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 |