residential entered into three limited liability company agreements (collectively, the “Residual JV”) through which the Company and Equity Residential acquired (i) certain assets of Archstone that the Company and Equity Residential have divested (to third parties or to the Company or Equity Residential) (the “Residual Assets”), and (ii) various liabilities of Archstone that the Company and Equity Residential agreed to assume in conjunction with the Archstone Acquisition (the “Residual Liabilities”). The Residual Assets included a 20.0% interest in Lake Mendota Investments, LLC and Subsidiaries ("SWIB"), a joint venture which disposed the last of its communities in 2015 as discussed below, as well as various licenses, insurance policies, contracts, office leases and other miscellaneous assets. During 2015 , SWIB sold its final four communities containing 1,410 apartment homes, for an aggregate sales price of $283,700,000 . The Company's proportionate share of the gain in accordance with GAAP for the four dispositions was $3,853,000 . In conjunction with the disposition of these communities, SWIB repaid $148,866,000 of related indebtedness on its credit facility at par. The Residual Liabilities include most existing or future litigation and claims related to Archstone’s operations for periods before the close of the Archstone Acquisition, except for (i) claims that principally relate to the physical condition of the assets acquired directly by the Company or Equity Residential, which generally remain the sole responsibility of the Company or Equity Residential, as applicable, and (ii) certain tax and other litigation between Archstone and various equity holders in Archstone related to periods before the close of the Archstone Acquisition, and claims which may arise due to changes in the capital structure of Archstone that occurred prior to closing, for which the seller has agreed to indemnify the Company and Equity Residential. The Company and Equity Residential jointly control the Residual JV and the Company holds a 40.0% economic interest in the Residual JV. During 2015 , the Company recognized equity in income of unconsolidated real estate entities of $10,601,000 primarily associated with the settlement of outstanding legal claims against third parties, partially offset by losses on the sale of land from the Residual JV. • During 2015 , the Company entered into a joint venture agreement to purchase land and pursue entitlements and pre-development activity for a mixed-use development project in Sudbury, MA, including multifamily apartment homes, retail, senior housing and age-restricted housing. The Company has a 60.0% ownership interest in the venture. The venture is considered a variable interest entity, though the Company is not considered to be the primary beneficiary because the Company and its third party partner share control of the joint venture as approval from both parties is required for decisions about the pre-development and related activities to be performed by the venture. During 2015 , the Company contributed $5,688,000 to the venture for the Company's share of land acquisition and pre-development costs. The Company's investment in the joint venture is reported as a component of investments in unconsolidated real estate entities on the Consolidated Balance Sheets. The following is a combined summary of the financial position of the entities accounted for using the equity method as of the dates presented, excluding amounts associated with the Residual JV (dollars in thousands): 12/31/15 12/31/14 Assets: Real estate, net $ 1,392,833 $ 1,617,627 Other assets (1) 57,044 68,693 Total assets $ 1,449,877 $ 1,686,320 Liabilities and partners' capital: Mortgage notes payable and credit facility, net (1) $ 947,205 $ 976,531 Other liabilities 20,471 23,130 Partners' capital 482,201 686,659 Total liabilities and partners' capital $ 1,449,877 $ 1,686,320 _________________________________ (1) 2014 amounts reflect certain reclassifications as a result of the retrospective adjustment of the presentation of deferred financing costs discussed in Note 1, "Change in Accounting Principle." The following is a combined summary of the operating results of the entities accounted for using the equity method, for the years presented, excluding amounts associated with the Residual JV (dollars in thousands): For the year ended 12/31/15 12/31/14 12/31/13 Rental and other income $ 173,578 $ 198,939 $ 212,994 Operating and other expenses (67,962 ) (80,301 ) (86,434 ) Gain on sale of communities 98,899 333,221 96,152 Interest expense, net (45,517 ) (61,458 ) (61,404 ) Depreciation expense (45,324 ) (52,116 ) (61,002 ) Net income $ 113,674 $ 338,285 $ 100,306 In conjunction with the formation of AvalonBay Value Added Fund, L.P. ("Fund I") and Fund II, and the acquisition of the U.S. Fund, AC JV and Brandywine, the Company incurred costs in excess of its equity in the underlying net assets of the respective investments. These costs represent $40,978,000 and $43,709,000 at December 31, 2015 and 2014 , respectively, of the respective investment balances. These amounts are being amortized over the lives of the underlying assets as a component of equity in income (loss) of unconsolidated entities on the accompanying Consolidated Statements of Comprehensive Income. The following is a summary of the Company's equity in income (loss) of unconsolidated entities for the years presented (dollars in thousands): For the year ended 12/31/15 12/31/14 12/31/13 Fund I (1) $ 871 $ 475 $ 10,924 Fund II (2) 32,211 24,808 6,206 U.S. Fund 2,052 342 (661 ) AC JV 511 1,579 2,569 CVP I, LLC (3) 1,812 113,127 5,783 MVP I, LLC (4) 22,453 1,651 1,137 Brandywine (1,474 ) 828 661 Residual JV (5) 11,582 3,547 (38,332 ) Arna Valley View LP (6) — 2,406 — Avalon Del Rey, LLC (7) — — 181 Juanita Village (6) — 3 378 Total $ 70,018 $ 148,766 $ (11,154 ) _________________________________ (1) Equity in income for the years ended December 31, 2014 and 2013 includes the Company's proportionate share of the gain on the sale of Fund I assets of $944 and $11,484 , respectively. (2) Equity in income for the years ended December 31, 2015 , 2014 and 2013 includes the Company's proportionate share of the gain on the sale of Fund II assets of $29,726 , $21,624 , and $2,790 respectively. (3) Equity in income for the years ended December 31, 2015 , 2014 and 2013 includes $1,289 , $61,218 and $5,527 , respectively, relating to the Company's recognition of its promoted interest. Amount for 2014 also includes $50,478 related to the disposition of Avalon Chrystie Place. (4) Equity in income for the years ended December 31, 2015 , 2014 and 2013 includes $21,340 , $930 and $516 relating to the Company's recognition of its promoted interest. For 2015, $20,680 was from the joint venture partner upon agreement to modify the joint venture agreement to eliminate the Company's promoted interest from associated distribution for future return calculations. Prospectively, earnings and distributions will be based on the Company's 25.0% equity interest in the venture. (5) Equity in income (loss) from this entity for 2013 includes certain expensed Archstone Acquisition costs borne by the venture. (6) The Company's equity in income for this entity represents its residual profits from the sale of the community. (7) During 2012, the Company purchased its joint venture partner's interest in this venture. Investments in Consolidated Real Estate Entities On February 27, 2013, pursuant to an asset purchase agreement dated November 26, 2012, the Company, together with Equity Residential, acquired, directly or indirectly, all of the assets owned by Archstone Enterprise LP ("Archstone," which has since changed its name to Jupiter Enterprise LP), including all of the ownership interests in joint ventures and other entities owned by Archstone, and assumed Archstone’s liabilities, both known and unknown, with certain limited exceptions. Under the terms of the purchase agreement, the Company acquired approximately 40.0% of Archstone's assets and liabilities and Equity Residential acquired approximately 60.0% of Archstone’s assets and liabilities (the “Archstone Acquisition”). The Company expenses transaction costs associated with acquisition activity as they are incurred. To the extent the Company receives amounts related to acquired communities for periods prior to their acquisition, the Company reports these receipts, net with expensed acquisition costs. Expensed transaction costs associated with the acquisitions made by the Company in 2015 and 2013 , including those for the Archstone Acquisition in 2013 , totaled $3,806,000 and $44,052,000 , respectively. These amounts are reported as a component of expensed acquisition, development and other pursuit costs on the accompanying Consolidated Statements of Comprehensive Income. In 2014 , the Company received amounts related to communities acquired in the Archstone Acquisition, for periods prior to the Company’s ownership, in excess of acquisition costs incurred, resulting in a net recovery of $7,681,000 . These amounts are primarily comprised of property tax and mortgage insurance refunds. In conjunction with the development of Avalon Sheepshead Bay, the Company entered into a joint venture agreement to construct a mixed-use building that will contain rental apartments, for-sale residential condominium units and related common elements. The Company owns a 70.0% interest in the venture and will have all of the rights and obligations associated with the rental apartments, and the venture partner owns the remaining 30.0% interest and will have all of the rights and obligations associated with the for-sale condominium units. The Company is responsible for the development and construction of the structure, and is providing a loan to the venture partner for the venture partner's share of costs. As of December 31, 2015 , the Company has a receivable from the venture partner in the amount of $8,126,000 , reported as a component of prepaid expenses and other assets on the Consolidated Balance Sheets. The loan provided to the venture partner will be repaid with the proceeds received from the sale of the residential condominium units. The venture is considered a variable interest entity, and the Company consolidates its interest in the rental apartments and common areas, and accounts for the for-sale component of the venture as an unconsolidated investment.

Real Estate Disposition Activit

Real Estate Disposition Activities	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Disposition Activities	Real Estate Disposition Activities During 2015 , the Company sold three wholly-owned communities, containing an aggregate of 851 apartment homes for an aggregate gross sales price of $265,500,000 and an aggregate gain in accordance with GAAP of $115,625,000 . In addition, during 2015 , the Company sold two undeveloped land parcels and air rights, representing the right to increase density for future residential development, for $23,820,000 , resulting in a gain in accordance with GAAP of $9,647,000 . Details regarding the real estate sales are summarized in the following table (dollars in thousands): Community Name Location Period of sale Apartment homes Debt Gross sales price Net proceeds Avalon on Stamford Harbor Stamford, CT Q115 323 $ — $ 115,500 $ 112,504 Other real estate dispositions (1) New York Metro region Q215 N/A — 23,820 23,337 Avalon Lyndhurst Lyndhurst, NJ Q315 328 — 99,000 96,574 Avalon Charles Pond Coram, NY Q415 200 — 51,000 49,748 Total of 2015 asset sales 851 $ — $ 289,320 $ 282,163 Total of 2014 asset sales 1,337 $ 16,341 (2) $ 304,250 $ 281,125 Total of 2013 asset sales (3) 3,299 $ — $ 932,880 $ 919,442 _________________________________ (1) Includes two undeveloped land parcels and air rights, representing the right to increase density for future residential development. (2) Amount includes $10,427 principal amount secured by Oakwood Philadelphia and $5,914 principal amount of secured borrowings repaid by the Company for eight other operating communities, the aggregate of which is included in determining net proceeds. (3) Total of 2013 asset sales excludes the disposition of development rights located in Hingham, MA and Brooklyn, NY, for total net proceeds of $1,313 . As of December 31, 2015 , the Company had one community that qualified as held for sale. The assets of the community are primarily composed of land and related real estate improvements. The results of operations for Avalon on Stamford Harbor, Avalon Lyndhurst and Avalon Charles Pond are included in income from continuing operations on the accompanying Consolidated Statements of Comprehensive Income. The operations for any real estate assets sold from January 1, 2013 through December 31, 2015 and which were classified as held for sale and discontinued operations as of and for periods prior to December 31, 2013, and thus not subject to the new guidance for discontinued operations presentation and disclosure, as discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” have been presented as income from discontinued operations in the accompanying Consolidated Statements of Comprehensive Income. The following is a summary of income from discontinued operations for the periods presented (dollars in thousands): For the year ended 12/31/15 12/31/14 12/31/13 Rental income $ — $ 579 $ 42,874 Operating and other expenses — (269 ) (12,661 ) Interest expense, net — — — Loss on extinguishment of debt — — — Depreciation expense — — (13,500 ) Income (loss) from discontinued operations $ — $ 310 $ 16,713

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Employment Agreements and Arrangements The Company had employment agreements with two executive officers which expired on December 31, 2015, in accordance with their terms. The Company has not entered into any new employment agreements with executive officers. The standard restricted stock and option agreements used by the Company in its compensation program provide that upon an employee's termination without cause or the employee's Retirement (as defined in the agreement), all outstanding stock options and restricted shares of stock held by the employee will vest, and the employee will have up to 12 months to exercise any options then held. Under the agreements, Retirement generally means a termination of employment and other business relationships, other than for cause, after attainment of age 50 , provided that (i) the employee has worked for the Company for at least 10 years, (ii) the employee's age at Retirement plus years of employment with the Company equals at least 70 , (iii) the employee provides at least six months written notice of his intent to retire, and (iv) the employee enters into a one year non-compete and employee non-solicitation agreement. The Company also has an Officer Severance Program (the "Program"), which applies only in connection with a sale of the Company for the benefit of those officers of the Company who do not have employment agreements. Under the Program, in the event an officer who is not otherwise covered by a severance arrangement is terminated (other than for cause), or the officer chooses to terminate his or her employment for good reason (as defined), in either case within 18 months following a sale event (as defined) of the Company, such officer will generally receive a cash lump sum payment equal to a multiple of the officer's covered compensation (base salary plus annual cash bonus). The multiple is one times for vice presidents and senior vice presidents, and two times for executive vice presidents. The officer's restricted stock and options would also vest. Costs related to the Company's employment agreements and the Program are deferred and recognized over the requisite service period when considered by management to be probable and estimable. Legal Contingencies The Company accounts for recoveries from legal matters as a reduction in the legal and related costs incurred associated with the matter, with recoveries in excess of these costs reported as a gain or, where appropriate, a reduction in the basis of a community to which the suit related. During the year ended December 31, 2014 , the Company received $1,933,000 in legal recoveries. There were no material receipts during the years ended December 31, 2015 and 2013 , excluding amounts for the Residual JV in 2015. 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. See Note 13, "Subsequent Events," for discussion of the related insurance settlement. The Company is aware that third parties incurred significant property damage and are claiming other losses, such as relocation costs, as a result of the fire. The Company has established protocols for processing claims and has encouraged any party who sustained a loss to contact the Company’s insurance carrier to file a claim. To date, four putative class action lawsuits have been filed against the Company on behalf of Avalon at Edgewater residents and others who may have been harmed by the fire. The court has consolidated these actions in the United States District Court for the District of New Jersey. In addition, 18 lawsuits representing approximately 145 individual plaintiffs have been filed in the Superior Court of New Jersey Bergen County - Law Division. These cases have been consolidated by the court. The Company believes that it has meritorious defenses to the extent of damages claimed. Having incurred applicable deductibles, the Company currently believes that all of its remaining liability to third parties will be substantially covered by its insurance policies. However, the Company can give no assurances in this regard and continues to evaluate this matter. 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. Lease Obligations The Company owns 16 apartment communities and two commercial properties located on land subject to land leases expiring between October 2026 and March 2142 . The leases for 13 apartment communities, of which two represent dual-branded communities with one underlying land lease, and the two commercial properties, are accounted for as operating leases recognizing rental expense on a straight-line basis over the lease term. These leases have varying escalation terms, and five of these leases have purchase options exercisable through 2095. The Company incurred costs of $21,295,000 , $21,664,000 and $17,996,000 in the years ended December 31, 2015 , 2014 and 2013 , respectively, related to operating leases. Three apartment communities are located on land subject to a land lease which are accounted for as capital leases, of which two represent dual-branded communities with one underlying capital land lease. In addition, the Company is party to a lease for a portion of the parking garage adjacent to a development community, accounted for as a capital lease. The Company has a total lease obligation of $37,783,000 reported as a component of accrued expenses and other liabilities. Each of these land leases accounted for as capital leases have options for the Company to purchase the land at some point during the lease terms which expire in 2046 and 2086. The following table details the future minimum lease payments under the Company's current leases (dollars in thousands): Payments due by period 2016 2017 2018 2019 2020 Thereafter Operating Lease Obligations $ 21,056 $ 20,629 $ 20,807 $ 20,894 $ 18,675 $ 1,143,535 Capital Lease Obligations (1) (2) 2,098 18,866 1,065 1,067 1,069 45,620 $ 23,154 $ 39,495 $ 21,872 $ 21,961 $ 19,744 $ 1,189,155 _________________________________ (1) Aggregate capital lease payments include $29,069 in interest costs, with the timing of certain lease payments for capital land leases determined by completion of the construction of the associated apartment community. (2) Capital lease assets of $39,019 and $31,784 as of December 31, 2015 and 2014 , respectively, are included as a component of land and improvements or building and improvements on the accompanying Consolidated Balance Sheets.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 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, the Company determines which of its communities fall into each of these categories and generally maintains that classification throughout the year for the purpose of reporting segment operations, unless disposition or redevelopment plans regarding a community change. • Established Communities (also known as Same Store Communities) are consolidated communities where a comparison of operating results from the prior year to the current year is meaningful, as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year. The Established Communities for the year ended December 31, 2015 , are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2014 , are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year period. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 95% physical occupancy or (ii) the one -year anniversary of completion of development or redevelopment. • Other Stabilized Communities includes all other completed communities that have stabilized occupancy, as defined above. Other Stabilized Communities do not include communities that are conducting or planning to conduct substantial redevelopment activities within the current year. • Development/Redevelopment Communities consists of communities that are under construction and have not received a certificate of occupancy for the entire community, and where substantial redevelopment is in progress or is planned to begin during the current year and communities under lease-up that had not reached stabilized occupancy, as defined above, as of January 1, 2015 . 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, loss on interest rate contract, general and administrative expense, joint venture income (loss), depreciation expense, corporate income tax expense, casualty (gain) loss and impairment loss, net, gain on sale of real estate assets, gain on sale of discontinued operations, 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 years ended December 31, 2015 , 2014 and 2013 is as follows (dollars in thousands): For the year ended 12/31/15 12/31/14 12/31/13 Net income $ 741,733 $ 697,327 $ 352,771 Indirect operating expenses, net of corporate income 56,973 49,055 41,554 Investments and investment management expense 4,370 4,485 3,990 Expensed acquisition, development and other pursuit costs, net of recoveries 6,822 (3,717 ) 45,050 Interest expense, net (1) 175,615 180,618 172,402 (Gain) loss on extinguishment of debt, net (26,736 ) 412 14,921 Loss on interest rate contract — — 51,000 General and administrative expense 42,396 41,425 39,573 Equity in (income) loss of unconsolidated entities (70,018 ) (148,766 ) 11,154 Depreciation expense (1) 477,923 442,682 560,215 Income tax expense 1,861 9,368 — Casualty (gain) loss and impairment loss, net (10,542 ) — — Gain on sale of real estate assets (125,272 ) (85,415 ) (240 ) Gain on sale of discontinued operations — (37,869 ) (278,231 ) Income from discontinued operations — (310 ) (16,713 ) Net operating income from real estate assets sold or held for sale, not classified as discontinued operations (10,920 ) (27,357 ) (31,388 ) Net operating income $ 1,264,205 $ 1,121,938 $ 966,058 _________________________________ (1) Includes amounts associated with assets sold or held for sale, not classified as discontinued operations. The following is a summary of NOI from real estate assets sold or held for sale, not classified as discontinued operations, for the periods presented (dollars in thousands): For the year ended 12/31/2015 12/31/2014 12/31/2013 Rental income from real estate assets sold or held for sale, not classified as discontinued operations $ 17,973 $ 44,645 $ 50,638 Operating expenses real estate assets sold or held for sale, not classified as discontinued operations (7,053 ) (17,288 ) (19,250 ) Net operating income from real estate assets sold or held for sale, not classified as discontinued operations $ 10,920 $ 27,357 $ 31,388 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. Therefore, each year the composition of communities within each business segment is adjusted. Accordingly, the amounts between years are not directly comparable. Segment information for the years ended December 31, 2015 , 2014 and 2013 have been adjusted for the real estate assets that were sold from January 1, 2013 through December 31, 2015 , or otherwise qualify as held for sale and/or discontinued operations as of December 31, 2015 , as described in Note 6, "Real Estate Disposition Activities." Total revenue NOI % NOI change from prior year Gross real estate (1) For the year ended December 31, 2015 Established New England $ 190,802 $ 120,026 2.8 % $ 1,460,746 Metro NY/NJ 382,457 268,986 3.3 % 3,152,361 Mid-Atlantic 209,013 145,497 0.2 % 2,177,823 Pacific Northwest 76,589 54,751 8.2 % 721,040 Northern California 273,432 210,226 11.9 % 2,414,184 Southern California 252,530 173,919 9.4 % 2,465,432 Total Established (2) 1,384,823 973,405 5.8 % 12,391,586 Other Stabilized 221,063 145,170 N/A 2,040,269 Development / Redevelopment 222,222 145,630 N/A 4,238,967 Land Held for Future Development N/A N/A N/A 484,377 Non-allocated (3) 9,947 N/A N/A 73,372 Total $ 1,838,055 $ 1,264,205 12.7 % $ 19,228,571 For the year ended December 31, 2014 (4) Established New England $ 172,153 $ 109,745 0.8 % $ 1,333,854 Metro NY/NJ 305,496 215,239 3.1 % 2,251,697 Mid-Atlantic 98,590 69,498 (2.5 )% 647,374 Pacific Northwest 54,230 37,637 7.0 % 500,247 Northern California 174,527 132,899 8.2 % 1,402,444 Southern California 139,841 95,626 5.2 % 1,225,328 Total Established (2) 944,837 660,644 3.6 % 7,360,944 Other Stabilized 497,677 343,415 N/A 6,057,783 Development / Redevelopment 186,852 117,879 N/A 3,972,180 Land Held for Future Development N/A N/A N/A 180,516 Non-allocated (3) 11,050 N/A N/A 32,444 Total $ 1,640,416 $ 1,121,938 16.1 % $ 17,603,867 For the year ended December 31, 2013 Established New England $ 152,800 $ 99,484 2.4 % $ 1,189,040 Metro NY/NJ 236,920 164,827 4.6 % 1,793,902 Mid-Atlantic 100,548 71,851 0.1 % 633,598 Pacific Northwest 46,564 31,283 5.3 % 444,825 Northern California 141,038 106,745 11.7 % 1,233,851 Southern California 119,024 81,182 5.1 % 1,058,883 Total Established (2) 796,894 555,372 5.0 % 6,354,099 Other Stabilized 486,701 331,338 N/A 6,621,825 Development / Redevelopment 117,186 79,348 N/A 3,024,035 Land Held for Future Development N/A N/A N/A 300,364 Non-allocated (3) 11,502 N/A N/A 10,279 Total $ 1,412,283 $ 966,058 47.2 % $ 16,310,602 _________________________________ (1) Does not include gross real estate assets held for sale of $39,528 , $245,449 and $489,720 as of December 31, 2015 , 2014 and 2013 , respectively. (2) Gross real estate for the Company's Established Communities includes capitalized additions of approximately $74,982 , $52,635 and $33,553 in 2015 , 2014 and 2013 , respectively. (3) Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment. (4) Results for the year ended December 31, 2014 reflect the operating segments determined as of January 1, 2014, which include stabilized communities acquired as part of the Archstone Acquisition in the Other Stabilized segment.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans The Company has a stock incentive plan, the 2009 Stock Option and Incentive Plan (the "2009 Plan"), which includes an authorization to issue shares of the Company's common stock, par value $0.01 per share. At December 31, 2015 , the Company has 1,364,678 shares remaining available to issue under the 2009 Plan, exclusive of shares that may be issued to satisfy currently outstanding awards such as stock options or performance awards. In addition, any awards that were outstanding under the Company's1994 Stock Option and Incentive Plan (the "1994 Plan") on May 21, 2009, the date the Company adopted the 2009 Plan, that are subsequently forfeited, canceled, surrendered or terminated (other than by exercise) will become available for awards under the 2009 Plan. The 2009 Plan provides for various types of equity awards to associates, officers, non-employee directors and other key personnel of the Company and its subsidiaries. The types of awards that may be granted under the 2009 Plan include restricted stock, stock options that qualify as incentive stock options ("ISOs") under Section 422 of the Code, non-qualified stock options, stock appreciation rights and performance awards, among others. The 2009 Plan will expire on May 21, 2019. Information with respect to stock options granted under the 2009 and 1994 Plans is as follows: 2009 Plan shares Weighted average exercise price per share 1994 Plan shares Weighted average exercise price per share Options Outstanding, December 31, 2012 307,554 $ 112.67 719,830 $ 105.40 Exercised (19,949 ) 84.43 (24,292 ) 79.42 Granted 215,230 129.03 — — Forfeited (1,267 ) 131.56 (4,012 ) 127.56 Options Outstanding, December 31, 2013 501,568 $ 120.77 691,526 $ 106.19 Exercised (157,454 ) 116.40 (342,743 ) 99.03 Granted — — — — Forfeited (4,052 ) 131.05 (76,381 ) 142.66 Options Outstanding, December 31, 2014 340,062 $ 122.67 272,402 $ 104.96 Exercised (90,884 ) 124.01 (190,207 ) 105.70 Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2015 249,178 $ 122.17 82,195 $ 103.27 Options Exercisable: December 31, 2013 184,167 $ 107.18 691,526 $ 106.19 December 31, 2014 185,227 $ 116.71 272,402 $ 104.96 December 31, 2015 188,081 $ 119.98 82,195 $ 103.27 The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2015 : 2009 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 25,622 $70.00 - $79.99 4.1 38,326 110.00 - 119.99 5.1 44,135 120.00 - 129.99 7.2 141,095 130.00 - 139.99 6.6 249,178 1994 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 9,854 $40.00 - $49.99 3.1 35,511 80.00 - 89.99 2.1 7,174 90.00 - 99.99 0.1 29,656 140.00 - 149.99 1.1 82,195 Options outstanding under the 2009 and 1994 Plans at December 31, 2015 had an intrinsic value of $15,438,000 and $6,647,000 , respectively. Options exercisable under the 2009 and 1994 Plans at December 31, 2015 had an intrinsic value of $12,066,000 and $6,647,000 , respectively. Options exercisable under the 2009 and 1994 Plans had a weighted average contractual life of 6.3 years and 1.7 years, respectively. The intrinsic value of options exercised during 2015 , 2014 and 2013 was $18,080,000 , $20,028,000 and $2,395,000 , respectively. The cost related to stock-based employee compensation for employee stock options included in the determination of net income is based on estimated forfeitures for the given year. Estimated forfeitures are adjusted to reflect actual forfeitures at the end of the vesting period. The following table summarizes the weighted average fair value of employee stock options for 2013 and the associated assumptions used to calculate the value. There were no stock options granted in 2015 and 2014. 2013 Weighted average fair value per share $ 26.78 Life of options (in years) 5.0 Dividend yield 3.7 % Volatility 34.00 % Risk-free interest rate 0.91 % During 2013, the Company adopted a revised compensation framework under which share-based compensation will be granted, composed of annual restricted stock awards for which one third of the award will vest annually over a three year period, and multi-year long term incentive performance awards. Under the multi-year long term incentive component of the revised framework, the Company will grant a target number of performance awards, with the ultimate award determined by the total shareholder return of the Company's common stock and/or operating performance metrics, measured in each case over a measurement period of up to three years. The performance awards will be earned in the form of restricted stock, or upon election of the recipient, up to 25% in the form of stock options, for which one third of the award will vest annually over an additional three year period following the completion of the performance cycle. In general, performance awards are forfeited if the employee's employment terminates for any reason prior to the measurement date. However, for performance awards with performance periods beginning on or after January 1, 2015, after the first year of the performance period, if the employee's employment terminates on account of death, disability, retirement, or termination without cause at a time when the employee meets the age and service requirements for retirement, the employee shall vest in a pro rata portion of the award (based on the employee's service time during the performance period), with such vested portion to be earned and converted into shares at the end of the performance period based on actual achievement under the performance award. Information with respect to performance awards granted is as follows: Performance awards Weighted average grant date fair value per award Outstanding at December 31, 2012 — $ — Granted (1) 191,008 70.00 Forfeited (1,243 ) 70.00 Outstanding at December 31, 2013 189,765 $ 70.00 Granted (2) 136,276 117.43 Change in awards based on performance (3) (46,790 ) 74.37 Converted to restricted stock (16,209 ) 74.37 Forfeited (23,140 ) 76.22 Outstanding at December 31, 2014 239,902 $ 95.20 Granted (4) 85,636 148.49 Change in awards based on performance (3) 14,697 78.50 Converted to restricted stock (95,826 ) 78.50 Forfeited (6,143 ) 110.34 Outstanding at December 31, 2015 238,266 $ 119.65 _________________________________ (1) The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock. (2) The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock for 60,391 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 75,885 performance awards. (3) Represents the change in the number of performance awards converted to restricted stock shares based on performance achievement. (4) The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock for 55,162 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 30,474 performance awards. The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards determined by using total shareholder return measures. The assumptions used are as follows: 2015 2014 2013 Dividend yield 3.0% 3.6% 3.3% Estimated volatility over the life of the plan (1) 12.0% - 17.3% 17.6% - 18.6% 17.0% - 21.0% Risk free rate 0.07% - 1.09% 0.04% - 0.72% 0.09% - 0.46% Estimated performance award value based on total shareholder return measure $139.18 $103.20 $70.00 _________________________________ (1) Estimated volatility of the life of the plan is using 50% historical volatility and 50% implied volatility. For the portion of the performance awards determined by using financial metrics, the estimated compensation cost was based on the baseline share value of $166.23 , $128.97 and $130.23 , for the years ended December 31, 2015 , 2014 and 2013 , respectively, and the Company's estimate of corporate achievement for the financial metrics. Information with respect to restricted stock granted is as follows: Restricted stock shares Restricted stock shares weighted average grant date fair value per share Restricted stock shares converted from performance awards Outstanding at December 31, 2012 202,218 $ 107.58 — Granted 123,977 129.21 — Vested (141,673 ) 104.69 — Forfeited (2,439 ) 123.05 — Outstanding at December 31, 2013 182,083 $ 124.35 — Granted 98,954 129.35 16,209 Vested (93,963 ) 120.81 (5,073 ) Forfeited (7,767 ) 128.62 (203 ) Outstanding at December 31, 2014 179,307 $ 129.06 10,933 Granted 61,953 173.04 95,826 Vested (91,847 ) 130.75 (8,412 ) Forfeited (1,529 ) 151.86 — Outstanding at December 31, 2015 147,884 $ 146.21 98,347 Total employee stock-based compensation cost recognized in income was $14,703,000 , $13,314,000 and $17,775,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively, and total capitalized stock-based compensation cost was $9,667,000 , $5,457,000 and $8,379,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively. At December 31, 2015 , there was a total unrecognized compensation cost of $99,000 for unvested stock options and $21,096,000 for unvested restricted stock and performance awards, which does not include estimated forfeitures. The unrecognized compensation cost for unvested stock options and restricted stock and performance awards is expected to be recognized over a weighted average period of 0.1 and 3.6 years, respectively. The Company estimates the forfeiture of stock options and recognizes compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost are adjusted to reflect actual forfeitures at the end of the vesting period. The forfeiture rate at December 31, 2015 was 1.0% . The application of estimated forfeitures did not materially impact compensation expense for the years ended December 31, 2015 , 2014 and 2013 . Employee Stock Purchase Plan In October 1996, the Company adopted the 1996 Non-Qualified Employee Stock Purchase Plan (as amended, the "ESPP"). Initially 1,000,000 shares of common stock were reserved for issuance under this plan. There are currently 704,160 shares remaining available for issuance under the ESPP. Full-time employees of the Company generally are eligible to participate in the ESPP if, as of the last day of the applicable election period, they have been employed by the Company for at least one month. All other employees of the Company are eligible to participate provided that, as of the applicable election period, they have been employed by the Company for 12 months. Under the ESPP, eligible employees are permitted to acquire shares of the Company's common stock through payroll deductions, subject to maximum purchase limitations. During 2013, the purchase period was a period of seven months beginning April 1 and ending October 30. The Company modified the ESPP beginning in 2014, establishing two purchase periods. The first purchase period begins January 1 and ends June 10, and the second purchase period begins July 1 and ends December 10. The purchase price for common stock purchased under the plan is 85% of the lesser of the fair market value of the Company's common stock on the first day of the applicable purchase period or the last day of the applicable purchase period. The offering dates, purchase dates and duration of purchase periods may be changed if the change is announced prior to the beginning of the affected date or purchase period. The Company issued 10,667 , 9,848 and 9,260 shares and recognized compensation expense of $321,000 , $407,000 and $174,000 under the ESPP for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company accounts for transactions under the ESPP using the fair value method prescribed by accounting guidance applicable to entities that use employee share purchase plans.

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 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 $9,947,000 , $11,050,000 and $11,502,000 in the years ended December 31, 2015 , 2014 and 2013 , respectively. These fees are recognized on an accrual basis when earned in accordance with the accounting guidance applicable to revenue recognition, and are included in management, development and other fees on the accompanying Consolidated Statements of Comprehensive Income. In addition, the Company has outstanding receivables associated with its management role of $3,832,000 and $6,868,000 as of December 31, 2015 and 2014 , respectively. Director Compensation Directors of the Company who are also employees receive no additional compensation for their services as a director. Following each annual meeting of stockholders, non-employee directors receive (i) a number of shares of restricted stock (or deferred stock awards) having a value of $130,000 and (ii) a cash payment of $60,000 , payable in quarterly installments of $15,000 . The number of shares of restricted stock (or deferred stock awards) is calculated based on the closing price on the day of the award. Non-employee directors may elect to receive all or a portion of cash payments in the form of a deferred stock award. In addition, beginning in May 2014, the Lead Independent Director receives an additional annual fee of $25,000 payable in equal quarterly installments of $6,250 , and non-employee directors serving as the chairperson of the Audit, Compensation and Nominating Committees receive additional cash compensation of $10,000 per year payable in quarterly installments of $2,500 . The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock awards in the amount of $1,135,000 , $1,049,000 and $992,000 for the years ended December 31, 2015 , 2014 and 2013 , 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 $488,000 , $452,000 and $417,000 on December 31, 2015 , 2014 and 2013 , respectively. During the year ended December 31, 2015 , the Company issued 46,589 shares in conjunction with the conversion of deferred stock awards.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Financial Instruments Carried at Fair Value Derivative Financial Instruments Currently, the Company uses interest rate swap and 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 December 31, 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 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 derivative positions at December 31, 2015 (dollars in thousands): Non-designated Hedges Interest Rate Caps Cash Flow Hedges Interest Rate Caps Cash Flow Interest Rate Swaps Notional balance $ 725,832 $ 36,731 $ 600,000 Weighted average interest rate (1) 1.8 % 2.7 % N/A Weighted average swapped/capped interest rate 5.8 % 5.9 % 2.3 % Earliest maturity date February 2016 April 2019 May 2016 Latest maturity date June 2020 April 2019 November 2017 _________________________________ (1) For interest rate caps, 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 10 derivatives designated as a cash flow hedge and 15 derivatives not designated as hedges at December 31, 2015 . Fair value changes for derivatives not in qualifying hedge relationships for the years ended December 31, 2015 and 2014 , were not material. Excluding the forward interest rate protection agreement discussed further below, fair value changes for derivatives not in qualifying hedge relationships for the year ended December 31, 2013 were not material. To adjust the Hedging Derivatives in qualifying cash flow hedges to their fair value and recognize the impact of hedge accounting, the Company recorded a decrease to accumulated other comprehensive loss of $11,128,000 , $6,116,000 and $5,892,000 during the years ended December 31, 2015 , 2014 and 2013 , respectively. During the year ended December 31, 2013, the Company reclassified $59,376,000 of deferred losses from accumulated other comprehensive loss with $51,000,000 recognized as loss on interest rate contract as discussed below, and the balance recorded as a component of interest expense, net. The Company anticipates reclassifying approximately $5,493,000 of hedging losses from accumulated other comprehensive loss into earnings within the next 12 months to offset the variability of cash flows of the hedged item during this period. The Company did not have any derivatives designated as fair value hedges as of December 31, 2015 and 2014 . During 2015 , the Company entered into $600,000,000 of forward interest rate swap agreements to reduce the impact of variability in interest rates on a portion of the Company's expected debt issuance activity in 2016 and 2017. At maturity of the agreements, the Company expects to cash settle the contracts and either pay or receive cash for the then current fair value. Assuming that the Company issues the debt as expected, the impact from settling these positions will then be recognized over the life of the issued debt as a yield adjustment. In 2013, the Company was party to a $215,000,000 forward interest rate protection agreement, which was entered into in 2011 to reduce the impact of variability in interest rates on a portion of its expected debt issuance activity in 2013. The Company settled this position at its maturity in May 2013 with a payment to the counterparty of $51,000,000 , the fair value at the time of settlement. Based on changes in the Company's capital requirements for 2013, the Company deemed it was probable that it would not issue the anticipated debt for which the interest rate protection agreement was transacted. During the year ended December 31, 2013, the Company recognized a loss of $51,000,000 for the forward interest rate protection agreement in loss on interest rate contract on the accompanying Consolidated Statements of Comprehensive Income. Redeemable Noncontrolling Interests The Company provided redemption options (the "Puts") that allow joint venture partners of the Company to require the Company to purchase their interests in the investment at a guaranteed minimum amount related to three ventures. The Puts are payable in cash. The Company determines the fair value of the Puts based on unobservable inputs considering the assumptions that market participants would make in pricing the obligations, applying a guaranteed rate of return to the joint venture partners' net capital contribution balances as of period end. Given the significance of the unobservable inputs, the valuations are classified in Level 3 of the fair value hierarchy. The Company issued units of limited partnership interest in DownREITs which provide the DownREIT limited partners the ability to present all or some of their units for redemption for cash as determined by the partnership agreement. Under the DownREIT agreements, for each limited partnership unit, the limited partner is entitled to receive cash in the amount equal to the fair value of the Company's common stock on or about the date of redemption. In lieu of cash redemption, the Company may elect to exchange such units for an equal number of shares of the Company's common stock. The limited partnership units in the DownREITs are valued using the market price of the Company's common stock, a Level 1 price under the fair value hierarchy. Financial Instruments Not Carried at Fair Value Cash and Cash Equivalents Cash and cash equivalent balances are held with various financial institutions, within principal protected accounts. The Company monitors credit ratings of these financial institutions and the concentration of cash and cash equivalent balances with any one financial institution and believes the likelihood of realizing material losses related to cash and cash equivalent balances is remote. Cash and cash equivalents are carried at their face amounts, which reasonably approximate their fair values and are Level 1 within the fair value hierarchy. Other Financial Instruments Rents receivable, accounts and construction payable and accrued expenses and other liabilities are carried at their face amounts, which reasonably approximate their fair values. The Company values its unsecured notes using quoted market prices, a Level 1 price within the fair value hierarchy. The Company values its notes payable and outstanding amounts under the Credit Facility and Term Loan using a discounted cash flow analysis on the expected cash flows of each instrument. This analysis reflects the contractual terms of the instrument, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The process also considers credit valuation adjustments to appropriately reflect the Company’s nonperformance risk. The Company has concluded that the value of its notes payable and amounts outstanding under its Credit Facility and Term Loan are Level 2 prices as the majority of the inputs used to value its positions fall within Level 2 of the fair value hierarchy. Financial Instruments Measured/Disclosed at Fair Value on a Recurring Basis The following table summarizes the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands): Description Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 12/31/2015 Non Designated Hedges Interest Rate Caps $ 26 $ — $ 26 $ — Cash Flow Hedges Interest Rate Caps 5 — 5 — Interest Rate Swaps 5,422 — 5,422 — Put(s) (8,181 ) — — (8,181 ) DownREIT units (1,381 ) (1,381 ) — — Indebtedness Unsecured notes (3,668,417 ) (3,668,417 ) — — Mortgage notes payable and unsecured term loan (2,700,341 ) — (2,700,341 ) — Total $ (6,372,867 ) $ (3,669,798 ) $ (2,694,888 ) $ (8,181 ) 12/31/2014 Non Designated Hedges Interest Rate Caps $ 50 $ — $ 50 $ — Cash Flow Hedges Interest Rate Caps 58 — 58 — Put(s) (11,104 ) — — (11,104 ) DownREIT units (1,226 ) (1,226 ) — — Indebtedness Unsecured notes (2,874,147 ) (2,874,147 ) — — Mortgage notes payable and unsecured term loan (3,683,875 ) — (3,683,875 ) — Total $ (6,570,244 ) $ (2,875,373 ) $ (3,683,767 ) $ (11,104 )

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	Quarterly Financial Information The following summary represents the unaudited quarterly results of operations for the years ended December 31, 2015 and 2014 (dollars in thousands, except per share amounts): For the three months ended (1) 3/31/15 6/30/15 9/30/15 12/31/15 Total revenue $ 442,367 $ 457,459 $ 475,360 $ 480,840 Income from continuing operations $ 208,053 $ 172,253 $ 206,076 $ 155,352 Total discontinued operations $ — $ — $ — $ — Net income $ 208,053 $ 172,253 $ 206,076 $ 155,352 Net income attributable to common stockholders $ 208,144 $ 172,324 $ 206,142 $ 155,428 Net income per common share - basic $ 1.57 $ 1.30 $ 1.54 $ 1.13 Net income per common share - diluted $ 1.56 $ 1.29 $ 1.53 $ 1.13 For the three months ended (1) 3/31/14 6/30/14 9/30/14 12/31/14 Total revenue $ 400,075 $ 413,806 $ 430,525 $ 440,656 Income from continuing operations $ 103,420 $ 172,197 $ 241,001 $ 142,530 Total discontinued operations $ 38,179 $ — $ — $ — Net income $ 141,599 $ 172,197 $ 241,001 $ 142,530 Net income attributable to common stockholders $ 141,739 $ 158,086 $ 241,100 $ 142,642 Net income per common share - basic $ 1.09 $ 1.22 $ 1.83 $ 1.08 Net income per common share - diluted $ 1.09 $ 1.21 $ 1.83 $ 1.08 _________________________________ (1) Amounts may not equal full year results due to rounding.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion. In January and February 2016: The Company acquired two communities: • Avalon Hoboken located in Hoboken, NJ, contains 217 apartment homes and was acquired for a purchase price of $129,700,000 . In conjunction with the acquisition, the Company assumed a fixed rate secured mortgage note with a principal balance of $67,904,000 and an effective interest rate of 4.18% maturing in December 2020 . • Avalon Potomac Yard located in Alexandria, VA, contains 323 apartment homes and was acquired for a purchase price of $108,250,000 . The Company entered into $450,000,000 of forward interest rate swap agreements to reduce the impact of variability in interest rates on a portion of the Company's expected debt issuance activity in 2016 and 2017. At maturity of the agreements, the Company expects to cash settle the contracts and either pay or receive cash for the then current fair value. Assuming that the Company issues the debt as expected, the impact from settling these positions will then be recognized over the life of the issued debt as a yield adjustment. The Company extended the maturity of the Credit Facility from April 2017 to April 2020 , and amended other provisions in the Credit Facility. In addition, pursuant to an option available under the terms of the Company's Credit Facility, with the approval of the syndicate of lenders, the Company increased the aggregate facility size from $1,300,000,000 to $1,500,000,000 (the "Credit Facility Increase"). The Company may further extend the term for up to nine months, provided the Company is not in default and upon payment of a $1,500,000 extension fee. In connection with the Credit Facility Increase, the applicable margin over reference rates used to determine the applicable interest rates on the Company's borrowings from time to time decreased. The Credit Facility bears interest at varying levels based on the London Interbank Offered Rate ("LIBOR"), rating levels achieved on the Company's unsecured notes and on a maturity schedule selected by the Company. The current stated pricing is LIBOR plus 0.825% per annum. The stated spread over LIBOR can vary from LIBOR plus 0.80% to LIBOR plus 1.55% based on the Company's credit ratings. In addition, a competitive bid option is available for borrowings up to 65% of the Credit Facility amount, which allows banks that are part the lender consortium to bid to make loans at a rate that is lower than the stated rate if market conditions allow. In connection with the Credit Facility Increase, the annual facility fee was also amended to lower the fee to 0.125% from 0.15% , approximately $1,875,000 annually based on the $1,500,000,000 facility size and based on the Company's current credit rating. Avalon at Stratford was substituted as collateral for the outstanding fixed rate secured mortgage loan associated with Eaves Trumbull. The U.S. Fund sold two communities: • Archstone Boca Town Center, located in Boca Raton, FL, containing 252 apartment homes was sold for $56,300,000 . • Avalon Kips Bay, located in New York, NY, containing 209 apartment homes was sold for $173,000,000 . Fund II sold Eaves Rancho San Diego, located in El Cajon, CA, containing 676 apartment homes for $158,000,000 . The Company reached a final settlement with its property and casualty insurers regarding the property damage and lost income related to the Edgewater fire, resulting in aggregate insurance recoveries for these aspects of this matter, after self-insurance and deductibles, of $73,008,000 . The Company received $44,000,000 of these recoveries in 2015 and expects to receive the remaining $29,008,000 during the three months ending March 31, 2016, which will be recognized as casualty gain and business interruption insurance recovery.

REAL ESTATE AND ACCUMULATED DEP

REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION	2015 2014 2015 Initial Cost Total Cost Community City and state Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of ESTABLISHED COMMUNITIES NEW ENGLAND Boston, MA Avalon at Lexington Lexington, MA $ 2,124 $ 12,546 $ 9,368 $ 2,124 $ 21,914 $ 24,038 $ 12,335 $ 11,703 $ 12,438 $ — 1994 Eaves Quincy Quincy, MA 1,743 14,662 9,694 1,743 24,356 26,099 12,650 13,449 13,883 — 1986/1995 Avalon Essex Peabody, MA 5,184 16,258 2,073 5,184 18,331 23,515 10,039 13,476 14,036 — 2000 Avalon Oaks West Wilmington, MA 3,318 13,333 951 3,318 14,284 17,602 6,915 10,687 11,155 15,649 2002 Avalon Orchards Marlborough, MA 2,983 17,932 2,260 2,983 20,192 23,175 9,744 13,431 14,061 16,621 2002 Avalon at Newton Highlands Newton, MA 11,039 45,531 3,784 11,039 49,315 60,354 21,314 39,040 40,699 — 2003 Avalon at The Pinehills Plymouth, MA 6,876 30,401 317 6,876 30,718 37,594 8,915 28,679 29,624 — 2004 Eaves Peabody Peabody, MA 4,645 18,937 12,388 4,645 31,325 35,970 10,860 25,110 25,925 — 1962/2004 Avalon at Bedford Center Bedford, MA 4,258 20,535 483 4,258 21,018 25,276 7,355 17,921 18,513 — 2006 Avalon at Chestnut Hill Chestnut Hill, MA 14,572 45,820 2,168 14,572 47,988 62,560 15,529 47,031 48,794 39,088 2007 Avalon Shrewsbury Shrewsbury, MA 5,152 30,458 1,358 5,152 31,816 36,968 10,191 26,777 27,455 19,867 2007 Avalon at Lexington Hills Lexington, MA 8,691 79,104 1,686 8,691 80,790 89,481 22,275 67,206 69,510 — 2008 Avalon Acton Acton, MA 13,124 48,944 2,309 13,124 51,253 64,377 13,789 50,588 51,216 45,000 2008 Avalon at Hingham Shipyard Hingham, MA 12,218 41,655 791 12,218 42,446 54,664 10,635 44,029 45,193 — 2009 Avalon Sharon Sharon, MA 4,719 25,446 461 4,719 25,907 30,626 6,952 23,674 24,480 — 2008 Avalon Northborough Northborough, MA 8,144 52,348 198 8,144 52,546 60,690 11,066 49,624 51,444 — 2009 Avalon Blue Hills Randolph, MA 11,110 34,690 644 11,110 35,334 46,444 8,135 38,309 39,070 — 2009 Avalon Cohasset Cohasset, MA 8,802 46,184 87 8,802 46,271 55,073 6,561 48,512 50,141 — 2012 Avalon Andover Andover, MA 4,276 21,862 45 4,276 21,907 26,183 2,892 23,291 24,065 14,179 2012 Avalon Prudential Center II (1) Boston, MA 8,776 35,496 39,910 8,776 75,406 84,182 27,376 56,806 50,955 — 1968/1998 Avalon Prudential Center I (1) Boston, MA 8,002 32,370 31,040 8,002 63,410 71,412 24,589 46,823 37,373 — 1968/1998 Eaves North Quincy Quincy, MA 11,940 39,400 2,814 11,940 42,214 54,154 6,253 47,901 49,047 — 1977/2013 Avalon at Center Place Providence, RI — 26,816 10,563 — 37,379 37,379 21,374 16,005 17,127 — 1991/1997 Total Boston, MA $ 161,696 $ 750,728 $ 135,392 $ 161,696 $ 886,120 $ 1,047,816 $ 287,744 $ 760,072 $ 766,204 $ 150,404 Fairfield-New Haven, CT Eaves Stamford Stamford, CT $ 5,956 $ 23,993 $ 12,798 $ 5,956 $ 36,791 $ 42,747 $ 21,445 $ 21,302 $ 22,648 $ — 1991 Avalon Wilton I Wilton, CT 2,116 14,664 5,841 2,116 20,505 22,621 10,601 12,020 12,766 — 1997 Avalon New Canaan New Canaan, CT 4,834 22,990 1,700 4,834 24,690 29,524 11,179 18,345 17,206 — 2002 AVA Stamford Stamford, CT 13,819 56,499 4,834 13,819 61,333 75,152 27,600 47,552 49,851 — 2002/2002 2015 2014 2015 Initial Cost Total Cost Community City and state Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Danbury Danbury, CT 4,933 30,638 797 4,933 31,435 36,368 11,478 24,890 25,889 — 2005 Avalon Darien Darien, CT 6,926 34,579 2,074 6,926 36,653 43,579 15,216 28,363 29,457 — 2004 Avalon Milford I Milford, CT 8,746 22,699 1,014 8,746 23,713 32,459 9,357 23,102 23,677 — 2004 Avalon Norwalk Norwalk, CT 11,320 62,910 440 11,320 63,350 74,670 11,606 63,064 64,883 — 2011 Avalon Huntington Shelton, CT 5,277 20,029 137 5,277 20,166 25,443 5,132 20,311 21,000 — 2008 Avalon Wilton II Wilton, CT 6,604 23,763 — 6,604 23,763 30,367 3,853 26,514 27,371 — 2011 Total Fairfield-New Haven, CT $ 70,531 $ 312,764 $ 29,635 $ 70,531 $ 342,399 $ 412,930 $ 127,467 $ 285,463 $ 294,748 $ — TOTAL NEW ENGLAND $ 232,227 $ 1,063,492 $ 165,027 $ 232,227 $ 1,228,519 $ 1,460,746 $ 415,211 $ 1,045,535 $ 1,060,952 $ 150,404 METRO NY/NJ New York City, NY Avalon Riverview I (1) Long Island City, NY $ — $ 94,061 $ 6,647 $ — $ 100,708 $ 100,708 $ 45,214 $ 55,494 $ 57,407 $ — 2002 Avalon Bowery Place New York, NY 18,575 75,009 2,383 18,575 77,392 95,967 24,711 71,256 73,529 93,800 2006 Avalon Riverview North Long Island City, NY — 166,099 2,906 — 169,005 169,005 47,953 121,052 125,242 — 2008 Avalon Bowery Place II New York, NY 9,106 47,199 3,298 9,106 50,497 59,603 13,624 45,979 46,034 — 2007 Avalon Morningside Park New York, NY — 114,233 1,037 — 115,270 115,270 28,731 86,539 90,555 100,000 2009 Avalon Fort Greene Brooklyn, NY 83,038 216,802 860 83,038 217,662 300,700 42,653 258,047 266,954 — 2010 Avalon Midtown West New York, NY 154,730 180,253 12,299 154,730 192,552 347,282 29,236 318,046 323,993 100,500 1998/2013 Avalon Clinton North (1) New York, NY 84,069 105,821 7,300 84,069 113,121 197,190 16,054 181,136 183,684 147,000 2008/2013 Avalon Clinton South New York, NY 71,421 89,851 5,238 71,421 95,089 166,510 13,810 152,700 155,715 121,500 2007/2013 Total New York City, NY $ 420,939 $ 1,089,328 $ 41,968 $ 420,939 $ 1,131,296 $ 1,552,235 $ 261,986 $ 1,290,249 $ 1,323,113 $ 562,800 New York - Suburban Avalon Commons Smithtown, NY $ 4,679 $ 28,286 $ 5,810 $ 4,679 $ 34,096 $ 38,775 $ 19,958 $ 18,817 $ 19,961 $ — 1997 Eaves Nanuet Nanuet, NY 8,428 45,660 4,371 8,428 50,031 58,459 30,225 28,234 29,666 62,279 1998 Avalon Willow Mamaroneck, NY 6,207 40,791 1,727 6,207 42,518 48,725 23,346 25,379 26,575 — 2000 Avalon Court Melville, NY 9,228 50,063 3,104 9,228 53,167 62,395 30,699 31,696 33,465 — 1997 The Avalon Bronxville, NY 2,889 28,324 8,003 2,889 36,327 39,216 17,178 22,038 23,324 — 1999 Avalon at Glen Cove Glen Cove, NY 7,871 59,969 1,463 7,871 61,432 69,303 24,106 45,197 46,967 — 2004 Avalon Pines Coram, NY 8,700 62,931 946 8,700 63,877 72,577 22,979 49,598 51,424 — 2005 Avalon Glen Cove North Glen Cove, NY 2,577 37,336 364 2,577 37,700 40,277 11,287 28,990 30,129 — 2007 Avalon White Plains White Plains, NY 15,391 137,353 210 15,391 137,563 152,954 32,264 120,690 125,356 — 2009 2015 2014 2015 Initial Cost Total Cost Community City and state Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Rockville Centre Rockville Centre, NY 32,212 78,807 10 32,212 78,817 111,029 11,305 99,724 102,539 — 2012 Avalon Green II Elmsford, NY 27,765 77,561 — 27,765 77,561 105,326 10,116 95,210 97,995 — 2012 Avalon Garden City Garden City, NY 18,205 49,372 — 18,205 49,372 67,577 5,802 61,775 63,578 — 2013 Avalon Westbury Westbury, NY 69,620 43,781 9,882 69,620 53,663 123,283 10,584 112,699 112,091 81,175 2006/2013 Total New York - Suburban $ 213,772 $ 740,234 $ 35,890 $ 213,772 $ 776,124 $ 989,896 $ 249,849 $ 740,047 $ 763,070 $ 143,454 New Jersey Avalon Cove Jersey City, NJ 8,760 82,422 21,119 8,760 103,541 112,301 57,650 54,651 58,185 — 1997 Eaves Lawrenceville (1) Lawrenceville, NJ 14,650 60,486 7,744 14,650 68,230 82,880 26,489 56,391 56,757 — 1994 Avalon Princeton Junction West Windsor, NJ 5,585 22,382 20,927 5,585 43,309 48,894 22,942 25,952 27,366 — 1988/1993 Avalon at Florham Park Florham Park, NJ 6,647 34,906 2,552 6,647 37,458 44,105 19,437 24,668 25,723 — 2001 Avalon at Freehold Freehold, NJ 4,119 30,514 1,050 4,119 31,564 35,683 15,051 20,632 21,574 34,441 2002 Avalon Run East Lawrenceville, NJ 6,766 45,366 1,107 6,766 46,473 53,239 17,909 35,330 36,765 36,904 2005 Avalon at Tinton Falls Tinton Falls, NJ 7,939 33,173 392 7,939 33,565 41,504 8,928 32,576 33,453 — 2008 Avalon at West Long Branch West Long Branch, NJ 2,721 22,940 56 2,721 22,996 25,717 4,335 21,382 22,182 — 2011 Avalon North Bergen North Bergen, NJ 8,984 30,997 919 8,984 31,916 40,900 4,000 36,900 37,694 — 2012 Avalon at Wesmont Station Wood-Ridge, NJ 14,682 41,635 700 14,682 42,335 57,017 5,385 51,632 53,332 — 2012 Avalon Hackensack at Riverside Hackensack, NJ — 44,625 — — 44,625 44,625 3,903 40,722 42,218 — 2013 Avalon at Wesmont Station II Wood-Ridge, NJ 6,502 16,863 — 6,502 16,863 23,365 1,603 21,762 22,372 — 2013 Total New Jersey $ 87,355 $ 466,309 $ 56,566 $ 87,355 $ 522,875 $ 610,230 $ 187,632 $ 422,598 $ 437,621 $ 71,345 TOTAL Metro NY/NJ $ 722,066 $ 2,295,871 $ 134,424 $ 722,066 $ 2,430,295 $ 3,152,361 $ 699,467 $ 2,452,894 $ 2,523,804 $ 777,599 MID-ATLANTIC Washington Metro/Baltimore, MD Avalon at Foxhall Washington, DC $ 6,848 $ 27,614 $ 12,556 $ 6,848 $ 40,170 $ 47,018 $ 26,355 $ 20,663 $ 21,183 $ 55,484 1982/1994 Avalon at Gallery Place Washington, DC 8,800 39,658 1,994 8,800 41,652 50,452 17,969 32,483 33,603 43,110 2003 AVA H Street Washington, DC 7,425 25,282 — 7,425 25,282 32,707 2,755 29,952 30,925 — 2013 Avalon The Albemarle Washington, DC 25,140 52,459 4,608 25,140 57,067 82,207 8,821 73,386 74,336 — 1966/2013 Eaves Tunlaw Gardens Washington, DC 16,430 22,902 2,100 16,430 25,002 41,432 4,006 37,426 38,195 — 1944/2013 The Statesman Washington, DC 38,140 35,352 3,715 38,140 39,067 77,207 7,149 70,058 71,130 — 1961/2013 Eaves Glover Park Washington, DC 9,580 26,532 2,146 9,580 28,678 38,258 4,422 33,836 34,681 — 1953/2013 AVA Van Ness Washington, DC 22,890 58,691 3,656 22,890 62,347 85,237 8,982 76,255 78,192 — 1978/2013 2015 2014 2015 Initial Cost Total Cost Community City and state Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon First & M Washington, DC 43,700 153,950 2,665 43,700 156,615 200,315 17,656 182,659 187,806 — 2012/2013 Avalon at Fairway Hills Columbia, MD 8,603 34,432 16,092 8,603 50,524 59,127 30,110 29,017 30,674 — 1987/1996 Eaves Washingtonian Center I North Potomac, MD 2,608 11,707 876 2,608 12,583 15,191 8,378 6,813 7,031 — 1996 Eaves Washingtonian Center II North Potomac, MD 1,439 6,846 220 1,439 7,066 8,505 4,215 4,290 4,495 — 1998 Eaves Columbia Town Center Columbia, MD 8,802 35,536 11,612 8,802 47,148 55,950 17,857 38,093 39,494 — 1986/1993 Avalon at Grosvenor Station Bethesda, MD 29,159 53,001 2,141 29,159 55,142 84,301 23,018 61,283 63,142 — 2004 Avalon at Traville Rockville, MD 14,365 55,398 2,756 14,365 58,154 72,519 23,257 49,262 49,241 73,057 2004 Avalon Russett Laurel, MD 10,200 47,524 2,813 10,200 50,337 60,537 7,350 53,187 54,836 39,972 1999/2013 Eaves Fair Lakes Fairfax, VA 6,096 24,400 8,352 6,096 32,752 38,848 18,921 19,927 20,965 — 1989/1996 AVA Ballston Arlington, VA 7,291 29,177 16,117 7,291 45,294 52,585 25,962 26,623 28,291 — 1990 Eaves Fairfax City Fairfax, VA 2,152 8,907 5,390 2,152 14,297 16,449 7,157 9,292 9,825 — 1988/1997 Avalon Park Crest Tysons Corner, VA 13,554 63,527 31 13,554 63,558 77,112 7,227 69,885 72,195 — 2013 Eaves Fairfax Towers Falls Church, VA 17,889 74,727 1,879 17,889 76,606 94,495 12,627 81,868 84,552 — 1978/2011 Avalon Ballston Place Arlington, VA 38,490 123,645 3,907 38,490 127,552 166,042 15,895 150,147 154,371 — 2001/2013 Eaves Tysons Corner Vienna, VA 16,030 45,420 2,581 16,030 48,001 64,031 7,362 56,669 58,495 — 1980/2013 Avalon Ballston Square Arlington, VA 71,640 215,937 12,072 71,640 228,009 299,649 31,147 268,502 274,405 — 1992/2013 Avalon Courthouse Place Arlington, VA 56,550 178,032 8,868 56,550 186,900 243,450 25,150 218,300 223,792 140,332 1999/2013 Avalon Reston Landing Reston, VA 26,710 83,084 4,405 26,710 87,489 114,199 13,195 101,004 104,285 — 2000/2013 TOTAL MID-ATLANTIC $ 510,531 $ 1,533,740 $ 133,552 $ 510,531 $ 1,667,292 $ 2,177,823 $ 376,943 $ 1,800,880 $ 1,850,140 $ 351,955 PACIFIC NORTHWEST Seattle, WA Avalon Redmond Place Redmond, WA $ 4,558 $ 18,368 $ 10,247 $ 4,558 $ 28,615 $ 33,173 $ 15,527 $ 17,646 $ 18,264 $ — 1991/1997 Avalon at Bear Creek Redmond, WA 6,786 27,641 3,595 6,786 31,236 38,022 18,732 19,290 20,397 — 1998/1998 Avalon Bellevue Bellevue, WA 6,664 24,119 1,726 6,664 25,845 32,509 13,251 19,258 20,223 25,103 2001 Avalon RockMeadow Bothell, WA 4,777 19,765 2,214 4,777 21,979 26,756 11,565 15,191 15,748 — 2000/2000 Avalon ParcSquare Redmond, WA 3,789 15,139 2,670 3,789 17,809 21,598 9,306 12,292 12,971 — 2000/2000 Avalon Brandemoor Lynnwood, WA 8,608 36,679 1,811 8,608 38,490 47,098 19,547 27,551 28,800 — 2001/2001 AVA Belltown Seattle, WA 5,644 12,733 888 5,644 13,621 19,265 6,856 12,409 12,877 61,769 2001 Avalon Meydenbauer Bellevue, WA 12,697 77,451 951 12,697 78,402 91,099 20,691 70,408 73,031 — 2008 Avalon Towers Bellevue Bellevue, WA — 123,030 815 — 123,845 123,845 23,476 100,369 104,838 — 2011 AVA Queen Anne Seattle, WA 12,081 41,618 347 12,081 41,965 54,046 5,917 48,129 49,689 — 2012 Avalon Brandemoor II Lynnwood, WA 2,655 11,343 — 2,655 11,343 13,998 1,849 12,149 12,563 — 2011 AVA Ballard Seattle, WA 16,460 46,926 918 16,460 47,844 64,304 4,620 59,684 60,540 — 2013 2015 2014 2015 Initial Cost Total Cost Community City and state Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Eaves Redmond Campus Redmond, WA 22,580 88,001 5,689 22,580 93,690 116,270 13,745 102,525 105,671 — 1991/2013 Archstone Redmond Lakeview Redmond, WA 10,250 26,842 1,965 10,250 28,807 39,057 4,440 34,617 35,621 — 1987/2013 TOTAL PACIFIC NORTHWEST $ 117,549 $ 569,655 $ 33,836 $ 117,549 $ 603,491 $ 721,040 $ 169,522 $ 551,518 $ 571,233 $ 86,872 NORTHERN CALIFORNIA San Jose, CA Avalon Campbell Campbell, CA $ 11,830 $ 47,828 $ 13,436 $ 11,830 $ 61,264 $ 73,094 $ 30,932 $ 42,162 $ 44,418 $ 38,800 1995 Eaves San Jose San Jose, CA 12,920 53,047 18,868 12,920 71,915 84,835 31,204 53,631 56,089 — 1985/1996 Avalon on the Alameda San Jose, CA 6,119 50,225 1,860 6,119 52,085 58,204 29,869 28,335 29,953 50,754 1999 Avalon Mountain View Mountain View, CA 9,755 39,393 9,960 9,755 49,353 59,108 27,178 31,930 33,117 17,700 1986 Avalon at Cahill Park San Jose, CA 4,765 47,600 1,484 4,765 49,084 53,849 22,565 31,284 33,049 — 2002 Avalon Towers on the Peninsula Mountain View, CA 9,560 56,136 1,118 9,560 57,254 66,814 27,109 39,705 41,684 — 2002 Avalon Willow Glen San Jose, CA 46,060 81,957 4,096 46,060 86,053 132,113 13,139 118,974 122,271 — 2002/2013 Eaves West Valley San Jose, CA 90,890 113,628 7,402 90,890 121,030 211,920 19,133 192,787 196,891 75,092 1970/2013 Eaves Mountain View at Middlefield Mountain View, CA 64,070 69,018 5,112 64,070 74,130 138,200 12,194 126,006 128,519 — 1969/2013 Total San Jose, CA $ 255,969 $ 558,832 $ 63,336 $ 255,969 $ 622,168 $ 878,137 $ 213,323 $ 664,814 $ 685,991 $ 182,346 Oakland - East Bay, CA Avalon Fremont Fremont, CA $ 10,746 $ 43,399 $ 5,270 $ 10,746 $ 48,669 $ 59,415 $ 29,899 $ 29,516 $ 31,121 $ — 1992/1994 Eaves Pleasanton Pleasanton, CA 11,610 46,552 21,421 11,610 67,973 79,583 35,631 43,952 46,042 — 1988/1994 Eaves Union City Union City, CA 4,249 16,820 2,918 4,249 19,738 23,987 12,153 11,834 12,499 — 1973/1996 Eaves Fremont Fremont, CA 6,581 26,583 9,731 6,581 36,314 42,895 20,388 22,507 23,696 — 1985/1994 Avalon Union City Union City, CA 14,732 104,025 710 14,732 104,735 119,467 23,419 96,048 99,329 — 2009 Avalon Walnut Creek Walnut Creek, CA — 146,035 2,208 — 148,243 148,243 27,731 120,512 125,195 137,789 2010 Eaves Walnut Creek (1) Walnut Creek, CA 30,320 82,375 11,632 30,320 94,007 124,327 12,658 111,669 108,646 — 1987/2013 Avalon Walnut Ridge II Walnut Creek, CA 27,190 57,041 3,386 27,190 60,427 87,617 9,093 78,524 80,540 — 1989/2013 Total Oakland - East Bay, CA $ 105,428 $ 522,830 $ 57,276 $ 105,428 $ 580,106 $ 685,534 $ 170,972 $ 514,562 $ 527,068 $ 137,789 San Francisco, CA Eaves Daly City Daly City, CA 4,230 9,659 18,742 4,230 28,401 32,631 15,793 16,838 17,747 — 1972/1997 AVA Nob Hill San Francisco, CA 5,403 21,567 6,934 5,403 28,501 33,904 15,043 18,861 19,825 20,800 1990/1995 Eaves San Rafael San Rafael, CA 5,982 16,885 24,396 5,982 41,281 47,263 19,364 27,899 29,067 — 1973/1996 Eaves Foster City Foster City, CA 7,852 31,445 11,207 7,852 42,652 50,504 22,693 27,811 29,298 — 1973/1994 Eaves Pacifica Pacifica, CA 6,125 24,796 2,727 6,125 27,523 33,648 16,591 17,057 17,867 17,600 1971/1995 2015 2014 2015 Initial Cost Total Cost Community City and state Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Sunset Towers San Francisco, CA 3,561 21,321 15,034 3,561 36,355 39,916 17,333 22,583 23,640 — 1961/1996 Eaves Diamond Heights San Francisco, CA 4,726 19,130 5,844 4,726 24,974 29,700 13,772 15,928 16,670 — 1972/1994 Avalon at Mission Bay North San Francisco, CA 14,029 78,452 2,855 14,029 81,307 95,336 36,002 59,334 61,896 68,890 2003 Avalon at Mission Bay III San Francisco, CA 28,687 119,156 75 28,687 119,231 147,918 26,937 120,981 125,215 — 2009 Avalon Ocean Avenue San Francisco, CA 5,544 50,883 1,759 5,544 52,642 58,186 6,740 51,446 53,340 — 2012 Avalon San Bruno San Bruno, CA 40,780 68,684 3,028 40,780 71,712 112,492 10,028 102,464 104,932 64,450 2004/2013 Avalon San Bruno II San Bruno, CA 23,787 44,934 1,669 23,787 46,603 70,390 6,080 64,310 65,862 30,514 2007/2013 Avalon San Bruno III San Bruno, CA 33,303 62,910 2,412 33,303 65,322 98,625 8,517 90,108 92,222 55,650 2010/2013 Total San Francisco, CA $ 184,009 $ 569,822 $ 96,682 $ 184,009 $ 666,504 $ 850,513 $ 214,893 $ 635,620 $ 657,581 $ 257,904 TOTAL NORTHERN CALIFORNIA $ 545,406 $ 1,651,484 $ 217,294 $ 545,406 $ 1,868,778 $ 2,414,184 $ 599,188 $ 1,814,996 $ 1,870,640 $ 578,039 SOUTHERN CALIFORNIA Los Angeles, CA Avalon Woodland Hills Woodland Hills, CA $ 23,828 $ 40,372 $ 47,354 $ 23,828 $ 87,726 $ 111,554 $ 39,443 $ 72,111 $ 74,700 $ — 1989/1997 Eaves Warner Center Woodland Hills, CA 7,045 12,986 9,445 7,045 22,431 29,476 13,887 15,589 16,318 — 1979/1998 Avalon at Glendale Glendale, CA — 42,564 1,319 — 43,883 43,883 18,482 25,401 26,796 — 2003 Avalon Burbank Burbank, CA 14,053 56,827 23,979 14,053 80,806 94,859 32,102 62,757 65,454 — 1988/2002 Avalon Camarillo Camarillo , CA 8,446 40,290 409 8,446 40,699 49,145 13,574 35,571 36,646 — 2006 Avalon Wilshire Los Angeles, CA 5,459 41,182 1,058 5,459 42,240 47,699 12,740 34,959 36,418 — 2007 Avalon Encino Encino, CA 12,789 49,073 576 12,789 49,649 62,438 12,575 49,863 51,445 — 2008 Avalon Warner Place Canoga Park, CA 7,920 44,848 224 7,920 45,072 52,992 12,078 40,914 42,429 — 2008 Eaves Phillips Ranch Pomona, CA 9,796 41,740 429 9,796 42,169 51,965 7,038 44,927 46,266 — 1989/2011 Eaves San Dimas San Dimas, CA 1,916 7,819 1,037 1,916 8,856 10,772 1,391 9,381 9,165 — 1978/2011 Eaves San Dimas Canyon San Dimas, CA 2,953 12,428 322 2,953 12,750 15,703 2,135 13,568 13,909 — 1981/2011 Eaves Cerritos Artesia, CA 8,305 21,195 1,430 8,305 22,625 30,930 2,787 28,143 28,901 — 1973/2012 Avalon Playa Vista Los Angeles, CA 30,900 72,008 2,160 30,900 74,168 105,068 8,456 96,612 97,584 — 2006/2012 Avalon Simi Valley Simi Valley, CA 42,020 73,361 4,564 42,020 77,925 119,945 11,883 108,062 110,634 — 2007/2013 Avalon Studio City II Studio City, CA 4,626 22,954 1,222 4,626 24,176 28,802 3,353 25,449 26,306 — 1991/2013 Avalon Studio City III Studio City, CA 15,756 78,178 3,607 15,756 81,785 97,541 11,304 86,237 88,924 — 2002/2013 Avalon Calabasas Calabasas, CA 42,720 107,642 8,461 42,720 116,103 158,823 18,337 140,486 143,201 99,166 1988/2013 Avalon Oak Creek Agoura Hills, CA 43,540 79,974 4,999 43,540 84,973 128,513 13,868 114,645 117,487 85,288 2004/2013 Avalon Del Mar Station Pasadena, CA 20,560 106,556 3,363 20,560 109,919 130,479 13,319 117,160 120,743 76,471 2006/2013 Eaves Old Town Pasadena Pasadena, CA 9,110 15,371 1,376 9,110 16,747 25,857 2,686 23,171 23,616 15,669 1972/2013 2015 2014 2015 Initial Cost Total Cost Community City and state Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Eaves Thousand Oaks Thousand Oaks, CA 13,950 20,211 2,153 13,950 22,364 36,314 4,166 32,148 33,006 27,411 1992/2013 Eaves Los Feliz Los Angeles, CA 18,940 43,661 3,433 18,940 47,094 66,034 7,096 58,938 60,298 43,258 1989/2013 Eaves Woodland Hills Woodland Hills, CA 68,940 90,549 9,449 68,940 99,998 168,938 17,097 151,841 155,277 104,694 1971/2013 Avalon Thousand Oaks Plaza Thousand Oaks, CA 12,810 22,581 1,873 12,810 24,454 37,264 4,172 33,092 33,972 — 2002/2013 Total Los Angeles, CA $ 426,382 $ 1,144,370 $ 134,242 $ 426,382 $ 1,278,612 $ 1,704,994 $ 283,969 $ 1,421,025 $ 1,459,495 $ 451,957 Orange County, CA AVA Newport Costa Mesa, CA $ 1,975 $ 3,814 $ 9,801 $ 1,975 $ 13,615 $ 15,590 $ 5,998 $ 9,592 $ 10,100 $ — 1956/1996 Eaves Mission Viejo Mission Viejo, CA 2,517 9,257 3,466 2,517 12,723 15,240 7,564 7,676 7,400 7,635 1984/1996 Eaves South Coast Costa Mesa, CA 4,709 16,063 12,895 4,709 28,958 33,667 14,897 18,770 19,657 — 1973/1996 Eaves Santa Margarita Rancho Santa Margarita, CA 4,607 16,911 10,427 4,607 27,338 31,945 13,779 18,166 19,012 — 1990/1997 Eaves Huntington Beach Huntington Beach, CA 4,871 19,745 9,656 4,871 29,401 34,272 17,769 16,503 17,489 — 1971/1997 Avalon Anaheim Stadium Anaheim, CA 27,874 69,156 706 27,874 69,862 97,736 16,932 80,804 83,316 — 2009 Avalon Irvine Irvine, CA 9,911 67,524 68 9,911 67,592 77,503 14,941 62,562 64,983 — 2010 Avalon Irvine II Irvine, CA 4,358 40,906 — 4,358 40,906 45,264 4,241 41,023 42,511 — 2013 Eaves Lake Forest Lake Forest, CA 5,199 21,134 2,131 5,199 23,265 28,464 3,866 24,598 25,441 — 1975/2011 Eaves Seal Beach Seal Beach, CA 46,790 99,999 4,748 46,790 104,747 151,537 15,067 136,470 140,246 — 1971/2013 Total Orange County, CA $ 112,811 $ 364,509 $ 53,898 $ 112,811 $ 418,407 $ 531,218 $ 115,054 $ 416,164 $ 430,155 $ 7,635 San Diego, CA Eaves Mission Ridge San Diego, CA $ 2,710 $ 10,924 $ 11,357 $ 2,710 $ 22,281 $ 24,991 $ 12,987 $ 12,004 $ 12,684 $ — 1960/1997 AVA Cortez Hill San Diego, CA 2,768 20,134 23,497 2,768 43,631 46,399 20,396 26,003 27,513 — 1973/1998 Avalon Fashion Valley San Diego, CA 19,627 44,972 399 19,627 45,371 64,998 11,485 53,513 55,029 — 2008 Eaves San Marcos San Marcos, CA 3,277 13,385 982 3,277 14,367 17,644 2,377 15,267 15,653 — 1988/2011 Eaves Rancho Penasquitos San Diego, CA 6,692 27,143 2,027 6,692 29,170 35,862 4,715 31,147 31,972 — 1986/2011 Eaves La Mesa La Mesa, CA 9,490 28,482 1,354 9,490 29,836 39,326 4,513 34,813 36,077 — 1989/2013 Total San Diego, CA $ 44,564 $ 145,040 $ 39,616 $ 44,564 $ 184,656 $ 229,220 $ 56,473 $ 172,747 $ 178,928 $ — TOTAL SOUTHERN CALIFORNIA $ 583,757 $ 1,653,919 $ 227,756 $ 583,757 $ 1,881,675 $ 2,465,432 $ 455,496 $ 2,009,936 $ 2,068,578 $ 459,592 TOTAL ESTABLISHED COMMUNITIES $ 2,711,536 $ 8,768,161 $ 911,889 $ 2,711,536 $ 9,680,050 $ 12,391,586 $ 2,715,827 $ 9,675,759 $ 9,945,347 $ 2,404,461 2015 2014 2015 Initial Cost Total Cost Community City and state Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of OTHER STABILIZED Eaves Dublin Dublin, CA $ 5,276 $ 19,642 $ 12,310 $ 5,276 $ 31,952 $ 37,228 $ 15,397 $ 21,831 $ 19,902 $ — 1989/1997 AVA Burbank Burbank, CA 22,483 28,104 48,165 22,483 76,269 98,752 35,042 63,710 66,594 — 1961/1997 AVA Pacific Beach San Diego, CA 9,922 40,580 40,107 9,922 80,687 90,609 35,087 55,522 49,113 — 1969/1997 Eaves Creekside Mountain View, CA 6,546 26,263 21,310 6,546 47,573 54,119 22,428 31,691 33,054 — 1962/1997 AVA Pasadena Pasadena, CA 8,400 11,547 5,514 8,400 17,061 25,461 1,950 23,511 24,016 11,489 1973/2012 AVA 55 Ninth San Francisco, CA 20,267 97,211 1,135 20,267 98,346 118,613 5,709 112,904 114,536 — 2014 Avalon Morrison Park San Jose, CA 13,837 64,527 — 13,837 64,527 78,364 4,128 74,236 76,418 — 2014 Avalon San Dimas San Dimas, CA 9,141 30,708 — 9,141 30,708 39,849 1,458 38,391 39,272 — 2014 Avalon Mission Oaks Camarillo, CA 9,600 34,540 2,889 9,600 37,429 47,029 2,606 44,423 46,907 — 2014 Toluca Hills Apartments by Avalon Los Angeles, CA 85,450 161,256 11,171 85,450 172,427 257,877 26,708 231,169 236,149 — 1973/2013 Avalon Berkeley Berkeley, CA 4,500 28,430 — 4,500 28,430 32,930 1,484 31,446 32,679 — 2014 Eaves West Valley II San Jose, CA — 18,412 — — 18,412 18,412 1,411 17,001 17,676 7,995 2013 Avalon Studio City Studio City, CA 17,658 90,715 4,837 17,658 95,552 113,210 13,012 100,198 102,765 — 1987/2013 Eaves Trumbull Trumbull, CT 4,414 31,254 3,860 4,414 35,114 39,528 22,039 17,489 18,515 38,852 1997 Avalon Shelton III Shelton, CT 7,749 40,269 — 7,749 40,269 48,018 3,732 44,286 46,440 — 2013 Avalon East Norwalk Norwalk, CT 10,395 36,246 — 10,395 36,246 46,641 2,981 43,660 44,875 — 2013 Avalon at Stratford Stratford, CT 2,564 27,109 — 2,564 27,109 29,673 1,322 28,351 29,107 — 2014 Avalon Oaks Wilmington, MA 2,129 18,302 4,265 2,129 22,567 24,696 11,925 12,771 11,749 — 1999 Avalon Natick Natick, MA 15,645 64,845 — 15,645 64,845 80,490 5,752 74,738 76,754 51,230 2013 Avalon at Assembly Row Somerville, MA 8,504 — 47,432 8,504 47,432 55,936 2,179 53,757 56,158 — 2015 Eaves Burlington Burlington, MA 7,714 32,502 5,210 7,714 37,712 45,426 3,726 41,700 42,947 — 1988/2012 Avalon Canton at Blue Hills Canton, MA 6,562 33,890 105 6,562 33,995 40,557 2,014 38,543 38,984 — 2014 Avalon Burlington Burlington, MA 15,600 58,312 14,929 15,600 73,241 88,841 7,761 81,080 76,409 — 1989/2013 Avalon at Edgewater (2) Edgewater, NJ 14,528 24,389 1,517 14,528 25,906 40,434 12,981 27,453 50,185 — 2002 Avalon Somerset Somerset, NJ 18,241 58,343 — 18,241 58,343 76,584 5,510 71,074 73,201 — 2013 Avalon Bloomingdale Bloomingdale, NJ 3,006 27,800 — 3,006 27,800 30,806 2,136 28,670 29,628 — 2014 Avalon Green Elmsford, NY 1,820 10,525 6,951 1,820 17,476 19,296 8,585 10,711 5,989 — 1995 AVA High Line New York, NY — 155,989 — — 155,989 155,989 3,878 152,111 150,721 — 2015 Avalon Ossining Ossining, NY 6,390 30,297 — 6,390 30,297 36,687 1,876 34,811 35,722 — 2014 Archstone Lexington Flower Mound, TX 4,540 25,946 1,863 4,540 27,809 32,349 4,643 27,706 28,758 16,255 2000/2013 Archstone Toscano Houston, TX 15,607 72,365 — 15,607 72,365 87,972 5,817 82,155 84,442 — 2014 Memorial Heights Villages Houston, TX 9,607 42,936 — 9,607 42,936 52,543 2,232 50,311 51,047 — 2014 Avalon Tysons Corner Tysons Corner, VA 13,851 43,397 12,485 13,851 55,882 69,733 28,807 40,926 42,570 — 1996 2015 2014 2015 Initial Cost Total Cost Community City and state Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Arlington North Arlington, VA 21,600 59,077 — 21,600 59,077 80,677 3,601 77,076 78,895 — 2014 Oakwood Arlington Arlington, VA 18,850 38,545 2,156 18,850 40,701 59,551 5,707 53,844 54,927 — 1987/2013 AVA University District Seattle, WA 12,594 60,773 293 12,594 61,066 73,660 4,386 69,274 71,367 — 2014 TOTAL OTHER STABILIZED $ 434,990 $ 1,645,046 $ 248,504 $ 434,990 $ 1,893,550 $ 2,328,540 $ 320,010 $ 2,008,530 $ 2,058,471 $ 125,821 LEASE-UP Avalon Exeter Boston, MA $ 16,313 $ 110,043 $ 148 $ 16,313 $ 110,191 $ 126,504 $ 5,827 $ 120,677 $ 122,588 $ — 2014 AVA Somerville Somerville, MA 10,902 — 60,810 10,902 60,810 71,712 2,794 68,918 71,998 — 2015 AVA Theater District Boston, MA 17,014 160,167 — 17,014 160,167 177,181 1,924 175,257 133,082 — 2015 Avalon Marlborough Marlborough, MA 15,312 59,079 — 15,312 59,079 74,391 931 73,460 46,903 — 2015 Avalon Framingham Framingham, MA 9,303 34,004 — 9,303 34,004 43,307 206 43,101 18,335 — 2015 Avalon Huntington Station Huntington Station, NY 21,896 58,602 — 21,896 58,602 80,498 2,964 77,534 78,571 — 2014 Avalon Wharton Wharton, NJ 2,273 48,504 — 2,273 48,504 50,777 1,698 49,079 48,531 — 2015 Avalon Bloomfield Station Bloomfield, NJ 10,695 39,897 — 10,695 39,897 50,592 624 49,968 29,680 — 2015 Avalon Roseland Roseland, NJ 11,265 34,504 — 11,265 34,504 45,769 753 45,016 33,143 — 2015 Avalon West Chelsea New York, NY — 119,361 — — 119,361 119,361 10,341 109,020 117,562 — 2015 Avalon Mosaic Fairfax, VA 33,488 75,723 — 33,488 75,723 109,211 4,911 104,300 106,456 — 2014 Avalon Alderwood I Lynnwood, WA 12,294 55,423 — 12,294 55,423 67,717 2,470 65,247 65,614 — 2015 Avalon Dublin Station Dublin, CA 7,772 70,902 — 7,772 70,902 78,674 4,372 74,302 77,015 — 2014 Avalon Hayes Valley San Francisco, CA 12,594 79,800 — 12,594 79,800 92,394 1,992 90,402 79,572 — 2015 Avalon Vista Vista, CA 12,686 42,661 — 12,686 42,661 55,347 888 54,459 36,630 — 2015 Avalon Baker Ranch Lake Forest, CA 31,687 97,419 — 31,687 97,419 129,106 2,181 126,925 110,748 — 2015 AVA Little Tokyo Los Angeles, CA 14,734 93,470 222 14,734 93,692 108,426 3,630 104,796 105,404 — 2015 TOTAL LEASE-UP $ 240,228 $ 1,179,559 $ 61,180 $ 240,228 $ 1,240,739 $ 1,480,967 $ 48,506 $ 1,432,461 $ 1,281,832 $ — 2015 2014 2015 Initial Cost Total Cost Community City and state Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of REDEVELOPMENT Avalon Silicon Valley Sunnyvale, CA $ 20,713 $ 99,573 $ 11,163 $ 20,713 $ 110,736 $ 131,449 $ 62,735 $ 68,714 $ 65,997 $ — 1998 Avalon Santa Monica on Main Santa Monica, CA 32,000 60,770 11,000 32,000 71,770 103,770 8,732 95,038 89,409 — 2007/2013 Avalon La Jolla Colony San Diego, CA 16,760 27,694 3,687 16,760 31,381 48,141 4,852 43,289 42,888 27,176 1987/2013 Avalon Walnut Ridge I Walnut Creek, CA 9,860 19,850 2,549 9,860 22,399 32,259 2,908 29,351 28,429 20,754 2000/2013 Avalon Pasadena Pasadena, CA 10,240 31,558 2,719 10,240 34,277 44,517 4,627 39,890 40,103 28,079 2004/2013 AVA Back Bay Boston, MA 9,034 36,540 39,506 9,034 76,046 85,080 28,618 56,462 55,733 — 1968/1998 Avalon Bear Hill Waltham, MA 27,350 96,387 18,621 27,350 115,008 142,358 14,991 127,367 118,155 — 1999/2013 Avalon Towers Long Beach, NY 3,118 11,973 20,127 3,118 32,100 35,218 12,753 22,465 13,914 — 1990/1995 Avalon at Arlington Square Arlington, VA 22,041 90,296 18,070 22,041 108,366 130,407 46,173 84,234 72,275 — 2001 TOTAL REDEVLOPMENT $ 151,116 $ 474,641 $ 127,442 $ 151,116 $ 602,083 $ 753,199 $ 186,389 $ 566,810 $ 526,903 $ 76,009 TOTAL CURRENT COMMUNITIES $ 3,537,870 $ 12,067,407 $ 1,349,015 $ 3,537,870 $ 13,416,422 $ 16,954,292 $ 3,270,732 $ 13,683,560 $ 13,812,553 $ 2,606,291 DEVELOPMENT Avalon Glendora Glendora, CA $ 10,530 $ 37,448 $ 34,090 $ 10,530 $ 71,538 $ 82,068 $ 338 $ 81,730 $ 52,146 $ — N/A Avalon Irvine III Irvine, CA — 774 51,534 — 52,308 52,308 — 52,308 26,303 — N/A Avalon Dublin Station II Dublin, CA 1,848 18,949 59,948 1,848 78,897 80,745 54 80,691 43,422 — N/A Avalon West Hollywood West Hollywood, CA — — 93,676 — 93,676 93,676 — 93,676 58,128 — N/A Avalon Chino Hills Chino Hills, CA — 72 24,567 — 24,639 24,639 — 24,639 N/A — N/A Avalon Dogpatch San Francisco, CA — 182 62,124 — 62,306 62,306 — 62,306 N/A — N/A Avalon Huntington Beach Huntington Beach, CA — 981 87,648 — 88,629 88,629 — 88,629 40,739 — N/A AVA NoMa Washington, DC — 211 47,583 — 47,794 47,794 — 47,794 N/A — N/A Avalon North Station Boston, MA — 117 142,794 — 142,911 142,911 — 142,911 46,268 — N/A Avalon Quincy Quincy, MA — 40 34,458 — 34,498 34,498 — 34,498 N/A — N/A AVA Wheaton Wheaton, MD — 144 18,151 — 18,295 18,295 — 18,295 14,347 — N/A Avalon Hunt Valley Hunt Valley, MD — 310 28,920 — 29,230 29,230 — 29,230 N/A — N/A Avalon Laurel Laurel, MD — 220 30,788 — 31,008 31,008 — 31,008 N/A — N/A Avalon Princeton Princeton, NJ — 202 49,869 — 50,071 50,071 — 50,071 35,456 — N/A Avalon Union Union, NJ 468 2,126 36,867 468 38,993 39,461 5 39,456 12,717 — N/A Avalon Maplewood Maplewood, NJ — 79 19,101 — 19,180 19,180 — 19,180 N/A — N/A Avalon Willoughby Square/AVA DoBro Brooklyn, NY 9,145 25,827 373,975 9,145 399,802 408,947 135 408,812 266,318 — N/A 2015 2014 2015 Initial Cost Total Cost Community City and state Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Green III Elmsford, NY 2,786 9,674 8,689 2,786 18,363 21,149 46 21,103 1,447 — N/A Avalon Great Neck Great Neck, NY — 69 26,168 — 26,237 26,237 — 26,237 N/A — N/A Avalon Sheepshead Bay Brooklyn, NY — 104 20,290 — 20,394 20,394 — 20,394 N/A — N/A Avalon Rockville Centre II Rockville Centre, NY — — 11,302 — 11,302 11,302 — 11,302 N/A — N/A Avalon Falls Church Falls Church, VA 35,018 61,217 8,243 35,018 69,460 104,478 1,040 103,438 69,631 — N/A AVA Capitol Hill Seattle, WA 4,139 13,031 61,910 4,139 74,941 79,080 72 79,008 39,870 — N/A Avalon Esterra Park Redmond, WA — 179 84,249 — 84,428 84,428 — 84,428 33,523 — N/A Avalon Alderwood II Redmond, WA — — 14,264 — 14,264 14,264 — 14,264 N/A — N/A Avalon Newcastle I Newcastle, WA — — 27,140 — 27,140 27,140 — 27,140 N/A — N/A TOTAL DEVELOPMENT $ 63,934 $ 171,956 $ 1,458,348 $ 63

Organization, Basis of Presen22

Organization, Basis of Presentation, and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Organization	Organization AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986 (the “Code”). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. At December 31, 2015 , the Company owned or held a direct or indirect ownership interest in 259 operating apartment communities containing 75,584 apartment homes in 11 states and the District of Columbia, of which nine communities containing 2,795 apartment homes were under reconstruction. In addition, the Company owned or held a direct or indirect ownership interest in 26 communities under construction that are expected to contain an aggregate of 8,112 apartment homes when completed. The Company also owned or held a direct or indirect ownership interest in land or rights to land in which the Company expects to develop an additional 32 communities that, if developed as expected, will contain an estimated 9,634 apartment homes. Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K.
Principles of Consolidation	Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualify for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. As of December 31, 2015, the Company has adopted ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis. See discussion under "Recently Issued and Adopted Accounting Standards" for further details. The Company accounts for joint venture entities and subsidiary partnerships in accordance with the consolidation guidance. The Company evaluates the partnership of each joint venture entity and determines first whether to follow the variable interest (“VIE”) or the voting interest (“VOE”) model. Once the appropriate consolidation model is identified, the Company then evaluates whether it should consolidate the venture. Under the VIE model, the Company consolidates an investment when it has control to direct the activities of the venture and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, the Company consolidates an investment when 1) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or 2) it controls the investment through its ability to remove the other partners in the investment, at its discretion, when the investment is a limited partnership. The Company generally uses the equity method of accounting for its investment in joint ventures, under all other potential scenarios, including where the Company holds a noncontrolling limited partner interest in a joint venture. Any investment in excess of the Company's cost basis at acquisition or formation of an equity method venture, will be recorded as a component of the Company's investment in the joint venture and recognized over the life of the underlying fixed assets of the venture as a reduction to its equity in income (loss) from the venture. Investments in which the Company has little or no influence are accounted for using the cost method.
Revenue and Gain Recognition	Revenue and Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents as required by the accounting guidance applicable to leases, which provides guidance on classification and recognition. In accordance with the Company's standard lease terms, rental payments are generally due on a monthly basis. Any cash concessions given at the inception of the lease are amortized over the approximate life of the lease, which is generally one year. The Company records a charge to income for outstanding receivables greater than 90 days past due as a component of operating expenses, excluding property taxes on the accompanying Consolidated Statements of Comprehensive Income. The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete and the Company does not have significant continuing involvement.
Real Estate	Real Estate Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an asset are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Improvements and upgrades are generally capitalized only if the item exceeds $15,000 , extends the useful life of the asset and is not related to making an apartment home ready for the next resident. Purchases of personal property, such as computers and furniture, are generally capitalized only if the item is a new addition and exceeds $2,500 . The Company generally expenses purchases of personal property made for replacement purposes. Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is delivered and is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate. For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings as incurred. The Company defers external costs associated with originating new leases, recognizing the impact of these costs in earnings over the term of the lease. The Company has previously acquired as a Development Right three land parcels partially improved with office buildings, industrial space and other commercial and residential ventures occupied by unrelated third parties. As of December 31, 2015 , the Company is actively pursuing development of these parcels. The Company expenses all costs incurred related to acquisitions of land parcels improved with commercial and/or residential ventures occupied by unrelated third parties. For land parcels for which the Company intends to pursue development, the Company will manage the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on these land parcels in excess of any incremental costs are being recorded as a reduction of total capitalized costs of the Development Right and not as part of net income. In connection with the acquisition of an operating community, the Company identifies and records each asset acquired and liability assumed in such transaction at its estimated fair value at the date of acquisition. The purchase price allocations to tangible assets, such as land and improvements, buildings and improvements, and furniture, fixtures and equipment, and the in-place lease intangible assets, are reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company expenses all costs incurred related to acquisitions of operating communities. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities. The approach applies industry standard replacement costs adjusted for geographic specific considerations, and reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of the acquired lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. The lease-up period for an apartment community is assumed to be 12 months to achieve stabilized occupancy. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market rents obtained for market comparables, and considered a market derived discount rate. Given the significance of unobservable inputs used in the value of real estate assets acquired, the Company classifies them as Level 3 prices in the fair value hierarchy. Depreciation is calculated on buildings and improvements using the straight-line method over their estimated useful lives, which range from seven to 30 years. Furniture, fixtures and equipment are generally depreciated using the straight-line method over their estimated useful lives, which range from three years (primarily computer-related equipment) to seven years.
Income Taxes	Income Taxes As of December 31, 2015 and 2014 , the Company did not have any unrecognized tax benefits. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next 12 months. The Company is subject to examination by the respective taxing authorities for the tax years 2012 through 2014 . The Company elected to be taxed as a REIT under the Code for its tax year ended December 31, 1994 and has not revoked such election. A corporate REIT is a legal entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT the Company generally will not be subject to corporate level federal income tax on taxable income if it distributes 100% of its taxable income over the time period allowed under the Code to its stockholders. The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2015 , 2014 and 2013 . In addition, taxable income from non-REIT activities performed through taxable REIT subsidiaries ("TRS") is subject to federal, state and local income taxes. The Company incurred income tax expense of $1,861,000 and $9,368,000 in 2015 and 2014, respectively, associated primarily with disposition activities transacted through a TRS.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include fees and other expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the term of the loan or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs related to unsecured notes was $11,995,000 and $8,833,000 as of December 31, 2015 and 2014 , respectively, and related to mortgage notes payable was $12,315,000 and $12,255,000 as of December 31, 2015 and 2014 , respectively. In accordance with the new debt issuance costs guidance, deferred financing costs, except for costs associated with line-of-credit arrangements, are presented as a direct deduction from the related debt liability. See "Change in Accounting Principle" for discussion. Accumulated amortization of deferred financing costs related to the Company's Credit Facility was $4,967,000 and $3,356,000 as of December 31, 2015 and 2014 , respectively, and was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.
Cash, Cash Equivalents and Cash in Escrow	Cash, Cash Equivalents and Cash in Escrow Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes principal reserve funds that are restricted for the repayment of specified secured financing. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks.
Comprehensive Income	Comprehensive Income Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships.
Earnings per Common Share	Earnings per Common Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share ("EPS"). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the year ended 12/31/15 12/31/14 12/31/13 Basic and diluted shares outstanding Weighted average common shares—basic 133,565,711 130,586,718 126,855,754 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 1,019,966 643,284 402,649 Weighted average common shares—diluted 134,593,177 131,237,502 127,265,903 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 742,038 $ 683,567 $ 353,141 Net income allocated to unvested restricted shares (1,774 ) (1,523 ) (563 ) Net income attributable to common stockholders, adjusted $ 740,264 $ 682,044 $ 352,578 Weighted average common shares—basic 133,565,711 130,586,718 126,855,754 Earnings per common share—basic $ 5.54 $ 5.22 $ 2.78 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 742,038 $ 683,567 $ 353,141 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 38 35 32 Adjusted net income attributable to common stockholders $ 742,076 $ 683,602 $ 353,173 Weighted average common shares—diluted 134,593,177 131,237,502 127,265,903 Earnings per common share—diluted $ 5.51 $ 5.21 $ 2.78 Dividends per common share $ 5.00 $ 4.64 $ 4.28 Certain options to purchase shares of common stock in the amount of 605,899 were outstanding as of December 31, 2013 , but were not included in the computation of diluted earnings per share because such options were anti-dilutive for the period. All options to purchase shares of common stock outstanding as of December 31, 2015 and 2014 are included in the computation of diluted earnings per share. The Company is required to estimate the forfeiture of stock options and recognize compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost are adjusted to reflect actual forfeitures at the end of the vesting period. The forfeiture rate at December 31, 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 years ended December 31, 2015 , 2014 and 2013 .
Abandoned Pursuit Costs, Impairment of Long-Lived Assets and Casualty Loss	Abandoned 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 acquisition and disposition activity did not occur, in the amounts of $3,016,000 , $3,964,000 and $998,000 during the years ended December 31, 2015 , 2014 and 2013 , respectively. These costs are included in expensed acquisition, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. The Company evaluates its real estate and other long-lived assets for impairment when potential indicators of impairment exist. Such assets are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of a property or long-lived asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the property or 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 property or long-lived asset. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2015 , 2014 and 2013 , the Company did not recognize any impairment losses for wholly-owned operating real estate assets, and did not record any impairment losses other than those related to the impairment on land held for investment and casualty gains and losses from property damage in 2015 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 material impairment charges on its investment in land during the years ended December 31, 2015 , 2014 and 2013 . The Company also evaluates its unconsolidated investments for other than temporary impairment, considering both the extent and amount by which the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. There were no material other than temporary impairment losses recognized by any of the Company's investments in unconsolidated entities during the years ended December 31, 2015 , 2014 or 2013 . Casualty Gains and Losses The Company recorded a net casualty gain of $15,538,000 associated with the fire at Edgewater for the year ended December 31, 2015 , which is included in casualty (gain) loss and impairment loss, net, on the accompanying Consolidated Statements of Comprehensive Income. The net casualty gain is comprised of $44,142,000 in third-party insurance proceeds received by the Company, 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 $6,760,000 to record demolition and additional incident expenses. See Note 7, "Commitments and Contingencies, Legal Contingencies," for further discussion of the Edgewater fire. During the year ended December 31, 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 (gain) loss and impairment loss, net on the accompanying Consolidated Statements of Comprehensive Income. The Company did not incur a casualty loss in 2014 or 2013 . A casualty loss may also result in lost operating income from one or more communities that is covered by the Company’s business interruption insurance policies. The Company recognizes income for amounts received under its business interruption insurance policies as a component of rental and other income in the Consolidated Statements of Comprehensive Income. Revenue is recognized upon resolution of all contingencies related to the receipt, typically upon written confirmation by the insurer or receipt of the actual proceeds. The Company recognized $1,509,000 , $2,494,000 and $299,000 in income related business interruption insurance proceeds for the years ended December 31, 2015 , 2014 and 2013 , respectively.
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the Company's Consolidated Statements of Comprehensive Income. Held for sale and discontinued operations classifications are provided in both the current and prior periods presented. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Both the real estate assets and corresponding liabilities are presented separately in the accompanying Consolidated Balance Sheets. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations, and for those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations will not have any impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had one operating community that qualified for held for sale presentation at December 31, 2015 .
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Redeemable noncontrolling interests are comprised of potential future obligations of the Company, which allow the investors holding the noncontrolling interest to require the Company to purchase their interest. The Company classifies obligations under the redeemable noncontrolling interests at fair value, with a corresponding offset for changes in the fair value recorded in accumulated earnings less dividends. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interest's initial basis. The redeemable noncontrolling interests are presented outside of permanent equity as settlement in shares of the Company's common stock, where permitted, may not be within the Company's control. The nature and valuation of the Company's redeemable noncontrolling interests are discussed further in Note 11, "Fair Value."
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an on-going basis. Hedge ineffectiveness is reported as a component of general and administrative expenses. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. Other than the $51,000,000 loss on interest rate contract recorded during 2013, fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivative positions that the Company has determined qualify as effective cash flow hedges, the Company has recorded the effective portion of cumulative changes in the fair value of the Hedging Derivatives in other comprehensive income. Amounts recorded in other comprehensive income will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that the Company has determined qualified as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding debt being hedged. See Note 11, "Fair Value," for further discussion of derivative financial instruments.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests represent our joint venture partners' claims on consolidated investments where the Company owns less than a 100% interest. The Company records these interests at their initial fair value, adjusting the basis prospectively for the joint venture partners' share of the respective consolidated investments' results of operations and applicable changes in ownership.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to amounts in prior years' financial statements to conform to current year presentations as a result of changes in held for sale classification as described in Note 6, “Real Estate Disposition Activities.”
Recently Issued and Adopted Accounting Standards and Change in Accounting Principle	Recently Issued and Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases, amending the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The Company is assessing whether the new standard will have a material effect on its financial position or results of operations. 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 and only impacts financial statement presentation. In August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. The guidance codified the SEC staff's view on the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements consistent with prior practice as an asset. As of December 31, 2015, the Company has adopted the guidance retrospectively for all prior periods. See discussion under "Change in Accounting Principle." 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. As of December 31, 2015, the Company has adopted the guidance, and there was no material effect on its financial position or results of operations. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to assess an entity’s ability to continue as a going concern. The guidance is effective in the fourth quarter of 2016 and allows for early adoption. The Company is assessing whether the new standard will have a material effect on its financial position or results of operations. 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers-Deferral of the Effective Date, which defers the effective date of the new revenue recognition standard until the first quarter of 2018. The Company is assessing whether the new standard will have a material effect on its financial position or results of operations. In April 2014, the FASB issued ASU 2014-08, guidance updating the accounting and reporting for discontinued operations, under which only disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations. The standard also requires expanded disclosures about dispositions that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations, as well as disposals of a significant part of an entity that does not qualify for discontinued operations reporting. The standard was effective in the first quarter of 2015 and the Company adopted the guidance as of January 1, 2014, as discussed in Note 7, “Real Estate Disposition Activities.” Change in Accounting Principle As of December 31, 2015 , the Company adopted the new debt issuance costs guidance issued in April 2015 and therefore has retrospectively adjusted the presentation of deferred financing costs on the Consolidated Balance Sheets for all prior periods. See discussion under "Recently Issued and Adopted Accounting Standards." The guidance requires debt issuance costs to be presented as a direct deduction from the related debt liability rather than as an asset, except for costs associated with line-of-credit arrangements. The prior period amounts that have been impacted by the new guidance and retrospectively adjusted include (i) deferred financing costs, net, (ii) unsecured notes, net, and (iii) mortgage notes payable, net, located on the Consolidated Balance Sheets. The following table presents the impact of the change in accounting principle to the condensed Consolidated Balance Sheet as of December 31, 2014 : 12/31/14 Impact of change in accounting principle 12/31/14 (as previously reported) (as adjusted and currently reported) ASSETS Total real estate, net $ 14,935,740 $ — $ 14,935,740 Cash and cash equivalents 509,460 — 509,460 Cash in escrow 95,625 — 95,625 Resident security deposits 29,617 — 29,617 Investments in unconsolidated real estate entities 298,315 — 298,315 Deferred development costs 67,029 — 67,029 Prepaid expenses and other assets 240,937 (36,145 ) 204,792 Total assets $ 16,176,723 $ (36,145 ) $ 16,140,578 LIABILITIES AND EQUITY Unsecured notes, net $ 2,993,265 $ (17,732 ) $ 2,975,533 Variable rate unsecured credit facility — — — Mortgage notes payable, net 3,532,587 (18,413 ) 3,514,174 Other liabilities 591,701 — 591,701 Total liabilities 7,117,553 (36,145 ) 7,081,408 Redeemable noncontrolling interests 12,765 — 12,765 Total equity 9,046,405 — 9,046,405 Total liabilities and equity $ 16,176,723 $ (36,145 ) $ 16,140,578 The impact of the change in accounting principle as of December 31, 2015 includes the change in presentation of deferred financing costs, net, of $21,725,000 related to unsecured notes, net, and $14,703,000 related to mortgage notes payable, net, as offsets to the related debt liability in the Consolidated Balance Sheets. Deferred financing costs, net, related to the Company's Credit Facility of $2,148,000 is not individually significant and has been included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

Organization, Basis of Presen23

Organization, Basis of Presentation, and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Schedule of reconciliation of income from book basis to tax basis	The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): 2015 Estimate 2014 Actual 2013 Actual Net income attributable to common stockholders $ 742,038 $ 683,567 $ 353,141 GAAP gain on sale of communities (in excess of) less than tax gain (43,873 ) 22,127 29,388 Depreciation/amortization timing differences on real estate (3,105 ) (10,735 ) 180,293 Deductible acquisition costs — — (26,427 ) Amortization of debt/mark to market interest (64,676 ) (38,202 ) (31,965 ) Tax compensation expense less than (in excess of) GAAP (5,696 ) (5,252 ) 12,886 Casualty (gain) loss and impairment loss, net (10,542 ) — — Other adjustments (38,553 ) 14,323 1,018 Taxable net income $ 575,593 $ 665,828 $ 518,334
Schedule of tax components of the entity's common dividends declared	The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2015 , 2014 and 2013 (unaudited): 2015 2014 2013 Ordinary income 83 % 62 % 42 % 20% capital gain 12 % 29 % 40 % Unrecaptured §1250 gain 5 % 9 % 18 %
Schedule of earnings per common share	The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the year ended 12/31/15 12/31/14 12/31/13 Basic and diluted shares outstanding Weighted average common shares—basic 133,565,711 130,586,718 126,855,754 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 1,019,966 643,284 402,649 Weighted average common shares—diluted 134,593,177 131,237,502 127,265,903 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 742,038 $ 683,567 $ 353,141 Net income allocated to unvested restricted shares (1,774 ) (1,523 ) (563 ) Net income attributable to common stockholders, adjusted $ 740,264 $ 682,044 $ 352,578 Weighted average common shares—basic 133,565,711 130,586,718 126,855,754 Earnings per common share—basic $ 5.54 $ 5.22 $ 2.78 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 742,038 $ 683,567 $ 353,141 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 38 35 32 Adjusted net income attributable to common stockholders $ 742,076 $ 683,602 $ 353,173 Weighted average common shares—diluted 134,593,177 131,237,502 127,265,903 Earnings per common share—diluted $ 5.51 $ 5.21 $ 2.78 Dividends per common share $ 5.00 $ 4.64 $ 4.28
Schedule of new accounting pronouncements and changes in accounting principles		The following table presents the impact of the change in accounting principle to the condensed Consolidated Balance Sheet as of December 31, 2014 : 12/31/14 Impact of change in accounting principle 12/31/14 (as previously reported) (as adjusted and currently reported) ASSETS Total real estate, net $ 14,935,740 $ — $ 14,935,740 Cash and cash equivalents 509,460 — 509,460 Cash in escrow 95,625 — 95,625 Resident security deposits 29,617 — 29,617 Investments in unconsolidated real estate entities 298,315 — 298,315 Deferred development costs 67,029 — 67,029 Prepaid expenses and other assets 240,937 (36,145 ) 204,792 Total assets $ 16,176,723 $ (36,145 ) $ 16,140,578 LIABILITIES AND EQUITY Unsecured notes, net $ 2,993,265 $ (17,732 ) $ 2,975,533 Variable rate unsecured credit facility — — — Mortgage notes payable, net 3,532,587 (18,413 ) 3,514,174 Other liabilities 591,701 — 591,701 Total liabilities 7,117,553 (36,145 ) 7,081,408 Redeemable noncontrolling interests 12,765 — 12,765 Total equity 9,046,405 — 9,046,405 Total liabilities and equity $ 16,176,723 $ (36,145 ) $ 16,140,578

Mortgage Notes Payable, Unsec24

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of company's mortgage notes payable, unsecured notes, term loan and credit facility	The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2015 and December 31, 2014 , as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 6, "Real Estate Disposition Activities"). 12/31/15 12/31/14 Fixed rate unsecured notes (1) $ 3,575,000 $ 2,750,000 Term Loan 300,000 250,000 Fixed rate mortgage notes payable—conventional and tax-exempt (2) 1,561,109 2,400,677 Variable rate mortgage notes payable—conventional and tax-exempt (2) 1,045,182 1,047,461 Total notes payable and unsecured notes 6,481,291 6,448,138 Credit Facility — — Total mortgage notes payable, unsecured notes and Credit Facility $ 6,481,291 $ 6,448,138 _________________________________ (1) Balances at December 31, 2015 and December 31, 2014 exclude $7,601 and $6,735 , respectively, of debt discount, and $21,725 and $17,732 , respectively, of deferred financing costs, as reflected in unsecured notes, net on the Company's Consolidated Balance Sheets. (2) Balances at December 31, 2015 and December 31, 2014 exclude $19,686 and $84,449 , respectively, of debt premium, and $14,703 and $18,413 , respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the Company's Consolidated Balance Sheets.
Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding	Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at December 31, 2015 are as follows (dollars in thousands): Year Secured notes payments Secured notes maturities Unsecured notes maturities Stated interest rate of unsecured notes 2016 $ 16,164 $ 16,255 $ 250,000 5.750 % 2017 17,166 709,891 250,000 5.700 % 2018 16,236 76,950 — — % 2019 4,696 588,429 — — % 2020 3,624 50,825 250,000 6.100 % 400,000 3.625 % 2021 3,551 27,844 250,000 3.950 % 300,000 LIBOR + 1.450% 2022 3,795 — 450,000 2.950 % 2023 4,040 — 350,000 4.200 % 250,000 2.850 % 2024 4,310 — 300,000 3.500 % 2025 4,553 84,835 525,000 3.450 % 300,000 3.500 % Thereafter 218,678 754,449 — — % $ 296,813 $ 2,309,478 $ 3,875,000

Investments in Real Estate En25

Investments in Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 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): 12/31/15 12/31/14 Assets: Real estate, net $ 1,392,833 $ 1,617,627 Other assets (1) 57,044 68,693 Total assets $ 1,449,877 $ 1,686,320 Liabilities and partners' capital: Mortgage notes payable and credit facility, net (1) $ 947,205 $ 976,531 Other liabilities 20,471 23,130 Partners' capital 482,201 686,659 Total liabilities and partners' capital $ 1,449,877 $ 1,686,320
Combined summary of the operating results of the entities accounted for using the equity method	The following is a combined summary of the operating results of the entities accounted for using the equity method, for the years presented, excluding amounts associated with the Residual JV (dollars in thousands): For the year ended 12/31/15 12/31/14 12/31/13 Rental and other income $ 173,578 $ 198,939 $ 212,994 Operating and other expenses (67,962 ) (80,301 ) (86,434 ) Gain on sale of communities 98,899 333,221 96,152 Interest expense, net (45,517 ) (61,458 ) (61,404 ) Depreciation expense (45,324 ) (52,116 ) (61,002 ) Net income $ 113,674 $ 338,285 $ 100,306
Equity in income of unconsolidated entities	The following is a summary of the Company's equity in income (loss) of unconsolidated entities for the years presented (dollars in thousands): For the year ended 12/31/15 12/31/14 12/31/13 Fund I (1) $ 871 $ 475 $ 10,924 Fund II (2) 32,211 24,808 6,206 U.S. Fund 2,052 342 (661 ) AC JV 511 1,579 2,569 CVP I, LLC (3) 1,812 113,127 5,783 MVP I, LLC (4) 22,453 1,651 1,137 Brandywine (1,474 ) 828 661 Residual JV (5) 11,582 3,547 (38,332 ) Arna Valley View LP (6) — 2,406 — Avalon Del Rey, LLC (7) — — 181 Juanita Village (6) — 3 378 Total $ 70,018 $ 148,766 $ (11,154 ) _________________________________ (1) Equity in income for the years ended December 31, 2014 and 2013 includes the Company's proportionate share of the gain on the sale of Fund I assets of $944 and $11,484 , respectively. (2) Equity in income for the years ended December 31, 2015 , 2014 and 2013 includes the Company's proportionate share of the gain on the sale of Fund II assets of $29,726 , $21,624 , and $2,790 respectively. (3) Equity in income for the years ended December 31, 2015 , 2014 and 2013 includes $1,289 , $61,218 and $5,527 , respectively, relating to the Company's recognition of its promoted interest. Amount for 2014 also includes $50,478 related to the disposition of Avalon Chrystie Place. (4) Equity in income for the years ended December 31, 2015 , 2014 and 2013 includes $21,340 , $930 and $516 relating to the Company's recognition of its promoted interest. For 2015, $20,680 was from the joint venture partner upon agreement to modify the joint venture agreement to eliminate the Company's promoted interest from associated distribution for future return calculations. Prospectively, earnings and distributions will be based on the Company's 25.0% equity interest in the venture. (5) Equity in income (loss) from this entity for 2013 includes certain expensed Archstone Acquisition costs borne by the venture. (6) The Company's equity in income for this entity represents its residual profits from the sale of the community. (7) During 2012, the Company purchased its joint venture partner's interest in this venture.

Real Estate Disposition Activ26

Real Estate Disposition Activities (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Details regarding the real estate sales	Details regarding the real estate sales are summarized in the following table (dollars in thousands): Community Name Location Period of sale Apartment homes Debt Gross sales price Net proceeds Avalon on Stamford Harbor Stamford, CT Q115 323 $ — $ 115,500 $ 112,504 Other real estate dispositions (1) New York Metro region Q215 N/A — 23,820 23,337 Avalon Lyndhurst Lyndhurst, NJ Q315 328 — 99,000 96,574 Avalon Charles Pond Coram, NY Q415 200 — 51,000 49,748 Total of 2015 asset sales 851 $ — $ 289,320 $ 282,163 Total of 2014 asset sales 1,337 $ 16,341 (2) $ 304,250 $ 281,125 Total of 2013 asset sales (3) 3,299 $ — $ 932,880 $ 919,442 _________________________________ (1) Includes two undeveloped land parcels and air rights, representing the right to increase density for future residential development. (2) Amount includes $10,427 principal amount secured by Oakwood Philadelphia and $5,914 principal amount of secured borrowings repaid by the Company for eight other operating communities, the aggregate of which is included in determining net proceeds. (3) Total of 2013 asset sales excludes the disposition of development rights located in Hingham, MA and Brooklyn, NY, for total net proceeds of $1,313 .
Summary of income from discontinued operations	The following is a summary of income from discontinued operations for the periods presented (dollars in thousands): For the year ended 12/31/15 12/31/14 12/31/13 Rental income $ — $ 579 $ 42,874 Operating and other expenses — (269 ) (12,661 ) Interest expense, net — — — Loss on extinguishment of debt — — — Depreciation expense — — (13,500 ) Income (loss) from discontinued operations $ — $ 310 $ 16,713

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Payments Under Current Leases	The following table details the future minimum lease payments under the Company's current leases (dollars in thousands): Payments due by period 2016 2017 2018 2019 2020 Thereafter Operating Lease Obligations $ 21,056 $ 20,629 $ 20,807 $ 20,894 $ 18,675 $ 1,143,535 Capital Lease Obligations (1) (2) 2,098 18,866 1,065 1,067 1,069 45,620 $ 23,154 $ 39,495 $ 21,872 $ 21,961 $ 19,744 $ 1,189,155 _________________________________ (1) Aggregate capital lease payments include $29,069 in interest costs, with the timing of certain lease payments for capital land leases determined by completion of the construction of the associated apartment community. (2) Capital lease assets of $39,019 and $31,784 as of December 31, 2015 and 2014 , respectively, are included as a component of land and improvements or building and improvements on the accompanying Consolidated Balance Sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of reconciliation of NOI to net income	A reconciliation of NOI to net income for years ended December 31, 2015 , 2014 and 2013 is as follows (dollars in thousands): For the year ended 12/31/15 12/31/14 12/31/13 Net income $ 741,733 $ 697,327 $ 352,771 Indirect operating expenses, net of corporate income 56,973 49,055 41,554 Investments and investment management expense 4,370 4,485 3,990 Expensed acquisition, development and other pursuit costs, net of recoveries 6,822 (3,717 ) 45,050 Interest expense, net (1) 175,615 180,618 172,402 (Gain) loss on extinguishment of debt, net (26,736 ) 412 14,921 Loss on interest rate contract — — 51,000 General and administrative expense 42,396 41,425 39,573 Equity in (income) loss of unconsolidated entities (70,018 ) (148,766 ) 11,154 Depreciation expense (1) 477,923 442,682 560,215 Income tax expense 1,861 9,368 — Casualty (gain) loss and impairment loss, net (10,542 ) — — Gain on sale of real estate assets (125,272 ) (85,415 ) (240 ) Gain on sale of discontinued operations — (37,869 ) (278,231 ) Income from discontinued operations — (310 ) (16,713 ) Net operating income from real estate assets sold or held for sale, not classified as discontinued operations (10,920 ) (27,357 ) (31,388 ) Net operating income $ 1,264,205 $ 1,121,938 $ 966,058 _________________________________ (1) Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.
Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations	The following is a summary of NOI from real estate assets sold or held for sale, not classified as discontinued operations, for the periods presented (dollars in thousands): For the year ended 12/31/2015 12/31/2014 12/31/2013 Rental income from real estate assets sold or held for sale, not classified as discontinued operations $ 17,973 $ 44,645 $ 50,638 Operating expenses real estate assets sold or held for sale, not classified as discontinued operations (7,053 ) (17,288 ) (19,250 ) Net operating income from real estate assets sold or held for sale, not classified as discontinued operations $ 10,920 $ 27,357 $ 31,388
Schedule of details of segment information	Total revenue NOI % NOI change from prior year Gross real estate (1) For the year ended December 31, 2015 Established New England $ 190,802 $ 120,026 2.8 % $ 1,460,746 Metro NY/NJ 382,457 268,986 3.3 % 3,152,361 Mid-Atlantic 209,013 145,497 0.2 % 2,177,823 Pacific Northwest 76,589 54,751 8.2 % 721,040 Northern California 273,432 210,226 11.9 % 2,414,184 Southern California 252,530 173,919 9.4 % 2,465,432 Total Established (2) 1,384,823 973,405 5.8 % 12,391,586 Other Stabilized 221,063 145,170 N/A 2,040,269 Development / Redevelopment 222,222 145,630 N/A 4,238,967 Land Held for Future Development N/A N/A N/A 484,377 Non-allocated (3) 9,947 N/A N/A 73,372 Total $ 1,838,055 $ 1,264,205 12.7 % $ 19,228,571 For the year ended December 31, 2014 (4) Established New England $ 172,153 $ 109,745 0.8 % $ 1,333,854 Metro NY/NJ 305,496 215,239 3.1 % 2,251,697 Mid-Atlantic 98,590 69,498 (2.5 )% 647,374 Pacific Northwest 54,230 37,637 7.0 % 500,247 Northern California 174,527 132,899 8.2 % 1,402,444 Southern California 139,841 95,626 5.2 % 1,225,328 Total Established (2) 944,837 660,644 3.6 % 7,360,944 Other Stabilized 497,677 343,415 N/A 6,057,783 Development / Redevelopment 186,852 117,879 N/A 3,972,180 Land Held for Future Development N/A N/A N/A 180,516 Non-allocated (3) 11,050 N/A N/A 32,444 Total $ 1,640,416 $ 1,121,938 16.1 % $ 17,603,867 For the year ended December 31, 2013 Established New England $ 152,800 $ 99,484 2.4 % $ 1,189,040 Metro NY/NJ 236,920 164,827 4.6 % 1,793,902 Mid-Atlantic 100,548 71,851 0.1 % 633,598 Pacific Northwest 46,564 31,283 5.3 % 444,825 Northern California 141,038 106,745 11.7 % 1,233,851 Southern California 119,024 81,182 5.1 % 1,058,883 Total Established (2) 796,894 555,372 5.0 % 6,354,099 Other Stabilized 486,701 331,338 N/A 6,621,825 Development / Redevelopment 117,186 79,348 N/A 3,024,035 Land Held for Future Development N/A N/A N/A 300,364 Non-allocated (3) 11,502 N/A N/A 10,279 Total $ 1,412,283 $ 966,058 47.2 % $ 16,310,602 _________________________________ (1) Does not include gross real estate assets held for sale of $39,528 , $245,449 and $489,720 as of December 31, 2015 , 2014 and 2013 , respectively. (2) Gross real estate for the Company's Established Communities includes capitalized additions of approximately $74,982 , $52,635 and $33,553 in 2015 , 2014 and 2013 , respectively. (3) Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment.

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 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 2009 and 1994 Plans is as follows: 2009 Plan shares Weighted average exercise price per share 1994 Plan shares Weighted average exercise price per share Options Outstanding, December 31, 2012 307,554 $ 112.67 719,830 $ 105.40 Exercised (19,949 ) 84.43 (24,292 ) 79.42 Granted 215,230 129.03 — — Forfeited (1,267 ) 131.56 (4,012 ) 127.56 Options Outstanding, December 31, 2013 501,568 $ 120.77 691,526 $ 106.19 Exercised (157,454 ) 116.40 (342,743 ) 99.03 Granted — — — — Forfeited (4,052 ) 131.05 (76,381 ) 142.66 Options Outstanding, December 31, 2014 340,062 $ 122.67 272,402 $ 104.96 Exercised (90,884 ) 124.01 (190,207 ) 105.70 Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2015 249,178 $ 122.17 82,195 $ 103.27 Options Exercisable: December 31, 2013 184,167 $ 107.18 691,526 $ 106.19 December 31, 2014 185,227 $ 116.71 272,402 $ 104.96 December 31, 2015 188,081 $ 119.98 82,195 $ 103.27
Summary of exercise prices and contractual lives of options outstanding	The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2015 : 2009 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 25,622 $70.00 - $79.99 4.1 38,326 110.00 - 119.99 5.1 44,135 120.00 - 129.99 7.2 141,095 130.00 - 139.99 6.6 249,178 1994 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 9,854 $40.00 - $49.99 3.1 35,511 80.00 - 89.99 2.1 7,174 90.00 - 99.99 0.1 29,656 140.00 - 149.99 1.1 82,195
Schedule of nonvested performance awards granted	Information with respect to performance awards granted is as follows: Performance awards Weighted average grant date fair value per award Outstanding at December 31, 2012 — $ — Granted (1) 191,008 70.00 Forfeited (1,243 ) 70.00 Outstanding at December 31, 2013 189,765 $ 70.00 Granted (2) 136,276 117.43 Change in awards based on performance (3) (46,790 ) 74.37 Converted to restricted stock (16,209 ) 74.37 Forfeited (23,140 ) 76.22 Outstanding at December 31, 2014 239,902 $ 95.20 Granted (4) 85,636 148.49 Change in awards based on performance (3) 14,697 78.50 Converted to restricted stock (95,826 ) 78.50 Forfeited (6,143 ) 110.34 Outstanding at December 31, 2015 238,266 $ 119.65 _________________________________ (1) The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock. (2) The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock for 60,391 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 75,885 performance awards. (3) Represents the change in the number of performance awards converted to restricted stock shares based on performance achievement. (4) The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock for 55,162 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 30,474 performance awards.
Schedule of restricted stock granted	Information with respect to restricted stock granted is as follows: Restricted stock shares Restricted stock shares weighted average grant date fair value per share Restricted stock shares converted from performance awards Outstanding at December 31, 2012 202,218 $ 107.58 — Granted 123,977 129.21 — Vested (141,673 ) 104.69 — Forfeited (2,439 ) 123.05 — Outstanding at December 31, 2013 182,083 $ 124.35 — Granted 98,954 129.35 16,209 Vested (93,963 ) 120.81 (5,073 ) Forfeited (7,767 ) 128.62 (203 ) Outstanding at December 31, 2014 179,307 $ 129.06 10,933 Granted 61,953 173.04 95,826 Vested (91,847 ) 130.75 (8,412 ) Forfeited (1,529 ) 151.86 — Outstanding at December 31, 2015 147,884 $ 146.21 98,347
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of valuation options	The following table summarizes the weighted average fair value of employee stock options for 2013 and the associated assumptions used to calculate the value. There were no stock options granted in 2015 and 2014. 2013 Weighted average fair value per share $ 26.78 Life of options (in years) 5.0 Dividend yield 3.7 % Volatility 34.00 % Risk-free interest rate 0.91 %
Performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of valuation options	The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards determined by using total shareholder return measures. The assumptions used are as follows: 2015 2014 2013 Dividend yield 3.0% 3.6% 3.3% Estimated volatility over the life of the plan (1) 12.0% - 17.3% 17.6% - 18.6% 17.0% - 21.0% Risk free rate 0.07% - 1.09% 0.04% - 0.72% 0.09% - 0.46% Estimated performance award value based on total shareholder return measure $139.18 $103.20 $70.00 _________________________________ (1) Estimated volatility of the life of the plan is using 50% historical volatility and 50% implied volatility.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 derivative positions at December 31, 2015 (dollars in thousands): Non-designated Hedges Interest Rate Caps Cash Flow Hedges Interest Rate Caps Cash Flow Interest Rate Swaps Notional balance $ 725,832 $ 36,731 $ 600,000 Weighted average interest rate (1) 1.8 % 2.7 % N/A Weighted average swapped/capped interest rate 5.8 % 5.9 % 2.3 % Earliest maturity date February 2016 April 2019 May 2016 Latest maturity date June 2020 April 2019 November 2017 _________________________________ (1) For interest rate caps, represents the weighted average interest rate on the hedged debt.
Schedule of summary of classification between the three levels of the fair value hierarchy of the Company's financial instruments measured at fair value on a recurring basis	The following table summarizes the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands): Description Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 12/31/2015 Non Designated Hedges Interest Rate Caps $ 26 $ — $ 26 $ — Cash Flow Hedges Interest Rate Caps 5 — 5 — Interest Rate Swaps 5,422 — 5,422 — Put(s) (8,181 ) — — (8,181 ) DownREIT units (1,381 ) (1,381 ) — — Indebtedness Unsecured notes (3,668,417 ) (3,668,417 ) — — Mortgage notes payable and unsecured term loan (2,700,341 ) — (2,700,341 ) — Total $ (6,372,867 ) $ (3,669,798 ) $ (2,694,888 ) $ (8,181 ) 12/31/2014 Non Designated Hedges Interest Rate Caps $ 50 $ — $ 50 $ — Cash Flow Hedges Interest Rate Caps 58 — 58 — Put(s) (11,104 ) — — (11,104 ) DownREIT units (1,226 ) (1,226 ) — — Indebtedness Unsecured notes (2,874,147 ) (2,874,147 ) — — Mortgage notes payable and unsecured term loan (3,683,875 ) — (3,683,875 ) — Total $ (6,570,244 ) $ (2,875,373 ) $ (3,683,767 ) $ (11,104 )

Quarterly Financial Informati31

Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following summary represents the unaudited quarterly results of operations for the years ended December 31, 2015 and 2014 (dollars in thousands, except per share amounts): For the three months ended (1) 3/31/15 6/30/15 9/30/15 12/31/15 Total revenue $ 442,367 $ 457,459 $ 475,360 $ 480,840 Income from continuing operations $ 208,053 $ 172,253 $ 206,076 $ 155,352 Total discontinued operations $ — $ — $ — $ — Net income $ 208,053 $ 172,253 $ 206,076 $ 155,352 Net income attributable to common stockholders $ 208,144 $ 172,324 $ 206,142 $ 155,428 Net income per common share - basic $ 1.57 $ 1.30 $ 1.54 $ 1.13 Net income per common share - diluted $ 1.56 $ 1.29 $ 1.53 $ 1.13 For the three months ended (1) 3/31/14 6/30/14 9/30/14 12/31/14 Total revenue $ 400,075 $ 413,806 $ 430,525 $ 440,656 Income from continuing operations $ 103,420 $ 172,197 $ 241,001 $ 142,530 Total discontinued operations $ 38,179 $ — $ — $ — Net income $ 141,599 $ 172,197 $ 241,001 $ 142,530 Net income attributable to common stockholders $ 141,739 $ 158,086 $ 241,100 $ 142,642 Net income per common share - basic $ 1.09 $ 1.22 $ 1.83 $ 1.08 Net income per common share - diluted $ 1.09 $ 1.21 $ 1.83 $ 1.08 _________________________________ (1) Amounts may not equal full year results due to rounding.

Organization, Basis of Presen32

Organization, Basis of Presentation, and Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2015USD ($)statecommunitypropertyhome
Organization and Basis of Presentation
Number of real estate properties | community	259
Number of apartment homes included in operating apartment communities owned | home	75,584
Number of states where operating apartment communities owned are located | state	11
Number of communities with apartments under reconstruction | community	9
Number of apartment homes under reconstruction | home	2,795
Number of owned communities under construction | community	26
Expected number of apartment homes under construction | home	8,112
Communities under development rights | community	32
Estimated number of apartment homes in communities to be developed | home	9,634
Period of lease (in years)	1 year
Real Estate
Number of land parcels acquired under development rights | property	3
Buildings and Building Improvements
Real Estate
Capitalization of minimum improvements and upgrades | $	$ 15,000
Buildings and Building Improvements | Minimum
Real Estate
Estimated useful life of buildings and improvements (in years)	7 years
Buildings and Building Improvements | Maximum
Real Estate
Estimated useful life of buildings and improvements (in years)	30 years
Computers and furniture
Real Estate
Capitalization of minimum improvements and upgrades | $	$ 2,500
Computers and furniture | Minimum
Real Estate
Estimated useful life of buildings and improvements (in years)	3 years
Computers and furniture | Maximum
Real Estate
Estimated useful life of buildings and improvements (in years)	7 years

Organization, Basis of Presen33

Organization, Basis of Presentation, and Significant Accounting Policies (Details 2) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Minimum distribution of adjusted taxable income for deducting dividends from federally taxable income (as a percent)									90.00%
Minimum distribution of REIT taxable income for federal income tax exemption (as a percent)									100.00%
Income Taxes [Line Items]
Unrecognized tax benefits	$ 0				$ 0				$ 0	$ 0
Excise and Sales Taxes									0	0	$ 0
Excise Tax Refund	0				0				0	0	0
Income tax expense									1,861	9,368	0
Casualty (gain) loss and impairment loss, net									(10,542)	0	0
Other than Temporary Impairment Losses, Investments									0	0	0
Reconciliation of Income from Book Basis to Tax Basis Adjustment
Net income attributable to common stockholders	155,428	$ 206,142	$ 172,324	$ 208,144	142,642	$ 241,100	$ 158,086	$ 141,739	742,038	683,567	353,141
GAAP gain on sale of communities (in excess of) less than tax gain									(43,873)	22,127	29,388
Depreciation/amortization timing differences on real estate									(3,105)	(10,735)	180,293
Deductible acquisition costs									0	0	(26,427)
Amortization of debt/mark to market interest									(64,676)	(38,202)	(31,965)
Tax compensation expense less than (in excess of) GAAP									(5,696)	(5,252)	12,886
Casualty (gain) loss and impairment loss, net									(10,542)	0	0
Other adjustments									(38,553)	14,323	1,018
Taxable net income									$ 575,593	$ 665,828	$ 518,334
Tax components of common stock dividends declared
Ordinary income (as a percent)									83.00%	62.00%	42.00%
15% capital gain (20% for 2013) (as a percent)									12.00%	29.00%	40.00%
Capital gain tax rate (as a percent)									20.00%	20.00%	20.00%
Unrecaptured 1250 gain (as a percent)									5.00%	9.00%	18.00%
Unsecured notes
Deferred Financing Costs
Accumulated amortization of deferred finance costs	11,995				8,833				$ 11,995	$ 8,833
Secured notes
Deferred Financing Costs
Accumulated amortization of deferred finance costs	12,315				12,255				12,315	12,255
Line of Credit [Member]
Deferred Financing Costs
Accumulated amortization of deferred finance costs	$ 4,967				$ 3,356				$ 4,967	$ 3,356

Organization, Basis of Presen34

Organization, Basis of Presentation, and Significant Accounting Policies (Details 3) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)home$ / shares	Sep. 30, 2015USD ($)$ / shares	Jun. 30, 2015USD ($)$ / shares	Mar. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)$ / shares	Sep. 30, 2014USD ($)$ / shares	Jun. 30, 2014USD ($)$ / shares	Mar. 31, 2014USD ($)$ / shares	Dec. 31, 2015USD ($)home$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares
Basic and diluted shares outstanding
Weighted average common shares—basic | shares									133,565,711	130,586,718	126,855,754
Weighted average DownREIT units outstanding (in shares) | shares									7,500	7,500	7,500
Effect of dilutive securities (in shares) | shares									1,019,966	643,284	402,649
Weighted average common shares - diluted (in shares) | shares									134,593,177	131,237,502	127,265,903
Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$ 155,428	$ 206,142	$ 172,324	$ 208,144	$ 142,642	$ 241,100	$ 158,086	$ 141,739	$ 742,038	$ 683,567	$ 353,141
Net income allocated to unvested restricted shares									(1,774)	(1,523)	(563)
Net income attributable to common stockholders, adjusted									$ 740,264	$ 682,044	$ 352,578
Weighted average common shares—basic | shares									133,565,711	130,586,718	126,855,754
Earnings per common share - basic (in dollars per share) | $ / shares	$ 1.13	$ 1.54	$ 1.30	$ 1.57	$ 1.08	$ 1.83	$ 1.22	$ 1.09	$ 5.54	$ 5.22	$ 2.78
Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$ 155,428	$ 206,142	$ 172,324	$ 208,144	$ 142,642	$ 241,100	$ 158,086	$ 141,739	$ 742,038	$ 683,567	$ 353,141
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations									38	35	32
Adjusted net income attributable to common stockholders									$ 742,076	$ 683,602	$ 353,173
Weighted average common shares—diluted | shares									134,593,177	131,237,502	127,265,903
Earnings per common share - diluted (in dollars per share) | $ / shares	$ 1.13	$ 1.53	$ 1.29	$ 1.56	$ 1.08	$ 1.83	$ 1.21	$ 1.09	$ 5.51	$ 5.21	$ 2.78
Dividends per common share: (in dollars per share) | $ / shares									$ 5	$ 4.64	$ 4.28
Options to purchase shares of common stock excluded from computation of earnings per share amount (in shares) | shares										605,899
Estimated forfeiture rate of stock options (as a percent)									1.00%
Number of communities held for sale | home	1								1
Derivative Instruments and Hedging Activities
Loss on interest rate contract									$ 0	$ 0	$ 51,000
Noncontrolling interests
Maximum Ownership Interest Percentage in Joint Venture	100.00%								100.00%
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Abandoned pursuits costs									$ 3,016	3,964	998
Impairment of investment in unconsolidated entities									0	0	0
Casualty (gain) loss and impairment loss, net									(10,542)	0	0
Real Estate Investment Property, Net	$ 13,847,526				$ 13,159,186				13,847,526	13,159,186
Gain on business interruption insurance recovery									1,509	$ 2,494	$ 299
Avalon at Edgewater [Member]
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty (gain) loss and impairment loss, net									(15,538)
Insurance Proceeds									44,142
Real Estate Investment Property, Net	$ 21,844								21,844
Casualty Loss									6,760
New England [Member]
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty (gain) loss and impairment loss, net									4,195
New England [Member] | Avalon at Edgewater [Member]
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty (gain) loss and impairment loss, net									$ 26,039

Organization, Basis of Presen35

Organization, Basis of Presentation, and Significant Accounting Policies Organization, Basis of Presentation, and Significant Accounting Policies (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax expense	$ 1,861	$ 9,368	$ 0
Total real estate, net	15,942,309	14,935,740
Cash and cash equivalents	400,507	509,460	281,355	$ 2,733,618
Cash in escrow	104,821	95,625
Resident security deposits	30,077	29,617
Investments in unconsolidated real estate entities	216,919	298,315
Deferred development costs	37,577	67,029
Prepaid expenses and other assets	199,095	204,792
Total assets	16,931,305	16,140,578
Unsecured notes, net	3,845,674	2,975,533
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	2,611,274	3,514,174
Total liabilities	7,080,782	7,081,408
Redeemable noncontrolling interests	9,997	12,765
Total equity	9,840,526	9,046,405	$ 8,599,727	$ 6,840,793
Total liabilities and equity	16,931,305	16,140,578
New Debt Issuance Costs Guidance | Accounting Standard Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total real estate, net		14,935,740
Cash and cash equivalents		509,460
Cash in escrow		95,625
Resident security deposits		29,617
Investments in unconsolidated real estate entities		298,315
Deferred development costs		67,029
Prepaid expenses and other assets		204,792
Total assets		16,140,578
Unsecured notes, net		2,975,533
Variable rate unsecured credit facility		0
Mortgage notes payable, net		3,514,174
Other liabilities		591,701
Total liabilities		7,081,408
Redeemable noncontrolling interests		12,765
Total equity		9,046,405
Total liabilities and equity		16,140,578
Previously Reported | New Debt Issuance Costs Guidance | Accounting Standard Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total real estate, net		14,935,740
Cash and cash equivalents		509,460
Cash in escrow		95,625
Resident security deposits		29,617
Investments in unconsolidated real estate entities		298,315
Deferred development costs		67,029
Prepaid expenses and other assets		240,937
Total assets		16,176,723
Unsecured notes, net		2,993,265
Variable rate unsecured credit facility		0
Mortgage notes payable, net		3,532,587
Other liabilities		591,701
Total liabilities		7,117,553
Redeemable noncontrolling interests		12,765
Total equity		9,046,405
Total liabilities and equity		16,176,723
Restatement Adjustment | New Debt Issuance Costs Guidance | Accounting Standard Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total real estate, net		0
Cash and cash equivalents		0
Cash in escrow		0
Resident security deposits		0
Investments in unconsolidated real estate entities		0
Deferred development costs		0
Prepaid expenses and other assets		(36,145)
Total assets		(36,145)
Unsecured notes, net		(17,732)
Variable rate unsecured credit facility		0
Mortgage notes payable, net		(18,413)
Other liabilities		0
Total liabilities		(36,145)
Redeemable noncontrolling interests		0
Total equity		0
Total liabilities and equity		(36,145)
Unsecured notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net	21,725	17,732
Line of Credit [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net	2,148
Variable rate unsecured credit facility	0	0
Secured notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net	$ 14,703	$ 18,413

Interest Capitalized (Details)

Interest Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest Capitalized
Capitalized interest during the development and redevelopment of real estate assets	$ 79,834	$ 69,961	$ 66,838

Mortgage Notes Payable, Unsec37

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Total notes payable and unsecured notes	$ 6,481,291	$ 6,448,138
Variable rate unsecured credit facility	0	0
Total mortgage notes payable, unsecured notes and Credit Facility	6,481,291	6,448,138
Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	3,575,000	2,750,000
Total notes payable and unsecured notes	3,875,000
Amount of debt discount	7,601	6,735
Deferred financing costs, net	21,725	17,732
Term loan
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Variable rate notes	300,000	250,000
Mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	1,561,109	2,400,677
Variable rate notes	1,045,182	1,047,461
Total notes payable and unsecured notes	2,309,478
Deferred financing costs, net	14,703	18,413
Amount of debt premium	19,686	84,449
Variable rate unsecured credit facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Variable rate unsecured credit facility	0	$ 0
Deferred financing costs, net	$ 2,148

Mortgage Notes Payable, Unsec38

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 2)	1 Months Ended							12 Months Ended
	Dec. 31, 2015USD ($)community	Nov. 30, 2015USD ($)	Jul. 31, 2015USD ($)	Jun. 30, 2015USD ($)	May. 31, 2015USD ($)	Apr. 30, 2015USD ($)communityloan	Jun. 30, 2014USD ($)	Dec. 31, 2015USD ($)community	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Mar. 31, 2015USD ($)
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of secured mortgages								$ 0	$ 16,341,000	$ 0
Number of real estate properties | community	259							259
Gains (losses) on extinguishment of debt								$ (26,736,000)	412,000	$ 14,921,000
Term loan
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Principal amount of notes issued											$ 300,000,000
Unused borrowing capacity											$ 50,000,000
Unsecured notes | Term loan | LIBOR
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)								1.45%
Mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Amount drawn	$ 1,045,182,000							$ 1,045,182,000	$ 1,047,461,000
Repayments of secured mortgages							$ 5,914,000
Mortgage notes payable | Notes payable maturing in 2015
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate (as a percent)						3.12%
Repayments of secured mortgages						$ 481,582,000	$ 10,427,000
Mortgage Loans on Real Estate, Number of Loans | loan						8
Number of real estate properties | community						8
Gains (losses) on extinguishment of debt						$ (8,724,000)
Mortgage notes payable | Notes Payable Maturities 2041 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate (as a percent)				7.50%
Gains (losses) on extinguishment of debt				$ 455,000
Repayments of Debt				$ 15,778,000
Mortgage notes payable | Notes Payable Maturities 2027 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate (as a percent)				7.84%
Gains (losses) on extinguishment of debt				$ 263,000
Repayments of Debt				$ 7,805,000
Mortgage notes payable | Notes Payable Maturities 2019 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate (as a percent)				5.95%
Gains (losses) on extinguishment of debt				$ 259,000
Repayments of Debt				$ 74,531,000
Mortgage notes payable | Notes Payable Maturities 2053 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate (as a percent)			5.56%
Repayments of secured mortgages			$ 140,346,000
Gains (losses) on extinguishment of debt			(18,987,000)
Debt Instrument, Unamortized Premium, Write-off			30,215,000
Prepayment Penalty			$ 11,228,000
Mortgage notes payable | Fixed Rate Secured Mortgage Note 6.23%
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate (as a percent)	6.23%							6.23%
Repayments of Debt	$ 46,938,000
Mortgage notes payable | Fixed Rate Secured Mortgage Note 6.13%
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate (as a percent)	6.13%							6.13%
Repayments of Debt	$ 56,492,000
Unsecured Notes 3.45 Percent [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Principal amount of notes issued					$ 525,000,000
Net proceeds from issuance of debt					$ 520,653,000
Stated interest rate (as a percent)					3.45%
Unsecured notes 3.50 percent
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Principal amount of notes issued		$ 300,000,000
Net proceeds from issuance of debt		$ 297,072,000
Stated interest rate (as a percent)		3.50%

Mortgage Notes Payable, Unsec39

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Variable rate unsecured credit facility	$ 0	$ 0
Mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable held by wholly owned subsidiaries guaranteed by the Company	234,500,000
Variable rate unsecured credit facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Available borrowing capacity	1,300,000,000
Annual facility fee	1,950,000
Outstanding balance of letters of credit	43,049,000	49,407,000
Variable rate unsecured credit facility	0	$ 0
Net carrying value of apartment communities and improved land parcels securing debt	$ 3,253,350,000
Fixed rate mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)	4.60%	4.50%
Variable rate mortgage notes payable, unsecured term loan and Credit Facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)	1.80%	1.80%
LIBOR | Term loan | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument variable rate (as a percent)	LIBOR
Debt instrument, basis spread on variable rate (as a percent)	1.45%

Mortgage Notes Payable, Unsec40

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 6,481,291	$ 6,448,138
Percentage of principle amount at which the entity may redeem some or all of the notes	100.00%
Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 3,875,000
Unsecured notes | Minimum
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.25%
Unsecured notes | Maximum
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.45%
Unsecured notes | Notes payable maturing in 2016
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 250,000
Stated interest rate of unsecured notes (as a percent)	5.75%
Unsecured notes | Notes payable maturing in 2017
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 250,000
Stated interest rate of unsecured notes (as a percent)	5.70%
Unsecured notes | Notes Payable 6.100 Percent Maturities 2020
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 250,000
Stated interest rate of unsecured notes (as a percent)	6.10%
Unsecured notes | Notes Payable 3.625 Percent Maturities 2020
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 400,000
Stated interest rate of unsecured notes (as a percent)	3.625%
Unsecured notes | Notes payable maturing in 2021
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 250,000
Stated interest rate of unsecured notes (as a percent)	3.95%
Unsecured notes | Term loan
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Unsecured notes | Term loan | LIBOR
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	1.45%
Unsecured notes | Notes payable maturing in 2022
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 450,000
Stated interest rate of unsecured notes (as a percent)	2.95%
Unsecured notes | Notes Payable 4.200 Maturities 2023
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 350,000
Stated interest rate of unsecured notes (as a percent)	4.20%
Unsecured notes | Notes Payable 2.850 Maturities 2023
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 250,000
Stated interest rate of unsecured notes (as a percent)	2.85%
Unsecured notes | Notes Payable 2024
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate of unsecured notes (as a percent)	3.50%
Unsecured notes | Notes Payable 3.450 Maturities 2025 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 525,000
Stated interest rate of unsecured notes (as a percent)	3.45%
Unsecured notes | Notes Payable 3.500 Maturities 2025 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate of unsecured notes (as a percent)	3.50%
Secured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	$ 296,813
Mortgage notes payable and unsecured notes	2,309,478
Secured notes | Notes payable maturing in 2016
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	16,164
Mortgage notes payable and unsecured notes	16,255
Secured notes | Notes payable maturing in 2017
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	17,166
Mortgage notes payable and unsecured notes	709,891
Secured notes | Notes payable maturing in 2018
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	16,236
Mortgage notes payable and unsecured notes	76,950
Secured notes | Notes payable maturing in 2019
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	4,696
Mortgage notes payable and unsecured notes	588,429
Secured notes | Notes Payable 6.100 Percent Maturities 2020
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	3,624
Mortgage notes payable and unsecured notes	50,825
Secured notes | Notes payable maturing in 2021
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	3,551
Mortgage notes payable and unsecured notes	27,844
Secured notes | Notes payable maturing in 2022
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	3,795
Mortgage notes payable and unsecured notes	0
Secured notes | Notes Payable 4.200 Maturities 2023
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	4,040
Secured notes | Notes Payable 2024
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	4,310
Mortgage notes payable and unsecured notes	0
Secured notes | Notes Payable Maturities 2025 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	4,553
Mortgage notes payable and unsecured notes	84,835
Secured notes | Notes payable with maturities after 2024
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	218,678
Mortgage notes payable and unsecured notes	$ 754,449

Equity (Details)

Equity (Details) - USD ($)	Sep. 09, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Aug. 31, 2012
Class of Stock [Line Items]
Common stock, shares authorized		280,000,000	280,000,000
Preferred stock, shares authorized		50,000,000	50,000,000
Common stock shares issued in connection with stock options exercised		281,091
Common stock shares issued through dividend reinvestment plan		2,142	2,434	2,002
Number of shares of stock grants withheld		45,090	55,523	48,310
Number of shares forfeited		1,529	7,970	7,653
Common shares issued under Employee Stock Purchase Plan		10,667
Proceeds from issuance of common stock		$ 690,184,000	$ 346,134,000	$ 4,703,000
Forward Contracts [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 659,423,000
Market closing price (in dollars per share)	$ 155.83
Option Indexed to Issuer's Equity, Shares	4,500,000	4,500,000
Forward Contract Indexed To Issuers Equity, Weighted Average Settlement Price Per Share		$ 146.54
Forward rate (in dollars per share)	$ 151.74
Continuous Equity Program CEP III [Member]
Class of Stock [Line Items]
Common stock shares issued		0
Maximum value of shares of common stock that can be sold					$ 750,000,000
Period during which common stock can be sold (in months)		36 months
Continuous Equity Program CEP IV [Member]
Class of Stock [Line Items]
Common stock shares issued		0
Maximum value of shares of common stock that can be sold		$ 1,000,000,000
Percentage of compensation received by sales agent		2.00%
Maximum [Member] | Continuous Equity Program CEP IV [Member]
Class of Stock [Line Items]
Percentage of compensation received by sales agent		2.00%
Restricted Stock Converted From Performance Shares [Member]
Class of Stock [Line Items]
Common stock shares issued in connection with stock grants		157,779
Deferred Compensation, Share-based Payments [Member] | Non Employee Director [Member]
Class of Stock [Line Items]
Conversion of restricted stock units (in shares)		46,589

Investments in Real Estate En42

Investments in Real Estate Entities (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2014USD ($)community	Dec. 31, 2015USD ($)communityloaniteminvestoragreement	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Feb. 27, 2013
Equity method investment
Number of apartment communities sold | community	8
Proceeds from sale of real estate		$ 282,163,000	$ 281,125,000	$ 919,442,000
Gain on sale of communities		98,899,000	333,221,000	96,152,000
Gain on sale of real estate		9,647,000	490,000	240,000
Repayments of secured mortgages		0	16,341,000	0
(Gain) loss on extinguishment of debt, net		$ (26,736,000)	412,000	14,921,000
Number of Limited Liability Company Agreements | agreement		3
Long-term Debt		$ 6,481,291,000	6,448,138,000
US Fund
Equity method investment
Number of extension options | item		2
Period of extension (in years)		1 year
Number of Institutional Investors | investor		6
Real Estate Investments, Joint Ventures		$ 68,683,000
Equity Method Investment, Ownership Percentage		28.60%
Number of loans secured by individual assets | loan		10
Debt outstanding		$ 373,863,000
US Fund | Marina Bay [Member]
Equity method investment
Long-term Debt		$ 51,300,000
SWIB [Member]
Equity method investment
Number of apartment communities sold | community		4
Proceeds from sale of real estate		$ 283,700,000
Gain on sale of communities		3,853,000
Repayments of secured mortgages		$ 148,866,000
Equity Method Investment, Ownership Percentage		20.00%
Payments for Legal Settlements		$ 10,601,000
Residual Joint Venture [Member]
Equity method investment
Equity Method Investment, Ownership Percentage		40.00%
MVPI LLC [Member]
Equity method investment
Payments for (Proceeds from) Other Real Estate Partnerships		$ 21,340,000
Equity Method Investment, Ownership Percentage		25.00%
Fund II
Equity method investment
Number of apartment communities sold | community		4
Number of Institutional Investors | investor		6
Gain on sale of communities		$ 29,726,000	$ 21,624,000	$ 2,790,000
Repayments of secured mortgages		69,036,000
(Gain) loss on extinguishment of debt, net		1,400,000
Real Estate Investments, Joint Ventures		$ 50,443,000
Equity Method Investment, Ownership Percentage		31.30%
Number of loans secured by individual assets | loan		7
Debt outstanding		$ 286,543,000
Maximum amount that will be paid for capital contributions made by partners (as a percent)		10.00%
Fund II | Eaves Plainsboro
Equity method investment
Proceeds from sale of real estate		$ 117,000,000
Fund II | Avalon Bellevue Park
Equity method investment
Proceeds from sale of real estate		39,500,000
Fund II | Eaves Carlsbad [Member]
Equity method investment
Proceeds from sale of real estate		31,600,000
Fund II | Captain Parker Arms [Member]
Equity method investment
Proceeds from sale of real estate		$ 112,000,000
Brandywine [Member]
Equity method investment
Number of Members who Hold Various Interests in Joint Venture | investor		5
Equity Method Investment, Ownership Percentage		28.70%			26.10%
Debt outstanding		$ 23,835,000
Sudbury [Member]
Equity method investment
Equity Method Investment, Ownership Percentage		60.00%
Payments to Acquire Land		$ 5,688,000
Secured notes
Equity method investment
Repayments of secured mortgages	$ 5,914,000
Secured notes | MVPI LLC [Member]
Equity method investment
Repayments of secured mortgages		$ 105,000,000
Fixed rate (as a percent)		3.24%
Joint Venture Agreement Modification [Member] | MVPI LLC [Member]
Equity method investment
Payments for (Proceeds from) Other Real Estate Partnerships		$ 20,680,000

Investments in Real Estate En43

Investments in Real Estate Entities (Details 2) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2014USD ($)community	Dec. 31, 2015USD ($)communitypropertyhomeloaniteminvestormi	Dec. 31, 2014USD ($)home	Dec. 31, 2013USD ($)home	Feb. 27, 2013	Dec. 31, 2004home
Investment in Real Estate Entities
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity		$ 40,978	$ 43,709
Number of Apartment Homes Sold | home			1,337	3,299
Proceeds from Sale of Real Estate		282,163	$ 281,125	$ 919,442
Gain on sale of communities		98,899	333,221	96,152
Repayments of secured mortgages		0	16,341	0
Gains (Losses) on Extinguishment of Debt		$ 26,736	(412)	(14,921)
Number of land parcels | property		3
Number of apartment communities sold | community	8
Income tax expense		$ 1,861	9,368	0
Avalon Bay Value Added Fund II LP [Member]
Investment in Real Estate Entities
Number of Institutional Investors | investor		6
Equity investment		$ 50,443
Equity Method Investment, Ownership Percentage		31.30%
Number of loans secured by individual assets | loan		7
Debt outstanding		$ 286,543
Gain on sale of communities		29,726	21,624	2,790
Repayments of secured mortgages		69,036
Gains (Losses) on Extinguishment of Debt		$ (1,400)
Number of apartment communities sold | community		4
SWIB
Investment in Real Estate Entities
Equity Method Investment, Ownership Percentage		20.00%
Number of Apartment Homes Sold | home		1,410
Proceeds from Sale of Real Estate		$ 283,700
Gain on sale of communities		3,853
Repayments of secured mortgages		$ 148,866
Number of apartment communities sold | community		4
ACJV
Investment in Real Estate Entities
Number of Institutional Investors | investor		4
Equity investment		$ 52,148
Equity Method Investment, Ownership Percentage		20.00%
Number of loans secured by individual assets | loan		8
Debt outstanding		$ 162,300
Maximum geographic radius for existing assets within considered for right of first offer | mi		1
Number of Apartment Homes in Communities for Development | home		265
US Fund
Investment in Real Estate Entities
Number of extension options | item		2
Period of extension (in years)		1 year
Number of Institutional Investors | investor		6
Equity investment		$ 68,683
Equity Method Investment, Ownership Percentage		28.60%
Number of loans secured by individual assets | loan		10
Debt outstanding		$ 373,863
CVP I, LLC
Investment in Real Estate Entities
Gain on sale of communities			50,478
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest		$ 1,289	61,218	5,527
Residual JV
Investment in Real Estate Entities
Equity Method Investment, Ownership Percentage		40.00%
MVPI LLC
Investment in Real Estate Entities
Equity Method Investment, Ownership Percentage		25.00%
Distribution percentage after achievement of a threshold return		45.00%
Number of apartment homes | home						313
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest			930	$ 516
Brandywine
Investment in Real Estate Entities
Equity Method Investment, Ownership Percentage		28.70%			26.10%
Debt outstanding		$ 23,835
Number of Apartment Homes in Communities Owned | home		305
Number of members who hold various interests in the joint venture | investor		5
Additional interest purchased		2.60%
Secured notes
Investment in Real Estate Entities
Repayments of secured mortgages	$ 5,914
Variable rate notes		$ 1,045,182	$ 1,047,461
Secured notes | MVPI LLC
Investment in Real Estate Entities
Repayments of secured mortgages		105,000
Variable rate notes		$ 103,000

Investments in Real Estate En44

Investments in Real Estate Entities (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Feb. 27, 2013
Assets:
Real estate, net	$ 1,392,833	$ 1,617,627
Other assets (1)	57,044	68,693
Total assets	1,449,877	1,686,320
Liabilities and partners' capital:
Mortgage notes payable and credit facility (1)	947,205	976,531
Other liabilities	20,471	23,130
Partners' capital	482,201	686,659
Total liabilities and partners' capital	1,449,877	1,686,320
Combined summary of the operating results of the accounted for using the equity method
Rental and other income	173,578	198,939	$ 212,994
Operating and other expenses	(67,962)	(80,301)	(86,434)
Gain on sale of real estate	98,899	333,221	96,152
Interest expense, net	(45,517)	(61,458)	(61,404)
Depreciation expense	(45,324)	(52,116)	(61,002)
Net income	113,674	338,285	100,306
Costs in excess of equity in underlying net assets of the respective investments	40,978	43,709
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	70,018	148,766	(11,154)
Business Combination, Acquisition Related Costs	6,822	(3,717)	45,050
Land held for development	484,377	180,516
Fund I
Combined summary of the operating results of the accounted for using the equity method
Gain on sale of real estate		944	11,484
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	871	475	10,924
Fund II
Combined summary of the operating results of the accounted for using the equity method
Gain on sale of real estate	29,726	21,624	2,790
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	32,211	24,808	6,206
US Fund
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	2,052	342	(661)
ACJV
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	511	1,579	2,569
CVP I, LLC
Combined summary of the operating results of the accounted for using the equity method
Gain on sale of real estate		50,478
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	1,812	113,127	5,783
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest	1,289	61,218	5,527
MVPI LLC
Combined summary of the operating results of the accounted for using the equity method
Payments for (Proceeds from) Other Real Estate Partnerships	21,340
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	22,453	1,651	1,137
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest		930	516
Brandywine
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	(1,474)	828	661
Arna Valley View LP
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	0	2,406	0
Residual JV
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	11,582	3,547	(38,332)
Avalon Del Rey LLC
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	0	0	181
Juanita Village
Summary of the Company's equity in income of unconsolidated entities
Equity in income (loss) of unconsolidated entities	$ 0	3	378
Sheepshead Bay [Member]
Summary of the Company's equity in income of unconsolidated entities
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	70.00%
Variable Interest Entity, Ownership Interest by Partner	30.00%
Due from Related Parties	$ 8,126
Archstone Enterprise LP
Equity method investment
Business Acquisition, Percentage of Voting Interests Acquired				40.00%
Acquired Real Estate [Member]
Summary of the Company's equity in income of unconsolidated entities
Business Combination, Acquisition Related Costs	$ 3,806	$ (7,681)	$ 44,052
Equity Residential and its Operating Partnership and ERP Operating Limited Partnership [Member] | Archstone Enterprise LP
Equity method investment
Business Acquisition, Percentage of Voting Interests Acquired				60.00%

Real Estate Disposition Activ45

Real Estate Disposition Activities (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Apr. 30, 2015USD ($)	Jun. 30, 2014USD ($)community	Dec. 31, 2015USD ($)communityhomeland_parcel	Dec. 31, 2014USD ($)home	Dec. 31, 2013USD ($)home
Summary of income from discontinued operations
Number of apartment communities sold | community		8
Apartment homes | home				1,337	3,299
Gain on sale of communities			$ 115,625	$ 84,925	$ 0
Number of Land Parcels Sold | land_parcel			2
Gain on sale of real estate			$ 9,647	490	240
Income tax expense			1,861	9,368	0
Repayments of secured mortgages			0	16,341	0
Gross sales price			289,320	304,250	932,880
Net proceeds			$ 282,163	$ 281,125	919,442
Number of communities held for sale | home			1
Avalon on Stamford Harbor
Summary of income from discontinued operations
Apartment homes | home			323
Gross sales price			$ 115,500
Net proceeds			112,504
Other real estate dispositions (1)
Summary of income from discontinued operations
Gain on sale of real estate			9,647
Gross sales price			23,820
Net proceeds			$ 23,337
Avalon Lyndhurst [Member]
Summary of income from discontinued operations
Apartment homes | home			328
Gross sales price			$ 99,000
Net proceeds			$ 96,574
Avalon Charles Pond [Member]
Summary of income from discontinued operations
Apartment homes | home			200
Gross sales price			$ 51,000
Net proceeds			$ 49,748
Avalon Hingham MA and Brooklyn NY
Summary of income from discontinued operations
Net proceeds					$ 1,313
Mortgage notes payable
Summary of income from discontinued operations
Repayments of secured mortgages		$ 5,914
Mortgage notes payable | Notes payable maturing in 2015
Summary of income from discontinued operations
Repayments of secured mortgages	$ 481,582	$ 10,427
Wholly Owned Properties
Summary of income from discontinued operations
Number of apartment communities sold | community			3
Apartment homes | home			851
Sale of Communities Gross Sales Price			$ 265,500
Gain on sale of communities			$ 115,625

Real Estate Disposition Activ46

Real Estate Disposition Activities (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary of income from discontinued operations
Rental income	$ 0	$ 579	$ 42,874
Operating and other expenses	0	(269)	(12,661)
Interest expense, net	0	0	0
Loss on extinguishment of debt	0	0	0
Depreciation expense	0	0	(13,500)
Income (loss) from discontinued operations	$ 0	$ 310	$ 16,713

Commitments and Contingencies47

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)communitypropertyhomepersonClaimmultiplierLeaseplaintiffbuilding	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Commitments and Contingencies Disclosure [Line Items]
Number of Units in Real Estate Property | home	75,584
Capital Leased Assets, Gross | $	$ 39,019	$ 31,784
Employment Agreements and Arrangements [Abstract]
Number of executive officers under agreement | person	2
Proceeds from legal recoveries | $	$ 0	1,933	$ 0
Number of real estate properties	259
Lease Obligations [Abstract]
Cost related to operating lease | $	$ 21,295	$ 21,664	$ 17,996
Properties on Land Subject to Land Leases
Lease Obligations [Abstract]
Number of apartment communities	16
Number of commercial properties owned | property	2
Number of leased properties accounted for as operating leases	13
Number of Dual Branded Properties with Operating Land Leases	2
Land Subject to Ground Leases | Lease	1
Number of leased properties with purchase options | property	5
Assets Held under Capital Leases
Lease Obligations [Abstract]
Number of apartment communities	3
Number of Dual Branded Properties with Capital Land Leases	2
Number of Capital Land Leases for Dual Branded Properties | Lease	1
Capital lease obligations | $	$ 37,783
Restricted stock and stock options
Employment Agreements and Arrangements [Abstract]
Retirement age (in years)	50 years
Period of the non-compete agreement (in years)	1 year
Restricted stock and stock options | Minimum
Employment Agreements and Arrangements [Abstract]
Service period (in years)	10 years
Employee's age at retirement plus years of employment (in years)	70 years
Written notice period (in years)	6 months
Restricted stock and stock options | Maximum
Employment Agreements and Arrangements [Abstract]
Options exercise period upon termination without cause or retirement (in months)	12 months
Officer Severance Program | Vice President and Senior Vice President
Employment Agreements and Arrangements [Abstract]
Compensation multiplier | multiplier	1
Officer Severance Program | Executive Vice Presidents
Employment Agreements and Arrangements [Abstract]
Compensation multiplier | multiplier	2
Officer Severance Program | Maximum
Employment Agreements and Arrangements [Abstract]
Termination period following a sale event (in years)	18 months
Avalon at Edgewater [Member]
Commitments and Contingencies Disclosure [Line Items]
Loss Contingency, Number of Plaintiffs | plaintiff	145
Loss Contingency New Class Action Claims Filed Number | Claim	4
Loss Contingency, New Claims Filed, Number | Claim	18
Number Of Real Estate Properties, Uninhabitable | building	1
Number Of Units In Real Estate Property, Uninhabitable | home	240
Number of Units in Real Estate Property | home	168
Employment Agreements and Arrangements [Abstract]
Number of real estate properties | building	2

Commitments and Contingencies48

Commitments and Contingencies (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Future minimum lease payments under the Company's current leases
2,015	$ 23,154
2,016	39,495
2,017	21,872
2,018	21,961
2,019	19,744
Thereafter	1,189,155
Operating Lease Obligations
2,015	21,056
2,016	20,629
2,017	20,807
2,018	20,894
2,019	18,675
Thereafter	1,143,535
Capital lease obligations
2,015	2,098
2,016	18,866
2,017	1,065
2,018	1,067
2,019	1,069
Thereafter	45,620
Imputed interest on capital leases	29,069
Capital Leased Assets, Gross	$ 39,019	$ 31,784

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Percentage of physical occupancy									95.00%
Anniversary of Completion of Development or Redevelopment (in years)									1 year
Reconciliation of NOI to net income
Net income	$ 155,352	$ 206,076	$ 172,253	$ 208,053	$ 142,530	$ 241,001	$ 172,197	$ 141,599	$ 741,733	$ 697,327	$ 352,771
Indirect operating expenses, net of corporate income									56,973	49,055	41,554
Investments and investment management expense									4,370	4,485	3,990
Expensed acquisition, development and other pursuit costs, net of recoveries									6,822	(3,717)	45,050
Interest expense, net									175,615	180,618	172,402
(Gain) loss on extinguishment of debt, net									(26,736)	412	14,921
Loss on interest rate contract									0	0	51,000
General and administrative expense									42,396	41,425	39,573
Equity in (income) loss of unconsolidated entities									(70,018)	(148,766)	11,154
Depreciation expense									477,923	442,682	560,215
Income tax expense									1,861	9,368	0
Casualty (gain) loss and impairment loss, net									(10,542)	0	0
Gain on sale of real estate assets									(125,272)	(85,415)	(240)
Gain on sale of discontinued operations									0	(37,869)	(278,231)
Income from discontinued operations									0	(310)	(16,713)
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations									(10,920)	(27,357)	(31,388)
Net operating income									$ 1,264,205	$ 1,121,938	$ 966,058

Segment Reporting Segment Repor

Segment Reporting Segment Reporting (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting [Abstract]
Rental income from real estate assets sold or held for sale, not classified as discontinued operations	$ 17,973	$ 44,645	$ 50,638
Operating expenses real estate assets sold or held for sale, not classified as discontinued operations	(7,053)	(17,288)	(19,250)
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations	$ 10,920	$ 27,357	$ 31,388

Segment Reporting (Details 3)

Segment Reporting (Details 3) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting
Total revenue	$ 480,840	$ 475,360	$ 457,459	$ 442,367	$ 440,656	$ 430,525	$ 413,806	$ 400,075	$ 1,856,028	$ 1,685,061	$ 1,462,921
NOI									$ 1,264,205	$ 1,121,938	$ 966,058
% NOI change from prior year (percent)									12.70%	16.10%	47.20%
Gross real estate	19,228,571				17,603,867				$ 19,228,571	$ 17,603,867	$ 16,310,602
Gross real estate assets held for sale	39,528				245,449				39,528	245,449	489,720
Established
Segment Reporting
Real estate capitalized additions	74,982				52,635				74,982	52,635	33,553
Operating segment | Established
Segment Reporting
Total revenue									1,384,823	944,837	796,894
NOI									$ 973,405	$ 660,644	$ 555,372
% NOI change from prior year (percent)									5.80%	3.60%	5.00%
Gross real estate	12,391,586				7,360,944				$ 12,391,586	$ 7,360,944	$ 6,354,099
Operating segment | Established | New England
Segment Reporting
Total revenue									190,802	172,153	152,800
NOI									$ 120,026	$ 109,745	$ 99,484
% NOI change from prior year (percent)									2.80%	0.80%	2.40%
Gross real estate	1,460,746				1,333,854				$ 1,460,746	$ 1,333,854	$ 1,189,040
Operating segment | Established | Metro NY/NJ
Segment Reporting
Total revenue									382,457	305,496	236,920
NOI									$ 268,986	$ 215,239	$ 164,827
% NOI change from prior year (percent)									3.30%	3.10%	4.60%
Gross real estate	3,152,361				2,251,697				$ 3,152,361	$ 2,251,697	$ 1,793,902
Operating segment | Established | Mid-Atlantic
Segment Reporting
Total revenue									209,013	98,590	100,548
NOI									$ 145,497	$ 69,498	$ 71,851
% NOI change from prior year (percent)									0.20%	(2.50%)	0.10%
Gross real estate	2,177,823				647,374				$ 2,177,823	$ 647,374	$ 633,598
Operating segment | Established | Pacific Northwest
Segment Reporting
Total revenue									76,589	54,230	46,564
NOI									$ 54,751	$ 37,637	$ 31,283
% NOI change from prior year (percent)									8.20%	7.00%	5.30%
Gross real estate	721,040				500,247				$ 721,040	$ 500,247	$ 444,825
Operating segment | Established | Northern California
Segment Reporting
Total revenue									273,432	174,527	141,038
NOI									$ 210,226	$ 132,899	$ 106,745
% NOI change from prior year (percent)									11.90%	8.20%	11.70%
Gross real estate	2,414,184				1,402,444				$ 2,414,184	$ 1,402,444	$ 1,233,851
Operating segment | Established | Southern California
Segment Reporting
Total revenue									252,530	139,841	119,024
NOI									$ 173,919	$ 95,626	$ 81,182
% NOI change from prior year (percent)									9.40%	5.20%	5.10%
Gross real estate	2,465,432				1,225,328				$ 2,465,432	$ 1,225,328	$ 1,058,883
Operating segment | Other Stabilized
Segment Reporting
Total revenue									221,063	497,677	486,701
NOI									145,170	343,415	331,338
Gross real estate	2,040,269				6,057,783				2,040,269	6,057,783	6,621,825
Operating segment | Development / Redevelopment
Segment Reporting
Total revenue									222,222	186,852	117,186
NOI									145,630	117,879	79,348
Gross real estate	4,238,967				3,972,180				4,238,967	3,972,180	3,024,035
Land Held for Development
Segment Reporting
Gross real estate	484,377				180,516				484,377	180,516	300,364
Non-allocated
Segment Reporting
Total revenue									9,947	11,050	11,502
Gross real estate	$ 73,372				$ 32,444				73,372	32,444	10,279
Continuing Operations
Segment Reporting
Total revenue									$ 1,838,055	$ 1,640,416	$ 1,412,283

Stock-Based Compensation Plan52

Stock-Based Compensation Plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock-Based Compensation Plans
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares
Exercised (in shares)	(281,091)
Granted (in shares)			215,230
2009 Plan
Stock-Based Compensation Plans
Common stock, par value (in dollars per share)	$ 0.01
Common stock shares available for grant	1,364,678
2009 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	340,062	501,568	307,554
Exercised (in shares)	(90,884)	(157,454)	(19,949)
Granted (in shares)	0	0	215,230
Forfeited (in shares)	0	(4,052)	(1,267)
Options outstanding at the end of the period (in shares)	249,178	340,062	501,568
Options exercisable at the end of the period (in shares)	188,081	185,227	184,167
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$ 122.67	$ 120.77	$ 112.67
Exercised (in dollars per share)	124.01	116.40	84.43
Granted (in dollars per share)	0	0	129.03
Forfeited (in dollars per share)	0	131.05	131.56
Options outstanding at the end of the period (in dollars per share)	122.17	122.67	120.77
Options exercisable at the end of the period (in dollars per share)	$ 119.98	$ 116.71	$ 107.18
1994 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	272,402	691,526	719,830
Exercised (in shares)	(190,207)	(342,743)	(24,292)
Granted (in shares)	0	0	0
Forfeited (in shares)	0	(76,381)	(4,012)
Options outstanding at the end of the period (in shares)	82,195	272,402	691,526
Options exercisable at the end of the period (in shares)	82,195	272,402	691,526
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$ 104.96	$ 106.19	$ 105.40
Exercised (in dollars per share)	105.70	99.03	79.42
Granted (in dollars per share)	0	0	0
Forfeited (in dollars per share)	0	142.66	127.56
Options outstanding at the end of the period (in dollars per share)	103.27	104.96	106.19
Options exercisable at the end of the period (in dollars per share)	$ 103.27	$ 104.96	$ 106.19

Stock-Based Compensation Plan53

Stock-Based Compensation Plans (Details 2) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Intrinsic value of options exercised	$ 18,080	$ 20,028	$ 2,395
2009 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding intrinsic value	15,438
Options exercisable intrinsic value	$ 12,066
Options exercisable weighted average contractual life (in years)	6 years 3 months 18 days
2009 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	249,178
1994 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding intrinsic value	$ 6,647
Options exercisable intrinsic value	$ 6,647
Options exercisable weighted average contractual life (in years)	1 year 8 months 12 days
1994 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	82,195
40.00 - 49.99 | 1994 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	9,854
Exercise Price, lower limit (in dollars per share)	$ 40
Exercise Price, upper limit (in dollars per share)	$ 49.99
Weighted Average Remaining Contractual Term	3 years 1 month 6 days
70.00 - 79.99 | 2009 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	25,622
Exercise Price, lower limit (in dollars per share)	$ 70
Exercise Price, upper limit (in dollars per share)	$ 79.99
Weighted Average Remaining Contractual Term	4 years 1 month 6 days
80.00 - 89.99 | 1994 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	35,511
Exercise Price, lower limit (in dollars per share)	$ 80
Exercise Price, upper limit (in dollars per share)	$ 89.99
Weighted Average Remaining Contractual Term	2 years 1 month 6 days
90.00 - 99.99 | 1994 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	7,174
Exercise Price, lower limit (in dollars per share)	$ 90
Exercise Price, upper limit (in dollars per share)	$ 99.99
Weighted Average Remaining Contractual Term	1 month 6 days
110.00 - 119.99 | 2009 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	38,326
Exercise Price, lower limit (in dollars per share)	$ 110
Exercise Price, upper limit (in dollars per share)	$ 119.99
Weighted Average Remaining Contractual Term	5 years 1 month 6 days
120.00 - 129.99 | 2009 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	44,135
Exercise Price, lower limit (in dollars per share)	$ 120
Exercise Price, upper limit (in dollars per share)	$ 129.99
Weighted Average Remaining Contractual Term	7 years 2 months 12 days
130.00 - 139.99 | 2009 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	141,095
Exercise Price, lower limit (in dollars per share)	$ 130
Exercise Price, upper limit (in dollars per share)	$ 139.99
Weighted Average Remaining Contractual Term	6 years 7 months 6 days
140.00 - 149.99 | 1994 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	29,656
Exercise Price, lower limit (in dollars per share)	$ 140
Exercise Price, upper limit (in dollars per share)	$ 149.99
Weighted Average Remaining Contractual Term	1 year 1 month 6 days

Stock-Based Compensation Plan54

Stock-Based Compensation Plans (Details 3) $ / shares in Units, $ in Thousands	Jan. 01, 2014item	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares	Dec. 31, 2012shares	Oct. 31, 1996shares
Additional disclosures
Stock-based compensation expense | $		$ 14,703	$ 13,314	$ 17,775
Capitalized stock-based compensation cost | $		$ 9,667	5,457	8,379
Forfeiture rate (as a percent)		1.00%
Employee Stock Purchase Plan [Abstract]
Shares issued under Employee Stock Purchase Plan		10,667
Stock-based compensation expense | $		$ 14,703	$ 13,314	$ 17,775
Stock Options
Weighted average assumptions
Weighted average fair value per share (in dollars per share) | $ / shares				$ 26.78
Life of options (in years)				5 years
Dividend yield (as a percent)				3.70%
Volatility (as a percent)				34.00%
Risk-free interest rate (as a percent)				0.91%
Additional disclosures
Unrecognized compensation cost for unvested stock options | $		$ 99
Weighted average period for recognition of unrecognized compensation cost		1 month 6 days
Forfeiture rate (as a percent)		1.00%
Restricted stock
Additional disclosures
Granted (in shares)		61,953	98,954	123,977
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options Issued in Period Fair Value | $		$ 10,720	$ 12,799
Outstanding unvested shares granted		147,884	179,307	182,083	202,218
Number of shares vested during period related to new awards		91,847	93,963	141,673
Grant date fair value per share (in dollars per share) | $ / shares		$ 173.04	$ 129.35	$ 129.21
Unrecognized compensation cost for unvested stock options | $		$ 21,096
Weighted average period for recognition of unrecognized compensation cost		3 years 7 months 6 days
Performance awards
Weighted average assumptions
Dividend yield (as a percent)		3.00%	3.60%	3.30%
Maximum Measurement Period (in years)		3 years
Award vesting period (in years)		3 years
Additional disclosures
Granted (in shares)		85,636	136,276	191,008
Baseline share value (in dollars per share) | $ / shares		$ 166.23	$ 128.97	$ 130.23
Estimated volatility, minimum (as a percent)		12.00%	17.60%	17.00%
Estimated volatility, maximum (as a percent)		17.30%	18.60%	21.00%
Risk-free interest rate, minimum (as a percent)		0.07%	0.04%	0.09%
Risk-free interest rate, maximum (as a percent)		1.09%	0.72%	0.46%
Average estimated fair value (in dollars per share) | $ / shares		$ 139.18	$ 103.20	$ 70
Outstanding unvested shares granted		238,266	239,902	189,765	0
Grant date fair value per share (in dollars per share) | $ / shares		$ 148.49	$ 117.43	$ 70
Performance awards | Maximum
Weighted average assumptions
Percentage of stock based compensation elected to be received in the form of stock options upon the election of the recipient		25.00%
Non Qualified Employee Stock Purchase Plan [Member]
Additional disclosures
Stock-based compensation expense | $		$ 321	$ 407	$ 174
Employee Stock Purchase Plan [Abstract]
Employee stock purchase plan, shares of common stock reserved for issuance						1,000,000
Employee stock purchase plan, remaining shares of common stock available for issuance		704,160
Employment period of full-time employees for becoming eligible to participate in the plan (in months)		1 month
Employment period of other employees for becoming eligible to participate in the plan (in months)		12 months
Purchase period (in months)			7 months
Number of purchase periods | item	2
Employee stock purchase plan, discounted stock price percentage		85.00%
Shares issued under Employee Stock Purchase Plan		10,667	9,848	9,260
Stock-based compensation expense | $		$ 321	$ 407	$ 174

Stock-Based Compensation Plan55

Stock-Based Compensation Plans (Details 4) - Performance awards - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Performance awards
Outstanding at the beginning of the period (in shares)	239,902	189,765	0
Granted (in shares)	85,636	136,276	191,008
Forfeited (in shares)	(6,143)	(23,140)	(1,243)
Increase (decrease) in awards based on performance (in shares)	14,697	(46,790)
Converted to restricted stock (in shares)	(95,826)	(16,209)
Outstanding at the ending of the period (in shares)	238,266	239,902	189,765
Weighted average grant date fair value per award
Outstanding at the beginning of the period (in dollars per share)	$ 95.20	$ 70	$ 0
Granted (in dollars per share)	148.49	117.43	70
Forfeited (in dollars per share)	110.34	76.22	70
Change in awards based on performance (in dollars per share)	78.50	74.37
Converted to restricted stock (in dollars per share)	78.50	74.37
Outstanding at the ending of the period (in dollars per share)	$ 119.65	$ 95.20	$ 70
Grants in period based on shareholder metrics (in shares)	55,162	60,391
Grants in period based on financial metrics (in shares)	30,474	75,885

Stock-Based Compensation Plan56

Stock-Based Compensation Plans (Details 5) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee and Directors Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 month 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield (as a percent)			3.70%
Performance awards
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield (as a percent)	3.00%	3.60%	3.30%
Estimated volatility, minimum (as a percent)	12.00%	17.60%	17.00%
Estimated volatility, maximum (as a percent)	17.30%	18.60%	21.00%
Risk-free interest rate, minimum (as a percent)	0.07%	0.04%	0.09%
Risk-free interest rate, maximum (as a percent)	1.09%	0.72%	0.46%
Estimated performance award value based on total shareholder return measure (in dollars per share)	$ 139.18	$ 103.20	$ 70
Historical volatility (as a percent)	50.00%	50.00%	50.00%
Implied volatility (as a percent)	50.00%	50.00%	50.00%
Market closing price (in dollars per share)	$ 166.23	$ 128.97	$ 130.23

Stock-Based Compensation Plan57

Stock-Based Compensation Plans (Details 6) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted stock
Restricted stock shares
Outstanding at the beginning of the period (in shares)	179,307	182,083	202,218
Granted (in shares)	61,953	98,954	123,977
Vested (in shares)	(91,847)	(93,963)	(141,673)
Forfeited (in shares)	(1,529)	(7,767)	(2,439)
Outstanding at the ending of the period (in shares)	147,884	179,307	182,083
Restricted stock shares weighted average grant date fair value per share
Outstanding at the beginning of the period (in dollars per share)	$ 129.06	$ 124.35	$ 107.58
Granted (in dollars per share)	173.04	129.35	129.21
Vested (in dollars per share)	130.75	120.81	104.69
Forfeited (in dollars per share)	151.86	128.62	123.05
Outstanding at the ending of the period (in dollars per share)	$ 146.21	$ 129.06	$ 124.35
Restricted stock converted from performance shares
Restricted stock shares
Outstanding at the beginning of the period (in shares)	10,933	0	0
Granted (in shares)	95,826	16,209
Vested (in shares)	(8,412)	(5,073)
Forfeited (in shares)	0	(203)
Outstanding at the ending of the period (in shares)	98,347	10,933	0

Related Party Arrangements (Det

Related Party Arrangements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Arrangements
Management fees revenue	$ 9,947,000	$ 11,050,000	$ 11,502,000
Compensation expense	14,703,000	13,314,000	17,775,000
Unconsolidated real estate entities
Related Party Arrangements
Outstanding receivables	3,832,000	6,868,000
Non-employee directors
Related Party Arrangements
Payable to related parties	60,000
Payable to related parties in quarterly installments	15,000
Non-employee directors | Restricted stock and deferred stock awards
Related Party Arrangements
Payable to related parties	130,000
Compensation expense	1,135,000	1,049,000	992,000
Amount of deferred compensation	$ 488,000	$ 452,000	$ 417,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Conversion of Shares	46,589
Lead Independent Director
Related Party Arrangements
Payable to related parties	$ 25,000
Payable to related parties in quarterly installments	6,250
Non-employees directors serving as a chairperson
Related Party Arrangements
Payable to related parties	10,000
Payable to related parties in quarterly installments	$ 2,500

Fair Value (Details)

Fair Value (Details) $ in Thousands	1 Months Ended	12 Months Ended
	May. 31, 2013USD ($)	Dec. 31, 2015USD ($)derivative	Dec. 31, 2014USD ($)item	Dec. 31, 2013USD ($)
Derivative instruments and Hedging Activities
Notional balance			$ 215,000
Hedging losses reclassified from accumulated other comprehensive income into earnings		$ 5,774	6,237	$ 59,376
Charge for the reversal of the deferred loss			51,000
Estimated hedging losses to be reclassified from accumulated other comprehensive loss into earnings within the next twelve months		$ (5,493)
Payment for settlement of forward starting interest rate swap agreement	$ 51,000
Cash Flow Hedges Interest Rate Caps
Derivative instruments and Hedging Activities
Number of derivative instruments held | derivative		10
Amount of (decrease) increase in comprehensive loss to adjust hedging derivatives		$ (11,128)	$ (6,116)	$ 5,892
Cash Flow Hedges Interest Rate Caps | Interest Rate Caps
Derivative instruments and Hedging Activities
Notional balance		$ 36,731
Weighted average interest rate (as a percent)		2.70%
Weighted average capped interest rate (as a percent)		5.90%
Cash Flow Hedges Interest Rate Caps | Interest Rate Swap [Member]
Derivative instruments and Hedging Activities
Notional balance		$ 600,000
Weighted average capped interest rate (as a percent)		2.30%
Puts
Derivative instruments and Hedging Activities
Number of ventures in which entity is required to purchase interest in investment at guaranteed minimum amount | item			3
Non-designated Hedges Interest Rate Caps
Derivative instruments and Hedging Activities
Number of derivative instruments held | derivative		15
Non-designated Hedges Interest Rate Caps | Interest Rate Caps
Derivative instruments and Hedging Activities
Notional balance		$ 725,832
Weighted average interest rate (as a percent)		1.80%
Weighted average capped interest rate (as a percent)		5.80%

Fair Value (Details 2)

Fair Value (Details 2) $ in Thousands	Dec. 31, 2015USD ($)derivative	Dec. 31, 2014USD ($)
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	$ (1,381)	$ (1,226)
Total	(3,669,798)	(2,875,373)
Recurring basis | Significant Other Observable Inputs (Level 2)
Financial Instruments Measured/Discussed at Fair Value
Total	(2,694,888)	(3,683,767)
Recurring basis | Significant Unobservable Inputs (Level 3)
Financial Instruments Measured/Discussed at Fair Value
Total	(8,181)	(11,104)
Recurring basis | Significant Unobservable Inputs (Level 3) | Puts
Financial Instruments Measured/Discussed at Fair Value
Fair value of remaining outstanding Puts	$ (8,181)	(11,104)
Cash Flow Hedges Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative, Number of Instruments Held | derivative	10
Cash Flow Hedges Interest Rate Caps | Recurring basis | Significant Other Observable Inputs (Level 2) | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	$ 5	58
Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	(1,381)	(1,226)
Total	(6,372,867)	(6,570,244)
Total Fair Value | Recurring basis | Puts
Financial Instruments Measured/Discussed at Fair Value
Fair value of remaining outstanding Puts	(8,181)	(11,104)
Total Fair Value | Cash Flow Hedges Interest Rate Caps | Recurring basis | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	5	58
Total Fair Value | Cash Flow Hedges Interest Rate Caps | Recurring basis | Interest Rate Swap [Member]
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	$ 5,422
Non-designated Hedges Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative, Number of Instruments Held | derivative	15
Non-designated Hedges Interest Rate Caps | Recurring basis | Significant Other Observable Inputs (Level 2) | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	$ 26	50
Non-designated Hedges Interest Rate Caps | Total Fair Value | Recurring basis | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	26	50
Secured Debt and Variable Rate Unsecured Term Loan [Member] | Recurring basis | Significant Other Observable Inputs (Level 2)
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(2,700,341)	(3,683,875)
Secured Debt and Variable Rate Unsecured Term Loan [Member] | Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(2,700,341)	(3,683,875)
Unsecured notes | Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(3,668,417)	(2,874,147)
Unsecured notes | Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	$ (3,668,417)	$ (2,874,147)

Quarterly Financial Informati61

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 480,840	$ 475,360	$ 457,459	$ 442,367	$ 440,656	$ 430,525	$ 413,806	$ 400,075	$ 1,856,028	$ 1,685,061	$ 1,462,921
Income from continuing operations	155,352	206,076	172,253	208,053	142,530	241,001	172,197	103,420	741,733	659,148	57,827
Total discontinued operations	0	0	0	0	0	0	0	38,179	0	38,179	294,944
Net income	155,352	206,076	172,253	208,053	142,530	241,001	172,197	141,599	741,733	697,327	352,771
Net income attributable to common stockholders	$ 155,428	$ 206,142	$ 172,324	$ 208,144	$ 142,642	$ 241,100	$ 158,086	$ 141,739	$ 742,038	$ 683,567	$ 353,141
Net income (loss) per common share - basic (in dollars per share)	$ 1.13	$ 1.54	$ 1.30	$ 1.57	$ 1.08	$ 1.83	$ 1.22	$ 1.09	$ 5.54	$ 5.22	$ 2.78
Net income (loss) per common share - diluted (in dollars per share)	$ 1.13	$ 1.53	$ 1.29	$ 1.56	$ 1.08	$ 1.83	$ 1.21	$ 1.09	$ 5.51	$ 5.21	$ 2.78

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended	2 Months Ended	12 Months Ended
	Jun. 30, 2014community	Feb. 25, 2016USD ($)communityhome	Dec. 31, 2015USD ($)communityhomeClaimbuilding	Dec. 31, 2014USD ($)home	Dec. 31, 2013USD ($)home
Subsequent events
Notional balance				$ 215,000,000
Number of apartment homes sold | home				1,337	3,299
Proceeds from sale of real estate			$ 282,163,000	$ 281,125,000	$ 919,442,000
Estimated number of apartment homes in communities to be developed | home			9,634
Number of residential buildings | community			259
Number of apartment homes included in operating apartment communities owned | home			75,584
Number of Apartment Communities Sold | community	8
Casualty (gain) loss and impairment loss, net			$ (10,542,000)	0	$ 0
US Fund
Subsequent events
Debt outstanding			373,863,000
MVPI LLC
Subsequent events
Receipts from a joint venture partner for modification of agreement			21,340,000
Fund II
Subsequent events
Debt outstanding			$ 286,543,000
Number of Apartment Communities Sold | community			4
Avalon at Edgewater
Subsequent events
Number of residential buildings | building			2
Number of uninhabitable residential buildings due to fire damage | building			1
Number of uninhabitable homes | home			240
Number of apartment homes included in operating apartment communities owned | home			168
Loss Contingency New Class Action Claims Filed Number | Claim			4
Insurance Proceeds			$ 44,142,000
Casualty (gain) loss and impairment loss, net			(15,538,000)
Subsequent event
Subsequent events
Number of Communities Acquired | community		2
Number of Apartment Communities Sold | community		2
Subsequent event | Archstone Boca Town Center [Member] | US Fund
Subsequent events
Number of apartment homes sold | home		252
Proceeds from sale of real estate		$ 56,300,000
Subsequent event | Avalon at Edgewater
Subsequent events
Insurance Proceeds		73,008,000
Casualty (gain) loss and impairment loss, net		$ (29,008,000)
Subsequent event | Avalon Kips Bay [Member] | US Fund
Subsequent events
Number of apartment homes sold | home		209
Proceeds from sale of real estate		$ 173,000,000
Subsequent event | Eaves Rancho San Diego [Member] | Fund II
Subsequent events
Number of apartment homes sold | home		676
Proceeds from sale of real estate		$ 158,000,000
Secured notes
Subsequent events
Fixed rate notes			$ 1,561,109,000	$ 2,400,677,000
Secured notes | MVPI LLC
Subsequent events
Fixed rate (as a percent)			3.24%
Line of Credit [Member]
Subsequent events
Line of Credit Facility, Commitment Fee Percentage			0.15%
Line of Credit Facility, Maximum Borrowing Capacity			$ 1,300,000,000
Line of Credit Facility, Commitment Fee Amount			1,950,000
Line of Credit [Member] | Subsequent event
Subsequent events
Debt instrument, basis spread on variable rate (as a percent)		0.825%
Percent of Credit Facility Available to Competitive Bid Option		65.00%
Line of Credit Facility, Commitment Fee Percentage		0.125%
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,500,000,000
Line of Credit, Facility Potential Term Extension Period		9 months
Line of Credit Facility, Commitment Fee Amount		$ 1,875,000
Extension fee		$ 1,500,000
Avalon Hoboken [Member] | Subsequent event
Subsequent events
Number of Apartment Homes, Acquired | home		217
Business Combination, Consideration Transferred		$ 129,700,000
Avalon Hoboken [Member] | Secured notes | Subsequent event
Subsequent events
Fixed rate notes		$ 67,904,000
Fixed rate (as a percent)		4.18%
Avalon Potomac Yards [Member] | Subsequent event
Subsequent events
Number of Apartment Homes, Acquired | home		323
Business Combination, Consideration Transferred		$ 108,250,000
Minimum [Member] | Line of Credit [Member] | Subsequent event
Subsequent events
Debt instrument, basis spread on variable rate (as a percent)		0.80%
Maximum [Member] | Line of Credit [Member] | Subsequent event
Subsequent events
Debt instrument, basis spread on variable rate (as a percent)		1.55%
Cash Flow Hedges Interest Rate Caps | Interest Rate Swap [Member]
Subsequent events
Notional balance			$ 600,000,000
Cash Flow Hedges Interest Rate Caps | Interest Rate Swap [Member] | Subsequent event
Subsequent events
Notional balance		$ 450,000,000
LIBOR | Line of Credit [Member] | Subsequent event
Subsequent events
Debt instrument variable rate (as a percent)		LIBOR

REAL ESTATE AND ACCUMULATED D63

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Initial Cost
Land and improvements	$ 4,125,552
Building / Construction in Progress & Improvements	12,268,898
Costs Subsequent to Acquisition / Construction	2,873,649
Total Cost
Land	4,125,552
Building / Construction in Progress & Improvements	15,142,547
Total	19,268,099	$ 17,849,316	$ 16,800,321	$ 10,071,342
Accumulated Depreciation	3,325,790	2,913,576	$ 2,516,112	$ 2,056,222
Total Cost, Net of Accumulated Depreciation	15,942,309	14,935,740
Encumbrances	6,481,291
SEC Schedule III, Real Estate, Federal Income Tax Basis	18,958
Avalon Thousand Oaks Plaza
Initial Cost
Land and improvements	12,810
Building / Construction in Progress & Improvements	22,581
Costs Subsequent to Acquisition / Construction	1,873
Total Cost
Land	12,810
Building / Construction in Progress & Improvements	24,454
Total	37,264
Accumulated Depreciation	4,172
Total Cost, Net of Accumulated Depreciation	33,092	33,972
Established [Member]
Initial Cost
Land and improvements	2,711,536
Building / Construction in Progress & Improvements	8,768,161
Costs Subsequent to Acquisition / Construction	911,889
Total Cost
Land	2,711,536
Building / Construction in Progress & Improvements	9,680,050
Total	12,391,586
Accumulated Depreciation	2,715,827
Total Cost, Net of Accumulated Depreciation	9,675,759	9,945,347
Encumbrances	2,404,461
Redevelopment Communities [Member]
Initial Cost
Land and improvements	151,116
Building / Construction in Progress & Improvements	474,641
Costs Subsequent to Acquisition / Construction	127,442
Total Cost
Land	151,116
Building / Construction in Progress & Improvements	602,083
Total	753,199
Accumulated Depreciation	186,389
Total Cost, Net of Accumulated Depreciation	566,810	526,903
Encumbrances	76,009
New England
Initial Cost
Land and improvements	232,227
Building / Construction in Progress & Improvements	1,063,492
Costs Subsequent to Acquisition / Construction	165,027
Total Cost
Land	232,227
Building / Construction in Progress & Improvements	1,228,519
Total	1,460,746
Accumulated Depreciation	415,211
Total Cost, Net of Accumulated Depreciation	1,045,535	1,060,952
Encumbrances	150,404
New Jersey [Member]
Initial Cost
Land and improvements	87,355
Building / Construction in Progress & Improvements	466,309
Costs Subsequent to Acquisition / Construction	56,566
Total Cost
Land	87,355
Building / Construction in Progress & Improvements	522,875
Total	610,230
Accumulated Depreciation	187,632
Total Cost, Net of Accumulated Depreciation	422,598	437,621
Encumbrances	71,345
Mid-Atlantic
Initial Cost
Land and improvements	510,531
Building / Construction in Progress & Improvements	1,533,740
Costs Subsequent to Acquisition / Construction	133,552
Total Cost
Land	510,531
Building / Construction in Progress & Improvements	1,667,292
Total	2,177,823
Accumulated Depreciation	376,943
Total Cost, Net of Accumulated Depreciation	1,800,880	1,850,140
Encumbrances	351,955
Pacific Northwest
Initial Cost
Land and improvements	117,549
Building / Construction in Progress & Improvements	569,655
Costs Subsequent to Acquisition / Construction	33,836
Total Cost
Land	117,549
Building / Construction in Progress & Improvements	603,491
Total	721,040
Accumulated Depreciation	169,522
Total Cost, Net of Accumulated Depreciation	551,518	571,233
Encumbrances	86,872
Northern California
Initial Cost
Land and improvements	545,406
Building / Construction in Progress & Improvements	1,651,484
Costs Subsequent to Acquisition / Construction	217,294
Total Cost
Land	545,406
Building / Construction in Progress & Improvements	1,868,778
Total	2,414,184
Accumulated Depreciation	599,188
Total Cost, Net of Accumulated Depreciation	1,814,996	1,870,640
Encumbrances	578,039
Southern California
Initial Cost
Land and improvements	434,990
Building / Construction in Progress & Improvements	1,645,046
Costs Subsequent to Acquisition / Construction	248,504
Total Cost
Land	434,990
Building / Construction in Progress & Improvements	1,893,550
Total	2,328,540
Accumulated Depreciation	320,010
Total Cost, Net of Accumulated Depreciation	2,008,530	2,058,471
Encumbrances	125,821
Current Communities
Initial Cost
Land and improvements	3,537,870
Building / Construction in Progress & Improvements	12,067,407
Costs Subsequent to Acquisition / Construction	1,349,015
Total Cost
Land	3,537,870
Building / Construction in Progress & Improvements	13,416,422
Total	16,954,292
Accumulated Depreciation	3,270,732
Total Cost, Net of Accumulated Depreciation	13,683,560	13,812,553
Encumbrances	2,606,291
Current Communities | Avalon at Lexington
Initial Cost
Land and improvements	2,124
Building / Construction in Progress & Improvements	12,546
Costs Subsequent to Acquisition / Construction	9,368
Total Cost
Land	2,124
Building / Construction in Progress & Improvements	21,914
Total	24,038
Accumulated Depreciation	12,335
Total Cost, Net of Accumulated Depreciation	11,703	12,438
Current Communities | Avalon Oaks
Initial Cost
Land and improvements	2,129
Building / Construction in Progress & Improvements	18,302
Costs Subsequent to Acquisition / Construction	4,265
Total Cost
Land	2,129
Building / Construction in Progress & Improvements	22,567
Total	24,696
Accumulated Depreciation	11,925
Total Cost, Net of Accumulated Depreciation	12,771	11,749
Current Communities | Eaves Quincy
Initial Cost
Land and improvements	1,743
Building / Construction in Progress & Improvements	14,662
Costs Subsequent to Acquisition / Construction	9,694
Total Cost
Land	1,743
Building / Construction in Progress & Improvements	24,356
Total	26,099
Accumulated Depreciation	12,650
Total Cost, Net of Accumulated Depreciation	13,449	13,883
Current Communities | Avalon Essex
Initial Cost
Land and improvements	5,184
Building / Construction in Progress & Improvements	16,258
Costs Subsequent to Acquisition / Construction	2,073
Total Cost
Land	5,184
Building / Construction in Progress & Improvements	18,331
Total	23,515
Accumulated Depreciation	10,039
Total Cost, Net of Accumulated Depreciation	13,476	14,036
Current Communities | Avalon Oaks West
Initial Cost
Land and improvements	3,318
Building / Construction in Progress & Improvements	13,333
Costs Subsequent to Acquisition / Construction	951
Total Cost
Land	3,318
Building / Construction in Progress & Improvements	14,284
Total	17,602
Accumulated Depreciation	6,915
Total Cost, Net of Accumulated Depreciation	10,687	11,155
Encumbrances	15,649
Current Communities | Avalon Orchards
Initial Cost
Land and improvements	2,983
Building / Construction in Progress & Improvements	17,932
Costs Subsequent to Acquisition / Construction	2,260
Total Cost
Land	2,983
Building / Construction in Progress & Improvements	20,192
Total	23,175
Accumulated Depreciation	9,744
Total Cost, Net of Accumulated Depreciation	13,431	14,061
Encumbrances	16,621
Current Communities | Avalon at Newton Highlands
Initial Cost
Land and improvements	11,039
Building / Construction in Progress & Improvements	45,531
Costs Subsequent to Acquisition / Construction	3,784
Total Cost
Land	11,039
Building / Construction in Progress & Improvements	49,315
Total	60,354
Accumulated Depreciation	21,314
Total Cost, Net of Accumulated Depreciation	39,040	40,699
Current Communities | Avalon at the Pinehills
Initial Cost
Land and improvements	6,876
Building / Construction in Progress & Improvements	30,401
Costs Subsequent to Acquisition / Construction	317
Total Cost
Land	6,876
Building / Construction in Progress & Improvements	30,718
Total	37,594
Accumulated Depreciation	8,915
Total Cost, Net of Accumulated Depreciation	28,679	29,624
Current Communities | Eaves Peabody
Initial Cost
Land and improvements	4,645
Building / Construction in Progress & Improvements	18,937
Costs Subsequent to Acquisition / Construction	12,388
Total Cost
Land	4,645
Building / Construction in Progress & Improvements	31,325
Total	35,970
Accumulated Depreciation	10,860
Total Cost, Net of Accumulated Depreciation	25,110	25,925
Current Communities | Avalon at Bedford Center
Initial Cost
Land and improvements	4,258
Building / Construction in Progress & Improvements	20,535
Costs Subsequent to Acquisition / Construction	483
Total Cost
Land	4,258
Building / Construction in Progress & Improvements	21,018
Total	25,276
Accumulated Depreciation	7,355
Total Cost, Net of Accumulated Depreciation	17,921	18,513
Current Communities | Avalon Chestnut Hill
Initial Cost
Land and improvements	14,572
Building / Construction in Progress & Improvements	45,820
Costs Subsequent to Acquisition / Construction	2,168
Total Cost
Land	14,572
Building / Construction in Progress & Improvements	47,988
Total	62,560
Accumulated Depreciation	15,529
Total Cost, Net of Accumulated Depreciation	47,031	48,794
Encumbrances	39,088
Current Communities | Avalon Shrewsbury
Initial Cost
Land and improvements	5,152
Building / Construction in Progress & Improvements	30,458
Costs Subsequent to Acquisition / Construction	1,358
Total Cost
Land	5,152
Building / Construction in Progress & Improvements	31,816
Total	36,968
Accumulated Depreciation	10,191
Total Cost, Net of Accumulated Depreciation	26,777	27,455
Encumbrances	19,867
Current Communities | Avalon at Lexington Hills
Initial Cost
Land and improvements	8,691
Building / Construction in Progress & Improvements	79,104
Costs Subsequent to Acquisition / Construction	1,686
Total Cost
Land	8,691
Building / Construction in Progress & Improvements	80,790
Total	89,481
Accumulated Depreciation	22,275
Total Cost, Net of Accumulated Depreciation	67,206	69,510
Current Communities | Avalon Acton
Initial Cost
Land and improvements	13,124
Building / Construction in Progress & Improvements	48,944
Costs Subsequent to Acquisition / Construction	2,309
Total Cost
Land	13,124
Building / Construction in Progress & Improvements	51,253
Total	64,377
Accumulated Depreciation	13,789
Total Cost, Net of Accumulated Depreciation	50,588	51,216
Encumbrances	45,000
Current Communities | Avalon Sharon
Initial Cost
Land and improvements	4,719
Building / Construction in Progress & Improvements	25,446
Costs Subsequent to Acquisition / Construction	461
Total Cost
Land	4,719
Building / Construction in Progress & Improvements	25,907
Total	30,626
Accumulated Depreciation	6,952
Total Cost, Net of Accumulated Depreciation	23,674	24,480
Current Communities | Avalon at Center Place
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	26,816
Costs Subsequent to Acquisition / Construction	10,563
Total Cost
Land	0
Building / Construction in Progress & Improvements	37,379
Total	37,379
Accumulated Depreciation	21,374
Total Cost, Net of Accumulated Depreciation	16,005	17,127
Current Communities | Avalon at Hingham Shipyard
Initial Cost
Land and improvements	12,218
Building / Construction in Progress & Improvements	41,655
Costs Subsequent to Acquisition / Construction	791
Total Cost
Land	12,218
Building / Construction in Progress & Improvements	42,446
Total	54,664
Accumulated Depreciation	10,635
Total Cost, Net of Accumulated Depreciation	44,029	45,193
Current Communities | Avalon Northborough
Initial Cost
Land and improvements	8,144
Building / Construction in Progress & Improvements	52,348
Costs Subsequent to Acquisition / Construction	198
Total Cost
Land	8,144
Building / Construction in Progress & Improvements	52,546
Total	60,690
Accumulated Depreciation	11,066
Total Cost, Net of Accumulated Depreciation	49,624	51,444
Current Communities | Avalon Blue Hills
Initial Cost
Land and improvements	11,110
Building / Construction in Progress & Improvements	34,690
Costs Subsequent to Acquisition / Construction	644
Total Cost
Land	11,110
Building / Construction in Progress & Improvements	35,334
Total	46,444
Accumulated Depreciation	8,135
Total Cost, Net of Accumulated Depreciation	38,309	39,070
Current Communities | Avalon Cohasset
Initial Cost
Land and improvements	8,802
Building / Construction in Progress & Improvements	46,184
Costs Subsequent to Acquisition / Construction	87
Total Cost
Land	8,802
Building / Construction in Progress & Improvements	46,271
Total	55,073
Accumulated Depreciation	6,561
Total Cost, Net of Accumulated Depreciation	48,512	50,141
Current Communities | Avalon Andover
Initial Cost
Land and improvements	4,276
Building / Construction in Progress & Improvements	21,862
Costs Subsequent to Acquisition / Construction	45
Total Cost
Land	4,276
Building / Construction in Progress & Improvements	21,907
Total	26,183
Accumulated Depreciation	2,892
Total Cost, Net of Accumulated Depreciation	23,291	24,065
Encumbrances	14,179
Current Communities | Eaves Burlington
Initial Cost
Land and improvements	7,714
Building / Construction in Progress & Improvements	32,502
Costs Subsequent to Acquisition / Construction	5,210
Total Cost
Land	7,714
Building / Construction in Progress & Improvements	37,712
Total	45,426
Accumulated Depreciation	3,726
Total Cost, Net of Accumulated Depreciation	41,700	42,947
Current Communities | AVA Back Bay
Initial Cost
Land and improvements	9,034
Building / Construction in Progress & Improvements	36,540
Costs Subsequent to Acquisition / Construction	39,506
Total Cost
Land	9,034
Building / Construction in Progress & Improvements	76,046
Total	85,080
Accumulated Depreciation	28,618
Total Cost, Net of Accumulated Depreciation	56,462	55,733
Current Communities | Avalon at Prudential Center II
Initial Cost
Land and improvements	8,776
Building / Construction in Progress & Improvements	35,496
Costs Subsequent to Acquisition / Construction	39,910
Total Cost
Land	8,776
Building / Construction in Progress & Improvements	75,406
Total	84,182
Accumulated Depreciation	27,376
Total Cost, Net of Accumulated Depreciation	56,806	50,955
Current Communities | Avalon at Prudential Center I
Initial Cost
Land and improvements	8,002
Building / Construction in Progress & Improvements	32,370
Costs Subsequent to Acquisition / Construction	31,040
Total Cost
Land	8,002
Building / Construction in Progress & Improvements	63,410
Total	71,412
Accumulated Depreciation	24,589
Total Cost, Net of Accumulated Depreciation	46,823	37,373
Current Communities | Avalon Burlington
Initial Cost
Land and improvements	15,600
Building / Construction in Progress & Improvements	58,312
Costs Subsequent to Acquisition / Construction	14,929
Total Cost
Land	15,600
Building / Construction in Progress & Improvements	73,241
Total	88,841
Accumulated Depreciation	7,761
Total Cost, Net of Accumulated Depreciation	81,080	76,409
Current Communities | Avalon Bear Hill
Initial Cost
Land and improvements	27,350
Building / Construction in Progress & Improvements	96,387
Costs Subsequent to Acquisition / Construction	18,621
Total Cost
Land	27,350
Building / Construction in Progress & Improvements	115,008
Total	142,358
Accumulated Depreciation	14,991
Total Cost, Net of Accumulated Depreciation	127,367	118,155
Current Communities | Eaves North Quincy
Initial Cost
Land and improvements	11,940
Building / Construction in Progress & Improvements	39,400
Costs Subsequent to Acquisition / Construction	2,814
Total Cost
Land	11,940
Building / Construction in Progress & Improvements	42,214
Total	54,154
Accumulated Depreciation	6,253
Total Cost, Net of Accumulated Depreciation	47,901	49,047
Current Communities | Avalon Natick
Initial Cost
Land and improvements	15,645
Building / Construction in Progress & Improvements	64,845
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	15,645
Building / Construction in Progress & Improvements	64,845
Total	80,490
Accumulated Depreciation	5,752
Total Cost, Net of Accumulated Depreciation	74,738	76,754
Encumbrances	51,230
Current Communities | Avalon Canton at Blue Hills
Initial Cost
Land and improvements	6,562
Building / Construction in Progress & Improvements	33,890
Costs Subsequent to Acquisition / Construction	105
Total Cost
Land	6,562
Building / Construction in Progress & Improvements	33,995
Total	40,557
Accumulated Depreciation	2,014
Total Cost, Net of Accumulated Depreciation	38,543	38,984
Current Communities | Avalon Exeter
Initial Cost
Land and improvements	16,313
Building / Construction in Progress & Improvements	110,043
Costs Subsequent to Acquisition / Construction	148
Total Cost
Land	16,313
Building / Construction in Progress & Improvements	110,191
Total	126,504
Accumulated Depreciation	5,827
Total Cost, Net of Accumulated Depreciation	120,677	122,588
Current Communities | AVA Somerville [Member]
Initial Cost
Land and improvements	10,902
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	60,810
Total Cost
Land	10,902
Building / Construction in Progress & Improvements	60,810
Total	71,712
Accumulated Depreciation	2,794
Total Cost, Net of Accumulated Depreciation	68,918	71,998
Current Communities | Eaves Trumbull
Initial Cost
Land and improvements	4,414
Building / Construction in Progress & Improvements	31,254
Costs Subsequent to Acquisition / Construction	3,860
Total Cost
Land	4,414
Building / Construction in Progress & Improvements	35,114
Total	39,528
Accumulated Depreciation	22,039
Total Cost, Net of Accumulated Depreciation	17,489	18,515
Encumbrances	38,852
Current Communities | Eaves Stamford
Initial Cost
Land and improvements	5,956
Building / Construction in Progress & Improvements	23,993
Costs Subsequent to Acquisition / Construction	12,798
Total Cost
Land	5,956
Building / Construction in Progress & Improvements	36,791
Total	42,747
Accumulated Depreciation	21,445
Total Cost, Net of Accumulated Depreciation	21,302	22,648
Current Communities | Avalon Wilton I
Initial Cost
Land and improvements	2,116
Building / Construction in Progress & Improvements	14,664
Costs Subsequent to Acquisition / Construction	5,841
Total Cost
Land	2,116
Building / Construction in Progress & Improvements	20,505
Total	22,621
Accumulated Depreciation	10,601
Total Cost, Net of Accumulated Depreciation	12,020	12,766
Current Communities | Avalon New Canaan
Initial Cost
Land and improvements	4,834
Building / Construction in Progress & Improvements	22,990
Costs Subsequent to Acquisition / Construction	1,700
Total Cost
Land	4,834
Building / Construction in Progress & Improvements	24,690
Total	29,524
Accumulated Depreciation	11,179
Total Cost, Net of Accumulated Depreciation	18,345	17,206
Current Communities | AVA Stamford
Initial Cost
Land and improvements	13,819
Building / Construction in Progress & Improvements	56,499
Costs Subsequent to Acquisition / Construction	4,834
Total Cost
Land	13,819
Building / Construction in Progress & Improvements	61,333
Total	75,152
Accumulated Depreciation	27,600
Total Cost, Net of Accumulated Depreciation	47,552	49,851
Current Communities | Avalon Danbury
Initial Cost
Land and improvements	4,933
Building / Construction in Progress & Improvements	30,638
Costs Subsequent to Acquisition / Construction	797
Total Cost
Land	4,933
Building / Construction in Progress & Improvements	31,435
Total	36,368
Accumulated Depreciation	11,478
Total Cost, Net of Accumulated Depreciation	24,890	25,889
Current Communities | Avalon Darien
Initial Cost
Land and improvements	6,926
Building / Construction in Progress & Improvements	34,579
Costs Subsequent to Acquisition / Construction	2,074
Total Cost
Land	6,926
Building / Construction in Progress & Improvements	36,653
Total	43,579
Accumulated Depreciation	15,216
Total Cost, Net of Accumulated Depreciation	28,363	29,457
Current Communities | Avalon Milford I
Initial Cost
Land and improvements	8,746
Building / Construction in Progress & Improvements	22,699
Costs Subsequent to Acquisition / Construction	1,014
Total Cost
Land	8,746
Building / Construction in Progress & Improvements	23,713
Total	32,459
Accumulated Depreciation	9,357
Total Cost, Net of Accumulated Depreciation	23,102	23,677
Current Communities | Avalon Huntington
Initial Cost
Land and improvements	5,277
Building / Construction in Progress & Improvements	20,029
Costs Subsequent to Acquisition / Construction	137
Total Cost
Land	5,277
Building / Construction in Progress & Improvements	20,166
Total	25,443
Accumulated Depreciation	5,132
Total Cost, Net of Accumulated Depreciation	20,311	21,000
Current Communities | Avalon Norwalk
Initial Cost
Land and improvements	11,320
Building / Construction in Progress & Improvements	62,910
Costs Subsequent to Acquisition / Construction	440
Total Cost
Land	11,320
Building / Construction in Progress & Improvements	63,350
Total	74,670
Accumulated Depreciation	11,606
Total Cost, Net of Accumulated Depreciation	63,064	64,883
Current Communities | Avalon Wilton II
Initial Cost
Land and improvements	6,604
Building / Construction in Progress & Improvements	23,763
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	6,604
Building / Construction in Progress & Improvements	23,763
Total	30,367
Accumulated Depreciation	3,853
Total Cost, Net of Accumulated Depreciation	26,514	27,371
Current Communities | Avalon Shelton III
Initial Cost
Land and improvements	7,749
Building / Construction in Progress & Improvements	40,269
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	7,749
Building / Construction in Progress & Improvements	40,269
Total	48,018
Accumulated Depreciation	3,732
Total Cost, Net of Accumulated Depreciation	44,286	46,440
Current Communities | Avalon East Norwalk
Initial Cost
Land and improvements	10,395
Building / Construction in Progress & Improvements	36,246
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	10,395
Building / Construction in Progress & Improvements	36,246
Total	46,641
Accumulated Depreciation	2,981
Total Cost, Net of Accumulated Depreciation	43,660	44,875
Current Communities | Avalon at Stratford
Initial Cost
Land and improvements	2,564
Building / Construction in Progress & Improvements	27,109
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	2,564
Building / Construction in Progress & Improvements	27,109
Total	29,673
Accumulated Depreciation	1,322
Total Cost, Net of Accumulated Depreciation	28,351	29,107
Current Communities | Avalon Commons
Initial Cost
Land and improvements	4,679
Building / Construction in Progress & Improvements	28,286
Costs Subsequent to Acquisition / Construction	5,810
Total Cost
Land	4,679
Building / Construction in Progress & Improvements	34,096
Total	38,775
Accumulated Depreciation	19,958
Total Cost, Net of Accumulated Depreciation	18,817	19,961
Current Communities | Eaves Nanuet
Initial Cost
Land and improvements	8,428
Building / Construction in Progress & Improvements	45,660
Costs Subsequent to Acquisition / Construction	4,371
Total Cost
Land	8,428
Building / Construction in Progress & Improvements	50,031
Total	58,459
Accumulated Depreciation	30,225
Total Cost, Net of Accumulated Depreciation	28,234	29,666
Encumbrances	62,279
Current Communities | Avalon Green
Initial Cost
Land and improvements	1,820
Building / Construction in Progress & Improvements	10,525
Costs Subsequent to Acquisition / Construction	6,951
Total Cost
Land	1,820
Building / Construction in Progress & Improvements	17,476
Total	19,296
Accumulated Depreciation	8,585
Total Cost, Net of Accumulated Depreciation	10,711	5,989
Current Communities | AVA High Line [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	155,989
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	0
Building / Construction in Progress & Improvements	155,989
Total	155,989
Accumulated Depreciation	3,878
Total Cost, Net of Accumulated Depreciation	152,111	150,721
Current Communities | Avalon Towers
Initial Cost
Land and improvements	3,118
Building / Construction in Progress & Improvements	11,973
Costs Subsequent to Acquisition / Construction	20,127
Total Cost
Land	3,118
Building / Construction in Progress & Improvements	32,100
Total	35,218
Accumulated Depreciation	12,753
Total Cost, Net of Accumulated Depreciation	22,465	13,914
Current Communities | Avalon Willow
Initial Cost
Land and improvements	6,207
Building / Construction in Progress & Improvements	40,791
Costs Subsequent to Acquisition / Construction	1,727
Total Cost
Land	6,207
Building / Construction in Progress & Improvements	42,518
Total	48,725
Accumulated Depreciation	23,346
Total Cost, Net of Accumulated Depreciation	25,379	26,575
Current Communities | Avalon Court
Initial Cost
Land and improvements	9,228
Building / Construction in Progress & Improvements	50,063
Costs Subsequent to Acquisition / Construction	3,104
Total Cost
Land	9,228
Building / Construction in Progress & Improvements	53,167
Total	62,395
Accumulated Depreciation	30,699
Total Cost, Net of Accumulated Depreciation	31,696	33,465
Current Communities | The Avalon
Initial Cost
Land and improvements	2,889
Building / Construction in Progress & Improvements	28,324
Costs Subsequent to Acquisition / Construction	8,003
Total Cost
Land	2,889
Building / Construction in Progress & Improvements	36,327
Total	39,216
Accumulated Depreciation	17,178
Total Cost, Net of Accumulated Depreciation	22,038	23,324
Current Communities | Avalon at Glen Cove
Initial Cost
Land and improvements	7,871
Building / Construction in Progress & Improvements	59,969
Costs Subsequent to Acquisition / Construction	1,463
Total Cost
Land	7,871
Building / Construction in Progress & Improvements	61,432
Total	69,303
Accumulated Depreciation	24,106
Total Cost, Net of Accumulated Depreciation	45,197	46,967
Current Communities | Avalon Pines
Initial Cost
Land and improvements	8,700
Building / Construction in Progress & Improvements	62,931
Costs Subsequent to Acquisition / Construction	946
Total Cost
Land	8,700
Building / Construction in Progress & Improvements	63,877
Total	72,577
Accumulated Depreciation	22,979
Total Cost, Net of Accumulated Depreciation	49,598	51,424
Current Communities | Avalon Glen Cove North
Initial Cost
Land and improvements	2,577
Building / Construction in Progress & Improvements	37,336
Costs Subsequent to Acquisition / Construction	364
Total Cost
Land	2,577
Building / Construction in Progress & Improvements	37,700
Total	40,277
Accumulated Depreciation	11,287
Total Cost, Net of Accumulated Depreciation	28,990	30,129
Current Communities | Avalon White Plains
Initial Cost
Land and improvements	15,391
Building / Construction in Progress & Improvements	137,353
Costs Subsequent to Acquisition / Construction	210
Total Cost
Land	15,391
Building / Construction in Progress & Improvements	137,563
Total	152,954
Accumulated Depreciation	32,264
Total Cost, Net of Accumulated Depreciation	120,690	125,356
Current Communities | Avalon Rockville Centre
Initial Cost
Land and improvements	32,212
Building / Construction in Progress & Improvements	78,807
Costs Subsequent to Acquisition / Construction	10
Total Cost
Land	32,212
Building / Construction in Progress & Improvements	78,817
Total	111,029
Accumulated Depreciation	11,305
Total Cost, Net of Accumulated Depreciation	99,724	102,539
Current Communities | Avalon Green II
Initial Cost
Land and improvements	27,765
Building / Construction in Progress & Improvements	77,561
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	27,765
Building / Construction in Progress & Improvements	77,561
Total	105,326
Accumulated Depreciation	10,116
Total Cost, Net of Accumulated Depreciation	95,210	97,995
Current Communities | Avalon Garden City
Initial Cost
Land and improvements	18,205
Building / Construction in Progress & Improvements	49,372
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	18,205
Building / Construction in Progress & Improvements	49,372
Total	67,577
Accumulated Depreciation	5,802
Total Cost, Net of Accumulated Depreciation	61,775	63,578
Current Communities | Avalon Westbury
Initial Cost
Land and improvements	69,620
Building / Construction in Progress & Improvements	43,781
Costs Subsequent to Acquisition / Construction	9,882
Total Cost
Land	69,620
Building / Construction in Progress & Improvements	53,663
Total	123,283
Accumulated Depreciation	10,584
Total Cost, Net of Accumulated Depreciation	112,699	112,091
Encumbrances	81,175
Current Communities | Avalon Ossining
Initial Cost
Land and improvements	6,390
Building / Construction in Progress & Improvements	30,297
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	6,390
Building / Construction in Progress & Improvements	30,297
Total	36,687
Accumulated Depreciation	1,876
Total Cost, Net of Accumulated Depreciation	34,811	35,722
Current Communities | Avalon Huntington Station
Initial Cost
Land and improvements	21,896
Building / Construction in Progress & Improvements	58,602
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	21,896
Building / Construction in Progress & Improvements	58,602
Total	80,498
Accumulated Depreciation	2,964
Total Cost, Net of Accumulated Depreciation	77,534	78,571
Current Communities | Avalon Cove
Initial Cost
Land and improvements	8,760
Building / Construction in Progress & Improvements	82,422
Costs Subsequent to Acquisition / Construction	21,119
Total Cost
Land	8,760
Building / Construction in Progress & Improvements	103,541
Total	112,301
Accumulated Depreciation	57,650
Total Cost, Net of Accumulated Depreciation	54,651	58,185
Current Communities | Avalon Run
Initial Cost
Land and improvements	14,650
Building / Construction in Progress & Improvements	60,486
Costs Subsequent to Acquisition / Construction	7,744
Total Cost
Land	14,650
Building / Construction in Progress & Improvements	68,230
Total	82,880
Accumulated Depreciation	26,489
Total Cost, Net of Accumulated Depreciation	56,391	56,757
Current Communities | Avalon Princeton Junction
Initial Cost
Land and improvements	5,585
Building / Construction in Progress & Improvements	22,382
Costs Subsequent to Acquisition / Construction	20,927
Total Cost
Land	5,585
Building / Construction in Progress & Improvements	43,309
Total	48,894
Accumulated Depreciation	22,942
Total Cost, Net of Accumulated Depreciation	25,952	27,366
Current Communities | Avalon at Florham Park [Member]
Initial Cost
Land and improvements	6,647
Building / Construction in Progress & Improvements	34,906
Costs Subsequent to Acquisition / Construction	2,552
Total Cost
Land	6,647
Building / Construction in Progress & Improvements	37,458
Total	44,105
Accumulated Depreciation	19,437
Total Cost, Net of Accumulated Depreciation	24,668	25,723
Current Communities | Avalon at Edgewater
Initial Cost
Land and improvements	14,528
Building / Construction in Progress & Improvements	24,389
Costs Subsequent to Acquisition / Construction	1,517
Total Cost
Land	14,528
Building / Construction in Progress & Improvements	25,906
Total	40,434
Accumulated Depreciation	12,981
Total Cost, Net of Accumulated Depreciation	27,453	50,185
Current Communities | Avalon at Freehold
Initial Cost
Land and improvements	4,119
Building / Construction in Progress & Improvements	30,514
Costs Subsequent to Acquisition / Construction	1,050
Total Cost
Land	4,119
Building / Construction in Progress & Improvements	31,564
Total	35,683
Accumulated Depreciation	15,051
Total Cost, Net of Accumulated Depreciation	20,632	21,574
Encumbrances	34,441
Current Communities | Avalon at Tinton Falls
Initial Cost
Land and improvements	7,939
Building / Construction in Progress & Improvements	33,173
Costs Subsequent to Acquisition / Construction	392
Total Cost
Land	7,939
Building / Construction in Progress & Improvements	33,565
Total	41,504
Accumulated Depreciation	8,928
Total Cost, Net of Accumulated Depreciation	32,576	33,453
Current Communities | Avalon at West Long Branch
Initial Cost
Land and improvements	2,721
Building / Construction in Progress & Improvements	22,940
Costs Subsequent to Acquisition / Construction	56
Total Cost
Land	2,721
Building / Construction in Progress & Improvements	22,996
Total	25,717
Accumulated Depreciation	4,335
Total Cost, Net of Accumulated Depreciation	21,382	22,182
Current Communities | Avalon North Bergen
Initial Cost
Land and improvements	8,984
Building / Construction in Progress & Improvements	30,997
Costs Subsequent to Acquisition / Construction	919
Total Cost
Land	8,984
Building / Construction in Progress & Improvements	31,916
Total	40,900
Accumulated Depreciation	4,000
Total Cost, Net of Accumulated Depreciation	36,900	37,694
Current Communities | Avalon at Wesmont Station
Initial Cost
Land and improvements	14,682
Building / Construction in Progress & Improvements	41,635
Costs Subsequent to Acquisition / Construction	700
Total Cost
Land	14,682
Building / Construction in Progress & Improvements	42,335
Total	57,017
Accumulated Depreciation	5,385
Total Cost, Net of Accumulated Depreciation	51,632	53,332
Current Communities | Avalon Hackensack at Riverside
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	44,625
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	0
Building / Construction in Progress & Improvements	44,625
Total	44,625
Accumulated Depreciation	3,903
Total Cost, Net of Accumulated Depreciation	40,722	42,218
Current Communities | Avalon Somerset
Initial Cost
Land and improvements	18,241
Building / Construction in Progress & Improvements	58,343
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	18,241
Building / Construction in Progress & Improvements	58,343
Total	76,584
Accumulated Depreciation	5,510
Total Cost, Net of Accumulated Depreciation	71,074	73,201
Current Communities | Avalon at Wesmont Station II
Initial Cost
Land and improvements	6,502
Building / Construction in Progress & Improvements	16,863
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	6,502
Building / Construction in Progress & Improvements	16,863
Total	23,365
Accumulated Depreciation	1,603
Total Cost, Net of Accumulated Depreciation	21,762	22,372
Current Communities | Avalon Bloomingdale
Initial Cost
Land and improvements	3,006
Building / Construction in Progress & Improvements	27,800
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	3,006
Building / Construction in Progress & Improvements	27,800
Total	30,806
Accumulated Depreciation	2,136
Total Cost, Net of Accumulated Depreciation	28,670	29,628
Current Communities | Avalon Riverview I
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	94,061
Costs Subsequent to Acquisition / Construction	6,647
Total Cost
Land	0
Building / Construction in Progress & Improvements	100,708
Total	100,708
Accumulated Depreciation	45,214
Total Cost, Net of Accumulated Depreciation	55,494	57,407
Current Communities | Avalon Bowery Place
Initial Cost
Land and improvements	18,575
Building / Construction in Progress & Improvements	75,009
Costs Subsequent to Acquisition / Construction	2,383
Total Cost
Land	18,575
Building / Construction in Progress & Improvements	77,392
Total	95,967
Accumulated Depreciation	24,711
Total Cost, Net of Accumulated Depreciation	71,256	73,529
Encumbrances	93,800
Current Communities | Avalon Riverview North
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	166,099
Costs Subsequent to Acquisition / Construction	2,906
Total Cost
Land	0
Building / Construction in Progress & Improvements	169,005
Total	169,005
Accumulated Depreciation	47,953
Total Cost, Net of Accumulated Depreciation	121,052	125,242
Current Communities | Avalon Bowery Place II
Initial Cost
Land and improvements	9,106
Building / Construction in Progress & Improvements	47,199
Costs Subsequent to Acquisition / Construction	3,298
Total Cost
Land	9,106
Building / Construction in Progress & Improvements	50,497
Total	59,603
Accumulated Depreciation	13,624
Total Cost, Net of Accumulated Depreciation	45,979	46,034
Current Communities | Avalon Morningside Park
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	114,233
Costs Subsequent to Acquisition / Construction	1,037
Total Cost
Land	0
Building / Construction in Progress & Improvements	115,270
Total	115,270
Accumulated Depreciation	28,731
Total Cost, Net of Accumulated Depreciation	86,539	90,555
Encumbrances	100,000
Current Communities | Avalon Fort Greene
Initial Cost
Land and improvements	83,038
Building / Construction in Progress & Improvements	216,802
Costs Subsequent to Acquisition / Construction	860
Total Cost
Land	83,038
Building / Construction in Progress & Improvements	217,662
Total	300,700
Accumulated Depreciation	42,653
Total Cost, Net of Accumulated Depreciation	258,047	266,954
Current Communities | Avalon Midtown West
Initial Cost
Land and improvements	154,730
Building / Construction in Progress & Improvements	180,253
Costs Subsequent to Acquisition / Construction	12,299
Total Cost
Land	154,730
Building / Construction in Progress & Improvements	192,552
Total	347,282
Accumulated Depreciation	29,236
Total Cost, Net of Accumulated Depreciation	318,046	323,993
Encumbrances	100,500
Current Communities | Avalon Clinton North
Initial Cost
Land and improvements	84,069
Building / Construction in Progress & Improvements	105,821
Costs Subsequent to Acquisition / Construction	7,300
Total Cost
Land	84,069
Building / Construction in Progress & Improvements	113,121
Total	197,190
Accumulated Depreciation	16,054
Total Cost, Net of Accumulated Depreciation	181,136	183,684
Encumbrances	147,000
Current Communities | Avalon Clinton South
Initial Cost
Land and improvements	71,421
Building / Construction in Progress & Improvements	89,851
Costs Subsequent to Acquisition / Construction	5,238
Total Cost
Land	71,421
Building / Construction in Progress & Improvements	95,089
Total	166,510
Accumulated Depreciation	13,810
Total Cost, Net of Accumulated Depreciation	152,700	155,715
Encumbrances	121,500
Current Communities | Avalon at Foxhall
Initial Cost
Land and improvements	6,848
Building / Construction in Progress & Improvements	27,614
Costs Subsequent to Acquisition / Construction	12,556
Total Cost
Land	6,848
Building / Construction in Progress & Improvements	40,170
Total	47,018
Accumulated Depreciation	26,355
Total Cost, Net of Accumulated Depreciation	20,663	21,183
Encumbrances	55,484
Current Communities | Avalon at Gallery Place
Initial Cost
Land and improvements	8,800
Building / Construction in Progress & Improvements	39,658
Costs Subsequent to Acquisition / Construction	1,994
Total Cost
Land	8,800
Building / Construction in Progress & Improvements	41,652
Total	50,452
Accumulated Depreciation	17,969
Total Cost, Net of Accumulated Depreciation	32,483	33,603
Encumbrances	43,110
Current Communities | Avalon at Fairway Hills
Initial Cost
Land and improvements	8,603
Building / Construction in Progress & Improvements	34,432
Costs Subsequent to Acquisition / Construction	16,092
Total Cost
Land	8,603
Building / Construction in Progress & Improvements	50,524
Total	59,127
Accumulated Depreciation	30,110
Total Cost, Net of Accumulated Depreciation	29,017	30,674
Current Communities | Eaves Washingtonian Center I
Initial Cost
Land and improvements	2,608
Building / Construction in Progress & Improvements	11,707
Costs Subsequent to Acquisition / Construction	876
Total Cost
Land	2,608
Building / Construction in Progress & Improvements	12,583
Total	15,191
Accumulated Depreciation	8,378
Total Cost, Net of Accumulated Depreciation	6,813	7,031
Current Communities | Eaves Washingtonian Center II
Initial Cost
Land and improvements	1,439
Building / Construction in Progress & Improvements	6,846
Costs Subsequent to Acquisition / Construction	220
Total Cost
Land	1,439
Building / Construction in Progress & Improvements	7,066
Total	8,505
Accumulated Depreciation	4,215
Total Cost, Net of Accumulated Depreciation	4,290	4,495
Current Communities | Eaves Columbia Town Center
Initial Cost
Land and improvements	8,802
Building / Construction in Progress & Improvements	35,536
Costs Subsequent to Acquisition / Construction	11,612
Total Cost
Land	8,802
Building / Construction in Progress & Improvements	47,148
Total	55,950
Accumulated Depreciation	17,857
Total Cost, Net of Accumulated Depreciation	38,093	39,494
Current Communities | Avalon at Grosvenor Station
Initial Cost
Land and improvements	29,159
Building / Construction in Progress & Improvements	53,001
Costs Subsequent to Acquisition / Construction	2,141
Total Cost
Land	29,159
Building / Construction in Progress & Improvements	55,142
Total	84,301
Accumulated Depreciation	23,018
Total Cost, Net of Accumulated Depreciation	61,283	63,142
Current Communities | Avalon at Traville
Initial Cost
Land and improvements	14,365
Building / Construction in Progress & Improvements	55,398
Costs Subsequent to Acquisition / Construction	2,756
Total Cost
Land	14,365
Building / Construction in Progress & Improvements	58,154
Total	72,519
Accumulated Depreciation	23,257
Total Cost, Net of Accumulated Depreciation	49,262	49,241
Encumbrances	73,057
Current Communities | Avalon Russett
Initial Cost
Land and improvements	10,200
Building / Construction in Progress & Improvements	47,524
Costs Subsequent to Acquisition / Construction	2,813
Total Cost
Land	10,200
Building / Construction in Progress & Improvements	50,337
Total	60,537
Accumulated Depreciation	7,350
Total Cost, Net of Accumulated Depreciation	53,187	54,836
Encumbrances	39,972
Current Communities | Eaves Fair Lakes
Initial Cost
Land and improvements	6,096
Building / Construction in Progress & Improvements	24,400
Costs Subsequent to Acquisition / Construction	8,352
Total Cost
Land	6,096
Building / Construction in Progress & Improvements	32,752
Total	38,848
Accumulated Depreciation	18,921
Total Cost, Net of Accumulated Depreciation	19,927	20,965
Current Communities | AVA Ballston
Initial Cost
Land and improvements	7,291
Building / Construction in Progress & Improvements	29,177
Costs Subsequent to Acquisition / Construction	16,117
Total Cost
Land	7,291
Building / Construction in Progress & Improvements	45,294
Total	52,585
Accumulated Depreciation	25,962
Total Cost, Net of Accumulated Depreciation	26,623	28,291
Current Communities | Eaves Fairfax City
Initial Cost
Land and improvements	2,152
Building / Construction in Progress & Improvements	8,907
Costs Subsequent to Acquisition / Construction	5,390
Total Cost
Land	2,152
Building / Construction in Progress & Improvements	14,297
Total	16,449
Accumulated Depreciation	7,157
Total Cost, Net of Accumulated Depreciation	9,292	9,825
Current Communities | Avalon Tysons Corner
Initial Cost
Land and improvements	13,851
Building / Construction in Progress & Improvements	43,397
Costs Subsequent to Acquisition / Construction	12,485
Total Cost
Land	13,851
Building / Construction in Progress & Improvements	55,882
Total	69,733
Accumulated Depreciation	28,807
Total Cost, Net of Accumulated Depreciation	40,926	42,570
Current Communities | Avalon at Arlington Square
Initial Cost
Land and improvements	22,041
Building / Construction in Progress & Improvements	90,296
Costs Subsequent to Acquisition / Construction	18,070
Total Cost
Land	22,041
Building / Construction in Progress & Improvements	108,366
Total	130,407
Accumulated Depreciation	46,173
Total Cost, Net of Accumulated Depreciation	84,234	72,275
Current Communities | Avalon Park Crest
Initial Cost
Land and improvements	13,554
Building / Construction in Progress & Improvements	63,527
Costs Subsequent to Acquisition / Construction	31
Total Cost
Land	13,554
Building / Construction in Progress & Improvements	63,558
Total	77,112
Accumulated Depreciation	7,227
Total Cost, Net of Accumulated Depreciation	69,885	72,195
Current Communities | Eaves Fairfax Towers
Initial Cost
Land and improvements	17,889
Building / Construction in Progress & Improvements	74,727
Costs Subsequent to Acquisition / Construction	1,879
Total Cost
Land	17,889
Building / Construction in Progress & Improvements	76,606
Total	94,495
Accumulated Depreciation	12,627
Total Cost, Net of Accumulated Depreciation	81,868	84,552
Current Communities | AVA H Street
Initial Cost
Land and improvements	7,425
Building / Construction in Progress & Improvements	25,282
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	7,425
Building / Construction in Progress & Improvements	25,282
Total	32,707
Accumulated Depreciation	2,755
Total Cost, Net of Accumulated Depreciation	29,952	30,925
Current Communities | Avalon First & M
Initial Cost
Land and improvements	43,700
Building / Construction in Progress & Improvements	153,950
Costs Subsequent to Acquisition / Construction	2,665
Total Cost
Land	43,700
Building / Construction in Progress & Improvements	156,615
Total	200,315
Accumulated Depreciation	17,656
Total Cost, Net of Accumulated Depreciation	182,659	187,806
Current Communities | The Albemarle
Initial Cost
Land and improvements	25,140
Building / Construction in Progress & Improvements	52,459
Costs Subsequent to Acquisition / Construction	4,608
Total Cost
Land	25,140
Building / Construction in Progress & Improvements	57,067
Total	82,207
Accumulated Depreciation	8,821
Total Cost, Net of Accumulated Depreciation	73,386	74,336
Current Communities | Eaves Tunlaw Gardens
Initial Cost
Land and improvements	16,430
Building / Construction in Progress & Improvements	22,902
Costs Subsequent to Acquisition / Construction	2,100
Total Cost
Land	16,430
Building / Construction in Progress & Improvements	25,002
Total	41,432
Accumulated Depreciation	4,006
Total Cost, Net of Accumulated Depreciation	37,426	38,195
Current Communities | The Statesman
Initial Cost
Land and improvements	38,140
Building / Construction in Progress & Improvements	35,352
Costs Subsequent to Acquisition / Construction	3,715
Total Cost
Land	38,140
Building / Construction in Progress & Improvements	39,067
Total	77,207
Accumulated Depreciation	7,149
Total Cost, Net of Accumulated Depreciation	70,058	71,130
Current Communities | Eaves Glover Park
Initial Cost
Land and improvements	9,580
Building / Construction in Progress & Improvements	26,532
Costs Subsequent to Acquisition / Construction	2,146
Total Cost
Land	9,580
Building / Construction in Progress & Improvements	28,678
Total	38,258
Accumulated Depreciation	4,422
Total Cost, Net of Accumulated Depreciation	33,836	34,681
Current Communities | AVA Van Ness
Initial Cost
Land and improvements	22,890
Building / Construction in Progress & Improvements	58,691
Costs Subsequent to Acquisition / Construction	3,656
Total Cost
Land	22,890
Building / Construction in Progress & Improvements	62,347
Total	85,237
Accumulated Depreciation	8,982
Total Cost, Net of Accumulated Depreciation	76,255	78,192
Current Communities | Avalon Ballston Place
Initial Cost
Land and improvements	38,490
Building / Construction in Progress & Improvements	123,645
Costs Subsequent to Acquisition / Construction	3,907
Total Cost
Land	38,490
Building / Construction in Progress & Improvements	127,552
Total	166,042
Accumulated Depreciation	15,895
Total Cost, Net of Accumulated Depreciation	150,147	154,371
Current Communities | Eaves Tysons Corner
Initial Cost
Land and improvements	16,030
Building / Construction in Progress & Improvements	45,420
Costs Subsequent to Acquisition / Construction	2,581
Total Cost
Land	16,030
Building / Construction in Progress & Improvements	48,001
Total	64,031
Accumulated Depreciation	7,362
Total Cost, Net of Accumulated Depreciation	56,669	58,495
Current Communities | Avalon Ballston Square
Initial Cost
Land and improvements	71,640
Building / Construction in Progress & Improvements	215,937
Costs Subsequent to Acquisition / Construction	12,072
Total Cost
Land	71,640
Building / Construction in Progress & Improvements	228,009
Total	299,649
Accumulated Depreciation	31,147
Total Cost, Net of Accumulated Depreciation	268,502	274,405
Current Communities | Archstone Courthouse Place
Initial Cost
Land and improvements	56,550
Building / Construction in Progress & Improvements	178,032
Costs Subsequent to Acquisition / Construction	8,868
Total Cost
Land	56,550
Building / Construction in Progress & Improvements	186,900
Total	243,450
Accumulated Depreciation	25,150
Total Cost, Net of Accumulated Depreciation	218,300	223,792
Encumbrances	140,332
Current Communities | Avalon Reston Landing
Initial Cost
Land and improvements	26,710
Building / Construction in Progress & Improvements	83,084
Costs Subsequent to Acquisition / Construction	4,405
Total Cost
Land	26,710
Building / Construction in Progress & Improvements	87,489
Total	114,199
Accumulated Depreciation	13,195
Total Cost, Net of Accumulated Depreciation	101,004	104,285
Current Communities | Oakwood Arlington
Initial Cost
Land and improvements	18,850
Building / Construction in Progress & Improvements	38,545
Costs Subsequent to Acquisition / Construction	2,156
Total Cost
Land	18,850
Building / Construction in Progress & Improvements	40,701
Total	59,551
Accumulated Depreciation	5,707
Total Cost, Net of Accumulated Depreciation	53,844	54,927
Current Communities | Avalon Mosaic
Initial Cost
Land and improvements	33,488
Building / Construction in Progress & Improvements	75,723
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	33,488
Building / Construction in Progress & Improvements	75,723
Total	109,211
Accumulated Depreciation	4,911
Total Cost, Net of Accumulated Depreciation	104,300	106,456
Current Communities | Avalon Arlington North
Initial Cost
Land and improvements	21,600
Building / Construction in Progress & Improvements	59,077
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	21,600
Building / Construction in Progress & Improvements	59,077
Total	80,677
Accumulated Depreciation	3,601
Total Cost, Net of Accumulated Depreciation	77,076	78,895
Current Communities | Avalon Redmond Place
Initial Cost
Land and improvements	4,558
Building / Construction in Progress & Improvements	18,368
Costs Subsequent to Acquisition / Construction	10,247
Total Cost
Land	4,558
Building / Construction in Progress & Improvements	28,615
Total	33,173
Accumulated Depreciation	15,527
Total Cost, Net of Accumulated Depreciation	17,646	18,264
Current Communities | Avalon at Bear Creek
Initial Cost
Land and improvements	6,786
Building / Construction in Progress & Improvements	27,641
Costs Subsequent to Acquisition / Construction	3,595
Total Cost
Land	6,786
Building / Construction in Progress & Improvements	31,236
Total	38,022
Accumulated Depreciation	18,732
Total Cost, Net of Accumulated Depreciation	19,290	20,397
Current Communities | Avalon Bellevue
Initial Cost
Land and improvements	6,664
Building / Construction in Progress & Improvements	24,119
Costs Subsequent to Acquisition / Construction	1,726
Total Cost
Land	6,664
Building / Construction in Progress & Improvements	25,845
Total	32,509
Accumulated Depreciation	13,251
Total Cost, Net of Accumulated Depreciation	19,258	20,223
Encumbrances	25,103
Current Communities | Avalon RockMeadow
Initial Cost
Land and improvements	4,777
Building / Construction in Progress & Improvements	19,765
Costs Subsequent to Acquisition / Construction	2,214
Total Cost
Land	4,777
Building / Construction in Progress & Improvements	21,979
Total	26,756
Accumulated Depreciation	11,565
Total Cost, Net of Accumulated Depreciation	15,191	15,748
Current Communities | Avalon ParcSquare
Initial Cost
Land and improvements	3,789
Building / Construction in Progress & Improvements	15,139
Costs Subsequent to Acquisition / Construction	2,670
Total Cost
Land	3,789
Building / Construction in Progress & Improvements	17,809
Total	21,598
Accumulated Depreciation	9,306
Total Cost, Net of Accumulated Depreciation	12,292	12,971
Current Communities | Avalon Brandemoor
Initial Cost
Land and improvements	8,608
Building / Construction in Progress & Improvements	36,679
Costs Subsequent to Acquisition / Construction	1,811
Total Cost
Land	8,608
Building / Construction in Progress & Improvements	38,490
Total	47,098
Accumulated Depreciation	19,547
Total Cost, Net of Accumulated Depreciation	27,551	28,800
Current Communities | AVA Belltown
Initial Cost
Land and improvements	5,644
Building / Construction in Progress & Improvements	12,733
Costs Subsequent to Acquisition / Construction	888
Total Cost
Land	5,644
Building / Construction in Progress & Improvements	13,621
Total	19,265
Accumulated Depreciation	6,856
Total Cost, Net of Accumulated Depreciation	12,409	12,877
Encumbrances	61,769
Current Communities | Avalon Meydenbauer
Initial Cost
Land and improvements	12,697
Building / Construction in Progress & Improvements	77,451
Costs Subsequent to Acquisition / Construction	951
Total Cost
Land	12,697
Building / Construction in Progress & Improvements	78,402
Total	91,099
Accumulated Depreciation	20,691
Total Cost, Net of Accumulated Depreciation	70,408	73,031
Current Communities | Avalon Towers Bellevue
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	123,030
Costs Subsequent to Acquisition / Construction	815
Total Cost
Land	0
Building / Construction in Progress & Improvements	123,845
Total	123,845
Accumulated Depreciation	23,476
Total Cost, Net of Accumulated Depreciation	100,369	104,838
Current Communities | AVA Queen Anne
Initial Cost
Land and improvements	12,081
Building / Construction in Progress & Improvements	41,618
Costs Subsequent to Acquisition / Construction	347
Total Cost
Land	12,081
Building / Construction in Progress & Improvements	41,965
Total	54,046
Accumulated Depreciation	5,917
Total Cost, Net of Accumulated Depreciation	48,129	49,689
Current Communities | Avalon Brandemoor II
Initial Cost
Land and improvements	2,655
Building / Construction in Progress & Improvements	11,343
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	2,655
Building / Construction in Progress & Improvements	11,343
Total	13,998
Accumulated Depreciation	1,849
Total Cost, Net of Accumulated Depreciation	12,149	12,563
Current Communities | Avalon Ballard
Initial Cost
Land and improvements	16,460
Building / Construction in Progress & Improvements	46,926
Costs Subsequent to Acquisition / Construction	918
Total Cost
Land	16,460
Building / Construction in Progress & Improvements	47,844
Total	64,304
Accumulated Depreciation	4,620
Total Cost, Net of Accumulated Depreciation	59,684	60,540
Current Communities | Eaves Redmond Campus
Initial Cost
Land and improvements	22,580
Building / Construction in Progress & Improvements	88,001
Costs Subsequent to Acquisition / Construction	5,689
Total Cost
Land	22,580
Building / Construction in Progress & Improvements	93,690
Total	116,270
Accumulated Depreciation	13,745
Total Cost, Net of Accumulated Depreciation	102,525	105,671
Current Communities | Archstone Redmond Lakeview
Initial Cost
Land and improvements	10,250
Building / Construction in Progress & Improvements	26,842
Costs Subsequent to Acquisition / Construction	1,965
Total Cost
Land	10,250
Building / Construction in Progress & Improvements	28,807
Total	39,057
Accumulated Depreciation	4,440
Total Cost, Net of Accumulated Depreciation	34,617	35,621
Current Communities | AVA University District
Initial Cost
Land and improvements	12,594
Building / Construction in Progress & Improvements	60,773
Costs Subsequent to Acquisition / Construction	293
Total Cost
Land	12,594
Building / Construction in Progress & Improvements	61,066
Total	73,660
Accumulated Depreciation	4,386
Total Cost, Net of Accumulated Depreciation	69,274	71,367
Current Communities | Avalon Fremont
Initial Cost
Land and improvements	10,746
Building / Construction in Progress & Improvements	43,399
Costs Subsequent to Acquisition / Construction	5,270
Total Cost
Land	10,746
Building / Construction in Progress & Improvements	48,669
Total	59,415
Accumulated Depreciation	29,899
Total Cost, Net of Accumulated Depreciation	29,516	31,121
Current Communities | Eaves Dublin
Initial Cost
Land and improvements	5,276
Building / Construction in Progress & Improvements	19,642
Costs Subsequent to Acquisition / Construction	12,310
Total Cost
Land	5,276
Building / Construction in Progress & Improvements	31,952
Total	37,228
Accumulated Depreciation	15,397
Total Cost, Net of Accumulated Depreciation	21,831	19,902
Current Communities | Eaves Pleasanton
Initial Cost
Land and improvements	11,610
Building / Construction in Progress & Improvements	46,552
Costs Subsequent to Acquisition / Construction	21,421
Total Cost
Land	11,610
Building / Construction in Progress & Improvements	67,973
Total	79,583
Accumulated Depreciation	35,631
Total Cost, Net of Accumulated Depreciation	43,952	46,042
Current Communities | Eaves Union City
Initial Cost
Land and improvements	4,249
Building / Construction in Progress & Improvements	16,820
Costs Subsequent to Acquisition / Construction	2,918
Total Cost
Land	4,249
Building / Construction in Progress & Improvements	19,738
Total	23,987
Accumulated Depreciation	12,153
Total Cost, Net of Accumulated Depreciation	11,834	12,499
Current Communities | Eaves Fremont
Initial Cost
Land and improvements	6,581
Building / Construction in Progress & Improvements	26,583
Costs Subsequent to Acquisition / Construction	9,731
Total Cost
Land	6,581
Building / Construction in Progress & Improvements	36,314
Total	42,895
Accumulated Depreciation	20,388
Total Cost, Net of Accumulated Depreciation	22,507	23,696
Current Communities | Avalon Union City
Initial Cost
Land and improvements	14,732
Building / Construction in Progress & Improvements	104,025
Costs Subsequent to Acquisition / Construction	710
Total Cost
Land	14,732
Building / Construction in Progress & Improvements	104,735
Total	119,467
Accumulated Depreciation	23,419
Total Cost, Net of Accumulated Depreciation	96,048	99,329
Current Communities | Avalon Walnut Creek
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	146,035
Costs Subsequent to Acquisition / Construction	2,208
Total Cost
Land	0
Building / Construction in Progress & Improvements	148,243
Total	148,243
Accumulated Depreciation	27,731
Total Cost, Net of Accumulated Depreciation	120,512	125,195
Encumbrances	137,789
Current Communities | Eaves Walnut Creek
Initial Cost
Land and improvements	30,320
Building / Construction in Progress & Improvements	82,375
Costs Subsequent to Acquisition / Construction	11,632
Total Cost
Land	30,320
Building / Construction in Progress & Improvements	94,007
Total	124,327
Accumulated Depreciation	12,658
Total Cost, Net of Accumulated Depreciation	111,669	108,646
Current Communities | Avalon Walnut Ridge I
Initial Cost
Land and improvements	9,860
Building / Construction in Progress & Improvements	19,850
Costs Subsequent to Acquisition / Construction	2,549
Total Cost
Land	9,860
Building / Construction in Progress & Improvements	22,399
Total	32,259
Accumulated Depreciation	2,908
Total Cost, Net of Accumulated Depreciation	29,351	28,429
Encumbrances	20,754
Current Communities | Avalon Walnut Ridge II
Initial Cost
Land and improvements	27,190
Building / Construction in Progress & Improvements	57,041
Costs Subsequent to Acquisition / Construction	3,386
Total Cost
Land	27,190
Building / Construction in Progress & Improvements	60,427
Total	87,617
Accumulated Depreciation	9,093
Total Cost, Net of Accumulated Depreciation	78,524	80,540
Current Communities | Avalon Berkeley
Initial Cost
Land and improvements	4,500
Building / Construction in Progress & Improvements	28,430
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	4,500
Building / Construction in Progress & Improvements	28,430
Total	32,930
Accumulated Depreciation	1,484
Total Cost, Net of Accumulated Depreciation	31,446	32,679
Current Communities | Avalon Dublin Station
Initial Cost
Land and improvements	7,772
Building / Construction in Progress & Improvements	70,902
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	7,772
Building / Construction in Progress & Improvements	70,902
Total	78,674
Accumulated Depreciation	4,372
Total Cost, Net of Accumulated Depreciation	74,302	77,015
Current Communities | Eaves Daly City
Initial Cost
Land and improvements	4,230
Building / Construction in Progress & Improvements	9,659
Costs Subsequent to Acquisition / Construction	18,742
Total Cost
Land	4,230
Building / Construction in Progress & Improvements	28,401
Total	32,631
Accumulated Depreciation	15,793
Total Cost, Net of Accumulated Depreciation	16,838	17,747
Current Communities | AVA Nob Hill
Initial Cost
Land and improvements	5,403
Building / Construction in Progress & Improvements	21,567
Costs Subsequent to Acquisition / Construction	6,934
Total Cost
Land	5,403
Building / Construction in Progress & Improvements	28,501
Total	33,904
Accumulated Depreciation	15,043
Total Cost, Net of Accumulated Depreciation	18,861	19,825
Encumbrances	20,800
Current Communities | Eaves San Rafael
Initial Cost
Land and improvements	5,982
Building / Construction in Progress & Improvements	16,885
Costs Subsequent to Acquisition / Construction	24,396
Total Cost
Land	5,982
Building / Construction in Progress & Improvements	41,281
Total	47,263
Accumulated Depreciation	19,364
Total Cost, Net of Accumulated Depreciation	27,899	29,067
Current Communities | Eaves Foster City
Initial Cost
Land and improvements	7,852
Building / Construction in Progress & Improvements	31,445
Costs Subsequent to Acquisition / Construction	11,207
Total Cost
Land	7,852
Building / Construction in Progress & Improvements	42,652
Total	50,504
Accumulated Depreciation	22,693
Total Cost, Net of Accumulated Depreciation	27,811	29,298
Current Communities | Eaves Pacifica
Initial Cost
Land and improvements	6,125
Building / Construction in Progress & Improvements	24,796
Costs Subsequent to Acquisition / Construction	2,727
Total Cost
Land	6,125
Building / Construction in Progress & Improvements	27,523
Total	33,648
Accumulated Depreciation	16,591
Total Cost, Net of Accumulated Depreciation	17,057	17,867
Encumbrances	17,600
Current Communities | Avalon Sunset Towers
Initial Cost
Land and improvements	3,561
Building / Construction in Progress & Improvements	21,321
Costs Subsequent to Acquisition / Construction	15,034
Total Cost
Land	3,561
Building / Construction in Progress & Improvements	36,355
Total	39,916
Accumulated Depreciation	17,333
Total Cost, Net of Accumulated Depreciation	22,583	23,640
Current Communities | Eaves Diamond Heights
Initial Cost
Land and improvements	4,726
Building / Construction in Progress & Improvements	19,130
Costs Subsequent to Acquisition / Construction	5,844
Total Cost
Land	4,726
Building / Construction in Progress & Improvements	24,974
Total	29,700
Accumulated Depreciation	13,772
Total Cost, Net of Accumulated Depreciation	15,928	16,670
Current Communities | Avalon at Mission Bay North
Initial Cost
Land and improvements	14,029
Building / Construction in Progress & Improvements	78,452
Costs Subsequent to Acquisition / Construction	2,855
Total Cost
Land	14,029
Building / Construction in Progress & Improvements	81,307
Total	95,336
Accumulated Depreciation	36,002
Total Cost, Net of Accumulated Depreciation	59,334	61,896
Encumbrances	68,890
Current Communities | Avalon at Mission Bay III
Initial Cost
Land and improvements	28,687
Building / Construction in Progress & Improvements	119,156
Costs Subsequent to Acquisition / Construction	75
Total Cost
Land	28,687
Building / Construction in Progress & Improvements	119,231
Total	147,918
Accumulated Depreciation	26,937
Total Cost, Net of Accumulated Depreciation	120,981	125,215
Current Communities | Avalon Ocean Avenue
Initial Cost
Land and improvements	5,544
Building / Construction in Progress & Improvements	50,883
Costs Subsequent to Acquisition / Construction	1,759
Total Cost
Land	5,544
Building / Construction in Progress & Improvements	52,642
Total	58,186
Accumulated Depreciation	6,740
Total Cost, Net of Accumulated Depreciation	51,446	53,340
Current Communities | Archstone San Bruno
Initial Cost
Land and improvements	40,780
Building / Construction in Progress & Improvements	68,684
Costs Subsequent to Acquisition / Construction	3,028
Total Cost
Land	40,780
Building / Construction in Progress & Improvements	71,712
Total	112,492
Accumulated Depreciation	10,028
Total Cost, Net of Accumulated Depreciation	102,464	104,932
Encumbrances	64,450
Current Communities | Archstone San Bruno II
Initial Cost
Land and improvements	23,787
Building / Construction in Progress & Improvements	44,934
Costs Subsequent to Acquisition / Construction	1,669
Total Cost
Land	23,787
Building / Construction in Progress & Improvements	46,603
Total	70,390
Accumulated Depreciation	6,080
Total Cost, Net of Accumulated Depreciation	64,310	65,862
Encumbrances	30,514
Current Communities | Archstone San Bruno III
Initial Cost
Land and improvements	33,303
Building / Construction in Progress & Improvements	62,910
Costs Subsequent to Acquisition / Construction	2,412
Total Cost
Land	33,303
Building / Construction in Progress & Improvements	65,322
Total	98,625
Accumulated Depreciation	8,517
Total Cost, Net of Accumulated Depreciation	90,108	92,222
Encumbrances	55,650
Current Communities | AVA 55 Ninth
Initial Cost
Land and improvements	20,267
Building / Construction in Progress & Improvements	97,211
Costs Subsequent to Acquisition / Construction	1,135
Total Cost
Land	20,267
Building / Construction in Progress & Improvements	98,346
Total	118,613
Accumulated Depreciation	5,709
Total Cost, Net of Accumulated Depreciation	112,904	114,536
Current Communities | Avalon Campbell
Initial Cost
Land and improvements	11,830
Building / Construction in Progress & Improvements	47,828
Costs Subsequent to Acquisition / Construction	13,436
Total Cost
Land	11,830
Building / Construction in Progress & Improvements	61,264
Total	73,094
Accumulated Depreciation	30,932
Total Cost, Net of Accumulated Depreciation	42,162	44,418
Encumbrances	38,800
Current Communities | Eaves San Jose
Initial Cost
Land and improvements	12,920
Building / Construction in Progress & Improvements	53,047
Costs Subsequent to Acquisition / Construction	18,868
Total Cost
Land	12,920
Building / Construction in Progress & Improvements	71,915
Total	84,835
Accumulated Depreciation	31,204
Total Cost, Net of Accumulated Depreciation	53,631	56,089
Current Communities | Avalon on the Alameda
Initial Cost
Land and improvements	6,119
Building / Construction in Progress & Improvements	50,225
Costs Subsequent to Acquisition / Construction	1,860
Total Cost
Land	6,119
Building / Construction in Progress & Improvements	52,085
Total	58,204
Accumulated Depreciation	29,869
Total Cost, Net of Accumulated Depreciation	28,335	29,953
Encumbrances	50,754
Current Communities | Avalon Silicon Valley
Initial Cost
Land and improvements	20,713
Building / Construction in Progress & Improvements	99,573
Costs Subsequent to Acquisition / Construction	11,163
Total Cost
Land	20,713
Building / Construction in Progress & Improvements	110,736
Total	131,449
Accumulated Depreciation	62,735
Total Cost, Net of Accumulated Depreciation	68,714	65,997
Current Communities | Avalon Mountain View
Initial Cost
Land and improvements	9,755
Building / Construction in Progress & Improvements	39,393
Costs Subsequent to Acquisition / Construction	9,960
Total Cost
Land	9,755
Building / Construction in Progress & Improvements	49,353
Total	59,108
Accumulated Depreciation	27,178
Total Cost, Net of Accumulated Depreciation	31,930	33,117
Encumbrances	17,700
Current Communities | Eaves Creekside
Initial Cost
Land and improvements	6,546
Building / Construction in Progress & Improvements	26,263
Costs Subsequent to Acquisition / Construction	21,310
Total Cost
Land	6,546
Building / Construction in Progress & Improvements	47,573
Total	54,119
Accumulated Depreciation	22,428
Total Cost, Net of Accumulated Depreciation	31,691	33,054
Current Communities | Avalon at Cahill Park
Initial Cost
Land and improvements	4,765
Building / Construction in Progress & Improvements	47,600
Costs Subsequent to Acquisition / Construction	1,484
Total Cost
Land	4,765
Building / Construction in Progress & Improvements	49,084
Total	53,849
Accumulated Depreciation	22,565
Total Cost, Net of Accumulated Depreciation	31,284	33,049
Current Communities | Avalon Towers on the Peninsula
Initial Cost
Land and improvements	9,560
Building / Construction in Progress & Improvements	56,136
Costs Subsequent to Acquisition / Construction	1,118
Total Cost
Land	9,560
Building / Construction in Progress & Improvements	57,254
Total	66,814
Accumulated Depreciation	27,109
Total Cost, Net of Accumulated Depreciation	39,705	41,684
Current Communities | Avalon Willow Glen
Initial Cost
Land and improvements	46,060
Building / Construction in Progress & Improvements	81,957
Costs Subsequent to Acquisition / Construction	4,096
Total Cost
Land	46,060
Building / Construction in Progress & Improvements	86,053
Total	132,113
Accumulated Depreciation	13,139
Total Cost, Net of Accumulated Depreciation	118,974	122,271
Current Communities | Eaves West Valley
Initial Cost
Land and improvements	90,890
Building / Construction in Progress & Improvements	113,628
Costs Subsequent to Acquisition / Construction	7,402
Total Cost
Land	90,890
Building / Construction in Progress & Improvements	121,030
Total	211,920
Accumulated Depreciation	19,133
Total Cost, Net of Accumulated Depreciation	192,787	196,891
Encumbrances	75,092
Current Communities | Eaves Mountain View at Middlefield
Initial Cost
Land and improvements	64,070
Building / Construction in Progress & Improvements	69,018
Costs Subsequent to Acquisition / Construction	5,112
Total Cost
Land	64,070
Building / Construction in Progress & Improvements	74,130
Total	138,200
Accumulated Depreciation	12,194
Total Cost, Net of Accumulated Depreciation	126,006	128,519
Current Communities | Eaves West Valley II
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	18,412
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	0
Building / Construction in Progress & Improvements	18,412
Total	18,412
Accumulated Depreciation	1,411
Total Cost, Net of Accumulated Depreciation	17,001	17,676
Encumbrances	7,995
Current Communities | Avalon Morrison Park
Initial Cost
Land and improvements	13,837
Building / Construction in Progress & Improvements	64,527
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	13,837
Building / Construction in Progress & Improvements	64,527
Total	78,364
Accumulated Depreciation	4,128
Total Cost, Net of Accumulated Depreciation	74,236	76,418
Current Communities | Avalon Mission Viejo
Initial Cost
Land and improvements	2,517
Building / Construction in Progress & Improvements	9,257
Costs Subsequent to Acquisition / Construction	3,466
Total Cost
Land	2,517
Building / Construction in Progress & Improvements	12,723
Total	15,240
Accumulated Depreciation	7,564
Total Cost, Net of Accumulated Depreciation	7,676	7,400
Encumbrances	7,635
Current Communities | Eaves South Coast
Initial Cost
Land and improvements	4,709
Building / Construction in Progress & Improvements	16,063
Costs Subsequent to Acquisition / Construction	12,895
Total Cost
Land	4,709
Building / Construction in Progress & Improvements	28,958
Total	33,667
Accumulated Depreciation	14,897
Total Cost, Net of Accumulated Depreciation	18,770	19,657
Current Communities | Eaves Santa Margarita
Initial Cost
Land and improvements	4,607
Building / Construction in Progress & Improvements	16,911
Costs Subsequent to Acquisition / Construction	10,427
Total Cost
Land	4,607
Building / Construction in Progress & Improvements	27,338
Total	31,945
Accumulated Depreciation	13,779
Total Cost, Net of Accumulated Depreciation	18,166	19,012
Current Communities | Eaves Huntington Beach
Initial Cost
Land and improvements	4,871
Building / Construction in Progress & Improvements	19,745
Costs Subsequent to Acquisition / Construction	9,656
Total Cost
Land	4,871
Building / Construction in Progress & Improvements	29,401
Total	34,272
Accumulated Depreciation	17,769
Total Cost, Net of Accumulated Depreciation	16,503	17,489
Current Communities | Avalon Anaheim Stadium
Initial Cost
Land and improvements	27,874
Building / Construction in Progress & Improvements	69,156
Costs Subsequent to Acquisition / Construction	706
Total Cost
Land	27,874
Building / Construction in Progress & Improvements	69,862
Total	97,736
Accumulated Depreciation	16,932
Total Cost, Net of Accumulated Depreciation	80,804	83,316
Current Communities | Avalon Irvine
Initial Cost
Land and improvements	9,911
Building / Construction in Progress & Improvements	67,524
Costs Subsequent to Acquisition / Construction	68
Total Cost
Land	9,911
Building / Construction in Progress & Improvements	67,592
Total	77,503
Accumulated Depreciation	14,941
Total Cost, Net of Accumulated Depreciation	62,562	64,983
Current Communities | Eaves Lake Forest
Initial Cost
Land and improvements	5,199
Building / Construction in Progress & Improvements	21,134
Costs Subsequent to Acquisition / Construction	2,131
Total Cost
Land	5,199
Building / Construction in Progress & Improvements	23,265
Total	28,464
Accumulated Depreciation	3,866
Total Cost, Net of Accumulated Depreciation	24,598	25,441
Current Communities | Avalon Irvine II
Initial Cost
Land and improvements	4,358
Building / Construction in Progress & Improvements	40,906
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	4,358
Building / Construction in Progress & Improvements	40,906
Total	45,264
Accumulated Depreciation	4,241
Total Cost, Net of Accumulated Depreciation	41,023	42,511
Current Communities | Eaves Seal Beach
Initial Cost
Land and improvements	46,790
Building / Construction in Progress & Improvements	99,999
Costs Subsequent to Acquisition / Construction	4,748
Total Cost
Land	46,790
Building / Construction in Progress & Improvements	104,747
Total	151,537
Accumulated Depreciation	15,067
Total Cost, Net of Accumulated Depreciation	136,470	140,246
Current Communities | AVA Pacific Beach
Initial Cost
Land and improvements	9,922
Building / Construction in Progress & Improvements	40,580
Costs Subsequent to Acquisition / Construction	40,107
Total Cost
Land	9,922
Building / Construction in Progress & Improvements	80,687
Total	90,609
Accumulated Depreciation	35,087
Total Cost, Net of Accumulated Depreciation	55,522	49,113
Current Communities | Eaves Mission Ridge
Initial Cost
Land and improvements	2,710
Building / Construction in Progress & Improvements	10,924
Costs Subsequent to Acquisition / Construction	11,357
Total Cost
Land	2,710
Building / Construction in Progress & Improvements	22,281
Total	24,991
Accumulated Depreciation	12,987
Total Cost, Net of Accumulated Depreciation	12,004	12,684
Current Communities | AVA Cortez Hill
Initial Cost
Land and improvements	2,768
Building / Construction in Progress & Improvements	20,134
Costs Subsequent to Acquisition / Construction	23,497
Total Cost
Land	2,768
Building / Construction in Progress & Improvements	43,631
Total	46,399
Accumulated Depreciation	20,396
Total Cost, Net of Accumulated Depreciation	26,003	27,513
Current Communities | Avalon Fashion Valley
Initial Cost
Land and improvements	19,627
Building / Construction in Progress & Improvements	44,972
Costs Subsequent to Acquisition / Construction	399
Total Cost
Land	19,627
Building / Construction in Progress & Improvements	45,371
Total	64,998
Accumulated Depreciation	11,485
Total Cost, Net of Accumulated Depreciation	53,513	55,029
Current Communities | Eaves San Marcos
Initial Cost
Land and improvements	3,277
Building / Construction in Progress & Improvements	13,385
Costs Subsequent to Acquisition / Construction	982
Total Cost
Land	3,277
Building / Construction in Progress & Improvements	14,367
Total	17,644
Accumulated Depreciation	2,377
Total Cost, Net of Accumulated Depreciation	15,267	15,653
Current Communities | Eaves Rancho Penasquitos
Initial Cost
Land and improvements	6,692
Building / Construction in Progress & Improvements	27,143
Costs Subsequent to Acquisition / Construction	2,027
Total Cost
Land	6,692
Building / Construction in Progress & Improvements	29,170
Total	35,862
Accumulated Depreciation	4,715
Total Cost, Net of Accumulated Depreciation	31,147	31,972
Current Communities | Avalon La Jolla Colony
Initial Cost
Land and improvements	16,760
Building / Construction in Progress & Improvements	27,694
Costs Subsequent to Acquisition / Construction	3,687
Total Cost
Land	16,760
Building / Construction in Progress & Improvements	31,381
Total	48,141
Accumulated Depreciation	4,852
Total Cost, Net of Accumulated Depreciation	43,289	42,888
Encumbrances	27,176
Current Communities | Eaves La Mesa
Initial Cost
Land and improvements	9,490
Building / Construction in Progress & Improvements	28,482
Costs Subsequent to Acquisition / Construction	1,354
Total Cost
Land	9,490
Building / Construction in Progress & Improvements	29,836
Total	39,326
Accumulated Depreciation	4,513
Total Cost, Net of Accumulated Depreciation	34,813	36,077
Current Communities | AVA Burbank
Initial Cost
Land and improvements	22,483
Building / Construction in Progress & Improvements	28,104
Costs Subsequent to Acquisition / Construction	48,165
Total Cost
Land	22,483
Building / Construction in Progress & Improvements	76,269
Total	98,752
Accumulated Depreciation	35,042
Total Cost, Net of Accumulated Depreciation	63,710	66,594
Current Communities | Avalon Woodland Hills
Initial Cost
Land and improvements	23,828
Building / Construction in Progress & Improvements	40,372
Costs Subsequent to Acquisition / Construction	47,354
Total Cost
Land	23,828
Building / Construction in Progress & Improvements	87,726
Total	111,554
Accumulated Depreciation	39,443
Total Cost, Net of Accumulated Depreciation	72,111	74,700
Current Communities | Eaves Warner Center
Initial Cost
Land and improvements	7,045
Building / Construction in Progress & Improvements	12,986
Costs Subsequent to Acquisition / Construction	9,445
Total Cost
Land	7,045
Building / Construction in Progress & Improvements	22,431
Total	29,476
Accumulated Depreciation	13,887
Total Cost, Net of Accumulated Depreciation	15,589	16,318
Current Communities | Avalon at Glendale
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	42,564
Costs Subsequent to Acquisition / Construction	1,319
Total Cost
Land	0
Building / Construction in Progress & Improvements	43,883
Total	43,883
Accumulated Depreciation	18,482
Total Cost, Net of Accumulated Depreciation	25,401	26,796
Current Communities | Avalon Burbank
Initial Cost
Land and improvements	14,053
Building / Construction in Progress & Improvements	56,827
Costs Subsequent to Acquisition / Construction	23,979
Total Cost
Land	14,053
Building / Construction in Progress & Improvements	80,806
Total	94,859
Accumulated Depreciation	32,102
Total Cost, Net of Accumulated Depreciation	62,757	65,454
Current Communities | Avalon Camarillo
Initial Cost
Land and improvements	8,446
Building / Construction in Progress & Improvements	40,290
Costs Subsequent to Acquisition / Construction	409
Total Cost
Land	8,446
Building / Construction in Progress & Improvements	40,699
Total	49,145
Accumulated Depreciation	13,574
Total Cost, Net of Accumulated Depreciation	35,571	36,646
Current Communities | Avalon Wilshire
Initial Cost
Land and improvements	5,459
Building / Construction in Progress & Improvements	41,182
Costs Subsequent to Acquisition / Construction	1,058
Total Cost
Land	5,459
Building / Construction in Progress & Improvements	42,240
Total	47,699
Accumulated Depreciation	12,740
Total Cost, Net of Accumulated Depreciation	34,959	36,418
Current Communities | Avalon Encino
Initial Cost
Land and improvements	12,789
Building / Construction in Progress & Improvements	49,073
Costs Subsequent to Acquisition / Construction	576
Total Cost
Land	12,789
Building / Construction in Progress & Improvements	49,649
Total	62,438
Accumulated Depreciation	12,575
Total Cost, Net of Accumulated Depreciation	49,863	51,445
Current Communities | Avalon Warner Place
Initial Cost
Land and improvements	7,920
Building / Construction in Progress & Improvements	44,848
Costs Subsequent to Acquisition / Construction	224
Total Cost
Land	7,920
Building / Construction in Progress & Improvements	45,072
Total	52,992
Accumulated Depreciation	12,078
Total Cost, Net of Accumulated Depreciation	40,914	42,429
Current Communities | Eaves Phillips Ranch
Initial Cost
Land and improvements	9,796
Building / Construction in Progress & Improvements	41,740
Costs Subsequent to Acquisition / Construction	429
Total Cost
Land	9,796
Building / Construction in Progress & Improvements	42,169
Total	51,965
Accumulated Depreciation	7,038
Total Cost, Net of Accumulated Depreciation	44,927	46,266
Current Communities | Eaves San Dimas
Initial Cost
Land and improvements	1,916
Building / Construction in Progress & Improvements	7,819
Costs Subsequent to Acquisition / Construction	1,037
Total Cost
Land	1,916
Building / Construction in Progress & Improvements	8,856
Total	10,772
Accumulated Depreciation	1,391
Total Cost, Net of Accumulated Depreciation	9,381	9,165
Current Communities | Eaves San Dimas Canyon
Initial Cost
Land and improvements	2,953
Building / Construction in Progress & Improvements	12,428
Costs Subsequent to Acquisition / Construction	322
Total Cost
Land	2,953
Building / Construction in Progress & Improvements	12,750
Total	15,703
Accumulated Depreciation	2,135
Total Cost, Net of Accumulated Depreciation	13,568	13,909
Current Communities | AVA Pasadena
Initial Cost
Land and improvements	8,400
Building / Construction in Progress & Improvements	11,547
Costs Subsequent to Acquisition / Construction	5,514
Total Cost
Land	8,400
Building / Construction in Progress & Improvements	17,061
Total	25,461
Accumulated Depreciation	1,950
Total Cost, Net of Accumulated Depreciation	23,511	24,016
Encumbrances	11,489
Current Communities | Eaves Cerritos
Initial Cost
Land and improvements	8,305
Building / Construction in Progress & Improvements	21,195
Costs Subsequent to Acquisition / Construction	1,430
Total Cost
Land	8,305
Building / Construction in Progress & Improvements	22,625
Total	30,930
Accumulated Depreciation	2,787
Total Cost, Net of Accumulated Depreciation	28,143	28,901
Current Communities | Avalon Del Rey
Initial Cost
Land and improvements	30,900
Building / Construction in Progress & Improvements	72,008
Costs Subsequent to Acquisition / Construction	2,160
Total Cost
Land	30,900
Building / Construction in Progress & Improvements	74,168
Total	105,068
Accumulated Depreciation	8,456
Total Cost, Net of Accumulated Depreciation	96,612	97,584
Current Communities | Avalon Simi Valley
Initial Cost
Land and improvements	42,020
Building / Construction in Progress & Improvements	73,361
Costs Subsequent to Acquisition / Construction	4,564
Total Cost
Land	42,020
Building / Construction in Progress & Improvements	77,925
Total	119,945
Accumulated Depreciation	11,883
Total Cost, Net of Accumulated Depreciation	108,062	110,634
Current Communities | Avalon Studio City II
Initial Cost
Land and improvements	4,626
Building / Construction in Progress & Improvements	22,954
Costs Subsequent to Acquisition / Construction	1,222
Total Cost
Land	4,626
Building / Construction in Progress & Improvements	24,176
Total	28,802
Accumulated Depreciation	3,353
Total Cost, Net of Accumulated Depreciation	25,449	26,306
Current Communities | Avalon Studio City III
Initial Cost
Land and improvements	15,756
Building / Construction in Progress & Improvements	78,178
Costs Subsequent to Acquisition / Construction	3,607
Total Cost
Land	15,756
Building / Construction in Progress & Improvements	81,785
Total	97,541
Accumulated Depreciation	11,304
Total Cost, Net of Accumulated Depreciation	86,237	88,924
Current Communities | Avalon Calabasas
Initial Cost
Land and improvements	42,720
Building / Construction in Progress & Improvements	107,642
Costs Subsequent to Acquisition / Construction	8,461
Total Cost
Land	42,720
Building / Construction in Progress & Improvements	116,103
Total	158,823
Accumulated Depreciation	18,337
Total Cost, Net of Accumulated Depreciation	140,486	143,201
Encumbrances	99,166
Current Communities | Avalon Oak Creek
Initial Cost
Land and improvements	43,540
Building / Construction in Progress & Improvements	79,974
Costs Subsequent to Acquisition / Construction	4,999
Total Cost
Land	43,540
Building / Construction in Progress & Improvements	84,973
Total	128,513
Accumulated Depreciation	13,868
Total Cost, Net of Accumulated Depreciation	114,645	117,487
Encumbrances	85,288
Current Communities | Avalon Santa Monica on Main
Initial Cost
Land and improvements	32,000
Building / Construction in Progress & Improvements	60,770
Costs Subsequent to Acquisition / Construction	11,000
Total Cost
Land	32,000
Building / Construction in Progress & Improvements	71,770
Total	103,770
Accumulated Depreciation	8,732
Total Cost, Net of Accumulated Depreciation	95,038	89,409
Current Communities | Avalon Del Mar Station
Initial Cost
Land and improvements	20,560
Building / Construction in Progress & Improvements	106,556
Costs Subsequent to Acquisition / Construction	3,363
Total Cost
Land	20,560
Building / Construction in Progress & Improvements	109,919
Total	130,479
Accumulated Depreciation	13,319
Total Cost, Net of Accumulated Depreciation	117,160	120,743
Encumbrances	76,471
Current Communities | Eaves Old Town Pasadena
Initial Cost
Land and improvements	9,110
Building / Construction in Progress & Improvements	15,371
Costs Subsequent to Acquisition / Construction	1,376
Total Cost
Land	9,110
Building / Construction in Progress & Improvements	16,747
Total	25,857
Accumulated Depreciation	2,686
Total Cost, Net of Accumulated Depreciation	23,171	23,616
Encumbrances	15,669
Current Communities | Eaves Thousand Oaks
Initial Cost
Land and improvements	13,950
Building / Construction in Progress & Improvements	20,211
Costs Subsequent to Acquisition / Construction	2,153
Total Cost
Land	13,950
Building / Construction in Progress & Improvements	22,364
Total	36,314
Accumulated Depreciation	4,166
Total Cost, Net of Accumulated Depreciation	32,148	33,006
Encumbrances	27,411
Current Communities | Eaves Los Feliz
Initial Cost
Land and improvements	18,940
Building / Construction in Progress & Improvements	43,661
Costs Subsequent to Acquisition / Construction	3,433
Total Cost
Land	18,940
Building / Construction in Progress & Improvements	47,094
Total	66,034
Accumulated Depreciation	7,096
Total Cost, Net of Accumulated Depreciation	58,938	60,298
Encumbrances	43,258
Current Communities | Eaves Woodland Hills
Initial Cost
Land and improvements	68,940
Building / Construction in Progress & Improvements	90,549
Costs Subsequent to Acquisition / Construction	9,449
Total Cost
Land	68,940
Building / Construction in Progress & Improvements	99,998
Total	168,938
Accumulated Depreciation	17,097
Total Cost, Net of Accumulated Depreciation	151,841	155,277
Encumbrances	104,694
Current Communities | AVA Newport [Member]
Initial Cost
Land and improvements	1,975
Building / Construction in Progress & Improvements	3,814
Costs Subsequent to Acquisition / Construction	9,801
Total Cost
Land	1,975
Building / Construction in Progress & Improvements	13,615
Total	15,590
Accumulated Depreciation	5,998
Total Cost, Net of Accumulated Depreciation	9,592	10,100
Current Communities | Avalon Pasadena
Initial Cost
Land and improvements	10,240
Building / Construction in Progress & Improvements	31,558
Costs Subsequent to Acquisition / Construction	2,719
Total Cost
Land	10,240
Building / Construction in Progress & Improvements	34,277
Total	44,517
Accumulated Depreciation	4,627
Total Cost, Net of Accumulated Depreciation	39,890	40,103
Encumbrances	28,079
Current Communities | Avalon Studio City
Initial Cost
Land and improvements	17,658
Building / Construction in Progress & Improvements	90,715
Costs Subsequent to Acquisition / Construction	4,837
Total Cost
Land	17,658
Building / Construction in Progress & Improvements	95,552
Total	113,210
Accumulated Depreciation	13,012
Total Cost, Net of Accumulated Depreciation	100,198	102,765
Current Communities | Avalon San Dimas
Initial Cost
Land and improvements	9,141
Building / Construction in Progress & Improvements	30,708
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	9,141
Building / Construction in Progress & Improvements	30,708
Total	39,849
Accumulated Depreciation	1,458
Total Cost, Net of Accumulated Depreciation	38,391	39,272
Current Communities | Avalon Mission Oaks
Initial Cost
Land and improvements	9,600
Building / Construction in Progress & Improvements	34,540
Costs Subsequent to Acquisition / Construction	2,889
Total Cost
Land	9,600
Building / Construction in Progress & Improvements	37,429
Total	47,029
Accumulated Depreciation	2,606
Total Cost, Net of Accumulated Depreciation	44,423	46,907
Current Communities | Oakwood Toluca Hills [Member]
Initial Cost
Land and improvements	85,450
Building / Construction in Progress & Improvements	161,256
Costs Subsequent to Acquisition / Construction	11,171
Total Cost
Land	85,450
Building / Construction in Progress & Improvements	172,427
Total	257,877
Accumulated Depreciation	26,708
Total Cost, Net of Accumulated Depreciation	231,169	236,149
Current Communities | Archstone Lexington
Initial Cost
Land and improvements	4,540
Building / Construction in Progress & Improvements	25,946
Costs Subsequent to Acquisition / Construction	1,863
Total Cost
Land	4,540
Building / Construction in Progress & Improvements	27,809
Total	32,349
Accumulated Depreciation	4,643
Total Cost, Net of Accumulated Depreciation	27,706	28,758
Encumbrances	16,255
Current Communities | Archstone Toscano
Initial Cost
Land and improvements	15,607
Building / Construction in Progress & Improvements	72,365
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	15,607
Building / Construction in Progress & Improvements	72,365
Total	87,972
Accumulated Depreciation	5,817
Total Cost, Net of Accumulated Depreciation	82,155	84,442
Current Communities | Memorial Heights Villages
Initial Cost
Land and improvements	9,607
Building / Construction in Progress & Improvements	42,936
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	9,607
Building / Construction in Progress & Improvements	42,936
Total	52,543
Accumulated Depreciation	2,232
Total Cost, Net of Accumulated Depreciation	50,311	51,047
Current Communities | Avalon AVA Assembly Row/AVA Somerville
Initial Cost
Land and improvements	8,504
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	47,432
Total Cost
Land	8,504
Building / Construction in Progress & Improvements	47,432
Total	55,936
Accumulated Depreciation	2,179
Total Cost, Net of Accumulated Depreciation	53,757	56,158
Current Communities | Avalon Framingham
Initial Cost
Land and improvements	9,303
Building / Construction in Progress & Improvements	34,004
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	9,303
Building / Construction in Progress & Improvements	34,004
Total	43,307
Accumulated Depreciation	206
Total Cost, Net of Accumulated Depreciation	43,101	18,335
Current Communities | Avalon Wharton
Initial Cost
Land and improvements	2,273
Building / Construction in Progress & Improvements	48,504
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	2,273
Building / Construction in Progress & Improvements	48,504
Total	50,777
Accumulated Depreciation	1,698
Total Cost, Net of Accumulated Depreciation	49,079	48,531
Current Communities | AVA Little Tokyo
Initial Cost
Land and improvements	14,734
Building / Construction in Progress & Improvements	93,470
Costs Subsequent to Acquisition / Construction	222
Total Cost
Land	14,734
Building / Construction in Progress & Improvements	93,692
Total	108,426
Accumulated Depreciation	3,630
Total Cost, Net of Accumulated Depreciation	104,796	105,404
Current Communities | AVA Theater District
Initial Cost
Land and improvements	17,014
Building / Construction in Progress & Improvements	160,167
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	17,014
Building / Construction in Progress & Improvements	160,167
Total	177,181
Accumulated Depreciation	1,924
Total Cost, Net of Accumulated Depreciation	175,257	133,082
Current Communities | Avalon Marlborough
Initial Cost
Land and improvements	15,312
Building / Construction in Progress & Improvements	59,079
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	15,312
Building / Construction in Progress & Improvements	59,079
Total	74,391
Accumulated Depreciation	931
Total Cost, Net of Accumulated Depreciation	73,460	46,903
Current Communities | Avalon Vista
Initial Cost
Land and improvements	12,686
Building / Construction in Progress & Improvements	42,661
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	12,686
Building / Construction in Progress & Improvements	42,661
Total	55,347
Accumulated Depreciation	888
Total Cost, Net of Accumulated Depreciation	54,459	36,630
Current Communities | Avalon Bloomfield Station
Initial Cost
Land and improvements	10,695
Building / Construction in Progress & Improvements	39,897
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	10,695
Building / Construction in Progress & Improvements	39,897
Total	50,592
Accumulated Depreciation	624
Total Cost, Net of Accumulated Depreciation	49,968	29,680
Current Communities | Avalon Alderwood I
Initial Cost
Land and improvements	12,294
Building / Construction in Progress & Improvements	55,423
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	12,294
Building / Construction in Progress & Improvements	55,423
Total	67,717
Accumulated Depreciation	2,470
Total Cost, Net of Accumulated Depreciation	65,247	65,614
Current Communities | Avalon Hayes Valley
Initial Cost
Land and improvements	12,594
Building / Construction in Progress & Improvements	79,800
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	12,594
Building / Construction in Progress & Improvements	79,800
Total	92,394
Accumulated Depreciation	1,992
Total Cost, Net of Accumulated Depreciation	90,402	79,572
Current Communities | Avalon Baker Ranch
Initial Cost
Land and improvements	31,687
Building / Construction in Progress & Improvements	97,419
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	31,687
Building / Construction in Progress & Improvements	97,419
Total	129,106
Accumulated Depreciation	2,181
Total Cost, Net of Accumulated Depreciation	126,925	110,748
Current Communities | Avalon Roseland
Initial Cost
Land and improvements	11,265
Building / Construction in Progress & Improvements	34,504
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	11,265
Building / Construction in Progress & Improvements	34,504
Total	45,769
Accumulated Depreciation	753
Total Cost, Net of Accumulated Depreciation	45,016	33,143
Current Communities | Avalon West Chelsea [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	119,361
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	0
Building / Construction in Progress & Improvements	119,361
Total	119,361
Accumulated Depreciation	10,341
Total Cost, Net of Accumulated Depreciation	109,020	117,562
Current Communities | Avalon Run East [Member]
Initial Cost
Land and improvements	6,766
Building / Construction in Progress & Improvements	45,366
Costs Subsequent to Acquisition / Construction	1,107
Total Cost
Land	6,766
Building / Construction in Progress & Improvements	46,473
Total	53,239
Accumulated Depreciation	17,909
Total Cost, Net of Accumulated Depreciation	35,330	36,765
Encumbrances	36,904
Oakland - East Bay, CA [Member]
Initial Cost
Land and improvements	105,428
Building / Construction in Progress & Improvements	522,830
Costs Subsequent to Acquisition / Construction	57,276
Total Cost
Land	105,428
Building / Construction in Progress & Improvements	580,106
Total	685,534
Accumulated Depreciation	170,972
Total Cost, Net of Accumulated Depreciation	514,562	527,068
Encumbrances	137,789
Boston, MA [Member]
Initial Cost
Land and improvements	161,696
Building / Construction in Progress & Improvements	750,728
Costs Subsequent to Acquisition / Construction	135,392
Total Cost
Land	161,696
Building / Construction in Progress & Improvements	886,120
Total	1,047,816
Accumulated Depreciation	287,744
Total Cost, Net of Accumulated Depreciation	760,072	766,204
Encumbrances	150,404
Development Communities [Member]
Initial Cost
Land and improvements	63,934
Building / Construction in Progress & Improvements	171,956
Costs Subsequent to Acquisition / Construction	1,458,348
Total Cost
Land	63,934
Building / Construction in Progress & Improvements	1,630,304
Total	1,694,238
Accumulated Depreciation	1,690
Total Cost, Net of Accumulated Depreciation	1,692,548	740,315
Encumbrances	0
Development Communities [Member] | Avalon Glendora [Member]
Initial Cost
Land and improvements	10,530
Building / Construction in Progress & Improvements	37,448
Costs Subsequent to Acquisition / Construction	34,090
Total Cost
Land	10,530
Building / Construction in Progress & Improvements	71,538
Total	82,068
Accumulated Depreciation	338
Total Cost, Net of Accumulated Depreciation	81,730	52,146
Development Communities [Member] | Avalon North Station
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	117
Costs Subsequent to Acquisition / Construction	142,794
Total Cost
Land	0
Building / Construction in Progress & Improvements	142,911
Total	142,911
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	142,911	46,268
Development Communities [Member] | Avalon Quincy [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	40
Costs Subsequent to Acquisition / Construction	34,458
Total Cost
Land	0
Building / Construction in Progress & Improvements	34,498
Total	34,498
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	34,498
Development Communities [Member] | AVA Wheaton [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	144
Costs Subsequent to Acquisition / Construction	18,151
Total Cost
Land	0
Building / Construction in Progress & Improvements	18,295
Total	18,295
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	18,295	14,347
Development Communities [Member] | Avalon Hunt Valley [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	310
Costs Subsequent to Acquisition / Construction	28,920
Total Cost
Land	0
Building / Construction in Progress & Improvements	29,230
Total	29,230
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	29,230
Development Communities [Member] | Avalon Laurel [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	220
Costs Subsequent to Acquisition / Construction	30,788
Total Cost
Land	0
Building / Construction in Progress & Improvements	31,008
Total	31,008
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	31,008
Development Communities [Member] | Avalon West Hollywood
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	93,676
Total Cost
Land	0
Building / Construction in Progress & Improvements	93,676
Total	93,676
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	93,676	58,128
Development Communities [Member] | Avalon Chino Hills [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	72
Costs Subsequent to Acquisition / Construction	24,567
Total Cost
Land	0
Building / Construction in Progress & Improvements	24,639
Total	24,639
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	24,639
Development Communities [Member] | Avalon Dogpatch [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	182
Costs Subsequent to Acquisition / Construction	62,124
Total Cost
Land	0
Building / Construction in Progress & Improvements	62,306
Total	62,306
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	62,306
Development Communities [Member] | Avalon Dublin Station II
Initial Cost
Land and improvements	1,848
Building / Construction in Progress & Improvements	18,949
Costs Subsequent to Acquisition / Construction	59,948
Total Cost
Land	1,848
Building / Construction in Progress & Improvements	78,897
Total	80,745
Accumulated Depreciation	54
Total Cost, Net of Accumulated Depreciation	80,691	43,422
Development Communities [Member] | Avalon Green III
Initial Cost
Land and improvements	2,786
Building / Construction in Progress & Improvements	9,674
Costs Subsequent to Acquisition / Construction	8,689
Total Cost
Land	2,786
Building / Construction in Progress & Improvements	18,363
Total	21,149
Accumulated Depreciation	46
Total Cost, Net of Accumulated Depreciation	21,103	1,447
Development Communities [Member] | Avalon Great Neck [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	69
Costs Subsequent to Acquisition / Construction	26,168
Total Cost
Land	0
Building / Construction in Progress & Improvements	26,237
Total	26,237
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	26,237
Development Communities [Member] | Sheepshead Bay [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	104
Costs Subsequent to Acquisition / Construction	20,290
Total Cost
Land	0
Building / Construction in Progress & Improvements	20,394
Total	20,394
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	20,394
Development Communities [Member] | Avalon Rockville Centre II [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	11,302
Total Cost
Land	0
Building / Construction in Progress & Improvements	11,302
Total	11,302
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	11,302
Development Communities [Member] | Avalon Willoughby Square/AVA DoBro
Initial Cost
Land and improvements	9,145
Building / Construction in Progress & Improvements	25,827
Costs Subsequent to Acquisition / Construction	373,975
Total Cost
Land	9,145
Building / Construction in Progress & Improvements	399,802
Total	408,947
Accumulated Depreciation	135
Total Cost, Net of Accumulated Depreciation	408,812	266,318
Development Communities [Member] | AVA Capitol Hill
Initial Cost
Land and improvements	4,139
Building / Construction in Progress & Improvements	13,031
Costs Subsequent to Acquisition / Construction	61,910
Total Cost
Land	4,139
Building / Construction in Progress & Improvements	74,941
Total	79,080
Accumulated Depreciation	72
Total Cost, Net of Accumulated Depreciation	79,008	39,870
Development Communities [Member] | Avalon Esterra Park
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	179
Costs Subsequent to Acquisition / Construction	84,249
Total Cost
Land	0
Building / Construction in Progress & Improvements	84,428
Total	84,428
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	84,428	33,523
Development Communities [Member] | Avalon Alderwood II [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	14,264
Total Cost
Land	0
Building / Construction in Progress & Improvements	14,264
Total	14,264
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	14,264
Development Communities [Member] | Avalon Irvine III
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	774
Costs Subsequent to Acquisition / Construction	51,534
Total Cost
Land	0
Building / Construction in Progress & Improvements	52,308
Total	52,308
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	52,308	26,303
Development Communities [Member] | Avalon Huntington Beach
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	981
Costs Subsequent to Acquisition / Construction	87,648
Total Cost
Land	0
Building / Construction in Progress & Improvements	88,629
Total	88,629
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	88,629	40,739
Development Communities [Member] | AVA NoMa [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	211
Costs Subsequent to Acquisition / Construction	47,583
Total Cost
Land	0
Building / Construction in Progress & Improvements	47,794
Total	47,794
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	47,794
Development Communities [Member] | Avalon Falls Church
Initial Cost
Land and improvements	35,018
Building / Construction in Progress & Improvements	61,217
Costs Subsequent to Acquisition / Construction	8,243
Total Cost
Land	35,018
Building / Construction in Progress & Improvements	69,460
Total	104,478
Accumulated Depreciation	1,040
Total Cost, Net of Accumulated Depreciation	103,438	69,631
Development Communities [Member] | Avalon Princeton
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	202
Costs Subsequent to Acquisition / Construction	49,869
Total Cost
Land	0
Building / Construction in Progress & Improvements	50,071
Total	50,071
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	50,071	35,456
Development Communities [Member] | Avalon Union
Initial Cost
Land and improvements	468
Building / Construction in Progress & Improvements	2,126
Costs Subsequent to Acquisition / Construction	36,867
Total Cost
Land	468
Building / Construction in Progress & Improvements	38,993
Total	39,461
Accumulated Depreciation	5
Total Cost, Net of Accumulated Depreciation	39,456	12,717
Development Communities [Member] | Avalon Maplewood [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	79
Costs Subsequent to Acquisition / Construction	19,101
Total Cost
Land	0
Building / Construction in Progress & Improvements	19,180
Total	19,180
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	19,180
Development Communities [Member] | Avalon Newcastle I [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	27,140
Total Cost
Land	0
Building / Construction in Progress & Improvements	27,140
Total	27,140
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	27,140
San Diego, CA [Member]
Initial Cost
Land and improvements	44,564
Building / Construction in Progress & Improvements	145,040
Costs Subsequent to Acquisition / Construction	39,616
Total Cost
Land	44,564
Building / Construction in Progress & Improvements	184,656
Total	229,220
Accumulated Depreciation	56,473
Total Cost, Net of Accumulated Depreciation	172,747	178,928
Encumbrances	0
Southern California
Initial Cost
Land and improvements	583,757
Building / Construction in Progress & Improvements	1,653,919
Costs Subsequent to Acquisition / Construction	227,756
Total Cost
Land	583,757
Building / Construction in Progress & Improvements	1,881,675
Total	2,465,432
Accumulated Depreciation	455,496
Total Cost, Net of Accumulated Depreciation	2,009,936	2,068,578
Encumbrances	459,592
Orange County, CA [Member]
Initial Cost
Land and improvements	112,811
Building / Construction in Progress & Improvements	364,509
Costs Subsequent to Acquisition / Construction	53,898
Total Cost
Land	112,811
Building / Construction in Progress & Improvements	418,407
Total	531,218
Accumulated Depreciation	115,054
Total Cost, Net of Accumulated Depreciation	416,164	430,155
Encumbrances	7,635
San Francisco, CA [Member]
Initial Cost
Land and improvements	184,009
Building / Construction in Progress & Improvements	569,822
Costs Subsequent to Acquisition / Construction	96,682
Total Cost
Land	184,009
Building / Construction in Progress & Improvements	666,504
Total	850,513
Accumulated Depreciation	214,893
Total Cost, Net of Accumulated Depreciation	635,620	657,581
Encumbrances	257,904
Oakland - East Bay, CA [Member]
Initial Cost
Land and improvements	426,382
Building / Construction in Progress & Improvements	1,144,370
Costs Subsequent to Acquisition / Construction	134,242
Total Cost
Land	426,382
Building / Construction in Progress & Improvements	1,278,612
Total	1,704,994
Accumulated Depreciation	283,969
Total Cost, Net of Accumulated Depreciation	1,421,025	1,459,495
Encumbrances	451,957
New Jersey [Member]
Initial Cost
Land and improvements	255,969
Building / Construction in Progress & Improvements	558,832
Costs Subsequent to Acquisition / Construction	63,336
Total Cost
Land	255,969
Building / Construction in Progress & Improvements	622,168
Total	878,137
Accumulated Depreciation	213,323
Total Cost, Net of Accumulated Depreciation	664,814	685,991
Encumbrances	182,346
New York - Suburban [Member]
Initial Cost
Land and improvements	213,772
Building / Construction in Progress & Improvements	740,234
Costs Subsequent to Acquisition / Construction	35,890
Total Cost
Land	213,772
Building / Construction in Progress & Improvements	776,124
Total	989,896
Accumulated Depreciation	249,849
Total Cost, Net of Accumulated Depreciation	740,047	763,070
Encumbrances	143,454
Fairfield-New Haven, CT [Member]
Initial Cost
Land and improvements	70,531
Building / Construction in Progress & Improvements	312,764
Costs Subsequent to Acquisition / Construction	29,635
Total Cost
Land	70,531
Building / Construction in Progress & Improvements	342,399
Total	412,930
Accumulated Depreciation	127,467
Total Cost, Net of Accumulated Depreciation	285,463	294,748
Encumbrances	0
Boston, MA [Member]
Initial Cost
Land and improvements	420,939
Building / Construction in Progress & Improvements	1,089,328
Costs Subsequent to Acquisition / Construction	41,968
Total Cost
Land	420,939
Building / Construction in Progress & Improvements	1,131,296
Total	1,552,235
Accumulated Depreciation	261,986
Total Cost, Net of Accumulated Depreciation	1,290,249	1,323,113
Encumbrances	562,800
Land Held for Development
Initial Cost
Land and improvements	484,377
Total Cost
Land	484,377
Total	484,377
Total Cost, Net of Accumulated Depreciation	484,377	180,516
Corporate overhead
Initial Cost
Land and improvements	39,371
Building / Construction in Progress & Improvements	29,535
Costs Subsequent to Acquisition / Construction	66,286
Total Cost
Land	39,371
Building / Construction in Progress & Improvements	95,821
Total	135,192
Accumulated Depreciation	53,368
Total Cost, Net of Accumulated Depreciation	81,824	41,940
Encumbrances	3,875,000
Lease-Up Communities [Member]
Initial Cost
Land and improvements	240,228
Building / Construction in Progress & Improvements	1,179,559
Costs Subsequent to Acquisition / Construction	61,180
Total Cost
Land	240,228
Building / Construction in Progress & Improvements	1,240,739
Total	1,480,967
Accumulated Depreciation	48,506
Total Cost, Net of Accumulated Depreciation	1,432,461	1,281,832
Encumbrances	0
Metro NY/NJ
Initial Cost
Land and improvements	722,066
Building / Construction in Progress & Improvements	2,295,871
Costs Subsequent to Acquisition / Construction	134,424
Total Cost
Land	722,066
Building / Construction in Progress & Improvements	2,430,295
Total	3,152,361
Accumulated Depreciation	699,467
Total Cost, Net of Accumulated Depreciation	2,452,894	2,523,804
Encumbrances	$ 777,599
Building [Member]
Real Estate and Accumulated Depreciation
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years
Improvements Upgrades Furniture, Fixtures and Equipment [Member]
Real Estate and Accumulated Depreciation
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	7 years
Avalon Valley [Member]
Total Cost
Total Cost, Net of Accumulated Depreciation		$ 160,416

REAL ESTATE AND ACCUMULATED D64

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Estimated useful lives
Aggregate cost of total real estate for federal income tax purposes	$ 18,958
Changes in total real estate assets
Balance, beginning of period	17,849,316	$ 16,800,321	$ 10,071,342
Acquisitions, construction costs and improvements	1,667,989	1,311,003	7,157,639
Dispositions, including impairment loss on planned dispositions	(249,206)	(262,008)	(428,660)
Balance, end of period	19,268,099	17,849,316	16,800,321
Changes in accumulated depreciation
Balance, beginning of period	2,913,576	2,516,112	2,056,222
Depreciation, including discontinued operations	477,923	442,682	573,715
Dispositions	(65,709)	(45,218)	(113,825)
Balance, end of period	$ 3,325,790	$ 2,913,576	$ 2,516,112
Building
Estimated useful lives
Estimated useful lives of assets (in years)	30 years
Improvements, upgrades and FF&E
Estimated useful lives
Estimated useful lives of assets (in years)	7 years