AvalonBay Communities (AVB) 10-K 22 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Jan. 31, 2019	Jun. 30, 2018
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
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		138,508,567
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Public Float			$ 23,656,288,475

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real estate:
Land and improvements	$ 4,077,090	$ 4,237,318
Buildings and improvements	15,651,035	15,708,666
Furniture, fixtures and equipment	696,200	615,288
Total capitalized cost	20,424,325	20,561,272
Less accumulated depreciation	(4,601,447)	(4,218,379)
Net operating real estate	15,822,878	16,342,893
Construction in progress, including land	1,768,132	1,306,300
Land held for development	84,712	68,364
Real estate assets held for sale, net	55,208	0
Total real estate, net	17,730,930	17,717,557
Cash and cash equivalents	91,659	67,088
Cash in escrow	126,205	134,818
Resident security deposits	31,816	32,686
Investments in unconsolidated real estate entities	217,432	163,475
Deferred development costs	47,443	45,819
Prepaid expenses and other assets	134,715	253,378
Total assets	18,380,200	18,414,821
LIABILITIES AND EQUITY
Unsecured notes, net	5,905,993	5,852,764
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	1,134,270	1,476,706
Dividends payable	204,191	196,094
Payables for construction	96,983	85,377
Accrued expenses and other liabilities	297,700	308,189
Accrued interest payable	46,648	43,116
Resident security deposits	58,415	58,473
Liabilities related to real estate assets held for sale	150	0
Total liabilities	7,744,350	8,020,719
Commitments and contingencies
Redeemable noncontrolling interests	3,244	6,056
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2018 and December 31, 2017; zero shares issued and outstanding at December 31, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2018 and December 31, 2017; 138,508,424 and 138,094,154 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively	1,385	1,381
Additional paid-in capital	10,306,588	10,235,475
Accumulated earnings less dividends	350,777	188,609
Accumulated other comprehensive loss	(26,144)	(37,419)
Total equity	10,632,606	10,388,046
Total liabilities and equity	$ 18,380,200	$ 18,414,821

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
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	138,508,424	138,094,154
Common stock, shares outstanding	138,508,424	138,094,154

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue:
Rental and other income	$ 2,280,963	$ 2,154,481	$ 2,039,656
Management, development and other fees	3,572	4,147	5,599
Total revenue	2,284,535	2,158,628	2,045,255
Expenses:
Operating expenses, excluding property taxes	528,997	503,946	478,437
Property taxes	241,563	221,375	204,837
Interest expense, net	220,974	199,661	187,510
Loss on extinguishment of debt, net	17,492	25,472	7,075
Depreciation expense	631,196	584,150	531,434
General and administrative expense	56,365	50,673	45,771
Expensed transaction, development and other pursuit costs, net of recoveries	4,309	2,736	9,922
Casualty and impairment loss (gain), net	215	6,250	(3,935)
Total expenses	1,701,111	1,594,263	1,461,051
Equity in income of unconsolidated real estate entities	15,270	70,744	64,962
Gain on sale of communities	374,976	252,599	374,623
Gain (loss) on other real estate transactions, net	345	(10,907)	10,224
Income before income taxes	974,015	876,801	1,034,013
Income tax (benefit) expense	(160)	141	305
Net income	974,175	876,660	1,033,708
Net loss attributable to noncontrolling interests	350	261	294
Net income attributable to common stockholders	974,525	876,921	1,034,002
Other comprehensive income (loss):
Gain (loss) on cash flow hedges	5,132	(13,979)	(5,556)
Cash flow hedge losses reclassified to earnings	(6,143)	(7,070)	(6,433)
Comprehensive income	$ 985,800	$ 870,012	$ 1,034,879
Earnings per common share - basic:
Net income per common share - basic (in dollars per share)	$ 7.05	$ 6.36	$ 7.53
Earnings per common share - diluted:
Net income per common share - diluted (in dollars per share)	$ 7.05	$ 6.35	$ 7.52

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated earnings less dividends	Accumulated other comprehensive loss
Beginning Balance (in shares) at Dec. 31, 2015		137,002,031
Beginning Balance at Dec. 31, 2015	$ 9,840,526	$ 1,370	$ 10,068,532	$ (197,989)	$ (31,387)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	1,034,002			1,034,002
Income (loss) on cash flow hedges	(5,556)				(5,556)
Cash flow hedge losses reclassified to earnings	6,433				6,433
Change in redemption value of redeemable noncontrolling interest	1,489		0	1,489
Dividends declared to common stockholders	(741,313)			(741,313)
Issuance of common stock, net of withholdings (in shares)		328,873
Issuance of common stock, net of withholdings	10,695	$ 3	11,982	(1,290)
Amortization of deferred compensation	25,140		25,140
Ending Balance (in shares) at Dec. 31, 2016		137,330,904
Ending Balance at Dec. 31, 2016	10,171,416	$ 1,373	10,105,654	94,899	(30,510)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	876,921			876,921
Income (loss) on cash flow hedges	(13,979)				(13,979)
Cash flow hedge losses reclassified to earnings	7,070				7,070
Change in redemption value of redeemable noncontrolling interest	2,026			2,026
Dividends declared to common stockholders	(783,912)			(783,912)
Issuance of common stock, net of withholdings (in shares)		763,250
Issuance of common stock, net of withholdings	100,304	$ 8	101,621	(1,325)
Amortization of deferred compensation	28,200		28,200
Ending Balance (in shares) at Dec. 31, 2017		138,094,154
Ending Balance at Dec. 31, 2017	10,388,046	$ 1,381	10,235,475	188,609	(37,419)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	974,525			974,525
Income (loss) on cash flow hedges	5,132				5,132
Cash flow hedge losses reclassified to earnings	6,143				6,143
Change in redemption value of redeemable noncontrolling interest	223			223
Dividends declared to common stockholders	(813,722)			(813,722)
Issuance of common stock, net of withholdings (in shares)		414,270
Issuance of common stock, net of withholdings	40,554	$ 4	39,408	1,142
Amortization of deferred compensation	31,705		31,705
Ending Balance (in shares) at Dec. 31, 2018		138,508,424
Ending Balance at Dec. 31, 2018	$ 10,632,606	$ 1,385	$ 10,306,588	$ 350,777	$ (26,144)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 974,175	$ 876,660	$ 1,033,708
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation expense	631,196	584,150	531,434
Amortization of deferred financing costs	7,939	7,657	7,661
Amortization of debt discount (premium)	1,701	(5,915)	(18,866)
Loss on extinguishment of debt, net	17,492	25,472	7,075
Amortization of stock-based compensation	20,280	17,920	15,082
Equity in loss (income) of, and return on, unconsolidated real estate entities and noncontrolling interests, net of eliminations	6,583	(19,798)	8,870
Casualty and impairment loss (gain), net	826	8,568	(3,935)
Abandonment of development pursuits	501	388	1,743
Cash flow hedge losses reclassified to earnings	6,143	7,070	6,433
Gain on sale of real estate assets	(385,976)	(281,745)	(442,916)
Decrease (increase) in resident security deposits, prepaid expenses and other assets	17,428	3,076	(5,403)
Increase in accrued expenses, other liabilities and accrued interest payable	2,823	32,754	19,386
Net cash provided by operating activities	1,301,111	1,256,257	1,160,272
Cash flows from investing activities:
Development/redevelopment of real estate assets including land acquisitions and deferred development costs	(1,139,954)	(979,947)	(1,201,026)
Acquisition of real estate assets, including partnership interest	(338,620)	(462,317)	(393,316)
Capital expenditures - existing real estate assets	(83,607)	(65,181)	(66,971)
Capital expenditures - non-real estate assets	(3,325)	(8,809)	(5,881)
Increase (decrease) in payables for construction	11,606	(15,621)	2,196
Proceeds from sale of real estate, net of selling costs	883,313	503,039	532,717
Insurance proceeds for property damage claims	0	16,233	17,196
Mortgage note receivable lending	(3,699)	(17,590)	(19,115)
Mortgage note receivable payments	53,136	0	0
Distributions from unconsolidated real estate entities	35,516	89,305	111,598
Investments in unconsolidated real estate entities	(11,017)	(24,493)	(9,750)
Net cash used in investing activities	(596,651)	(965,381)	(1,032,352)
Cash flows from financing activities:
Issuance of common stock, net	52,261	111,093	15,526
Dividends paid	(805,239)	(772,657)	(726,749)
Issuance of mortgage notes payable	295,939	206,800	0
Repayments of mortgage notes payable, including prepayment penalties	(255,452)	(1,313,025)	(168,076)
Issuance of unsecured notes	299,442	1,696,826	1,122,488
Repayment of unsecured notes, including prepayment penalties	(258,579)	(300,000)	(504,403)
Payment of deferred financing costs	(16,258)	(17,552)	(16,240)
Payment of capital lease obligation	(1,070)	(18,951)	0
Receipts (payments) for termination of forward interest rate swaps	12,598	391	(14,847)
Payments related to tax withholding for share-based compensation	(10,556)	(10,450)	(8,562)
Distributions to DownREIT partnership unitholders	(44)	(42)	(41)
Contributions from joint venture and profit-sharing partners	0	1,038	0
Distributions to joint venture and profit-sharing partners	(424)	(418)	(407)
Preferred interest obligation redemption and dividends	(1,120)	(2,000)	(1,960)
Net cash used in financing activities	(688,502)	(418,947)	(303,271)
Net increase (decrease) in cash and cash equivalents	15,958	(128,071)	(175,351)
Cash and cash equivalents and restricted cash, beginning of year	201,906	329,977	505,328
Cash and cash equivalents and restricted cash, end of year	217,864	201,906	329,977
Cash paid during the year for interest, net of amount capitalized	201,659	207,842	194,059
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents and restricted cash, end of year	$ 201,906	$ 329,977	$ 505,328

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
	Dec. 31, 2018USD ($)homeshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)homeshares
Supplemental disclosures of non-cash investing and financing activities
Common stock issued through the dividend reinvestment plan (in shares) | shares	2,272	3,058	2,396
Common stock issued through the dividend reinvestment plan	$ 387,000	$ 558,000	$ 424,000
Number of shares withheld to satisfy employees' tax withholding and other liabilities | shares	68,565	60,319	53,453
Shares withheld to satisfy employees' tax withholding and other liabilities, value	$ 10,556,000	$ 10,542,000	$ 8,356,000
Number of shares forfeited | shares	4,860
Shares cancelled upon forfeiture	$ 717,000	588,000	694,000
Common stock dividends declared but not paid	204,191,000	196,094,000	185,397,000
Change in redemption value of redeemable noncontrolling interest	(223,000)	(2,026,000)	(1,489,000)
Increase (decrease) in derivative liabilities	(6,366,000)	1,171,000
Cash flow hedge losses reclassified to earnings	(6,143,000)	(7,070,000)	(6,433,000)
Investments in unconsolidated real estate entities	217,432,000	163,475,000
Increase (decrease) in derivative assets		12,114,000	$ 12,085,000
Net operating real estate	$ 15,822,878,000	$ 16,342,893,000
Restricted Stock and Restricted Stock Converted From Performance Shares
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares	187,010	201,824	197,018
Restricted Stock Converted From Performance Shares [Member]
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares	88,297	128,482	115,618
Restricted stock
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares	98,713	73,342	81,400
Fair value of shares issued	$ 15,950,000	$ 13,171,000	$ 13,217,000
Number of shares forfeited | shares	4,860	3,388	4,262
Accumulated earnings less dividends
Supplemental disclosures of non-cash investing and financing activities
Change in redemption value of redeemable noncontrolling interest	$ (223,000)	$ (2,026,000)	$ (1,489,000)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		65,000
Deferred Compensation, Share-based Payments [Member] | Non-employee directors
Supplemental disclosures of non-cash investing and financing activities
Fair value of shares issued			$ 3,894,000
Avalon Maplewood
Supplemental disclosures of non-cash investing and financing activities
Net operating real estate		$ 16,361,000
Non-employee directors | Deferred Compensation, Share-based Payments [Member]
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares			44,327
Secured notes | Notes Payable Maturities 2020 | Avalon Hoboken [Member]
Supplemental disclosures of non-cash investing and financing activities
Assumed principal amount of indebtedness			$ 67,904,000
Secured notes | Notes Payable Maturities 2020 | Avalon Columbia Pike [Member]
Supplemental disclosures of non-cash investing and financing activities
Assumed principal amount of indebtedness			$ 70,507,000
NYC JV
Supplemental disclosures of non-cash investing and financing activities
Repayments of secured debt	$ 395,939,000
Apartment homes | home	1,301
West Hollywood Affordable [Member]
Supplemental disclosures of non-cash investing and financing activities
Apartment homes | home			77
Accounts receivable, net			$ 18,643,000
NYC JV
Supplemental disclosures of non-cash investing and financing activities
Investments in unconsolidated real estate entities	$ 74,159,000
Equity Method Investment, Ownership Percentage	20.00%

Organization, Basis of Presenta

Organization, Basis of Presentation, and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
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, 2018 , the Company owned or held a direct or indirect ownership interest in 270 operating apartment communities containing 78,549 apartment homes in 12 states and the District of Columbia, of which nine communities containing 3,648 apartment homes were under redevelopment. In addition, the Company owned or held a direct or indirect ownership interest in 21 communities under development that are expected to contain an aggregate of 6,609 apartment homes (unaudited) when completed, and a mixed-use project being developed in which the Company is currently pursuing a potential for-sale strategy of individual condominium units. 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 28 communities that, if developed as expected, will contain an estimated 9,769 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, including when 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 The Company accounts for its leases with its residents and retail tenants as operating leases. For lease agreements that provide for rent concessions and/or scheduled fixed and determinable rent increases, rental income is recognized on a straight-line basis over the noncancellable term of the lease. The Company’s residential lease term is generally one year. The Company records a charge to income for uncollectible outstanding receivables past due as a component of operating expenses, excluding property taxes on the accompanying Consolidated Statements of Comprehensive Income. As of January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers, using the modified retrospective approach, which applies the new standard to contracts that are not completed as of the date of adoption. Under the new standard, revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration that the Company expects to be entitled to for those goods and services. The majority of the Company’s revenue is derived from residential and retail rental income and other lease income, which are scoped out from this standard and included in the current lease accounting framework, and will be accounted for under ASU 2016-02, Leases, discussed under "Recently Issued and Adopted Accounting Standards" below. Revenue streams that are scoped into ASU 2014-09 include: • Management fees - The Company has investment interests in real estate joint ventures, for which the Company may manage (i) the venture, (ii) the associated operating communities owned by the ventures and/or (iii) the development or redevelopment of those operating communities. For these activities, the Company receives asset management, property management, development and/or redevelopment fee revenue. The performance obligation is the management of the venture, community or other defined task such as the development or redevelopment of the community. While the individual activities that comprise the performance obligation of the management fees can vary day to day, the nature of the overall performance obligation to provide management service is the same and considered by the Company to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation. The Company recognizes revenue for fees as earned on a monthly basis and has concluded this is appropriate under the new standard. • Rental and non-rental related income - The Company recognizes revenue for new rental related income not included as components of a lease, such as reservation and application fees, as well as for non-rental related income, as earned, and has concluded this is appropriate under the new standard. • Gains or losses on sales of real estate - 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. Subsequent to the adoption of the new standard, a gain or loss is recognized when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset that was sold. As a result, the Company may recognize a gain on a real estate disposition transaction that previously did not qualify as a sale or for full profit recognition due to the timing of the transfer of control or certain forms of continuing involvement. In addition, as discussed under ASU 2017-05, included in "Recently Issued and Adopted Accounting Standards" below, subsequent to the adoption of the new standard, a gain or loss recognized on the sale of a nonfinancial asset to an unconsolidated entity will be recognized at 100%, and not the Company’s proportionate ownership percentage. The Company concluded that the adoption of the new standard did not require an adjustment to the opening balance of retained earnings. The following table provides details of the Company’s revenue streams disaggregated by the Company’s reportable operating segments, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2018 , 2017 and 2016 . The segments are classified based on the individual community's status at January 1, 2018 for the years ended December 31, 2018 and 2017 , and at January 1, 2017 for the year ended December 31, 2016 . Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2016 through December 31, 2018 , or otherwise qualify as held for sale as of December 31, 2018 , as described in Note 6, "Real Estate Disposition Activities," (dollars in thousands): Established Other Development/ Non- Total For the year ended December 31, 2018 Management, development and other fees $ — $ — $ — $ 3,572 $ 3,572 Rental and non-rental related income (2) 9,563 2,417 1,913 — 13,893 Total non-lease revenue (3) 9,563 2,417 1,913 3,572 17,465 Lease income (4) 1,622,837 259,636 295,706 — 2,178,179 Business interruption insurance proceeds 26 — — — 26 Total revenue $ 1,632,426 $ 262,053 $ 297,619 $ 3,572 $ 2,195,670 For the year ended December 31, 2017 Management, development and other fees $ — $ — $ — $ 4,147 $ 4,147 Rental and non-rental related income (2) 9,453 2,083 1,478 — 13,014 Total non-lease revenue (3) 9,453 2,083 1,478 4,147 17,161 Lease income (4) 1,582,209 191,511 230,293 — 2,004,013 Business interruption insurance proceeds (5) 3 — 3,495 — 3,498 Total revenue $ 1,591,665 $ 193,594 $ 235,266 $ 4,147 $ 2,024,672 For the year ended December 31, 2016 Management, development and other fees $ — $ — $ — $ 5,599 $ 5,599 Rental and non-rental related income (2) 8,299 2,172 1,394 — 11,865 Total non-lease revenue (3) 8,299 2,172 1,394 5,599 17,464 Lease income (4) 1,423,658 219,035 185,343 — 1,828,036 Business interruption insurance proceeds (6) 152 65 20,312 — 20,529 Total revenue $ 1,432,109 $ 221,272 $ 207,049 $ 5,599 $ 1,866,029 __________________________________ (1) Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment. (2) Amounts include revenue streams related to leasing activities that are not considered components of a lease, including but not limited to, apartment hold fees and application fees, as well as revenue streams not related to leasing activities, including but not limited to, vendor revenue sharing, building advertising, vending and dry cleaning revenue. (3) Represents all revenue accounted for under ASC 2014-09. (4) Amounts include all revenue streams derived from residential and retail rental income and other lease income, which are excluded from ASC 2014-09 and accounted for under the lease accounting framework. (5) Amount for 2017 is primarily business interruption insurance proceeds related to the Maplewood casualty loss as discussed below in "Casualty Gains and Losses." (6) Amount for 2016 is primarily business interruption insurance proceeds related to the Edgewater casualty loss as discussed below in "Casualty Gains and Losses." Due to the nature and timing of the Company’s identified revenue streams, there are no material amounts of outstanding or unsatisfied performance obligations as of December 31, 2018 . 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. 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. Incidental operating costs in excess of incidental operating income are expensed in the period incurred. 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 adoption of ASU 2017-01 on October 1, 2016, impacted the Company's accounting framework for the acquisition of operating communities. Prior to adoption, 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, and expensed all costs incurred related to acquisitions of operating communities. Subsequent to adoption of ASU 2017-01 on October 1, 2016, 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 generally views acquisitions of individual operating communities as asset acquisitions, and results 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. 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, is reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities. The approach for improvements applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and was adjusted for estimated depreciation. The fair value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information, depreciation curves for the identified asset classes and estimated useful life of the acquired property. The value of the acquired lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. The lease-up period for an apartment community is assumed to be 12 months to achieve stabilized occupancy. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market rents obtained for market comparables, and considered a market derived discount rate. Given the 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. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed. Depreciation is calculated on buildings and related 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 The Company elected to be treated as a REIT for U.S. federal income tax purposes for its tax year ended December 31, 1994 and has not revoked such election. A REIT is a corporate 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 its taxable income if it annually distributes 100% of its taxable income 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 corporate income taxes at regular corporate rates and may not be able to qualify as a corporate 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 and in certain other instances. The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2018 , 2017 and 2016 . 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 recorded an income tax benefit of $160,000 in 2018 and incurred income tax expense of $141,000 and $305,000 in 2017 and 2016 , respectively, associated primarily with activities transacted through a TRS. As of December 31, 2018 and 2017 , 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 2015 through 2017 . On December 22, 2017, H.R. 1, the Tax Cuts and Jobs Act (the “TCJA”), was enacted. The TCJA makes major changes to the Code, including lowering the statutory U.S. federal income tax rate from 35% to 21% effective January 1, 2018. The Company does not believe the TCJA had a material impact on its financial position or results of operations. The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2018 , 2017 and 2016 (unaudited, dollars in thousands): 2018 Estimate 2017 Actual 2016 Actual Net income attributable to common stockholders $ 974,525 $ 876,921 $ 1,034,002 GAAP gain on sale of communities in excess of tax gain (194,596 ) (86,661 ) (195,029 ) Depreciation/amortization timing differences on real estate 5,431 (3,642 ) (947 ) Amortization of debt/mark to market interest 2,276 (18,096 ) (18,985 ) Tax compensation expense (in excess of) less than GAAP (612 ) 3,912 9,821 Casualty and impairment loss (gain), net 19,153 20,243 (657 ) Other adjustments (4,905 ) (4,304 ) 11,533 Taxable net income $ 801,272 $ 788,373 $ 839,738 The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2018 , 2017 and 2016 (unaudited): 2018 2017 2016 Ordinary income 76 % 75 % 68 % 20% capital gain 11 % 18 % 26 % Unrecaptured §1250 gain 13 % 7 % 6 % 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 $20,564,000 and $16,984,000 as of December 31, 2018 and 2017 , respectively, and related to mortgage notes payable was $2,044,000 and $4,991,000 as of December 31, 2018 and 2017 , 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 $10,108,000 and $8,299,000 as of December 31, 2018 and 2017 , 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 12/31/18 12/31/17 12/31/16 Basic and diluted shares outstanding Weighted average common shares—basic 137,844,755 137,523,771 136,928,251 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 436,986 535,415 525,886 Weighted average common shares—diluted 138,289,241 138,066,686 137,461,637 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 974,525 $ 876,921 $ 1,034,002 Net income allocated to unvested restricted shares (2,839 ) (2,463 ) (2,610 ) Net income attributable to common stockholders, adjusted $ 971,686 $ 874,458 $ 1,031,392 Weighted average common shares—basic 137,844,755 137,523,771 136,928,251 Earnings per common share—basic $ 7.05 $ 6.36 $ 7.53 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 974,525 $ 876,921 $ 1,034,002 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 44 42 41 Adjusted net income attributable to common stockholders $ 974,569 $ 876,963 $ 1,034,043 Weighted average common shares—diluted 138,289,241 138,066,686 137,461,637 Earnings per common share—diluted $ 7.05 $ 6.35 $ 7.52 Dividends per common share $ 5.88 $ 5.68 $ 5.40 All options to purchase shares of common stock outstanding as of December 31, 2018 , 2017 and 2016 are included in the computation of diluted earnings per share. 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 non-recoverable 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 or disposition of assets for which such acquisition and disposition activity did not occur, in the amounts of $4,388,000 , $2,370,000 and $4,183,000 during the years ended December 31, 2018 , 2017 and 2016 , 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, 2018 , 2017 and 2016 , 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 as 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, 2018 , the Company recognized an impairment charge of $826,000 related to a land parcel the Company had previously acquired for development and no longer intends to develop. During the year ended December 31, 2017 , the Company recognized an impairment charge of $9,350,000 related to a land parcel the Company had acquired for development in 2004 and sold during 2017. 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 intended 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 loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. 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, 2018 , 2017 or 2016 . Casualty Gains and Losses In February 2017, a fire occurred at the Company's Avalon Maplewood, located in Maplewood, NJ, which at the time was under construction and not yet occupied. The Company completed reconstruction of the damaged and destroyed portions of the community as well as the vertical construction of the community in 2018. During the year ended December 31, 2017 , the Company recorded a net casualty loss of $2,338,000 for the fire at Maplewood, included in casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. During the year ended December 31, 2017 , the Company reached a final insurance settlement for the property damage and lost income for the Maplewood casualty loss of $19,696,000 , after self-insurance and deductibles, of which the Company recognized $3,495,000 as business interruption insurance proceeds. See Note 7, “Commitments and Contingencies,” for additional discussion of the related casualty loss. 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, of which $29,008,000 was received in 2016. Of this amount, $8,702,000 was recognized as casualty gain, reported as casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income, and $20,306,000 as business interruption insurance proceeds reported as a component of rental and other income on the accompanying Consolidated Statements of Comprehensive Income. During the year ended December 31, 2016 , the Company record

Interest Capitalized

Interest Capitalized	12 Months Ended
	Dec. 31, 2018
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 $60,331,000 , $64,420,000 and $78,872,000 for years ended December 31, 2018 , 2017 and 2016 , respectively.

Mortgage Notes Payable, Unsecur

Mortgage Notes Payable, Unsecured Notes and Credit Facility	12 Months Ended
	Dec. 31, 2018
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 loans (the “Term Loans”) and Credit Facility, as defined below, as of December 31, 2018 and 2017 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, 2018 and 2017 , as shown on the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). 12/31/18 12/31/17 Fixed rate unsecured notes (1) $ 5,400,000 $ 5,350,000 Variable rate unsecured notes (1) 300,000 300,000 Term Loans (1) 250,000 250,000 Fixed rate mortgage notes payable—conventional and tax-exempt (2) 533,215 593,987 Variable rate mortgage notes payable—conventional and tax-exempt (2) 619,140 910,326 Total mortgage notes payable and unsecured notes and Term Loans 7,102,355 7,404,313 Credit Facility — — Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility $ 7,102,355 $ 7,404,313 _________________________________ (1) Balances at December 31, 2018 and 2017 exclude $9,879 and $10,850 , respectively, of debt discount, and $34,128 and $36,386 , respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets. (2) Balances at December 31, 2018 and 2017 exclude $14,590 and $16,351 of debt discount, respectively, and $3,495 and $11,256 , 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, 2018 : • In February 2018, the Company repaid $15,174,000 principal amount of 6.60% fixed rate debt secured by Avalon Oaks West in advance of its scheduled maturity date, incurring a charge of $426,000 , consisting of a prepayment penalty of $152,000 and the non-cash write-off of unamortized deferred financing costs of $274,000 . • In February 2018, the Company repaid $11,038,000 principal amount of 4.61% fixed rate debt secured by AVA Pasadena at par in advance of its scheduled maturity date. • In March 2018, 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 $296,210,000 . The notes mature in April 2048 and were issued at a 4.35% interest rate. The effective interest rate of the notes for the first 10 years is 3.97% , including the impact of an interest rate hedge and offering costs, and for the remainder of the term the effective interest rate is 4.39% . • In April 2018, the Company repaid $13,380,000 principal amount of 3.06% fixed rate debt secured by Avalon Andover at par at its scheduled maturity date. • In June 2018, the Company repaid $15,295,000 principal amount of 6.90% fixed rate debt secured by Avalon Orchards in advance of its scheduled maturity date, incurring a charge of $635,000 , consisting of a prepayment penalty of $282,000 and the non-cash write-off of unamortized deferred financing costs of $353,000 . • In August 2018, the Company repaid $95,859,000 aggregate principal amount of variable rate debt secured by Avalon Calabasas, of which $51,449,000 was repaid at par at its scheduled maturity date, and $44,410,000 was repaid at par in advance of its April 2028 maturity date. The Company recognized a non-cash charge of $1,690,000 for the write-off of unamortized debt discount. • In December 2018, the Company repaid $250,000,000 principal amount of its 6.10% unsecured notes in advance of its March 2020 scheduled maturity, recognizing a charge of $8,926,000 , consisting of a prepayment penalty of $8,579,000 and a non-cash write-off of deferred financing costs of $347,000 . • In December 2018, in conjunction with the formation of the NYC Joint Venture as discussed in Note 5, "Investments in Real Estate Entities," the following financing activities took place: ◦ The Company repaid $93,800,000 of variable rate debt secured by Avalon Bowery Place I in advance of its November 2037 maturity date. In conjunction with the repayment, the Company recognized a charge of $5,837,000 , consisting of a prepayment penalty of $2,874,000 and the non-cash write-off of unamortized deferred financing costs of $2,963,000 . ◦ The Company entered into a $93,800,000 fixed rate note secured by Avalon Bowery Place I, with a contractual interest rate of 4.01% , maturing in January 2029 . ◦ The Company entered into a $39,639,000 fixed rate note secured by Avalon Bowery Place II, with a contractual interest rate of 4.01% , maturing in January 2029 . ◦ The Company entered into a $12,500,000 fixed rate note secured by Avalon Morningside Park, with a contractual interest rate of 3.95% , maturing in January 2029 . ◦ The Company entered into a $150,000,000 fixed rate note secured by Avalon West Chelsea and AVA High Line, a dual-branded community, with a contractual interest rate of 4.01% , maturing in January 2029 . ◦ The NYC Joint Venture then assumed the aggregate $295,939,000 of new borrowings discussed above, as well as the previously outstanding $100,000,000 fixed rate note secured by Avalon Morningside Park with a contractual interest rate of 3.50% . At December 31, 2018 , the Company has a $1,500,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the "Credit Facility") which matures in April 2020. The Company may extend the maturity for up to nine months , provided the Company is not in default and upon payment of a $1,500,000 extension fee. 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 ( 3.33% at December 31, 2018 ), assuming a one month borrowing rate. The annual facility fee is 0.125% (or 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 $39,810,000 and $47,315,000 outstanding in letters of credit that reduced the borrowing capacity as of December 31, 2018 and 2017 , respectively. In the aggregate, secured notes payable mature at various dates from April 2019 through July 2066, and are secured by certain apartment communities (with a net carrying value of $1,827,953,000 , excluding communities classified as held for sale, as of December 31, 2018 ). The weighted average interest rate of the Company's fixed rate secured notes payable (conventional and tax-exempt) was 3.8% and 4.0% at December 31, 2018 and 2017 , respectively. The weighted average interest rate of the Company's variable rate secured notes payable (conventional and tax exempt), the Term Loans and its Credit Facility, including the effect of certain financing related fees, was 3.4% and 3.2% at December 31, 2018 and 2017 , respectively. Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2018 are as follows (dollars in thousands): Year Secured notes payments Secured notes maturities Unsecured notes maturities Stated interest rate of unsecured notes 2019 3,824 114,722 — N/A 2020 2,682 140,430 400,000 3.625 % 2021 2,204 27,844 250,000 3.950 % 300,000 LIBOR + 0.43% 2022 2,318 — 450,000 2.950 % 100,000 LIBOR + .90% 2023 2,439 — 350,000 4.200 % 250,000 2.850 % 2024 2,577 — 300,000 3.500 % 150,000 LIBOR + 1.50% 2025 2,708 84,835 525,000 3.450 % 300,000 3.500 % 2026 2,845 — 475,000 2.950 % 300,000 2.900 % 2027 2,270 185,100 400,000 3.350 % 2028 912 — 450,000 3.200 % Thereafter 30,296 544,349 350,000 3.900 % 300,000 4.150 % 300,000 4.350 % $ 55,075 $ 1,097,280 $ 5,950,000 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, 2018 .

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Equity	Equity As of December 31, 2018 and 2017 , 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, 2018 , the Company: i. issued 40,534 shares of common stock in connection with stock options exercised; ii. issued 2,272 common shares through the Company's dividend reinvestment plan; iii. issued 187,010 common shares in connection with restricted stock grants and the conversion of performance awards to restricted shares; iv. issued 244,924 shares under CEP IV, as discussed below; v. withheld 68,565 common shares to satisfy employees' tax withholding and other liabilities; vi. issued 12,955 shares through the Employee Stock Purchase Plan; and vii. canceled 4,860 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, 2018 is not reflected on the accompanying Consolidated Balance Sheet as of December 31, 2018 , 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 (and/or enter into forward agreements for) 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. The Company expects that, if entered into, it 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. As of December 31, 2018 , there are no outstanding forward sales agreements. In 2018 , the Company sold 244,924 shares at an average sales price of $189.14 per share, for net proceeds of $45,629,000 . As of December 31, 2018 , the Company had $846,591,000 of shares remaining authorized for issuance under this program.

Investments in Real Estate Enti

Investments in Real Estate Entities	12 Months Ended
	Dec. 31, 2018
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, 2018 , the Company had investments in the following real estate entities: • 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 had six institutional investors, including the Company. The Company is the general partner of the U.S. Fund and, at December 31, 2018 excluding costs incurred in excess of equity in the underlying net assets of the U.S. Fund, the Company had an equity investment of $31,194,000 (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 2018 , the U.S. Fund sold Avalon Kirkland at Carillon, located in Kirkland, WA, containing 131 apartment homes for $85,500,000 . The Company's proportionate share of the gain in accordance with GAAP was $8,636,000 . In conjunction with the disposition of this community, the U.S. Fund repaid $27,928,000 of related secured indebtedness in advance of its scheduled maturity date. Subsidiaries of the U.S. Fund have five loans secured by individual assets with aggregate amounts outstanding of $205,846,000 , with maturity dates that vary from June 2020 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, 2018 the Company had an equity investment of $34,799,000 (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. During 2018 , the AC JV sold Avalon Woodland Park, located in Herndon, VA, containing 392 apartment homes for $94,250,000 . The Company's proportionate share of the gain in accordance with GAAP was $2,019,000 . In conjunction with the disposition of this community, the AC JV repaid a $50,647,000 loan at par to the equity investors in the venture in advance of its scheduled maturity date. As of December 31, 2018 , subsidiaries of the AC JV had one unsecured loan outstanding in the amount of $111,653,000 which matures in August 2021, and which was made by the equity investors in the venture, including the Company, in proportion to the investors' respective equity ownership interest. The unsecured loan is 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. The Company has not guaranteed the debt of MVP I, LLC, nor does the Company have any obligation to fund this debt should MVP I, LLC be unable to do so. • Brandywine Apartments of Maryland, LLC (“Brandywine”) —Brandywine owns a 305 apartment home community located in Washington, 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 had an outstanding $22,195,000 fixed rate mortgage loan that is payable by the venture. The Company has not guaranteed the debt of Brandywine, nor does the Company have any obligation to fund this debt should Brandywine be unable to do so. • Residual JV —Through subsidiaries, the Company and Equity Residential entered into three limited liability company agreements (collectively, the “Residual JV”) through which the Company and Equity Residential acquired (i) certain assets of Archstone that the Company and Equity Residential have divested (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 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. The Company believes its remaining potential obligations under the Residual JV will not have a material impact on its financial position or results of operations. • 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, 2018 , 2017 and 2016 , the Legacy JV redeemed certain of the preferred interests and paid accrued dividends, of which the Company's portion was $1,120,000 , $2,000,000 and $1,960,000 , respectively. At December 31, 2018 , the remaining preferred interests had an aggregate liquidation value of $36,806,000 , the Company's 40.0% share of which was 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. During the year ended December 31, 2017 , the Company and its venture partner each acquired their respective portion of the real estate held by the venture, with the Company's portion consisting of a parcel of land for the development of an apartment community, acquired for an investment of $19,200,000 . The Company and its venture partner retained continuing involvement with the venture to fund the completion of the planned infrastructure and site work, which was substantially complete at December 31, 2018 . • 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 completed construction during 2018 and contains 265 apartment homes. 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 to construct AVA North Point and the operating budget for the community since 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 during the year ended December 31, 2016 , included in gain (loss) on other real estate transactions, net on the accompanying Consolidated Statements of Comprehensive Income. At December 31, 2018 , the Company had an equity investment of $45,162,000 . • NYTA MF Investors LLC (“NYC Joint Venture”) —During 2018, the Company contributed five wholly-owned operating communities located in New York, NY to a newly formed joint venture with the intent to own and operate the communities. The Company retained a 20.0% interest in the venture, with the venture partner owning the remaining 80.0% interest, and the partners sharing in returns in accordance with their ownership interests. The venture is not considered a VIE and is accounted for as an equity method investment, as the venture can finance its activities through the on-going operations of the communities and the Company and its third party partner share a controlling financial interest in the joint venture. While the Company is the managing member and the venture partner has a controlling financial interest, 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 annual operating budget and redevelopment related activities to be performed by the venture. In conjunction with the formation of the venture, the Company sold the five communities, containing an aggregate of 1,301 apartment homes and 58,000 square feet of retail space, to the venture for a sales price of $758,900,000 . The Company received net cash proceeds of $276,799,000 and the venture assumed $395,939,000 of secured indebtedness from the Company. The Company recognized a gain on sale of $179,861,000 , including the recognition of the Company's 20.0% retained interest at fair value. In conjunction with the formation of the venture, the Company entered into the refinancing and borrowing activities discussed in Note 3, “Mortgage Notes Payable, Unsecured Notes and Credit Facility.” At December 31, 2018 , the Company had an equity investment of $75,000,000 , representing a 20.0% equity interest in the venture. In addition, during 2018 the Company held an investment in and received the final distributions for the 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 operated communities in the Company's markets. During 2017, Fund II sold its final three communities, and the Company completed the dissolution of Fund II in 2018. Fund II had six institutional investors, including the Company. One of the Company's wholly owned subsidiaries was the general partner of Fund II. The Company had an equity interest of 31.3% in Fund II, and upon achievement of a threshold return the Company had a right to incentive distributions for its promoted interest based on current returns earned by Fund II which represented 40.0% of further Fund II distributions, which was in addition to its proportionate share of the remaining 60.0% of distributions. During the year ended December 31, 2018 , the Company recognized income of $925,000 for its promoted interest, which was reported as a component of equity in income of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. 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): 12/31/18 12/31/17 Assets: Real estate, net $ 1,420,039 $ 695,077 Other assets 45,142 39,976 Total assets $ 1,465,181 $ 735,053 Liabilities and partners' capital: Mortgage notes payable, net and credit facility $ 837,311 $ 523,815 Other liabilities 15,624 10,540 Partners' capital 612,246 200,698 Total liabilities and partners' capital $ 1,465,181 $ 735,053 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 12/31/18 (1) 12/31/17 12/31/16 Rental and other income $ 92,504 $ 101,615 $ 131,901 Operating and other expenses (35,005 ) (38,566 ) (50,945 ) Gain on sale of communities 54,202 136,333 196,749 Interest expense, net (2) (22,488 ) (27,104 ) (45,886 ) Depreciation expense (26,706 ) (25,914 ) (34,471 ) Net income $ 62,507 $ 146,364 $ 197,348 _________________________________ (1) Amounts include results from the NYC Joint Venture from the date the venture was formed. (2) Amounts for the years ended December 31, 2018 , 2017 and 2016 includes charges for prepayment penalties and write-offs of deferred financing costs of $312 , $1,591 and $12,659 , respectively. In conjunction with 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 $31,188,000 and $35,402,000 at December 31, 2018 and 2017 , 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 12/31/18 12/31/17 12/31/16 Fund I (1) $ — $ — $ 87 Fund II (2) 843 53,961 49,882 U.S. Fund (3) 9,766 14,773 15,635 AC JV (4) 3,527 1,388 1,445 MVP I, LLC 1,917 1,833 1,627 Brandywine 95 106 10 CVP I, LLC — — 9 Residual JV (879 ) (1,223 ) (1,374 ) Avalon Clarendon (5) — — (2,359 ) North Point II JV, LP 305 (122 ) — Sudbury Development, LLC 29 28 — NYC JV (333 ) — — Total $ 15,270 $ 70,744 $ 64,962 _________________________________ (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, 2017 and 2016 includes the Company's proportionate share of the gain on the sale of Fund II assets of $26,322 and $41,501 , respectively. In addition, equity in income for the years ended December 31, 2018 , 2017 and 2016 include $925 , $26,472 and $7,985 , respectively, relating to the Company's recognition of its promoted interest. (3) Equity in income for the years ended December 31, 2018 , 2017 and 2016 includes the Company's proportionate share of the gain on the sale of U.S. Fund assets of $8,636 , $13,788 and $16,568 , respectively. (4) Equity in income for the year ended December 31, 2018 includes the Company's proportionate share of the gain on the sale of an AC JV assets of $2,019 . (5) In 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, 2018 , the Company acquired four consolidated communities: • Avalon Arundel Crossing, located in Linthicum Heights, MD, contains 310 apartment homes and was acquired for a purchase price of $83,000,000 . • Alexander Apartments & Lofts, located in West Palm Beach, FL, contains 290 apartment homes and 2,000 square feet of retail space and was acquired for a purchase price of $103,000,000 . • Ironwood at Red Rocks, located in Littleton, CO, contains 256 apartment homes and was acquired for a purchase price of $75,400,000 . • The Meadows, located in Castle Rock, CO, contains 240 apartment homes and was acquired for a purchase price of $73,050,000 . The Company accounted for these as asset acquisitions and recorded the acquired assets and assumed liabilities, including identifiable intangibles, at their relative fair values based on the purchase price and acquisition costs incurred. 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 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 , all of which were accounted for as business combinations prior to the adoption of ASU 2017-01 on October 1, 2016, totaled $5,139,000 . This amount was reported as a component of expensed acquisition, development and other pursuit costs, net of recoveries 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 the receipts, net with expensed acquisition costs. 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 Brooklyn Bay, the Company entered into a joint venture agreement to construct a mixed-use building that contains rental apartments, for-sale residential condominium units and related common elements. The Company owns a 70.0% interest in the venture, which represents a 100% interest in the rental apartments, and the venture partner owns the remaining 30.0% interest, which represents a 100% interest in the for-sale residential condominium units. The Company was responsible for the development and construction of the structure, and provided a loan to the venture partner for the venture partner's share of costs. The venture is considered a VIE, and the Company consolidates its interest in the rental apartments and common areas, which are included in total real estate, net on the accompanying Consolidated Balance Sheets. The development of Avalon Brooklyn Bay was completed during the year ended December 31, 2018 . As of December 31, 2018 , the Company has a receivable from the venture partner in the form of a variable rate mortgage note, secured by the remaining for-sale residential condominium units. The balance as of December 31, 2018 was $12,819,000 , representing outstanding principal and interest, net of repayments, and as of December 31, 2017 , was $44,831,000 , representing outstanding principal and interest. These amounts are reported as a component of prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company recognizes interest income on the accrual basis.

Real Estate Disposition Activit

Real Estate Disposition Activities	12 Months Ended
	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Disposition Activities	Real Estate Disposition Activities The following activity took place during the year ended December 31, 2018 : • The Company sold eight wholly-owned operating communities, containing an aggregate of 1,798 apartment homes for an aggregate sales price of $618,750,000 and an aggregate gain of $195,115,000 . • The Company contributed five wholly-owned operating communities to the NYC Joint Venture for a sales price of $758,900,000 , recognizing a gain on sale of $179,861,000 . See Note 5, “Investments in Real Estate Entities,” for additional discussion of the venture. • The Company sold other real estate for an aggregate sales price of $639,000 , resulting in an aggregate gain of $345,000 . 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 Avalon Blue Hills/Avalon Canton at Blue Hills Randolph/Canton, MA Q218 472 $ — $ 131,250 $ 129,466 Eaves North Quincy Quincy, MA Q218 224 — 64,250 63,302 Avalon Anaheim Stadium Anaheim, CA Q218 251 — 111,600 105,495 Avalon Ballston Place Arlington, VA Q318 383 — 169,000 166,921 Avalon at Fairway Hills - Fields Columbia, MD Q418 192 — 39,500 38,744 Avalon Fashion Valley San Diego, CA Q418 161 — 70,750 69,781 Avalon Andover Andover, MA Q418 115 — 32,400 31,765 NYC Joint Venture (1) New York, NY Q418 1,301 395,939 758,900 276,799 Other real estate dispositions (2) multiple 2018 N/A — 639 1,040 Total of 2018 asset sales 3,099 $ 395,939 $ 1,378,289 $ 883,313 Total of 2017 asset sales 1,624 $ — $ 514,654 $ 503,039 Total of 2016 asset sales 2,051 $ — $ 564,028 $ 532,717 _________________________________ (1) The Company contributed five communities located in New York, NY, to the NYC Joint Venture, in which the Company retained a 20.0% ownership interest, as discussed in Note 5, "Investments in Real Estate Entities." (2) Primarily composed of the sale of one undeveloped land parcel, located in Fairfax City, VA. As of December 31, 2018 , the Company had one community and two ancillary land parcels that qualified as held for sale.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Employment Agreements and Arrangements At December 31, 2018 , 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 or until the fifth anniversary of the grant date, if later, or until the option expiration date, if earlier, 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 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”). 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 time for vice presidents and senior vice presidents, two times for executive vice presidents and three times for the chief executive officer. The officer's restricted stock and options would also vest. Costs related to the Program are deferred and recognized over the requisite service period when considered by management to be probable and estimable. Maplewood Casualty Loss In February 2017, a fire occurred at the Company's Avalon Maplewood, located in Maplewood, NJ, which at the time was under construction and not yet occupied. The Company completed reconstruction of the damaged and destroyed portions of the community as well as the vertical construction of the community in 2018. See Note 1, "Organization, Basis of Presentation and Significant Accounting Policies," for further discussion of the casualty gains and losses associated with the Maplewood casualty loss. Edgewater Casualty Loss 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. See Note 1, "Organization, Basis of Presentation and Significant Accounting Policies," for further discussion of the casualty gains and losses associated with the Edgewater casualty loss. With regard to the building that was destroyed, three class action lawsuits have been filed against the Company 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 settlement which provides 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. In July 2017, the District Court granted final approval of the settlement and all claims have been submitted to the independent claims adjuster. A total of 66 units (consisting of residents who did not previously settle their claims and who did not opt out of the class settlement) are included in the class action settlement and bound by its terms. However, only approximately 45 units submitted claims. The independent claims adjuster is currently reviewing the claims submitted; the submitted claims total approximately $6,900,000 but, based on the Company's review of the initial determinations made by the adjuster on a number of claims, the Company believes that the total amount actually awarded will be significantly less. To date, the claims adjuster has completed its evaluation of 37 of these claims and it is expected that the evaluation of the remaining claims should be completed within the next month. In addition to the class action lawsuits described above, the Company has resolved litigated claims with tenants of approximately 60 units. There is currently one remaining resident lawsuit with respect to the destroyed building filed in the Superior Court of New Jersey, Bergen County - Law Division; the Company believes it has meritorious defenses to the extent of damages claimed in that suit. A number of subrogation lawsuits had been filed against the Company by insurers of Edgewater residents who obtained renters insurance; these lawsuits have been resolved or are expected to be resolved during the first quarter of 2019. A fourth class action, being heard in the same federal court, was filed against the Company on behalf of a purported class of residents of the second Edgewater building that suffered minimal damage. Having settled many third party claims through the insurance claims process, while no assurances can be given, 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) will not be material to the Company and will in any event be substantially covered by the Company's insurance policies. 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 11 apartment communities, one community under development, and two commercial properties, located on land subject to land leases expiring between October 2026 and March 2142 . All of the ground leases, except for one of the apartment communities, are accounted for as operating leases, recognizing rental expense on a straight-line basis over the lease term. These operating leases have varying escalation terms, primarily based on variables determined at future dates such as changes in the Consumer Price Index, and five of these leases have purchase options exercisable through 2095. The Company incurred costs of $21,788,000 , $23,431,000 and $23,343,000 in the years ended December 31, 2018 , 2017 and 2016 , respectively, related to operating leases. One apartment community is located on land subject to a land lease which is accounted for as a capital lease and has the option for the Company to purchase the land at some point during the lease term which expires in 2046. In addition to the leases described above, the Company is party to a lease for a portion of the parking garage adjacent to an apartment community, accounted for as a capital lease and subject to the Company's real estate accounting policies discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies.” The Company has a total capital lease obligation of $20,243,000 reported as a component of accrued expenses and other liabilities. In addition, the Company is party to 14 leases for its corporate and regional offices with varying terms through 2031, all of which are accounted for as operating leases. During the year ended December 31, 2018 , the Company contributed a dual-branded apartment community, Avalon West Chelsea and AVA High Line, located on land subject to a single land lease, to the newly formed NYC Joint Venture. See Note 5, “Investments in Real Estate Entities,” for discussion of the formation of the venture. During the year ended December 31, 2017 , the Company acquired the land encumbered by the ground lease for Avalon Morningside Park for $95,000,000 , recognizing a non-cash write-off of prepaid rent of $11,153,000 associated with the ground lease termination, reported as a component of (loss) gain on other real estate transactions on the accompanying Consolidated Statements of Comprehensive Income. Also during the year ended December 31, 2017 , the Company exercised its purchase option under a capital lease, acquiring the land encumbered by the ground lease for Avalon at Assembly Row and AVA Somerville for $17,285,000 . The following table details the future minimum lease payments under the Company's current leases (dollars in thousands): Payments due by period 2019 2020 2021 2022 2023 Thereafter Operating Lease Obligations $ 14,166 $ 11,836 $ 13,226 $ 13,129 $ 12,527 $ 439,981 Capital Lease Obligations (1) (2) 1,075 1,077 1,080 1,082 1,084 41,220 $ 15,241 $ 12,913 $ 14,306 $ 14,211 $ 13,611 $ 481,201 _________________________________ (1) Aggregate capital lease payments include $26,375 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 $19,737 as of both December 31, 2018 and 2017 , respectively, are included as a component of land and improvements or building and improvements on the accompanying Consolidated Balance Sheets. 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 net cost basis of a community to which the suit related. During the years ended December 31, 2018 , 2017 and 2016 , the Company recognized $946,000 , $6,118,000 and $417,000 in legal recoveries, respectively. Amounts recognized during the years ended December 31, 2018 and 2017 include $554,000 and $5,438,000 , respectively, in legal settlement proceeds relating to construction defects at communities acquired as part of the Archstone Acquisition, reported as a component of casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2018
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 the Company has a significant presence (New England, New York/New Jersey, Mid-Atlantic, Pacific Northwest, and Northern and Southern California) and 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, 2018 , are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2017 , are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the fiscal 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 completed consolidated communities that have stabilized occupancy, as defined above, as January 1, 2018 , or which were acquired during the year ended December 31, 2018 . Other Stabilized Communities includes stabilized operating communities in our expansion markets of Denver, Colorado, and Southeast Florida, but excludes communities that are conducting or planning to conduct substantial redevelopment activities within the fiscal year. • Development/Redevelopment Communities consists of (i) consolidated communities that are either currently under construction, or were under construction during the fiscal year, which may be partially or fully complete and operating, (ii) consolidated communities where substantial redevelopment is in progress or is planned to begin during the fiscal year and (iii) communities under lease-up that have been complete for less than one year and have not reached stabilized occupancy, as defined above, as of January 1, 2018 . 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 transaction, 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 (benefit) expense, casualty and impairment loss (gain), net, gain on sale of communities, loss (gain) on other real estate transactions, net and net operating income from real estate assets sold or held for sale. 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, 2018 , 2017 and 2016 is as follows (dollars in thousands): For the year ended 12/31/18 12/31/17 12/31/16 Net income $ 974,175 $ 876,660 $ 1,033,708 Indirect operating expenses, net of corporate income 76,522 65,398 61,403 Investments and investment management expense 7,709 5,936 4,822 Expensed acquisition, development and other pursuit costs, net of recoveries 4,309 2,736 9,922 Interest expense, net 220,974 199,661 187,510 Loss on extinguishment of debt, net 17,492 25,472 7,075 General and administrative expense 56,365 50,673 45,771 Equity in income of unconsolidated real estate entities (15,270 ) (70,744 ) (64,962 ) Depreciation expense 631,196 584,150 531,434 Income tax (benefit) expense (160 ) 141 305 Casualty and impairment loss (gain), net 215 6,250 (3,935 ) Gain on sale of communities (374,976 ) (252,599 ) (374,623 ) (Gain) loss on other real estate transactions (345 ) 10,907 (10,224 ) Net operating income from real estate assets sold or held for sale (58,620 ) (84,650 ) (114,219 ) Net operating income $ 1,539,586 $ 1,419,991 $ 1,313,987 The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands): For the year ended 12/31/2018 12/31/2017 12/31/2016 Rental income from real estate assets sold or held for sale $ 88,865 $ 133,956 $ 179,226 Operating expenses from real estate assets sold or held for sale (30,245 ) (49,306 ) (65,007 ) Net operating income from real estate assets sold or held for sale $ 58,620 $ 84,650 $ 114,219 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 January 1, 2018 for the years ended December 31, 2018 and 2017 and at January 1, 2017 , for the year ended December 31, 2016 . Segment information for the years ended December 31, 2018 , 2017 and 2016 has been adjusted to exclude the real estate assets that were sold from January 1, 2016 through December 31, 2018 , or otherwise qualify as held for sale as of December 31, 2018 , as described in Note 6, “Real Estate Disposition Activities.” Total revenue NOI Gross real estate (1) For the year ended December 31, 2018 Established New England $ 239,638 $ 157,109 $ 2,014,158 Metro NY/NJ 360,430 254,132 3,086,133 Mid-Atlantic 237,113 165,724 2,226,315 Pacific Northwest 86,571 62,194 727,652 Northern California 366,834 280,994 2,986,068 Southern California 341,840 245,356 2,921,616 Total Established (2) 1,632,426 1,165,509 13,961,942 Other Stabilized 262,053 178,172 2,934,711 Development / Redevelopment 297,619 195,905 5,201,454 Land Held for Future Development N/A N/A 84,712 Non-allocated (3) 3,572 N/A 94,350 Total $ 2,195,670 $ 1,539,586 $ 22,277,169 For the year ended December 31, 2017 Established New England $ 232,688 $ 152,514 $ 1,993,653 Metro NY/NJ 354,444 251,760 3,071,563 Mid-Atlantic 232,987 161,546 2,216,292 Pacific Northwest 84,313 61,705 724,751 Northern California 357,209 273,940 2,972,311 Southern California 330,024 237,796 2,905,512 Total Established (2) 1,591,665 1,139,261 13,884,082 Other Stabilized 193,594 127,678 2,571,356 Development / Redevelopment (4) 235,266 153,052 4,104,956 Land Held for Future Development N/A N/A 68,364 Non-allocated (3) 4,147 N/A 78,864 Real estate disposed or held for sale (5) 1,228,314 Total $ 2,024,672 $ 1,419,991 $ 21,935,936 For the year ended December 31, 2016 Established New England $ 209,935 $ 136,019 $ 1,667,171 Metro NY/NJ 294,199 204,882 2,412,742 Mid-Atlantic 203,003 141,624 1,862,091 Pacific Northwest 79,958 57,857 731,277 Northern California 331,610 253,582 2,812,859 Southern California 313,404 224,955 2,840,773 Total Established (2) 1,432,109 1,018,919 12,326,913 Other Stabilized 221,272 151,475 2,650,966 Development / Redevelopment (6) 207,049 143,593 4,154,778 Land Held for Future Development N/A N/A 84,293 Non-allocated (3) 5,599 N/A 80,700 Real estate disposed or held for sale (5) 1,458,130 Total $ 1,866,029 $ 1,313,987 $ 20,755,780 _________________________________ (1) Does not include gross real estate assets held for sale of $65,408 and $20,846 as of December 31, 2018 and 2016 , respectively. (2) Gross real estate for the Company's Established Communities includes capitalized additions of approximately $78,469 , $78,241 and $85,676 in 2018 , 2017 and 2016 , respectively. (3) Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment. (4) Total revenue and NOI for the year ended December 31, 2017 includes $3,495 in business interruption insurance proceeds related to the Maplewood casualty loss. (5) Represents real estate sold or held for sale between the reported year end date and December 31, 2018, which is not allocated to a reportable segment. (6) 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.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans The Company's Second Amended and Restated 2009 Equity 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, 2018 , the Company had 7,509,205 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's 1994 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, restricted stock units, 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. No grants of stock options and other awards will be made after May 15, 2027, and no grants of incentive stock options will be made after February 16, 2027. 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, 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 177,333 $ 124.25 22,541 $ 77.91 Exercised (27,360 ) 110.47 (14,763 ) 93.35 Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2017 149,973 $ 126.77 7,778 $ 48.60 Exercised (32,756 ) 126.24 (7,778 ) 48.60 Granted (1) 6,995 161.10 — — Forfeited — — — — Options Outstanding, December 31, 2018 124,212 $ 128.84 — $ — Options Exercisable: December 31, 2016 177,333 $ 124.25 22,541 $ 77.91 December 31, 2017 149,973 $ 126.77 7,778 $ 48.60 December 31, 2018 117,217 $ 126.91 — $ — _________________________________ (1) Options granted during the year ended December 31, 2018 are a result of recipient elections to receive a portion of earned performance awards and time-vesting restricted stock in the form of stock options. The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2018 : 2009 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 4,380 $70.00 - $79.99 1.1 7,865 $110.00 - $119.99 2.1 29,862 $120.00 - $129.99 4.2 75,110 $130.00 - $139.99 3.8 6,995 $160.00 - $169.99 9.1 124,212 Options outstanding and exercisable at December 31, 2018 had an intrinsic value of $5,616,000 and $5,525,000 , respectively. Options exercisable had a weighted average contractual life of 4.0 years. The intrinsic value of options exercised under the 2009 and 1994 Plans during 2018 , 2017 and 2016 was $3,016,000 , $3,592,000 and $9,187,000 , respectively. There were no stock options granted in 2018 , 2017 and 2016 , other than those elected under the Company's performance award plan discussed below. The Company has a compensation framework under which share-based compensation granted is 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. For annual restricted stock awards, in lieu of time-vesting restricted stock, the recipient may elect to receive up to 25% of the award value in the form of stock options, for which one third of the award vests annually over a three year period. 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 . Performance awards granted in 2017 or earlier are earned in the form of time-vesting restricted stock following the end of the three-year performance period, provided that the predetermined goals have been achieved. Performance awards granted after 2017 are fully vested for the recipient following the measurement period. 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, 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. For other terminating events, performance awards are generally forfeited. Information with respect to performance awards granted is as follows: Performance awards Weighted average grant date fair value per award Outstanding at December 31, 2015 238,266 $ 119.65 Granted (1) 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 Granted (3) 81,708 176.59 Change in awards based on performance (2) 49,323 119.26 Converted to restricted stock (128,482 ) 118.75 Forfeited (1,942 ) 159.39 Outstanding at December 31, 2017 251,770 $ 155.25 Granted (4) 100,965 155.31 Change in awards based on performance (2) 5,990 148.79 Converted to restricted stock (88,477 ) 148.79 Forfeited (3,119 ) 160.33 Outstanding at December 31, 2018 267,129 $ 157.21 _________________________________ (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 61,039 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 33,015 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement for the performance period. (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 49,374 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,334 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 62,043 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 38,922 performance awards. The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows: 2018 2017 2016 Dividend yield 3.7% 3.2% 3.3% Estimated volatility over the life of the plan (1) 11.8% - 18.7% 15.3% - 19.7% 15.2% - 22.8% Risk free rate 1.86% - 2.46% 0.69% - 1.61% 0.44% - 0.88% Estimated performance award value based on total shareholder return measure $151.67 $175.86 $131.24 _________________________________ (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 $161.10 , $179.07 and $161.66 , for the years ended December 31, 2018 , 2017 and 2016 , 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, 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 Granted - restricted stock shares 73,342 179.58 128,482 Vested - restricted stock shares (73,683 ) 153.86 (70,595 ) Forfeited (2,731 ) 173.42 (657 ) Outstanding at December 31, 2017 133,633 $ 172.33 233,928 Granted - restricted stock shares 98,713 161.58 88,297 Vested - restricted stock shares (67,832 ) 171.22 (112,230 ) Forfeited (4,103 ) 166.40 (757 ) Outstanding at December 31, 2018 160,411 $ 166.33 209,238 Total employee stock-based compensation cost recognized in income was $19,707,000 , $17,085,000 and $14,666,000 for the years ended December 31, 2018 , 2017 and 2016 , respectively, and total capitalized stock-based compensation cost was $10,208,000 , $9,474,000 and $9,266,000 for the years ended December 31, 2018 , 2017 and 2016 , respectively. At December 31, 2018 , there was a total unrecognized compensation cost of $28,116,000 for unvested restricted stock and performance awards, which does not include forfeitures, and is expected to be recognized over a weighted average period of 2.5 years. As of January 1, 2017, the Company adopted the provisions of ASU 2016-09, electing to account for forfeitures as they occur. Prior to the adoption of ASU 2016-09, the Company was required to estimate the forfeiture of stock options and recognized compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost were adjusted to reflect actual forfeitures at the end of the vesting period. The actual forfeiture rate for the years ended December 31, 2018 and 2017 were 0.6% and 0.7% , respectively. The application of estimated forfeitures did not materially impact compensation expense for the year ended December 31, 2016 . 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 668,329 shares remaining available for issuance under the ESPP. Employees of the Company generally are eligible to participate in the ESPP if, as of the last day of the applicable purchase period, they have been employed by the Company for at least one month. Under the ESPP, eligible employees are permitted to acquire shares of the Company's common stock through payroll deductions, subject to maximum purchase limitations, during 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 12,955 , 11,528 and 11,348 shares and recognized compensation expense of $436,000 , $418,000 and $289,000 under the ESPP for the years ended December 31, 2018 , 2017 and 2016 , 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, 2018
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 $3,572,000 , $4,147,000 and $5,599,000 in the years ended December 31, 2018 , 2017 and 2016 , respectively. In addition, the Company had outstanding receivables associated with its property and construction management role of $2,519,000 and $2,449,000 as of December 31, 2018 and 2017 , 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 units) having a value of $140,000 and (ii) a cash payment of $90,000 , payable in equal quarterly installments of $22,500 . The number of shares of restricted stock (or deferred stock units) 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 deferred stock units. Additionally, the Lead Independent Director receives in the aggregate an additional annual fee of $30,000 payable in equal quarterly installments of $7,500 , non-employee directors serving as the chairperson of the Audit or Compensation Committees receive additional cash compensation of $20,000 per year payable in equal quarterly installments of $5,000 , and the Nominating and Corporate Governance and Investment and Finance Committee chairpersons receive an additional annual fee of $15,000 payable in equal quarterly installments of $3,750 . The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock awards in the amount of $1,624,000 , $1,524,000 and $1,216,000 for the years ended December 31, 2018 , 2017 and 2016 , 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 $571,000 , $525,000 and $531,000 on December 31, 2018 , 2017 and 2016 , respectively, reported as a component of prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2018
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, 2018 , 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. The Company recognized a gain of $753,000 for hedge ineffectiveness for the year ended December 31, 2017, included as a component of interest expense, net on the accompanying Consolidated Statements of Comprehensive Income. Hedge ineffectiveness did not have a material impact on earnings of the Company for any prior period. The following table summarizes the consolidated derivative positions at December 31, 2018 (dollars in thousands): Non-designated Hedges Interest Rate Caps Cash Flow Hedges Interest Rate Caps Cash Flow Interest Rate Swaps Notional balance $ 588,383 $ 34,155 $ 250,000 Weighted average interest rate (1) 3.3 % 4.5 % N/A Weighted average swapped/capped interest rate 6.6 % 5.9 % 3.0 % Earliest maturity date April 2020 April 2019 September 2019 Latest maturity date September 2022 April 2019 September 2019 _________________________________ (1) For interest rate caps, represents the weighted average interest rate on the hedged debt. In 2018 , the Company entered into $250,000,000 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 2019. During 2018 , the Company settled $300,000,000 of forward interest rate swap agreements entered into in 2017, receiving a payment of $12,598,000 . 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 10 year period of interest payments hedged. As of December 31, 2018 , the Company had $250,000,000 in aggregate outstanding forward interest rate swap agreements. At maturity of the remaining outstanding swap 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 hedging impact from these positions will then be recognized over the life of the issued debt as a yield adjustment. The Company had four derivatives designated as cash flow hedges and 10 derivatives not designated as hedges at December 31, 2018 . Fair value changes for derivatives not in qualifying hedge relationships for the years ended December 31, 2018 and 2017 , were not material. During 2018 , the Company deferred $5,132,000 of gains 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 12/31/18 12/31/17 12/31/16 Cash flow hedge losses reclassified to earnings $ 6,143 $ 7,070 $ 6,433 The Company anticipates reclassifying approximately $5,752,000 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, 2018 and 2017 . 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 two consolidated 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 accounts designed to preserve principal. 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) 12/31/2018 Non Designated Hedges Interest Rate Caps $ 2 $ — $ 2 $ — Cash Flow Hedges Interest Rate Swaps - Liabilities (6,366 ) — (6,366 ) — Puts (465 ) — — (465 ) DownREIT units (1,305 ) (1,305 ) — — Indebtedness Unsecured notes (5,566,179 ) (5,566,179 ) — — Secured notes payable and unsecured term loans (1,207,974 ) — (1,207,974 ) — Total $ (6,782,287 ) $ (5,567,484 ) $ (1,214,338 ) $ (465 ) 12/31/2017 Non Designated Hedges Interest Rate Caps $ 2 $ — $ 2 $ — Cash Flow Hedges Interest Rate Swaps - Assets 2,270 — 2,270 — Interest Rate Swaps - Liabilities (1,171 ) — (1,171 ) — Puts (3,245 ) — — (3,245 ) DownREIT units (1,338 ) (1,338 ) — — Indebtedness Unsecured notes (5,446,604 ) (5,446,604 ) — — Secured notes payable and unsecured term loans (1,849,851 ) — (1,849,851 ) — Total $ (7,299,937 ) $ (5,447,942 ) $ (1,848,750 ) $ (3,245 )

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 (dollars in thousands, except per share data): For the three months ended (1) 3/31/18 6/30/18 9/30/18 12/31/18 Total revenue $ 560,792 $ 569,239 $ 575,982 $ 578,522 Net income $ 141,590 $ 254,543 $ 192,407 $ 385,636 Net income attributable to common stockholders $ 141,643 $ 254,662 $ 192,486 $ 385,734 Net income per common share - basic $ 1.03 $ 1.84 $ 1.39 $ 2.79 Net income per common share - diluted $ 1.03 $ 1.84 $ 1.39 $ 2.79 For the three months ended (1) 3/31/17 6/30/17 9/30/17 12/31/17 Total revenue $ 522,326 $ 530,512 $ 550,500 $ 555,292 Net income $ 235,781 $ 165,194 $ 238,199 $ 237,486 Net income attributable to common stockholders $ 235,875 $ 165,225 $ 238,248 $ 237,573 Net income per common share - basic $ 1.72 $ 1.20 $ 1.73 $ 1.72 Net income per common share - diluted $ 1.72 $ 1.20 $ 1.72 $ 1.72 _________________________________ (1) Amounts may not equal full year results due to rounding.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
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 2019, the Company sold Oakwood Arlington, a wholly-owned operating community, located in Arlington, VA. Oakwood Arlington contains 184 apartment homes, was sold for $70,000,000 and was classified as held for sale as of December 31, 2018 . In February 2019, the Company entered into an agreement to sell an operating community containing 474 apartment homes and net real estate of $76,573,000 as of December 31, 2018 , resulting in the community qualifying as held for sale subsequent to December 31, 2018 . The Company expects to complete the sale in the first quarter of 2019. As of February 22, 2019 , the Company has $106,000,000 outstanding under the Credit Facility.

REAL ESTATE AND ACCUMULATED DEP

REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION	2018 2017 2018 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 $ 10,758 $ 2,124 $ 23,325 $ 25,449 $ 14,980 $ 10,469 $ 10,704 $ — 1994 Avalon Oaks Wilmington, MA 204 2,129 17,567 6,197 2,129 23,764 25,893 14,742 11,151 11,429 — 1999 Eaves Quincy Quincy, MA 245 1,743 14,662 10,450 1,743 25,112 26,855 15,381 11,474 12,133 — 1986/1995 Avalon Oaks West Wilmington, MA 120 3,318 13,465 1,652 3,318 15,117 18,435 8,634 9,801 9,953 — 2002 Avalon Orchards Marlborough, MA 156 2,983 17,970 2,855 2,983 20,825 23,808 12,331 11,477 12,192 — 2002 Avalon at The Pinehills Plymouth, MA 192 6,876 30,401 1,375 6,876 31,776 38,652 12,327 26,325 26,843 — 2004 Eaves Peabody Peabody, MA 286 4,645 18,919 14,022 4,645 32,941 37,586 14,522 23,064 23,794 — 1962/2004 Avalon at Bedford Center (1) Bedford, MA 139 4,258 20,551 2,681 4,258 23,232 27,490 9,781 17,709 17,343 — 2006 Avalon at Lexington Hills (1) Lexington, MA 387 8,691 79,121 7,759 8,691 86,880 95,571 31,789 63,782 63,555 — 2008 Avalon Acton Acton, MA 380 13,124 48,695 4,416 13,124 53,111 66,235 19,390 46,845 47,864 45,000 2008 Avalon at the Hingham Shipyard Hingham, MA 235 12,218 41,656 3,887 12,218 45,543 57,761 15,678 42,083 42,404 — 2009 Avalon Sharon Sharon, MA 156 4,719 25,478 1,432 4,719 26,910 31,629 9,697 21,932 22,330 — 2008 Avalon Northborough Northborough, MA 382 8,144 52,184 2,590 8,144 54,774 62,918 16,932 45,986 47,120 — 2009 Avalon Cohasset Cohasset, MA 220 8,802 46,166 621 8,802 46,787 55,589 11,576 44,013 45,337 — 2012 Avalon Exeter (2) Boston, MA 187 16,313 110,028 291 16,313 110,319 126,632 17,615 109,017 112,883 — 2014 Avalon Natick Natick, MA 407 15,645 64,845 75 15,645 64,920 80,565 12,778 67,787 70,094 47,637 2013 Avalon at Assembly Row Somerville, MA 195 8,599 52,454 143 8,599 52,597 61,196 8,685 52,511 54,339 — 2015 AVA Somerville Somerville, MA 250 10,945 56,460 71 10,945 56,531 67,476 8,280 59,196 61,219 — 2015 Eaves Burlington Burlington, MA 203 7,714 32,499 6,879 7,714 39,378 47,092 8,096 38,996 40,187 — 1988/2012 AVA Theater District Boston, MA 398 17,072 163,633 131 17,072 163,764 180,836 19,204 161,632 167,191 — 2015 Avalon Burlington Burlington, MA 312 15,600 60,649 16,664 15,600 77,313 92,913 16,123 76,790 79,079 — 1989/2013 Avalon Marlborough Marlborough, MA 350 15,367 60,397 276 15,367 60,673 76,040 7,574 68,466 70,372 — 2015 Avalon Framingham Framingham, MA 180 9,315 34,631 13 9,315 34,644 43,959 3,993 39,966 41,216 — 2015 Avalon Bear Hill Waltham, MA 324 27,350 94,168 29,108 27,350 123,276 150,626 28,323 122,303 126,559 — 1999/2013 Avalon at Center Place (2) Providence, RI 225 — 26,816 15,562 — 42,378 42,378 26,239 16,139 15,745 — 1991/1997 Total Boston, MA 6,331 $ 227,694 $ 1,195,982 $ 139,908 $ 227,694 $ 1,335,890 $ 1,563,584 $ 364,670 $ 1,198,914 $ 1,231,885 $ 92,637 2018 2017 2018 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, CT Eaves Stamford Stamford, CT 238 $ 5,956 $ 23,993 $ 13,773 $ 5,956 $ 37,766 $ 43,722 $ 25,666 $ 18,056 $ 18,851 $ — 1991 Avalon Wilton on River Rd Wilton, CT 102 2,116 14,664 7,093 2,116 21,757 23,873 12,949 10,924 11,125 — 1997 Avalon New Canaan New Canaan, CT 104 4,834 22,990 2,279 4,834 25,269 30,103 14,227 15,876 16,795 — 2002 AVA Stamford Stamford, CT 306 13,819 56,499 6,492 13,819 62,991 76,810 35,439 41,371 43,505 — 2002/2002 Avalon Darien Darien, CT 189 6,926 34,558 3,219 6,926 37,777 44,703 19,616 25,087 26,129 — 2004 Avalon Norwalk Norwalk, CT 311 11,320 62,904 1,123 11,320 64,027 75,347 18,397 56,950 58,924 — 2011 Avalon Wilton on Danbury Rd Wilton, CT 100 6,604 23,758 178 6,604 23,936 30,540 6,415 24,125 24,939 — 2011 Avalon Shelton Shelton, CT 250 7,749 40,366 269 7,749 40,635 48,384 8,210 40,174 41,404 — 2013 Avalon East Norwalk Norwalk, CT 240 10,395 36,451 269 10,395 36,720 47,115 7,067 40,048 41,089 — 2013 Avalon Stratford Stratford, CT 130 2,564 27,232 181 2,564 27,413 29,977 4,269 25,708 26,480 — 2014 Total Fairfield, CT 1,970 $ 72,283 $ 343,415 $ 34,876 $ 72,283 $ 378,291 $ 450,574 $ 152,255 $ 298,319 $ 309,241 $ — TOTAL NEW ENGLAND 8,301 $ 299,977 $ 1,539,397 $ 174,784 $ 299,977 $ 1,714,181 $ 2,014,158 $ 516,925 $ 1,497,233 $ 1,541,126 $ 92,637 METRO NY/NJ New York City, NY Avalon Riverview (2) Long Island City, NY 372 $ — $ 94,061 $ 10,407 $ — $ 104,468 $ 104,468 $ 58,171 $ 46,297 $ 51,418 $ — 2002 Avalon Riverview North (1)(2) Long Island City, NY 602 — 165,954 15,108 — 181,062 181,062 66,109 114,953 120,377 — 2008 Avalon Fort Greene Brooklyn, NY 631 83,038 216,802 2,953 83,038 219,755 302,793 65,367 237,426 243,951 — 2010 AVA DoBro Brooklyn, NY 500 77,419 205,104 41 77,419 205,145 282,564 18,119 264,445 270,657 — 2017 Avalon Clinton North (1) New York, NY 339 84,069 105,821 12,182 84,069 118,003 202,072 27,362 174,710 178,007 147,000 2008/2013 Avalon Clinton South New York, NY 288 71,421 89,851 6,802 71,421 96,653 168,074 23,369 144,705 147,364 121,500 2007/2013 Total New York City, NY 2,732 $ 315,947 $ 877,593 $ 47,493 $ 315,947 $ 925,086 $ 1,241,033 $ 258,497 $ 982,536 $ 1,011,774 $ 268,500 New York - Suburban Avalon Commons Smithtown, NY 312 $ 4,679 $ 28,286 $ 6,790 $ 4,679 $ 35,076 $ 39,755 $ 23,830 $ 15,925 $ 16,719 $ — 1997 Avalon Green I Elmsford, NY 105 1,820 10,525 7,669 1,820 18,194 20,014 10,505 9,509 9,997 — 1995 Avalon Bronxville Bronxville, NY 110 2,889 28,324 8,778 2,889 37,102 39,991 21,121 18,870 20,102 — 1999 Avalon at Glen Cove (2) Glen Cove, NY 256 7,871 59,969 4,941 7,871 64,910 72,781 31,407 41,374 43,275 — 2004 Avalon Glen Cove North (2) Glen Cove, NY 111 2,577 37,336 747 2,577 38,083 40,660 15,195 25,465 26,569 — 2007 Avalon White Plains White Plains, NY 407 15,391 137,353 1,328 15,391 138,681 154,072 46,177 107,895 112,241 — 2009 2018 2017 2018 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 Rockville Centre I Rockville Centre, NY 349 $ 32,212 $ 78,806 $ 2,804 $ 32,212 $ 81,610 $ 113,822 $ 21,224 $ 92,598 $ 94,747 $ — 2012 Avalon Green II Elmsford, NY 444 27,765 77,560 544 27,765 78,104 105,869 18,551 87,318 89,834 — 2012 Avalon Garden City Garden City, NY 204 18,205 49,326 640 18,205 49,966 68,171 11,302 56,869 58,511 — 2013 Avalon Ossining Ossining, NY 168 6,392 30,313 47 6,392 30,360 36,752 5,185 31,567 32,627 — 2014 Avalon Huntington Station Huntington Station, NY 303 21,899 58,440 163 21,899 58,603 80,502 9,212 71,290 73,131 — 2014 Avalon Green III Elmsford, NY 68 4,985 17,300 7 4,985 17,307 22,292 1,860 20,432 21,037 — 2016 Avalon Westbury Westbury, NY 396 69,620 43,781 11,794 69,620 55,575 125,195 17,813 107,382 109,056 77,295 2006/2013 Total New York - Suburban 3,233 $ 216,305 $ 657,319 $ 46,252 $ 216,305 $ 703,571 $ 919,876 $ 233,382 $ 686,494 $ 707,846 $ 77,295 New Jersey Avalon Cove Jersey City, NJ 504 $ 8,760 $ 82,422 $ 24,942 $ 8,760 $ 107,364 $ 116,124 $ 68,718 $ 47,406 $ 49,264 $ — 1997 Eaves Lawrenceville Lawrenceville, NJ 632 14,650 60,486 12,367 14,650 72,853 87,503 35,005 52,498 54,936 — 1994 Avalon Princeton Junction West Windsor, NJ 512 5,585 22,382 22,325 5,585 44,707 50,292 27,542 22,750 23,632 — 1988/1993 Avalon Tinton Falls Tinton Falls, NJ 216 7,939 33,170 621 7,939 33,791 41,730 12,389 29,341 30,404 — 2008 Avalon West Long Branch West Long Branch, NJ 180 2,721 22,925 346 2,721 23,271 25,992 6,832 19,160 19,728 — 2011 Avalon North Bergen North Bergen, NJ 164 8,984 30,994 1,021 8,984 32,015 40,999 7,721 33,278 34,432 — 2012 Avalon at Wesmont Station I Wood-Ridge, NJ 266 14,682 41,635 1,474 14,682 43,109 57,791 10,010 47,781 49,053 — 2012 Avalon Hackensack at Riverside (2) Hackensack, NJ 226 — 44,619 168 — 44,787 44,787 8,781 36,006 37,607 — 2013 Avalon Somerset Somerset, NJ 384 18,241 58,338 282 18,241 58,620 76,861 11,998 64,863 66,988 — 2013 Avalon Bloomfield Station Bloomfield, NJ 224 10,701 39,936 10 10,701 39,946 50,647 4,969 45,678 47,034 — 2015 Avalon at Wesmont Station II Wood-Ridge, NJ 140 6,502 16,863 13 6,502 16,876 23,378 3,499 19,879 20,502 — 2013 Avalon Bloomingdale Bloomingdale, NJ 174 3,006 27,801 72 3,006 27,873 30,879 5,143 25,736 26,759 — 2014 Avalon Wharton Wharton, NJ 247 2,273 48,609 92 2,273 48,701 50,974 6,920 44,054 45,813 — 2015 Avalon Roseland Roseland, NJ 136 11,288 34,868 27 11,288 34,895 46,183 4,507 41,676 42,956 — 2015 Avalon Union Union, NJ 202 11,695 36,317 — 11,695 36,317 48,012 3,718 44,294 45,458 — 2016 Avalon Hoboken Hoboken, NJ 217 37,237 90,475 5,360 37,237 95,835 133,072 14,867 118,205 121,394 67,904 2008/2016 Total New Jersey 4,424 $ 164,264 $ 691,840 $ 69,120 $ 164,264 $ 760,960 $ 925,224 $ 232,619 $ 692,605 $ 715,960 $ 67,904 TOTAL METRO NY/NJ 10,389 $ 696,516 $ 2,226,752 $ 162,865 $ 696,516 $ 2,389,617 $ 3,086,133 $ 724,498 $ 2,361,635 $ 2,435,580 $ 413,699 2018 2017 2018 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 $ 16,044 $ 6,848 $ 43,658 $ 50,506 $ 31,365 $ 19,141 $ 20,479 $ — 1982/1994 Avalon at Gallery Place Washington, D.C. 203 8,800 39,658 2,630 8,800 42,288 51,088 22,557 28,531 29,620 — 2003 AVA H Street Washington, D.C. 138 7,425 25,282 178 7,425 25,460 32,885 5,715 27,170 28,034 — 2013 Avalon The Albemarle Washington, D.C. 234 25,140 52,459 7,747 25,140 60,206 85,346 15,098 70,248 71,417 — 1966/2013 Eaves Tunlaw Gardens Washington, D.C. 166 16,430 22,902 2,462 16,430 25,364 41,794 6,617 35,177 35,949 — 1944/2013 The Statesman Washington, D.C. 281 38,140 35,352 4,592 38,140 39,944 78,084 11,358 66,726 67,687 — 1961/2013 Eaves Glover Park Washington, D.C. 120 9,580 26,532 2,507 9,580 29,039 38,619 7,679 30,940 31,945 — 1953/2013 Avalon First and M Washington, D.C. 469 43,700 153,950 3,697 43,700 157,647 201,347 34,095 167,252 172,291 — 2012/2013 Eaves Washingtonian Center North Potomac, MD 288 4,047 18,553 3,188 4,047 21,741 25,788 15,260 10,528 11,116 — 1996 Eaves Columbia Town Center Columbia, MD 392 8,802 35,536 12,476 8,802 48,012 56,814 22,591 34,223 35,522 — 1986/1993 Avalon at Grosvenor Station Bethesda, MD 497 29,159 52,993 3,160 29,159 56,153 85,312 29,107 56,205 57,751 — 2004 Avalon at Traville Rockville, MD 520 14,365 55,398 4,520 14,365 59,918 74,283 30,282 44,001 46,001 — 2004 Avalon Fairway Hills - Meadows Columbia, MD 192 2,323 9,297 4,857 2,323 14,154 16,477 9,548 6,929 7,005 — 1987/1996 Avalon Fairway Hills - Woods Columbia, MD 336 3,958 15,839 7,562 3,958 23,401 27,359 16,045 11,314 11,934 — 1987/1996 Avalon Russett Laurel, MD 238 10,200 47,524 3,447 10,200 50,971 61,171 12,939 48,232 49,907 32,200 1999/2013 Eaves Fair Lakes Fairfax, VA 420 6,096 24,400 9,700 6,096 34,100 40,196 22,540 17,656 18,135 — 1989/1996 AVA Ballston Arlington, VA 344 7,291 29,177 16,442 7,291 45,619 52,910 30,758 22,152 23,626 — 1990 Avalon Tysons Corner Tysons Corner, VA 558 13,851 43,397 13,076 13,851 56,473 70,324 34,843 35,481 37,210 — 1996 Avalon Park Crest Tysons Corner, VA 354 13,554 63,526 388 13,554 63,914 77,468 14,319 63,149 65,422 — 2013 Avalon Mosaic Fairfax, VA 531 33,490 75,801 161 33,490 75,962 109,452 13,273 96,179 98,831 — 2014 Avalon Potomac Yard Alexandria, VA 323 24,225 81,982 2,815 24,225 84,797 109,022 11,895 97,127 100,351 — 2014/2016 Avalon Clarendon Arlington, VA 300 22,573 95,355 5,459 22,573 100,814 123,387 12,258 111,129 113,565 — 2002/2016 Avalon Columbia Pike Arlington, VA 269 18,830 82,427 2,561 18,830 84,988 103,818 9,297 94,521 97,692 67,085 2009/2016 Eaves Tysons Corner Vienna, VA 217 16,030 45,420 3,015 16,030 48,435 64,465 13,076 51,389 53,277 — 1980/2013 Avalon Courthouse Place Arlington, VA 564 56,550 178,032 10,397 56,550 188,429 244,979 44,417 200,562 206,976 — 1999/2013 Avalon Arlington North Arlington, VA 228 21,600 59,076 141 21,600 59,217 80,817 9,926 70,891 72,913 — 2014 Avalon Reston Landing Reston, VA 400 26,710 83,084 7,079 26,710 90,163 116,873 23,691 93,182 95,979 — 2000/2013 Avalon Falls Church Falls Church, VA 384 39,544 66,160 27 39,544 66,187 105,731 8,357 97,374 99,805 — 2016 TOTAL MID-ATLANTIC 9,274 $ 529,261 $ 1,546,726 $ 150,328 $ 529,261 $ 1,697,054 $ 2,226,315 $ 518,906 $ 1,707,409 $ 1,760,440 $ 99,285 2018 2017 2018 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 $ 10,603 $ 4,558 $ 28,971 $ 33,529 $ 18,625 $ 14,904 $ 15,860 $ — 1991/1997 Avalon at Bear Creek Redmond, WA 264 6,786 27,641 5,194 6,786 32,835 39,621 22,464 17,157 18,123 — 1998/1998 Avalon Bellevue Bellevue, WA 201 6,664 24,119 2,268 6,664 26,387 33,051 16,340 16,711 17,601 — 2001 Avalon RockMeadow Bothell, WA 206 4,777 19,765 3,246 4,777 23,011 27,788 14,446 13,342 14,049 — 2000/2000 Avalon ParcSquare Redmond, WA 124 3,789 15,139 3,479 3,789 18,618 22,407 11,441 10,966 11,496 — 2000/2000 AVA Belltown Seattle, WA 100 5,644 12,733 1,276 5,644 14,009 19,653 8,502 11,151 11,690 — 2001 Avalon Meydenbauer Bellevue, WA 368 12,697 77,450 1,751 12,697 79,201 91,898 29,264 62,634 65,026 — 2008 Avalon Towers Bellevue (2) Bellevue, WA 397 — 123,029 1,545 — 124,574 124,574 36,511 88,063 92,031 — 2011 AVA Queen Anne Seattle, WA 203 12,081 41,618 459 12,081 42,077 54,158 10,633 43,525 45,070 — 2012 AVA Ballard Seattle, WA 265 16,460 46,926 1,040 16,460 47,966 64,426 10,195 54,231 56,053 — 2013 Avalon Alderwood I Lynnwood, WA 367 12,294 55,627 14 12,294 55,641 67,935 8,595 59,340 61,367 — 2015 AVA Capitol Hill Seattle, WA 249 20,613 60,005 685 20,613 60,690 81,303 6,513 74,790 76,433 — 2016 Avalon Alderwood II Redmond, WA 124 5,072 21,363 13 5,072 21,376 26,448 1,859 24,589 25,337 — 2016 Archstone Redmond Lakeview Redmond, WA 166 10,250 26,842 3,769 10,250 30,611 40,861 8,333 32,528 33,555 — 1987/2013 TOTAL PACIFIC NORTHWEST 3,256 $ 121,685 $ 570,625 $ 35,342 $ 121,685 $ 605,967 $ 727,652 $ 203,721 $ 523,931 $ 543,691 $ — NORTHERN CALIFORNIA San Jose, CA Avalon Campbell Campbell, CA 348 $ 11,830 $ 47,828 $ 13,895 $ 11,830 $ 61,723 $ 73,553 $ 37,549 $ 36,004 $ 37,851 $ 38,800 1995 Eaves San Jose San Jose, CA 440 12,920 53,047 19,019 12,920 72,066 84,986 38,598 46,388 48,753 — 1985/1996 Avalon Silicon Valley (1) Sunnyvale, CA 710 20,713 99,573 35,004 20,713 134,577 155,290 76,386 78,904 83,672 — 1998 Avalon Mountain View Mountain View, CA 248 9,755 39,393 10,543 9,755 49,936 59,691 32,132 27,559 29,011 — 1986 Eaves Creekside Mountain View, CA 296 6,546 26,263 21,325 6,546 47,588 54,134 27,454 26,680 28,327 — 1962/1997 Avalon at Cahill Park San Jose, CA 218 4,765 47,600 2,335 4,765 49,935 54,700 27,889 26,811 28,301 — 2002 Avalon Morrison Park San Jose, CA 250 13,837 64,534 152 13,837 64,686 78,523 11,143 67,380 69,664 — 2014 Avalon Willow Glen San Jose, CA 412 46,060 81,957 5,002 46,060 86,959 133,019 23,357 109,662 112,837 — 2002/2013 Eaves West Valley San Jose, CA 873 90,890 132,040 11,344 90,890 143,384 234,274 36,797 197,477 202,028 — 1970/2013 Eaves Mountain View at Middlefield Mountain View, CA 402 64,070 69,018 5,922 64,070 74,940 139,010 20,711 118,299 120,748 — 1969/2013 Total San Jose, CA 4,197 $ 281,386 $ 661,253 $ 124,541 $ 281,386 $ 785,794 $ 1,067,180 $ 332,016 $ 735,164 $ 761,192 $ 38,800 2018 2017 2018 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 Oakland - East Bay, CA Avalon Fremont Fremont, CA 308 $ 10,746 $ 43,399 $ 7,458 $ 10,746 $ 50,857 $ 61,603 $ 35,349 $ 26,254 $ 27,278 $ — 1992/1994 Eaves Dublin Dublin, CA 204 5,276 19,642 12,373 5,276 32,015 37,291 18,960 18,331 19,470 — 1989/1997 Eaves Pleasanton Pleasanton, CA 456 11,610 46,552 22,038 11,610 68,590 80,200 42,327 37,873 39,771 — 1988/1994 Eaves Union City Union City, CA 208 4,249 16,820 3,603 4,249 20,423 24,672 14,433 10,239 10,722 — 1973/1996 Avalon Union City Union City, CA 439 14,732 104,024 1,866 14,732 105,890 120,622 34,257 86,365 89,091 — 2009 Avalon Walnut Creek (2) Walnut Creek, CA 422 — 148,468 4,255 — 152,723 152,723 44,298 108,425 112,601 3,699 2010 Avalon Dublin Station Dublin, CA 253 7,772 72,142 450 7,772 72,592 80,364 12,253 68,111 70,863 — 2014 Avalon Dublin Station II Dublin, CA 252 7,762 76,587 (206 ) 7,762 76,381 84,143 7,497 76,646 79,551 — 2016 Eaves Walnut Creek (1) Walnut Creek, CA 510 30,320 82,375 17,008 30,320 99,383 129,703 23,049 106,654 110,229 — 1987/2013 Avalon Walnut Ridge I Walnut Creek, CA 106 9,860 19,850 5,307 9,860 25,157 35,017 5,781 29,236 30,176 — 2000/2013 Avalon Berkeley Berkeley, CA 94 4,500 28,615 51 4,500 28,666 33,166 4,543 28,623 29,599 — 2014 Total Oakland - East Bay, CA 3,252 $ 106,827 $ 658,474 $ 74,203 $ 106,827 $ 732,677 $ 839,504 $ 242,747 $ 596,757 $ 619,351 $ 3,699 San Francisco, CA Eaves Daly City Daly City, CA 195 $ 4,230 $ 9,659 $ 20,613 $ 4,230 $ 30,272 $ 34,502 $ 18,784 $ 15,718 $ 16,043 $ — 1972/1997 AVA Nob Hill San Francisco, CA 185 5,403 21,567 7,904 5,403 29,471 34,874 18,180 16,694 17,464 20,800 1990/1995 Eaves San Rafael San Rafael, CA 254 5,982 16,885 25,261 5,982 42,146 48,128 23,656 24,472 25,395 — 1973/1996 Eaves Foster City Foster City, CA 288 7,852 31,445 12,532 7,852 43,977 51,829 27,209 24,620 25,304 — 1973/1994 Eaves Pacifica Pacifica, CA 220 6,125 24,796 3,721 6,125 28,517 34,642 19,697 14,945 15,390 17,600 1971/1995 Avalon Sunset Towers San Francisco, CA 243 3,561 21,321 16,264 3,561 37,585 41,146 21,165 19,981 21,194 — 1961/1996 Eaves Diamond Heights San Francisco, CA 154 4,726 19,130 6,445 4,726 25,575 30,301 16,244 14,057 14,655 — 1972/1994 Avalon at Mission Bay I San Francisco, CA 250 14,029 78,452 6,484 14,029 84,936 98,965 44,762 54,203 54,325 — 2003 Avalon at Mission Bay III San Francisco, CA 260 28,687 119,156 603 28,687 119,759 148,446 38,977 109,469 113,287 — 2009 Avalon Ocean Avenue San Francisco, CA 173 5,544 50,906 1,972 5,544 52,878 58,422 12,527 45,895 47,746 — 2012 AVA 55 Ninth San Francisco, CA 273 20,267 97,321 1,285 20,267 98,606 118,873 16,867 102,006 105,711 — 2014 Avalon Hayes Valley San Francisco, CA 182 12,595 81,228 — 12,595 81,228 93,823 10,793 83,030 85,972 — 2015 Avalon San Bruno I San Bruno, CA 300 40,780 68,684 5,946 40,780 74,630 115,410 18,038 97,372 99,104 64,450 2004/2013 Avalon San Bruno II San Bruno, CA 185 23,787 44,934 1,972 23,787 46,906 70,693 10,782 59,911 61,422 28,999 2007/2013 Avalon San Bruno III San Bruno, CA 187 33,303 62,910 3,117 33,303 66,027 99,330 15,217 84,113 86,285 52,090 2010/2013 Total San Francisco, CA 3,349 $ 216,871 $ 748,394 $ 114,119 $ 216,871 $ 862,513 $ 1,079,384 $ 312,898 $ 766,486 $ 789,297 $ 183,939 TOTAL NORTHERN CALIFORNIA 10,798 $ 605,084 $ 2,068,121 $ 312,863 $ 605,084 $ 2,380,984 $ 2,986,068 $ 887,661 $ 2,098,407 $ 2,169,840 $ 226,438 2018 2017 2018 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 SOUTHERN CALIFORNIA Los Angeles, CA AVA Burbank Burbank, CA 748 $ 22,483 $ 28,104 $ 49,269 $ 22,483 $ 77,373 $ 99,856 $ 43,470 $ 56,386 $ 58,391 $ — 1961/1997 Avalon Woodland Hills Woodland Hills, CA 663 23,828 40,372 49,923 23,828 90,295 114,123 48,604 65,519 68,144 — 1989/1997 Eaves Warner Center Woodland Hills, CA 227 7,045 12,986 10,275 7,045 23,261 30,306 16,667 13,639 13,785 — 1979/1998 Avalon Glendale (2) Glendale, CA 223 — 42,564 2,244 — 44,808 44,808 23,395 21,413 22,931 — 2003 Avalon Burbank Burbank, CA 400 14,053 56,827 25,101 14,053 81,928 95,981 40,332 55,649 58,046 — 1988/2002 Avalon Camarillo Camarillo, CA 249 8,446 40,290 1,232 8,446 41,522 49,968 17,877 32,091 33,255 — 2006 Avalon Wilshire Los Angeles, CA 123 5,459 41,182 1,467 5,459 42,649 48,108 17,219 30,889 32,285 — 2007 Avalon Encino Encino, CA 131 12,789 49,073 1,309 12,789 50,382 63,171 17,728 45,443 46,987 — 2008 Avalon Warner Place Canoga Park, CA 210 7,920 44,845 892 7,920 45,737 53,657 16,667 36,990 38,245 — 2008 AVA Little Tokyo Los Angeles, CA 280 14,734 94,076 1,594 14,734 95,670 110,404 14,164 96,240 98,607 — 2015 Eaves Phillips Ranch Pomona, CA 501 9,796 41,740 2,950 9,796 44,690 54,486 12,077 42,409 43,186 — 1989/2011 Eaves San Dimas San Dimas, CA 102 1,916 7,819 1,458 1,916 9,277 11,193 2,621 8,572 8,922 — 1978/2011 Eaves San Dimas Canyon San Dimas, CA 156 2,953 12,428 812 2,953 13,240 16,193 3,683 12,510 12,972 — 1981/2011 AVA Pasadena Pasadena, CA 84 8,400 11,547 5,552 8,400 17,099 25,499 3,849 21,650 22,255 — 1973/2012 Eaves Cerritos Artesia, CA 151 8,305 21,195 1,526 8,305 22,721 31,026 5,203 25,823 26,583 — 1973/2012 Avalon Playa Vista (1) Los Angeles, CA 309 30,900 72,008 3,102 30,900 75,110 106,010 17,059 88,951 91,108 — 2006/2012 Avalon San Dimas San Dimas, CA 156 9,141 30,727 — 9,141 30,727 39,868 4,894 34,974 36,090 — 2014 Avalon Glendora Glendora, CA 280 18,311 64,759 242 18,311 65,001 83,312 7,380 75,932 78,196 — 2016 Avalon Mission Oaks Camarillo, CA 160 9,600 37,602 1,296 9,600 38,898 48,498 7,097 41,401 42,849 — 2014 Avalon Simi Valley Simi Valley, CA 500 42,020 73,361 5,228 42,020 78,589 120,609 20,230 100,379 102,927 — 2007/2013 Avalon Calabasas (1) Calabasas, CA 600 42,720 107,642 11,255 42,720 118,897 161,617 33,023 128,594 132,313 — 1988/2013 Avalon Oak Creek Agoura Hills, CA 336 43,540 79,974 6,295 43,540 86,269 129,809 25,105 104,704 108,080 — 2004/2013 Avalon Santa Monica on Main Santa Monica, CA 133 32,000 60,770 13,278 32,000 74,048 106,048 16,408 89,640 92,185 — 2007/2013 Avalon Del Mar Station Pasadena, CA 347 20,560 106,556 4,105 20,560 110,661 131,221 24,486 106,735 110,130 — 2006/2013 Eaves Thousand Oaks Thousand Oaks, CA 154 13,950 20,211 2,772 13,950 22,983 36,933 7,194 29,739 30,549 — 1992/2013 Eaves Woodland Hills Woodland Hills, CA 883 68,940 90,549 11,831 68,940 102,380 171,320 29,786 141,534 145,339 111,500 1971/2013 Avalon Thousand Oaks Plaza Thousand Oaks, CA 148 12,810 22,581 2,524 12,810 25,105 37,915 7,184 30,731 31,559 — 2002/2013 Avalon Pasadena Pasadena, CA 120 10,240 31,558 6,698 10,240 38,256 48,496 8,646 39,850 41,204 — 2004/2013 Total Los Angeles, CA 8,374 $ 502,859 $ 1,343,346 $ 224,230 $ 502,859 $ 1,567,576 $ 2,070,435 $ 492,048 $ 1,578,387 $ 1,627,123 $ 111,500 2018 2017 2018 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 Orange County, CA AVA Newport Costa Mesa, CA 145 $ 1,975 $ 3,814 $ 9,904 $ 1,975 $ 13,718 $ 15,693 $ 7,499 $ 8,194 $ 8,634 $ — 1956/1996 Eaves Mission Viejo Mission Viejo, CA 166 2,517 9,257 3,654 2,517 12,911 15,428 9,178 6,250 6,694 7,635 1984/1996 Eaves South Coast Costa Mesa, CA 258 4,709 16,063 13,646 4,709 29,709 34,418 17,892 16,526 17,331 — 1973/1996 Eaves Santa Margarita Rancho Santa Margarita, CA 301 4,607 16,911 11,237 4,607 28,148 32,755 16,900 15,855 16,586 — 1990/1997 Eaves Huntington Beach (1) Huntington Beach, CA 304 4,871 19,745 11,058 4,871 30,803 35,674 21,048 14,626 14,971 — 1971/1997 Avalon Irvine I Irvine, CA 279 9,911 67,520 1,522 9,911 69,042 78,953 21,983 56,970 58,578 — 2010 Avalon Irvine II Irvine, CA 179 4,358 40,905 59 4,358 40,964 45,322 8,711 36,611 38,053 — 2013 Eaves Lake Forest Lake Forest, CA 225 5,199 21,134 3,571 5,199 24,705 29,904 6,502 23,402 23,967 — 1975/2011 Avalon Baker Ranch Lake Forest, CA 430 31,689 98,410 27 31,689 98,437 130,126 13,019 117,107 120,694 — 2015 Avalon Irvine III Irvine, CA 156 11,607 43,973 20 11,607 43,993 55,600 4,445 51,155 52,742 — 2016 Total Orange County, CA 2,443 $ 81,443 $ 337,732 $ 54,698 $ 81,443 $ 392,430 $ 473,873 $ 127,177 $ 346,696 $ 358,250 $ 7,635 San Diego, CA AVA Pacific Beach San Diego, CA 564 $ 9,922 $ 40,580 $ 40,991 $ 9,922 $ 81,571 $ 91,493 $ 44,039 $ 47,454 $ 50,243 $ — 1969/1997 Eaves Mission Ridge San Diego, CA 200 2,710 10,924 12,460 2,710 23,384 26,094 15,529 10,565 11,125 — 1960/1997 AVA Cortez Hill (2) San Diego, CA 299 2,768 20,134 23,989 2,768 44,123 46,891 25,017 21,874 23,010 — 1973/1998 Eaves San Marcos San Marcos, CA 184 3,277 13,385 4,548 3,277 17,933 21,210 4,298 16,912 17,578 — 1988/2011 Eaves Rancho Penasquitos San Diego, CA 250 6,692 27,143 4,420 6,692 31,563 38,255 8,230 30,025 30,117 — 1986/2011 Avalon Vista Vista, CA 221 12,689 43,328 94 12,689 43,422 56,111 5,762 50,349 51,891 — 2015 Eaves La Mesa (1) La Mesa, CA 168 9,490 28,482 2,778 9,490 31,260 40,750 8,602 32,148 32,745 — 1989/2013 Avalon La Jolla Colony San Diego, CA 180 16,760 27,694 12,050 16,760 39,744 56,504 9,645 46,859 48,538 — 1987/2013 Total San Diego, CA 2,066 $ 64,308 $ 211,670 $ 101,330 $ 64,308 $ 313,000 $ 377,308 $ 121,122 $ 256,186 $ 265,247 $ — TOTAL SOUTHERN CALIFORNIA 12,883 $ 648,610 $ 1,892,748 $ 380,258 $ 648,610 $ 2,273,006 $ 2,921,616 $ 740,347 $ 2,181,269 $ 2,250,620 $ 119,135 TOTAL ESTABLISHED COMMUNITIES 54,901 $ 2,901,133 $ 9,844,369 $ 1,216,440 $ 2,901,133 $ 11,060,809 $ 13,961,942 $ 3,592,058 $ 10,369,884 $ 10,701,297 $ 951,194 2018 2017 2018 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 Avalon on the Alameda San Jose, CA 305 $ 6,119 $ 50,225 $ 12,448 $ 6,119 $ 62,673 $ 68,792 $ 36,163 $ 32,629 $ 32,735 $ — 1999 Eaves Fremont Fremont, CA 235 6,581 26,583 10,335 6,581 36,918 43,499 23,867 19,632 20,423 — 1985/1994 Avalon Towers on the Peninsula Mountain View, CA 211 9,560 56,136 14,536 9,560 70,672 80,232 34,118 46,114 48,600 — 2002 Avalon West Hollywood West Hollywood, CA 294 35,210 116,574 1,026 35,210 117,600 152,810 6,448 146,362 148,875 — 2017 Avalon Chino Hills Chino Hills, CA 331 16,615 82,333 — 16,615 82,333 98,948 5,037 93,911 96,241 — 2017 AVA North Hollywood North Hollywood, CA 156 18,408 52,280 1,809 18,408 54,089 72,497 5,881 66,616 68,627 — 2015/2016 AVA Studio City II Studio City, CA 101 4,626 22,954 7,273 4,626 30,227 34,853 6,353 28,500 27,907 — 1991/2013 Eaves Old Town Pasadena Pasadena, CA 96 9,110 15,371 7,106 9,110 22,477 31,587 5,025 26,562 27,174 — 1972/2013 Eaves Los Feliz Los Angeles, CA 263 18,940 43,661 9,294 18,940 52,955 71,895 12,323 59,572 56,612 41,400 1989/2013 AVA Toluca Hills Los Angeles, CA 1,151 86,450 161,256 81,446 86,450 242,702 329,152 47,292 281,860 245,858 — 1973/2013 Avalon Walnut Ridge II Walnut Creek, CA 360 27,190 57,041 12,555 27,190 69,596 96,786 16,120 80,666 76,723 — 1989/2013 Avalon Huntington Beach Huntington Beach, CA 378 13,055 105,981 447 13,055 106,428 119,483 8,901 110,582 114,001 — 2017 AVA Studio City I Studio City, CA 450 17,658 90,715 33,787 17,658 124,502 142,160 25,235 116,925 120,511 — 1987/2013 The Lodge Denver West Lakewood, CO 252 8,047 67,364 1,748 8,047 69,112 77,159 5,347 71,812 74,951 — 2016/2017 The Meadows Castle Rock, CO 240 8,527 61,442 3,337 8,527 64,779 73,306 634 72,672 N/A — 2018/2018 Ironwood at Red Rocks Littleton, CO 256 4,461 69,717 1,373 4,461 71,090 75,551 988 74,563 N/A — 2018/2018 850 Boca Boca Raton, FL 370 21,430 114,085 3,536 21,430 117,621 139,051 8,119 130,932 138,399 — 2017/2017 The Alexander Apartments & Lofts West Palm Beach, FL 290 9,597 90,950 2,707 9,597 93,657 103,254 1,867 101,387 N/A — 2018/2018 Avalon at Newton Highlands Newton, MA 294 11,039 45,547 16,263 11,039 61,810 72,849 27,821 45,028 36,413 — 2003 Avalon at Chestnut Hill Chestnut Hill, MA 204 14,572 45,911 11,875 14,572 57,786 72,358 21,777 50,581 51,450 37,561 2007 AVA Back Bay Boston, MA 271 9,034 36,540 48,602 9,034 85,142 94,176 36,970 57,206 58,863 — 1968/1998 Avalon Quincy Quincy, MA 395 14,685 78,548 14 14,685 78,562 93,247 5,855 87,392 89,853 — 2017 Avalon Hunt Valley Hunt Valley, MD 332 10,855 62,933 — 10,855 62,933 73,788 4,496 69,292 71,294 — 2017 Avalon Laurel Laurel, MD 344 10,130 61,685 35 10,130 61,720 71,850 5,218 66,632 69,006 — 2017 Avalon Arundel Crossing Linthicum Heights, MD 310 12,208 69,381 2,546 12,208 71,927 84,135 2,099 82,036 N/A — 2018/2018 Avalon at Edgewater I Edgewater, NJ 168 5,982 24,389 9,461 5,982 33,850 39,832 16,782 23,050 24,202 — 2002 Avalon at Florham Park Florham Park, NJ 270 6,647 34,906 15,658 6,647 50,564 57,211 24,531 32,680 26,168 — 2001 Avalon Princeton Princeton, NJ 280 26,460 68,070 635 26,460 68,705 95,165 5,009 90,156 92,574 — 2017 Avalon at Edgewater II Edgewater, NJ 240 8,605 58,479 — 8,605 58,479 67,084 991 66,093 37,302 — 2018 Avalon Towers Long Beach, NY 109 3,118 11,973 26,217 3,118 38,190 41,308 17,722 23,586 23,265 — 1990/1995 Avalon Mamaroneck Mamaroneck, NY 229 6,207 40,791 14,752 6,207 55,543 61,750 28,518 33,232 29,584 — 2000 2018 2017 2018 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 Willoughby Square Brooklyn, NY 326 $ 50,477 $ 133,728 $ 20 $ 50,477 $ 133,748 $ 184,225 $ 11,810 $ 172,415 $ 176,466 $ — 2017 Avalon Great Neck Great Neck, NY 191 14,777 65,640 16 14,777 65,656 80,433 3,680 76,753 78,304 — 2017 Avalon Midtown West New York, NY 550 154,730 180,253 38,625 154,730 218,878 373,608 48,129 325,479 316,821 100,500 1998/2013 Archstone Lexington Flower Mound, TX 222 4,540 25,946 2,241 4,540 28,187 32,727 8,041 24,686 25,676 21,700 2000/2013 Archstone Toscano Houston, TX 474 15,607 74,541 5 15,607 74,546 90,153 13,580 76,573 77,452 — 2014 Memorial Heights Villages Houston, TX 318 9,607 52,753 — 9,607 52,753 62,360 12,358 50,002 47,539 — 2014 Eaves Fairfax City Fairfax, VA 141 2,152 8,907 5,599 2,152 14,506 16,658 8,673 7,985 8,358 — 1988/1997 Avalon at Arlington Square Arlington, VA 842 22,041 90,296 31,874 22,041 122,170 144,211 58,365 85,846 89,833 — 2001 Avalon Dunn Loring Vienna, VA 440 29,377 114,072 9,427 29,377 123,499 152,876 11,758 141,118 147,481 — 2012/2017 Oakwood Arlington Arlington, VA 184 18,850 38,545 4,945 18,850 43,490 62,340 10,199 52,141 51,839 — 1987/2013 Avalon Esterra Park Redmond, WA 482 22,668 113,299 610 22,668 113,909 136,577 9,170 127,407 130,451 — 2017 Avalon Newcastle Commons I Newcastle, WA 378 9,623 110,963 287 9,623 111,250 120,873 5,898 114,975 117,186 — 2017 TOTAL OTHER STABILIZED 13,733 $ 815,575 $ 2,932,764 $ 444,470 $ 815,575 $ 3,377,234 $ 4,192,809 $ 649,168 $ 3,543,641 $ 3,175,017 $ 201,161 LEASE-UP Avalon Dogpatch San Francisco, CA 326 $ 23,519 $ 179,121 $ 171 $ 23,519 $ 179,292 $ 202,811 $ 6,400 $ 196,411 $ 182,566 $ — 2018 AVA NoMa Washington, D.C. 438 25,246 114,324 603 25,246 114,927 140,173 7,145 133,028 135,867 — 2018 Avalon North Station Boston, MA 503 22,791 246,871 679 22,791 247,550 270,341 14,703 255,638 262,410 — 2017 Avalon Easton Easton, MA 290 3,155 60,599 — 3,155 60,599 63,754 3,269 60,485 61,556 — 2017 AVA Wheaton Wheaton, MD 319 6,494 68,712 — 6,494 68,712 75,206 3,076 72,130 70,188 — 2018 Avalon Maplewood Maplewood, NJ 235 15,179 49,322 — 15,179 49,322 64,501 1,893 62,608 61,202 — 2018 Avalon Brooklyn Bay Brooklyn, NY 180 18,264 74,582 250 18,264 74,832 93,096 4,189 88,907 89,743 — 2018 Avalon Rockville Centre II Rockville Centre, NY 165 7,534 50,963 — 7,534 50,963 58,497 2,383 56,114 56,382 — 2017 Avalon Somers Somers, NY 152 5,594 40,310 — 5,594 40,310 45,904 1,946 43,958 41,784 — 2018 TOTAL LEASE-UP 2,608 $ 127,776 $ 884,804 $ 1,703 $ 127,776 $ 886,507 $ 1,014,283 $ 45,004 $ 969,279 $ 961,698 $ — 2018 2017 2018 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 REDEVELOPMENT Avalon Studio City Studio City, CA 276 $ 15,756 $ 78,178 $ 11,884 $ 15,756 $ 90,062 $ 105,818 $ 20,132 $ 85,686 $ 82,573 $ — 2002/2013 Eaves Seal Beach Seal Beach, CA 549 46,790 99,999 20,009 46,790 120,008 166,798 26,730 140,068 129,515 — 1971/2013 AVA Van Ness Washington, D.C. 269 22,890 58,691 17,623 22,890 76,314 99,204 16,108 83,096 77,168 — 1978/2013 Avalon Prudential Center II Boston, MA 266 8,776 35,496 59,168 8,776 94,664 103,440 35,845 67,595 64,388 — 1968/1998 Avalon

Organization, Basis of Presen_2

Organization, Basis of Presentation, and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
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, 2018 , the Company owned or held a direct or indirect ownership interest in 270 operating apartment communities containing 78,549 apartment homes in 12 states and the District of Columbia, of which nine communities containing 3,648 apartment homes were under redevelopment. In addition, the Company owned or held a direct or indirect ownership interest in 21 communities under development that are expected to contain an aggregate of 6,609 apartment homes (unaudited) when completed, and a mixed-use project being developed in which the Company is currently pursuing a potential for-sale strategy of individual condominium units. 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 28 communities that, if developed as expected, will contain an estimated 9,769 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, including when 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 The Company accounts for its leases with its residents and retail tenants as operating leases. For lease agreements that provide for rent concessions and/or scheduled fixed and determinable rent increases, rental income is recognized on a straight-line basis over the noncancellable term of the lease. The Company’s residential lease term is generally one year. The Company records a charge to income for uncollectible outstanding receivables past due as a component of operating expenses, excluding property taxes on the accompanying Consolidated Statements of Comprehensive Income. As of January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers, using the modified retrospective approach, which applies the new standard to contracts that are not completed as of the date of adoption. Under the new standard, revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration that the Company expects to be entitled to for those goods and services. The majority of the Company’s revenue is derived from residential and retail rental income and other lease income, which are scoped out from this standard and included in the current lease accounting framework, and will be accounted for under ASU 2016-02, Leases, discussed under "Recently Issued and Adopted Accounting Standards" below. Revenue streams that are scoped into ASU 2014-09 include: • Management fees - The Company has investment interests in real estate joint ventures, for which the Company may manage (i) the venture, (ii) the associated operating communities owned by the ventures and/or (iii) the development or redevelopment of those operating communities. For these activities, the Company receives asset management, property management, development and/or redevelopment fee revenue. The performance obligation is the management of the venture, community or other defined task such as the development or redevelopment of the community. While the individual activities that comprise the performance obligation of the management fees can vary day to day, the nature of the overall performance obligation to provide management service is the same and considered by the Company to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation. The Company recognizes revenue for fees as earned on a monthly basis and has concluded this is appropriate under the new standard. • Rental and non-rental related income - The Company recognizes revenue for new rental related income not included as components of a lease, such as reservation and application fees, as well as for non-rental related income, as earned, and has concluded this is appropriate under the new standard. • Gains or losses on sales of real estate - 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. Subsequent to the adoption of the new standard, a gain or loss is recognized when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset that was sold. As a result, the Company may recognize a gain on a real estate disposition transaction that previously did not qualify as a sale or for full profit recognition due to the timing of the transfer of control or certain forms of continuing involvement. In addition, as discussed under ASU 2017-05, included in "Recently Issued and Adopted Accounting Standards" below, subsequent to the adoption of the new standard, a gain or loss recognized on the sale of a nonfinancial asset to an unconsolidated entity will be recognized at 100%, and not the Company’s proportionate ownership percentage. The Company concluded that the adoption of the new standard did not require an adjustment to the opening balance of retained earnings. The following table provides details of the Company’s revenue streams disaggregated by the Company’s reportable operating segments, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2018 , 2017 and 2016 . The segments are classified based on the individual community's status at January 1, 2018 for the years ended December 31, 2018 and 2017 , and at January 1, 2017 for the year ended December 31, 2016 . Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2016 through December 31, 2018 , or otherwise qualify as held for sale as of December 31, 2018 , as described in Note 6, "Real Estate Disposition Activities," (dollars in thousands): Established Other Development/ Non- Total For the year ended December 31, 2018 Management, development and other fees $ — $ — $ — $ 3,572 $ 3,572 Rental and non-rental related income (2) 9,563 2,417 1,913 — 13,893 Total non-lease revenue (3) 9,563 2,417 1,913 3,572 17,465 Lease income (4) 1,622,837 259,636 295,706 — 2,178,179 Business interruption insurance proceeds 26 — — — 26 Total revenue $ 1,632,426 $ 262,053 $ 297,619 $ 3,572 $ 2,195,670 For the year ended December 31, 2017 Management, development and other fees $ — $ — $ — $ 4,147 $ 4,147 Rental and non-rental related income (2) 9,453 2,083 1,478 — 13,014 Total non-lease revenue (3) 9,453 2,083 1,478 4,147 17,161 Lease income (4) 1,582,209 191,511 230,293 — 2,004,013 Business interruption insurance proceeds (5) 3 — 3,495 — 3,498 Total revenue $ 1,591,665 $ 193,594 $ 235,266 $ 4,147 $ 2,024,672 For the year ended December 31, 2016 Management, development and other fees $ — $ — $ — $ 5,599 $ 5,599 Rental and non-rental related income (2) 8,299 2,172 1,394 — 11,865 Total non-lease revenue (3) 8,299 2,172 1,394 5,599 17,464 Lease income (4) 1,423,658 219,035 185,343 — 1,828,036 Business interruption insurance proceeds (6) 152 65 20,312 — 20,529 Total revenue $ 1,432,109 $ 221,272 $ 207,049 $ 5,599 $ 1,866,029 __________________________________ (1) Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment. (2) Amounts include revenue streams related to leasing activities that are not considered components of a lease, including but not limited to, apartment hold fees and application fees, as well as revenue streams not related to leasing activities, including but not limited to, vendor revenue sharing, building advertising, vending and dry cleaning revenue. (3) Represents all revenue accounted for under ASC 2014-09. (4) Amounts include all revenue streams derived from residential and retail rental income and other lease income, which are excluded from ASC 2014-09 and accounted for under the lease accounting framework. (5) Amount for 2017 is primarily business interruption insurance proceeds related to the Maplewood casualty loss as discussed below in "Casualty Gains and Losses." (6) Amount for 2016 is primarily business interruption insurance proceeds related to the Edgewater casualty loss as discussed below in "Casualty Gains and Losses." Due to the nature and timing of the Company’s identified revenue streams, there are no material amounts of outstanding or unsatisfied performance obligations as of December 31, 2018 .
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. 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. Incidental operating costs in excess of incidental operating income are expensed in the period incurred. 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 adoption of ASU 2017-01 on October 1, 2016, impacted the Company's accounting framework for the acquisition of operating communities. Prior to adoption, 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, and expensed all costs incurred related to acquisitions of operating communities. Subsequent to adoption of ASU 2017-01 on October 1, 2016, 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 generally views acquisitions of individual operating communities as asset acquisitions, and results 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. 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, is reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities. The approach for improvements applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and was adjusted for estimated depreciation. The fair value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information, depreciation curves for the identified asset classes and estimated useful life of the acquired property. The value of the acquired lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. The lease-up period for an apartment community is assumed to be 12 months to achieve stabilized occupancy. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market rents obtained for market comparables, and considered a market derived discount rate. Given the 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. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed. Depreciation is calculated on buildings and related 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 The Company elected to be treated as a REIT for U.S. federal income tax purposes for its tax year ended December 31, 1994 and has not revoked such election. A REIT is a corporate 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 its taxable income if it annually distributes 100% of its taxable income 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 corporate income taxes at regular corporate rates and may not be able to qualify as a corporate 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 and in certain other instances. The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2018 , 2017 and 2016 . 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 recorded an income tax benefit of $160,000 in 2018 and incurred income tax expense of $141,000 and $305,000 in 2017 and 2016 , respectively, associated primarily with activities transacted through a TRS. As of December 31, 2018 and 2017 , 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 2015 through 2017 . On December 22, 2017, H.R. 1, the Tax Cuts and Jobs Act (the “TCJA”), was enacted. The TCJA makes major changes to the Code, including lowering the statutory U.S. federal income tax rate from 35% to 21% effective January 1, 2018. The Company does not believe the TCJA had a material impact on its financial position or results of operations. The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2018 , 2017 and 2016 (unaudited, dollars in thousands): 2018 Estimate 2017 Actual 2016 Actual Net income attributable to common stockholders $ 974,525 $ 876,921 $ 1,034,002 GAAP gain on sale of communities in excess of tax gain (194,596 ) (86,661 ) (195,029 ) Depreciation/amortization timing differences on real estate 5,431 (3,642 ) (947 ) Amortization of debt/mark to market interest 2,276 (18,096 ) (18,985 ) Tax compensation expense (in excess of) less than GAAP (612 ) 3,912 9,821 Casualty and impairment loss (gain), net 19,153 20,243 (657 ) Other adjustments (4,905 ) (4,304 ) 11,533 Taxable net income $ 801,272 $ 788,373 $ 839,738 The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2018 , 2017 and 2016 (unaudited): 2018 2017 2016 Ordinary income 76 % 75 % 68 % 20% capital gain 11 % 18 % 26 % Unrecaptured §1250 gain 13 % 7 % 6 %
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 $20,564,000 and $16,984,000 as of December 31, 2018 and 2017 , respectively, and related to mortgage notes payable was $2,044,000 and $4,991,000 as of December 31, 2018 and 2017 , 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 $10,108,000 and $8,299,000 as of December 31, 2018 and 2017 , 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 12/31/18 12/31/17 12/31/16 Basic and diluted shares outstanding Weighted average common shares—basic 137,844,755 137,523,771 136,928,251 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 436,986 535,415 525,886 Weighted average common shares—diluted 138,289,241 138,066,686 137,461,637 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 974,525 $ 876,921 $ 1,034,002 Net income allocated to unvested restricted shares (2,839 ) (2,463 ) (2,610 ) Net income attributable to common stockholders, adjusted $ 971,686 $ 874,458 $ 1,031,392 Weighted average common shares—basic 137,844,755 137,523,771 136,928,251 Earnings per common share—basic $ 7.05 $ 6.36 $ 7.53 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 974,525 $ 876,921 $ 1,034,002 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 44 42 41 Adjusted net income attributable to common stockholders $ 974,569 $ 876,963 $ 1,034,043 Weighted average common shares—diluted 138,289,241 138,066,686 137,461,637 Earnings per common share—diluted $ 7.05 $ 6.35 $ 7.52 Dividends per common share $ 5.88 $ 5.68 $ 5.40 All options to purchase shares of common stock outstanding as of December 31, 2018 , 2017 and 2016 are included in the computation of diluted earnings per share.
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 non-recoverable 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 or disposition of assets for which such acquisition and disposition activity did not occur, in the amounts of $4,388,000 , $2,370,000 and $4,183,000 during the years ended December 31, 2018 , 2017 and 2016 , 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, 2018 , 2017 and 2016 , 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 as 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, 2018 , the Company recognized an impairment charge of $826,000 related to a land parcel the Company had previously acquired for development and no longer intends to develop. During the year ended December 31, 2017 , the Company recognized an impairment charge of $9,350,000 related to a land parcel the Company had acquired for development in 2004 and sold during 2017. 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 intended 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 loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. 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, 2018 , 2017 or 2016 . Casualty Gains and Losses In February 2017, a fire occurred at the Company's Avalon Maplewood, located in Maplewood, NJ, which at the time was under construction and not yet occupied. The Company completed reconstruction of the damaged and destroyed portions of the community as well as the vertical construction of the community in 2018. During the year ended December 31, 2017 , the Company recorded a net casualty loss of $2,338,000 for the fire at Maplewood, included in casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. During the year ended December 31, 2017 , the Company reached a final insurance settlement for the property damage and lost income for the Maplewood casualty loss of $19,696,000 , after self-insurance and deductibles, of which the Company recognized $3,495,000 as business interruption insurance proceeds. See Note 7, “Commitments and Contingencies,” for additional discussion of the related casualty loss. 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, of which $29,008,000 was received in 2016. Of this amount, $8,702,000 was recognized as casualty gain, reported as casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income, and $20,306,000 as business interruption insurance proceeds reported as a component of rental and other income on the accompanying Consolidated Statements of Comprehensive Income. During the year ended December 31, 2016 , the Company recorded a net casualty gain related to 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 loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. 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 $26,000 , $3,498,000 and $20,564,000 in income related business interruption insurance proceeds for the years ended December 31, 2018 , 2017 and 2016 , 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. 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 has no impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had one wholly-owned operating community and two ancillary land parcels that qualified as held for sale presentation at December 31, 2018 .
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
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, disposition activity and segment classification.
Recently Issued and Adopted Accounting Standards and Change in Accounting Principle	Recently Issued and Adopted Accounting Standards In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This ASU expands hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This update also simplifies the application of hedge accounting guidance and eases the administrative burden of hedge documentation requirements and assessing hedge effectiveness. The Company adopted the guidance as of January 1, 2018 and it did not have a material effect on the Company’s financial position or results of operations. In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This ASU (i) clarifies the scope of the nonfinancial asset guidance and the derecognition of certain businesses and nonprofit activities, (ii) eliminates the exception in the financial asset guidance for transfers of investments (including equity method investments) in real estate entities and supersedes the guidance in the Exchanges of a Nonfinancial Asset for a Noncontrolling Ownership Interest and (iii) provides guidance on the accounting of partial sales of nonfinancial assets and contributions of nonfinancial assets to a joint venture or other noncontrolled investee. The Company adopted the new standard as of January 1, 2018 using the modified retrospective approach, applying the provisions to open contracts as of the date of adoption. See "Revenue and Gain Recognition" above for additional discussion of the impact of adopting the guidance. 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 the date of initial application, with an option to use certain transition relief. ASU 2016-02 provides for transition relief, which includes electing to not (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. Subsequently, the FASB issued ASU 2018-01, ASU 2018-11 and ASU 2018-20 which provides further transition relief by providing (i) an option to not evaluate land easements that exist or have expired prior to the date of adoption under ASC 842, (ii) prospective adoption as a transition method, (iii) a practical expedient for lessors to not separate lease and non-lease components by class of underlying asset when certain conditions are met and (iv) technical improvements for lessor accounting for sales taxes collected from lessees and certain lessor costs. The Company adopted ASC 842 as of January 1, 2019 using the prospective adoption method, and plans to apply certain practical expedients allowed under the standard including: • not reassessing (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, and (iii) the accounting for initial direct costs for any existing leases; • not evaluating short term leases; • not assessing whether existing land easements are, or contain leases; and • making an accounting policy election by class of underlying asset, to not separate non-lease components from lease components and instead to account for each separate lease and non- lease component as a single lease component. The Company anticipates adoption of the standard will result in the recognition of incremental right of use assets and corresponding lease liabilities to its balance sheet upon adoption of the new standard in the range from $100,000,000 to $150,000,000 resulting from the recognition of its long-term ground and administrative office leases, currently accounted for as operating leases. The Company is finalizing its adoption of the new standard and will report finalized impacts in the Company's first quarter 2019 Form 10-Q filing. 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, non-recurring rental and non-rental related income, and gains and losses from real estate dispositions. The Company adopted the new standard as of January 1, 2018 using the modified retrospective approach, applying the provisions to open contracts as of the date of adoption. See "Revenue and Gain Recognition" above for additional discussion of the impact of adopting the guidance.

Organization, Basis of Presen_3

Organization, Basis of Presentation, and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 , 2017 and 2016 (unaudited, dollars in thousands): 2018 Estimate 2017 Actual 2016 Actual Net income attributable to common stockholders $ 974,525 $ 876,921 $ 1,034,002 GAAP gain on sale of communities in excess of tax gain (194,596 ) (86,661 ) (195,029 ) Depreciation/amortization timing differences on real estate 5,431 (3,642 ) (947 ) Amortization of debt/mark to market interest 2,276 (18,096 ) (18,985 ) Tax compensation expense (in excess of) less than GAAP (612 ) 3,912 9,821 Casualty and impairment loss (gain), net 19,153 20,243 (657 ) Other adjustments (4,905 ) (4,304 ) 11,533 Taxable net income $ 801,272 $ 788,373 $ 839,738
Schedule of new accounting pronouncements and changes in accounting principles	The following table provides details of the Company’s revenue streams disaggregated by the Company’s reportable operating segments, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2018 , 2017 and 2016 . The segments are classified based on the individual community's status at January 1, 2018 for the years ended December 31, 2018 and 2017 , and at January 1, 2017 for the year ended December 31, 2016 . Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2016 through December 31, 2018 , or otherwise qualify as held for sale as of December 31, 2018 , as described in Note 6, "Real Estate Disposition Activities," (dollars in thousands): Established Other Development/ Non- Total For the year ended December 31, 2018 Management, development and other fees $ — $ — $ — $ 3,572 $ 3,572 Rental and non-rental related income (2) 9,563 2,417 1,913 — 13,893 Total non-lease revenue (3) 9,563 2,417 1,913 3,572 17,465 Lease income (4) 1,622,837 259,636 295,706 — 2,178,179 Business interruption insurance proceeds 26 — — — 26 Total revenue $ 1,632,426 $ 262,053 $ 297,619 $ 3,572 $ 2,195,670 For the year ended December 31, 2017 Management, development and other fees $ — $ — $ — $ 4,147 $ 4,147 Rental and non-rental related income (2) 9,453 2,083 1,478 — 13,014 Total non-lease revenue (3) 9,453 2,083 1,478 4,147 17,161 Lease income (4) 1,582,209 191,511 230,293 — 2,004,013 Business interruption insurance proceeds (5) 3 — 3,495 — 3,498 Total revenue $ 1,591,665 $ 193,594 $ 235,266 $ 4,147 $ 2,024,672 For the year ended December 31, 2016 Management, development and other fees $ — $ — $ — $ 5,599 $ 5,599 Rental and non-rental related income (2) 8,299 2,172 1,394 — 11,865 Total non-lease revenue (3) 8,299 2,172 1,394 5,599 17,464 Lease income (4) 1,423,658 219,035 185,343 — 1,828,036 Business interruption insurance proceeds (6) 152 65 20,312 — 20,529 Total revenue $ 1,432,109 $ 221,272 $ 207,049 $ 5,599 $ 1,866,029 __________________________________ (1) Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment. (2) Amounts include revenue streams related to leasing activities that are not considered components of a lease, including but not limited to, apartment hold fees and application fees, as well as revenue streams not related to leasing activities, including but not limited to, vendor revenue sharing, building advertising, vending and dry cleaning revenue. (3) Represents all revenue accounted for under ASC 2014-09. (4) Amounts include all revenue streams derived from residential and retail rental income and other lease income, which are excluded from ASC 2014-09 and accounted for under the lease accounting framework. (5) Amount for 2017 is primarily business interruption insurance proceeds related to the Maplewood casualty loss as discussed below in "Casualty Gains and Losses." (6) Amount for 2016 is primarily business interruption insurance proceeds related to the Edgewater casualty loss as discussed below in "Casualty Gains and Losses."
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, 2018 , 2017 and 2016 (unaudited): 2018 2017 2016 Ordinary income 76 % 75 % 68 % 20% capital gain 11 % 18 % 26 % Unrecaptured §1250 gain 13 % 7 % 6 %
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 12/31/18 12/31/17 12/31/16 Basic and diluted shares outstanding Weighted average common shares—basic 137,844,755 137,523,771 136,928,251 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 436,986 535,415 525,886 Weighted average common shares—diluted 138,289,241 138,066,686 137,461,637 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 974,525 $ 876,921 $ 1,034,002 Net income allocated to unvested restricted shares (2,839 ) (2,463 ) (2,610 ) Net income attributable to common stockholders, adjusted $ 971,686 $ 874,458 $ 1,031,392 Weighted average common shares—basic 137,844,755 137,523,771 136,928,251 Earnings per common share—basic $ 7.05 $ 6.36 $ 7.53 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 974,525 $ 876,921 $ 1,034,002 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 44 42 41 Adjusted net income attributable to common stockholders $ 974,569 $ 876,963 $ 1,034,043 Weighted average common shares—diluted 138,289,241 138,066,686 137,461,637 Earnings per common share—diluted $ 7.05 $ 6.35 $ 7.52 Dividends per common share $ 5.88 $ 5.68 $ 5.40

Mortgage Notes Payable, Unsec_2

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 , as shown on the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). 12/31/18 12/31/17 Fixed rate unsecured notes (1) $ 5,400,000 $ 5,350,000 Variable rate unsecured notes (1) 300,000 300,000 Term Loans (1) 250,000 250,000 Fixed rate mortgage notes payable—conventional and tax-exempt (2) 533,215 593,987 Variable rate mortgage notes payable—conventional and tax-exempt (2) 619,140 910,326 Total mortgage notes payable and unsecured notes and Term Loans 7,102,355 7,404,313 Credit Facility — — Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility $ 7,102,355 $ 7,404,313 _________________________________ (1) Balances at December 31, 2018 and 2017 exclude $9,879 and $10,850 , respectively, of debt discount, and $34,128 and $36,386 , respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets. (2) Balances at December 31, 2018 and 2017 exclude $14,590 and $16,351 of debt discount, respectively, and $3,495 and $11,256 , 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 secured notes payable and unsecured notes outstanding at December 31, 2018 are as follows (dollars in thousands): Year Secured notes payments Secured notes maturities Unsecured notes maturities Stated interest rate of unsecured notes 2019 3,824 114,722 — N/A 2020 2,682 140,430 400,000 3.625 % 2021 2,204 27,844 250,000 3.950 % 300,000 LIBOR + 0.43% 2022 2,318 — 450,000 2.950 % 100,000 LIBOR + .90% 2023 2,439 — 350,000 4.200 % 250,000 2.850 % 2024 2,577 — 300,000 3.500 % 150,000 LIBOR + 1.50% 2025 2,708 84,835 525,000 3.450 % 300,000 3.500 % 2026 2,845 — 475,000 2.950 % 300,000 2.900 % 2027 2,270 185,100 400,000 3.350 % 2028 912 — 450,000 3.200 % Thereafter 30,296 544,349 350,000 3.900 % 300,000 4.150 % 300,000 4.350 % $ 55,075 $ 1,097,280 $ 5,950,000

Investments in Real Estate En_2

Investments in Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2018
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): 12/31/18 12/31/17 Assets: Real estate, net $ 1,420,039 $ 695,077 Other assets 45,142 39,976 Total assets $ 1,465,181 $ 735,053 Liabilities and partners' capital: Mortgage notes payable, net and credit facility $ 837,311 $ 523,815 Other liabilities 15,624 10,540 Partners' capital 612,246 200,698 Total liabilities and partners' capital $ 1,465,181 $ 735,053
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 12/31/18 (1) 12/31/17 12/31/16 Rental and other income $ 92,504 $ 101,615 $ 131,901 Operating and other expenses (35,005 ) (38,566 ) (50,945 ) Gain on sale of communities 54,202 136,333 196,749 Interest expense, net (2) (22,488 ) (27,104 ) (45,886 ) Depreciation expense (26,706 ) (25,914 ) (34,471 ) Net income $ 62,507 $ 146,364 $ 197,348
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 12/31/18 12/31/17 12/31/16 Fund I (1) $ — $ — $ 87 Fund II (2) 843 53,961 49,882 U.S. Fund (3) 9,766 14,773 15,635 AC JV (4) 3,527 1,388 1,445 MVP I, LLC 1,917 1,833 1,627 Brandywine 95 106 10 CVP I, LLC — — 9 Residual JV (879 ) (1,223 ) (1,374 ) Avalon Clarendon (5) — — (2,359 ) North Point II JV, LP 305 (122 ) — Sudbury Development, LLC 29 28 — NYC JV (333 ) — — Total $ 15,270 $ 70,744 $ 64,962 _________________________________ (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, 2017 and 2016 includes the Company's proportionate share of the gain on the sale of Fund II assets of $26,322 and $41,501 , respectively. In addition, equity in income for the years ended December 31, 2018 , 2017 and 2016 include $925 , $26,472 and $7,985 , respectively, relating to the Company's recognition of its promoted interest. (3) Equity in income for the years ended December 31, 2018 , 2017 and 2016 includes the Company's proportionate share of the gain on the sale of U.S. Fund assets of $8,636 , $13,788 and $16,568 , respectively. (4) Equity in income for the year ended December 31, 2018 includes the Company's proportionate share of the gain on the sale of an AC JV assets of $2,019 . (5) In 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 Activ_2

Real Estate Disposition Activities (Tables)	12 Months Ended
	Dec. 31, 2018
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 Avalon Blue Hills/Avalon Canton at Blue Hills Randolph/Canton, MA Q218 472 $ — $ 131,250 $ 129,466 Eaves North Quincy Quincy, MA Q218 224 — 64,250 63,302 Avalon Anaheim Stadium Anaheim, CA Q218 251 — 111,600 105,495 Avalon Ballston Place Arlington, VA Q318 383 — 169,000 166,921 Avalon at Fairway Hills - Fields Columbia, MD Q418 192 — 39,500 38,744 Avalon Fashion Valley San Diego, CA Q418 161 — 70,750 69,781 Avalon Andover Andover, MA Q418 115 — 32,400 31,765 NYC Joint Venture (1) New York, NY Q418 1,301 395,939 758,900 276,799 Other real estate dispositions (2) multiple 2018 N/A — 639 1,040 Total of 2018 asset sales 3,099 $ 395,939 $ 1,378,289 $ 883,313 Total of 2017 asset sales 1,624 $ — $ 514,654 $ 503,039 Total of 2016 asset sales 2,051 $ — $ 564,028 $ 532,717 _________________________________ (1) The Company contributed five communities located in New York, NY, to the NYC Joint Venture, in which the Company retained a 20.0% ownership interest, as discussed in Note 5, "Investments in Real Estate Entities." (2) Primarily composed of the sale of one undeveloped land parcel, located in Fairfax City, VA.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
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 2019 2020 2021 2022 2023 Thereafter Operating Lease Obligations $ 14,166 $ 11,836 $ 13,226 $ 13,129 $ 12,527 $ 439,981 Capital Lease Obligations (1) (2) 1,075 1,077 1,080 1,082 1,084 41,220 $ 15,241 $ 12,913 $ 14,306 $ 14,211 $ 13,611 $ 481,201 _________________________________ (1) Aggregate capital lease payments include $26,375 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 $19,737 as of both December 31, 2018 and 2017 , 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, 2018
Segment Reporting [Abstract]
Schedule of reconciliation of NOI to net income	A reconciliation of NOI to net income for years ended December 31, 2018 , 2017 and 2016 is as follows (dollars in thousands): For the year ended 12/31/18 12/31/17 12/31/16 Net income $ 974,175 $ 876,660 $ 1,033,708 Indirect operating expenses, net of corporate income 76,522 65,398 61,403 Investments and investment management expense 7,709 5,936 4,822 Expensed acquisition, development and other pursuit costs, net of recoveries 4,309 2,736 9,922 Interest expense, net 220,974 199,661 187,510 Loss on extinguishment of debt, net 17,492 25,472 7,075 General and administrative expense 56,365 50,673 45,771 Equity in income of unconsolidated real estate entities (15,270 ) (70,744 ) (64,962 ) Depreciation expense 631,196 584,150 531,434 Income tax (benefit) expense (160 ) 141 305 Casualty and impairment loss (gain), net 215 6,250 (3,935 ) Gain on sale of communities (374,976 ) (252,599 ) (374,623 ) (Gain) loss on other real estate transactions (345 ) 10,907 (10,224 ) Net operating income from real estate assets sold or held for sale (58,620 ) (84,650 ) (114,219 ) Net operating income $ 1,539,586 $ 1,419,991 $ 1,313,987
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 for the periods presented (dollars in thousands): For the year ended 12/31/2018 12/31/2017 12/31/2016 Rental income from real estate assets sold or held for sale $ 88,865 $ 133,956 $ 179,226 Operating expenses from real estate assets sold or held for sale (30,245 ) (49,306 ) (65,007 ) Net operating income from real estate assets sold or held for sale $ 58,620 $ 84,650 $ 114,219
Schedule of details of segment information	Total revenue NOI Gross real estate (1) For the year ended December 31, 2018 Established New England $ 239,638 $ 157,109 $ 2,014,158 Metro NY/NJ 360,430 254,132 3,086,133 Mid-Atlantic 237,113 165,724 2,226,315 Pacific Northwest 86,571 62,194 727,652 Northern California 366,834 280,994 2,986,068 Southern California 341,840 245,356 2,921,616 Total Established (2) 1,632,426 1,165,509 13,961,942 Other Stabilized 262,053 178,172 2,934,711 Development / Redevelopment 297,619 195,905 5,201,454 Land Held for Future Development N/A N/A 84,712 Non-allocated (3) 3,572 N/A 94,350 Total $ 2,195,670 $ 1,539,586 $ 22,277,169 For the year ended December 31, 2017 Established New England $ 232,688 $ 152,514 $ 1,993,653 Metro NY/NJ 354,444 251,760 3,071,563 Mid-Atlantic 232,987 161,546 2,216,292 Pacific Northwest 84,313 61,705 724,751 Northern California 357,209 273,940 2,972,311 Southern California 330,024 237,796 2,905,512 Total Established (2) 1,591,665 1,139,261 13,884,082 Other Stabilized 193,594 127,678 2,571,356 Development / Redevelopment (4) 235,266 153,052 4,104,956 Land Held for Future Development N/A N/A 68,364 Non-allocated (3) 4,147 N/A 78,864 Real estate disposed or held for sale (5) 1,228,314 Total $ 2,024,672 $ 1,419,991 $ 21,935,936 For the year ended December 31, 2016 Established New England $ 209,935 $ 136,019 $ 1,667,171 Metro NY/NJ 294,199 204,882 2,412,742 Mid-Atlantic 203,003 141,624 1,862,091 Pacific Northwest 79,958 57,857 731,277 Northern California 331,610 253,582 2,812,859 Southern California 313,404 224,955 2,840,773 Total Established (2) 1,432,109 1,018,919 12,326,913 Other Stabilized 221,272 151,475 2,650,966 Development / Redevelopment (6) 207,049 143,593 4,154,778 Land Held for Future Development N/A N/A 84,293 Non-allocated (3) 5,599 N/A 80,700 Real estate disposed or held for sale (5) 1,458,130 Total $ 1,866,029 $ 1,313,987 $ 20,755,780 _________________________________ (1) Does not include gross real estate assets held for sale of $65,408 and $20,846 as of December 31, 2018 and 2016 , respectively. (2) Gross real estate for the Company's Established Communities includes capitalized additions of approximately $78,469 , $78,241 and $85,676 in 2018 , 2017 and 2016 , respectively. (3) Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment. (4) Total revenue and NOI for the year ended December 31, 2017 includes $3,495 in business interruption insurance proceeds related to the Maplewood casualty loss. (5) Represents real estate sold or held for sale between the reported year end date and December 31, 2018, which is not allocated to a reportable segment. (6) 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.

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2018
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, 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 177,333 $ 124.25 22,541 $ 77.91 Exercised (27,360 ) 110.47 (14,763 ) 93.35 Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2017 149,973 $ 126.77 7,778 $ 48.60 Exercised (32,756 ) 126.24 (7,778 ) 48.60 Granted (1) 6,995 161.10 — — Forfeited — — — — Options Outstanding, December 31, 2018 124,212 $ 128.84 — $ — Options Exercisable: December 31, 2016 177,333 $ 124.25 22,541 $ 77.91 December 31, 2017 149,973 $ 126.77 7,778 $ 48.60 December 31, 2018 117,217 $ 126.91 — $ —
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, 2018 : 2009 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 4,380 $70.00 - $79.99 1.1 7,865 $110.00 - $119.99 2.1 29,862 $120.00 - $129.99 4.2 75,110 $130.00 - $139.99 3.8 6,995 $160.00 - $169.99 9.1 124,212
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, 2015 238,266 $ 119.65 Granted (1) 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 Granted (3) 81,708 176.59 Change in awards based on performance (2) 49,323 119.26 Converted to restricted stock (128,482 ) 118.75 Forfeited (1,942 ) 159.39 Outstanding at December 31, 2017 251,770 $ 155.25 Granted (4) 100,965 155.31 Change in awards based on performance (2) 5,990 148.79 Converted to restricted stock (88,477 ) 148.79 Forfeited (3,119 ) 160.33 Outstanding at December 31, 2018 267,129 $ 157.21 _________________________________ (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 61,039 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 33,015 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement for the performance period. (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 49,374 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,334 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 62,043 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 38,922 performance awards.
Summary of valuation options	The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows: 2018 2017 2016 Dividend yield 3.7% 3.2% 3.3% Estimated volatility over the life of the plan (1) 11.8% - 18.7% 15.3% - 19.7% 15.2% - 22.8% Risk free rate 1.86% - 2.46% 0.69% - 1.61% 0.44% - 0.88% Estimated performance award value based on total shareholder return measure $151.67 $175.86 $131.24 _________________________________ (1) Estimated volatility of the life of the plan is using 50% historical volatility and 50% implied volatility.
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, 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 Granted - restricted stock shares 73,342 179.58 128,482 Vested - restricted stock shares (73,683 ) 153.86 (70,595 ) Forfeited (2,731 ) 173.42 (657 ) Outstanding at December 31, 2017 133,633 $ 172.33 233,928 Granted - restricted stock shares 98,713 161.58 88,297 Vested - restricted stock shares (67,832 ) 171.22 (112,230 ) Forfeited (4,103 ) 166.40 (757 ) Outstanding at December 31, 2018 160,411 $ 166.33 209,238

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 (dollars in thousands): Non-designated Hedges Interest Rate Caps Cash Flow Hedges Interest Rate Caps Cash Flow Interest Rate Swaps Notional balance $ 588,383 $ 34,155 $ 250,000 Weighted average interest rate (1) 3.3 % 4.5 % N/A Weighted average swapped/capped interest rate 6.6 % 5.9 % 3.0 % Earliest maturity date April 2020 April 2019 September 2019 Latest maturity date September 2022 April 2019 September 2019 _________________________________ (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 12/31/18 12/31/17 12/31/16 Cash flow hedge losses reclassified to earnings $ 6,143 $ 7,070 $ 6,433
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) 12/31/2018 Non Designated Hedges Interest Rate Caps $ 2 $ — $ 2 $ — Cash Flow Hedges Interest Rate Swaps - Liabilities (6,366 ) — (6,366 ) — Puts (465 ) — — (465 ) DownREIT units (1,305 ) (1,305 ) — — Indebtedness Unsecured notes (5,566,179 ) (5,566,179 ) — — Secured notes payable and unsecured term loans (1,207,974 ) — (1,207,974 ) — Total $ (6,782,287 ) $ (5,567,484 ) $ (1,214,338 ) $ (465 ) 12/31/2017 Non Designated Hedges Interest Rate Caps $ 2 $ — $ 2 $ — Cash Flow Hedges Interest Rate Swaps - Assets 2,270 — 2,270 — Interest Rate Swaps - Liabilities (1,171 ) — (1,171 ) — Puts (3,245 ) — — (3,245 ) DownREIT units (1,338 ) (1,338 ) — — Indebtedness Unsecured notes (5,446,604 ) (5,446,604 ) — — Secured notes payable and unsecured term loans (1,849,851 ) — (1,849,851 ) — Total $ (7,299,937 ) $ (5,447,942 ) $ (1,848,750 ) $ (3,245 )

Quarterly Financial Informati_2

Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 (dollars in thousands, except per share data): For the three months ended (1) 3/31/18 6/30/18 9/30/18 12/31/18 Total revenue $ 560,792 $ 569,239 $ 575,982 $ 578,522 Net income $ 141,590 $ 254,543 $ 192,407 $ 385,636 Net income attributable to common stockholders $ 141,643 $ 254,662 $ 192,486 $ 385,734 Net income per common share - basic $ 1.03 $ 1.84 $ 1.39 $ 2.79 Net income per common share - diluted $ 1.03 $ 1.84 $ 1.39 $ 2.79 For the three months ended (1) 3/31/17 6/30/17 9/30/17 12/31/17 Total revenue $ 522,326 $ 530,512 $ 550,500 $ 555,292 Net income $ 235,781 $ 165,194 $ 238,199 $ 237,486 Net income attributable to common stockholders $ 235,875 $ 165,225 $ 238,248 $ 237,573 Net income per common share - basic $ 1.72 $ 1.20 $ 1.73 $ 1.72 Net income per common share - diluted $ 1.72 $ 1.20 $ 1.72 $ 1.72 _________________________________ (1) Amounts may not equal full year results due to rounding.

Organization, Basis of Presen_4

Organization, Basis of Presentation, and Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)statecommunityland_parcelhome	Jan. 01, 2019USD ($)	Dec. 31, 2017USD ($)
Organization and Basis of Presentation
Number of Real Estate Properties | community	270
Number of apartment homes included in operating apartment communities owned | home	78,549
Number of states where operating apartment communities owned are located | state	12
Number of communities with apartments under reconstruction | community	9
Number of apartment homes under reconstruction | home	3,648
Number of owned communities under construction | community	21
Expected number of apartment homes under construction | home	6,609
Communities under development rights | community	28
Estimated number of apartment homes in communities to be developed | home	9,769
Period of lease (in years)	1 year
Real Estate
Number of communities held for sale | community	1
Number of land parcels held for sale | land_parcel	2
Net operating real estate | $	$ 15,822,878		$ 16,342,893
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
Accounting Standards Update 2016-02 | Scenario, Forecast | Minimum
Real Estate
Right of use lease assets | $		$ 100,000
Lease liabilities | $		100,000
Accounting Standards Update 2016-02 | Scenario, Forecast | Maximum
Real Estate
Right of use lease assets | $		150,000
Lease liabilities | $		$ 150,000

Organization, Basis of Presen_5

Organization, Basis of Presentation, and Significant Accounting Policies (Details 2) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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 (benefit) expense									(160)	141	305
Casualty and impairment loss (gain), net									215	6,250	(3,935)
Impairment of investment in unconsolidated entities									0	0	0
Reconciliation of Income from Book Basis to Tax Basis Adjustment
Net income attributable to common stockholders	385,734	$ 192,486	$ 254,662	$ 141,643	237,573	$ 238,248	$ 165,225	$ 235,875	974,525	876,921	1,034,002
GAAP gain on sale of communities in excess of tax gain									(194,596)	(86,661)	(195,029)
Depreciation/amortization timing differences on real estate									5,431	(3,642)	(947)
Amortization of debt/mark to market interest									2,276	(18,096)	(18,985)
Tax compensation expense (in excess of) less than GAAP									(612)	3,912	9,821
Casualty and impairment loss (gain), net									19,153	20,243	(657)
Other adjustments									(4,905)	(4,304)	11,533
Taxable net income									$ 801,272	$ 788,373	$ 839,738
Tax components of common stock dividends declared
Ordinary income (as a percent)									76.00%	75.00%	68.00%
20% capital gain (as a percent)									11.00%	18.00%	26.00%
Capital gain tax rate (as a percent)									20.00%	20.00%	20.00%
Unrecaptured 1250 gain (as a percent)									13.00%	7.00%	6.00%
Unsecured notes
Deferred Financing Costs
Accumulated amortization of deferred finance costs	20,564				16,984				$ 20,564	$ 16,984
Secured notes
Deferred Financing Costs
Accumulated amortization of deferred finance costs	2,044				4,991				2,044	4,991
Variable rate unsecured credit facility
Deferred Financing Costs
Accumulated amortization of deferred finance costs	$ 10,108				$ 8,299				10,108	8,299
Land
Income Tax Disclosure [Abstract]
Casualty and impairment loss (gain), net									$ 826	$ 9,350	$ 10,500
New England
Income Tax Disclosure [Abstract]
Casualty and impairment loss (gain), net											(5,732)
Deferred Financing Costs
Insurance recoveries											$ 8,493

Organization, Basis of Presen_6

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, 2018USD ($)communityhomebuilding$ / shares	Sep. 30, 2018USD ($)$ / shares	Jun. 30, 2018USD ($)$ / shares	Mar. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares	Sep. 30, 2017USD ($)$ / shares	Jun. 30, 2017USD ($)$ / shares	Mar. 31, 2017USD ($)$ / shares	Dec. 31, 2018USD ($)communityhomebuilding$ / sharesshares	Dec. 31, 2017USD ($)land_parcel$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2016USD ($)
Basic and diluted shares outstanding
Weighted average common shares—basic | shares									137,844,755	137,523,771	136,928,251
Weighted average DownREIT units outstanding (in shares) | shares									7,500	7,500	7,500
Effect of dilutive securities (in shares) | shares									436,986	535,415	525,886
Weighted average common shares - diluted (in shares) | shares									138,289,241	138,066,686	137,461,637
Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$ 385,734	$ 192,486	$ 254,662	$ 141,643	$ 237,573	$ 238,248	$ 165,225	$ 235,875	$ 974,525	$ 876,921	$ 1,034,002
Net income allocated to unvested restricted shares									(2,839)	(2,463)	(2,610)
Net income attributable to common stockholders, adjusted									$ 971,686	$ 874,458	$ 1,031,392
Weighted average common shares—basic | shares									137,844,755	137,523,771	136,928,251
Earnings per common share - basic (in dollars per share) | $ / shares	$ 2.79	$ 1.39	$ 1.84	$ 1.03	$ 1.72	$ 1.73	$ 1.20	$ 1.72	$ 7.05	$ 6.36	$ 7.53
Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$ 385,734	$ 192,486	$ 254,662	$ 141,643	$ 237,573	$ 238,248	$ 165,225	$ 235,875	$ 974,525	$ 876,921	$ 1,034,002
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations									44	42	41
Adjusted net income attributable to common stockholders									$ 974,569	$ 876,963	$ 1,034,043
Weighted average common shares—diluted | shares									138,289,241	138,066,686	137,461,637
Earnings per common share - diluted (in dollars per share) | $ / shares	$ 2.79	$ 1.39	$ 1.84	$ 1.03	$ 1.72	$ 1.72	$ 1.20	$ 1.72	$ 7.05	$ 6.35	$ 7.52
Dividends per common share: (in dollars per share) | $ / shares									$ 5.88	$ 5.68	$ 5.4
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Abandoned pursuits costs									$ 4,388	$ 2,370	$ 4,183
Casualty and impairment loss (gain), net									215	$ 6,250	(3,935)
Number of Land Parcels Impaired | land_parcel										3
Impairment of investment in unconsolidated entities									0	$ 0	0
Business interruption insurance proceeds									$ 26	3,498	20,564
Number of Real Estate Properties | community	270								270
Number of Units in Real Estate Property | home	78,549								78,549
Land
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty and impairment loss (gain), net									$ 826	9,350	10,500
Avalon at Edgewater
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty and impairment loss (gain), net											(8,702)
Business interruption insurance proceeds											20,306
Insurance proceeds											29,008	$ 73,150
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
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty and impairment loss (gain), net											(5,732)
Insurance recoveries											8,493
Casualty Loss											$ 2,761
Avalon Maplewood
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty and impairment loss (gain), net										2,338
Business interruption insurance proceeds										3,495
Insurance recoveries										$ 19,696

Organization, Basis of Presen_7

Organization, Basis of Presentation, and Significant Accounting Policies Organization, Basis of Presentation, and Significant Accounting Policies (Details 4) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Management, development and other fees									$ 3,572	$ 4,147	$ 5,599
Business interruption insurance proceeds									26	3,498	20,564
Revenues	$ 578,522	$ 575,982	$ 569,239	$ 560,792	$ 555,292	$ 550,500	$ 530,512	$ 522,326	2,284,535	2,158,628	2,045,255
Non-allocated
Disaggregation of Revenue [Line Items]
Revenues									3,572	4,147	5,599
Established Communities | Operating segment
Disaggregation of Revenue [Line Items]
Revenues									1,632,426	1,591,665	1,432,109
Other Stabilized Communities | Operating segment
Disaggregation of Revenue [Line Items]
Revenues									262,053	193,594	221,272
Continuing Operations
Disaggregation of Revenue [Line Items]
Management, development and other fees									17,465	17,161	17,464
Lease income									2,178,179	2,004,013	1,828,036
Business interruption insurance proceeds									26	3,498	20,529
Revenues									2,195,670	2,024,672	1,866,029
Continuing Operations | Management, development and other fees
Disaggregation of Revenue [Line Items]
Management, development and other fees									3,572	4,147	5,599
Continuing Operations | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees									13,893	13,014	11,865
Continuing Operations | Non-allocated
Disaggregation of Revenue [Line Items]
Management, development and other fees									3,572	4,147	5,599
Lease income									0	0	0
Business interruption insurance proceeds									0	0	0
Revenues									3,572	4,147	5,599
Continuing Operations | Non-allocated | Management, development and other fees
Disaggregation of Revenue [Line Items]
Management, development and other fees									3,572	4,147	5,599
Continuing Operations | Non-allocated | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees									0	0	0
Continuing Operations | Established Communities | Operating segment
Disaggregation of Revenue [Line Items]
Management, development and other fees									9,563	9,453	8,299
Lease income									1,622,837	1,582,209	1,423,658
Business interruption insurance proceeds									26	3	152
Revenues									1,632,426	1,591,665	1,432,109
Continuing Operations | Established Communities | Operating segment | Management, development and other fees
Disaggregation of Revenue [Line Items]
Management, development and other fees									0	0	0
Continuing Operations | Established Communities | Operating segment | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees									9,563	9,453	8,299
Continuing Operations | Other Stabilized Communities | Operating segment
Disaggregation of Revenue [Line Items]
Management, development and other fees									2,417	2,083	2,172
Lease income									259,636	191,511	219,035
Business interruption insurance proceeds									0	0	65
Revenues									262,053	193,594	221,272
Continuing Operations | Other Stabilized Communities | Operating segment | Management, development and other fees
Disaggregation of Revenue [Line Items]
Management, development and other fees									0	0	0
Continuing Operations | Other Stabilized Communities | Operating segment | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees									2,417	2,083	2,172
Continuing Operations | Development/Redevelopment Communities | Operating segment
Disaggregation of Revenue [Line Items]
Management, development and other fees									1,913	1,478	1,394
Lease income									295,706	230,293	185,343
Business interruption insurance proceeds									0	3,495	20,312
Revenues									297,619	235,266	207,049
Continuing Operations | Development/Redevelopment Communities | Operating segment | Management, development and other fees
Disaggregation of Revenue [Line Items]
Management, development and other fees									0	0	0
Continuing Operations | Development/Redevelopment Communities | Operating segment | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees									$ 1,913	$ 1,478	$ 1,394

Interest Capitalized (Details)

Interest Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest Capitalized
Capitalized interest during the development and redevelopment of real estate assets	$ 60,331	$ 64,420	$ 78,872

Mortgage Notes Payable, Unsec_3

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Total mortgage notes payable and unsecured notes and Term Loans	$ 7,102,355	$ 7,404,313
Variable rate unsecured credit facility	0	0
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility	7,102,355	7,404,313
Repayment of unsecured debt	258,579	300,000	$ 504,403
Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	5,400,000	5,350,000
Variable rate notes	300,000	300,000
Total mortgage notes payable and unsecured notes and Term Loans	5,950,000
Amount of debt discount	9,879	10,850
Deferred financing costs, net	34,128	36,386
Term loan
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Variable rate notes	250,000	250,000
Mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	533,215	593,987
Variable rate notes	619,140	910,326
Total mortgage notes payable and unsecured notes and Term Loans	1,097,280
Amount of debt discount	14,590	16,351
Deferred financing costs, net	$ 3,495	$ 11,256

Mortgage Notes Payable, Unsec_4

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 2) - USD ($)	1 Months Ended						12 Months Ended
	Dec. 31, 2018	Aug. 31, 2018	Jun. 30, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Gains (losses) on extinguishment of debt							$ (17,492,000)	$ (25,472,000)	$ (7,075,000)
Repayment of unsecured debt							$ 258,579,000	$ 300,000,000	$ 504,403,000
Mortgage notes payable | Notes Payable Maturities 2043
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of secured debt						$ 15,174,000
Stated interest rate (as a percent)						6.60%
Gains (losses) on extinguishment of debt						$ 426,000
Prepayment penalty						(152,000)
Write off of deferred debt issuance cost						(274,000)
Mortgage notes payable | Notes Payable Maturities 2018
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of secured debt		$ 51,449,000		$ 13,380,000		$ 11,038,000
Stated interest rate (as a percent)				3.06%		4.61%
Mortgage notes payable | Notes Payable Maturities 2033
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of secured debt			$ 15,295,000
Stated interest rate (as a percent)			6.90%
Gains (losses) on extinguishment of debt			$ 635,000
Prepayment penalty			(282,000)
Write off of deferred debt issuance cost			$ (353,000)
Mortgage notes payable | Notes Payable Maturities 2028
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of secured debt		44,410,000
Gains (losses) on extinguishment of debt		1,690,000
Mortgage notes payable | Notes Payable Maturities 2018 and 2028
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of secured debt		$ 95,859,000
Mortgage notes payable | Notes Payable Maturities 2037
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of secured debt	$ 93,800,000
Gains (losses) on extinguishment of debt	5,837,000
Prepayment penalty	(2,874,000)
Write off of deferred debt issuance cost	$ (2,963,000)
Unsecured Notes 4.35 Percent
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Net proceeds from issuance of debt					$ 296,210,000
Principal amount of notes issued					$ 300,000,000
Unsecured notes | Unsecured Notes 4.35 Percent
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)					4.35%
Unsecured notes | Unsecured Notes 3.97 Percent First 10 Years
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, term					10 years
Debt instrument, interest rate, effective percentage					3.97%
Unsecured notes | Unsecured Notes 4.39 Percent Remaining 20 Years
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, interest rate, effective percentage					4.39%
Unsecured notes | Notes Payable Maturities 2028
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)	3.20%						3.20%
Unsecured notes | Notes Payable 6.100 Maturities 2020
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)	6.10%						6.10%
Gains (losses) on extinguishment of debt	$ 8,926,000
Prepayment penalty	(8,579,000)
Write off of deferred debt issuance cost	(347,000)
Repayment of unsecured debt	$ 250,000,000
Avalon Bowery Place I | Mortgage notes payable | Notes Payable Maturities 2029
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)	4.01%						4.01%
Principal amount of notes issued	$ 93,800,000						$ 93,800,000
Avalon Bowery Place II | Mortgage notes payable | Notes Payable Maturities 2029
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)	4.01%						4.01%
Principal amount of notes issued	$ 39,639,000						$ 39,639,000
Avalon Morningside Park | Mortgage notes payable | Notes Payable 3.95 Maturities 2029
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)	3.95%						3.95%
Principal amount of notes issued	$ 12,500,000						$ 12,500,000
Avalon Morningside Park | Mortgage notes payable | Notes Payable 3.50 Maturities 2029
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)	3.50%						3.50%
Principal amount of notes issued	$ 100,000,000						$ 100,000,000
Avalon West Chelsea and AVA High Line | Mortgage notes payable | Notes Payable Maturities 2029
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)	4.01%						4.01%
Principal amount of notes issued	$ 150,000,000						$ 150,000,000
NYC JV | Mortgage notes payable | Notes Payable Maturities 2029
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Principal amount of notes issued	$ 295,939,000						$ 295,939,000

Mortgage Notes Payable, Unsec_5

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
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	1,827,953,000
Variable rate unsecured credit facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Available borrowing capacity	$ 1,500,000,000
Line of credit facility, extension period	9 months
Extension fee	$ 1,500,000
Debt instrument assumed period of borrowing rate	1 month
Line of credit facility, commitment fee percentage	0.125%
Annual facility fee	$ 1,875,000
Outstanding balance of letters of credit	$ 39,810,000	$ 47,315,000
Fixed rate mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)	3.80%	4.00%
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)	3.40%	3.20%
LIBOR | Variable rate unsecured credit facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.825%
Debt instrument, interest rate, effective percentage	3.33%
LIBOR | Variable Rate Unsecured Term Loan $100 Million | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.90%
LIBOR | Variable Rate Unsecured Term Loan $150 Million | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	1.50%
LIBOR | Floating Rate Unsecured Notes 300 Million | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.43%
Minimum [Member] | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.20%
Maximum | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.45%

Mortgage Notes Payable, Unsec_6

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 7,102,355	$ 7,404,313
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	$ 5,950,000
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 3.625 Maturities 2020
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 400,000
Stated interest rate (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 (as a percent)	3.95%
Unsecured notes | Floating Rate Unsecured Notes 300 Million
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Unsecured notes | Floating Rate Unsecured Notes 300 Million | LIBOR
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.43%
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 (as a percent)	2.95%
Unsecured notes | Variable Rate Unsecured Term Loan $100 Million
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 100,000
Unsecured notes | Variable Rate Unsecured Term Loan $100 Million | LIBOR
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.90%
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 (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 (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 (as a percent)	3.50%
Unsecured notes | Variable Rate Unsecured Term Loan $150 Million
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 150,000
Unsecured notes | Variable Rate Unsecured Term Loan $150 Million | LIBOR
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	1.50%
Unsecured notes | Notes Payable 3.450 Maturities 2025
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 525,000
Stated interest rate (as a percent)	3.45%
Unsecured notes | Notes Payable 3.500 Maturities 2025
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	3.50%
Unsecured notes | Notes Payable 2.950 Maturities 2026
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 475,000
Stated interest rate (as a percent)	2.95%
Unsecured notes | Notes Payable 2.900 Maturities 2026
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	2.90%
Unsecured notes | Notes Payable Maturities 2027
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 400,000
Stated interest rate (as a percent)	3.35%
Unsecured notes | Notes Payable Maturities 2028
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 450,000
Stated interest rate (as a percent)	3.20%
Unsecured notes | Notes Payable Maturities 2046
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 350,000
Stated interest rate (as a percent)	3.90%
Unsecured notes | Notes Payable Maturities 2047
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	4.15%
Unsecured notes | Notes Payable Maturities 2048
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	4.35%
Secured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	$ 55,075
Mortgage notes payable and unsecured notes	1,097,280
Secured notes | Notes payable maturing in 2019
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	3,824
Mortgage notes payable and unsecured notes	114,722
Secured notes | Notes Payable Maturities 2020
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	2,682
Mortgage notes payable and unsecured notes	140,430
Secured notes | Notes payable maturing in 2021
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	2,204
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	2,318
Secured notes | Notes Payable Maturities 2023
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	2,439
Secured notes | Notes Payable 2024
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	2,577
Secured notes | Notes Payable Maturities 2025
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	2,708
Mortgage notes payable and unsecured notes	84,835
Secured notes | Notes Payable Maturities 2026
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	2,845
Secured notes | Notes Payable Maturities 2027
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	2,270
Mortgage notes payable and unsecured notes	185,100
Secured notes | Notes Payable Maturities 2028
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	912
Mortgage notes payable and unsecured notes	0
Secured notes | Notes Payable Maturities Thereafter
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments	30,296
Mortgage notes payable and unsecured notes	$ 544,349

Equity (Details)

Equity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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	40,534
Common stock shares issued through dividend reinvestment plan	2,272	3,058	2,396
Number of shares of stock grants withheld	68,565	60,319	53,453
Common shares issued under Employee Stock Purchase Plan	12,955
Number of shares forfeited	4,860
Issuance of common stock, net	$ 52,261,000	$ 111,093,000	$ 15,526,000
Continuous Equity Program CEP IV
Class of Stock [Line Items]
Issuance of common stock, net of withholdings (in shares)	244,924
Maximum value of shares of common stock that can be sold	$ 1,000,000,000
Percentage of compensation received by sales agent	2.00%
Shares issued, weighted average price per share (in dollars per share)	$ 189.14
Issuance of common stock, net	$ 45,629,000
Common stock value, remaining to be authorized under continuous equity program	$ 846,591,000
Maximum [Member] | Continuous Equity Program CEP IV
Class of Stock [Line Items]
Percentage of compensation received by sales agent	2.00%
Restricted Stock and Restricted Stock Converted From Performance Shares
Class of Stock [Line Items]
Common stock shares issued in connection with stock grants	187,010	201,824	197,018

Investments in Real Estate En_3

Investments in Real Estate Entities (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)communityhomeinvestorextensionagreementloanft²mi	Dec. 31, 2017USD ($)communityhome	Dec. 31, 2016USD ($)home	Feb. 27, 2013
Schedule of Equity Method Investments [Line Items]
Gain on sale of communities	$ 54,202	$ 136,333	$ 196,749
Number of apartment homes in communities owned | home	81,499
Preferred interest obligation redemption and dividends	$ (1,120)	(2,000)	(1,960)
Gain (loss) on other real estate transactions, net	345	(10,907)	10,224
Gain on sale of communities	374,976	252,599	374,623
Equity method investment, difference between carrying amount and underlying equity	$ 31,188	35,402
Number of communities acquired | community	4
Payments to acquire other real estate	$ 338,620	462,317	393,316
Expensed transaction, development and other pursuit costs, net of recoveries	4,309	2,736	9,922
Avalon Arundel Crossing
Schedule of Equity Method Investments [Line Items]
Payments to acquire other real estate	$ 83,000
Number of apartment homes acquired | home	310
Alexander Apartments & Lofts
Schedule of Equity Method Investments [Line Items]
Payments to acquire other real estate	$ 103,000
Number of apartment homes acquired | home	290
Retail square feet acquired | ft²	2
Ironwood at Red Rocks
Schedule of Equity Method Investments [Line Items]
Payments to acquire other real estate	$ 75,400
Number of apartment homes acquired | home	256
The Meadows
Schedule of Equity Method Investments [Line Items]
Payments to acquire other real estate	$ 73,050
Number of apartment homes acquired | home	240
Acquired Real Estate
Schedule of Equity Method Investments [Line Items]
Expensed transaction, development and other pursuit costs, net of recoveries		5,139
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 | Archstone Enterprise LP
Schedule of Equity Method Investments [Line Items]
Business acquisition, percentage of voting interests acquired				60.00%
US Fund
Schedule of Equity Method Investments [Line Items]
Number of extension options | extension	2
Period of extension (in years)	1 year
Number of institutional investors | investor	6
Real estate investments, joint ventures	$ 31,194
Equity Method Investment, Ownership Percentage	28.60%
Gain on sale of communities	$ 8,636	13,788
Number of loans secured by individual assets | loan	5
Debt outstanding	$ 205,846
US Fund | Avalon Kirkland at Carillon
Schedule of Equity Method Investments [Line Items]
Apartment homes | home	131
Net cash proceeds	$ 85,500
Repayments of secured debt	$ 27,928
ACJV
Schedule of Equity Method Investments [Line Items]
Number of institutional investors | investor	4
Real estate investments, joint ventures	$ 34,799
Equity Method Investment, Ownership Percentage	20.00%
Gain on sale of communities	$ 2,019
Number of loans secured by individual assets | loan	1
Debt outstanding	$ 111,653
Maximum geographic radius for existing assets within considered for right of first offer | mi	1
ACJV | Avalon Woodland Park
Schedule of Equity Method Investments [Line Items]
Apartment homes | home	392
Net cash proceeds	$ 94,250
Repayments of secured debt	$ 50,647
MVPI LLC
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	25.00%
Number of apartment homes in communities owned | home	313
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest			16,568
Brandywine
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	28.70%
Debt outstanding	$ 22,195
Number of apartment homes in communities owned | home	305
Number of members who hold various interests in joint venture | investor	5
Residual JV
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%
Number of LLC agreements | agreement	3
Legacy JV
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%
Preferred interest obligation liquidation value	$ 36,806
Sudbury
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	60.00%
Land	$ 19,200
AVA North Point
Schedule of Equity Method Investments [Line Items]
Real estate investments, joint ventures	$ 45,162
Equity Method Investment, Ownership Percentage	55.00%
Number of apartment homes in communities owned | home	265
Gain (loss) on other real estate transactions, net	$ 10,621
AVA North Point | Joint Venture Partner
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	45.00%
NYC JV
Schedule of Equity Method Investments [Line Items]
Real estate investments, joint ventures	$ 75,000
Equity Method Investment, Ownership Percentage	20.00%
Variable interest entity, ownership interest by partner	80.00%
Fund II
Schedule of Equity Method Investments [Line Items]
Number of institutional investors | investor	6
Equity Method Investment, Ownership Percentage	31.30%
Gain on sale of communities		$ 26,322	41,501
Number of apartment communities sold | community		3
Percentage of right of distribution	40.00%
Percentage of right of remaining distribution	60.00%
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest	$ 925	$ 26,472	$ 7,985
Avalon Brooklyn Bay
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	$ 12,819	$ 44,831
Avalon Brooklyn Bay Condominiums
Schedule of Equity Method Investments [Line Items]
Variable interest entity, ownership interest by partner	100.00%
Avalon Brooklyn Bay Rental Apartments
Schedule of Equity Method Investments [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage	100.00%
NYC JV
Schedule of Equity Method Investments [Line Items]
Apartment homes | home	1,301
Repayments of secured debt	$ 395,939
retail square feet sold | ft²	58
Wholly Owned Properties
Schedule of Equity Method Investments [Line Items]
Apartment homes | home	3,099	1,624	2,051
Net cash proceeds	$ 883,313	$ 503,039	$ 532,717
Repayments of secured debt	$ 395,939	$ 0	$ 0

Investments in Real Estate En_4

Investments in Real Estate Entities (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets:
Real estate, net	$ 1,420,039	$ 695,077
Other assets	45,142	39,976
Total assets	1,465,181	735,053
Liabilities and partners' capital:
Mortgage notes payable, net and credit facility	837,311	523,815
Other liabilities	15,624	10,540
Partners' capital	612,246	200,698
Total liabilities and partners' capital	$ 1,465,181	$ 735,053

Investments in Real Estate En_5

Investments in Real Estate Entities (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Combined summary of the operating results of the accounted for using the equity method
Rental and other income	$ 92,504	$ 101,615	$ 131,901
Operating and other expenses	(35,005)	(38,566)	(50,945)
Gain on sale of communities	54,202	136,333	196,749
Interest expense, net	(22,488)	(27,104)	(45,886)
Depreciation expense	(26,706)	(25,914)	(34,471)
Net income	62,507	146,364	197,348
Schedule of Equity Method Investments [Line Items]
Loss on extinguishment of debt, net	17,492	25,472	7,075
Funds [Member]
Schedule of Equity Method Investments [Line Items]
Loss on extinguishment of debt, net	$ 312	$ 1,591	$ 12,659

Investments in Real Estate En_6

Investments in Real Estate Entities (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	$ 15,270	$ 70,744	$ 64,962
Gain on sale of communities	54,202	136,333	196,749
Fund I
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	0	0	87
Fund II
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	843	53,961	49,882
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest	925	26,472	7,985
Gain on sale of communities		26,322	41,501
US Fund
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	9,766	14,773	15,635
Gain on sale of communities	8,636	13,788
ACJV
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	3,527	1,388	1,445
Gain on sale of communities	2,019
MVPI LLC
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	1,917	1,833	1,627
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest			16,568
Brandywine
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	95	106	10
CVP I, LLC
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	0	0	9
Residual JV
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	(879)	(1,223)	(1,374)
Avalon Clarendon
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	0	0	(2,359)
AVA North Point
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	305	(122)	0
Sudbury
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	29	28	0
NYC JV
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated real estate entities	$ (333)	$ 0	$ 0

Real Estate Disposition Activ_3

Real Estate Disposition Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)communityland_parcelhome	Dec. 31, 2017USD ($)home	Dec. 31, 2016USD ($)home
Summary of income from discontinued operations
Gain on sale of communities	$ 374,976	$ 252,599	$ 374,623
Gain (loss) on other real estate transactions, net	$ 345	$ (10,907)	$ 10,224
Number of communities held for sale | community	1
Number of land parcels held for sale | land_parcel	2
Avalon Blue Hills/Avalon Canton at Blue Hills
Summary of income from discontinued operations
Apartment homes | home	472
Gross sales price	$ 131,250
Net cash proceeds	$ 129,466
Eaves North Quincy
Summary of income from discontinued operations
Apartment homes | home	224
Gross sales price	$ 64,250
Net cash proceeds	$ 63,302
Avalon Anaheim Stadium
Summary of income from discontinued operations
Apartment homes | home	251
Gross sales price	$ 111,600
Net cash proceeds	$ 105,495
Avalon Ballston Place
Summary of income from discontinued operations
Apartment homes | home	383
Gross sales price	$ 169,000
Net cash proceeds	$ 166,921
Avalon at Fairway Hills - Fields
Summary of income from discontinued operations
Apartment homes | home	192
Gross sales price	$ 39,500
Net cash proceeds	$ 38,744
Avalon Fashion Valley
Summary of income from discontinued operations
Apartment homes | home	161
Gross sales price	$ 70,750
Net cash proceeds	$ 69,781
Avalon Andover
Summary of income from discontinued operations
Apartment homes | home	115
Gross sales price	$ 32,400
Net cash proceeds	$ 31,765
NYC JV
Summary of income from discontinued operations
Apartment homes | home	1,301
Repayments of secured debt	$ 395,939
Other Real Estate Sales
Summary of income from discontinued operations
Gain (loss) on other real estate transactions, net	345
Gross sales price	639
Net cash proceeds	$ 1,040
Fairfax City Land
Summary of income from discontinued operations
Number of land parcels sold | land_parcel	1
Wholly Owned Properties Excluding NYC JV
Summary of income from discontinued operations
Number of apartment communities sold | community	8
Apartment homes | home	1,798
Sale of communities gross sales price	$ 618,750
Gain on sale of communities	$ 195,115
NYC JV
Summary of income from discontinued operations
Number of apartment communities sold | community	5
Sale of communities gross sales price	$ 758,900
Gain on sale of communities	179,861
Net cash proceeds	$ 276,799
Wholly Owned Properties
Summary of income from discontinued operations
Apartment homes | home	3,099	1,624	2,051
Repayments of secured debt	$ 395,939	$ 0	$ 0
Gross sales price	1,378,289	514,654	564,028
Net cash proceeds	$ 883,313	$ 503,039	$ 532,717
NYC JV
Summary of income from discontinued operations
Equity Method Investment, Ownership Percentage	20.00%

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)communitypropertyClaimmultiplierLease	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Employment Agreements and Arrangements [Abstract]
Proceeds from legal recoveries	$ 946	$ 6,118	$ 417
Loss Contingency Class Action Claims Filed, Number of Apartments in Settlement, Number of Lawsuits Remaining | Claim	1
Lease Obligations [Abstract]
Cost related to operating lease	$ 21,788	23,431	23,343
Number of office leases | Lease	14
Payments to acquire other real estate	$ 338,620	462,317	393,316
Gain (loss) on other real estate transactions, net	345	(10,907)	10,224
Repayments of long-term capital lease obligations	1,070	18,951	$ 0
Capital leased assets, gross	$ 19,737	19,737
Properties on Land Subject to Land Leases
Lease Obligations [Abstract]
Number of apartment communities | community	11
Number of operating apartment communities under construction | community	1
Number of commercial properties owned | property	2
Number of leased properties with purchase options | property	5
Assets Held under Capital Leases
Lease Obligations [Abstract]
Number of apartment communities | community	1
Capital lease obligations	$ 20,243
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 | Chief Executive Officer
Employment Agreements and Arrangements [Abstract]
Compensation multiplier | multiplier	3
Officer Severance Program | Maximum
Employment Agreements and Arrangements [Abstract]
Termination period following a sale event (in years)	18 months
Archstone Toscano
Employment Agreements and Arrangements [Abstract]
Proceeds from legal recoveries	$ 554
Memorial Heights Villages
Employment Agreements and Arrangements [Abstract]
Proceeds from legal recoveries		$ 5,438
Avalon at Edgewater
Employment Agreements and Arrangements [Abstract]
Number of new class action claims filed | Claim	3
Number of apartments included in settlement | Claim	66
Number of apartments in settlement resolved | Claim	60
Number of apartments included in settlement submitted | Claim	45
Number of apartments included in settlement submitted amount	$ 6,900
Number of claims evaluated | Claim	37
Number of additional claims | Claim	4
Avalon Morningside Park
Lease Obligations [Abstract]
Payments to acquire other real estate	$ 95,000
Gain (loss) on other real estate transactions, net	11,153
Avalon at Assembly Row and AVA Somerville
Lease Obligations [Abstract]
Repayments of long-term capital lease obligations	$ 17,285

Commitments and Contingencies_3

Commitments and Contingencies (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Future minimum lease payments under the Company's current leases
2,019	$ 15,241
2,020	12,913
2,021	14,306
2,022	14,211
2,023	13,611
Thereafter	481,201
Operating Lease Obligations
2,019	14,166
2,020	11,836
2,021	13,226
2,022	13,129
2,023	12,527
Thereafter	439,981
Capital lease obligations
2,019	1,075
2,020	1,077
2,021	1,080
2,022	1,082
2,023	1,084
Thereafter	41,220
Imputed interest on capital leases	26,375
Capital leased assets, gross	$ 19,737	$ 19,737

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting [Abstract]
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	$ 385,636	$ 192,407	$ 254,543	$ 141,590	$ 237,486	$ 238,199	$ 165,194	$ 235,781	$ 974,175	$ 876,660	$ 1,033,708
Indirect operating expenses, net of corporate income									76,522	65,398	61,403
Investment Income, Investment Expense									7,709	5,936	4,822
Expensed transaction, development and other pursuit costs, net of recoveries									4,309	2,736	9,922
Interest expense, net									220,974	199,661	187,510
Loss on extinguishment of debt, net									17,492	25,472	7,075
General and administrative expense									56,365	50,673	45,771
Equity in income of unconsolidated real estate entities									(15,270)	(70,744)	(64,962)
Depreciation expense									631,196	584,150	531,434
Income tax (benefit) expense									(160)	141	305
Casualty and impairment loss (gain), net									215	6,250	(3,935)
Gain on sale of communities									(374,976)	(252,599)	(374,623)
(Loss) gain on other real estate transactions									(345)	10,907	(10,224)
Net operating income from real estate assets sold or held for sale									(58,620)	(84,650)	(114,219)
Net operating income									$ 1,539,586	$ 1,419,991	$ 1,313,987

Segment Reporting Segment Repor

Segment Reporting Segment Reporting (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting [Abstract]
Rental income from real estate assets sold or held for sale	$ 88,865	$ 133,956	$ 179,226
Operating expenses from real estate assets sold or held for sale	(30,245)	(49,306)	(65,007)
Net operating income from real estate assets sold or held for sale	$ 58,620	$ 84,650	$ 114,219

Segment Reporting (Details 3)

Segment Reporting (Details 3) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting
Total revenue	$ 578,522	$ 575,982	$ 569,239	$ 560,792	$ 555,292	$ 550,500	$ 530,512	$ 522,326	$ 2,284,535	$ 2,158,628	$ 2,045,255
NOI									1,539,586	1,419,991	1,313,987
Gross real estate	22,277,169				21,935,936				22,277,169	21,935,936	20,755,780
Gross real estate assets held for sale	65,408								65,408		20,846
Business interruption insurance proceeds									26	3,498	20,564
Established Communities
Segment Reporting
Real estate capitalized additions	78,469				78,241				78,469	78,241	85,676
Operating segment | Established Communities
Segment Reporting
Total revenue									1,632,426	1,591,665	1,432,109
NOI									1,165,509	1,139,261	1,018,919
Gross real estate	13,961,942				13,884,082				13,961,942	13,884,082	12,326,913
Operating segment | Established Communities | New England
Segment Reporting
Total revenue									239,638	232,688	209,935
NOI									157,109	152,514	136,019
Gross real estate	2,014,158				1,993,653				2,014,158	1,993,653	1,667,171
Operating segment | Established Communities | Metro NY/NJ
Segment Reporting
Total revenue									360,430	354,444	294,199
NOI									254,132	251,760	204,882
Gross real estate	3,086,133				3,071,563				3,086,133	3,071,563	2,412,742
Operating segment | Established Communities | Mid-Atlantic
Segment Reporting
Total revenue									237,113	232,987	203,003
NOI									165,724	161,546	141,624
Gross real estate	2,226,315				2,216,292				2,226,315	2,216,292	1,862,091
Operating segment | Established Communities | Pacific Northwest
Segment Reporting
Total revenue									86,571	84,313	79,958
NOI									62,194	61,705	57,857
Gross real estate	727,652				724,751				727,652	724,751	731,277
Operating segment | Established Communities | Northern California
Segment Reporting
Total revenue									366,834	357,209	331,610
NOI									280,994	273,940	253,582
Gross real estate	2,986,068				2,972,311				2,986,068	2,972,311	2,812,859
Operating segment | Established Communities | Southern California
Segment Reporting
Total revenue									341,840	330,024	313,404
NOI									245,356	237,796	224,955
Gross real estate	2,921,616				2,905,512				2,921,616	2,905,512	2,840,773
Operating segment | Other Stabilized Communities
Segment Reporting
Total revenue									262,053	193,594	221,272
NOI									178,172	127,678	151,475
Gross real estate	2,934,711				2,571,356				2,934,711	2,571,356	2,650,966
Operating segment | Development / Redevelopment
Segment Reporting
Total revenue									297,619	235,266	207,049
NOI									195,905	153,052	143,593
Gross real estate	5,201,454				4,104,956				5,201,454	4,104,956	4,154,778
Operating segment | Disposals [Member]
Segment Reporting
Gross real estate					1,228,314					1,228,314	1,458,130
Segment Reconciling Items
Segment Reporting
Gross real estate	84,712				68,364				84,712	68,364	84,293
Non-allocated
Segment Reporting
Total revenue									3,572	4,147	5,599
Gross real estate	$ 94,350				$ 78,864				94,350	78,864	80,700
Continuing Operations
Segment Reporting
Total revenue									2,195,670	2,024,672	1,866,029
Business interruption insurance proceeds									26	3,498	20,529
Continuing Operations | Operating segment | Established Communities
Segment Reporting
Total revenue									1,632,426	1,591,665	1,432,109
Business interruption insurance proceeds									26	3	152
Continuing Operations | Operating segment | Other Stabilized Communities
Segment Reporting
Total revenue									262,053	193,594	221,272
Business interruption insurance proceeds									0	0	65
Continuing Operations | Non-allocated
Segment Reporting
Total revenue									3,572	4,147	5,599
Business interruption insurance proceeds									$ 0	0	0
Avalon Maplewood
Segment Reporting
Business interruption insurance proceeds										$ 3,495
Avalon at Edgewater
Segment Reporting
Business interruption insurance proceeds											$ 20,306

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Stock-Based Compensation Plans
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares
Exercised (in shares)	(40,534)
2009 Plan
Stock-Based Compensation Plans
Common stock, par value (in dollars per share)	$ 0.01
Common stock shares available for grant	7,509,205
2009 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	149,973	177,333	249,178
Exercised (in shares)	(32,756)	(27,360)	(71,845)
Granted (in shares)	6,995	0	0
Forfeited (in shares)	0	0	0
Options outstanding at the end of the period (in shares)	124,212	149,973	177,333
Options exercisable at the end of the period (in shares)	117,217	149,973	177,333
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$ 126.77	$ 124.25	$ 122.17
Exercised (in dollars per share)	126.24	110.47	117.04
Granted (in dollars per share)	161.10	0	0
Forfeited (in dollars per share)	0	0	0
Options outstanding at the end of the period (in dollars per share)	128.84	126.77	124.25
Options exercisable at the end of the period (in dollars per share)	$ 126.91	$ 126.77	$ 124.25
1994 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	7,778	22,541	82,195
Exercised (in shares)	(7,778)	(14,763)	(59,654)
Granted (in shares)	0	0	0
Forfeited (in shares)	0	0	0
Options outstanding at the end of the period (in shares)	0	7,778	22,541
Options exercisable at the end of the period (in shares)	0	7,778	22,541
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$ 48.60	$ 77.91	$ 103.27
Exercised (in dollars per share)	48.60	93.35	112.85
Granted (in dollars per share)	0	0	0
Forfeited (in dollars per share)	0	0	0
Options outstanding at the end of the period (in dollars per share)	0	48.60	77.91
Options exercisable at the end of the period (in dollars per share)	$ 0	$ 48.60	$ 77.91

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans (Details 2) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Intrinsic value of options exercised	$ 3,016	$ 3,592	$ 9,187
2009 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding intrinsic value	5,616
Options exercisable intrinsic value	$ 5,525
Options exercisable weighted average contractual life (in years)	4 years
2009 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	124,212
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)	4,380
Exercise Price, lower limit (in dollars per share)	$ 70
Exercise Price, upper limit (in dollars per share)	$ 79.99
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)	7,865
Exercise Price, lower limit (in dollars per share)	$ 110
Exercise Price, upper limit (in dollars per share)	$ 119.99
Weighted Average Remaining Contractual Term	2 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	4 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)	75,110
Exercise Price, lower limit (in dollars per share)	$ 130
Exercise Price, upper limit (in dollars per share)	$ 139.99
Weighted Average Remaining Contractual Term	3 years 9 months 18 days
160.00 - 169.00 | 2009 Plan | Stock Options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	6,995
Exercise Price, lower limit (in dollars per share)	$ 160
Exercise Price, upper limit (in dollars per share)	$ 169.99
Weighted Average Remaining Contractual Term	9 years 1 month 6 days

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans (Details 3) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)periodshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Oct. 31, 1996shares
Additional disclosures
Stock-based compensation expense	$ 19,707	$ 17,085	$ 14,666
Capitalized stock-based compensation cost	$ 10,208	9,474	9,266
Employee Stock Purchase Plan [Abstract]
Shares issued under Employee Stock Purchase Plan | shares	12,955
Stock-based compensation expense	$ 19,707	$ 17,085	14,666
Stock Options
Additional disclosures
Forfeiture rate (as a percent)	0.60%	0.70%
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
Additional disclosures
Unrecognized compensation cost for unvested stock options	$ 28,116
Weighted average period for recognition of unrecognized compensation cost	2 years 6 months
Non Qualified Employee Stock Purchase Plan
Additional disclosures
Stock-based compensation expense	$ 436	$ 418	$ 289
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	668,329
Employment period of full-time employees for becoming eligible to participate in the plan (in months)	1 month
Number of purchase periods | period	2
Employee stock purchase plan, discounted stock price percentage	85.00%
Shares issued under Employee Stock Purchase Plan | shares	12,955	11,528	11,348
Stock-based compensation expense	$ 436	$ 418	$ 289

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans (Details 4) - Performance awards - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Maximum Measurement Period	3 years
Performance awards
Outstanding at the beginning of the period (in shares)	251,770	251,163	238,266
Granted (in shares)	100,965	81,708	94,054
Increase (decrease) in awards based on performance (in shares)	5,990	49,323	36,091
Converted to restricted stock (in shares)	(88,477)	(128,482)	(115,618)
Forfeited (in shares)	(3,119)	(1,942)	(1,630)
Outstanding at the ending of the period (in shares)	267,129	251,770	251,163
Weighted average grant date fair value per award
Outstanding at the beginning of the period (in dollars per share)	$ 155.25	$ 136.74	$ 119.65
Granted (in dollars per share)	155.31	176.59	141.92
Change in awards based on performance (in dollars per share)	148.79	119.26	101.52
Converted to restricted stock (in dollars per share)	148.79	118.75	94.67
Forfeited (in dollars per share)	160.33	159.39	141.98
Outstanding at the ending of the period (in dollars per share)	$ 157.21	$ 155.25	$ 136.74
Grants in period based on shareholder metrics (in shares)	62,043	49,374	61,039
Grants in period based on financial metrics (in shares)	38,922	32,334	33,015

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans (Details 5) - Performance awards - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield (as a percent)	3.70%	3.20%	3.30%
Estimated volatility, minimum (as a percent)	11.80%	15.30%	15.20%
Estimated volatility, maximum (as a percent)	18.70%	19.70%	22.80%
Risk-free interest rate, minimum (as a percent)	1.86%	0.69%	0.44%
Risk-free interest rate, maximum (as a percent)	2.46%	1.61%	0.88%
Estimated performance award value based on total shareholder return measure (in dollars per share)	$ 151.67	$ 175.86	$ 131.24
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)	$ 161.10	$ 179.07	$ 161.66

Stock-Based Compensation Plan_7

Stock-Based Compensation Plans (Details 6) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted stock
Restricted stock shares
Outstanding at the beginning of the period (in shares)	133,633	136,705	147,884
Granted (in shares)	98,713	73,342	81,400
Vested (in shares)	(67,832)	(73,683)	(88,712)
Forfeited (in shares)	(4,103)	(2,731)	(3,867)
Outstanding at the ending of the period (in shares)	160,411	133,633	136,705
Restricted stock shares weighted average grant date fair value per share
Outstanding at the beginning of the period (in dollars per share)	$ 172.33	$ 158.51	$ 146.21
Granted (in dollars per share)	161.58	179.58	162.38
Vested (in dollars per share)	171.22	153.86	141.38
Forfeited (in dollars per share)	166.40	173.42	162.43
Outstanding at the ending of the period (in dollars per share)	$ 166.33	$ 172.33	$ 158.51
Restricted stock converted from performance shares
Restricted stock shares
Outstanding at the beginning of the period (in shares)	233,928	176,698	98,347
Granted (in shares)	88,297	128,482	115,618
Vested (in shares)	(112,230)	(70,595)	(36,872)
Forfeited (in shares)	(757)	(657)	(395)
Outstanding at the ending of the period (in shares)	209,238	233,928	176,698

Related Party Arrangements (Det

Related Party Arrangements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Arrangements
Management, development and other fees	$ 3,572,000	$ 4,147,000	$ 5,599,000
Compensation expense	19,707,000	17,085,000	14,666,000
Unconsolidated real estate entities
Related Party Arrangements
Outstanding receivables	2,519,000	2,449,000
Non-employee directors
Related Party Arrangements
Payable to related parties	90,000
Payable to related parties in quarterly installments	22,500
Non-employee directors | Restricted stock and deferred stock awards
Related Party Arrangements
Payable to related parties	140,000
Compensation expense	1,624,000	1,524,000	1,216,000
Amount of deferred compensation	571,000	$ 525,000	$ 531,000
Lead Independent Director
Related Party Arrangements
Payable to related parties	30,000
Payable to related parties in quarterly installments	7,500
Non-employees directors serving as a chairperson
Related Party Arrangements
Payable to related parties	20,000
Payable to related parties in quarterly installments	5,000
Non Employee Director Serving As A Chairperson of the Nominating and Corporate Governance or Investment and Finance Committees
Related Party Arrangements
Payable to related parties	15,000
Payable to related parties in quarterly installments	$ 3,750

Fair Value (Details)

Fair Value (Details)	12 Months Ended
	Dec. 31, 2018USD ($)venturederivative	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Derivative instruments and Hedging Activities
Derivative, excluded component, gain, recognized in earnings		$ 753,000
Amortization period of deferred gain (loss) on discontinuation of interest rate fair value hedge	10 years
Derivative, notional amounts settled during period	$ 300,000,000
Receipts (payments) for termination of forward interest rate swaps	12,598,000	391,000	$ (14,847,000)
Gain (loss) on cash flow hedges	$ 5,132,000	$ (13,979,000)	$ (5,556,000)
Cash Flow Hedges Interest Rate Caps
Derivative instruments and Hedging Activities
Number of derivative instruments held | derivative	4
Puts
Derivative instruments and Hedging Activities
Number of ventures in which entity is required to purchase interest in investment at guaranteed minimum amount | venture	2
Interest Rate Caps | Cash Flow Hedges Interest Rate Caps
Derivative instruments and Hedging Activities
Notional balance	$ 34,155,000
Weighted average interest rate (as a percent)	4.50%
Weighted average capped interest rate (as a percent)	5.90%
Interest Rate Swap | Cash Flow Hedges Interest Rate Caps
Derivative instruments and Hedging Activities
Notional balance	$ 250,000,000
Weighted average capped interest rate (as a percent)	3.00%
Derivative, notional amounts entered into during period	$ 250,000,000
Non-designated Hedges Interest Rate Caps
Derivative instruments and Hedging Activities
Number of derivative instruments held | derivative	10
Non-designated Hedges Interest Rate Caps | Interest Rate Caps
Derivative instruments and Hedging Activities
Notional balance	$ 588,383,000
Weighted average interest rate (as a percent)	3.30%
Weighted average capped interest rate (as a percent)	6.60%
Reclassification out of Accumulated Other Comprehensive Income
Derivative instruments and Hedging Activities
Gain (loss) reclassification from accumulated OCI to income, estimated net amount to be transferred	$ 5,752,000

Fair Value (Details 2)

Fair Value (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Cash flow hedge losses reclassified to earnings	$ (6,143)	$ (7,070)	$ (6,433)

Fair Value (Details 3)

Fair Value (Details 3) $ in Thousands	Dec. 31, 2018USD ($)derivative	Dec. 31, 2017USD ($)
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	$ (1,305)	$ (1,338)
Total	(5,567,484)	(5,447,942)
Recurring basis | Significant Other Observable Inputs (Level 2)
Financial Instruments Measured/Discussed at Fair Value
Total	(1,214,338)	(1,848,750)
Recurring basis | Significant Unobservable Inputs (Level 3)
Financial Instruments Measured/Discussed at Fair Value
Total	(465)	(3,245)
Recurring basis | Significant Unobservable Inputs (Level 3) | Puts
Financial Instruments Measured/Discussed at Fair Value
Fair value of remaining outstanding Puts	$ (465)	(3,245)
Cash Flow Hedges Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Number of derivative instruments held | derivative	4
Cash Flow Hedges Interest Rate Caps | Recurring basis | Significant Other Observable Inputs (Level 2) | Interest Rate Swap
Financial Instruments Measured/Discussed at Fair Value
Derivative assets		2,270
Derivative Liability	$ (6,366)	(1,171)
Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	(1,305)	(1,338)
Total	(6,782,287)	(7,299,937)
Total Fair Value | Recurring basis | Puts
Financial Instruments Measured/Discussed at Fair Value
Fair value of remaining outstanding Puts	(465)	(3,245)
Total Fair Value | Cash Flow Hedges Interest Rate Caps | Recurring basis | Interest Rate Swap
Financial Instruments Measured/Discussed at Fair Value
Derivative assets		2,270
Derivative Liability	$ (6,366)	(1,171)
Non-designated Hedges Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Number of derivative instruments held | derivative	10
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	$ 2	2
Non-designated Hedges Interest Rate Caps | Total Fair Value | Recurring basis | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	2	2
Unsecured notes | Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(5,566,179)	(5,446,604)
Unsecured notes | Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(5,566,179)	(5,446,604)
Secured Notes Payable and Variable Rate Unsecured Term Loan | Recurring basis | Significant Other Observable Inputs (Level 2)
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(1,207,974)	(1,849,851)
Secured Notes Payable and Variable Rate Unsecured Term Loan | Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	$ (1,207,974)	$ (1,849,851)

Quarterly Financial Informati_3

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 578,522	$ 575,982	$ 569,239	$ 560,792	$ 555,292	$ 550,500	$ 530,512	$ 522,326	$ 2,284,535	$ 2,158,628	$ 2,045,255
Net income	385,636	192,407	254,543	141,590	237,486	238,199	165,194	235,781	974,175	876,660	1,033,708
Net income attributable to common stockholders	$ 385,734	$ 192,486	$ 254,662	$ 141,643	$ 237,573	$ 238,248	$ 165,225	$ 235,875	$ 974,525	$ 876,921	$ 1,034,002
Net income per common share - basic (in dollars per share)	$ 2.79	$ 1.39	$ 1.84	$ 1.03	$ 1.72	$ 1.73	$ 1.20	$ 1.72	$ 7.05	$ 6.36	$ 7.53
Net income per common share - diluted (in dollars per share)	$ 2.79	$ 1.39	$ 1.84	$ 1.03	$ 1.72	$ 1.72	$ 1.20	$ 1.72	$ 7.05	$ 6.35	$ 7.52

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended
	Jan. 31, 2019USD ($)home	Feb. 22, 2019USD ($)home	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Subsequent events
Variable rate unsecured credit facility			$ 0	$ 0
Net real estate			$ 17,730,930	$ 17,717,557
Variable rate unsecured credit facility | Subsequent event
Subsequent events
Variable rate unsecured credit facility		$ 106,000
Subsequent Event Dispositions | Subsequent event
Subsequent events
Apartment homes | home	184
Net cash proceeds	$ 70,000
Archstone Toscano | Subsequent event
Subsequent events
Number of apartment homes held for sale | home		474
Net real estate		$ 76,573

REAL ESTATE AND ACCUMULATED D_2

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)homeft²	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	81,499
Initial Cost
Land and improvements	$ 4,183,719
Building / Construction in Progress & Improvements	14,536,395
Costs Subsequent to Acquisition / Construction	3,622,462
Total Cost
Land	4,183,719
Building / Construction in Progress & Improvements	18,158,857
Total	22,342,576	$ 21,935,936	$ 20,776,626	$ 19,268,099
Accumulated Depreciation	4,611,646	4,218,379	$ 3,743,632	$ 3,325,790
Total Cost, Net of Accumulated Depreciation	17,730,930	17,717,557
Encumbrances	$ 7,102,355
Current Communities
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	74,890
Initial Cost
Land and improvements	$ 4,068,035
Building / Construction in Progress & Improvements	14,395,399
Costs Subsequent to Acquisition / Construction	1,889,559
Total Cost
Land	4,068,035
Building / Construction in Progress & Improvements	16,284,958
Total	20,352,993
Accumulated Depreciation	4,556,052
Total Cost, Net of Accumulated Depreciation	15,796,941	15,707,425
Encumbrances	$ 1,152,355
Current Communities | Avalon at Lexington [Member]
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	10,758
Total Cost
Land	2,124
Building / Construction in Progress & Improvements	23,325
Total	25,449
Accumulated Depreciation	14,980
Total Cost, Net of Accumulated Depreciation	10,469	10,704
Encumbrances	$ 0
Current Communities | Avalon Oaks [Member]
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	6,197
Total Cost
Land	2,129
Building / Construction in Progress & Improvements	23,764
Total	25,893
Accumulated Depreciation	14,742
Total Cost, Net of Accumulated Depreciation	11,151	11,429
Encumbrances	$ 0
Current Communities | Eaves Quincy [Member]
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	10,450
Total Cost
Land	1,743
Building / Construction in Progress & Improvements	25,112
Total	26,855
Accumulated Depreciation	15,381
Total Cost, Net of Accumulated Depreciation	11,474	12,133
Encumbrances	$ 0
Current Communities | Avalon Oaks West [Member]
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	1,652
Total Cost
Land	3,318
Building / Construction in Progress & Improvements	15,117
Total	18,435
Accumulated Depreciation	8,634
Total Cost, Net of Accumulated Depreciation	9,801	9,953
Encumbrances	$ 0
Current Communities | Avalon Orchards [Member]
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	2,855
Total Cost
Land	2,983
Building / Construction in Progress & Improvements	20,825
Total	23,808
Accumulated Depreciation	12,331
Total Cost, Net of Accumulated Depreciation	11,477	12,192
Encumbrances	$ 0
Current Communities | Avalon at the Pinehills [Member]
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	1,375
Total Cost
Land	6,876
Building / Construction in Progress & Improvements	31,776
Total	38,652
Accumulated Depreciation	12,327
Total Cost, Net of Accumulated Depreciation	26,325	26,843
Encumbrances	$ 0
Current Communities | Eaves Peabody [Member]
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	14,022
Total Cost
Land	4,645
Building / Construction in Progress & Improvements	32,941
Total	37,586
Accumulated Depreciation	14,522
Total Cost, Net of Accumulated Depreciation	23,064	23,794
Encumbrances	$ 0
Current Communities | Avalon at Bedford Center [Member]
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	2,681
Total Cost
Land	4,258
Building / Construction in Progress & Improvements	23,232
Total	27,490
Accumulated Depreciation	9,781
Total Cost, Net of Accumulated Depreciation	17,709	17,343
Encumbrances	$ 0
Current Communities | Avalon at Lexington Hills [Member]
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	7,759
Total Cost
Land	8,691
Building / Construction in Progress & Improvements	86,880
Total	95,571
Accumulated Depreciation	31,789
Total Cost, Net of Accumulated Depreciation	63,782	63,555
Encumbrances	$ 0
Current Communities | Avalon Acton [Member]
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	4,416
Total Cost
Land	13,124
Building / Construction in Progress & Improvements	53,111
Total	66,235
Accumulated Depreciation	19,390
Total Cost, Net of Accumulated Depreciation	46,845	47,864
Encumbrances	$ 45,000
Current Communities | Avalon at the Hingham Shipyard [Member]
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	3,887
Total Cost
Land	12,218
Building / Construction in Progress & Improvements	45,543
Total	57,761
Accumulated Depreciation	15,678
Total Cost, Net of Accumulated Depreciation	42,083	42,404
Encumbrances	$ 0
Current Communities | Avalon Sharon [Member]
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	1,432
Total Cost
Land	4,719
Building / Construction in Progress & Improvements	26,910
Total	31,629
Accumulated Depreciation	9,697
Total Cost, Net of Accumulated Depreciation	21,932	22,330
Encumbrances	$ 0
Current Communities | Avalon Northborough [Member]
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	52,184
Costs Subsequent to Acquisition / Construction	2,590
Total Cost
Land	8,144
Building / Construction in Progress & Improvements	54,774
Total	62,918
Accumulated Depreciation	16,932
Total Cost, Net of Accumulated Depreciation	45,986	47,120
Encumbrances	$ 0
Current Communities | Avalon Cohasset [Member]
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	621
Total Cost
Land	8,802
Building / Construction in Progress & Improvements	46,787
Total	55,589
Accumulated Depreciation	11,576
Total Cost, Net of Accumulated Depreciation	44,013	45,337
Encumbrances	$ 0
Current Communities | Avalon Exeter [Member]
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	291
Total Cost
Land	16,313
Building / Construction in Progress & Improvements	110,319
Total	126,632
Accumulated Depreciation	17,615
Total Cost, Net of Accumulated Depreciation	109,017	112,883
Encumbrances	$ 0
Current Communities | Avalon Natick [Member]
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	75
Total Cost
Land	15,645
Building / Construction in Progress & Improvements	64,920
Total	80,565
Accumulated Depreciation	12,778
Total Cost, Net of Accumulated Depreciation	67,787	70,094
Encumbrances	$ 47,637
Current Communities | Avalon at Assembly Row [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	195
Initial Cost
Land and improvements	$ 8,599
Building / Construction in Progress & Improvements	52,454
Costs Subsequent to Acquisition / Construction	143
Total Cost
Land	8,599
Building / Construction in Progress & Improvements	52,597
Total	61,196
Accumulated Depreciation	8,685
Total Cost, Net of Accumulated Depreciation	52,511	54,339
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	$ 10,945
Building / Construction in Progress & Improvements	56,460
Costs Subsequent to Acquisition / Construction	71
Total Cost
Land	10,945
Building / Construction in Progress & Improvements	56,531
Total	67,476
Accumulated Depreciation	8,280
Total Cost, Net of Accumulated Depreciation	59,196	61,219
Encumbrances	$ 0
Current Communities | Eaves Burlington [Member]
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	6,879
Total Cost
Land	7,714
Building / Construction in Progress & Improvements	39,378
Total	47,092
Accumulated Depreciation	8,096
Total Cost, Net of Accumulated Depreciation	38,996	40,187
Encumbrances	$ 0
Current Communities | AVA Theater District [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	398
Initial Cost
Land and improvements	$ 17,072
Building / Construction in Progress & Improvements	163,633
Costs Subsequent to Acquisition / Construction	131
Total Cost
Land	17,072
Building / Construction in Progress & Improvements	163,764
Total	180,836
Accumulated Depreciation	19,204
Total Cost, Net of Accumulated Depreciation	161,632	167,191
Encumbrances	$ 0
Current Communities | Avalon Burlington [Member]
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	60,649
Costs Subsequent to Acquisition / Construction	16,664
Total Cost
Land	15,600
Building / Construction in Progress & Improvements	77,313
Total	92,913
Accumulated Depreciation	16,123
Total Cost, Net of Accumulated Depreciation	76,790	79,079
Encumbrances	$ 0
Current Communities | Avalon Marlborough [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	350
Initial Cost
Land and improvements	$ 15,367
Building / Construction in Progress & Improvements	60,397
Costs Subsequent to Acquisition / Construction	276
Total Cost
Land	15,367
Building / Construction in Progress & Improvements	60,673
Total	76,040
Accumulated Depreciation	7,574
Total Cost, Net of Accumulated Depreciation	68,466	70,372
Encumbrances	$ 0
Current Communities | Avalon Framingham [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	180
Initial Cost
Land and improvements	$ 9,315
Building / Construction in Progress & Improvements	34,631
Costs Subsequent to Acquisition / Construction	13
Total Cost
Land	9,315
Building / Construction in Progress & Improvements	34,644
Total	43,959
Accumulated Depreciation	3,993
Total Cost, Net of Accumulated Depreciation	39,966	41,216
Encumbrances	$ 0
Current Communities | Avalon Bear Hill [Member]
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	29,108
Total Cost
Land	27,350
Building / Construction in Progress & Improvements	123,276
Total	150,626
Accumulated Depreciation	28,323
Total Cost, Net of Accumulated Depreciation	122,303	126,559
Encumbrances	$ 0
Current Communities | Avalon at Center Place [Member]
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	15,562
Total Cost
Land	0
Building / Construction in Progress & Improvements	42,378
Total	42,378
Accumulated Depreciation	26,239
Total Cost, Net of Accumulated Depreciation	16,139	15,745
Encumbrances	$ 0
Current Communities | Eaves Stamford [Member]
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	13,773
Total Cost
Land	5,956
Building / Construction in Progress & Improvements	37,766
Total	43,722
Accumulated Depreciation	25,666
Total Cost, Net of Accumulated Depreciation	18,056	18,851
Encumbrances	$ 0
Current Communities | Avalon Wilton on River Rd [Member]
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	7,093
Total Cost
Land	2,116
Building / Construction in Progress & Improvements	21,757
Total	23,873
Accumulated Depreciation	12,949
Total Cost, Net of Accumulated Depreciation	10,924	11,125
Encumbrances	$ 0
Current Communities | Avalon New Canaan [Member]
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	2,279
Total Cost
Land	4,834
Building / Construction in Progress & Improvements	25,269
Total	30,103
Accumulated Depreciation	14,227
Total Cost, Net of Accumulated Depreciation	15,876	16,795
Encumbrances	$ 0
Current Communities | AVA Stamford [Member]
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	6,492
Total Cost
Land	13,819
Building / Construction in Progress & Improvements	62,991
Total	76,810
Accumulated Depreciation	35,439
Total Cost, Net of Accumulated Depreciation	41,371	43,505
Encumbrances	$ 0
Current Communities | Avalon Darien [Member]
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	3,219
Total Cost
Land	6,926
Building / Construction in Progress & Improvements	37,777
Total	44,703
Accumulated Depreciation	19,616
Total Cost, Net of Accumulated Depreciation	25,087	26,129
Encumbrances	$ 0
Current Communities | Avalon Norwalk [Member]
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	1,123
Total Cost
Land	11,320
Building / Construction in Progress & Improvements	64,027
Total	75,347
Accumulated Depreciation	18,397
Total Cost, Net of Accumulated Depreciation	56,950	58,924
Encumbrances	$ 0
Current Communities | Avalon Wilton on Danbury Rd [Member]
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	178
Total Cost
Land	6,604
Building / Construction in Progress & Improvements	23,936
Total	30,540
Accumulated Depreciation	6,415
Total Cost, Net of Accumulated Depreciation	24,125	24,939
Encumbrances	$ 0
Current Communities | Avalon Shelton [Member]
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	40,366
Costs Subsequent to Acquisition / Construction	269
Total Cost
Land	7,749
Building / Construction in Progress & Improvements	40,635
Total	48,384
Accumulated Depreciation	8,210
Total Cost, Net of Accumulated Depreciation	40,174	41,404
Encumbrances	$ 0
Current Communities | Avalon East Norwalk [Member]
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	36,451
Costs Subsequent to Acquisition / Construction	269
Total Cost
Land	10,395
Building / Construction in Progress & Improvements	36,720
Total	47,115
Accumulated Depreciation	7,067
Total Cost, Net of Accumulated Depreciation	40,048	41,089
Encumbrances	$ 0
Current Communities | Avalon at Stratford [Member]
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	27,232
Costs Subsequent to Acquisition / Construction	181
Total Cost
Land	2,564
Building / Construction in Progress & Improvements	27,413
Total	29,977
Accumulated Depreciation	4,269
Total Cost, Net of Accumulated Depreciation	25,708	26,480
Encumbrances	$ 0
Current Communities | Avalon Riverview [Member]
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	10,407
Total Cost
Land	0
Building / Construction in Progress & Improvements	104,468
Total	104,468
Accumulated Depreciation	58,171
Total Cost, Net of Accumulated Depreciation	46,297	51,418
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	165,954
Costs Subsequent to Acquisition / Construction	15,108
Total Cost
Land	0
Building / Construction in Progress & Improvements	181,062
Total	181,062
Accumulated Depreciation	66,109
Total Cost, Net of Accumulated Depreciation	114,953	120,377
Encumbrances	$ 0
Current Communities | Avalon Fort Greene [Member]
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	2,953
Total Cost
Land	83,038
Building / Construction in Progress & Improvements	219,755
Total	302,793
Accumulated Depreciation	65,367
Total Cost, Net of Accumulated Depreciation	237,426	243,951
Encumbrances	$ 0
Current Communities | AVA DoBro [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	500
Initial Cost
Land and improvements	$ 77,419
Building / Construction in Progress & Improvements	205,104
Costs Subsequent to Acquisition / Construction	41
Total Cost
Land	77,419
Building / Construction in Progress & Improvements	205,145
Total	282,564
Accumulated Depreciation	18,119
Total Cost, Net of Accumulated Depreciation	264,445	270,657
Encumbrances	$ 0
Current Communities | Avalon Clinton North [Member]
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	12,182
Total Cost
Land	84,069
Building / Construction in Progress & Improvements	118,003
Total	202,072
Accumulated Depreciation	27,362
Total Cost, Net of Accumulated Depreciation	174,710	178,007
Encumbrances	$ 147,000
Current Communities | Avalon Clinton South [Member]
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	6,802
Total Cost
Land	71,421
Building / Construction in Progress & Improvements	96,653
Total	168,074
Accumulated Depreciation	23,369
Total Cost, Net of Accumulated Depreciation	144,705	147,364
Encumbrances	$ 121,500
Current Communities | Avalon Commons [Member]
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	6,790
Total Cost
Land	4,679
Building / Construction in Progress & Improvements	35,076
Total	39,755
Accumulated Depreciation	23,830
Total Cost, Net of Accumulated Depreciation	15,925	16,719
Encumbrances	$ 0
Current Communities | Avalon Green I [Member]
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	7,669
Total Cost
Land	1,820
Building / Construction in Progress & Improvements	18,194
Total	20,014
Accumulated Depreciation	10,505
Total Cost, Net of Accumulated Depreciation	9,509	9,997
Encumbrances	$ 0
Current Communities | Avalon Bronxville [Member]
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	8,778
Total Cost
Land	2,889
Building / Construction in Progress & Improvements	37,102
Total	39,991
Accumulated Depreciation	21,121
Total Cost, Net of Accumulated Depreciation	18,870	20,102
Encumbrances	$ 0
Current Communities | Avalon at Glen Cove [Member]
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	4,941
Total Cost
Land	7,871
Building / Construction in Progress & Improvements	64,910
Total	72,781
Accumulated Depreciation	31,407
Total Cost, Net of Accumulated Depreciation	41,374	43,275
Encumbrances	$ 0
Current Communities | Avalon Glen Cove North [Member]
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	747
Total Cost
Land	2,577
Building / Construction in Progress & Improvements	38,083
Total	40,660
Accumulated Depreciation	15,195
Total Cost, Net of Accumulated Depreciation	25,465	26,569
Encumbrances	$ 0
Current Communities | Avalon White Plains [Member]
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	1,328
Total Cost
Land	15,391
Building / Construction in Progress & Improvements	138,681
Total	154,072
Accumulated Depreciation	46,177
Total Cost, Net of Accumulated Depreciation	107,895	112,241
Encumbrances	$ 0
Current Communities | Avalon Rockville Centre I [Member]
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	2,804
Total Cost
Land	32,212
Building / Construction in Progress & Improvements	81,610
Total	113,822
Accumulated Depreciation	21,224
Total Cost, Net of Accumulated Depreciation	92,598	94,747
Encumbrances	$ 0
Current Communities | Avalon Green II [Member]
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	544
Total Cost
Land	27,765
Building / Construction in Progress & Improvements	78,104
Total	105,869
Accumulated Depreciation	18,551
Total Cost, Net of Accumulated Depreciation	87,318	89,834
Encumbrances	$ 0
Current Communities | Avalon Garden City [Member]
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	49,326
Costs Subsequent to Acquisition / Construction	640
Total Cost
Land	18,205
Building / Construction in Progress & Improvements	49,966
Total	68,171
Accumulated Depreciation	11,302
Total Cost, Net of Accumulated Depreciation	56,869	58,511
Encumbrances	$ 0
Current Communities | Avalon Ossining [Member]
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	47
Total Cost
Land	6,392
Building / Construction in Progress & Improvements	30,360
Total	36,752
Accumulated Depreciation	5,185
Total Cost, Net of Accumulated Depreciation	31,567	32,627
Encumbrances	$ 0
Current Communities | Avalon Huntington Station [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	303
Initial Cost
Land and improvements	$ 21,899
Building / Construction in Progress & Improvements	58,440
Costs Subsequent to Acquisition / Construction	163
Total Cost
Land	21,899
Building / Construction in Progress & Improvements	58,603
Total	80,502
Accumulated Depreciation	9,212
Total Cost, Net of Accumulated Depreciation	71,290	73,131
Encumbrances	$ 0
Current Communities | Avalon Green III [Member]
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	17,300
Costs Subsequent to Acquisition / Construction	7
Total Cost
Land	4,985
Building / Construction in Progress & Improvements	17,307
Total	22,292
Accumulated Depreciation	1,860
Total Cost, Net of Accumulated Depreciation	20,432	21,037
Encumbrances	$ 0
Current Communities | Avalon Westbury [Member]
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	11,794
Total Cost
Land	69,620
Building / Construction in Progress & Improvements	55,575
Total	125,195
Accumulated Depreciation	17,813
Total Cost, Net of Accumulated Depreciation	107,382	109,056
Encumbrances	$ 77,295
Current Communities | Avalon Cove [Member]
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	24,942
Total Cost
Land	8,760
Building / Construction in Progress & Improvements	107,364
Total	116,124
Accumulated Depreciation	68,718
Total Cost, Net of Accumulated Depreciation	47,406	49,264
Encumbrances	$ 0
Current Communities | Eaves Lawrenceville [Member]
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	12,367
Total Cost
Land	14,650
Building / Construction in Progress & Improvements	72,853
Total	87,503
Accumulated Depreciation	35,005
Total Cost, Net of Accumulated Depreciation	52,498	54,936
Encumbrances	$ 0
Current Communities | Avalon Princeton Junction [Member]
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	22,325
Total Cost
Land	5,585
Building / Construction in Progress & Improvements	44,707
Total	50,292
Accumulated Depreciation	27,542
Total Cost, Net of Accumulated Depreciation	22,750	23,632
Encumbrances	$ 0
Current Communities | Avalon Tinton Falls [Member]
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	621
Total Cost
Land	7,939
Building / Construction in Progress & Improvements	33,791
Total	41,730
Accumulated Depreciation	12,389
Total Cost, Net of Accumulated Depreciation	29,341	30,404
Encumbrances	$ 0
Current Communities | Avalon West Long Branch [Member]
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	346
Total Cost
Land	2,721
Building / Construction in Progress & Improvements	23,271
Total	25,992
Accumulated Depreciation	6,832
Total Cost, Net of Accumulated Depreciation	19,160	19,728
Encumbrances	$ 0
Current Communities | Avalon North Bergen [Member]
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	1,021
Total Cost
Land	8,984
Building / Construction in Progress & Improvements	32,015
Total	40,999
Accumulated Depreciation	7,721
Total Cost, Net of Accumulated Depreciation	33,278	34,432
Encumbrances	$ 0
Current Communities | Avalon at Wesmont Station I [Member]
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	1,474
Total Cost
Land	14,682
Building / Construction in Progress & Improvements	43,109
Total	57,791
Accumulated Depreciation	10,010
Total Cost, Net of Accumulated Depreciation	47,781	49,053
Encumbrances	$ 0
Current Communities | Avalon Hackensack at Riverside [Member]
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	168
Total Cost
Land	0
Building / Construction in Progress & Improvements	44,787
Total	44,787
Accumulated Depreciation	8,781
Total Cost, Net of Accumulated Depreciation	36,006	37,607
Encumbrances	$ 0
Current Communities | Avalon Somerset [Member]
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	282
Total Cost
Land	18,241
Building / Construction in Progress & Improvements	58,620
Total	76,861
Accumulated Depreciation	11,998
Total Cost, Net of Accumulated Depreciation	64,863	66,988
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	39,936
Costs Subsequent to Acquisition / Construction	10
Total Cost
Land	10,701
Building / Construction in Progress & Improvements	39,946
Total	50,647
Accumulated Depreciation	4,969
Total Cost, Net of Accumulated Depreciation	45,678	47,034
Encumbrances	$ 0
Current Communities | Avalon at Wesmont Station II [Member]
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	13
Total Cost
Land	6,502
Building / Construction in Progress & Improvements	16,876
Total	23,378
Accumulated Depreciation	3,499
Total Cost, Net of Accumulated Depreciation	19,879	20,502
Encumbrances	$ 0
Current Communities | Avalon Bloomingdale [Member]
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	27,801
Costs Subsequent to Acquisition / Construction	72
Total Cost
Land	3,006
Building / Construction in Progress & Improvements	27,873
Total	30,879
Accumulated Depreciation	5,143
Total Cost, Net of Accumulated Depreciation	25,736	26,759
Encumbrances	$ 0
Current Communities | Avalon Wharton [Member]
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	48,609
Costs Subsequent to Acquisition / Construction	92
Total Cost
Land	2,273
Building / Construction in Progress & Improvements	48,701
Total	50,974
Accumulated Depreciation	6,920
Total Cost, Net of Accumulated Depreciation	44,054	45,813
Encumbrances	$ 0
Current Communities | Avalon Roseland [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	136
Initial Cost
Land and improvements	$ 11,288
Building / Construction in Progress & Improvements	34,868
Costs Subsequent to Acquisition / Construction	27
Total Cost
Land	11,288
Building / Construction in Progress & Improvements	34,895
Total	46,183
Accumulated Depreciation	4,507
Total Cost, Net of Accumulated Depreciation	41,676	42,956
Encumbrances	$ 0
Current Communities | Avalon Union [Member]
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	36,317
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	11,695
Building / Construction in Progress & Improvements	36,317
Total	48,012
Accumulated Depreciation	3,718
Total Cost, Net of Accumulated Depreciation	44,294	45,458
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	90,475
Costs Subsequent to Acquisition / Construction	5,360
Total Cost
Land	37,237
Building / Construction in Progress & Improvements	95,835
Total	133,072
Accumulated Depreciation	14,867
Total Cost, Net of Accumulated Depreciation	118,205	121,394
Encumbrances	$ 67,904
Current Communities | Avalon at Foxhall [Member]
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	16,044
Total Cost
Land	6,848
Building / Construction in Progress & Improvements	43,658
Total	50,506
Accumulated Depreciation	31,365
Total Cost, Net of Accumulated Depreciation	19,141	20,479
Encumbrances	$ 0
Current Communities | Avalon at Gallery Place [Member]
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	2,630
Total Cost
Land	8,800
Building / Construction in Progress & Improvements	42,288
Total	51,088
Accumulated Depreciation	22,557
Total Cost, Net of Accumulated Depreciation	28,531	29,620
Encumbrances	$ 0
Current Communities | AVA H Street [Member]
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	178
Total Cost
Land	7,425
Building / Construction in Progress & Improvements	25,460
Total	32,885
Accumulated Depreciation	5,715
Total Cost, Net of Accumulated Depreciation	27,170	28,034
Encumbrances	$ 0
Current Communities | Avalon The Albemarle [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	234
Initial Cost
Land and improvements	$ 25,140
Building / Construction in Progress & Improvements	52,459
Costs Subsequent to Acquisition / Construction	7,747
Total Cost
Land	25,140
Building / Construction in Progress & Improvements	60,206
Total	85,346
Accumulated Depreciation	15,098
Total Cost, Net of Accumulated Depreciation	70,248	71,417
Encumbrances	$ 0
Current Communities | Eaves Tunlaw Gardens [Member]
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	2,462
Total Cost
Land	16,430
Building / Construction in Progress & Improvements	25,364
Total	41,794
Accumulated Depreciation	6,617
Total Cost, Net of Accumulated Depreciation	35,177	35,949
Encumbrances	$ 0
Current Communities | The Statesman [Member]
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	4,592
Total Cost
Land	38,140
Building / Construction in Progress & Improvements	39,944
Total	78,084
Accumulated Depreciation	11,358
Total Cost, Net of Accumulated Depreciation	66,726	67,687
Encumbrances	$ 0
Current Communities | Eaves Glover Park [Member]
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	2,507
Total Cost
Land	9,580
Building / Construction in Progress & Improvements	29,039
Total	38,619
Accumulated Depreciation	7,679
Total Cost, Net of Accumulated Depreciation	30,940	31,945
Encumbrances	$ 0
Current Communities | Avalon First and M [Member]
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	3,697
Total Cost
Land	43,700
Building / Construction in Progress & Improvements	157,647
Total	201,347
Accumulated Depreciation	34,095
Total Cost, Net of Accumulated Depreciation	167,252	172,291
Encumbrances	$ 0
Current Communities | Eaves Washingtonian Center [Member]
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	3,188
Total Cost
Land	4,047
Building / Construction in Progress & Improvements	21,741
Total	25,788
Accumulated Depreciation	15,260
Total Cost, Net of Accumulated Depreciation	10,528	11,116
Encumbrances	$ 0
Current Communities | Eaves Columbia Town Center [Member]
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	12,476
Total Cost
Land	8,802
Building / Construction in Progress & Improvements	48,012
Total	56,814
Accumulated Depreciation	22,591
Total Cost, Net of Accumulated Depreciation	34,223	35,522
Encumbrances	$ 0
Current Communities | Avalon at Grosvenor Station [Member]
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	3,160
Total Cost
Land	29,159
Building / Construction in Progress & Improvements	56,153
Total	85,312
Accumulated Depreciation	29,107
Total Cost, Net of Accumulated Depreciation	56,205	57,751
Encumbrances	$ 0
Current Communities | Avalon at Traville [Member]
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	4,520
Total Cost
Land	14,365
Building / Construction in Progress & Improvements	59,918
Total	74,283
Accumulated Depreciation	30,282
Total Cost, Net of Accumulated Depreciation	44,001	46,001
Encumbrances	$ 0
Current Communities | Avalon at Fairway Hills - Meadows [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	192
Initial Cost
Land and improvements	$ 2,323
Building / Construction in Progress & Improvements	9,297
Costs Subsequent to Acquisition / Construction	4,857
Total Cost
Land	2,323
Building / Construction in Progress & Improvements	14,154
Total	16,477
Accumulated Depreciation	9,548
Total Cost, Net of Accumulated Depreciation	6,929	7,005
Encumbrances	$ 0
Current Communities | Avalon at Fairway Hills - Woods [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	336
Initial Cost
Land and improvements	$ 3,958
Building / Construction in Progress & Improvements	15,839
Costs Subsequent to Acquisition / Construction	7,562
Total Cost
Land	3,958
Building / Construction in Progress & Improvements	23,401
Total	27,359
Accumulated Depreciation	16,045
Total Cost, Net of Accumulated Depreciation	11,314	11,934
Encumbrances	$ 0
Current Communities | Avalon Russett [Member]
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	3,447
Total Cost
Land	10,200
Building / Construction in Progress & Improvements	50,971
Total	61,171
Accumulated Depreciation	12,939
Total Cost, Net of Accumulated Depreciation	48,232	49,907
Encumbrances	$ 32,200
Current Communities | Eaves Fair Lakes [Member]
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	9,700
Total Cost
Land	6,096
Building / Construction in Progress & Improvements	34,100
Total	40,196
Accumulated Depreciation	22,540
Total Cost, Net of Accumulated Depreciation	17,656	18,135
Encumbrances	$ 0
Current Communities | AVA Ballston [Member]
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	16,442
Total Cost
Land	7,291
Building / Construction in Progress & Improvements	45,619
Total	52,910
Accumulated Depreciation	30,758
Total Cost, Net of Accumulated Depreciation	22,152	23,626
Encumbrances	$ 0
Current Communities | Avalon Tysons Corner [Member]
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	13,076
Total Cost
Land	13,851
Building / Construction in Progress & Improvements	56,473
Total	70,324
Accumulated Depreciation	34,843
Total Cost, Net of Accumulated Depreciation	35,481	37,210
Encumbrances	$ 0
Current Communities | Avalon Park Crest [Member]
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	388
Total Cost
Land	13,554
Building / Construction in Progress & Improvements	63,914
Total	77,468
Accumulated Depreciation	14,319
Total Cost, Net of Accumulated Depreciation	63,149	65,422
Encumbrances	$ 0
Current Communities | Avalon Mosaic [Member]
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	75,801
Costs Subsequent to Acquisition / Construction	161
Total Cost
Land	33,490
Building / Construction in Progress & Improvements	75,962
Total	109,452
Accumulated Depreciation	13,273
Total Cost, Net of Accumulated Depreciation	96,179	98,831
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	81,982
Costs Subsequent to Acquisition / Construction	2,815
Total Cost
Land	24,225
Building / Construction in Progress & Improvements	84,797
Total	109,022
Accumulated Depreciation	11,895
Total Cost, Net of Accumulated Depreciation	97,127	100,351
Encumbrances	$ 0
Current Communities | Avalon Clarendon
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	95,355
Costs Subsequent to Acquisition / Construction	5,459
Total Cost
Land	22,573
Building / Construction in Progress & Improvements	100,814
Total	123,387
Accumulated Depreciation	12,258
Total Cost, Net of Accumulated Depreciation	111,129	113,565
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	82,427
Costs Subsequent to Acquisition / Construction	2,561
Total Cost
Land	18,830
Building / Construction in Progress & Improvements	84,988
Total	103,818
Accumulated Depreciation	9,297
Total Cost, Net of Accumulated Depreciation	94,521	97,692
Encumbrances	$ 67,085
Current Communities | Eaves Tysons Corner [Member]
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	3,015
Total Cost
Land	16,030
Building / Construction in Progress & Improvements	48,435
Total	64,465
Accumulated Depreciation	13,076
Total Cost, Net of Accumulated Depreciation	51,389	53,277
Encumbrances	$ 0
Current Communities | Avalon Courthouse Place [Member]
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	10,397
Total Cost
Land	56,550
Building / Construction in Progress & Improvements	188,429
Total	244,979
Accumulated Depreciation	44,417
Total Cost, Net of Accumulated Depreciation	200,562	206,976
Encumbrances	$ 0
Current Communities | Avalon Arlington North [Member]
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	59,076
Costs Subsequent to Acquisition / Construction	141
Total Cost
Land	21,600
Building / Construction in Progress & Improvements	59,217
Total	80,817
Accumulated Depreciation	9,926
Total Cost, Net of Accumulated Depreciation	70,891	72,913
Encumbrances	$ 0
Current Communities | Avalon Reston Landing [Member]
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	7,079
Total Cost
Land	26,710
Building / Construction in Progress & Improvements	90,163
Total	116,873
Accumulated Depreciation	23,691
Total Cost, Net of Accumulated Depreciation	93,182	95,979
Encumbrances	$ 0
Current Communities | Avalon Falls Church [Member]
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	66,160
Costs Subsequent to Acquisition / Construction	27
Total Cost
Land	39,544
Building / Construction in Progress & Improvements	66,187
Total	105,731
Accumulated Depreciation	8,357
Total Cost, Net of Accumulated Depreciation	97,374	99,805
Encumbrances	$ 0
Current Communities | Avalon Redmond Place [Member]
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	10,603
Total Cost
Land	4,558
Building / Construction in Progress & Improvements	28,971
Total	33,529
Accumulated Depreciation	18,625
Total Cost, Net of Accumulated Depreciation	14,904	15,860
Encumbrances	$ 0
Current Communities | Avalon at Bear Creek [Member]
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	5,194
Total Cost
Land	6,786
Building / Construction in Progress & Improvements	32,835
Total	39,621
Accumulated Depreciation	22,464
Total Cost, Net of Accumulated Depreciation	17,157	18,123
Encumbrances	$ 0
Current Communities | Avalon Bellevue [Member]
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	2,268
Total Cost
Land	6,664
Building / Construction in Progress & Improvements	26,387
Total	33,051
Accumulated Depreciation	16,340
Total Cost, Net of Accumulated Depreciation	16,711	17,601
Encumbrances	$ 0
Current Communities | Avalon RockMeadow [Member]
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	3,246
Total Cost
Land	4,777
Building / Construction in Progress & Improvements	23,011
Total	27,788
Accumulated Depreciation	14,446
Total Cost, Net of Accumulated Depreciation	13,342	14,049
Encumbrances	$ 0
Current Communities | Avalon ParcSquare [Member]
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	3,479
Total Cost
Land	3,789
Building / Construction in Progress & Improvements	18,618
Total	22,407
Accumulated Depreciation	11,441
Total Cost, Net of Accumulated Depreciation	10,966	11,496
Encumbrances	$ 0
Current Communities | AVA Belltown [Member]
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	1,276
Total Cost
Land	5,644
Building / Construction in Progress & Improvements	14,009
Total	19,653
Accumulated Depreciation	8,502
Total Cost, Net of Accumulated Depreciation	11,151	11,690
Encumbrances	$ 0
Current Communities | Avalon Meydenbauer [Member]
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	1,751
Total Cost
Land	12,697
Building / Construction in Progress & Improvements	79,201
Total	91,898
Accumulated Depreciation	29,264
Total Cost, Net of Accumulated Depreciation	62,634	65,026
Encumbrances	$ 0
Current Communities | Avalon Towers Bellevue [Member]
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	1,545
Total Cost
Land	0
Building / Construction in Progress & Improvements	124,574
Total	124,574
Accumulated Depreciation	36,511
Total Cost, Net of Accumulated Depreciation	88,063	92,031
Encumbrances	$ 0
Current Communities | AVA Queen Anne [Member]
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	459
Total Cost
Land	12,081
Building / Construction in Progress & Improvements	42,077
Total	54,158
Accumulated Depreciation	10,633
Total Cost, Net of Accumulated Depreciation	43,525	45,070
Encumbrances	$ 0
Current Communities | AVA Ballard [Member]
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	1,040
Total Cost
Land	16,460
Building / Construction in Progress & Improvements	47,966
Total	64,426
Accumulated Depreciation	10,195
Total Cost, Net of Accumulated Depreciation	54,231	56,053
Encumbrances	$ 0
Current Communities | Avalon Alderwood I [Member]
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	55,627
Costs Subsequent to Acquisition / Construction	14
Total Cost
Land	12,294
Building / Construction in Progress & Improvements	55,641
Total	67,935
Accumulated Depreciation	8,595
Total Cost, Net of Accumulated Depreciation	59,340	61,367
Encumbrances	$ 0
Current Communities | AVA Capitol Hill [Member]
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	60,005
Costs Subsequent to Acquisition / Construction	685
Total Cost
Land	20,613
Building / Construction in Progress & Improvements	60,690
Total	81,303
Accumulated Depreciation	6,513
Total Cost, Net of Accumulated Depreciation	74,790	76,433
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	21,363
Costs Subsequent to Acquisition / Construction	13
Total Cost
Land	5,072
Building / Construction in Progress & Improvements	21,376
Total	26,448
Accumulated Depreciation	1,859
Total Cost, Net of Accumulated Depreciation	24,589	25,337
Encumbrances	$ 0
Current Communities | Archstone Redmond Lakeview [Member]
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	3,769
Total Cost
Land	10,250
Building / Construction in Progress & Improvements	30,611
Total	40,861
Accumulated Depreciation	8,333
Total Cost, Net of Accumulated Depreciation	32,528	33,555
Encumbrances	$ 0
Current Communities | Avalon Campbell [Member]
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	13,895
Total Cost
Land	11,830
Building / Construction in Progress & Improvements	61,723
Total	73,553
Accumulated Depreciation	37,549
Total Cost, Net of Accumulated Depreciation	36,004	37,851
Encumbrances	$ 38,800
Current Communities | Eaves San Jose [Member]
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	19,019
Total Cost
Land	12,920
Building / Construction in Progress & Improvements	72,066
Total	84,986
Accumulated Depreciation	38,598
Total Cost, Net of Accumulated Depreciation	46,388	48,753
Encumbrances	$ 0
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	35,004
Total Cost
Land	20,713
Building / Construction in Progress & Improvements	134,577
Total	155,290
Accumulated Depreciation	76,386
Total Cost, Net of Accumulated Depreciation	78,904	83,672
Encumbrances	$ 0
Current Communities | Avalon Mountain View [Member]
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	10,543
Total Cost
Land	9,755
Building / Construction in Progress & Improvements	49,936
Total	59,691
Accumulated Depreciation	32,132
Total Cost, Net of Accumulated Depreciation	27,559	29,011
Encumbrances	$ 0
Current Communities | Eaves Creekside [Member]
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	21,325
Total Cost
Land	6,546
Building / Construction in Progress & Improvements	47,588
Total	54,134
Accumulated Depreciation	27,454
Total Cost, Net of Accumulated Depreciation	26,680	28,327
Encumbrances	$ 0
Current Communities | Avalon at Cahill Park [Member]
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	2,335
Total Cost
Land	4,765
Building / Construction in Progress & Improvements	49,935
Total	54,700
Accumulated Depreciation	27,889
Total Cost, Net of Accumulated Depreciation	26,811	28,301
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	152
Total Cost
Land	13,837
Building / Construction in Progress & Improvements	64,686
Total	78,523
Accumulated Depreciation	11,143
Total Cost, Net of Accumulated Depreciation	67,380	69,664
Encumbrances	$ 0
Current Communities | Avalon Willow Glen [Member]
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	5,002
Total Cost
Land	46,060
Building / Construction in Progress & Improvements	86,959
Total	133,019
Accumulated Depreciation	23,357
Total Cost, Net of Accumulated Depreciation	109,662	112,837
Encumbrances	$ 0
Current Communities | Eaves West Valley [Member]
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	11,344
Total Cost
Land	90,890
Building / Construction in Progress & Improvements	143,384
Total	234,274
Accumulated Depreciation	36,797
Total Cost, Net of Accumulated Depreciation	197,477	202,028
Encumbrances	$ 0
Current Communities | Eaves Mountain View at Middlefield [Member]
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	5,922
Total Cost
Land	64,070
Building / Construction in Progress & Improvements	74,940
Total	139,010
Accumulated Depreciation	20,711
Total Cost, Net of Accumulated Depreciation	118,299	120,748
Encumbrances	$ 0
Current Communities | Avalon Fremont [Member]
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	7,458
Total Cost
Land	10,746
Building / Construction in Progress & Improvements	50,857
Total	61,603
Accumulated Depreciation	35,349
Total Cost, Net of Accumulated Depreciation	26,254	27,278
Encumbrances	$ 0
Current Communities | Eaves Dublin [Member]
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	12,373
Total Cost
Land	5,276
Building / Construction in Progress & Improvements	32,015
Total	37,291
Accumulated Depreciation	18,960
Total Cost, Net of Accumulated Depreciation	18,331	19,470
Encumbrances	$ 0
Current Communities | Eaves Pleasanton [Member]
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	22,038
Total Cost
Land	11,610
Building / Construction in Progress & Improvements	68,590
Total	80,200
Accumulated Depreciation	42,327
Total Cost, Net of Accumulated Depreciation	37,873	39,771
Encumbrances	$ 0
Current Communities | Eaves Union City [Member]
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	3,603
Total Cost
Land	4,249
Building / Construction in Progress & Improvements	20,423
Total	24,672
Accumulated Depreciation	14,433
Total Cost, Net of Accumulated Depreciation	10,239	10,722
Encumbrances	$ 0
Current Communities | Avalon Union City [Member]
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	1,866
Total Cost
Land	14,732
Building / Construction in Progress & Improvements	105,890
Total	120,622
Accumulated Depreciation	34,257
Total Cost, Net of Accumulated Depreciation	86,365	89,091
Encumbrances	$ 0
Current Communities | Avalon Walnut Creek [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	422
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	148,468
Costs Subsequent to Acquisition / Construction	4,255
Total Cost
Land	0
Building / Construction in Progress & Improvements	152,723
Total	152,723
Accumulated Depreciation	44,298
Total Cost, Net of Accumulated Depreciation	108,425	112,601
Encumbrances	$ 3,699
Current Communities | Avalon Dublin Station [Member]
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	72,142
Costs Subsequent to Acquisition / Construction	450
Total Cost
Land	7,772
Building / Construction in Progress & Improvements	72,592
Total	80,364
Accumulated Depreciation	12,253
Total Cost, Net of Accumulated Depreciation	68,111	70,863
Encumbrances	$ 0
Current Communities | Avalon Dublin Station II [Member]
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	76,587
Costs Subsequent to Acquisition / Construction	(206)
Total Cost
Land	7,762
Building / Construction in Progress & Improvements	76,381
Total	84,143
Accumulated Depreciation	7,497
Total Cost, Net of Accumulated Depreciation	76,646	79,551
Encumbrances	$ 0
Current Communities | Eaves Walnut Creek [Member]
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	17,008
Total Cost
Land	30,320
Building / Construction in Progress & Improvements	99,383
Total	129,703
Accumulated Depreciation	23,049
Total Cost, Net of Accumulated Depreciation	106,654	110,229
Encumbrances	$ 0
Current Communities | Avalon Walnut Ridge I [Member]
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	5,307
Total Cost
Land	9,860
Building / Construction in Progress & Improvements	25,157
Total	35,017
Accumulated Depreciation	5,781
Total Cost, Net of Accumulated Depreciation	29,236	30,176
Encumbrances	$ 0
Current Communities | Avalon Berkeley [Member]
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	28,615
Costs Subsequent to Acquisition / Construction	51
Total Cost
Land	4,500
Building / Construction in Progress & Improvements	28,666
Total	33,166
Accumulated Depreciation	4,543
Total Cost, Net of Accumulated Depreciation	28,623	29,599
Encumbrances	$ 0
Current Communities | Eaves Daly City [Member]
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	20,613
Total Cost
Land	4,230
Building / Construction in Progress & Improvements	30,272
Total	34,502
Accumulated Depreciation	18,784
Total Cost, Net of Accumulated Depreciation	15,718	16,043
Encumbrances	$ 0
Current Communities | AVA Nob Hill [Member]
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	7,904
Total Cost
Land	5,403
Building / Construction in Progress & Improvements	29,471
Total	34,874
Accumulated Depreciation	18,180
Total Cost, Net of Accumulated Depreciation	16,694	17,464
Encumbrances	$ 20,800
Current Communities | Eaves San Rafael [Member]
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	25,261
Total Cost
Land	5,982
Building / Construction in Progress & Improvements	42,146
Total	48,128
Accumulated Depreciation	23,656
Total Cost, Net of Accumulated Depreciation	24,472	25,395
Encumbrances	$ 0
Current Communities | Eaves Foster City [Member]
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	12,532
Total Cost
Land	7,852
Building / Construction in Progress & Improvements	43,977
Total	51,829
Accumulated Depreciation	27,209
Total Cost, Net of Accumulated Depreciation	24,620	25,304
Encumbrances	$ 0
Current Communities | Eaves Pacifica [Member]
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	3,721
Total Cost
Land	6,125
Building / Construction in Progress & Improvements	28,517
Total	34,642
Accumulated Depreciation	19,697
Total Cost, Net of Accumulated Depreciation	14,945	15,390
Encumbrances	$ 17,600
Current Communities | Avalon Sunset Towers [Member]
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	16,264
Total Cost
Land	3,561
Building / Construction in Progress & Improvements	37,585
Total	41,146
Accumulated Depreciation	21,165
Total Cost, Net of Accumulated Depreciation	19,981	21,194
Encumbrances	$ 0
Current Communities | Eaves Diamond Heights [Member]
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	6,445
Total Cost
Land	4,726
Building / Construction in Progress & Improvements	25,575
Total	30,301
Accumulated Depreciation	16,244
Total Cost, Net of Accumulated Depreciation	14,057	14,655
Encumbrances	$ 0
Current Communities | Avalon at Mission Bay I [Member]
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	6,484
Total Cost
Land	14,029
Building / Construction in Progress & Improvements	84,936
Total	98,965
Accumulated Depreciation	44,762
Total Cost, Net of Accumulated Depreciation	54,203	54,325
Encumbrances	$ 0
Current Communities | Avalon at Mission Bay III [Member]
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	603
Total Cost
Land	28,687
Building / Construction in Progress & Improvements	119,759
Total	148,446
Accumulated Depreciation	38,977
Total Cost, Net of Accumulated Depreciation	109,469	113,287
Encumbrances	$ 0
Current Communities | Avalon Ocean Avenue [Member]
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	1,972
Total Cost
Land	5,544
Building / Construction in Progress & Improvements	52,878
Total	58,422
Accumulated Depreciation	12,527
Total Cost, Net of Accumulated Depreciation	45,895	47,746
Encumbrances	$ 0
Current Communities | AVA 55 Ninth [Member]
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	1,285
Total Cost
Land	20,267
Building / Construction in Progress & Improvements	98,606
Total	118,873
Accumulated Depreciation	16,867
Total Cost, Net of Accumulated Depreciation	102,006	105,711
Encumbrances	$ 0
Current Communities | Avalon Hayes Valley [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	182
Initial Cost
Land and improvements	$ 12,595
Building / Construction in Progress & Improvements	81,228
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	12,595
Building / Construction in Progress & Improvements	81,228
Total	93,823
Accumulated Depreciation	10,793
Total Cost, Net of Accumulated Depreciation	83,030	85,972
Encumbrances	$ 0
Current Communities | Avalon San Bruno I [Member]
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	5,946
Total Cost
Land	40,780
Building / Construction in Progress & Improvements	74,630
Total	115,410
Accumulated Depreciation	18,038
Total Cost, Net of Accumulated Depreciation	97,372	99,104
Encumbrances	$ 64,450
Current Communities | Avalon San Bruno II [Member]
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	1,972
Total Cost
Land	23,787
Building / Construction in Progress & Improvements	46,906
Total	70,693
Accumulated Depreciation	10,782
Total Cost, Net of Accumulated Depreciation	59,911	61,422
Encumbrances	$ 28,999
Current Communities | Avalon San Bruno III [Member]
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	3,117
Total Cost
Land	33,303
Building / Construction in Progress & Improvements	66,027
Total	99,330
Accumulated Depreciation	15,217
Total Cost, Net of Accumulated Depreciation	84,113	86,285
Encumbrances	$ 52,090
Current Communities | AVA Burbank [Member]
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	49,269
Total Cost
Land	22,483
Building / Construction in Progress & Improvements	77,373
Total	99,856
Accumulated Depreciation	43,470
Total Cost, Net of Accumulated Depreciation	56,386	58,391
Encumbrances	$ 0
Current Communities | Avalon Woodland Hills [Member]
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	49,923
Total Cost
Land	23,828
Building / Construction in Progress & Improvements	90,295
Total	114,123
Accumulated Depreciation	48,604
Total Cost, Net of Accumulated Depreciation	65,519	68,144
Encumbrances	$ 0
Current Communities | Eaves Warner Center [Member]
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	10,275
Total Cost
Land	7,045
Building / Construction in Progress & Improvements	23,261
Total	30,306
Accumulated Depreciation	16,667
Total Cost, Net of Accumulated Depreciation	13,639	13,785
Encumbrances	$ 0
Current Communities | Avalon Glendale [Member]
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	2,244
Total Cost
Land	0
Building / Construction in Progress & Improvements	44,808
Total	44,808
Accumulated Depreciation	23,395
Total Cost, Net of Accumulated Depreciation	21,413	22,931
Encumbrances	$ 0
Current Communities | Avalon Burbank [Member]
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	25,101
Total Cost
Land	14,053
Building / Construction in Progress & Improvements	81,928
Total	95,981
Accumulated Depreciation	40,332
Total Cost, Net of Accumulated Depreciation	55,649	58,046
Encumbrances	$ 0
Current Communities | Avalon Camarillo [Member]
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	1,232
Total Cost
Land	8,446
Building / Construction in Progress & Improvements	41,522
Total	49,968
Accumulated Depreciation	17,877
Total Cost, Net of Accumulated Depreciation	32,091	33,255
Encumbrances	$ 0
Current Communities | Avalon Wilshire [Member]
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	1,467
Total Cost
Land	5,459
Building / Construction in Progress & Improvements	42,649
Total	48,108
Accumulated Depreciation	17,219
Total Cost, Net of Accumulated Depreciation	30,889	32,285
Encumbrances	$ 0
Current Communities | Avalon Encino [Member]
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	1,309
Total Cost
Land	12,789
Building / Construction in Progress & Improvements	50,382
Total	63,171
Accumulated Depreciation	17,728
Total Cost, Net of Accumulated Depreciation	45,443	46,987
Encumbrances	$ 0
Current Communities | Avalon Warner Place [Member]
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	892
Total Cost
Land	7,920
Building / Construction in Progress & Improvements	45,737
Total	53,657
Accumulated Depreciation	16,667
Total Cost, Net of Accumulated Depreciation	36,990	38,245
Encumbrances	$ 0
Current Communities | AVA Little Tokyo [Member]
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	94,076
Costs Subsequent to Acquisition / Construction	1,594
Total Cost
Land	14,734
Building / Construction in Progress & Improvements	95,670
Total	110,404
Accumulated Depreciation	14,164
Total Cost, Net of Accumulated Depreciation	96,240	98,607
Encumbrances	$ 0
Current Communities | Eaves Phillips Ranch [Member]
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	2,950
Total Cost
Land	9,796
Building / Construction in Progress & Improvements	44,690
Total	54,486
Accumulated Depreciation	12,077
Total Cost, Net of Accumulated Depreciation	42,409	43,186
Encumbrances	$ 0
Current Communities | Eaves San Dimas [Member]
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	1,458
Total Cost
Land	1,916
Building / Construction in Progress & Improvements	9,277
Total	11,193
Accumulated Depreciation	2,621
Total Cost, Net of Accumulated Depreciation	8,572	8,922
Encumbrances	$ 0
Current Communities | Eaves San Dimas Canyon [Member]
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	812
Total Cost
Land	2,953
Building / Construction in Progress & Improvements	13,240
Total	16,193
Accumulated Depreciation	3,683
Total Cost, Net of Accumulated Depreciation	12,510	12,972
Encumbrances	$ 0
Current Communities | AVA Pasadena [Member]
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	5,552
Total Cost
Land	8,400
Building / Construction in Progress & Improvements	17,099
Total	25,499
Accumulated Depreciation	3,849
Total Cost, Net of Accumulated Depreciation	21,650	22,255
Encumbrances	$ 0
Current Communities | Eaves Cerritos [Member]
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	1,526
Total Cost
Land	8,305
Building / Construction in Progress & Improvements	22,721
Total	31,026
Accumulated Depreciation	5,203
Total Cost, Net of Accumulated Depreciation	25,823	26,583
Encumbrances	$ 0
Current Communities | Avalon Playa Vista [Member]
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	3,102
Total Cost
Land	30,900
Building / Construction in Progress & Improvements	75,110
Total	106,010
Accumulated Depreciation	17,059
Total Cost, Net of Accumulated Depreciation	88,951	91,108
Encumbrances	$ 0
Current Communities | Avalon San Dimas [Member]
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	4,894
Total Cost, Net of Accumulated Depreciation	34,974	36,090
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	64,759
Costs Subsequent to Acquisition / Construction	242
Total Cost
Land	18,311
Building / Construction in Progress & Improvements	65,001
Total	83,312
Accumulated Depreciation	7,380
Total Cost, Net of Accumulated Depreciation	75,932	78,196
Encumbrances	$ 0
Current Communities | Avalon Mission Oaks [Member]
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	37,602
Costs Subsequent to Acquisition / Construction	1,296
Total Cost
Land	9,600
Building / Construction in Progress & Improvements	38,898
Total	48,498
Accumulated Depreciation	7,097
Total Cost, Net of Accumulated Depreciation	41,401	42,849
Encumbrances	$ 0
Current Communities | Avalon Simi Valley [Member]
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	5,228
Total Cost
Land	42,020
Building / Construction in Progress & Improvements	78,589
Total	120,609
Accumulated Depreciation	20,230
Total Cost, Net of Accumulated Depreciation	100,379	102,927
Encumbrances	$ 0
Current Communities | Avalon Calabasas [Member]
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	11,255
Total Cost
Land	42,720
Building / Construction in Progress & Improvements	118,897
Total	161,617
Accumulated Depreciation	33,023
Total Cost, Net of Accumulated Depreciation	128,594	132,313
Encumbrances	$ 0
Current Communities | Avalon Oak Creek [Member]
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	6,295
Total Cost
Land	43,540
Building / Construction in Progress & Improvements	86,269
Total	129,809
Accumulated Depreciation	25,105
Total Cost, Net of Accumulated Depreciation	104,704	108,080
Encumbrances	$ 0
Current Communities | Avalon Santa Monica on Main [Member]
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	13,278
Total Cost
Land	32,000
Building / Construction in Progress & Improvements	74,048
Total	106,048
Accumulated Depreciation	16,408
Total Cost, Net of Accumulated Depreciation	89,640	92,185
Encumbrances	$ 0
Current Communities | Avalon Del Mar Station [Member]
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	4,105
Total Cost
Land	20,560
Building / Construction in Progress & Improvements	110,661
Total	131,221
Accumulated Depreciation	24,486
Total Cost, Net of Accumulated Depreciation	106,735	110,130
Encumbrances	$ 0
Current Communities | Eaves Thousand Oaks [Member]
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	2,772
Total Cost
Land	13,950
Building / Construction in Progress & Improvements	22,983
Total	36,933
Accumulated Depreciation	7,194
Total Cost, Net of Accumulated Depreciation	29,739	30,549
Encumbrances	$ 0
Current Communities | Eaves Woodland Hills [Member]
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	11,831
Total Cost
Land	68,940
Building / Construction in Progress & Improvements	102,380
Total	171,320
Accumulated Depreciation	29,786
Total Cost, Net of Accumulated Depreciation	141,534	145,339
Encumbrances	$ 111,500
Current Communities | Avalon Thousand Oaks Plaza [Member]
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	2,524
Total Cost
Land	12,810
Building / Construction in Progress & Improvements	25,105
Total	37,915
Accumulated Depreciation	7,184
Total Cost, Net of Accumulated Depreciation	30,731	31,559
Encumbrances	$ 0
Current Communities | Avalon Pasadena [Member]
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	6,698
Total Cost
Land	10,240
Building / Construction in Progress & Improvements	38,256
Total	48,496
Accumulated Depreciation	8,646
Total Cost, Net of Accumulated Depreciation	39,850	41,204
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	9,904
Total Cost
Land	1,975
Building / Construction in Progress & Improvements	13,718
Total	15,693
Accumulated Depreciation	7,499
Total Cost, Net of Accumulated Depreciation	8,194	8,634
Encumbrances	$ 0
Current Communities | Eaves Mission Viejo [Member]
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	3,654
Total Cost
Land	2,517
Building / Construction in Progress & Improvements	12,911
Total	15,428
Accumulated Depreciation	9,178
Total Cost, Net of Accumulated Depreciation	6,250	6,694
Encumbrances	$ 7,635
Current Communities | Eaves South Coast [Member]
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	13,646
Total Cost
Land	4,709
Building / Construction in Progress & Improvements	29,709
Total	34,418
Accumulated Depreciation	17,892
Total Cost, Net of Accumulated Depreciation	16,526	17,331
Encumbrances	$ 0
Current Communities | Eaves Santa Margarita [Member]
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	11,237
Total Cost
Land	4,607
Building / Construction in Progress & Improvements	28,148
Total	32,755
Accumulated Depreciation	16,900
Total Cost, Net of Accumulated Depreciation	15,855	16,586
Encumbrances	$ 0
Current Communities | Eaves Huntington Beach [Member]
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	11,058
Total Cost
Land	4,871
Building / Construction in Progress & Improvements	30,803
Total	35,674
Accumulated Depreciation	21,048
Total Cost, Net of Accumulated Depreciation	14,626	14,971
Encumbrances	$ 0
Current Communities | Avalon Irvine I [Member]
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	1,522
Total Cost
Land	9,911
Building / Construction in Progress & Improvements	69,042
Total	78,953
Accumulated Depreciation	21,983
Total Cost, Net of Accumulated Depreciation	56,970	58,578
Encumbrances	$ 0
Current Communities | Avalon Irvine II [Member]
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	40,905
Costs Subsequent to Acquisition / Construction	59
Total Cost
Land	4,358
Building / Construction in Progress & Improvements	40,964
Total	45,322
Accumulated Depreciation	8,711
Total Cost, Net of Accumulated Depreciation	36,611	38,053
Encumbrances	$ 0
Current Communities | Eaves Lake Forest [Member]
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	3,571
Total Cost
Land	5,199
Building / Construction in Progress & Improvements	24,705
Total	29,904
Accumulated Depreciation	6,502
Total Cost, Net of Accumulated Depreciation	23,402	23,967
Encumbrances	$ 0
Current Communities | Avalon Baker Ranch [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	430
Initial Cost
Land and improvements	$ 31,689
Building / Construction in Progress & Improvements	98,410
Costs Subsequent to Acquisition / Construction	27
Total Cost
Land	31,689
Building / Construction in Progress & Improvements	98,437
Total	130,126
Accumulated Depreciation	13,019
Total Cost, Net of Accumulated Depreciation	117,107	120,694
Encumbrances	$ 0
Current Communities | Avalon Irvine III [Member]
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	43,973
Costs Subsequent to Acquisition / Construction	20
Total Cost
Land	11,607
Building / Construction in Progress & Improvements	43,993
Total	55,600
Accumulated Depreciation	4,445
Total Cost, Net of Accumulated Depreciation	51,155	52,742
Encumbrances	$ 0
Current Communities | AVA Pacific Beach [Member]
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	40,991
Total Cost
Land	9,922
Building / Construction in Progress & Improvements	81,571
Total	91,493
Accumulated Depreciation	44,039
Total Cost, Net of Accumulated Depreciation	47,454	50,243
Encumbrances	$ 0
Current Communities | Eaves Mission Ridge [Member]
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	12,460
Total Cost
Land	2,710
Building / Construction in Progress & Improvements	23,384
Total	26,094
Accumulated Depreciation	15,529
Total Cost, Net of Accumulated Depreciation	10,565	11,125
Encumbrances	$ 0
Current Communities | AVA Cortez Hill [Member]
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	23,989
Total Cost
Land	2,768
Building / Construction in Progress & Improvements	44,123
Total	46,891
Accumulated Depreciation	25,017
Total Cost, Net of Accumulated Depreciation	21,874	23,010
Encumbrances	$ 0
Current Communities | Eaves San Marcos [Member]
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	4,548
Total Cost
Land	3,277
Building / Construction in Progress & Improvements	17,933
Total	21,210
Accumulated Depreciation	4,298
Total Cost, Net of Accumulated Depreciation	16,912	17,578
Encumbrances	$ 0
Current Communities | Eaves Rancho Penasquitos [Member]
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	4,420
Total Cost
Land	6,692
Building / Construction in Progress & Improvements	31,563
Total	38,255
Accumulated Depreciation	8,230
Total Cost, Net of Accumulated Depreciation	30,025	30,117
Encumbrances	$ 0
Current Communities | Avalon Vista [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	221
Initial Cost
Land and improvements	$ 12,689
Building / Construction in Progress & Improvements	43,328
Costs Subsequent to Acquisition / Construction	94
Total Cost
Land	12,689
Building / Construction in Progress & Improvements	43,422
Total	56,111
Accumulated Depreciation	5,762
Total Cost, Net of Accumulated Depreciation	50,349	51,891
Encumbrances	$ 0
Current Communities | Eaves La Mesa [Member]
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	2,778
Total Cost
Land	9,490
Building / Construction in Progress & Improvements	31,260
Total	40,750
Accumulated Depreciation	8,602
Total Cost, Net of Accumulated Depreciation	32,148	32,745
Encumbrances	$ 0
Current Communities | Avalon La Jolla Colony [Member]
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	12,050
Total Cost
Land	16,760
Building / Construction in Progress & Improvements	39,744
Total	56,504
Accumulated Depreciation	9,645
Total Cost, Net of Accumulated Depreciation	46,859	48,538
Encumbrances	$ 0
Current Communities | Avalon on the Alameda [Member]
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	12,448
Total Cost
Land	6,119
Building / Construction in Progress & Improvements	62,673
Total	68,792
Accumulated Depreciation	36,163
Total Cost, Net of Accumulated Depreciation	32,629	32,735
Encumbrances	$ 0
Current Communities | Eaves Fremont [Member]
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	10,335
Total Cost
Land	6,581
Building / Construction in Progress & Improvements	36,918
Total	43,499
Accumulated Depreciation	23,867
Total Cost, Net of Accumulated Depreciation	19,632	20,423
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	14,536
Total Cost
Land	9,560
Building / Construction in Progress & Improvements	70,672
Total	80,232
Accumulated Depreciation	34,118
Total Cost, Net of Accumulated Depreciation	46,114	48,600
Encumbrances	$ 0
Current Communities | Avalon West Hollywood [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	294
Initial Cost
Land and improvements	$ 35,210
Building / Construction in Progress & Improvements	116,574
Costs Subsequent to Acquisition / Construction	1,026
Total Cost
Land	35,210
Building / Construction in Progress & Improvements	117,600
Total	152,810
Accumulated Depreciation	6,448
Total Cost, Net of Accumulated Depreciation	146,362	148,875
Encumbrances	$ 0
Current Communities | Avalon Chino Hills [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	331
Initial Cost
Land and improvements	$ 16,615
Building / Construction in Progress & Improvements	82,333
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	16,615
Building / Construction in Progress & Improvements	82,333
Total	98,948
Accumulated Depreciation	5,037
Total Cost, Net of Accumulated Depreciation	93,911	96,241
Encumbrances	$ 0
Current Communities | AVA North Hollywood [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	52,280
Costs Subsequent to Acquisition / Construction	1,809
Total Cost
Land	18,408
Building / Construction in Progress & Improvements	54,089
Total	72,497
Accumulated Depreciation	5,881
Total Cost, Net of Accumulated Depreciation	66,616	68,627
Encumbrances	$ 0
Current Communities | AVA Studio City II [Member]
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	7,273
Total Cost
Land	4,626
Building / Construction in Progress & Improvements	30,227
Total	34,853
Accumulated Depreciation	6,353
Total Cost, Net of Accumulated Depreciation	28,500	27,907
Encumbrances	$ 0
Current Communities | Eaves Old Town Pasadena [Member]
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	7,106
Total Cost
Land	9,110
Building / Construction in Progress & Improvements	22,477
Total	31,587
Accumulated Depreciation	5,025
Total Cost, Net of Accumulated Depreciation	26,562	27,174
Encumbrances	$ 0
Current Communities | Eaves Los Feliz [Member]
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	9,294
Total Cost
Land	18,940
Building / Construction in Progress & Improvements	52,955
Total	71,895
Accumulated Depreciation	12,323
Total Cost, Net of Accumulated Depreciation	59,572	56,612
Encumbrances	$ 41,400
Current Communities | AVA 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	81,446
Total Cost
Land	86,450
Building / Construction in Progress & Improvements	242,702
Total	329,152
Accumulated Depreciation	47,292
Total Cost, Net of Accumulated Depreciation	281,860	245,858
Encumbrances	$ 0
Current Communities | Avalon Walnut Ridge II [Member]
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	12,555
Total Cost
Land	27,190
Building / Construction in Progress & Improvements	69,596
Total	96,786
Accumulated Depreciation	16,120
Total Cost, Net of Accumulated Depreciation	80,666	76,723
Encumbrances	$ 0
Current Communities | Avalon Huntington Beach [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	378
Initial Cost
Land and improvements	$ 13,055
Building / Construction in Progress & Improvements	105,981
Costs Subsequent to Acquisition / Construction	447
Total Cost
Land	13,055
Building / Construction in Progress & Improvements	106,428
Total	119,483
Accumulated Depreciation	8,901
Total Cost, Net of Accumulated Depreciation	110,582	114,001
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	33,787
Total Cost
Land	17,658
Building / Construction in Progress & Improvements	124,502
Total	142,160
Accumulated Depreciation	25,235
Total Cost, Net of Accumulated Depreciation	116,925	120,511
Encumbrances	$ 0
Current Communities | The Lodge Denver West [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	252
Initial Cost
Land and improvements	$ 8,047
Building / Construction in Progress & Improvements	67,364
Costs Subsequent to Acquisition / Construction	1,748
Total Cost
Land	8,047
Building / Construction in Progress & Improvements	69,112
Total	77,159
Accumulated Depreciation	5,347
Total Cost, Net of Accumulated Depreciation	71,812	74,951
Encumbrances	$ 0
Current Communities | The Meadows
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	240
Initial Cost
Land and improvements	$ 8,527
Building / Construction in Progress & Improvements	61,442
Costs Subsequent to Acquisition / Construction	3,337
Total Cost
Land	8,527
Building / Construction in Progress & Improvements	64,779
Total	73,306
Accumulated Depreciation	634
Total Cost, Net of Accumulated Depreciation	72,672
Encumbrances	$ 0
Current Communities | Ironwood at Red Rocks
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	256
Initial Cost
Land and improvements	$ 4,461
Building / Construction in Progress & Improvements	69,717
Costs Subsequent to Acquisition / Construction	1,373
Total Cost
Land	4,461
Building / Construction in Progress & Improvements	71,090
Total	75,551
Accumulated Depreciation	988
Total Cost, Net of Accumulated Depreciation	74,563
Encumbrances	$ 0
Current Communities | 850 Boca [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	370
Initial Cost
Land and improvements	$ 21,430
Building / Construction in Progress & Improvements	114,085
Costs Subsequent to Acquisition / Construction	3,536
Total Cost
Land	21,430
Building / Construction in Progress & Improvements	117,621
Total	139,051
Accumulated Depreciation	8,119
Total Cost, Net of Accumulated Depreciation	130,932	138,399
Encumbrances	$ 0
Current Communities | Alexander Apartments & Lofts
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	290
Initial Cost
Land and improvements	$ 9,597
Building / Construction in Progress & Improvements	90,950
Costs Subsequent to Acquisition / Construction	2,707
Total Cost
Land	9,597
Building / Construction in Progress & Improvements	93,657
Total	103,254
Accumulated Depreciation	1,867
Total Cost, Net of Accumulated Depreciation	101,387
Encumbrances	$ 0
Current Communities | Avalon at Newton Highlands [Member]
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	16,263
Total Cost
Land	11,039
Building / Construction in Progress & Improvements	61,810
Total	72,849
Accumulated Depreciation	27,821
Total Cost, Net of Accumulated Depreciation	45,028	36,413
Encumbrances	$ 0
Current Communities | Avalon Chestnut Hill [Member]
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	11,875
Total Cost
Land	14,572
Building / Construction in Progress & Improvements	57,786
Total	72,358
Accumulated Depreciation	21,777
Total Cost, Net of Accumulated Depreciation	50,581	51,450
Encumbrances	$ 37,561
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	48,602
Total Cost
Land	9,034
Building / Construction in Progress & Improvements	85,142
Total	94,176
Accumulated Depreciation	36,970
Total Cost, Net of Accumulated Depreciation	57,206	58,863
Encumbrances	$ 0
Current Communities | Avalon Quincy [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	395
Initial Cost
Land and improvements	$ 14,685
Building / Construction in Progress & Improvements	78,548
Costs Subsequent to Acquisition / Construction	14
Total Cost
Land	14,685
Building / Construction in Progress & Improvements	78,562
Total	93,247
Accumulated Depreciation	5,855
Total Cost, Net of Accumulated Depreciation	87,392	89,853
Encumbrances	$ 0
Current Communities | Avalon Hunt Valley [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	332
Initial Cost
Land and improvements	$ 10,855
Building / Construction in Progress & Improvements	62,933
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	10,855
Building / Construction in Progress & Improvements	62,933
Total	73,788
Accumulated Depreciation	4,496
Total Cost, Net of Accumulated Depreciation	69,292	71,294
Encumbrances	$ 0
Current Communities | Avalon Laurel [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	344
Initial Cost
Land and improvements	$ 10,130
Building / Construction in Progress & Improvements	61,685
Costs Subsequent to Acquisition / Construction	35
Total Cost
Land	10,130
Building / Construction in Progress & Improvements	61,720
Total	71,850
Accumulated Depreciation	5,218
Total Cost, Net of Accumulated Depreciation	66,632	69,006
Encumbrances	$ 0
Current Communities | Avalon Arundel Crossing
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	310
Initial Cost
Land and improvements	$ 12,208
Building / Construction in Progress & Improvements	69,381
Costs Subsequent to Acquisition / Construction	2,546
Total Cost
Land	12,208
Building / Construction in Progress & Improvements	71,927
Total	84,135
Accumulated Depreciation	2,099
Total Cost, Net of Accumulated Depreciation	82,036
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	9,461
Total Cost
Land	5,982
Building / Construction in Progress & Improvements	33,850
Total	39,832
Accumulated Depreciation	16,782
Total Cost, Net of Accumulated Depreciation	23,050	24,202
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	15,658
Total Cost
Land	6,647
Building / Construction in Progress & Improvements	50,564
Total	57,211
Accumulated Depreciation	24,531
Total Cost, Net of Accumulated Depreciation	32,680	26,168
Encumbrances	$ 0
Current Communities | Avalon Princeton [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	280
Initial Cost
Land and improvements	$ 26,460
Building / Construction in Progress & Improvements	68,070
Costs Subsequent to Acquisition / Construction	635
Total Cost
Land	26,460
Building / Construction in Progress & Improvements	68,705
Total	95,165
Accumulated Depreciation	5,009
Total Cost, Net of Accumulated Depreciation	90,156	92,574
Encumbrances	$ 0
Current Communities | Avalon at Edgewater II [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	240
Initial Cost
Land and improvements	$ 8,605
Building / Construction in Progress & Improvements	58,479
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	8,605
Building / Construction in Progress & Improvements	58,479
Total	67,084
Accumulated Depreciation	991
Total Cost, Net of Accumulated Depreciation	66,093	37,302
Encumbrances	$ 0
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	26,217
Total Cost
Land	3,118
Building / Construction in Progress & Improvements	38,190
Total	41,308
Accumulated Depreciation	17,722
Total Cost, Net of Accumulated Depreciation	23,586	23,265
Encumbrances	$ 0
Current Communities | Avalon Willow [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	229
Initial Cost
Land and improvements	$ 6,207
Building / Construction in Progress & Improvements	40,791
Costs Subsequent to Acquisition / Construction	14,752
Total Cost
Land	6,207
Building / Construction in Progress & Improvements	55,543
Total	61,750
Accumulated Depreciation	28,518
Total Cost, Net of Accumulated Depreciation	33,232	29,584
Encumbrances	$ 0
Current Communities | Avalon Willoughby Square [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	326
Initial Cost
Land and improvements	$ 50,477
Building / Construction in Progress & Improvements	133,728
Costs Subsequent to Acquisition / Construction	20
Total Cost
Land	50,477
Building / Construction in Progress & Improvements	133,748
Total	184,225
Accumulated Depreciation	11,810
Total Cost, Net of Accumulated Depreciation	172,415	176,466
Encumbrances	$ 0
Current Communities | Avalon Great Neck [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	191
Initial Cost
Land and improvements	$ 14,777
Building / Construction in Progress & Improvements	65,640
Costs Subsequent to Acquisition / Construction	16
Total Cost
Land	14,777
Building / Construction in Progress & Improvements	65,656
Total	80,433
Accumulated Depreciation	3,680
Total Cost, Net of Accumulated Depreciation	76,753	78,304
Encumbrances	$ 0
Current Communities | Avalon Midtown West [Member]
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	38,625
Total Cost
Land	154,730
Building / Construction in Progress & Improvements	218,878
Total	373,608
Accumulated Depreciation	48,129
Total Cost, Net of Accumulated Depreciation	325,479	316,821
Encumbrances	$ 100,500
Current Communities | Archstone Lexington [Member]
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	2,241
Total Cost
Land	4,540
Building / Construction in Progress & Improvements	28,187
Total	32,727
Accumulated Depreciation	8,041
Total Cost, Net of Accumulated Depreciation	24,686	25,676
Encumbrances	$ 21,700
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	74,541
Costs Subsequent to Acquisition / Construction	5
Total Cost
Land	15,607
Building / Construction in Progress & Improvements	74,546
Total	90,153
Accumulated Depreciation	13,580
Total Cost, Net of Accumulated Depreciation	76,573	77,452
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	52,753
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	9,607
Building / Construction in Progress & Improvements	52,753
Total	62,360
Accumulated Depreciation	12,358
Total Cost, Net of Accumulated Depreciation	50,002	47,539
Encumbrances	$ 0
Current Communities | Eaves Fairfax City [Member]
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	5,599
Total Cost
Land	2,152
Building / Construction in Progress & Improvements	14,506
Total	16,658
Accumulated Depreciation	8,673
Total Cost, Net of Accumulated Depreciation	7,985	8,358
Encumbrances	$ 0
Current Communities | Avalon at Arlington Square [Member]
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	31,874
Total Cost
Land	22,041
Building / Construction in Progress & Improvements	122,170
Total	144,211
Accumulated Depreciation	58,365
Total Cost, Net of Accumulated Depreciation	85,846	89,833
Encumbrances	$ 0
Current Communities | Avalon Dunn Loring [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	440
Initial Cost
Land and improvements	$ 29,377
Building / Construction in Progress & Improvements	114,072
Costs Subsequent to Acquisition / Construction	9,427
Total Cost
Land	29,377
Building / Construction in Progress & Improvements	123,499
Total	152,876
Accumulated Depreciation	11,758
Total Cost, Net of Accumulated Depreciation	141,118	147,481
Encumbrances	$ 0
Current Communities | Oakwood Arlington [Member]
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	4,945
Total Cost
Land	18,850
Building / Construction in Progress & Improvements	43,490
Total	62,340
Accumulated Depreciation	10,199
Total Cost, Net of Accumulated Depreciation	52,141	51,839
Encumbrances	$ 0
Current Communities | Avalon Esterra Park [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	482
Initial Cost
Land and improvements	$ 22,668
Building / Construction in Progress & Improvements	113,299
Costs Subsequent to Acquisition / Construction	610
Total Cost
Land	22,668
Building / Construction in Progress & Improvements	113,909
Total	136,577
Accumulated Depreciation	9,170
Total Cost, Net of Accumulated Depreciation	127,407	130,451
Encumbrances	$ 0
Current Communities | Avalon Newcastle Commons I [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	378
Initial Cost
Land and improvements	$ 9,623
Building / Construction in Progress & Improvements	110,963
Costs Subsequent to Acquisition / Construction	287
Total Cost
Land	9,623
Building / Construction in Progress & Improvements	111,250
Total	120,873
Accumulated Depreciation	5,898
Total Cost, Net of Accumulated Depreciation	114,975	117,186
Encumbrances	$ 0
Current Communities | Avalon Dogpatch [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	326
Initial Cost
Land and improvements	$ 23,519
Building / Construction in Progress & Improvements	179,121
Costs Subsequent to Acquisition / Construction	171
Total Cost
Land	23,519
Building / Construction in Progress & Improvements	179,292
Total	202,811
Accumulated Depreciation	6,400
Total Cost, Net of Accumulated Depreciation	196,411	182,566
Encumbrances	$ 0
Current Communities | AVA NoMa [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	438
Initial Cost
Land and improvements	$ 25,246
Building / Construction in Progress & Improvements	114,324
Costs Subsequent to Acquisition / Construction	603
Total Cost
Land	25,246
Building / Construction in Progress & Improvements	114,927
Total	140,173
Accumulated Depreciation	7,145
Total Cost, Net of Accumulated Depreciation	133,028	135,867
Encumbrances	$ 0
Current Communities | Avalon North Station [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	503
Initial Cost
Land and improvements	$ 22,791
Building / Construction in Progress & Improvements	246,871
Costs Subsequent to Acquisition / Construction	679
Total Cost
Land	22,791
Building / Construction in Progress & Improvements	247,550
Total	270,341
Accumulated Depreciation	14,703
Total Cost, Net of Accumulated Depreciation	255,638	262,410
Encumbrances	$ 0
Current Communities | Avalon Easton [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	290
Initial Cost
Land and improvements	$ 3,155
Building / Construction in Progress & Improvements	60,599
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	3,155
Building / Construction in Progress & Improvements	60,599
Total	63,754
Accumulated Depreciation	3,269
Total Cost, Net of Accumulated Depreciation	60,485	61,556
Encumbrances	$ 0
Current Communities | AVA Wheaton [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	319
Initial Cost
Land and improvements	$ 6,494
Building / Construction in Progress & Improvements	68,712
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	6,494
Building / Construction in Progress & Improvements	68,712
Total	75,206
Accumulated Depreciation	3,076
Total Cost, Net of Accumulated Depreciation	72,130	70,188
Encumbrances	$ 0
Current Communities | Avalon Maplewood
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	235
Initial Cost
Land and improvements	$ 15,179
Building / Construction in Progress & Improvements	49,322
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	15,179
Building / Construction in Progress & Improvements	49,322
Total	64,501
Accumulated Depreciation	1,893
Total Cost, Net of Accumulated Depreciation	62,608	61,202
Encumbrances	$ 0
Current Communities | Avalon Brooklyn Bay
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	180
Initial Cost
Land and improvements	$ 18,264
Building / Construction in Progress & Improvements	74,582
Costs Subsequent to Acquisition / Construction	250
Total Cost
Land	18,264
Building / Construction in Progress & Improvements	74,832
Total	93,096
Accumulated Depreciation	4,189
Total Cost, Net of Accumulated Depreciation	88,907	89,743
Encumbrances	$ 0
Current Communities | Avalon Rockville Centre II [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	165
Initial Cost
Land and improvements	$ 7,534
Building / Construction in Progress & Improvements	50,963
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	7,534
Building / Construction in Progress & Improvements	50,963
Total	58,497
Accumulated Depreciation	2,383
Total Cost, Net of Accumulated Depreciation	56,114	56,382
Encumbrances	$ 0
Current Communities | Avalon Somers [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	152
Initial Cost
Land and improvements	$ 5,594
Building / Construction in Progress & Improvements	40,310
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	5,594
Building / Construction in Progress & Improvements	40,310
Total	45,904
Accumulated Depreciation	1,946
Total Cost, Net of Accumulated Depreciation	43,958	41,784
Encumbrances	$ 0
Current Communities | Avalon Studio City [Member]
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	11,884
Total Cost
Land	15,756
Building / Construction in Progress & Improvements	90,062
Total	105,818
Accumulated Depreciation	20,132
Total Cost, Net of Accumulated Depreciation	85,686	82,573
Encumbrances	$ 0
Current Communities | Eaves Seal Beach [Member]
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	20,009
Total Cost
Land	46,790
Building / Construction in Progress & Improvements	120,008
Total	166,798
Accumulated Depreciation	26,730
Total Cost, Net of Accumulated Depreciation	140,068	129,515
Encumbrances	$ 0
Current Communities | AVA Van Ness [Member]
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	17,623
Total Cost
Land	22,890
Building / Construction in Progress & Improvements	76,314
Total	99,204
Accumulated Depreciation	16,108
Total Cost, Net of Accumulated Depreciation	83,096	77,168
Encumbrances	$ 0
Current Communities | Avalon at Prudential Center II [Member]
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	59,168
Total Cost
Land	8,776
Building / Construction in Progress & Improvements	94,664
Total	103,440
Accumulated Depreciation	35,845
Total Cost, Net of Accumulated Depreciation	67,595	64,388
Encumbrances	$ 0
Current Communities | Avalon at Prudential Center I [Member]
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	47,717
Total Cost
Land	8,002
Building / Construction in Progress & Improvements	80,087
Total	88,089
Accumulated Depreciation	31,427
Total Cost, Net of Accumulated Depreciation	56,662	49,809
Encumbrances	$ 0
Current Communities | Avalon Court [Member]
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	14,475
Total Cost
Land	9,228
Building / Construction in Progress & Improvements	64,538
Total	73,766
Accumulated Depreciation	37,666
Total Cost, Net of Accumulated Depreciation	36,100	30,881
Encumbrances	$ 0
Current Communities | Eaves Fairfax Towers [Member]
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	8,473
Total Cost
Land	17,889
Building / Construction in Progress & Improvements	83,200
Total	101,089
Accumulated Depreciation	21,368
Total Cost, Net of Accumulated Depreciation	79,721	78,629
Encumbrances	$ 0
Current Communities | Avalon Ballston Square [Member]
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	25,959
Total Cost
Land	71,640
Building / Construction in Progress & Improvements	241,896
Total	313,536
Accumulated Depreciation	55,469
Total Cost, Net of Accumulated Depreciation	258,067	256,699
Encumbrances	$ 0
Current Communities | Eaves Redmond Campus [Member]
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	21,638
Total Cost
Land	22,580
Building / Construction in Progress & Improvements	109,639
Total	132,219
Accumulated Depreciation	25,077
Total Cost, Net of Accumulated Depreciation	107,142	99,751
Encumbrances	$ 0
Boston, MA
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	6,331
Initial Cost
Land and improvements	$ 227,694
Building / Construction in Progress & Improvements	1,195,982
Costs Subsequent to Acquisition / Construction	139,908
Total Cost
Land	227,694
Building / Construction in Progress & Improvements	1,335,890
Total	1,563,584
Accumulated Depreciation	364,670
Total Cost, Net of Accumulated Depreciation	1,198,914	1,231,885
Encumbrances	$ 92,637
Fairfield, CT
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	1,970
Initial Cost
Land and improvements	$ 72,283
Building / Construction in Progress & Improvements	343,415
Costs Subsequent to Acquisition / Construction	34,876
Total Cost
Land	72,283
Building / Construction in Progress & Improvements	378,291
Total	450,574
Accumulated Depreciation	152,255
Total Cost, Net of Accumulated Depreciation	298,319	309,241
Encumbrances	$ 0
New England
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	8,301
Initial Cost
Land and improvements	$ 299,977
Building / Construction in Progress & Improvements	1,539,397
Costs Subsequent to Acquisition / Construction	174,784
Total Cost
Land	299,977
Building / Construction in Progress & Improvements	1,714,181
Total	2,014,158
Accumulated Depreciation	516,925
Total Cost, Net of Accumulated Depreciation	1,497,233	1,541,126
Encumbrances	$ 92,637
New York City, NY
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	2,732
Initial Cost
Land and improvements	$ 315,947
Building / Construction in Progress & Improvements	877,593
Costs Subsequent to Acquisition / Construction	47,493
Total Cost
Land	315,947
Building / Construction in Progress & Improvements	925,086
Total	1,241,033
Accumulated Depreciation	258,497
Total Cost, Net of Accumulated Depreciation	982,536	1,011,774
Encumbrances	$ 268,500
New York - Suburban
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	3,233
Initial Cost
Land and improvements	$ 216,305
Building / Construction in Progress & Improvements	657,319
Costs Subsequent to Acquisition / Construction	46,252
Total Cost
Land	216,305
Building / Construction in Progress & Improvements	703,571
Total	919,876
Accumulated Depreciation	233,382
Total Cost, Net of Accumulated Depreciation	686,494	707,846
Encumbrances	$ 77,295
New Jersey
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	4,424
Initial Cost
Land and improvements	$ 164,264
Building / Construction in Progress & Improvements	691,840
Costs Subsequent to Acquisition / Construction	69,120
Total Cost
Land	164,264
Building / Construction in Progress & Improvements	760,960
Total	925,224
Accumulated Depreciation	232,619
Total Cost, Net of Accumulated Depreciation	692,605	715,960
Encumbrances	$ 67,904
Metro NY/NJ
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	10,389
Initial Cost
Land and improvements	$ 696,516
Building / Construction in Progress & Improvements	2,226,752
Costs Subsequent to Acquisition / Construction	162,865
Total Cost
Land	696,516
Building / Construction in Progress & Improvements	2,389,617
Total	3,086,133
Accumulated Depreciation	724,498
Total Cost, Net of Accumulated Depreciation	2,361,635	2,435,580
Encumbrances	$ 413,699
Mid-Atlantic
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	9,274
Initial Cost
Land and improvements	$ 529,261
Building / Construction in Progress & Improvements	1,546,726
Costs Subsequent to Acquisition / Construction	150,328
Total Cost
Land	529,261
Building / Construction in Progress & Improvements	1,697,054
Total	2,226,315
Accumulated Depreciation	518,906
Total Cost, Net of Accumulated Depreciation	1,707,409	1,760,440
Encumbrances	$ 99,285
Pacific Northwest
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	3,256
Initial Cost
Land and improvements	$ 121,685
Building / Construction in Progress & Improvements	570,625
Costs Subsequent to Acquisition / Construction	35,342
Total Cost
Land	121,685
Building / Construction in Progress & Improvements	605,967
Total	727,652
Accumulated Depreciation	203,721
Total Cost, Net of Accumulated Depreciation	523,931	543,691
Encumbrances	$ 0
San Jose, CA
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	4,197
Initial Cost
Land and improvements	$ 281,386
Building / Construction in Progress & Improvements	661,253
Costs Subsequent to Acquisition / Construction	124,541
Total Cost
Land	281,386
Building / Construction in Progress & Improvements	785,794
Total	1,067,180
Accumulated Depreciation	332,016
Total Cost, Net of Accumulated Depreciation	735,164	761,192
Encumbrances	$ 38,800
Oakland - East Bay, CA
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	3,252
Initial Cost
Land and improvements	$ 106,827
Building / Construction in Progress & Improvements	658,474
Costs Subsequent to Acquisition / Construction	74,203
Total Cost
Land	106,827
Building / Construction in Progress & Improvements	732,677
Total	839,504
Accumulated Depreciation	242,747
Total Cost, Net of Accumulated Depreciation	596,757	619,351
Encumbrances	$ 3,699
San Francisco, CA
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	3,349
Initial Cost
Land and improvements	$ 216,871
Building / Construction in Progress & Improvements	748,394
Costs Subsequent to Acquisition / Construction	114,119
Total Cost
Land	216,871
Building / Construction in Progress & Improvements	862,513
Total	1,079,384
Accumulated Depreciation	312,898
Total Cost, Net of Accumulated Depreciation	766,486	789,297
Encumbrances	$ 183,939
Northern California
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	10,798
Initial Cost
Land and improvements	$ 605,084
Building / Construction in Progress & Improvements	2,068,121
Costs Subsequent to Acquisition / Construction	312,863
Total Cost
Land	605,084
Building / Construction in Progress & Improvements	2,380,984
Total	2,986,068
Accumulated Depreciation	887,661
Total Cost, Net of Accumulated Depreciation	2,098,407	2,169,840
Encumbrances	$ 226,438
Los Angeles, CA
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	8,374
Initial Cost
Land and improvements	$ 502,859
Building / Construction in Progress & Improvements	1,343,346
Costs Subsequent to Acquisition / Construction	224,230
Total Cost
Land	502,859
Building / Construction in Progress & Improvements	1,567,576
Total	2,070,435
Accumulated Depreciation	492,048
Total Cost, Net of Accumulated Depreciation	1,578,387	1,627,123
Encumbrances	$ 111,500
Orange County, CA
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	2,443
Initial Cost
Land and improvements	$ 81,443
Building / Construction in Progress & Improvements	337,732
Costs Subsequent to Acquisition / Construction	54,698
Total Cost
Land	81,443
Building / Construction in Progress & Improvements	392,430
Total	473,873
Accumulated Depreciation	127,177
Total Cost, Net of Accumulated Depreciation	346,696	358,250
Encumbrances	$ 7,635
San Diego, CA
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	2,066
Initial Cost
Land and improvements	$ 64,308
Building / Construction in Progress & Improvements	211,670
Costs Subsequent to Acquisition / Construction	101,330
Total Cost
Land	64,308
Building / Construction in Progress & Improvements	313,000
Total	377,308
Accumulated Depreciation	121,122
Total Cost, Net of Accumulated Depreciation	256,186	265,247
Encumbrances	$ 0
Southern California
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	12,883
Initial Cost
Land and improvements	$ 648,610
Building / Construction in Progress & Improvements	1,892,748
Costs Subsequent to Acquisition / Construction	380,258
Total Cost
Land	648,610
Building / Construction in Progress & Improvements	2,273,006
Total	2,921,616
Accumulated Depreciation	740,347
Total Cost, Net of Accumulated Depreciation	2,181,269	2,250,620
Encumbrances	$ 119,135
Established Communities
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	54,901
Initial Cost
Land and improvements	$ 2,901,133
Building / Construction in Progress & Improvements	9,844,369
Costs Subsequent to Acquisition / Construction	1,216,440
Total Cost
Land	2,901,133
Building / Construction in Progress & Improvements	11,060,809
Total	13,961,942
Accumulated Depreciation	3,592,058
Total Cost, Net of Accumulated Depreciation	10,369,884	10,701,297
Encumbrances	$ 951,194
Lease-Up Communities
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	2,608
Initial Cost
Land and improvements	$ 127,776
Building / Construction in Progress & Improvements	884,804
Costs Subsequent to Acquisition / Construction	1,703
Total Cost
Land	127,776
Building / Construction in Progress & Improvements	886,507
Total	1,014,283
Accumulated Depreciation	45,004
Total Cost, Net of Accumulated Depreciation	969,279	961,698
Encumbrances	$ 0
Redevelopment Communities
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	3,648
Initial Cost
Land and improvements	$ 223,551
Building / Construction in Progress & Improvements	733,462
Costs Subsequent to Acquisition / Construction	226,946
Total Cost
Land	223,551
Building / Construction in Progress & Improvements	960,408
Total	1,183,959
Accumulated Depreciation	269,822
Total Cost, Net of Accumulated Depreciation	914,137	869,413
Encumbrances	$ 0
Other Stabilized Communities
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	13,733
Initial Cost
Land and improvements	$ 815,575
Building / Construction in Progress & Improvements	2,932,764
Costs Subsequent to Acquisition / Construction	444,470
Total Cost
Land	815,575
Building / Construction in Progress & Improvements	3,377,234
Total	4,192,809
Accumulated Depreciation	649,168
Total Cost, Net of Accumulated Depreciation	3,543,641	3,175,017
Encumbrances	$ 201,161
Development Communities
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	6,609
Initial Cost
Land and improvements	$ 20,093
Building / Construction in Progress & Improvements	129,582
Costs Subsequent to Acquisition / Construction	1,652,015
Total Cost
Land	20,093
Building / Construction in Progress & Improvements	1,781,597
Total	1,801,690
Accumulated Depreciation	1,428
Total Cost, Net of Accumulated Depreciation	1,800,262	953,129
Encumbrances	$ 0
Development Communities | Avalon Public Market [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	289
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	3,995
Costs Subsequent to Acquisition / Construction	110,229
Total Cost
Land	0
Building / Construction in Progress & Improvements	114,224
Total	114,224
Accumulated Depreciation	90
Total Cost, Net of Accumulated Depreciation	114,134	55,872
Encumbrances	$ 0
Development Communities | 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	1,157
Costs Subsequent to Acquisition / Construction	220,298
Total Cost
Land	0
Building / Construction in Progress & Improvements	221,455
Total	221,455
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	221,455	169,007
Encumbrances	$ 0
Development Communities | Avalon Walnut Creek II [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	200
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	88
Costs Subsequent to Acquisition / Construction	32,168
Total Cost
Land	0
Building / Construction in Progress & Improvements	32,256
Total	32,256
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	32,256	8,812
Encumbrances	$ 0
Development Communities | Avalon Doral [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	0
Costs Subsequent to Acquisition / Construction	35,154
Total Cost
Land	0
Building / Construction in Progress & Improvements	35,154
Total	35,154
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	35,154
Encumbrances	$ 0
Development Communities | Avalon at the Hingham Shipyard II [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	190
Initial Cost
Land and improvements	$ 6,166
Building / Construction in Progress & Improvements	37,960
Costs Subsequent to Acquisition / Construction	15,309
Total Cost
Land	6,166
Building / Construction in Progress & Improvements	53,269
Total	59,435
Accumulated Depreciation	291
Total Cost, Net of Accumulated Depreciation	59,144	23,792
Encumbrances	$ 0
Development Communities | Avalon Sudbury [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	250
Initial Cost
Land and improvements	$ 12,525
Building / Construction in Progress & Improvements	44,666
Costs Subsequent to Acquisition / Construction	22,053
Total Cost
Land	12,525
Building / Construction in Progress & Improvements	66,719
Total	79,244
Accumulated Depreciation	602
Total Cost, Net of Accumulated Depreciation	78,642	33,595
Encumbrances	$ 0
Development Communities | Avalon Saugus [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	280
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	59
Costs Subsequent to Acquisition / Construction	52,630
Total Cost
Land	0
Building / Construction in Progress & Improvements	52,689
Total	52,689
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	52,689
Encumbrances	$ 0
Development Communities | Avalon Norwood [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	198
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	21,641
Total Cost
Land	0
Building / Construction in Progress & Improvements	21,641
Total	21,641
Accumulated Depreciation	59
Total Cost, Net of Accumulated Depreciation	21,582
Encumbrances	$ 0
Development Communities | Twinbrook Station [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	238
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	15,844
Total Cost
Land	0
Building / Construction in Progress & Improvements	15,844
Total	15,844
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	15,844	14,072
Encumbrances	$ 0
Development Communities | Avalon Towson [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	371
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	16
Costs Subsequent to Acquisition / Construction	42,670
Total Cost
Land	0
Building / Construction in Progress & Improvements	42,686
Total	42,686
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	42,686	3,985
Encumbrances	$ 0
Development Communities | Avalon Harbor East [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	400
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	63
Costs Subsequent to Acquisition / Construction	28,038
Total Cost
Land	0
Building / Construction in Progress & Improvements	28,101
Total	28,101
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	28,101
Encumbrances	$ 0
Development Communities | 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	1,254
Costs Subsequent to Acquisition / Construction	71,648
Total Cost
Land	0
Building / Construction in Progress & Improvements	72,902
Total	72,902
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	72,902	29,954
Encumbrances	$ 0
Development Communities | 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	189
Costs Subsequent to Acquisition / Construction	43,319
Total Cost
Land	0
Building / Construction in Progress & Improvements	43,508
Total	43,508
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	43,508	18,609
Encumbrances	$ 0
Development Communities | Avalon Piscataway [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	360
Initial Cost
Land and improvements	$ 1,402
Building / Construction in Progress & Improvements	34,406
Costs Subsequent to Acquisition / Construction	40,326
Total Cost
Land	1,402
Building / Construction in Progress & Improvements	74,732
Total	76,134
Accumulated Depreciation	386
Total Cost, Net of Accumulated Depreciation	75,748	28,303
Encumbrances	$ 0
Development Communities | Avalon Old Bridge [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	252
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	11,573
Total Cost
Land	0
Building / Construction in Progress & Improvements	11,573
Total	11,573
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	11,573
Encumbrances	$ 0
Development Communities | Avalon Yonkers [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	590
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	303
Costs Subsequent to Acquisition / Construction	88,903
Total Cost
Land	0
Building / Construction in Progress & Improvements	89,206
Total	89,206
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	89,206	23,300
Encumbrances	$ 0
Development Communities | Avalon Harrison [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	143
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	5,504
Total Cost
Land	0
Building / Construction in Progress & Improvements	5,504
Total	5,504
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	5,504
Encumbrances	$ 0
Development Communities | Avalon Belltown Towers [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	273
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	1,536
Costs Subsequent to Acquisition / Construction	115,897
Total Cost
Land	0
Building / Construction in Progress & Improvements	117,433
Total	117,433
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	117,433	50,636
Encumbrances	$ 0
Development Communities | AVA Esterra Park [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	323
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	1,220
Costs Subsequent to Acquisition / Construction	74,532
Total Cost
Land	0
Building / Construction in Progress & Improvements	75,752
Total	75,752
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	75,752	37,048
Encumbrances	$ 0
Development Communities | Avalon Newcastle Commons II [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	293
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	22,384
Total Cost
Land	0
Building / Construction in Progress & Improvements	22,384
Total	22,384
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	22,384
Encumbrances	$ 0
Development Communities | Avalon North Creek [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	316
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	151
Costs Subsequent to Acquisition / Construction	37,907
Total Cost
Land	0
Building / Construction in Progress & Improvements	38,058
Total	38,058
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	38,058	15,432
Encumbrances	0
Development Communities | 15 West 61st Street [Member]
Initial Cost
Land and improvements	0
Building / Construction in Progress & Improvements	2,519
Costs Subsequent to Acquisition / Construction	543,988
Total Cost
Land	0
Building / Construction in Progress & Improvements	546,507
Total	546,507
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	546,507	440,712
Encumbrances	$ 0
Number of residential units in development | home	172
Retail square feet development | ft²	67
Land Held for Development
Initial Cost
Land and improvements	$ 84,712
Total Cost
Land	84,712
Total	84,712
Total Cost, Net of Accumulated Depreciation	84,712	68,364
Corporate overhead
Initial Cost
Land and improvements	10,879
Building / Construction in Progress & Improvements	11,414
Costs Subsequent to Acquisition / Construction	80,888
Total Cost
Land	10,879
Building / Construction in Progress & Improvements	92,302
Total	103,181
Accumulated Depreciation	54,166
Total Cost, Net of Accumulated Depreciation	49,015	43,073
Encumbrances	$ 5,950,000
2018 Disposals
Total Cost
Total Cost, Net of Accumulated Depreciation		$ 945,566

REAL ESTATE AND ACCUMULATED D_3

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Estimated useful lives
Aggregate cost of total real estate for federal income tax purposes	$ 21,480
Changes in total real estate assets
Balance, beginning of period	21,935,936	$ 20,776,626	$ 19,268,099
Acquisitions, construction costs and improvements	1,568,878	1,526,516	1,788,515
Dispositions, including impairment loss on planned dispositions	(1,162,238)	(367,206)	(279,988)
Balance, end of period	22,342,576	21,935,936	20,776,626
Changes in accumulated depreciation
Balance, beginning of period	4,218,379	3,743,632	3,325,790
Depreciation, including discontinued operations	631,196	584,150	531,434
Dispositions	(237,929)	(109,403)	(113,592)
Balance, end of period	$ 4,611,646	$ 4,218,379	$ 3,743,632
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