AvalonBay Communities (AVB) 10-K 24 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Jan. 31, 2017	Jun. 30, 2016
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, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		137,330,988
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 24,703,191,114

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real estate:
Land and improvements	$ 3,941,250	$ 3,636,761
Buildings and improvements	14,314,981	13,056,292
Furniture, fixtures and equipment	532,994	458,224
Total Capitalized Cost	18,789,225	17,151,277
Less accumulated depreciation	(3,743,632)	(3,303,751)
Net operating real estate	15,045,593	13,847,526
Construction in progress, including land	1,882,262	1,592,917
Land held for development	84,293	484,377
Real estate assets held for sale, net	20,846	17,489
Total real estate, net	17,032,994	15,942,309
Cash and cash equivalents	214,994	400,507
Cash in escrow	114,983	104,821
Resident security deposits	32,071	30,077
Investments in unconsolidated real estate entities	175,116	216,919
Deferred development costs	40,179	37,577
Prepaid expenses and other assets	256,934	199,095
Total assets	17,867,271	16,931,305
LIABILITIES AND EQUITY
Unsecured notes, net	4,463,302	3,845,674
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	2,567,578	2,611,274
Dividends payable	185,397	171,257
Payables for construction	100,998	98,802
Accrued expenses and other liabilities	274,676	260,005
Accrued interest payable	38,307	40,085
Resident security deposits	57,023	53,132
Liabilities related to real estate assets held for sale	808	553
Total liabilities	7,688,089	7,080,782
Commitments and contingencies
Redeemable noncontrolling interests	7,766	9,997
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2016 and 2015; zero shares issued and outstanding at December 31, 2016 and 2015	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2016 and 2015; 137,330,904 and 137,002,031 shares issued and outstanding at December 31, 2016 and 2015, respectively	1,373	1,370
Additional paid-in capital	10,105,654	10,068,532
Accumulated earnings less dividends	94,899	(197,989)
Accumulated other comprehensive loss	(30,510)	(31,387)
Total equity	10,171,416	9,840,526
Total liabilities and equity	$ 17,867,271	$ 16,931,305

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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	137,330,904	137,002,031
Common stock, shares outstanding	137,330,904	137,002,031

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue:
Rental and other income	$ 2,039,656	$ 1,846,081	$ 1,674,011
Management, development and other fees	5,599	9,947	11,050
Total revenue	2,045,255	1,856,028	1,685,061
Expenses:
Operating expenses, excluding property taxes	478,437	448,747	410,672
Property taxes	204,837	193,499	178,634
Interest expense, net	187,510	175,615	180,618
Loss (gain) on extinguishment of debt, net	7,075	(26,736)	412
Depreciation expense	531,434	477,923	442,682
General and administrative expense	45,771	42,774	41,425
Expensed acquisition, development and other pursuit costs, net of recoveries	9,922	6,822	(3,717)
Casualty and impairment (gain) loss, net	(3,935)	(10,542)	0
Total expenses	1,461,051	1,308,102	1,250,726
Income from continuing operations before equity in income of unconsolidated real estate entities, gain on sale of communities and other real estate, and taxes	584,204	547,926	434,335
Equity in income of unconsolidated real estate entities	64,962	70,018	148,766
Gain on sale of communities	374,623	115,625	84,925
Gain on sale of other real estate	10,224	9,647	490
Income from continuing operations before taxes	1,034,013	743,216	668,516
Income tax expense	305	1,483	9,368
Income from continuing operations	1,033,708	741,733	659,148
Discontinued operations:
Income from discontinued operations	0	0	310
Gain on sale of discontinued operations	0	0	37,869
Total discontinued operations	0	0	38,179
Net income	1,033,708	741,733	697,327
Net loss (income) attributable to noncontrolling interests	294	305	(13,760)
Net income attributable to common stockholders	1,034,002	742,038	683,567
Other comprehensive income:
(Loss) income on cash flow hedges	(5,556)	5,354	(121)
Cash flow hedge losses reclassified to earnings	6,433	5,774	6,237
Comprehensive income	$ 1,034,879	$ 753,166	$ 689,683
Earnings per common share—basic:
Income from continuing operations attributable to common stockholders	$ 7.53	$ 5.54	$ 4.93
Discontinued operations attributable to common stockholders	0	0	0.29
Net income attributable to common stockholders	7.53	5.54	5.22
Earnings per common share—diluted:
Income (loss) from continuing operations attributable to common stockholders (in dollars per share)	7.52	5.51	4.92
Discontinued operations attributable to common stockholders (in dollars per share)	0	0	0.29
Net income attributable to common stockholders (in dollars per share)	$ 7.52	$ 5.51	$ 5.21

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	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, 2013			129,416,695
Beginning Balance at Dec. 31, 2013	$ 8,599,727	$ 8,596,132	$ 1,294	$ 8,988,723	$ (345,254)	$ (48,631)	$ 3,595
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	683,567	683,567			683,567
Income (loss) on cash flow hedges	(121)	(121)				(121)
Cash flow hedge losses reclassified to earnings	6,237	6,237				6,237
Change in redemption value of redeemable noncontrolling interest	3,709	3,709			3,709
Noncontrolling Interest, Period Increase (Decrease)	14,221						14,221
Noncontrolling interests derecognition	(17,816)
Dividends declared to common stockholders	(608,709)	(608,709)			(608,709)
Issuance of common stock, net of withholdings	338,814	338,814	$ 26	339,186	(398)
Issuance of common stock, net of withholdings (in shares)			2,633,687
Amortization of deferred compensation	26,776	26,776		26,776
Ending Balance (in shares) at Dec. 31, 2014			132,050,382
Ending Balance at Dec. 31, 2014	9,046,405	9,046,405	$ 1,320	9,354,685	(267,085)	(42,515)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	742,038	742,038			742,038
Income (loss) on cash flow hedges	5,354	5,354				5,354
Cash flow hedge losses reclassified to earnings	5,774	5,774				5,774
Change in redemption value of redeemable noncontrolling interest	965	965		(1,088)	2,053
Dividends declared to common stockholders	(673,670)	(673,670)			(673,670)
Issuance of common stock, net of withholdings	687,402	687,402	$ 50	688,677	(1,325)
Issuance of common stock, net of withholdings (in shares)			4,951,649
Amortization of deferred compensation	26,258	26,258		26,258
Ending Balance (in shares) at Dec. 31, 2015			137,002,031
Ending Balance at Dec. 31, 2015	9,840,526	9,840,526	$ 1,370	10,068,532	(197,989)	(31,387)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	1,034,002	1,034,002			1,034,002
Income (loss) on cash flow hedges	(5,556)	(5,556)				(5,556)
Cash flow hedge losses reclassified to earnings	6,433	6,433				6,433
Change in redemption value of redeemable noncontrolling interest	1,489	1,489			1,489
Dividends declared to common stockholders	(741,313)	(741,313)			(741,313)
Issuance of common stock, net of withholdings	10,695	10,695	$ 3	11,982	(1,290)
Issuance of common stock, net of withholdings (in shares)			328,873
Amortization of deferred compensation	25,140	25,140		25,140
Ending Balance (in shares) at Dec. 31, 2016			137,330,904
Ending Balance at Dec. 31, 2016	$ 10,171,416	$ 10,171,416	$ 1,373	$ 10,105,654	$ 94,899	$ (30,510)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 1,033,708	$ 741,733	$ 697,327
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation expense	531,434	477,923	442,682
Amortization of deferred financing costs	7,661	6,871	6,383
Amortization of debt premium	(18,866)	(24,261)	(34,961)
Loss (gain) on extinguishment of debt, net	7,075	(26,736)	412
Amortization of stock-based compensation	15,082	15,321	13,927
Equity in and return on, unconsolidated real estate entities and noncontrolling interests, net of eliminations	8,870	12,225	4,906
Casualty and impairment (gain) loss, net	(3,935)	(17,303)	0
Abandonment of development pursuits	1,743	0	1,455
Cash flow hedge losses reclassified to earnings	6,433	5,774	6,237
Gain on sale of real estate assets	(442,916)	(158,852)	(255,300)
(Increase) decrease in cash in operating escrows	(8,226)	(11,837)	55
(Increase) decrease in resident security deposits, prepaid expenses and other assets	(5,403)	12,783	(3,441)
Increase in accrued expenses, other liabilities and accrued interest payable	10,824	23,113	6,959
Net cash provided by operating activities	1,143,484	1,056,754	886,641
Cash flows from investing activities:
Development/redevelopment of real estate assets including land acquisitions and deferred development costs	(1,201,026)	(1,569,326)	(1,241,832)
Acquisition of real estate assets, including partnership interest	(393,316)	0	(47,000)
Capital expenditures - existing real estate assets	(66,971)	(48,170)	(46,902)
Capital expenditures - non-real estate assets	(5,881)	(7,695)	(5,923)
Proceeds from sale of real estate, net of selling costs	532,717	282,163	297,466
Increase in cash in deposit escrows	(5,000)	0	0
Insurance proceeds for property damage claims	17,196	44,142	0
Mortgage note receivable lending	(19,115)	0	0
Mortgage note receivable payment	0	0	21,748
Increase (decrease) in payables for construction	2,196	(3,230)	7,400
Distributions from unconsolidated real estate entities	111,598	109,181	203,945
Investments in unconsolidated real estate entities	(9,750)	(6,582)	(5,662)
Net cash used in investing activities	(1,037,352)	(1,199,517)	(816,760)
Cash flows from financing activities:
Issuance of common stock, net	15,526	690,184	346,134
Dividends paid	(726,749)	(655,248)	(593,643)
Issuance of mortgage notes payable	0	0	53,000
Repayments of mortgage notes payable, including prepayment penalties	(165,012)	(850,963)	(32,859)
Issuance of unsecured notes	1,122,488	873,088	550,000
Repayment of unsecured notes, including prepayment penalties	(504,403)	0	(150,000)
Payment of deferred financing costs	(16,240)	(7,343)	(7,820)
Redemption of noncontrolling interest and units for cash by minority partners	0	(1,088)	0
Payment for termination of forward interest rate swaps	(14,847)	0	0
Distributions to DownREIT partnership unitholders	(41)	(38)	(26)
Distributions to joint venture and profit-sharing partners	(407)	(372)	(262)
Preferred interest obligation redemption and dividends	(1,960)	(14,410)	(6,300)
Net cash (used in) provided by financing activities	(291,645)	33,810	158,224
Net (decrease) increase in cash and cash equivalents	(185,513)	(108,953)	228,105
Cash and cash equivalents, beginning of year	400,507	509,460	281,355
Cash and cash equivalents, end of year	214,994	400,507	509,460
Cash paid during the year for interest, net of amount capitalized	$ 194,059	$ 188,782	$ 191,966

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)community	Dec. 31, 2016USD ($)communityhome	Dec. 31, 2016USD ($)communityshares	Dec. 31, 2016USD ($)community	Dec. 31, 2016USD ($)communitybuilding	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Sep. 30, 2016USD ($)	Jan. 31, 2016USD ($)
Supplemental disclosures of non-cash investing and financing activities
Common stock issued through the dividend reinvestment plan (in shares) | shares			2,396			2,142	2,434
Common stock issued through the dividend reinvestment plan				$ 424		$ 372	$ 335
Number of shares withheld to satisfy employees' tax withholding and other liabilities | shares			53,453			45,090	55,523
Shares withheld to satisfy employees' tax withholding and other liabilities, value				8,356		$ 5,979	$ 4,746
Number of shares forfeited | shares			4,262
Shares cancelled upon forfeiture				694		726	2,938
Common stock dividends declared but not paid	$ 185,397	$ 185,397	$ 185,397	185,397	$ 185,397	171,257	153,207
Change in redemption value of redeemable noncontrolling interest				(1,489)		(965)	(3,709)
Increase (Decrease) in Derivative Assets				12,085
Income (loss) on cash flow hedges				(5,556)		5,354	(121)
Cash flow hedge losses reclassified to earnings				6,433		5,774	6,237
Casualty and impairment (gain) loss, net				(3,935)		(10,542)	0
Capital Leased Assets, Gross	$ 39,015	$ 39,015	$ 39,015	$ 39,015	$ 39,015	$ 39,019
Noncontrolling interests derecognition							$ (17,816)
Number of owned communities under construction | community	27	27	27	27	27
Restricted Stock and Restricted Stock Converted From Performance Shares [Member]
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares			197,018			157,779	115,163
Restricted Stock Converted From Performance Shares [Member]
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares			115,618			95,826	16,209
Restricted stock
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares			81,400			61,953	98,954
Fair value of shares issued				$ 13,217		$ 10,720	$ 12,799
Number of shares forfeited | shares			4,262			1,529	7,970
Accumulated earnings less dividends
Supplemental disclosures of non-cash investing and financing activities
Change in redemption value of redeemable noncontrolling interest				(1,489)		$ (2,053)	$ (3,709)
Accumulated other comprehensive loss
Supplemental disclosures of non-cash investing and financing activities
Income (loss) on cash flow hedges				(5,556)		5,354	(121)
Cash flow hedge losses reclassified to earnings				6,433		5,774	$ 6,237
Deferred Compensation, Share-based Payments [Member] | Non Employee Director [Member]
Supplemental disclosures of non-cash investing and financing activities
Fair value of shares issued				3,894		3,552
Avalon at Edgewater [Member]
Supplemental disclosures of non-cash investing and financing activities
Casualty and impairment (gain) loss, net				(8,702)		(15,538)
Avalon Bloomfield Station
Supplemental disclosures of non-cash investing and financing activities
Capital Leased Assets, Gross						3,299
New England [Member]
Supplemental disclosures of non-cash investing and financing activities
Casualty and impairment (gain) loss, net						4,195
New England [Member] | Avalon at Edgewater [Member]
Supplemental disclosures of non-cash investing and financing activities
Casualty and impairment (gain) loss, net						$ 26,039
Non Employee Director [Member] | Deferred Compensation, Share-based Payments [Member]
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares			44,327			46,589
Secured notes | Notes Payable Maturities 2020 [Member] | Avalon Hoboken [Member]
Supplemental disclosures of non-cash investing and financing activities
Assumed principal amount of indebtedness									$ 67,904
Secured notes | Notes Payable Maturities 2019 [Member] | Avalon Columbia Pike [Member]
Supplemental disclosures of non-cash investing and financing activities
Assumed principal amount of indebtedness								$ 70,507
West Hollywood Affordable [Member]
Supplemental disclosures of non-cash investing and financing activities
Number of apartment buildings sold	1				1
Number of Apartment Homes Sold | home		77
Accounts Receivable, Net	$ 18,643	$ 18,643	$ 18,643	$ 18,643	$ 18,643
Development Communities [Member] | Avalon West Hollywood [Member]
Supplemental disclosures of non-cash investing and financing activities
Number of owned communities under construction | community	1	1	1	1	1

Organization, Basis of Presenta

Organization, Basis of Presentation, and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Organization, Basis of Presentation, and Significant Accounting Policies	Organization, Basis of Presentation and Significant Accounting Policies Organization and Basis of Presentation AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986 (the “Code”). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. At December 31, 2016 , the Company owned or held a direct or indirect ownership interest in 258 operating apartment communities containing 74,538 apartment homes in 10 states and the District of Columbia, of which four communities containing 1,671 apartment homes were under redevelopment. In addition, the Company owned or held a direct or indirect ownership interest in 27 communities under development that are expected to contain an aggregate of 9,129 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 25 communities that, if developed as expected, will contain an estimated 8,487 apartment homes (unaudited). 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. 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 entity (“VIE”) or the voting interest entity (“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 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 existing asset and that will benefit the Company for periods greater than a year, are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. 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 land parcels improved with operating real estate, for which the Company intends to pursue development, the Company generally manages 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 land parcels in excess of any incremental costs are recorded as a reduction of total capitalized costs of the respective Development Right and not as part of net income. 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 adoption of ASU 2017-01 is expected to impact the Company's accounting framework for the acquisition of operating communities. Prior to adoption of ASU 2017-01 on October 1, 2016, the acquisition of an operating community was viewed as an acquisition of a business, and the Company identified and recorded each asset acquired and liability assumed in such transaction at its estimated fair value at the date of acquisition. The purchase price allocation to tangible assets, such as land and improvements, buildings and improvements, and furniture, fixtures and equipment, and the in-place lease intangible assets, was 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, was 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 expensed all costs incurred related to acquisitions of operating communities. The Company valued 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 were valued using a replacement cost approach and consider the structures and amenities included for the communities. The approach applied industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value for furniture, fixtures and equipment was also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and was adjusted for estimated depreciation. The fair value of buildings acquired was estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considered the composition of structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation was made considering industry standard information, depreciation curves for the identified asset classes and estimated useful life of the acquired property. The value of the acquired lease-related intangibles considered 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 was 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 was assumed to be 12 months to achieve stabilized occupancy. Net revenues used market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease was 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 classified them as Level 3 prices in the fair value hierarchy. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed. Subsequent to adoption of ASU 2017-01, the Company assesses each acquisition of an operating community to determine if it meets the definition of a business or if it qualifies as an asset acquisition. The Company expects that acquisitions of individual operating communities will generally be viewed as asset acquisitions, and result in the capitalization of acquisition costs, and the allocation of purchase price to the assets acquired and liabilities assumed, based on the relative fair value of the respective assets and liabilities. 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, 2016 and 2015 , 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 2013 through 2015 . 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, 2016 , 2015 and 2014 . 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 $305,000 , $1,483,000 and $9,368,000 in 2016, 2015 and 2014, respectively, associated primarily with activities transacted through a TRS. The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2016 , 2015 and 2014 (unaudited, dollars in thousands): 2016 Estimate 2015 Actual 2014 Actual Net income attributable to common stockholders $ 1,034,002 $ 742,038 $ 683,567 GAAP gain on sale of communities (in excess of) less than tax gain (204,767 ) (20,900 ) 22,127 Depreciation/amortization timing differences on real estate (10,183 ) (24,657 ) (10,735 ) Amortization of debt/mark to market interest (19,763 ) (64,676 ) (38,202 ) Tax compensation expense less than (in excess of) GAAP 5,592 (1,244 ) (5,252 ) Casualty and impairment (gain) loss, net (3,935 ) (10,542 ) — Other adjustments (10 ) (12,829 ) 14,323 Taxable net income $ 800,936 $ 607,190 $ 665,828 The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2016 , 2015 and 2014 (unaudited): 2016 2015 2014 Ordinary income 68 % 83 % 62 % 20% capital gain 26 % 12 % 29 % Unrecaptured §1250 gain 6 % 5 % 9 % 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 $14,008,000 and $11,995,000 as of December 31, 2016 and 2015 , respectively, and related to mortgage notes payable was $10,562,000 and $12,315,000 as of December 31, 2016 and 2015 , respectively. Deferred financing costs, except for costs associated with line-of-credit arrangements, are presented as a direct deduction from the related debt liability. Accumulated amortization of deferred financing costs related to the Company's Credit Facility was $6,490,000 and $4,967,000 as of December 31, 2016 and 2015 , 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 12/31/16 12/31/15 12/31/14 Basic and diluted shares outstanding Weighted average common shares—basic 136,928,251 133,565,711 130,586,718 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 525,886 1,019,966 643,284 Weighted average common shares—diluted 137,461,637 134,593,177 131,237,502 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 1,034,002 $ 742,038 $ 683,567 Net income allocated to unvested restricted shares (2,610 ) (1,774 ) (1,523 ) Net income attributable to common stockholders, adjusted $ 1,031,392 $ 740,264 $ 682,044 Weighted average common shares—basic 136,928,251 133,565,711 130,586,718 Earnings per common share—basic $ 7.53 $ 5.54 $ 5.22 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 1,034,002 $ 742,038 $ 683,567 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 41 38 35 Adjusted net income attributable to common stockholders $ 1,034,043 $ 742,076 $ 683,602 Weighted average common shares—diluted 137,461,637 134,593,177 131,237,502 Earnings per common share—diluted $ 7.52 $ 5.51 $ 5.21 Dividends per common share $ 5.40 $ 5.00 $ 4.64 All options to purchase shares of common stock outstanding as of December 31, 2016 , 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, 2016 was 0.8% 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, 2016 , 2015 and 2014 . As discussed under "Recently Issued and Adopted Accounting Standards," the Company will adopt the provision of ASU 2016-09 and recognize forfeitures as they occur beginning in 2017. 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 expensed. 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 $4,183,000 , $3,016,000 and $3,964,000 during the years ended December 31, 2016 , 2015 and 2014 , 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, 2016 , 2015 and 2014 , 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 2016 and 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. During the year ended December 31, 2016 , the Company recognized $10,500,000 of aggregate impairment charges related to three ancillary land parcels for which the Company has either sold or intends to sell. These charges were determined as the excess of the Company's carrying basis over the expected sales price for each parcel, and is included in casualty and impairment (gain) loss, net on the accompanying Consolidated Statements of Comprehensive Income. The Company did not recognize any material impairment charges on its investment in land during the years ended December 31, 2015 and 2014 . The Company evaluates its unconsolidated investments for other than temporary impairment, considering both the extent and amount by which the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. There were no other than temporary impairment losses recognized by any of the Company's investments in unconsolidated real estate entities during the years ended December 31, 2016 , 2015 or 2014 . Casualty Gains and Losses In January 2015, a fire occurred at the Company's Avalon at Edgewater apartment community located in Edgewater, NJ. 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 7, “Commitments and Contingencies,” for discussion of the related legal matters. During the year ended December 31, 2016 , the Company reached a final insurance settlement for the Company's property damage and lost income for the Edgewater casualty loss, for which it received aggregate insurance proceeds for Edgewater of $73,150,000 , after self-insurance and deductibles, as discussed below. During the year ended December 31, 2015 , the Company received $44,142,000 in insurance proceeds, which were partially offset by casualty charges of $21,844,000 to write off the net book value of the building destroyed by the fire at Edgewater, and $6,760,000 to record demolition and additional incident expenses, resulting in a net casualty gain of $15,538,000 . During the year ended December 31, 2016 , the Company received the final $29,008,000 of insurance proceeds, of which $8,702,000 was recognized as an additional net casualty gain and $20,306,000 as business interruption insurance proceeds. The Company reported the net casualty gains from each of the respective years as casualty and impairment (gain) loss, net on the accompanying Consolidated Statements of Comprehensive Income, and reported the business interruption insurance proceeds as a component of rental and other income on the accompanying Consolidated Statements of Comprehensive Income. 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, for which the Company recorded an impairment due to a casualty loss of $4,195,000 . During the year ended December 31, 2016 , the Company recorded a net casualty gain related to the 2015 severe winter storms of $5,732,000 , which is comprised of $8,493,000 in third-party insurance proceeds received, partially offset by incremental costs of $2,761,000 . These amounts are included in casualty and impairment (gain) loss, net on the accompanying Consolidated Statements of Comprehensive Income. The Company did not incur a casualty loss in 2014 . 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 $20,564,000 , of which $20,306,000 was related to the Edgewater casualty loss, $1,509,000 and $2,494,000 in income related business interruption insurance proceeds for the years ended December 31, 2016 , 2015 and 2014 , 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 accompanying Consolidated Statements of Comprehensive Income. 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. Upon the classification of an asset as held for sale, no further depreciation is recorded. Subsequent to the adoption of ASU 2014-08 on January 1, 2014, as discussed under "Recently Issued and Adopted Accounting Standards," 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 two ancillary land parcels that qualified as held for sale presentation at December 31, 2016 . 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. The Company does not present or disclose the fair value of Hedging Derivatives on a net basis. 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 Hedging Derivatives in other comprehensive income (loss). Amounts recorded in other comprehensive income (loss) 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. 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 revenu

Interest Capitalized

Interest Capitalized	12 Months Ended
	Dec. 31, 2016
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 $78,872,000 , $79,834,000 and $69,961,000 for years ended December 31, 2016 , 2015 and 2014 , respectively.

Mortgage Notes Payable, Unsecur

Mortgage Notes Payable, Unsecured Notes and Credit Facility	12 Months Ended
	Dec. 31, 2016
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, variable rate unsecured term loan (the “Term Loan”) and Credit Facility, as defined below, as of December 31, 2016 and 2015 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, 2016 and 2015 , as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). 12/31/16 12/31/15 Fixed rate unsecured notes (1) $ 4,200,000 $ 3,575,000 Term Loan 300,000 300,000 Fixed rate mortgage notes payable—conventional and tax-exempt (2) 1,668,496 1,561,109 Variable rate mortgage notes payable—conventional and tax-exempt (2) 908,262 1,045,182 Total mortgage notes payable and unsecured notes 7,076,758 6,481,291 Credit Facility — — Total mortgage notes payable, unsecured notes and Credit Facility $ 7,076,758 $ 6,481,291 _________________________________ (1) Balances at December 31, 2016 and 2015 exclude $8,930 and $7,601 , respectively, of debt discount, and $27,768 and $21,725 , respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets. (2) Balances at December 31, 2016 and 2015 exclude $1,866 and $19,686 , respectively, of debt premium, and $11,046 and $14,703 , respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Consolidated Balance Sheets. The following debt activity occurred during the year ended December 31, 2016 : • In January 2016, in conjunction with the disposition of Eaves Trumbull, Avalon Stratford was substituted as collateral for the outstanding fixed rate mortgage note secured by Eaves Trumbull. • In January 2016, in conjunction with the acquisition of Avalon Hoboken, the Company assumed a fixed rate secured mortgage note with a principal balance of $67,904,000 and a contractual interest rate of 4.18% maturing in December 2020. • In February 2016, the Company repaid the $16,212,000 fixed rate mortgage note secured by Archstone Lexington, with an effective interest rate of 3.32% at par and without penalty in advance of its March 2016 maturity date. Upon repayment, Archstone Lexington was substituted as collateral for the outstanding fixed rate mortgage note secured by Avalon Walnut Ridge I. • In April 2016, the Company repaid $134,500,000 of variable rate debt secured by Avalon Walnut Creek at par in advance of its March 2046 maturity date, recognizing a non-cash charge of $2,461,000 for the write-off of deferred financing costs. • In May 2016, the Company issued $475,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $471,751,000 . The notes mature in May 2026 and were issued at a 2.95% coupon rate. • In August 2016, Avalon Wilshire, Avalon Mission Oaks and Avalon Encino were substituted as collateral for the outstanding fixed rate mortgage notes secured by Eaves Nanuet, Avalon Shrewsbury and Avalon at Freehold, respectively. • In September 2016, the Company repaid $250,000,000 principal amount of its 5.75% coupon unsecured notes at its scheduled maturity. • In September 2016, in conjunction with the acquisition of Avalon Columbia Pike, the Company assumed a fixed rate secured mortgage note with a principal balance of $70,507,000 and a contractual interest rate of 3.38% maturing in November 2019. • In October 2016, 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 $297,117,000 . The notes mature in October 2026 and were issued at a 2.90% coupon interest rate. • In October 2016, the Company issued $350,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $345,520,000 . The notes mature in October 2046 and were issued at a 3.90% coupon interest rate. • In November 2016, the Company repaid $250,000,000 principal amount of its 5.70% coupon unsecured notes in advance of its March 2017 scheduled maturity, recognizing a charge of $4,614,000 , consisting of a prepayment penalty of $4,403,000 and the write-off of deferred financing costs of $211,000 . In January 2016, the Company extended the maturity of its revolving variable rate unsecured credit facility (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 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 ( 1.60% at December 31, 2016 ), assuming a one month borrowing rate. 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 of 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% , resulting in a fee of approximately $1,875,000 annually based on the $1,500,000,000 facility size and based on the Company's current credit rating. The Company had no borrowings outstanding under the Credit Facility and had $46,711,000 and $43,049,000 outstanding in letters of credit that reduced the borrowing capacity as of December 31, 2016 and 2015 , respectively. In the aggregate, secured notes payable mature at various dates from February 2017 through July 2066, and are secured by certain apartment communities (with a net carrying value of $3,460,572,000 , excluding communities classified as held for sale, as of December 31, 2016 ). As of December 31, 2016 , the Company has guaranteed a $100,000,000 mortgage note payable held by a wholly-owned subsidiary; such mortgage note payable is consolidated for financial reporting purposes. The weighted average interest rate of the Company's fixed rate mortgage notes payable (conventional and tax-exempt) was 4.4% and 4.6% at December 31, 2016 and 2015 , 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 2.3% and 1.8% at December 31, 2016 and 2015 , respectively. Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at December 31, 2016 are as follows (dollars in thousands): Year Secured notes payments Secured notes maturities Unsecured notes maturities Stated interest rate of unsecured notes 2017 $ 18,539 $ 709,491 $ — N/A 2018 17,793 76,916 — N/A 2019 4,696 655,386 — N/A 2020 3,624 118,729 250,000 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 4,585 84,835 525,000 3.450 % 300,000 3.500 % 2026 4,859 — 475,000 2.950 % 300,000 2.900 % Thereafter 213,685 620,080 350,000 3.900 % $ 283,477 $ 2,293,281 $ 4,500,000 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 20 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, the Company's Credit Facility agreement and the Company's Term Loan 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, 2016 .

Equity

Equity	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Equity	Equity As of December 31, 2016 and 2015 , 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, 2016 , the Company: i. issued 131,499 shares of common stock in connection with stock options exercised; ii. issued 2,396 common shares through the Company's dividend reinvestment plan; iii. issued 197,018 common shares in connection with restricted stock grants and the conversion of performance awards to restricted shares; iv. issued 44,327 common shares in conjunction with the conversion of deferred stock awards; v. withheld 53,453 common shares to satisfy employees' tax withholding and other liabilities; vi. issued 11,348 shares through the Employee Stock Purchase Plan; and vii. canceled 4,262 shares of restricted stock upon forfeiture. Any deferred compensation related to the Company’s stock option, restricted stock and performance award grants during the year ended December 31, 2016 is not reflected on the Company’s Consolidated Balance Sheet as of December 31, 2016 , and will not be reflected until recognized as compensation cost. 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 2016 , the Company had no sales under the program and did not enter into any forward sale agreements.

Investments in Real Estate Enti

Investments in Real Estate Entities	12 Months Ended
	Dec. 31, 2016
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, Basis of Presentation and Significant Accounting Policies,” 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, 2016 , the Company had investments in the following real estate entities: • AvalonBay Value Added Fund II, L.P. (“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, 2016 , excluding costs incurred in excess of equity in the underlying net assets of Fund II, the Company has an equity investment of $19,737,000 (net of distributions), representing a 31.3% combined general partner and limited partner equity interest. During 2016 , Fund II sold three communities containing an aggregate of 1,514 apartment homes: • Eaves Rancho San Diego, located in El Cajon, CA, for $158,000,000 , • Eaves Tustin, located in Tustin, CA, for $163,550,000 , and • Eaves Rockville, located in Rockville, MD, for $61,400,000 . The Company's proportionate share of the gain in accordance with GAAP for the three dispositions was $41,501,000 . In conjunction with the disposition of these communities, Fund II repaid $156,248,000 of related secured indebtedness in advance of the scheduled maturity dates. This resulted in charges for prepayment penalties and write-offs of deferred financing costs, of which the Company’s portion was $1,768,000 and was reported as a reduction of equity in income of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. The Company has an equity interest of 31.3% in Fund II, and upon achievement of a threshold return the Company has a right to incentive distributions for its promoted interest representing the first 20.0% of further Fund II distributions, which are in addition to its share of the remaining 80.0% of distributions. During the year ended December 31, 2016 , the Company recognized income of $7,985,000 for its promoted interest, which is reported as a component of equity in income of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. Subsidiaries of Fund II have four loans secured by individual assets with aggregate amounts outstanding of $128,008,000 , with maturity dates that vary from November 2017 to April 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. • 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, 2016 excluding costs incurred in excess of equity in the underlying net assets of the U.S. Fund, the Company has an equity investment of $49,693,000 (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. During 2016 , the U.S. Fund sold two communities containing an aggregate of 461 apartment homes: • Archstone Boca Town Center, located in Boca Raton, FL, for $56,300,000 , and • Avalon Kips Bay, located in New York, NY, for $173,000,000 . The Company's proportionate share of the gain in accordance with GAAP for the two dispositions was $16,568,000 . In conjunction with the disposition of these communities, the U.S. Fund repaid $94,822,000 of related secured indebtedness in advance of the scheduled maturity dates. This resulted in charges for prepayment penalties and write-offs of deferred financing costs, of which the Company’s portion was $2,003,000 and was reported as a reduction of equity in income of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. Subsidiaries of the U.S. Fund have eight loans secured by individual assets with aggregate amounts outstanding of $274,255,000 , with maturity dates that vary from February 2019 to November 2022 . The mortgage loans are payable by the subsidiaries of the U.S. Fund with operating cash flow or disposition proceeds from the underlying real estate. The Company has not guaranteed the debt of the U.S. Fund, nor does the Company have any obligation to fund this debt should the U.S. Fund be unable to do so. • Multifamily Partners AC JV LP (the “AC JV”) —The AC JV is a joint venture that was formed in 2011 and has four institutional investors, including the Company. Excluding costs incurred in excess of equity in the underlying net assets of the AC JV, at December 31, 2016 the Company has an equity investment of $50,674,000 (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 ROFO restriction expires in 2019. As of December 31, 2016 , 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 II. Construction of Avalon at Mission Bay 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. 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. Subsequent to the modification, earnings and distributions are based on the Company's 25.0% equity interest in the venture. • Brandywine Apartments of Maryland, LLC (“Brandywine”) —Brandywine owns a 305 apartment home community located in Washington, D.C. The community is managed by a third party. Brandywine is comprised of five members who hold various interests in the joint venture. The Company holds a 28.7% equity interest in Brandywine. Brandywine has an outstanding $23,307,000 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 substantially divested (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 well as various licenses, insurance policies, contracts, office leases and other miscellaneous assets. The Residual Liabilities include most existing or future litigation and claims related to Archstone’s operations for periods before the close of the Archstone Acquisition, except for (i) claims that principally relate to the physical condition of the assets acquired directly by the Company or Equity Residential, which generally remain the sole responsibility of the Company or Equity Residential, as applicable, and (ii) certain tax and other litigation between Archstone and various equity holders in Archstone related to periods before the close of the Archstone Acquisition, and claims which may arise due to changes in the capital structure of Archstone that occurred prior to closing, for which 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. • Legacy JV —As part of the Archstone Acquisition the Company entered into a limited liability company agreement with Equity Residential, through which it assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements (the “Legacy JV”). The Company has a 40.0% interest in the Legacy JV. During the years ended December 31, 2016 , 2015 and 2014 , the Legacy JV redeemed certain of the preferred interests and paid accrued dividends, of which the Company's portion was $1,960,000 , $14,410,000 and $6,300,000 , respectively. At December 31, 2016 , the remaining preferred interests had an aggregate liquidation value of $39,921,000 , the Company's share of which is included in accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. • Sudbury Development, LLC —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 VIE, 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 all significant aspects of the venture's activities including, but not limited to, changes in the ownership or capital structure of the partnership, acquisitions or dispositions by the venture and decisions about the pre-development and related activities to be performed by the venture. At December 31, 2016 , the Company has an equity investment of $6,680,000 in the venture, representing the Company's share of land acquisition and pre-development costs, net of distributions of proceeds from land sales by the venture. • Avalon Clarendon —In May 2016, the Company entered into a joint venture agreement to facilitate the acquisition of Avalon Clarendon, located in Arlington, VA. Avalon Clarendon is part of a mixed-use development containing residential, retail, office and public parking. The Company contributed $120,300,000 to the venture for the Company's share of the purchase price. The Company had shared control of the overall venture with its partner, but had all of the rights and obligations associated with the residential component of Avalon Clarendon, containing 300 apartment homes. The joint venture partner had all of the rights and obligations associated with the retail, office and public parking components of the mixed-use development. In September 2016, the Company and its venture partner established separate legal ownership of the residential and retail, office and public parking components of the venture, and the Company retained all of the rights and obligations associated with the residential component. After this legal separation, the Company began reporting the operating results of Avalon Clarendon as part of its consolidated operations. In conjunction with the consolidation of Avalon Clarendon, the Company recorded the consolidated assets at fair value applying the framework discussed below under “Investments in Consolidated Real Estate Entities” for valuation, resulting in a gain of $4,322,000 for the difference between the fair value of Avalon Clarendon and the Company's equity interest at the date of consolidation of $115,848,000 , primarily attributable to depreciation recognized during the period the community was owned in the joint venture. The Company has included this gain as a component of gain on sale of communities on the accompanying Consolidated Statements of Comprehensive Income. • North Point II JV, LP —During 2016 , the Company entered into a joint venture to develop, own, and operate AVA North Point, an apartment community located in Cambridge, MA, which is currently under construction and expected to contain 265 apartment homes upon completion. The Company owns a 55.0% interest in the venture, and the venture partner owns the remaining 45.0% interest. The venture is considered to be a VIE, though the Company is not considered to be the primary beneficiary because the Company and its third party partner share control of the venture. The Company and its venture partner share decision making authority for all significant aspects of the venture's activities including, but not limited to, changes in the ownership or capital structure, the original capital budget and any changes to the budget to construct AVA North Point and the future operating budget for the community upon completion. AVA North Point is the third phase of a master planned development, the other phases of which are owned through the AC JV. During 2016 , the Company provided the partners of the AC JV the opportunity to acquire the AVA North Point land parcel owned by the Company as required in the ROFO provisions for the AC JV. After certain partners of the AC JV declined to participate, the Company entered into the new joint venture and sold the land parcel to the venture in exchange for a cash payment and a capital account credit, and is overseeing the development in exchange for a developer fee. Upon sale of the land parcel, the Company recognized a gain of $10,621,000 , included in gain on sale of other real estate on the accompanying Consolidated Statements of Comprehensive Income. At December 31, 2016 , excluding costs incurred in excess of equity in the underlying net assets of North Point II JV, LP, the Company has an equity investment of $12,398,000 . 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 development joint ventures, the Residual JV and Legacy JV (dollars in thousands): 12/31/16 12/31/15 Assets: Real estate, net $ 954,493 $ 1,392,833 Other assets 49,519 57,044 Total assets $ 1,004,012 $ 1,449,877 Liabilities and partners' capital: Mortgage notes payable, net and credit facility $ 689,573 $ 947,205 Other liabilities 16,537 20,471 Partners' capital 297,902 482,201 Total liabilities and partners' capital $ 1,004,012 $ 1,449,877 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 development joint ventures, Avalon Clarendon, the Residual JV and Legacy JV (dollars in thousands): For the year ended 12/31/16 12/31/15 12/31/14 Rental and other income $ 131,901 $ 173,578 $ 198,939 Operating and other expenses (50,945 ) (67,962 ) (80,301 ) Gain on sale of communities 196,749 98,899 333,221 Interest expense, net (1) (45,886 ) (45,517 ) (61,458 ) Depreciation expense (34,471 ) (45,324 ) (52,116 ) Net income $ 197,348 $ 113,674 $ 338,285 _________________________________ (1) Amounts for the years ended December 31, 2016 , 2015 and 2014 includes charges for prepayment penalties and write-offs of deferred financing costs of $12,659 , $4,481 and $10,528 , respectively. In conjunction with the formation of Fund II and AVA North Point, 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 $38,015,000 and $40,978,000 at December 31, 2016 and 2015 , 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 of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. The following is a summary of the Company's equity in income of unconsolidated real estate entities for the years presented (dollars in thousands): For the year ended 12/31/16 12/31/15 12/31/14 Fund I (1) $ 87 $ 871 $ 475 Fund II (2) 49,882 32,211 24,808 U.S. Fund (3) 15,635 2,052 342 AC JV 1,445 511 1,579 MVP I, LLC (4) 1,627 22,453 1,651 Brandywine 10 (1,474 ) 828 CVP I, LLC (5) 9 1,812 113,127 Residual JV (1,374 ) 11,582 3,547 Avalon Clarendon (6) (2,359 ) — — Arna Valley View LP (1) — — 2,406 Juanita Village (1) — — 3 Total $ 64,962 $ 70,018 $ 148,766 _________________________________ (1) The Company's equity in income for this entity represents its residual profits from the sale of the community, or liquidation of the venture. (2) Equity in income for the years ended December 31, 2016 , 2015 and 2014 includes the Company's proportionate share of the gain on the sale of Fund II assets of $41,501 , $29,726 , and $21,624 respectively. In addition, equity in income for the year ended December 31, 2016 includes $7,985 relating to the Company's recognition of its promoted interest. (3) Equity in income for the year ended December 31, 2016 includes the Company's proportionate share of the gain on the sale of U.S. Fund assets of $16,568 . (4) Equity in income for the years ended December 31, 2015 and 2014 includes $21,340 and $930 , respectively, 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. (5) Equity in income for the years ended December 31, 2015 and 2014 includes $1,289 and $61,218 , 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. (6) In September 2016, the Company and its venture partner established separate legal ownership of Avalon Clarendon, after which the Company reported the operating results of Avalon Clarendon as part of its consolidated operations. Investments in Consolidated Real Estate Entities During the year ended December 31, 2016 , in addition to Avalon Clarendon discussed above, the Company acquired four consolidated 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 a contractual 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 . • Avalon Columbia Pike, located in Arlington, VA, contains 269 apartment homes and was acquired for a purchase price of $102,000,000 . In conjunction with the acquisition, the Company assumed a fixed rate secured mortgage note with a principal balance of $70,507,000 and a contractual interest rate of 3.38% maturing in November 2019. • Studio 77, located in North Hollywood, CA, contains 156 apartment homes and was acquired for a purchase price of $72,100,000 . These acquisitions occurred prior to the adoption of ASU 2017-01 as discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” and therefore the Company accounted for these acquisitions as business combinations and recorded the acquired assets and assumed liabilities, including identifiable intangibles, at their fair values. The Company used third party pricing or internal models for the values of the land, a valuation model for the values of the buildings and debt, and an internal model to determine the fair values of the remaining real estate assets and in-place leases. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporated significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy. Expensed transaction costs associated with the acquisitions made by the Company in 2016 and 2015 , all of which were accounted for as business combinations, totaled $5,139,000 and $3,806,000 , respectively. These amounts are reported as a component of expensed acquisition, development and other pursuit costs on the accompanying Consolidated Statements of Comprehensive Income. To the extent the Company received amounts related to acquired communities for periods prior to their acquisition, the Company reported these receipts, net with expensed acquisition costs. In 2014 , the Company received amounts related to communities acquired in the Archstone Acquisition, for periods prior to the Company’s ownership, in excess of acquisition costs incurred, resulting in a net recovery of $7,681,000 . These amounts are primarily comprised of property tax and mortgage insurance refunds. 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”). 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 residential 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, 2016 , the Company has a receivable from the venture partner in the form of a variable rate mortgage note, secured by the for-sale residential condominium units in the amount of $27,241,000 for outstanding principal and interest, reported as a component of prepaid expenses and other assets on the Consolidated Balance Sheets. The Company recognizes interest income on the accrual basis. The loan will be repaid by the venture partner with the proceeds the partner receives from the sales of the residential condominium units which are expected to occur during 2017 and 2018. The venture is considered a VIE, and the Company consolidates its interest in the rental apartments and common areas.

Real Estate Disposition Activit

Real Estate Disposition Activities	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Disposition Activities	Real Estate Disposition Activities During 2016 , the Company sold seven wholly-owned operating communities, containing an aggregate of 2,051 apartment homes for an aggregate sales price of $522,850,000 and an aggregate gain in accordance with GAAP of $370,301,000 . In addition during 2016 , the Company sold other real estate, including one land parcel which was sold to a joint venture in which we own a 55.0% interest, and ancillary real estate, for an aggregate sales price of $41,178,000 , resulting in an aggregate gain in accordance with GAAP of $10,224,000 . 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 cash proceeds (1) Eaves Trumbull Trumbull, CT Q116 340 $ — $ 70,250 $ 68,665 Avalon Essex Peabody, MA Q216 154 — 45,100 44,085 Eaves Nanuet Nanuet, NY Q316 504 — 147,000 145,722 Avalon Shrewsbury Shrewsbury, MA Q316 251 — 60,500 59,263 Avalon at Freehold Freehold, NJ Q316 296 — 68,000 66,320 Avalon Brandemoor I & II Lynnwood, WA Q416 506 — 132,000 128,021 Other real estate dispositions (2) multiple Q1-Q416 N/A — 41,178 20,641 Total of 2016 asset sales 2,051 $ — $ 564,028 $ 532,717 Total of 2015 asset sales 851 $ — $ 289,320 $ 282,163 Total of 2014 asset sales 1,337 $ 16,341 $ 304,250 $ 281,125 _________________________________ (1) Net cash proceeds does not include the sale of an affordable restricted apartment building adjacent to one of the Company's Development Communities, for which consideration was received in the form of a mortgage note, discussed below. (2) Primarily composed of the sales of land to AVA North Point discussed in Note 5, “Investments in Real Estate Entities” and ancillary real estate discussed in note (1). During 2016 , the Company completed the construction of and sold an affordable restricted apartment building, containing 77 apartment homes, which is adjacent to one of the Company's Development Communities. The Company received consideration for the sale in the form of a mortgage note, recording $18,643,000 to reflect the net present value of the note, determined based on the estimated contractual cash flows and a discount rate commensurate with the nature of the note. The note is secured by the underlying real estate, and is reported as a component of prepaid expenses and other assets on the Consolidated Balance Sheets. The Company expects to receive $16,891,000 during 2017, with the balance of the note to be received over a period of up to 35 years. As of December 31, 2016 , the Company had two ancillary land parcels that qualified as held for sale. The operations for any real estate assets sold from January 1, 2014 through December 31, 2016 and which were classified as held for sale and discontinued operations as of and for periods prior to December 31, 2013, have been presented as income from discontinued operations in the accompanying Consolidated Statements of Comprehensive Income. The operations for any real estate assets sold from January 1, 2014 through December 31, 2016 that were not classified as held for sale or discontinued operations as of and for periods prior to December 31, 2013, are included in income from continuing operations on 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 12/31/16 12/31/15 12/31/14 Rental income $ — $ — $ 579 Operating and other expenses — — (269 ) Income from discontinued operations $ — $ — $ 310

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
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. At December 31, 2016 , the Company does not have any 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 chooses to terminate his or her employment for good reason (as defined), in either case within 18 months following a sale event (as defined) of the Company, such officer will generally receive a cash lump sum payment equal to a multiple of the officer's covered compensation (base salary plus annual cash bonus). The multiple is one times for vice presidents and senior vice presidents, and two times for executive vice presidents. The officer's restricted stock and options would also vest. Costs related to the Company's employment agreements and the Program are deferred and recognized over the requisite service period when considered by management to be probable and estimable. Legal Contingencies The Company accounts for recoveries from legal matters as a reduction in the legal and related costs incurred associated with the matter, with recoveries in excess of these costs reported as a gain or, where appropriate, a reduction in the basis of a community to which the suit related. During the years ended December 31, 2016 and 2014 , the Company received $417,000 and $1,933,000 in legal recoveries. There were no material receipts during the year ended December 31, 2015 , excluding amounts for the Residual JV. In conjunction with legal matters associated with the Edgewater casualty loss, the Company has established protocols for processing claims from third parties who suffered losses as a result of the fire, and many third parties have contacted the Company's insurance carrier and settled their claims. Three class action lawsuits have been filed against the Company on behalf of occupants of the destroyed building and consolidated in the United States District Court for the District of New Jersey. The Company has agreed with class counsel to the terms of a proposed settlement which would provide a claims process (with agreed upon protocols for instructing the adjuster as to how to evaluate claims) and, if needed, an arbitration process to determine damage amounts to be paid to individual claimants covered by the class settlement. On December 9, 2016, class counsel re-filed with the court a motion for preliminary approval of this class settlement, and the Company did not oppose such motion. The Company cannot predict when or if the court will approve the settlement. A fourth class action, being heard in the same federal court, was filed against the Company on behalf of residents of the second Edgewater building that suffered minimal damage. Recently, a fifth class action lawsuit was filed against the Company seeking to certify a class on behalf of both buildings and other third parties. The Company removed this action to the same federal court as the other four and is currently seeking to consolidate it with the fourth class action lawsuit (referenced above). In addition to the class action lawsuits described above, 21 lawsuits representing approximately 150 individual plaintiffs have been filed in the Superior Court of New Jersey Bergen County - Law Division and 20 of these lawsuits are currently pending. Most of the state court cases have been consolidated by the court and the Company expects all of them to be consolidated shortly. The Company believes that it has meritorious defenses to the extent of damages claimed in all of the suits. There are also five subrogation lawsuits that have been filed against the Company by insurers of Edgewater residents who obtained renters insurance; it is the Company’s position that in the majority of the applicable leases the residents waived subrogation rights. One of these lawsuits has been dismissed on that basis and the other four are currently pending in the United States District Court for the District of New Jersey. The District Court recently denied the Company's motion to dismiss which was filed in one of these lawsuits and the Company is currently seeking reconsideration of that decision as well as certification to appeal. Having settled many third party claims through the insurance claims process, the Company currently believes that any potential remaining liability to third parties (including any potential liability to third parties determined in accordance with the class settlement described above, if approved) will not be material to the Company and will in any event be substantially covered by the Company's 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 casualty loss 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 $23,343,000 , $21,295,000 and $21,664,000 in the years ended December 31, 2016 , 2015 and 2014 , 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 lease-up community, accounted for as a capital lease. The Company has a total lease obligation of $37,458,000 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. In addition, the Company is party to 13 leases for its corporate and regional offices with varying terms through 2027, all of which are accounted for as operating leases. The following table details the future minimum lease payments under the Company's current leases (dollars in thousands): Payments due by period 2017 2018 2019 2020 2021 Thereafter Operating Lease Obligations $ 22,818 $ 23,348 $ 23,449 $ 21,245 $ 19,776 $ 1,203,957 Capital Lease Obligations (1) (2) 18,874 1,073 1,075 1,077 1,080 45,058 $ 41,692 $ 24,421 $ 24,524 $ 22,322 $ 20,856 $ 1,249,015 _________________________________ (1) Aggregate capital lease payments include $27,374 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 $39,015 and $39,019 as of December 31, 2016 and 2015 , 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, 2016
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 as of the beginning of the prior year. The Established Communities for the year ended December 31, 2016 , are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2015 , are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year. 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 consolidated 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 consolidated 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, 2016 . 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 of recoveries, interest expense, net, loss (gain) on extinguishment of debt, net, general and administrative expense, equity in income of unconsolidated real estate entities, depreciation expense, corporate income tax expense, casualty and impairment (gain) 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, 2016 , 2015 and 2014 is as follows (dollars in thousands): For the year ended 12/31/16 12/31/15 12/31/14 Net income $ 1,033,708 $ 741,733 $ 697,327 Indirect operating expenses, net of corporate income 61,403 56,973 49,055 Investments and investment management expense 4,822 4,370 4,485 Expensed acquisition, development and other pursuit costs, net of recoveries 9,922 6,822 (3,717 ) Interest expense, net (1) 187,510 175,615 180,618 Loss (gain) on extinguishment of debt, net 7,075 (26,736 ) 412 General and administrative expense 45,771 42,774 41,425 Equity in income of unconsolidated real estate entities (64,962 ) (70,018 ) (148,766 ) Depreciation expense (1) 531,434 477,923 442,682 Income tax expense 305 1,483 9,368 Casualty and impairment (gain) loss, net (3,935 ) (10,542 ) — Gain on sale of real estate assets (384,847 ) (125,272 ) (85,415 ) Gain on sale of discontinued operations — — (37,869 ) Income from discontinued operations — — (310 ) Net operating income from real estate assets sold or held for sale, not classified as discontinued operations (2) (17,509 ) (34,133 ) (49,708 ) Net operating income $ 1,410,697 $ 1,240,992 $ 1,099,587 _________________________________ (1) Includes amounts associated with assets sold or held for sale, not classified as discontinued operations. (2) Represents NOI from real estate assets sold or held for sale as of December 31, 2016 that are 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 12/31/2016 12/31/2015 12/31/2014 Rental income from real estate assets sold or held for sale, not classified as discontinued operations $ 28,430 $ 55,674 $ 80,704 Operating expenses from real estate assets sold or held for sale, not classified as discontinued operations (10,921 ) (21,541 ) (30,996 ) Net operating income from real estate assets sold or held for sale, not classified as discontinued operations $ 17,509 $ 34,133 $ 49,708 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 total revenue and NOI the years ended December 31, 2016 , 2015 and 2014 have been adjusted to exclude the real estate assets that were sold from January 1, 2014 through December 31, 2016 , or otherwise qualify as held for sale and/or discontinued operations as of December 31, 2016 , as described in Note 6, “Real Estate Disposition Activities.” Segment information for gross real estate as of December 31, 2015 and 2014 has not been adjusted to exclude real estate assets that were sold or otherwise qualified as held for sale subsequent to December 31, 2015 . Total revenue NOI % NOI change from prior year Gross real estate (1) For the year ended December 31, 2016 Established New England $ 239,201 $ 153,669 4.9 % $ 1,888,524 Metro NY/NJ 379,151 258,950 1.4 % 3,212,220 Mid-Atlantic 233,711 162,243 1.3 % 2,339,395 Pacific Northwest 79,684 57,494 6.5 % 737,289 Northern California 319,121 244,458 7.0 % 2,661,258 Southern California 291,567 207,537 9.1 % 2,672,691 Total Established (2) 1,542,435 1,084,351 4.8 % 13,511,377 Other Stabilized (3) 235,360 165,530 N/A 2,330,503 Development / Redevelopment 233,431 160,816 N/A 4,755,315 Land Held for Future Development N/A N/A N/A 84,293 Non-allocated (4) 5,599 N/A N/A 74,292 Total $ 2,016,825 $ 1,410,697 13.7 % $ 20,755,780 For the year ended December 31, 2015 Established New England $ 182,366 $ 114,717 2.7 % $ 1,460,746 Metro NY/NJ 361,902 256,907 3.4 % 3,152,361 Mid-Atlantic 209,013 145,497 0.2 % 2,177,823 Pacific Northwest 67,900 48,833 8.5 % 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) 1,347,143 950,099 5.9 % 12,391,586 Other Stabilized 221,042 145,263 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 (4) 9,947 N/A N/A 73,372 Total $ 1,800,354 $ 1,240,992 12.9 % $ 19,228,571 For the year ended December 31, 2014 (5) Established New England $ 164,181 $ 104,674 0.8 % $ 1,333,854 Metro NY/NJ 285,641 203,522 3.3 % 2,251,697 Mid-Atlantic 98,590 69,498 (2.5 )% 647,374 Pacific Northwest 46,041 32,012 6.8 % 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) 908,821 638,231 3.6 % 7,360,944 Other Stabilized 497,634 343,477 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 (4) 11,050 N/A N/A 32,444 Total $ 1,604,357 $ 1,099,587 16.5 % $ 17,603,867 _________________________________ (1) Does not include gross real estate assets held for sale of $20,846 , $39,528 and $245,449 as of December 31, 2016 , 2015 and 2014 , respectively. (2) Gross real estate for the Company's Established Communities includes capitalized additions of approximately $85,676 , $74,982 and $52,635 in 2016 , 2015 and 2014 , respectively. (3) Total revenue and NOI for the year ended December 31, 2016 includes $20,306 in business interruption insurance proceeds related to the Edgewater casualty loss. (4) Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment. (5) 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, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans The Company's 2009 Stock Option and Incentive Plan (the “2009 Plan”) includes an authorization to issue shares of the Company's common stock, par value $0.01 per share. At December 31, 2016 , the Company has 878,622 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, 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 Exercised (71,845 ) 117.04 (59,654 ) 112.85 Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2016 (1) 177,333 $ 124.25 22,541 $ 77.91 Options Exercisable: December 31, 2014 185,227 $ 116.71 272,402 $ 104.96 December 31, 2015 188,081 $ 119.98 82,195 $ 103.27 December 31, 2016 177,333 $ 124.25 22,541 $ 77.91 _________________________________ (1) All options are exercisable as of December 31, 2016 . The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2016 : 2009 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 10,607 $70.00 - $79.99 3.1 32,445 $110.00 - $119.99 4.1 29,862 $120.00 - $129.99 6.2 104,419 $130.00 - $139.99 5.6 177,333 1994 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 9,854 $40.00 - $49.99 2.1 9,506 $80.00 - $89.99 1.1 3,181 $140.00 - $149.99 0.1 22,541 Options outstanding and exercisable under the 2009 and 1994 Plans at December 31, 2016 had an intrinsic value of $9,380,000 and $2,237,000 , respectively. Options exercisable under the 2009 and 1994 Plans had a weighted average contractual life of 5.4 years and 1.4 years, respectively. The intrinsic value of options exercised during 2016 , 2015 and 2014 was $9,187,000 , $18,080,000 and $20,028,000 , 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. There were no stock options granted in 2016, 2015 and 2014. The Company has a compensation framework under which share-based compensation is granted, composed of annual restricted stock awards for which one third of the award vests annually over a three year period, and multi-year long term incentive performance awards. Under the Company's multi-year long term incentive compensation framework, the Company grants 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 are 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 vests 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, 2013 189,765 $ 70.00 Granted (1) 136,276 117.43 Change in awards based on performance (2) (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 (3) 85,636 148.49 Change in awards based on performance (2) 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 Granted (4) 94,054 141.92 Change in awards based on performance (2) 36,091 101.52 Converted to restricted stock (115,618 ) 94.67 Forfeited (1,630 ) 141.98 Outstanding at December 31, 2016 251,163 $ 136.74 _________________________________ (1) The amount of restricted stock that ultimately may be 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. (2) Represents the change in the number of performance awards earned based on performance achievement. (3) The amount of restricted stock that ultimately may be 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. (4) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 61,039 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 33,015 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: 2016 2015 2014 Dividend yield 3.3% 3.0% 3.6% Estimated volatility over the life of the plan (1) 15.2% - 22.8% 12.0% - 17.3% 17.6% - 18.6% Risk free rate 0.44% - 0.88% 0.07% - 1.09% 0.04% - 0.72% Estimated performance award value based on total shareholder return measure $131.24 $139.18 $103.20 _________________________________ (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 granted for which achievement is determined by using financial metrics, the compensation cost was based on a weighted average grant date value of $161.66 , $166.23 and $128.97 , for the years ended December 31, 2016 , 2015 and 2014 , 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, 2013 182,083 $ 124.35 — Granted - restricted stock shares 98,954 129.35 16,209 Vested - restricted stock shares (93,963 ) 120.81 (5,073 ) Forfeited (7,767 ) 128.62 (203 ) Outstanding at December 31, 2014 179,307 $ 129.06 10,933 Granted - restricted stock shares 61,953 173.04 95,826 Vested - restricted stock shares (91,847 ) 130.75 (8,412 ) Forfeited (1,529 ) 151.86 — Outstanding at December 31, 2015 147,884 $ 146.21 98,347 Granted - restricted stock shares 81,400 162.38 115,618 Vested - restricted stock shares (88,712 ) 141.38 (36,872 ) Forfeited (3,867 ) 162.43 (395 ) Outstanding at December 31, 2016 136,705 $ 158.51 176,698 Total employee stock-based compensation cost recognized in income was $14,666,000 , $14,703,000 and $13,314,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively, and total capitalized stock-based compensation cost was $9,266,000 , $9,667,000 and $5,457,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. At December 31, 2016 , there was a total unrecognized compensation cost of $24,421,000 for unvested restricted stock and performance awards, which does not include estimated forfeitures, and is expected to be recognized over a weighted average period of 3.5 years. 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, 2016 was 0.8% . The application of estimated forfeitures did not materially impact compensation expense for the years ended December 31, 2016 , 2015 and 2014 . As discussed Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” under “Recently Issued and Adopted Accounting Standards,” the Company will adopt the provision of ASU 2016-09 and recognize forfeitures as they occur beginning in 2017. 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 692,812 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. 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 11,348 , 10,667 and 9,848 shares and recognized compensation expense of $289,000 , $321,000 and $407,000 under the ESPP for the years ended December 31, 2016 , 2015 and 2014 , 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, 2016
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 $5,599,000 , $9,947,000 and $11,050,000 in the years ended December 31, 2016 , 2015 and 2014 , 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 property and construction management role of $5,239,000 and $3,832,000 as of December 31, 2016 and 2015 , 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 $70,000 , payable in quarterly installments of $17,500 . 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 Directors receive in the aggregate 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 $1,216,000 , $1,135,000 and $1,049,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively, as a component of general and administrative expense. Deferred compensation relating to these restricted stock grants and deferred stock awards to non-employee directors was $531,000 , $488,000 and $452,000 on December 31, 2016 , 2015 and 2014 , respectively. During the year ended December 31, 2016 , the Company issued 44,327 shares in conjunction with the conversion of deferred stock awards.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2016
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, 2016 , 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 2016 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, 2016 (dollars in thousands): Non-designated Hedges Interest Rate Caps Cash Flow Hedges Interest Rate Caps Cash Flow Interest Rate Swaps Notional balance $ 715,820 $ 35,898 $ 800,000 Weighted average interest rate (1) 2.5 % 2.7 % N/A Weighted average swapped/capped interest rate 6.2 % 5.9 % 2.3 % Earliest maturity date February 2017 April 2019 November 2017 Latest maturity date November 2021 April 2019 November 2017 _________________________________ (1) For interest rate caps, represents the weighted average interest rate on the hedged debt. In 2016 and 2015 , the Company entered into $1,200,000,000 of forward interest rate swap agreements executed to reduce the impact of variability in interest rates on a portion of the Company's expected debt issuance activity in 2016 and 2017. In May 2016, the Company settled $400,000,000 of the aggregate outstanding swaps, as discussed below. For the remaining outstanding swaps, 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 May 2016, in conjunction with the Company's May 2016 unsecured note issuance, the Company settled $400,000,000 of forward interest rate swap agreements designated as cash flow hedges of the interest rate variability on the forecasted issuance of the unsecured notes, making a payment of $14,847,000 . The Company has deferred the effective portion of the fair value change of these swaps in accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets, and will recognize the impact as a component of interest expense, net, over the life of the unsecured notes. Excluding derivatives executed to hedge secured debt on communities classified as held for sale, the Company had 11 derivatives designated as a cash flow hedge and 15 derivatives not designated as hedges at December 31, 2016 . Fair value changes for derivatives not in qualifying hedge relationships for the years ended December 31, 2016 and 2015 , were not material. During 2016 , the Company deferred $5,556,000 of losses for cash flow hedges reported as a component of other comprehensive income (loss). The following table summarizes the deferred losses reclassified from accumulated other comprehensive income as a component of interest expense, net (dollars in thousands): For the year ended 12/31/16 12/31/15 12/31/14 Cash flow hedge losses reclassified to earnings $ 6,433 $ 5,774 $ 6,237 The Company anticipates reclassifying approximately $6,975,000 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, 2016 and 2015 . 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 and other receivables and prepaids, 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) 12/31/2016 Non Designated Hedges Interest Rate Caps $ 79 $ — $ 79 $ — Cash Flow Hedges Interest Rate Caps 2 — 2 — Interest Rate Swaps 14,775 — 14,775 — Puts (6,002 ) — — (6,002 ) DownREIT units (1,329 ) (1,329 ) — — Indebtedness Unsecured notes (4,218,627 ) (4,218,627 ) — — Mortgage notes payable and Term Loan (2,744,462 ) — (2,744,462 ) — Total $ (6,955,564 ) $ (4,219,956 ) $ (2,729,606 ) $ (6,002 ) 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 — Puts (8,181 ) — — (8,181 ) DownREIT units (1,381 ) (1,381 ) — — Indebtedness Unsecured notes (3,668,417 ) (3,668,417 ) — — Mortgage notes payable and Term Loan (2,700,341 ) — (2,700,341 ) — Total $ (6,372,867 ) $ (3,669,798 ) $ (2,694,888 ) $ (8,181 )

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015 (dollars in thousands, except per share data): For the three months ended (1) 3/31/16 6/30/16 9/30/16 12/31/16 Total revenue $ 508,498 $ 502,307 $ 516,211 $ 518,240 Net income $ 237,877 $ 197,319 $ 356,329 $ 242,183 Net income attributable to common stockholders $ 237,931 $ 197,444 $ 356,392 $ 242,235 Net income per common share - basic $ 1.73 $ 1.44 $ 2.60 $ 1.76 Net income per common share - diluted $ 1.73 $ 1.44 $ 2.59 $ 1.76 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 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 _________________________________ (1) Amounts may not equal full year results due to rounding.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
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 2017, the Company entered into an agreement to sell an operating community containing 450 apartment homes and net real estate of $51,342,000 as of December 31, 2016 , resulting in the community qualifying as held for sale. The Company expects to complete the sale in the first quarter of 2017. In January 2017, the Company sold two undeveloped land parcels located in Newcastle, WA that are adjacent to one of the Company's Development Communities for $20,500,000 . In February 2017, a fire occurred at the Company's Avalon Maplewood Development Community, located in Maplewood, NJ, which was under construction and not yet occupied. The Company is currently assessing its direct losses resulting from the fire, which could vary based on costs and time to rebuild the portion of the Development Community that was destroyed and/or damaged, as well as its potential liability to third parties who may have incurred damages on account of the fire. While the Company currently believes that its direct losses and any potential liability to third parties will be substantially covered by its insurance policies, including coverage for the replacement cost of the building, third party claims and business interruption loss, subject to deductibles as well as a self-insured portion of the property insurance for which the Company is obligated for 12% of the first $50,000,000 in losses, the Company can give no assurances in this regard and continues to evaluate this matter. In February 2017, the Company repaid $17,300,000 of variable rate debt secured by Avalon at Mountain View at its scheduled maturity date.

REAL ESTATE AND ACCUMULATED DEP

REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION	2016 2015 2016 Initial Cost Total Cost Community City and state # of homes 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 198 $ 2,124 $ 12,567 $ 9,801 $ 2,124 $ 22,368 $ 24,492 $ 13,202 $ 11,290 $ 11,703 $ — 1994 Avalon Oaks Wilmington, MA 204 2,129 17,567 5,259 2,129 22,826 24,955 12,802 12,153 12,771 — 1999 Eaves Quincy Quincy, MA 245 1,743 14,662 9,937 1,743 24,599 26,342 13,543 12,799 13,449 — 1986/1995 Avalon Oaks West Wilmington, MA 120 3,318 13,465 1,140 3,318 14,605 17,923 7,481 10,442 10,687 15,420 2002 Avalon Orchards Marlborough, MA 156 2,983 17,970 2,520 2,983 20,490 23,473 10,608 12,865 13,431 16,075 2002 Avalon at Newton Highlands Newton, MA 294 11,039 45,547 4,411 11,039 49,958 60,997 23,327 37,670 39,040 — 2003 Avalon at The Pinehills Plymouth, MA 192 6,876 30,401 456 6,876 30,857 37,733 10,017 27,716 28,679 — 2004 Eaves Peabody Peabody, MA 286 4,645 18,919 12,758 4,645 31,677 36,322 11,993 24,329 25,110 — 1962/2004 Avalon at Bedford Center Bedford, MA 139 4,258 20,551 877 4,258 21,428 25,686 8,116 17,570 17,921 — 2006 Avalon at Chestnut Hill Chestnut Hill, MA 204 14,572 45,911 2,522 14,572 48,433 63,005 17,365 45,640 47,031 38,564 2007 Avalon at Lexington Hills Lexington, MA 387 8,691 79,121 3,574 8,691 82,695 91,386 25,145 66,241 67,206 — 2008 Avalon Acton Acton, MA 380 13,124 48,695 3,055 13,124 51,750 64,874 15,599 49,275 50,588 45,000 2008 Avalon at the Hingham Shipyard Hingham, MA 235 12,218 41,656 1,879 12,218 43,535 55,753 12,112 43,641 44,029 — 2009 Avalon Sharon Sharon, MA 156 4,719 25,478 613 4,719 26,091 30,810 7,850 22,960 23,674 — 2008 Avalon Northborough Northborough, MA 382 8,144 52,343 946 8,144 53,289 61,433 12,973 48,460 49,624 — 2009 Avalon Blue Hills Randolph, MA 276 11,110 34,580 1,068 11,110 35,648 46,758 9,444 37,314 38,309 — 2009 Avalon Cohasset Cohasset, MA 220 8,802 46,166 187 8,802 46,353 55,155 8,220 46,935 48,512 — 2012 Avalon Andover Andover, MA 115 4,276 21,871 180 4,276 22,051 26,327 3,702 22,625 23,291 13,844 2012 Avalon Natick Natick, MA 407 15,645 64,845 19 15,645 64,864 80,509 8,090 72,419 74,738 50,067 2013 Avalon at Assembly Row (1) Somerville, MA 195 8,537 52,378 — 8,537 52,378 60,915 4,885 56,030 53,757 — 2015 Avalon Prudential Center II (2) Boston, MA 266 8,776 35,496 44,920 8,776 80,416 89,192 29,974 59,218 56,806 — 1968/1998 Avalon Prudential Center I (2) Boston, MA 243 8,002 32,370 33,896 8,002 66,266 74,268 26,682 47,586 46,823 — 1968/1998 Eaves Burlington Burlington, MA 203 7,714 32,499 5,968 7,714 38,467 46,181 5,074 41,107 41,700 — 1988/2012 Avalon Canton at Blue Hills Canton, MA 196 6,562 33,956 133 6,562 34,089 40,651 3,260 37,391 38,543 — 2014 Avalon Burlington (2) Burlington, MA 312 15,600 58,499 17,434 15,600 75,933 91,533 10,398 81,135 81,080 — 1989/2013 Eaves North Quincy Quincy, MA 224 11,940 39,400 2,913 11,940 42,313 54,253 7,761 46,492 47,901 — 1977/2013 Avalon at Center Place (1) Providence, RI 225 — 26,816 11,511 — 38,327 38,327 22,752 15,575 16,005 — 1991/1997 Total Boston, MA 6,460 $ 207,547 $ 963,729 $ 177,977 $ 207,547 $ 1,141,706 $ 1,349,253 $ 342,375 $ 1,006,878 $ 1,022,408 $ 178,970 2016 2015 2016 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Fairfield-New Haven, CT Eaves Stamford Stamford, CT 238 $ 5,956 $ 23,993 $ 12,946 $ 5,956 $ 36,939 $ 42,895 $ 22,837 $ 20,058 $ 21,302 $ — 1991 Avalon Wilton on River Rd Wilton, CT 102 2,116 14,664 5,873 2,116 20,537 22,653 11,339 11,314 12,020 — 1997 Avalon New Canaan New Canaan, CT 104 4,834 22,990 1,943 4,834 24,933 29,767 12,178 17,589 18,345 — 2002 AVA Stamford Stamford, CT 306 13,819 56,499 5,263 13,819 61,762 75,581 30,120 45,461 47,552 — 2002/2002 Avalon Danbury Danbury, CT 234 4,933 30,638 1,004 4,933 31,642 36,575 12,630 23,945 24,890 — 2005 Avalon Darien Darien, CT 189 6,926 34,558 2,345 6,926 36,903 43,829 16,641 27,188 28,363 — 2004 Avalon Milford Milford, CT 246 8,746 22,699 1,296 8,746 23,995 32,741 10,260 22,481 23,102 — 2004 Avalon Norwalk Norwalk, CT 311 11,320 62,904 666 11,320 63,570 74,890 13,904 60,986 63,064 — 2011 Avalon Huntington Shelton, CT 99 5,277 20,029 242 5,277 20,271 25,548 5,808 19,740 20,311 — 2008 Avalon Wilton on Danbury Rd Wilton, CT 100 6,604 23,758 29 6,604 23,787 30,391 4,710 25,681 26,514 — 2011 Avalon Shelton Shelton, CT 250 7,749 40,264 26 7,749 40,290 48,039 5,213 42,826 44,286 — 2013 Avalon East Norwalk Norwalk, CT 240 10,395 36,246 — 10,395 36,246 46,641 4,324 42,317 43,660 — 2013 Avalon Stratford Stratford, CT 130 2,564 27,157 — 2,564 27,157 29,721 2,297 27,424 28,351 38,221 2014 Total Fairfield-New Haven, CT 2,549 $ 91,239 $ 416,399 $ 31,633 $ 91,239 $ 448,032 $ 539,271 $ 152,261 $ 387,010 $ 401,760 $ 38,221 TOTAL NEW ENGLAND 9,009 $ 298,786 $ 1,380,128 $ 209,610 $ 298,786 $ 1,589,738 $ 1,888,524 $ 494,636 $ 1,393,888 $ 1,424,168 $ 217,191 METRO NY/NJ New York City, NY Avalon Riverview (1) Long Island City, NY 372 $ — $ 94,061 $ 9,718 $ — $ 103,779 $ 103,779 $ 48,867 $ 54,912 $ 55,494 $ — 2002 Avalon Bowery Place I New York, NY 206 18,575 75,009 2,717 18,575 77,726 96,301 27,419 68,882 71,256 93,800 2006 Avalon Bowery Place II New York, NY 90 9,106 47,199 3,649 9,106 50,848 59,954 15,347 44,607 45,979 — 2007 Avalon Morningside Park (1) New York, NY 295 — 114,233 1,465 — 115,698 115,698 32,671 83,027 86,539 100,000 2009 Avalon Fort Greene Brooklyn, NY 631 83,038 216,802 1,742 83,038 218,544 301,582 50,369 251,213 258,047 — 2010 AVA High Line (1) New York, NY 405 — 155,989 16 — 156,005 156,005 3,878 152,127 152,111 — 2015 Avalon Midtown West New York, NY 550 154,730 180,253 13,608 154,730 193,861 348,591 35,495 313,096 318,046 100,500 1998/2013 Avalon Clinton North (2) New York, NY 339 84,069 105,821 10,390 84,069 116,211 200,280 19,540 180,740 181,136 147,000 2008/2013 Avalon Clinton South New York, NY 288 71,421 89,851 5,957 71,421 95,808 167,229 16,899 150,330 152,700 121,500 2007/2013 Total New York City, NY 3,176 $ 420,939 $ 1,079,218 $ 49,262 $ 420,939 $ 1,128,480 $ 1,549,419 $ 250,485 $ 1,298,934 $ 1,321,308 $ 562,800 New York - Suburban Avalon Commons Smithtown, NY 312 $ 4,679 $ 28,286 $ 6,012 $ 4,679 $ 34,298 $ 38,977 $ 21,265 $ 17,712 $ 18,817 $ — 1997 Avalon Willow Mamaroneck, NY 227 6,207 40,791 2,023 6,207 42,814 49,021 24,868 24,153 25,379 — 2000 2016 2015 2016 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Court Melville, NY 494 9,228 50,063 5,747 9,228 55,810 65,038 32,744 32,294 31,696 — 1997 The Avalon Bronxville, NY 110 2,889 28,324 8,318 2,889 36,642 39,531 18,467 21,064 22,038 — 1999 Avalon at Glen Cove (1) Glen Cove, NY 256 7,871 59,969 3,392 7,871 63,361 71,232 26,351 44,881 45,197 — 2004 Avalon Pines Coram, NY 450 8,700 62,931 1,401 8,700 64,332 73,032 25,211 47,821 49,598 — 2005 Avalon Glen Cove North (1) Glen Cove, NY 111 2,577 37,336 434 2,577 37,770 40,347 12,579 27,768 28,990 — 2007 Avalon White Plains White Plains, NY 407 15,391 137,353 369 15,391 137,722 153,113 36,925 116,188 120,690 — 2009 Avalon Rockville Centre I Rockville Centre, NY 349 32,212 78,806 334 32,212 79,140 111,352 14,157 97,195 99,724 — 2012 Avalon Green II Elmsford, NY 444 27,765 77,560 116 27,765 77,676 105,441 12,904 92,537 95,210 — 2012 Avalon Garden City Garden City, NY 204 18,205 49,332 236 18,205 49,568 67,773 7,600 60,173 61,775 — 2013 Avalon Ossining Ossining, NY 168 6,392 30,313 — 6,392 30,313 36,705 2,971 33,734 34,811 — 2014 Avalon Westbury Westbury, NY 396 69,620 43,781 10,246 69,620 54,027 123,647 12,895 110,752 112,699 79,945 2006/2013 Total New York - Suburban 3,928 $ 211,736 $ 724,845 $ 38,628 $ 211,736 $ 763,473 $ 975,209 $ 248,937 $ 726,272 $ 746,624 $ 79,945 New Jersey Avalon Cove Jersey City, NJ 504 $ 8,760 $ 82,422 $ 21,979 $ 8,760 $ 104,401 $ 113,161 $ 61,207 $ 51,954 $ 54,651 $ — 1997 Eaves Lawrenceville (2) Lawrenceville, NJ 632 14,650 60,486 11,430 14,650 71,916 86,566 29,232 57,334 56,391 — 1994 Avalon Princeton Junction West Windsor, NJ 512 5,585 22,382 21,115 5,585 43,497 49,082 24,495 24,587 25,952 — 1988/1993 Avalon at Florham Park Florham Park, NJ 270 6,647 34,906 3,190 6,647 38,096 44,743 20,913 23,830 24,668 — 2001 Avalon Run East Lawrenceville, NJ 312 6,766 45,359 1,400 6,766 46,759 53,525 19,560 33,965 35,330 36,305 2005 Avalon Tinton Falls Tinton Falls, NJ 216 7,939 33,170 489 7,939 33,659 41,598 10,070 31,528 32,576 — 2008 Avalon West Long Branch West Long Branch, NJ 180 2,721 22,925 99 2,721 23,024 25,745 5,196 20,549 21,382 — 2011 Avalon North Bergen North Bergen, NJ 164 8,984 30,994 919 8,984 31,913 40,897 5,211 35,686 36,900 — 2012 Avalon at Wesmont Station I Wood-Ridge, NJ 266 14,682 41,635 486 14,682 42,121 56,803 6,812 49,991 51,632 — 2012 Avalon Hackensack at Riverside (1) Hackensack, NJ 226 — 44,619 — — 44,619 44,619 5,520 39,099 40,722 — 2013 Avalon Somerset Somerset, NJ 384 18,241 58,338 101 18,241 58,439 76,680 7,657 69,023 71,074 — 2013 Avalon at Wesmont Station II Wood-Ridge, NJ 140 6,502 16,863 — 6,502 16,863 23,365 2,234 21,131 21,762 — 2013 Avalon Bloomingdale Bloomingdale, NJ 174 3,006 27,802 — 3,006 27,802 30,808 3,173 27,635 28,670 — 2014 Total New Jersey 3,980 $ 104,483 $ 521,901 $ 61,208 $ 104,483 $ 583,109 $ 687,592 $ 201,280 $ 486,312 $ 501,710 $ 36,305 TOTAL METRO NY/NJ 11,084 $ 737,158 $ 2,325,964 $ 149,098 $ 737,158 $ 2,475,062 $ 3,212,220 $ 700,702 $ 2,511,518 $ 2,569,642 $ 679,050 2016 2015 2016 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of MID-ATLANTIC Washington Metro/Baltimore, MD Avalon at Foxhall Washington, D.C. 308 $ 6,848 $ 27,614 $ 13,649 $ 6,848 $ 41,263 $ 48,111 $ 27,751 $ 20,360 $ 20,663 $ 54,583 1982/1994 Avalon at Gallery Place Washington, D.C. 203 8,800 39,658 2,069 8,800 41,727 50,527 19,480 31,047 32,483 42,410 2003 AVA H Street Washington, D.C. 138 7,425 25,282 25 7,425 25,307 32,732 3,734 28,998 29,952 — 2013 Avalon The Albemarle Washington, D.C. 228 25,140 52,459 5,243 25,140 57,702 82,842 10,708 72,134 73,386 — 1966/2013 Eaves Tunlaw Gardens Washington, D.C. 166 16,430 22,902 2,275 16,430 25,177 41,607 4,856 36,751 37,426 — 1944/2013 The Statesman Washington, D.C. 281 38,140 35,352 3,857 38,140 39,209 77,349 8,515 68,834 70,058 — 1961/2013 Eaves Glover Park Washington, D.C. 120 9,580 26,532 2,317 9,580 28,849 38,429 5,485 32,944 33,836 — 1953/2013 AVA Van Ness Washington, D.C. 269 22,890 58,691 4,127 22,890 62,818 85,708 11,152 74,556 76,255 — 1978/2013 Avalon First and M Washington, D.C. 469 43,700 153,950 3,048 43,700 156,998 200,698 23,077 177,621 182,659 — 2012/2013 Avalon at Fairway Hills Columbia, MD 720 8,603 34,432 16,129 8,603 50,561 59,164 31,780 27,384 29,017 — 1987/1996 Eaves Washingtonian Center North Potomac, MD 288 4,047 18,553 1,985 4,047 20,538 24,585 13,327 11,258 11,103 — 1996 Eaves Columbia Town Center Columbia, MD 392 8,802 35,536 11,861 8,802 47,397 56,199 19,385 36,814 38,093 — 1986/1993 Avalon at Grosvenor Station Bethesda, MD 497 29,159 52,993 2,276 29,159 55,269 84,428 25,023 59,405 61,283 — 2004 Avalon at Traville Rockville, MD 520 14,365 55,398 3,901 14,365 59,299 73,664 25,599 48,065 49,262 71,871 2004 Avalon Russett Laurel, MD 238 10,200 47,524 2,883 10,200 50,407 60,607 9,182 51,425 53,187 32,199 1999/2013 Eaves Fair Lakes Fairfax, VA 420 6,096 24,400 8,564 6,096 32,964 39,060 20,074 18,986 19,927 — 1989/1996 AVA Ballston Arlington, VA 344 7,291 29,177 16,272 7,291 45,449 52,740 27,544 25,196 26,623 — 1990 Eaves Fairfax City Fairfax, VA 141 2,152 8,907 5,390 2,152 14,297 16,449 7,676 8,773 9,292 — 1988/1997 Avalon Tysons Corner Tysons Corner, VA 558 13,851 43,397 12,527 13,851 55,924 69,775 30,819 38,956 40,926 — 1996 Avalon Park Crest Tysons Corner, VA 354 13,554 63,526 83 13,554 63,609 77,163 9,568 67,595 69,885 — 2013 Eaves Fairfax Towers Falls Church, VA 415 17,889 74,727 2,156 17,889 76,883 94,772 15,509 79,263 81,868 — 1978/2011 Avalon Ballston Place Arlington, VA 383 38,490 123,645 4,640 38,490 128,285 166,775 20,296 146,479 150,147 — 2001/2013 Eaves Tysons Corner Vienna, VA 217 16,030 45,420 2,710 16,030 48,130 64,160 9,237 54,923 56,669 — 1980/2013 Avalon Ballston Square Arlington, VA 714 71,640 215,937 14,112 71,640 230,049 301,689 38,967 262,722 268,502 — 1992/2013 Avalon Courthouse Place Arlington, VA 564 56,550 178,032 9,924 56,550 187,956 244,506 31,392 213,114 218,300 118,112 1999/2013 Avalon Arlington North Arlington, VA 228 21,600 59,077 — 21,600 59,077 80,677 5,682 74,995 77,076 — 2014 Avalon Reston Landing Reston, VA 400 26,710 83,084 5,185 26,710 88,269 114,979 16,541 98,438 101,004 — 2000/2013 TOTAL MID-ATLANTIC 9,575 $ 545,982 $ 1,636,205 $ 157,208 $ 545,982 $ 1,793,413 $ 2,339,395 $ 472,359 $ 1,867,036 $ 1,918,882 $ 319,175 2016 2015 2016 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of PACIFIC NORTHWEST Seattle, WA Avalon Redmond Place Redmond, WA 222 $ 4,558 $ 18,368 $ 10,260 $ 4,558 $ 28,628 $ 33,186 $ 16,544 $ 16,642 $ 17,646 $ — 1991/1997 Avalon at Bear Creek Redmond, WA 264 6,786 27,641 4,187 6,786 31,828 38,614 19,969 18,645 19,290 — 1998/1998 Avalon Bellevue Bellevue, WA 201 6,664 24,119 1,920 6,664 26,039 32,703 14,262 18,441 19,258 24,695 2001 Avalon RockMeadow Bothell, WA 206 4,777 19,765 2,392 4,777 22,157 26,934 12,477 14,457 15,191 — 2000/2000 Avalon ParcSquare Redmond, WA 124 3,789 15,139 3,150 3,789 18,289 22,078 10,018 12,060 12,292 — 2000/2000 AVA Belltown Seattle, WA 100 5,644 12,733 1,013 5,644 13,746 19,390 7,387 12,003 12,409 60,766 2001 Avalon Meydenbauer Bellevue, WA 368 12,697 77,450 1,271 12,697 78,721 91,418 23,732 67,686 70,408 — 2008 Avalon Towers Bellevue (1) Bellevue, WA 397 — 123,029 925 — 123,954 123,954 27,956 95,998 100,369 — 2011 AVA Queen Anne Seattle, WA 203 12,081 41,618 431 12,081 42,049 54,130 7,488 46,642 48,129 — 2012 AVA Ballard Seattle, WA 265 16,460 46,926 985 16,460 47,911 64,371 6,478 57,893 59,684 — 2013 AVA University District Seattle, WA 283 12,594 60,845 480 12,594 61,325 73,919 6,634 67,285 69,274 — 2014 Eaves Redmond Campus Redmond, WA 422 22,580 88,001 5,994 22,580 93,995 116,575 17,418 99,157 102,525 — 1991/2013 Archstone Redmond Lakeview Redmond, WA 166 10,250 26,842 2,925 10,250 29,767 40,017 5,619 34,398 34,617 — 1987/2013 TOTAL PACIFIC NORTHWEST 3,221 $ 118,880 $ 582,476 $ 35,933 $ 118,880 $ 618,409 $ 737,289 $ 175,982 $ 561,307 $ 581,092 $ 85,461 NORTHERN CALIFORNIA San Jose, CA Avalon Campbell Campbell, CA 348 $ 11,830 $ 47,828 $ 13,459 $ 11,830 $ 61,287 $ 73,117 $ 33,162 $ 39,955 $ 42,162 $ 38,800 1995 Eaves San Jose San Jose, CA 440 12,920 53,047 18,869 12,920 71,916 84,836 33,693 51,143 53,631 — 1985/1996 Avalon on the Alameda San Jose, CA 305 6,119 50,225 2,873 6,119 53,098 59,217 31,720 27,497 28,335 49,930 1999 Avalon Mountain View Mountain View, CA 248 9,755 39,393 10,219 9,755 49,612 59,367 28,805 30,562 31,930 17,300 1986 Eaves Creekside Mountain View, CA 296 6,546 26,263 21,312 6,546 47,575 54,121 24,129 29,992 31,691 — 1962/1997 Avalon at Cahill Park San Jose, CA 218 4,765 47,600 1,775 4,765 49,375 54,140 24,304 29,836 31,284 — 2002 Avalon Morrison Park San Jose, CA 250 13,837 64,534 60 13,837 64,594 78,431 6,429 72,002 74,236 — 2014 Avalon Willow Glen San Jose, CA 412 46,060 81,957 4,137 46,060 86,094 132,154 16,506 115,648 118,974 — 2002/2013 Eaves West Valley San Jose, CA 873 90,890 132,040 8,581 90,890 140,621 231,511 25,740 205,771 209,788 146,696 1970/2013 Eaves Mountain View at Middlefield Mountain View, CA 402 64,070 69,018 5,316 64,070 74,334 138,404 15,001 123,403 126,006 — 1969/2013 Total San Jose, CA 3,792 $ 266,792 $ 611,905 $ 86,601 $ 266,792 $ 698,506 $ 965,298 $ 239,489 $ 725,809 $ 748,037 $ 252,726 Oakland - East Bay, CA Avalon Fremont Fremont, CA 308 $ 10,746 $ 43,399 $ 5,668 $ 10,746 $ 49,067 $ 59,813 $ 31,715 $ 28,098 $ 29,516 $ — 1992/1994 2016 2015 2016 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Eaves Pleasanton Pleasanton, CA 456 11,610 46,552 21,507 11,610 68,059 79,669 37,905 41,764 43,952 — 1988/1994 Eaves Union City Union City, CA 208 4,249 16,820 3,166 4,249 19,986 24,235 12,893 11,342 11,834 — 1973/1996 Eaves Fremont Fremont, CA 235 6,581 26,583 9,797 6,581 36,380 42,961 21,576 21,385 22,507 — 1985/1994 Avalon Union City Union City, CA 439 14,732 104,024 759 14,732 104,783 119,515 27,120 92,395 96,048 — 2009 Avalon Walnut Creek (1) Walnut Creek, CA 418 — 146,097 2,815 — 148,912 148,912 33,095 115,817 120,512 3,420 2010 Eaves Walnut Creek (2) Walnut Creek, CA 510 30,320 82,375 14,605 30,320 96,980 127,300 15,766 111,534 111,669 — 1987/2013 Avalon Walnut Ridge II Walnut Creek, CA 360 27,190 57,041 3,801 27,190 60,842 88,032 11,211 76,821 78,524 — 1989/2013 Avalon Berkeley Berkeley, CA 94 4,500 28,611 — 4,500 28,611 33,111 2,504 30,607 31,446 — 2014 Total Oakland - East Bay, CA 3,028 $ 109,928 $ 551,502 $ 62,118 $ 109,928 $ 613,620 $ 723,548 $ 193,785 $ 529,763 $ 546,008 $ 3,420 San Francisco, CA Eaves Daly City Daly City, CA 195 $ 4,230 $ 9,659 $ 19,017 $ 4,230 $ 28,676 $ 32,906 $ 16,733 $ 16,173 $ 16,838 $ — 1972/1997 AVA Nob Hill San Francisco, CA 185 5,403 21,567 7,067 5,403 28,634 34,037 16,057 17,980 18,861 20,800 1990/1995 Eaves San Rafael San Rafael, CA 254 5,982 16,885 24,604 5,982 41,489 47,471 20,782 26,689 27,899 — 1973/1996 Eaves Foster City Foster City, CA 288 7,852 31,445 11,296 7,852 42,741 50,593 24,153 26,440 27,811 — 1973/1994 Eaves Pacifica Pacifica, CA 220 6,125 24,796 2,873 6,125 27,669 33,794 17,619 16,175 17,057 17,600 1971/1995 Avalon Sunset Towers San Francisco, CA 243 3,561 21,321 15,463 3,561 36,784 40,345 18,526 21,819 22,583 — 1961/1996 Eaves Diamond Heights San Francisco, CA 154 4,726 19,130 6,031 4,726 25,161 29,887 14,574 15,313 15,928 — 1972/1994 Avalon at Mission Bay I San Francisco, CA 250 14,029 78,452 3,302 14,029 81,754 95,783 38,957 56,826 59,334 67,772 2003 Avalon at Mission Bay III San Francisco, CA 260 28,687 119,156 300 28,687 119,456 148,143 31,052 117,091 120,981 — 2009 Avalon Ocean Avenue San Francisco, CA 173 5,544 50,906 1,783 5,544 52,689 58,233 8,653 49,580 51,446 — 2012 AVA 55 Ninth San Francisco, CA 273 20,267 97,321 1,235 20,267 98,556 118,823 9,409 109,414 112,904 — 2014 Avalon San Bruno I San Bruno, CA 300 40,780 68,684 3,464 40,780 72,148 112,928 12,654 100,274 102,464 64,450 2004/2013 Avalon San Bruno II San Bruno, CA 185 23,787 44,934 1,792 23,787 46,726 70,513 7,634 62,879 64,310 30,001 2007/2013 Avalon San Bruno III San Bruno, CA 187 33,303 62,910 2,743 33,303 65,653 98,956 10,713 88,243 90,108 54,408 2010/2013 Total San Francisco, CA 3,167 $ 204,276 $ 667,166 $ 100,970 $ 204,276 $ 768,136 $ 972,412 $ 247,516 $ 724,896 $ 748,524 $ 255,031 TOTAL NORTHERN CALIFORNIA 9,987 $ 580,996 $ 1,830,573 $ 249,689 $ 580,996 $ 2,080,262 $ 2,661,258 $ 680,790 $ 1,980,468 $ 2,042,569 $ 511,177 SOUTHERN CALIFORNIA Los Angeles, CA AVA Burbank Burbank, CA 748 $ 22,483 $ 28,104 $ 48,244 $ 22,483 $ 76,348 $ 98,831 $ 37,963 $ 60,868 $ 63,710 $ — 1961/1997 Avalon Woodland Hills Woodland Hills, CA 663 23,828 40,372 48,635 23,828 89,007 112,835 42,401 70,434 72,111 — 1989/1997 Eaves Warner Center Woodland Hills, CA 227 7,045 12,986 9,555 7,045 22,541 29,586 14,995 14,591 15,589 — 1979/1998 2016 2015 2016 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Glendale (1) Glendale, CA 223 — 42,564 1,620 — 44,184 44,184 20,062 24,122 25,401 — 2003 Avalon Burbank Burbank, CA 400 14,053 56,827 24,294 14,053 81,121 95,174 34,847 60,327 62,757 — 1988/2002 Avalon Camarillo Camarillo, CA 249 8,446 40,290 628 8,446 40,918 49,364 14,959 34,405 35,571 — 2006 Avalon Wilshire Los Angeles, CA 123 5,459 41,182 1,176 5,459 42,358 47,817 14,216 33,601 34,959 61,268 2007 Avalon Encino Encino, CA 131 12,789 49,073 803 12,789 49,876 62,665 14,253 48,412 49,863 33,882 2008 Avalon Warner Place Canoga Park, CA 210 7,920 44,845 535 7,920 45,380 53,300 13,573 39,727 40,914 — 2008 Eaves Phillips Ranch Pomona, CA 501 9,796 41,740 1,141 9,796 42,881 52,677 8,619 44,058 44,927 — 1989/2011 Eaves San Dimas San Dimas, CA 102 1,916 7,819 1,265 1,916 9,084 11,000 1,786 9,214 9,381 — 1978/2011 Eaves San Dimas Canyon San Dimas, CA 156 2,953 12,428 529 2,953 12,957 15,910 2,621 13,289 13,568 — 1981/2011 AVA Pasadena Pasadena, CA 84 8,400 11,547 5,513 8,400 17,060 25,460 2,581 22,879 23,511 11,287 1973/2012 Eaves Cerritos Artesia, CA 151 8,305 21,195 1,431 8,305 22,626 30,931 3,588 27,343 28,143 — 1973/2012 Avalon Playa Vista Los Angeles, CA 309 30,900 72,008 2,303 30,900 74,311 105,211 11,435 93,776 96,612 — 2006/2012 Avalon San Dimas San Dimas, CA 156 9,141 30,727 — 9,141 30,727 39,868 2,618 37,250 38,391 — 2014 Avalon Mission Oaks Camarillo, CA 160 9,600 35,842 2,943 9,600 38,785 48,385 4,104 44,281 44,423 19,545 2014 Avalon Simi Valley Simi Valley, CA 500 42,020 73,361 4,705 42,020 78,066 120,086 14,611 105,475 108,062 — 2007/2013 AVA Studio City II Studio City, CA 101 4,626 22,954 1,502 4,626 24,456 29,082 4,234 24,848 25,449 — 1991/2013 Avalon Studio City Studio City, CA 276 15,756 78,178 4,501 15,756 82,679 98,435 14,193 84,242 86,237 — 2002/2013 Avalon Calabasas Calabasas, CA 600 42,720 107,642 9,215 42,720 116,857 159,577 23,066 136,511 140,486 97,980 1988/2013 Avalon Oak Creek Agoura Hills, CA 336 43,540 79,974 5,314 43,540 85,288 128,828 17,548 111,280 114,645 69,696 2004/2013 Avalon Del Mar Station Pasadena, CA 347 20,560 106,556 3,459 20,560 110,015 130,575 17,007 113,568 117,160 70,854 2006/2013 Eaves Old Town Pasadena Pasadena, CA 96 9,110 15,371 1,510 9,110 16,881 25,991 3,347 22,644 23,171 14,120 1972/2013 Eaves Thousand Oaks Thousand Oaks, CA 154 13,950 20,211 2,468 13,950 22,679 36,629 5,143 31,486 32,148 26,392 1992/2013 Eaves Los Feliz Los Angeles, CA 263 18,940 43,661 3,772 18,940 47,433 66,373 8,810 57,563 58,938 41,302 1989/2013 Eaves Woodland Hills Woodland Hills, CA 883 68,940 90,549 10,439 68,940 100,988 169,928 21,061 148,867 151,841 98,732 1971/2013 Avalon Thousand Oaks Plaza Thousand Oaks, CA 148 12,810 22,581 2,006 12,810 24,587 37,397 5,140 32,257 33,092 — 2002/2013 Total Los Angeles, CA 8,297 $ 476,006 $ 1,250,587 $ 199,506 $ 476,006 $ 1,450,093 $ 1,926,099 $ 378,781 $ 1,547,318 $ 1,591,060 $ 545,058 Orange County, CA AVA Newport Costa Mesa, CA 145 $ 1,975 $ 3,814 $ 9,838 $ 1,975 $ 13,652 $ 15,627 $ 6,497 $ 9,130 $ 9,592 $ — 1956/1996 Eaves Mission Viejo Mission Viejo, CA 166 2,517 9,257 3,520 2,517 12,777 15,294 8,149 7,145 7,676 7,635 1984/1996 Eaves South Coast Costa Mesa, CA 258 4,709 16,063 12,933 4,709 28,996 33,705 15,876 17,829 18,770 — 1973/1996 Eaves Santa Margarita Rancho Santa Margarita, CA 301 4,607 16,911 10,526 4,607 27,437 32,044 14,820 17,224 18,166 — 1990/1997 Eaves Huntington Beach Huntington Beach, CA 304 4,871 19,745 10,172 4,871 29,917 34,788 18,824 15,964 16,503 — 1971/1997 2016 2015 2016 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Anaheim Stadium Anaheim, CA 251 27,874 69,156 1,255 27,874 70,411 98,285 19,330 78,955 80,804 — 2009 Avalon Irvine I Irvine, CA 279 9,911 67,520 586 9,911 68,106 78,017 17,323 60,694 62,562 — 2010 Avalon Irvine II Irvine, CA 179 4,358 40,906 — 4,358 40,906 45,264 5,729 39,535 41,023 — 2013 Eaves Lake Forest Lake Forest, CA 225 5,199 21,134 2,272 5,199 23,406 28,605 4,735 23,870 24,598 — 1975/2011 Eaves Seal Beach Seal Beach, CA 549 46,790 99,999 4,847 46,790 104,846 151,636 18,977 132,659 136,470 — 1971/2013 Total Orange County, CA 2,657 $ 112,811 $ 364,505 $ 55,949 $ 112,811 $ 420,454 $ 533,265 $ 130,260 $ 403,005 $ 416,164 $ 7,635 San Diego, CA Eaves Mission Ridge San Diego, CA 200 $ 2,710 $ 10,924 $ 11,846 $ 2,710 $ 22,770 $ 25,480 $ 13,784 $ 11,696 $ 12,004 $ — 1960/1997 AVA Cortez Hill (1) San Diego, CA 299 2,768 20,134 23,568 2,768 43,702 46,470 21,927 24,543 26,003 — 1973/1998 Avalon Fashion Valley San Diego, CA 161 19,627 44,972 598 19,627 45,570 65,197 13,011 52,186 53,513 — 2008 Eaves Rancho Penasquitos San Diego, CA 250 6,692 27,143 2,679 6,692 29,822 36,514 5,787 30,727 31,147 — 1986/2011 Eaves La Mesa La Mesa, CA 168 9,490 28,482 1,694 9,490 30,176 39,666 5,826 33,840 34,813 — 1989/2013 Total San Diego, CA 1,078 $ 41,287 $ 131,655 $ 40,385 $ 41,287 $ 172,040 $ 213,327 $ 60,335 $ 152,992 $ 157,480 $ — TOTAL SOUTHERN CALIFORNIA 12,032 $ 630,104 $ 1,746,747 $ 295,840 $ 630,104 $ 2,042,587 $ 2,672,691 $ 569,376 $ 2,103,315 $ 2,164,704 $ 552,693 TOTAL ESTABLISHED COMMUNITIES 54,908 $ 2,911,906 $ 9,502,093 $ 1,097,378 $ 2,911,906 $ 10,599,471 $ 13,511,377 $ 3,093,845 $ 10,417,532 $ 10,701,057 $ 2,364,747 2016 2015 2016 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of OTHER STABILIZED Eaves Dublin Dublin, CA 204 $ 5,276 $ 19,642 $ 12,363 $ 5,276 $ 32,005 $ 37,281 $ 16,628 $ 20,653 $ 21,831 $ — 1989/1997 AVA Pacific Beach San Diego, CA 564 9,922 40,580 40,819 9,922 81,399 91,321 38,097 53,224 55,522 — 1969/1997 Avalon Silicon Valley Sunnyvale, CA 710 20,713 99,573 31,536 20,713 131,109 151,822 66,781 85,041 68,714 — 1998 AVA Little Tokyo Los Angeles, CA 280 14,734 93,985 318 14,734 94,303 109,037 7,123 101,914 104,796 — 2015 Eaves San Marcos San Marcos, CA 184 3,277 13,385 4,601 3,277 17,986 21,263 2,961 18,302 15,267 — 1988/2011 Avalon Dublin Station Dublin, CA 253 7,772 72,067 — 7,772 72,067 79,839 7,037 72,802 74,302 — 2014 Avalon Hayes Valley San Francisco, CA 182 12,594 81,104 — 12,594 81,104 93,698 4,953 88,745 90,402 — 2015 Avalon Vista Vista, CA 221 12,686 43,409 — 12,686 43,409 56,095 2,583 53,512 54,459 — 2015 Avalon Baker Ranch Lake Forest, CA 430 31,687 98,499 — 31,687 98,499 130,186 5,744 124,442 126,925 — 2015 Studio 77 North Hollywood, CA 156 18,408 49,485 4,069 18,408 53,554 71,962 1,146 70,816 N/A — 2015/2016 Avalon Santa Monica on Main Santa Monica, CA 133 32,000 60,770 12,677 32,000 73,447 105,447 11,230 94,217 95,038 — 2007/2013 Avalon La Jolla Colony San Diego, CA 180 16,760 27,694 12,222 16,760 39,916 56,676 6,293 50,383 43,289 26,682 1987/2013 Avalon Walnut Ridge I Walnut Creek, CA 106 9,860 19,850 5,038 9,860 24,888 34,748 3,827 30,921 29,351 — 2000/2013 Toluca Hills Apartments by Avalon Los Angeles, CA 1,151 86,450 161,256 13,106 86,450 174,362 260,812 32,998 227,814 231,169 — 1973/2013 Avalon Pasadena Pasadena, CA 120 10,240 31,558 6,683 10,240 38,241 48,481 5,901 42,580 39,890 25,805 2004/2013 Avalon Exeter (1) Boston, MA 187 16,313 110,028 147 16,313 110,175 126,488 9,744 116,744 120,677 — 2014 AVA Somerville (1) Somerville, MA 250 10,865 56,324 19 10,865 56,343 67,208 4,142 63,066 68,918 — 2015 AVA Back Bay Boston, MA 271 9,034 36,540 46,284 9,034 82,824 91,858 31,158 60,700 56,462 — 1968/1998 Avalon Bear Hill Waltham, MA 324 27,350 94,168 28,646 27,350 122,814 150,164 19,141 131,023 127,367 — 1999/2013 Avalon Wharton Wharton, NJ 247 2,273 48,608 — 2,273 48,608 50,881 3,426 47,455 49,079 — 2015 Avalon Roseland Roseland, NJ 136 11,281 34,814 — 11,281 34,814 46,095 2,017 44,078 45,016 — 2015 Avalon Hoboken Hoboken, NJ 217 37,237 86,508 8,660 37,237 95,168 132,405 7,970 124,435 N/A 67,904 2008/2016 Avalon Green I Elmsford, NY 105 1,820 10,525 7,516 1,820 18,041 19,861 9,228 10,633 10,711 — 1995 Avalon Towers Long Beach, NY 109 3,118 11,973 20,790 3,118 32,763 35,881 14,106 21,775 22,465 — 1990/1995 Avalon Riverview North (1) Long Island City, NY 602 — 166,099 9,907 — 176,006 176,006 53,588 122,418 121,052 — 2008 Avalon West Chelsea (1) New York, NY 305 — 123,066 31 — 123,097 123,097 20,277 102,820 109,020 — 2015 Avalon Huntington Station Huntington Station, NY 303 21,896 58,660 — 21,896 58,660 80,556 5,094 75,462 77,534 — 2014 Archstone Lexington Flower Mound, TX 222 4,540 25,946 1,937 4,540 27,883 32,423 5,754 26,669 27,706 21,601 2000/2013 Archstone Toscano Houston, TX 474 15,607 72,473 — 15,607 72,473 88,080 8,261 79,819 82,155 — 2014 Memorial Heights Villages Houston, TX 318 9,607 44,587 — 9,607 44,587 54,194 5,686 48,508 50,311 — 2014 Avalon Mosaic Fairfax, VA 531 33,490 75,802 — 33,490 75,802 109,292 7,655 101,637 104,300 — 2014 2016 2015 2016 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Potomac Yard Alexandria, VA 323 24,225 76,633 7,849 24,225 84,482 108,707 5,374 103,333 N/A — 2014/2016 Avalon Clarendon Arlington, VA 300 22,573 89,431 8,744 22,573 98,175 120,748 2,903 117,845 N/A — 2002/2016 Avalon Columbia Pike Arlington, VA 269 18,830 76,429 6,904 18,830 83,333 102,163 1,811 100,352 N/A 70,019 2009/2016 Oakwood Arlington Arlington, VA 184 18,850 38,545 2,861 18,850 41,406 60,256 7,117 53,139 53,844 — 1987/2013 Avalon Alderwood I Lynnwood, WA 367 12,294 55,612 — 12,294 55,612 67,906 4,515 63,391 65,247 — 2015 TOTAL OTHER STABILIZED 10,918 $ 593,582 $ 2,305,628 $ 293,727 $ 593,582 $ 2,599,355 $ 3,192,937 $ 442,269 $ 2,750,668 $ 2,242,819 $ 212,011 LEASE-UP Avalon Glendora Glendora, CA 280 $ 18,311 $ 64,649 $ — $ 18,311 $ 64,649 $ 82,960 $ 2,602 $ 80,358 $ 81,730 $ — 2016 Avalon Irvine III Irvine, CA 156 11,607 43,872 — 11,607 43,872 55,479 1,247 54,232 52,308 — 2016 Avalon Dublin Station II Dublin, CA 252 7,762 76,421 — 7,762 76,421 84,183 2,077 82,106 80,691 — 2016 AVA Theater District Boston, MA 398 17,024 163,055 — 17,024 163,055 180,079 7,692 172,387 175,257 — 2015 Avalon Marlborough Marlborough, MA 350 15,315 60,153 — 15,315 60,153 75,468 3,129 72,339 73,460 — 2015 Avalon Framingham Framingham, MA 180 9,309 34,554 — 9,309 34,554 43,863 1,468 42,395 43,101 — 2015 Avalon Bloomfield Station Bloomfield, NJ 224 10,701 39,429 — 10,701 39,429 50,130 2,099 48,031 49,968 — 2015 Avalon Union Union, NJ 202 11,695 36,014 — 11,695 36,014 47,709 1,094 46,615 39,456 — 2016 Avalon Green III Elmsford, NY 68 4,985 17,237 — 4,985 17,237 22,222 637 21,585 21,103 — 2016 Avalon Falls Church Falls Church, VA 384 39,544 66,202 — 39,544 66,202 105,746 3,467 102,279 103,438 — 2016 AVA Capitol Hill Seattle, WA 249 20,613 60,276 — 20,613 60,276 80,889 1,983 78,906 79,008 — 2016 Avalon Alderwood II Redmond, WA 124 5,072 21,390 — 5,072 21,390 26,462 347 26,115 14,264 — 2016 TOTAL LEASE-UP 2,867 $ 171,938 $ 683,252 $ — $ 171,938 $ 683,252 $ 855,190 $ 27,842 $ 827,348 $ 813,784 $ — REDEVELOPMENT Avalon Towers on the Peninsula Mountain View, CA 211 $ 9,560 $ 56,136 $ 8,886 $ 9,560 $ 65,022 $ 74,582 $ 29,059 $ 45,523 $ 39,705 $ — 2002 AVA Studio City I Studio City, CA 450 17,658 90,715 24,339 17,658 115,054 132,712 16,391 116,321 100,198 — 1987/2013 Avalon at Edgewater (3) Edgewater, NJ 168 5,982 24,389 4,681 5,982 29,070 35,052 13,929 21,123 27,453 — 2002 Avalon at Arlington Square Arlington, VA 842 22,041 90,296 25,065 22,041 115,361 137,402 49,956 87,446 84,234 — 2001 TOTAL REDEVLOPMENT 1,671 $ 55,241 $ 261,536 $ 62,971 $ 55,241 $ 324,507 $ 379,748 $ 109,335 $ 270,413 $ 251,590 $ — TOTAL CURRENT COMMUNITIES 70,364 $ 3,732,667 $ 12,752,509 $ 1,454,076 $ 3,732,667 $ 14,206,585 $ 17,939,252 $ 3,673,291 $ 14,265,961 $ 14,009,250 $ 2,576,758 2016 2015 2016 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of DEVELOPMENT (4) Avalon West Hollywood West Hollywood, CA 294 $ — $ 1,438 $ 128,735 $ — $ 130,173 $ 130,173 $ — $ 130,173 $ 81,067 $ — N/A Avalon Chino Hills Chino Hills, CA 331 2,108 15,878 69,487 2,108 85,365 87,473 67 87,406 24,639 — N/A Avalon Dogpatch San Francisco, CA 326 — 362 108,203 — 108,565 108,565 — 108,565 62,306 — N/A Avalon Public Market Emeryville, CA 285 — 83 29,615 — 29,698 29,698 — 29,698 N/A — N/A AVA Hollywood Hollywood, CA 695 — 181 123,086 — 123,267 123,267 — 123,267 N/A — N/

Organization, Basis of Presen22

Organization, Basis of Presentation, and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Organization	Organization and Basis of Presentation AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986 (the “Code”). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. At December 31, 2016 , the Company owned or held a direct or indirect ownership interest in 258 operating apartment communities containing 74,538 apartment homes in 10 states and the District of Columbia, of which four communities containing 1,671 apartment homes were under redevelopment. In addition, the Company owned or held a direct or indirect ownership interest in 27 communities under development that are expected to contain an aggregate of 9,129 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 25 communities that, if developed as expected, will contain an estimated 8,487 apartment homes (unaudited). 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. 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 entity (“VIE”) or the voting interest entity (“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 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 existing asset and that will benefit the Company for periods greater than a year, are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. 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 land parcels improved with operating real estate, for which the Company intends to pursue development, the Company generally manages 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 land parcels in excess of any incremental costs are recorded as a reduction of total capitalized costs of the respective Development Right and not as part of net income. 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 adoption of ASU 2017-01 is expected to impact the Company's accounting framework for the acquisition of operating communities. Prior to adoption of ASU 2017-01 on October 1, 2016, the acquisition of an operating community was viewed as an acquisition of a business, and the Company identified and recorded each asset acquired and liability assumed in such transaction at its estimated fair value at the date of acquisition. The purchase price allocation to tangible assets, such as land and improvements, buildings and improvements, and furniture, fixtures and equipment, and the in-place lease intangible assets, was 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, was 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 expensed all costs incurred related to acquisitions of operating communities. The Company valued 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 were valued using a replacement cost approach and consider the structures and amenities included for the communities. The approach applied industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value for furniture, fixtures and equipment was also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and was adjusted for estimated depreciation. The fair value of buildings acquired was estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considered the composition of structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation was made considering industry standard information, depreciation curves for the identified asset classes and estimated useful life of the acquired property. The value of the acquired lease-related intangibles considered 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 was 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 was assumed to be 12 months to achieve stabilized occupancy. Net revenues used market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease was 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 classified them as Level 3 prices in the fair value hierarchy. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed. Subsequent to adoption of ASU 2017-01, the Company assesses each acquisition of an operating community to determine if it meets the definition of a business or if it qualifies as an asset acquisition. The Company expects that acquisitions of individual operating communities will generally be viewed as asset acquisitions, and result in the capitalization of acquisition costs, and the allocation of purchase price to the assets acquired and liabilities assumed, based on the relative fair value of the respective assets and liabilities. 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, 2016 and 2015 , 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 2013 through 2015 . 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, 2016 , 2015 and 2014 . 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 $305,000 , $1,483,000 and $9,368,000 in 2016, 2015 and 2014, respectively, associated primarily with activities transacted through a TRS. The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2016 , 2015 and 2014 (unaudited, dollars in thousands): 2016 Estimate 2015 Actual 2014 Actual Net income attributable to common stockholders $ 1,034,002 $ 742,038 $ 683,567 GAAP gain on sale of communities (in excess of) less than tax gain (204,767 ) (20,900 ) 22,127 Depreciation/amortization timing differences on real estate (10,183 ) (24,657 ) (10,735 ) Amortization of debt/mark to market interest (19,763 ) (64,676 ) (38,202 ) Tax compensation expense less than (in excess of) GAAP 5,592 (1,244 ) (5,252 ) Casualty and impairment (gain) loss, net (3,935 ) (10,542 ) — Other adjustments (10 ) (12,829 ) 14,323 Taxable net income $ 800,936 $ 607,190 $ 665,828 The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2016 , 2015 and 2014 (unaudited): 2016 2015 2014 Ordinary income 68 % 83 % 62 % 20% capital gain 26 % 12 % 29 % Unrecaptured §1250 gain 6 % 5 % 9 %
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 $14,008,000 and $11,995,000 as of December 31, 2016 and 2015 , respectively, and related to mortgage notes payable was $10,562,000 and $12,315,000 as of December 31, 2016 and 2015 , respectively. Deferred financing costs, except for costs associated with line-of-credit arrangements, are presented as a direct deduction from the related debt liability. Accumulated amortization of deferred financing costs related to the Company's Credit Facility was $6,490,000 and $4,967,000 as of December 31, 2016 and 2015 , 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 12/31/16 12/31/15 12/31/14 Basic and diluted shares outstanding Weighted average common shares—basic 136,928,251 133,565,711 130,586,718 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 525,886 1,019,966 643,284 Weighted average common shares—diluted 137,461,637 134,593,177 131,237,502 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 1,034,002 $ 742,038 $ 683,567 Net income allocated to unvested restricted shares (2,610 ) (1,774 ) (1,523 ) Net income attributable to common stockholders, adjusted $ 1,031,392 $ 740,264 $ 682,044 Weighted average common shares—basic 136,928,251 133,565,711 130,586,718 Earnings per common share—basic $ 7.53 $ 5.54 $ 5.22 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 1,034,002 $ 742,038 $ 683,567 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 41 38 35 Adjusted net income attributable to common stockholders $ 1,034,043 $ 742,076 $ 683,602 Weighted average common shares—diluted 137,461,637 134,593,177 131,237,502 Earnings per common share—diluted $ 7.52 $ 5.51 $ 5.21 Dividends per common share $ 5.40 $ 5.00 $ 4.64 All options to purchase shares of common stock outstanding as of December 31, 2016 , 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, 2016 was 0.8% 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, 2016 , 2015 and 2014 . As discussed under "Recently Issued and Adopted Accounting Standards," the Company will adopt the provision of ASU 2016-09 and recognize forfeitures as they occur beginning in 2017.
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 expensed. 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 $4,183,000 , $3,016,000 and $3,964,000 during the years ended December 31, 2016 , 2015 and 2014 , 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, 2016 , 2015 and 2014 , 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 2016 and 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. During the year ended December 31, 2016 , the Company recognized $10,500,000 of aggregate impairment charges related to three ancillary land parcels for which the Company has either sold or intends to sell. These charges were determined as the excess of the Company's carrying basis over the expected sales price for each parcel, and is included in casualty and impairment (gain) loss, net on the accompanying Consolidated Statements of Comprehensive Income. The Company did not recognize any material impairment charges on its investment in land during the years ended December 31, 2015 and 2014 . The Company evaluates its unconsolidated investments for other than temporary impairment, considering both the extent and amount by which the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. There were no other than temporary impairment losses recognized by any of the Company's investments in unconsolidated real estate entities during the years ended December 31, 2016 , 2015 or 2014 . Casualty Gains and Losses In January 2015, a fire occurred at the Company's Avalon at Edgewater apartment community located in Edgewater, NJ. 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 7, “Commitments and Contingencies,” for discussion of the related legal matters. During the year ended December 31, 2016 , the Company reached a final insurance settlement for the Company's property damage and lost income for the Edgewater casualty loss, for which it received aggregate insurance proceeds for Edgewater of $73,150,000 , after self-insurance and deductibles, as discussed below. During the year ended December 31, 2015 , the Company received $44,142,000 in insurance proceeds, which were partially offset by casualty charges of $21,844,000 to write off the net book value of the building destroyed by the fire at Edgewater, and $6,760,000 to record demolition and additional incident expenses, resulting in a net casualty gain of $15,538,000 . During the year ended December 31, 2016 , the Company received the final $29,008,000 of insurance proceeds, of which $8,702,000 was recognized as an additional net casualty gain and $20,306,000 as business interruption insurance proceeds. The Company reported the net casualty gains from each of the respective years as casualty and impairment (gain) loss, net on the accompanying Consolidated Statements of Comprehensive Income, and reported the business interruption insurance proceeds as a component of rental and other income on the accompanying Consolidated Statements of Comprehensive Income. 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, for which the Company recorded an impairment due to a casualty loss of $4,195,000 . During the year ended December 31, 2016 , the Company recorded a net casualty gain related to the 2015 severe winter storms of $5,732,000 , which is comprised of $8,493,000 in third-party insurance proceeds received, partially offset by incremental costs of $2,761,000 . These amounts are included in casualty and impairment (gain) loss, net on the accompanying Consolidated Statements of Comprehensive Income. The Company did not incur a casualty loss in 2014 . 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 $20,564,000 , of which $20,306,000 was related to the Edgewater casualty loss, $1,509,000 and $2,494,000 in income related business interruption insurance proceeds for the years ended December 31, 2016 , 2015 and 2014 , 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 accompanying Consolidated Statements of Comprehensive Income. 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. Upon the classification of an asset as held for sale, no further depreciation is recorded. Subsequent to the adoption of ASU 2014-08 on January 1, 2014, as discussed under "Recently Issued and Adopted Accounting Standards," 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 two ancillary land parcels that qualified as held for sale presentation at December 31, 2016 .
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. The Company does not present or disclose the fair value of Hedging Derivatives on a net basis. 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 Hedging Derivatives in other comprehensive income (loss). Amounts recorded in other comprehensive income (loss) 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.
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' notes to financial statements to conform to current year presentations as a result of changes in held for sale classification and disposition activity.
Recently Issued and Adopted Accounting Standards and Change in Accounting Principle	Recently Issued and Adopted Accounting Standards In January 2017, the FASB issued ASU 2017-01-Business Combinations (Topic 805): Clarifying the Definition of a Business, which changes the definition of a business to assist in determining when a set of transferred assets is a business. The guidance states that if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the transaction is an asset acquisition and not a business combination. If the fair value of the gross assets acquired is not concentrated into a single asset or group of similar assets, the acquired assets are viewed as a business combination only if they include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. The guidance will be effective in the first quarter of 2018 and allows for early adoption of transactions that have not been reported in financial statements that have been issued or made available for issuance. The Company adopted the guidance as of October 1, 2016 and did not acquire any businesses during the fourth quarter of 2016. The adoption of the standard did not have a material effect on the Company’s financial position or results of operations. In November 2016, the FASB issued ASU 2016-18-Statement of Cash Flows (Topic 230): Restricted Cash, which requires statements of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new standard requires a retrospective approach. The guidance will be effective in the first quarter of 2018 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 August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses eight specific cash flow issues including debt prepayment or debt extinguishment costs, proceeds from the settlement of insurance claims, distributions received from equity method investees and separately identifiable cash flows and application of the predominance principle. The new standard requires a retrospective approach. The guidance will be effective in the first quarter of 2018 and allows for early adoption. The Company will adopt the new standard effective January 1, 2017, and does not anticipate that the new standard will have a material effect on its financial position or results of operations. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of share-based payment transactions, including income tax consequences, classification of awards as equity or liability, statement of cash flows classification and policy election options for forfeitures. Upon adoption of the standard, the Company will elect to account for forfeitures when they occur instead of estimating the forfeitures. The Company will adopt this guidance effective January 1, 2017, using the modified retrospective approach. The Company does not anticipate that the new standard to have a material effect on its financial position or results of operations. 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 guidance will be effective in the first quarter of 2019 and allows for early adoption. 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. ASU 2016-02 provides for transition relief, which includes not electing to (i) reassess whether any expired or existing contract is a lease or contains a lease, (ii) reassess the lease classification of any expired or existing leases and (iii) expense any capitalized initial direct costs for any existing leases. The Company anticipates adoption of the standard to have a material impact on its financial position and results of operations resulting from the recognition of the right to use asset and corresponding lease obligation for its long-term ground leases, currently accounted for as operating leases. The Company will continue to assess the impact of the new standard. 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 standard was effective in the fourth quarter of 2016 for the Company. The standard did not have a material effect on the Company’s financial position or results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers and 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. Subsequently, the FASB has issued multiple ASUs clarifying ASU 2014-09 and ASU 2015-14. Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. Revenue is generally recognized net of allowances and any taxes collected from customers and subsequently remitted to governmental authorities. The majority of the Company’s revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASU 2016-02, Leases, discussed above. The Company's other revenue streams, which are being evaluated under this ASU, include but are not limited to management fees, other income from residents determined not to be within the scope of ASU 2016-02 and gains and losses from real estate dispositions. The Company will continue to assess the impact of the new standard and anticipates adoption as of January 1, 2018 using the modified retrospective approach. 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.

Organization, Basis of Presen23

Organization, Basis of Presentation, and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 , 2015 and 2014 (unaudited, dollars in thousands): 2016 Estimate 2015 Actual 2014 Actual Net income attributable to common stockholders $ 1,034,002 $ 742,038 $ 683,567 GAAP gain on sale of communities (in excess of) less than tax gain (204,767 ) (20,900 ) 22,127 Depreciation/amortization timing differences on real estate (10,183 ) (24,657 ) (10,735 ) Amortization of debt/mark to market interest (19,763 ) (64,676 ) (38,202 ) Tax compensation expense less than (in excess of) GAAP 5,592 (1,244 ) (5,252 ) Casualty and impairment (gain) loss, net (3,935 ) (10,542 ) — Other adjustments (10 ) (12,829 ) 14,323 Taxable net income $ 800,936 $ 607,190 $ 665,828
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, 2016 , 2015 and 2014 (unaudited): 2016 2015 2014 Ordinary income 68 % 83 % 62 % 20% capital gain 26 % 12 % 29 % Unrecaptured §1250 gain 6 % 5 % 9 %
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 12/31/16 12/31/15 12/31/14 Basic and diluted shares outstanding Weighted average common shares—basic 136,928,251 133,565,711 130,586,718 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 525,886 1,019,966 643,284 Weighted average common shares—diluted 137,461,637 134,593,177 131,237,502 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 1,034,002 $ 742,038 $ 683,567 Net income allocated to unvested restricted shares (2,610 ) (1,774 ) (1,523 ) Net income attributable to common stockholders, adjusted $ 1,031,392 $ 740,264 $ 682,044 Weighted average common shares—basic 136,928,251 133,565,711 130,586,718 Earnings per common share—basic $ 7.53 $ 5.54 $ 5.22 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 1,034,002 $ 742,038 $ 683,567 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 41 38 35 Adjusted net income attributable to common stockholders $ 1,034,043 $ 742,076 $ 683,602 Weighted average common shares—diluted 137,461,637 134,593,177 131,237,502 Earnings per common share—diluted $ 7.52 $ 5.51 $ 5.21 Dividends per common share $ 5.40 $ 5.00 $ 4.64

Mortgage Notes Payable, Unsec24

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015 , as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). 12/31/16 12/31/15 Fixed rate unsecured notes (1) $ 4,200,000 $ 3,575,000 Term Loan 300,000 300,000 Fixed rate mortgage notes payable—conventional and tax-exempt (2) 1,668,496 1,561,109 Variable rate mortgage notes payable—conventional and tax-exempt (2) 908,262 1,045,182 Total mortgage notes payable and unsecured notes 7,076,758 6,481,291 Credit Facility — — Total mortgage notes payable, unsecured notes and Credit Facility $ 7,076,758 $ 6,481,291 _________________________________ (1) Balances at December 31, 2016 and 2015 exclude $8,930 and $7,601 , respectively, of debt discount, and $27,768 and $21,725 , respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets. (2) Balances at December 31, 2016 and 2015 exclude $1,866 and $19,686 , respectively, of debt premium, and $11,046 and $14,703 , respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying 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, 2016 are as follows (dollars in thousands): Year Secured notes payments Secured notes maturities Unsecured notes maturities Stated interest rate of unsecured notes 2017 $ 18,539 $ 709,491 $ — N/A 2018 17,793 76,916 — N/A 2019 4,696 655,386 — N/A 2020 3,624 118,729 250,000 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 4,585 84,835 525,000 3.450 % 300,000 3.500 % 2026 4,859 — 475,000 2.950 % 300,000 2.900 % Thereafter 213,685 620,080 350,000 3.900 % $ 283,477 $ 2,293,281 $ 4,500,000

Investments in Real Estate En25

Investments in Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2016
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 development joint ventures, the Residual JV and Legacy JV (dollars in thousands): 12/31/16 12/31/15 Assets: Real estate, net $ 954,493 $ 1,392,833 Other assets 49,519 57,044 Total assets $ 1,004,012 $ 1,449,877 Liabilities and partners' capital: Mortgage notes payable, net and credit facility $ 689,573 $ 947,205 Other liabilities 16,537 20,471 Partners' capital 297,902 482,201 Total liabilities and partners' capital $ 1,004,012 $ 1,449,877
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 development joint ventures, Avalon Clarendon, the Residual JV and Legacy JV (dollars in thousands): For the year ended 12/31/16 12/31/15 12/31/14 Rental and other income $ 131,901 $ 173,578 $ 198,939 Operating and other expenses (50,945 ) (67,962 ) (80,301 ) Gain on sale of communities 196,749 98,899 333,221 Interest expense, net (1) (45,886 ) (45,517 ) (61,458 ) Depreciation expense (34,471 ) (45,324 ) (52,116 ) Net income $ 197,348 $ 113,674 $ 338,285
Equity in income of unconsolidated entities	The following is a summary of the Company's equity in income of unconsolidated real estate entities for the years presented (dollars in thousands): For the year ended 12/31/16 12/31/15 12/31/14 Fund I (1) $ 87 $ 871 $ 475 Fund II (2) 49,882 32,211 24,808 U.S. Fund (3) 15,635 2,052 342 AC JV 1,445 511 1,579 MVP I, LLC (4) 1,627 22,453 1,651 Brandywine 10 (1,474 ) 828 CVP I, LLC (5) 9 1,812 113,127 Residual JV (1,374 ) 11,582 3,547 Avalon Clarendon (6) (2,359 ) — — Arna Valley View LP (1) — — 2,406 Juanita Village (1) — — 3 Total $ 64,962 $ 70,018 $ 148,766 _________________________________ (1) The Company's equity in income for this entity represents its residual profits from the sale of the community, or liquidation of the venture. (2) Equity in income for the years ended December 31, 2016 , 2015 and 2014 includes the Company's proportionate share of the gain on the sale of Fund II assets of $41,501 , $29,726 , and $21,624 respectively. In addition, equity in income for the year ended December 31, 2016 includes $7,985 relating to the Company's recognition of its promoted interest. (3) Equity in income for the year ended December 31, 2016 includes the Company's proportionate share of the gain on the sale of U.S. Fund assets of $16,568 . (4) Equity in income for the years ended December 31, 2015 and 2014 includes $21,340 and $930 , respectively, 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. (5) Equity in income for the years ended December 31, 2015 and 2014 includes $1,289 and $61,218 , 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. (6) In September 2016, the Company and its venture partner established separate legal ownership of Avalon Clarendon, after which the Company reported the operating results of Avalon Clarendon as part of its consolidated operations.

Real Estate Disposition Activ26

Real Estate Disposition Activities (Tables)	12 Months Ended
	Dec. 31, 2016
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 cash proceeds (1) Eaves Trumbull Trumbull, CT Q116 340 $ — $ 70,250 $ 68,665 Avalon Essex Peabody, MA Q216 154 — 45,100 44,085 Eaves Nanuet Nanuet, NY Q316 504 — 147,000 145,722 Avalon Shrewsbury Shrewsbury, MA Q316 251 — 60,500 59,263 Avalon at Freehold Freehold, NJ Q316 296 — 68,000 66,320 Avalon Brandemoor I & II Lynnwood, WA Q416 506 — 132,000 128,021 Other real estate dispositions (2) multiple Q1-Q416 N/A — 41,178 20,641 Total of 2016 asset sales 2,051 $ — $ 564,028 $ 532,717 Total of 2015 asset sales 851 $ — $ 289,320 $ 282,163 Total of 2014 asset sales 1,337 $ 16,341 $ 304,250 $ 281,125 _________________________________ (1) Net cash proceeds does not include the sale of an affordable restricted apartment building adjacent to one of the Company's Development Communities, for which consideration was received in the form of a mortgage note, discussed below. (2) Primarily composed of the sales of land to AVA North Point discussed in Note 5, “Investments in Real Estate Entities” and ancillary real estate discussed in note (1).
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 12/31/16 12/31/15 12/31/14 Rental income $ — $ — $ 579 Operating and other expenses — — (269 ) Income from discontinued operations $ — $ — $ 310

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
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 2017 2018 2019 2020 2021 Thereafter Operating Lease Obligations $ 22,818 $ 23,348 $ 23,449 $ 21,245 $ 19,776 $ 1,203,957 Capital Lease Obligations (1) (2) 18,874 1,073 1,075 1,077 1,080 45,058 $ 41,692 $ 24,421 $ 24,524 $ 22,322 $ 20,856 $ 1,249,015 _________________________________ (1) Aggregate capital lease payments include $27,374 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 $39,015 and $39,019 as of December 31, 2016 and 2015 , 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, 2016
Segment Reporting [Abstract]
Schedule of reconciliation of NOI to net income	A reconciliation of NOI to net income for years ended December 31, 2016 , 2015 and 2014 is as follows (dollars in thousands): For the year ended 12/31/16 12/31/15 12/31/14 Net income $ 1,033,708 $ 741,733 $ 697,327 Indirect operating expenses, net of corporate income 61,403 56,973 49,055 Investments and investment management expense 4,822 4,370 4,485 Expensed acquisition, development and other pursuit costs, net of recoveries 9,922 6,822 (3,717 ) Interest expense, net (1) 187,510 175,615 180,618 Loss (gain) on extinguishment of debt, net 7,075 (26,736 ) 412 General and administrative expense 45,771 42,774 41,425 Equity in income of unconsolidated real estate entities (64,962 ) (70,018 ) (148,766 ) Depreciation expense (1) 531,434 477,923 442,682 Income tax expense 305 1,483 9,368 Casualty and impairment (gain) loss, net (3,935 ) (10,542 ) — Gain on sale of real estate assets (384,847 ) (125,272 ) (85,415 ) Gain on sale of discontinued operations — — (37,869 ) Income from discontinued operations — — (310 ) Net operating income from real estate assets sold or held for sale, not classified as discontinued operations (2) (17,509 ) (34,133 ) (49,708 ) Net operating income $ 1,410,697 $ 1,240,992 $ 1,099,587 _________________________________ (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 12/31/2016 12/31/2015 12/31/2014 Rental income from real estate assets sold or held for sale, not classified as discontinued operations $ 28,430 $ 55,674 $ 80,704 Operating expenses from real estate assets sold or held for sale, not classified as discontinued operations (10,921 ) (21,541 ) (30,996 ) Net operating income from real estate assets sold or held for sale, not classified as discontinued operations $ 17,509 $ 34,133 $ 49,708
Schedule of details of segment information	Total revenue NOI % NOI change from prior year Gross real estate (1) For the year ended December 31, 2016 Established New England $ 239,201 $ 153,669 4.9 % $ 1,888,524 Metro NY/NJ 379,151 258,950 1.4 % 3,212,220 Mid-Atlantic 233,711 162,243 1.3 % 2,339,395 Pacific Northwest 79,684 57,494 6.5 % 737,289 Northern California 319,121 244,458 7.0 % 2,661,258 Southern California 291,567 207,537 9.1 % 2,672,691 Total Established (2) 1,542,435 1,084,351 4.8 % 13,511,377 Other Stabilized (3) 235,360 165,530 N/A 2,330,503 Development / Redevelopment 233,431 160,816 N/A 4,755,315 Land Held for Future Development N/A N/A N/A 84,293 Non-allocated (4) 5,599 N/A N/A 74,292 Total $ 2,016,825 $ 1,410,697 13.7 % $ 20,755,780 For the year ended December 31, 2015 Established New England $ 182,366 $ 114,717 2.7 % $ 1,460,746 Metro NY/NJ 361,902 256,907 3.4 % 3,152,361 Mid-Atlantic 209,013 145,497 0.2 % 2,177,823 Pacific Northwest 67,900 48,833 8.5 % 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) 1,347,143 950,099 5.9 % 12,391,586 Other Stabilized 221,042 145,263 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 (4) 9,947 N/A N/A 73,372 Total $ 1,800,354 $ 1,240,992 12.9 % $ 19,228,571 For the year ended December 31, 2014 (5) Established New England $ 164,181 $ 104,674 0.8 % $ 1,333,854 Metro NY/NJ 285,641 203,522 3.3 % 2,251,697 Mid-Atlantic 98,590 69,498 (2.5 )% 647,374 Pacific Northwest 46,041 32,012 6.8 % 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) 908,821 638,231 3.6 % 7,360,944 Other Stabilized 497,634 343,477 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 (4) 11,050 N/A N/A 32,444 Total $ 1,604,357 $ 1,099,587 16.5 % $ 17,603,867 _________________________________ (1) Does not include gross real estate assets held for sale of $20,846 , $39,528 and $245,449 as of December 31, 2016 , 2015 and 2014 , respectively. (2) Gross real estate for the Company's Established Communities includes capitalized additions of approximately $85,676 , $74,982 and $52,635 in 2016 , 2015 and 2014 , respectively. (3) Total revenue and NOI for the year ended December 31, 2016 includes $20,306 in business interruption insurance proceeds related to the Edgewater casualty loss. (4) 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, 2016
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, 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 Exercised (71,845 ) 117.04 (59,654 ) 112.85 Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2016 (1) 177,333 $ 124.25 22,541 $ 77.91 Options Exercisable: December 31, 2014 185,227 $ 116.71 272,402 $ 104.96 December 31, 2015 188,081 $ 119.98 82,195 $ 103.27 December 31, 2016 177,333 $ 124.25 22,541 $ 77.91
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, 2016 : 2009 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 10,607 $70.00 - $79.99 3.1 32,445 $110.00 - $119.99 4.1 29,862 $120.00 - $129.99 6.2 104,419 $130.00 - $139.99 5.6 177,333 1994 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 9,854 $40.00 - $49.99 2.1 9,506 $80.00 - $89.99 1.1 3,181 $140.00 - $149.99 0.1 22,541
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, 2013 189,765 $ 70.00 Granted (1) 136,276 117.43 Change in awards based on performance (2) (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 (3) 85,636 148.49 Change in awards based on performance (2) 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 Granted (4) 94,054 141.92 Change in awards based on performance (2) 36,091 101.52 Converted to restricted stock (115,618 ) 94.67 Forfeited (1,630 ) 141.98 Outstanding at December 31, 2016 251,163 $ 136.74 _________________________________ (1) The amount of restricted stock that ultimately may be 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. (2) Represents the change in the number of performance awards earned based on performance achievement. (3) The amount of restricted stock that ultimately may be 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. (4) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 61,039 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 33,015 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, 2013 182,083 $ 124.35 — Granted - restricted stock shares 98,954 129.35 16,209 Vested - restricted stock shares (93,963 ) 120.81 (5,073 ) Forfeited (7,767 ) 128.62 (203 ) Outstanding at December 31, 2014 179,307 $ 129.06 10,933 Granted - restricted stock shares 61,953 173.04 95,826 Vested - restricted stock shares (91,847 ) 130.75 (8,412 ) Forfeited (1,529 ) 151.86 — Outstanding at December 31, 2015 147,884 $ 146.21 98,347 Granted - restricted stock shares 81,400 162.38 115,618 Vested - restricted stock shares (88,712 ) 141.38 (36,872 ) Forfeited (3,867 ) 162.43 (395 ) Outstanding at December 31, 2016 136,705 $ 158.51 176,698
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of valuation options	There were no stock options granted in 2016, 2015 and 2014.
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: 2016 2015 2014 Dividend yield 3.3% 3.0% 3.6% Estimated volatility over the life of the plan (1) 15.2% - 22.8% 12.0% - 17.3% 17.6% - 18.6% Risk free rate 0.44% - 0.88% 0.07% - 1.09% 0.04% - 0.72% Estimated performance award value based on total shareholder return measure $131.24 $139.18 $103.20 _________________________________ (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, 2016
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, 2016 (dollars in thousands): Non-designated Hedges Interest Rate Caps Cash Flow Hedges Interest Rate Caps Cash Flow Interest Rate Swaps Notional balance $ 715,820 $ 35,898 $ 800,000 Weighted average interest rate (1) 2.5 % 2.7 % N/A Weighted average swapped/capped interest rate 6.2 % 5.9 % 2.3 % Earliest maturity date February 2017 April 2019 November 2017 Latest maturity date November 2021 April 2019 November 2017 _________________________________ (1) For interest rate caps, represents the weighted average interest rate on the hedged debt.
Summary of deferred losses reclassified from AOCI	The following table summarizes the deferred losses reclassified from accumulated other comprehensive income as a component of interest expense, net (dollars in thousands): For the year ended 12/31/16 12/31/15 12/31/14 Cash flow hedge losses reclassified to earnings $ 6,433 $ 5,774 $ 6,237
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) 12/31/2016 Non Designated Hedges Interest Rate Caps $ 79 $ — $ 79 $ — Cash Flow Hedges Interest Rate Caps 2 — 2 — Interest Rate Swaps 14,775 — 14,775 — Puts (6,002 ) — — (6,002 ) DownREIT units (1,329 ) (1,329 ) — — Indebtedness Unsecured notes (4,218,627 ) (4,218,627 ) — — Mortgage notes payable and Term Loan (2,744,462 ) — (2,744,462 ) — Total $ (6,955,564 ) $ (4,219,956 ) $ (2,729,606 ) $ (6,002 ) 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 — Puts (8,181 ) — — (8,181 ) DownREIT units (1,381 ) (1,381 ) — — Indebtedness Unsecured notes (3,668,417 ) (3,668,417 ) — — Mortgage notes payable and Term Loan (2,700,341 ) — (2,700,341 ) — Total $ (6,372,867 ) $ (3,669,798 ) $ (2,694,888 ) $ (8,181 )

Quarterly Financial Informati31

Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015 (dollars in thousands, except per share data): For the three months ended (1) 3/31/16 6/30/16 9/30/16 12/31/16 Total revenue $ 508,498 $ 502,307 $ 516,211 $ 518,240 Net income $ 237,877 $ 197,319 $ 356,329 $ 242,183 Net income attributable to common stockholders $ 237,931 $ 197,444 $ 356,392 $ 242,235 Net income per common share - basic $ 1.73 $ 1.44 $ 2.60 $ 1.76 Net income per common share - diluted $ 1.73 $ 1.44 $ 2.59 $ 1.76 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 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 _________________________________ (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, 2016statecommunityhome
Organization and Basis of Presentation
Number of Real Estate Properties | community	258
Number of apartment homes included in operating apartment communities owned | home	74,538
Number of states where operating apartment communities owned are located | state	10
Number of communities with apartments under reconstruction | community	4
Number of apartment homes under reconstruction | home	1,671
Number of owned communities under construction | community	27
Expected number of apartment homes under construction | home	9,129
Communities under development rights | community	25
Estimated number of apartment homes in communities to be developed | home	8,487
Period of lease (in years)	1 year
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 | 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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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 Tax Disclosure [Abstract]
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									305	1,483	9,368
Casualty and impairment (gain) loss, net									(3,935)	(10,542)	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	242,235	$ 356,392	$ 197,444	$ 237,931	155,428	$ 206,142	$ 172,324	$ 208,144	1,034,002	742,038	683,567
GAAP gain on sale of communities (in excess of) less than tax gain									(204,767)	(20,900)	22,127
Depreciation/amortization timing differences on real estate									(10,183)	(24,657)	(10,735)
Amortization of debt/mark to market interest									(19,763)	(64,676)	(38,202)
Tax compensation expense less than (in excess of) GAAP									5,592	(1,244)	(5,252)
Casualty and impairment (gain) loss, net									(3,935)	(10,542)	0
Other adjustments									(10)	(12,829)	14,323
Taxable net income									$ 800,936	$ 607,190	$ 665,828
Tax components of common stock dividends declared
Ordinary income (as a percent)									68.00%	83.00%	62.00%
20% capital gain (as a percent)									26.00%	12.00%	29.00%
Capital gain tax rate (as a percent)									20.00%	20.00%	20.00%
Unrecaptured 1250 gain (as a percent)									6.00%	5.00%	9.00%
Unsecured notes
Deferred Financing Costs
Accumulated amortization of deferred finance costs	14,008				11,995				$ 14,008	$ 11,995
Secured notes
Deferred Financing Costs
Accumulated amortization of deferred finance costs	10,562				12,315				10,562	12,315
Line of Credit [Member]
Deferred Financing Costs
Accumulated amortization of deferred finance costs	$ 6,490				$ 4,967				6,490	$ 4,967
New England [Member]
Income Tax Disclosure [Abstract]
Casualty and impairment (gain) loss, net									(5,732)
Deferred Financing Costs
Insurance Proceeds									$ 8,493

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			15 Months Ended
	Dec. 31, 2016USD ($)communityland_parcelhomebuilding$ / shares	Sep. 30, 2016USD ($)$ / shares	Jun. 30, 2016USD ($)$ / shares	Mar. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)$ / shares	Sep. 30, 2015USD ($)$ / shares	Jun. 30, 2015USD ($)$ / shares	Mar. 31, 2015USD ($)$ / shares	Dec. 31, 2016USD ($)communityland_parcelhomebuilding$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Mar. 31, 2016USD ($)
Basic and diluted shares outstanding
Weighted average common shares—basic | shares									136,928,251	133,565,711	130,586,718
Weighted average DownREIT units outstanding (in shares) | shares									7,500	7,500	7,500
Effect of dilutive securities (in shares) | shares									525,886	1,019,966	643,284
Weighted average common shares - diluted (in shares) | shares									137,461,637	134,593,177	131,237,502
Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$ 242,235	$ 356,392	$ 197,444	$ 237,931	$ 155,428	$ 206,142	$ 172,324	$ 208,144	$ 1,034,002	$ 742,038	$ 683,567
Net income allocated to unvested restricted shares									(2,610)	(1,774)	(1,523)
Net income attributable to common stockholders, adjusted									$ 1,031,392	$ 740,264	$ 682,044
Weighted average common shares—basic | shares									136,928,251	133,565,711	130,586,718
Earnings per common share - basic (in dollars per share) | $ / shares	$ 1.76	$ 2.60	$ 1.44	$ 1.73	$ 1.13	$ 1.54	$ 1.30	$ 1.57	$ 7.53	$ 5.54	$ 5.22
Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$ 242,235	$ 356,392	$ 197,444	$ 237,931	$ 155,428	$ 206,142	$ 172,324	$ 208,144	$ 1,034,002	$ 742,038	$ 683,567
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations									41	38	35
Adjusted net income attributable to common stockholders									$ 1,034,043	$ 742,076	$ 683,602
Weighted average common shares—diluted | shares									137,461,637	134,593,177	131,237,502
Earnings per common share - diluted (in dollars per share) | $ / shares	$ 1.76	$ 2.59	$ 1.44	$ 1.73	$ 1.13	$ 1.53	$ 1.29	$ 1.56	$ 7.52	$ 5.51	$ 5.21
Dividends per common share: (in dollars per share) | $ / shares									$ 5.4	$ 5	$ 4.64
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Abandoned pursuits costs									$ 4,183	$ 3,016	$ 3,964
Casualty and impairment (gain) loss, net									$ (3,935)	(10,542)	0
Number of Land Parcels Impaired | land_parcel									3
Impairment of investment in unconsolidated entities									$ 0	0	0
Real Estate Investment Property, Net	$ 15,045,593				$ 13,847,526				15,045,593	13,847,526
Gain on Business Interruption Insurance Recovery									$ 20,564	1,509	$ 2,494
Number of Real Estate Properties | community	258								258
Number of Units in Real Estate Property | home	74,538								74,538
Number of Land Parcels Held For Sale | land_parcel	2								2
Land [Member]
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty and impairment (gain) loss, net									$ 10,500
Avalon at Edgewater [Member]
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty and impairment (gain) loss, net									(8,702)	(15,538)
Insurance Proceeds									29,008	44,142		$ 73,150
Real Estate Investment Property, Net					$ 21,844					21,844
Casualty Loss										6,760
Gain on Business Interruption Insurance Recovery									$ 20,306
Number of Real Estate Properties | building	2								2
Number Of Real Estate Properties, Uninhabitable | building	1								1
Number Of Units In Real Estate Property, Uninhabitable | home	240								240
Number of Units in Real Estate Property | home	168								168
New England [Member]
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty and impairment (gain) loss, net									$ (5,732)
Insurance Proceeds									8,493
Casualty Loss									$ 2,761
New England [Member]
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty and impairment (gain) loss, net										4,195
New England [Member] | Avalon at Edgewater [Member]
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty and impairment (gain) loss, net										$ 26,039
Stock Options
Real Estate [Line Items]
Estimated forfeiture rate of stock options (as a percent)									0.80%

Interest Capitalized (Details)

Interest Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest Capitalized
Capitalized interest during the development and redevelopment of real estate assets	$ 78,872	$ 79,834	$ 69,961

Mortgage Notes Payable, Unsec36

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Total mortgage notes payable and unsecured notes	$ 7,076,758	$ 6,481,291
Variable rate unsecured credit facility	0	0
Total mortgage notes payable, unsecured notes and Credit Facility	7,076,758	6,481,291
Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	4,200,000	3,575,000
Total mortgage notes payable and unsecured notes	4,500,000
Amount of debt discount	8,930	7,601
Deferred financing costs, net	27,768	21,725
Term loan
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Variable rate notes	300,000	300,000
Mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	1,668,496	1,561,109
Variable rate notes	908,262	1,045,182
Total mortgage notes payable and unsecured notes	2,293,281
Deferred financing costs, net	11,046	14,703
Amount of debt premium	1,866	19,686
Variable rate unsecured credit facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Variable rate unsecured credit facility	$ 0	$ 0

Mortgage Notes Payable, Unsec37

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 2) - USD ($)	1 Months Ended						12 Months Ended
	Nov. 30, 2016	Oct. 31, 2016	Sep. 30, 2016	May 31, 2016	Apr. 30, 2016	Feb. 29, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 31, 2016
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of Unsecured Debt							$ 504,403,000	$ 0	$ 150,000,000
Gains (losses) on extinguishment of debt							$ 7,075,000	(26,736,000)	$ 412,000
Variable rate unsecured credit facility | LIBOR
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt Instrument, Interest Rate, Effective Percentage							1.60%
Debt instrument, basis spread on variable rate (as a percent)							0.825%
Notes payable maturing in 2017
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Gains (losses) on extinguishment of debt	$ 4,614,000
Notes Payable Maturities 2046 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Gains (losses) on extinguishment of debt					$ 2,461,000
Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of Unsecured Debt	$ 250,000,000		$ 250,000,000
Fixed rate (as a percent)	5.70%		5.75%
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 2.900 Maturities 2026 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)		2.90%					2.90%
Unsecured notes | Notes Payable Maturities 2046 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)		3.90%					3.90%
Unsecured notes | Notes Payable 2.950 Maturities 2026 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)				2.95%			2.95%
Mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Amount drawn							$ 908,262,000	$ 1,045,182,000
Mortgage notes payable | Notes payable maturing in 2017
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Prepayment Penalty							4,403,000
Write off of Deferred Debt Issuance Cost							$ 211,000
Mortgage notes payable | Notes payable maturing in 2016
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt Instrument, Interest Rate, Effective Percentage						3.32%
Repayments of secured mortgages						$ 16,212,000
Mortgage notes payable | Notes Payable Maturities 2046 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of secured mortgages					$ 134,500,000
Unsecured Notes 2.95 Percent [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Principal amount of notes issued				$ 475,000,000
Net proceeds from issuance of debt				$ 471,751,000
Unsecured Notes 2.90 Percent [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Principal amount of notes issued		$ 300,000,000
Net proceeds from issuance of debt		297,117,000
Unsecured Notes 3.90 Percent [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Principal amount of notes issued		350,000,000
Net proceeds from issuance of debt		$ 345,520,000
Avalon Hoboken [Member] | Mortgage notes payable | Notes Payable Maturities 2020 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Assumed principal amount of indebtedness										$ 67,904,000
Debt Instrument, Interest Rate, Effective Percentage										4.18%
Avalon Columbia Pike [Member] | Mortgage notes payable | Notes Payable Maturities 2019 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Assumed principal amount of indebtedness			$ 70,507,000
Debt Instrument, Interest Rate, Effective Percentage			3.38%

Mortgage Notes Payable, Unsec38

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Variable rate unsecured credit facility	$ 0	$ 0
Net carrying value of apartment communities and improved land parcels securing debt	3,460,572,000
Mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable held by wholly owned subsidiaries guaranteed by the Company	100,000,000
Variable rate unsecured credit facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Available borrowing capacity	$ 1,500,000,000	1,300,000,000
Line of credit facility, extension period	9 months
Extension fee	$ 1,500,000
Annual facility fee	1,875,000
Outstanding balance of letters of credit	$ 46,711,000	$ 43,049,000
Debt Instrument Assumed Period of Borrowing Rate	1 month
Percent of Credit Facility Available to Competitive Bid Option	65.00%
Line of Credit Facility, Commitment Fee Percentage	0.125%	0.15%
Fixed rate mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)	4.40%	4.60%
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)	2.30%	1.80%
LIBOR | Variable rate unsecured credit facility
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)	0.825%
Debt Instrument, Interest Rate, Effective Percentage	1.60%
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%
Minimum [Member] | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.20%
Minimum [Member] | Variable rate unsecured credit facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.80%
Maximum | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.45%
Maximum | Variable rate unsecured credit facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	1.55%

Mortgage Notes Payable, Unsec39

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Oct. 31, 2016	May 31, 2016	Dec. 31, 2015
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 7,076,758			$ 6,481,291
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	$ 4,500,000
Unsecured notes | Minimum
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.20%
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 2017
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 0
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%
Unsecured notes | Notes Payable 2.950 Maturities 2026 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 475,000
Stated interest rate of unsecured notes (as a percent)	2.95%		2.95%
Unsecured notes | Notes Payable 2.900 Maturities 2026 [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)	2.90%	2.90%
Unsecured notes | Notes Payable Maturities 2046 [Member]
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)	3.90%	3.90%
Secured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	$ 283,477
Mortgage notes payable and unsecured notes	2,293,281
Secured notes | Notes payable maturing in 2017
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	18,539
Mortgage notes payable and unsecured notes	709,491
Secured notes | Notes payable maturing in 2018
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	17,793
Mortgage notes payable and unsecured notes	76,916
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	655,386
Secured notes | Notes Payable Maturities 2020 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	3,624
Mortgage notes payable and unsecured notes	118,729
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
Secured notes | Notes Payable Maturities 2023 [Member]
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
Secured notes | Notes Payable Maturities 2025 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	4,585
Mortgage notes payable and unsecured notes	84,835
Secured notes | Notes Payable Maturities 2026 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	4,859
Secured notes | Notes Payable Maturities Thereafter [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	213,685
Mortgage notes payable and unsecured notes	$ 620,080

Equity (Details)

Equity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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	131,499
Common stock shares issued through dividend reinvestment plan	2,396	2,142	2,434
Number of shares of stock grants withheld	53,453	45,090	55,523
Common shares issued under Employee Stock Purchase Plan	11,348
Number of shares forfeited	4,262
Continuous Equity Program CEP IV [Member]
Class of Stock [Line Items]
Maximum value of shares of common stock that can be sold	$ 1,000,000,000
Percentage of compensation received by sales agent	2.00%
Stock Issued During Period, Shares, New Issues	0
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	197,018	157,779	115,163
Non Employee Director [Member] | Deferred Compensation, Share-based Payments [Member]
Class of Stock [Line Items]
Common stock shares issued in connection with stock grants	44,327	46,589

Investments in Real Estate En41

Investments in Real Estate Entities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)communityhomeloanextensionagreementinvestormi	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2016USD ($)	Jan. 31, 2016USD ($)	Feb. 27, 2013
Schedule of Equity Method Investments [Line Items]
Gain on sale of other real estate	$ 10,224	$ 9,647	$ 490
Gain on sale of communities	$ 196,749	98,899	333,221
Number of Communities Acquired | community	4
Gain (Loss) on Extinguishment of Debt	$ (7,075)	26,736	(412)
Number of Limited Liability Company Agreements | agreement	3
Number of Apartment Homes in Communities Owned | home	79,228
Payment for Redemption of Preferred Interest Obligation	$ 1,960	14,410	6,300
Investments in unconsolidated real estate entities	175,116	216,919
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity	38,015	40,978
Expensed acquisition, development and other pursuit costs, net of recoveries	$ 9,922	6,822	(3,717)
Avalon Hoboken [Member]
Schedule of Equity Method Investments [Line Items]
Number of Apartment Homes, Acquired | home	217
Purchase price	$ 129,700
Avalon Hoboken [Member] | Notes Payable Maturities 2020 [Member] | Secured notes
Schedule of Equity Method Investments [Line Items]
Assumed principal amount of indebtedness					$ 67,904
Debt Instrument, Interest Rate, Effective Percentage					4.18%
Avalon Potomac Yard [Member]
Schedule of Equity Method Investments [Line Items]
Number of Apartment Homes, Acquired | home	323
Purchase price	$ 108,250
Avalon Columbia Pike [Member]
Schedule of Equity Method Investments [Line Items]
Number of Apartment Homes, Acquired | home	269
Purchase price	$ 102,000
Avalon Columbia Pike [Member] | Notes Payable Maturities 2019 [Member] | Secured notes
Schedule of Equity Method Investments [Line Items]
Assumed principal amount of indebtedness				$ 70,507
Debt Instrument, Interest Rate, Effective Percentage				3.38%
Studio 77 [Member]
Schedule of Equity Method Investments [Line Items]
Number of Apartment Homes, Acquired | home	156
Purchase price	$ 72,100
Acquired Real Estate [Member]
Schedule of Equity Method Investments [Line Items]
Expensed acquisition, development and other pursuit costs, net of recoveries	$ 5,139	3,806	(7,681)
Archstone Enterprise LP
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired						40.00%
Equity Residential and its Operating Partnership and ERP Operating Limited Partnership [Member] | Archstone Enterprise LP
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired						60.00%
Fund II
Schedule of Equity Method Investments [Line Items]
Number of Institutional Investors | investor	6
Real Estate Investments, Joint Ventures	$ 19,737
Equity Method Investment, Ownership Percentage	31.30%
Number of apartment communities sold | community	3
Number of Apartment Homes Sold | home	1,514
Gain on sale of communities	$ 41,501	$ 29,726	21,624
Repayments of secured mortgages	156,248
Gain (Loss) on Extinguishment of Debt	$ (1,768)
Percentage of Right of Distribution	20.00%
Percentage of Right of Remaining Distribution	80.00%
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest	$ 7,985
Number of loans secured by individual assets | loan	4
Debt outstanding	$ 128,008
Fund II | Eaves Rancho San Diego [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from Sale of Real Estate	158,000
Fund II | Eaves Tustin [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from Sale of Real Estate	163,550
Fund II | Eaves Rockville [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from Sale of Real Estate	$ 61,400
US Fund
Schedule of Equity Method Investments [Line Items]
Number of Institutional Investors | investor	6
Real Estate Investments, Joint Ventures	$ 49,693
Equity Method Investment, Ownership Percentage	28.60%
Number of apartment communities sold | community	2
Number of Apartment Homes Sold | home	461
Gain on sale of communities	$ 16,568
Repayments of secured mortgages	94,822
Gain (Loss) on Extinguishment of Debt	$ 2,003
Number of loans secured by individual assets | loan	8
Debt outstanding	$ 274,255
Number of extension options | extension	2
Period of extension (in years)	1 year
US Fund | Archstone Boca Town Center [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from Sale of Real Estate	$ 56,300
US Fund | Avalon Kips Bay [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from Sale of Real Estate	$ 173,000
ACJV
Schedule of Equity Method Investments [Line Items]
Number of Institutional Investors | investor	4
Real Estate Investments, Joint Ventures	$ 50,674
Equity Method Investment, Ownership Percentage	20.00%
Maximum geographic radius for existing assets within considered for right of first offer | mi	1
Number of loans secured by individual assets | loan	8
Debt outstanding	$ 162,300
MVPI LLC
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	25.00%
Percentage of Right of Distribution		45.00%
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest		$ 21,340	$ 930
Number of Apartment Homes in Communities Owned | home	313
MVPI LLC | Joint Venture Agreement Modification [Member]
Schedule of Equity Method Investments [Line Items]
Payments for (Proceeds from) Other Real Estate Partnerships		$ 20,680
Brandywine [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	28.70%
Debt outstanding	$ 23,307
Number of Apartment Homes in Communities Owned | home	305
Number of Members who Hold Various Interests in Joint Venture | investor	5
SWIB [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	20.00%
Residual JV
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%
Legacy JV [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%
Preferred Interest Obligation Liquidation Value	$ 39,921
Sudbury [Member]
Schedule of Equity Method Investments [Line Items]
Real Estate Investments, Joint Ventures	$ 6,680
Equity Method Investment, Ownership Percentage	60.00%
Avalon Clarendon [Member]
Schedule of Equity Method Investments [Line Items]
Real Estate Investments, Joint Ventures	$ 120,300
Number of Apartment Homes, Acquired | home	300
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 4,322
Investments in unconsolidated real estate entities	115,848
AVA North Point [Member]
Schedule of Equity Method Investments [Line Items]
Real Estate Investments, Joint Ventures	$ 12,398
Equity Method Investment, Ownership Percentage	55.00%
Gain on sale of other real estate	$ 10,621
Number of Apartment Homes in Communities Owned | home	265
AVA North Point [Member] | Joint Venture Partner [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	45.00%
Sheepshead Bay [Member]
Schedule of Equity Method Investments [Line Items]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	70.00%
Variable Interest Entity, Ownership Interest by Partner	30.00%
Due from Related Parties	$ 27,241

Investments in Real Estate En42

Investments in Real Estate Entities (Details 2) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets:
Real estate, net	$ 954,493	$ 1,392,833
Other assets	49,519	57,044
Total assets	1,004,012	1,449,877
Liabilities and partners' capital:
Mortgage notes payable, net and credit facility	689,573	947,205
Other liabilities	16,537	20,471
Partners' capital	297,902	482,201
Total liabilities and partners' capital	$ 1,004,012	$ 1,449,877

Investments in Real Estate En43

Investments in Real Estate Entities (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Combined summary of the operating results of the accounted for using the equity method
Rental and other income	$ 131,901	$ 173,578	$ 198,939
Operating and other expenses	(50,945)	(67,962)	(80,301)
Gain on sale of communities	196,749	98,899	333,221
Interest expense, net	(45,886)	(45,517)	(61,458)
Depreciation expense	(34,471)	(45,324)	(52,116)
Net income	197,348	113,674	338,285
Schedule of Equity Method Investments [Line Items]
Gain (Loss) on Extinguishment of Debt	(7,075)	26,736	(412)
Funds [Member]
Schedule of Equity Method Investments [Line Items]
Gain (Loss) on Extinguishment of Debt	$ 12,659	$ 4,481	$ 10,528

Investments in Real Estate En44

Investments in Real Estate Entities (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	$ 64,962	$ 70,018	$ 148,766
Gain on sale of communities	196,749	98,899	333,221
Fund I
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	87	871	475
Fund II
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	49,882	32,211	24,808
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest	7,985
Gain on sale of communities	41,501	29,726	21,624
US Fund
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	15,635	2,052	342
Gain on sale of communities	16,568
ACJV
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	1,445	511	1,579
MVPI LLC
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	1,627	22,453	1,651
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest		21,340	930
MVPI LLC | Joint Venture Agreement Modification [Member]
Summary of the Company's equity in income of unconsolidated entities
Payments for (Proceeds from) Other Real Estate Partnerships		20,680
Brandywine [Member]
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	10	(1,474)	828
CVP I, LLC
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	9	1,812	113,127
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest		1,289	61,218
Gain on sale of communities		50,478
Residual JV
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	(1,374)	11,582	3,547
Avalon Clarendon [Member]
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	(2,359)	0	0
Arna Valley View LP
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	0	0	2,406
Juanita Village
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	$ 0	$ 0	$ 3

Real Estate Disposition Activ45

Real Estate Disposition Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)communityland_parcel	Dec. 31, 2016USD ($)communityland_parcel	Dec. 31, 2016USD ($)communityland_parcel	Dec. 31, 2016USD ($)communityland_parcelhome	Dec. 31, 2016USD ($)communityland_parcel	Dec. 31, 2016USD ($)communityland_parcelbuilding	Dec. 31, 2015USD ($)home	Dec. 31, 2014USD ($)home
Summary of income from discontinued operations
Number of owned communities under construction | community	27	27	27	27	27	27
Gain on sale of communities					$ 374,623		$ 115,625	$ 84,925
Number of Land Parcels Sold | land_parcel			1
Gain on sale of other real estate					$ 10,224		$ 9,647	$ 490
Accounts receivable, balance to be received, period	35 years
Number of Land Parcels Held For Sale | land_parcel	2	2	2	2	2	2
Eaves Trumbull [Member]
Summary of income from discontinued operations
Apartment homes | home				340
Gross sales price					$ 70,250
Net cash proceeds (1)					68,665
Avalon Essex
Summary of income from discontinued operations
Apartment homes | home				154
Gross sales price					45,100
Net cash proceeds (1)					44,085
Eaves Nanuet
Summary of income from discontinued operations
Apartment homes | home				504
Gross sales price					147,000
Net cash proceeds (1)					145,722
Avalon Shrewsbury
Summary of income from discontinued operations
Apartment homes | home				251
Gross sales price					60,500
Net cash proceeds (1)					59,263
Avalon at Freehold
Summary of income from discontinued operations
Apartment homes | home				296
Gross sales price					68,000
Net cash proceeds (1)					66,320
Avalon Brandemoor I and II [Member]
Summary of income from discontinued operations
Apartment homes | home				506
Gross sales price					132,000
Net cash proceeds (1)					128,021
Other Real Estate Sales [Member]
Summary of income from discontinued operations
Gain on sale of other real estate					10,224
Gross sales price					41,178
Net cash proceeds (1)					20,641
West Hollywood Affordable [Member]
Summary of income from discontinued operations
Number of apartment buildings sold		1				1
Apartment homes | home				77
Accounts Receivable, Net	$ 18,643	$ 18,643	$ 18,643	$ 18,643	18,643	$ 18,643
Accounts Receivable, Net, Current	$ 16,891	$ 16,891	$ 16,891	$ 16,891	16,891	$ 16,891
Wholly Owned Properties
Summary of income from discontinued operations
Number of apartment communities sold | community		7
Sale of Communities Gross Sales Price					522,850
Gain on sale of communities					370,301
Apartment homes | home				2,051			851	1,337
Repayments of secured mortgages					0		$ 0	$ 16,341
Gross sales price					564,028		289,320	304,250
Net cash proceeds (1)					$ 532,717		$ 282,163	$ 281,125
AVA North Point [Member]
Summary of income from discontinued operations
Equity Method Investment, Ownership Percentage	55.00%	55.00%	55.00%	55.00%	55.00%	55.00%
Gain on sale of other real estate					$ 10,621
Avalon West Hollywood [Member] | Development Communities [Member]
Summary of income from discontinued operations
Number of owned communities under construction | community	1	1	1	1	1	1

Real Estate Disposition Activ46

Real Estate Disposition Activities (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summary of income from discontinued operations
Rental income	$ 0	$ 0	$ 579
Operating and other expenses	0	0	(269)
Income from discontinued operations	$ 0	$ 0	$ 310

Commitments and Contingencies47

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)communitypropertyClaimpersonmultiplierLeaseplaintiff	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Commitments and Contingencies Disclosure [Line Items]
Proceeds from legal recoveries | $	$ 417	$ 0	$ 1,933
Capital Leased Assets, Gross | $	$ 39,015	39,019
Employment Agreements and Arrangements [Abstract]
Number of executive officers under agreement | person	2
Lease Obligations [Abstract]
Cost related to operating lease | $	$ 23,343	$ 21,295	$ 21,664
Number of Office Leases | Lease	13
Properties on Land Subject to Land Leases
Lease Obligations [Abstract]
Number of apartment communities | community	16
Number of commercial properties owned | property	2
Number of leased properties accounted for as operating leases | community	13
Number of Dual Branded Properties with Operating Land Leases | community	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 | community	3
Number of Dual Branded Properties with Capital Land Leases | community	2
Number of Capital Land Leases for Dual Branded Properties | Lease	1
Capital lease obligations | $	$ 37,458
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 Total Class Action Claims Filed Number	5
Loss Contingency New Class Action Claims Filed Number	3
Loss Contingency Class Action Claims Filed, Additional, Number	4
Loss Contingency, New Claims Filed, Number	21
Loss Contingency, Number of Plaintiffs | plaintiff	150
Loss Contingency, Pending Claims, Number	20
Loss Contingency New Subrogation Claims Filed Number	5
Loss Contingency Subrogation Claims Filed Dismissed Number	1
Loss Contingency Subrogation Claims Filed Pending Number	4

Commitments and Contingencies48

Commitments and Contingencies (Details 2) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Future minimum lease payments under the Company's current leases
2,017	$ 41,692
2,018	24,421
2,019	24,524
2,020	22,322
2,021	20,856
Thereafter	1,249,015
Operating Lease Obligations
2,017	22,818
2,018	23,348
2,019	23,449
2,020	21,245
2,021	19,776
Thereafter	1,203,957
Capital lease obligations
2,017	18,874
2,018	1,073
2,019	1,075
2,020	1,077
2,021	1,080
Thereafter	45,058
Imputed interest on capital leases	27,374
Capital Leased Assets, Gross	$ 39,015	$ 39,019

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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	$ 242,183	$ 356,329	$ 197,319	$ 237,877	$ 155,352	$ 206,076	$ 172,253	$ 208,053	$ 1,033,708	$ 741,733	$ 697,327
Indirect operating expenses, net of corporate income									61,403	56,973	49,055
Investments and investment management expense									4,822	4,370	4,485
Expensed acquisition, development and other pursuit costs, net of recoveries									9,922	6,822	(3,717)
Interest expense, net									187,510	175,615	180,618
Gain (Loss) on Extinguishment of Debt									(7,075)	26,736	(412)
General and administrative expense									45,771	42,774	41,425
Equity in income of unconsolidated real estate entities									(64,962)	(70,018)	(148,766)
Depreciation expense									531,434	477,923	442,682
Income tax expense									305	1,483	9,368
Casualty and impairment (gain) loss, net									(3,935)	(10,542)	0
Gain on sale of real estate assets									(384,847)	(125,272)	(85,415)
Gain on sale of discontinued operations									0	0	(37,869)
Income from discontinued operations									0	0	(310)
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations (2)									(17,509)	(34,133)	(49,708)
Net operating income									$ 1,410,697	$ 1,240,992	$ 1,099,587

Segment Reporting Segment Repor

Segment Reporting Segment Reporting (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting [Abstract]
Rental income from real estate assets sold or held for sale, not classified as discontinued operations	$ 28,430	$ 55,674	$ 80,704
Operating expenses from real estate assets sold or held for sale, not classified as discontinued operations	(10,921)	(21,541)	(30,996)
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations	$ 17,509	$ 34,133	$ 49,708

Segment Reporting (Details 3)

Segment Reporting (Details 3) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting
Total revenue	$ 518,240	$ 516,211	$ 502,307	$ 508,498	$ 480,840	$ 475,360	$ 457,459	$ 442,367	$ 2,045,255	$ 1,856,028	$ 1,685,061
NOI									$ 1,410,697	$ 1,240,992	$ 1,099,587
% NOI change from prior year (percent)									13.70%	12.90%	16.50%
Gross real estate	20,755,780				19,228,571				$ 20,755,780	$ 19,228,571	$ 17,603,867
Gross real estate assets held for sale	20,846				39,528				20,846	39,528	245,449
Gain on Business Interruption Insurance Recovery									20,564	1,509	2,494
Established
Segment Reporting
Real estate capitalized additions	85,676				74,982				85,676	74,982	52,635
Operating segment | Established
Segment Reporting
Total revenue									1,542,435	1,347,143	908,821
NOI									$ 1,084,351	$ 950,099	$ 638,231
% NOI change from prior year (percent)									4.80%	5.90%	3.60%
Gross real estate	13,511,377				12,391,586				$ 13,511,377	$ 12,391,586	$ 7,360,944
Operating segment | Established | New England
Segment Reporting
Total revenue									239,201	182,366	164,181
NOI									$ 153,669	$ 114,717	$ 104,674
% NOI change from prior year (percent)									4.90%	2.70%	0.80%
Gross real estate	1,888,524				1,460,746				$ 1,888,524	$ 1,460,746	$ 1,333,854
Operating segment | Established | Metro NY/NJ
Segment Reporting
Total revenue									379,151	361,902	285,641
NOI									$ 258,950	$ 256,907	$ 203,522
% NOI change from prior year (percent)									1.40%	3.40%	3.30%
Gross real estate	3,212,220				3,152,361				$ 3,212,220	$ 3,152,361	$ 2,251,697
Operating segment | Established | Mid-Atlantic
Segment Reporting
Total revenue									233,711	209,013	98,590
NOI									$ 162,243	$ 145,497	$ 69,498
% NOI change from prior year (percent)									1.30%	0.20%	(2.50%)
Gross real estate	2,339,395				2,177,823				$ 2,339,395	$ 2,177,823	$ 647,374
Operating segment | Established | Pacific Northwest
Segment Reporting
Total revenue									79,684	67,900	46,041
NOI									$ 57,494	$ 48,833	$ 32,012
% NOI change from prior year (percent)									6.50%	8.50%	6.80%
Gross real estate	737,289				721,040				$ 737,289	$ 721,040	$ 500,247
Operating segment | Established | Northern California
Segment Reporting
Total revenue									319,121	273,432	174,527
NOI									$ 244,458	$ 210,226	$ 132,899
% NOI change from prior year (percent)									7.00%	11.90%	8.20%
Gross real estate	2,661,258				2,414,184				$ 2,661,258	$ 2,414,184	$ 1,402,444
Operating segment | Established | Southern California
Segment Reporting
Total revenue									291,567	252,530	139,841
NOI									$ 207,537	$ 173,919	$ 95,626
% NOI change from prior year (percent)									9.10%	9.40%	5.20%
Gross real estate	2,672,691				2,465,432				$ 2,672,691	$ 2,465,432	$ 1,225,328
Operating segment | Other Stabilized
Segment Reporting
Total revenue									235,360	221,042	497,634
NOI									165,530	145,263	343,477
Gross real estate	2,330,503				2,040,269				2,330,503	2,040,269	6,057,783
Operating segment | Development / Redevelopment
Segment Reporting
Total revenue									233,431	222,222	186,852
NOI									160,816	145,630	117,879
Gross real estate	4,755,315				4,238,967				4,755,315	4,238,967	3,972,180
Segment Reconciling Items [Member]
Segment Reporting
Gross real estate	84,293				484,377				84,293	484,377	180,516
Non-allocated
Segment Reporting
Total revenue									5,599	9,947	11,050
Gross real estate	$ 74,292				$ 73,372				74,292	73,372	32,444
Continuing Operations
Segment Reporting
Total revenue									2,016,825	$ 1,800,354	$ 1,604,357
Avalon at Edgewater [Member]
Segment Reporting
Gain on Business Interruption Insurance Recovery									$ 20,306

Stock-Based Compensation Plan52

Stock-Based Compensation Plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock-Based Compensation Plans
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares
Exercised (in shares)	(131,499)
2009 Plan
Stock-Based Compensation Plans
Common stock, par value (in dollars per share)	$ 0.01
Common stock shares available for grant	878,622
2009 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	249,178	340,062	501,568
Exercised (in shares)	(71,845)	(90,884)	(157,454)
Granted (in shares)	0	0	0
Forfeited (in shares)	0	0	(4,052)
Options outstanding at the end of the period (in shares)	177,333	249,178	340,062
Options exercisable at the end of the period (in shares)	177,333	188,081	185,227
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$ 122.17	$ 122.67	$ 120.77
Exercised (in dollars per share)	117.04	124.01	116.40
Granted (in dollars per share)	0	0	0
Forfeited (in dollars per share)	0	0	131.05
Options outstanding at the end of the period (in dollars per share)	124.25	122.17	122.67
Options exercisable at the end of the period (in dollars per share)	$ 124.25	$ 119.98	$ 116.71
1994 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	82,195	272,402	691,526
Exercised (in shares)	(59,654)	(190,207)	(342,743)
Granted (in shares)	0	0	0
Forfeited (in shares)	0	0	(76,381)
Options outstanding at the end of the period (in shares)	22,541	82,195	272,402
Options exercisable at the end of the period (in shares)	22,541	82,195	272,402
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$ 103.27	$ 104.96	$ 106.19
Exercised (in dollars per share)	112.85	105.70	99.03
Granted (in dollars per share)	0	0	0
Forfeited (in dollars per share)	0	0	142.66
Options outstanding at the end of the period (in dollars per share)	77.91	103.27	104.96
Options exercisable at the end of the period (in dollars per share)	$ 77.91	$ 103.27	$ 104.96

Stock-Based Compensation Plan53

Stock-Based Compensation Plans (Details 2) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Intrinsic value of options exercised	$ 9,187	$ 18,080	$ 20,028
2009 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding intrinsic value	9,380
Options exercisable intrinsic value	$ 9,380
Options exercisable weighted average contractual life (in years)	5 years 4 months 24 days
2009 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	177,333
1994 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding intrinsic value	$ 2,237
Options exercisable intrinsic value	$ 2,237
Options exercisable weighted average contractual life (in years)	1 year 4 months 24 days
1994 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	22,541
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	2 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)	10,607
Exercise Price, lower limit (in dollars per share)	$ 70
Exercise Price, upper limit (in dollars per share)	$ 79.99
Weighted Average Remaining Contractual Term	3 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)	9,506
Exercise Price, lower limit (in dollars per share)	$ 80
Exercise Price, upper limit (in dollars per share)	$ 89.99
Weighted Average Remaining Contractual Term	1 year 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)	32,445
Exercise Price, lower limit (in dollars per share)	$ 110
Exercise Price, upper limit (in dollars per share)	$ 119.99
Weighted Average Remaining Contractual Term	4 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)	29,862
Exercise Price, lower limit (in dollars per share)	$ 120
Exercise Price, upper limit (in dollars per share)	$ 129.99
Weighted Average Remaining Contractual Term	6 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)	104,419
Exercise Price, lower limit (in dollars per share)	$ 130
Exercise Price, upper limit (in dollars per share)	$ 139.99
Weighted Average Remaining Contractual Term	5 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)	3,181
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 month 6 days

Stock-Based Compensation Plan54

Stock-Based Compensation Plans (Details 3) $ in Thousands	Jan. 01, 2014item	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Oct. 31, 1996shares
Additional disclosures
Stock-based compensation expense		$ 14,666	$ 14,703	$ 13,314
Capitalized stock-based compensation cost		$ 9,266	9,667	5,457
Employee Stock Purchase Plan [Abstract]
Shares issued under Employee Stock Purchase Plan | shares		11,348
Stock-based compensation expense		$ 14,666	14,703	13,314
Stock Options
Additional disclosures
Forfeiture rate (as a percent)		0.80%
Performance awards
Additional disclosures
Maximum Measurement Period (in years)		3 years
Award vesting period (in years)		3 years
Performance awards | Maximum
Additional disclosures
Percentage of stock based compensation elected to be received in the form of stock options upon the election of the recipient		25.00%
Restricted Stock and Restricted Stock Units [Member]
Additional disclosures
Unrecognized compensation cost for unvested stock options		$ 24,421
Weighted average period for recognition of unrecognized compensation cost		3 years 6 months
Non Qualified Employee Stock Purchase Plan [Member]
Additional disclosures
Stock-based compensation expense		$ 289	$ 321	$ 407
Employee Stock Purchase Plan [Abstract]
Employee stock purchase plan, shares of common stock reserved for issuance | shares					1,000,000
Employee stock purchase plan, remaining shares of common stock available for issuance | shares		692,812
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
Number of purchase periods | item	2
Employee stock purchase plan, discounted stock price percentage		85.00%
Shares issued under Employee Stock Purchase Plan | shares		11,348	10,667	9,848
Stock-based compensation expense		$ 289	$ 321	$ 407

Stock-Based Compensation Plan55

Stock-Based Compensation Plans (Details 4) - Performance awards - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Performance awards
Outstanding at the beginning of the period (in shares)	238,266	239,902	189,765
Granted (in shares)	94,054	85,636	136,276
Increase (decrease) in awards based on performance (in shares)	36,091	14,697	(46,790)
Converted to restricted stock (in shares)	(115,618)	(95,826)	(16,209)
Forfeited (in shares)	(1,630)	(6,143)	(23,140)
Outstanding at the ending of the period (in shares)	251,163	238,266	239,902
Weighted average grant date fair value per award
Outstanding at the beginning of the period (in dollars per share)	$ 119.65	$ 95.20	$ 70
Granted (in dollars per share)	141.92	148.49	117.43
Change in awards based on performance (in dollars per share)	101.52	78.50	74.37
Converted to restricted stock (in dollars per share)	94.67	78.50	74.37
Forfeited (in dollars per share)	141.98	110.34	76.22
Outstanding at the ending of the period (in dollars per share)	$ 136.74	$ 119.65	$ 95.20
Grants in period based on shareholder metrics (in shares)	61,039	55,162	60,391
Grants in period based on financial metrics (in shares)	33,015	30,474	75,885

Stock-Based Compensation Plan56

Stock-Based Compensation Plans (Details 5) - Performance awards - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield (as a percent)	3.30%	3.00%	3.60%
Estimated volatility, minimum (as a percent)	15.20%	12.00%	17.60%
Estimated volatility, maximum (as a percent)	22.80%	17.30%	18.60%
Risk-free interest rate, minimum (as a percent)	0.44%	0.07%	0.04%
Risk-free interest rate, maximum (as a percent)	0.88%	1.09%	0.72%
Estimated performance award value based on total shareholder return measure (in dollars per share)	$ 131.24	$ 139.18	$ 103.20
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)	$ 161.66	$ 166.23	$ 128.97

Stock-Based Compensation Plan57

Stock-Based Compensation Plans (Details 6) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restricted stock
Restricted stock shares
Outstanding at the beginning of the period (in shares)	147,884	179,307	182,083
Granted (in shares)	81,400	61,953	98,954
Vested (in shares)	(88,712)	(91,847)	(93,963)
Forfeited (in shares)	(3,867)	(1,529)	(7,767)
Outstanding at the ending of the period (in shares)	136,705	147,884	179,307
Restricted stock shares weighted average grant date fair value per share
Outstanding at the beginning of the period (in dollars per share)	$ 146.21	$ 129.06	$ 124.35
Granted (in dollars per share)	162.38	173.04	129.35
Vested (in dollars per share)	141.38	130.75	120.81
Forfeited (in dollars per share)	162.43	151.86	128.62
Outstanding at the ending of the period (in dollars per share)	$ 158.51	$ 146.21	$ 129.06
Restricted stock converted from performance shares
Restricted stock shares
Outstanding at the beginning of the period (in shares)	98,347	10,933	0
Granted (in shares)	115,618	95,826	16,209
Vested (in shares)	(36,872)	(8,412)	(5,073)
Forfeited (in shares)	(395)	0	(203)
Outstanding at the ending of the period (in shares)	176,698	98,347	10,933

Related Party Arrangements (Det

Related Party Arrangements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Arrangements
Management fees revenue	$ 5,599,000	$ 9,947,000	$ 11,050,000
Compensation expense	14,666,000	14,703,000	13,314,000
Unconsolidated real estate entities
Related Party Arrangements
Outstanding receivables	5,239,000	3,832,000
Non-employee directors
Related Party Arrangements
Payable to related parties	70,000
Payable to related parties in quarterly installments	17,500
Non-employee directors | Restricted stock and deferred stock awards
Related Party Arrangements
Payable to related parties	130,000
Compensation expense	1,216,000	1,135,000	1,049,000
Amount of deferred compensation	531,000	$ 488,000	$ 452,000
Lead Independent Director
Related Party Arrangements
Payable to related parties	25,000
Payable to related parties in quarterly installments	6,250
Non-employees directors serving as a chairperson
Related Party Arrangements
Payable to related parties	10,000
Payable to related parties in quarterly installments	$ 2,500
Non-employee directors | Restricted stock and deferred stock awards
Related Party Arrangements
Granted (in shares)	44,327	46,589

Fair Value (Details)

Fair Value (Details)	1 Months Ended	12 Months Ended			24 Months Ended
	May 31, 2016USD ($)	Dec. 31, 2016USD ($)derivativeventure	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)derivative
Derivative instruments and Hedging Activities
Estimated hedging losses to be reclassified from accumulated other comprehensive loss into earnings within the next twelve months		$ (6,975,000)
Income (loss) on cash flow hedges		(5,556,000)	$ 5,354,000	$ (121,000)
Payments for Hedge, Financing Activities		$ 14,847,000	$ 0	$ 0
Cash Flow Hedges Interest Rate Caps
Derivative instruments and Hedging Activities
Number of derivative instruments held | derivative		11			11
Puts
Derivative instruments and Hedging Activities
Number of ventures in which entity is required to purchase interest in investment at guaranteed minimum amount | venture		3
Interest Rate Caps | Cash Flow Hedges Interest Rate Caps
Derivative instruments and Hedging Activities
Notional balance		$ 35,898,000			$ 35,898,000
Weighted average interest rate (as a percent)		2.70%			2.70%
Weighted average capped interest rate (as a percent)		5.90%			5.90%
Interest Rate Swap [Member] | Cash Flow Hedges Interest Rate Caps
Derivative instruments and Hedging Activities
Notional balance		$ 800,000,000			$ 800,000,000
Weighted average capped interest rate (as a percent)		2.30%			2.30%
Derivative, Notional Amounts Entered into During Period					$ 1,200,000,000
Derivative, Notional Amounts Settled During Period	$ 400,000,000
Non-designated Hedges Interest Rate Caps
Derivative instruments and Hedging Activities
Number of derivative instruments held | derivative		15			15
Non-designated Hedges Interest Rate Caps | Interest Rate Caps
Derivative instruments and Hedging Activities
Notional balance		$ 715,820,000			$ 715,820,000
Weighted average interest rate (as a percent)		2.50%			2.50%
Weighted average capped interest rate (as a percent)		6.20%			6.20%

Fair Value (Details 2)

Fair Value (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Cash flow hedge losses reclassified to earnings	$ (6,433)	$ (5,774)	$ (6,237)

Fair Value (Details 3)

Fair Value (Details 3) $ in Thousands	Dec. 31, 2016USD ($)derivative	Dec. 31, 2015USD ($)
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	$ (1,329)	$ (1,381)
Total	(4,219,956)	(3,669,798)
Recurring basis | Significant Other Observable Inputs (Level 2)
Financial Instruments Measured/Discussed at Fair Value
Total	(2,729,606)	(2,694,888)
Recurring basis | Significant Unobservable Inputs (Level 3)
Financial Instruments Measured/Discussed at Fair Value
Total	(6,002)	(8,181)
Recurring basis | Significant Unobservable Inputs (Level 3) | Puts
Financial Instruments Measured/Discussed at Fair Value
Fair value of remaining outstanding Puts	$ (6,002)	(8,181)
Cash Flow Hedges Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative, Number of Instruments Held | derivative	11
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	$ 2	5
Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	(1,329)	(1,381)
Total	(6,955,564)	(6,372,867)
Total Fair Value | Recurring basis | Puts
Financial Instruments Measured/Discussed at Fair Value
Fair value of remaining outstanding Puts	(6,002)	(8,181)
Total Fair Value | Cash Flow Hedges Interest Rate Caps | Recurring basis | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	2	5
Total Fair Value | Cash Flow Hedges Interest Rate Caps | Recurring basis | Interest Rate Swap [Member]
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	$ 14,775	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	$ 79	26
Non-designated Hedges Interest Rate Caps | Total Fair Value | Recurring basis | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	79	26
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	(2,744,462)	(2,700,341)
Secured Debt and Variable Rate Unsecured Term Loan [Member] | Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(2,744,462)	(2,700,341)
Unsecured notes | Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(4,218,627)	(3,668,417)
Unsecured notes | Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	$ (4,218,627)	$ (3,668,417)

Quarterly Financial Informati62

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 518,240	$ 516,211	$ 502,307	$ 508,498	$ 480,840	$ 475,360	$ 457,459	$ 442,367	$ 2,045,255	$ 1,856,028	$ 1,685,061
Net income	242,183	356,329	197,319	237,877	155,352	206,076	172,253	208,053	1,033,708	741,733	697,327
Net income attributable to common stockholders	$ 242,235	$ 356,392	$ 197,444	$ 237,931	$ 155,428	$ 206,142	$ 172,324	$ 208,144	$ 1,034,002	$ 742,038	$ 683,567
Net income (loss) per common share - basic (in dollars per share)	$ 1.76	$ 2.60	$ 1.44	$ 1.73	$ 1.13	$ 1.54	$ 1.30	$ 1.57	$ 7.53	$ 5.54	$ 5.22
Net income (loss) per common share - diluted (in dollars per share)	$ 1.76	$ 2.59	$ 1.44	$ 1.73	$ 1.13	$ 1.53	$ 1.29	$ 1.56	$ 7.52	$ 5.51	$ 5.21

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended		12 Months Ended
	Feb. 24, 2017USD ($)	Jan. 31, 2017USD ($)communityland_parcelhome	Dec. 31, 2016USD ($)communityland_parcel
Subsequent events
Number of Land Parcels Sold | land_parcel			1
Number of owned communities under construction | community			27
Subsequent event
Subsequent events
Number of Land Parcels Sold | land_parcel		2
Secured notes | Notes payable maturing in 2017 | Subsequent event
Subsequent events
Repayments of secured mortgages	$ 17,300,000
Avalon Pines | Subsequent event
Subsequent events
Number of apartment communities sold | community		1
Number of Apartment Homes Held for Sale | home		450
Purchase price		$ 51,342,000
Other Real Estate Sales [Member]
Subsequent events
Proceeds from Sale of Real Estate			$ 20,641,000
Other Real Estate Sales [Member] | Subsequent event
Subsequent events
Proceeds from Sale of Real Estate		$ 20,500,000
Avalon Maplewood [Member] | Subsequent event
Subsequent events
Loss Contingency, Insurance, Percentage of Policy Amount Company is Obligated to Fund	12.00%
Loss Contingency, Insurance, Policy Amount for Calculating Self-Insurance Liability	$ 50,000,000
Development Communities [Member] | Avalon Newcastle Commons I [Member] | Subsequent event
Subsequent events
Number of owned communities under construction | community		1

REAL ESTATE AND ACCUMULATED D64

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)home	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	79,228
Initial Cost
Land and improvements	$ 4,046,389
Building / Construction in Progress & Improvements	13,408,190
Costs Subsequent to Acquisition / Construction	3,322,047
Total Cost
Land	4,046,389
Building / Construction in Progress & Improvements	16,730,237
Total	20,776,626	$ 19,268,099	$ 17,849,316	$ 16,800,321
Accumulated Depreciation	3,743,632	3,325,790	$ 2,913,576	$ 2,516,112
Total Cost, Net of Accumulated Depreciation	17,032,994	15,942,309
Encumbrances	7,076,758
SEC Schedule III, Real Estate, Federal Income Tax Basis	$ 20,223
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		162,801
Current Communities
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	70,364
Initial Cost
Land and improvements	$ 3,732,667
Building / Construction in Progress & Improvements	12,752,509
Costs Subsequent to Acquisition / Construction	1,454,076
Total Cost
Land	3,732,667
Building / Construction in Progress & Improvements	14,206,585
Total	17,939,252
Accumulated Depreciation	3,673,291
Total Cost, Net of Accumulated Depreciation	14,265,961	14,009,250
Encumbrances	$ 2,576,758
Current Communities | Avalon Silicon Valley [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	710
Initial Cost
Land and improvements	$ 20,713
Building / Construction in Progress & Improvements	99,573
Costs Subsequent to Acquisition / Construction	31,536
Total Cost
Land	20,713
Building / Construction in Progress & Improvements	131,109
Total	151,822
Accumulated Depreciation	66,781
Total Cost, Net of Accumulated Depreciation	85,041	68,714
Encumbrances	$ 0
Current Communities | Avalon at Lexington
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	198
Initial Cost
Land and improvements	$ 2,124
Building / Construction in Progress & Improvements	12,567
Costs Subsequent to Acquisition / Construction	9,801
Total Cost
Land	2,124
Building / Construction in Progress & Improvements	22,368
Total	24,492
Accumulated Depreciation	13,202
Total Cost, Net of Accumulated Depreciation	11,290	11,703
Encumbrances	$ 0
Current Communities | Avalon Oaks
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	204
Initial Cost
Land and improvements	$ 2,129
Building / Construction in Progress & Improvements	17,567
Costs Subsequent to Acquisition / Construction	5,259
Total Cost
Land	2,129
Building / Construction in Progress & Improvements	22,826
Total	24,955
Accumulated Depreciation	12,802
Total Cost, Net of Accumulated Depreciation	12,153	12,771
Encumbrances	$ 0
Current Communities | Eaves Quincy
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	245
Initial Cost
Land and improvements	$ 1,743
Building / Construction in Progress & Improvements	14,662
Costs Subsequent to Acquisition / Construction	9,937
Total Cost
Land	1,743
Building / Construction in Progress & Improvements	24,599
Total	26,342
Accumulated Depreciation	13,543
Total Cost, Net of Accumulated Depreciation	12,799	13,449
Encumbrances	$ 0
Current Communities | Avalon Oaks West
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	120
Initial Cost
Land and improvements	$ 3,318
Building / Construction in Progress & Improvements	13,465
Costs Subsequent to Acquisition / Construction	1,140
Total Cost
Land	3,318
Building / Construction in Progress & Improvements	14,605
Total	17,923
Accumulated Depreciation	7,481
Total Cost, Net of Accumulated Depreciation	10,442	10,687
Encumbrances	$ 15,420
Current Communities | Avalon Orchards
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	156
Initial Cost
Land and improvements	$ 2,983
Building / Construction in Progress & Improvements	17,970
Costs Subsequent to Acquisition / Construction	2,520
Total Cost
Land	2,983
Building / Construction in Progress & Improvements	20,490
Total	23,473
Accumulated Depreciation	10,608
Total Cost, Net of Accumulated Depreciation	12,865	13,431
Encumbrances	$ 16,075
Current Communities | Avalon at Newton Highlands
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	294
Initial Cost
Land and improvements	$ 11,039
Building / Construction in Progress & Improvements	45,547
Costs Subsequent to Acquisition / Construction	4,411
Total Cost
Land	11,039
Building / Construction in Progress & Improvements	49,958
Total	60,997
Accumulated Depreciation	23,327
Total Cost, Net of Accumulated Depreciation	37,670	39,040
Encumbrances	$ 0
Current Communities | Avalon at the Pinehills
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	192
Initial Cost
Land and improvements	$ 6,876
Building / Construction in Progress & Improvements	30,401
Costs Subsequent to Acquisition / Construction	456
Total Cost
Land	6,876
Building / Construction in Progress & Improvements	30,857
Total	37,733
Accumulated Depreciation	10,017
Total Cost, Net of Accumulated Depreciation	27,716	28,679
Encumbrances	$ 0
Current Communities | Eaves Peabody
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	286
Initial Cost
Land and improvements	$ 4,645
Building / Construction in Progress & Improvements	18,919
Costs Subsequent to Acquisition / Construction	12,758
Total Cost
Land	4,645
Building / Construction in Progress & Improvements	31,677
Total	36,322
Accumulated Depreciation	11,993
Total Cost, Net of Accumulated Depreciation	24,329	25,110
Encumbrances	$ 0
Current Communities | Avalon at Bedford Center
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	139
Initial Cost
Land and improvements	$ 4,258
Building / Construction in Progress & Improvements	20,551
Costs Subsequent to Acquisition / Construction	877
Total Cost
Land	4,258
Building / Construction in Progress & Improvements	21,428
Total	25,686
Accumulated Depreciation	8,116
Total Cost, Net of Accumulated Depreciation	17,570	17,921
Encumbrances	$ 0
Current Communities | Avalon Chestnut Hill
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	204
Initial Cost
Land and improvements	$ 14,572
Building / Construction in Progress & Improvements	45,911
Costs Subsequent to Acquisition / Construction	2,522
Total Cost
Land	14,572
Building / Construction in Progress & Improvements	48,433
Total	63,005
Accumulated Depreciation	17,365
Total Cost, Net of Accumulated Depreciation	45,640	47,031
Encumbrances	$ 38,564
Current Communities | Avalon at Lexington Hills
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	387
Initial Cost
Land and improvements	$ 8,691
Building / Construction in Progress & Improvements	79,121
Costs Subsequent to Acquisition / Construction	3,574
Total Cost
Land	8,691
Building / Construction in Progress & Improvements	82,695
Total	91,386
Accumulated Depreciation	25,145
Total Cost, Net of Accumulated Depreciation	66,241	67,206
Encumbrances	$ 0
Current Communities | Avalon Acton
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	380
Initial Cost
Land and improvements	$ 13,124
Building / Construction in Progress & Improvements	48,695
Costs Subsequent to Acquisition / Construction	3,055
Total Cost
Land	13,124
Building / Construction in Progress & Improvements	51,750
Total	64,874
Accumulated Depreciation	15,599
Total Cost, Net of Accumulated Depreciation	49,275	50,588
Encumbrances	$ 45,000
Current Communities | Avalon Sharon
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	156
Initial Cost
Land and improvements	$ 4,719
Building / Construction in Progress & Improvements	25,478
Costs Subsequent to Acquisition / Construction	613
Total Cost
Land	4,719
Building / Construction in Progress & Improvements	26,091
Total	30,810
Accumulated Depreciation	7,850
Total Cost, Net of Accumulated Depreciation	22,960	23,674
Encumbrances	$ 0
Current Communities | Avalon at the Hingham Shipyard
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	235
Initial Cost
Land and improvements	$ 12,218
Building / Construction in Progress & Improvements	41,656
Costs Subsequent to Acquisition / Construction	1,879
Total Cost
Land	12,218
Building / Construction in Progress & Improvements	43,535
Total	55,753
Accumulated Depreciation	12,112
Total Cost, Net of Accumulated Depreciation	43,641	44,029
Encumbrances	$ 0
Current Communities | Avalon Northborough
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	382
Initial Cost
Land and improvements	$ 8,144
Building / Construction in Progress & Improvements	52,343
Costs Subsequent to Acquisition / Construction	946
Total Cost
Land	8,144
Building / Construction in Progress & Improvements	53,289
Total	61,433
Accumulated Depreciation	12,973
Total Cost, Net of Accumulated Depreciation	48,460	49,624
Encumbrances	$ 0
Current Communities | Avalon Blue Hills
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	276
Initial Cost
Land and improvements	$ 11,110
Building / Construction in Progress & Improvements	34,580
Costs Subsequent to Acquisition / Construction	1,068
Total Cost
Land	11,110
Building / Construction in Progress & Improvements	35,648
Total	46,758
Accumulated Depreciation	9,444
Total Cost, Net of Accumulated Depreciation	37,314	38,309
Encumbrances	$ 0
Current Communities | Avalon Cohasset
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	220
Initial Cost
Land and improvements	$ 8,802
Building / Construction in Progress & Improvements	46,166
Costs Subsequent to Acquisition / Construction	187
Total Cost
Land	8,802
Building / Construction in Progress & Improvements	46,353
Total	55,155
Accumulated Depreciation	8,220
Total Cost, Net of Accumulated Depreciation	46,935	48,512
Encumbrances	$ 0
Current Communities | Avalon Andover
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	115
Initial Cost
Land and improvements	$ 4,276
Building / Construction in Progress & Improvements	21,871
Costs Subsequent to Acquisition / Construction	180
Total Cost
Land	4,276
Building / Construction in Progress & Improvements	22,051
Total	26,327
Accumulated Depreciation	3,702
Total Cost, Net of Accumulated Depreciation	22,625	23,291
Encumbrances	$ 13,844
Current Communities | Avalon Natick
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	407
Initial Cost
Land and improvements	$ 15,645
Building / Construction in Progress & Improvements	64,845
Costs Subsequent to Acquisition / Construction	19
Total Cost
Land	15,645
Building / Construction in Progress & Improvements	64,864
Total	80,509
Accumulated Depreciation	8,090
Total Cost, Net of Accumulated Depreciation	72,419	74,738
Encumbrances	$ 50,067
Current Communities | Avalon at Prudential Center II
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	266
Initial Cost
Land and improvements	$ 8,776
Building / Construction in Progress & Improvements	35,496
Costs Subsequent to Acquisition / Construction	44,920
Total Cost
Land	8,776
Building / Construction in Progress & Improvements	80,416
Total	89,192
Accumulated Depreciation	29,974
Total Cost, Net of Accumulated Depreciation	59,218	56,806
Encumbrances	$ 0
Current Communities | Avalon at Prudential Center I
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	243
Initial Cost
Land and improvements	$ 8,002
Building / Construction in Progress & Improvements	32,370
Costs Subsequent to Acquisition / Construction	33,896
Total Cost
Land	8,002
Building / Construction in Progress & Improvements	66,266
Total	74,268
Accumulated Depreciation	26,682
Total Cost, Net of Accumulated Depreciation	47,586	46,823
Encumbrances	$ 0
Current Communities | Eaves Burlington
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	203
Initial Cost
Land and improvements	$ 7,714
Building / Construction in Progress & Improvements	32,499
Costs Subsequent to Acquisition / Construction	5,968
Total Cost
Land	7,714
Building / Construction in Progress & Improvements	38,467
Total	46,181
Accumulated Depreciation	5,074
Total Cost, Net of Accumulated Depreciation	41,107	41,700
Encumbrances	$ 0
Current Communities | Avalon Burlington
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	312
Initial Cost
Land and improvements	$ 15,600
Building / Construction in Progress & Improvements	58,499
Costs Subsequent to Acquisition / Construction	17,434
Total Cost
Land	15,600
Building / Construction in Progress & Improvements	75,933
Total	91,533
Accumulated Depreciation	10,398
Total Cost, Net of Accumulated Depreciation	81,135	81,080
Encumbrances	$ 0
Current Communities | Avalon Bear Hill
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	324
Initial Cost
Land and improvements	$ 27,350
Building / Construction in Progress & Improvements	94,168
Costs Subsequent to Acquisition / Construction	28,646
Total Cost
Land	27,350
Building / Construction in Progress & Improvements	122,814
Total	150,164
Accumulated Depreciation	19,141
Total Cost, Net of Accumulated Depreciation	131,023	127,367
Encumbrances	$ 0
Current Communities | Avalon Canton at Blue Hills
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	196
Initial Cost
Land and improvements	$ 6,562
Building / Construction in Progress & Improvements	33,956
Costs Subsequent to Acquisition / Construction	133
Total Cost
Land	6,562
Building / Construction in Progress & Improvements	34,089
Total	40,651
Accumulated Depreciation	3,260
Total Cost, Net of Accumulated Depreciation	37,391	38,543
Encumbrances	$ 0
Current Communities | Eaves North Quincy
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	224
Initial Cost
Land and improvements	$ 11,940
Building / Construction in Progress & Improvements	39,400
Costs Subsequent to Acquisition / Construction	2,913
Total Cost
Land	11,940
Building / Construction in Progress & Improvements	42,313
Total	54,253
Accumulated Depreciation	7,761
Total Cost, Net of Accumulated Depreciation	46,492	47,901
Encumbrances	$ 0
Current Communities | Avalon Exeter
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	187
Initial Cost
Land and improvements	$ 16,313
Building / Construction in Progress & Improvements	110,028
Costs Subsequent to Acquisition / Construction	147
Total Cost
Land	16,313
Building / Construction in Progress & Improvements	110,175
Total	126,488
Accumulated Depreciation	9,744
Total Cost, Net of Accumulated Depreciation	116,744	120,677
Encumbrances	$ 0
Current Communities | AVA Somerville [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	250
Initial Cost
Land and improvements	$ 10,865
Building / Construction in Progress & Improvements	56,324
Costs Subsequent to Acquisition / Construction	19
Total Cost
Land	10,865
Building / Construction in Progress & Improvements	56,343
Total	67,208
Accumulated Depreciation	4,142
Total Cost, Net of Accumulated Depreciation	63,066	68,918
Encumbrances	$ 0
Current Communities | Avalon at Center Place
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	225
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	26,816
Costs Subsequent to Acquisition / Construction	11,511
Total Cost
Land	0
Building / Construction in Progress & Improvements	38,327
Total	38,327
Accumulated Depreciation	22,752
Total Cost, Net of Accumulated Depreciation	15,575	16,005
Encumbrances	$ 0
Current Communities | Eaves Stamford
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	238
Initial Cost
Land and improvements	$ 5,956
Building / Construction in Progress & Improvements	23,993
Costs Subsequent to Acquisition / Construction	12,946
Total Cost
Land	5,956
Building / Construction in Progress & Improvements	36,939
Total	42,895
Accumulated Depreciation	22,837
Total Cost, Net of Accumulated Depreciation	20,058	21,302
Encumbrances	$ 0
Current Communities | Avalon Wilton on River Rd
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	102
Initial Cost
Land and improvements	$ 2,116
Building / Construction in Progress & Improvements	14,664
Costs Subsequent to Acquisition / Construction	5,873
Total Cost
Land	2,116
Building / Construction in Progress & Improvements	20,537
Total	22,653
Accumulated Depreciation	11,339
Total Cost, Net of Accumulated Depreciation	11,314	12,020
Encumbrances	$ 0
Current Communities | Avalon New Canaan
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	104
Initial Cost
Land and improvements	$ 4,834
Building / Construction in Progress & Improvements	22,990
Costs Subsequent to Acquisition / Construction	1,943
Total Cost
Land	4,834
Building / Construction in Progress & Improvements	24,933
Total	29,767
Accumulated Depreciation	12,178
Total Cost, Net of Accumulated Depreciation	17,589	18,345
Encumbrances	$ 0
Current Communities | AVA Stamford
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	306
Initial Cost
Land and improvements	$ 13,819
Building / Construction in Progress & Improvements	56,499
Costs Subsequent to Acquisition / Construction	5,263
Total Cost
Land	13,819
Building / Construction in Progress & Improvements	61,762
Total	75,581
Accumulated Depreciation	30,120
Total Cost, Net of Accumulated Depreciation	45,461	47,552
Encumbrances	$ 0
Current Communities | Avalon Danbury
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	234
Initial Cost
Land and improvements	$ 4,933
Building / Construction in Progress & Improvements	30,638
Costs Subsequent to Acquisition / Construction	1,004
Total Cost
Land	4,933
Building / Construction in Progress & Improvements	31,642
Total	36,575
Accumulated Depreciation	12,630
Total Cost, Net of Accumulated Depreciation	23,945	24,890
Encumbrances	$ 0
Current Communities | Avalon Darien
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	189
Initial Cost
Land and improvements	$ 6,926
Building / Construction in Progress & Improvements	34,558
Costs Subsequent to Acquisition / Construction	2,345
Total Cost
Land	6,926
Building / Construction in Progress & Improvements	36,903
Total	43,829
Accumulated Depreciation	16,641
Total Cost, Net of Accumulated Depreciation	27,188	28,363
Encumbrances	$ 0
Current Communities | Avalon Milford
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	246
Initial Cost
Land and improvements	$ 8,746
Building / Construction in Progress & Improvements	22,699
Costs Subsequent to Acquisition / Construction	1,296
Total Cost
Land	8,746
Building / Construction in Progress & Improvements	23,995
Total	32,741
Accumulated Depreciation	10,260
Total Cost, Net of Accumulated Depreciation	22,481	23,102
Encumbrances	$ 0
Current Communities | Avalon Norwalk
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	311
Initial Cost
Land and improvements	$ 11,320
Building / Construction in Progress & Improvements	62,904
Costs Subsequent to Acquisition / Construction	666
Total Cost
Land	11,320
Building / Construction in Progress & Improvements	63,570
Total	74,890
Accumulated Depreciation	13,904
Total Cost, Net of Accumulated Depreciation	60,986	63,064
Encumbrances	$ 0
Current Communities | Avalon Huntington
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	99
Initial Cost
Land and improvements	$ 5,277
Building / Construction in Progress & Improvements	20,029
Costs Subsequent to Acquisition / Construction	242
Total Cost
Land	5,277
Building / Construction in Progress & Improvements	20,271
Total	25,548
Accumulated Depreciation	5,808
Total Cost, Net of Accumulated Depreciation	19,740	20,311
Encumbrances	$ 0
Current Communities | Avalon Wilton on Danbury Rd
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	100
Initial Cost
Land and improvements	$ 6,604
Building / Construction in Progress & Improvements	23,758
Costs Subsequent to Acquisition / Construction	29
Total Cost
Land	6,604
Building / Construction in Progress & Improvements	23,787
Total	30,391
Accumulated Depreciation	4,710
Total Cost, Net of Accumulated Depreciation	25,681	26,514
Encumbrances	$ 0
Current Communities | Avalon Shelton III
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	250
Initial Cost
Land and improvements	$ 7,749
Building / Construction in Progress & Improvements	40,264
Costs Subsequent to Acquisition / Construction	26
Total Cost
Land	7,749
Building / Construction in Progress & Improvements	40,290
Total	48,039
Accumulated Depreciation	5,213
Total Cost, Net of Accumulated Depreciation	42,826	44,286
Encumbrances	$ 0
Current Communities | Avalon East Norwalk
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	240
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	4,324
Total Cost, Net of Accumulated Depreciation	42,317	43,660
Encumbrances	$ 0
Current Communities | Avalon at Stratford
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	130
Initial Cost
Land and improvements	$ 2,564
Building / Construction in Progress & Improvements	27,157
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	2,564
Building / Construction in Progress & Improvements	27,157
Total	29,721
Accumulated Depreciation	2,297
Total Cost, Net of Accumulated Depreciation	27,424	28,351
Encumbrances	$ 38,221
Current Communities | Avalon Commons
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	312
Initial Cost
Land and improvements	$ 4,679
Building / Construction in Progress & Improvements	28,286
Costs Subsequent to Acquisition / Construction	6,012
Total Cost
Land	4,679
Building / Construction in Progress & Improvements	34,298
Total	38,977
Accumulated Depreciation	21,265
Total Cost, Net of Accumulated Depreciation	17,712	18,817
Encumbrances	$ 0
Current Communities | Avalon Green I
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	105
Initial Cost
Land and improvements	$ 1,820
Building / Construction in Progress & Improvements	10,525
Costs Subsequent to Acquisition / Construction	7,516
Total Cost
Land	1,820
Building / Construction in Progress & Improvements	18,041
Total	19,861
Accumulated Depreciation	9,228
Total Cost, Net of Accumulated Depreciation	10,633	10,711
Encumbrances	$ 0
Current Communities | AVA High Line
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	405
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	155,989
Costs Subsequent to Acquisition / Construction	16
Total Cost
Land	0
Building / Construction in Progress & Improvements	156,005
Total	156,005
Accumulated Depreciation	3,878
Total Cost, Net of Accumulated Depreciation	152,127	152,111
Encumbrances	$ 0
Current Communities | Avalon Riverview
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	372
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	94,061
Costs Subsequent to Acquisition / Construction	9,718
Total Cost
Land	0
Building / Construction in Progress & Improvements	103,779
Total	103,779
Accumulated Depreciation	48,867
Total Cost, Net of Accumulated Depreciation	54,912	55,494
Encumbrances	$ 0
Current Communities | Avalon Bowery Place I
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	206
Initial Cost
Land and improvements	$ 18,575
Building / Construction in Progress & Improvements	75,009
Costs Subsequent to Acquisition / Construction	2,717
Total Cost
Land	18,575
Building / Construction in Progress & Improvements	77,726
Total	96,301
Accumulated Depreciation	27,419
Total Cost, Net of Accumulated Depreciation	68,882	71,256
Encumbrances	$ 93,800
Current Communities | Avalon Bowery Place II
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	90
Initial Cost
Land and improvements	$ 9,106
Building / Construction in Progress & Improvements	47,199
Costs Subsequent to Acquisition / Construction	3,649
Total Cost
Land	9,106
Building / Construction in Progress & Improvements	50,848
Total	59,954
Accumulated Depreciation	15,347
Total Cost, Net of Accumulated Depreciation	44,607	45,979
Encumbrances	$ 0
Current Communities | Avalon Morningside Park
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	295
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	114,233
Costs Subsequent to Acquisition / Construction	1,465
Total Cost
Land	0
Building / Construction in Progress & Improvements	115,698
Total	115,698
Accumulated Depreciation	32,671
Total Cost, Net of Accumulated Depreciation	83,027	86,539
Encumbrances	$ 100,000
Current Communities | Avalon Fort Greene
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	631
Initial Cost
Land and improvements	$ 83,038
Building / Construction in Progress & Improvements	216,802
Costs Subsequent to Acquisition / Construction	1,742
Total Cost
Land	83,038
Building / Construction in Progress & Improvements	218,544
Total	301,582
Accumulated Depreciation	50,369
Total Cost, Net of Accumulated Depreciation	251,213	258,047
Encumbrances	$ 0
Current Communities | Avalon Midtown West
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	550
Initial Cost
Land and improvements	$ 154,730
Building / Construction in Progress & Improvements	180,253
Costs Subsequent to Acquisition / Construction	13,608
Total Cost
Land	154,730
Building / Construction in Progress & Improvements	193,861
Total	348,591
Accumulated Depreciation	35,495
Total Cost, Net of Accumulated Depreciation	313,096	318,046
Encumbrances	$ 100,500
Current Communities | Avalon Clinton North
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	339
Initial Cost
Land and improvements	$ 84,069
Building / Construction in Progress & Improvements	105,821
Costs Subsequent to Acquisition / Construction	10,390
Total Cost
Land	84,069
Building / Construction in Progress & Improvements	116,211
Total	200,280
Accumulated Depreciation	19,540
Total Cost, Net of Accumulated Depreciation	180,740	181,136
Encumbrances	$ 147,000
Current Communities | Avalon Clinton South
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	288
Initial Cost
Land and improvements	$ 71,421
Building / Construction in Progress & Improvements	89,851
Costs Subsequent to Acquisition / Construction	5,957
Total Cost
Land	71,421
Building / Construction in Progress & Improvements	95,808
Total	167,229
Accumulated Depreciation	16,899
Total Cost, Net of Accumulated Depreciation	150,330	152,700
Encumbrances	$ 121,500
Current Communities | Avalon Willow
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	227
Initial Cost
Land and improvements	$ 6,207
Building / Construction in Progress & Improvements	40,791
Costs Subsequent to Acquisition / Construction	2,023
Total Cost
Land	6,207
Building / Construction in Progress & Improvements	42,814
Total	49,021
Accumulated Depreciation	24,868
Total Cost, Net of Accumulated Depreciation	24,153	25,379
Encumbrances	$ 0
Current Communities | Avalon Court
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	494
Initial Cost
Land and improvements	$ 9,228
Building / Construction in Progress & Improvements	50,063
Costs Subsequent to Acquisition / Construction	5,747
Total Cost
Land	9,228
Building / Construction in Progress & Improvements	55,810
Total	65,038
Accumulated Depreciation	32,744
Total Cost, Net of Accumulated Depreciation	32,294	31,696
Encumbrances	$ 0
Current Communities | The Avalon
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	110
Initial Cost
Land and improvements	$ 2,889
Building / Construction in Progress & Improvements	28,324
Costs Subsequent to Acquisition / Construction	8,318
Total Cost
Land	2,889
Building / Construction in Progress & Improvements	36,642
Total	39,531
Accumulated Depreciation	18,467
Total Cost, Net of Accumulated Depreciation	21,064	22,038
Encumbrances	$ 0
Current Communities | Avalon at Glen Cove
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	256
Initial Cost
Land and improvements	$ 7,871
Building / Construction in Progress & Improvements	59,969
Costs Subsequent to Acquisition / Construction	3,392
Total Cost
Land	7,871
Building / Construction in Progress & Improvements	63,361
Total	71,232
Accumulated Depreciation	26,351
Total Cost, Net of Accumulated Depreciation	44,881	45,197
Encumbrances	$ 0
Current Communities | Avalon Pines
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	450
Initial Cost
Land and improvements	$ 8,700
Building / Construction in Progress & Improvements	62,931
Costs Subsequent to Acquisition / Construction	1,401
Total Cost
Land	8,700
Building / Construction in Progress & Improvements	64,332
Total	73,032
Accumulated Depreciation	25,211
Total Cost, Net of Accumulated Depreciation	47,821	49,598
Encumbrances	$ 0
Current Communities | Avalon Glen Cove North
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	111
Initial Cost
Land and improvements	$ 2,577
Building / Construction in Progress & Improvements	37,336
Costs Subsequent to Acquisition / Construction	434
Total Cost
Land	2,577
Building / Construction in Progress & Improvements	37,770
Total	40,347
Accumulated Depreciation	12,579
Total Cost, Net of Accumulated Depreciation	27,768	28,990
Encumbrances	$ 0
Current Communities | Avalon White Plains
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	407
Initial Cost
Land and improvements	$ 15,391
Building / Construction in Progress & Improvements	137,353
Costs Subsequent to Acquisition / Construction	369
Total Cost
Land	15,391
Building / Construction in Progress & Improvements	137,722
Total	153,113
Accumulated Depreciation	36,925
Total Cost, Net of Accumulated Depreciation	116,188	120,690
Encumbrances	$ 0
Current Communities | Avalon Rockville Centre
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	349
Initial Cost
Land and improvements	$ 32,212
Building / Construction in Progress & Improvements	78,806
Costs Subsequent to Acquisition / Construction	334
Total Cost
Land	32,212
Building / Construction in Progress & Improvements	79,140
Total	111,352
Accumulated Depreciation	14,157
Total Cost, Net of Accumulated Depreciation	97,195	99,724
Encumbrances	$ 0
Current Communities | Avalon Green II
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	444
Initial Cost
Land and improvements	$ 27,765
Building / Construction in Progress & Improvements	77,560
Costs Subsequent to Acquisition / Construction	116
Total Cost
Land	27,765
Building / Construction in Progress & Improvements	77,676
Total	105,441
Accumulated Depreciation	12,904
Total Cost, Net of Accumulated Depreciation	92,537	95,210
Encumbrances	$ 0
Current Communities | Avalon Garden City
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	204
Initial Cost
Land and improvements	$ 18,205
Building / Construction in Progress & Improvements	49,332
Costs Subsequent to Acquisition / Construction	236
Total Cost
Land	18,205
Building / Construction in Progress & Improvements	49,568
Total	67,773
Accumulated Depreciation	7,600
Total Cost, Net of Accumulated Depreciation	60,173	61,775
Encumbrances	$ 0
Current Communities | Avalon Ossining
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	168
Initial Cost
Land and improvements	$ 6,392
Building / Construction in Progress & Improvements	30,313
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	6,392
Building / Construction in Progress & Improvements	30,313
Total	36,705
Accumulated Depreciation	2,971
Total Cost, Net of Accumulated Depreciation	33,734	34,811
Encumbrances	$ 0
Current Communities | Avalon Westbury
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	396
Initial Cost
Land and improvements	$ 69,620
Building / Construction in Progress & Improvements	43,781
Costs Subsequent to Acquisition / Construction	10,246
Total Cost
Land	69,620
Building / Construction in Progress & Improvements	54,027
Total	123,647
Accumulated Depreciation	12,895
Total Cost, Net of Accumulated Depreciation	110,752	112,699
Encumbrances	$ 79,945
Current Communities | Avalon Huntington Station
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	303
Initial Cost
Land and improvements	$ 21,896
Building / Construction in Progress & Improvements	58,660
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	21,896
Building / Construction in Progress & Improvements	58,660
Total	80,556
Accumulated Depreciation	5,094
Total Cost, Net of Accumulated Depreciation	75,462	77,534
Encumbrances	$ 0
Current Communities | Avalon Cove
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	504
Initial Cost
Land and improvements	$ 8,760
Building / Construction in Progress & Improvements	82,422
Costs Subsequent to Acquisition / Construction	21,979
Total Cost
Land	8,760
Building / Construction in Progress & Improvements	104,401
Total	113,161
Accumulated Depreciation	61,207
Total Cost, Net of Accumulated Depreciation	51,954	54,651
Encumbrances	$ 0
Current Communities | Avalon Run
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	632
Initial Cost
Land and improvements	$ 14,650
Building / Construction in Progress & Improvements	60,486
Costs Subsequent to Acquisition / Construction	11,430
Total Cost
Land	14,650
Building / Construction in Progress & Improvements	71,916
Total	86,566
Accumulated Depreciation	29,232
Total Cost, Net of Accumulated Depreciation	57,334	56,391
Encumbrances	$ 0
Current Communities | Avalon Princeton Junction
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	512
Initial Cost
Land and improvements	$ 5,585
Building / Construction in Progress & Improvements	22,382
Costs Subsequent to Acquisition / Construction	21,115
Total Cost
Land	5,585
Building / Construction in Progress & Improvements	43,497
Total	49,082
Accumulated Depreciation	24,495
Total Cost, Net of Accumulated Depreciation	24,587	25,952
Encumbrances	$ 0
Current Communities | Avalon at Florham Park [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	270
Initial Cost
Land and improvements	$ 6,647
Building / Construction in Progress & Improvements	34,906
Costs Subsequent to Acquisition / Construction	3,190
Total Cost
Land	6,647
Building / Construction in Progress & Improvements	38,096
Total	44,743
Accumulated Depreciation	20,913
Total Cost, Net of Accumulated Depreciation	23,830	24,668
Encumbrances	$ 0
Current Communities | Avalon at Edgewater
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	168
Initial Cost
Land and improvements	$ 5,982
Building / Construction in Progress & Improvements	24,389
Costs Subsequent to Acquisition / Construction	4,681
Total Cost
Land	5,982
Building / Construction in Progress & Improvements	29,070
Total	35,052
Accumulated Depreciation	13,929
Total Cost, Net of Accumulated Depreciation	21,123	27,453
Encumbrances	$ 0
Current Communities | Avalon Run East [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	312
Initial Cost
Land and improvements	$ 6,766
Building / Construction in Progress & Improvements	45,359
Costs Subsequent to Acquisition / Construction	1,400
Total Cost
Land	6,766
Building / Construction in Progress & Improvements	46,759
Total	53,525
Accumulated Depreciation	19,560
Total Cost, Net of Accumulated Depreciation	33,965	35,330
Encumbrances	$ 36,305
Current Communities | Avalon Tinton Falls
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	216
Initial Cost
Land and improvements	$ 7,939
Building / Construction in Progress & Improvements	33,170
Costs Subsequent to Acquisition / Construction	489
Total Cost
Land	7,939
Building / Construction in Progress & Improvements	33,659
Total	41,598
Accumulated Depreciation	10,070
Total Cost, Net of Accumulated Depreciation	31,528	32,576
Encumbrances	$ 0
Current Communities | Avalon West Long Branch
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	180
Initial Cost
Land and improvements	$ 2,721
Building / Construction in Progress & Improvements	22,925
Costs Subsequent to Acquisition / Construction	99
Total Cost
Land	2,721
Building / Construction in Progress & Improvements	23,024
Total	25,745
Accumulated Depreciation	5,196
Total Cost, Net of Accumulated Depreciation	20,549	21,382
Encumbrances	$ 0
Current Communities | Avalon North Bergen
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	164
Initial Cost
Land and improvements	$ 8,984
Building / Construction in Progress & Improvements	30,994
Costs Subsequent to Acquisition / Construction	919
Total Cost
Land	8,984
Building / Construction in Progress & Improvements	31,913
Total	40,897
Accumulated Depreciation	5,211
Total Cost, Net of Accumulated Depreciation	35,686	36,900
Encumbrances	$ 0
Current Communities | Avalon at Wesmont Station
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	266
Initial Cost
Land and improvements	$ 14,682
Building / Construction in Progress & Improvements	41,635
Costs Subsequent to Acquisition / Construction	486
Total Cost
Land	14,682
Building / Construction in Progress & Improvements	42,121
Total	56,803
Accumulated Depreciation	6,812
Total Cost, Net of Accumulated Depreciation	49,991	51,632
Encumbrances	$ 0
Current Communities | Avalon Hackensack at Riverside
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	226
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	44,619
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	0
Building / Construction in Progress & Improvements	44,619
Total	44,619
Accumulated Depreciation	5,520
Total Cost, Net of Accumulated Depreciation	39,099	40,722
Encumbrances	$ 0
Current Communities | Avalon Somerset
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	384
Initial Cost
Land and improvements	$ 18,241
Building / Construction in Progress & Improvements	58,338
Costs Subsequent to Acquisition / Construction	101
Total Cost
Land	18,241
Building / Construction in Progress & Improvements	58,439
Total	76,680
Accumulated Depreciation	7,657
Total Cost, Net of Accumulated Depreciation	69,023	71,074
Encumbrances	$ 0
Current Communities | Avalon at Wesmont Station II
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	140
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	2,234
Total Cost, Net of Accumulated Depreciation	21,131	21,762
Encumbrances	$ 0
Current Communities | Avalon Bloomingdale
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	174
Initial Cost
Land and improvements	$ 3,006
Building / Construction in Progress & Improvements	27,802
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	3,006
Building / Construction in Progress & Improvements	27,802
Total	30,808
Accumulated Depreciation	3,173
Total Cost, Net of Accumulated Depreciation	27,635	28,670
Encumbrances	$ 0
Current Communities | Avalon at Foxhall
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	308
Initial Cost
Land and improvements	$ 6,848
Building / Construction in Progress & Improvements	27,614
Costs Subsequent to Acquisition / Construction	13,649
Total Cost
Land	6,848
Building / Construction in Progress & Improvements	41,263
Total	48,111
Accumulated Depreciation	27,751
Total Cost, Net of Accumulated Depreciation	20,360	20,663
Encumbrances	$ 54,583
Current Communities | Avalon at Gallery Place
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	203
Initial Cost
Land and improvements	$ 8,800
Building / Construction in Progress & Improvements	39,658
Costs Subsequent to Acquisition / Construction	2,069
Total Cost
Land	8,800
Building / Construction in Progress & Improvements	41,727
Total	50,527
Accumulated Depreciation	19,480
Total Cost, Net of Accumulated Depreciation	31,047	32,483
Encumbrances	$ 42,410
Current Communities | AVA H Street
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	138
Initial Cost
Land and improvements	$ 7,425
Building / Construction in Progress & Improvements	25,282
Costs Subsequent to Acquisition / Construction	25
Total Cost
Land	7,425
Building / Construction in Progress & Improvements	25,307
Total	32,732
Accumulated Depreciation	3,734
Total Cost, Net of Accumulated Depreciation	28,998	29,952
Encumbrances	$ 0
Current Communities | The Albemarle
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	228
Initial Cost
Land and improvements	$ 25,140
Building / Construction in Progress & Improvements	52,459
Costs Subsequent to Acquisition / Construction	5,243
Total Cost
Land	25,140
Building / Construction in Progress & Improvements	57,702
Total	82,842
Accumulated Depreciation	10,708
Total Cost, Net of Accumulated Depreciation	72,134	73,386
Encumbrances	$ 0
Current Communities | Eaves Tunlaw Gardens
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	166
Initial Cost
Land and improvements	$ 16,430
Building / Construction in Progress & Improvements	22,902
Costs Subsequent to Acquisition / Construction	2,275
Total Cost
Land	16,430
Building / Construction in Progress & Improvements	25,177
Total	41,607
Accumulated Depreciation	4,856
Total Cost, Net of Accumulated Depreciation	36,751	37,426
Encumbrances	$ 0
Current Communities | The Statesman
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	281
Initial Cost
Land and improvements	$ 38,140
Building / Construction in Progress & Improvements	35,352
Costs Subsequent to Acquisition / Construction	3,857
Total Cost
Land	38,140
Building / Construction in Progress & Improvements	39,209
Total	77,349
Accumulated Depreciation	8,515
Total Cost, Net of Accumulated Depreciation	68,834	70,058
Encumbrances	$ 0
Current Communities | Eaves Glover Park
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	120
Initial Cost
Land and improvements	$ 9,580
Building / Construction in Progress & Improvements	26,532
Costs Subsequent to Acquisition / Construction	2,317
Total Cost
Land	9,580
Building / Construction in Progress & Improvements	28,849
Total	38,429
Accumulated Depreciation	5,485
Total Cost, Net of Accumulated Depreciation	32,944	33,836
Encumbrances	$ 0
Current Communities | AVA Van Ness
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	269
Initial Cost
Land and improvements	$ 22,890
Building / Construction in Progress & Improvements	58,691
Costs Subsequent to Acquisition / Construction	4,127
Total Cost
Land	22,890
Building / Construction in Progress & Improvements	62,818
Total	85,708
Accumulated Depreciation	11,152
Total Cost, Net of Accumulated Depreciation	74,556	76,255
Encumbrances	$ 0
Current Communities | Avalon First & M
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	469
Initial Cost
Land and improvements	$ 43,700
Building / Construction in Progress & Improvements	153,950
Costs Subsequent to Acquisition / Construction	3,048
Total Cost
Land	43,700
Building / Construction in Progress & Improvements	156,998
Total	200,698
Accumulated Depreciation	23,077
Total Cost, Net of Accumulated Depreciation	177,621	182,659
Encumbrances	$ 0
Current Communities | Avalon at Fairway Hills
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	720
Initial Cost
Land and improvements	$ 8,603
Building / Construction in Progress & Improvements	34,432
Costs Subsequent to Acquisition / Construction	16,129
Total Cost
Land	8,603
Building / Construction in Progress & Improvements	50,561
Total	59,164
Accumulated Depreciation	31,780
Total Cost, Net of Accumulated Depreciation	27,384	29,017
Encumbrances	$ 0
Current Communities | Eaves Washingtonian Center I
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	288
Initial Cost
Land and improvements	$ 4,047
Building / Construction in Progress & Improvements	18,553
Costs Subsequent to Acquisition / Construction	1,985
Total Cost
Land	4,047
Building / Construction in Progress & Improvements	20,538
Total	24,585
Accumulated Depreciation	13,327
Total Cost, Net of Accumulated Depreciation	11,258	11,103
Encumbrances	$ 0
Current Communities | Eaves Columbia Town Center
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	392
Initial Cost
Land and improvements	$ 8,802
Building / Construction in Progress & Improvements	35,536
Costs Subsequent to Acquisition / Construction	11,861
Total Cost
Land	8,802
Building / Construction in Progress & Improvements	47,397
Total	56,199
Accumulated Depreciation	19,385
Total Cost, Net of Accumulated Depreciation	36,814	38,093
Encumbrances	$ 0
Current Communities | Avalon at Grosvenor Station
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	497
Initial Cost
Land and improvements	$ 29,159
Building / Construction in Progress & Improvements	52,993
Costs Subsequent to Acquisition / Construction	2,276
Total Cost
Land	29,159
Building / Construction in Progress & Improvements	55,269
Total	84,428
Accumulated Depreciation	25,023
Total Cost, Net of Accumulated Depreciation	59,405	61,283
Encumbrances	$ 0
Current Communities | Avalon at Traville
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	520
Initial Cost
Land and improvements	$ 14,365
Building / Construction in Progress & Improvements	55,398
Costs Subsequent to Acquisition / Construction	3,901
Total Cost
Land	14,365
Building / Construction in Progress & Improvements	59,299
Total	73,664
Accumulated Depreciation	25,599
Total Cost, Net of Accumulated Depreciation	48,065	49,262
Encumbrances	$ 71,871
Current Communities | Avalon Russett
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	238
Initial Cost
Land and improvements	$ 10,200
Building / Construction in Progress & Improvements	47,524
Costs Subsequent to Acquisition / Construction	2,883
Total Cost
Land	10,200
Building / Construction in Progress & Improvements	50,407
Total	60,607
Accumulated Depreciation	9,182
Total Cost, Net of Accumulated Depreciation	51,425	53,187
Encumbrances	$ 32,199
Current Communities | Eaves Fair Lakes
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	420
Initial Cost
Land and improvements	$ 6,096
Building / Construction in Progress & Improvements	24,400
Costs Subsequent to Acquisition / Construction	8,564
Total Cost
Land	6,096
Building / Construction in Progress & Improvements	32,964
Total	39,060
Accumulated Depreciation	20,074
Total Cost, Net of Accumulated Depreciation	18,986	19,927
Encumbrances	$ 0
Current Communities | AVA Ballston
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	344
Initial Cost
Land and improvements	$ 7,291
Building / Construction in Progress & Improvements	29,177
Costs Subsequent to Acquisition / Construction	16,272
Total Cost
Land	7,291
Building / Construction in Progress & Improvements	45,449
Total	52,740
Accumulated Depreciation	27,544
Total Cost, Net of Accumulated Depreciation	25,196	26,623
Encumbrances	$ 0
Current Communities | Eaves Fairfax City
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	141
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	7,676
Total Cost, Net of Accumulated Depreciation	8,773	9,292
Encumbrances	$ 0
Current Communities | Avalon Tysons Corner
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	558
Initial Cost
Land and improvements	$ 13,851
Building / Construction in Progress & Improvements	43,397
Costs Subsequent to Acquisition / Construction	12,527
Total Cost
Land	13,851
Building / Construction in Progress & Improvements	55,924
Total	69,775
Accumulated Depreciation	30,819
Total Cost, Net of Accumulated Depreciation	38,956	40,926
Encumbrances	$ 0
Current Communities | Avalon Glendora [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	280
Initial Cost
Land and improvements	$ 18,311
Building / Construction in Progress & Improvements	64,649
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	18,311
Building / Construction in Progress & Improvements	64,649
Total	82,960
Accumulated Depreciation	2,602
Total Cost, Net of Accumulated Depreciation	80,358	81,730
Encumbrances	$ 0
Current Communities | Avalon Park Crest
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	354
Initial Cost
Land and improvements	$ 13,554
Building / Construction in Progress & Improvements	63,526
Costs Subsequent to Acquisition / Construction	83
Total Cost
Land	13,554
Building / Construction in Progress & Improvements	63,609
Total	77,163
Accumulated Depreciation	9,568
Total Cost, Net of Accumulated Depreciation	67,595	69,885
Encumbrances	$ 0
Current Communities | Eaves Fairfax Towers
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	415
Initial Cost
Land and improvements	$ 17,889
Building / Construction in Progress & Improvements	74,727
Costs Subsequent to Acquisition / Construction	2,156
Total Cost
Land	17,889
Building / Construction in Progress & Improvements	76,883
Total	94,772
Accumulated Depreciation	15,509
Total Cost, Net of Accumulated Depreciation	79,263	81,868
Encumbrances	$ 0
Current Communities | Avalon Ballston Place
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	383
Initial Cost
Land and improvements	$ 38,490
Building / Construction in Progress & Improvements	123,645
Costs Subsequent to Acquisition / Construction	4,640
Total Cost
Land	38,490
Building / Construction in Progress & Improvements	128,285
Total	166,775
Accumulated Depreciation	20,296
Total Cost, Net of Accumulated Depreciation	146,479	150,147
Encumbrances	$ 0
Current Communities | Eaves Tysons Corner
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	217
Initial Cost
Land and improvements	$ 16,030
Building / Construction in Progress & Improvements	45,420
Costs Subsequent to Acquisition / Construction	2,710
Total Cost
Land	16,030
Building / Construction in Progress & Improvements	48,130
Total	64,160
Accumulated Depreciation	9,237
Total Cost, Net of Accumulated Depreciation	54,923	56,669
Encumbrances	$ 0
Current Communities | Avalon Ballston Square
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	714
Initial Cost
Land and improvements	$ 71,640
Building / Construction in Progress & Improvements	215,937
Costs Subsequent to Acquisition / Construction	14,112
Total Cost
Land	71,640
Building / Construction in Progress & Improvements	230,049
Total	301,689
Accumulated Depreciation	38,967
Total Cost, Net of Accumulated Depreciation	262,722	268,502
Encumbrances	$ 0
Current Communities | Archstone Courthouse Place
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	564
Initial Cost
Land and improvements	$ 56,550
Building / Construction in Progress & Improvements	178,032
Costs Subsequent to Acquisition / Construction	9,924
Total Cost
Land	56,550
Building / Construction in Progress & Improvements	187,956
Total	244,506
Accumulated Depreciation	31,392
Total Cost, Net of Accumulated Depreciation	213,114	218,300
Encumbrances	$ 118,112
Current Communities | Avalon Arlington North
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	228
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	5,682
Total Cost, Net of Accumulated Depreciation	74,995	77,076
Encumbrances	$ 0
Current Communities | Avalon Reston Landing
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	400
Initial Cost
Land and improvements	$ 26,710
Building / Construction in Progress & Improvements	83,084
Costs Subsequent to Acquisition / Construction	5,185
Total Cost
Land	26,710
Building / Construction in Progress & Improvements	88,269
Total	114,979
Accumulated Depreciation	16,541
Total Cost, Net of Accumulated Depreciation	98,438	101,004
Encumbrances	$ 0
Current Communities | Avalon Redmond Place
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	222
Initial Cost
Land and improvements	$ 4,558
Building / Construction in Progress & Improvements	18,368
Costs Subsequent to Acquisition / Construction	10,260
Total Cost
Land	4,558
Building / Construction in Progress & Improvements	28,628
Total	33,186
Accumulated Depreciation	16,544
Total Cost, Net of Accumulated Depreciation	16,642	17,646
Encumbrances	$ 0
Current Communities | Avalon at Bear Creek
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	264
Initial Cost
Land and improvements	$ 6,786
Building / Construction in Progress & Improvements	27,641
Costs Subsequent to Acquisition / Construction	4,187
Total Cost
Land	6,786
Building / Construction in Progress & Improvements	31,828
Total	38,614
Accumulated Depreciation	19,969
Total Cost, Net of Accumulated Depreciation	18,645	19,290
Encumbrances	$ 0
Current Communities | Avalon Bellevue
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	201
Initial Cost
Land and improvements	$ 6,664
Building / Construction in Progress & Improvements	24,119
Costs Subsequent to Acquisition / Construction	1,920
Total Cost
Land	6,664
Building / Construction in Progress & Improvements	26,039
Total	32,703
Accumulated Depreciation	14,262
Total Cost, Net of Accumulated Depreciation	18,441	19,258
Encumbrances	$ 24,695
Current Communities | Avalon RockMeadow
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	206
Initial Cost
Land and improvements	$ 4,777
Building / Construction in Progress & Improvements	19,765
Costs Subsequent to Acquisition / Construction	2,392
Total Cost
Land	4,777
Building / Construction in Progress & Improvements	22,157
Total	26,934
Accumulated Depreciation	12,477
Total Cost, Net of Accumulated Depreciation	14,457	15,191
Encumbrances	$ 0
Current Communities | Avalon ParcSquare
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	124
Initial Cost
Land and improvements	$ 3,789
Building / Construction in Progress & Improvements	15,139
Costs Subsequent to Acquisition / Construction	3,150
Total Cost
Land	3,789
Building / Construction in Progress & Improvements	18,289
Total	22,078
Accumulated Depreciation	10,018
Total Cost, Net of Accumulated Depreciation	12,060	12,292
Encumbrances	$ 0
Current Communities | AVA Belltown
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	100
Initial Cost
Land and improvements	$ 5,644
Building / Construction in Progress & Improvements	12,733
Costs Subsequent to Acquisition / Construction	1,013
Total Cost
Land	5,644
Building / Construction in Progress & Improvements	13,746
Total	19,390
Accumulated Depreciation	7,387
Total Cost, Net of Accumulated Depreciation	12,003	12,409
Encumbrances	$ 60,766
Current Communities | Avalon Meydenbauer
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	368
Initial Cost
Land and improvements	$ 12,697
Building / Construction in Progress & Improvements	77,450
Costs Subsequent to Acquisition / Construction	1,271
Total Cost
Land	12,697
Building / Construction in Progress & Improvements	78,721
Total	91,418
Accumulated Depreciation	23,732
Total Cost, Net of Accumulated Depreciation	67,686	70,408
Encumbrances	$ 0
Current Communities | Avalon Towers Bellevue
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	397
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	123,029
Costs Subsequent to Acquisition / Construction	925
Total Cost
Land	0
Building / Construction in Progress & Improvements	123,954
Total	123,954
Accumulated Depreciation	27,956
Total Cost, Net of Accumulated Depreciation	95,998	100,369
Encumbrances	$ 0
Current Communities | AVA Queen Anne
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	203
Initial Cost
Land and improvements	$ 12,081
Building / Construction in Progress & Improvements	41,618
Costs Subsequent to Acquisition / Construction	431
Total Cost
Land	12,081
Building / Construction in Progress & Improvements	42,049
Total	54,130
Accumulated Depreciation	7,488
Total Cost, Net of Accumulated Depreciation	46,642	48,129
Encumbrances	$ 0
Current Communities | Avalon Ballard
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	265
Initial Cost
Land and improvements	$ 16,460
Building / Construction in Progress & Improvements	46,926
Costs Subsequent to Acquisition / Construction	985
Total Cost
Land	16,460
Building / Construction in Progress & Improvements	47,911
Total	64,371
Accumulated Depreciation	6,478
Total Cost, Net of Accumulated Depreciation	57,893	59,684
Encumbrances	$ 0
Current Communities | AVA University District
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	283
Initial Cost
Land and improvements	$ 12,594
Building / Construction in Progress & Improvements	60,845
Costs Subsequent to Acquisition / Construction	480
Total Cost
Land	12,594
Building / Construction in Progress & Improvements	61,325
Total	73,919
Accumulated Depreciation	6,634
Total Cost, Net of Accumulated Depreciation	67,285	69,274
Encumbrances	$ 0
Current Communities | Eaves Redmond Campus
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	422
Initial Cost
Land and improvements	$ 22,580
Building / Construction in Progress & Improvements	88,001
Costs Subsequent to Acquisition / Construction	5,994
Total Cost
Land	22,580
Building / Construction in Progress & Improvements	93,995
Total	116,575
Accumulated Depreciation	17,418
Total Cost, Net of Accumulated Depreciation	99,157	102,525
Encumbrances	$ 0
Current Communities | Archstone Redmond Lakeview
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	166
Initial Cost
Land and improvements	$ 10,250
Building / Construction in Progress & Improvements	26,842
Costs Subsequent to Acquisition / Construction	2,925
Total Cost
Land	10,250
Building / Construction in Progress & Improvements	29,767
Total	40,017
Accumulated Depreciation	5,619
Total Cost, Net of Accumulated Depreciation	34,398	34,617
Encumbrances	$ 0
Current Communities | Avalon Campbell
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	348
Initial Cost
Land and improvements	$ 11,830
Building / Construction in Progress & Improvements	47,828
Costs Subsequent to Acquisition / Construction	13,459
Total Cost
Land	11,830
Building / Construction in Progress & Improvements	61,287
Total	73,117
Accumulated Depreciation	33,162
Total Cost, Net of Accumulated Depreciation	39,955	42,162
Encumbrances	$ 38,800
Current Communities | Eaves San Jose
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	440
Initial Cost
Land and improvements	$ 12,920
Building / Construction in Progress & Improvements	53,047
Costs Subsequent to Acquisition / Construction	18,869
Total Cost
Land	12,920
Building / Construction in Progress & Improvements	71,916
Total	84,836
Accumulated Depreciation	33,693
Total Cost, Net of Accumulated Depreciation	51,143	53,631
Encumbrances	$ 0
Current Communities | Avalon on the Alameda
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	305
Initial Cost
Land and improvements	$ 6,119
Building / Construction in Progress & Improvements	50,225
Costs Subsequent to Acquisition / Construction	2,873
Total Cost
Land	6,119
Building / Construction in Progress & Improvements	53,098
Total	59,217
Accumulated Depreciation	31,720
Total Cost, Net of Accumulated Depreciation	27,497	28,335
Encumbrances	$ 49,930
Current Communities | Avalon Mountain View
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	248
Initial Cost
Land and improvements	$ 9,755
Building / Construction in Progress & Improvements	39,393
Costs Subsequent to Acquisition / Construction	10,219
Total Cost
Land	9,755
Building / Construction in Progress & Improvements	49,612
Total	59,367
Accumulated Depreciation	28,805
Total Cost, Net of Accumulated Depreciation	30,562	31,930
Encumbrances	$ 17,300
Current Communities | Eaves Creekside
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	296
Initial Cost
Land and improvements	$ 6,546
Building / Construction in Progress & Improvements	26,263
Costs Subsequent to Acquisition / Construction	21,312
Total Cost
Land	6,546
Building / Construction in Progress & Improvements	47,575
Total	54,121
Accumulated Depreciation	24,129
Total Cost, Net of Accumulated Depreciation	29,992	31,691
Encumbrances	$ 0
Current Communities | Avalon at Cahill Park
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	218
Initial Cost
Land and improvements	$ 4,765
Building / Construction in Progress & Improvements	47,600
Costs Subsequent to Acquisition / Construction	1,775
Total Cost
Land	4,765
Building / Construction in Progress & Improvements	49,375
Total	54,140
Accumulated Depreciation	24,304
Total Cost, Net of Accumulated Depreciation	29,836	31,284
Encumbrances	$ 0
Current Communities | Avalon Morrison Park [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	250
Initial Cost
Land and improvements	$ 13,837
Building / Construction in Progress & Improvements	64,534
Costs Subsequent to Acquisition / Construction	60
Total Cost
Land	13,837
Building / Construction in Progress & Improvements	64,594
Total	78,431
Accumulated Depreciation	6,429
Total Cost, Net of Accumulated Depreciation	72,002	74,236
Encumbrances	$ 0
Current Communities | Avalon Willow Glen
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	412
Initial Cost
Land and improvements	$ 46,060
Building / Construction in Progress & Improvements	81,957
Costs Subsequent to Acquisition / Construction	4,137
Total Cost
Land	46,060
Building / Construction in Progress & Improvements	86,094
Total	132,154
Accumulated Depreciation	16,506
Total Cost, Net of Accumulated Depreciation	115,648	118,974
Encumbrances	$ 0
Current Communities | Eaves West Valley
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	873
Initial Cost
Land and improvements	$ 90,890
Building / Construction in Progress & Improvements	132,040
Costs Subsequent to Acquisition / Construction	8,581
Total Cost
Land	90,890
Building / Construction in Progress & Improvements	140,621
Total	231,511
Accumulated Depreciation	25,740
Total Cost, Net of Accumulated Depreciation	205,771	209,788
Encumbrances	$ 146,696
Current Communities | Eaves Mountain View at Middlefield
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	402
Initial Cost
Land and improvements	$ 64,070
Building / Construction in Progress & Improvements	69,018
Costs Subsequent to Acquisition / Construction	5,316
Total Cost
Land	64,070
Building / Construction in Progress & Improvements	74,334
Total	138,404
Accumulated Depreciation	15,001
Total Cost, Net of Accumulated Depreciation	123,403	126,006
Encumbrances	$ 0
Current Communities | Avalon Fremont
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	308
Initial Cost
Land and improvements	$ 10,746
Building / Construction in Progress & Improvements	43,399
Costs Subsequent to Acquisition / Construction	5,668
Total Cost
Land	10,746
Building / Construction in Progress & Improvements	49,067
Total	59,813
Accumulated Depreciation	31,715
Total Cost, Net of Accumulated Depreciation	28,098	29,516
Encumbrances	$ 0
Current Communities | Eaves Pleasanton
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	456
Initial Cost
Land and improvements	$ 11,610
Building / Construction in Progress & Improvements	46,552
Costs Subsequent to Acquisition / Construction	21,507
Total Cost
Land	11,610
Building / Construction in Progress & Improvements	68,059
Total	79,669
Accumulated Depreciation	37,905
Total Cost, Net of Accumulated Depreciation	41,764	43,952
Encumbrances	$ 0
Current Communities | Eaves Union City
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	208
Initial Cost
Land and improvements	$ 4,249
Building / Construction in Progress & Improvements	16,820
Costs Subsequent to Acquisition / Construction	3,166
Total Cost
Land	4,249
Building / Construction in Progress & Improvements	19,986
Total	24,235
Accumulated Depreciation	12,893
Total Cost, Net of Accumulated Depreciation	11,342	11,834
Encumbrances	$ 0
Current Communities | Eaves Fremont
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	235
Initial Cost
Land and improvements	$ 6,581
Building / Construction in Progress & Improvements	26,583
Costs Subsequent to Acquisition / Construction	9,797
Total Cost
Land	6,581
Building / Construction in Progress & Improvements	36,380
Total	42,961
Accumulated Depreciation	21,576
Total Cost, Net of Accumulated Depreciation	21,385	22,507
Encumbrances	$ 0
Current Communities | Avalon Union City
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	439
Initial Cost
Land and improvements	$ 14,732
Building / Construction in Progress & Improvements	104,024
Costs Subsequent to Acquisition / Construction	759
Total Cost
Land	14,732
Building / Construction in Progress & Improvements	104,783
Total	119,515
Accumulated Depreciation	27,120
Total Cost, Net of Accumulated Depreciation	92,395	96,048
Encumbrances	$ 0
Current Communities | Avalon Walnut Creek
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	418
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	146,097
Costs Subsequent to Acquisition / Construction	2,815
Total Cost
Land	0
Building / Construction in Progress & Improvements	148,912
Total	148,912
Accumulated Depreciation	33,095
Total Cost, Net of Accumulated Depreciation	115,817	120,512
Encumbrances	$ 3,420
Current Communities | Eaves Walnut Creek
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	510
Initial Cost
Land and improvements	$ 30,320
Building / Construction in Progress & Improvements	82,375
Costs Subsequent to Acquisition / Construction	14,605
Total Cost
Land	30,320
Building / Construction in Progress & Improvements	96,980
Total	127,300
Accumulated Depreciation	15,766
Total Cost, Net of Accumulated Depreciation	111,534	111,669
Encumbrances	$ 0
Current Communities | Avalon Walnut Ridge II
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	360
Initial Cost
Land and improvements	$ 27,190
Building / Construction in Progress & Improvements	57,041
Costs Subsequent to Acquisition / Construction	3,801
Total Cost
Land	27,190
Building / Construction in Progress & Improvements	60,842
Total	88,032
Accumulated Depreciation	11,211
Total Cost, Net of Accumulated Depreciation	76,821	78,524
Encumbrances	$ 0
Current Communities | Avalon Berkeley
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	94
Initial Cost
Land and improvements	$ 4,500
Building / Construction in Progress & Improvements	28,611
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	4,500
Building / Construction in Progress & Improvements	28,611
Total	33,111
Accumulated Depreciation	2,504
Total Cost, Net of Accumulated Depreciation	30,607	31,446
Encumbrances	$ 0
Current Communities | Eaves Daly City
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	195
Initial Cost
Land and improvements	$ 4,230
Building / Construction in Progress & Improvements	9,659
Costs Subsequent to Acquisition / Construction	19,017
Total Cost
Land	4,230
Building / Construction in Progress & Improvements	28,676
Total	32,906
Accumulated Depreciation	16,733
Total Cost, Net of Accumulated Depreciation	16,173	16,838
Encumbrances	$ 0
Current Communities | AVA Nob Hill
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	185
Initial Cost
Land and improvements	$ 5,403
Building / Construction in Progress & Improvements	21,567
Costs Subsequent to Acquisition / Construction	7,067
Total Cost
Land	5,403
Building / Construction in Progress & Improvements	28,634
Total	34,037
Accumulated Depreciation	16,057
Total Cost, Net of Accumulated Depreciation	17,980	18,861
Encumbrances	$ 20,800
Current Communities | Eaves San Rafael
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	254
Initial Cost
Land and improvements	$ 5,982
Building / Construction in Progress & Improvements	16,885
Costs Subsequent to Acquisition / Construction	24,604
Total Cost
Land	5,982
Building / Construction in Progress & Improvements	41,489
Total	47,471
Accumulated Depreciation	20,782
Total Cost, Net of Accumulated Depreciation	26,689	27,899
Encumbrances	$ 0
Current Communities | Eaves Foster City
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	288
Initial Cost
Land and improvements	$ 7,852
Building / Construction in Progress & Improvements	31,445
Costs Subsequent to Acquisition / Construction	11,296
Total Cost
Land	7,852
Building / Construction in Progress & Improvements	42,741
Total	50,593
Accumulated Depreciation	24,153
Total Cost, Net of Accumulated Depreciation	26,440	27,811
Encumbrances	$ 0
Current Communities | Eaves Pacifica
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	220
Initial Cost
Land and improvements	$ 6,125
Building / Construction in Progress & Improvements	24,796
Costs Subsequent to Acquisition / Construction	2,873
Total Cost
Land	6,125
Building / Construction in Progress & Improvements	27,669
Total	33,794
Accumulated Depreciation	17,619
Total Cost, Net of Accumulated Depreciation	16,175	17,057
Encumbrances	$ 17,600
Current Communities | Avalon Dublin Station
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	253
Initial Cost
Land and improvements	$ 7,772
Building / Construction in Progress & Improvements	72,067
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	7,772
Building / Construction in Progress & Improvements	72,067
Total	79,839
Accumulated Depreciation	7,037
Total Cost, Net of Accumulated Depreciation	72,802	74,302
Encumbrances	$ 0
Current Communities | Avalon Sunset Towers
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	243
Initial Cost
Land and improvements	$ 3,561
Building / Construction in Progress & Improvements	21,321
Costs Subsequent to Acquisition / Construction	15,463
Total Cost
Land	3,561
Building / Construction in Progress & Improvements	36,784
Total	40,345
Accumulated Depreciation	18,526
Total Cost, Net of Accumulated Depreciation	21,819	22,583
Encumbrances	$ 0
Current Communities | Eaves Diamond Heights
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	154
Initial Cost
Land and improvements	$ 4,726
Building / Construction in Progress & Improvements	19,130
Costs Subsequent to Acquisition / Construction	6,031
Total Cost
Land	4,726
Building / Construction in Progress & Improvements	25,161
Total	29,887
Accumulated Depreciation	14,574
Total Cost, Net of Accumulated Depreciation	15,313	15,928
Encumbrances	$ 0
Current Communities | Avalon at Mission Bay North
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	250
Initial Cost
Land and improvements	$ 14,029
Building / Construction in Progress & Improvements	78,452
Costs Subsequent to Acquisition / Construction	3,302
Total Cost
Land	14,029
Building / Construction in Progress & Improvements	81,754
Total	95,783
Accumulated Depreciation	38,957
Total Cost, Net of Accumulated Depreciation	56,826	59,334
Encumbrances	$ 67,772
Current Communities | Avalon at Mission Bay III
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	260
Initial Cost
Land and improvements	$ 28,687
Building / Construction in Progress & Improvements	119,156
Costs Subsequent to Acquisition / Construction	300
Total Cost
Land	28,687
Building / Construction in Progress & Improvements	119,456
Total	148,143
Accumulated Depreciation	31,052
Total Cost, Net of Accumulated Depreciation	117,091	120,981
Encumbrances	$ 0
Current Communities | Avalon Ocean Avenue
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	173
Initial Cost
Land and improvements	$ 5,544
Building / Construction in Progress & Improvements	50,906
Costs Subsequent to Acquisition / Construction	1,783
Total Cost
Land	5,544
Building / Construction in Progress & Improvements	52,689
Total	58,233
Accumulated Depreciation	8,653
Total Cost, Net of Accumulated Depreciation	49,580	51,446
Encumbrances	$ 0
Current Communities | AVA 55 Ninth
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	273
Initial Cost
Land and improvements	$ 20,267
Building / Construction in Progress & Improvements	97,321
Costs Subsequent to Acquisition / Construction	1,235
Total Cost
Land	20,267
Building / Construction in Progress & Improvements	98,556
Total	118,823
Accumulated Depreciation	9,409
Total Cost, Net of Accumulated Depreciation	109,414	112,904
Encumbrances	$ 0
Current Communities | Avalon San Bruno I
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	300
Initial Cost
Land and improvements	$ 40,780
Building / Construction in Progress & Improvements	68,684
Costs Subsequent to Acquisition / Construction	3,464
Total Cost
Land	40,780
Building / Construction in Progress & Improvements	72,148
Total	112,928
Accumulated Depreciation	12,654
Total Cost, Net of Accumulated Depreciation	100,274	102,464
Encumbrances	$ 64,450
Current Communities | Avalon San Bruno II
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	185
Initial Cost
Land and improvements	$ 23,787
Building / Construction in Progress & Improvements	44,934
Costs Subsequent to Acquisition / Construction	1,792
Total Cost
Land	23,787
Building / Construction in Progress & Improvements	46,726
Total	70,513
Accumulated Depreciation	7,634
Total Cost, Net of Accumulated Depreciation	62,879	64,310
Encumbrances	$ 30,001
Current Communities | Avalon San Bruno III
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	187
Initial Cost
Land and improvements	$ 33,303
Building / Construction in Progress & Improvements	62,910
Costs Subsequent to Acquisition / Construction	2,743
Total Cost
Land	33,303
Building / Construction in Progress & Improvements	65,653
Total	98,956
Accumulated Depreciation	10,713
Total Cost, Net of Accumulated Depreciation	88,243	90,108
Encumbrances	$ 54,408
Current Communities | AVA Burbank
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	748
Initial Cost
Land and improvements	$ 22,483
Building / Construction in Progress & Improvements	28,104
Costs Subsequent to Acquisition / Construction	48,244
Total Cost
Land	22,483
Building / Construction in Progress & Improvements	76,348
Total	98,831
Accumulated Depreciation	37,963
Total Cost, Net of Accumulated Depreciation	60,868	63,710
Encumbrances	$ 0
Current Communities | Avalon Woodland Hills
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	663
Initial Cost
Land and improvements	$ 23,828
Building / Construction in Progress & Improvements	40,372
Costs Subsequent to Acquisition / Construction	48,635
Total Cost
Land	23,828
Building / Construction in Progress & Improvements	89,007
Total	112,835
Accumulated Depreciation	42,401
Total Cost, Net of Accumulated Depreciation	70,434	72,111
Encumbrances	$ 0
Current Communities | Eaves Warner Center
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	227
Initial Cost
Land and improvements	$ 7,045
Building / Construction in Progress & Improvements	12,986
Costs Subsequent to Acquisition / Construction	9,555
Total Cost
Land	7,045
Building / Construction in Progress & Improvements	22,541
Total	29,586
Accumulated Depreciation	14,995
Total Cost, Net of Accumulated Depreciation	14,591	15,589
Encumbrances	$ 0
Current Communities | Avalon Glendale
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	223
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	42,564
Costs Subsequent to Acquisition / Construction	1,620
Total Cost
Land	0
Building / Construction in Progress & Improvements	44,184
Total	44,184
Accumulated Depreciation	20,062
Total Cost, Net of Accumulated Depreciation	24,122	25,401
Encumbrances	$ 0
Current Communities | Avalon Burbank
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	400
Initial Cost
Land and improvements	$ 14,053
Building / Construction in Progress & Improvements	56,827
Costs Subsequent to Acquisition / Construction	24,294
Total Cost
Land	14,053
Building / Construction in Progress & Improvements	81,121
Total	95,174
Accumulated Depreciation	34,847
Total Cost, Net of Accumulated Depreciation	60,327	62,757
Encumbrances	$ 0
Current Communities | Avalon Camarillo
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	249
Initial Cost
Land and improvements	$ 8,446
Building / Construction in Progress & Improvements	40,290
Costs Subsequent to Acquisition / Construction	628
Total Cost
Land	8,446
Building / Construction in Progress & Improvements	40,918
Total	49,364
Accumulated Depreciation	14,959
Total Cost, Net of Accumulated Depreciation	34,405	35,571
Encumbrances	$ 0
Current Communities | Avalon Wilshire
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	123
Initial Cost
Land and improvements	$ 5,459
Building / Construction in Progress & Improvements	41,182
Costs Subsequent to Acquisition / Construction	1,176
Total Cost
Land	5,459
Building / Construction in Progress & Improvements	42,358
Total	47,817
Accumulated Depreciation	14,216
Total Cost, Net of Accumulated Depreciation	33,601	34,959
Encumbrances	$ 61,268
Current Communities | Avalon Encino
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	131
Initial Cost
Land and improvements	$ 12,789
Building / Construction in Progress & Improvements	49,073
Costs Subsequent to Acquisition / Construction	803
Total Cost
Land	12,789
Building / Construction in Progress & Improvements	49,876
Total	62,665
Accumulated Depreciation	14,253
Total Cost, Net of Accumulated Depreciation	48,412	49,863
Encumbrances	$ 33,882
Current Communities | Avalon Warner Place
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	210
Initial Cost
Land and improvements	$ 7,920
Building / Construction in Progress & Improvements	44,845
Costs Subsequent to Acquisition / Construction	535
Total Cost
Land	7,920
Building / Construction in Progress & Improvements	45,380
Total	53,300
Accumulated Depreciation	13,573
Total Cost, Net of Accumulated Depreciation	39,727	40,914
Encumbrances	$ 0
Current Communities | Eaves Phillips Ranch
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	501
Initial Cost
Land and improvements	$ 9,796
Building / Construction in Progress & Improvements	41,740
Costs Subsequent to Acquisition / Construction	1,141
Total Cost
Land	9,796
Building / Construction in Progress & Improvements	42,881
Total	52,677
Accumulated Depreciation	8,619
Total Cost, Net of Accumulated Depreciation	44,058	44,927
Encumbrances	$ 0
Current Communities | Eaves San Dimas
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	102
Initial Cost
Land and improvements	$ 1,916
Building / Construction in Progress & Improvements	7,819
Costs Subsequent to Acquisition / Construction	1,265
Total Cost
Land	1,916
Building / Construction in Progress & Improvements	9,084
Total	11,000
Accumulated Depreciation	1,786
Total Cost, Net of Accumulated Depreciation	9,214	9,381
Encumbrances	$ 0
Current Communities | Eaves San Dimas Canyon
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	156
Initial Cost
Land and improvements	$ 2,953
Building / Construction in Progress & Improvements	12,428
Costs Subsequent to Acquisition / Construction	529
Total Cost
Land	2,953
Building / Construction in Progress & Improvements	12,957
Total	15,910
Accumulated Depreciation	2,621
Total Cost, Net of Accumulated Depreciation	13,289	13,568
Encumbrances	$ 0
Current Communities | AVA Pasadena
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	84
Initial Cost
Land and improvements	$ 8,400
Building / Construction in Progress & Improvements	11,547
Costs Subsequent to Acquisition / Construction	5,513
Total Cost
Land	8,400
Building / Construction in Progress & Improvements	17,060
Total	25,460
Accumulated Depreciation	2,581
Total Cost, Net of Accumulated Depreciation	22,879	23,511
Encumbrances	$ 11,287
Current Communities | Eaves Cerritos
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	151
Initial Cost
Land and improvements	$ 8,305
Building / Construction in Progress & Improvements	21,195
Costs Subsequent to Acquisition / Construction	1,431
Total Cost
Land	8,305
Building / Construction in Progress & Improvements	22,626
Total	30,931
Accumulated Depreciation	3,588
Total Cost, Net of Accumulated Depreciation	27,343	28,143
Encumbrances	$ 0
Current Communities | Avalon Del Rey
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	309
Initial Cost
Land and improvements	$ 30,900
Building / Construction in Progress & Improvements	72,008
Costs Subsequent to Acquisition / Construction	2,303
Total Cost
Land	30,900
Building / Construction in Progress & Improvements	74,311
Total	105,211
Accumulated Depreciation	11,435
Total Cost, Net of Accumulated Depreciation	93,776	96,612
Encumbrances	$ 0
Current Communities | Avalon San Dimas
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	156
Initial Cost
Land and improvements	$ 9,141
Building / Construction in Progress & Improvements	30,727
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	9,141
Building / Construction in Progress & Improvements	30,727
Total	39,868
Accumulated Depreciation	2,618
Total Cost, Net of Accumulated Depreciation	37,250	38,391
Encumbrances	$ 0
Current Communities | Avalon Mission Oaks
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	160
Initial Cost
Land and improvements	$ 9,600
Building / Construction in Progress & Improvements	35,842
Costs Subsequent to Acquisition / Construction	2,943
Total Cost
Land	9,600
Building / Construction in Progress & Improvements	38,785
Total	48,385
Accumulated Depreciation	4,104
Total Cost, Net of Accumulated Depreciation	44,281	44,423
Encumbrances	$ 19,545
Current Communities | Avalon Simi Valley
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	500
Initial Cost
Land and improvements	$ 42,020
Building / Construction in Progress & Improvements	73,361
Costs Subsequent to Acquisition / Construction	4,705
Total Cost
Land	42,020
Building / Construction in Progress & Improvements	78,066
Total	120,086
Accumulated Depreciation	14,611
Total Cost, Net of Accumulated Depreciation	105,475	108,062
Encumbrances	$ 0
Current Communities | AVA Studio City II
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	101
Initial Cost
Land and improvements	$ 4,626
Building / Construction in Progress & Improvements	22,954
Costs Subsequent to Acquisition / Construction	1,502
Total Cost
Land	4,626
Building / Construction in Progress & Improvements	24,456
Total	29,082
Accumulated Depreciation	4,234
Total Cost, Net of Accumulated Depreciation	24,848	25,449
Encumbrances	$ 0
Current Communities | Avalon Studio City
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	276
Initial Cost
Land and improvements	$ 15,756
Building / Construction in Progress & Improvements	78,178
Costs Subsequent to Acquisition / Construction	4,501
Total Cost
Land	15,756
Building / Construction in Progress & Improvements	82,679
Total	98,435
Accumulated Depreciation	14,193
Total Cost, Net of Accumulated Depreciation	84,242	86,237
Encumbrances	$ 0
Current Communities | Avalon Calabasas
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	600
Initial Cost
Land and improvements	$ 42,720
Building / Construction in Progress & Improvements	107,642
Costs Subsequent to Acquisition / Construction	9,215
Total Cost
Land	42,720
Building / Construction in Progress & Improvements	116,857
Total	159,577
Accumulated Depreciation	23,066
Total Cost, Net of Accumulated Depreciation	136,511	140,486
Encumbrances	$ 97,980
Current Communities | Avalon Oak Creek
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	336
Initial Cost
Land and improvements	$ 43,540
Building / Construction in Progress & Improvements	79,974
Costs Subsequent to Acquisition / Construction	5,314
Total Cost
Land	43,540
Building / Construction in Progress & Improvements	85,288
Total	128,828
Accumulated Depreciation	17,548
Total Cost, Net of Accumulated Depreciation	111,280	114,645
Encumbrances	$ 69,696
Current Communities | Avalon Del Mar Station
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	347
Initial Cost
Land and improvements	$ 20,560
Building / Construction in Progress & Improvements	106,556
Costs Subsequent to Acquisition / Construction	3,459
Total Cost
Land	20,560
Building / Construction in Progress & Improvements	110,015
Total	130,575
Accumulated Depreciation	17,007
Total Cost, Net of Accumulated Depreciation	113,568	117,160
Encumbrances	$ 70,854
Current Communities | Eaves Old Town Pasadena
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	96
Initial Cost
Land and improvements	$ 9,110
Building / Construction in Progress & Improvements	15,371
Costs Subsequent to Acquisition / Construction	1,510
Total Cost
Land	9,110
Building / Construction in Progress & Improvements	16,881
Total	25,991
Accumulated Depreciation	3,347
Total Cost, Net of Accumulated Depreciation	22,644	23,171
Encumbrances	$ 14,120
Current Communities | Eaves Thousand Oaks
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	154
Initial Cost
Land and improvements	$ 13,950
Building / Construction in Progress & Improvements	20,211
Costs Subsequent to Acquisition / Construction	2,468
Total Cost
Land	13,950
Building / Construction in Progress & Improvements	22,679
Total	36,629
Accumulated Depreciation	5,143
Total Cost, Net of Accumulated Depreciation	31,486	32,148
Encumbrances	$ 26,392
Current Communities | Eaves Los Feliz
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	263
Initial Cost
Land and improvements	$ 18,940
Building / Construction in Progress & Improvements	43,661
Costs Subsequent to Acquisition / Construction	3,772
Total Cost
Land	18,940
Building / Construction in Progress & Improvements	47,433
Total	66,373
Accumulated Depreciation	8,810
Total Cost, Net of Accumulated Depreciation	57,563	58,938
Encumbrances	$ 41,302
Current Communities | Eaves Woodland Hills
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	883
Initial Cost
Land and improvements	$ 68,940
Building / Construction in Progress & Improvements	90,549
Costs Subsequent to Acquisition / Construction	10,439
Total Cost
Land	68,940
Building / Construction in Progress & Improvements	100,988
Total	169,928
Accumulated Depreciation	21,061
Total Cost, Net of Accumulated Depreciation	148,867	151,841
Encumbrances	$ 98,732
Current Communities | Avalon Thousand Oaks Plaza
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	148
Initial Cost
Land and improvements	$ 12,810
Building / Construction in Progress & Improvements	22,581
Costs Subsequent to Acquisition / Construction	2,006
Total Cost
Land	12,810
Building / Construction in Progress & Improvements	24,587
Total	37,397
Accumulated Depreciation	5,140
Total Cost, Net of Accumulated Depreciation	32,257	33,092
Encumbrances	$ 0
Current Communities | AVA Newport [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	145
Initial Cost
Land and improvements	$ 1,975
Building / Construction in Progress & Improvements	3,814
Costs Subsequent to Acquisition / Construction	9,838
Total Cost
Land	1,975
Building / Construction in Progress & Improvements	13,652
Total	15,627
Accumulated Depreciation	6,497
Total Cost, Net of Accumulated Depreciation	9,130	9,592
Encumbrances	$ 0
Current Communities | Avalon Mission Viejo
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	166
Initial Cost
Land and improvements	$ 2,517
Building / Construction in Progress & Improvements	9,257
Costs Subsequent to Acquisition / Construction	3,520
Total Cost
Land	2,517
Building / Construction in Progress & Improvements	12,777
Total	15,294
Accumulated Depreciation	8,149
Total Cost, Net of Accumulated Depreciation	7,145	7,676
Encumbrances	$ 7,635
Current Communities | Eaves South Coast
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	258
Initial Cost
Land and improvements	$ 4,709
Building / Construction in Progress & Improvements	16,063
Costs Subsequent to Acquisition / Construction	12,933
Total Cost
Land	4,709
Building / Construction in Progress & Improvements	28,996
Total	33,705
Accumulated Depreciation	15,876
Total Cost, Net of Accumulated Depreciation	17,829	18,770
Encumbrances	$ 0
Current Communities | Eaves Santa Margarita
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	301
Initial Cost
Land and improvements	$ 4,607
Building / Construction in Progress & Improvements	16,911
Costs Subsequent to Acquisition / Construction	10,526
Total Cost
Land	4,607
Building / Construction in Progress & Improvements	27,437
Total	32,044
Accumulated Depreciation	14,820
Total Cost, Net of Accumulated Depreciation	17,224	18,166
Encumbrances	$ 0
Current Communities | Eaves Huntington Beach
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	304
Initial Cost
Land and improvements	$ 4,871
Building / Construction in Progress & Improvements	19,745
Costs Subsequent to Acquisition / Construction	10,172
Total Cost
Land	4,871
Building / Construction in Progress & Improvements	29,917
Total	34,788
Accumulated Depreciation	18,824
Total Cost, Net of Accumulated Depreciation	15,964	16,503
Encumbrances	$ 0
Current Communities | Avalon Anaheim Stadium
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	251
Initial Cost
Land and improvements	$ 27,874
Building / Construction in Progress & Improvements	69,156
Costs Subsequent to Acquisition / Construction	1,255
Total Cost
Land	27,874
Building / Construction in Progress & Improvements	70,411
Total	98,285
Accumulated Depreciation	19,330
Total Cost, Net of Accumulated Depreciation	78,955	80,804
Encumbrances	$ 0
Current Communities | Avalon Irvine I
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	279
Initial Cost
Land and improvements	$ 9,911
Building / Construction in Progress & Improvements	67,520
Costs Subsequent to Acquisition / Construction	586
Total Cost
Land	9,911
Building / Construction in Progress & Improvements	68,106
Total	78,017
Accumulated Depreciation	17,323
Total Cost, Net of Accumulated Depreciation	60,694	62,562
Encumbrances	$ 0
Current Communities | Avalon Irvine II
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	179
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	5,729
Total Cost, Net of Accumulated Depreciation	39,535	41,023
Encumbrances	$ 0
Current Communities | Eaves Lake Forest
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	225
Initial Cost
Land and improvements	$ 5,199
Building / Construction in Progress & Improvements	21,134
Costs Subsequent to Acquisition / Construction	2,272
Total Cost
Land	5,199
Building / Construction in Progress & Improvements	23,406
Total	28,605
Accumulated Depreciation	4,735
Total Cost, Net of Accumulated Depreciation	23,870	24,598
Encumbrances	$ 0
Current Communities | Eaves Seal Beach
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	549
Initial Cost
Land and improvements	$ 46,790
Building / Construction in Progress & Improvements	99,999
Costs Subsequent to Acquisition / Construction	4,847
Total Cost
Land	46,790
Building / Construction in Progress & Improvements	104,846
Total	151,636
Accumulated Depreciation	18,977
Total Cost, Net of Accumulated Depreciation	132,659	136,470
Encumbrances	$ 0
Current Communities | Eaves Mission Ridge
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	200
Initial Cost
Land and improvements	$ 2,710
Building / Construction in Progress & Improvements	10,924
Costs Subsequent to Acquisition / Construction	11,846
Total Cost
Land	2,710
Building / Construction in Progress & Improvements	22,770
Total	25,480
Accumulated Depreciation	13,784
Total Cost, Net of Accumulated Depreciation	11,696	12,004
Encumbrances	$ 0
Current Communities | AVA Cortez Hill
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	299
Initial Cost
Land and improvements	$ 2,768
Building / Construction in Progress & Improvements	20,134
Costs Subsequent to Acquisition / Construction	23,568
Total Cost
Land	2,768
Building / Construction in Progress & Improvements	43,702
Total	46,470
Accumulated Depreciation	21,927
Total Cost, Net of Accumulated Depreciation	24,543	26,003
Encumbrances	$ 0
Current Communities | Avalon Fashion Valley
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	161
Initial Cost
Land and improvements	$ 19,627
Building / Construction in Progress & Improvements	44,972
Costs Subsequent to Acquisition / Construction	598
Total Cost
Land	19,627
Building / Construction in Progress & Improvements	45,570
Total	65,197
Accumulated Depreciation	13,011
Total Cost, Net of Accumulated Depreciation	52,186	53,513
Encumbrances	$ 0
Current Communities | Eaves Rancho Penasquitos
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	250
Initial Cost
Land and improvements	$ 6,692
Building / Construction in Progress & Improvements	27,143
Costs Subsequent to Acquisition / Construction	2,679
Total Cost
Land	6,692
Building / Construction in Progress & Improvements	29,822
Total	36,514
Accumulated Depreciation	5,787
Total Cost, Net of Accumulated Depreciation	30,727	31,147
Encumbrances	$ 0
Current Communities | Eaves La Mesa
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	168
Initial Cost
Land and improvements	$ 9,490
Building / Construction in Progress & Improvements	28,482
Costs Subsequent to Acquisition / Construction	1,694
Total Cost
Land	9,490
Building / Construction in Progress & Improvements	30,176
Total	39,666
Accumulated Depreciation	5,826
Total Cost, Net of Accumulated Depreciation	33,840	34,813
Encumbrances	$ 0
Current Communities | Eaves Dublin
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	204
Initial Cost
Land and improvements	$ 5,276
Building / Construction in Progress & Improvements	19,642
Costs Subsequent to Acquisition / Construction	12,363
Total Cost
Land	5,276
Building / Construction in Progress & Improvements	32,005
Total	37,281
Accumulated Depreciation	16,628
Total Cost, Net of Accumulated Depreciation	20,653	21,831
Encumbrances	$ 0
Current Communities | AVA Pacific Beach
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	564
Initial Cost
Land and improvements	$ 9,922
Building / Construction in Progress & Improvements	40,580
Costs Subsequent to Acquisition / Construction	40,819
Total Cost
Land	9,922
Building / Construction in Progress & Improvements	81,399
Total	91,321
Accumulated Depreciation	38,097
Total Cost, Net of Accumulated Depreciation	53,224	55,522
Encumbrances	$ 0
Current Communities | AVA Little Tokyo
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	280
Initial Cost
Land and improvements	$ 14,734
Building / Construction in Progress & Improvements	93,985
Costs Subsequent to Acquisition / Construction	318
Total Cost
Land	14,734
Building / Construction in Progress & Improvements	94,303
Total	109,037
Accumulated Depreciation	7,123
Total Cost, Net of Accumulated Depreciation	101,914	104,796
Encumbrances	$ 0
Current Communities | Eaves San Marcos
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	184
Initial Cost
Land and improvements	$ 3,277
Building / Construction in Progress & Improvements	13,385
Costs Subsequent to Acquisition / Construction	4,601
Total Cost
Land	3,277
Building / Construction in Progress & Improvements	17,986
Total	21,263
Accumulated Depreciation	2,961
Total Cost, Net of Accumulated Depreciation	18,302	15,267
Encumbrances	$ 0
Current Communities | Avalon Hayes Valley
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	182
Initial Cost
Land and improvements	$ 12,594
Building / Construction in Progress & Improvements	81,104
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	12,594
Building / Construction in Progress & Improvements	81,104
Total	93,698
Accumulated Depreciation	4,953
Total Cost, Net of Accumulated Depreciation	88,745	90,402
Encumbrances	$ 0
Current Communities | Avalon Vista
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	221
Initial Cost
Land and improvements	$ 12,686
Building / Construction in Progress & Improvements	43,409
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	12,686
Building / Construction in Progress & Improvements	43,409
Total	56,095
Accumulated Depreciation	2,583
Total Cost, Net of Accumulated Depreciation	53,512	54,459
Encumbrances	$ 0
Current Communities | Avalon Baker Ranch
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	430
Initial Cost
Land and improvements	$ 31,687
Building / Construction in Progress & Improvements	98,499
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	31,687
Building / Construction in Progress & Improvements	98,499
Total	130,186
Accumulated Depreciation	5,744
Total Cost, Net of Accumulated Depreciation	124,442	126,925
Encumbrances	$ 0
Current Communities | Studio 77 [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	156
Initial Cost
Land and improvements	$ 18,408
Building / Construction in Progress & Improvements	49,485
Costs Subsequent to Acquisition / Construction	4,069
Total Cost
Land	18,408
Building / Construction in Progress & Improvements	53,554
Total	71,962
Accumulated Depreciation	1,146
Total Cost, Net of Accumulated Depreciation	70,816
Encumbrances	$ 0
Current Communities | Avalon Santa Monica on Main
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	133
Initial Cost
Land and improvements	$ 32,000
Building / Construction in Progress & Improvements	60,770
Costs Subsequent to Acquisition / Construction	12,677
Total Cost
Land	32,000
Building / Construction in Progress & Improvements	73,447
Total	105,447
Accumulated Depreciation	11,230
Total Cost, Net of Accumulated Depreciation	94,217	95,038
Encumbrances	$ 0
Current Communities | Avalon La Jolla Colony
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	180
Initial Cost
Land and improvements	$ 16,760
Building / Construction in Progress & Improvements	27,694
Costs Subsequent to Acquisition / Construction	12,222
Total Cost
Land	16,760
Building / Construction in Progress & Improvements	39,916
Total	56,676
Accumulated Depreciation	6,293
Total Cost, Net of Accumulated Depreciation	50,383	43,289
Encumbrances	$ 26,682
Current Communities | Avalon Walnut Ridge I
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	106
Initial Cost
Land and improvements	$ 9,860
Building / Construction in Progress & Improvements	19,850
Costs Subsequent to Acquisition / Construction	5,038
Total Cost
Land	9,860
Building / Construction in Progress & Improvements	24,888
Total	34,748
Accumulated Depreciation	3,827
Total Cost, Net of Accumulated Depreciation	30,921	29,351
Encumbrances	$ 0
Current Communities | Oakwood Toluca Hills [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	1,151
Initial Cost
Land and improvements	$ 86,450
Building / Construction in Progress & Improvements	161,256
Costs Subsequent to Acquisition / Construction	13,106
Total Cost
Land	86,450
Building / Construction in Progress & Improvements	174,362
Total	260,812
Accumulated Depreciation	32,998
Total Cost, Net of Accumulated Depreciation	227,814	231,169
Encumbrances	$ 0
Current Communities | Avalon Pasadena
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	120
Initial Cost
Land and improvements	$ 10,240
Building / Construction in Progress & Improvements	31,558
Costs Subsequent to Acquisition / Construction	6,683
Total Cost
Land	10,240
Building / Construction in Progress & Improvements	38,241
Total	48,481
Accumulated Depreciation	5,901
Total Cost, Net of Accumulated Depreciation	42,580	39,890
Encumbrances	$ 25,805
Current Communities | AVA Back Bay [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	271
Initial Cost
Land and improvements	$ 9,034
Building / Construction in Progress & Improvements	36,540
Costs Subsequent to Acquisition / Construction	46,284
Total Cost
Land	9,034
Building / Construction in Progress & Improvements	82,824
Total	91,858
Accumulated Depreciation	31,158
Total Cost, Net of Accumulated Depreciation	60,700	56,462
Encumbrances	$ 0
Current Communities | Avalon Wharton
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	247
Initial Cost
Land and improvements	$ 2,273
Building / Construction in Progress & Improvements	48,608
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	2,273
Building / Construction in Progress & Improvements	48,608
Total	50,881
Accumulated Depreciation	3,426
Total Cost, Net of Accumulated Depreciation	47,455	49,079
Encumbrances	$ 0
Current Communities | Avalon Roseland
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	136
Initial Cost
Land and improvements	$ 11,281
Building / Construction in Progress & Improvements	34,814
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	11,281
Building / Construction in Progress & Improvements	34,814
Total	46,095
Accumulated Depreciation	2,017
Total Cost, Net of Accumulated Depreciation	44,078	45,016
Encumbrances	$ 0
Current Communities | Avalon Hoboken [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	217
Initial Cost
Land and improvements	$ 37,237
Building / Construction in Progress & Improvements	86,508
Costs Subsequent to Acquisition / Construction	8,660
Total Cost
Land	37,237
Building / Construction in Progress & Improvements	95,168
Total	132,405
Accumulated Depreciation	7,970
Total Cost, Net of Accumulated Depreciation	124,435
Encumbrances	$ 67,904
Current Communities | Avalon Towers [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	109
Initial Cost
Land and improvements	$ 3,118
Building / Construction in Progress & Improvements	11,973
Costs Subsequent to Acquisition / Construction	20,790
Total Cost
Land	3,118
Building / Construction in Progress & Improvements	32,763
Total	35,881
Accumulated Depreciation	14,106
Total Cost, Net of Accumulated Depreciation	21,775	22,465
Encumbrances	$ 0
Current Communities | Avalon Riverview North [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	602
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	166,099
Costs Subsequent to Acquisition / Construction	9,907
Total Cost
Land	0
Building / Construction in Progress & Improvements	176,006
Total	176,006
Accumulated Depreciation	53,588
Total Cost, Net of Accumulated Depreciation	122,418	121,052
Encumbrances	$ 0
Current Communities | Avalon West Chelsea [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	305
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	123,066
Costs Subsequent to Acquisition / Construction	31
Total Cost
Land	0
Building / Construction in Progress & Improvements	123,097
Total	123,097
Accumulated Depreciation	20,277
Total Cost, Net of Accumulated Depreciation	102,820	109,020
Encumbrances	$ 0
Current Communities | Archstone Lexington
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	222
Initial Cost
Land and improvements	$ 4,540
Building / Construction in Progress & Improvements	25,946
Costs Subsequent to Acquisition / Construction	1,937
Total Cost
Land	4,540
Building / Construction in Progress & Improvements	27,883
Total	32,423
Accumulated Depreciation	5,754
Total Cost, Net of Accumulated Depreciation	26,669	27,706
Encumbrances	$ 21,601
Current Communities | Archstone Toscano
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	474
Initial Cost
Land and improvements	$ 15,607
Building / Construction in Progress & Improvements	72,473
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	15,607
Building / Construction in Progress & Improvements	72,473
Total	88,080
Accumulated Depreciation	8,261
Total Cost, Net of Accumulated Depreciation	79,819	82,155
Encumbrances	$ 0
Current Communities | Memorial Heights Villages
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	318
Initial Cost
Land and improvements	$ 9,607
Building / Construction in Progress & Improvements	44,587
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	9,607
Building / Construction in Progress & Improvements	44,587
Total	54,194
Accumulated Depreciation	5,686
Total Cost, Net of Accumulated Depreciation	48,508	50,311
Encumbrances	$ 0
Current Communities | Avalon Mosaic
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	531
Initial Cost
Land and improvements	$ 33,490
Building / Construction in Progress & Improvements	75,802
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	33,490
Building / Construction in Progress & Improvements	75,802
Total	109,292
Accumulated Depreciation	7,655
Total Cost, Net of Accumulated Depreciation	101,637	104,300
Encumbrances	$ 0
Current Communities | Avalon Potomac Yard [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	323
Initial Cost
Land and improvements	$ 24,225
Building / Construction in Progress & Improvements	76,633
Costs Subsequent to Acquisition / Construction	7,849
Total Cost
Land	24,225
Building / Construction in Progress & Improvements	84,482
Total	108,707
Accumulated Depreciation	5,374
Total Cost, Net of Accumulated Depreciation	103,333
Encumbrances	$ 0
Current Communities | Avalon Clarendon [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	300
Initial Cost
Land and improvements	$ 22,573
Building / Construction in Progress & Improvements	89,431
Costs Subsequent to Acquisition / Construction	8,744
Total Cost
Land	22,573
Building / Construction in Progress & Improvements	98,175
Total	120,748
Accumulated Depreciation	2,903
Total Cost, Net of Accumulated Depreciation	117,845
Encumbrances	$ 0
Current Communities | Avalon Columbia Pike [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	269
Initial Cost
Land and improvements	$ 18,830
Building / Construction in Progress & Improvements	76,429
Costs Subsequent to Acquisition / Construction	6,904
Total Cost
Land	18,830
Building / Construction in Progress & Improvements	83,333
Total	102,163
Accumulated Depreciation	1,811
Total Cost, Net of Accumulated Depreciation	100,352
Encumbrances	$ 70,019
Current Communities | Oakwood Arlington
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	184
Initial Cost
Land and improvements	$ 18,850
Building / Construction in Progress & Improvements	38,545
Costs Subsequent to Acquisition / Construction	2,861
Total Cost
Land	18,850
Building / Construction in Progress & Improvements	41,406
Total	60,256
Accumulated Depreciation	7,117
Total Cost, Net of Accumulated Depreciation	53,139	53,844
Encumbrances	$ 0
Current Communities | Avalon Alderwood I
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	367
Initial Cost
Land and improvements	$ 12,294
Building / Construction in Progress & Improvements	55,612
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	12,294
Building / Construction in Progress & Improvements	55,612
Total	67,906
Accumulated Depreciation	4,515
Total Cost, Net of Accumulated Depreciation	63,391	65,247
Encumbrances	$ 0
Current Communities | Avalon Irvine III
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	156
Initial Cost
Land and improvements	$ 11,607
Building / Construction in Progress & Improvements	43,872
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	11,607
Building / Construction in Progress & Improvements	43,872
Total	55,479
Accumulated Depreciation	1,247
Total Cost, Net of Accumulated Depreciation	54,232	52,308
Encumbrances	$ 0
Current Communities | Avalon Dublin Station II
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	252
Initial Cost
Land and improvements	$ 7,762
Building / Construction in Progress & Improvements	76,421
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	7,762
Building / Construction in Progress & Improvements	76,421
Total	84,183
Accumulated Depreciation	2,077
Total Cost, Net of Accumulated Depreciation	82,106	80,691
Encumbrances	$ 0
Current Communities | AVA Theater District
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	398
Initial Cost
Land and improvements	$ 17,024
Building / Construction in Progress & Improvements	163,055
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	17,024
Building / Construction in Progress & Improvements	163,055
Total	180,079
Accumulated Depreciation	7,692
Total Cost, Net of Accumulated Depreciation	172,387	175,257
Encumbrances	$ 0
Current Communities | Avalon Marlborough
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	350
Initial Cost
Land and improvements	$ 15,315
Building / Construction in Progress & Improvements	60,153
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	15,315
Building / Construction in Progress & Improvements	60,153
Total	75,468
Accumulated Depreciation	3,129
Total Cost, Net of Accumulated Depreciation	72,339	73,460
Encumbrances	$ 0
Current Communities | Avalon Framingham
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	180
Initial Cost
Land and improvements	$ 9,309
Building / Construction in Progress & Improvements	34,554
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	9,309
Building / Construction in Progress & Improvements	34,554
Total	43,863
Accumulated Depreciation	1,468
Total Cost, Net of Accumulated Depreciation	42,395	43,101
Encumbrances	$ 0
Current Communities | Avalon Bloomfield Station
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	224
Initial Cost
Land and improvements	$ 10,701
Building / Construction in Progress & Improvements	39,429
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	10,701
Building / Construction in Progress & Improvements	39,429
Total	50,130
Accumulated Depreciation	2,099
Total Cost, Net of Accumulated Depreciation	48,031	49,968
Encumbrances	$ 0
Current Communities | Avalon Union
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	202
Initial Cost
Land and improvements	$ 11,695
Building / Construction in Progress & Improvements	36,014
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	11,695
Building / Construction in Progress & Improvements	36,014
Total	47,709
Accumulated Depreciation	1,094
Total Cost, Net of Accumulated Depreciation	46,615	39,456
Encumbrances	$ 0
Current Communities | Avalon Green III
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	68
Initial Cost
Land and improvements	$ 4,985
Building / Construction in Progress & Improvements	17,237
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	4,985
Building / Construction in Progress & Improvements	17,237
Total	22,222
Accumulated Depreciation	637
Total Cost, Net of Accumulated Depreciation	21,585	21,103
Encumbrances	$ 0
Current Communities | Avalon Falls Church
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	384
Initial Cost
Land and improvements	$ 39,544
Building / Construction in Progress & Improvements	66,202
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	39,544
Building / Construction in Progress & Improvements	66,202
Total	105,746
Accumulated Depreciation	3,467
Total Cost, Net of Accumulated Depreciation	102,279	103,438
Encumbrances	$ 0
Current Communities | AVA Capitol Hill
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	249
Initial Cost
Land and improvements	$ 20,613
Building / Construction in Progress & Improvements	60,276
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	20,613
Building / Construction in Progress & Improvements	60,276
Total	80,889
Accumulated Depreciation	1,983
Total Cost, Net of Accumulated Depreciation	78,906	79,008
Encumbrances	$ 0
Current Communities | Avalon Alderwood II [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	124
Initial Cost
Land and improvements	$ 5,072
Building / Construction in Progress & Improvements	21,390
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	5,072
Building / Construction in Progress & Improvements	21,390
Total	26,462
Accumulated Depreciation	347
Total Cost, Net of Accumulated Depreciation	26,115	14,264
Encumbrances	$ 0
Current Communities | Avalon Towers on the Peninsula [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	211
Initial Cost
Land and improvements	$ 9,560
Building / Construction in Progress & Improvements	56,136
Costs Subsequent to Acquisition / Construction	8,886
Total Cost
Land	9,560
Building / Construction in Progress & Improvements	65,022
Total	74,582
Accumulated Depreciation	29,059
Total Cost, Net of Accumulated Depreciation	45,523	39,705
Encumbrances	$ 0
Current Communities | AVA Studio City I [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	450
Initial Cost
Land and improvements	$ 17,658
Building / Construction in Progress & Improvements	90,715
Costs Subsequent to Acquisition / Construction	24,339
Total Cost
Land	17,658
Building / Construction in Progress & Improvements	115,054
Total	132,712
Accumulated Depreciation	16,391
Total Cost, Net of Accumulated Depreciation	116,321	100,198
Encumbrances	$ 0
Current Communities | Avalon Morrison Park
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	842
Initial Cost
Land and improvements	$ 22,041
Building / Construction in Progress & Improvements	90,296
Costs Subsequent to Acquisition / Construction	25,065
Total Cost
Land	22,041
Building / Construction in Progress & Improvements	115,361
Total	137,402
Accumulated Depreciation	49,956
Total Cost, Net of Accumulated Depreciation	87,446	84,234
Encumbrances	$ 0
Current Communities | Avalon at Assembly Row
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	195
Initial Cost
Land and improvements	$ 8,537
Building / Construction in Progress & Improvements	52,378
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	8,537
Building / Construction in Progress & Improvements	52,378
Total	60,915
Accumulated Depreciation	4,885
Total Cost, Net of Accumulated Depreciation	56,030	53,757
Encumbrances	$ 0
Boston, MA [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	6,460
Initial Cost
Land and improvements	$ 207,547
Building / Construction in Progress & Improvements	963,729
Costs Subsequent to Acquisition / Construction	177,977
Total Cost
Land	207,547
Building / Construction in Progress & Improvements	1,141,706
Total	1,349,253
Accumulated Depreciation	342,375
Total Cost, Net of Accumulated Depreciation	1,006,878	1,022,408
Encumbrances	$ 178,970
Fairfield-New Haven, CT [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	2,549
Initial Cost
Land and improvements	$ 91,239
Building / Construction in Progress & Improvements	416,399
Costs Subsequent to Acquisition / Construction	31,633
Total Cost
Land	91,239
Building / Construction in Progress & Improvements	448,032
Total	539,271
Accumulated Depreciation	152,261
Total Cost, Net of Accumulated Depreciation	387,010	401,760
Encumbrances	$ 38,221
New England
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	9,009
Initial Cost
Land and improvements	$ 298,786
Building / Construction in Progress & Improvements	1,380,128
Costs Subsequent to Acquisition / Construction	209,610
Total Cost
Land	298,786
Building / Construction in Progress & Improvements	1,589,738
Total	1,888,524
Accumulated Depreciation	494,636
Total Cost, Net of Accumulated Depreciation	1,393,888	1,424,168
Encumbrances	$ 217,191
New York City, NY [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	3,176
Initial Cost
Land and improvements	$ 420,939
Building / Construction in Progress & Improvements	1,079,218
Costs Subsequent to Acquisition / Construction	49,262
Total Cost
Land	420,939
Building / Construction in Progress & Improvements	1,128,480
Total	1,549,419
Accumulated Depreciation	250,485
Total Cost, Net of Accumulated Depreciation	1,298,934	1,321,308
Encumbrances	$ 562,800
New York - Suburban [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	3,928
Initial Cost
Land and improvements	$ 211,736
Building / Construction in Progress & Improvements	724,845
Costs Subsequent to Acquisition / Construction	38,628
Total Cost
Land	211,736
Building / Construction in Progress & Improvements	763,473
Total	975,209
Accumulated Depreciation	248,937
Total Cost, Net of Accumulated Depreciation	726,272	746,624
Encumbrances	$ 79,945
New Jersey [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	3,980
Initial Cost
Land and improvements	$ 104,483
Building / Construction in Progress & Improvements	521,901
Costs Subsequent to Acquisition / Construction	61,208
Total Cost
Land	104,483
Building / Construction in Progress & Improvements	583,109
Total	687,592
Accumulated Depreciation	201,280
Total Cost, Net of Accumulated Depreciation	486,312	501,710
Encumbrances	$ 36,305
Metro NY/NJ
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	11,084
Initial Cost
Land and improvements	$ 737,158
Building / Construction in Progress & Improvements	2,325,964
Costs Subsequent to Acquisition / Construction	149,098
Total Cost
Land	737,158
Building / Construction in Progress & Improvements	2,475,062
Total	3,212,220
Accumulated Depreciation	700,702
Total Cost, Net of Accumulated Depreciation	2,511,518	2,569,642
Encumbrances	$ 679,050
Mid-Atlantic
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	9,575
Initial Cost
Land and improvements	$ 545,982
Building / Construction in Progress & Improvements	1,636,205
Costs Subsequent to Acquisition / Construction	157,208
Total Cost
Land	545,982
Building / Construction in Progress & Improvements	1,793,413
Total	2,339,395
Accumulated Depreciation	472,359
Total Cost, Net of Accumulated Depreciation	1,867,036	1,918,882
Encumbrances	$ 319,175
Pacific Northwest
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	3,221
Initial Cost
Land and improvements	$ 118,880
Building / Construction in Progress & Improvements	582,476
Costs Subsequent to Acquisition / Construction	35,933
Total Cost
Land	118,880
Building / Construction in Progress & Improvements	618,409
Total	737,289
Accumulated Depreciation	175,982
Total Cost, Net of Accumulated Depreciation	561,307	581,092
Encumbrances	$ 85,461
San Jose, CA [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	3,792
Initial Cost
Land and improvements	$ 266,792
Building / Construction in Progress & Improvements	611,905
Costs Subsequent to Acquisition / Construction	86,601
Total Cost
Land	266,792
Building / Construction in Progress & Improvements	698,506
Total	965,298
Accumulated Depreciation	239,489
Total Cost, Net of Accumulated Depreciation	725,809	748,037
Encumbrances	$ 252,726
Oakland - East Bay, CA [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	3,028
Initial Cost
Land and improvements	$ 109,928
Building / Construction in Progress & Improvements	551,502
Costs Subsequent to Acquisition / Construction	62,118
Total Cost
Land	109,928
Building / Construction in Progress & Improvements	613,620
Total	723,548
Accumulated Depreciation	193,785
Total Cost, Net of Accumulated Depreciation	529,763	546,008
Encumbrances	$ 3,420
San Francisco, CA [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	3,167
Initial Cost
Land and improvements	$ 204,276
Building / Construction in Progress & Improvements	667,166
Costs Subsequent to Acquisition / Construction	100,970
Total Cost
Land	204,276
Building / Construction in Progress & Improvements	768,136
Total	972,412
Accumulated Depreciation	247,516
Total Cost, Net of Accumulated Depreciation	724,896	748,524
Encumbrances	$ 255,031
Northern California
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	9,987
Initial Cost
Land and improvements	$ 580,996
Building / Construction in Progress & Improvements	1,830,573
Costs Subsequent to Acquisition / Construction	249,689
Total Cost
Land	580,996
Building / Construction in Progress & Improvements	2,080,262
Total	2,661,258
Accumulated Depreciation	680,790
Total Cost, Net of Accumulated Depreciation	1,980,468	2,042,569
Encumbrances	$ 511,177
Los Angeles, CA [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	8,297
Initial Cost
Land and improvements	$ 476,006
Building / Construction in Progress & Improvements	1,250,587
Costs Subsequent to Acquisition / Construction	199,506
Total Cost
Land	476,006
Building / Construction in Progress & Improvements	1,450,093
Total	1,926,099
Accumulated Depreciation	378,781
Total Cost, Net of Accumulated Depreciation	1,547,318	1,591,060
Encumbrances	$ 545,058
Orange County, CA [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	2,657
Initial Cost
Land and improvements	$ 112,811
Building / Construction in Progress & Improvements	364,505
Costs Subsequent to Acquisition / Construction	55,949
Total Cost
Land	112,811
Building / Construction in Progress & Improvements	420,454
Total	533,265
Accumulated Depreciation	130,260
Total Cost, Net of Accumulated Depreciation	403,005	416,164
Encumbrances	$ 7,635
San Diego, CA [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	1,078
Initial Cost
Land and improvements	$ 41,287
Building / Construction in Progress & Improvements	131,655
Costs Subsequent to Acquisition / Construction	40,385
Total Cost
Land	41,287
Building / Construction in Progress & Improvements	172,040
Total	213,327
Accumulated Depreciation	60,335
Total Cost, Net of Accumulated Depreciation	152,992	157,480
Encumbrances	$ 0
Southern California
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	12,032
Initial Cost
Land and improvements	$ 630,104
Building / Construction in Progress & Improvements	1,746,747
Costs Subsequent to Acquisition / Construction	295,840
Total Cost
Land	630,104
Building / Construction in Progress & Improvements	2,042,587
Total	2,672,691
Accumulated Depreciation	569,376
Total Cost, Net of Accumulated Depreciation	2,103,315	2,164,704
Encumbrances	$ 552,693
Established [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	54,908
Initial Cost
Land and improvements	$ 2,911,906
Building / Construction in Progress & Improvements	9,502,093
Costs Subsequent to Acquisition / Construction	1,097,378
Total Cost
Land	2,911,906
Building / Construction in Progress & Improvements	10,599,471
Total	13,511,377
Accumulated Depreciation	3,093,845
Total Cost, Net of Accumulated Depreciation	10,417,532	10,701,057
Encumbrances	$ 2,364,747
Lease-Up Communities [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	2,867
Initial Cost
Land and improvements	$ 171,938
Building / Construction in Progress & Improvements	683,252
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	171,938
Building / Construction in Progress & Improvements	683,252
Total	855,190
Accumulated Depreciation	27,842
Total Cost, Net of Accumulated Depreciation	827,348	813,784
Encumbrances	$ 0
Redevelopment Communities [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	1,671
Initial Cost
Land and improvements	$ 55,241
Building / Construction in Progress & Improvements	261,536
Costs Subsequent to Acquisition / Construction	62,971
Total Cost
Land	55,241
Building / Construction in Progress & Improvements	324,507
Total	379,748
Accumulated Depreciation	109,335
Total Cost, Net of Accumulated Depreciation	270,413	251,590
Encumbrances	$ 0
Other Stabilized
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	10,918
Initial Cost
Land and improvements	$ 593,582
Building / Construction in Progress & Improvements	2,305,628
Costs Subsequent to Acquisition / Construction	293,727
Total Cost
Land	593,582
Building / Construction in Progress & Improvements	2,599,355
Total	3,192,937
Accumulated Depreciation	442,269
Total Cost, Net of Accumulated Depreciation	2,750,668	2,242,819
Encumbrances	$ 212,011
Development Communities [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	8,864
Initial Cost
Land and improvements	$ 172,845
Building / Construction in Progress & Improvements	647,128
Costs Subsequent to Acquisition / Construction	1,791,050
Total Cost
Land	172,845
Building / Construction in Progress & Improvements	2,438,178
Total	2,611,023
Accumulated Depreciation	10,007
Total Cost, Net of Accumulated Depreciation	2,601,016	1,207,941
Encumbrances	$ 0
Development Communities [Member] | Avalon West Hollywood [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	294
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	1,438
Costs Subsequent to Acquisition / Construction	128,735
Total Cost
Land	0
Building / Construction in Progress & Improvements	130,173
Total	130,173
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	130,173	81,067
Encumbrances	$ 0
Development Communities [Member] | Avalon Chino Hills [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	331
Initial Cost
Land and improvements	$ 2,108
Building / Construction in Progress & Improvements	15,878
Costs Subsequent to Acquisition / Construction	69,487
Total Cost
Land	2,108
Building / Construction in Progress & Improvements	85,365
Total	87,473
Accumulated Depreciation	67
Total Cost, Net of Accumulated Depreciation	87,406	24,639
Encumbrances	$ 0
Development Communities [Member] | Avalon Dogpatch [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	326
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	362
Costs Subsequent to Acquisition / Construction	108,203
Total Cost
Land	0
Building / Construction in Progress & Improvements	108,565
Total	108,565
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	108,565	62,306
Encumbrances	$ 0
Development Communities [Member] | Avalon Public Market [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	285
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	83
Costs Subsequent to Acquisition / Construction	29,615
Total Cost
Land	0
Building / Construction in Progress & Improvements	29,698
Total	29,698
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	29,698
Encumbrances	$ 0
Development Communities [Member] | AVA Hollywood [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	695
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	181
Costs Subsequent to Acquisition / Construction	123,086
Total Cost
Land	0
Building / Construction in Progress & Improvements	123,267
Total	123,267
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	123,267
Encumbrances	$ 0
Development Communities [Member] | Avalon Huntington Beach
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	378
Initial Cost
Land and improvements	$ 10,560
Building / Construction in Progress & Improvements	86,201
Costs Subsequent to Acquisition / Construction	19,701
Total Cost
Land	10,560
Building / Construction in Progress & Improvements	105,902
Total	116,462
Accumulated Depreciation	1,193
Total Cost, Net of Accumulated Depreciation	115,269	88,629
Encumbrances	$ 0
Development Communities [Member] | AVA NoMa [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	438
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	987
Costs Subsequent to Acquisition / Construction	108,213
Total Cost
Land	0
Building / Construction in Progress & Improvements	109,200
Total	109,200
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	109,200	47,794
Encumbrances	$ 0
Development Communities [Member] | Avalon North Station
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	503
Initial Cost
Land and improvements	$ 1,633
Building / Construction in Progress & Improvements	19,710
Costs Subsequent to Acquisition / Construction	227,728
Total Cost
Land	1,633
Building / Construction in Progress & Improvements	247,438
Total	249,071
Accumulated Depreciation	49
Total Cost, Net of Accumulated Depreciation	249,022	142,911
Encumbrances	$ 0
Development Communities [Member] | Avalon Quincy [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	395
Initial Cost
Land and improvements	$ 8,586
Building / Construction in Progress & Improvements	46,296
Costs Subsequent to Acquisition / Construction	29,740
Total Cost
Land	8,586
Building / Construction in Progress & Improvements	76,036
Total	84,622
Accumulated Depreciation	490
Total Cost, Net of Accumulated Depreciation	84,132	34,498
Encumbrances	$ 0
Development Communities [Member] | Avalon Easton [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	290
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	137
Costs Subsequent to Acquisition / Construction	28,937
Total Cost
Land	0
Building / Construction in Progress & Improvements	29,074
Total	29,074
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	29,074
Encumbrances	$ 0
Development Communities [Member] | AVA Wheaton [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	319
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	307
Costs Subsequent to Acquisition / Construction	35,054
Total Cost
Land	0
Building / Construction in Progress & Improvements	35,361
Total	35,361
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	35,361	18,295
Encumbrances	$ 0
Development Communities [Member] | Avalon Hunt Valley [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	332
Initial Cost
Land and improvements	$ 4,773
Building / Construction in Progress & Improvements	28,466
Costs Subsequent to Acquisition / Construction	33,969
Total Cost
Land	4,773
Building / Construction in Progress & Improvements	62,435
Total	67,208
Accumulated Depreciation	189
Total Cost, Net of Accumulated Depreciation	67,019	29,230
Encumbrances	$ 0
Development Communities [Member] | Avalon Laurel [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	344
Initial Cost
Land and improvements	$ 7,766
Building / Construction in Progress & Improvements	48,128
Costs Subsequent to Acquisition / Construction	14,381
Total Cost
Land	7,766
Building / Construction in Progress & Improvements	62,509
Total	70,275
Accumulated Depreciation	743
Total Cost, Net of Accumulated Depreciation	69,532	31,008
Encumbrances	$ 0
Development Communities [Member] | Avalon Princeton
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	280
Initial Cost
Land and improvements	$ 7,832
Building / Construction in Progress & Improvements	21,418
Costs Subsequent to Acquisition / Construction	59,298
Total Cost
Land	7,832
Building / Construction in Progress & Improvements	80,716
Total	88,548
Accumulated Depreciation	188
Total Cost, Net of Accumulated Depreciation	88,360	50,071
Encumbrances	$ 0
Development Communities [Member] | Avalon Maplewood [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	235
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	620
Costs Subsequent to Acquisition / Construction	47,833
Total Cost
Land	0
Building / Construction in Progress & Improvements	48,453
Total	48,453
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	48,453	19,180
Encumbrances	$ 0
Development Communities [Member] | Avalon Boonton [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	350
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	124
Costs Subsequent to Acquisition / Construction	8,168
Total Cost
Land	0
Building / Construction in Progress & Improvements	8,292
Total	8,292
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	8,292
Encumbrances	$ 0
Development Communities [Member] | Avalon Teaneck [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	248
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	14,034
Total Cost
Land	0
Building / Construction in Progress & Improvements	14,034
Total	14,034
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	14,034
Encumbrances	$ 0
Development Communities [Member] | Avalon Willoughby Square/AVA DoBro
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	826
Initial Cost
Land and improvements	$ 114,499
Building / Construction in Progress & Improvements	294,247
Costs Subsequent to Acquisition / Construction	44,940
Total Cost
Land	114,499
Building / Construction in Progress & Improvements	339,187
Total	453,686
Accumulated Depreciation	5,873
Total Cost, Net of Accumulated Depreciation	447,813	408,812
Encumbrances	$ 0
Development Communities [Member] | Avalon Great Neck [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	191
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	424
Costs Subsequent to Acquisition / Construction	55,247
Total Cost
Land	0
Building / Construction in Progress & Improvements	55,671
Total	55,671
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	55,671	26,237
Encumbrances	$ 0
Development Communities [Member] | Sheepshead Bay [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	180
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	327
Costs Subsequent to Acquisition / Construction	58,506
Total Cost
Land	0
Building / Construction in Progress & Improvements	58,833
Total	58,833
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	58,833	20,394
Encumbrances	$ 0
Development Communities [Member] | Avalon Rockville Centre II [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	165
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	249
Costs Subsequent to Acquisition / Construction	26,547
Total Cost
Land	0
Building / Construction in Progress & Improvements	26,796
Total	26,796
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	26,796	11,302
Encumbrances	$ 0
Development Communities [Member] | Avalon Somers [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	152
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	38
Costs Subsequent to Acquisition / Construction	16,548
Total Cost
Land	0
Building / Construction in Progress & Improvements	16,586
Total	16,586
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	16,586
Encumbrances	$ 0
Development Communities [Member] | 11 West 61st Street [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	172
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	348,821
Total Cost
Land	0
Building / Construction in Progress & Improvements	348,821
Total	348,821
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	348,821
Encumbrances	$ 0
Development Communities [Member] | Avalon Esterra Park
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	482
Initial Cost
Land and improvements	$ 14,034
Building / Construction in Progress & Improvements	69,247
Costs Subsequent to Acquisition / Construction	45,866
Total Cost
Land	14,034
Building / Construction in Progress & Improvements	115,113
Total	129,147
Accumulated Depreciation	1,161
Total Cost, Net of Accumulated Depreciation	127,986	84,428
Encumbrances	$ 0
Development Communities [Member] | Avalon Newcastle Commons I [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	378
Initial Cost
Land and improvements	$ 1,054
Building / Construction in Progress & Improvements	12,210
Costs Subsequent to Acquisition / Construction	79,057
Total Cost
Land	1,054
Building / Construction in Progress & Improvements	91,267
Total	92,321
Accumulated Depreciation	54
Total Cost, Net of Accumulated Depreciation	92,267	27,140
Encumbrances	$ 0
Development Communities [Member] | Avalon Belltown Towers [Member]
Real Estate and Accumulated Depreciation
Number of Apartment Homes in Communities Owned | home	275
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	50
Costs Subsequent to Acquisition / Construction	29,336
Total Cost
Land	0
Building / Construction in Progress & Improvements	29,386
Total	29,386
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	29,386
Encumbrances	0
Land Held for Development
Initial Cost
Land and improvements	84,293
Total Cost
Land	84,293
Total	84,293
Total Cost, Net of Accumulated Depreciation	84,293	484,377
Corporate overhead
Initial Cost
Land and improvements	56,584
Building / Construction in Progress & Improvements	8,553
Costs Subsequent to Acquisition / Construction	76,921
Total Cost
Land	56,584
Building / Construction in Progress & Improvements	85,474
Total	142,058
Accumulated Depreciation	60,334
Total Cost, Net of Accumulated Depreciation	81,724	$ 77,940
Encumbrances	$ 4,500,000

REAL ESTATE AND ACCUMULATED D65

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Estimated useful lives
Aggregate cost of total real estate for federal income tax purposes	$ 20,223
Changes in total real estate assets
Balance, beginning of period	19,268,099	$ 17,849,316	$ 16,800,321
Acquisitions, construction costs and improvements	1,788,515	1,667,989	1,311,003
Dispositions, including impairment loss on planned dispositions	(279,988)	(249,206)	(262,008)
Balance, end of period	20,776,626	19,268,099	17,849,316
Changes in accumulated depreciation
Balance, beginning of period	3,325,790	2,913,576	2,516,112
Depreciation, including discontinued operations	531,434	477,923	442,682
Dispositions	(113,592)	(65,709)	(45,218)
Balance, end of period	$ 3,743,632	$ 3,325,790	$ 2,913,576
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